1
00:00:01,560 --> 00:00:04,840
Speaker 1: Life from the Bloomberg Interactive Broker Studios. This is Bloomberg

2
00:00:04,880 --> 00:00:08,280
Speaker 1: day Break for Friday, October twenty one two. Coming up

3
00:00:08,320 --> 00:00:12,160
Speaker 1: this hour, UK leaders consider what's next after the resignation

4
00:00:12,240 --> 00:00:15,000
Speaker 1: of Liz Trust. Stocks look to snap a two day

5
00:00:15,040 --> 00:00:17,760
Speaker 1: losing streak to close out the week. The US Ways

6
00:00:17,840 --> 00:00:21,880
Speaker 1: expanding its technology ban on China, and Elon Musk reportedly

7
00:00:21,960 --> 00:00:25,440
Speaker 1: plans massive job cuts at Twitter. It's a tragic end

8
00:00:25,560 --> 00:00:28,760
Speaker 1: to the search for missing Princeton University student. Plus it's

9
00:00:28,800 --> 00:00:31,920
Speaker 1: sentencing day for Trump Alloy Steve men in for contempt

10
00:00:32,320 --> 00:00:35,160
Speaker 1: Michael Barr. More ahead, I'm trying stage shower and sports.

11
00:00:35,200 --> 00:00:37,839
Speaker 1: The Yankees lost again in Houston Trail. The ALC has

12
00:00:37,920 --> 00:00:40,600
Speaker 1: to nothing, The Rangers lost, Devils beat the Islanders, a

13
00:00:40,640 --> 00:00:45,800
Speaker 1: big trade in the NFL. That's all training ahead on

14
00:00:45,920 --> 00:00:49,320
Speaker 1: Bloomberg day Break on Bloomberg eleven, Free on New York,

15
00:00:49,479 --> 00:00:53,199
Speaker 1: Bloomberg ninety nine one, Washington, d C, Bloomberg one O

16
00:00:53,280 --> 00:00:58,120
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius XM

17
00:00:58,160 --> 00:01:01,240
Speaker 1: one nine team and around the world on Bloomberg Radio

18
00:01:01,320 --> 00:01:08,399
Speaker 1: dot Com and via The Bloomberg Business. Good Friday morning,

19
00:01:08,480 --> 00:01:11,680
Speaker 1: I'm Karen Moscow. I'm Nathan Hagar. Bloomberg. Daybreak is brought

20
00:01:11,680 --> 00:01:14,679
Speaker 1: to you by SEI. Asset managers don't get results that

21
00:01:14,680 --> 00:01:17,039
Speaker 1: are off the charts when their solutions are off the shelf.

22
00:01:17,280 --> 00:01:20,400
Speaker 1: Learn how SEI is operating platform can turn infrastructure into

23
00:01:20,440 --> 00:01:24,199
Speaker 1: a competitive advantage at se I, C, dot Com, slash Tech,

24
00:01:24,680 --> 00:01:27,600
Speaker 1: and US dot Index. Futures are lower this morning, so

25
00:01:27,640 --> 00:01:29,679
Speaker 1: one on Wall Street. We check the markets every fifteen

26
00:01:29,680 --> 00:01:32,000
Speaker 1: minutes throughout the trading day on Bloomberg S and P

27
00:01:32,160 --> 00:01:34,960
Speaker 1: futures down twenty points down, futures down a hundred sixteen,

28
00:01:35,240 --> 00:01:38,280
Speaker 1: Nasdack futures down in nineties three. Nathan, Karen. We'll get

29
00:01:38,280 --> 00:01:40,560
Speaker 1: born markets in a moment, but we begin this morning

30
00:01:40,560 --> 00:01:43,440
Speaker 1: in the UK, where government leaders are weighing next steps

31
00:01:43,480 --> 00:01:47,080
Speaker 1: following the resignation of Prime Minister Liz Trust. Bloomberg's You

32
00:01:47,160 --> 00:01:49,080
Speaker 1: and Potts has the very latest from London. You and

33
00:01:49,120 --> 00:01:52,040
Speaker 1: good morning, Good morning, Nathan and Karen. Political news moves

34
00:01:52,080 --> 00:01:54,520
Speaker 1: fast in Britain at the moment. By next Friday, the

35
00:01:54,560 --> 00:01:57,080
Speaker 1: country will have a fifth prime minister in less than

36
00:01:57,160 --> 00:01:59,920
Speaker 1: seven years. The Consufti party. He will choose a new

37
00:02:00,160 --> 00:02:03,559
Speaker 1: leader after Liz Trust quit becoming the shortest ever serving

38
00:02:03,600 --> 00:02:07,040
Speaker 1: prime minister in the history. Plans are very short contest.

39
00:02:07,400 --> 00:02:09,520
Speaker 1: If lawmakers make a clear choice, we could find out

40
00:02:09,639 --> 00:02:12,960
Speaker 1: as soon as Monday. Former chance that Ritchie Snak is

41
00:02:12,960 --> 00:02:16,200
Speaker 1: the current favorite with bookmakers, the gods on the second

42
00:02:16,200 --> 00:02:19,400
Speaker 1: favorite candidate have shortened considerably in the past few hours.

43
00:02:19,639 --> 00:02:23,320
Speaker 1: That candidate is former Prime Minister Boris Johnson. In London,

44
00:02:23,360 --> 00:02:26,400
Speaker 1: Immune parts Limberg, Debreak and thanks that. We continue to

45
00:02:26,440 --> 00:02:29,919
Speaker 1: hear from current and former leaders weighing in on UK politics.

46
00:02:29,919 --> 00:02:32,880
Speaker 1: Former Tory leader Michael Howard spoke to Bloomberg about the

47
00:02:32,919 --> 00:02:35,959
Speaker 1: future of the Conservative Party the next twelve months, so

48
00:02:36,040 --> 00:02:38,639
Speaker 1: I'm doubtedly going to be very difficult and very thankful.

49
00:02:38,880 --> 00:02:41,919
Speaker 1: But after that, I think there's every reason to suppose

50
00:02:41,960 --> 00:02:45,040
Speaker 1: that inflation will be coming down, mortgage interest rates will

51
00:02:45,120 --> 00:02:47,519
Speaker 1: be coming down, and the Prime Minister will be able

52
00:02:47,520 --> 00:02:49,640
Speaker 1: to say we've been to a very top time, that

53
00:02:49,680 --> 00:02:52,360
Speaker 1: we've taken the right decisions and now we're seeing the

54
00:02:52,400 --> 00:02:55,480
Speaker 1: fruits of those decisions. So don't take any risks and

55
00:02:55,600 --> 00:02:59,120
Speaker 1: don't that label ruin it. Former Tory leader Michael Howard says,

56
00:02:59,160 --> 00:03:01,920
Speaker 1: you supporter of Rishi Suna to be the new prime minister.

57
00:03:02,080 --> 00:03:05,920
Speaker 1: He also believes that Jeremy Hunt remained Chancellor. Trust resigned

58
00:03:06,040 --> 00:03:08,760
Speaker 1: after forty four days, making her premiership the shortest in

59
00:03:08,880 --> 00:03:12,600
Speaker 1: UK history. Staying overseas, Karen Let's turn to China, tensions

60
00:03:12,720 --> 00:03:16,240
Speaker 1: between Beijing and Washington remaining focus now. The White House

61
00:03:16,320 --> 00:03:19,440
Speaker 1: is weighing a further technology ban on China to include

62
00:03:19,480 --> 00:03:23,560
Speaker 1: quantum computing and artificial intelligence. Sploomberg's John Lou reports from

63
00:03:23,560 --> 00:03:27,200
Speaker 1: Beijing the Biden administration taking as many steps as possible

64
00:03:27,240 --> 00:03:31,120
Speaker 1: to try to limit China's access to these emerging technologies.

65
00:03:31,240 --> 00:03:35,800
Speaker 1: Quantum computing is still sort of an experimental field, but

66
00:03:35,880 --> 00:03:39,520
Speaker 1: the implications for the future, how greatly this technology could

67
00:03:39,520 --> 00:03:43,520
Speaker 1: affect the future, I think makes it an important point

68
00:03:43,560 --> 00:03:46,640
Speaker 1: to for the Biden administration to focus on now. Bloomberg's

69
00:03:46,720 --> 00:03:48,840
Speaker 1: John lu says it's just the latest of many signs

70
00:03:48,880 --> 00:03:52,200
Speaker 1: the White House is taking a harder line on China. Meantime,

71
00:03:52,280 --> 00:03:55,640
Speaker 1: US Secretary of State Anthony Blankolin says relations with Beijing

72
00:03:55,720 --> 00:03:58,800
Speaker 1: are at an inflection point, and he's building an international

73
00:03:58,800 --> 00:04:01,960
Speaker 1: coalition to stand up a against China. Bloomberg said, Baxter

74
00:04:02,080 --> 00:04:05,400
Speaker 1: has that story. Lincoln says the key is starting with Taiwan.

75
00:04:05,520 --> 00:04:07,600
Speaker 1: The entire world has a stake in this and making

76
00:04:07,640 --> 00:04:10,560
Speaker 1: sure that there is peace and stability and along the

77
00:04:10,560 --> 00:04:13,920
Speaker 1: Taiwan Straight. The amount of trade and commerce that goes

78
00:04:13,960 --> 00:04:17,000
Speaker 1: to that straight every day is essential to the world.

79
00:04:17,040 --> 00:04:19,640
Speaker 1: Economist b. Lincoln says the US is not looking for

80
00:04:19,720 --> 00:04:23,240
Speaker 1: conflict with China, but the China must understand that freedom

81
00:04:23,240 --> 00:04:26,000
Speaker 1: of commerce with Taiwan as a matter of survival for

82
00:04:26,040 --> 00:04:29,560
Speaker 1: the global community as a whole. In San Francisco, I'm

83
00:04:29,560 --> 00:04:32,200
Speaker 1: at Baxter Bloomberg daybreak. All right, and thank you. Let's

84
00:04:32,200 --> 00:04:34,479
Speaker 1: take a look back at markets now. Futures are in

85
00:04:34,520 --> 00:04:36,480
Speaker 1: the red as Wall Street looks to reverse a two

86
00:04:36,520 --> 00:04:39,960
Speaker 1: day slamp. Morgan Stanley chief equity strategist Mike Wilson thinks

87
00:04:39,960 --> 00:04:42,440
Speaker 1: stocks may not have bottomed, but there is light at

88
00:04:42,440 --> 00:04:45,080
Speaker 1: the end of the tunnel. The kind of final chapter

89
00:04:45,320 --> 00:04:48,760
Speaker 1: to this bear market probably will be fast as well.

90
00:04:49,040 --> 00:04:51,279
Speaker 1: If we had this conversation three months ago and we

91
00:04:51,360 --> 00:04:54,040
Speaker 1: probably hit I thought we could have this all wrapped

92
00:04:54,120 --> 00:04:57,039
Speaker 1: up by Thanksgiving and maybe have a nice ending to

93
00:04:57,080 --> 00:05:00,880
Speaker 1: the holiday period and say, okay, we can move forward. Unfortunately,

94
00:05:00,960 --> 00:05:03,360
Speaker 1: I think it may you know, linger into next year.

95
00:05:03,640 --> 00:05:06,279
Speaker 1: Morgan Stanley's Mike Wilson says we could see a reckoning

96
00:05:06,320 --> 00:05:09,279
Speaker 1: of disappointing earnings in the next quarter. Speaking of earning

97
00:05:09,279 --> 00:05:11,640
Speaker 1: to Nathan, we're seeing shares a Snap tumble after a

98
00:05:11,680 --> 00:05:14,960
Speaker 1: slatest results. They're down twenty six after reporting the company

99
00:05:15,000 --> 00:05:18,880
Speaker 1: slowest quarterly sales growth ever. Bloomberry Shirlie Pellett has the story.

100
00:05:19,240 --> 00:05:22,159
Speaker 1: The maker of the Snapchat app said third quarter sales

101
00:05:22,200 --> 00:05:25,480
Speaker 1: increase six percent to one point one three billion dollars.

102
00:05:25,480 --> 00:05:28,400
Speaker 1: That was just shy of analyst savage estimate of one

103
00:05:28,400 --> 00:05:32,040
Speaker 1: point one four billion dollars. The social media company spent

104
00:05:32,080 --> 00:05:36,360
Speaker 1: the quarter shrinking and refocusing its business, announcing in August

105
00:05:36,360 --> 00:05:39,560
Speaker 1: that it was cutting twenty of its workforce and slashing

106
00:05:39,600 --> 00:05:43,680
Speaker 1: projects that don't contribute to user or revenue growth or

107
00:05:43,720 --> 00:05:47,760
Speaker 1: to the company's augmented reality efforts in New York. Charlie

108
00:05:47,800 --> 00:05:50,560
Speaker 1: Pellett Bloomberg Daybreak. All right, Charlie, thank you. We also

109
00:05:50,560 --> 00:05:53,400
Speaker 1: have a number of headlines on Twitter this morning. Advisors

110
00:05:53,480 --> 00:05:56,120
Speaker 1: on both sides are looking to close Elon Musk's deal

111
00:05:56,200 --> 00:05:57,640
Speaker 1: to buy the company by the end of the month.

112
00:05:58,000 --> 00:06:00,240
Speaker 1: At the same time, Twitter is telling staff there will

113
00:06:00,279 --> 00:06:03,720
Speaker 1: not be widespread layoffs. That's after reports Musk wants to

114
00:06:03,760 --> 00:06:08,039
Speaker 1: slash seventy five percent of Twitter's workforce. Kurt Wagner covers

115
00:06:08,040 --> 00:06:10,800
Speaker 1: the company for Bloomberg News. They're definitely going to be

116
00:06:10,960 --> 00:06:12,840
Speaker 1: cost cuts at Twitter. I think we all know that

117
00:06:12,920 --> 00:06:16,120
Speaker 1: layoffs are are widely expected. I do wonder if this

118
00:06:16,200 --> 00:06:18,680
Speaker 1: is a little extreme, right. What we've seen from Elon

119
00:06:18,760 --> 00:06:20,480
Speaker 1: in the past is that a lot of his estimates

120
00:06:20,520 --> 00:06:23,280
Speaker 1: have been pretty extreme in terms of what he thinks

121
00:06:23,279 --> 00:06:25,360
Speaker 1: for revenue or user growth, and that could be going

122
00:06:25,400 --> 00:06:28,360
Speaker 1: extreme in the other direction to with costcut. Bloomberg's Kurt

123
00:06:28,360 --> 00:06:30,640
Speaker 1: Wagner says the number of layoffs that Twitter may not

124
00:06:30,680 --> 00:06:33,960
Speaker 1: reach seventy pcent, but could still exceed other predictions. If

125
00:06:34,000 --> 00:06:36,520
Speaker 1: all that wasn't enough. Elon Musk is also coming under

126
00:06:36,560 --> 00:06:39,800
Speaker 1: scrutiny from the Biden administration. Sources tell US White House

127
00:06:39,839 --> 00:06:42,520
Speaker 1: officials are discussing whether the U S should subject some

128
00:06:42,600 --> 00:06:45,920
Speaker 1: of the Musk ventures to national security reviews, including the

129
00:06:45,960 --> 00:06:49,880
Speaker 1: Twitter deal and his space X Starlink satellite network, which

130
00:06:49,920 --> 00:06:52,400
Speaker 1: told officials have grown uncomfortable with what they see as

131
00:06:52,680 --> 00:06:56,159
Speaker 1: Musk's increasingly rush a friendly comments. Taking a look at Twitter,

132
00:06:56,160 --> 00:06:58,880
Speaker 1: shares right now, they are lower by seven point seven percent.

133
00:06:59,000 --> 00:07:02,400
Speaker 1: In the pre market, SMP futures are lower by seventeen

134
00:07:02,440 --> 00:07:05,239
Speaker 1: points down, futures down ninety eight. Nastac features are lower

135
00:07:05,560 --> 00:07:08,679
Speaker 1: by eighty seven points. Ten year treasuries down nine thirty

136
00:07:08,720 --> 00:07:11,320
Speaker 1: seconds now the yield four point to six percent. The

137
00:07:11,400 --> 00:07:14,520
Speaker 1: yield on the two year four point five nine percent.

138
00:07:15,000 --> 00:07:17,720
Speaker 1: Straight ahead your latest local headlines in the check of sports.

139
00:07:17,760 --> 00:07:24,600
Speaker 1: This is Bloomberg and it sounds six so seven. On

140
00:07:24,640 --> 00:07:27,320
Speaker 1: Wall Street. We are at forty seven degrees in Central Park.

141
00:07:27,360 --> 00:07:29,600
Speaker 1: Got an accident on the southbound West Side Highway at

142
00:07:29,640 --> 00:07:32,720
Speaker 1: seventy nine. Details coming up in traffic. First Michael Barr

143
00:07:32,840 --> 00:07:34,240
Speaker 1: with more on what's going on in New York and

144
00:07:34,280 --> 00:07:36,640
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. A

145
00:07:36,720 --> 00:07:40,080
Speaker 1: tragic into the case of a missing Princeton University student.

146
00:07:40,600 --> 00:07:44,560
Speaker 1: Missing student twenty year old Miss rock Unity was found

147
00:07:44,560 --> 00:07:48,000
Speaker 1: dead behind some tennis courts on campus. She hadn't been

148
00:07:48,000 --> 00:07:51,440
Speaker 1: seen since last Friday, prompting her friends to report her

149
00:07:51,440 --> 00:07:54,960
Speaker 1: missing to police. Police stay at grounds employee found her

150
00:07:54,960 --> 00:07:57,760
Speaker 1: body with no obvious signs of injury, adding her depth

151
00:07:58,200 --> 00:08:02,160
Speaker 1: does not appear suspicious or menal in nature. Thousands are

152
00:08:02,200 --> 00:08:05,320
Speaker 1: expected today at the funerals for two Bristol, Connecticut police

153
00:08:05,320 --> 00:08:09,040
Speaker 1: officers killed in an ambush last week. Officers from across

154
00:08:09,080 --> 00:08:12,600
Speaker 1: the US and in Canada are expected to attend services

155
00:08:12,600 --> 00:08:17,200
Speaker 1: for Sergeant Dustin damnty An officer Alex Hemsey. Services start

156
00:08:17,280 --> 00:08:20,480
Speaker 1: at eleven AM. Less than three weeks to the mid terms,

157
00:08:20,560 --> 00:08:23,880
Speaker 1: President Biden paid a visit to Pennsylvania. In Pittsburgh, he

158
00:08:23,960 --> 00:08:28,080
Speaker 1: greeted Democratic Senate candidate John Fetterman, predicting that he's going

159
00:08:28,120 --> 00:08:31,560
Speaker 1: to win. Fetterman, Pennsylvania's lieutenant governor, is locked in a

160
00:08:31,680 --> 00:08:35,720
Speaker 1: tight race with Republican doctor Memiaz. President Biden spoke at

161
00:08:35,720 --> 00:08:38,959
Speaker 1: the side of a bridge that collapsed back in January.

162
00:08:39,360 --> 00:08:42,720
Speaker 1: By the grace of God, the school was delayed that

163
00:08:42,840 --> 00:08:46,080
Speaker 1: day because of snow, and it was just before rush hour,

164
00:08:46,559 --> 00:08:49,720
Speaker 1: so there was less traffic than usual. It had been

165
00:08:49,760 --> 00:08:52,640
Speaker 1: a normal had been a normal day, it would have

166
00:08:52,679 --> 00:08:56,000
Speaker 1: been much, much worse. The bridge is now the side

167
00:08:56,000 --> 00:09:00,320
Speaker 1: of an Infrastructure Package funded reconstruction project. The HA got

168
00:09:00,360 --> 00:09:03,400
Speaker 1: pushed back on Russia's denials that it is using Iranian

169
00:09:03,400 --> 00:09:07,480
Speaker 1: made drones to attack civilian targets in Ukraine. State Department

170
00:09:07,480 --> 00:09:10,720
Speaker 1: smoke has been ned price. We can confirm that Russian

171
00:09:10,760 --> 00:09:14,880
Speaker 1: military personnel based in Primia have been piloted piloting piloting

172
00:09:14,960 --> 00:09:17,760
Speaker 1: excuse me, Iranian ua v s and using them to

173
00:09:17,840 --> 00:09:23,360
Speaker 1: conducts kinetic strikes across Ukraine, including in strikes against Kievan

174
00:09:23,559 --> 00:09:26,479
Speaker 1: in recent days. The European Union has an ounce sentions

175
00:09:26,559 --> 00:09:30,160
Speaker 1: on an Iranian aerospace company. Steve Bannon is scheduled to

176
00:09:30,160 --> 00:09:32,880
Speaker 1: be sentenced today for a contempt of Congress were refusing

177
00:09:32,920 --> 00:09:35,640
Speaker 1: to comply with the subpoena issued by the House Select

178
00:09:35,679 --> 00:09:39,120
Speaker 1: Committee investigating the January sixth attack on the U S Capitol.

179
00:09:39,600 --> 00:09:41,800
Speaker 1: Bannon could face up to two years in prison, but

180
00:09:41,840 --> 00:09:45,000
Speaker 1: the Department of Justice is recommending a lesser sentence of

181
00:09:45,040 --> 00:09:48,360
Speaker 1: six months and a two hundred thousand dollar fine. Global

182
00:09:48,400 --> 00:09:50,840
Speaker 1: News twenty four hours a day on air and on

183
00:09:50,880 --> 00:09:54,600
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists

184
00:09:54,600 --> 00:09:57,360
Speaker 1: analysts more than a hundred twenty countries. Michael Barr and

185
00:09:57,440 --> 00:10:04,840
Speaker 1: this is Bloomberg, Nathan, Thank you, Michael six o nine

186
00:10:04,840 --> 00:10:06,880
Speaker 1: on Wall Street Time for the Bloomberg Sports Update, brought

187
00:10:06,880 --> 00:10:08,960
Speaker 1: to you by Fry State out He with John Stash.

188
00:10:09,120 --> 00:10:11,599
Speaker 1: All Right, Nathan to a LCS games and used in

189
00:10:11,679 --> 00:10:14,000
Speaker 1: the Yankees and the opener had only five hits struck

190
00:10:14,040 --> 00:10:18,360
Speaker 1: out seventeen times. Game two, four hits struck out thirteen times.

191
00:10:18,400 --> 00:10:21,160
Speaker 1: Yankee pitching in defense with solid but done in by

192
00:10:21,200 --> 00:10:24,880
Speaker 1: one Astros swinging the bat, third set just about the

193
00:10:24,920 --> 00:10:30,800
Speaker 1: belt and the one too swinging at three pointer put

194
00:10:30,840 --> 00:10:41,240
Speaker 1: way down town. That's Alex Bradley with the long ball.

195
00:10:41,320 --> 00:10:44,079
Speaker 1: It's three nothing. I mean they call Yanks scorch twice

196
00:10:44,120 --> 00:10:46,920
Speaker 1: and the fourth thought Framber Valdez do mostly the Valdez

197
00:10:46,960 --> 00:10:49,720
Speaker 1: committing two errors on the same play. No story after that.

198
00:10:49,800 --> 00:10:52,080
Speaker 1: Houston won three to two, light the opener. Yanks at

199
00:10:52,080 --> 00:10:54,160
Speaker 1: the time run on ninth to name and Matt Carpenter

200
00:10:54,640 --> 00:10:56,920
Speaker 1: struck out as he has in all seven of his

201
00:10:56,960 --> 00:10:59,920
Speaker 1: postseason at bath. Game three tomorrow at the Stadium at

202
00:10:59,920 --> 00:11:01,640
Speaker 1: the Garden Rangers at a two one lay, but lost

203
00:11:01,640 --> 00:11:04,400
Speaker 1: in overtime to San Jose three to Eric Carlson scored

204
00:11:04,679 --> 00:11:06,840
Speaker 1: for the Sharks opening minute of ot the New Devil

205
00:11:06,880 --> 00:11:09,520
Speaker 1: Andre Polote score twice. New Jersey beat the Islanders four

206
00:11:09,559 --> 00:11:12,560
Speaker 1: to one. The Knicks homeopeners tonight against Detroit. The nets

207
00:11:12,600 --> 00:11:16,280
Speaker 1: Hos Toronto Arizona Cardinals twenty two points to a span

208
00:11:16,360 --> 00:11:19,480
Speaker 1: of less than two minutes late second quarterback to back

209
00:11:19,520 --> 00:11:22,760
Speaker 1: pick sixes partners beat the SATs forty two to thirty four,

210
00:11:22,920 --> 00:11:25,240
Speaker 1: Jets and Giants, both riding three game winning streaks, and

211
00:11:25,280 --> 00:11:28,840
Speaker 1: on Sunday facing two and four teams Denver and Jacksonville

212
00:11:29,160 --> 00:11:31,280
Speaker 1: forty Niners with a big pick up late last night,

213
00:11:31,320 --> 00:11:33,760
Speaker 1: they traded four draft picks, none of them first rounders,

214
00:11:33,800 --> 00:11:37,360
Speaker 1: to Carolina for Christian McCaffrey, who, with his last full

215
00:11:37,400 --> 00:11:40,760
Speaker 1: healthy season two thousand nineteen, had over a thousand yards

216
00:11:40,840 --> 00:11:45,200
Speaker 1: rushing and receiving. John Stashward, Bloomberg Sports, Nathan Thanks John

217
00:11:45,280 --> 00:11:47,839
Speaker 1: SMP futures down twenty one points down, Futures down a

218
00:11:47,880 --> 00:11:50,320
Speaker 1: hundred eighteen, nest At futures down a hundred one points.

219
00:11:50,320 --> 00:11:52,959
Speaker 1: Twitter shares down eight point four percent in the pre

220
00:11:53,080 --> 00:11:57,240
Speaker 1: market on reports of potential widespread job cuts and new

221
00:11:57,400 --> 00:12:00,920
Speaker 1: scrutiny of Elon Musks deal. We'll talk about it all

222
00:12:00,960 --> 00:12:04,560
Speaker 1: next with Bloomberg Quick Takes Alex Web. This is Bloomberg.

223
00:12:07,320 --> 00:12:09,520
Speaker 1: Bloomberg Sports Report was brought to you by Outing. Don't

224
00:12:09,559 --> 00:12:11,439
Speaker 1: let someone else drive off in the autie model you've

225
00:12:11,480 --> 00:12:14,079
Speaker 1: always wanted. Visit your local tri state autie dealer to

226
00:12:14,120 --> 00:12:16,439
Speaker 1: get behind the wheel of yours today, or visit autie

227
00:12:16,520 --> 00:12:23,880
Speaker 1: Offers dot com for more information, markets, headlines and breaking

228
00:12:23,880 --> 00:12:26,800
Speaker 1: news twenty four hours a day at Bloomberg dot Com,

229
00:12:26,880 --> 00:12:30,439
Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Tape, He's

230
00:12:30,480 --> 00:12:39,719
Speaker 1: a Bloomberg Business lash and I'm kared. Moscow stocks are

231
00:12:39,800 --> 00:12:42,960
Speaker 1: dropping as treasury yields continue to climb, with traders betting

232
00:12:42,960 --> 00:12:45,199
Speaker 1: the Federal Reserve but keep raising interest rates and his

233
00:12:45,320 --> 00:12:48,080
Speaker 1: investors assess the latest earnings reports, and we check the

234
00:12:48,120 --> 00:12:51,319
Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg

235
00:12:51,360 --> 00:12:53,760
Speaker 1: Guess and p Future is down to twenty four points down,

236
00:12:53,800 --> 00:12:57,360
Speaker 1: futures down a hundred thirties seven nasdack futures down one seven,

237
00:12:57,360 --> 00:12:59,640
Speaker 1: the decks in Germany's down one and a half percent,

238
00:13:00,000 --> 00:13:02,559
Speaker 1: ten year treasury down eleven thirty seconds four point to

239
00:13:02,720 --> 00:13:05,199
Speaker 1: seven percent, and the yielding the two year four point

240
00:13:05,240 --> 00:13:08,720
Speaker 1: five nine percent. Nine max Screwed oil is down four

241
00:13:08,800 --> 00:13:10,679
Speaker 1: tenths per cent, or thirty three cents at eighty four

242
00:13:10,720 --> 00:13:13,360
Speaker 1: dollars eighteen cents A barrel call makes good down half

243
00:13:13,400 --> 00:13:17,160
Speaker 1: percent or eight dollars seventy cents at sixty announced, the

244
00:13:17,240 --> 00:13:20,440
Speaker 1: euro point nine five against the dollar British found one

245
00:13:20,480 --> 00:13:24,240
Speaker 1: point one three and the yen one fifty point nine eight.

246
00:13:24,400 --> 00:13:27,240
Speaker 1: Looking at Bitcoin down three tenths percent at eighteen thousand,

247
00:13:27,320 --> 00:13:30,320
Speaker 1: nine hundred fifty dollars. That's a Bloomberg business flash. Now

248
00:13:30,400 --> 00:13:32,720
Speaker 1: here's Michael Barr with more on what's going on around

249
00:13:32,760 --> 00:13:35,160
Speaker 1: the world. Michael, thank you very much, Karen. Now that

250
00:13:35,280 --> 00:13:38,120
Speaker 1: Liz Trust is out of ten Downing Street, another leadership

251
00:13:38,240 --> 00:13:41,320
Speaker 1: vote has been triggered to decide Britain's new prime minister.

252
00:13:41,760 --> 00:13:45,559
Speaker 1: Favorites include former Treasury chief Rieshi Sunac and House of

253
00:13:45,640 --> 00:13:49,320
Speaker 1: Commons leader Penny more dont The wild card is former

254
00:13:49,440 --> 00:13:52,600
Speaker 1: Prime Minister Boris Johnson, who was forced to resign by

255
00:13:52,640 --> 00:13:55,760
Speaker 1: the party just over three months ago amid ethics scandals.

256
00:13:56,200 --> 00:13:58,880
Speaker 1: In baseball, the Yankees are down two games to zip

257
00:13:58,920 --> 00:14:02,200
Speaker 1: against the Astros in the a l CS. New York

258
00:14:02,320 --> 00:14:05,800
Speaker 1: lost last night to Houston three two. In the NHL,

259
00:14:05,960 --> 00:14:08,520
Speaker 1: the Devils beat the Islanders for one. The Rangers and

260
00:14:08,600 --> 00:14:11,640
Speaker 1: Capitals lost the Bruins one. In the NFL all the

261
00:14:11,720 --> 00:14:15,400
Speaker 1: Cardinals beat the Saints and Thursday Night Football for four

262
00:14:15,720 --> 00:14:19,520
Speaker 1: and a huge trade. The Panthers created running back Christian

263
00:14:19,600 --> 00:14:22,800
Speaker 1: McCaffrey to the forty Niners in exchange for draft picks.

264
00:14:23,200 --> 00:14:25,920
Speaker 1: Global News twenty four hours a day on air and

265
00:14:26,200 --> 00:14:29,640
Speaker 1: on Bloomberg Quick Take, powered by more than seven hundred

266
00:14:29,680 --> 00:14:32,480
Speaker 1: journalists and analysts and more than a hundred twenty countries.

267
00:14:32,520 --> 00:14:36,600
Speaker 1: I'm Michael Barr, and this is Bloomberg Nathan Huge. Thank you, Michael.

268
00:14:36,800 --> 00:14:39,400
Speaker 1: Six nineteen on Wall Street Live from the Bloomberg Interactive

269
00:14:39,400 --> 00:14:42,800
Speaker 1: Brokers studios. This is Bloomberg day Break, speaking of huge

270
00:14:43,000 --> 00:14:45,360
Speaker 1: Look at what is going on in Twitter. It just

271
00:14:45,520 --> 00:14:48,760
Speaker 1: the last few hours the social media company has had

272
00:14:48,840 --> 00:14:52,040
Speaker 1: to tell employees it's not making plans for widespread layoffs.

273
00:14:52,120 --> 00:14:54,960
Speaker 1: But that was after The Washington Post reported that Elon

274
00:14:55,080 --> 00:14:58,560
Speaker 1: Musk could cut staff by as much as seventy five

275
00:14:58,680 --> 00:15:02,000
Speaker 1: percent once the deal goes through. And now reports this

276
00:15:02,160 --> 00:15:05,400
Speaker 1: morning that the Biden administration is thinking of giving Elon

277
00:15:05,520 --> 00:15:10,200
Speaker 1: Musk's deals greater scrutiny, including the forty four billion dollar

278
00:15:10,320 --> 00:15:13,240
Speaker 1: Twitter buy out. Let's try to sort all this out now.

279
00:15:13,800 --> 00:15:18,520
Speaker 1: Alex Webb is with US correspondent at Bloomberg Quick Take. Alex,

280
00:15:18,960 --> 00:15:22,040
Speaker 1: what do you make of all these rewards. I think

281
00:15:22,040 --> 00:15:23,920
Speaker 1: it was inevitable that there were going to be some

282
00:15:24,120 --> 00:15:27,880
Speaker 1: job cuts at Twitter. We know that he had to

283
00:15:27,920 --> 00:15:29,960
Speaker 1: come in and find a way of making this business

284
00:15:30,040 --> 00:15:32,720
Speaker 1: work when you go to the Bay Area. I had

285
00:15:32,760 --> 00:15:36,520
Speaker 1: some conversations with you know, investors and people in around

286
00:15:36,560 --> 00:15:39,920
Speaker 1: the company a little while ago. Some people sort of

287
00:15:39,960 --> 00:15:42,640
Speaker 1: said that actually Twitter is massively over staff. Given what

288
00:15:42,720 --> 00:15:45,680
Speaker 1: its business doesn't it isn't very efficient. The big shock

289
00:15:45,800 --> 00:15:47,800
Speaker 1: is the scale of the cuts that seemed to be

290
00:15:48,920 --> 00:15:51,880
Speaker 1: on the books a lot. There are nevitably concerns and

291
00:15:51,880 --> 00:15:53,880
Speaker 1: the impact that would have on content moderation and of

292
00:15:53,960 --> 00:15:57,760
Speaker 1: course the platform security. Um. But as a private company,

293
00:15:57,880 --> 00:16:00,880
Speaker 1: Elon can sort of do whatever he wants. So, uh,

294
00:16:02,320 --> 00:16:04,320
Speaker 1: the people you've got to feel for right now, our

295
00:16:04,360 --> 00:16:07,120
Speaker 1: Twitter employees who are feeling a great deal of doob insecurity, right.

296
00:16:07,200 --> 00:16:10,880
Speaker 1: I mean, we've been talking before about how poor morale

297
00:16:11,480 --> 00:16:14,560
Speaker 1: uh not only is but must be right now at Twitter.

298
00:16:14,680 --> 00:16:17,560
Speaker 1: But I wonder if this raises some questions for you,

299
00:16:17,800 --> 00:16:20,600
Speaker 1: not just about whether the company is being run efficiently,

300
00:16:20,840 --> 00:16:23,960
Speaker 1: but about the money that Elon Musk has to put

301
00:16:24,000 --> 00:16:26,640
Speaker 1: together to get this deal done. He's already said that

302
00:16:26,720 --> 00:16:30,520
Speaker 1: he's massively overpaying for this company. I mean, is he

303
00:16:30,560 --> 00:16:32,440
Speaker 1: going to have to cut costs just because he's putting

304
00:16:32,480 --> 00:16:35,160
Speaker 1: so much money into this deal. Yeah, particularly if some

305
00:16:35,280 --> 00:16:37,360
Speaker 1: of it is debt funded. He's got to find a

306
00:16:37,440 --> 00:16:40,880
Speaker 1: way of you know, servicing that debt. The thing that's

307
00:16:40,920 --> 00:16:45,600
Speaker 1: quite interesting is is Twitter's UM sales per employee are

308
00:16:45,680 --> 00:16:48,800
Speaker 1: in the order of six hundred and seventy tho dollars.

309
00:16:49,280 --> 00:16:53,160
Speaker 1: Facebook sales for employee like one point six million dollars.

310
00:16:53,560 --> 00:16:56,640
Speaker 1: So there's there's quite a big discrepancy there. Now, you know,

311
00:16:57,840 --> 00:17:00,800
Speaker 1: does cutting headcounts solve the problem is almost certainly not.

312
00:17:02,120 --> 00:17:05,200
Speaker 1: It's also there is a private X approach which is

313
00:17:05,400 --> 00:17:07,520
Speaker 1: sort of slashed then build. You go in, you stash

314
00:17:07,520 --> 00:17:08,840
Speaker 1: all the things you think are done, and then you

315
00:17:08,880 --> 00:17:10,920
Speaker 1: work out the things you need. Now we don't know

316
00:17:11,080 --> 00:17:14,479
Speaker 1: that that is his approach, but um, there is scope

317
00:17:14,520 --> 00:17:17,440
Speaker 1: certainly to make Twitter Lena how Len You know, we

318
00:17:17,480 --> 00:17:19,280
Speaker 1: don't have the same access to the books that he

319
00:17:19,560 --> 00:17:22,920
Speaker 1: that he might do. Um, but he certainly thinks that

320
00:17:23,440 --> 00:17:25,720
Speaker 1: a lot Lee knows the answer or still do anyway,

321
00:17:25,720 --> 00:17:27,840
Speaker 1: based on this taste reporting, we should say right. And

322
00:17:27,920 --> 00:17:30,560
Speaker 1: we have also talked before about the types of changes

323
00:17:30,640 --> 00:17:32,680
Speaker 1: Elon Musk could make, or if he does get this

324
00:17:32,840 --> 00:17:35,119
Speaker 1: deal done the X app that sort of thing, what

325
00:17:35,400 --> 00:17:39,760
Speaker 1: kind of changes to Twitter could we envision If it

326
00:17:39,880 --> 00:17:44,480
Speaker 1: does turn out to be a much leaner operation, well,

327
00:17:45,480 --> 00:17:48,280
Speaker 1: if it's Lena, then it probably doesn't have the same

328
00:17:48,480 --> 00:17:51,280
Speaker 1: ADS stack right over. The head count of these places

329
00:17:51,400 --> 00:17:55,040
Speaker 1: is all about building the ADS product. If he comes,

330
00:17:55,200 --> 00:17:58,600
Speaker 1: if he builds something which is frankly a different business

331
00:17:58,880 --> 00:18:02,479
Speaker 1: subscribers or or per subscriptions or something like that, perhaps

332
00:18:02,560 --> 00:18:06,200
Speaker 1: that is an opportunity to make it quite a bit leaner. Now,

333
00:18:06,600 --> 00:18:09,720
Speaker 1: if he's building it into the everything app, this X

334
00:18:09,880 --> 00:18:13,719
Speaker 1: app that he that he has mooted in passing, well,

335
00:18:13,760 --> 00:18:16,040
Speaker 1: that actually requires adding more services. So it's hard to

336
00:18:16,080 --> 00:18:18,680
Speaker 1: see how you do that with fewer employees that you

337
00:18:18,800 --> 00:18:21,000
Speaker 1: need to build things like a payments there, you need

338
00:18:21,080 --> 00:18:23,600
Speaker 1: to build a platform frankly that it's easy for people

339
00:18:23,640 --> 00:18:27,320
Speaker 1: to plug into that requires investment. So it's hard to

340
00:18:27,359 --> 00:18:31,719
Speaker 1: see how just slashing head count in perpetuity um creates

341
00:18:31,800 --> 00:18:34,480
Speaker 1: that particular roadmap, which is why there's some suspicions that

342
00:18:34,680 --> 00:18:37,240
Speaker 1: it would be slash first, build later, if indeed that

343
00:18:37,400 --> 00:18:40,440
Speaker 1: is his real plan and if indeed the deal goes through,

344
00:18:40,520 --> 00:18:43,240
Speaker 1: we've got this reporting now that the Biden administration could

345
00:18:43,240 --> 00:18:46,600
Speaker 1: be putting Elon musk steals under greater scrutiny, including Twitter.

346
00:18:46,640 --> 00:18:49,400
Speaker 1: I mean, he's already under a lot of sec scrutiny

347
00:18:49,440 --> 00:18:52,520
Speaker 1: in our last thirty seconds here, what's the possibility that

348
00:18:52,840 --> 00:18:57,200
Speaker 1: regulatory pressures keep this deal from getting done? It would

349
00:18:57,200 --> 00:18:59,119
Speaker 1: be a deep irony that it was regulatory pressures that

350
00:18:59,160 --> 00:19:01,080
Speaker 1: we're going to force the deal to go through. And

351
00:19:01,240 --> 00:19:04,680
Speaker 1: now if you know this has legs, regularly pressures that

352
00:19:04,880 --> 00:19:06,880
Speaker 1: might put an into it. The stocks trading eight sent

353
00:19:07,000 --> 00:19:10,200
Speaker 1: down in the pre market. Clearly the market thinks that

354
00:19:10,359 --> 00:19:13,720
Speaker 1: this maybe does have some legs, should clarify his adventures,

355
00:19:13,760 --> 00:19:15,960
Speaker 1: not just his deals, because he has Starlink, which is

356
00:19:16,000 --> 00:19:18,560
Speaker 1: operations in Ukraine. So yeah, there's a deep irony at

357
00:19:18,600 --> 00:19:20,760
Speaker 1: the heart of this. There's clearly some still some way

358
00:19:20,800 --> 00:19:23,359
Speaker 1: to go before they would block it. As always, Alex,

359
00:19:23,400 --> 00:19:25,679
Speaker 1: great to have you on with us, Alex web correspondent

360
00:19:25,720 --> 00:19:28,200
Speaker 1: for Bloomberg Quick Take and taking a look at Twitter

361
00:19:28,320 --> 00:19:31,520
Speaker 1: shares in the pre market, they are moving lower, down

362
00:19:31,640 --> 00:19:34,840
Speaker 1: seven point seven percent, putting even more of a premium

363
00:19:35,240 --> 00:19:39,040
Speaker 1: on Elon Musk's billion dollar buyout offering put it out

364
00:19:39,040 --> 00:19:41,920
Speaker 1: there at twenty a share. Right now in the pre market,

365
00:19:41,960 --> 00:19:46,000
Speaker 1: it's at forty thirty nine. SMP futures are lower by

366
00:19:46,080 --> 00:19:48,760
Speaker 1: twenty two points. Stown futures down a hundred thirty three,

367
00:19:48,880 --> 00:19:53,199
Speaker 1: NASTAC futures are down one d five points. Send your

368
00:19:53,240 --> 00:19:55,800
Speaker 1: Treasury is now down to eleven thirty seconds for yield

369
00:19:55,840 --> 00:19:59,880
Speaker 1: of four point to seven percent, highest level in fifth

370
00:20:00,040 --> 00:20:07,600
Speaker 1: teen years. You're listening to Bloomberg day Break Bloomberg eleven

371
00:20:07,600 --> 00:20:10,080
Speaker 1: three oh weather sunshine Today, highs in the low sixties,

372
00:20:10,119 --> 00:20:13,200
Speaker 1: will be mostly sunny much of the day. Tomorrow mid sixties,

373
00:20:13,400 --> 00:20:16,160
Speaker 1: it'll be cloudy Sunday, rainy by the afternoon, with hys

374
00:20:16,200 --> 00:20:19,080
Speaker 1: back in the low sixties, currently forty seven degrees in

375
00:20:19,160 --> 00:20:25,959
Speaker 1: Central Park. Broadcasting live from the Bloomberg Interactive Broker's studio

376
00:20:26,119 --> 00:20:29,000
Speaker 1: in New York, Bloomberg E living free on to Washington,

377
00:20:29,080 --> 00:20:33,159
Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one

378
00:20:33,280 --> 00:20:36,720
Speaker 1: to San Francisco, Bloomberg nine six to the Country, Sirius

379
00:20:36,920 --> 00:20:39,280
Speaker 1: XM to had A one nineteen and around the globe

380
00:20:39,400 --> 00:20:42,879
Speaker 1: the Bloomberg Business app in Bloomberg Radio Dot Com. This

381
00:20:43,359 --> 00:20:52,120
Speaker 1: is Bloomberg Daybreak. It's six thirty on Wall Street. Good morning.

382
00:20:52,160 --> 00:20:55,000
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just

383
00:20:55,080 --> 00:20:57,359
Speaker 1: about three hours away from the open of US training.

384
00:20:57,480 --> 00:20:59,120
Speaker 1: Time for the five things that you need to notice

385
00:20:59,119 --> 00:21:03,159
Speaker 1: start your day to you buy Interactive Brokers. Interactive Broker's

386
00:21:03,200 --> 00:21:05,240
Speaker 1: clients are an interest of up to two point five

387
00:21:05,320 --> 00:21:07,760
Speaker 1: eight percent on the idle cash and their brokerage accounts.

388
00:21:08,000 --> 00:21:10,400
Speaker 1: Visit i v k R dot com slash interest rates

389
00:21:10,480 --> 00:21:13,800
Speaker 1: to learn more. First, UK government leaders are weighing next

390
00:21:13,840 --> 00:21:17,120
Speaker 1: steps after the resignation of Prime Minister Liz Truss. All

391
00:21:17,160 --> 00:21:20,159
Speaker 1: let's have Rishi Sunac Penny More not in Boris Johnson

392
00:21:20,200 --> 00:21:22,920
Speaker 1: as the most likely candidates to replace trust and we

393
00:21:23,000 --> 00:21:25,920
Speaker 1: get a reaction from former Chancellor Philip Hammon this morning.

394
00:21:26,280 --> 00:21:28,440
Speaker 1: I'm not gonna say until I know who the line

395
00:21:28,560 --> 00:21:31,080
Speaker 1: up of candidates is, who I think would be the

396
00:21:31,200 --> 00:21:35,360
Speaker 1: person who will most effectively deliver stability. But I don't

397
00:21:35,440 --> 00:21:39,000
Speaker 1: think going back into the past and reincarnating a previous

398
00:21:39,119 --> 00:21:41,879
Speaker 1: prime minister is going to be any way to reassure markets.

399
00:21:42,119 --> 00:21:44,760
Speaker 1: Former Chancellor Philip Hammon tells us the new UK government

400
00:21:44,840 --> 00:21:48,320
Speaker 1: must avoid signaling more chaos to the market. Staying overseas

401
00:21:48,400 --> 00:21:51,720
Speaker 1: care intensions between Beijing and Washington remain in focus. The

402
00:21:51,760 --> 00:21:54,960
Speaker 1: White House is weighing a further technology ban on China

403
00:21:55,200 --> 00:21:58,679
Speaker 1: to include quantum computing and artificial intelligence. But we look

404
00:21:58,720 --> 00:22:01,360
Speaker 1: at markets now, Nathan. You futures in the red after

405
00:22:01,440 --> 00:22:04,119
Speaker 1: hawkish fed steak and sticky inflation led to a two

406
00:22:04,200 --> 00:22:07,320
Speaker 1: day slump. Treasury yields are climbing the most major currencies

407
00:22:07,359 --> 00:22:10,240
Speaker 1: weakened against the dollar. Poor earnings are hitting shares of Snap.

408
00:22:10,400 --> 00:22:13,959
Speaker 1: This morning, Karen Snap reported its slowest quarterly sales growth ever,

409
00:22:14,040 --> 00:22:17,520
Speaker 1: and right now the shares are down twenty and sticking

410
00:22:17,600 --> 00:22:20,400
Speaker 1: with corporate news, Nathan, Advisers on both sides are looking

411
00:22:20,480 --> 00:22:23,399
Speaker 1: to close Elon Musk's deal to buy Twitter by the

412
00:22:23,520 --> 00:22:25,520
Speaker 1: end of the month. At the same time, Twitter is

413
00:22:25,560 --> 00:22:29,400
Speaker 1: telling staff there will not be widespread layoffs. That's after

414
00:22:29,480 --> 00:22:33,000
Speaker 1: reports at Musk wants to slash s Twitter's workforce. Kurt

415
00:22:33,040 --> 00:22:35,720
Speaker 1: Wagner covers the company for Bloomberg News. I would be

416
00:22:35,720 --> 00:22:37,879
Speaker 1: a little bit surprised if he comes in lays off

417
00:22:37,960 --> 00:22:42,000
Speaker 1: staff and that's it. It would probably be let's do layoffs.

418
00:22:42,240 --> 00:22:44,359
Speaker 1: Let's figure out where we want to go and then

419
00:22:44,440 --> 00:22:48,879
Speaker 1: redirected that way, and Bloomberg said. Kurt Wagner says he

420
00:22:49,000 --> 00:22:51,960
Speaker 1: still expects Musk to make big cost cuts, and as

421
00:22:52,000 --> 00:22:54,080
Speaker 1: all of this is happening, sources tell us White House

422
00:22:54,119 --> 00:22:57,119
Speaker 1: officials are discussing whether the US TO subjects some of

423
00:22:57,200 --> 00:23:01,080
Speaker 1: Musk's adventures to national security reviews, including the Twitter deal

424
00:23:01,200 --> 00:23:04,240
Speaker 1: and his SpaceX sterling satellite network. That's like at Twitter

425
00:23:04,320 --> 00:23:07,919
Speaker 1: shares this morning, they're down almost eight percent in early trading.

426
00:23:08,000 --> 00:23:09,440
Speaker 1: That's the five things that you need to know to

427
00:23:09,520 --> 00:23:13,040
Speaker 1: start your day, brought to you by Interactive Brokers. Futures

428
00:23:13,119 --> 00:23:15,600
Speaker 1: this morning are lower. SMP future is down about twenty

429
00:23:15,600 --> 00:23:18,280
Speaker 1: two points down, futures down a hundred twenty five and

430
00:23:18,359 --> 00:23:21,920
Speaker 1: ASDAG futures down one to ten year Treasury down twelve

431
00:23:21,960 --> 00:23:24,600
Speaker 1: thirty seconds. You had four point to eight percent and

432
00:23:24,680 --> 00:23:26,880
Speaker 1: they yield on the two year at four point six

433
00:23:27,080 --> 00:23:30,359
Speaker 1: zero percent. And straight ahead we have your latest local

434
00:23:30,400 --> 00:23:34,200
Speaker 1: headlines plus the check of sports, and this is Bloomberg.

435
00:23:38,320 --> 00:23:40,040
Speaker 1: I thank you Caring. It is six thirty three on

436
00:23:40,080 --> 00:23:43,520
Speaker 1: Wall Street, wet, seven degrees in Central Park, very heavy

437
00:23:43,560 --> 00:23:46,720
Speaker 1: traffic in Fairfield southbound Merritt Parkway has an accident at

438
00:23:46,720 --> 00:23:49,800
Speaker 1: exit forty two. More coming up in traffic. First Michael

439
00:23:49,840 --> 00:23:51,800
Speaker 1: bar with more on what's going on in New York

440
00:23:51,880 --> 00:23:54,480
Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.

441
00:23:54,560 --> 00:23:57,400
Speaker 1: Officials in Princeton, New Jersey announced they found the body

442
00:23:57,440 --> 00:24:00,800
Speaker 1: of a Princeton University student who had been missing since

443
00:24:00,920 --> 00:24:03,480
Speaker 1: last Friday. The body of miss rock You and Nitty

444
00:24:04,000 --> 00:24:07,960
Speaker 1: was discovered yesterday behind university tennis courts. At this point,

445
00:24:08,119 --> 00:24:11,359
Speaker 1: there are no reports of foul playing. The Pentagon pushed

446
00:24:11,400 --> 00:24:14,440
Speaker 1: back on Russia's denials that it is using Iranian made

447
00:24:14,520 --> 00:24:18,760
Speaker 1: drones to attack civilian targets in Ukraine. The European Union

448
00:24:18,840 --> 00:24:22,040
Speaker 1: has an ounce snsions on an Iranian aerospace company and

449
00:24:22,280 --> 00:24:26,320
Speaker 1: three Iranian generals over Iran providing Russia with drones to

450
00:24:26,480 --> 00:24:30,440
Speaker 1: use in Ukraine. Pentagon spokesman Brigadier General pat Riders said

451
00:24:30,480 --> 00:24:35,000
Speaker 1: Iranian forces are supporting Russian military drone operations in occupied

452
00:24:35,040 --> 00:24:39,720
Speaker 1: areas of Ukraine. We continue to see Iran be complicit

453
00:24:39,800 --> 00:24:42,840
Speaker 1: in terms of exporting terror not only in the Middle

454
00:24:42,880 --> 00:24:46,960
Speaker 1: East region, but now also to Ukraine. General writer says,

455
00:24:47,000 --> 00:24:50,400
Speaker 1: though Ukrainian forces have been effective in shooting the drones down.

456
00:24:51,000 --> 00:24:54,399
Speaker 1: The two New York gubernatorial candidates attended the Al Smith

457
00:24:54,520 --> 00:24:57,520
Speaker 1: Dinner last night in New York City. Governor Cavy Hohoco

458
00:24:57,600 --> 00:25:01,920
Speaker 1: faces Republican Representative Les Eldon Pole show Zelden, who has

459
00:25:02,040 --> 00:25:05,000
Speaker 1: made crime a major issue in the campaign, closing a

460
00:25:05,040 --> 00:25:08,720
Speaker 1: big gap against Tocal. President Joe Biden was in Pittsburgh

461
00:25:08,800 --> 00:25:11,840
Speaker 1: at the side of a bridge that collapsed back in January.

462
00:25:12,320 --> 00:25:16,120
Speaker 1: Now the side of an Infrastructure Package funded reconstruction project.

463
00:25:16,560 --> 00:25:20,160
Speaker 1: The presidentality rebuilding the progress on the Fern Hollow Bridge,

464
00:25:20,200 --> 00:25:23,399
Speaker 1: saying it's only the beginning. We're finally getting to it,

465
00:25:23,560 --> 00:25:26,480
Speaker 1: We're getting it done. We're finally decided. And instead of

466
00:25:26,560 --> 00:25:30,879
Speaker 1: being ranked number thirteen in the world, thirteen in the

467
00:25:30,960 --> 00:25:34,280
Speaker 1: world in from the United States, thirteen in the world

468
00:25:34,359 --> 00:25:38,320
Speaker 1: in infrastructure, we should be ranked number one. The president

469
00:25:38,440 --> 00:25:41,840
Speaker 1: campaign for Democratic Senate candidate John Fetterman, who was in

470
00:25:41,880 --> 00:25:45,399
Speaker 1: a tight race with Republican doctor Memitaz. A New York

471
00:25:45,520 --> 00:25:48,399
Speaker 1: jury sided with actor Kevin Spacey that he did not

472
00:25:48,960 --> 00:25:53,040
Speaker 1: sexually abuse Anthony Rapp then fourteen and nineteen eighty six.

473
00:25:53,800 --> 00:25:56,560
Speaker 1: Trump ally Steve mannon face is sentencing today. If we're

474
00:25:56,560 --> 00:25:59,360
Speaker 1: contempt of Congress were refusing to comply with the subpoena

475
00:25:59,680 --> 00:26:02,760
Speaker 1: issue by the House elect Committee investigating the January sixth

476
00:26:02,800 --> 00:26:06,520
Speaker 1: attack on the US Capitol. The Justice Department is recommending

477
00:26:06,600 --> 00:26:09,720
Speaker 1: six months behind bars and a two hundred thousand dollar fine.

478
00:26:10,119 --> 00:26:13,119
Speaker 1: Global News twenty four hours a day on air and

479
00:26:13,359 --> 00:26:16,720
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

480
00:26:16,760 --> 00:26:19,399
Speaker 1: journalists and analyists more than a hundred twenty countries. I'm

481
00:26:19,440 --> 00:26:26,880
Speaker 1: Michael Barr. This is Bloomberg, Nathan. Thanks Michael, almost six

482
00:26:26,960 --> 00:26:29,720
Speaker 1: thirty six on Wall Street, john Sesshires and Bloomberg Sports Up.

483
00:26:29,760 --> 00:26:32,080
Speaker 1: They brought to you by Try stay out all right, Nathan,

484
00:26:32,160 --> 00:26:35,040
Speaker 1: Yankees obviously in a hole. So win the Alcs. They

485
00:26:35,080 --> 00:26:37,160
Speaker 1: have to win four out of five from an Astros

486
00:26:37,200 --> 00:26:40,080
Speaker 1: team that has not lost any of their five postseason games.

487
00:26:40,119 --> 00:26:42,840
Speaker 1: After Houston won the opener four to two, three to

488
00:26:42,960 --> 00:26:45,359
Speaker 1: two win in Game two, Alex Bregman three run homer

489
00:26:45,400 --> 00:26:47,720
Speaker 1: off Luis Severino, third and in. Yanks got two of

490
00:26:47,760 --> 00:26:51,000
Speaker 1: the fourth off Framburt Valdez his two errors on the

491
00:26:51,080 --> 00:26:53,119
Speaker 1: same play to help the Yanks out. There was a

492
00:26:53,200 --> 00:26:55,600
Speaker 1: fleeting moment eight didn't The Yanks had taken the lead

493
00:26:55,600 --> 00:26:57,960
Speaker 1: a man on for Aaron Judge and a swing that

494
00:26:58,200 --> 00:27:00,919
Speaker 1: looked like the sixty four home runs Judge has hit

495
00:27:01,000 --> 00:27:02,639
Speaker 1: this season, but it was caught at the wall in

496
00:27:02,760 --> 00:27:05,320
Speaker 1: right field. Judge thought the wind kept it in the park.

497
00:27:05,359 --> 00:27:07,119
Speaker 1: They usually have the roof closed and used him to

498
00:27:07,119 --> 00:27:09,520
Speaker 1: be headed open. Last night the Yanks in two games,

499
00:27:09,560 --> 00:27:12,840
Speaker 1: I've struck out thirty times, Judge hopeful to hitting can

500
00:27:12,880 --> 00:27:14,320
Speaker 1: come to light. And we got a great offense. I

501
00:27:14,400 --> 00:27:16,000
Speaker 1: think we just gotta go back to you know what

502
00:27:16,160 --> 00:27:18,199
Speaker 1: us Gott got us in this position, what elped us

503
00:27:18,200 --> 00:27:20,879
Speaker 1: one in division, and you know we'll be where we

504
00:27:20,920 --> 00:27:22,960
Speaker 1: want to be. You know, that's contact and that's moving

505
00:27:23,000 --> 00:27:26,560
Speaker 1: guys over. If it's um with that big hit, you know,

506
00:27:27,800 --> 00:27:29,280
Speaker 1: but we'll figure it out. And they were into beating.

507
00:27:29,359 --> 00:27:31,800
Speaker 1: Tomorrow's game three, the stadium starts at five o'clock. Eric

508
00:27:31,880 --> 00:27:34,320
Speaker 1: Cole will pitch. The Garden Rangers lost in overtime to

509
00:27:34,400 --> 00:27:37,120
Speaker 1: San Jose three to two. Trucks came in open five.

510
00:27:37,200 --> 00:27:39,399
Speaker 1: Devil's beat the Islanders Porter one. The Knicks home opener

511
00:27:39,440 --> 00:27:42,679
Speaker 1: tonight against Detroit. The Nets are home for Toronto NFL.

512
00:27:42,720 --> 00:27:46,760
Speaker 1: Arizona two pick sixes and outscored New Orleans forty two

513
00:27:46,840 --> 00:27:49,840
Speaker 1: to thirty four. Big trade Carolina is one in five,

514
00:27:50,000 --> 00:27:52,920
Speaker 1: just fired the coach, and late last night the Panthers

515
00:27:53,320 --> 00:27:56,560
Speaker 1: since star running back Christian McCaffrey to San Francisco. He

516
00:27:56,680 --> 00:27:58,840
Speaker 1: was a star at Stanford and the forty Niners coach

517
00:27:59,200 --> 00:28:02,640
Speaker 1: is Kyle Shannon, and McCaffrey's father played for Shanahan's father

518
00:28:02,760 --> 00:28:05,440
Speaker 1: for nine years in Denver. The Panthers get four draft

519
00:28:05,520 --> 00:28:09,080
Speaker 1: picks back, but no per Founder John Stairs with Bloomberg Sports,

520
00:28:09,560 --> 00:28:12,160
Speaker 1: Thanks John on Wall Street. Time to take a look

521
00:28:12,200 --> 00:28:14,239
Speaker 1: at stock some of the names moving in the pre

522
00:28:14,440 --> 00:28:17,560
Speaker 1: market once again, a very busy morning for Bloomberg Radio

523
00:28:17,640 --> 00:28:21,720
Speaker 1: and TV markets corresponded Pretty Gupta with the social media

524
00:28:21,800 --> 00:28:24,040
Speaker 1: stocks the ones to watch this morning, and not for

525
00:28:24,119 --> 00:28:27,280
Speaker 1: the reasons investors would like. That's for sure, absolutely some

526
00:28:27,400 --> 00:28:29,480
Speaker 1: pain that you are seeing in our in our favorite

527
00:28:29,760 --> 00:28:31,840
Speaker 1: U M N A saga, which of course is Twitter

528
00:28:31,960 --> 00:28:34,200
Speaker 1: and Tesla or your Twitter and Elon must get to

529
00:28:34,240 --> 00:28:36,760
Speaker 1: say Tesla. Also moving on the back of this, several

530
00:28:36,800 --> 00:28:39,160
Speaker 1: developments to take into Accounty or Nathan. I want to

531
00:28:39,200 --> 00:28:42,400
Speaker 1: start off with a Washington Post story that said that

532
00:28:42,480 --> 00:28:45,760
Speaker 1: Elon Musk one he if he should complete the deal

533
00:28:45,800 --> 00:28:47,360
Speaker 1: and looks like that is what is going to happen.

534
00:28:47,760 --> 00:28:50,520
Speaker 1: He is looking to cut seventy five of their staff.

535
00:28:50,600 --> 00:28:53,040
Speaker 1: So you did see some pain in the stock after

536
00:28:53,160 --> 00:28:56,160
Speaker 1: hours from that. But now the newest development here is

537
00:28:56,560 --> 00:28:59,680
Speaker 1: that perhaps of the United States is wayne security reviews

538
00:29:00,040 --> 00:29:02,000
Speaker 1: for some of elon musk steals. That does include a

539
00:29:02,000 --> 00:29:05,760
Speaker 1: space X venture, It also includes this takeover of Twitter shares.

540
00:29:05,840 --> 00:29:08,000
Speaker 1: What that does for Twitter is t w t R

541
00:29:08,080 --> 00:29:10,760
Speaker 1: here taker down about eight and a half percent, taking

542
00:29:10,800 --> 00:29:14,920
Speaker 1: it further and further away from that deal agreed amount

543
00:29:15,000 --> 00:29:16,920
Speaker 1: of fifty four dollars and twenty cents. It is now

544
00:29:17,000 --> 00:29:20,120
Speaker 1: trading at about forty eight dollars per share. So some

545
00:29:20,200 --> 00:29:22,440
Speaker 1: pain there, and like I said, as promised Nathan, on

546
00:29:22,560 --> 00:29:24,040
Speaker 1: the back of that, you still have to have a

547
00:29:24,120 --> 00:29:27,800
Speaker 1: Tesla move as well. Remember Twitter and Tesla traditionally move

548
00:29:27,880 --> 00:29:30,960
Speaker 1: in opposite direction simply because the idea of Ellen must

549
00:29:30,960 --> 00:29:33,600
Speaker 1: split attention what we might that do to one or

550
00:29:33,640 --> 00:29:37,000
Speaker 1: both of those businesses. But this morning Tesla shares under

551
00:29:37,040 --> 00:29:39,640
Speaker 1: pressure as well once again on those security reviews risk

552
00:29:39,920 --> 00:29:42,600
Speaker 1: for Elon must steals. T s l A down about

553
00:29:42,640 --> 00:29:45,280
Speaker 1: one point one percent as an eight percent dropped for

554
00:29:45,360 --> 00:29:48,720
Speaker 1: Twitter shares weren't enough creating. The shares of snap this

555
00:29:48,880 --> 00:29:52,000
Speaker 1: morning are just getting crushed off the back of earnings.

556
00:29:52,240 --> 00:29:58,800
Speaker 1: Absolutely one one upping the Twitter kind of sids. Yeah, absolutely,

557
00:29:58,880 --> 00:30:02,440
Speaker 1: Snapchat shares s an a p down a whopping twenty

558
00:30:02,680 --> 00:30:05,240
Speaker 1: six percent. They did report earnings last night. They're plunging

559
00:30:05,280 --> 00:30:09,640
Speaker 1: on the slowest sales growth ever, the decline in advertising

560
00:30:09,720 --> 00:30:12,200
Speaker 1: continuing to drag on those results. I remember a lot

561
00:30:12,240 --> 00:30:14,520
Speaker 1: of this is going to be from those macro economic concerns.

562
00:30:14,560 --> 00:30:17,440
Speaker 1: I love to look at these advertisers because think about it.

563
00:30:17,480 --> 00:30:20,520
Speaker 1: If you are a major corporation and you are not

564
00:30:20,720 --> 00:30:23,560
Speaker 1: feeling so great about the economy, do you really want

565
00:30:23,640 --> 00:30:26,080
Speaker 1: to put your money into advertising dollars when you know

566
00:30:26,280 --> 00:30:28,680
Speaker 1: a consumer may or may not be willing to buy

567
00:30:28,720 --> 00:30:30,320
Speaker 1: your products in a couple of months time. That those

568
00:30:30,360 --> 00:30:32,440
Speaker 1: are the kind of questions that a lot of people

569
00:30:32,440 --> 00:30:34,440
Speaker 1: are asking when it comes to the advertisers, and what

570
00:30:34,520 --> 00:30:37,240
Speaker 1: it does is create a massive kind of cut on

571
00:30:37,280 --> 00:30:40,360
Speaker 1: their bottom line. Snapchat also speaking of cut, trying to

572
00:30:40,440 --> 00:30:43,719
Speaker 1: decline their workforce on revenue generating projects, so you can

573
00:30:43,760 --> 00:30:45,760
Speaker 1: really see we are in a kind of cost cutting

574
00:30:45,800 --> 00:30:47,920
Speaker 1: mode when it comes to the likes of Snapchat. All right,

575
00:30:47,960 --> 00:30:51,000
Speaker 1: Bloomberg Radio on TV. Markets correspondent Crety Gupta is gonna

576
00:30:51,040 --> 00:30:53,400
Speaker 1: be uh pretty busy as well. Next week, I'm sure

577
00:30:53,560 --> 00:30:56,880
Speaker 1: is even more of the tech names report earnings next week.

578
00:30:56,960 --> 00:30:59,600
Speaker 1: Will be checking back as we do every morning. At

579
00:30:59,680 --> 00:31:03,520
Speaker 1: this time, looking ahead to the market, Open futures are lower.

580
00:31:03,920 --> 00:31:06,640
Speaker 1: SMP futures are down twenty one point, Style futures down

581
00:31:06,680 --> 00:31:10,960
Speaker 1: a D twenty one, Nasdaq futures down one hundred points ten.

582
00:31:11,040 --> 00:31:14,080
Speaker 1: Your treasuries down ten thirty seconds, the yield four point

583
00:31:14,160 --> 00:31:23,040
Speaker 1: to seven percent. You're listening to Bloomberg to daybreak. Bloomberg

584
00:31:23,080 --> 00:31:25,040
Speaker 1: Sports is brought to you by Audie. Don't let someone

585
00:31:25,080 --> 00:31:27,640
Speaker 1: else drive off in the Audi model you've always wanted.

586
00:31:27,760 --> 00:31:29,920
Speaker 1: Visit your local Tri state autie dealer to get behind

587
00:31:29,920 --> 00:31:32,520
Speaker 1: the wheel of yours today, or visit autie Offers dot

588
00:31:32,560 --> 00:31:39,920
Speaker 1: com for more information, markets, headlines and breaking news twenty

589
00:31:39,960 --> 00:31:42,800
Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg

590
00:31:42,840 --> 00:31:46,880
Speaker 1: Business at and at Bloomberg Quicktape is a Bloomberg Business

591
00:31:46,960 --> 00:31:55,960
Speaker 1: lash and I'm Karen Moscow. Any West Dock Index futures

592
00:31:56,000 --> 00:31:58,120
Speaker 1: are in the red today, Let's go to the first

593
00:31:58,200 --> 00:32:00,760
Speaker 1: Word Breaking News desk for today's morning call, and here's

594
00:32:00,800 --> 00:32:04,160
Speaker 1: Bill Maloney. Bill, good morning, Hey, good morning. Can. That's right.

595
00:32:04,280 --> 00:32:06,360
Speaker 1: US futures are under pressure right now, deaf. You just

596
00:32:06,440 --> 00:32:08,840
Speaker 1: down a hundred and thirty four points. SUV dropped twenty

597
00:32:08,880 --> 00:32:11,520
Speaker 1: three one. That's that futures are off by one oh eight.

598
00:32:11,920 --> 00:32:14,440
Speaker 1: The US ten year old at four point to eight percent,

599
00:32:14,560 --> 00:32:17,120
Speaker 1: Gold is down three. Oil is also trading down, and

600
00:32:17,240 --> 00:32:20,000
Speaker 1: Bitcoin is a lower by point three percent. Hong Kong

601
00:32:20,200 --> 00:32:23,040
Speaker 1: fell point four percent overnight, while up markets are also

602
00:32:23,160 --> 00:32:25,160
Speaker 1: in the red this morning. And back in the US

603
00:32:25,280 --> 00:32:27,480
Speaker 1: on the economic front at one o'clock, the baker he

604
00:32:27,560 --> 00:32:30,880
Speaker 1: used US rig count after develops night, Whirlpool cut its

605
00:32:30,920 --> 00:32:34,600
Speaker 1: earnings outlook on inflation and falling demand, and Snap report

606
00:32:34,720 --> 00:32:37,920
Speaker 1: it's slowest ever sales growth. Shares it down twenty six

607
00:32:38,000 --> 00:32:40,800
Speaker 1: percent in the pre market Regarding some of the earnings

608
00:32:40,840 --> 00:32:43,440
Speaker 1: this morning, look for American Express and Verizon to report.

609
00:32:43,840 --> 00:32:46,160
Speaker 1: In other news, the US is wang security views on

610
00:32:46,400 --> 00:32:49,800
Speaker 1: musk deals including Twitter. Those shares a down eight percent

611
00:32:49,880 --> 00:32:52,560
Speaker 1: pre market. Wrapping things up, Juniper was raised a strong

612
00:32:52,640 --> 00:32:56,080
Speaker 1: by over at Raymond James Live from the first Breaking

613
00:32:56,080 --> 00:32:58,720
Speaker 1: news discom Bill Maloney Kirn A right, Bill, thanks and

614
00:32:58,840 --> 00:33:01,400
Speaker 1: here live breaking news of your Bloomberg type squawk on

615
00:33:01,440 --> 00:33:03,680
Speaker 1: your termin I'll escue you a w K and s

616
00:33:03,720 --> 00:33:06,480
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moore.

617
00:33:06,560 --> 00:33:09,040
Speaker 1: I'm less going on around the world, Michael Karen, thank

618
00:33:09,080 --> 00:33:12,560
Speaker 1: you very much. Ukrainian President Zolenski warrn today Russia may

619
00:33:12,600 --> 00:33:15,520
Speaker 1: be planning to frame Ukraine for an attack on the

620
00:33:15,600 --> 00:33:19,040
Speaker 1: Russian controlled city of Curson in the coming days. As

621
00:33:19,200 --> 00:33:23,360
Speaker 1: Ukrainian residents trying to recover from this week shellings continue,

622
00:33:23,880 --> 00:33:28,200
Speaker 1: President Zelinski is warning of a quote large scale disaster.

623
00:33:28,360 --> 00:33:31,440
Speaker 1: He says the Russians have now packed a major damn

624
00:33:31,560 --> 00:33:35,680
Speaker 1: with explosives. Scotland's first minister called for an early general

625
00:33:35,760 --> 00:33:39,920
Speaker 1: election after UK Prime Minister lews Trust resigned following weeks

626
00:33:39,960 --> 00:33:43,640
Speaker 1: of political and economic turmoil. In baseball, the Yankees are

627
00:33:43,720 --> 00:33:46,400
Speaker 1: down two games to ZIP against the Astros in the

628
00:33:46,600 --> 00:33:50,480
Speaker 1: a l CS. New York lost last night Houston three two.

629
00:33:50,920 --> 00:33:53,640
Speaker 1: In the NHL, the Devil's beat the Islanders for one.

630
00:33:53,720 --> 00:33:57,440
Speaker 1: The Rangers and Capitals lost the Bruins one. In the NFL,

631
00:33:57,560 --> 00:34:01,520
Speaker 1: the Cardinals beat the Saints Thursday Night Football and a

632
00:34:01,600 --> 00:34:05,000
Speaker 1: big trade. The Panthers traded running back Christian McCaffrey to

633
00:34:05,080 --> 00:34:08,799
Speaker 1: the forty nine in exchange for draft picks. Global News

634
00:34:08,880 --> 00:34:11,880
Speaker 1: twenty four hours a day on air and on Bloomberg

635
00:34:11,960 --> 00:34:15,280
Speaker 1: Quick Take powered by More Event twenty seven under journalist

636
00:34:15,320 --> 00:34:18,200
Speaker 1: and analyst more than twenty countries. How Michael bar this

637
00:34:18,480 --> 00:34:21,520
Speaker 1: is Bloomberg. Karen right, Michael, Thank you. Sixty nine on

638
00:34:21,640 --> 00:34:24,080
Speaker 1: Wall Street, we turned to news and science and technology

639
00:34:24,160 --> 00:34:26,520
Speaker 1: now with the Bloomberg n j i T STEM Report,

640
00:34:26,520 --> 00:34:29,279
Speaker 1: and it's brought to you by New Jersey Institute of Technology.

641
00:34:29,719 --> 00:34:32,719
Speaker 1: N j i T makes transferring easy. Leverage your associate's

642
00:34:32,760 --> 00:34:35,759
Speaker 1: degree into a STEM focused bachelor's Learn more at n

643
00:34:35,800 --> 00:34:38,800
Speaker 1: j i T dot edu slash transfer and here's just

644
00:34:38,960 --> 00:34:43,120
Speaker 1: making news in science, Technology, engineering, and math. Japanese aerospace

645
00:34:43,160 --> 00:34:45,920
Speaker 1: company I Space is targeting early to mid November for

646
00:34:46,000 --> 00:34:49,360
Speaker 1: its first robotic lunar mission, which will send a lander

647
00:34:49,480 --> 00:34:51,520
Speaker 1: and two small rovers to the surface of the Moon.

648
00:34:52,000 --> 00:34:54,800
Speaker 1: If successful, my space will become the first private company

649
00:34:54,840 --> 00:34:58,560
Speaker 1: to land a spacecraft intact on the lunar surface. The

650
00:34:58,640 --> 00:35:03,480
Speaker 1: world's population of wild mammals, birds, amphibians, reptiles, and fish

651
00:35:03,600 --> 00:35:07,479
Speaker 1: have declined by more than two thirds on average since

652
00:35:07,600 --> 00:35:10,520
Speaker 1: nineteen seventy. That's according to a finding and a report

653
00:35:10,560 --> 00:35:13,640
Speaker 1: from the World Wildlife Fund. The report says that declining

654
00:35:13,680 --> 00:35:17,000
Speaker 1: abundance sends a grimst signal about a decline in overall

655
00:35:17,080 --> 00:35:21,800
Speaker 1: ecosystem health and tells us that nature is unraveling and

656
00:35:21,960 --> 00:35:24,879
Speaker 1: climate change is pitting wild mountain goats against big horn

657
00:35:25,000 --> 00:35:28,200
Speaker 1: sheep and the Rocky mountains. They're battling over dwindling resources

658
00:35:28,239 --> 00:35:31,239
Speaker 1: in the region. Scientists say the Earth's highest mountains are

659
00:35:31,280 --> 00:35:33,560
Speaker 1: warming two to five times faster than the rest of

660
00:35:33,600 --> 00:35:36,719
Speaker 1: the world, leading to receding glaciers and soil erosion and

661
00:35:36,800 --> 00:35:39,960
Speaker 1: more interactions between the two and as the Bloomberg j

662
00:35:40,120 --> 00:35:43,200
Speaker 1: I T STEM Report. Nathan Okay, Karen, thank you. We

663
00:35:43,280 --> 00:35:45,719
Speaker 1: are live from the Bloomberg Interactive Broker Studios where it's

664
00:35:45,760 --> 00:35:48,440
Speaker 1: just about six fifty one on Wall Street Time Now

665
00:35:48,520 --> 00:35:50,160
Speaker 1: to check what's going on in d C. Some of

666
00:35:50,200 --> 00:35:52,360
Speaker 1: the top stories in our nation's capital include the U

667
00:35:52,560 --> 00:35:56,320
Speaker 1: S eyeing an expanded tech ban on China, including Quantum

668
00:35:56,360 --> 00:36:00,520
Speaker 1: and AI, the Biden administration winging security reviews for Elon

669
00:36:00,640 --> 00:36:05,000
Speaker 1: Musk's deals including Twitter, and President Biden amping up the

670
00:36:05,080 --> 00:36:08,719
Speaker 1: volume on student debt relief after an early silence on

671
00:36:08,840 --> 00:36:12,200
Speaker 1: the issue, Let's bring in Joe Matthew, our Washington correspondent,

672
00:36:12,280 --> 00:36:15,480
Speaker 1: host of sound On on Bloomberg Radio. Joe as if

673
00:36:15,600 --> 00:36:18,840
Speaker 1: tensions between the US and China couldn't get even more fraught.

674
00:36:18,920 --> 00:36:21,120
Speaker 1: Now this great reporting from our tech team that the

675
00:36:21,400 --> 00:36:24,040
Speaker 1: ban on tech exports to China could get into some

676
00:36:24,239 --> 00:36:27,240
Speaker 1: powerful new technologies. Well, that's right. This is a Bloomberg

677
00:36:27,320 --> 00:36:31,480
Speaker 1: scoop and it's one that's awfully important, certainly for this conversation,

678
00:36:31,560 --> 00:36:36,280
Speaker 1: as as the garden walls seem to keep going higher here, Nathan,

679
00:36:36,400 --> 00:36:40,279
Speaker 1: the idea that you know, China, as a rival economically

680
00:36:40,400 --> 00:36:45,279
Speaker 1: and possibly militarily, UH, shouldn't have these kind of technologies.

681
00:36:45,320 --> 00:36:47,920
Speaker 1: And we're talking about not just the semiconductors. That was

682
00:36:48,080 --> 00:36:50,680
Speaker 1: last time we spoke, right, we put some pretty serious

683
00:36:50,719 --> 00:36:54,919
Speaker 1: curbs on a semiconductors used for AI and so called

684
00:36:55,080 --> 00:36:57,839
Speaker 1: super computing, and that made a mess of a lot

685
00:36:57,920 --> 00:37:01,640
Speaker 1: of computer chip stocks, like in Video that specialized in

686
00:37:01,719 --> 00:37:04,759
Speaker 1: that stuff. This is a whole other level here. We're

687
00:37:04,760 --> 00:37:09,680
Speaker 1: talking about again artificial intelligence, but also the very experimental

688
00:37:09,840 --> 00:37:13,759
Speaker 1: field of quantum computing. That they don't want China to

689
00:37:13,840 --> 00:37:17,160
Speaker 1: have access to here because it's potentially so powerful and

690
00:37:17,239 --> 00:37:19,040
Speaker 1: so game changing. This is the type of thing that

691
00:37:19,120 --> 00:37:22,560
Speaker 1: we want to keep right here in the USA. Well,

692
00:37:22,640 --> 00:37:25,600
Speaker 1: if this goes through, if we see this export ban

693
00:37:26,239 --> 00:37:29,080
Speaker 1: expand even further in this way, what could it mean

694
00:37:29,320 --> 00:37:34,000
Speaker 1: for the dynamics in the US China power competition? Uh?

695
00:37:34,280 --> 00:37:37,239
Speaker 1: Could we see a scenario where different allies are trying

696
00:37:37,280 --> 00:37:39,960
Speaker 1: to pick sides here in terms of where to get

697
00:37:40,200 --> 00:37:45,000
Speaker 1: that leading edge technology. Absolutely, we have an economic cold war.

698
00:37:45,120 --> 00:37:47,800
Speaker 1: I think it's pretty hard to UH to to not

699
00:37:48,000 --> 00:37:50,800
Speaker 1: accept that at this point here. UH In moves like

700
00:37:50,920 --> 00:37:52,880
Speaker 1: these are going to be very important years down the

701
00:37:52,960 --> 00:37:56,319
Speaker 1: road when this becomes much more common UH technology. Look,

702
00:37:56,360 --> 00:37:58,399
Speaker 1: we're in a world here now where China is really

703
00:37:58,520 --> 00:38:01,640
Speaker 1: changing its posture on taiw On, for instance, and its

704
00:38:01,760 --> 00:38:04,040
Speaker 1: role in the global stage. As president she tries to

705
00:38:04,120 --> 00:38:07,600
Speaker 1: secure this third term. There's been a major UH congress

706
00:38:07,640 --> 00:38:10,640
Speaker 1: and conference that's been going on that took place over

707
00:38:10,719 --> 00:38:13,560
Speaker 1: the last week in Beijing, and it's something that has

708
00:38:13,719 --> 00:38:16,840
Speaker 1: US officials concerned here as we not only have a

709
00:38:16,920 --> 00:38:19,680
Speaker 1: hot war underway in Europe, but a cold one between

710
00:38:19,840 --> 00:38:22,279
Speaker 1: our country and China and a lot of confusion in

711
00:38:22,320 --> 00:38:24,839
Speaker 1: the Taiwan straight. This is a story that really could

712
00:38:24,960 --> 00:38:28,160
Speaker 1: continue to evolve as the United States looks for other

713
00:38:28,239 --> 00:38:31,239
Speaker 1: ways to try to clamp down on China's access to technology.

714
00:38:31,719 --> 00:38:34,439
Speaker 1: As we are in a race here, a technological race

715
00:38:35,080 --> 00:38:37,400
Speaker 1: to dominate the world. Frankly, yeah, and it's not just

716
00:38:37,960 --> 00:38:41,719
Speaker 1: a geopolitical scale, but we're seeing new tech scrutiny domestically

717
00:38:41,840 --> 00:38:44,920
Speaker 1: as well, with this report that President Biden might be

718
00:38:45,040 --> 00:38:48,880
Speaker 1: looking at giving more scrutiny to Elon Musk's deals, including

719
00:38:49,000 --> 00:38:51,640
Speaker 1: the Twitter buyout. I was just talking with Alex web

720
00:38:51,800 --> 00:38:54,040
Speaker 1: on Bloomberg Quick Take, and he was saying, what an

721
00:38:54,080 --> 00:38:58,320
Speaker 1: irony it would be if regulatory scrutiny is what keeps

722
00:38:58,360 --> 00:39:00,960
Speaker 1: Elon Musk from buying Twitter. Yeah, you know, even when

723
00:39:01,000 --> 00:39:03,640
Speaker 1: you're the richest person in the world, you still apparently

724
00:39:03,760 --> 00:39:07,520
Speaker 1: cannot always buy anything you want. And you have to remember,

725
00:39:07,640 --> 00:39:10,239
Speaker 1: Elon Musk is just more than the guy who runs

726
00:39:10,320 --> 00:39:14,120
Speaker 1: Tesla and has uh fun, you know, smirking on Twitter here.

727
00:39:14,200 --> 00:39:17,640
Speaker 1: He is one of the most important and frankly, one

728
00:39:17,680 --> 00:39:21,920
Speaker 1: of the richest government contractors in America here. And we're

729
00:39:21,960 --> 00:39:26,040
Speaker 1: not just talking about government contracting its military contracting. His

730
00:39:26,160 --> 00:39:30,560
Speaker 1: company space x is charged with bringing literally top secret

731
00:39:30,680 --> 00:39:34,280
Speaker 1: hardware on behalf of the Pentagon into orbit. He's launching

732
00:39:34,560 --> 00:39:37,600
Speaker 1: secret Air Force satellites into orbit. This is a very

733
00:39:37,680 --> 00:39:40,640
Speaker 1: sensitive job. That's why they started taking a second look

734
00:39:40,680 --> 00:39:42,880
Speaker 1: at Elon Musk when he decided to, you know, to

735
00:39:43,120 --> 00:39:46,120
Speaker 1: share a joint on Joe Rogan's podcast. They said, We'll

736
00:39:46,120 --> 00:39:48,520
Speaker 1: wait a minute, what does that mean about his security clearance?

737
00:39:48,560 --> 00:39:50,920
Speaker 1: And that might sound like refor madness, but when you

738
00:39:51,000 --> 00:39:54,960
Speaker 1: start seeing Elon Musk tweeting, uh, you know, withdrawal plans

739
00:39:55,120 --> 00:39:58,040
Speaker 1: from Ukraine, trying to put out peace plans for that

740
00:39:58,200 --> 00:40:00,439
Speaker 1: that that are friendly to Vladimir Poot And he also

741
00:40:00,520 --> 00:40:03,400
Speaker 1: tweeted this image of himself with Kanye West and Donald

742
00:40:03,440 --> 00:40:06,520
Speaker 1: Trump as sort of the three horsemen of social media

743
00:40:06,880 --> 00:40:09,040
Speaker 1: over the weekend, and the government says, wait a minute,

744
00:40:09,360 --> 00:40:11,040
Speaker 1: maybe we take a second look at this, And that

745
00:40:11,120 --> 00:40:13,560
Speaker 1: apparently is what they're doing in our last minute or

746
00:40:13,600 --> 00:40:16,439
Speaker 1: so here. Joe. President Biden has been on the campaign trail.

747
00:40:16,440 --> 00:40:18,600
Speaker 1: Of course, he was in Pennsylvania yesterday. Now he's going

748
00:40:18,680 --> 00:40:20,919
Speaker 1: back to his home state of Delaware to talk about

749
00:40:21,000 --> 00:40:24,480
Speaker 1: something that he really hasn't talked about much, even though

750
00:40:24,560 --> 00:40:26,200
Speaker 1: you might have thought that it was, you know, a

751
00:40:26,280 --> 00:40:29,719
Speaker 1: political feather in his cap, this loan debt. Great. Yeah,

752
00:40:29,800 --> 00:40:32,040
Speaker 1: it's really interesting because this was this was a bit

753
00:40:32,080 --> 00:40:34,600
Speaker 1: of a political risk. Obviously, it's something that makes his

754
00:40:34,680 --> 00:40:36,680
Speaker 1: base very happy. It's something that he promised on the

755
00:40:36,719 --> 00:40:39,359
Speaker 1: campaign trail, but it's also very controversial and it's been

756
00:40:39,440 --> 00:40:44,200
Speaker 1: deemed as totally unfair by his Republican opposition. Here I

757
00:40:44,239 --> 00:40:46,600
Speaker 1: will mention, just for the sake of fairness, the President

758
00:40:46,680 --> 00:40:49,799
Speaker 1: did uh talk about it briefly at a speech this week.

759
00:40:49,840 --> 00:40:51,400
Speaker 1: He got a big round of applause for it. He

760
00:40:51,480 --> 00:40:53,120
Speaker 1: likes to kind of hang that out there as a

761
00:40:53,160 --> 00:40:56,320
Speaker 1: piece of candy. But we haven't seen this coordinated push,

762
00:40:56,440 --> 00:40:59,359
Speaker 1: this media push or campaign push to get this out

763
00:40:59,400 --> 00:41:02,360
Speaker 1: in front of people, largely Nathan, because they're not exactly

764
00:41:02,440 --> 00:41:04,319
Speaker 1: sure how it's gonna work, and there were fears about

765
00:41:04,400 --> 00:41:07,160
Speaker 1: that portal being like the Obamacare port remember didn't work

766
00:41:07,200 --> 00:41:09,640
Speaker 1: when they put it up there. Millions of people are

767
00:41:09,680 --> 00:41:11,520
Speaker 1: gonna be requesting this stuff and they have to get

768
00:41:11,560 --> 00:41:13,640
Speaker 1: it right. But he will talk about it today in Dover,

769
00:41:13,920 --> 00:41:16,520
Speaker 1: and I guess there's some question about whether there's gonna

770
00:41:16,560 --> 00:41:19,160
Speaker 1: be much impact of this message coming out there with

771
00:41:19,680 --> 00:41:22,600
Speaker 1: less than three weeks before an election and early voting

772
00:41:22,640 --> 00:41:26,080
Speaker 1: already underway. Potentially with some of those college students, he's

773
00:41:26,080 --> 00:41:27,640
Speaker 1: gonna be talking to you. Well. You know, this is

774
00:41:27,680 --> 00:41:30,960
Speaker 1: why he was being accused of buying votes with this

775
00:41:31,160 --> 00:41:33,400
Speaker 1: particular plan. He's being accused of the same thing with,

776
00:41:33,600 --> 00:41:35,719
Speaker 1: you know, releasing more oil from the spr with three

777
00:41:35,760 --> 00:41:38,680
Speaker 1: weeks to go. But look, people who were promised this

778
00:41:38,960 --> 00:41:41,480
Speaker 1: are aware of it, and if he didn't do it,

779
00:41:41,760 --> 00:41:44,839
Speaker 1: it could potentially I think the analysis is have more

780
00:41:44,920 --> 00:41:47,320
Speaker 1: damage on his standing for not making good on promises.

781
00:41:47,560 --> 00:41:50,040
Speaker 1: Same reason he went after the marijuana issue that didn't

782
00:41:50,120 --> 00:41:52,680
Speaker 1: quite get over the line that a lot of progressives

783
00:41:52,719 --> 00:41:55,840
Speaker 1: were looking for. But he's checking boxes. I promised this

784
00:41:55,960 --> 00:41:58,279
Speaker 1: on the campaign trail, and I'm making good on it

785
00:41:58,400 --> 00:42:01,319
Speaker 1: before November. Joe Matt you, host of sound on our

786
00:42:01,400 --> 00:42:04,120
Speaker 1: Washington Correspondent, as always great to talk with you early

787
00:42:04,160 --> 00:42:06,759
Speaker 1: in the morning before you come back five pm Wall

788
00:42:06,800 --> 00:42:10,520
Speaker 1: Street time for Bloomberg Sound On. Catch it across Bloomberg

789
00:42:10,680 --> 00:42:13,920
Speaker 1: Radio and get more on all these stories at Bloomberg

790
00:42:14,000 --> 00:42:16,960
Speaker 1: dot com or on the Bloomberg terminal. If you're in Washington,

791
00:42:17,040 --> 00:42:19,719
Speaker 1: you can listen to us on Bloomberg one oh five

792
00:42:19,800 --> 00:42:23,839
Speaker 1: point seven FM, HD two SMP futures right now are

793
00:42:23,920 --> 00:42:27,400
Speaker 1: down fifteen point. Staff futures down seventy one. NASTAC futures

794
00:42:27,440 --> 00:42:30,960
Speaker 1: down eighties six points. Check Twitter once again, just for fun,

795
00:42:31,160 --> 00:42:34,000
Speaker 1: down seven point nine percent. Not fun for the investors

796
00:42:34,120 --> 00:42:37,160
Speaker 1: in the social media company this morning. Ten year treasuries

797
00:42:37,200 --> 00:42:40,320
Speaker 1: down ten thirty seconds, yield four point to seven percent.

798
00:42:40,480 --> 00:42:45,240
Speaker 1: Bloomberg surveillance is next. For Karen Moscow, I'm Nathan Hagar.

799
00:42:45,360 --> 00:42:48,640
Speaker 1: Have a great Friday. This is Bloomberg.