Speaker 1: Life from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: day Break for Friday, October twenty one two. Coming up
Speaker 1: this hour, UK leaders consider what's next after the resignation
Speaker 1: of Liz Trust. Stocks look to snap a two day
Speaker 1: losing streak to close out the week. The US Ways
Speaker 1: expanding its technology ban on China, and Elon Musk reportedly
Speaker 1: plans massive job cuts at Twitter. It's a tragic end
Speaker 1: to the search for missing Princeton University student. Plus it's
Speaker 1: sentencing day for Trump Alloy Steve men in for contempt
Speaker 1: Michael Barr. More ahead, I'm trying stage shower and sports.
Speaker 1: The Yankees lost again in Houston Trail. The ALC has
Speaker 1: to nothing, The Rangers lost, Devils beat the Islanders, a
Speaker 1: big trade in the NFL. That's all training ahead on
Speaker 1: Bloomberg day Break on Bloomberg eleven, Free on New York,
Speaker 1: Bloomberg ninety nine one, Washington, d C, Bloomberg one O
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius XM
Speaker 1: one nine team and around the world on Bloomberg Radio
Speaker 1: dot Com and via The Bloomberg Business. Good Friday morning,
Speaker 1: I'm Karen Moscow. I'm Nathan Hagar. Bloomberg. Daybreak is brought
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Speaker 1: and US dot Index. Futures are lower this morning, so
Speaker 1: one on Wall Street. We check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg S and P
Speaker 1: futures down twenty points down, futures down a hundred sixteen,
Speaker 1: Nasdack futures down in nineties three. Nathan, Karen. We'll get
Speaker 1: born markets in a moment, but we begin this morning
Speaker 1: in the UK, where government leaders are weighing next steps
Speaker 1: following the resignation of Prime Minister Liz Trust. Bloomberg's You
Speaker 1: and Potts has the very latest from London. You and
Speaker 1: good morning, Good morning, Nathan and Karen. Political news moves
Speaker 1: fast in Britain at the moment. By next Friday, the
Speaker 1: country will have a fifth prime minister in less than
Speaker 1: seven years. The Consufti party. He will choose a new
Speaker 1: leader after Liz Trust quit becoming the shortest ever serving
Speaker 1: prime minister in the history. Plans are very short contest.
Speaker 1: If lawmakers make a clear choice, we could find out
Speaker 1: as soon as Monday. Former chance that Ritchie Snak is
Speaker 1: the current favorite with bookmakers, the gods on the second
Speaker 1: favorite candidate have shortened considerably in the past few hours.
Speaker 1: That candidate is former Prime Minister Boris Johnson. In London,
Speaker 1: Immune parts Limberg, Debreak and thanks that. We continue to
Speaker 1: hear from current and former leaders weighing in on UK politics.
Speaker 1: Former Tory leader Michael Howard spoke to Bloomberg about the
Speaker 1: future of the Conservative Party the next twelve months, so
Speaker 1: I'm doubtedly going to be very difficult and very thankful.
Speaker 1: But after that, I think there's every reason to suppose
Speaker 1: that inflation will be coming down, mortgage interest rates will
Speaker 1: be coming down, and the Prime Minister will be able
Speaker 1: to say we've been to a very top time, that
Speaker 1: we've taken the right decisions and now we're seeing the
Speaker 1: fruits of those decisions. So don't take any risks and
Speaker 1: don't that label ruin it. Former Tory leader Michael Howard says,
Speaker 1: you supporter of Rishi Suna to be the new prime minister.
Speaker 1: He also believes that Jeremy Hunt remained Chancellor. Trust resigned
Speaker 1: after forty four days, making her premiership the shortest in
Speaker 1: UK history. Staying overseas, Karen Let's turn to China, tensions
Speaker 1: between Beijing and Washington remaining focus now. The White House
Speaker 1: is weighing a further technology ban on China to include
Speaker 1: quantum computing and artificial intelligence. Sploomberg's John Lou reports from
Speaker 1: Beijing the Biden administration taking as many steps as possible
Speaker 1: to try to limit China's access to these emerging technologies.
Speaker 1: Quantum computing is still sort of an experimental field, but
Speaker 1: the implications for the future, how greatly this technology could
Speaker 1: affect the future, I think makes it an important point
Speaker 1: to for the Biden administration to focus on now. Bloomberg's
Speaker 1: John lu says it's just the latest of many signs
Speaker 1: the White House is taking a harder line on China. Meantime,
Speaker 1: US Secretary of State Anthony Blankolin says relations with Beijing
Speaker 1: are at an inflection point, and he's building an international
Speaker 1: coalition to stand up a against China. Bloomberg said, Baxter
Speaker 1: has that story. Lincoln says the key is starting with Taiwan.
Speaker 1: The entire world has a stake in this and making
Speaker 1: sure that there is peace and stability and along the
Speaker 1: Taiwan Straight. The amount of trade and commerce that goes
Speaker 1: to that straight every day is essential to the world.
Speaker 1: Economist b. Lincoln says the US is not looking for
Speaker 1: conflict with China, but the China must understand that freedom
Speaker 1: of commerce with Taiwan as a matter of survival for
Speaker 1: the global community as a whole. In San Francisco, I'm
Speaker 1: at Baxter Bloomberg daybreak. All right, and thank you. Let's
Speaker 1: take a look back at markets now. Futures are in
Speaker 1: the red as Wall Street looks to reverse a two
Speaker 1: day slamp. Morgan Stanley chief equity strategist Mike Wilson thinks
Speaker 1: stocks may not have bottomed, but there is light at
Speaker 1: the end of the tunnel. The kind of final chapter
Speaker 1: to this bear market probably will be fast as well.
Speaker 1: If we had this conversation three months ago and we
Speaker 1: probably hit I thought we could have this all wrapped
Speaker 1: up by Thanksgiving and maybe have a nice ending to
Speaker 1: the holiday period and say, okay, we can move forward. Unfortunately,
Speaker 1: I think it may you know, linger into next year.
Speaker 1: Morgan Stanley's Mike Wilson says we could see a reckoning
Speaker 1: of disappointing earnings in the next quarter. Speaking of earning
Speaker 1: to Nathan, we're seeing shares a Snap tumble after a
Speaker 1: slatest results. They're down twenty six after reporting the company
Speaker 1: slowest quarterly sales growth ever. Bloomberry Shirlie Pellett has the story.
Speaker 1: The maker of the Snapchat app said third quarter sales
Speaker 1: increase six percent to one point one three billion dollars.
Speaker 1: That was just shy of analyst savage estimate of one
Speaker 1: point one four billion dollars. The social media company spent
Speaker 1: the quarter shrinking and refocusing its business, announcing in August
Speaker 1: that it was cutting twenty of its workforce and slashing
Speaker 1: projects that don't contribute to user or revenue growth or
Speaker 1: to the company's augmented reality efforts in New York. Charlie
Speaker 1: Pellett Bloomberg Daybreak. All right, Charlie, thank you. We also
Speaker 1: have a number of headlines on Twitter this morning. Advisors
Speaker 1: on both sides are looking to close Elon Musk's deal
Speaker 1: to buy the company by the end of the month.
Speaker 1: At the same time, Twitter is telling staff there will
Speaker 1: not be widespread layoffs. That's after reports Musk wants to
Speaker 1: slash seventy five percent of Twitter's workforce. Kurt Wagner covers
Speaker 1: the company for Bloomberg News. They're definitely going to be
Speaker 1: cost cuts at Twitter. I think we all know that
Speaker 1: layoffs are are widely expected. I do wonder if this
Speaker 1: is a little extreme, right. What we've seen from Elon
Speaker 1: in the past is that a lot of his estimates
Speaker 1: have been pretty extreme in terms of what he thinks
Speaker 1: for revenue or user growth, and that could be going
Speaker 1: extreme in the other direction to with costcut. Bloomberg's Kurt
Speaker 1: Wagner says the number of layoffs that Twitter may not
Speaker 1: reach seventy pcent, but could still exceed other predictions. If
Speaker 1: all that wasn't enough. Elon Musk is also coming under
Speaker 1: scrutiny from the Biden administration. Sources tell US White House
Speaker 1: officials are discussing whether the U S should subject some
Speaker 1: of the Musk ventures to national security reviews, including the
Speaker 1: Twitter deal and his space X Starlink satellite network, which
Speaker 1: told officials have grown uncomfortable with what they see as
Speaker 1: Musk's increasingly rush a friendly comments. Taking a look at Twitter,
Speaker 1: shares right now, they are lower by seven point seven percent.
Speaker 1: In the pre market, SMP futures are lower by seventeen
Speaker 1: points down, futures down ninety eight. Nastac features are lower
Speaker 1: by eighty seven points. Ten year treasuries down nine thirty
Speaker 1: seconds now the yield four point to six percent. The
Speaker 1: yield on the two year four point five nine percent.
Speaker 1: Straight ahead your latest local headlines in the check of sports.
Speaker 1: This is Bloomberg and it sounds six so seven. On
Speaker 1: Wall Street. We are at forty seven degrees in Central Park.
Speaker 1: Got an accident on the southbound West Side Highway at
Speaker 1: seventy nine. Details coming up in traffic. First Michael Barr
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. A
Speaker 1: tragic into the case of a missing Princeton University student.
Speaker 1: Missing student twenty year old Miss rock Unity was found
Speaker 1: dead behind some tennis courts on campus. She hadn't been
Speaker 1: seen since last Friday, prompting her friends to report her
Speaker 1: missing to police. Police stay at grounds employee found her
Speaker 1: body with no obvious signs of injury, adding her depth
Speaker 1: does not appear suspicious or menal in nature. Thousands are
Speaker 1: expected today at the funerals for two Bristol, Connecticut police
Speaker 1: officers killed in an ambush last week. Officers from across
Speaker 1: the US and in Canada are expected to attend services
Speaker 1: for Sergeant Dustin damnty An officer Alex Hemsey. Services start
Speaker 1: at eleven AM. Less than three weeks to the mid terms,
Speaker 1: President Biden paid a visit to Pennsylvania. In Pittsburgh, he
Speaker 1: greeted Democratic Senate candidate John Fetterman, predicting that he's going
Speaker 1: to win. Fetterman, Pennsylvania's lieutenant governor, is locked in a
Speaker 1: tight race with Republican doctor Memiaz. President Biden spoke at
Speaker 1: the side of a bridge that collapsed back in January.
Speaker 1: By the grace of God, the school was delayed that
Speaker 1: day because of snow, and it was just before rush hour,
Speaker 1: so there was less traffic than usual. It had been
Speaker 1: a normal had been a normal day, it would have
Speaker 1: been much, much worse. The bridge is now the side
Speaker 1: of an Infrastructure Package funded reconstruction project. The HA got
Speaker 1: pushed back on Russia's denials that it is using Iranian
Speaker 1: made drones to attack civilian targets in Ukraine. State Department
Speaker 1: smoke has been ned price. We can confirm that Russian
Speaker 1: military personnel based in Primia have been piloted piloting piloting
Speaker 1: excuse me, Iranian ua v s and using them to
Speaker 1: conducts kinetic strikes across Ukraine, including in strikes against Kievan
Speaker 1: in recent days. The European Union has an ounce sentions
Speaker 1: on an Iranian aerospace company. Steve Bannon is scheduled to
Speaker 1: be sentenced today for a contempt of Congress were refusing
Speaker 1: to comply with the subpoena issued by the House Select
Speaker 1: Committee investigating the January sixth attack on the U S Capitol.
Speaker 1: Bannon could face up to two years in prison, but
Speaker 1: the Department of Justice is recommending a lesser sentence of
Speaker 1: six months and a two hundred thousand dollar fine. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists
Speaker 1: analysts more than a hundred twenty countries. Michael Barr and
Speaker 1: this is Bloomberg, Nathan, Thank you, Michael six o nine
Speaker 1: on Wall Street Time for the Bloomberg Sports Update, brought
Speaker 1: to you by Fry State out He with John Stash.
Speaker 1: All Right, Nathan to a LCS games and used in
Speaker 1: the Yankees and the opener had only five hits struck
Speaker 1: out seventeen times. Game two, four hits struck out thirteen times.
Speaker 1: Yankee pitching in defense with solid but done in by
Speaker 1: one Astros swinging the bat, third set just about the
Speaker 1: belt and the one too swinging at three pointer put
Speaker 1: way down town. That's Alex Bradley with the long ball.
Speaker 1: It's three nothing. I mean they call Yanks scorch twice
Speaker 1: and the fourth thought Framber Valdez do mostly the Valdez
Speaker 1: committing two errors on the same play. No story after that.
Speaker 1: Houston won three to two, light the opener. Yanks at
Speaker 1: the time run on ninth to name and Matt Carpenter
Speaker 1: struck out as he has in all seven of his
Speaker 1: postseason at bath. Game three tomorrow at the Stadium at
Speaker 1: the Garden Rangers at a two one lay, but lost
Speaker 1: in overtime to San Jose three to Eric Carlson scored
Speaker 1: for the Sharks opening minute of ot the New Devil
Speaker 1: Andre Polote score twice. New Jersey beat the Islanders four
Speaker 1: to one. The Knicks homeopeners tonight against Detroit. The nets
Speaker 1: Hos Toronto Arizona Cardinals twenty two points to a span
Speaker 1: of less than two minutes late second quarterback to back
Speaker 1: pick sixes partners beat the SATs forty two to thirty four,
Speaker 1: Jets and Giants, both riding three game winning streaks, and
Speaker 1: on Sunday facing two and four teams Denver and Jacksonville
Speaker 1: forty Niners with a big pick up late last night,
Speaker 1: they traded four draft picks, none of them first rounders,
Speaker 1: to Carolina for Christian McCaffrey, who, with his last full
Speaker 1: healthy season two thousand nineteen, had over a thousand yards
Speaker 1: rushing and receiving. John Stashward, Bloomberg Sports, Nathan Thanks John
Speaker 1: SMP futures down twenty one points down, Futures down a
Speaker 1: hundred eighteen, nest At futures down a hundred one points.
Speaker 1: Twitter shares down eight point four percent in the pre
Speaker 1: market on reports of potential widespread job cuts and new
Speaker 1: scrutiny of Elon Musks deal. We'll talk about it all
Speaker 1: next with Bloomberg Quick Takes Alex Web. This is Bloomberg.
Speaker 1: Bloomberg Sports Report was brought to you by Outing. Don't
Speaker 1: let someone else drive off in the autie model you've
Speaker 1: always wanted. Visit your local tri state autie dealer to
Speaker 1: get behind the wheel of yours today, or visit autie
Speaker 1: Offers dot com for more information, markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Tape, He's
Speaker 1: a Bloomberg Business lash and I'm kared. Moscow stocks are
Speaker 1: dropping as treasury yields continue to climb, with traders betting
Speaker 1: the Federal Reserve but keep raising interest rates and his
Speaker 1: investors assess the latest earnings reports, and we check the
Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg
Speaker 1: Guess and p Future is down to twenty four points down,
Speaker 1: futures down a hundred thirties seven nasdack futures down one seven,
Speaker 1: the decks in Germany's down one and a half percent,
Speaker 1: ten year treasury down eleven thirty seconds four point to
Speaker 1: seven percent, and the yielding the two year four point
Speaker 1: five nine percent. Nine max Screwed oil is down four
Speaker 1: tenths per cent, or thirty three cents at eighty four
Speaker 1: dollars eighteen cents A barrel call makes good down half
Speaker 1: percent or eight dollars seventy cents at sixty announced, the
Speaker 1: euro point nine five against the dollar British found one
Speaker 1: point one three and the yen one fifty point nine eight.
Speaker 1: Looking at Bitcoin down three tenths percent at eighteen thousand,
Speaker 1: nine hundred fifty dollars. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael, thank you very much, Karen. Now that
Speaker 1: Liz Trust is out of ten Downing Street, another leadership
Speaker 1: vote has been triggered to decide Britain's new prime minister.
Speaker 1: Favorites include former Treasury chief Rieshi Sunac and House of
Speaker 1: Commons leader Penny more dont The wild card is former
Speaker 1: Prime Minister Boris Johnson, who was forced to resign by
Speaker 1: the party just over three months ago amid ethics scandals.
Speaker 1: In baseball, the Yankees are down two games to zip
Speaker 1: against the Astros in the a l CS. New York
Speaker 1: lost last night to Houston three two. In the NHL,
Speaker 1: the Devils beat the Islanders for one. The Rangers and
Speaker 1: Capitals lost the Bruins one. In the NFL all the
Speaker 1: Cardinals beat the Saints and Thursday Night Football for four
Speaker 1: and a huge trade. The Panthers created running back Christian
Speaker 1: McCaffrey to the forty Niners in exchange for draft picks.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than seven hundred
Speaker 1: journalists and analysts and more than a hundred twenty countries.
Speaker 1: I'm Michael Barr, and this is Bloomberg Nathan Huge. Thank you, Michael.
Speaker 1: Six nineteen on Wall Street Live from the Bloomberg Interactive
Speaker 1: Brokers studios. This is Bloomberg day Break, speaking of huge
Speaker 1: Look at what is going on in Twitter. It just
Speaker 1: the last few hours the social media company has had
Speaker 1: to tell employees it's not making plans for widespread layoffs.
Speaker 1: But that was after The Washington Post reported that Elon
Speaker 1: Musk could cut staff by as much as seventy five
Speaker 1: percent once the deal goes through. And now reports this
Speaker 1: morning that the Biden administration is thinking of giving Elon
Speaker 1: Musk's deals greater scrutiny, including the forty four billion dollar
Speaker 1: Twitter buy out. Let's try to sort all this out now.
Speaker 1: Alex Webb is with US correspondent at Bloomberg Quick Take. Alex,
Speaker 1: what do you make of all these rewards. I think
Speaker 1: it was inevitable that there were going to be some
Speaker 1: job cuts at Twitter. We know that he had to
Speaker 1: come in and find a way of making this business
Speaker 1: work when you go to the Bay Area. I had
Speaker 1: some conversations with you know, investors and people in around
Speaker 1: the company a little while ago. Some people sort of
Speaker 1: said that actually Twitter is massively over staff. Given what
Speaker 1: its business doesn't it isn't very efficient. The big shock
Speaker 1: is the scale of the cuts that seemed to be
Speaker 1: on the books a lot. There are nevitably concerns and
Speaker 1: the impact that would have on content moderation and of
Speaker 1: course the platform security. Um. But as a private company,
Speaker 1: Elon can sort of do whatever he wants. So, uh,
Speaker 1: the people you've got to feel for right now, our
Speaker 1: Twitter employees who are feeling a great deal of doob insecurity, right.
Speaker 1: I mean, we've been talking before about how poor morale
Speaker 1: uh not only is but must be right now at Twitter.
Speaker 1: But I wonder if this raises some questions for you,
Speaker 1: not just about whether the company is being run efficiently,
Speaker 1: but about the money that Elon Musk has to put
Speaker 1: together to get this deal done. He's already said that
Speaker 1: he's massively overpaying for this company. I mean, is he
Speaker 1: going to have to cut costs just because he's putting
Speaker 1: so much money into this deal. Yeah, particularly if some
Speaker 1: of it is debt funded. He's got to find a
Speaker 1: way of you know, servicing that debt. The thing that's
Speaker 1: quite interesting is is Twitter's UM sales per employee are
Speaker 1: in the order of six hundred and seventy tho dollars.
Speaker 1: Facebook sales for employee like one point six million dollars.
Speaker 1: So there's there's quite a big discrepancy there. Now, you know,
Speaker 1: does cutting headcounts solve the problem is almost certainly not.
Speaker 1: It's also there is a private X approach which is
Speaker 1: sort of slashed then build. You go in, you stash
Speaker 1: all the things you think are done, and then you
Speaker 1: work out the things you need. Now we don't know
Speaker 1: that that is his approach, but um, there is scope
Speaker 1: certainly to make Twitter Lena how Len You know, we
Speaker 1: don't have the same access to the books that he
Speaker 1: that he might do. Um, but he certainly thinks that
Speaker 1: a lot Lee knows the answer or still do anyway,
Speaker 1: based on this taste reporting, we should say right. And
Speaker 1: we have also talked before about the types of changes
Speaker 1: Elon Musk could make, or if he does get this
Speaker 1: deal done the X app that sort of thing, what
Speaker 1: kind of changes to Twitter could we envision If it
Speaker 1: does turn out to be a much leaner operation, well,
Speaker 1: if it's Lena, then it probably doesn't have the same
Speaker 1: ADS stack right over. The head count of these places
Speaker 1: is all about building the ADS product. If he comes,
Speaker 1: if he builds something which is frankly a different business
Speaker 1: subscribers or or per subscriptions or something like that, perhaps
Speaker 1: that is an opportunity to make it quite a bit leaner. Now,
Speaker 1: if he's building it into the everything app, this X
Speaker 1: app that he that he has mooted in passing, well,
Speaker 1: that actually requires adding more services. So it's hard to
Speaker 1: see how you do that with fewer employees that you
Speaker 1: need to build things like a payments there, you need
Speaker 1: to build a platform frankly that it's easy for people
Speaker 1: to plug into that requires investment. So it's hard to
Speaker 1: see how just slashing head count in perpetuity um creates
Speaker 1: that particular roadmap, which is why there's some suspicions that
Speaker 1: it would be slash first, build later, if indeed that
Speaker 1: is his real plan and if indeed the deal goes through,
Speaker 1: we've got this reporting now that the Biden administration could
Speaker 1: be putting Elon musk steals under greater scrutiny, including Twitter.
Speaker 1: I mean, he's already under a lot of sec scrutiny
Speaker 1: in our last thirty seconds here, what's the possibility that
Speaker 1: regulatory pressures keep this deal from getting done? It would
Speaker 1: be a deep irony that it was regulatory pressures that
Speaker 1: we're going to force the deal to go through. And
Speaker 1: now if you know this has legs, regularly pressures that
Speaker 1: might put an into it. The stocks trading eight sent
Speaker 1: down in the pre market. Clearly the market thinks that
Speaker 1: this maybe does have some legs, should clarify his adventures,
Speaker 1: not just his deals, because he has Starlink, which is
Speaker 1: operations in Ukraine. So yeah, there's a deep irony at
Speaker 1: the heart of this. There's clearly some still some way
Speaker 1: to go before they would block it. As always, Alex,
Speaker 1: great to have you on with us, Alex web correspondent
Speaker 1: for Bloomberg Quick Take and taking a look at Twitter
Speaker 1: shares in the pre market, they are moving lower, down
Speaker 1: seven point seven percent, putting even more of a premium
Speaker 1: on Elon Musk's billion dollar buyout offering put it out
Speaker 1: there at twenty a share. Right now in the pre market,
Speaker 1: it's at forty thirty nine. SMP futures are lower by
Speaker 1: twenty two points. Stown futures down a hundred thirty three,
Speaker 1: NASTAC futures are down one d five points. Send your
Speaker 1: Treasury is now down to eleven thirty seconds for yield
Speaker 1: of four point to seven percent, highest level in fifth
Speaker 1: teen years. You're listening to Bloomberg day Break Bloomberg eleven
Speaker 1: three oh weather sunshine Today, highs in the low sixties,
Speaker 1: will be mostly sunny much of the day. Tomorrow mid sixties,
Speaker 1: it'll be cloudy Sunday, rainy by the afternoon, with hys
Speaker 1: back in the low sixties, currently forty seven degrees in
Speaker 1: Central Park. Broadcasting live from the Bloomberg Interactive Broker's studio
Speaker 1: in New York, Bloomberg E living free on to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg nine six to the Country, Sirius
Speaker 1: XM to had A one nineteen and around the globe
Speaker 1: the Bloomberg Business app in Bloomberg Radio Dot Com. This
Speaker 1: is Bloomberg Daybreak. It's six thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just
Speaker 1: about three hours away from the open of US training.
Speaker 1: Time for the five things that you need to notice
Speaker 1: start your day to you buy Interactive Brokers. Interactive Broker's
Speaker 1: clients are an interest of up to two point five
Speaker 1: eight percent on the idle cash and their brokerage accounts.
Speaker 1: Visit i v k R dot com slash interest rates
Speaker 1: to learn more. First, UK government leaders are weighing next
Speaker 1: steps after the resignation of Prime Minister Liz Truss. All
Speaker 1: let's have Rishi Sunac Penny More not in Boris Johnson
Speaker 1: as the most likely candidates to replace trust and we
Speaker 1: get a reaction from former Chancellor Philip Hammon this morning.
Speaker 1: I'm not gonna say until I know who the line
Speaker 1: up of candidates is, who I think would be the
Speaker 1: person who will most effectively deliver stability. But I don't
Speaker 1: think going back into the past and reincarnating a previous
Speaker 1: prime minister is going to be any way to reassure markets.
Speaker 1: Former Chancellor Philip Hammon tells us the new UK government
Speaker 1: must avoid signaling more chaos to the market. Staying overseas
Speaker 1: care intensions between Beijing and Washington remain in focus. The
Speaker 1: White House is weighing a further technology ban on China
Speaker 1: to include quantum computing and artificial intelligence. But we look
Speaker 1: at markets now, Nathan. You futures in the red after
Speaker 1: hawkish fed steak and sticky inflation led to a two
Speaker 1: day slump. Treasury yields are climbing the most major currencies
Speaker 1: weakened against the dollar. Poor earnings are hitting shares of Snap.
Speaker 1: This morning, Karen Snap reported its slowest quarterly sales growth ever,
Speaker 1: and right now the shares are down twenty and sticking
Speaker 1: with corporate news, Nathan, Advisers on both sides are looking
Speaker 1: to close Elon Musk's deal to buy Twitter by the
Speaker 1: end of the month. At the same time, Twitter is
Speaker 1: telling staff there will not be widespread layoffs. That's after
Speaker 1: reports at Musk wants to slash s Twitter's workforce. Kurt
Speaker 1: Wagner covers the company for Bloomberg News. I would be
Speaker 1: a little bit surprised if he comes in lays off
Speaker 1: staff and that's it. It would probably be let's do layoffs.
Speaker 1: Let's figure out where we want to go and then
Speaker 1: redirected that way, and Bloomberg said. Kurt Wagner says he
Speaker 1: still expects Musk to make big cost cuts, and as
Speaker 1: all of this is happening, sources tell us White House
Speaker 1: officials are discussing whether the US TO subjects some of
Speaker 1: Musk's adventures to national security reviews, including the Twitter deal
Speaker 1: and his SpaceX sterling satellite network. That's like at Twitter
Speaker 1: shares this morning, they're down almost eight percent in early trading.
Speaker 1: That's the five things that you need to know to
Speaker 1: start your day, brought to you by Interactive Brokers. Futures
Speaker 1: this morning are lower. SMP future is down about twenty
Speaker 1: two points down, futures down a hundred twenty five and
Speaker 1: ASDAG futures down one to ten year Treasury down twelve
Speaker 1: thirty seconds. You had four point to eight percent and
Speaker 1: they yield on the two year at four point six
Speaker 1: zero percent. And straight ahead we have your latest local
Speaker 1: headlines plus the check of sports, and this is Bloomberg.
Speaker 1: I thank you Caring. It is six thirty three on
Speaker 1: Wall Street, wet, seven degrees in Central Park, very heavy
Speaker 1: traffic in Fairfield southbound Merritt Parkway has an accident at
Speaker 1: exit forty two. More coming up in traffic. First Michael
Speaker 1: bar with more on what's going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: Officials in Princeton, New Jersey announced they found the body
Speaker 1: of a Princeton University student who had been missing since
Speaker 1: last Friday. The body of miss rock You and Nitty
Speaker 1: was discovered yesterday behind university tennis courts. At this point,
Speaker 1: there are no reports of foul playing. The Pentagon pushed
Speaker 1: back on Russia's denials that it is using Iranian made
Speaker 1: drones to attack civilian targets in Ukraine. The European Union
Speaker 1: has an ounce snsions on an Iranian aerospace company and
Speaker 1: three Iranian generals over Iran providing Russia with drones to
Speaker 1: use in Ukraine. Pentagon spokesman Brigadier General pat Riders said
Speaker 1: Iranian forces are supporting Russian military drone operations in occupied
Speaker 1: areas of Ukraine. We continue to see Iran be complicit
Speaker 1: in terms of exporting terror not only in the Middle
Speaker 1: East region, but now also to Ukraine. General writer says,
Speaker 1: though Ukrainian forces have been effective in shooting the drones down.
Speaker 1: The two New York gubernatorial candidates attended the Al Smith
Speaker 1: Dinner last night in New York City. Governor Cavy Hohoco
Speaker 1: faces Republican Representative Les Eldon Pole show Zelden, who has
Speaker 1: made crime a major issue in the campaign, closing a
Speaker 1: big gap against Tocal. President Joe Biden was in Pittsburgh
Speaker 1: at the side of a bridge that collapsed back in January.
Speaker 1: Now the side of an Infrastructure Package funded reconstruction project.
Speaker 1: The presidentality rebuilding the progress on the Fern Hollow Bridge,
Speaker 1: saying it's only the beginning. We're finally getting to it,
Speaker 1: We're getting it done. We're finally decided. And instead of
Speaker 1: being ranked number thirteen in the world, thirteen in the
Speaker 1: world in from the United States, thirteen in the world
Speaker 1: in infrastructure, we should be ranked number one. The president
Speaker 1: campaign for Democratic Senate candidate John Fetterman, who was in
Speaker 1: a tight race with Republican doctor Memitaz. A New York
Speaker 1: jury sided with actor Kevin Spacey that he did not
Speaker 1: sexually abuse Anthony Rapp then fourteen and nineteen eighty six.
Speaker 1: Trump ally Steve mannon face is sentencing today. If we're
Speaker 1: contempt of Congress were refusing to comply with the subpoena
Speaker 1: issue by the House elect Committee investigating the January sixth
Speaker 1: attack on the US Capitol. The Justice Department is recommending
Speaker 1: six months behind bars and a two hundred thousand dollar fine.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analyists more than a hundred twenty countries. I'm
Speaker 1: Michael Barr. This is Bloomberg, Nathan. Thanks Michael, almost six
Speaker 1: thirty six on Wall Street, john Sesshires and Bloomberg Sports Up.
Speaker 1: They brought to you by Try stay out all right, Nathan,
Speaker 1: Yankees obviously in a hole. So win the Alcs. They
Speaker 1: have to win four out of five from an Astros
Speaker 1: team that has not lost any of their five postseason games.
Speaker 1: After Houston won the opener four to two, three to
Speaker 1: two win in Game two, Alex Bregman three run homer
Speaker 1: off Luis Severino, third and in. Yanks got two of
Speaker 1: the fourth off Framburt Valdez his two errors on the
Speaker 1: same play to help the Yanks out. There was a
Speaker 1: fleeting moment eight didn't The Yanks had taken the lead
Speaker 1: a man on for Aaron Judge and a swing that
Speaker 1: looked like the sixty four home runs Judge has hit
Speaker 1: this season, but it was caught at the wall in
Speaker 1: right field. Judge thought the wind kept it in the park.
Speaker 1: They usually have the roof closed and used him to
Speaker 1: be headed open. Last night the Yanks in two games,
Speaker 1: I've struck out thirty times, Judge hopeful to hitting can
Speaker 1: come to light. And we got a great offense. I
Speaker 1: think we just gotta go back to you know what
Speaker 1: us Gott got us in this position, what elped us
Speaker 1: one in division, and you know we'll be where we
Speaker 1: want to be. You know, that's contact and that's moving
Speaker 1: guys over. If it's um with that big hit, you know,
Speaker 1: but we'll figure it out. And they were into beating.
Speaker 1: Tomorrow's game three, the stadium starts at five o'clock. Eric
Speaker 1: Cole will pitch. The Garden Rangers lost in overtime to
Speaker 1: San Jose three to two. Trucks came in open five.
Speaker 1: Devil's beat the Islanders Porter one. The Knicks home opener
Speaker 1: tonight against Detroit. The Nets are home for Toronto NFL.
Speaker 1: Arizona two pick sixes and outscored New Orleans forty two
Speaker 1: to thirty four. Big trade Carolina is one in five,
Speaker 1: just fired the coach, and late last night the Panthers
Speaker 1: since star running back Christian McCaffrey to San Francisco. He
Speaker 1: was a star at Stanford and the forty Niners coach
Speaker 1: is Kyle Shannon, and McCaffrey's father played for Shanahan's father
Speaker 1: for nine years in Denver. The Panthers get four draft
Speaker 1: picks back, but no per Founder John Stairs with Bloomberg Sports,
Speaker 1: Thanks John on Wall Street. Time to take a look
Speaker 1: at stock some of the names moving in the pre
Speaker 1: market once again, a very busy morning for Bloomberg Radio
Speaker 1: and TV markets corresponded Pretty Gupta with the social media
Speaker 1: stocks the ones to watch this morning, and not for
Speaker 1: the reasons investors would like. That's for sure, absolutely some
Speaker 1: pain that you are seeing in our in our favorite
Speaker 1: U M N A saga, which of course is Twitter
Speaker 1: and Tesla or your Twitter and Elon must get to
Speaker 1: say Tesla. Also moving on the back of this, several
Speaker 1: developments to take into Accounty or Nathan. I want to
Speaker 1: start off with a Washington Post story that said that
Speaker 1: Elon Musk one he if he should complete the deal
Speaker 1: and looks like that is what is going to happen.
Speaker 1: He is looking to cut seventy five of their staff.
Speaker 1: So you did see some pain in the stock after
Speaker 1: hours from that. But now the newest development here is
Speaker 1: that perhaps of the United States is wayne security reviews
Speaker 1: for some of elon musk steals. That does include a
Speaker 1: space X venture, It also includes this takeover of Twitter shares.
Speaker 1: What that does for Twitter is t w t R
Speaker 1: here taker down about eight and a half percent, taking
Speaker 1: it further and further away from that deal agreed amount
Speaker 1: of fifty four dollars and twenty cents. It is now
Speaker 1: trading at about forty eight dollars per share. So some
Speaker 1: pain there, and like I said, as promised Nathan, on
Speaker 1: the back of that, you still have to have a
Speaker 1: Tesla move as well. Remember Twitter and Tesla traditionally move
Speaker 1: in opposite direction simply because the idea of Ellen must
Speaker 1: split attention what we might that do to one or
Speaker 1: both of those businesses. But this morning Tesla shares under
Speaker 1: pressure as well once again on those security reviews risk
Speaker 1: for Elon must steals. T s l A down about
Speaker 1: one point one percent as an eight percent dropped for
Speaker 1: Twitter shares weren't enough creating. The shares of snap this
Speaker 1: morning are just getting crushed off the back of earnings.
Speaker 1: Absolutely one one upping the Twitter kind of sids. Yeah, absolutely,
Speaker 1: Snapchat shares s an a p down a whopping twenty
Speaker 1: six percent. They did report earnings last night. They're plunging
Speaker 1: on the slowest sales growth ever, the decline in advertising
Speaker 1: continuing to drag on those results. I remember a lot
Speaker 1: of this is going to be from those macro economic concerns.
Speaker 1: I love to look at these advertisers because think about it.
Speaker 1: If you are a major corporation and you are not
Speaker 1: feeling so great about the economy, do you really want
Speaker 1: to put your money into advertising dollars when you know
Speaker 1: a consumer may or may not be willing to buy
Speaker 1: your products in a couple of months time. That those
Speaker 1: are the kind of questions that a lot of people
Speaker 1: are asking when it comes to the advertisers, and what
Speaker 1: it does is create a massive kind of cut on
Speaker 1: their bottom line. Snapchat also speaking of cut, trying to
Speaker 1: decline their workforce on revenue generating projects, so you can
Speaker 1: really see we are in a kind of cost cutting
Speaker 1: mode when it comes to the likes of Snapchat. All right,
Speaker 1: Bloomberg Radio on TV. Markets correspondent Crety Gupta is gonna
Speaker 1: be uh pretty busy as well. Next week, I'm sure
Speaker 1: is even more of the tech names report earnings next week.
Speaker 1: Will be checking back as we do every morning. At
Speaker 1: this time, looking ahead to the market, Open futures are lower.
Speaker 1: SMP futures are down twenty one point, Style futures down
Speaker 1: a D twenty one, Nasdaq futures down one hundred points ten.
Speaker 1: Your treasuries down ten thirty seconds, the yield four point
Speaker 1: to seven percent. You're listening to Bloomberg to daybreak. Bloomberg
Speaker 1: Sports is brought to you by Audie. Don't let someone
Speaker 1: else drive off in the Audi model you've always wanted.
Speaker 1: Visit your local Tri state autie dealer to get behind
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Speaker 1: com for more information, markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg
Speaker 1: Business at and at Bloomberg Quicktape is a Bloomberg Business
Speaker 1: lash and I'm Karen Moscow. Any West Dock Index futures
Speaker 1: are in the red today, Let's go to the first
Speaker 1: Word Breaking News desk for today's morning call, and here's
Speaker 1: Bill Maloney. Bill, good morning, Hey, good morning. Can. That's right.
Speaker 1: US futures are under pressure right now, deaf. You just
Speaker 1: down a hundred and thirty four points. SUV dropped twenty
Speaker 1: three one. That's that futures are off by one oh eight.
Speaker 1: The US ten year old at four point to eight percent,
Speaker 1: Gold is down three. Oil is also trading down, and
Speaker 1: Bitcoin is a lower by point three percent. Hong Kong
Speaker 1: fell point four percent overnight, while up markets are also
Speaker 1: in the red this morning. And back in the US
Speaker 1: on the economic front at one o'clock, the baker he
Speaker 1: used US rig count after develops night, Whirlpool cut its
Speaker 1: earnings outlook on inflation and falling demand, and Snap report
Speaker 1: it's slowest ever sales growth. Shares it down twenty six
Speaker 1: percent in the pre market Regarding some of the earnings
Speaker 1: this morning, look for American Express and Verizon to report.
Speaker 1: In other news, the US is wang security views on
Speaker 1: musk deals including Twitter. Those shares a down eight percent
Speaker 1: pre market. Wrapping things up, Juniper was raised a strong
Speaker 1: by over at Raymond James Live from the first Breaking
Speaker 1: news discom Bill Maloney Kirn A right, Bill, thanks and
Speaker 1: here live breaking news of your Bloomberg type squawk on
Speaker 1: your termin I'll escue you a w K and s
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moore.
Speaker 1: I'm less going on around the world, Michael Karen, thank
Speaker 1: you very much. Ukrainian President Zolenski warrn today Russia may
Speaker 1: be planning to frame Ukraine for an attack on the
Speaker 1: Russian controlled city of Curson in the coming days. As
Speaker 1: Ukrainian residents trying to recover from this week shellings continue,
Speaker 1: President Zelinski is warning of a quote large scale disaster.
Speaker 1: He says the Russians have now packed a major damn
Speaker 1: with explosives. Scotland's first minister called for an early general
Speaker 1: election after UK Prime Minister lews Trust resigned following weeks
Speaker 1: of political and economic turmoil. In baseball, the Yankees are
Speaker 1: down two games to ZIP against the Astros in the
Speaker 1: a l CS. New York lost last night Houston three two.
Speaker 1: In the NHL, the Devil's beat the Islanders for one.
Speaker 1: The Rangers and Capitals lost the Bruins one. In the NFL,
Speaker 1: the Cardinals beat the Saints Thursday Night Football and a
Speaker 1: big trade. The Panthers traded running back Christian McCaffrey to
Speaker 1: the forty nine in exchange for draft picks. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take powered by More Event twenty seven under journalist
Speaker 1: and analyst more than twenty countries. How Michael bar this
Speaker 1: is Bloomberg. Karen right, Michael, Thank you. Sixty nine on
Speaker 1: Wall Street, we turned to news and science and technology
Speaker 1: now with the Bloomberg n j i T STEM Report,
Speaker 1: and it's brought to you by New Jersey Institute of Technology.
Speaker 1: N j i T makes transferring easy. Leverage your associate's
Speaker 1: degree into a STEM focused bachelor's Learn more at n
Speaker 1: j i T dot edu slash transfer and here's just
Speaker 1: making news in science, Technology, engineering, and math. Japanese aerospace
Speaker 1: company I Space is targeting early to mid November for
Speaker 1: its first robotic lunar mission, which will send a lander
Speaker 1: and two small rovers to the surface of the Moon.
Speaker 1: If successful, my space will become the first private company
Speaker 1: to land a spacecraft intact on the lunar surface. The
Speaker 1: world's population of wild mammals, birds, amphibians, reptiles, and fish
Speaker 1: have declined by more than two thirds on average since
Speaker 1: nineteen seventy. That's according to a finding and a report
Speaker 1: from the World Wildlife Fund. The report says that declining
Speaker 1: abundance sends a grimst signal about a decline in overall
Speaker 1: ecosystem health and tells us that nature is unraveling and
Speaker 1: climate change is pitting wild mountain goats against big horn
Speaker 1: sheep and the Rocky mountains. They're battling over dwindling resources
Speaker 1: in the region. Scientists say the Earth's highest mountains are
Speaker 1: warming two to five times faster than the rest of
Speaker 1: the world, leading to receding glaciers and soil erosion and
Speaker 1: more interactions between the two and as the Bloomberg j
Speaker 1: I T STEM Report. Nathan Okay, Karen, thank you. We
Speaker 1: are live from the Bloomberg Interactive Broker Studios where it's
Speaker 1: just about six fifty one on Wall Street Time Now
Speaker 1: to check what's going on in d C. Some of
Speaker 1: the top stories in our nation's capital include the U
Speaker 1: S eyeing an expanded tech ban on China, including Quantum
Speaker 1: and AI, the Biden administration winging security reviews for Elon
Speaker 1: Musk's deals including Twitter, and President Biden amping up the
Speaker 1: volume on student debt relief after an early silence on
Speaker 1: the issue, Let's bring in Joe Matthew, our Washington correspondent,
Speaker 1: host of sound On on Bloomberg Radio. Joe as if
Speaker 1: tensions between the US and China couldn't get even more fraught.
Speaker 1: Now this great reporting from our tech team that the
Speaker 1: ban on tech exports to China could get into some
Speaker 1: powerful new technologies. Well, that's right. This is a Bloomberg
Speaker 1: scoop and it's one that's awfully important, certainly for this conversation,
Speaker 1: as as the garden walls seem to keep going higher here, Nathan,
Speaker 1: the idea that you know, China, as a rival economically
Speaker 1: and possibly militarily, UH, shouldn't have these kind of technologies.
Speaker 1: And we're talking about not just the semiconductors. That was
Speaker 1: last time we spoke, right, we put some pretty serious
Speaker 1: curbs on a semiconductors used for AI and so called
Speaker 1: super computing, and that made a mess of a lot
Speaker 1: of computer chip stocks, like in Video that specialized in
Speaker 1: that stuff. This is a whole other level here. We're
Speaker 1: talking about again artificial intelligence, but also the very experimental
Speaker 1: field of quantum computing. That they don't want China to
Speaker 1: have access to here because it's potentially so powerful and
Speaker 1: so game changing. This is the type of thing that
Speaker 1: we want to keep right here in the USA. Well,
Speaker 1: if this goes through, if we see this export ban
Speaker 1: expand even further in this way, what could it mean
Speaker 1: for the dynamics in the US China power competition? Uh?
Speaker 1: Could we see a scenario where different allies are trying
Speaker 1: to pick sides here in terms of where to get
Speaker 1: that leading edge technology. Absolutely, we have an economic cold war.
Speaker 1: I think it's pretty hard to UH to to not
Speaker 1: accept that at this point here. UH In moves like
Speaker 1: these are going to be very important years down the
Speaker 1: road when this becomes much more common UH technology. Look,
Speaker 1: we're in a world here now where China is really
Speaker 1: changing its posture on taiw On, for instance, and its
Speaker 1: role in the global stage. As president she tries to
Speaker 1: secure this third term. There's been a major UH congress
Speaker 1: and conference that's been going on that took place over
Speaker 1: the last week in Beijing, and it's something that has
Speaker 1: US officials concerned here as we not only have a
Speaker 1: hot war underway in Europe, but a cold one between
Speaker 1: our country and China and a lot of confusion in
Speaker 1: the Taiwan straight. This is a story that really could
Speaker 1: continue to evolve as the United States looks for other
Speaker 1: ways to try to clamp down on China's access to technology.
Speaker 1: As we are in a race here, a technological race
Speaker 1: to dominate the world. Frankly, yeah, and it's not just
Speaker 1: a geopolitical scale, but we're seeing new tech scrutiny domestically
Speaker 1: as well, with this report that President Biden might be
Speaker 1: looking at giving more scrutiny to Elon Musk's deals, including
Speaker 1: the Twitter buyout. I was just talking with Alex web
Speaker 1: on Bloomberg Quick Take, and he was saying, what an
Speaker 1: irony it would be if regulatory scrutiny is what keeps
Speaker 1: Elon Musk from buying Twitter. Yeah, you know, even when
Speaker 1: you're the richest person in the world, you still apparently
Speaker 1: cannot always buy anything you want. And you have to remember,
Speaker 1: Elon Musk is just more than the guy who runs
Speaker 1: Tesla and has uh fun, you know, smirking on Twitter here.
Speaker 1: He is one of the most important and frankly, one
Speaker 1: of the richest government contractors in America here. And we're
Speaker 1: not just talking about government contracting its military contracting. His
Speaker 1: company space x is charged with bringing literally top secret
Speaker 1: hardware on behalf of the Pentagon into orbit. He's launching
Speaker 1: secret Air Force satellites into orbit. This is a very
Speaker 1: sensitive job. That's why they started taking a second look
Speaker 1: at Elon Musk when he decided to, you know, to
Speaker 1: share a joint on Joe Rogan's podcast. They said, We'll
Speaker 1: wait a minute, what does that mean about his security clearance?
Speaker 1: And that might sound like refor madness, but when you
Speaker 1: start seeing Elon Musk tweeting, uh, you know, withdrawal plans
Speaker 1: from Ukraine, trying to put out peace plans for that
Speaker 1: that that are friendly to Vladimir Poot And he also
Speaker 1: tweeted this image of himself with Kanye West and Donald
Speaker 1: Trump as sort of the three horsemen of social media
Speaker 1: over the weekend, and the government says, wait a minute,
Speaker 1: maybe we take a second look at this, And that
Speaker 1: apparently is what they're doing in our last minute or
Speaker 1: so here. Joe. President Biden has been on the campaign trail.
Speaker 1: Of course, he was in Pennsylvania yesterday. Now he's going
Speaker 1: back to his home state of Delaware to talk about
Speaker 1: something that he really hasn't talked about much, even though
Speaker 1: you might have thought that it was, you know, a
Speaker 1: political feather in his cap, this loan debt. Great. Yeah,
Speaker 1: it's really interesting because this was this was a bit
Speaker 1: of a political risk. Obviously, it's something that makes his
Speaker 1: base very happy. It's something that he promised on the
Speaker 1: campaign trail, but it's also very controversial and it's been
Speaker 1: deemed as totally unfair by his Republican opposition. Here I
Speaker 1: will mention, just for the sake of fairness, the President
Speaker 1: did uh talk about it briefly at a speech this week.
Speaker 1: He got a big round of applause for it. He
Speaker 1: likes to kind of hang that out there as a
Speaker 1: piece of candy. But we haven't seen this coordinated push,
Speaker 1: this media push or campaign push to get this out
Speaker 1: in front of people, largely Nathan, because they're not exactly
Speaker 1: sure how it's gonna work, and there were fears about
Speaker 1: that portal being like the Obamacare port remember didn't work
Speaker 1: when they put it up there. Millions of people are
Speaker 1: gonna be requesting this stuff and they have to get
Speaker 1: it right. But he will talk about it today in Dover,
Speaker 1: and I guess there's some question about whether there's gonna
Speaker 1: be much impact of this message coming out there with
Speaker 1: less than three weeks before an election and early voting
Speaker 1: already underway. Potentially with some of those college students, he's
Speaker 1: gonna be talking to you. Well. You know, this is
Speaker 1: why he was being accused of buying votes with this
Speaker 1: particular plan. He's being accused of the same thing with,
Speaker 1: you know, releasing more oil from the spr with three
Speaker 1: weeks to go. But look, people who were promised this
Speaker 1: are aware of it, and if he didn't do it,
Speaker 1: it could potentially I think the analysis is have more
Speaker 1: damage on his standing for not making good on promises.
Speaker 1: Same reason he went after the marijuana issue that didn't
Speaker 1: quite get over the line that a lot of progressives
Speaker 1: were looking for. But he's checking boxes. I promised this
Speaker 1: on the campaign trail, and I'm making good on it
Speaker 1: before November. Joe Matt you, host of sound on our
Speaker 1: Washington Correspondent, as always great to talk with you early
Speaker 1: in the morning before you come back five pm Wall
Speaker 1: Street time for Bloomberg Sound On. Catch it across Bloomberg
Speaker 1: Radio and get more on all these stories at Bloomberg
Speaker 1: dot com or on the Bloomberg terminal. If you're in Washington,
Speaker 1: you can listen to us on Bloomberg one oh five
Speaker 1: point seven FM, HD two SMP futures right now are
Speaker 1: down fifteen point. Staff futures down seventy one. NASTAC futures
Speaker 1: down eighties six points. Check Twitter once again, just for fun,
Speaker 1: down seven point nine percent. Not fun for the investors
Speaker 1: in the social media company this morning. Ten year treasuries
Speaker 1: down ten thirty seconds, yield four point to seven percent.
Speaker 1: Bloomberg surveillance is next. For Karen Moscow, I'm Nathan Hagar.
Speaker 1: Have a great Friday. This is Bloomberg.