Speaker 1: By from the Bloomberg Interacted Burger Studios. This is Bloomberg
Speaker 1: day Break for Monday, October seventeen two. Coming up this hour,
Speaker 1: the new UK Chancellor starts laying out plans to unwind
Speaker 1: tax cuts. I defied cheese and pink because the world.
Speaker 1: China is ready to stand its ground. Earnings continue with
Speaker 1: Bank of America reporting this morning, and Gold shakes up
Speaker 1: its leadership ranks. More potential legal trouble for former President Trump.
Speaker 1: Lous Ukraine's capital was under missile attack from Russia to day.
Speaker 1: Michael Barroom more ahead, I'm John Stairs, showering sports. The
Speaker 1: Yankees stayed alive with the wooden cleavel. The decisive Game
Speaker 1: five is today. The winds continue for the Jets and Giants.
Speaker 1: That's all Trading ahead on Bloomberg day Break on Bloomberg eleven,
Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco
Speaker 1: Syrius x M one nineteen and around the world. Old
Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business app.
Speaker 1: And good morning. I'm Karen Moscow. I'm Nathan Hagar. Bloomberg
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Speaker 1: Futures on the rise this morning five oh one on
Speaker 1: Wall Street, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg. SNP futures up thirty
Speaker 1: two points, DAL futures have two hundred nineteen and ASDAG
Speaker 1: futures up one hundred seventeen. Nathan Karen, We begin this
Speaker 1: morning in Europe, where the pound and UK bonds are rallying.
Speaker 1: That's due to expectations that more of Prime Minister Liz
Speaker 1: Trust's package of unfunded tax cuts maybe reversed. Newly appointed
Speaker 1: Chancellor Jeremy Hunt will make a statement about an hour
Speaker 1: from now. We get more from Bloomberg's Lizzie Burden in London.
Speaker 1: It does seem like Jeremy Hunt is peace by peach
Speaker 1: turning crust and on the in Nacconomic he's excited to
Speaker 1: bring forward more figal uturned in order to calm the market.
Speaker 1: This is really to astonomic things sold the parts and
Speaker 1: exchange the market stability. Bloomberg's Lizzie Burden reports after Haunt's
Speaker 1: address this morning, he will then make remarks to the
Speaker 1: House of Commons. Well in Asia, it's all about China
Speaker 1: this morning, Nathan. President Jijin Ping said he's staying the
Speaker 1: course as the country faces what he calls dangerous storms
Speaker 1: and growing challenges from the US, and in almost two
Speaker 1: hours speech to open the Communist Party Congress, she said
Speaker 1: China will pursue development while ensuring national security. We have
Speaker 1: worked with firm resolve to say for national security, fended
Speaker 1: off and diffused the major risks and enshort social stability.
Speaker 1: We have to vote a great energy to modernizing our
Speaker 1: national defense. President jijin Ping, speaking through an interpreter, also
Speaker 1: pledged Beijing will prevail in its tech battle with the
Speaker 1: US over computer chips. Well back here in US, Karen,
Speaker 1: futures are rising to start the week. It follows another
Speaker 1: sell off on Friday, when the SNP five hundred dropped
Speaker 1: two point four percent. Emily Rowland is co chief investment
Speaker 1: strategist at John Hancock Investment Management. It's tough to say,
Speaker 1: we're in a recession now with unemployment, you know, near
Speaker 1: a fifty year low, but we're probably going there. And frankly,
Speaker 1: some parts of the market are pricing that in you know,
Speaker 1: work down over inequity markets. That's more than two thirds
Speaker 1: of the way there as far as your average bear market,
Speaker 1: but bonds just aren't pricing it in John Hancock's. Emily
Speaker 1: Rowland says inflation has been enemy number one for the
Speaker 1: markets because see a rally and stocks Nathan A's. According
Speaker 1: to Morgan Stanley longtime equity bear Mike Wilson, he says
Speaker 1: stocks are right for a short term rally and the
Speaker 1: absence of earnings capitulation or an official recession. Wilson says
Speaker 1: slump in the SNP five hundred this year has left
Speaker 1: at testing a serious floor of support at its two
Speaker 1: hundred week moving average. He's not ruling out the s
Speaker 1: and P five hundred rising about forty one hundred points.
Speaker 1: That would be about a sixt gain from current levels.
Speaker 1: Inflation and interest rates are still the main focus for
Speaker 1: US markets. Karen St. Louis, FED President Jim Bullard is
Speaker 1: leaving open the possibility that the Central Bank would raise
Speaker 1: interest rates by seventy five basis points at each of
Speaker 1: its next two meetings. At the same time, he says
Speaker 1: it's premature to make that call whether the committee would
Speaker 1: want to full some proposed or thought of policy rate
Speaker 1: increases from three into the December meeting. I think that's
Speaker 1: our judgment. It's it's premature to make St. Louis FED
Speaker 1: President Jim Bullard made the comments at I m F
Speaker 1: and World Bank meetings over the weekend. More earnings are
Speaker 1: also front end center this morning, Nathan. We get results
Speaker 1: from Bank of America shortly, and here are the preview
Speaker 1: as Bloomberg Jeff Bellinger, and let's say it is unlikely
Speaker 1: be of a sidestep the industry wide drop in investment
Speaker 1: banking revenue, but there is uncertainty over just how much
Speaker 1: the company's profit margins on loans were boosted by the
Speaker 1: fed's aggressive series of infest rate hyps. Bloomberg Intelligences, Bank
Speaker 1: of America likely benefited from CEO Brian moynihan strategy of
Speaker 1: pursuing responsible organic gains. Lost provisions are seen as the
Speaker 1: biggest factor for next year. Jeff Bellinger, Bloomberg Day Break.
Speaker 1: All right, Jeff, thank you and We'll talk earnings to
Speaker 1: the Bank of America's CEO Brian moynihan later this afternoon.
Speaker 1: Catch that interview at two thirty pm Wall Street Time
Speaker 1: on Bloomberg Radio and Television. I meantime, Karen, looks like
Speaker 1: a shake ups coming at Goldman, Sachs. We're getting word
Speaker 1: of a third major reorganization in just four years under
Speaker 1: CEO David Solomon. Bloomberg's Lisa Matteo reports. Sources say the
Speaker 1: Wall Street giant plans to once again combine its expanded
Speaker 1: asset management and private wealth business into one unit. Goldman
Speaker 1: will also fuse its investment banking and trading operations under
Speaker 1: one group, and the money losing consumer unit will be
Speaker 1: broken up. The moves mark a reversal for Salmon, who
Speaker 1: had forged ahead with plans to separate the asset management
Speaker 1: and wealth business two years ago despite skepticism within the bank.
Speaker 1: He was also reluctant to combine investment banking and trading
Speaker 1: into one group, as the firm looked to talk up
Speaker 1: other fee based businesses to win over shareholders. Most visibly,
Speaker 1: he's disbanding the direct to consumer efforts, cutting short the
Speaker 1: retail banking dreams that he had spelled out in his
Speaker 1: early days as CEO. Lisa Mateo Bloomberg Daybreak. At least
Speaker 1: at thanks that it's not just banks that are looking
Speaker 1: at restructuring this morning, we could see a re shuffle
Speaker 1: and geopolitics as well. There's where the wine House is
Speaker 1: giving a security relationship with Saudi Arabia a second look.
Speaker 1: Let we get the story from Bloomberg's and Baxter. The
Speaker 1: two have been bumping heads over a number of issues
Speaker 1: over the past few years. The latest that increase in
Speaker 1: oil production. So not White House National Security Advisor Jake
Speaker 1: Sullivan says things have to move, but with caution. This
Speaker 1: is a relationship that got built over decades on a
Speaker 1: bipartisan basis, and so the President isn't going to act precipitously.
Speaker 1: He's gonna act methodically, strategically and have time to meet
Speaker 1: with members of Congress in San Francisco. I'm at Baxter
Speaker 1: Bloomberg Daybreak. Thanks at S and P. Futures right now
Speaker 1: are up thirty three points. Staff futures up twenty seven
Speaker 1: Nastic futures are hired by a hundred twenty one points.
Speaker 1: Ten Your treasury is up fifteen thirty seconds yield on
Speaker 1: the benchmark three point nine, straight ahead, your latest local headlines,
Speaker 1: and a check of sports. This is Bloomberg and it's
Speaker 1: now five oh seven on Wall Street. Word fifty eight
Speaker 1: degrees in Central Park out of crash northbound Garden State Parkway,
Speaker 1: Exit one thirty nine. Details coming up in traffic. Michael
Speaker 1: Bars here first with more on what's going on in
Speaker 1: New York and around the world. Good morning Michael, Good
Speaker 1: morning Nathan. More potential legal trouble for former President Donald Trump.
Speaker 1: The SEC and federal prosecutors in New York I said
Speaker 1: to be investigating whistle blower claims by a co founder
Speaker 1: that Trump Media violated federal securities law. The Trump Media
Speaker 1: says that whistle blower's account is rife with knowingly false
Speaker 1: and defamatory statements and other goodn't con the cycle dramas. Meanwhile,
Speaker 1: the Trump organization is about stand trial for tax evasion.
Speaker 1: The Attorney General in New York has accused the company
Speaker 1: of fraud. Explosive latent suicide drones have struck Ukraine's capital
Speaker 1: as families were preparing to start their week, the blast
Speaker 1: echoing across keev and sending people scurrying to shelters. Kiev's
Speaker 1: mayor says the strikes are damaging several apartment blocks and
Speaker 1: set fire to a non residential building. Mire Itali Klitchko
Speaker 1: says though Ukrainians are not giving up, the people is
Speaker 1: very good motivated, and that's why I'm more than sure
Speaker 1: we win this war. Because it's our home, it's our families,
Speaker 1: it's our of fusion. We ready to die for them.
Speaker 1: Mere Klitchko told of Vladimir Putin, it's a crazy idea
Speaker 1: to rebuild the U s SR and see Ukraine as
Speaker 1: part of the big Russian Empire. It's an illusion. A
Speaker 1: suspect in a North California serial killing spree that claimed
Speaker 1: the lives of six men will be a rain tomorrow.
Speaker 1: Police say tips from residents in Stockton and Oakland, where
Speaker 1: the men were murdered, help them identify the suspect. Police
Speaker 1: arrested forty three year old Wesley Brownly in Stockton as
Speaker 1: he was reportedly driving around at night looking for another victim.
Speaker 1: Could we one day have a vaccine for cancer? Dr OSLM. Tressey,
Speaker 1: one half of the German team working on a cancer vaccine,
Speaker 1: says she is consciously optimistic as scientists. We are always
Speaker 1: hesitant to say we will have a cure for cancer.
Speaker 1: We have a number of breakfoods and we will continue
Speaker 1: to work on them. Still, she tells the BBC, progress
Speaker 1: is being made every day, every step every patient we
Speaker 1: treat in all cancer fire its helps us to find
Speaker 1: out law. Dr Tressey adds a cancer vaccine could be
Speaker 1: available by the end of the decade. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than seven journalist analysts in more than countries.
Speaker 1: Michael Barr, this is Bloomberg Nather. Thank you, Michael. Coming
Speaker 1: up to five ten on Wall Street. Time for the
Speaker 1: Bloomberg Sports Uptake and Morning John tesh Ower, Good morning
Speaker 1: eight and Yankees right back in Cleveland the night after
Speaker 1: blowing a two run ninth inning leave for the first
Speaker 1: time in their postseason history, and again they led by
Speaker 1: two bottom of the ninth no issues, this time of
Speaker 1: four to Game four victory of the Guardians that times
Speaker 1: the series of two sets the stage for a decisive
Speaker 1: Game five tonight at the Stadium. Yankee heroes, certainly. Garrett
Speaker 1: Cole pitched like an ace with seven strong innings and
Speaker 1: Harrison Bader continues to hit home runs like Aaron Judge
Speaker 1: his third and four games. Yankee fans wondered why Clay
Speaker 1: Holmes didn't pitch Saturday. He did pitch the eighth inning.
Speaker 1: Last night, Wandy per Alta pitched the ninth the winner.
Speaker 1: Tonight plays Houston, the Alcs third straight week where both
Speaker 1: the Jets and Giants won. The Jets with an upset win.
Speaker 1: They've yet to be favored in the game this season,
Speaker 1: but three big second half plays carried them at Green Bay.
Speaker 1: At Brexton BARRIOSRTT run, a block punt was returned for
Speaker 1: a score, and then the Jets put the game away.
Speaker 1: Zach Wilson takes the snap counter hand off up the
Speaker 1: thirty light touchdown, a little countering side hand off to
Speaker 1: Freee Hall. We'll find some Jet fans in the crowd
Speaker 1: and does the Jets lambo? Yes, and not only a
Speaker 1: Lambeaux eight, but Sauce Gardner was wearing a cheese head.
Speaker 1: After they beat the Packers twenty seven to ten, Jets
Speaker 1: for four and two Giants or five and one another
Speaker 1: big comeback it MetLife. They trailed Baltimore by ten just
Speaker 1: over six minutes left down the stracks, two touchdowns, two
Speaker 1: force turnovers, and the Giants beat the Ravens twenty four
Speaker 1: to twenty. NFC E Showdown last night Philadelphia went to
Speaker 1: six and oh beat Dallas twenty six to seventeen. John Stashward,
Speaker 1: Bloomberg Sports, NACOLN, Thank you, john S and p. Futures
Speaker 1: up thirty three points right now down futures have two
Speaker 1: under twenty six nest At futures are highed by a
Speaker 1: hundred twenty one points ten. Your treasuries up fifteen thirty seconds.
Speaker 1: You'll three point nine five percent. We get this trading.
Speaker 1: We started on a busy week for earnings. Next with
Speaker 1: Lori Calvacina at RBC Bloomberg day Break brought to you
Speaker 1: by the New York Community Trust. Your name will live
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Speaker 1: Markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg
Speaker 1: Quick Takes a Bloomberg Business Lash and I'm Cameron Moscow
Speaker 1: and us Dock indise futures are on the rise this morning.
Speaker 1: The pound meanwhile is rallying and UK bonds surging himid
Speaker 1: expectations that more of our Prime Minister list Trust's package
Speaker 1: of unfunded tax cuts will be reversed. And we checked
Speaker 1: the markets every fifteen minutes throughout the trading day. On
Speaker 1: Bloomberg Guess and P futures they're up thirty five points
Speaker 1: now futures up two forty two and nas deack futures
Speaker 1: up one hundred twenty nine. The decks in Germany is
Speaker 1: up a third of upper cent ten year treasury of
Speaker 1: fifteen thirty seconds. Heel three point nine five percent yield
Speaker 1: on the two year four point four four percent. Nine
Speaker 1: x heard oil is down two tents of a percent
Speaker 1: on eighteen cents at eighty five dollars, forty three cents
Speaker 1: of barrel comics gold up seven tenths per cent or
Speaker 1: eleven dollars ninety cents at sixteen sixty eighty announced. The
Speaker 1: Europe point nine seven five one against the dollar, British
Speaker 1: pound one point one to eight two and again one
Speaker 1: forty eight point six nine, and looking at bitcoin it
Speaker 1: is down a quarter percent and nineteen thousand two hundred
Speaker 1: eighty dollars. Today, we do get a report on Empire
Speaker 1: Manufacturing at eight thirty Wall Street Time and Bank of
Speaker 1: America and Charles schwab Her among company scheduled to report
Speaker 1: earnings today. That's a Bloomberg business flash. Now here's Michael
Speaker 1: Barr with more on what's going on around the world. Michael,
Speaker 1: good morning, Good morning, Karen. Ukraine's capital was under a
Speaker 1: missile attack from Russia with so called suicide drones this morning.
Speaker 1: Several loud explosions rocked Kiev Russians ranks over the past week.
Speaker 1: If hit infrastructure, including power facilities. The late polls shows
Speaker 1: control of the House is likely to flip to Republicans
Speaker 1: with election day less than a month away. The current
Speaker 1: CBS News You Go polling projection shows that Republicans would
Speaker 1: get two hundred twenty four to two hundred eleven in
Speaker 1: an advantage in the House over Democrats. In baseball, the
Speaker 1: deciding Game five is tonight between the Yankees and the
Speaker 1: Guardians and their a lds. Yesterday, New York survived beating
Speaker 1: Cleveland for two in Game four. In the NFL, the
Speaker 1: Giants beat Ravens, the Jets beat the packers, The Patriots
Speaker 1: won forty nine News lost, Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan.
Speaker 1: All right, Michael, thanks for coming up to five twenty
Speaker 1: on Wall Street Life from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. And Lori Calvasinis here of this
Speaker 1: now to get this trading week started ahead of US
Speaker 1: Equity Strategy at RBC Capital Markets. Laurie, it's great as
Speaker 1: always to speak with you, and I know we're early
Speaker 1: in this earning season, but given the results we've seen
Speaker 1: so far, is it sort of shaking out the way
Speaker 1: you expected or have you gotten any surprises? How do
Speaker 1: you look at earnings right now? Well, thanks for having
Speaker 1: me as always, and you know it's great to finally,
Speaker 1: you know, have this reporting season started. I think it's
Speaker 1: been well anticipated by investors for quite some time, though
Speaker 1: not in a good way. And I would say last week,
Speaker 1: you know, as we read through the transcripts, I wouldn't
Speaker 1: say there are any big surprises on my end, except
Speaker 1: perhaps maybe that we're just hearing a lot of the
Speaker 1: same things that we've heard in the past. So I
Speaker 1: would say, on the positive side, we are hearing commentary
Speaker 1: about supply chains getting a bit better. I think the
Speaker 1: tone of labor is improving though that frankly, that is
Speaker 1: something on both of those weeks been hearing for the
Speaker 1: last couple quarters. Um, it seems to me that companies
Speaker 1: are kind of battening down the hatches, getting cautious. Um.
Speaker 1: But at the same time we had companies saying you, no, look,
Speaker 1: we really aren't seen major crack yet except in certain
Speaker 1: co horse of consumers. So I think to the extent
Speaker 1: that the equity community wants the earnings band aid risked
Speaker 1: off in a big way, last week's reporters didn't tell
Speaker 1: me we're going to get it just yet. We might
Speaker 1: have to wait a little bit longer, alright. So, given
Speaker 1: the futures bounce we're seeing this morning, and perhaps some
Speaker 1: of the trepidation around earnings perhaps priced into heading into
Speaker 1: this earning season, are you looking for a little bit
Speaker 1: more of a bounce for equities or what's the path
Speaker 1: forward for you? So what I'll say on earnings. Is
Speaker 1: that even though we think that the need to reduce
Speaker 1: forecast is going to be ahead wind for the market
Speaker 1: well into next year, it is possible, if you go
Speaker 1: back over history, for stocks to bottom before earnings estimate
Speaker 1: revisions are fully you know, kind of reconciled or are
Speaker 1: fully ratcheted down. In fact, that's not something that can happen.
Speaker 1: That is something that normally happens, and we normally see
Speaker 1: that bottoming and stalks about three to six months before
Speaker 1: the earnings numbers stopped coming down. I think maybe in
Speaker 1: the near term, Nathan, when I'm a little more interested
Speaker 1: in something you guys lad with which is just a
Speaker 1: mid term elections is around the time of year that
Speaker 1: we would typically see the market kind of bottom and
Speaker 1: rally in a midterm election year. And on average and
Speaker 1: you know, kind of the final few months of a
Speaker 1: midterm year, you get a rally about seven percent in
Speaker 1: the stock market. Um, And I do think things are
Speaker 1: starting to maybe turn back in the Republicans direction a bit.
Speaker 1: We have seen momentum earlier and you know, kind of
Speaker 1: late in the summer shifting for the Democrats. I feel
Speaker 1: like maybe that's starting to turn again based on some
Speaker 1: of the data we're seeing. Yeah, I know you have
Speaker 1: been thinking about the midterm election as sort of a
Speaker 1: catalyst for stocks going forward. Here, what's the potential perhaps
Speaker 1: for a surprise in uh in the political aspect of
Speaker 1: this potentially affecting investors. So look, I think that you know,
Speaker 1: there's been sort of expectations slash hope maybe you know,
Speaker 1: kind of moderated hope that Republicans would take back control
Speaker 1: of at least one chamber, and it looks like that
Speaker 1: consensus is starting to get solidified again. I think the
Speaker 1: big negative surprise for markets would be Democrats managing to
Speaker 1: hang on to both chambers, and I don't think that's
Speaker 1: what the polling data is suggesting right now. I think,
Speaker 1: you know, what we're seeing is the Senate looks like
Speaker 1: that's where the Democrats have a bigger chance of keeping
Speaker 1: control um the House. You know, the CBS News poll
Speaker 1: you know, mentioned that things are trending back in favor
Speaker 1: of the Republicans there. But I think, you know, I
Speaker 1: do think it would be a negative reaction in the
Speaker 1: market if the Democrats managed to keep both What about
Speaker 1: the FED impact here? We keep hearing the possibility of
Speaker 1: more jumbo sized rate hikes. We got that hotter than
Speaker 1: expected inflation data. How does the FED factor into your forecast? Well, look,
Speaker 1: it's it's interesting. I mean we've got you know, sort
Speaker 1: of consensus expectations for additional big hikes, you know between
Speaker 1: now and early next year. We've got that big intour
Speaker 1: earnings model. We've got that big entire valuation model. Um.
Speaker 1: You know, I think it's still continues to be on
Speaker 1: the FED. What kind of recession do we end up having?
Speaker 1: I think a short, shallow recession is pretty darn close
Speaker 1: to bake. Then thirty and one is a twenty seven
Speaker 1: percent draw down from the January peak, which is a
Speaker 1: media and recession draw down. UM. So I think as
Speaker 1: long as you can convince yourself that the economic damage
Speaker 1: isn't going to be more than that, it's reasonable for
Speaker 1: stocks to search for a bottom in here. But I
Speaker 1: think the interesting wrinkle with the mid terms with this, Nathan,
Speaker 1: which is that, um, as long as inflation is a problem,
Speaker 1: that is something that I think is friendly to the
Speaker 1: Republicans because it keeps economic issues into the forefront, which
Speaker 1: Republicans traditionally pulled better on. So, in an indirect way,
Speaker 1: hotter inflation in the short term is probably, you know,
Speaker 1: good for the market in an indirect way because it
Speaker 1: does keep sort of the market family outcome in the
Speaker 1: mid terms on the table. As always, LORI, great to
Speaker 1: get your thoughts. Thanks again for being with us. Lori Calvacina,
Speaker 1: head of US Equity Strategy at RBC Capital Markets. Futures
Speaker 1: right now pointing higher. SMP futures are up thirty four points,
Speaker 1: STOW futures up tune or thirty two NASDAC Future is
Speaker 1: leading the games this morning. They're up a hundred twenty
Speaker 1: six points. That's a gain of one point two percent.
Speaker 1: The tenure Treasury is up sixteen thirty seconds, yield three
Speaker 1: point nine five percent. The yield on the two year
Speaker 1: right now four point four four percent. Look at at
Speaker 1: i'm excrude, it's down two tenths percent at eighty five
Speaker 1: forty three cents a barrel. You're listening to Bomberg Daybreak.
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Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. We're just about four hours
Speaker 1: away from the open of US trading. Let's yet you
Speaker 1: have to date on the news you need to know
Speaker 1: at this shower in your up The pound in UK
Speaker 1: bonds are rallying. That's due to expectations that Prime Minister
Speaker 1: Liz Trust's package of unfunded tax cuts may be reversed.
Speaker 1: Newly appointed UK Chancellor Jeremy Hunt makes an announcement about
Speaker 1: half an hour from now. After that, he speaks in
Speaker 1: the House of Commons. Bloomberg's Lizzie Burden has more were
Speaker 1: expecting when Hunt makes his statement in the Commons today
Speaker 1: to give us a little more detail on how they're
Speaker 1: going to balance the books because Trust and Omics is
Speaker 1: being dismantled piece by piece, and Peace behind the scenes
Speaker 1: are asking themselves what's the point of having her at
Speaker 1: the top, And Bloomberg's Lizzie Burden says MP's are considering
Speaker 1: whether Trust's days as Prime Minister could be numbered. Meantime,
Speaker 1: in Asia, Karen Chinese President she Jin Pink says he'll
Speaker 1: stay the course as China faces growing challenges from the US.
Speaker 1: In a speech drop in the Communist Party Congress, she
Speaker 1: touted his economic and COVID policies and address Taiwan independence
Speaker 1: following several visits to the island from US leaders, we
Speaker 1: have resolutely fortunate inst separatism and counter interference demonstrate our
Speaker 1: resolve and the ability to safeguard China's suffeignty and territorial
Speaker 1: intepret opos. Taiwan Independence President jij And Ping, speaking through
Speaker 1: an interpreter, also pledged Beijing will prevail and its tech
Speaker 1: battle with the U S over computer chips well on
Speaker 1: Well Street today, Nathan, US futures are bouncing back from
Speaker 1: Friday Sella. FED policy remains in focus after last week's
Speaker 1: hot inflation rating. St. Louis FED President Jim Bullard says
Speaker 1: a seventy five basis point rate hike at each of
Speaker 1: the next two f O MC meetings as possible, and
Speaker 1: that forward guidance will be critical for limiting volatility. We've
Speaker 1: got the repricing dynamic going on. We are asking all
Speaker 1: of you to um take into account the higher rates
Speaker 1: that have to come, take into account that we're going
Speaker 1: to have to get inflation down in the US and
Speaker 1: get that repricing to occur in as orderly a fashion
Speaker 1: as possible. St. Louis FED President Jim Bullard made the
Speaker 1: comments over the weekend at the annual meeting of the
Speaker 1: I m F and World Bank. On the earnings front,
Speaker 1: Karen Bank of America reports this morning. After that, stay
Speaker 1: tuned for an interview Bank of America CEO Brian moynihan.
Speaker 1: He sits down with Bloomberg Radio and Television at two
Speaker 1: thirty pm Wall Street time, and an organizational shake up
Speaker 1: is coming to Goldman Sachs Nathan. The banks expected to
Speaker 1: combine its asset management and private wealth business into one unit.
Speaker 1: It will also fuse his investment banking and trading operations.
Speaker 1: S andp futures up about forty points this morning down
Speaker 1: features up two hundred seventy six, nastag futures of one
Speaker 1: forty two, straight ahead, your latest local headlines, plus a
Speaker 1: check of sports. This is Bloomberg. Thanks on Wall Street
Speaker 1: fifty gree Central Park still got that crash northbound Garden
Speaker 1: State bigs at one thirty nine, and Michael Bars here
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Michael, thank you very much. Nathan. More
Speaker 1: potential legal trouble for Donald Trump, it said the SEC
Speaker 1: and federal prosecutors in New York are investigating whistle blower claims.
Speaker 1: Federal regulators are pouring over a complaint by a former
Speaker 1: executive at Truth Social's parent company, alleging Trump Media and
Speaker 1: Technology group violated securities laws. Several loud explosions rocked the
Speaker 1: city of Kiev in Ukraine early today. The head of
Speaker 1: the Ukrainian President's office says Kiev was struck by Russia
Speaker 1: with Iranian drones. In the last few weeks. Russia has
Speaker 1: been attacking critical civilian infrastructure. Ambassador of Ukraine to the
Speaker 1: U s Oxana Markarova two thirty five days no limits
Speaker 1: and no moral restrictions from from Russian aggressor. So we
Speaker 1: should be prepared for every since and it's actually irrelevant
Speaker 1: at this point what he says, because this partial mobilization
Speaker 1: has been a big failure. Ambassador marcar Rova spoke on
Speaker 1: CBS has faced the nation, which can be heard Sundays
Speaker 1: on Bloomberg. It is debate night in Georgia. In the
Speaker 1: gubernatorial race. Incumbent Republican Brian Kemp will debate Democratic challengers
Speaker 1: Stacy Abrahams and libertarian Shane Hazel. A new poll shows
Speaker 1: have any one percent of voters on both sides. I
Speaker 1: think the future of the country is at stake when
Speaker 1: they vote in November's mid term elections. That's according to
Speaker 1: a new poll from the Associated Press and ORC Center
Speaker 1: for Public Affairs Research. As we head into Thanksgiving and winter,
Speaker 1: health officials are warning of another COVID search. Dr John
Speaker 1: Brownstein says the emergence of omicron sub variants and the
Speaker 1: slow uptake of the new COVID boosters could create a
Speaker 1: new wave of infections. Well we know is this virus
Speaker 1: continues to evolve and develops mutations that are selected for
Speaker 1: because they can get around immunity immunity either through infection
Speaker 1: or immunity through the vaccines. We just don't know the
Speaker 1: extent at which these sub variants will be able to
Speaker 1: get around. Dr Brownstein spoke to ABC Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analyst
Speaker 1: and more than a hundred twenty countries. Michael Barr, this
Speaker 1: is Bloomberg Na. Michael, thanks on Wall Street time for
Speaker 1: the Bloombridge Sports update, which on Stash. All right, thanks Nathan,
Speaker 1: Yankees and Guardians. Game five tonight at the stadium. The
Speaker 1: winner goes they used him, the loser goes home. Jamison
Speaker 1: Tyone will start for the yankst lost Game two of
Speaker 1: the series and relief but as the starter Dione led
Speaker 1: the Yanks and wins this year. They may use Nestor
Speaker 1: Tortez and relief. Guardians are going with a pretty much
Speaker 1: bullpen game. Yanks stayed alive in Cleveland and four to
Speaker 1: winning Game four. Garrett Cole went seven inns and Harrison
Speaker 1: Bader hit his third home run in four games, two run.
Speaker 1: Sean Vader then looked ahead to tonight, there's a game
Speaker 1: being played. We feel as they were in driver sive
Speaker 1: um and that's how we remained dangerous um. I don't
Speaker 1: think we want it any other way to return back
Speaker 1: to the bronx um. So yeah, I mean, we're just
Speaker 1: excited about the energy that we got moving forward and
Speaker 1: listen to Marrows a new day. We're gonna go out
Speaker 1: there and play our player best baseball tellers too. Aaron
Speaker 1: Brudens shook up his lineup it last night played a
Speaker 1: Waldo Cabrera at short stops that he'll do that again tonight.
Speaker 1: The Giants four and thirteen last year and I've and
Speaker 1: won this season third time where they came back from
Speaker 1: a double digit defensit. They telled Baltimore by ten with
Speaker 1: just over six minutes left and rallied to win to twenty.
Speaker 1: Daniel Jones two TV passes se Juan Bartlins for the
Speaker 1: game winner, set up by the Giants first interception of
Speaker 1: the season. They sealed the win forcing to Lamar Jackson fumble.
Speaker 1: The next four games with the Giants very winnable. The
Speaker 1: Jets at four and two. They've also won three in
Speaker 1: a row at twenty seven to ten upset win at
Speaker 1: Green Base of the Packers last two weeks with rosses
Speaker 1: to the two New York teams Jets at three and
Speaker 1: oh on the road. The Big a FC game won
Speaker 1: by Buffalo Store with a minute left to win at
Speaker 1: Kansas City and the NFC each showdown last night won
Speaker 1: by still unbeaten Philadelphia seventeen over Dallas. John stas Bloomberg
Speaker 1: Sports Nap Thanks John seven on Wall Street Time for
Speaker 1: the Tri State Business Report with Bloomberg's Joan Donnaker. New
Speaker 1: York or Nowhere is opening a permanent store in the
Speaker 1: heart of Nohol, the street where brands started during the
Speaker 1: pandemic became so popular, according to Women's Where Daily, a
Speaker 1: pop up store It's set up last year drew a
Speaker 1: crowd that waited in line for two hours on some
Speaker 1: days for a chance to buy the brands hoodies, t shirts,
Speaker 1: and sweatpants. A different sort of preview in Times Square
Speaker 1: for Taylor Swift, her new album deb used Friday last night,
Speaker 1: Rolling Stones as a huge Spotify billboard in Times Square
Speaker 1: revealed a line of lyrics from the album Midnight's Spotify
Speaker 1: tease to second reveal on Instagram. Inflation is a huge problem,
Speaker 1: but in some places it's a lot worse than in others.
Speaker 1: Wallet Hub found the greatest increase in the consumer price
Speaker 1: index over the past year has been in the Phoenix area,
Speaker 1: but New York, Newark, and Jersey City ranks on its
Speaker 1: list the increase in inflation in the past year coming
Speaker 1: to six point two percent. That's the Bloomberg Tri State
Speaker 1: Business Report on Joan Donneger. Thanks jo wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. I
Speaker 1: Steve Potis on ten ten Wins in New York. We're
Speaker 1: talking about streetwear seller New York Are Nowhere opening its
Speaker 1: first permanent flagship store, um Corney Donahoe on w h
Speaker 1: S and Louisville Progress pitching to regulator Sederal lower prices
Speaker 1: if they approved the deal to by Albertson's. I'm Stephen
Speaker 1: Carol and Bloomberg d a B Digital Radio in London.
Speaker 1: We've been reporting on the rally and guilts as the
Speaker 1: Chancellor brings forward the announcement to some of the SPASCO measures.
Speaker 1: I'm Genus Servetti in for wfl A in Orlando. I'm
Speaker 1: talking about research showing that tourist tables like Orlando are
Speaker 1: seeing more revenue from taxes on hotel stays than their
Speaker 1: counterparts that rely on business focus travel. Those are some
Speaker 1: of the stories our twenty hundred Bloomberg journalists and analysts
Speaker 1: are working on this morning around the world. It's five
Speaker 1: thirty nine on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. If the Federal Reserve was hoping for some
Speaker 1: sign that inflation is subsiding, it was cruelly disabused by
Speaker 1: the latest figures for consumer prices. The headline rate fell
Speaker 1: slightly in September, from eight point three percent to eight
Speaker 1: point two percent, but the more telling measure of core
Speaker 1: inflation reached the highest rate in forty years. The message
Speaker 1: was clear. Far from relaxing its recent pace of monetary tightening,
Speaker 1: the Fed might have to raise interest rates faster than expected.
Speaker 1: It's tempting to think that, having fallen behind the curve
Speaker 1: at the outset, the Fed should now surprise investors in
Speaker 1: the other direction by announcing an unexpectedly aggressive tightening. But
Speaker 1: this approach would all but guarantee a recession um one
Speaker 1: that could quickly turn nasty. That makes the Fed's preference
Speaker 1: for gradualism understandable and for the moment wise. This editorial
Speaker 1: was written by the Bloomberg Editorial Board. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com, slash open in or
Speaker 1: opie I n go on the Bloomberg terminal. These has
Speaker 1: been Bloomberg opinion, and you can hear Bloomberg opinion editorials
Speaker 1: every weekday. At this time, terminal customers can read more
Speaker 1: at ope I n go. Futures moving higher this morning.
Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh Weather
Speaker 1: mostly cloudy today, chance for a few showers with highs
Speaker 1: in the upper sixties. It will turn mostly sunny and
Speaker 1: cooler tomorrow. Highs your fifty five degrees tomorrow and Wednesday.
Speaker 1: Right now fifty eight in Central Park Markets. Headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Out and at Bloomberg Dictate. He's a
Speaker 1: Bloomberg Business Lash and I'm Cameron Moscow and the pound
Speaker 1: is rallying, UK bond surging him at expectations at Moura,
Speaker 1: Prime Minister list Trust's package of unfunded tax cuts will
Speaker 1: be reversed. Stocks are rising. US stock index futures are
Speaker 1: as well. Investors are preparing for a number of key
Speaker 1: earnings reports this week, and we check the markets every
Speaker 1: fifteen minutes throughout the trading day. On bloomberg S and
Speaker 1: P futures at forty points now futures up two hundred
Speaker 1: seventy nine and NASTAG futures have a hundred forty. The
Speaker 1: decks in Germany's up sixtensive up percent. The ten year
Speaker 1: treasury is up eighteen thirty seconds. You have three point
Speaker 1: nine four percent, and they yield on the two year
Speaker 1: four point four three percent. Nine. Mex Hered oil is
Speaker 1: up tenth of a percent of ten cents at eighty
Speaker 1: five dollars seventy one cents a barrel called Mexs gold
Speaker 1: there is up eight ten percent, or thirteen dollars seventy
Speaker 1: cents at sixteen sixty two forty announced. The euro point
Speaker 1: nine seven five one against the dollar, the N one
Speaker 1: forty eight point six seven and that's a Bloomberg Business Flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. More
Speaker 1: Russian attacks on Ukraine's capitol. Officials that he was hit
Speaker 1: this morning by a wave of Kama Kazi drones, damaging
Speaker 1: residential buildings and kill at least one person in around
Speaker 1: A deadly fire and gunfire erupted inside Tehron's notorious Evan
Speaker 1: prison over the weekend. Four people died from smoke inhalation,
Speaker 1: according to officials, in more than sixty injured. The compound
Speaker 1: is holding hundreds of anti government protesters arrested in a run.
Speaker 1: In baseball, the deciding Game five is tonight between the
Speaker 1: Yankees and the Guardians in their A L d yes Yesterday,
Speaker 1: New York survived beating Cleveland four two in Game four.
Speaker 1: In the NFL, the Giants beat the Ravens, the Jets one,
Speaker 1: the Patriots one, and the forty Niners lost. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: and more than a hundred twenty countries, him Michael Barr
Speaker 1: and This is Bloomberg. Nathan, Okay, Michael. Thanks, It's just
Speaker 1: about five forty nine on Wall Street. Live from the
Speaker 1: Bloomberg Interactive Broker studios. This is Bloomberg Daybreak and we
Speaker 1: get more bank earnings this morning. The parade continues with
Speaker 1: Bank of America opening it's third quarterbooks before the opening
Speaker 1: bell this morning in Bloomberg Global Finance correspondent Shanali Bassik
Speaker 1: is back with us this morning to preview those results. Shanali,
Speaker 1: good morning. The story we have gotten so far from
Speaker 1: the four banks we've heard from is the consumers holding
Speaker 1: up even if investment banking and some of those other
Speaker 1: aspects of the banking industry are struggling. If that story
Speaker 1: holds up for Bank of America, we could see some
Speaker 1: pretty decent numbers today. We could. It depends you. It's
Speaker 1: interesting thing here is Brian morning, and the CEO Bank
Speaker 1: of America has said consistently that the consumer is holding up.
Speaker 1: The question is does he share the same views as
Speaker 1: Jamie Diamond where who believes that next year will be
Speaker 1: much harder for the consumer and that the excess balance
Speaker 1: sheet that the consumer has will start to dry up
Speaker 1: into the middle of next year. The other thing about
Speaker 1: Bank of America is can it show that net interest
Speaker 1: income is coming in above expectations this year? Because JP
Speaker 1: Morgan raised their projections by more than three billion dollars
Speaker 1: for the year in net interest income. Now, can both
Speaker 1: of those banks keep this up in the face of
Speaker 1: a tougher economic environment. Will also be looking for provisions
Speaker 1: for loan losses at Bank of America and any sense
Speaker 1: of whether they think any credit quality is deteriorating. Yeah,
Speaker 1: thinking of the net interest income story, I'm sort of
Speaker 1: wondering whether we're going to see any movement in terms
Speaker 1: of these higher interest rates that are working their way
Speaker 1: through the economy now are going to translate into higher
Speaker 1: interest rates for depositors, and what that could mean for
Speaker 1: n I I. It's truly a hot button issue. Lawmakers
Speaker 1: were asking about it. The banker said that all the
Speaker 1: banks where they testified in Washington a couple of weeks ago,
Speaker 1: have said that they will eventually raise savings rates for depositors.
Speaker 1: But you heard what Jamie Diamond and JP Morgan had
Speaker 1: to say last week, and the reality is is that
Speaker 1: they won't do it until they competitively have to do so. So, yes,
Speaker 1: there's a lag in interest rate rises from when you
Speaker 1: see the federal reserve hikes to what you're seeing in
Speaker 1: the banking system. But there can be even more of
Speaker 1: an overhang depending on how competitive that business gets. Now,
Speaker 1: even before we hear from Goldman Sacks tomorrow, we're getting
Speaker 1: some more fleshed out reporting on what Bloomberg has been
Speaker 1: looking at about what looks like another major restructuring coming
Speaker 1: under CEO David Solomon. What is going on here, It's
Speaker 1: truly a moment. This is a way for Goldman Sachs
Speaker 1: to really turn up the heat on its businesses, ask
Speaker 1: for performance again at a tough time. And remember this
Speaker 1: causes a lot of anxieties for a lot of folks
Speaker 1: because there's a lot of head count management changes that
Speaker 1: happen as a result of these reorganizations. It's the second
Speaker 1: major reorganization under David Solomon. He announced very large plans
Speaker 1: and many of those plans have been coming to fruition.
Speaker 1: But there's a lot of existential questions around that consumer business,
Speaker 1: the role it plays inside of Goldman Sacks, which still
Speaker 1: generates often more than fifty percent of its net revenue
Speaker 1: from investment, banking and trading operations. Which have absolutely blown
Speaker 1: through the roof the last couple of years. So what
Speaker 1: does the consumer banking division mean? The asset manager and
Speaker 1: private wealth businesses are going to be recombined again under
Speaker 1: Mark Knockman, whose star has just been rising. At Goldman
Speaker 1: Sachs rent every major business line under David Solomon, and
Speaker 1: now we'll be running another large part of the firm
Speaker 1: that has the potential to highlight itself in a bigger way.
Speaker 1: And of course you're gonna be talking a lot more
Speaker 1: about Goldman Sachs when they report their earnings tomorrow. The
Speaker 1: story this morning Bank of America, those results coming in
Speaker 1: before the opening bell, Bloombridge. Shinali Bassik as always, thanks
Speaker 1: for steering us through bank earnings. Really appreciated. Karen Nathan,
Speaker 1: thank you a five fifty two on Wall Street time
Speaker 1: for our Bloomberg Law Report. It has brought to you
Speaker 1: by American Arbitration Association. Business disputes are inevitable resolve fester
Speaker 1: with the American Arbitration Association, the global leader in alternative
Speaker 1: dispute resolution for over ninety years. More at a dr
Speaker 1: dot org. Let's get to the legal stories we are
Speaker 1: watching this morning from Bloomberg's Jeff Bellinger the Department of
Speaker 1: Health and Human Services as Medicare open enrollment has begun
Speaker 1: and will remain open through December seven. Internal Revenue Service
Speaker 1: officials say the agency has attendant to deadline for the
Speaker 1: end of the year to complete most regulatory work implementing
Speaker 1: workplace retirement Plan changes, a divided federal court rule that
Speaker 1: a Kroger subsidiary must arbitrate a union's claim that it
Speaker 1: represents workers at a warehouse that handles orders from Walgreen's Pharmacy's.
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. All right, Jeff, Thanks, Now,
Speaker 1: another legal story we're watching. Rodney Read has been on
Speaker 1: death row in Texas for more than two decades. His
Speaker 1: case has gotten attention from celebrities like Kim Kardashian and
Speaker 1: Beyonce since new evidence has come to light, but Reid
Speaker 1: has been unable to get the State of Texas to
Speaker 1: test the murder weapon for d n A and his
Speaker 1: murder case. Now as leygal fight is at the Supreme Court,
Speaker 1: the justices will decide whether Reid gets the d n
Speaker 1: A testing in in case that focuses only on whether
Speaker 1: he filed this federal claim too late and for more
Speaker 1: of Bloomberg's during Grosso speaks to Bloomberg laws Jordan Reuben.
Speaker 1: So this is a federal civil rights claim, that's right.
Speaker 1: So what happened is this in trying to get DNA testing,
Speaker 1: Rodney read pursued that claim in the state court, but
Speaker 1: that claim was denied at the trial court level and
Speaker 1: then up through the state criminal appeals court. And so
Speaker 1: after that denial, Rodney Reid then filed a federal civil
Speaker 1: rights claim challenging the denial on the state level, saying
Speaker 1: that those state processes violated his due process. And so
Speaker 1: that's the crux of his federal claim. The problem is
Speaker 1: that textas is saying that he waited too long to
Speaker 1: bring the claim. So the question at the Supreme Court
Speaker 1: is when the statute of limitation starts to run for
Speaker 1: a federal claim that state DNA testing procedures violated due process.
Speaker 1: Does it start to run when the state trial court
Speaker 1: denies testing, or does it start to run when the
Speaker 1: state appeals process has played out? And so it's this
Speaker 1: very technical sort of question. Was there any talk at
Speaker 1: all during the oral arguments about the fact that he
Speaker 1: claims he's innocent and the DNA test could possibly clear him.
Speaker 1: It's hard to see why you wouldn't give someone a
Speaker 1: DNA test, right, So, in terms of kind of the
Speaker 1: reality of the case, that wasn't the subject of the arguments,
Speaker 1: and that's often the case at the Surreme Court. Nonetheless,
Speaker 1: Threads lawyers certainly didn't mention the innocence aspect during the argument,
Speaker 1: But there wasn't really this straight up question posed to
Speaker 1: Texas of why don't you just do the test us thing?
Speaker 1: They're really focused for on the technical issue, as is
Speaker 1: often the case at the court. Could you read where
Speaker 1: the jauntices were on this issue at all? I definitely
Speaker 1: saw justices on both sides of the issue. For example,
Speaker 1: Justice Thomas seems the most likely to vote with the state.
Speaker 1: His question to both sides was the same, which was
Speaker 1: what liberty interest was read even deprived of in the
Speaker 1: first instance, and who deprived him of it? But he
Speaker 1: was kind of on his own with that. Most of
Speaker 1: the justices were more so grappling with the crux of
Speaker 1: the issue that was presented in the case. But I
Speaker 1: really didn't get a sense that there was a majority
Speaker 1: coalescing around any particular answer to this question, at least
Speaker 1: at the argument. So it's another one of these where
Speaker 1: we're going to have to wait and see. I do
Speaker 1: think that Read has a shot, although you really never
Speaker 1: know at the court because the Court has been very
Speaker 1: skeptical of claims coming from death row. So even though
Speaker 1: there was some support Read at the argument, including from
Speaker 1: Justice that it that would only get him potentially to
Speaker 1: four justices when he would need five. I think that
Speaker 1: that's possible in the case, but we just won't know
Speaker 1: until we have the decision. And as Bloomberg Laws Jordan
Speaker 1: and Ruben speaking at the Bloomberg Joan Grasso. Catch more
Speaker 1: of that interview, plus analysis of the latest legal news,
Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading this
Speaker 1: show at Bloomberg dot com slash podcast. Attorneys can find
Speaker 1: exceptional legal research and business development tools at Bloomberg Law
Speaker 1: dot com and on the Bloomberg terminal at b law Go.
Speaker 1: SNP Future is up forty one points this morning. Dal
Speaker 1: Future is of two hundred eighty four and nasday Futures
Speaker 1: a one hundred thirty nine. Still ahead on Bloomberg Daybreak
Speaker 1: and check on the business headlines and all the news
Speaker 1: you need to start your day. And this is Bloomberg.