Speaker 1: Live from the Bloomberg Interactive Berger Studios. Is this Bloomberg
Speaker 1: day Break for Tuesday, October two coming up this hour.
Speaker 1: Stocks are steady as investors await an onslaught of big
Speaker 1: tech earnings. UBS shares gain the most since June. We'll
Speaker 1: talk with the Banks CEO Rieshi Sunak is set to
Speaker 1: become the UK's third prime minister in his many months,
Speaker 1: and Adidas is set to cut ties with Kanye West
Speaker 1: and rest in an attack in the New York subway system. Plus,
Speaker 1: it's debate night for Democratic Governor hokel and a Republican
Speaker 1: challenger Lees heldon. I'm Michael Barr. More ahead, I'm John Stash. Sports.
Speaker 1: The Knicks bat Orlando. The next lost in Memphis. The
Speaker 1: Bears beat the Patriots in Monday Night Football. That's All's
Speaker 1: trading ahead on Bloomberg day Break on Bloomberg Eliven Free
Speaker 1: on New York, Bloomberg ninety nine one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Syrius x AM one nine team, and around the world
Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg business Side.
Speaker 1: Good morning, I'm Nathan Hager and I'm Karen Moscow. US
Speaker 1: stock index futures are lower this morning. We're coming up
Speaker 1: to five oh one on Wall Street, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day. On
Speaker 1: Bloomberg S and P Future is down about nine points down,
Speaker 1: futures down eighty Nastack futures down thirteen. The decks in
Speaker 1: Germany's down half percent, CAC in Paris up three tenths percent,
Speaker 1: and the foot Sea one hundred is down four tenths
Speaker 1: of a percent. Ten year Treasury up seventeen thirty seconds.
Speaker 1: He had four point one seven percent. They yield on
Speaker 1: the two year four point four seven percent. Nine Max
Speaker 1: Screwed oil is down eight tenths per cent or sixty
Speaker 1: nine cents at eighty three dollars eighty nine cents a
Speaker 1: barrel comes called down four tenths per cent or six
Speaker 1: dollars forty cents at sixteen forty seven sixty an ounce.
Speaker 1: The euro point nine eight five nine against the dollar.
Speaker 1: Nathan Karen. Stocks are coming off two straight days of games.
Speaker 1: Yesterday saw a broad based rally, with more than eighty
Speaker 1: percent of stocks in the SNP five index closing higher earnings.
Speaker 1: Optimism and speculation the Fed will slow its space of
Speaker 1: interest rate hikes helped fuel the one point two percent gain.
Speaker 1: Ben Kirby is co head of investments at Thornburg Investment Management.
Speaker 1: You know, when you look at the surveys of bowls
Speaker 1: versus bears, there's way more bears than there have been
Speaker 1: in a in a long time relative to bowl so
Speaker 1: that at least augers I think for the potential for
Speaker 1: for a snap back. Um, how sustainable that is as
Speaker 1: the economy slows again, That's that's kind of big question.
Speaker 1: Thornburg Investment Management's Ben Kirby thinks we're nearing a peak
Speaker 1: for interest rates. Well. In Asia, Nathan, it was a
Speaker 1: volatile session following yesterday's historic sell off. A benchmark Tank
Speaker 1: index in Hong Kong bounce between gains and losses and
Speaker 1: eventually closed up more than one percent today. That index
Speaker 1: plunge more than seven percent yesterday on the prospects of
Speaker 1: more market and friendly policies during President she j and
Speaker 1: pings their term well, while President she stacks his country's
Speaker 1: top post with allies. Karen White House advisors are working
Speaker 1: on a meeting between the communist leader and President Biden.
Speaker 1: Amy Morris has details from our Bloomberg newsroom in Washington.
Speaker 1: State Department spokesman Ed Price says she's moved effectively. Tearing
Speaker 1: down divisions between party and state won't change the US
Speaker 1: approach to China, a strategy that includes competing on security
Speaker 1: matters while cooperating where they can on global issues like
Speaker 1: climate change, global health, and counter narcotics. National Security Council
Speaker 1: spokesman John Kirby says they're working on a possible meeting
Speaker 1: at the G twenty in Bali next month. Even as
Speaker 1: there are fewer voices at the top two questions, she's
Speaker 1: more restrictive policies in Washington. I'm Amy Morris, Bloomberg Daybreak, right, Amy. Thanks.
Speaker 1: In Europe today, Richie's Sunac is said to become the
Speaker 1: UK's third prime minister in as many months. And let's
Speaker 1: go live to London and get the very latest with
Speaker 1: Bloomberry's un pots. Good morning Ewen, Good morning Karen and Nathan.
Speaker 1: It's just seven weeks since Lisztroust travel to meet Queen
Speaker 1: Elizabeth to become Prime Minister. Later today, the UK will
Speaker 1: have another new leader. Former Chancellor Rishi Sunac will meet
Speaker 1: King Charles this morning after winning the supports of Conservative lawmakers.
Speaker 1: His first task as Britain's new Prime Minister will be
Speaker 1: to appoint his top team as he seeks to reassure
Speaker 1: nervous investors. Jeremy Hunt is likely to remain as Chancellor
Speaker 1: in charge of the nation's finances. In London, Immune posts
Speaker 1: back day break, okay you and thank you. Let's get
Speaker 1: back to markets nowhere. It's a busy day for earnings.
Speaker 1: Shares of HSBC OR down more than six percent this morning.
Speaker 1: The bank reported higher than expected charges for possible loan
Speaker 1: losses in its third quarter. While HSBC joined other banks
Speaker 1: in posting profits the beat estimates, its low lost provision
Speaker 1: was almost a third higher than a Bloomberg compiled consensus.
Speaker 1: Well on the flip side, shares of UBS SIRR up
Speaker 1: one and a half per cent. The Swiss bank reporting
Speaker 1: better than expected profit in the third quarter as higher
Speaker 1: interest rates helped offset lower client activity. We caught up
Speaker 1: with UBS CEO Ralph Hammers, was volatility. Volatility in the
Speaker 1: foreign change markets where we profited a lot actually this quarter,
Speaker 1: which will also see that volatility leading to further sure
Speaker 1: with our emphasis with our clients right on the well side,
Speaker 1: and that in certainly is actually it translated into the
Speaker 1: need for further guidance our clients right, and again we
Speaker 1: need more guidance. EBS CEO Ralph Hammers made the comments
Speaker 1: in an interview with Bloomberg's Menace Cranny Here. More of
Speaker 1: that conversation coming up shortly right here on Bloomberg Daybreak.
Speaker 1: Back here in the US care in a busy week
Speaker 1: for tech earnings kicks off this afternoon, with both Alphabet
Speaker 1: and Microsoft reporting. We get a preview on Microsoft from
Speaker 1: Bloomberg's Jeff Bellinger. Bloomberg Intelligence says the software giant could
Speaker 1: potentially surpass the four consensus for sales growth. Microsoft is
Speaker 1: seen as the company that stands to benefit the most
Speaker 1: from the growing digital shift as clients upgrade their technology,
Speaker 1: But the company's earnings come at a time when there
Speaker 1: is foreign exchange pressure and there are concerns about weakness
Speaker 1: in its PC business. Microsoft is in the process of
Speaker 1: laying off about one thousand workers across multiple division. Jeff Budinger,
Speaker 1: Bloomberg Daybreak All right, Jeff, thanks, While another corporate news
Speaker 1: this morning looks like Adidas is cutting ties of Kanye
Speaker 1: West to get the details from Bloomberg's Lisa Matteo. Bloomberg
Speaker 1: News has learned the German sports company plans to end
Speaker 1: its partnership with the rapper and designer following a rash
Speaker 1: of offensive behavior. West, who now goes by Ya, has
Speaker 1: made controversial statements, including anti Semitic social media posts in
Speaker 1: recent weeks. The Adida's decision follows weeks of deliberations inside
Speaker 1: the company, which, over the past decade has built the
Speaker 1: Easy Line together with Ya, into a brand that's accounted
Speaker 1: for as much as eight percent of Adidas's total sales.
Speaker 1: According to several estimates from Wall Street analysts, Adidas would
Speaker 1: joined Gap and Carrying's Balenciaga fashion label and prematurely cutting
Speaker 1: ties with West. Lisa Matteo Bloomberg Daybreak All Lisa, thank you,
Speaker 1: and shares of Adidas are falling on the news of
Speaker 1: its break up with Kanye West. Shares are down more
Speaker 1: than three percent in Frankfurt, and futures are moving a
Speaker 1: touch low are now caring, with SMP futures down nine
Speaker 1: points now down, futures are down ninety two and NASTACT
Speaker 1: futures are lower by sixteen points. Ten Your Treasury is
Speaker 1: up sixteen thirty seconds the old four point one seven
Speaker 1: percent yield on the two year, four four seven. Straight ahead,
Speaker 1: your latest local headlines and to check of sports. This
Speaker 1: is Bloomberg South five oh seven on Wall Street. You've
Speaker 1: got some fog sixty three degrees in Central Park. It's
Speaker 1: slow on the cross Bronx between Third and Webster because
Speaker 1: of construction. 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 Man
Speaker 1: is in custody in New York City for last week's
Speaker 1: violent and unprovoked attack on the subway. Writer forty one
Speaker 1: year old Lamal McCrae, who police say has an extensive
Speaker 1: criminal history. It's now accused of shoving thirty two year
Speaker 1: old David Martin onto the train tracks at the Brooklyn
Speaker 1: Subway stop last Friday. Martin survived, but his family says
Speaker 1: he's traumatized and suffered a broken collar boom. The attack
Speaker 1: prompting the NYPD to step up its presence at subway stations. Meanwhile,
Speaker 1: commuters are now searching out places along railings on the
Speaker 1: platform where they feel they can't be assaulted. The m
Speaker 1: t A is now also trying to gain the authority
Speaker 1: to ban people with convictions that include violent crime on
Speaker 1: the ground from using the subway system. There was a
Speaker 1: tragic accident and the subway in Manhattan. Authorities say a
Speaker 1: commuter was struck and killed by a one train at
Speaker 1: fifty ninth Street Columbus Circle yesterday afternoon after getting caught
Speaker 1: in the doors. Officials say the twenty year old man
Speaker 1: was dragged by the train after a piece of clothing
Speaker 1: got caught him the subways doors and then was fatally struck.
Speaker 1: Its debate night between New York Democratic Governor Kathy Hokel
Speaker 1: and a Republican challenger, Lees Eldon. The two are expected
Speaker 1: to debate such topics as crime and the state's bail
Speaker 1: reform laws. Hocal and Selden will hit the podiums at
Speaker 1: seven pm. Florida's Governor Rhonda Santists declined to say whether
Speaker 1: he'll run for president as Democrat Florida Governor h Charlie
Speaker 1: christ Rother debated ahead of next month's elections. Governor to Santists,
Speaker 1: defendant laws passed during his term that restricted the teaching
Speaker 1: of racial and gender issues in Florida schools. I'm proud
Speaker 1: of our history. I don't want to teach kids to
Speaker 1: hate our country. I don't want to teach kids to
Speaker 1: hate each other. And the way to stop discrimination on
Speaker 1: the basis of race is to stop discriminating on the
Speaker 1: basis of race. The debates airing on wp e C
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quittake, powered by more than twenty seven hundred
Speaker 1: journalists analysts more than a hundred twenty countries. Michael Barr
Speaker 1: and this is Bloomberg, Nathan. Thanks Michael. It's five oh
Speaker 1: nine on Lall Street. Time for the Bloomberg Sports Upday
Speaker 1: for you buy tri State Abbey. Good morning, John Stanshow,
Speaker 1: Good morning, Nathan. The Jets, having won four in or All,
Speaker 1: perhaps tuned into the Monday night, came to watch the
Speaker 1: Patriots two of the jets next three games versus New England,
Speaker 1: who got surprisingly blown out at home by Chicago thirty
Speaker 1: three to fourteen. The Bears scored the last twenty three
Speaker 1: points they had rush the Pats two hundred forty three
Speaker 1: to seventy a fourth four turnovers. Mac Jones returned to
Speaker 1: his ankle and dream I got bench for rookie Bailey Zappy.
Speaker 1: Bill Belichick said he's not sure who his quarterback would
Speaker 1: be Sunday at MetLife. That Jet win in Denver was costly.
Speaker 1: Rookie running back Breze Hall towards a c l guard
Speaker 1: Elija Vera Tucker towards triceps both done for the year.
Speaker 1: The Jets coach dropt salis the NFL, uh you know,
Speaker 1: the sex amount of Michael Carter has proven that he
Speaker 1: can carry the load, and uh Ti Johnson has done
Speaker 1: a really nice job and with our offensive line, because
Speaker 1: offensive line we've been you know, it's been all year
Speaker 1: with guys shuffling, and just got a lot of faith
Speaker 1: in the guys that are here to be able to
Speaker 1: step in and continue to do the job that was
Speaker 1: done before before them. And the Jets last night made
Speaker 1: a train to get a running back. They sent a
Speaker 1: late round draft pick acquire James Robinson from Jacksonville. That's
Speaker 1: where the Giants just won their fourth in ROBA. They
Speaker 1: saw three offensive starters go down knee injuries to guard
Speaker 1: Ben Bretticent and tackle Evan Neil and I injury. The
Speaker 1: rookie Titan Daniel Bellinger. None will play this week in Seattle,
Speaker 1: but all could be back later in the season. At
Speaker 1: the Garden nixt pet Orlando won fifteen one oh two.
Speaker 1: Julius Randall twenty five points. Jalen Brunston had twenty one
Speaker 1: in r J. Barrett twenty in Memphis thirty seven points
Speaker 1: for both Kevendurant and Kybrie Irving, but thirty eight for
Speaker 1: both John Morant and Desmond Baine. And the Grizzlies Methan
Speaker 1: nets one thirty four one two. The Devil's lost to
Speaker 1: Washington six to three. Johns Dashwarck Bloomberg Sports, Nathan, thanks
Speaker 1: john S and p. Futures down nine points down, Futures down,
Speaker 1: futures down thirteen points ten. Your treasury is up fifteen
Speaker 1: thirty seconds yield four point one seven percent Feld on
Speaker 1: the two year four point four seven percent. UBS shares
Speaker 1: up nearly five percent in Zurich on the back of
Speaker 1: strong earnings for the Swiss Bank. Will speak with the
Speaker 1: CEO Ralph Lalmer's next. This is Bloomberg. Bloomberg Sports is
Speaker 1: brought to you by Audie. Don't let someone else drive
Speaker 1: off in the Audi model. You've always wanted to visit
Speaker 1: your local price state Audie dealer to get behind the
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Speaker 1: for more information, markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot com, the Bloomberg Business
Speaker 1: Outland at Bloomberg Quick Tape. This is a Bloomberg Business
Speaker 1: flash and I'm Karen Moscow futures are lower this morning,
Speaker 1: with SNP futures down ten points down, futures down ninety
Speaker 1: eight and nasdack futures down fourteen ten year treasury of
Speaker 1: fourteen thirty seconds, he had four point one eight percent
Speaker 1: and they yield him a two year four point four
Speaker 1: seven per cent. Nim X screwed oil down one point
Speaker 1: four on a dollar sixteen at eighty three dollars forty
Speaker 1: two cents a barrel, comic school down four ten percent
Speaker 1: or seven dollars twenty since at sixteen forty six nine.
Speaker 1: Announce the euro point in nine eight six four against
Speaker 1: the dollar, the yen one point eight nine. That's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael, Karen, thank you
Speaker 1: very much. Rashi Sunac is due to be installed as
Speaker 1: Britain's third Prime Minister of the year by King Charles
Speaker 1: the Third. Then his first task is appointing a cabinet
Speaker 1: that can wrestle with the UK's economic and political crisis.
Speaker 1: Sunac was selected as leader of the governing Conservative Party
Speaker 1: after the brief term of Liz trust In St. Louis,
Speaker 1: a former student broken to Central Visual and Performing Arts
Speaker 1: High School, fatally shooting two and wounding six others. The
Speaker 1: nineteen year old gunman was reportedly killed by police in
Speaker 1: the NBA the next one and the Nets and Celtics
Speaker 1: lost in hockey The Capital's Beat the Devil. Six three
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 analysts more than one hundred twenty countries. Michael Barren,
Speaker 1: this is Bloomberg Anthem. Thanks, It's five nineteen on Wall
Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak and we now like to bring you an
Speaker 1: interview with the CEO of UBS, Ralph Hammers. He spoke
Speaker 1: with Bloomberg's Manus Cranny after the Swiss Bank beat third
Speaker 1: quarter estimates thanks to higher interest rates. They talked about
Speaker 1: the results, the outlook for the bank and for the economy.
Speaker 1: Every time you sit down, it talks like huge volatility,
Speaker 1: de leveraging and client sentiment. But let's let's trim it
Speaker 1: down a bit. Huge volatility, and yet you see pretty
Speaker 1: substantial inflows on the generating in I'm three generating assets.
Speaker 1: Where did it come from? And are you surprised? Good morning,
Speaker 1: menus and and indeed, I think you're heading at the
Speaker 1: right point here. So was he volatility? Volatility in the
Speaker 1: foreign change markets where we profited a lot actually this quarter,
Speaker 1: which also see that volatility leading to further certainty with
Speaker 1: our investors, with our clients right on the well side it,
Speaker 1: and that in certainly is actually it translated into the
Speaker 1: needs for further guidance, and ninety percent of our clients
Speaker 1: are in again we need more guidance. And if they
Speaker 1: want more guidance, that's why they bring their money to us,
Speaker 1: and that's why we sort of post to flow so
Speaker 1: strongly coming into our franchise this quarter, seventeen billions of
Speaker 1: you fee generating assets globally, seven billion in Asia and
Speaker 1: six billion in the media and four billion in the US.
Speaker 1: Clients are in full fear tin hat moded moment. I
Speaker 1: don't think they're in full fear. These clients there are
Speaker 1: also rational. Clearly they're looking at things and they want guidance,
Speaker 1: but in the end they do stay invested. They're looking
Speaker 1: for further cash opportunities and further alternative opportunities to invest
Speaker 1: in as well. So it's all about, you know, how
Speaker 1: to diversify the portfolio and how to get more exposure
Speaker 1: to to cash and near cash and increase the yield there.
Speaker 1: And that's what we've seen. But there are more on
Speaker 1: the sidelines and not so much completely withdrawing from the
Speaker 1: market and the other outlets you do three this number,
Speaker 1: the seven numbers, and the guidance. Isn't that interest income?
Speaker 1: It's the banking story of this year and next talk
Speaker 1: me through the guidance. What will you do in names
Speaker 1: this year and what's going to drive it into So
Speaker 1: you actually see quite some pick up on that interest
Speaker 1: income dis quarter already. That is on the back of
Speaker 1: further improvements in the way we manage our clients money
Speaker 1: from from sweeps to deposits and other alternatives. We saw
Speaker 1: and I going up fourteen per cent between P and
Speaker 1: C and g w M and the fourth quarter regarding
Speaker 1: a continuation of an increase of of n II up
Speaker 1: to the two d million. But even beyond that, given
Speaker 1: the fact that we don't only have expostures to U
Speaker 1: S dollars with our clients, but we also have large
Speaker 1: amounts of deposits from clients in Euros and Swiss Franks,
Speaker 1: we actually expect more website on those currencies next year
Speaker 1: and on that rate. The debate is this is whether
Speaker 1: it's peak inflation, peak rates. Where do you sound on
Speaker 1: the US rates, which has been the alpha of this year,
Speaker 1: Where can we get to in dollar rates? Well, we
Speaker 1: expect that the fat will fertile hike maybe to five
Speaker 1: five and a quarter and to really fight that inflation
Speaker 1: um maybe at the cost of a slight recession, if
Speaker 1: at all, but that you know that danger is there.
Speaker 1: We think it's okay. On the US side, we do
Speaker 1: expect for the high ext two too in a quarter,
Speaker 1: and on the Swiss Frank side we expect photos to
Speaker 1: one in a quarter. Can I charge you a little
Speaker 1: represented in the US it delivers a mild session. Well,
Speaker 1: I mean, there's always this terminology is it a deep
Speaker 1: percession model recession? Is it two quarters the three quarters?
Speaker 1: It doesn't really matter. I think for the U S market,
Speaker 1: we've always seen that market to dynamics, so the rebound
Speaker 1: will also be good. The jobs, the job numbers are
Speaker 1: still good, the household numbers are still good. So know,
Speaker 1: I do think that further further increases in yields will
Speaker 1: not be so detrimental to the economy. Ask you you
Speaker 1: fee generating assets of a seventeen billion dollars, did you
Speaker 1: have a credit swite moment? Was there a month to
Speaker 1: move from credit suite into uvs? Tell the world well,
Speaker 1: and we were not going into how our competitors developed.
Speaker 1: And I don't think we need competitors to help us there.
Speaker 1: From that perspective, we have a global wealth business. Wealth
Speaker 1: is what we do. We we have very strong client
Speaker 1: relationships and clients are just bringing more money to us
Speaker 1: for the guidance that we can give and also the
Speaker 1: spread and the certification we can advise on. No signifigance
Speaker 1: credit suites in flow moment. As I said, you know,
Speaker 1: this is not for us to go into that. But
Speaker 1: I think the unaligning trend is really more driven by
Speaker 1: clients looking for guidance than anything else. Good Bye back. Sarah,
Speaker 1: you CFO guided us that a conference recently has lies
Speaker 1: in need that the botback will be more than five billion.
Speaker 1: What would it be, Well, it really depends on how
Speaker 1: to market development and also the liquidity in the market,
Speaker 1: because there was a limit to what we can do
Speaker 1: year today. Last Friday we were at four point six.
Speaker 1: We will continue at the same level of speed, so
Speaker 1: we should be getting certainly over to five million towards
Speaker 1: the five and a half. And that was UBS CEO
Speaker 1: Ralph Hammers speaking with Bloomberg's Manus Cranny. Stick with us.
Speaker 1: We'll bring you more of that interview later in the show.
Speaker 1: You can also watch the full conversation on Bloomberg dot
Speaker 1: com and on the Bloomberg terminal. And following the earnings
Speaker 1: from Ubs, the shares are up more than four percent
Speaker 1: right now in Zurich, SMP futures are moving lower now
Speaker 1: down ten points, STOUT futures down, NASTACK futures are down
Speaker 1: by twelve points ten Your treasury is up fifteen thirty seconds.
Speaker 1: Yield four point one seven percent. Yield on the two
Speaker 1: year four point four seven percent. Nim X crew down
Speaker 1: one PO two right now at eighty three dollars fifty
Speaker 1: nine cents of barrel. This is Bloomberg. Bloomberg day Break,
Speaker 1: brought to you by the New York Community Trust. Your
Speaker 1: name will live on as a champion of the causes
Speaker 1: you care about for years to come through a charitable
Speaker 1: bequest to the New York Community Trust. Learn more at
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Speaker 1: Studio in New York, Bloomberg Living Freedom to Washington, d C,
Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg Own sixteen to the Country Sirius XM chent A
Speaker 1: one nine Tea, and around the globe the Bloomberg Business
Speaker 1: app and Bloomberg Radio dot Com. This is Bloomberg Daybreak
Speaker 1: and it's five thirty on Wall Street. Good morning. I'm
Speaker 1: Karen Moscow, I'm Nathan Hager. Bloomberg Daybreak is brought to
Speaker 1: you by se I. Imagine your asset management firms operational
Speaker 1: infrastructure at a competitive advantage. Let se I show you
Speaker 1: how at se i c dot com slash I m s. Well,
Speaker 1: we're just about four hours away from the open of
Speaker 1: US trading, Let's get you up to date on the
Speaker 1: news you need to know. At this hour, stocks are
Speaker 1: coming off two straight days of gains. Steady earnings and
Speaker 1: hope for slowing rate hikes help fuel the rally. Robert Stimpson,
Speaker 1: chief investment officer with Oak Associate Funds, says, recession or not,
Speaker 1: traders should expect shoppiness ahead. Our recession doesn't matter for
Speaker 1: stock They simply do not like a slowing economy and
Speaker 1: that is what we have. So whether it's a mid
Speaker 1: cycle slowdown or a soft landing or a recession, stocks
Speaker 1: tend to struggle when the economy is slowing, and that's
Speaker 1: the environment we're in. So the last week may have
Speaker 1: been better, but we do think it's going to be
Speaker 1: well into next year before stocks get further signals that
Speaker 1: have sustained advance is really possible. Robert Stimpson with Oak
Speaker 1: Associate Funds believe stocks have not bought them just yet
Speaker 1: any time. In Asia, Karen Hong Kong's benchmark Tech index
Speaker 1: bounced between gains and losses but close up more than
Speaker 1: one percent today. It follows a more than seven percent
Speaker 1: drop yesterday over concerns Chinese President Shijn Ping's third term
Speaker 1: will bring unfriendly market policies well. She is stacking China's
Speaker 1: top posts with allies who are less likely to counter
Speaker 1: restrictive policies Nathan, but White House advisers say they're still
Speaker 1: working on a meeting between the communist leader and President Biden,
Speaker 1: possibly at the G twenty in Bali next month. Over Europe,
Speaker 1: Karen Rishi Sunaka said to become the UK's third prime
Speaker 1: minister in his many months. Sunaka said to speak in
Speaker 1: about an hour, bringing those comments live on Bloomberg Radio
Speaker 1: and television. Well to earnings now, Nathan, shares of HSBC
Speaker 1: are down about eight percent in London. That's after the
Speaker 1: bank reported higher than expected charges for possible loan losses.
Speaker 1: On the flip side, Karen, shares of UBS are up
Speaker 1: more than four percent. The Swiss Bank reported better than
Speaker 1: expected profit. We spoke with UBS CEO Ralph Hammers about
Speaker 1: the results plus volatility in foreign exchange to also see
Speaker 1: that volatility leading to further uncertainty, and that uncertainty is
Speaker 1: actually translated into the needs for further guidance our clients
Speaker 1: right an again, we need more guidance and if they
Speaker 1: want more guidance. That's why they bring their money to us,
Speaker 1: and that's why we sort of post to flow so
Speaker 1: strongly coming into our franchise this quarter. New BS CEO
Speaker 1: Ralph Hammers spoke with Bloomberg's man its Cranny, saying he
Speaker 1: sees more clients sitting on the sidelines in the current climate.
Speaker 1: Back here in the US, Nathan, we have a high
Speaker 1: profile break up this morning. Bloomberg News has learned Adida's
Speaker 1: plans to end its partnership with Yea, the man formerly
Speaker 1: known as Kanye West. Straight ahead, your latest local headlines
Speaker 1: plus the check of sports. This is Bloomberg. Thank you, karens.
Speaker 1: It's five thirty three on Wall Street where it's sixty
Speaker 1: three degrees in Central Park. We've got a crash on
Speaker 1: the inbound g w B. Details coming up in traffic. First.
Speaker 1: Michael Barr with tomorrow what's going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: It is debate night between New York Democratic Governor Kathy
Speaker 1: Hokel and Every Republican challenger Lees Elden. The two are
Speaker 1: expected to debate such topics as crime and the state's
Speaker 1: bail reformed laws. Florida governor round the Scantists declined to
Speaker 1: say whether he'll run for president, as Democratic challenger Charlie
Speaker 1: Christ accused him of being too distracted by a bid
Speaker 1: for the White House. In asked for immigrants, Chris accused
Speaker 1: the Santists and is using public money to fly asylum
Speaker 1: seekers from Texas to Martha's Vineyard earlier this year. You
Speaker 1: want to pull political stunts like you did with the
Speaker 1: taxpayers dollars of the people of Florida. That's not what
Speaker 1: it's for. That's not what you should have done. It
Speaker 1: isn't funny, it's not right, and you were in humane
Speaker 1: and how you treated these people. In Florida's first and
Speaker 1: only re election debate, the Santists said chris support for
Speaker 1: President Joe Biden of the time meant that he should
Speaker 1: share the blame for the worst inflation in forty years
Speaker 1: in the US. Fire fuel and natural gas prices up
Speaker 1: because of the Biden Christ energy policies. They're waging war
Speaker 1: on American energy. They are not producing what we need
Speaker 1: to do, their begging Maduro and OPEC for more oil.
Speaker 1: The debate was aired on WPEC. A man is in
Speaker 1: custody in New York City for last week's violent and
Speaker 1: unprovoked attack on a subway writer. The attack prompted the
Speaker 1: NYPD to step up its presence at subway stations. The
Speaker 1: US is making more charges that China's espionage into US
Speaker 1: businesses growing. Bloomberg's aid Baxter as the story. The d
Speaker 1: O j unsealed two more charges claiming Chinese intelligence officers
Speaker 1: tried to obstruct the criminal investigation of the Huawei Technologies,
Speaker 1: and FBI Director Christopher Ray says that is basically the
Speaker 1: tip of the iceberg, and frankly, in thousands of others,
Speaker 1: we've found the Chinese government threatening established democratic norms and
Speaker 1: the rule of law as they work to undermine US
Speaker 1: economic security and fundamental human rights. Ray says, so far
Speaker 1: charges against thirteen working for China's intelligence service in San Francisco.
Speaker 1: I'm at Baxter, Bloomberg Gay Break Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven HUDRED journalists, analysts more
Speaker 1: than a d twenty countries. I'm Michael bar This is
Speaker 1: Bloomberg Naked. Okay, Michael, thank you. Now on Wall Street,
Speaker 1: It's time for the Bloomberg Sports Updata, and it's brought
Speaker 1: to you by try stayed OUTI Good morning, John stan Shar,
Speaker 1: Good morning night. Then the next last season had two
Speaker 1: players average twenty points a game, Julius Randall r. J. Barrett.
Speaker 1: Now the Knicks e ated Jalen Brunson at the Garden.
Speaker 1: Randall scored twenty five, Barrett at it twenty Brunson scored
Speaker 1: twenty one. Nicks meet the Magic one fifteen to one.
Speaker 1: Out to their back home tomorrow for Charlotte and Let's
Speaker 1: have their two stars. And in Memphis, both Kevin Rann
Speaker 1: and Kyring Ever being poured in thirty seven points, but
Speaker 1: the Grizzlies John Morant and Desmond Baine one up them
Speaker 1: thirty eight apiece. Memphis one on one T four nets
Speaker 1: Tomorrow visit Milwaukee. Devil's lost to Washington six to three.
Speaker 1: The Rangers tonight welcome in the Raining Stanley Cup champion
Speaker 1: Colorado Avalanche. Week seven wrapped up with a surprisingly easy
Speaker 1: win by Chicago thirty three to fourteen at New England.
Speaker 1: Both teams are three and four. The Pats are in
Speaker 1: last place and they're unsure who their quarterback is. Mac
Speaker 1: Jones returned from his ankle injury, got benched for rookie
Speaker 1: Bailey Zaffy. They combined to throw three interceptions that Pats
Speaker 1: visit the red Hot Jets on Sunday. The Jets having
Speaker 1: lost running back Greese Hall, who was having a terrific
Speaker 1: rookie season too a torn a c l last night,
Speaker 1: the Jets sent the late round draft pick to Jacksonville
Speaker 1: to acquire running back Jeans Robinson. Quarterback change in Indianapolis,
Speaker 1: the veteran Matt Ryan, his first season with the calls
Speaker 1: bench for Sam Ellinger, has never thrown a pass in
Speaker 1: the NFL game. The off season another way for the Yankees,
Speaker 1: Aaron Boone hopeful it includes a new contract for Aaron,
Speaker 1: someone that I've grown close with and just admire and respect,
Speaker 1: and uh, you know, hopefully we'll see him in pinstripes
Speaker 1: for a long time. I don't he want to think
Speaker 1: about the alternative right now. Um, but you know, he's
Speaker 1: he means a lot to a lot of us in
Speaker 1: that real world series starts Friday's Really Masters in Houston.
Speaker 1: John Stashar Bloomberg Sports, Okay, John, thank you. It's seven
Speaker 1: on Wall Street time now for the Tri State Business Report.
Speaker 1: Here with that is Bloomberg, Scott, Car, tech and financial
Speaker 1: service companies led the way in the amount of sub
Speaker 1: least space in Manhattan during this year's third quarter. That
Speaker 1: from a new report from Saville's Manhattan Sublease Overview. Directors
Speaker 1: at New York Business Journals say there's been more than
Speaker 1: two million square feet of available sublease space least since
Speaker 1: the last quarter, a substantial increase since before the pandemic.
Speaker 1: The State of the r post production house Wife In
Speaker 1: Studios has opened in Englewood Cliffs. The studio will be
Speaker 1: serving New Jersey's growing film community as studio network and
Speaker 1: independent productions continue flocking to the Garden State. It represents
Speaker 1: the latest expansion of the female led business founded by
Speaker 1: award winning producers Molly Connors and Jane sen Esy. Sacks
Speaker 1: Off Fifth is opening another department store in Connecticut, returning
Speaker 1: to Stanford with a new store set to open Thursday.
Speaker 1: It marks the third sacks Off if in the state.
Speaker 1: They're taking much of the space that was occupied by
Speaker 1: A Lord and Taylor at Stanford Town Center Mall. That's
Speaker 1: the Bloomberg Tri State Business Report. I'm Scott Carr. Thank you, Scott.
Speaker 1: It's five thirty eight on Wall Street. Bloomberg Radio is
Speaker 1: on the air from San Francisco to New York, London
Speaker 1: to Hong Kong. Let's check in with our global news
Speaker 1: team for some of the top stories heard on our
Speaker 1: three hundred affiliate radio stations around the world. I'm Corneitnaho
Speaker 1: on ktr H in Houston. Apple has increased prices for
Speaker 1: its music and TV Plus services for the first time.
Speaker 1: I'm Gina Servetti and for w c CEO in Minneapolis,
Speaker 1: I'm reporting that Medtronic plans to spin off one of
Speaker 1: its businesses into a new company. I'm Windy to Lett
Speaker 1: on w I o D in Miami. I'm reporting on
Speaker 1: the sinking supplies of o J. I'm Stephen Carol and
Speaker 1: Bloomberg d a B Digital Radio in London. We've been
Speaker 1: reporting on results from HSBC and UBS beating expectations helped
Speaker 1: by higher interest rates. I'm Scott Carr on w w
Speaker 1: J ANDT Froyd. I'm reporting on automakers in motor City
Speaker 1: bucking concerns about emissions and climate change. And those are
Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists
Speaker 1: and analysts are working on this morning around the world.
Speaker 1: Back here on Wall Street, we are watching earnings come
Speaker 1: down the pike. Today we'll hear from Microsoft, end Alphabet,
Speaker 1: but also a big name in the restaurant industry. Chipotle
Speaker 1: Mexican Grill is among forty companies in the SMP five
Speaker 1: hundred reporting their results today. It's get a preview now
Speaker 1: from Bloomberg's Charlie Pellett. The analysts surveyed by Bloomberger are
Speaker 1: looking for adjusted earnings for share of nine dollars twenty
Speaker 1: three cents on revenue of two point to four billion dollars.
Speaker 1: Earnings will be watched for signs at higher prices help
Speaker 1: bolster sales. Analysts say there's also concern about profitability due
Speaker 1: to stubbornly high commodity and labor inflation and softening demand.
Speaker 1: Bloomberg Intelligence analyst Michael Halen says, along with price increases,
Speaker 1: more in restaurant dining and retention of digital revenue you
Speaker 1: gain from the pandemic helped third quarter same store sales
Speaker 1: in New York. Charlie Bloomberg day Break. Okay, Charlie, thank
Speaker 1: you for watching futures point lower now. It's and p
Speaker 1: futures down fifteen points. Staff futures down a hundred forty
Speaker 1: NASDAC features are lower by twenty eight points. You're listening
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Speaker 1: Karen Moscow's docks and europ pairing and gains. They're now
Speaker 1: moving lower. US dock indise futures are falling as investors
Speaker 1: purses stream of corporate news that had a policy meetings
Speaker 1: by the European Central Bank and Federal Reserve to check
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg s and P Future is down sixteen points this morning.
Speaker 1: Down features down a hundred forty five NASDACK features down
Speaker 1: twenty eight. The decks in Germany's down eight tens of
Speaker 1: percent ten year treasury of fourteen thirty seconds, he'll four
Speaker 1: point one eight percent. The yield on a two year
Speaker 1: four point four seven percent. Nine x Screwed oil is
Speaker 1: down one and a half percent, down a dollar twenty
Speaker 1: nine at eighty three dollars twenty eight cents, a barrel
Speaker 1: Comax gold down six tens percent or ten dollars ten
Speaker 1: cents at sixteen forty four and ounce. The euro at
Speaker 1: point nine eight seven zero against the dollar British found
Speaker 1: one point one three two four and the end is
Speaker 1: at one forty eight point nine zero. Bitcoin is down
Speaker 1: six ten percent at nineteen thousand, two hundred seventy dollars.
Speaker 1: That's a Bloomberg has flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you kindly. Rieshi Sunak is due to be installed
Speaker 1: as Britain's third Prime Minister of the Year by King
Speaker 1: Charles the Third Tunac, Britain's first prime Minister of color,
Speaker 1: faces the huge task of trying to shore up an
Speaker 1: economy sliding toward recession and reeling after his predecessor's experiment
Speaker 1: in libertarian economics. Six Palestinians were killed in the West Bank,
Speaker 1: over nine and more than thirty were injured as an
Speaker 1: Israeli military operation targets a local militia that has carried
Speaker 1: out attacks in the NBA. The next one, the Nets
Speaker 1: and Celtics lost in hockey, The Capital's Beat, The Devil's
Speaker 1: six three Global News twenty four hours a day on
Speaker 1: airand on Bloomberg Quicktake, powered by more than twenty seven
Speaker 1: hundred journalists and analysts and more than a hundred twenty countries.
Speaker 1: H'm Michael Barr and Nathan Guess what this is Bloomberg, sir,
Speaker 1: So it is. Thank you, Michael. We're coming up to
Speaker 1: nine on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak and we're joined now by Brian Levitt,
Speaker 1: global market strategists at Investco. As we take a look
Speaker 1: at this market this morning. Brian, it's great to speak
Speaker 1: with you. Seeing futures point a little bit more to losses.
Speaker 1: But after two straight days of gains for the equity market,
Speaker 1: what do you see as the path ahead? Well, it's
Speaker 1: gonna be a little bit challenging. It's not going to
Speaker 1: be a straight line here where we're still working through
Speaker 1: a bottoming process, and it's an economy that's contracting or
Speaker 1: or at least growing below trend and coming down with
Speaker 1: policy still tightening. So that's a little bit of a challenge.
Speaker 1: But I do remind investors that historically equities tend to
Speaker 1: do well over the next year when inflation has peaked,
Speaker 1: and and we believe it has, which suggests that you know,
Speaker 1: some near term challenge, but uh positive unequities over over
Speaker 1: the next six or twelve months. Well, you say inflation
Speaker 1: is peaked, are you thinking that that could mean that
Speaker 1: we see a pivot from the Fed sooner than markets
Speaker 1: have been pricing in now. I think they're calling for
Speaker 1: seventy basis point moves at each the next two meetings. Here, Well,
Speaker 1: the market has priced at a terminal FED funds rate
Speaker 1: and now at five. I mean it's it's been a
Speaker 1: challenge getting to where that terminal rate would be. First
Speaker 1: it was three, then four, then four and a half.
Speaker 1: You know, so the market keeps having a price in
Speaker 1: additional tightening. I think there's a high probability that five
Speaker 1: percent um or or close to it is the terminal rate.
Speaker 1: I mean, you have core personal consumption expenditure year over
Speaker 1: year at four nine, So that would be a FED
Speaker 1: funds above core pc, which which seems about right. And
Speaker 1: if that's the case, then we start to think about
Speaker 1: the pause. Um. I don't know if I would necessarily
Speaker 1: call it, you know, a significant pivot, but a pause.
Speaker 1: And as the market starts to anticipate that pause, um,
Speaker 1: you should see financial conditions begin to ease. I want
Speaker 1: to get your thoughts on some commentary we heard just
Speaker 1: this morning from the CEO of JP Morgan, Jamie Diamond.
Speaker 1: He has been speaking in ri odd. He now says
Speaker 1: that geopolitical risk is a much bigger concern than recession.
Speaker 1: Kind of stood out to me, given that Jamie Diamond
Speaker 1: just a few months ago called recession risk of economic
Speaker 1: hurricane coming. How do you see the risks playing out
Speaker 1: in markets as geo politics a bigger concern for you
Speaker 1: than recession risk right now? Well, geo politics is always
Speaker 1: a concern. I I agree that that things seem quite
Speaker 1: challenging now, although I also remind investors that the markets
Speaker 1: did quite well in the twentieth century with a couple
Speaker 1: of world wars and a great depression. So um, you know,
Speaker 1: I I think what investors need to do with regards
Speaker 1: to the geopolitical concerns, is is put some hedges in
Speaker 1: their portfolio. I mean, look, if there's if there's going
Speaker 1: to be, um, you know, significant conflict between great economic
Speaker 1: powers of the world, then um, you know, it's going
Speaker 1: to be quite challenging environment for investors. But to me,
Speaker 1: what I my history suggests to me is that investors
Speaker 1: are better serve paying attention to where they are in
Speaker 1: the business cycle, what monetary policy is set to do,
Speaker 1: rather than trying to overly focus on the geopolitical risks.
Speaker 1: The geo political risks are going to be with us
Speaker 1: for for for the rest of our lives, and um,
Speaker 1: you know, for investors trying to seek their trying to
Speaker 1: reach their goals, they're gonna have to um stick to
Speaker 1: an investment plan and and hedge against the geopolitical risks.
Speaker 1: All right, So our last thirty seconds here, what does
Speaker 1: hedging look like for you with this kind of geopolitical backdrop. Well,
Speaker 1: I mean, look what we saw with Russia and Ukraine.
Speaker 1: Obviously the hedges were commodities. Um. If there's a bigger
Speaker 1: conflict between larger powers, I mean, look, that's that's not
Speaker 1: a larger economic powers. That's it's gonna be a challenge
Speaker 1: for for the economy, um for global economy, and so look,
Speaker 1: I mean it's it's gonna be you know, people say
Speaker 1: get rid of those sixty portfolios or it's not working.
Speaker 1: I think investors will be happy to be in higher
Speaker 1: quality bonds, longer duration assets, in that type of in
Speaker 1: that type of the world. Thanks as always, Brian, great
Speaker 1: to get your thoughts. Brian Leavitt, Global market Strategists at
Speaker 1: Investo with us this morning. Karen Well, Nathan, it is
Speaker 1: five fifty three on Wall Street. It's time for the
Speaker 1: Bloomberg Law Report. Let's get to the legal stories. Where
Speaker 1: are watching this morning from Bloomberg's when Di Gillette the
Speaker 1: first collective bargaining agreement has been reached in Congress Staffers
Speaker 1: in the office of Michigan Democratic Representative Andy Levin will
Speaker 1: get ten grand more in pay. The gm workers sex
Speaker 1: bias and retaliation lawsuit is going forward following pre trial
Speaker 1: rulings by a U. S. District Court judge in Tennessee.
Speaker 1: Shelley Varner claims two less qualified male engineers got promotions
Speaker 1: over her, and two firms are leading Atlanta based rose
Speaker 1: Hill Acquisition Corporation and it's merger with the Chilean fruit
Speaker 1: distributor called Prize that exports berries, cherries and not to
Speaker 1: over thirty countries. Bloomberg Law everything you need, all on
Speaker 1: one legal research platform, including guidance analysis and Bloomberg Market Intelligence.
Speaker 1: Find out more at Bloomberg Law dot com. Ry Wendy,
Speaker 1: Thanks now. Another legal story we're watching. Alex Jones has
Speaker 1: mocked the nearly one billion dollar jury verdict against him
Speaker 1: for spreading the myth at the deadliest school shooting in
Speaker 1: US history never happened, and said he would keep the
Speaker 1: families of the Sandy Hook victims in court for years
Speaker 1: to prevent paying the money. Getting the verdict is only
Speaker 1: the first hurdle in a long legal process for the families,
Speaker 1: one complicated by the fact that Jones company, Free Speech Systems,
Speaker 1: has filed for bankruptcy for more of Bloomberg's doing. Grosso
Speaker 1: speaks to bankruptcy attorney Nicolas Kafroth of Fox Rocks Child
Speaker 1: So Alex Jones said on his show, do these people
Speaker 1: actually think they're getting any money? Literally? For hundreds of
Speaker 1: thousands of dollars that can keep them in court for years?
Speaker 1: How often are these huge verdicts collective? Well, I mean
Speaker 1: it's tough when you have a bankruptcy case intervening him.
Speaker 1: Particularly here we have a bankrupcy case that was filed
Speaker 1: kind of strategically before these judgments were entered. When you
Speaker 1: have a billion dollar judgment, and it's pretty tough to
Speaker 1: collect on it, And certainly there's a lot of motivation
Speaker 1: not ox Jones part, to come up with as many
Speaker 1: maneuverings in court as possible, you know, appropriate or not,
Speaker 1: to delay payment on these debts. And these constitutions are
Speaker 1: certainly kind of part of our strategy to prolong payment
Speaker 1: and to at least come up with a narrative that
Speaker 1: Free Speech System doesn't have the money for it. The
Speaker 1: Sandy Hook families have intervened in the bankruptcy case. They
Speaker 1: accused Jones of burdening his company, Free Speech Systems, with
Speaker 1: fifty four million dollars in concocted debt owed to a
Speaker 1: different company PTPR, owned by Jones and his father. When
Speaker 1: will those claims be settled? Well, part of the early
Speaker 1: litigation of the bankruptcy case was the victim saying, hey,
Speaker 1: this this debt with p QPR is concocted, and it's
Speaker 1: it's going to form the basis of an argument that
Speaker 1: Free Speech Systems isn't going to be able to pay
Speaker 1: our debts. So the victims raised this issue early on
Speaker 1: and said to the bankruptcy court, look, you know, they
Speaker 1: filed their schedules and their financial disclosures. Free Speech Systems
Speaker 1: did indicating these debts were legitimate. The only person in
Speaker 1: charge of confirming whether they're legitimate is Alex Jones and
Speaker 1: his cronies who are running this business. We don't trust that.
Speaker 1: Please appoint a committee in this case to look into this.
Speaker 1: And the court kind of took a middle ground approach.
Speaker 1: Instead of appointing a committee, the court said, what I'm
Speaker 1: gonna do is I already have a subcepter five trustee
Speaker 1: who is a disinterested person, not you know, on the
Speaker 1: side of the victims, nonside of the debtor. I'm going
Speaker 1: to expand the scope of hers and I'm gonna have
Speaker 1: her investigate whether or not these debts actually all legitimate
Speaker 1: and so out what we have. The bankruptcy court has
Speaker 1: kind of pumped the brakes on moving the bankruptcy process forward.
Speaker 1: So this independent and kind of unusual investigation can take
Speaker 1: place because the bankruptcy court seriously doubt of the legitimacy
Speaker 1: of those debts. And that's Nicholas cow for Roth of
Speaker 1: Fox roths Child speaking with Bloomberg student Grosso. 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 the Law
Speaker 1: Go and still ahead on Bloomberg day Break and check
Speaker 1: on the business headlines and all the news you need
Speaker 1: to start your day. And this is Bloomberg