1 00:00:03,360 --> 00:00:06,560 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:06,640 --> 00:00:10,760 Speaker 1: day Break for Tuesday, October eighteen two. Coming up this shour, 3 00:00:11,119 --> 00:00:15,480 Speaker 1: stocks extend yesterday's rally on Wall Street. Callman Sachs wraps 4 00:00:15,560 --> 00:00:19,160 Speaker 1: up bank earnings. Letz Trust's apologizes but vows to stay 5 00:00:19,160 --> 00:00:21,759 Speaker 1: on as UK Prime Minister, and the White House could 6 00:00:21,760 --> 00:00:25,040 Speaker 1: release more oil from its emergency stock pile. It was 7 00:00:25,120 --> 00:00:28,320 Speaker 1: debate night in several key races, plus a new policy 8 00:00:28,400 --> 00:00:31,200 Speaker 1: from the New York Seditation Department is making the rats say, 9 00:00:31,360 --> 00:00:34,840 Speaker 1: Oh rats, I'm Michael Barr Morris. Fight ahead, I'm John 10 00:00:34,840 --> 00:00:37,480 Speaker 1: Stashoward Spurt. The Yankees and Guardians were rained out. They'll 11 00:00:37,479 --> 00:00:39,960 Speaker 1: play Game five at four o'clock today. The Rangers beat 12 00:00:40,000 --> 00:00:45,040 Speaker 1: the Ducks. The Chargers beat the Bronco. That's all s 13 00:00:45,080 --> 00:00:48,360 Speaker 1: train ahead on Bloomberg day Break on Bloomberg. He Live 14 00:00:48,440 --> 00:00:51,960 Speaker 1: in Free on New York, Bloomberg one, Washington, d C, 15 00:00:52,440 --> 00:00:56,720 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, 16 00:00:57,200 --> 00:01:00,240 Speaker 1: Syrius XM one nineteen and around the world Old on 17 00:01:00,400 --> 00:01:07,560 Speaker 1: Bloomberg Radio dot Com and the Bloomberg Business app. And 18 00:01:07,720 --> 00:01:10,520 Speaker 1: good morning, I'm far at Moscow. I'm Nathan Hager. Bloomberg 19 00:01:10,600 --> 00:01:13,360 Speaker 1: Daybreak is brought to you by SEI. Asset managers don't 20 00:01:13,360 --> 00:01:15,560 Speaker 1: get results that are off the charts when their solutions 21 00:01:15,560 --> 00:01:18,360 Speaker 1: are off the shelf. Learned how SEI is operating platform 22 00:01:18,400 --> 00:01:21,720 Speaker 1: can turn infrastructure into a competitive advantage at s E 23 00:01:21,920 --> 00:01:25,119 Speaker 1: i C dot Com, Slash Tech and futures are higher 24 00:01:25,120 --> 00:01:26,960 Speaker 1: this morning six o one on Wall Street, and we 25 00:01:27,040 --> 00:01:29,520 Speaker 1: checked the markets every fifteen minutes throughout the trading day 26 00:01:29,600 --> 00:01:32,399 Speaker 1: on Bloomberg. Right now, SNP futures are up about fifty 27 00:01:32,400 --> 00:01:35,840 Speaker 1: points down, futures up three hundred fifteen, NASDACK futures up 28 00:01:35,920 --> 00:01:39,400 Speaker 1: one five ten year treasury down to thirty seconds, yield 29 00:01:39,440 --> 00:01:41,880 Speaker 1: four point two percent, and the yield on the two 30 00:01:41,959 --> 00:01:45,200 Speaker 1: year four point four four percent, and NIMEX screwed oil 31 00:01:45,360 --> 00:01:47,440 Speaker 1: is down about three tenths of up percent to eighty 32 00:01:47,440 --> 00:01:50,440 Speaker 1: five one cents a barrel Nathan Well Karen. The rise 33 00:01:50,480 --> 00:01:53,680 Speaker 1: in futures follows yesterday's powerful rally on Wall Street. The 34 00:01:53,800 --> 00:01:56,640 Speaker 1: SNP five hundred game two point seven percent, while the 35 00:01:56,640 --> 00:02:00,080 Speaker 1: tech heavy nasdacs surged three point four percent. David the 36 00:02:00,280 --> 00:02:03,360 Speaker 1: senior investment strategist at Peapack Private Wealth says it was 37 00:02:03,400 --> 00:02:05,720 Speaker 1: only a matter of time for a bounce. We don't 38 00:02:05,760 --> 00:02:09,119 Speaker 1: know whether we've seen the bottom in the secrecal downturn, 39 00:02:09,320 --> 00:02:12,400 Speaker 1: but we do know that the conditions are primed for 40 00:02:12,880 --> 00:02:15,120 Speaker 1: better returns going forward. I mean, we start with the 41 00:02:15,160 --> 00:02:17,840 Speaker 1: fact that we're down twenty five percent year to date 42 00:02:17,960 --> 00:02:22,920 Speaker 1: on the broad market. On the NASTAC that alone should 43 00:02:23,160 --> 00:02:25,960 Speaker 1: with the appetite of all bargain hunters. David Deeds at 44 00:02:26,000 --> 00:02:29,200 Speaker 1: Peapack Private Wealth notes the sp closed above a key 45 00:02:29,240 --> 00:02:32,919 Speaker 1: technical support level yesterday. Still Nathan stocks have further room 46 00:02:32,919 --> 00:02:35,680 Speaker 1: to fall. That's according to the latest fund manager survey 47 00:02:35,760 --> 00:02:38,760 Speaker 1: from Bank of America. Their respondents expect stocks to bottom 48 00:02:38,760 --> 00:02:40,679 Speaker 1: in the first half of next year after the FED 49 00:02:40,720 --> 00:02:43,920 Speaker 1: finally pivots away from hiking rates. Right now, according to 50 00:02:43,919 --> 00:02:46,440 Speaker 1: the survey, investors have six point three percent of their 51 00:02:46,440 --> 00:02:49,520 Speaker 1: portfolios in cash, as the highest level since April of 52 00:02:49,560 --> 00:02:54,680 Speaker 1: two thousand one. Participants are underweight equities in Europe. Today, Karen, 53 00:02:54,680 --> 00:02:57,079 Speaker 1: we are hearing from Liz Trust, the UK Prime Minister, 54 00:02:57,160 --> 00:02:59,880 Speaker 1: says she's sorry for going too far, too fast after 55 00:03:00,120 --> 00:03:02,920 Speaker 1: new Chancellor gut it. Most of our economic plan. We 56 00:03:03,000 --> 00:03:07,880 Speaker 1: have made mistakes. I'm sorry for those mistakes. But I've 57 00:03:07,919 --> 00:03:11,800 Speaker 1: fixed the mistakes. I've appointed a new chancellor. We have 58 00:03:12,080 --> 00:03:16,440 Speaker 1: restored economic stability and fiscal discipline. What I now want 59 00:03:16,480 --> 00:03:18,840 Speaker 1: to do is go want to deliver for the public. 60 00:03:19,160 --> 00:03:21,560 Speaker 1: Prime Minister List Trust made the comments in an interview 61 00:03:21,560 --> 00:03:24,320 Speaker 1: with the BBC. One other note this morning, the Financial 62 00:03:24,360 --> 00:03:26,760 Speaker 1: Times is reporting the Bank of England will likely delay 63 00:03:26,840 --> 00:03:29,640 Speaker 1: its planned sale of government bonds on October thirty one, 64 00:03:29,800 --> 00:03:32,600 Speaker 1: but the Bank of England is refuting that report well 65 00:03:32,600 --> 00:03:34,639 Speaker 1: back here in the US, Nathan, We wrap up earning 66 00:03:34,720 --> 00:03:37,800 Speaker 1: from the big banks today with Goldman Snacks reporting this morning, 67 00:03:37,800 --> 00:03:41,040 Speaker 1: and here with the preview is Bloomberg's Jeff Bellinger. Goldman's 68 00:03:41,080 --> 00:03:44,080 Speaker 1: revenue and profit were boosted by investment games in the 69 00:03:44,160 --> 00:03:47,720 Speaker 1: third quarter last year. Bloomberg Intelligence expects to hear that 70 00:03:47,760 --> 00:03:50,560 Speaker 1: the numbers were lower in the just ended quarter, which 71 00:03:50,600 --> 00:03:53,440 Speaker 1: saw a slide and banking fees and a stock market 72 00:03:53,480 --> 00:03:57,760 Speaker 1: performance that likely weighed on its asset management business. Investors 73 00:03:57,760 --> 00:04:00,280 Speaker 1: will be interested in what executives have to say about 74 00:04:00,280 --> 00:04:04,000 Speaker 1: the future. Bloomberg reported last month that Goldman was beginning 75 00:04:04,000 --> 00:04:06,400 Speaker 1: the biggest round of job cuts since the start of 76 00:04:06,480 --> 00:04:10,400 Speaker 1: the pandemic, and just Yesterday, Wells Fargo analyst Mike Mayo 77 00:04:10,520 --> 00:04:15,680 Speaker 1: said Goldman is planning a major reorganization. Jeff Bellinger, Bloomberg Daybreak. 78 00:04:15,880 --> 00:04:18,440 Speaker 1: Thanks Jeff. Goldman's earnings come a day after Bank of 79 00:04:18,480 --> 00:04:21,920 Speaker 1: America reported its highest quarterly net interest income in at 80 00:04:22,000 --> 00:04:24,680 Speaker 1: least a decade. We caught up with CEO Brian moynihan, 81 00:04:24,680 --> 00:04:27,440 Speaker 1: who says the U. S. Consumer is still spending. Their 82 00:04:27,480 --> 00:04:30,159 Speaker 1: credit quality and a credit quality Bank of America in 83 00:04:30,200 --> 00:04:33,320 Speaker 1: our consumer books is very strong. Across the board. The 84 00:04:33,360 --> 00:04:36,640 Speaker 1: payment the delinquencies are much slower. They weren't pay pandemic, 85 00:04:36,920 --> 00:04:39,120 Speaker 1: much lower they were in any average five best year 86 00:04:39,160 --> 00:04:41,760 Speaker 1: type period. And yes they moved a little bit off 87 00:04:41,800 --> 00:04:44,000 Speaker 1: the floor, but they're still much lower they've been. So 88 00:04:44,480 --> 00:04:47,359 Speaker 1: consumers are spending, they have money, they're employed, you can 89 00:04:47,400 --> 00:04:50,760 Speaker 1: see the unemployment numbers, and they have good credit. Bank 90 00:04:50,760 --> 00:04:53,360 Speaker 1: of America CEO Brian moynihan made the comments in an 91 00:04:53,360 --> 00:04:56,880 Speaker 1: interview with Bloomberg's David Weston meantime, Nathan, we're seeing many 92 00:04:56,920 --> 00:05:00,279 Speaker 1: companies try to diversify their leadership ranks, but that effort 93 00:05:00,279 --> 00:05:02,680 Speaker 1: it could be getting harder as women leave top tier 94 00:05:02,760 --> 00:05:05,800 Speaker 1: jobs at higher rates than ever before. A report from 95 00:05:05,880 --> 00:05:08,200 Speaker 1: Mackenzie and Len and dot Org finds that for every 96 00:05:08,200 --> 00:05:10,920 Speaker 1: woman who gets promoted at the director level, two women 97 00:05:11,000 --> 00:05:14,200 Speaker 1: choose to leave. A lack of affordable childcare as part 98 00:05:14,240 --> 00:05:16,800 Speaker 1: of the reason. Also, a gender pay gap that had 99 00:05:16,839 --> 00:05:20,159 Speaker 1: been narrowing before the pandemic is now stalling. Well, let's 100 00:05:20,160 --> 00:05:22,640 Speaker 1: turn to Washington now, Karen. The White House is watching 101 00:05:22,760 --> 00:05:26,320 Speaker 1: energy prices closely, and we're told the Biden administrations making 102 00:05:26,320 --> 00:05:29,160 Speaker 1: moves to ensure the price of gas doesn't go even higher. 103 00:05:29,360 --> 00:05:33,120 Speaker 1: Amy Morris has the details from our Bloomberg newsroom in Washington. 104 00:05:33,480 --> 00:05:36,240 Speaker 1: Energy Department officials have been quietly meeting this week with 105 00:05:36,279 --> 00:05:39,279 Speaker 1: oil companies to let them know what to expect. Sources 106 00:05:39,320 --> 00:05:42,000 Speaker 1: tell Bloomberg News officials are prepared to release up to 107 00:05:42,040 --> 00:05:45,320 Speaker 1: fifteen million barrels of oil from the nation's emergency stockpile 108 00:05:45,400 --> 00:05:48,400 Speaker 1: to keep prices steady. We also expect to hear plans 109 00:05:48,400 --> 00:05:51,360 Speaker 1: from the Biden administration this week about how to replenish 110 00:05:51,400 --> 00:05:54,760 Speaker 1: that stockpile. Also, the administration is looking at limiting fuel 111 00:05:54,839 --> 00:05:58,320 Speaker 1: exports to keep more gasoline and diesel inside the US, 112 00:05:58,320 --> 00:06:00,719 Speaker 1: a more dramatic step that sort to say would not 113 00:06:00,839 --> 00:06:05,080 Speaker 1: happen before the midterms in Washington. I'm anymore as Bloomberg daybreak. Okay, 114 00:06:05,320 --> 00:06:08,520 Speaker 1: thanks in checking all prices now, Nimex crews dropping a bit, 115 00:06:08,560 --> 00:06:11,080 Speaker 1: down two tenths per cent at eighty five twenty nine 116 00:06:11,120 --> 00:06:13,719 Speaker 1: cents of barrel. Brent is down one tenth per cent 117 00:06:13,760 --> 00:06:17,640 Speaker 1: at ninety nine cents. Well in the geo political stage 118 00:06:17,680 --> 00:06:20,719 Speaker 1: this morning, Nathan, China and Taiwan are in focus the 119 00:06:20,839 --> 00:06:23,200 Speaker 1: US as Beijing can move to seize Taiwan and a 120 00:06:23,279 --> 00:06:26,760 Speaker 1: much faster timeline and previously thought and Bloomberg said, Baxter 121 00:06:26,880 --> 00:06:30,240 Speaker 1: has the story. Secretary of State Anthony Blincoln is responding 122 00:06:30,240 --> 00:06:33,080 Speaker 1: to Shi Jumping's addressed to the People's Congress over the weekend. 123 00:06:33,400 --> 00:06:35,839 Speaker 1: B Lincoln says there's been a change in the approach 124 00:06:35,839 --> 00:06:38,920 Speaker 1: over the past several years towards Taiwan, but says now 125 00:06:39,080 --> 00:06:42,520 Speaker 1: China has made a fundamental decision that the status quo 126 00:06:42,760 --> 00:06:46,600 Speaker 1: is no longer acceptable and that Beijing is determined to 127 00:06:46,680 --> 00:06:51,880 Speaker 1: pursue reunification on a much faster timeline. Having said that, 128 00:06:51,920 --> 00:06:55,599 Speaker 1: b Lincoln says there's eagerness to cooperate on share interest 129 00:06:55,880 --> 00:06:58,279 Speaker 1: given that she will be serving a third term in 130 00:06:58,400 --> 00:07:01,680 Speaker 1: San Francisco. I'm at Baxter Bloomberg daybreak at Baxter. Thank 131 00:07:01,760 --> 00:07:05,039 Speaker 1: USMP futures right now are up forty nine point staff 132 00:07:05,080 --> 00:07:08,000 Speaker 1: futures up three seventeen. NASTAC futures are hired by a 133 00:07:08,040 --> 00:07:11,480 Speaker 1: hundred eighty six points ten. Your treasuries down one thirty second, 134 00:07:11,520 --> 00:07:15,160 Speaker 1: the yield four point zero one per cent. Straight ahead, 135 00:07:15,160 --> 00:07:18,280 Speaker 1: your latest local headlines and a check of sports. This 136 00:07:18,640 --> 00:07:25,040 Speaker 1: is Bloomberg six oh seven on Wall Street. Now. We 137 00:07:25,080 --> 00:07:27,600 Speaker 1: are at fifty degrees in Central Park. Got a crash 138 00:07:27,680 --> 00:07:31,240 Speaker 1: northbound Bronx River Parkway. It's closed at Allerton Avenue. More 139 00:07:31,280 --> 00:07:33,320 Speaker 1: coming up in traffic. First Michael bar with more on 140 00:07:33,360 --> 00:07:35,320 Speaker 1: what's going on in New York and around the world. Michael, 141 00:07:35,360 --> 00:07:37,560 Speaker 1: thank you very much. Nathan, New York City announced the 142 00:07:37,600 --> 00:07:40,640 Speaker 1: new policy meant to keep the streets cleaner and free 143 00:07:40,680 --> 00:07:43,800 Speaker 1: of rats. With trash bags piled on the curbs at night. 144 00:07:44,200 --> 00:07:46,440 Speaker 1: There are new rules on when you can take out 145 00:07:46,480 --> 00:07:50,840 Speaker 1: the garbage. Sanitation Commissioner Jessica Tish the biggest swing that 146 00:07:50,920 --> 00:07:53,760 Speaker 1: you can take at cleaning up our streets is to 147 00:07:53,880 --> 00:07:57,480 Speaker 1: shut down the all night, all you can eat rat buffet. 148 00:07:58,400 --> 00:08:02,200 Speaker 1: I want to be clear, the rats are absolutely going 149 00:08:02,240 --> 00:08:06,280 Speaker 1: to hate. This announcement, Sanitation Commissioner Tish said buildings can 150 00:08:06,280 --> 00:08:08,680 Speaker 1: put their trash out no earlier than eight pm, and 151 00:08:08,720 --> 00:08:13,960 Speaker 1: there will be more collections overnight. New York City arts organizations, 152 00:08:13,960 --> 00:08:17,560 Speaker 1: including the Metropolitan Opera and Carnegie Hall, announced that they 153 00:08:17,600 --> 00:08:22,400 Speaker 1: will make face masks optional beginning October as COVID nineteen 154 00:08:22,440 --> 00:08:25,920 Speaker 1: cases continue to decline across the area. The group added 155 00:08:25,920 --> 00:08:29,120 Speaker 1: that it will continue to encourage the practice of masking 156 00:08:29,560 --> 00:08:34,240 Speaker 1: and vaccinations, which also remain optional. Georgia Governor Brian Kemp 157 00:08:34,280 --> 00:08:38,840 Speaker 1: faced Democratic challengers Stacy Abrams and Libertarian candidate Shane Hazel 158 00:08:38,880 --> 00:08:43,199 Speaker 1: for a televised debate sponsored by the Atlanta Press Club. Abrams, 159 00:08:43,200 --> 00:08:46,240 Speaker 1: speaking last night, as governor, I intend to stand up 160 00:08:46,240 --> 00:08:48,120 Speaker 1: for the right to vote. I will always acknowledge the 161 00:08:48,120 --> 00:08:50,880 Speaker 1: outcome of elections, but I will never deny access to 162 00:08:51,000 --> 00:08:53,840 Speaker 1: every voter, because that is the responsibility of every American 163 00:08:54,000 --> 00:08:56,840 Speaker 1: to defend the right to vote. Kemp responded to Abram's 164 00:08:56,880 --> 00:09:00,520 Speaker 1: accusations of voter suppression during his time as governor. I'm 165 00:09:00,520 --> 00:09:04,480 Speaker 1: the person that created the online voter registration system in 166 00:09:04,559 --> 00:09:08,400 Speaker 1: the state where any Georgian convert registered of the twenty 167 00:09:08,400 --> 00:09:11,480 Speaker 1: four hours a day, seven days a week. Abraham's lost 168 00:09:11,520 --> 00:09:13,800 Speaker 1: to Kemp when they first ran against each other in 169 00:09:13,800 --> 00:09:17,720 Speaker 1: the twenty eighteen race for governor. Democratic Representative Tim Ryan 170 00:09:17,800 --> 00:09:20,680 Speaker 1: and Republican J. D. Vans meant for their second debate 171 00:09:20,880 --> 00:09:25,680 Speaker 1: to replace retiring Ohio Republican Senator Rob Portman on NBCs 172 00:09:25,880 --> 00:09:29,920 Speaker 1: w FM JTV. Vans accused Ryan of voting for tax 173 00:09:29,960 --> 00:09:33,480 Speaker 1: increases and criticized his support for the Inflation Reduction Act. 174 00:09:33,720 --> 00:09:37,319 Speaker 1: It raises taxes by twenty billion dollars on working people 175 00:09:37,360 --> 00:09:39,280 Speaker 1: in this state and in this country, and then at 176 00:09:39,280 --> 00:09:42,040 Speaker 1: six seven thousand, I rst agents to go after them. 177 00:09:42,240 --> 00:09:46,040 Speaker 1: Bryan replied, advances accusing him of being a follower of 178 00:09:46,040 --> 00:09:49,360 Speaker 1: how speaker Nancy Pelosi. You keep talking about Nancy Pelosi. 179 00:09:50,080 --> 00:09:52,319 Speaker 1: If you want to run against Nancy Pelosi, moved back 180 00:09:52,320 --> 00:09:55,160 Speaker 1: to San Francisco and run against Nancy Pelosi. You're running 181 00:09:55,160 --> 00:09:58,560 Speaker 1: against me. Poles projected race as a virtual time global 182 00:09:58,600 --> 00:10:01,240 Speaker 1: Neames twenty four hours a day on airand on Bloomberg 183 00:10:01,320 --> 00:10:03,679 Speaker 1: quick Take, powered by more than twenty seven hundred journalists 184 00:10:03,679 --> 00:10:05,840 Speaker 1: and analysts in more than a hundred twenty countries. I'm 185 00:10:05,840 --> 00:10:12,640 Speaker 1: Michael bar This is Bloomberg. Nathan. Thanks Michael almost six 186 00:10:12,679 --> 00:10:14,640 Speaker 1: ten on All Street Time for the Bloomberg Sports Update 187 00:10:14,640 --> 00:10:16,920 Speaker 1: with John stoesshown All right, Nathan. Second time in this 188 00:10:16,960 --> 00:10:19,520 Speaker 1: series where the Yankees and Guardians have been reined out 189 00:10:19,520 --> 00:10:21,520 Speaker 1: at the stadium, Unlike last week when the game was 190 00:10:21,559 --> 00:10:24,240 Speaker 1: called early in the afternoon. The fans were there last night, 191 00:10:24,240 --> 00:10:26,680 Speaker 1: but at nine thirty they called it's a game. Five 192 00:10:27,160 --> 00:10:29,319 Speaker 1: is at four o'clock today, and with the day off, 193 00:10:29,360 --> 00:10:32,840 Speaker 1: the Yankees are changing starting pitchers. Out is Jamison tan 194 00:10:32,960 --> 00:10:36,080 Speaker 1: and in is Nestor Cortez, picking on three days rest. 195 00:10:36,080 --> 00:10:38,679 Speaker 1: The Guardians could do likewise with Shane Bieber. He was 196 00:10:38,760 --> 00:10:40,959 Speaker 1: the sty young winner just two years ago, but they 197 00:10:41,040 --> 00:10:44,439 Speaker 1: say they are sticking with Aaron Savali the winner today. 198 00:10:44,559 --> 00:10:46,480 Speaker 1: Quickly off to Houston for Game one of the a 199 00:10:46,640 --> 00:10:51,559 Speaker 1: LCS tomorrow. The surprising n LCS Phillies and Padres starting 200 00:10:51,600 --> 00:10:53,880 Speaker 1: tonight in San Diego, two teams who failed to win 201 00:10:54,040 --> 00:10:57,439 Speaker 1: ninety games to decide the penned after three n l 202 00:10:57,520 --> 00:11:00,000 Speaker 1: teams that won over a hundred games, including the Mets, 203 00:11:00,400 --> 00:11:02,560 Speaker 1: were outst Week six wrapped up a f C West 204 00:11:02,559 --> 00:11:04,720 Speaker 1: game in l a went over time Chargers beat the 205 00:11:04,720 --> 00:11:07,880 Speaker 1: Broncos nineteen sixteen. Third great win for l A. Denver 206 00:11:07,960 --> 00:11:10,600 Speaker 1: now two and four and the red Hot Jets visit 207 00:11:10,679 --> 00:11:12,760 Speaker 1: the Broncos on Sunday. I mean one a f C 208 00:11:12,920 --> 00:11:15,559 Speaker 1: teen was a better record than the Jets at the Garden. 209 00:11:15,640 --> 00:11:18,080 Speaker 1: Rangers and Ducks. Good start for the Blue Shorts, especially 210 00:11:18,120 --> 00:11:23,720 Speaker 1: with the man advantage. But theres the candile. It stacks 211 00:11:23,760 --> 00:11:27,240 Speaker 1: it up. Let's start to that down low pro chack 212 00:11:27,280 --> 00:11:32,719 Speaker 1: aproch about a Jets these stars. It was about a 213 00:11:32,840 --> 00:11:35,760 Speaker 1: Jet shutting up tro check for the first power play goal. 214 00:11:36,240 --> 00:11:40,000 Speaker 1: If time pro check to Sabanda, chat to the Rangers 215 00:11:40,000 --> 00:11:42,720 Speaker 1: and seventy the later is the banner. Jet scored another 216 00:11:42,800 --> 00:11:45,760 Speaker 1: power play goal. Rangers beat Anaheim six to four, their 217 00:11:45,880 --> 00:11:48,280 Speaker 1: three and one NBA season tipping off tonight, a couple 218 00:11:48,320 --> 00:11:51,280 Speaker 1: of games Nixon Nets get going tomorrow, John stash Ower, 219 00:11:51,320 --> 00:11:54,679 Speaker 1: Bloomberg Sports, Nathan, Thanks John. Sp futures right now forty 220 00:11:54,720 --> 00:11:56,839 Speaker 1: six points, South Feutures of tune to ninety five dance 221 00:11:56,920 --> 00:11:59,199 Speaker 1: A Futures up a hundred seventy three points. We'll talk 222 00:11:59,200 --> 00:12:03,160 Speaker 1: about this market next with HSBC chief multi asset strategist 223 00:12:03,240 --> 00:12:08,560 Speaker 1: Max Kedner. This is Bloomberg Bloomberg eleven three oh weather 224 00:12:08,679 --> 00:12:12,720 Speaker 1: clearing cooler today, highs in the upper fifties, sunny, mid fifties. Tomorrow, 225 00:12:13,240 --> 00:12:17,120 Speaker 1: might hit sixty by Thursday. Right now it's fifty in 226 00:12:17,280 --> 00:12:24,880 Speaker 1: Central Park. Markets. Headlines and breaking news twenty four hours 227 00:12:24,920 --> 00:12:27,880 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Out 228 00:12:28,000 --> 00:12:31,760 Speaker 1: and at Bloomberg Quicktake. This is a Bloomberg Business Flash 229 00:12:37,520 --> 00:12:40,120 Speaker 1: and I'm Karen Moscow. And futures are higher this morning, 230 00:12:40,160 --> 00:12:43,000 Speaker 1: but SMP futures of fifty points down. Futures have three 231 00:12:43,080 --> 00:12:46,559 Speaker 1: number twenty nine, and ASTA futures have on four the decks. 232 00:12:46,600 --> 00:12:50,240 Speaker 1: In Germany's a one point one percent tenure treasury that'll change. 233 00:12:50,280 --> 00:12:52,280 Speaker 1: He had four point one percent that yield on the 234 00:12:52,320 --> 00:12:54,520 Speaker 1: two year four point four or four percent. N i 235 00:12:54,720 --> 00:12:56,559 Speaker 1: X screwed oils down a tenth of upper cent or 236 00:12:56,600 --> 00:12:58,880 Speaker 1: eleven cents at eighty five dollars, thirty five cents of 237 00:12:58,920 --> 00:13:01,280 Speaker 1: barrel co mix well that a third of percent, or 238 00:13:01,320 --> 00:13:04,720 Speaker 1: six dollars at sixteen fifty eight thirty announced euro point 239 00:13:04,960 --> 00:13:07,240 Speaker 1: eight four three against the dollar. British found one point 240 00:13:07,280 --> 00:13:09,600 Speaker 1: one eight eight to the end one nine point oh 241 00:13:09,720 --> 00:13:12,520 Speaker 1: six and Intel's mobilize says it sees its ip ot 242 00:13:12,559 --> 00:13:15,240 Speaker 1: the price between eighteen and twenty dollars per share, according 243 00:13:15,280 --> 00:13:17,920 Speaker 1: to a filing. That's a Bloomberg business flash. Now here's 244 00:13:17,960 --> 00:13:20,320 Speaker 1: Michael Barr with more on what's going on around the world. 245 00:13:20,440 --> 00:13:23,880 Speaker 1: Michael Karen, thank you very much. Ukrainian President Zelenski says 246 00:13:23,920 --> 00:13:26,520 Speaker 1: his country needs more help to defend itself from the 247 00:13:26,600 --> 00:13:30,480 Speaker 1: Iranian maid so called Kama Kanze drones the Russian army 248 00:13:30,520 --> 00:13:33,679 Speaker 1: has been using to attack civilian infrastructure. At least eight 249 00:13:33,720 --> 00:13:37,600 Speaker 1: people were killed during yesterday's strikes. A suspected serial killer 250 00:13:37,640 --> 00:13:41,559 Speaker 1: in Stockton, California, scheduled to be arraigned today. Authorities say 251 00:13:41,679 --> 00:13:45,280 Speaker 1: forty three year old Wesley Brownlee is accused of terrorizing 252 00:13:45,360 --> 00:13:48,800 Speaker 1: the community for months, hunting for his victims, and often 253 00:13:48,880 --> 00:13:52,400 Speaker 1: waiting in the dark. In baseball, the Yankees and Guardians 254 00:13:52,400 --> 00:13:55,640 Speaker 1: will play their deciding game five of their a LDS 255 00:13:55,720 --> 00:13:59,320 Speaker 1: this afternoon at four pm Eastern time. Rain postponed last 256 00:13:59,440 --> 00:14:02,360 Speaker 1: night's game. Wenday Night football, the Chargers beat the Broncos 257 00:14:02,400 --> 00:14:05,959 Speaker 1: in overtime nineteen sixteen. In hockey, the Rangers, Bruins, and 258 00:14:06,200 --> 00:14:09,760 Speaker 1: Capitals all one. Global News twenty four hours a day 259 00:14:09,920 --> 00:14:12,800 Speaker 1: on here and on Bloomberg Quick Take, powered by more 260 00:14:12,840 --> 00:14:15,320 Speaker 1: than twenty seven hundred journalists and analysts are more than 261 00:14:15,360 --> 00:14:18,480 Speaker 1: a hundred twenty countries. Michael barn This is Bloomberg Nav 262 00:14:18,679 --> 00:14:21,360 Speaker 1: all right, Michael. Thanks at six nineteen on Wall Street 263 00:14:21,440 --> 00:14:24,760 Speaker 1: Life from the Bloomberg Interactive Broker Studios. This is Bloomberg 264 00:14:24,880 --> 00:14:27,720 Speaker 1: Daybreak and we're joined now by Max Kentner, chief Multi 265 00:14:27,760 --> 00:14:32,440 Speaker 1: Assets strategist at HSBC. Great to speak with you this morning, Max. 266 00:14:32,520 --> 00:14:36,880 Speaker 1: As we watch futures continue to rise following yesterday's bounce 267 00:14:37,000 --> 00:14:39,280 Speaker 1: on Wall Street, is there room for this rally to run? 268 00:14:39,320 --> 00:14:43,000 Speaker 1: Are you fading this one? Yeah? Good morning, So I 269 00:14:43,160 --> 00:14:46,480 Speaker 1: think I would be very very definitely fading this one. 270 00:14:46,480 --> 00:14:49,440 Speaker 1: I think there's quite a quite a distinct lack of 271 00:14:49,600 --> 00:14:52,720 Speaker 1: pass through really and then follow through if you if 272 00:14:52,760 --> 00:14:55,560 Speaker 1: you look at the cross affit picture really because yeah, 273 00:14:55,680 --> 00:14:58,000 Speaker 1: equities are all credits, breads are a bit a bit 274 00:14:58,120 --> 00:15:01,480 Speaker 1: pint tighter. Fine, But actually what the market of what 275 00:15:01,600 --> 00:15:04,040 Speaker 1: the equity market has played in particular yesterday and this 276 00:15:04,160 --> 00:15:06,600 Speaker 1: morning is it is much rather the sort of return 277 00:15:06,680 --> 00:15:09,400 Speaker 1: to goldilocks. I hope for a pit pivot again, but 278 00:15:10,240 --> 00:15:13,600 Speaker 1: the difference to what we've seen perhaps in June, July, August, 279 00:15:13,840 --> 00:15:16,360 Speaker 1: was that this was based on lower real yields, right, 280 00:15:16,360 --> 00:15:18,160 Speaker 1: and it was sort of lifting old boats led to 281 00:15:18,320 --> 00:15:22,120 Speaker 1: temporary reprieve leen led to you know that the led 282 00:15:22,200 --> 00:15:25,640 Speaker 1: to gold spiking temporarily. All of that is missing right now, 283 00:15:26,160 --> 00:15:28,520 Speaker 1: right again, is moving at all? Gold is sort of 284 00:15:29,120 --> 00:15:31,880 Speaker 1: here or there. Right, It's it's fairly flat. Actually a 285 00:15:32,000 --> 00:15:34,320 Speaker 1: real rate. If we look at long dated real rates 286 00:15:34,360 --> 00:15:37,400 Speaker 1: in the US, again, they're pretty flat, right, They've been 287 00:15:37,480 --> 00:15:40,640 Speaker 1: pretty flat in the last a couple of days. So 288 00:15:40,840 --> 00:15:43,440 Speaker 1: it's really just the equity market playing a lot of 289 00:15:43,520 --> 00:15:45,680 Speaker 1: hope paths around. You know, the news out of the 290 00:15:45,840 --> 00:15:49,080 Speaker 1: UK yesterday, that's all. That's all got to temporary relief rallies. 291 00:15:49,400 --> 00:15:51,120 Speaker 1: But in terms of if you have a three to 292 00:15:51,240 --> 00:15:54,640 Speaker 1: six months view, I would be definitely fading this one now. 293 00:15:54,720 --> 00:15:57,600 Speaker 1: Since you mentioned the news out of the UK and 294 00:15:57,840 --> 00:16:01,560 Speaker 1: the I guess when you can't a pivot away from 295 00:16:01,640 --> 00:16:05,120 Speaker 1: trust anomics, you see that as temporary. I mean, what 296 00:16:05,320 --> 00:16:08,440 Speaker 1: what would it take for us to have a little 297 00:16:08,480 --> 00:16:13,440 Speaker 1: bit more UH stability sensing coming out of the out 298 00:16:13,480 --> 00:16:17,200 Speaker 1: of the UK situation? Yeah, I guess the the near 299 00:16:17,320 --> 00:16:20,000 Speaker 1: term volatility is extremely high in the UK right, and 300 00:16:20,080 --> 00:16:22,160 Speaker 1: then we we just don't really have a handle on 301 00:16:22,280 --> 00:16:26,120 Speaker 1: all these political decisions, whether she's going to remain Prime 302 00:16:26,160 --> 00:16:28,800 Speaker 1: minister or not, or you know, whether there's going to 303 00:16:28,840 --> 00:16:32,800 Speaker 1: be a peace or members of the government resigning. What 304 00:16:33,000 --> 00:16:35,080 Speaker 1: kind of pressure that will put on this This is 305 00:16:35,120 --> 00:16:39,920 Speaker 1: all sort of the political speculation that will put volatility 306 00:16:40,600 --> 00:16:43,560 Speaker 1: really really still high for the pounds and for guilt 307 00:16:43,680 --> 00:16:46,880 Speaker 1: now finnally enough, Actually, UK equities, if you look at 308 00:16:46,920 --> 00:16:49,200 Speaker 1: the large camps or the foots you one hundred, have 309 00:16:49,400 --> 00:16:52,320 Speaker 1: been pretty okay during this period, and they've been pretty 310 00:16:52,360 --> 00:16:55,040 Speaker 1: okay actually here to day, because of course we know 311 00:16:55,200 --> 00:16:57,640 Speaker 1: there's value in the market, right, there's more of a 312 00:16:57,800 --> 00:17:01,040 Speaker 1: whole new market, it's more of a defensive markets, and 313 00:17:01,240 --> 00:17:03,280 Speaker 1: of course it benefits from that lower sterling. So so 314 00:17:03,360 --> 00:17:06,600 Speaker 1: finally enough, actually, UT equities, the large caps from a 315 00:17:06,680 --> 00:17:10,320 Speaker 1: global perspective look pretty okay. But until we can really 316 00:17:10,359 --> 00:17:14,600 Speaker 1: sort of sound the all clear on guilds, on on pounds, sterling, 317 00:17:15,040 --> 00:17:17,920 Speaker 1: I think we will need to not only see less 318 00:17:18,000 --> 00:17:20,000 Speaker 1: noise on the political front, but we'd also need to 319 00:17:20,080 --> 00:17:23,440 Speaker 1: see you know, more convincing news on the structural front, 320 00:17:23,480 --> 00:17:26,720 Speaker 1: because let's Let's remember that among sort of detailed currencies, 321 00:17:27,440 --> 00:17:31,119 Speaker 1: the pounder in the UK is probably facing the least 322 00:17:31,280 --> 00:17:35,119 Speaker 1: favorable death dynamics this year and next year, and that is, 323 00:17:35,200 --> 00:17:37,440 Speaker 1: you know, that's the much more important one from a 324 00:17:37,560 --> 00:17:40,040 Speaker 1: let's say, at three to six months perspective, if you 325 00:17:40,080 --> 00:17:45,160 Speaker 1: look at the pound disregarding really the political volatility. Turning 326 00:17:45,200 --> 00:17:47,800 Speaker 1: back to the US market, we got the latest monthly 327 00:17:47,840 --> 00:17:51,159 Speaker 1: fund manager survey from the Bank of America thinking that 328 00:17:51,480 --> 00:17:54,560 Speaker 1: we might not see bottom here on Wall Street until 329 00:17:54,800 --> 00:17:57,879 Speaker 1: sometime in the first half of next year, when the 330 00:17:58,000 --> 00:18:00,440 Speaker 1: FED finally starts to pivot. When are you thinking the 331 00:18:00,520 --> 00:18:04,440 Speaker 1: Fed pivots, if not from a higher interest rates to 332 00:18:04,640 --> 00:18:08,480 Speaker 1: at least slowing down the increases. Yeah, But the funny 333 00:18:08,520 --> 00:18:10,560 Speaker 1: thing is every everyone talks about a pivot. So far, 334 00:18:10,640 --> 00:18:14,080 Speaker 1: everything we've seen was a pivot higher right, so far 335 00:18:14,560 --> 00:18:17,639 Speaker 1: so far. The actual funny thing is that whenever we 336 00:18:17,760 --> 00:18:19,600 Speaker 1: were talking about a pivot, it was like, well, maybe 337 00:18:19,640 --> 00:18:21,360 Speaker 1: the FED funds is going to pick up three oh, 338 00:18:21,440 --> 00:18:22,880 Speaker 1: and now it's three and a half. Now it's all 339 00:18:22,920 --> 00:18:25,560 Speaker 1: and off. But the point for me is that the 340 00:18:25,680 --> 00:18:28,280 Speaker 1: FED is really only going to pivot in my view, 341 00:18:28,680 --> 00:18:31,720 Speaker 1: when things are going to go horribly wrong, not just wrong, 342 00:18:32,000 --> 00:18:35,320 Speaker 1: but really and I have to emphasize that horribly wrong. Right, 343 00:18:35,680 --> 00:18:38,159 Speaker 1: So it will not be sufficient if we see you 344 00:18:38,280 --> 00:18:41,720 Speaker 1: one to three months of a bit worse than economic data, 345 00:18:41,800 --> 00:18:44,240 Speaker 1: right and oh maybe we're going to go into refreshing now, 346 00:18:44,680 --> 00:18:47,560 Speaker 1: that will not be sufficient, right. It will only really 347 00:18:47,680 --> 00:18:50,399 Speaker 1: pivot and it will only really start to cut right 348 00:18:50,640 --> 00:18:55,400 Speaker 1: if we see an aggressive downward drift in in activity data. 349 00:18:55,760 --> 00:18:58,120 Speaker 1: And that of course is not good for risk asses either, 350 00:18:58,400 --> 00:19:00,680 Speaker 1: which means to me, I think the bottom really only 351 00:19:00,800 --> 00:19:03,840 Speaker 1: is in for for equities if it we're starting to 352 00:19:03,920 --> 00:19:07,440 Speaker 1: see the correlation between equities and rates go negative again, 353 00:19:07,720 --> 00:19:11,400 Speaker 1: i e. When people really start to become genuinely concerned 354 00:19:11,400 --> 00:19:14,600 Speaker 1: about a recession. Just thirty seconds left here, what is 355 00:19:14,680 --> 00:19:18,159 Speaker 1: your bottom? Where do you see the SMP going? So on? 356 00:19:18,359 --> 00:19:20,760 Speaker 1: Our focus for end of this year three thousand, five hundred, 357 00:19:20,800 --> 00:19:22,800 Speaker 1: but we have said we could reach at low as 358 00:19:23,040 --> 00:19:25,400 Speaker 1: low as three thousand two hundred, because that would put 359 00:19:25,520 --> 00:19:28,359 Speaker 1: us with a bit more valuation pressure. Still, it would 360 00:19:28,400 --> 00:19:31,720 Speaker 1: mean that you know, we're probably gonna start to close 361 00:19:31,840 --> 00:19:35,240 Speaker 1: this gap that exists between long dated real rates and 362 00:19:35,440 --> 00:19:38,640 Speaker 1: valuations right now. So to us, there is as much 363 00:19:38,680 --> 00:19:42,200 Speaker 1: scope pest to three thousand, two hundred. That the buying 364 00:19:42,400 --> 00:19:45,280 Speaker 1: buying territory, and of course we did close higher yesterday 365 00:19:45,320 --> 00:19:48,440 Speaker 1: at thirty six seventy seven. Thanks for this, Max, great 366 00:19:48,480 --> 00:19:51,000 Speaker 1: having on with us this morning. Next Kettner, Chief Multi 367 00:19:51,040 --> 00:19:55,560 Speaker 1: Assets Strategists at hs VC Futures this morning moving higher 368 00:19:55,600 --> 00:19:58,280 Speaker 1: once again with SMP futures of fifty four point, Staff 369 00:19:58,280 --> 00:20:01,040 Speaker 1: futures up faded at fifty five Nasty futures up a 370 00:20:01,160 --> 00:20:07,760 Speaker 1: hundred ninety six points. This is Bloomberg Blomber eleven three 371 00:20:07,760 --> 00:20:10,760 Speaker 1: oh Weather clearing cooler today with highs in the upper fifties, Sunny, 372 00:20:10,920 --> 00:20:16,000 Speaker 1: mid fifties for tomorrow, sunshine upper fifties for Thursday. Right now, 373 00:20:16,040 --> 00:20:23,080 Speaker 1: it's fifty degrees and cloudy in Central Park. Broadcasting live 374 00:20:23,280 --> 00:20:27,200 Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg 375 00:20:27,240 --> 00:20:31,280 Speaker 1: E Living free to Washington, d C, Bloomberg to Boston, 376 00:20:31,400 --> 00:20:35,240 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg sixty 377 00:20:35,359 --> 00:20:38,000 Speaker 1: to the country, Sirius XM to A one nine team, 378 00:20:38,119 --> 00:20:41,240 Speaker 1: and around the globe the Bloomberg Business app and Bloomberg 379 00:20:41,359 --> 00:20:50,320 Speaker 1: Radio dot Com. This is Bloomberg Daybreak and it's six 380 00:20:50,400 --> 00:20:52,639 Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hagar and 381 00:20:52,760 --> 00:20:55,359 Speaker 1: I'm Karen Moscow, and we are just about three hours 382 00:20:55,440 --> 00:20:57,879 Speaker 1: away from the open of US trading. Let's get to 383 00:20:58,000 --> 00:20:59,959 Speaker 1: the five things you need to know to start your day. 384 00:21:00,160 --> 00:21:04,280 Speaker 1: Brought to you by Interactive Brokers. Interactive Brokers charges Martin 385 00:21:04,359 --> 00:21:06,400 Speaker 1: loan rates from three point five eight percent to four 386 00:21:06,480 --> 00:21:09,159 Speaker 1: point five eight percent rate subject to change. Learn more 387 00:21:09,240 --> 00:21:12,400 Speaker 1: at i v k R dot com slash compare. First. 388 00:21:12,520 --> 00:21:15,680 Speaker 1: US futures are rising after adding to yesterday's big rally. 389 00:21:15,840 --> 00:21:19,320 Speaker 1: Still expect more of volatility ahead. That's according to Samir 390 00:21:19,440 --> 00:21:23,840 Speaker 1: samana with Fols Fargo. What I'd really like to see 391 00:21:23,960 --> 00:21:25,960 Speaker 1: is for this market to try and find kind of 392 00:21:26,000 --> 00:21:28,640 Speaker 1: a bottom and from that standpoint just maybe even trade 393 00:21:28,720 --> 00:21:31,800 Speaker 1: sideways for a few days. I think these constituted three 394 00:21:31,840 --> 00:21:34,040 Speaker 1: percent up and down days, I think it continue to 395 00:21:34,080 --> 00:21:36,600 Speaker 1: spook investors. I think maybe the best course of action 396 00:21:36,640 --> 00:21:38,880 Speaker 1: for for markets from here, given what the FEDS trying 397 00:21:38,920 --> 00:21:40,760 Speaker 1: to engineers, just to go sideways for a few days. 398 00:21:40,960 --> 00:21:43,840 Speaker 1: Well S Fargo Samir Samanas says daily swings of two 399 00:21:43,880 --> 00:21:47,239 Speaker 1: to three percent indicate fergility in the market. Overseas can 400 00:21:47,280 --> 00:21:49,920 Speaker 1: In the UK, government's trying to continue calming markets after 401 00:21:50,000 --> 00:21:51,920 Speaker 1: a tough first month for Liz Trust. The new Prime 402 00:21:51,960 --> 00:21:54,600 Speaker 1: Minister tells the BBC she is sorry for going too far, 403 00:21:54,720 --> 00:21:57,680 Speaker 1: too fast with their economic plan. We have made mistakes. 404 00:21:58,080 --> 00:22:02,600 Speaker 1: I'm sorry for those mistakes, but I fixed mistakes. I've 405 00:22:02,600 --> 00:22:07,040 Speaker 1: appointed a new Chancellor. We have restored economic stability and 406 00:22:07,119 --> 00:22:10,080 Speaker 1: fiscal discipline. What I now want to do is guy 407 00:22:10,160 --> 00:22:12,680 Speaker 1: wanted to deliver for the public. Listrust says she plans 408 00:22:12,760 --> 00:22:15,280 Speaker 1: to continue serving as Prime Minister and back here in 409 00:22:15,320 --> 00:22:17,840 Speaker 1: the US, big banks wrap up earnings with Colman Sax 410 00:22:17,920 --> 00:22:20,119 Speaker 1: reporting this morning. Then it's Big Tech and Focus this 411 00:22:20,240 --> 00:22:23,800 Speaker 1: afternoon with Netflix reporting at Bloomberg's. Tom Busby has a preview. 412 00:22:24,119 --> 00:22:27,200 Speaker 1: The key for the streaming video pioneer, which just announced 413 00:22:27,240 --> 00:22:31,080 Speaker 1: the debut of a cheaper, ad supported version on November two, 414 00:22:31,560 --> 00:22:33,960 Speaker 1: is whether it returned to subscribe or growth thanks to 415 00:22:34,040 --> 00:22:37,240 Speaker 1: hits like squid Game, Inventing Anna, and Dahmer. After shedding 416 00:22:37,280 --> 00:22:39,400 Speaker 1: a ton of subscribers in the first half of this year, 417 00:22:39,680 --> 00:22:42,960 Speaker 1: estimates call for a million more paying customers added in 418 00:22:43,000 --> 00:22:45,880 Speaker 1: the third quarter, led by editions in the Asia Pacific 419 00:22:46,000 --> 00:22:49,600 Speaker 1: and Latin America regions and on a crackdown and password sharing. 420 00:22:49,840 --> 00:22:52,960 Speaker 1: Tom Busby Bloomberg Daybreak. All right, Tom, thank you, And 421 00:22:53,000 --> 00:22:54,960 Speaker 1: we did get earnings from Johnson and Johnson it cut 422 00:22:55,000 --> 00:22:58,040 Speaker 1: its sales guidance for the full year, still profit in 423 00:22:58,080 --> 00:23:00,520 Speaker 1: the quarter, beat analysts estimates and share are higher in 424 00:23:00,560 --> 00:23:03,080 Speaker 1: early trading. It's politics now caring. The White House is 425 00:23:03,119 --> 00:23:06,520 Speaker 1: watching energy prices closely. Sources tell us the Biden administrations 426 00:23:06,560 --> 00:23:08,920 Speaker 1: preparing to release up to fifteen million barrels from the 427 00:23:09,000 --> 00:23:13,480 Speaker 1: nation's emergency oil stock pile. Checking prices now, Nimex crude 428 00:23:14,000 --> 00:23:16,920 Speaker 1: is lower by a quarter percent at eight twenty five 429 00:23:16,960 --> 00:23:20,119 Speaker 1: a barrel, and a geopolitics Nathan China and Taiwan and focus. 430 00:23:20,200 --> 00:23:23,080 Speaker 1: Secretary of State Anthony Lincoln says Beijing is making plans 431 00:23:23,160 --> 00:23:25,720 Speaker 1: to see to Taiwan in a faster timeline and previously 432 00:23:25,840 --> 00:23:28,880 Speaker 1: thought that assessment comes as China holds its Communist Party 433 00:23:28,920 --> 00:23:31,520 Speaker 1: Congress this week. That's the five things you need to 434 00:23:31,600 --> 00:23:38,720 Speaker 1: notice start your day. Brought to you by Interactive brokers Heaspring. 435 00:23:38,720 --> 00:23:40,720 Speaker 1: It's now six thirty three on Wall Street. Were fifty 436 00:23:40,720 --> 00:23:44,040 Speaker 1: degrees in Central Park northbound, Bronx Urver Parkway still closed 437 00:23:44,080 --> 00:23:46,320 Speaker 1: at Allerton Avenue, and Michael bars here with more on 438 00:23:46,400 --> 00:23:49,159 Speaker 1: what's going on in New York and around the world. Michael, 439 00:23:49,240 --> 00:23:52,480 Speaker 1: thank you very much. Nathan Rat complains in New York 440 00:23:52,560 --> 00:23:56,439 Speaker 1: City are up in the last year. City officials are 441 00:23:56,480 --> 00:24:00,200 Speaker 1: now changing garbage collection rules. Instead of being all the 442 00:24:00,240 --> 00:24:03,120 Speaker 1: pile trash bags on curbs the day before pick up, 443 00:24:03,440 --> 00:24:06,120 Speaker 1: people will have to put out the trash no earlier 444 00:24:06,520 --> 00:24:10,720 Speaker 1: than eight pm. New York Sanitation Commissioner Jessica Tish, why 445 00:24:10,840 --> 00:24:14,240 Speaker 1: have we tolerated this for so long? Over the last 446 00:24:14,280 --> 00:24:18,879 Speaker 1: six months, the Department of Sanitation has reoriented itself around 447 00:24:18,960 --> 00:24:24,000 Speaker 1: one goal, getting our streets cleaner faster. Commissioner Tish says, 448 00:24:24,119 --> 00:24:28,280 Speaker 1: the Rats are absolutely going to hate this announcement. Democratic 449 00:24:28,320 --> 00:24:31,919 Speaker 1: Representative Tim Ryan and Republican Jade Events met for their 450 00:24:32,000 --> 00:24:35,600 Speaker 1: second debate as the two v for replacing retiring oile. 451 00:24:35,720 --> 00:24:41,080 Speaker 1: Republican Senator Rob Portman on NBCs w FM JTV, Vans 452 00:24:41,119 --> 00:24:45,320 Speaker 1: said he supports GOP Senator Lindsey Graham's bill for a 453 00:24:45,440 --> 00:24:49,160 Speaker 1: national ban on abortion after four weeks of pregnancy. If 454 00:24:49,200 --> 00:24:52,320 Speaker 1: you can't support legislation like that, you are making the 455 00:24:52,480 --> 00:24:56,720 Speaker 1: United States the most barbaric pro abortion regime anywhere in 456 00:24:56,800 --> 00:25:00,720 Speaker 1: the entire world. Ryan said Vance became sub serveians to 457 00:25:01,000 --> 00:25:04,200 Speaker 1: former President Trump to gain his endorsement after Trump and 458 00:25:04,320 --> 00:25:07,240 Speaker 1: solded him publicly. If you think you're gonna help Ohio, 459 00:25:07,720 --> 00:25:10,480 Speaker 1: you're not. If you can't even stand up for yourself, 460 00:25:10,840 --> 00:25:12,240 Speaker 1: how are you going to stand up for the people 461 00:25:12,280 --> 00:25:14,080 Speaker 1: of the state. How are you gonna take on the 462 00:25:14,119 --> 00:25:18,080 Speaker 1: corporate interests? Poles projected Rains as a virtual time Georgia 463 00:25:18,160 --> 00:25:21,879 Speaker 1: Republican Governor Brian Camp and Democrats Stacy Abram's clash in 464 00:25:21,960 --> 00:25:26,200 Speaker 1: their first of two debates very closely watched rematch, Kemp 465 00:25:26,280 --> 00:25:29,600 Speaker 1: tied Abrams with President Biden and the nation's economic woes. 466 00:25:30,000 --> 00:25:32,960 Speaker 1: My desire is to continue to help them fight through 467 00:25:33,000 --> 00:25:36,400 Speaker 1: fourty year high inflation and high gas prices and other 468 00:25:36,480 --> 00:25:39,159 Speaker 1: things that our george To families are facing right now, 469 00:25:39,359 --> 00:25:42,040 Speaker 1: quite honestly because of bad policies in Washington, d c. 470 00:25:42,640 --> 00:25:45,600 Speaker 1: From President Biden and the Democrats that have complete control. 471 00:25:45,960 --> 00:25:49,639 Speaker 1: Abrams criticized Kim for backing tougher anti abortion restrictions and 472 00:25:49,760 --> 00:25:52,920 Speaker 1: looser gun laws. He has weakened gun laws and flooded 473 00:25:53,000 --> 00:25:56,560 Speaker 1: our streets. He has weakened our privacy rights and our 474 00:25:57,040 --> 00:25:59,880 Speaker 1: women's rights. He has denied women to access to REAP 475 00:26:00,000 --> 00:26:03,879 Speaker 1: reductive care. In eighteen, Abrahams came close to winning the 476 00:26:03,920 --> 00:26:07,200 Speaker 1: governor's race against Kemp. The State Department says the US 477 00:26:07,280 --> 00:26:10,240 Speaker 1: will take action against companies and nations working with the 478 00:26:10,280 --> 00:26:14,840 Speaker 1: Iron's drone program after Russia used them for deadly kamikaze strikes. 479 00:26:14,880 --> 00:26:17,720 Speaker 1: And Kiev Global News twenty four hours a day on 480 00:26:17,880 --> 00:26:21,520 Speaker 1: airand on Bloomberg Quicktake, powered by more than seven hundred 481 00:26:21,560 --> 00:26:23,959 Speaker 1: journalists and analysts more than a hundred twenty countries. I'm 482 00:26:24,000 --> 00:26:31,440 Speaker 1: Michael barn This is Bloomberg, Nathan. Thanks Michael. Six thirty 483 00:26:31,480 --> 00:26:33,399 Speaker 1: six on Wall Street and John stash Are has the 484 00:26:33,440 --> 00:26:36,200 Speaker 1: Bloomberg Sports Update. All right, Nathan. The Yankees and Guardians 485 00:26:36,280 --> 00:26:38,679 Speaker 1: and I sellout crowd all at the stadium last night 486 00:26:38,720 --> 00:26:41,000 Speaker 1: for a seven o'clock start, but at nine thirty the 487 00:26:41,160 --> 00:26:43,440 Speaker 1: rain had not stopped. In the decisive game five was 488 00:26:43,520 --> 00:26:46,960 Speaker 1: postponed at four o'clock today. Aaron Bruin was asked about 489 00:26:47,000 --> 00:26:50,040 Speaker 1: playing a door dog this time of year. You're you're 490 00:26:50,080 --> 00:26:52,200 Speaker 1: playing for, there's a ton on the line, and you're 491 00:26:52,240 --> 00:26:58,760 Speaker 1: playing for and hopefully you know, you find that awesome. 492 00:26:59,119 --> 00:27:01,040 Speaker 1: You know that he and I think our guys do 493 00:27:01,320 --> 00:27:04,200 Speaker 1: realize that that's a great opportunity. With that comes some 494 00:27:04,359 --> 00:27:07,000 Speaker 1: nerves and and things you gotta deal with. Who and 495 00:27:07,119 --> 00:27:09,800 Speaker 1: is changing his starting pitcher now that Estra Cortays has 496 00:27:09,880 --> 00:27:12,479 Speaker 1: three days rest, he'll start, not Jamis since I own 497 00:27:12,520 --> 00:27:15,800 Speaker 1: the Guardians say they are sticking with Aaron Savali instead 498 00:27:15,840 --> 00:27:18,800 Speaker 1: of using Shane Fiever. It's the NLCS. The No one 499 00:27:18,880 --> 00:27:20,920 Speaker 1: expected the Phillies for just some third place in the 500 00:27:21,040 --> 00:27:22,440 Speaker 1: n L, as they were the last team to get in. 501 00:27:22,560 --> 00:27:25,960 Speaker 1: The Padres had to be two one hundred plus win teams. 502 00:27:26,000 --> 00:27:27,960 Speaker 1: They didn't even win ninety And yet it's the Phils 503 00:27:28,000 --> 00:27:30,680 Speaker 1: and Padres game once to night in San Diego, another 504 00:27:30,760 --> 00:27:33,280 Speaker 1: NFL primetime game without a lot of touchdowns. Chargers and 505 00:27:33,320 --> 00:27:36,920 Speaker 1: Broncos both scored one combined for seven field goals. L 506 00:27:37,000 --> 00:27:39,520 Speaker 1: A kicked one lad in overtime after Denver fumbled the punt. 507 00:27:39,560 --> 00:27:43,240 Speaker 1: The Chargers won nineteen to sixteen. The Cowboys and Dolphins 508 00:27:43,320 --> 00:27:46,160 Speaker 1: both expect to get their starting quarterbacks back Sunday Dak 509 00:27:46,200 --> 00:27:48,600 Speaker 1: Prescott from the thumb injury to a tongue of below 510 00:27:48,720 --> 00:27:52,760 Speaker 1: from the concussion. Washington QB Carson Wentz has a broken finger. 511 00:27:52,800 --> 00:27:54,760 Speaker 1: He's gonna miss the next four to six weeks. The 512 00:27:54,800 --> 00:27:57,080 Speaker 1: Garden Rangers went to three and one. They'd be Anna 513 00:27:57,119 --> 00:27:59,240 Speaker 1: on six four two goals for me, his advantage at 514 00:27:59,359 --> 00:28:01,560 Speaker 1: both in the power way our Ni Panarin a goal, 515 00:28:01,680 --> 00:28:04,480 Speaker 1: three assists. It's certainly the year. But Panarin leaves the 516 00:28:04,600 --> 00:28:07,920 Speaker 1: NHL and scoring NBA season tips off to night, John 517 00:28:08,040 --> 00:28:11,200 Speaker 1: dash Award, Bloomberg Sports Nathan all Right, John, thanks six 518 00:28:11,280 --> 00:28:13,120 Speaker 1: thirty seven on Wall Street. Time to take a look 519 00:28:13,160 --> 00:28:15,679 Speaker 1: at stock. Some of the names moving in the pre market, 520 00:28:15,840 --> 00:28:19,200 Speaker 1: a big mover to watch for Bloomberg Radio and TV 521 00:28:19,320 --> 00:28:24,000 Speaker 1: markets correspondent critic goopta this morning in the pharma space. Yeah, 522 00:28:24,080 --> 00:28:26,000 Speaker 1: we start off with Johnson and Johnson. They just came 523 00:28:26,000 --> 00:28:27,920 Speaker 1: out with the earnings. Here shares are popping up about 524 00:28:27,960 --> 00:28:30,840 Speaker 1: two percent in the pre market. J n J is 525 00:28:30,880 --> 00:28:33,800 Speaker 1: your taker. They are, however, cutting their sales forecast. They 526 00:28:33,800 --> 00:28:36,560 Speaker 1: actually missed their estimates and on top of that kind 527 00:28:36,600 --> 00:28:42,080 Speaker 1: of reported at fifty cent headwind for facts on their 528 00:28:42,080 --> 00:28:46,040 Speaker 1: adjusted EPs three. Nathan, this is not sound like good 529 00:28:46,120 --> 00:28:48,520 Speaker 1: news by any measures. So why is the stock up? 530 00:28:48,760 --> 00:28:50,360 Speaker 1: And I'm just running through some of these numbers here, 531 00:28:50,360 --> 00:28:53,360 Speaker 1: and it kind of looks like there is some bullishness 532 00:28:53,400 --> 00:28:55,960 Speaker 1: on some of the drugs that they're actually looking to 533 00:28:56,080 --> 00:28:58,000 Speaker 1: pursue some of the R and D costs as well. 534 00:28:58,000 --> 00:28:59,800 Speaker 1: So we're gonna keep you updated on all the headlines 535 00:29:00,040 --> 00:29:02,200 Speaker 1: coming out of their earnings called UM as we get 536 00:29:02,280 --> 00:29:04,440 Speaker 1: more of them. Another one, I really want to keep 537 00:29:04,440 --> 00:29:06,200 Speaker 1: an eye on and some of those tech stocks, Nathan, 538 00:29:06,240 --> 00:29:08,920 Speaker 1: because it looks like we have another potential rally on 539 00:29:09,000 --> 00:29:10,760 Speaker 1: our hands. I mean it is early, we have about 540 00:29:10,800 --> 00:29:14,240 Speaker 1: three hours to go before the US open, but a 541 00:29:14,320 --> 00:29:16,960 Speaker 1: lot of those tech stocks are kind of rocking and 542 00:29:17,120 --> 00:29:18,840 Speaker 1: rolling the way they did yesterday. Take a look at 543 00:29:18,880 --> 00:29:21,800 Speaker 1: Apple shares for example, A A p L is your taker, 544 00:29:21,920 --> 00:29:24,480 Speaker 1: up one and a half percent in the pre market, 545 00:29:24,560 --> 00:29:27,000 Speaker 1: and Video not far behind n v d A up 546 00:29:27,080 --> 00:29:29,280 Speaker 1: two point six percent. I remember, I love to look 547 00:29:29,280 --> 00:29:32,280 Speaker 1: at those chip stocks because they're kind of a magnifying 548 00:29:32,320 --> 00:29:34,200 Speaker 1: glass to whatever happens in the tech space, or the 549 00:29:34,240 --> 00:29:36,719 Speaker 1: big tech space, I should say, so Microsoft not far 550 00:29:36,760 --> 00:29:38,640 Speaker 1: behind as well, M S f T actually one of 551 00:29:38,720 --> 00:29:43,040 Speaker 1: your biggest UM volume movers this morning of about two percent. 552 00:29:43,560 --> 00:29:45,719 Speaker 1: And like I said, those chip stocks cannot forget them 553 00:29:45,760 --> 00:29:48,080 Speaker 1: A M D. Intel both up just shy. I have 554 00:29:48,080 --> 00:29:49,920 Speaker 1: about two percent anything and we'll see if that tech 555 00:29:49,960 --> 00:29:52,720 Speaker 1: sentiment holds up once Netflix reports earnings after the bell, 556 00:29:52,800 --> 00:29:55,320 Speaker 1: but well, we'll save that for later. I see you're 557 00:29:55,360 --> 00:29:58,720 Speaker 1: watching a big retail as well. We absolutely have to. 558 00:29:58,840 --> 00:30:01,720 Speaker 1: Target is top of my into your t GT. Some 559 00:30:01,880 --> 00:30:03,760 Speaker 1: good news coming out of Target. It's had a rough 560 00:30:03,840 --> 00:30:06,200 Speaker 1: couple of months with the inventory build up that a 561 00:30:06,320 --> 00:30:07,720 Speaker 1: lot of people have said, well, you know what, this 562 00:30:07,840 --> 00:30:11,000 Speaker 1: just makes it not an unconvincing by Stapping said it 563 00:30:11,040 --> 00:30:13,280 Speaker 1: was upgrade to a buy from a hold over. Jeff 564 00:30:13,360 --> 00:30:16,200 Speaker 1: Ray saying that the combination of a subdued valuation that 565 00:30:16,320 --> 00:30:19,040 Speaker 1: is fancy talk for the fact that's been so much 566 00:30:19,120 --> 00:30:22,240 Speaker 1: selling pressure and also talking about improvements in the supply 567 00:30:22,360 --> 00:30:25,320 Speaker 1: chain inventory positioning, it says well that they're making them bullish. 568 00:30:25,400 --> 00:30:28,320 Speaker 1: What's interesting to me though, as they said, the subdued valuation, 569 00:30:28,360 --> 00:30:30,880 Speaker 1: which basically means that the market has sold it off 570 00:30:31,000 --> 00:30:34,360 Speaker 1: so much it's really really cheap to buy right now. 571 00:30:34,480 --> 00:30:36,120 Speaker 1: So that one doing really well. I'll leave you with 572 00:30:36,160 --> 00:30:38,800 Speaker 1: one last one. Foobo TV f U b O cheers 573 00:30:38,840 --> 00:30:41,520 Speaker 1: up about ten percent. Analysting to the firm's decision to 574 00:30:41,640 --> 00:30:45,080 Speaker 1: end operations of its food sports book Betty unit will 575 00:30:45,120 --> 00:30:48,120 Speaker 1: help it's bottom line, all right, Bloombergradi on TV. Markets 576 00:30:48,160 --> 00:30:52,040 Speaker 1: correspondent Pretty Gupta watching those early morning movers for US 577 00:30:52,160 --> 00:30:55,000 Speaker 1: and checking stocks as a whole. As Crety alluded to, 578 00:30:55,640 --> 00:30:58,360 Speaker 1: We've got a rally going on this morning, led by 579 00:30:58,520 --> 00:31:01,360 Speaker 1: tech Nastack futures up one point nine percent, a gain 580 00:31:01,400 --> 00:31:04,360 Speaker 1: of two eight points. S ANDP futures are up fifty 581 00:31:04,440 --> 00:31:06,400 Speaker 1: nine points. That's a gain of one point six percent, 582 00:31:06,520 --> 00:31:08,960 Speaker 1: and Dow futures right now up four hundred twelve points 583 00:31:09,360 --> 00:31:12,960 Speaker 1: for a gain of one point four percent. Send your 584 00:31:12,960 --> 00:31:17,360 Speaker 1: treasury is up one thirty second the yield on the nose. 585 00:31:17,600 --> 00:31:24,320 Speaker 1: This is Bloomberg Bloomberg eleven three oh Weather clearing, cooler today, 586 00:31:24,440 --> 00:31:28,800 Speaker 1: upper fifties for highs, sunny, mid fifties tomorrow, sunshine Thursday 587 00:31:28,840 --> 00:31:32,000 Speaker 1: as well, with upper fifties expected highs. Right now, it 588 00:31:32,160 --> 00:31:38,800 Speaker 1: is fifty degrees in Central Park. Markets headlines and breaking 589 00:31:38,880 --> 00:31:41,680 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 590 00:31:41,840 --> 00:31:45,480 Speaker 1: the Bloomberg Business at and at Bloomberg Quicktape. He's a 591 00:31:45,520 --> 00:31:54,800 Speaker 1: Bloomberg Business Flash, and I'm Cameron Moscow. Futures are rising 592 00:31:54,880 --> 00:31:56,640 Speaker 1: this morning, and we go to the first word breaking 593 00:31:56,680 --> 00:31:59,520 Speaker 1: news dance for today's morning call. Here's Bill Maloney, Bill, 594 00:31:59,560 --> 00:32:03,240 Speaker 1: good morning, Good morning, Karen. That's right. US futures with 595 00:32:03,440 --> 00:32:05,800 Speaker 1: a bid right now at down Futures up three eighty 596 00:32:05,840 --> 00:32:09,000 Speaker 1: five points, SIPs gained fifty five and nastic features are 597 00:32:09,080 --> 00:32:12,240 Speaker 1: up by one ninety four. The US ten ual that 598 00:32:12,440 --> 00:32:15,120 Speaker 1: four point one percent, Gold is up two, oil is 599 00:32:15,160 --> 00:32:18,440 Speaker 1: in the red, and bitcoin is trading little changed. Japan 600 00:32:18,560 --> 00:32:21,120 Speaker 1: rose one point four percent overnight, while up markets are 601 00:32:21,160 --> 00:32:23,440 Speaker 1: also trading in the green and back in the US 602 00:32:23,480 --> 00:32:26,360 Speaker 1: on the economic front. At ten o'clock, the NHB Housing 603 00:32:26,440 --> 00:32:30,120 Speaker 1: Market Index Regarding earnings this morning, Jane j BT estimates 604 00:32:30,160 --> 00:32:34,160 Speaker 1: but hasbro epm EPs missed and look for Goldman Sachs 605 00:32:34,200 --> 00:32:37,120 Speaker 1: to report around seven thirty graphic things up Target was 606 00:32:37,200 --> 00:32:40,560 Speaker 1: upgraded to buy over at Jefferies Live from the first 607 00:32:40,600 --> 00:32:43,080 Speaker 1: of Breaking news desk on Bill Maloney can helright, Bill, 608 00:32:43,160 --> 00:32:44,760 Speaker 1: thank you, and to hear live breaking news of your 609 00:32:44,840 --> 00:32:47,520 Speaker 1: Bloomberg Times. Squawk on your termin I'll escue you a 610 00:32:47,760 --> 00:32:50,080 Speaker 1: w u K. That's a Bloomberg business flash. Now here's 611 00:32:50,120 --> 00:32:52,600 Speaker 1: Michael Barr with more on what's going on around the world. 612 00:32:52,720 --> 00:32:55,400 Speaker 1: Michael Karen, thank you very much. Hair strikes have again 613 00:32:55,480 --> 00:32:59,440 Speaker 1: founded energy and infrastructure facilities in Ukraine, part of an 614 00:32:59,520 --> 00:33:03,600 Speaker 1: appen and quickening effort by Russia to drive Ukrainians into 615 00:33:03,640 --> 00:33:07,200 Speaker 1: the cold and dark. One mayor west of the capital 616 00:33:07,360 --> 00:33:10,600 Speaker 1: said all of the city was without electricity and water 617 00:33:11,040 --> 00:33:15,040 Speaker 1: after a double missile strike today. The Biden Administration's online 618 00:33:15,120 --> 00:33:19,440 Speaker 1: portal for its student loan debt forgiveness program is now 619 00:33:19,760 --> 00:33:24,280 Speaker 1: live at student a dot gov. Millions of eligible borrowers 620 00:33:24,520 --> 00:33:27,440 Speaker 1: can have thousands of dollars and loans canceled if they 621 00:33:27,480 --> 00:33:31,320 Speaker 1: apply by the end of next year. In baseball, after 622 00:33:31,440 --> 00:33:35,120 Speaker 1: last night's rain out, the Yankees and Guardians will play 623 00:33:35,320 --> 00:33:38,880 Speaker 1: their deciding game five of their A LBS this afternoon, 624 00:33:39,240 --> 00:33:42,520 Speaker 1: four pm Eastern's. On Monday Night football, the Chargers beat 625 00:33:42,560 --> 00:33:46,719 Speaker 1: the Broncos in O T nineteen sixteen. In hockey, the Rangers, Bruins, 626 00:33:46,800 --> 00:33:50,240 Speaker 1: and Capitals. All one Global News twenty four hours a 627 00:33:50,360 --> 00:33:53,800 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 628 00:33:53,920 --> 00:33:56,640 Speaker 1: than twenty seven hundred journalists analysts more than a hundred 629 00:33:56,640 --> 00:33:59,760 Speaker 1: twenty countries. I'm Michael bar. This is Bloomberg camera. Hey, 630 00:33:59,840 --> 00:34:02,680 Speaker 1: no golbar, thank you. It is sixty nine on Wall Street, 631 00:34:02,720 --> 00:34:05,320 Speaker 1: and we turned to news in science and technology now 632 00:34:05,400 --> 00:34:07,920 Speaker 1: with the Bloomberg n j I T STEM Report. It 633 00:34:08,080 --> 00:34:11,520 Speaker 1: is brought to you by New Jersey Institute of Technology. 634 00:34:11,640 --> 00:34:14,960 Speaker 1: Then j I T makes transferring easy. Leverage your associate's 635 00:34:14,960 --> 00:34:17,640 Speaker 1: degree into a STEM focused bachelor's Learn more at n 636 00:34:17,719 --> 00:34:20,440 Speaker 1: j I T DOT E d U slash transfer. Now 637 00:34:20,520 --> 00:34:23,640 Speaker 1: here's just making news and science, technology, engineering and math. 638 00:34:24,080 --> 00:34:27,280 Speaker 1: There are signs that ships supply crunch is easing. Delivery 639 00:34:27,320 --> 00:34:29,520 Speaker 1: times shrank by four days in September, and that's the 640 00:34:29,520 --> 00:34:32,879 Speaker 1: biggest drop in years. According to research firm by Susquehanna 641 00:34:32,920 --> 00:34:35,640 Speaker 1: Financial Group, lead times, the gap between when its ship 642 00:34:35,800 --> 00:34:38,640 Speaker 1: is ordered and when it's delivered, average twenty six point 643 00:34:38,719 --> 00:34:41,720 Speaker 1: three weeks in the period. That compares to nearly twenty 644 00:34:41,800 --> 00:34:44,759 Speaker 1: seven weeks the prior month. Wait times contracted for all 645 00:34:44,920 --> 00:34:48,680 Speaker 1: key product categories, with power management and analog chips seeing 646 00:34:48,719 --> 00:34:52,799 Speaker 1: the biggest declines. The nation's first tax on digital advertising 647 00:34:52,880 --> 00:34:56,640 Speaker 1: has been struck down as unconstitutional by a Maryland judge. 648 00:34:57,040 --> 00:34:59,760 Speaker 1: It's a law that attorneys for big tech have contended 649 00:34:59,800 --> 00:35:03,239 Speaker 1: on fairly targets companies like Facebook, Google, and Amazon. The 650 00:35:03,280 --> 00:35:06,160 Speaker 1: state estimated the tax on digital advertising could raise about 651 00:35:06,200 --> 00:35:08,480 Speaker 1: two hundred fifty million dollars a year to help pay 652 00:35:08,560 --> 00:35:12,480 Speaker 1: for education measures. And revenue generated from sports gambling in 653 00:35:12,560 --> 00:35:16,200 Speaker 1: New Jersey was up seven percent in September. Internet gambling 654 00:35:16,239 --> 00:35:19,400 Speaker 1: brought in over a hundred thirty five million dollars in September, 655 00:35:19,480 --> 00:35:22,359 Speaker 1: and that's an increase of over ten from a year ago. 656 00:35:22,840 --> 00:35:25,680 Speaker 1: That's a Bloomberg and j I t Stamp report. Nathan, 657 00:35:25,880 --> 00:35:28,560 Speaker 1: thank you, Karen. We are live from the Bloomberg Interactive 658 00:35:28,600 --> 00:35:31,279 Speaker 1: Broker Studios where it's six fifty on Wall Street time 659 00:35:31,320 --> 00:35:33,200 Speaker 1: now to check what's going on in d C. Some 660 00:35:33,360 --> 00:35:35,719 Speaker 1: of the top stories in our nation's capital include a 661 00:35:36,000 --> 00:35:38,879 Speaker 1: planned oil reserve announcement this week from the White House, 662 00:35:39,239 --> 00:35:42,800 Speaker 1: an unpopular President Biden avoiding the mid term travel strategy 663 00:35:42,840 --> 00:35:46,800 Speaker 1: of his predecessors, and tax breaks for kids and companies 664 00:35:46,840 --> 00:35:49,920 Speaker 1: suddenly brewing on Capitol Hill. Let's bringing Joe Matthew to 665 00:35:49,960 --> 00:35:52,480 Speaker 1: talk more about some of these stories. Are Washington correspondent, 666 00:35:52,840 --> 00:35:56,319 Speaker 1: host of Sound on Here on Bloomberg Radio. Joe. Great 667 00:35:56,360 --> 00:35:58,919 Speaker 1: to speak with you, as always, especially about some nice 668 00:35:59,080 --> 00:36:03,480 Speaker 1: reporting from DC. Team that another strategic reserve release could 669 00:36:03,520 --> 00:36:06,200 Speaker 1: be coming in days. Yeah, it's it would be the 670 00:36:06,360 --> 00:36:10,000 Speaker 1: I guess, the last trumph, as we like to say, 671 00:36:10,280 --> 00:36:14,520 Speaker 1: in what was a one hundred eighty million barrel withdraw 672 00:36:14,680 --> 00:36:16,799 Speaker 1: that started back in May. Remember, this has been kind 673 00:36:16,840 --> 00:36:20,799 Speaker 1: of a rolling program here, Nathan, a million barrels a week, 674 00:36:20,840 --> 00:36:24,640 Speaker 1: and this last fourteen million barrels would would at least 675 00:36:24,680 --> 00:36:27,240 Speaker 1: in the eyes of the White House, potentially lower prices 676 00:36:27,760 --> 00:36:30,000 Speaker 1: just in time for the mid term elections. But at 677 00:36:30,040 --> 00:36:33,440 Speaker 1: the same time, they're looking at this reserve here, Nathan, 678 00:36:33,480 --> 00:36:35,879 Speaker 1: and it's it's just about half full at this point, 679 00:36:35,960 --> 00:36:40,280 Speaker 1: according to Jared Bernstein, the National uh Economic Council member 680 00:36:40,320 --> 00:36:42,080 Speaker 1: who was talking about that's over the weekend. But the 681 00:36:42,120 --> 00:36:44,600 Speaker 1: fact of the matter is it is the lowest inventory 682 00:36:45,200 --> 00:36:50,000 Speaker 1: of diesel here since we have first started compiling this 683 00:36:50,200 --> 00:36:53,560 Speaker 1: data in ninety two. So there are some worries, particularly 684 00:36:53,600 --> 00:36:55,759 Speaker 1: about heating oil as we head into winter. Yeah, and 685 00:36:55,840 --> 00:36:58,239 Speaker 1: it's something that the White House has been facing a 686 00:36:58,360 --> 00:37:02,960 Speaker 1: number of questions for for especially from Bloomberg News as well. 687 00:37:03,120 --> 00:37:05,760 Speaker 1: But as you mentioned, this is coming just three weeks 688 00:37:05,880 --> 00:37:08,680 Speaker 1: before a mid term election, and you drive by some 689 00:37:08,840 --> 00:37:11,880 Speaker 1: of these gas stations, and yeah, these prices are starting 690 00:37:11,920 --> 00:37:14,080 Speaker 1: to creep back up again. It's been creeping back up 691 00:37:14,120 --> 00:37:16,920 Speaker 1: towards four dollars of barrel or a gallant, i should say, 692 00:37:16,920 --> 00:37:19,680 Speaker 1: on a national level here, and the timing is not good. 693 00:37:19,760 --> 00:37:22,239 Speaker 1: As we've seen reflected in the polls. It's been a 694 00:37:22,320 --> 00:37:26,479 Speaker 1: remarkable connection between Joe Biden's approval ratings and the price 695 00:37:26,600 --> 00:37:29,200 Speaker 1: of gasoline. And just yesterday we were talking about a 696 00:37:29,280 --> 00:37:33,000 Speaker 1: couple of new polls New York Times, CBS showing the 697 00:37:33,640 --> 00:37:37,120 Speaker 1: kind of momentum that Democrats had coming out of the 698 00:37:37,200 --> 00:37:41,320 Speaker 1: Supreme Court ruling on on Roe v. Wade really diminishing 699 00:37:41,320 --> 00:37:44,279 Speaker 1: and in some cases all of that progress disappearing in 700 00:37:44,440 --> 00:37:46,879 Speaker 1: terms of the poll standing today. We have three weeks, 701 00:37:46,920 --> 00:37:49,040 Speaker 1: by the way from this day, Nathan, and the idea 702 00:37:49,239 --> 00:37:51,319 Speaker 1: is to try to get back to some of those 703 00:37:51,440 --> 00:37:54,279 Speaker 1: higher polling numbers we saw last summer. Does this raise 704 00:37:54,360 --> 00:37:58,520 Speaker 1: some question about whether this rough relationship that we're starting 705 00:37:58,560 --> 00:38:02,320 Speaker 1: to see now between the administration and Saudi Arabia's just 706 00:38:02,440 --> 00:38:06,200 Speaker 1: kind of coming at a really difficult time politically. Well, 707 00:38:06,239 --> 00:38:08,440 Speaker 1: it is, and you know, we've heard repeatedly from the 708 00:38:08,440 --> 00:38:10,120 Speaker 1: White House that they're not really going to deal with 709 00:38:10,239 --> 00:38:12,759 Speaker 1: that until after the mid terms. So you have to 710 00:38:12,800 --> 00:38:16,040 Speaker 1: picture the administration sitting there at feeling like, you know what, 711 00:38:16,160 --> 00:38:18,759 Speaker 1: we're on our own here. Republicans are digging us on 712 00:38:18,840 --> 00:38:22,320 Speaker 1: inflation in high gas prices. Saudi Arabia is no longer 713 00:38:22,400 --> 00:38:24,960 Speaker 1: a factor. We even made some phone calls to Venezuela. 714 00:38:25,280 --> 00:38:27,680 Speaker 1: So here we are with fourteen million more barrels. Let's 715 00:38:27,680 --> 00:38:29,279 Speaker 1: get them into the system and see if it makes 716 00:38:29,320 --> 00:38:32,640 Speaker 1: an impact. They're also talking, Nathan, and this is a 717 00:38:32,760 --> 00:38:38,160 Speaker 1: slightly separate conversation about export controls. There is not unanimity 718 00:38:38,239 --> 00:38:40,880 Speaker 1: inside the administration on this. In fact, they're arguing about 719 00:38:40,920 --> 00:38:43,719 Speaker 1: what impact it might have. That's a decision also that 720 00:38:43,760 --> 00:38:46,480 Speaker 1: would follow the midterms, So this may be the last 721 00:38:46,520 --> 00:38:49,000 Speaker 1: shot the White House gets. And speaking of feeling like 722 00:38:49,120 --> 00:38:52,200 Speaker 1: they're on their own, maybe there's some evidence that President 723 00:38:52,320 --> 00:38:54,440 Speaker 1: Biden is starting to feel that way politically with his 724 00:38:54,520 --> 00:38:57,560 Speaker 1: own Democrats when you look at his travel schedule this 725 00:38:57,719 --> 00:39:00,719 Speaker 1: time of the election cycle. Yeah, these can be lonely 726 00:39:00,800 --> 00:39:04,200 Speaker 1: days for the incumbent. And look, it's it's not unusual. 727 00:39:04,360 --> 00:39:06,880 Speaker 1: We we had a similar conversation about Donald Trump. We 728 00:39:06,960 --> 00:39:10,280 Speaker 1: did about Barack Obama. We did about George W. Bush. 729 00:39:10,560 --> 00:39:15,080 Speaker 1: But this is even less, even less travel for Joe Biden, 730 00:39:15,120 --> 00:39:17,520 Speaker 1: who has been out there, Nathan, he was in California 731 00:39:17,640 --> 00:39:20,440 Speaker 1: last week. He's gonna be going to uh to Pennsylvania 732 00:39:20,480 --> 00:39:21,880 Speaker 1: a bit later on this week. But if you look 733 00:39:21,920 --> 00:39:23,919 Speaker 1: at his schedule, it does not look like someone who's 734 00:39:23,920 --> 00:39:26,440 Speaker 1: in the run up to a major mid term election 735 00:39:26,560 --> 00:39:28,839 Speaker 1: here and and look, it's it's not a mystery as 736 00:39:28,880 --> 00:39:31,680 Speaker 1: to why he will be a liability for a lot 737 00:39:31,760 --> 00:39:33,759 Speaker 1: of candidates. In some cases, he's a help and he 738 00:39:33,800 --> 00:39:36,400 Speaker 1: shows up in those areas. He's sure hoping to help 739 00:39:36,520 --> 00:39:39,319 Speaker 1: John Fetterman in a very tight race in Pennsylvania this week. 740 00:39:39,360 --> 00:39:42,720 Speaker 1: But there are other places like Georgia, for instance, like Ohio, 741 00:39:43,200 --> 00:39:46,520 Speaker 1: We're just showing up might actually hurt the Democrat who's 742 00:39:46,600 --> 00:39:48,600 Speaker 1: running there. And lo and behold, who is going to 743 00:39:48,680 --> 00:39:51,440 Speaker 1: be hitting the road, Barack Obama. He'll be in Georgia 744 00:39:51,719 --> 00:39:53,960 Speaker 1: and a couple of other swing states at the end 745 00:39:54,000 --> 00:39:58,760 Speaker 1: of this month. Yeah. Interesting, How does the president's travel 746 00:39:58,880 --> 00:40:02,520 Speaker 1: schedule compared to his predecessors at this time. Did they 747 00:40:02,600 --> 00:40:05,360 Speaker 1: tend to be in battleground states at this point in 748 00:40:05,400 --> 00:40:08,920 Speaker 1: the cycle. Yeah, Look, it is lighter than his two 749 00:40:09,040 --> 00:40:12,040 Speaker 1: immediate predecessors at the same point in their campaign. But 750 00:40:12,160 --> 00:40:15,200 Speaker 1: we and they were doing some travel. But you know, 751 00:40:15,360 --> 00:40:18,440 Speaker 1: this became an issue for both Trump and Obama in 752 00:40:18,480 --> 00:40:20,640 Speaker 1: the mid term elections. You remember, coming off of the 753 00:40:20,920 --> 00:40:25,320 Speaker 1: healthcare debate, uh, the Obamacare debate, it was better for 754 00:40:25,480 --> 00:40:28,560 Speaker 1: him to stay home in some cases to actually help 755 00:40:28,680 --> 00:40:30,839 Speaker 1: the Democrat. Joe Biden made a joke the other day 756 00:40:31,120 --> 00:40:33,799 Speaker 1: about Chris van Holland in Maryland, saying, you know, I'll 757 00:40:33,840 --> 00:40:37,040 Speaker 1: come run for you or against you whenever one helps. Yeah, 758 00:40:37,680 --> 00:40:40,080 Speaker 1: I remember that. Got about a minute left here, Joe. 759 00:40:40,200 --> 00:40:45,560 Speaker 1: After the mid terms tax breaks, coming back on what's 760 00:40:45,600 --> 00:40:47,320 Speaker 1: this about? This is you know, I'm not sure what 761 00:40:47,440 --> 00:40:49,040 Speaker 1: to make of this. It's just gonna really depend on 762 00:40:49,080 --> 00:40:51,480 Speaker 1: the outcome of the midterms. With some great reporting by 763 00:40:51,719 --> 00:40:53,799 Speaker 1: Laura Davison, who does such a good job for us 764 00:40:54,160 --> 00:40:57,439 Speaker 1: when it comes to the tax story on Capitol Hill. Look, 765 00:40:57,480 --> 00:40:59,600 Speaker 1: there are a couple of things that never got done 766 00:40:59,760 --> 00:41:04,040 Speaker 1: on both sides for Democrats for Republicans over the course 767 00:41:04,160 --> 00:41:07,239 Speaker 1: of this legislative year. One of the biggest ones is 768 00:41:07,320 --> 00:41:10,279 Speaker 1: the enhanced child tax Credit. Remember that was a huge 769 00:41:10,360 --> 00:41:13,880 Speaker 1: priority for Democrats and it was never included in what 770 00:41:13,960 --> 00:41:16,879 Speaker 1: would have been its last opportunity in the Inflation Reduction Act. 771 00:41:17,400 --> 00:41:20,440 Speaker 1: Republicans meantime, want to cut some taxes for corporations for 772 00:41:20,600 --> 00:41:23,600 Speaker 1: research and development, some other items here, uh, not not 773 00:41:23,760 --> 00:41:25,879 Speaker 1: just in across the board tax cut, but some very 774 00:41:25,960 --> 00:41:29,120 Speaker 1: specific areas where they think they could help if we 775 00:41:29,280 --> 00:41:31,560 Speaker 1: come out of the mid terms in a in a 776 00:41:31,719 --> 00:41:35,759 Speaker 1: similarly divided Congress, even if say Republicans take the House, 777 00:41:36,520 --> 00:41:38,520 Speaker 1: but if the numbers are still tight, you could see 778 00:41:39,080 --> 00:41:42,280 Speaker 1: some compromise here if there's a blowout for Republicans, though, Nathan, 779 00:41:42,360 --> 00:41:45,320 Speaker 1: I would not be looking for any extended child tax credit. 780 00:41:45,360 --> 00:41:48,000 Speaker 1: And I'll remind everyone, with the government set to run 781 00:41:48,040 --> 00:41:50,200 Speaker 1: out of money on December sixteenth, that we're going to 782 00:41:50,280 --> 00:41:52,279 Speaker 1: have to have another argument about how to fund the 783 00:41:52,360 --> 00:41:54,320 Speaker 1: government and what it will look like going into the 784 00:41:54,360 --> 00:41:56,879 Speaker 1: new year. The results of this mid term election will 785 00:41:56,960 --> 00:42:00,480 Speaker 1: dictate the outcome of that debate. Yeah, debate that keep 786 00:42:00,560 --> 00:42:03,600 Speaker 1: seeing rear It's head over and over again in Washington. 787 00:42:03,719 --> 00:42:06,600 Speaker 1: As always, thanks for joining us. Joe Matthew, host of 788 00:42:06,680 --> 00:42:08,960 Speaker 1: sound On on Bloomberg Radio, which you can catch every 789 00:42:09,040 --> 00:42:12,880 Speaker 1: weekday afternoon five pm. Wall Street Time across Bloomberg Radio 790 00:42:13,360 --> 00:42:15,600 Speaker 1: and read more about all these stories on Bloomberg dot 791 00:42:15,680 --> 00:42:19,000 Speaker 1: com or on the Bloomberg terminal and the market open. 792 00:42:19,080 --> 00:42:22,040 Speaker 1: Futures are moving higher after yesterday's rally. We could be 793 00:42:22,080 --> 00:42:24,719 Speaker 1: building on it today, with SMP futures up forty nine point, 794 00:42:24,760 --> 00:42:28,000 Speaker 1: STOUT futures up three thirty three. NASAC futures are higher 795 00:42:28,080 --> 00:42:31,319 Speaker 1: by a hundred seventy five points. Tenure Treasury little change 796 00:42:31,400 --> 00:42:33,560 Speaker 1: now with the yield at four percent. Yield on the 797 00:42:33,640 --> 00:42:37,920 Speaker 1: two year four point four five percent. Bloomberg Surveillance is 798 00:42:38,000 --> 00:42:42,239 Speaker 1: next with Tom Keene, Jonathan Faroh, and Lisa Abramowitz for 799 00:42:42,400 --> 00:42:46,680 Speaker 1: Karen Moscow. I'm Nathan Hager. This is Bloomberg