Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for Tuesday, October eighteen two. Coming up this shour,
Speaker 1: stocks extend yesterday's rally on Wall Street. Callman Sachs wraps
Speaker 1: up bank earnings. Letz Trust's apologizes but vows to stay
Speaker 1: on as UK Prime Minister, and the White House could
Speaker 1: release more oil from its emergency stock pile. It was
Speaker 1: debate night in several key races, plus a new policy
Speaker 1: from the New York Seditation Department is making the rats say,
Speaker 1: Oh rats, I'm Michael Barr Morris. Fight ahead, I'm John
Speaker 1: Stashoward Spurt. The Yankees and Guardians were rained out. They'll
Speaker 1: play Game five at four o'clock today. The Rangers beat
Speaker 1: the Ducks. The Chargers beat the Bronco. That's all s
Speaker 1: train ahead on Bloomberg day Break on Bloomberg. He Live
Speaker 1: in Free on New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Syrius XM one nineteen and around the world Old on
Speaker 1: Bloomberg Radio dot Com and the Bloomberg Business app. And
Speaker 1: good morning, I'm far at Moscow. I'm Nathan Hager. Bloomberg
Speaker 1: Daybreak is brought to you by SEI. Asset managers don't
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Speaker 1: i C dot Com, Slash Tech and futures are higher
Speaker 1: this morning six o one on Wall Street, and we
Speaker 1: checked the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg. Right now, SNP futures are up about fifty
Speaker 1: points down, futures up three hundred fifteen, NASDACK futures up
Speaker 1: one five ten year treasury down to thirty seconds, yield
Speaker 1: four point two percent, and the yield on the two
Speaker 1: year four point four four percent, and NIMEX screwed oil
Speaker 1: is down about three tenths of up percent to eighty
Speaker 1: five one cents a barrel Nathan Well Karen. The rise
Speaker 1: in futures follows yesterday's powerful rally on Wall Street. The
Speaker 1: SNP five hundred game two point seven percent, while the
Speaker 1: tech heavy nasdacs surged three point four percent. David the
Speaker 1: senior investment strategist at Peapack Private Wealth says it was
Speaker 1: only a matter of time for a bounce. We don't
Speaker 1: know whether we've seen the bottom in the secrecal downturn,
Speaker 1: but we do know that the conditions are primed for
Speaker 1: better returns going forward. I mean, we start with the
Speaker 1: fact that we're down twenty five percent year to date
Speaker 1: on the broad market. On the NASTAC that alone should
Speaker 1: with the appetite of all bargain hunters. David Deeds at
Speaker 1: Peapack Private Wealth notes the sp closed above a key
Speaker 1: technical support level yesterday. Still Nathan stocks have further room
Speaker 1: to fall. That's according to the latest fund manager survey
Speaker 1: from Bank of America. Their respondents expect stocks to bottom
Speaker 1: in the first half of next year after the FED
Speaker 1: finally pivots away from hiking rates. Right now, according to
Speaker 1: the survey, investors have six point three percent of their
Speaker 1: portfolios in cash, as the highest level since April of
Speaker 1: two thousand one. Participants are underweight equities in Europe. Today, Karen,
Speaker 1: we are hearing from Liz Trust, the UK Prime Minister,
Speaker 1: says she's sorry for going too far, too fast after
Speaker 1: new Chancellor gut it. Most of our economic plan. We
Speaker 1: have made mistakes. I'm sorry for those mistakes. But I've
Speaker 1: fixed the mistakes. I've appointed a new chancellor. We have
Speaker 1: restored economic stability and fiscal discipline. What I now want
Speaker 1: to do is go want to deliver for the public.
Speaker 1: Prime Minister List Trust made the comments in an interview
Speaker 1: with the BBC. One other note this morning, the Financial
Speaker 1: Times is reporting the Bank of England will likely delay
Speaker 1: its planned sale of government bonds on October thirty one,
Speaker 1: but the Bank of England is refuting that report well
Speaker 1: back here in the US, Nathan, We wrap up earning
Speaker 1: from the big banks today with Goldman Snacks reporting this morning,
Speaker 1: and here with the preview is Bloomberg's Jeff Bellinger. Goldman's
Speaker 1: revenue and profit were boosted by investment games in the
Speaker 1: third quarter last year. Bloomberg Intelligence expects to hear that
Speaker 1: the numbers were lower in the just ended quarter, which
Speaker 1: saw a slide and banking fees and a stock market
Speaker 1: performance that likely weighed on its asset management business. Investors
Speaker 1: will be interested in what executives have to say about
Speaker 1: the future. Bloomberg reported last month that Goldman was beginning
Speaker 1: the biggest round of job cuts since the start of
Speaker 1: the pandemic, and just Yesterday, Wells Fargo analyst Mike Mayo
Speaker 1: said Goldman is planning a major reorganization. Jeff Bellinger, Bloomberg Daybreak.
Speaker 1: Thanks Jeff. Goldman's earnings come a day after Bank of
Speaker 1: America reported its highest quarterly net interest income in at
Speaker 1: least a decade. We caught up with CEO Brian moynihan,
Speaker 1: who says the U. S. Consumer is still spending. Their
Speaker 1: credit quality and a credit quality Bank of America in
Speaker 1: our consumer books is very strong. Across the board. The
Speaker 1: payment the delinquencies are much slower. They weren't pay pandemic,
Speaker 1: much lower they were in any average five best year
Speaker 1: type period. And yes they moved a little bit off
Speaker 1: the floor, but they're still much lower they've been. So
Speaker 1: consumers are spending, they have money, they're employed, you can
Speaker 1: see the unemployment numbers, and they have good credit. Bank
Speaker 1: of America CEO Brian moynihan made the comments in an
Speaker 1: interview with Bloomberg's David Weston meantime, Nathan, we're seeing many
Speaker 1: companies try to diversify their leadership ranks, but that effort
Speaker 1: it could be getting harder as women leave top tier
Speaker 1: jobs at higher rates than ever before. A report from
Speaker 1: Mackenzie and Len and dot Org finds that for every
Speaker 1: woman who gets promoted at the director level, two women
Speaker 1: choose to leave. A lack of affordable childcare as part
Speaker 1: of the reason. Also, a gender pay gap that had
Speaker 1: been narrowing before the pandemic is now stalling. Well, let's
Speaker 1: turn to Washington now, Karen. The White House is watching
Speaker 1: energy prices closely, and we're told the Biden administrations making
Speaker 1: moves to ensure the price of gas doesn't go even higher.
Speaker 1: Amy Morris has the details from our Bloomberg newsroom in Washington.
Speaker 1: Energy Department officials have been quietly meeting this week with
Speaker 1: oil companies to let them know what to expect. Sources
Speaker 1: tell Bloomberg News officials are prepared to release up to
Speaker 1: fifteen million barrels of oil from the nation's emergency stockpile
Speaker 1: to keep prices steady. We also expect to hear plans
Speaker 1: from the Biden administration this week about how to replenish
Speaker 1: that stockpile. Also, the administration is looking at limiting fuel
Speaker 1: exports to keep more gasoline and diesel inside the US,
Speaker 1: a more dramatic step that sort to say would not
Speaker 1: happen before the midterms in Washington. I'm anymore as Bloomberg daybreak. Okay,
Speaker 1: thanks in checking all prices now, Nimex crews dropping a bit,
Speaker 1: down two tenths per cent at eighty five twenty nine
Speaker 1: cents of barrel. Brent is down one tenth per cent
Speaker 1: at ninety nine cents. Well in the geo political stage
Speaker 1: this morning, Nathan, China and Taiwan are in focus the
Speaker 1: US as Beijing can move to seize Taiwan and a
Speaker 1: much faster timeline and previously thought and Bloomberg said, Baxter
Speaker 1: has the story. Secretary of State Anthony Blincoln is responding
Speaker 1: to Shi Jumping's addressed to the People's Congress over the weekend.
Speaker 1: B Lincoln says there's been a change in the approach
Speaker 1: over the past several years towards Taiwan, but says now
Speaker 1: China has made a fundamental decision that the status quo
Speaker 1: is no longer acceptable and that Beijing is determined to
Speaker 1: pursue reunification on a much faster timeline. Having said that,
Speaker 1: b Lincoln says there's eagerness to cooperate on share interest
Speaker 1: given that she will be serving a third term in
Speaker 1: San Francisco. I'm at Baxter Bloomberg daybreak at Baxter. Thank
Speaker 1: USMP futures right now are up forty nine point staff
Speaker 1: futures up three seventeen. NASTAC futures are hired by a
Speaker 1: hundred eighty six points ten. Your treasuries down one thirty second,
Speaker 1: the yield four point zero one per cent. Straight ahead,
Speaker 1: your latest local headlines and a check of sports. This
Speaker 1: is Bloomberg six oh seven on Wall Street. Now. We
Speaker 1: are at fifty degrees in Central Park. Got a crash
Speaker 1: northbound Bronx River Parkway. It's closed at Allerton Avenue. More
Speaker 1: coming up in traffic. First Michael bar with more on
Speaker 1: what's going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan, New York City announced the
Speaker 1: new policy meant to keep the streets cleaner and free
Speaker 1: of rats. With trash bags piled on the curbs at night.
Speaker 1: There are new rules on when you can take out
Speaker 1: the garbage. Sanitation Commissioner Jessica Tish the biggest swing that
Speaker 1: you can take at cleaning up our streets is to
Speaker 1: shut down the all night, all you can eat rat buffet.
Speaker 1: I want to be clear, the rats are absolutely going
Speaker 1: to hate. This announcement, Sanitation Commissioner Tish said buildings can
Speaker 1: put their trash out no earlier than eight pm, and
Speaker 1: there will be more collections overnight. New York City arts organizations,
Speaker 1: including the Metropolitan Opera and Carnegie Hall, announced that they
Speaker 1: will make face masks optional beginning October as COVID nineteen
Speaker 1: cases continue to decline across the area. The group added
Speaker 1: that it will continue to encourage the practice of masking
Speaker 1: and vaccinations, which also remain optional. Georgia Governor Brian Kemp
Speaker 1: faced Democratic challengers Stacy Abrams and Libertarian candidate Shane Hazel
Speaker 1: for a televised debate sponsored by the Atlanta Press Club. Abrams,
Speaker 1: speaking last night, as governor, I intend to stand up
Speaker 1: for the right to vote. I will always acknowledge the
Speaker 1: outcome of elections, but I will never deny access to
Speaker 1: every voter, because that is the responsibility of every American
Speaker 1: to defend the right to vote. Kemp responded to Abram's
Speaker 1: accusations of voter suppression during his time as governor. I'm
Speaker 1: the person that created the online voter registration system in
Speaker 1: the state where any Georgian convert registered of the twenty
Speaker 1: four hours a day, seven days a week. Abraham's lost
Speaker 1: to Kemp when they first ran against each other in
Speaker 1: the twenty eighteen race for governor. Democratic Representative Tim Ryan
Speaker 1: and Republican J. D. Vans meant for their second debate
Speaker 1: to replace retiring Ohio Republican Senator Rob Portman on NBCs
Speaker 1: w FM JTV. Vans accused Ryan of voting for tax
Speaker 1: increases and criticized his support for the Inflation Reduction Act.
Speaker 1: It raises taxes by twenty billion dollars on working people
Speaker 1: in this state and in this country, and then at
Speaker 1: six seven thousand, I rst agents to go after them.
Speaker 1: Bryan replied, advances accusing him of being a follower of
Speaker 1: how speaker Nancy Pelosi. You keep talking about Nancy Pelosi.
Speaker 1: If you want to run against Nancy Pelosi, moved back
Speaker 1: to San Francisco and run against Nancy Pelosi. You're running
Speaker 1: against me. Poles projected race as a virtual time global
Speaker 1: Neames twenty four hours a day on airand on Bloomberg
Speaker 1: quick Take, powered by more than twenty seven hundred journalists
Speaker 1: and analysts in more than a hundred twenty countries. I'm
Speaker 1: Michael bar This is Bloomberg. Nathan. Thanks Michael almost six
Speaker 1: ten on All Street Time for the Bloomberg Sports Update
Speaker 1: with John stoesshown All right, Nathan. Second time in this
Speaker 1: series where the Yankees and Guardians have been reined out
Speaker 1: at the stadium, Unlike last week when the game was
Speaker 1: called early in the afternoon. The fans were there last night,
Speaker 1: but at nine thirty they called it's a game. Five
Speaker 1: is at four o'clock today, and with the day off,
Speaker 1: the Yankees are changing starting pitchers. Out is Jamison tan
Speaker 1: and in is Nestor Cortez, picking on three days rest.
Speaker 1: The Guardians could do likewise with Shane Bieber. He was
Speaker 1: the sty young winner just two years ago, but they
Speaker 1: say they are sticking with Aaron Savali the winner today.
Speaker 1: Quickly off to Houston for Game one of the a
Speaker 1: LCS tomorrow. The surprising n LCS Phillies and Padres starting
Speaker 1: tonight in San Diego, two teams who failed to win
Speaker 1: ninety games to decide the penned after three n l
Speaker 1: teams that won over a hundred games, including the Mets,
Speaker 1: were outst Week six wrapped up a f C West
Speaker 1: game in l a went over time Chargers beat the
Speaker 1: Broncos nineteen sixteen. Third great win for l A. Denver
Speaker 1: now two and four and the red Hot Jets visit
Speaker 1: the Broncos on Sunday. I mean one a f C
Speaker 1: teen was a better record than the Jets at the Garden.
Speaker 1: Rangers and Ducks. Good start for the Blue Shorts, especially
Speaker 1: with the man advantage. But theres the candile. It stacks
Speaker 1: it up. Let's start to that down low pro chack
Speaker 1: aproch about a Jets these stars. It was about a
Speaker 1: Jet shutting up tro check for the first power play goal.
Speaker 1: If time pro check to Sabanda, chat to the Rangers
Speaker 1: and seventy the later is the banner. Jet scored another
Speaker 1: power play goal. Rangers beat Anaheim six to four, their
Speaker 1: three and one NBA season tipping off tonight, a couple
Speaker 1: of games Nixon Nets get going tomorrow, John stash Ower,
Speaker 1: Bloomberg Sports, Nathan, Thanks John. Sp futures right now forty
Speaker 1: six points, South Feutures of tune to ninety five dance
Speaker 1: A Futures up a hundred seventy three points. We'll talk
Speaker 1: about this market next with HSBC chief multi asset strategist
Speaker 1: Max Kedner. This is Bloomberg Bloomberg eleven three oh weather
Speaker 1: clearing cooler today, highs in the upper fifties, sunny, mid fifties. Tomorrow,
Speaker 1: might hit sixty by Thursday. Right now it's fifty in
Speaker 1: Central Park. Markets. Headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Out
Speaker 1: and at Bloomberg Quicktake. This is a Bloomberg Business Flash
Speaker 1: and I'm Karen Moscow. And futures are higher this morning,
Speaker 1: but SMP futures of fifty points down. Futures have three
Speaker 1: number twenty nine, and ASTA futures have on four the decks.
Speaker 1: In Germany's a one point one percent tenure treasury that'll change.
Speaker 1: He had four point one percent that yield on the
Speaker 1: two year four point four or four percent. N i
Speaker 1: X screwed oils down a tenth of upper cent or
Speaker 1: eleven cents at eighty five dollars, thirty five cents of
Speaker 1: barrel co mix well that a third of percent, or
Speaker 1: six dollars at sixteen fifty eight thirty announced euro point
Speaker 1: eight four three against the dollar. British found one point
Speaker 1: one eight eight to the end one nine point oh
Speaker 1: six and Intel's mobilize says it sees its ip ot
Speaker 1: the price between eighteen and twenty dollars per share, according
Speaker 1: to a filing. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Ukrainian President Zelenski says
Speaker 1: his country needs more help to defend itself from the
Speaker 1: Iranian maid so called Kama Kanze drones the Russian army
Speaker 1: has been using to attack civilian infrastructure. At least eight
Speaker 1: people were killed during yesterday's strikes. A suspected serial killer
Speaker 1: in Stockton, California, scheduled to be arraigned today. Authorities say
Speaker 1: forty three year old Wesley Brownlee is accused of terrorizing
Speaker 1: the community for months, hunting for his victims, and often
Speaker 1: waiting in the dark. In baseball, the Yankees and Guardians
Speaker 1: will play their deciding game five of their a LDS
Speaker 1: this afternoon at four pm Eastern time. Rain postponed last
Speaker 1: night's game. Wenday Night football, the Chargers beat the Broncos
Speaker 1: in overtime nineteen sixteen. In hockey, the Rangers, Bruins, and
Speaker 1: Capitals all one. Global News twenty four hours a day
Speaker 1: on here and on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalists and analysts are more than
Speaker 1: a hundred twenty countries. Michael barn This is Bloomberg Nav
Speaker 1: all right, Michael. Thanks at six nineteen on Wall Street
Speaker 1: Life from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: Daybreak and we're joined now by Max Kentner, chief Multi
Speaker 1: Assets strategist at HSBC. Great to speak with you this morning, Max.
Speaker 1: As we watch futures continue to rise following yesterday's bounce
Speaker 1: on Wall Street, is there room for this rally to run?
Speaker 1: Are you fading this one? Yeah? Good morning, So I
Speaker 1: think I would be very very definitely fading this one.
Speaker 1: I think there's quite a quite a distinct lack of
Speaker 1: pass through really and then follow through if you if
Speaker 1: you look at the cross affit picture really because yeah,
Speaker 1: equities are all credits, breads are a bit a bit
Speaker 1: pint tighter. Fine, But actually what the market of what
Speaker 1: the equity market has played in particular yesterday and this
Speaker 1: morning is it is much rather the sort of return
Speaker 1: to goldilocks. I hope for a pit pivot again, but
Speaker 1: the difference to what we've seen perhaps in June, July, August,
Speaker 1: was that this was based on lower real yields, right,
Speaker 1: and it was sort of lifting old boats led to
Speaker 1: temporary reprieve leen led to you know that the led
Speaker 1: to gold spiking temporarily. All of that is missing right now,
Speaker 1: right again, is moving at all? Gold is sort of
Speaker 1: here or there. Right, It's it's fairly flat. Actually a
Speaker 1: real rate. If we look at long dated real rates
Speaker 1: in the US, again, they're pretty flat, right, They've been
Speaker 1: pretty flat in the last a couple of days. So
Speaker 1: it's really just the equity market playing a lot of
Speaker 1: hope paths around. You know, the news out of the
Speaker 1: UK yesterday, that's all. That's all got to temporary relief rallies.
Speaker 1: But in terms of if you have a three to
Speaker 1: six months view, I would be definitely fading this one now.
Speaker 1: Since you mentioned the news out of the UK and
Speaker 1: the I guess when you can't a pivot away from
Speaker 1: trust anomics, you see that as temporary. I mean, what
Speaker 1: what would it take for us to have a little
Speaker 1: bit more UH stability sensing coming out of the out
Speaker 1: of the UK situation? Yeah, I guess the the near
Speaker 1: term volatility is extremely high in the UK right, and
Speaker 1: then we we just don't really have a handle on
Speaker 1: all these political decisions, whether she's going to remain Prime
Speaker 1: minister or not, or you know, whether there's going to
Speaker 1: be a peace or members of the government resigning. What
Speaker 1: kind of pressure that will put on this This is
Speaker 1: all sort of the political speculation that will put volatility
Speaker 1: really really still high for the pounds and for guilt
Speaker 1: now finnally enough, Actually, UK equities, if you look at
Speaker 1: the large camps or the foots you one hundred, have
Speaker 1: been pretty okay during this period, and they've been pretty
Speaker 1: okay actually here to day, because of course we know
Speaker 1: there's value in the market, right, there's more of a
Speaker 1: whole new market, it's more of a defensive markets, and
Speaker 1: of course it benefits from that lower sterling. So so
Speaker 1: finally enough, actually, UT equities, the large caps from a
Speaker 1: global perspective look pretty okay. But until we can really
Speaker 1: sort of sound the all clear on guilds, on on pounds, sterling,
Speaker 1: I think we will need to not only see less
Speaker 1: noise on the political front, but we'd also need to
Speaker 1: see you know, more convincing news on the structural front,
Speaker 1: because let's Let's remember that among sort of detailed currencies,
Speaker 1: the pounder in the UK is probably facing the least
Speaker 1: favorable death dynamics this year and next year, and that is,
Speaker 1: you know, that's the much more important one from a
Speaker 1: let's say, at three to six months perspective, if you
Speaker 1: look at the pound disregarding really the political volatility. Turning
Speaker 1: back to the US market, we got the latest monthly
Speaker 1: fund manager survey from the Bank of America thinking that
Speaker 1: we might not see bottom here on Wall Street until
Speaker 1: sometime in the first half of next year, when the
Speaker 1: FED finally starts to pivot. When are you thinking the
Speaker 1: Fed pivots, if not from a higher interest rates to
Speaker 1: at least slowing down the increases. Yeah, But the funny
Speaker 1: thing is every everyone talks about a pivot. So far,
Speaker 1: everything we've seen was a pivot higher right, so far
Speaker 1: so far. The actual funny thing is that whenever we
Speaker 1: were talking about a pivot, it was like, well, maybe
Speaker 1: the FED funds is going to pick up three oh,
Speaker 1: and now it's three and a half. Now it's all
Speaker 1: and off. But the point for me is that the
Speaker 1: FED is really only going to pivot in my view,
Speaker 1: when things are going to go horribly wrong, not just wrong,
Speaker 1: but really and I have to emphasize that horribly wrong. Right,
Speaker 1: So it will not be sufficient if we see you
Speaker 1: one to three months of a bit worse than economic data,
Speaker 1: right and oh maybe we're going to go into refreshing now,
Speaker 1: that will not be sufficient, right. It will only really
Speaker 1: pivot and it will only really start to cut right
Speaker 1: if we see an aggressive downward drift in in activity data.
Speaker 1: And that of course is not good for risk asses either,
Speaker 1: which means to me, I think the bottom really only
Speaker 1: is in for for equities if it we're starting to
Speaker 1: see the correlation between equities and rates go negative again,
Speaker 1: i e. When people really start to become genuinely concerned
Speaker 1: about a recession. Just thirty seconds left here, what is
Speaker 1: your bottom? Where do you see the SMP going? So on?
Speaker 1: Our focus for end of this year three thousand, five hundred,
Speaker 1: but we have said we could reach at low as
Speaker 1: low as three thousand two hundred, because that would put
Speaker 1: us with a bit more valuation pressure. Still, it would
Speaker 1: mean that you know, we're probably gonna start to close
Speaker 1: this gap that exists between long dated real rates and
Speaker 1: valuations right now. So to us, there is as much
Speaker 1: scope pest to three thousand, two hundred. That the buying
Speaker 1: buying territory, and of course we did close higher yesterday
Speaker 1: at thirty six seventy seven. Thanks for this, Max, great
Speaker 1: having on with us this morning. Next Kettner, Chief Multi
Speaker 1: Assets Strategists at hs VC Futures this morning moving higher
Speaker 1: once again with SMP futures of fifty four point, Staff
Speaker 1: futures up faded at fifty five Nasty futures up a
Speaker 1: hundred ninety six points. This is Bloomberg Blomber eleven three
Speaker 1: oh Weather clearing cooler today with highs in the upper fifties, Sunny,
Speaker 1: mid fifties for tomorrow, sunshine upper fifties for Thursday. Right now,
Speaker 1: it's fifty degrees and cloudy in Central Park. Broadcasting live
Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg
Speaker 1: E Living free to Washington, d C, Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg sixty
Speaker 1: to the country, Sirius XM to A one nine team,
Speaker 1: and around the globe the Bloomberg Business app and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak and it's six
Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow, and we are just about three hours
Speaker 1: away from the open of US trading. Let's get to
Speaker 1: the five things you need to know to start your day.
Speaker 1: Brought to you by Interactive Brokers. Interactive Brokers charges Martin
Speaker 1: loan rates from three point five eight percent to four
Speaker 1: point five eight percent rate subject to change. Learn more
Speaker 1: at i v k R dot com slash compare. First.
Speaker 1: US futures are rising after adding to yesterday's big rally.
Speaker 1: Still expect more of volatility ahead. That's according to Samir
Speaker 1: samana with Fols Fargo. What I'd really like to see
Speaker 1: is for this market to try and find kind of
Speaker 1: a bottom and from that standpoint just maybe even trade
Speaker 1: sideways for a few days. I think these constituted three
Speaker 1: percent up and down days, I think it continue to
Speaker 1: spook investors. I think maybe the best course of action
Speaker 1: for for markets from here, given what the FEDS trying
Speaker 1: to engineers, just to go sideways for a few days.
Speaker 1: Well S Fargo Samir Samanas says daily swings of two
Speaker 1: to three percent indicate fergility in the market. Overseas can
Speaker 1: In the UK, government's trying to continue calming markets after
Speaker 1: a tough first month for Liz Trust. The new Prime
Speaker 1: Minister tells the BBC she is sorry for going too far,
Speaker 1: too fast with their economic plan. We have made mistakes.
Speaker 1: I'm sorry for those mistakes, but I fixed mistakes. I've
Speaker 1: appointed a new Chancellor. We have restored economic stability and
Speaker 1: fiscal discipline. What I now want to do is guy
Speaker 1: wanted to deliver for the public. Listrust says she plans
Speaker 1: to continue serving as Prime Minister and back here in
Speaker 1: the US, big banks wrap up earnings with Colman Sax
Speaker 1: reporting this morning. Then it's Big Tech and Focus this
Speaker 1: afternoon with Netflix reporting at Bloomberg's. Tom Busby has a preview.
Speaker 1: The key for the streaming video pioneer, which just announced
Speaker 1: the debut of a cheaper, ad supported version on November two,
Speaker 1: is whether it returned to subscribe or growth thanks to
Speaker 1: hits like squid Game, Inventing Anna, and Dahmer. After shedding
Speaker 1: a ton of subscribers in the first half of this year,
Speaker 1: estimates call for a million more paying customers added in
Speaker 1: the third quarter, led by editions in the Asia Pacific
Speaker 1: and Latin America regions and on a crackdown and password sharing.
Speaker 1: Tom Busby Bloomberg Daybreak. All right, Tom, thank you, And
Speaker 1: we did get earnings from Johnson and Johnson it cut
Speaker 1: its sales guidance for the full year, still profit in
Speaker 1: the quarter, beat analysts estimates and share are higher in
Speaker 1: early trading. It's politics now caring. The White House is
Speaker 1: watching energy prices closely. Sources tell us the Biden administrations
Speaker 1: preparing to release up to fifteen million barrels from the
Speaker 1: nation's emergency oil stock pile. Checking prices now, Nimex crude
Speaker 1: is lower by a quarter percent at eight twenty five
Speaker 1: a barrel, and a geopolitics Nathan China and Taiwan and focus.
Speaker 1: Secretary of State Anthony Lincoln says Beijing is making plans
Speaker 1: to see to Taiwan in a faster timeline and previously
Speaker 1: thought that assessment comes as China holds its Communist Party
Speaker 1: Congress this week. That's the five things you need to
Speaker 1: notice start your day. Brought to you by Interactive brokers Heaspring.
Speaker 1: It's now six thirty three on Wall Street. Were fifty
Speaker 1: degrees in Central Park northbound, Bronx Urver Parkway still closed
Speaker 1: at Allerton Avenue, and Michael bars here with more on
Speaker 1: what's going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan Rat complains in New York
Speaker 1: City are up in the last year. City officials are
Speaker 1: now changing garbage collection rules. Instead of being all the
Speaker 1: pile trash bags on curbs the day before pick up,
Speaker 1: people will have to put out the trash no earlier
Speaker 1: than eight pm. New York Sanitation Commissioner Jessica Tish, why
Speaker 1: have we tolerated this for so long? Over the last
Speaker 1: six months, the Department of Sanitation has reoriented itself around
Speaker 1: one goal, getting our streets cleaner faster. Commissioner Tish says,
Speaker 1: the Rats are absolutely going to hate this announcement. Democratic
Speaker 1: Representative Tim Ryan and Republican Jade Events met for their
Speaker 1: second debate as the two v for replacing retiring oile.
Speaker 1: Republican Senator Rob Portman on NBCs w FM JTV, Vans
Speaker 1: said he supports GOP Senator Lindsey Graham's bill for a
Speaker 1: national ban on abortion after four weeks of pregnancy. If
Speaker 1: you can't support legislation like that, you are making the
Speaker 1: United States the most barbaric pro abortion regime anywhere in
Speaker 1: the entire world. Ryan said Vance became sub serveians to
Speaker 1: former President Trump to gain his endorsement after Trump and
Speaker 1: solded him publicly. If you think you're gonna help Ohio,
Speaker 1: you're not. If you can't even stand up for yourself,
Speaker 1: how are you going to stand up for the people
Speaker 1: of the state. How are you gonna take on the
Speaker 1: corporate interests? Poles projected Rains as a virtual time Georgia
Speaker 1: Republican Governor Brian Camp and Democrats Stacy Abram's clash in
Speaker 1: their first of two debates very closely watched rematch, Kemp
Speaker 1: tied Abrams with President Biden and the nation's economic woes.
Speaker 1: My desire is to continue to help them fight through
Speaker 1: fourty year high inflation and high gas prices and other
Speaker 1: things that our george To families are facing right now,
Speaker 1: quite honestly because of bad policies in Washington, d c.
Speaker 1: From President Biden and the Democrats that have complete control.
Speaker 1: Abrams criticized Kim for backing tougher anti abortion restrictions and
Speaker 1: looser gun laws. He has weakened gun laws and flooded
Speaker 1: our streets. He has weakened our privacy rights and our
Speaker 1: women's rights. He has denied women to access to REAP
Speaker 1: reductive care. In eighteen, Abrahams came close to winning the
Speaker 1: governor's race against Kemp. The State Department says the US
Speaker 1: will take action against companies and nations working with the
Speaker 1: Iron's drone program after Russia used them for deadly kamikaze strikes.
Speaker 1: And Kiev Global News twenty four hours a day on
Speaker 1: airand on Bloomberg Quicktake, powered by more than seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. I'm
Speaker 1: Michael barn This is Bloomberg, Nathan. Thanks Michael. Six thirty
Speaker 1: six on Wall Street and John stash Are has the
Speaker 1: Bloomberg Sports Update. All right, Nathan. The Yankees and Guardians
Speaker 1: and I sellout crowd all at the stadium last night
Speaker 1: for a seven o'clock start, but at nine thirty the
Speaker 1: rain had not stopped. In the decisive game five was
Speaker 1: postponed at four o'clock today. Aaron Bruin was asked about
Speaker 1: playing a door dog this time of year. You're you're
Speaker 1: playing for, there's a ton on the line, and you're
Speaker 1: playing for and hopefully you know, you find that awesome.
Speaker 1: You know that he and I think our guys do
Speaker 1: realize that that's a great opportunity. With that comes some
Speaker 1: nerves and and things you gotta deal with. Who and
Speaker 1: is changing his starting pitcher now that Estra Cortays has
Speaker 1: three days rest, he'll start, not Jamis since I own
Speaker 1: the Guardians say they are sticking with Aaron Savali instead
Speaker 1: of using Shane Fiever. It's the NLCS. The No one
Speaker 1: expected the Phillies for just some third place in the
Speaker 1: n L, as they were the last team to get in.
Speaker 1: The Padres had to be two one hundred plus win teams.
Speaker 1: They didn't even win ninety And yet it's the Phils
Speaker 1: and Padres game once to night in San Diego, another
Speaker 1: NFL primetime game without a lot of touchdowns. Chargers and
Speaker 1: Broncos both scored one combined for seven field goals. L
Speaker 1: A kicked one lad in overtime after Denver fumbled the punt.
Speaker 1: The Chargers won nineteen to sixteen. The Cowboys and Dolphins
Speaker 1: both expect to get their starting quarterbacks back Sunday Dak
Speaker 1: Prescott from the thumb injury to a tongue of below
Speaker 1: from the concussion. Washington QB Carson Wentz has a broken finger.
Speaker 1: He's gonna miss the next four to six weeks. The
Speaker 1: Garden Rangers went to three and one. They'd be Anna
Speaker 1: on six four two goals for me, his advantage at
Speaker 1: both in the power way our Ni Panarin a goal,
Speaker 1: three assists. It's certainly the year. But Panarin leaves the
Speaker 1: NHL and scoring NBA season tips off to night, John
Speaker 1: dash Award, Bloomberg Sports Nathan all Right, John, thanks six
Speaker 1: thirty seven on Wall Street. Time to take a look
Speaker 1: at stock. Some of the names moving in the pre market,
Speaker 1: a big mover to watch for Bloomberg Radio and TV
Speaker 1: markets correspondent critic goopta this morning in the pharma space. Yeah,
Speaker 1: we start off with Johnson and Johnson. They just came
Speaker 1: out with the earnings. Here shares are popping up about
Speaker 1: two percent in the pre market. J n J is
Speaker 1: your taker. They are, however, cutting their sales forecast. They
Speaker 1: actually missed their estimates and on top of that kind
Speaker 1: of reported at fifty cent headwind for facts on their
Speaker 1: adjusted EPs three. Nathan, this is not sound like good
Speaker 1: news by any measures. So why is the stock up?
Speaker 1: And I'm just running through some of these numbers here,
Speaker 1: and it kind of looks like there is some bullishness
Speaker 1: on some of the drugs that they're actually looking to
Speaker 1: pursue some of the R and D costs as well.
Speaker 1: So we're gonna keep you updated on all the headlines
Speaker 1: coming out of their earnings called UM as we get
Speaker 1: more of them. Another one, I really want to keep
Speaker 1: an eye on and some of those tech stocks, Nathan,
Speaker 1: because it looks like we have another potential rally on
Speaker 1: our hands. I mean it is early, we have about
Speaker 1: three hours to go before the US open, but a
Speaker 1: lot of those tech stocks are kind of rocking and
Speaker 1: rolling the way they did yesterday. Take a look at
Speaker 1: Apple shares for example, A A p L is your taker,
Speaker 1: up one and a half percent in the pre market,
Speaker 1: and Video not far behind n v d A up
Speaker 1: two point six percent. I remember, I love to look
Speaker 1: at those chip stocks because they're kind of a magnifying
Speaker 1: glass to whatever happens in the tech space, or the
Speaker 1: big tech space, I should say, so Microsoft not far
Speaker 1: behind as well, M S f T actually one of
Speaker 1: your biggest UM volume movers this morning of about two percent.
Speaker 1: And like I said, those chip stocks cannot forget them
Speaker 1: A M D. Intel both up just shy. I have
Speaker 1: about two percent anything and we'll see if that tech
Speaker 1: sentiment holds up once Netflix reports earnings after the bell,
Speaker 1: but well, we'll save that for later. I see you're
Speaker 1: watching a big retail as well. We absolutely have to.
Speaker 1: Target is top of my into your t GT. Some
Speaker 1: good news coming out of Target. It's had a rough
Speaker 1: couple of months with the inventory build up that a
Speaker 1: lot of people have said, well, you know what, this
Speaker 1: just makes it not an unconvincing by Stapping said it
Speaker 1: was upgrade to a buy from a hold over. Jeff
Speaker 1: Ray saying that the combination of a subdued valuation that
Speaker 1: is fancy talk for the fact that's been so much
Speaker 1: selling pressure and also talking about improvements in the supply
Speaker 1: chain inventory positioning, it says well that they're making them bullish.
Speaker 1: What's interesting to me though, as they said, the subdued valuation,
Speaker 1: which basically means that the market has sold it off
Speaker 1: so much it's really really cheap to buy right now.
Speaker 1: So that one doing really well. I'll leave you with
Speaker 1: one last one. Foobo TV f U b O cheers
Speaker 1: up about ten percent. Analysting to the firm's decision to
Speaker 1: end operations of its food sports book Betty unit will
Speaker 1: help it's bottom line, all right, Bloombergradi on TV. Markets
Speaker 1: correspondent Pretty Gupta watching those early morning movers for US
Speaker 1: and checking stocks as a whole. As Crety alluded to,
Speaker 1: We've got a rally going on this morning, led by
Speaker 1: tech Nastack futures up one point nine percent, a gain
Speaker 1: of two eight points. S ANDP futures are up fifty
Speaker 1: nine points. That's a gain of one point six percent,
Speaker 1: and Dow futures right now up four hundred twelve points
Speaker 1: for a gain of one point four percent. Send your
Speaker 1: treasury is up one thirty second the yield on the nose.
Speaker 1: This is Bloomberg Bloomberg eleven three oh Weather clearing, cooler today,
Speaker 1: upper fifties for highs, sunny, mid fifties tomorrow, sunshine Thursday
Speaker 1: as well, with upper fifties expected highs. Right now, it
Speaker 1: is fifty degrees in Central Park. Markets headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quicktape. He's a
Speaker 1: Bloomberg Business Flash, and I'm Cameron Moscow. Futures are rising
Speaker 1: this morning, and we go to the first word breaking
Speaker 1: news dance for today's morning call. Here's Bill Maloney, Bill,
Speaker 1: good morning, Good morning, Karen. That's right. US futures with
Speaker 1: a bid right now at down Futures up three eighty
Speaker 1: five points, SIPs gained fifty five and nastic features are
Speaker 1: up by one ninety four. The US ten ual that
Speaker 1: four point one percent, Gold is up two, oil is
Speaker 1: in the red, and bitcoin is trading little changed. Japan
Speaker 1: rose one point four percent overnight, while up markets are
Speaker 1: also trading in the green and back in the US
Speaker 1: on the economic front. At ten o'clock, the NHB Housing
Speaker 1: Market Index Regarding earnings this morning, Jane j BT estimates
Speaker 1: but hasbro epm EPs missed and look for Goldman Sachs
Speaker 1: to report around seven thirty graphic things up Target was
Speaker 1: upgraded to buy over at Jefferies Live from the first
Speaker 1: of Breaking news desk on Bill Maloney can helright, Bill,
Speaker 1: thank you, and to hear live breaking news of your
Speaker 1: Bloomberg Times. Squawk on your termin I'll escue you a
Speaker 1: w u K. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Hair strikes have again
Speaker 1: founded energy and infrastructure facilities in Ukraine, part of an
Speaker 1: appen and quickening effort by Russia to drive Ukrainians into
Speaker 1: the cold and dark. One mayor west of the capital
Speaker 1: said all of the city was without electricity and water
Speaker 1: after a double missile strike today. The Biden Administration's online
Speaker 1: portal for its student loan debt forgiveness program is now
Speaker 1: live at student a dot gov. Millions of eligible borrowers
Speaker 1: can have thousands of dollars and loans canceled if they
Speaker 1: apply by the end of next year. In baseball, after
Speaker 1: last night's rain out, the Yankees and Guardians will play
Speaker 1: their deciding game five of their A LBS this afternoon,
Speaker 1: four pm Eastern's. On Monday Night football, the Chargers beat
Speaker 1: the Broncos in O T nineteen sixteen. In hockey, the Rangers, Bruins,
Speaker 1: and Capitals. All one Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven hundred journalists analysts more than a hundred
Speaker 1: twenty countries. I'm Michael bar. This is Bloomberg camera. Hey,
Speaker 1: no golbar, thank you. It is sixty nine on Wall Street,
Speaker 1: and we turned to news in science and technology now
Speaker 1: with the Bloomberg n j I T STEM Report. It
Speaker 1: is brought to you by New Jersey Institute of Technology.
Speaker 1: Then j I T makes transferring easy. Leverage your associate's
Speaker 1: degree into a STEM focused bachelor's Learn more at n
Speaker 1: j I T DOT E d U slash transfer. Now
Speaker 1: here's just making news and science, technology, engineering and math.
Speaker 1: There are signs that ships supply crunch is easing. Delivery
Speaker 1: times shrank by four days in September, and that's the
Speaker 1: biggest drop in years. According to research firm by Susquehanna
Speaker 1: Financial Group, lead times, the gap between when its ship
Speaker 1: is ordered and when it's delivered, average twenty six point
Speaker 1: three weeks in the period. That compares to nearly twenty
Speaker 1: seven weeks the prior month. Wait times contracted for all
Speaker 1: key product categories, with power management and analog chips seeing
Speaker 1: the biggest declines. The nation's first tax on digital advertising
Speaker 1: has been struck down as unconstitutional by a Maryland judge.
Speaker 1: It's a law that attorneys for big tech have contended
Speaker 1: on fairly targets companies like Facebook, Google, and Amazon. The
Speaker 1: state estimated the tax on digital advertising could raise about
Speaker 1: two hundred fifty million dollars a year to help pay
Speaker 1: for education measures. And revenue generated from sports gambling in
Speaker 1: New Jersey was up seven percent in September. Internet gambling
Speaker 1: brought in over a hundred thirty five million dollars in September,
Speaker 1: and that's an increase of over ten from a year ago.
Speaker 1: That's a Bloomberg and j I t Stamp report. Nathan,
Speaker 1: thank you, Karen. We are live from the Bloomberg Interactive
Speaker 1: Broker Studios where it's six fifty on Wall Street time
Speaker 1: now to check what's going on in d C. Some
Speaker 1: of the top stories in our nation's capital include a
Speaker 1: planned oil reserve announcement this week from the White House,
Speaker 1: an unpopular President Biden avoiding the mid term travel strategy
Speaker 1: of his predecessors, and tax breaks for kids and companies
Speaker 1: suddenly brewing on Capitol Hill. Let's bringing Joe Matthew to
Speaker 1: talk more about some of these stories. Are Washington correspondent,
Speaker 1: host of Sound on Here on Bloomberg Radio. Joe. Great
Speaker 1: to speak with you, as always, especially about some nice
Speaker 1: reporting from DC. Team that another strategic reserve release could
Speaker 1: be coming in days. Yeah, it's it would be the
Speaker 1: I guess, the last trumph, as we like to say,
Speaker 1: in what was a one hundred eighty million barrel withdraw
Speaker 1: that started back in May. Remember, this has been kind
Speaker 1: of a rolling program here, Nathan, a million barrels a week,
Speaker 1: and this last fourteen million barrels would would at least
Speaker 1: in the eyes of the White House, potentially lower prices
Speaker 1: just in time for the mid term elections. But at
Speaker 1: the same time, they're looking at this reserve here, Nathan,
Speaker 1: and it's it's just about half full at this point,
Speaker 1: according to Jared Bernstein, the National uh Economic Council member
Speaker 1: who was talking about that's over the weekend. But the
Speaker 1: fact of the matter is it is the lowest inventory
Speaker 1: of diesel here since we have first started compiling this
Speaker 1: data in ninety two. So there are some worries, particularly
Speaker 1: about heating oil as we head into winter. Yeah, and
Speaker 1: it's something that the White House has been facing a
Speaker 1: number of questions for for especially from Bloomberg News as well.
Speaker 1: But as you mentioned, this is coming just three weeks
Speaker 1: before a mid term election, and you drive by some
Speaker 1: of these gas stations, and yeah, these prices are starting
Speaker 1: to creep back up again. It's been creeping back up
Speaker 1: towards four dollars of barrel or a gallant, i should say,
Speaker 1: on a national level here, and the timing is not good.
Speaker 1: As we've seen reflected in the polls. It's been a
Speaker 1: remarkable connection between Joe Biden's approval ratings and the price
Speaker 1: of gasoline. And just yesterday we were talking about a
Speaker 1: couple of new polls New York Times, CBS showing the
Speaker 1: kind of momentum that Democrats had coming out of the
Speaker 1: Supreme Court ruling on on Roe v. Wade really diminishing
Speaker 1: and in some cases all of that progress disappearing in
Speaker 1: terms of the poll standing today. We have three weeks,
Speaker 1: by the way from this day, Nathan, and the idea
Speaker 1: is to try to get back to some of those
Speaker 1: higher polling numbers we saw last summer. Does this raise
Speaker 1: some question about whether this rough relationship that we're starting
Speaker 1: to see now between the administration and Saudi Arabia's just
Speaker 1: kind of coming at a really difficult time politically. Well,
Speaker 1: it is, and you know, we've heard repeatedly from the
Speaker 1: White House that they're not really going to deal with
Speaker 1: that until after the mid terms. So you have to
Speaker 1: picture the administration sitting there at feeling like, you know what,
Speaker 1: we're on our own here. Republicans are digging us on
Speaker 1: inflation in high gas prices. Saudi Arabia is no longer
Speaker 1: a factor. We even made some phone calls to Venezuela.
Speaker 1: So here we are with fourteen million more barrels. Let's
Speaker 1: get them into the system and see if it makes
Speaker 1: an impact. They're also talking, Nathan, and this is a
Speaker 1: slightly separate conversation about export controls. There is not unanimity
Speaker 1: inside the administration on this. In fact, they're arguing about
Speaker 1: what impact it might have. That's a decision also that
Speaker 1: would follow the midterms, So this may be the last
Speaker 1: shot the White House gets. And speaking of feeling like
Speaker 1: they're on their own, maybe there's some evidence that President
Speaker 1: Biden is starting to feel that way politically with his
Speaker 1: own Democrats when you look at his travel schedule this
Speaker 1: time of the election cycle. Yeah, these can be lonely
Speaker 1: days for the incumbent. And look, it's it's not unusual.
Speaker 1: We we had a similar conversation about Donald Trump. We
Speaker 1: did about Barack Obama. We did about George W. Bush.
Speaker 1: But this is even less, even less travel for Joe Biden,
Speaker 1: who has been out there, Nathan, he was in California
Speaker 1: last week. He's gonna be going to uh to Pennsylvania
Speaker 1: a bit later on this week. But if you look
Speaker 1: at his schedule, it does not look like someone who's
Speaker 1: in the run up to a major mid term election
Speaker 1: here and and look, it's it's not a mystery as
Speaker 1: to why he will be a liability for a lot
Speaker 1: of candidates. In some cases, he's a help and he
Speaker 1: shows up in those areas. He's sure hoping to help
Speaker 1: John Fetterman in a very tight race in Pennsylvania this week.
Speaker 1: But there are other places like Georgia, for instance, like Ohio,
Speaker 1: We're just showing up might actually hurt the Democrat who's
Speaker 1: running there. And lo and behold, who is going to
Speaker 1: be hitting the road, Barack Obama. He'll be in Georgia
Speaker 1: and a couple of other swing states at the end
Speaker 1: of this month. Yeah. Interesting, How does the president's travel
Speaker 1: schedule compared to his predecessors at this time. Did they
Speaker 1: tend to be in battleground states at this point in
Speaker 1: the cycle. Yeah, Look, it is lighter than his two
Speaker 1: immediate predecessors at the same point in their campaign. But
Speaker 1: we and they were doing some travel. But you know,
Speaker 1: this became an issue for both Trump and Obama in
Speaker 1: the mid term elections. You remember, coming off of the
Speaker 1: healthcare debate, uh, the Obamacare debate, it was better for
Speaker 1: him to stay home in some cases to actually help
Speaker 1: the Democrat. Joe Biden made a joke the other day
Speaker 1: about Chris van Holland in Maryland, saying, you know, I'll
Speaker 1: come run for you or against you whenever one helps. Yeah,
Speaker 1: I remember that. Got about a minute left here, Joe.
Speaker 1: After the mid terms tax breaks, coming back on what's
Speaker 1: this about? This is you know, I'm not sure what
Speaker 1: to make of this. It's just gonna really depend on
Speaker 1: the outcome of the midterms. With some great reporting by
Speaker 1: Laura Davison, who does such a good job for us
Speaker 1: when it comes to the tax story on Capitol Hill. Look,
Speaker 1: there are a couple of things that never got done
Speaker 1: on both sides for Democrats for Republicans over the course
Speaker 1: of this legislative year. One of the biggest ones is
Speaker 1: the enhanced child tax Credit. Remember that was a huge
Speaker 1: priority for Democrats and it was never included in what
Speaker 1: would have been its last opportunity in the Inflation Reduction Act.
Speaker 1: Republicans meantime, want to cut some taxes for corporations for
Speaker 1: research and development, some other items here, uh, not not
Speaker 1: just in across the board tax cut, but some very
Speaker 1: specific areas where they think they could help if we
Speaker 1: come out of the mid terms in a in a
Speaker 1: similarly divided Congress, even if say Republicans take the House,
Speaker 1: but if the numbers are still tight, you could see
Speaker 1: some compromise here if there's a blowout for Republicans, though, Nathan,
Speaker 1: I would not be looking for any extended child tax credit.
Speaker 1: And I'll remind everyone, with the government set to run
Speaker 1: out of money on December sixteenth, that we're going to
Speaker 1: have to have another argument about how to fund the
Speaker 1: government and what it will look like going into the
Speaker 1: new year. The results of this mid term election will
Speaker 1: dictate the outcome of that debate. Yeah, debate that keep
Speaker 1: seeing rear It's head over and over again in Washington.
Speaker 1: As always, thanks for joining us. Joe Matthew, host of
Speaker 1: sound On on Bloomberg Radio, which you can catch every
Speaker 1: weekday afternoon five pm. Wall Street Time across Bloomberg Radio
Speaker 1: and read more about all these stories on Bloomberg dot
Speaker 1: com or on the Bloomberg terminal and the market open.
Speaker 1: Futures are moving higher after yesterday's rally. We could be
Speaker 1: building on it today, with SMP futures up forty nine point,
Speaker 1: STOUT futures up three thirty three. NASAC futures are higher
Speaker 1: by a hundred seventy five points. Tenure Treasury little change
Speaker 1: now with the yield at four percent. Yield on the
Speaker 1: two year four point four five percent. Bloomberg Surveillance is
Speaker 1: next with Tom Keene, Jonathan Faroh, and Lisa Abramowitz for
Speaker 1: Karen Moscow. I'm Nathan Hager. This is Bloomberg