Speaker 1: Markets, headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg
Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Karen Moscow.
Speaker 1: US Dock Index Future is on the rise this morning
Speaker 1: as technology shares rally, and we check the markets all
Speaker 1: day long here on bloomberg s and P futures, they're
Speaker 1: up a third of a percent or thirteen points, and
Speaker 1: down features of a tenth of a percent or forty
Speaker 1: five points. At nast day futures up sixtensive upper cent
Speaker 1: or sixty six points. The decks in Germany's up two
Speaker 1: tenths of uppercent. Ten year treasury up three thirty seconds,
Speaker 1: you know, three point at six percent. The yield on
Speaker 1: the two year four point three five percent. Nieme x
Speaker 1: scret oil is down what and a half percent on
Speaker 1: a dollar eighteen at seventy seven dollars, seventy eight cents
Speaker 1: of barrel comic schooled down two tenths percent or four
Speaker 1: dollars at eighteen eleven eighty announced the euro one point
Speaker 1: oh six three three against the dollar, British pound one
Speaker 1: point two zero three two and the A one thirty
Speaker 1: three point eight one Bitcoin is up for tensive percent
Speaker 1: at sixteen th six hundred dollars. And that's a Bloomberg
Speaker 1: business flash. John thanks five fifties six on Wall Street,
Speaker 1: and it's time for a daily Bloomberg lawbree If exploring
Speaker 1: legal issues in the news. Today, we're looking at the
Speaker 1: battle over titled forty two, the White House complying with
Speaker 1: the Supreme Court order to keep the sweeping measure in place.
Speaker 1: Title forty two places coronavirus controls on the border, stemming
Speaker 1: the flow of the immigrants into the US. And for
Speaker 1: more on the issue of Bloomberg's Madison Mills speaks with
Speaker 1: Leon Fresco, a partner at Holland and Night. What would
Speaker 1: you say is the single biggest concern that you have
Speaker 1: about the impact of this decision from the Supreme Court? Well,
Speaker 1: the interesting thing is that what's being reported isn't exactly
Speaker 1: in line with the actual facts of what's going on,
Speaker 1: meaning that there are so many levels and layers to
Speaker 1: these cases that it's really hard to sort of get
Speaker 1: a straight arrow reporting of what is happening. And here's
Speaker 1: what I mean. So, for instance, in the Louisiana case,
Speaker 1: which is the case that's actually keeping now Title forty
Speaker 1: two in effect until at least now June of three.
Speaker 1: That's the case that the Biden administration could have chosen
Speaker 1: to speed up in the appellate process and asked for
Speaker 1: expedited consideration, but they didn't, and so that's why we
Speaker 1: don't have an answer on the fate of Title forty
Speaker 1: two faster. Secondly, in the DC case, which is the
Speaker 1: case I was actually dealt with by the Supreme Court
Speaker 1: about this issue of whether the States could intervene or not,
Speaker 1: that whether that decision from the DC District would be stayed.
Speaker 1: The only reason there's a decision to be stayed now
Speaker 1: is because the Department of Justice took an appeal to
Speaker 1: the Court of Appeals of the d C Circuit. Had
Speaker 1: they not taken an appeal, there would have been nothing
Speaker 1: for the States to intervene to and there wouldn't have
Speaker 1: been yet again let's stay. And so what's fascinating about
Speaker 1: this is the Biden administration can say, well, we don't
Speaker 1: want type of forty two around, but that's not actually
Speaker 1: consistent with two different litigation decisions that have been made
Speaker 1: in these cases. So the fair point is to say,
Speaker 1: they may have a loopwarm desire to have tit of
Speaker 1: forty two around, but there are certainly the actions that
Speaker 1: have taken place, our actions where it doesn't seem like
Speaker 1: there's actually a great desire to entit afforty too, with
Speaker 1: regard to the Biden administration, have we seen comprehensive immigration
Speaker 1: plans from the right, Well, they are not in the
Speaker 1: mood to do anything at the moment that would have
Speaker 1: sort of the pillars of immigration reform, which would be
Speaker 1: they're sort of three or why is that? Why are
Speaker 1: they not in the mood for that? Well, I think
Speaker 1: they view the current situation on the border as one
Speaker 1: where to the extent that now you're seeing more and
Speaker 1: more programming in this regard even not on just Fox
Speaker 1: News or news Max, but you're seeing it on MSNBC
Speaker 1: and CNN, that that's an advantage a situation to show
Speaker 1: that there's not an ability to end those scenes on
Speaker 1: the southern border, and so why basically give a handoff
Speaker 1: to a person who's not able to handle this situation.
Speaker 1: Immense le On Fresco, a partner at Holland and Nice,
Speaker 1: speaking with Bloomberg's Madison Mills, can catch more conversations like
Speaker 1: this on Bloomberg's Sound on Herd week days at five
Speaker 1: pm Eastern on Bloomberg Radio Plus. Attorneys can find exceptional
Speaker 1: legal research and business development tools at Bloomberg Law dot
Speaker 1: com and on the Bloomberg terminal. It's at b law
Speaker 1: dot gov. This is Bloomberg Markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot com, the
Speaker 1: Bloomberg Business at and at Bloomberg Quctape. She's a Bloombern
Speaker 1: Business lash and I'm Karen Moscow. US stock index Future
Speaker 1: is on the rise this morning as technology shares rally
Speaker 1: on the second to last day of training and what's
Speaker 1: been a brutal year for financial markets, and we check
Speaker 1: the markets all day long here on Bloomberg S and P.
Speaker 1: Future is up about thirteen points of a third of
Speaker 1: up percent. Deal futures up a tenth of upper cent
Speaker 1: or forty two points. Nasdack futures are up six tenths
Speaker 1: of upper cent or sixty seven points. The decks in
Speaker 1: Germany's up to tenths of upper cent. Ten year treasury
Speaker 1: up four thirty seconds at three point eight six percent.
Speaker 1: They yield on the two year four point three four percent.
Speaker 1: Ni Max screwed oils down one point seven percent at
Speaker 1: a dollar thirty two at seventy seven dollars sixty four
Speaker 1: cents of barrel comes golled down two tens percent or
Speaker 1: three dollars ninety cents at eighteen eleven ninety announce the
Speaker 1: Euro one point six three five against the dollar. British
Speaker 1: found one point two zero to nine, the n is
Speaker 1: at one thirty three point seven seven and big coins
Speaker 1: up for tens of uppercent. It's at about sixteen thousand,
Speaker 1: six hundred dollars. And that's a bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael, Karen, thank you very much. More than
Speaker 1: twenty three hundred Southwest flights are already canceled today, marking
Speaker 1: the fourth strade day of the airline has canceled more
Speaker 1: than fifty percent of its scheduled flights, and all more
Speaker 1: than thirteen thousand Southwest flights the past week have been canceled.
Speaker 1: The U S is reinstating mandatory COVID nineteen testing for
Speaker 1: airline travelers arriving from China. The CDC says the new
Speaker 1: measures follow a surge in infections in China and a
Speaker 1: lack of transparency from Chinese officials. A massive fire at
Speaker 1: a Cambodian hotel casino has killed at least a dozen people.
Speaker 1: In the NBA, the Nets one their tenth straight, the
Speaker 1: Wizards and Warriors one. In the NHL, the Bruins beat
Speaker 1: the Devil's three one. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael Barr, this is Bloomberg. John
Speaker 1: all right, Michael, thank you. It is five forty two
Speaker 1: on Wall Street to Bloomberg Daybreak. I'm John Tucker alongside
Speaker 1: Karen Moscow. Let's take a look at some of the
Speaker 1: other stories that are making news this morning. Three will
Speaker 1: likely see more attempted crossings of the U. S border
Speaker 1: that threatens to burden already an overwhelmed enforcement system. President
Speaker 1: Biden's immigration policies face uncertainty, and to the Supreme Court,
Speaker 1: Captain placed pandemic era border controls. Leon Fransco's former Deputy
Speaker 1: Assistant Attorney General for the Office of Immigration Litigation. At
Speaker 1: the end of the day. I do think that there
Speaker 1: will be a confluence the factors that will hopefully lead
Speaker 1: to an immigration reform efforts, and the question is why
Speaker 1: that how that will happen? And stay with us for
Speaker 1: more on the title fight from the former Deputy Assistant
Speaker 1: Attorney General Fransco that's coming up shortly in our daily
Speaker 1: Bloomberg laundrerief. On the meantime, John Crypto again in focus
Speaker 1: this morning. Salana, the Blanchain network once championed by Sam Bankman.
Speaker 1: Freed is drawing intense through me for its close ties
Speaker 1: to the disgrace crypto mogul. The prices Alana's crypto token
Speaker 1: s o L has plummeted ninety six percent from it's
Speaker 1: all time high in November of last year. It peaked
Speaker 1: at two hundred sixty dollars. Now it's around ten and
Speaker 1: the fellow reserves aggrssive tightening continues to take a toll
Speaker 1: on the housing market. US pending home sales fell for
Speaker 1: a sixth consecutive month in November to the second lowest
Speaker 1: on record. Data also show borrowing costs have roughly doubled
Speaker 1: since the start of the year. Well, John, the US
Speaker 1: Virgin Islands is suing JP Morgan for turning a blind
Speaker 1: eye to former client Jeffrey Epstein's sex trafficking on his
Speaker 1: private island. There. The Virgin Islands Attorney General says the
Speaker 1: suit is part of an ongoing effort to hold accountable
Speaker 1: those who facilitated Epstein's activities. And Karen now to another
Speaker 1: story we're watching this morning, Russia ruling out peace talks
Speaker 1: with Ukraine. Let's take a deeper diving into this morning.
Speaker 1: We're joined by Bloomberg News correspondent Alexander Kudriski joining us
Speaker 1: now from Warsaw Polo and thanks for being with us.
Speaker 1: The Russian Foreign Minister Sergei Lavrov is making some comments.
Speaker 1: What exactly is he saying? Um? Russian Foreign Minister Lavrov
Speaker 1: uh had an interview today in which he said that
Speaker 1: Kremlin will not be discussing Ukraine's demands to withdraw from
Speaker 1: the occupied plans and pay any reparations, so the answers
Speaker 1: Uh another interview by Ukrainian Foreign minister who said that
Speaker 1: Ukraine would like to hold a piece Pize summit on February,
Speaker 1: but they don't anticipate Russia to take part and seek
Speaker 1: tribunal against Russian leadership. Well, how is the war? Let's
Speaker 1: back up, how is the war going for Ukraine and Russia? Uh? Well,
Speaker 1: just today people in Kiev, actually including our Blueberg colleagues
Speaker 1: in the Ukrainian capital, heard series of loud explosions because
Speaker 1: Russia lunched another missile bash. Um. However, the explosions appeared
Speaker 1: to be a largely work of air defense, which is
Speaker 1: WHICHIES has become very effective, and all missiles in climbing
Speaker 1: at ke has been shut down for example, and only
Speaker 1: about one fifth of Russian missiles fired today. Um, we're
Speaker 1: able to reach their target. But still the attack caused
Speaker 1: quite big power disruptions in other areas. For example, in
Speaker 1: Leaf City, New Poland, almost any percent of people were
Speaker 1: left without electricity. Does Russia's show any signs of wanting
Speaker 1: to end this conflict? Well, um, today shows that Russia
Speaker 1: is still willing to stick to its h relatively new
Speaker 1: tactic of targeting Ukrainian energy infrastructure since it's apparently not
Speaker 1: able to reach any successes in the battlefield. We'll have
Speaker 1: to see what the new year brings. But today we've
Speaker 1: seen another missile attack, which was a tenth tenth attack
Speaker 1: since September of such times, and let's focus continuous. I
Speaker 1: want to focus on the people of Ukraine, how they're
Speaker 1: doing in this winter without any supplies of of energy.
Speaker 1: At this point, what's the situation on the ground there
Speaker 1: in Ukraine for the people? Oh, you Ukrainian people now
Speaker 1: have to get used to living with power supply, which
Speaker 1: is not a table for most people. Um. Every day
Speaker 1: you have periods of time when you have electricity and
Speaker 1: when you don't for thresholds of several hours, and it
Speaker 1: all depends on the region. Situations seems to be um,
Speaker 1: whether in some areas and worse in others, or especially
Speaker 1: after a missile hits UM. Like I said today, there
Speaker 1: are power disruptions in a death region and keive authorities.
Speaker 1: By the way, even if a KIV wasn't directly hit
Speaker 1: by missile, still had to introduce UM power cuts just
Speaker 1: to avoid some some damage in case some missiles could
Speaker 1: reach their goals. Um, it's a tough time, tough winter.
Speaker 1: But fortunately the weather is not that of frosting now
Speaker 1: and well so far Ukraine is not freezing to death.
Speaker 1: We can only hope that holds. At this point. What
Speaker 1: you're in Poland describe for me the situation there. Refugees
Speaker 1: in Poland and other joining countries sound like they are
Speaker 1: stepping up to the plate to help Ukraine and the
Speaker 1: people that have flowed flowed over the border. Right. Yes,
Speaker 1: Polands have been incredibly helpful to Ukrainians and incredibly welcoming
Speaker 1: and effective in its help. Um. But also one particuliar
Speaker 1: thing is that most people coming from Ukraine are women
Speaker 1: and children because men are technically not allowed to leave
Speaker 1: the country. From what I saw in terms of last statistics,
Speaker 1: some eight million Ukrainians left for Poland since the war start,
Speaker 1: but also six million returns. So many people do come
Speaker 1: back and not everyone's stays in Poland or elsewhere in Europe. Um. Uh,
Speaker 1: well in Poland, but the country is U doing is
Speaker 1: best to help Ukraine because it's all this that the
Speaker 1: war is not that far away Ukraine, UM, Poland Polish
Speaker 1: people in Polish government is willing to help Ukraine survive
Speaker 1: and sustain itsel because if he doesn't, who knows what's
Speaker 1: going to happen. Bloomberg reporter Alexander Kadriski on the very
Speaker 1: latest joining us from Warsaw this morning. Thanks very much,
Speaker 1: alex We appreciate that this morning, as we look at
Speaker 1: futures right now, the down futures, they point to a
Speaker 1: higher open out Wall Street this morning, at least for now.
Speaker 1: The down futures of sixty one points, that is a
Speaker 1: rise of two tents of a percent. Smp Ehumni futures
Speaker 1: there are fourteen of four tenths of a percent. The
Speaker 1: Nanazac futures sixty nine points higher right now, up six
Speaker 1: tenths of eight percent, the ten year yell down one
Speaker 1: basis point where three eighties six. You are listening the
Speaker 1: Bloomberg Day Break markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot com, the Bloomberg Business
Speaker 1: at and at Bloomberg ticktake three. He's a Bloomberg Business
Speaker 1: lash and I'm Karen Moscow. U s Dock Index futures
Speaker 1: gaining this morning, led by the Nasdaq futures following a
Speaker 1: rally and Asian technology stocks amid science China's easing a
Speaker 1: regulatory crackdown, and we checked the markets all day long
Speaker 1: here on Bloomberg s and P futures they're higher, up
Speaker 1: three tents of upper cent or eleven points. Down future
Speaker 1: is up a tenth of upper cent or thirty eight points.
Speaker 1: Nashtack futures, they're up six tenths of upper center sixty
Speaker 1: one points. The decks in Germany's up two tenths of
Speaker 1: upper cent ten. Your treasury up five thirty seconds three
Speaker 1: point at six percent. They yield on the two year
Speaker 1: four point three four percent. Nine back. Screwed oil is
Speaker 1: down one percent at a dollar forty two at seventy
Speaker 1: seven dollars fifty four cents of barrel call makes gold
Speaker 1: lit'll changed at eighteen fourteen fifty announced and that's a
Speaker 1: bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael, good morning, Good morning, Karen.
Speaker 1: Southwest is trying to recover from one of the worst
Speaker 1: airline meltdowns in US has three passengers are still stranded
Speaker 1: all over the country. Another twenty three hundred Southwest flight
Speaker 1: has been canceled for today. The US and Italy joined
Speaker 1: an increasing number of nations requiring COVID tests for travelers
Speaker 1: from China. Concerns are mounting over the risk of any
Speaker 1: new variants emerging from the surge of infections in the country.
Speaker 1: In the NBA, the NETS one, their tenth straight the
Speaker 1: Wizards and Warriors one in the NHL, the Bruins beat
Speaker 1: the Devil's three one. Global news twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than twenty seven under journalists and analysts more than
Speaker 1: twenty countries. Michael bar this is Bloomberg. John alright, Michael,
Speaker 1: thank you, five twenty three odd Wall Street down. John Scer,
Speaker 1: this is Bloomberg Daybreak. Let's pick up on that headline, Michael.
Speaker 1: Just to mention the US and Italy joining an increasing
Speaker 1: number of nations requiring COVID tests for travelers from China.
Speaker 1: Let's take a deeper dive hand to Shanghai this morning,
Speaker 1: and that's where you find Bloomberg's Alan one Alan always
Speaker 1: a pleasure. Um, what's thet is? What countries are imposing?
Speaker 1: What kind of restrictions? Yeah, you just mentioned that the
Speaker 1: main ones are in the US and early um and
Speaker 1: uh in liew in the US in lieu of tests? Um? Uh?
Speaker 1: The what the US said that passengers Chinese passengers, travelers
Speaker 1: can provide documentation of recovery from COVID or they have
Speaker 1: they have tested positive more in ten days earlier, so
Speaker 1: doesn't necessarily have to be negative PCR test results. The
Speaker 1: requirement also requires that all passengers, UM, you know I
Speaker 1: have to like undergo this process, regardless of nationality or
Speaker 1: vaccination status. UM. The US health officials are concerned basically
Speaker 1: about china lack of transparency around case data, saying that
Speaker 1: the high numb of people, high number of people affected
Speaker 1: over a very short period time raised the chance of
Speaker 1: a new variant emerging. I mean, for it's Paul. China
Speaker 1: said that if there are any new variants, it's going
Speaker 1: to report it to the World Healthfulization and UH, a
Speaker 1: global consortium that tracks all the stuff attracts the pandemic,
Speaker 1: said US. So far, there aren't any signs of any
Speaker 1: significant new new mutations emerging. And what's why we've seen
Speaker 1: in China has been circling around the world so far,
Speaker 1: the vaccines that were available in China, I think you've
Speaker 1: got what is Are they effective? I mean they're just
Speaker 1: or not well. I have to think about it that
Speaker 1: there's always that concern even among the Chinese. I mean,
Speaker 1: I hear about UM mainland Chinese saying that you want
Speaker 1: to go to Macau, Hong Kong to get the m
Speaker 1: R and a vaccine UM. From my perspective, you know,
Speaker 1: I've I've had to two Chinese shots the Sidle Farm,
Speaker 1: which are who approved, and then I got a booster
Speaker 1: five boost a year ago when I was in New
Speaker 1: York and I contracted COVID and I I was a symptomatic,
Speaker 1: I know symptoms. So it's hard for me to say
Speaker 1: that the Chinese Chinese vacucally's are less effective just because
Speaker 1: I myself have you know, it looks like I've been
Speaker 1: able to sort of withstand the worst of it. Um.
Speaker 1: But yeah, there's always a concern. And that's why you know,
Speaker 1: China has been coming out with and now inhalable vaccine.
Speaker 1: It's going to allow foreigners to get the flies of
Speaker 1: Beyon tech of vaccine here in China as well. Okay,
Speaker 1: from the market's perspective, is the China reopening a good
Speaker 1: thing because well they're back in the game the world's
Speaker 1: second the largest economy. Or is it a bad thing
Speaker 1: because maybe COVID is gonna spread maybe variants, Well that's
Speaker 1: the thing, you know, will are there gonna be new
Speaker 1: variants emerging? So far, let like I said, Global Consortium
Speaker 1: attracts all the stuff and they're watching really carefully. It
Speaker 1: doesn't what they do they said so far earning is
Speaker 1: a okay. Um. Bobviously there's always going to be the
Speaker 1: concern just because um, you know, if you know the
Speaker 1: fact that the spring China has been so rapid, so sudden,
Speaker 1: that there's always that possibility. Um. But I think as
Speaker 1: far as the vessels concerned, UM, right now, it's more
Speaker 1: of a wait and see approach just because is we
Speaker 1: have to China approaching and we're gonna have you know,
Speaker 1: a lot more infections and deaths in the next few weeks, um,
Speaker 1: and then from there will well, well, the operaks peak. Today,
Speaker 1: the Chinese c DC said that the operaks are peaking
Speaker 1: in Baiting, uh chung Do, and uh Tangin, but it's
Speaker 1: still pretty seriously Shanghai. Uh. So, I mean there are
Speaker 1: like you know, uh, it's always peaking in some major
Speaker 1: important cities, but we're still not where we need to
Speaker 1: be from Shanghai. This morning, Bloomberg's Alan Jan Alan stay healthy.
Speaker 1: We appreciate it, and just ahead this morning's top stories
Speaker 1: plus your local headlines. Right now, the SMP futures are
Speaker 1: twelve points hire. That's a three tents of percent. Right now,
Speaker 1: Let's get a look at today's Bloomberg weather forecast, and
Speaker 1: with that's met around just Rob Caroline mixed the clouds
Speaker 1: and sunshine shaping up for the Tri State area. High
Speaker 1: pressures off to our south and east in the Atlantic,
Speaker 1: so that's gonna allow to warm up high to fifty.
Speaker 1: We're partly cloudy ton eight thirty to thirty five, partial
Speaker 1: sun for tomorrow close to fifty becoming cloudy thirty five
Speaker 1: to forty tomorrow night rain who was in late Saturday
Speaker 1: fifty to fifty five, partial clearing on Sunday. On Rob
Speaker 1: Carolyn with your weekend forecast on Bloomberg eleven three oh
Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg EVM freed on to Washington, d C, Bloomberg ninety
Speaker 1: one to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg n sixty to the country, Sirius XM to the
Speaker 1: one nineteen and around the globe, the Bloomberg Business app
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak, and
Speaker 1: we're coming up to five thirty on Wall Street good morning.
Speaker 1: I'm Karen Moscow and I'm John Sucker. This is your
Speaker 1: daily reminder from Innovation Refunds to apply for a payroll
Speaker 1: tax refund if you're smaller medium science business was impacted
Speaker 1: by COVID nineteen Innovation Refunds clients already claimed over two
Speaker 1: billion dollars in payroll tax refunds. Get started at get
Speaker 1: refunds dot com and a nearly four hours away from
Speaker 1: the open of US trading, let's get you have to
Speaker 1: day on the news you need to know at this hour.
Speaker 1: As COVID cases climb in Shina, the US plans to
Speaker 1: require COVID testing for travelers from the country. Officials are
Speaker 1: concerned about new variants and China's lack of transparency with
Speaker 1: COVID data. Italy will also begin testing arrivals from China
Speaker 1: and wants other European countries to do the same. And
Speaker 1: we have news on the war in Ukraine this morning.
Speaker 1: Russian Foreign Minister Sergei Lavrov says Moscow will not enter
Speaker 1: into negotiations and the war. The hardline stance comes as
Speaker 1: Rossia launched another missile barrage major major cities in Ukraine.
Speaker 1: Former Defense Secretary Mark answer says the US can and
Speaker 1: should provide further support for Ukraine. It's important that we
Speaker 1: hold on, but at the same time give Ukraine what
Speaker 1: they need to win. They have the will, they have
Speaker 1: the courage, they had the resolved, They've been showing a
Speaker 1: great deal of grit and success on the battlefield. We
Speaker 1: need to help enable that. Former Defense Secretary Mark Asper,
Speaker 1: you're speaking with David Weinston on Bloomberg's Balance of Power
Speaker 1: at Catch to the show weekdays at noon on Bloomberg
Speaker 1: Radio and television. Well to All Street Now, John, We're
Speaker 1: layoffs are front end center. Goldman Siance is working on
Speaker 1: a fresh round of staff cuts. CEO David Solomon made
Speaker 1: the announcement in his year end message to staff, saying
Speaker 1: the cuts will be unveiled in a matter of weeks. Man, Karen,
Speaker 1: looking at markets right now. US futures for now, they're
Speaker 1: higher following two days of losses, COVID concerns out of China.
Speaker 1: Weighing on set of it. Jonathan gobubhead of US Equity
Speaker 1: Strategy of Credit Sweet says steady wages can provide some
Speaker 1: stability in three Wages don't look like they're gonna fall
Speaker 1: as much for the average consumer. They're going to get
Speaker 1: a stronger wage increase the things they fired, and we
Speaker 1: are going to go off as much as their wages,
Speaker 1: and yet jobs are really plentiful. Jonathan Gallub with Credit
Speaker 1: Sweet says he thinks there would be positive market movement
Speaker 1: in early next year. And John, the travel meltdown that's
Speaker 1: stranded thousands of passenger shows no signs of slowing as
Speaker 1: the airline continues canceling flights and Bloomberg. Steve Rappaport joins
Speaker 1: US Live with more. Steve, good Morning, Good morning, Karen,
Speaker 1: and John. Southwest blames bad weather for its problems that
Speaker 1: aviation experts say snow was only one of the elements
Speaker 1: that created the perfect storm. They point to issues like
Speaker 1: tight turnaround times, faulty phone systems, and outdated software. Analysts
Speaker 1: and unions warned for years that Southwest needed to invest
Speaker 1: in new technology. Those warnings proved costly, as Southwest grounded
Speaker 1: more than twenty three additional flights for today. But grace
Speaker 1: skies look like they're clearing up to the carrier. So far,
Speaker 1: Southwest canceled only thirty nine flights for tomorrow, according to
Speaker 1: the tracking site flight aware Live in New York. I'm
Speaker 1: Steve Rappaport Bloomberg Daybreak. All right, Steve, thank you, and
Speaker 1: your local headlines are straight ahead and this is Bloomberg
Speaker 1: all right. Thanks Karen. That brings us to five thirty
Speaker 1: one on Wall Street and time to bring in Michael
Speaker 1: barn with moura. What else is going on in New
Speaker 1: York can around the world, John, thank you very much.
Speaker 1: The National Guard went door to door in parts of
Speaker 1: Buffalo to check on people who lost power during the
Speaker 1: area's deadliest winter storm in decades. Already, about three dozen
Speaker 1: deaths have been reported in Western New York from the blizzard.
Speaker 1: Buffalo Mayor Byron Brown again, as you know, this was
Speaker 1: a historic storm, probably the worst storm that the city
Speaker 1: has seen in over fifty years, and perhaps maybe the
Speaker 1: worst storm in recorded history. Uh. Since these storms have
Speaker 1: been tracked, Mayor Brown says a travel ban has been lifted,
Speaker 1: but a travel advisory remains in place. A rally to
Speaker 1: get rid of Title forty two was held outside the
Speaker 1: Opasso County Courthouse in Texas to protest this week's big
Speaker 1: decision on immigration. This demonstrated says she's visiting relatives for
Speaker 1: the holidays, but lives in Panama and pay his close
Speaker 1: attention to US politics. I thought the government d not
Speaker 1: or the people who he's in the government right now,
Speaker 1: being that analyze. Yesterday's protest comes just today after the U. S.
Speaker 1: Supreme Court capt Title forty two in place. The court
Speaker 1: agreed to hear an appeal from nineteen gop led states
Speaker 1: over the Trump COVID era immigration policy that makes it
Speaker 1: harder for migrants to claim asylum. Representative elect George Santos
Speaker 1: of New York is under investigation by Long Island prosecutors
Speaker 1: now in battle Republican amids. He lied about his Hera
Speaker 1: Didge education and professional pedigree as a campaigned for Office.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than seven hundred journalists
Speaker 1: and analysts more than one d twenty countries. Michael Barr
Speaker 1: and this is Bloomberg, John, Michael, thank you as l
Speaker 1: five very three of Wall Street time for the Bloomberg
Speaker 1: Sports Report being runt you value try State out of Dealers,
Speaker 1: and once again here's John stown Shower. Thanks John. The
Speaker 1: Nets the first NBA team this season, the Real, off
Speaker 1: ten consecutive wins. They held On in Atlanta one o eight,
Speaker 1: one oh seven. The Hawks missed the game winning shot
Speaker 1: at the entiree, irving twenty eight points Kevin Duran at
Speaker 1: twenty six with sixteen rebounds. It's the next longest winning
Speaker 1: streak since two thousand six. Nicks off that overtime loss
Speaker 1: in Dallas played tonight in San Antonio. Rangers is at
Speaker 1: Tampa Bay. The Devil's just lost at home to the
Speaker 1: Bruins three to one. College of St. John's lost to Xavier.
Speaker 1: Fordham beaten by Davidson, Yukon beat Villanova. The Husky's are
Speaker 1: fourteen and oh They are ranked number two in the country.
Speaker 1: Quarterback news Derek Carr benched by the Raiders. He's been
Speaker 1: their starter for nine years, but he's throwing fourteen interceptions
Speaker 1: this season. Jared Stidhom will replace him. This figures to
Speaker 1: lead to Las Vegas moving car in the off season.
Speaker 1: Jets could be looking for QB. Washington's going back to
Speaker 1: Carson Wentz replacing Taylor Heineke. Wentz has and started since
Speaker 1: Week six. Commanders are part of that battle for the
Speaker 1: last two NFC wild card spots, Miami and New England
Speaker 1: in it for one wild Card in the a f C.
Speaker 1: They play Sunday and the Dolphins QB will be Teddy
Speaker 1: Bridgewater to its down. Belowa has his second concussion of
Speaker 1: the season. They'll play the Pinstripe Bowl at Yankee Stadium
Speaker 1: this afternoon Syracuse against Minnesota. The Red Sox signed thirty
Speaker 1: seven year old Corey Kloomber want tu Cy Young's with Cleveland,
Speaker 1: spent this past season with Tampa Bay. Bloomberg through a
Speaker 1: no hitter in for the Yankees. John Stash Howard Bloomberg
Speaker 1: Sports John, all right, thanks for lunch on. The Bloomberg
Speaker 1: Sports Report was brought to you by Audie. Don't let
Speaker 1: somebody else drive off on the Audi model you've always wanted.
Speaker 1: Visit your local Try State Audie dealer to get behind
Speaker 1: the wheel of yours today, or visit Audie Offers dot
Speaker 1: Com for more information. Green on the screen ahead of
Speaker 1: the cash open down. Futures of thirty nine s and
Speaker 1: P futures up twelve points. Right now the Nanazaki Minie
Speaker 1: futures up sixty six points. You're listening to Bloomberg day
Speaker 1: Break and it's now five thirty five on Wall Street.
Speaker 1: Timed out for the Tri State Business Report. And with that,
Speaker 1: good morning to Bloombergs Gina Servetti. Starting today, New York
Speaker 1: State kicks off legal recreational marijuana sales, just ahead of
Speaker 1: its goal of launching regulated taxt sales befour years, and
Speaker 1: Housing Works in New York City based nonprofit that runs
Speaker 1: a chain of thrift shops will launch sales at a
Speaker 1: Manhattan dispensary at one astor Place. Long Island leads the
Speaker 1: biggest drop in luxury home sales on record. Red Finn
Speaker 1: says that year over year, luxury home sales in Nassau
Speaker 1: County slump sixty six percent during the three months sending November. Nationally,
Speaker 1: those sales fell thirty eight percent as higher mortgage rates
Speaker 1: and a week stock market hurt demand for prime real estate. Still,
Speaker 1: red Finn says they're early signs that demand could pick up.
Speaker 1: And a Washington, d c. Area taco chain is expanding
Speaker 1: into New Jersey. The Washington Business Journal reports that District
Speaker 1: Taco has signed deals with franchise operators that will add
Speaker 1: a total of sixty restaurants in several states, including New Jersey, Florida,
Speaker 1: and North Carolina. That's the Bloomberg Hie State Business Report.
Speaker 1: I'm Gina Servetti. All right, thanks Gina. Any It is
Speaker 1: now five on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. To bring global emissions goals within reach, nuclear
Speaker 1: power generation will need to roughly double by twenty fifty,
Speaker 1: according to the International Energy Agency. Unfortunately, the world is
Speaker 1: moving backward in key respects. Nuclear share of global energy
Speaker 1: production declined to ten point one percent from seventeen point
Speaker 1: five percent to In the US, about a dozen reactors
Speaker 1: have shut since and more are on the chopping block.
Speaker 1: Given the looming risks of climate change, these trends are
Speaker 1: cause for alarm worldwide. Governments need to extend the lifetimes
Speaker 1: of existing nuclear plants, work with industry to finance new ones,
Speaker 1: and redouble efforts to promote nuclear innovation. The world can't
Speaker 1: decarbonize without nuclear power, and time is running short. This
Speaker 1: editorial was written by the Bloomberg Editorial Board. For more
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash opinion
Speaker 1: or the end go on the Bloomberg terminal. This has
Speaker 1: been Bloomberg Opinion Man Bloomberg Opinion editorial is gonna be
Speaker 1: heard every week day at this time terminal customers. You
Speaker 1: can read more at O P I n Go. Another
Speaker 1: story following brings us back to Elon Busk investors betting
Speaker 1: against Tesla getting the big bonanza they've been waiting for.
Speaker 1: That's as the electric vehicle maker is sent to record
Speaker 1: its worst annual performance on record, the stock down sixty
Speaker 1: eight percent of the year. These short sellers in the
Speaker 1: company are poised to reprofits of about seventeen billion dollars.
Speaker 1: That is making Tesla the most profitable short trade of
Speaker 1: the year, and as we look right now in the
Speaker 1: pre market, Tesla shares this morning three point eight percent.
Speaker 1: You're listening to Bloomberg Daybreak live from the Bloomberg Interacted
Speaker 1: Brooker Studios. This is Bloomberg Daybreak for Thursday, December twenty nine.
Speaker 1: Coming up the shower, new restrictions on travelers from China
Speaker 1: and for the country, scales back, COVID policies, Gullman ready
Speaker 1: for a fresh round of layoffs in the new year.
Speaker 1: Markets look for a Senate Class rally. It's a closed
Speaker 1: twenty two and Russia rose up. Peace talks with Ukraine
Speaker 1: prosecutors are investigating New York Congressman elect Santos after false
Speaker 1: claims about this background. Plus the dig out continues in Buffalo.
Speaker 1: I'm Michael Blarer. More ahead, I'm John Stash Howard Sports.
Speaker 1: Make it ten straight for the net at one point
Speaker 1: when Atlanta the Devil's lost to the Bruins, a big
Speaker 1: East loss for st. John. That's all's trading ahead on
Speaker 1: Bloomberg Daybreak on Bloomberg eleve In, Freeo, New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty,
Speaker 1: San Francisco, Syrius XM one nine team, and around the
Speaker 1: world on Bloomberg Radio dot Com and by the Bloomberg
Speaker 1: Business app. And good morning. I'm John Tucker and I'm
Speaker 1: Kara Moscow and US dot in Next Futures around the
Speaker 1: rise this morning. We check the markets all day long
Speaker 1: here at Bloomberg, Guess and P futures are ut fourteen points,
Speaker 1: or about a third of a Percental Future is up
Speaker 1: to tens of upper cent or sixty two points, and
Speaker 1: Aztec Future is up six tens of uppercent or sixty
Speaker 1: six points. John and Karen, let's begin with new travel
Speaker 1: restrictions targeting China as COVID cases climb of the country.
Speaker 1: The US plans to require COVID testing for travelers coming
Speaker 1: from China. Bloomberg's Ed Baxter has details this morning. The
Speaker 1: concern comes as cases spiral upward in China and with
Speaker 1: China not releasing data, the U s as transparency has disappeared.
Speaker 1: Health officials say they are concerned about the emergence of
Speaker 1: new variants, which tend to thrive with so many new cases.
Speaker 1: The US announcement came after news reports of two flights
Speaker 1: from China into Milan, Italy, where more than half the
Speaker 1: passengers tested positive. The passengers will be required to test
Speaker 1: two days before making their flight. The requirement goes into
Speaker 1: effect January five. In San Francisco. I'm at Baxter Bloomberg
Speaker 1: day break. All right, and thank you well. We have
Speaker 1: news on the war in Ukraine. This morning. Russian Foreign
Speaker 1: Minister Sergey love Rob says Moscow will not enter into
Speaker 1: negotiations to end the war. The hardline stance comes as
Speaker 1: Russia launched another missile barrage on major cities in Ukraine.
Speaker 1: Former Defense Secretary Mark Esper tells US Moscow is digging
Speaker 1: in for the long haul boot and strategies to wait
Speaker 1: us out. I mean, that's why he is hammering uh
Speaker 1: Ukrainian cities, infrastructure, energy resources with ballistic missiles and drones.
Speaker 1: He wants to break the backbreak the will of the
Speaker 1: Ukrainian people. We now see he's putting a barbo if
Speaker 1: you will, on countries that put a price cap on oil.
Speaker 1: He wants to freeze them out, frees us out a
Speaker 1: little bit. Also, he is playing for Todd, thinking that
Speaker 1: we will wobble, we will weaken. Former Defense Secretary Mark
Speaker 1: Esper spoke with David Weston on Bloomberg's Balance of Power.
Speaker 1: Catch the show weekdays in noon on Bloomberg Radio and Television.
Speaker 1: Let's turn to Wall Street Now carrying another sign of
Speaker 1: maybe an economic slowdown, Golden Sacks working on a fresh
Speaker 1: out of staff cuts. Bloomberg's Charlie Pellet reports they're likely
Speaker 1: to come in a matter of weeks. That word from
Speaker 1: CEO David Solomon in his traditional year end message to staff,
Speaker 1: Solomon said quote, we are conducting a careful review, and
Speaker 1: while discussions are still ongoing, we anticipate our head count
Speaker 1: production will take place in the first half of January.
Speaker 1: He says there are a variety of factors impacting the
Speaker 1: business landscape, including tightening monetary conditions that are slowing down
Speaker 1: economic activity. Earlier this month's sources said the firm may
Speaker 1: seek to eliminate as much as eight percent of its
Speaker 1: workforce or up to four thousand jobs, to contain a
Speaker 1: slump in profit and revenue. In New York, Charlie Pellet
Speaker 1: Bloomberg Daybreak, All right, Charlie, thank well to markets now.
Speaker 1: US futures are higher following two days of losses. Concerns
Speaker 1: are surfacing over the end of China's COVID zero policies,
Speaker 1: but Jonathan Gollub, head of US equity strategy at Credit Suite,
Speaker 1: sees positive signs for the new year. The market is
Speaker 1: of the belief that no matter what the FED says,
Speaker 1: the likelihood is that the FED is going to ultimately
Speaker 1: get closer to their inflation target. And that's a positive.
Speaker 1: And that's that the market is ultimately fixated on. And
Speaker 1: I think that's why stocks are going to do pretty
Speaker 1: pretty well over the next several months. Jonathan Gala with
Speaker 1: Credit suits is as steady wages can provide some stability
Speaker 1: in overseas. Stocks in Asia dropped overnight. Let's get the
Speaker 1: recap now from Bloomberg Daybreak Asia anchor Brian Curtis. In
Speaker 1: Hong Kong, stocks in Asia tumbled on new concerns that
Speaker 1: China's reopening would spread COVID cases around the world. There
Speaker 1: may be a day that investors embraced the reopening, but
Speaker 1: today was not that day. Equity benchmarks in Japan, Hong Kong, Australia,
Speaker 1: and South Korea all falling around one percent. Australia and
Speaker 1: Tenua government bond yields rose, the Donna was weaker, and
Speaker 1: the yen put on games in Hong Kong. Brian Curtis,
Speaker 1: Bloomberg Daybreak. All right, Brian, thank you all. But also
Speaker 1: have news out of the Bank of Japan this morning
Speaker 1: to be o J announcing two additional rounds of unscheduled
Speaker 1: bond purchase operations. The move fights back against traders betting
Speaker 1: the b o J will further relax its yield curve
Speaker 1: control policy and taking a look at the end. Right now,
Speaker 1: it is higher against the dollar at one thirty three
Speaker 1: point six five against the dollar. And meanwhile oil tunneling
Speaker 1: this morning it's being tied to concerns of our COVID
Speaker 1: cases surging in China. Taking a look at Branton International
Speaker 1: Benchmark down one barrel, Well John, Turmoil and the travel
Speaker 1: industry continues again this morning. The meltdown that stranded thousands
Speaker 1: of passengers shows no signs of slowing as Southwest Airlines
Speaker 1: continues canceling flights. Bloomberg Steve Rappaport joins us live at
Speaker 1: the latest. Steve, good morning, Good morning, Karen and John.
Speaker 1: As Southwest grounds more than twenty additional flights today, analysts
Speaker 1: and unions say the travel nightmare could have been prevented.
Speaker 1: They warn't for years the carrier was playing a dangerous
Speaker 1: game by not investing in new technology. Those prophecies proved
Speaker 1: a disaster for Southwest as it struggles to recover from
Speaker 1: last week storm. Rival airlines are mostly back to normal
Speaker 1: schedules at the White House. Wants to know why Southwest
Speaker 1: can't pick up the pace Live in New York Time,
Speaker 1: Steve Rapp Report, Bloomberg Day Break. Steve, Thanks, and we
Speaker 1: have a couple of notes this morning on the elon
Speaker 1: bust of this. Companies start with Twitter, which has restored
Speaker 1: services hours and thousands of users reporting glitches. More than
Speaker 1: nine thousand users from San Francisco to Hong Kong reported
Speaker 1: problems accessing the service, and Elon Musk is telling Tesla
Speaker 1: employees to ignore stock market crazinesses. Comments come as analysts
Speaker 1: turn bullish on the stock. Morgan Stanley this morning says
Speaker 1: de rating the company's stock has created a buying opportunity.
Speaker 1: Shares her down sixty eight percent on the year, but
Speaker 1: this morning they're higher, up three and a half percent
Speaker 1: in early trading. And straight ahead your latest local headlines
Speaker 1: plus a check of sports, and this is Bloomberg. Thanks Karen.
Speaker 1: That brings us to five oh seven, time for look
Speaker 1: at some of the stories making news in New York
Speaker 1: and around the world, and with app were joined by
Speaker 1: Bloomberg's Michael Barr Michael, good Morning, Good morning. John. Buffalo
Speaker 1: lifted a travel ban just after midnight. It was put
Speaker 1: in place in the aftermath of the Christmas weekend blizzard
Speaker 1: that left the city buried under more than four feet
Speaker 1: of snow. They are Byron Brown. Conditions are such that
Speaker 1: the driving band can be lifted. We're going to keep
Speaker 1: a travel advisory in place because there will still be
Speaker 1: heavy equipment doing work. Dozens of Buffalo area residents dined
Speaker 1: in the storm. New York Congressman elect George Santos, under
Speaker 1: increasing scrutiny. Prosecutors at the federal and state levels are
Speaker 1: taking a closer look at the Republican. His lies about
Speaker 1: his past have reportedly led to a federal probe into
Speaker 1: his finances, with the questions now surfacing about seven hundred
Speaker 1: thousand dollars used to fund his campaign. The prosecutor in
Speaker 1: Nassau County says she is looking into numerous fabrications and inconsistencies.
Speaker 1: Nearly two years after New York legalized recreational arijuana, New
Speaker 1: York City's first dispensary so op against doors to the
Speaker 1: public today. The Housing Works Cannabis Company in Lower Manhattan
Speaker 1: is a nonprofit that supports the homeless. Attorney Michael Bass says,
Speaker 1: to be aware of certain restrictions under the new laws.
Speaker 1: It was gonna be very long lives, and my concern
Speaker 1: is people may lose patients in these lines and just
Speaker 1: go over to New Jersey to buy cannabis products and
Speaker 1: three of back to New York. Well, if you do that,
Speaker 1: you've committed a federal cry trafficking. The cannabis across state lives,
Speaker 1: so I urged folks, please don't do that. Attorney Bass
Speaker 1: also says there are limitations in terms of Graham's announces
Speaker 1: to what you can purchase in New York. The fall
Speaker 1: out continues over the crisis at the southern border. After
Speaker 1: the Supreme Court let Title forty two stay in place
Speaker 1: for now, people in el passold taxes are protesting the
Speaker 1: extension of Title forty two. The pandemic Era policy allows
Speaker 1: the US to expel migrants back across the border without
Speaker 1: an asylum hearing. I buy twenty twenty two ahead of
Speaker 1: the Big Ball Drop Year's Eve, Good Written's Day was
Speaker 1: held in Times Square. Visitors could write down what they
Speaker 1: want to leave in the past. This man is a
Speaker 1: cancer survivor. I find notes in January this year and
Speaker 1: went through chemo radiation surgery and many others retired of
Speaker 1: COVID Global News twenty four hours a day on air,
Speaker 1: end on Bloomberg Quick Take, powered by more than twenty
Speaker 1: seven hundred journalist and antalist more than a hundred twenty countries.
Speaker 1: Michael Barr, this is Bloomberg, John, here's my list. Michael,
Speaker 1: thank you. Yeah. The princes five Town of Wall Spreet
Speaker 1: signed out for the Bloomberg Sports repeat a report being
Speaker 1: by by your trying to state out of you the others.
Speaker 1: Good morning, John Stashower, Good morning John, nets and Hawks
Speaker 1: in Atlanta, Hawks without three injured starters, nets right in
Speaker 1: a long morning speak. They had a double digitallyed Hawks rally.
Speaker 1: The game was tied late a minute five ago. The
Speaker 1: game four ran up top left stop to the time
Speaker 1: heait awayd for t DH six four Brooklyn w f A.
Speaker 1: And that's made it ten wins in our own. It's
Speaker 1: their longest winning streaking sixteen years, one oh eight, one
Speaker 1: oh seven. Kyrie Irving twenty eight points fifteen of those
Speaker 1: game of the fourth quarter for Kevina and twenty six points,
Speaker 1: sixteen rebounds, eight assists, Nets Place Saturday at Charlotte. Knicks
Speaker 1: played tonight in San Antonio. Since that seven game winning street,
Speaker 1: the Knicks have lost their last four. Devils beating the
Speaker 1: Newark by the NHL leading Bruins three to one. The
Speaker 1: Rangers visit Tampa Bay tonight. The Islanders at home for
Speaker 1: Columbus St. John's hosted Xavier, trailed by eleven and a half.
Speaker 1: The Red Storm lost eight four seventy nine now eleven
Speaker 1: and three, one and two in the Big East Ford
Speaker 1: them off to a twelve and one star for the
Speaker 1: Rams lost the Atlantic ten opener at Rose Hilt to
Speaker 1: Davidson fifty seven to forty three. Four them scored only
Speaker 1: fourteen points in the first half. There's college football in
Speaker 1: New York this afternoon, Syracuse and Minnesota the Pence Strike
Speaker 1: Bowl at Yankee Stadium. Last night's Liberty Bowl in Memphis
Speaker 1: went triple overtime after Kansas rallied from down, but Arkansas
Speaker 1: one fifty three. The National semifinals or Saturday Michigan against
Speaker 1: TCU and Phoenix, George. You're looking to win back to
Speaker 1: back championships, taking on Ohio State in Atlanta. The winners
Speaker 1: then played January nine in l A. John Stashower, Bloomberg
Speaker 1: Sports John John, thanks very much appreciated. Bloomberg Sports Report
Speaker 1: being brought to you by Audie. Don't let somebody else
Speaker 1: drives off in the Audi model you've always wanted. Visit
Speaker 1: your local trend state Audie the Other to get behind
Speaker 1: the wheel of viewers today, or visit audi Offers dot
Speaker 1: com for more information. Out of the cash open on
Speaker 1: Wall Street We have futures right now. They are in
Speaker 1: the green. The down futures of forty two points smp
Speaker 1: emand futures up eleven. This is Bloomberg Daybreak live from
Speaker 1: coast to coast, from New York to San Francisco, Austin
Speaker 1: to Washington, d C. Nationwide on Sirius. Example, the Bloomberg
Speaker 1: business appened Bloomberg dot com. This is Bloomberg Daybreak and
Speaker 1: good morning on John Tucker. Concerns about the spread of
Speaker 1: COVID nineteen from China that weekend, some of the risk
Speaker 1: appetites and one of the final trading days of the year,
Speaker 1: yesterday's session, the sp almost one percent. So let's get
Speaker 1: you set up of the trading day ahead today. And
Speaker 1: we're joined by Ivy Jack, the co c i O
Speaker 1: at north Star Asset Management joining us this morning. Ivy
Speaker 1: with the COVID risk and markets again, you have a
Speaker 1: sense of oh no, here we go again. UM. I
Speaker 1: don't know if I have a sense of oh no,
Speaker 1: here we go again. I think this is something that
Speaker 1: at least um the north Star we've been anticipating could
Speaker 1: be possible. I mean, really, the conditions for COVID are
Speaker 1: still present. Um, when you think about the fact that
Speaker 1: we are impeding on nature, coming in contact with more
Speaker 1: of nature and more of animals, it's not surprising um
Speaker 1: that you know, we could perhaps even see another pandemic
Speaker 1: in the very near term. So again, no, we're not surprised, UM.
Speaker 1: I know we like to think the pandemic is behind us,
Speaker 1: but it's still very much with us. What if anything
Speaker 1: can you pick up from the ashes of and risk assets?
Speaker 1: What can we pick up, um? I would say that
Speaker 1: there's going to be continued uncertainty and volatility. I think
Speaker 1: two has been a challenging year, and therefore I have heard,
Speaker 1: um some comments that you know, on the margins could
Speaker 1: get better as the said, you know, starts stepping down,
Speaker 1: the amount of rate increases, and I've heard people talk
Speaker 1: about perhaps that there is going to be you know,
Speaker 1: the possibility to the fact might actually reduce rates. So
Speaker 1: I would say for us, we're not optimistic about next year. UM.
Speaker 1: In fact, you know, I would say we're expecting more
Speaker 1: of I don't know that I see any you know,
Speaker 1: any nuggets that could be helpful in terms of interpreting
Speaker 1: what could happen in You mentioned the FED one of
Speaker 1: some of the factors that might go into a pivot.
Speaker 1: Sounds like you're not a board with that. And just
Speaker 1: to what extent do they have to torpedo maybe the
Speaker 1: labor market in the US before moving ahead? Yes, John,
Speaker 1: I will tell you, Look, I am not an economists,
Speaker 1: but what I can say is, you know, I think
Speaker 1: it would be UM not wise for someone um to
Speaker 1: look at what the FED is doing right now and
Speaker 1: saying that, you know, they possibly could step off the
Speaker 1: gas next year. UM. I would tell you that I
Speaker 1: think next year is going to be challenging because the
Speaker 1: labor market is strong, and I think the SAID has
Speaker 1: made it quite clear that they plan on fighting inflation
Speaker 1: with all that they have, and so, you know, therefore,
Speaker 1: going into tree again, we're not optimistic. And then you know,
Speaker 1: as you you mentioned when we started the conversation, there's
Speaker 1: so many other factors at play, including China, whether or
Speaker 1: not China can open um. You know how Europe deals
Speaker 1: with energy prices given the Ukraine Russian War, There's still
Speaker 1: so many variables that we just don't know about that
Speaker 1: could lead to another really really challenging year. Is it
Speaker 1: a year to stay away from risk assets? Do you
Speaker 1: have to be more selective. Yes, so I would tell
Speaker 1: you that we're focusing on quality assets. Um. You know,
Speaker 1: we're looking for socks and investments that have good management teams,
Speaker 1: consistent earnings, strong near term cash flow. Um. So yes,
Speaker 1: you are right going into we are maintaining a defensive posture.
Speaker 1: And as far as those quality ansets, do you have
Speaker 1: specific names? Oh? And also what about bonds? Bonds? Oh?
Speaker 1: Of course, Um, this is probably one of the best
Speaker 1: opportunities we've seen in you know, a very very long time.
Speaker 1: So um, in terms of bonds, to the extent that
Speaker 1: we can go out and acquire longer duration assets, that
Speaker 1: would be great. Um. So we don't I wouldn't say
Speaker 1: we had any specific names per se, but within specific
Speaker 1: you know, within specific sectors. Um, we are certainly looking
Speaker 1: for the higher quality assets that have strong cash flow.
Speaker 1: All right, it's time to put you on the spot.
Speaker 1: By the year ran for s and five hundred call
Speaker 1: and maybe with the we'll take the tenure. What what
Speaker 1: do you see the where they see the yield headed there? Oh?
Speaker 1: I mean you know, if I knew, I don't think
Speaker 1: i'd be on the phone with you right now. So no, so, um, yeah,
Speaker 1: I mean I think we're going to deal a little
Speaker 1: bit higher than where we are right now, um, you know,
Speaker 1: the high three eyes to four percent UM. I think
Speaker 1: in terms of the equity market, you know, I think
Speaker 1: we're probably gonna stay steady. I think, you know, we're
Speaker 1: going to end the year in the same place. We're
Speaker 1: probably going to end the year UM in two you know,
Speaker 1: around uh thirty nine hundred four thousand. All right, I
Speaker 1: think a pleasure appreciate it. I new Jack co c,
Speaker 1: i O at north Star Asset Management, joining is this morning,
Speaker 1: and that brings us to five eighteen Wallster. He's still
Speaker 1: a hand on Bloomberg day Break. We're gonna check the markets,
Speaker 1: bring you the latest news and business economics and finance.
Speaker 1: I'm John Tucker. This is Bloomberg. Dal futures forty four
Speaker 1: points higher, smp emity futures. They were up twelve points
Speaker 1: the Nastack futures of sixty three. This is daybreak