1 00:00:02,400 --> 00:00:05,840 Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg day 2 00:00:05,840 --> 00:00:09,719 Speaker 1: Break for Wednesday, October two. Coming up this hour. The 3 00:00:09,880 --> 00:00:11,840 Speaker 1: S and P five hundred looks to make it three 4 00:00:11,960 --> 00:00:15,160 Speaker 1: straight winning sessions to start the week. Netflix share sure 5 00:00:15,320 --> 00:00:17,759 Speaker 1: as use a growth signals the worst is over. In 6 00:00:17,800 --> 00:00:21,920 Speaker 1: the UK, inflation surges to double digits, and President Boden 7 00:00:22,040 --> 00:00:25,320 Speaker 1: plans to announce he's tapping into the strategic oil reserves. 8 00:00:25,600 --> 00:00:28,680 Speaker 1: The latest polls show New York's governor's race has tightened, 9 00:00:28,880 --> 00:00:31,680 Speaker 1: plus Georgia voters turned out in record numbers on the 10 00:00:31,680 --> 00:00:34,720 Speaker 1: first day of early ballots. I'm Michael lar More Ahead, 11 00:00:34,920 --> 00:00:37,600 Speaker 1: I'm John stash Our and sports. The Yankees beat the Guardians, 12 00:00:37,600 --> 00:00:39,760 Speaker 1: they start the Alcs tonight and used to the Philly 13 00:00:39,800 --> 00:00:44,760 Speaker 1: shut out. The Padres wins with the Devil's Islanders. That's 14 00:00:44,800 --> 00:00:48,040 Speaker 1: all s Trendy ahead on Bloomberg day Break on Bloomberg 15 00:00:48,120 --> 00:00:52,000 Speaker 1: eleven three on New York, Bloomberg N one, Washington, d C, 16 00:00:52,479 --> 00:00:56,760 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, 17 00:00:57,240 --> 00:01:00,160 Speaker 1: Sirius x M one nineteen and around the world Old 18 00:01:00,240 --> 00:01:03,720 Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business app. 19 00:01:07,360 --> 00:01:10,440 Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow US 20 00:01:10,520 --> 00:01:13,160 Speaker 1: dot Index Future. It's little change this morning. We're coming 21 00:01:13,240 --> 00:01:14,720 Speaker 1: up to five oh one on Wall Street, and we 22 00:01:14,800 --> 00:01:17,280 Speaker 1: check the markets every fifteen minutes throughout the trading day 23 00:01:17,360 --> 00:01:21,160 Speaker 1: on Bloomberg. Right now, SMP Futures little change down. Futures 24 00:01:21,200 --> 00:01:24,639 Speaker 1: down thirty five, Nowsday Future is up seventeen. The decks 25 00:01:24,640 --> 00:01:27,240 Speaker 1: in Germany is down two tenths of a percent, ten 26 00:01:27,319 --> 00:01:30,080 Speaker 1: year Treasury down thirteen thirty seconds. You had four point 27 00:01:30,080 --> 00:01:32,240 Speaker 1: oh six percent. They yield on the two year four 28 00:01:32,319 --> 00:01:35,320 Speaker 1: point four eight percent, and NIMEX screwed oil is up 29 00:01:35,319 --> 00:01:37,800 Speaker 1: about a third of a percent at eighty three dollars 30 00:01:37,840 --> 00:01:41,000 Speaker 1: eleven cents of barrel. Nathan Karen the SMP five hundreds. 31 00:01:41,000 --> 00:01:43,319 Speaker 1: Coming off back to back winds to start the week, 32 00:01:43,400 --> 00:01:45,880 Speaker 1: the index is up three point eight percent in just 33 00:01:46,080 --> 00:01:50,600 Speaker 1: two days. However, Max Kettner, chief multi asset strategist at HSBC, 34 00:01:50,800 --> 00:01:53,680 Speaker 1: thinks stocks will remain under pressure and the FED will 35 00:01:53,760 --> 00:01:56,440 Speaker 1: not change course. But the point for me is that 36 00:01:56,960 --> 00:01:59,720 Speaker 1: the FED is really only going to pivot in my view, 37 00:02:00,120 --> 00:02:03,240 Speaker 1: when things are going to go horribly wrong. Not just wrong, 38 00:02:03,440 --> 00:02:06,760 Speaker 1: but really and I have to emphasize that horribly wrong. Right, 39 00:02:07,120 --> 00:02:09,600 Speaker 1: So it will not be sufficient if we see you 40 00:02:09,680 --> 00:02:13,120 Speaker 1: one to three months off a bit worse than economic data, 41 00:02:13,240 --> 00:02:15,720 Speaker 1: right and oh maybe we're going to go into recession now, 42 00:02:16,080 --> 00:02:19,440 Speaker 1: that will not be sufficient. HSBC's Max Kettner says he 43 00:02:19,480 --> 00:02:22,400 Speaker 1: would fade this rallying stocks well, Nathan. The rise in 44 00:02:22,440 --> 00:02:25,239 Speaker 1: equities this week has been fueled by a solid starter 45 00:02:25,360 --> 00:02:28,320 Speaker 1: earning season, and it continued after the bail with Netflix. 46 00:02:28,360 --> 00:02:31,280 Speaker 1: The streaming leader added a better than expected two point 47 00:02:31,320 --> 00:02:34,560 Speaker 1: four million customers in the third quarter. Read Hastings is 48 00:02:34,639 --> 00:02:37,959 Speaker 1: co founder and sherman of Netflix. Well, thank god, we're 49 00:02:38,000 --> 00:02:42,359 Speaker 1: done with shrinking quarters. So the big feeling of we're 50 00:02:42,400 --> 00:02:45,080 Speaker 1: back to the positivity. We still got f X, so 51 00:02:45,200 --> 00:02:47,880 Speaker 1: that's a huge hit. Uh, you know, as we've explained, 52 00:02:47,960 --> 00:02:51,920 Speaker 1: so that's not going to go away. But other than that, 53 00:02:52,320 --> 00:02:55,040 Speaker 1: all the stars are lining up very well for us 54 00:02:55,400 --> 00:02:58,399 Speaker 1: Netflix Sherman read Hastings, as the company expects to add 55 00:02:58,400 --> 00:03:01,640 Speaker 1: another four and a half million mobile subscribers this period 56 00:03:01,720 --> 00:03:04,760 Speaker 1: despite headwinds from foreign exchange. Well, let's look at some 57 00:03:04,800 --> 00:03:07,240 Speaker 1: other stocks on the move following earnings. Karen's. Shares of 58 00:03:07,320 --> 00:03:09,680 Speaker 1: United Airlines are up five and a half percent. The 59 00:03:09,720 --> 00:03:12,600 Speaker 1: airline sees profit well above estimates in the final quarter 60 00:03:12,600 --> 00:03:14,640 Speaker 1: of the year. That's being fueled by a rebound in 61 00:03:14,680 --> 00:03:17,480 Speaker 1: corporate travel and leisure trips. We're also watching shares of 62 00:03:17,520 --> 00:03:21,680 Speaker 1: Adobe this morning. The maker of creative design software reiterated 63 00:03:21,680 --> 00:03:24,040 Speaker 1: its forecast for the current quarter, and that is relieving 64 00:03:24,120 --> 00:03:27,880 Speaker 1: fears economic uncertainty would hinder demand. Well Up next Nathan, 65 00:03:27,919 --> 00:03:30,680 Speaker 1: the earnings continue with results from twenty companies in the 66 00:03:30,800 --> 00:03:33,160 Speaker 1: S and P five hundred. The biggest name on today's 67 00:03:33,200 --> 00:03:36,080 Speaker 1: list is Tesla. We get a preview of those numbers 68 00:03:36,080 --> 00:03:39,680 Speaker 1: from Bloomberg's Jeff Bellinger. Shares of the electric car maker 69 00:03:39,720 --> 00:03:43,000 Speaker 1: have been under pressure ever since the company reported third 70 00:03:43,080 --> 00:03:47,040 Speaker 1: quarter delivery figures that fell short of forecast. Today's report 71 00:03:47,080 --> 00:03:51,040 Speaker 1: will get close scrutiny. Investors will look beyond sales, earnings 72 00:03:51,040 --> 00:03:54,640 Speaker 1: and profit margins. Bullish fourth quarter delivery guidance would be 73 00:03:54,760 --> 00:03:59,840 Speaker 1: especially welcome Bloomberg Intelligence, as the plunge in Tesla's stocked 74 00:04:00,040 --> 00:04:02,160 Speaker 1: could make this a good time for the company to 75 00:04:02,360 --> 00:04:07,040 Speaker 1: initiate capital returns without hurting its balance sheet. Jeff Bollinger 76 00:04:07,200 --> 00:04:10,400 Speaker 1: Bloomberg Daybreak, Thanks Jeff. Turning to the economy now, do 77 00:04:10,480 --> 00:04:12,720 Speaker 1: not look for a pause in rate hikes from the Fed. 78 00:04:12,800 --> 00:04:16,000 Speaker 1: That's according to Minneapolis President Neil cash Kari, who says 79 00:04:16,040 --> 00:04:19,600 Speaker 1: the central bank must continue tightening as inflation remains hot. 80 00:04:19,880 --> 00:04:23,520 Speaker 1: If we don't see progress in underlying inflation or cor inflation, 81 00:04:24,320 --> 00:04:27,440 Speaker 1: I don't see why I would advocate stopping at four 82 00:04:27,440 --> 00:04:29,360 Speaker 1: and a half or four or seven five or something 83 00:04:29,400 --> 00:04:32,320 Speaker 1: like that. Minneapolis Fed President Neil cash car He says 84 00:04:32,360 --> 00:04:36,679 Speaker 1: he sees interest rates reaching the mid fource early next year. Meantime, Nathan, 85 00:04:36,680 --> 00:04:38,960 Speaker 1: the Fed will hand out a grade on the health 86 00:04:39,000 --> 00:04:41,000 Speaker 1: of the U S economy today with the release of 87 00:04:41,000 --> 00:04:43,719 Speaker 1: its Regional Beige Book. We get more from Bloomberg if 88 00:04:43,720 --> 00:04:47,720 Speaker 1: any down junis. Today's bache book, based on anecdotal reports 89 00:04:47,720 --> 00:04:50,279 Speaker 1: in the Fitch twelve district banks, will help set the 90 00:04:50,360 --> 00:04:54,760 Speaker 1: stage for November's policy meeting. Bloomberg Economics notes the prior 91 00:04:54,839 --> 00:04:59,000 Speaker 1: biche book and early September indicated little change, unbalanced the 92 00:04:59,040 --> 00:05:03,120 Speaker 1: most lackluster, showing you a pandemic recovery but not yet alarming. 93 00:05:03,440 --> 00:05:06,400 Speaker 1: The next FED policy session is set for November one 94 00:05:06,600 --> 00:05:09,360 Speaker 1: and second, and a kind of wist anticipated another interest 95 00:05:09,440 --> 00:05:13,320 Speaker 1: rate hike aimed at containing inflation. Beneath Bill Judas Bloomberg, 96 00:05:13,360 --> 00:05:15,920 Speaker 1: daybreak of any thanks, we're also seeing inflation store in 97 00:05:15,960 --> 00:05:18,920 Speaker 1: the UK. For more on today's red hot price reading, 98 00:05:18,960 --> 00:05:21,320 Speaker 1: let's go live to London and check in with Bloomberg's 99 00:05:21,400 --> 00:05:24,719 Speaker 1: James Walcock, Good morning, James, Good morning, Nathan and Karen Sawing. 100 00:05:24,760 --> 00:05:28,159 Speaker 1: Inflation indeed, price rises hit a four decade high of 101 00:05:28,240 --> 00:05:30,480 Speaker 1: ten point one percent year on year through September. That's 102 00:05:30,520 --> 00:05:33,719 Speaker 1: slightly above what economists forecast. It's a call to arms 103 00:05:33,760 --> 00:05:35,560 Speaker 1: for the Bank of England after the central Bank has 104 00:05:35,560 --> 00:05:38,320 Speaker 1: found itself distracted by chaos in the UK bond market. 105 00:05:38,800 --> 00:05:41,960 Speaker 1: September's inflation figure is also used as the baseline to 106 00:05:42,000 --> 00:05:45,359 Speaker 1: increase state welfare payments and pensions, so that increase puts 107 00:05:45,360 --> 00:05:48,240 Speaker 1: more pressure on the UK government's fiscal policy as promised. 108 00:05:48,279 --> 00:05:50,239 Speaker 1: Of this Trust tries to bounce the books in London. 109 00:05:50,320 --> 00:05:52,800 Speaker 1: James Walcock, bloom bog daybreak, All right, James, thank you. 110 00:05:52,839 --> 00:05:55,520 Speaker 1: Back here in the US, the Biden administration is making 111 00:05:55,600 --> 00:05:58,640 Speaker 1: more moves to lower gas prices. Later today, the President 112 00:05:58,680 --> 00:06:01,760 Speaker 1: announces another fifteen million barrels coming out of the Strategic 113 00:06:01,800 --> 00:06:05,359 Speaker 1: Petroleum Reserve, but still Bob McNally, founder and president of 114 00:06:05,440 --> 00:06:08,559 Speaker 1: Rapid and Energy, says it might not be enough going 115 00:06:08,600 --> 00:06:11,919 Speaker 1: against OPEC plus with the sprs like going into a 116 00:06:12,040 --> 00:06:14,440 Speaker 1: fight with you know, the guys with a with a 117 00:06:14,440 --> 00:06:17,280 Speaker 1: square guns. Right. It's a finite resource. You get to 118 00:06:17,360 --> 00:06:19,120 Speaker 1: use it once, and I think this is going to 119 00:06:19,200 --> 00:06:21,920 Speaker 1: make the coming boom cycle in oil prices even boom. Here. 120 00:06:22,320 --> 00:06:25,480 Speaker 1: Rapid Down Energy president Bob McNally spoke of their Washington 121 00:06:25,520 --> 00:06:29,120 Speaker 1: correspondent Joe Matthew on Bloomberg Sound on Catch the program 122 00:06:29,120 --> 00:06:32,320 Speaker 1: weekdays at five pm Eastern on Bloomberg Radio and checking 123 00:06:32,520 --> 00:06:34,720 Speaker 1: crude prices right now, and I'm ex screwed. Oil is 124 00:06:34,760 --> 00:06:37,320 Speaker 1: a four ten percent and eighty three dollars fourteen cents 125 00:06:37,320 --> 00:06:40,760 Speaker 1: of barrel Brent is at ninety eight cents. Finally, Karen 126 00:06:40,800 --> 00:06:44,240 Speaker 1: criticism of the PIMCO Total Return Bond Fund from the 127 00:06:44,240 --> 00:06:46,840 Speaker 1: man who created it. We're talking about Bill Gross, who 128 00:06:46,880 --> 00:06:50,159 Speaker 1: was ounced it from Pimco. Gross says many of the 129 00:06:50,200 --> 00:06:52,320 Speaker 1: funds that bear the name are failing to live up 130 00:06:52,320 --> 00:06:55,800 Speaker 1: to their mission after suffering heavy losses this year. Gros says, 131 00:06:55,839 --> 00:06:58,120 Speaker 1: instead of helping the cushion the market downturn. They have 132 00:06:58,200 --> 00:07:02,040 Speaker 1: clung to their benchmarks too close, Lee, essentially becoming quasi 133 00:07:02,120 --> 00:07:05,880 Speaker 1: index tracking strategies. SMP future is right now, a little 134 00:07:05,960 --> 00:07:09,680 Speaker 1: changed up two points now futures down one. Nasdaq futures 135 00:07:09,680 --> 00:07:12,400 Speaker 1: are higher by thirty one points. Send your treasuries down 136 00:07:12,400 --> 00:07:15,440 Speaker 1: eleven thirty seconds. The yield four point zero five percent. 137 00:07:15,960 --> 00:07:18,880 Speaker 1: Local headlines and a check of sports. Up next. This 138 00:07:19,120 --> 00:07:25,080 Speaker 1: is Bloomberg five oh seven on Wall Street, forty three 139 00:07:25,080 --> 00:07:27,600 Speaker 1: degrees in Central Park, out of crash southbound New Jersey 140 00:07:27,600 --> 00:07:31,320 Speaker 1: Turnpike truck lanes at exit seven. More coming up in traffic. 141 00:07:31,360 --> 00:07:33,320 Speaker 1: First Michael Barr with more on what's going on in 142 00:07:33,360 --> 00:07:35,440 Speaker 1: New York and around the world. Good morning, Michael, Good 143 00:07:35,440 --> 00:07:37,960 Speaker 1: morning Nathan. Mid Terms that just a few weeks away, 144 00:07:38,000 --> 00:07:40,800 Speaker 1: and now another race that Democrats once thought was a 145 00:07:40,920 --> 00:07:44,440 Speaker 1: slam dunk could be in play in New York. Republican 146 00:07:44,560 --> 00:07:47,280 Speaker 1: Lee's Elden is in a statistical dead heat with the 147 00:07:47,320 --> 00:07:51,880 Speaker 1: Democratic governor Kathy hokel Bore from Bloomberg's Denise Paula Greeni, Michael, 148 00:07:51,920 --> 00:07:53,840 Speaker 1: it kind of all depends on which poll you want 149 00:07:53,840 --> 00:07:56,120 Speaker 1: to believe at this point, because the new Quinnipiac Pole 150 00:07:56,160 --> 00:08:00,000 Speaker 1: shows hopelessly narrowing to just four percentage points her campaign 151 00:08:00,000 --> 00:08:03,560 Speaker 1: in those says this Quinnipiac Pole undercounted likely Democratic voters. 152 00:08:03,720 --> 00:08:07,560 Speaker 1: Former President Trump recently endorsed Zelden, and the Quinnipiac Pole 153 00:08:07,600 --> 00:08:11,400 Speaker 1: shows Zelden has a solid lead among independents. The Long 154 00:08:11,440 --> 00:08:14,560 Speaker 1: Island congressman also has gained in a real clear average 155 00:08:14,560 --> 00:08:16,960 Speaker 1: of polls, but Hocal still leads by close to ten 156 00:08:16,960 --> 00:08:19,840 Speaker 1: percentage points in a five thirty eight pole average, and 157 00:08:19,920 --> 00:08:22,840 Speaker 1: recent Sienna and Marist College poles show her ahead by 158 00:08:22,840 --> 00:08:26,360 Speaker 1: even more. Michael, thank you. Denise. Georgia, with several high 159 00:08:26,400 --> 00:08:28,840 Speaker 1: profile races, has set a record on the first day 160 00:08:28,840 --> 00:08:31,640 Speaker 1: of early in person voting. More than a hundred thirty 161 00:08:31,680 --> 00:08:35,640 Speaker 1: three thousand votes were cast Monday, and eight seven increase 162 00:08:35,679 --> 00:08:37,800 Speaker 1: from the first day of early in person voting in 163 00:08:37,800 --> 00:08:42,120 Speaker 1: twenty eighteen. Tens intended to provide temporary shelter to migrants 164 00:08:42,120 --> 00:08:44,959 Speaker 1: open today in New York City, the first of series 165 00:08:44,960 --> 00:08:48,040 Speaker 1: of makeshift centers to house and influx of tens of 166 00:08:48,080 --> 00:08:51,959 Speaker 1: thousands of Central and South Americans. The new relief center, 167 00:08:52,040 --> 00:08:56,880 Speaker 1: located on Randall's Island, is intended to house and provide food, water, 168 00:08:57,000 --> 00:09:00,360 Speaker 1: medical care and COVID test when migrants for to arrive 169 00:09:00,440 --> 00:09:04,079 Speaker 1: in New York. Zach Iskol is the Emergency Management Commissioner. 170 00:09:04,400 --> 00:09:07,160 Speaker 1: But people get off the bus, report authority. We have 171 00:09:07,160 --> 00:09:10,000 Speaker 1: a very limited amount of time, about forty five minutes 172 00:09:10,120 --> 00:09:13,240 Speaker 1: from the power where we are figuring out what people's immedia, 173 00:09:13,280 --> 00:09:16,600 Speaker 1: the medical needs are. There will be a ten pm curfew. 174 00:09:16,880 --> 00:09:19,720 Speaker 1: Former President trumpet scheduled to sit for a deposition and 175 00:09:19,760 --> 00:09:23,040 Speaker 1: answer questions under oath from attorneys for E. Gene Carroll, 176 00:09:23,240 --> 00:09:26,240 Speaker 1: a former columnists at L magazine. Carroll has sued Trump 177 00:09:26,280 --> 00:09:29,000 Speaker 1: for the faminger when he denied her rape claim from 178 00:09:29,000 --> 00:09:31,520 Speaker 1: the ninet nineties. Global Name is twenty four hours a 179 00:09:31,600 --> 00:09:34,040 Speaker 1: day on air rand on Bloomberg Quicktake, powered by more 180 00:09:34,040 --> 00:09:36,320 Speaker 1: than twenty seven hundred journalists analysts more than a hundred 181 00:09:36,360 --> 00:09:39,680 Speaker 1: twenty countries. I'm Michael bar This is Bloomberg Naked, all right, Michael, 182 00:09:39,679 --> 00:09:46,280 Speaker 1: Thank you, five o nine on Wall Street Time for 183 00:09:46,280 --> 00:09:49,000 Speaker 1: the Bloomberg Sports Report, brought to you by Try State Autie. 184 00:09:49,120 --> 00:09:52,040 Speaker 1: Here's John Stashower, Thanks to Athan. The decisive Game five 185 00:09:52,040 --> 00:09:54,040 Speaker 1: of the l the s rained down byday night at 186 00:09:54,040 --> 00:09:57,079 Speaker 1: the stadium played yesterday afternoon and decided early on. The 187 00:09:57,160 --> 00:10:00,840 Speaker 1: Guardians made this somewhat surprising decision to start Aaron Savali. 188 00:10:00,920 --> 00:10:02,960 Speaker 1: The Yankees had tee off on him twice in the 189 00:10:03,000 --> 00:10:06,120 Speaker 1: regular season. He faced only five batters, got only one out, 190 00:10:06,160 --> 00:10:08,360 Speaker 1: gave up a John Carlos Stanton three run Homer, and 191 00:10:08,400 --> 00:10:10,280 Speaker 1: the Yanks were on their way to a five to 192 00:10:10,440 --> 00:10:12,720 Speaker 1: one went over Cleveland. Aaron Judge also Homer, and then 193 00:10:12,760 --> 00:10:15,880 Speaker 1: the Yanks decision to start Nester Cortez on three days rest. 194 00:10:16,320 --> 00:10:18,400 Speaker 1: That worked well, so the Yanks able to come back 195 00:10:18,440 --> 00:10:20,320 Speaker 1: from the two games to one deficit. And now it's 196 00:10:20,320 --> 00:10:23,520 Speaker 1: on to Houston with Aaron Boone's team playing game one 197 00:10:23,559 --> 00:10:26,640 Speaker 1: of the ALCS tonight challenges. We're facing a great team, 198 00:10:27,040 --> 00:10:31,280 Speaker 1: you know. Uh, as far as the quick turnaround, we'll 199 00:10:31,280 --> 00:10:34,200 Speaker 1: be fine. I mean, that's that's baseball. We do that 200 00:10:34,280 --> 00:10:37,000 Speaker 1: all the time. You know, We'll walk in there with 201 00:10:37,040 --> 00:10:40,560 Speaker 1: some confidence. Um, we know, we know they're a great 202 00:10:40,600 --> 00:10:44,120 Speaker 1: team and rested and ready, and um we look forward 203 00:10:44,120 --> 00:10:46,480 Speaker 1: to the channel. Three times the Astros have ended the 204 00:10:46,559 --> 00:10:49,360 Speaker 1: Yankee season, in two thousand fifteen wild Card game and 205 00:10:49,400 --> 00:10:51,920 Speaker 1: in the ALCS in both two thousand seventeen and nineteen 206 00:10:51,960 --> 00:10:54,800 Speaker 1: Yanks star Jamison ty Own tonight of the Astros start 207 00:10:54,920 --> 00:10:57,520 Speaker 1: Justin Hurlander, Game one of the NLCS and San Diego 208 00:10:57,640 --> 00:11:00,160 Speaker 1: fewest hits ever in a postseason game. The at He 209 00:11:00,240 --> 00:11:02,720 Speaker 1: has had three, but two of them were solo homers 210 00:11:02,720 --> 00:11:05,160 Speaker 1: the Padres and only one hit. The Phils won to nothing. 211 00:11:05,200 --> 00:11:08,360 Speaker 1: They're now six and one in the postseason. NBA season 212 00:11:08,400 --> 00:11:11,120 Speaker 1: underway home wins by Boston and Golden State. Nick's open 213 00:11:11,200 --> 00:11:13,720 Speaker 1: up tonight in Memphis, the Nets home from New Orleans. 214 00:11:14,040 --> 00:11:17,320 Speaker 1: Devils and Islanders both one at home. The Cult Jim 215 00:11:17,440 --> 00:11:20,920 Speaker 1: Ers the first NFL owner to say publicly there is 216 00:11:21,040 --> 00:11:24,480 Speaker 1: merit to the league, removing ownership from Washington's Dan Snyder, 217 00:11:24,880 --> 00:11:28,360 Speaker 1: John Stashi Allard Bloomberg Sports Nathan all Right, John, thank you. 218 00:11:28,840 --> 00:11:31,080 Speaker 1: SMP future is moving a touch higher now. They're up 219 00:11:31,080 --> 00:11:33,880 Speaker 1: five point. Staff futures up six dance stack futures leading 220 00:11:33,880 --> 00:11:38,120 Speaker 1: the games this morning, up thirty seven points now. Tenure 221 00:11:38,160 --> 00:11:41,400 Speaker 1: treasury is down thirteen thirty seconds. Yield four point zero 222 00:11:41,440 --> 00:11:43,599 Speaker 1: six percent. Yield on the two year four point for 223 00:11:43,800 --> 00:11:47,319 Speaker 1: eight nymex crude is higher by nine tenths per cent, 224 00:11:47,400 --> 00:11:50,640 Speaker 1: up seventy three cents eighty three dollars fifty five cents barrel. 225 00:11:50,920 --> 00:11:54,520 Speaker 1: The President Biden expected to announce another strategic all released 226 00:11:54,600 --> 00:11:58,000 Speaker 1: later today. Netflix shares surging in the pre market, up 227 00:11:58,040 --> 00:12:01,480 Speaker 1: nearly thirteen percent on earnings. We'll talk about it next 228 00:12:01,640 --> 00:12:07,160 Speaker 1: with Bloomberg Quick Takes Alex Webb. This is Bloomberg. Bloomberg 229 00:12:07,200 --> 00:12:09,120 Speaker 1: Sports Report was brought to you by Audie. Don't let 230 00:12:09,200 --> 00:12:11,560 Speaker 1: someone else drive off in the autie model you've always wanted. 231 00:12:11,640 --> 00:12:13,760 Speaker 1: Visit your local price state autie dealer to get behind 232 00:12:13,800 --> 00:12:16,680 Speaker 1: the wheel of yours today, or visit autie Offers dot 233 00:12:16,679 --> 00:12:24,760 Speaker 1: com for more information, markets, headlines and breaking news twenty 234 00:12:24,760 --> 00:12:27,640 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 235 00:12:27,640 --> 00:12:30,599 Speaker 1: Business Out and at Bloomberg Quick Take. This is a 236 00:12:30,640 --> 00:12:40,280 Speaker 1: Bloomberg Business Flash and I'm Karen Moscow. European stocks are 237 00:12:40,320 --> 00:12:43,840 Speaker 1: slipping in US Stock Index futures are higher after giving 238 00:12:43,920 --> 00:12:46,760 Speaker 1: up gains on worries about inflation and a looming recession. 239 00:12:46,800 --> 00:12:49,480 Speaker 1: The pound is falling afy UK inflation rose faster than 240 00:12:49,480 --> 00:12:52,240 Speaker 1: economists we're looking for, and we checked the markets every 241 00:12:52,320 --> 00:12:55,280 Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Right NOWUSNP 242 00:12:55,480 --> 00:12:58,920 Speaker 1: futures up four points down, futures that will change, Nastack 243 00:12:59,000 --> 00:13:01,640 Speaker 1: futures up thirty four. The decks in Germany's down a 244 00:13:01,679 --> 00:13:05,000 Speaker 1: tenth of a percent ten, Your treasury down thirteen thirty seconds. 245 00:13:05,000 --> 00:13:07,319 Speaker 1: You have four point six percent, and the yield of 246 00:13:07,400 --> 00:13:10,319 Speaker 1: the two year four point four eight percent. Nin Max 247 00:13:10,360 --> 00:13:12,840 Speaker 1: Screwed oil is up one percent of eighty four cents 248 00:13:12,840 --> 00:13:15,560 Speaker 1: at eighty three dollars. Sixty six cents of barrel comexs 249 00:13:15,600 --> 00:13:17,679 Speaker 1: go down six tenths per cent or ten dollars at 250 00:13:17,679 --> 00:13:22,120 Speaker 1: sixteen forty eight. Announce the euro point zero against the 251 00:13:22,160 --> 00:13:24,680 Speaker 1: dollar British found one point one two seven four and 252 00:13:24,720 --> 00:13:27,600 Speaker 1: the end one forty nine point four three. Look at 253 00:13:27,600 --> 00:13:30,440 Speaker 1: a bitcoin this morning, lower down seven tenths percent at 254 00:13:30,520 --> 00:13:33,600 Speaker 1: nineteen thousand, two hundred dollars. Today we are watching four 255 00:13:33,600 --> 00:13:36,320 Speaker 1: reports on housing starts and building permits at eight thirty 256 00:13:36,320 --> 00:13:38,360 Speaker 1: Wall Street time, and the Federal Reserve at least as 257 00:13:38,360 --> 00:13:41,160 Speaker 1: its page book at two and tests among companies schedule 258 00:13:41,240 --> 00:13:44,360 Speaker 1: to report earnings today as a Bloomberg business flash. Now 259 00:13:44,360 --> 00:13:46,640 Speaker 1: here's Michael Barr with more on what's going on around 260 00:13:46,640 --> 00:13:49,680 Speaker 1: the world. Muchael the morning. Good morning, Karen, President Biden, 261 00:13:49,800 --> 00:13:53,400 Speaker 1: is opening the oil spick again. President Biden today will 262 00:13:53,400 --> 00:13:57,160 Speaker 1: announce another strategic oil reserve release. Designs a hell bring 263 00:13:57,200 --> 00:13:59,920 Speaker 1: down the price of gas. He could release another fifty 264 00:14:00,160 --> 00:14:03,679 Speaker 1: million barrels of oil. A key Ukrainian city has been 265 00:14:03,720 --> 00:14:07,480 Speaker 1: warned Russia is planning relentless attacks in the coming days. 266 00:14:07,840 --> 00:14:10,680 Speaker 1: People in Curson are being told to get out now. 267 00:14:11,200 --> 00:14:14,359 Speaker 1: In baseball, the Yankees are getting ready to face the Astros. 268 00:14:14,400 --> 00:14:17,439 Speaker 1: In the a l CS, New York beat the Guardians 269 00:14:17,480 --> 00:14:20,840 Speaker 1: five ones to advance in Game one of the NLCS 270 00:14:20,880 --> 00:14:23,400 Speaker 1: to Philly shut out the Padres to zip. In the 271 00:14:23,440 --> 00:14:26,600 Speaker 1: opening night of the NBA, the Celtics and Warriors one. 272 00:14:27,000 --> 00:14:30,280 Speaker 1: In hockey, the Devils and Islanders won, the Bruins lost. 273 00:14:30,560 --> 00:14:33,280 Speaker 1: Global news twenty four hours a day on air and 274 00:14:33,440 --> 00:14:36,920 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 275 00:14:36,960 --> 00:14:40,000 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael 276 00:14:40,040 --> 00:14:42,640 Speaker 1: Lare and this is Bloomberg. Nathan alright, Michael, Thanks, It's 277 00:14:42,680 --> 00:14:45,480 Speaker 1: five nineteen on Wall Street Line from the Bloomberg Interactive 278 00:14:45,520 --> 00:14:49,160 Speaker 1: Brokers Studios. This is Bloomberg Daybreak. We had to peel 279 00:14:49,200 --> 00:14:52,480 Speaker 1: our eyes away from what's streaming on Netflix this morning 280 00:14:52,480 --> 00:14:56,240 Speaker 1: to see how the stocks doing it is surging with 281 00:14:56,520 --> 00:15:01,360 Speaker 1: the streaming giant once again reporting subscribe growth, how about 282 00:15:01,400 --> 00:15:04,080 Speaker 1: that first time this year? In fact, it's saded subscribers. 283 00:15:04,120 --> 00:15:07,720 Speaker 1: Let's bring in Bloomberg Quick Take correspondent Alex Web to 284 00:15:07,800 --> 00:15:11,640 Speaker 1: dive deeper into these positive results for Netflix. And it 285 00:15:11,760 --> 00:15:15,120 Speaker 1: certainly seems like investors see it that way Alex. With 286 00:15:15,240 --> 00:15:18,200 Speaker 1: the shares up at twelve and two thirds percent in 287 00:15:18,240 --> 00:15:21,640 Speaker 1: this pre market, So does this sort of negate the 288 00:15:21,760 --> 00:15:24,640 Speaker 1: narrative that had taken hold so far this year that 289 00:15:24,680 --> 00:15:28,480 Speaker 1: we've hit peak streaming. I don't know if it negates 290 00:15:28,520 --> 00:15:31,000 Speaker 1: it fully. You know, the stock is, even with that 291 00:15:31,160 --> 00:15:36,120 Speaker 1: anticipated twelve percent bump, is still down some sixty from 292 00:15:36,200 --> 00:15:40,040 Speaker 1: from its peak in November last year. But it is 293 00:15:41,560 --> 00:15:44,320 Speaker 1: good news for Netflix investors. This has for a long 294 00:15:44,360 --> 00:15:46,640 Speaker 1: time invalued as a growth stock. So if they're not growing, 295 00:15:46,760 --> 00:15:50,480 Speaker 1: then investors struggle to know how to value it. The 296 00:15:50,560 --> 00:15:52,640 Speaker 1: story does? They seem to be a lot of it 297 00:15:52,680 --> 00:15:55,400 Speaker 1: focused on this new ads here that they are introducing. 298 00:15:55,560 --> 00:15:59,560 Speaker 1: And not only does that help them add new it 299 00:15:59,600 --> 00:16:04,840 Speaker 1: has so three purposes. Fundamentally, it helps them ads subscribers 300 00:16:04,920 --> 00:16:07,640 Speaker 1: at a lower cost, of the subscriber. The actual revenue 301 00:16:07,640 --> 00:16:10,120 Speaker 1: they can make from that subscriber is potentially more than 302 00:16:10,160 --> 00:16:12,360 Speaker 1: they make from their current basic tier, because they could 303 00:16:12,360 --> 00:16:14,440 Speaker 1: be adding five or six dollars a month in advertising 304 00:16:14,480 --> 00:16:21,120 Speaker 1: revenue for each subscriber. And thirdly, it just reinvigorates the 305 00:16:21,960 --> 00:16:25,600 Speaker 1: growth story that then like should drive the stock if 306 00:16:25,600 --> 00:16:29,480 Speaker 1: they're pretty successful. How does that position Netflix though against 307 00:16:29,680 --> 00:16:32,480 Speaker 1: some of its competitors that some of which have already 308 00:16:32,640 --> 00:16:38,240 Speaker 1: been experimenting with or fully embracing a ad supported model. 309 00:16:39,600 --> 00:16:42,600 Speaker 1: It's certainly it gives them a little bit more of 310 00:16:42,600 --> 00:16:44,920 Speaker 1: a buttress. The big challenge is going to be how 311 00:16:44,960 --> 00:16:48,200 Speaker 1: they execute this because the others who are doing this, 312 00:16:48,280 --> 00:16:49,720 Speaker 1: if you some people have been doing it for a 313 00:16:49,720 --> 00:16:52,320 Speaker 1: long time. You think about there are some entirely ad 314 00:16:52,320 --> 00:16:56,360 Speaker 1: funded streaming services. They call them f A s T 315 00:16:56,720 --> 00:17:00,320 Speaker 1: Fast Free ad supported Television, which is a far as 316 00:17:00,320 --> 00:17:04,240 Speaker 1: I can concern, just television. Um, they have been around 317 00:17:04,240 --> 00:17:07,440 Speaker 1: for a while, but they've also built out the ads infrastructure. 318 00:17:07,520 --> 00:17:10,359 Speaker 1: Think about Disney, which obviously owned CC fastpital so Hulu. 319 00:17:10,960 --> 00:17:14,520 Speaker 1: They've got a huge advertising network because they're also an 320 00:17:14,560 --> 00:17:19,280 Speaker 1: ABC and ESPN and plenty of other classic television stations. Besides, 321 00:17:19,320 --> 00:17:23,439 Speaker 1: so Netflix is starting from nowhere. It's working with Microsoft 322 00:17:23,520 --> 00:17:26,399 Speaker 1: and a few others. Microsoft also not massive in this 323 00:17:26,560 --> 00:17:31,359 Speaker 1: space in terms of video streaming ads. So how it 324 00:17:31,400 --> 00:17:33,960 Speaker 1: executes is going to be the big question to see 325 00:17:34,000 --> 00:17:36,280 Speaker 1: if it can get close to the six dollars fifty 326 00:17:36,320 --> 00:17:39,240 Speaker 1: that Hulu makes and ads per subscriber. What about the 327 00:17:39,320 --> 00:17:42,920 Speaker 1: content race? Does Netflix still have an advantage there? I mean, 328 00:17:43,000 --> 00:17:46,440 Speaker 1: they talked in the earnings call about some of the 329 00:17:46,520 --> 00:17:49,600 Speaker 1: successes they've had with the latest season of Stranger Things 330 00:17:49,640 --> 00:17:53,160 Speaker 1: and even with some of the non English speaking content 331 00:17:53,240 --> 00:17:55,840 Speaker 1: that they put out there. Where is Netflix when it 332 00:17:55,880 --> 00:17:58,720 Speaker 1: comes to the content race? Well, I mean, actually the 333 00:17:58,760 --> 00:18:01,200 Speaker 1: challenge and Netflix has is that it doesn't have an advantage, 334 00:18:01,320 --> 00:18:06,280 Speaker 1: right because it doesn't have the catalogs that the established, 335 00:18:06,480 --> 00:18:09,119 Speaker 1: you know, traditional broadcasters have. It doesn't you know, have 336 00:18:09,520 --> 00:18:11,800 Speaker 1: a back catalog stretching back half a century or even 337 00:18:11,920 --> 00:18:15,240 Speaker 1: full century. But it does have its ability to spend 338 00:18:15,440 --> 00:18:18,800 Speaker 1: quite a lot of capital on new shows, and there 339 00:18:18,840 --> 00:18:21,800 Speaker 1: had been something of a fellow patch, partly to do 340 00:18:21,880 --> 00:18:24,720 Speaker 1: with the virus and inability to make as many shows 341 00:18:24,800 --> 00:18:28,199 Speaker 1: they've wanted. There are a lot of these films and 342 00:18:28,240 --> 00:18:32,359 Speaker 1: productions now coming, you know, being released, particularly in Asia, 343 00:18:32,400 --> 00:18:35,359 Speaker 1: which is a huge growth opportunity for them. They've really 344 00:18:35,400 --> 00:18:38,560 Speaker 1: doubled down on their career content. Of course, um you know, 345 00:18:39,000 --> 00:18:41,800 Speaker 1: we know about the big hits. They've already had their 346 00:18:41,840 --> 00:18:44,400 Speaker 1: They've got another one which came out in the most 347 00:18:44,440 --> 00:18:48,600 Speaker 1: recent chorder called the Extraordinary Attorney Woo. These are shows 348 00:18:48,640 --> 00:18:51,240 Speaker 1: that helped drive growth in markets where they are not 349 00:18:51,320 --> 00:18:53,920 Speaker 1: as well penetrated as they are in in the US. 350 00:18:53,920 --> 00:18:55,840 Speaker 1: Just about thirty seconds left here. But it comes to 351 00:18:55,920 --> 00:18:58,440 Speaker 1: putting out that can't I mean read Hastings mentioned that 352 00:18:58,840 --> 00:19:01,720 Speaker 1: the currency challenges could be a head wind as well. 353 00:19:01,760 --> 00:19:04,760 Speaker 1: How big ahead win could that be? I mean they've 354 00:19:04,760 --> 00:19:06,880 Speaker 1: said in the fourth quarter it's going to be a challenge, 355 00:19:06,920 --> 00:19:08,919 Speaker 1: that it should get a little bit better in the 356 00:19:08,920 --> 00:19:11,240 Speaker 1: first off next year. It is interesting that they feel 357 00:19:11,240 --> 00:19:12,959 Speaker 1: they need to make these comments. Were in the past, 358 00:19:13,080 --> 00:19:14,960 Speaker 1: you know, that was probably stuff around the edges that 359 00:19:15,000 --> 00:19:16,840 Speaker 1: didn't matter so much. So it does speak to the 360 00:19:16,880 --> 00:19:19,440 Speaker 1: fact that they're not it's not all plane sailing just yet, 361 00:19:19,520 --> 00:19:22,200 Speaker 1: that things remained a little bit straightened, but at least 362 00:19:22,240 --> 00:19:26,359 Speaker 1: for now. The shares are moving higher by twelve point 363 00:19:26,560 --> 00:19:30,520 Speaker 1: six percent following a return to subscriber growth two point 364 00:19:30,560 --> 00:19:34,320 Speaker 1: four million new subscribers added in this latest quarter. Alex 365 00:19:34,359 --> 00:19:37,080 Speaker 1: Webb of Bloomberg Quick Take as always great to get 366 00:19:37,119 --> 00:19:40,359 Speaker 1: your insights on what's happening in the tech space. Looking 367 00:19:40,400 --> 00:19:43,440 Speaker 1: ahead to the market open this morning, future is looking 368 00:19:43,480 --> 00:19:45,200 Speaker 1: for a little bit of direction now. S and P 369 00:19:45,400 --> 00:19:48,360 Speaker 1: futures are a little changed up two points. Now futures 370 00:19:48,560 --> 00:19:51,560 Speaker 1: back in the red, but not by much, down thirteen points. 371 00:19:51,960 --> 00:19:55,240 Speaker 1: Nan stack futures are higher by twenty seven points, so 372 00:19:55,440 --> 00:19:57,320 Speaker 1: pulling back on some of the earlier games in the 373 00:19:57,320 --> 00:20:01,320 Speaker 1: pre market session. Ten your treasuries down twelve thirty seconds 374 00:20:01,320 --> 00:20:03,919 Speaker 1: for yield of four point zero five percent. This is 375 00:20:03,960 --> 00:20:10,360 Speaker 1: Bloomberg Bloomberg eleven three oh weather sunny, breezy, mid fifties today. 376 00:20:10,400 --> 00:20:12,119 Speaker 1: We're gonna start to warm up just a bit as 377 00:20:12,119 --> 00:20:14,240 Speaker 1: we had through the rest of this week's sunshine. Tomorrow 378 00:20:14,320 --> 00:20:18,920 Speaker 1: upper fifties, low sixties by Friday, silly now forty three degrees. 379 00:20:22,160 --> 00:20:26,720 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York. 380 00:20:26,800 --> 00:20:31,480 Speaker 1: Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston, 381 00:20:31,600 --> 00:20:35,000 Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg M 382 00:20:35,080 --> 00:20:38,160 Speaker 1: sixteen to the country Sirius XM to the one nine team, 383 00:20:38,280 --> 00:20:41,400 Speaker 1: and around the globe to the Bloomberg Business and Bloomberg 384 00:20:41,520 --> 00:20:50,680 Speaker 1: Radio dot com. This is Bloomberg Daybreak and it's five 385 00:20:50,760 --> 00:20:53,560 Speaker 1: thirty on Wall Street. Good morning. I'm Karen Moscow, I'm 386 00:20:53,640 --> 00:20:56,200 Speaker 1: Nathan Hagar. Bloomberg Daybreak is brought to you by SEI. 387 00:20:56,320 --> 00:20:59,639 Speaker 1: Built on advanced technologies and fifty years of innovation. SEI 388 00:20:59,680 --> 00:21:04,000 Speaker 1: offers asset Managers are comprehensive and flexible operations outsourcing platform. 389 00:21:04,080 --> 00:21:07,120 Speaker 1: Go to se i C dot com slash managers. Well, 390 00:21:07,119 --> 00:21:09,119 Speaker 1: we're just about four hours away from the open of 391 00:21:09,240 --> 00:21:10,959 Speaker 1: US trading. Let's get you up to date on the 392 00:21:10,960 --> 00:21:12,800 Speaker 1: news you need to know. At this shower, the s 393 00:21:12,880 --> 00:21:15,560 Speaker 1: n P five hundred has rallied two straight days to 394 00:21:15,600 --> 00:21:18,560 Speaker 1: start the week. So have we seen a bottom here? 395 00:21:18,680 --> 00:21:23,400 Speaker 1: Shares Chief investment strategist Eva Ato says no, but rallies 396 00:21:23,440 --> 00:21:26,320 Speaker 1: like this could continue through December. It's hard to time 397 00:21:26,320 --> 00:21:28,399 Speaker 1: at the bottom, but I would say we're closer to 398 00:21:28,480 --> 00:21:31,119 Speaker 1: it than not, and I expect to see the market 399 00:21:31,400 --> 00:21:34,240 Speaker 1: and the year higher. We might even see a Christmas 400 00:21:34,359 --> 00:21:38,440 Speaker 1: rally by then. We'll see the Fed getting inflation under control, 401 00:21:38,640 --> 00:21:42,120 Speaker 1: and we spend inflation to drop next year. Eva Atos 402 00:21:42,200 --> 00:21:44,800 Speaker 1: or the our Shares expects tech and healthcare stocks to 403 00:21:44,840 --> 00:21:48,080 Speaker 1: bounce back as inflation cools. The rising stocks has been 404 00:21:48,119 --> 00:21:50,600 Speaker 1: fueled by a solid start to earning season. Karen. It 405 00:21:50,680 --> 00:21:54,320 Speaker 1: continued yesterday with Netflix, which added up better than expected 406 00:21:54,359 --> 00:21:57,160 Speaker 1: two point four million customers in the third quarter. Githa 407 00:21:57,240 --> 00:22:01,560 Speaker 1: Ranganathan covers Netflix for Bloomberg Intelligence. They're finally back to growth, 408 00:22:01,640 --> 00:22:04,840 Speaker 1: and their guidance right now again pretty much in line. 409 00:22:04,880 --> 00:22:07,679 Speaker 1: And what's really encouraging to me about that four que 410 00:22:07,800 --> 00:22:10,719 Speaker 1: guidance is that they say that they've really not baked 411 00:22:10,720 --> 00:22:13,520 Speaker 1: in any of those add to your expectations, So there 412 00:22:13,680 --> 00:22:16,879 Speaker 1: is potentially a lot of upside to that guidance as well, 413 00:22:17,119 --> 00:22:19,840 Speaker 1: either wrong or nothing. With Bloomberg Intelligence says Netflix is 414 00:22:19,840 --> 00:22:22,560 Speaker 1: set up for a strong fourth quarter well. Their songs 415 00:22:22,560 --> 00:22:25,520 Speaker 1: in the move this morning include United Airline shares are 416 00:22:25,600 --> 00:22:28,200 Speaker 1: up more than six percent, but the airline seeing fourth 417 00:22:28,240 --> 00:22:32,440 Speaker 1: quarter profit above estimate. Shares of Adobe ASO higher after 418 00:22:32,480 --> 00:22:36,280 Speaker 1: the creative design software company reiterated its forecast for the 419 00:22:36,280 --> 00:22:40,399 Speaker 1: current quarter. Still, Karen sticky, inflation is dampening sentiment. Minneapolis 420 00:22:40,440 --> 00:22:43,000 Speaker 1: Fed President Neil cash Car says he expects the Central 421 00:22:43,000 --> 00:22:45,880 Speaker 1: Bank to keep hiking rates as prices climb. The core 422 00:22:45,960 --> 00:22:49,840 Speaker 1: services inflation, which is the stickiest of all, keeps climbing, 423 00:22:50,040 --> 00:22:52,400 Speaker 1: and we keep getting surprise on the upside that core 424 00:22:52,520 --> 00:22:55,160 Speaker 1: keeps going up and services keeps going up. The problem 425 00:22:55,280 --> 00:22:57,399 Speaker 1: for me with trying to say, hey, it's time to 426 00:22:57,440 --> 00:23:00,880 Speaker 1: pause is we're not even sure that we've got rates 427 00:23:00,920 --> 00:23:04,960 Speaker 1: high enough to push services inflation down. Minneapolis Presidential cash 428 00:23:05,000 --> 00:23:07,199 Speaker 1: Car says the Fed could raise rates beyond four and 429 00:23:07,240 --> 00:23:10,720 Speaker 1: a half percent if core inflation keeps rising and inflation 430 00:23:10,880 --> 00:23:13,640 Speaker 1: is also coming in hot in the UK. Nathan Consumer 431 00:23:13,720 --> 00:23:16,800 Speaker 1: prices in Britain rose ten point one percent last month, 432 00:23:16,960 --> 00:23:21,280 Speaker 1: driven by rising food prices, and futures are higher this morning. 433 00:23:21,400 --> 00:23:24,600 Speaker 1: SMP futures are up about ten points down, futures of 434 00:23:24,720 --> 00:23:28,480 Speaker 1: thirty eight, NASTAG futures of fifty two, the tenure treasury 435 00:23:28,480 --> 00:23:30,680 Speaker 1: down twelve thirty seconds. He had four point oh five 436 00:23:30,760 --> 00:23:38,480 Speaker 1: percent your local headlines straight ahead, this is Bloomberg. Thanks 437 00:23:38,480 --> 00:23:40,680 Speaker 1: here in five thirty on Wall Street, forty two degrees 438 00:23:40,720 --> 00:23:42,760 Speaker 1: in Central Park. Still dealing with that crash south on 439 00:23:42,880 --> 00:23:45,880 Speaker 1: New Jersey Turnpike truck lanes, Exit seven. Michael Barr has 440 00:23:45,920 --> 00:23:47,640 Speaker 1: more on what's going on in New York and around 441 00:23:47,640 --> 00:23:49,840 Speaker 1: the world. Michael, thank you very much, Nathan. New York 442 00:23:49,880 --> 00:23:53,240 Speaker 1: City officials saying that an emergency center to house some 443 00:23:53,320 --> 00:23:56,000 Speaker 1: of the migrants being bust in from border states is 444 00:23:56,040 --> 00:23:59,439 Speaker 1: set to open today. The center will offer temporary shelter 445 00:23:59,600 --> 00:24:03,240 Speaker 1: in ten So on Randall's Island. The Humanitarian Relief Center 446 00:24:03,280 --> 00:24:06,920 Speaker 1: will start taking single adult men this week, with facilities 447 00:24:06,960 --> 00:24:12,160 Speaker 1: including laundry, meals, and access to international phone calls. Zach 448 00:24:12,320 --> 00:24:15,520 Speaker 1: Iskell is the Emergency Management Commissioner. There are a lot 449 00:24:15,560 --> 00:24:17,440 Speaker 1: of people who we are trying to link up with 450 00:24:17,520 --> 00:24:20,119 Speaker 1: families and sponsors. There's a lot of people that are 451 00:24:20,160 --> 00:24:24,000 Speaker 1: trying to get through another location. UM often the easiest 452 00:24:24,000 --> 00:24:26,440 Speaker 1: way to get out of el passive for examples of 453 00:24:26,600 --> 00:24:29,359 Speaker 1: US dagas form. You've even had somebody that came to 454 00:24:29,359 --> 00:24:34,800 Speaker 1: New York Emergency Management Commissioners. Zach Isskell says families with 455 00:24:34,920 --> 00:24:38,440 Speaker 1: children are to be housed in a hotel. We've learned 456 00:24:38,480 --> 00:24:41,159 Speaker 1: that Georgia voters turned out in record numbers on the 457 00:24:41,200 --> 00:24:44,359 Speaker 1: first day of early in person voting in the state 458 00:24:44,720 --> 00:24:47,120 Speaker 1: with three weeks to go before the November eighth election. 459 00:24:47,200 --> 00:24:50,080 Speaker 1: More than a hundred thirty three thousand votes were cast Monday, 460 00:24:50,440 --> 00:24:53,399 Speaker 1: and eight seven percent increase from the first day of 461 00:24:53,680 --> 00:24:58,200 Speaker 1: early in person voting. In twenty eighteen, Florida Democratic Congresswoman 462 00:24:58,280 --> 00:25:01,040 Speaker 1: Valve Demmings faced off against RUPE Public con Senator Marco 463 00:25:01,160 --> 00:25:05,640 Speaker 1: Rubio in their first debate for rubio seat on WPBF. 464 00:25:05,680 --> 00:25:09,560 Speaker 1: The two sparred over abortion rights, Rubio defending his support 465 00:25:09,600 --> 00:25:12,720 Speaker 1: for banning abortion with exceptions. Every bill I've ever sponsored 466 00:25:12,720 --> 00:25:15,240 Speaker 1: on abortion, every bill I've ever voted for, has exceptions. 467 00:25:15,600 --> 00:25:17,359 Speaker 1: Every one of them does, because that's what can pass, 468 00:25:17,400 --> 00:25:20,200 Speaker 1: and that's what the majority of people support. Security along 469 00:25:20,200 --> 00:25:22,960 Speaker 1: the border with Mexico was also an issue. Val Demmings. 470 00:25:23,400 --> 00:25:25,800 Speaker 1: I think we can do that with technology, more boots 471 00:25:25,840 --> 00:25:29,560 Speaker 1: on the ground, and more people to process those who 472 00:25:29,600 --> 00:25:32,439 Speaker 1: need to be turned back, those who are breaking the 473 00:25:32,520 --> 00:25:36,080 Speaker 1: law from those who are in silent seekers. Pole show. 474 00:25:36,119 --> 00:25:39,000 Speaker 1: Rubio has a slight lead over Demming's going into the 475 00:25:39,040 --> 00:25:42,159 Speaker 1: November elections. Global News twenty four hours a day on 476 00:25:42,320 --> 00:25:45,480 Speaker 1: air and on Bloomberg Quicktake, powered by more than seven 477 00:25:45,520 --> 00:25:48,320 Speaker 1: hundred journalists and analysts in more than a D twenty countries. 478 00:25:48,320 --> 00:25:51,359 Speaker 1: I'm Michael bar This is Bloomberg Nathan. Thank you Michael 479 00:25:56,880 --> 00:25:58,800 Speaker 1: on Wall Street. Time for the Bloomberg Sports Up. They 480 00:25:58,800 --> 00:26:00,720 Speaker 1: brought to you by Tri State. How do Here's John 481 00:26:00,760 --> 00:26:03,399 Speaker 1: Stesshow all right? Nathan? Playing a game one day and 482 00:26:03,520 --> 00:26:06,040 Speaker 1: another the next another city happens all the time, just 483 00:26:06,160 --> 00:26:08,480 Speaker 1: not when it's the start of a new playoff series. 484 00:26:08,520 --> 00:26:11,720 Speaker 1: Monday's rain out forceded so the Yankees having come back 485 00:26:11,720 --> 00:26:13,480 Speaker 1: from the two games to one deficit in the A 486 00:26:13,720 --> 00:26:16,360 Speaker 1: L d S, having one game five over Cleveland five 487 00:26:16,440 --> 00:26:19,080 Speaker 1: to one behind the pitching of Nestr Cortez, home runs 488 00:26:19,080 --> 00:26:21,920 Speaker 1: by John Carlos Stanton and Aaron Judge. After the game 489 00:26:22,000 --> 00:26:25,480 Speaker 1: and the celebration, flew to Houston. Start the ALCS tonight, 490 00:26:25,560 --> 00:26:28,800 Speaker 1: Jamison Tyon against Justin Verlander. The Yankees trying to win 491 00:26:28,880 --> 00:26:31,520 Speaker 1: the pennant and get some revenge on the Astros who 492 00:26:31,560 --> 00:26:34,639 Speaker 1: won the ALCS from them in both two thousands, seventeen 493 00:26:34,760 --> 00:26:38,119 Speaker 1: and nineteen. The Philly's keep winning last team into the postseason. 494 00:26:38,359 --> 00:26:40,440 Speaker 1: They are six and one. They one game one of 495 00:26:40,520 --> 00:26:43,479 Speaker 1: the NLCS and San Diego two to nothing. The x 496 00:26:43,520 --> 00:26:45,760 Speaker 1: met Zach Wheeler team and with two relievers on a 497 00:26:45,840 --> 00:26:48,640 Speaker 1: one hit shutout Pills that only three hits but got 498 00:26:48,640 --> 00:26:51,199 Speaker 1: solo home runs from Bryce Harper, who's homeward in three 499 00:26:51,240 --> 00:26:54,800 Speaker 1: straight games, and Kyle Schwarber hit one nearly five hundred feet. 500 00:26:54,800 --> 00:26:57,239 Speaker 1: The next soup for the season tonight in Memphis, nick 501 00:26:57,320 --> 00:27:00,320 Speaker 1: debut of Jalen Brunson the Nets off Sea that had 502 00:27:00,359 --> 00:27:02,720 Speaker 1: Kevin random Many a trade that ended up not happening. 503 00:27:02,760 --> 00:27:05,119 Speaker 1: The next tonight host New Orleans, first win for the 504 00:27:05,160 --> 00:27:08,120 Speaker 1: Devil's four two over Anaheim Islanders beat San Jose five 505 00:27:08,280 --> 00:27:11,080 Speaker 1: to NFL owners met in New York and the Colt 506 00:27:11,160 --> 00:27:13,440 Speaker 1: Jim er Say weighed in on the lake trying to 507 00:27:13,520 --> 00:27:16,840 Speaker 1: out in battle. The Washington owner Dan Snyder the league 508 00:27:17,240 --> 00:27:20,280 Speaker 1: that that's the road we probably need to go down, 509 00:27:20,760 --> 00:27:24,200 Speaker 1: and we just need to finish the investigation. But it's 510 00:27:24,240 --> 00:27:27,800 Speaker 1: greatly concerning to me um the things that have occurred 511 00:27:27,800 --> 00:27:30,360 Speaker 1: there over the last twenty years. Also yesterday I reported 512 00:27:30,400 --> 00:27:34,000 Speaker 1: shouting match took place between the two most high profile owners, 513 00:27:34,080 --> 00:27:38,600 Speaker 1: Robert Kraft and Jerry Young. John Stashward Bloomberg Sports. Thank you, John. 514 00:27:38,600 --> 00:27:40,520 Speaker 1: It's five thirty seven on Wall Street time for the 515 00:27:40,520 --> 00:27:44,439 Speaker 1: Tri State Business Report with Bloomberg Citi's Pellegrini Trader Joe's 516 00:27:44,680 --> 00:27:48,480 Speaker 1: being accused of illegally firing a Brooklyn employee in retaliation 517 00:27:48,600 --> 00:27:51,520 Speaker 1: for union activism. That's according to a complaint from a 518 00:27:51,560 --> 00:27:54,840 Speaker 1: group organizing workers at the grocery chain. No immediate comment 519 00:27:54,920 --> 00:27:58,280 Speaker 1: from Trader about the charge. New Jersey suing five oil 520 00:27:58,320 --> 00:28:01,760 Speaker 1: and gas giants. The state claimed x On Mobile, Shell, Chevron, BP, 521 00:28:01,800 --> 00:28:05,199 Speaker 1: and Conoco Phillips all concealed knowledge fossil fuels could have 522 00:28:05,240 --> 00:28:08,680 Speaker 1: a catastrophic effect on the climate, leading to extreme weather 523 00:28:08,720 --> 00:28:11,160 Speaker 1: that's battered the state. X on Mobile calls us suit 524 00:28:11,200 --> 00:28:13,960 Speaker 1: a waste of taxpayer money. The push to grow startups 525 00:28:13,960 --> 00:28:18,200 Speaker 1: in Connecticut intensifying. Connecticut State Community College announcing the launch 526 00:28:18,240 --> 00:28:21,840 Speaker 1: of free statewide small business and Startups seminars and San 527 00:28:21,880 --> 00:28:25,119 Speaker 1: Francisco based cookies as f started by the Rapper Burner 528 00:28:25,280 --> 00:28:28,200 Speaker 1: has grabbed its first New York City location. The Herald 529 00:28:28,240 --> 00:28:32,119 Speaker 1: squarespace will sell close accessories and CBD products. BIS Journal 530 00:28:32,160 --> 00:28:34,600 Speaker 1: says upper floors will be used for cookies. You a 531 00:28:34,680 --> 00:28:38,120 Speaker 1: training program for students pursuing cannabis careers with the Tri 532 00:28:38,240 --> 00:28:42,120 Speaker 1: State Business from part time to East Pellegrini on Wall Street. 533 00:28:42,160 --> 00:28:44,360 Speaker 1: Bloomberg Radio is on the air from San Francisco to 534 00:28:44,400 --> 00:28:46,880 Speaker 1: New York, London to Hong Kong. Let's check in with 535 00:28:46,920 --> 00:28:48,960 Speaker 1: our global news team for some of the top stories 536 00:28:48,960 --> 00:28:51,920 Speaker 1: heard on our three hundred affiliate radio stations around the world. 537 00:28:54,800 --> 00:28:58,320 Speaker 1: I'm Steve Pok and X in Los Angeles. We're talking 538 00:28:58,360 --> 00:29:02,640 Speaker 1: about the rebound in subscriber growth at Netflix, um Corney 539 00:29:02,680 --> 00:29:06,360 Speaker 1: Donahoe on Karel Dan Dallas. Fewer Americans are planning winter 540 00:29:06,480 --> 00:29:09,960 Speaker 1: vacations due to inflation. I'm John Donneger telling Hey, why 541 00:29:10,120 --> 00:29:13,960 Speaker 1: w listeners at Philadelphia WAMWA is getting pushed back from 542 00:29:14,000 --> 00:29:17,680 Speaker 1: suburban residents. Now. I'm Gina Servetti and for w c 543 00:29:17,800 --> 00:29:20,400 Speaker 1: CEO in Minneapolis, I'm reporting that the head of the 544 00:29:20,400 --> 00:29:23,760 Speaker 1: Minneapolis Fed does nazi a pause in interest rate hips 545 00:29:23,840 --> 00:29:27,320 Speaker 1: if inflation is still accelerating. I'm Denise Peligrini at on 546 00:29:27,560 --> 00:29:30,960 Speaker 1: w TM in Cleveland. I'm reporting on why Ohio based 547 00:29:30,960 --> 00:29:34,320 Speaker 1: Proctor and Gamble isn't stop to watch. Today. I'm Stephen 548 00:29:34,400 --> 00:29:37,240 Speaker 1: Carol and Bloomberg d A B Digital Radio and London. 549 00:29:37,280 --> 00:29:40,920 Speaker 1: We've been reporting on DK inflation jumping back into double 550 00:29:40,960 --> 00:29:44,840 Speaker 1: digits with prices rising ten point one percent in September. 551 00:29:45,040 --> 00:29:47,120 Speaker 1: And those are some of the stories our twenty undred 552 00:29:47,160 --> 00:29:49,560 Speaker 1: Bloomberg journalists and analysts are working on. This morning, It's 553 00:29:49,640 --> 00:29:52,320 Speaker 1: five thirty nine on Wall Street. The following is an 554 00:29:52,440 --> 00:29:56,560 Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the 555 00:29:56,600 --> 00:30:02,200 Speaker 1: Bloomberg Editorial Board. The US Healthcaress them needs more nurses. 556 00:30:02,480 --> 00:30:07,040 Speaker 1: Nursing schools aren't producing enough graduates, young workers are quitting, 557 00:30:07,120 --> 00:30:11,400 Speaker 1: and older ones are retiring early. Some researchers estimate that 558 00:30:11,520 --> 00:30:16,320 Speaker 1: one million registered nurses will retire by twenty thirty. To 559 00:30:16,440 --> 00:30:19,440 Speaker 1: bolster the workforce, the U s should clear hurdles for 560 00:30:19,560 --> 00:30:25,720 Speaker 1: qualified international talent. Consider an estimated one hundred eighteen thousand 561 00:30:25,720 --> 00:30:29,480 Speaker 1: immigrants with undergraduate nursing degrees who are in the US 562 00:30:29,760 --> 00:30:33,440 Speaker 1: working below their skill level, many as low paid assistance, 563 00:30:33,640 --> 00:30:38,840 Speaker 1: home health AIDS, and domestic health. Streamlining their recredentialing would 564 00:30:38,920 --> 00:30:43,440 Speaker 1: help boost staffing in times of immediate shortage. Prioritizing placement 565 00:30:43,520 --> 00:30:47,360 Speaker 1: in underserved areas would also make sense. Tapping into the 566 00:30:47,480 --> 00:30:51,400 Speaker 1: large pool of aspiring and qualified nurses already in the 567 00:30:51,480 --> 00:30:54,920 Speaker 1: US would bring out of whack labor market dynamics back 568 00:30:54,960 --> 00:30:59,800 Speaker 1: to reality. They would also save money and ultimately save lives. 569 00:31:00,400 --> 00:31:03,640 Speaker 1: This editorial was written by the Bloomberg Editorial Board. For 570 00:31:03,720 --> 00:31:06,760 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 571 00:31:06,800 --> 00:31:10,280 Speaker 1: Opinion or ope I n go on the Bloomberg terminal. 572 00:31:10,440 --> 00:31:14,600 Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials 573 00:31:14,600 --> 00:31:17,600 Speaker 1: every weekday at this time. Terminal customers can read more 574 00:31:17,680 --> 00:31:23,760 Speaker 1: at O P I n go. The Bloomberg Sports Report 575 00:31:23,800 --> 00:31:25,600 Speaker 1: was brought to you by Audie. Don't let someone else 576 00:31:25,680 --> 00:31:28,080 Speaker 1: drive off in the autie model you've always wanted. Visit 577 00:31:28,120 --> 00:31:30,080 Speaker 1: your local tri state autie dealer to get behind the 578 00:31:30,080 --> 00:31:33,160 Speaker 1: wheel of yours today, or visit autie Offers dot com 579 00:31:33,240 --> 00:31:40,120 Speaker 1: for more information, markets, headlines and breaking news twenty four 580 00:31:40,120 --> 00:31:43,160 Speaker 1: hours a day at Bloomberg dot com, bl Bloomberg Business 581 00:31:43,200 --> 00:31:46,400 Speaker 1: at and at Bloomberg Quick Tape. This is a Bloomberg 582 00:31:46,440 --> 00:31:56,760 Speaker 1: Business Flash and I'm Karen Moscow. European stocks Little change 583 00:31:56,800 --> 00:31:59,480 Speaker 1: West Dot Index futures are higher on a strong starter 584 00:31:59,600 --> 00:32:02,560 Speaker 1: the earning season, the pound falling after UK inflation rose 585 00:32:02,600 --> 00:32:05,360 Speaker 1: faster than economists. We're looking for you check the markets 586 00:32:05,360 --> 00:32:08,600 Speaker 1: every fifteen minutes throughout the training day. On Bloomberg SMP 587 00:32:08,800 --> 00:32:11,440 Speaker 1: futures up ten points, DEAL futures of forty four and 588 00:32:11,520 --> 00:32:15,120 Speaker 1: ASDAG futures of fifty two. The decks in Germany is 589 00:32:15,200 --> 00:32:17,880 Speaker 1: that'll change ten. Your treasury down twelve thirty seconds. He 590 00:32:17,920 --> 00:32:20,800 Speaker 1: had four point zero five percent yield on the two 591 00:32:20,880 --> 00:32:24,040 Speaker 1: year four point four seven percent. Nine X screw oil 592 00:32:24,240 --> 00:32:26,240 Speaker 1: is up one point two percent of ninety five cents 593 00:32:26,240 --> 00:32:29,280 Speaker 1: at eighty three dollars seventy seven cents of barrel and 594 00:32:29,520 --> 00:32:32,440 Speaker 1: COMEXS gold is down seven tenths percent or eleven dollars 595 00:32:32,440 --> 00:32:35,720 Speaker 1: twenty cents at sixteen forty four sixty announced. The euro 596 00:32:35,880 --> 00:32:39,120 Speaker 1: point zero against the dollar, British found one point one 597 00:32:39,160 --> 00:32:41,720 Speaker 1: two six five and the N one forty nine point 598 00:32:41,760 --> 00:32:45,160 Speaker 1: four seven and bitcoin is down seven tenths percent at 599 00:32:45,240 --> 00:32:48,480 Speaker 1: nineteen thousand, two hundred dollars. That's of Bloomberg Business Flash. 600 00:32:48,520 --> 00:32:50,680 Speaker 1: Now here's Michael Barr with more on what's going on 601 00:32:50,760 --> 00:32:53,720 Speaker 1: around the world. Michael Karen, thank you very much. Russian 602 00:32:53,760 --> 00:32:58,320 Speaker 1: strikes on energy utilities have left more Ukrainian villages, towns 603 00:32:58,400 --> 00:33:01,960 Speaker 1: and parts of two cities without power. The overnight bombings 604 00:33:01,960 --> 00:33:05,440 Speaker 1: further Zitan and energy squeeze on Ukraine. That threatens misery 605 00:33:05,760 --> 00:33:09,480 Speaker 1: for millions in winter. Today, President Biden is expected to 606 00:33:09,520 --> 00:33:13,120 Speaker 1: authorize the release of fifteen million more barrels of oil 607 00:33:13,280 --> 00:33:16,800 Speaker 1: from the nation's energy stockpile in an attempt to bring 608 00:33:16,840 --> 00:33:20,120 Speaker 1: down gas crisis. And baseball, the Yankees are getting ready 609 00:33:20,120 --> 00:33:22,680 Speaker 1: to face the Astros and the a l c s. 610 00:33:23,000 --> 00:33:25,800 Speaker 1: New York beat the Guardians five ones who advance in 611 00:33:25,920 --> 00:33:28,840 Speaker 1: Game one of the NLCS. The Philly shut out the 612 00:33:28,840 --> 00:33:32,720 Speaker 1: Padres to zim opening night of the NBA. The Celtics 613 00:33:32,800 --> 00:33:36,080 Speaker 1: and Warriors won. In hockey, the Devil's and Islanders won, 614 00:33:36,120 --> 00:33:39,440 Speaker 1: the Bruins lost. Global News twenty four hours a day 615 00:33:39,560 --> 00:33:42,800 Speaker 1: on air and on Bloomberg Quick Take, powered by more 616 00:33:42,960 --> 00:33:45,960 Speaker 1: than twenty seven hundred journalist analysts in more than a 617 00:33:46,000 --> 00:33:49,600 Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan. 618 00:33:49,760 --> 00:33:52,480 Speaker 1: Thanks Michael. It's nine on Wall Street Life from the 619 00:33:52,480 --> 00:33:56,360 Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak and st. 620 00:33:56,560 --> 00:33:59,000 Speaker 1: Dweck is with us to talk about this market. Chief 621 00:33:59,040 --> 00:34:02,320 Speaker 1: investment officer at Flow Bank ste It's great to speak 622 00:34:02,360 --> 00:34:05,840 Speaker 1: with you, coming off two straight days of gains for 623 00:34:06,400 --> 00:34:10,960 Speaker 1: Wall Street stocks. Pretty solid gains as well. Has this 624 00:34:11,080 --> 00:34:15,280 Speaker 1: market found bottom? Oh? Yeah, that is really the question 625 00:34:15,440 --> 00:34:19,680 Speaker 1: everyone is it would like to answer. Um, I think 626 00:34:19,719 --> 00:34:23,120 Speaker 1: it's too early to say that we've found a bottom 627 00:34:23,280 --> 00:34:26,920 Speaker 1: or the bottom. A bottom is more likely we have 628 00:34:27,160 --> 00:34:30,240 Speaker 1: seen a little bit more of a consolidation and yields. 629 00:34:30,280 --> 00:34:34,040 Speaker 1: I think we've seen already the retreats this morning or 630 00:34:34,200 --> 00:34:36,440 Speaker 1: since last night, and some of that is due to 631 00:34:37,120 --> 00:34:39,440 Speaker 1: inflation in the UK and the yields that are rising 632 00:34:39,520 --> 00:34:44,520 Speaker 1: in the UK and pulling them upwards elsewhere as well. Uh. 633 00:34:44,560 --> 00:34:47,400 Speaker 1: And so until we start to see a coming in 634 00:34:47,440 --> 00:34:50,080 Speaker 1: the yield is going to be difficult to be certain 635 00:34:50,440 --> 00:34:54,080 Speaker 1: that we've reached the bottom. But it does feel like 636 00:34:55,120 --> 00:34:59,320 Speaker 1: we're at more interesting levels. More interesting levels an interesting 637 00:34:59,360 --> 00:35:01,279 Speaker 1: way to put it there. How much higher do you 638 00:35:01,280 --> 00:35:04,320 Speaker 1: expect yields to go? Here? We just heard once again 639 00:35:04,360 --> 00:35:08,280 Speaker 1: from another FED speaker, former dove now turned a pretty 640 00:35:08,320 --> 00:35:11,120 Speaker 1: solid hawk, Neil cash Cary saying rates might have to 641 00:35:11,200 --> 00:35:14,160 Speaker 1: go higher than four and a half percent. What could 642 00:35:14,200 --> 00:35:18,080 Speaker 1: that mean for yields a stee Well, at this point 643 00:35:18,120 --> 00:35:21,000 Speaker 1: we're already pricing in somewhere between four and a half 644 00:35:21,080 --> 00:35:24,480 Speaker 1: and five percent, So I think, um, and we've heard 645 00:35:24,480 --> 00:35:28,359 Speaker 1: from a couple of different speakers, including Bullard on Friday, 646 00:35:28,400 --> 00:35:32,680 Speaker 1: that the Duck plot doesn't need to move at this point. 647 00:35:33,200 --> 00:35:36,520 Speaker 1: Um November. I think we'll stay very hawkish and we 648 00:35:36,600 --> 00:35:41,040 Speaker 1: get those December we get fifty seventy five, depending on 649 00:35:41,080 --> 00:35:43,560 Speaker 1: the couple of inflation data points we get until then. 650 00:35:44,160 --> 00:35:46,879 Speaker 1: But the market is now hoping is that we'll have 651 00:35:47,000 --> 00:35:52,480 Speaker 1: some kind of pause in. We'll need to have inflation 652 00:35:52,560 --> 00:35:54,360 Speaker 1: coming down over the next couple of months for that 653 00:35:54,480 --> 00:35:57,000 Speaker 1: to happen. So I think the risk is maybe pushed 654 00:35:57,040 --> 00:35:59,719 Speaker 1: back a little bit because we're already pricing in all 655 00:35:59,760 --> 00:36:01,799 Speaker 1: of the rate hikes that are coming at this at 656 00:36:01,800 --> 00:36:04,160 Speaker 1: the end of this year. How are you viewing earning 657 00:36:04,200 --> 00:36:06,640 Speaker 1: season so far? We're a little bit early into it. 658 00:36:06,640 --> 00:36:09,480 Speaker 1: It's coming, I think a little bit better than a 659 00:36:09,520 --> 00:36:13,920 Speaker 1: lot of analysts had expected. You mentioned interesting valuations. Is 660 00:36:13,920 --> 00:36:17,839 Speaker 1: there anything in particular you're looking at. Well, we've we've 661 00:36:17,840 --> 00:36:22,799 Speaker 1: certainly had better numbers than expected. In some cases, we've 662 00:36:22,840 --> 00:36:26,200 Speaker 1: had sort of slashed guidance before, so it's, you know, 663 00:36:26,400 --> 00:36:29,400 Speaker 1: less bad than feared or better than what they had announced. 664 00:36:29,440 --> 00:36:32,760 Speaker 1: But overall, uh, some of these numbers are still pretty 665 00:36:32,840 --> 00:36:36,279 Speaker 1: encouraging and it shows that the US economy is holding up, 666 00:36:36,320 --> 00:36:38,840 Speaker 1: So I think there it's a positive in the sense 667 00:36:38,880 --> 00:36:43,040 Speaker 1: that people really thought guidance was going to be slashed 668 00:36:43,360 --> 00:36:46,919 Speaker 1: very aggressively during the quarter. As you say, it's still 669 00:36:46,920 --> 00:36:50,000 Speaker 1: early days, but it doesn't look like it's happening. At 670 00:36:50,000 --> 00:36:51,879 Speaker 1: the same time, we are going to need to have 671 00:36:51,960 --> 00:36:56,560 Speaker 1: a little bit of toughness in consumer spending and some 672 00:36:56,680 --> 00:36:59,360 Speaker 1: of these labor market expectations for the said to be 673 00:36:59,400 --> 00:37:01,800 Speaker 1: able to ease off the pedal over the next few months. 674 00:37:02,160 --> 00:37:03,919 Speaker 1: On the last minute, here, ste, where do you see 675 00:37:03,920 --> 00:37:09,080 Speaker 1: opportunity in this market? You know, we'll have to see 676 00:37:09,160 --> 00:37:11,480 Speaker 1: the next couple of weeks. We could see a consolidation. 677 00:37:11,760 --> 00:37:14,120 Speaker 1: I do think we're going to get some improvement into 678 00:37:14,160 --> 00:37:16,239 Speaker 1: the end of the year. I do think we're going 679 00:37:16,280 --> 00:37:19,719 Speaker 1: to have have to have some kind of pause just 680 00:37:19,920 --> 00:37:22,000 Speaker 1: for the FEDS to see now it doesn't mean they 681 00:37:22,040 --> 00:37:24,880 Speaker 1: stop and they go back to tight to to easing, 682 00:37:24,960 --> 00:37:27,680 Speaker 1: but they might not be able to keep hiking seventy 683 00:37:27,680 --> 00:37:30,959 Speaker 1: five basis points for the first quarter or second quarter 684 00:37:31,000 --> 00:37:34,879 Speaker 1: of three. So opportunities I think still in tech and 685 00:37:34,960 --> 00:37:37,880 Speaker 1: generally UH in that equity market, I think it's starting 686 00:37:37,880 --> 00:37:39,920 Speaker 1: to be interesting to buy these dips into the end 687 00:37:39,920 --> 00:37:42,440 Speaker 1: of the year. All right, as always, st great to 688 00:37:42,440 --> 00:37:45,920 Speaker 1: have you on with us. That's Steedwag, chief investment officer 689 00:37:46,040 --> 00:37:48,800 Speaker 1: at Flow Bank, with us this morning. Karen Nathan. It 690 00:37:48,960 --> 00:37:51,320 Speaker 1: is five fifty three on Wall Street. It's time for 691 00:37:51,360 --> 00:37:53,520 Speaker 1: the Bloomberg the Law Report. It has brought to you 692 00:37:53,560 --> 00:37:57,680 Speaker 1: by American Arbitration Association. Business disputes are inevitable. Were as 693 00:37:57,719 --> 00:38:01,200 Speaker 1: alf Anster with the American Arbitration Associate, the global leader 694 00:38:01,239 --> 00:38:04,440 Speaker 1: an alternative dispute resolution for over ninety years. More at 695 00:38:04,480 --> 00:38:06,520 Speaker 1: a d R dot org. Let's get to the legal 696 00:38:06,560 --> 00:38:12,640 Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger. The 697 00:38:12,719 --> 00:38:16,520 Speaker 1: Internal Revenue Service released its annual inflation adjustments to the 698 00:38:16,520 --> 00:38:19,799 Speaker 1: tax code. The changes are for the twenty three tax 699 00:38:19,920 --> 00:38:23,960 Speaker 1: year and will generally apply to returns filed in four 700 00:38:24,360 --> 00:38:28,480 Speaker 1: The American Automobile Association is suing Triple A Truck Agency, 701 00:38:28,640 --> 00:38:33,080 Speaker 1: a truck insurance company, for trademark infringement. Colorado was drafting 702 00:38:33,080 --> 00:38:36,000 Speaker 1: guidance for a first in the nation refundable tax credit 703 00:38:36,239 --> 00:38:40,920 Speaker 1: to encourage employers to offer eco friendly options for commuter transportation. 704 00:38:41,120 --> 00:38:46,000 Speaker 1: Bloomberg Law Everything you need all on one legal research platform, 705 00:38:46,160 --> 00:38:50,799 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 706 00:38:50,840 --> 00:38:55,320 Speaker 1: at Bloomberg law dot com. All right, Jeff, thanks, and 707 00:38:55,360 --> 00:38:58,520 Speaker 1: now another legal story we're watching. The copyright clash over 708 00:38:58,560 --> 00:39:02,200 Speaker 1: Andy Warhol's series Silk Screens of Prints is a case 709 00:39:02,239 --> 00:39:05,320 Speaker 1: that could reshape the fair used defense to copyright infringement, 710 00:39:05,560 --> 00:39:08,560 Speaker 1: and justices seemed divided as they grappled with the photographer's 711 00:39:08,600 --> 00:39:12,640 Speaker 1: claim that Warhol violated her copyright by basing his images 712 00:39:12,680 --> 00:39:16,319 Speaker 1: on her photograph of Prince. For more of Bloomberg, stum 713 00:39:16,320 --> 00:39:20,440 Speaker 1: Grasso speaks to intellectual property litigator Terence Ross, a partner 714 00:39:20,480 --> 00:39:25,440 Speaker 1: at Kennan Mutchen Rosenman, is the question whether Warhol's work 715 00:39:25,680 --> 00:39:31,759 Speaker 1: transformed Goldsmith's photograph. To understand what's going on here, what 716 00:39:31,920 --> 00:39:34,560 Speaker 1: has to understand a little bit about the fair used defense. 717 00:39:34,560 --> 00:39:37,279 Speaker 1: The fair used defense that says courts should consider four 718 00:39:37,360 --> 00:39:41,080 Speaker 1: non exclusive factors. The very first factor, and which widely 719 00:39:41,120 --> 00:39:43,600 Speaker 1: regarded as the most important, is for the court to 720 00:39:43,600 --> 00:39:46,399 Speaker 1: look at the purpose and character of the secondary use. 721 00:39:46,680 --> 00:39:50,760 Speaker 1: In a very famous decision, second serge that that's the 722 00:39:50,840 --> 00:39:54,480 Speaker 1: key to this one factor is whether or not the 723 00:39:54,520 --> 00:39:59,960 Speaker 1: secondary work somehow transformed the original work and the subribe 724 00:40:00,000 --> 00:40:03,160 Speaker 1: it has since bought into this transformative use test. I 725 00:40:03,160 --> 00:40:05,840 Speaker 1: would say up on appeal here Spring courts. The question 726 00:40:05,880 --> 00:40:09,160 Speaker 1: really is what is required for work to be transformative? 727 00:40:09,440 --> 00:40:12,760 Speaker 1: How do you transform a work in such a way 728 00:40:13,000 --> 00:40:17,040 Speaker 1: that the fair use defense applies. There are many transformative 729 00:40:17,120 --> 00:40:20,800 Speaker 1: uses that do not constitute fair use, and so the 730 00:40:20,920 --> 00:40:23,880 Speaker 1: key here at issue for the Spring court is to 731 00:40:23,960 --> 00:40:26,839 Speaker 1: give some sort of guidance to the lower courts. Both 732 00:40:26,880 --> 00:40:30,839 Speaker 1: sides say the potential stakes here are enormous, not just 733 00:40:31,000 --> 00:40:34,759 Speaker 1: on the art world, but on publishing, on movies and 734 00:40:34,840 --> 00:40:37,400 Speaker 1: so on. Are they exaggerating or do you agree with 735 00:40:37,440 --> 00:40:40,600 Speaker 1: that absolutely? This is going to be one of the 736 00:40:40,640 --> 00:40:45,440 Speaker 1: most significant decisions with respect to secondary works of all 737 00:40:45,480 --> 00:40:48,840 Speaker 1: times in Anglo facts and law. At issue is control 738 00:40:49,000 --> 00:40:52,120 Speaker 1: of the original work by the artists for the original work, 739 00:40:52,360 --> 00:40:54,879 Speaker 1: and to the extent that this is held to be 740 00:40:55,000 --> 00:40:58,800 Speaker 1: not a fair use. I think the critics are correct 741 00:40:58,880 --> 00:41:03,160 Speaker 1: that that will meaning that the original artists have much 742 00:41:03,200 --> 00:41:07,239 Speaker 1: more control over their works. The question is whether or 743 00:41:07,320 --> 00:41:11,239 Speaker 1: not the next step in that argument is correct. Does 744 00:41:11,360 --> 00:41:15,799 Speaker 1: giving the original artists more control over the work inhibit 745 00:41:16,080 --> 00:41:20,200 Speaker 1: future creativity? And as we heard in the order argument, 746 00:41:20,200 --> 00:41:23,920 Speaker 1: there was a lot of discussion of licensing. Doesn't the 747 00:41:24,040 --> 00:41:28,759 Speaker 1: right to license these original works to make changes allow 748 00:41:28,960 --> 00:41:32,279 Speaker 1: you to still engage in level of creativity. Look, you 749 00:41:32,400 --> 00:41:35,880 Speaker 1: had very wealthy entities involved here, You had Vanity Fair, 750 00:41:36,160 --> 00:41:41,080 Speaker 1: Andy Warhol. They clearly had the wherewithal to license the 751 00:41:41,160 --> 00:41:46,600 Speaker 1: photograph again from Lynn Goldsmith in order to do these 752 00:41:46,680 --> 00:41:51,080 Speaker 1: sixteen colorized folk screens, but they deliberately chose not to. So, Yes, 753 00:41:51,239 --> 00:41:55,719 Speaker 1: there is going to be a change in the bargaining 754 00:41:55,840 --> 00:42:02,080 Speaker 1: power amongst artists as to secondary uses of original works. 755 00:42:03,040 --> 00:42:06,240 Speaker 1: And that's Terence rossa partner at Kennon Mutchen Rosenman, speaking 756 00:42:06,239 --> 00:42:09,399 Speaker 1: with Bloomberg student Grasso. Catch more of that interview, plus 757 00:42:09,440 --> 00:42:12,160 Speaker 1: analysis of the latest legal news by subscribing to the 758 00:42:12,160 --> 00:42:15,719 Speaker 1: Bloomberg Law podcast. Are downloading the show at Bloomberg dot 759 00:42:15,719 --> 00:42:19,320 Speaker 1: com slash podcasts. Attorneys can find exceptional legal research and 760 00:42:19,360 --> 00:42:22,360 Speaker 1: business development tools at Bloomberg Law dot com and on 761 00:42:22,400 --> 00:42:26,440 Speaker 1: the Bloomberg terminal at v law Go. SNP futures are 762 00:42:26,480 --> 00:42:28,840 Speaker 1: up seventeen points this morning. Down futures of A D 763 00:42:28,960 --> 00:42:33,440 Speaker 1: two and NASDAG futures of eighty three. Tenure treasury is 764 00:42:33,520 --> 00:42:36,879 Speaker 1: down twelve thirties seconds held four point oh five per cent, 765 00:42:37,280 --> 00:42:40,000 Speaker 1: held on the two year four point four seven percent 766 00:42:40,320 --> 00:42:42,200 Speaker 1: still ahead. On Bloomberg Day, BREA, I can check on 767 00:42:42,239 --> 00:42:44,160 Speaker 1: the business headlines and all the news you need to 768 00:42:44,200 --> 00:42:46,880 Speaker 1: start your day, and this is Bloomberg