Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg day
Speaker 1: Break for Wednesday, October two. Coming up this hour. The
Speaker 1: S and P five hundred looks to make it three
Speaker 1: straight winning sessions to start the week. Netflix share sure
Speaker 1: as use a growth signals the worst is over. In
Speaker 1: the UK, inflation surges to double digits, and President Boden
Speaker 1: plans to announce he's tapping into the strategic oil reserves.
Speaker 1: The latest polls show New York's governor's race has tightened,
Speaker 1: plus Georgia voters turned out in record numbers on the
Speaker 1: first day of early ballots. I'm Michael lar More Ahead,
Speaker 1: I'm John stash Our and sports. The Yankees beat the Guardians,
Speaker 1: they start the Alcs tonight and used to the Philly
Speaker 1: shut out. The Padres wins with the Devil's Islanders. That's
Speaker 1: all s Trendy ahead on Bloomberg day Break on Bloomberg
Speaker 1: eleven three on New York, Bloomberg N one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Sirius x M one nineteen and around the world Old
Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business app.
Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow US
Speaker 1: dot Index Future. It's little change this morning. We're coming
Speaker 1: up to five oh one on Wall Street, and we
Speaker 1: check the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg. Right now, SMP Futures little change down. Futures
Speaker 1: down thirty five, Nowsday Future is up seventeen. The decks
Speaker 1: in Germany is down two tenths of a percent, ten
Speaker 1: year Treasury down thirteen thirty seconds. You had four point
Speaker 1: oh six percent. They yield on the two year four
Speaker 1: point four eight percent, and NIMEX screwed oil is up
Speaker 1: about a third of a percent at eighty three dollars
Speaker 1: eleven cents of barrel. Nathan Karen the SMP five hundreds.
Speaker 1: Coming off back to back winds to start the week,
Speaker 1: the index is up three point eight percent in just
Speaker 1: two days. However, Max Kettner, chief multi asset strategist at HSBC,
Speaker 1: thinks stocks will remain under pressure and the FED will
Speaker 1: not change course. But the point for me is that
Speaker 1: the FED is really only going to pivot in my view,
Speaker 1: when things are going to go horribly wrong. Not just wrong,
Speaker 1: but really and I have to emphasize that horribly wrong. Right,
Speaker 1: So it will not be sufficient if we see you
Speaker 1: one to three months off a bit worse than economic data,
Speaker 1: right and oh maybe we're going to go into recession now,
Speaker 1: that will not be sufficient. HSBC's Max Kettner says he
Speaker 1: would fade this rallying stocks well, Nathan. The rise in
Speaker 1: equities this week has been fueled by a solid starter
Speaker 1: earning season, and it continued after the bail with Netflix.
Speaker 1: The streaming leader added a better than expected two point
Speaker 1: four million customers in the third quarter. Read Hastings is
Speaker 1: co founder and sherman of Netflix. Well, thank god, we're
Speaker 1: done with shrinking quarters. So the big feeling of we're
Speaker 1: back to the positivity. We still got f X, so
Speaker 1: that's a huge hit. Uh, you know, as we've explained,
Speaker 1: so that's not going to go away. But other than that,
Speaker 1: all the stars are lining up very well for us
Speaker 1: Netflix Sherman read Hastings, as the company expects to add
Speaker 1: another four and a half million mobile subscribers this period
Speaker 1: despite headwinds from foreign exchange. Well, let's look at some
Speaker 1: other stocks on the move following earnings. Karen's. Shares of
Speaker 1: United Airlines are up five and a half percent. The
Speaker 1: airline sees profit well above estimates in the final quarter
Speaker 1: of the year. That's being fueled by a rebound in
Speaker 1: corporate travel and leisure trips. We're also watching shares of
Speaker 1: Adobe this morning. The maker of creative design software reiterated
Speaker 1: its forecast for the current quarter, and that is relieving
Speaker 1: fears economic uncertainty would hinder demand. Well Up next Nathan,
Speaker 1: the earnings continue with results from twenty companies in the
Speaker 1: S and P five hundred. The biggest name on today's
Speaker 1: list is Tesla. We get a preview of those numbers
Speaker 1: from Bloomberg's Jeff Bellinger. Shares of the electric car maker
Speaker 1: have been under pressure ever since the company reported third
Speaker 1: quarter delivery figures that fell short of forecast. Today's report
Speaker 1: will get close scrutiny. Investors will look beyond sales, earnings
Speaker 1: and profit margins. Bullish fourth quarter delivery guidance would be
Speaker 1: especially welcome Bloomberg Intelligence, as the plunge in Tesla's stocked
Speaker 1: could make this a good time for the company to
Speaker 1: initiate capital returns without hurting its balance sheet. Jeff Bollinger
Speaker 1: Bloomberg Daybreak, Thanks Jeff. Turning to the economy now, do
Speaker 1: not look for a pause in rate hikes from the Fed.
Speaker 1: That's according to Minneapolis President Neil cash Kari, who says
Speaker 1: the central bank must continue tightening as inflation remains hot.
Speaker 1: If we don't see progress in underlying inflation or cor inflation,
Speaker 1: I don't see why I would advocate stopping at four
Speaker 1: and a half or four or seven five or something
Speaker 1: like that. Minneapolis Fed President Neil cash car He says
Speaker 1: he sees interest rates reaching the mid fource early next year. Meantime, Nathan,
Speaker 1: the Fed will hand out a grade on the health
Speaker 1: of the U S economy today with the release of
Speaker 1: its Regional Beige Book. We get more from Bloomberg if
Speaker 1: any down junis. Today's bache book, based on anecdotal reports
Speaker 1: in the Fitch twelve district banks, will help set the
Speaker 1: stage for November's policy meeting. Bloomberg Economics notes the prior
Speaker 1: biche book and early September indicated little change, unbalanced the
Speaker 1: most lackluster, showing you a pandemic recovery but not yet alarming.
Speaker 1: The next FED policy session is set for November one
Speaker 1: and second, and a kind of wist anticipated another interest
Speaker 1: rate hike aimed at containing inflation. Beneath Bill Judas Bloomberg,
Speaker 1: daybreak of any thanks, we're also seeing inflation store in
Speaker 1: the UK. For more on today's red hot price reading,
Speaker 1: let's go live to London and check in with Bloomberg's
Speaker 1: James Walcock, Good morning, James, Good morning, Nathan and Karen Sawing.
Speaker 1: Inflation indeed, price rises hit a four decade high of
Speaker 1: ten point one percent year on year through September. That's
Speaker 1: slightly above what economists forecast. It's a call to arms
Speaker 1: for the Bank of England after the central Bank has
Speaker 1: found itself distracted by chaos in the UK bond market.
Speaker 1: September's inflation figure is also used as the baseline to
Speaker 1: increase state welfare payments and pensions, so that increase puts
Speaker 1: more pressure on the UK government's fiscal policy as promised.
Speaker 1: Of this Trust tries to bounce the books in London.
Speaker 1: James Walcock, bloom bog daybreak, All right, James, thank you.
Speaker 1: Back here in the US, the Biden administration is making
Speaker 1: more moves to lower gas prices. Later today, the President
Speaker 1: announces another fifteen million barrels coming out of the Strategic
Speaker 1: Petroleum Reserve, but still Bob McNally, founder and president of
Speaker 1: Rapid and Energy, says it might not be enough going
Speaker 1: against OPEC plus with the sprs like going into a
Speaker 1: fight with you know, the guys with a with a
Speaker 1: square guns. Right. It's a finite resource. You get to
Speaker 1: use it once, and I think this is going to
Speaker 1: make the coming boom cycle in oil prices even boom. Here.
Speaker 1: Rapid Down Energy president Bob McNally spoke of their Washington
Speaker 1: correspondent Joe Matthew on Bloomberg Sound on Catch the program
Speaker 1: weekdays at five pm Eastern on Bloomberg Radio and checking
Speaker 1: crude prices right now, and I'm ex screwed. Oil is
Speaker 1: a four ten percent and eighty three dollars fourteen cents
Speaker 1: of barrel Brent is at ninety eight cents. Finally, Karen
Speaker 1: criticism of the PIMCO Total Return Bond Fund from the
Speaker 1: man who created it. We're talking about Bill Gross, who
Speaker 1: was ounced it from Pimco. Gross says many of the
Speaker 1: funds that bear the name are failing to live up
Speaker 1: to their mission after suffering heavy losses this year. Gros says,
Speaker 1: instead of helping the cushion the market downturn. They have
Speaker 1: clung to their benchmarks too close, Lee, essentially becoming quasi
Speaker 1: index tracking strategies. SMP future is right now, a little
Speaker 1: changed up two points now futures down one. Nasdaq futures
Speaker 1: are higher by thirty one points. Send your treasuries down
Speaker 1: eleven thirty seconds. The yield four point zero five percent.
Speaker 1: Local headlines and a check of sports. Up next. This
Speaker 1: is Bloomberg five oh seven on Wall Street, forty three
Speaker 1: degrees in Central Park, out of crash southbound New Jersey
Speaker 1: Turnpike truck lanes at exit seven. More coming up in traffic.
Speaker 1: First Michael Barr with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. Mid Terms that just a few weeks away,
Speaker 1: and now another race that Democrats once thought was a
Speaker 1: slam dunk could be in play in New York. Republican
Speaker 1: Lee's Elden is in a statistical dead heat with the
Speaker 1: Democratic governor Kathy hokel Bore from Bloomberg's Denise Paula Greeni, Michael,
Speaker 1: it kind of all depends on which poll you want
Speaker 1: to believe at this point, because the new Quinnipiac Pole
Speaker 1: shows hopelessly narrowing to just four percentage points her campaign
Speaker 1: in those says this Quinnipiac Pole undercounted likely Democratic voters.
Speaker 1: Former President Trump recently endorsed Zelden, and the Quinnipiac Pole
Speaker 1: shows Zelden has a solid lead among independents. The Long
Speaker 1: Island congressman also has gained in a real clear average
Speaker 1: of polls, but Hocal still leads by close to ten
Speaker 1: percentage points in a five thirty eight pole average, and
Speaker 1: recent Sienna and Marist College poles show her ahead by
Speaker 1: even more. Michael, thank you. Denise. Georgia, with several high
Speaker 1: profile races, has set a record on the first day
Speaker 1: of early in person voting. More than a hundred thirty
Speaker 1: three thousand votes were cast Monday, and eight seven increase
Speaker 1: from the first day of early in person voting in
Speaker 1: twenty eighteen. Tens intended to provide temporary shelter to migrants
Speaker 1: open today in New York City, the first of series
Speaker 1: of makeshift centers to house and influx of tens of
Speaker 1: thousands of Central and South Americans. The new relief center,
Speaker 1: located on Randall's Island, is intended to house and provide food, water,
Speaker 1: medical care and COVID test when migrants for to arrive
Speaker 1: in New York. Zach Iskol is the Emergency Management Commissioner.
Speaker 1: But people get off the bus, report authority. We have
Speaker 1: a very limited amount of time, about forty five minutes
Speaker 1: from the power where we are figuring out what people's immedia,
Speaker 1: the medical needs are. There will be a ten pm curfew.
Speaker 1: Former President trumpet scheduled to sit for a deposition and
Speaker 1: answer questions under oath from attorneys for E. Gene Carroll,
Speaker 1: a former columnists at L magazine. Carroll has sued Trump
Speaker 1: for the faminger when he denied her rape claim from
Speaker 1: the ninet nineties. Global Name is twenty four hours a
Speaker 1: day on air rand on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven hundred journalists analysts more than a hundred
Speaker 1: twenty countries. I'm Michael bar This is Bloomberg Naked, all right, Michael,
Speaker 1: Thank you, five o nine on Wall Street Time for
Speaker 1: the Bloomberg Sports Report, brought to you by Try State Autie.
Speaker 1: Here's John Stashower, Thanks to Athan. The decisive Game five
Speaker 1: of the l the s rained down byday night at
Speaker 1: the stadium played yesterday afternoon and decided early on. The
Speaker 1: Guardians made this somewhat surprising decision to start Aaron Savali.
Speaker 1: The Yankees had tee off on him twice in the
Speaker 1: regular season. He faced only five batters, got only one out,
Speaker 1: gave up a John Carlos Stanton three run Homer, and
Speaker 1: the Yanks were on their way to a five to
Speaker 1: one went over Cleveland. Aaron Judge also Homer, and then
Speaker 1: the Yanks decision to start Nester Cortez on three days rest.
Speaker 1: That worked well, so the Yanks able to come back
Speaker 1: from the two games to one deficit. And now it's
Speaker 1: on to Houston with Aaron Boone's team playing game one
Speaker 1: of the ALCS tonight challenges. We're facing a great team,
Speaker 1: you know. Uh, as far as the quick turnaround, we'll
Speaker 1: be fine. I mean, that's that's baseball. We do that
Speaker 1: all the time. You know, We'll walk in there with
Speaker 1: some confidence. Um, we know, we know they're a great
Speaker 1: team and rested and ready, and um we look forward
Speaker 1: to the channel. Three times the Astros have ended the
Speaker 1: Yankee season, in two thousand fifteen wild Card game and
Speaker 1: in the ALCS in both two thousand seventeen and nineteen
Speaker 1: Yanks star Jamison ty Own tonight of the Astros start
Speaker 1: Justin Hurlander, Game one of the NLCS and San Diego
Speaker 1: fewest hits ever in a postseason game. The at He
Speaker 1: has had three, but two of them were solo homers
Speaker 1: the Padres and only one hit. The Phils won to nothing.
Speaker 1: They're now six and one in the postseason. NBA season
Speaker 1: underway home wins by Boston and Golden State. Nick's open
Speaker 1: up tonight in Memphis, the Nets home from New Orleans.
Speaker 1: Devils and Islanders both one at home. The Cult Jim
Speaker 1: Ers the first NFL owner to say publicly there is
Speaker 1: merit to the league, removing ownership from Washington's Dan Snyder,
Speaker 1: John Stashi Allard Bloomberg Sports Nathan all Right, John, thank you.
Speaker 1: SMP future is moving a touch higher now. They're up
Speaker 1: five point. Staff futures up six dance stack futures leading
Speaker 1: the games this morning, up thirty seven points now. Tenure
Speaker 1: treasury is down thirteen thirty seconds. Yield four point zero
Speaker 1: six percent. Yield on the two year four point for
Speaker 1: eight nymex crude is higher by nine tenths per cent,
Speaker 1: up seventy three cents eighty three dollars fifty five cents barrel.
Speaker 1: The President Biden expected to announce another strategic all released
Speaker 1: later today. Netflix shares surging in the pre market, up
Speaker 1: nearly thirteen percent on earnings. We'll talk about it next
Speaker 1: with Bloomberg Quick Takes Alex Webb. This is Bloomberg. Bloomberg
Speaker 1: Sports Report was brought to you by Audie. Don't let
Speaker 1: someone else drive off in the autie model you've always wanted.
Speaker 1: Visit your local price state autie dealer to get behind
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Speaker 1: com for more information, markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business Out and at Bloomberg Quick Take. This is a
Speaker 1: Bloomberg Business Flash and I'm Karen Moscow. European stocks are
Speaker 1: slipping in US Stock Index futures are higher after giving
Speaker 1: up gains on worries about inflation and a looming recession.
Speaker 1: The pound is falling afy UK inflation rose faster than
Speaker 1: economists we're looking for, and we checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Right NOWUSNP
Speaker 1: futures up four points down, futures that will change, Nastack
Speaker 1: futures up thirty four. The decks in Germany's down a
Speaker 1: tenth of a percent ten, Your treasury down thirteen thirty seconds.
Speaker 1: You have four point six percent, and the yield of
Speaker 1: the two year four point four eight percent. Nin Max
Speaker 1: Screwed oil is up one percent of eighty four cents
Speaker 1: at eighty three dollars. Sixty six cents of barrel comexs
Speaker 1: go down six tenths per cent or ten dollars at
Speaker 1: sixteen forty eight. Announce the euro point zero against the
Speaker 1: dollar British found one point one two seven four and
Speaker 1: the end one forty nine point four three. Look at
Speaker 1: a bitcoin this morning, lower down seven tenths percent at
Speaker 1: nineteen thousand, two hundred dollars. Today we are watching four
Speaker 1: reports on housing starts and building permits at eight thirty
Speaker 1: Wall Street time, and the Federal Reserve at least as
Speaker 1: its page book at two and tests among companies schedule
Speaker 1: to report earnings today as a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Muchael the morning. Good morning, Karen, President Biden,
Speaker 1: is opening the oil spick again. President Biden today will
Speaker 1: announce another strategic oil reserve release. Designs a hell bring
Speaker 1: down the price of gas. He could release another fifty
Speaker 1: million barrels of oil. A key Ukrainian city has been
Speaker 1: warned Russia is planning relentless attacks in the coming days.
Speaker 1: People in Curson are being told to get out now.
Speaker 1: In baseball, the Yankees are getting ready to face the Astros.
Speaker 1: In the a l CS, New York beat the Guardians
Speaker 1: five ones to advance in Game one of the NLCS
Speaker 1: to Philly shut out the Padres to zip. In the
Speaker 1: opening night of the NBA, the Celtics and Warriors one.
Speaker 1: In hockey, the Devils and Islanders won, the Bruins lost.
Speaker 1: Global news twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael
Speaker 1: Lare and this is Bloomberg. Nathan alright, Michael, Thanks, It's
Speaker 1: five nineteen on Wall Street Line from the Bloomberg Interactive
Speaker 1: Brokers Studios. This is Bloomberg Daybreak. We had to peel
Speaker 1: our eyes away from what's streaming on Netflix this morning
Speaker 1: to see how the stocks doing it is surging with
Speaker 1: the streaming giant once again reporting subscribe growth, how about
Speaker 1: that first time this year? In fact, it's saded subscribers.
Speaker 1: Let's bring in Bloomberg Quick Take correspondent Alex Web to
Speaker 1: dive deeper into these positive results for Netflix. And it
Speaker 1: certainly seems like investors see it that way Alex. With
Speaker 1: the shares up at twelve and two thirds percent in
Speaker 1: this pre market, So does this sort of negate the
Speaker 1: narrative that had taken hold so far this year that
Speaker 1: we've hit peak streaming. I don't know if it negates
Speaker 1: it fully. You know, the stock is, even with that
Speaker 1: anticipated twelve percent bump, is still down some sixty from
Speaker 1: from its peak in November last year. But it is
Speaker 1: good news for Netflix investors. This has for a long
Speaker 1: time invalued as a growth stock. So if they're not growing,
Speaker 1: then investors struggle to know how to value it. The
Speaker 1: story does? They seem to be a lot of it
Speaker 1: focused on this new ads here that they are introducing.
Speaker 1: And not only does that help them add new it
Speaker 1: has so three purposes. Fundamentally, it helps them ads subscribers
Speaker 1: at a lower cost, of the subscriber. The actual revenue
Speaker 1: they can make from that subscriber is potentially more than
Speaker 1: they make from their current basic tier, because they could
Speaker 1: be adding five or six dollars a month in advertising
Speaker 1: revenue for each subscriber. And thirdly, it just reinvigorates the
Speaker 1: growth story that then like should drive the stock if
Speaker 1: they're pretty successful. How does that position Netflix though against
Speaker 1: some of its competitors that some of which have already
Speaker 1: been experimenting with or fully embracing a ad supported model.
Speaker 1: It's certainly it gives them a little bit more of
Speaker 1: a buttress. The big challenge is going to be how
Speaker 1: they execute this because the others who are doing this,
Speaker 1: if you some people have been doing it for a
Speaker 1: long time. You think about there are some entirely ad
Speaker 1: funded streaming services. They call them f A s T
Speaker 1: Fast Free ad supported Television, which is a far as
Speaker 1: I can concern, just television. Um, they have been around
Speaker 1: for a while, but they've also built out the ads infrastructure.
Speaker 1: Think about Disney, which obviously owned CC fastpital so Hulu.
Speaker 1: They've got a huge advertising network because they're also an
Speaker 1: ABC and ESPN and plenty of other classic television stations. Besides,
Speaker 1: so Netflix is starting from nowhere. It's working with Microsoft
Speaker 1: and a few others. Microsoft also not massive in this
Speaker 1: space in terms of video streaming ads. So how it
Speaker 1: executes is going to be the big question to see
Speaker 1: if it can get close to the six dollars fifty
Speaker 1: that Hulu makes and ads per subscriber. What about the
Speaker 1: content race? Does Netflix still have an advantage there? I mean,
Speaker 1: they talked in the earnings call about some of the
Speaker 1: successes they've had with the latest season of Stranger Things
Speaker 1: and even with some of the non English speaking content
Speaker 1: that they put out there. Where is Netflix when it
Speaker 1: comes to the content race? Well, I mean, actually the
Speaker 1: challenge and Netflix has is that it doesn't have an advantage,
Speaker 1: right because it doesn't have the catalogs that the established,
Speaker 1: you know, traditional broadcasters have. It doesn't you know, have
Speaker 1: a back catalog stretching back half a century or even
Speaker 1: full century. But it does have its ability to spend
Speaker 1: quite a lot of capital on new shows, and there
Speaker 1: had been something of a fellow patch, partly to do
Speaker 1: with the virus and inability to make as many shows
Speaker 1: they've wanted. There are a lot of these films and
Speaker 1: productions now coming, you know, being released, particularly in Asia,
Speaker 1: which is a huge growth opportunity for them. They've really
Speaker 1: doubled down on their career content. Of course, um you know,
Speaker 1: we know about the big hits. They've already had their
Speaker 1: They've got another one which came out in the most
Speaker 1: recent chorder called the Extraordinary Attorney Woo. These are shows
Speaker 1: that helped drive growth in markets where they are not
Speaker 1: as well penetrated as they are in in the US.
Speaker 1: Just about thirty seconds left here. But it comes to
Speaker 1: putting out that can't I mean read Hastings mentioned that
Speaker 1: the currency challenges could be a head wind as well.
Speaker 1: How big ahead win could that be? I mean they've
Speaker 1: said in the fourth quarter it's going to be a challenge,
Speaker 1: that it should get a little bit better in the
Speaker 1: first off next year. It is interesting that they feel
Speaker 1: they need to make these comments. Were in the past,
Speaker 1: you know, that was probably stuff around the edges that
Speaker 1: didn't matter so much. So it does speak to the
Speaker 1: fact that they're not it's not all plane sailing just yet,
Speaker 1: that things remained a little bit straightened, but at least
Speaker 1: for now. The shares are moving higher by twelve point
Speaker 1: six percent following a return to subscriber growth two point
Speaker 1: four million new subscribers added in this latest quarter. Alex
Speaker 1: Webb of Bloomberg Quick Take as always great to get
Speaker 1: your insights on what's happening in the tech space. Looking
Speaker 1: ahead to the market open this morning, future is looking
Speaker 1: for a little bit of direction now. S and P
Speaker 1: futures are a little changed up two points. Now futures
Speaker 1: back in the red, but not by much, down thirteen points.
Speaker 1: Nan stack futures are higher by twenty seven points, so
Speaker 1: pulling back on some of the earlier games in the
Speaker 1: pre market session. Ten your treasuries down twelve thirty seconds
Speaker 1: for yield of four point zero five percent. This is
Speaker 1: Bloomberg Bloomberg eleven three oh weather sunny, breezy, mid fifties today.
Speaker 1: We're gonna start to warm up just a bit as
Speaker 1: we had through the rest of this week's sunshine. Tomorrow
Speaker 1: upper fifties, low sixties by Friday, silly now forty three degrees.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston,
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Speaker 1: sixteen to the country Sirius XM to the one nine team,
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Speaker 1: Radio dot com. This is Bloomberg Daybreak and it's five
Speaker 1: thirty on Wall Street. Good morning. I'm Karen Moscow, I'm
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Speaker 1: Go to se i C dot com slash managers. Well,
Speaker 1: we're just about four hours away from the open of
Speaker 1: US trading. Let's get you up to date on the
Speaker 1: news you need to know. At this shower, the s
Speaker 1: n P five hundred has rallied two straight days to
Speaker 1: start the week. So have we seen a bottom here?
Speaker 1: Shares Chief investment strategist Eva Ato says no, but rallies
Speaker 1: like this could continue through December. It's hard to time
Speaker 1: at the bottom, but I would say we're closer to
Speaker 1: it than not, and I expect to see the market
Speaker 1: and the year higher. We might even see a Christmas
Speaker 1: rally by then. We'll see the Fed getting inflation under control,
Speaker 1: and we spend inflation to drop next year. Eva Atos
Speaker 1: or the our Shares expects tech and healthcare stocks to
Speaker 1: bounce back as inflation cools. The rising stocks has been
Speaker 1: fueled by a solid start to earning season. Karen. It
Speaker 1: continued yesterday with Netflix, which added up better than expected
Speaker 1: two point four million customers in the third quarter. Githa
Speaker 1: Ranganathan covers Netflix for Bloomberg Intelligence. They're finally back to growth,
Speaker 1: and their guidance right now again pretty much in line.
Speaker 1: And what's really encouraging to me about that four que
Speaker 1: guidance is that they say that they've really not baked
Speaker 1: in any of those add to your expectations, So there
Speaker 1: is potentially a lot of upside to that guidance as well,
Speaker 1: either wrong or nothing. With Bloomberg Intelligence says Netflix is
Speaker 1: set up for a strong fourth quarter well. Their songs
Speaker 1: in the move this morning include United Airline shares are
Speaker 1: up more than six percent, but the airline seeing fourth
Speaker 1: quarter profit above estimate. Shares of Adobe ASO higher after
Speaker 1: the creative design software company reiterated its forecast for the
Speaker 1: current quarter. Still, Karen sticky, inflation is dampening sentiment. Minneapolis
Speaker 1: Fed President Neil cash Car says he expects the Central
Speaker 1: Bank to keep hiking rates as prices climb. The core
Speaker 1: services inflation, which is the stickiest of all, keeps climbing,
Speaker 1: and we keep getting surprise on the upside that core
Speaker 1: keeps going up and services keeps going up. The problem
Speaker 1: for me with trying to say, hey, it's time to
Speaker 1: pause is we're not even sure that we've got rates
Speaker 1: high enough to push services inflation down. Minneapolis Presidential cash
Speaker 1: Car says the Fed could raise rates beyond four and
Speaker 1: a half percent if core inflation keeps rising and inflation
Speaker 1: is also coming in hot in the UK. Nathan Consumer
Speaker 1: prices in Britain rose ten point one percent last month,
Speaker 1: driven by rising food prices, and futures are higher this morning.
Speaker 1: SMP futures are up about ten points down, futures of
Speaker 1: thirty eight, NASTAG futures of fifty two, the tenure treasury
Speaker 1: down twelve thirty seconds. He had four point oh five
Speaker 1: percent your local headlines straight ahead, this is Bloomberg. Thanks
Speaker 1: here in five thirty on Wall Street, forty two degrees
Speaker 1: in Central Park. Still dealing with that crash south on
Speaker 1: New Jersey Turnpike truck lanes, Exit seven. Michael Barr has
Speaker 1: more on what's going on in New York and around
Speaker 1: the world. Michael, thank you very much, Nathan. New York
Speaker 1: City officials saying that an emergency center to house some
Speaker 1: of the migrants being bust in from border states is
Speaker 1: set to open today. The center will offer temporary shelter
Speaker 1: in ten So on Randall's Island. The Humanitarian Relief Center
Speaker 1: will start taking single adult men this week, with facilities
Speaker 1: including laundry, meals, and access to international phone calls. Zach
Speaker 1: Iskell is the Emergency Management Commissioner. There are a lot
Speaker 1: of people who we are trying to link up with
Speaker 1: families and sponsors. There's a lot of people that are
Speaker 1: trying to get through another location. UM often the easiest
Speaker 1: way to get out of el passive for examples of
Speaker 1: US dagas form. You've even had somebody that came to
Speaker 1: New York Emergency Management Commissioners. Zach Isskell says families with
Speaker 1: children are to be housed in a hotel. We've learned
Speaker 1: that Georgia voters turned out in record numbers on the
Speaker 1: first day of early in person voting in the state
Speaker 1: with three weeks to go before the November eighth election.
Speaker 1: More than a hundred thirty three thousand votes were cast Monday,
Speaker 1: and eight seven percent increase from the first day of
Speaker 1: early in person voting. In twenty eighteen, Florida Democratic Congresswoman
Speaker 1: Valve Demmings faced off against RUPE Public con Senator Marco
Speaker 1: Rubio in their first debate for rubio seat on WPBF.
Speaker 1: The two sparred over abortion rights, Rubio defending his support
Speaker 1: for banning abortion with exceptions. Every bill I've ever sponsored
Speaker 1: on abortion, every bill I've ever voted for, has exceptions.
Speaker 1: Every one of them does, because that's what can pass,
Speaker 1: and that's what the majority of people support. Security along
Speaker 1: the border with Mexico was also an issue. Val Demmings.
Speaker 1: I think we can do that with technology, more boots
Speaker 1: on the ground, and more people to process those who
Speaker 1: need to be turned back, those who are breaking the
Speaker 1: law from those who are in silent seekers. Pole show.
Speaker 1: Rubio has a slight lead over Demming's going into the
Speaker 1: November elections. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than seven
Speaker 1: hundred journalists and analysts in more than a D twenty countries.
Speaker 1: I'm Michael bar This is Bloomberg Nathan. Thank you Michael
Speaker 1: on Wall Street. Time for the Bloomberg Sports Up. They
Speaker 1: brought to you by Tri State. How do Here's John
Speaker 1: Stesshow all right? Nathan? Playing a game one day and
Speaker 1: another the next another city happens all the time, just
Speaker 1: not when it's the start of a new playoff series.
Speaker 1: Monday's rain out forceded so the Yankees having come back
Speaker 1: from the two games to one deficit in the A
Speaker 1: L d S, having one game five over Cleveland five
Speaker 1: to one behind the pitching of Nestr Cortez, home runs
Speaker 1: by John Carlos Stanton and Aaron Judge. After the game
Speaker 1: and the celebration, flew to Houston. Start the ALCS tonight,
Speaker 1: Jamison Tyon against Justin Verlander. The Yankees trying to win
Speaker 1: the pennant and get some revenge on the Astros who
Speaker 1: won the ALCS from them in both two thousands, seventeen
Speaker 1: and nineteen. The Philly's keep winning last team into the postseason.
Speaker 1: They are six and one. They one game one of
Speaker 1: the NLCS and San Diego two to nothing. The x
Speaker 1: met Zach Wheeler team and with two relievers on a
Speaker 1: one hit shutout Pills that only three hits but got
Speaker 1: solo home runs from Bryce Harper, who's homeward in three
Speaker 1: straight games, and Kyle Schwarber hit one nearly five hundred feet.
Speaker 1: The next soup for the season tonight in Memphis, nick
Speaker 1: debut of Jalen Brunson the Nets off Sea that had
Speaker 1: Kevin random Many a trade that ended up not happening.
Speaker 1: The next tonight host New Orleans, first win for the
Speaker 1: Devil's four two over Anaheim Islanders beat San Jose five
Speaker 1: to NFL owners met in New York and the Colt
Speaker 1: Jim er Say weighed in on the lake trying to
Speaker 1: out in battle. The Washington owner Dan Snyder the league
Speaker 1: that that's the road we probably need to go down,
Speaker 1: and we just need to finish the investigation. But it's
Speaker 1: greatly concerning to me um the things that have occurred
Speaker 1: there over the last twenty years. Also yesterday I reported
Speaker 1: shouting match took place between the two most high profile owners,
Speaker 1: Robert Kraft and Jerry Young. John Stashward Bloomberg Sports. Thank you, John.
Speaker 1: It's five thirty seven on Wall Street time for the
Speaker 1: Tri State Business Report with Bloomberg Citi's Pellegrini Trader Joe's
Speaker 1: being accused of illegally firing a Brooklyn employee in retaliation
Speaker 1: for union activism. That's according to a complaint from a
Speaker 1: group organizing workers at the grocery chain. No immediate comment
Speaker 1: from Trader about the charge. New Jersey suing five oil
Speaker 1: and gas giants. The state claimed x On Mobile, Shell, Chevron, BP,
Speaker 1: and Conoco Phillips all concealed knowledge fossil fuels could have
Speaker 1: a catastrophic effect on the climate, leading to extreme weather
Speaker 1: that's battered the state. X on Mobile calls us suit
Speaker 1: a waste of taxpayer money. The push to grow startups
Speaker 1: in Connecticut intensifying. Connecticut State Community College announcing the launch
Speaker 1: of free statewide small business and Startups seminars and San
Speaker 1: Francisco based cookies as f started by the Rapper Burner
Speaker 1: has grabbed its first New York City location. The Herald
Speaker 1: squarespace will sell close accessories and CBD products. BIS Journal
Speaker 1: says upper floors will be used for cookies. You a
Speaker 1: training program for students pursuing cannabis careers with the Tri
Speaker 1: State Business from part time to East Pellegrini on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve Pok and X in Los Angeles. We're talking
Speaker 1: about the rebound in subscriber growth at Netflix, um Corney
Speaker 1: Donahoe on Karel Dan Dallas. Fewer Americans are planning winter
Speaker 1: vacations due to inflation. I'm John Donneger telling Hey, why
Speaker 1: w listeners at Philadelphia WAMWA is getting pushed back from
Speaker 1: suburban residents. Now. I'm Gina Servetti and for w c
Speaker 1: CEO in Minneapolis, I'm reporting that the head of the
Speaker 1: Minneapolis Fed does nazi a pause in interest rate hips
Speaker 1: if inflation is still accelerating. I'm Denise Peligrini at on
Speaker 1: w TM in Cleveland. I'm reporting on why Ohio based
Speaker 1: Proctor and Gamble isn't stop to watch. Today. I'm Stephen
Speaker 1: Carol and Bloomberg d A B Digital Radio and London.
Speaker 1: We've been reporting on DK inflation jumping back into double
Speaker 1: digits with prices rising ten point one percent in September.
Speaker 1: And those are some of the stories our twenty undred
Speaker 1: Bloomberg journalists and analysts are working on. This morning, It's
Speaker 1: five thirty nine on Wall Street. The following is an
Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. The US Healthcaress them needs more nurses.
Speaker 1: Nursing schools aren't producing enough graduates, young workers are quitting,
Speaker 1: and older ones are retiring early. Some researchers estimate that
Speaker 1: one million registered nurses will retire by twenty thirty. To
Speaker 1: bolster the workforce, the U s should clear hurdles for
Speaker 1: qualified international talent. Consider an estimated one hundred eighteen thousand
Speaker 1: immigrants with undergraduate nursing degrees who are in the US
Speaker 1: working below their skill level, many as low paid assistance,
Speaker 1: home health AIDS, and domestic health. Streamlining their recredentialing would
Speaker 1: help boost staffing in times of immediate shortage. Prioritizing placement
Speaker 1: in underserved areas would also make sense. Tapping into the
Speaker 1: large pool of aspiring and qualified nurses already in the
Speaker 1: US would bring out of whack labor market dynamics back
Speaker 1: to reality. They would also save money and ultimately save lives.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash
Speaker 1: Opinion or ope I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials
Speaker 1: every weekday at this time. Terminal customers can read more
Speaker 1: at O P I n go. The Bloomberg Sports Report
Speaker 1: was brought to you by Audie. Don't let someone else
Speaker 1: drive off in the autie model you've always wanted. Visit
Speaker 1: your local tri state autie dealer to get behind the
Speaker 1: wheel of yours today, or visit autie Offers dot com
Speaker 1: for more information, markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot com, bl Bloomberg Business
Speaker 1: at and at Bloomberg Quick Tape. This is a Bloomberg
Speaker 1: Business Flash and I'm Karen Moscow. European stocks Little change
Speaker 1: West Dot Index futures are higher on a strong starter
Speaker 1: the earning season, the pound falling after UK inflation rose
Speaker 1: faster than economists. We're looking for you check the markets
Speaker 1: every fifteen minutes throughout the training day. On Bloomberg SMP
Speaker 1: futures up ten points, DEAL futures of forty four and
Speaker 1: ASDAG futures of fifty two. The decks in Germany is
Speaker 1: that'll change ten. Your treasury down twelve thirty seconds. He
Speaker 1: had four point zero five percent yield on the two
Speaker 1: year four point four seven percent. Nine X screw oil
Speaker 1: is up one point two percent of ninety five cents
Speaker 1: at eighty three dollars seventy seven cents of barrel and
Speaker 1: COMEXS gold is down seven tenths percent or eleven dollars
Speaker 1: twenty cents at sixteen forty four sixty announced. The euro
Speaker 1: point zero against the dollar, British found one point one
Speaker 1: two six five and the N one forty nine point
Speaker 1: four seven and bitcoin is down seven tenths percent at
Speaker 1: nineteen thousand, two hundred dollars. That's of Bloomberg Business Flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. Russian
Speaker 1: strikes on energy utilities have left more Ukrainian villages, towns
Speaker 1: and parts of two cities without power. The overnight bombings
Speaker 1: further Zitan and energy squeeze on Ukraine. That threatens misery
Speaker 1: for millions in winter. Today, President Biden is expected to
Speaker 1: authorize the release of fifteen million more barrels of oil
Speaker 1: from the nation's energy stockpile in an attempt to bring
Speaker 1: down gas crisis. And baseball, the Yankees are getting ready
Speaker 1: to face the Astros and the a l c s.
Speaker 1: New York beat the Guardians five ones who advance in
Speaker 1: Game one of the NLCS. The Philly shut out the
Speaker 1: Padres to zim opening night of the NBA. The Celtics
Speaker 1: and Warriors won. In hockey, the Devil's and Islanders won,
Speaker 1: the Bruins lost. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalist analysts in more than a
Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan.
Speaker 1: Thanks Michael. It's nine on Wall Street Life from the
Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak and st.
Speaker 1: Dweck is with us to talk about this market. Chief
Speaker 1: investment officer at Flow Bank ste It's great to speak
Speaker 1: with you, coming off two straight days of gains for
Speaker 1: Wall Street stocks. Pretty solid gains as well. Has this
Speaker 1: market found bottom? Oh? Yeah, that is really the question
Speaker 1: everyone is it would like to answer. Um, I think
Speaker 1: it's too early to say that we've found a bottom
Speaker 1: or the bottom. A bottom is more likely we have
Speaker 1: seen a little bit more of a consolidation and yields.
Speaker 1: I think we've seen already the retreats this morning or
Speaker 1: since last night, and some of that is due to
Speaker 1: inflation in the UK and the yields that are rising
Speaker 1: in the UK and pulling them upwards elsewhere as well. Uh.
Speaker 1: And so until we start to see a coming in
Speaker 1: the yield is going to be difficult to be certain
Speaker 1: that we've reached the bottom. But it does feel like
Speaker 1: we're at more interesting levels. More interesting levels an interesting
Speaker 1: way to put it there. How much higher do you
Speaker 1: expect yields to go? Here? We just heard once again
Speaker 1: from another FED speaker, former dove now turned a pretty
Speaker 1: solid hawk, Neil cash Cary saying rates might have to
Speaker 1: go higher than four and a half percent. What could
Speaker 1: that mean for yields a stee Well, at this point
Speaker 1: we're already pricing in somewhere between four and a half
Speaker 1: and five percent, So I think, um, and we've heard
Speaker 1: from a couple of different speakers, including Bullard on Friday,
Speaker 1: that the Duck plot doesn't need to move at this point.
Speaker 1: Um November. I think we'll stay very hawkish and we
Speaker 1: get those December we get fifty seventy five, depending on
Speaker 1: the couple of inflation data points we get until then.
Speaker 1: But the market is now hoping is that we'll have
Speaker 1: some kind of pause in. We'll need to have inflation
Speaker 1: coming down over the next couple of months for that
Speaker 1: to happen. So I think the risk is maybe pushed
Speaker 1: back a little bit because we're already pricing in all
Speaker 1: of the rate hikes that are coming at this at
Speaker 1: the end of this year. How are you viewing earning
Speaker 1: season so far? We're a little bit early into it.
Speaker 1: It's coming, I think a little bit better than a
Speaker 1: lot of analysts had expected. You mentioned interesting valuations. Is
Speaker 1: there anything in particular you're looking at. Well, we've we've
Speaker 1: certainly had better numbers than expected. In some cases, we've
Speaker 1: had sort of slashed guidance before, so it's, you know,
Speaker 1: less bad than feared or better than what they had announced.
Speaker 1: But overall, uh, some of these numbers are still pretty
Speaker 1: encouraging and it shows that the US economy is holding up,
Speaker 1: So I think there it's a positive in the sense
Speaker 1: that people really thought guidance was going to be slashed
Speaker 1: very aggressively during the quarter. As you say, it's still
Speaker 1: early days, but it doesn't look like it's happening. At
Speaker 1: the same time, we are going to need to have
Speaker 1: a little bit of toughness in consumer spending and some
Speaker 1: of these labor market expectations for the said to be
Speaker 1: able to ease off the pedal over the next few months.
Speaker 1: On the last minute, here, ste, where do you see
Speaker 1: opportunity in this market? You know, we'll have to see
Speaker 1: the next couple of weeks. We could see a consolidation.
Speaker 1: I do think we're going to get some improvement into
Speaker 1: the end of the year. I do think we're going
Speaker 1: to have have to have some kind of pause just
Speaker 1: for the FEDS to see now it doesn't mean they
Speaker 1: stop and they go back to tight to to easing,
Speaker 1: but they might not be able to keep hiking seventy
Speaker 1: five basis points for the first quarter or second quarter
Speaker 1: of three. So opportunities I think still in tech and
Speaker 1: generally UH in that equity market, I think it's starting
Speaker 1: to be interesting to buy these dips into the end
Speaker 1: of the year. All right, as always, st great to
Speaker 1: have you on with us. That's Steedwag, chief investment officer
Speaker 1: at Flow Bank, with us this morning. Karen Nathan. It
Speaker 1: is five fifty three on Wall Street. It's time for
Speaker 1: the Bloomberg the Law Report. It has brought to you
Speaker 1: by American Arbitration Association. Business disputes are inevitable. Were as
Speaker 1: alf Anster with the American Arbitration Associate, the global leader
Speaker 1: an alternative dispute resolution for over ninety years. More at
Speaker 1: a d R dot org. Let's get to the legal
Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger. The
Speaker 1: Internal Revenue Service released its annual inflation adjustments to the
Speaker 1: tax code. The changes are for the twenty three tax
Speaker 1: year and will generally apply to returns filed in four
Speaker 1: The American Automobile Association is suing Triple A Truck Agency,
Speaker 1: a truck insurance company, for trademark infringement. Colorado was drafting
Speaker 1: guidance for a first in the nation refundable tax credit
Speaker 1: to encourage employers to offer eco friendly options for commuter transportation.
Speaker 1: Bloomberg Law Everything you need all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg law dot com. All right, Jeff, thanks, and
Speaker 1: now another legal story we're watching. The copyright clash over
Speaker 1: Andy Warhol's series Silk Screens of Prints is a case
Speaker 1: that could reshape the fair used defense to copyright infringement,
Speaker 1: and justices seemed divided as they grappled with the photographer's
Speaker 1: claim that Warhol violated her copyright by basing his images
Speaker 1: on her photograph of Prince. For more of Bloomberg, stum
Speaker 1: Grasso speaks to intellectual property litigator Terence Ross, a partner
Speaker 1: at Kennan Mutchen Rosenman, is the question whether Warhol's work
Speaker 1: transformed Goldsmith's photograph. To understand what's going on here, what
Speaker 1: has to understand a little bit about the fair used defense.
Speaker 1: The fair used defense that says courts should consider four
Speaker 1: non exclusive factors. The very first factor, and which widely
Speaker 1: regarded as the most important, is for the court to
Speaker 1: look at the purpose and character of the secondary use.
Speaker 1: In a very famous decision, second serge that that's the
Speaker 1: key to this one factor is whether or not the
Speaker 1: secondary work somehow transformed the original work and the subribe
Speaker 1: it has since bought into this transformative use test. I
Speaker 1: would say up on appeal here Spring courts. The question
Speaker 1: really is what is required for work to be transformative?
Speaker 1: How do you transform a work in such a way
Speaker 1: that the fair use defense applies. There are many transformative
Speaker 1: uses that do not constitute fair use, and so the
Speaker 1: key here at issue for the Spring court is to
Speaker 1: give some sort of guidance to the lower courts. Both
Speaker 1: sides say the potential stakes here are enormous, not just
Speaker 1: on the art world, but on publishing, on movies and
Speaker 1: so on. Are they exaggerating or do you agree with
Speaker 1: that absolutely? This is going to be one of the
Speaker 1: most significant decisions with respect to secondary works of all
Speaker 1: times in Anglo facts and law. At issue is control
Speaker 1: of the original work by the artists for the original work,
Speaker 1: and to the extent that this is held to be
Speaker 1: not a fair use. I think the critics are correct
Speaker 1: that that will meaning that the original artists have much
Speaker 1: more control over their works. The question is whether or
Speaker 1: not the next step in that argument is correct. Does
Speaker 1: giving the original artists more control over the work inhibit
Speaker 1: future creativity? And as we heard in the order argument,
Speaker 1: there was a lot of discussion of licensing. Doesn't the
Speaker 1: right to license these original works to make changes allow
Speaker 1: you to still engage in level of creativity. Look, you
Speaker 1: had very wealthy entities involved here, You had Vanity Fair,
Speaker 1: Andy Warhol. They clearly had the wherewithal to license the
Speaker 1: photograph again from Lynn Goldsmith in order to do these
Speaker 1: sixteen colorized folk screens, but they deliberately chose not to. So, Yes,
Speaker 1: there is going to be a change in the bargaining
Speaker 1: power amongst artists as to secondary uses of original works.
Speaker 1: And that's Terence rossa partner at Kennon Mutchen Rosenman, speaking
Speaker 1: with Bloomberg student Grasso. Catch more of that interview, plus
Speaker 1: analysis of the latest legal news by subscribing to the
Speaker 1: Bloomberg Law podcast. Are downloading the show at Bloomberg dot
Speaker 1: com slash podcasts. Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and on
Speaker 1: the Bloomberg terminal at v law Go. SNP futures are
Speaker 1: up seventeen points this morning. Down futures of A D
Speaker 1: two and NASDAG futures of eighty three. Tenure treasury is
Speaker 1: down twelve thirties seconds held four point oh five per cent,
Speaker 1: held on the two year four point four seven percent
Speaker 1: still ahead. On Bloomberg Day, BREA, I can check on
Speaker 1: the business headlines and all the news you need to
Speaker 1: start your day, and this is Bloomberg