1 00:00:01,360 --> 00:00:04,600 Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg 2 00:00:04,640 --> 00:00:09,119 Speaker 1: Daybreak for Monday, October two. Coming up this shower stocks 3 00:00:09,119 --> 00:00:12,840 Speaker 1: in Asia tumble as China's Jan Pink stacks his leadership 4 00:00:12,920 --> 00:00:15,640 Speaker 1: ranks with loyalists, which she soon Act moves closer to 5 00:00:15,720 --> 00:00:19,079 Speaker 1: becoming UK's next prime Minister. UK Bond's rally on the 6 00:00:19,120 --> 00:00:21,800 Speaker 1: Hope's for fiscal responsibility from soon Act, and a big 7 00:00:21,840 --> 00:00:25,360 Speaker 1: week for earnings of Apple, Amazon, and Microsoft, all reporting 8 00:00:25,560 --> 00:00:27,880 Speaker 1: New York at sixty two million dollars to make the 9 00:00:27,920 --> 00:00:31,479 Speaker 1: city subway system safer. Unlus Ukraine denies Russia's warning of 10 00:00:31,480 --> 00:00:34,360 Speaker 1: a dirty bomb from Key. I'm Michael Barne. More ahead, 11 00:00:34,400 --> 00:00:37,680 Speaker 1: I'm John Stashoward Sports. The Yankee season is overswept by 12 00:00:37,680 --> 00:00:40,120 Speaker 1: the Astros. They'll play the Phillies of the World Series. 13 00:00:40,159 --> 00:00:45,320 Speaker 1: The Jets and Giants keep women. That's all s Trady 14 00:00:45,320 --> 00:00:49,240 Speaker 1: Ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, 15 00:00:49,440 --> 00:00:53,239 Speaker 1: Bloomberg ninety nine one, Washington, d C, Bloomberg one oh 16 00:00:53,320 --> 00:00:57,800 Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius x 17 00:00:58,000 --> 00:01:01,160 Speaker 1: M one nine team and around the world Bloomberg Radio 18 00:01:01,280 --> 00:01:09,360 Speaker 1: dot com and via the Bloomberg Business. Good Monday morning. 19 00:01:09,400 --> 00:01:12,319 Speaker 1: I'm Amy Morris and I'm Karen Moscow and US dot 20 00:01:12,400 --> 00:01:15,440 Speaker 1: index futures are lower this morning. We're coming up to 21 00:01:15,520 --> 00:01:17,240 Speaker 1: five oh one on Wall Street and we check the 22 00:01:17,240 --> 00:01:20,360 Speaker 1: markets every fifteen minutes throughout the training day on bloomberg 23 00:01:20,480 --> 00:01:23,280 Speaker 1: S and p Future is down sixteen points, DWAL future 24 00:01:23,360 --> 00:01:27,960 Speaker 1: is down one and NASDAG futures down. The tenure treasury 25 00:01:28,040 --> 00:01:30,800 Speaker 1: up three thirty seconds, yield four point to zero percent, 26 00:01:31,080 --> 00:01:33,200 Speaker 1: and the yield on the two year four point four 27 00:01:33,360 --> 00:01:37,240 Speaker 1: eight percent. Amy Karen stocks are coming off their best 28 00:01:37,280 --> 00:01:40,479 Speaker 1: week since June. US central bankers say the next phase 29 00:01:40,480 --> 00:01:43,160 Speaker 1: in their campaign to curb inflation will be debate on 30 00:01:43,160 --> 00:01:45,759 Speaker 1: how to raise rates and when to slow the pace 31 00:01:45,800 --> 00:01:49,640 Speaker 1: of increases. Lamar Villery as a partner in portfolio manager 32 00:01:49,680 --> 00:01:52,360 Speaker 1: at Villery and Company and says a FED pivot is 33 00:01:52,480 --> 00:01:54,560 Speaker 1: key for some of it. It just would kind of 34 00:01:54,560 --> 00:01:58,520 Speaker 1: give everybody, i think, a sense of confidence that you know, 35 00:01:58,600 --> 00:02:03,760 Speaker 1: we're out of this uber high environment and potentially, you know, yeah, 36 00:02:03,840 --> 00:02:06,120 Speaker 1: if if you know, if we get in placed under 37 00:02:06,160 --> 00:02:09,359 Speaker 1: control and then the economy slows down, potentially you could 38 00:02:09,400 --> 00:02:13,400 Speaker 1: see some rate cuts next year. Lamar Villery at Hillery 39 00:02:13,400 --> 00:02:15,920 Speaker 1: In Company says there's even a chance the FED does 40 00:02:16,000 --> 00:02:19,560 Speaker 1: not raise rates in December. Well outside of the Fed, 41 00:02:19,600 --> 00:02:22,400 Speaker 1: amy to focus this week is mainly on earnings. We 42 00:02:22,440 --> 00:02:24,880 Speaker 1: get a big tech companies reporting and here are the 43 00:02:25,000 --> 00:02:28,560 Speaker 1: preview as Bloomberry's Charlie Pellin, it's a huge week because 44 00:02:28,560 --> 00:02:31,920 Speaker 1: we hear from names that will include Apple, Alphabet, Microsoft, 45 00:02:32,000 --> 00:02:36,959 Speaker 1: Metal Platforms, Amazon and Intel. Den ives is with Wedbush Securities, 46 00:02:37,120 --> 00:02:40,440 Speaker 1: and it's most important tech earnings teasing potentially in the 47 00:02:40,520 --> 00:02:44,120 Speaker 1: last two years because of what's happened overall demand store. 48 00:02:44,160 --> 00:02:47,040 Speaker 1: In terms of the macro, tech needs to prove it 49 00:02:47,160 --> 00:02:49,920 Speaker 1: the resilience is there and not just tech. This week, 50 00:02:49,919 --> 00:02:53,640 Speaker 1: other big names include x On Mobile, three m Ford, Boeing, 51 00:02:53,720 --> 00:02:57,520 Speaker 1: and Coca Cola, among many many others. In New York, 52 00:02:57,600 --> 00:03:01,079 Speaker 1: Charlie Pellet Bloomberg Daybreak. All right, thanks Charlie. In Asia 53 00:03:01,120 --> 00:03:03,799 Speaker 1: over the weekend, it was all about politics. President she 54 00:03:04,200 --> 00:03:07,360 Speaker 1: Being started his third term by stacking China's most powerful 55 00:03:07,360 --> 00:03:10,800 Speaker 1: body with his allies. The move gives him unfettered control 56 00:03:10,840 --> 00:03:14,120 Speaker 1: over the world's second largest economy. Speaking to the parties 57 00:03:14,160 --> 00:03:18,200 Speaker 1: gathering on Sunday, she committed to reforming and opening up 58 00:03:18,240 --> 00:03:23,160 Speaker 1: the economy. Here he is speaking through an interpreter. China's 59 00:03:23,160 --> 00:03:27,760 Speaker 1: economy has great resilience, potential and latitude. It's strong fundamentals 60 00:03:27,760 --> 00:03:30,160 Speaker 1: will not change and it will remain on a positive 61 00:03:30,200 --> 00:03:33,400 Speaker 1: trajectory over the long run. China will open its doors 62 00:03:33,440 --> 00:03:36,800 Speaker 1: ever wider. We will step fast over deepening reform and 63 00:03:36,840 --> 00:03:40,120 Speaker 1: opening up across the board. Markets did not react favorably 64 00:03:40,200 --> 00:03:43,280 Speaker 1: to Si Jianping's move to stack his leadership ranks with loyalists. 65 00:03:43,360 --> 00:03:46,200 Speaker 1: China's currency weekend and the country's stocks tumble to the 66 00:03:46,240 --> 00:03:49,640 Speaker 1: lowest level since two thousand and eight. Bloombergy Daybreak Asia 67 00:03:49,640 --> 00:03:52,760 Speaker 1: anchor Brian Curtis has more from Hong Kong. It's a 68 00:03:52,800 --> 00:03:56,400 Speaker 1: sharp rebuke to one man rule, a break from collective 69 00:03:56,480 --> 00:03:59,920 Speaker 1: leadership over the past many decades. It means more policy 70 00:04:00,080 --> 00:04:04,000 Speaker 1: staked on COVID zero and state owned enterprises. Alibaba, g 71 00:04:04,320 --> 00:04:06,920 Speaker 1: dot Com and ten Cent all down eight to twelve 72 00:04:07,360 --> 00:04:10,960 Speaker 1: during the session. Meantime, China's long delayed data showed mixed 73 00:04:10,960 --> 00:04:14,400 Speaker 1: recovery in the third quarter. On employment rose and retail 74 00:04:14,480 --> 00:04:18,480 Speaker 1: sales weakened. In September third quarters, GDP up three point 75 00:04:18,560 --> 00:04:21,760 Speaker 1: nine percent, better than the three point three percent estimate 76 00:04:22,040 --> 00:04:25,520 Speaker 1: in Hong Kong. Brian Curtis Bloomberg debreak, All right, thanks Brian. 77 00:04:25,600 --> 00:04:28,880 Speaker 1: Staying in Asia now, Former Treasury Secretary Larry Summers is 78 00:04:28,880 --> 00:04:31,719 Speaker 1: weighing in on policy in Japan, and he is watching 79 00:04:31,720 --> 00:04:35,760 Speaker 1: financial developments out of Tokyo given the potential for difficulties 80 00:04:35,800 --> 00:04:39,440 Speaker 1: if the country abandons it's pegged bond yield policy. There's 81 00:04:39,440 --> 00:04:42,760 Speaker 1: been a lot of borrowing money UH in Japan to 82 00:04:42,920 --> 00:04:46,680 Speaker 1: finance things all over the world, and so if Japanese 83 00:04:46,720 --> 00:04:50,640 Speaker 1: interest rates UH start to change, that could be a 84 00:04:50,640 --> 00:04:54,719 Speaker 1: pretty big deal. Former Treasury Secretary Lawrence Summers made the 85 00:04:54,720 --> 00:04:57,520 Speaker 1: comments on Bloomberg's Wall Street Week. Catch that program every 86 00:04:57,520 --> 00:05:00,120 Speaker 1: week Fridays at six pm Eastern on Bloomberg Radi oh 87 00:05:00,240 --> 00:05:03,200 Speaker 1: and Television. Well in Europe this morning, Amy, the political 88 00:05:03,200 --> 00:05:06,239 Speaker 1: action is still front and center. Richie Sunac has taken 89 00:05:06,240 --> 00:05:08,680 Speaker 1: a big step toward becoming the next Prime Minister of 90 00:05:08,720 --> 00:05:11,440 Speaker 1: the UK. And let's go live to London and get 91 00:05:11,440 --> 00:05:13,839 Speaker 1: the latest of the Bloomberg's U and parts. Good morning, 92 00:05:13,839 --> 00:05:16,320 Speaker 1: you Win, Good morning Karen and Amy. We should know 93 00:05:16,480 --> 00:05:20,039 Speaker 1: the name of Britain's next Prime minister later today. Former 94 00:05:20,160 --> 00:05:23,080 Speaker 1: Chancellor Rishi Sunac is the clear favorite to take over 95 00:05:23,160 --> 00:05:26,960 Speaker 1: as the country's fifth leader in less than seven years. 96 00:05:27,000 --> 00:05:29,560 Speaker 1: His only remaining opponent, Penny more Than, is yet to 97 00:05:29,640 --> 00:05:32,919 Speaker 1: get the one endorsements from lawmakers need to make the 98 00:05:32,960 --> 00:05:36,160 Speaker 1: final runoff. Boris Johnson, who cut shorts his holiday in 99 00:05:36,200 --> 00:05:38,760 Speaker 1: the Caribbean to fly back to the UK now, says 100 00:05:38,880 --> 00:05:42,159 Speaker 1: it's not the right time to enter the race in London. 101 00:05:42,200 --> 00:05:44,560 Speaker 1: I'm you and pots the midday break, all right, thanks you, 102 00:05:44,640 --> 00:05:46,800 Speaker 1: And oil is lower to begin the week right now now, 103 00:05:46,800 --> 00:05:50,080 Speaker 1: i'm x crude is just down at two percent. President 104 00:05:50,120 --> 00:05:53,600 Speaker 1: Biden's top energy advisor, Amos Hoxtein, is taking aim at Opec, 105 00:05:54,040 --> 00:05:58,200 Speaker 1: saying that OPEC's recent output cut was largely a political move. 106 00:05:58,520 --> 00:06:00,560 Speaker 1: Nobody can argue that it was warm to for any 107 00:06:00,560 --> 00:06:03,240 Speaker 1: economic reason today and even open when they announced a 108 00:06:03,279 --> 00:06:05,200 Speaker 1: two million and then they say, well, we're not actually 109 00:06:05,240 --> 00:06:08,239 Speaker 1: gonna cut two million, We're just gonna cut nine hundred, 110 00:06:08,279 --> 00:06:10,440 Speaker 1: and then you look a little deeper and it's really 111 00:06:10,480 --> 00:06:12,760 Speaker 1: just about five hundred. So the impact on the market 112 00:06:12,880 --> 00:06:15,400 Speaker 1: is not going to be as significant. Uh So this 113 00:06:15,480 --> 00:06:18,400 Speaker 1: was more of a big political statement. Ms ox Seen 114 00:06:18,480 --> 00:06:21,359 Speaker 1: making those comments on CBS Space the Nation. Catch that 115 00:06:21,400 --> 00:06:24,719 Speaker 1: program every Sunday here on Bloomberg Radio. Well, speaking on 116 00:06:24,760 --> 00:06:28,080 Speaker 1: political moves amy the January six hearings on Capitol Hiler 117 00:06:28,160 --> 00:06:31,200 Speaker 1: back in focus. Co chair in the January six committee list, 118 00:06:31,279 --> 00:06:34,440 Speaker 1: Cheney says Donald Trump will not be allowed to testify 119 00:06:34,520 --> 00:06:37,479 Speaker 1: live on television before the committee. On Bloomberg said Baxter 120 00:06:37,600 --> 00:06:40,560 Speaker 1: has that story. Cheney says Donald Trump will not be 121 00:06:40,640 --> 00:06:43,760 Speaker 1: allowed to turn any testimony before the committee into a circus. 122 00:06:43,800 --> 00:06:46,120 Speaker 1: This isn't going to be, you know, his first debate 123 00:06:46,400 --> 00:06:48,720 Speaker 1: against Joe Biden and the circus and the food fight 124 00:06:48,800 --> 00:06:51,800 Speaker 1: that that became this. This is far too serious set 125 00:06:51,800 --> 00:06:56,960 Speaker 1: of issues, and we've made clear exactly what his obligations are. 126 00:06:57,160 --> 00:07:00,000 Speaker 1: Training on NBC has heard on Bloomberg says a level 127 00:07:00,080 --> 00:07:03,800 Speaker 1: of discipline and vigor that the herring deserves will be observed. 128 00:07:04,000 --> 00:07:07,040 Speaker 1: In San Francisco, I'm at Baxter Bloomberg Daybreak, all right, 129 00:07:07,080 --> 00:07:09,280 Speaker 1: and thank you, n S and P. Futures lower down 130 00:07:09,279 --> 00:07:12,360 Speaker 1: about fifteen points down, Futures down a hundred four, nunsday, 131 00:07:12,480 --> 00:07:16,080 Speaker 1: Futures down fifty nine and straight ahead your latest local headlines, 132 00:07:16,160 --> 00:07:23,840 Speaker 1: plus a check of sports and this is Bloomberg. Thank you, Karen. 133 00:07:23,880 --> 00:07:26,280 Speaker 1: Five oh seven on Wall Street. Let's bringing Michael Barr 134 00:07:26,360 --> 00:07:28,040 Speaker 1: with more on what else is going on in New 135 00:07:28,120 --> 00:07:31,360 Speaker 1: York and around the world. Good morning, Michael, Good morning Amy. 136 00:07:31,440 --> 00:07:34,640 Speaker 1: New York Governor Kathy Hokel and Mayor Eric Adams saying 137 00:07:34,640 --> 00:07:38,200 Speaker 1: they will bolster spending on the city subway system. They 138 00:07:38,280 --> 00:07:41,080 Speaker 1: plan to add sixty two million dollars to deploy more 139 00:07:41,120 --> 00:07:45,440 Speaker 1: police officers and removing severely mentally ill homeless people amid 140 00:07:45,440 --> 00:07:48,560 Speaker 1: a series of high profile killings and other crimes on 141 00:07:48,600 --> 00:07:52,560 Speaker 1: the transit system. HOCl and Adams acknowledge that writers continue 142 00:07:52,600 --> 00:07:56,000 Speaker 1: to feel threatened using the largest mass transit system in 143 00:07:56,040 --> 00:07:59,760 Speaker 1: the US. In one reason attack, the NYPD is searching 144 00:07:59,760 --> 00:08:02,680 Speaker 1: for a man seen pushing another man onto the subway 145 00:08:02,720 --> 00:08:06,640 Speaker 1: tracks in an unprovoked attack and then running away. The victim, 146 00:08:06,720 --> 00:08:09,560 Speaker 1: David Martin, suffered a broken collar bone and stroll in 147 00:08:09,640 --> 00:08:13,280 Speaker 1: face because from New York and love New York and 148 00:08:13,360 --> 00:08:15,520 Speaker 1: always felt they've taken the train. And now it's thirties, 149 00:08:15,520 --> 00:08:17,960 Speaker 1: two years old, I no longer feel safe and that's 150 00:08:18,000 --> 00:08:20,640 Speaker 1: that's not there and that's not okay. The announcement comes 151 00:08:20,760 --> 00:08:24,600 Speaker 1: nine months after Hocal and Adams unveiled a subway safety plan. 152 00:08:25,400 --> 00:08:28,840 Speaker 1: Governor Hocol and her Republican challenger, le Zelden with face 153 00:08:28,880 --> 00:08:33,480 Speaker 1: off Tuesday in their one and only debate before election day. HOCl, 154 00:08:33,559 --> 00:08:36,439 Speaker 1: who once held a double digit lead over Zelden, has 155 00:08:36,559 --> 00:08:39,240 Speaker 1: only a four percentage point edge according to the latest 156 00:08:39,320 --> 00:08:43,600 Speaker 1: Quinnipiac University poll. However, a Sienna College poll gave Hocal 157 00:08:43,840 --> 00:08:46,840 Speaker 1: and eleven point lead. Released on the same day. Bill 158 00:08:46,920 --> 00:08:49,959 Speaker 1: reform has become a major issue in the campaign ahead 159 00:08:49,960 --> 00:08:52,960 Speaker 1: of the November mid term elections. New polling shows that 160 00:08:53,040 --> 00:08:56,719 Speaker 1: both parties have their areas of strength, but Republicans are 161 00:08:56,720 --> 00:08:58,800 Speaker 1: strutting to open up a gap on some of the 162 00:08:58,840 --> 00:09:04,480 Speaker 1: big issues, including inflation, crime, issues around the economy. Mark Short, 163 00:09:04,760 --> 00:09:08,040 Speaker 1: the former chief of staff Vice President Mike Pence, says 164 00:09:08,080 --> 00:09:10,640 Speaker 1: Republicans are going to win in November because it is 165 00:09:10,640 --> 00:09:13,200 Speaker 1: a referendum on Joe Biden. Is clear that Donald Trump 166 00:09:13,240 --> 00:09:15,520 Speaker 1: had a huge influence over the primary. He has a 167 00:09:15,559 --> 00:09:18,480 Speaker 1: core base of roughly and a lot of the candidacy 168 00:09:18,640 --> 00:09:22,959 Speaker 1: championed one with thirty three this primary. Mark Short spoke 169 00:09:23,000 --> 00:09:25,839 Speaker 1: on ABC's This Week, which can be heard Sundays on Bloomberg. 170 00:09:26,360 --> 00:09:29,760 Speaker 1: Russia's defense chief has alleged that Ukraine was preparing a 171 00:09:29,800 --> 00:09:34,880 Speaker 1: provocation involving a radioactive device star claim that was strongly 172 00:09:34,920 --> 00:09:39,040 Speaker 1: rejected by US, Ukrainian and British officials. Russia repeatedly has 173 00:09:39,040 --> 00:09:42,520 Speaker 1: made allegations that Ukraine could detonate a dirty bomb and 174 00:09:42,520 --> 00:09:45,400 Speaker 1: blame it on Moscow. Global News twenty four hours a 175 00:09:45,480 --> 00:09:48,560 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 176 00:09:48,600 --> 00:09:52,080 Speaker 1: than hundred journalists and analysts more than a hundred twenty countries. 177 00:09:52,440 --> 00:09:55,840 Speaker 1: Michael Barr and this is Bloomberg Aamy. All right, thank you, Michael, 178 00:09:58,720 --> 00:10:01,080 Speaker 1: five or nine Will Street. I'm now for the Bloomberg 179 00:10:01,120 --> 00:10:03,800 Speaker 1: Sports Update, brought to you by Trice State Audi. Here's 180 00:10:03,840 --> 00:10:05,839 Speaker 1: Jones stash Our. Thanks to Amy. For so much of 181 00:10:05,920 --> 00:10:09,040 Speaker 1: the summer there was talking maybe a Subway World Series 182 00:10:09,040 --> 00:10:11,520 Speaker 1: in New York. Instead, the World Series will be the 183 00:10:11,559 --> 00:10:14,959 Speaker 1: Phillies against the Astros starting Friday in Houston. The Astros 184 00:10:15,280 --> 00:10:17,560 Speaker 1: still haven't lost to the postseason. Early on at the 185 00:10:17,559 --> 00:10:19,959 Speaker 1: Stadium looked like the Yankees might stay alive. They led 186 00:10:20,000 --> 00:10:23,240 Speaker 1: three nothing, and after you get another Harrison Bader home run, 187 00:10:23,280 --> 00:10:25,480 Speaker 1: they were up five to four in the seventh inning, 188 00:10:25,480 --> 00:10:28,480 Speaker 1: but the Astros scored twice, game tying hit by Jordan 189 00:10:28,520 --> 00:10:32,559 Speaker 1: Albarez of Jonathan Lowisa, go ahead hit by Alex bregmanoff 190 00:10:32,559 --> 00:10:34,839 Speaker 1: Clay Holmes, and the Astros won six to five for 191 00:10:34,920 --> 00:10:37,920 Speaker 1: the series sweep and their fourth pennant in the last 192 00:10:37,920 --> 00:10:41,040 Speaker 1: six years. Aaron Judge made the final out. It ended 193 00:10:41,120 --> 00:10:44,160 Speaker 1: his historic home run hitting season. Did it end his 194 00:10:44,320 --> 00:10:47,720 Speaker 1: career with the Yankees, will be a free agent Earlier 195 00:10:47,720 --> 00:10:50,480 Speaker 1: On a rainy day in Philly, the Phillies trailed the Padres. 196 00:10:50,520 --> 00:10:54,160 Speaker 1: In the eighth inning. Suarez delivers swing in a dry 197 00:10:54,360 --> 00:11:05,960 Speaker 1: left field, H's deep blooms place Harper puck the Phillies 198 00:11:05,960 --> 00:11:08,520 Speaker 1: on top. W I p the call Harper and the 199 00:11:08,520 --> 00:11:11,960 Speaker 1: Phillies won four to three on the NLCS four to one. 200 00:11:11,960 --> 00:11:15,400 Speaker 1: While baseball season in New York is over, football is 201 00:11:15,440 --> 00:11:18,200 Speaker 1: alive and well. Giants and Jets both won for the 202 00:11:18,360 --> 00:11:20,280 Speaker 1: fourth week in a row, both on the road. The 203 00:11:20,320 --> 00:11:23,560 Speaker 1: Giants wouldn't get another comeback to win twenty three to seventeen, 204 00:11:23,559 --> 00:11:25,280 Speaker 1: and Jacksonville, they had to hold on at the end, 205 00:11:25,320 --> 00:11:27,920 Speaker 1: had to hold on to the Jazz wide receiver at 206 00:11:27,920 --> 00:11:29,920 Speaker 1: the one yard line on the final play the Jets 207 00:11:29,920 --> 00:11:32,520 Speaker 1: won sixteen to nine in Denver. Giants and Jets have 208 00:11:32,559 --> 00:11:34,920 Speaker 1: combined to play seven road games. They are seven and 209 00:11:35,000 --> 00:11:37,160 Speaker 1: oh in them that The Garden Rangers lost at Columbus 210 00:11:37,160 --> 00:11:39,920 Speaker 1: five to one. Islanders lost at Florida three to two. 211 00:11:40,080 --> 00:11:43,480 Speaker 1: John Stashwar, Bloomberg Sports Team, all right, thank you, John. 212 00:11:43,559 --> 00:11:46,720 Speaker 1: Checking the futures now, SMP futures down, thirteen, dal features 213 00:11:46,760 --> 00:11:51,400 Speaker 1: down on Nasdaq futures down fifty four, ten year treasury 214 00:11:51,800 --> 00:11:54,840 Speaker 1: up six thirty seconds, the yield at four point one 215 00:11:55,080 --> 00:11:58,120 Speaker 1: nine percent. Much more still to come on Bloomberg Daybreak. 216 00:11:58,160 --> 00:12:01,559 Speaker 1: Stay with us on this Monday morning. This is Bloomberg. 217 00:12:06,800 --> 00:12:09,200 Speaker 1: The Bloomberg Sports Report was brought to you by Audie. 218 00:12:09,200 --> 00:12:11,320 Speaker 1: Don't let someone else drive off in the autie model 219 00:12:11,400 --> 00:12:14,319 Speaker 1: you've always wanted. Visit your local, try state autie dealer 220 00:12:14,400 --> 00:12:16,400 Speaker 1: to get behind the wheel of yours today, or visit 221 00:12:16,400 --> 00:12:23,320 Speaker 1: autie Offers dot com for more information, markets, headlines and 222 00:12:23,440 --> 00:12:26,720 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 223 00:12:26,800 --> 00:12:31,480 Speaker 1: the Bloomberg Business Outland at Bloomberg Quicktape's a Bloomberg Business 224 00:12:31,559 --> 00:12:40,520 Speaker 1: Flash and I'm Karen Moscow. Songs in Europe pairing games 225 00:12:40,559 --> 00:12:43,840 Speaker 1: and US futures are declining as a route in Chinese 226 00:12:43,840 --> 00:12:47,360 Speaker 1: shares ways on sentiment while investors wait the next for 227 00:12:47,440 --> 00:12:49,199 Speaker 1: the next batch of earnings from some of the world's 228 00:12:49,200 --> 00:12:52,560 Speaker 1: biggest companies. Treasury yields are dipping. The dollar is gaming. 229 00:12:53,000 --> 00:12:55,560 Speaker 1: We checked the markets every fifteen minutes throughout the trading day. 230 00:12:55,600 --> 00:12:58,600 Speaker 1: On bloomberg SMP future is down about twenty points this morning. 231 00:12:58,600 --> 00:13:01,680 Speaker 1: Down futures down a hundred forty you nownsday futures down 232 00:13:01,720 --> 00:13:03,840 Speaker 1: seventy eight the decks in Germany's up a third of 233 00:13:03,840 --> 00:13:06,880 Speaker 1: a percent, and your treasury up seven thirty seconds yield 234 00:13:06,880 --> 00:13:09,000 Speaker 1: four point one eight percent. They yield on a two 235 00:13:09,080 --> 00:13:12,280 Speaker 1: year four point four seven percent. Nine X Screwed oil 236 00:13:12,480 --> 00:13:14,840 Speaker 1: is down two point one percent on a dollar seventy 237 00:13:14,920 --> 00:13:17,080 Speaker 1: five at eighty three dollars thirty one cents a barrel 238 00:13:17,280 --> 00:13:19,679 Speaker 1: comic schooled at a quarter percent or four dollars ten 239 00:13:19,760 --> 00:13:23,199 Speaker 1: cents at sixteen fifty two twenty announced the euro point 240 00:13:23,400 --> 00:13:26,199 Speaker 1: nine eight three zero against the dollar. British found one 241 00:13:26,200 --> 00:13:29,240 Speaker 1: point one three one four the en one nine point 242 00:13:29,320 --> 00:13:32,000 Speaker 1: three five and I'm looking at a bitcoin it's down 243 00:13:32,040 --> 00:13:35,400 Speaker 1: nine ten percent. In nineteen thousand three hundred dollars. That's 244 00:13:35,400 --> 00:13:38,280 Speaker 1: a Bloomberg Business Flash. Now here's Muchael Barr with Moore 245 00:13:38,320 --> 00:13:40,600 Speaker 1: on what's going on around the world. Muchael, Good morning, 246 00:13:40,679 --> 00:13:44,200 Speaker 1: Good morning Karen. Former British Prime Minister Boris Johnson says 247 00:13:44,200 --> 00:13:47,040 Speaker 1: he will not run to leave the Conservative Party, ending 248 00:13:47,080 --> 00:13:50,560 Speaker 1: in tense speculation about a comeback. Johnson, who was announced 249 00:13:50,600 --> 00:13:53,160 Speaker 1: it in July and the ethics scandals, was a wild 250 00:13:53,200 --> 00:13:56,839 Speaker 1: card to replace liszt Trusts, who quit last week. Is 251 00:13:56,920 --> 00:14:01,400 Speaker 1: withdrawal leaves former Treasury chief Rieshie Sooner the strong favorite 252 00:14:01,400 --> 00:14:04,280 Speaker 1: to be Britain's next prime minister. In baseball, it will 253 00:14:04,320 --> 00:14:06,880 Speaker 1: be the Astros against the Phillies in the World Series. 254 00:14:07,160 --> 00:14:10,680 Speaker 1: The Yankees were swubbed by Houston Sunday in the ALCS 255 00:14:10,760 --> 00:14:14,240 Speaker 1: in Game four, six five. The Phillies beat the Padres 256 00:14:14,280 --> 00:14:17,440 Speaker 1: four three to win the NLCS four games to one. 257 00:14:17,880 --> 00:14:21,560 Speaker 1: In football, the Giants Jets Commanders all one. Thet Is 258 00:14:21,640 --> 00:14:24,800 Speaker 1: lost in the NBA, The Wizards lost the Warriors one. 259 00:14:25,080 --> 00:14:28,640 Speaker 1: In the NHL. The Islanders and Rangers lost. Global News 260 00:14:28,640 --> 00:14:31,760 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 261 00:14:32,000 --> 00:14:34,920 Speaker 1: powered by more than twenty seven hundred journalists and analyst 262 00:14:35,040 --> 00:14:37,600 Speaker 1: more than a hundred twenty countries. I'm Michael bar This 263 00:14:37,760 --> 00:14:40,640 Speaker 1: is Bloomberg all right, Thank you, Michael. It is five 264 00:14:40,760 --> 00:14:43,400 Speaker 1: twenty on Wall Street where live from the Bloomberg Interactive 265 00:14:43,400 --> 00:14:46,720 Speaker 1: Broker Studios. This is Bloomberg Daybreak and we're joined now 266 00:14:46,840 --> 00:14:50,680 Speaker 1: by Dennis Gartman, University of Akron Endowment chairman and former 267 00:14:50,760 --> 00:14:54,320 Speaker 1: publisher of the Guardman Letter. Dennis, it's always a pleasure. 268 00:14:54,360 --> 00:14:56,000 Speaker 1: Thank you so much for taking the time with us 269 00:14:56,040 --> 00:14:58,960 Speaker 1: this morning. Um, you have predicted this market will be 270 00:14:59,040 --> 00:15:02,000 Speaker 1: getting uglier and counting weeks. You've embarrassed for a while. 271 00:15:02,320 --> 00:15:05,560 Speaker 1: What could possibly change your mind? The only thing that 272 00:15:05,600 --> 00:15:07,680 Speaker 1: will change my mind is if the Fed changes its mind, 273 00:15:07,720 --> 00:15:09,600 Speaker 1: and I don't think the Fed has any intention of 274 00:15:09,720 --> 00:15:12,240 Speaker 1: changing its mind at this point. The FED has lost 275 00:15:12,520 --> 00:15:14,560 Speaker 1: a great deal of credibility and it's trying to re 276 00:15:14,720 --> 00:15:17,400 Speaker 1: earn its credibility back. It's said that it's going to 277 00:15:17,440 --> 00:15:19,960 Speaker 1: continue to tighten monetary policy. We know that the FED 278 00:15:20,480 --> 00:15:23,200 Speaker 1: has a great job to do, a difficult job to 279 00:15:23,280 --> 00:15:25,680 Speaker 1: do with reducing the size of its balance sheet, which 280 00:15:25,680 --> 00:15:28,400 Speaker 1: has gone from nine billion dollars to nine trillion dollars 281 00:15:28,480 --> 00:15:30,960 Speaker 1: over the course of the last several years, and the 282 00:15:31,040 --> 00:15:33,320 Speaker 1: FED has said that it's going to allow the the 283 00:15:34,160 --> 00:15:37,320 Speaker 1: balance sheet to roll off by about billion dollars a month. 284 00:15:37,760 --> 00:15:39,480 Speaker 1: It has to continue to do that, and I think 285 00:15:39,560 --> 00:15:41,640 Speaker 1: that the FED has made it abundantly clear that it's 286 00:15:41,640 --> 00:15:44,680 Speaker 1: going to tighten monetary policy and allow the overnight FED 287 00:15:44,720 --> 00:15:46,800 Speaker 1: funds right to go to at least seventy five basis 288 00:15:46,840 --> 00:15:49,840 Speaker 1: points in the NOVA the impending November meeting, and I 289 00:15:49,880 --> 00:15:51,840 Speaker 1: think they're going to take it another fifty basis points 290 00:15:51,840 --> 00:15:54,440 Speaker 1: at the December meeting. After that, they may stop and 291 00:15:54,600 --> 00:15:57,400 Speaker 1: see what happens, but I think the major trend is 292 00:15:57,440 --> 00:16:01,480 Speaker 1: still downward. You've had a nice technical bounce. Technical bounces 293 00:16:01,520 --> 00:16:03,920 Speaker 1: are to be expected after the kind of selling that 294 00:16:03,960 --> 00:16:07,040 Speaker 1: we've seen in September and October. I think this bounce 295 00:16:07,120 --> 00:16:09,480 Speaker 1: shall not last very much longer. And I think that 296 00:16:09,560 --> 00:16:12,480 Speaker 1: the overnight the response that we've seen from China, with 297 00:16:12,880 --> 00:16:15,880 Speaker 1: Hong Kong down almost six percent puts a puts the 298 00:16:15,960 --> 00:16:17,680 Speaker 1: top to the market for the for the near term. 299 00:16:17,760 --> 00:16:20,920 Speaker 1: So I've been very very since basically December thirty one 300 00:16:21,040 --> 00:16:23,360 Speaker 1: to last year, and I continue to be barrish. I 301 00:16:23,440 --> 00:16:25,560 Speaker 1: think you should use strength to reduce the size of 302 00:16:25,640 --> 00:16:30,400 Speaker 1: your positions and again and raise cash you are and 303 00:16:30,440 --> 00:16:31,880 Speaker 1: you made a lot of points in there. I want 304 00:16:31,920 --> 00:16:34,000 Speaker 1: to ask about a couple of them, especially that bounce 305 00:16:34,080 --> 00:16:36,160 Speaker 1: that we've seen in the past week. You don't think 306 00:16:36,200 --> 00:16:38,160 Speaker 1: this one could have more staying power than when we 307 00:16:38,200 --> 00:16:40,360 Speaker 1: saw a month ago. It may have a little bit 308 00:16:40,400 --> 00:16:42,800 Speaker 1: more staying power. We've gone up a little bit. We've 309 00:16:42,880 --> 00:16:45,280 Speaker 1: we've gone up on a little bit better volume, which 310 00:16:45,360 --> 00:16:47,840 Speaker 1: I pay attention to. I I don't tend to I 311 00:16:47,880 --> 00:16:50,640 Speaker 1: don't tend to pay much attention to technicals all the time. 312 00:16:51,080 --> 00:16:53,560 Speaker 1: But I watched to see how markets respond. If they're 313 00:16:53,640 --> 00:16:57,040 Speaker 1: rising on stronger volume than they're falling, that that's impressive. 314 00:16:57,080 --> 00:16:59,440 Speaker 1: And this one has has done a little bit better 315 00:16:59,480 --> 00:17:02,120 Speaker 1: than than the rally that we saw previously. I don't 316 00:17:02,120 --> 00:17:04,280 Speaker 1: think it has a great good deal more strength to 317 00:17:04,359 --> 00:17:07,560 Speaker 1: follow too. I thought, I thought we get to thirty 318 00:17:07,600 --> 00:17:10,360 Speaker 1: eight hundred, maybe thirty eight fifty on the SMP. We've 319 00:17:10,400 --> 00:17:13,000 Speaker 1: gotten to thirty twelve. That's close enough for folk music, 320 00:17:13,080 --> 00:17:14,560 Speaker 1: as I like to use, as I used to say, 321 00:17:15,080 --> 00:17:16,960 Speaker 1: close enough for government works. So I think that we 322 00:17:17,119 --> 00:17:19,280 Speaker 1: probably have run most of the upside out of the 323 00:17:19,320 --> 00:17:22,480 Speaker 1: market at this point. Now, as far as the Feds 324 00:17:22,520 --> 00:17:25,440 Speaker 1: increasing rates, the conventional wisdom had been sort of anticipating 325 00:17:25,760 --> 00:17:28,400 Speaker 1: that they would stop increasing rates, maybe in the first 326 00:17:28,480 --> 00:17:31,760 Speaker 1: half of next year, and perhaps not even see a 327 00:17:31,880 --> 00:17:34,440 Speaker 1: rate increase in December. But you're not convinced. Why is that. 328 00:17:35,440 --> 00:17:39,040 Speaker 1: I think we still continue to see inflationary pressures abundantly 329 00:17:39,480 --> 00:17:42,760 Speaker 1: obvious around the around the country. Food prices continue to rise, 330 00:17:42,840 --> 00:17:46,840 Speaker 1: car prices are rising, home prices. Home prices at least 331 00:17:46,880 --> 00:17:48,320 Speaker 1: have stopped for a while because of the rise and 332 00:17:48,400 --> 00:17:51,520 Speaker 1: interest rates, But inflationary pressures seemed to be abundant and 333 00:17:51,840 --> 00:17:54,479 Speaker 1: evident and extant and continue. I don't think that's going 334 00:17:54,520 --> 00:17:57,159 Speaker 1: to stop anytime soon. Look at what grain prices have 335 00:17:57,240 --> 00:17:58,760 Speaker 1: been doing. They've been going from the lower left of 336 00:17:58,760 --> 00:18:00,880 Speaker 1: the upper right. Look at what lost prices have been doing. 337 00:18:00,920 --> 00:18:02,719 Speaker 1: They've been going from the lower left of the upper right. 338 00:18:03,240 --> 00:18:05,840 Speaker 1: And even crude oil prices have stopped going down and 339 00:18:05,880 --> 00:18:08,760 Speaker 1: have started to turn for the better, turning to the upside. 340 00:18:08,840 --> 00:18:11,639 Speaker 1: So I think inflationary pressures continue to be abundant and 341 00:18:11,680 --> 00:18:14,399 Speaker 1: continue to be evident, continue to be detrimental to the 342 00:18:14,480 --> 00:18:17,119 Speaker 1: economy generally, and I think the FED wants to continue 343 00:18:17,160 --> 00:18:19,800 Speaker 1: to fight that, so will they Will they raise rates 344 00:18:19,840 --> 00:18:23,200 Speaker 1: in in I have my doubts as to whether they'll 345 00:18:23,240 --> 00:18:25,120 Speaker 1: raise rates, But I think once they get to another 346 00:18:25,200 --> 00:18:28,000 Speaker 1: hive basis points higher, it will be a long time 347 00:18:28,080 --> 00:18:30,280 Speaker 1: before they before they pivot. I think it'll be a 348 00:18:30,400 --> 00:18:33,560 Speaker 1: year or more before they even consider pivoting. So anybody 349 00:18:33,600 --> 00:18:35,200 Speaker 1: who hopes that the FED is going to pivot and 350 00:18:35,240 --> 00:18:38,000 Speaker 1: stop tightening and start to ease, I think you can 351 00:18:38,080 --> 00:18:40,879 Speaker 1: put that aside for several years. All right, Dennis, we 352 00:18:40,880 --> 00:18:43,560 Speaker 1: haven't about a minute here. Just what do you recommend? 353 00:18:43,680 --> 00:18:46,680 Speaker 1: What are our next steps? I think the recommendation is 354 00:18:46,720 --> 00:18:50,000 Speaker 1: to continue to raise cash. Two year notes at the 355 00:18:50,160 --> 00:18:51,719 Speaker 1: four in a quarter percent seemed to be a good 356 00:18:51,720 --> 00:18:54,480 Speaker 1: place to hide money for a while. Raise cash reduced 357 00:18:54,520 --> 00:18:56,800 Speaker 1: the size of your positions in the in the equities market, 358 00:18:57,200 --> 00:19:00,600 Speaker 1: use strength to become less involved. And uh, if you 359 00:19:00,680 --> 00:19:02,760 Speaker 1: have to be involved, look for high dividend players that 360 00:19:03,119 --> 00:19:07,240 Speaker 1: have had substantive that that have paid their dividends for 361 00:19:07,440 --> 00:19:10,800 Speaker 1: years in the past and are well covered. So be careful. 362 00:19:11,160 --> 00:19:12,960 Speaker 1: I've said that for months. I'm going to continue to say, 363 00:19:13,080 --> 00:19:15,240 Speaker 1: be careful out their race cash and and and be 364 00:19:15,400 --> 00:19:17,880 Speaker 1: less involved. Very briefly, what do you think about gold? 365 00:19:18,000 --> 00:19:20,359 Speaker 1: Very briefly, I think it wants to go higher. I 366 00:19:20,400 --> 00:19:23,359 Speaker 1: think Let's Friday was a reversal day to the upside. 367 00:19:23,359 --> 00:19:25,080 Speaker 1: You made a new load, you turned higher on the day, 368 00:19:25,080 --> 00:19:26,720 Speaker 1: and I think gold wants to go higher from here. 369 00:19:27,160 --> 00:19:30,600 Speaker 1: That's perfect. Dennis Gartman, University of Akron and Dowmont chairman, 370 00:19:30,680 --> 00:19:33,159 Speaker 1: former publisher of The Gartman Letter. It is always a 371 00:19:33,240 --> 00:19:35,199 Speaker 1: privilege to get your insights, sir, Thank you so much 372 00:19:35,240 --> 00:19:38,320 Speaker 1: for joining us this morning, and we much more still 373 00:19:38,400 --> 00:19:40,639 Speaker 1: to come on Bloomberg Daybreak. Checking the markets now. S 374 00:19:40,720 --> 00:19:43,880 Speaker 1: and P futures down twenty one points, Daal futures down 375 00:19:43,960 --> 00:19:47,800 Speaker 1: one hundred fifty one point, Nasdaq futures down just about 376 00:19:47,840 --> 00:19:51,320 Speaker 1: seventy nine points, the ten year treasury of six thirty seconds, 377 00:19:51,400 --> 00:19:54,480 Speaker 1: the ten year yield at four point one nine the 378 00:19:54,520 --> 00:19:57,919 Speaker 1: two year yield four point four eight percent, still ahead. 379 00:19:57,960 --> 00:20:00,600 Speaker 1: On this Monday morning edition of Bloomberg Daybreak, Markets the 380 00:20:00,680 --> 00:20:04,320 Speaker 1: latest news and business, economics and finance. This is Bloomberg. 381 00:20:06,880 --> 00:20:09,240 Speaker 1: Bloomberg Daybreak is brought to you by the New York Community. 382 00:20:09,320 --> 00:20:11,000 Speaker 1: Trust your name will live on as a champion of 383 00:20:11,040 --> 00:20:13,240 Speaker 1: the causes you care about. For years to come through 384 00:20:13,280 --> 00:20:16,000 Speaker 1: a charitable bequest of the New York Community Trust. Learn 385 00:20:16,080 --> 00:20:24,240 Speaker 1: more at Philanthropy Phthianthropist dot NYC. Broadcasting live from the 386 00:20:24,359 --> 00:20:28,320 Speaker 1: Bloomberg Interactive Broker Studio in New York, Bloomberg E Living 387 00:20:28,400 --> 00:20:32,960 Speaker 1: Free to Washington, d C, Bloomberg to Boston, Bloomberg one 388 00:20:33,000 --> 00:20:36,679 Speaker 1: O six one to San Francisco, Bloomberg sixty to the country, 389 00:20:36,800 --> 00:20:39,399 Speaker 1: Sirius XM to A one nine team, and around the 390 00:20:39,440 --> 00:20:43,359 Speaker 1: bloom the Bloomberg Business and Bloomberg Radio dot com. This 391 00:20:43,840 --> 00:20:53,040 Speaker 1: is Bloomberg Daybreak and it's thirty on Wall Street. Good morning, 392 00:20:53,080 --> 00:20:56,520 Speaker 1: I'm Cameron Moscow. I may need more as Bloomberg Daybreak 393 00:20:56,640 --> 00:20:59,920 Speaker 1: is brought to you by SEI. Built on advanced technologies 394 00:21:00,000 --> 00:21:03,440 Speaker 1: and fifty years of innovation, SEI offers Asset Managers, a 395 00:21:03,520 --> 00:21:07,440 Speaker 1: comprehensive and flexible operations outsourcing platform. Go to se i 396 00:21:07,520 --> 00:21:10,720 Speaker 1: C dot com Slash Managers and we're just about four 397 00:21:10,760 --> 00:21:13,159 Speaker 1: hours away from the open of US trading. Let's get 398 00:21:13,200 --> 00:21:14,480 Speaker 1: you up to date on the news you need to 399 00:21:14,560 --> 00:21:17,280 Speaker 1: know at this hour. US futures are lower this morning 400 00:21:17,359 --> 00:21:19,800 Speaker 1: as you begin a new trading week. Stocks are coming 401 00:21:19,840 --> 00:21:22,760 Speaker 1: off their biggest weekly gains since June. The action this 402 00:21:23,000 --> 00:21:25,720 Speaker 1: morning is in Asia. Hong Kong's Hang Singing Next drop 403 00:21:25,760 --> 00:21:28,439 Speaker 1: six point eight percent and stocks in China fell almost 404 00:21:28,480 --> 00:21:31,560 Speaker 1: three percent. After President Shei jin Ping's moved to stack 405 00:21:31,640 --> 00:21:34,720 Speaker 1: his leadership ranks with loyalists. We get more from Bloomberg 406 00:21:34,800 --> 00:21:38,080 Speaker 1: Stephen Angle and Hong Kong. We speculated whether she would 407 00:21:38,080 --> 00:21:42,360 Speaker 1: continue on with the practice of essentially stacking the Standing 408 00:21:42,400 --> 00:21:45,480 Speaker 1: committee with people from different factions. So in this case, 409 00:21:45,720 --> 00:21:48,080 Speaker 1: some of the hu Jintao pro to Jay's but it 410 00:21:48,280 --> 00:21:51,920 Speaker 1: proved on Sunday when they rolled out his other six 411 00:21:52,000 --> 00:21:55,000 Speaker 1: members on the Standing Committee, there was nobody from the 412 00:21:55,080 --> 00:21:58,520 Speaker 1: other factions. They were all loyalists to Shi jin Ping. 413 00:21:58,680 --> 00:22:01,680 Speaker 1: He stacked the deck, and Bloomberg Stephen Angeles said, the 414 00:22:01,760 --> 00:22:04,240 Speaker 1: story is playing out in currency markets. The you on 415 00:22:04,359 --> 00:22:07,680 Speaker 1: weekend to a fourteen year low this morning. Let's turn 416 00:22:07,760 --> 00:22:10,040 Speaker 1: to Europe now, where really Sunak has taken a big 417 00:22:10,080 --> 00:22:13,000 Speaker 1: step toward becoming the next Prime Minister of the UK. 418 00:22:13,200 --> 00:22:16,560 Speaker 1: Boris Johnson has pulled out of the race, sunk won 419 00:22:16,640 --> 00:22:20,520 Speaker 1: the endorsement of Chancellor Jeremy Hunt. Still Bloomberg's Stephen or 420 00:22:20,600 --> 00:22:25,200 Speaker 1: rather Ben still says SUNet faces many challenges. He himself 421 00:22:26,840 --> 00:22:29,639 Speaker 1: was blamed by a large faction of party for bringing 422 00:22:29,680 --> 00:22:34,920 Speaker 1: down Johnson in July when he quit on that dramatic evening. Um, 423 00:22:35,160 --> 00:22:37,200 Speaker 1: So there's a lot of resentment, a lot of a 424 00:22:37,280 --> 00:22:42,160 Speaker 1: lot of ranker built up over the year. So that's 425 00:22:42,200 --> 00:22:43,600 Speaker 1: gonna be the real tough ask for him, and of 426 00:22:43,720 --> 00:22:45,600 Speaker 1: course he's going to have to do. It's during the 427 00:22:45,640 --> 00:22:50,600 Speaker 1: economy to this brutal, brutal winter of energy, energy shortages, 428 00:22:50,680 --> 00:22:54,119 Speaker 1: and Bloomberg's band still says Sunac has gained the public 429 00:22:54,200 --> 00:22:57,399 Speaker 1: support of several key Tory figures. Well back here in 430 00:22:57,440 --> 00:22:59,639 Speaker 1: the US, Amy, it's a busy week for earnings of 431 00:22:59,760 --> 00:23:02,800 Speaker 1: big tech leading the way tomorrow. We're here from Microsoft 432 00:23:02,960 --> 00:23:06,159 Speaker 1: Meta Platforms and Twitter report on Wednesday, and Apple and 433 00:23:06,200 --> 00:23:10,680 Speaker 1: Amazon post results Thursday. Incorporate news. Tesla cut the price 434 00:23:10,760 --> 00:23:13,080 Speaker 1: of its cars in China by about five percent as 435 00:23:13,119 --> 00:23:16,200 Speaker 1: it ramps up production at its Shanghai factory. The move 436 00:23:16,320 --> 00:23:20,520 Speaker 1: partly reverses price hikes imposed earlier this year, and futures 437 00:23:20,560 --> 00:23:23,880 Speaker 1: this morning are lower. SNP futures down twenty points down, 438 00:23:23,920 --> 00:23:28,400 Speaker 1: futures DOWNY futures down seventy seven straight to hand your 439 00:23:28,480 --> 00:23:32,600 Speaker 1: latest local headlines, plus a check of sports, and this 440 00:23:33,200 --> 00:23:40,399 Speaker 1: is Bloomberg. Thank you, Karen. Five thirty three. Now on 441 00:23:40,440 --> 00:23:42,720 Speaker 1: Wall Street, we bring in Michael Barr with more on 442 00:23:42,840 --> 00:23:44,760 Speaker 1: what else is going on in New York and around 443 00:23:44,840 --> 00:23:47,360 Speaker 1: the world. Good morning, Michael, Good morning Amy. New York 444 00:23:47,400 --> 00:23:50,679 Speaker 1: will add sixty two million dollars to the city subway system. 445 00:23:51,040 --> 00:23:54,359 Speaker 1: Governor hocol and Mayor Eric Adams saying they are deploying 446 00:23:54,400 --> 00:23:58,640 Speaker 1: more police officers and removing severely mentally ill homeless people 447 00:23:58,920 --> 00:24:01,800 Speaker 1: amid a series of profile killings and other crimes on 448 00:24:01,880 --> 00:24:05,520 Speaker 1: the transit system. It comes as hocal and a Republican opponent, 449 00:24:05,640 --> 00:24:09,520 Speaker 1: Les Eldon will debate tomorrow on the governorship on issues 450 00:24:09,600 --> 00:24:13,960 Speaker 1: such as crime and bail reform. Russia's defense minister called 451 00:24:14,040 --> 00:24:18,000 Speaker 1: his counterparts in the UK, France and Turkey, warning of 452 00:24:18,080 --> 00:24:22,120 Speaker 1: a drift towards uncontrolled escalation in Ukraine and the potential 453 00:24:22,320 --> 00:24:25,880 Speaker 1: for Kiev to detonate the radioactive dirty bomb. The US 454 00:24:25,920 --> 00:24:30,800 Speaker 1: called the allegation transparently false. Meanwhile, Ukrainian forces continue to 455 00:24:30,800 --> 00:24:34,040 Speaker 1: deliberate villages as the war drags on. For close to 456 00:24:34,200 --> 00:24:39,560 Speaker 1: eight months, ABC talked to Ukrainian Colonel General Alexander Schersky 457 00:24:39,680 --> 00:24:44,480 Speaker 1: about the war so far, Chersky, through a translator. Of course, 458 00:24:44,560 --> 00:24:48,800 Speaker 1: we are winning, and it's important that we are winning mentally. 459 00:24:49,000 --> 00:24:53,359 Speaker 1: But we know what they're fighting for. But still this 460 00:24:54,119 --> 00:24:57,800 Speaker 1: is very hot. General Sharsky says they are concerned about 461 00:24:57,800 --> 00:25:02,440 Speaker 1: the Russia's continuous nuclear same A rattling Russian President Vladimir 462 00:25:02,520 --> 00:25:05,920 Speaker 1: Putin was quick to congratulate Shi Jing Ping yesterday after 463 00:25:05,960 --> 00:25:08,520 Speaker 1: the Chinese leader secured a third term as head of 464 00:25:08,560 --> 00:25:13,000 Speaker 1: the country's ruling Communist party. Disgrace movie producer Harvey Weinstein 465 00:25:13,119 --> 00:25:17,000 Speaker 1: stands trial in Los Angeles starting today for allegedly sexually 466 00:25:17,040 --> 00:25:21,160 Speaker 1: assaulting women. Dozens of his alleged victims say judgment day 467 00:25:21,359 --> 00:25:25,720 Speaker 1: is overdue for a serial predator. Party you missed with 468 00:25:25,840 --> 00:25:30,840 Speaker 1: the wrong women. We will see you here in Los Angeles, 469 00:25:31,000 --> 00:25:34,160 Speaker 1: where hopefully your conviction will leave you in jail for life. 470 00:25:34,520 --> 00:25:37,399 Speaker 1: Weinstein is already serving the twenty three years sentence in 471 00:25:37,480 --> 00:25:41,280 Speaker 1: New York State for similar charges. Global News twenty four 472 00:25:41,359 --> 00:25:44,560 Speaker 1: hours a day on air and on Bloomberg Quick Dank, 473 00:25:44,880 --> 00:25:48,000 Speaker 1: powered by more than twenty d journalists and analyst, are 474 00:25:48,040 --> 00:25:50,520 Speaker 1: more than a hundred twenty countries. Michael Bard, this is 475 00:25:50,560 --> 00:25:56,320 Speaker 1: Bloomberg in all right, thank you Michael on Wall Street. 476 00:25:56,359 --> 00:25:58,080 Speaker 1: Time now for the sports were for it brought to 477 00:25:58,119 --> 00:26:01,200 Speaker 1: you by Tri State Autie. Here's Joe's our alright, Amy 478 00:26:01,240 --> 00:26:04,040 Speaker 1: Yankee fans at High Hope. So after a tremendous first 479 00:26:04,119 --> 00:26:06,320 Speaker 1: after the season, second half not nearly as good, and 480 00:26:06,440 --> 00:26:10,159 Speaker 1: the postseason big disappointment, not only losing to the Alcs 481 00:26:10,200 --> 00:26:12,560 Speaker 1: to the Astros third time in the last six years, 482 00:26:12,640 --> 00:26:16,080 Speaker 1: but getting swept Houston finished the sweep at the stadium 483 00:26:16,160 --> 00:26:19,160 Speaker 1: six to five. Yanks finally scored some runs. Harrison batter 484 00:26:19,240 --> 00:26:21,080 Speaker 1: at his fifth home run of the postseason. Yanks let 485 00:26:21,119 --> 00:26:24,280 Speaker 1: five before the Astros then scored twice in the seventh inning. 486 00:26:24,359 --> 00:26:27,960 Speaker 1: Several Yanks had a rough series. Josh Donaldson thirteen at bats, 487 00:26:28,040 --> 00:26:31,800 Speaker 1: ten strikeouts, Aaron Judge just one for sixteen, and now Judge, 488 00:26:31,800 --> 00:26:35,400 Speaker 1: after his record breaking sixty two home run season, becomes 489 00:26:35,440 --> 00:26:39,240 Speaker 1: a free agent. You know, I haven't even have even 490 00:26:39,280 --> 00:26:42,280 Speaker 1: thought about the next step yet. Uh you know, but 491 00:26:42,400 --> 00:26:44,120 Speaker 1: like I said, we got we got time to figure 492 00:26:44,160 --> 00:26:48,240 Speaker 1: it out. Um. You know, I've never been in this 493 00:26:50,400 --> 00:26:53,480 Speaker 1: Philly surprise winners of the Nashale Bryce Harper gave wanting 494 00:26:53,520 --> 00:26:55,400 Speaker 1: to run Homer the eighthenning to beat San Diego four 495 00:26:55,440 --> 00:26:58,200 Speaker 1: to three. When the NLCS four to one World Series 496 00:26:58,280 --> 00:27:01,359 Speaker 1: starts Friday in Houston, Giant and Jets keep winning for 497 00:27:01,480 --> 00:27:03,879 Speaker 1: both four wins in a row. Both unbeaten on the 498 00:27:04,000 --> 00:27:07,200 Speaker 1: road Giants one of Jacksonville three to seventeen. Both say 499 00:27:07,280 --> 00:27:10,200 Speaker 1: Juan Barkley and Daniel Jones ran for over a hundred 500 00:27:10,280 --> 00:27:12,960 Speaker 1: yards that Jets won sixteen to nine. In Denver, Rookie 501 00:27:13,000 --> 00:27:15,840 Speaker 1: Breeze All had an early sixty two yard touchdown. Later 502 00:27:15,920 --> 00:27:17,480 Speaker 1: he heard his knee. It will need to be a 503 00:27:17,600 --> 00:27:19,840 Speaker 1: season ending to an a c L big NFL story. 504 00:27:19,880 --> 00:27:23,159 Speaker 1: The struggles of Green Bay and Tampa Bay, both NFC 505 00:27:23,320 --> 00:27:26,880 Speaker 1: teams with legendary quarterbacks, are three and four. Packers third 506 00:27:26,920 --> 00:27:30,560 Speaker 1: straight loss, beaten by Washington, Tom Braiding the Bucks one 507 00:27:30,640 --> 00:27:33,440 Speaker 1: to three at Carolina. Rangers and Islanders both loss. John 508 00:27:33,520 --> 00:27:37,040 Speaker 1: Stashar Bloomberg Sports, All right, thank you, John. It's five 509 00:27:37,119 --> 00:27:39,199 Speaker 1: thirty seven on Wall Street time now for the Tri 510 00:27:39,359 --> 00:27:42,080 Speaker 1: State Business Row Board. Here with that is Bloomberg's Denise 511 00:27:42,119 --> 00:27:45,320 Speaker 1: Bella Greeny. Some big price cuts on real estate if 512 00:27:45,400 --> 00:27:48,840 Speaker 1: you can close fast. President of New Jersey Realtors, Robert White, 513 00:27:48,840 --> 00:27:51,639 Speaker 1: says inventory is growing. What is also a broker with 514 00:27:51,760 --> 00:27:54,400 Speaker 1: Coldwell Banker Spring Laken, and he says he's seeing price 515 00:27:54,480 --> 00:27:57,800 Speaker 1: cuts for adult communities. The Auto Group says the largest 516 00:27:57,840 --> 00:28:00,800 Speaker 1: supply of unsold homes in Jersey is in the one 517 00:28:00,880 --> 00:28:03,800 Speaker 1: to two and a half million dollar range. Insurers in 518 00:28:03,880 --> 00:28:07,879 Speaker 1: Connecticut spent more to cover administrative costs of medical claims 519 00:28:08,119 --> 00:28:10,399 Speaker 1: in the second year of the pandemic. That's according to 520 00:28:10,440 --> 00:28:13,320 Speaker 1: a new government report card on the industry and Cossa 521 00:28:13,440 --> 00:28:17,280 Speaker 1: Cruz in the Headlights. Vogue calls the sixty feet Street 522 00:28:17,320 --> 00:28:20,480 Speaker 1: dining room New York's most glamorous new restaurant, but The 523 00:28:20,560 --> 00:28:22,480 Speaker 1: New York Post says it's Steph has been trying to 524 00:28:22,480 --> 00:28:24,720 Speaker 1: book a table there for weeks and their calls haven't 525 00:28:24,760 --> 00:28:27,680 Speaker 1: been returned. The paper has claimed that Cossa Cruz is 526 00:28:27,720 --> 00:28:30,719 Speaker 1: strictly a private club for wealthy investors who pay big 527 00:28:30,800 --> 00:28:33,760 Speaker 1: bucks to join something. Cossa Cruise has pushed back on 528 00:28:34,200 --> 00:28:37,560 Speaker 1: with the Try State Business Report. I'm Denise Pelgrini, All right, 529 00:28:37,600 --> 00:28:40,600 Speaker 1: thank you, Denise. On Wall Street. Bloomberg Radio was on 530 00:28:40,680 --> 00:28:43,240 Speaker 1: the air from San Francisco to New York, London to 531 00:28:43,360 --> 00:28:45,920 Speaker 1: Hong Kong, let's check in with our global news team 532 00:28:45,960 --> 00:28:47,760 Speaker 1: for some of the top stories heard on our three 533 00:28:47,840 --> 00:28:54,600 Speaker 1: hundred affiliate radio stations around the world. I'm Steve polask 534 00:28:55,240 --> 00:28:58,600 Speaker 1: X in Los Angeles. We're talking about top business economists 535 00:28:58,720 --> 00:29:01,400 Speaker 1: saying if we're not already in a recession, we likely 536 00:29:01,440 --> 00:29:04,560 Speaker 1: will be soon. Um Courney Donaho on KA terr H 537 00:29:04,680 --> 00:29:07,720 Speaker 1: in Houston. The majority of working Americans feel behind on 538 00:29:07,880 --> 00:29:11,360 Speaker 1: retirement savings. I'm Gina Servetti in for w c c 539 00:29:11,520 --> 00:29:14,360 Speaker 1: O in Minneapolis. I'm reporting that Hormel Foods is in 540 00:29:14,440 --> 00:29:17,000 Speaker 1: talks to take a bite out of an Indonesian snap 541 00:29:17,040 --> 00:29:21,120 Speaker 1: food maker. I'm Jeff Belinger and on WBC in Boston, 542 00:29:21,280 --> 00:29:25,000 Speaker 1: I'm reporting that a casket made by an andover, Massachusetts 543 00:29:25,080 --> 00:29:29,040 Speaker 1: company shows up in a Taylor Swift video. I'm Stephen 544 00:29:29,080 --> 00:29:31,800 Speaker 1: Carol and Bloomberg d A B Digital Radio in London. 545 00:29:31,880 --> 00:29:35,120 Speaker 1: We've been reporting on Conservative Party heavyweights lining up to 546 00:29:35,160 --> 00:29:38,760 Speaker 1: support Richie Snack in the leadership race. I'm Dense Pelgreny 547 00:29:38,840 --> 00:29:41,480 Speaker 1: and on ww J in Detroit. I'm reporting on general 548 00:29:41,600 --> 00:29:44,480 Speaker 1: motors new drive to get workers back to the office. 549 00:29:44,880 --> 00:29:47,480 Speaker 1: And those are some of the stories our hundred Bloomberg 550 00:29:47,520 --> 00:29:50,760 Speaker 1: journalists and analysts are working on this morning around the world. 551 00:29:51,040 --> 00:29:53,760 Speaker 1: It's thirty nine on Wall Street. The following is an 552 00:29:53,920 --> 00:29:58,160 Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the 553 00:29:58,200 --> 00:30:02,240 Speaker 1: Bloomberg Editorial Board. The Federal Reserve is among the world's 554 00:30:02,320 --> 00:30:06,480 Speaker 1: most powerful institutions. When its policy makers act, they have 555 00:30:06,760 --> 00:30:10,400 Speaker 1: immense potential to move markets. It should be obvious, then, 556 00:30:10,520 --> 00:30:14,040 Speaker 1: that FED officials need to carefully weigh when and where 557 00:30:14,240 --> 00:30:18,640 Speaker 1: they speak. Apparently it's not obvious enough. Earlier this month, 558 00:30:18,720 --> 00:30:21,080 Speaker 1: the president of the St. Louis FED spoke at a 559 00:30:21,200 --> 00:30:24,960 Speaker 1: private event that city group, a bank overseen by the FED, 560 00:30:25,160 --> 00:30:29,480 Speaker 1: had arranged for a select group of clients. His comments 561 00:30:29,640 --> 00:30:34,280 Speaker 1: reportedly touched on monetary policy and financial stability, topics that 562 00:30:34,400 --> 00:30:38,640 Speaker 1: could hardly be of greater importance. FED officials shouldn't be 563 00:30:38,760 --> 00:30:41,840 Speaker 1: permitted to share their views on monetary policy in a 564 00:30:42,000 --> 00:30:46,440 Speaker 1: closed forum, let alone one arranged by a for profit enterprise. 565 00:30:46,560 --> 00:30:49,760 Speaker 1: The Central Bank is supposed to be regulating, the Federal 566 00:30:49,880 --> 00:30:53,480 Speaker 1: Reserve should ensure that no policy maker is giving away 567 00:30:53,600 --> 00:30:58,160 Speaker 1: what rightly belongs to the public. This editorial was written 568 00:30:58,200 --> 00:31:01,720 Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion. Please 569 00:31:01,760 --> 00:31:04,920 Speaker 1: go to Bloomberg dot com, Slash Opinion or Opie I 570 00:31:05,120 --> 00:31:08,960 Speaker 1: n go on the Bloomberg terminal. This has been Bloomberg Opinion. 571 00:31:09,120 --> 00:31:12,160 Speaker 1: Bloomberg Opinion editorials can be heard every weekday at this time, 572 00:31:12,200 --> 00:31:15,800 Speaker 1: and terminal customers can read more at Opie I n go. 573 00:31:17,000 --> 00:31:23,200 Speaker 1: This is Bloomberg. The Bloomberg Sports Report was brought to 574 00:31:23,280 --> 00:31:25,480 Speaker 1: you by Audie. Don't let someone else drive off in 575 00:31:25,520 --> 00:31:28,240 Speaker 1: the autie model you've always wanted. Visit your local try 576 00:31:28,280 --> 00:31:30,800 Speaker 1: state autie dealer to get behind the wheel of yours today, 577 00:31:30,920 --> 00:31:37,640 Speaker 1: or visit autie Offers dot com for more information, markets, 578 00:31:37,800 --> 00:31:40,840 Speaker 1: headlines and breaking news twenty four hours a day at 579 00:31:40,880 --> 00:31:44,280 Speaker 1: Bloomberg dot com, the Bloomberg Business Out and at Bloomberg 580 00:31:44,360 --> 00:31:53,640 Speaker 1: Quick Tape. This is a Bloomberg Business Flash and I'm 581 00:31:53,720 --> 00:31:57,720 Speaker 1: Karen Moscow. Songs in Europe are pairing in their gains, 582 00:31:58,040 --> 00:32:00,400 Speaker 1: and US DOT Index futures are on the A client 583 00:32:00,560 --> 00:32:03,560 Speaker 1: is a route in Chinese shares ways on sentiment for 584 00:32:03,720 --> 00:32:05,720 Speaker 1: investors away the next batch of earnings from some of 585 00:32:05,720 --> 00:32:09,200 Speaker 1: the world's biggest companies. Treasury yields are dipping, the dollar 586 00:32:09,360 --> 00:32:11,720 Speaker 1: is gaming. We checked the markets every fifteen minutes throughout 587 00:32:11,760 --> 00:32:14,280 Speaker 1: the trading day on Bloomberg guess and P futures down 588 00:32:14,360 --> 00:32:17,760 Speaker 1: nine points, DAL futures down sixty six, nasdack futures down 589 00:32:17,800 --> 00:32:20,880 Speaker 1: forty two. The decks in Germany is now a half percent. 590 00:32:21,040 --> 00:32:24,080 Speaker 1: Ten year treasury up six thirty seconds, the yield four 591 00:32:24,240 --> 00:32:26,840 Speaker 1: point one nine percent. They yield on a two year 592 00:32:26,920 --> 00:32:30,400 Speaker 1: four point four eight percent. Nine x Scrude oil is 593 00:32:30,480 --> 00:32:32,840 Speaker 1: down one point seven percent on a dollar forty three 594 00:32:32,880 --> 00:32:35,480 Speaker 1: at eighty three dollars sixty two cents. A barrel comic 595 00:32:35,520 --> 00:32:37,120 Speaker 1: school down a third of a per cent, or five 596 00:32:37,160 --> 00:32:40,720 Speaker 1: dollars fifty cents at sixteen fifty eighty announced. The euro 597 00:32:40,960 --> 00:32:43,960 Speaker 1: point nine eight one six against the dollar British found 598 00:32:44,000 --> 00:32:46,280 Speaker 1: one point one three one six and the end one 599 00:32:46,360 --> 00:32:49,360 Speaker 1: forty nine point four six. And looking a bitcoin, it's 600 00:32:49,360 --> 00:32:52,240 Speaker 1: sound about seven ten percent at nineteen thousand, three hundred 601 00:32:52,360 --> 00:32:55,520 Speaker 1: seventy dollars. That's a Bloomberg business flash. Now here's Michael 602 00:32:55,560 --> 00:32:58,200 Speaker 1: Barr with more on what's going on around the world. Michael, 603 00:32:59,280 --> 00:33:01,120 Speaker 1: thank you very much. Karen. The U S and two 604 00:33:01,160 --> 00:33:04,800 Speaker 1: of its allies are accusing Russia's defense minister making false 605 00:33:04,920 --> 00:33:09,040 Speaker 1: allegations after he claimed that Ukraine was planning to use 606 00:33:09,120 --> 00:33:12,640 Speaker 1: a so called dirty bomb on its own soil. In baseball, 607 00:33:12,720 --> 00:33:14,720 Speaker 1: it will be the Astros against the Phillies in the 608 00:33:14,800 --> 00:33:18,040 Speaker 1: World Series. The Yankees were strut by Houston Sunday in 609 00:33:18,120 --> 00:33:21,760 Speaker 1: the ALCS in Game four, six five, the Phillies beat 610 00:33:21,800 --> 00:33:24,920 Speaker 1: the Padres four three to win the NLCS four games 611 00:33:24,960 --> 00:33:28,920 Speaker 1: to one. In football, the Giants, Jets, and Commanders all one. 612 00:33:29,120 --> 00:33:32,160 Speaker 1: The forty Niners lost in the NBA, the Wizards lost, 613 00:33:32,240 --> 00:33:36,320 Speaker 1: the Warriors won in the NHL, the Islanders and Rangers lost. 614 00:33:36,680 --> 00:33:39,160 Speaker 1: Global News twenty four hours a day on air and 615 00:33:39,400 --> 00:33:43,480 Speaker 1: on Bloomberg Quick Take, powered by more than hundred journalists 616 00:33:43,480 --> 00:33:46,520 Speaker 1: and analysts more than a hundred twenty countries. Michael barn 617 00:33:46,680 --> 00:33:49,680 Speaker 1: this is Bloomberg Gamy. All right, thank you, Michael. It 618 00:33:49,840 --> 00:33:52,640 Speaker 1: is on Wall Street. Time to check in with the 619 00:33:52,720 --> 00:33:56,440 Speaker 1: Bloomberg Government. We're joined now by Bloomberg Executive editor for 620 00:33:56,680 --> 00:34:00,640 Speaker 1: International Government, Ros Matheson Rossetts. Plus sure, thank you for 621 00:34:00,760 --> 00:34:04,200 Speaker 1: taking the time. A lot happened over the weekend. Could 622 00:34:04,200 --> 00:34:06,240 Speaker 1: you bring us up to speed on where things stand 623 00:34:06,360 --> 00:34:09,440 Speaker 1: now in the run for UK Prime Minister. Well, we 624 00:34:09,560 --> 00:34:12,719 Speaker 1: might actually have a result as soon as today. And 625 00:34:12,920 --> 00:34:15,840 Speaker 1: piece of who the new UK Prime Minister might be. 626 00:34:16,200 --> 00:34:19,000 Speaker 1: We were looking at a race of three that included 627 00:34:19,040 --> 00:34:22,040 Speaker 1: the former Prime Minister, Boris Johnson, but he announced last 628 00:34:22,160 --> 00:34:24,439 Speaker 1: night that he was not going to put his name 629 00:34:24,840 --> 00:34:27,120 Speaker 1: into the race. That says there were doubts about whether 630 00:34:27,200 --> 00:34:30,360 Speaker 1: he had enough support from the Tory lawmaker ranks to 631 00:34:30,480 --> 00:34:33,000 Speaker 1: put his name on the ballot. So now we're down 632 00:34:33,080 --> 00:34:37,120 Speaker 1: to Richie Sunac, the former Chancellor, and Penny Mordant, who's 633 00:34:37,160 --> 00:34:40,560 Speaker 1: the Leader of the House of Commons for the Tory Party. 634 00:34:40,680 --> 00:34:43,080 Speaker 1: Are those two going head to head? We know that 635 00:34:43,239 --> 00:34:46,239 Speaker 1: Rischie Sunac has enough backing from Tory lawmakers to get 636 00:34:46,280 --> 00:34:49,520 Speaker 1: on the ballot. There's been a wave of endorsements for 637 00:34:49,640 --> 00:34:53,520 Speaker 1: him this morning. There's some doubt over whether Penny Mordant 638 00:34:53,520 --> 00:34:57,000 Speaker 1: would actually get enough to put her name in. Officially, 639 00:34:57,440 --> 00:34:59,440 Speaker 1: she says she's still in the race. She says she's 640 00:34:59,480 --> 00:35:02,759 Speaker 1: getting the members, but that remains to be seen. Either way. 641 00:35:02,880 --> 00:35:05,719 Speaker 1: We could get to a point this evening where there's 642 00:35:05,760 --> 00:35:09,719 Speaker 1: either a vote amongst Tory lawmakers between the two or 643 00:35:09,840 --> 00:35:12,040 Speaker 1: she simply doesn't get enough to get on the ballot. 644 00:35:12,160 --> 00:35:14,840 Speaker 1: So we could actually get a result this evening and 645 00:35:14,920 --> 00:35:18,240 Speaker 1: it's looking at this stage definitely favorable towards Richie Senate 646 00:35:18,360 --> 00:35:22,239 Speaker 1: becoming the new UK Prime Minister. Whoever the person is 647 00:35:22,320 --> 00:35:25,880 Speaker 1: who takes over this party and who wins, is going 648 00:35:25,920 --> 00:35:28,520 Speaker 1: to have a full plate and trying to bring unity 649 00:35:28,560 --> 00:35:31,600 Speaker 1: to the party. What has to happen for this person, 650 00:35:31,680 --> 00:35:35,759 Speaker 1: whoever it is, to be successful. Well, there's a lot. 651 00:35:35,880 --> 00:35:38,239 Speaker 1: As you say, I mean that the starting point is 652 00:35:38,280 --> 00:35:41,240 Speaker 1: simply that the Tory Party has been essentially tearing itself 653 00:35:41,280 --> 00:35:45,520 Speaker 1: apart publicly for months now. There's been a high level 654 00:35:45,680 --> 00:35:49,680 Speaker 1: of sniping between different factions and the Tory Party, disagreements 655 00:35:50,280 --> 00:35:54,120 Speaker 1: bruising leadership contest before even this round, and of course 656 00:35:54,200 --> 00:35:57,800 Speaker 1: the sudden resignation of Lizz Trust as Prime Minister. So 657 00:35:57,960 --> 00:35:59,800 Speaker 1: there's a lot there for a new leader to do 658 00:36:00,000 --> 00:36:03,480 Speaker 1: in terms of just trying to stop what is essentially 659 00:36:03,520 --> 00:36:06,759 Speaker 1: a civil war going on inside the Tory parties. You've 660 00:36:06,760 --> 00:36:08,719 Speaker 1: got to do that. Then you've actually got a bunch 661 00:36:08,800 --> 00:36:12,520 Speaker 1: of economic challenges on your plate that required quick attention, 662 00:36:12,760 --> 00:36:17,480 Speaker 1: reversing all of what Liz Trusts economic policies were working out. 663 00:36:17,520 --> 00:36:23,280 Speaker 1: What tax policy is, health spending, defense spending, pensions, obviously, 664 00:36:23,480 --> 00:36:26,759 Speaker 1: tax tax rates now going forward. And then of course 665 00:36:26,800 --> 00:36:30,360 Speaker 1: there's the UK externally. What's its role in supporting Ukraine 666 00:36:30,400 --> 00:36:33,719 Speaker 1: still against Russia, what's its policy on China? What a 667 00:36:33,800 --> 00:36:37,800 Speaker 1: relations like with the US? Has trade tensions rise across Europe? 668 00:36:37,880 --> 00:36:40,320 Speaker 1: So there's a very very full plate there for whoever 669 00:36:40,440 --> 00:36:43,239 Speaker 1: gets in the chair, And all of that really is 670 00:36:43,360 --> 00:36:45,719 Speaker 1: quite urgent, so none of it really can be put 671 00:36:45,760 --> 00:36:48,359 Speaker 1: off till later. So we only have about a minute here. 672 00:36:48,400 --> 00:36:51,160 Speaker 1: But what are you watching for, particularly now that Boris 673 00:36:51,239 --> 00:36:53,520 Speaker 1: Johnson is not in the running. Could he still have 674 00:36:53,640 --> 00:36:58,160 Speaker 1: a little influence, some influence over whomever occupies number ten? Well, 675 00:36:58,200 --> 00:37:00,720 Speaker 1: certainly he does have a level of support still amongst 676 00:37:00,760 --> 00:37:05,280 Speaker 1: story lawmakers and more importantly sort of amongst Tory members 677 00:37:05,719 --> 00:37:08,080 Speaker 1: as a whole in the voting a lecturer. And that's 678 00:37:08,120 --> 00:37:10,200 Speaker 1: something to bear in mind, is what is the role 679 00:37:10,239 --> 00:37:13,640 Speaker 1: of Bis Johnson going forward? He's still a member of Parliament? 680 00:37:13,719 --> 00:37:17,040 Speaker 1: Does he fight his time for a potential later come back? 681 00:37:17,120 --> 00:37:20,040 Speaker 1: Who does he throw his support behind um? He could 682 00:37:20,080 --> 00:37:22,680 Speaker 1: be quite a disruptive presence because of course he and 683 00:37:22,800 --> 00:37:26,400 Speaker 1: soon At had a very nasty public falling out, so 684 00:37:26,520 --> 00:37:29,400 Speaker 1: we need to see that also. Those are big questions 685 00:37:29,440 --> 00:37:33,160 Speaker 1: obviously again for whoever wins. All right, Bloomberg's executive editor 686 00:37:33,239 --> 00:37:35,880 Speaker 1: for International Government, Ros Mathieson want to thank you for 687 00:37:36,040 --> 00:37:38,200 Speaker 1: taking the time with us, and we are looking to 688 00:37:38,320 --> 00:37:41,000 Speaker 1: see who winds up in the in the head of 689 00:37:41,280 --> 00:37:44,560 Speaker 1: UK Prime Minister. That could happen as early as today, 690 00:37:44,680 --> 00:37:48,400 Speaker 1: Karen Amy. It is five or fifty three on Wall Street. 691 00:37:48,480 --> 00:37:50,919 Speaker 1: Time for our Bloomberg Law Report. Let's get to legal 692 00:37:51,000 --> 00:37:57,720 Speaker 1: stories we're watching this morning from Bloomberg's Joan Donagher. Lawyers 693 00:37:57,800 --> 00:38:01,000 Speaker 1: are among the workers pushing back against turn to work orders. 694 00:38:01,040 --> 00:38:04,320 Speaker 1: In American Bar Association survey finds forty four percent of 695 00:38:04,400 --> 00:38:07,520 Speaker 1: lawyers with ten years or less of experience say they 696 00:38:07,560 --> 00:38:09,839 Speaker 1: will jump ship for a job that offers more free 697 00:38:09,840 --> 00:38:12,960 Speaker 1: too more remote work. Paloton is facing a lawsuit from 698 00:38:13,000 --> 00:38:16,640 Speaker 1: Taiwan based Johnson Health Tech. It charges Peloton's treadmills and 699 00:38:16,719 --> 00:38:19,960 Speaker 1: fring three company patents, and a federal appeals court ruling 700 00:38:20,040 --> 00:38:22,760 Speaker 1: means thirteen states have to wait until an agency uses 701 00:38:22,800 --> 00:38:26,520 Speaker 1: Biden administration estimates on the costs of greenhouse gases before 702 00:38:26,640 --> 00:38:30,640 Speaker 1: charging those estimates cause harm. Bloomberg Law everything you need, 703 00:38:30,960 --> 00:38:35,239 Speaker 1: all on one legal research platform, including guidance analysis and 704 00:38:35,360 --> 00:38:40,799 Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. Right, John, 705 00:38:40,880 --> 00:38:44,160 Speaker 1: thank you. Another legal story we're watching. The Insular Cases 706 00:38:44,320 --> 00:38:46,879 Speaker 1: are a series of rulings from the nineteen hundreds which 707 00:38:46,880 --> 00:38:51,239 Speaker 1: are almost universally described as racist, establishing that people in 708 00:38:51,400 --> 00:38:55,160 Speaker 1: US territories don't have all the constitutional rights of Americans. 709 00:38:55,600 --> 00:38:59,279 Speaker 1: Conservative Neil gore Such has described them as shameful and 710 00:38:59,400 --> 00:39:03,000 Speaker 1: based on ugly racial stereotypes. Core As Such and liberal 711 00:39:03,080 --> 00:39:06,279 Speaker 1: Justice Sonya Soto Mayora have called for them to be overruled. 712 00:39:06,719 --> 00:39:09,800 Speaker 1: Yet the Supreme Court turned down a case involving American 713 00:39:09,920 --> 00:39:13,080 Speaker 1: Samoa's that could have done just that. For more, Bloomberg 714 00:39:13,120 --> 00:39:16,960 Speaker 1: Stuon Grasso space to m. Lafazzo at Constitutional law professor 715 00:39:17,080 --> 00:39:20,359 Speaker 1: at the University of West Virginia Law School. So these 716 00:39:20,480 --> 00:39:25,960 Speaker 1: Insular cases, Conservative Justice Neil Gorcich and liberal Justice Sonya 717 00:39:26,000 --> 00:39:31,120 Speaker 1: Soto Mayor have both expressed concern about the Insular Cases 718 00:39:31,239 --> 00:39:35,520 Speaker 1: remaining on the books, but neither of them dissented here. Well, 719 00:39:36,000 --> 00:39:38,400 Speaker 1: there's a couple of things going on here. They may 720 00:39:38,480 --> 00:39:41,120 Speaker 1: not have had the votes to overturn the precedent, so 721 00:39:41,760 --> 00:39:43,960 Speaker 1: why even go there. There were also a lot of 722 00:39:44,000 --> 00:39:48,000 Speaker 1: problems with this case, Samoa is very unique. It wasn't 723 00:39:48,040 --> 00:39:52,560 Speaker 1: part of the original Insular cases, so they could decide 724 00:39:52,600 --> 00:39:55,840 Speaker 1: this case purely on constitutional grounds and not go to 725 00:39:55,960 --> 00:39:59,480 Speaker 1: the Insular cases. There is no split in the circuits 726 00:39:59,760 --> 00:40:02,560 Speaker 1: on this issue either. Six courts have looked at it, 727 00:40:02,960 --> 00:40:06,719 Speaker 1: all six have agreed. The second of all, when the 728 00:40:06,800 --> 00:40:09,759 Speaker 1: Supreme Court takes a case, it doesn't just take it 729 00:40:10,120 --> 00:40:13,719 Speaker 1: because it thinks it's an important federal issue. There's what's 730 00:40:13,760 --> 00:40:17,440 Speaker 1: a good vehicle for deciding this case. That means there 731 00:40:17,480 --> 00:40:21,359 Speaker 1: aren't any extraneous issues that could prevent them from coming 732 00:40:21,440 --> 00:40:24,000 Speaker 1: into a conclusion because they don't even have to look 733 00:40:24,040 --> 00:40:27,200 Speaker 1: at the Insula cases to decide this. So that's why 734 00:40:27,440 --> 00:40:30,920 Speaker 1: it would be considered a poor vehicle for revisiting the 735 00:40:31,040 --> 00:40:35,440 Speaker 1: Insular cases. Politics are also involved here. Might that be 736 00:40:35,600 --> 00:40:40,640 Speaker 1: another reason the Court didn't take this case. Currently, there 737 00:40:40,640 --> 00:40:43,680 Speaker 1: are negotiations between the United States and Samoa about how 738 00:40:43,760 --> 00:40:46,840 Speaker 1: to progress preserve the Samoan way of life, and so 739 00:40:47,280 --> 00:40:50,640 Speaker 1: there's a lot of concern among the Samoans and the 740 00:40:50,719 --> 00:40:54,960 Speaker 1: government of Samoa that a birthright citizenship might disrupt their 741 00:40:55,040 --> 00:40:58,120 Speaker 1: way of life. The Samoan people right now have not 742 00:40:58,239 --> 00:41:01,640 Speaker 1: reached a consensus as to whether or not they want 743 00:41:01,800 --> 00:41:06,640 Speaker 1: to have citizenship, and there's a streamlined process for people 744 00:41:06,800 --> 00:41:10,799 Speaker 1: born in Samoa to become US citizens. So that means 745 00:41:10,840 --> 00:41:14,239 Speaker 1: that many Samoans might say, well, we still don't want 746 00:41:14,280 --> 00:41:17,640 Speaker 1: the birthright. If an individual wants to become a U. S. Citizen, 747 00:41:17,800 --> 00:41:20,840 Speaker 1: they can, It will be very easy. And I know 748 00:41:21,400 --> 00:41:23,640 Speaker 1: many of us in the United States might say why 749 00:41:23,680 --> 00:41:26,640 Speaker 1: would anyone not want to be American citizens? But some 750 00:41:26,880 --> 00:41:29,920 Speaker 1: people don't, So I think that's also important to respect. 751 00:41:30,000 --> 00:41:31,600 Speaker 1: And that was one of the points that the brief 752 00:41:31,680 --> 00:41:33,800 Speaker 1: of the Samoan government made, is like, why would we 753 00:41:33,880 --> 00:41:37,960 Speaker 1: want this court by judicial fiat to impose U. S 754 00:41:38,040 --> 00:41:42,719 Speaker 1: citizenship on every person born in Samoa where right now 755 00:41:42,880 --> 00:41:46,240 Speaker 1: there is not a political consensus, So it would almost 756 00:41:46,320 --> 00:41:50,000 Speaker 1: be colonization in a different way by judicial fiat saying 757 00:41:50,120 --> 00:41:53,439 Speaker 1: now you are automatically U. S. Citizens. And so there 758 00:41:53,680 --> 00:41:58,319 Speaker 1: is this political dimension that perhaps the court didn't want 759 00:41:58,320 --> 00:42:03,120 Speaker 1: to wait in on. And that's m Afazzo, a professor 760 00:42:03,200 --> 00:42:05,719 Speaker 1: at the University of West Virginia Law Schools, being into 761 00:42:05,760 --> 00:42:09,320 Speaker 1: Bloomberg's June Grosso. Catch more of that interview, plus analysis 762 00:42:09,400 --> 00:42:11,880 Speaker 1: of the latest legal news by listening to the Bloomberg 763 00:42:12,000 --> 00:42:15,080 Speaker 1: Law Show at ten pm Eastern Time or subscribing to 764 00:42:15,080 --> 00:42:18,959 Speaker 1: the Bloomberg Law Podcast, and attorneys can find exceptional legal 765 00:42:19,040 --> 00:42:22,680 Speaker 1: research and business development tools at Bloomberg Law dot com. 766 00:42:23,600 --> 00:42:26,680 Speaker 1: SMP futures they have been trimming their gains there up 767 00:42:26,719 --> 00:42:29,480 Speaker 1: four points right now, DAL futures of thirty three and 768 00:42:29,560 --> 00:42:33,000 Speaker 1: NASTAG futures are now little change. The decks in Germany's 769 00:42:33,080 --> 00:42:35,400 Speaker 1: up nine tenths of upper cent ten year treasury up 770 00:42:35,440 --> 00:42:38,120 Speaker 1: ten thirty seconds. 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