Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: Daybreak for Monday, October two. Coming up this shower stocks
Speaker 1: in Asia tumble as China's Jan Pink stacks his leadership
Speaker 1: ranks with loyalists, which she soon Act moves closer to
Speaker 1: becoming UK's next prime Minister. UK Bond's rally on the
Speaker 1: Hope's for fiscal responsibility from soon Act, and a big
Speaker 1: week for earnings of Apple, Amazon, and Microsoft, all reporting
Speaker 1: New York at sixty two million dollars to make the
Speaker 1: city subway system safer. Unlus Ukraine denies Russia's warning of
Speaker 1: a dirty bomb from Key. I'm Michael Barne. More ahead,
Speaker 1: I'm John Stashoward Sports. The Yankee season is overswept by
Speaker 1: the Astros. They'll play the Phillies of the World Series.
Speaker 1: The Jets and Giants keep women. That's all s Trady
Speaker 1: Ahead on Bloomberg Daybreak on Bloomberg eleven three on New York,
Speaker 1: Bloomberg ninety nine one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius x
Speaker 1: M one nine team and around the world Bloomberg Radio
Speaker 1: dot com and via the Bloomberg Business. Good Monday morning.
Speaker 1: I'm Amy Morris and I'm Karen Moscow and US dot
Speaker 1: index futures are lower this morning. We're coming up to
Speaker 1: five oh one on Wall Street and we check the
Speaker 1: markets every fifteen minutes throughout the training day on bloomberg
Speaker 1: S and p Future is down sixteen points, DWAL future
Speaker 1: is down one and NASDAG futures down. The tenure treasury
Speaker 1: up three thirty seconds, yield four point to zero percent,
Speaker 1: and the yield on the two year four point four
Speaker 1: eight percent. Amy Karen stocks are coming off their best
Speaker 1: week since June. US central bankers say the next phase
Speaker 1: in their campaign to curb inflation will be debate on
Speaker 1: how to raise rates and when to slow the pace
Speaker 1: of increases. Lamar Villery as a partner in portfolio manager
Speaker 1: at Villery and Company and says a FED pivot is
Speaker 1: key for some of it. It just would kind of
Speaker 1: give everybody, i think, a sense of confidence that you know,
Speaker 1: we're out of this uber high environment and potentially, you know, yeah,
Speaker 1: if if you know, if we get in placed under
Speaker 1: control and then the economy slows down, potentially you could
Speaker 1: see some rate cuts next year. Lamar Villery at Hillery
Speaker 1: In Company says there's even a chance the FED does
Speaker 1: not raise rates in December. Well outside of the Fed,
Speaker 1: amy to focus this week is mainly on earnings. We
Speaker 1: get a big tech companies reporting and here are the
Speaker 1: preview as Bloomberry's Charlie Pellin, it's a huge week because
Speaker 1: we hear from names that will include Apple, Alphabet, Microsoft,
Speaker 1: Metal Platforms, Amazon and Intel. Den ives is with Wedbush Securities,
Speaker 1: and it's most important tech earnings teasing potentially in the
Speaker 1: last two years because of what's happened overall demand store.
Speaker 1: In terms of the macro, tech needs to prove it
Speaker 1: the resilience is there and not just tech. This week,
Speaker 1: other big names include x On Mobile, three m Ford, Boeing,
Speaker 1: and Coca Cola, among many many others. In New York,
Speaker 1: Charlie Pellet Bloomberg Daybreak. All right, thanks Charlie. In Asia
Speaker 1: over the weekend, it was all about politics. President she
Speaker 1: Being started his third term by stacking China's most powerful
Speaker 1: body with his allies. The move gives him unfettered control
Speaker 1: over the world's second largest economy. Speaking to the parties
Speaker 1: gathering on Sunday, she committed to reforming and opening up
Speaker 1: the economy. Here he is speaking through an interpreter. China's
Speaker 1: economy has great resilience, potential and latitude. It's strong fundamentals
Speaker 1: will not change and it will remain on a positive
Speaker 1: trajectory over the long run. China will open its doors
Speaker 1: ever wider. We will step fast over deepening reform and
Speaker 1: opening up across the board. Markets did not react favorably
Speaker 1: to Si Jianping's move to stack his leadership ranks with loyalists.
Speaker 1: China's currency weekend and the country's stocks tumble to the
Speaker 1: lowest level since two thousand and eight. Bloombergy Daybreak Asia
Speaker 1: anchor Brian Curtis has more from Hong Kong. It's a
Speaker 1: sharp rebuke to one man rule, a break from collective
Speaker 1: leadership over the past many decades. It means more policy
Speaker 1: staked on COVID zero and state owned enterprises. Alibaba, g
Speaker 1: dot Com and ten Cent all down eight to twelve
Speaker 1: during the session. Meantime, China's long delayed data showed mixed
Speaker 1: recovery in the third quarter. On employment rose and retail
Speaker 1: sales weakened. In September third quarters, GDP up three point
Speaker 1: nine percent, better than the three point three percent estimate
Speaker 1: in Hong Kong. Brian Curtis Bloomberg debreak, All right, thanks Brian.
Speaker 1: Staying in Asia now, Former Treasury Secretary Larry Summers is
Speaker 1: weighing in on policy in Japan, and he is watching
Speaker 1: financial developments out of Tokyo given the potential for difficulties
Speaker 1: if the country abandons it's pegged bond yield policy. There's
Speaker 1: been a lot of borrowing money UH in Japan to
Speaker 1: finance things all over the world, and so if Japanese
Speaker 1: interest rates UH start to change, that could be a
Speaker 1: pretty big deal. Former Treasury Secretary Lawrence Summers made the
Speaker 1: comments on Bloomberg's Wall Street Week. Catch that program every
Speaker 1: week Fridays at six pm Eastern on Bloomberg Radi oh
Speaker 1: and Television. Well in Europe this morning, Amy, the political
Speaker 1: action is still front and center. Richie Sunac has taken
Speaker 1: a big step toward becoming the next Prime Minister of
Speaker 1: the UK. And let's go live to London and get
Speaker 1: the latest of the Bloomberg's U and parts. Good morning,
Speaker 1: you Win, Good morning Karen and Amy. We should know
Speaker 1: the name of Britain's next Prime minister later today. Former
Speaker 1: Chancellor Rishi Sunac is the clear favorite to take over
Speaker 1: as the country's fifth leader in less than seven years.
Speaker 1: His only remaining opponent, Penny more Than, is yet to
Speaker 1: get the one endorsements from lawmakers need to make the
Speaker 1: final runoff. Boris Johnson, who cut shorts his holiday in
Speaker 1: the Caribbean to fly back to the UK now, says
Speaker 1: it's not the right time to enter the race in London.
Speaker 1: I'm you and pots the midday break, all right, thanks you,
Speaker 1: And oil is lower to begin the week right now now,
Speaker 1: i'm x crude is just down at two percent. President
Speaker 1: Biden's top energy advisor, Amos Hoxtein, is taking aim at Opec,
Speaker 1: saying that OPEC's recent output cut was largely a political move.
Speaker 1: Nobody can argue that it was warm to for any
Speaker 1: economic reason today and even open when they announced a
Speaker 1: two million and then they say, well, we're not actually
Speaker 1: gonna cut two million, We're just gonna cut nine hundred,
Speaker 1: and then you look a little deeper and it's really
Speaker 1: just about five hundred. So the impact on the market
Speaker 1: is not going to be as significant. Uh So this
Speaker 1: was more of a big political statement. Ms ox Seen
Speaker 1: making those comments on CBS Space the Nation. Catch that
Speaker 1: program every Sunday here on Bloomberg Radio. Well, speaking on
Speaker 1: political moves amy the January six hearings on Capitol Hiler
Speaker 1: back in focus. Co chair in the January six committee list,
Speaker 1: Cheney says Donald Trump will not be allowed to testify
Speaker 1: live on television before the committee. On Bloomberg said Baxter
Speaker 1: has that story. Cheney says Donald Trump will not be
Speaker 1: allowed to turn any testimony before the committee into a circus.
Speaker 1: This isn't going to be, you know, his first debate
Speaker 1: against Joe Biden and the circus and the food fight
Speaker 1: that that became this. This is far too serious set
Speaker 1: of issues, and we've made clear exactly what his obligations are.
Speaker 1: Training on NBC has heard on Bloomberg says a level
Speaker 1: of discipline and vigor that the herring deserves will be observed.
Speaker 1: In San Francisco, I'm at Baxter Bloomberg Daybreak, all right,
Speaker 1: and thank you, n S and P. Futures lower down
Speaker 1: about fifteen points down, Futures down a hundred four, nunsday,
Speaker 1: Futures down fifty nine and straight ahead your latest local headlines,
Speaker 1: plus a check of sports and this is Bloomberg. Thank you, Karen.
Speaker 1: Five oh seven on Wall Street. Let's bringing Michael Barr
Speaker 1: with more on what else is going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning Amy.
Speaker 1: New York Governor Kathy Hokel and Mayor Eric Adams saying
Speaker 1: they will bolster spending on the city subway system. They
Speaker 1: plan to add sixty two million dollars to deploy more
Speaker 1: police officers and removing severely mentally ill homeless people amid
Speaker 1: a series of high profile killings and other crimes on
Speaker 1: the transit system. HOCl and Adams acknowledge that writers continue
Speaker 1: to feel threatened using the largest mass transit system in
Speaker 1: the US. In one reason attack, the NYPD is searching
Speaker 1: for a man seen pushing another man onto the subway
Speaker 1: tracks in an unprovoked attack and then running away. The victim,
Speaker 1: David Martin, suffered a broken collar bone and stroll in
Speaker 1: face because from New York and love New York and
Speaker 1: always felt they've taken the train. And now it's thirties,
Speaker 1: two years old, I no longer feel safe and that's
Speaker 1: that's not there and that's not okay. The announcement comes
Speaker 1: nine months after Hocal and Adams unveiled a subway safety plan.
Speaker 1: Governor Hocol and her Republican challenger, le Zelden with face
Speaker 1: off Tuesday in their one and only debate before election day. HOCl,
Speaker 1: who once held a double digit lead over Zelden, has
Speaker 1: only a four percentage point edge according to the latest
Speaker 1: Quinnipiac University poll. However, a Sienna College poll gave Hocal
Speaker 1: and eleven point lead. Released on the same day. Bill
Speaker 1: reform has become a major issue in the campaign ahead
Speaker 1: of the November mid term elections. New polling shows that
Speaker 1: both parties have their areas of strength, but Republicans are
Speaker 1: strutting to open up a gap on some of the
Speaker 1: big issues, including inflation, crime, issues around the economy. Mark Short,
Speaker 1: the former chief of staff Vice President Mike Pence, says
Speaker 1: Republicans are going to win in November because it is
Speaker 1: a referendum on Joe Biden. Is clear that Donald Trump
Speaker 1: had a huge influence over the primary. He has a
Speaker 1: core base of roughly and a lot of the candidacy
Speaker 1: championed one with thirty three this primary. Mark Short spoke
Speaker 1: on ABC's This Week, which can be heard Sundays on Bloomberg.
Speaker 1: Russia's defense chief has alleged that Ukraine was preparing a
Speaker 1: provocation involving a radioactive device star claim that was strongly
Speaker 1: rejected by US, Ukrainian and British officials. Russia repeatedly has
Speaker 1: made allegations that Ukraine could detonate a dirty bomb and
Speaker 1: blame it on Moscow. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barr and this is Bloomberg Aamy. All right, thank you, Michael,
Speaker 1: five or nine Will Street. I'm now for the Bloomberg
Speaker 1: Sports Update, brought to you by Trice State Audi. Here's
Speaker 1: Jones stash Our. Thanks to Amy. For so much of
Speaker 1: the summer there was talking maybe a Subway World Series
Speaker 1: in New York. Instead, the World Series will be the
Speaker 1: Phillies against the Astros starting Friday in Houston. The Astros
Speaker 1: still haven't lost to the postseason. Early on at the
Speaker 1: Stadium looked like the Yankees might stay alive. They led
Speaker 1: three nothing, and after you get another Harrison Bader home run,
Speaker 1: they were up five to four in the seventh inning,
Speaker 1: but the Astros scored twice, game tying hit by Jordan
Speaker 1: Albarez of Jonathan Lowisa, go ahead hit by Alex bregmanoff
Speaker 1: Clay Holmes, and the Astros won six to five for
Speaker 1: the series sweep and their fourth pennant in the last
Speaker 1: six years. Aaron Judge made the final out. It ended
Speaker 1: his historic home run hitting season. Did it end his
Speaker 1: career with the Yankees, will be a free agent Earlier
Speaker 1: On a rainy day in Philly, the Phillies trailed the Padres.
Speaker 1: In the eighth inning. Suarez delivers swing in a dry
Speaker 1: left field, H's deep blooms place Harper puck the Phillies
Speaker 1: on top. W I p the call Harper and the
Speaker 1: Phillies won four to three on the NLCS four to one.
Speaker 1: While baseball season in New York is over, football is
Speaker 1: alive and well. Giants and Jets both won for the
Speaker 1: fourth week in a row, both on the road. The
Speaker 1: Giants wouldn't get another comeback to win twenty three to seventeen,
Speaker 1: and Jacksonville, they had to hold on at the end,
Speaker 1: had to hold on to the Jazz wide receiver at
Speaker 1: the one yard line on the final play the Jets
Speaker 1: won sixteen to nine in Denver. Giants and Jets have
Speaker 1: combined to play seven road games. They are seven and
Speaker 1: oh in them that The Garden Rangers lost at Columbus
Speaker 1: five to one. Islanders lost at Florida three to two.
Speaker 1: John Stashwar, Bloomberg Sports Team, all right, thank you, John.
Speaker 1: Checking the futures now, SMP futures down, thirteen, dal features
Speaker 1: down on Nasdaq futures down fifty four, ten year treasury
Speaker 1: up six thirty seconds, the yield at four point one
Speaker 1: nine percent. Much more still to come on Bloomberg Daybreak.
Speaker 1: Stay with us on this Monday morning. This is Bloomberg.
Speaker 1: The Bloomberg Sports Report was brought to you by Audie.
Speaker 1: Don't let someone else drive off in the autie model
Speaker 1: you've always wanted. Visit your local, try state autie dealer
Speaker 1: to get behind the wheel of yours today, or visit
Speaker 1: autie Offers dot com for more information, markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
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Speaker 1: Flash and I'm Karen Moscow. Songs in Europe pairing games
Speaker 1: and US futures are declining as a route in Chinese
Speaker 1: shares ways on sentiment while investors wait the next for
Speaker 1: the next batch of earnings from some of the world's
Speaker 1: biggest companies. Treasury yields are dipping. The dollar is gaming.
Speaker 1: We checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On bloomberg SMP future is down about twenty points this morning.
Speaker 1: Down futures down a hundred forty you nownsday futures down
Speaker 1: seventy eight the decks in Germany's up a third of
Speaker 1: a percent, and your treasury up seven thirty seconds yield
Speaker 1: four point one eight percent. They yield on a two
Speaker 1: year four point four seven percent. Nine X Screwed oil
Speaker 1: is down two point one percent on a dollar seventy
Speaker 1: five at eighty three dollars thirty one cents a barrel
Speaker 1: comic schooled at a quarter percent or four dollars ten
Speaker 1: cents at sixteen fifty two twenty announced the euro point
Speaker 1: nine eight three zero against the dollar. British found one
Speaker 1: point one three one four the en one nine point
Speaker 1: three five and I'm looking at a bitcoin it's down
Speaker 1: nine ten percent. In nineteen thousand three hundred dollars. That's
Speaker 1: a Bloomberg Business Flash. Now here's Muchael Barr with Moore
Speaker 1: on what's going on around the world. Muchael, Good morning,
Speaker 1: Good morning Karen. Former British Prime Minister Boris Johnson says
Speaker 1: he will not run to leave the Conservative Party, ending
Speaker 1: in tense speculation about a comeback. Johnson, who was announced
Speaker 1: it in July and the ethics scandals, was a wild
Speaker 1: card to replace liszt Trusts, who quit last week. Is
Speaker 1: withdrawal leaves former Treasury chief Rieshie Sooner the strong favorite
Speaker 1: to be Britain's next prime minister. In baseball, it will
Speaker 1: be the Astros against the Phillies in the World Series.
Speaker 1: The Yankees were swubbed by Houston Sunday in the ALCS
Speaker 1: in Game four, six five. The Phillies beat the Padres
Speaker 1: four three to win the NLCS four games to one.
Speaker 1: In football, the Giants Jets Commanders all one. Thet Is
Speaker 1: lost in the NBA, The Wizards lost the Warriors one.
Speaker 1: In the NHL. The Islanders and Rangers lost. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analyst
Speaker 1: more than a hundred twenty countries. I'm Michael bar This
Speaker 1: is Bloomberg all right, Thank you, Michael. It is five
Speaker 1: twenty on Wall Street where live from the Bloomberg Interactive
Speaker 1: Broker Studios. This is Bloomberg Daybreak and we're joined now
Speaker 1: by Dennis Gartman, University of Akron Endowment chairman and former
Speaker 1: publisher of the Guardman Letter. Dennis, it's always a pleasure.
Speaker 1: Thank you so much for taking the time with us
Speaker 1: this morning. Um, you have predicted this market will be
Speaker 1: getting uglier and counting weeks. You've embarrassed for a while.
Speaker 1: What could possibly change your mind? The only thing that
Speaker 1: will change my mind is if the Fed changes its mind,
Speaker 1: and I don't think the Fed has any intention of
Speaker 1: changing its mind at this point. The FED has lost
Speaker 1: a great deal of credibility and it's trying to re
Speaker 1: earn its credibility back. It's said that it's going to
Speaker 1: continue to tighten monetary policy. We know that the FED
Speaker 1: has a great job to do, a difficult job to
Speaker 1: do with reducing the size of its balance sheet, which
Speaker 1: has gone from nine billion dollars to nine trillion dollars
Speaker 1: over the course of the last several years, and the
Speaker 1: FED has said that it's going to allow the the
Speaker 1: balance sheet to roll off by about billion dollars a month.
Speaker 1: It has to continue to do that, and I think
Speaker 1: that the FED has made it abundantly clear that it's
Speaker 1: going to tighten monetary policy and allow the overnight FED
Speaker 1: funds right to go to at least seventy five basis
Speaker 1: points in the NOVA the impending November meeting, and I
Speaker 1: think they're going to take it another fifty basis points
Speaker 1: at the December meeting. After that, they may stop and
Speaker 1: see what happens, but I think the major trend is
Speaker 1: still downward. You've had a nice technical bounce. Technical bounces
Speaker 1: are to be expected after the kind of selling that
Speaker 1: we've seen in September and October. I think this bounce
Speaker 1: shall not last very much longer. And I think that
Speaker 1: the overnight the response that we've seen from China, with
Speaker 1: Hong Kong down almost six percent puts a puts the
Speaker 1: top to the market for the for the near term.
Speaker 1: So I've been very very since basically December thirty one
Speaker 1: to last year, and I continue to be barrish. I
Speaker 1: think you should use strength to reduce the size of
Speaker 1: your positions and again and raise cash you are and
Speaker 1: you made a lot of points in there. I want
Speaker 1: to ask about a couple of them, especially that bounce
Speaker 1: that we've seen in the past week. You don't think
Speaker 1: this one could have more staying power than when we
Speaker 1: saw a month ago. It may have a little bit
Speaker 1: more staying power. We've gone up a little bit. We've
Speaker 1: we've gone up on a little bit better volume, which
Speaker 1: I pay attention to. I I don't tend to I
Speaker 1: don't tend to pay much attention to technicals all the time.
Speaker 1: But I watched to see how markets respond. If they're
Speaker 1: rising on stronger volume than they're falling, that that's impressive.
Speaker 1: And this one has has done a little bit better
Speaker 1: than than the rally that we saw previously. I don't
Speaker 1: think it has a great good deal more strength to
Speaker 1: follow too. I thought, I thought we get to thirty
Speaker 1: eight hundred, maybe thirty eight fifty on the SMP. We've
Speaker 1: gotten to thirty twelve. That's close enough for folk music,
Speaker 1: as I like to use, as I used to say,
Speaker 1: close enough for government works. So I think that we
Speaker 1: probably have run most of the upside out of the
Speaker 1: market at this point. Now, as far as the Feds
Speaker 1: increasing rates, the conventional wisdom had been sort of anticipating
Speaker 1: that they would stop increasing rates, maybe in the first
Speaker 1: half of next year, and perhaps not even see a
Speaker 1: rate increase in December. But you're not convinced. Why is that.
Speaker 1: I think we still continue to see inflationary pressures abundantly
Speaker 1: obvious around the around the country. Food prices continue to rise,
Speaker 1: car prices are rising, home prices. Home prices at least
Speaker 1: have stopped for a while because of the rise and
Speaker 1: interest rates, But inflationary pressures seemed to be abundant and
Speaker 1: evident and extant and continue. I don't think that's going
Speaker 1: to stop anytime soon. Look at what grain prices have
Speaker 1: been doing. They've been going from the lower left of
Speaker 1: the upper right. Look at what lost prices have been doing.
Speaker 1: They've been going from the lower left of the upper right.
Speaker 1: And even crude oil prices have stopped going down and
Speaker 1: have started to turn for the better, turning to the upside.
Speaker 1: So I think inflationary pressures continue to be abundant and
Speaker 1: continue to be evident, continue to be detrimental to the
Speaker 1: economy generally, and I think the FED wants to continue
Speaker 1: to fight that, so will they Will they raise rates
Speaker 1: in in I have my doubts as to whether they'll
Speaker 1: raise rates, But I think once they get to another
Speaker 1: hive basis points higher, it will be a long time
Speaker 1: before they before they pivot. I think it'll be a
Speaker 1: year or more before they even consider pivoting. So anybody
Speaker 1: who hopes that the FED is going to pivot and
Speaker 1: stop tightening and start to ease, I think you can
Speaker 1: put that aside for several years. All right, Dennis, we
Speaker 1: haven't about a minute here. Just what do you recommend?
Speaker 1: What are our next steps? I think the recommendation is
Speaker 1: to continue to raise cash. Two year notes at the
Speaker 1: four in a quarter percent seemed to be a good
Speaker 1: place to hide money for a while. Raise cash reduced
Speaker 1: the size of your positions in the in the equities market,
Speaker 1: use strength to become less involved. And uh, if you
Speaker 1: have to be involved, look for high dividend players that
Speaker 1: have had substantive that that have paid their dividends for
Speaker 1: years in the past and are well covered. So be careful.
Speaker 1: I've said that for months. I'm going to continue to say,
Speaker 1: be careful out their race cash and and and be
Speaker 1: less involved. Very briefly, what do you think about gold?
Speaker 1: Very briefly, I think it wants to go higher. I
Speaker 1: think Let's Friday was a reversal day to the upside.
Speaker 1: You made a new load, you turned higher on the day,
Speaker 1: and I think gold wants to go higher from here.
Speaker 1: That's perfect. Dennis Gartman, University of Akron and Dowmont chairman,
Speaker 1: former publisher of The Gartman Letter. It is always a
Speaker 1: privilege to get your insights, sir, Thank you so much
Speaker 1: for joining us this morning, and we much more still
Speaker 1: to come on Bloomberg Daybreak. Checking the markets now. S
Speaker 1: and P futures down twenty one points, Daal futures down
Speaker 1: one hundred fifty one point, Nasdaq futures down just about
Speaker 1: seventy nine points, the ten year treasury of six thirty seconds,
Speaker 1: the ten year yield at four point one nine the
Speaker 1: two year yield four point four eight percent, still ahead.
Speaker 1: On this Monday morning edition of Bloomberg Daybreak, Markets the
Speaker 1: latest news and business, economics and finance. This is Bloomberg.
Speaker 1: Bloomberg Daybreak is brought to you by the New York Community.
Speaker 1: Trust your name will live on as a champion of
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Speaker 1: bloom the Bloomberg Business and Bloomberg Radio dot com. This
Speaker 1: is Bloomberg Daybreak and it's thirty on Wall Street. Good morning,
Speaker 1: I'm Cameron Moscow. I may need more as Bloomberg Daybreak
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Speaker 1: C dot com Slash Managers and we're just about four
Speaker 1: hours away from the open of US trading. Let's get
Speaker 1: you up to date on the news you need to
Speaker 1: know at this hour. US futures are lower this morning
Speaker 1: as you begin a new trading week. Stocks are coming
Speaker 1: off their biggest weekly gains since June. The action this
Speaker 1: morning is in Asia. Hong Kong's Hang Singing Next drop
Speaker 1: six point eight percent and stocks in China fell almost
Speaker 1: three percent. After President Shei jin Ping's moved to stack
Speaker 1: his leadership ranks with loyalists. We get more from Bloomberg
Speaker 1: Stephen Angle and Hong Kong. We speculated whether she would
Speaker 1: continue on with the practice of essentially stacking the Standing
Speaker 1: committee with people from different factions. So in this case,
Speaker 1: some of the hu Jintao pro to Jay's but it
Speaker 1: proved on Sunday when they rolled out his other six
Speaker 1: members on the Standing Committee, there was nobody from the
Speaker 1: other factions. They were all loyalists to Shi jin Ping.
Speaker 1: He stacked the deck, and Bloomberg Stephen Angeles said, the
Speaker 1: story is playing out in currency markets. The you on
Speaker 1: weekend to a fourteen year low this morning. Let's turn
Speaker 1: to Europe now, where really Sunak has taken a big
Speaker 1: step toward becoming the next Prime Minister of the UK.
Speaker 1: Boris Johnson has pulled out of the race, sunk won
Speaker 1: the endorsement of Chancellor Jeremy Hunt. Still Bloomberg's Stephen or
Speaker 1: rather Ben still says SUNet faces many challenges. He himself
Speaker 1: was blamed by a large faction of party for bringing
Speaker 1: down Johnson in July when he quit on that dramatic evening. Um,
Speaker 1: So there's a lot of resentment, a lot of a
Speaker 1: lot of ranker built up over the year. So that's
Speaker 1: gonna be the real tough ask for him, and of
Speaker 1: course he's going to have to do. It's during the
Speaker 1: economy to this brutal, brutal winter of energy, energy shortages,
Speaker 1: and Bloomberg's band still says Sunac has gained the public
Speaker 1: support of several key Tory figures. Well back here in
Speaker 1: the US, Amy, it's a busy week for earnings of
Speaker 1: big tech leading the way tomorrow. We're here from Microsoft
Speaker 1: Meta Platforms and Twitter report on Wednesday, and Apple and
Speaker 1: Amazon post results Thursday. Incorporate news. Tesla cut the price
Speaker 1: of its cars in China by about five percent as
Speaker 1: it ramps up production at its Shanghai factory. The move
Speaker 1: partly reverses price hikes imposed earlier this year, and futures
Speaker 1: this morning are lower. SNP futures down twenty points down,
Speaker 1: futures DOWNY futures down seventy seven straight to hand your
Speaker 1: latest local headlines, plus a check of sports, and this
Speaker 1: is Bloomberg. Thank you, Karen. Five thirty three. Now on
Speaker 1: Wall Street, we bring in Michael Barr with more on
Speaker 1: what else is going on in New York and around
Speaker 1: the world. Good morning, Michael, Good morning Amy. New York
Speaker 1: will add sixty two million dollars to the city subway system.
Speaker 1: Governor hocol and Mayor Eric Adams saying they are deploying
Speaker 1: more police officers and removing severely mentally ill homeless people
Speaker 1: amid a series of profile killings and other crimes on
Speaker 1: the transit system. It comes as hocal and a Republican opponent,
Speaker 1: Les Eldon will debate tomorrow on the governorship on issues
Speaker 1: such as crime and bail reform. Russia's defense minister called
Speaker 1: his counterparts in the UK, France and Turkey, warning of
Speaker 1: a drift towards uncontrolled escalation in Ukraine and the potential
Speaker 1: for Kiev to detonate the radioactive dirty bomb. The US
Speaker 1: called the allegation transparently false. Meanwhile, Ukrainian forces continue to
Speaker 1: deliberate villages as the war drags on. For close to
Speaker 1: eight months, ABC talked to Ukrainian Colonel General Alexander Schersky
Speaker 1: about the war so far, Chersky, through a translator. Of course,
Speaker 1: we are winning, and it's important that we are winning mentally.
Speaker 1: But we know what they're fighting for. But still this
Speaker 1: is very hot. General Sharsky says they are concerned about
Speaker 1: the Russia's continuous nuclear same A rattling Russian President Vladimir
Speaker 1: Putin was quick to congratulate Shi Jing Ping yesterday after
Speaker 1: the Chinese leader secured a third term as head of
Speaker 1: the country's ruling Communist party. Disgrace movie producer Harvey Weinstein
Speaker 1: stands trial in Los Angeles starting today for allegedly sexually
Speaker 1: assaulting women. Dozens of his alleged victims say judgment day
Speaker 1: is overdue for a serial predator. Party you missed with
Speaker 1: the wrong women. We will see you here in Los Angeles,
Speaker 1: where hopefully your conviction will leave you in jail for life.
Speaker 1: Weinstein is already serving the twenty three years sentence in
Speaker 1: New York State for similar charges. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Dank,
Speaker 1: powered by more than twenty d journalists and analyst, are
Speaker 1: more than a hundred twenty countries. Michael Bard, this is
Speaker 1: Bloomberg in all right, thank you Michael on Wall Street.
Speaker 1: Time now for the sports were for it brought to
Speaker 1: you by Tri State Autie. Here's Joe's our alright, Amy
Speaker 1: Yankee fans at High Hope. So after a tremendous first
Speaker 1: after the season, second half not nearly as good, and
Speaker 1: the postseason big disappointment, not only losing to the Alcs
Speaker 1: to the Astros third time in the last six years,
Speaker 1: but getting swept Houston finished the sweep at the stadium
Speaker 1: six to five. Yanks finally scored some runs. Harrison batter
Speaker 1: at his fifth home run of the postseason. Yanks let
Speaker 1: five before the Astros then scored twice in the seventh inning.
Speaker 1: Several Yanks had a rough series. Josh Donaldson thirteen at bats,
Speaker 1: ten strikeouts, Aaron Judge just one for sixteen, and now Judge,
Speaker 1: after his record breaking sixty two home run season, becomes
Speaker 1: a free agent. You know, I haven't even have even
Speaker 1: thought about the next step yet. Uh you know, but
Speaker 1: like I said, we got we got time to figure
Speaker 1: it out. Um. You know, I've never been in this
Speaker 1: Philly surprise winners of the Nashale Bryce Harper gave wanting
Speaker 1: to run Homer the eighthenning to beat San Diego four
Speaker 1: to three. When the NLCS four to one World Series
Speaker 1: starts Friday in Houston, Giant and Jets keep winning for
Speaker 1: both four wins in a row. Both unbeaten on the
Speaker 1: road Giants one of Jacksonville three to seventeen. Both say
Speaker 1: Juan Barkley and Daniel Jones ran for over a hundred
Speaker 1: yards that Jets won sixteen to nine. In Denver, Rookie
Speaker 1: Breeze All had an early sixty two yard touchdown. Later
Speaker 1: he heard his knee. It will need to be a
Speaker 1: season ending to an a c L big NFL story.
Speaker 1: The struggles of Green Bay and Tampa Bay, both NFC
Speaker 1: teams with legendary quarterbacks, are three and four. Packers third
Speaker 1: straight loss, beaten by Washington, Tom Braiding the Bucks one
Speaker 1: to three at Carolina. Rangers and Islanders both loss. John
Speaker 1: Stashar Bloomberg Sports, All right, thank you, John. It's five
Speaker 1: thirty seven on Wall Street time now for the Tri
Speaker 1: State Business Row Board. Here with that is Bloomberg's Denise
Speaker 1: Bella Greeny. Some big price cuts on real estate if
Speaker 1: you can close fast. President of New Jersey Realtors, Robert White,
Speaker 1: says inventory is growing. What is also a broker with
Speaker 1: Coldwell Banker Spring Laken, and he says he's seeing price
Speaker 1: cuts for adult communities. The Auto Group says the largest
Speaker 1: supply of unsold homes in Jersey is in the one
Speaker 1: to two and a half million dollar range. Insurers in
Speaker 1: Connecticut spent more to cover administrative costs of medical claims
Speaker 1: in the second year of the pandemic. That's according to
Speaker 1: a new government report card on the industry and Cossa
Speaker 1: Cruz in the Headlights. Vogue calls the sixty feet Street
Speaker 1: dining room New York's most glamorous new restaurant, but The
Speaker 1: New York Post says it's Steph has been trying to
Speaker 1: book a table there for weeks and their calls haven't
Speaker 1: been returned. The paper has claimed that Cossa Cruz is
Speaker 1: strictly a private club for wealthy investors who pay big
Speaker 1: bucks to join something. Cossa Cruise has pushed back on
Speaker 1: with the Try State Business Report. I'm Denise Pelgrini, All right,
Speaker 1: thank you, Denise. On Wall Street. Bloomberg Radio was on
Speaker 1: the air from San Francisco to New York, London to
Speaker 1: Hong Kong, let's check in with our global news team
Speaker 1: for some of the top stories heard on our three
Speaker 1: hundred affiliate radio stations around the world. I'm Steve polask
Speaker 1: X in Los Angeles. We're talking about top business economists
Speaker 1: saying if we're not already in a recession, we likely
Speaker 1: will be soon. Um Courney Donaho on KA terr H
Speaker 1: in Houston. The majority of working Americans feel behind on
Speaker 1: retirement savings. I'm Gina Servetti in for w c c
Speaker 1: O in Minneapolis. I'm reporting that Hormel Foods is in
Speaker 1: talks to take a bite out of an Indonesian snap
Speaker 1: food maker. I'm Jeff Belinger and on WBC in Boston,
Speaker 1: I'm reporting that a casket made by an andover, Massachusetts
Speaker 1: company shows up in a Taylor Swift video. I'm Stephen
Speaker 1: Carol and Bloomberg d A B Digital Radio in London.
Speaker 1: We've been reporting on Conservative Party heavyweights lining up to
Speaker 1: support Richie Snack in the leadership race. I'm Dense Pelgreny
Speaker 1: and on ww J in Detroit. I'm reporting on general
Speaker 1: motors new drive to get workers back to the office.
Speaker 1: And those are some of the stories our hundred Bloomberg
Speaker 1: journalists and analysts are working on this morning around the world.
Speaker 1: It's 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 Federal Reserve is among the world's
Speaker 1: most powerful institutions. When its policy makers act, they have
Speaker 1: immense potential to move markets. It should be obvious, then,
Speaker 1: that FED officials need to carefully weigh when and where
Speaker 1: they speak. Apparently it's not obvious enough. Earlier this month,
Speaker 1: the president of the St. Louis FED spoke at a
Speaker 1: private event that city group, a bank overseen by the FED,
Speaker 1: had arranged for a select group of clients. His comments
Speaker 1: reportedly touched on monetary policy and financial stability, topics that
Speaker 1: could hardly be of greater importance. FED officials shouldn't be
Speaker 1: permitted to share their views on monetary policy in a
Speaker 1: closed forum, let alone one arranged by a for profit enterprise.
Speaker 1: The Central Bank is supposed to be regulating, the Federal
Speaker 1: Reserve should ensure that no policy maker is giving away
Speaker 1: what rightly belongs to the public. This editorial was written
Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion. Please
Speaker 1: go to Bloomberg dot com, Slash Opinion or Opie I
Speaker 1: n go on the Bloomberg terminal. This has been Bloomberg Opinion.
Speaker 1: Bloomberg Opinion editorials can be heard every weekday at this time,
Speaker 1: and terminal customers can read more at Opie I n go.
Speaker 1: This is Bloomberg. The Bloomberg Sports Report was brought to
Speaker 1: you by Audie. Don't let someone else drive off in
Speaker 1: the autie model you've always wanted. Visit your local try
Speaker 1: state autie dealer to get behind the wheel of yours today,
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Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com, the Bloomberg Business Out and at Bloomberg
Speaker 1: Quick Tape. This is a Bloomberg Business Flash and I'm
Speaker 1: Karen Moscow. Songs in Europe are pairing in their gains,
Speaker 1: and US DOT Index futures are on the A client
Speaker 1: is a route in Chinese shares ways on sentiment for
Speaker 1: investors away the next batch of earnings from some of
Speaker 1: the world's biggest companies. Treasury yields are dipping, the dollar
Speaker 1: is gaming. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day on Bloomberg guess and P futures down
Speaker 1: nine points, DAL futures down sixty six, nasdack futures down
Speaker 1: forty two. The decks in Germany is now a half percent.
Speaker 1: Ten year treasury up six thirty seconds, the yield four
Speaker 1: point one nine percent. They yield on a two year
Speaker 1: four point four eight percent. Nine x Scrude oil is
Speaker 1: down one point seven percent on a dollar forty three
Speaker 1: at eighty three dollars sixty two cents. A barrel comic
Speaker 1: school down a third of a per cent, or five
Speaker 1: dollars fifty cents at sixteen fifty eighty announced. The euro
Speaker 1: point nine eight one six against the dollar British found
Speaker 1: one point one three one six and the end one
Speaker 1: forty nine point four six. And looking a bitcoin, it's
Speaker 1: sound about seven ten percent at nineteen thousand, three hundred
Speaker 1: seventy dollars. That's a Bloomberg business flash. Now here's Michael
Speaker 1: Barr with more on what's going on around the world. Michael,
Speaker 1: thank you very much. Karen. The U S and two
Speaker 1: of its allies are accusing Russia's defense minister making false
Speaker 1: allegations after he claimed that Ukraine was planning to use
Speaker 1: a so called dirty bomb on its own soil. In baseball,
Speaker 1: it will be the Astros against the Phillies in the
Speaker 1: World Series. The Yankees were strut by Houston Sunday in
Speaker 1: the ALCS in Game four, six five, the Phillies beat
Speaker 1: the Padres four three to win the NLCS four games
Speaker 1: to one. In football, the Giants, Jets, and Commanders all one.
Speaker 1: The forty Niners lost in the NBA, the Wizards lost,
Speaker 1: the Warriors won in the NHL, the Islanders and Rangers lost.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael barn
Speaker 1: this is Bloomberg Gamy. All right, thank you, Michael. It
Speaker 1: is on Wall Street. Time to check in with the
Speaker 1: Bloomberg Government. We're joined now by Bloomberg Executive editor for
Speaker 1: International Government, Ros Matheson Rossetts. Plus sure, thank you for
Speaker 1: taking the time. A lot happened over the weekend. Could
Speaker 1: you bring us up to speed on where things stand
Speaker 1: now in the run for UK Prime Minister. Well, we
Speaker 1: might actually have a result as soon as today. And
Speaker 1: piece of who the new UK Prime Minister might be.
Speaker 1: We were looking at a race of three that included
Speaker 1: the former Prime Minister, Boris Johnson, but he announced last
Speaker 1: night that he was not going to put his name
Speaker 1: into the race. That says there were doubts about whether
Speaker 1: he had enough support from the Tory lawmaker ranks to
Speaker 1: put his name on the ballot. So now we're down
Speaker 1: to Richie Sunac, the former Chancellor, and Penny Mordant, who's
Speaker 1: the Leader of the House of Commons for the Tory Party.
Speaker 1: Are those two going head to head? We know that
Speaker 1: Rischie Sunac has enough backing from Tory lawmakers to get
Speaker 1: on the ballot. There's been a wave of endorsements for
Speaker 1: him this morning. There's some doubt over whether Penny Mordant
Speaker 1: would actually get enough to put her name in. Officially,
Speaker 1: she says she's still in the race. She says she's
Speaker 1: getting the members, but that remains to be seen. Either way.
Speaker 1: We could get to a point this evening where there's
Speaker 1: either a vote amongst Tory lawmakers between the two or
Speaker 1: she simply doesn't get enough to get on the ballot.
Speaker 1: So we could actually get a result this evening and
Speaker 1: it's looking at this stage definitely favorable towards Richie Senate
Speaker 1: becoming the new UK Prime Minister. Whoever the person is
Speaker 1: who takes over this party and who wins, is going
Speaker 1: to have a full plate and trying to bring unity
Speaker 1: to the party. What has to happen for this person,
Speaker 1: whoever it is, to be successful. Well, there's a lot.
Speaker 1: As you say, I mean that the starting point is
Speaker 1: simply that the Tory Party has been essentially tearing itself
Speaker 1: apart publicly for months now. There's been a high level
Speaker 1: of sniping between different factions and the Tory Party, disagreements
Speaker 1: bruising leadership contest before even this round, and of course
Speaker 1: the sudden resignation of Lizz Trust as Prime Minister. So
Speaker 1: there's a lot there for a new leader to do
Speaker 1: in terms of just trying to stop what is essentially
Speaker 1: a civil war going on inside the Tory parties. You've
Speaker 1: got to do that. Then you've actually got a bunch
Speaker 1: of economic challenges on your plate that required quick attention,
Speaker 1: reversing all of what Liz Trusts economic policies were working out.
Speaker 1: What tax policy is, health spending, defense spending, pensions, obviously,
Speaker 1: tax tax rates now going forward. And then of course
Speaker 1: there's the UK externally. What's its role in supporting Ukraine
Speaker 1: still against Russia, what's its policy on China? What a
Speaker 1: relations like with the US? Has trade tensions rise across Europe?
Speaker 1: So there's a very very full plate there for whoever
Speaker 1: gets in the chair, And all of that really is
Speaker 1: quite urgent, so none of it really can be put
Speaker 1: off till later. So we only have about a minute here.
Speaker 1: But what are you watching for, particularly now that Boris
Speaker 1: Johnson is not in the running. Could he still have
Speaker 1: a little influence, some influence over whomever occupies number ten? Well,
Speaker 1: certainly he does have a level of support still amongst
Speaker 1: story lawmakers and more importantly sort of amongst Tory members
Speaker 1: as a whole in the voting a lecturer. And that's
Speaker 1: something to bear in mind, is what is the role
Speaker 1: of Bis Johnson going forward? He's still a member of Parliament?
Speaker 1: Does he fight his time for a potential later come back?
Speaker 1: Who does he throw his support behind um? He could
Speaker 1: be quite a disruptive presence because of course he and
Speaker 1: soon At had a very nasty public falling out, so
Speaker 1: we need to see that also. Those are big questions
Speaker 1: obviously again for whoever wins. All right, Bloomberg's executive editor
Speaker 1: for International Government, Ros Mathieson want to thank you for
Speaker 1: taking the time with us, and we are looking to
Speaker 1: see who winds up in the in the head of
Speaker 1: UK Prime Minister. That could happen as early as today,
Speaker 1: Karen Amy. It is five or fifty three on Wall Street.
Speaker 1: Time for our Bloomberg Law Report. Let's get to legal
Speaker 1: stories we're watching this morning from Bloomberg's Joan Donagher. Lawyers
Speaker 1: are among the workers pushing back against turn to work orders.
Speaker 1: In American Bar Association survey finds forty four percent of
Speaker 1: lawyers with ten years or less of experience say they
Speaker 1: will jump ship for a job that offers more free
Speaker 1: too more remote work. Paloton is facing a lawsuit from
Speaker 1: Taiwan based Johnson Health Tech. It charges Peloton's treadmills and
Speaker 1: fring three company patents, and a federal appeals court ruling
Speaker 1: means thirteen states have to wait until an agency uses
Speaker 1: Biden administration estimates on the costs of greenhouse gases before
Speaker 1: charging those estimates cause harm. Bloomberg Law everything you need,
Speaker 1: all on one legal research platform, including guidance analysis and
Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. Right, John,
Speaker 1: thank you. Another legal story we're watching. The Insular Cases
Speaker 1: are a series of rulings from the nineteen hundreds which
Speaker 1: are almost universally described as racist, establishing that people in
Speaker 1: US territories don't have all the constitutional rights of Americans.
Speaker 1: Conservative Neil gore Such has described them as shameful and
Speaker 1: based on ugly racial stereotypes. Core As Such and liberal
Speaker 1: Justice Sonya Soto Mayora have called for them to be overruled.
Speaker 1: Yet the Supreme Court turned down a case involving American
Speaker 1: Samoa's that could have done just that. For more, Bloomberg
Speaker 1: Stuon Grasso space to m. Lafazzo at Constitutional law professor
Speaker 1: at the University of West Virginia Law School. So these
Speaker 1: Insular cases, Conservative Justice Neil Gorcich and liberal Justice Sonya
Speaker 1: Soto Mayor have both expressed concern about the Insular Cases
Speaker 1: remaining on the books, but neither of them dissented here. Well,
Speaker 1: there's a couple of things going on here. They may
Speaker 1: not have had the votes to overturn the precedent, so
Speaker 1: why even go there. There were also a lot of
Speaker 1: problems with this case, Samoa is very unique. It wasn't
Speaker 1: part of the original Insular cases, so they could decide
Speaker 1: this case purely on constitutional grounds and not go to
Speaker 1: the Insular cases. There is no split in the circuits
Speaker 1: on this issue either. Six courts have looked at it,
Speaker 1: all six have agreed. The second of all, when the
Speaker 1: Supreme Court takes a case, it doesn't just take it
Speaker 1: because it thinks it's an important federal issue. There's what's
Speaker 1: a good vehicle for deciding this case. That means there
Speaker 1: aren't any extraneous issues that could prevent them from coming
Speaker 1: into a conclusion because they don't even have to look
Speaker 1: at the Insula cases to decide this. So that's why
Speaker 1: it would be considered a poor vehicle for revisiting the
Speaker 1: Insular cases. Politics are also involved here. Might that be
Speaker 1: another reason the Court didn't take this case. Currently, there
Speaker 1: are negotiations between the United States and Samoa about how
Speaker 1: to progress preserve the Samoan way of life, and so
Speaker 1: there's a lot of concern among the Samoans and the
Speaker 1: government of Samoa that a birthright citizenship might disrupt their
Speaker 1: way of life. The Samoan people right now have not
Speaker 1: reached a consensus as to whether or not they want
Speaker 1: to have citizenship, and there's a streamlined process for people
Speaker 1: born in Samoa to become US citizens. So that means
Speaker 1: that many Samoans might say, well, we still don't want
Speaker 1: the birthright. If an individual wants to become a U. S. Citizen,
Speaker 1: they can, It will be very easy. And I know
Speaker 1: many of us in the United States might say why
Speaker 1: would anyone not want to be American citizens? But some
Speaker 1: people don't, So I think that's also important to respect.
Speaker 1: And that was one of the points that the brief
Speaker 1: of the Samoan government made, is like, why would we
Speaker 1: want this court by judicial fiat to impose U. S
Speaker 1: citizenship on every person born in Samoa where right now
Speaker 1: there is not a political consensus, So it would almost
Speaker 1: be colonization in a different way by judicial fiat saying
Speaker 1: now you are automatically U. S. Citizens. And so there
Speaker 1: is this political dimension that perhaps the court didn't want
Speaker 1: to wait in on. And that's m Afazzo, a professor
Speaker 1: at the University of West Virginia Law Schools, being into
Speaker 1: Bloomberg's June Grosso. Catch more of that interview, plus analysis
Speaker 1: of the latest legal news by listening to the Bloomberg
Speaker 1: Law Show at ten pm Eastern Time or subscribing to
Speaker 1: the Bloomberg Law Podcast, and attorneys can find exceptional legal
Speaker 1: research and business development tools at Bloomberg Law dot com.
Speaker 1: SMP futures they have been trimming their gains there up
Speaker 1: four points right now, DAL futures of thirty three and
Speaker 1: NASTAG futures are now little change. The decks in Germany's
Speaker 1: up nine tenths of upper cent ten year treasury up
Speaker 1: ten thirty seconds. He had four point one seven percent
Speaker 1: and the yield on the two year four point four
Speaker 1: seven percent. Nine nights, screwed oil is down one and
Speaker 1: a half percent, and again SMP futures are higher, up three.
Speaker 1: This is Bloomberg