1 00:00:03,480 --> 00:00:06,840 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:06,920 --> 00:00:10,319 Speaker 1: day Break for Friday, September twenty three two. Coming up 3 00:00:10,360 --> 00:00:13,240 Speaker 1: this hour stops fall around the world as higher rates 4 00:00:13,240 --> 00:00:17,400 Speaker 1: field fears of a slowing global economy. Goldman Sack slashes 5 00:00:17,440 --> 00:00:20,840 Speaker 1: its forecast for the SMP five hundred, oils on trackpoorts 6 00:00:20,880 --> 00:00:24,320 Speaker 1: fourth straight weekly decline, and Credit Suite share slumped to 7 00:00:24,400 --> 00:00:27,360 Speaker 1: a record. Law will tell you why officials believe several 8 00:00:27,400 --> 00:00:30,360 Speaker 1: deaths of the Manhattan Nursing Home are from legionnaire's disease. 9 00:00:30,440 --> 00:00:34,319 Speaker 1: Plus referendums begin today in Russian occupied Grainian cities. I'm 10 00:00:34,320 --> 00:00:37,400 Speaker 1: Michael Barr more ahead, and I'm Scott Sedenburg. The chase 11 00:00:37,479 --> 00:00:40,840 Speaker 1: for sixty one will have to wait another day. All 12 00:00:40,880 --> 00:00:45,080 Speaker 1: that and more coming up in sports. That's all s 13 00:00:45,080 --> 00:00:48,800 Speaker 1: train ahead on Bloomberg Daybreak on Bloomberg eleven, Free on 14 00:00:48,880 --> 00:00:53,199 Speaker 1: New York, Bloomberg Ninete one, Washington, d C Bloomberg one 15 00:00:53,200 --> 00:00:57,720 Speaker 1: oh six one, Boston Bloomberg nine sixties and Francisco Syrius 16 00:00:57,880 --> 00:01:00,320 Speaker 1: x M one nineteen and around the world Old on 17 00:01:00,440 --> 00:01:03,720 Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business app. 18 00:01:07,360 --> 00:01:10,600 Speaker 1: Good Friday morning, I'm Amy Morris, I'm Nathan Hagar. Futures 19 00:01:10,600 --> 00:01:12,760 Speaker 1: are moving lower this morning. We're coming up to six 20 00:01:12,800 --> 00:01:14,640 Speaker 1: oh one on Wall Street, and we checked the markets 21 00:01:14,680 --> 00:01:17,680 Speaker 1: every fifteen minutes during the training day. On Bloomberg, SYMP 22 00:01:17,840 --> 00:01:21,759 Speaker 1: futures are down thirty one points now futures down two two. 23 00:01:22,160 --> 00:01:25,480 Speaker 1: NASAC futures are lower by a hundred fourteen points. The 24 00:01:25,560 --> 00:01:28,280 Speaker 1: tenure treasury is down eight thirty seconds. The yield on 25 00:01:28,319 --> 00:01:31,880 Speaker 1: the benchmark three point seven four percent. Amy, Nathan, it 26 00:01:32,000 --> 00:01:34,000 Speaker 1: is all about the markets this morning. The S and 27 00:01:34,040 --> 00:01:37,160 Speaker 1: P five on track for a second straight weekly loss. 28 00:01:37,520 --> 00:01:40,480 Speaker 1: Yesterday it closed at the lowest level since June ten. 29 00:01:40,560 --> 00:01:43,319 Speaker 1: Year treasury yields are trading near its highest level in 30 00:01:43,360 --> 00:01:46,560 Speaker 1: a decade. The two year rate is climbing for eleven 31 00:01:46,600 --> 00:01:50,200 Speaker 1: straight sessions now. Ryan Dietrich is chief market strategist at 32 00:01:50,200 --> 00:01:52,400 Speaker 1: the Carson Grew. September is the worst months of the 33 00:01:52,480 --> 00:01:54,880 Speaker 1: year when you're weak heading into it, like down teen 34 00:01:54,920 --> 00:01:56,520 Speaker 1: per cent of the year like we were this year. 35 00:01:56,560 --> 00:01:59,840 Speaker 1: Septembers are really really rough and can be dicey. So 36 00:02:00,240 --> 00:02:02,960 Speaker 1: sure the Fed matters, we're not ignoring that, but the 37 00:02:03,040 --> 00:02:05,880 Speaker 1: stage was set, honestly for some for some potential weakness. 38 00:02:07,080 --> 00:02:10,360 Speaker 1: Carson Group Chief market strategist Ryan Dietrich says the SMP 39 00:02:10,440 --> 00:02:12,720 Speaker 1: five hundred is just two and a half percent above 40 00:02:12,800 --> 00:02:15,400 Speaker 1: the low set in June, and there could be even 41 00:02:15,440 --> 00:02:18,079 Speaker 1: more pain ahead. Amy one Wall Street firm says the 42 00:02:18,120 --> 00:02:20,560 Speaker 1: selling is still not over. Let's get the story from 43 00:02:20,560 --> 00:02:24,400 Speaker 1: Bloomberg's Lisa Mateo. Goldman Saxes slashing its year end target 44 00:02:24,440 --> 00:02:27,160 Speaker 1: for the SMP five hundred index to thirty six hundred 45 00:02:27,200 --> 00:02:29,920 Speaker 1: from forty three hundred. That implies a four point two 46 00:02:29,919 --> 00:02:33,720 Speaker 1: percent drop from yesterday's close. Goldman says a dramatic shift 47 00:02:33,760 --> 00:02:36,360 Speaker 1: in the outlook for interest rates moving higher will weigh 48 00:02:36,360 --> 00:02:39,760 Speaker 1: on valuations for equities. The higher interest rate scenario and 49 00:02:39,840 --> 00:02:43,959 Speaker 1: Goldman's valuation model supports a price earnings multiple of fifteen 50 00:02:44,040 --> 00:02:48,000 Speaker 1: times compared with eighteen times previously. Goldman said the risks 51 00:02:48,080 --> 00:02:51,519 Speaker 1: to its latest forecast are still skewed to the downside 52 00:02:51,639 --> 00:02:54,480 Speaker 1: because of the rising odds of recession, a scenario that 53 00:02:54,480 --> 00:02:57,920 Speaker 1: would reduce corporate earnings and wide in the yield gap. However, 54 00:02:57,960 --> 00:03:01,280 Speaker 1: the bank strategists say a year end rally TOD is 55 00:03:01,320 --> 00:03:04,760 Speaker 1: possible if inflation shows clear signs of easing in New 56 00:03:04,840 --> 00:03:08,880 Speaker 1: York Lisa Mateo Bloomberg Daybreak, Thank you Lisa. Meantime, cash 57 00:03:09,040 --> 00:03:12,160 Speaker 1: is king. Bank of America strategists say investors are flogging 58 00:03:12,160 --> 00:03:15,600 Speaker 1: to cash and shunning almost every other asset class as 59 00:03:15,600 --> 00:03:18,760 Speaker 1: they turned the most pessimistic since the global financial crisis. 60 00:03:19,040 --> 00:03:21,239 Speaker 1: The bank says cash had in flows of thirty billion 61 00:03:21,280 --> 00:03:24,320 Speaker 1: dollars this week, while global equity funds saw outflows of 62 00:03:24,360 --> 00:03:26,800 Speaker 1: seven point eight billion dollars. There we saw more equity 63 00:03:26,840 --> 00:03:29,799 Speaker 1: losses in Asia. Overnight. Amy stocks in Hong Kong led 64 00:03:29,840 --> 00:03:32,800 Speaker 1: the declines. Let's get the details from Bloomberg's Juliette Sally. 65 00:03:32,840 --> 00:03:35,720 Speaker 1: In Singapore, the m c I Asia Pacific Index posted 66 00:03:35,760 --> 00:03:39,200 Speaker 1: its sixth weekly decline, the longest streak since May. Equities 67 00:03:39,200 --> 00:03:42,400 Speaker 1: with down Friday in Hong Kong, China, Australia and South Korea. 68 00:03:42,520 --> 00:03:45,680 Speaker 1: Japan was closed for a holiday. Alsie Bondi Old spiked 69 00:03:45,680 --> 00:03:47,640 Speaker 1: the two year up by as much as twenty eight 70 00:03:47,640 --> 00:03:50,880 Speaker 1: basis points, the highest since April twelve, and the off 71 00:03:50,880 --> 00:03:52,920 Speaker 1: show you one continue to hold past seven to the dollar, 72 00:03:53,000 --> 00:03:56,360 Speaker 1: despite the PBOC setting a strongly unfixed for a record 73 00:03:56,520 --> 00:04:01,240 Speaker 1: twenty second day in Singapore, Juliette Sally Bloomberg Break, Thanks Juliette. 74 00:04:01,240 --> 00:04:03,520 Speaker 1: The sell off is also continuing in Europe, where the 75 00:04:03,520 --> 00:04:06,920 Speaker 1: region is poised for another weekly lost for stocks. Let's 76 00:04:06,920 --> 00:04:09,400 Speaker 1: get the details with Bloomberg's You and Parts in London. 77 00:04:09,440 --> 00:04:12,240 Speaker 1: Good morning you. European stocks declining today at the end 78 00:04:12,280 --> 00:04:14,360 Speaker 1: of a week that made very clear that central banks 79 00:04:14,400 --> 00:04:16,840 Speaker 1: are not done yet. You have stocks these hundred now 80 00:04:16,880 --> 00:04:21,000 Speaker 1: down one percentage points, with energy shares leading losses. Adding 81 00:04:21,040 --> 00:04:23,520 Speaker 1: to that decline not for the first time, credits Swiss 82 00:04:23,640 --> 00:04:27,080 Speaker 1: shares slumping to a record load today. That's after the 83 00:04:27,080 --> 00:04:29,600 Speaker 1: troubled Swiss Bank was forced to deny report that it's 84 00:04:29,640 --> 00:04:33,560 Speaker 1: considering exiting the US. Markets and banking also in focus 85 00:04:33,640 --> 00:04:36,720 Speaker 1: in the UK government's mini budget today, the cap on 86 00:04:36,839 --> 00:04:40,680 Speaker 1: bankers bonuses inherited from the European Union is to be scrapped, 87 00:04:40,880 --> 00:04:44,360 Speaker 1: a planned increase in corporation tax also to be scrapped, 88 00:04:44,520 --> 00:04:47,159 Speaker 1: and the top rate of income tax that is going 89 00:04:47,200 --> 00:04:49,880 Speaker 1: as well in London. I'mun Parts, Sploomberg, day break, You 90 00:04:49,960 --> 00:04:52,159 Speaker 1: and thanks. Higher interest rates around the world have oil 91 00:04:52,200 --> 00:04:55,520 Speaker 1: on track for a fourth weekly decline. Crude is poised 92 00:04:55,560 --> 00:04:57,720 Speaker 1: for its first quarterly last and more than two years 93 00:04:57,760 --> 00:05:00,640 Speaker 1: as concerns about a global economic slowdown way on demand. 94 00:05:00,839 --> 00:05:03,440 Speaker 1: Checking prices now name X cruds down two point two 95 00:05:03,480 --> 00:05:05,320 Speaker 1: per cent or a dollar eighty five at eighty one 96 00:05:05,320 --> 00:05:08,000 Speaker 1: dollar sixty four cents of barrel. Brent is down two 97 00:05:08,000 --> 00:05:11,359 Speaker 1: percent at eighty eight dollars sixty five cents, but Nathan 98 00:05:11,400 --> 00:05:14,120 Speaker 1: those losses for oil maybe short lived. Some of the 99 00:05:14,160 --> 00:05:17,719 Speaker 1: Wall Street's biggest banks see crude rebounding in the fourth quarter. 100 00:05:17,800 --> 00:05:20,680 Speaker 1: JP Morgan Chase forecasting Brent crude at one d one 101 00:05:20,680 --> 00:05:23,040 Speaker 1: dollars a barrel the final three months of the year. 102 00:05:23,279 --> 00:05:27,240 Speaker 1: Goldman Sachs is targeting one five dollars Brent trading around 103 00:05:27,320 --> 00:05:31,400 Speaker 1: ninety dollars today. Analysts say low inventories and sustained demand 104 00:05:31,440 --> 00:05:35,120 Speaker 1: will keep prices elevated despite concerns of a global slowdown. 105 00:05:35,480 --> 00:05:37,719 Speaker 1: We have COVID news out of Asia this morning. Amy 106 00:05:37,760 --> 00:05:41,320 Speaker 1: Hong Kong is announcing plans to cut pandemic rescription prescription 107 00:05:41,400 --> 00:05:46,200 Speaker 1: restrictions sorry scrapping hotel quarantines for inbound travelers. Starting Monday, 108 00:05:46,520 --> 00:05:48,440 Speaker 1: those flying to the city will no longer need to 109 00:05:48,440 --> 00:05:51,320 Speaker 1: take a PCR test before departing. Instead, they can take 110 00:05:51,320 --> 00:05:53,919 Speaker 1: a rapid test. They will still need to take PCR 111 00:05:54,000 --> 00:05:56,920 Speaker 1: tests upon arrival, though that's turned to corporate news now 112 00:05:56,960 --> 00:05:59,640 Speaker 1: Boeing is in focus, the company agreeing to settle an 113 00:05:59,720 --> 00:06:02,600 Speaker 1: s e SEE investigation into safety issues on its seven 114 00:06:02,640 --> 00:06:06,120 Speaker 1: thirty seven Max planes. We get details from Bloomberg's Jeff Bellinger. 115 00:06:06,720 --> 00:06:09,760 Speaker 1: Boeing has agreed to pay two hundred million dollars to 116 00:06:09,760 --> 00:06:13,920 Speaker 1: settle sec allegations that the company and former CEO Dennis 117 00:06:14,000 --> 00:06:17,559 Speaker 1: Mullenberg failed to disclose issues with the seven thirty seven 118 00:06:17,600 --> 00:06:21,400 Speaker 1: Max jetliner. Muhlenberg will pay one million dollars as part 119 00:06:21,400 --> 00:06:24,880 Speaker 1: of the agreement. Regulators say Bowing and Muhllenberg did not 120 00:06:25,000 --> 00:06:28,440 Speaker 1: reveal safety problems with the seven thirty seven Max, which 121 00:06:28,520 --> 00:06:31,560 Speaker 1: was involved in two crashes that killed three hundred forty 122 00:06:31,600 --> 00:06:34,800 Speaker 1: six people. The twin tragedies prompted one of the longest 123 00:06:34,839 --> 00:06:39,040 Speaker 1: groundings in aviation history. Boeing previously paid a two hundred 124 00:06:39,080 --> 00:06:41,960 Speaker 1: forty three million dollar fine as part of a two 125 00:06:42,000 --> 00:06:45,000 Speaker 1: and a half billion dollar settlement with the US Justice 126 00:06:45,040 --> 00:06:49,360 Speaker 1: Department to end a criminal investigation that was in January 127 00:06:49,400 --> 00:06:54,400 Speaker 1: of twenty one. Jeff Bellinger, Bloomberg Daybreak, Jeff thanks FedEx's 128 00:06:54,480 --> 00:06:57,880 Speaker 1: cutting costs and increasing rates. The giant package carries looking 129 00:06:57,880 --> 00:06:59,880 Speaker 1: for as much as two point seven billion dollars in 130 00:07:00,040 --> 00:07:02,920 Speaker 1: savings to deal with slowing demand and a tight labor market. 131 00:07:03,240 --> 00:07:06,400 Speaker 1: Last week, FedEx shares suffered their worst day in forty 132 00:07:06,480 --> 00:07:10,840 Speaker 1: years after the company pointed out worsening economic conditions. SMP 133 00:07:11,000 --> 00:07:14,160 Speaker 1: futures are down thirty one point, staff futures down two nine, 134 00:07:14,240 --> 00:07:17,520 Speaker 1: NASTAC futures down a hundred thirteen local headlines and a 135 00:07:17,600 --> 00:07:24,200 Speaker 1: check of sports. Next, This is Bloomberg right, Thank you, Nathan. 136 00:07:24,240 --> 00:07:26,200 Speaker 1: It is six oh seven on Wall Street. We bring 137 00:07:26,200 --> 00:07:28,240 Speaker 1: in Michael Barr now to find out what else is 138 00:07:28,240 --> 00:07:30,520 Speaker 1: going on in New York and around the world. Good 139 00:07:30,600 --> 00:07:33,480 Speaker 1: morning Michael, Good morning Amy. New York City health officials 140 00:07:33,480 --> 00:07:36,160 Speaker 1: believe five people have died in a Manhattan nursing home 141 00:07:36,200 --> 00:07:40,040 Speaker 1: of Legionnaire's disease. The outbreak over the past year took 142 00:07:40,040 --> 00:07:44,160 Speaker 1: place at the Amsterdam Nursing Home in Morningside Heights. Already 143 00:07:44,200 --> 00:07:47,760 Speaker 1: say four deaths have been confirmed to be connected to legionnaires. 144 00:07:48,000 --> 00:07:51,360 Speaker 1: Officials are investigating the fifth depth. Florida Governor Ran De 145 00:07:51,440 --> 00:07:54,520 Speaker 1: Santis is being sued by a state lawmaker for allegedly 146 00:07:54,800 --> 00:07:57,800 Speaker 1: wasting hundreds of thousands of dollars and state funds to 147 00:07:57,800 --> 00:08:02,640 Speaker 1: apply dozens of Venezuelan migrants to Martha's Vineyard, Massachusetts, where 148 00:08:02,680 --> 00:08:06,240 Speaker 1: critics have called a political stunt that trigged vulnerable immigrants. 149 00:08:06,640 --> 00:08:11,400 Speaker 1: Florida State Democratic Senator Jason Piso from Miami also asked 150 00:08:11,480 --> 00:08:14,320 Speaker 1: the court to stop the Santis from transporting any more 151 00:08:14,520 --> 00:08:17,560 Speaker 1: migrants to other states. Meanwhile, De Santis says about ten 152 00:08:17,640 --> 00:08:21,320 Speaker 1: thousand dollars paid to an aviation company to fly migrants 153 00:08:21,320 --> 00:08:24,760 Speaker 1: to Delaware has not been put to use. He was vague, though, 154 00:08:24,800 --> 00:08:28,800 Speaker 1: about payments for sending migrants north. The policy is we 155 00:08:28,840 --> 00:08:33,040 Speaker 1: want to voluntarily transport away from Florida so that we 156 00:08:33,080 --> 00:08:35,679 Speaker 1: don't have to bear the costs, and that there's a 157 00:08:35,800 --> 00:08:39,520 Speaker 1: vendor that is doing that for US. Governor De Santis 158 00:08:39,520 --> 00:08:42,079 Speaker 1: made his comments at a news conference in Miami Dade. 159 00:08:42,720 --> 00:08:46,200 Speaker 1: Voting has begun in Moscow held regions of Ukraine on 160 00:08:46,240 --> 00:08:49,880 Speaker 1: referendums to become part of Russia. Ukraine in the West 161 00:08:49,960 --> 00:08:53,560 Speaker 1: have denounced them as shams without any legal force. The 162 00:08:53,600 --> 00:08:58,920 Speaker 1: referendums follow President Vladimir's putin order to have partial mobilization 163 00:08:59,040 --> 00:09:01,559 Speaker 1: that could add to about three thousand Russian troops to 164 00:09:01,600 --> 00:09:05,880 Speaker 1: the fight. Former US Ambassador the Ukraine, William Taylor says 165 00:09:05,920 --> 00:09:08,960 Speaker 1: Putin is looking for ways out of the war now 166 00:09:09,000 --> 00:09:12,720 Speaker 1: that Ukrainian advances have made peace talks less likely. He's 167 00:09:12,800 --> 00:09:17,120 Speaker 1: running out of soldiers. He thinks by instituting this draft 168 00:09:17,280 --> 00:09:19,760 Speaker 1: or this call up, he may be able to replace 169 00:09:19,800 --> 00:09:23,920 Speaker 1: these soldiers that he's losing day after day on the battlefield. 170 00:09:24,040 --> 00:09:28,440 Speaker 1: Former Ambassador Taylor spoke to ABC. NASA plans to slam 171 00:09:28,440 --> 00:09:32,520 Speaker 1: a small, harmless asteroid as an experiment, a spacecraft name 172 00:09:32,760 --> 00:09:36,320 Speaker 1: DART for double Asteroid Redirection test. Weill zero in on 173 00:09:36,360 --> 00:09:39,120 Speaker 1: the asteroid Monday and tent on slamming it head on 174 00:09:39,640 --> 00:09:43,360 Speaker 1: at fourteen thousand miles Brauer. Scientists say the impact should 175 00:09:43,360 --> 00:09:46,440 Speaker 1: be just enough to nudge the asteroid into a slightly 176 00:09:46,480 --> 00:09:50,520 Speaker 1: tighter orbit around its companion, space Rock. NASA scientist Tom Stadler, 177 00:09:50,960 --> 00:09:52,880 Speaker 1: at the end of the day, the real question is 178 00:09:53,120 --> 00:09:56,440 Speaker 1: how effectively did we move the asteroid and can this 179 00:09:56,559 --> 00:09:59,400 Speaker 1: technique of kinnectic impact be used in the future if 180 00:09:59,440 --> 00:10:02,760 Speaker 1: we ever needed to. NASA's Tom Standler says the asteroid 181 00:10:02,840 --> 00:10:05,560 Speaker 1: is about six point eight million miles away Global News 182 00:10:05,600 --> 00:10:07,720 Speaker 1: twenty four hours a day on air and on Bloomberg 183 00:10:07,760 --> 00:10:10,480 Speaker 1: Quick Take Power by more than hundred journalists analyist more 184 00:10:10,520 --> 00:10:13,559 Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg. Amy. 185 00:10:13,880 --> 00:10:19,360 Speaker 1: All right, thank you, Michael. It's six ten on Wall Street. 186 00:10:19,400 --> 00:10:22,319 Speaker 1: Time now for the Bloomberg Sports Update. Here's Scott Seidenberg. 187 00:10:22,600 --> 00:10:25,320 Speaker 1: Good morning, Amy. Yankees fans will have the waits another 188 00:10:25,600 --> 00:10:29,520 Speaker 1: day before seeing Aaron Judge hit home run number sixty one. 189 00:10:29,600 --> 00:10:32,400 Speaker 1: Judge went over to last night with three walks and 190 00:10:32,559 --> 00:10:35,760 Speaker 1: a strikeout, but the Yanks got to win five four 191 00:10:35,880 --> 00:10:39,000 Speaker 1: over the Red Sox in ten innings on Josh Donaldson's 192 00:10:39,120 --> 00:10:42,920 Speaker 1: fourth walk off hit of the season. It's the yankees 193 00:10:43,160 --> 00:10:47,040 Speaker 1: sixteenth walk off win. That's one shy for the most 194 00:10:47,120 --> 00:10:51,680 Speaker 1: walk off wins in a single season in Yankees franchise history. 195 00:10:51,960 --> 00:10:54,320 Speaker 1: Here was Donaldson after the game. You know seven a 196 00:10:54,320 --> 00:10:57,040 Speaker 1: couple of times this year, so you know, it doesn't 197 00:10:57,040 --> 00:11:02,360 Speaker 1: it doesn't. With the win, the Yankees officially clinched a 198 00:11:02,520 --> 00:11:06,320 Speaker 1: postseason spot, and Aaron Boone becomes the first manager to 199 00:11:06,400 --> 00:11:10,559 Speaker 1: reach the postseason in each of his first five seasons. 200 00:11:10,640 --> 00:11:12,680 Speaker 1: The Yankees have a seven and a half game lead 201 00:11:12,800 --> 00:11:15,880 Speaker 1: in the A Out East over the Toronto Blue Jays. 202 00:11:16,200 --> 00:11:19,440 Speaker 1: NBA Who's The Boston Celtics have suspended head coachma who 203 00:11:19,520 --> 00:11:23,520 Speaker 1: Duke up for the upcoming season the team, citing violations 204 00:11:23,600 --> 00:11:27,840 Speaker 1: of team policies and its announcement. Assistant coach Joe Missoula 205 00:11:27,920 --> 00:11:30,640 Speaker 1: takes over in the interim. Week three of the NFL 206 00:11:30,720 --> 00:11:33,520 Speaker 1: kicked off last night, the Browns defeating the Steelers twenty 207 00:11:33,600 --> 00:11:36,960 Speaker 1: nine seven team. On Sunday, the Jets will welcome in 208 00:11:37,160 --> 00:11:40,520 Speaker 1: the Bengals. The Giants host the Cowboys on Monday Night Football. 209 00:11:40,640 --> 00:11:44,600 Speaker 1: I'm Scott Seedinberg with Bloomberg Sports. Amy all right, thank you, Scott. 210 00:11:44,640 --> 00:11:47,880 Speaker 1: Futures are lower, SNP down thirty three points, dal features 211 00:11:47,880 --> 00:11:52,080 Speaker 1: down two Hunt four, Nasdaq features down one hundred nineteen points. 212 00:11:52,280 --> 00:11:55,199 Speaker 1: Ten year Treasury down nine thirty seconds, the yield at 213 00:11:55,280 --> 00:11:58,040 Speaker 1: three point seven five percent, the two year yield at 214 00:11:58,040 --> 00:12:01,520 Speaker 1: four point one eight percent. Still ahead on Bloomberg daybreak, 215 00:12:01,600 --> 00:12:04,800 Speaker 1: Oil headed four or fourth weekly decline. This is Bloomberg 216 00:12:07,880 --> 00:12:10,400 Speaker 1: Bloomberg eleven three oh Weather sunny and breezy. We're going 217 00:12:10,480 --> 00:12:13,280 Speaker 1: up to sixty five degrees today with plenty of sunshine 218 00:12:13,320 --> 00:12:15,680 Speaker 1: tomorrow going up to seventy degrees, could see rain on 219 00:12:15,720 --> 00:12:23,960 Speaker 1: Sunday going up to seventy five. Markets, headlines and breaking 220 00:12:23,960 --> 00:12:26,840 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 221 00:12:27,000 --> 00:12:30,520 Speaker 1: The Bloomberg Business at and at Bloomberg Quick Tape. He's 222 00:12:30,559 --> 00:12:39,520 Speaker 1: a Bloomberg Business Flash. I'm Nathan Hagar. Global bond yields 223 00:12:39,559 --> 00:12:42,560 Speaker 1: are surging. Stocks are extending their declines at the end 224 00:12:42,600 --> 00:12:46,480 Speaker 1: of a week that underscored expectations for tighter monetary policy 225 00:12:46,520 --> 00:12:49,680 Speaker 1: and a slowing global economy. We checked the markets every 226 00:12:49,679 --> 00:12:52,880 Speaker 1: fifteen minutes during the trading day. On Bloomberg SMP futures 227 00:12:52,880 --> 00:12:55,679 Speaker 1: are down thirty one points down futures are lower by 228 00:12:55,720 --> 00:12:58,320 Speaker 1: two thirty four and NASTACK futures on the decline by 229 00:12:58,360 --> 00:13:01,640 Speaker 1: one sixteen points, a drop of one percent. The tenure 230 00:13:01,640 --> 00:13:04,440 Speaker 1: Treasury is down seven thirty seconds, the yield three point 231 00:13:04,480 --> 00:13:06,920 Speaker 1: seven four percent. The yield on the two year four 232 00:13:07,000 --> 00:13:10,240 Speaker 1: point one seven percent. NIMEX screwed is down two point 233 00:13:10,240 --> 00:13:13,040 Speaker 1: three percent, or a dollar eighty one dollars fifty seven 234 00:13:13,080 --> 00:13:16,200 Speaker 1: cents a barrel comes golled down one percent or sixteen dollars. 235 00:13:16,200 --> 00:13:18,880 Speaker 1: At sixteen sixty five, ten announced the euro point nine 236 00:13:18,920 --> 00:13:21,880 Speaker 1: seven six five against the dollar British pound one point 237 00:13:21,920 --> 00:13:23,960 Speaker 1: one one to two. The yen is at one forty 238 00:13:24,000 --> 00:13:27,079 Speaker 1: two point seven four. Bitcoin is lower by seven tenths 239 00:13:27,080 --> 00:13:30,080 Speaker 1: percent at nineteen thousand, one hundred dollars. That's a Bloomberg 240 00:13:30,120 --> 00:13:32,240 Speaker 1: business flash. And now here's Michael Barr with more on 241 00:13:32,320 --> 00:13:34,760 Speaker 1: what's going on around the world. Michael Heathan, thank you 242 00:13:34,840 --> 00:13:37,680 Speaker 1: very much. The Special Master in the case of documents 243 00:13:37,679 --> 00:13:41,240 Speaker 1: sees from Donald Trump's Florida homes says the former president's 244 00:13:41,320 --> 00:13:44,760 Speaker 1: lawyers have to state in a court filing whether they 245 00:13:44,800 --> 00:13:48,559 Speaker 1: believe the FBI line about the items. Judge Raymond Deary 246 00:13:48,640 --> 00:13:52,800 Speaker 1: told Trump's legal team that they have until September. Residents 247 00:13:52,800 --> 00:13:55,720 Speaker 1: and occupied parts of Ukraine begin voting today and a 248 00:13:55,840 --> 00:13:59,680 Speaker 1: Russia run referendum on joining Ukraine. The vote has been 249 00:13:59,679 --> 00:14:03,000 Speaker 1: why Lye condemned as a sham. In baseball, the Yankees 250 00:14:03,040 --> 00:14:05,960 Speaker 1: beat the Red Sox five for clinching a playoff birth 251 00:14:06,240 --> 00:14:09,000 Speaker 1: He came close, but Aaron Judge fell short of telling 252 00:14:09,080 --> 00:14:11,720 Speaker 1: Roger Marries a le record of six one on runs. 253 00:14:12,200 --> 00:14:16,000 Speaker 1: The Orioles and Giants won the A's lost. Thursday night football, 254 00:14:16,040 --> 00:14:20,240 Speaker 1: the Browns beat the Steelers twenty nine Global News twenty 255 00:14:20,240 --> 00:14:23,400 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 256 00:14:23,640 --> 00:14:26,840 Speaker 1: powered by more than hundred journalists and analysts more than 257 00:14:26,880 --> 00:14:30,600 Speaker 1: a hundred twenty countries. Michael barn this is Bloomberg Gaming 258 00:14:30,840 --> 00:14:33,320 Speaker 1: all right, Thank you, Michael. It is six twenty on 259 00:14:33,400 --> 00:14:36,760 Speaker 1: Wall Street. We're live from the Bloomberg Interactive Broker Studios. 260 00:14:37,080 --> 00:14:39,800 Speaker 1: This is Bloomberg day Break. Oil is headed for a 261 00:14:39,880 --> 00:14:43,080 Speaker 1: fourth weekly decline after interest rate hikes around the world 262 00:14:43,160 --> 00:14:46,560 Speaker 1: darkened the outlook for energy Deman joining us Bloomberg Senior 263 00:14:46,600 --> 00:14:50,760 Speaker 1: Executive Editor for Energy and Commodities, Will Kennedy. Well, good 264 00:14:50,760 --> 00:14:52,480 Speaker 1: morning to you, Thanks so much for taking the time 265 00:14:52,480 --> 00:14:55,000 Speaker 1: with us on this Friday morning. We know crude is 266 00:14:55,120 --> 00:14:57,560 Speaker 1: on track for its first quarterly loss in more than 267 00:14:57,600 --> 00:15:00,880 Speaker 1: two years. What are you watching for? Well, I think 268 00:15:00,920 --> 00:15:02,880 Speaker 1: the oild market right now is called in a battle 269 00:15:02,920 --> 00:15:06,680 Speaker 1: between macro and economic factors and the nuts and bolts 270 00:15:06,680 --> 00:15:08,560 Speaker 1: of the oil market. On the macro side, the price 271 00:15:08,640 --> 00:15:12,800 Speaker 1: has been facing huge hedge winds as policymakers around the 272 00:15:12,800 --> 00:15:17,480 Speaker 1: world raise interest rates, raising fears of an economic slowdown, 273 00:15:17,800 --> 00:15:21,320 Speaker 1: and the dollar strength and dollar strength is normally inverse 274 00:15:21,400 --> 00:15:24,040 Speaker 1: to oil oil goes in the other direction. So it's 275 00:15:24,040 --> 00:15:26,640 Speaker 1: been battling those head winds and right now those headwinds 276 00:15:26,680 --> 00:15:29,440 Speaker 1: are winning. But it's not clear whether that pattern will 277 00:15:29,480 --> 00:15:32,080 Speaker 1: hold as we go in towards the winter. Globally, supplies 278 00:15:32,120 --> 00:15:36,760 Speaker 1: remain very tight. People are producing a maximum or close 279 00:15:36,800 --> 00:15:39,640 Speaker 1: to maximum all over the world, and global stock piles 280 00:15:39,680 --> 00:15:43,920 Speaker 1: are falling. So there is a view that this slump 281 00:15:43,920 --> 00:15:46,560 Speaker 1: could reverse as we get into the winter, when oil 282 00:15:46,600 --> 00:15:49,680 Speaker 1: demand tends to rise. Let's get into that a little bit. 283 00:15:49,720 --> 00:15:51,840 Speaker 1: Some banks saying that there could be a rebound for 284 00:15:52,000 --> 00:15:54,600 Speaker 1: oil in the fourth core. Some details about how that 285 00:15:54,680 --> 00:15:58,560 Speaker 1: might work. Well, you get a bump in demand are 286 00:15:58,560 --> 00:16:02,160 Speaker 1: you go into the winter some the world, Japan, Northeast, US, 287 00:16:02,280 --> 00:16:06,080 Speaker 1: parts of Europe which use oil for heating, that boost 288 00:16:06,120 --> 00:16:10,240 Speaker 1: demand for Middle Distonance diesel UH and jet fuel around 289 00:16:10,240 --> 00:16:13,600 Speaker 1: the world. Um, So that tends to be a bullish factor, 290 00:16:13,640 --> 00:16:17,120 Speaker 1: and all the more so this year because alternatives such 291 00:16:17,120 --> 00:16:20,120 Speaker 1: as natural gas in Europe especially are incredibly expensive to 292 00:16:20,120 --> 00:16:23,360 Speaker 1: those people who can use oil will use oil. There 293 00:16:23,360 --> 00:16:26,520 Speaker 1: may be also industries that switch out of gas into 294 00:16:26,600 --> 00:16:30,880 Speaker 1: diesel diesel generators that that will be more to supply 295 00:16:31,400 --> 00:16:35,040 Speaker 1: m and then a lot of the One reason the 296 00:16:35,040 --> 00:16:37,440 Speaker 1: old market has stayed under control in recent months is 297 00:16:37,480 --> 00:16:41,960 Speaker 1: this massive supply of oil ou to the strategic Petroleum 298 00:16:42,000 --> 00:16:45,240 Speaker 1: of Reserve in the United States. It's not clear how 299 00:16:45,320 --> 00:16:47,720 Speaker 1: much more oil or keep coming from the SPR and 300 00:16:47,760 --> 00:16:51,520 Speaker 1: that could change the balances on the supply side as 301 00:16:51,560 --> 00:16:56,400 Speaker 1: demand arises. Well, let's talk about what's driving the volatility 302 00:16:56,520 --> 00:16:59,280 Speaker 1: in these markets, in the oil markets, and what could 303 00:16:59,320 --> 00:17:03,760 Speaker 1: settle things down. When are we going to see a break? Well, 304 00:17:03,760 --> 00:17:05,640 Speaker 1: that's a good question. I mean, I think one thing 305 00:17:05,680 --> 00:17:08,480 Speaker 1: about one observation we could make about their old market 306 00:17:08,520 --> 00:17:11,679 Speaker 1: is liquidity is down. There aren't as many people trading 307 00:17:11,720 --> 00:17:16,240 Speaker 1: oil um, and that's because there are a lot of 308 00:17:16,280 --> 00:17:20,360 Speaker 1: investors who feel that the volatility um it's an attractive 309 00:17:20,359 --> 00:17:24,760 Speaker 1: to them. And the fewer people you get, the more um, 310 00:17:24,880 --> 00:17:27,920 Speaker 1: the more volatile it is. Less liquidity means more volatility, 311 00:17:28,000 --> 00:17:30,600 Speaker 1: and it's a bit of a self perpetuating cycle. So 312 00:17:30,680 --> 00:17:33,000 Speaker 1: that's one reason. The other reason is that's just the 313 00:17:33,040 --> 00:17:36,719 Speaker 1: sheer volume of factors that pulling the markets in different directions, 314 00:17:36,760 --> 00:17:40,280 Speaker 1: everything from politics and the war, to OPEC policy, to 315 00:17:40,320 --> 00:17:43,359 Speaker 1: all the financial and macro economic background that I've just 316 00:17:44,280 --> 00:17:47,439 Speaker 1: described and I don't think there's any reason, given the 317 00:17:47,480 --> 00:17:49,159 Speaker 1: flow of events, are seeing the moment for that to 318 00:17:49,240 --> 00:17:51,840 Speaker 1: end anytime soon? Are we looking at a perfect storm 319 00:17:51,880 --> 00:17:53,960 Speaker 1: of events that you just described. I mean, give me 320 00:17:54,000 --> 00:17:58,320 Speaker 1: an historical perspective if we've ever seen this before. I mean, 321 00:17:58,359 --> 00:18:01,119 Speaker 1: the oil market has gone through some video dramatic times before, 322 00:18:01,200 --> 00:18:04,080 Speaker 1: in the pandemic, we saw negative old vices in the 323 00:18:04,080 --> 00:18:07,560 Speaker 1: global financial crisis, the Varna ark War. But I do 324 00:18:07,680 --> 00:18:11,720 Speaker 1: think that, uh, it's a particularly interesting time because you 325 00:18:11,760 --> 00:18:16,919 Speaker 1: have these enormous geopolitical events combining with really big events 326 00:18:16,920 --> 00:18:21,160 Speaker 1: in the market. People trying to contend with the prospect 327 00:18:21,160 --> 00:18:23,240 Speaker 1: of a slowdown on recession on the one hand, and 328 00:18:23,280 --> 00:18:25,760 Speaker 1: the real risk to supply that we're seeing because of 329 00:18:26,520 --> 00:18:31,040 Speaker 1: the war war in Ukraine, and the confluence of those 330 00:18:31,080 --> 00:18:34,480 Speaker 1: two very big things, I think is makes it one 331 00:18:34,520 --> 00:18:37,280 Speaker 1: of the most mentors our markets. And sometimes how much 332 00:18:37,280 --> 00:18:39,480 Speaker 1: of an impact is the war in Ukraine? And I 333 00:18:39,560 --> 00:18:42,040 Speaker 1: asked because we got word this morning that Russia is 334 00:18:42,080 --> 00:18:46,359 Speaker 1: looking to boost its military industry complex by forty some 335 00:18:46,480 --> 00:18:50,119 Speaker 1: odd percent, which indicates that they plan on being in 336 00:18:50,280 --> 00:18:53,320 Speaker 1: Ukraine for a long time to come. Yeah, I mean, 337 00:18:53,359 --> 00:18:56,520 Speaker 1: I think what markets are looking for is two things 338 00:18:56,520 --> 00:18:58,840 Speaker 1: are going to happen. Europe is going to introduce a 339 00:18:58,960 --> 00:19:01,720 Speaker 1: ban on importing and oil and that will change the 340 00:19:01,720 --> 00:19:05,199 Speaker 1: flow of Russian oil all around the world. And traders 341 00:19:05,200 --> 00:19:07,159 Speaker 1: are very interested to know whether Asian bias who have 342 00:19:07,280 --> 00:19:10,600 Speaker 1: kept buying Russian oil and have increased their purchases vassional 343 00:19:10,680 --> 00:19:14,879 Speaker 1: principally India and China, could increase their purchases further, whether 344 00:19:14,960 --> 00:19:18,119 Speaker 1: that banned by the European Union means that some mushan 345 00:19:18,119 --> 00:19:20,160 Speaker 1: i will just won't find a market and production will. 346 00:19:20,520 --> 00:19:22,359 Speaker 1: For the other thing that we have going on policy 347 00:19:22,359 --> 00:19:25,119 Speaker 1: wise is this idea that the G seven would impose 348 00:19:25,160 --> 00:19:27,359 Speaker 1: a price cap on Russian oil, and that's an attempt 349 00:19:27,560 --> 00:19:29,800 Speaker 1: to make sure the oil keeps flowing, but in a 350 00:19:29,840 --> 00:19:34,600 Speaker 1: way where Russia doesn't really benefit from higher prices. Lots 351 00:19:34,600 --> 00:19:37,080 Speaker 1: of skepticism about how that will work, but if it's introduced, 352 00:19:37,080 --> 00:19:39,840 Speaker 1: it will have some impact. So both of those things, 353 00:19:40,160 --> 00:19:43,199 Speaker 1: I'm introducing a lot of uncertainty into the market as 354 00:19:43,200 --> 00:19:45,520 Speaker 1: we go into the crucial winter months. All right, well, 355 00:19:45,560 --> 00:19:47,280 Speaker 1: thank you so much for taking the time with us 356 00:19:47,280 --> 00:19:50,840 Speaker 1: on this morning Friday morning. Will Kennedy is senior executive 357 00:19:50,920 --> 00:19:54,680 Speaker 1: editor for energy and commodities for Bloomberg News futures are lower. 358 00:19:54,840 --> 00:19:57,880 Speaker 1: S ANDP down thirty eight points, STUT futures down two three, 359 00:19:58,119 --> 00:20:01,520 Speaker 1: NASAC futures down on seven points. Much more still to come. 360 00:20:01,560 --> 00:20:08,400 Speaker 1: On Bloomberg Daybreak. This is Bloomberg Bloomberg eleven three oh 361 00:20:08,440 --> 00:20:11,160 Speaker 1: weather sunny and breezy, going up to sixty five degrees. 362 00:20:11,200 --> 00:20:13,720 Speaker 1: We'll see seventy degrees with sunshine tomorrow and then on 363 00:20:13,760 --> 00:20:16,560 Speaker 1: Sunday at chance of rain going up to seventy five degrees. 364 00:20:25,080 --> 00:20:29,600 Speaker 1: Broadcasting wide from the Bloomberg Interactive Broker's studio in New York, 365 00:20:29,720 --> 00:20:32,800 Speaker 1: Bloomberg E Living Free on to Washington, d C. Bloomberg 366 00:20:33,800 --> 00:20:37,000 Speaker 1: to Boston, Bloomberg one O six one to San Francisco, 367 00:20:37,080 --> 00:20:40,560 Speaker 1: Bloomberg sixty to the Country Sirius XM Chad A one 368 00:20:40,640 --> 00:20:43,720 Speaker 1: nine and around the globe the Bloomberg Business app and 369 00:20:43,800 --> 00:20:53,440 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's six 370 00:20:53,520 --> 00:20:56,520 Speaker 1: thirty on Wall Street. Good Friday morning. I'm Amy Morris, 371 00:20:56,600 --> 00:20:58,880 Speaker 1: I'm Nathan Hagar. We are about three hours away from 372 00:20:58,880 --> 00:21:00,640 Speaker 1: the open of US training to I'm for the five 373 00:21:00,680 --> 00:21:02,480 Speaker 1: things you need to know to start your day. Brought 374 00:21:02,520 --> 00:21:05,320 Speaker 1: to you by Interactive Brokers. Global Analysts helps you find 375 00:21:05,440 --> 00:21:09,399 Speaker 1: new global investment opportunities to diversify your portfolio and discover 376 00:21:09,520 --> 00:21:12,520 Speaker 1: undervalued companies that may have greater growth potential. Try i 377 00:21:12,640 --> 00:21:15,359 Speaker 1: b k OUR Global Analysts today at i b k 378 00:21:15,560 --> 00:21:18,840 Speaker 1: R dot com. Slash g a up first. The SMP 379 00:21:18,960 --> 00:21:22,160 Speaker 1: five hundreds on track for a second straight weekly loss. Yesterday, 380 00:21:22,160 --> 00:21:24,919 Speaker 1: the index closed at its lowest level since June, as 381 00:21:25,000 --> 00:21:27,840 Speaker 1: higher interest rates continue to hit sentiment. Jess meant and 382 00:21:27,880 --> 00:21:32,720 Speaker 1: covers equities for Bloomberg News technology sector, looking at discretionary shares. 383 00:21:32,760 --> 00:21:36,520 Speaker 1: Also industrial companies really coming under pressure following what happened 384 00:21:36,520 --> 00:21:38,440 Speaker 1: with that sell off after the Fed's move, but also 385 00:21:38,720 --> 00:21:41,480 Speaker 1: more globally, this isn't even just the FED. Investors are 386 00:21:41,480 --> 00:21:44,600 Speaker 1: really trying to digest what's happening because it's been over 387 00:21:44,680 --> 00:21:47,360 Speaker 1: five basis point moved by global central banks right now 388 00:21:47,400 --> 00:21:50,720 Speaker 1: getting aggressive to tackle what's happening with inflation, and traders 389 00:21:50,800 --> 00:21:53,639 Speaker 1: really trying to reprice. Bloomberg's jessment and says it appears 390 00:21:53,640 --> 00:21:56,360 Speaker 1: investors aren't expecting the FED to cut rates until sometime 391 00:21:56,440 --> 00:21:58,879 Speaker 1: next year, and there could be more pain ahead. Nathan 392 00:21:58,920 --> 00:22:01,160 Speaker 1: when Wall Street firm says the selling is not over. 393 00:22:01,240 --> 00:22:03,639 Speaker 1: Goldman SATs is slashing its year end target for the 394 00:22:03,720 --> 00:22:06,760 Speaker 1: SMP five hundred to thirty six hundred. That's down from 395 00:22:06,840 --> 00:22:09,760 Speaker 1: forty three und You're watching the dash to cash this morning. 396 00:22:09,760 --> 00:22:12,359 Speaker 1: Amy Bank of America strategist say investors are flocking to 397 00:22:12,480 --> 00:22:14,879 Speaker 1: cash as they turn their most pessimistic since the global 398 00:22:14,880 --> 00:22:18,399 Speaker 1: financial crisis. Jennifer Lee, senior economist with BEMO Capital Market, 399 00:22:18,440 --> 00:22:21,600 Speaker 1: says firms like hers are lowering growth forecast, but still 400 00:22:21,640 --> 00:22:24,239 Speaker 1: there is strength in the labor market. We've actually been 401 00:22:24,280 --> 00:22:26,520 Speaker 1: lowering our growth forecast deadly like everyone else, and we've 402 00:22:26,560 --> 00:22:30,240 Speaker 1: actually got dual growth now three we still have only 403 00:22:30,320 --> 00:22:33,240 Speaker 1: one quarter of negative growth. I guess the big difference 404 00:22:33,280 --> 00:22:35,879 Speaker 1: here in terms of recession is the labor market. You know, 405 00:22:35,920 --> 00:22:38,160 Speaker 1: anyone who has multiple job offers out there, you don't 406 00:22:38,200 --> 00:22:40,440 Speaker 1: take one because it's not gonna last. This is all 407 00:22:40,560 --> 00:22:42,639 Speaker 1: from personal with What happens is when is a central 408 00:22:42,640 --> 00:22:44,960 Speaker 1: bank who is aggressively tightening, You're gonna see that flower growth, 409 00:22:45,000 --> 00:22:47,040 Speaker 1: You're gonna see it hit consumers spending, and you're going 410 00:22:47,080 --> 00:22:49,359 Speaker 1: to see the doubles rate to caire. Jennifer Lee with 411 00:22:49,440 --> 00:22:52,399 Speaker 1: BEMO Capital Market says she expects unemployment to continue to 412 00:22:52,520 --> 00:22:55,000 Speaker 1: rise in the coming months. Stocks in Europe and Asia 413 00:22:55,040 --> 00:22:57,280 Speaker 1: are lower this morning, so is oil. Crude is on 414 00:22:57,400 --> 00:22:59,800 Speaker 1: trapped for a fourth weekly decline and could record its 415 00:22:59,800 --> 00:23:02,879 Speaker 1: first quarterly lost in more than two years. Nanamy. Hong 416 00:23:02,960 --> 00:23:06,680 Speaker 1: Kong's announcing plans to cut COVID restrictions, scrapping hotel quarantines 417 00:23:06,720 --> 00:23:09,560 Speaker 1: for inbound travelers. Starting Monday, those flying to the city 418 00:23:09,560 --> 00:23:11,760 Speaker 1: will no longer need to take a PCR test before 419 00:23:11,760 --> 00:23:16,000 Speaker 1: departure instead of rapid test will suffice, but travelers still 420 00:23:16,000 --> 00:23:18,359 Speaker 1: will need to take a PCR upon arrival. There's still 421 00:23:18,440 --> 00:23:21,679 Speaker 1: banned from going to bars and eating at restaurants in 422 00:23:21,760 --> 00:23:24,240 Speaker 1: Hong Kong. That's the five things you need to notice 423 00:23:24,240 --> 00:23:28,119 Speaker 1: start your day. Brought to you by Interactive Brokers, Futures 424 00:23:28,160 --> 00:23:32,359 Speaker 1: on the Decline, this morning, straight Ahead, your latest local headlines, 425 00:23:32,400 --> 00:23:38,560 Speaker 1: and a check of sports. This is Bloomberg, all right, 426 00:23:38,560 --> 00:23:40,840 Speaker 1: Thank you, Nathan sixty three on Wall Street. Now we 427 00:23:40,920 --> 00:23:43,040 Speaker 1: bring in Michael Bard to tell us what else is 428 00:23:43,080 --> 00:23:45,760 Speaker 1: going on in New York and around the world. Good morning, Michael, 429 00:23:45,880 --> 00:23:49,040 Speaker 1: Good morning Amy. Health officials suspect five people have died 430 00:23:49,040 --> 00:23:52,680 Speaker 1: in the Manhattan nursing home of legionnaire's disease. The outbreak 431 00:23:52,720 --> 00:23:55,320 Speaker 1: over the past year to took place at the Amsterdam 432 00:23:55,440 --> 00:23:59,680 Speaker 1: Nursing Home in Morningside. Heights for depths have been confirmed, 433 00:23:59,680 --> 00:24:04,040 Speaker 1: while a fifth is being investigated. Residents in Russian occupied 434 00:24:04,080 --> 00:24:07,399 Speaker 1: parts of Ukraine began voting today in the referendum on 435 00:24:07,560 --> 00:24:11,439 Speaker 1: joining Russia. The vote has been widely condemned as a sham. 436 00:24:11,920 --> 00:24:16,639 Speaker 1: Former US Ambassador for Ukraine, William Taylor says Vladimir Putin 437 00:24:16,720 --> 00:24:18,480 Speaker 1: is looking for a way to ulster support for the 438 00:24:18,520 --> 00:24:22,480 Speaker 1: war inside Russia. This is because Putin is losing support 439 00:24:22,560 --> 00:24:26,000 Speaker 1: for this war that he wants to do some sleight 440 00:24:26,080 --> 00:24:28,600 Speaker 1: of hand that says, well, actually this is really Russia, 441 00:24:29,040 --> 00:24:33,120 Speaker 1: so now it's really the Ukrainians and the West against US. 442 00:24:34,040 --> 00:24:38,000 Speaker 1: Former Ambassador Taylor spoke to ABC. A man charged with 443 00:24:38,040 --> 00:24:41,639 Speaker 1: assault for allegedly slapping former Mayor Rudy Giuliani on the 444 00:24:41,640 --> 00:24:45,200 Speaker 1: back and using a derogatory term is suing New York 445 00:24:45,200 --> 00:24:48,680 Speaker 1: City for two million dollars for false arrest. Daniel Gill 446 00:24:48,840 --> 00:24:51,560 Speaker 1: was seen on a video in June touching Giuliani on 447 00:24:51,600 --> 00:24:54,480 Speaker 1: the back with an open hand while Giuliani was at 448 00:24:54,480 --> 00:24:58,400 Speaker 1: a Staten Island shop Right Supermarket, supporting his son Andrew's 449 00:24:58,400 --> 00:25:02,200 Speaker 1: campaign for New York governor. Hurricane Fiona has pounded Bermuda 450 00:25:02,240 --> 00:25:05,800 Speaker 1: with heavy rain and winds as it sweeps by the island. 451 00:25:06,200 --> 00:25:11,000 Speaker 1: Deadly protests are raging across Iran over the suspicious death 452 00:25:11,040 --> 00:25:14,520 Speaker 1: of twenty two year old imsha Amani while in police custody. 453 00:25:14,680 --> 00:25:18,320 Speaker 1: She was arrested by iran so called morality police because 454 00:25:18,600 --> 00:25:21,400 Speaker 1: she was said to be wearing her head scarf improperly. 455 00:25:21,840 --> 00:25:25,240 Speaker 1: Speaking through a translator at the u N, Irainian President 456 00:25:25,280 --> 00:25:29,320 Speaker 1: Ibraham Rahisi said a mean he's death is still under investigation. 457 00:25:29,600 --> 00:25:33,000 Speaker 1: The rest assured that whether it's visa vida, deceased young 458 00:25:33,080 --> 00:25:36,200 Speaker 1: lady or others, the Islamic Republic will not allow the 459 00:25:36,320 --> 00:25:40,680 Speaker 1: trampling upon the rights of anyone. Rainian President Racy says 460 00:25:40,720 --> 00:25:43,480 Speaker 1: he spoke to the woman's family. A new poll shows, 461 00:25:43,520 --> 00:25:47,359 Speaker 1: despite his legal issue, support for former President Trump remains unmoved. 462 00:25:47,560 --> 00:25:50,480 Speaker 1: According to a New York Times Siena College survey about 463 00:25:51,119 --> 00:25:54,199 Speaker 1: voters viewed Trump favorably about the same as an earlier 464 00:25:54,240 --> 00:25:57,000 Speaker 1: poll in the summer. Meanwhile, Republicans trying to just dug 465 00:25:57,080 --> 00:26:00,040 Speaker 1: high discussed the release of the House Republicans commit that 466 00:26:00,119 --> 00:26:03,360 Speaker 1: to America agenda ahead of the midterm elections. I think 467 00:26:03,400 --> 00:26:07,640 Speaker 1: Republicans have opportunities here to define themselves on three issues 468 00:26:07,720 --> 00:26:11,880 Speaker 1: even further inflation, UH, crime, and the border. And if 469 00:26:12,000 --> 00:26:14,720 Speaker 1: if we're if the conversations on those three issues, even 470 00:26:14,760 --> 00:26:17,919 Speaker 1: if Republicans don't have a fully fleshed out plan on 471 00:26:17,960 --> 00:26:21,400 Speaker 1: inflation they don't and neither does the White House, then 472 00:26:21,520 --> 00:26:24,119 Speaker 1: if that's what we're talking about, Republicans are going to 473 00:26:24,160 --> 00:26:27,600 Speaker 1: do well. GOP strategist High spoke on sound On, which 474 00:26:27,600 --> 00:26:30,679 Speaker 1: airs at five pm on Bloomberg Global Things twenty four 475 00:26:30,720 --> 00:26:32,840 Speaker 1: hours a day on air rand on Bloomberg Quicktake, powered 476 00:26:32,880 --> 00:26:35,159 Speaker 1: by more than seven hundred journalists analysts more than a 477 00:26:35,200 --> 00:26:38,200 Speaker 1: hundred twenty countries. At Michael bar this is Bloomberg. Amy, 478 00:26:38,440 --> 00:26:43,359 Speaker 1: all right, thank you, Michael. At six thirty six on 479 00:26:43,400 --> 00:26:46,080 Speaker 1: Wall Street Time now for the Bloomberg Sports Update. Here 480 00:26:46,119 --> 00:26:49,920 Speaker 1: Scott Edinburg, Good morning, Amy. Some excitement in the Bronx 481 00:26:50,040 --> 00:26:52,920 Speaker 1: last night as fans thought Aaron Judge had home run 482 00:26:53,000 --> 00:26:57,000 Speaker 1: number sixty one, although it felt shy being caught at 483 00:26:57,119 --> 00:26:59,800 Speaker 1: the wall. The Yankees would go on to win a 484 00:27:00,160 --> 00:27:03,000 Speaker 1: ten innings over the Red Sox five four, thanks to 485 00:27:03,119 --> 00:27:06,880 Speaker 1: Josh Donaldson's fourth walk off hit of the season. Here 486 00:27:06,960 --> 00:27:11,040 Speaker 1: was Aaron Judge after the game that was blown out, 487 00:27:12,200 --> 00:27:14,720 Speaker 1: But you know I just missed it, but I lined 488 00:27:14,800 --> 00:27:18,960 Speaker 1: up for a nice It was the sixteenth walk off 489 00:27:19,000 --> 00:27:21,919 Speaker 1: win for the Yankees this season, one shy of the 490 00:27:21,960 --> 00:27:26,359 Speaker 1: most in a single season in franchise history. Tonight, Judge 491 00:27:26,400 --> 00:27:29,200 Speaker 1: will get another crack at number sixty one when the 492 00:27:29,280 --> 00:27:32,280 Speaker 1: Yankees and Red Sox face off again. Garrett Cole gets 493 00:27:32,280 --> 00:27:35,120 Speaker 1: the start. Rich Hill for the Red Sox. NBA news, 494 00:27:35,119 --> 00:27:38,359 Speaker 1: the Boston Celtics have suspended head coach Email Udoka for 495 00:27:38,520 --> 00:27:43,200 Speaker 1: the upcoming season the team's citing violations of team policies 496 00:27:43,280 --> 00:27:46,840 Speaker 1: and its announcement. Assistant coach Joe Missoula takes over in 497 00:27:46,880 --> 00:27:50,000 Speaker 1: the interim. Week three of the NFL kicked off last night, 498 00:27:50,040 --> 00:27:54,040 Speaker 1: the Browns defeating the Steelers twenty nine seventeen. On Sunday, 499 00:27:54,040 --> 00:27:57,000 Speaker 1: the Jets will welcome in the Bengals. The Giants host 500 00:27:57,080 --> 00:28:00,080 Speaker 1: the Cowboys on Monday Night Football. I'm Scott Edinburg with 501 00:28:00,119 --> 00:28:03,680 Speaker 1: Bloomberg Sports. All right, thank you, Scott. It is six 502 00:28:03,800 --> 00:28:06,360 Speaker 1: thirty seven on Wall Street Time to take a look 503 00:28:06,359 --> 00:28:08,760 Speaker 1: at stocks and some of the names that are moving 504 00:28:08,800 --> 00:28:10,720 Speaker 1: in the pre market. And for that we are joined 505 00:28:10,720 --> 00:28:14,879 Speaker 1: by Bloomberg Radio and TV Markets correspondent Created Gupta created 506 00:28:14,880 --> 00:28:17,720 Speaker 1: Good Friday morning to you. How are you well? Good 507 00:28:17,720 --> 00:28:19,800 Speaker 1: morning Amy. There's a few stock movers I want to 508 00:28:19,800 --> 00:28:22,120 Speaker 1: bring to your attention and really kick it off here 509 00:28:22,160 --> 00:28:25,959 Speaker 1: with with Costco. Actually, for our international audience. Costco is 510 00:28:26,000 --> 00:28:29,199 Speaker 1: a retailer that I wish had more presents in New 511 00:28:29,280 --> 00:28:32,440 Speaker 1: York City, a meddly um but but it's basically a retailer. 512 00:28:32,440 --> 00:28:35,320 Speaker 1: It's a wholesale retailer. Economies of scale really works in 513 00:28:35,359 --> 00:28:37,959 Speaker 1: their favor, things like buying in bulk for example. So 514 00:28:38,000 --> 00:28:40,600 Speaker 1: when you are looking at an environment where people perhaps 515 00:28:40,600 --> 00:28:42,880 Speaker 1: want to spend less, want to buy a little bit less, 516 00:28:43,080 --> 00:28:45,640 Speaker 1: a Costco is going to be one of the stores, 517 00:28:45,680 --> 00:28:47,640 Speaker 1: one of the companies that is in the firing lines. 518 00:28:47,720 --> 00:28:49,360 Speaker 1: The c O s t s your taker here down 519 00:28:49,400 --> 00:28:52,000 Speaker 1: about three percent in the pre market. Is this actually 520 00:28:52,040 --> 00:28:54,680 Speaker 1: coming after they make an announcement saying they're choosing not 521 00:28:54,760 --> 00:28:58,480 Speaker 1: to raise their membership fees. That's coming amid record renewal 522 00:28:58,600 --> 00:29:01,360 Speaker 1: rates in the company's fourth order um This is interesting 523 00:29:01,360 --> 00:29:03,080 Speaker 1: because one of the things that a lot of retailers 524 00:29:03,080 --> 00:29:05,160 Speaker 1: have been talking about is that even in the face 525 00:29:05,320 --> 00:29:09,719 Speaker 1: of perhaps lower sales or lower volume of sales, at 526 00:29:09,720 --> 00:29:11,600 Speaker 1: the end of the day, they are able to make 527 00:29:11,640 --> 00:29:14,760 Speaker 1: it up because the margin is increased. So I think Nordstrom, 528 00:29:14,840 --> 00:29:17,360 Speaker 1: think Macy's. Perhaps people are paying less, but it's okay 529 00:29:17,400 --> 00:29:20,280 Speaker 1: because the prices are higher and therefore, net net, they 530 00:29:20,320 --> 00:29:23,000 Speaker 1: make the same or or arguably even a little bit more. 531 00:29:23,360 --> 00:29:26,200 Speaker 1: Costco doesn't have that same luxury because on this one hand, 532 00:29:26,200 --> 00:29:28,640 Speaker 1: not only do they have to do you have to 533 00:29:28,680 --> 00:29:31,000 Speaker 1: kind of pay up to get the economies of skills. 534 00:29:31,000 --> 00:29:33,560 Speaker 1: So your unit price is lower um, but at the 535 00:29:33,640 --> 00:29:35,760 Speaker 1: end of the day, you are still paying more um, 536 00:29:35,840 --> 00:29:38,680 Speaker 1: say on one given shopping trip. And that's something that 537 00:29:38,920 --> 00:29:41,400 Speaker 1: kind of tends to put some of their customers away, 538 00:29:41,840 --> 00:29:43,480 Speaker 1: just given that you also have to pay a little 539 00:29:43,480 --> 00:29:45,240 Speaker 1: bit of a membership fee. So the fact that Costco 540 00:29:45,280 --> 00:29:47,880 Speaker 1: isn't raising their membership fee. Amy weighing on those shares 541 00:29:47,920 --> 00:29:51,040 Speaker 1: this morning about three Alright, tell us what else do 542 00:29:51,080 --> 00:29:53,560 Speaker 1: you have, especially with doc you sign. That's something that's 543 00:29:53,600 --> 00:29:56,560 Speaker 1: interesting that everybody has to deal with once in a while. Oh. Absolutely, 544 00:29:56,600 --> 00:29:58,760 Speaker 1: it's become all the rage post pandemic. I would argue 545 00:29:58,760 --> 00:30:00,120 Speaker 1: three years ago, I didn't even know a lot they 546 00:30:00,120 --> 00:30:03,080 Speaker 1: signed one CEO. C U. Is your ticker down about 547 00:30:03,080 --> 00:30:05,640 Speaker 1: one eight percent? And remember the entire market is down, 548 00:30:05,680 --> 00:30:07,920 Speaker 1: but the fact that this one is down almost two percent, 549 00:30:08,280 --> 00:30:11,640 Speaker 1: uh is quite something. This is coming after Morgan Stanley, 550 00:30:12,040 --> 00:30:15,000 Speaker 1: or excuse me, after they announced the board of director 551 00:30:15,400 --> 00:30:18,560 Speaker 1: had hired Alan Figason as the chief executive officer. There's 552 00:30:18,560 --> 00:30:20,400 Speaker 1: a little bit of wariness in the market right now 553 00:30:20,600 --> 00:30:22,960 Speaker 1: about simply a change in leadership for DOCU signs, So 554 00:30:23,040 --> 00:30:24,560 Speaker 1: keep an eye on those shears down at one point 555 00:30:24,560 --> 00:30:26,560 Speaker 1: eight percent. But I was mentioning about Morgan Stanley that 556 00:30:26,640 --> 00:30:28,960 Speaker 1: actually has to do with advanced micro devices, which amy 557 00:30:29,000 --> 00:30:30,440 Speaker 1: is the last move where I'm gonna leave you with 558 00:30:30,520 --> 00:30:33,760 Speaker 1: here down about one and a half percent. Morgan Stanley 559 00:30:33,760 --> 00:30:37,600 Speaker 1: trimmed their price target to nine from one hundred and two. 560 00:30:37,960 --> 00:30:41,160 Speaker 1: They're saying a worsening PC end market is not going 561 00:30:41,240 --> 00:30:43,080 Speaker 1: to help their bottom line. They're also talking about a 562 00:30:43,080 --> 00:30:45,760 Speaker 1: collapse in gaming um and perhaps some head was on 563 00:30:45,760 --> 00:30:47,880 Speaker 1: the client business. Right now, the shares are trading around, 564 00:30:49,520 --> 00:30:51,840 Speaker 1: so the price target still still seeing some upside. Nine 565 00:30:52,440 --> 00:30:54,760 Speaker 1: but not quite as much as before. All right, Bloomberg 566 00:30:54,800 --> 00:30:57,880 Speaker 1: Radio and TV Markets correspondent Creedy Coopta always a pleasure, 567 00:30:57,880 --> 00:31:00,080 Speaker 1: Thank you so much for joining us looking at stocks 568 00:31:00,120 --> 00:31:03,600 Speaker 1: as a whole. Futures are lower. SNP down forty two now, 569 00:31:03,720 --> 00:31:08,120 Speaker 1: DAL futures down three hundred sixteen points, Nasdaq futures down 570 00:31:08,200 --> 00:31:11,880 Speaker 1: one hundred at forty seven points. Ten year Treasury down 571 00:31:11,960 --> 00:31:15,440 Speaker 1: eleven thirty seconds to the yield at three point seven six. 572 00:31:16,600 --> 00:31:24,440 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather sunny and 573 00:31:24,480 --> 00:31:27,120 Speaker 1: breezy as we go up to sixty five degrees, plenty 574 00:31:27,160 --> 00:31:29,600 Speaker 1: of sunshine. Tomorrow going up seventy is gonna be nice 575 00:31:29,800 --> 00:31:37,680 Speaker 1: seventy five with a chance of rain. On Sunday, Markets 576 00:31:37,760 --> 00:31:40,880 Speaker 1: headlines and breaking news twenty four hours a day at 577 00:31:40,880 --> 00:31:44,320 Speaker 1: Bloomberg dot Com, The Bloomberg Business at and at Bloomberg 578 00:31:44,400 --> 00:31:54,000 Speaker 1: Victape Chris is a Bloomberg Business Flash. I'm Nathan Hagar. 579 00:31:54,160 --> 00:31:57,160 Speaker 1: Stocks are plunging this morning. Let's head right over to 580 00:31:57,160 --> 00:31:59,520 Speaker 1: the First Word Breaking news desk for today's morning call 581 00:31:59,600 --> 00:32:02,920 Speaker 1: with film Aloney. Good morning Bill, Good morning Nathan. That's right. 582 00:32:03,000 --> 00:32:06,000 Speaker 1: Us features are plunging once again with doubt futures down 583 00:32:05,960 --> 00:32:08,280 Speaker 1: three hundred thirty nine points has to be dropped forty 584 00:32:08,320 --> 00:32:12,080 Speaker 1: six and NASDA futures declined by one fifty two. The 585 00:32:12,160 --> 00:32:14,920 Speaker 1: US ten year old at three point seven six percent, 586 00:32:15,000 --> 00:32:17,960 Speaker 1: the two years now at four point two percent. Gold 587 00:32:18,040 --> 00:32:20,960 Speaker 1: is down fifteen, oil is trading lower, and bitcoin is 588 00:32:21,000 --> 00:32:23,920 Speaker 1: down by point nine percent. Hong Kong fell one two 589 00:32:23,960 --> 00:32:27,120 Speaker 1: percent overnight, while Europan markets are also under pressure, with 590 00:32:27,160 --> 00:32:30,600 Speaker 1: two percent losses in Germany, Italy and Spain back in 591 00:32:30,640 --> 00:32:32,720 Speaker 1: the US. On the economic front, at night forty five, 592 00:32:32,800 --> 00:32:35,840 Speaker 1: Manufacturing and Services p m I s after the Bells 593 00:32:35,960 --> 00:32:38,720 Speaker 1: Night Costco report it shares it down three percent in 594 00:32:38,760 --> 00:32:41,320 Speaker 1: the pre market, and an others. Goldman Sacks cut its 595 00:32:41,400 --> 00:32:43,880 Speaker 1: year and target for the SNP two thirty six hundred 596 00:32:43,920 --> 00:32:47,560 Speaker 1: from forty three hundred, and wrapping things up, Domino's Pizza 597 00:32:47,640 --> 00:32:50,160 Speaker 1: raised to outperform at BMO. Data Dog was raised to 598 00:32:50,240 --> 00:32:53,760 Speaker 1: neutral over at JP. Morgan Live from the first Breaking 599 00:32:53,760 --> 00:32:56,400 Speaker 1: News DOSCM Bill Maloney, Nathan Okay, Bill, thanks to get 600 00:32:56,440 --> 00:32:58,840 Speaker 1: live breaking news over your Bloomberg type squawk on the 601 00:32:58,920 --> 00:33:02,400 Speaker 1: terminal s Q you a goo, that's a Bloomberg business flash. 602 00:33:02,440 --> 00:33:04,480 Speaker 1: And now here's Michael Barr with more. I'm what's going 603 00:33:04,480 --> 00:33:07,000 Speaker 1: on around the world. Good morning, Michael, Good morning Nathan. 604 00:33:07,080 --> 00:33:10,320 Speaker 1: In Russia, traffick is jammed that border crossing. Some crowds 605 00:33:10,360 --> 00:33:13,240 Speaker 1: are packed at airports. Most of those trying to get 606 00:33:13,240 --> 00:33:16,640 Speaker 1: out are young men, a military age pleaing Vladimir Putin's 607 00:33:16,720 --> 00:33:19,880 Speaker 1: draft after he called up three hundred thousand reservists for 608 00:33:19,920 --> 00:33:23,640 Speaker 1: the war in Ukraine. Protests are also taking place in 609 00:33:23,720 --> 00:33:26,640 Speaker 1: the streets in the NBA at the Boston Celtics suspended 610 00:33:26,640 --> 00:33:31,200 Speaker 1: head coach in Udoka for a year for violating team policies. 611 00:33:31,520 --> 00:33:34,120 Speaker 1: In baseball, the Yankees beat the Red Sox five four, 612 00:33:34,240 --> 00:33:37,720 Speaker 1: clinching a playoff berth Aaron Judge hit deep way back 613 00:33:37,800 --> 00:33:42,320 Speaker 1: on the warning track, Yukon Cornelius nothing, it fells short, 614 00:33:42,560 --> 00:33:46,160 Speaker 1: tying Roger Marris is a l sixty one home runs. 615 00:33:46,160 --> 00:33:48,840 Speaker 1: They'll try again to night. The Orioles and Giants won 616 00:33:48,920 --> 00:33:51,880 Speaker 1: the a LS lost. Thursday night football, the Browns beat 617 00:33:51,880 --> 00:33:55,320 Speaker 1: the Steelers. Seen Global Nails twenty four hours a day 618 00:33:55,360 --> 00:33:57,600 Speaker 1: on air and on Bloomberg quick Take, powered by more 619 00:33:57,600 --> 00:34:00,080 Speaker 1: than seven hundred journalists and analysts and one in a 620 00:34:00,160 --> 00:34:04,200 Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg. Navid Okay, Michael, 621 00:34:04,240 --> 00:34:07,080 Speaker 1: thank you. We're at sixty nine on Wall Street. Let's 622 00:34:07,120 --> 00:34:09,440 Speaker 1: turn the news and science and technology now. The Bloomberg 623 00:34:09,520 --> 00:34:11,120 Speaker 1: n j i T STEM Report is brought to you 624 00:34:11,200 --> 00:34:13,719 Speaker 1: by New Jersey Institute of Technology. N j i T 625 00:34:13,920 --> 00:34:17,160 Speaker 1: is ranked top ten nationally on Money's Best Engineering Colleges List. 626 00:34:17,200 --> 00:34:19,480 Speaker 1: What will You Make It n j I T. Learn 627 00:34:19,520 --> 00:34:22,319 Speaker 1: more at n j I T dot e du now 628 00:34:22,360 --> 00:34:25,520 Speaker 1: Here's what's making news and science, technology, engineering and math. 629 00:34:25,880 --> 00:34:28,440 Speaker 1: The UK government has formally confirmed it as lifting a 630 00:34:28,480 --> 00:34:31,200 Speaker 1: ban on fracking in England, arguing the move will help 631 00:34:31,239 --> 00:34:34,440 Speaker 1: boost the country's energy security amid Russia's war in Ukraine. 632 00:34:34,719 --> 00:34:37,520 Speaker 1: Prime Minister Liz Trust announced within days of taking office 633 00:34:37,520 --> 00:34:41,280 Speaker 1: earlier this month she would reverse a ban on hydraulic fracturing, 634 00:34:41,560 --> 00:34:44,280 Speaker 1: and is a controversial technique that's used to extract oil 635 00:34:44,320 --> 00:34:47,640 Speaker 1: and gas from shale rock. NASA plans to slam a small, 636 00:34:47,800 --> 00:34:52,239 Speaker 1: harmless asteroid as an experiment. A spacecraft named DART for 637 00:34:52,520 --> 00:34:56,759 Speaker 1: Double Asteroid Redirection Test will zero in on the asteroid Monday, 638 00:34:56,800 --> 00:34:59,800 Speaker 1: intent on slamming it head on at fourteen thousand miles 639 00:34:59,800 --> 00:35:02,520 Speaker 1: per our. Sinus to say the impact should be just 640 00:35:02,719 --> 00:35:05,319 Speaker 1: enough to nudge the asteroid into a slightly tighter orbit 641 00:35:05,680 --> 00:35:09,520 Speaker 1: around its companion Space Rock and Apple Music will replace 642 00:35:09,560 --> 00:35:12,839 Speaker 1: Pepsi as the presenter of the Super Bowl halftime show. 643 00:35:13,239 --> 00:35:16,279 Speaker 1: Pepsi has had its name on the star studded intermission since. 644 00:35:17,560 --> 00:35:20,040 Speaker 1: According to Sportico, Apple may have paid as much as 645 00:35:20,120 --> 00:35:22,919 Speaker 1: fifty million dollars a year for the five year deal. 646 00:35:23,400 --> 00:35:27,400 Speaker 1: This year, more than one twenty million viewers watched Super 647 00:35:27,440 --> 00:35:32,000 Speaker 1: Bowl Halftime. That's the Bloomberg and j I t Stem report. Amy, 648 00:35:32,280 --> 00:35:34,520 Speaker 1: all right, thank you, Nathan. We're live from the Bloomberg 649 00:35:34,560 --> 00:35:38,040 Speaker 1: Interactive Broker Studios. It is six fifty one on Wall 650 00:35:38,080 --> 00:35:40,239 Speaker 1: Street Time now to check what's going on in d C. 651 00:35:40,480 --> 00:35:42,920 Speaker 1: And some of the top stories in our nation's capital 652 00:35:43,200 --> 00:35:48,040 Speaker 1: include voting starting in four Russian occupied regions. President Biden 653 00:35:48,080 --> 00:35:51,160 Speaker 1: says the Catholic Church is not as strict on abortion 654 00:35:51,440 --> 00:35:54,480 Speaker 1: as Republicans are. Public safety bills have gone through the 655 00:35:54,520 --> 00:35:57,000 Speaker 1: House and one support ahead of the mid term elections, 656 00:35:57,280 --> 00:36:00,160 Speaker 1: and the Special Master asking the Trump legal team if 657 00:36:00,160 --> 00:36:03,200 Speaker 1: they believe the FBI lied about documentaries from mar al Lago. 658 00:36:03,200 --> 00:36:06,640 Speaker 1: There's a lot going on, Bloomberg Government reporter Emily Wilkins 659 00:36:06,760 --> 00:36:09,640 Speaker 1: joins is now to sort it all out. Emily, thanks 660 00:36:09,680 --> 00:36:12,800 Speaker 1: once again for joining US. Voting underway in four territories 661 00:36:12,800 --> 00:36:16,120 Speaker 1: in Ukraine. The Bignet administration calls us a sham election. 662 00:36:16,400 --> 00:36:18,879 Speaker 1: What is the US response to all this? I mean 663 00:36:18,960 --> 00:36:21,279 Speaker 1: that that that that basically is it what you just said. 664 00:36:21,280 --> 00:36:24,279 Speaker 1: Secretary of State Anthony B. Lincoln has strongly condemned the vote, 665 00:36:24,320 --> 00:36:27,279 Speaker 1: calling it a sham referendum. They see this as an 666 00:36:27,400 --> 00:36:31,319 Speaker 1: escalation of Russia's plans to annexed slats of Ukraine. This 667 00:36:31,400 --> 00:36:35,160 Speaker 1: is really reminiscent of a similar twenty fourteen ballot in 668 00:36:35,239 --> 00:36:38,799 Speaker 1: crimea At that led to to Russia attempting to to 669 00:36:38,880 --> 00:36:41,759 Speaker 1: annex the territory. And of course this comes as we've 670 00:36:41,760 --> 00:36:44,640 Speaker 1: seen a lot of tensions with Russia lately in Ukraine. 671 00:36:44,680 --> 00:36:47,799 Speaker 1: There have been military setbacks for Russian troops and then 672 00:36:47,840 --> 00:36:50,880 Speaker 1: Putin's decision to call a three hundred thousand reservists to 673 00:36:50,920 --> 00:36:53,319 Speaker 1: fight in Ukraine. That has led to a number of 674 00:36:53,320 --> 00:36:56,719 Speaker 1: protests among the Russian people. So it really seems like 675 00:36:56,719 --> 00:37:00,160 Speaker 1: we're we're Russia's at a point. Uh Putin is at 676 00:37:00,160 --> 00:37:02,520 Speaker 1: a point where he is really struggling as far as 677 00:37:02,560 --> 00:37:05,080 Speaker 1: what next steps are going to be. And and this 678 00:37:05,160 --> 00:37:08,160 Speaker 1: is the environment that they are now holding, uh these 679 00:37:08,280 --> 00:37:13,440 Speaker 1: votes today and uh you know already you know, Ukraine, Uh, 680 00:37:13,560 --> 00:37:15,759 Speaker 1: the U S and a number of other countries just 681 00:37:15,800 --> 00:37:18,120 Speaker 1: don't believe that this election is going to be legitimate 682 00:37:18,120 --> 00:37:21,840 Speaker 1: in any way. Now Emily, has the Biden administration indicated 683 00:37:21,880 --> 00:37:25,120 Speaker 1: how far it is willing go to push back against Russia? Here? 684 00:37:25,160 --> 00:37:29,040 Speaker 1: Are there any clear lines that they won't cross? I mean, 685 00:37:29,040 --> 00:37:31,600 Speaker 1: I think these are the same lines that we've initially seen. 686 00:37:32,000 --> 00:37:34,480 Speaker 1: They always said that they would not be sending US 687 00:37:34,560 --> 00:37:38,319 Speaker 1: troops into Russia. That has remained the case, even as 688 00:37:38,400 --> 00:37:43,440 Speaker 1: the US has given numerous amounts of aid, weapons, artillery shells, 689 00:37:43,880 --> 00:37:47,560 Speaker 1: UM and has continued to encourage its allies to support 690 00:37:47,680 --> 00:37:50,440 Speaker 1: Ukraine and to continue doing what they can to put 691 00:37:50,520 --> 00:37:53,359 Speaker 1: sanctions and to put pain on Russia. Um but at 692 00:37:53,400 --> 00:37:55,880 Speaker 1: this point, yeah, we don't really. It's just sort of 693 00:37:55,960 --> 00:37:59,879 Speaker 1: a continuation of what we're seeing there. Um, the US 694 00:38:00,000 --> 00:38:02,359 Speaker 1: a sort of red line of not sending troops and 695 00:38:02,640 --> 00:38:06,120 Speaker 1: has remained. Let's turn a Capitol hill now closer to home. 696 00:38:06,160 --> 00:38:10,759 Speaker 1: President Biden criticizing Republicans for restricting abortion access and the 697 00:38:10,800 --> 00:38:14,360 Speaker 1: President said that the Catholic Church is not as strict 698 00:38:14,440 --> 00:38:18,600 Speaker 1: on this as Republicans are. What's the response there. I mean, 699 00:38:18,800 --> 00:38:21,160 Speaker 1: it was a bit of an odd statement to make us, 700 00:38:21,280 --> 00:38:25,440 Speaker 1: especially because his point was that about the exceptions, um, 701 00:38:25,480 --> 00:38:28,680 Speaker 1: exceptions for rape, incest and the life of the mother. 702 00:38:29,040 --> 00:38:30,799 Speaker 1: It's one of the big things that we're really being 703 00:38:30,800 --> 00:38:33,960 Speaker 1: talked about right now in the abortion in the abortion debate, 704 00:38:34,200 --> 00:38:36,720 Speaker 1: whether there should be exceptions made for that now. Actually, 705 00:38:36,760 --> 00:38:41,320 Speaker 1: Senator Lindsay graham bill does include exceptions for rape ancestor 706 00:38:41,400 --> 00:38:43,960 Speaker 1: to save the life of the mother, but Biden seemed 707 00:38:43,960 --> 00:38:47,680 Speaker 1: to be implying during this speech that that Graham's bill 708 00:38:47,760 --> 00:38:50,920 Speaker 1: did not, and that, um, the Catholic Church would would 709 00:38:51,120 --> 00:38:54,759 Speaker 1: you know, what, would want those exceptions in place. I think, really, Amy, 710 00:38:54,880 --> 00:38:57,800 Speaker 1: what this speaks to is the fact that abortion is 711 00:38:57,840 --> 00:38:59,920 Speaker 1: going to be a huge issue for Democrats, and then 712 00:39:00,160 --> 00:39:03,200 Speaker 1: several weeks they've already seen how it can mobilize and 713 00:39:03,239 --> 00:39:06,560 Speaker 1: turn out voters in Kansas, in New York, to a 714 00:39:06,560 --> 00:39:10,520 Speaker 1: certain extent in Alaska, where Democrats have all not victories 715 00:39:10,560 --> 00:39:13,319 Speaker 1: in recent months, and they think that this is going 716 00:39:13,360 --> 00:39:15,040 Speaker 1: to be a really good issue for them, and so 717 00:39:15,160 --> 00:39:18,400 Speaker 1: expect to hear Biden other Democrats continue to talk about it, 718 00:39:18,560 --> 00:39:21,160 Speaker 1: and expect them also to continue to show all Republicans 719 00:39:21,200 --> 00:39:24,120 Speaker 1: as being extremists who don't support these exceptions, even though, 720 00:39:24,160 --> 00:39:27,920 Speaker 1: of course there are many Republicans who who support these exceptions, 721 00:39:27,960 --> 00:39:31,280 Speaker 1: just as Republicans will often try to model what Democrats 722 00:39:31,320 --> 00:39:33,640 Speaker 1: stands on is a portion to make it seem more 723 00:39:33,719 --> 00:39:36,480 Speaker 1: extreme than where most Democrats are. All right, so we're 724 00:39:36,480 --> 00:39:39,320 Speaker 1: gonna see how this moves the needle during the mid terms. Meanwhile, 725 00:39:39,600 --> 00:39:42,200 Speaker 1: public safety bills have passed the House. You have a 726 00:39:42,239 --> 00:39:45,759 Speaker 1: story about this on the Bloomberg terminal, tell us about it. Yeah, 727 00:39:45,800 --> 00:39:48,319 Speaker 1: so this is an interesting package of bills here. Um, 728 00:39:48,440 --> 00:39:52,480 Speaker 1: they deal with certain aspects like mental health, justice for 729 00:39:52,960 --> 00:39:56,760 Speaker 1: victims of crimes. But it also would give additional funding 730 00:39:57,000 --> 00:40:00,759 Speaker 1: sixty million dollars over each year for five years to 731 00:40:00,960 --> 00:40:04,000 Speaker 1: smaller police departments. So police departments was less less than 732 00:40:04,440 --> 00:40:08,719 Speaker 1: twenty five officers, helped them with things like training and recruiting. Uh. 733 00:40:08,760 --> 00:40:11,760 Speaker 1: There was a lot of debate over this particular piece 734 00:40:11,760 --> 00:40:14,880 Speaker 1: of the legislation because you did have some very progressive members, 735 00:40:15,000 --> 00:40:17,799 Speaker 1: namely the Squad, that said that they did not want 736 00:40:17,880 --> 00:40:20,440 Speaker 1: to see additional funding for the police at this point 737 00:40:20,480 --> 00:40:23,120 Speaker 1: being they did not feel that the accountability measures in 738 00:40:23,160 --> 00:40:25,839 Speaker 1: the legislation were strong enough, and so that you saw 739 00:40:25,880 --> 00:40:27,480 Speaker 1: a little bit of tension there, a little bit of 740 00:40:27,480 --> 00:40:30,439 Speaker 1: a division between the Democrats. At one point it looked 741 00:40:30,440 --> 00:40:33,040 Speaker 1: like this, uh, this package might might actually not wind 742 00:40:33,120 --> 00:40:35,480 Speaker 1: up coming to the floor at all. But Democrats did 743 00:40:35,480 --> 00:40:37,239 Speaker 1: get it through. And this is really going to help 744 00:40:37,280 --> 00:40:40,200 Speaker 1: a lot of more moderate Democrats go back to their 745 00:40:40,200 --> 00:40:43,120 Speaker 1: constituents and say, hey, Republicans are trying to tell you 746 00:40:43,160 --> 00:40:45,279 Speaker 1: that we're soft on crime. Look at this bill that 747 00:40:45,320 --> 00:40:48,760 Speaker 1: we just passed supporting police officers. And that's It's again, 748 00:40:48,920 --> 00:40:52,160 Speaker 1: it gets wrapped up pretty quickly in the election year politics. 749 00:40:52,440 --> 00:40:55,240 Speaker 1: Any chance it's gonna make it through. The Senate actually 750 00:40:55,800 --> 00:40:59,840 Speaker 1: gotten the bill that deals with funding a small police department. 751 00:41:00,239 --> 00:41:04,520 Speaker 1: The Senate component actually passed unanimously a couple of weeks back, 752 00:41:04,880 --> 00:41:08,080 Speaker 1: and we know that Congressman Josh Gottenheimer of New Jersey 753 00:41:08,120 --> 00:41:11,520 Speaker 1: is working with his Senate counterparts to reconcile those House 754 00:41:11,640 --> 00:41:14,560 Speaker 1: and Senate bills. That said, as far as the timeline here, 755 00:41:14,600 --> 00:41:18,160 Speaker 1: Democrats have House Democrats have three days left before the midterms, 756 00:41:18,360 --> 00:41:20,359 Speaker 1: So I would so while this bill might be able 757 00:41:20,440 --> 00:41:23,080 Speaker 1: to get to President Joe Biden's desk. It doesn't seem 758 00:41:23,120 --> 00:41:26,400 Speaker 1: likely that that would happen before the elections. Okay, Emily, 759 00:41:26,480 --> 00:41:28,200 Speaker 1: one minute to go here. We want to talk about 760 00:41:28,200 --> 00:41:30,839 Speaker 1: Mara Lago and those documents that were seized. What are 761 00:41:30,840 --> 00:41:32,879 Speaker 1: you going to be watching for as this makes its 762 00:41:32,880 --> 00:41:35,759 Speaker 1: way through the courts. So one of the biggest things 763 00:41:35,800 --> 00:41:38,319 Speaker 1: that just came out yesterday that is very interesting is 764 00:41:38,360 --> 00:41:41,719 Speaker 1: that the special Master, that third party overseeing the documents, 765 00:41:41,960 --> 00:41:45,000 Speaker 1: he has ordered President for former President Trump's lawyers to 766 00:41:45,040 --> 00:41:48,360 Speaker 1: back up their out of court assertations that the FBI 767 00:41:48,520 --> 00:41:51,920 Speaker 1: might have planted evidence on the property during their search. 768 00:41:52,280 --> 00:41:55,279 Speaker 1: These I say, Judge Raymond Deer is basically saying, Hey, 769 00:41:55,480 --> 00:41:57,719 Speaker 1: you've made these claims, you need to back them up. 770 00:41:57,760 --> 00:41:59,920 Speaker 1: We need to see any sort of evidence. On the 771 00:42:00,160 --> 00:42:02,799 Speaker 1: one It's been really interesting to see how Derry has 772 00:42:02,800 --> 00:42:06,680 Speaker 1: serve approached these documents, approached trumpeting Trump backed uh Judge 773 00:42:06,719 --> 00:42:09,560 Speaker 1: Raymond Deary to be in this role, and yet the 774 00:42:09,640 --> 00:42:12,279 Speaker 1: judge certainly has not been lenient on him or his 775 00:42:12,360 --> 00:42:15,960 Speaker 1: legal team. Alright, Bloomberg Government reporter Emily Wilkins, want to 776 00:42:16,000 --> 00:42:17,759 Speaker 1: thank you very much for bringing us up to speed. 777 00:42:17,800 --> 00:42:19,600 Speaker 1: There was a lot in there. Thanks so much. You 778 00:42:19,640 --> 00:42:22,839 Speaker 1: can read more about these stories on Bloomberg dot com 779 00:42:23,000 --> 00:42:25,680 Speaker 1: or on the Bloomberg terminal, and as a reminder, you 780 00:42:25,719 --> 00:42:28,920 Speaker 1: can follow all of the latest on Bloomberg Radio in Washington. 781 00:42:29,080 --> 00:42:32,120 Speaker 1: Bloomberg ninety nine one and one oh five point seven FM. 782 00:42:32,320 --> 00:42:35,920 Speaker 1: H D two futures are lower, SMP down fifty one points, 783 00:42:35,960 --> 00:42:39,160 Speaker 1: Dow futures down three hundred eighty NAZAC futures down one 784 00:42:39,200 --> 00:42:42,439 Speaker 1: hundred seventy four points. Bloomberg Surveillance with John Keene, Lisa 785 00:42:42,560 --> 00:42:46,080 Speaker 1: Brahma witson. Jonathan Farrow coming up next along with Nathan Hager. 786 00:42:46,120 --> 00:42:48,400 Speaker 1: I'm maybe Morris. This is Bloomberg