Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: day Break for Friday, September twenty three two. Coming up
Speaker 1: this hour stops fall around the world as higher rates
Speaker 1: field fears of a slowing global economy. Goldman Sack slashes
Speaker 1: its forecast for the SMP five hundred, oils on trackpoorts
Speaker 1: fourth straight weekly decline, and Credit Suite share slumped to
Speaker 1: a record. Law will tell you why officials believe several
Speaker 1: deaths of the Manhattan Nursing Home are from legionnaire's disease.
Speaker 1: Plus referendums begin today in Russian occupied Grainian cities. I'm
Speaker 1: Michael Barr more ahead, and I'm Scott Sedenburg. The chase
Speaker 1: for sixty one will have to wait another day. All
Speaker 1: that and more coming up in sports. That's all s
Speaker 1: train ahead on Bloomberg Daybreak on Bloomberg eleven, Free on
Speaker 1: New York, Bloomberg Ninete one, Washington, d C Bloomberg one
Speaker 1: oh six one, Boston Bloomberg nine sixties and Francisco Syrius
Speaker 1: x M one nineteen and around the world Old on
Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business app.
Speaker 1: Good Friday morning, I'm Amy Morris, I'm Nathan Hagar. Futures
Speaker 1: are moving lower this morning. We're coming up to six
Speaker 1: oh one on Wall Street, and we checked the markets
Speaker 1: every fifteen minutes during the training day. On Bloomberg, SYMP
Speaker 1: futures are down thirty one points now futures down two two.
Speaker 1: NASAC futures are lower by a hundred fourteen points. The
Speaker 1: tenure treasury is down eight thirty seconds. The yield on
Speaker 1: the benchmark three point seven four percent. Amy, Nathan, it
Speaker 1: is all about the markets this morning. The S and
Speaker 1: P five on track for a second straight weekly loss.
Speaker 1: Yesterday it closed at the lowest level since June ten.
Speaker 1: Year treasury yields are trading near its highest level in
Speaker 1: a decade. The two year rate is climbing for eleven
Speaker 1: straight sessions now. Ryan Dietrich is chief market strategist at
Speaker 1: the Carson Grew. September is the worst months of the
Speaker 1: year when you're weak heading into it, like down teen
Speaker 1: per cent of the year like we were this year.
Speaker 1: Septembers are really really rough and can be dicey. So
Speaker 1: sure the Fed matters, we're not ignoring that, but the
Speaker 1: stage was set, honestly for some for some potential weakness.
Speaker 1: Carson Group Chief market strategist Ryan Dietrich says the SMP
Speaker 1: five hundred is just two and a half percent above
Speaker 1: the low set in June, and there could be even
Speaker 1: more pain ahead. Amy one Wall Street firm says the
Speaker 1: selling is still not over. Let's get the story from
Speaker 1: Bloomberg's Lisa Mateo. Goldman Saxes slashing its year end target
Speaker 1: for the SMP five hundred index to thirty six hundred
Speaker 1: from forty three hundred. That implies a four point two
Speaker 1: percent drop from yesterday's close. Goldman says a dramatic shift
Speaker 1: in the outlook for interest rates moving higher will weigh
Speaker 1: on valuations for equities. The higher interest rate scenario and
Speaker 1: Goldman's valuation model supports a price earnings multiple of fifteen
Speaker 1: times compared with eighteen times previously. Goldman said the risks
Speaker 1: to its latest forecast are still skewed to the downside
Speaker 1: because of the rising odds of recession, a scenario that
Speaker 1: would reduce corporate earnings and wide in the yield gap. However,
Speaker 1: the bank strategists say a year end rally TOD is
Speaker 1: possible if inflation shows clear signs of easing in New
Speaker 1: York Lisa Mateo Bloomberg Daybreak, Thank you Lisa. Meantime, cash
Speaker 1: is king. Bank of America strategists say investors are flogging
Speaker 1: to cash and shunning almost every other asset class as
Speaker 1: they turned the most pessimistic since the global financial crisis.
Speaker 1: The bank says cash had in flows of thirty billion
Speaker 1: dollars this week, while global equity funds saw outflows of
Speaker 1: seven point eight billion dollars. There we saw more equity
Speaker 1: losses in Asia. Overnight. Amy stocks in Hong Kong led
Speaker 1: the declines. Let's get the details from Bloomberg's Juliette Sally.
Speaker 1: In Singapore, the m c I Asia Pacific Index posted
Speaker 1: its sixth weekly decline, the longest streak since May. Equities
Speaker 1: with down Friday in Hong Kong, China, Australia and South Korea.
Speaker 1: Japan was closed for a holiday. Alsie Bondi Old spiked
Speaker 1: the two year up by as much as twenty eight
Speaker 1: basis points, the highest since April twelve, and the off
Speaker 1: show you one continue to hold past seven to the dollar,
Speaker 1: despite the PBOC setting a strongly unfixed for a record
Speaker 1: twenty second day in Singapore, Juliette Sally Bloomberg Break, Thanks Juliette.
Speaker 1: The sell off is also continuing in Europe, where the
Speaker 1: region is poised for another weekly lost for stocks. Let's
Speaker 1: get the details with Bloomberg's You and Parts in London.
Speaker 1: Good morning you. European stocks declining today at the end
Speaker 1: of a week that made very clear that central banks
Speaker 1: are not done yet. You have stocks these hundred now
Speaker 1: down one percentage points, with energy shares leading losses. Adding
Speaker 1: to that decline not for the first time, credits Swiss
Speaker 1: shares slumping to a record load today. That's after the
Speaker 1: troubled Swiss Bank was forced to deny report that it's
Speaker 1: considering exiting the US. Markets and banking also in focus
Speaker 1: in the UK government's mini budget today, the cap on
Speaker 1: bankers bonuses inherited from the European Union is to be scrapped,
Speaker 1: a planned increase in corporation tax also to be scrapped,
Speaker 1: and the top rate of income tax that is going
Speaker 1: as well in London. I'mun Parts, Sploomberg, day break, You
Speaker 1: and thanks. Higher interest rates around the world have oil
Speaker 1: on track for a fourth weekly decline. Crude is poised
Speaker 1: for its first quarterly last and more than two years
Speaker 1: as concerns about a global economic slowdown way on demand.
Speaker 1: Checking prices now name X cruds down two point two
Speaker 1: per cent or a dollar eighty five at eighty one
Speaker 1: dollar sixty four cents of barrel. Brent is down two
Speaker 1: percent at eighty eight dollars sixty five cents, but Nathan
Speaker 1: those losses for oil maybe short lived. Some of the
Speaker 1: Wall Street's biggest banks see crude rebounding in the fourth quarter.
Speaker 1: JP Morgan Chase forecasting Brent crude at one d one
Speaker 1: dollars a barrel the final three months of the year.
Speaker 1: Goldman Sachs is targeting one five dollars Brent trading around
Speaker 1: ninety dollars today. Analysts say low inventories and sustained demand
Speaker 1: will keep prices elevated despite concerns of a global slowdown.
Speaker 1: We have COVID news out of Asia this morning. Amy
Speaker 1: Hong Kong is announcing plans to cut pandemic rescription prescription
Speaker 1: restrictions sorry scrapping hotel quarantines for inbound travelers. Starting Monday,
Speaker 1: those flying to the city will no longer need to
Speaker 1: take a PCR test before departing. Instead, they can take
Speaker 1: a rapid test. They will still need to take PCR
Speaker 1: tests upon arrival, though that's turned to corporate news now
Speaker 1: Boeing is in focus, the company agreeing to settle an
Speaker 1: s e SEE investigation into safety issues on its seven
Speaker 1: thirty seven Max planes. We get details from Bloomberg's Jeff Bellinger.
Speaker 1: Boeing has agreed to pay two hundred million dollars to
Speaker 1: settle sec allegations that the company and former CEO Dennis
Speaker 1: Mullenberg failed to disclose issues with the seven thirty seven
Speaker 1: Max jetliner. Muhlenberg will pay one million dollars as part
Speaker 1: of the agreement. Regulators say Bowing and Muhllenberg did not
Speaker 1: reveal safety problems with the seven thirty seven Max, which
Speaker 1: was involved in two crashes that killed three hundred forty
Speaker 1: six people. The twin tragedies prompted one of the longest
Speaker 1: groundings in aviation history. Boeing previously paid a two hundred
Speaker 1: forty three million dollar fine as part of a two
Speaker 1: and a half billion dollar settlement with the US Justice
Speaker 1: Department to end a criminal investigation that was in January
Speaker 1: of twenty one. Jeff Bellinger, Bloomberg Daybreak, Jeff thanks FedEx's
Speaker 1: cutting costs and increasing rates. The giant package carries looking
Speaker 1: for as much as two point seven billion dollars in
Speaker 1: savings to deal with slowing demand and a tight labor market.
Speaker 1: Last week, FedEx shares suffered their worst day in forty
Speaker 1: years after the company pointed out worsening economic conditions. SMP
Speaker 1: futures are down thirty one point, staff futures down two nine,
Speaker 1: NASTAC futures down a hundred thirteen local headlines and a
Speaker 1: check of sports. Next, This is Bloomberg right, Thank you, Nathan.
Speaker 1: It is six oh seven on Wall Street. We bring
Speaker 1: in Michael Barr now to find out what else is
Speaker 1: going on in New York and around the world. Good
Speaker 1: morning Michael, Good morning Amy. New York City health officials
Speaker 1: believe five people have died in a Manhattan nursing home
Speaker 1: of Legionnaire's disease. The outbreak over the past year took
Speaker 1: place at the Amsterdam Nursing Home in Morningside Heights. Already
Speaker 1: say four deaths have been confirmed to be connected to legionnaires.
Speaker 1: Officials are investigating the fifth depth. Florida Governor Ran De
Speaker 1: Santis is being sued by a state lawmaker for allegedly
Speaker 1: wasting hundreds of thousands of dollars and state funds to
Speaker 1: apply dozens of Venezuelan migrants to Martha's Vineyard, Massachusetts, where
Speaker 1: critics have called a political stunt that trigged vulnerable immigrants.
Speaker 1: Florida State Democratic Senator Jason Piso from Miami also asked
Speaker 1: the court to stop the Santis from transporting any more
Speaker 1: migrants to other states. Meanwhile, De Santis says about ten
Speaker 1: thousand dollars paid to an aviation company to fly migrants
Speaker 1: to Delaware has not been put to use. He was vague, though,
Speaker 1: about payments for sending migrants north. The policy is we
Speaker 1: want to voluntarily transport away from Florida so that we
Speaker 1: don't have to bear the costs, and that there's a
Speaker 1: vendor that is doing that for US. Governor De Santis
Speaker 1: made his comments at a news conference in Miami Dade.
Speaker 1: Voting has begun in Moscow held regions of Ukraine on
Speaker 1: referendums to become part of Russia. Ukraine in the West
Speaker 1: have denounced them as shams without any legal force. The
Speaker 1: referendums follow President Vladimir's putin order to have partial mobilization
Speaker 1: that could add to about three thousand Russian troops to
Speaker 1: the fight. Former US Ambassador the Ukraine, William Taylor says
Speaker 1: Putin is looking for ways out of the war now
Speaker 1: that Ukrainian advances have made peace talks less likely. He's
Speaker 1: running out of soldiers. He thinks by instituting this draft
Speaker 1: or this call up, he may be able to replace
Speaker 1: these soldiers that he's losing day after day on the battlefield.
Speaker 1: Former Ambassador Taylor spoke to ABC. NASA plans to slam
Speaker 1: a small, harmless asteroid as an experiment, a spacecraft name
Speaker 1: DART for double Asteroid Redirection test. Weill zero in on
Speaker 1: the asteroid Monday and tent on slamming it head on
Speaker 1: at fourteen thousand miles Brauer. Scientists say the impact should
Speaker 1: be just enough to nudge the asteroid into a slightly
Speaker 1: tighter orbit around its companion, space Rock. NASA scientist Tom Stadler,
Speaker 1: at the end of the day, the real question is
Speaker 1: how effectively did we move the asteroid and can this
Speaker 1: technique of kinnectic impact be used in the future if
Speaker 1: we ever needed to. NASA's Tom Standler says the asteroid
Speaker 1: is about six point eight million miles away Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take Power by more than hundred journalists analyist more
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg. Amy.
Speaker 1: All right, thank you, Michael. It's six ten on Wall Street.
Speaker 1: Time now for the Bloomberg Sports Update. Here's Scott Seidenberg.
Speaker 1: Good morning, Amy. Yankees fans will have the waits another
Speaker 1: day before seeing Aaron Judge hit home run number sixty one.
Speaker 1: Judge went over to last night with three walks and
Speaker 1: a strikeout, but the Yanks got to win five four
Speaker 1: over the Red Sox in ten innings on Josh Donaldson's
Speaker 1: fourth walk off hit of the season. It's the yankees
Speaker 1: sixteenth walk off win. That's one shy for the most
Speaker 1: walk off wins in a single season in Yankees franchise history.
Speaker 1: Here was Donaldson after the game. You know seven a
Speaker 1: couple of times this year, so you know, it doesn't
Speaker 1: it doesn't. With the win, the Yankees officially clinched a
Speaker 1: postseason spot, and Aaron Boone becomes the first manager to
Speaker 1: reach the postseason in each of his first five seasons.
Speaker 1: The Yankees have a seven and a half game lead
Speaker 1: in the A Out East over the Toronto Blue Jays.
Speaker 1: NBA Who's The Boston Celtics have suspended head coachma who
Speaker 1: Duke up for the upcoming season the team, citing violations
Speaker 1: of team policies and its announcement. Assistant coach Joe Missoula
Speaker 1: takes over in the interim. Week three of the NFL
Speaker 1: kicked off last night, the Browns defeating the Steelers twenty
Speaker 1: nine seven team. On Sunday, the Jets will welcome in
Speaker 1: the Bengals. The Giants host the Cowboys on Monday Night Football.
Speaker 1: I'm Scott Seedinberg with Bloomberg Sports. Amy all right, thank you, Scott.
Speaker 1: Futures are lower, SNP down thirty three points, dal features
Speaker 1: down two Hunt four, Nasdaq features down one hundred nineteen points.
Speaker 1: Ten year Treasury down nine thirty seconds, the yield at
Speaker 1: three point seven five percent, the two year yield at
Speaker 1: four point one eight percent. Still ahead on Bloomberg daybreak,
Speaker 1: Oil headed four or fourth weekly decline. This is Bloomberg
Speaker 1: Bloomberg eleven three oh Weather sunny and breezy. We're going
Speaker 1: up to sixty five degrees today with plenty of sunshine
Speaker 1: tomorrow going up to seventy degrees, could see rain on
Speaker 1: Sunday going up to seventy five. Markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: The Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Flash. I'm Nathan Hagar. Global bond yields
Speaker 1: are surging. Stocks are extending their declines at the end
Speaker 1: of a week that underscored expectations for tighter monetary policy
Speaker 1: and a slowing global economy. We checked the markets every
Speaker 1: fifteen minutes during the trading day. On Bloomberg SMP futures
Speaker 1: are down thirty one points down futures are lower by
Speaker 1: two thirty four and NASTACK futures on the decline by
Speaker 1: one sixteen points, a drop of one percent. The tenure
Speaker 1: Treasury is down seven thirty seconds, the yield three point
Speaker 1: seven four percent. The yield on the two year four
Speaker 1: point one seven percent. NIMEX screwed is down two point
Speaker 1: three percent, or a dollar eighty one dollars fifty seven
Speaker 1: cents a barrel comes golled down one percent or sixteen dollars.
Speaker 1: At sixteen sixty five, ten announced the euro point nine
Speaker 1: seven six five against the dollar British pound one point
Speaker 1: one one to two. The yen is at one forty
Speaker 1: two point seven four. Bitcoin is lower by seven tenths
Speaker 1: percent at nineteen thousand, one hundred dollars. That's a Bloomberg
Speaker 1: business flash. And now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael Heathan, thank you
Speaker 1: very much. The Special Master in the case of documents
Speaker 1: sees from Donald Trump's Florida homes says the former president's
Speaker 1: lawyers have to state in a court filing whether they
Speaker 1: believe the FBI line about the items. Judge Raymond Deary
Speaker 1: told Trump's legal team that they have until September. Residents
Speaker 1: and occupied parts of Ukraine begin voting today and a
Speaker 1: Russia run referendum on joining Ukraine. The vote has been
Speaker 1: why Lye condemned as a sham. In baseball, the Yankees
Speaker 1: beat the Red Sox five for clinching a playoff birth
Speaker 1: He came close, but Aaron Judge fell short of telling
Speaker 1: Roger Marries a le record of six one on runs.
Speaker 1: The Orioles and Giants won the A's lost. Thursday night football,
Speaker 1: the Browns beat the Steelers twenty nine Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael barn this is Bloomberg Gaming
Speaker 1: all right, Thank you, Michael. It is six twenty on
Speaker 1: Wall Street. We're live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg day Break. Oil is headed for a
Speaker 1: fourth weekly decline after interest rate hikes around the world
Speaker 1: darkened the outlook for energy Deman joining us Bloomberg Senior
Speaker 1: Executive Editor for Energy and Commodities, Will Kennedy. Well, good
Speaker 1: morning to you, Thanks so much for taking the time
Speaker 1: with us on this Friday morning. We know crude is
Speaker 1: on track for its first quarterly loss in more than
Speaker 1: two years. What are you watching for? Well, I think
Speaker 1: the oild market right now is called in a battle
Speaker 1: between macro and economic factors and the nuts and bolts
Speaker 1: of the oil market. On the macro side, the price
Speaker 1: has been facing huge hedge winds as policymakers around the
Speaker 1: world raise interest rates, raising fears of an economic slowdown,
Speaker 1: and the dollar strength and dollar strength is normally inverse
Speaker 1: to oil oil goes in the other direction. So it's
Speaker 1: been battling those head winds and right now those headwinds
Speaker 1: are winning. But it's not clear whether that pattern will
Speaker 1: hold as we go in towards the winter. Globally, supplies
Speaker 1: remain very tight. People are producing a maximum or close
Speaker 1: to maximum all over the world, and global stock piles
Speaker 1: are falling. So there is a view that this slump
Speaker 1: could reverse as we get into the winter, when oil
Speaker 1: demand tends to rise. Let's get into that a little bit.
Speaker 1: Some banks saying that there could be a rebound for
Speaker 1: oil in the fourth core. Some details about how that
Speaker 1: might work. Well, you get a bump in demand are
Speaker 1: you go into the winter some the world, Japan, Northeast, US,
Speaker 1: parts of Europe which use oil for heating, that boost
Speaker 1: demand for Middle Distonance diesel UH and jet fuel around
Speaker 1: the world. Um, So that tends to be a bullish factor,
Speaker 1: and all the more so this year because alternatives such
Speaker 1: as natural gas in Europe especially are incredibly expensive to
Speaker 1: those people who can use oil will use oil. There
Speaker 1: may be also industries that switch out of gas into
Speaker 1: diesel diesel generators that that will be more to supply
Speaker 1: m and then a lot of the One reason the
Speaker 1: old market has stayed under control in recent months is
Speaker 1: this massive supply of oil ou to the strategic Petroleum
Speaker 1: of Reserve in the United States. It's not clear how
Speaker 1: much more oil or keep coming from the SPR and
Speaker 1: that could change the balances on the supply side as
Speaker 1: demand arises. Well, let's talk about what's driving the volatility
Speaker 1: in these markets, in the oil markets, and what could
Speaker 1: settle things down. When are we going to see a break? Well,
Speaker 1: that's a good question. I mean, I think one thing
Speaker 1: about one observation we could make about their old market
Speaker 1: is liquidity is down. There aren't as many people trading
Speaker 1: oil um, and that's because there are a lot of
Speaker 1: investors who feel that the volatility um it's an attractive
Speaker 1: to them. And the fewer people you get, the more um,
Speaker 1: the more volatile it is. Less liquidity means more volatility,
Speaker 1: and it's a bit of a self perpetuating cycle. So
Speaker 1: that's one reason. The other reason is that's just the
Speaker 1: sheer volume of factors that pulling the markets in different directions,
Speaker 1: everything from politics and the war, to OPEC policy, to
Speaker 1: all the financial and macro economic background that I've just
Speaker 1: described and I don't think there's any reason, given the
Speaker 1: flow of events, are seeing the moment for that to
Speaker 1: end anytime soon? Are we looking at a perfect storm
Speaker 1: of events that you just described. I mean, give me
Speaker 1: an historical perspective if we've ever seen this before. I mean,
Speaker 1: the oil market has gone through some video dramatic times before,
Speaker 1: in the pandemic, we saw negative old vices in the
Speaker 1: global financial crisis, the Varna ark War. But I do
Speaker 1: think that, uh, it's a particularly interesting time because you
Speaker 1: have these enormous geopolitical events combining with really big events
Speaker 1: in the market. People trying to contend with the prospect
Speaker 1: of a slowdown on recession on the one hand, and
Speaker 1: the real risk to supply that we're seeing because of
Speaker 1: the war war in Ukraine, and the confluence of those
Speaker 1: two very big things, I think is makes it one
Speaker 1: of the most mentors our markets. And sometimes how much
Speaker 1: of an impact is the war in Ukraine? And I
Speaker 1: asked because we got word this morning that Russia is
Speaker 1: looking to boost its military industry complex by forty some
Speaker 1: odd percent, which indicates that they plan on being in
Speaker 1: Ukraine for a long time to come. Yeah, I mean,
Speaker 1: I think what markets are looking for is two things
Speaker 1: are going to happen. Europe is going to introduce a
Speaker 1: ban on importing and oil and that will change the
Speaker 1: flow of Russian oil all around the world. And traders
Speaker 1: are very interested to know whether Asian bias who have
Speaker 1: kept buying Russian oil and have increased their purchases vassional
Speaker 1: principally India and China, could increase their purchases further, whether
Speaker 1: that banned by the European Union means that some mushan
Speaker 1: i will just won't find a market and production will.
Speaker 1: For the other thing that we have going on policy
Speaker 1: wise is this idea that the G seven would impose
Speaker 1: a price cap on Russian oil, and that's an attempt
Speaker 1: to make sure the oil keeps flowing, but in a
Speaker 1: way where Russia doesn't really benefit from higher prices. Lots
Speaker 1: of skepticism about how that will work, but if it's introduced,
Speaker 1: it will have some impact. So both of those things,
Speaker 1: I'm introducing a lot of uncertainty into the market as
Speaker 1: we go into the crucial winter months. All right, well,
Speaker 1: thank you so much for taking the time with us
Speaker 1: on this morning Friday morning. Will Kennedy is senior executive
Speaker 1: editor for energy and commodities for Bloomberg News futures are lower.
Speaker 1: S ANDP down thirty eight points, STUT futures down two three,
Speaker 1: NASAC futures down on seven points. Much more still to come.
Speaker 1: On Bloomberg Daybreak. This is Bloomberg Bloomberg eleven three oh
Speaker 1: weather sunny and breezy, going up to sixty five degrees.
Speaker 1: We'll see seventy degrees with sunshine tomorrow and then on
Speaker 1: Sunday at chance of rain going up to seventy five degrees.
Speaker 1: Broadcasting wide from the Bloomberg Interactive Broker's studio in New York,
Speaker 1: Bloomberg E Living Free on to Washington, d C. Bloomberg
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg sixty to the Country Sirius XM Chad A one
Speaker 1: nine and around the globe the Bloomberg Business app and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's six
Speaker 1: thirty on Wall Street. Good Friday morning. I'm Amy Morris,
Speaker 1: I'm Nathan Hagar. We are about three hours away from
Speaker 1: the open of US training to I'm for the five
Speaker 1: things you need to know to start your day. Brought
Speaker 1: to you by Interactive Brokers. Global Analysts helps you find
Speaker 1: new global investment opportunities to diversify your portfolio and discover
Speaker 1: undervalued companies that may have greater growth potential. Try i
Speaker 1: b k OUR Global Analysts today at i b k
Speaker 1: R dot com. Slash g a up first. The SMP
Speaker 1: five hundreds on track for a second straight weekly loss. Yesterday,
Speaker 1: the index closed at its lowest level since June, as
Speaker 1: higher interest rates continue to hit sentiment. Jess meant and
Speaker 1: covers equities for Bloomberg News technology sector, looking at discretionary shares.
Speaker 1: Also industrial companies really coming under pressure following what happened
Speaker 1: with that sell off after the Fed's move, but also
Speaker 1: more globally, this isn't even just the FED. Investors are
Speaker 1: really trying to digest what's happening because it's been over
Speaker 1: five basis point moved by global central banks right now
Speaker 1: getting aggressive to tackle what's happening with inflation, and traders
Speaker 1: really trying to reprice. Bloomberg's jessment and says it appears
Speaker 1: investors aren't expecting the FED to cut rates until sometime
Speaker 1: next year, and there could be more pain ahead. Nathan
Speaker 1: when Wall Street firm says the selling is not over.
Speaker 1: Goldman SATs is slashing its year end target for the
Speaker 1: SMP five hundred to thirty six hundred. That's down from
Speaker 1: forty three und You're watching the dash to cash this morning.
Speaker 1: Amy Bank of America strategist say investors are flocking to
Speaker 1: cash as they turn their most pessimistic since the global
Speaker 1: financial crisis. Jennifer Lee, senior economist with BEMO Capital Market,
Speaker 1: says firms like hers are lowering growth forecast, but still
Speaker 1: there is strength in the labor market. We've actually been
Speaker 1: lowering our growth forecast deadly like everyone else, and we've
Speaker 1: actually got dual growth now three we still have only
Speaker 1: one quarter of negative growth. I guess the big difference
Speaker 1: here in terms of recession is the labor market. You know,
Speaker 1: anyone who has multiple job offers out there, you don't
Speaker 1: take one because it's not gonna last. This is all
Speaker 1: from personal with What happens is when is a central
Speaker 1: bank who is aggressively tightening, You're gonna see that flower growth,
Speaker 1: You're gonna see it hit consumers spending, and you're going
Speaker 1: to see the doubles rate to caire. Jennifer Lee with
Speaker 1: BEMO Capital Market says she expects unemployment to continue to
Speaker 1: rise in the coming months. Stocks in Europe and Asia
Speaker 1: are lower this morning, so is oil. Crude is on
Speaker 1: trapped for a fourth weekly decline and could record its
Speaker 1: first quarterly lost in more than two years. Nanamy. Hong
Speaker 1: Kong's announcing plans to cut COVID restrictions, scrapping hotel quarantines
Speaker 1: for inbound travelers. Starting Monday, those flying to the city
Speaker 1: will no longer need to take a PCR test before
Speaker 1: departure instead of rapid test will suffice, but travelers still
Speaker 1: will need to take a PCR upon arrival. There's still
Speaker 1: banned from going to bars and eating at restaurants in
Speaker 1: Hong Kong. That's the five things you need to notice
Speaker 1: start your day. Brought to you by Interactive Brokers, Futures
Speaker 1: on the Decline, this morning, straight Ahead, your latest local headlines,
Speaker 1: and a check of sports. This is Bloomberg, all right,
Speaker 1: Thank you, Nathan sixty three on Wall Street. Now we
Speaker 1: bring in Michael Bard to tell us what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Amy. Health officials suspect five people have died
Speaker 1: in the Manhattan nursing home of legionnaire's disease. The outbreak
Speaker 1: over the past year to took place at the Amsterdam
Speaker 1: Nursing Home in Morningside. Heights for depths have been confirmed,
Speaker 1: while a fifth is being investigated. Residents in Russian occupied
Speaker 1: parts of Ukraine began voting today in the referendum on
Speaker 1: joining Russia. The vote has been widely condemned as a sham.
Speaker 1: Former US Ambassador for Ukraine, William Taylor says Vladimir Putin
Speaker 1: is looking for a way to ulster support for the
Speaker 1: war inside Russia. This is because Putin is losing support
Speaker 1: for this war that he wants to do some sleight
Speaker 1: of hand that says, well, actually this is really Russia,
Speaker 1: so now it's really the Ukrainians and the West against US.
Speaker 1: Former Ambassador Taylor spoke to ABC. A man charged with
Speaker 1: assault for allegedly slapping former Mayor Rudy Giuliani on the
Speaker 1: back and using a derogatory term is suing New York
Speaker 1: City for two million dollars for false arrest. Daniel Gill
Speaker 1: was seen on a video in June touching Giuliani on
Speaker 1: the back with an open hand while Giuliani was at
Speaker 1: a Staten Island shop Right Supermarket, supporting his son Andrew's
Speaker 1: campaign for New York governor. Hurricane Fiona has pounded Bermuda
Speaker 1: with heavy rain and winds as it sweeps by the island.
Speaker 1: Deadly protests are raging across Iran over the suspicious death
Speaker 1: of twenty two year old imsha Amani while in police custody.
Speaker 1: She was arrested by iran so called morality police because
Speaker 1: she was said to be wearing her head scarf improperly.
Speaker 1: Speaking through a translator at the u N, Irainian President
Speaker 1: Ibraham Rahisi said a mean he's death is still under investigation.
Speaker 1: The rest assured that whether it's visa vida, deceased young
Speaker 1: lady or others, the Islamic Republic will not allow the
Speaker 1: trampling upon the rights of anyone. Rainian President Racy says
Speaker 1: he spoke to the woman's family. A new poll shows,
Speaker 1: despite his legal issue, support for former President Trump remains unmoved.
Speaker 1: According to a New York Times Siena College survey about
Speaker 1: voters viewed Trump favorably about the same as an earlier
Speaker 1: poll in the summer. Meanwhile, Republicans trying to just dug
Speaker 1: high discussed the release of the House Republicans commit that
Speaker 1: to America agenda ahead of the midterm elections. I think
Speaker 1: Republicans have opportunities here to define themselves on three issues
Speaker 1: even further inflation, UH, crime, and the border. And if
Speaker 1: if we're if the conversations on those three issues, even
Speaker 1: if Republicans don't have a fully fleshed out plan on
Speaker 1: inflation they don't and neither does the White House, then
Speaker 1: if that's what we're talking about, Republicans are going to
Speaker 1: do well. GOP strategist High spoke on sound On, which
Speaker 1: airs at five pm on Bloomberg Global Things twenty four
Speaker 1: hours a day on air rand on Bloomberg Quicktake, powered
Speaker 1: by more than seven hundred journalists analysts more than a
Speaker 1: hundred twenty countries. At Michael bar this is Bloomberg. Amy,
Speaker 1: all right, thank you, Michael. At six thirty six on
Speaker 1: Wall Street Time now for the Bloomberg Sports Update. Here
Speaker 1: Scott Edinburg, Good morning, Amy. Some excitement in the Bronx
Speaker 1: last night as fans thought Aaron Judge had home run
Speaker 1: number sixty one, although it felt shy being caught at
Speaker 1: the wall. The Yankees would go on to win a
Speaker 1: ten innings over the Red Sox five four, thanks to
Speaker 1: Josh Donaldson's fourth walk off hit of the season. Here
Speaker 1: was Aaron Judge after the game that was blown out,
Speaker 1: But you know I just missed it, but I lined
Speaker 1: up for a nice It was the sixteenth walk off
Speaker 1: win for the Yankees this season, one shy of the
Speaker 1: most in a single season in franchise history. Tonight, Judge
Speaker 1: will get another crack at number sixty one when the
Speaker 1: Yankees and Red Sox face off again. Garrett Cole gets
Speaker 1: the start. Rich Hill for the Red Sox. NBA news,
Speaker 1: the Boston Celtics have suspended head coach Email Udoka for
Speaker 1: the upcoming season the team's citing violations of team policies
Speaker 1: and its announcement. Assistant coach Joe Missoula takes over in
Speaker 1: the interim. Week three of the NFL kicked off last night,
Speaker 1: the Browns defeating the Steelers twenty nine seventeen. On Sunday,
Speaker 1: the Jets will welcome in the Bengals. The Giants host
Speaker 1: the Cowboys on Monday Night Football. I'm Scott Edinburg with
Speaker 1: Bloomberg Sports. All right, thank you, Scott. It is six
Speaker 1: thirty seven on Wall Street Time to take a look
Speaker 1: at stocks and some of the names that are moving
Speaker 1: in the pre market. And for that we are joined
Speaker 1: by Bloomberg Radio and TV Markets correspondent Created Gupta created
Speaker 1: Good Friday morning to you. How are you well? Good
Speaker 1: morning Amy. There's a few stock movers I want to
Speaker 1: bring to your attention and really kick it off here
Speaker 1: with with Costco. Actually, for our international audience. Costco is
Speaker 1: a retailer that I wish had more presents in New
Speaker 1: York City, a meddly um but but it's basically a retailer.
Speaker 1: It's a wholesale retailer. Economies of scale really works in
Speaker 1: their favor, things like buying in bulk for example. So
Speaker 1: when you are looking at an environment where people perhaps
Speaker 1: want to spend less, want to buy a little bit less,
Speaker 1: a Costco is going to be one of the stores,
Speaker 1: one of the companies that is in the firing lines.
Speaker 1: The c O s t s your taker here down
Speaker 1: about three percent in the pre market. Is this actually
Speaker 1: coming after they make an announcement saying they're choosing not
Speaker 1: to raise their membership fees. That's coming amid record renewal
Speaker 1: rates in the company's fourth order um This is interesting
Speaker 1: because one of the things that a lot of retailers
Speaker 1: have been talking about is that even in the face
Speaker 1: of perhaps lower sales or lower volume of sales, at
Speaker 1: the end of the day, they are able to make
Speaker 1: it up because the margin is increased. So I think Nordstrom,
Speaker 1: think Macy's. Perhaps people are paying less, but it's okay
Speaker 1: because the prices are higher and therefore, net net, they
Speaker 1: make the same or or arguably even a little bit more.
Speaker 1: Costco doesn't have that same luxury because on this one hand,
Speaker 1: not only do they have to do you have to
Speaker 1: kind of pay up to get the economies of skills.
Speaker 1: So your unit price is lower um, but at the
Speaker 1: end of the day, you are still paying more um,
Speaker 1: say on one given shopping trip. And that's something that
Speaker 1: kind of tends to put some of their customers away,
Speaker 1: just given that you also have to pay a little
Speaker 1: bit of a membership fee. So the fact that Costco
Speaker 1: isn't raising their membership fee. Amy weighing on those shares
Speaker 1: this morning about three Alright, tell us what else do
Speaker 1: you have, especially with doc you sign. That's something that's
Speaker 1: interesting that everybody has to deal with once in a while. Oh. Absolutely,
Speaker 1: it's become all the rage post pandemic. I would argue
Speaker 1: three years ago, I didn't even know a lot they
Speaker 1: signed one CEO. C U. Is your ticker down about
Speaker 1: one eight percent? And remember the entire market is down,
Speaker 1: but the fact that this one is down almost two percent,
Speaker 1: uh is quite something. This is coming after Morgan Stanley,
Speaker 1: or excuse me, after they announced the board of director
Speaker 1: had hired Alan Figason as the chief executive officer. There's
Speaker 1: a little bit of wariness in the market right now
Speaker 1: about simply a change in leadership for DOCU signs, So
Speaker 1: keep an eye on those shears down at one point
Speaker 1: eight percent. But I was mentioning about Morgan Stanley that
Speaker 1: actually has to do with advanced micro devices, which amy
Speaker 1: is the last move where I'm gonna leave you with
Speaker 1: here down about one and a half percent. Morgan Stanley
Speaker 1: trimmed their price target to nine from one hundred and two.
Speaker 1: They're saying a worsening PC end market is not going
Speaker 1: to help their bottom line. They're also talking about a
Speaker 1: collapse in gaming um and perhaps some head was on
Speaker 1: the client business. Right now, the shares are trading around,
Speaker 1: so the price target still still seeing some upside. Nine
Speaker 1: but not quite as much as before. All right, Bloomberg
Speaker 1: Radio and TV Markets correspondent Creedy Coopta always a pleasure,
Speaker 1: Thank you so much for joining us looking at stocks
Speaker 1: as a whole. Futures are lower. SNP down forty two now,
Speaker 1: DAL futures down three hundred sixteen points, Nasdaq futures down
Speaker 1: one hundred at forty seven points. Ten year Treasury down
Speaker 1: eleven thirty seconds to the yield at three point seven six.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather sunny and
Speaker 1: breezy as we go up to sixty five degrees, plenty
Speaker 1: of sunshine. Tomorrow going up seventy is gonna be nice
Speaker 1: seventy five with a chance of rain. On Sunday, Markets
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, The Bloomberg Business at and at Bloomberg
Speaker 1: Victape Chris is a Bloomberg Business Flash. I'm Nathan Hagar.
Speaker 1: Stocks are plunging this morning. Let's head right over to
Speaker 1: the First Word Breaking news desk for today's morning call
Speaker 1: with film Aloney. Good morning Bill, Good morning Nathan. That's right.
Speaker 1: Us features are plunging once again with doubt futures down
Speaker 1: three hundred thirty nine points has to be dropped forty
Speaker 1: six and NASDA futures declined by one fifty two. The
Speaker 1: US ten year old at three point seven six percent,
Speaker 1: the two years now at four point two percent. Gold
Speaker 1: is down fifteen, oil is trading lower, and bitcoin is
Speaker 1: down by point nine percent. Hong Kong fell one two
Speaker 1: percent overnight, while Europan markets are also under pressure, with
Speaker 1: two percent losses in Germany, Italy and Spain back in
Speaker 1: the US. On the economic front, at night forty five,
Speaker 1: Manufacturing and Services p m I s after the Bells
Speaker 1: Night Costco report it shares it down three percent in
Speaker 1: the pre market, and an others. Goldman Sacks cut its
Speaker 1: year and target for the SNP two thirty six hundred
Speaker 1: from forty three hundred, and wrapping things up, Domino's Pizza
Speaker 1: raised to outperform at BMO. Data Dog was raised to
Speaker 1: neutral over at JP. Morgan Live from the first Breaking
Speaker 1: News DOSCM Bill Maloney, Nathan Okay, Bill, thanks to get
Speaker 1: live breaking news over your Bloomberg type squawk on the
Speaker 1: terminal s Q you a goo, that's a Bloomberg business flash.
Speaker 1: And now here's Michael Barr with more. I'm what's going
Speaker 1: on around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: In Russia, traffick is jammed that border crossing. Some crowds
Speaker 1: are packed at airports. Most of those trying to get
Speaker 1: out are young men, a military age pleaing Vladimir Putin's
Speaker 1: draft after he called up three hundred thousand reservists for
Speaker 1: the war in Ukraine. Protests are also taking place in
Speaker 1: the streets in the NBA at the Boston Celtics suspended
Speaker 1: head coach in Udoka for a year for violating team policies.
Speaker 1: In baseball, the Yankees beat the Red Sox five four,
Speaker 1: clinching a playoff berth Aaron Judge hit deep way back
Speaker 1: on the warning track, Yukon Cornelius nothing, it fells short,
Speaker 1: tying Roger Marris is a l sixty one home runs.
Speaker 1: They'll try again to night. The Orioles and Giants won
Speaker 1: the a LS lost. Thursday night football, the Browns beat
Speaker 1: the Steelers. Seen Global Nails twenty four hours a day
Speaker 1: on air and on Bloomberg quick Take, powered by more
Speaker 1: than seven hundred journalists and analysts and one in a
Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg. Navid Okay, Michael,
Speaker 1: thank you. We're at sixty nine on Wall Street. Let's
Speaker 1: turn the news and science and technology now. The Bloomberg
Speaker 1: n j i T STEM Report is brought to you
Speaker 1: by New Jersey Institute of Technology. N j i T
Speaker 1: is ranked top ten nationally on Money's Best Engineering Colleges List.
Speaker 1: What will You Make It n j I T. Learn
Speaker 1: more at n j I T dot e du now
Speaker 1: Here's what's making news and science, technology, engineering and math.
Speaker 1: The UK government has formally confirmed it as lifting a
Speaker 1: ban on fracking in England, arguing the move will help
Speaker 1: boost the country's energy security amid Russia's war in Ukraine.
Speaker 1: Prime Minister Liz Trust announced within days of taking office
Speaker 1: earlier this month she would reverse a ban on hydraulic fracturing,
Speaker 1: and is a controversial technique that's used to extract oil
Speaker 1: and gas from shale rock. NASA plans to slam a small,
Speaker 1: harmless asteroid as an experiment. A spacecraft named DART for
Speaker 1: Double Asteroid Redirection Test will zero in on the asteroid Monday,
Speaker 1: intent on slamming it head on at fourteen thousand miles
Speaker 1: per our. Sinus to say the impact should be just
Speaker 1: enough to nudge the asteroid into a slightly tighter orbit
Speaker 1: around its companion Space Rock and Apple Music will replace
Speaker 1: Pepsi as the presenter of the Super Bowl halftime show.
Speaker 1: Pepsi has had its name on the star studded intermission since.
Speaker 1: According to Sportico, Apple may have paid as much as
Speaker 1: fifty million dollars a year for the five year deal.
Speaker 1: This year, more than one twenty million viewers watched Super
Speaker 1: Bowl Halftime. That's the Bloomberg and j I t Stem report. Amy,
Speaker 1: all right, thank you, Nathan. We're live from the Bloomberg
Speaker 1: Interactive Broker Studios. It is six fifty one on Wall
Speaker 1: Street Time now to check what's going on in d C.
Speaker 1: And some of the top stories in our nation's capital
Speaker 1: include voting starting in four Russian occupied regions. President Biden
Speaker 1: says the Catholic Church is not as strict on abortion
Speaker 1: as Republicans are. Public safety bills have gone through the
Speaker 1: House and one support ahead of the mid term elections,
Speaker 1: and the Special Master asking the Trump legal team if
Speaker 1: they believe the FBI lied about documentaries from mar al Lago.
Speaker 1: There's a lot going on, Bloomberg Government reporter Emily Wilkins
Speaker 1: joins is now to sort it all out. Emily, thanks
Speaker 1: once again for joining US. Voting underway in four territories
Speaker 1: in Ukraine. The Bignet administration calls us a sham election.
Speaker 1: What is the US response to all this? I mean
Speaker 1: that that that that basically is it what you just said.
Speaker 1: Secretary of State Anthony B. Lincoln has strongly condemned the vote,
Speaker 1: calling it a sham referendum. They see this as an
Speaker 1: escalation of Russia's plans to annexed slats of Ukraine. This
Speaker 1: is really reminiscent of a similar twenty fourteen ballot in
Speaker 1: crimea At that led to to Russia attempting to to
Speaker 1: annex the territory. And of course this comes as we've
Speaker 1: seen a lot of tensions with Russia lately in Ukraine.
Speaker 1: There have been military setbacks for Russian troops and then
Speaker 1: Putin's decision to call a three hundred thousand reservists to
Speaker 1: fight in Ukraine. That has led to a number of
Speaker 1: protests among the Russian people. So it really seems like
Speaker 1: we're we're Russia's at a point. Uh Putin is at
Speaker 1: a point where he is really struggling as far as
Speaker 1: what next steps are going to be. And and this
Speaker 1: is the environment that they are now holding, uh these
Speaker 1: votes today and uh you know already you know, Ukraine, Uh,
Speaker 1: the U S and a number of other countries just
Speaker 1: don't believe that this election is going to be legitimate
Speaker 1: in any way. Now Emily, has the Biden administration indicated
Speaker 1: how far it is willing go to push back against Russia? Here?
Speaker 1: Are there any clear lines that they won't cross? I mean,
Speaker 1: I think these are the same lines that we've initially seen.
Speaker 1: They always said that they would not be sending US
Speaker 1: troops into Russia. That has remained the case, even as
Speaker 1: the US has given numerous amounts of aid, weapons, artillery shells,
Speaker 1: UM and has continued to encourage its allies to support
Speaker 1: Ukraine and to continue doing what they can to put
Speaker 1: sanctions and to put pain on Russia. Um but at
Speaker 1: this point, yeah, we don't really. It's just sort of
Speaker 1: a continuation of what we're seeing there. Um, the US
Speaker 1: a sort of red line of not sending troops and
Speaker 1: has remained. Let's turn a Capitol hill now closer to home.
Speaker 1: President Biden criticizing Republicans for restricting abortion access and the
Speaker 1: President said that the Catholic Church is not as strict
Speaker 1: on this as Republicans are. What's the response there. I mean,
Speaker 1: it was a bit of an odd statement to make us,
Speaker 1: especially because his point was that about the exceptions, um,
Speaker 1: exceptions for rape, incest and the life of the mother.
Speaker 1: It's one of the big things that we're really being
Speaker 1: talked about right now in the abortion in the abortion debate,
Speaker 1: whether there should be exceptions made for that now. Actually,
Speaker 1: Senator Lindsay graham bill does include exceptions for rape ancestor
Speaker 1: to save the life of the mother, but Biden seemed
Speaker 1: to be implying during this speech that that Graham's bill
Speaker 1: did not, and that, um, the Catholic Church would would
Speaker 1: you know, what, would want those exceptions in place. I think, really, Amy,
Speaker 1: what this speaks to is the fact that abortion is
Speaker 1: going to be a huge issue for Democrats, and then
Speaker 1: several weeks they've already seen how it can mobilize and
Speaker 1: turn out voters in Kansas, in New York, to a
Speaker 1: certain extent in Alaska, where Democrats have all not victories
Speaker 1: in recent months, and they think that this is going
Speaker 1: to be a really good issue for them, and so
Speaker 1: expect to hear Biden other Democrats continue to talk about it,
Speaker 1: and expect them also to continue to show all Republicans
Speaker 1: as being extremists who don't support these exceptions, even though,
Speaker 1: of course there are many Republicans who who support these exceptions,
Speaker 1: just as Republicans will often try to model what Democrats
Speaker 1: stands on is a portion to make it seem more
Speaker 1: extreme than where most Democrats are. All right, so we're
Speaker 1: gonna see how this moves the needle during the mid terms. Meanwhile,
Speaker 1: public safety bills have passed the House. You have a
Speaker 1: story about this on the Bloomberg terminal, tell us about it. Yeah,
Speaker 1: so this is an interesting package of bills here. Um,
Speaker 1: they deal with certain aspects like mental health, justice for
Speaker 1: victims of crimes. But it also would give additional funding
Speaker 1: sixty million dollars over each year for five years to
Speaker 1: smaller police departments. So police departments was less less than
Speaker 1: twenty five officers, helped them with things like training and recruiting. Uh.
Speaker 1: There was a lot of debate over this particular piece
Speaker 1: of the legislation because you did have some very progressive members,
Speaker 1: namely the Squad, that said that they did not want
Speaker 1: to see additional funding for the police at this point
Speaker 1: being they did not feel that the accountability measures in
Speaker 1: the legislation were strong enough, and so that you saw
Speaker 1: a little bit of tension there, a little bit of
Speaker 1: a division between the Democrats. At one point it looked
Speaker 1: like this, uh, this package might might actually not wind
Speaker 1: up coming to the floor at all. But Democrats did
Speaker 1: get it through. And this is really going to help
Speaker 1: a lot of more moderate Democrats go back to their
Speaker 1: constituents and say, hey, Republicans are trying to tell you
Speaker 1: that we're soft on crime. Look at this bill that
Speaker 1: we just passed supporting police officers. And that's It's again,
Speaker 1: it gets wrapped up pretty quickly in the election year politics.
Speaker 1: Any chance it's gonna make it through. The Senate actually
Speaker 1: gotten the bill that deals with funding a small police department.
Speaker 1: The Senate component actually passed unanimously a couple of weeks back,
Speaker 1: and we know that Congressman Josh Gottenheimer of New Jersey
Speaker 1: is working with his Senate counterparts to reconcile those House
Speaker 1: and Senate bills. That said, as far as the timeline here,
Speaker 1: Democrats have House Democrats have three days left before the midterms,
Speaker 1: So I would so while this bill might be able
Speaker 1: to get to President Joe Biden's desk. It doesn't seem
Speaker 1: likely that that would happen before the elections. Okay, Emily,
Speaker 1: one minute to go here. We want to talk about
Speaker 1: Mara Lago and those documents that were seized. What are
Speaker 1: you going to be watching for as this makes its
Speaker 1: way through the courts. So one of the biggest things
Speaker 1: that just came out yesterday that is very interesting is
Speaker 1: that the special Master, that third party overseeing the documents,
Speaker 1: he has ordered President for former President Trump's lawyers to
Speaker 1: back up their out of court assertations that the FBI
Speaker 1: might have planted evidence on the property during their search.
Speaker 1: These I say, Judge Raymond Deer is basically saying, Hey,
Speaker 1: you've made these claims, you need to back them up.
Speaker 1: We need to see any sort of evidence. On the
Speaker 1: one It's been really interesting to see how Derry has
Speaker 1: serve approached these documents, approached trumpeting Trump backed uh Judge
Speaker 1: Raymond Deary to be in this role, and yet the
Speaker 1: judge certainly has not been lenient on him or his
Speaker 1: legal team. Alright, Bloomberg Government reporter Emily Wilkins, want to
Speaker 1: thank you very much for bringing us up to speed.
Speaker 1: There was a lot in there. Thanks so much. You
Speaker 1: can read more about these stories on Bloomberg dot com
Speaker 1: or on the Bloomberg terminal, and as a reminder, you
Speaker 1: can follow all of the latest on Bloomberg Radio in Washington.
Speaker 1: Bloomberg ninety nine one and one oh five point seven FM.
Speaker 1: H D two futures are lower, SMP down fifty one points,
Speaker 1: Dow futures down three hundred eighty NAZAC futures down one
Speaker 1: hundred seventy four points. Bloomberg Surveillance with John Keene, Lisa
Speaker 1: Brahma witson. Jonathan Farrow coming up next along with Nathan Hager.
Speaker 1: I'm maybe Morris. This is Bloomberg