1 00:00:03,000 --> 00:00:05,680 Speaker 1: Live from the Bloomberg into Raptor Berger Studios. Is this 2 00:00:05,720 --> 00:00:10,200 Speaker 1: Bloomberg Daybreak for Tuesday, October two coming up this hour. 3 00:00:10,520 --> 00:00:13,640 Speaker 1: Stocks are steady as investors await an onslaught of big 4 00:00:13,640 --> 00:00:16,720 Speaker 1: tech earnings. Eb S shares gained the most since June. 5 00:00:16,760 --> 00:00:19,960 Speaker 1: We'll talk with the bank CEO. Rieshi Sunak is set 6 00:00:20,000 --> 00:00:22,960 Speaker 1: to become the UK's third prime minister in his many months. 7 00:00:23,079 --> 00:00:25,760 Speaker 1: And Adidas has said to cut ties with Kanye West 8 00:00:25,920 --> 00:00:28,800 Speaker 1: and rest in an attack in the New York subway system. Plus, 9 00:00:28,920 --> 00:00:33,080 Speaker 1: it's debate night for Democratic Governor hokel and a Republican challenger, 10 00:00:33,159 --> 00:00:36,600 Speaker 1: Les Eldon. I'm Michael Barr more ahead of John Stash Howard. 11 00:00:36,640 --> 00:00:39,559 Speaker 1: Sports than Nicks beat Orlando, than Nets lost in Memphis, 12 00:00:39,600 --> 00:00:44,720 Speaker 1: the Bears beat the Patriots in Monday Night Football. That's 13 00:00:44,720 --> 00:00:48,400 Speaker 1: all Train ahead on Bloomberg day Break on Bloomberg eleven 14 00:00:48,479 --> 00:00:52,960 Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg 15 00:00:52,960 --> 00:00:56,680 Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco 16 00:00:57,160 --> 00:01:00,840 Speaker 1: Sirius XM one nineteen and around the world on Bloomberg 17 00:01:00,960 --> 00:01:08,119 Speaker 1: Radio dot Com and The Bloomberg Business Side. And good Morning, 18 00:01:08,120 --> 00:01:11,320 Speaker 1: I'm Karen Moscow. I'm Nathan Hager. Bloomberg Daybreak is brought 19 00:01:11,319 --> 00:01:14,160 Speaker 1: to you by SEI. Asset managers don't get results that 20 00:01:14,160 --> 00:01:16,319 Speaker 1: are off the charts when their solutions are off the shelf. 21 00:01:16,640 --> 00:01:20,000 Speaker 1: Learn how SEI is operating platform can turn infrastructure into 22 00:01:20,080 --> 00:01:23,280 Speaker 1: a competitive advantage at S E I C dot Com 23 00:01:23,319 --> 00:01:27,400 Speaker 1: slash Tech. Well US futures are lower this morning six 24 00:01:27,440 --> 00:01:29,199 Speaker 1: o one on Wall Street, and we check the markets 25 00:01:29,240 --> 00:01:32,120 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg S 26 00:01:32,160 --> 00:01:35,200 Speaker 1: and P futures down sixteen points down, futures down a 27 00:01:35,280 --> 00:01:38,119 Speaker 1: hundred forty five and as Dagg features down twenty seven. 28 00:01:38,400 --> 00:01:41,040 Speaker 1: The tenure Treasury at fourteen thirty seconds, he had four 29 00:01:41,080 --> 00:01:43,800 Speaker 1: point one eight percent yield on the two year four 30 00:01:43,840 --> 00:01:47,040 Speaker 1: point four seven percent nine. Mex screwed oil is down 31 00:01:47,040 --> 00:01:49,080 Speaker 1: one and a half percent on a dollar twenty five 32 00:01:49,120 --> 00:01:51,600 Speaker 1: and eighty three dollars thirty three cents in barrel called 33 00:01:51,640 --> 00:01:54,040 Speaker 1: mex gold down six ten percent or nine dollars ninety 34 00:01:54,080 --> 00:01:57,080 Speaker 1: cents at sixteen forty four twenty announced and the euro 35 00:01:57,160 --> 00:02:00,760 Speaker 1: point five against the dollar. Nathan Well Karen stocks are 36 00:02:00,800 --> 00:02:03,400 Speaker 1: coming off two straight days of gains. Yesterday saw broad 37 00:02:03,440 --> 00:02:05,600 Speaker 1: based Drilly, with more than eight percent of stocks in 38 00:02:05,640 --> 00:02:10,000 Speaker 1: the SNP index closing higher earnings, Optimism and speculation the 39 00:02:10,040 --> 00:02:12,440 Speaker 1: Fed will slow its pace of interest rate hikes helps 40 00:02:12,480 --> 00:02:15,680 Speaker 1: fuel the one point two percent gain. Ben Kirby's cohead 41 00:02:15,680 --> 00:02:18,519 Speaker 1: of investments at Thornburg Investment Management. You know, when you 42 00:02:18,560 --> 00:02:22,119 Speaker 1: look at the surveys of bowls versus bears, there's way 43 00:02:22,160 --> 00:02:24,240 Speaker 1: more bears than there have been in a in a 44 00:02:24,240 --> 00:02:26,840 Speaker 1: long time relative to bowl so that at least augers 45 00:02:26,840 --> 00:02:29,519 Speaker 1: I think for the potential for for a snap back, 46 00:02:29,840 --> 00:02:32,680 Speaker 1: um how sustainable that is as the economy slows again, 47 00:02:32,720 --> 00:02:35,560 Speaker 1: That's that's kind of big question. Thornburg Investment Managements. Ben 48 00:02:35,600 --> 00:02:38,040 Speaker 1: Kirby thinks we are nearing the peak for interest rates 49 00:02:38,480 --> 00:02:41,440 Speaker 1: and Asian Nathan, it was a volatile session following yesterday's 50 00:02:41,480 --> 00:02:44,480 Speaker 1: historic sell off. A benchmark tech index in Hong Kong 51 00:02:44,520 --> 00:02:47,200 Speaker 1: bounced between gains and losses and eventually closed up more 52 00:02:47,240 --> 00:02:50,520 Speaker 1: than one percent today. That indexx plunge more than seven 53 00:02:50,520 --> 00:02:53,720 Speaker 1: percent yesterday on the prospects of more market and friendly 54 00:02:53,720 --> 00:02:57,160 Speaker 1: policies during President She Jun Ping's third term. While President 55 00:02:57,240 --> 00:03:00,359 Speaker 1: She stacks China's top posts with allies. Karen white House 56 00:03:00,400 --> 00:03:03,080 Speaker 1: advisors are working on a meeting between the communist leader 57 00:03:03,080 --> 00:03:06,519 Speaker 1: and President Biden. Amy Morris has details from our Bloomberg 58 00:03:07,200 --> 00:03:10,760 Speaker 1: newsroom in Washington. State Department spokesman Ed Price says she's 59 00:03:10,840 --> 00:03:14,320 Speaker 1: move effectively tearing down divisions between party and state. Won't 60 00:03:14,440 --> 00:03:17,600 Speaker 1: change the US approach to China, a strategy that includes 61 00:03:17,639 --> 00:03:20,640 Speaker 1: competing on security matters while cooperating where they can on 62 00:03:20,680 --> 00:03:24,480 Speaker 1: global issues like climate change, global health, and counter narcotics. 63 00:03:24,760 --> 00:03:27,920 Speaker 1: National Security Council spokesman John Kirby says they're working on 64 00:03:27,960 --> 00:03:31,120 Speaker 1: a possible meeting at the G twenty in Bali next month. 65 00:03:31,400 --> 00:03:34,680 Speaker 1: Even as there are fewer voices at the top two questions, 66 00:03:34,680 --> 00:03:39,680 Speaker 1: she's more restrictive policies in Washington. I'm Amy Morris, Bloomberg Daybreak, right, Amy, 67 00:03:39,680 --> 00:03:42,120 Speaker 1: thanks you. In Europe today, Rishi Sunak is said to 68 00:03:42,160 --> 00:03:44,920 Speaker 1: become the UK's third Prime minister and as many months 69 00:03:44,960 --> 00:03:46,680 Speaker 1: and we go to London and get the very latest 70 00:03:46,680 --> 00:03:49,600 Speaker 1: at Bloomberg's un Podska, morning you, and good morning Karen 71 00:03:49,600 --> 00:03:52,720 Speaker 1: and Nathan. It's just seven weeks since liszt Trust travel 72 00:03:52,800 --> 00:03:56,160 Speaker 1: to meet Queen Elizabeth to become Prime Minister. Later today, 73 00:03:56,160 --> 00:03:59,920 Speaker 1: the UK will have another new leader, former Chancellor Rishi sooner. 74 00:04:00,120 --> 00:04:03,040 Speaker 1: We'll meet King Charles this morning. After winning the supports 75 00:04:03,080 --> 00:04:06,640 Speaker 1: of Conservative lawmakers, his first task as Britain's new prime 76 00:04:06,640 --> 00:04:09,320 Speaker 1: minister will be to appoint his top team as he 77 00:04:09,360 --> 00:04:12,800 Speaker 1: seeks to reassure nervous investors. Jeremy Hunt is likely to 78 00:04:12,800 --> 00:04:16,520 Speaker 1: remain as Chancellor in charge of the nation's finances in London. 79 00:04:16,520 --> 00:04:18,720 Speaker 1: I'm you imports in back day, break you and thank you. 80 00:04:18,920 --> 00:04:20,640 Speaker 1: Let's get back to markets now where it is a 81 00:04:20,640 --> 00:04:23,960 Speaker 1: busy day for earnings. Shares of HSBC are down more 82 00:04:24,000 --> 00:04:27,200 Speaker 1: than seven percent. The bank reported higher than expected charges 83 00:04:27,240 --> 00:04:30,680 Speaker 1: for possible loan losses in its third quarter. HSBC did 84 00:04:30,760 --> 00:04:33,240 Speaker 1: join other banks and posting profits that beat estimates, but 85 00:04:33,279 --> 00:04:35,479 Speaker 1: its low lost provision was almost a third higher than 86 00:04:35,520 --> 00:04:38,720 Speaker 1: a Bloomberg compiled consensus. On the flip side, shares of 87 00:04:38,880 --> 00:04:41,440 Speaker 1: UBS are up more than four percent. The Swiss Bank 88 00:04:41,480 --> 00:04:44,080 Speaker 1: reported better than expected profit in the third quarter as 89 00:04:44,160 --> 00:04:47,520 Speaker 1: higher interest race helped offset a lower client activity. Be 90 00:04:47,640 --> 00:04:52,720 Speaker 1: caught up with UBS CEO Ralph Hummers. Volatility volatinity in 91 00:04:52,800 --> 00:04:56,400 Speaker 1: the foreign change markets, where we profited a lot actually 92 00:04:56,400 --> 00:04:59,200 Speaker 1: dis quarter which you also see that volatility leading to 93 00:04:59,360 --> 00:05:04,479 Speaker 1: further concertainty with our emphasist with our clients right on 94 00:05:04,520 --> 00:05:08,080 Speaker 1: the well side, and that in certainly is actually it 95 00:05:08,279 --> 00:05:12,200 Speaker 1: translated into the need for further guidance of our clients 96 00:05:12,240 --> 00:05:15,200 Speaker 1: right and again we need more guidance. EBS CEO Ralph 97 00:05:15,200 --> 00:05:18,080 Speaker 1: Hammers made the comments in an interview with Bloomberg's Menace 98 00:05:18,160 --> 00:05:21,040 Speaker 1: Cranny Here. More of that conversation coming up shortly right 99 00:05:21,080 --> 00:05:23,599 Speaker 1: here on Bloomberg Daybreak Here in the U s care 100 00:05:23,640 --> 00:05:26,320 Speaker 1: in a busy week for tech earnings kicks off this afternoon, 101 00:05:26,360 --> 00:05:29,360 Speaker 1: with both Alphabet and Microsoft reporting, we get a preview 102 00:05:29,360 --> 00:05:33,200 Speaker 1: on Microsoft from Bloomberg's Jeff Bellinger. Bloomberg Intelligence says the 103 00:05:33,240 --> 00:05:37,880 Speaker 1: software giant could potentially surpass the twenty four consensus for 104 00:05:37,880 --> 00:05:41,320 Speaker 1: sales growth. Microsoft is seen as the company that stands 105 00:05:41,360 --> 00:05:44,279 Speaker 1: to benefit the most from the growing digital shift as 106 00:05:44,320 --> 00:05:48,000 Speaker 1: clients upgrade their technology, but the company's earnings come at 107 00:05:48,000 --> 00:05:50,480 Speaker 1: a time when there is foreign exchange pressure and there 108 00:05:50,480 --> 00:05:54,400 Speaker 1: are concerns about weakness in its PC business. Microsoft is 109 00:05:54,440 --> 00:05:57,400 Speaker 1: in the process of laying off about one thousand workers 110 00:05:57,440 --> 00:06:02,400 Speaker 1: across multiple divisions. Jeff Inger, Bloomberg Daybreak Right, Jeff Thanks 111 00:06:02,440 --> 00:06:05,080 Speaker 1: and other corporate News This morning, it looks like Adidas's 112 00:06:05,120 --> 00:06:07,640 Speaker 1: cutting ties with Kanye West. We get the details from 113 00:06:07,680 --> 00:06:11,359 Speaker 1: Bloomberg's Lisa Matteo. Bloomberg News has learned the German sports 114 00:06:11,360 --> 00:06:13,680 Speaker 1: company plans to end its partnership with the rapper and 115 00:06:13,800 --> 00:06:17,360 Speaker 1: designer following a rash of offensive behavior. West, who now 116 00:06:17,400 --> 00:06:21,239 Speaker 1: goes by YA, has made controversial statements, including anti Semitic 117 00:06:21,360 --> 00:06:25,039 Speaker 1: social media posts in recent weeks. The Adida's decision follows 118 00:06:25,040 --> 00:06:28,359 Speaker 1: weeks of deliberations inside the company, which over the past 119 00:06:28,400 --> 00:06:31,800 Speaker 1: decade has built the Easy Line together with Ya, into 120 00:06:31,839 --> 00:06:34,160 Speaker 1: a brand that's accounted for as much as eight percent 121 00:06:34,200 --> 00:06:37,800 Speaker 1: of Adidas's total sales. According to several estimates from Wall 122 00:06:37,800 --> 00:06:41,839 Speaker 1: Street analysts, Adidas would join Gap and Carrying's Balenciaga fashion 123 00:06:41,920 --> 00:06:46,080 Speaker 1: label and prematurely cutting ties with West. Lisa Mateo Bloomberg 124 00:06:46,160 --> 00:06:49,360 Speaker 1: daybreak right, Lisa, thanks, and shares of Adidas are falling 125 00:06:49,440 --> 00:06:52,080 Speaker 1: on the news of its breakup with Kanye West. Shares 126 00:06:52,120 --> 00:06:55,480 Speaker 1: are down almost four percent in Frankfurt, and we're watching 127 00:06:55,480 --> 00:06:59,080 Speaker 1: earnings cross the Bloomberg terminal. Karen from Ups. They've come 128 00:06:59,120 --> 00:07:01,320 Speaker 1: in with just earnings per share for the third quarter 129 00:07:01,360 --> 00:07:04,039 Speaker 1: of the beat. The average analyst estimate Right now, the 130 00:07:04,040 --> 00:07:07,160 Speaker 1: shares are a little changed in early trading. S and 131 00:07:07,200 --> 00:07:10,200 Speaker 1: P futures are down thirteen points, STOLE futures down a 132 00:07:10,280 --> 00:07:14,200 Speaker 1: hundred eighteen, and DAS deck futures are lower by twenty points. 133 00:07:14,480 --> 00:07:17,360 Speaker 1: Straight ahead your latest local headlines and a check of sports. 134 00:07:17,520 --> 00:07:24,560 Speaker 1: This is Bloomberg. It sounds six oh seven on Wall 135 00:07:24,560 --> 00:07:27,320 Speaker 1: Street where sixty three degrees in Central Park got a 136 00:07:27,400 --> 00:07:31,120 Speaker 1: crash on the l I E eastbound at exit forty two. 137 00:07:31,160 --> 00:07:34,080 Speaker 1: Details coming up in traffic. First, Michael Bars here with 138 00:07:34,120 --> 00:07:35,560 Speaker 1: what else is going on in New York and around 139 00:07:35,560 --> 00:07:37,760 Speaker 1: the world. Michael, thank you very much. Nathan Man is 140 00:07:37,800 --> 00:07:40,800 Speaker 1: in custody in New York City for last week's violent 141 00:07:40,920 --> 00:07:44,160 Speaker 1: and unprovoked attack on a subway writer. Forty one year 142 00:07:44,200 --> 00:07:48,160 Speaker 1: old lem Crai McCrae, who police say has an extensive 143 00:07:48,160 --> 00:07:51,720 Speaker 1: criminal history, is now accused of shoving thirty two year 144 00:07:51,760 --> 00:07:54,640 Speaker 1: old David Martin onto the train tracks at a Brooklyn 145 00:07:54,720 --> 00:07:59,080 Speaker 1: subway stop last Friday. Martin suffered a broken collar bone. Meanwhile, 146 00:07:59,200 --> 00:08:02,800 Speaker 1: commuters are now searching out places along railings on the 147 00:08:02,840 --> 00:08:12,720 Speaker 1: platform where they feel they can't be assaulted. The m 148 00:08:12,760 --> 00:08:15,720 Speaker 1: t A is now also trying to gain the authority 149 00:08:15,840 --> 00:08:19,600 Speaker 1: to ban people with convictions that include violent crime underground 150 00:08:19,920 --> 00:08:23,240 Speaker 1: from using the subway system. There was a tragic accident 151 00:08:23,280 --> 00:08:26,480 Speaker 1: in the subway in Manhattan. Authorities say a commuter was 152 00:08:26,560 --> 00:08:29,600 Speaker 1: struck and killed by a one train at fifty ninth 153 00:08:29,640 --> 00:08:33,640 Speaker 1: Street Columbus Circle yesterday afternoon after getting caught in the doors. 154 00:08:34,160 --> 00:08:37,360 Speaker 1: It is debate night between New York Democratic Governor Kathy 155 00:08:37,440 --> 00:08:41,240 Speaker 1: Hokel and her Republican challenger, Lee's Elden. The two are 156 00:08:41,320 --> 00:08:45,280 Speaker 1: expected to debate such topics as crime and the state's 157 00:08:45,400 --> 00:08:50,320 Speaker 1: bail reform laws. Florida Governor Rhonda Santis and former governor 158 00:08:50,440 --> 00:08:54,560 Speaker 1: Charlie Cris debated ahead of next month's election. Chris asked 159 00:08:54,600 --> 00:08:57,559 Speaker 1: the Santis about a possible run for governor in four 160 00:08:57,840 --> 00:08:59,960 Speaker 1: and asked him to commit to a full term as 161 00:09:00,040 --> 00:09:02,480 Speaker 1: governor if he wins. You're running for governor, why don't 162 00:09:02,520 --> 00:09:04,000 Speaker 1: you look in the eyes of the people of state 163 00:09:04,040 --> 00:09:06,480 Speaker 1: of Florida and say to them, if you're re elected, 164 00:09:06,559 --> 00:09:09,960 Speaker 1: you will serve a full four year term as governor. 165 00:09:10,040 --> 00:09:13,520 Speaker 1: Yes or no. Governor de Santist defended laws passed during 166 00:09:13,520 --> 00:09:17,199 Speaker 1: his term that restricted the teaching of racial and gender 167 00:09:17,240 --> 00:09:20,640 Speaker 1: issues in Florida schools. I'm proud of our history. I 168 00:09:20,679 --> 00:09:22,960 Speaker 1: don't want to teach kids to hate our country. I 169 00:09:22,960 --> 00:09:25,160 Speaker 1: don't want to teach kids to hate each other. And 170 00:09:25,200 --> 00:09:28,160 Speaker 1: the way to stop discrimination on the basis of race 171 00:09:28,520 --> 00:09:31,480 Speaker 1: is to stop discriminating on the basis of race. To 172 00:09:31,559 --> 00:09:36,040 Speaker 1: debate airing on WPEC, character actor Leslie Jordan, who appeared 173 00:09:36,040 --> 00:09:39,079 Speaker 1: on dozens of TV shows, has died. Jordan, who was 174 00:09:39,120 --> 00:09:41,280 Speaker 1: four ft eleven, got his big break on the comedy 175 00:09:41,320 --> 00:09:44,920 Speaker 1: show Murphy Brown. Jordan Azzle played Beverly Leslie on the 176 00:09:44,920 --> 00:09:48,280 Speaker 1: show Will and Grace. Sharing this, they commus a great 177 00:09:48,760 --> 00:09:53,560 Speaker 1: shock to you, but I'm a homo sexual. Leslie Jordan, 178 00:09:53,600 --> 00:09:56,720 Speaker 1: who died in a car accident, was sixty seven Global 179 00:09:56,760 --> 00:09:59,000 Speaker 1: News twenty four hours a day on air and on 180 00:09:59,040 --> 00:10:03,040 Speaker 1: Bloomberg Quickday, powered by more than seven journalists mentalists more 181 00:10:03,040 --> 00:10:05,640 Speaker 1: than a hundred twenty countries. On Michael bar This is Bloomberg, Nathan, 182 00:10:05,720 --> 00:10:12,520 Speaker 1: Thanks Michael. Coming up to six ten on Wall Street. 183 00:10:12,559 --> 00:10:14,400 Speaker 1: Time for the Bloomberg Sports Update. Bright to you by 184 00:10:14,440 --> 00:10:16,840 Speaker 1: tri State OUTI with John Senshaw. All right after the 185 00:10:16,920 --> 00:10:18,920 Speaker 1: Jet seven won four in or Opera aps tunes into 186 00:10:18,920 --> 00:10:21,040 Speaker 1: the Monday night game to watch the Patriots two of 187 00:10:21,080 --> 00:10:24,400 Speaker 1: the next Jets three games, or versus New England, who 188 00:10:24,400 --> 00:10:27,200 Speaker 1: got surprisingly blown out at home by Chicago thirty three 189 00:10:27,200 --> 00:10:29,400 Speaker 1: to fourty. The Bears score the last twenty three points. 190 00:10:29,600 --> 00:10:32,480 Speaker 1: They out rushed the pass two forty three to seventy. 191 00:10:32,520 --> 00:10:35,360 Speaker 1: They four spoor turnovers. Mac Jones returned from his ankle 192 00:10:35,400 --> 00:10:38,080 Speaker 1: injury but got bens for rookie Bailey Zappi, and Bill 193 00:10:38,080 --> 00:10:40,720 Speaker 1: Belichick said he's not sure who his quarterback will be 194 00:10:40,840 --> 00:10:44,120 Speaker 1: this Sunday at MetLife that Jetwood in Denver was costly. 195 00:10:44,240 --> 00:10:46,840 Speaker 1: Rookie running back Breese Hall tours a c L guard 196 00:10:47,040 --> 00:10:50,080 Speaker 1: Elijah Vera Tucker Torres triceps and both are done for 197 00:10:50,080 --> 00:10:53,200 Speaker 1: the year. Jets coaches Robert Sala, you don't see the NFL, 198 00:10:53,240 --> 00:10:56,040 Speaker 1: and uh you know, the sex man, Michael Carter has 199 00:10:56,040 --> 00:10:58,559 Speaker 1: proven that he can carry the load, and uh Ti 200 00:10:58,679 --> 00:11:00,880 Speaker 1: Johnson has done a really nice job of and with 201 00:11:00,960 --> 00:11:03,880 Speaker 1: our offensive line, because offensive line we've been, you know, 202 00:11:03,920 --> 00:11:06,800 Speaker 1: it's been all year with guys shuffling, and just got 203 00:11:06,800 --> 00:11:08,200 Speaker 1: a lot of faith in the guys that are here 204 00:11:08,200 --> 00:11:09,880 Speaker 1: to be able to step in and continue to do 205 00:11:09,920 --> 00:11:11,920 Speaker 1: the job that was done before before them, and the 206 00:11:12,000 --> 00:11:14,360 Speaker 1: Jets last night might a trade they get a running back. 207 00:11:14,400 --> 00:11:16,640 Speaker 1: They sent the late round draft pick to acquire James 208 00:11:16,720 --> 00:11:19,480 Speaker 1: Robinson from Jacksonville. That's where the Giants just won their 209 00:11:19,520 --> 00:11:22,400 Speaker 1: fourth in a row, but they saw three offensive starters 210 00:11:22,400 --> 00:11:25,400 Speaker 1: go down knee injuries to guard Ben Brettison and rookie 211 00:11:25,400 --> 00:11:27,840 Speaker 1: tackle Evin Neil, and i injury the rookie tight end 212 00:11:27,920 --> 00:11:30,719 Speaker 1: Daniel Bellinger. None will play this week in Seattle, but 213 00:11:30,840 --> 00:11:33,240 Speaker 1: all could be back later in the season at the 214 00:11:33,280 --> 00:11:35,240 Speaker 1: Guard next be in Orlando won fifteen one or two. 215 00:11:35,320 --> 00:11:38,400 Speaker 1: Julius Randall twenty five points. Jalen Brunson had twenty one 216 00:11:38,400 --> 00:11:41,440 Speaker 1: in Our Day Better twenty in Memphis, thirty seven points 217 00:11:41,440 --> 00:11:44,360 Speaker 1: for both Kevin Durant and Kyrie Irving, but thirty eight 218 00:11:44,600 --> 00:11:47,439 Speaker 1: her both John Morant and Desmond Baine, and the Grizzlies 219 00:11:47,480 --> 00:11:49,800 Speaker 1: beat the Nets one thirty four one twenty four The 220 00:11:49,840 --> 00:11:53,400 Speaker 1: Devil's Loft to Washington six three. John Stash Downward, Bloomberg 221 00:11:53,440 --> 00:11:57,439 Speaker 1: Sports thanks John SMP features down fourteen points, the futures down. 222 00:11:58,360 --> 00:12:02,560 Speaker 1: That future is lowered by twenty two points. This is Bloomberg. 223 00:12:06,880 --> 00:12:09,280 Speaker 1: Bloomberg Sports was brought to you by Audie Don't let 224 00:12:09,280 --> 00:12:11,760 Speaker 1: someone else drive off and the outie model you've always wanted. 225 00:12:11,840 --> 00:12:14,120 Speaker 1: Visit your local price state autie dealer to get behind 226 00:12:14,120 --> 00:12:16,880 Speaker 1: the wheel of yours today, or visit autie Offers dot 227 00:12:16,920 --> 00:12:24,520 Speaker 1: com for more information, markets, headlines and breaking news twenty 228 00:12:24,520 --> 00:12:27,400 Speaker 1: four hours a day. At Bloomberg dot Com the Bloomberg 229 00:12:27,400 --> 00:12:31,439 Speaker 1: Business Out and at Bloomberg Quicktape is a Bloombern Business 230 00:12:31,480 --> 00:12:39,960 Speaker 1: Flash and I'm Karen Moscow. This updates brought to you 231 00:12:40,040 --> 00:12:42,400 Speaker 1: by b n Y Mellen's Perishing Learned Why the world's 232 00:12:42,400 --> 00:12:46,120 Speaker 1: most sophisticated wealth management and institutional firms rely on Perishing 233 00:12:46,400 --> 00:12:49,600 Speaker 1: to help them improve profitability, create efficiency, attract talent, and 234 00:12:49,640 --> 00:12:53,000 Speaker 1: manage risk. At Pershing and dot com, they continue to 235 00:12:53,000 --> 00:12:55,480 Speaker 1: watch shares a ups. They're up about three tents of 236 00:12:55,520 --> 00:12:58,959 Speaker 1: a percent this morning after third quarter profit beat analysts estimates. 237 00:12:59,320 --> 00:13:02,560 Speaker 1: US dot inn X futures, meanwhile, are falling on another 238 00:13:02,679 --> 00:13:06,480 Speaker 1: busy day for corporate earnings. S ANDP futures are done 239 00:13:06,480 --> 00:13:10,240 Speaker 1: about seventeen points and now futures down fifty two. NASDAG 240 00:13:10,280 --> 00:13:13,760 Speaker 1: futures down in thirty ten year treasury of fifteen thirty seconds. 241 00:13:13,760 --> 00:13:15,880 Speaker 1: You hald four point one seven percent. They yield on 242 00:13:16,000 --> 00:13:18,800 Speaker 1: the two year four point four seven percent. Nine x 243 00:13:18,840 --> 00:13:20,880 Speaker 1: screwed oil is down one and a half percent, down 244 00:13:20,920 --> 00:13:23,400 Speaker 1: a dollar twenty nine and eighty three dollars twenty seven 245 00:13:23,480 --> 00:13:26,360 Speaker 1: cents a barrel. The euro point nine six seven against 246 00:13:26,400 --> 00:13:29,240 Speaker 1: the dollar. That's a Bloomberg business flash. Now here's Michael 247 00:13:29,240 --> 00:13:31,320 Speaker 1: Barr with more on what's going on around the world. 248 00:13:31,440 --> 00:13:34,360 Speaker 1: Michael Karren, thank you very much. Rishi Sunac is due 249 00:13:34,360 --> 00:13:37,000 Speaker 1: to be installed as Britain's third Prime Minister of the 250 00:13:37,120 --> 00:13:39,559 Speaker 1: year by King Charles the Third and then his first 251 00:13:39,600 --> 00:13:42,360 Speaker 1: task is appointing a cabinet that can wrestle with the 252 00:13:42,440 --> 00:13:47,120 Speaker 1: UK's economic and political prices. Sunach was elected as leader 253 00:13:47,120 --> 00:13:49,880 Speaker 1: of the governing Conservative Party after the brief term of 254 00:13:49,960 --> 00:13:53,520 Speaker 1: Liz Trusts. Six Palestinians were killed in the West Bank, 255 00:13:53,600 --> 00:13:56,360 Speaker 1: over nine and more than thirty were injured as an 256 00:13:56,480 --> 00:14:01,120 Speaker 1: Israeli military operation targets a local militia that has carried 257 00:14:01,120 --> 00:14:04,720 Speaker 1: out attacks in the NBA. The next one, the Nets 258 00:14:04,720 --> 00:14:08,240 Speaker 1: and Celtics lost in hockey, The Capital's Beat, The Devil's 259 00:14:08,400 --> 00:14:11,680 Speaker 1: six three Global News twenty four hours a day on 260 00:14:11,920 --> 00:14:15,480 Speaker 1: air and on Bloomberg Quicktake powered by more than twenty 261 00:14:15,600 --> 00:14:19,080 Speaker 1: seven hundred journalist and analysts in more than one twenty countries. 262 00:14:19,360 --> 00:14:23,360 Speaker 1: Michael Barr and this is Bloomberg. Michael. Thanks six nineteen 263 00:14:23,400 --> 00:14:26,960 Speaker 1: now on Wall Street Live from the Bloomberg Interactive Broker Studios. 264 00:14:27,000 --> 00:14:29,560 Speaker 1: This is Bloomberg Daybreak. We want to bring you back 265 00:14:29,560 --> 00:14:33,160 Speaker 1: down to our interview with the CEO of UBS, Ralph Hammers. 266 00:14:33,520 --> 00:14:36,480 Speaker 1: He spoke with Bloomberg's Mannis Cranny after the Swiss bank 267 00:14:36,600 --> 00:14:39,880 Speaker 1: beat the third quarter earnings estimates. Along with talking about 268 00:14:39,920 --> 00:14:43,080 Speaker 1: the results, they discussed the outlook for US rates, why 269 00:14:43,240 --> 00:14:46,880 Speaker 1: UBS is committed to the UK and investing in China. 270 00:14:47,680 --> 00:14:49,520 Speaker 1: One of the things that you hung a hat on 271 00:14:49,560 --> 00:14:51,720 Speaker 1: and we chatted about it was your wealth from DAL 272 00:14:51,920 --> 00:14:55,520 Speaker 1: that deal has not gone away, comps, whatever word we choose. 273 00:14:55,600 --> 00:14:58,360 Speaker 1: What the market wants to know was do you pull 274 00:14:58,400 --> 00:15:00,520 Speaker 1: the plug on that? The German pull a blog on that? 275 00:15:00,680 --> 00:15:04,280 Speaker 1: Where did they deal have fractures? Well, I think it 276 00:15:04,400 --> 00:15:07,320 Speaker 1: changing tactics is absolutely not a change in strategy and 277 00:15:07,320 --> 00:15:10,520 Speaker 1: I think that's the the important message for our plans 278 00:15:10,520 --> 00:15:13,040 Speaker 1: if it comes to US growth in the US market. 279 00:15:13,560 --> 00:15:17,080 Speaker 1: Neua's market. We're as you know, we are heavily invested. 280 00:15:17,400 --> 00:15:20,960 Speaker 1: It's a it's a very uh important part of our 281 00:15:20,960 --> 00:15:25,840 Speaker 1: strategy to grow there in the three different segments and 282 00:15:25,920 --> 00:15:28,840 Speaker 1: personas that we that we see the core segment is 283 00:15:28,920 --> 00:15:31,880 Speaker 1: personally advised, that's where we do most of our business. 284 00:15:32,280 --> 00:15:35,800 Speaker 1: We need to support our essays with further digital support 285 00:15:35,960 --> 00:15:39,000 Speaker 1: the way the workstations work, the banking products. As you know, 286 00:15:39,080 --> 00:15:42,600 Speaker 1: we we also launched further improvement of banking products there 287 00:15:42,600 --> 00:15:45,040 Speaker 1: and you see that coming through also this quarter. Then 288 00:15:45,040 --> 00:15:48,840 Speaker 1: on the more family Officer site, more bespoke solutions. And 289 00:15:48,880 --> 00:15:51,600 Speaker 1: then where we will where we're also looking at is 290 00:15:51,680 --> 00:15:54,280 Speaker 1: the kind of the local wealth banners we would call it, 291 00:15:54,520 --> 00:15:57,320 Speaker 1: where we also have too many of workplace wealth clients 292 00:15:57,400 --> 00:15:59,720 Speaker 1: and see how we can improve the digital experience there 293 00:15:59,720 --> 00:16:04,560 Speaker 1: where we mode advice. But us CEO, are you still 294 00:16:04,720 --> 00:16:07,960 Speaker 1: behind this strategy that you that you want to do 295 00:16:08,120 --> 00:16:10,640 Speaker 1: a deal to take yourself up and over in that 296 00:16:10,680 --> 00:16:12,640 Speaker 1: space in the United States of America? Is not still 297 00:16:13,000 --> 00:16:15,400 Speaker 1: coolly your belief I want to do the deal. I 298 00:16:15,480 --> 00:16:17,320 Speaker 1: want to grow that portion of the business that I 299 00:16:17,320 --> 00:16:19,920 Speaker 1: went after at the start of the year. Well, the 300 00:16:19,960 --> 00:16:22,120 Speaker 1: strategy was never to do a deal. The strategy was 301 00:16:22,120 --> 00:16:26,280 Speaker 1: always to grow organically and the opportunities that you can 302 00:16:26,480 --> 00:16:29,600 Speaker 1: look at in terms of accelerating your organic plans, whether 303 00:16:29,680 --> 00:16:32,360 Speaker 1: it is getting more technology and board like like what 304 00:16:32,480 --> 00:16:37,160 Speaker 1: this transaction was about, or getting more exposure to specific clientele, 305 00:16:37,240 --> 00:16:40,320 Speaker 1: which you know you could see also for for for 306 00:16:40,440 --> 00:16:43,360 Speaker 1: future deals. But it's not like we're looking and on 307 00:16:43,440 --> 00:16:46,200 Speaker 1: the hunt for deals. We are really focused on our 308 00:16:46,280 --> 00:16:50,239 Speaker 1: organic growth strategy. In the US, we talked about volatility. 309 00:16:50,240 --> 00:16:53,640 Speaker 1: There has been huge volatility in China. The stories that 310 00:16:53,680 --> 00:16:57,400 Speaker 1: we're writing is that She's wrapped the power, causes foreigners 311 00:16:57,440 --> 00:17:00,320 Speaker 1: to flee. Has there been a material ship by your lines, 312 00:17:00,400 --> 00:17:03,320 Speaker 1: the leveraging, I know is part of the story in Asia. 313 00:17:03,560 --> 00:17:05,880 Speaker 1: Were talking to me about China in terms of your 314 00:17:05,920 --> 00:17:10,040 Speaker 1: biggest fear around this granted by she Clearly Asia and 315 00:17:10,160 --> 00:17:13,320 Speaker 1: China have some kind of connection there right So from 316 00:17:13,359 --> 00:17:16,000 Speaker 1: that perspective, indeed, part of the leveraging is to be 317 00:17:16,040 --> 00:17:19,920 Speaker 1: explained by how the markets in Asia have performed. Having 318 00:17:19,920 --> 00:17:22,760 Speaker 1: said that, you know, man As we have been investing 319 00:17:22,800 --> 00:17:25,240 Speaker 1: in China for decades and we are d goo to 320 00:17:25,440 --> 00:17:29,520 Speaker 1: bank on the investing banking side for China and our 321 00:17:29,560 --> 00:17:31,960 Speaker 1: clients rely on that. And even this quarter we saw 322 00:17:32,400 --> 00:17:35,199 Speaker 1: good business. We were involved and three out of the 323 00:17:35,240 --> 00:17:38,560 Speaker 1: four ib os in Hong Kong, the largest IBO in 324 00:17:38,640 --> 00:17:41,800 Speaker 1: Hong Kong as well, so equity capital marks were back 325 00:17:41,920 --> 00:17:46,840 Speaker 1: number one in the region, also the China connected business. 326 00:17:47,320 --> 00:17:50,280 Speaker 1: And now on the on the other side, with the 327 00:17:50,440 --> 00:17:53,600 Speaker 1: confirmation of she to take another term, clearly we have 328 00:17:53,680 --> 00:17:55,760 Speaker 1: to look at, you know, whether some of his policies 329 00:17:55,760 --> 00:17:58,600 Speaker 1: that he already kind of issued or ast year, whether 330 00:17:58,600 --> 00:18:01,280 Speaker 1: they will continue, like the Common Prosperity Policy, which is 331 00:18:01,280 --> 00:18:03,960 Speaker 1: an important one in order to have a more equal 332 00:18:04,000 --> 00:18:09,760 Speaker 1: divideed wealth across the different UH classes. And that does 333 00:18:09,840 --> 00:18:12,679 Speaker 1: provide us for an opportunity to develop for the asset 334 00:18:12,720 --> 00:18:16,439 Speaker 1: management and wealth management services at a capital in a 335 00:18:16,480 --> 00:18:19,320 Speaker 1: capital right way in London is a sort of a 336 00:18:19,359 --> 00:18:21,160 Speaker 1: different setting for both of us to do the set 337 00:18:21,200 --> 00:18:24,679 Speaker 1: of numbers. Chaos in politics, chayous in currency, chaos in 338 00:18:24,720 --> 00:18:27,639 Speaker 1: the UK, by the way, chaos. Are you committed to 339 00:18:27,680 --> 00:18:31,240 Speaker 1: the UK? We are committed to the UK. We're today 340 00:18:31,280 --> 00:18:34,119 Speaker 1: here in the UK. We have a large office here 341 00:18:34,119 --> 00:18:36,480 Speaker 1: in the UK. We run our investment banking activities from 342 00:18:36,480 --> 00:18:41,360 Speaker 1: the UK. London is still a big talent pool for 343 00:18:41,400 --> 00:18:44,679 Speaker 1: the financial world, so that's important as well, uh, and 344 00:18:44,720 --> 00:18:47,000 Speaker 1: I do think that with you know, the new Prime 345 00:18:47,000 --> 00:18:52,000 Speaker 1: minister coming on board, that that this will be starting 346 00:18:52,040 --> 00:18:57,240 Speaker 1: point for more predictability, more consistency, with that more stability, 347 00:18:57,520 --> 00:19:01,080 Speaker 1: what does it take to get global investors confidence ah 348 00:19:01,119 --> 00:19:05,040 Speaker 1: in Britain exactly, it is more predictability and more cosistency 349 00:19:05,040 --> 00:19:08,359 Speaker 1: and with that more stability, making sure that you find 350 00:19:08,400 --> 00:19:13,280 Speaker 1: the right bounce between fiscal stimulas uh, gapping energy prices 351 00:19:13,359 --> 00:19:19,720 Speaker 1: and your your center bank uh trying to find inflation. 352 00:19:20,080 --> 00:19:22,639 Speaker 1: I think that should all be in sync and I 353 00:19:22,680 --> 00:19:25,720 Speaker 1: think that's what the market is looking for. That's UBS 354 00:19:25,760 --> 00:19:28,560 Speaker 1: CEO Ralph Hammers speaking with Bloomberg's Menace Cranny. You catch 355 00:19:28,600 --> 00:19:31,080 Speaker 1: the full conversation on Bloomberg dot com and on the 356 00:19:31,119 --> 00:19:33,879 Speaker 1: Bloomberg terminal. UBS shares right now are up four and 357 00:19:33,880 --> 00:19:37,119 Speaker 1: a half percent in Zurich watching earnings from General Electric 358 00:19:37,119 --> 00:19:40,120 Speaker 1: across the Bloomberg terminal. Third quarter adjusted earnings per share 359 00:19:40,200 --> 00:19:43,040 Speaker 1: came out much lower than analysts estimates, and the company 360 00:19:43,080 --> 00:19:45,840 Speaker 1: is also lowering its outlook for the year. GE shares 361 00:19:45,920 --> 00:19:49,280 Speaker 1: are now are down seven point three percent in the 362 00:19:49,320 --> 00:19:53,400 Speaker 1: pre market. SMP futures are down sixteen points down. Futures 363 00:19:53,400 --> 00:19:55,879 Speaker 1: down a hundred forty five and Nastack futures are lower 364 00:19:56,200 --> 00:19:59,399 Speaker 1: by twenty four points. Ten. Your treasury is up sixt 365 00:20:00,040 --> 00:20:07,960 Speaker 1: can sealed four point. This is Bloomberg, Bloomberg eleven three 366 00:20:07,960 --> 00:20:10,440 Speaker 1: oh weather mostly cloudy, patchy, drizzle and fog. Chance for 367 00:20:10,480 --> 00:20:12,720 Speaker 1: a shower this afternoon with a high in year seventy degrees. 368 00:20:12,760 --> 00:20:15,879 Speaker 1: A few more showers possible Tomorrow, high near seventy sunshine 369 00:20:15,920 --> 00:20:19,000 Speaker 1: thursdayvid cooler hies in the upper sixties right now sixty 370 00:20:19,080 --> 00:20:25,880 Speaker 1: three degrees. Broadcasting live from the Bloomberg Interactive Broker Studio 371 00:20:26,000 --> 00:20:29,879 Speaker 1: in New York, Bloomberg Living for you to Washington, d C. Bloomberg, 372 00:20:30,840 --> 00:20:34,679 Speaker 1: to Boston, Bloomberg one O six one to San Francisco Bloomberg, 373 00:20:34,680 --> 00:20:37,320 Speaker 1: and I'm sixteen to the country, Sirius XM to the 374 00:20:37,400 --> 00:20:40,600 Speaker 1: one nineteen and around the globe the Bloomberg Business apt 375 00:20:40,720 --> 00:20:50,480 Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's 376 00:20:50,480 --> 00:20:52,760 Speaker 1: six thirty on Wall Street. Good morning. I'm Nathan Hager 377 00:20:53,160 --> 00:20:56,000 Speaker 1: and I'm Karen Moscow, and we're just about three hours 378 00:20:56,040 --> 00:20:58,240 Speaker 1: away from the open of US trading. Time for the 379 00:20:58,240 --> 00:21:00,320 Speaker 1: five things that you need to notice dark your day. 380 00:21:00,400 --> 00:21:05,280 Speaker 1: Brought to you by Interactive Brokers. Ib k Our Investment 381 00:21:05,280 --> 00:21:08,639 Speaker 1: Advisors switched to Interactive Brokers for lowest cost global trading 382 00:21:08,640 --> 00:21:12,000 Speaker 1: and turnkey custody solutions, no ticket charges and no conflicts 383 00:21:12,040 --> 00:21:14,720 Speaker 1: of your interests at ibkr dot com. Slash r i 384 00:21:15,000 --> 00:21:18,200 Speaker 1: a a first Futures are lower following two straight days 385 00:21:18,200 --> 00:21:21,359 Speaker 1: of gains. Steady earnings and hope for slowing rate hikes 386 00:21:21,359 --> 00:21:24,959 Speaker 1: help fuel the rally. Robert Stimpson, chief investment officer with 387 00:21:25,000 --> 00:21:28,919 Speaker 1: Oak Associate Funds, says, recession or not, traders should expect 388 00:21:28,960 --> 00:21:32,639 Speaker 1: choppiness ahead. Our recession doesn't matter for stocks. They simply 389 00:21:32,680 --> 00:21:35,159 Speaker 1: do not like a slowing economy and that is what 390 00:21:35,200 --> 00:21:37,879 Speaker 1: we have. So whether it's a mid cycle slowdown or 391 00:21:37,880 --> 00:21:41,400 Speaker 1: a soft landing or a recession, stocks tend to struggle 392 00:21:41,480 --> 00:21:44,480 Speaker 1: when the economy is slowing and that's the environment we're in. 393 00:21:44,640 --> 00:21:46,800 Speaker 1: So the last week may have been better, but we 394 00:21:46,880 --> 00:21:49,120 Speaker 1: do think it's going to be well into next year 395 00:21:49,359 --> 00:21:52,800 Speaker 1: before stocks get further signals that have sustained advance is 396 00:21:52,840 --> 00:21:57,160 Speaker 1: really possible. Robert Stimpson with Oak Associate Funds believe stocks 397 00:21:57,160 --> 00:22:00,119 Speaker 1: have not bottom just yet over europe Care and she 398 00:22:00,320 --> 00:22:03,280 Speaker 1: Sunak is said to become the UK's third prime minister 399 00:22:03,480 --> 00:22:06,119 Speaker 1: in as many months. Sunak Is said to speak in 400 00:22:06,240 --> 00:22:08,040 Speaker 1: just a couple of minutes. Stick with us. We will 401 00:22:08,040 --> 00:22:10,560 Speaker 1: bring you those comments live right here on Bloomberg Radio 402 00:22:10,600 --> 00:22:13,800 Speaker 1: and on Bloomberg Television. But the earnings now, Nathan, Shares 403 00:22:13,840 --> 00:22:17,320 Speaker 1: of HSBC are down more than seven percent in London. 404 00:22:17,400 --> 00:22:20,480 Speaker 1: That's after the bank reported higher than expected charges for 405 00:22:20,560 --> 00:22:24,119 Speaker 1: possible loan losses. On the flip side, Sharon, we're watching, Karen, 406 00:22:24,480 --> 00:22:28,560 Speaker 1: sorry about that. Shairs of UBS are up nearly five percent. 407 00:22:28,640 --> 00:22:31,600 Speaker 1: The Swiss Bank reported better than expected profit. We spoke 408 00:22:31,640 --> 00:22:34,680 Speaker 1: with UBS CEO Ralph Hammers about the results, plus about 409 00:22:34,760 --> 00:22:38,000 Speaker 1: volatility and foreign exchange to also see that volatility leading 410 00:22:38,000 --> 00:22:43,600 Speaker 1: to further uncertainty, and that uncertainty is actually translated into 411 00:22:43,840 --> 00:22:46,480 Speaker 1: the need for further guidance. So nine of our clients 412 00:22:46,520 --> 00:22:48,880 Speaker 1: right again, we need more guidance. And if they want 413 00:22:48,920 --> 00:22:51,040 Speaker 1: more guidance, that's why they bring their money to us, 414 00:22:51,040 --> 00:22:52,760 Speaker 1: and that's why we sort of post to flow so 415 00:22:52,840 --> 00:22:56,560 Speaker 1: strongly coming into our franchise this quarter. UBS CEO Ralph 416 00:22:56,600 --> 00:22:59,240 Speaker 1: Hammers spoke with Bloomberg's Manus Cranny. He says he sees 417 00:22:59,280 --> 00:23:02,119 Speaker 1: more clients sitting on the sidelines in the current climate, 418 00:23:02,560 --> 00:23:04,800 Speaker 1: and Nathan mack here in the U s G shares 419 00:23:04,840 --> 00:23:08,400 Speaker 1: are now down more than three percent. Earnings missed analysts estimates, 420 00:23:08,400 --> 00:23:11,280 Speaker 1: and the company cut its full year forecast. Finally, Karen, 421 00:23:11,320 --> 00:23:15,119 Speaker 1: we have a high profile break up this morning. Adidas 422 00:23:15,200 --> 00:23:18,560 Speaker 1: plans to end its partnership with Ya, the man formerly 423 00:23:18,600 --> 00:23:22,080 Speaker 1: known as Kanye West. Move follows a rash of offensive 424 00:23:22,080 --> 00:23:25,680 Speaker 1: behavior that includes anti Semitic social media posts. And that's 425 00:23:25,720 --> 00:23:28,000 Speaker 1: the five things you need to notice start your day. 426 00:23:28,000 --> 00:23:31,600 Speaker 1: Brought to you by Interactive Brokers Well Futures they're following 427 00:23:31,680 --> 00:23:35,200 Speaker 1: this morning. S and P futures down fourteen points down, 428 00:23:35,200 --> 00:23:39,560 Speaker 1: futures down one thirty five and NASDAG futures are down nineteen. 429 00:23:39,640 --> 00:23:42,520 Speaker 1: The decks in Germany is down eight tents of upper set, 430 00:23:42,800 --> 00:23:45,080 Speaker 1: CAC in Paris up three tents of upper cent, and 431 00:23:45,119 --> 00:23:47,720 Speaker 1: the foot SEE one hundred down six tenths of upper cent. 432 00:23:48,080 --> 00:23:51,000 Speaker 1: The n K to twenty five in Japan gained one percent. 433 00:23:51,080 --> 00:23:53,200 Speaker 1: In the Hank Sang in Hong Kong down a tenth 434 00:23:53,240 --> 00:23:56,639 Speaker 1: of upper set. Ten year Treasury up sixteen thirty seconds, 435 00:23:56,680 --> 00:23:59,560 Speaker 1: held four point one seven percent yield on the two 436 00:23:59,680 --> 00:24:02,879 Speaker 1: year four point four six percent. Nine x screwed oils 437 00:24:02,920 --> 00:24:05,480 Speaker 1: falling down one point three percent on a dollar seven 438 00:24:05,520 --> 00:24:08,240 Speaker 1: at eighty three dollars fifty one cents. A barrel comic 439 00:24:08,320 --> 00:24:10,880 Speaker 1: school is down seven tenths percent or ten dollars eighty 440 00:24:10,960 --> 00:24:14,440 Speaker 1: cents at sixteen forty three forty announce the euro point 441 00:24:14,520 --> 00:24:17,440 Speaker 1: nine six four against the dollar British found one point 442 00:24:17,480 --> 00:24:20,080 Speaker 1: one three two nine and the end at one forty 443 00:24:20,160 --> 00:24:22,840 Speaker 1: eight point nine three. Look at a bitcoin this morning, 444 00:24:22,840 --> 00:24:26,679 Speaker 1: it's down half percent. It's in nineteen thousand, two hundred 445 00:24:26,840 --> 00:24:29,840 Speaker 1: eighty dollars. Nathan, Okay, Karen, thank you. It is now 446 00:24:30,280 --> 00:24:33,159 Speaker 1: six thirty four on Wall Street. As we await the 447 00:24:33,359 --> 00:24:37,479 Speaker 1: first remarks from Rieschi Sunac as the newest Prime Minister 448 00:24:37,600 --> 00:24:40,119 Speaker 1: of the United Kingdom, Let's bring in Michael Barr for 449 00:24:40,160 --> 00:24:42,040 Speaker 1: a look at what else is going on around the 450 00:24:42,080 --> 00:24:44,800 Speaker 1: world this morning. Good morning, Michael, Good morning, Nathan. As 451 00:24:44,800 --> 00:24:47,640 Speaker 1: you mentioned, Riese Sunac will give his first speech as 452 00:24:47,720 --> 00:24:50,520 Speaker 1: UK Prime Minister in a few minutes. The person he replaced, 453 00:24:50,680 --> 00:24:54,320 Speaker 1: Liz Trusts, only last at forty four days in office today. 454 00:24:54,320 --> 00:24:57,160 Speaker 1: Trust said it was an honor to serve as Prime 455 00:24:57,200 --> 00:25:01,159 Speaker 1: Minister and wish Sunac well. I'll country continues to battle 456 00:25:01,200 --> 00:25:06,679 Speaker 1: through your storm. But I believe in Britain. I believe 457 00:25:06,720 --> 00:25:10,800 Speaker 1: in the British people, and I know that brighter days 458 00:25:11,280 --> 00:25:14,240 Speaker 1: LA had trust as Ston as Prime Minister was the 459 00:25:14,280 --> 00:25:18,200 Speaker 1: shortest in UK history. Florida Governor Rondo Scantists declined to 460 00:25:18,240 --> 00:25:21,720 Speaker 1: say whether he'll run for president, as Democratic challenger Charlie 461 00:25:21,800 --> 00:25:25,440 Speaker 1: Christ accused him of being too distracted by a bid 462 00:25:25,520 --> 00:25:30,000 Speaker 1: for the White Allison four. And as for immigrants, Chris 463 00:25:30,040 --> 00:25:33,840 Speaker 1: accused of Santists of misusing public money to fly asylum 464 00:25:33,920 --> 00:25:38,199 Speaker 1: seekers from Texas to Martha's Vineyard earlier this year. You 465 00:25:38,280 --> 00:25:40,320 Speaker 1: want to pull political stunts like you did with the 466 00:25:40,359 --> 00:25:43,280 Speaker 1: taxpayers dollars of the people of Florida. That's not what 467 00:25:43,359 --> 00:25:45,760 Speaker 1: it's for. That's not what you should have done. It 468 00:25:45,880 --> 00:25:49,280 Speaker 1: isn't funny, it's not right, and you were in humane 469 00:25:49,320 --> 00:25:52,439 Speaker 1: and how you treated these people. In Florida's first and 470 00:25:52,480 --> 00:25:55,879 Speaker 1: only re election debate, the Santists said Chris's support for 471 00:25:55,960 --> 00:25:59,720 Speaker 1: President Joe Biden of the time meant that he should 472 00:25:59,720 --> 00:26:01,920 Speaker 1: share are the blame, but the worst inflation in forty 473 00:26:02,000 --> 00:26:05,159 Speaker 1: years in the US by are fuel and natural gas 474 00:26:05,160 --> 00:26:08,320 Speaker 1: prices up because of the Biden christ energy policies. They're 475 00:26:08,320 --> 00:26:11,960 Speaker 1: waging war on American energy. They are not producing what 476 00:26:12,080 --> 00:26:14,639 Speaker 1: we need to do, their begging Maduro and Opec for 477 00:26:14,720 --> 00:26:19,080 Speaker 1: more oil. The debate was aired on WPEC. It is 478 00:26:19,119 --> 00:26:22,320 Speaker 1: debate Night in New York between Democratic Governor Kathy Hokele 479 00:26:22,400 --> 00:26:26,000 Speaker 1: and a Republican challenger, Lezelden. The two are expected to 480 00:26:26,000 --> 00:26:29,840 Speaker 1: debate such topics as crime and the states bail reform laws. 481 00:26:30,320 --> 00:26:32,199 Speaker 1: A man is in custody in New York City for 482 00:26:32,280 --> 00:26:35,440 Speaker 1: last week's violent and unprovoked attack on a subway writer. 483 00:26:35,880 --> 00:26:38,800 Speaker 1: The attack prompted the NYPD to step up its presence 484 00:26:38,840 --> 00:26:42,359 Speaker 1: at subway stations. The US is making more charges that 485 00:26:42,600 --> 00:26:47,240 Speaker 1: China's espionage into US business is growing Bloomberg's Boxer as 486 00:26:47,280 --> 00:26:50,200 Speaker 1: a story. The d O j unsealed two more charges 487 00:26:50,240 --> 00:26:54,280 Speaker 1: claiming Chinese intelligence officers tried to obstruct the criminal investigation 488 00:26:54,600 --> 00:26:58,680 Speaker 1: of the Huawei Technologies, and FBI Director Christopher Ray says, 489 00:26:58,720 --> 00:27:01,960 Speaker 1: that is basically the tip of the iceberg, and frankly, 490 00:27:02,000 --> 00:27:05,200 Speaker 1: in thousands of others, we've found the Chinese government threatening 491 00:27:05,400 --> 00:27:09,000 Speaker 1: established democratic norms and the rule of law as they 492 00:27:09,080 --> 00:27:13,800 Speaker 1: work to undermine US economic security and fundamental human rights. 493 00:27:14,280 --> 00:27:18,240 Speaker 1: Ray says, so far charges against thirteen working for China's 494 00:27:18,280 --> 00:27:23,480 Speaker 1: intelligence service in San Francisco. I'm at Baxter Bloomberg Gay Break. Today, 495 00:27:23,520 --> 00:27:27,360 Speaker 1: a Russian court started hearing American basketball star Britney Grinder's 496 00:27:27,359 --> 00:27:30,639 Speaker 1: appeal against their nine year prison sentence for a drug possession. 497 00:27:31,040 --> 00:27:33,679 Speaker 1: Grinder and eight time All Star center for the w 498 00:27:33,880 --> 00:27:37,479 Speaker 1: NBA's Phoenix Mercury and a two time Olympic gold medalist, 499 00:27:37,560 --> 00:27:40,840 Speaker 1: was arrested in February and was convicted in August after 500 00:27:40,880 --> 00:27:44,639 Speaker 1: police said they found vape canisters containing cannabis soil in 501 00:27:44,680 --> 00:27:48,880 Speaker 1: her luggage at Moscow's airport. In the NBA. The next one, 502 00:27:49,160 --> 00:27:52,440 Speaker 1: the Nets and Celtics lost in hockey. The Capitals beat 503 00:27:52,480 --> 00:27:55,560 Speaker 1: the Devil six three Monday Night football, the Patriots lost 504 00:27:55,800 --> 00:27:59,199 Speaker 1: to the Chicago Bears. Global News twenty four hours a 505 00:27:59,280 --> 00:28:02,120 Speaker 1: day on air and on Bloomberg Quick Take, powered by 506 00:28:02,160 --> 00:28:04,639 Speaker 1: more than twenties seven hundred journalists and analysts more than 507 00:28:05,080 --> 00:28:08,959 Speaker 1: twenty countries. Michael Barr and this is Bloomberg nath Okay, Michael, 508 00:28:08,960 --> 00:28:11,639 Speaker 1: thank you. It is now six thirty seven on Wall Street. 509 00:28:11,680 --> 00:28:13,760 Speaker 1: Let's take a look at stock some of the names 510 00:28:13,800 --> 00:28:17,240 Speaker 1: moving in the pre market while we await uh new 511 00:28:17,359 --> 00:28:20,600 Speaker 1: Prime Minister of the UK, Rieshi Suonak. We can see 512 00:28:20,680 --> 00:28:23,920 Speaker 1: the podium set up outside number ten Downing Street. He's 513 00:28:24,119 --> 00:28:27,200 Speaker 1: due to make his first remarks as the latest Prime 514 00:28:27,200 --> 00:28:29,080 Speaker 1: Minister of the UK in just a few minutes. But 515 00:28:29,119 --> 00:28:31,240 Speaker 1: ahead of that, we're joined now by Bloomberg Radio and 516 00:28:31,280 --> 00:28:36,040 Speaker 1: TV Markets correspondent Credy Gupta on another very busy warning 517 00:28:36,080 --> 00:28:40,360 Speaker 1: morning for general earnings. Creat Yeah, well, speaking of general, 518 00:28:40,440 --> 00:28:42,920 Speaker 1: we'll start with General Motors here. GM is your taker. 519 00:28:42,960 --> 00:28:44,760 Speaker 1: They just came out with some earnings. Now, the shares 520 00:28:44,800 --> 00:28:47,400 Speaker 1: did pop about three percent pre market. Looks like they 521 00:28:47,440 --> 00:28:49,600 Speaker 1: paired some of that game down to about eight tenths 522 00:28:49,640 --> 00:28:52,760 Speaker 1: of one percent, but still positive post earning story. Now 523 00:28:52,760 --> 00:28:55,560 Speaker 1: this is significant. They are beating on the top line, 524 00:28:55,640 --> 00:28:59,320 Speaker 1: but a narrow, narrow by narrow margin. I should say 525 00:28:59,480 --> 00:29:01,440 Speaker 1: those share is um U S E P S. I 526 00:29:01,520 --> 00:29:04,040 Speaker 1: just say up two dollars and twenty five cents. I 527 00:29:04,080 --> 00:29:06,040 Speaker 1: don't know what's going on this morning. The estimate there 528 00:29:06,160 --> 00:29:08,959 Speaker 1: is a dollar and eighty nine cents. Uh. What's interesting 529 00:29:09,000 --> 00:29:10,480 Speaker 1: to me that was they also said that they cleared 530 00:29:10,520 --> 00:29:13,960 Speaker 1: out about seventy five of their second quarter inventory. They're 531 00:29:14,000 --> 00:29:16,120 Speaker 1: also talking about ramping up some of that EV production 532 00:29:16,280 --> 00:29:18,960 Speaker 1: as soon as November seventeenth. We know that has been 533 00:29:19,200 --> 00:29:21,960 Speaker 1: a major motive for GM and some of the other 534 00:29:21,960 --> 00:29:24,280 Speaker 1: car makers to get on the e V production far 535 00:29:24,360 --> 00:29:28,120 Speaker 1: more quickly so that they are not um basically squeeze 536 00:29:28,120 --> 00:29:30,360 Speaker 1: out of the market completely. And we also know that 537 00:29:30,400 --> 00:29:32,560 Speaker 1: some of the supply chain issues have been making that 538 00:29:32,880 --> 00:29:36,440 Speaker 1: very very challenging. Nevertheless, at this moment, looks like General 539 00:29:36,480 --> 00:29:39,400 Speaker 1: Motors their net sales and revenue coming in just about 540 00:29:39,440 --> 00:29:41,680 Speaker 1: in line with estimates. I wouldn't call it a major beat, 541 00:29:41,720 --> 00:29:44,840 Speaker 1: but the EPs is really where the stock is shining 542 00:29:44,880 --> 00:29:47,320 Speaker 1: just a little bit, Nathan. So General Motors GM up 543 00:29:47,320 --> 00:29:50,480 Speaker 1: about one point three percent. Okay, so that's one general company. 544 00:29:50,560 --> 00:29:53,320 Speaker 1: Let's talk about the other one, General Electric. General Electric. 545 00:29:53,720 --> 00:29:56,440 Speaker 1: The opposite story for General Electric her tees your taker 546 00:29:56,560 --> 00:29:59,720 Speaker 1: down three point three percent in the pre market. Now, 547 00:29:59,720 --> 00:30:01,880 Speaker 1: this is important because they had a profit miss, but 548 00:30:01,960 --> 00:30:04,520 Speaker 1: a revenue and free cash flow beat. So what the 549 00:30:04,640 --> 00:30:07,560 Speaker 1: issue is, once again, operating margin. You aren't seeing that 550 00:30:07,680 --> 00:30:11,360 Speaker 1: kind of turnover that you are perhaps seeing in General Motors. Nevertheless, 551 00:30:11,400 --> 00:30:13,400 Speaker 1: that's what's weighing on the shares this morning, So General 552 00:30:13,480 --> 00:30:17,080 Speaker 1: Electric ge down three point three percent. But Nathan is 553 00:30:17,120 --> 00:30:18,880 Speaker 1: not just those companies you have to keep an eye on. 554 00:30:19,040 --> 00:30:23,120 Speaker 1: Remember yesterday when we were talking about China, those massive 555 00:30:23,440 --> 00:30:26,360 Speaker 1: moves lower for those A d R s, Well, today 556 00:30:26,400 --> 00:30:29,360 Speaker 1: a little bit of a turnaround story. Um Ali Baba 557 00:30:29,400 --> 00:30:31,120 Speaker 1: is our poster child for that b A b A 558 00:30:31,280 --> 00:30:34,040 Speaker 1: is the taker up one and a half percent in 559 00:30:34,120 --> 00:30:36,160 Speaker 1: the pre market. You're also looking at the likes of 560 00:30:36,240 --> 00:30:38,520 Speaker 1: j D for example, which is also up in the 561 00:30:38,560 --> 00:30:41,320 Speaker 1: pre market institute of two point eight percent. But put 562 00:30:41,320 --> 00:30:44,840 Speaker 1: this into context. Remember yesterday we had moves of somewhere 563 00:30:44,880 --> 00:30:48,280 Speaker 1: between twelve to seventy in some of these A d R. 564 00:30:48,360 --> 00:30:50,360 Speaker 1: So a lot of this is really just a technical 565 00:30:50,400 --> 00:30:53,040 Speaker 1: bounce as opposed to a fundamental shift in the narrative. 566 00:30:53,040 --> 00:30:55,320 Speaker 1: And I think that's an important to takeaway. Yeah, it's 567 00:30:55,320 --> 00:30:58,320 Speaker 1: certainly going to be a region to watch as we 568 00:30:58,600 --> 00:31:02,680 Speaker 1: try to sort out what exactly the changes that are 569 00:31:02,720 --> 00:31:05,800 Speaker 1: coming with Chinese President shi Jin Pain getting that third 570 00:31:05,920 --> 00:31:08,880 Speaker 1: term and consolidating power there. But let's let's turn back 571 00:31:08,880 --> 00:31:11,080 Speaker 1: to earnings, because we've got a lot to get through 572 00:31:11,160 --> 00:31:15,520 Speaker 1: in terms of what's been reported what's going to be reported? Well, absolutely, 573 00:31:15,560 --> 00:31:17,600 Speaker 1: let's start off with another company, which I think maybe 574 00:31:17,640 --> 00:31:20,480 Speaker 1: you might appreciate. You a grill man. Nathan can be 575 00:31:21,400 --> 00:31:24,680 Speaker 1: can't be in the right weather fair enough. I can't 576 00:31:24,680 --> 00:31:26,480 Speaker 1: cook to save my life at a fifty percent burn 577 00:31:26,560 --> 00:31:30,560 Speaker 1: rate on an omelet. But Weber is a company A 578 00:31:30,600 --> 00:31:32,400 Speaker 1: lot of people are watching on this, of course, the 579 00:31:32,440 --> 00:31:35,040 Speaker 1: maker of grills. Um. I was told there's a green 580 00:31:35,080 --> 00:31:38,480 Speaker 1: age certainly, you know, working alongside Jeremy Hunt potentially his chancellor. 581 00:31:38,960 --> 00:31:41,280 Speaker 1: What's the difficulty for rieshie soon act to bring his 582 00:31:41,320 --> 00:31:44,120 Speaker 1: party together given that you know he's been through a 583 00:31:44,200 --> 00:31:48,400 Speaker 1: leadership contest before and has been rejected at least once before. Well, 584 00:31:48,400 --> 00:31:50,600 Speaker 1: that's the thing, and he is untested in the in 585 00:31:50,640 --> 00:31:53,320 Speaker 1: the true public space, because like this Trust, he has 586 00:31:53,360 --> 00:31:56,800 Speaker 1: come to power without any sort of broader public mandate, 587 00:31:56,840 --> 00:31:59,400 Speaker 1: I mean least Trust at least had the endorsement of 588 00:31:59,480 --> 00:32:02,800 Speaker 1: the of the Tory Party membership. Seen that doesn't even 589 00:32:02,920 --> 00:32:06,000 Speaker 1: have that. So the question is what on what basis 590 00:32:06,040 --> 00:32:09,000 Speaker 1: can he govern and say that he's representing the British 591 00:32:09,000 --> 00:32:11,800 Speaker 1: people um. And that could be a challenge for him 592 00:32:11,840 --> 00:32:14,440 Speaker 1: because there is a question of easy really acting with 593 00:32:14,480 --> 00:32:16,640 Speaker 1: a mandate. Of course, the Tories can't afford to go 594 00:32:16,640 --> 00:32:19,320 Speaker 1: to an election anytime soon because they're dragging very badly 595 00:32:19,320 --> 00:32:21,400 Speaker 1: in the polls, and the idea would simply be to 596 00:32:21,440 --> 00:32:23,920 Speaker 1: get on until the next election is due in a 597 00:32:23,920 --> 00:32:26,360 Speaker 1: couple of years and sort of stem the bleeding in 598 00:32:26,400 --> 00:32:30,000 Speaker 1: the meantime. So he's got that challenge. But also given 599 00:32:30,040 --> 00:32:33,080 Speaker 1: the extent of the divisions we've seen in public display 600 00:32:33,080 --> 00:32:37,320 Speaker 1: and the Tory Party and its basically coalisions within one 601 00:32:37,360 --> 00:32:40,120 Speaker 1: party and factions within one party, it's going to be 602 00:32:40,120 --> 00:32:41,960 Speaker 1: a real challenge to keep a lid on that. Um. 603 00:32:42,040 --> 00:32:43,760 Speaker 1: He might want to look, of course through the experience 604 00:32:43,760 --> 00:32:47,280 Speaker 1: of Australia in that regard, because Australia cycled through a 605 00:32:47,280 --> 00:32:49,840 Speaker 1: lot of leaders in the two thousand's and that didn't 606 00:32:49,880 --> 00:32:52,480 Speaker 1: really end very well. So perhaps there'll be a motivation 607 00:32:52,680 --> 00:32:54,560 Speaker 1: to really kind of try and cut it. Here at 608 00:32:54,600 --> 00:32:58,880 Speaker 1: this point, and we're watching the motorcade live on Blimber 609 00:32:59,000 --> 00:33:03,520 Speaker 1: Television as Richie Sunac makes his way to Number ten 610 00:33:03,600 --> 00:33:06,680 Speaker 1: Downing Street. Following that meeting with King Charles the Third 611 00:33:06,880 --> 00:33:11,080 Speaker 1: formally asked to form uh just the latest government in 612 00:33:11,120 --> 00:33:14,240 Speaker 1: the UK. So with that motorcade making its way to 613 00:33:14,360 --> 00:33:17,320 Speaker 1: number ten. We should be getting those comments from Prime 614 00:33:17,320 --> 00:33:20,080 Speaker 1: Minister Sunac h in just the next couple of minutes. 615 00:33:20,120 --> 00:33:23,600 Speaker 1: Here in the meantime, Rosalin mathieson Bloomberg News, Senior executive 616 00:33:23,680 --> 00:33:26,959 Speaker 1: editor for International Government. What's the challenge for Sunac just 617 00:33:27,040 --> 00:33:30,040 Speaker 1: to form a government. I mean, we've had a couple 618 00:33:30,080 --> 00:33:33,880 Speaker 1: of former Prime Minister Lease Trustes, Cabinet ministers have to 619 00:33:33,920 --> 00:33:38,640 Speaker 1: resign with various scandals. Uh, we had former Prime Minister 620 00:33:38,680 --> 00:33:42,920 Speaker 1: Boris Johnson very briefly put himself up for leadership before 621 00:33:43,120 --> 00:33:45,560 Speaker 1: backing off a couple of days later. But I mean 622 00:33:45,840 --> 00:33:50,640 Speaker 1: there's a lot of fractiousness just within Conservative members themselves. 623 00:33:50,640 --> 00:33:54,880 Speaker 1: Whether uh Prime Minister Sunac might have a talent pool 624 00:33:55,040 --> 00:33:58,280 Speaker 1: to to go to draw on to form a government, well, 625 00:33:58,320 --> 00:34:00,720 Speaker 1: that's right. And equally he needs to sort of bring 626 00:34:00,760 --> 00:34:03,360 Speaker 1: a mixture to cabinet potentially of not just those who 627 00:34:03,400 --> 00:34:07,520 Speaker 1: supported him in his leadership efforts um both with Liz 628 00:34:07,520 --> 00:34:10,440 Speaker 1: trust and now, but those who perhaps worked against him. 629 00:34:10,440 --> 00:34:13,160 Speaker 1: Because if you're truly trying to bring unity back to 630 00:34:13,160 --> 00:34:15,919 Speaker 1: the party, then that has to include in the tent 631 00:34:16,000 --> 00:34:18,400 Speaker 1: those who perhaps have had posed him or who stood 632 00:34:18,400 --> 00:34:20,600 Speaker 1: against him even and so it will be interesting to 633 00:34:20,600 --> 00:34:23,480 Speaker 1: see how he manages that mix because he does need 634 00:34:23,520 --> 00:34:27,160 Speaker 1: to have allies and also potentially enemies working with him, 635 00:34:27,200 --> 00:34:29,200 Speaker 1: as you say, to have that talent pool, and also 636 00:34:29,280 --> 00:34:33,160 Speaker 1: to stop them potentially working against him. So that's going 637 00:34:33,160 --> 00:34:35,360 Speaker 1: to be the interesting thing to see in the lineup. 638 00:34:35,680 --> 00:34:38,160 Speaker 1: M And it looks like Richie sinak Is is pulling 639 00:34:38,239 --> 00:34:40,719 Speaker 1: up now, so we may hear from him imminently on 640 00:34:40,800 --> 00:34:42,680 Speaker 1: what that lineup is going to look like now while 641 00:34:42,719 --> 00:34:45,360 Speaker 1: we wait for those comments rise in the few seconds 642 00:34:45,360 --> 00:34:47,319 Speaker 1: perhaps that we have left here. What are some of 643 00:34:47,360 --> 00:34:50,120 Speaker 1: the main points are going to be listening for from 644 00:34:50,200 --> 00:34:53,120 Speaker 1: a prime minister soon? Acts? Comments? What are some of 645 00:34:53,160 --> 00:34:57,600 Speaker 1: the unanswered questions that still need to be answered? Up, 646 00:34:57,640 --> 00:35:00,600 Speaker 1: we're taking you now to prime ministers soon. Acc he's 647 00:35:00,600 --> 00:35:04,040 Speaker 1: just begun his remarks now from number ten Downing Street. 648 00:35:04,760 --> 00:35:08,280 Speaker 1: Let's bring you over to number ten and Prime Minister 649 00:35:08,400 --> 00:35:14,040 Speaker 1: Rishi Sunac and accepted his Majesty the King's invitation to 650 00:35:14,200 --> 00:35:19,439 Speaker 1: form a government in his name. It is only right 651 00:35:20,360 --> 00:35:24,200 Speaker 1: to explain why I'm standing here as your new Prime 652 00:35:24,239 --> 00:35:33,400 Speaker 1: minister right now. Our country is facing a profound economic crisis. 653 00:35:34,680 --> 00:35:39,840 Speaker 1: The aftermath of COVID still lingers. Putin's war in Ukraine 654 00:35:40,560 --> 00:35:45,800 Speaker 1: has destabilized energy markets and supply chains the world over. 655 00:35:48,040 --> 00:35:50,920 Speaker 1: I want to pay tribute to my predecessor, Liz Trust. 656 00:35:52,440 --> 00:35:55,880 Speaker 1: She was not wrong to want to improve growth in 657 00:35:55,920 --> 00:36:01,239 Speaker 1: this country. It is a noble aim, yeah, and I 658 00:36:01,360 --> 00:36:09,680 Speaker 1: admired her restlessness to create change. But some mistakes were made, 659 00:36:11,040 --> 00:36:15,840 Speaker 1: not born of ill will or bad intentions, quite the 660 00:36:15,880 --> 00:36:22,359 Speaker 1: opposite in fact, but mistakes nonetheless. And I have been 661 00:36:22,400 --> 00:36:26,920 Speaker 1: elected as leader of my party and your Prime Minister 662 00:36:27,960 --> 00:36:35,000 Speaker 1: in part to fix them, and that work begins immediately. 663 00:36:36,440 --> 00:36:41,320 Speaker 1: I will place economic stability and confidence at the heart 664 00:36:41,800 --> 00:36:49,359 Speaker 1: of this government's agenda. This will mean difficult decisions to come, 665 00:36:51,120 --> 00:36:56,040 Speaker 1: but you saw me during COVID doing everything I could 666 00:36:56,560 --> 00:37:03,040 Speaker 1: to protect people and businesses with schemes like furlough. There 667 00:37:03,080 --> 00:37:08,200 Speaker 1: are always limits, more so now than ever that I 668 00:37:08,239 --> 00:37:13,799 Speaker 1: promise you this. I will bring that same compassion to 669 00:37:13,920 --> 00:37:20,359 Speaker 1: the challenges we face today. The government I lead will 670 00:37:20,400 --> 00:37:26,040 Speaker 1: not leave the next generation your children and grandchildren were 671 00:37:26,080 --> 00:37:29,560 Speaker 1: they debt to settle that we were too weak to 672 00:37:29,680 --> 00:37:37,480 Speaker 1: pay ourselves. I will unite our country not with words, 673 00:37:38,360 --> 00:37:43,320 Speaker 1: but with action. I will work day in and day 674 00:37:43,400 --> 00:37:53,800 Speaker 1: out to deliver for you. This government will have integrity, professionalism, 675 00:37:53,800 --> 00:38:02,520 Speaker 1: an accountability at every level. Trust is earned, and I 676 00:38:02,560 --> 00:38:08,800 Speaker 1: will earn yours. I will always be grateful to Boris 677 00:38:08,880 --> 00:38:14,360 Speaker 1: Johnson for his incredible achievements as Prime Minister, and I 678 00:38:14,520 --> 00:38:20,640 Speaker 1: treasure his warmth and generosity of spirit. And I know 679 00:38:21,520 --> 00:38:25,719 Speaker 1: he would agree that the mandate my party earned in 680 00:38:27,719 --> 00:38:33,080 Speaker 1: is not the sole property of any one individual. It 681 00:38:33,200 --> 00:38:38,440 Speaker 1: is a mandate that belonged to and unites all of us. 682 00:38:40,520 --> 00:38:45,360 Speaker 1: And the heart of that mandate is our Manifesto. I 683 00:38:45,719 --> 00:38:54,160 Speaker 1: will deliver on its promise a stronger NHS, better schools, 684 00:38:54,160 --> 00:39:02,120 Speaker 1: safer streets, control of our borders, protecting our environment, supporting 685 00:39:02,719 --> 00:39:08,759 Speaker 1: our armed forces, leveling up and building an economy that 686 00:39:08,840 --> 00:39:15,640 Speaker 1: embraces the opportunities of Brexit, where businesses invest, innovate and 687 00:39:15,719 --> 00:39:24,680 Speaker 1: create jobs. I understand how difficult this moment is. After 688 00:39:24,719 --> 00:39:28,400 Speaker 1: the billions of pounds it cost us to combat COVID, 689 00:39:29,160 --> 00:39:34,040 Speaker 1: after all the dislocation that caused in the midst of 690 00:39:34,120 --> 00:39:39,840 Speaker 1: a terrible war that must be seen successfully to its conclusions. 691 00:39:41,280 --> 00:39:48,040 Speaker 1: I fully appreciate how hard things are, and I understand 692 00:39:48,080 --> 00:39:52,440 Speaker 1: two that I have work to do to restore trust. 693 00:39:53,239 --> 00:39:59,880 Speaker 1: After all that has happened, all I can say is 694 00:40:00,040 --> 00:40:04,040 Speaker 1: that I am not daunted. I know the high office 695 00:40:04,280 --> 00:40:08,160 Speaker 1: I have accepted, and I hope to live up to 696 00:40:08,239 --> 00:40:13,080 Speaker 1: its demands. But when the opportunity to serve comes along, 697 00:40:13,960 --> 00:40:20,640 Speaker 1: you cannot question the moment, only your willingness. So I 698 00:40:20,880 --> 00:40:25,920 Speaker 1: stand here before you, ready to lead our country into 699 00:40:25,960 --> 00:40:31,480 Speaker 1: the future, to put your needs above politics, to reach 700 00:40:31,560 --> 00:40:35,719 Speaker 1: out and build a government that represents the very best 701 00:40:35,760 --> 00:40:43,160 Speaker 1: traditions of my party. Together we can achieve incredible things. 702 00:40:44,400 --> 00:40:49,719 Speaker 1: We will create a future worthy of the sacrifices so 703 00:40:49,880 --> 00:40:56,360 Speaker 1: many have made. And Phil tomorrow and every day thereafter 704 00:40:57,600 --> 00:41:07,880 Speaker 1: with hope that Keen Richard soon actually British Prime Minister. 705 00:41:07,920 --> 00:41:10,759 Speaker 1: There the message pretty simple, difficult decisions to come for 706 00:41:10,760 --> 00:41:13,520 Speaker 1: the UK economy. Mistakes have been made. I'm here to 707 00:41:13,560 --> 00:41:15,800 Speaker 1: fix them. From New York City for our audience worldwide 708 00:41:15,800 --> 00:41:18,120 Speaker 1: on TV and radio. This is Bloomberg Surveymance with Tom 709 00:41:18,239 --> 00:41:21,440 Speaker 1: Keane and Lisa Rabbad, Sam Jonathan Pharaoh t K pretty 710 00:41:21,440 --> 00:41:25,080 Speaker 1: blunted to the point their tough decisions to come carefully worded, 711 00:41:25,120 --> 00:41:27,360 Speaker 1: I thought, you know, moving from the past to the 712 00:41:27,520 --> 00:41:30,520 Speaker 1: very recent present. Twitter lit up as some of these 713 00:41:30,520 --> 00:41:33,800 Speaker 1: phrases were mentioned, but I do think John, for many people, 714 00:41:33,880 --> 00:41:36,360 Speaker 1: this is the first time they've heard the Prime minister 715 00:41:36,440 --> 00:41:39,320 Speaker 1: speak working to restore trust la soa quote after all 716 00:41:39,440 --> 00:41:41,600 Speaker 1: that has happened, trying to ride on some of the 717 00:41:41,640 --> 00:41:44,440 Speaker 1: good will that he built over the COVID era and 718 00:41:44,480 --> 00:41:47,000 Speaker 1: how much they did extend some of the aid two 719 00:41:47,080 --> 00:41:50,839 Speaker 1: individuals and including the furlough program. How far does that 720 00:41:50,920 --> 00:41:55,160 Speaker 1: get this administration at a time of potential austerity, in 721 00:41:55,200 --> 00:41:57,880 Speaker 1: the face of higher heating bills and just all in 722 00:41:58,080 --> 00:42:00,520 Speaker 1: higher costs. Didn't use the word AUSTERI say, but it's 723 00:42:00,640 --> 00:42:02,439 Speaker 1: there in the message, isn't it. We will not leave 724 00:42:02,440 --> 00:42:06,280 Speaker 1: it to the next generation with debt to settle. Ultimately, Lisa, 725 00:42:06,560 --> 00:42:08,719 Speaker 1: they're going to go hard and this is the difficult thing. 726 00:42:08,920 --> 00:42:12,040 Speaker 1: How do you affect an economy in an optimism at 727 00:42:12,080 --> 00:42:14,880 Speaker 1: a time when that's going to mean some serious declines 728 00:42:14,880 --> 00:42:18,000 Speaker 1: in the economic output of this nation. Some people talking 729 00:42:18,000 --> 00:42:20,680 Speaker 1: about this is the world's sixth biggest economy for now, 730 00:42:20,960 --> 00:42:22,960 Speaker 1: we have heard that from economists, So how do they 731 00:42:23,000 --> 00:42:25,200 Speaker 1: do you project a feeling of strength into the future. 732 00:42:25,360 --> 00:42:27,560 Speaker 1: Lizzie Burden outside number ten down the street, let's head 733 00:42:27,560 --> 00:42:30,560 Speaker 1: over to Lizzie. Now, Lizzie, you followed that addressed by 734 00:42:30,560 --> 00:42:33,120 Speaker 1: the British Prime Minister. Went on for several minutes or so, 735 00:42:33,360 --> 00:42:38,680 Speaker 1: talk to us about the reaction in the UK so far. Well, 736 00:42:38,960 --> 00:42:43,520 Speaker 1: the reaction behind the black door was Row supplause. Uh 737 00:42:43,520 --> 00:42:46,080 Speaker 1: it really Richard Sudak was trying to push hard on 738 00:42:46,120 --> 00:42:49,280 Speaker 1: the reset button. There he did paid tribute to Boris 739 00:42:49,360 --> 00:42:50,359 Speaker 1: Johnson and Liz