Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: Daybreak for Monday, October three, two. Coming up the shower
Speaker 1: and about face, The UK drops a plan to cut
Speaker 1: taxas for the highest earners. We are live in Europe
Speaker 1: with the latest. The fourth quarter begins swallowing three straight
Speaker 1: quarters of luves is for US stocks, Credit Sweet shares
Speaker 1: hit a record low, and Tesla shares drop after missing
Speaker 1: third quarter delivery estimates. Rescue Cruise in Florida continue to
Speaker 1: search for people who decided to grind out hurricane and
Speaker 1: plus Brazil's presidential elections headed for a runoff vote on
Speaker 1: Michael blarm More, I'm John stash Our. In sports, the
Speaker 1: Mets appear headed for a second place finished after getting
Speaker 1: swept in at lant out of the Yankees lost wins
Speaker 1: for the Jets, and John, that's all's training head on
Speaker 1: Bloomberg Daybreak on Bloomberg, Eleving Free on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty,
Speaker 1: San Francisco, Sirius x M one nineteen and around the
Speaker 1: world Old on Bloomberg Radio dot Com and via the
Speaker 1: Bloomberg Business. Good morning. I'm Nathan Hagar and I'm Karen
Speaker 1: Moscow and US DOT Index futures are mixed this morning.
Speaker 1: We are coming up to five o one on Wall
Speaker 1: Street and we check the markets every fifteen minutes throughout
Speaker 1: the trading day on Bloomberg. S and P futures are
Speaker 1: down four points now, futures up forty six and AS
Speaker 1: day futures down fifty eight. Ten year treasury up eleven
Speaker 1: thirty seconds. You have three point seven eight percent and
Speaker 1: they yield on the two year four point one nine percent. Nathan, Karen.
Speaker 1: We begin in the UK, where there has been an
Speaker 1: about face from the government. Prime Minister Liz Trust is
Speaker 1: dropping her controversial plan to cut taxes for the highest earners.
Speaker 1: Let's go to Birmingham, England and get the latest with
Speaker 1: Bloomberg Daybreak. You're a banker, Caroline he Good morning, Caroline,
Speaker 1: Good morning, Nathan and Karen. The Chancellor Quasi Quality has
Speaker 1: said that he has listened and is reversing the plan
Speaker 1: to scrap the top rate of tax in the UK
Speaker 1: announced this part of a mini budget ten days ago,
Speaker 1: which prompted a market route the U turn. Despite the
Speaker 1: denial by the Prime Minister up until yesterday was driven
Speaker 1: by Toy MPs unhappy with the policy as the Conservatives
Speaker 1: plunged in the polls. Sterling and UK guilt have reacted
Speaker 1: positively to the reversal and money markets are paired Bank
Speaker 1: of England rate hike bets, but it is a major
Speaker 1: embarrassment for Trust and Quarting. Less than a month into office.
Speaker 1: The mood from MPs, including from Mike Wood, is still positive.
Speaker 1: Quiet Turning told media here in Birmingham at the party's
Speaker 1: annual conference that he's not considering designing. Instead he's focused
Speaker 1: on delivering growth. He gives his main conference speech at
Speaker 1: four pm UK time today in Birmingham. I'm Caroline Hedger
Speaker 1: Blue Bag day, Bake Caroline, thank you, and the pounder
Speaker 1: has been strengthening. Oh their news checking Sterling right now
Speaker 1: at one point one to oh four against the dollar
Speaker 1: elsewhere and markets today cakes. After start of the fourth quarter,
Speaker 1: us actually coming up there the ridge straight quarter of
Speaker 1: losses for the first time since two thousand nine for
Speaker 1: the NASDAC one hundred. It's the longest of losing streak
Speaker 1: in twenty years. David Bianco, as Chief Investment Officer at
Speaker 1: d w S Group. This is a bear market, So
Speaker 1: I think a key question is is this the beginning
Speaker 1: of a high inflationary period where we're near the end
Speaker 1: of a high inflationary period. If you think we're near
Speaker 1: the end of a high inflationary period, the worst is
Speaker 1: largely behind and the market shouldn't go too much further down.
Speaker 1: But that's the key question. D w S Chief investment
Speaker 1: Officer David Bianco made the comments on Bloomberg's Wall Street
Speaker 1: Week Catch the program every weekend on Bloomberg Radio and television.
Speaker 1: We Karen, one of Wall Street's biggest bears is staying bearish.
Speaker 1: Morgan Stanley chief US equity strategist Mike Wilson says a
Speaker 1: FED pivot is becoming likely as money supply falls, but
Speaker 1: he says that move won't allay concerns about earnings. Wilson
Speaker 1: sees an eventual low for the SMP five hundred coming
Speaker 1: later this year early next at the three thousand to
Speaker 1: thirty four hundred point level. Well Goldman Sachs is also
Speaker 1: staying bearish, and athan with a call that more stock
Speaker 1: selling will take place next year. Goldman strategists say households
Speaker 1: and foreigners could each sell Us stock valued at a
Speaker 1: hundred billion dollars. In corporate news this morning, Karen, we're
Speaker 1: watching shares of Credit Sweee hit a record low. Right now,
Speaker 1: They're down nearly eight and a half percent. A memo
Speaker 1: sent by CEO ol Rick Kerner's raising concerns over the
Speaker 1: health of the Swiss bank. We get more from Bloomberg's
Speaker 1: Charlie Wells in London coroner basically said the banks at
Speaker 1: a critical moment. He reiterated, you know the importance of
Speaker 1: not confusing share price, which we've been hearing a lot
Speaker 1: about this morning, with performance and capital strength. And the
Speaker 1: reason why this generated so much attention was because it
Speaker 1: was the second straight memo that the CEO had to
Speaker 1: send um on a Friday in two weeks, and it also,
Speaker 1: interestingly over the weekend, generated a lot of discussion on
Speaker 1: online boards like Reddit and Twitter. Bloomberg's Charlie Wells says
Speaker 1: Credit Sweez is currently finalizing turnaround plans. Those will likely
Speaker 1: include sweeping changes to its investment bank and thousands of
Speaker 1: jobs over the coming years. Well Nathan shares a Tesla
Speaker 1: are down four points seven percent in early trading. The
Speaker 1: company delivered a record number of vehicles in the last quarter,
Speaker 1: but the results still missed estimates and we get more
Speaker 1: from Bloomberg's Denis Fella Greeny Tesla delivering more than three
Speaker 1: three thousand vehicles, about four percent fewer than expected, possibly
Speaker 1: on supply chain issues. The expenses to get customers actual
Speaker 1: cars in their hands have been astronomical. Danna I've s,
Speaker 1: managing director at web BUSHSLA, has started to balance that
Speaker 1: and BASICUI be fine with ultimate delivers that could push
Speaker 1: quarter quarters. I've says that means watch this quarter very closely.
Speaker 1: Elon Musk tweeting he hopes to smooth out end of
Speaker 1: quarter Russia's for customers sakes. Denise Spella, Greeny Bloomberg day break, Okay, Dennise,
Speaker 1: thank you. Oil is on the rise this morning the
Speaker 1: air indications OPEC could slash production by more than a
Speaker 1: million barrels a day to revive plunging prices. The group
Speaker 1: meets this Wednesday in Vienna. Checking rice is now Nimex
Speaker 1: s crwds hired by four and a half percent of
Speaker 1: three dollar sixty cents at eighty three oh seven of
Speaker 1: barrel Brent is up four point three percent at eighty
Speaker 1: eight dollars seventy seven cents. Well, Nathan. The big economic
Speaker 1: event this week comes on Friday, when the US Labor
Speaker 1: Department issues as monthly payrolls are poor, job growth and
Speaker 1: likely continued in September even as the overall economic outlook dimmed.
Speaker 1: We get more from Bloomberg's mini del judas the Federal
Speaker 1: Reserve is lifting interest rates to pain inflation by applying
Speaker 1: the breaks the economic growth. Even so, US jobs claims
Speaker 1: have been running near historic glows, and economist are forecasting
Speaker 1: employers hired about a quarter million workers in September. We'll
Speaker 1: get the data Friday. Looking ahead, the president of the
Speaker 1: Chicago fet Charles Evans this will take six months for
Speaker 1: the impact of higher interest rates to be felt in
Speaker 1: the labor market. Also on this week's data calendar figures
Speaker 1: on job openings which have been running at his store
Speaker 1: Kis and he dealt Bloomberg debery. Thanks Vinny. Finally, we
Speaker 1: take stock of the damage from Hurricane Ian. It destroyed
Speaker 1: a outlets number of homes and businesses in Florida, but
Speaker 1: skirted a key US fertilizer production area. That means the
Speaker 1: broader US economy was spared. The worst case scenario. Still
Speaker 1: Ian is set to be one of the top ten
Speaker 1: costliest storms in the US, with estimates as high as
Speaker 1: one D twenty billion dollars. You're listening to Bloomberg daybreak
Speaker 1: in South five oh seven on Wall Street, rain fifty
Speaker 1: degrees in Central Park, New Jersey. Transit services suspended on
Speaker 1: the Note Jersey coastline. It's because of overhead wire problems.
Speaker 1: Will get the details in traffic shortly. First, Michael bars
Speaker 1: here with what else is going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: A wig for a murdered f d n Y E
Speaker 1: M S Lieutenant will take place today and tomorrow. Family,
Speaker 1: friends and co workers have been gathering to remember Alison
Speaker 1: Russo Elling. She was stabbed to death in an unprovoked
Speaker 1: attack in the story of Queen's Last Week. The wake
Speaker 1: for Russo Elling, who was sixty one, will take place
Speaker 1: in Commack. Police arrested thirty four year old Peter this Philosophilis,
Speaker 1: who has a history of mental illness. Search and rescue
Speaker 1: efforts are still underway in parts of Florida in the
Speaker 1: wake of Hurricane in Over the weekend, responders took to
Speaker 1: the air, grabbing people from rooftops and evacuating Barrier Island
Speaker 1: residents by boat after Ian wiped away roads leading to
Speaker 1: the mainland. Florida Governor Ron De Santis said teams are
Speaker 1: conducting sweeps and areas hit hardest by the storm. There's
Speaker 1: more urban search and rescue teams in Florida now than
Speaker 1: in any one place in American history since September eleven. Meanwhile,
Speaker 1: President Biden will visit Puerto Rico, hit hard by Hurricane Fiona.
Speaker 1: Brazilian President Jayre Bolsenaaro fought his way to a runoff
Speaker 1: election against his leftist challenger, former President Luis and Natio
Speaker 1: Lula da Silva. Lula got forty eight percent while Bolsinoro
Speaker 1: received forty three percent. However, neither one got the simple
Speaker 1: majority needed for victory. These college students saying that they
Speaker 1: voted for Lula with the Tulula to Brazil the woods
Speaker 1: in the future, bus is opposed to democracy. The candidates
Speaker 1: will face each other in the high stakes October thirty
Speaker 1: presidential runoff. It's a big defeat from Moscow. In Ukraine.
Speaker 1: Last week, Russian President Vladimir Putin used a sham referendum
Speaker 1: to declare four areas of Ukraine as part of Russia.
Speaker 1: But one of those regions, Lemon, almost immediately fell to
Speaker 1: Ukrainian forces. I meanwhile, Vladimir Putin is doomed to lose
Speaker 1: the war in Ukraine. That's from former CIA director David Petrayas.
Speaker 1: The retired four star general says, Russia's army has quote shambolock.
Speaker 1: He announced the annexation, and he's already lost a really
Speaker 1: critical element in that, a critical city that would have
Speaker 1: been a very key supply hub had they been able
Speaker 1: to go farther. And that's just going to continue. He's
Speaker 1: going to continue to lose on the battlefield. Petrayas spoke
Speaker 1: on ABC's This Week, which can be heard Sundays on Bloomberg.
Speaker 1: Justice Catangi Brown Jackson will make her debut as the
Speaker 1: Supreme Court's new term kicks off today. Global News twenty
Speaker 1: four hours a day on airand home. Bloomberg Quick Take
Speaker 1: powered by more journalists, analysts more than a hundred twenty countries.
Speaker 1: Michael bar this is Bloomberg, Navid. Thanks Michael five ten
Speaker 1: on Wall Street time for the Bloomberg Sports I'll tell
Speaker 1: you what John Stenshown, Thanks, Nathan Mets has been a
Speaker 1: first place team virtually the entire season, but after a
Speaker 1: nightmare weekend in Atlanta, they're almost certainly going to finish second.
Speaker 1: Praise one again Dansby Swanson home for the third straight game,
Speaker 1: x met Travis Darnel at two one single. Atlanta won
Speaker 1: five three to sweep the series. The Braves lead by
Speaker 1: two and own the tiebreaker. A win for them tonight
Speaker 1: clinches the division. The Mets thought they'd be the NLS
Speaker 1: two seed, instead looks like the four and headed for
Speaker 1: a best of three wild cards series this weekend with
Speaker 1: San Diego or Philadelphia for the right to then face
Speaker 1: the Dodgers. All of the games in the wild Card
Speaker 1: series would be at City Field of Stadium. Yankees had
Speaker 1: just four hits lost to Baltimore three to one. Aaron
Speaker 1: Judge struck out three times. He'll try to surpass Roger
Speaker 1: Marris in Texas. Jets finished their four game tour of
Speaker 1: the a f C North two losses, but also two
Speaker 1: thrillion wins. They had that one in Cleveland and in Pittsburgh.
Speaker 1: They trailed midway through the fourth quarter by ten points.
Speaker 1: Zach Wilson a touchdown past to Corey Davis and then
Speaker 1: after a Jets interception of Steelers rookie QB Kenny Pig
Speaker 1: and Breece Hall scored with sixteen seconds left. The Jets
Speaker 1: one twenty four to twenty. Giants and Bears and met
Speaker 1: live only two touchdowns scored all day. Both played the
Speaker 1: same Guykake Jones just gonna poot like and rolling left.
Speaker 1: He's gonna want it again. Kills to the five. Killants
Speaker 1: gives in touchdown Giants Daniel Jones in a twelve yard
Speaker 1: run mother They get foot around the left side, his
Speaker 1: second rushing touchdown of the game, and the Giants have
Speaker 1: wind their lead to thirty six fan The College Giants
Speaker 1: went on to win twenty to twelve, though Jones left
Speaker 1: with an ankle injuring his backup Tyrod Taylor left with
Speaker 1: a concussion. Giants first three and one start since two
Speaker 1: thousand eleven. John stash Award Boomberg Sports Nathan Thanks john
Speaker 1: SMP futures down nine points, right now down, futures up
Speaker 1: two points. Snass that future is lower by seventy eight points.
Speaker 1: This is Bloomberg. Bloomberg eleven three oh weather rain today
Speaker 1: with a high near sixty degrees. Occasional rain tomorrow with
Speaker 1: high steer sixty. The showers should end Wednesday low sixties
Speaker 1: for afternoon highs right now showers and fifty degrees in
Speaker 1: Central Park markets. Headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot com, the Bloomberg Business Out
Speaker 1: and at Bloomberg Quick Tape. This is a Bloomberg Business
Speaker 1: Flash and I'm Karen Moscow. This updates brought to you
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Speaker 1: as a competitive advantage. Let us see I show you
Speaker 1: how at se i C dot com slash I m
Speaker 1: S Global stocks are falling to a two year low,
Speaker 1: while U S stock index futures struggle for direction a
Speaker 1: bit amid concerned hawkish policies by global central banks, Well
Speaker 1: sparker Is says in an earnings contraction, Pound rising as
Speaker 1: the UK WHI drew a plan to abolish the top
Speaker 1: income tax rate, and Credit Suite Group shares hitting record
Speaker 1: lows as traders continue to speculate about its future. We
Speaker 1: checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, SNP futures down five points down futures higher
Speaker 1: up thirty six and now as dat futures they're falling
Speaker 1: down about sixties seven decks. In Germany's down one point
Speaker 1: one percent. Ten year treasury of ten thirty seconds, you'll
Speaker 1: three point seven eight percent yield on the two year
Speaker 1: four point one nine percent. Nim X screwed oil is
Speaker 1: up four percent of three dollars twenty one cents at
Speaker 1: eighty two dollars seventy cents of barrel Comex gold is
Speaker 1: down a tenth of a per cent or two dollars
Speaker 1: ten cents at sixteen sixty nine nine ounce the euro
Speaker 1: point nine seven nine five against the dollar, British pound
Speaker 1: one point one two oh one and the N one
Speaker 1: forty five point oh nine. And look at a bitcoin
Speaker 1: down a third of u percent at nineteen thousand, one
Speaker 1: hundred sixty dollars. That's a bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world. Arpel.
Speaker 1: Good morning, Good morning here, and President Joe Biden will
Speaker 1: announce more than sixty million dollars in funding to strengthen
Speaker 1: Porto Rico's resilience to flooding when he visits the island
Speaker 1: to observe recovery efforts from the devastation left by Hurricane Fiona.
Speaker 1: The President and First Lady will fly to Porto Rico today.
Speaker 1: The Supreme Court begins a new term today. There will
Speaker 1: be day one for Judge Catanji Brown Jackson. In the NFL,
Speaker 1: the Giants and Jets one. The Patriots, Commanders and Ravens lost.
Speaker 1: The forty Niners play the Rams. Tonight. In baseball, the
Speaker 1: Yankees lost to the Orioles three one. The Mets lost
Speaker 1: to the Braves five three. Atlanta swept the series and
Speaker 1: knock the Mets out of the lead. In the NL East,
Speaker 1: the Red Sox and Nationals lost the A's and Giants one.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalist and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg. Nathan Okay, Michael, thank you for coming
Speaker 1: up to five twenty on Wall Street Live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. As we
Speaker 1: get the fourth quarters started here, we are very pleased
Speaker 1: to be joined this morning by Lori Calvacina, head of
Speaker 1: US Equity Strategy at RBC Capital Markets. Laurie, it's great
Speaker 1: to speak with you as always, And stock investors are
Speaker 1: looking for a winning quarter sometime this year, haven't gotten
Speaker 1: one yet. I think they'll get one in the fourth
Speaker 1: It would be nice. Thanks for having me as always.
Speaker 1: And look, I think that we're at a very sort
Speaker 1: pivotal moment for stock. We've come down, we've tested, retested
Speaker 1: the June love UM. It's interesting as I talked to
Speaker 1: investors last week, I think there is some hope for
Speaker 1: a fourth quarter bounce back. UM. And we are certainly
Speaker 1: are starting to see that valuations are looking interesting again
Speaker 1: in the market. UM. But I do think that we
Speaker 1: should expect folattle conditions to endure for a bit longer.
Speaker 1: Where specifically are you seeing interesting valuations, Well, we see
Speaker 1: it in the broader market generally. If you look at
Speaker 1: where we closed on Friday against our EPs number for
Speaker 1: next year, we've actually gone down right back in line
Speaker 1: with the long term average the word about sixteen point
Speaker 1: nine times long term average about sixteen point eight. And
Speaker 1: when you dig down deeper and look within the S
Speaker 1: and P five hundreds and look specifically at the different sectors.
Speaker 1: I would tell you areas like financials still looks very
Speaker 1: compelling on our work, UM consumer to strectionaries looking interesting.
Speaker 1: There are obviously fundamental challenges. Their energy stacks still look
Speaker 1: very compelling materials. And then when we step back from
Speaker 1: the sector, small caps are actually making a very strong
Speaker 1: valuation case right now, so we've actually put an overweight
Speaker 1: in place. There is there still concern that with FED
Speaker 1: tightening and central bank tightening more broadly around the world,
Speaker 1: that that could eat in two earnings. So it's interesting
Speaker 1: if you look at the bottom up consensus for earnings,
Speaker 1: the numbers are still I think around two two, And
Speaker 1: if you're just sort of baking together what south side
Speaker 1: analysts are anticipating in our number for next year is
Speaker 1: actually at to twelve. This year, we're also below consensus
Speaker 1: at to eighteen. I think the consensus still around to
Speaker 1: So I think at this point it's really about the
Speaker 1: economic damage that sparked by the Fed policies um that
Speaker 1: the street is struggling to put in place. UM, we've
Speaker 1: already kind of baked that into our model at this point,
Speaker 1: and so we have earnings growth going nowhere for a
Speaker 1: couple of years to eleven was last year's number, and
Speaker 1: we think it's gonna end up being some of the
Speaker 1: sixteen periods where laradis just chop around for a while,
Speaker 1: it don't really make any progress. Both earnings do stick
Speaker 1: to that forecast and we don't see much movement there.
Speaker 1: If we do get a bounce in the fourth quarter,
Speaker 1: is that just gonna be a short lived bouncer. Where's
Speaker 1: the momentum? Do you think? We know? It's interesting. We
Speaker 1: went back and we we put this note doubt over
Speaker 1: the weekend. We went back and looked at sort of
Speaker 1: prior periods of normalization coming out of the financial crisis,
Speaker 1: coming out of the tech bubble, really kind of the
Speaker 1: O two oh three UM and eleven periods, and you
Speaker 1: did see some pretty vicious rallies and give backs. UM.
Speaker 1: So you know, if we were to follow just the
Speaker 1: two thousand two paths and actually there's been a seventy
Speaker 1: two percent correlation between markets this year and markets back
Speaker 1: in two thousand and two, UM, we would see sort
Speaker 1: of a fierce work que rally and then we would
Speaker 1: give a lot of it back in the first quarter.
Speaker 1: Retest belows again, we'll see if it plays out that way.
Speaker 1: But I would tell you one of the catalyst people
Speaker 1: have been looking for is the mid term elections. We
Speaker 1: do tend to see stocks bottom about a month before
Speaker 1: that event, and we're coming up right on that time horizon. Now, interesting,
Speaker 1: what kind of catalyst could this week's jobs report be?
Speaker 1: What kind of catalyst could it be for the Fed? UM?
Speaker 1: You know, it's interesting with jobs, I think that markets
Speaker 1: are already pricing in a pretty big pickup in jobless
Speaker 1: claims if we think about the Thursday release UM and
Speaker 1: in terms of jobless claims, I'm not going to try
Speaker 1: to predict what how the set is going to react
Speaker 1: to anyone given report, but I will tell you that
Speaker 1: when you think about markets themselves and how they may react,
Speaker 1: we have historically seeing that small caps tend to outperform
Speaker 1: large caps UM in the middle of recessions once the
Speaker 1: unemployment rate starts to pick up. And that's just based
Speaker 1: on the idea that a lot of pain in the
Speaker 1: labor market is pre vaked into that part of the
Speaker 1: market UM, and then when one sort of the deterioration
Speaker 1: is seen, UM, we can get some relief in the
Speaker 1: small cap stocks. So we'll be looking for a start
Speaker 1: of the market reactions to whatever moves comes out on Friday.
Speaker 1: Just about thirty seconds left here, Laurie, But are you
Speaker 1: looking for a pivot from the FED to slower interest
Speaker 1: rate hikes? If so, what would spark it? So? I
Speaker 1: think that for any said pivot to come through, and
Speaker 1: they seem determined to convince the market that there isn't
Speaker 1: one coming um, I think you'd have to see some
Speaker 1: clear deterioration or moderation in the inflation data, and I
Speaker 1: think that's what everyone's waited for. We continue to hear
Speaker 1: clients talk about that, and I would tell you if
Speaker 1: I talked to investors, I don't think they've given us
Speaker 1: hope on that, Fido either, So great to speak with you, Lori,
Speaker 1: Thanks again for doing this. Lori Calvacina, head of US
Speaker 1: equity strategy at RBC Capital Markets. Looking at the market
Speaker 1: this morning, you sort of looking for direction here, with
Speaker 1: Nasdaq futures leading declines after the disappointing results from Tesla
Speaker 1: in terms of third quarter deliveries. NASDAC futures are down
Speaker 1: a half percent right now, down fifty two points. S
Speaker 1: ANDP future is a little changed and DAL futures are
Speaker 1: higher by eighty two points. The tenure treasuries up eleven
Speaker 1: thirty seconds, yield three point seven eight percent. You're listening
Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh weather mostly cloudy
Speaker 1: for the most part. Today we'll get up to your
Speaker 1: sixty degrees occasional rain. Tomorrow breezy, pioneer sixty showers and Wednesday.
Speaker 1: Right now, we're at fifty degrees in Central Park. Broadcasting
Speaker 1: live from the Bloomberg Interactive Broker's studio in New York.
Speaker 1: Bloomberg E living free to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine
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Speaker 1: around the globe the Bloomberg Business and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street.
Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow. We
Speaker 1: are just about four hours away from the open of
Speaker 1: you West Trading. Let's get you up to date on
Speaker 1: the news. You need to know what this shower. We
Speaker 1: begin with an about face out of the UK Prime
Speaker 1: Minister Liz Trust and her administration are dropping a controversial
Speaker 1: tax cut. Chancellor Quasi Quartan had come under fire for
Speaker 1: cutting taxes on the UK's highest earners. Bloomberg's Lizzie Burden
Speaker 1: has details from the Tory party's conference in Birmingham. He
Speaker 1: said that the rate cut was becoming a huge distraction
Speaker 1: from a set of strong policies. Of course, the government
Speaker 1: had also announced this massive energy bailout, so it was
Speaker 1: desperately trying to cling back to the political credit for that.
Speaker 1: He was asked what changed, He said, we listened to people,
Speaker 1: We get it. He was asked as he considered resigning,
Speaker 1: He said not at all. The Prime Minister had thrown
Speaker 1: him under a bus yesterday, blamed him for this top
Speaker 1: rate of tax cut. So the question now is how
Speaker 1: much of the rest of the package can survive. Bloomberg's
Speaker 1: Lizzie Burden says the move may cool the political backlash,
Speaker 1: but they're still concerned for markets and the pound and
Speaker 1: checking sterling now it's at one point one to oh
Speaker 1: one against the dollar. Meantime, Karen today kicks off the
Speaker 1: start of the fourth quarter for markets. US stocks are
Speaker 1: coming off their third straight quarter of losses for the
Speaker 1: first time since two thousand nine. LPL financials Quincy Crosby says,
Speaker 1: there are still plenty of risks. We've seen the volatility
Speaker 1: index climb the VIX because it's more uncertainty, uncertainty regarding
Speaker 1: how does the set actually bring us to price stability,
Speaker 1: which out as the proverbial breaking something. Also, you know,
Speaker 1: we're going into third quarter earning season and the questions are,
Speaker 1: what are those companies saying not only their bottom line
Speaker 1: but their margins, but what's the guidance? Quincy Crosby with
Speaker 1: LPL Financial things stocks may go lower from here until
Speaker 1: they find a level that has discounted economic headwinds. But
Speaker 1: when in all Street's biggest bears, Nathan is staying bearish.
Speaker 1: Morgan Stanley chief US equity strategist Mike Wilson said of
Speaker 1: FED pivot is becoming likely as money supply falls, but
Speaker 1: still that move won't a lake concerns about earnings. He
Speaker 1: sees a bottom for the SNP five as low three thousand.
Speaker 1: In Banking News, Karen shares of credit suites are down
Speaker 1: nearly seven and a half percent. The Swiss banks finalizing
Speaker 1: plans that will likely see sweeping changes and could include
Speaker 1: cutting thousands of jobs over a number of years. Oil
Speaker 1: on the rise this morning, Nathan. There are indications at
Speaker 1: OPEC Plus may slash production by more than a million
Speaker 1: barrels a day to revive plunging prices. The group meets
Speaker 1: Wednesday in Vienna and checking prices now. Nime X scrude
Speaker 1: oil is up about four percent. It's at eighty two
Speaker 1: dollars fifty nine cents of barrel, and Brent is at
Speaker 1: eighty eight dollars thirty two cents. Straight ahead your latest
Speaker 1: local headlines, plus to check of sports. This is Bloomberg.
Speaker 1: Thanks Hearing five thirty three on Wall Street, forty nine
Speaker 1: degrees in Central Park. Still dealing with a service suspension
Speaker 1: on New Jersey Transits North Jersey Coastline. Details coming up
Speaker 1: in traffic. First Michael Barr with what else is going
Speaker 1: on in New York and around the world. Michael Nathan,
Speaker 1: thank you, sir, Awake for a murdered f D n
Speaker 1: Y E M S. Lieutenant will take place today and tomorrow. Family,
Speaker 1: friends and co workers have been gathering to remember Alison
Speaker 1: Russo Elling. She was stabbed to death in an unprovoked
Speaker 1: attack and the story of Queen's last week. The wait
Speaker 1: for Russo Elling, who is sixte will take place in
Speaker 1: com Russo Ellen's funeral is Wednesday. In Brookville, police arrested
Speaker 1: thirty four year old Peter Zissopolis, who has a history
Speaker 1: of mental illness. More than a thousand search and rescue
Speaker 1: workers are performing operations across Florida as some people remain
Speaker 1: stranded by Hurricanean. A thousand National Guard members were sent
Speaker 1: to Florida's Barrier Islands for more search and rescue efforts.
Speaker 1: Florida Governor Randa Santis, you look at for Myers Beach
Speaker 1: and you see homes obliterated. You know that was obliterated
Speaker 1: because you had almost a Cat five storm touch landfall there,
Speaker 1: Governor to Santa says Ian was a five hundred year event.
Speaker 1: It's a big defeat from Moscow. In Ukraine, last week,
Speaker 1: Russian leader of Vladimir Putin used a sham referendum to
Speaker 1: declare four areas of Ukraine as part of Russia, but
Speaker 1: one of those regions almost immediately fell to Ukrainian forces
Speaker 1: over the weekend. The strategic city of Lamon in Ukraine's
Speaker 1: northeast was taken back. Former CIA director David Petrea says
Speaker 1: Russia's army is no match for Ukraine's and Putin at
Speaker 1: some point is going to need to come to the
Speaker 1: negotiating table to him the war. No amount of shambolic mobilization,
Speaker 1: which is the only way to describe it, no amount
Speaker 1: of annexation, no amount of even veiled nuclear threats can
Speaker 1: actually get him out of this particular situation. The retired
Speaker 1: four star general spoke on ABC's This Week, which can
Speaker 1: be heard Sundays on Bloomberg. Brazilian President Johannira Bolsinaro fought
Speaker 1: his way through a runoff election against Louis Gnatio Lula
Speaker 1: da Silva. Both fell short of the first round win,
Speaker 1: which means there will be a runoff on October. According
Speaker 1: to Brazil's electoral court. Lula took to bull Cinaros forty
Speaker 1: three Global News twenty four hours a day on airand
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg, Nathan, Thanks Michael. On Wall Street,
Speaker 1: Time for the Bloomberg Sports Update with John Stetshow all right, Nathan.
Speaker 1: At one point this season, the Mets were in first
Speaker 1: place by ten and a half games, but the Braves
Speaker 1: Captain Winning kept getting closer. In Atlanta just configured the
Speaker 1: three game sweep and it's the Braves who will almost
Speaker 1: certainly win the NL East. Their magic number is one.
Speaker 1: Met did not get good starting pitching. Jacob mc graham
Speaker 1: gave up three runs Max Shen's or four and last
Speaker 1: night Chris Bassett State two a three one lead after
Speaker 1: Mad Homer's by Daniel vogel Back and Jack McNeil couldn't
Speaker 1: finish the third inning the Braves one five to three.
Speaker 1: It's going to make for a tougher postseason road that
Speaker 1: would start with the best of three wild Cards series
Speaker 1: this weekend at City Field. Yankees last regular season home
Speaker 1: game three one lost to Baltimore. They close it out
Speaker 1: in Texas four games for Aaron Judge to try and
Speaker 1: hit home run number sixty two. Jetson Pittsburgh. First game
Speaker 1: for Zack Wilson back from the knee injury, and he
Speaker 1: was part of an early Jet score take the Jets
Speaker 1: sweep picks on. It'll be a strong for Barrios to
Speaker 1: Zack Wilson for the touchdown Lazzle Castle for the CHURIOSESPN
Speaker 1: New York colleg Jets were up ten, then down ten.
Speaker 1: They rallied scored with sixteen seconds left. Beat the Steelers twenty,
Speaker 1: only their second win in Pittsburgh in team history. Giants
Speaker 1: had their first three and one starts in two thousand eleven.
Speaker 1: They won the Super Bowl that year, beat the Bears
Speaker 1: at met Life twelve. Daniel Jones's two first half teen
Speaker 1: runs we're the only touchdowns of the game. Giants played
Speaker 1: this Sunday in London. We'll see who their QB will be.
Speaker 1: Jones Purtas ankle yesterday and the backup Tyrod Taylor's suffered
Speaker 1: at from kussion. John Stash Howard Bloomberg Sports Nap. Thanks John,
Speaker 1: It's five thirty seven on Wall Street time for the
Speaker 1: Tri State Business Report. Who's Bloomberg Scott Carr. Rent increases
Speaker 1: are in effect now for the approximate two million living
Speaker 1: in New York City's rent stabilized departments. Those who renew
Speaker 1: their leases between now and September thirty next year will
Speaker 1: be subject to increases of three and a quarter percent
Speaker 1: for one year leases and five percent for two year leases.
Speaker 1: The city's rent Guidelines Board to prove the increase back
Speaker 1: in June. New Jersey's Economic Development Authority says it's Small
Speaker 1: Business Improvement Grant program has awarded close to thirteen million
Speaker 1: dollars to more than five hundred gardens state enterprises since
Speaker 1: it launched in February. The funding comes from the state's
Speaker 1: Main Street Recovery program, offering small businesses up to fifty
Speaker 1: thou dollars for covering general operating costs. Despite rising rents, Hartford, Connecticut,
Speaker 1: has been named one of the seven most affordable cities
Speaker 1: for multi family investing by Crexy, an online commercial real
Speaker 1: estate marketplace. They say Hartford saw ninety seven million dollars
Speaker 1: in deals in just the first half of this year.
Speaker 1: That's the Bloomberg Tri State Business Report. I'm Scott Carr.
Speaker 1: Thanks Scott eight on Wall Street. Bloomberg Radio is on
Speaker 1: the air from San Francisco to New York, London to
Speaker 1: Hong Kong. Let's check in with our global news team
Speaker 1: for some of the top stories heard on our three
Speaker 1: hundred affiliate radio stations around the world. I'm Steve poliscon
Speaker 1: tent Ted Winds in New York. We're talking about how
Speaker 1: Manhattan now has more EV charging sites than gas stations.
Speaker 1: Um Corney's Dona Hollan ktr H in Houston. Shoppers should
Speaker 1: see big retail discounts ahead on excess merchandise. I'm Gina
Speaker 1: Servetti and for w c c O in Minneapolis, I'm
Speaker 1: reporting that Target joins a list of companies with the
Speaker 1: majority of its leadership comprised of directors who are members
Speaker 1: of underrepresented groups. I'm Stephen Carol and Bloomberg D A B.
Speaker 1: TOD to the Radio and London. We've been reporting on
Speaker 1: the you turned by the governments over its plans to
Speaker 1: scroup the top rate of income tax. I'm Scott Carr
Speaker 1: on w d c H in Washington. I'm reporting a
Speaker 1: new meta tech accelerator is getting a big boost. And
Speaker 1: those are some of the stories our twentyd Bloomberg journalists
Speaker 1: and analysts are working on this morning around the world.
Speaker 1: It's five thirty nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. Those disheartened by the election campaign
Speaker 1: run by Georgia Maloney may think that the best thing
Speaker 1: about Italy's incoming government will be its likely transience. Hers
Speaker 1: will be the country's seventieth government since World War Two.
Speaker 1: But it would be mistaken to conclude that Italian leaders
Speaker 1: don't matter. To the contrary, Europe needs is stable Italy
Speaker 1: capable of tackling long festering economic and social problems. But
Speaker 1: if Maloney wants to achieve anything while in office, she'll
Speaker 1: have to abandon the retrograde rhetoric that characterized her campaign.
Speaker 1: The sooner she moves beyond provocations and focuses on delivering
Speaker 1: stable government and growth, the better her chances of staying
Speaker 1: relevant and in office. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to
Speaker 1: Bloomberg dot com, slash opinion or O P I n
Speaker 1: go on the Bloomberg terminal. This has been Bloomberg Opinion.
Speaker 1: Listen for Bloomberg opinion editorials every weekday. At this time,
Speaker 1: terminal customers can read more at O P I n go.
Speaker 1: SMP futures little changed, DAL futures up seventy seven points,
Speaker 1: NASTACK futures are lower by forty five points, and the
Speaker 1: tenure Treasury is up eleven thirty seconds. Yield three point
Speaker 1: seven eight per cent. We look ahead to the fourth
Speaker 1: quarter next with Charlotte Ryland, co head of Investments at
Speaker 1: c c l A Investment Management. This is Bloomberg Bloomberg
Speaker 1: eleven three oh weather mostly cloudy, breezy, chance for some
Speaker 1: showers today with a high near sixty degrees, occasional rain.
Speaker 1: Tomorrow higher sixty once again showers, and Wednesday we'll get
Speaker 1: up to the low sixties. Right now forty nine in
Speaker 1: Central Park Markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Outland
Speaker 1: at Bloomberg Quick Tape, He's a Bloomberg business lash and
Speaker 1: I'm Cara a Moscow. This updates brought to you by
Speaker 1: s ci Yes said managers don't get results that are
Speaker 1: off the charts when their solutions are off the shelf.
Speaker 1: Learn how sci is operating platform can turn infrastructur into
Speaker 1: a competitive advantage at sc i C dot Com. Slash
Speaker 1: Tech Global stocks falling to a two year low while
Speaker 1: U stock index futures are struggling for direction. This comes
Speaker 1: amo concerned hawkish policies by global central banks will spark
Speaker 1: a recession and earnings contraction and the pound is rising
Speaker 1: as the UK with drew a plan to abolish the
Speaker 1: top income tax rate. We checked the markets every fifteen
Speaker 1: minutes throughout the trading day on bloomberg S and p
Speaker 1: Future is a little change down, futures up sixty NASDAG
Speaker 1: futures down fifty two. The decks in Germany is down
Speaker 1: nine tenths of upper set ten year treasury up twelve
Speaker 1: thirty seconds. He'll three point seven seven percent. They yield
Speaker 1: on the two year four point one eight percent. Nine
Speaker 1: max Screwed oil is up four percent, up three dollars
Speaker 1: twenty one cents at eighty two dollars seventy one cents
Speaker 1: a barrel. Co makes goal down a quarter percent or
Speaker 1: four dollars twenty cents at sixty and sixty seven ninety
Speaker 1: an ounce. The euro point nine five eight against the dollar,
Speaker 1: British pound one point one one seven six and the
Speaker 1: yen one forty five point on five. Bitcoin is down
Speaker 1: half percent at nine. That's a Bloomberg business flash. Now
Speaker 1: here's Michael bar with more on what's going on around
Speaker 1: the world. Michael, thank you very much, Karen. He will
Speaker 1: be right leaning. Brazilian President John ere Bolsonaro against his
Speaker 1: leftist challenger Luis Ignatio Lula Da Silva and in October
Speaker 1: thirty runoff election yesterday, neither candidate got a simple majority
Speaker 1: to win in the first round. Spante Pambo is the
Speaker 1: Nobel Prize winner in Physiology or Medicine on Human evolution research.
Speaker 1: In the NFL, the Giants and Jets won the Patriots,
Speaker 1: Commanders and Ravens lost play the Rams tonight in baseball,
Speaker 1: and the Yankees lost to the Orioles three one. The
Speaker 1: Mets lost to the Braves five three. Atlanta swept the
Speaker 1: series and knocked the Mets out of the lead. In
Speaker 1: the NL East, the Red Sox and Nationals lost. The
Speaker 1: A's and Giants won. Global news twenty four hours a
Speaker 1: day on air and on Bloomberg Quittake, powered by more
Speaker 1: than twenties up and under journalist analyist more than a
Speaker 1: hundred twenty countries. Michael Barr, this is Bloomberg Navan. Okay, Michael. Thanks,
Speaker 1: It's five forty nine on Wall Street Live from the
Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg day Break. Let's
Speaker 1: bring in our next guest now, Charlotte Ryland. It's co
Speaker 1: head of Investments at c C l A Investment Management, Charlotte,
Speaker 1: It's great to speak with you on the first day
Speaker 1: of the fourth quarter as we wait for a winning
Speaker 1: quarter for stocks. Do you think this market is close
Speaker 1: to capitulation? Uh? Well, I think it's going to completely
Speaker 1: depend on where we get to with the earning season.
Speaker 1: And we've also had some sort of big, high profile
Speaker 1: profit warnings FedEx, Nike coming through already. Um, and the
Speaker 1: market is is pretty worried about, you know, what the
Speaker 1: direction of earning. So, I mean, if it comes through
Speaker 1: that are actually companies hold up, then that could be
Speaker 1: the big surprise. But I'm afraid I'm probably not that
Speaker 1: confident that that's going to be the case. What makes
Speaker 1: you say that, Well, I mean I think you know,
Speaker 1: you've got a consumer which she's clearly struggling with with
Speaker 1: rising borrowing costs. You've got you know, a lot of
Speaker 1: the impact of that is delayed. It octates a while
Speaker 1: to come through into numbers. Um. You know, clearly companies
Speaker 1: are struggling, whether it be in terms of currencies, whether
Speaker 1: it be in terms of more material costs which have
Speaker 1: moved up so high. Um. So I think I think
Speaker 1: it's going to continue to be quite a difficult situation.
Speaker 1: You're certainly going to see the consumer, particularly particularly in Europe,
Speaker 1: is going to be struggling. Are you looking for further
Speaker 1: earnings revisions to the downside then as we get closer
Speaker 1: to earning season, Yeah, I mean, I think I think
Speaker 1: that's probably what we would expect. I mean, you know,
Speaker 1: if you look at sort of typical recessions, you've probably
Speaker 1: got you know, that can come down from earnings. Whether
Speaker 1: this will be entirely that, I don't know, because you've
Speaker 1: clearly got positive pricing this time, even if volumes are weaker,
Speaker 1: so it might not be quite as severe as that.
Speaker 1: But I think you know, certainly, you having had quite
Speaker 1: an optimistic earnings pitcher for most of the year party
Speaker 1: hold up by you know, your companies, that's beginning to
Speaker 1: turn and we'd explate that sort of continue off into
Speaker 1: the second half of the year as we see markets
Speaker 1: continue to fall. What does that mean for central banks?
Speaker 1: Could we start to see the market push the head
Speaker 1: and other central banks toward that pivot that many investors
Speaker 1: have been looking forward to at least slower interest rate HIGs. Yeah,
Speaker 1: I mean, I think we can sort of look back
Speaker 1: for you know, twenty eighteen period and say, well, you know,
Speaker 1: central banks blinked and stuff that from from the tightening.
Speaker 1: But I think we're in a very different situation now.
Speaker 1: We're now in one where you've got inflation still running
Speaker 1: at sort of eight cent plus um, you know, and
Speaker 1: we haven't really seen that begin to turn yet. So
Speaker 1: I think while that remains a problem, while we've still
Speaker 1: got very highly wage growth and the unemployment picture being
Speaker 1: you know, such a low unemployment, such a tight labor market,
Speaker 1: I think it's gonna be very difficult central banks to
Speaker 1: step away. I mean, clear we saw the bank having
Speaker 1: done stepping last week when we're having something of a
Speaker 1: crisis mark some of the UK penstrom plants because they're
Speaker 1: hedging it of course. So I think genteral banks will
Speaker 1: call markets if they have to. But are they going
Speaker 1: to reverse course. I'm not sure that they are. What's
Speaker 1: the risk that central banks go too far? Then? If
Speaker 1: employment does continue to stay at these sort of high
Speaker 1: levels that we're seeing, is there a risk of a
Speaker 1: policy was taked by the Fed? Um, Yes, there is.
Speaker 1: I mean I think you know, markets are sort of
Speaker 1: pricing in now sort of four or five centers as
Speaker 1: being sort of terminal rates uh interest rate hikes. I
Speaker 1: mean certainly we've seen in past emflacing pictures, you know,
Speaker 1: rates much higher than that, So we're certainly not pricing
Speaker 1: that in yet. But you know, clue the implications of
Speaker 1: that in terms of the consuming terms of companies, particularly
Speaker 1: those who have got more stretched balance sheets, those will
Speaker 1: be going to come through somewhat later than the rate hikes.
Speaker 1: So I think that's definitely someone's gonna keep watching them.
Speaker 1: Got about thirty seconds left here. Do you see opportunity
Speaker 1: in this market given the bearish sentiment we've been seeing
Speaker 1: over the last several months here, Yeah, absolutely we do.
Speaker 1: I mean I think you know, you've seen a number
Speaker 1: of companies really pulled back. I mean things like like
Speaker 1: Adobe for example. You know clearly there's some some worries
Speaker 1: about that further acquisition, but we think that looks extremely cheap.
Speaker 1: And also some of the things within Europe it's like
Speaker 1: like an Estial, Locks Artica or Perno for example. I mean,
Speaker 1: these aren't companies which are being particularly hit by by
Speaker 1: the macro situations, and I'm looking to value to us.
Speaker 1: Thank you, I really appreciate you coming on with us
Speaker 1: this morning. Charlotte Ryland is co head of Investments at
Speaker 1: c c l A Investment Management. Karen Verry, Nathan, thank you.
Speaker 1: It is five fifty three on Wall Street. Time for
Speaker 1: the Bloomberg The Law Report. It has brought to you
Speaker 1: by American Arbitration Association. Business disputes are inevitable, resolve faster
Speaker 1: with the American Arbitration Association, the global leader in alternative
Speaker 1: dispute resolution for over ninety years. More at a d
Speaker 1: R dot org. Now, let's get to the legal stories
Speaker 1: we're watching this morning. From Bloomberg's Jeff Bellinger, the Food
Speaker 1: and Drug Administration plans to allow the importation of certain
Speaker 1: infant formula products at least through October of twenty five.
Speaker 1: The National Labor Relations Board ruled the Team Mobile unlawfully
Speaker 1: disciplined a worker for sending a union related email, but
Speaker 1: the board set employers do have the right to restrict
Speaker 1: the use of workers email for non work issues. A
Speaker 1: Pizza Hut for Anchise, facing a proposed class action in
Speaker 1: Illinois over the collection of employee biometric information, has moved
Speaker 1: the state case to federal port. Bloomberg Law Everything you need,
Speaker 1: all on one legal research platform, including guidance Analysis and
Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg law dot com.
Speaker 1: All right, Jeff, thank you. Now another legal story we're watching.
Speaker 1: The new Supreme Court term starts today and this week
Speaker 1: the Court will hear an important case involving redistricting and
Speaker 1: the new districts being drawn around the country to govern
Speaker 1: the next decades elections. This case involves Alabama's congressional maps
Speaker 1: drawn by the Republican legislature, which packed black voters into
Speaker 1: one of seven districts in the state. For more, Bloomberg
Speaker 1: student Grosso speaks to former United States Solicitor General Gregory
Speaker 1: gar a partner at Latham and Watkins Meryl v. Milligan.
Speaker 1: Alabama's congressional map about tent of Alabama's residents are act,
Speaker 1: but there's only one majority black district out of seven
Speaker 1: in the state. So this is another election case. And
Speaker 1: the question in this case is vote dilution under the
Speaker 1: Voting Rights Act. And the allegation in this case is
Speaker 1: that the legislature has impermissibly diluted the black vote by
Speaker 1: splitting up black communities and drawing the congressional districts. And
Speaker 1: this is obviously an important and recurring issue and drawing
Speaker 1: districts across the country, and in some respects it overlaps
Speaker 1: with the admissions cases, and that you know, all of
Speaker 1: these cases involves questions of how race can be used
Speaker 1: by government decision makers. And the Voting Rights Act is
Speaker 1: an area that this Court has been fairly active in
Speaker 1: going back the past decade, and with the newly constituted
Speaker 1: court their number of recent justices who have come onto
Speaker 1: the Court before the last big voting rights case, this
Speaker 1: is an opportunity for the Court to re examine its
Speaker 1: precedents in this area and consider the proper role of
Speaker 1: race in a judicating a a solution case under the
Speaker 1: Voting Rights Act. So in February, the Court, in the
Speaker 1: five to four vote, put a hold on the lower
Speaker 1: courts order which had required Alabama to redraw the NAP
Speaker 1: and in her descent, Justice Kagan said that accepting Alabama's
Speaker 1: contentions would rewrite decades of this Court's precedent about the
Speaker 1: Voting Rights Act. I mean, if they did that, that
Speaker 1: wouldn't be particularly surprising considering what they've done to the
Speaker 1: Voting Rights Act even before the addition of the three
Speaker 1: Trump appointees. I mean, that's certainly true. If you go
Speaker 1: back to the Shelby County case, that was one of
Speaker 1: the more contentious cases that the Court has occurred and
Speaker 1: decided in the last ten years or so. And these
Speaker 1: are very divisive cases in which justices have strongly held views.
Speaker 1: So it won't be surprising if there are two different
Speaker 1: camps on this issue as to how the case comes out.
Speaker 1: And you know what that means for the Section two
Speaker 1: doctor going forward. We'll just have to wait and see.
Speaker 1: And as former United States Solicitor General Gregory gar speaking
Speaker 1: with Bloomberg student Grosso. Catch more of that interview, plus
Speaker 1: analysis of the latest legal news by subscribing to the
Speaker 1: Bloomberg Law Podcast or downloading the show at Bloomberg dot
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and on
Speaker 1: the Bloomberg terminal at b Law Go. Futures this morning,
Speaker 1: S and P futures anyway, are little change. DAL futures
Speaker 1: are higher up seventy eight points and now SDAYG futures
Speaker 1: lower down thirty eight. Ten year treasury up eleven thirty seconds.
Speaker 1: You know, three points seven eight percent, the yield on
Speaker 1: the two year four point one nine per cent, and
Speaker 1: the British pound one point four against the dollar. Still
Speaker 1: ahead on Bloomberg Daybreak and check on the business headlines
Speaker 1: and all the news you need to start your day.
Speaker 1: This is Bloomberg.