1 00:00:01,800 --> 00:00:05,039 Speaker 1: Life from the Bloomberg Interactive Burger Studios. This is Bloomberg 2 00:00:05,120 --> 00:00:08,920 Speaker 1: day Break for Friday, September two. Coming up this hour 3 00:00:09,080 --> 00:00:12,400 Speaker 1: hurricaney and takes in that the Carolinas as Florida deals 4 00:00:12,400 --> 00:00:14,680 Speaker 1: with the devastation stops begin the last day of the 5 00:00:14,760 --> 00:00:17,760 Speaker 1: quarter at twenty two month lows. The pound recoups all 6 00:00:17,800 --> 00:00:20,600 Speaker 1: its losses after last week's text cut announcement, and we'll 7 00:00:20,640 --> 00:00:23,040 Speaker 1: tell you why shares of Nike are not doing it 8 00:00:23,079 --> 00:00:26,400 Speaker 1: for investors. This morning, Shock grief and outrage over the 9 00:00:26,480 --> 00:00:28,680 Speaker 1: random stabbing death of a New York City E M. 10 00:00:28,760 --> 00:00:32,159 Speaker 1: S veteran plus Russian President poop and will finalize annexation 11 00:00:32,240 --> 00:00:35,640 Speaker 1: of Ukraine region. I'm Blachael Blair. More ahead, I'm John Stash. 12 00:00:35,640 --> 00:00:38,519 Speaker 1: Aaron Sports The Big Mets Brain Series begins to Night Atlanta, 13 00:00:38,520 --> 00:00:41,440 Speaker 1: Aaron Judge of the Yankees, host the Orioles NFL Bengals 14 00:00:41,440 --> 00:00:46,920 Speaker 1: beat the Dolbury. That's All's training ahead on Bloomberg Daybreak 15 00:00:47,240 --> 00:00:51,600 Speaker 1: on Bloomberg. He Living Free on New York Bloomberg one, Washington, 16 00:00:51,680 --> 00:00:55,320 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 17 00:00:55,360 --> 00:00:59,160 Speaker 1: sixties and Francisco Sirius x M one nine team and 18 00:00:59,240 --> 00:01:02,319 Speaker 1: around the world on Bloomberg Radio dot com and via 19 00:01:02,400 --> 00:01:09,319 Speaker 1: the Bloomberg Business and good Friday morning. I'm Nathan Hagar 20 00:01:09,640 --> 00:01:12,640 Speaker 1: and I'm Karen Moscow, and US index futures are higher 21 00:01:12,680 --> 00:01:14,399 Speaker 1: this morning. We're coming up to five o one on 22 00:01:14,440 --> 00:01:16,600 Speaker 1: Wall Street, and we check the markets every fifteen minutes 23 00:01:16,600 --> 00:01:20,080 Speaker 1: throughout the trading day. On Bloomberg SMP futures up thirty 24 00:01:20,120 --> 00:01:22,680 Speaker 1: five points down futures have two D thirty one, and 25 00:01:22,800 --> 00:01:25,759 Speaker 1: NASDACK futures have one hundred three ten year treasury up 26 00:01:25,760 --> 00:01:29,479 Speaker 1: eighteen thirty seconds, you know, three point seven one percent. Nathan, 27 00:01:29,520 --> 00:01:31,480 Speaker 1: all right, Karen, we'll get back to markets in a minute, 28 00:01:31,480 --> 00:01:33,319 Speaker 1: but first we want to get to the latest on 29 00:01:33,400 --> 00:01:36,680 Speaker 1: Hurricane Ian. It is a hurricane again, set for landfall 30 00:01:36,760 --> 00:01:40,240 Speaker 1: later today in South Carolina. President Biden has already declared 31 00:01:40,280 --> 00:01:43,880 Speaker 1: an emergency for the state. This woman is in Fort Myers, Florida, 32 00:01:43,920 --> 00:01:47,360 Speaker 1: where Ian came in as a powerful category four storm. 33 00:01:47,400 --> 00:01:50,800 Speaker 1: I am the stupidest woman. I'm from Florida. I went 34 00:01:50,840 --> 00:01:55,160 Speaker 1: through Andrew Irma, I decided to stay. Did not know 35 00:01:55,200 --> 00:01:56,680 Speaker 1: it's going to get to be a four and a five. 36 00:01:56,920 --> 00:01:59,880 Speaker 1: President Biden says Ian could be one of the deadliest 37 00:02:00,000 --> 00:02:03,840 Speaker 1: worms in Florida's history. The numbers of still are still unclear, 38 00:02:03,960 --> 00:02:07,320 Speaker 1: but we're hearing early reports of what may be substantial 39 00:02:07,840 --> 00:02:10,040 Speaker 1: loss of life. When the President says he has been 40 00:02:10,040 --> 00:02:13,000 Speaker 1: in touch with Florida Governor Rhonda Santis, the governor says 41 00:02:13,000 --> 00:02:16,080 Speaker 1: it will take time to confirm casualties, but rescuers have 42 00:02:16,240 --> 00:02:19,560 Speaker 1: been busy. There's been more than seven hundred confirmed rescues 43 00:02:19,600 --> 00:02:22,320 Speaker 1: and there's likely many more than that that will be 44 00:02:22,400 --> 00:02:25,639 Speaker 1: confirmed as more data comes in. Governor to Santa says 45 00:02:25,680 --> 00:02:27,919 Speaker 1: the state is trucking in supplies to those in need, 46 00:02:27,960 --> 00:02:31,079 Speaker 1: but blackouts could last for days. And we'll think you 47 00:02:31,160 --> 00:02:34,200 Speaker 1: posted on the latest damage and disruption from this store. 48 00:02:34,240 --> 00:02:36,880 Speaker 1: And but first, Nathan, let's turn back to the market's 49 00:02:37,000 --> 00:02:39,560 Speaker 1: It's the last day of the third quarter and stocks 50 00:02:39,560 --> 00:02:41,960 Speaker 1: begin this session at a twenty two month low. So 51 00:02:42,080 --> 00:02:45,400 Speaker 1: far this quarter, one point three trillion dollars has been 52 00:02:45,480 --> 00:02:48,400 Speaker 1: wiped off the value of the SNP five D and 53 00:02:48,560 --> 00:02:51,560 Speaker 1: c f r A. Chief investment strategist Sam Stovall says 54 00:02:51,840 --> 00:02:55,920 Speaker 1: October could be even worse, even though September does have 55 00:02:56,000 --> 00:03:00,840 Speaker 1: a reputation of being volatile. Of the trading days in 56 00:03:00,919 --> 00:03:04,720 Speaker 1: September typically see a one percent move either up or down, 57 00:03:05,040 --> 00:03:07,519 Speaker 1: but we've had two and a half times that number 58 00:03:07,520 --> 00:03:10,160 Speaker 1: this year. And if you think September is bad, just 59 00:03:10,200 --> 00:03:14,680 Speaker 1: wait till October because that traditionally sees thirty six more 60 00:03:14,840 --> 00:03:18,040 Speaker 1: volatility than the average for the other eleven months of 61 00:03:18,080 --> 00:03:21,400 Speaker 1: the year. Cef A Sam stove All expects stocks too 62 00:03:21,520 --> 00:03:24,680 Speaker 1: soon retest their lows, and hawks talk from the fed's 63 00:03:24,680 --> 00:03:28,040 Speaker 1: been weighing on markets, Karen. San Francisco FED President Mary 64 00:03:28,120 --> 00:03:30,880 Speaker 1: Daily says the Central Bank is committed to raising interest 65 00:03:30,960 --> 00:03:34,760 Speaker 1: rates until it restores price stability. Navigating the economy toward 66 00:03:34,800 --> 00:03:38,640 Speaker 1: a more sustainable path necessitates higher interest rates in a 67 00:03:38,760 --> 00:03:42,200 Speaker 1: down shift in the pace of economic activity and the 68 00:03:42,280 --> 00:03:46,760 Speaker 1: labor market, but for now inducing a deep recession the 69 00:03:46,840 --> 00:03:49,040 Speaker 1: kind we had back in the nineteen eighties, or some 70 00:03:49,080 --> 00:03:52,200 Speaker 1: would even think of the Great Recession, that is not warranted. 71 00:03:52,880 --> 00:03:55,880 Speaker 1: San Francisco FED President Mary Daily says she is worried 72 00:03:55,880 --> 00:03:59,000 Speaker 1: about possibly tightening policy too much. Well, the Fed is 73 00:03:59,080 --> 00:04:01,840 Speaker 1: keeping its eye on eight nomic data. Nathan, including another 74 00:04:01,880 --> 00:04:05,080 Speaker 1: report on sentiment this morning we get September is reading 75 00:04:05,080 --> 00:04:07,920 Speaker 1: from the University of Michigan at ten am Wall Street Time, 76 00:04:08,200 --> 00:04:10,240 Speaker 1: and we get a preview from Bloomberg's of any down 77 00:04:10,320 --> 00:04:14,040 Speaker 1: Judas the University of Michigan consumer sentiment index has been 78 00:04:14,160 --> 00:04:18,360 Speaker 1: recovering after setting a record low in June gasoline prices. 79 00:04:18,440 --> 00:04:22,400 Speaker 1: If he's somewhat dangerous, persists, though there's talk about recession 80 00:04:22,480 --> 00:04:26,320 Speaker 1: with the Federal Reserve raising interest rates to fight inflation. Moreover, 81 00:04:26,400 --> 00:04:29,920 Speaker 1: Bloomberg Economics says Americans are worry of the inflation outlook 82 00:04:30,160 --> 00:04:32,600 Speaker 1: with uncertainty about the costs are living running at the 83 00:04:32,680 --> 00:04:37,039 Speaker 1: highest in forty years, they Judas Bloomberg Day Break, All right, Vinnie, 84 00:04:37,080 --> 00:04:39,560 Speaker 1: thank you. In Europe this morning, the pound has rallied 85 00:04:39,560 --> 00:04:43,040 Speaker 1: back to levels last scene before the government announced controversial 86 00:04:43,080 --> 00:04:45,880 Speaker 1: tax cuts last week. Let's go live to London and 87 00:04:45,880 --> 00:04:48,040 Speaker 1: get the latest with Bloomberg's You and Potts. Good morning, 88 00:04:48,600 --> 00:04:50,760 Speaker 1: Good morning Nathan and caring the pound higher for a 89 00:04:50,920 --> 00:04:53,800 Speaker 1: fourth day today is his trade is speculate the government 90 00:04:53,839 --> 00:04:56,599 Speaker 1: will be forced to backtrack from his big package of 91 00:04:56,760 --> 00:05:00,279 Speaker 1: unfunded taxcts. The butt of the currency and bomba Kit's 92 00:05:00,360 --> 00:05:03,240 Speaker 1: earlier this week. The move caps an extremely volatile week 93 00:05:03,279 --> 00:05:06,440 Speaker 1: for UK markets, which saw the dramatic intervention of the 94 00:05:06,480 --> 00:05:08,960 Speaker 1: Bank of England's new prime minister List Trust is at 95 00:05:08,960 --> 00:05:12,200 Speaker 1: the Conservative Party conference this weekend, and one flash opinion 96 00:05:12,200 --> 00:05:16,760 Speaker 1: poll puts A thirty three points behind the opposition Labor Party. Elsewhere, 97 00:05:16,800 --> 00:05:19,200 Speaker 1: just in the last few minutes, your area inflation has 98 00:05:19,279 --> 00:05:22,520 Speaker 1: hit double digits for the first time ever. In London, 99 00:05:22,560 --> 00:05:25,000 Speaker 1: I'm you in parts Bloomberg, daybreak, All right you and thanks. 100 00:05:25,000 --> 00:05:28,280 Speaker 1: In Asia, overnight, starks fell again, putting the regional benchmark 101 00:05:28,320 --> 00:05:30,720 Speaker 1: on course for its worst a monthly performance in two 102 00:05:30,760 --> 00:05:33,000 Speaker 1: thousand and eight. We get the reak out from Bloomberg's 103 00:05:33,040 --> 00:05:36,479 Speaker 1: Juliet Sally In Singapore. Good morning, Juliet, Good morning Karen. 104 00:05:36,520 --> 00:05:39,320 Speaker 1: The ms CI Asia Pacific Index remained at April twenty 105 00:05:39,360 --> 00:05:42,320 Speaker 1: twenty lows to cap at seventh straight week of declines. 106 00:05:42,640 --> 00:05:45,280 Speaker 1: Equities in Japan, which has the highest weight in the 107 00:05:45,279 --> 00:05:48,760 Speaker 1: Asia Index, were the biggest losers. Chinese tech shares listed 108 00:05:48,800 --> 00:05:51,479 Speaker 1: in Hong Kong also under pressure, and over the week, 109 00:05:51,520 --> 00:05:53,839 Speaker 1: the regional benchmark index fell four and a half percent, 110 00:05:54,000 --> 00:05:57,799 Speaker 1: the most in three months. In Singapore, Juliette Sally Bloomberg daybreak, 111 00:05:57,880 --> 00:06:00,120 Speaker 1: All right, Juliet. Thanks. Back here in the US, we 112 00:06:00,160 --> 00:06:02,200 Speaker 1: have some corporate news of note, including the end of 113 00:06:02,240 --> 00:06:06,080 Speaker 1: an era at Facebook parent Meta CEO Mark Zuckerberg's outline 114 00:06:06,120 --> 00:06:09,159 Speaker 1: plans to reorganize teams and reduce headcount for the first 115 00:06:09,160 --> 00:06:13,119 Speaker 1: time ever. Bloomberg Technology reporter Kurt Wagner broke the news 116 00:06:13,160 --> 00:06:16,680 Speaker 1: late yesterday. In some cases, you know, when someone leaves 117 00:06:16,680 --> 00:06:19,159 Speaker 1: a team, they're just not going to fill that role again. 118 00:06:19,320 --> 00:06:21,400 Speaker 1: Some people are going to be moving from team to team, 119 00:06:21,400 --> 00:06:23,880 Speaker 1: and then in some cases they're gonna be kicking out 120 00:06:24,040 --> 00:06:27,640 Speaker 1: low performers, right, which is a pretty drastic thing that 121 00:06:27,680 --> 00:06:30,040 Speaker 1: we haven't seen that Facebook in a long time or ever. 122 00:06:30,480 --> 00:06:32,800 Speaker 1: And so this really just feels like a moment, right 123 00:06:32,839 --> 00:06:36,080 Speaker 1: this company that has been growing and expanding for eighteen 124 00:06:36,120 --> 00:06:39,120 Speaker 1: years finally hitting a bit of an issue here. Bloomberg's 125 00:06:39,200 --> 00:06:41,560 Speaker 1: Kirt Wagner says Metal will likely be a smaller company 126 00:06:41,600 --> 00:06:43,880 Speaker 1: in three than it was this year. Right now, the 127 00:06:43,880 --> 00:06:46,200 Speaker 1: shares are up more than one percent in early trading. 128 00:06:46,400 --> 00:06:48,479 Speaker 1: Well on the flip side, Nathan shares a Nike down 129 00:06:48,480 --> 00:06:51,320 Speaker 1: more than nine percent. The company reported a surge in 130 00:06:51,320 --> 00:06:55,040 Speaker 1: inventory and is pushing through discounts that her profitability. Higher 131 00:06:55,080 --> 00:06:58,119 Speaker 1: freight costs and foreign exchange effects are also hurting Nike 132 00:06:58,560 --> 00:07:01,000 Speaker 1: and Micron is slashing pretty auction, Karen because of a 133 00:07:01,040 --> 00:07:03,800 Speaker 1: steep plunge in demand. The biggest US chip maker is 134 00:07:03,880 --> 00:07:07,560 Speaker 1: forecasting quarterly sales almost two billion dollars below estimates, so 135 00:07:07,760 --> 00:07:10,760 Speaker 1: the stock is higher. On news, Japan will subsidize Microns 136 00:07:10,800 --> 00:07:14,800 Speaker 1: push to produce its new advanced chips in Hiroshima. Straight ahead, 137 00:07:14,840 --> 00:07:18,080 Speaker 1: we have your latest local headlines, plus a check of sports. 138 00:07:18,160 --> 00:07:25,000 Speaker 1: This is Bloomberg and it is now five oh seven 139 00:07:25,120 --> 00:07:27,880 Speaker 1: on Wall Street. We're fifty three degrees in Central Park 140 00:07:27,880 --> 00:07:30,400 Speaker 1: on an accident on the westbound Hempstead Turnpike near Root 141 00:07:30,480 --> 00:07:33,240 Speaker 1: one oh six. Details coming up in traffic. First Michael 142 00:07:33,240 --> 00:07:34,960 Speaker 1: bar with more on what's going on in New York 143 00:07:35,000 --> 00:07:37,640 Speaker 1: and around the world. Good morning, Michael, Good morning Nathan. 144 00:07:37,680 --> 00:07:40,120 Speaker 1: A suspect is in custody and the fatal staffing of 145 00:07:40,120 --> 00:07:42,520 Speaker 1: a sixty one year old f D n Y Emergency 146 00:07:42,600 --> 00:07:46,520 Speaker 1: Medical Services lieutenant. Police say she was stabbed multiple times 147 00:07:46,600 --> 00:07:51,120 Speaker 1: yesterday afternoon in an unprovoked attack while on duty. New 148 00:07:51,200 --> 00:07:55,520 Speaker 1: York City Mayor Eric Adams. One of our heroes, Alison 149 00:07:55,640 --> 00:08:02,600 Speaker 1: russo At, twenty five year veteran of the department, stabbed 150 00:08:02,640 --> 00:08:06,840 Speaker 1: by an assailant. Mayor Adams says Russo was standing outside 151 00:08:07,320 --> 00:08:09,520 Speaker 1: f D N Y E M S station in Queens 152 00:08:09,800 --> 00:08:13,120 Speaker 1: when the violence occurred. Russo was taken to a Queen's hospital, 153 00:08:13,120 --> 00:08:16,480 Speaker 1: where she was pronounced dead. Russo's death sparked an outpouring 154 00:08:16,520 --> 00:08:19,320 Speaker 1: of emotion and sympathy outside the hospital, with lots of 155 00:08:19,320 --> 00:08:24,680 Speaker 1: tears and hugs. N YPD Commissioner keeaching Seoul, this deadly, senseless, 156 00:08:24,880 --> 00:08:27,800 Speaker 1: broad daylight attack on a uniformed E M team member 157 00:08:27,920 --> 00:08:31,280 Speaker 1: is a direct assault on our society. It is the 158 00:08:31,360 --> 00:08:35,600 Speaker 1: latest consequence of the violence that we relentlessly fight in 159 00:08:35,640 --> 00:08:37,959 Speaker 1: our city. The suspect of thirty or four year old 160 00:08:38,000 --> 00:08:40,719 Speaker 1: man has not been charged yet. Police so far did 161 00:08:40,720 --> 00:08:43,880 Speaker 1: not have a motive for the stabbing. Russian President Vladimir 162 00:08:43,920 --> 00:08:46,360 Speaker 1: Putin is expected to deliver a major address at the 163 00:08:46,400 --> 00:08:51,280 Speaker 1: Kremlin today formerly annexing for Ukrainian regions. This after wholing 164 00:08:51,360 --> 00:08:55,200 Speaker 1: what Ukraine and Western countries said, we're phony referendums in 165 00:08:55,240 --> 00:08:58,600 Speaker 1: the Russian occupied areas, President Biden made it clear the 166 00:08:58,679 --> 00:09:02,760 Speaker 1: US will never recognize Russia's attempt to claim Ukrainian territory. 167 00:09:03,040 --> 00:09:07,280 Speaker 1: The so called referendum was a sham, an absolute sham. 168 00:09:07,440 --> 00:09:11,360 Speaker 1: The results were manufactured in Moscow. President Biden made his 169 00:09:11,400 --> 00:09:14,440 Speaker 1: comments to Pacific Island leaders at the White House. The 170 00:09:14,480 --> 00:09:17,640 Speaker 1: wife of Supreme Court Justice Clarence Thomas, appeared before the 171 00:09:17,679 --> 00:09:21,520 Speaker 1: January six committee investigating the Capitol riot in the days 172 00:09:21,600 --> 00:09:25,320 Speaker 1: after the election. Jenny Thomas urged the Trump White House 173 00:09:25,360 --> 00:09:28,600 Speaker 1: to fight back and emailed state lawmakers asking them to 174 00:09:28,600 --> 00:09:32,560 Speaker 1: help overturn the election results. Committee chairman Benny Thompson said 175 00:09:32,559 --> 00:09:35,080 Speaker 1: that she answered some of the questions that were put 176 00:09:35,120 --> 00:09:37,920 Speaker 1: before her. Her lawyer later came out and said she 177 00:09:38,000 --> 00:09:41,959 Speaker 1: answered all the questions. The Senate voted overwhelmingly to approve 178 00:09:42,040 --> 00:09:44,720 Speaker 1: an interim spending bill that would keep the government open 179 00:09:44,800 --> 00:09:48,160 Speaker 1: until mid December. The House still has to consider the legislation. 180 00:09:48,480 --> 00:09:50,920 Speaker 1: Global News twenty four hours a day on air and 181 00:09:51,040 --> 00:09:54,319 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 182 00:09:54,360 --> 00:09:57,320 Speaker 1: journalist and analysts more than a hundred twenty countries. Michael 183 00:09:57,360 --> 00:09:59,840 Speaker 1: bar this is Bloomberg, Na't it okay? Michael? Thank you 184 00:10:04,600 --> 00:10:06,280 Speaker 1: coming up to five ten on All Street time for 185 00:10:06,320 --> 00:10:09,360 Speaker 1: the Bloomberg Sports up TAKEO. Morning John Stenshown or Morning Nathan. 186 00:10:09,400 --> 00:10:13,400 Speaker 1: You can't underestimate the significance of this Mets Braves series 187 00:10:13,440 --> 00:10:15,320 Speaker 1: that begins tonight in Atlanta. Though both teams are going 188 00:10:15,320 --> 00:10:18,079 Speaker 1: to the playoffs, winning the division means not having to 189 00:10:18,160 --> 00:10:20,400 Speaker 1: play in the best of three wild cards series. It 190 00:10:20,440 --> 00:10:22,720 Speaker 1: means being able to set up your rotation until your 191 00:10:22,720 --> 00:10:24,760 Speaker 1: best pictures can go to the start of the division round. 192 00:10:24,760 --> 00:10:27,000 Speaker 1: And it means not having to play the Dodgers until 193 00:10:27,040 --> 00:10:30,640 Speaker 1: the NLCS. Dodgers have won eight games. Mets lead the 194 00:10:30,679 --> 00:10:33,240 Speaker 1: Braves by one. They'll have Jacob Graham on the mount 195 00:10:33,240 --> 00:10:35,160 Speaker 1: tonight with Max. Shows are going tomorrow, and the Mets 196 00:10:35,160 --> 00:10:38,240 Speaker 1: have called up their top prospect, twenty year old catcher 197 00:10:38,280 --> 00:10:41,840 Speaker 1: Francisco Alvarez. He might be the d h tonight. Yankees 198 00:10:41,880 --> 00:10:44,680 Speaker 1: home for the Orioles. When Hank Aaron broke Babe Ruth's 199 00:10:44,679 --> 00:10:47,440 Speaker 1: home run record nineteen seventy four, he broke it in 200 00:10:47,520 --> 00:10:50,800 Speaker 1: his first game after tying it. We'll see Daron Judge does. Likewise, 201 00:10:50,880 --> 00:10:53,960 Speaker 1: Judge has had this remarkable season as a free agent 202 00:10:54,040 --> 00:10:56,680 Speaker 1: to Babe. The Yankees want to resign him. The team 203 00:10:56,720 --> 00:11:01,400 Speaker 1: president is Randy Leming like Yankee. Uh we love having 204 00:11:01,440 --> 00:11:04,680 Speaker 1: him be Yankee. You know, being a Yankee is different 205 00:11:04,679 --> 00:11:08,600 Speaker 1: than anything else, So I'm hopeful. All I can tell 206 00:11:08,640 --> 00:11:13,319 Speaker 1: you is health Steinbrenner, the entire organization, myself, Brian Kishman, 207 00:11:13,360 --> 00:11:16,400 Speaker 1: We're not gonna leave any stone on turned trying to 208 00:11:16,400 --> 00:11:18,679 Speaker 1: bring him back. Andy Leavin, a guest on The Bloomberg 209 00:11:18,720 --> 00:11:21,079 Speaker 1: Business a Sports her tonight at seven, or listen to the 210 00:11:21,040 --> 00:11:24,640 Speaker 1: the podcast on Apple, Spotify, Stitcher or anywhere you get 211 00:11:24,640 --> 00:11:26,920 Speaker 1: through podcasts. There's a right football kicking out. Week four. 212 00:11:26,960 --> 00:11:31,320 Speaker 1: Cincinnati rallied fourth quarter beat in Miami fifteen. First loss 213 00:11:31,320 --> 00:11:34,600 Speaker 1: with the Dolphins leaves Philadelphia as the NFL's loan on being. 214 00:11:34,640 --> 00:11:37,680 Speaker 1: Despite the storm in Tampa, the Chiefs Bucks game will 215 00:11:37,720 --> 00:11:40,880 Speaker 1: be played in Tampa on Sunday. John Stash that were 216 00:11:40,880 --> 00:11:44,440 Speaker 1: Bloomberg Sports Nathan all Right, John, thank you. SMP futures 217 00:11:44,520 --> 00:11:46,679 Speaker 1: right now are up thirty three point. Stown futures down 218 00:11:46,679 --> 00:11:48,960 Speaker 1: two to twenty are up two to twenty four. They 219 00:11:48,960 --> 00:11:52,080 Speaker 1: are higher this morning, and NASTAC futures are on the 220 00:11:52,200 --> 00:11:56,320 Speaker 1: rise by night points. We check in next with St. Dwack, 221 00:11:56,520 --> 00:12:00,080 Speaker 1: chief investment officer at Flow Bank, looking ahead to the 222 00:12:00,120 --> 00:12:04,240 Speaker 1: fourth quarter after three straight down quarters this year. This 223 00:12:04,480 --> 00:12:09,840 Speaker 1: is Bloomberg Bloomberg eleven three oh weather mostly cloudy, upper 224 00:12:09,920 --> 00:12:13,560 Speaker 1: sixties today, light rain from Ian moves. In tomorrow we'll 225 00:12:13,600 --> 00:12:17,400 Speaker 1: have a high near sixty five and showers Sunday low sixties. 226 00:12:17,559 --> 00:12:23,400 Speaker 1: Right now fifty three in Central Park markets, headlines and 227 00:12:23,520 --> 00:12:26,800 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 228 00:12:26,920 --> 00:12:30,520 Speaker 1: The Bloomberg Business at and at Bloomberg Quick Takes a 229 00:12:30,559 --> 00:12:40,079 Speaker 1: Bloomberg Business Lash and I'm Karen Moscow. The updates brought 230 00:12:40,080 --> 00:12:42,719 Speaker 1: to you by s E. I said managers don't get 231 00:12:42,760 --> 00:12:44,880 Speaker 1: results that are off the charts when their solutions are 232 00:12:44,920 --> 00:12:48,280 Speaker 1: off the shelf. Learn how sei is operating platform can 233 00:12:48,320 --> 00:12:52,120 Speaker 1: turn infrastructure into a competitive advantage at sei C dot Com. 234 00:12:52,200 --> 00:12:56,640 Speaker 1: Slash Tech European stocks rising with government bonds signaling a 235 00:12:56,679 --> 00:12:59,920 Speaker 1: potential recovery at the end of a tumultuous week in market. 236 00:13:00,440 --> 00:13:03,920 Speaker 1: US DOCK index futures are also gaining following another bruising 237 00:13:03,960 --> 00:13:06,880 Speaker 1: session on Wall Street that took the SMP five hundred 238 00:13:06,880 --> 00:13:09,360 Speaker 1: down two percent of the lowest in almost two years, 239 00:13:09,640 --> 00:13:12,520 Speaker 1: and send the tech heavy NASDAC tumbling almost four percent. 240 00:13:12,720 --> 00:13:15,320 Speaker 1: We checked the markets every fifteen minutes throughout the trading day. 241 00:13:15,440 --> 00:13:18,760 Speaker 1: On Bloomberg, SNP futures of twenty eight points this morning, 242 00:13:18,800 --> 00:13:21,320 Speaker 1: down futures of a hundred eighty three and now stack 243 00:13:21,360 --> 00:13:24,880 Speaker 1: futures of eight two. The decks in Germany is up 244 00:13:25,000 --> 00:13:28,079 Speaker 1: one percent. Ten year treasury up eighteen thirty seconds, you know, 245 00:13:28,120 --> 00:13:30,839 Speaker 1: three point seven one percent yield on the two year 246 00:13:30,920 --> 00:13:34,320 Speaker 1: four point one six percent, nine x screwed oils at 247 00:13:34,360 --> 00:13:36,720 Speaker 1: one point four percent, up a dollar seventeen at eighty 248 00:13:36,720 --> 00:13:39,560 Speaker 1: two dollars forty cents of barrel comes gold up six 249 00:13:39,559 --> 00:13:42,320 Speaker 1: tenths percent or ten dollars eighty cents at sixteen seventy 250 00:13:42,400 --> 00:13:45,920 Speaker 1: nine thirty announced the euro point nine two five against 251 00:13:45,920 --> 00:13:48,480 Speaker 1: the dollar. British found one point one one seven five 252 00:13:48,760 --> 00:13:51,560 Speaker 1: they had one forty four point to eight and Bitcoin 253 00:13:51,679 --> 00:13:54,200 Speaker 1: this morning of a third of u percent at nineteen thousand, 254 00:13:54,520 --> 00:13:57,680 Speaker 1: five hundred dollars. That's a bloomberg business flash. Now here's 255 00:13:57,679 --> 00:14:00,120 Speaker 1: Michael Barr with more on what's going on around there. 256 00:14:01,240 --> 00:14:04,320 Speaker 1: Good morning, Karen Ian. Now, a hurricane again is threatening 257 00:14:04,360 --> 00:14:07,560 Speaker 1: to carve a new path of destruction through South Carolina 258 00:14:07,640 --> 00:14:10,120 Speaker 1: today and when it roars a short north of Charleston, 259 00:14:10,520 --> 00:14:13,000 Speaker 1: forecasters say the storm will drive a surge of water 260 00:14:13,080 --> 00:14:16,720 Speaker 1: into the city of three to six feet. Government officials say, 261 00:14:16,840 --> 00:14:21,720 Speaker 1: Russian President Vladimir Putin will officially annex four occupied regions 262 00:14:21,720 --> 00:14:26,200 Speaker 1: of Ukraine totally percent of Ukraine's territory. At a formal 263 00:14:26,320 --> 00:14:30,200 Speaker 1: signing ceremony today, the U N Secretary General will condemn 264 00:14:30,320 --> 00:14:33,880 Speaker 1: Russia's action, saying it has no legal value, it must 265 00:14:33,880 --> 00:14:37,760 Speaker 1: not be accepted. In baseball, the Yankees host the Orioles Tonight, 266 00:14:37,840 --> 00:14:40,960 Speaker 1: Aaron Judge will go for sixty two Homer's passing Roger 267 00:14:41,000 --> 00:14:44,320 Speaker 1: Merras's a L record. Last night, the Red Sox beat 268 00:14:44,360 --> 00:14:47,080 Speaker 1: the Orioles five three. The A's lost the Giants. One 269 00:14:47,360 --> 00:14:51,680 Speaker 1: Thursday Night football, the Bengals beat the Dolphins. Global news 270 00:14:51,720 --> 00:14:54,840 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 271 00:14:55,000 --> 00:14:58,280 Speaker 1: powered by more than journalists analysts more than a hundred 272 00:14:58,280 --> 00:15:02,160 Speaker 1: twenty countries. Michael Bard is Bloomberg. Michael, thank you. It's 273 00:15:02,200 --> 00:15:04,920 Speaker 1: five twenty on Wall Street Live from the Bloomberg Interacted 274 00:15:04,960 --> 00:15:08,520 Speaker 1: Broker Studios. This is Bloomberg Daybreak, as we get ready 275 00:15:08,560 --> 00:15:11,680 Speaker 1: to close the books on another rough quarter for equities. 276 00:15:11,720 --> 00:15:15,440 Speaker 1: Were joined this morning by st. Dwack, chief investment Officer 277 00:15:15,560 --> 00:15:18,920 Speaker 1: at Flow Bank. STI. Good morning. We're seeing some relief 278 00:15:19,000 --> 00:15:22,440 Speaker 1: going on in futures this morning, but we've seen one 279 00:15:22,520 --> 00:15:25,720 Speaker 1: point three trillion dollars in value white from the SMP 280 00:15:25,880 --> 00:15:31,160 Speaker 1: five hundred this quarter. How much further could this bearishness go? 281 00:15:31,160 --> 00:15:34,200 Speaker 1: Good morning, Well, that that is the question on everyone's mind. 282 00:15:34,320 --> 00:15:37,360 Speaker 1: I think there is still room to go as we 283 00:15:37,400 --> 00:15:40,680 Speaker 1: continue to get some bad news or some bad surprises, 284 00:15:40,760 --> 00:15:44,560 Speaker 1: including from a couple of companies ahead of the earning season. 285 00:15:45,360 --> 00:15:48,560 Speaker 1: But at the same time markets have become so negative. 286 00:15:48,640 --> 00:15:52,480 Speaker 1: Sentiment is so bearished, positioning is very light, cash levels 287 00:15:52,480 --> 00:15:55,600 Speaker 1: are high. I think the downside is starting to become 288 00:15:55,600 --> 00:15:59,080 Speaker 1: more limited. Now are you looking for a bottom pretty soon? 289 00:15:59,120 --> 00:16:02,640 Speaker 1: Then where would that to be for you? Well, so 290 00:16:02,800 --> 00:16:05,560 Speaker 1: the level is is tricky at this point. We've seen 291 00:16:05,600 --> 00:16:08,960 Speaker 1: some very big move in moves in markets just throughout 292 00:16:09,000 --> 00:16:11,400 Speaker 1: the day right so to this morning's future is could 293 00:16:12,160 --> 00:16:15,040 Speaker 1: very easily reverse later. But I think at some point 294 00:16:15,080 --> 00:16:17,360 Speaker 1: in October we're going to start to see a reversal 295 00:16:17,360 --> 00:16:20,360 Speaker 1: and risk assets. It will take time and it probably 296 00:16:20,400 --> 00:16:22,800 Speaker 1: won't be in a straight line, but I think we 297 00:16:22,880 --> 00:16:25,480 Speaker 1: are going to have a better better performance into the 298 00:16:25,560 --> 00:16:29,040 Speaker 1: end of the year. Despite the FED continuing to hammer 299 00:16:29,080 --> 00:16:32,160 Speaker 1: the drum for higher for longer interest rates, you think 300 00:16:32,440 --> 00:16:35,720 Speaker 1: we could start to see a little bit more of 301 00:16:35,880 --> 00:16:40,360 Speaker 1: positive sentiment move in. Despite that, I think the market 302 00:16:40,520 --> 00:16:43,760 Speaker 1: knows that higher for longer is staying that there won't 303 00:16:43,800 --> 00:16:46,600 Speaker 1: be a Fed pivot even if growth starts to weaken. 304 00:16:47,320 --> 00:16:50,960 Speaker 1: But you're getting continued signs of disinflation and I think 305 00:16:51,000 --> 00:16:52,880 Speaker 1: that is going to continue, and that's going to help 306 00:16:52,960 --> 00:16:55,520 Speaker 1: alleviate some of the market fears that the FED doesn't 307 00:16:55,520 --> 00:16:58,200 Speaker 1: have to be more aggressive than what they've laid out 308 00:16:58,280 --> 00:17:01,800 Speaker 1: right now. And at some went within the next sort 309 00:17:01,840 --> 00:17:03,600 Speaker 1: of month and a half or something, once we get 310 00:17:03,600 --> 00:17:07,520 Speaker 1: to that November meeting will have hiked over four UM 311 00:17:07,560 --> 00:17:10,400 Speaker 1: in just you know, six or nine months. The Fed 312 00:17:10,600 --> 00:17:12,680 Speaker 1: knows that there is a lag effect, and it might 313 00:17:12,720 --> 00:17:15,160 Speaker 1: give it a little bit of time, so we might 314 00:17:15,200 --> 00:17:18,640 Speaker 1: be closer to something, maybe not a pause and normalization 315 00:17:18,680 --> 00:17:20,560 Speaker 1: in the rates or a few smaller rates to come, 316 00:17:20,600 --> 00:17:23,320 Speaker 1: but the bulk should soon be behind us, and I 317 00:17:23,320 --> 00:17:25,480 Speaker 1: think that's going to help markets as well. So where 318 00:17:25,480 --> 00:17:28,040 Speaker 1: are you going to look for opportunity? Then if we 319 00:17:28,200 --> 00:17:33,680 Speaker 1: start to see interest rates level off at least, where 320 00:17:33,760 --> 00:17:38,000 Speaker 1: is the opportunity, Well, we're looking to gradually add back 321 00:17:38,000 --> 00:17:41,200 Speaker 1: to equity markets, um and again this is going to 322 00:17:41,320 --> 00:17:43,840 Speaker 1: take a bit of time. For now, it really still 323 00:17:43,960 --> 00:17:48,200 Speaker 1: is all about cash. But within equities, I think tech 324 00:17:48,400 --> 00:17:50,879 Speaker 1: should do well at the next earning season. I think 325 00:17:50,920 --> 00:17:53,080 Speaker 1: they'll prove to be more or the majority of the 326 00:17:53,080 --> 00:17:56,400 Speaker 1: company's will prove to be more resilient, and I think 327 00:17:56,440 --> 00:17:59,560 Speaker 1: that will help lead the market higher. How do you 328 00:17:59,600 --> 00:18:02,680 Speaker 1: see shaking out overall? We've had a lot of earnings 329 00:18:02,720 --> 00:18:05,600 Speaker 1: down grades up to this point. We've gotten yet more 330 00:18:05,680 --> 00:18:10,040 Speaker 1: news from meta platforms about job cuts, Nike coming in 331 00:18:10,119 --> 00:18:15,200 Speaker 1: with some negative readings as well. Is there further downgrades 332 00:18:15,320 --> 00:18:18,320 Speaker 1: in store or could we see companies start to position 333 00:18:18,359 --> 00:18:22,000 Speaker 1: themselves a little more positively. I don't think we're gonna 334 00:18:22,040 --> 00:18:25,000 Speaker 1: see a lot of more positive What we're seeing is 335 00:18:25,040 --> 00:18:29,080 Speaker 1: that in general, end demand hasn't softened so much. It's 336 00:18:29,080 --> 00:18:32,240 Speaker 1: a lot. I mean, it's margins for Nike, UH defects 337 00:18:32,280 --> 00:18:34,360 Speaker 1: revenue obviously they didn't count it so much, but that's 338 00:18:34,359 --> 00:18:38,720 Speaker 1: not helping UH very often. You've still seen that sort 339 00:18:38,720 --> 00:18:41,760 Speaker 1: of consumption hold up a little bit. And some of 340 00:18:41,800 --> 00:18:44,480 Speaker 1: these job openings or job cuts are feeding right into 341 00:18:44,520 --> 00:18:47,280 Speaker 1: what the Fed wants to hear, right, um, so, so 342 00:18:47,320 --> 00:18:49,119 Speaker 1: that's going to be a little helpful. But I do 343 00:18:49,240 --> 00:18:52,240 Speaker 1: think the market is prepared for bad news and is 344 00:18:52,320 --> 00:18:54,320 Speaker 1: starting to price in quite a bit of bad news 345 00:18:54,320 --> 00:18:56,560 Speaker 1: from the earning season. We'll see if we get a 346 00:18:56,560 --> 00:18:59,600 Speaker 1: couple of big surprises that are much worse than expected. 347 00:19:00,000 --> 00:19:02,760 Speaker 1: But I wouldn't expect too much of much better than expected. 348 00:19:02,800 --> 00:19:07,040 Speaker 1: Maybe just the market thinking not worse than expected. Just 349 00:19:07,080 --> 00:19:09,440 Speaker 1: about thirty seconds left here, Steve. But when it comes 350 00:19:09,480 --> 00:19:13,160 Speaker 1: to bad news, what's you're feeling on whether we could 351 00:19:13,240 --> 00:19:15,760 Speaker 1: be in for a recession, whether it could be a 352 00:19:15,800 --> 00:19:19,800 Speaker 1: long lasting recession. What's your call on that for now? 353 00:19:19,960 --> 00:19:22,200 Speaker 1: I mean, I think we're going to have some kind 354 00:19:22,240 --> 00:19:25,200 Speaker 1: of slowdown, or as in a protracted slowdown. I don't 355 00:19:25,200 --> 00:19:26,840 Speaker 1: know how deep it's going to be. I think we 356 00:19:26,880 --> 00:19:31,240 Speaker 1: can hover close to zero or below UM and then 357 00:19:31,359 --> 00:19:33,960 Speaker 1: recover at some point next year. But I'm not in 358 00:19:34,000 --> 00:19:37,199 Speaker 1: the deep procession camp today. Thanks est, great having you 359 00:19:37,200 --> 00:19:39,760 Speaker 1: on with us this morning. S D. Dwack, chief investment 360 00:19:39,840 --> 00:19:44,359 Speaker 1: Officer at Flow Bank. As we watch futures rise just 361 00:19:44,480 --> 00:19:47,200 Speaker 1: a bit, SMP futures are up twenty five point, STAFF 362 00:19:47,200 --> 00:19:49,960 Speaker 1: futures up a hundred seventy four, and NASTAC futures a 363 00:19:50,000 --> 00:19:52,760 Speaker 1: gain of sixty nine points. The tenure treasury is up 364 00:19:52,840 --> 00:19:56,440 Speaker 1: eighteen thirty seconds, yield three point seven one per cent 365 00:19:57,000 --> 00:19:59,440 Speaker 1: and yield on the two year Right now four point 366 00:19:59,480 --> 00:20:08,200 Speaker 1: one five. You're listening to Bloomberg Daybreak Bloomberg eleven three 367 00:20:08,200 --> 00:20:11,119 Speaker 1: oh weather mostly cloudy, upper sixties today, light rain for me, 368 00:20:11,160 --> 00:20:13,840 Speaker 1: and moves in tomorrow. We'll get into the mid sixties. 369 00:20:14,160 --> 00:20:17,840 Speaker 1: Showers for Sunday, low sixties for highs Right now fifty 370 00:20:17,920 --> 00:20:24,919 Speaker 1: three in Central Park, broadcasting live from the Bloomberg Interactive 371 00:20:24,920 --> 00:20:28,800 Speaker 1: Broker Studio in New York. Bloomberg E Living Freedom to Washington, 372 00:20:28,880 --> 00:20:33,000 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one 373 00:20:33,080 --> 00:20:36,560 Speaker 1: to San Francisco, Bloomberg nine sixty to the Country, Sirius 374 00:20:36,680 --> 00:20:39,280 Speaker 1: XM to the one nineteen and around the globe the 375 00:20:39,320 --> 00:20:43,199 Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is 376 00:20:43,240 --> 00:20:52,399 Speaker 1: Bloomberg Daybreak and it's five thirty on Wall Street. Good morning. 377 00:20:52,400 --> 00:20:55,359 Speaker 1: I'm Karen Moscow, I'm Nathan Hagar. We're about four hours 378 00:20:55,359 --> 00:20:57,320 Speaker 1: away from the open of US trading. Let's get you 379 00:20:57,359 --> 00:20:58,639 Speaker 1: up to date on the news you need to know 380 00:20:58,800 --> 00:21:01,280 Speaker 1: at this hour. Her kane Ian is due for a 381 00:21:01,320 --> 00:21:05,080 Speaker 1: second landfall today north of Charleston, South Carolina. President Biden's 382 00:21:05,119 --> 00:21:08,639 Speaker 1: declared an emergency for the entire state. South Carolina. Governor 383 00:21:08,640 --> 00:21:12,480 Speaker 1: Henry McMaster's urging residents to get ready, Call your family, 384 00:21:12,600 --> 00:21:14,920 Speaker 1: call your love once, tell them where you're gonna be. 385 00:21:15,920 --> 00:21:17,960 Speaker 1: Let let them know that so they won't be worrying 386 00:21:18,000 --> 00:21:21,159 Speaker 1: about you. Meantime, the cleanup and recovery in Florida is 387 00:21:21,200 --> 00:21:24,000 Speaker 1: just getting started. At Governor Rhonda Santa says first responders 388 00:21:24,040 --> 00:21:27,680 Speaker 1: have performed more than seven hundred rescues. There's not been 389 00:21:27,880 --> 00:21:32,080 Speaker 1: in these rescue efforts, um you know, decease people found 390 00:21:32,359 --> 00:21:35,200 Speaker 1: as of yet. Now that may change, of course. Governor 391 00:21:35,280 --> 00:21:39,280 Speaker 1: just Santa says power outages in southwest Florida could be lengthy. Well. 392 00:21:39,520 --> 00:21:42,040 Speaker 1: So the markets, Nathan us futures are higher as we 393 00:21:42,080 --> 00:21:44,240 Speaker 1: close out the trading week. Yesterday, the S and P 394 00:21:44,400 --> 00:21:47,479 Speaker 1: five abready closed it at twenty two month low. Joanne Pheeney, 395 00:21:47,560 --> 00:21:50,879 Speaker 1: as a portfolio manager at Advisor's Capital Management, you have 396 00:21:50,920 --> 00:21:53,119 Speaker 1: to look back at history and recognize that the market 397 00:21:53,119 --> 00:21:55,560 Speaker 1: sells off the most right, but tend to tend to 398 00:21:55,600 --> 00:21:58,240 Speaker 1: do that before recessions begin, and they tend to recover 399 00:21:58,560 --> 00:22:01,320 Speaker 1: before we even know officially we've had a recession. And 400 00:22:01,400 --> 00:22:04,240 Speaker 1: so for a long enough term investor one a year, 401 00:22:04,359 --> 00:22:07,400 Speaker 1: two years, three years, there are some pretty good opportunities 402 00:22:07,440 --> 00:22:09,159 Speaker 1: out there, but one has to be able to stomach 403 00:22:09,200 --> 00:22:11,240 Speaker 1: the volatility, which doesn't look like it's going to go 404 00:22:11,240 --> 00:22:15,480 Speaker 1: away anytime soon. Joan Phoeney with Advisor's Capital Management says 405 00:22:15,520 --> 00:22:17,919 Speaker 1: one point three trillion dollars has been wiped off the 406 00:22:18,000 --> 00:22:21,240 Speaker 1: value of the SNP five hundred this quarter, and value 407 00:22:21,240 --> 00:22:23,280 Speaker 1: of Nike is getting wiped off as well, care and 408 00:22:23,280 --> 00:22:25,919 Speaker 1: shares her down more than nine percent in early trading. 409 00:22:25,920 --> 00:22:28,919 Speaker 1: The sportswear company reported inventories surged and it's had to 410 00:22:28,920 --> 00:22:32,680 Speaker 1: push through discounts that hurt profitability. Higher freight costs, markdowns 411 00:22:32,680 --> 00:22:35,199 Speaker 1: and foreign exchange effects hit Nike's gross margin in the 412 00:22:35,240 --> 00:22:38,760 Speaker 1: latest quarter. Well. Micron is slashing production because of a 413 00:22:38,800 --> 00:22:41,680 Speaker 1: steep plunge in demand. Nathan, the biggest U S ship maker, 414 00:22:41,760 --> 00:22:44,960 Speaker 1: is forecasting quarterly sales that are almost two billion dollars 415 00:22:44,960 --> 00:22:47,919 Speaker 1: below estimates, but the stock is higher this morning on 416 00:22:47,960 --> 00:22:50,960 Speaker 1: news that Japan will subsidize Micron's push to produce its 417 00:22:50,960 --> 00:22:55,639 Speaker 1: new advanced ships in Hiroshima futures this morning, we're watching those. 418 00:22:55,640 --> 00:22:58,919 Speaker 1: They're higher. SNP futures up twenty seven points now features 419 00:22:58,960 --> 00:23:02,160 Speaker 1: up a hundred eighty two nowsday future is up seventy five. 420 00:23:02,280 --> 00:23:04,840 Speaker 1: The decks in Germany's up nine tenths of upper cent 421 00:23:05,119 --> 00:23:07,800 Speaker 1: ten year treasury of twenty thirty seconds, you'll three point 422 00:23:07,840 --> 00:23:10,240 Speaker 1: seven zero percent. They yield on the two year four 423 00:23:10,280 --> 00:23:13,280 Speaker 1: point one five percent. Nine nights. Screwed oils up one 424 00:23:13,280 --> 00:23:15,320 Speaker 1: per cent or eighty three cents at eighty two dollars 425 00:23:15,320 --> 00:23:18,159 Speaker 1: six cents of barrel comics gold up seven ten percent 426 00:23:18,240 --> 00:23:20,920 Speaker 1: or eleven dollars ten cents. In sixteen seventy nine eighty 427 00:23:20,960 --> 00:23:24,600 Speaker 1: announced the euro point in one nine against the dollar 428 00:23:24,680 --> 00:23:27,679 Speaker 1: and the British pound one point one eight six one 429 00:23:28,119 --> 00:23:31,080 Speaker 1: four point to five. Straight ahead your latest local headlines, 430 00:23:31,160 --> 00:23:38,560 Speaker 1: plus a check of sports, and this is Bloomberg. Thanks. 431 00:23:38,560 --> 00:23:40,840 Speaker 1: Starting five thirty three on Wall Street, fifty three degrees 432 00:23:40,880 --> 00:23:44,040 Speaker 1: in Central Park, still dealing with the accident westbound Hempstead Turnpike. 433 00:23:44,160 --> 00:23:46,239 Speaker 1: Michael Barr has more on what's going on in New 434 00:23:46,320 --> 00:23:48,919 Speaker 1: York and around the world. Michael, thank you very much. Nathan, 435 00:23:48,920 --> 00:23:51,399 Speaker 1: the suspect is in custody and the fatal stabbing of 436 00:23:51,400 --> 00:23:53,720 Speaker 1: a sixty one year old f d n Y Emergency 437 00:23:53,760 --> 00:23:58,200 Speaker 1: Medical Services lieutenant. Police say Allison Russo was stabbed yesterday 438 00:23:58,240 --> 00:24:01,639 Speaker 1: afternoon in a random attack act while on duty standing 439 00:24:01,680 --> 00:24:04,280 Speaker 1: outside inn f d n Y e m S station 440 00:24:04,320 --> 00:24:07,399 Speaker 1: in Queens. Russo was rushed to a hospital where she 441 00:24:07,480 --> 00:24:10,720 Speaker 1: was pronounced dead. New York Mayor Eric Adams she was 442 00:24:10,800 --> 00:24:15,160 Speaker 1: working for this city. She plays paid the ultimate sacrifice 443 00:24:15,359 --> 00:24:18,920 Speaker 1: because of that. Russel's death sparked an outpouring of emotion 444 00:24:18,960 --> 00:24:22,280 Speaker 1: and sympathy outside the hospital, with lots of tears and hugs. 445 00:24:22,560 --> 00:24:25,080 Speaker 1: Laura Kavanaugh was the acting f d n Y Commissioner. 446 00:24:25,280 --> 00:24:29,000 Speaker 1: Lieutenant Russo exemplified f d n Y e m S. 447 00:24:29,720 --> 00:24:32,600 Speaker 1: She served the city for twenty five years. She was 448 00:24:32,640 --> 00:24:36,040 Speaker 1: a World Trade Center first responder. She was cited multiple 449 00:24:36,119 --> 00:24:38,960 Speaker 1: times for her bravery and her life saving work. The 450 00:24:39,040 --> 00:24:41,480 Speaker 1: suspect of thirty four year old man has not been 451 00:24:41,600 --> 00:24:45,159 Speaker 1: charged yet, and officials says a Russian strike on the 452 00:24:45,240 --> 00:24:48,520 Speaker 1: Ukrainian city of Zaporija killed at least twenty three people 453 00:24:48,840 --> 00:24:52,080 Speaker 1: and wounded dozens. At least twenty eight others were wounded 454 00:24:52,080 --> 00:24:56,160 Speaker 1: when Russian forces targeted a humanitarian convoy heading to Russian 455 00:24:56,200 --> 00:25:00,359 Speaker 1: occupied territory. It happened just hours before Moscow planned annex 456 00:25:00,480 --> 00:25:03,880 Speaker 1: more of Ukraine and an escalation of the seven month war. 457 00:25:04,320 --> 00:25:08,600 Speaker 1: President Biden called Russia's so called referendum aimed at annexing 458 00:25:08,720 --> 00:25:12,200 Speaker 1: Ukrainian land and absolute sham the United States, who want 459 00:25:12,200 --> 00:25:15,879 Speaker 1: to be very clear about this, The United States will never, never, 460 00:25:16,359 --> 00:25:21,360 Speaker 1: never recognize Russia's claims on Ukraine sovereign territory. Biden made 461 00:25:21,359 --> 00:25:24,600 Speaker 1: his comment speaking to Pacific Island leaders at the White House. 462 00:25:24,800 --> 00:25:27,680 Speaker 1: The wife of Supreme Court Justice Clarence Thomas, appeared before 463 00:25:27,680 --> 00:25:31,719 Speaker 1: the January six committee investigating the Capitol Riot. Jenny Thomas 464 00:25:31,760 --> 00:25:35,320 Speaker 1: answered questions behind closed doors for four hours. In the 465 00:25:35,400 --> 00:25:38,720 Speaker 1: days after the election, she urged the Trump White House 466 00:25:38,720 --> 00:25:41,919 Speaker 1: to fight back and emailed state lawmakers asking them to 467 00:25:41,960 --> 00:25:45,520 Speaker 1: help overturn the election results. Global News twenty four hours 468 00:25:45,520 --> 00:25:47,879 Speaker 1: a day on air and on Bloomberg quick Take, powered 469 00:25:47,880 --> 00:25:50,639 Speaker 1: by more than twenties seven hundred journalists and analysts more 470 00:25:50,640 --> 00:25:53,840 Speaker 1: than a hundred twenty countries. At Michael bar This is Bloomberg, Nathan, 471 00:25:53,880 --> 00:26:02,200 Speaker 1: Thanks Michael Street. John Stash has a Bloomberg Sports update 472 00:26:03,000 --> 00:26:05,000 Speaker 1: for several months now, the Mets have been trying to 473 00:26:05,040 --> 00:26:07,800 Speaker 1: hold off the Atlanta Braves. This weekend, we'll determine whether 474 00:26:07,840 --> 00:26:10,720 Speaker 1: they can continue to him. That's all. The one game lead, 475 00:26:10,800 --> 00:26:14,120 Speaker 1: one win in the three game series gives them the tiebreaker. 476 00:26:14,160 --> 00:26:16,440 Speaker 1: The Mets changed their rotation and they moved Jacob to 477 00:26:16,480 --> 00:26:19,159 Speaker 1: Graham up to go tonight. He actually comes off a 478 00:26:19,200 --> 00:26:21,680 Speaker 1: bad out. He Max Scherzy goes tomorrow. The storm's gone 479 00:26:21,680 --> 00:26:23,880 Speaker 1: through Atlanta. The weather for the series should be okay. 480 00:26:24,119 --> 00:26:27,359 Speaker 1: Yankees os the Orioles. Aaron Judge has tied Roger Marris 481 00:26:27,359 --> 00:26:30,520 Speaker 1: now tries to surpass him. Roger Marris Jr. Has been 482 00:26:30,560 --> 00:26:33,200 Speaker 1: attending all of Judge's recent games. Actually get to meet, 483 00:26:33,240 --> 00:26:35,719 Speaker 1: you know, Aaron's mom, coming here and sit with her. 484 00:26:35,760 --> 00:26:37,000 Speaker 1: That was a lot of fun. Get to know Herrigane 485 00:26:37,080 --> 00:26:39,960 Speaker 1: a little bit about the family, and uh, you know, 486 00:26:40,000 --> 00:26:42,000 Speaker 1: getting to kind of see why Aaron carres himself the 487 00:26:42,000 --> 00:26:45,040 Speaker 1: way he does because obviously getting to meet her, uh, 488 00:26:45,119 --> 00:26:47,680 Speaker 1: spending some time with her, you can kind of see 489 00:26:47,680 --> 00:26:49,480 Speaker 1: that the apple don't fall far from the tree. As 490 00:26:49,480 --> 00:26:52,000 Speaker 1: great as Judges season has been, there are some who 491 00:26:52,000 --> 00:26:54,399 Speaker 1: feels show Hey Otani should win a second straight m 492 00:26:54,480 --> 00:26:56,280 Speaker 1: v P. He's fourth in the league and home runs 493 00:26:56,320 --> 00:26:58,760 Speaker 1: and second in wings. Last night, at his fifteenth win, 494 00:26:58,800 --> 00:27:01,080 Speaker 1: struck out ten. Shnny took a no hitter to the 495 00:27:01,119 --> 00:27:04,520 Speaker 1: eighth inning. Last Sunday, Dolphins quarterback to a tongue. Baolia 496 00:27:04,600 --> 00:27:06,960 Speaker 1: looked wobbly like he had a head injury, only missed 497 00:27:07,000 --> 00:27:09,520 Speaker 1: three snaps. Said later it wasn't his head but his back. 498 00:27:09,840 --> 00:27:12,600 Speaker 1: The union wanted an investigation into why he was allowed 499 00:27:12,600 --> 00:27:14,400 Speaker 1: to continue to play, and they may want another one 500 00:27:14,440 --> 00:27:16,960 Speaker 1: to a cleared to play again last night in Cincinnati, 501 00:27:17,040 --> 00:27:20,160 Speaker 1: in this time a definite head injury perhaps his neck 502 00:27:20,280 --> 00:27:22,080 Speaker 1: as well, to have taken off the field and a 503 00:27:22,160 --> 00:27:24,720 Speaker 1: stretcher taken to the hospital. He is expected to be 504 00:27:24,720 --> 00:27:27,120 Speaker 1: released today. Miami had to lead in the fourth quarter 505 00:27:27,119 --> 00:27:29,439 Speaker 1: but lost the Bengals twenty seven to fifteen. That's the 506 00:27:29,440 --> 00:27:32,080 Speaker 1: first lost of the Dolphins at least Philadelphia, as the 507 00:27:32,200 --> 00:27:35,920 Speaker 1: NFL's loan Undaten John Stash were Bloomberg Sports NA. Thanks 508 00:27:35,960 --> 00:27:38,720 Speaker 1: John seven on Wall Street time for the Tri State 509 00:27:38,760 --> 00:27:42,320 Speaker 1: Business Report. Here's Bloomberg z Cory. New York Governor Kathy 510 00:27:42,400 --> 00:27:46,240 Speaker 1: Hoco says the state will follow California in requiring all 511 00:27:46,280 --> 00:27:51,240 Speaker 1: new vehicles sold by to be zero emissions. HOCO first 512 00:27:51,240 --> 00:27:56,280 Speaker 1: announced in New York deadline in September one, but the 513 00:27:56,320 --> 00:28:00,119 Speaker 1: state could not begin implementation until California final I as 514 00:28:00,200 --> 00:28:05,160 Speaker 1: its own ban An American Airlines group alliance with Jet Blue, 515 00:28:05,440 --> 00:28:08,200 Speaker 1: is placed most of flights by US carriers in New 516 00:28:08,280 --> 00:28:12,000 Speaker 1: York's primary airports into the hands of two major airlines. 517 00:28:12,320 --> 00:28:16,320 Speaker 1: That's according to an executive from rival carrier Spirit Airlines 518 00:28:16,400 --> 00:28:20,879 Speaker 1: at an anti trust trial Thursday. Princeton University is moving 519 00:28:20,920 --> 00:28:24,560 Speaker 1: to several financial ties with fossil fuel companies as the 520 00:28:24,600 --> 00:28:28,959 Speaker 1: school distances itself from major greenhouse gas emitters. At your 521 00:28:29,000 --> 00:28:32,320 Speaker 1: Bloomberg Dry State Business Report, I'm Ed Corey. Thanks had 522 00:28:32,359 --> 00:28:34,600 Speaker 1: five thirty eight on Wall Street. Bloomberg Radio was on 523 00:28:34,640 --> 00:28:36,919 Speaker 1: the air from San Francisco to New York, London to 524 00:28:37,000 --> 00:28:39,240 Speaker 1: Hong Kong. Let's check in with our global news team 525 00:28:39,280 --> 00:28:40,880 Speaker 1: for some of the top stories heard on our three 526 00:28:40,960 --> 00:28:47,400 Speaker 1: hundred affiliate radio stations around the world. I'm Steve Potas 527 00:28:47,480 --> 00:28:51,120 Speaker 1: Content and Wins. In New York. We're talking about Versace's 528 00:28:51,240 --> 00:28:56,360 Speaker 1: planned to revive it's Maddison Avenue, bum Corney, donahoan ktr 529 00:28:56,520 --> 00:28:59,200 Speaker 1: H in Houston. Amazon will close for but its fove 530 00:28:59,240 --> 00:29:02,480 Speaker 1: customer calls. In terms of the US, I'm Genus Cerretti 531 00:29:02,600 --> 00:29:05,920 Speaker 1: and for wfl A in Orlando, I'm reporting that Airbnb 532 00:29:06,080 --> 00:29:08,560 Speaker 1: guests in the path of Hurricane Ian will have to 533 00:29:08,600 --> 00:29:12,360 Speaker 1: rely on the generosity of hosts for refunds. I'm Caroline 534 00:29:12,360 --> 00:29:15,440 Speaker 1: head Kill blombag dav Dishitotium in London. We've been reporting 535 00:29:15,520 --> 00:29:17,720 Speaker 1: on the recovery in the pound a week home from 536 00:29:17,720 --> 00:29:21,200 Speaker 1: the chances many budgets that spoked turmoil in the market. 537 00:29:21,400 --> 00:29:24,000 Speaker 1: IMD Corey on w A T A M in Cleveland. 538 00:29:24,080 --> 00:29:27,920 Speaker 1: I'm reporting Gaviliers owner Dan Gilbert has dropped out of 539 00:29:28,000 --> 00:29:31,920 Speaker 1: Forbes list of the top five richest sports owners in America. 540 00:29:32,640 --> 00:29:35,560 Speaker 1: And those are some of the stories are twenty Bloomberg 541 00:29:35,640 --> 00:29:38,080 Speaker 1: journalists and analysts are working on this morning around the world. 542 00:29:38,080 --> 00:29:41,800 Speaker 1: It's nine on Wall Street. The following is an editorial 543 00:29:41,920 --> 00:29:45,480 Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg 544 00:29:45,600 --> 00:29:49,520 Speaker 1: Editorial Board. I rushed to dump UK government bonds following 545 00:29:49,560 --> 00:29:53,280 Speaker 1: a botched budget announcement, forced a dramatic intervention by the 546 00:29:53,320 --> 00:29:56,800 Speaker 1: Bank of England this week. A clearer indictment of economic 547 00:29:56,880 --> 00:30:01,280 Speaker 1: mismanagement would be hard to imagine having art it so calamitously. 548 00:30:01,480 --> 00:30:04,240 Speaker 1: What can Britain's new Prime Minister, Liz Trust due to 549 00:30:04,320 --> 00:30:07,640 Speaker 1: repair the damage? The best advice for Trust comes down 550 00:30:07,680 --> 00:30:11,680 Speaker 1: to this, stop trying to be exciting. This means coordinating 551 00:30:11,800 --> 00:30:15,720 Speaker 1: quietly with and if necessary, deferring to officials at the 552 00:30:15,720 --> 00:30:18,840 Speaker 1: Bank of England, who are responsible for curbing inflation and 553 00:30:18,880 --> 00:30:22,800 Speaker 1: restoring financial stability. The perception that the Treasury and the 554 00:30:22,840 --> 00:30:26,360 Speaker 1: Central Bank are at odds over macro economic policy is 555 00:30:26,440 --> 00:30:30,840 Speaker 1: fatal to both aims. Many Tories must be missing Trust's predecessor, 556 00:30:30,920 --> 00:30:35,200 Speaker 1: Boris Johnson, the leader they belatedly sacked for serial mismanagement. 557 00:30:35,560 --> 00:30:39,600 Speaker 1: If that doesn't induce trust to reset, what will. This 558 00:30:39,800 --> 00:30:42,800 Speaker 1: editorial was written by the Bloomberg Editorial Board. For more 559 00:30:42,800 --> 00:30:46,480 Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Opinion 560 00:30:46,680 --> 00:30:49,120 Speaker 1: or O P I n go on the Bloomberg terminal. 561 00:30:49,360 --> 00:30:52,320 Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg 562 00:30:52,320 --> 00:30:55,680 Speaker 1: opinion editorials every weekday at this time. Terminal customers can 563 00:30:55,680 --> 00:30:57,800 Speaker 1: read more at O P I n go. We're gonna 564 00:30:57,840 --> 00:31:00,800 Speaker 1: talk much more about the volatility in the pound after 565 00:31:00,840 --> 00:31:04,120 Speaker 1: the release of Prime Minister Trust's mini budget. We're speaking 566 00:31:04,160 --> 00:31:08,480 Speaker 1: next with Libby Cherry f f X and rates reporter 567 00:31:08,680 --> 00:31:11,680 Speaker 1: for Bloomberg News, joining us from London this morning and 568 00:31:11,720 --> 00:31:14,680 Speaker 1: looking at the cable rate right now, pretty much where 569 00:31:14,680 --> 00:31:17,240 Speaker 1: it was before that budget was announced, at one point 570 00:31:17,240 --> 00:31:22,920 Speaker 1: one f nine against the dollar. This is Bloomberg Bloomberg 571 00:31:22,920 --> 00:31:25,440 Speaker 1: eleven three oh Weather mostly cloudy today, up for sixties 572 00:31:25,440 --> 00:31:29,880 Speaker 1: for highs light rain tomorrow, mid sixties, showers for Sunday, 573 00:31:30,640 --> 00:31:33,479 Speaker 1: low sixties to round out the weekend. Right now fifty 574 00:31:33,520 --> 00:31:39,880 Speaker 1: three in Central Park Markets, headlines and breaking news twenty 575 00:31:39,920 --> 00:31:42,760 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 576 00:31:42,800 --> 00:31:52,720 Speaker 1: Business Attend at Bloomberg Quicktape. He's a Bloomberg Business Flash 577 00:31:53,360 --> 00:31:56,480 Speaker 1: and I'm Karen Moscow. European stocks are rising along with 578 00:31:56,520 --> 00:31:59,280 Speaker 1: government bond signaling a potential recovery at the end of 579 00:31:59,280 --> 00:32:01,719 Speaker 1: a tumultua this week in markets, US dot in nex 580 00:32:01,840 --> 00:32:05,160 Speaker 1: futures are also gaming. Following me another bruising session on 581 00:32:05,240 --> 00:32:07,520 Speaker 1: Wall Street that took the sm P five hundred down 582 00:32:07,560 --> 00:32:10,320 Speaker 1: to two percent, to the lowest in almost two years, 583 00:32:10,360 --> 00:32:13,320 Speaker 1: and sent the NASDAC tumbling almost four percent. We checked 584 00:32:13,360 --> 00:32:15,680 Speaker 1: the markets every fifteen minutes throughout the trading day. On 585 00:32:15,680 --> 00:32:18,840 Speaker 1: Bloomberg guess and P futures up twenty seven points down 586 00:32:18,880 --> 00:32:21,360 Speaker 1: futures have a hundred seventy nine and ASDAC futures up 587 00:32:21,400 --> 00:32:24,400 Speaker 1: seventy five. The decks in Germany is up nine tenths 588 00:32:24,400 --> 00:32:27,080 Speaker 1: of upper cent. Ten year treasury up twenty four thirty seconds, 589 00:32:27,080 --> 00:32:29,719 Speaker 1: held three point six nine percent yield on the two 590 00:32:29,840 --> 00:32:33,160 Speaker 1: year four point one five percent. NIMEX screwed oil is 591 00:32:33,200 --> 00:32:35,400 Speaker 1: up nine tenths percent or seventy cents and eighty one 592 00:32:35,400 --> 00:32:38,280 Speaker 1: dollars ninety two cents of barrel comes gold up half 593 00:32:38,320 --> 00:32:41,240 Speaker 1: percent or eight dollars fifty cents at sixteen seventy seven 594 00:32:41,280 --> 00:32:44,000 Speaker 1: ten an ouse. The euro point nine eight o nine 595 00:32:44,040 --> 00:32:46,760 Speaker 1: against the dollar British found one point one one six 596 00:32:46,800 --> 00:32:49,320 Speaker 1: six and the end at one forty four point three 597 00:32:49,400 --> 00:32:52,640 Speaker 1: four and Bitcoin this morning is up almost two tenths 598 00:32:52,680 --> 00:32:55,680 Speaker 1: of up percent at nineteen thousand, five hundred dollars. That's 599 00:32:55,680 --> 00:32:58,440 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more 600 00:32:58,480 --> 00:33:01,320 Speaker 1: on what's going on around the world. Karen, thank you 601 00:33:01,400 --> 00:33:04,239 Speaker 1: very much. A revive hreitane and is bearing down on 602 00:33:04,400 --> 00:33:08,200 Speaker 1: South Carolina's coast and the historic city of Charleston, with 603 00:33:08,280 --> 00:33:12,520 Speaker 1: forecasters predicting a storm surge and floods. Earlier, Ian caused 604 00:33:12,560 --> 00:33:15,200 Speaker 1: kind of traffic damage in Florida, leaving people trapped and 605 00:33:15,200 --> 00:33:19,360 Speaker 1: flooded homes and causing several deaths. Vladimir Putin will sign 606 00:33:19,440 --> 00:33:23,880 Speaker 1: documents formalizing Russia's annexation of four occupied regions in Ukraine 607 00:33:24,160 --> 00:33:27,840 Speaker 1: in a show of defiance Ukraine, the US and Allies 608 00:33:27,920 --> 00:33:31,680 Speaker 1: called the so called referendums a sham. Baseball, The Yankees 609 00:33:31,680 --> 00:33:34,680 Speaker 1: host the Orioles tonight. Aaron Judge will go for home 610 00:33:34,800 --> 00:33:38,320 Speaker 1: run number sixty two, passing Roger Maris's a L record. 611 00:33:38,720 --> 00:33:41,160 Speaker 1: Last night, the Red Sox beat the Orioles five three. 612 00:33:41,320 --> 00:33:44,400 Speaker 1: The A's lost the Giants. One Thursday Night football, the 613 00:33:44,400 --> 00:33:48,520 Speaker 1: Bengals beat the Dolphins. Twenty seven Global News twenty four 614 00:33:48,520 --> 00:33:50,960 Speaker 1: hours a day on here and on Bloomberg Quick Take, 615 00:33:51,000 --> 00:33:54,320 Speaker 1: powered by more than twenty seven hundred journalists and analysts 616 00:33:54,320 --> 00:33:56,960 Speaker 1: and more than a hundred twenty countries. Michael Barr and 617 00:33:57,040 --> 00:34:00,480 Speaker 1: this is Bloomberg, Nathan Michael. Thanks, It's five pay nine 618 00:34:00,520 --> 00:34:03,520 Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios. 619 00:34:03,560 --> 00:34:06,040 Speaker 1: This is Bloomberg Daybreak. We want to focus on the 620 00:34:06,040 --> 00:34:09,360 Speaker 1: currency markets this morning, specifically the pound. We've been watching 621 00:34:09,360 --> 00:34:12,800 Speaker 1: it all week. It has had quite the week, hasn't it. 622 00:34:12,880 --> 00:34:15,120 Speaker 1: After UK Prime Minister Liz Trust came out with those 623 00:34:15,160 --> 00:34:17,560 Speaker 1: tax cuts, than the Bank of England stepped in with 624 00:34:17,960 --> 00:34:21,080 Speaker 1: unlimited bond purchase plans. You look at the cable rate 625 00:34:21,120 --> 00:34:24,320 Speaker 1: this morning though, and it's almost back to where it started. 626 00:34:24,719 --> 00:34:27,120 Speaker 1: Let's bringing Libby Cherry for more on this, us an 627 00:34:27,120 --> 00:34:30,239 Speaker 1: effects and rates reporter for Bloomberg News and joins us 628 00:34:30,239 --> 00:34:34,719 Speaker 1: now from our European headquarters in London. Libby, is this 629 00:34:34,800 --> 00:34:37,879 Speaker 1: calm returning to the cable market or is it too 630 00:34:37,880 --> 00:34:41,560 Speaker 1: soon to say that? Hi that I think it's probably 631 00:34:41,600 --> 00:34:44,359 Speaker 1: a bit too seen to say that. Um So, what 632 00:34:44,400 --> 00:34:46,759 Speaker 1: we've kind of seen over the last week, as you say, 633 00:34:46,800 --> 00:34:50,320 Speaker 1: we've seen some very volatile trading, you know, with the 634 00:34:50,360 --> 00:34:53,440 Speaker 1: you know, the pound kind of whip soaring on similar 635 00:34:53,600 --> 00:34:56,360 Speaker 1: sort of you know, event risks and so on. But 636 00:34:56,400 --> 00:34:57,960 Speaker 1: I think the two things that have a ready been 637 00:34:58,000 --> 00:35:00,239 Speaker 1: buoying the pounds in the laws week that a help 638 00:35:00,280 --> 00:35:03,839 Speaker 1: it kind of claw back from this record low. I mean, 639 00:35:03,880 --> 00:35:06,160 Speaker 1: the one thing that you've already mentioned exactly is the 640 00:35:06,200 --> 00:35:09,160 Speaker 1: Bank of England's intervention in the guilt market. I think 641 00:35:09,200 --> 00:35:12,520 Speaker 1: really help reassure people, um, you know that there isn't 642 00:35:12,520 --> 00:35:14,560 Speaker 1: going to be this sort of further ternel in the market, 643 00:35:14,600 --> 00:35:17,120 Speaker 1: that there are authorities waiting on the sidelines to pick 644 00:35:17,200 --> 00:35:19,840 Speaker 1: up the pieces. The other thing that's really helped it 645 00:35:19,880 --> 00:35:23,120 Speaker 1: on its last leg higher in the last day or 646 00:35:23,160 --> 00:35:27,520 Speaker 1: so in overnight is that there's expectations or perhaps hopes 647 00:35:27,560 --> 00:35:31,000 Speaker 1: would be the better word, that the UK government might 648 00:35:31,120 --> 00:35:36,480 Speaker 1: actually you know, water down some of its policies or indeed, 649 00:35:36,680 --> 00:35:39,120 Speaker 1: you know, give some further assurances to the market that 650 00:35:39,200 --> 00:35:42,600 Speaker 1: there you know, that they are thinking about their fiscal credibility. Well, 651 00:35:42,600 --> 00:35:46,320 Speaker 1: what's giving traders those assurances, Libby, I mean, we heard 652 00:35:46,400 --> 00:35:49,839 Speaker 1: from the Prime Minister Liz trust She gave a bunch 653 00:35:49,840 --> 00:35:53,560 Speaker 1: of interviews to local radio stations in the UK and 654 00:35:53,880 --> 00:35:57,040 Speaker 1: seems to be doubling down on the tax cut plan. 655 00:35:57,200 --> 00:36:00,560 Speaker 1: What's giving currency traders the idea that maybe she could 656 00:36:00,600 --> 00:36:04,160 Speaker 1: back off a bit well exactly, but I think what 657 00:36:04,360 --> 00:36:06,839 Speaker 1: kind of took people by surprise is that there is 658 00:36:06,880 --> 00:36:10,680 Speaker 1: a planned meeting today with the between the government and 659 00:36:10,760 --> 00:36:14,120 Speaker 1: the FIST and the UK's Fiscal Watchdog. What's really significant 660 00:36:14,160 --> 00:36:17,480 Speaker 1: about is is that the Fiscal Watchdog was initially sidelined 661 00:36:17,880 --> 00:36:20,840 Speaker 1: um when these original stimulus plans were being kind of 662 00:36:21,239 --> 00:36:24,560 Speaker 1: uh sort of developed, if that makes sense, And now 663 00:36:24,600 --> 00:36:26,640 Speaker 1: that they're sort of communicating with them, there's a sense 664 00:36:26,680 --> 00:36:29,080 Speaker 1: that the government is trying to at least kind of 665 00:36:29,120 --> 00:36:31,200 Speaker 1: you know, acknowledge the facts by bringing the O b 666 00:36:31,400 --> 00:36:33,680 Speaker 1: R in that they are thinking about, you know, how 667 00:36:33,719 --> 00:36:36,880 Speaker 1: this will kind of affect the UK's economy long term. 668 00:36:37,000 --> 00:36:39,600 Speaker 1: Having said that, you are completely right, I think, you know, 669 00:36:39,760 --> 00:36:43,520 Speaker 1: especially ahead of the Tory Party conference, um that's this 670 00:36:43,680 --> 00:36:47,400 Speaker 1: Truice party this weekend, it does seem pretty unlikely that 671 00:36:47,400 --> 00:36:50,200 Speaker 1: there's going to be any real significant shift on policy 672 00:36:50,280 --> 00:36:54,160 Speaker 1: anytime soon. Can we see any further shifts from the 673 00:36:54,160 --> 00:36:57,440 Speaker 1: Bank of England Obviously they came in with that announcement 674 00:36:57,560 --> 00:37:01,440 Speaker 1: of unlimited long dated guilt purchases. We see more intervention 675 00:37:01,520 --> 00:37:04,960 Speaker 1: from the b o E. It's an interesting question and 676 00:37:05,040 --> 00:37:08,440 Speaker 1: one that people continued to rack them brands over. The 677 00:37:08,480 --> 00:37:11,160 Speaker 1: trade traders have been you can see in the swaps 678 00:37:11,160 --> 00:37:13,720 Speaker 1: market they were pricing in a sort of small chance 679 00:37:14,400 --> 00:37:18,440 Speaker 1: of a hike ahead of the next scheduled policy decision, 680 00:37:19,200 --> 00:37:22,400 Speaker 1: but those bats have been kind of taped down and 681 00:37:22,800 --> 00:37:25,200 Speaker 1: um for the moment, I think most people are thinking 682 00:37:25,239 --> 00:37:30,239 Speaker 1: about you know, potential um potentially larger move from the 683 00:37:30,239 --> 00:37:33,400 Speaker 1: Bank of England at its next policy decision in November. 684 00:37:33,920 --> 00:37:36,640 Speaker 1: At the moment, traders have fully kind of priced in 685 00:37:36,719 --> 00:37:39,120 Speaker 1: and a hundred and twenty five basis point move from 686 00:37:39,120 --> 00:37:41,240 Speaker 1: the Bank of England by the time of that meeting, 687 00:37:41,840 --> 00:37:45,239 Speaker 1: which would be you know, a very large and you know, 688 00:37:45,360 --> 00:37:48,840 Speaker 1: unprecedented move by the Bank of England since its independence. 689 00:37:49,560 --> 00:37:52,400 Speaker 1: All right, Libby Cherry covering rates and f X for 690 00:37:52,560 --> 00:37:56,319 Speaker 1: us from our London headquarters. Libby, thanks for this and 691 00:37:56,600 --> 00:37:59,640 Speaker 1: just checking the cable rate right now. The British pound 692 00:37:59,680 --> 00:38:02,920 Speaker 1: is trade at one point one one seven four against 693 00:38:02,920 --> 00:38:05,640 Speaker 1: the dollar, after hitting a record low earlier this week. 694 00:38:05,840 --> 00:38:08,640 Speaker 1: Karen Nathan, it is five fifty three on Wall Street. 695 00:38:08,680 --> 00:38:10,759 Speaker 1: Time for the Bloomberg Law Report. We get to the 696 00:38:10,840 --> 00:38:14,280 Speaker 1: legal stories we are launching this morning from Bloomberg's Jeff Bellinger. 697 00:38:18,400 --> 00:38:21,200 Speaker 1: A federal judge ruled that a New York based Christian 698 00:38:21,239 --> 00:38:25,319 Speaker 1: adoption provider can legally refuse to provide services to same 699 00:38:25,440 --> 00:38:29,880 Speaker 1: sex and unmarried couples. Sources say Uber has lobbied behind 700 00:38:29,920 --> 00:38:34,360 Speaker 1: the scenes against legislation to nullify some non disclosure agreements 701 00:38:34,400 --> 00:38:38,680 Speaker 1: for workers alleging sexual harassment and assault. The National Labor 702 00:38:38,760 --> 00:38:42,759 Speaker 1: Relations Board found the Tilton Hotels violated labor laws when 703 00:38:42,800 --> 00:38:46,920 Speaker 1: it gave housekeepers in Alaska more work without consulting their union. 704 00:38:47,120 --> 00:38:51,960 Speaker 1: Bloomberg Law everything you need, all on one legal research platform, 705 00:38:52,120 --> 00:38:56,759 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 706 00:38:56,800 --> 00:39:00,759 Speaker 1: at Bloomberg law dot com. All right, Jeff, thank you. Now, 707 00:39:00,760 --> 00:39:03,960 Speaker 1: another legals story we're watching brings us to the election. 708 00:39:04,080 --> 00:39:07,080 Speaker 1: This weekend, Senate Committee approved the revamp of the Electoral 709 00:39:07,200 --> 00:39:11,120 Speaker 1: Count Act. That's the seven law that sets out congressional 710 00:39:11,160 --> 00:39:15,560 Speaker 1: procedures for certifying presidential elections. The legislation is intended to 711 00:39:15,600 --> 00:39:19,320 Speaker 1: prevent a repeat of the election when former President Trump 712 00:39:19,360 --> 00:39:22,440 Speaker 1: and his allies sought to challenge the results. Both the 713 00:39:22,520 --> 00:39:25,920 Speaker 1: Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell 714 00:39:25,960 --> 00:39:29,000 Speaker 1: support the bill. For more in the legislation, Bloomberg June 715 00:39:29,000 --> 00:39:33,000 Speaker 1: Gronso speaks to elections law expert Richard Brifo, a professor 716 00:39:33,040 --> 00:39:36,600 Speaker 1: at Columbia Law School, and so the Senate bill is 717 00:39:36,640 --> 00:39:41,600 Speaker 1: a bipartisan effort. Republicans Susan Collins and Democrat Joe mention 718 00:39:42,320 --> 00:39:46,279 Speaker 1: what does it do? In general? It does two very 719 00:39:46,320 --> 00:39:50,400 Speaker 1: significant things. First, it declares that the role of the 720 00:39:50,520 --> 00:39:53,320 Speaker 1: vice president, who is technically the president of the Senate 721 00:39:53,480 --> 00:39:56,839 Speaker 1: and who under the Constitution has to preside over this process, 722 00:39:56,960 --> 00:40:00,880 Speaker 1: has an entirely ministerial role. The vice president says as 723 00:40:00,920 --> 00:40:03,560 Speaker 1: a stand up there and to clear of what happens next, 724 00:40:03,560 --> 00:40:06,319 Speaker 1: and says, here's the results. That the vice president has 725 00:40:06,360 --> 00:40:09,319 Speaker 1: no substantive role. May have called this was one of 726 00:40:09,360 --> 00:40:12,200 Speaker 1: the high points of the controversy after the last election, 727 00:40:12,640 --> 00:40:16,440 Speaker 1: when then President Trump insisted that then Vice President Pence 728 00:40:16,760 --> 00:40:19,719 Speaker 1: had the authority to declare that certain electoral votes were 729 00:40:19,719 --> 00:40:22,160 Speaker 1: invalid and not to count them, and Pence himself said 730 00:40:22,200 --> 00:40:25,200 Speaker 1: he didn't have that authority. This makes it clear that 731 00:40:25,239 --> 00:40:27,719 Speaker 1: the vice president has no such authority, that the vice 732 00:40:27,719 --> 00:40:32,120 Speaker 1: president's role is just ministerial, like a secretary. And everyone 733 00:40:32,120 --> 00:40:34,560 Speaker 1: always thought that was the rule. But because Trump made 734 00:40:34,560 --> 00:40:36,960 Speaker 1: such a noise, and it support is about such a 735 00:40:37,040 --> 00:40:40,440 Speaker 1: noise that the vice president could in effect change the result, 736 00:40:40,840 --> 00:40:44,160 Speaker 1: it's probably important that that be clarified. Second, it rather 737 00:40:44,239 --> 00:40:47,879 Speaker 1: dramatically raises the threshold for objections under the current law. 738 00:40:47,960 --> 00:40:50,120 Speaker 1: All you need to object to the electoral vote of 739 00:40:50,160 --> 00:40:53,040 Speaker 1: a state and stop the whole process, and forced the 740 00:40:53,080 --> 00:40:55,200 Speaker 1: two House of Congress to meet separately to debate the 741 00:40:55,239 --> 00:40:58,080 Speaker 1: objections is one member of the House and one member 742 00:40:58,080 --> 00:41:01,359 Speaker 1: of the Senate, just one from each the Senate. Bille 743 00:41:01,800 --> 00:41:05,520 Speaker 1: raises the threshold to one fifth of the House and 744 00:41:05,520 --> 00:41:09,480 Speaker 1: one fifth at the Senate, so that's a dramatic increase. Surprisingly, 745 00:41:09,600 --> 00:41:13,440 Speaker 1: got near unanimous approval by the Rules Committee. Not Surprisingly, 746 00:41:13,520 --> 00:41:17,279 Speaker 1: the one objection came from Senator Ted Cruz, who of 747 00:41:17,320 --> 00:41:22,040 Speaker 1: course led an effort to challenge Biden's election victory. He said, quote, 748 00:41:22,280 --> 00:41:25,520 Speaker 1: this bill is all about Donald J. Trump. It is 749 00:41:25,560 --> 00:41:29,080 Speaker 1: about Donald Trump, isn't it. Yes. I mean everyone agrees 750 00:41:29,120 --> 00:41:33,080 Speaker 1: that the current Electoral Countact is flawed. It's very unclear. 751 00:41:33,360 --> 00:41:35,920 Speaker 1: There's a lot of inconsistencies in it. There are particular 752 00:41:36,000 --> 00:41:39,200 Speaker 1: problems if there's a disagreement from within a state. There 753 00:41:39,239 --> 00:41:42,480 Speaker 1: was always a problem with that very low threshold of objections, 754 00:41:42,480 --> 00:41:45,360 Speaker 1: although until recently it had hardly been used. But certainly 755 00:41:45,400 --> 00:41:50,000 Speaker 1: the election of attack on Congress in January six just 756 00:41:50,080 --> 00:41:54,319 Speaker 1: sort of highlighted the significance of these uncertainties and the 757 00:41:54,360 --> 00:41:58,320 Speaker 1: extreme importance of getting them resolved. And that's Richard Brifo, 758 00:41:58,440 --> 00:42:01,200 Speaker 1: a professor at Columbia Lass School, speaking with the Bloomberg 759 00:42:01,239 --> 00:42:04,080 Speaker 1: Student Grosso. Catch more of that interview plus analysis of 760 00:42:04,080 --> 00:42:06,759 Speaker 1: the latest legal news by listening to the Bloomberg Law 761 00:42:06,840 --> 00:42:09,400 Speaker 1: Show at ten pm Eastern Time or subscribing to the 762 00:42:09,400 --> 00:42:13,240 Speaker 1: Bloomberg Law Podcast. And attorneys can find exceptional legal research 763 00:42:13,239 --> 00:42:17,440 Speaker 1: and business development tools at Bloomberg Law dot com. And again, 764 00:42:17,520 --> 00:42:20,600 Speaker 1: futures this morning are on the rise. SMP futures up 765 00:42:20,640 --> 00:42:23,840 Speaker 1: twenty two points down, futures have a hundred forty nasdack 766 00:42:23,920 --> 00:42:26,680 Speaker 1: futures up sixty two and the decks in Germany's up 767 00:42:26,719 --> 00:42:29,200 Speaker 1: eight tens of per cent, and the tenure treasury of 768 00:42:29,280 --> 00:42:32,280 Speaker 1: twenty one thirty seconds. He'll three point seven zero percent 769 00:42:32,640 --> 00:42:35,359 Speaker 1: yield on the two year four point one five per 770 00:42:35,440 --> 00:42:38,560 Speaker 1: cent and the euro point nine eight oh two against 771 00:42:38,600 --> 00:42:41,319 Speaker 1: the dollars still ahead on Bloomberg Daybreak and check on 772 00:42:41,400 --> 00:42:43,840 Speaker 1: the business headlines and all the news you need to 773 00:42:43,880 --> 00:42:46,640 Speaker 1: start your day. And this is Bloomberg