1 00:00:01,120 --> 00:00:04,400 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:04,440 --> 00:00:08,360 Speaker 1: Daybreak for Monday, October two. Coming up this hour, and 3 00:00:08,440 --> 00:00:11,680 Speaker 1: about face, the UK drops a plan to cut taxes 4 00:00:11,760 --> 00:00:14,040 Speaker 1: for the highest earners. We are live in Europe with 5 00:00:14,080 --> 00:00:17,439 Speaker 1: the latest. The fourth quarter begins following three straight quarters 6 00:00:17,440 --> 00:00:20,640 Speaker 1: of loves is for US stocks, Credit Sweet shares hit 7 00:00:20,640 --> 00:00:23,720 Speaker 1: a record low, and Tesla shares drop after missing third 8 00:00:23,800 --> 00:00:27,400 Speaker 1: quarter delivery estimates. Rescue cruise in Florida continue to search 9 00:00:27,440 --> 00:00:30,040 Speaker 1: for people who decided to ride out hurricane and Plus 10 00:00:30,080 --> 00:00:33,600 Speaker 1: Brazil's presidential elections headed for a runoff vote on Michel 11 00:00:33,640 --> 00:00:36,320 Speaker 1: bar More Ahead, I'm John stans Shallon sports, the Mets 12 00:00:36,360 --> 00:00:39,280 Speaker 1: appear headed for a second place finished after getting swept 13 00:00:39,280 --> 00:00:42,280 Speaker 1: in Atlanta, the Yankees lost wins for the Jets, and John, 14 00:00:44,520 --> 00:00:48,720 Speaker 1: that's all stradyhead on Bloomberg day Break on Bloomberg eleven three, 15 00:00:48,720 --> 00:00:51,960 Speaker 1: on New York Bloomberg nineteen nine one, Washington, d C 16 00:00:52,440 --> 00:00:56,000 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and 17 00:00:56,080 --> 00:00:59,920 Speaker 1: Francisco Sirius x M one nineteen and around the world 18 00:01:00,000 --> 00:01:03,080 Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg 19 00:01:03,080 --> 00:01:10,320 Speaker 1: Business Good morning. I'm Nathan Hagart and I'm Karen. Moscow 20 00:01:10,440 --> 00:01:13,200 Speaker 1: and US dock indise futures are mixed this morning. We 21 00:01:13,319 --> 00:01:15,800 Speaker 1: check the markets every fifteen minutes throughout the trading day. 22 00:01:15,880 --> 00:01:17,880 Speaker 1: On Bloomberg we're coming up to six o one on 23 00:01:17,920 --> 00:01:20,360 Speaker 1: Wall Street. S and P futures at four point staff 24 00:01:20,360 --> 00:01:23,520 Speaker 1: futures of nine d Announceday futures lower down thirty two. 25 00:01:23,800 --> 00:01:26,440 Speaker 1: Can your treasury up twelve thirty seconds? You know, three 26 00:01:26,480 --> 00:01:29,160 Speaker 1: point seven seven percent and the yield on a two 27 00:01:29,240 --> 00:01:33,080 Speaker 1: year four point one nine percent and the British pound 28 00:01:33,080 --> 00:01:36,000 Speaker 1: at one point one eight three against the dollar. Nathan, Yeah, 29 00:01:36,120 --> 00:01:38,679 Speaker 1: interesting you mentioned the pound, Karen bag We begin in 30 00:01:38,760 --> 00:01:41,000 Speaker 1: the UK this morning, where there's been an about face 31 00:01:41,080 --> 00:01:43,959 Speaker 1: from the government. Prime Minister Liz trust is dropping her 32 00:01:44,000 --> 00:01:47,319 Speaker 1: controversial plan to cut taxes for high earners. Let's get 33 00:01:47,319 --> 00:01:49,440 Speaker 1: the Birmingham, England get the latest with Bloomberg day Break. 34 00:01:49,440 --> 00:01:52,559 Speaker 1: Europe Banker Caroline heafgerg Good morning, Caroline, Good morning, Nathan 35 00:01:52,600 --> 00:01:55,360 Speaker 1: and Karen. The Chancellor Quasi Quality has said that he 36 00:01:55,440 --> 00:01:58,360 Speaker 1: has listened and is reversing the plan to scrap the 37 00:01:58,400 --> 00:02:01,040 Speaker 1: top right a tax in the UK, a announced as 38 00:02:01,120 --> 00:02:04,160 Speaker 1: part of a mini budget ten days ago, which prompted 39 00:02:04,200 --> 00:02:07,640 Speaker 1: a market route. The U turn, despite the denial by 40 00:02:07,680 --> 00:02:11,079 Speaker 1: the Prime Minister up until yesterday, was driven by Tory 41 00:02:11,320 --> 00:02:15,400 Speaker 1: MPs unhappy with the policy as the Conservatives plunged in 42 00:02:15,440 --> 00:02:19,280 Speaker 1: the polls. Sterling and UK guilts have reacted positively to 43 00:02:19,360 --> 00:02:22,120 Speaker 1: the reversal and money markets are paired Bank of England 44 00:02:22,240 --> 00:02:25,720 Speaker 1: rate hike bets, but it is a major embarrassment for 45 00:02:25,800 --> 00:02:29,360 Speaker 1: Trust and Quarting less than a month into office. The 46 00:02:29,480 --> 00:02:33,400 Speaker 1: mood from MPs, including from Mike Wood, is still positive. 47 00:02:33,760 --> 00:02:37,240 Speaker 1: Quieteying told media here in Birmingham at the party's annual 48 00:02:37,240 --> 00:02:41,360 Speaker 1: conference that he's not considering resigning. Instead, he's focused on 49 00:02:41,480 --> 00:02:45,040 Speaker 1: delivering growth. He gives his main conference speech at four 50 00:02:45,080 --> 00:02:49,079 Speaker 1: pm UK time today in Birmingham. I'm Caroline Head good 51 00:02:49,080 --> 00:02:51,959 Speaker 1: Blue Bug day bake Caroline, thank you. In the pound 52 00:02:52,080 --> 00:02:55,720 Speaker 1: has been strengthening on the news again, Sterling at one 53 00:02:55,720 --> 00:02:58,840 Speaker 1: point one one seven five against Sadala or elsewhere in 54 00:02:58,880 --> 00:03:01,280 Speaker 1: the market today. Off the start of the fourth quarter, 55 00:03:01,800 --> 00:03:04,919 Speaker 1: US stocks coming off their third straight quarter of losses 56 00:03:04,919 --> 00:03:07,079 Speaker 1: for the first time since two thousand nine. For the 57 00:03:07,160 --> 00:03:10,120 Speaker 1: NASDAC one hundred. It's the longest losing streak in twenty years, 58 00:03:10,120 --> 00:03:13,400 Speaker 1: and David Bianco, as chief investment officer at DWS Group, 59 00:03:13,680 --> 00:03:15,280 Speaker 1: this is a bear market. So I think a key 60 00:03:15,360 --> 00:03:18,720 Speaker 1: question is is this the beginning of a high inflationary 61 00:03:18,760 --> 00:03:21,920 Speaker 1: period where we're near the end of a high inflationary period. 62 00:03:22,120 --> 00:03:23,639 Speaker 1: If you think we're near the end of a high 63 00:03:23,680 --> 00:03:27,960 Speaker 1: inflationary period, the worst is largely behind and the market 64 00:03:28,000 --> 00:03:30,680 Speaker 1: shouldn't go too much further down. But that's the key question. 65 00:03:31,000 --> 00:03:33,760 Speaker 1: The w S Chief investment Officer David Bianco made the 66 00:03:33,760 --> 00:03:36,960 Speaker 1: comments on Bloomberg's Wall Street. We catch the program every 67 00:03:37,000 --> 00:03:40,280 Speaker 1: weekend on Bloomberg Radio and television. One of all streets 68 00:03:40,320 --> 00:03:43,960 Speaker 1: biggest bears is staying bearish Karen Morgan Stanley chief US 69 00:03:44,040 --> 00:03:47,080 Speaker 1: equity strategist Mike Wilson says a FED pivot is becoming 70 00:03:47,120 --> 00:03:49,800 Speaker 1: likely as money supply falls, but he says that move 71 00:03:49,840 --> 00:03:53,080 Speaker 1: won't allay concerns about earnings. Wilson sees an eventual low 72 00:03:53,160 --> 00:03:55,400 Speaker 1: for the SMP five hundred coming later this year or 73 00:03:55,440 --> 00:03:57,920 Speaker 1: early next at the three thousand to thirty four hundred 74 00:03:57,960 --> 00:04:01,160 Speaker 1: point level. Uncle Man Sax is all so staying parish. 75 00:04:01,240 --> 00:04:03,760 Speaker 1: Nathan with a call that more stocks selling will take 76 00:04:03,800 --> 00:04:07,760 Speaker 1: place next year. Goldman strategists say households and foreigners could 77 00:04:07,760 --> 00:04:10,720 Speaker 1: each sell US stocks valued at a hundred billion dollars 78 00:04:10,720 --> 00:04:14,560 Speaker 1: in three In corporate news this morning, Karen're watching shares 79 00:04:14,600 --> 00:04:16,840 Speaker 1: of Credit Swee after they hit a record low. Right now, 80 00:04:16,839 --> 00:04:19,600 Speaker 1: they're down nearly eight per cent, a memo sent by 81 00:04:19,720 --> 00:04:22,440 Speaker 1: CEO l Rick Kerner's raising concerns over the health of 82 00:04:22,480 --> 00:04:25,360 Speaker 1: the Swiss bank. We get more from Bloomberg's Charlie Wells 83 00:04:25,400 --> 00:04:28,360 Speaker 1: in London coroner basically said the banks at a critical moment. 84 00:04:28,720 --> 00:04:32,520 Speaker 1: He reiterated, you know the importance of not confusing share price, 85 00:04:32,520 --> 00:04:34,480 Speaker 1: which we've been hearing a lot about this morning, with 86 00:04:34,839 --> 00:04:38,080 Speaker 1: performance and capital strength. And the reason why this generated 87 00:04:38,080 --> 00:04:40,480 Speaker 1: so much attention was because it was the second straight 88 00:04:40,560 --> 00:04:43,479 Speaker 1: memo that the CEO had to send um on a 89 00:04:43,520 --> 00:04:47,080 Speaker 1: Friday in two weeks, and it also, interestingly over the weekend, 90 00:04:47,120 --> 00:04:51,359 Speaker 1: generated a lot of discussion on online boards like Reddit 91 00:04:51,440 --> 00:04:54,599 Speaker 1: and Twitter. Bloomberg's Charlie Wells has Credit Sweez is currently 92 00:04:54,600 --> 00:04:57,920 Speaker 1: finalizing turned around plans. Those will likely include sweeping changes 93 00:04:57,960 --> 00:05:00,640 Speaker 1: to its investment bank and thousands of jobs over the 94 00:05:00,680 --> 00:05:03,800 Speaker 1: coming years. Well Nathan Shares of Tesla are down more 95 00:05:03,839 --> 00:05:06,440 Speaker 1: than four percent in early trading. The company delivered a 96 00:05:06,480 --> 00:05:08,719 Speaker 1: record number of vehicles in the last quarter, but the 97 00:05:08,760 --> 00:05:11,720 Speaker 1: results still missed estimates. We get more from Bloomberg's and 98 00:05:11,800 --> 00:05:16,080 Speaker 1: East Fella Greeny Tesla delivering more than three three thousand vehicles, 99 00:05:16,240 --> 00:05:20,120 Speaker 1: about four percent fewer than expected, possibly on supply chain issues. 100 00:05:20,320 --> 00:05:24,880 Speaker 1: The expenses to get customers actual cars in their hands 101 00:05:25,000 --> 00:05:28,320 Speaker 1: have been astronomical DNA I've spanaging director at web Bush, 102 00:05:28,480 --> 00:05:32,960 Speaker 1: has has started to balance that and basically be fine 103 00:05:33,120 --> 00:05:36,200 Speaker 1: with ultimate deliveries that could push quarter quarters. I've says 104 00:05:36,279 --> 00:05:39,719 Speaker 1: that means watch this quarter very closely. Elon Musk tweeting 105 00:05:39,800 --> 00:05:42,520 Speaker 1: he helps to smooth out end of quarter. Russia's for 106 00:05:42,600 --> 00:05:46,559 Speaker 1: customers sakes, Denise, Fella Greeny, Bloomberg day Break, Okay, Denise, thanks. 107 00:05:46,560 --> 00:05:48,960 Speaker 1: Oil is on the rise this morning. There are indications 108 00:05:48,960 --> 00:05:51,880 Speaker 1: Ope could slash production by more than a million barrels 109 00:05:51,880 --> 00:05:54,599 Speaker 1: a day to revive plunging prices. The group meets this 110 00:05:54,680 --> 00:05:58,160 Speaker 1: Wednesday in Vienna, checking prices Downnimex crews up four point 111 00:05:58,160 --> 00:06:00,479 Speaker 1: four percent or three dollars forty eight cent SAT eighty 112 00:06:00,520 --> 00:06:03,240 Speaker 1: two dollars nine cents of barrel Brent is higher by 113 00:06:03,279 --> 00:06:06,880 Speaker 1: four point two at eighty eight dollars seventy two cents. Well, Nathan, 114 00:06:06,920 --> 00:06:09,600 Speaker 1: the big economic event of this week comes on Friday, 115 00:06:09,680 --> 00:06:12,520 Speaker 1: when the US Labor Department issues it's monthly payrolls. Your 116 00:06:12,560 --> 00:06:15,880 Speaker 1: poored and John. Growth likely continued in September, even as 117 00:06:15,920 --> 00:06:18,760 Speaker 1: the overall economic out looked dimmed. Be get more from 118 00:06:18,760 --> 00:06:22,640 Speaker 1: Bloomberg's Jude. The Federal Reserve is lifting interest rates to 119 00:06:22,720 --> 00:06:26,599 Speaker 1: tame inflation by applying the breaks the economic growth. Even so, 120 00:06:26,839 --> 00:06:30,160 Speaker 1: US jobless claims have been running near historic glows, and 121 00:06:30,279 --> 00:06:33,839 Speaker 1: economists are forecasting employers hired about a quarter million workers 122 00:06:33,839 --> 00:06:37,560 Speaker 1: in September. We'll get the data Friday. Looking ahead, the 123 00:06:37,600 --> 00:06:40,440 Speaker 1: president of the Chicago fet Charles Evans, this will take 124 00:06:40,480 --> 00:06:43,240 Speaker 1: six months for the impact of higher interest rates to 125 00:06:43,320 --> 00:06:45,880 Speaker 1: be felt in the labor market. Also on this week's 126 00:06:45,960 --> 00:06:49,359 Speaker 1: data calendar, figures on job openings, which have been running 127 00:06:49,360 --> 00:06:53,640 Speaker 1: at historic hives. Then he dealt Jdics Bloomberg depery. All right, Anny, thanks. Finally, 128 00:06:53,640 --> 00:06:56,240 Speaker 1: we take stock of the damage from Hurricane Ian. The 129 00:06:56,279 --> 00:06:59,400 Speaker 1: storm destroyed a countless number of homes and businesses in Florida, 130 00:06:59,600 --> 00:07:02,720 Speaker 1: but it's gir did a key US fertilizer production area 131 00:07:02,720 --> 00:07:04,479 Speaker 1: in the state, and that means the broader U S 132 00:07:04,520 --> 00:07:07,919 Speaker 1: economy was spared the worst case scenario. Still Ian is 133 00:07:07,960 --> 00:07:10,440 Speaker 1: said to be one of the top ten costliest storms 134 00:07:10,440 --> 00:07:12,560 Speaker 1: in the US, with estimates running as high as a 135 00:07:12,640 --> 00:07:16,920 Speaker 1: hundred twenty billion dollars. Straight ahead your latest local headlines 136 00:07:16,960 --> 00:07:23,440 Speaker 1: in the check of sports. This is Bloomberg and it's 137 00:07:23,440 --> 00:07:25,720 Speaker 1: now six oh seven on Wall Street, word forty nine 138 00:07:25,760 --> 00:07:28,240 Speaker 1: degrees in Central Park. We're back in business on the 139 00:07:28,280 --> 00:07:32,239 Speaker 1: New Jersey Transit North Jersey Coastline. More coming up in traffic. First, 140 00:07:32,240 --> 00:07:33,920 Speaker 1: Michael Barr with what else is going on in New 141 00:07:34,000 --> 00:07:36,000 Speaker 1: York and around the world. Good morning, Mike Call, Good 142 00:07:36,000 --> 00:07:38,760 Speaker 1: morning Nathan Awake for murdered f D n Y E 143 00:07:38,880 --> 00:07:42,680 Speaker 1: M S Lieutenant will take place today and tomorrow, family, 144 00:07:42,800 --> 00:07:45,360 Speaker 1: friends and co workers. I'm gonna gathering to remember Alison 145 00:07:45,440 --> 00:07:48,720 Speaker 1: Russo Elling, who was six one. She was stabbed depth 146 00:07:48,760 --> 00:07:52,280 Speaker 1: in an unprovoked attack. In a story of Queen's last week, 147 00:07:52,560 --> 00:07:55,760 Speaker 1: police arrested thirty four euro Peter Sasopolis, who has a 148 00:07:55,840 --> 00:07:59,560 Speaker 1: history of mental illness. Search and rescue efforts are still 149 00:07:59,600 --> 00:08:02,120 Speaker 1: underway in parts of Florida. In the wake of Hurricane Ian. 150 00:08:02,560 --> 00:08:05,239 Speaker 1: Over the weekend, responders took to the air, grabbing people 151 00:08:05,320 --> 00:08:09,920 Speaker 1: from rooftops and evacuating Barrier Island residents by boat after 152 00:08:10,040 --> 00:08:13,480 Speaker 1: Ian wiped away roads leading to the mainland. Florida Governor 153 00:08:13,520 --> 00:08:16,720 Speaker 1: Around Desantists said teams are conducting sweeps and areas hit 154 00:08:16,720 --> 00:08:20,640 Speaker 1: hardest by the storm. There's more urban search and rescue 155 00:08:20,680 --> 00:08:24,960 Speaker 1: teams in Florida now than in any one place in 156 00:08:25,000 --> 00:08:28,800 Speaker 1: American history since September eleven. Governor de Santist called for 157 00:08:28,960 --> 00:08:32,520 Speaker 1: Ian to be a five hundred year event that will 158 00:08:32,559 --> 00:08:36,800 Speaker 1: go down in history. Meanwhile, President Biden will visit Puerto Rico, 159 00:08:37,120 --> 00:08:41,720 Speaker 1: hit hard by Hurricane Fiona. Brazilian President Jayre Bolsonaro fought 160 00:08:41,760 --> 00:08:44,920 Speaker 1: his way to a runoff election against his leftist challengeer, 161 00:08:45,000 --> 00:08:48,600 Speaker 1: former President Louis and Natio Lula da Silva. Lula got 162 00:08:48,640 --> 00:08:51,960 Speaker 1: forty eight percent, while Bolsonaro received forty three percent. However, 163 00:08:52,320 --> 00:08:55,840 Speaker 1: neither one got the simple majority needed for victory. These 164 00:08:55,880 --> 00:08:58,880 Speaker 1: college students say they voted for Lula. I voted to Lula. 165 00:08:59,000 --> 00:09:05,600 Speaker 1: To you the woods in the future is opposed to democracy. 166 00:09:05,920 --> 00:09:08,160 Speaker 1: The candidates will face each other in the high stakes 167 00:09:08,200 --> 00:09:12,679 Speaker 1: October thirty presidential runoff. It's a big defeat from Moscow 168 00:09:12,720 --> 00:09:16,440 Speaker 1: and Ukraine. Last week, Russian President Vladimir Putin used the 169 00:09:16,480 --> 00:09:19,719 Speaker 1: sham referendum to declare four areas of Ukraine as part 170 00:09:19,760 --> 00:09:23,400 Speaker 1: of Russia. But one of those regions, Laman, almost immediately 171 00:09:23,440 --> 00:09:27,720 Speaker 1: fell to Ukrainian forces. Meanwhile, Vladimir Putin is doomed to 172 00:09:27,800 --> 00:09:31,480 Speaker 1: lose the war in Ukraine. That's from former CIA director 173 00:09:31,559 --> 00:09:35,240 Speaker 1: David Petreas. The retired four star general says Russia's army 174 00:09:35,440 --> 00:09:38,720 Speaker 1: is quote shambolic. He announced the annexation and he's already 175 00:09:38,760 --> 00:09:42,160 Speaker 1: lost a really critical element in that a critical city 176 00:09:42,200 --> 00:09:44,480 Speaker 1: that would have been a very key supply hub had 177 00:09:44,480 --> 00:09:46,880 Speaker 1: they been able to go farther. And that's just going 178 00:09:46,920 --> 00:09:50,079 Speaker 1: to continue. He's going to continue to lose on the battlefield. 179 00:09:50,160 --> 00:09:52,760 Speaker 1: Petrea spoke on ABC's This Week, which can be heard 180 00:09:52,840 --> 00:09:56,600 Speaker 1: Sundays on Bloomberg Global News twenty four hours a day 181 00:09:56,640 --> 00:09:59,240 Speaker 1: on air and on Bloomberg Quickdake, powered by more than 182 00:10:00,000 --> 00:10:02,920 Speaker 1: the journalist mentalist in more than a hundred twenty countries. 183 00:10:02,960 --> 00:10:05,520 Speaker 1: I'm Michael Barr. This is Bloomberg Naked. Thank you, Michael. 184 00:10:10,040 --> 00:10:12,160 Speaker 1: Almost six cent on Wall Street Time for the Bloomberg 185 00:10:12,200 --> 00:10:15,000 Speaker 1: Sports Update with John s rx Dathan. Mets have been 186 00:10:15,000 --> 00:10:17,800 Speaker 1: a first place team virtually the entire season, but after 187 00:10:17,840 --> 00:10:20,560 Speaker 1: a nightmare weekend in Atlanta, they're almost certainly going to 188 00:10:20,600 --> 00:10:24,000 Speaker 1: finish second. The Braves one again, Dan's by Swanson homer 189 00:10:24,080 --> 00:10:26,199 Speaker 1: for the third straight game, x Mett Travis Dardeau a 190 00:10:26,280 --> 00:10:29,720 Speaker 1: two one single. Atlanta won five three to sweep the series. 191 00:10:29,760 --> 00:10:32,640 Speaker 1: The Braves lead by to and on the tidebreaker. A 192 00:10:32,720 --> 00:10:35,600 Speaker 1: win tonight clinches them the division. The Mets thought they'd 193 00:10:35,640 --> 00:10:38,520 Speaker 1: be the NLS two seed, instead looking like the four 194 00:10:38,600 --> 00:10:41,160 Speaker 1: and hitting for a best of three wild Cards series 195 00:10:41,160 --> 00:10:44,320 Speaker 1: with San Diego or Philadelphia this weekend. All the games 196 00:10:44,320 --> 00:10:46,920 Speaker 1: in the series would be at Sydney Field at the Stadium. 197 00:10:46,960 --> 00:10:49,080 Speaker 1: Yankees had just four hits lost to Baltimore three to one. 198 00:10:49,120 --> 00:10:52,160 Speaker 1: Aaron Judge struck out three times. He'll try to surpass 199 00:10:52,280 --> 00:10:54,760 Speaker 1: Roger Morrison the series at Texas at against tonight. The 200 00:10:54,880 --> 00:10:57,520 Speaker 1: Jets finished their four game tour of the a f 201 00:10:57,600 --> 00:11:00,719 Speaker 1: C North two losses, but also to thrillion wins, the 202 00:11:00,840 --> 00:11:03,400 Speaker 1: one in Cleveland and in Pittsburgh. Bay trailed midway through 203 00:11:03,440 --> 00:11:06,200 Speaker 1: the fourth quarter by ten points. Zack Wilson to a 204 00:11:06,200 --> 00:11:09,400 Speaker 1: touchdown pass the Corey Davis and then after a Jets interception, 205 00:11:10,000 --> 00:11:13,480 Speaker 1: Steelers rookie QB Kenny picked Reese Hall scored with sixteen 206 00:11:13,520 --> 00:11:16,439 Speaker 1: seconds left, the Jets one twenty four to twenty. Giants 207 00:11:16,480 --> 00:11:19,280 Speaker 1: and Bears. It met life only two touchdowns scored. All 208 00:11:19,360 --> 00:11:21,920 Speaker 1: day vote by the same guy. Okay Jones is gonna 209 00:11:21,920 --> 00:11:23,800 Speaker 1: foot like I roll lock. He's gonna run it again. 210 00:11:23,880 --> 00:11:27,880 Speaker 1: Kilts to the five. Don't cos in touchdown Giants Daniel 211 00:11:27,920 --> 00:11:30,720 Speaker 1: Jones on a twelve yard run. How the antet prude 212 00:11:30,720 --> 00:11:33,600 Speaker 1: around the left side, his second rushing touchdown of the game, 213 00:11:33,920 --> 00:11:36,400 Speaker 1: and the Giants have widen their lead to thirteen to 214 00:11:36,480 --> 00:11:38,600 Speaker 1: six of the colle Giants went on to win twenty 215 00:11:38,640 --> 00:11:40,720 Speaker 1: to twelve, though Jones left with an ankle injury and 216 00:11:40,800 --> 00:11:43,840 Speaker 1: his backup Tyrod Taylor left with a concussion. Giants had 217 00:11:43,840 --> 00:11:46,560 Speaker 1: their first three and one start since two thousand eleven. 218 00:11:46,840 --> 00:11:50,120 Speaker 1: John stash Award Bloomberg Sports, Nathan Okay, John thanks SMP 219 00:11:50,280 --> 00:11:52,839 Speaker 1: futures are now up five points. Stown futures up a 220 00:11:52,920 --> 00:11:56,000 Speaker 1: hundred two. Nastex futures are still lower, down twenty six points. 221 00:11:56,000 --> 00:11:59,240 Speaker 1: The tenure treasury is up twelve thirty seconds yield three 222 00:11:59,240 --> 00:12:08,000 Speaker 1: point seven seven percent. This is Bloomberg Bloomberg eleven three 223 00:12:08,000 --> 00:12:10,760 Speaker 1: oh weather mostly cloudy, breezy, chance or some showers today 224 00:12:10,760 --> 00:12:13,199 Speaker 1: with a hind your sixty degrees, occasional rain tomorrow with 225 00:12:13,280 --> 00:12:16,120 Speaker 1: a high in your sixty showers will end Wednesday low 226 00:12:16,240 --> 00:12:23,480 Speaker 1: sixties right now fifty in Central Park Markets, headlines and 227 00:12:23,640 --> 00:12:26,920 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 228 00:12:26,960 --> 00:12:31,680 Speaker 1: The Bloomberg Business attend at Bloomberg Quicktap's a Bloomberg Business 229 00:12:31,800 --> 00:12:40,240 Speaker 1: lash and I'm Karen Moscow. This updates brought to you 230 00:12:40,320 --> 00:12:42,680 Speaker 1: by b and My Mellens. Perishing learned by the world's 231 00:12:42,679 --> 00:12:46,640 Speaker 1: most sophisticated wealth management and institutional firms rely on Perishing 232 00:12:46,679 --> 00:12:50,560 Speaker 1: to help them improve profitability, create efficiency, attract talent and 233 00:12:50,600 --> 00:12:54,480 Speaker 1: manage risk at Pershing and dot Com. Global stocks falling 234 00:12:54,520 --> 00:12:56,800 Speaker 1: to a two year low. Well US stock index futures 235 00:12:56,800 --> 00:13:00,560 Speaker 1: are struggling for direction amid concerned hawkish policy spout Global 236 00:13:00,640 --> 00:13:03,920 Speaker 1: central banks will spark a recession and earnings contraction. The 237 00:13:03,920 --> 00:13:06,040 Speaker 1: pound is rising as the UK with drew a plan 238 00:13:06,120 --> 00:13:09,400 Speaker 1: to abolish the top income tax rate. Oil jumping on 239 00:13:09,440 --> 00:13:12,479 Speaker 1: signals that opeg Plus Alliance may offer for a production 240 00:13:12,559 --> 00:13:15,679 Speaker 1: cut and credit sweet groups shares hitting record lows as 241 00:13:15,720 --> 00:13:18,720 Speaker 1: traders continue to speculate about its future. We check the 242 00:13:18,720 --> 00:13:21,640 Speaker 1: markets every fifteen minutes throughout the trading day. On bloomberg 243 00:13:21,760 --> 00:13:24,000 Speaker 1: S and P futures of about four points now down. 244 00:13:24,080 --> 00:13:27,480 Speaker 1: Futures of eighty nine NASTAC future is lower, down thirty 245 00:13:27,760 --> 00:13:30,360 Speaker 1: The decks in Germany's down about eight tens of per cent. 246 00:13:30,440 --> 00:13:33,440 Speaker 1: Ten year treasury of twelve thirty seconds three point seven 247 00:13:33,480 --> 00:13:35,559 Speaker 1: eight firstcent. They yield on the two year four point 248 00:13:35,559 --> 00:13:38,679 Speaker 1: one nine percent. Nine. Extrude oil is a four point 249 00:13:38,679 --> 00:13:40,840 Speaker 1: one percent of three dollars twenty six cents at eighty 250 00:13:40,840 --> 00:13:43,480 Speaker 1: two dollars, seventy five cents of barrel co mix school 251 00:13:43,559 --> 00:13:46,560 Speaker 1: little change at sixteen seventy one thirty an ounce. The 252 00:13:46,640 --> 00:13:49,280 Speaker 1: euro point nine seven six eight against the dollar British 253 00:13:49,280 --> 00:13:51,320 Speaker 1: found one point one one nine two and the end 254 00:13:51,360 --> 00:13:53,800 Speaker 1: one forty five point one four. And look at a 255 00:13:53,840 --> 00:13:56,400 Speaker 1: bit coin. It's down almost half percent and nineteen thousand, 256 00:13:56,480 --> 00:13:59,520 Speaker 1: one hundred fifty dollars. That's a Bloomberg business flash. Now 257 00:13:59,600 --> 00:14:01,520 Speaker 1: here's mouth a bar with more on what's going on 258 00:14:01,640 --> 00:14:04,680 Speaker 1: around the world. Cicol. Thank you very much, Karen. President 259 00:14:04,760 --> 00:14:07,600 Speaker 1: Joe Biden will announce more than sixty million dollars in 260 00:14:07,679 --> 00:14:11,080 Speaker 1: funding to strengthen Puerto Rico's resilience to flooding when he 261 00:14:11,160 --> 00:14:14,559 Speaker 1: visits the island to observe recovery efforts from the devastation 262 00:14:15,000 --> 00:14:18,560 Speaker 1: left by Hurricane Fiona. The President and First Lady will 263 00:14:18,600 --> 00:14:22,640 Speaker 1: fly to Puerto Rico today. Sfonte Pabo was awarded the 264 00:14:22,680 --> 00:14:27,280 Speaker 1: Nobel Prize in Physiology or Medicine on Human evolution research. 265 00:14:27,680 --> 00:14:30,480 Speaker 1: In the NFL, the Giants and Jets won, the Patriots, 266 00:14:30,480 --> 00:14:34,160 Speaker 1: Commanders and Ravens lost. The forty Niners play the Rams tonight. 267 00:14:34,560 --> 00:14:37,360 Speaker 1: In baseball, the Yankees lost to the Orioles three one. 268 00:14:37,720 --> 00:14:41,040 Speaker 1: The Mets lost to the Braves five three. Atlanta swept 269 00:14:41,080 --> 00:14:42,960 Speaker 1: the series and knocked the Mets out of the lead. 270 00:14:43,040 --> 00:14:46,800 Speaker 1: In the NL East, the Red Sox and Nationals lost. 271 00:14:46,840 --> 00:14:50,240 Speaker 1: The A's and Giants won. Global news twenty four hours 272 00:14:50,240 --> 00:14:53,160 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 273 00:14:53,200 --> 00:14:55,480 Speaker 1: more than twenty seven hundred journalist and analyst, are more 274 00:14:55,480 --> 00:14:59,800 Speaker 1: than twenty countries. Michael bar this is Bloomberg. Nathan, Okay, Michael, thanks, 275 00:14:59,800 --> 00:15:02,320 Speaker 1: It's just about six twenty on Wall Street Live from 276 00:15:02,360 --> 00:15:05,880 Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Let's 277 00:15:05,880 --> 00:15:08,040 Speaker 1: get more now on our top story this morning, and 278 00:15:08,080 --> 00:15:11,360 Speaker 1: a dramatic reversal from the new Prime Minister in the UK. 279 00:15:11,600 --> 00:15:14,320 Speaker 1: Liz Trust has dropped a plan to cut taxes for 280 00:15:14,320 --> 00:15:16,480 Speaker 1: the highest earners to try to fend off a growing 281 00:15:16,520 --> 00:15:19,840 Speaker 1: rebellion within her own Conservative party. It's all happening at 282 00:15:19,840 --> 00:15:23,160 Speaker 1: the Tory conference now underway in Birmingham, England. Bloomberg Daybreak 283 00:15:23,160 --> 00:15:26,280 Speaker 1: europe banker Caroline Hefcker is there and joins us live 284 00:15:26,320 --> 00:15:28,560 Speaker 1: with more. Great to speak with you, Caroline, Though not 285 00:15:28,720 --> 00:15:31,400 Speaker 1: so great, I guess for the new Prime Minister and 286 00:15:31,440 --> 00:15:36,440 Speaker 1: her chancellor quasi quartang. They've been publicly promoting this tax 287 00:15:36,480 --> 00:15:39,280 Speaker 1: cut plan right up it seems to the last minute here. 288 00:15:39,320 --> 00:15:44,400 Speaker 1: How big a deal is this reversal now? Absolutely huge? 289 00:15:44,480 --> 00:15:48,840 Speaker 1: It begs the question are in control? They're certainly in office, 290 00:15:48,920 --> 00:15:52,280 Speaker 1: but they are they actually in charge? The U turn 291 00:15:52,520 --> 00:15:55,520 Speaker 1: is surprising because the prime ministers, you say, Liz Trust, 292 00:15:55,800 --> 00:15:59,440 Speaker 1: even up until Sunday was defending uh this tax cut 293 00:15:59,520 --> 00:16:02,200 Speaker 1: for the well fee. They seem though to have neutralized it. 294 00:16:02,480 --> 00:16:05,600 Speaker 1: Quasi quarte and came into the conference hall here in 295 00:16:05,640 --> 00:16:08,440 Speaker 1: Birmingham very early this morning. He did a round of 296 00:16:08,480 --> 00:16:13,080 Speaker 1: media interviews and he backed down. Of course, nobody really 297 00:16:13,160 --> 00:16:16,400 Speaker 1: was particularly in favor of this tax cut for people 298 00:16:16,440 --> 00:16:19,480 Speaker 1: earning over a hundred and fifty thousand pounds down from 299 00:16:19,560 --> 00:16:23,240 Speaker 1: forty five percent to forty percent, so it's sort of 300 00:16:23,280 --> 00:16:27,600 Speaker 1: neutralizes that issue. And yet you know, the markets have 301 00:16:27,680 --> 00:16:31,120 Speaker 1: been on absolute broncho ride in the meantime in terms 302 00:16:31,120 --> 00:16:35,480 Speaker 1: of sterling and guilds, and now the issue is really 303 00:16:35,520 --> 00:16:39,720 Speaker 1: squarely focused on paying for the other budget spending forty 304 00:16:39,840 --> 00:16:43,520 Speaker 1: three billion pounds in total. It's an enormous sum. Is 305 00:16:43,560 --> 00:16:48,040 Speaker 1: that going to happen for austerity cuts to benefit recipients 306 00:16:48,080 --> 00:16:49,600 Speaker 1: here in the UK? Is it all going to be 307 00:16:49,640 --> 00:16:53,200 Speaker 1: done through borrowing? These remain big questions now for the 308 00:16:53,240 --> 00:16:57,120 Speaker 1: rest of these four days of the Annual Party Conference 309 00:16:57,120 --> 00:16:59,360 Speaker 1: here in Birmingham. No, No, You've been speaking with a 310 00:16:59,440 --> 00:17:02,040 Speaker 1: number of men bers of Parliament on the Conservative side. 311 00:17:02,040 --> 00:17:04,400 Speaker 1: What are they saying about some of these issues, whether 312 00:17:04,400 --> 00:17:07,280 Speaker 1: they're going to continue to support unfunded tax cuts and 313 00:17:07,359 --> 00:17:11,879 Speaker 1: the future for the Prime minister. Let's trust well, I 314 00:17:11,920 --> 00:17:15,440 Speaker 1: think uneasy is the word that springs to mind as 315 00:17:15,520 --> 00:17:19,879 Speaker 1: well as conspicus, conspicuous in their absence. So a number 316 00:17:19,920 --> 00:17:22,680 Speaker 1: of well known MPs, including Rishi Sunak and a host 317 00:17:22,720 --> 00:17:25,560 Speaker 1: of his allies and not even coming to conference. But 318 00:17:25,640 --> 00:17:28,000 Speaker 1: I did speak to Mike Wood at the MP for 319 00:17:28,119 --> 00:17:32,080 Speaker 1: Dudley South. He's a regular on Bloomberg Radio and he's lovely, 320 00:17:32,119 --> 00:17:35,119 Speaker 1: but he was sounding really pretty nervous. There is a 321 00:17:35,160 --> 00:17:40,000 Speaker 1: credibility issue that Mike would absolutely recognize. If you you 322 00:17:40,200 --> 00:17:43,639 Speaker 1: turn on what was effectively a budget within ten days, 323 00:17:43,800 --> 00:17:45,920 Speaker 1: insisting that you're not going to do that, and then 324 00:17:45,960 --> 00:17:50,480 Speaker 1: you do what happens with future budgets, will there be credibility? 325 00:17:50,600 --> 00:17:52,560 Speaker 1: And in the meantime, of course, they may have issued 326 00:17:52,960 --> 00:17:55,600 Speaker 1: issued a U turn on this one issue, but mortgage 327 00:17:55,680 --> 00:17:58,600 Speaker 1: rates have already shot up and that is having real 328 00:17:58,680 --> 00:18:02,600 Speaker 1: world consequences in the economy and particularly for people who 329 00:18:02,640 --> 00:18:06,280 Speaker 1: may well be Conservative Party voters. I don't think anyone, 330 00:18:06,320 --> 00:18:09,560 Speaker 1: though Nathan, is saying that liars trials or quasi quassa 331 00:18:09,600 --> 00:18:12,000 Speaker 1: in the chance that are really going to go. Remember, 332 00:18:12,000 --> 00:18:13,639 Speaker 1: we just spent the whole of the summer getting rid 333 00:18:13,680 --> 00:18:15,960 Speaker 1: of Boys Johnson as Prime Minister and bringing in a 334 00:18:16,040 --> 00:18:20,879 Speaker 1: new administration. But the polls show that the opposition Labor 335 00:18:20,920 --> 00:18:24,560 Speaker 1: Party now have a hugely over the Conservatives, and that 336 00:18:24,600 --> 00:18:26,919 Speaker 1: really puts some in peril in the next general election, 337 00:18:26,960 --> 00:18:30,280 Speaker 1: which is what maybe about eighteen months close to two 338 00:18:30,359 --> 00:18:33,000 Speaker 1: years away. Kind about a minute left here, Caroline. You're 339 00:18:33,000 --> 00:18:34,800 Speaker 1: going to be at the conference for the next couple 340 00:18:34,800 --> 00:18:37,080 Speaker 1: of days. Here one are the big questions that need 341 00:18:37,119 --> 00:18:38,719 Speaker 1: to be answered. What are you going to be watching for? 342 00:18:40,119 --> 00:18:42,760 Speaker 1: So this afternoon four pm London time, Quasi Quata is 343 00:18:42,760 --> 00:18:46,440 Speaker 1: going to give his full speech to delegate, So I'm 344 00:18:46,440 --> 00:18:48,800 Speaker 1: going to go and watch that. Of course Liz Trust 345 00:18:48,840 --> 00:18:50,879 Speaker 1: will be up on Wednesday. Remember she's actually gonna be 346 00:18:50,960 --> 00:18:54,479 Speaker 1: given the kind of main event, the main speech on 347 00:18:54,520 --> 00:18:57,680 Speaker 1: a day of national rail strikes. Are people even gonna 348 00:18:57,680 --> 00:18:59,040 Speaker 1: be able to get here if they come just for 349 00:18:59,160 --> 00:19:02,200 Speaker 1: that event? Know? And that highlights it's sort of cost 350 00:19:02,280 --> 00:19:04,919 Speaker 1: of living, the demand for high wages that people have. 351 00:19:05,440 --> 00:19:08,240 Speaker 1: I also just mention one thing. Sterling and guilts have 352 00:19:08,280 --> 00:19:11,880 Speaker 1: reacted fairly positively to the government's utah will that last. 353 00:19:12,320 --> 00:19:15,399 Speaker 1: There is now a lower there are lower bets on 354 00:19:15,560 --> 00:19:17,439 Speaker 1: Great Heights on the Bank of England. But again I 355 00:19:17,440 --> 00:19:20,720 Speaker 1: think it's all ouryes on how markets will see this 356 00:19:20,880 --> 00:19:24,520 Speaker 1: political conference. Nathan, Now you're absolutely right. The pound is 357 00:19:24,720 --> 00:19:27,480 Speaker 1: firming up against the dollar right now at one twelve 358 00:19:27,480 --> 00:19:31,000 Speaker 1: oh two. Bloomberg's Caroline Hebger with us this morning, part 359 00:19:31,000 --> 00:19:34,199 Speaker 1: of our team covering the Conservative Party conference that has 360 00:19:34,240 --> 00:19:38,480 Speaker 1: become very interesting following the tax cut announcement just a 361 00:19:38,480 --> 00:19:40,680 Speaker 1: little more than a week ago from the new UK 362 00:19:40,800 --> 00:19:44,000 Speaker 1: Prime Minister list trust and now this reversal on the 363 00:19:44,000 --> 00:19:48,440 Speaker 1: top tax cut will continue watching it. Stay with Bloomberg 364 00:19:48,520 --> 00:19:53,440 Speaker 1: Radio throughout Right now, SMP futures are up five points. 365 00:19:53,960 --> 00:19:56,159 Speaker 1: Our future is of a hundred one. NASTAT futures are 366 00:19:56,200 --> 00:19:59,000 Speaker 1: still lower by twenty seven points tenk. Your treasury is 367 00:19:59,080 --> 00:20:02,600 Speaker 1: up thirteen thirty seconds Heal three point seven seven. This 368 00:20:03,000 --> 00:20:09,520 Speaker 1: is Bloomberg Bloomberg eleventh three oh Weather mostly cloudie, breezy, 369 00:20:09,600 --> 00:20:12,160 Speaker 1: maybe a shower today, hid your sixty grees. Occasional rain 370 00:20:12,240 --> 00:20:15,879 Speaker 1: tomorrow with high sneer sixty once again showers and Wednesday 371 00:20:15,920 --> 00:20:18,760 Speaker 1: will top out in the low sixties. Right now fifty 372 00:20:18,880 --> 00:20:25,880 Speaker 1: in Central Park, broadcasting live from the Bloomberg Interactive Broker's 373 00:20:25,880 --> 00:20:29,280 Speaker 1: studio in New York. Bloomberg e Living Free on to Washington, 374 00:20:29,359 --> 00:20:33,639 Speaker 1: d C. Bloomberg to Boston, Bloomberg one six one to 375 00:20:33,720 --> 00:20:37,440 Speaker 1: San Francisco, Bloomberg No. Sixty to the country, Sirius XM 376 00:20:37,520 --> 00:20:39,800 Speaker 1: to the one nine team, and around the globe the 377 00:20:39,800 --> 00:20:43,680 Speaker 1: Bloomberg Business apt in Bloomberg Radio dot com. This is 378 00:20:43,720 --> 00:20:52,200 Speaker 1: Bloomberg Daybreak six thirty on Wall Street. Good morning. I'm 379 00:20:52,280 --> 00:20:55,400 Speaker 1: Nathan Hagar and I'm Karen Moscow. We're just about three 380 00:20:55,440 --> 00:20:57,720 Speaker 1: hours away from the open of US trading. Time for 381 00:20:57,760 --> 00:20:59,520 Speaker 1: the five Things that you need to know to start 382 00:20:59,560 --> 00:21:02,320 Speaker 1: your day. Brought to you by Interactive Brokers I b 383 00:21:02,480 --> 00:21:05,560 Speaker 1: k R. Event Trader offers a new way to trade futures. 384 00:21:05,880 --> 00:21:08,560 Speaker 1: Use event contracts to trade your opinion on yes or 385 00:21:08,560 --> 00:21:12,000 Speaker 1: no questions and key CM futures markets. Learn more at 386 00:21:12,000 --> 00:21:16,080 Speaker 1: event trader dot Interactive Brokers dot com. Up First, the 387 00:21:16,200 --> 00:21:19,359 Speaker 1: UK Prime Minister Liz Trust and her administration are dropping 388 00:21:19,359 --> 00:21:23,840 Speaker 1: a controversial tax cut. Chancellor Quas Quarteng had come under 389 00:21:23,880 --> 00:21:27,320 Speaker 1: fire for cutting taxes on the UK's highest earners. Bloomer's 390 00:21:27,359 --> 00:21:31,720 Speaker 1: Lizzie Burden has details from the Tory party's conference in Birmingham. 391 00:21:31,840 --> 00:21:35,760 Speaker 1: He said that the rate cut was becoming a huge 392 00:21:35,800 --> 00:21:39,040 Speaker 1: distraction from a set of strong policies. Of course, the 393 00:21:39,080 --> 00:21:42,200 Speaker 1: government had also announced this massive energy bailout, so it 394 00:21:42,320 --> 00:21:45,800 Speaker 1: was desperately trying to cling back to the political credit 395 00:21:45,920 --> 00:21:48,919 Speaker 1: for that. He was asked what changed, He said, we 396 00:21:49,080 --> 00:21:51,880 Speaker 1: listened to people. We get it. He was asked as 397 00:21:51,920 --> 00:21:54,920 Speaker 1: he considered resigning, He said not at all. The Prime 398 00:21:54,960 --> 00:21:57,800 Speaker 1: Minister had thrown him under a bus yesterday, blamed him 399 00:21:58,000 --> 00:22:01,719 Speaker 1: for this top rate of tax. Say, the question now 400 00:22:01,920 --> 00:22:04,720 Speaker 1: is how much should the rest of the package can survive. 401 00:22:05,000 --> 00:22:09,240 Speaker 1: Cloomers Lizzy Burden says the move may cool the political backlash, 402 00:22:09,320 --> 00:22:11,919 Speaker 1: but they're still concerned for markets and the pound and 403 00:22:12,000 --> 00:22:16,560 Speaker 1: checking sterling right now it is at one against the 404 00:22:16,680 --> 00:22:20,680 Speaker 1: dollar many time. Karen today kicks off fourth quarter for markets. 405 00:22:20,800 --> 00:22:23,080 Speaker 1: US stocks are coming off their third straight quarter of 406 00:22:23,160 --> 00:22:26,359 Speaker 1: losses for the first time since two thousand nine. LPL 407 00:22:26,400 --> 00:22:30,000 Speaker 1: financials Quincy Crosby says there are still plenty of risks. 408 00:22:30,040 --> 00:22:33,080 Speaker 1: We've seen the volatility index climb the zix because it's 409 00:22:33,119 --> 00:22:37,160 Speaker 1: more uncertainty. Uncertainty regarding how does the set actually bring 410 00:22:37,240 --> 00:22:41,439 Speaker 1: us to price stability, which out as the proverbial breaking something. Also, 411 00:22:41,480 --> 00:22:44,240 Speaker 1: you know we're going into third quarter earning season and 412 00:22:44,400 --> 00:22:47,720 Speaker 1: the questions are, what are those companies saying not only 413 00:22:47,800 --> 00:22:50,880 Speaker 1: their bottom line but their margins, But what's the guidance 414 00:22:51,000 --> 00:22:53,880 Speaker 1: Quincy Crosby with LPL financial Things, Stocks go lower from 415 00:22:53,920 --> 00:22:56,640 Speaker 1: here until they find a level that has discounted economic 416 00:22:56,680 --> 00:22:59,760 Speaker 1: headwins well In Banking News, Nathan Credit Sweez is fun 417 00:22:59,760 --> 00:23:02,480 Speaker 1: and lot same plans that will likely see sweeping changes 418 00:23:02,520 --> 00:23:05,560 Speaker 1: for the investment bank and could include cutting thousands of jobs. 419 00:23:05,640 --> 00:23:08,200 Speaker 1: And right now, shares a Credit Sweets are down almost 420 00:23:08,280 --> 00:23:10,480 Speaker 1: eight and a half percent to Oil Now Karen, where 421 00:23:10,480 --> 00:23:13,399 Speaker 1: they're indications OPEC plus could slash production by more than 422 00:23:13,400 --> 00:23:16,000 Speaker 1: a million barrels a day to revive plunging prices. The 423 00:23:16,000 --> 00:23:18,960 Speaker 1: group meets Wednesday in Vienna, checking prices down. Nimex is 424 00:23:19,040 --> 00:23:23,000 Speaker 1: up four eighty two dollars eighty two cents, and shares 425 00:23:23,000 --> 00:23:25,240 Speaker 1: of Tesla down more than four percent this morning, the 426 00:23:25,240 --> 00:23:28,879 Speaker 1: company missing estimates last quarter despite delivering a record number 427 00:23:28,880 --> 00:23:30,840 Speaker 1: of vehicles. That's the five things that you need to 428 00:23:30,880 --> 00:23:34,400 Speaker 1: notice start your day. Brought to you by Interactive Brokers. 429 00:23:38,440 --> 00:23:40,560 Speaker 1: Right thanks scaring sixty three on Wall Street now fifty 430 00:23:40,600 --> 00:23:43,080 Speaker 1: one degrees in Central Park. Gotta crash on the southbound 431 00:23:43,080 --> 00:23:45,760 Speaker 1: Harlem River Drive at the Third Avenue Bridge. Details coming 432 00:23:45,800 --> 00:23:47,840 Speaker 1: up in traffic. First Michael Bark with what else is 433 00:23:47,880 --> 00:23:50,520 Speaker 1: going on in New York and around the world. Good morning, Michael, 434 00:23:50,600 --> 00:23:53,119 Speaker 1: Good morning Nathan. A wake for murdered f D n 435 00:23:53,320 --> 00:23:56,439 Speaker 1: Y E M. S. Lieutenant will take place today and 436 00:23:56,600 --> 00:24:00,520 Speaker 1: tomorrow in Comac Family friends and co workers and gathering 437 00:24:00,560 --> 00:24:04,000 Speaker 1: to remember Alison Russo Elling, who was sixty one. She 438 00:24:04,119 --> 00:24:06,240 Speaker 1: was stabbed to death in an unprovoked attack and the 439 00:24:06,240 --> 00:24:10,159 Speaker 1: story of Queen's last week. Russo Elling's funeral is Wednesday. 440 00:24:10,200 --> 00:24:14,120 Speaker 1: In Brookville, police arrested thirty four year old Peter Zassopolis, 441 00:24:14,240 --> 00:24:17,399 Speaker 1: who has a history of mental illness. More than a 442 00:24:17,480 --> 00:24:21,360 Speaker 1: thousand search and rescue workers are performing operations across Florida 443 00:24:21,720 --> 00:24:25,560 Speaker 1: as some people remained stranded by Hurricanean. A thousand National 444 00:24:25,600 --> 00:24:28,320 Speaker 1: Guard members were sent to Florida's Barrier Islands for more 445 00:24:28,359 --> 00:24:31,720 Speaker 1: search and rescue efforts. Florida Governor Ran de Santis, you 446 00:24:31,720 --> 00:24:35,080 Speaker 1: look at four Myers Beach and you see homes obliterated. 447 00:24:35,359 --> 00:24:37,560 Speaker 1: You know that was obliterated because you had almost a 448 00:24:37,640 --> 00:24:41,080 Speaker 1: cap five storm touch landfall there. Governor de Santis says 449 00:24:41,160 --> 00:24:43,920 Speaker 1: Ian was a five hundred year event. It's a big 450 00:24:43,960 --> 00:24:46,960 Speaker 1: defeat from Moscow. In Ukraine, last week, Russian leader of 451 00:24:47,000 --> 00:24:50,680 Speaker 1: Vladimir Putin used the Sham referendum to declare four areas 452 00:24:50,720 --> 00:24:53,640 Speaker 1: of Ukraine as part of Russia, but one of those 453 00:24:53,680 --> 00:24:57,919 Speaker 1: regions almost immediately fell to Ukrainian forces. Over the weekend, 454 00:24:57,960 --> 00:25:02,400 Speaker 1: the strategic city of Laman in Ukraine's northeast was taken back. 455 00:25:02,760 --> 00:25:06,560 Speaker 1: Former CIA director David Petrea says Russia's army is no 456 00:25:06,680 --> 00:25:10,080 Speaker 1: match for Ukraine's and Putin at some point is going 457 00:25:10,119 --> 00:25:12,400 Speaker 1: to need to come to the negotiating table to end 458 00:25:12,400 --> 00:25:16,119 Speaker 1: the war. No amount of shambolic mobilization, which is the 459 00:25:16,160 --> 00:25:18,879 Speaker 1: only way to describe it, no amount of annexation, no 460 00:25:18,960 --> 00:25:23,040 Speaker 1: amount of even veiled nuclear threats can actually get him 461 00:25:23,119 --> 00:25:26,520 Speaker 1: out of this particular situation. The retired four star general 462 00:25:26,600 --> 00:25:29,480 Speaker 1: spoke on ABC's This Week, which can be heard Sundays 463 00:25:29,520 --> 00:25:34,119 Speaker 1: on Bloomberg. Brazilian president Jayre Bolsonaro fought his way to 464 00:25:34,320 --> 00:25:38,640 Speaker 1: a runoff election against Luis Inatio Lula da Silva. Both 465 00:25:38,680 --> 00:25:41,400 Speaker 1: fell short of the first round win, which means there 466 00:25:41,400 --> 00:25:45,520 Speaker 1: will be a runoff on October. According to Brazil's electoral courts, 467 00:25:45,720 --> 00:25:49,760 Speaker 1: Lula took Bolsonaro's forty three changes to the way the 468 00:25:49,880 --> 00:25:52,359 Speaker 1: NFL handles concussions could be in effect within a week. 469 00:25:52,760 --> 00:25:55,840 Speaker 1: That's after Miami dolphinse quarterback to Attack of Viola suffered 470 00:25:55,840 --> 00:26:00,520 Speaker 1: two apparent injuries just days apart. Chris Newinsky, co founder 471 00:26:00,560 --> 00:26:04,200 Speaker 1: and CEO of the Concussion Legacy Foundation, it's among those 472 00:26:04,240 --> 00:26:06,879 Speaker 1: calling for changes. This is one of those situations where 473 00:26:07,080 --> 00:26:09,720 Speaker 1: anybody shouldn't be able to determine without evaluating the patient 474 00:26:09,800 --> 00:26:12,280 Speaker 1: that that's a concussion, or at a minimum, if you're 475 00:26:12,280 --> 00:26:14,399 Speaker 1: talking about the future of the franchise, not put them 476 00:26:14,400 --> 00:26:16,919 Speaker 1: back into the Gamewinsky says, we're still playing games with 477 00:26:16,960 --> 00:26:20,040 Speaker 1: people's brains. Global News twenty four hours a day on 478 00:26:20,200 --> 00:26:22,760 Speaker 1: air and on Bloomberg Quick Take, powered by more than 479 00:26:22,840 --> 00:26:25,760 Speaker 1: twenty seven hundred journalists analysts more than a hundred twenty countries. 480 00:26:25,840 --> 00:26:33,360 Speaker 1: I'm Michael Barr. This is Bloomberg Naked. Thanks Michael. Six 481 00:26:33,440 --> 00:26:35,560 Speaker 1: thirty six on Wall Street, John stash Hour has a 482 00:26:35,600 --> 00:26:38,320 Speaker 1: Bloomberg Sports Update, Nathan. At one point this season, the 483 00:26:38,320 --> 00:26:40,560 Speaker 1: Mets were in first place by ten and a half games, 484 00:26:40,560 --> 00:26:43,320 Speaker 1: but the Braves cap winning kept getting closer. In Atlanta 485 00:26:43,440 --> 00:26:46,000 Speaker 1: just completed a three game sweep, and it's the Braves 486 00:26:46,240 --> 00:26:48,520 Speaker 1: who will almost certainly win the NL East. Their magic 487 00:26:48,600 --> 00:26:51,080 Speaker 1: number is one. Mets did not get good starting pitching. 488 00:26:51,160 --> 00:26:53,920 Speaker 1: Jacob mcgraham gave up three runs Baxter's or four, and 489 00:26:54,080 --> 00:26:56,320 Speaker 1: last night Chris Pass had staked two at three one 490 00:26:56,400 --> 00:26:59,719 Speaker 1: League after madhomers by Daniel Vogelback and Jeff McNeil couldn't 491 00:26:59,720 --> 00:27:01,800 Speaker 1: find it the third in name, the Braves won five 492 00:27:01,920 --> 00:27:04,920 Speaker 1: to three. It's going to make for a tougher postseason 493 00:27:05,040 --> 00:27:07,119 Speaker 1: row that would start with the best of three wild 494 00:27:07,119 --> 00:27:10,480 Speaker 1: card series this weekend at City Field. The Yankees last 495 00:27:10,520 --> 00:27:12,960 Speaker 1: regular season home game three one, lost to Baltimore. They 496 00:27:12,960 --> 00:27:16,000 Speaker 1: close it out in Texas, four games for Aaron Judge 497 00:27:16,000 --> 00:27:18,080 Speaker 1: to try and hit home run number sixty two. The 498 00:27:18,200 --> 00:27:20,560 Speaker 1: Jets in Pittsburgh, first game for Zack Wilson back from 499 00:27:20,560 --> 00:27:22,720 Speaker 1: the knee injury, and he was part of an early 500 00:27:22,800 --> 00:27:27,359 Speaker 1: Jet score takes the Shotguns Jets Sweet, It'll be a 501 00:27:27,440 --> 00:27:32,520 Speaker 1: slow from Parios to Zack Wilson for the touchdown. Razzle 502 00:27:32,760 --> 00:27:39,479 Speaker 1: Dazzle from the Jets. Serios top in York to call. 503 00:27:39,640 --> 00:27:42,639 Speaker 1: Jets were up ten, then downtown they rallied. They scored 504 00:27:42,680 --> 00:27:46,280 Speaker 1: with sixteen seconds left, beat the Steelers to twenty. Tell 505 00:27:46,320 --> 00:27:49,520 Speaker 1: you the second win in Pittsburgh in team history. Giants 506 00:27:49,520 --> 00:27:51,879 Speaker 1: have their first three and one start since two thousand eleven. 507 00:27:51,960 --> 00:27:53,800 Speaker 1: They won the Super Bowl that year. They beat the 508 00:27:53,840 --> 00:27:57,160 Speaker 1: Bears that met life twelve. Daniel Jones two first half 509 00:27:57,160 --> 00:27:59,919 Speaker 1: TV runs where they only touchdowns of the game. Squa 510 00:28:00,080 --> 00:28:02,919 Speaker 1: Barkley had a big day. Giants play the Packers this 511 00:28:03,040 --> 00:28:05,399 Speaker 1: Sunday in London. We'll see who the Giants qub will be. 512 00:28:05,480 --> 00:28:07,880 Speaker 1: Jones heard his ankle in this game and his backup 513 00:28:07,920 --> 00:28:12,800 Speaker 1: Tyrod Taylor stuff word a concussion. John Stashar, Bloomberg Sports. Okay, John, 514 00:28:12,840 --> 00:28:15,080 Speaker 1: Thanks six thirty seven on Wall Street. Time to take 515 00:28:15,119 --> 00:28:16,800 Speaker 1: a look at stock, some of the names moving in 516 00:28:16,840 --> 00:28:20,280 Speaker 1: the pre market on this first day of the fourth quarter. 517 00:28:20,680 --> 00:28:23,600 Speaker 1: We bring in Bloomberg Radio on TV Markets correspondent Creating 518 00:28:23,600 --> 00:28:25,960 Speaker 1: Goop to the talk first about the stock that's dragging 519 00:28:26,040 --> 00:28:29,360 Speaker 1: Nasdaq futures lower. This morning. You bring in record earnings 520 00:28:29,359 --> 00:28:33,800 Speaker 1: and yet Tesla still gets punished by investors. Creating. You know, Nathan, 521 00:28:33,840 --> 00:28:35,760 Speaker 1: you would think that on the first day of the 522 00:28:35,800 --> 00:28:39,360 Speaker 1: fourth quarter, any other company would probably be making news, 523 00:28:39,360 --> 00:28:41,200 Speaker 1: but no of course it is Tesla. We are circling 524 00:28:41,200 --> 00:28:43,960 Speaker 1: back to that fan favorite. I want to say t 525 00:28:44,240 --> 00:28:46,360 Speaker 1: s l A shares. We're down almost as much as 526 00:28:46,360 --> 00:28:48,640 Speaker 1: six and a half percent earlier in the session. They've 527 00:28:48,680 --> 00:28:51,080 Speaker 1: paired some of those losses, now down about four point 528 00:28:51,080 --> 00:28:54,680 Speaker 1: four percent. This comes after they missed those third quarter deliveries. Now, 529 00:28:54,720 --> 00:28:57,040 Speaker 1: to your point, they did hit a record number still, 530 00:28:57,040 --> 00:28:59,480 Speaker 1: which is a big deal over Tesla's growth story, but 531 00:28:59,560 --> 00:29:02,200 Speaker 1: they didn't make as much progress as Wall Street was 532 00:29:02,240 --> 00:29:05,200 Speaker 1: hoping for. So once again missing those third quarter delivery estimates, 533 00:29:05,440 --> 00:29:07,960 Speaker 1: and they're actually saying it's an issue to get those 534 00:29:07,960 --> 00:29:10,200 Speaker 1: cars to the customers because of a lot of the 535 00:29:10,720 --> 00:29:13,400 Speaker 1: supply chain issues. Now, remember Tesla has a lot of 536 00:29:13,400 --> 00:29:16,360 Speaker 1: exposure to not only the commodity space, but one of 537 00:29:16,440 --> 00:29:20,080 Speaker 1: the major things kind of going for them, and think 538 00:29:20,080 --> 00:29:22,960 Speaker 1: about it this way, is actually their proximity to some 539 00:29:23,040 --> 00:29:25,320 Speaker 1: of their supply chains. It's something that's worked very very 540 00:29:25,360 --> 00:29:28,479 Speaker 1: well um in the production line. Ed Ludlow are kind 541 00:29:28,520 --> 00:29:32,400 Speaker 1: of resident e V coverage guru here pointed this out 542 00:29:32,440 --> 00:29:35,280 Speaker 1: to me that his the Shanghai factory in Tesla is 543 00:29:35,280 --> 00:29:37,760 Speaker 1: actually located very close to where they actually get some 544 00:29:37,800 --> 00:29:41,280 Speaker 1: of the metal, the copper, um, the aluminum, whatever it 545 00:29:41,360 --> 00:29:43,600 Speaker 1: is you need to to make a car. They very 546 00:29:43,600 --> 00:29:46,400 Speaker 1: specifically put the factory right next to where those UM 547 00:29:46,760 --> 00:29:49,600 Speaker 1: commodities are available for this exact reason. So, even in 548 00:29:49,680 --> 00:29:52,000 Speaker 1: light of some of that, for example, or those efforts 549 00:29:52,000 --> 00:29:54,800 Speaker 1: at Tesla, still not doing well Nathan, when it comes 550 00:29:54,840 --> 00:29:57,480 Speaker 1: to UM really dealing with the inflationary pressures and the 551 00:29:57,480 --> 00:30:00,840 Speaker 1: commodity costs. Yeah, speaking of commodity is the other big move, 552 00:30:00,880 --> 00:30:03,719 Speaker 1: of course is oil. With this word that OPEC plus 553 00:30:03,720 --> 00:30:06,320 Speaker 1: could cut production by a million barrels a day, what's 554 00:30:06,320 --> 00:30:08,760 Speaker 1: that doing for energy stocks? Well, of course, it's boosting 555 00:30:08,960 --> 00:30:11,560 Speaker 1: energy broadly, although I will say Brent crude is really 556 00:30:11,560 --> 00:30:13,880 Speaker 1: only hovering around eighty eight dollars a barrel. Nevertheless, it's 557 00:30:13,880 --> 00:30:16,080 Speaker 1: giving a bigger boost to some of those energy stocks. 558 00:30:16,120 --> 00:30:18,480 Speaker 1: As you mentioned, Nathan, X on Mobile is our go 559 00:30:18,600 --> 00:30:20,800 Speaker 1: to here, x O M is your taker up two 560 00:30:20,800 --> 00:30:23,400 Speaker 1: point seven percent. A similar story when you look at 561 00:30:23,440 --> 00:30:26,680 Speaker 1: Chevron c v X is your taker there. Those shares 562 00:30:26,720 --> 00:30:28,680 Speaker 1: are hired by about two and a half percent as well. 563 00:30:28,840 --> 00:30:31,400 Speaker 1: What's important to note is that OPAC is actually coming out, 564 00:30:31,720 --> 00:30:33,360 Speaker 1: or the expectation is that they're going to be coming 565 00:30:33,360 --> 00:30:36,080 Speaker 1: out on Wednesday and saying that they're in it for 566 00:30:36,120 --> 00:30:39,760 Speaker 1: another production cut to actually prevent prices from following lower. 567 00:30:39,800 --> 00:30:42,360 Speaker 1: If you're an oil consuming nation, you are not happy 568 00:30:42,400 --> 00:30:44,560 Speaker 1: about that. If you're a Middle Eastern nation and your 569 00:30:44,560 --> 00:30:47,720 Speaker 1: budget depends on that, this is probably good news for them. Nevertheless, 570 00:30:47,720 --> 00:30:50,880 Speaker 1: those energy stocks, uh, they are rallying broadly. Now is 571 00:30:51,720 --> 00:30:54,560 Speaker 1: crude this morning? Thanks for this cready as always, Boomberg 572 00:30:54,640 --> 00:30:58,640 Speaker 1: Radio and TV Markets corresponded, Credy Goofta and just checking 573 00:30:58,680 --> 00:31:01,760 Speaker 1: crude as she mentioned, Brent is around eighty eight dollars 574 00:31:01,760 --> 00:31:04,280 Speaker 1: of a old Nimex screws up almost four at eighty 575 00:31:04,320 --> 00:31:07,920 Speaker 1: two sixty two s ANDP futures are up four points, 576 00:31:07,920 --> 00:31:12,040 Speaker 1: Stafle futures up ninety and NASTAC futures still lower. Found 577 00:31:12,160 --> 00:31:15,520 Speaker 1: thirty three points ten. Your treasury up fourteen thirty seconds, 578 00:31:15,600 --> 00:31:18,880 Speaker 1: yield three point seven seven per cent. This is Bloomberg 579 00:31:22,040 --> 00:31:24,840 Speaker 1: Bloomberg eleven three oh weather mostly cloudy, breezy, some showers 580 00:31:24,840 --> 00:31:27,800 Speaker 1: possible today with behind your six degrees, occasional rain breezy 581 00:31:27,840 --> 00:31:31,360 Speaker 1: tomorrow by your sixty once again low sixties with showers 582 00:31:31,440 --> 00:31:37,680 Speaker 1: ending on Wednesday. Right now fifty degrees in Central Park markets, 583 00:31:37,800 --> 00:31:40,880 Speaker 1: headlines and breaking news twenty four hours a day at 584 00:31:40,880 --> 00:31:44,320 Speaker 1: Bloomberg dot Com and Bloomberg Business at and at Bloomberg 585 00:31:44,360 --> 00:31:54,160 Speaker 1: Quick Tape. He's a Bloomberg Business Lash and I'm Karen Moscow. 586 00:31:54,240 --> 00:31:56,680 Speaker 1: And this update brought to you by SEI, built on 587 00:31:56,720 --> 00:32:00,320 Speaker 1: advanced technologies and fifty years of innovation. SEI offers said 588 00:32:00,360 --> 00:32:04,680 Speaker 1: managers a comprehensive and flexible operations outsourcing platform. But s 589 00:32:04,680 --> 00:32:08,800 Speaker 1: C I C dot com slash managers futures. This morning mix, 590 00:32:09,000 --> 00:32:10,680 Speaker 1: we go to the First Word breaking news desk for 591 00:32:10,720 --> 00:32:13,479 Speaker 1: today's morning call, and here's Bill Maloney. Bill, good morning, 592 00:32:14,480 --> 00:32:16,880 Speaker 1: and good morning. You can that's right. US futures are 593 00:32:16,920 --> 00:32:19,360 Speaker 1: trading mixed up to Friday's plunge without futures up a 594 00:32:19,440 --> 00:32:21,960 Speaker 1: hundred points. Says that he's game five and as the 595 00:32:22,040 --> 00:32:25,440 Speaker 1: futures are lower by thirty one, the US ten years 596 00:32:25,480 --> 00:32:28,240 Speaker 1: at three point seven seven percent, Gold is up, for 597 00:32:28,560 --> 00:32:32,360 Speaker 1: oil is climbing, and Bitcoin is little change. Japan rose 598 00:32:32,400 --> 00:32:34,680 Speaker 1: one percent overnight, while up markets are in the red 599 00:32:34,720 --> 00:32:37,280 Speaker 1: this morning. And note that the cost of ensuring credit 600 00:32:37,320 --> 00:32:40,920 Speaker 1: suiteches bank debt against the falls jumped to a record 601 00:32:41,280 --> 00:32:43,360 Speaker 1: back in the US on the economic front at ninety 602 00:32:43,440 --> 00:32:46,320 Speaker 1: five Manufacturing p M I and at ten o'clock instruction 603 00:32:46,400 --> 00:32:50,440 Speaker 1: spending and I s M manufacturing. In other news, Tesla's 604 00:32:50,520 --> 00:32:53,880 Speaker 1: worldwide deliveries missed estimates shows it on four point six 605 00:32:53,880 --> 00:32:56,920 Speaker 1: percent in the pre market and wrapping things up, Box 606 00:32:56,960 --> 00:32:59,520 Speaker 1: was raised to overweight over at Mortgage Stanley see if 607 00:32:59,520 --> 00:33:02,400 Speaker 1: industry is raised outperform at RBC, and City Group was 608 00:33:02,480 --> 00:33:06,200 Speaker 1: put the neutral red woman Sacks live from the first 609 00:33:06,200 --> 00:33:09,760 Speaker 1: to bakings. All right, Bill, thank you, and you're live 610 00:33:09,800 --> 00:33:12,440 Speaker 1: breaking news over your Bloomberg type squawk on your termin 611 00:33:12,520 --> 00:33:15,000 Speaker 1: I'll escue you a w K and that's a Bloomberg 612 00:33:15,040 --> 00:33:17,640 Speaker 1: business flash now here. Smuchael bar with Moore on what's 613 00:33:17,640 --> 00:33:20,480 Speaker 1: going on around the world. Michael, thank you very much, Karen. 614 00:33:20,560 --> 00:33:23,600 Speaker 1: He will be right leaning Brasilian President jay Ere Bolsinaro 615 00:33:23,760 --> 00:33:27,680 Speaker 1: against his leftist challenger Luisa Natio Lula da Silva and 616 00:33:27,720 --> 00:33:31,640 Speaker 1: in October three runoff election yesterday, neither candidate got a 617 00:33:31,720 --> 00:33:35,320 Speaker 1: simple majority to win in the first round. Justice Katangi 618 00:33:35,400 --> 00:33:38,040 Speaker 1: Brown Jackson will make your debut as the Supreme Court's 619 00:33:38,120 --> 00:33:41,400 Speaker 1: new term kicks off today. In the NFL, the Giants 620 00:33:41,440 --> 00:33:44,960 Speaker 1: and Jets won. The Patriots, Commanders and Ravens lost forty 621 00:33:45,600 --> 00:33:48,520 Speaker 1: play the Rams. Tonight in baseball, the Yankees lost to 622 00:33:48,600 --> 00:33:51,200 Speaker 1: the Orioles three one. The Mats lost to the Brave 623 00:33:51,360 --> 00:33:55,040 Speaker 1: five three. Atlanta swept the series and knocked the Mets 624 00:33:55,080 --> 00:33:57,280 Speaker 1: out of the lead. In the NL East, the Red 625 00:33:57,320 --> 00:34:00,360 Speaker 1: Sox and Nationals lost the A's and Giant. It's one 626 00:34:00,680 --> 00:34:03,280 Speaker 1: Global News twenty four hours a day on air and 627 00:34:03,440 --> 00:34:06,560 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 628 00:34:06,600 --> 00:34:09,600 Speaker 1: journalists and analyists more than a hundred twenty countries. Michael 629 00:34:09,640 --> 00:34:12,799 Speaker 1: Barr and this Bloomberg caeron. All right, Michael Barr, thank you. 630 00:34:12,840 --> 00:34:15,600 Speaker 1: Sixty nine on Wall Street returned to news and science 631 00:34:15,600 --> 00:34:17,920 Speaker 1: and technology now with the Bloomberg and j I. T. 632 00:34:18,080 --> 00:34:22,720 Speaker 1: Stammer Report, brought to you by New Jersey Institute of Technology, 633 00:34:22,800 --> 00:34:26,040 Speaker 1: who's n j I T Unit has joined with pharmaceutical 634 00:34:26,160 --> 00:34:30,440 Speaker 1: giant Murk to establish the Merk Digital Sciences Studio to 635 00:34:30,480 --> 00:34:34,239 Speaker 1: support drug discovery and development. More at n j I 636 00:34:34,400 --> 00:34:38,040 Speaker 1: T DOT, E d U, and here's let's making news 637 00:34:38,040 --> 00:34:41,280 Speaker 1: in science, Technology, engineering, in math. This year's Nobel Prize 638 00:34:41,320 --> 00:34:45,680 Speaker 1: in Physiology or Medicine has been awarded to Swedish scientists 639 00:34:45,680 --> 00:34:50,000 Speaker 1: Sponte Pabo for his discoveries on human evolution. Pabo a 640 00:34:50,080 --> 00:34:53,520 Speaker 1: spearheaded research comparing the genome of modern humans and our 641 00:34:53,560 --> 00:34:58,279 Speaker 1: closest extinct relatives, showing that there was mixing between the species. 642 00:34:58,440 --> 00:35:01,799 Speaker 1: Pabo receives nine hundred and dollars for the award. A 643 00:35:01,880 --> 00:35:04,920 Speaker 1: majority of Florida homeowners caught in the path of Hurricane 644 00:35:04,920 --> 00:35:08,120 Speaker 1: EA now faced rebuilding without the benefit of flood insurance. 645 00:35:08,360 --> 00:35:11,359 Speaker 1: Only eighteen percent of all Florida homes have it, and 646 00:35:11,400 --> 00:35:14,880 Speaker 1: some property owners wrongly believe that policy is protecting against 647 00:35:14,920 --> 00:35:18,040 Speaker 1: damage from wind and rain will also apply to losses 648 00:35:18,120 --> 00:35:21,839 Speaker 1: caused by flooding damage. Estimates for the hurricane RS high 649 00:35:21,920 --> 00:35:24,799 Speaker 1: is a hundred twenty billion dollars and according to a 650 00:35:24,840 --> 00:35:28,479 Speaker 1: new forecast, demand for European natural gas will slump next year. 651 00:35:28,840 --> 00:35:31,160 Speaker 1: The i e A says that high prices will result 652 00:35:31,239 --> 00:35:34,839 Speaker 1: in European consumption falling by four percent in twenty three 653 00:35:35,080 --> 00:35:38,280 Speaker 1: after a record ten percent decline this year, but supply 654 00:35:38,320 --> 00:35:42,040 Speaker 1: restraints will keep markets tight even as demands slows. That's 655 00:35:42,040 --> 00:35:45,600 Speaker 1: a Bloomberg and j I T Stem report. Nathan, Thanks Karen, 656 00:35:45,600 --> 00:35:48,440 Speaker 1: We're live from the Bloomberg Interactive Brokers Studios where it's 657 00:35:48,480 --> 00:35:51,000 Speaker 1: six fifty one on Wall Street Time Now to check 658 00:35:51,040 --> 00:35:53,040 Speaker 1: what's going on in d C. Some of the top 659 00:35:53,080 --> 00:35:55,840 Speaker 1: stories in our nation's capital include President Biden heading to 660 00:35:55,880 --> 00:35:59,920 Speaker 1: Puerto Rico and Florida this week after two devastating hurricanes 661 00:36:00,040 --> 00:36:03,680 Speaker 1: in a month. FEMA Administrator Dan Criswell tells CBS has 662 00:36:03,719 --> 00:36:06,880 Speaker 1: faced the nation. The federal government is with both disaster 663 00:36:07,040 --> 00:36:10,359 Speaker 1: zones for the long haul. We're gonna work together on 664 00:36:10,400 --> 00:36:13,560 Speaker 1: what those unmet needs are, what their long term needs are, 665 00:36:14,000 --> 00:36:16,880 Speaker 1: and make sure we're providing the resources and the support 666 00:36:16,960 --> 00:36:20,719 Speaker 1: to those communities temporary and then long term to get 667 00:36:20,760 --> 00:36:23,920 Speaker 1: these communities back on their feet while they're rebuilding. Hurricane 668 00:36:24,120 --> 00:36:27,000 Speaker 1: and now has Florida lawmakers requesting the same kind of 669 00:36:27,040 --> 00:36:31,240 Speaker 1: aid they opposed after Superstorm Sandy. Florida Senator Marco Ruby 670 00:36:31,239 --> 00:36:34,200 Speaker 1: hotels a VCS this week. He doesn't see a contradiction, 671 00:36:34,239 --> 00:36:36,160 Speaker 1: but we're going to ask for Florida is what we've 672 00:36:36,160 --> 00:36:38,160 Speaker 1: supported for every other state in the country that's been 673 00:36:38,160 --> 00:36:41,640 Speaker 1: affected by by natural disasters, and that emergency relief designed 674 00:36:41,640 --> 00:36:43,960 Speaker 1: to be spent immediately to help the people affected. Now 675 00:36:44,080 --> 00:36:46,960 Speaker 1: also making news, rising stakes in the war in Ukraine. 676 00:36:47,000 --> 00:36:50,880 Speaker 1: After Russia's annexation move and leaks from the nord Stream pipeline, 677 00:36:51,120 --> 00:36:55,000 Speaker 1: NATO Secretary General Young Stoltenberg tells NBC's Meet the Press 678 00:36:55,160 --> 00:36:57,880 Speaker 1: the leaks appear to be sabotage, but he's not naming 679 00:36:57,880 --> 00:37:03,040 Speaker 1: a suspect and deliberate attack a critical NPOLY infrastructure will 680 00:37:03,120 --> 00:37:06,520 Speaker 1: be met with the firm and a response from an April. 681 00:37:07,040 --> 00:37:09,160 Speaker 1: Meet the Press this week and Face the Nation can 682 00:37:09,200 --> 00:37:11,760 Speaker 1: all be heard every Sunday right here on Bloomberg Radio. 683 00:37:11,880 --> 00:37:13,960 Speaker 1: Let's see more in all these stories now. Bloomberg Government 684 00:37:14,000 --> 00:37:16,719 Speaker 1: reporter Emily Wilkins joins us from the nation's capital, where 685 00:37:16,760 --> 00:37:20,000 Speaker 1: the focus continues, of course, to be on the disaster 686 00:37:20,160 --> 00:37:23,720 Speaker 1: zones Puerto Rico and of course Florida following Hurricanes Fiona 687 00:37:23,880 --> 00:37:30,600 Speaker 1: and Ian. The President is headed to both places this week. Emily, Yes, Nathan, 688 00:37:30,600 --> 00:37:32,480 Speaker 1: He's going to be starting off the week today by 689 00:37:32,560 --> 00:37:36,600 Speaker 1: visiting Puerto Rico, obviously had by Hurricane Fiona. During his 690 00:37:36,719 --> 00:37:40,160 Speaker 1: visit today, Biden's expected to announce sixty million dollars in 691 00:37:40,239 --> 00:37:44,120 Speaker 1: funding to strengthen Puerto Rico's resilience to flooding. Uh He 692 00:37:44,320 --> 00:37:47,319 Speaker 1: and Dr Joe Biden are also expected to help out 693 00:37:47,320 --> 00:37:49,880 Speaker 1: with efforts on the island as far as putting together 694 00:37:50,000 --> 00:37:53,280 Speaker 1: care packages. We are seeing that Puerto Rico is beginning 695 00:37:53,320 --> 00:37:56,200 Speaker 1: to really get back up after the hurricane. There are 696 00:37:56,239 --> 00:37:59,880 Speaker 1: reports that more than of the electricity has been a 697 00:38:00,000 --> 00:38:02,000 Speaker 1: well to be restored to the islands, but of course 698 00:38:02,040 --> 00:38:05,640 Speaker 1: there are long term concerns about what the island's infrastructure 699 00:38:05,719 --> 00:38:08,040 Speaker 1: is going to look like. Certainly, this is the first 700 00:38:08,040 --> 00:38:11,160 Speaker 1: time a hurricane has come to come along and really 701 00:38:11,239 --> 00:38:14,840 Speaker 1: really damaged Puerto Rico. After the couple of days after that, 702 00:38:15,040 --> 00:38:17,360 Speaker 1: on Wednesday, the President is going to be going to 703 00:38:17,440 --> 00:38:20,640 Speaker 1: Florida right there. We currently have one point eight million 704 00:38:20,760 --> 00:38:23,960 Speaker 1: homes still without power, and at least sixty eight people 705 00:38:24,080 --> 00:38:28,759 Speaker 1: have been confirmed dead, both in Florida and elsewhere from 706 00:38:28,920 --> 00:38:32,759 Speaker 1: Hurricane Ian, a really tragic number there. The White House 707 00:38:32,800 --> 00:38:36,520 Speaker 1: has approved Centeral eight funding for the areas, but you 708 00:38:36,560 --> 00:38:38,160 Speaker 1: know that funding is only going to go so far. 709 00:38:38,280 --> 00:38:41,879 Speaker 1: Nay than rub st Florida Senator Marco Rubio said over 710 00:38:41,920 --> 00:38:45,880 Speaker 1: the weekend that Fort Myers Beaches beside tourist town quote 711 00:38:45,920 --> 00:38:49,480 Speaker 1: no longer exists, and said that even with being rebuilt, 712 00:38:49,560 --> 00:38:52,600 Speaker 1: a lot of tourist mainstays have been damaged to the 713 00:38:52,640 --> 00:38:54,440 Speaker 1: point where they're just not going to be able to 714 00:38:54,480 --> 00:38:57,200 Speaker 1: come back in their current form. Yeah, it's been interesting 715 00:38:57,239 --> 00:39:00,120 Speaker 1: to watch the response in the aftermath of hurricane and 716 00:39:00,160 --> 00:39:02,279 Speaker 1: politics has been sort of put to the side, with 717 00:39:02,360 --> 00:39:05,600 Speaker 1: President Biden and Florida's Governor to Santis working together. But 718 00:39:05,640 --> 00:39:08,360 Speaker 1: I wonder how much longer they can that can last, 719 00:39:08,680 --> 00:39:12,320 Speaker 1: given that just Scantis and Senator Ruby are both starting 720 00:39:12,320 --> 00:39:15,200 Speaker 1: to face questions about the fact that they didn't support 721 00:39:15,200 --> 00:39:17,480 Speaker 1: the kind of aid they're asking for in the past. 722 00:39:18,800 --> 00:39:22,160 Speaker 1: I mean, there are certainly still politics at play here. 723 00:39:22,200 --> 00:39:25,600 Speaker 1: I think for the point, the goals are the same 724 00:39:25,800 --> 00:39:29,560 Speaker 1: in the short term. Biden, the scientists, Rubio, all of 725 00:39:29,600 --> 00:39:31,759 Speaker 1: them want to see a come to Florida. All of 726 00:39:31,800 --> 00:39:35,000 Speaker 1: them want the Floridians and Americans there and elsewhere who 727 00:39:35,040 --> 00:39:38,360 Speaker 1: have been impacted by Hurricane Ian to get the assistance 728 00:39:38,440 --> 00:39:41,319 Speaker 1: that they need. But of course, Nathan, politics is still 729 00:39:41,360 --> 00:39:44,160 Speaker 1: a play here. There's still a lot of concerns about, 730 00:39:44,200 --> 00:39:46,960 Speaker 1: you know, the future of the country, about the future 731 00:39:47,040 --> 00:39:50,560 Speaker 1: of various policies, and you are starting to see your 732 00:39:50,680 --> 00:39:53,920 Speaker 1: little bit more of that politics creep in now that 733 00:39:54,000 --> 00:39:56,919 Speaker 1: Hurricane ian Is is no longer a threat. Now let's 734 00:39:56,920 --> 00:39:59,719 Speaker 1: turn to the latest on the war in Ukraine. Obviously 735 00:39:59,760 --> 00:40:04,239 Speaker 1: there's a lot of attention now after Russia formalized that 736 00:40:04,560 --> 00:40:08,319 Speaker 1: annexation of those four regions. What's that mean for US 737 00:40:08,400 --> 00:40:12,080 Speaker 1: support for Ukraine. The US support for Ukraine is just 738 00:40:12,160 --> 00:40:14,760 Speaker 1: continuing at this point. In fact, the US is starting 739 00:40:14,800 --> 00:40:17,560 Speaker 1: to think that it might give more regular support to 740 00:40:17,719 --> 00:40:20,879 Speaker 1: Ukraine right now, Nathan, we've reported a lot on when 741 00:40:21,400 --> 00:40:24,440 Speaker 1: you've reported a lot for the incremental funding that the 742 00:40:24,520 --> 00:40:28,040 Speaker 1: US has given. The US has given many different amounts 743 00:40:28,040 --> 00:40:32,160 Speaker 1: of money, of armor, of military equipment, of missiles to Ukraine. 744 00:40:32,360 --> 00:40:34,840 Speaker 1: Now they're looking at something more regular. The US is 745 00:40:34,880 --> 00:40:38,600 Speaker 1: considering supporting Ukraine with one point five billion dollars a 746 00:40:38,640 --> 00:40:41,640 Speaker 1: month in aid throughout the war, and the US is 747 00:40:41,680 --> 00:40:45,719 Speaker 1: pushing European allies to do the same. Uh there are 748 00:40:46,400 --> 00:40:49,880 Speaker 1: it is estimated that Ukraine needs about five billion dollars 749 00:40:49,960 --> 00:40:52,759 Speaker 1: every month to cover just the essential services and keep 750 00:40:52,760 --> 00:40:55,719 Speaker 1: its economy going while it is fighting back on this 751 00:40:55,920 --> 00:40:59,200 Speaker 1: Russian invasion. And of course there's a question about whether 752 00:40:59,480 --> 00:41:02,279 Speaker 1: European leaders are going to be following and if if 753 00:41:02,280 --> 00:41:03,840 Speaker 1: they will be able to sort of make up that 754 00:41:04,000 --> 00:41:08,080 Speaker 1: gap between what the US is providing and what Ukraine 755 00:41:08,200 --> 00:41:12,000 Speaker 1: ultimately needs. And finally, in our last minute, here the 756 00:41:12,040 --> 00:41:14,880 Speaker 1: Supreme Court session gets underway with a new justice. It 757 00:41:14,880 --> 00:41:17,839 Speaker 1: looks like they're going to be hitting the ground running here. Yeah, 758 00:41:18,000 --> 00:41:21,000 Speaker 1: Justice Caatangi Brown Jackson is formerly going to be seated 759 00:41:21,520 --> 00:41:24,600 Speaker 1: for her first debates. Oral arguments are going to be starting. 760 00:41:24,600 --> 00:41:27,160 Speaker 1: It was that's the very high stakes case cases coming 761 00:41:27,200 --> 00:41:29,440 Speaker 1: to the courtneys and the judges are going to be 762 00:41:29,520 --> 00:41:33,640 Speaker 1: hearing oral arguments today UH to challenge the Clean Water Act. 763 00:41:33,920 --> 00:41:36,160 Speaker 1: This is a bill then to protect all waters in 764 00:41:36,239 --> 00:41:40,000 Speaker 1: the United States, but how the judges decide could find 765 00:41:40,040 --> 00:41:44,319 Speaker 1: up narrowing the reach of the Environmental Protection Agency under 766 00:41:44,440 --> 00:41:48,600 Speaker 1: this law. Right now, the it's not just bodies of 767 00:41:48,600 --> 00:41:52,880 Speaker 1: water that are necessarily protected, it's also land that really 768 00:41:53,000 --> 00:41:56,080 Speaker 1: plays a big impact in the water quality UH and 769 00:41:56,239 --> 00:41:58,800 Speaker 1: how water moves. And so that's going to be a 770 00:41:58,880 --> 00:42:02,239 Speaker 1: very interesting case to watch, particularly at the environmental case 771 00:42:02,360 --> 00:42:04,719 Speaker 1: last term. And the justices are also going to be 772 00:42:04,760 --> 00:42:08,960 Speaker 1: considering whether Alabama violated devoting right back when it drew 773 00:42:09,000 --> 00:42:11,840 Speaker 1: its congressional districts in a way that ensures that the 774 00:42:11,880 --> 00:42:15,640 Speaker 1: state will just have one black presentative for the next decade. Remember, 775 00:42:15,680 --> 00:42:19,719 Speaker 1: Alabama has twenty seven sorry for other seven congressional districts, 776 00:42:19,719 --> 00:42:22,000 Speaker 1: and almost the third of its population is black, So 777 00:42:22,080 --> 00:42:26,040 Speaker 1: to have only one of the seven the representative of 778 00:42:26,120 --> 00:42:29,080 Speaker 1: the black population raises a big question as far as 779 00:42:29,080 --> 00:42:32,080 Speaker 1: the fairness of the map. Thanks as always, Bloomberg Government 780 00:42:32,080 --> 00:42:35,600 Speaker 1: reporter Emily Wilkins joining us from Washington. Read more about 781 00:42:35,640 --> 00:42:37,480 Speaker 1: all these stories on bloomberg dot Com or on the 782 00:42:37,520 --> 00:42:41,600 Speaker 1: Bloomberg terminal. Listen to Bloomberg Radio in Washington Bloomberg one 783 00:42:41,680 --> 00:42:44,160 Speaker 1: and one oh five point seven FM h D two 784 00:42:44,560 --> 00:42:48,400 Speaker 1: for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg