Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: Daybreak for Monday, October two. Coming up this hour, and
Speaker 1: about face, the UK drops a plan to cut taxes
Speaker 1: for the highest earners. We are live in Europe with
Speaker 1: the latest. The fourth quarter begins following three straight quarters
Speaker 1: of loves is for US stocks, Credit Sweet shares hit
Speaker 1: a record low, and Tesla shares drop after missing third
Speaker 1: quarter delivery estimates. Rescue cruise in Florida continue to search
Speaker 1: for people who decided to ride out hurricane and Plus
Speaker 1: Brazil's presidential elections headed for a runoff vote on Michel
Speaker 1: bar More Ahead, I'm John stans Shallon sports, the Mets
Speaker 1: appear headed for a second place finished after getting swept
Speaker 1: in Atlanta, the Yankees lost wins for the Jets, and John,
Speaker 1: that's all stradyhead on Bloomberg day Break on Bloomberg eleven three,
Speaker 1: on New York Bloomberg nineteen nine one, Washington, d C
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and
Speaker 1: Francisco Sirius x M one nineteen and around the world
Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg
Speaker 1: Business Good morning. I'm Nathan Hagart and I'm Karen. Moscow
Speaker 1: and US dock indise futures are mixed this morning. We
Speaker 1: check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg we're coming up to six o one on
Speaker 1: Wall Street. S and P futures at four point staff
Speaker 1: futures of nine d Announceday futures lower down thirty two.
Speaker 1: Can your treasury up twelve thirty seconds? You know, three
Speaker 1: point seven seven percent and the yield on a two
Speaker 1: year four point one nine percent and the British pound
Speaker 1: at one point one eight three against the dollar. Nathan, Yeah,
Speaker 1: interesting you mentioned the pound, Karen bag We begin in
Speaker 1: the UK this morning, where there's been an about face
Speaker 1: from the government. Prime Minister Liz trust is dropping her
Speaker 1: controversial plan to cut taxes for high earners. Let's get
Speaker 1: the Birmingham, England get the latest with Bloomberg day Break.
Speaker 1: Europe Banker Caroline heafgerg Good morning, Caroline, Good morning, Nathan
Speaker 1: and Karen. The Chancellor Quasi Quality has said that he
Speaker 1: has listened and is reversing the plan to scrap the
Speaker 1: top right a tax in the UK, a announced as
Speaker 1: part of a mini budget ten days ago, which prompted
Speaker 1: a market route. The U turn, despite the denial by
Speaker 1: the Prime Minister up until yesterday, was driven by Tory
Speaker 1: MPs unhappy with the policy as the Conservatives plunged in
Speaker 1: the polls. Sterling and UK guilts have reacted positively to
Speaker 1: the reversal and money markets are paired Bank of England
Speaker 1: rate hike bets, but it is a major embarrassment for
Speaker 1: Trust and Quarting less than a month into office. The
Speaker 1: mood from MPs, including from Mike Wood, is still positive.
Speaker 1: Quieteying told media here in Birmingham at the party's annual
Speaker 1: conference that he's not considering resigning. Instead, he's focused on
Speaker 1: delivering growth. He gives his main conference speech at four
Speaker 1: pm UK time today in Birmingham. I'm Caroline Head good
Speaker 1: Blue Bug day bake Caroline, thank you. In the pound
Speaker 1: has been strengthening on the news again, Sterling at one
Speaker 1: point one one seven five against Sadala or elsewhere in
Speaker 1: the market today. Off the start of the fourth quarter,
Speaker 1: US stocks coming off their third straight quarter of losses
Speaker 1: for the first time since two thousand nine. For the
Speaker 1: NASDAC one hundred. It's the longest losing streak in twenty years,
Speaker 1: and David Bianco, as chief investment officer at DWS Group,
Speaker 1: this is a bear market. So I think a key
Speaker 1: question is is this the beginning of a high inflationary
Speaker 1: period where we're near the end of a high inflationary period.
Speaker 1: If you think we're near the end of a high
Speaker 1: inflationary period, the worst is largely behind and the market
Speaker 1: shouldn't go too much further down. But that's the key question.
Speaker 1: The w S Chief investment Officer David Bianco made the
Speaker 1: comments on Bloomberg's Wall Street. We catch the program every
Speaker 1: weekend on Bloomberg Radio and television. One of all streets
Speaker 1: biggest bears is staying bearish Karen Morgan Stanley chief US
Speaker 1: equity strategist Mike Wilson says a FED pivot is becoming
Speaker 1: likely as money supply falls, but he says that move
Speaker 1: won't allay concerns about earnings. Wilson sees an eventual low
Speaker 1: for the SMP five hundred coming later this year or
Speaker 1: early next at the three thousand to thirty four hundred
Speaker 1: point level. Uncle Man Sax is all so staying parish.
Speaker 1: Nathan with a call that more stocks selling will take
Speaker 1: place next year. Goldman strategists say households and foreigners could
Speaker 1: each sell US stocks valued at a hundred billion dollars
Speaker 1: in three In corporate news this morning, Karen're watching shares
Speaker 1: of Credit Swee after they hit a record low. Right now,
Speaker 1: they're down nearly eight per cent, a memo sent by
Speaker 1: CEO l Rick Kerner's raising concerns over the health of
Speaker 1: the Swiss bank. We get more from Bloomberg's Charlie Wells
Speaker 1: in London coroner basically said the banks at a critical moment.
Speaker 1: He reiterated, you know the importance of not confusing share price,
Speaker 1: which we've been hearing a lot about this morning, with
Speaker 1: performance and capital strength. And the reason why this generated
Speaker 1: so much attention was because it was the second straight
Speaker 1: memo that the CEO had to send um on a
Speaker 1: Friday in two weeks, and it also, interestingly over the weekend,
Speaker 1: generated a lot of discussion on online boards like Reddit
Speaker 1: and Twitter. Bloomberg's Charlie Wells has Credit Sweez is currently
Speaker 1: finalizing turned around plans. Those will likely include sweeping changes
Speaker 1: to its investment bank and thousands of jobs over the
Speaker 1: coming years. Well Nathan Shares of Tesla are down more
Speaker 1: than four percent in early trading. The company delivered a
Speaker 1: record number of vehicles in the last quarter, but the
Speaker 1: results still missed estimates. We get more from Bloomberg's and
Speaker 1: East Fella Greeny Tesla delivering more than three three thousand vehicles,
Speaker 1: about four percent fewer than expected, possibly on supply chain issues.
Speaker 1: The expenses to get customers actual cars in their hands
Speaker 1: have been astronomical DNA I've spanaging director at web Bush,
Speaker 1: has has started to balance that and basically be fine
Speaker 1: with ultimate deliveries that could push quarter quarters. I've says
Speaker 1: that means watch this quarter very closely. Elon Musk tweeting
Speaker 1: he helps to smooth out end of quarter. Russia's for
Speaker 1: customers sakes, Denise, Fella Greeny, Bloomberg day Break, Okay, Denise, thanks.
Speaker 1: Oil is on the rise this morning. There are indications
Speaker 1: Ope could slash production by more than a million barrels
Speaker 1: a day to revive plunging prices. The group meets this
Speaker 1: Wednesday in Vienna, checking prices Downnimex crews up four point
Speaker 1: four percent or three dollars forty eight cent SAT eighty
Speaker 1: two dollars nine cents of barrel Brent is higher by
Speaker 1: four point two at eighty eight dollars seventy two cents. Well, Nathan,
Speaker 1: the big economic event of this week comes on Friday,
Speaker 1: when the US Labor Department issues it's monthly payrolls. Your
Speaker 1: poored and John. Growth likely continued in September, even as
Speaker 1: the overall economic out looked dimmed. Be get more from
Speaker 1: Bloomberg's Jude. The Federal Reserve is lifting interest rates to
Speaker 1: tame inflation by applying the breaks the economic growth. Even so,
Speaker 1: US jobless claims have been running near historic glows, and
Speaker 1: economists are forecasting employers hired about a quarter million workers
Speaker 1: in September. We'll get the data Friday. Looking ahead, the
Speaker 1: president of the Chicago fet Charles Evans, this will take
Speaker 1: six months for the impact of higher interest rates to
Speaker 1: be felt in the labor market. Also on this week's
Speaker 1: data calendar, figures on job openings, which have been running
Speaker 1: at historic hives. Then he dealt Jdics Bloomberg depery. All right, Anny, thanks. Finally,
Speaker 1: we take stock of the damage from Hurricane Ian. The
Speaker 1: storm destroyed a countless number of homes and businesses in Florida,
Speaker 1: but it's gir did a key US fertilizer production area
Speaker 1: in the state, and that means the broader U S
Speaker 1: economy was spared the worst case scenario. Still Ian is
Speaker 1: said to be one of the top ten costliest storms
Speaker 1: in the US, with estimates running as high as a
Speaker 1: hundred twenty billion dollars. Straight ahead your latest local headlines
Speaker 1: in the check of sports. This is Bloomberg and it's
Speaker 1: now six oh seven on Wall Street, word forty nine
Speaker 1: degrees in Central Park. We're back in business on the
Speaker 1: New Jersey Transit North Jersey Coastline. More coming up in traffic. First,
Speaker 1: Michael Barr with what else is going on in New
Speaker 1: York and around the world. Good morning, Mike Call, Good
Speaker 1: morning Nathan Awake for murdered f D n Y E
Speaker 1: M S Lieutenant will take place today and tomorrow, family,
Speaker 1: friends and co workers. I'm gonna gathering to remember Alison
Speaker 1: Russo Elling, who was six one. She was stabbed depth
Speaker 1: in an unprovoked attack. In a story of Queen's last week,
Speaker 1: police arrested thirty four euro Peter Sasopolis, who has a
Speaker 1: history of mental illness. Search and rescue efforts are still
Speaker 1: underway in parts of Florida. In the wake of Hurricane Ian.
Speaker 1: Over the weekend, responders took to the air, grabbing people
Speaker 1: from rooftops and evacuating Barrier Island residents by boat after
Speaker 1: Ian wiped away roads leading to the mainland. Florida Governor
Speaker 1: Around Desantists said teams are conducting sweeps and areas hit
Speaker 1: hardest by the storm. There's more urban search and rescue
Speaker 1: teams in Florida now than in any one place in
Speaker 1: American history since September eleven. Governor de Santist called for
Speaker 1: Ian to be a five hundred year event that will
Speaker 1: go down in history. Meanwhile, President Biden will visit Puerto Rico,
Speaker 1: hit hard by Hurricane Fiona. Brazilian President Jayre Bolsonaro fought
Speaker 1: his way to a runoff election against his leftist challengeer,
Speaker 1: former President Louis and Natio Lula da Silva. Lula got
Speaker 1: forty eight percent, while Bolsonaro received forty three percent. However,
Speaker 1: neither one got the simple majority needed for victory. These
Speaker 1: college students say they voted for Lula. I voted to Lula.
Speaker 1: To you the woods in the future is opposed to democracy.
Speaker 1: The candidates will face each other in the high stakes
Speaker 1: October thirty presidential runoff. It's a big defeat from Moscow
Speaker 1: and Ukraine. Last week, Russian President Vladimir Putin used the
Speaker 1: sham referendum to declare four areas of Ukraine as part
Speaker 1: of Russia. But one of those regions, Laman, almost immediately
Speaker 1: fell to Ukrainian forces. Meanwhile, Vladimir Putin is doomed to
Speaker 1: lose the war in Ukraine. That's from former CIA director
Speaker 1: David Petreas. The retired four star general says Russia's army
Speaker 1: is quote shambolic. He announced the annexation and he's already
Speaker 1: lost a really critical element in that a critical city
Speaker 1: that would have been a very key supply hub had
Speaker 1: they been able to go farther. And that's just going
Speaker 1: to continue. He's going to continue to lose on the battlefield.
Speaker 1: Petrea spoke on ABC's This Week, which can be heard
Speaker 1: Sundays on Bloomberg Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quickdake, powered by more than
Speaker 1: the journalist mentalist in more than a hundred twenty countries.
Speaker 1: I'm Michael Barr. This is Bloomberg Naked. Thank you, Michael.
Speaker 1: Almost six cent on Wall Street Time for the Bloomberg
Speaker 1: Sports Update with John s rx Dathan. Mets have been
Speaker 1: a first place team virtually the entire season, but after
Speaker 1: a nightmare weekend in Atlanta, they're almost certainly going to
Speaker 1: finish second. The Braves one again, Dan's by Swanson homer
Speaker 1: for the third straight game, x Mett Travis Dardeau a
Speaker 1: two one single. Atlanta won five three to sweep the series.
Speaker 1: The Braves lead by to and on the tidebreaker. A
Speaker 1: win tonight clinches them the division. The Mets thought they'd
Speaker 1: be the NLS two seed, instead looking like the four
Speaker 1: and hitting for a best of three wild Cards series
Speaker 1: with San Diego or Philadelphia this weekend. All the games
Speaker 1: in the series would be at Sydney Field at the Stadium.
Speaker 1: Yankees had just four hits lost to Baltimore three to one.
Speaker 1: Aaron Judge struck out three times. He'll try to surpass
Speaker 1: Roger Morrison the series at Texas at against tonight. The
Speaker 1: Jets finished their four game tour of the a f
Speaker 1: C North two losses, but also to thrillion wins, the
Speaker 1: one in Cleveland and in Pittsburgh. Bay trailed midway through
Speaker 1: the fourth quarter by ten points. Zack Wilson to a
Speaker 1: touchdown pass the Corey Davis and then after a Jets interception,
Speaker 1: Steelers rookie QB Kenny picked Reese Hall scored with sixteen
Speaker 1: seconds left, the Jets one twenty four to twenty. Giants
Speaker 1: and Bears. It met life only two touchdowns scored. All
Speaker 1: day vote by the same guy. Okay Jones is gonna
Speaker 1: foot like I roll lock. He's gonna run it again.
Speaker 1: Kilts to the five. Don't cos in touchdown Giants Daniel
Speaker 1: Jones on a twelve yard run. How the antet prude
Speaker 1: around the left side, his second rushing touchdown of the game,
Speaker 1: and the Giants have widen their lead to thirteen to
Speaker 1: six of the colle Giants went on to win twenty
Speaker 1: to twelve, though Jones left with an ankle injury and
Speaker 1: his backup Tyrod Taylor left with a concussion. Giants had
Speaker 1: their first three and one start since two thousand eleven.
Speaker 1: John stash Award Bloomberg Sports, Nathan Okay, John thanks SMP
Speaker 1: futures are now up five points. Stown futures up a
Speaker 1: hundred two. Nastex futures are still lower, down twenty six points.
Speaker 1: The tenure treasury is up twelve thirty seconds yield three
Speaker 1: point seven seven percent. This is Bloomberg Bloomberg eleven three
Speaker 1: oh weather mostly cloudy, breezy, chance or some showers today
Speaker 1: with a hind your sixty degrees, occasional rain tomorrow with
Speaker 1: a high in your sixty showers will end Wednesday low
Speaker 1: sixties right now fifty in Central Park Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: The Bloomberg Business attend at Bloomberg Quicktap's a Bloomberg Business
Speaker 1: lash and I'm Karen Moscow. This updates brought to you
Speaker 1: by b and My Mellens. Perishing learned by the world's
Speaker 1: most sophisticated wealth management and institutional firms rely on Perishing
Speaker 1: to help them improve profitability, create efficiency, attract talent and
Speaker 1: manage risk at Pershing and dot Com. Global stocks falling
Speaker 1: to a two year low. Well US stock index futures
Speaker 1: are struggling for direction amid concerned hawkish policy spout Global
Speaker 1: central banks will spark a recession and earnings contraction. The
Speaker 1: pound is rising as the UK with drew a plan
Speaker 1: to abolish the top income tax rate. Oil jumping on
Speaker 1: signals that opeg Plus Alliance may offer for a production
Speaker 1: cut and credit sweet groups shares hitting record lows as
Speaker 1: traders continue to speculate about its future. We check the
Speaker 1: markets every fifteen minutes throughout the trading day. On bloomberg
Speaker 1: S and P futures of about four points now down.
Speaker 1: Futures of eighty nine NASTAC future is lower, down thirty
Speaker 1: The decks in Germany's down about eight tens of per cent.
Speaker 1: Ten year treasury of twelve thirty seconds three point seven
Speaker 1: eight firstcent. They yield on the two year four point
Speaker 1: one nine percent. Nine. Extrude oil is a four point
Speaker 1: one percent of three dollars twenty six cents at eighty
Speaker 1: two dollars, seventy five cents of barrel co mix school
Speaker 1: little change at sixteen seventy one thirty an ounce. The
Speaker 1: euro point nine seven six eight against the dollar British
Speaker 1: found one point one one nine two and the end
Speaker 1: one forty five point one four. And look at a
Speaker 1: bit coin. It's down almost half percent and nineteen thousand,
Speaker 1: one hundred fifty dollars. That's a Bloomberg business flash. Now
Speaker 1: here's mouth a bar with more on what's going on
Speaker 1: around the world. Cicol. Thank you very much, Karen. President
Speaker 1: Joe Biden will announce more than sixty million dollars in
Speaker 1: funding to strengthen Puerto Rico's resilience to flooding when he
Speaker 1: visits the island to observe recovery efforts from the devastation
Speaker 1: left by Hurricane Fiona. The President and First Lady will
Speaker 1: fly to Puerto Rico today. Sfonte Pabo was awarded the
Speaker 1: Nobel Prize in Physiology or Medicine on Human evolution research.
Speaker 1: In the NFL, the Giants and Jets won, the Patriots,
Speaker 1: Commanders and Ravens lost. The forty Niners play the Rams tonight.
Speaker 1: In baseball, the Yankees lost to the Orioles three one.
Speaker 1: The Mets lost to the Braves five three. Atlanta swept
Speaker 1: the series and knocked the Mets out of the lead.
Speaker 1: In the NL East, the Red Sox and Nationals lost.
Speaker 1: The A's and Giants won. Global news twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalist and analyst, are more
Speaker 1: than twenty countries. Michael bar this is Bloomberg. Nathan, Okay, Michael, thanks,
Speaker 1: It's just about six twenty on Wall Street Live from
Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Let's
Speaker 1: get more now on our top story this morning, and
Speaker 1: a dramatic reversal from the new Prime Minister in the UK.
Speaker 1: Liz Trust has dropped a plan to cut taxes for
Speaker 1: the highest earners to try to fend off a growing
Speaker 1: rebellion within her own Conservative party. It's all happening at
Speaker 1: the Tory conference now underway in Birmingham, England. Bloomberg Daybreak
Speaker 1: europe banker Caroline Hefcker is there and joins us live
Speaker 1: with more. Great to speak with you, Caroline, Though not
Speaker 1: so great, I guess for the new Prime Minister and
Speaker 1: her chancellor quasi quartang. They've been publicly promoting this tax
Speaker 1: cut plan right up it seems to the last minute here.
Speaker 1: How big a deal is this reversal now? Absolutely huge?
Speaker 1: It begs the question are in control? They're certainly in office,
Speaker 1: but they are they actually in charge? The U turn
Speaker 1: is surprising because the prime ministers, you say, Liz Trust,
Speaker 1: even up until Sunday was defending uh this tax cut
Speaker 1: for the well fee. They seem though to have neutralized it.
Speaker 1: Quasi quarte and came into the conference hall here in
Speaker 1: Birmingham very early this morning. He did a round of
Speaker 1: media interviews and he backed down. Of course, nobody really
Speaker 1: was particularly in favor of this tax cut for people
Speaker 1: earning over a hundred and fifty thousand pounds down from
Speaker 1: forty five percent to forty percent, so it's sort of
Speaker 1: neutralizes that issue. And yet you know, the markets have
Speaker 1: been on absolute broncho ride in the meantime in terms
Speaker 1: of sterling and guilds, and now the issue is really
Speaker 1: squarely focused on paying for the other budget spending forty
Speaker 1: three billion pounds in total. It's an enormous sum. Is
Speaker 1: that going to happen for austerity cuts to benefit recipients
Speaker 1: here in the UK? Is it all going to be
Speaker 1: done through borrowing? These remain big questions now for the
Speaker 1: rest of these four days of the Annual Party Conference
Speaker 1: here in Birmingham. No, No, You've been speaking with a
Speaker 1: number of men bers of Parliament on the Conservative side.
Speaker 1: What are they saying about some of these issues, whether
Speaker 1: they're going to continue to support unfunded tax cuts and
Speaker 1: the future for the Prime minister. Let's trust well, I
Speaker 1: think uneasy is the word that springs to mind as
Speaker 1: well as conspicus, conspicuous in their absence. So a number
Speaker 1: of well known MPs, including Rishi Sunak and a host
Speaker 1: of his allies and not even coming to conference. But
Speaker 1: I did speak to Mike Wood at the MP for
Speaker 1: Dudley South. He's a regular on Bloomberg Radio and he's lovely,
Speaker 1: but he was sounding really pretty nervous. There is a
Speaker 1: credibility issue that Mike would absolutely recognize. If you you
Speaker 1: turn on what was effectively a budget within ten days,
Speaker 1: insisting that you're not going to do that, and then
Speaker 1: you do what happens with future budgets, will there be credibility?
Speaker 1: And in the meantime, of course, they may have issued
Speaker 1: issued a U turn on this one issue, but mortgage
Speaker 1: rates have already shot up and that is having real
Speaker 1: world consequences in the economy and particularly for people who
Speaker 1: may well be Conservative Party voters. I don't think anyone,
Speaker 1: though Nathan, is saying that liars trials or quasi quassa
Speaker 1: in the chance that are really going to go. Remember,
Speaker 1: we just spent the whole of the summer getting rid
Speaker 1: of Boys Johnson as Prime Minister and bringing in a
Speaker 1: new administration. But the polls show that the opposition Labor
Speaker 1: Party now have a hugely over the Conservatives, and that
Speaker 1: really puts some in peril in the next general election,
Speaker 1: which is what maybe about eighteen months close to two
Speaker 1: years away. Kind about a minute left here, Caroline. You're
Speaker 1: going to be at the conference for the next couple
Speaker 1: of days. Here one are the big questions that need
Speaker 1: to be answered. What are you going to be watching for?
Speaker 1: So this afternoon four pm London time, Quasi Quata is
Speaker 1: going to give his full speech to delegate, So I'm
Speaker 1: going to go and watch that. Of course Liz Trust
Speaker 1: will be up on Wednesday. Remember she's actually gonna be
Speaker 1: given the kind of main event, the main speech on
Speaker 1: a day of national rail strikes. Are people even gonna
Speaker 1: be able to get here if they come just for
Speaker 1: that event? Know? And that highlights it's sort of cost
Speaker 1: of living, the demand for high wages that people have.
Speaker 1: I also just mention one thing. Sterling and guilts have
Speaker 1: reacted fairly positively to the government's utah will that last.
Speaker 1: There is now a lower there are lower bets on
Speaker 1: Great Heights on the Bank of England. But again I
Speaker 1: think it's all ouryes on how markets will see this
Speaker 1: political conference. Nathan, Now you're absolutely right. The pound is
Speaker 1: firming up against the dollar right now at one twelve
Speaker 1: oh two. Bloomberg's Caroline Hebger with us this morning, part
Speaker 1: of our team covering the Conservative Party conference that has
Speaker 1: become very interesting following the tax cut announcement just a
Speaker 1: little more than a week ago from the new UK
Speaker 1: Prime Minister list trust and now this reversal on the
Speaker 1: top tax cut will continue watching it. Stay with Bloomberg
Speaker 1: Radio throughout Right now, SMP futures are up five points.
Speaker 1: Our future is of a hundred one. NASTAT futures are
Speaker 1: still lower by twenty seven points tenk. Your treasury is
Speaker 1: up thirteen thirty seconds Heal three point seven seven. This
Speaker 1: is Bloomberg Bloomberg eleventh three oh Weather mostly cloudie, breezy,
Speaker 1: maybe a shower today, hid your sixty grees. Occasional rain
Speaker 1: tomorrow with high sneer sixty once again showers and Wednesday
Speaker 1: will top out in the low sixties. Right now fifty
Speaker 1: in Central Park, broadcasting live from the Bloomberg Interactive Broker's
Speaker 1: studio in New York. Bloomberg e Living Free on to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one six one to
Speaker 1: San Francisco, Bloomberg No. Sixty to the country, Sirius XM
Speaker 1: to the one nine team, and around the globe the
Speaker 1: Bloomberg Business apt in Bloomberg Radio dot com. This is
Speaker 1: Bloomberg Daybreak six thirty on Wall Street. Good morning. I'm
Speaker 1: Nathan Hagar and I'm Karen Moscow. We're just about three
Speaker 1: hours away from the open of US trading. Time for
Speaker 1: the five Things that you need to know to start
Speaker 1: your day. Brought to you by Interactive Brokers I b
Speaker 1: k R. Event Trader offers a new way to trade futures.
Speaker 1: Use event contracts to trade your opinion on yes or
Speaker 1: no questions and key CM futures markets. Learn more at
Speaker 1: event trader dot Interactive Brokers dot com. Up First, the
Speaker 1: UK Prime Minister Liz Trust and her administration are dropping
Speaker 1: a controversial tax cut. Chancellor Quas Quarteng had come under
Speaker 1: fire for cutting taxes on the UK's highest earners. Bloomer's
Speaker 1: Lizzie Burden has details from the Tory party's conference in Birmingham.
Speaker 1: He said that the rate cut was becoming a huge
Speaker 1: distraction from a set of strong policies. Of course, the
Speaker 1: government had also announced this massive energy bailout, so it
Speaker 1: was desperately trying to cling back to the political credit
Speaker 1: for that. He was asked what changed, He said, we
Speaker 1: listened to people. We get it. He was asked as
Speaker 1: he considered resigning, He said not at all. The Prime
Speaker 1: Minister had thrown him under a bus yesterday, blamed him
Speaker 1: for this top rate of tax. Say, the question now
Speaker 1: is how much should the rest of the package can survive.
Speaker 1: Cloomers Lizzy Burden says the move may cool the political backlash,
Speaker 1: but they're still concerned for markets and the pound and
Speaker 1: checking sterling right now it is at one against the
Speaker 1: dollar many time. Karen today kicks off fourth quarter for markets.
Speaker 1: US stocks are coming off their third straight quarter of
Speaker 1: losses for the first time since two thousand nine. LPL
Speaker 1: financials Quincy Crosby says there are still plenty of risks.
Speaker 1: We've seen the volatility index climb the zix because it's
Speaker 1: more uncertainty. Uncertainty regarding how does the set actually bring
Speaker 1: us to price stability, which out as the proverbial breaking something. Also,
Speaker 1: you know we're going into third quarter earning season and
Speaker 1: the questions are, what are those companies saying not only
Speaker 1: their bottom line but their margins, But what's the guidance
Speaker 1: Quincy Crosby with LPL financial Things, Stocks go lower from
Speaker 1: here until they find a level that has discounted economic
Speaker 1: headwins well In Banking News, Nathan Credit Sweez is fun
Speaker 1: and lot same plans that will likely see sweeping changes
Speaker 1: for the investment bank and could include cutting thousands of jobs.
Speaker 1: And right now, shares a Credit Sweets are down almost
Speaker 1: eight and a half percent to Oil Now Karen, where
Speaker 1: they're indications OPEC plus could slash production by more than
Speaker 1: a million barrels a day to revive plunging prices. The
Speaker 1: group meets Wednesday in Vienna, checking prices down. Nimex is
Speaker 1: up four eighty two dollars eighty two cents, and shares
Speaker 1: of Tesla down more than four percent this morning, the
Speaker 1: company missing estimates last quarter despite delivering a record number
Speaker 1: of vehicles. That's the five things that you need to
Speaker 1: notice start your day. Brought to you by Interactive Brokers.
Speaker 1: Right thanks scaring sixty three on Wall Street now fifty
Speaker 1: one degrees in Central Park. Gotta crash on the southbound
Speaker 1: Harlem River Drive at the Third Avenue Bridge. Details coming
Speaker 1: up in traffic. First Michael Bark with what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. A wake for murdered f D n
Speaker 1: Y E M. S. Lieutenant will take place today and
Speaker 1: tomorrow in Comac Family friends and co workers and gathering
Speaker 1: to remember Alison Russo Elling, who was sixty one. She
Speaker 1: was stabbed to death in an unprovoked attack and the
Speaker 1: story of Queen's last week. Russo Elling's funeral is Wednesday.
Speaker 1: In Brookville, police arrested thirty four year old Peter Zassopolis,
Speaker 1: who has a history of mental illness. More than a
Speaker 1: thousand search and rescue workers are performing operations across Florida
Speaker 1: as some people remained stranded by Hurricanean. A thousand National
Speaker 1: Guard members were sent to Florida's Barrier Islands for more
Speaker 1: search and rescue efforts. Florida Governor Ran de Santis, you
Speaker 1: look at four Myers Beach and you see homes obliterated.
Speaker 1: You know that was obliterated because you had almost a
Speaker 1: cap five storm touch landfall there. Governor de Santis says
Speaker 1: Ian was a five hundred year event. It's a big
Speaker 1: defeat from Moscow. In Ukraine, last week, Russian leader of
Speaker 1: Vladimir Putin used the Sham referendum to declare four areas
Speaker 1: of Ukraine as part of Russia, but one of those
Speaker 1: regions almost immediately fell to Ukrainian forces. Over the weekend,
Speaker 1: the strategic city of Laman in Ukraine's northeast was taken back.
Speaker 1: Former CIA director David Petrea says Russia's army is no
Speaker 1: match for Ukraine's and Putin at some point is going
Speaker 1: to need to come to the negotiating table to end
Speaker 1: the war. No amount of shambolic mobilization, which is the
Speaker 1: only way to describe it, no amount of annexation, no
Speaker 1: amount of even veiled nuclear threats can actually get him
Speaker 1: out of this particular situation. The retired four star general
Speaker 1: spoke on ABC's This Week, which can be heard Sundays
Speaker 1: on Bloomberg. Brazilian president Jayre Bolsonaro fought his way to
Speaker 1: a runoff election against Luis Inatio Lula da Silva. Both
Speaker 1: fell short of the first round win, which means there
Speaker 1: will be a runoff on October. According to Brazil's electoral courts,
Speaker 1: Lula took Bolsonaro's forty three changes to the way the
Speaker 1: NFL handles concussions could be in effect within a week.
Speaker 1: That's after Miami dolphinse quarterback to Attack of Viola suffered
Speaker 1: two apparent injuries just days apart. Chris Newinsky, co founder
Speaker 1: and CEO of the Concussion Legacy Foundation, it's among those
Speaker 1: calling for changes. This is one of those situations where
Speaker 1: anybody shouldn't be able to determine without evaluating the patient
Speaker 1: that that's a concussion, or at a minimum, if you're
Speaker 1: talking about the future of the franchise, not put them
Speaker 1: back into the Gamewinsky says, we're still playing games with
Speaker 1: people's brains. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalists analysts more than a hundred twenty countries.
Speaker 1: I'm Michael Barr. This is Bloomberg Naked. Thanks Michael. Six
Speaker 1: thirty six on Wall Street, John stash Hour has a
Speaker 1: Bloomberg Sports Update, Nathan. At one point this season, the
Speaker 1: Mets were in first place by ten and a half games,
Speaker 1: but the Braves cap winning kept getting closer. In Atlanta
Speaker 1: just completed a three game sweep, and it's the Braves
Speaker 1: who will almost certainly win the NL East. Their magic
Speaker 1: number is one. Mets did not get good starting pitching.
Speaker 1: Jacob mcgraham gave up three runs Baxter's or four, and
Speaker 1: last night Chris Pass had staked two at three one
Speaker 1: League after madhomers by Daniel Vogelback and Jeff McNeil couldn't
Speaker 1: find it the third in name, the Braves won five
Speaker 1: to three. It's going to make for a tougher postseason
Speaker 1: row that would start with the best of three wild
Speaker 1: card series this weekend at City Field. The Yankees last
Speaker 1: regular season home game three one, lost to Baltimore. They
Speaker 1: close it out in Texas, four games for Aaron Judge
Speaker 1: to try and hit home run number sixty two. The
Speaker 1: Jets in Pittsburgh, first game for Zack Wilson back from
Speaker 1: the knee injury, and he was part of an early
Speaker 1: Jet score takes the Shotguns Jets Sweet, It'll be a
Speaker 1: slow from Parios to Zack Wilson for the touchdown. Razzle
Speaker 1: Dazzle from the Jets. Serios top in York to call.
Speaker 1: Jets were up ten, then downtown they rallied. They scored
Speaker 1: with sixteen seconds left, beat the Steelers to twenty. Tell
Speaker 1: you the second win in Pittsburgh in team history. Giants
Speaker 1: have their first three and one start since two thousand eleven.
Speaker 1: They won the Super Bowl that year. They beat the
Speaker 1: Bears that met life twelve. Daniel Jones two first half
Speaker 1: TV runs where they only touchdowns of the game. Squa
Speaker 1: Barkley had a big day. Giants play the Packers this
Speaker 1: Sunday in London. We'll see who the Giants qub will be.
Speaker 1: Jones heard his ankle in this game and his backup
Speaker 1: Tyrod Taylor stuff word a concussion. John Stashar, Bloomberg Sports. Okay, John,
Speaker 1: Thanks six thirty seven on Wall Street. Time to take
Speaker 1: a look at stock, some of the names moving in
Speaker 1: the pre market on this first day of the fourth quarter.
Speaker 1: We bring in Bloomberg Radio on TV Markets correspondent Creating
Speaker 1: Goop to the talk first about the stock that's dragging
Speaker 1: Nasdaq futures lower. This morning. You bring in record earnings
Speaker 1: and yet Tesla still gets punished by investors. Creating. You know, Nathan,
Speaker 1: you would think that on the first day of the
Speaker 1: fourth quarter, any other company would probably be making news,
Speaker 1: but no of course it is Tesla. We are circling
Speaker 1: back to that fan favorite. I want to say t
Speaker 1: s l A shares. We're down almost as much as
Speaker 1: six and a half percent earlier in the session. They've
Speaker 1: paired some of those losses, now down about four point
Speaker 1: four percent. This comes after they missed those third quarter deliveries. Now,
Speaker 1: to your point, they did hit a record number still,
Speaker 1: which is a big deal over Tesla's growth story, but
Speaker 1: they didn't make as much progress as Wall Street was
Speaker 1: hoping for. So once again missing those third quarter delivery estimates,
Speaker 1: and they're actually saying it's an issue to get those
Speaker 1: cars to the customers because of a lot of the
Speaker 1: supply chain issues. Now, remember Tesla has a lot of
Speaker 1: exposure to not only the commodity space, but one of
Speaker 1: the major things kind of going for them, and think
Speaker 1: about it this way, is actually their proximity to some
Speaker 1: of their supply chains. It's something that's worked very very
Speaker 1: well um in the production line. Ed Ludlow are kind
Speaker 1: of resident e V coverage guru here pointed this out
Speaker 1: to me that his the Shanghai factory in Tesla is
Speaker 1: actually located very close to where they actually get some
Speaker 1: of the metal, the copper, um, the aluminum, whatever it
Speaker 1: is you need to to make a car. They very
Speaker 1: specifically put the factory right next to where those UM
Speaker 1: commodities are available for this exact reason. So, even in
Speaker 1: light of some of that, for example, or those efforts
Speaker 1: at Tesla, still not doing well Nathan, when it comes
Speaker 1: to UM really dealing with the inflationary pressures and the
Speaker 1: commodity costs. Yeah, speaking of commodity is the other big move,
Speaker 1: of course is oil. With this word that OPEC plus
Speaker 1: could cut production by a million barrels a day, what's
Speaker 1: that doing for energy stocks? Well, of course, it's boosting
Speaker 1: energy broadly, although I will say Brent crude is really
Speaker 1: only hovering around eighty eight dollars a barrel. Nevertheless, it's
Speaker 1: giving a bigger boost to some of those energy stocks.
Speaker 1: As you mentioned, Nathan, X on Mobile is our go
Speaker 1: to here, x O M is your taker up two
Speaker 1: point seven percent. A similar story when you look at
Speaker 1: Chevron c v X is your taker there. Those shares
Speaker 1: are hired by about two and a half percent as well.
Speaker 1: What's important to note is that OPAC is actually coming out,
Speaker 1: or the expectation is that they're going to be coming
Speaker 1: out on Wednesday and saying that they're in it for
Speaker 1: another production cut to actually prevent prices from following lower.
Speaker 1: If you're an oil consuming nation, you are not happy
Speaker 1: about that. If you're a Middle Eastern nation and your
Speaker 1: budget depends on that, this is probably good news for them. Nevertheless,
Speaker 1: those energy stocks, uh, they are rallying broadly. Now is
Speaker 1: crude this morning? Thanks for this cready as always, Boomberg
Speaker 1: Radio and TV Markets corresponded, Credy Goofta and just checking
Speaker 1: crude as she mentioned, Brent is around eighty eight dollars
Speaker 1: of a old Nimex screws up almost four at eighty
Speaker 1: two sixty two s ANDP futures are up four points,
Speaker 1: Stafle futures up ninety and NASTAC futures still lower. Found
Speaker 1: thirty three points ten. Your treasury up fourteen thirty seconds,
Speaker 1: yield three point seven seven per cent. This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather mostly cloudy, breezy, some showers
Speaker 1: possible today with behind your six degrees, occasional rain breezy
Speaker 1: tomorrow by your sixty once again low sixties with showers
Speaker 1: ending on Wednesday. Right now fifty degrees in Central Park markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com and Bloomberg Business at and at Bloomberg
Speaker 1: Quick Tape. He's a Bloomberg Business Lash and I'm Karen Moscow.
Speaker 1: And this update brought to you by SEI, built on
Speaker 1: advanced technologies and fifty years of innovation. SEI offers said
Speaker 1: managers a comprehensive and flexible operations outsourcing platform. But s
Speaker 1: C I C dot com slash managers futures. This morning mix,
Speaker 1: we go to the First Word breaking news desk for
Speaker 1: today's morning call, and here's Bill Maloney. Bill, good morning,
Speaker 1: and good morning. You can that's right. US futures are
Speaker 1: trading mixed up to Friday's plunge without futures up a
Speaker 1: hundred points. Says that he's game five and as the
Speaker 1: futures are lower by thirty one, the US ten years
Speaker 1: at three point seven seven percent, Gold is up, for
Speaker 1: oil is climbing, and Bitcoin is little change. Japan rose
Speaker 1: one percent overnight, while up markets are in the red
Speaker 1: this morning. And note that the cost of ensuring credit
Speaker 1: suiteches bank debt against the falls jumped to a record
Speaker 1: back in the US on the economic front at ninety
Speaker 1: five Manufacturing p M I and at ten o'clock instruction
Speaker 1: spending and I s M manufacturing. In other news, Tesla's
Speaker 1: worldwide deliveries missed estimates shows it on four point six
Speaker 1: percent in the pre market and wrapping things up, Box
Speaker 1: was raised to overweight over at Mortgage Stanley see if
Speaker 1: industry is raised outperform at RBC, and City Group was
Speaker 1: put the neutral red woman Sacks live from the first
Speaker 1: to bakings. All right, Bill, thank you, and you're live
Speaker 1: breaking news over your Bloomberg type squawk on your termin
Speaker 1: I'll escue you a w K and that's a Bloomberg
Speaker 1: business flash now here. Smuchael bar with Moore on what's
Speaker 1: going on around the world. Michael, thank you very much, Karen.
Speaker 1: He will be right leaning Brasilian President jay Ere Bolsinaro
Speaker 1: against his leftist challenger Luisa Natio Lula da Silva and
Speaker 1: in October three runoff election yesterday, neither candidate got a
Speaker 1: simple majority to win in the first round. Justice Katangi
Speaker 1: Brown Jackson will make your debut as the Supreme Court's
Speaker 1: new term kicks off today. In the NFL, the Giants
Speaker 1: and Jets won. The Patriots, Commanders and Ravens lost forty
Speaker 1: play the Rams. Tonight in baseball, the Yankees lost to
Speaker 1: the Orioles three one. The Mats lost to the Brave
Speaker 1: five three. Atlanta swept the series and knocked the Mets
Speaker 1: out of the lead. In the NL East, the Red
Speaker 1: Sox and Nationals lost the A's and Giant. It's one
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analyists more than a hundred twenty countries. Michael
Speaker 1: Barr and this Bloomberg caeron. All right, Michael Barr, thank you.
Speaker 1: Sixty nine on Wall Street returned to news and science
Speaker 1: and technology now with the Bloomberg and j I. T.
Speaker 1: Stammer Report, brought to you by New Jersey Institute of Technology,
Speaker 1: who's n j I T Unit has joined with pharmaceutical
Speaker 1: giant Murk to establish the Merk Digital Sciences Studio to
Speaker 1: support drug discovery and development. More at n j I
Speaker 1: T DOT, E d U, and here's let's making news
Speaker 1: in science, Technology, engineering, in math. This year's Nobel Prize
Speaker 1: in Physiology or Medicine has been awarded to Swedish scientists
Speaker 1: Sponte Pabo for his discoveries on human evolution. Pabo a
Speaker 1: spearheaded research comparing the genome of modern humans and our
Speaker 1: closest extinct relatives, showing that there was mixing between the species.
Speaker 1: Pabo receives nine hundred and dollars for the award. A
Speaker 1: majority of Florida homeowners caught in the path of Hurricane
Speaker 1: EA now faced rebuilding without the benefit of flood insurance.
Speaker 1: Only eighteen percent of all Florida homes have it, and
Speaker 1: some property owners wrongly believe that policy is protecting against
Speaker 1: damage from wind and rain will also apply to losses
Speaker 1: caused by flooding damage. Estimates for the hurricane RS high
Speaker 1: is a hundred twenty billion dollars and according to a
Speaker 1: new forecast, demand for European natural gas will slump next year.
Speaker 1: The i e A says that high prices will result
Speaker 1: in European consumption falling by four percent in twenty three
Speaker 1: after a record ten percent decline this year, but supply
Speaker 1: restraints will keep markets tight even as demands slows. That's
Speaker 1: a Bloomberg and j I T Stem report. Nathan, Thanks Karen,
Speaker 1: We're live from the Bloomberg Interactive Brokers Studios where it's
Speaker 1: six fifty one on Wall Street Time Now to check
Speaker 1: what's going on in d C. Some of the top
Speaker 1: stories in our nation's capital include President Biden heading to
Speaker 1: Puerto Rico and Florida this week after two devastating hurricanes
Speaker 1: in a month. FEMA Administrator Dan Criswell tells CBS has
Speaker 1: faced the nation. The federal government is with both disaster
Speaker 1: zones for the long haul. We're gonna work together on
Speaker 1: what those unmet needs are, what their long term needs are,
Speaker 1: and make sure we're providing the resources and the support
Speaker 1: to those communities temporary and then long term to get
Speaker 1: these communities back on their feet while they're rebuilding. Hurricane
Speaker 1: and now has Florida lawmakers requesting the same kind of
Speaker 1: aid they opposed after Superstorm Sandy. Florida Senator Marco Ruby
Speaker 1: hotels a VCS this week. He doesn't see a contradiction,
Speaker 1: but we're going to ask for Florida is what we've
Speaker 1: supported for every other state in the country that's been
Speaker 1: affected by by natural disasters, and that emergency relief designed
Speaker 1: to be spent immediately to help the people affected. Now
Speaker 1: also making news, rising stakes in the war in Ukraine.
Speaker 1: After Russia's annexation move and leaks from the nord Stream pipeline,
Speaker 1: NATO Secretary General Young Stoltenberg tells NBC's Meet the Press
Speaker 1: the leaks appear to be sabotage, but he's not naming
Speaker 1: a suspect and deliberate attack a critical NPOLY infrastructure will
Speaker 1: be met with the firm and a response from an April.
Speaker 1: Meet the Press this week and Face the Nation can
Speaker 1: all be heard every Sunday right here on Bloomberg Radio.
Speaker 1: Let's see more in all these stories now. Bloomberg Government
Speaker 1: reporter Emily Wilkins joins us from the nation's capital, where
Speaker 1: the focus continues, of course, to be on the disaster
Speaker 1: zones Puerto Rico and of course Florida following Hurricanes Fiona
Speaker 1: and Ian. The President is headed to both places this week. Emily, Yes, Nathan,
Speaker 1: He's going to be starting off the week today by
Speaker 1: visiting Puerto Rico, obviously had by Hurricane Fiona. During his
Speaker 1: visit today, Biden's expected to announce sixty million dollars in
Speaker 1: funding to strengthen Puerto Rico's resilience to flooding. Uh He
Speaker 1: and Dr Joe Biden are also expected to help out
Speaker 1: with efforts on the island as far as putting together
Speaker 1: care packages. We are seeing that Puerto Rico is beginning
Speaker 1: to really get back up after the hurricane. There are
Speaker 1: reports that more than of the electricity has been a
Speaker 1: well to be restored to the islands, but of course
Speaker 1: there are long term concerns about what the island's infrastructure
Speaker 1: is going to look like. Certainly, this is the first
Speaker 1: time a hurricane has come to come along and really
Speaker 1: really damaged Puerto Rico. After the couple of days after that,
Speaker 1: on Wednesday, the President is going to be going to
Speaker 1: Florida right there. We currently have one point eight million
Speaker 1: homes still without power, and at least sixty eight people
Speaker 1: have been confirmed dead, both in Florida and elsewhere from
Speaker 1: Hurricane Ian, a really tragic number there. The White House
Speaker 1: has approved Centeral eight funding for the areas, but you
Speaker 1: know that funding is only going to go so far.
Speaker 1: Nay than rub st Florida Senator Marco Rubio said over
Speaker 1: the weekend that Fort Myers Beaches beside tourist town quote
Speaker 1: no longer exists, and said that even with being rebuilt,
Speaker 1: a lot of tourist mainstays have been damaged to the
Speaker 1: point where they're just not going to be able to
Speaker 1: come back in their current form. Yeah, it's been interesting
Speaker 1: to watch the response in the aftermath of hurricane and
Speaker 1: politics has been sort of put to the side, with
Speaker 1: President Biden and Florida's Governor to Santis working together. But
Speaker 1: I wonder how much longer they can that can last,
Speaker 1: given that just Scantis and Senator Ruby are both starting
Speaker 1: to face questions about the fact that they didn't support
Speaker 1: the kind of aid they're asking for in the past.
Speaker 1: I mean, there are certainly still politics at play here.
Speaker 1: I think for the point, the goals are the same
Speaker 1: in the short term. Biden, the scientists, Rubio, all of
Speaker 1: them want to see a come to Florida. All of
Speaker 1: them want the Floridians and Americans there and elsewhere who
Speaker 1: have been impacted by Hurricane Ian to get the assistance
Speaker 1: that they need. But of course, Nathan, politics is still
Speaker 1: a play here. There's still a lot of concerns about,
Speaker 1: you know, the future of the country, about the future
Speaker 1: of various policies, and you are starting to see your
Speaker 1: little bit more of that politics creep in now that
Speaker 1: Hurricane ian Is is no longer a threat. Now let's
Speaker 1: turn to the latest on the war in Ukraine. Obviously
Speaker 1: there's a lot of attention now after Russia formalized that
Speaker 1: annexation of those four regions. What's that mean for US
Speaker 1: support for Ukraine. The US support for Ukraine is just
Speaker 1: continuing at this point. In fact, the US is starting
Speaker 1: to think that it might give more regular support to
Speaker 1: Ukraine right now, Nathan, we've reported a lot on when
Speaker 1: you've reported a lot for the incremental funding that the
Speaker 1: US has given. The US has given many different amounts
Speaker 1: of money, of armor, of military equipment, of missiles to Ukraine.
Speaker 1: Now they're looking at something more regular. The US is
Speaker 1: considering supporting Ukraine with one point five billion dollars a
Speaker 1: month in aid throughout the war, and the US is
Speaker 1: pushing European allies to do the same. Uh there are
Speaker 1: it is estimated that Ukraine needs about five billion dollars
Speaker 1: every month to cover just the essential services and keep
Speaker 1: its economy going while it is fighting back on this
Speaker 1: Russian invasion. And of course there's a question about whether
Speaker 1: European leaders are going to be following and if if
Speaker 1: they will be able to sort of make up that
Speaker 1: gap between what the US is providing and what Ukraine
Speaker 1: ultimately needs. And finally, in our last minute, here the
Speaker 1: Supreme Court session gets underway with a new justice. It
Speaker 1: looks like they're going to be hitting the ground running here. Yeah,
Speaker 1: Justice Caatangi Brown Jackson is formerly going to be seated
Speaker 1: for her first debates. Oral arguments are going to be starting.
Speaker 1: It was that's the very high stakes case cases coming
Speaker 1: to the courtneys and the judges are going to be
Speaker 1: hearing oral arguments today UH to challenge the Clean Water Act.
Speaker 1: This is a bill then to protect all waters in
Speaker 1: the United States, but how the judges decide could find
Speaker 1: up narrowing the reach of the Environmental Protection Agency under
Speaker 1: this law. Right now, the it's not just bodies of
Speaker 1: water that are necessarily protected, it's also land that really
Speaker 1: plays a big impact in the water quality UH and
Speaker 1: how water moves. And so that's going to be a
Speaker 1: very interesting case to watch, particularly at the environmental case
Speaker 1: last term. And the justices are also going to be
Speaker 1: considering whether Alabama violated devoting right back when it drew
Speaker 1: its congressional districts in a way that ensures that the
Speaker 1: state will just have one black presentative for the next decade. Remember,
Speaker 1: Alabama has twenty seven sorry for other seven congressional districts,
Speaker 1: and almost the third of its population is black, So
Speaker 1: to have only one of the seven the representative of
Speaker 1: the black population raises a big question as far as
Speaker 1: the fairness of the map. Thanks as always, Bloomberg Government
Speaker 1: reporter Emily Wilkins joining us from Washington. Read more about
Speaker 1: all these stories on bloomberg dot Com or on the
Speaker 1: Bloomberg terminal. Listen to Bloomberg Radio in Washington Bloomberg one
Speaker 1: and one oh five point seven FM h D two
Speaker 1: for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg