1 00:00:02,560 --> 00:00:05,960 Speaker 1: My from the Bloomberg Interactive Burker's Studios is Bloomberg Day 2 00:00:06,080 --> 00:00:10,240 Speaker 1: Right for Thursday, September two. Coming up. This shour stock 3 00:00:10,360 --> 00:00:14,400 Speaker 1: stabilizes investors await another key economic report. Talks continue in 4 00:00:14,440 --> 00:00:16,400 Speaker 1: an effort to have heard a freight rail strike in 5 00:00:16,440 --> 00:00:19,400 Speaker 1: the US. Vladimir Plutin and Shi Jin ping me for 6 00:00:19,400 --> 00:00:21,919 Speaker 1: the first time since the invasion of Ukraine, and we'll 7 00:00:21,920 --> 00:00:24,919 Speaker 1: tell you which business school is ranked tops in the country. 8 00:00:24,920 --> 00:00:27,120 Speaker 1: One of the women who accused former New York Governor 9 00:00:27,160 --> 00:00:30,800 Speaker 1: Cuomo of sexual harassment is suing him. Plushoom Braine assesses 10 00:00:30,920 --> 00:00:34,879 Speaker 1: damage liberated cities from Russia's occupation on my foolar more 11 00:00:34,960 --> 00:00:38,720 Speaker 1: ahead boards Another winds of the Yankees in Boston. Another 12 00:00:38,840 --> 00:00:41,360 Speaker 1: loss for the Mets that comes finished the city fields. 13 00:00:41,400 --> 00:00:45,640 Speaker 1: Weel that's all straight ahead on Bloomberg day Break on 14 00:00:45,840 --> 00:00:50,440 Speaker 1: Bloomberg Eliven Trio, New York, Bloomberg one, Washington, d C 15 00:00:50,840 --> 00:00:55,160 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine six seven, Francisco, 16 00:00:55,560 --> 00:00:58,800 Speaker 1: Sirius x M one ninet and around the world on 17 00:00:58,920 --> 00:01:02,360 Speaker 1: Bloomberg Radio. To come and via the Bloomberg Business app. 18 00:01:07,959 --> 00:01:11,000 Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow. US 19 00:01:11,000 --> 00:01:14,039 Speaker 1: stock index futures. They're little change this morning. We are 20 00:01:14,120 --> 00:01:15,800 Speaker 1: coming up to five oh one on Wall Street. We 21 00:01:15,920 --> 00:01:18,560 Speaker 1: checked the markets to every fifteen minutes throughout the trading day. 22 00:01:18,720 --> 00:01:22,120 Speaker 1: On Bloomberg. Right now, SNP futures again are little changed 23 00:01:22,200 --> 00:01:24,800 Speaker 1: and so are down in Nasdack future is pretty much 24 00:01:24,880 --> 00:01:27,120 Speaker 1: the decks in Germany is up a quarter of a percent. 25 00:01:27,520 --> 00:01:30,440 Speaker 1: Ten year Treasury down ten thirty seconds, yield three point 26 00:01:30,520 --> 00:01:32,959 Speaker 1: four four percent, and the yield on the two year 27 00:01:33,080 --> 00:01:36,319 Speaker 1: three point eight one percent. Nathan, Karen, We're seeing equities 28 00:01:36,360 --> 00:01:40,000 Speaker 1: continue to stabilize following Tuesday's sell off. Yesterday's late day 29 00:01:40,080 --> 00:01:42,800 Speaker 1: rally saw the SNP five close up a third of 30 00:01:42,880 --> 00:01:45,759 Speaker 1: a percent. As for bonds, the US two to thirty 31 00:01:45,840 --> 00:01:49,280 Speaker 1: year curve has reached the most inverted level this century. 32 00:01:49,760 --> 00:01:53,440 Speaker 1: Megan Horneman is chief investment officer Adverdence Capital. You're gonna 33 00:01:53,480 --> 00:01:55,080 Speaker 1: see a lot of this choppings. It's just going to 34 00:01:55,160 --> 00:01:58,720 Speaker 1: be an ugly market over the next week. The markets 35 00:01:58,760 --> 00:02:01,560 Speaker 1: just waiting for that FED report, and then even between 36 00:02:01,640 --> 00:02:04,240 Speaker 1: now and then, we have quite a bit of economic 37 00:02:04,320 --> 00:02:06,280 Speaker 1: data to digest, So I think you're just going to 38 00:02:06,360 --> 00:02:08,799 Speaker 1: see a very sideways choppy market until we get a 39 00:02:08,880 --> 00:02:10,920 Speaker 1: little bit more clarity on exactly what the Fed's going 40 00:02:10,960 --> 00:02:13,880 Speaker 1: to do Burden's capitals. Megan Hornaman says we're all waiting 41 00:02:13,919 --> 00:02:17,120 Speaker 1: for Wednesday's FED decision. Market surprising in a seventy five 42 00:02:17,200 --> 00:02:20,320 Speaker 1: basis point rate hike. Well, Nathan. A gloomy prediction for 43 00:02:20,400 --> 00:02:23,519 Speaker 1: equities this morning from Ray Dalio, the billionaire founder of 44 00:02:23,560 --> 00:02:27,760 Speaker 1: Bridgewater Associate, says stocks could fall about twenty percent as 45 00:02:27,800 --> 00:02:30,720 Speaker 1: if the Fed's target rate reaches four and a half percent. 46 00:02:30,840 --> 00:02:33,600 Speaker 1: The comments and a LinkedIn article followed this week's hotter 47 00:02:33,680 --> 00:02:36,639 Speaker 1: than expected inflation data. Well, busy week on the economic 48 00:02:36,720 --> 00:02:39,320 Speaker 1: front continues this morning, Karen. With the release of US 49 00:02:39,400 --> 00:02:42,680 Speaker 1: retail sales for August, we get a preview from Bloomberg's 50 00:02:42,720 --> 00:02:45,720 Speaker 1: Michael McKee. As it did with the CPI report, gasoline 51 00:02:45,720 --> 00:02:48,519 Speaker 1: will have a major impact on the August retail report. 52 00:02:48,960 --> 00:02:51,280 Speaker 1: Retail sales are reported in dollars, and the drop in 53 00:02:51,400 --> 00:02:54,440 Speaker 1: gas prices will mean a big drop in service station sales. 54 00:02:54,639 --> 00:02:57,960 Speaker 1: The question is whether consumers redirected any of their savings 55 00:02:58,080 --> 00:03:01,120 Speaker 1: to spending on other things. It is back to school season, 56 00:03:01,400 --> 00:03:04,880 Speaker 1: retailers expect a jump in sales. Beyond that, the issue 57 00:03:04,919 --> 00:03:08,680 Speaker 1: is whether Americans continued their switch to spending on services, which, 58 00:03:08,960 --> 00:03:11,880 Speaker 1: with the exception of bars and restaurants, aren't included in 59 00:03:12,040 --> 00:03:15,480 Speaker 1: this number. The retail figures aren't adjusted for inflation, so 60 00:03:15,600 --> 00:03:19,160 Speaker 1: sales will look stronger than they actually were. Michael McKay, 61 00:03:19,280 --> 00:03:22,600 Speaker 1: Bloomberg Daybreak, Right, MC, thank you. Another major story where 62 00:03:22,639 --> 00:03:25,960 Speaker 1: following this morning could have big implications for the economy 63 00:03:26,080 --> 00:03:29,639 Speaker 1: and the market's a possible freight rail strike. Rail and 64 00:03:29,760 --> 00:03:32,200 Speaker 1: union negotiators are still at the table, but it is 65 00:03:32,320 --> 00:03:35,080 Speaker 1: not clear yet if there's been any progress in averting 66 00:03:35,080 --> 00:03:37,840 Speaker 1: a strike set to begin as early as tomorrow. They 67 00:03:37,880 --> 00:03:41,120 Speaker 1: get the latest from Bloomberg's Amy Morris from our newsroom 68 00:03:41,160 --> 00:03:45,480 Speaker 1: in Washington. Talks led by Labor Secretary Marty Waltz, continued 69 00:03:45,560 --> 00:03:48,840 Speaker 1: through the night. Still, officials are making contingency plans in 70 00:03:48,920 --> 00:03:52,600 Speaker 1: case one five thousand freight rail workers walk off the job, 71 00:03:52,880 --> 00:03:55,600 Speaker 1: which some estimates say could cost the US more than 72 00:03:55,680 --> 00:03:58,840 Speaker 1: two billion dollars a day. This setdown would be the 73 00:03:58,920 --> 00:04:03,120 Speaker 1: largest of its kinds and would impact travel and the 74 00:04:03,200 --> 00:04:06,600 Speaker 1: supply chain. Now, industry groups want Congress to step in 75 00:04:06,760 --> 00:04:10,040 Speaker 1: to help avoid In their words, a catastrophic shutdown of 76 00:04:10,080 --> 00:04:13,440 Speaker 1: the freight rail system in Washington. I'm anymore as Bloomberg 77 00:04:13,520 --> 00:04:16,640 Speaker 1: Daybreak thanks Amy, the strike could have a wide ranging impact. 78 00:04:16,760 --> 00:04:20,279 Speaker 1: Treasury Secretary Janet Yellen is warning about the potential economic 79 00:04:20,400 --> 00:04:24,440 Speaker 1: damage from a labor stoppage. It would be a significant 80 00:04:24,960 --> 00:04:30,760 Speaker 1: impediment to shipping goods and to create supply chain challenges. 81 00:04:31,160 --> 00:04:34,760 Speaker 1: It's certainly something we don't want to see happen. In 82 00:04:34,839 --> 00:04:37,839 Speaker 1: an interview with CBS, Secretary Yellen also says she thinks 83 00:04:37,880 --> 00:04:40,760 Speaker 1: inflation will improve substantially over the next year due to 84 00:04:40,960 --> 00:04:44,480 Speaker 1: current actions by the Fed. And we turn overseas now, 85 00:04:44,680 --> 00:04:48,480 Speaker 1: Nathan to geopolitics, where Chinese President Sheijin Ping and Russian 86 00:04:48,520 --> 00:04:51,760 Speaker 1: President Vladimir Putin our center stage. The leaders are taking 87 00:04:51,800 --> 00:04:54,359 Speaker 1: a new step today and there are no limits friendship. 88 00:04:54,640 --> 00:04:57,880 Speaker 1: Bloomberg Daybreak Asia anchor Bryan Curtis has more from Hong Kong. 89 00:04:58,320 --> 00:05:01,200 Speaker 1: Putin probably shouldn't expect to much at his first meeting, 90 00:05:01,240 --> 00:05:03,880 Speaker 1: was she Since the Winter Olympics, China was caught off 91 00:05:03,960 --> 00:05:07,800 Speaker 1: guard when Russia invaded Ukraine a few weeks later. Beijing 92 00:05:07,839 --> 00:05:11,839 Speaker 1: struggled to offer support while avoiding endorsing a clear violation 93 00:05:11,920 --> 00:05:15,280 Speaker 1: of sovereignty, but China came to grips with it, especially 94 00:05:15,320 --> 00:05:19,440 Speaker 1: after Nancy Pelosi visited Taiwan. Now, China says it fully 95 00:05:19,520 --> 00:05:23,520 Speaker 1: understands all measures by Russia to protect his interests. Beijing 96 00:05:23,680 --> 00:05:26,720 Speaker 1: has stopped short of military support for Russia, but the 97 00:05:26,760 --> 00:05:29,360 Speaker 1: Alliance will continue to serve as a check on the 98 00:05:29,440 --> 00:05:32,840 Speaker 1: West in Hong Kong. Brian Curtis Bloomberg Daybreak. All right, Brian, 99 00:05:32,920 --> 00:05:35,440 Speaker 1: thank you in the UK Tota eight man all week. Really, 100 00:05:35,560 --> 00:05:38,919 Speaker 1: it's all about the Queen. Queen Elizabeth's coffin is now 101 00:05:39,000 --> 00:05:41,840 Speaker 1: in Westminster as she lies in state for four days. 102 00:05:42,200 --> 00:05:44,520 Speaker 1: Let's get the latest live with Bloomberg's You and Potts. 103 00:05:44,560 --> 00:05:47,480 Speaker 1: Good morning, Good morning, Nathan and Karen. The British are 104 00:05:47,560 --> 00:05:50,320 Speaker 1: famous for waiting in line, and that is exactly what 105 00:05:50,520 --> 00:05:53,360 Speaker 1: thousands are doing right now as they wait patiently to 106 00:05:53,400 --> 00:05:55,799 Speaker 1: pay their respects to the late Queen Elizabeth, the country's 107 00:05:55,920 --> 00:05:59,279 Speaker 1: longest ever serving monarch. Imagine these coffein is now lying 108 00:05:59,320 --> 00:06:01,479 Speaker 1: in state at the Hearts of the Palace of Westminster, 109 00:06:01,839 --> 00:06:05,080 Speaker 1: where it will remain until Monday morning ahead of the funeral. 110 00:06:05,560 --> 00:06:07,880 Speaker 1: Morna is a big omitted twenty four hours a day, 111 00:06:07,960 --> 00:06:11,039 Speaker 1: but with hundreds of thousands of people expected, the line 112 00:06:11,080 --> 00:06:15,239 Speaker 1: currently stretching three miles could grow very much longer. In London, 113 00:06:15,279 --> 00:06:17,280 Speaker 1: I'm you and part spoon by daybreak, all right, new 114 00:06:17,360 --> 00:06:19,400 Speaker 1: and thank you. Well, we have some corporate news out 115 00:06:19,440 --> 00:06:22,520 Speaker 1: of Europe this morning. The CEO of shell will step 116 00:06:22,600 --> 00:06:24,760 Speaker 1: down at the end of the year. Ben Van Burden 117 00:06:24,880 --> 00:06:27,760 Speaker 1: has been at the energy giant for almost forty years 118 00:06:28,040 --> 00:06:30,120 Speaker 1: and it's been CEO for the past eight will now 119 00:06:30,200 --> 00:06:33,640 Speaker 1: be replaced by Shells Head of Gas and Renewables. Well 120 00:06:33,680 --> 00:06:36,360 Speaker 1: el so on well. The annual list of top business 121 00:06:36,400 --> 00:06:39,680 Speaker 1: schools in the country is out from Bloomberg Business Week Karen, 122 00:06:40,000 --> 00:06:43,480 Speaker 1: and this year Stanford is again number one. Its results 123 00:06:43,520 --> 00:06:46,840 Speaker 1: remained consistent with past years, as it scored highest in compensation, 124 00:06:46,960 --> 00:06:50,640 Speaker 1: networking in entrepreneurship. The University of Chicago's Booth School and 125 00:06:50,839 --> 00:06:54,919 Speaker 1: Harvard Business School tied for second place. And speaking of Chicago, Nathan, 126 00:06:54,960 --> 00:06:57,400 Speaker 1: when it comes to housing, that city, along with New York, 127 00:06:57,440 --> 00:06:59,680 Speaker 1: and the most vulnerable to price to clients in a 128 00:06:59,800 --> 00:07:03,440 Speaker 1: potential economic downturn. That's according to a report by real 129 00:07:03,600 --> 00:07:07,560 Speaker 1: estate data analytics firm ADAM. Of the fifty counties most 130 00:07:07,680 --> 00:07:10,360 Speaker 1: at risk, nine are in and around New York and 131 00:07:10,560 --> 00:07:13,880 Speaker 1: six are in the Chicago metropolitan area. Straight I had 132 00:07:13,960 --> 00:07:17,320 Speaker 1: your latest local headlines, plus a check of sports, and 133 00:07:17,640 --> 00:07:24,840 Speaker 1: this is Bloomberg and itsself. Five oh seven on Wall 134 00:07:24,880 --> 00:07:28,440 Speaker 1: Street or sixteenth degrees in Central Park. Got a tractor 135 00:07:28,600 --> 00:07:31,400 Speaker 1: trailer fire clean up underway in the North Bend New 136 00:07:31,480 --> 00:07:34,360 Speaker 1: Jersey Turnpike, passed eggs and eight details coming up in traffic. 137 00:07:34,640 --> 00:07:36,600 Speaker 1: First Michael Barr with what else is going on in 138 00:07:36,680 --> 00:07:38,720 Speaker 1: New York and around the world. Good morning, Michael, Good 139 00:07:38,840 --> 00:07:41,720 Speaker 1: morning Nathan. One time, a to former New York Governor 140 00:07:41,760 --> 00:07:45,800 Speaker 1: Andrew Cuomo sued him, saying he sexually harassed her and 141 00:07:45,880 --> 00:07:49,200 Speaker 1: then smeared her reputation after she became the second moment 142 00:07:49,240 --> 00:07:53,600 Speaker 1: to publicly accuse him of misconduct. Charlotte Bennett's lawsuit, filed 143 00:07:53,680 --> 00:07:56,160 Speaker 1: in a federal court in New York City, repeats many 144 00:07:56,240 --> 00:07:59,560 Speaker 1: of the allegations she has talked about publicly. She said 145 00:07:59,560 --> 00:08:03,440 Speaker 1: the governor subjected her to unwanted advances, including telling her 146 00:08:03,800 --> 00:08:06,640 Speaker 1: that he was lonely and on the hunt for a girlfriend. 147 00:08:07,280 --> 00:08:10,160 Speaker 1: The New York City Commissioner of Immigration Affairs says that 148 00:08:10,320 --> 00:08:13,200 Speaker 1: many of the vigrants who are being bussted from Texas 149 00:08:13,280 --> 00:08:16,200 Speaker 1: did not want to go to New York. Commissioner Manuel 150 00:08:16,280 --> 00:08:19,280 Speaker 1: Castro says the city is helping them get to other states. 151 00:08:19,680 --> 00:08:23,080 Speaker 1: Castro told Fox five many want to go to places 152 00:08:23,200 --> 00:08:26,920 Speaker 1: like Florida, where the largest community of Venezuelans live. A 153 00:08:27,040 --> 00:08:30,960 Speaker 1: charter flight with about fifty Venezuelan migrants, including children, landed 154 00:08:31,000 --> 00:08:36,000 Speaker 1: on Martha's Vineyard. Yesterday's charter flight was arranged by Florida 155 00:08:36,040 --> 00:08:39,319 Speaker 1: Governor around the Santas's office, saying they sent the immigrants 156 00:08:39,480 --> 00:08:44,000 Speaker 1: from Texas to sanctuary states as part of their relocation program. 157 00:08:44,480 --> 00:08:47,120 Speaker 1: Officials on the islands say they had no prior notice, 158 00:08:47,280 --> 00:08:50,280 Speaker 1: but as soon as they learned what was happening, they rallied. 159 00:08:50,720 --> 00:08:54,520 Speaker 1: Berbera Rush is with St. Andrew's Parish. We've received calls 160 00:08:54,559 --> 00:08:59,080 Speaker 1: from restaurants offering food, stores offering food, people offering space, 161 00:08:59,440 --> 00:09:02,040 Speaker 1: you know, private people showing up saying what can I 162 00:09:02,120 --> 00:09:05,120 Speaker 1: do to help? But it's been amazing. Barbara Rush with St. 163 00:09:05,160 --> 00:09:09,040 Speaker 1: Andrew's Parish. Some state officials in Massachusetts have blasted the scantists, 164 00:09:09,200 --> 00:09:12,120 Speaker 1: calling it a political stunt. A Brooklyn mother has been 165 00:09:12,160 --> 00:09:15,199 Speaker 1: officially charged with drownding of three children who were later 166 00:09:15,280 --> 00:09:18,040 Speaker 1: found on the beach in Coney Island, and when Murdy 167 00:09:18,120 --> 00:09:21,840 Speaker 1: faces several charges, including three counts of murder, President Voladimir 168 00:09:21,920 --> 00:09:25,160 Speaker 1: Zelenski went outside the capital of Kiev to assess the 169 00:09:25,280 --> 00:09:29,360 Speaker 1: damage in cities once again in Ukrainian control. He says, 170 00:09:29,520 --> 00:09:33,560 Speaker 1: Isium was left largely devastated, with apartment buildings blackened by 171 00:09:33,679 --> 00:09:37,880 Speaker 1: fire and pock marked by artillery strikes. The main thing 172 00:09:38,000 --> 00:09:41,840 Speaker 1: that not me here, our soldiers here. That is very 173 00:09:41,880 --> 00:09:47,080 Speaker 1: important thing that its supports supports people. I see how 174 00:09:47,200 --> 00:09:53,319 Speaker 1: people UH meet them. That is you know, uh, we 175 00:09:53,440 --> 00:09:56,920 Speaker 1: are a sensitive moment, President Zelenski. Global name is twenty 176 00:09:56,960 --> 00:09:58,839 Speaker 1: four hours a day on air and on Bloomberg quick 177 00:09:58,840 --> 00:10:01,160 Speaker 1: take power by more than twenties, have a hundred journalists, analysts, 178 00:10:01,200 --> 00:10:03,839 Speaker 1: more than a hundred, twenty countries. Michael bar this is 179 00:10:03,960 --> 00:10:06,440 Speaker 1: Bloomberg Nather. All right, Michael, thank you, very important. Red 180 00:10:06,480 --> 00:10:09,720 Speaker 1: headline just crossing the Bloomberg terminal. The Labor Department says, 181 00:10:09,840 --> 00:10:12,920 Speaker 1: US rail companies and union negotiators have come to a 182 00:10:13,120 --> 00:10:16,679 Speaker 1: tentative agreement to avert a nationwide freight rail strike. We 183 00:10:16,679 --> 00:10:18,920 Speaker 1: will have much more details coming up for you in minutes. 184 00:10:18,960 --> 00:10:26,600 Speaker 1: Here on Bloomberg Daybreak five ten on Wall Street. Now 185 00:10:26,679 --> 00:10:29,040 Speaker 1: time for the Bloomberg Sports Update with John Stashower. Thanks 186 00:10:29,160 --> 00:10:31,079 Speaker 1: Nathans so much for the Mats being able to take 187 00:10:31,120 --> 00:10:34,400 Speaker 1: advantage of playing inferior opponents. Last eleven games have been 188 00:10:34,400 --> 00:10:38,160 Speaker 1: against Washington, Pittsburgh, Miami, and the Cubs for the worst 189 00:10:38,200 --> 00:10:40,040 Speaker 1: in the league in those games, and that's just four 190 00:10:40,120 --> 00:10:42,959 Speaker 1: and seven swept at home by the lowly Cubs. Last 191 00:10:43,040 --> 00:10:45,200 Speaker 1: night's Chicago had six to nothing in the first inning, 192 00:10:45,600 --> 00:10:48,319 Speaker 1: David Peterson Phase six batters got only one out. Cubs 193 00:10:48,360 --> 00:10:50,160 Speaker 1: went on to win sixth three. That's still in first 194 00:10:50,200 --> 00:10:52,880 Speaker 1: place only because Atlanta has suddenly lost four out of 195 00:10:52,920 --> 00:10:54,439 Speaker 1: five ments lead by a half game that host the 196 00:10:54,480 --> 00:10:57,240 Speaker 1: Pirates Tonight. Yankees with a sweep of the many two 197 00:10:57,320 --> 00:10:59,839 Speaker 1: game series in Boston. No Aaron Judge home runs, but 198 00:11:00,280 --> 00:11:01,959 Speaker 1: the big night for Glaver tore As he had the 199 00:11:02,000 --> 00:11:04,400 Speaker 1: winning hit Tuesday. Three more hits last night, the one 200 00:11:04,440 --> 00:11:07,040 Speaker 1: in the fifth inning snapped a scoreless tie, and when 201 00:11:07,120 --> 00:11:11,200 Speaker 1: Boston capture Connor Wong through the ball wildly, three runs 202 00:11:11,280 --> 00:11:13,560 Speaker 1: scored in putting Torres circling in the bases. The Yanks 203 00:11:13,600 --> 00:11:17,280 Speaker 1: one five to three. Donovan Mitchell introduced in Cleveland, traded 204 00:11:17,320 --> 00:11:19,439 Speaker 1: by Utah. The New York native was asked about a 205 00:11:19,480 --> 00:11:21,679 Speaker 1: trade to the next I thought for sure I was 206 00:11:21,840 --> 00:11:23,880 Speaker 1: going back home, not gonna lie about that. But you know, 207 00:11:23,920 --> 00:11:26,160 Speaker 1: when I found out where I was headed, who I 208 00:11:26,240 --> 00:11:28,360 Speaker 1: was playing with, the group, the team, the coaching staff, 209 00:11:28,400 --> 00:11:30,640 Speaker 1: I couldn't be more happier to be here, to be 210 00:11:30,679 --> 00:11:32,040 Speaker 1: a part of this organization, to be a part of 211 00:11:32,080 --> 00:11:34,640 Speaker 1: this group, to join these phenomenal guys man and adds 212 00:11:34,640 --> 00:11:36,160 Speaker 1: who you know. And I think that for me is 213 00:11:36,200 --> 00:11:38,760 Speaker 1: what I'm truly excited. The meanwhile, controversy in the NBA, 214 00:11:38,880 --> 00:11:42,199 Speaker 1: Lebron James critical of Commissioner Adam Silver's decision to to 215 00:11:42,320 --> 00:11:45,280 Speaker 1: spend Phoenix Suns owner Robert Sarver for only one year. 216 00:11:45,600 --> 00:11:49,880 Speaker 1: Starver was found up conducted racist and misogynistic behavior. John Stashward, 217 00:11:49,880 --> 00:11:52,680 Speaker 1: Bloomberg Sports Nathan all Right, John, thanks again. The breaking 218 00:11:52,760 --> 00:11:56,839 Speaker 1: news tentative deal reached between freight rail companies and the 219 00:11:56,960 --> 00:12:00,080 Speaker 1: union to potentially avert a nationwide rail strike. Will at 220 00:12:00,120 --> 00:12:03,240 Speaker 1: the details next with Bloomberg Government's Jack Fitzpatrick in Washington. 221 00:12:03,640 --> 00:12:09,520 Speaker 1: This is Bloomberg Bloomberg eleven three oh Weather mostly sunny 222 00:12:09,520 --> 00:12:12,800 Speaker 1: today with higher seventy five degrees sunshine up or seventies tomorrow. 223 00:12:13,000 --> 00:12:15,679 Speaker 1: We'll get into the low eighties Saturday and bring in 224 00:12:15,720 --> 00:12:17,840 Speaker 1: some clouds Sunday with a high near eighty five. Right 225 00:12:17,840 --> 00:12:24,040 Speaker 1: now sixty eight in Central Park Markets. Headlines and breaking 226 00:12:24,120 --> 00:12:26,960 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 227 00:12:27,120 --> 00:12:30,719 Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Tape. He's a 228 00:12:30,800 --> 00:12:39,800 Speaker 1: Bloomberg Business Flash And I'm Karen Moscow, and we're watching 229 00:12:39,840 --> 00:12:42,920 Speaker 1: futures this morning as they drift. This is investors await 230 00:12:42,960 --> 00:12:45,960 Speaker 1: the latest batch of economic data met expectations of large 231 00:12:46,000 --> 00:12:48,840 Speaker 1: interest rate hikes by the Federal Reserve. Treasury yields are 232 00:12:48,960 --> 00:12:51,559 Speaker 1: rising the Dollar study, and we check the markets every 233 00:12:51,600 --> 00:12:54,200 Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Right now, 234 00:12:54,360 --> 00:12:57,080 Speaker 1: S and P futures again are little change. DAL futures 235 00:12:57,080 --> 00:12:59,920 Speaker 1: are higher of forty, while Nastack futures are little chain. 236 00:13:00,200 --> 00:13:02,440 Speaker 1: The decks in Germany's up three tenths of upper set. 237 00:13:02,760 --> 00:13:05,199 Speaker 1: Can your treasury down ten thirty seconds you have three 238 00:13:05,240 --> 00:13:07,040 Speaker 1: point four or four percent and they yield on the 239 00:13:07,120 --> 00:13:10,240 Speaker 1: two year three point eight two percent. Ninemex screwed oil 240 00:13:10,320 --> 00:13:12,440 Speaker 1: down two tenths per cent, or fifteen cents at eighty 241 00:13:12,480 --> 00:13:15,160 Speaker 1: eight dollars, thirty five cents of barrel comics goal down 242 00:13:15,200 --> 00:13:17,640 Speaker 1: three quarters of a percent on twelve dollars eighty cents 243 00:13:17,640 --> 00:13:20,640 Speaker 1: at sixteen ninety six thirty announced. The euro is at 244 00:13:20,679 --> 00:13:23,760 Speaker 1: point seven against the dollar, British found one point one 245 00:13:23,840 --> 00:13:26,760 Speaker 1: five oh four, the yen one forty three point four too, 246 00:13:27,240 --> 00:13:29,520 Speaker 1: and Bitcoin is of nine tenths of upper cent at 247 00:13:29,559 --> 00:13:32,640 Speaker 1: twenty thousand, one d twenty five dollars. That's a Bloomberg 248 00:13:32,679 --> 00:13:35,400 Speaker 1: business flash. Now here's Michael Barr with more I'm going 249 00:13:35,440 --> 00:13:38,040 Speaker 1: on around the world. Uncle, good morning, Good morning Karen. 250 00:13:38,120 --> 00:13:40,880 Speaker 1: This just in. It looks like a freight rail strike 251 00:13:41,000 --> 00:13:44,560 Speaker 1: will be averted. The Labor Department says US reel companies 252 00:13:44,600 --> 00:13:48,679 Speaker 1: and union negotiators have reached a tentative agreement. The statement 253 00:13:48,800 --> 00:13:52,599 Speaker 1: says they have an agreement that balances the needs of workers, businesses, 254 00:13:52,720 --> 00:13:56,160 Speaker 1: and the economy. Strike had been looming as soon as tomorrow, 255 00:13:56,280 --> 00:13:58,880 Speaker 1: which could have cost the U. S economy as much 256 00:13:58,920 --> 00:14:02,599 Speaker 1: as two billy and dollars a day. Mourners continue to 257 00:14:02,640 --> 00:14:05,840 Speaker 1: file past the casket of Queen Elizabeth at Westminster Hall 258 00:14:05,920 --> 00:14:08,800 Speaker 1: in London. Some people have waited in long lines were 259 00:14:08,880 --> 00:14:12,040 Speaker 1: up to thirty hours. Baseball, the Yankees beat the Red 260 00:14:12,080 --> 00:14:15,319 Speaker 1: Sox five three, the Mets lost, The Orioles beat the 261 00:14:15,400 --> 00:14:19,600 Speaker 1: Nationals six two, the A's and Giants one Global News 262 00:14:19,680 --> 00:14:23,120 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 263 00:14:23,360 --> 00:14:26,440 Speaker 1: powered by more than journalists and analyists more than a 264 00:14:26,520 --> 00:14:30,360 Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, Michael, 265 00:14:30,400 --> 00:14:32,840 Speaker 1: thank you. It's five nineteen on Wall Street Live from 266 00:14:32,880 --> 00:14:36,640 Speaker 1: the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak, and 267 00:14:36,720 --> 00:14:39,120 Speaker 1: let's get more now on the news that just broke 268 00:14:39,280 --> 00:14:42,560 Speaker 1: minutes ago, the White House and the Labor Department announcing 269 00:14:42,640 --> 00:14:45,920 Speaker 1: at tentative agreement reached between freight rail companies and their 270 00:14:46,040 --> 00:14:49,720 Speaker 1: unions that could potentially avert a nationwide rail strike that 271 00:14:49,760 --> 00:14:52,160 Speaker 1: could have taken effect as soon as midnight tonight. Let's 272 00:14:52,200 --> 00:14:55,240 Speaker 1: bring in Bloomberg. Government Congressional reporter Jack Fitzpatrick has been 273 00:14:55,560 --> 00:14:58,760 Speaker 1: following these negotiations from the nation's capital and joins us 274 00:14:58,840 --> 00:15:01,960 Speaker 1: now from our Bloomberg ninety on one studios in Washington, 275 00:15:02,080 --> 00:15:05,160 Speaker 1: d C. Jack, Good morning, Uh, this couldn't have come 276 00:15:05,160 --> 00:15:08,280 Speaker 1: at a better time for the Viden administration and I 277 00:15:08,320 --> 00:15:11,000 Speaker 1: guess for the U. S. Economy as a whole. Yeah, 278 00:15:11,160 --> 00:15:15,360 Speaker 1: not a moment too soon. Essentially, the statement from Labor 279 00:15:15,400 --> 00:15:18,160 Speaker 1: Secretary Marty Walsh that just came out a few minutes 280 00:15:18,200 --> 00:15:21,960 Speaker 1: ago said this happened after more than twenty consecutive hours 281 00:15:22,080 --> 00:15:25,280 Speaker 1: of negotiations. Uh. They just announced this a little after 282 00:15:25,400 --> 00:15:29,800 Speaker 1: five am this morning. Uh. The the deadline was tonight 283 00:15:30,120 --> 00:15:32,080 Speaker 1: and it appears that you know, they're they're calling this 284 00:15:32,200 --> 00:15:35,000 Speaker 1: attentative agreement, but it appears that there will not have 285 00:15:35,240 --> 00:15:37,520 Speaker 1: to be a strike and that there's enough of an 286 00:15:37,520 --> 00:15:40,000 Speaker 1: agreement in place so that we have a statement from 287 00:15:40,040 --> 00:15:43,240 Speaker 1: the White House. Uh it says the rail workers are 288 00:15:43,240 --> 00:15:45,880 Speaker 1: going to get better pay, improved working conditions, and in 289 00:15:45,960 --> 00:15:49,480 Speaker 1: the presence were uh, peace of mind around their healthcare costs. 290 00:15:49,520 --> 00:15:53,840 Speaker 1: A big part of this was about paid medical leave 291 00:15:54,320 --> 00:15:57,560 Speaker 1: and work time flexibility and the demands that have been 292 00:15:57,640 --> 00:16:02,560 Speaker 1: put on rail workers uh during the pandemic about having 293 00:16:02,640 --> 00:16:05,360 Speaker 1: to come into work on very short notice. Uh. So 294 00:16:06,040 --> 00:16:08,640 Speaker 1: it would appear there's going to be something in there 295 00:16:09,080 --> 00:16:12,480 Speaker 1: for them that goes beyond the initial recommendations from the 296 00:16:12,520 --> 00:16:15,440 Speaker 1: President's Emergency Board. But it's it's very big news and 297 00:16:15,760 --> 00:16:18,120 Speaker 1: it you know, they could not have waited much longer 298 00:16:18,680 --> 00:16:21,040 Speaker 1: before a strike would have happened. And I have to 299 00:16:21,120 --> 00:16:24,840 Speaker 1: imagine it's pretty important news as well for President Biden himself, 300 00:16:24,920 --> 00:16:28,120 Speaker 1: who we've heard many times from the President that he 301 00:16:28,280 --> 00:16:31,600 Speaker 1: wants to be the most pro union president in history, 302 00:16:31,920 --> 00:16:35,400 Speaker 1: and now it looks like, uh, he's potentially gotten a 303 00:16:35,480 --> 00:16:39,440 Speaker 1: big win for a major labor union in this country. Yeah, 304 00:16:39,520 --> 00:16:43,840 Speaker 1: and especially this close to the midterm elections. One, this 305 00:16:44,240 --> 00:16:49,400 Speaker 1: was an issue that threatened to, uh, potentially undermine President 306 00:16:49,480 --> 00:16:53,560 Speaker 1: Biden's standing with unions if this all fell apart. The 307 00:16:53,680 --> 00:16:58,440 Speaker 1: fact that they did not immediately wholeheartedly sign on to 308 00:16:58,520 --> 00:17:02,160 Speaker 1: the emergency boards recommendations was was not a good thing. 309 00:17:02,840 --> 00:17:07,720 Speaker 1: But also, even more broadly, the the possibility of economic 310 00:17:07,840 --> 00:17:10,359 Speaker 1: damage from this so close to the mid terms was 311 00:17:10,520 --> 00:17:13,600 Speaker 1: another big threat for the president and for Democrats on 312 00:17:13,640 --> 00:17:17,480 Speaker 1: the campaign trail. Uh. The real officials had estimated this 313 00:17:17,560 --> 00:17:21,200 Speaker 1: would cause about two billion dollars per day of economic 314 00:17:21,359 --> 00:17:24,719 Speaker 1: damage that would probably be significantly worse than even if 315 00:17:24,760 --> 00:17:27,480 Speaker 1: there were a government shut down. Uh. It just for 316 00:17:27,560 --> 00:17:31,159 Speaker 1: the context of the deadlines that that that we're coming up. Uh. 317 00:17:31,240 --> 00:17:35,000 Speaker 1: So it's it's a big crisis averted. It seems as 318 00:17:35,080 --> 00:17:37,080 Speaker 1: long as they're not putting the cart before the horse, 319 00:17:37,160 --> 00:17:41,040 Speaker 1: and this tentative agreement becomes a wholehearted agreement. Yeah. It's 320 00:17:41,080 --> 00:17:43,879 Speaker 1: a significant news as well, coming on the heels of 321 00:17:44,080 --> 00:17:46,720 Speaker 1: the inflation print we just got this week that shows 322 00:17:46,760 --> 00:17:50,359 Speaker 1: that higher prices continue to be an issue in this 323 00:17:50,520 --> 00:17:54,760 Speaker 1: economy and potentially politically for the president as well. Yeah, 324 00:17:55,119 --> 00:17:57,080 Speaker 1: you know it. It's a bit of a case study 325 00:17:58,000 --> 00:18:03,320 Speaker 1: on the inflation uh impact on on wages and what 326 00:18:03,480 --> 00:18:08,280 Speaker 1: the wage demands are. UH. Significant pay increases offered in 327 00:18:08,440 --> 00:18:12,600 Speaker 1: this deal, even before the tentative deal that they're discussing now. 328 00:18:13,119 --> 00:18:17,359 Speaker 1: It also it gets to what workers are demanding in 329 00:18:17,560 --> 00:18:21,639 Speaker 1: terms of time time off, paid, time off, flexibility, that 330 00:18:21,800 --> 00:18:24,480 Speaker 1: kind of thing, UH, and how much pushback there are 331 00:18:25,040 --> 00:18:28,840 Speaker 1: there is from uh from critical workers like rail workers, 332 00:18:29,280 --> 00:18:32,760 Speaker 1: UH against the constraints that were put on them during 333 00:18:32,840 --> 00:18:37,040 Speaker 1: the pandemic. So these are very unique economic times right now, 334 00:18:37,240 --> 00:18:39,560 Speaker 1: and this is a bit of a case study in 335 00:18:39,760 --> 00:18:44,639 Speaker 1: how these negotiations go forward and show what workers demand 336 00:18:44,760 --> 00:18:48,760 Speaker 1: and what workers can realistically get UH in a time 337 00:18:48,800 --> 00:18:54,040 Speaker 1: with continued significant inflation and questions about what the workplace 338 00:18:54,200 --> 00:18:56,240 Speaker 1: looks like for a lot of people during the pandemic. 339 00:18:56,440 --> 00:18:58,600 Speaker 1: Only about thirty seconds left here, Jack, But again, we've 340 00:18:58,600 --> 00:19:01,359 Speaker 1: just gotten this tentative agreement announced just minutes ago. What 341 00:19:01,440 --> 00:19:04,400 Speaker 1: are you looking for next? Uh? Does it go through? 342 00:19:04,600 --> 00:19:08,960 Speaker 1: Because there's not a clear path for Congress to step in? 343 00:19:09,160 --> 00:19:12,200 Speaker 1: This came up yesterday. There there's not clear willingness for 344 00:19:12,280 --> 00:19:16,120 Speaker 1: Congress to pass something to force both sides to accept 345 00:19:16,200 --> 00:19:19,040 Speaker 1: a certain offer. Uh, you know, can the White House 346 00:19:19,160 --> 00:19:22,680 Speaker 1: get this absolutely across the finish line? Uh? Does it 347 00:19:22,840 --> 00:19:25,960 Speaker 1: not only get the thumbs up from labor leaders, but 348 00:19:26,160 --> 00:19:29,720 Speaker 1: do the labor votes from the workers get this across 349 00:19:29,880 --> 00:19:35,120 Speaker 1: the board? Does a tentative agreement turn into an agreement? Agreement? Thanks? Jack, 350 00:19:35,200 --> 00:19:37,200 Speaker 1: great having one with us, as always been our government 351 00:19:37,200 --> 00:19:41,400 Speaker 1: Congressional reporter Jack Fitzpatrick with us from our Bloomberg studios 352 00:19:41,520 --> 00:19:44,120 Speaker 1: in Washington, d C. On the breaking news a tentative 353 00:19:44,119 --> 00:19:46,560 Speaker 1: agreement announced by the White House and the Labor Department 354 00:19:46,640 --> 00:19:50,360 Speaker 1: to potentially avert a nationwide freight rail strike that could 355 00:19:50,400 --> 00:19:54,960 Speaker 1: have snarled of the U S supply chain if that 356 00:19:55,040 --> 00:19:57,600 Speaker 1: strike had gone into effect around midnight tonight, but again 357 00:19:58,080 --> 00:20:02,360 Speaker 1: tentative agreement announced between the unions and the freight rail companies. 358 00:20:02,840 --> 00:20:09,439 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather, mostly sunny, 359 00:20:09,480 --> 00:20:14,360 Speaker 1: mid seventies today, sunny, upper seventies Tomorrow, low eighties Saturday 360 00:20:14,400 --> 00:20:17,080 Speaker 1: and Sunday with a mix of sun and clouds. Right 361 00:20:17,160 --> 00:20:24,240 Speaker 1: now sixty eight in Central Park, broadcasting live from the 362 00:20:24,359 --> 00:20:28,320 Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E Living 363 00:20:28,400 --> 00:20:32,720 Speaker 1: free to Washington, d C. Bloomberg on to Boston, Bloomberg 364 00:20:32,800 --> 00:20:35,960 Speaker 1: one oh six, one to San Francisco, Bloomberg nun sixty 365 00:20:36,119 --> 00:20:38,879 Speaker 1: to the country, Sirius XM Chando one nine ten, and 366 00:20:39,000 --> 00:20:42,880 Speaker 1: around the globe the Bloomberg Business and Bloomberg Radio dot Com. 367 00:20:43,320 --> 00:20:51,960 Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street. 368 00:20:52,000 --> 00:20:54,879 Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow, and 369 00:20:54,920 --> 00:20:57,359 Speaker 1: we're just about four hours away from the open of 370 00:20:57,480 --> 00:20:59,119 Speaker 1: US trading. Let's get you up to date on the 371 00:20:59,160 --> 00:21:01,000 Speaker 1: news you need to know at this hour. We have 372 00:21:01,160 --> 00:21:03,520 Speaker 1: breaking news this morning. As we've been telling you, it 373 00:21:03,560 --> 00:21:06,920 Speaker 1: looks like Afraid rail strike will not happen tomorrow. The 374 00:21:07,040 --> 00:21:10,399 Speaker 1: Labor Department says US rail companies and union negotiators have 375 00:21:10,520 --> 00:21:13,639 Speaker 1: reached a tentative deal to avert of strike. Bloomberg Government 376 00:21:13,680 --> 00:21:16,840 Speaker 1: reporter Jack That's Patrick joins us with the latest. The 377 00:21:16,960 --> 00:21:20,439 Speaker 1: real officials had estimated this would cause about two billion 378 00:21:20,520 --> 00:21:24,280 Speaker 1: dollars per day of economic damage. That would probably be 379 00:21:24,400 --> 00:21:27,200 Speaker 1: significantly worse than even if there were a government shut down. 380 00:21:27,560 --> 00:21:30,600 Speaker 1: It's a big crisis averted, it seems as long as 381 00:21:30,640 --> 00:21:32,639 Speaker 1: they're not putting the cart before the horse, and this 382 00:21:32,800 --> 00:21:37,280 Speaker 1: tentative agreement becomes a wholehearted agreement. Bloomberg's Jack Fitzpatrick says, 383 00:21:37,320 --> 00:21:41,040 Speaker 1: the Labor Department believes the agreement balances the needs of workers, businesses, 384 00:21:41,160 --> 00:21:43,080 Speaker 1: and the economy. And we'll keep you up to date 385 00:21:43,119 --> 00:21:46,000 Speaker 1: on those details throughout the morning here on Bloomberg Radio. 386 00:21:46,119 --> 00:21:48,920 Speaker 1: But first let's get you caught up on markets. Equities 387 00:21:48,960 --> 00:21:51,399 Speaker 1: are stabilizing in the wake up Tuesdays sell off right now, 388 00:21:51,560 --> 00:21:55,040 Speaker 1: SMP futures are little changed. Still, Concerns over inflation and 389 00:21:55,119 --> 00:21:58,040 Speaker 1: the Fed remain front and center. Robert Teeters, head of 390 00:21:58,119 --> 00:22:01,359 Speaker 1: investment policy with Silver Crest, asked that management overall, it 391 00:22:01,400 --> 00:22:03,360 Speaker 1: really took us back just about a week in terms 392 00:22:03,400 --> 00:22:05,200 Speaker 1: of where the SMP had been, and so that says 393 00:22:05,200 --> 00:22:07,560 Speaker 1: that there was a lot of optimism built into that report. 394 00:22:08,000 --> 00:22:09,760 Speaker 1: Didn't come through quite as planned, But I think the 395 00:22:09,800 --> 00:22:13,000 Speaker 1: CPI print wasn't quite as bad as numbers in isolation 396 00:22:13,040 --> 00:22:14,800 Speaker 1: would have made it out to be really more reversal 397 00:22:14,880 --> 00:22:17,080 Speaker 1: of the prior week. So again this concept of patients 398 00:22:17,119 --> 00:22:18,960 Speaker 1: and sort of looking through the numbers a little bit, 399 00:22:19,040 --> 00:22:20,760 Speaker 1: things are going to take some time to settle down. 400 00:22:21,000 --> 00:22:23,679 Speaker 1: Robert Teoter with Silver Crest says markets could rebound if 401 00:22:23,720 --> 00:22:27,560 Speaker 1: we get a few positive inflation readings in the coming months. Meantime, Nathan, 402 00:22:27,600 --> 00:22:30,720 Speaker 1: we're getting a gloomy prediction for equities this morning from 403 00:22:30,760 --> 00:22:33,960 Speaker 1: a billionaire. Raid Dalio, the founder of Bridgewater Associate, says 404 00:22:34,000 --> 00:22:37,200 Speaker 1: stocks could fallow about twenty if interest rates increased to 405 00:22:37,240 --> 00:22:40,040 Speaker 1: about four and a half percent. Kealio made the prediction 406 00:22:40,119 --> 00:22:42,240 Speaker 1: in a linked in article. In A busy week on 407 00:22:42,280 --> 00:22:44,760 Speaker 1: the economic front continues today, Karen, with the release of 408 00:22:44,800 --> 00:22:47,399 Speaker 1: monthly retail sales. We get those numbers this morning at 409 00:22:47,440 --> 00:22:50,080 Speaker 1: eight thirty Wall Street time, along with data on Empire 410 00:22:50,119 --> 00:22:54,000 Speaker 1: manufacturing and weekly jobless claims and turning overseas now, Nathan, 411 00:22:54,040 --> 00:22:57,320 Speaker 1: GEO politics is also front and Center. This morning, Chinese 412 00:22:57,359 --> 00:23:00,919 Speaker 1: President Hijin Ping and Russian President Vladimir Huton meet today 413 00:23:01,280 --> 00:23:04,439 Speaker 1: for the first time since Russia's invasion of Ukraine. Surely 414 00:23:04,520 --> 00:23:07,760 Speaker 1: before the war that you bound to have no forbidden 415 00:23:07,840 --> 00:23:10,879 Speaker 1: areas of cooperation, but Beijing has stopped short of sending 416 00:23:10,920 --> 00:23:15,280 Speaker 1: military supplies or financial support. And futures this morning are 417 00:23:15,400 --> 00:23:18,320 Speaker 1: on the rise. S ANDP futures up about six points down, 418 00:23:18,400 --> 00:23:21,920 Speaker 1: futures up fifty nine, and nazdeg futures are a little change. 419 00:23:21,960 --> 00:23:23,680 Speaker 1: So we're starting to see some strength there in the 420 00:23:23,720 --> 00:23:26,680 Speaker 1: futures market. Ten year treasury down nine thirty seconds. He 421 00:23:26,760 --> 00:23:29,640 Speaker 1: Hall three point four or three percent straight ahead, relatest 422 00:23:29,680 --> 00:23:34,480 Speaker 1: local headlines plus a check of sports, and this is Bloomberg. 423 00:23:38,119 --> 00:23:41,480 Speaker 1: Thanks on Wall Street, sixty seven degrees in Central Park, 424 00:23:41,960 --> 00:23:45,080 Speaker 1: problems piling up on the North Founder Jersey Turnpike, truck planes. 425 00:23:45,119 --> 00:23:46,919 Speaker 1: Michael Barr has more on what's going on in New 426 00:23:47,000 --> 00:23:49,520 Speaker 1: York and around the world. Michael Nathan, thank you very much. 427 00:23:49,520 --> 00:23:51,960 Speaker 1: At one time, Aye to former New York Governor Andrew 428 00:23:52,040 --> 00:23:55,880 Speaker 1: Cuomo sued him saying he's sexually harassed her and then 429 00:23:55,960 --> 00:23:59,159 Speaker 1: smeared her reputation after she became the second woman to 430 00:23:59,320 --> 00:24:03,760 Speaker 1: publicly accused him of misconduct. CHARLTT Bennett's lawsuit, filed in 431 00:24:03,800 --> 00:24:05,879 Speaker 1: the Federal Court in New York City, repeats many of 432 00:24:05,960 --> 00:24:09,720 Speaker 1: the allegations she has talked about publicly. She said the 433 00:24:09,800 --> 00:24:14,760 Speaker 1: governor subjected her to unwanted advances. Ukrainians president made a 434 00:24:15,000 --> 00:24:18,240 Speaker 1: rare foray outside the capitol to assess the damage in 435 00:24:18,359 --> 00:24:23,359 Speaker 1: cities once again in Ukrainian control for vladimir'sz Lensky says, 436 00:24:23,440 --> 00:24:27,400 Speaker 1: after almost six months under Russian occupation, Isium was left 437 00:24:27,560 --> 00:24:31,600 Speaker 1: largely devastated. The view is where he's shocking, but it's 438 00:24:31,640 --> 00:24:36,000 Speaker 1: not shocked for me because we began to see the 439 00:24:36,160 --> 00:24:42,120 Speaker 1: same pictures from Bucha from the first occupied it Teractors 440 00:24:42,480 --> 00:24:47,680 Speaker 1: destroyed buildings, killed people. President Zelenski says, so far, prosecutors 441 00:24:47,760 --> 00:24:51,280 Speaker 1: have found six bodies with traces of torture in recently 442 00:24:51,359 --> 00:24:56,240 Speaker 1: retaken Kharki regions in the villages. Chinese President Shi Jingping, 443 00:24:56,400 --> 00:25:00,240 Speaker 1: Russia's Vladimir Putin, and leaders from India and Central Asian 444 00:25:00,359 --> 00:25:03,080 Speaker 1: nations are headed to Uzbekistan for a summit of a 445 00:25:03,119 --> 00:25:06,639 Speaker 1: security group seen by Beijing and Moscow as a counterwey 446 00:25:06,680 --> 00:25:10,359 Speaker 1: to US influence. Prosecutors in Chicago say singer R. Kelly 447 00:25:10,560 --> 00:25:14,040 Speaker 1: could receive an additional ten to ninety years behind bars 448 00:25:14,320 --> 00:25:18,159 Speaker 1: after a jury convicted him of producing child pornography and 449 00:25:18,440 --> 00:25:22,080 Speaker 1: enticing girls for sex outside the court room. Kelly's attorney, 450 00:25:22,200 --> 00:25:27,800 Speaker 1: Jennifer boon Jean, said prosecutors overreached after the documentary Surviving R. 451 00:25:27,880 --> 00:25:32,359 Speaker 1: Kelly sparked the public outcry. The government wanted to um, 452 00:25:32,440 --> 00:25:36,640 Speaker 1: as I said during my closing arguments, be um greedy um. 453 00:25:36,960 --> 00:25:39,359 Speaker 1: And they charged counts they couldn't win and that they 454 00:25:39,359 --> 00:25:43,240 Speaker 1: shouldn't have. Kelly's attorney, Jennifer bong Jeen. The verdict comes 455 00:25:43,400 --> 00:25:46,040 Speaker 1: months after a federal judge in New York sentence Kelly 456 00:25:46,080 --> 00:25:49,040 Speaker 1: to thirty years in prison for racketeering and sex trafficking. 457 00:25:49,480 --> 00:25:52,080 Speaker 1: Global News twenty four hours a day on air and 458 00:25:52,280 --> 00:25:55,359 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 459 00:25:55,400 --> 00:25:58,160 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael 460 00:25:58,200 --> 00:26:06,240 Speaker 1: Barr and this is Bloomberg, Nathan, thank Michael on Wall 461 00:26:06,320 --> 00:26:08,560 Speaker 1: Street time for the Bloomberg Sports Update, which on Stash. 462 00:26:08,760 --> 00:26:10,520 Speaker 1: All right, neither of the Mets don't win the n 463 00:26:10,640 --> 00:26:12,760 Speaker 1: L East. They might look back at this recent stretch. 464 00:26:12,880 --> 00:26:15,240 Speaker 1: Unable to take advantage of playing teams they should be 465 00:26:15,280 --> 00:26:18,000 Speaker 1: able to beat. Swept at home by the Cubs, who 466 00:26:18,040 --> 00:26:20,840 Speaker 1: outscored the Mets in the three game series fifteen to five. 467 00:26:20,920 --> 00:26:22,520 Speaker 1: It was six to three last night it was six 468 00:26:22,680 --> 00:26:25,679 Speaker 1: nothing in the first guning is David Peterson got lit up. 469 00:26:25,720 --> 00:26:28,120 Speaker 1: Metsos the Pirates. Tonight they lead Atlanta by a half game, 470 00:26:28,440 --> 00:26:30,399 Speaker 1: as the Braves have lost four out of five. Yankees 471 00:26:30,480 --> 00:26:33,119 Speaker 1: and Red Sox scoreless. Fifth inning in Boston, Yanks had 472 00:26:33,160 --> 00:26:36,159 Speaker 1: two on Labor Torres at the plate. Labor lines another 473 00:26:36,240 --> 00:26:39,920 Speaker 1: basi to right field, rounding third is six. Here comes 474 00:26:39,960 --> 00:26:43,000 Speaker 1: a throw home. It is not in time, and they 475 00:26:43,080 --> 00:26:46,760 Speaker 1: have all the balls from the right field scoring is Judge. 476 00:26:47,160 --> 00:26:50,840 Speaker 1: All the way to third is Clabor. He round start 477 00:26:51,000 --> 00:26:56,119 Speaker 1: not coming home. The thrower is not in god. Torres 478 00:26:56,200 --> 00:26:58,639 Speaker 1: circled the basis. Two more Boston errors led to a 479 00:26:58,720 --> 00:27:00,800 Speaker 1: Yankee run of the ninth Yanks beat the Socks five 480 00:27:00,920 --> 00:27:03,199 Speaker 1: to three. In Esther cortege sharp and five inning's got 481 00:27:03,240 --> 00:27:05,920 Speaker 1: his tenth win. Clark Schmidt followed him. He threw two 482 00:27:06,000 --> 00:27:08,639 Speaker 1: perfect frames of relief. Yanks off Tonight they played tomorrow 483 00:27:08,920 --> 00:27:11,840 Speaker 1: in Milwaukee. The two teams behind the Yankees met Toronto 484 00:27:11,920 --> 00:27:14,639 Speaker 1: Bee Tampa Bay. Career home run number one hundred for 485 00:27:14,760 --> 00:27:17,000 Speaker 1: Vladimir Guerrero at age twenty three. I went for the 486 00:27:17,080 --> 00:27:19,919 Speaker 1: Cardinals and a record, said Adam Wayne right on the Mountain. 487 00:27:20,000 --> 00:27:23,600 Speaker 1: Yadier Molina was his catcher for the three d time. 488 00:27:23,680 --> 00:27:26,600 Speaker 1: That's the most ever. Chargers in Chiefs kickoff Week two 489 00:27:26,640 --> 00:27:29,119 Speaker 1: tonight in Kansas City. The Giants Sunday host Carolina will 490 00:27:29,160 --> 00:27:31,560 Speaker 1: see if white out Kadarius Tony gets more plain time. 491 00:27:31,920 --> 00:27:33,960 Speaker 1: Last year's top draft pick, only on the field last 492 00:27:33,960 --> 00:27:37,000 Speaker 1: week for seven snaps. Asked about it, Tony said, I 493 00:27:37,080 --> 00:27:40,119 Speaker 1: get paid to play, not coach. Jet Sunday visn't Cleveland. 494 00:27:40,200 --> 00:27:42,600 Speaker 1: Joe Flacco will again be the quarterback, though Zack Wilson 495 00:27:42,840 --> 00:27:46,760 Speaker 1: is now backpracticing. John Stashward Bloomberg Sports Nathan Thank you 496 00:27:46,880 --> 00:27:49,080 Speaker 1: John thirty seven on Wall Street time for the Tri 497 00:27:49,240 --> 00:27:52,959 Speaker 1: State Business Report. Here's Bloomberg's at Corty. The US has 498 00:27:53,040 --> 00:27:56,000 Speaker 1: recovered all of the jobs that lost during the pandemic, 499 00:27:56,080 --> 00:27:59,000 Speaker 1: but New York City is still missing one hundred seventies 500 00:27:59,040 --> 00:28:02,800 Speaker 1: six thousand. The Times reports job growth slowed this summer 501 00:28:02,840 --> 00:28:06,320 Speaker 1: and sectors like hotels and restaurants. Compared with a year ago, 502 00:28:06,920 --> 00:28:11,240 Speaker 1: Businesses in technology, healthcare, and finance increased employment at a 503 00:28:11,320 --> 00:28:15,040 Speaker 1: faster pace. A union election at an Amazon facility and 504 00:28:15,119 --> 00:28:18,119 Speaker 1: up state New York has been scheduled for October, setting 505 00:28:18,200 --> 00:28:20,920 Speaker 1: up another company showdown with workers trying to build on 506 00:28:21,000 --> 00:28:24,280 Speaker 1: a landmark union victory this year. The vote at the 507 00:28:24,359 --> 00:28:27,159 Speaker 1: facility near Albany is set to be held in person 508 00:28:27,280 --> 00:28:31,520 Speaker 1: between October twelfth and October sevente Hilton has tapped a 509 00:28:31,560 --> 00:28:35,320 Speaker 1: major development project in Times Square to build a boutique 510 00:28:35,440 --> 00:28:38,320 Speaker 1: hotel brand, while Three Journal says the hotel will be 511 00:28:38,440 --> 00:28:41,520 Speaker 1: the first under the new tempo by Hilton flag. It's 512 00:28:41,560 --> 00:28:43,800 Speaker 1: part of the t SX Broadway at two an a 513 00:28:43,800 --> 00:28:46,640 Speaker 1: half billion dollar tower. At your Bloomberg Trying to day 514 00:28:46,720 --> 00:28:49,960 Speaker 1: business report, I'm Ed Corey. Thanks that it's five thirty 515 00:28:50,000 --> 00:28:52,160 Speaker 1: eight on Wall Street. Bloomberg Radio is on the air 516 00:28:52,280 --> 00:28:55,000 Speaker 1: from San Francisco to New York, London to Hong Kong. 517 00:28:55,280 --> 00:28:57,160 Speaker 1: Let's check in with our global news team for some 518 00:28:57,280 --> 00:28:59,640 Speaker 1: of the top stories heard on our three hundred affiliate 519 00:28:59,760 --> 00:29:06,000 Speaker 1: radio stations around the world. I'm Steve Potas Content and 520 00:29:06,120 --> 00:29:08,880 Speaker 1: Wins in New York. We're talking about Barney's New York 521 00:29:08,960 --> 00:29:11,160 Speaker 1: being brought back to life in the form of a 522 00:29:11,240 --> 00:29:14,800 Speaker 1: beauty and wellness brand. Um Corney Danahoe on who Who 523 00:29:15,000 --> 00:29:17,760 Speaker 1: in Fort Wayne now Coha says that's getting squeets by 524 00:29:17,800 --> 00:29:20,960 Speaker 1: lower lunum prices. I'm Gina Serretti and for w W 525 00:29:21,120 --> 00:29:24,160 Speaker 1: VDUM in Chicago, I'm talking about a new report showing 526 00:29:24,200 --> 00:29:27,040 Speaker 1: that homes in and around Chicago, then New York City, 527 00:29:27,200 --> 00:29:31,320 Speaker 1: are most vulnerable to price drops in a potential economic downturn. 528 00:29:31,720 --> 00:29:35,360 Speaker 1: Alisa Mateo and kyw in Philadelphia, I'll be reporting on 529 00:29:35,480 --> 00:29:39,480 Speaker 1: why Amazon shoppers we'll be getting more spam emails. I'm 530 00:29:39,560 --> 00:29:42,760 Speaker 1: Caroline head Kilm Blue may Dab Distols, and we've been 531 00:29:42,800 --> 00:29:47,000 Speaker 1: reporting on the government considering lifting the cape on bankers bonuses. 532 00:29:47,520 --> 00:29:51,360 Speaker 1: I'm Ed Corey on w W Jane Detroit. I'm reporting 533 00:29:51,520 --> 00:29:54,240 Speaker 1: Lear both of my general motors with bart for its 534 00:29:54,320 --> 00:29:57,280 Speaker 1: Olvium battery platform. And those are some of the stories 535 00:29:57,320 --> 00:30:00,520 Speaker 1: our tyred Bloomberg journalists and analysts working on this morning 536 00:30:00,560 --> 00:30:02,880 Speaker 1: around the world. It's five thirty nine on Wall Street. 537 00:30:03,120 --> 00:30:07,600 Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial 538 00:30:07,840 --> 00:30:11,880 Speaker 1: was written by the Bloomberg Editorial Board. A modern currency 539 00:30:12,200 --> 00:30:15,640 Speaker 1: must meet the needs of a modern economy, Yet in 540 00:30:15,760 --> 00:30:18,640 Speaker 1: an important way, the US dollar is in danger of 541 00:30:18,800 --> 00:30:22,960 Speaker 1: falling behind. In recent decades, countries from the UK to 542 00:30:23,120 --> 00:30:28,200 Speaker 1: China have introduced payment systems enabling people to transact instantly 543 00:30:28,400 --> 00:30:32,200 Speaker 1: directly from their bank accounts at extremely low cost. The 544 00:30:32,320 --> 00:30:36,240 Speaker 1: transition to real time payments has already boosted global economic 545 00:30:36,320 --> 00:30:39,760 Speaker 1: output by tens of billions of dollars a year, but 546 00:30:40,080 --> 00:30:43,200 Speaker 1: in the US, fewer than one percent of all transactions 547 00:30:43,480 --> 00:30:46,840 Speaker 1: settle in real time. To its credit, the Federal Reserve 548 00:30:47,000 --> 00:30:49,760 Speaker 1: is trying to address at least part of the problem, 549 00:30:50,080 --> 00:30:53,360 Speaker 1: but more needs to be done. The next iteration of 550 00:30:53,520 --> 00:30:57,560 Speaker 1: money has the potential to benefit billions. The U s 551 00:30:57,600 --> 00:31:01,520 Speaker 1: should not let itself get left behind. Mind. This editorial 552 00:31:01,720 --> 00:31:05,520 Speaker 1: was written by the Bloomberg Editorial Board. For more Bloomberg opinion, 553 00:31:05,600 --> 00:31:09,000 Speaker 1: please go to Bloomberg dot com, slash opinion or opie 554 00:31:09,080 --> 00:31:12,080 Speaker 1: I am go on the Bloomberg terminal. This has been 555 00:31:12,200 --> 00:31:15,880 Speaker 1: Bloomberg Opinion. Listen for Bloomberg opinion editorials every week at 556 00:31:15,920 --> 00:31:18,720 Speaker 1: this time. Terminal customers can read more at O. P 557 00:31:19,120 --> 00:31:24,120 Speaker 1: I N go Bloomberg eleven three oh weather sunny, mid 558 00:31:24,240 --> 00:31:27,160 Speaker 1: seventies today, upper seventies in the sunshine tomorrow. We'll keep 559 00:31:27,200 --> 00:31:30,120 Speaker 1: it sunny, low eighties by Saturday, bringing some clouds von 560 00:31:30,320 --> 00:31:33,080 Speaker 1: Sunday with a high near eighty five. Right now sixty 561 00:31:33,120 --> 00:31:39,920 Speaker 1: seven in Central Park markets. Headlines and breaking news twenty 562 00:31:39,960 --> 00:31:42,760 Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg 563 00:31:42,840 --> 00:31:46,400 Speaker 1: Business at and at Bloomberg Quicktape. This is a Bloomberg 564 00:31:46,480 --> 00:31:55,520 Speaker 1: business flash and I'm teraren Moscow and futures are starting 565 00:31:55,640 --> 00:31:59,200 Speaker 1: to show some strength this morning. This is investors await 566 00:31:59,240 --> 00:32:02,440 Speaker 1: the latest batch of economic data mat expectations of large 567 00:32:02,520 --> 00:32:05,720 Speaker 1: interest rate hikes by the Federal Reserve. Check the markets 568 00:32:05,760 --> 00:32:08,640 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right now, 569 00:32:08,800 --> 00:32:11,440 Speaker 1: S and P futures are up eight points now, futures 570 00:32:11,480 --> 00:32:16,240 Speaker 1: of seventy one and NASDAGG futures are up thirteen. The 571 00:32:16,480 --> 00:32:19,280 Speaker 1: decks in Germany is up for tenths of a percent. 572 00:32:19,360 --> 00:32:21,920 Speaker 1: The ten year treasury is down eight thirty seconds, you know, 573 00:32:22,000 --> 00:32:24,120 Speaker 1: three point four or three percent, and they yield on 574 00:32:24,200 --> 00:32:27,320 Speaker 1: the two year three point eight one percent. Dimex screwed 575 00:32:27,320 --> 00:32:29,880 Speaker 1: oil is down sixtensive a percent on fifty one cents 576 00:32:29,920 --> 00:32:32,640 Speaker 1: at eighty seven dollars, five cents of Barrel Comic School 577 00:32:32,720 --> 00:32:35,160 Speaker 1: down seven tenths percent or eleven dollars thirtyes cents at 578 00:32:35,200 --> 00:32:39,600 Speaker 1: sixteen ninety seven eighty announced. The euro point against the 579 00:32:39,640 --> 00:32:42,880 Speaker 1: dollar British found one point one five one four and 580 00:32:42,960 --> 00:32:45,800 Speaker 1: the en at one three point three three and Bitcoin 581 00:32:45,880 --> 00:32:48,640 Speaker 1: this morning is up one percent at twenty thousand, one 582 00:32:48,720 --> 00:32:51,680 Speaker 1: hundred fifty dollars. That's a Bloomberg business flash. Now here's 583 00:32:51,720 --> 00:32:53,960 Speaker 1: Michael Barr with more on what's going on around the world. 584 00:32:54,120 --> 00:32:56,720 Speaker 1: Michael Karen, thank you very much. President Joe Biden says 585 00:32:56,760 --> 00:33:00,520 Speaker 1: a tenetive railway labor agreement has been read, diverting a 586 00:33:00,560 --> 00:33:05,520 Speaker 1: potentially devastating strike before the pivotal midterm elections. Biden said 587 00:33:05,560 --> 00:33:08,000 Speaker 1: in a statement this morning that the Tenetive deal will 588 00:33:08,120 --> 00:33:11,800 Speaker 1: keep our critical rail system working and avoid disruption of 589 00:33:11,880 --> 00:33:15,760 Speaker 1: our economy. Biden says the rail workers will get better pay, 590 00:33:15,880 --> 00:33:20,520 Speaker 1: improved working conditions, and peace of mind around their healthcare costs. 591 00:33:21,000 --> 00:33:24,480 Speaker 1: In London, the public continues to pay their respects to 592 00:33:24,600 --> 00:33:27,920 Speaker 1: the late Queen Elizabeth as she lies in state in 593 00:33:28,040 --> 00:33:31,600 Speaker 1: Westminster home authorities estimate the line to enter the building 594 00:33:31,640 --> 00:33:34,880 Speaker 1: stretches two point six miles. In baseball, the Yankees be 595 00:33:35,000 --> 00:33:37,880 Speaker 1: the Red Sox five three, The Mets lost, The Orioles 596 00:33:37,920 --> 00:33:41,280 Speaker 1: beat the National six two. The A's and Giants won. 597 00:33:41,760 --> 00:33:44,360 Speaker 1: Global news twenty four hours a day on air and 598 00:33:44,640 --> 00:33:48,520 Speaker 1: on Bloomberg Quicktake, powered by more than hundred journalists and 599 00:33:48,520 --> 00:33:51,280 Speaker 1: analysts more than a hundred twenty countries. Him Michael Barr, 600 00:33:51,360 --> 00:33:54,000 Speaker 1: and this is Bloomberg, Nathan, Michael, thank you. It's five 601 00:33:54,080 --> 00:33:56,600 Speaker 1: forty nine on Wall Street Life from the Bloomberg Interactive 602 00:33:56,640 --> 00:33:59,800 Speaker 1: Broker Studios. This is Bloomberg Daybreak. And it may be 603 00:34:00,200 --> 00:34:03,280 Speaker 1: crisis averted for a major piece of the US supply 604 00:34:03,440 --> 00:34:07,120 Speaker 1: chain with that tentative agreement just announced this morning between 605 00:34:07,240 --> 00:34:10,839 Speaker 1: freight rail operators and their union's Bloomberg Radio and TV 606 00:34:11,000 --> 00:34:15,080 Speaker 1: Markets correspondent Pretty Gupta is with us live this morning 607 00:34:15,120 --> 00:34:18,800 Speaker 1: from the Greenville Yard in Jersey City, New Jersey, a 608 00:34:19,320 --> 00:34:23,400 Speaker 1: major point in that supply chain between the ports and 609 00:34:23,600 --> 00:34:26,880 Speaker 1: the rails. Pretty good morning. You see any signs of 610 00:34:27,120 --> 00:34:31,400 Speaker 1: renewed activity now that we've heard this news this morning, Well, 611 00:34:31,480 --> 00:34:33,360 Speaker 1: good morning, Nathan. You know what's interesting here is that 612 00:34:33,440 --> 00:34:36,640 Speaker 1: in preparation of a potential strike. So much with halted, 613 00:34:36,719 --> 00:34:39,759 Speaker 1: you had something like I believe auto shipments or were 614 00:34:39,760 --> 00:34:41,880 Speaker 1: already paused. I mean, as we were coming in towards 615 00:34:41,960 --> 00:34:45,360 Speaker 1: Greenville Yard, we saw trailers and shrucks full of just 616 00:34:45,480 --> 00:34:48,040 Speaker 1: new vehicles just standing on the sidelines. Think about it, 617 00:34:48,120 --> 00:34:51,080 Speaker 1: if you have a new car manufactured in Detroit or 618 00:34:51,160 --> 00:34:54,640 Speaker 1: manufactured in Mexico that has done shipped or I should 619 00:34:54,680 --> 00:34:57,520 Speaker 1: say transported, be afraid, because that is the most efficient 620 00:34:57,560 --> 00:35:00,200 Speaker 1: way across the country to the dealerships will be people 621 00:35:00,200 --> 00:35:03,280 Speaker 1: can actually buy it. Another example, if hazard as materials, 622 00:35:03,320 --> 00:35:06,600 Speaker 1: for example, we're halted, think of ethanol seventy percent of 623 00:35:06,680 --> 00:35:10,160 Speaker 1: which in this country is shipped by freight, So ethanol 624 00:35:10,200 --> 00:35:13,400 Speaker 1: things that are extremely flammable if left by themselves. Um on, 625 00:35:13,560 --> 00:35:15,840 Speaker 1: say an idle car, which was the threat if indeed 626 00:35:15,960 --> 00:35:18,399 Speaker 1: the strike goes through, those kind of things were put 627 00:35:18,480 --> 00:35:21,520 Speaker 1: on pause. And on top of that, Amtrack even canceling 628 00:35:21,560 --> 00:35:24,400 Speaker 1: their long distance flights. So right network train trips, I 629 00:35:24,400 --> 00:35:26,840 Speaker 1: should say, Nathant. Right now, there isn't going to be 630 00:35:26,880 --> 00:35:29,480 Speaker 1: an immediate effect. Right now you are still seeing, uh, 631 00:35:29,560 --> 00:35:31,640 Speaker 1: the normal things you would see in a rail art 632 00:35:31,719 --> 00:35:35,880 Speaker 1: Essentially rail cars being filled, being transported, but not necessarily moving. 633 00:35:35,960 --> 00:35:37,920 Speaker 1: And that's what we're waiting to hear. And once again 634 00:35:38,160 --> 00:35:41,000 Speaker 1: I should really emphasize this feel is still tentative. It 635 00:35:41,160 --> 00:35:43,640 Speaker 1: is not officially yet. Well, what are you hearing about 636 00:35:43,680 --> 00:35:46,440 Speaker 1: the deal at this point? What were the sticking points 637 00:35:46,880 --> 00:35:50,040 Speaker 1: between the union workers and the freight rail companies. What 638 00:35:50,239 --> 00:35:53,440 Speaker 1: were the union workers looking for. You know, at the 639 00:35:53,520 --> 00:35:55,800 Speaker 1: end of the day that everyone is looking for a 640 00:35:55,880 --> 00:35:58,600 Speaker 1: higher salary, but for railroad workers it was different. They 641 00:35:58,640 --> 00:36:02,680 Speaker 1: are coming from a life of long hours. They're coming 642 00:36:02,719 --> 00:36:05,880 Speaker 1: from a legacy where COVID has has meant that a 643 00:36:06,000 --> 00:36:09,160 Speaker 1: lot of their industry has actually left working in railroads. 644 00:36:09,440 --> 00:36:11,600 Speaker 1: What's important to note here is that their biggest issue 645 00:36:11,680 --> 00:36:14,960 Speaker 1: was getting sickly, but was getting medically even during the pandemic. 646 00:36:15,200 --> 00:36:18,520 Speaker 1: A lot of these railroads have implemented a point based system. Essentially, 647 00:36:18,600 --> 00:36:20,719 Speaker 1: you are on call. If we call you, you have 648 00:36:20,960 --> 00:36:23,279 Speaker 1: ninety minutes to two hours to report to work, and 649 00:36:23,360 --> 00:36:25,480 Speaker 1: if you don't, you will be penalized, you will be 650 00:36:25,560 --> 00:36:29,000 Speaker 1: deducted in some way. That kind of policy is what 651 00:36:29,200 --> 00:36:32,120 Speaker 1: these workers were potentially striking against, in addition to of 652 00:36:32,200 --> 00:36:34,719 Speaker 1: course higher pay. Now some of the new details we 653 00:36:34,760 --> 00:36:37,400 Speaker 1: are getting in terms of what the contract. This agreement 654 00:36:37,400 --> 00:36:40,960 Speaker 1: actually looks like includes a twenty four percent wage increase 655 00:36:41,040 --> 00:36:44,080 Speaker 1: during the five year period from twenty twenty through four. 656 00:36:44,239 --> 00:36:46,400 Speaker 1: So that does mean back pay going into the COVID 657 00:36:46,480 --> 00:36:49,680 Speaker 1: era as well as an immediate payout of an average 658 00:36:49,719 --> 00:36:52,560 Speaker 1: of eleven thousand dollars upon the ratification of the deal. 659 00:36:52,640 --> 00:36:54,920 Speaker 1: What that means, I think this is the new change 660 00:36:54,960 --> 00:36:57,120 Speaker 1: in the language, Nathan, is that if this deal is 661 00:36:57,160 --> 00:37:01,000 Speaker 1: indeed approved, those workers get eleven thousand dollars on average 662 00:37:01,239 --> 00:37:04,160 Speaker 1: right off the bat. So in our last thirty seconds here, Crety, 663 00:37:04,200 --> 00:37:06,000 Speaker 1: what are you looking for next? Now that we do 664 00:37:06,360 --> 00:37:10,560 Speaker 1: have this tentative agreement announced, well, we are still waiting 665 00:37:10,600 --> 00:37:13,000 Speaker 1: for the union membership. Though they have to approve it, 666 00:37:13,120 --> 00:37:14,680 Speaker 1: they have to agree with it. I mean, look, they 667 00:37:14,800 --> 00:37:19,239 Speaker 1: had tentstive agreements for Ford History rail strike and they 668 00:37:19,280 --> 00:37:21,680 Speaker 1: have still ended up going on strike. So really it's 669 00:37:21,880 --> 00:37:24,600 Speaker 1: it's anyone's same here, all right, Bloomberg Radio and TV 670 00:37:24,719 --> 00:37:27,319 Speaker 1: Markets correspondent Credy Group to keeping on top of any 671 00:37:27,400 --> 00:37:30,360 Speaker 1: further developments. Now that we do have this tentative agreement 672 00:37:30,440 --> 00:37:34,600 Speaker 1: reached between the unions and the freight rail operators as 673 00:37:34,719 --> 00:37:38,719 Speaker 1: a creaty rightly noted. They're the union workers themselves are 674 00:37:38,719 --> 00:37:40,440 Speaker 1: going to have to ratify this thing. So we'll be 675 00:37:40,560 --> 00:37:42,560 Speaker 1: staying on top of it for you ahead of that 676 00:37:42,800 --> 00:37:47,080 Speaker 1: midnight strike deadline. Keep it right here on Bloomberg Radio. 677 00:37:47,360 --> 00:37:50,120 Speaker 1: Karen Well, Nathan, it is five fifty two on Wall Street. 678 00:37:50,120 --> 00:37:52,640 Speaker 1: It's time for the Bloomberg Law Report. Browns to you buy. 679 00:37:52,680 --> 00:37:57,360 Speaker 1: American Arbitration Association business disputes are inevitable result fester with 680 00:37:57,400 --> 00:38:01,360 Speaker 1: the American Arbitration Association, the global leader in alternative dispute 681 00:38:01,400 --> 00:38:04,160 Speaker 1: resolution for over ninety years. More at a d R 682 00:38:04,320 --> 00:38:07,040 Speaker 1: dot org. Let's get to the legal stories we're watching 683 00:38:07,080 --> 00:38:14,719 Speaker 1: this morning. From Bloomberg's Jeff Bellinger. The Occupational Safety and 684 00:38:14,800 --> 00:38:18,200 Speaker 1: Health Administration is looking at new helmet designs to replace 685 00:38:18,320 --> 00:38:22,279 Speaker 1: the traditional hardheads worn at job sites by its inspectors. 686 00:38:22,840 --> 00:38:26,120 Speaker 1: The sporting events video streamer Flow Sports is facing a 687 00:38:26,200 --> 00:38:30,600 Speaker 1: class lawsuit. Plaintiffs accused the company of sharing subscribers personal 688 00:38:30,800 --> 00:38:35,440 Speaker 1: information with Facebook without their consent. Wegman's Food Markets is 689 00:38:35,480 --> 00:38:39,360 Speaker 1: accused of infringing on an Israeli firms technology for distributing 690 00:38:39,400 --> 00:38:43,839 Speaker 1: coupons via its mobile at Bloomberg Law. Everything you need, 691 00:38:44,160 --> 00:38:48,480 Speaker 1: all on one legal research platform, including guidance analysis and 692 00:38:48,600 --> 00:38:52,799 Speaker 1: Bloomberg market Intelligence. Find out more at Bloomberg Law dot com. 693 00:38:54,120 --> 00:38:56,640 Speaker 1: All right, Jeff, thanks, Now, another legal story we're watching. 694 00:38:56,760 --> 00:38:59,800 Speaker 1: Trevor Milton, the founder of the automaker Nicola, went on 695 00:39:00,040 --> 00:39:02,879 Speaker 1: trial this week on charges that he lied to investors 696 00:39:02,960 --> 00:39:06,399 Speaker 1: about his startup company's ability to produce trucks that run 697 00:39:06,440 --> 00:39:09,759 Speaker 1: on electricity or hydrogen fuel cells and duped them into 698 00:39:09,800 --> 00:39:13,840 Speaker 1: buying Nicolas stock. First witness, the former Nicola contractor whose 699 00:39:13,840 --> 00:39:17,239 Speaker 1: allegations are fraud at the company helped spur a criminal investigation, 700 00:39:17,640 --> 00:39:20,360 Speaker 1: made a startling admission to the jury yesterday admitting he 701 00:39:20,440 --> 00:39:23,240 Speaker 1: made six hundred thousand dollars off a short seller's report 702 00:39:23,320 --> 00:39:27,040 Speaker 1: on Nicola. For more, Bloomberg's during grounds speaks to Bloomberg's 703 00:39:27,080 --> 00:39:30,320 Speaker 1: at the Ludlow who's covering the trial. Is the defense 704 00:39:30,440 --> 00:39:35,040 Speaker 1: hanging its case on materiality, saying that Milton's statements weren't 705 00:39:35,080 --> 00:39:39,080 Speaker 1: material to investors decisions to buy the stock, or is 706 00:39:39,120 --> 00:39:42,799 Speaker 1: there another thread to their defense? What the defense has 707 00:39:42,920 --> 00:39:45,680 Speaker 1: argued in opening statement is that the government's case is 708 00:39:45,800 --> 00:39:49,440 Speaker 1: complete distortion. For one that they're trying to make Milton 709 00:39:49,560 --> 00:39:54,680 Speaker 1: out to be a criminal with a sinister agenda to defraud. 710 00:39:55,280 --> 00:39:59,120 Speaker 1: What they will argue is interesting that he genuinely believed 711 00:39:59,160 --> 00:40:02,000 Speaker 1: in what he was doinging that his goals were genuine. 712 00:40:02,360 --> 00:40:05,360 Speaker 1: The other part of it is that the defense, in 713 00:40:05,440 --> 00:40:08,879 Speaker 1: its early arguments basically say this is the CEO's job 714 00:40:09,080 --> 00:40:12,160 Speaker 1: right to market the company, to talk it up, to 715 00:40:12,280 --> 00:40:14,200 Speaker 1: get its name out there, and help it on its 716 00:40:14,280 --> 00:40:17,320 Speaker 1: way to achieve its ultimate goal. There's also gonna be 717 00:40:17,480 --> 00:40:21,480 Speaker 1: a debate here around linguistics. What does the word prototype mean, 718 00:40:21,800 --> 00:40:26,359 Speaker 1: what does the word timeline and manufacturing or develop actually mean? 719 00:40:26,480 --> 00:40:29,160 Speaker 1: And we believe the defense will poke holes at the 720 00:40:29,200 --> 00:40:31,840 Speaker 1: prosecution's argument about the meaning of what it was that 721 00:40:31,920 --> 00:40:35,719 Speaker 1: Milton said. Tell us about the first witness who made 722 00:40:35,760 --> 00:40:40,279 Speaker 1: a startling admission during the cross examination. Paul Lackey was 723 00:40:40,360 --> 00:40:44,360 Speaker 1: a contract engineer that worked with and for Milton in 724 00:40:44,480 --> 00:40:49,919 Speaker 1: ten developing the early prototype of the Nicola one, which 725 00:40:50,160 --> 00:40:53,960 Speaker 1: was the first iteration of Nicholas truck. He gave testimony 726 00:40:54,440 --> 00:40:58,640 Speaker 1: that Milton, at a launch event in December two thousand sixteen, 727 00:40:59,080 --> 00:41:03,680 Speaker 1: made misread presentations about the truck's capabilities but also the 728 00:41:03,800 --> 00:41:06,560 Speaker 1: status of the truck. According to the witness, it was 729 00:41:06,840 --> 00:41:09,520 Speaker 1: missing all of the key components that would have made 730 00:41:09,560 --> 00:41:12,959 Speaker 1: it capable of functioning anyway. Now here's the key part. 731 00:41:13,160 --> 00:41:16,720 Speaker 1: The witness told the jury that he received six hundred 732 00:41:16,800 --> 00:41:21,720 Speaker 1: thousand U S. Dollars in compensation, effectively from a short seller, 733 00:41:21,880 --> 00:41:26,920 Speaker 1: Hindenburg Research. Hindenburg Research published its short report on Nikola 734 00:41:27,280 --> 00:41:31,120 Speaker 1: in September of twenty which hit the company's stock and 735 00:41:31,320 --> 00:41:34,439 Speaker 1: ultimately was another catalyst in the chain of events which 736 00:41:34,520 --> 00:41:37,840 Speaker 1: led to Milton's first resigning and then being indicted. And 737 00:41:38,440 --> 00:41:41,320 Speaker 1: the defense put questions to him about his knowledge of 738 00:41:41,400 --> 00:41:44,520 Speaker 1: what happened with Nikola after six and he said, of 739 00:41:44,560 --> 00:41:46,680 Speaker 1: course he didn't have any because he no longer worked 740 00:41:46,880 --> 00:41:49,400 Speaker 1: with the company. They also, on the issue of the 741 00:41:49,440 --> 00:41:53,959 Speaker 1: six hundred thousand dollars, asked questions about his motivation, whether 742 00:41:54,040 --> 00:41:57,439 Speaker 1: he was motivated to speak out against Nikola for money. 743 00:41:57,480 --> 00:41:59,920 Speaker 1: So it will be interesting to see where that witness 744 00:42:00,080 --> 00:42:04,000 Speaker 1: his testimony land tape with the jury. And that's Bloomberg's 745 00:42:04,120 --> 00:42:06,920 Speaker 1: Ed Ludlow speaking at the Bloomberg's John Garrosso. Catch more 746 00:42:06,960 --> 00:42:09,480 Speaker 1: of that interview plus analysis of the latest illegal news 747 00:42:09,600 --> 00:42:12,520 Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading this 748 00:42:12,600 --> 00:42:16,160 Speaker 1: show at Bloomberg dot com, Slash podcast, and attorneys can 749 00:42:16,200 --> 00:42:19,480 Speaker 1: find exceptional legal research and business development tools at Bloomberg 750 00:42:19,560 --> 00:42:22,360 Speaker 1: Law dot com and on the Bloomberg terminal at b 751 00:42:22,560 --> 00:42:26,960 Speaker 1: law Go. And futures this morning, they're showing a little 752 00:42:27,000 --> 00:42:30,160 Speaker 1: more strength. SMP futures up six points down, futures of 753 00:42:30,239 --> 00:42:33,759 Speaker 1: fifty six, nastay futures they're a little changed right now. 754 00:42:34,200 --> 00:42:36,840 Speaker 1: And ten year treasuries down nine third day seconds, you know, 755 00:42:36,920 --> 00:42:40,200 Speaker 1: three point four four per cent. So ahead on Bloomberg 756 00:42:40,280 --> 00:42:42,319 Speaker 1: day Break and check on the business headlines and all 757 00:42:42,360 --> 00:42:44,920 Speaker 1: the news you need to start your day, including that 758 00:42:45,000 --> 00:42:48,080 Speaker 1: tentative pack between the US railroads and their unions. And 759 00:42:48,239 --> 00:42:49,200 Speaker 1: this is Bloomberg