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Speaker 1: By from the Bloomberg Interactive Brokers Studios. This is Bloomberg

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Speaker 1: day Break for Friday, December nine two. Coming up this hour,

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Speaker 1: Wall Street graces for the first of two inflation reports

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Speaker 1: before next week's FED meeting. Janet Yellen holds fast to

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Speaker 1: her ball that the US will avoid recession of vocal

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Speaker 1: Bear doubles down on his parish call for stops and

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Speaker 1: Sam Bankman freed miss is a key deadline set by

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Speaker 1: US lawmakers. Advocates urge a judge to stop New York

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Speaker 1: mayor Adams from forcing homeless people into mental health treatment,

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Speaker 1: plus a call for new sanctions on Russia and China.

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Speaker 1: Michael bar More, I'm John stash Our. In sports, the

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Speaker 1: Mets have resigned Brand and Nemo, and they'll play two

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Speaker 1: quarterfinal matches today at the World Come that's all strained

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Speaker 1: ahead on Bloomberg day Break on Bloomberg he Live in

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Speaker 1: three on New York, Bloomberg one, Washington, d C, Bloomberg

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Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco

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Speaker 1: Syrius Exam one nine Team and around the world Old

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Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business.

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Speaker 1: Good Friday morning. I'm Amy Morris and Nathan Hagar. Futures

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Speaker 1: are picking up some steam this morning at six oh

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Speaker 1: one on Wall Street. We checked the markets all day long.

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Speaker 1: At Bloomberg SMP futures right now of fifteen points now

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Speaker 1: futures up eighty NASTAC futures are higher by sixty one points.

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Speaker 1: Tenure Treasury is little changed now. The yield three point

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Speaker 1: for eight percent yield on the two year four point

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Speaker 1: to seven percent. Nime X screwed is up one percent,

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Speaker 1: up seventy one cents at seventy two dollar sixteen cents

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Speaker 1: a barrel. Komes Gold is up three tenths per cent

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Speaker 1: or five dollar seventy cents at eighteen o seven twenty

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Speaker 1: and ounce. The euro one point zero five six two

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Speaker 1: against the dollar, and the yen is at one thirty

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Speaker 1: six point zero five. Amy, Nathan, we begin with the

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Speaker 1: latest on Britney Grinder. A plane carrying the w NBA

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Speaker 1: Star has now landed in San Antonio, hours after the

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Speaker 1: White House traded a notorious arms dealer for her release.

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Speaker 1: Grinder is back on US soil, nearly ten months after

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Speaker 1: she was detained in Russia for carrying cannabis oil. Republicans

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Speaker 1: are criticizing the prisoner swap, calling Grinder a geopolitical pawn.

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Speaker 1: Democratic Congresswoman Sheila Jackson Lee represents Grinder's hometown of Houston, Texas.

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Speaker 1: No American should be left without knowing that the full

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Speaker 1: power of the United States will be behind them to

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Speaker 1: bring them home. Texas Congresswoman Sheila Jackson Li says Grinder's

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Speaker 1: release sends a message and puts a renewed spot lot

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Speaker 1: on x Marine Paul Whalen, he's still being held in Russia.

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Speaker 1: All right, we'll continue following that throughout the morning, Amy,

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Speaker 1: But let's turn now to the economy. Wall Street is

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Speaker 1: closing out this week with a pair of key economic reports,

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Speaker 1: November's Producer Price Index and the University of Michigan Consumer

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Speaker 1: Sentiment Index. Bloomberg's Michael McKee has a preview. We're into

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Speaker 1: a world of base effects with the November Producer Price Index.

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Speaker 1: Because inflation was higher a year ago. The annual rate

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Speaker 1: of wholesale inflation can fall even if the monthly rate increases,

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Speaker 1: and that's the expectation arise in both headline and core

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Speaker 1: inflation for the month, but had dropped to the lowest

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Speaker 1: annual headline inflation since May of last year, and had

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Speaker 1: dropping the core to the lowest since June. That might

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Speaker 1: contribute to an expected rise in the University of Michigan's

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Speaker 1: per Literary Consumer Sentiment Index, a small rise but still

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Speaker 1: at a depressed level. Investors will be more interested in

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Speaker 1: the surveys inflation expectations indexes. Neither one year or five

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Speaker 1: year expectations are expected to change as Americans wait for

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Speaker 1: proof prices are slowing rather than forecasts. Michael McKee, Bloomberg Daybreak,

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Speaker 1: All right, thank you, Mike. Calls for a recession, though,

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Speaker 1: are growing. Treasury Secretary Janet Yellen, however, says she still

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Speaker 1: anticipates the US economy will avoid one. We get that

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Speaker 1: story from Bloomberg's Charlie Pellett. During a visit to Fort Worth, Texas.

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Speaker 1: Yellen said, quote, whether or not we can avoid a recession,

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Speaker 1: I believe the answer is yes. She highlighted the US

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Speaker 1: pay rolls so far have avoided declines. On inflation, she said,

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Speaker 1: supply chain bottle knight are clearly beginning to ease, and

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Speaker 1: that's helpful. In New York. Charlie Pellett, Bloomberg Daybreak, Okay, Charlie,

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Speaker 1: thank you. Still much of Wall Street disagrees with Secretary Yellen,

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Speaker 1: including the man who manages one of the biggest pension

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Speaker 1: funds in the country. We caught up with Chris Ailman,

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Speaker 1: chief investment officer of the California State Teachers Retirement System.

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Speaker 1: I feel like a recession has to happen because in

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Speaker 1: my lifetime, when the fed raiveses rates this aggressively seventy

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Speaker 1: five time and time after again, the economy slows down.

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Speaker 1: The inflation is from the supply chain disruptions and the war.

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Speaker 1: Maybe inflation slows down on its own. I'd be surprised

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Speaker 1: that I think we've got to have a recession. Chris

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Speaker 1: Alman oversees about three hundred billion dollars at the California

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Speaker 1: State Teachers Retirement System. Despite calls for a recession, some

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Speaker 1: of the world's biggest investors predicted stocks will see low

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Speaker 1: double digit gains next year. Seventy respondents in a Bloomberg

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Speaker 1: survey expect to equities to rise. That compares with n

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Speaker 1: forecasting declines. For those seeing gains, the average prediction was

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Speaker 1: a ten percent return. As it happens, Amy the SMP

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Speaker 1: five hundreds of about ten percent from its October lows,

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Speaker 1: but one of the market's most vocal skeptics sees more

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Speaker 1: losses ahead. We spoke with Morgan Stanley chief US equity

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Speaker 1: strategist Mike Wilson. We don't think that this bear market

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Speaker 1: is over yet, mainly because our forecast for next year

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Speaker 1: on earnings is materially below the street. Now, I know

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Speaker 1: that's becoming a bit of a consensus view, but I

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Speaker 1: think our forecasts are even below, uh, you know, kind

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Speaker 1: of this new level that people are talking about. Morgan

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Speaker 1: Stanley's Mike Wilson says there's still a case for positioning

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Speaker 1: in defensive value stocks like utilities, staples, and healthcare, but

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Speaker 1: not in industrials, financials, or energy. Let's look at some

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Speaker 1: of the stocks on the move this morning. Shares of

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Speaker 1: Lulu Lemon down almost seven percent gross margins at the Yogo,

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Speaker 1: where a maker came in below estimates. Shares a broad

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Speaker 1: Coom up more than three percent. The ship maker gave

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Speaker 1: an upbeat sales forecast, indicating that demand remains strong. Shares

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Speaker 1: of Docu signed up twelve percent the company boosted its

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Speaker 1: revenue guidance for the full year. I think there's some

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Speaker 1: new development this morning in the collapse of Crypto Exchange

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Speaker 1: f t X, Sam Bankman Freed, the founders missed a

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Speaker 1: key Senate deadline. Let's get the latest lie from Bloomberg.

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Speaker 1: Steve Rappaport, Good morning, Snoon, Good morning, Nathan, and Amy.

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Speaker 1: Bankman Freed had until five pm yesterday to respond to

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Speaker 1: a letter requesting he appeared before a Senate Banking committee

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Speaker 1: next week. Chairman Shared Brown warning he and ranking member

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Speaker 1: Pat Toomey are prepared to issue with subpoena if Bankman

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Speaker 1: Freed does not comply. Bankman Freed recently indicated he would

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Speaker 1: testify before a House committee. It's unclear why he didn't

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Speaker 1: respond to the Senate panel's request. Those spokesman for the

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Speaker 1: disgraced FTX founder confirms he hired a defense attorney live

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Speaker 1: in New York. I'm Steve Rappaport, Bloomberg Day Break. All right, Steve,

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Speaker 1: thank you. Right now. SMP futures are of sixteen points.

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Speaker 1: That's again, of four tenths percent down. Futures are hired

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Speaker 1: by eighty two NASDAK futures of fifty seven points ten.

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Speaker 1: Your treasury is now down to thirty seconds YELD three

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Speaker 1: point four nine percent, the yield on the two year

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Speaker 1: four point to eight percent. Bitcoins trading two tenths percent.

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Speaker 1: Hired around seventeen thousand, two hundred local headlines in the

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Speaker 1: Check of Sports. Next to this is Bloomberg six o

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Speaker 1: seven on Wall Street, thirty eight degrees in New York.

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Speaker 1: A sunny start for your weekend. We're going up to

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Speaker 1: forty five today. Let's bring in Michael bar with more

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Speaker 1: on what else is going on in New York and

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Speaker 1: around the world. Good morning, Michael, Good morning Amy. Advocates

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Speaker 1: for people with mental illnesses are urging a federal judge

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Speaker 1: to stop New York City Mayor Eric adams plan to

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Speaker 1: force people from the streets and into mental health treatment.

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Speaker 1: Several organizations, including the New York Lawyers for the Public

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Speaker 1: Interest and the National Alliance on Mental Illness of New

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Speaker 1: York City, said action was needed to stop large scale

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Speaker 1: involuntarily hospitalizations. The lawsuits seeks to remove police officers as

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Speaker 1: first responders for those requiring healthcare. When announcing the plan

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Speaker 1: on November twenty nine, Adams called it a moral obligation

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Speaker 1: to act. The US is preparing new sanctions on Russia

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Speaker 1: and China for what it describes as human rights abuses

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Speaker 1: by both countries. According to official familiar with the matter,

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Speaker 1: the European Union is set to boost the size of

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Speaker 1: a fund finance weapons for Ukraine by at least two

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Speaker 1: point one billion dollars as early as next week. Congress

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Speaker 1: took a historic step to protect marriage equality. The House

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Speaker 1: passed by partisan legislation semending federal protections for same sex

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Speaker 1: and interracial couples. Senate Majority leader Chuck Schumer says this

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Speaker 1: bill is personal for him, as his daughter and her

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Speaker 1: wife are expecting their first child. Thanks to the tireless

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Speaker 1: advocacy of many many in this room and the dogged

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Speaker 1: work by many of my colleagues, my grandchild will live

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Speaker 1: in a world that will respect and honor their mother's marriage.

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Speaker 1: Republicans against the bill have claimed that it goes against

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Speaker 1: religious freedom and this just in there's word that Kristen

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Speaker 1: Cinema plans to leave the Democratic Party and will become

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Speaker 1: an independent. NASA's artemous Moon mission is headed toward a

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Speaker 1: Sunday splashdown in the Pacific, But first the Orion spacecraft

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Speaker 1: has to survive at twenty five thousand mile per hour

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Speaker 1: five thousand degree re entry Mission Manager Mike Seraphint. On

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Speaker 1: entry day, we will realize our Priority one objective, which

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Speaker 1: is to um demonstrate the vehicle lunary entry conditions, as

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Speaker 1: well as our Priority three objective, which is to retrieve

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Speaker 1: the spacecraft NASAs Mike Seraphin and again the breaking news

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Speaker 1: Kirsten's Cinema plans to change her party affiliation from Democratic

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Speaker 1: too independent. Global news twenty four hours a day on

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Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty

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Speaker 1: seven undred journalist and analysts more than twenty countries. Michael Barren,

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Speaker 1: this is Bloomberg Gaming, all right, Thank you, Michael six

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Speaker 1: ten on Wall Street. John now for the sports report,

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Speaker 1: brought to you by Charles try State. Audie. Here's John

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Speaker 1: sash Our, all right, Amy. The Mets drafted Brandon Nimo

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Speaker 1: in the first round back in two thousand and eleven.

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Speaker 1: He's developed into a solid center fielder for them, both

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Speaker 1: at the play and in the field, and the Mets

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Speaker 1: are keeping Nimo an eight year deal for a hundred

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Speaker 1: and sixty two million dollars, which means the Mets bay

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Speaker 1: rolee likely to be around three hundred and twenty million,

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Speaker 1: far and away the most in baseball history. Mets have

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Speaker 1: also signed veteran reliever David robertson what a few days

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Speaker 1: for Baker Mayfield, once the first pick of the draft.

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Speaker 1: The week once started for Carolina, released Monday by the Panthers,

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Speaker 1: claimed on waivers Tuesday by the Rams. Mayfield had one

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Speaker 1: practice with his new team and then played the entire

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Speaker 1: game last night and through a game when he touchdown,

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Speaker 1: passed went ten seconds left. The Rams ended a six

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Speaker 1: game losing streak seventeen sixteen over the Raiders. The Giants

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Speaker 1: are winless in their last three games, and Sunday incomes

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Speaker 1: Philadelphia had eleven and one, five and oh on the

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Speaker 1: road and led by quarterback Jalen Hurts. Five years ago,

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Speaker 1: Hurts led Alabama to the National Championship. Giants coach Brian

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Speaker 1: Dable that year was the Obama offensive coordinator. A lot

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Speaker 1: of respect for Jalen um tremendous person first and foremost,

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Speaker 1: holly competitive, extremely smart, great leader. Was the reason why

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Speaker 1: he's probably at the top of the list for m

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Speaker 1: v P right now. Jets Sunday visit Buffalo looking for

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Speaker 1: a season sweep of the Bills. World Cup quarterfinals, beginning

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Speaker 1: this morning with Brazil against Croatia. Later the Netherlands off

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Speaker 1: that went over, the U S taking on Argentina. Nix

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Speaker 1: Er in Charlotte Tonight will be without Obie Top, but

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Speaker 1: he's gonna miss two the three weeks of the knee injury.

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Speaker 1: The Nets host at Lanta, the Rangers visit Colorado, and

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Speaker 1: the Islanders played the Devils. John stash Award Bloomberg Sports

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Speaker 1: Isn't he? I'm dee. Bloomberg Sports Report was brought to

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Speaker 1: you by Audie. Don't let someone else drive off in

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Speaker 1: the Audi model you've always wanted. Visit your local try

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Speaker 1: state Audie dealer to get behind the wheel of yours today,

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Speaker 1: or visit Autie Offers dot com for more information. At

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Speaker 1: six eleven on Wall Street. Next on Blueberak Bloomberg Daybreak,

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Speaker 1: we speak with chief market strategist Macmyliott and Miller tay Back.

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Speaker 1: This is Bloomberg six twelve on Wall Street. This is Daybreak.

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Speaker 1: Stock throws yesterday as traders shifted their focus to inflation data.

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Speaker 1: We are waiting for PPI data this morning. We're gonna

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Speaker 1: talk about that and much more. Teeth Market strategist Mac

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Speaker 1: Mailie at Miller ta Back Matt, thank you for taking

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Speaker 1: the time with us this morning. We're looking for the

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Speaker 1: PPI data today, the CPI data next week. What are

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Speaker 1: you looking for? Well, it's gonna be very very interesting

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Speaker 1: to see how how the market reacts to it. I mean,

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Speaker 1: obviously that the PPI number has been less important to

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Speaker 1: the market, but that doesn't mean if it's way out

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Speaker 1: of whack with expectations that it will be a market

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Speaker 1: mover today. But then of course next week with the

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Speaker 1: CPI is going to be more important than the following day.

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Speaker 1: Of course, we have the FED uh rate announcement and

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Speaker 1: more importantly uh Chairman Pal's press conference. But it's interesting

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Speaker 1: because this week we've been we've seen a change. You know,

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Speaker 1: whether it's something that lasts for a while or not,

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Speaker 1: it is going to be very very important. But you know,

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Speaker 1: interest rates going down has been a good thing for

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Speaker 1: the stock market, but not this week. We saw it

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Speaker 1: earlier this week when the people are starting to suddenly

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Speaker 1: worry about less concerned about what the FED is gonna

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Speaker 1: do and more concerned about what the Fed has done

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Speaker 1: and the impact that's had on the economy and if

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Speaker 1: the economy is going to fall into recession. Interest rates

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Speaker 1: and stocks can fall together, and we saw even yesterday

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Speaker 1: just the opposite happened. They actually the bombom bob, you

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Speaker 1: reels one up and the stock market one up. So

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Speaker 1: we're seeing this this change in the correlation between the two.

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Speaker 1: If that becomes, uh, something that's more prevallem, it's gonna

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Speaker 1: be very very uh it's gonna be a big, big

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Speaker 1: change for the marketplace. So let me ask you. You

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Speaker 1: said it's been very important if that would last. What

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Speaker 1: are some of the flag posts that you'll be watching

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Speaker 1: for in the next few weeks and months to see

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Speaker 1: if this does last. Well. The big thing where we

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Speaker 1: have to know is is that one of the missing

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Speaker 1: I think misconceptions in the marketplace is that you know,

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Speaker 1: is you know, if if if as long as it's

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Speaker 1: a straights top out, everything's gonna be fine. Well, during

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Speaker 1: a bowl market, that's that is the case. The interest rates,

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Speaker 1: you know, go up for for a month or two,

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Speaker 1: and then the stock market goes down. But as soon

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Speaker 1: as interest rates roll over, the market goes right back up.

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Speaker 1: That's great. However, in a bear market, especially a bear

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Speaker 1: market which includes a recession. Not all bear markets do

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Speaker 1: include recession, but most do. The problem is that at

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Speaker 1: some point in the middle of that bear market, interest

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Speaker 1: rates roll over and everybody changes their focus towards the recession,

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Speaker 1: and of course that that means they start worrying about

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Speaker 1: the lower earnings and we're starting to see that now.

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Speaker 1: So the the you know, the flags will start to

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Speaker 1: see is literally, uh, the biggest thing I think is

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Speaker 1: gonna be the earnings estimates, of course for two thousand

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Speaker 1: twenty three, which have already started to come down. We're

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Speaker 1: also gonna watch very very closely to see what happens

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Speaker 1: in China because everybody's looking for the you know, the

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Speaker 1: reopening in China, but not a very very interesting article

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Speaker 1: today on Bloomberg talking about the repercussions and that how

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Speaker 1: China may not be able to handle the big rise

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Speaker 1: in these COVID rates now that they're changing their restrictions.

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Speaker 1: If that's the case, we may not get the big

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Speaker 1: bounce back or the big reopening that people are hoping for.

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Speaker 1: So I'm gonn going to change as well, and we'll

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Speaker 1: be watching it with the chief market strategist, Mac Maylie

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Speaker 1: at Miller Tayback. Thank you for your time, Nathan, all right, Amy,

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Speaker 1: thank you. It is a six fifteen on Wall Street. Now,

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Speaker 1: we want to turn to some breaking news, and we

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Speaker 1: just got from Political Playbook. In an interview with that publication,

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Speaker 1: Arizona Senator Kirston Cinema, the Democrat, the junior or the

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Speaker 1: senior Democrat in Arizona now says that she is changing

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Speaker 1: her party affiliation too independent. Let's bringing Gregg value Are

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Speaker 1: for more on this breaking news, chief US policy strategist

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Speaker 1: at a GF Investments, Greg As, you know Kirsten Cinema

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Speaker 1: has an independent streak. Why change your official affiliation to independent? Well,

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Speaker 1: she's got a tough primary Nathan coming up in T

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Speaker 1: four and she may feel that she couldn't win the

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Speaker 1: Democrats primary, so she wants to leave the party now.

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Speaker 1: But I gotta tell you this is not a huge deal.

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Speaker 1: Because the Democrats have a fifty one majority. It will

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Speaker 1: now be tied, I guess, but even even tied Tamala

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Speaker 1: Harris breaks all ties, So I don't see what kind

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Speaker 1: of cloud she'll get. She'll get a little more cloud,

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Speaker 1: but I don't think it's dominant. And it's an interesting move,

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Speaker 1: I think, given that Arizona just elected a Democrat for

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Speaker 1: governor over carry Lake, Katie Hobbs winning there and uh,

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Speaker 1: Mark Kelly still a Democrat in Arizona, the other senator

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Speaker 1: from Arizona. Well, you're absolutely right. I think an awful

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Speaker 1: lot of Democrats in Arizona are still angry with her

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Speaker 1: for her many of her votes that were viewed as

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Speaker 1: disloyal to the White House. So she, I think saw

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Speaker 1: the handwriting on the wall and decided let's make the

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Speaker 1: move now and established myself as an independent. And in

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Speaker 1: terms of her rationale behind this, in the interview with Politico,

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Speaker 1: she said that she's not going to caucus with Republicans,

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Speaker 1: suggesting that she intends to vote the same way, saying, quote,

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Speaker 1: nothing will change about my values or my behavior end

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Speaker 1: quotes in our last thirty seconds here, Greg, what really

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Speaker 1: changes with Kirsten Cinema Uh, leaving the Democratic Party? Not

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Speaker 1: a lot. And if she does, I haven't seen the article.

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Speaker 1: But if she does caucus with the Democrats, well so

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Speaker 1: does Bernie Sanders show does Uh, there's a main senator

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Speaker 1: also who caucuses with the Democrats. So it doesn't affect

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Speaker 1: what's going on inside the Bellway. It does affect Arizona politics,

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Speaker 1: as you say, in the primary, coming up in twenty

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Speaker 1: four is if we didn't have enough to think about

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Speaker 1: with the presidential rays and Joe Manson the other independent

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Speaker 1: streak Democrat facing potential primary challenge as well. But Greg

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Speaker 1: as always great to get your thoughts, particularly on this

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Speaker 1: breaking news from Political playbook, Arizona Senator Kirston Cinema telling

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Speaker 1: Politico she is registering is an independent leaving the Democratic Party.

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Speaker 1: Are thanks this morning to Greg Valier, chief US policy

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Speaker 1: strategist at a GF Investments. This is Bloomberg Markets headlines

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Speaker 1: and breaking news twenty four hours a day at Bloomberg

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Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quicktape.

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Speaker 1: Greece's a Bloomberg Business Clash. I'm Nathan Haker. This updates

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Speaker 1: brought to you by Jewish Communal Fund. For fifty years,

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Speaker 1: philanthropists at all levels have turned to jcfs, don'tor advised

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Speaker 1: funds to streamline their charitable giving. Visit j CF and

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Speaker 1: y dot org. Futures are on the rise, Treasuries holding

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Speaker 1: steady ahead of US producer prices, one of the key

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Speaker 1: final pieces of data before next week's FED decision. We

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Speaker 1: checked the markets all day long for you on Bloomberg

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Speaker 1: SMP futures are up thirteen points, now futures up seventy

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Speaker 1: one and Nastack futures are higher by fifty one points. Ten.

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Speaker 1: Your treasuries down to thirty seconds. You're three point four

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Speaker 1: eight percent. Diamax screws up six tenths per cent. Forty

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Speaker 1: four cents one gets you a barrel of West Texas

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Speaker 1: Intermediate comex gold is up three tenths per cent or

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Speaker 1: five dollar sixty cents. Eighteen oh seven ten announced the

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Speaker 1: euro one point zero five five four against the dollar.

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Speaker 1: The end, one point nine eight Bitcoin is hired by

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Speaker 1: two tenths percent, trading around seventeen thousand, two hundred. That's

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Speaker 1: a Bloomberg business flash. Now here's Michael Barr with a

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Speaker 1: look at what else is going on around the world.

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Speaker 1: Michael Nathan, thank you very much. We have two breaking stories.

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Speaker 1: According to several media sources, Arizona Senator Kursten Cinema plans

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Speaker 1: to switch from the Democratic Party to be an independent. Also,

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Speaker 1: a plane believed to be carrying w n B A

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Speaker 1: Star Brittney Grinder has arrived in San Antonio, Texas after

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Speaker 1: a prisoners swap with Russia. Grinder was arrested in February

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Speaker 1: for illegally bringing hash oil in Vade cartridges into Russia.

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Speaker 1: Thursday Night football, the Rams beat the Raiders. Seventeen sixteen

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Speaker 1: FIFA World Cup action resumes today Croatia plays Brazil. The

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Speaker 1: Netherlands faces Argentina. Global News twenty four hours a day

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Speaker 1: on air and on Bloomberg Quicktake Power by more than

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Speaker 1: hundred journalists and analysts more than a hundred twenty countries.

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Speaker 1: I'm Michael Barr, and this Bloomberg. Amy all right, thank you, Michael.

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Speaker 1: It is six three on Wall Street. I'm Amy Moore.

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Speaker 1: As this is Bloomberg Daybreak, brought to you by the

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Speaker 1: Donor's Fun Open your free giving accounted minutes and instantly

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Speaker 1: As we await a couple of key economic reports this morning,

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Speaker 1: we want to get some insight from chief economic Economist

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Speaker 1: rather chief economist Nila Richardson at an EP Research Institute. Neila,

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Speaker 1: good morning, Thank you for taking the time with US

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Speaker 1: inflation data. The last big piece of the puzzle we've

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Speaker 1: been waiting for before the next FED meeting. How much

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Speaker 1: is this going to matter today? It matters because any

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Speaker 1: information that we see that points in the direction of

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Speaker 1: the lower inflation makes the Fitch job easier and it

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Speaker 1: does shape some of their communication strategy. But the important

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Speaker 1: distinction with the p p I from the cp I

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Speaker 1: that will get it later is that it doesn't include

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Speaker 1: housing and shelter cart and as we point to Chip

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Speaker 1: house Glass speech, housing is a big issue for inflation

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Speaker 1: as our wages. So it's missing a key piece. It's helpful,

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Speaker 1: but it's not the full picture. So what are you

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Speaker 1: going to be watching for instead. Well, obviously I think

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Speaker 1: housing is important, but we're not going to see that

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Speaker 1: change in real time. It's a very lagged indicator. But

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Speaker 1: it's to me about wages. In fact, I can again

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Speaker 1: point to house Reach the speech where he said the

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Speaker 1: labor market holds the key to inflation, and we saw

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Speaker 1: that in the November jobs report. We're still hovering about

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Speaker 1: five percent on earnings from year over year, and ADP

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Speaker 1: s own data we've seen wages stay elevated and move

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Speaker 1: sideways in terms of growth, So wage pressures are still present.

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Speaker 1: The labor market is still tight, and wages really arguing

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Speaker 1: to be the determined factor in my view of where

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Speaker 1: inflation is heading. Nila, this is a hard question, I know,

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Speaker 1: But why is this labor market so complex? Why is

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Speaker 1: it so complicated? Well, we didn't, you know, mose twenty

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Speaker 1: million workers, and we it's been difficult to get many

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Speaker 1: of those workers back. This was a people shock, It

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Speaker 1: wasn't just an economic shock. People made different decisions, and

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Speaker 1: at the household level, those decisions have proved sticky. Some

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Speaker 1: people retired early. That FED has tomate two million people

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Speaker 1: retired early because of the pandemic, But all kinds of

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Speaker 1: other decisions were made, like to live on one income,

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Speaker 1: to choose a remote job, to leave a job, to

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Speaker 1: quit a part time job, and so those individual decisions

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Speaker 1: have complicated the labor market in a very unique way

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Speaker 1: because of the source of the shock, which was a

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Speaker 1: major global health concern. Only about thirty seconds here. Has

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Speaker 1: the labor market cooled off enough yet for the FED?

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Speaker 1: I don't think so. I mean, we're still seeing strong

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Speaker 1: hiring and consumer facing industries. Those are the ones that

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Speaker 1: were hit hardest. Those are in the ones and the

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Speaker 1: greatest need. Companies, especially smaller companies that were outpaced by

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Speaker 1: the large companies during the recovery, are still trying to

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Speaker 1: find qualified talent. Their intensity to hire has not cooled yet,

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Speaker 1: so the hiring freezes that we're seeing at larger companies

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Speaker 1: are likely to be absorbed that head count by small

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Speaker 1: and medium firms who are still booking to hire. Alright, Nila,

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Speaker 1: thank you so much for taking the time with us

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Speaker 1: this morning. Chief economist Neila Richardson at ADP Research Institute.

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Speaker 1: Checking futures now. Futures are higher across the border. S

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Speaker 1: and B futures up by fourteen points, at All futures

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Speaker 1: higher by seventy points now, Nasdaq futures up fifty three points.

427
00:23:48,240 --> 00:23:51,919
Speaker 1: Ten year Treasury down one thirty second, the yield at

428
00:23:51,960 --> 00:23:54,520
Speaker 1: three point four eight percent. Let's get a look at

429
00:23:54,560 --> 00:24:00,880
Speaker 1: today's Bloomberg weather forecast with Bloomberg Meteorologist Rob Carolyn. Pressure

430
00:24:00,920 --> 00:24:03,280
Speaker 1: covers the northeastern part of the country this morning. That's

431
00:24:03,280 --> 00:24:05,640
Speaker 1: why we'll have sunshine across the Tri State area today.

432
00:24:05,720 --> 00:24:08,680
Speaker 1: Temperature is pretty close to forty five this afternoon. It'll

433
00:24:08,680 --> 00:24:10,720
Speaker 1: be clear for the most part tonight, thirty to thirty

434
00:24:10,760 --> 00:24:13,600
Speaker 1: five in town twenties and the suburbs. Tomorrow, partial sun

435
00:24:13,640 --> 00:24:16,840
Speaker 1: at times size forty forty five, afternoon shower Sunday highs

436
00:24:16,880 --> 00:24:19,320
Speaker 1: forty to forty five. There maybe some wet snow mixing

437
00:24:19,359 --> 00:24:22,080
Speaker 1: in Sunday evening. I'm Rob Caroline with your three day

438
00:24:22,119 --> 00:24:28,480
Speaker 1: forecast on Bloomberg Even three oh broadcasting live from the

439
00:24:28,600 --> 00:24:32,560
Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg e Living

440
00:24:32,640 --> 00:24:37,080
Speaker 1: Freed to Washington, d C. Bloomberg to Boston, Bloomberg What

441
00:24:37,240 --> 00:24:40,399
Speaker 1: all six one does? San Francisco, Bloomberg Homes sixty to

442
00:24:40,480 --> 00:24:43,560
Speaker 1: the country Sirius XM A one nine team, and around

443
00:24:43,600 --> 00:24:47,120
Speaker 1: the globe, the Bloomberg Business and Bloomberg Radio dot Com.

444
00:24:47,560 --> 00:24:56,760
Speaker 1: This is Bloomberg Daybreak. It's coming up on six thirty

445
00:24:56,840 --> 00:24:59,600
Speaker 1: on Wall Street. Good Friday morning. I'm Amy Morris, I'm

446
00:24:59,680 --> 00:25:01,880
Speaker 1: Nathan Hagar. Were nearly three hours away from the open

447
00:25:01,920 --> 00:25:03,919
Speaker 1: of US trading time for the five things you need

448
00:25:04,000 --> 00:25:06,880
Speaker 1: to notice start your day. Brought to you by Interactive Brokers.

449
00:25:06,960 --> 00:25:08,760
Speaker 1: The clients are in interest of up to three point

450
00:25:08,840 --> 00:25:11,880
Speaker 1: three on the idle cash and their brokerage accounts. Visit

451
00:25:12,000 --> 00:25:15,240
Speaker 1: ib kr dot com slash interest rates to learn more

452
00:25:15,600 --> 00:25:18,440
Speaker 1: of First, a plane carrying w NBA star Britney Grinder

453
00:25:18,520 --> 00:25:21,480
Speaker 1: has now landed in San Antonio, hours after the White

454
00:25:21,520 --> 00:25:24,920
Speaker 1: House traded an arms dealer for her release. Grinder's back

455
00:25:24,960 --> 00:25:28,520
Speaker 1: on US soil nearly ten months after her detention in Russia.

456
00:25:28,760 --> 00:25:32,200
Speaker 1: The release puts a renewed spotlight on retired Marine Paul Wheeland,

457
00:25:32,240 --> 00:25:36,000
Speaker 1: who remains imprisoned in Russia. White House Press Secretary Karine

458
00:25:36,040 --> 00:25:38,920
Speaker 1: Jean Pierre says negotiations for his release are ongoing, but

459
00:25:39,040 --> 00:25:42,600
Speaker 1: she says Russia won't budge. We did not want to

460
00:25:42,720 --> 00:25:46,399
Speaker 1: lose the opportunity before us to secure the release of

461
00:25:46,520 --> 00:25:49,520
Speaker 1: one of them, and so that was the choice, one

462
00:25:49,840 --> 00:25:52,080
Speaker 1: or none. Now, the White House says they are still

463
00:25:52,160 --> 00:25:55,360
Speaker 1: working to secure Paul Wheeland's release and to the markets

464
00:25:55,480 --> 00:25:58,639
Speaker 1: now Nathan, where US features are higher ahead of today's

465
00:25:58,680 --> 00:26:01,359
Speaker 1: inflation data that produce surprise index will be one of

466
00:26:01,440 --> 00:26:04,360
Speaker 1: the final readings before next week's SPED decision. We get

467
00:26:04,400 --> 00:26:08,080
Speaker 1: a preview from Bloomberg's vineing Del Judais. November's producer price

468
00:26:08,200 --> 00:26:10,080
Speaker 1: and dex rose eight percent here over a year, the

469
00:26:10,160 --> 00:26:14,160
Speaker 1: smallest increase since June one, money that is still well

470
00:26:14,200 --> 00:26:17,480
Speaker 1: above the federal reserves, overall inflation target. What's going on?

471
00:26:17,880 --> 00:26:21,720
Speaker 1: Bloombrig Economics notes goods prices are moderating as domestic and

472
00:26:21,800 --> 00:26:25,760
Speaker 1: global demand slow and supply chain glazes. The strong dollar

473
00:26:25,920 --> 00:26:28,440
Speaker 1: is also an issue. Next week we get data on

474
00:26:28,560 --> 00:26:32,640
Speaker 1: November consumer prices. Beneat dryl Judai s Bloombergday Break. Okay, Vinny,

475
00:26:32,720 --> 00:26:34,600
Speaker 1: thanks that the spike calls for recession. Some of the

476
00:26:34,640 --> 00:26:38,440
Speaker 1: biggest investors predict stocks will see gains next year. Of

477
00:26:38,480 --> 00:26:41,359
Speaker 1: respondence to a Bloomberg survey, expect equities to rise that

478
00:26:41,440 --> 00:26:46,119
Speaker 1: compares with forecasting declines. However, that's not the view from

479
00:26:46,119 --> 00:26:49,520
Speaker 1: Morgan Stanley Chief investment Officer Mike Wilson. He has turned

480
00:26:49,520 --> 00:26:52,639
Speaker 1: to barish again, saying value stocks are a risk. So

481
00:26:52,720 --> 00:26:54,719
Speaker 1: I don't think there's as much of a distinction between

482
00:26:54,840 --> 00:26:57,880
Speaker 1: value and growth at this stage of the economic cycle,

483
00:26:57,960 --> 00:27:02,119
Speaker 1: unless you're talking about the defensive parts value. Morgan Stanley

484
00:27:02,200 --> 00:27:04,600
Speaker 1: Chief investment Officer Mike Wilson expects the S and P

485
00:27:04,720 --> 00:27:08,280
Speaker 1: five D to resume declines relatively soon and no developments.

486
00:27:08,359 --> 00:27:10,440
Speaker 1: This morning, Amy and the collapse of crypto exchange f

487
00:27:10,600 --> 00:27:13,000
Speaker 1: t X. Sam Bankman freed the founders missed a key

488
00:27:13,080 --> 00:27:15,520
Speaker 1: Senate deadline, and we get the latest live with Bloomberg

489
00:27:15,600 --> 00:27:19,480
Speaker 1: Steve Rappaport, Steve, Good morning, Nathan and Amy. Bankman Freed

490
00:27:19,520 --> 00:27:21,920
Speaker 1: had until five pm yesterday to respond to a letter

491
00:27:22,000 --> 00:27:24,800
Speaker 1: requesting he appeared before a Senate Banking committee next week.

492
00:27:25,000 --> 00:27:27,720
Speaker 1: The chairman and ranking member Pat to me are prepared

493
00:27:27,760 --> 00:27:30,520
Speaker 1: to issue with subpoena if he doesn't comply. Bankman Freed

494
00:27:30,600 --> 00:27:33,560
Speaker 1: recently indicated he would testify before a House committee, though

495
00:27:33,600 --> 00:27:36,280
Speaker 1: it's unclear why he's remaining silent on this one. However,

496
00:27:36,560 --> 00:27:39,120
Speaker 1: he has retained a defense attorney. Live in New York,

497
00:27:39,160 --> 00:27:41,920
Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak. Thank you, Steve. That's the

498
00:27:41,960 --> 00:27:43,879
Speaker 1: five things you need to know to start your day,

499
00:27:43,920 --> 00:27:47,320
Speaker 1: brought to you by Interactive Brokers. Ahead of Producer price data,

500
00:27:47,400 --> 00:27:50,280
Speaker 1: futures moving high, er S ANDP futures up fourteen points,

501
00:27:50,280 --> 00:27:53,200
Speaker 1: Staff futures up seventy six and Naszak futures are on

502
00:27:53,240 --> 00:27:55,600
Speaker 1: the rise this morning by fifty five points. Straight ahead,

503
00:27:55,600 --> 00:27:58,119
Speaker 1: your latest local headlines and a check of sports. This

504
00:27:58,840 --> 00:28:04,680
Speaker 1: is Bloomberg. Thank you. Nathan at six thirty one on

505
00:28:04,720 --> 00:28:06,760
Speaker 1: Wall Street. Let's bring in Michael Barr with more on

506
00:28:06,840 --> 00:28:08,960
Speaker 1: what else is going on in New York and around

507
00:28:08,960 --> 00:28:11,359
Speaker 1: the world. Good morning, Michael, Good morning Amy, and we

508
00:28:11,480 --> 00:28:15,080
Speaker 1: have breaking news. Arizona Senator Kirsten Cinema plans to switch

509
00:28:15,119 --> 00:28:18,840
Speaker 1: from the Democratic Party to become an independent. We spoke

510
00:28:18,920 --> 00:28:21,440
Speaker 1: with Bloomberg's Greg Valley a few moments ago on what

511
00:28:21,640 --> 00:28:24,440
Speaker 1: this means for the Senate. This is not a huge

512
00:28:24,600 --> 00:28:29,280
Speaker 1: deal because the Democrats have a fifty one majority. It

513
00:28:29,280 --> 00:28:32,240
Speaker 1: will now be tied, I guess, but even even tied,

514
00:28:32,800 --> 00:28:35,639
Speaker 1: Kamala Harris breaks all ties, So I don't see what

515
00:28:35,840 --> 00:28:38,920
Speaker 1: kind of cloud she'll get. She'll get a little more cloud,

516
00:28:39,400 --> 00:28:45,160
Speaker 1: but I don't think it's dominant Bloomberg's Greg Valley. There's

517
00:28:45,200 --> 00:28:47,680
Speaker 1: a call for a federal judge to stop a plan

518
00:28:47,880 --> 00:28:50,560
Speaker 1: by New York City Mayor Eric Adams to force people

519
00:28:50,640 --> 00:28:54,960
Speaker 1: from the streets and into mental health treatment. Advocates for

520
00:28:55,160 --> 00:28:59,840
Speaker 1: people with mental illnesses say that the policy dangerously perm

521
00:29:00,000 --> 00:29:03,920
Speaker 1: it's the involuntarily the tension of individuals who seem to

522
00:29:04,000 --> 00:29:07,600
Speaker 1: have a mental illness. The lawsuit seeks to remove police

523
00:29:07,640 --> 00:29:11,880
Speaker 1: officers as first responders for those requiring healthcare. The Department

524
00:29:11,960 --> 00:29:14,960
Speaker 1: of Justice is asking a federal judge to hold former

525
00:29:15,040 --> 00:29:18,440
Speaker 1: President Trump's team in contempt over the Mara Lago case.

526
00:29:18,920 --> 00:29:22,080
Speaker 1: The o J says Trump's office failed to fully comply

527
00:29:22,320 --> 00:29:25,440
Speaker 1: with a may subpoena to return all classified documents in

528
00:29:25,560 --> 00:29:29,520
Speaker 1: his possession. The US is preparing new sanctions on Russia

529
00:29:29,640 --> 00:29:33,400
Speaker 1: and China. It's for human rights abuses by both countries. Again.

530
00:29:33,440 --> 00:29:37,480
Speaker 1: Our top story, Arizona Senator Kristen Cinema plans to switch

531
00:29:37,560 --> 00:29:41,920
Speaker 1: from the Democratic Party to become an independent global news

532
00:29:42,000 --> 00:29:45,320
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,

533
00:29:45,560 --> 00:29:48,760
Speaker 1: powered by more than journalists and analysts and more than

534
00:29:48,800 --> 00:29:52,440
Speaker 1: one hundred twenty countries. I'm Michael Barr, and this is

535
00:29:52,480 --> 00:29:59,520
Speaker 1: Bloomberg Amy. All right, thank you, Michael. Six on Wall Street.

536
00:29:59,840 --> 00:30:01,920
Speaker 1: Now for the sports report, brought to you by Try

537
00:30:01,960 --> 00:30:04,200
Speaker 1: State Audi. Here's John stash Our. All right. I mean,

538
00:30:04,240 --> 00:30:06,040
Speaker 1: this is why the Mets fans were so happy when

539
00:30:06,120 --> 00:30:09,480
Speaker 1: Steve Cohen bought the team. Deep pockets. The Mets, already

540
00:30:09,560 --> 00:30:12,760
Speaker 1: with the highest payroll, added to it by keeping free

541
00:30:12,760 --> 00:30:15,800
Speaker 1: agent center fielder Brandon Nemo an eight year contract for

542
00:30:15,960 --> 00:30:18,480
Speaker 1: a hundred and sixty two million dollars, and the Mets

543
00:30:18,560 --> 00:30:22,000
Speaker 1: have also thrown ten million at Veteran leaver David Robertson

544
00:30:22,080 --> 00:30:24,160
Speaker 1: had two stints with the Yankees. Finished last season with

545
00:30:24,200 --> 00:30:26,880
Speaker 1: the Phillies l a Rams Havn, perhaps the worst season

546
00:30:26,960 --> 00:30:29,000
Speaker 1: ever for defending Super Bowl champion. They were looking at

547
00:30:29,040 --> 00:30:32,040
Speaker 1: a seventh straight lost trail the Raiders by thirteen, who

548
00:30:32,080 --> 00:30:34,800
Speaker 1: were under four months left, but Baker Mayfield, two days

549
00:30:34,840 --> 00:30:37,560
Speaker 1: after being acquired by the Rams, led them on too

550
00:30:37,640 --> 00:30:40,200
Speaker 1: long touchdown drives. He threw a game winning TV pass

551
00:30:40,520 --> 00:30:43,560
Speaker 1: with ten seconds left from the Rams one seventeen sixteen

552
00:30:43,880 --> 00:30:47,200
Speaker 1: college hoops heartbreaking loss for Rutgers. Ohio State hit a

553
00:30:47,280 --> 00:30:50,040
Speaker 1: three pointer with a second left beat the Scarlet Knight

554
00:30:50,120 --> 00:30:53,000
Speaker 1: sixty seven sixty six. They'll hand out the Heisman Trophy

555
00:30:53,080 --> 00:30:55,200
Speaker 1: tomorrow in New York. The favorite to win his USC

556
00:30:55,320 --> 00:30:59,920
Speaker 1: quarterback Kayleb Williams Army Navy game tomorrow in Philadelphia. Jason Garrett,

557
00:31:00,080 --> 00:31:03,800
Speaker 1: former Cowboys coach, Giants assistant, now finalist to be the

558
00:31:03,840 --> 00:31:06,600
Speaker 1: new coach at Stanford. The World Cup down of the

559
00:31:06,680 --> 00:31:09,920
Speaker 1: final a with one surprise team that's Morocco, never before

560
00:31:09,960 --> 00:31:13,480
Speaker 1: a quarterfinal, is playing Portugal tomorrow ahead of the much

561
00:31:13,560 --> 00:31:17,960
Speaker 1: anticipated game between France and England. Today it's Brazil against

562
00:31:18,000 --> 00:31:21,360
Speaker 1: Croatia and Argentina takes on the Netherlands. Nicks just beat

563
00:31:21,400 --> 00:31:24,560
Speaker 1: the Hawks. Nets just beat the Hornets tonight they reversed

564
00:31:24,600 --> 00:31:27,640
Speaker 1: the opponents. It's the Knicks in Charlotte and the Nets

565
00:31:27,720 --> 00:31:32,640
Speaker 1: home for Atlanta. John stash Howard Bloomberg Sports. Thank you, John.

566
00:31:32,680 --> 00:31:35,240
Speaker 1: The Bloomberg Sports Report was brought to you by Audie.

567
00:31:35,280 --> 00:31:37,640
Speaker 1: Don't let someone else drive off in the Audi model

568
00:31:37,720 --> 00:31:40,760
Speaker 1: you've always wanted. Visit your local try state autie dealer

569
00:31:41,000 --> 00:31:43,240
Speaker 1: to get behind the wheel of yours today, or a

570
00:31:43,360 --> 00:31:48,080
Speaker 1: visit autie Offers dot com for more information. Futures are higher,

571
00:31:48,280 --> 00:31:52,600
Speaker 1: SMP up fourteen, DAL futures up seventy points, NASDAC features

572
00:31:52,920 --> 00:31:56,480
Speaker 1: up fifty two, and the ten year Treasury down to

573
00:31:56,760 --> 00:32:03,600
Speaker 1: thirty seconds. It's six thirty five on Wall Street. Bloomberg

574
00:32:03,680 --> 00:32:05,760
Speaker 1: Radio is on the air from San Francisco to New York,

575
00:32:05,880 --> 00:32:08,240
Speaker 1: London to Hong Kong. Let's check in with our global

576
00:32:08,280 --> 00:32:10,160
Speaker 1: news team for some of the top stories heard on

577
00:32:10,200 --> 00:32:16,480
Speaker 1: our three hundred affiliate radio stations around the world. I'm

578
00:32:16,560 --> 00:32:19,400
Speaker 1: Steve Podas on K and X in Los Angeles. We're

579
00:32:19,480 --> 00:32:22,720
Speaker 1: talking about Veil Resorts, saying it's on track to be

580
00:32:22,880 --> 00:32:26,440
Speaker 1: fully staffed at all of its ski resorts this coming season.

581
00:32:26,920 --> 00:32:30,000
Speaker 1: Um Corney Donahoe on kat R H in Houston. Amazon

582
00:32:30,160 --> 00:32:33,200
Speaker 1: is launching a TikTok style seed double let shoppers Scholl

583
00:32:33,280 --> 00:32:36,640
Speaker 1: for Merchandise. I'm Gina Servetti and for k CBS in

584
00:32:36,680 --> 00:32:39,680
Speaker 1: San Francisco. I'm reporting that the Federal Trade Commission is

585
00:32:39,720 --> 00:32:43,880
Speaker 1: suing to stop Microsoft from buying Activision Blizzard. I'm Jeff

586
00:32:43,920 --> 00:32:47,720
Speaker 1: Bellinger and on WTVN and Columbus, I'll be talking about

587
00:32:47,760 --> 00:32:51,040
Speaker 1: workers at an Ohio battery plant voting to join the

588
00:32:51,200 --> 00:32:54,640
Speaker 1: United Auto Workers Union. I'm at Corey on w w

589
00:32:54,920 --> 00:32:58,280
Speaker 1: J in Detroit. I'm reporting former Michigan Governor Rick Schneider

590
00:32:58,520 --> 00:33:04,600
Speaker 1: is leading a cyber's purity start up. And those are

591
00:33:04,720 --> 00:33:08,320
Speaker 1: some of these stories are Bloomberg journalists and analysts are

592
00:33:08,400 --> 00:33:11,800
Speaker 1: working on this morning around the world. It's sixty seven

593
00:33:11,840 --> 00:33:15,960
Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion.

594
00:33:16,240 --> 00:33:19,960
Speaker 1: This editorial was written by the Bloomberg Editorial Board. Former

595
00:33:20,000 --> 00:33:23,280
Speaker 1: President Donald Trump hasn't managed to criticize comments made by

596
00:33:23,320 --> 00:33:26,040
Speaker 1: his recent private dinner guest, The rapper, formally known as

597
00:33:26,120 --> 00:33:28,760
Speaker 1: Kanye West, who took to a podcast to praise Hitler

598
00:33:28,880 --> 00:33:32,200
Speaker 1: and deny the Holocaust. Trump's other guests that night, the

599
00:33:32,280 --> 00:33:35,960
Speaker 1: white supremacist Nick Quente's, has called for a quote total

600
00:33:36,160 --> 00:33:39,160
Speaker 1: eran victory unquote. It would be tempting to dismiss such

601
00:33:39,240 --> 00:33:42,840
Speaker 1: statements as the usual rantings by the usual crazies, except

602
00:33:42,920 --> 00:33:45,160
Speaker 1: that the host of this file gathering is still the

603
00:33:45,240 --> 00:33:48,240
Speaker 1: odds on favorite to be the Republican nominee for president.

604
00:33:48,920 --> 00:33:52,080
Speaker 1: If Trump can't bring himself to condemn such sentiments, his

605
00:33:52,240 --> 00:33:56,360
Speaker 1: party needs to. Anti Semitism has no place in American politics.

606
00:33:56,880 --> 00:33:59,800
Speaker 1: This editorial was written by the Bloomberg Editorial Board from

607
00:34:00,000 --> 00:34:03,040
Speaker 1: Bloomberg Opinion. Please go to Bloomberg dot com slash opinion

608
00:34:03,280 --> 00:34:05,440
Speaker 1: or O P I N go on the Bloomberg terminal.

609
00:34:05,640 --> 00:34:09,440
Speaker 1: This has been Bloomberg Opinion. Bloomberg Opinion editorials can be

610
00:34:09,520 --> 00:34:12,200
Speaker 1: heard every weekday at this time, and terminal customers can

611
00:34:12,280 --> 00:34:14,880
Speaker 1: read more at opie I n go. Let's take a

612
00:34:14,880 --> 00:34:16,600
Speaker 1: look at some of the stocks on the move this morning.

613
00:34:16,680 --> 00:34:19,600
Speaker 1: Shares of Lulu Lemon down more than seven percent. Gross

614
00:34:19,640 --> 00:34:22,200
Speaker 1: margins at the yoga ware maker came in below estimates.

615
00:34:22,520 --> 00:34:25,239
Speaker 1: Shares a broad Colm up three percent. The ship maker

616
00:34:25,320 --> 00:34:28,840
Speaker 1: gave an upbeat sales forecast, indicating that demand remains strong,

617
00:34:29,239 --> 00:34:32,200
Speaker 1: and shares of Docu Signer up eleven percent. The company

618
00:34:32,280 --> 00:34:37,240
Speaker 1: boosted its revenue guidance for the full year. Meantime, carbon

619
00:34:37,560 --> 00:34:39,920
Speaker 1: stock is taking a hit this morning. Shares of Carbonna

620
00:34:40,000 --> 00:34:42,960
Speaker 1: down four percent, giving up some of yesterday's gains. The

621
00:34:43,040 --> 00:34:46,920
Speaker 1: stock surged nearly thirty percent yesterday after we reported Carbonna

622
00:34:47,040 --> 00:34:50,320
Speaker 1: is consulting with lawyers and bankers about options for managing

623
00:34:50,400 --> 00:34:54,200
Speaker 1: its dead load. Up next, on daybreak, we're gonna look

624
00:34:54,239 --> 00:34:56,960
Speaker 1: at more of the movers in the markets. This is

625
00:34:57,000 --> 00:35:05,840
Speaker 1: Bloomberg Markets headlines and breaking news twenty four hours a

626
00:35:05,920 --> 00:35:08,880
Speaker 1: day at Bloomberg dot com, the Bloomberg Business Out, and

627
00:35:09,080 --> 00:35:18,520
Speaker 1: at Bloomberg Quick Tape. He's a Bloomberg Business Flash. I'm

628
00:35:18,600 --> 00:35:20,400
Speaker 1: Nathan Hager. This update is brought to you by the

629
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Speaker 1: Donors Fund, a modern, innovative donor advised fund for everyone.

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Speaker 1: Open a free account in minutes, with no minimums, no

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632
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Speaker 1: org today and get your two tax deduction. Futures are

633
00:35:33,280 --> 00:35:36,120
Speaker 1: moving higher on a data driven Friday. We're waiting producer

634
00:35:36,200 --> 00:35:38,560
Speaker 1: prices at eight thirty Wall Street time. Head of that,

635
00:35:38,760 --> 00:35:41,320
Speaker 1: SMP futures are up twelve points, staff futures up sixty

636
00:35:41,360 --> 00:35:44,240
Speaker 1: one and nastic futures are higher by forty four points.

637
00:35:44,360 --> 00:35:47,480
Speaker 1: We check the markets all day on Bloomberg. Take your

638
00:35:47,520 --> 00:35:50,160
Speaker 1: treasuries down one thirty second yield three point eight percent,

639
00:35:50,239 --> 00:35:52,960
Speaker 1: yield on the two year four point to eight percent.

640
00:35:53,239 --> 00:35:55,520
Speaker 1: Imex screws up a half percent right now thirty six

641
00:35:55,600 --> 00:35:58,160
Speaker 1: cents at seventy one eighty two cents of barrel. Come

642
00:35:58,239 --> 00:35:59,920
Speaker 1: X gold is up a half percent, up eight doll

643
00:36:01,360 --> 00:36:04,080
Speaker 1: forty announced. The euro one point zero five six zero

644
00:36:04,120 --> 00:36:07,520
Speaker 1: against the dollar the end one three bitcoins hired by

645
00:36:07,560 --> 00:36:10,719
Speaker 1: three tenths percent, trading around seventeen thousand, two hundred. That's

646
00:36:10,719 --> 00:36:13,359
Speaker 1: a Bloomberg business slash. Now here's Michael Barr with more

647
00:36:13,400 --> 00:36:16,359
Speaker 1: on what's going on around the world. Michael Nathan, thank

648
00:36:16,400 --> 00:36:19,920
Speaker 1: you very much. Two breaking stories. Arizona Senator Kristen Cinema

649
00:36:20,080 --> 00:36:25,960
Speaker 1: pass change parties. She registered from Democrat too. Independent plane

650
00:36:26,040 --> 00:36:28,920
Speaker 1: believed to be carrying w n B A Star Britney Grinder,

651
00:36:29,040 --> 00:36:32,439
Speaker 1: arrived in San Antonio, Texas early this morning, Grinders spent

652
00:36:32,480 --> 00:36:35,279
Speaker 1: more than nine months in Russian custody. Your family has

653
00:36:35,280 --> 00:36:38,680
Speaker 1: asked for privacy for Grinder to heal. Thursday night football,

654
00:36:38,719 --> 00:36:42,120
Speaker 1: the Rams beat the Raiders. Seventeen sixteen FIFA World Cup

655
00:36:42,160 --> 00:36:46,960
Speaker 1: action resumes today Croatia plays Brazil, the Netherlands faces Argentina.

656
00:36:47,360 --> 00:36:49,960
Speaker 1: Global News twenty four hours a day on air and

657
00:36:50,120 --> 00:36:53,640
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

658
00:36:53,680 --> 00:36:56,920
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael

659
00:36:56,960 --> 00:36:59,759
Speaker 1: Barr and this is Bloomberg, Nathan, Thank you, Michael. It

660
00:36:59,880 --> 00:37:02,319
Speaker 1: is sixty two on Wall Street. Let's turn to news

661
00:37:02,360 --> 00:37:04,840
Speaker 1: and science and technology now. The Bloomberg n j I

662
00:37:04,920 --> 00:37:07,600
Speaker 1: T STEM Report brought to you by New Jersey Institute

663
00:37:07,600 --> 00:37:10,239
Speaker 1: of Technology and j I T offers New Jersey's first

664
00:37:10,320 --> 00:37:13,960
Speaker 1: undergraduate degree in fintech, tech driven finance focused. What will

665
00:37:14,000 --> 00:37:16,200
Speaker 1: you make at n j I T. Learn more at

666
00:37:16,360 --> 00:37:19,560
Speaker 1: n j I T dot E d U slash fintech Now.

667
00:37:19,640 --> 00:37:23,000
Speaker 1: Here's what's making news and science, technology, engineering, and math.

668
00:37:23,440 --> 00:37:26,320
Speaker 1: China faces a daunting task after abruptly giving up on

669
00:37:26,400 --> 00:37:29,839
Speaker 1: COVID zero, The number of infections is expected to soar

670
00:37:30,080 --> 00:37:33,040
Speaker 1: and deaths are predicted to rise over two million. The

671
00:37:33,200 --> 00:37:35,400
Speaker 1: US and Europe had an ebb and flow pattern of

672
00:37:35,480 --> 00:37:38,520
Speaker 1: outbreaks over months and years, but China is likely to

673
00:37:38,560 --> 00:37:41,359
Speaker 1: see a wave of infections in Gulf the country all

674
00:37:41,440 --> 00:37:44,439
Speaker 1: at once. The Federal Trade Commission has sued to block

675
00:37:44,520 --> 00:37:47,959
Speaker 1: microsoft planned sixty nine billion dollar take over a video

676
00:37:48,040 --> 00:37:51,640
Speaker 1: game company, Activision Blizzard. The agency says it could suppress

677
00:37:51,680 --> 00:37:55,400
Speaker 1: competitors to Microsoft's Xbox game console and it's growing games

678
00:37:55,520 --> 00:37:59,439
Speaker 1: subscription business. And a half century after US astronauts brought

679
00:37:59,480 --> 00:38:02,000
Speaker 1: it back from the Moon's surface, a minute piece of

680
00:38:02,239 --> 00:38:06,720
Speaker 1: extraterrestrial rock has finally reached its intended destination, the eastern

681
00:38:06,840 --> 00:38:10,439
Speaker 1: Mediterranean island nation of Cyprus. The one point one grand

682
00:38:10,480 --> 00:38:13,080
Speaker 1: piece of moon rock was on display yesterday and an

683
00:38:13,120 --> 00:38:16,640
Speaker 1: exhibition commemorating the fiftieth anniversary of the last of the

684
00:38:16,680 --> 00:38:20,800
Speaker 1: Apollo lunar landings and the Artemis Mission. Who's Ryan Capsule

685
00:38:21,320 --> 00:38:23,480
Speaker 1: is on its way back to Earth after orbiting the Moon.

686
00:38:23,600 --> 00:38:26,400
Speaker 1: That's the Bloomberg and j I T Stem report. Amy,

687
00:38:27,000 --> 00:38:29,319
Speaker 1: All right, thank you, Nathan. It is six forty three

688
00:38:29,480 --> 00:38:31,440
Speaker 1: on Wall Street time now to check what's going on

689
00:38:31,680 --> 00:38:33,560
Speaker 1: in d C. And some of the top stories in

690
00:38:33,600 --> 00:38:36,719
Speaker 1: our nation's capital include, as we've been telling you this morning,

691
00:38:36,760 --> 00:38:41,040
Speaker 1: Arizona Senator Kristan Cinema has changed parties from Democrat to Independent.

692
00:38:41,400 --> 00:38:44,280
Speaker 1: You've also been hearing us talk about Britney Griner released

693
00:38:44,280 --> 00:38:46,560
Speaker 1: from that Russian labor camp. We're going to get reaction

694
00:38:46,600 --> 00:38:49,600
Speaker 1: to that. President Biden expected to sign their respect for

695
00:38:49,760 --> 00:38:52,399
Speaker 1: marriage at Congress past that yesterday. And then, of course,

696
00:38:52,680 --> 00:38:55,719
Speaker 1: the negotiations are ongoing for the spending bill to fund

697
00:38:55,760 --> 00:38:58,320
Speaker 1: the government days before the deadline to a vertic shutdown.

698
00:38:58,480 --> 00:39:00,759
Speaker 1: It's a lot happening here. On the Friday morning, we

699
00:39:00,800 --> 00:39:04,000
Speaker 1: bring in Bloomberg, senior Washington correspondent and the host of

700
00:39:04,040 --> 00:39:11,440
Speaker 1: Sound On, Joe Matthew. Joe, good morning to you. Good

701
00:39:11,520 --> 00:39:13,759
Speaker 1: morning Amy. All right, thank you Joe for being there.

702
00:39:14,480 --> 00:39:17,839
Speaker 1: What is the impact of Cinema's change of heart. Well,

703
00:39:17,920 --> 00:39:20,080
Speaker 1: my goodness, the impact here. It brings us back couple

704
00:39:20,080 --> 00:39:21,560
Speaker 1: of days. I need to take back some of the

705
00:39:21,640 --> 00:39:23,480
Speaker 1: things I told you when I was in Georgia. Remember

706
00:39:23,520 --> 00:39:27,000
Speaker 1: the whole point here to getting Raphael Warnock reelected was

707
00:39:27,080 --> 00:39:30,640
Speaker 1: to get that extra breathing room. That split in the Senate,

708
00:39:30,719 --> 00:39:33,120
Speaker 1: and it looks like that's gonna be going away as

709
00:39:33,160 --> 00:39:36,520
Speaker 1: soon as it arrives. Uh, Joe Mansion rising. You know,

710
00:39:36,560 --> 00:39:39,400
Speaker 1: we're gonna be back in this fifty fifty split essentially

711
00:39:39,960 --> 00:39:43,399
Speaker 1: with Kirston Cinema now acting as an independent. Now it's

712
00:39:43,440 --> 00:39:46,279
Speaker 1: important here she says that she will not caucus with

713
00:39:46,520 --> 00:39:50,080
Speaker 1: the Democrats, but will also not behave any Differently, it

714
00:39:50,160 --> 00:39:52,800
Speaker 1: appears that she wants to keep her committee assignments, so

715
00:39:52,920 --> 00:39:55,239
Speaker 1: we kind of have another Bernie Sanders here, but he's

716
00:39:55,280 --> 00:39:58,640
Speaker 1: not but still not attending the Democratic luncheons and following

717
00:39:59,320 --> 00:40:03,800
Speaker 1: the Democrat uh sort of mantra here. It's unclear exactly

718
00:40:03,920 --> 00:40:06,359
Speaker 1: what that will mean for counting votes in the Senate.

719
00:40:06,440 --> 00:40:09,040
Speaker 1: But look, we have to be honest about where we're

720
00:40:09,080 --> 00:40:11,319
Speaker 1: coming from here. Kirsten Cinema has been a real thorn

721
00:40:11,360 --> 00:40:13,080
Speaker 1: in the side of a lot of Democrats and her

722
00:40:13,200 --> 00:40:16,279
Speaker 1: reluctance to raise taxes, in her reluctance to end the

723
00:40:16,320 --> 00:40:18,920
Speaker 1: filibuster in the Senate, and that's why a lot of

724
00:40:19,000 --> 00:40:21,359
Speaker 1: the republic a lot of the Democratic agenda of Joe

725
00:40:21,400 --> 00:40:24,600
Speaker 1: Biden's agenda like build back Better never got passed. So

726
00:40:24,760 --> 00:40:27,200
Speaker 1: this may not change as much as the headline might imply,

727
00:40:28,360 --> 00:40:31,600
Speaker 1: is there any indication why she decided to do this now? Well, look,

728
00:40:32,000 --> 00:40:34,520
Speaker 1: if you ask her, she'll tell you about her independent

729
00:40:34,640 --> 00:40:37,080
Speaker 1: spirit and that this is what's right for the people

730
00:40:37,120 --> 00:40:38,680
Speaker 1: of Arizona. But the fact of the matter is she

731
00:40:38,800 --> 00:40:43,000
Speaker 1: is facing a likely primary challenge in Congressman Ruben Diego,

732
00:40:43,440 --> 00:40:46,719
Speaker 1: a Democrat from Arizona to her left, who talked months

733
00:40:46,760 --> 00:40:50,200
Speaker 1: ago on Bloomberg sound On about his plans to challenge her.

734
00:40:50,800 --> 00:40:53,439
Speaker 1: Could really create an issue in the primary. This would

735
00:40:53,480 --> 00:40:54,960
Speaker 1: mean that she would not have a head to head

736
00:40:55,040 --> 00:40:57,480
Speaker 1: challenge in the primary race. But that's not, by the way,

737
00:40:58,239 --> 00:41:00,680
Speaker 1: the reason that she's talking about Paul Plickly, she says,

738
00:41:00,680 --> 00:41:03,400
Speaker 1: she's not even talking about a second term yet. All right,

739
00:41:03,480 --> 00:41:06,080
Speaker 1: let's shift gears now. Britney Grinder landed in Texas this

740
00:41:06,239 --> 00:41:10,080
Speaker 1: morning and then headed straight into medical evaluation. Obviously, there's

741
00:41:10,080 --> 00:41:12,239
Speaker 1: a lot of a mixed emotion about her release. What

742
00:41:12,320 --> 00:41:14,839
Speaker 1: are you hearing, Well, that's true. I mean, the White

743
00:41:14,840 --> 00:41:18,399
Speaker 1: House press briefing yesterday really brought this to the four least.

744
00:41:19,080 --> 00:41:21,919
Speaker 1: This is a really difficult balancing act for the White

745
00:41:21,960 --> 00:41:25,280
Speaker 1: House to try to celebrate the release of an American

746
00:41:25,360 --> 00:41:28,840
Speaker 1: who was, in their eyes wrongfully detained. Well, at the

747
00:41:28,960 --> 00:41:33,480
Speaker 1: same time talking to families of other Americans still detained,

748
00:41:33,560 --> 00:41:36,440
Speaker 1: like Paul Whalen. How come he didn't come home? How

749
00:41:36,520 --> 00:41:39,520
Speaker 1: come he was left behind? Many are asking, you're talking

750
00:41:39,560 --> 00:41:41,960
Speaker 1: about a US marine who has been stuck over there

751
00:41:42,000 --> 00:41:46,799
Speaker 1: since accused of spying. I spoke with a lawyer last evening.

752
00:41:46,800 --> 00:41:49,399
Speaker 1: He was representing another American, Mark Vogel, who was over there,

753
00:41:49,560 --> 00:41:52,319
Speaker 1: a teacher who has been detained there for years. Uh

754
00:41:52,480 --> 00:41:56,280
Speaker 1: And and look, it's it's unclear exactly what went behind

755
00:41:56,520 --> 00:41:58,360
Speaker 1: this swap, So we don't want to act like we

756
00:41:58,440 --> 00:42:01,000
Speaker 1: were in the room for it, but she was swapped

757
00:42:01,080 --> 00:42:04,000
Speaker 1: for a reputed arms dealer, for somebody who is in

758
00:42:04,080 --> 00:42:07,760
Speaker 1: prison for trying to kill Americans. Right this this Victor

759
00:42:07,840 --> 00:42:10,799
Speaker 1: boot is now back in Russia and could well help

760
00:42:10,920 --> 00:42:13,880
Speaker 1: Vladimir Putin acquire arms to use in the war in

761
00:42:13,960 --> 00:42:16,080
Speaker 1: Ukraine that he can't get otherwise. So there were major

762
00:42:16,200 --> 00:42:19,719
Speaker 1: national security implications at the same time as celebrating the

763
00:42:19,800 --> 00:42:22,120
Speaker 1: return of American to come home. This is this is

764
00:42:22,160 --> 00:42:26,120
Speaker 1: a very difficult time emotionally and politically for the White House.

765
00:42:26,200 --> 00:42:29,040
Speaker 1: To see that Grinder's wife up there yesterday was a

766
00:42:29,200 --> 00:42:32,160
Speaker 1: very touching moment to hear from Paul Whalen's family was

767
00:42:32,280 --> 00:42:35,120
Speaker 1: too There's a lot to unpack there, but we've got

768
00:42:35,200 --> 00:42:37,759
Speaker 1: a pivot now to the Respect for Marriage at It

769
00:42:38,120 --> 00:42:40,080
Speaker 1: was just a big day at the White House because

770
00:42:40,400 --> 00:42:43,320
Speaker 1: Congress passed their Respect for Marriage Act. The President's about

771
00:42:43,360 --> 00:42:45,800
Speaker 1: to sign it. That's huge, Well, it was. It was

772
00:42:45,840 --> 00:42:47,279
Speaker 1: a huge day in the House. Is a huge day

773
00:42:47,280 --> 00:42:49,719
Speaker 1: for Nancy Pelosi. She got emotional when she was in

774
00:42:49,760 --> 00:42:52,120
Speaker 1: the Speaker's rostram to deliver the final tally to drop

775
00:42:52,200 --> 00:42:54,719
Speaker 1: the gavel on this and couldn't actually get it out

776
00:42:54,760 --> 00:42:57,360
Speaker 1: at first. It's likely the last major thing that she

777
00:42:57,440 --> 00:43:00,319
Speaker 1: will do as speaker. But look, this is a big deal.

778
00:43:00,440 --> 00:43:02,760
Speaker 1: It's it's something that's approved by more than is supported

779
00:43:02,760 --> 00:43:05,759
Speaker 1: by more than seventy Americans, even as a lot of

780
00:43:05,840 --> 00:43:09,239
Speaker 1: Republicans voted against it on religious grounds. This is now

781
00:43:09,320 --> 00:43:11,600
Speaker 1: the law of the land. It codifies same sex marriage.

782
00:43:11,600 --> 00:43:14,440
Speaker 1: It removes the Defense of Marriage Act and replaces it

783
00:43:14,520 --> 00:43:17,680
Speaker 1: with the Respect for Marriage Act. Alright, we got about

784
00:43:17,680 --> 00:43:21,400
Speaker 1: a minute here, lawmakers still debating spending bills on Capitol

785
00:43:21,480 --> 00:43:23,760
Speaker 1: here are they going to make that December sixteenth deadline?

786
00:43:24,160 --> 00:43:26,560
Speaker 1: Oh my gosh, Well, It depends how you qualify making it.

787
00:43:26,640 --> 00:43:29,000
Speaker 1: I would get ready to start kicking the can, start

788
00:43:29,120 --> 00:43:31,360
Speaker 1: start doing the can can here because it's good to

789
00:43:31,400 --> 00:43:33,200
Speaker 1: be about Christmas time, and it's likely that they will

790
00:43:33,239 --> 00:43:37,440
Speaker 1: push this right up until Christmas Eve. The question is

791
00:43:38,120 --> 00:43:40,600
Speaker 1: is that enough time to get an omnibus budget LA

792
00:43:40,719 --> 00:43:42,960
Speaker 1: real budget and appropriations deal or is it going to

793
00:43:43,040 --> 00:43:46,040
Speaker 1: be a year long continuing resolution which would not go

794
00:43:46,239 --> 00:43:49,319
Speaker 1: very well for the Pentagon, for instance, because you end

795
00:43:49,400 --> 00:43:53,080
Speaker 1: up handcuffing agencies to follow the budget from last year.

796
00:43:53,520 --> 00:43:55,239
Speaker 1: There's a lot of sticking points here. They are not

797
00:43:55,400 --> 00:43:57,840
Speaker 1: agreeing on the top line. But it was encouraging to

798
00:43:57,880 --> 00:44:00,440
Speaker 1: see the National Defense Authorization Act pas US this week.

799
00:44:00,440 --> 00:44:03,560
Speaker 1: At least there is a framework for Pentagon spending that

800
00:44:03,760 --> 00:44:07,520
Speaker 1: also eliminates the COVID vaccine mandate for the military. That's

801
00:44:07,520 --> 00:44:09,600
Speaker 1: a big deal that is expected to pass the Senate,

802
00:44:09,800 --> 00:44:13,359
Speaker 1: and that was a compromise between Democrats and Republicans. That's true, yes,

803
00:44:13,440 --> 00:44:15,080
Speaker 1: and that's why it is expected to pass the Senate

804
00:44:15,080 --> 00:44:17,120
Speaker 1: and the President will really have no choice but to

805
00:44:17,120 --> 00:44:19,120
Speaker 1: sign it. All right, We're going to continue to watch

806
00:44:19,239 --> 00:44:22,719
Speaker 1: that with you. Bloomberg's Joe Matthew, host of Bloomberg sound

807
00:44:22,840 --> 00:44:26,160
Speaker 1: on and senior Washington correspondent for Bloomberg. Thank you very

808
00:44:26,239 --> 00:44:28,560
Speaker 1: much for taking the time with us this morning. There's

809
00:44:28,560 --> 00:44:30,799
Speaker 1: a lot going on on Capitol Hill. You can read

810
00:44:30,840 --> 00:44:34,000
Speaker 1: more about these stories on Bloomberg dot com or on

811
00:44:34,120 --> 00:44:37,080
Speaker 1: the Bloomberg terminal. And a reminder, you can follow all

812
00:44:37,160 --> 00:44:41,200
Speaker 1: of the latest on Bloomberg Radio in Washington. Bloomberg ninety

813
00:44:41,280 --> 00:44:43,520
Speaker 1: nine one and one oh five point seven, f M

814
00:44:43,760 --> 00:44:46,719
Speaker 1: HD two S and P Future thirteen points higher now,

815
00:44:46,840 --> 00:44:51,000
Speaker 1: Dell futures sixty points hire NASDAC futures up fifty the

816
00:44:51,080 --> 00:44:54,400
Speaker 1: ten year treasury unchanged. Much more still to come on

817
00:44:54,560 --> 00:45:02,560
Speaker 1: this Friday morning. Don't go anywhere. This is Bloomberg Markets,

818
00:45:02,719 --> 00:45:05,759
Speaker 1: headlines and breaking news twenty four hours a day at

819
00:45:05,800 --> 00:45:09,200
Speaker 1: Bloomberg dot com, the Bloomberg Business at and at Bloomberg

820
00:45:09,280 --> 00:45:18,479
Speaker 1: Quick Tape Truce. He's a Bloomberg Business lash. I'm Nathan Hagar.

821
00:45:18,520 --> 00:45:20,200
Speaker 1: This update is brought to you by the Donors Fund

822
00:45:20,239 --> 00:45:22,800
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825
00:45:28,640 --> 00:45:32,000
Speaker 1: and get your twenty two tax deduction futures moving higher

826
00:45:32,000 --> 00:45:34,680
Speaker 1: as we await producer prices in just about an hour

827
00:45:34,719 --> 00:45:36,400
Speaker 1: and a half or so. We checked the markets all

828
00:45:36,480 --> 00:45:39,760
Speaker 1: day long. On bloomberg SMP futures are up fourteen points,

829
00:45:40,040 --> 00:45:42,440
Speaker 1: DAL future is up sixty seven and NASTAC futures are

830
00:45:42,520 --> 00:45:45,239
Speaker 1: higher by fifty four points. Send your treasury little change.

831
00:45:45,239 --> 00:45:47,479
Speaker 1: The yield three point for eight percent, two year yield

832
00:45:47,560 --> 00:45:50,640
Speaker 1: four point to seven percent. Nimex screws up almost a

833
00:45:50,640 --> 00:45:53,000
Speaker 1: half percent at seventy one dollar. Seventy nine cents of

834
00:45:53,040 --> 00:45:55,840
Speaker 1: Verari comic gold is up six tenths percent at eighteen

835
00:45:55,920 --> 00:45:59,200
Speaker 1: twelve sixty announced. The Euro trades at one point zero

836
00:45:59,280 --> 00:46:02,360
Speaker 1: five five six against the dollar again is at one three.

837
00:46:02,719 --> 00:46:06,120
Speaker 1: Bitcoins up by four tenths percent at seventeen thousand, two

838
00:46:06,160 --> 00:46:09,960
Speaker 1: hundred fifty. That's a Bloomberg business flash, Amy Nathan, it

839
00:46:10,080 --> 00:46:12,160
Speaker 1: is six fifty six on Wall three. Time to take

840
00:46:12,160 --> 00:46:13,959
Speaker 1: a look at the stocks and some of the names

841
00:46:14,040 --> 00:46:16,120
Speaker 1: moving in the pre market. For that, we're joined by

842
00:46:16,160 --> 00:46:19,759
Speaker 1: Bloomberg's Tatiana Daria. Tatiana, thank you for taking the time

843
00:46:19,840 --> 00:46:23,120
Speaker 1: with us. What you got uh yeah, I mean good morning.

844
00:46:23,239 --> 00:46:25,600
Speaker 1: So I'm looking at Lulu Lemon here moving in the

845
00:46:25,640 --> 00:46:29,200
Speaker 1: pre market down about a seven percent here and pointing

846
00:46:29,320 --> 00:46:33,160
Speaker 1: to open lower by about twenty dollars are so per share,

847
00:46:33,360 --> 00:46:36,160
Speaker 1: and that has to do with its earnings. It posted

848
00:46:36,800 --> 00:46:40,000
Speaker 1: three quarter earnings last night and a measure of a

849
00:46:40,120 --> 00:46:43,520
Speaker 1: profitability key measure, the gross margin was about a percentage

850
00:46:43,560 --> 00:46:47,759
Speaker 1: point lower than analysts estimated. And this is really indicative

851
00:46:47,840 --> 00:46:50,680
Speaker 1: of the troubles of the whole retail industry as a whole.

852
00:46:50,800 --> 00:46:54,440
Speaker 1: Right as we know, they're working through bloated inventories, and

853
00:46:54,640 --> 00:47:00,239
Speaker 1: for Lulu Lemon itself, those inventories have risen about eighty

854
00:47:00,280 --> 00:47:03,640
Speaker 1: five And second, you know, it's also indicative of the

855
00:47:03,800 --> 00:47:06,440
Speaker 1: challenges for corporate America as a whole as you look

856
00:47:06,480 --> 00:47:10,560
Speaker 1: at increased cost versus perhaps slow and spending for from

857
00:47:10,640 --> 00:47:13,279
Speaker 1: consumers and the effects of the strong dollars. So that

858
00:47:13,440 --> 00:47:16,840
Speaker 1: all played into Lulu Lemus earnings here. Now, the CEO

859
00:47:17,000 --> 00:47:19,800
Speaker 1: said that the company hasn't seen any significant shift in

860
00:47:19,920 --> 00:47:23,560
Speaker 1: spending among their guests. But nonetheless, this adds just to

861
00:47:23,640 --> 00:47:26,480
Speaker 1: the mixed pictures on consumers that we're getting. Yes, we

862
00:47:26,600 --> 00:47:30,279
Speaker 1: know they're still spending, but that's spending is slowing and

863
00:47:30,520 --> 00:47:34,360
Speaker 1: Unfortunately for retail stocks that is not translating into games.

864
00:47:34,440 --> 00:47:36,720
Speaker 1: If you look at that sector, it's still down about

865
00:47:36,760 --> 00:47:39,759
Speaker 1: thirty percent year today. And you're seeing a rally with

866
00:47:39,880 --> 00:47:43,839
Speaker 1: Docu sign too. Yes, we're seeing a thirteen percent rally

867
00:47:43,880 --> 00:47:45,920
Speaker 1: in the pre market here. That also has to do

868
00:47:46,000 --> 00:47:49,439
Speaker 1: with earnings. The company reported a strong a third quarter

869
00:47:49,600 --> 00:47:53,960
Speaker 1: billings and analysts are saying results were boosted by early renewals.

870
00:47:54,719 --> 00:47:58,680
Speaker 1: That has gained the stock also an upgrade here. Um

871
00:47:58,960 --> 00:48:00,719
Speaker 1: and you know and Allo start houting this is a

872
00:48:00,760 --> 00:48:04,000
Speaker 1: good sign that growth is re accelerating at last and

873
00:48:04,320 --> 00:48:06,400
Speaker 1: that this is a good showing for the new CEO.

874
00:48:06,840 --> 00:48:10,040
Speaker 1: Reminder that CEO took over just in October after a

875
00:48:10,120 --> 00:48:14,400
Speaker 1: tumultus period for the stock. It's still down yere today,

876
00:48:14,560 --> 00:48:17,239
Speaker 1: so it's definitely one that can use some good news here.

877
00:48:17,760 --> 00:48:20,560
Speaker 1: And what do you see moving with Netflix? Well, Netflix

878
00:48:20,719 --> 00:48:22,799
Speaker 1: is also up at three percent here in the pre

879
00:48:22,960 --> 00:48:26,560
Speaker 1: market after gaining an upgrade and Cowen also naming it

880
00:48:26,920 --> 00:48:30,680
Speaker 1: a top pick. It looks like the company is gaining

881
00:48:30,719 --> 00:48:33,240
Speaker 1: fans on Wall Street with its you know, the latest

882
00:48:33,280 --> 00:48:36,919
Speaker 1: turnaround plan. As a reminder, they've recently introduced a lower

883
00:48:37,040 --> 00:48:41,759
Speaker 1: priced advertising sponsored subscription tire of six and ninety nine. Uh.

884
00:48:41,840 --> 00:48:45,840
Speaker 1: And this after they've had a couple of difficult earning

885
00:48:45,960 --> 00:48:49,400
Speaker 1: seasons and um that spurts sort of, you know, this

886
00:48:49,560 --> 00:48:53,359
Speaker 1: turnaround plan, and it seems to be working, as chairs

887
00:48:53,400 --> 00:48:55,759
Speaker 1: of gained here in recent months. Uh. And as we

888
00:48:55,880 --> 00:48:59,359
Speaker 1: see and Alyssa are getting more bullish. Uh and they're

889
00:48:59,400 --> 00:49:02,880
Speaker 1: saying that you know, um, next year content will improve

890
00:49:03,120 --> 00:49:06,440
Speaker 1: and global growth self provides a tail wing. Alright. Bloomberg's

891
00:49:06,440 --> 00:49:09,359
Speaker 1: Tatiana Daria, thank you for joining us this morning looking

892
00:49:09,440 --> 00:49:12,160
Speaker 1: at stocks as a whole. Ahead of the open. SNP

893
00:49:12,320 --> 00:49:15,240
Speaker 1: futures are fifteen points higher. DAL futures up by sixty

894
00:49:15,280 --> 00:49:18,640
Speaker 1: eight points, NASDAK futures up fifty six points. The tenure

895
00:49:18,680 --> 00:49:21,840
Speaker 1: Treasury unchanged the yield at three point for eight percent.

896
00:49:22,480 --> 00:49:25,160
Speaker 1: It's sixty nine on Wall Street. Stay with us. Bloomberg

897
00:49:25,239 --> 00:49:28,960
Speaker 1: Surveillance with Jonathan Farrow and Lisa Abramawitz starts right now

898
00:49:30,520 --> 00:49:34,160
Speaker 1: by from the financial capital of the World, broadcasting across

899
00:49:34,239 --> 00:49:38,640
Speaker 1: the globe. This is WVBR, New York, Bloomberg eleven three. Oh.

900
00:49:45,880 --> 00:49:49,920
Speaker 1: We've never seen a recession so anticipated. The first half

901
00:49:49,960 --> 00:49:50,279
Speaker 1: of the year