1 00:00:01,960 --> 00:00:05,359 Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg 2 00:00:05,440 --> 00:00:09,319 Speaker 1: day Break for Monday, November two. Coming up this album 3 00:00:09,440 --> 00:00:13,560 Speaker 1: protests erupt across China over the country's COVID zero strategy. 4 00:00:13,720 --> 00:00:16,880 Speaker 1: The unrest in China has stock slumping around the world. 5 00:00:17,079 --> 00:00:20,160 Speaker 1: Turmoil at a plant in China may cost Apple close 6 00:00:20,239 --> 00:00:23,320 Speaker 1: to six million iPhones, and Wall Street braces for a 7 00:00:23,400 --> 00:00:26,000 Speaker 1: key speech this week from FED chair J Powell. The 8 00:00:26,040 --> 00:00:29,080 Speaker 1: team charged with shooting up a Buffalo supermarket is expected 9 00:00:29,120 --> 00:00:32,519 Speaker 1: to lead guilty state charges plus without power in the 10 00:00:32,520 --> 00:00:35,960 Speaker 1: cold months in Ukraine. Michael barn More Ahead, I'm tryn 11 00:00:36,000 --> 00:00:38,559 Speaker 1: Stash and sports Mike White led the Jets to an 12 00:00:38,560 --> 00:00:41,199 Speaker 1: easy win. The Knicks lost to Memphis than nets be 13 00:00:41,360 --> 00:00:48,040 Speaker 1: Portland's That's all Straded Ahead on Bloomberg Daybreak on Bloomberg 14 00:00:48,120 --> 00:00:52,000 Speaker 1: eleven three on New York, Bloomberg one, Washington, d C, 15 00:00:52,479 --> 00:00:56,000 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and 16 00:00:56,120 --> 00:01:00,000 Speaker 1: Francisco Sirius x M one nine Team and around the World. 17 00:01:00,000 --> 00:01:03,080 Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg 18 00:01:03,120 --> 00:01:10,560 Speaker 1: Business Act. Good Monday Morning, I'm Any Morris and Nathan 19 00:01:10,600 --> 00:01:13,600 Speaker 1: Hagar futures are on the decline this morning. We are 20 00:01:13,640 --> 00:01:15,399 Speaker 1: coming up to five oh one on Wall Street, and 21 00:01:15,400 --> 00:01:18,120 Speaker 1: we checked the markets every fifteen minutes during the trading day. 22 00:01:18,160 --> 00:01:21,480 Speaker 1: On Bloomberg SP futures are down thirty eight points, are 23 00:01:21,520 --> 00:01:24,679 Speaker 1: nearly one percent down. Futures down two to thirty one points. 24 00:01:24,880 --> 00:01:27,480 Speaker 1: NASTAC futures are down a hundred thirty four points, a 25 00:01:27,560 --> 00:01:30,440 Speaker 1: drop of one point one percent. The docks in Germany 26 00:01:30,440 --> 00:01:32,800 Speaker 1: and CAC in Paris both down one percent. The foot 27 00:01:32,840 --> 00:01:35,880 Speaker 1: sea in London is down six tenths per cent. Comes 28 00:01:35,920 --> 00:01:37,920 Speaker 1: Gold is up four tenths per cent or six dollar 29 00:01:38,000 --> 00:01:43,240 Speaker 1: sixty cents at sevent Amy Nathan, we begin with unrest 30 00:01:43,319 --> 00:01:46,679 Speaker 1: in China. Protests are spreading after COVID rules were blamed 31 00:01:46,680 --> 00:01:49,520 Speaker 1: for hampering rescue efforts when a fire broke out in 32 00:01:49,600 --> 00:01:52,680 Speaker 1: an apartment block, killing ten people. We get more from 33 00:01:52,680 --> 00:01:57,680 Speaker 1: Bloomberg News managing editor m O'Brien, who saw what started 34 00:01:57,760 --> 00:02:02,760 Speaker 1: as digital push back against this horrific fire in a 35 00:02:02,880 --> 00:02:06,279 Speaker 1: Ronchi and Northwest China and an apartment block that people 36 00:02:06,320 --> 00:02:10,160 Speaker 1: that lead was locked out due to COVID controls. Peaceful 37 00:02:10,240 --> 00:02:14,120 Speaker 1: vigils sort of morphing into wider protests against people not 38 00:02:14,160 --> 00:02:17,760 Speaker 1: wanting to be taken away to quarantine cats, people pushing 39 00:02:17,800 --> 00:02:23,160 Speaker 1: back against PCR testing, tussling with COVID workers, and in 40 00:02:23,200 --> 00:02:27,040 Speaker 1: some cases pushing down testing boots in various cities. This 41 00:02:27,200 --> 00:02:31,400 Speaker 1: is spreading across different chatas of society and does show 42 00:02:32,400 --> 00:02:36,560 Speaker 1: no signs of abating. Bloomberg Exam O'Brien says these protests 43 00:02:36,639 --> 00:02:40,640 Speaker 1: marked the most significant challenges to Communist Party rule since 44 00:02:40,720 --> 00:02:43,519 Speaker 1: the Tianamen Square crisis more than thirty years ago. You 45 00:02:43,560 --> 00:02:46,600 Speaker 1: know the unrest in China is affecting global markets. Amy 46 00:02:46,680 --> 00:02:49,440 Speaker 1: stocks in Shenjen and Hong Kong fill more than one 47 00:02:49,480 --> 00:02:52,800 Speaker 1: percent overnight. We get the recap from Bloomberg's Juliet Sally 48 00:02:52,880 --> 00:02:55,440 Speaker 1: in Singapore, Good Morning Morning, Nathan, and Amy. Chinese shares 49 00:02:55,520 --> 00:02:57,639 Speaker 1: listened in Hong Kong led the declines in the region, 50 00:02:57,639 --> 00:03:00,320 Speaker 1: while those on the mainland also came under pressure. The 51 00:03:00,400 --> 00:03:02,600 Speaker 1: on show You undropped as much as one percent against 52 00:03:02,639 --> 00:03:05,320 Speaker 1: the green back before trimming. Some of those losses brought 53 00:03:05,360 --> 00:03:07,680 Speaker 1: to stocks in Taiwan were hurt by the ruling parties 54 00:03:07,720 --> 00:03:12,160 Speaker 1: resounding defeating islandwide local elections and elsewhere. When Macau and 55 00:03:12,360 --> 00:03:15,960 Speaker 1: MGM China surge, leading gains among the six Macau casino 56 00:03:16,040 --> 00:03:19,639 Speaker 1: operators that were rewarded new licenses to continue running their 57 00:03:19,680 --> 00:03:24,119 Speaker 1: business in the gambling hub in Singapore. Juliette Sally Bloomberg Daybreak, 58 00:03:24,440 --> 00:03:27,160 Speaker 1: All right, thanks juliet The rare protests in China prompting 59 00:03:27,200 --> 00:03:30,600 Speaker 1: investors to rethink bets on the country after jumping back 60 00:03:30,639 --> 00:03:33,359 Speaker 1: in on hopes of a reopening. Mark Mobius, the founder 61 00:03:33,400 --> 00:03:36,760 Speaker 1: of Mobius Capital Partners, tells Bloomberg he does not expect 62 00:03:36,760 --> 00:03:40,080 Speaker 1: the demonstrations to end peacefully. It's clear to me that 63 00:03:40,400 --> 00:03:44,120 Speaker 1: she cannot tolerate any protests, so there will be a 64 00:03:44,240 --> 00:03:48,480 Speaker 1: very tough crackdown on any protesters. More people will be arrested, 65 00:03:48,920 --> 00:03:52,480 Speaker 1: and they will probably go further in terms of control. 66 00:03:52,960 --> 00:03:56,000 Speaker 1: Those comments from Mark Mobias come as Goldman Sack's economists 67 00:03:56,000 --> 00:03:59,120 Speaker 1: say they now see subchance of a disorderly exit from 68 00:03:59,160 --> 00:04:02,560 Speaker 1: COVID zero China, and now Dr Anthony Fauci is making 69 00:04:02,560 --> 00:04:05,880 Speaker 1: a rare moove of publicly criticizing China's COVID zero policy. 70 00:04:06,000 --> 00:04:08,320 Speaker 1: We get that part of the story from Bloomberg Zad Baxter. 71 00:04:08,760 --> 00:04:12,120 Speaker 1: Dr Fauci says he's been puzzled all along about China's 72 00:04:12,160 --> 00:04:15,360 Speaker 1: overall COVID strategy. It seems that in China it was 73 00:04:15,520 --> 00:04:19,960 Speaker 1: just a very very strict, extraordinary lockdown. We lock people 74 00:04:20,000 --> 00:04:23,800 Speaker 1: in the house, but without any seemingly endgame to it. 75 00:04:24,000 --> 00:04:26,680 Speaker 1: And Dr Fauci and NBC has heard on Bloomberg says 76 00:04:26,680 --> 00:04:30,480 Speaker 1: he also doesn't understand why China relied on vaccines solely 77 00:04:30,520 --> 00:04:34,360 Speaker 1: manufactured in China. In San Francisco, I'm at Baxter, Bloomberg, 78 00:04:34,400 --> 00:04:36,799 Speaker 1: Gay break right, thank you. Add the turmoil in China 79 00:04:36,839 --> 00:04:39,840 Speaker 1: having an impact on Apple and production capacity for its 80 00:04:39,839 --> 00:04:42,719 Speaker 1: flagship product. We get the latest on that now live 81 00:04:42,800 --> 00:04:45,880 Speaker 1: with Bloomberg. Steve Rappaport, Good morning Steve, Good morning, Amy, 82 00:04:45,920 --> 00:04:48,520 Speaker 1: and Nathan. Apple is looking at a shortfall of nearly 83 00:04:48,600 --> 00:04:51,520 Speaker 1: six million iPhone Pro units this year because of problems 84 00:04:51,520 --> 00:04:54,279 Speaker 1: at a key manufacturing hub. The plant has been plagued 85 00:04:54,320 --> 00:04:58,480 Speaker 1: by lockdowns and worker unrest following violent protests against pandemic restrictions. 86 00:04:58,680 --> 00:05:01,360 Speaker 1: Thousands of workers fled in October, and the people who 87 00:05:01,360 --> 00:05:05,560 Speaker 1: replaced them quickly rebelled against pay and quarantine rules. The facility, 88 00:05:05,600 --> 00:05:08,560 Speaker 1: operated by fox Con Technology Group, produces some of Apple's 89 00:05:08,600 --> 00:05:12,080 Speaker 1: most in demand headsets. Apple and fox Con reportedly expect 90 00:05:12,080 --> 00:05:14,760 Speaker 1: to make up production losses next year. Live in New York, 91 00:05:14,800 --> 00:05:17,880 Speaker 1: I'm Steve Rappaport, Bloomberg day Break. Okay, Steve. Thanks. The 92 00:05:17,920 --> 00:05:21,080 Speaker 1: protests are also having an impact on commodities. This morning, 93 00:05:21,120 --> 00:05:24,239 Speaker 1: oil is trading at its lowest level in almost a year. 94 00:05:24,680 --> 00:05:27,880 Speaker 1: Checking prices now, nimex screws down three per cent or 95 00:05:27,920 --> 00:05:30,920 Speaker 1: two dollars thirty cents seventy three dollars ninety nine cents 96 00:05:30,920 --> 00:05:33,120 Speaker 1: a barrel. Brent is down three point one per cent 97 00:05:33,160 --> 00:05:36,320 Speaker 1: at eighty one dollar six cents. Nathan Becker in the 98 00:05:36,400 --> 00:05:38,039 Speaker 1: U s it will be a busy week for US 99 00:05:38,120 --> 00:05:41,640 Speaker 1: economic data, kept by the monthly jobs report for November. 100 00:05:41,680 --> 00:05:45,719 Speaker 1: Bloomberg's Viney Delgdis reports economy s eight December payroll growth 101 00:05:45,720 --> 00:05:48,880 Speaker 1: will probably fall short of November's gaining two hundred sixty 102 00:05:48,920 --> 00:05:52,839 Speaker 1: one thousand. US unemployment could match the top November Street point. 103 00:05:54,000 --> 00:05:57,400 Speaker 1: Technology firms cut jobs and rising interest rates trim the 104 00:05:57,440 --> 00:06:01,040 Speaker 1: economy's growth rate. Meantime, the Federal Serve will release it's 105 00:06:01,080 --> 00:06:04,560 Speaker 1: Base Book Economic Survey, which will provide anecdotal reports on 106 00:06:04,680 --> 00:06:09,000 Speaker 1: US business activity, including hiring, among other reports. This week, 107 00:06:09,120 --> 00:06:11,640 Speaker 1: the I S M s Factory Index, a key parameter 108 00:06:11,960 --> 00:06:16,760 Speaker 1: of the American manufacturing outlook. Bloom Break day break alright, Vinnie, Thanks, 109 00:06:16,760 --> 00:06:19,320 Speaker 1: And perhaps the biggest event on this week's economic calendar 110 00:06:19,400 --> 00:06:22,760 Speaker 1: comes Wednesday. That's when FED Chair J. Powell delivers a 111 00:06:22,839 --> 00:06:25,919 Speaker 1: speech in Washington. Powell's expected to set the stage for 112 00:06:26,080 --> 00:06:28,960 Speaker 1: slowing interest rate hikes. At the same time, he'll remind 113 00:06:28,960 --> 00:06:32,240 Speaker 1: Americans that the fight against inflation will run into next year. 114 00:06:32,400 --> 00:06:35,760 Speaker 1: Bloomberg Radio and Television will bring you powell speech live again. 115 00:06:35,800 --> 00:06:39,000 Speaker 1: It's on Wednesday at around one thirty pm Wall Street time. 116 00:06:39,279 --> 00:06:42,479 Speaker 1: And the holiday shopping season continues today with Cyber Monday. 117 00:06:42,600 --> 00:06:46,080 Speaker 1: Retailers saw modest growth over the Black Friday weekend, according 118 00:06:46,120 --> 00:06:50,039 Speaker 1: to data compiled by Censormatic Solutions, and store traffic picked 119 00:06:50,080 --> 00:06:52,360 Speaker 1: up two point nine percent at brick and mortar retailers 120 00:06:52,360 --> 00:06:56,880 Speaker 1: over deep discounts reportedly lured shoppers seeking a break from 121 00:06:56,960 --> 00:07:00,840 Speaker 1: inflation and SMP futures again down thirties seven points now, 122 00:07:00,920 --> 00:07:03,760 Speaker 1: DAL futures down two D twenty six, NASTAC futures down 123 00:07:03,760 --> 00:07:06,960 Speaker 1: a hundred one. The tenure Treasury is up five thirty 124 00:07:06,960 --> 00:07:09,520 Speaker 1: seconds yield three point six five percent yield on the 125 00:07:09,560 --> 00:07:12,280 Speaker 1: two year four point four or four percent, and again 126 00:07:12,320 --> 00:07:14,840 Speaker 1: I'm ex screwed is down three percent, seventy three dollars 127 00:07:14,920 --> 00:07:17,560 Speaker 1: ninety seven cents of barrel local headlines in a check 128 00:07:17,560 --> 00:07:23,960 Speaker 1: of sports. Next, this is Bloomberg. All right, thank you, Nathan, 129 00:07:24,000 --> 00:07:26,280 Speaker 1: five oh seven on Wall Street. Now, let's bringing Michael 130 00:07:26,280 --> 00:07:28,320 Speaker 1: Barr with war and what's going on in New York 131 00:07:28,320 --> 00:07:31,000 Speaker 1: and around the world. Good morning, Michael, Good morning. Aiming, 132 00:07:31,080 --> 00:07:34,040 Speaker 1: a white gunman who targeted a Buffalo supermarket in a 133 00:07:34,120 --> 00:07:38,000 Speaker 1: predominantly black neighborhood, plans to plead guilty today on state 134 00:07:38,120 --> 00:07:41,920 Speaker 1: charges and killing ten people and wounding three others. Peyton Gendron, 135 00:07:41,920 --> 00:07:44,680 Speaker 1: who is nineteen, is scheduled to appear in Erie County 136 00:07:44,760 --> 00:07:47,440 Speaker 1: Court for a hearing now was postponed for a week 137 00:07:47,520 --> 00:07:51,280 Speaker 1: by a snowstorm. The twenty five count grand jury indictment 138 00:07:51,320 --> 00:07:55,080 Speaker 1: includes charges of murder and domestic terrorism motivated by hate, 139 00:07:55,080 --> 00:07:58,600 Speaker 1: which carries an automatic life sentence of on conviction. Gendron 140 00:07:58,640 --> 00:08:02,360 Speaker 1: also faces charges were separate federal hate crimes that could 141 00:08:02,400 --> 00:08:06,080 Speaker 1: result in a death sentence if he is convicted. Ukraine 142 00:08:06,120 --> 00:08:09,160 Speaker 1: is suffering of power crisis after Russian strikes on its 143 00:08:09,200 --> 00:08:12,960 Speaker 1: power grid. The capital Kieva as covenant snow as temperatures 144 00:08:12,960 --> 00:08:16,800 Speaker 1: fall below freezing across the country. Electricity has been restored 145 00:08:16,840 --> 00:08:20,040 Speaker 1: to most areas in at least a limited capacity for 146 00:08:20,080 --> 00:08:23,440 Speaker 1: just hours in the day. Meanwhile, the congressman who would 147 00:08:23,520 --> 00:08:27,800 Speaker 1: chair the House Intelligence Committee when the GOP passes the 148 00:08:27,880 --> 00:08:32,680 Speaker 1: majority in Congress in January says rumors that Republicans will 149 00:08:32,720 --> 00:08:36,560 Speaker 1: pull back congressional support of Ukraine are not true. Mike 150 00:08:36,600 --> 00:08:39,600 Speaker 1: Turner of Ohio says, though the GOP led House will 151 00:08:39,640 --> 00:08:43,400 Speaker 1: pass eight to Ukraine as standalone measures, we don't need 152 00:08:43,440 --> 00:08:46,400 Speaker 1: to pass forty billion dollar large Democrat bills that have 153 00:08:46,480 --> 00:08:49,560 Speaker 1: been being passed to send eight billion dollars to Ukraine. 154 00:08:50,120 --> 00:08:53,040 Speaker 1: And the GOP congressman who will become chair of the 155 00:08:53,080 --> 00:08:56,720 Speaker 1: House Foreign Affairs Committee, Michael McCall, says he will support 156 00:08:56,760 --> 00:09:00,120 Speaker 1: giving longer range missiles to Ukraine if we lose in 157 00:09:00,120 --> 00:09:03,560 Speaker 1: the Ukraine. Chairman Cheese, look at Taiwan and the toll 158 00:09:03,679 --> 00:09:06,840 Speaker 1: is already all in with Russia and China in this fight, 159 00:09:07,240 --> 00:09:09,760 Speaker 1: and Kim John nowt now is providing artillery shells to 160 00:09:10,440 --> 00:09:14,720 Speaker 1: uh touch Russia to fight the Ukrainians. McConell of Texas 161 00:09:14,880 --> 00:09:17,800 Speaker 1: and Congressman Turner spoke on a d c S this week, 162 00:09:17,960 --> 00:09:20,400 Speaker 1: which can be hear at Sundays on Bloomberg. Many of 163 00:09:20,440 --> 00:09:24,120 Speaker 1: Donald Trump's potential four rivals and some top Republicans have 164 00:09:24,240 --> 00:09:27,640 Speaker 1: fallen silent on the former president's dinner with a notorious 165 00:09:27,640 --> 00:09:31,840 Speaker 1: white supremacist. Trump's impromptu dinner with Nick Fluentez at Mara 166 00:09:31,960 --> 00:09:35,480 Speaker 1: Lago last week has drawn condemnation from only a handful 167 00:09:35,520 --> 00:09:39,680 Speaker 1: of Republicans, while most side stepped the matter or said nothing. However, 168 00:09:39,720 --> 00:09:43,600 Speaker 1: Republican Representative James Comer Kentucky was critical of the dinner. Well, 169 00:09:43,640 --> 00:09:47,160 Speaker 1: he certainly needs better judgment and who he dies with. 170 00:09:47,520 --> 00:09:50,960 Speaker 1: Along with Representative Coma, former New Jersey Governor Chris Christie 171 00:09:51,200 --> 00:09:53,400 Speaker 1: was also critical of Trump for putting out a plate 172 00:09:53,440 --> 00:09:56,560 Speaker 1: for Fluintes Global News twenty four hours a day on 173 00:09:56,640 --> 00:09:59,160 Speaker 1: air and on Bloomberg Quick Take, powered by more than 174 00:10:00,040 --> 00:10:02,319 Speaker 1: journalist analyst for more than a hundred twenty countries. I'm 175 00:10:02,320 --> 00:10:05,120 Speaker 1: Michael bar this is Bloomberg. Amy. All right, thank you, Michael. 176 00:10:07,400 --> 00:10:09,439 Speaker 1: Time now for the sports report brought to you by 177 00:10:09,480 --> 00:10:12,480 Speaker 1: Try Stay OUTI here's John stash Our says, I have 178 00:10:12,559 --> 00:10:15,000 Speaker 1: to say the Jets much talked about decision to vent 179 00:10:15,160 --> 00:10:18,240 Speaker 1: quarterback Zach Wilson, replaced him with Mike White. Was a 180 00:10:18,440 --> 00:10:21,000 Speaker 1: rousing success. White lead the Jets right down the field 181 00:10:21,000 --> 00:10:23,640 Speaker 1: first possession to a touchdown past the rookie Garrett Wilson's 182 00:10:23,679 --> 00:10:27,320 Speaker 1: second quarter, they hooked up again back to throw, looks 183 00:10:27,320 --> 00:10:32,079 Speaker 1: over the middle, proof what it is? Wilson, thanks a man. 184 00:10:32,120 --> 00:10:34,400 Speaker 1: This at the thirties splits light to the twenty to 185 00:10:34,679 --> 00:10:45,240 Speaker 1: fifteen ten five touchscown Wilson yard touchdown on ESPN. New 186 00:10:45,280 --> 00:10:47,240 Speaker 1: York Jets went on to beat the Bears in the 187 00:10:47,320 --> 00:10:49,520 Speaker 1: rain of MetLife thirty one to ten a week ago. 188 00:10:49,600 --> 00:10:52,360 Speaker 1: Wilson in New England nine of twenty two seventy seven 189 00:10:52,400 --> 00:10:55,680 Speaker 1: yards at QB reading a fifty one White twenty two 190 00:10:55,720 --> 00:10:58,679 Speaker 1: of three hundred and fifteen yards three TVs and a 191 00:10:58,760 --> 00:11:01,680 Speaker 1: rating of one forty nine. The Jets offense that had 192 00:11:01,880 --> 00:11:04,520 Speaker 1: a hundred three yards last week had four hundred and 193 00:11:04,559 --> 00:11:07,360 Speaker 1: sixty six. Two games went overtime. Cleveland be Tampa Bay 194 00:11:07,520 --> 00:11:10,240 Speaker 1: is now five and six, but somehow still in first place. 195 00:11:10,280 --> 00:11:12,960 Speaker 1: The Raiders won in Seattle on a Josh Jacob's eighties 196 00:11:12,960 --> 00:11:15,160 Speaker 1: six yard touchdown run. He had over three hundred all 197 00:11:15,160 --> 00:11:18,280 Speaker 1: purpose yards. The Chargers went for two rather than the 198 00:11:18,320 --> 00:11:21,199 Speaker 1: extra point to time they wanted. Arizona and Jacksonville did 199 00:11:21,200 --> 00:11:24,760 Speaker 1: the same thing to upset Baltimore. Last night, Philadelphia went 200 00:11:24,800 --> 00:11:27,520 Speaker 1: to ten and one in Green Bay forty to thirty 201 00:11:27,520 --> 00:11:29,400 Speaker 1: three at the Garden Knicks Rally fourth quarter to take 202 00:11:29,440 --> 00:11:31,800 Speaker 1: the lead by Memphis pulled it out one seven, one 203 00:11:31,880 --> 00:11:34,920 Speaker 1: twenty three. John Morant twenty seven points of triple double. 204 00:11:35,000 --> 00:11:37,200 Speaker 1: Jalen Brunson led the Knicks with thirty, but he missed 205 00:11:37,200 --> 00:11:39,760 Speaker 1: two shots in the last ten seconds. Then at speed 206 00:11:39,840 --> 00:11:43,199 Speaker 1: Portland at Barkley's one eleven nineties seven, John stash Allart 207 00:11:43,200 --> 00:11:46,280 Speaker 1: Bloomberg Sports teaming all right, thank you, John. Features a 208 00:11:46,360 --> 00:11:49,559 Speaker 1: lower SMP features down thirty five point, stal features down 209 00:11:49,600 --> 00:11:53,160 Speaker 1: two hundred two points, nastat features down one hundred twenty 210 00:11:53,200 --> 00:11:56,400 Speaker 1: four points. Pen your treasury up five thirty seconds, the 211 00:11:56,480 --> 00:11:59,880 Speaker 1: yield at three point six five percent. Much more still 212 00:11:59,920 --> 00:12:02,440 Speaker 1: to come on this Monday morning edition of Bloomberg day Break. 213 00:12:02,600 --> 00:12:08,840 Speaker 1: This is Bloomberg. The Bloomberg Sports Report was brought to you. 214 00:12:08,920 --> 00:12:11,120 Speaker 1: Buy Outie, Don't let someone else drive off in the 215 00:12:11,120 --> 00:12:13,840 Speaker 1: outie model you've always wanted. Visit your local try state 216 00:12:13,880 --> 00:12:15,720 Speaker 1: Autie Dealer to get behind the wheel of yours today, 217 00:12:15,800 --> 00:12:22,560 Speaker 1: or visit autie Offers dot com for more information, markets, 218 00:12:22,640 --> 00:12:25,760 Speaker 1: headlines and breaking news twenty four hours a day at 219 00:12:25,760 --> 00:12:29,160 Speaker 1: Bloomberg dot com, the Bloomberg Business at and at Bloomberg 220 00:12:29,240 --> 00:12:38,600 Speaker 1: Quick Tape. This is a Bloomberg Business Flash, im Nathan Hager. 221 00:12:38,679 --> 00:12:41,240 Speaker 1: Stocks are falling around the world is growing. Unrest in 222 00:12:41,360 --> 00:12:44,880 Speaker 1: China over COVID restriction sends a shiver through global markets. 223 00:12:45,040 --> 00:12:48,000 Speaker 1: We check those every fifteen minutes during the trading day 224 00:12:48,000 --> 00:12:51,400 Speaker 1: on Bloomberg. SMP futures right now are down thirty six points, 225 00:12:51,400 --> 00:12:54,480 Speaker 1: STOUT futures down two NASTACK futures are lower by a 226 00:12:54,520 --> 00:12:57,160 Speaker 1: hundred twenty seven points. The acts in Germany is down 227 00:12:57,200 --> 00:12:59,640 Speaker 1: one point one percent. The CAT in Paris is lowered 228 00:12:59,679 --> 00:13:02,360 Speaker 1: by nine tenths of one percent ten. Your Treasury is 229 00:13:02,400 --> 00:13:04,880 Speaker 1: up three thirty seconds deal three point six six percent 230 00:13:04,960 --> 00:13:07,360 Speaker 1: yield on the two year four point four four percent. 231 00:13:07,760 --> 00:13:10,080 Speaker 1: Nimex Screwed is down two point nine percent or two 232 00:13:10,120 --> 00:13:12,559 Speaker 1: dollars ninenteen cents at seventy four dollars ten cents of 233 00:13:12,679 --> 00:13:15,240 Speaker 1: Errol Comics Gold is up four tenths per cent or 234 00:13:15,240 --> 00:13:18,079 Speaker 1: seven dollars fifty cents higher at seventeen seventy six thirty 235 00:13:18,080 --> 00:13:20,640 Speaker 1: and ounce the Euro one point zero four six two 236 00:13:20,679 --> 00:13:23,120 Speaker 1: against the dollar British pound one point two zero nine eight. 237 00:13:23,400 --> 00:13:25,680 Speaker 1: The end is at one thirty seven point six five. 238 00:13:25,960 --> 00:13:28,480 Speaker 1: Bitcoins down two and a quarter percent at sixteen thousand, 239 00:13:28,480 --> 00:13:31,240 Speaker 1: two undred dollars. That's a Bloomberg business slash. Now here's 240 00:13:31,280 --> 00:13:33,400 Speaker 1: Michael Barr with more on what's going on around the 241 00:13:33,400 --> 00:13:36,520 Speaker 1: world the morning. Michael, Good Morning. Nathan. Jenny's authorities have 242 00:13:36,640 --> 00:13:40,000 Speaker 1: these anti virus rules and standard areas, but affirm there's 243 00:13:40,040 --> 00:13:44,760 Speaker 1: severe zero COVID strategy after crowns demanded President Shi jing 244 00:13:44,800 --> 00:13:49,000 Speaker 1: Ping resigned during protests against controls that can find millions 245 00:13:49,000 --> 00:13:51,560 Speaker 1: of people to their homes. The protests are the most 246 00:13:51,559 --> 00:13:55,160 Speaker 1: widespread display of opposition to the ruling Communist party in decades. 247 00:13:55,760 --> 00:13:58,839 Speaker 1: Americans ignored any inflation and recession fears to start in 248 00:13:58,920 --> 00:14:02,679 Speaker 1: holiday shopping this weekend. A record nine billion dollars was 249 00:14:02,760 --> 00:14:06,280 Speaker 1: spent on Black Friday, up more than two percent. How 250 00:14:06,280 --> 00:14:10,080 Speaker 1: many retailers are offering deals today for Cyber Monday. In 251 00:14:10,120 --> 00:14:13,600 Speaker 1: the NFL, the Jets Commanders and the Forts one the 252 00:14:13,720 --> 00:14:16,800 Speaker 1: Ravens lost in the World Cup and cutter right now, 253 00:14:16,960 --> 00:14:20,200 Speaker 1: Cameroon in Serbia are in a squirreless tie. Yesterday Morocco 254 00:14:20,520 --> 00:14:25,080 Speaker 1: the Belgium to nil, Croatia down Canada for One Global 255 00:14:25,120 --> 00:14:27,880 Speaker 1: News twenty four hours a day on airand on Bloomberg 256 00:14:27,960 --> 00:14:31,640 Speaker 1: Quick Take, powered by more than hundred journalists and analysts 257 00:14:31,760 --> 00:14:33,960 Speaker 1: in more than a hundred twenty countries. I'm MICHAELA bar 258 00:14:34,080 --> 00:14:36,880 Speaker 1: This is Bloomberg Gaming all right, Thank you, Michael. It 259 00:14:37,080 --> 00:14:39,800 Speaker 1: is five twenty on Wall Street Live from the Bloomberg 260 00:14:39,800 --> 00:14:43,600 Speaker 1: Interactive Brokers studios. This is Bloomberg Daybreak. We're joined now 261 00:14:43,640 --> 00:14:46,920 Speaker 1: by Managing director Lori Calviasina ahead of US Equity at 262 00:14:47,000 --> 00:14:50,200 Speaker 1: RBC Capital Markets. Lori, good morning to you. Thank you 263 00:14:50,200 --> 00:14:52,720 Speaker 1: for taking the time with us this morning. I wanted 264 00:14:52,760 --> 00:14:55,680 Speaker 1: to start out our interview today talking about the protests 265 00:14:55,680 --> 00:14:58,200 Speaker 1: in China. If you could talk about what you might 266 00:14:58,360 --> 00:15:01,960 Speaker 1: see in that market reaction. Sure, well, thanks for having 267 00:15:01,960 --> 00:15:04,440 Speaker 1: me as always Amy. Um. Look, I think it's interesting 268 00:15:04,480 --> 00:15:06,560 Speaker 1: this is a day we'd normally be talking about Black 269 00:15:06,600 --> 00:15:09,080 Speaker 1: Friday and the consumer and instead we're talking about your 270 00:15:09,120 --> 00:15:11,520 Speaker 1: political risk. Um. And I do think you know if 271 00:15:11,560 --> 00:15:13,240 Speaker 1: you if you think about, you know, sort of the 272 00:15:13,360 --> 00:15:15,480 Speaker 1: the trajectory that markets have been on. We've been on 273 00:15:15,520 --> 00:15:17,480 Speaker 1: a bit of a terror since mid October, but we 274 00:15:17,560 --> 00:15:20,080 Speaker 1: have been following the two thousand two pass all year 275 00:15:20,120 --> 00:15:22,640 Speaker 1: in the SMP five hundreds, and this is about the 276 00:15:22,680 --> 00:15:25,080 Speaker 1: point in time back you know too that equity markets 277 00:15:25,080 --> 00:15:27,800 Speaker 1: peaked and started to trade lower UM. So it's sort 278 00:15:27,840 --> 00:15:31,120 Speaker 1: of a precarious time for the rally to begin with UM. 279 00:15:31,120 --> 00:15:33,080 Speaker 1: But I do think, you know, these are real concerns 280 00:15:33,120 --> 00:15:35,480 Speaker 1: because part of that big move that we saw off 281 00:15:35,520 --> 00:15:39,080 Speaker 1: the October loaves was driven by excitement over China reopening UM. 282 00:15:39,080 --> 00:15:41,120 Speaker 1: There's also been a lot of excitement you know on 283 00:15:41,160 --> 00:15:43,640 Speaker 1: any supply chain indicator you can look at saying that 284 00:15:43,680 --> 00:15:46,920 Speaker 1: things are starting to get better. So I think that complicates, 285 00:15:46,960 --> 00:15:48,920 Speaker 1: you know, what we're dealing with today. One is just 286 00:15:48,960 --> 00:15:51,440 Speaker 1: another element of uncertainty for markets to deal with at 287 00:15:51,440 --> 00:15:54,119 Speaker 1: a precarious time. And it also just challenge that reopening 288 00:15:54,560 --> 00:15:57,520 Speaker 1: UH improving in the global economy and supply chain thesis 289 00:15:57,560 --> 00:16:00,760 Speaker 1: that had been powering this rally of late, because this 290 00:16:00,840 --> 00:16:03,280 Speaker 1: is an ongoing uncertainty when it comes to China. Has 291 00:16:03,320 --> 00:16:07,120 Speaker 1: this already been baked into the forecast. I don't think so. 292 00:16:07,240 --> 00:16:09,200 Speaker 1: I think that this is something new and you can 293 00:16:09,240 --> 00:16:11,840 Speaker 1: see the reaction in futures this morning, or the mat 294 00:16:11,920 --> 00:16:13,840 Speaker 1: back futures which have been you know, sort of risk 295 00:16:13,920 --> 00:16:16,320 Speaker 1: on risk off trade of late UM have been getting 296 00:16:16,400 --> 00:16:18,440 Speaker 1: hit a little bit more. UM. You know, at the 297 00:16:18,520 --> 00:16:21,160 Speaker 1: end of the day. UM. There is always some uncertainty 298 00:16:21,160 --> 00:16:23,400 Speaker 1: associated with China. But I do think decision is sort 299 00:16:23,400 --> 00:16:25,760 Speaker 1: of giving the bowls over the last few weeks or 300 00:16:25,800 --> 00:16:27,760 Speaker 1: so a bit of a blow to you know, the 301 00:16:27,760 --> 00:16:31,520 Speaker 1: thesis that had been had been playing out in markets. Now, 302 00:16:31,600 --> 00:16:33,440 Speaker 1: let's turn to the Fed, if we could. Fed Chair 303 00:16:33,520 --> 00:16:36,280 Speaker 1: Jerome pal this week expected to indicate that the Reserve 304 00:16:36,360 --> 00:16:39,960 Speaker 1: is going to slow its space of interest rate increases, uh, 305 00:16:40,080 --> 00:16:42,680 Speaker 1: probably starting next to month. Now, he is expected to 306 00:16:42,680 --> 00:16:46,040 Speaker 1: speak on Wednesday Bloomberg Radio and Television. We'll bring you 307 00:16:46,080 --> 00:16:48,960 Speaker 1: that speech live around one thirty pm Wall Street time 308 00:16:48,960 --> 00:16:50,840 Speaker 1: on Wednesday. But Laura, I want to ask you what 309 00:16:50,880 --> 00:16:54,000 Speaker 1: you're going to be looking for in that speech. So 310 00:16:54,080 --> 00:16:56,160 Speaker 1: it's interesting. I mean, there are quite a few freed 311 00:16:56,240 --> 00:16:58,440 Speaker 1: speakers out this week, and that's one of the you know, 312 00:16:58,520 --> 00:17:00,720 Speaker 1: things that we have highlighted and just needed to look 313 00:17:00,760 --> 00:17:02,560 Speaker 1: for a few weeks back when we were talking about 314 00:17:02,600 --> 00:17:05,119 Speaker 1: the outlook through you're in. UM, it's just the idea 315 00:17:05,160 --> 00:17:07,280 Speaker 1: that we can't imagine that the set is too happy 316 00:17:07,440 --> 00:17:11,080 Speaker 1: at the rally that's happened off the mid October lows. UM. 317 00:17:11,160 --> 00:17:13,160 Speaker 1: So we are going to be looking, you know, obviously 318 00:17:13,200 --> 00:17:16,359 Speaker 1: for any change in tone. UM. I have had some investors, 319 00:17:16,400 --> 00:17:18,200 Speaker 1: you know, say to me directly like, how much does 320 00:17:18,240 --> 00:17:20,520 Speaker 1: the Fed want to see the labor market deteriorate before 321 00:17:20,560 --> 00:17:22,360 Speaker 1: they'll back off. That was sort of before the last 322 00:17:22,359 --> 00:17:25,080 Speaker 1: PPI trenant we got that comment, UM. But I do 323 00:17:25,200 --> 00:17:27,520 Speaker 1: think just clues on how the set is thinking about 324 00:17:27,520 --> 00:17:30,240 Speaker 1: the labor backdrop, we're gonna be pivotal. I do think 325 00:17:30,280 --> 00:17:33,400 Speaker 1: investors have been baking in a slowdown in rate increases. 326 00:17:33,440 --> 00:17:35,679 Speaker 1: I think that's something that has been helping propel the 327 00:17:35,680 --> 00:17:38,240 Speaker 1: market higher of late. UM. But we do think there's 328 00:17:38,280 --> 00:17:40,520 Speaker 1: a risk of not just Powell but other said speakers, 329 00:17:40,520 --> 00:17:43,520 Speaker 1: of trying to talk the market down, UM, you know, 330 00:17:43,600 --> 00:17:46,000 Speaker 1: just to help contain financial conditions and allow them to 331 00:17:46,000 --> 00:17:48,560 Speaker 1: take that pause. Okay, we're gonna watch that with you now. 332 00:17:48,600 --> 00:17:50,520 Speaker 1: In addition some of the other issues that have been 333 00:17:50,560 --> 00:17:52,199 Speaker 1: coming up, what are you seeing as far as some 334 00:17:52,240 --> 00:17:56,200 Speaker 1: of the best earning trends overall. You know, it's interesting, 335 00:17:56,359 --> 00:17:59,680 Speaker 1: it was. It was an interesting recording season. Um. They're 336 00:17:59,680 --> 00:18:01,240 Speaker 1: always to you to trickle in at the end, but 337 00:18:01,280 --> 00:18:04,000 Speaker 1: we're basically done, thankfully. UM. You know, I think that 338 00:18:04,040 --> 00:18:07,040 Speaker 1: earnings expectations did get cut. I don't think that they 339 00:18:07,040 --> 00:18:09,840 Speaker 1: got cut enough. And you know, probably my biggest takeaway 340 00:18:09,880 --> 00:18:12,719 Speaker 1: is that when companies were pressed on the three outlook, 341 00:18:12,960 --> 00:18:15,120 Speaker 1: they said, hey, get back to us in February, get 342 00:18:15,119 --> 00:18:16,520 Speaker 1: back to us in March. We're not going to talk 343 00:18:16,560 --> 00:18:18,840 Speaker 1: about that right now. UM. So I do think there's 344 00:18:18,840 --> 00:18:21,159 Speaker 1: another way of downward revisions that are coming in the 345 00:18:21,160 --> 00:18:24,119 Speaker 1: next reporting season when guidance is given for the year ahead, 346 00:18:24,160 --> 00:18:26,359 Speaker 1: cell side analysts will be forced to adjust their numbers 347 00:18:26,359 --> 00:18:28,840 Speaker 1: by then, if not before. UM. I think the other 348 00:18:28,880 --> 00:18:30,840 Speaker 1: thing that was interesting is that we were generally still 349 00:18:30,880 --> 00:18:33,840 Speaker 1: seeing beat rates are our beats on earnings, but the 350 00:18:33,840 --> 00:18:37,080 Speaker 1: pace of beats was slowing down um. And so it 351 00:18:37,160 --> 00:18:39,760 Speaker 1: did seem to me like a pretty rational reporting season. 352 00:18:39,960 --> 00:18:41,840 Speaker 1: Energy was one of the sectors that did well, and 353 00:18:41,840 --> 00:18:44,000 Speaker 1: as we sort of see commodity prices take a hit 354 00:18:44,520 --> 00:18:47,200 Speaker 1: um of late, just on some of these few political concerns. 355 00:18:47,200 --> 00:18:49,199 Speaker 1: You do have to wonder if that earnings resilience that 356 00:18:49,240 --> 00:18:51,560 Speaker 1: we're seeing from energy, how much longer that's gonna last. 357 00:18:51,960 --> 00:18:54,719 Speaker 1: A little less than a minute here, Laurie, you mentioned 358 00:18:54,720 --> 00:18:57,600 Speaker 1: Black Friday at the top of this interview. What struck 359 00:18:57,600 --> 00:19:00,240 Speaker 1: you on Black Friday this year? I mean, I think 360 00:19:00,240 --> 00:19:02,359 Speaker 1: what strikes me this morning is how few headlines I 361 00:19:02,359 --> 00:19:05,159 Speaker 1: see about see it on my Bloomgard terminal. It's just 362 00:19:05,200 --> 00:19:08,240 Speaker 1: not the point in conversation, um, you know. I think 363 00:19:08,240 --> 00:19:10,199 Speaker 1: that we will need to sort of start to hear 364 00:19:10,240 --> 00:19:12,399 Speaker 1: from the company's a little more detail about everything that 365 00:19:12,440 --> 00:19:14,600 Speaker 1: they saw. But in general, I think the idea that 366 00:19:14,640 --> 00:19:16,800 Speaker 1: the consumer is being a little bit more cautious, a 367 00:19:16,800 --> 00:19:20,120 Speaker 1: little bit more disturbing, um, but hasn't fallen off a cliff, um, 368 00:19:20,119 --> 00:19:22,280 Speaker 1: you know, is something that we're still continuing to see 369 00:19:22,280 --> 00:19:24,920 Speaker 1: in the news world that's coming out. Okay, Laurie, thank 370 00:19:24,920 --> 00:19:26,800 Speaker 1: you so much for taking the time with us this morning. 371 00:19:27,600 --> 00:19:30,760 Speaker 1: All right, Managing Director Laurie Calvins and ahead of US 372 00:19:30,800 --> 00:19:34,640 Speaker 1: equity at RBC Capital Markets now checking the markets. SMP 373 00:19:34,760 --> 00:19:38,800 Speaker 1: futures down thirty three points, DAL futures down one eight 374 00:19:38,960 --> 00:19:43,440 Speaker 1: six nastat futures down one ten year treasury of four 375 00:19:43,560 --> 00:19:46,679 Speaker 1: thirty seconds, the yield at three point six six percent, 376 00:19:46,760 --> 00:19:49,640 Speaker 1: the two year yield at four point for four percent. 377 00:19:49,960 --> 00:19:53,520 Speaker 1: Now i'm x crude down to now down three percent. 378 00:19:53,800 --> 00:19:57,080 Speaker 1: That's two dollars eighteen cents trading at seventy four ten 379 00:19:57,160 --> 00:19:59,159 Speaker 1: cents per barrel. Much more still to come on this 380 00:19:59,240 --> 00:20:07,760 Speaker 1: Monday morning at of Bloomberg Daybreak. This is Bloomberg. Bloomberg 381 00:20:07,800 --> 00:20:10,400 Speaker 1: Daybreak is brought to you by SEI. Built on advanced 382 00:20:10,400 --> 00:20:13,840 Speaker 1: technologies and fifty years of innovation, SEI offers asset Managers, 383 00:20:13,840 --> 00:20:17,400 Speaker 1: a comprehensive and flexible operations outsourcing platform. Go to se 384 00:20:17,400 --> 00:20:23,639 Speaker 1: i C dot com Slash Managers. Broadcasting live from the 385 00:20:23,760 --> 00:20:27,720 Speaker 1: Bloomberg Interactive Broker's studio in New York, Bloomberg E Living 386 00:20:27,800 --> 00:20:30,720 Speaker 1: free on to Washington, d C, Bloomberg ninety nine one 387 00:20:30,840 --> 00:20:34,680 Speaker 1: to Boston, Bloomberg one six one to San Francisco Bloomberg 388 00:20:34,680 --> 00:20:37,240 Speaker 1: and M sixteen to the country sirius XM to A 389 00:20:37,440 --> 00:20:40,400 Speaker 1: one nine team and around the globe the Bloomberg Business 390 00:20:40,400 --> 00:20:44,440 Speaker 1: APT and Bloomberg Radio dot com. This is Bloomberg Daybreak. 391 00:20:50,320 --> 00:20:52,760 Speaker 1: It's five thirty on Wall Street. Good morning, I'm Nathan Hagar, 392 00:20:53,000 --> 00:20:55,159 Speaker 1: I'm Amy Moore. As Bloomberg Daybreak is brought to you 393 00:20:55,200 --> 00:20:59,000 Speaker 1: by se I imagine your asset management firms operational infrastructure 394 00:20:59,000 --> 00:21:01,360 Speaker 1: as a competitive advance at it. Let see I tell 395 00:21:01,400 --> 00:21:03,520 Speaker 1: you how at se I C dot com slash I 396 00:21:03,640 --> 00:21:05,520 Speaker 1: m S. And we're just about four hours away from 397 00:21:05,520 --> 00:21:07,199 Speaker 1: the open of US trading. Let's get you up to 398 00:21:07,280 --> 00:21:08,840 Speaker 1: date on the news you need to know at this hour. 399 00:21:08,960 --> 00:21:13,320 Speaker 1: Starting with protests in China spreading nationwide. Citizens are pushing 400 00:21:13,359 --> 00:21:16,520 Speaker 1: back on President Shi Jin ping strict COVID zero rules 401 00:21:16,720 --> 00:21:19,040 Speaker 1: after they were blamed for hampering rescue efforts in a 402 00:21:19,119 --> 00:21:23,040 Speaker 1: deadly apartment fire. Bloomberg News Managing editor ma O'Brien says 403 00:21:23,080 --> 00:21:25,840 Speaker 1: it's the most significant challenge to the Chinese Communist Party 404 00:21:25,960 --> 00:21:32,040 Speaker 1: since Tianneman Square. You saw what started as digials pushback 405 00:21:32,080 --> 00:21:36,760 Speaker 1: against this horrific fire in Ronchi and northwest China, peaceful 406 00:21:36,840 --> 00:21:40,679 Speaker 1: vigils sort of morphing into wider protests against people not 407 00:21:40,760 --> 00:21:43,639 Speaker 1: wanting to be taken away to quarantine cats. This is 408 00:21:43,720 --> 00:21:48,159 Speaker 1: spreading across different chatas a society and does show no 409 00:21:48,440 --> 00:21:52,160 Speaker 1: signs of abaiting. Bloomberg Exama O'Brien says protesters are showing 410 00:21:52,200 --> 00:21:56,400 Speaker 1: their support online despite government surveillance. Protests in China, Nathan 411 00:21:56,440 --> 00:21:59,520 Speaker 1: are also having an impact on Apple's bottom line. Bloomberg 412 00:21:59,560 --> 00:22:02,440 Speaker 1: see We're Beport joining us now live with details. Stay 413 00:22:02,480 --> 00:22:04,840 Speaker 1: good morning, Good morning, Amy and Nathan. If all you 414 00:22:04,840 --> 00:22:07,600 Speaker 1: want for Christmas is that new iPhone, Santa can only 415 00:22:07,640 --> 00:22:10,119 Speaker 1: do so much, millions of people may not find one 416 00:22:10,200 --> 00:22:12,440 Speaker 1: under the tree this year because of production problems that 417 00:22:12,480 --> 00:22:15,719 Speaker 1: are manufacturing plant in China. Apple is reportedly looking at 418 00:22:15,760 --> 00:22:18,840 Speaker 1: a shortfall of nearly six million iPhone Pro units at 419 00:22:18,840 --> 00:22:22,080 Speaker 1: the plant operated by fox Con Technology Group. Workers there 420 00:22:22,080 --> 00:22:25,560 Speaker 1: are protesting pay and COVID nineteen restrictions. Production could fall 421 00:22:25,600 --> 00:22:29,120 Speaker 1: behind even further if COVID lockdowns continue. Apple and fox 422 00:22:29,200 --> 00:22:31,720 Speaker 1: Con expect to get caught up next year. Apple stock 423 00:22:31,800 --> 00:22:34,560 Speaker 1: is down nearly two percent in pre market trading Live 424 00:22:34,560 --> 00:22:37,639 Speaker 1: in New York. I'm Steve Rappaport Bloomberg Daybreak. All right, Steve, 425 00:22:37,680 --> 00:22:40,760 Speaker 1: thanks for the ongoing unrest is having wide market repercussions. 426 00:22:40,760 --> 00:22:43,159 Speaker 1: Stocks in China and Hong Kong fell more than one 427 00:22:43,200 --> 00:22:47,000 Speaker 1: percent overnight. Mark Mobia's, founder of Mobia's Capital Partners, tells Bloomberg. 428 00:22:47,000 --> 00:22:49,720 Speaker 1: He expects more short term losses and also has long 429 00:22:49,840 --> 00:22:53,080 Speaker 1: term concerns about China. The problem that I have is 430 00:22:53,160 --> 00:22:56,240 Speaker 1: from a longer term perspective, I'm talking about four or 431 00:22:56,280 --> 00:22:59,840 Speaker 1: five years is what our view is. What happens in 432 00:23:00,200 --> 00:23:04,080 Speaker 1: China decides to attack Taiwan, It's gonna be like Russia. 433 00:23:04,480 --> 00:23:06,879 Speaker 1: You know, all of the investments in China will be lost. 434 00:23:07,080 --> 00:23:09,680 Speaker 1: Mark Mavius with Movius Capital Partners tells us he does 435 00:23:09,720 --> 00:23:13,600 Speaker 1: not expect the current demonstrations to end peacefully, and protests 436 00:23:13,600 --> 00:23:16,640 Speaker 1: in China Nathan also having an impact on commodities markets, 437 00:23:16,640 --> 00:23:19,360 Speaker 1: with oil trading at its lowest level in almost a year. 438 00:23:19,720 --> 00:23:24,240 Speaker 1: Checking prices now, dimex crew down to per cent that's 439 00:23:24,280 --> 00:23:27,920 Speaker 1: two dollars six cents at seventy three cents per barrel, 440 00:23:28,280 --> 00:23:30,800 Speaker 1: and futures are moving lower as well. Straight ahead, we 441 00:23:30,840 --> 00:23:33,480 Speaker 1: have your latest local headlines in the check of Sports. 442 00:23:33,480 --> 00:23:40,399 Speaker 1: This is Bloomberge on Wall Street. We bring in Michael 443 00:23:40,400 --> 00:23:41,919 Speaker 1: bar with more on what else is going on in 444 00:23:41,920 --> 00:23:44,520 Speaker 1: New York and around the world. Good morning, Michael, Good 445 00:23:44,520 --> 00:23:47,160 Speaker 1: morning Amy. The team charged with shooting and killing ten 446 00:23:47,200 --> 00:23:50,399 Speaker 1: black people at a Buffalo, New York supermarket earlier this 447 00:23:50,520 --> 00:23:54,240 Speaker 1: year is expected to plead guilty today to state charges. 448 00:23:54,760 --> 00:23:57,560 Speaker 1: Peyton Gendrin is expected to plead guilty to at least 449 00:23:57,640 --> 00:24:00,840 Speaker 1: part of a twenty five count indictment that charged him 450 00:24:00,880 --> 00:24:04,439 Speaker 1: carrying out a domestic act of terrorism motivated by hate 451 00:24:04,800 --> 00:24:08,600 Speaker 1: and other charges. Prosecutors said it reflects the social media 452 00:24:08,680 --> 00:24:11,760 Speaker 1: posts and linked to the suspect that included the racist 453 00:24:11,760 --> 00:24:16,639 Speaker 1: conspiracy theory known as replacement. Devastating Russian strikes in Ukraine 454 00:24:16,640 --> 00:24:19,879 Speaker 1: have cut off power to many hospitals. Power outages have 455 00:24:20,000 --> 00:24:24,560 Speaker 1: strained and disrupted the country's health care system. The congressman 456 00:24:24,560 --> 00:24:27,320 Speaker 1: who will become chair of the House Intelligence Committee when 457 00:24:27,320 --> 00:24:31,359 Speaker 1: Republicans assume majority in January, Mike Turner, says that his 458 00:24:31,400 --> 00:24:35,840 Speaker 1: committee will turn away from investigations like the January six inquiry. 459 00:24:36,000 --> 00:24:39,080 Speaker 1: Turners says, instead, the company the committee will focus on 460 00:24:39,119 --> 00:24:41,800 Speaker 1: global security. Our committee is going to focus on national 461 00:24:41,840 --> 00:24:44,760 Speaker 1: scree and our adversaries. We have real adversaries where the 462 00:24:44,800 --> 00:24:47,840 Speaker 1: committee hasn't been focused Again. We do, need, to, however, 463 00:24:47,880 --> 00:24:51,280 Speaker 1: do oversight the intelligence community as to what they are doing, 464 00:24:51,320 --> 00:24:53,080 Speaker 1: and we will do that and will do it vigorously. 465 00:24:53,640 --> 00:24:56,480 Speaker 1: The Ohio representative appeared on a d c S this week, 466 00:24:56,560 --> 00:25:01,320 Speaker 1: which airs Sunday on Bloomberg. The pilot and passenger trapped 467 00:25:01,359 --> 00:25:05,880 Speaker 1: inside of playing dangling from power cables for hours in Gaithersburg, Maryland, 468 00:25:06,119 --> 00:25:09,720 Speaker 1: have finally been freed. The efforts to carefully extricate both 469 00:25:09,720 --> 00:25:13,600 Speaker 1: people took much of the night. Finally, rescuers overnight said 470 00:25:13,600 --> 00:25:16,879 Speaker 1: the occupants were sent to area hospitals with serious but 471 00:25:17,240 --> 00:25:20,680 Speaker 1: not believed to be life threatening injuries. Montgomery Fire Chief 472 00:25:20,720 --> 00:25:24,560 Speaker 1: Scott Goldstein. Each time, and we got and learned a 473 00:25:24,560 --> 00:25:27,200 Speaker 1: little bit more, a little additional part, which is how 474 00:25:27,200 --> 00:25:29,560 Speaker 1: we knew why we had to take the steps, so 475 00:25:29,600 --> 00:25:34,240 Speaker 1: we did slow, methodical and risk bace. Chief Goldstein says, 476 00:25:34,320 --> 00:25:37,359 Speaker 1: though tens of thousands of customers lost power in Maryland's 477 00:25:37,359 --> 00:25:40,760 Speaker 1: Montgomery County Global News twenty four hours a day on 478 00:25:40,880 --> 00:25:44,680 Speaker 1: air and on Bloomberg Quicktake power by more than twenty 479 00:25:44,840 --> 00:25:48,600 Speaker 1: seven hundred journalists and analysts in more than one hundred 480 00:25:48,600 --> 00:25:53,760 Speaker 1: twenty countries. Michael Barr and this is Bloomberg any all right, 481 00:25:53,800 --> 00:25:58,960 Speaker 1: thank you, Michael tell Now, but the sports report brought 482 00:25:58,960 --> 00:26:01,359 Speaker 1: to you by tri State out he here's John dash Holley. 483 00:26:01,400 --> 00:26:03,439 Speaker 1: All right, I mean, what a difference a week makes, 484 00:26:03,520 --> 00:26:05,680 Speaker 1: or maybe it's what a difference a quarterback can make. 485 00:26:05,720 --> 00:26:08,239 Speaker 1: After Zack Wilson struggles in New England, he was on 486 00:26:08,280 --> 00:26:11,480 Speaker 1: the Jets bench, not even in the uniform third string. 487 00:26:11,520 --> 00:26:15,479 Speaker 1: Mike White replaced him. Through three touchdown passes, the Jets 488 00:26:15,520 --> 00:26:31,920 Speaker 1: ice their victory on the grounds. Thirty two yard proken 489 00:26:32,040 --> 00:26:38,000 Speaker 1: tackles Stifford lead New York Toukstown on ESPN. New York 490 00:26:38,080 --> 00:26:40,399 Speaker 1: Jets beat the Bears on a rainy day at Medlife 491 00:26:40,440 --> 00:26:42,800 Speaker 1: thirty one to ten. They trailed Chicoto with five minutes 492 00:26:42,880 --> 00:26:44,320 Speaker 1: left for the first half, but I'll scored them from 493 00:26:44,320 --> 00:26:47,399 Speaker 1: their twenty four to nothing. White let an offense that 494 00:26:47,520 --> 00:26:50,359 Speaker 1: produced four hundred and sixty six yards that's three hundred 495 00:26:50,359 --> 00:26:53,440 Speaker 1: and sixty three more then last week, and they lost 496 00:26:53,440 --> 00:26:56,080 Speaker 1: in New England. He was twenty two of twenty eight 497 00:26:56,119 --> 00:26:58,960 Speaker 1: after Wilson had gone nine of twenty two. Safe to say, 498 00:26:59,400 --> 00:27:02,040 Speaker 1: barring in dream Mike White is the Jets starting to 499 00:27:02,160 --> 00:27:03,800 Speaker 1: be the rest of the season. As of now, they 500 00:27:03,840 --> 00:27:05,960 Speaker 1: are a playoff team at seven and four, but the 501 00:27:06,000 --> 00:27:08,720 Speaker 1: division is very strong. Miami blew out used Tona go 502 00:27:08,760 --> 00:27:10,840 Speaker 1: to eight and three in the Giants Division. The NFC 503 00:27:10,880 --> 00:27:14,159 Speaker 1: East even stronger. Philadelphia sits the top at ten and 504 00:27:14,240 --> 00:27:16,520 Speaker 1: one of forty to thirty three. Win over Green Bay 505 00:27:16,680 --> 00:27:19,480 Speaker 1: was just four and eight. Aaron Rodgers through two interceptions, 506 00:27:19,480 --> 00:27:22,719 Speaker 1: then left with injured Ribbs, and Washington beat Atlanta has 507 00:27:22,720 --> 00:27:24,960 Speaker 1: now won six in the last seven. The Giants host 508 00:27:25,040 --> 00:27:27,720 Speaker 1: the Commanders this Sunday. At the Giants lose, they fall 509 00:27:27,840 --> 00:27:30,440 Speaker 1: the last place. The next came from twelve down fourth 510 00:27:30,480 --> 00:27:32,760 Speaker 1: quarter to take the leave a John Morant led Memphis 511 00:27:32,800 --> 00:27:35,199 Speaker 1: to a one twenty seven, one twenty three win. Ran 512 00:27:35,280 --> 00:27:37,760 Speaker 1: scored twenty seven on a triple double. Jalen Brunson led 513 00:27:37,800 --> 00:27:40,560 Speaker 1: the next come back. Seventeen of his thirty points came 514 00:27:40,600 --> 00:27:43,280 Speaker 1: in the fourth, but in the last ten seconds Brunson 515 00:27:43,320 --> 00:27:45,399 Speaker 1: missed one shot to put the Mix ahead and another 516 00:27:45,440 --> 00:27:47,280 Speaker 1: to tie the game, and Mixed just four and five 517 00:27:47,320 --> 00:27:50,960 Speaker 1: at home in Brooklyn. Next spet Portland one eleven ninety seven. 518 00:27:51,040 --> 00:27:54,800 Speaker 1: Kevin Durant scored thirty one. Seth Curry had seven three twinters. 519 00:27:55,160 --> 00:27:57,399 Speaker 1: Four more games today at the World Cup, including Brazil 520 00:27:57,440 --> 00:28:00,440 Speaker 1: against Switzerland. It's winner go home for the US tomorrow 521 00:28:00,480 --> 00:28:05,440 Speaker 1: against the wrong John Bloomberg sports, all right, thank you, John. 522 00:28:05,480 --> 00:28:08,480 Speaker 1: It is eight now on Wall Street time for the 523 00:28:08,600 --> 00:28:12,360 Speaker 1: Tri State Business Report. Here with that is Bloomberg's Joan Donnegher. 524 00:28:12,840 --> 00:28:15,439 Speaker 1: The Middle Collegiate Church in the East Village may have 525 00:28:15,520 --> 00:28:17,840 Speaker 1: to find a new home, some two years after a 526 00:28:17,920 --> 00:28:21,080 Speaker 1: massive fire destroyed all but the facade of the building. 527 00:28:21,359 --> 00:28:23,800 Speaker 1: New York One says the church raised more than four 528 00:28:23,840 --> 00:28:27,080 Speaker 1: million dollars to prepare for rebuilding on the site, but 529 00:28:27,160 --> 00:28:29,600 Speaker 1: a church official says it may be forced to move 530 00:28:29,680 --> 00:28:33,520 Speaker 1: if the city's Landmarks Preservation Commission rules the facade has 531 00:28:33,600 --> 00:28:36,840 Speaker 1: to stay. New Jersey lawmakers have approved to build to 532 00:28:36,920 --> 00:28:41,040 Speaker 1: protect paid first responders who suffer from work related post 533 00:28:41,040 --> 00:28:44,560 Speaker 1: traumatic stress disorder, and JA Spotlight says the bill would 534 00:28:44,560 --> 00:28:49,240 Speaker 1: ban employers from firing, harassing, or discriminating against an employee 535 00:28:49,400 --> 00:28:52,600 Speaker 1: who requested leave related to the problem. And the new 536 00:28:52,680 --> 00:28:55,680 Speaker 1: year will bring new tolls on major New Jersey toll roads, 537 00:28:55,960 --> 00:28:59,600 Speaker 1: and j Spotlight says increases totaling three percent will go 538 00:28:59,640 --> 00:29:03,280 Speaker 1: into effect January one on the Garden State Parkway, the 539 00:29:03,320 --> 00:29:07,120 Speaker 1: Turnpike in the Atlantic City Expressway. That's the Bloomberg Tri 540 00:29:07,280 --> 00:29:11,240 Speaker 1: State Business Report. I'm Joan Donneger. All right, thank you, Joan. 541 00:29:11,320 --> 00:29:14,280 Speaker 1: It is five thirty nine on Wall Street. Bloomberg Radio 542 00:29:14,520 --> 00:29:17,040 Speaker 1: is on the air front San Francisco to New York, 543 00:29:17,360 --> 00:29:20,120 Speaker 1: London to Hong Kong. Let's check in with our global 544 00:29:20,160 --> 00:29:22,360 Speaker 1: news team for some of the top stories heard on 545 00:29:22,400 --> 00:29:28,600 Speaker 1: our three hundred affiliate radio stations around the world. I'm 546 00:29:28,640 --> 00:29:31,600 Speaker 1: Steve podas k K and X in Los Angeles. We're 547 00:29:31,640 --> 00:29:35,520 Speaker 1: talking about water music sewing a makeup firm over social 548 00:29:35,560 --> 00:29:41,040 Speaker 1: media influencer videos that used music without license. Um Cornitanaho 549 00:29:41,160 --> 00:29:44,680 Speaker 1: on ktr H in Houston. Chevron resumes oil production in 550 00:29:44,760 --> 00:29:48,720 Speaker 1: Venezuela as the ussis sanctioned. I'm Jeff Mudlinger and on 551 00:29:48,840 --> 00:29:52,400 Speaker 1: Cogo and San Diego. I'm reporting shoppers showed up over 552 00:29:52,440 --> 00:29:56,480 Speaker 1: the Thanksgiving weekend, but movie goers not so much. I'm 553 00:29:56,560 --> 00:29:59,680 Speaker 1: Gina Servetti and for k CBS and San Francisco, I'm 554 00:29:59,680 --> 00:30:03,120 Speaker 1: talking about Apple's production problem as the company faces a 555 00:30:03,200 --> 00:30:07,080 Speaker 1: likely production shortfall of close to six million I phone pros. 556 00:30:07,400 --> 00:30:10,680 Speaker 1: And then turmoil and it's Key Manu featuring Hub in China. 557 00:30:11,160 --> 00:30:14,160 Speaker 1: I'm Stephen Carol and Boomberg DAB Radio and London. We've 558 00:30:14,160 --> 00:30:18,080 Speaker 1: been reporting on diplomas restarting talks in the European Union 559 00:30:18,160 --> 00:30:23,080 Speaker 1: over a price cup on Russian oil. Those are some 560 00:30:23,160 --> 00:30:26,600 Speaker 1: of the stories are Bloomberg journalists and analysts are working 561 00:30:26,640 --> 00:30:30,080 Speaker 1: on this morning around the world. Other stories, we're watching 562 00:30:30,120 --> 00:30:33,680 Speaker 1: Amazon winding down parts of its Indian operations, showing that 563 00:30:33,760 --> 00:30:36,360 Speaker 1: even the crucial growth market with one point four billion 564 00:30:36,400 --> 00:30:40,200 Speaker 1: consumers is not immune to Chief executive Officer Andy Jazzy's 565 00:30:40,240 --> 00:30:43,640 Speaker 1: cost reduction campaign. The company says it is exiting meal 566 00:30:43,720 --> 00:30:47,080 Speaker 1: deliveries as well as a service that provides bulk doorstep 567 00:30:47,120 --> 00:30:51,680 Speaker 1: deliveries of packaged consumer goods to small businesses and at 568 00:30:51,680 --> 00:30:55,960 Speaker 1: the box office, glass Onion, a knives Out mystery, brought 569 00:30:56,000 --> 00:30:59,080 Speaker 1: in more than thirteen million dollars over five days in 570 00:30:59,160 --> 00:31:02,240 Speaker 1: a closely watched a limited run. It marks the first 571 00:31:02,240 --> 00:31:05,240 Speaker 1: time a Netflix film has played in the nation's major 572 00:31:05,320 --> 00:31:09,280 Speaker 1: theater chains, including a mc regal and Cinemark. The film 573 00:31:09,320 --> 00:31:13,960 Speaker 1: won't hit the streaming service until December. Futures are lower. 574 00:31:14,000 --> 00:31:22,560 Speaker 1: We're watching that for you too. This is Bloomberg. The 575 00:31:22,560 --> 00:31:25,120 Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't 576 00:31:25,200 --> 00:31:27,280 Speaker 1: let someone else drive off in the autie model. You've 577 00:31:27,320 --> 00:31:29,800 Speaker 1: always wanted visit your local Tory state Autie Deiler to 578 00:31:29,800 --> 00:31:32,080 Speaker 1: get behind the Wheel of Yours today, or visit autie 579 00:31:32,120 --> 00:31:39,040 Speaker 1: Offers dot com for more information, markets, headlines and breaking 580 00:31:39,080 --> 00:31:41,960 Speaker 1: news twenty four hours a day at Bloomberg dot com, 581 00:31:42,120 --> 00:31:45,640 Speaker 1: the Bloomberg Business at and at Bloomberg Quicktape. This is 582 00:31:45,640 --> 00:31:54,880 Speaker 1: a Bloomberg Business lash. I'm Nathan Hagar. Stocks are falling, 583 00:31:54,880 --> 00:31:58,280 Speaker 1: oil is tumbling, is growing. Unrest in China over COVID 584 00:31:58,320 --> 00:32:01,240 Speaker 1: restrictions ripples through the mark It's we checked the markets 585 00:32:01,280 --> 00:32:03,720 Speaker 1: for you every fifteen minutes during the trading day on 586 00:32:03,800 --> 00:32:07,040 Speaker 1: Bloomberg SMP futures are down thirty two points right now. 587 00:32:07,080 --> 00:32:10,160 Speaker 1: Down futures are down a hundred ninety four. NASTAC futures 588 00:32:10,160 --> 00:32:12,760 Speaker 1: are lower by a hundred nine points. The tenure treasury 589 00:32:12,800 --> 00:32:15,200 Speaker 1: is up one thirty second, the yield three point six 590 00:32:15,240 --> 00:32:17,600 Speaker 1: seven percent, yield down the two year four point four 591 00:32:17,680 --> 00:32:20,960 Speaker 1: or five percent. Nimex crudes down three percent, down two 592 00:32:20,960 --> 00:32:23,640 Speaker 1: dollars thirty cents at seventy three dollars ninety seven cents 593 00:32:23,640 --> 00:32:26,000 Speaker 1: of Baril Comic gold is up a half percent or 594 00:32:26,000 --> 00:32:29,040 Speaker 1: eight dollars forty cents at seventeen seventy seven twenty and ounce. 595 00:32:29,360 --> 00:32:32,120 Speaker 1: The euro at one point zero four seven six against 596 00:32:32,120 --> 00:32:34,440 Speaker 1: the dollar British pound one point two zero nine one. 597 00:32:34,760 --> 00:32:36,800 Speaker 1: The end is a one thirty seven point seven three 598 00:32:37,080 --> 00:32:39,880 Speaker 1: bitcoins lower by two and a quarter percent at sixteen thousand, 599 00:32:39,880 --> 00:32:42,720 Speaker 1: two hundred dollars. That's a Bloomberg Business Flash. Now here's 600 00:32:42,760 --> 00:32:45,520 Speaker 1: Michael Barr with more on what's going on around the world. Michael, 601 00:32:45,840 --> 00:32:48,560 Speaker 1: thank you very much. Nathan. In China, mass protests are 602 00:32:48,640 --> 00:32:51,440 Speaker 1: taking place in the streets of some cities. The public 603 00:32:51,440 --> 00:32:55,120 Speaker 1: outpouring is a reaction to the strict zero COVID policy 604 00:32:55,240 --> 00:32:58,800 Speaker 1: enacted by China's President shi Jing Ping. The long track 605 00:32:58,880 --> 00:33:01,280 Speaker 1: home after the Thanks Iving holiday proved to be a 606 00:33:01,400 --> 00:33:04,520 Speaker 1: challenge this year. The weather is complicating matters. The busy 607 00:33:05,360 --> 00:33:09,160 Speaker 1: corridor from DC to Philadelphia to Boston is being hit 608 00:33:09,200 --> 00:33:12,160 Speaker 1: with heavy rains. The Pacific Northwest is getting hit by 609 00:33:12,200 --> 00:33:15,400 Speaker 1: snow today. In the NFL, the Jets commanders and forty 610 00:33:15,520 --> 00:33:18,240 Speaker 1: nine is one. The Ravens lost. In the NBA, the 611 00:33:18,320 --> 00:33:20,960 Speaker 1: Nets and Warriors won the next lost. Celtics beat the 612 00:33:20,960 --> 00:33:25,440 Speaker 1: Wizards one thirty in the World Cup and cutter right 613 00:33:25,440 --> 00:33:29,560 Speaker 1: now Cameroon one, Serbia nil. Global News twenty four hours 614 00:33:29,600 --> 00:33:32,760 Speaker 1: a day on air and on Bloomberg Quicktake powered by 615 00:33:32,800 --> 00:33:35,360 Speaker 1: more than twenty seven hundred journalists analysts more than a 616 00:33:35,440 --> 00:33:37,920 Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg in 617 00:33:38,360 --> 00:33:40,680 Speaker 1: all right. Thank you, Michael. It is five forty nine 618 00:33:40,680 --> 00:33:44,080 Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios. 619 00:33:44,080 --> 00:33:47,680 Speaker 1: This is Bloomberg Daybreak. Protests against COVID restrictions are spreading 620 00:33:47,680 --> 00:33:51,520 Speaker 1: across China's citizens taking to the streets, university campuses, venting 621 00:33:51,520 --> 00:33:54,800 Speaker 1: their anger and frustrations on local officials and the Communist 622 00:33:54,880 --> 00:33:58,520 Speaker 1: Party chief Asia Economics correspondent and a current joins us 623 00:33:58,520 --> 00:34:01,280 Speaker 1: now from Hong Kong, and thanks for taking the time 624 00:34:01,320 --> 00:34:03,600 Speaker 1: with us. What are you making now of the market 625 00:34:03,680 --> 00:34:09,600 Speaker 1: reaction to events in China. Well, these protests are on precedented. 626 00:34:10,360 --> 00:34:14,480 Speaker 1: There are, of course routine needs sporadic protests in China 627 00:34:14,560 --> 00:34:16,960 Speaker 1: on various issues, but you have this kind of broad 628 00:34:16,960 --> 00:34:20,560 Speaker 1: based pushback against the government policy in differences at the 629 00:34:20,600 --> 00:34:23,520 Speaker 1: same time, it's pretty usual expas level of frustration on 630 00:34:23,600 --> 00:34:26,800 Speaker 1: the ground, and I think that by extension to speak 631 00:34:26,880 --> 00:34:29,319 Speaker 1: to or put certainly a lot of color around the 632 00:34:29,400 --> 00:34:31,799 Speaker 1: challenges that the economy is facing in China at the moment. 633 00:34:31,800 --> 00:34:34,160 Speaker 1: If you know, it's fairly unusual slowdown because of the 634 00:34:34,239 --> 00:34:37,680 Speaker 1: real estate crunch, and of course COVID zero and then 635 00:34:37,719 --> 00:34:40,040 Speaker 1: that by pension, of course, is painting a pretty negative 636 00:34:40,040 --> 00:34:42,880 Speaker 1: picture in terms of global sentment towards China right now. 637 00:34:42,920 --> 00:34:45,800 Speaker 1: And that's why I think investors are negative. They've already 638 00:34:45,840 --> 00:34:48,839 Speaker 1: been pulling money out of China, China security markets here 639 00:34:48,840 --> 00:34:52,240 Speaker 1: at the fairly rapid clip. That's not just about COVID 640 00:34:52,280 --> 00:34:54,239 Speaker 1: euro of course, it is very interest, very differential. But 641 00:34:54,360 --> 00:34:56,240 Speaker 1: when you add it all up, it it it puts 642 00:34:56,320 --> 00:35:00,759 Speaker 1: China's economy, It puts with public policy protess, put it 643 00:35:00,800 --> 00:35:04,240 Speaker 1: all in a fairly uncertain, volatile space right now. Obviously 644 00:35:04,239 --> 00:35:07,160 Speaker 1: that the global actually do not like that. At one 645 00:35:07,200 --> 00:35:10,359 Speaker 1: point on Saturday, protesters were calling for President Susan Paying 646 00:35:10,440 --> 00:35:14,520 Speaker 1: to step down. Unheard of, That seems extraordinary. Has this 647 00:35:14,640 --> 00:35:19,480 Speaker 1: reached its boiling point? Obviously that's unusual in in the 648 00:35:19,480 --> 00:35:21,920 Speaker 1: turkeytism of China is they don't allow that kind of 649 00:35:22,000 --> 00:35:25,200 Speaker 1: expression of thoughts. So quite right. The question though is 650 00:35:25,400 --> 00:35:28,680 Speaker 1: a you know, the scale and extent of these protests, 651 00:35:28,719 --> 00:35:31,560 Speaker 1: how do they go from here? Do they grow them out? 652 00:35:31,719 --> 00:35:34,560 Speaker 1: Do they grow in numbers? And of course then by 653 00:35:34,560 --> 00:35:37,640 Speaker 1: extension of what kind of government response will there will 654 00:35:37,680 --> 00:35:40,560 Speaker 1: there be? Will the government has to some extent our 655 00:35:40,640 --> 00:35:42,920 Speaker 1: colleagues in Beijing and chinaire making this point to some 656 00:35:43,000 --> 00:35:46,440 Speaker 1: of them. They are allowing these protesters to vent. Obviously, 657 00:35:46,480 --> 00:35:49,799 Speaker 1: however they are censoring heavily the protests on social media. 658 00:35:49,840 --> 00:35:51,440 Speaker 1: That's really where the rest of the world are getting 659 00:35:51,440 --> 00:35:53,880 Speaker 1: against in chinness. What's going on? I think the credibly 660 00:35:54,000 --> 00:35:56,919 Speaker 1: question will be going forward just how broad based these 661 00:35:56,920 --> 00:36:01,640 Speaker 1: protests become, how how much oxygen the government will allow 662 00:36:01,719 --> 00:36:04,440 Speaker 1: these protests, and then of course how the government response. 663 00:36:04,480 --> 00:36:06,120 Speaker 1: Do they come back with a kind of a heavy 664 00:36:06,120 --> 00:36:09,960 Speaker 1: handed police crackdown or there's some kind of a middle 665 00:36:10,880 --> 00:36:13,319 Speaker 1: meeting of minds and this, and of course the latter 666 00:36:13,400 --> 00:36:15,719 Speaker 1: is probably would be a typical in the In the 667 00:36:15,760 --> 00:36:18,960 Speaker 1: current political environment in China, most experts are saying there 668 00:36:18,960 --> 00:36:20,560 Speaker 1: will be a government response that will try and keep 669 00:36:20,600 --> 00:36:23,560 Speaker 1: a living these protests, and then maybe further down the road, 670 00:36:23,920 --> 00:36:26,120 Speaker 1: the government, of course will be politically attuned to the 671 00:36:26,160 --> 00:36:29,279 Speaker 1: protests and they will probably start tweaking their COVID zero 672 00:36:29,360 --> 00:36:32,200 Speaker 1: as they go. But you know, the full road out 673 00:36:32,239 --> 00:36:34,719 Speaker 1: of COVID zero for China remains a very complicated one. 674 00:36:35,320 --> 00:36:38,719 Speaker 1: We were reading about the unrest of one Apple manufacturing plant, 675 00:36:38,760 --> 00:36:41,600 Speaker 1: which could mean a production shortfall of six million iPhone 676 00:36:41,600 --> 00:36:44,719 Speaker 1: Pro units this year. What will that mean for the economy, 677 00:36:44,760 --> 00:36:47,640 Speaker 1: for markets, Well, this is a big question. I mean 678 00:36:47,680 --> 00:36:50,239 Speaker 1: that's just one example. Of course, we do know that 679 00:36:50,320 --> 00:36:52,560 Speaker 1: the industrial type of things in China, it's suffering. It's 680 00:36:52,560 --> 00:36:55,000 Speaker 1: suffering for true reasons. It suffering because the COVID zero, 681 00:36:55,040 --> 00:36:59,160 Speaker 1: which means disruption to how they operate, disruption to their mobility, 682 00:36:59,480 --> 00:37:03,040 Speaker 1: disruption into their general and supply chains and way of 683 00:37:03,080 --> 00:37:05,960 Speaker 1: doing business, because the ongoing testing requirements and and sort 684 00:37:05,960 --> 00:37:08,320 Speaker 1: of lockdown to cut it out down. That's the domestic 685 00:37:08,400 --> 00:37:11,719 Speaker 1: China story. But the chinage industrial basis also suffering, of 686 00:37:11,800 --> 00:37:14,880 Speaker 1: course because the weakening global demand anyway. I mean, exports 687 00:37:14,880 --> 00:37:17,279 Speaker 1: out of China have been falling for some months now, 688 00:37:17,320 --> 00:37:19,480 Speaker 1: and that's kind of a global demand story. It's getting 689 00:37:19,520 --> 00:37:21,880 Speaker 1: hit a both sides. We had industrial profits numbers over 690 00:37:21,920 --> 00:37:25,279 Speaker 1: the weekend showing that China's company profits continue to fall. 691 00:37:25,600 --> 00:37:29,000 Speaker 1: We have our own Bloomberg Bloomberg early indicators really on 692 00:37:29,120 --> 00:37:32,160 Speaker 1: China's economy that's in a contractional charge right now. All 693 00:37:32,200 --> 00:37:35,279 Speaker 1: of this stems from on the one hand, to frustration 694 00:37:35,360 --> 00:37:37,719 Speaker 1: and exhaustion with COVID zero, and of course, on the 695 00:37:37,760 --> 00:37:40,759 Speaker 1: other real estate slump and the global demand story. So 696 00:37:40,840 --> 00:37:44,440 Speaker 1: I think all indications are that the pressure on China's 697 00:37:44,440 --> 00:37:47,560 Speaker 1: economy remains one direction of one direction only. Alright, Geef 698 00:37:47,600 --> 00:37:51,160 Speaker 1: Asia Economics correspondent and occurrent in Hong Kong. Thank you, Nathan. 699 00:37:51,320 --> 00:37:53,520 Speaker 1: Al Right, Amy, thank you. It's five fifty three on 700 00:37:53,560 --> 00:37:56,440 Speaker 1: Wall Street. Time for our Bloomberg Law Report. Let's get 701 00:37:56,480 --> 00:37:58,600 Speaker 1: to the legal stories we're watching this morning with Bloomberg 702 00:37:58,719 --> 00:38:05,680 Speaker 1: Jeff Tallenger. The lawsuit filed in Los Angeles federal court 703 00:38:05,719 --> 00:38:10,800 Speaker 1: accuses the English skincare company Iconic London of creating hundreds 704 00:38:10,800 --> 00:38:14,319 Speaker 1: of promo videos that used songs from Warner Music Group 705 00:38:14,400 --> 00:38:18,280 Speaker 1: without a license. A conservation group filed the lawsuit against 706 00:38:18,280 --> 00:38:21,400 Speaker 1: a Massachusetts school bus operator over the amount of time 707 00:38:21,440 --> 00:38:26,240 Speaker 1: the company's buses spend Idolate. The commercial spaceflight company Virgin 708 00:38:26,280 --> 00:38:30,360 Speaker 1: Galactic Holdings, named Sarah Kim as its chief legal officer 709 00:38:30,480 --> 00:38:34,839 Speaker 1: and corporate secretary. Bloomberg Law everything you need on one 710 00:38:34,960 --> 00:38:40,479 Speaker 1: legal research platform, Guidance, Amelysis, and Bloomberg Market Intelligence. Find 711 00:38:40,520 --> 00:38:45,719 Speaker 1: out more at Bloomberg Law dot Com. Now let's get 712 00:38:45,760 --> 00:38:49,240 Speaker 1: to another legal story we're watching this morning. Rodney Reid 713 00:38:49,760 --> 00:38:52,920 Speaker 1: was just days away from being executed, but he received 714 00:38:52,920 --> 00:38:56,120 Speaker 1: a stay from the top court in Texas. Read has 715 00:38:56,120 --> 00:39:00,480 Speaker 1: been on death row since for the murder of Stacy Stites, 716 00:39:00,760 --> 00:39:04,640 Speaker 1: but he's maintained his innocence. Reid's case gained national attention, 717 00:39:04,680 --> 00:39:09,440 Speaker 1: with Stites receiving support from celebrities and politicians. Reid says 718 00:39:09,520 --> 00:39:12,560 Speaker 1: a DNA test on the murder weapon will prove his innocence, 719 00:39:12,640 --> 00:39:16,560 Speaker 1: but the state of Texas has refused to grant that test, 720 00:39:16,840 --> 00:39:19,319 Speaker 1: and his life could now hinge on a decision by 721 00:39:19,320 --> 00:39:23,279 Speaker 1: the Supreme Court on a technical issue whether Rodney Read 722 00:39:23,520 --> 00:39:27,319 Speaker 1: filed his appeal to the federal courts too late. For more, 723 00:39:27,400 --> 00:39:31,320 Speaker 1: Bloomberg's June Grosso speaks with Bloomberg Law reporter Jordan Reuben. 724 00:39:31,920 --> 00:39:35,120 Speaker 1: So this is a federal civil rights claim, that's right. 725 00:39:35,239 --> 00:39:38,600 Speaker 1: So what happened is this in trying to get DNA testing, 726 00:39:38,960 --> 00:39:42,080 Speaker 1: Rodney Reid pursued that claim in the state court, but 727 00:39:42,280 --> 00:39:44,840 Speaker 1: that claim was denied at the trial court level and 728 00:39:44,880 --> 00:39:48,040 Speaker 1: then up through the state criminal appeals court. And so 729 00:39:48,080 --> 00:39:51,320 Speaker 1: after that denial, Rodney Reid then filed a federal civil 730 00:39:51,440 --> 00:39:55,800 Speaker 1: rights claim challenging the denial on the state level, saying 731 00:39:55,800 --> 00:39:59,759 Speaker 1: that those state processes violated his due process. And so 732 00:39:59,840 --> 00:40:04,160 Speaker 1: that the crux of his federal claim the problem is 733 00:40:04,200 --> 00:40:06,640 Speaker 1: that textas is saying that he waited too long to 734 00:40:06,760 --> 00:40:10,000 Speaker 1: bring the claim. So the question at the Supreme Court 735 00:40:10,160 --> 00:40:13,319 Speaker 1: is when the statute of limitation starts to run for 736 00:40:13,480 --> 00:40:17,760 Speaker 1: a federal claim that state DNA testing procedures violated due process. 737 00:40:18,080 --> 00:40:20,560 Speaker 1: Does it start to run when the state trial court 738 00:40:20,600 --> 00:40:23,239 Speaker 1: denies testing, or does it start to run when the 739 00:40:23,280 --> 00:40:26,120 Speaker 1: state appeals process has played out. And so it's this 740 00:40:26,239 --> 00:40:29,760 Speaker 1: very technical sort of question that one might be tempted 741 00:40:29,800 --> 00:40:32,520 Speaker 1: to get lost in, but it's a crucial question. The 742 00:40:32,560 --> 00:40:35,640 Speaker 1: answer could depend on whether Rodney Reid and others who 743 00:40:35,640 --> 00:40:38,959 Speaker 1: are claiming innocence can get DNA testing in these types 744 00:40:38,960 --> 00:40:42,239 Speaker 1: of cases. Was there any talk at all during the 745 00:40:42,360 --> 00:40:46,240 Speaker 1: oral arguments about the fact that he claims he's innocent 746 00:40:46,520 --> 00:40:50,839 Speaker 1: and the DNA test could possibly clear him. It's hard 747 00:40:50,880 --> 00:40:54,680 Speaker 1: to see why you wouldn't give someone a DNA test, right, So, 748 00:40:54,760 --> 00:40:58,320 Speaker 1: in terms of kind of the reality of the case, 749 00:40:58,719 --> 00:41:02,000 Speaker 1: that wasn't the subject of the arguments, and that's often 750 00:41:02,040 --> 00:41:05,320 Speaker 1: the case at the Serene Court. Nonetheless, three lawyers certainly 751 00:41:05,360 --> 00:41:09,200 Speaker 1: didn't mention the innocence aspect during the argument, but there 752 00:41:09,280 --> 00:41:12,600 Speaker 1: wasn't really this straight up question posed to Texas of 753 00:41:12,680 --> 00:41:15,239 Speaker 1: why don't you just do the test that they're really 754 00:41:15,280 --> 00:41:18,319 Speaker 1: focused or on the technical issue, as is often the 755 00:41:18,360 --> 00:41:21,760 Speaker 1: case at the court. That's Bloomberg Law reporter Jordan Rubin 756 00:41:21,920 --> 00:41:24,719 Speaker 1: speaking with Bloomberg's June Grosso. You can catch more of 757 00:41:24,760 --> 00:41:28,000 Speaker 1: that interview plus analysis of the latest legal news by 758 00:41:28,040 --> 00:41:31,800 Speaker 1: subscribing to the Bloomberg Law podcast or by downloading the 759 00:41:31,800 --> 00:41:35,759 Speaker 1: show at Bloomberg dot com. Slash podcasts and attorneys can 760 00:41:35,800 --> 00:41:39,719 Speaker 1: find exceptional legal research and business development tools at Bloomberg 761 00:41:39,800 --> 00:41:43,160 Speaker 1: Law dot com and on the Bloomberg terminal at blog 762 00:41:43,280 --> 00:41:46,680 Speaker 1: go just watching this red headline cross the Bloomberg Terminal. 763 00:41:46,760 --> 00:41:49,160 Speaker 1: In light of all the unrest happening in China, we're 764 00:41:49,200 --> 00:41:51,720 Speaker 1: hearing now China will end a ban on local share 765 00:41:51,760 --> 00:41:55,719 Speaker 1: sales by listed developers on top of COVID zero restrictions. 766 00:41:56,160 --> 00:42:01,320 Speaker 1: The Chinese economy has been dealing with an ongoing property slump. 767 00:42:01,560 --> 00:42:05,600 Speaker 1: Another story we're watching. More bank strategists are saying the 768 00:42:05,640 --> 00:42:07,680 Speaker 1: market is not fully pricing in the risk of a 769 00:42:07,760 --> 00:42:10,319 Speaker 1: US recession. One of the latest to do so is 770 00:42:10,520 --> 00:42:13,680 Speaker 1: Goldman Sachs, saying their model implies a thirty nine percent 771 00:42:13,719 --> 00:42:15,879 Speaker 1: probability of a US growth slowed down in the next 772 00:42:15,880 --> 00:42:18,240 Speaker 1: twelve months, but they say risk assets are only pricing 773 00:42:18,239 --> 00:42:21,440 Speaker 1: in an eleven percent chance. And at Deutsche Bank they 774 00:42:21,480 --> 00:42:24,040 Speaker 1: say the SMP five hundred will slump to thirty two 775 00:42:24,239 --> 00:42:27,560 Speaker 1: d fifty points, about below current levels, in the third 776 00:42:27,600 --> 00:42:31,560 Speaker 1: quarter next year as recession begins, before rebounding in the 777 00:42:31,600 --> 00:42:34,600 Speaker 1: fourth quarter. Right now, SMP futures are lower by thirty 778 00:42:34,640 --> 00:42:37,080 Speaker 1: four points, Now futures down two hundred six and NAZDAC 779 00:42:37,120 --> 00:42:40,360 Speaker 1: futures are down a hundred twelve points. The tenure treasury 780 00:42:40,440 --> 00:42:43,760 Speaker 1: is up one thirty second you'll three point six seven percent. 781 00:42:44,360 --> 00:42:48,120 Speaker 1: Bloomberg daybreak continues. This is Bloomberg