Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg
Speaker 1: day Break for Monday, November two. Coming up this album
Speaker 1: protests erupt across China over the country's COVID zero strategy.
Speaker 1: The unrest in China has stock slumping around the world.
Speaker 1: Turmoil at a plant in China may cost Apple close
Speaker 1: to six million iPhones, and Wall Street braces for a
Speaker 1: key speech this week from FED chair J Powell. The
Speaker 1: team charged with shooting up a Buffalo supermarket is expected
Speaker 1: to lead guilty state charges plus without power in the
Speaker 1: cold months in Ukraine. Michael barn More Ahead, I'm tryn
Speaker 1: Stash and sports Mike White led the Jets to an
Speaker 1: easy win. The Knicks lost to Memphis than nets be
Speaker 1: Portland's That's all Straded Ahead on Bloomberg Daybreak on Bloomberg
Speaker 1: eleven three on New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and
Speaker 1: Francisco Sirius x M one nine Team and around the World.
Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg
Speaker 1: Business Act. Good Monday Morning, I'm Any Morris and Nathan
Speaker 1: Hagar futures are on the decline this morning. We are
Speaker 1: coming up to five oh one on Wall Street, and
Speaker 1: we checked the markets every fifteen minutes during the trading day.
Speaker 1: On Bloomberg SP futures are down thirty eight points, are
Speaker 1: nearly one percent down. Futures down two to thirty one points.
Speaker 1: NASTAC futures are down a hundred thirty four points, a
Speaker 1: drop of one point one percent. The docks in Germany
Speaker 1: and CAC in Paris both down one percent. The foot
Speaker 1: sea in London is down six tenths per cent. Comes
Speaker 1: Gold is up four tenths per cent or six dollar
Speaker 1: sixty cents at sevent Amy Nathan, we begin with unrest
Speaker 1: in China. Protests are spreading after COVID rules were blamed
Speaker 1: for hampering rescue efforts when a fire broke out in
Speaker 1: an apartment block, killing ten people. We get more from
Speaker 1: Bloomberg News managing editor m O'Brien, who saw what started
Speaker 1: as digital push back against this horrific fire in a
Speaker 1: Ronchi and Northwest China and an apartment block that people
Speaker 1: that lead was locked out due to COVID controls. Peaceful
Speaker 1: vigils sort of morphing into wider protests against people not
Speaker 1: wanting to be taken away to quarantine cats, people pushing
Speaker 1: back against PCR testing, tussling with COVID workers, and in
Speaker 1: some cases pushing down testing boots in various cities. This
Speaker 1: is spreading across different chatas of society and does show
Speaker 1: no signs of abating. Bloomberg Exam O'Brien says these protests
Speaker 1: marked the most significant challenges to Communist Party rule since
Speaker 1: the Tianamen Square crisis more than thirty years ago. You
Speaker 1: know the unrest in China is affecting global markets. Amy
Speaker 1: stocks in Shenjen and Hong Kong fill more than one
Speaker 1: percent overnight. We get the recap from Bloomberg's Juliet Sally
Speaker 1: in Singapore, Good Morning Morning, Nathan, and Amy. Chinese shares
Speaker 1: listened in Hong Kong led the declines in the region,
Speaker 1: while those on the mainland also came under pressure. The
Speaker 1: on show You undropped as much as one percent against
Speaker 1: the green back before trimming. Some of those losses brought
Speaker 1: to stocks in Taiwan were hurt by the ruling parties
Speaker 1: resounding defeating islandwide local elections and elsewhere. When Macau and
Speaker 1: MGM China surge, leading gains among the six Macau casino
Speaker 1: operators that were rewarded new licenses to continue running their
Speaker 1: business in the gambling hub in Singapore. Juliette Sally Bloomberg Daybreak,
Speaker 1: All right, thanks juliet The rare protests in China prompting
Speaker 1: investors to rethink bets on the country after jumping back
Speaker 1: in on hopes of a reopening. Mark Mobius, the founder
Speaker 1: of Mobius Capital Partners, tells Bloomberg he does not expect
Speaker 1: the demonstrations to end peacefully. It's clear to me that
Speaker 1: she cannot tolerate any protests, so there will be a
Speaker 1: very tough crackdown on any protesters. More people will be arrested,
Speaker 1: and they will probably go further in terms of control.
Speaker 1: Those comments from Mark Mobias come as Goldman Sack's economists
Speaker 1: say they now see subchance of a disorderly exit from
Speaker 1: COVID zero China, and now Dr Anthony Fauci is making
Speaker 1: a rare moove of publicly criticizing China's COVID zero policy.
Speaker 1: We get that part of the story from Bloomberg Zad Baxter.
Speaker 1: Dr Fauci says he's been puzzled all along about China's
Speaker 1: overall COVID strategy. It seems that in China it was
Speaker 1: just a very very strict, extraordinary lockdown. We lock people
Speaker 1: in the house, but without any seemingly endgame to it.
Speaker 1: And Dr Fauci and NBC has heard on Bloomberg says
Speaker 1: he also doesn't understand why China relied on vaccines solely
Speaker 1: manufactured in China. In San Francisco, I'm at Baxter, Bloomberg,
Speaker 1: Gay break right, thank you. Add the turmoil in China
Speaker 1: having an impact on Apple and production capacity for its
Speaker 1: flagship product. We get the latest on that now live
Speaker 1: with Bloomberg. Steve Rappaport, Good morning Steve, Good morning, Amy,
Speaker 1: and Nathan. Apple is looking at a shortfall of nearly
Speaker 1: six million iPhone Pro units this year because of problems
Speaker 1: at a key manufacturing hub. The plant has been plagued
Speaker 1: by lockdowns and worker unrest following violent protests against pandemic restrictions.
Speaker 1: Thousands of workers fled in October, and the people who
Speaker 1: replaced them quickly rebelled against pay and quarantine rules. The facility,
Speaker 1: operated by fox Con Technology Group, produces some of Apple's
Speaker 1: most in demand headsets. Apple and fox Con reportedly expect
Speaker 1: to make up production losses next year. Live in New York,
Speaker 1: I'm Steve Rappaport, Bloomberg day Break. Okay, Steve. Thanks. The
Speaker 1: protests are also having an impact on commodities. This morning,
Speaker 1: oil is trading at its lowest level in almost a year.
Speaker 1: Checking prices now, nimex screws down three per cent or
Speaker 1: two dollars thirty cents seventy three dollars ninety nine cents
Speaker 1: a barrel. Brent is down three point one per cent
Speaker 1: at eighty one dollar six cents. Nathan Becker in the
Speaker 1: U s it will be a busy week for US
Speaker 1: economic data, kept by the monthly jobs report for November.
Speaker 1: Bloomberg's Viney Delgdis reports economy s eight December payroll growth
Speaker 1: will probably fall short of November's gaining two hundred sixty
Speaker 1: one thousand. US unemployment could match the top November Street point.
Speaker 1: Technology firms cut jobs and rising interest rates trim the
Speaker 1: economy's growth rate. Meantime, the Federal Serve will release it's
Speaker 1: Base Book Economic Survey, which will provide anecdotal reports on
Speaker 1: US business activity, including hiring, among other reports. This week,
Speaker 1: the I S M s Factory Index, a key parameter
Speaker 1: of the American manufacturing outlook. Bloom Break day break alright, Vinnie, Thanks,
Speaker 1: And perhaps the biggest event on this week's economic calendar
Speaker 1: comes Wednesday. That's when FED Chair J. Powell delivers a
Speaker 1: speech in Washington. Powell's expected to set the stage for
Speaker 1: slowing interest rate hikes. At the same time, he'll remind
Speaker 1: Americans that the fight against inflation will run into next year.
Speaker 1: Bloomberg Radio and Television will bring you powell speech live again.
Speaker 1: It's on Wednesday at around one thirty pm Wall Street time.
Speaker 1: And the holiday shopping season continues today with Cyber Monday.
Speaker 1: Retailers saw modest growth over the Black Friday weekend, according
Speaker 1: to data compiled by Censormatic Solutions, and store traffic picked
Speaker 1: up two point nine percent at brick and mortar retailers
Speaker 1: over deep discounts reportedly lured shoppers seeking a break from
Speaker 1: inflation and SMP futures again down thirties seven points now,
Speaker 1: DAL futures down two D twenty six, NASTAC futures down
Speaker 1: a hundred one. The tenure Treasury is up five thirty
Speaker 1: seconds yield three point six five percent yield on the
Speaker 1: two year four point four or four percent, and again
Speaker 1: I'm ex screwed is down three percent, seventy three dollars
Speaker 1: ninety seven cents of barrel local headlines in a check
Speaker 1: of sports. Next, this is Bloomberg. All right, thank you, Nathan,
Speaker 1: five oh seven on Wall Street. Now, let's bringing Michael
Speaker 1: Barr with war and what's going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning. Aiming,
Speaker 1: a white gunman who targeted a Buffalo supermarket in a
Speaker 1: predominantly black neighborhood, plans to plead guilty today on state
Speaker 1: charges and killing ten people and wounding three others. Peyton Gendron,
Speaker 1: who is nineteen, is scheduled to appear in Erie County
Speaker 1: Court for a hearing now was postponed for a week
Speaker 1: by a snowstorm. The twenty five count grand jury indictment
Speaker 1: includes charges of murder and domestic terrorism motivated by hate,
Speaker 1: which carries an automatic life sentence of on conviction. Gendron
Speaker 1: also faces charges were separate federal hate crimes that could
Speaker 1: result in a death sentence if he is convicted. Ukraine
Speaker 1: is suffering of power crisis after Russian strikes on its
Speaker 1: power grid. The capital Kieva as covenant snow as temperatures
Speaker 1: fall below freezing across the country. Electricity has been restored
Speaker 1: to most areas in at least a limited capacity for
Speaker 1: just hours in the day. Meanwhile, the congressman who would
Speaker 1: chair the House Intelligence Committee when the GOP passes the
Speaker 1: majority in Congress in January says rumors that Republicans will
Speaker 1: pull back congressional support of Ukraine are not true. Mike
Speaker 1: Turner of Ohio says, though the GOP led House will
Speaker 1: pass eight to Ukraine as standalone measures, we don't need
Speaker 1: to pass forty billion dollar large Democrat bills that have
Speaker 1: been being passed to send eight billion dollars to Ukraine.
Speaker 1: And the GOP congressman who will become chair of the
Speaker 1: House Foreign Affairs Committee, Michael McCall, says he will support
Speaker 1: giving longer range missiles to Ukraine if we lose in
Speaker 1: the Ukraine. Chairman Cheese, look at Taiwan and the toll
Speaker 1: is already all in with Russia and China in this fight,
Speaker 1: and Kim John nowt now is providing artillery shells to
Speaker 1: uh touch Russia to fight the Ukrainians. McConell of Texas
Speaker 1: and Congressman Turner spoke on a d c S this week,
Speaker 1: which can be hear at Sundays on Bloomberg. Many of
Speaker 1: Donald Trump's potential four rivals and some top Republicans have
Speaker 1: fallen silent on the former president's dinner with a notorious
Speaker 1: white supremacist. Trump's impromptu dinner with Nick Fluentez at Mara
Speaker 1: Lago last week has drawn condemnation from only a handful
Speaker 1: of Republicans, while most side stepped the matter or said nothing. However,
Speaker 1: Republican Representative James Comer Kentucky was critical of the dinner. Well,
Speaker 1: he certainly needs better judgment and who he dies with.
Speaker 1: Along with Representative Coma, former New Jersey Governor Chris Christie
Speaker 1: was also critical of Trump for putting out a plate
Speaker 1: for Fluintes Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: journalist analyst for more than a hundred twenty countries. I'm
Speaker 1: Michael bar this is Bloomberg. Amy. All right, thank you, Michael.
Speaker 1: Time now for the sports report brought to you by
Speaker 1: Try Stay OUTI here's John stash Our says, I have
Speaker 1: to say the Jets much talked about decision to vent
Speaker 1: quarterback Zach Wilson, replaced him with Mike White. Was a
Speaker 1: rousing success. White lead the Jets right down the field
Speaker 1: first possession to a touchdown past the rookie Garrett Wilson's
Speaker 1: second quarter, they hooked up again back to throw, looks
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Speaker 1: This at the thirties splits light to the twenty to
Speaker 1: fifteen ten five touchscown Wilson yard touchdown on ESPN. New
Speaker 1: York Jets went on to beat the Bears in the
Speaker 1: rain of MetLife thirty one to ten a week ago.
Speaker 1: Wilson in New England nine of twenty two seventy seven
Speaker 1: yards at QB reading a fifty one White twenty two
Speaker 1: of three hundred and fifteen yards three TVs and a
Speaker 1: rating of one forty nine. The Jets offense that had
Speaker 1: a hundred three yards last week had four hundred and
Speaker 1: sixty six. Two games went overtime. Cleveland be Tampa Bay
Speaker 1: is now five and six, but somehow still in first place.
Speaker 1: The Raiders won in Seattle on a Josh Jacob's eighties
Speaker 1: six yard touchdown run. He had over three hundred all
Speaker 1: purpose yards. The Chargers went for two rather than the
Speaker 1: extra point to time they wanted. Arizona and Jacksonville did
Speaker 1: the same thing to upset Baltimore. Last night, Philadelphia went
Speaker 1: to ten and one in Green Bay forty to thirty
Speaker 1: three at the Garden Knicks Rally fourth quarter to take
Speaker 1: the lead by Memphis pulled it out one seven, one
Speaker 1: twenty three. John Morant twenty seven points of triple double.
Speaker 1: Jalen Brunson led the Knicks with thirty, but he missed
Speaker 1: two shots in the last ten seconds. Then at speed
Speaker 1: Portland at Barkley's one eleven nineties seven, John stash Allart
Speaker 1: Bloomberg Sports teaming all right, thank you, John. Features a
Speaker 1: lower SMP features down thirty five point, stal features down
Speaker 1: two hundred two points, nastat features down one hundred twenty
Speaker 1: four points. Pen your treasury up five thirty seconds, the
Speaker 1: yield at three point six five percent. Much more still
Speaker 1: to come on this Monday morning edition of Bloomberg day Break.
Speaker 1: This is Bloomberg. The Bloomberg Sports Report was brought to you.
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Speaker 1: Quick Tape. This is a Bloomberg Business Flash, im Nathan Hager.
Speaker 1: Stocks are falling around the world is growing. Unrest in
Speaker 1: China over COVID restriction sends a shiver through global markets.
Speaker 1: We check those every fifteen minutes during the trading day
Speaker 1: on Bloomberg. SMP futures right now are down thirty six points,
Speaker 1: STOUT futures down two NASTACK futures are lower by a
Speaker 1: hundred twenty seven points. The acts in Germany is down
Speaker 1: one point one percent. The CAT in Paris is lowered
Speaker 1: by nine tenths of one percent ten. Your Treasury is
Speaker 1: up three thirty seconds deal three point six six percent
Speaker 1: yield on the two year four point four four percent.
Speaker 1: Nimex Screwed is down two point nine percent or two
Speaker 1: dollars ninenteen cents at seventy four dollars ten cents of
Speaker 1: Errol Comics Gold is up four tenths per cent or
Speaker 1: seven dollars fifty cents higher at seventeen seventy six thirty
Speaker 1: and ounce the Euro one point zero four six two
Speaker 1: against the dollar British pound one point two zero nine eight.
Speaker 1: The end is at one thirty seven point six five.
Speaker 1: Bitcoins down two and a quarter percent at sixteen thousand,
Speaker 1: two undred dollars. That's a Bloomberg business slash. Now here's
Speaker 1: Michael Barr with more on what's going on around the
Speaker 1: world the morning. Michael, Good Morning. Nathan. Jenny's authorities have
Speaker 1: these anti virus rules and standard areas, but affirm there's
Speaker 1: severe zero COVID strategy after crowns demanded President Shi jing
Speaker 1: Ping resigned during protests against controls that can find millions
Speaker 1: of people to their homes. The protests are the most
Speaker 1: widespread display of opposition to the ruling Communist party in decades.
Speaker 1: Americans ignored any inflation and recession fears to start in
Speaker 1: holiday shopping this weekend. A record nine billion dollars was
Speaker 1: spent on Black Friday, up more than two percent. How
Speaker 1: many retailers are offering deals today for Cyber Monday. In
Speaker 1: the NFL, the Jets Commanders and the Forts one the
Speaker 1: Ravens lost in the World Cup and cutter right now,
Speaker 1: Cameroon in Serbia are in a squirreless tie. Yesterday Morocco
Speaker 1: the Belgium to nil, Croatia down Canada for One Global
Speaker 1: News twenty four hours a day on airand on Bloomberg
Speaker 1: Quick Take, powered by more than hundred journalists and analysts
Speaker 1: in more than a hundred twenty countries. I'm MICHAELA bar
Speaker 1: This is Bloomberg Gaming all right, Thank you, Michael. It
Speaker 1: is five twenty on Wall Street Live from the Bloomberg
Speaker 1: Interactive Brokers studios. This is Bloomberg Daybreak. We're joined now
Speaker 1: by Managing director Lori Calviasina ahead of US Equity at
Speaker 1: RBC Capital Markets. Lori, good morning to you. Thank you
Speaker 1: for taking the time with us this morning. I wanted
Speaker 1: to start out our interview today talking about the protests
Speaker 1: in China. If you could talk about what you might
Speaker 1: see in that market reaction. Sure, well, thanks for having
Speaker 1: me as always Amy. Um. Look, I think it's interesting
Speaker 1: this is a day we'd normally be talking about Black
Speaker 1: Friday and the consumer and instead we're talking about your
Speaker 1: political risk. Um. And I do think you know if
Speaker 1: you if you think about, you know, sort of the
Speaker 1: the trajectory that markets have been on. We've been on
Speaker 1: a bit of a terror since mid October, but we
Speaker 1: have been following the two thousand two pass all year
Speaker 1: in the SMP five hundreds, and this is about the
Speaker 1: point in time back you know too that equity markets
Speaker 1: peaked and started to trade lower UM. So it's sort
Speaker 1: of a precarious time for the rally to begin with UM.
Speaker 1: But I do think, you know, these are real concerns
Speaker 1: because part of that big move that we saw off
Speaker 1: the October loaves was driven by excitement over China reopening UM.
Speaker 1: There's also been a lot of excitement you know on
Speaker 1: any supply chain indicator you can look at saying that
Speaker 1: things are starting to get better. So I think that complicates,
Speaker 1: you know, what we're dealing with today. One is just
Speaker 1: another element of uncertainty for markets to deal with at
Speaker 1: a precarious time. And it also just challenge that reopening
Speaker 1: UH improving in the global economy and supply chain thesis
Speaker 1: that had been powering this rally of late, because this
Speaker 1: is an ongoing uncertainty when it comes to China. Has
Speaker 1: this already been baked into the forecast. I don't think so.
Speaker 1: I think that this is something new and you can
Speaker 1: see the reaction in futures this morning, or the mat
Speaker 1: back futures which have been you know, sort of risk
Speaker 1: on risk off trade of late UM have been getting
Speaker 1: hit a little bit more. UM. You know, at the
Speaker 1: end of the day. UM. There is always some uncertainty
Speaker 1: associated with China. But I do think decision is sort
Speaker 1: of giving the bowls over the last few weeks or
Speaker 1: so a bit of a blow to you know, the
Speaker 1: thesis that had been had been playing out in markets. Now,
Speaker 1: let's turn to the Fed, if we could. Fed Chair
Speaker 1: Jerome pal this week expected to indicate that the Reserve
Speaker 1: is going to slow its space of interest rate increases, uh,
Speaker 1: probably starting next to month. Now, he is expected to
Speaker 1: speak on Wednesday Bloomberg Radio and Television. We'll bring you
Speaker 1: that speech live around one thirty pm Wall Street time
Speaker 1: on Wednesday. But Laura, I want to ask you what
Speaker 1: you're going to be looking for in that speech. So
Speaker 1: it's interesting. I mean, there are quite a few freed
Speaker 1: speakers out this week, and that's one of the you know,
Speaker 1: things that we have highlighted and just needed to look
Speaker 1: for a few weeks back when we were talking about
Speaker 1: the outlook through you're in. UM, it's just the idea
Speaker 1: that we can't imagine that the set is too happy
Speaker 1: at the rally that's happened off the mid October lows. UM.
Speaker 1: So we are going to be looking, you know, obviously
Speaker 1: for any change in tone. UM. I have had some investors,
Speaker 1: you know, say to me directly like, how much does
Speaker 1: the Fed want to see the labor market deteriorate before
Speaker 1: they'll back off. That was sort of before the last
Speaker 1: PPI trenant we got that comment, UM. But I do
Speaker 1: think just clues on how the set is thinking about
Speaker 1: the labor backdrop, we're gonna be pivotal. I do think
Speaker 1: investors have been baking in a slowdown in rate increases.
Speaker 1: I think that's something that has been helping propel the
Speaker 1: market higher of late. UM. But we do think there's
Speaker 1: a risk of not just Powell but other said speakers,
Speaker 1: of trying to talk the market down, UM, you know,
Speaker 1: just to help contain financial conditions and allow them to
Speaker 1: take that pause. Okay, we're gonna watch that with you now.
Speaker 1: In addition some of the other issues that have been
Speaker 1: coming up, what are you seeing as far as some
Speaker 1: of the best earning trends overall. You know, it's interesting,
Speaker 1: it was. It was an interesting recording season. Um. They're
Speaker 1: always to you to trickle in at the end, but
Speaker 1: we're basically done, thankfully. UM. You know, I think that
Speaker 1: earnings expectations did get cut. I don't think that they
Speaker 1: got cut enough. And you know, probably my biggest takeaway
Speaker 1: is that when companies were pressed on the three outlook,
Speaker 1: they said, hey, get back to us in February, get
Speaker 1: back to us in March. We're not going to talk
Speaker 1: about that right now. UM. So I do think there's
Speaker 1: another way of downward revisions that are coming in the
Speaker 1: next reporting season when guidance is given for the year ahead,
Speaker 1: cell side analysts will be forced to adjust their numbers
Speaker 1: by then, if not before. UM. I think the other
Speaker 1: thing that was interesting is that we were generally still
Speaker 1: seeing beat rates are our beats on earnings, but the
Speaker 1: pace of beats was slowing down um. And so it
Speaker 1: did seem to me like a pretty rational reporting season.
Speaker 1: Energy was one of the sectors that did well, and
Speaker 1: as we sort of see commodity prices take a hit
Speaker 1: um of late, just on some of these few political concerns.
Speaker 1: You do have to wonder if that earnings resilience that
Speaker 1: we're seeing from energy, how much longer that's gonna last.
Speaker 1: A little less than a minute here, Laurie, you mentioned
Speaker 1: Black Friday at the top of this interview. What struck
Speaker 1: you on Black Friday this year? I mean, I think
Speaker 1: what strikes me this morning is how few headlines I
Speaker 1: see about see it on my Bloomgard terminal. It's just
Speaker 1: not the point in conversation, um, you know. I think
Speaker 1: that we will need to sort of start to hear
Speaker 1: from the company's a little more detail about everything that
Speaker 1: they saw. But in general, I think the idea that
Speaker 1: the consumer is being a little bit more cautious, a
Speaker 1: little bit more disturbing, um, but hasn't fallen off a cliff, um,
Speaker 1: you know, is something that we're still continuing to see
Speaker 1: in the news world that's coming out. Okay, Laurie, thank
Speaker 1: you so much for taking the time with us this morning.
Speaker 1: All right, Managing Director Laurie Calvins and ahead of US
Speaker 1: equity at RBC Capital Markets now checking the markets. SMP
Speaker 1: futures down thirty three points, DAL futures down one eight
Speaker 1: six nastat futures down one ten year treasury of four
Speaker 1: thirty seconds, the yield at three point six six percent,
Speaker 1: the two year yield at four point for four percent.
Speaker 1: Now i'm x crude down to now down three percent.
Speaker 1: That's two dollars eighteen cents trading at seventy four ten
Speaker 1: cents per barrel. Much more still to come on this
Speaker 1: Monday morning at of Bloomberg Daybreak. This is Bloomberg. Bloomberg
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Speaker 1: It's five thirty on Wall Street. Good morning, I'm Nathan Hagar,
Speaker 1: I'm Amy Moore. As Bloomberg Daybreak is brought to you
Speaker 1: by se I imagine your asset management firms operational infrastructure
Speaker 1: as a competitive advance at it. Let see I tell
Speaker 1: you how at se I C dot com slash I
Speaker 1: m S. And we're just about four hours away from
Speaker 1: the open of US trading. Let's get you up to
Speaker 1: date on the news you need to know at this hour.
Speaker 1: Starting with protests in China spreading nationwide. Citizens are pushing
Speaker 1: back on President Shi Jin ping strict COVID zero rules
Speaker 1: after they were blamed for hampering rescue efforts in a
Speaker 1: deadly apartment fire. Bloomberg News Managing editor ma O'Brien says
Speaker 1: it's the most significant challenge to the Chinese Communist Party
Speaker 1: since Tianneman Square. You saw what started as digials pushback
Speaker 1: against this horrific fire in Ronchi and northwest China, peaceful
Speaker 1: vigils sort of morphing into wider protests against people not
Speaker 1: wanting to be taken away to quarantine cats. This is
Speaker 1: spreading across different chatas a society and does show no
Speaker 1: signs of abaiting. Bloomberg Exama O'Brien says protesters are showing
Speaker 1: their support online despite government surveillance. Protests in China, Nathan
Speaker 1: are also having an impact on Apple's bottom line. Bloomberg
Speaker 1: see We're Beport joining us now live with details. Stay
Speaker 1: good morning, Good morning, Amy and Nathan. If all you
Speaker 1: want for Christmas is that new iPhone, Santa can only
Speaker 1: do so much, millions of people may not find one
Speaker 1: under the tree this year because of production problems that
Speaker 1: are manufacturing plant in China. Apple is reportedly looking at
Speaker 1: a shortfall of nearly six million iPhone Pro units at
Speaker 1: the plant operated by fox Con Technology Group. Workers there
Speaker 1: are protesting pay and COVID nineteen restrictions. Production could fall
Speaker 1: behind even further if COVID lockdowns continue. Apple and fox
Speaker 1: Con expect to get caught up next year. Apple stock
Speaker 1: is down nearly two percent in pre market trading Live
Speaker 1: in New York. I'm Steve Rappaport Bloomberg Daybreak. All right, Steve,
Speaker 1: thanks for the ongoing unrest is having wide market repercussions.
Speaker 1: Stocks in China and Hong Kong fell more than one
Speaker 1: percent overnight. Mark Mobia's, founder of Mobia's Capital Partners, tells Bloomberg.
Speaker 1: He expects more short term losses and also has long
Speaker 1: term concerns about China. The problem that I have is
Speaker 1: from a longer term perspective, I'm talking about four or
Speaker 1: five years is what our view is. What happens in
Speaker 1: China decides to attack Taiwan, It's gonna be like Russia.
Speaker 1: You know, all of the investments in China will be lost.
Speaker 1: Mark Mavius with Movius Capital Partners tells us he does
Speaker 1: not expect the current demonstrations to end peacefully, and protests
Speaker 1: in China Nathan also having an impact on commodities markets,
Speaker 1: with oil trading at its lowest level in almost a year.
Speaker 1: Checking prices now, dimex crew down to per cent that's
Speaker 1: two dollars six cents at seventy three cents per barrel,
Speaker 1: and futures are moving lower as well. Straight ahead, we
Speaker 1: have your latest local headlines in the check of Sports.
Speaker 1: This is Bloomberge on Wall Street. We bring in Michael
Speaker 1: bar with more on what else is going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Amy. The team charged with shooting and killing ten
Speaker 1: black people at a Buffalo, New York supermarket earlier this
Speaker 1: year is expected to plead guilty today to state charges.
Speaker 1: Peyton Gendrin is expected to plead guilty to at least
Speaker 1: part of a twenty five count indictment that charged him
Speaker 1: carrying out a domestic act of terrorism motivated by hate
Speaker 1: and other charges. Prosecutors said it reflects the social media
Speaker 1: posts and linked to the suspect that included the racist
Speaker 1: conspiracy theory known as replacement. Devastating Russian strikes in Ukraine
Speaker 1: have cut off power to many hospitals. Power outages have
Speaker 1: strained and disrupted the country's health care system. The congressman
Speaker 1: who will become chair of the House Intelligence Committee when
Speaker 1: Republicans assume majority in January, Mike Turner, says that his
Speaker 1: committee will turn away from investigations like the January six inquiry.
Speaker 1: Turners says, instead, the company the committee will focus on
Speaker 1: global security. Our committee is going to focus on national
Speaker 1: scree and our adversaries. We have real adversaries where the
Speaker 1: committee hasn't been focused Again. We do, need, to, however,
Speaker 1: do oversight the intelligence community as to what they are doing,
Speaker 1: and we will do that and will do it vigorously.
Speaker 1: The Ohio representative appeared on a d c S this week,
Speaker 1: which airs Sunday on Bloomberg. The pilot and passenger trapped
Speaker 1: inside of playing dangling from power cables for hours in Gaithersburg, Maryland,
Speaker 1: have finally been freed. The efforts to carefully extricate both
Speaker 1: people took much of the night. Finally, rescuers overnight said
Speaker 1: the occupants were sent to area hospitals with serious but
Speaker 1: not believed to be life threatening injuries. Montgomery Fire Chief
Speaker 1: Scott Goldstein. Each time, and we got and learned a
Speaker 1: little bit more, a little additional part, which is how
Speaker 1: we knew why we had to take the steps, so
Speaker 1: we did slow, methodical and risk bace. Chief Goldstein says,
Speaker 1: though tens of thousands of customers lost power in Maryland's
Speaker 1: Montgomery County Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake power by more than twenty
Speaker 1: seven hundred journalists and analysts in more than one hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg any all right,
Speaker 1: thank you, Michael tell Now, but the sports report brought
Speaker 1: to you by tri State out he here's John dash Holley.
Speaker 1: All right, I mean, what a difference a week makes,
Speaker 1: or maybe it's what a difference a quarterback can make.
Speaker 1: After Zack Wilson struggles in New England, he was on
Speaker 1: the Jets bench, not even in the uniform third string.
Speaker 1: Mike White replaced him. Through three touchdown passes, the Jets
Speaker 1: ice their victory on the grounds. Thirty two yard proken
Speaker 1: tackles Stifford lead New York Toukstown on ESPN. New York
Speaker 1: Jets beat the Bears on a rainy day at Medlife
Speaker 1: thirty one to ten. They trailed Chicoto with five minutes
Speaker 1: left for the first half, but I'll scored them from
Speaker 1: their twenty four to nothing. White let an offense that
Speaker 1: produced four hundred and sixty six yards that's three hundred
Speaker 1: and sixty three more then last week, and they lost
Speaker 1: in New England. He was twenty two of twenty eight
Speaker 1: after Wilson had gone nine of twenty two. Safe to say,
Speaker 1: barring in dream Mike White is the Jets starting to
Speaker 1: be the rest of the season. As of now, they
Speaker 1: are a playoff team at seven and four, but the
Speaker 1: division is very strong. Miami blew out used Tona go
Speaker 1: to eight and three in the Giants Division. The NFC
Speaker 1: East even stronger. Philadelphia sits the top at ten and
Speaker 1: one of forty to thirty three. Win over Green Bay
Speaker 1: was just four and eight. Aaron Rodgers through two interceptions,
Speaker 1: then left with injured Ribbs, and Washington beat Atlanta has
Speaker 1: now won six in the last seven. The Giants host
Speaker 1: the Commanders this Sunday. At the Giants lose, they fall
Speaker 1: the last place. The next came from twelve down fourth
Speaker 1: quarter to take the leave a John Morant led Memphis
Speaker 1: to a one twenty seven, one twenty three win. Ran
Speaker 1: scored twenty seven on a triple double. Jalen Brunson led
Speaker 1: the next come back. Seventeen of his thirty points came
Speaker 1: in the fourth, but in the last ten seconds Brunson
Speaker 1: missed one shot to put the Mix ahead and another
Speaker 1: to tie the game, and Mixed just four and five
Speaker 1: at home in Brooklyn. Next spet Portland one eleven ninety seven.
Speaker 1: Kevin Durant scored thirty one. Seth Curry had seven three twinters.
Speaker 1: Four more games today at the World Cup, including Brazil
Speaker 1: against Switzerland. It's winner go home for the US tomorrow
Speaker 1: against the wrong John Bloomberg sports, all right, thank you, John.
Speaker 1: It is eight now on Wall Street time for the
Speaker 1: Tri State Business Report. Here with that is Bloomberg's Joan Donnegher.
Speaker 1: The Middle Collegiate Church in the East Village may have
Speaker 1: to find a new home, some two years after a
Speaker 1: massive fire destroyed all but the facade of the building.
Speaker 1: New York One says the church raised more than four
Speaker 1: million dollars to prepare for rebuilding on the site, but
Speaker 1: a church official says it may be forced to move
Speaker 1: if the city's Landmarks Preservation Commission rules the facade has
Speaker 1: to stay. New Jersey lawmakers have approved to build to
Speaker 1: protect paid first responders who suffer from work related post
Speaker 1: traumatic stress disorder, and JA Spotlight says the bill would
Speaker 1: ban employers from firing, harassing, or discriminating against an employee
Speaker 1: who requested leave related to the problem. And the new
Speaker 1: year will bring new tolls on major New Jersey toll roads,
Speaker 1: and j Spotlight says increases totaling three percent will go
Speaker 1: into effect January one on the Garden State Parkway, the
Speaker 1: Turnpike in the Atlantic City Expressway. That's the Bloomberg Tri
Speaker 1: State Business Report. I'm Joan Donneger. All right, thank you, Joan.
Speaker 1: It is five thirty nine on Wall Street. Bloomberg Radio
Speaker 1: is on the air front San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. I'm
Speaker 1: Steve podas k K and X in Los Angeles. We're
Speaker 1: talking about water music sewing a makeup firm over social
Speaker 1: media influencer videos that used music without license. Um Cornitanaho
Speaker 1: on ktr H in Houston. Chevron resumes oil production in
Speaker 1: Venezuela as the ussis sanctioned. I'm Jeff Mudlinger and on
Speaker 1: Cogo and San Diego. I'm reporting shoppers showed up over
Speaker 1: the Thanksgiving weekend, but movie goers not so much. I'm
Speaker 1: Gina Servetti and for k CBS and San Francisco, I'm
Speaker 1: talking about Apple's production problem as the company faces a
Speaker 1: likely production shortfall of close to six million I phone pros.
Speaker 1: And then turmoil and it's Key Manu featuring Hub in China.
Speaker 1: I'm Stephen Carol and Boomberg DAB Radio and London. We've
Speaker 1: been reporting on diplomas restarting talks in the European Union
Speaker 1: over a price cup on Russian oil. Those are some
Speaker 1: of the stories are Bloomberg journalists and analysts are working
Speaker 1: on this morning around the world. Other stories, we're watching
Speaker 1: Amazon winding down parts of its Indian operations, showing that
Speaker 1: even the crucial growth market with one point four billion
Speaker 1: consumers is not immune to Chief executive Officer Andy Jazzy's
Speaker 1: cost reduction campaign. The company says it is exiting meal
Speaker 1: deliveries as well as a service that provides bulk doorstep
Speaker 1: deliveries of packaged consumer goods to small businesses and at
Speaker 1: the box office, glass Onion, a knives Out mystery, brought
Speaker 1: in more than thirteen million dollars over five days in
Speaker 1: a closely watched a limited run. It marks the first
Speaker 1: time a Netflix film has played in the nation's major
Speaker 1: theater chains, including a mc regal and Cinemark. The film
Speaker 1: won't hit the streaming service until December. Futures are lower.
Speaker 1: We're watching that for you too. This is Bloomberg. The
Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't
Speaker 1: let someone else drive off in the autie model. You've
Speaker 1: always wanted visit your local Tory state Autie Deiler to
Speaker 1: get behind the Wheel of Yours today, or visit autie
Speaker 1: Offers dot com for more information, markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quicktape. This is
Speaker 1: a Bloomberg Business lash. I'm Nathan Hagar. Stocks are falling,
Speaker 1: oil is tumbling, is growing. Unrest in China over COVID
Speaker 1: restrictions ripples through the mark It's we checked the markets
Speaker 1: for you every fifteen minutes during the trading day on
Speaker 1: Bloomberg SMP futures are down thirty two points right now.
Speaker 1: Down futures are down a hundred ninety four. NASTAC futures
Speaker 1: are lower by a hundred nine points. The tenure treasury
Speaker 1: is up one thirty second, the yield three point six
Speaker 1: seven percent, yield down the two year four point four
Speaker 1: or five percent. Nimex crudes down three percent, down two
Speaker 1: dollars thirty cents at seventy three dollars ninety seven cents
Speaker 1: of Baril Comic gold is up a half percent or
Speaker 1: eight dollars forty cents at seventeen seventy seven twenty and ounce.
Speaker 1: The euro at one point zero four seven six against
Speaker 1: the dollar British pound one point two zero nine one.
Speaker 1: The end is a one thirty seven point seven three
Speaker 1: bitcoins lower by two and a quarter percent at sixteen thousand,
Speaker 1: two hundred dollars. That's a Bloomberg Business Flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world. Michael,
Speaker 1: thank you very much. Nathan. In China, mass protests are
Speaker 1: taking place in the streets of some cities. The public
Speaker 1: outpouring is a reaction to the strict zero COVID policy
Speaker 1: enacted by China's President shi Jing Ping. The long track
Speaker 1: home after the Thanks Iving holiday proved to be a
Speaker 1: challenge this year. The weather is complicating matters. The busy
Speaker 1: corridor from DC to Philadelphia to Boston is being hit
Speaker 1: with heavy rains. The Pacific Northwest is getting hit by
Speaker 1: snow today. In the NFL, the Jets commanders and forty
Speaker 1: nine is one. The Ravens lost. In the NBA, the
Speaker 1: Nets and Warriors won the next lost. Celtics beat the
Speaker 1: Wizards one thirty in the World Cup and cutter right
Speaker 1: now Cameroon one, Serbia nil. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake powered by
Speaker 1: more than twenty seven hundred journalists analysts more than a
Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg in
Speaker 1: all right. Thank you, Michael. It is five forty nine
Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. Protests against COVID restrictions are spreading
Speaker 1: across China's citizens taking to the streets, university campuses, venting
Speaker 1: their anger and frustrations on local officials and the Communist
Speaker 1: Party chief Asia Economics correspondent and a current joins us
Speaker 1: now from Hong Kong, and thanks for taking the time
Speaker 1: with us. What are you making now of the market
Speaker 1: reaction to events in China. Well, these protests are on precedented.
Speaker 1: There are, of course routine needs sporadic protests in China
Speaker 1: on various issues, but you have this kind of broad
Speaker 1: based pushback against the government policy in differences at the
Speaker 1: same time, it's pretty usual expas level of frustration on
Speaker 1: the ground, and I think that by extension to speak
Speaker 1: to or put certainly a lot of color around the
Speaker 1: challenges that the economy is facing in China at the moment.
Speaker 1: If you know, it's fairly unusual slowdown because of the
Speaker 1: real estate crunch, and of course COVID zero and then
Speaker 1: that by pension, of course, is painting a pretty negative
Speaker 1: picture in terms of global sentment towards China right now.
Speaker 1: And that's why I think investors are negative. They've already
Speaker 1: been pulling money out of China, China security markets here
Speaker 1: at the fairly rapid clip. That's not just about COVID
Speaker 1: euro of course, it is very interest, very differential. But
Speaker 1: when you add it all up, it it it puts
Speaker 1: China's economy, It puts with public policy protess, put it
Speaker 1: all in a fairly uncertain, volatile space right now. Obviously
Speaker 1: that the global actually do not like that. At one
Speaker 1: point on Saturday, protesters were calling for President Susan Paying
Speaker 1: to step down. Unheard of, That seems extraordinary. Has this
Speaker 1: reached its boiling point? Obviously that's unusual in in the
Speaker 1: turkeytism of China is they don't allow that kind of
Speaker 1: expression of thoughts. So quite right. The question though is
Speaker 1: a you know, the scale and extent of these protests,
Speaker 1: how do they go from here? Do they grow them out?
Speaker 1: Do they grow in numbers? And of course then by
Speaker 1: extension of what kind of government response will there will
Speaker 1: there be? Will the government has to some extent our
Speaker 1: colleagues in Beijing and chinaire making this point to some
Speaker 1: of them. They are allowing these protesters to vent. Obviously,
Speaker 1: however they are censoring heavily the protests on social media.
Speaker 1: That's really where the rest of the world are getting
Speaker 1: against in chinness. What's going on? I think the credibly
Speaker 1: question will be going forward just how broad based these
Speaker 1: protests become, how how much oxygen the government will allow
Speaker 1: these protests, and then of course how the government response.
Speaker 1: Do they come back with a kind of a heavy
Speaker 1: handed police crackdown or there's some kind of a middle
Speaker 1: meeting of minds and this, and of course the latter
Speaker 1: is probably would be a typical in the In the
Speaker 1: current political environment in China, most experts are saying there
Speaker 1: will be a government response that will try and keep
Speaker 1: a living these protests, and then maybe further down the road,
Speaker 1: the government, of course will be politically attuned to the
Speaker 1: protests and they will probably start tweaking their COVID zero
Speaker 1: as they go. But you know, the full road out
Speaker 1: of COVID zero for China remains a very complicated one.
Speaker 1: We were reading about the unrest of one Apple manufacturing plant,
Speaker 1: which could mean a production shortfall of six million iPhone
Speaker 1: Pro units this year. What will that mean for the economy,
Speaker 1: for markets, Well, this is a big question. I mean
Speaker 1: that's just one example. Of course, we do know that
Speaker 1: the industrial type of things in China, it's suffering. It's
Speaker 1: suffering for true reasons. It suffering because the COVID zero,
Speaker 1: which means disruption to how they operate, disruption to their mobility,
Speaker 1: disruption into their general and supply chains and way of
Speaker 1: doing business, because the ongoing testing requirements and and sort
Speaker 1: of lockdown to cut it out down. That's the domestic
Speaker 1: China story. But the chinage industrial basis also suffering, of
Speaker 1: course because the weakening global demand anyway. I mean, exports
Speaker 1: out of China have been falling for some months now,
Speaker 1: and that's kind of a global demand story. It's getting
Speaker 1: hit a both sides. We had industrial profits numbers over
Speaker 1: the weekend showing that China's company profits continue to fall.
Speaker 1: We have our own Bloomberg Bloomberg early indicators really on
Speaker 1: China's economy that's in a contractional charge right now. All
Speaker 1: of this stems from on the one hand, to frustration
Speaker 1: and exhaustion with COVID zero, and of course, on the
Speaker 1: other real estate slump and the global demand story. So
Speaker 1: I think all indications are that the pressure on China's
Speaker 1: economy remains one direction of one direction only. Alright, Geef
Speaker 1: Asia Economics correspondent and occurrent in Hong Kong. Thank you, Nathan.
Speaker 1: Al Right, Amy, thank you. It's five fifty three on
Speaker 1: Wall Street. Time for our Bloomberg Law Report. Let's get
Speaker 1: to the legal stories we're watching this morning with Bloomberg
Speaker 1: Jeff Tallenger. The lawsuit filed in Los Angeles federal court
Speaker 1: accuses the English skincare company Iconic London of creating hundreds
Speaker 1: of promo videos that used songs from Warner Music Group
Speaker 1: without a license. A conservation group filed the lawsuit against
Speaker 1: a Massachusetts school bus operator over the amount of time
Speaker 1: the company's buses spend Idolate. The commercial spaceflight company Virgin
Speaker 1: Galactic Holdings, named Sarah Kim as its chief legal officer
Speaker 1: and corporate secretary. Bloomberg Law everything you need on one
Speaker 1: legal research platform, Guidance, Amelysis, and Bloomberg Market Intelligence. Find
Speaker 1: out more at Bloomberg Law dot Com. Now let's get
Speaker 1: to another legal story we're watching this morning. Rodney Reid
Speaker 1: was just days away from being executed, but he received
Speaker 1: a stay from the top court in Texas. Read has
Speaker 1: been on death row since for the murder of Stacy Stites,
Speaker 1: but he's maintained his innocence. Reid's case gained national attention,
Speaker 1: with Stites receiving support from celebrities and politicians. Reid says
Speaker 1: a DNA test on the murder weapon will prove his innocence,
Speaker 1: but the state of Texas has refused to grant that test,
Speaker 1: and his life could now hinge on a decision by
Speaker 1: the Supreme Court on a technical issue whether Rodney Read
Speaker 1: filed his appeal to the federal courts too late. For more,
Speaker 1: Bloomberg's June Grosso speaks with Bloomberg Law reporter Jordan Reuben.
Speaker 1: So this is a federal civil rights claim, that's right.
Speaker 1: So what happened is this in trying to get DNA testing,
Speaker 1: Rodney Reid pursued that claim in the state court, but
Speaker 1: that claim was denied at the trial court level and
Speaker 1: then up through the state criminal appeals court. And so
Speaker 1: after that denial, Rodney Reid then filed a federal civil
Speaker 1: rights claim challenging the denial on the state level, saying
Speaker 1: that those state processes violated his due process. And so
Speaker 1: that the crux of his federal claim the problem is
Speaker 1: that textas is saying that he waited too long to
Speaker 1: bring the claim. So the question at the Supreme Court
Speaker 1: is when the statute of limitation starts to run for
Speaker 1: a federal claim that state DNA testing procedures violated due process.
Speaker 1: Does it start to run when the state trial court
Speaker 1: denies testing, or does it start to run when the
Speaker 1: state appeals process has played out. And so it's this
Speaker 1: very technical sort of question that one might be tempted
Speaker 1: to get lost in, but it's a crucial question. The
Speaker 1: answer could depend on whether Rodney Reid and others who
Speaker 1: are claiming innocence can get DNA testing in these types
Speaker 1: of cases. Was there any talk at all during the
Speaker 1: oral arguments about the fact that he claims he's innocent
Speaker 1: and the DNA test could possibly clear him. It's hard
Speaker 1: to see why you wouldn't give someone a DNA test, right, So,
Speaker 1: in terms of kind of the reality of the case,
Speaker 1: that wasn't the subject of the arguments, and that's often
Speaker 1: the case at the Serene Court. Nonetheless, three lawyers certainly
Speaker 1: didn't mention the innocence aspect during the argument, but there
Speaker 1: wasn't really this straight up question posed to Texas of
Speaker 1: why don't you just do the test that they're really
Speaker 1: focused or on the technical issue, as is often the
Speaker 1: case at the court. That's Bloomberg Law reporter Jordan Rubin
Speaker 1: speaking with Bloomberg's June Grosso. You can catch more of
Speaker 1: that interview plus analysis of the latest legal news by
Speaker 1: subscribing to the Bloomberg Law podcast or by downloading the
Speaker 1: show at Bloomberg dot com. Slash podcasts and attorneys can
Speaker 1: find exceptional legal research and business development tools at Bloomberg
Speaker 1: Law dot com and on the Bloomberg terminal at blog
Speaker 1: go just watching this red headline cross the Bloomberg Terminal.
Speaker 1: In light of all the unrest happening in China, we're
Speaker 1: hearing now China will end a ban on local share
Speaker 1: sales by listed developers on top of COVID zero restrictions.
Speaker 1: The Chinese economy has been dealing with an ongoing property slump.
Speaker 1: Another story we're watching. More bank strategists are saying the
Speaker 1: market is not fully pricing in the risk of a
Speaker 1: US recession. One of the latest to do so is
Speaker 1: Goldman Sachs, saying their model implies a thirty nine percent
Speaker 1: probability of a US growth slowed down in the next
Speaker 1: twelve months, but they say risk assets are only pricing
Speaker 1: in an eleven percent chance. And at Deutsche Bank they
Speaker 1: say the SMP five hundred will slump to thirty two
Speaker 1: d fifty points, about below current levels, in the third
Speaker 1: quarter next year as recession begins, before rebounding in the
Speaker 1: fourth quarter. Right now, SMP futures are lower by thirty
Speaker 1: four points, Now futures down two hundred six and NAZDAC
Speaker 1: futures are down a hundred twelve points. The tenure treasury
Speaker 1: is up one thirty second you'll three point six seven percent.
Speaker 1: Bloomberg daybreak continues. This is Bloomberg