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Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg

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Speaker 1: day Break for Friday, November eleven two. Coming up this hour,

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Speaker 1: Stocks followed Yesterday's powerful rally with war games Chinese in

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Speaker 1: Hong Kong's stocks search after Beijing eases quarantine rules at

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Speaker 1: the X dot COM's assets are frozen by authorities in

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Speaker 1: the Bahamas and Elon Musk lawrence of a possible bankruptcy

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Speaker 1: at Twitter. New York City Mayor Adams defends his focus

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Speaker 1: on crime. Plus the remnants of Hurricane to Coole leave

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Speaker 1: at least two people dead in Florida. I'm Michael Blarer.

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Speaker 1: More ahead, I'm John stash Own Sports make third period

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Speaker 1: for the Rangers to win. In Detroit, the Islanders were

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Speaker 1: shot out. The Devils won their eighth in a row.

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Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg eleven, FREEO,

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Speaker 1: New York, Bloomberg Washington, d C, Bloomberg one oh six one, Boston,

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Speaker 1: Floomberg nine sixties, San Francisco, Sirius x M one nineteen

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Speaker 1: and around the world on Bloomberg Radio. Come and via

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Speaker 1: the Bloomberg Business Set. Good Friday morning. I'm Amy Morris.

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Speaker 1: And I'm Karen Moscow. US Dock index futures on the

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Speaker 1: rise this morning. We are coming up to six one

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Speaker 1: on Wall Street and we check the markets every fifteen

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Speaker 1: minutes throughout the trading day. On Bloomberg, SNP futures of

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Speaker 1: fifteen points this morning. Down futures have a hundred twenty

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Speaker 1: two NASDACK futures up at sixties six. No trading in

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Speaker 1: the US bond market today and observance of the Veterans

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Speaker 1: Day holiday. Niam X screwed oil is up three and

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Speaker 1: a half percent. It's at eighty nine dollars forty nine

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Speaker 1: cents in barrel, Amy Karen. US futures are building on

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Speaker 1: yesterday's historic rally, the SNP five hundred coming off of

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Speaker 1: five and a half percent gain for the best first

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Speaker 1: day reaction to a CPI report since at least two

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Speaker 1: thousand three, when records began. Headline inflation came in at

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Speaker 1: seven point seven percent. That's the lowest since January. Doug

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Speaker 1: Sioca is CEO at Covar Capital. He think what ended

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Speaker 1: the bear mark get popped two weeks ago. It's when

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Speaker 1: the FED came out of the press conference. So if

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Speaker 1: the Fed now and in the Randomester, being one of

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Speaker 1: the head hawks, is talking a little less strongly the

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Speaker 1: market way take that as a higher probability that this

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Speaker 1: may not be a bear market bounce, but something start

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Speaker 1: of the next legable market. Despite the rally of our

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Speaker 1: capital's Doug Siocas notes the SMP is still downe this year,

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Speaker 1: but we saw an immediate reaction and FED funds future

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Speaker 1: is following that. Our poor damy rates traders now see

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Speaker 1: just a half point rate hike next month instead of

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Speaker 1: another three quarter point increase. If that appears to be

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Speaker 1: backing a downshift in rate hikes, and here's Dallas FED

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Speaker 1: President Laurie Logan and Philadelphia FED President Patrick Harker. While

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Speaker 1: I believe it may be appropriate to slow the pace

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Speaker 1: of rate increases so we can better assess how financial

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Speaker 1: and economic conditions are evolving, I also believe a slower

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Speaker 1: pace should not be taken to represent easier policy. The

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Speaker 1: upcoming months and light of the CUMULICI fightening we have achieved,

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Speaker 1: I expect we will slow the pace of our rate

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Speaker 1: hikes as we approach a sufficiently restrictive stance. But I

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Speaker 1: want to be clear A rate hiker fifty basis points,

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Speaker 1: which still be significant. Philadelphia Fed President Patrick Harker and

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Speaker 1: Dallas FED chief Lorie Logan spoke at separate events yesterday

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Speaker 1: after the latest inflation reading and Karen. The softer consumer

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Speaker 1: price print coupled with China's move tweets some COVID rules

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Speaker 1: fueled a rally in Asia. Overnight stocks in the region

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Speaker 1: jumped by the most since March of We get the

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Speaker 1: recap from Bloomberg's Juliette Sally in Singapore. Good Morning Juliette,

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Speaker 1: Good Morning Avian Karen. The m s c I Asia

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Speaker 1: Pacific Index climbed more than four and a half percent,

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Speaker 1: also on track for its best weekly gain since March

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Speaker 1: twenty twenty. Hong Kong's benchmark search more than seven percent

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Speaker 1: after China reduced its quarantine time for inbound travelers and

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Speaker 1: scrapped COVID flat suspensions, adding to the positive sentiment around

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Speaker 1: top leaders calling for a more targeted approach to controlling

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Speaker 1: the coronavirus Regionally, chipmakers also saw that drove benchmarks in Taiwan,

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Speaker 1: South Korea and Japan high and local currency has got

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Speaker 1: to boost as the dollus off at its worst day

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Speaker 1: since two thousand and nine, the Korean one, jumping the

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Speaker 1: most since October two thousand and eight. In Singapore, Juliette

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Speaker 1: Sale Bloomberg Debriak Right, Juliette, thank you. In Europe today

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Speaker 1: we have data on the British economy. GDP in the

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Speaker 1: UK shrank in the third quarter, marking the startup what's

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Speaker 1: expected to be a protracted recession. Gross domestic product fell

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Speaker 1: two tenths of one percent. Consumers spending and business investment

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Speaker 1: both fell. The Bank of England sees a recession persisting

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Speaker 1: into the middle of four and new developments this morning

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Speaker 1: involving FDx, dot Com and the crypto collapse that has

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Speaker 1: sparked a securities regulator in the Bahamas is now frozen

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Speaker 1: the assets of fd X and related parties. We get

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Speaker 1: more from Bloomberg's Doug Prisner. The Bahamas Securities Commissions had

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Speaker 1: a freeze was the prudent course of action to preserve

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Speaker 1: assets and stabilize the company, and an attorney has been

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Speaker 1: appointed provisional liquid dator as the comm as and aims

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Speaker 1: to place the beleaguered crypto exchange into receivership. The Commission

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Speaker 1: also said it's aware of statements suggesting client's assets were mishandled, mismanaged,

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Speaker 1: and or transferred to Alameda Research. Alameda is the trading

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Speaker 1: house at the heart of Bankman Freed's digital asset empire.

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Speaker 1: He is the founder and CEO of FTX dot Com,

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Speaker 1: based in the Bahamas in New York. On Duck Prisoner,

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Speaker 1: Bloomberg Daybreak, All right, Dick, thanks about Twitter in the

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Speaker 1: spotlight once again. Today, Bloomberg News has learned that Elon

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Speaker 1: Musk is telling employees that bankruptcy is a possibility for

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Speaker 1: the company. We get the story from Bloomberg SHIRLEYE. Pellett.

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Speaker 1: Word came in his first address to Twitter employees since

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Speaker 1: buying the company for forty four billion dollars. The social

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Speaker 1: network has a significant debt burden from the acquisition and

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Speaker 1: has seen a pullback from some advertisers that are concerned

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Speaker 1: about Musk's plans for content moderation. Musk also told staff

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Speaker 1: on the call that the days of free food and

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Speaker 1: other perks are over. Twitter's office is in New York.

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Speaker 1: Charlie Pelott, bloom Bird day Break, Thank you, Charlie. One

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Speaker 1: other note on Twitter, the social media network reinstated official

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Speaker 1: badges for high profile accounts to combat a growing problem

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Speaker 1: of users impersonating major brands. The gray badge reappeared below

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Speaker 1: the profiles of businesses and major media outlets this morning. Now,

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Speaker 1: let's get you up to date on politics. Amy and

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Speaker 1: the race for the Senate control is still undecided three

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Speaker 1: days after the election. All comes down to three states.

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Speaker 1: Counts are ongoing in Arizona and Nevada, and the race

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Speaker 1: in Georgia is going to a run off in December.

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Speaker 1: President Biden says Democrats face long odds to keep control

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Speaker 1: of the House, but says it's not impossible. Oh no,

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Speaker 1: Stull was Stoor but grown and Reside straight and Republicans

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Speaker 1: are on pace to win at least two hundred ten

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Speaker 1: seats so far compared to Democrats one two. Two hundred

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Speaker 1: eighteen seats are required for a majority, and it is

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Speaker 1: a blow for the Biden administration. A federal judge in

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Speaker 1: Texas striking down the president's plan to forgive student loans.

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Speaker 1: The judge called it one of the artist exercises of

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Speaker 1: legislative power without congressional authority in the history of the

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Speaker 1: United States. The Justice Department says it will appeal. The

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Speaker 1: plan is already on hold under an emergency stay from

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Speaker 1: another federal court. S and P futures up thirteen points,

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Speaker 1: DW futures up one seventeen, NASDAC up sixty. This is

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Speaker 1: Bloomberg six or seven on Wall Street. Let's bring in

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Speaker 1: Michael bar to find out what else is going on

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Speaker 1: in New York and around the world. Good morning, Michael,

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Speaker 1: Good morning Amy. New York City Mayor Eric Adams says

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Speaker 1: he won't stop talking about crime. Pushing back on criticism

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Speaker 1: that he helped fuel the momentum of Republican candidates across

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Speaker 1: the state in the mid term elections, Adam says that

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Speaker 1: the system is broken and no one wanted to hear that.

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Speaker 1: Adams later spoke at a community event on public safety.

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Speaker 1: He talked about removing the homeless off the streets. When

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Speaker 1: I started in January, I went out and visited those

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Speaker 1: camps and those encampments, and I saw inside there was

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Speaker 1: in humane human waste, stale food, dirty clothing, drug pal fernalia.

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Speaker 1: Some people will buy folk by Polo schizophrenic. That is

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Speaker 1: inhumane to allow people to live that way. And I said,

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Speaker 1: as the mayor of this city, is not happening under

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Speaker 1: our watch. Republican candidate seized upon crime as a central

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Speaker 1: issue in the mid terms, including Representative Lees Helden, who

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Speaker 1: ran closer than expected in his failed bid to unseat

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Speaker 1: New York's Democratic Governor Kathy Hukel. President Biden left last

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Speaker 1: night for his foreign country tour. The President will be

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Speaker 1: joining world leaders in Egypt for the United Nations Global

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Speaker 1: Climate Summit, also known as cop MEAN, while the bilateral

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Speaker 1: meeting between Presidents Shi Jing Ping and Joe Biden has

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Speaker 1: been set for the sidelines of the G twenty early

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Speaker 1: next week. Bloomberg's At Baxter reports. US National Security Adviser

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Speaker 1: Jake Sullivan says the US will brief Taiwanese officials before

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Speaker 1: and after the President's talk they sit down Monday. Alivan says,

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Speaker 1: face to face, you will get to sit in the

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Speaker 1: same room with Shi Jimping, be direct and straightforward with

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Speaker 1: him as he always is, and expect the same in

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Speaker 1: return from she, and then he can make his judgments

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Speaker 1: on that basis about how to take things forward. Sullivan

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Speaker 1: says he's confidence Taipei will feel secure about its support

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Speaker 1: from the United States. Sullivan repeated the US Commitment to

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Speaker 1: Taiwan Relations Act and Peace and Stability in the Strait

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Speaker 1: in San Francisco. I'm at Baxter. Bloomberg gave break Tropical

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Speaker 1: depression to coal Is in Georgia this morning after a

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Speaker 1: day of causing havoc and Florida as a hurricane and

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Speaker 1: then tropical Storm Nicole had cut across central Florida after

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Speaker 1: making landfall near Vero Beach. The storm caused at least

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Speaker 1: two depths and sent homes along Florida's coast toppling into

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Speaker 1: the ocean. Global News twenty four hours a day on

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Speaker 1: air and on Bloomberg Quick Take, powered by more than

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

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Speaker 1: Barr and this is Bloomberg Gaming. All right, thank you, Michael.

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Speaker 1: It's extend on Wall Street time now for the Sports

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Speaker 1: for four props to you by Tri State Outy. Here's

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Speaker 1: John stash Our, all right, Amy. Rangers went to Detroit

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Speaker 1: having recently lost to the Red Wings, part of a

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Speaker 1: three game losing streak. They trailed through to one. It

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Speaker 1: was to to third period when the Rangers erupted six

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Speaker 1: goals in ten and a half minute, six different goal scorers.

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Speaker 1: Rangers one to two. Islanders shut out by Arizona to nothing.

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Speaker 1: The Devils stay hot in overtime with Ottawa power play

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Speaker 1: game winner for the Devil and the winning Street is

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Speaker 1: at eight. His radio calling the Niko he sheered tipping

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Speaker 1: to the fourth three victory. Nike boss Phil Knight says

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Speaker 1: his company likely ending its relationship with Kyrie Irving, now

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Speaker 1: serving a suspension with the Nets for his posting to

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Speaker 1: the anti semitic video, was refused to apologize Alough. NBA

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Speaker 1: commissioner Adam Silver, who recently met with Irving, to The

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Speaker 1: New York Times he does not believe Irving his anti

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Speaker 1: semitic Lebron James said his former teammates should be allowed

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Speaker 1: to play. Lebron said the requirement the Nets have put

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Speaker 1: in place Irving's reinstatement are excessive. NFL Carolina being Atlanta

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Speaker 1: fifteen Panthers are three and seven, Falcons are four and six.

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Speaker 1: The entire NFC South is under five hundred, as opposed

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Speaker 1: to the Jets division the a f C East, where

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Speaker 1: everyone is over five hundred. Jets are off this week

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Speaker 1: Giant Sunday host Houston Giants, also in a tough division,

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Speaker 1: battling Dallas and unbeaten Philadelphia and as for Washington, the

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Speaker 1: problems there continue, the d C Attorney General finding a

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Speaker 1: civil lawsuit against the team and owner Dan Snyder, as

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Speaker 1: well as Roger Goodell in the NFL for covering up

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Speaker 1: and deceiving fans of what was going on in a

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Speaker 1: toxic workplace. There were recently indications that Snyder maybe finally

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Speaker 1: looking to sell the team. John Stashower Bloomberg Sports Team,

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Speaker 1: all right, thank you, john s and B Futures up

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Speaker 1: fifteen points, del Futures up one hundred seventeen, nasdat futures

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Speaker 1: up sixty seven points. The decks in Germany up five

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Speaker 1: tenths of a percent, CAC in Paris of five tenths

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Speaker 1: ever percent. Let's see in London down three tenths of

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Speaker 1: a percent. This is Bloomberg. The Bloomberg Sports Report was

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Speaker 1: brought to you by Audie. Don't let someone else drive

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Speaker 1: off in the Audi model you've always wanted. Visit your local,

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Speaker 1: try state autie dealer to get behind the wheel of

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Speaker 1: yours today. Visit Autie Offers dot com for more information, markets,

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

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Speaker 1: Bloomberg dot Com. To Bloomberg Business Outland at Bloomberg Quick Take, Chris,

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Speaker 1: she's a Bloomberg business lash and I'm Karen. Moscow and

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Speaker 1: US dock index futures are on the rise this morning,

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Speaker 1: along with European shares. Is that you for it over

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Speaker 1: A falling inflation in the world's largest economy extends into

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Speaker 1: a second day, and China relaxes some COVID restrictions. We

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Speaker 1: on Bloomberg Guess and p future is up seventeen points

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Speaker 1: down features of a hundred thirty four nasday futures up

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Speaker 1: that's an observance of the Veterans Day holiday. Nin mex

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Speaker 1: at seventeen sixty one seventy ounce. The euro one pot

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Speaker 1: tuesdays nine against the dollar, British pound one point one

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Speaker 1: seven three six and the end at one thirty nine

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Speaker 1: Bloomberg Business Flash. Now here's Michael Barr with more on

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Speaker 1: what's going on around the world. Michael Karen, thank you

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Speaker 1: very much. A fast moving missile as struck an apartment

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Speaker 1: building in the south of Ukraine. People in Mick Alive

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Speaker 1: woke up to find the building in ruins. Rescuers raced

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Speaker 1: to the scene, digging through debris for survivors. A federal

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Speaker 1: judge in Texas struck down the Biden administration sweeping student

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Speaker 1: loan forgiveness plan. US District Judge Mark Pittman and a

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Speaker 1: pointee of President Trump called it one of the largest

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Speaker 1: exercises of legislative power without congressional authority in the history

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Speaker 1: of the United States. In the NHL, the Devil's won

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Speaker 1: in overtime against the Senators for three. The Rangers and

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Speaker 1: Bruins also won. The Islanders lost. In the NBA the Wizards.

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Speaker 1: One Thursday Night Football, the Panthers beat the Falcons. Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg Quick Take, powered by more than twenty seven journalists

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Speaker 1: and analysts more than twenty countries. I'm Michael Bard. This

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Speaker 1: is Bloomberg any all right, thank you, Michael. It is

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Speaker 1: six nineteen on Wall Street Live from the Bloomberg Interactive

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Speaker 1: Broker studios. This is Bloomberg Daybreak. Now, Bloomberg News has

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Speaker 1: learned Elon Musk is wanting Twitter employees that bankruptcy is

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Speaker 1: a possibility. We're joined now by Bloomberg Intelligence analyst Matthew Bloxam. Matthew,

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Speaker 1: thank you for taking the time with us this morning

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Speaker 1: to sort this out. It was Elon Musk, a new

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Speaker 1: owner's first addressed to Twitter employees since he bought the company,

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Speaker 1: And between this and the firings and some of the

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Speaker 1: other issues going on eliminating work from home, it seems

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Speaker 1: like a chaotic start. Yeah, it does certainly been a

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Speaker 1: lot of news to digest, and you know, some really

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Speaker 1: quite fundamental changes for Twitter employees, as you said, getting

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Speaker 1: rid of at the headcount and telling people that they're

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Speaker 1: going to have to do a U turn on the

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Speaker 1: work from anywhere policy that Twitter became quite famous for.

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Speaker 1: So um. Yeah, but very different future. I think if

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Speaker 1: you're a Twitter employee, some of the other warnings for

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Speaker 1: employees during that address, there could be eighty hour work weeks,

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Speaker 1: which doesn't seem right ifewer office perks uh, he said, quote,

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Speaker 1: We're gonna need to be more hardcore. What is his

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Speaker 1: end game here? I can I think he's trying to

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Speaker 1: turn this business into a company with a much sharper

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Speaker 1: commercial edge. To say, those eight hour weeks stuff we've

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Speaker 1: heard him talk about with his other companies to particularly

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Speaker 1: Tesla and even at Space Scular, he really isn't in

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Speaker 1: credibly demanding boss um and he expects people to put

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Speaker 1: in the same commitment that he does. UM. So I think, yeah,

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Speaker 1: you know, he's trying to kind of remodel twitter um

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Speaker 1: into into something that's really much more focused around the

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Speaker 1: revenue and the profit it's going to make and you know,

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Speaker 1: ultimately helping him to get a return on that big

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Speaker 1: investment he's made. Is that going to work? This doesn't

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Speaker 1: seem sustainable just from looking from the outside in what

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Speaker 1: needs to happen to help keep Twitter alive and and engaged. Yeah,

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Speaker 1: you know, I think in the next maybe he knows

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Speaker 1: the three six, twelve months, perhaps longer, this is going

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Speaker 1: to be a pretty um bollatile time for the company.

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Speaker 1: I think the benefit from not being in the public

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Speaker 1: days of shareholders in terms of numbers, because certainly you

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Speaker 1: could see active users dip, profit revenue dip in the

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Speaker 1: near term. I think, you know, there's a couple of

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Speaker 1: things that he clearly wants to do. One he's he's

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Speaker 1: looking to reassure advertisers that Twitter is still a good

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Speaker 1: place to spend our dollars and, if anything, to be

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Speaker 1: a better place than that's been in the past to

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Speaker 1: spend our dollars. I think, given you know the kind

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Speaker 1: of noise you've heard about hate speech rising since his acquisition,

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Speaker 1: he's got a lot of work to do to convince advertisers.

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Speaker 1: But clearly that's that's part of his agenda. The other

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Speaker 1: part vis agenda is to diversify the sources of revenue.

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Speaker 1: So rather than being almost exclusively reliant on advertising revenue,

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Speaker 1: to get subscription revenue of some description up to as

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Speaker 1: much as fifty of the revenue, brace that that that

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Speaker 1: will make the company much less exposed to the six

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Speaker 1: caality of the economy and how much advertiser a spending

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Speaker 1: and give a much more kind of predictable stream of

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Speaker 1: revenue and hopefully you know, significantly increased the size of

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Speaker 1: the business, so that that that those are two very

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Speaker 1: big tasks and you know what will involve a huge

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Speaker 1: amount of commitment from from the company now to that end.

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Speaker 1: He also handed at new products that he wants to

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Speaker 1: introduce on the platform, like controversial ads, checking accounts from Twitter.

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Speaker 1: Does that go along with what you were just explaining

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Speaker 1: about how they were going to boost revenue? What does

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Speaker 1: this tell you? Yeah, it doesn't. I think, you know,

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Speaker 1: it tells you that he looked at Twitter and you know,

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Speaker 1: I think for a long time they've thought about trying

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Speaker 1: to get the active user based to a billion users.

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Speaker 1: You know that, you know, they're around children fifty million

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Speaker 1: and it's been growing only slowly. So I think you

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Speaker 1: recognizing that if you're going to massively increase the revenue

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Speaker 1: they make about five billion dollars of revenue a year,

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Speaker 1: you know, dwarfed by Google and Meta. If you're going

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Speaker 1: to substantially increase the scale of the business to boost

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Speaker 1: the profitability, you have to look at additional products and

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Speaker 1: you think, well, you know, what are the kind of

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Speaker 1: things that we could offer to this two fifty million

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Speaker 1: or so users that's going to bring in incremental revenue.

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Speaker 1: I think he's looking to some of the kind of

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Speaker 1: Chinese UM models that have kind of diversified. You have

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Speaker 1: things like reach Out. You know, you kind of got

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Speaker 1: these ecosystems that that kind of basically draw more of

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Speaker 1: active users daily lives into the platform and you generate um,

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Speaker 1: you know, small small chunks of revenue from lots of

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Speaker 1: different services very quickly ten fifteen seconds. What are you

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Speaker 1: watching for in the coming few days, UM, I think

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Speaker 1: really just kind of news on how they're going to

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Speaker 1: evolve this kind of Twitter blue blue tick and the

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Speaker 1: official status, and if they're going to kind of clean

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Speaker 1: it up and get it really now down so that

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Speaker 1: you advertisers feel that, you know that the content can

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Speaker 1: be trusted. Oh yeah, that's a big deal, the blue tick.

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Speaker 1: Thank you so much, Matthew Bloomberg Intelligence analyst Matthew Bloxham

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Speaker 1: bringing us up to speed on what's up with Twitter.

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Speaker 1: Futures are higher. S and P futures up seven eighteen

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Speaker 1: points now, DAL futures up a hundred forty one, Nasdaq

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Speaker 1: futures up seventy seven points. Dax in Germany have six

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Speaker 1: tent seven percent. CAC and pair US of a half percent,

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Speaker 1: FOOTSIE in London down to tenths of percent, much more

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Speaker 1: still to come. On Bloomberg Daybreak. This is Bloomberg. Bloomberg

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Speaker 1: Daybreak is brought to you by the Jewish Communal Fund.

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Speaker 1: Visit j c F and Y dot org broadcasting y

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Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg

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Speaker 1: Elving Freedom to Washington, d C, Bloomberg ninety one to Boston,

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Speaker 1: team and around the globe to Bloomberg Business in Bloomberg

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Speaker 1: Radio dot com. This is Bloomberg Daybreak. It's six thirty

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Speaker 1: on Wall Street. Good Friday morning. I'm Amy Morris and

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Speaker 1: I'm Karen Moscow, and we're just about three hours away

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Speaker 1: from the open of US trading time. Of the five

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Speaker 1: things you need to notice start your day brought to

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Speaker 1: you by Interactive Brokers. Interactive Brokers clients are an interest

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Speaker 1: of up to three point three three on the idle

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Speaker 1: cash and their brokerage accounts. Visit I pk R dot

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Speaker 1: com slash interest rates to learn more. First, US futures

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Speaker 1: are building on yesterday's games, which saw the S and

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Speaker 1: P five hundreds surge more than five percent. Slowing inflation

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Speaker 1: was the catalyst, but investment Coachief investment officer at Dana

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Speaker 1: Doria call cautions that they're still a bumpy road ahead.

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Speaker 1: The FED is a lot more concerned about a stop

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Speaker 1: and go policy error than they are about pushing a

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Speaker 1: little too hard. Still, all else, Equel, I think you

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Speaker 1: still should be prepping for potentially tough conditions investments. Dana

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Speaker 1: Doria says the likelihood of recession next year still high.

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Speaker 1: It is not clear if October CPI print will slow

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Speaker 1: the FED space of tight thing. San Francisco FED President

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Speaker 1: Mary Daily addressed the issue yesterday. Stepping down is an

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Speaker 1: appropriate thing to think about. I support a more gradual

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Speaker 1: approach of getting to and so we can be discovering

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Speaker 1: the right rate as we got. San Francisco FED President

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Speaker 1: Mary Daily one of three officials signaling a downshift in

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Speaker 1: rate hikes is possible. Well, Amy new Crypto developments this

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Speaker 1: morning focused on ft X dot com. A securities regulator

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Speaker 1: in the Bahamas is now frozen the company's antsets the

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Speaker 1: crypto exchange. Binance had tried to acquire f t X,

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Speaker 1: but the deal fell through. Now Binance CEO C Z

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Speaker 1: Jao is addressing the matter from a technology or product perspective.

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Speaker 1: They don't have anything that we don't have, so our

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Speaker 1: original intention was let's save the users. But then the

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Speaker 1: news of UH misappropriating user phones and especially US regulatory

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Speaker 1: agencies investigations, We're like, okay, we can't touch that anymore.

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Speaker 1: And Binance CEO C G Jao spoke at the Indonesia

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Speaker 1: Fintech Summit today and Karen, there's also another possible buyer

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Speaker 1: for f t X. Tron founder Justin Sun says he's

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Speaker 1: looking at providing the crypto exchange with billions of dollars.

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Speaker 1: We need do a food do ddegs at the same

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Speaker 1: time to evaluate the situation to have a full picture

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Speaker 1: all flag what's going on. How serious is the liquidity crunch.

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Speaker 1: Tron founder Justin Sun tells us he's still evaluating whether

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Speaker 1: to pursue a deal for ft X, well, Twitters and

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Speaker 1: the spotlight again, Amy. Bloomberg News has learned Elon must

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Speaker 1: old employees that bankruptcy as a possibility for the company

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Speaker 1: and futures this morning are on the rise. That's the

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Speaker 1: fine things that you need to notice start your day.

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Speaker 1: Brought to you by Interactive Broker, straight Ahead, your latest

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Speaker 1: local headlines, plus a check of sports, and this is Bloomberg.

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Speaker 1: Thank you, Karen. Five thirty three on Wall Street, we

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Speaker 1: bring in Michael bar to tell us what else is

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Speaker 1: going on in New York and around the world. Good morning, Michael,

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Speaker 1: Good morning Amy. New York City Mayor Eric Adam says

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Speaker 1: he won't stop talking about crime. Pushing back on criticism

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Speaker 1: that he helped fuel the momentum of Republican candidates across

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Speaker 1: the state in the midterm elections, Adam says, the system

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Speaker 1: is broken and we'll continue to talk about that until

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Speaker 1: we get it right. Adams later spoke at a community

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Speaker 1: gathering on public safety. The person I sat down and

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Speaker 1: get their portrait done and had a scar on they face.

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Speaker 1: They told the artists that I know you noticed my scar,

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Speaker 1: but remember I have a face, and I'm saying that

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00:24:16,040 --> 00:24:18,399
Speaker 1: to New York City. We have scars, but we have

430
00:24:18,480 --> 00:24:23,040
Speaker 1: a face every day. On average, we have six felonies

431
00:24:23,080 --> 00:24:26,480
Speaker 1: on our subway system a day, but we also have

432
00:24:26,560 --> 00:24:31,160
Speaker 1: a face. Three point five million people use that subway

433
00:24:31,240 --> 00:24:33,680
Speaker 1: every day and they get to and from the Polace

434
00:24:33,720 --> 00:24:37,480
Speaker 1: of Employment without any incident at all. Republican candidates in

435
00:24:37,520 --> 00:24:40,080
Speaker 1: the U S eased upon crime as a central issue

436
00:24:40,119 --> 00:24:43,240
Speaker 1: in Tuesday's election. At least two people are dead in

437
00:24:43,280 --> 00:24:45,960
Speaker 1: the wake of Hurricane to Cole in Florida, now a

438
00:24:46,040 --> 00:24:50,080
Speaker 1: tropical depression, the storm weakened overnight as it barreled into Georgia.

439
00:24:50,400 --> 00:24:53,359
Speaker 1: President Biden heads overseas through the middle of next week

440
00:24:53,359 --> 00:24:56,520
Speaker 1: to speak with foreign leaders about climate change, the war

441
00:24:56,600 --> 00:25:00,119
Speaker 1: in Ukraine, and America's competition with China. The press An

442
00:25:00,160 --> 00:25:04,360
Speaker 1: International security advisor Jake Sullivan says his boss has been

443
00:25:04,400 --> 00:25:07,320
Speaker 1: boosted by the better than expected performance of his party

444
00:25:07,520 --> 00:25:10,640
Speaker 1: in the midterm elections. He feels very good about where

445
00:25:10,680 --> 00:25:13,160
Speaker 1: things stand, and he feels like he is going out

446
00:25:13,359 --> 00:25:16,080
Speaker 1: on this trip with the wind very much at his back,

447
00:25:16,320 --> 00:25:20,080
Speaker 1: and um that gives him an excellent opportunity both to

448
00:25:20,160 --> 00:25:24,280
Speaker 1: deal with competitors from a strong position and to rally

449
00:25:24,359 --> 00:25:28,560
Speaker 1: allies in Indonesia. On Monday, President Biden sits with his

450
00:25:28,720 --> 00:25:33,399
Speaker 1: Chinese counterpart on the sidelines of the G twenty summit. Conspiracy.

451
00:25:33,480 --> 00:25:36,600
Speaker 1: Theorist Alex Jones has been ordered to pay four hundred

452
00:25:36,640 --> 00:25:40,640
Speaker 1: seventy three million dollars to Sandy Hook families. The punitive

453
00:25:40,680 --> 00:25:43,720
Speaker 1: damages are on top of the nine hundred sixty five

454
00:25:43,800 --> 00:25:46,480
Speaker 1: million he was ordered to pay in last month. The

455
00:25:46,520 --> 00:25:50,400
Speaker 1: family sued Jones after he claimed the killings were a hoax.

456
00:25:50,920 --> 00:25:54,600
Speaker 1: Jones responded calling the judgments, which now totals one point

457
00:25:54,680 --> 00:25:58,200
Speaker 1: four billion, a joke, saying he doesn't have the money. Today,

458
00:25:58,280 --> 00:26:00,880
Speaker 1: New York City will hold its veterans a parade. Nearly

459
00:26:00,880 --> 00:26:04,840
Speaker 1: two hundred thousand participants will be marching up Manhattan's Fifth Avenue.

460
00:26:05,200 --> 00:26:08,159
Speaker 1: Global News twenty four hours a day on air and

461
00:26:08,320 --> 00:26:12,360
Speaker 1: on Bloomberg Quick Take, powered by more than hundred journalists

462
00:26:12,359 --> 00:26:15,040
Speaker 1: and analysts and more than a hundred twenty countries. I'm

463
00:26:15,040 --> 00:26:18,639
Speaker 1: Michael Barr, and this is Bloomberg. Damy. All right, thank you, Michael.

464
00:26:21,200 --> 00:26:23,679
Speaker 1: It's sixty six on Wall Street. Time now for the

465
00:26:23,720 --> 00:26:26,240
Speaker 1: sports report, brought to you by Try State OUTI here's

466
00:26:26,320 --> 00:26:29,320
Speaker 1: John stash Our, Thanks Amy. Busy night in Local hockey

467
00:26:29,400 --> 00:26:31,600
Speaker 1: Rangers ended up three games slide. They wanted to Troy

468
00:26:31,640 --> 00:26:33,760
Speaker 1: at eight to two. They scored six goals in a

469
00:26:33,840 --> 00:26:35,560
Speaker 1: ten and a half minute span of the third period.

470
00:26:35,640 --> 00:26:38,840
Speaker 1: Islanders in Arizona scoreless until the third period. The Coyotes

471
00:26:38,880 --> 00:26:41,960
Speaker 1: won to nothing. Devil's hosted Ottawa and liked the game.

472
00:26:42,000 --> 00:26:45,200
Speaker 1: The other night, Niko he Shears scored the game winner overtime.

473
00:26:45,240 --> 00:26:47,160
Speaker 1: Devil's won four three. They've won eight in a row

474
00:26:47,600 --> 00:26:50,320
Speaker 1: eleven of twelve. In all eleven they have not allowed

475
00:26:50,359 --> 00:26:52,560
Speaker 1: more than three goals, and the Devils have given Marty

476
00:26:52,640 --> 00:26:55,000
Speaker 1: bro Dur a new job. There, a long time Hall

477
00:26:55,040 --> 00:26:57,399
Speaker 1: of Fame goalie, was working as a team advisor and

478
00:26:57,440 --> 00:27:00,359
Speaker 1: more on the business side. Now becomes v PE of

479
00:27:00,359 --> 00:27:04,160
Speaker 1: Hockey Operations. G M. Tom Fitzgerald will report to bro Dur.

480
00:27:04,280 --> 00:27:06,119
Speaker 1: Nix lets to get back to five hundreds. Tonight they

481
00:27:06,119 --> 00:27:11,000
Speaker 1: host Detroit. NFL Week ten began with Carolina's to fifteen

482
00:27:11,000 --> 00:27:14,280
Speaker 1: went over Atlanta. Sunday morning at Seattle and Tampa Bay

483
00:27:14,320 --> 00:27:18,200
Speaker 1: the first game ever in Germany. Giants Sunday host Houston,

484
00:27:18,240 --> 00:27:20,760
Speaker 1: a team with only one victory. Giants before the bye

485
00:27:21,200 --> 00:27:23,680
Speaker 1: had that loss in Seattle. Their coach of Brian Dable

486
00:27:23,760 --> 00:27:26,919
Speaker 1: an important game, you know at home, he's gonna have

487
00:27:26,960 --> 00:27:28,639
Speaker 1: to play well. We came up and by feel like

488
00:27:28,640 --> 00:27:31,120
Speaker 1: we're rested. The guys. I've had a lot of good

489
00:27:31,200 --> 00:27:33,159
Speaker 1: energy here in these last couple of days, and we

490
00:27:33,200 --> 00:27:34,760
Speaker 1: need to go out there and have a good week

491
00:27:34,840 --> 00:27:38,359
Speaker 1: and like we do every week. Mark Giants linebacker Blake

492
00:27:38,440 --> 00:27:41,080
Speaker 1: Martinez was playing for the Raiders. He had eleven tackles

493
00:27:41,119 --> 00:27:45,000
Speaker 1: this past Sunday. Martinez suddenly yesterday and as his retirement

494
00:27:45,040 --> 00:27:46,879
Speaker 1: at age twenty eight, and he wants to focus on

495
00:27:46,920 --> 00:27:49,919
Speaker 1: his family and future passions. Mets picked up the fourteen

496
00:27:49,920 --> 00:27:52,920
Speaker 1: million dollar option on Carlos Carrasco, just had a fifteen

497
00:27:52,920 --> 00:27:57,399
Speaker 1: win season. Justin Verlander declined twenty five million dollar option

498
00:27:57,480 --> 00:27:59,840
Speaker 1: in Houston becomes the free agent the Dodgers and their

499
00:28:00,160 --> 00:28:02,760
Speaker 1: time ace Clayton Kershaw said to be close to a

500
00:28:02,760 --> 00:28:07,520
Speaker 1: new one year deal. Bomb Sports. All right, thank you, John.

501
00:28:07,840 --> 00:28:10,240
Speaker 1: It is six thirty eight on Wall Street. Time to

502
00:28:10,280 --> 00:28:12,359
Speaker 1: take a look at stocks and some of the names

503
00:28:12,400 --> 00:28:14,480
Speaker 1: that are moving in the pre market. For that, we

504
00:28:14,520 --> 00:28:18,399
Speaker 1: are joined by Bloomberg Radio and TV Markets correspondent Creati

505
00:28:18,440 --> 00:28:21,960
Speaker 1: Gupta created Good Morning, Good Morning Amy. You know when

506
00:28:22,000 --> 00:28:23,679
Speaker 1: you look at the green on the screen in futures

507
00:28:23,720 --> 00:28:25,840
Speaker 1: right now up about six tenths of one percent. There's

508
00:28:25,840 --> 00:28:27,879
Speaker 1: a lot that's folding into us. Some of this is

509
00:28:27,920 --> 00:28:30,840
Speaker 1: a little bit of kind of excitement coming from the

510
00:28:30,880 --> 00:28:33,960
Speaker 1: CPI report that is expected to really show the inflation

511
00:28:33,960 --> 00:28:36,240
Speaker 1: has peaked. That's really from yesterday, some of that sentiment

512
00:28:36,280 --> 00:28:38,600
Speaker 1: seeping through. But a good chunk of today's games are

513
00:28:38,640 --> 00:28:42,520
Speaker 1: coming from this idea of China perhaps easing COVID's restrictions

514
00:28:42,600 --> 00:28:45,800
Speaker 1: even further. And that's really showing up in the individual movers.

515
00:28:45,800 --> 00:28:48,520
Speaker 1: When you look at the biggest moving stocks right now

516
00:28:48,560 --> 00:28:51,280
Speaker 1: in the pre market, and a lot of them are

517
00:28:51,520 --> 00:28:53,880
Speaker 1: China exposed. Take a look at this Las Vegas Sands

518
00:28:54,040 --> 00:28:57,480
Speaker 1: LVS is your ticker chairs are up almost five percent

519
00:28:57,640 --> 00:29:00,720
Speaker 1: in the pre market. Remember they have a major um

520
00:29:00,920 --> 00:29:04,920
Speaker 1: casino and operating base in Hong Kong and Macau as well,

521
00:29:04,960 --> 00:29:07,040
Speaker 1: so you do see the casino names become kind of

522
00:29:07,080 --> 00:29:10,000
Speaker 1: this proxy to some extent for some of the games

523
00:29:10,000 --> 00:29:11,760
Speaker 1: that you are seeing in China and some of the

524
00:29:11,840 --> 00:29:13,560
Speaker 1: changes there as well. And of course we always like

525
00:29:13,560 --> 00:29:14,960
Speaker 1: to look at the Chinese A d R S as

526
00:29:14,960 --> 00:29:17,160
Speaker 1: well as kind of a proxy for that, Ali Baba

527
00:29:17,200 --> 00:29:19,840
Speaker 1: can be our poster child. B A b A is

528
00:29:19,840 --> 00:29:22,960
Speaker 1: your taker. Those shares up four percent, alongside some of

529
00:29:22,960 --> 00:29:25,200
Speaker 1: the other Chinese A d rs. But another way to

530
00:29:25,200 --> 00:29:27,720
Speaker 1: look at this, Amy is also through the commodity space.

531
00:29:27,720 --> 00:29:30,680
Speaker 1: Remember you have oil up as well, on the idea

532
00:29:30,720 --> 00:29:33,480
Speaker 1: that perhaps China is actually going to perhaps rejoin the

533
00:29:33,520 --> 00:29:35,479
Speaker 1: global economy in a way that it hasn't really been

534
00:29:35,520 --> 00:29:37,800
Speaker 1: able to for the last two years, or at least

535
00:29:37,840 --> 00:29:40,120
Speaker 1: take steps towards that. That's going to create a little

536
00:29:40,120 --> 00:29:42,840
Speaker 1: bit of pep in your step if you are a

537
00:29:42,880 --> 00:29:45,920
Speaker 1: bull on oil. There's also if you're a bowl on copper,

538
00:29:46,040 --> 00:29:47,920
Speaker 1: and for that you are seeing copper actually a bit

539
00:29:48,000 --> 00:29:50,840
Speaker 1: higher as well, and as a result, the copper minor

540
00:29:50,880 --> 00:29:54,040
Speaker 1: Freeport Macmaron f c X also higher on the day

541
00:29:54,040 --> 00:29:56,920
Speaker 1: about three point seven percent, so Las Vegas stands Freeport Macmaron,

542
00:29:57,000 --> 00:29:59,520
Speaker 1: but two of the biggest movers this morning, once again

543
00:29:59,560 --> 00:30:01,920
Speaker 1: really coming off of that China sentiment. But Amy, it's

544
00:30:01,960 --> 00:30:05,000
Speaker 1: not all Macro, I promise some of it is actually

545
00:30:05,040 --> 00:30:07,400
Speaker 1: based on the individual fundamentals. And for that I want

546
00:30:07,400 --> 00:30:09,800
Speaker 1: to look at what's actually moving to the downside, and

547
00:30:09,920 --> 00:30:12,280
Speaker 1: that is Intel and I really have to talk about

548
00:30:12,320 --> 00:30:14,400
Speaker 1: the fact that it is a very broad rally. I'm

549
00:30:14,400 --> 00:30:17,760
Speaker 1: looking at our really great and most function your m

550
00:30:17,760 --> 00:30:20,200
Speaker 1: O S T on the Bloomberg terminal, and you're only

551
00:30:20,240 --> 00:30:23,360
Speaker 1: seeing thirteen stocks down. The rest are higher in the

552
00:30:23,400 --> 00:30:25,240
Speaker 1: pre market, but the poster child for the one that's

553
00:30:25,280 --> 00:30:28,400
Speaker 1: lower is Intel I NTC shares it down about two percent.

554
00:30:28,520 --> 00:30:31,800
Speaker 1: This comes after a m D looking to really diversify

555
00:30:31,880 --> 00:30:34,360
Speaker 1: some of their server sales, and Intel and m D

556
00:30:34,600 --> 00:30:36,200
Speaker 1: kind of a neck and neck in this race for

557
00:30:36,360 --> 00:30:39,280
Speaker 1: market share. Intel right now losing out on that because

558
00:30:39,280 --> 00:30:41,000
Speaker 1: a m D is making some progress on the server

559
00:30:41,160 --> 00:30:45,600
Speaker 1: front alright, Bloomberg Radio and TV Markets correspondent Created Gupta,

560
00:30:45,680 --> 00:30:47,680
Speaker 1: thank you so much for that insight. We appreciate it.

561
00:30:47,720 --> 00:30:50,480
Speaker 1: This morning looking at stocks as a whole ahead of

562
00:30:50,520 --> 00:30:53,560
Speaker 1: the open, well, Creaty just was mentioning A futures are higher.

563
00:30:53,720 --> 00:30:57,239
Speaker 1: SNP futures up twenty two points now, DAL futures up

564
00:30:57,240 --> 00:31:00,840
Speaker 1: one D seventy one points. NASDAC future is up eighty

565
00:31:00,920 --> 00:31:03,440
Speaker 1: four points. Of the bond of court. The bond market,

566
00:31:03,480 --> 00:31:05,880
Speaker 1: of course, is closed for a veteran's day. DAX in

567
00:31:05,920 --> 00:31:09,040
Speaker 1: Germany up six tenths top percent CAC in Paris of

568
00:31:09,160 --> 00:31:12,680
Speaker 1: four tenth super percent, Footsie in London down three tenth

569
00:31:12,720 --> 00:31:15,040
Speaker 1: to a percent. Much more still to come on this

570
00:31:15,120 --> 00:31:22,360
Speaker 1: Friday morning edition of Bloomberg Daybreak. This is Bloomberg. The

571
00:31:22,360 --> 00:31:24,840
Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't

572
00:31:24,920 --> 00:31:27,240
Speaker 1: let someone else drive off in the Autie model you've

573
00:31:27,280 --> 00:31:30,000
Speaker 1: always wanted. Visit your local Tory state Autie either to

574
00:31:30,040 --> 00:31:32,040
Speaker 1: get behind the wheel of yours today, or visit Autie

575
00:31:32,080 --> 00:31:39,880
Speaker 1: offers dot com for more information, markets, headlines and breaking

576
00:31:39,920 --> 00:31:42,800
Speaker 1: news twenty four hours a day at Bloomberg dot com,

577
00:31:42,920 --> 00:31:46,000
Speaker 1: The Bloomberg Business at Hand at Bloomberg Quick Tape. This

578
00:31:46,400 --> 00:31:55,400
Speaker 1: is a Bloombern Business Flash And I'm Karen Moscow and

579
00:31:55,480 --> 00:31:57,840
Speaker 1: this update is brought to you by Sei A said

580
00:31:57,880 --> 00:32:00,120
Speaker 1: managers don't get results center off the charts from or

581
00:32:00,120 --> 00:32:03,240
Speaker 1: solutions are off the shelf. They're now SEIS operating platform

582
00:32:03,280 --> 00:32:06,480
Speaker 1: can turn infrastructure into a competitive advantage and s C

583
00:32:06,600 --> 00:32:10,040
Speaker 1: i C dot com slash tech future is on the rise.

584
00:32:10,120 --> 00:32:12,320
Speaker 1: This morning, let's go to the First Word Breaking news

585
00:32:12,360 --> 00:32:15,480
Speaker 1: desk for today's morning call. Here's Bill Maloney. Bill, good morning,

586
00:32:16,440 --> 00:32:18,880
Speaker 1: and good morning, Karen. That's right us futures in the

587
00:32:18,920 --> 00:32:21,400
Speaker 1: green right now down futures up a hundred fifty six points,

588
00:32:21,480 --> 00:32:24,240
Speaker 1: SPS gain eighteen. Well nast that futures are higher by

589
00:32:24,320 --> 00:32:27,760
Speaker 1: sixty five. The bond market is closed today. Gold is

590
00:32:27,760 --> 00:32:31,000
Speaker 1: trading higher by three Oil is climbing, but bitcoin is

591
00:32:31,040 --> 00:32:34,640
Speaker 1: down by another two point six percent. Japan rose three

592
00:32:34,640 --> 00:32:38,560
Speaker 1: percent overnight. Note that Shina relaxed some COVID restrictions and

593
00:32:38,640 --> 00:32:41,840
Speaker 1: European markets are trading mostly higher right now. Back in

594
00:32:41,880 --> 00:32:44,600
Speaker 1: the US on the economic front, it's on o'clock, Missigan sentiment.

595
00:32:44,880 --> 00:32:47,960
Speaker 1: And in other news, FDx Digital Markets had its assets

596
00:32:48,040 --> 00:32:51,240
Speaker 1: frozen in the Bahamas and people familiar so that Elon

597
00:32:51,760 --> 00:32:55,800
Speaker 1: Elon Musk or Twitter staff the company faces possible bankruptcy

598
00:32:55,880 --> 00:32:59,120
Speaker 1: if the cash burn lingers wrapping things up. Intel was

599
00:32:59,160 --> 00:33:02,520
Speaker 1: put to underwag. We read JP Morgan live from the

600
00:33:02,520 --> 00:33:05,320
Speaker 1: first breaking news descom Bill Melody care all right, Bill,

601
00:33:05,360 --> 00:33:07,720
Speaker 1: thank you to hear live breaking news over your Bloomberg

602
00:33:07,760 --> 00:33:10,600
Speaker 1: type squawk on your terminal SKU you a w K

603
00:33:10,760 --> 00:33:13,240
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr

604
00:33:13,360 --> 00:33:16,080
Speaker 1: with more on what's going on around the world. Michael Karen,

605
00:33:16,120 --> 00:33:18,640
Speaker 1: thank you very much in Arizona. The races for U

606
00:33:18,720 --> 00:33:21,760
Speaker 1: S Senate and governor are still too early to call.

607
00:33:22,320 --> 00:33:26,200
Speaker 1: Democratic Senator Mark Kelly Leeds Republican Blake Masters by five

608
00:33:26,240 --> 00:33:30,520
Speaker 1: point six percentage points, while Democrat Katie Hobbs was one

609
00:33:30,560 --> 00:33:33,560
Speaker 1: point four points ahead of Republican Kerry Lake in the

610
00:33:33,560 --> 00:33:37,160
Speaker 1: governor's race. Vice President Kamala Harris will be filling in

611
00:33:37,240 --> 00:33:40,479
Speaker 1: for many of President Joe Biden's traditional duties on this

612
00:33:40,640 --> 00:33:43,560
Speaker 1: Veteran's Day. Biden will be in Egypt at the UN

613
00:33:43,680 --> 00:33:47,880
Speaker 1: Climate Conference, meeting with Southeast Asian leaders in Cambodia, and

614
00:33:47,920 --> 00:33:51,719
Speaker 1: then to a G twenty summit in Indonesia. Today, Harris

615
00:33:51,720 --> 00:33:55,480
Speaker 1: will deliver remarks at Arlington Cemetery and lay a wreath

616
00:33:55,520 --> 00:33:58,000
Speaker 1: at the tomb of the Unknown Soldier. In the NHL,

617
00:33:58,200 --> 00:34:01,040
Speaker 1: the Devil's won in overtime against the Senators for three

618
00:34:01,080 --> 00:34:04,640
Speaker 1: The Rangers and Bruins also won. The Islanders lost NBA

619
00:34:04,800 --> 00:34:08,400
Speaker 1: the Wizards. One Thursday Night football, the Panthers beat the Falcons.

620
00:34:10,040 --> 00:34:12,759
Speaker 1: Global News twenty four hours a day on air and

621
00:34:12,960 --> 00:34:16,000
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

622
00:34:16,040 --> 00:34:19,040
Speaker 1: journalists analysts more than twenty countries I'm Michael Barr, and

623
00:34:19,160 --> 00:34:22,680
Speaker 1: this is Bloomberg. Hearn Frank mchaelbar Thank you sixty nine

624
00:34:22,760 --> 00:34:24,800
Speaker 1: on Wall Street. Let's turn to news and science and

625
00:34:24,880 --> 00:34:28,080
Speaker 1: technology now with the Bloomberg and j I T. Stammerport

626
00:34:28,200 --> 00:34:31,319
Speaker 1: rosy U Bay, New Jersey Institute of Technology as one

627
00:34:31,360 --> 00:34:34,480
Speaker 1: of the nation's leading polytechnic universities in a top military

628
00:34:34,560 --> 00:34:38,200
Speaker 1: friendly school and j I T supports America's service members

629
00:34:38,239 --> 00:34:40,360
Speaker 1: and their families. Learn more at n j I T

630
00:34:40,520 --> 00:34:43,120
Speaker 1: dot E d U slash Veterans And Here's what's making

631
00:34:43,200 --> 00:34:46,920
Speaker 1: news and science, Technology, engineering and math. The US, Japan

632
00:34:47,000 --> 00:34:50,080
Speaker 1: and other countries will offer Indonesia a climate finance deal

633
00:34:50,120 --> 00:34:53,040
Speaker 1: worth at least fifteen billion dollars is designed to help

634
00:34:53,080 --> 00:34:55,800
Speaker 1: the country shift its power grid away from using coal.

635
00:34:56,200 --> 00:34:58,520
Speaker 1: Details of the agreement will be announced next week during

636
00:34:58,520 --> 00:35:01,160
Speaker 1: the Group of twenty summit. And in Adnesia, it's a

637
00:35:01,200 --> 00:35:05,440
Speaker 1: significant recalibration of China's COVID zero policy that has isolated

638
00:35:05,480 --> 00:35:08,840
Speaker 1: the country. Beijing has reduced the amount of time travelers

639
00:35:08,920 --> 00:35:12,680
Speaker 1: and close contacts must spend in quarantine. It's also pulling

640
00:35:12,760 --> 00:35:16,760
Speaker 1: back on testing, plus a controversial system that penalizes airlines

641
00:35:16,800 --> 00:35:20,440
Speaker 1: for bringing virus cases into China will be scrapped and

642
00:35:20,520 --> 00:35:24,680
Speaker 1: as satellite intended to improve weather forecasting and experimental inflatable

643
00:35:24,760 --> 00:35:28,720
Speaker 1: heat shield to protect spacecraft entering atmospheres have been launched

644
00:35:28,760 --> 00:35:32,480
Speaker 1: into space from California. Mission officials say the satellite represents

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00:35:32,520 --> 00:35:35,560
Speaker 1: the latest technology and will increase precision of observations of

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00:35:35,600 --> 00:35:39,200
Speaker 1: the atmosphere, oceans, and land. And that's a Bloomberg and

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00:35:39,320 --> 00:35:42,960
Speaker 1: j I t Stem report. Amy, all right, thank you, Karen.

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Speaker 1: We're live from the Bloomberg Interactive Broker Studios. It's six

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00:35:46,360 --> 00:35:48,759
Speaker 1: fifty one on Wall Street Time now to check what's

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00:35:48,760 --> 00:35:51,160
Speaker 1: going on in d C. Some of the top stories

651
00:35:51,200 --> 00:35:54,800
Speaker 1: in our nation's capital include President Biden saying that Democrats

652
00:35:54,840 --> 00:35:58,040
Speaker 1: are facing some long odds to win the House, rest

653
00:35:58,080 --> 00:36:01,680
Speaker 1: of Republicans are complicating Kevin McCarthy's path to Speaker of

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00:36:01,760 --> 00:36:05,000
Speaker 1: the House, and Hina confirms that Jan Ping will meet

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00:36:05,120 --> 00:36:08,400
Speaker 1: with President Biden during the G twenty. Let's get more

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00:36:08,480 --> 00:36:11,839
Speaker 1: on these stories. Bloomberg Government reporter Emily Wilkins joins us

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00:36:11,880 --> 00:36:14,360
Speaker 1: now to fill us in. And Emily, let's start with

658
00:36:14,440 --> 00:36:18,160
Speaker 1: President Biden telling reporters as he left that the Democrats

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00:36:18,200 --> 00:36:20,920
Speaker 1: are still alive but that it was in his words,

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00:36:21,000 --> 00:36:23,680
Speaker 1: like drawing an inside straight. It sounds like he's tamping

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00:36:23,760 --> 00:36:27,759
Speaker 1: down expectations. Yes he is. I mean, I think to

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00:36:27,840 --> 00:36:30,040
Speaker 1: a certain extent, you're hearing a bit of a mixed

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00:36:30,080 --> 00:36:32,640
Speaker 1: message from the Democratic Party right now. I think a

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00:36:32,719 --> 00:36:35,560
Speaker 1: lot of folks there are absolutely shocked that the race

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00:36:35,640 --> 00:36:38,400
Speaker 1: hasn't been called yet for the House. They are shocked

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00:36:38,440 --> 00:36:40,920
Speaker 1: at how well they have done, how many seats they

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00:36:40,960 --> 00:36:43,840
Speaker 1: have picked up that we're justably not predicted to on

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00:36:44,040 --> 00:36:46,719
Speaker 1: election night. I think there's a lot of optimism and

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00:36:46,800 --> 00:36:50,319
Speaker 1: hope within the Democratic Party right now, but at this point,

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00:36:50,400 --> 00:36:52,680
Speaker 1: you know, Biden's right, it would be a long shot

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00:36:52,760 --> 00:36:55,480
Speaker 1: for Democrats to take the House. They would need to

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00:36:55,840 --> 00:36:58,840
Speaker 1: win a couple of races where currently, as vote counts

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00:36:58,880 --> 00:37:02,120
Speaker 1: come in, Republicans are out winning. And let's just be clearing.

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00:37:02,320 --> 00:37:05,479
Speaker 1: A lot of these are in Western states where vote

675
00:37:05,480 --> 00:37:08,319
Speaker 1: by mail is very common, and they have rules that say,

676
00:37:08,360 --> 00:37:11,160
Speaker 1: as long as you get your bello postmarked by election day,

677
00:37:11,480 --> 00:37:13,279
Speaker 1: it doesn't matter if it arrives, you know, four or

678
00:37:13,320 --> 00:37:15,719
Speaker 1: five days later, it'll still count. And so that's why

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00:37:15,800 --> 00:37:18,480
Speaker 1: it's taking so long. For some of these places. It

680
00:37:18,760 --> 00:37:20,640
Speaker 1: is likely at this point that we are going to

681
00:37:20,719 --> 00:37:23,640
Speaker 1: see Republicans control the House, but they're going to have

682
00:37:23,760 --> 00:37:26,960
Speaker 1: a very very very slow majority, and that might put

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00:37:27,000 --> 00:37:30,359
Speaker 1: a limit on some of the more perhaps controversial things

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00:37:30,440 --> 00:37:34,200
Speaker 1: that they wanted to do. However, remember, even if Republicans

685
00:37:34,280 --> 00:37:37,040
Speaker 1: controlled the House, they were always looking at a split government.

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00:37:37,400 --> 00:37:39,560
Speaker 1: Most of what they want to do is investigate the

687
00:37:39,640 --> 00:37:43,239
Speaker 1: Biden administration, and of course those investigations, you know, they

688
00:37:43,280 --> 00:37:47,040
Speaker 1: can continue. Republicans only have a one vote majority. Uh,

689
00:37:47,120 --> 00:37:50,719
Speaker 1: they don't necessarily need a lot of Democratic support for that.

690
00:37:51,160 --> 00:37:54,680
Speaker 1: But still very interesting dynamics. Um. It's going to make

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00:37:55,320 --> 00:37:58,680
Speaker 1: debates over the debt ceiling, debates over funding the government,

692
00:37:58,800 --> 00:38:03,600
Speaker 1: debates over funding the military particularly far more contentious. Um.

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00:38:03,800 --> 00:38:08,000
Speaker 1: And really is going to be quite fascinating to see

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00:38:08,200 --> 00:38:12,879
Speaker 1: how Kevin McCarthy or or another potential speaker navigates what's

695
00:38:12,920 --> 00:38:15,719
Speaker 1: going to be coming next. Uh, let's get right into that.

696
00:38:15,880 --> 00:38:19,680
Speaker 1: Kevin McCarthy has been the conventional wisdom thought the air

697
00:38:19,719 --> 00:38:22,920
Speaker 1: apparent to be the new House Speaker if GOP takes over.

698
00:38:23,320 --> 00:38:27,319
Speaker 1: And most of this time I've been wondering, why would

699
00:38:27,360 --> 00:38:30,359
Speaker 1: the Democrats be celebrating not that much of a loss

700
00:38:30,440 --> 00:38:33,320
Speaker 1: That's like celebrating losing a football game by a field

701
00:38:33,360 --> 00:38:35,680
Speaker 1: goal instead of a touchdown. Doesn't make sense to me,

702
00:38:36,160 --> 00:38:38,840
Speaker 1: But you just explained it beautifully that if they have

703
00:38:38,960 --> 00:38:41,200
Speaker 1: such a tight margin, things are going to be a

704
00:38:41,280 --> 00:38:44,120
Speaker 1: little bit different for the Republican Party and where when

705
00:38:44,200 --> 00:38:48,080
Speaker 1: the Democratic Party is factored in? Kevin McCarthy, Go ahead,

706
00:38:48,680 --> 00:38:51,040
Speaker 1: I mean, we'll just think about this past two years, right,

707
00:38:51,160 --> 00:38:54,080
Speaker 1: Democrats have had such slim margins. How many stories do

708
00:38:54,160 --> 00:38:57,160
Speaker 1: we report on being like Democrats want to do this. Oh, nope,

709
00:38:57,200 --> 00:39:00,080
Speaker 1: they can't. They don't have mansion, they don't have one

710
00:39:00,160 --> 00:39:02,520
Speaker 1: or two people on board. I mean, the whole story

711
00:39:02,560 --> 00:39:04,440
Speaker 1: of the last two years has been how difficult it

712
00:39:04,560 --> 00:39:07,520
Speaker 1: is to govern with narrow margins. Republicans are now facing

713
00:39:07,600 --> 00:39:10,440
Speaker 1: that exact same scenario. So you have a story on

714
00:39:10,480 --> 00:39:13,920
Speaker 1: the Bloomberg terminal, Uh, that Kevin McCarthy is going to

715
00:39:14,000 --> 00:39:15,840
Speaker 1: have to work really hard if he is to be

716
00:39:15,920 --> 00:39:18,520
Speaker 1: the next House Speaker, what does he have to do?

717
00:39:18,760 --> 00:39:21,120
Speaker 1: And if he isn't the speaker, who would it be.

718
00:39:22,360 --> 00:39:24,560
Speaker 1: That's such a great question, Amy, because I was asking

719
00:39:24,640 --> 00:39:28,120
Speaker 1: so many lawmakers that yesterday and almost no one could

720
00:39:28,200 --> 00:39:31,319
Speaker 1: give me an answer on exactly who else they would

721
00:39:31,360 --> 00:39:34,160
Speaker 1: want to support for speaker. I think at this point

722
00:39:34,280 --> 00:39:37,560
Speaker 1: McCarthy still has a very good chance of becoming speaker,

723
00:39:38,000 --> 00:39:39,880
Speaker 1: but a lot of folks in his caucus now have

724
00:39:40,160 --> 00:39:43,120
Speaker 1: leveraged that they are trying to use to get him

725
00:39:43,160 --> 00:39:46,120
Speaker 1: to promise to various things as far as being more

726
00:39:46,160 --> 00:39:50,200
Speaker 1: aggressive with investigations. Also, and this gets a little wonky,

727
00:39:50,280 --> 00:39:52,480
Speaker 1: but it's gonna apply to everything. There's a set of

728
00:39:52,600 --> 00:39:55,560
Speaker 1: rules and processes that govern power in the House, but

729
00:39:55,719 --> 00:39:58,160
Speaker 1: who gets to make decisions, who can sort of bring

730
00:39:58,280 --> 00:40:01,920
Speaker 1: things forward and bring can file. Republicans are saying that

731
00:40:02,040 --> 00:40:04,400
Speaker 1: if McCarthy wants their vote, he's going to have to

732
00:40:04,480 --> 00:40:06,480
Speaker 1: make some changes to the rules. He's going to have

733
00:40:06,600 --> 00:40:09,719
Speaker 1: to give them more power and himself less power. And

734
00:40:09,800 --> 00:40:11,600
Speaker 1: that's one of the things that we're really going to

735
00:40:11,719 --> 00:40:14,080
Speaker 1: see them push for in the next couple of days.

736
00:40:14,400 --> 00:40:16,600
Speaker 1: And that's an option that that McCarthy has, but it

737
00:40:16,719 --> 00:40:19,520
Speaker 1: could really put some some limits on what he is

738
00:40:19,560 --> 00:40:22,560
Speaker 1: able to do as speaker. Uh, it might give more

739
00:40:22,640 --> 00:40:25,520
Speaker 1: power to say, you know, far right members of his

740
00:40:25,680 --> 00:40:29,560
Speaker 1: conference who want to see very aggressive actions against President

741
00:40:29,640 --> 00:40:32,440
Speaker 1: Biden and his family, So let's take it a step

742
00:40:32,480 --> 00:40:34,920
Speaker 1: further than does this midterm election signal to you that

743
00:40:35,040 --> 00:40:37,960
Speaker 1: perhaps there's a power shift going on at the top

744
00:40:38,040 --> 00:40:41,600
Speaker 1: of the GOP right now? It does seem to be

745
00:40:41,760 --> 00:40:45,200
Speaker 1: the case. There are a lot of questions after the

746
00:40:45,320 --> 00:40:49,520
Speaker 1: elections about Trump in particular. This election was going to

747
00:40:49,600 --> 00:40:52,320
Speaker 1: show whether or not he would be a kingmaker. And

748
00:40:52,440 --> 00:40:55,080
Speaker 1: at this point he's backed a number of candidates who

749
00:40:55,160 --> 00:40:58,960
Speaker 1: have lost and lost in these major, major races, and

750
00:40:59,080 --> 00:41:02,319
Speaker 1: so there is sort of reshuffling going on right now.

751
00:41:02,920 --> 00:41:05,040
Speaker 1: And it'll I mean, with the House, it was always

752
00:41:05,080 --> 00:41:07,160
Speaker 1: going to be the case that the more narrow margins

753
00:41:07,239 --> 00:41:09,799
Speaker 1: you have, the more power you're going to see. I mean,

754
00:41:09,840 --> 00:41:12,440
Speaker 1: think of how Joe Manson played out the last two years, right,

755
00:41:12,960 --> 00:41:15,920
Speaker 1: Joe Manin had power because the margins were close. If

756
00:41:16,000 --> 00:41:18,000
Speaker 1: the margins are close in the House, you're going to

757
00:41:18,040 --> 00:41:20,680
Speaker 1: see a new crop of Republicans that are really able

758
00:41:20,719 --> 00:41:22,840
Speaker 1: to throw their weight around a little bit and be

759
00:41:22,920 --> 00:41:25,120
Speaker 1: able to get things done they wouldn't if there were

760
00:41:25,280 --> 00:41:28,560
Speaker 1: larger margins. Say less than a minute here, Emily, President

761
00:41:28,600 --> 00:41:30,600
Speaker 1: Biden heading to the j twenty What are you watching for?

762
00:41:31,600 --> 00:41:35,040
Speaker 1: So absolutely that meeting with Chinese President She It is

763
00:41:35,040 --> 00:41:37,400
Speaker 1: supposed to be their first face to face meeting between

764
00:41:37,440 --> 00:41:40,960
Speaker 1: the two leaders. There's already tension going on. The US

765
00:41:41,000 --> 00:41:43,640
Speaker 1: said that it will be briefing Taiwan about the meeting

766
00:41:43,760 --> 00:41:47,160
Speaker 1: between the two. China has now responded to that, condemning

767
00:41:47,280 --> 00:41:49,800
Speaker 1: the White House plan to do so, saying that it

768
00:41:49,840 --> 00:41:53,400
Speaker 1: would be a break in president. So obviously, you know

769
00:41:53,680 --> 00:41:56,200
Speaker 1: it's an important meeting between two important world leaders, but

770
00:41:56,239 --> 00:41:59,640
Speaker 1: it's it's already off to a rocky start. Bloomberg Government

771
00:41:59,680 --> 00:42:02,960
Speaker 1: Report Emily Wilkins, always a pleasure. Thank you so much.

772
00:42:03,080 --> 00:42:05,279
Speaker 1: Enjoy your weekend. You worked hard all week because of

773
00:42:05,360 --> 00:42:07,560
Speaker 1: these midterms. We really do appreciate you taking the time

774
00:42:07,600 --> 00:42:09,680
Speaker 1: with us this morning. Thanks so much. S and P.

775
00:42:09,840 --> 00:42:13,719
Speaker 1: Futures up nineteen points, DAL futures up one sixty six,

776
00:42:13,840 --> 00:42:16,920
Speaker 1: NAS death features up sixty nine points. More on these

777
00:42:16,960 --> 00:42:20,320
Speaker 1: stories from Bloomberg dot Com on the Bloomberg Terminal. Follow

778
00:42:20,400 --> 00:42:23,640
Speaker 1: all the latest on Bloomberg Radio in Washington at Bloomberg

779
00:42:23,719 --> 00:42:25,799
Speaker 1: ninety nine one and one of five point seven FM

780
00:42:26,000 --> 00:42:29,960
Speaker 1: HD two Bloomberg Surveillance Now. Tom Keene and Jonathan Farrow

781
00:42:30,040 --> 00:42:33,400
Speaker 1: are coming up next, along with Karen Moscow. I'm Amy Morris.

782
00:42:33,800 --> 00:42:36,319
Speaker 1: Stay with us on this Friday morning, much more still

783
00:42:36,440 --> 00:42:38,279
Speaker 1: to come. This is Bloomberg