Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: day Break for Friday, November eleven two. Coming up this hour,
Speaker 1: Stocks followed Yesterday's powerful rally with war games Chinese in
Speaker 1: Hong Kong's stocks search after Beijing eases quarantine rules at
Speaker 1: the X dot COM's assets are frozen by authorities in
Speaker 1: the Bahamas and Elon Musk lawrence of a possible bankruptcy
Speaker 1: at Twitter. New York City Mayor Adams defends his focus
Speaker 1: on crime. Plus the remnants of Hurricane to Coole leave
Speaker 1: at least two people dead in Florida. I'm Michael Blarer.
Speaker 1: More ahead, I'm John stash Own Sports make third period
Speaker 1: for the Rangers to win. In Detroit, the Islanders were
Speaker 1: shot out. The Devils won their eighth in a row.
Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg eleven, FREEO,
Speaker 1: New York, Bloomberg Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Floomberg nine sixties, San Francisco, Sirius x M one nineteen
Speaker 1: and around the world on Bloomberg Radio. Come and via
Speaker 1: the Bloomberg Business Set. Good Friday morning. I'm Amy Morris.
Speaker 1: And I'm Karen Moscow. US Dock index futures on the
Speaker 1: rise this morning. We are coming up to six one
Speaker 1: on Wall Street and we check the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg, SNP futures of
Speaker 1: fifteen points this morning. Down futures have a hundred twenty
Speaker 1: two NASDACK futures up at sixties six. No trading in
Speaker 1: the US bond market today and observance of the Veterans
Speaker 1: Day holiday. Niam X screwed oil is up three and
Speaker 1: a half percent. It's at eighty nine dollars forty nine
Speaker 1: cents in barrel, Amy Karen. US futures are building on
Speaker 1: yesterday's historic rally, the SNP five hundred coming off of
Speaker 1: five and a half percent gain for the best first
Speaker 1: day reaction to a CPI report since at least two
Speaker 1: thousand three, when records began. Headline inflation came in at
Speaker 1: seven point seven percent. That's the lowest since January. Doug
Speaker 1: Sioca is CEO at Covar Capital. He think what ended
Speaker 1: the bear mark get popped two weeks ago. It's when
Speaker 1: the FED came out of the press conference. So if
Speaker 1: the Fed now and in the Randomester, being one of
Speaker 1: the head hawks, is talking a little less strongly the
Speaker 1: market way take that as a higher probability that this
Speaker 1: may not be a bear market bounce, but something start
Speaker 1: of the next legable market. Despite the rally of our
Speaker 1: capital's Doug Siocas notes the SMP is still downe this year,
Speaker 1: but we saw an immediate reaction and FED funds future
Speaker 1: is following that. Our poor damy rates traders now see
Speaker 1: just a half point rate hike next month instead of
Speaker 1: another three quarter point increase. If that appears to be
Speaker 1: backing a downshift in rate hikes, and here's Dallas FED
Speaker 1: President Laurie Logan and Philadelphia FED President Patrick Harker. While
Speaker 1: I believe it may be appropriate to slow the pace
Speaker 1: of rate increases so we can better assess how financial
Speaker 1: and economic conditions are evolving, I also believe a slower
Speaker 1: pace should not be taken to represent easier policy. The
Speaker 1: upcoming months and light of the CUMULICI fightening we have achieved,
Speaker 1: I expect we will slow the pace of our rate
Speaker 1: hikes as we approach a sufficiently restrictive stance. But I
Speaker 1: want to be clear A rate hiker fifty basis points,
Speaker 1: which still be significant. Philadelphia Fed President Patrick Harker and
Speaker 1: Dallas FED chief Lorie Logan spoke at separate events yesterday
Speaker 1: after the latest inflation reading and Karen. The softer consumer
Speaker 1: price print coupled with China's move tweets some COVID rules
Speaker 1: fueled a rally in Asia. Overnight stocks in the region
Speaker 1: jumped by the most since March of We get the
Speaker 1: recap from Bloomberg's Juliette Sally in Singapore. Good Morning Juliette,
Speaker 1: Good Morning Avian Karen. The m s c I Asia
Speaker 1: Pacific Index climbed more than four and a half percent,
Speaker 1: also on track for its best weekly gain since March
Speaker 1: twenty twenty. Hong Kong's benchmark search more than seven percent
Speaker 1: after China reduced its quarantine time for inbound travelers and
Speaker 1: scrapped COVID flat suspensions, adding to the positive sentiment around
Speaker 1: top leaders calling for a more targeted approach to controlling
Speaker 1: the coronavirus Regionally, chipmakers also saw that drove benchmarks in Taiwan,
Speaker 1: South Korea and Japan high and local currency has got
Speaker 1: to boost as the dollus off at its worst day
Speaker 1: since two thousand and nine, the Korean one, jumping the
Speaker 1: most since October two thousand and eight. In Singapore, Juliette
Speaker 1: Sale Bloomberg Debriak Right, Juliette, thank you. In Europe today
Speaker 1: we have data on the British economy. GDP in the
Speaker 1: UK shrank in the third quarter, marking the startup what's
Speaker 1: expected to be a protracted recession. Gross domestic product fell
Speaker 1: two tenths of one percent. Consumers spending and business investment
Speaker 1: both fell. The Bank of England sees a recession persisting
Speaker 1: into the middle of four and new developments this morning
Speaker 1: involving FDx, dot Com and the crypto collapse that has
Speaker 1: sparked a securities regulator in the Bahamas is now frozen
Speaker 1: the assets of fd X and related parties. We get
Speaker 1: more from Bloomberg's Doug Prisner. The Bahamas Securities Commissions had
Speaker 1: a freeze was the prudent course of action to preserve
Speaker 1: assets and stabilize the company, and an attorney has been
Speaker 1: appointed provisional liquid dator as the comm as and aims
Speaker 1: to place the beleaguered crypto exchange into receivership. The Commission
Speaker 1: also said it's aware of statements suggesting client's assets were mishandled, mismanaged,
Speaker 1: and or transferred to Alameda Research. Alameda is the trading
Speaker 1: house at the heart of Bankman Freed's digital asset empire.
Speaker 1: He is the founder and CEO of FTX dot Com,
Speaker 1: based in the Bahamas in New York. On Duck Prisoner,
Speaker 1: Bloomberg Daybreak, All right, Dick, thanks about Twitter in the
Speaker 1: spotlight once again. Today, Bloomberg News has learned that Elon
Speaker 1: Musk is telling employees that bankruptcy is a possibility for
Speaker 1: the company. We get the story from Bloomberg SHIRLEYE. Pellett.
Speaker 1: Word came in his first address to Twitter employees since
Speaker 1: buying the company for forty four billion dollars. The social
Speaker 1: network has a significant debt burden from the acquisition and
Speaker 1: has seen a pullback from some advertisers that are concerned
Speaker 1: about Musk's plans for content moderation. Musk also told staff
Speaker 1: on the call that the days of free food and
Speaker 1: other perks are over. Twitter's office is in New York.
Speaker 1: Charlie Pelott, bloom Bird day Break, Thank you, Charlie. One
Speaker 1: other note on Twitter, the social media network reinstated official
Speaker 1: badges for high profile accounts to combat a growing problem
Speaker 1: of users impersonating major brands. The gray badge reappeared below
Speaker 1: the profiles of businesses and major media outlets this morning. Now,
Speaker 1: let's get you up to date on politics. Amy and
Speaker 1: the race for the Senate control is still undecided three
Speaker 1: days after the election. All comes down to three states.
Speaker 1: Counts are ongoing in Arizona and Nevada, and the race
Speaker 1: in Georgia is going to a run off in December.
Speaker 1: President Biden says Democrats face long odds to keep control
Speaker 1: of the House, but says it's not impossible. Oh no,
Speaker 1: Stull was Stoor but grown and Reside straight and Republicans
Speaker 1: are on pace to win at least two hundred ten
Speaker 1: seats so far compared to Democrats one two. Two hundred
Speaker 1: eighteen seats are required for a majority, and it is
Speaker 1: a blow for the Biden administration. A federal judge in
Speaker 1: Texas striking down the president's plan to forgive student loans.
Speaker 1: The judge called it one of the artist exercises of
Speaker 1: legislative power without congressional authority in the history of the
Speaker 1: United States. The Justice Department says it will appeal. The
Speaker 1: plan is already on hold under an emergency stay from
Speaker 1: another federal court. S and P futures up thirteen points,
Speaker 1: DW futures up one seventeen, NASDAC up sixty. This is
Speaker 1: Bloomberg six or seven on Wall Street. Let's bring in
Speaker 1: Michael bar to find out what else is going on
Speaker 1: in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Amy. New York City Mayor Eric Adams says
Speaker 1: he won't stop talking about crime. Pushing back on criticism
Speaker 1: that he helped fuel the momentum of Republican candidates across
Speaker 1: the state in the mid term elections, Adam says that
Speaker 1: the system is broken and no one wanted to hear that.
Speaker 1: Adams later spoke at a community event on public safety.
Speaker 1: He talked about removing the homeless off the streets. When
Speaker 1: I started in January, I went out and visited those
Speaker 1: camps and those encampments, and I saw inside there was
Speaker 1: in humane human waste, stale food, dirty clothing, drug pal fernalia.
Speaker 1: Some people will buy folk by Polo schizophrenic. That is
Speaker 1: inhumane to allow people to live that way. And I said,
Speaker 1: as the mayor of this city, is not happening under
Speaker 1: our watch. Republican candidate seized upon crime as a central
Speaker 1: issue in the mid terms, including Representative Lees Helden, who
Speaker 1: ran closer than expected in his failed bid to unseat
Speaker 1: New York's Democratic Governor Kathy Hukel. President Biden left last
Speaker 1: night for his foreign country tour. The President will be
Speaker 1: joining world leaders in Egypt for the United Nations Global
Speaker 1: Climate Summit, also known as cop MEAN, while the bilateral
Speaker 1: meeting between Presidents Shi Jing Ping and Joe Biden has
Speaker 1: been set for the sidelines of the G twenty early
Speaker 1: next week. Bloomberg's At Baxter reports. US National Security Adviser
Speaker 1: Jake Sullivan says the US will brief Taiwanese officials before
Speaker 1: and after the President's talk they sit down Monday. Alivan says,
Speaker 1: face to face, you will get to sit in the
Speaker 1: same room with Shi Jimping, be direct and straightforward with
Speaker 1: him as he always is, and expect the same in
Speaker 1: return from she, and then he can make his judgments
Speaker 1: on that basis about how to take things forward. Sullivan
Speaker 1: says he's confidence Taipei will feel secure about its support
Speaker 1: from the United States. Sullivan repeated the US Commitment to
Speaker 1: Taiwan Relations Act and Peace and Stability in the Strait
Speaker 1: in San Francisco. I'm at Baxter. Bloomberg gave break Tropical
Speaker 1: depression to coal Is in Georgia this morning after a
Speaker 1: day of causing havoc and Florida as a hurricane and
Speaker 1: then tropical Storm Nicole had cut across central Florida after
Speaker 1: making landfall near Vero Beach. The storm caused at least
Speaker 1: two depths and sent homes along Florida's coast toppling into
Speaker 1: the ocean. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg Gaming. All right, thank you, Michael.
Speaker 1: It's extend on Wall Street time now for the Sports
Speaker 1: for four props to you by Tri State Outy. Here's
Speaker 1: John stash Our, all right, Amy. Rangers went to Detroit
Speaker 1: having recently lost to the Red Wings, part of a
Speaker 1: three game losing streak. They trailed through to one. It
Speaker 1: was to to third period when the Rangers erupted six
Speaker 1: goals in ten and a half minute, six different goal scorers.
Speaker 1: Rangers one to two. Islanders shut out by Arizona to nothing.
Speaker 1: The Devils stay hot in overtime with Ottawa power play
Speaker 1: game winner for the Devil and the winning Street is
Speaker 1: at eight. His radio calling the Niko he sheered tipping
Speaker 1: to the fourth three victory. Nike boss Phil Knight says
Speaker 1: his company likely ending its relationship with Kyrie Irving, now
Speaker 1: serving a suspension with the Nets for his posting to
Speaker 1: the anti semitic video, was refused to apologize Alough. NBA
Speaker 1: commissioner Adam Silver, who recently met with Irving, to The
Speaker 1: New York Times he does not believe Irving his anti
Speaker 1: semitic Lebron James said his former teammates should be allowed
Speaker 1: to play. Lebron said the requirement the Nets have put
Speaker 1: in place Irving's reinstatement are excessive. NFL Carolina being Atlanta
Speaker 1: fifteen Panthers are three and seven, Falcons are four and six.
Speaker 1: The entire NFC South is under five hundred, as opposed
Speaker 1: to the Jets division the a f C East, where
Speaker 1: everyone is over five hundred. Jets are off this week
Speaker 1: Giant Sunday host Houston Giants, also in a tough division,
Speaker 1: battling Dallas and unbeaten Philadelphia and as for Washington, the
Speaker 1: problems there continue, the d C Attorney General finding a
Speaker 1: civil lawsuit against the team and owner Dan Snyder, as
Speaker 1: well as Roger Goodell in the NFL for covering up
Speaker 1: and deceiving fans of what was going on in a
Speaker 1: toxic workplace. There were recently indications that Snyder maybe finally
Speaker 1: looking to sell the team. John Stashower Bloomberg Sports Team,
Speaker 1: all right, thank you, john s and B Futures up
Speaker 1: fifteen points, del Futures up one hundred seventeen, nasdat futures
Speaker 1: up sixty seven points. The decks in Germany up five
Speaker 1: tenths of a percent, CAC in Paris of five tenths
Speaker 1: ever percent. Let's see in London down three tenths of
Speaker 1: a percent. This is Bloomberg. The Bloomberg Sports Report was
Speaker 1: brought to you by Audie. Don't let someone else drive
Speaker 1: off in the Audi model you've always wanted. Visit your local,
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Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com. To Bloomberg Business Outland at Bloomberg Quick Take, Chris,
Speaker 1: she's a Bloomberg business lash and I'm Karen. Moscow and
Speaker 1: US dock index futures are on the rise this morning,
Speaker 1: along with European shares. Is that you for it over
Speaker 1: A falling inflation in the world's largest economy extends into
Speaker 1: a second day, and China relaxes some COVID restrictions. We
Speaker 1: checked the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg Guess and p future is up seventeen points
Speaker 1: down features of a hundred thirty four nasday futures up
Speaker 1: seventy two the decks in Germany's up half percent. A
Speaker 1: ten year treasury month. No trading in the bond market today,
Speaker 1: that's an observance of the Veterans Day holiday. Nin mex
Speaker 1: SCRUD oil is up three and a half percent of
Speaker 1: three dollars at eighty nine dollars forty eight cents in
Speaker 1: barrel co Mex schooled a half percent or eight dollars
Speaker 1: at seventeen sixty one seventy ounce. The euro one pot
Speaker 1: tuesdays nine against the dollar, British pound one point one
Speaker 1: seven three six and the end at one thirty nine
Speaker 1: point seven seven and Bitcoin down two and a half
Speaker 1: percent at seventeen thousand, three hundred fifty dollars. That's a
Speaker 1: Bloomberg Business Flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael Karen, thank you
Speaker 1: very much. A fast moving missile as struck an apartment
Speaker 1: building in the south of Ukraine. People in Mick Alive
Speaker 1: woke up to find the building in ruins. Rescuers raced
Speaker 1: to the scene, digging through debris for survivors. A federal
Speaker 1: judge in Texas struck down the Biden administration sweeping student
Speaker 1: loan forgiveness plan. US District Judge Mark Pittman and a
Speaker 1: pointee of President Trump called it one of the largest
Speaker 1: exercises of legislative power without congressional authority in the history
Speaker 1: of the United States. In the NHL, the Devil's won
Speaker 1: in overtime against the Senators for three. The Rangers and
Speaker 1: Bruins also won. The Islanders lost. In the NBA the Wizards.
Speaker 1: One Thursday Night Football, the Panthers beat the Falcons. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven journalists
Speaker 1: and analysts more than twenty countries. I'm Michael Bard. This
Speaker 1: is Bloomberg any all right, thank you, Michael. It is
Speaker 1: six nineteen on Wall Street Live from the Bloomberg Interactive
Speaker 1: Broker studios. This is Bloomberg Daybreak. Now, Bloomberg News has
Speaker 1: learned Elon Musk is wanting Twitter employees that bankruptcy is
Speaker 1: a possibility. We're joined now by Bloomberg Intelligence analyst Matthew Bloxam. Matthew,
Speaker 1: thank you for taking the time with us this morning
Speaker 1: to sort this out. It was Elon Musk, a new
Speaker 1: owner's first addressed to Twitter employees since he bought the company,
Speaker 1: And between this and the firings and some of the
Speaker 1: other issues going on eliminating work from home, it seems
Speaker 1: like a chaotic start. Yeah, it does certainly been a
Speaker 1: lot of news to digest, and you know, some really
Speaker 1: quite fundamental changes for Twitter employees, as you said, getting
Speaker 1: rid of at the headcount and telling people that they're
Speaker 1: going to have to do a U turn on the
Speaker 1: work from anywhere policy that Twitter became quite famous for.
Speaker 1: So um. Yeah, but very different future. I think if
Speaker 1: you're a Twitter employee, some of the other warnings for
Speaker 1: employees during that address, there could be eighty hour work weeks,
Speaker 1: which doesn't seem right ifewer office perks uh, he said, quote,
Speaker 1: We're gonna need to be more hardcore. What is his
Speaker 1: end game here? I can I think he's trying to
Speaker 1: turn this business into a company with a much sharper
Speaker 1: commercial edge. To say, those eight hour weeks stuff we've
Speaker 1: heard him talk about with his other companies to particularly
Speaker 1: Tesla and even at Space Scular, he really isn't in
Speaker 1: credibly demanding boss um and he expects people to put
Speaker 1: in the same commitment that he does. UM. So I think, yeah,
Speaker 1: you know, he's trying to kind of remodel twitter um
Speaker 1: into into something that's really much more focused around the
Speaker 1: revenue and the profit it's going to make and you know,
Speaker 1: ultimately helping him to get a return on that big
Speaker 1: investment he's made. Is that going to work? This doesn't
Speaker 1: seem sustainable just from looking from the outside in what
Speaker 1: needs to happen to help keep Twitter alive and and engaged. Yeah,
Speaker 1: you know, I think in the next maybe he knows
Speaker 1: the three six, twelve months, perhaps longer, this is going
Speaker 1: to be a pretty um bollatile time for the company.
Speaker 1: I think the benefit from not being in the public
Speaker 1: days of shareholders in terms of numbers, because certainly you
Speaker 1: could see active users dip, profit revenue dip in the
Speaker 1: near term. I think, you know, there's a couple of
Speaker 1: things that he clearly wants to do. One he's he's
Speaker 1: looking to reassure advertisers that Twitter is still a good
Speaker 1: place to spend our dollars and, if anything, to be
Speaker 1: a better place than that's been in the past to
Speaker 1: spend our dollars. I think, given you know the kind
Speaker 1: of noise you've heard about hate speech rising since his acquisition,
Speaker 1: he's got a lot of work to do to convince advertisers.
Speaker 1: But clearly that's that's part of his agenda. The other
Speaker 1: part vis agenda is to diversify the sources of revenue.
Speaker 1: So rather than being almost exclusively reliant on advertising revenue,
Speaker 1: to get subscription revenue of some description up to as
Speaker 1: much as fifty of the revenue, brace that that that
Speaker 1: will make the company much less exposed to the six
Speaker 1: caality of the economy and how much advertiser a spending
Speaker 1: and give a much more kind of predictable stream of
Speaker 1: revenue and hopefully you know, significantly increased the size of
Speaker 1: the business, so that that that those are two very
Speaker 1: big tasks and you know what will involve a huge
Speaker 1: amount of commitment from from the company now to that end.
Speaker 1: He also handed at new products that he wants to
Speaker 1: introduce on the platform, like controversial ads, checking accounts from Twitter.
Speaker 1: Does that go along with what you were just explaining
Speaker 1: about how they were going to boost revenue? What does
Speaker 1: this tell you? Yeah, it doesn't. I think, you know,
Speaker 1: it tells you that he looked at Twitter and you know,
Speaker 1: I think for a long time they've thought about trying
Speaker 1: to get the active user based to a billion users.
Speaker 1: You know that, you know, they're around children fifty million
Speaker 1: and it's been growing only slowly. So I think you
Speaker 1: recognizing that if you're going to massively increase the revenue
Speaker 1: they make about five billion dollars of revenue a year,
Speaker 1: you know, dwarfed by Google and Meta. If you're going
Speaker 1: to substantially increase the scale of the business to boost
Speaker 1: the profitability, you have to look at additional products and
Speaker 1: you think, well, you know, what are the kind of
Speaker 1: things that we could offer to this two fifty million
Speaker 1: or so users that's going to bring in incremental revenue.
Speaker 1: I think he's looking to some of the kind of
Speaker 1: Chinese UM models that have kind of diversified. You have
Speaker 1: things like reach Out. You know, you kind of got
Speaker 1: these ecosystems that that kind of basically draw more of
Speaker 1: active users daily lives into the platform and you generate um,
Speaker 1: you know, small small chunks of revenue from lots of
Speaker 1: different services very quickly ten fifteen seconds. What are you
Speaker 1: watching for in the coming few days, UM, I think
Speaker 1: really just kind of news on how they're going to
Speaker 1: evolve this kind of Twitter blue blue tick and the
Speaker 1: official status, and if they're going to kind of clean
Speaker 1: it up and get it really now down so that
Speaker 1: you advertisers feel that, you know that the content can
Speaker 1: be trusted. Oh yeah, that's a big deal, the blue tick.
Speaker 1: Thank you so much, Matthew Bloomberg Intelligence analyst Matthew Bloxham
Speaker 1: bringing us up to speed on what's up with Twitter.
Speaker 1: Futures are higher. S and P futures up seven eighteen
Speaker 1: points now, DAL futures up a hundred forty one, Nasdaq
Speaker 1: futures up seventy seven points. Dax in Germany have six
Speaker 1: tent seven percent. CAC and pair US of a half percent,
Speaker 1: FOOTSIE in London down to tenths of percent, much more
Speaker 1: still to come. On Bloomberg Daybreak. This is Bloomberg. Bloomberg
Speaker 1: Daybreak is brought to you by the Jewish Communal Fund.
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Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg
Speaker 1: Elving Freedom to Washington, d C, Bloomberg ninety one to Boston,
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Speaker 1: sixty to the country Sirius xm J A one nine
Speaker 1: team and around the globe to Bloomberg Business in Bloomberg
Speaker 1: Radio dot com. This is Bloomberg Daybreak. It's six thirty
Speaker 1: on Wall Street. Good Friday morning. I'm Amy Morris and
Speaker 1: I'm Karen Moscow, and we're just about three hours away
Speaker 1: from the open of US trading time. Of the five
Speaker 1: things you need to notice start your day brought to
Speaker 1: you by Interactive Brokers. Interactive Brokers clients are an interest
Speaker 1: of up to three point three three on the idle
Speaker 1: cash and their brokerage accounts. Visit I pk R dot
Speaker 1: com slash interest rates to learn more. First, US futures
Speaker 1: are building on yesterday's games, which saw the S and
Speaker 1: P five hundreds surge more than five percent. Slowing inflation
Speaker 1: was the catalyst, but investment Coachief investment officer at Dana
Speaker 1: Doria call cautions that they're still a bumpy road ahead.
Speaker 1: The FED is a lot more concerned about a stop
Speaker 1: and go policy error than they are about pushing a
Speaker 1: little too hard. Still, all else, Equel, I think you
Speaker 1: still should be prepping for potentially tough conditions investments. Dana
Speaker 1: Doria says the likelihood of recession next year still high.
Speaker 1: It is not clear if October CPI print will slow
Speaker 1: the FED space of tight thing. San Francisco FED President
Speaker 1: Mary Daily addressed the issue yesterday. Stepping down is an
Speaker 1: appropriate thing to think about. I support a more gradual
Speaker 1: approach of getting to and so we can be discovering
Speaker 1: the right rate as we got. San Francisco FED President
Speaker 1: Mary Daily one of three officials signaling a downshift in
Speaker 1: rate hikes is possible. Well, Amy new Crypto developments this
Speaker 1: morning focused on ft X dot com. A securities regulator
Speaker 1: in the Bahamas is now frozen the company's antsets the
Speaker 1: crypto exchange. Binance had tried to acquire f t X,
Speaker 1: but the deal fell through. Now Binance CEO C Z
Speaker 1: Jao is addressing the matter from a technology or product perspective.
Speaker 1: They don't have anything that we don't have, so our
Speaker 1: original intention was let's save the users. But then the
Speaker 1: news of UH misappropriating user phones and especially US regulatory
Speaker 1: agencies investigations, We're like, okay, we can't touch that anymore.
Speaker 1: And Binance CEO C G Jao spoke at the Indonesia
Speaker 1: Fintech Summit today and Karen, there's also another possible buyer
Speaker 1: for f t X. Tron founder Justin Sun says he's
Speaker 1: looking at providing the crypto exchange with billions of dollars.
Speaker 1: We need do a food do ddegs at the same
Speaker 1: time to evaluate the situation to have a full picture
Speaker 1: all flag what's going on. How serious is the liquidity crunch.
Speaker 1: Tron founder Justin Sun tells us he's still evaluating whether
Speaker 1: to pursue a deal for ft X, well, Twitters and
Speaker 1: the spotlight again, Amy. Bloomberg News has learned Elon must
Speaker 1: old employees that bankruptcy as a possibility for the company
Speaker 1: and futures this morning are on the rise. That's the
Speaker 1: fine things that you need to notice start your day.
Speaker 1: Brought to you by Interactive Broker, straight Ahead, your latest
Speaker 1: local headlines, plus a check of sports, and this is Bloomberg.
Speaker 1: Thank you, Karen. Five thirty three on Wall Street, we
Speaker 1: bring in Michael bar to tell us what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Amy. New York City Mayor Eric Adam says
Speaker 1: he won't stop talking about crime. Pushing back on criticism
Speaker 1: that he helped fuel the momentum of Republican candidates across
Speaker 1: the state in the midterm elections, Adam says, the system
Speaker 1: is broken and we'll continue to talk about that until
Speaker 1: we get it right. Adams later spoke at a community
Speaker 1: gathering on public safety. The person I sat down and
Speaker 1: get their portrait done and had a scar on they face.
Speaker 1: They told the artists that I know you noticed my scar,
Speaker 1: but remember I have a face, and I'm saying that
Speaker 1: to New York City. We have scars, but we have
Speaker 1: a face every day. On average, we have six felonies
Speaker 1: on our subway system a day, but we also have
Speaker 1: a face. Three point five million people use that subway
Speaker 1: every day and they get to and from the Polace
Speaker 1: of Employment without any incident at all. Republican candidates in
Speaker 1: the U S eased upon crime as a central issue
Speaker 1: in Tuesday's election. At least two people are dead in
Speaker 1: the wake of Hurricane to Cole in Florida, now a
Speaker 1: tropical depression, the storm weakened overnight as it barreled into Georgia.
Speaker 1: President Biden heads overseas through the middle of next week
Speaker 1: to speak with foreign leaders about climate change, the war
Speaker 1: in Ukraine, and America's competition with China. The press An
Speaker 1: International security advisor Jake Sullivan says his boss has been
Speaker 1: boosted by the better than expected performance of his party
Speaker 1: in the midterm elections. He feels very good about where
Speaker 1: things stand, and he feels like he is going out
Speaker 1: on this trip with the wind very much at his back,
Speaker 1: and um that gives him an excellent opportunity both to
Speaker 1: deal with competitors from a strong position and to rally
Speaker 1: allies in Indonesia. On Monday, President Biden sits with his
Speaker 1: Chinese counterpart on the sidelines of the G twenty summit. Conspiracy.
Speaker 1: Theorist Alex Jones has been ordered to pay four hundred
Speaker 1: seventy three million dollars to Sandy Hook families. The punitive
Speaker 1: damages are on top of the nine hundred sixty five
Speaker 1: million he was ordered to pay in last month. The
Speaker 1: family sued Jones after he claimed the killings were a hoax.
Speaker 1: Jones responded calling the judgments, which now totals one point
Speaker 1: four billion, a joke, saying he doesn't have the money. Today,
Speaker 1: New York City will hold its veterans a parade. Nearly
Speaker 1: two hundred thousand participants will be marching up Manhattan's Fifth Avenue.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than hundred journalists
Speaker 1: and analysts and more than a hundred twenty countries. I'm
Speaker 1: Michael Barr, and this is Bloomberg. Damy. All right, thank you, Michael.
Speaker 1: It's sixty six on Wall Street. Time now for the
Speaker 1: sports report, brought to you by Try State OUTI here's
Speaker 1: John stash Our, Thanks Amy. Busy night in Local hockey
Speaker 1: Rangers ended up three games slide. They wanted to Troy
Speaker 1: at eight to two. They scored six goals in a
Speaker 1: ten and a half minute span of the third period.
Speaker 1: Islanders in Arizona scoreless until the third period. The Coyotes
Speaker 1: won to nothing. Devil's hosted Ottawa and liked the game.
Speaker 1: The other night, Niko he Shears scored the game winner overtime.
Speaker 1: Devil's won four three. They've won eight in a row
Speaker 1: eleven of twelve. In all eleven they have not allowed
Speaker 1: more than three goals, and the Devils have given Marty
Speaker 1: bro Dur a new job. There, a long time Hall
Speaker 1: of Fame goalie, was working as a team advisor and
Speaker 1: more on the business side. Now becomes v PE of
Speaker 1: Hockey Operations. G M. Tom Fitzgerald will report to bro Dur.
Speaker 1: Nix lets to get back to five hundreds. Tonight they
Speaker 1: host Detroit. NFL Week ten began with Carolina's to fifteen
Speaker 1: went over Atlanta. Sunday morning at Seattle and Tampa Bay
Speaker 1: the first game ever in Germany. Giants Sunday host Houston,
Speaker 1: a team with only one victory. Giants before the bye
Speaker 1: had that loss in Seattle. Their coach of Brian Dable
Speaker 1: an important game, you know at home, he's gonna have
Speaker 1: to play well. We came up and by feel like
Speaker 1: we're rested. The guys. I've had a lot of good
Speaker 1: energy here in these last couple of days, and we
Speaker 1: need to go out there and have a good week
Speaker 1: and like we do every week. Mark Giants linebacker Blake
Speaker 1: Martinez was playing for the Raiders. He had eleven tackles
Speaker 1: this past Sunday. Martinez suddenly yesterday and as his retirement
Speaker 1: at age twenty eight, and he wants to focus on
Speaker 1: his family and future passions. Mets picked up the fourteen
Speaker 1: million dollar option on Carlos Carrasco, just had a fifteen
Speaker 1: win season. Justin Verlander declined twenty five million dollar option
Speaker 1: in Houston becomes the free agent the Dodgers and their
Speaker 1: time ace Clayton Kershaw said to be close to a
Speaker 1: new one year deal. Bomb Sports. All right, thank you, John.
Speaker 1: It is six thirty eight on Wall Street. Time to
Speaker 1: take a look at stocks and some of the names
Speaker 1: that are moving in the pre market. For that, we
Speaker 1: are joined by Bloomberg Radio and TV Markets correspondent Creati
Speaker 1: Gupta created Good Morning, Good Morning Amy. You know when
Speaker 1: you look at the green on the screen in futures
Speaker 1: right now up about six tenths of one percent. There's
Speaker 1: a lot that's folding into us. Some of this is
Speaker 1: a little bit of kind of excitement coming from the
Speaker 1: CPI report that is expected to really show the inflation
Speaker 1: has peaked. That's really from yesterday, some of that sentiment
Speaker 1: seeping through. But a good chunk of today's games are
Speaker 1: coming from this idea of China perhaps easing COVID's restrictions
Speaker 1: even further. And that's really showing up in the individual movers.
Speaker 1: When you look at the biggest moving stocks right now
Speaker 1: in the pre market, and a lot of them are
Speaker 1: China exposed. Take a look at this Las Vegas Sands
Speaker 1: LVS is your ticker chairs are up almost five percent
Speaker 1: in the pre market. Remember they have a major um
Speaker 1: casino and operating base in Hong Kong and Macau as well,
Speaker 1: so you do see the casino names become kind of
Speaker 1: this proxy to some extent for some of the games
Speaker 1: that you are seeing in China and some of the
Speaker 1: changes there as well. And of course we always like
Speaker 1: to look at the Chinese A d R S as
Speaker 1: well as kind of a proxy for that, Ali Baba
Speaker 1: can be our poster child. B A b A is
Speaker 1: your taker. Those shares up four percent, alongside some of
Speaker 1: the other Chinese A d rs. But another way to
Speaker 1: look at this, Amy is also through the commodity space.
Speaker 1: Remember you have oil up as well, on the idea
Speaker 1: that perhaps China is actually going to perhaps rejoin the
Speaker 1: global economy in a way that it hasn't really been
Speaker 1: able to for the last two years, or at least
Speaker 1: take steps towards that. That's going to create a little
Speaker 1: bit of pep in your step if you are a
Speaker 1: bull on oil. There's also if you're a bowl on copper,
Speaker 1: and for that you are seeing copper actually a bit
Speaker 1: higher as well, and as a result, the copper minor
Speaker 1: Freeport Macmaron f c X also higher on the day
Speaker 1: about three point seven percent, so Las Vegas stands Freeport Macmaron,
Speaker 1: but two of the biggest movers this morning, once again
Speaker 1: really coming off of that China sentiment. But Amy, it's
Speaker 1: not all Macro, I promise some of it is actually
Speaker 1: based on the individual fundamentals. And for that I want
Speaker 1: to look at what's actually moving to the downside, and
Speaker 1: that is Intel and I really have to talk about
Speaker 1: the fact that it is a very broad rally. I'm
Speaker 1: looking at our really great and most function your m
Speaker 1: O S T on the Bloomberg terminal, and you're only
Speaker 1: seeing thirteen stocks down. The rest are higher in the
Speaker 1: pre market, but the poster child for the one that's
Speaker 1: lower is Intel I NTC shares it down about two percent.
Speaker 1: This comes after a m D looking to really diversify
Speaker 1: some of their server sales, and Intel and m D
Speaker 1: kind of a neck and neck in this race for
Speaker 1: market share. Intel right now losing out on that because
Speaker 1: a m D is making some progress on the server
Speaker 1: front alright, Bloomberg Radio and TV Markets correspondent Created Gupta,
Speaker 1: thank you so much for that insight. We appreciate it.
Speaker 1: This morning looking at stocks as a whole ahead of
Speaker 1: the open, well, Creaty just was mentioning A futures are higher.
Speaker 1: SNP futures up twenty two points now, DAL futures up
Speaker 1: one D seventy one points. NASDAC future is up eighty
Speaker 1: four points. Of the bond of court. The bond market,
Speaker 1: of course, is closed for a veteran's day. DAX in
Speaker 1: Germany up six tenths top percent CAC in Paris of
Speaker 1: four tenth super percent, Footsie in London down three tenth
Speaker 1: to a percent. Much more still to come on this
Speaker 1: Friday morning edition of Bloomberg Daybreak. This is Bloomberg. The
Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't
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Speaker 1: managers don't get results center off the charts from or
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Speaker 1: This morning, let's go to the First Word Breaking news
Speaker 1: desk for today's morning call. Here's Bill Maloney. Bill, good morning,
Speaker 1: and good morning, Karen. That's right us futures in the
Speaker 1: green right now down futures up a hundred fifty six points,
Speaker 1: SPS gain eighteen. Well nast that futures are higher by
Speaker 1: sixty five. The bond market is closed today. Gold is
Speaker 1: trading higher by three Oil is climbing, but bitcoin is
Speaker 1: down by another two point six percent. Japan rose three
Speaker 1: percent overnight. Note that Shina relaxed some COVID restrictions and
Speaker 1: European markets are trading mostly higher right now. Back in
Speaker 1: the US on the economic front, it's on o'clock, Missigan sentiment.
Speaker 1: And in other news, FDx Digital Markets had its assets
Speaker 1: frozen in the Bahamas and people familiar so that Elon
Speaker 1: Elon Musk or Twitter staff the company faces possible bankruptcy
Speaker 1: if the cash burn lingers wrapping things up. Intel was
Speaker 1: put to underwag. We read JP Morgan live from the
Speaker 1: first breaking news descom Bill Melody care all right, Bill,
Speaker 1: thank you to hear live breaking news over your Bloomberg
Speaker 1: type squawk on your terminal SKU you a w K
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much in Arizona. The races for U
Speaker 1: S Senate and governor are still too early to call.
Speaker 1: Democratic Senator Mark Kelly Leeds Republican Blake Masters by five
Speaker 1: point six percentage points, while Democrat Katie Hobbs was one
Speaker 1: point four points ahead of Republican Kerry Lake in the
Speaker 1: governor's race. Vice President Kamala Harris will be filling in
Speaker 1: for many of President Joe Biden's traditional duties on this
Speaker 1: Veteran's Day. Biden will be in Egypt at the UN
Speaker 1: Climate Conference, meeting with Southeast Asian leaders in Cambodia, and
Speaker 1: then to a G twenty summit in Indonesia. Today, Harris
Speaker 1: will deliver remarks at Arlington Cemetery and lay a wreath
Speaker 1: at the tomb of the Unknown Soldier. In the NHL,
Speaker 1: the Devil's won in overtime against the Senators for three
Speaker 1: The Rangers and Bruins also won. The Islanders lost NBA
Speaker 1: the Wizards. One Thursday Night football, the Panthers beat the Falcons.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists analysts more than twenty countries I'm Michael Barr, and
Speaker 1: this is Bloomberg. Hearn Frank mchaelbar Thank you sixty nine
Speaker 1: on Wall Street. Let's turn to news and science and
Speaker 1: technology now with the Bloomberg and j I T. Stammerport
Speaker 1: rosy U Bay, New Jersey Institute of Technology as one
Speaker 1: of the nation's leading polytechnic universities in a top military
Speaker 1: friendly school and j I T supports America's service members
Speaker 1: and their families. Learn more at n j I T
Speaker 1: dot E d U slash Veterans And Here's what's making
Speaker 1: news and science, Technology, engineering and math. The US, Japan
Speaker 1: and other countries will offer Indonesia a climate finance deal
Speaker 1: worth at least fifteen billion dollars is designed to help
Speaker 1: the country shift its power grid away from using coal.
Speaker 1: Details of the agreement will be announced next week during
Speaker 1: the Group of twenty summit. And in Adnesia, it's a
Speaker 1: significant recalibration of China's COVID zero policy that has isolated
Speaker 1: the country. Beijing has reduced the amount of time travelers
Speaker 1: and close contacts must spend in quarantine. It's also pulling
Speaker 1: back on testing, plus a controversial system that penalizes airlines
Speaker 1: for bringing virus cases into China will be scrapped and
Speaker 1: as satellite intended to improve weather forecasting and experimental inflatable
Speaker 1: heat shield to protect spacecraft entering atmospheres have been launched
Speaker 1: into space from California. Mission officials say the satellite represents
Speaker 1: the latest technology and will increase precision of observations of
Speaker 1: the atmosphere, oceans, and land. And that's a Bloomberg and
Speaker 1: j I t Stem report. Amy, all right, thank you, Karen.
Speaker 1: We're live from the Bloomberg Interactive Broker Studios. It's six
Speaker 1: fifty one on Wall Street Time now to check what's
Speaker 1: going on in d C. Some of the top stories
Speaker 1: in our nation's capital include President Biden saying that Democrats
Speaker 1: are facing some long odds to win the House, rest
Speaker 1: of Republicans are complicating Kevin McCarthy's path to Speaker of
Speaker 1: the House, and Hina confirms that Jan Ping will meet
Speaker 1: with President Biden during the G twenty. Let's get more
Speaker 1: on these stories. Bloomberg Government reporter Emily Wilkins joins us
Speaker 1: now to fill us in. And Emily, let's start with
Speaker 1: President Biden telling reporters as he left that the Democrats
Speaker 1: are still alive but that it was in his words,
Speaker 1: like drawing an inside straight. It sounds like he's tamping
Speaker 1: down expectations. Yes he is. I mean, I think to
Speaker 1: a certain extent, you're hearing a bit of a mixed
Speaker 1: message from the Democratic Party right now. I think a
Speaker 1: lot of folks there are absolutely shocked that the race
Speaker 1: hasn't been called yet for the House. They are shocked
Speaker 1: at how well they have done, how many seats they
Speaker 1: have picked up that we're justably not predicted to on
Speaker 1: election night. I think there's a lot of optimism and
Speaker 1: hope within the Democratic Party right now, but at this point,
Speaker 1: you know, Biden's right, it would be a long shot
Speaker 1: for Democrats to take the House. They would need to
Speaker 1: win a couple of races where currently, as vote counts
Speaker 1: come in, Republicans are out winning. And let's just be clearing.
Speaker 1: A lot of these are in Western states where vote
Speaker 1: by mail is very common, and they have rules that say,
Speaker 1: as long as you get your bello postmarked by election day,
Speaker 1: it doesn't matter if it arrives, you know, four or
Speaker 1: five days later, it'll still count. And so that's why
Speaker 1: it's taking so long. For some of these places. It
Speaker 1: is likely at this point that we are going to
Speaker 1: see Republicans control the House, but they're going to have
Speaker 1: a very very very slow majority, and that might put
Speaker 1: a limit on some of the more perhaps controversial things
Speaker 1: that they wanted to do. However, remember, even if Republicans
Speaker 1: controlled the House, they were always looking at a split government.
Speaker 1: Most of what they want to do is investigate the
Speaker 1: Biden administration, and of course those investigations, you know, they
Speaker 1: can continue. Republicans only have a one vote majority. Uh,
Speaker 1: they don't necessarily need a lot of Democratic support for that.
Speaker 1: But still very interesting dynamics. Um. It's going to make
Speaker 1: debates over the debt ceiling, debates over funding the government,
Speaker 1: debates over funding the military particularly far more contentious. Um.
Speaker 1: And really is going to be quite fascinating to see
Speaker 1: how Kevin McCarthy or or another potential speaker navigates what's
Speaker 1: going to be coming next. Uh, let's get right into that.
Speaker 1: Kevin McCarthy has been the conventional wisdom thought the air
Speaker 1: apparent to be the new House Speaker if GOP takes over.
Speaker 1: And most of this time I've been wondering, why would
Speaker 1: the Democrats be celebrating not that much of a loss
Speaker 1: That's like celebrating losing a football game by a field
Speaker 1: goal instead of a touchdown. Doesn't make sense to me,
Speaker 1: But you just explained it beautifully that if they have
Speaker 1: such a tight margin, things are going to be a
Speaker 1: little bit different for the Republican Party and where when
Speaker 1: the Democratic Party is factored in? Kevin McCarthy, Go ahead,
Speaker 1: I mean, we'll just think about this past two years, right,
Speaker 1: Democrats have had such slim margins. How many stories do
Speaker 1: we report on being like Democrats want to do this. Oh, nope,
Speaker 1: they can't. They don't have mansion, they don't have one
Speaker 1: or two people on board. I mean, the whole story
Speaker 1: of the last two years has been how difficult it
Speaker 1: is to govern with narrow margins. Republicans are now facing
Speaker 1: that exact same scenario. So you have a story on
Speaker 1: the Bloomberg terminal, Uh, that Kevin McCarthy is going to
Speaker 1: have to work really hard if he is to be
Speaker 1: the next House Speaker, what does he have to do?
Speaker 1: And if he isn't the speaker, who would it be.
Speaker 1: That's such a great question, Amy, because I was asking
Speaker 1: so many lawmakers that yesterday and almost no one could
Speaker 1: give me an answer on exactly who else they would
Speaker 1: want to support for speaker. I think at this point
Speaker 1: McCarthy still has a very good chance of becoming speaker,
Speaker 1: but a lot of folks in his caucus now have
Speaker 1: leveraged that they are trying to use to get him
Speaker 1: to promise to various things as far as being more
Speaker 1: aggressive with investigations. Also, and this gets a little wonky,
Speaker 1: but it's gonna apply to everything. There's a set of
Speaker 1: rules and processes that govern power in the House, but
Speaker 1: who gets to make decisions, who can sort of bring
Speaker 1: things forward and bring can file. Republicans are saying that
Speaker 1: if McCarthy wants their vote, he's going to have to
Speaker 1: make some changes to the rules. He's going to have
Speaker 1: to give them more power and himself less power. And
Speaker 1: that's one of the things that we're really going to
Speaker 1: see them push for in the next couple of days.
Speaker 1: And that's an option that that McCarthy has, but it
Speaker 1: could really put some some limits on what he is
Speaker 1: able to do as speaker. Uh, it might give more
Speaker 1: power to say, you know, far right members of his
Speaker 1: conference who want to see very aggressive actions against President
Speaker 1: Biden and his family, So let's take it a step
Speaker 1: further than does this midterm election signal to you that
Speaker 1: perhaps there's a power shift going on at the top
Speaker 1: of the GOP right now? It does seem to be
Speaker 1: the case. There are a lot of questions after the
Speaker 1: elections about Trump in particular. This election was going to
Speaker 1: show whether or not he would be a kingmaker. And
Speaker 1: at this point he's backed a number of candidates who
Speaker 1: have lost and lost in these major, major races, and
Speaker 1: so there is sort of reshuffling going on right now.
Speaker 1: And it'll I mean, with the House, it was always
Speaker 1: going to be the case that the more narrow margins
Speaker 1: you have, the more power you're going to see. I mean,
Speaker 1: think of how Joe Manson played out the last two years, right,
Speaker 1: Joe Manin had power because the margins were close. If
Speaker 1: the margins are close in the House, you're going to
Speaker 1: see a new crop of Republicans that are really able
Speaker 1: to throw their weight around a little bit and be
Speaker 1: able to get things done they wouldn't if there were
Speaker 1: larger margins. Say less than a minute here, Emily, President
Speaker 1: Biden heading to the j twenty What are you watching for?
Speaker 1: So absolutely that meeting with Chinese President She It is
Speaker 1: supposed to be their first face to face meeting between
Speaker 1: the two leaders. There's already tension going on. The US
Speaker 1: said that it will be briefing Taiwan about the meeting
Speaker 1: between the two. China has now responded to that, condemning
Speaker 1: the White House plan to do so, saying that it
Speaker 1: would be a break in president. So obviously, you know
Speaker 1: it's an important meeting between two important world leaders, but
Speaker 1: it's it's already off to a rocky start. Bloomberg Government
Speaker 1: Report Emily Wilkins, always a pleasure. Thank you so much.
Speaker 1: Enjoy your weekend. You worked hard all week because of
Speaker 1: these midterms. We really do appreciate you taking the time
Speaker 1: with us this morning. Thanks so much. S and P.
Speaker 1: Futures up nineteen points, DAL futures up one sixty six,
Speaker 1: NAS death features up sixty nine points. More on these
Speaker 1: stories from Bloomberg dot Com on the Bloomberg Terminal. Follow
Speaker 1: all the latest on Bloomberg Radio in Washington at Bloomberg
Speaker 1: ninety nine one and one of five point seven FM
Speaker 1: HD two Bloomberg Surveillance Now. Tom Keene and Jonathan Farrow
Speaker 1: are coming up next, along with Karen Moscow. I'm Amy Morris.
Speaker 1: Stay with us on this Friday morning, much more still
Speaker 1: to come. This is Bloomberg