Speaker 1: By from the Bloomberg Interacted Brooker's Studios. This is Bloomberg
Speaker 1: day Break for Thursday, September fifteen two. Coming up, the
Speaker 1: shower rail and union negotiators reach a deal to a
Speaker 1: vertic strike stabilized as investors await another key can under report.
Speaker 1: Vladimir Putin and Shi Jin ping me for the first
Speaker 1: time since the invasion of Ukraine. And we'll tell you
Speaker 1: which business school is ranked tops in the country. One
Speaker 1: of the women who accused former New York Governor Cuomo
Speaker 1: of sexual harassment is suing him. Plus Ukraine, the senses
Speaker 1: damage liberated cities from Russia's occupation on Michael larn bore
Speaker 1: ahead and corns went for the Yankees and Boston another
Speaker 1: loss for the meth that comes whinis the city fields lea.
Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg
Speaker 1: Eleving Trio, New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Syrius x M one nine and around the world on
Speaker 1: Bloomberg Radio. To come and via the Bloomberg Business apt
Speaker 1: And good morning. I'm Karen Moscow I'm Nathan Hagar Bloomberg
Speaker 1: Dave Right, brought to you by B and Y Melon's
Speaker 1: Pershing learned why the world's most sophisticated wealth management and
Speaker 1: institutional firms rely on Pershing to help them improve profitability,
Speaker 1: create efficiency, attract talent, and manage risk at Pershing dot Com.
Speaker 1: And futures this morning are moving higher. We're coming up
Speaker 1: to six o one on Wall Street, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day. On
Speaker 1: bloomberg S and p Future is up six points right now,
Speaker 1: dal Future is of fifty five and nastagg futures they're
Speaker 1: little change. The decks in Germany's up three tenths of
Speaker 1: a percent. Ten year Treasury down nine thirty seconds here
Speaker 1: three point for three percent. Nathan and Karen, we begin
Speaker 1: with breaking news this morning. It looks like a freight
Speaker 1: rail strike will not happen tomorrow. The Labor Department says
Speaker 1: US rail companies and union negotiators have reached a tentative
Speaker 1: deal that could avert a strike that threatened to disrupt
Speaker 1: rail service nationwide. Bloomberg's Amy Morris has the latest developments
Speaker 1: from newsroom in Washington. After more than twenty consecutive hours
Speaker 1: of negotiations. The Department of Labor says they've helped him
Speaker 1: are out in agreement that, in their words, balances the
Speaker 1: needs of workers, businesses, and the economy. President Biden released
Speaker 1: a statement thanking the parties for negotiating in good faith
Speaker 1: and reaching a deal to keep the rail system working
Speaker 1: and avoiding a disruption of the economy that would have
Speaker 1: cost the US two billion dollars a day. Rail workers
Speaker 1: will get better pay and improved working conditions. The companies
Speaker 1: will be able to recruit and retain more rail workers.
Speaker 1: So far, no word from the company's nor the labor
Speaker 1: unions about this deal in Washington. I maybe more as
Speaker 1: Bloomberg Daybreak. All right, Amy, thank you. We'll keep you
Speaker 1: up to date on those details throughout the morning here
Speaker 1: on Bloomberg Radio. But first let's get you a caught
Speaker 1: up on the markets. Equities are stabilizing in the wake
Speaker 1: of Tuesday's sell off. Yesterday's late day rallies on the
Speaker 1: SNP five hundred, it flows up a third of up
Speaker 1: per cent. As for bonds, the US two to thirty
Speaker 1: year curve has reached the most inverted level this century.
Speaker 1: Megan Hornman, as chief investment officer at Verden's Capital. You're
Speaker 1: going to see a lot of this chopping is It's
Speaker 1: just going to be an ugly market over the next week.
Speaker 1: The markets just waiting for that FED report, and then
Speaker 1: even between now and then, we have quite a bit
Speaker 1: of economic data to digests. So I think you're just
Speaker 1: going to see a very sideways choppy market until we
Speaker 1: get a little bit more clarity on exactly what the
Speaker 1: Fed's going to do. And Verden's Capitals Megan Horman says,
Speaker 1: we're all waiting for Wednesday's FED decision. Markets are pricing
Speaker 1: in a seventy five basis point rate hike. Now there's
Speaker 1: a gloomy prediction for requities this morning from Ray Dalio. Karen,
Speaker 1: the billionaire founder of Bridgewater Associate, says stocks could fall
Speaker 1: about that's if the Fed's target rate reaches four and
Speaker 1: a half percent. The comments in a LinkedIn article follow
Speaker 1: this week's hotter than expected inflation data. Nathan. A busy
Speaker 1: week on the economic front continues this morning with the
Speaker 1: release of US retail sales for August. We get a
Speaker 1: preview from Bloomberg's Muscle McKee, as it did with the
Speaker 1: CPI Report. Gasoline will have a major impact on the
Speaker 1: August retail report. Retail sales are reported in dollars, and
Speaker 1: the drop in gas prices will mean a big drop
Speaker 1: in service station sales. The question is whether consumers redirected
Speaker 1: any of their savings to spending on other things. It
Speaker 1: is back to school season, retailers expect a jump in sales.
Speaker 1: Beyond that, the issue is whether Americans continued their switch
Speaker 1: to spending on services, which, with the exception of bars
Speaker 1: and restaurants, aren't included in this number. The retail figures
Speaker 1: aren't adjusted for inflation, so sales will look stronger than
Speaker 1: they actually were. Michael McKee Bloomberg Daybreak. Okay, Mike, thanks,
Speaker 1: let's turn overseason at at geopolitics. Who are Chinese President
Speaker 1: Shi Jinping and Russian President Vladimir Putin our center stage?
Speaker 1: The leaders are taking a new step today in their
Speaker 1: no limits friendship. Bloomberg Daybreak Asia anchor Brian Curtis has
Speaker 1: more from Hong Kong. Putin probably shouldn't expect too much
Speaker 1: at his first meeting with she since the Winter Olympics.
Speaker 1: China was caught off guard when Russia invaded Ukraine, a
Speaker 1: few weeks later, making struggles to offer support while avoiding
Speaker 1: endorsing a clear violation of sovereignty, but China in the
Speaker 1: grips worth it, especially after an empty Polos He visited Taiwan.
Speaker 1: Now China says it fully understands all measures by Russia
Speaker 1: to protect his interest. Beijing has stopped short of military
Speaker 1: support for Russia, but the alliance will continue to serve
Speaker 1: as a check on the West in Hong Kong, Brain,
Speaker 1: Curtis Bloomberg, Debreak, Brian, thank you in the UK today
Speaker 1: and are we really it's all about the Queen. Queen
Speaker 1: Elizabeth's caffin is now in Westminster as she lies in
Speaker 1: state for four days, and we get the latest from
Speaker 1: Bloomberg's You and Parts in London. Good morning You, and
Speaker 1: good morning Nathan and Karen. The British are famous for
Speaker 1: waiting in line, and that is exactly what thousands are
Speaker 1: doing right now as they wait patiently to pay their
Speaker 1: respects to the late Queen Elizabeth, the country's longest ever
Speaker 1: serving monarch, and Majesty's coffin is now lying in state
Speaker 1: at the heart of the Palace of Westminster, where it
Speaker 1: will remain until Monday morning ahead of the funeral. Monas
Speaker 1: are big omitted twenty four hours a day, but with
Speaker 1: hundreds of thousands of people expected, the line currently stretching
Speaker 1: three miles could grow very much longer. In London, an
Speaker 1: Anu spoin Bay Day breaking. All right you and thank you.
Speaker 1: We have some corporate news out of Europe this morning.
Speaker 1: The CEO of Shell will step down at the end
Speaker 1: of the year. Ben van Borden has been at the
Speaker 1: energy giant for almost forty years. He's been CEO for
Speaker 1: the past date. He'll now be replaced by Shell's head
Speaker 1: of Gas and Renewables while Swan. The annual list of
Speaker 1: top business schools in the country by Bloomberg Business Week
Speaker 1: is out, Nathan, and this year Stanford is again number one.
Speaker 1: Its results remain consistent with past years, as its scored
Speaker 1: highest in compensation, networking in entrepreneurship. The University of Chicago's
Speaker 1: Booth School and Harvard Business School time for second place.
Speaker 1: And speaking of Chicago, careen. When it comes to housing,
Speaker 1: that city, along with New York, are the most vulnerable
Speaker 1: to price declines in a potential economic downturn. That's according
Speaker 1: to a report by Real Estate Data Analytics from Adam.
Speaker 1: Of the fifty counties most at risk, nine are in
Speaker 1: and around New York, six are in the Chicago metropolitan area,
Speaker 1: thirteen are spread throughout California. These counties all have high
Speaker 1: levels of unaffordable housing, underwater mortgages, foreclosures, and unemployment. Futures
Speaker 1: of moving a touch higher now with SMP futures up
Speaker 1: six points, staff futures of fifty three, NASTAC futures higher
Speaker 1: by nine points. The tenure treasury is down nine thirty seconds.
Speaker 1: Yield three point four three percent, yield on the two
Speaker 1: year three point eight one percent. Straight ahead, your latest
Speaker 1: local headlines and a check of sports. This is Bloomberg
Speaker 1: and it sounds six o seven on Wall Street where
Speaker 1: it's sixties seven degrees in Central Park. Still doing with
Speaker 1: issues on the North Bend New Jersey Turnpike. Will fill
Speaker 1: you in traffic shortly. First, Michael Bark with what else
Speaker 1: is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning. Nathan, a one time any
Speaker 1: to former New York Governor Andrew Cuomo, sued him, saying
Speaker 1: he sexually harassed her and then smeared her reputation after
Speaker 1: she became the second woman to publicly accuse him of misconduct.
Speaker 1: Charlett Bennett's lawsuit, filed in the federal court in New
Speaker 1: York City, repeats many of the allegations she has talked
Speaker 1: about publicly. She said the governor subjected her to unwanted advances,
Speaker 1: including telling her he was lonely and on the hunt
Speaker 1: for a girlfriend. The New York City Commissioner of Immigration
Speaker 1: Affairs says that many of the migrants who are being
Speaker 1: bussed from Texas did not want to go to New York.
Speaker 1: Commissioner Manuel Castro says the city is helping them get
Speaker 1: to other states. Castro to at Fox five, many want
Speaker 1: to go to places like Florida, where the largest community
Speaker 1: of Venezuelans live. A turner flight with about fifty Venezuelan migrants,
Speaker 1: including children, landed on Martha's Vineyard. Yesterday's turner flight was
Speaker 1: arranged by Florida Governor Around de Santence's office, saying they
Speaker 1: sent the immigrants from Texas to sanctuary states as part
Speaker 1: of their relocation program. Officials on the islands say they
Speaker 1: had no prior notice, but as soon as they learned
Speaker 1: what was happening, they rallied. Barbara Rushes with St. Andrew's parents.
Speaker 1: We've received calls from restaurants offering food, stores offering food,
Speaker 1: people offering space, you know, private people showing up saying
Speaker 1: what can I do to help. It's been amazing, Barbara
Speaker 1: rush with St. Andrew's parish. Some state officials in Massachusetts
Speaker 1: have blasted the Santis, calling it a political stunt. A
Speaker 1: Brooklyn mother has been officially charged with drowning her three children,
Speaker 1: who were later found on the beach in Coney Island.
Speaker 1: Aaron Murdy faces several charges, including three accounts of murder.
Speaker 1: President Voladimir Zolensky went outside the capitol of Kiev to
Speaker 1: assess the damage in cities once again in Ukrainian control.
Speaker 1: He says Isiam was left largely devastated, with apartment buildings
Speaker 1: blackened by fire and pock marked by artillery strikes. The
Speaker 1: main thing did not mean here our soldiers here. That
Speaker 1: is very important thing that its supports supports people. I
Speaker 1: see how people meet them, that is, you know who
Speaker 1: are a sensitive moment. Meanwhile, President Zelenski says Russian cruise
Speaker 1: missiles hit a reservoir in his hometown in an apparent
Speaker 1: attempt to flood the City Global News twenty four was
Speaker 1: a day on air and on Bloomberg Quicktake powered by
Speaker 1: more than twenty seven hundred journalist and analysts more than
Speaker 1: a hundred twenty countries. Michael Barr, this is Bloomberg, Nathan,
Speaker 1: Thanks Michael almost six ten on Wall Street Time for
Speaker 1: the Bloomberg Sports Update with John Stashaw. Nathan. So much
Speaker 1: for the Mets being able to take advantage of playing
Speaker 1: inferior opponents. Last eleven games have been against Washington, Pittsburgh
Speaker 1: in Miami the Cubs four, the worst teams in the league.
Speaker 1: In those games, the Mets just four and seven, swept
Speaker 1: at home by the low lea Cubs, and last night
Speaker 1: Chicago led six to nothing in the first didn't David
Speaker 1: Peterson phase six batters got only one out. Cubs went
Speaker 1: on to win six three. Mets still in first place
Speaker 1: only because Atlanta has suddenly lost four out of five.
Speaker 1: Mets lead by a half game. Host the Pirates tonight
Speaker 1: Yankees for the sweep for the mini two games series
Speaker 1: in Boston. No Aeron Judge home runs, but another big
Speaker 1: night for Labor. Torre has had the winning hit Tuesday,
Speaker 1: had three more hits last night, the one in the
Speaker 1: fifth that Ain't snapped the scoreless tie, and when Boston
Speaker 1: capture Connor Wong through the ball wildly three runs scoring,
Speaker 1: including Torres circling the basis the yanksllentce buy at the
Speaker 1: three Donovan Mitchell introduced in Cleveland, traded by Utah. The
Speaker 1: New York native was asked about a trade to the NIXT.
Speaker 1: I thought for sure I was going back home. I'm
Speaker 1: not gonna lie about that. But you know, when I
Speaker 1: found out where I was headed, who I was playing with,
Speaker 1: the group, the team, the coaching staff, I couldn't be
Speaker 1: more happier to be here, to be a part of
Speaker 1: this organization, to be a part of this group, to
Speaker 1: join these phenomenal guysman and add to it, you know.
Speaker 1: And I think that for me is what I'm truly
Speaker 1: excited to. Meanwhile, controversy in the NBA Lebron James critical
Speaker 1: of Commissioner Adam Silver's decisions to suspend Phoenix Suns owner
Speaker 1: Robert Sarver for only one year. Starver was found to
Speaker 1: have conducted racist and misogynistic behavior. Tom Brady, of course,
Speaker 1: changed his mind about retirement. Serena Williams on ABC said
Speaker 1: maybe Brady started a cool trend. Asked if she might
Speaker 1: do likewise. Serena said, you never know. John Stashward Bloomberg
Speaker 1: sports Nathan and does seem to be the trend, just
Speaker 1: saying you never know, Thank you, John S andp Futures
Speaker 1: moving a higher up six point, Staff futures up fifty five.
Speaker 1: Dancetat futures higher by nine points. So take a look
Speaker 1: at the market. Next with Liz Anne Saunders of Charles Schwab.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather, mostly sunny,
Speaker 1: mid seventies today. We'll get into the upper seventies tomorrow
Speaker 1: at the sunshine probably the mostly sunny low eighties Saturday,
Speaker 1: mid eighties under a mix of sun and clouds on
Speaker 1: Sunday right now sixty seven in Central Park Markets. Headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, The Bloomberg Business Attend at Bloomberg Quick Take.
Speaker 1: This is a Bloomberg Business lash and I'm Karen Moscow
Speaker 1: and futures are well, they're higher, They've been showing more
Speaker 1: strength as investor sentiment we have been wavering just a
Speaker 1: bit between hopes and inflation is peak and concern that
Speaker 1: large interest rate hused by the feder reservell hamper economic growth.
Speaker 1: Treasury yields are on the rise, the dollar is steady,
Speaker 1: and we checked the markets every fifteen minutes throughout the
Speaker 1: trading day. From Bloomberges and peef you churers up about
Speaker 1: seven points down, Future is up fifty five. Nasday features
Speaker 1: up twelve the decks in Germany's up three tenths of
Speaker 1: a per cent ten, Your treasury down nine thirty seconds.
Speaker 1: You'll three point four four percent. They yield on the
Speaker 1: two year three point eight one percent. NIAX Screwed oil
Speaker 1: is down seven tenths per cent or sixty cents at
Speaker 1: eighty seven dollars, eighty eight cents of barrel comic school
Speaker 1: down six tenths per center, ten dollars thirty cents at
Speaker 1: six eighty announce the euro point nine zero against the dollar,
Speaker 1: British pound one point one five oh eight and the
Speaker 1: yen one forty three point three eight and Bitcoin this
Speaker 1: morning of one point two percent at twenty thousand, one
Speaker 1: nine dollars as of Bloomberg Business Flow Show. Here's Michael
Speaker 1: Barr with more on what's going on around the world.
Speaker 1: Michael Parin, Thank you very much. It looks like a
Speaker 1: freight rail strike will be averted. The Labor Department says
Speaker 1: US rail companies and union negotiators have reached a tentative agreement.
Speaker 1: Stephens says they have an agreement that balances the needs
Speaker 1: of workers, businesses, and the economy. Strike had been looming
Speaker 1: as soon as tomorrow, which could have cost the U
Speaker 1: S economy as much as two billion dollars a day.
Speaker 1: Mourners continue to file fast casket of Queen Elizabeth at
Speaker 1: Westminster Hall in London. Some people have waited in long
Speaker 1: lines for up to thirty hours. In baseball, the Yankees
Speaker 1: beat the Red Sox five three, the Mets lost, The
Speaker 1: Orioles beat the Nationals six to the A's and Giants.
Speaker 1: One Global News twenty four hours a day on air
Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven
Speaker 1: hundred journalist and analysts more than a hundred twenty countries.
Speaker 1: Michael Barron, This is Bloomberg. Nathan Okay, Michael. Thanks at
Speaker 1: six nineteen on Wall Street Live from the Bloomberg Interactive
Speaker 1: Broker Studios. This is Bloomberg day Break. Let's get you
Speaker 1: set for the market. Open this morning, liz Anne Saunders
Speaker 1: joins US now chief investment strategist at Charles Schwab. Liz Anne,
Speaker 1: it's great as always to speak with you. We've been focusing,
Speaker 1: of course, this morning on the breaking news of this
Speaker 1: tentative agreement reached between the freight rail operators and the unions.
Speaker 1: Are you looking for any market reaction depending on whether
Speaker 1: this yield does go forward and become a done deal. Well,
Speaker 1: we we know we have a looks like a bit
Speaker 1: of a positive opening. How much that is tied to
Speaker 1: this news, It's hard to say. I think there was
Speaker 1: always hope that there would be some negotiated settlement. I
Speaker 1: think what would have been worse is the market reaction
Speaker 1: where they or not, or if there is not, just
Speaker 1: because of how many goods move over the rail lines,
Speaker 1: between energy and food, agriculture, retail goods. So I think
Speaker 1: this would have been a pretty significant economic hit. So
Speaker 1: fingers crossed, Yeah, certainly that is the case. Is this
Speaker 1: a market that's data dependent? As much as the FED
Speaker 1: says it's data dependent, Is it really all about the
Speaker 1: FED for this market right now? I think this is
Speaker 1: incredibly data driven, macro driven market right now. Uh, and
Speaker 1: very much about the FED. It is quite extraordinary. Given
Speaker 1: that just about every economic data point, even inflation data point,
Speaker 1: has enough leading indicators associate with them, you can get
Speaker 1: a sense whether you're going to see a significant upside
Speaker 1: or a significant downside move. And yes, we saw upside
Speaker 1: to c p I, but it wasn't as extreme I
Speaker 1: think is maybe the market reaction was so um. I
Speaker 1: also think it's the impact of some of the cohorts
Speaker 1: who are in the market on a day to day
Speaker 1: basis driven by algorithms, quant race strategies that are you know,
Speaker 1: keying off very very short term metrics, and I think
Speaker 1: that that can cause some of these day to day
Speaker 1: and even intradace swings to be a bit wilder than
Speaker 1: the data and or fundamentals would suggest. What do you
Speaker 1: think it's going to take to get the market to
Speaker 1: be more focused on fundamentals? What's it going to take
Speaker 1: to shake this focus from what the Fed does. I mean,
Speaker 1: it seems like it's been an overwhelming focus for this
Speaker 1: market for some time. Well near term, I think we
Speaker 1: probably have to get through the September f O m
Speaker 1: C meeting, and as is always the case, the press
Speaker 1: conference will at least as important as the announcement that
Speaker 1: is made to see what Powell might telegraph as we
Speaker 1: head to the November and December meetings. I think that
Speaker 1: was the more important outcome of the slightly hotter cp
Speaker 1: I report. You know, there's there's been a debate is
Speaker 1: it gonna be seventy is it gonna be a hundred?
Speaker 1: And I honestly don't know. However, I think the to me,
Speaker 1: the likely there is more on the seventy end, just
Speaker 1: because I'm not sure at this stage in the game
Speaker 1: Powell wants to be seen as putting forth shock and
Speaker 1: aw kind of policy. I think more likely is keeping
Speaker 1: both November and December firmly on the table and really
Speaker 1: pushing back on this notion that even existed a month
Speaker 1: ago that after a September hike, the Fed might have
Speaker 1: the green light to pause. And I think any any
Speaker 1: green light to pause is probably a story, not a story.
Speaker 1: And then earning season, you know, typically an earning season
Speaker 1: you get little more of a fundamental basis to what
Speaker 1: at least individual stocks are going will have a few
Speaker 1: weeks to wait before that starts. Are you looking for
Speaker 1: further earnings revisions given the hotter than expected inflation we
Speaker 1: saw this week. Now, I think you know, we've seen
Speaker 1: the trend in estimates for the second half of this
Speaker 1: year and into the first half the next year start
Speaker 1: to move down. But I think there's more to go.
Speaker 1: In dollar terms. You still have the consensus at about
Speaker 1: twenty five for US and pearentings in compared to two
Speaker 1: o eight. I wouldn't be surprised if the number drips
Speaker 1: down to something more in line with last year's, if
Speaker 1: not even a bit of a discount to last year.
Speaker 1: So that's still some more room to go on the downside,
Speaker 1: given that we're seeing the demand side weekend at the
Speaker 1: same time labor costs, which is a significant uh wait
Speaker 1: in terms of the revenue um outlook of of SP five.
Speaker 1: If you just do the simple historical math of where
Speaker 1: labor costs are relative to revenues, that suggests profit margins
Speaker 1: more in the twelve to thirteen percent range versus the
Speaker 1: fifteen percent or so that we saw in the last
Speaker 1: couple of quarters. So I think it's both a weaker
Speaker 1: profit story to come as well as a weaker margins
Speaker 1: story to come. All right, As always, good to get
Speaker 1: your thoughts Lizianne, thanks again for being with us this morning.
Speaker 1: Lizzie Saunders, chief investment strategist at Charles Schwab. Futures slightly higher,
Speaker 1: we'll call it. SMP futures up five points right now.
Speaker 1: DAL futures up forty two. NASTAC futures little change to
Speaker 1: the upside, up eight points. The tenure Treasury is down
Speaker 1: nine thirty seconds for a yield of three point four
Speaker 1: four percent yield on the two year three point eight
Speaker 1: two percent. Nim X crew moving a bit lower, down
Speaker 1: seven tenths percent or sixty cents at eighty seven dollars
Speaker 1: eighty eight cents of barrel, and uh comex s Gold
Speaker 1: is down six tenths per center ten dollars twenty cents
Speaker 1: at sixteen ninety eight eighty announce still ahead. We'll get
Speaker 1: you the latest details on this tentative agreement reached that
Speaker 1: could avert a nationwide rail stri as Bloomberg daybreak continues.
Speaker 1: This is Bloomberg, Bloomberg eleven three oh weather, mostly sunny,
Speaker 1: mid seventies today, upper seventies, sunshine to end the week,
Speaker 1: probably the mostly sunny Saturday, low eighties. We'll get into
Speaker 1: the mid eighties. On Sunday right now sixty four in
Speaker 1: Central Park, broadcasting live from the Bloomberg Interactive Broker Studio
Speaker 1: in New York, Bloomberg Living Freedom to Washington, d C,
Speaker 1: Bloomberg On to Boston, Bloomberg one O six one to
Speaker 1: San Francisco, Bloomberg NUN sixteen to the Country Sirius XM
Speaker 1: CHO one nineteen and around the globe, the Bloomberg Business
Speaker 1: apt and Bloomberg Radio dot com. This is Bloomberg Daybreak
Speaker 1: six thirty on Wall Street. Good morning, I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow. We're just about three hours away
Speaker 1: from the open of US trading. Time for the five
Speaker 1: things you need to notice start your day. Brought to
Speaker 1: you by Interactive Brokers. Interactive Brokers charges margin loan rates
Speaker 1: from two point three percent to three point three percent.
Speaker 1: Their clients can also ear an extra income by letting
Speaker 1: their fully paid shares of stock rates subject to change.
Speaker 1: Learn more at I d k R dot com slash compare. First,
Speaker 1: it looks like a freight rail strike will not happen tomorrow.
Speaker 1: The Libor Department says US rail companies and union negotiators
Speaker 1: have reached a tentative deal to avert a strike, and
Speaker 1: Bloomberg Government reporter Jack Fitzpatrick has the latest. The real
Speaker 1: officials had estimated this would cause about two billion dollars
Speaker 1: per day of economic damage that would probably be significantly
Speaker 1: worse than even if there were a government shut down.
Speaker 1: It's a big crisis averted, it seems as long as
Speaker 1: they're not putting the cart before the horse, and this
Speaker 1: tentative agreement becomes a wholehearted agreement, and Bloombery Jack Fitzpatrick
Speaker 1: says the Labor Department believes the agreement balances the needs
Speaker 1: of workers, businesses, and the economy. Now will continue keeping
Speaker 1: up to date on those details caring throughout the morning
Speaker 1: here on Bloomberg Radio. But first let's get you caught
Speaker 1: up on markets. Equities are stabilizing in the wake of
Speaker 1: Tuesday sell off. Right now, SMP futures are little changed.
Speaker 1: Concerns over inflation and the Fed remain front and center.
Speaker 1: Robert Teeter has head of Investment Policy with Silver Crest
Speaker 1: Asset Management. Overall, it really took us back just about
Speaker 1: a week in terms of where the SMP had been,
Speaker 1: and so that says that there was a lot of
Speaker 1: optimism built into that report didn't come through quite as planned,
Speaker 1: but I think the CPI print wasn't quite as bad
Speaker 1: as numbers in isolation would have made it out to
Speaker 1: be really more reversal of the prior week. So again
Speaker 1: this concept of patients and sort of looking through the
Speaker 1: numbers a little bit. Things are going to take some
Speaker 1: time to settle down. Robert Teeter at Silvercrest says markets
Speaker 1: could rebound if we get a few positive inflation readings
Speaker 1: in the coming months. Meantime, Nathan, we're getting a gloomy
Speaker 1: prediction for equitation this morning from billionaire Ray Dalio, the
Speaker 1: founder of Bridgewater Associate, says stocks could fall about twenty
Speaker 1: percent if interest rates increased to about four and a
Speaker 1: half percent. Nalio made the prediction in a LinkedIn article.
Speaker 1: A busy week on the economic front continues today, Karen,
Speaker 1: with the release of monthly retails. Say else, we get
Speaker 1: the numbers this morning at a thirty Wall Street time,
Speaker 1: along with data on Empire manufacturing and weekly jobless claims. Well,
Speaker 1: we turn overseas now, Nathan, and geopolitics is also front
Speaker 1: and center. Chinese President she Jin Ping and Russian President
Speaker 1: Vladimir Putin meet today for the first time since Russia's
Speaker 1: invasion of Ukraine. Beijing has so far stopped short of
Speaker 1: sending military supplies or financial support to aid Russia's invasion.
Speaker 1: And that's the five things that you need to notice
Speaker 1: start your day. Brought to you by Interacted Brokers, Straight Ahead,
Speaker 1: your latest local headlines, plus a check of sports. And
Speaker 1: this is Bloomberg. Thank you. Karen sixty three on Wall Street,
Speaker 1: sixty six degrees in Central Park Gotta crash in northbound
Speaker 1: Cross Island Parkway at the l I E. Details coming
Speaker 1: up in traffic. First, Michael Barr with what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan, A one time aide former New York
Speaker 1: Governor Andrew Cuomo, sued him saying he sexually a raster
Speaker 1: her and then smeared her reputation after she became the
Speaker 1: sack and a woman to publicly accused him of misconduct.
Speaker 1: Charlotte Bennett's lawsuit, filed in the federal court in New
Speaker 1: York City, repeats many of the allegations she has talked
Speaker 1: about publicly. New York's Attorney General is considering suing one
Speaker 1: of former President Trump's children. According to The New York Times,
Speaker 1: a g Letitia James rejected an offer from Trump's lawyers
Speaker 1: to settle a civil investigation into the family's real estate business.
Speaker 1: It sets the stage for a lawsuit accusing Trump of fraud.
Speaker 1: Ukrainian Presidents Vlodomir Zelensky made a rare foray outside the
Speaker 1: capital to assess the damage in cities once again in
Speaker 1: Ukrainian control. Zelenski says, after almost six months under Russian occupation,
Speaker 1: euseum was left largely devastated. The view is we're shocking,
Speaker 1: but it's not shocked for me because we began to
Speaker 1: see the same pictures from Bucha from the first occupied
Speaker 1: it charactors destroyed buildings, he old people. President Zelinski a
Speaker 1: turner flight with about fifty Venezuelan migrants landing on Martha's
Speaker 1: Vineyard Wednesday. It was arranged by Florida government around the
Speaker 1: Santiss Office, saying they sent the immigrants from Texas to
Speaker 1: Sanctuary States as part of their relocation program. Officials on
Speaker 1: the islands say they had no prior notice. Massachusetts States
Speaker 1: Senator Julian Seys said he understands why the migrants come
Speaker 1: to the US, and then blasted the senters, they're looking
Speaker 1: just for a better life. Um and and and to
Speaker 1: see the gotcha moment. This stunt really used for political
Speaker 1: gain is is pretty disgusting. Massachusetts State Senator Julian Serve.
Speaker 1: Prosecutors in Chicago say singer R. Kelly could receive an
Speaker 1: additional ten to ninety years behind bars after a jury
Speaker 1: convicted him of producing child porn and enticing girls for
Speaker 1: sex outside the courtroom. Kelly's attorney, Jennifer Buing, said prosecutors
Speaker 1: overreached after the documentary Surviving R. Kelly sparked a public outcry.
Speaker 1: The government wanted to um, as I said during my
Speaker 1: closing arguments, be um greedy um. And they charged counts
Speaker 1: they couldn't win and that they shouldn't have. The verdiet
Speaker 1: comes months after a federal judge in New York sentence
Speaker 1: Kelly to thirty years in prison for racketeering and sex trafficking.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred journalists,
Speaker 1: analysts more than a hundred twenty countries' MICHAELA. Barr, this
Speaker 1: is Bloomberg, Nathan, thank you, Michael. Just about six thirty
Speaker 1: six on Wall Street John Stashower as the Bloomberg Sports Update.
Speaker 1: All right, Nathan and the Mets don't win the n
Speaker 1: l e s, they might look back at this recent stretch.
Speaker 1: Unable to take advantage of playing teams. They should be
Speaker 1: able to be swept in a three game series for
Speaker 1: the first time all year, swept at home by the Cubs,
Speaker 1: who outscore the Mets in the three games set fifteen
Speaker 1: to six. It was six three last night. Six nothing
Speaker 1: in the first inning is David Peterson got lit up.
Speaker 1: Mets the lead Atlanta by a half game. Yankees and
Speaker 1: Red Soft scoreless. Fifth inning in Boston, Yanks had two
Speaker 1: on Labored Torres. The plate ibra lines another basit to
Speaker 1: right field, rounding third is Hix. Here comes a flow home.
Speaker 1: It is not in time and they have all the
Speaker 1: bullets thrown. The right field scoring is Judge. All the
Speaker 1: way to third is Glabor. He runs third, coming home.
Speaker 1: The thrower is cutting down on w f ANSA Torres
Speaker 1: circled the bases, and then two more Boston errors later,
Speaker 1: a Yankee running the nine. Yanks beat this up five
Speaker 1: to three, and Esther Cortez sharp and five and he's
Speaker 1: got his tent. When Clark Schmidt followed him through two
Speaker 1: perfect frames of belief. The two teams behind the Yanks
Speaker 1: met Toronto beat Tampa Bay. It's the Blue Jayson Trail
Speaker 1: the Yanks now by six. Career home run number one
Speaker 1: hundred for Vladimir Guerrero gets there at age three. I
Speaker 1: win for the Cardinals, a record set. Adam Wainwright on
Speaker 1: the mount Yadier Molina his catcher for the three hundred
Speaker 1: and twenty fifth time most ever charges in Cheans kick
Speaker 1: off Week two tonight in Kansas City Giants Sundays Carolina
Speaker 1: will see if white out Kadarius Tony gets more play time.
Speaker 1: Last year's top draft pick, only on the field last
Speaker 1: week for seven snaps. Asked about it, Tony said, I
Speaker 1: get paid to play, not coach Jet Sunday visit Cleveland.
Speaker 1: Joe Flacco again at quarterback. Zack Wilson is, however, back practicing.
Speaker 1: John stastually Bloomberg Sports Nathan all Right, John, thank you
Speaker 1: sixty seven on Wall Street Time now to take a
Speaker 1: look at stock, some of the names moving in the
Speaker 1: pre market. Bloomberg TV anchor Markets correspondent Danny Burger is
Speaker 1: with US this morning watching railroad stocks on where of
Speaker 1: that tentative agreement between the unions and the freight rail operators. Danny,
Speaker 1: what are they looking like? Well, we are seeing gains
Speaker 1: pre market. I mean this comes after they were beaten
Speaker 1: up pretty significantly, falling four and one percent on Tuesday
Speaker 1: and Wednesday for a lot of these rail operators. Uh
Speaker 1: so companies like c s X that's getting more than
Speaker 1: two percent, Norfolk Southern more than one and a half percent,
Speaker 1: Union Pacific up almost five percent. And again, you know,
Speaker 1: this is the news coming this morning that the railroads
Speaker 1: and unions have reached a tentative agreement. So again, stock
Speaker 1: price could change depending on what that actually looks like
Speaker 1: the contours of it. But at least now we can
Speaker 1: price we can price out some of the pessimism around
Speaker 1: a potential strike from the US rail unions. Yeah, we'll
Speaker 1: be keeping an eye on those stocks, I'm sure throughout
Speaker 1: the day as we continue to get more details on
Speaker 1: this tentative agreement. In the meantime, Danny, a bullish call
Speaker 1: on some hotel chains, Yeah, exactly. This one's from Barrenberg.
Speaker 1: There there are a couple they've noted here. Um, I
Speaker 1: would just Flag, marry At, Hyatt, and Hilton because these
Speaker 1: ones they've actually upgraded to buy. We've seen immediate reaction
Speaker 1: in the share price Marriott for example, about up one
Speaker 1: and eighth fifth percent. They basically said, look, it doesn't
Speaker 1: the price doesn't reflect the recovery we've seen and Ladging.
Speaker 1: People are going out, they're traveling again, they're going to hotels.
Speaker 1: They write, even if we have a recession into three,
Speaker 1: the price still should be higher. There's no structural risk
Speaker 1: on on things like disruption from Airbnb. So just simply put,
Speaker 1: these are cheap. They're not fairly valued, they say, by
Speaker 1: these stocks. In our last thirty seconds here, Danny, we've
Speaker 1: gotten word that the mega city in China, chang Do,
Speaker 1: is starting to ease its COVID lockdowns. What effect is
Speaker 1: that having on individual names? Yeah, so just some of
Speaker 1: the reopening stocks, I mean these are mostly Chinese stocks
Speaker 1: listed as a d r S in the US. UM China,
Speaker 1: for example, which which operates a lot of those chain
Speaker 1: of fast food fast casual type restaurants, starts up two
Speaker 1: point four percent. Again, this is their China operator of Yum.
Speaker 1: So any of those reopening plays on China doing better
Speaker 1: in the pre market session. All right, thanks for this,
Speaker 1: Bloomberg TV anchor and markets correspondent Danny Burger, keeping an
Speaker 1: eye on early market movers for us this morning. Going
Speaker 1: to pass along this red headline that just crossed the
Speaker 1: Bloomberg terminal out of China. The yuan has weakened to
Speaker 1: seven against the dollar for the first time since July
Speaker 1: of Checking the offshore yuan right now, it's at seven
Speaker 1: point zero one zero eight. As for the stock market,
Speaker 1: futures are turning lower now, led by tech heavy NASDAC
Speaker 1: features down four tense percent or forty four points. SMP
Speaker 1: futures are down eight. DAL future is down forty two,
Speaker 1: and the tenure Treasury is down twelve thirty seconds. Of
Speaker 1: the yield three point four or five percent yield on
Speaker 1: the two year three point eight three per cent. You're
Speaker 1: listening to Bloomberg Daybreak Bloomberg eleven three oh weather mostly sunny,
Speaker 1: mid seventies today upper seventies to end the week, sunny
Speaker 1: and pleasant. We probably the mostly sunny, little warmer Saturday,
Speaker 1: low eighties, mid eighties by Sunday right now sixty six
Speaker 1: in Central Park, Markets headlines and breaking news twenty four
Speaker 1: hours a Day at Bloomberg dot Com and Bloomberg Business
Speaker 1: at and at Bloomberg Quick Tape is a Bloomberg Business
Speaker 1: Last and I'm Karen Moscow. We're watching futures swing between
Speaker 1: gains and losses as they're now moving lower. We go
Speaker 1: to the first word breaking news dash for today's morning call,
Speaker 1: and here's Bill Maloney. Bill, good morning and good morning, Karen.
Speaker 1: That's right. US futures with a recent fade here with
Speaker 1: doubt futures now down fifty seven points, as IF drop
Speaker 1: ten and NASDEK futures declined by fifty the US chen
Speaker 1: yel at three point four five percent, Gold is down eleven,
Speaker 1: Oil trading lower, and Bigcoin is trading higher by one percent.
Speaker 1: Shanghai felt one point two percent overnight, while Europan markets
Speaker 1: are trading mixed this morning. And back in the US
Speaker 1: on the economic Frinday thirty retail sales initial job as claims,
Speaker 1: Empire Manufacturing and Philly fed. In other news, the US
Speaker 1: rail companies and the Union came to a tentative agreement,
Speaker 1: and Disney may merge Hulu and Disney Plus to create
Speaker 1: a single streaming service. Wrapping things up. Netflix was raised
Speaker 1: to outperform at evercore I s I Coles was cut
Speaker 1: to hold Brad Jeffreys live from the first breaking news
Speaker 1: dost gomb Bill Maloney can all right, Bill, thank you
Speaker 1: to here lie breaking news of your Bloomberg type squawk
Speaker 1: on your terminal. Sq you a w U K and
Speaker 1: that's a Bloomberg business flash. Now Here is Michael Barr
Speaker 1: with more on what's going on around the world. Michael Baron,
Speaker 1: thank you very much. President Joe Biden says Attendantive Railway,
Speaker 1: the labor agreement has been reached, diverting a potentially devastating
Speaker 1: strike before the pivotal mid term elections. Bidens and in
Speaker 1: a statement this morning, the tentative deal will keep our
Speaker 1: critical rail system working and avoid disruption of our economy.
Speaker 1: Biden says the rail workers will get better pay, improved
Speaker 1: working conditions, and peace of mind around their healthcare costs.
Speaker 1: In London, the public continues to pay their respects to
Speaker 1: the late Queen Elizabeth as she lies in state in Westminster.
Speaker 1: Home authorities estimate the line to enter the building stretches
Speaker 1: almost three miles. In baseball, the Yankees beat the Red
Speaker 1: Sox five three. The Mets lost. The Orioles beat the
Speaker 1: Nationals six to the A's and Giants won global news
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than journalist and analyst more than a
Speaker 1: hundred twenty countries. Michael Barn, this is Bloomberg, Karon, all right,
Speaker 1: michaelbar thank you well. At six forty nine on Wall Street,
Speaker 1: and we turned to news and science and technology now
Speaker 1: with the Bloomberg and j I T Stem Report, And
Speaker 1: here's what's making news and science, technology, engineering and math.
Speaker 1: Samsung Electronics is shifting away from fossil fuels and aiming
Speaker 1: to entirely power its global operations with clean electricity by
Speaker 1: twenty fifty. This Auth Korea based company is a top
Speaker 1: producer of computer memory, ships and smartphones, and by some estimates,
Speaker 1: the biggest energy consumer among hundreds of global companies that
Speaker 1: have joined the campaign to get a hundred percent of
Speaker 1: their electricity from renewable sources like wind or solar power.
Speaker 1: For its Glitzee, introduction of a redesigned Mustang sports car
Speaker 1: powered by fossil fuels runs counter to the industry narrative
Speaker 1: of ditching gas burning cars to make way for electrified models.
Speaker 1: Ford is betting there's enough life left in the fifty
Speaker 1: eight year old Mustang to help pay for the company's
Speaker 1: electric powered future. Forward is investing fifty billion dollars to
Speaker 1: build two million ev annually by and crypto's most important
Speaker 1: commercial highway, Ethereum, just got repaved. The blockchain Network completed
Speaker 1: the crypto world's biggest and most ambitious software upgrade to date.
Speaker 1: As according to its co founder, the upgrade is called
Speaker 1: the Merge. It replaces power hungry computers that were used
Speaker 1: to order transactions on the network with a more energy
Speaker 1: efficient set up. And that's a Bloomberg and j I
Speaker 1: t Stem report. Nathan, thank you, Karen rely from the
Speaker 1: Bloomberg Interactive broker Studios. Where at six fifty on Wall
Speaker 1: Street Time now to check what's going on in DC.
Speaker 1: Some of the top stories in our nation's capital include
Speaker 1: at tentative deal reached between freight rail companies and unions
Speaker 1: that could avert an asianwide rail strike. Senator Graham's abortion
Speaker 1: bill creating midterm term wall for Republicans, the January six
Speaker 1: Committee receiving secret service text messages and social media firms
Speaker 1: to unveil anti hate actions at the White House. Let's
Speaker 1: bring back Bloomberg Government congressional reporter at Jack Fitzpatrick starting
Speaker 1: a course with the breaking news Jack, crisis on the
Speaker 1: rail's potential tentatively averted. Yeah, it's significant enough so that
Speaker 1: the President has put out a statement. The Labor Secretary,
Speaker 1: Marty Walsh, who was in these conversations between the two parties, Uh,
Speaker 1: it put out a statement this This seems to be
Speaker 1: pretty significant, but they are calling it a tentative agreement
Speaker 1: reached after I believe about thirty hours of negotiations to
Speaker 1: avoid a strike. Uh. The key issue there was not
Speaker 1: really about pay. It was about paid medical leave and
Speaker 1: the lack of flexibility and heads up about when workers
Speaker 1: would be needed. Uh, the issues of people being only
Speaker 1: given ninety minutes to two hours notice that they need
Speaker 1: to be in at work, even sort of in the
Speaker 1: middle of the night or early morning. Uh. That has
Speaker 1: been addressed to some degree as we look for the details.
Speaker 1: You know, the President said, uh, peace of mind around
Speaker 1: their healthcare costs, it's part of this agreement. So it's
Speaker 1: it's a bullet dodged for the Biden administration that did
Speaker 1: not want to see a strike given the possible economic
Speaker 1: uh impact of that and also the fact that it
Speaker 1: would not be positive for the President's relationship with the unions,
Speaker 1: and UH, potentially averting a crisis that's coming less than
Speaker 1: two months before the mid term elections as well. We
Speaker 1: got to talk about the political ramifications, jack Exactly, this
Speaker 1: close to the mid term elections, it would be a
Speaker 1: really really significant negative thing for this strike to happen
Speaker 1: under the president's watch. He's played up his relationship with
Speaker 1: unions in support for unions, UH, and the rail officials
Speaker 1: have said this would have been about a two billion
Speaker 1: dollar per day hit on the economy. So depending on
Speaker 1: how long it goes, it would have been a really
Speaker 1: negative thing. UH. You know it just by comparison, because
Speaker 1: there's a government funding deadline coming up, this would be
Speaker 1: I think significantly worse than a government shutdown. UH, and
Speaker 1: less than two months before the the mid term would
Speaker 1: have been very very negative. So UH, as long as
Speaker 1: the tentative agreement becomes an agreement period, UH, this is
Speaker 1: very good news for the Biden administration and Democrats on
Speaker 1: the campaign trail and coming into a mid term election
Speaker 1: that could potentially hinge on the economy. Jackets really interesting
Speaker 1: this week to see a Senator Lindsey Graham put out
Speaker 1: this abortion bill, uh and potentially open up some differences
Speaker 1: in strategy within the Republican Party. Yes, or just a
Speaker 1: lack of strategy really, you know, Lindsay Graham put out
Speaker 1: this bill that would put forward a ban on abortion
Speaker 1: after fifteen weeks of pregnancy. UM. You know, I think
Speaker 1: the most obvious sign that that was not put out,
Speaker 1: uh with the blessing of everybody in the party heading
Speaker 1: towards the mid terms, was when Mitch McConnell was asked
Speaker 1: about it and said he thinks that that's something that
Speaker 1: should be left to the states. Uh. There is pressure
Speaker 1: on some Republicans from uh, anti abortion groups to take
Speaker 1: this kind of step. He maybe he wasn't just focused
Speaker 1: on moderate voters in swing states, but this is something
Speaker 1: that is a pretty significant inconvenience for Republicans on the
Speaker 1: campaign trail. Right now, let's turn to some of the
Speaker 1: developments around the January six Committee. We've heard that they're
Speaker 1: going to be holding it another meeting at the end
Speaker 1: of this month, and it looks like they may have
Speaker 1: gotten uh some key evidence that they've been asking for
Speaker 1: for just about a month. I think, right, yes, they
Speaker 1: had been seeking text messages among Secret Service personnel. Uh
Speaker 1: that is among a big influx of information they've gotten recently.
Speaker 1: The chair of the committee, Benny Thompson, said, they got
Speaker 1: a combination of text messages, radio traffic, and other things
Speaker 1: that amount to thousands of exhibits, he said from the
Speaker 1: Secret Service. Uh So they have been talking about the
Speaker 1: possibility of a September hearing. That's not set in stone,
Speaker 1: but they seem to certainly have a lot of information
Speaker 1: to sift through from the Secret Services perspective around h
Speaker 1: January six, and I saw some interesting news come down
Speaker 1: from the Capitol Hill news service punch Bowl News that
Speaker 1: the that the January six Committee is no longer wanting
Speaker 1: to cooperate with the Justice Department investigation into January six.
Speaker 1: Do we know anything more about that? Well, that's not
Speaker 1: really a change in their position. They have said that
Speaker 1: they're the news and punch Bowl today is they're not
Speaker 1: going to be cooperating with d o J, at least
Speaker 1: not yet. They had previously said there's some information they
Speaker 1: could share, but there's not some formal relationship of information sharing.
Speaker 1: The report today is that they're they're not cooperating with
Speaker 1: d o J. At this time. Uh, it's not shocking
Speaker 1: to to hear that as uh, the FBI, M D
Speaker 1: o J investigate uh, people involved with January sixth. January
Speaker 1: six and the interaction at the Capitol and also the
Speaker 1: mar Lago search issues of classified documents being taken by
Speaker 1: the former president. That that's going on in a separate
Speaker 1: way from this more political process of understanding everything around
Speaker 1: January six. So it doesn't mean that there's going to
Speaker 1: be absolutely no communication between those two parties, but there's
Speaker 1: not um a collaborative effort there. Okay, just thirty seconds
Speaker 1: left here, Jack, But what's going on with social media
Speaker 1: companies at the White House today? Yes, they're going to
Speaker 1: be at the White House. A number of big names
Speaker 1: You've got uh Meta which of course has Facebook and
Speaker 1: Instagram and other big names in social media that are
Speaker 1: going to have an announcement on what they're doing to
Speaker 1: stop hate speech and related activities. They're going to be
Speaker 1: federal announcements. Is sort of in conjunction with that, Uh,
Speaker 1: clearly a high priority for the Biden administration. Touching on,
Speaker 1: you know, broader context around the white supremacist screed by
Speaker 1: the shooter that killed people in Buffalo. Uh, it plays
Speaker 1: into some broader White House initiatives, but there will be
Speaker 1: some announcements from those companies today at the White House.
Speaker 1: All right, we'll be following that as well. Bloomberg Government
Speaker 1: reporter Jack Fitzpatrick with us from our Bloomberg nine one
Speaker 1: studios in the nation's capital. Read more at Bloomberg dot
Speaker 1: com or on the Bloomberg terminal, and listen to Bloomberg
Speaker 1: Radio in Washington Bloomberg one and one oh five point
Speaker 1: seven FM HD two. Bloomberg Surveillance is next for Karen Moscow.
Speaker 1: I'm Nathan Hagar, and this is Bloomberg