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Speaker 1: Live from the Bloomberg and Directive Burger Studios. Is Bloomberg

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Speaker 1: day Break for a Tuesday, November twenty nine Coming up.

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Speaker 1: The markets react as the turmoil in China eases, Fed

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Speaker 1: officials stress more rate hikes around the way. The Biden

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Speaker 1: administration asked Congress to force a rail deal despite union objections,

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Speaker 1: and Elon Musk has a public spat with Twitter's top advertiser,

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Speaker 1: Apple d NYPD buses on multi million dollar operation of

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Speaker 1: counterfeit goods. Plus, the Senate bill protecting same sex marriage

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Speaker 1: is set to pass today. On Michael bar More, I'm

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Speaker 1: John Stashwar Sports. The Red Hot Devils beat the Rangers,

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Speaker 1: Nets beat the Magic and its winner go home for

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Speaker 1: the US today at the World Cup. That's all s

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Speaker 1: train ahead on Bloomberg Daybreak on Bloomberg. He Live in

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Speaker 1: Free on New York Bloomberg nine one, Washington d C,

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Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and

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Speaker 1: Francisco Sirius x M one nine Team and around the

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Speaker 1: world Old on Bloomberg Radio dot Com and via The

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Speaker 1: Bloomberg Business. Good Morning, I'm Nathan Hagar and I'm Karen Moscow.

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Speaker 1: In the US futures are mostly higher this morning. We're

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Speaker 1: coming up to five oh one on Wall Street, and

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Speaker 1: we check the markets every fifteen minutes throughout the trading day.

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Speaker 1: On Bloomberg, SNP futures up about E. Floyd's down futures

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Speaker 1: are little changed. NASDACK futures at forty three. The decks

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Speaker 1: in Germany is down at quarter percent, and the tenure

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Speaker 1: treasury up to thirty seconds. Heel three point six seven

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Speaker 1: percent yield on the two year four point four three percent. Nathan, Okay, Karen.

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Speaker 1: We'll get back to the markets in a minute, but

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Speaker 1: first you want to update you on the situation in China.

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Speaker 1: Health officials have held their first briefing since protests over

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Speaker 1: COVID restrictions began last week. Bloomberg's Rebecca Chung Wilkins has

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Speaker 1: the latest from Hong Kong. We saw quite muted, if

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Speaker 1: any activity overnight. UM we feel very heavy police present

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Speaker 1: in a lot of major Chinese cities like Beijing and Shanghai.

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Speaker 1: UM and and part that did need needed to quite

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Speaker 1: a reduced effort. UM the briefing. Quite frankly, save Ore

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Speaker 1: has steered away from really covertly talking about the protest

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Speaker 1: but there did seem to be a somewhat sort of

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Speaker 1: softening in tone from authorities, acknowledging that some of the

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Speaker 1: implementation of COVID controls has been relatively strict. Bloomberg's Rebecca

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Speaker 1: Cheung Wilkins reports China plans to speed up vaccinations for

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Speaker 1: the elderly, but it's stopping short of enacting mandates. Well Nathan.

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Speaker 1: Stocks in Asia surged as unrest over COVID curbs ease.

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Speaker 1: Hong Kong's Hang Sang Index rally more than five percent,

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Speaker 1: Well stocks in China gain three percent. Let's get the

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Speaker 1: recaul from Bloomberg's Juliet Sally and Singapore Good Morning, Juliette,

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Speaker 1: Good Morning Nathan, and Karen Shares rallied in Hong Kong

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Speaker 1: and on the mainland as some investors speculated that the

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Speaker 1: protests may hasten has shift away from COVID zero policies.

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Speaker 1: Traders also took hard from the lifting of China's multi

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Speaker 1: year ban on share sales by builders. China's Tendia government

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Speaker 1: bondi ULD advanced to its highest level in a year,

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Speaker 1: as support measures announced for the property sector danted hopes

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Speaker 1: of further monetary policy easing, and the Japanese end rose,

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Speaker 1: as did an index of emerging market currencies in Singapore.

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Speaker 1: Juliette Sally Bloomberg Daybreak. Okay, Juliet thanks, Now, let's take

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Speaker 1: a look at US China relations now or the response

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Speaker 1: to a Jings crackdown on protests so far has been muted,

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Speaker 1: Bloomberg said. Baxter has the story. The US has spoken

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Speaker 1: very strongly in the past about human rights, and now

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Speaker 1: National Security Council spokesman John Kirby says, a watchful eye here.

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Speaker 1: We're watching this closely as you might expect we would,

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Speaker 1: and again we continue to stand up and support the

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Speaker 1: right of peaceful protests. Um and I think we're going

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Speaker 1: to watch this closely and we'll see where things go.

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Speaker 1: Kirby says the Biden administration does not expect the protest

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Speaker 1: to affect the supply chain or global economy. In San Francisco,

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Speaker 1: I'm at Baxter Bloomberg Daybreak, All right, and thank you. Meantime,

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Speaker 1: President in Biden and how Speaker Nancy Pelosi are moving

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Speaker 1: to prevent a shutdown of the U S freight railroad systems.

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Speaker 1: Amy Morris has details from our Bloomberg newsroom in Washing ten,

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Speaker 1: President Biden asked Congress to intervene to block a strike.

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Speaker 1: VOWS is preparing to take up a bill to impose

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Speaker 1: a labor settlement despite some union's objections. Belosi says they're

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Speaker 1: making the move reluctantly, but they have to avoid what

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Speaker 1: she calls a catastrophic nationwide strike, which could hurt the

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Speaker 1: economy by crippling supply chains. A coalition of more than

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Speaker 1: four hundred business groups sent a letter to congressional leaders

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Speaker 1: urging them to step in. The strike deadline is December

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Speaker 1: nine in Washington. I'm anymore as Bloomberg daybreak. All right, Amy, Thanks.

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Speaker 1: Another major impact on the economy in recent months has

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Speaker 1: been higher interest rates, and now FED officials are stressing

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Speaker 1: the Central Bank is not done hiking. Here's New York

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Speaker 1: Fed President John Williams further typing ente policy should help

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Speaker 1: restore balance between demand and supply and bring inflation back

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Speaker 1: to two percent over the next few years. It will

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Speaker 1: take some time, but I'm fully confident that will return

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Speaker 1: to a sustaining period of prison bill. New York Fed

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Speaker 1: President John Williams made those comments at a virtual event

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Speaker 1: hosted by the Economic Club of New York. At the

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Speaker 1: same time, St. Louis FED President Jim Bullard said, as

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Speaker 1: financial markets are underestimating the chance of more aggressive policy

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Speaker 1: next year, they're counting the first two fifty basis points

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Speaker 1: as if that was a tightening of monetary policy. But

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Speaker 1: really that's just getting up to the long run neutral

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Speaker 1: level of the policy rate. We've only recently moved into

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Speaker 1: restrictive territory, and we're going to have to move farther

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Speaker 1: in order to keep inflation under control. St. Louis Fed

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Speaker 1: President James Bullard and other officials if signaled they planned

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Speaker 1: to raise rates by fifty basis points next month. Well.

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Speaker 1: Nathan Moore Science this morning the aggressive Fed titan and

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Speaker 1: could lead to a recession. A gauge of global bonds

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Speaker 1: measuring the worldwide yield curve has inverted for the first

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Speaker 1: time in at least two decades. The inversion of the

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Speaker 1: yield curve has typically seen as a prediction for a

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Speaker 1: recession as investors switch money to longer term bonds due

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Speaker 1: to pessimism over the short term outlook. It's turn to

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Speaker 1: crypto now, Karen, the fallout from f t X continues.

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Speaker 1: Block five is the latest crypto firm to collapse. The

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Speaker 1: digital asset Lander says it will use Chapter eleven to

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Speaker 1: recover everything it's owned by. Counterparties include Thing f t X,

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Speaker 1: but black Fire acknowledged that recoveries are likely to be

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Speaker 1: delayed by ft x is bankruptcy and Nathan Elon Musk

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Speaker 1: is in the spotlight again this morning. The billionaire is

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Speaker 1: publicly attacking Apple, which is one of Twitter's top advertisers,

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Speaker 1: much as Apple has cut its Twitter advertising and threatened

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Speaker 1: to bluff the social network from its app store. Kurt

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Speaker 1: Wagner has more from our Bloomberg nine sixty newsroom in

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Speaker 1: San Francisco. The app store is is probably um the

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Speaker 1: main way or one of the main ways that most

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Speaker 1: of its users get the app get app updates. So

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Speaker 1: you know, for example, I believe the app world still

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Speaker 1: work on my phone, but in order to you know,

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Speaker 1: get an updated version, I have an iPhone, I might

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Speaker 1: have to you know, figure out a way to download

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Speaker 1: that from the web. It's the kind of thing that's

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Speaker 1: going to erode over time and causes a lot of

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Speaker 1: people to either stop using Twitter or or you know,

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Speaker 1: possibly have to move to a different device. And so

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Speaker 1: that's a huge issue. And one of the reasons I

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Speaker 1: tweeted that I think Twitter needs Apple a lot more

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Speaker 1: than Apple needs Twitter here, and that's because Apple has

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Speaker 1: the distribution that it's at its fingertips. Bloombery Technology reporter

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Speaker 1: Kurt Wagner says Elon Musk is firing back at Apple,

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Speaker 1: asking whether it hates free speech. And futures this morning

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Speaker 1: higher SNP futures up about seven points down. Futures they're

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Speaker 1: little change. Nasdaq futures at thirty eight. Straight ahead, your

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Speaker 1: latest local headlines plus a check of sports. And this

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Speaker 1: is Bloomberg. Thanks hearing. It's five oh seven on Wall Street,

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Speaker 1: thirty seven degrees in Central Park westbound cross Bronx Expressway

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Speaker 1: is closed at Jerome Avenue. Will tell you whine traffic shortly. First,

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Speaker 1: Michael Bars here with what else is going on in

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

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Speaker 1: morning Nathan. The NYPD made a big bust stopping a

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Speaker 1: counterfeit goods operation. Police seized over ten million dollars in

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Speaker 1: knockoff merchandise from vendors on Canal Street. During a news conference,

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Speaker 1: officials set authorities had gotten several complaints in Lower Manhattan

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Speaker 1: about the fake purses, sneakers and other items being sold

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Speaker 1: on the streets in my PD. Chief of Patrol Jeffrey

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Speaker 1: Madre spoke to ABC's have A Sidewalks were blocked, there

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Speaker 1: was property everywhere. Merchandise everywhere initially impacts local businesses in

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Speaker 1: a negative manner. Chief Madre says seventeen people were arrested

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Speaker 1: and three truckloads of counterfeit items received. Five new Haven,

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Speaker 1: Connecticut police officers were charged yesterday in a June incident

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Speaker 1: that left a thirty six year old man paralyzed. Prosecutors

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Speaker 1: say Randy Cox was handcuffed and not wearing a seat

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Speaker 1: belt when he flew head first into the back of

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Speaker 1: a police transport van when the drivers suddenly stopped. New

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Speaker 1: Haven Mayor Justin Elker new Haven is committed to accountability

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Speaker 1: for all individuals involved in this tragic incident. Baron Elkers

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Speaker 1: says the officers were charged with reckless endangerment and cruelty. Meanwhile,

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Speaker 1: cons his family is filed a one hundred million dollars

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Speaker 1: civil suit against the officers and the city. A Senate

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Speaker 1: bill protecting same sex marriage cleared another procedural hurdle last night.

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Speaker 1: An amendment to respect for Marriage Act would ensure it

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Speaker 1: does not infringe on religious rights and protections. Passage of

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Speaker 1: the legislation is expected today. Former Vice President Mike Penn

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Speaker 1: said Donald Trump showed poor judgment for dining last week

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Speaker 1: at his Smarlango resort with rapper Ya and well known

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Speaker 1: white nationalist Nick Fluentis. Penn says his former boss should

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Speaker 1: denounce their hateful rhetoric without qualification. President Trump was wrong,

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Speaker 1: uh to give a white nationalist, um um, an anti

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Speaker 1: semid and Holocaust denier a seat at the table, and

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Speaker 1: I think you should apologize. Penn spoke to News Nation.

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Speaker 1: New Jersey Democratic Governor Phil Murphy says his administration has

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Speaker 1: launched a review of its handling of the COVID nineteen pandemic.

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Speaker 1: The governor, in a statement says the administration hired the

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Speaker 1: regional law firm and a management consulting firm. A report

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Speaker 1: is expected in late three. Global News twenty four hours

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Speaker 1: a day on air and on Bloomberg Quicktake, powered by

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Speaker 1: more than twenty seven journalists analysts more than a hundred

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Speaker 1: twenty countries. Michael Bart, this is Bloomberg NA. Sorry Michael. Thanks,

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Speaker 1: Come up to five ten on All Street time for

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Speaker 1: the Bloomberg Sports Update, brought to you by Price stayed Out.

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Speaker 1: Good morning, John stash Our morning, Nathan First beating the

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Speaker 1: season between the Devils and Rangers, who were in the

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Speaker 1: NHL's Final four last season. Devil's haven't even been to

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Speaker 1: the playoffs since Steith has an eight team, but no

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Speaker 1: doubt who the better team has been so far this season.

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Speaker 1: The Devils started Owen too. They are nineteen and two.

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Speaker 1: Since then, they won five three at the Garden, coming

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Speaker 1: back in early to nothing, Deaf said at Barkley's forty

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Speaker 1: five points for Kevin Durandy missed only five shots the

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Speaker 1: net speed Orlando one nine one o two to get

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Speaker 1: the five hundred. Kyrie irving at a twenty. Ben Simmons,

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Speaker 1: who's finally been starting to play like he did with Philadelphia,

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Speaker 1: heard his knee. He's day today. Kemba Walker, the New

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Speaker 1: York native who's homecoming with the Knicks last season did

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Speaker 1: not go well, has signed with Dallas. The MAVs hope

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Speaker 1: he can fill the role Jalen Brunson had with them

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Speaker 1: last season. Brunson out course with the Knicks. The Yankee

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Speaker 1: offseason goals try and get better than Houston with the

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Speaker 1: Astros already World Series champs, and they just signed three

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Speaker 1: agents lover JOSEA. Brey, who spent nine years with the

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Speaker 1: White Sox, head of the a L m v P.

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Speaker 1: When the Night Football Pittsburgh beat Indianapolis to seventeen. The

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Speaker 1: US World Cup team playing well in the draw with England,

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Speaker 1: but in reality their situation would likely be the same

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Speaker 1: as it is now had they lost that game, beat

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Speaker 1: Iran today, advanced Louse or have a third straight tie

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Speaker 1: and they are leaving Kitar. The U S coach was

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Speaker 1: Greg Berhalter. Make no mistake about it. This is a

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Speaker 1: knockout game for both teams, so it's gonna be a

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Speaker 1: high level intensity. Um. You know, I love what our

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Speaker 1: rands done um so far, especially the last game, a

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Speaker 1: lot of commitment, UM, really good counterattacking and um, you know,

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Speaker 1: we expect it to be a hotly contested game and

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Speaker 1: we'll be ready for it. Starts STU o'clock. John actually

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Speaker 1: were blue Berg Sports David all Right, John, Thanks, SMP

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Speaker 1: futures now up nine points, Stown futures up twenty four.

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Speaker 1: Dance futures are highed by forty four points. Send your

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Speaker 1: treasury is up to thirty seconds, the yield three point

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Speaker 1: and I'm Karen Moscow and US dot Index futures are

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Speaker 1: pointing to a moderately stronger open as speculation mounts that

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Speaker 1: unrest in shiny cities over COVID restrictions would force authorities

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Speaker 1: to move faster in loosening the curves. We check the

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Speaker 1: markets every fifteen minutes throughout the trading day. On bloombergs

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Speaker 1: and Future is up about eleven points, Dow Future is

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Speaker 1: up thirty four, NASTAG futures up fifty. The decks in

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Speaker 1: Germany is little change. Ten year treasury of too thirty

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Speaker 1: seconds here three point six seven percent field on the

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Speaker 1: two year four point four three percent. Nine x scrude

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Speaker 1: oil is a two point three percent of a dollar

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Speaker 1: seventy nine at seventy nine dollars three cents of arrow.

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Speaker 1: Comic schooled up eight tenths percent or thirteen dollars fifty

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Speaker 1: cents at seventeen sixty eighty announced the euro one point

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Speaker 1: three two against the dollar. British found one point two

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Speaker 1: zero one three and the end is at one thirty

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Speaker 1: eight point one zero. Bitcoin is up one point nine

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Speaker 1: percent at sixteen five hundred dollars. That's a Bloomberg business flash.

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Speaker 1: Now here's Michael Barr with more on what's going on

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Speaker 1: around the world. Michael, good morning, Good morning Karen. Chinese

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Speaker 1: universities are sending students home as the ruling Communist party

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Speaker 1: titans anti virus controls and tries to prevent more protests.

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Speaker 1: Crowds entered by its severe zero COVID restrictions have called

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Speaker 1: for President Shi Jing Ping to resign. President Biden is

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Speaker 1: asking Congress to intervene and block a railroad strike before

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Speaker 1: next month's deadline. At the World Cup later today, the

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Speaker 1: US faces Around in a match with straw political overtones.

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Speaker 1: Around is angry after the US Soccer Federation displayed on

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Speaker 1: social media uh doctor and image of the Iranian flag

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Speaker 1: without the emblem of the Islamic Republic. The US must

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Speaker 1: beat around to advance. In the NFL, the Steelers beat

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Speaker 1: the Colts seventeen, in the NBA, the Nets, Wizards and

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Speaker 1: Celtics one, and the NHL the Devils beat the Rangers.

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Speaker 1: Five three. Global News twenty four hours a day on

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

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

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Speaker 1: Barr and this is Bloomberg. Nathan. Okay, Michael. Thanks, It's

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

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Speaker 1: Brokers Studios. This is Bloomberg Daybreak, and we want to

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Speaker 1: get the latest on the situation in China with these

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Speaker 1: days of protests continuing over strict COVID measures. Joining us

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Speaker 1: live from Hong Kong. Now is Bloomberg Chief Asia Economics

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Speaker 1: correspondent and the current and a good morning. As Michael

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Speaker 1: mentioned in the news there, we have seen some pretty

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Speaker 1: strong crackdowns on these protests. At the same time, we're

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Speaker 1: hearing something of a more conciliatory tone from Chinese health officials,

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Speaker 1: what more can you tell us about what's happening there?

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Speaker 1: So two developments across China today. And the one side

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Speaker 1: of things, the protests have been subdued because there was,

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Speaker 1: of course a very strict police response to those protests.

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Speaker 1: That wants to be expected. These protests were unprecedented. They

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Speaker 1: were splicitly criticizing the Communist Party and in some cases

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Speaker 1: calling for President Shooting to step down. So obviously there

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Speaker 1: would be a response, and that's what that is what

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Speaker 1: has happened. Some of our colleagues in Beijing made the

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Speaker 1: point as well that sub zero weather conditions also probably

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Speaker 1: meant that the kept protesters office three. So that type

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Speaker 1: of things has gone quiet. Secondly, the government came out

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Speaker 1: today with a pledge to focus on increasing the vaccination rates,

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Speaker 1: and in particular increasing the vaccination right at the elderly, aged,

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Speaker 1: aging and above. That's the segment of the population that

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Speaker 1: is under protected at the moment, either via actual vaccination

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Speaker 1: job or boosters. Now they said they would promotedvaccination in

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Speaker 1: nursing homes. They said they would use a big data

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Speaker 1: for example, the target those who have not been laccinated,

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Speaker 1: but they didn't detail any specifican mandates or new rules

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Speaker 1: out force people to get the vaccination regardless, I think

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Speaker 1: all of the development today are being taken by analysts

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Speaker 1: as a kind of another step in China process towards

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Speaker 1: eventually exiting COVID zeroin that it certainly happens that they're

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Speaker 1: going to live with the virus or anything like that,

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Speaker 1: have the long road ahead, but it seems as though

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Speaker 1: trying to maybe taking at least from of the initial

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Speaker 1: steps from that journey. So it's an initial step, And

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Speaker 1: or is the Chinese government signaling any further steps it

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Speaker 1: could take to try to get past COVID zero. Well,

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Speaker 1: we all know the complications in this. A few weeks

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Speaker 1: ago China did come out with the twenty point Plan,

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Speaker 1: which probably speaking tweets and relaxed some measures, say around

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Speaker 1: the duration of quarantine and testing environments to land in

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Speaker 1: China and on the ground, changed up how local authorities

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Speaker 1: should deal with outbreaks of the virus. But at the

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Speaker 1: same time we already to keep preaching that they don't

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Speaker 1: want the virus is spread because we all know China

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Speaker 1: is as I just discussed, it's under protected in terms

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Speaker 1: of its allergy population. When it comes to vaccines, It's

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Speaker 1: hospital networks isn't at the kind of level it would

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Speaker 1: need to be to cope with a major outbreak obvios

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Speaker 1: the disease, and obviously if COVID walter run ramp and

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Speaker 1: China will be dealing with a major public health issue,

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Speaker 1: which of course would have also have knock on consequences

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Speaker 1: and supply change. And it's about economy, so it's in

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Speaker 1: something of a difficult position. The question for Chinese how

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Speaker 1: does it navigate out of this on the one hand,

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Speaker 1: trying to control the spread of the virus, on the

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Speaker 1: other hand, of course, allowing the economy to get back

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Speaker 1: on the street. Is that it's a very difficult position

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Speaker 1: for them, and that's why I think a lot of

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Speaker 1: anilets they're making the point. They seem to be making

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Speaker 1: baby steps out towards towards changing up its COVID game

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Speaker 1: plan that will probably become a hybrid of somewhat mitigating

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Speaker 1: against the RUS will also of course allowing mobility and

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Speaker 1: consumers to get back on the road again. And as

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Speaker 1: we've been mentioning, many of the demonstrators have been calling

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Speaker 1: on Chinese President she Jinping to resign over this we've

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Speaker 1: mentioned sort of the unprecedented nature of some of these protests.

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Speaker 1: How much of a potential risk does this put on

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Speaker 1: President She's leadership. Well so, the protest varied in scale

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Speaker 1: and size, according to our colleagues in Beijing, CHINAI there

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Speaker 1: was also a small scale protests in Hong Kong last

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Speaker 1: night as well. By the way, um, you know, listening

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Speaker 1: to the experts, nobody I think is of his view

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Speaker 1: just yet that this is posing a major systemic straat

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Speaker 1: to the government authority, righting like that, we know the

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Speaker 1: President She just of course themented his command. He was

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Speaker 1: appointed key supporters into top positions, so it's not widely

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Speaker 1: felt that there is a director on the government. But

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Speaker 1: nonetheless it is sensitive. It is very delicate for the authorities.

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Speaker 1: They on the one hand, will want to live some

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Speaker 1: of the public frustration to be vented. I seem to

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Speaker 1: do what we're doing by Alane, the protests to be

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Speaker 1: spread the way they did in the first instance. But

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Speaker 1: on the other hand, of course, they'll want to make

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Speaker 1: sure they don't spread beyond their comfort tone. That's why

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Speaker 1: they heavily centered the social media posting. That's why they

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Speaker 1: responded the way they did last side with those arresting

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Speaker 1: with the police response. So it's very It is tricky

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Speaker 1: in sensitive In China, protests against the government are not allowed,

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Speaker 1: but I happened here too many experts. Experts say just

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Speaker 1: yet that it's a major threat for the government. Yeah,

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Speaker 1: trying to stop protests and the virus from spreading. Thanks

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Speaker 1: for this and a great having on with us as always,

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Speaker 1: Bloomberg Chief Asia Economics correspondent and the current joining us

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Speaker 1: live this morning from Hong Kong. S ANDP futures right

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Speaker 1: now up eleven points, Staff futures up thirty nine and

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Speaker 1: Nasdaq futures up fifty five points. Seeing a little bit

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Speaker 1: of strengthening in the futures contracts right now. The tenure

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Speaker 1: treasury is moving higher as well, up for thirty seconds,

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Speaker 1: the yield down to three point six six. You're listening

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Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh Weather mostly sunny today,

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Speaker 1: HIGs in the upper forties. Tomorrow we'll see rain and

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Speaker 1: the breeze a little milder, high in the upper fifties.

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Speaker 1: We'll be back in the mid forties. Sunny, breezy for Thursday.

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Speaker 1: Right now thirty seven in central Park, broadcasting live from

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Speaker 1: the Bloomberg Interactive Broker Studio in New York. Bloomberg E

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Speaker 1: Living Freedom to Washington, d C, Bloomberg to Boston, Bloomberg

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Speaker 1: one oh six one, to San Francisco, Bloomberg sixty to

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Speaker 1: the Country Sirius XM H one nineteen and around the

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Speaker 1: globe the Bloomberg Business app and Bloomberg Radio dot Com.

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Speaker 1: This is Bloomberg Daybreak at It's five thirty on Wall Street.

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Speaker 1: Good morning, I'm Kared Moscow, I'm Nathan Hegar. Bloomberg Daybreak

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Speaker 1: is brought to you by se I Imagine your asset

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Speaker 1: management firms. Operational infrastructure is a competitive vantage. Let s

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Speaker 1: e I show you how at se I C dot

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Speaker 1: com slash I M S and we're just about four

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Speaker 1: hours away from the open of US trading. Let's get

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Speaker 1: you up to date on the news you need to

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00:21:09,440 --> 00:21:12,160
Speaker 1: know at this hour. We begin in China, where officials

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Speaker 1: say they're looking to speed up COVID vaccinations for senior citizens,

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Speaker 1: but they're stopping short of mandates. It comes on the

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Speaker 1: heels of protests to China's strict COVID policies. Craig Singleton,

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Speaker 1: Senior China. Fellow at the Foundation for Defensive Democracy says

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Speaker 1: President Hijin Ping might not have many options for easing restrictions.

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Speaker 1: I suspect going forward, the big problem that's going to

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Speaker 1: be that the CCP has not articulated a clear path

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Speaker 1: out of zero. COVID Ing has so closely staked his

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Speaker 1: legacy on the notion that China's pandemic response has been

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Speaker 1: better than the West, that narrative would be really damaged

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Speaker 1: if China lifted these controls. Craig Singleton with the Foundation

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Speaker 1: for the Defensive Democracies is a guest on Bloomberg Sound

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Speaker 1: On Catch the Show weekdays at five pm Eastern on

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Speaker 1: Bloomberg Radio. Meantime, Careen. The US is taking note of

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Speaker 1: China's response to the protest. National Security con spokesman John

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Speaker 1: Kirby talked about it yesterday. People should be allowed the

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Speaker 1: right to assemble and to peacefully protests policies or laws

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Speaker 1: or dictates that they take issue with. National Security Council

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Speaker 1: spokesman John Kirby says the White House does not expect

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Speaker 1: the protests to affect supply chains. All the while, Nathan

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Speaker 1: Stocks in Asia searched with the unreshed over COVID curbs easing.

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Speaker 1: Hong Kong's Hang Sang Index rarely more than five percent,

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Speaker 1: while stocks in China game three percent. US futures rose

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Speaker 1: and European stocks also opened higher. Looking at the broader economy,

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Speaker 1: Karen FED officials are stressing more rate hikes are on

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Speaker 1: the way to curb inflation. New York Fed President John

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Speaker 1: william says it will take some time to get the

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Speaker 1: price stability, and St. Louis President Jim Bullard says markets

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Speaker 1: should expect aggressive tightening into next year. We've only recently

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Speaker 1: moved into restrictive territory, and we're gonna have to move

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Speaker 1: farther in order to keep inflation under control. St. Louis

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Speaker 1: Fed President Jim Bullard and other officials have signaled they

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Speaker 1: planned to raise rates by fifty basis points next month,

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Speaker 1: and E Gauge of global bonds is revealing aggressive FED

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Speaker 1: tightening could lead to our recession. Nathan Engage, measuring the

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Speaker 1: worldwide yield curve, has inverted for the first time in

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Speaker 1: at least two decades. The inversion is typically seen as

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Speaker 1: a sign of pending recession, and in politics today, can

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Speaker 1: President Biden and House Speaker Nancy Pelosi, are moving to

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Speaker 1: prevent a shutdown of the nation's freight railroads. The White

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Speaker 1: House is asking Congress to intervene. The House is preparing

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00:23:18,359 --> 00:23:20,600
Speaker 1: to take up a bill that would impose a labor settlement.

430
00:23:21,000 --> 00:23:24,160
Speaker 1: And futures this morning are higher. SNP futures up twelve

431
00:23:24,240 --> 00:23:27,840
Speaker 1: points now, futures at forty seven and NASTAG futures up sixty.

432
00:23:28,160 --> 00:23:31,400
Speaker 1: Straight ahead, your latest local headlines plus the check of sports,

433
00:23:31,800 --> 00:23:39,920
Speaker 1: and this is Bloomberg. Thankscing thirty three on Wall Street,

434
00:23:39,960 --> 00:23:42,320
Speaker 1: thirty seven degrees in Central Park. Still got that closure

435
00:23:42,359 --> 00:23:45,400
Speaker 1: westbound cross Bronx to Jerome Avenue. Michael Barr is here

436
00:23:45,440 --> 00:23:47,119
Speaker 1: with what else is going on in New York and

437
00:23:47,280 --> 00:23:49,760
Speaker 1: around the world. Michael, thank you very much. Nathan. New

438
00:23:49,840 --> 00:23:53,520
Speaker 1: York City police busted a massive counterfeit operation last night,

439
00:23:53,880 --> 00:23:57,040
Speaker 1: hauling away ten million dollars worth of bogus merchandise and

440
00:23:57,160 --> 00:24:01,160
Speaker 1: arresting seventeen people, one bystandard whitnes us. The sudden takedown,

441
00:24:01,560 --> 00:24:06,600
Speaker 1: how you sol is yd jumping out unmarked cars, mark cars,

442
00:24:06,720 --> 00:24:09,280
Speaker 1: patty wagons. They got the clear the whole thing from

443
00:24:09,359 --> 00:24:10,919
Speaker 1: here to here. And these guys used to sit up

444
00:24:10,920 --> 00:24:13,639
Speaker 1: all night roll its, watches, everything you can imagine, East Laurent,

445
00:24:13,760 --> 00:24:16,600
Speaker 1: all of this stuff. In planning the raid, police worked

446
00:24:16,600 --> 00:24:20,400
Speaker 1: with luxury goods manufacturers who examined the merchandise in advance

447
00:24:20,480 --> 00:24:24,119
Speaker 1: to certify it was counterfeit. In my PD, Chief of

448
00:24:24,160 --> 00:24:27,760
Speaker 1: Patrol Jeffrey Madre, she will look at the property and say,

449
00:24:27,840 --> 00:24:30,840
Speaker 1: this is this is not authentic, This is a knock

450
00:24:30,880 --> 00:24:33,920
Speaker 1: off bag, this is a fake pass neath this. Chief

451
00:24:33,960 --> 00:24:37,159
Speaker 1: Madre says. Those arrested are now facing charges such as

452
00:24:37,240 --> 00:24:40,840
Speaker 1: trademark counterfeiting property over a thousand dollars, which is a

453
00:24:40,920 --> 00:24:44,280
Speaker 1: felony offense. A white supremacist will spend the rest of

454
00:24:44,320 --> 00:24:47,040
Speaker 1: his life in prison for killing ten black shoppers and

455
00:24:47,280 --> 00:24:50,760
Speaker 1: workers in a Buffalo grocery store. Last May, nineteen year

456
00:24:50,800 --> 00:24:54,480
Speaker 1: old Peyton Gendron pleaded guilty to several charges, including murder

457
00:24:54,640 --> 00:24:58,520
Speaker 1: and hate motivated domestic terrorism charges which carry an automatic

458
00:24:58,600 --> 00:25:02,960
Speaker 1: sentence of life without parole. Garnel Whitfield's mother was shot

459
00:25:03,000 --> 00:25:06,280
Speaker 1: and killed in the supermarket. Whitfield is calling on lawmakers

460
00:25:06,320 --> 00:25:09,919
Speaker 1: to act. I want them to call out white supremacy.

461
00:25:10,359 --> 00:25:13,240
Speaker 1: I want them to treat it like the cancer that

462
00:25:13,400 --> 00:25:17,280
Speaker 1: it is. Garnel Woodfield who watched the court proceedings, says

463
00:25:17,520 --> 00:25:20,680
Speaker 1: Gendron had no emotion, he had no regret, and had

464
00:25:20,720 --> 00:25:24,480
Speaker 1: no remorse. A Senate bill protecting same sex marriage cleared

465
00:25:24,480 --> 00:25:27,399
Speaker 1: another procedural hurdle last night, with the passage of the

466
00:25:27,480 --> 00:25:32,320
Speaker 1: legislation expected today. Vote allows the Senate to move ahead

467
00:25:32,400 --> 00:25:35,200
Speaker 1: with an amendment to the measure that ensures it does

468
00:25:35,280 --> 00:25:39,000
Speaker 1: not infringe on religious rights and protections. The Respect for

469
00:25:39,119 --> 00:25:43,160
Speaker 1: Marriage Act would federally recognize same sex marriages and ensure

470
00:25:43,280 --> 00:25:46,920
Speaker 1: benefits for all married couples. Global News twenty four hours

471
00:25:46,960 --> 00:25:50,000
Speaker 1: a day on air and on Bloomberg Quicktake, powered by

472
00:25:50,080 --> 00:25:52,639
Speaker 1: more than twenty seven hundred journalists analysts more than a

473
00:25:52,720 --> 00:25:56,280
Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg, Nathan,

474
00:25:56,359 --> 00:26:03,480
Speaker 1: Thank you, Michael. On Wall Street. Time for the Bloomberg

475
00:26:03,520 --> 00:26:05,199
Speaker 1: Sports out Day, brought to you by Tri State. How

476
00:26:05,240 --> 00:26:07,679
Speaker 1: do you use Banks? Faith and the Rangers got their

477
00:26:07,720 --> 00:26:09,960
Speaker 1: first up close look at the Devil's who began the

478
00:26:10,000 --> 00:26:12,680
Speaker 1: season oh and two, but our nineteen and two since

479
00:26:12,760 --> 00:26:15,200
Speaker 1: they began last night. Down to nothing O, Tommy Pair

480
00:26:15,280 --> 00:26:17,640
Speaker 1: and Mika's advantage ad with Ranger goals in the first

481
00:26:17,720 --> 00:26:20,240
Speaker 1: three minutes with the Devils with two in the first period,

482
00:26:20,320 --> 00:26:22,000
Speaker 1: two more in the second empty, yet at the end

483
00:26:22,040 --> 00:26:24,240
Speaker 1: they won five three at the Garden. The Nets, after

484
00:26:24,280 --> 00:26:26,159
Speaker 1: the slow start of Claude back to five hundred, they

485
00:26:26,200 --> 00:26:29,040
Speaker 1: beat Orlando at Barkley's one oh nine one oh two.

486
00:26:29,160 --> 00:26:32,639
Speaker 1: Kevin Durant was superb forty five points. He shot nineteen

487
00:26:32,640 --> 00:26:35,280
Speaker 1: of twenty four, but the Nets loft Ben Simmons doing

488
00:26:35,320 --> 00:26:37,600
Speaker 1: knee injuries. Day to day. Kemba Walker has been last

489
00:26:37,600 --> 00:26:40,640
Speaker 1: season with the Knicks, signed with Dallas Baseball free agent

490
00:26:40,720 --> 00:26:43,760
Speaker 1: Sonning Jose ah Breo with the World champions Eastern Astros.

491
00:26:43,760 --> 00:26:46,240
Speaker 1: When of the football a couple of subpar a FC

492
00:26:46,400 --> 00:26:50,040
Speaker 1: teams Pittsburgh one at Indianapolis four to seventeen. Jets coach

493
00:26:50,160 --> 00:26:53,399
Speaker 1: Roberts Sala confirmed the obvious Mike White will start Sunday

494
00:26:53,400 --> 00:26:56,240
Speaker 1: at Minnesota, but Sali said his quarterback situation is week

495
00:26:56,320 --> 00:26:58,920
Speaker 1: to week and the intent is still to get Zach

496
00:26:58,960 --> 00:27:01,440
Speaker 1: Wilson ready to play. Tiger Wood was gonna play in

497
00:27:01,520 --> 00:27:04,479
Speaker 1: the Bahamas this weekend, He's got a foot injury had

498
00:27:04,520 --> 00:27:07,399
Speaker 1: to pull out. The US World Cup team tied England,

499
00:27:07,480 --> 00:27:10,280
Speaker 1: who beat Around easily sixty two, but Iran beat Wales,

500
00:27:10,359 --> 00:27:12,520
Speaker 1: who the U S could not beat. It's the US

501
00:27:12,600 --> 00:27:16,000
Speaker 1: and around today and the American captain is midfielder Tyler

502
00:27:16,080 --> 00:27:17,760
Speaker 1: at it. It's gonna be a tough battle. You know,

503
00:27:17,840 --> 00:27:19,159
Speaker 1: we're gonna have to have a lot of energy in

504
00:27:19,200 --> 00:27:21,520
Speaker 1: this game and make sure that we're mentally prepared, pay

505
00:27:21,520 --> 00:27:24,159
Speaker 1: attention to all the details in the game set pieces. Um,

506
00:27:24,240 --> 00:27:27,200
Speaker 1: and their midfield is quite impressive, you know, very technical midfield.

507
00:27:27,240 --> 00:27:28,960
Speaker 1: And you know, for me it's always difficult to play

508
00:27:28,960 --> 00:27:31,000
Speaker 1: against the technical midfield when they can control the ball

509
00:27:31,040 --> 00:27:33,200
Speaker 1: and control the game. So um, you know, we're gonna

510
00:27:33,200 --> 00:27:34,920
Speaker 1: have to do our homework on on on them on

511
00:27:35,000 --> 00:27:37,359
Speaker 1: the games that they played previously. Who has victory today

512
00:27:37,440 --> 00:27:40,080
Speaker 1: and it's onto the knockout round, loss or a tie

513
00:27:40,160 --> 00:27:43,399
Speaker 1: and they're going home. John statchd with Bloomberg Sports. Nathan

514
00:27:43,520 --> 00:27:45,960
Speaker 1: all Right, John, thanks for thirty seven on Wall Street

515
00:27:46,000 --> 00:27:49,200
Speaker 1: time for the Tri State Business Report with Bloomberg's Joan Donager.

516
00:27:49,640 --> 00:27:52,920
Speaker 1: The computer network at a Brooklyn hospital group crashed more

517
00:27:52,960 --> 00:27:55,360
Speaker 1: than a week ago, and the post says patients from

518
00:27:55,400 --> 00:27:58,879
Speaker 1: Brookdale in her Faith and Kingsbrook Jewish hospitals have been

519
00:27:58,920 --> 00:28:02,960
Speaker 1: redirected for treatment and medical staffers can't access patient records.

520
00:28:03,040 --> 00:28:06,200
Speaker 1: The post says that crash is a potential data security risk.

521
00:28:06,600 --> 00:28:10,359
Speaker 1: The union representing student workers at Columbia Universities demanded and

522
00:28:10,480 --> 00:28:13,399
Speaker 1: received an apology for what the school newspaper says was

523
00:28:13,480 --> 00:28:17,359
Speaker 1: an interruption of a union meeting by uniformed NYPD officers.

524
00:28:17,800 --> 00:28:20,479
Speaker 1: The chair of the union group says officers questioned him

525
00:28:20,480 --> 00:28:23,760
Speaker 1: about a suspected protest. The union is accusing the university

526
00:28:23,800 --> 00:28:26,800
Speaker 1: of sending the officers to disrupt the meeting, and worries

527
00:28:26,840 --> 00:28:29,240
Speaker 1: about inflation of not stopped raises at a number of

528
00:28:29,280 --> 00:28:32,760
Speaker 1: New Jersey businesses. The New Jersey Business and Industry Association

529
00:28:32,840 --> 00:28:36,040
Speaker 1: survey of business leaders in the state also finds businesses

530
00:28:36,080 --> 00:28:39,520
Speaker 1: saw increased sales and often larger profits this past year,

531
00:28:39,640 --> 00:28:42,680
Speaker 1: but n J Spotlight says they're still worried about regulations

532
00:28:42,760 --> 00:28:46,320
Speaker 1: and taxes. That's the Bloomberg Tri State Business Report. I'm

533
00:28:46,400 --> 00:28:48,640
Speaker 1: John Donneger. All right, John, thank you, five thirty eight

534
00:28:48,720 --> 00:28:50,719
Speaker 1: on Wall Street. Bloomberg Radio is on the air from

535
00:28:50,760 --> 00:28:53,720
Speaker 1: San Francisco to New York, London to Hong Kong. Let's

536
00:28:53,760 --> 00:28:55,680
Speaker 1: check in with our global news team for some of

537
00:28:55,720 --> 00:28:58,160
Speaker 1: the top stories heard on our three hundred affiliate radio

538
00:28:58,240 --> 00:29:03,880
Speaker 1: stations around the world. I'm Steve Potus on K and

539
00:29:04,080 --> 00:29:07,240
Speaker 1: X in Los Angeles. We're talking about California based in

540
00:29:07,320 --> 00:29:10,280
Speaker 1: and Out Burger taking the top spot and a survey

541
00:29:10,400 --> 00:29:14,720
Speaker 1: of America's favorite burger chains on Corney Donahoe on ktr

542
00:29:14,880 --> 00:29:17,800
Speaker 1: H in Houston, Jatholeene prices have fallen to their lowest

543
00:29:17,880 --> 00:29:21,440
Speaker 1: level since February. I'm Gina Servetti in for w f

544
00:29:21,560 --> 00:29:24,840
Speaker 1: l A in Orlando. I'm reporting that Disney's returning CEO,

545
00:29:25,000 --> 00:29:29,320
Speaker 1: Bob Iger, is revisiting some of his predecessor's more controversial decisions,

546
00:29:29,480 --> 00:29:33,680
Speaker 1: including requiring reservations for guests at theme parks. I'm Stephen

547
00:29:33,720 --> 00:29:36,120
Speaker 1: Carol and Bloomberg d A B Radio in London. We've

548
00:29:36,160 --> 00:29:38,640
Speaker 1: been reporting I'm the Prime Minister of Rishi Sunacs saying

549
00:29:38,680 --> 00:29:41,520
Speaker 1: the golden era of UK China relations is over, but

550
00:29:41,640 --> 00:29:44,360
Speaker 1: that he wants to engage with be James. I'm Joan

551
00:29:44,400 --> 00:29:47,880
Speaker 1: Donnager telling w w J listeners in Detroit that General

552
00:29:48,000 --> 00:29:53,280
Speaker 1: motors dealerships have a growing business repairing Tesla's Those are

553
00:29:53,320 --> 00:29:55,960
Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists

554
00:29:55,960 --> 00:29:57,840
Speaker 1: and analysts are working on this morning around the world.

555
00:29:58,000 --> 00:30:00,560
Speaker 1: It's five thirty nine on Wall Street. The following is

556
00:30:00,640 --> 00:30:04,520
Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by

557
00:30:04,560 --> 00:30:08,520
Speaker 1: the Bloomberg Editorial Board. President Joe Biden has often described

558
00:30:08,640 --> 00:30:11,360
Speaker 1: his plan to cancel some federal student loan debts as

559
00:30:11,400 --> 00:30:14,600
Speaker 1: a game changer, and in one sense, this policy has

560
00:30:14,640 --> 00:30:18,720
Speaker 1: proved transformative, but by making a bad system worse. Biden's

561
00:30:18,720 --> 00:30:21,600
Speaker 1: plan would provide ten thousand dollars in relief to individual

562
00:30:21,680 --> 00:30:25,360
Speaker 1: borrowers with annual incomes of one thousand dollars a year

563
00:30:25,480 --> 00:30:28,560
Speaker 1: or less, but a federal appeals court recently ruled in

564
00:30:28,600 --> 00:30:32,000
Speaker 1: favor of six Republican led states that opposed loan forgiveness.

565
00:30:32,800 --> 00:30:35,720
Speaker 1: So with its plan stalled, the administration has resorted to

566
00:30:35,760 --> 00:30:39,320
Speaker 1: a fallback, extending a freeze on federal student loan payments,

567
00:30:39,480 --> 00:30:41,800
Speaker 1: which has been in place since the start of the pandemic.

568
00:30:42,200 --> 00:30:46,080
Speaker 1: It's difficult to overstate the folly of this decision. Freezing

569
00:30:46,120 --> 00:30:48,880
Speaker 1: student loan payments made some sense during the early months

570
00:30:48,920 --> 00:30:52,360
Speaker 1: of the pandemic, but there's no such justification now. Biden

571
00:30:52,440 --> 00:30:55,960
Speaker 1: has decided to double down on a costly mistake. This

572
00:30:56,240 --> 00:30:59,280
Speaker 1: editorial was written by the Bloomberg Editorial Board. For more

573
00:30:59,320 --> 00:31:02,520
Speaker 1: Bloomberg Union, please go to Bloomberg dot com Slash Opinion

574
00:31:02,920 --> 00:31:05,920
Speaker 1: or opi nd go on the Bloomberg Terminent. This has

575
00:31:05,960 --> 00:31:09,600
Speaker 1: been Bloomberg Opinion and you can hear Bloomberg opinion editorials

576
00:31:09,640 --> 00:31:12,160
Speaker 1: every weekday. At this time, terminal customers can read more

577
00:31:12,200 --> 00:31:14,840
Speaker 1: at O P I n GO. SMP futures are up

578
00:31:14,880 --> 00:31:17,680
Speaker 1: thirteen point, STOW futures of forty three nasdack features up

579
00:31:17,720 --> 00:31:23,280
Speaker 1: six four points. This is Bloomberg and the Bloomberg Sports

580
00:31:23,320 --> 00:31:25,160
Speaker 1: Report was brought to you by Audie. Don't let someone

581
00:31:25,200 --> 00:31:27,520
Speaker 1: else drive off in the Audi model you've always wanted.

582
00:31:27,600 --> 00:31:29,880
Speaker 1: Visit your local Trice State autie dealer to get behind

583
00:31:29,920 --> 00:31:32,600
Speaker 1: the wheel of yours today, or visit autie Offers dot

584
00:31:32,640 --> 00:31:39,840
Speaker 1: com for more information, markets, headlines and breaking news twenty

585
00:31:39,920 --> 00:31:42,720
Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg

586
00:31:42,800 --> 00:31:45,720
Speaker 1: Business At and at Bloomberg Quick Take. This is a

587
00:31:45,760 --> 00:31:54,480
Speaker 1: Bloomberg Business Flash and I'm Karen Moscow and you west

588
00:31:54,560 --> 00:31:57,120
Speaker 1: dock in next. Futures are pointing to a moderately stronger

589
00:31:57,200 --> 00:32:00,040
Speaker 1: open on Wall Street as speculation mounts that unrest and

590
00:32:00,120 --> 00:32:03,560
Speaker 1: Shinese cities over COVID restrictions would force authorities to move

591
00:32:03,680 --> 00:32:06,920
Speaker 1: faster and loosening the curves. We check the markets every

592
00:32:06,920 --> 00:32:09,560
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg S and

593
00:32:09,600 --> 00:32:12,440
Speaker 1: P Future is up thirteen points Down Future is up

594
00:32:12,480 --> 00:32:15,360
Speaker 1: fourty Nasdaq Future is up sixty three The decks in

595
00:32:15,440 --> 00:32:18,440
Speaker 1: Germany's up two tenths of uppercent ten year treasury up

596
00:32:18,480 --> 00:32:21,000
Speaker 1: eight thirty seconds, held three point six five percent. They

597
00:32:21,040 --> 00:32:23,360
Speaker 1: yield on the two year four point four two percent.

598
00:32:23,840 --> 00:32:25,920
Speaker 1: Nimex screwed oil is up two and a half percent

599
00:32:26,000 --> 00:32:29,000
Speaker 1: of a dollar ninety one at seventy nine dollars fifteen cents,

600
00:32:29,040 --> 00:32:31,640
Speaker 1: and Barrel comic scolled up eight ten percent or fourteen

601
00:32:31,640 --> 00:32:35,200
Speaker 1: dollars fifteen fourteen dollars fifty cents at seventeen sixty nine

602
00:32:35,240 --> 00:32:38,320
Speaker 1: eighty announced the euro one point three eight seven against

603
00:32:38,320 --> 00:32:40,560
Speaker 1: the dollar. British found one point two zero two one

604
00:32:40,880 --> 00:32:42,920
Speaker 1: and they had one thirty seven point nine one. And

605
00:32:43,000 --> 00:32:46,960
Speaker 1: Bitcoin is up two percent at sixteen thousand, five hundred dollars.

606
00:32:47,000 --> 00:32:49,480
Speaker 1: And that's a Bloomberg business flash. Now here's Macao bar

607
00:32:49,680 --> 00:32:53,040
Speaker 1: with more on what's going on around the world. Michael, Karen,

608
00:32:53,080 --> 00:32:55,400
Speaker 1: thank you very much. Congress is being called to stop

609
00:32:55,480 --> 00:32:59,200
Speaker 1: a looming national railroad strike, as President Biden urges lawmakers

610
00:32:59,280 --> 00:33:01,920
Speaker 1: to act by and says, well, he's pro labor. The

611
00:33:02,040 --> 00:33:04,920
Speaker 1: economic impact of a shutdown what hurt millions of other

612
00:33:04,960 --> 00:33:09,560
Speaker 1: working people and families. NATO chief Yan Stoltenberg accused Russian

613
00:33:09,600 --> 00:33:13,160
Speaker 1: President Vladimir Putin of using winter as a weapon. Ukraine's

614
00:33:13,240 --> 00:33:15,560
Speaker 1: leader born that the Kremlin is preparing new strikes to

615
00:33:15,640 --> 00:33:18,400
Speaker 1: inflict more damage on the energy system. At the World

616
00:33:18,480 --> 00:33:20,680
Speaker 1: Cup later today, the US faces Around in a match

617
00:33:20,760 --> 00:33:24,000
Speaker 1: with strong political overtones. Around is angry after the US

618
00:33:24,080 --> 00:33:27,600
Speaker 1: Soccer Federation displayed on social media a doctored image of

619
00:33:27,680 --> 00:33:30,800
Speaker 1: the Iranian flag without the emblem of the Islamic Republic.

620
00:33:31,160 --> 00:33:33,800
Speaker 1: Global News twenty four hours a day on air and

621
00:33:34,000 --> 00:33:37,360
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

622
00:33:37,400 --> 00:33:40,560
Speaker 1: journalists analysts more than d twenty countries. I'm Michael Bart.

623
00:33:40,640 --> 00:33:43,520
Speaker 1: This is Bloomberg. Nathan Okay, Michael, thanks for coming up

624
00:33:43,520 --> 00:33:45,520
Speaker 1: to five forty nine on Wall Street Live from the

625
00:33:45,560 --> 00:33:49,640
Speaker 1: Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak. Re Pleased

626
00:33:49,680 --> 00:33:51,840
Speaker 1: to be joined Live Now by Joe Quinlan, the head

627
00:33:51,840 --> 00:33:54,080
Speaker 1: of c I O Market Strategy at Maryland Bank of

628
00:33:54,120 --> 00:33:57,440
Speaker 1: America Private Bank. Joe, thanks for being here early with

629
00:33:57,600 --> 00:34:01,520
Speaker 1: us this morning as we watch sort of tentative move

630
00:34:01,760 --> 00:34:04,760
Speaker 1: back into risk on the baby steps I think we're

631
00:34:04,760 --> 00:34:07,360
Speaker 1: seeing coming out of China on COVID zero. I wonder

632
00:34:07,400 --> 00:34:11,399
Speaker 1: how you read this market reaction to what's happening overseas well.

633
00:34:11,440 --> 00:34:14,359
Speaker 1: I think yesterday was an overreaction given the news coming

634
00:34:14,360 --> 00:34:16,440
Speaker 1: out with China was happening in China. Then today the

635
00:34:16,520 --> 00:34:19,239
Speaker 1: same thing. I mean, the keeper investors that it's not

636
00:34:19,360 --> 00:34:21,680
Speaker 1: even baby steps, Nathan, in the sense that this isn't

637
00:34:21,719 --> 00:34:24,960
Speaker 1: going to be solved overnight. China is gonna gradually, over

638
00:34:25,160 --> 00:34:28,879
Speaker 1: months work with COVID nineteen zero COVID policy. So I'm

639
00:34:28,880 --> 00:34:31,600
Speaker 1: gonna get too excited the good news for investors, for sure,

640
00:34:31,840 --> 00:34:34,320
Speaker 1: China recognizes the problem, They're dealing with it. But this

641
00:34:34,480 --> 00:34:36,640
Speaker 1: is not affleck of a switch. This is this is

642
00:34:36,760 --> 00:34:41,040
Speaker 1: multi month workout period. So how do you position given

643
00:34:41,120 --> 00:34:45,040
Speaker 1: that thesis that it could be a long time coming

644
00:34:45,239 --> 00:34:47,960
Speaker 1: before we see a real move away from COVID zero

645
00:34:48,000 --> 00:34:51,680
Speaker 1: in China. Well, we think China's investable but really we

646
00:34:51,880 --> 00:34:54,440
Speaker 1: prefer the US assets because what you're seeing with a

647
00:34:54,520 --> 00:34:57,640
Speaker 1: volatility in Hong Kong and China, even in Europe it's

648
00:34:57,680 --> 00:34:59,920
Speaker 1: just a Russian to dollars, so dollar did not mean

649
00:35:00,000 --> 00:35:02,240
Speaker 1: at assets, and that just plays right into our thesis,

650
00:35:02,280 --> 00:35:05,440
Speaker 1: whether it's equities, corporate bonds, treasury. So we have a

651
00:35:05,520 --> 00:35:08,719
Speaker 1: home bias and the volatility of China is adding to

652
00:35:08,840 --> 00:35:11,959
Speaker 1: that and helping supporting that. So you don't see any

653
00:35:12,040 --> 00:35:16,640
Speaker 1: risk of contagion from the possibility that things continue to

654
00:35:17,200 --> 00:35:20,120
Speaker 1: move slowly in China in terms of the economy there

655
00:35:20,160 --> 00:35:22,960
Speaker 1: and that potentially having an impact on the broader global economy.

656
00:35:23,960 --> 00:35:26,920
Speaker 1: I think that's there's a risk for sure, Nathan, but

657
00:35:26,960 --> 00:35:28,759
Speaker 1: I think that risk has already been priced in. Look

658
00:35:28,760 --> 00:35:32,320
Speaker 1: at look at oil prices, for instance, commodity prices copper,

659
00:35:32,719 --> 00:35:36,799
Speaker 1: so that China slowdown is priced in, and now gradually

660
00:35:36,920 --> 00:35:38,880
Speaker 1: the reflation story is going to be priced in, and

661
00:35:38,960 --> 00:35:41,680
Speaker 1: that's more more upside. So I I agree with you

662
00:35:42,080 --> 00:35:45,800
Speaker 1: the thesis that China is a big player slow growth.

663
00:35:46,520 --> 00:35:48,840
Speaker 1: Getting your grips on the pandemic is very important, but

664
00:35:49,040 --> 00:35:51,320
Speaker 1: they recognize the problem and I think they're moving away

665
00:35:51,360 --> 00:35:54,520
Speaker 1: from zero COVID policy, and that's supportive of more assets

666
00:35:54,600 --> 00:35:57,400
Speaker 1: that would seem decline I eat, particularly oil. Are you

667
00:35:57,520 --> 00:35:59,920
Speaker 1: looking for slower growth in terms of the FED ray

668
00:36:00,160 --> 00:36:05,239
Speaker 1: hike path, slow down in aggressive policy tightening. We are,

669
00:36:05,400 --> 00:36:09,759
Speaker 1: our economists are looking for recession beginning Q one next

670
00:36:09,880 --> 00:36:13,440
Speaker 1: year extending into Q three. So basically all of virtually

671
00:36:13,480 --> 00:36:16,759
Speaker 1: all of that's been priced in as well. But we'll

672
00:36:16,760 --> 00:36:19,520
Speaker 1: see how that plays out. But for sure, monetary policies

673
00:36:19,560 --> 00:36:21,440
Speaker 1: as everyone now works with the lag and you know,

674
00:36:21,520 --> 00:36:24,120
Speaker 1: the hammer effect is coming very shortly in the Q

675
00:36:24,239 --> 00:36:26,320
Speaker 1: one and Q two here in the US. But I

676
00:36:26,400 --> 00:36:28,880
Speaker 1: think we're we're more optimistic that we can bounce out

677
00:36:28,920 --> 00:36:30,440
Speaker 1: of this. I do think if we're on the cost

678
00:36:30,520 --> 00:36:32,440
Speaker 1: of a global recession, I think that the markets are

679
00:36:32,600 --> 00:36:35,400
Speaker 1: are looking at the US will lead, so that that's important,

680
00:36:35,440 --> 00:36:36,879
Speaker 1: like what's on the other side, the U s will

681
00:36:36,960 --> 00:36:39,239
Speaker 1: lead the way forward when we look at talk about

682
00:36:39,280 --> 00:36:42,440
Speaker 1: recovery in the second half of next year into twenty four.

683
00:36:42,840 --> 00:36:46,719
Speaker 1: That's an interesting commentary from Morgan Stanley uh speculating that

684
00:36:46,760 --> 00:36:49,759
Speaker 1: the SMP could drop as much as fifteen percent in

685
00:36:49,880 --> 00:36:53,480
Speaker 1: the first quarter on the balance sheet unwind Is the

686
00:36:53,560 --> 00:36:59,080
Speaker 1: market paying enough attention to quantitative tightening, perhaps not in

687
00:36:59,200 --> 00:37:01,920
Speaker 1: Nathan over laid with that, it's just the earnings estimates

688
00:37:02,000 --> 00:37:04,680
Speaker 1: still have to come down. And I just think margin

689
00:37:04,760 --> 00:37:07,480
Speaker 1: pressure is gonna be really come home, come home the

690
00:37:07,560 --> 00:37:10,120
Speaker 1: roost in Q one, in the Q two, So it's

691
00:37:10,160 --> 00:37:12,640
Speaker 1: really going to separate good companies from the companies that

692
00:37:12,719 --> 00:37:16,520
Speaker 1: can't manage their costs. So yeah, the margin pressures, balance

693
00:37:16,560 --> 00:37:18,600
Speaker 1: sheet issues. I think that's a story the Q one

694
00:37:18,719 --> 00:37:20,560
Speaker 1: Q two, And I think that's kind of like where

695
00:37:20,600 --> 00:37:22,520
Speaker 1: we put in the bottom. And I don't you know

696
00:37:22,600 --> 00:37:24,560
Speaker 1: one can call a bottom. But when we get to

697
00:37:24,680 --> 00:37:27,440
Speaker 1: that point where the corporations are kind of throwing in

698
00:37:27,480 --> 00:37:30,839
Speaker 1: the towel on the earnings estimates, earnings in general will

699
00:37:30,880 --> 00:37:33,839
Speaker 1: fall reset and then we look forward and that's where

700
00:37:33,840 --> 00:37:35,839
Speaker 1: we see the rebound in the in the second half

701
00:37:35,880 --> 00:37:38,479
Speaker 1: of next year. No less than a minute left here, Joe,

702
00:37:38,600 --> 00:37:40,719
Speaker 1: what are you expecting to hear from Chairman Powell that

703
00:37:40,880 --> 00:37:43,719
Speaker 1: major speech tomorrow and what kind of market reaction are

704
00:37:43,719 --> 00:37:46,560
Speaker 1: you looking for? Well, I think he'll you know, kind

705
00:37:46,560 --> 00:37:50,200
Speaker 1: of reiterate what his Fed colleagues have said, you know yesterday,

706
00:37:50,280 --> 00:37:53,279
Speaker 1: that they're not done. Um, they've got to continue to

707
00:37:53,400 --> 00:37:56,440
Speaker 1: raise rate they're looking carefully at the labor market, retail

708
00:37:56,480 --> 00:37:59,000
Speaker 1: spending and so forth. So I think he'll he'll err

709
00:37:59,080 --> 00:38:01,360
Speaker 1: on the side of the more hawkish than dubbish. She

710
00:38:01,400 --> 00:38:03,840
Speaker 1: doesn't want to give the markets any to think the

711
00:38:04,000 --> 00:38:06,680
Speaker 1: hope of the pivots too early because inflation is still

712
00:38:06,760 --> 00:38:08,680
Speaker 1: too high. So he's got to be data dependent and

713
00:38:08,800 --> 00:38:13,680
Speaker 1: he's got to keep pushing hard job owning and quantaine tightening,

714
00:38:13,760 --> 00:38:16,799
Speaker 1: raising the bunds right to get inflation even remotely back

715
00:38:16,920 --> 00:38:18,959
Speaker 1: close to the two percent, so they're not even close

716
00:38:19,040 --> 00:38:21,560
Speaker 1: to two percent where we are today. Great to get

717
00:38:21,600 --> 00:38:23,520
Speaker 1: your thoughts. Thanks again for being with this job. Joe

718
00:38:23,600 --> 00:38:26,600
Speaker 1: Quinlin had of CEO Market Strategy at Meryl and Bank

719
00:38:26,640 --> 00:38:30,040
Speaker 1: of America Private Bank, Karen Nathan. It is five fifty

720
00:38:30,120 --> 00:38:32,600
Speaker 1: three on Wall Street. Time for the Bloomberg The Law Report.

721
00:38:32,680 --> 00:38:35,480
Speaker 1: Let's get an illegal stories We're watching this morning from

722
00:38:35,719 --> 00:38:42,960
Speaker 1: Bloomberg's Jeff Bellinger. Public areas of the Supreme Court will

723
00:38:43,000 --> 00:38:46,239
Speaker 1: reopen on Thursday. The sections were closed more than two

724
00:38:46,280 --> 00:38:49,000
Speaker 1: and a half years ago at the start of the pandemic.

725
00:38:49,800 --> 00:38:52,759
Speaker 1: Proposed class action filed in a New York federal court

726
00:38:52,840 --> 00:38:56,440
Speaker 1: accuse this Procter and gamble of deceptively portraying the amount

727
00:38:56,480 --> 00:38:59,080
Speaker 1: of laundry that can be cleaned with a single container

728
00:38:59,160 --> 00:39:03,560
Speaker 1: of pines. Stunt per gallon gas tax holiday will continue

729
00:39:03,680 --> 00:39:06,200
Speaker 1: through the end of the year in Connecticut, where state

730
00:39:06,280 --> 00:39:10,719
Speaker 1: lawmakers met in special session. Bloombird Law everything you need

731
00:39:10,920 --> 00:39:16,520
Speaker 1: on one legal research platform, guidance analysis and Bloomberg Market Intelligence.

732
00:39:16,800 --> 00:39:22,080
Speaker 1: Find out more at Bloomberg Lawn dot com. Right, Jeff,

733
00:39:22,120 --> 00:39:25,440
Speaker 1: Thanks now. Another legal story we're watching during oral arguments

734
00:39:25,480 --> 00:39:27,880
Speaker 1: in two cases is Supreme Court signal that will make

735
00:39:27,920 --> 00:39:31,880
Speaker 1: it harder to prosecute political corruption cases. Justices across the

736
00:39:31,960 --> 00:39:35,960
Speaker 1: ideological spectrum questioned the Department of Justice targeting those who

737
00:39:36,040 --> 00:39:39,480
Speaker 1: might be considered private lobbyists for so called honest services fraud.

738
00:39:39,800 --> 00:39:42,680
Speaker 1: For more, Bloomberg's June Grass speaks to Bloomberg News Supreme

739
00:39:42,719 --> 00:39:47,000
Speaker 1: Court reporter Greg Store, So, the justices are considering overturning

740
00:39:47,080 --> 00:39:51,440
Speaker 1: the conviction for so called honest services fraud of a

741
00:39:51,520 --> 00:39:55,880
Speaker 1: one time top aide to former New York Governor Andrew Cuomo.

742
00:39:56,080 --> 00:39:58,879
Speaker 1: Tell us about the arguments. This is a guy named

743
00:39:59,000 --> 00:40:02,400
Speaker 1: Joseph coco Go. He was was a top aide to

744
00:40:02,480 --> 00:40:06,880
Speaker 1: Andrew Cuomo and he was accused of accepting bribes on

745
00:40:07,000 --> 00:40:10,480
Speaker 1: behalf of a couple of companies with contractors. And the

746
00:40:10,600 --> 00:40:13,560
Speaker 1: key question in the case is there's this crucial eight

747
00:40:13,640 --> 00:40:16,279
Speaker 1: month period in which he wasn't a government employee. He

748
00:40:16,560 --> 00:40:19,880
Speaker 1: had gone to work for the Cuomo campaign. And the

749
00:40:20,000 --> 00:40:23,920
Speaker 1: question is whether this federal law that bars the deprivation

750
00:40:24,000 --> 00:40:27,399
Speaker 1: of honest services from the public, whether that can apply

751
00:40:27,560 --> 00:40:31,520
Speaker 1: to somebody who, during a crucial period was not actually

752
00:40:31,560 --> 00:40:34,960
Speaker 1: a government employee. And based on the arguments of the

753
00:40:35,000 --> 00:40:38,279
Speaker 1: Supreme Wood seems to think the answer to that is, Yeah,

754
00:40:38,400 --> 00:40:42,080
Speaker 1: probably not that we are worried that if we allow

755
00:40:42,360 --> 00:40:44,759
Speaker 1: this law to be used against somebody over conduct that

756
00:40:44,800 --> 00:40:47,719
Speaker 1: happened when they weren't a government employee, that that might

757
00:40:47,920 --> 00:40:52,000
Speaker 1: mean we are criminalizing lobbying, criminalizing somebody who is on

758
00:40:52,120 --> 00:40:54,520
Speaker 1: the outside of the government who is just trying to

759
00:40:54,600 --> 00:40:57,360
Speaker 1: pull the strings that they have that the advanced policies

760
00:40:57,440 --> 00:41:00,239
Speaker 1: and are getting paid for doing that work. And they've

761
00:41:00,280 --> 00:41:05,319
Speaker 1: been cutting back on these public corruption prosecutions for quite

762
00:41:05,360 --> 00:41:08,840
Speaker 1: a while. Yeah, there's been a couple of recent cases.

763
00:41:09,480 --> 00:41:12,480
Speaker 1: One the most recent one involved to allies as former

764
00:41:12,640 --> 00:41:15,880
Speaker 1: New Jersey Governor Chris Christie involving the remember that George

765
00:41:15,920 --> 00:41:19,759
Speaker 1: Washington Bridge Lane closing scandal. The court tossed out a

766
00:41:19,880 --> 00:41:23,839
Speaker 1: couple of convictions there. Then back in sixteen, they set

767
00:41:23,880 --> 00:41:27,759
Speaker 1: aside the conviction of former Virginia Governor Bob McDonald. In

768
00:41:27,920 --> 00:41:30,800
Speaker 1: that case, the court said the things he did didn't

769
00:41:30,880 --> 00:41:33,640
Speaker 1: rise to the level of official action. The court in

770
00:41:33,680 --> 00:41:38,360
Speaker 1: the McDonald case said that the governor could only be

771
00:41:38,520 --> 00:41:41,719
Speaker 1: prosecuted for honor services bought if you did something that

772
00:41:41,960 --> 00:41:43,880
Speaker 1: rose to the level of an official action. That it

773
00:41:44,080 --> 00:41:47,320
Speaker 1: wasn't enough if you just arranged a meeting for somebody,

774
00:41:47,440 --> 00:41:49,800
Speaker 1: that that couldn't be the kind of action that was

775
00:41:49,920 --> 00:41:53,720
Speaker 1: let you be criminally prosecuted. And that's Bloomberg News Supreme

776
00:41:53,760 --> 00:41:56,880
Speaker 1: Court reporter Greg Store speaking with the Bloomberg Student Grounse.

777
00:41:56,920 --> 00:41:59,480
Speaker 1: So Okay's more of that interview, plus analysis of the

778
00:41:59,520 --> 00:42:02,800
Speaker 1: latest Eagle News by subscribing to the Bloomberg Law Podcast.

779
00:42:03,040 --> 00:42:06,280
Speaker 1: Are downloading the show at Bloomberg dot com slash podcast.

780
00:42:06,560 --> 00:42:10,160
Speaker 1: Attorneys can find exceptional legal research and business development tools

781
00:42:10,360 --> 00:42:12,960
Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal

782
00:42:13,320 --> 00:42:16,719
Speaker 1: at b law Go. Futures this morning are on the Rise.

783
00:42:16,920 --> 00:42:20,359
Speaker 1: SNP futures up about nine points. Now futures are up

784
00:42:21,120 --> 00:42:24,040
Speaker 1: eight so they're little change. Nowsdack futures of fifty one.

785
00:42:24,120 --> 00:42:26,880
Speaker 1: The decks in Germany little changed it as well. The

786
00:42:26,960 --> 00:42:29,560
Speaker 1: tenure treasury up seven thirty seconds, Hell three point six

787
00:42:29,640 --> 00:42:31,920
Speaker 1: five percent and the yield on the two year four

788
00:42:31,960 --> 00:42:34,560
Speaker 1: point four two percent. And I'm x screwed oil is

789
00:42:34,600 --> 00:42:37,439
Speaker 1: a two point seven percent at seventy nine dollars thirty

790
00:42:37,480 --> 00:42:40,120
Speaker 1: one cents of barrel. Still ahead on Bloomberg day break

791
00:42:40,160 --> 00:42:42,120
Speaker 1: and check on the business headlines and all the news

792
00:42:42,360 --> 00:42:46,000
Speaker 1: you need to start your day. And this is Bloomberg