Speaker 1: Live from the Bloomberg and Directive Burger Studios. Is Bloomberg
Speaker 1: day Break for a Tuesday, November twenty nine Coming up.
Speaker 1: The markets react as the turmoil in China eases, Fed
Speaker 1: officials stress more rate hikes around the way. The Biden
Speaker 1: administration asked Congress to force a rail deal despite union objections,
Speaker 1: and Elon Musk has a public spat with Twitter's top advertiser,
Speaker 1: Apple d NYPD buses on multi million dollar operation of
Speaker 1: counterfeit goods. Plus, the Senate bill protecting same sex marriage
Speaker 1: is set to pass today. On Michael bar More, I'm
Speaker 1: John Stashwar Sports. The Red Hot Devils beat the Rangers,
Speaker 1: Nets beat the Magic and its winner go home for
Speaker 1: the US today at the World Cup. That's all s
Speaker 1: train ahead on Bloomberg Daybreak on Bloomberg. He Live in
Speaker 1: Free on New York Bloomberg nine one, Washington d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and
Speaker 1: Francisco Sirius x M one nine Team and around the
Speaker 1: world Old on Bloomberg Radio dot Com and via The
Speaker 1: Bloomberg Business. Good Morning, I'm Nathan Hagar and I'm Karen Moscow.
Speaker 1: In the US futures are mostly higher this morning. We're
Speaker 1: coming up to five oh one on Wall Street, and
Speaker 1: we check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, SNP futures up about E. Floyd's down futures
Speaker 1: are little changed. NASDACK futures at forty three. The decks
Speaker 1: in Germany is down at quarter percent, and the tenure
Speaker 1: treasury up to thirty seconds. Heel three point six seven
Speaker 1: percent yield on the two year four point four three percent. Nathan, Okay, Karen.
Speaker 1: We'll get back to the markets in a minute, but
Speaker 1: first you want to update you on the situation in China.
Speaker 1: Health officials have held their first briefing since protests over
Speaker 1: COVID restrictions began last week. Bloomberg's Rebecca Chung Wilkins has
Speaker 1: the latest from Hong Kong. We saw quite muted, if
Speaker 1: any activity overnight. UM we feel very heavy police present
Speaker 1: in a lot of major Chinese cities like Beijing and Shanghai.
Speaker 1: UM and and part that did need needed to quite
Speaker 1: a reduced effort. UM the briefing. Quite frankly, save Ore
Speaker 1: has steered away from really covertly talking about the protest
Speaker 1: but there did seem to be a somewhat sort of
Speaker 1: softening in tone from authorities, acknowledging that some of the
Speaker 1: implementation of COVID controls has been relatively strict. Bloomberg's Rebecca
Speaker 1: Cheung Wilkins reports China plans to speed up vaccinations for
Speaker 1: the elderly, but it's stopping short of enacting mandates. Well Nathan.
Speaker 1: Stocks in Asia surged as unrest over COVID curbs ease.
Speaker 1: Hong Kong's Hang Sang Index rally more than five percent,
Speaker 1: Well stocks in China gain three percent. Let's get the
Speaker 1: recaul from Bloomberg's Juliet Sally and Singapore Good Morning, Juliette,
Speaker 1: Good Morning Nathan, and Karen Shares rallied in Hong Kong
Speaker 1: and on the mainland as some investors speculated that the
Speaker 1: protests may hasten has shift away from COVID zero policies.
Speaker 1: Traders also took hard from the lifting of China's multi
Speaker 1: year ban on share sales by builders. China's Tendia government
Speaker 1: bondi ULD advanced to its highest level in a year,
Speaker 1: as support measures announced for the property sector danted hopes
Speaker 1: of further monetary policy easing, and the Japanese end rose,
Speaker 1: as did an index of emerging market currencies in Singapore.
Speaker 1: Juliette Sally Bloomberg Daybreak. Okay, Juliet thanks, Now, let's take
Speaker 1: a look at US China relations now or the response
Speaker 1: to a Jings crackdown on protests so far has been muted,
Speaker 1: Bloomberg said. Baxter has the story. The US has spoken
Speaker 1: very strongly in the past about human rights, and now
Speaker 1: National Security Council spokesman John Kirby says, a watchful eye here.
Speaker 1: We're watching this closely as you might expect we would,
Speaker 1: and again we continue to stand up and support the
Speaker 1: right of peaceful protests. Um and I think we're going
Speaker 1: to watch this closely and we'll see where things go.
Speaker 1: Kirby says the Biden administration does not expect the protest
Speaker 1: to affect the supply chain or global economy. In San Francisco,
Speaker 1: I'm at Baxter Bloomberg Daybreak, All right, and thank you. Meantime,
Speaker 1: President in Biden and how Speaker Nancy Pelosi are moving
Speaker 1: to prevent a shutdown of the U S freight railroad systems.
Speaker 1: Amy Morris has details from our Bloomberg newsroom in Washing ten,
Speaker 1: President Biden asked Congress to intervene to block a strike.
Speaker 1: VOWS is preparing to take up a bill to impose
Speaker 1: a labor settlement despite some union's objections. Belosi says they're
Speaker 1: making the move reluctantly, but they have to avoid what
Speaker 1: she calls a catastrophic nationwide strike, which could hurt the
Speaker 1: economy by crippling supply chains. A coalition of more than
Speaker 1: four hundred business groups sent a letter to congressional leaders
Speaker 1: urging them to step in. The strike deadline is December
Speaker 1: nine in Washington. I'm anymore as Bloomberg daybreak. All right, Amy, Thanks.
Speaker 1: Another major impact on the economy in recent months has
Speaker 1: been higher interest rates, and now FED officials are stressing
Speaker 1: the Central Bank is not done hiking. Here's New York
Speaker 1: Fed President John Williams further typing ente policy should help
Speaker 1: restore balance between demand and supply and bring inflation back
Speaker 1: to two percent over the next few years. It will
Speaker 1: take some time, but I'm fully confident that will return
Speaker 1: to a sustaining period of prison bill. New York Fed
Speaker 1: President John Williams made those comments at a virtual event
Speaker 1: hosted by the Economic Club of New York. At the
Speaker 1: same time, St. Louis FED President Jim Bullard said, as
Speaker 1: financial markets are underestimating the chance of more aggressive policy
Speaker 1: next year, they're counting the first two fifty basis points
Speaker 1: as if that was a tightening of monetary policy. But
Speaker 1: really that's just getting up to the long run neutral
Speaker 1: level of the policy rate. We've only recently moved into
Speaker 1: restrictive territory, and we're going to have to move farther
Speaker 1: in order to keep inflation under control. St. Louis Fed
Speaker 1: President James Bullard and other officials if signaled they planned
Speaker 1: to raise rates by fifty basis points next month. Well.
Speaker 1: Nathan Moore Science this morning the aggressive Fed titan and
Speaker 1: could lead to a recession. A gauge of global bonds
Speaker 1: measuring the worldwide yield curve has inverted for the first
Speaker 1: time in at least two decades. The inversion of the
Speaker 1: yield curve has typically seen as a prediction for a
Speaker 1: recession as investors switch money to longer term bonds due
Speaker 1: to pessimism over the short term outlook. It's turn to
Speaker 1: crypto now, Karen, the fallout from f t X continues.
Speaker 1: Block five is the latest crypto firm to collapse. The
Speaker 1: digital asset Lander says it will use Chapter eleven to
Speaker 1: recover everything it's owned by. Counterparties include Thing f t X,
Speaker 1: but black Fire acknowledged that recoveries are likely to be
Speaker 1: delayed by ft x is bankruptcy and Nathan Elon Musk
Speaker 1: is in the spotlight again this morning. The billionaire is
Speaker 1: publicly attacking Apple, which is one of Twitter's top advertisers,
Speaker 1: much as Apple has cut its Twitter advertising and threatened
Speaker 1: to bluff the social network from its app store. Kurt
Speaker 1: Wagner has more from our Bloomberg nine sixty newsroom in
Speaker 1: San Francisco. The app store is is probably um the
Speaker 1: main way or one of the main ways that most
Speaker 1: of its users get the app get app updates. So
Speaker 1: you know, for example, I believe the app world still
Speaker 1: work on my phone, but in order to you know,
Speaker 1: get an updated version, I have an iPhone, I might
Speaker 1: have to you know, figure out a way to download
Speaker 1: that from the web. It's the kind of thing that's
Speaker 1: going to erode over time and causes a lot of
Speaker 1: people to either stop using Twitter or or you know,
Speaker 1: possibly have to move to a different device. And so
Speaker 1: that's a huge issue. And one of the reasons I
Speaker 1: tweeted that I think Twitter needs Apple a lot more
Speaker 1: than Apple needs Twitter here, and that's because Apple has
Speaker 1: the distribution that it's at its fingertips. Bloombery Technology reporter
Speaker 1: Kurt Wagner says Elon Musk is firing back at Apple,
Speaker 1: asking whether it hates free speech. And futures this morning
Speaker 1: higher SNP futures up about seven points down. Futures they're
Speaker 1: little change. Nasdaq futures at thirty eight. Straight ahead, your
Speaker 1: latest local headlines plus a check of sports. And this
Speaker 1: is Bloomberg. Thanks hearing. It's five oh seven on Wall Street,
Speaker 1: thirty seven degrees in Central Park westbound cross Bronx Expressway
Speaker 1: is closed at Jerome Avenue. Will tell you whine traffic shortly. First,
Speaker 1: Michael Bars here with what else is going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. The NYPD made a big bust stopping a
Speaker 1: counterfeit goods operation. Police seized over ten million dollars in
Speaker 1: knockoff merchandise from vendors on Canal Street. During a news conference,
Speaker 1: officials set authorities had gotten several complaints in Lower Manhattan
Speaker 1: about the fake purses, sneakers and other items being sold
Speaker 1: on the streets in my PD. Chief of Patrol Jeffrey
Speaker 1: Madre spoke to ABC's have A Sidewalks were blocked, there
Speaker 1: was property everywhere. Merchandise everywhere initially impacts local businesses in
Speaker 1: a negative manner. Chief Madre says seventeen people were arrested
Speaker 1: and three truckloads of counterfeit items received. Five new Haven,
Speaker 1: Connecticut police officers were charged yesterday in a June incident
Speaker 1: that left a thirty six year old man paralyzed. Prosecutors
Speaker 1: say Randy Cox was handcuffed and not wearing a seat
Speaker 1: belt when he flew head first into the back of
Speaker 1: a police transport van when the drivers suddenly stopped. New
Speaker 1: Haven Mayor Justin Elker new Haven is committed to accountability
Speaker 1: for all individuals involved in this tragic incident. Baron Elkers
Speaker 1: says the officers were charged with reckless endangerment and cruelty. Meanwhile,
Speaker 1: cons his family is filed a one hundred million dollars
Speaker 1: civil suit against the officers and the city. A Senate
Speaker 1: bill protecting same sex marriage cleared another procedural hurdle last night.
Speaker 1: An amendment to respect for Marriage Act would ensure it
Speaker 1: does not infringe on religious rights and protections. Passage of
Speaker 1: the legislation is expected today. Former Vice President Mike Penn
Speaker 1: said Donald Trump showed poor judgment for dining last week
Speaker 1: at his Smarlango resort with rapper Ya and well known
Speaker 1: white nationalist Nick Fluentis. Penn says his former boss should
Speaker 1: denounce their hateful rhetoric without qualification. President Trump was wrong,
Speaker 1: uh to give a white nationalist, um um, an anti
Speaker 1: semid and Holocaust denier a seat at the table, and
Speaker 1: I think you should apologize. Penn spoke to News Nation.
Speaker 1: New Jersey Democratic Governor Phil Murphy says his administration has
Speaker 1: launched a review of its handling of the COVID nineteen pandemic.
Speaker 1: The governor, in a statement says the administration hired the
Speaker 1: regional law firm and a management consulting firm. A report
Speaker 1: is expected in late three. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven journalists analysts more than a hundred
Speaker 1: twenty countries. Michael Bart, this is Bloomberg NA. Sorry Michael. Thanks,
Speaker 1: Come up to five ten on All Street time for
Speaker 1: the Bloomberg Sports Update, brought to you by Price stayed Out.
Speaker 1: Good morning, John stash Our morning, Nathan First beating the
Speaker 1: season between the Devils and Rangers, who were in the
Speaker 1: NHL's Final four last season. Devil's haven't even been to
Speaker 1: the playoffs since Steith has an eight team, but no
Speaker 1: doubt who the better team has been so far this season.
Speaker 1: The Devils started Owen too. They are nineteen and two.
Speaker 1: Since then, they won five three at the Garden, coming
Speaker 1: back in early to nothing, Deaf said at Barkley's forty
Speaker 1: five points for Kevin Durandy missed only five shots the
Speaker 1: net speed Orlando one nine one o two to get
Speaker 1: the five hundred. Kyrie irving at a twenty. Ben Simmons,
Speaker 1: who's finally been starting to play like he did with Philadelphia,
Speaker 1: heard his knee. He's day today. Kemba Walker, the New
Speaker 1: York native who's homecoming with the Knicks last season did
Speaker 1: not go well, has signed with Dallas. The MAVs hope
Speaker 1: he can fill the role Jalen Brunson had with them
Speaker 1: last season. Brunson out course with the Knicks. The Yankee
Speaker 1: offseason goals try and get better than Houston with the
Speaker 1: Astros already World Series champs, and they just signed three
Speaker 1: agents lover JOSEA. Brey, who spent nine years with the
Speaker 1: White Sox, head of the a L m v P.
Speaker 1: When the Night Football Pittsburgh beat Indianapolis to seventeen. The
Speaker 1: US World Cup team playing well in the draw with England,
Speaker 1: but in reality their situation would likely be the same
Speaker 1: as it is now had they lost that game, beat
Speaker 1: Iran today, advanced Louse or have a third straight tie
Speaker 1: and they are leaving Kitar. The U S coach was
Speaker 1: Greg Berhalter. Make no mistake about it. This is a
Speaker 1: knockout game for both teams, so it's gonna be a
Speaker 1: high level intensity. Um. You know, I love what our
Speaker 1: rands done um so far, especially the last game, a
Speaker 1: lot of commitment, UM, really good counterattacking and um, you know,
Speaker 1: we expect it to be a hotly contested game and
Speaker 1: we'll be ready for it. Starts STU o'clock. John actually
Speaker 1: were blue Berg Sports David all Right, John, Thanks, SMP
Speaker 1: futures now up nine points, Stown futures up twenty four.
Speaker 1: Dance futures are highed by forty four points. Send your
Speaker 1: treasury is up to thirty seconds, the yield three point
Speaker 1: six seven percent. You're listening to Bloomberg Daybreak, Bloomberg Sports
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Speaker 1: for more information, markets, headlines and breaking news twenty four
Speaker 1: hours a day. At Bloomberg dot Com the Bloomberg Business
Speaker 1: Out and at Bloomberg Quicktake, He's a Bloomberg Business lash
Speaker 1: and I'm Karen Moscow and US dot Index futures are
Speaker 1: pointing to a moderately stronger open as speculation mounts that
Speaker 1: unrest in shiny cities over COVID restrictions would force authorities
Speaker 1: to move faster in loosening the curves. We check the
Speaker 1: markets every fifteen minutes throughout the trading day. On bloombergs
Speaker 1: and Future is up about eleven points, Dow Future is
Speaker 1: up thirty four, NASTAG futures up fifty. The decks in
Speaker 1: Germany is little change. Ten year treasury of too thirty
Speaker 1: seconds here three point six seven percent field on the
Speaker 1: two year four point four three percent. Nine x scrude
Speaker 1: oil is a two point three percent of a dollar
Speaker 1: seventy nine at seventy nine dollars three cents of arrow.
Speaker 1: Comic schooled up eight tenths percent or thirteen dollars fifty
Speaker 1: cents at seventeen sixty eighty announced the euro one point
Speaker 1: three two against the dollar. British found one point two
Speaker 1: zero one three and the end is at one thirty
Speaker 1: eight point one zero. Bitcoin is up one point nine
Speaker 1: percent at sixteen five hundred dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael, good morning, Good morning Karen. Chinese
Speaker 1: universities are sending students home as the ruling Communist party
Speaker 1: titans anti virus controls and tries to prevent more protests.
Speaker 1: Crowds entered by its severe zero COVID restrictions have called
Speaker 1: for President Shi Jing Ping to resign. President Biden is
Speaker 1: asking Congress to intervene and block a railroad strike before
Speaker 1: next month's deadline. At the World Cup later today, the
Speaker 1: US faces Around in a match with straw political overtones.
Speaker 1: Around is angry after the US Soccer Federation displayed on
Speaker 1: social media uh doctor and image of the Iranian flag
Speaker 1: without the emblem of the Islamic Republic. The US must
Speaker 1: beat around to advance. In the NFL, the Steelers beat
Speaker 1: the Colts seventeen, in the NBA, the Nets, Wizards and
Speaker 1: Celtics one, and the NHL the Devils beat the Rangers.
Speaker 1: Five three. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty journalists analysts more than a hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg. Nathan. Okay, Michael. Thanks, It's
Speaker 1: five nineteen on Wall Street Live from the Bloomberg Interactive
Speaker 1: Brokers Studios. This is Bloomberg Daybreak, and we want to
Speaker 1: get the latest on the situation in China with these
Speaker 1: days of protests continuing over strict COVID measures. Joining us
Speaker 1: live from Hong Kong. Now is Bloomberg Chief Asia Economics
Speaker 1: correspondent and the current and a good morning. As Michael
Speaker 1: mentioned in the news there, we have seen some pretty
Speaker 1: strong crackdowns on these protests. At the same time, we're
Speaker 1: hearing something of a more conciliatory tone from Chinese health officials,
Speaker 1: what more can you tell us about what's happening there?
Speaker 1: So two developments across China today. And the one side
Speaker 1: of things, the protests have been subdued because there was,
Speaker 1: of course a very strict police response to those protests.
Speaker 1: That wants to be expected. These protests were unprecedented. They
Speaker 1: were splicitly criticizing the Communist Party and in some cases
Speaker 1: calling for President Shooting to step down. So obviously there
Speaker 1: would be a response, and that's what that is what
Speaker 1: has happened. Some of our colleagues in Beijing made the
Speaker 1: point as well that sub zero weather conditions also probably
Speaker 1: meant that the kept protesters office three. So that type
Speaker 1: of things has gone quiet. Secondly, the government came out
Speaker 1: today with a pledge to focus on increasing the vaccination rates,
Speaker 1: and in particular increasing the vaccination right at the elderly, aged,
Speaker 1: aging and above. That's the segment of the population that
Speaker 1: is under protected at the moment, either via actual vaccination
Speaker 1: job or boosters. Now they said they would promotedvaccination in
Speaker 1: nursing homes. They said they would use a big data
Speaker 1: for example, the target those who have not been laccinated,
Speaker 1: but they didn't detail any specifican mandates or new rules
Speaker 1: out force people to get the vaccination regardless, I think
Speaker 1: all of the development today are being taken by analysts
Speaker 1: as a kind of another step in China process towards
Speaker 1: eventually exiting COVID zeroin that it certainly happens that they're
Speaker 1: going to live with the virus or anything like that,
Speaker 1: have the long road ahead, but it seems as though
Speaker 1: trying to maybe taking at least from of the initial
Speaker 1: steps from that journey. So it's an initial step, And
Speaker 1: or is the Chinese government signaling any further steps it
Speaker 1: could take to try to get past COVID zero. Well,
Speaker 1: we all know the complications in this. A few weeks
Speaker 1: ago China did come out with the twenty point Plan,
Speaker 1: which probably speaking tweets and relaxed some measures, say around
Speaker 1: the duration of quarantine and testing environments to land in
Speaker 1: China and on the ground, changed up how local authorities
Speaker 1: should deal with outbreaks of the virus. But at the
Speaker 1: same time we already to keep preaching that they don't
Speaker 1: want the virus is spread because we all know China
Speaker 1: is as I just discussed, it's under protected in terms
Speaker 1: of its allergy population. When it comes to vaccines, It's
Speaker 1: hospital networks isn't at the kind of level it would
Speaker 1: need to be to cope with a major outbreak obvios
Speaker 1: the disease, and obviously if COVID walter run ramp and
Speaker 1: China will be dealing with a major public health issue,
Speaker 1: which of course would have also have knock on consequences
Speaker 1: and supply change. And it's about economy, so it's in
Speaker 1: something of a difficult position. The question for Chinese how
Speaker 1: does it navigate out of this on the one hand,
Speaker 1: trying to control the spread of the virus, on the
Speaker 1: other hand, of course, allowing the economy to get back
Speaker 1: on the street. Is that it's a very difficult position
Speaker 1: for them, and that's why I think a lot of
Speaker 1: anilets they're making the point. They seem to be making
Speaker 1: baby steps out towards towards changing up its COVID game
Speaker 1: plan that will probably become a hybrid of somewhat mitigating
Speaker 1: against the RUS will also of course allowing mobility and
Speaker 1: consumers to get back on the road again. And as
Speaker 1: we've been mentioning, many of the demonstrators have been calling
Speaker 1: on Chinese President she Jinping to resign over this we've
Speaker 1: mentioned sort of the unprecedented nature of some of these protests.
Speaker 1: How much of a potential risk does this put on
Speaker 1: President She's leadership. Well so, the protest varied in scale
Speaker 1: and size, according to our colleagues in Beijing, CHINAI there
Speaker 1: was also a small scale protests in Hong Kong last
Speaker 1: night as well. By the way, um, you know, listening
Speaker 1: to the experts, nobody I think is of his view
Speaker 1: just yet that this is posing a major systemic straat
Speaker 1: to the government authority, righting like that, we know the
Speaker 1: President She just of course themented his command. He was
Speaker 1: appointed key supporters into top positions, so it's not widely
Speaker 1: felt that there is a director on the government. But
Speaker 1: nonetheless it is sensitive. It is very delicate for the authorities.
Speaker 1: They on the one hand, will want to live some
Speaker 1: of the public frustration to be vented. I seem to
Speaker 1: do what we're doing by Alane, the protests to be
Speaker 1: spread the way they did in the first instance. But
Speaker 1: on the other hand, of course, they'll want to make
Speaker 1: sure they don't spread beyond their comfort tone. That's why
Speaker 1: they heavily centered the social media posting. That's why they
Speaker 1: responded the way they did last side with those arresting
Speaker 1: with the police response. So it's very It is tricky
Speaker 1: in sensitive In China, protests against the government are not allowed,
Speaker 1: but I happened here too many experts. Experts say just
Speaker 1: yet that it's a major threat for the government. Yeah,
Speaker 1: trying to stop protests and the virus from spreading. Thanks
Speaker 1: for this and a great having on with us as always,
Speaker 1: Bloomberg Chief Asia Economics correspondent and the current joining us
Speaker 1: live this morning from Hong Kong. S ANDP futures right
Speaker 1: now up eleven points, Staff futures up thirty nine and
Speaker 1: Nasdaq futures up fifty five points. Seeing a little bit
Speaker 1: of strengthening in the futures contracts right now. The tenure
Speaker 1: treasury is moving higher as well, up for thirty seconds,
Speaker 1: the yield down to three point six six. You're listening
Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh Weather mostly sunny today,
Speaker 1: HIGs in the upper forties. Tomorrow we'll see rain and
Speaker 1: the breeze a little milder, high in the upper fifties.
Speaker 1: We'll be back in the mid forties. Sunny, breezy for Thursday.
Speaker 1: Right now thirty seven in central Park, broadcasting live from
Speaker 1: the Bloomberg Interactive Broker Studio in New York. Bloomberg E
Speaker 1: Living Freedom to Washington, d C, Bloomberg to Boston, Bloomberg
Speaker 1: one oh six one, to San Francisco, Bloomberg sixty to
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Speaker 1: globe the Bloomberg Business app and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Daybreak at It's five thirty on Wall Street.
Speaker 1: Good morning, I'm Kared Moscow, I'm Nathan Hegar. Bloomberg Daybreak
Speaker 1: is brought to you by se I Imagine your asset
Speaker 1: management firms. Operational infrastructure is a competitive vantage. Let s
Speaker 1: e I show you how at se I C dot
Speaker 1: com slash I M S and we're just about four
Speaker 1: hours away from the open of US trading. Let's get
Speaker 1: you up to date on the news you need to
Speaker 1: know at this hour. We begin in China, where officials
Speaker 1: say they're looking to speed up COVID vaccinations for senior citizens,
Speaker 1: but they're stopping short of mandates. It comes on the
Speaker 1: heels of protests to China's strict COVID policies. Craig Singleton,
Speaker 1: Senior China. Fellow at the Foundation for Defensive Democracy says
Speaker 1: President Hijin Ping might not have many options for easing restrictions.
Speaker 1: I suspect going forward, the big problem that's going to
Speaker 1: be that the CCP has not articulated a clear path
Speaker 1: out of zero. COVID Ing has so closely staked his
Speaker 1: legacy on the notion that China's pandemic response has been
Speaker 1: better than the West, that narrative would be really damaged
Speaker 1: if China lifted these controls. Craig Singleton with the Foundation
Speaker 1: for the Defensive Democracies is a guest on Bloomberg Sound
Speaker 1: On Catch the Show weekdays at five pm Eastern on
Speaker 1: Bloomberg Radio. Meantime, Careen. The US is taking note of
Speaker 1: China's response to the protest. National Security con spokesman John
Speaker 1: Kirby talked about it yesterday. People should be allowed the
Speaker 1: right to assemble and to peacefully protests policies or laws
Speaker 1: or dictates that they take issue with. National Security Council
Speaker 1: spokesman John Kirby says the White House does not expect
Speaker 1: the protests to affect supply chains. All the while, Nathan
Speaker 1: Stocks in Asia searched with the unreshed over COVID curbs easing.
Speaker 1: Hong Kong's Hang Sang Index rarely more than five percent,
Speaker 1: while stocks in China game three percent. US futures rose
Speaker 1: and European stocks also opened higher. Looking at the broader economy,
Speaker 1: Karen FED officials are stressing more rate hikes are on
Speaker 1: the way to curb inflation. New York Fed President John
Speaker 1: william says it will take some time to get the
Speaker 1: price stability, and St. Louis President Jim Bullard says markets
Speaker 1: should expect aggressive tightening into next year. We've only recently
Speaker 1: moved into restrictive territory, and we're gonna have to move
Speaker 1: farther in order to keep inflation under control. St. Louis
Speaker 1: Fed President Jim Bullard and other officials have signaled they
Speaker 1: planned to raise rates by fifty basis points next month,
Speaker 1: and E Gauge of global bonds is revealing aggressive FED
Speaker 1: tightening could lead to our recession. Nathan Engage, measuring the
Speaker 1: worldwide yield curve, has inverted for the first time in
Speaker 1: at least two decades. The inversion is typically seen as
Speaker 1: a sign of pending recession, and in politics today, can
Speaker 1: President Biden and House Speaker Nancy Pelosi, are moving to
Speaker 1: prevent a shutdown of the nation's freight railroads. The White
Speaker 1: House is asking Congress to intervene. The House is preparing
Speaker 1: to take up a bill that would impose a labor settlement.
Speaker 1: And futures this morning are higher. SNP futures up twelve
Speaker 1: points now, futures at forty seven and NASTAG futures up sixty.
Speaker 1: Straight ahead, your latest local headlines plus the check of sports,
Speaker 1: and this is Bloomberg. Thankscing thirty three on Wall Street,
Speaker 1: thirty seven degrees in Central Park. Still got that closure
Speaker 1: westbound cross Bronx to Jerome Avenue. Michael Barr is here
Speaker 1: with what else is going on in New York and
Speaker 1: around the world. Michael, thank you very much. Nathan. New
Speaker 1: York City police busted a massive counterfeit operation last night,
Speaker 1: hauling away ten million dollars worth of bogus merchandise and
Speaker 1: arresting seventeen people, one bystandard whitnes us. The sudden takedown,
Speaker 1: how you sol is yd jumping out unmarked cars, mark cars,
Speaker 1: patty wagons. They got the clear the whole thing from
Speaker 1: here to here. And these guys used to sit up
Speaker 1: all night roll its, watches, everything you can imagine, East Laurent,
Speaker 1: all of this stuff. In planning the raid, police worked
Speaker 1: with luxury goods manufacturers who examined the merchandise in advance
Speaker 1: to certify it was counterfeit. In my PD, Chief of
Speaker 1: Patrol Jeffrey Madre, she will look at the property and say,
Speaker 1: this is this is not authentic, This is a knock
Speaker 1: off bag, this is a fake pass neath this. Chief
Speaker 1: Madre says. Those arrested are now facing charges such as
Speaker 1: trademark counterfeiting property over a thousand dollars, which is a
Speaker 1: felony offense. A white supremacist will spend the rest of
Speaker 1: his life in prison for killing ten black shoppers and
Speaker 1: workers in a Buffalo grocery store. Last May, nineteen year
Speaker 1: old Peyton Gendron pleaded guilty to several charges, including murder
Speaker 1: and hate motivated domestic terrorism charges which carry an automatic
Speaker 1: sentence of life without parole. Garnel Whitfield's mother was shot
Speaker 1: and killed in the supermarket. Whitfield is calling on lawmakers
Speaker 1: to act. I want them to call out white supremacy.
Speaker 1: I want them to treat it like the cancer that
Speaker 1: it is. Garnel Woodfield who watched the court proceedings, says
Speaker 1: Gendron had no emotion, he had no regret, and had
Speaker 1: no remorse. A Senate bill protecting same sex marriage cleared
Speaker 1: another procedural hurdle last night, with the passage of the
Speaker 1: legislation expected today. Vote allows the Senate to move ahead
Speaker 1: with an amendment to the measure that ensures it does
Speaker 1: not infringe on religious rights and protections. The Respect for
Speaker 1: Marriage Act would federally recognize same sex marriages and ensure
Speaker 1: benefits for all married couples. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalists analysts more than a
Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg, Nathan,
Speaker 1: Thank you, Michael. On Wall Street. Time for the Bloomberg
Speaker 1: Sports out Day, brought to you by Tri State. How
Speaker 1: do you use Banks? Faith and the Rangers got their
Speaker 1: first up close look at the Devil's who began the
Speaker 1: season oh and two, but our nineteen and two since
Speaker 1: they began last night. Down to nothing O, Tommy Pair
Speaker 1: and Mika's advantage ad with Ranger goals in the first
Speaker 1: three minutes with the Devils with two in the first period,
Speaker 1: two more in the second empty, yet at the end
Speaker 1: they won five three at the Garden. The Nets, after
Speaker 1: the slow start of Claude back to five hundred, they
Speaker 1: beat Orlando at Barkley's one oh nine one oh two.
Speaker 1: Kevin Durant was superb forty five points. He shot nineteen
Speaker 1: of twenty four, but the Nets loft Ben Simmons doing
Speaker 1: knee injuries. Day to day. Kemba Walker has been last
Speaker 1: season with the Knicks, signed with Dallas Baseball free agent
Speaker 1: Sonning Jose ah Breo with the World champions Eastern Astros.
Speaker 1: When of the football a couple of subpar a FC
Speaker 1: teams Pittsburgh one at Indianapolis four to seventeen. Jets coach
Speaker 1: Roberts Sala confirmed the obvious Mike White will start Sunday
Speaker 1: at Minnesota, but Sali said his quarterback situation is week
Speaker 1: to week and the intent is still to get Zach
Speaker 1: Wilson ready to play. Tiger Wood was gonna play in
Speaker 1: the Bahamas this weekend, He's got a foot injury had
Speaker 1: to pull out. The US World Cup team tied England,
Speaker 1: who beat Around easily sixty two, but Iran beat Wales,
Speaker 1: who the U S could not beat. It's the US
Speaker 1: and around today and the American captain is midfielder Tyler
Speaker 1: at it. It's gonna be a tough battle. You know,
Speaker 1: we're gonna have to have a lot of energy in
Speaker 1: this game and make sure that we're mentally prepared, pay
Speaker 1: attention to all the details in the game set pieces. Um,
Speaker 1: and their midfield is quite impressive, you know, very technical midfield.
Speaker 1: And you know, for me it's always difficult to play
Speaker 1: against the technical midfield when they can control the ball
Speaker 1: and control the game. So um, you know, we're gonna
Speaker 1: have to do our homework on on on them on
Speaker 1: the games that they played previously. Who has victory today
Speaker 1: and it's onto the knockout round, loss or a tie
Speaker 1: and they're going home. John statchd with Bloomberg Sports. Nathan
Speaker 1: all Right, John, thanks for thirty seven on Wall Street
Speaker 1: time for the Tri State Business Report with Bloomberg's Joan Donager.
Speaker 1: The computer network at a Brooklyn hospital group crashed more
Speaker 1: than a week ago, and the post says patients from
Speaker 1: Brookdale in her Faith and Kingsbrook Jewish hospitals have been
Speaker 1: redirected for treatment and medical staffers can't access patient records.
Speaker 1: The post says that crash is a potential data security risk.
Speaker 1: The union representing student workers at Columbia Universities demanded and
Speaker 1: received an apology for what the school newspaper says was
Speaker 1: an interruption of a union meeting by uniformed NYPD officers.
Speaker 1: The chair of the union group says officers questioned him
Speaker 1: about a suspected protest. The union is accusing the university
Speaker 1: of sending the officers to disrupt the meeting, and worries
Speaker 1: about inflation of not stopped raises at a number of
Speaker 1: New Jersey businesses. The New Jersey Business and Industry Association
Speaker 1: survey of business leaders in the state also finds businesses
Speaker 1: saw increased sales and often larger profits this past year,
Speaker 1: but n J Spotlight says they're still worried about regulations
Speaker 1: and taxes. That's the Bloomberg Tri State Business Report. I'm
Speaker 1: John Donneger. All right, John, thank you, five thirty eight
Speaker 1: on Wall Street. Bloomberg Radio is on the air from
Speaker 1: San Francisco to New York, London to Hong Kong. Let's
Speaker 1: check in with our global news team for some of
Speaker 1: the top stories heard on our three hundred affiliate radio
Speaker 1: stations around the world. I'm Steve Potus on K and
Speaker 1: X in Los Angeles. We're talking about California based in
Speaker 1: and Out Burger taking the top spot and a survey
Speaker 1: of America's favorite burger chains on Corney Donahoe on ktr
Speaker 1: H in Houston, Jatholeene prices have fallen to their lowest
Speaker 1: level since February. I'm Gina Servetti in for w f
Speaker 1: l A in Orlando. I'm reporting that Disney's returning CEO,
Speaker 1: Bob Iger, is revisiting some of his predecessor's more controversial decisions,
Speaker 1: including requiring reservations for guests at theme parks. I'm Stephen
Speaker 1: Carol and Bloomberg d A B Radio in London. We've
Speaker 1: been reporting I'm the Prime Minister of Rishi Sunacs saying
Speaker 1: the golden era of UK China relations is over, but
Speaker 1: that he wants to engage with be James. I'm Joan
Speaker 1: Donnager telling w w J listeners in Detroit that General
Speaker 1: motors dealerships have a growing business repairing Tesla's Those are
Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists
Speaker 1: and analysts are working on this morning around the world.
Speaker 1: It's five thirty nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. President Joe Biden has often described
Speaker 1: his plan to cancel some federal student loan debts as
Speaker 1: a game changer, and in one sense, this policy has
Speaker 1: proved transformative, but by making a bad system worse. Biden's
Speaker 1: plan would provide ten thousand dollars in relief to individual
Speaker 1: borrowers with annual incomes of one thousand dollars a year
Speaker 1: or less, but a federal appeals court recently ruled in
Speaker 1: favor of six Republican led states that opposed loan forgiveness.
Speaker 1: So with its plan stalled, the administration has resorted to
Speaker 1: a fallback, extending a freeze on federal student loan payments,
Speaker 1: which has been in place since the start of the pandemic.
Speaker 1: It's difficult to overstate the folly of this decision. Freezing
Speaker 1: student loan payments made some sense during the early months
Speaker 1: of the pandemic, but there's no such justification now. Biden
Speaker 1: has decided to double down on a costly mistake. This
Speaker 1: editorial was written by the Bloomberg Editorial Board. For more
Speaker 1: Bloomberg Union, please go to Bloomberg dot com Slash Opinion
Speaker 1: or opi nd go on the Bloomberg Terminent. This has
Speaker 1: been Bloomberg Opinion and you can hear Bloomberg opinion editorials
Speaker 1: every weekday. At this time, terminal customers can read more
Speaker 1: at O P I n GO. SMP futures are up
Speaker 1: thirteen point, STOW futures of forty three nasdack features up
Speaker 1: six four points. This is Bloomberg and the Bloomberg Sports
Speaker 1: Report was brought to you by Audie. Don't let someone
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Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg
Speaker 1: Business At and at Bloomberg Quick Take. This is a
Speaker 1: Bloomberg Business Flash and I'm Karen Moscow and you west
Speaker 1: dock in next. Futures are pointing to a moderately stronger
Speaker 1: open on Wall Street as speculation mounts that unrest and
Speaker 1: Shinese cities over COVID restrictions would force authorities to move
Speaker 1: faster and loosening the curves. We check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg S and
Speaker 1: P Future is up thirteen points Down Future is up
Speaker 1: fourty Nasdaq Future is up sixty three The decks in
Speaker 1: Germany's up two tenths of uppercent ten year treasury up
Speaker 1: eight thirty seconds, held three point six five percent. They
Speaker 1: yield on the two year four point four two percent.
Speaker 1: Nimex screwed oil is up two and a half percent
Speaker 1: of a dollar ninety one at seventy nine dollars fifteen cents,
Speaker 1: and Barrel comic scolled up eight ten percent or fourteen
Speaker 1: dollars fifteen fourteen dollars fifty cents at seventeen sixty nine
Speaker 1: eighty announced the euro one point three eight seven against
Speaker 1: the dollar. British found one point two zero two one
Speaker 1: and they had one thirty seven point nine one. And
Speaker 1: Bitcoin is up two percent at sixteen thousand, five hundred dollars.
Speaker 1: And that's a Bloomberg business flash. Now here's Macao bar
Speaker 1: with more on what's going on around the world. Michael, Karen,
Speaker 1: thank you very much. Congress is being called to stop
Speaker 1: a looming national railroad strike, as President Biden urges lawmakers
Speaker 1: to act by and says, well, he's pro labor. The
Speaker 1: economic impact of a shutdown what hurt millions of other
Speaker 1: working people and families. NATO chief Yan Stoltenberg accused Russian
Speaker 1: President Vladimir Putin of using winter as a weapon. Ukraine's
Speaker 1: leader born that the Kremlin is preparing new strikes to
Speaker 1: inflict more damage on the energy system. At the World
Speaker 1: Cup later today, the US faces Around in a match
Speaker 1: with strong political overtones. Around is angry after the US
Speaker 1: Soccer Federation displayed on social media a doctored image of
Speaker 1: the Iranian flag without the emblem of the Islamic Republic.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists analysts more than d twenty countries. I'm Michael Bart.
Speaker 1: This is Bloomberg. Nathan Okay, Michael, thanks for coming up
Speaker 1: to five forty nine on Wall Street Live from the
Speaker 1: Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak. Re Pleased
Speaker 1: to be joined Live Now by Joe Quinlan, the head
Speaker 1: of c I O Market Strategy at Maryland Bank of
Speaker 1: America Private Bank. Joe, thanks for being here early with
Speaker 1: us this morning as we watch sort of tentative move
Speaker 1: back into risk on the baby steps I think we're
Speaker 1: seeing coming out of China on COVID zero. I wonder
Speaker 1: how you read this market reaction to what's happening overseas well.
Speaker 1: I think yesterday was an overreaction given the news coming
Speaker 1: out with China was happening in China. Then today the
Speaker 1: same thing. I mean, the keeper investors that it's not
Speaker 1: even baby steps, Nathan, in the sense that this isn't
Speaker 1: going to be solved overnight. China is gonna gradually, over
Speaker 1: months work with COVID nineteen zero COVID policy. So I'm
Speaker 1: gonna get too excited the good news for investors, for sure,
Speaker 1: China recognizes the problem, They're dealing with it. But this
Speaker 1: is not affleck of a switch. This is this is
Speaker 1: multi month workout period. So how do you position given
Speaker 1: that thesis that it could be a long time coming
Speaker 1: before we see a real move away from COVID zero
Speaker 1: in China. Well, we think China's investable but really we
Speaker 1: prefer the US assets because what you're seeing with a
Speaker 1: volatility in Hong Kong and China, even in Europe it's
Speaker 1: just a Russian to dollars, so dollar did not mean
Speaker 1: at assets, and that just plays right into our thesis,
Speaker 1: whether it's equities, corporate bonds, treasury. So we have a
Speaker 1: home bias and the volatility of China is adding to
Speaker 1: that and helping supporting that. So you don't see any
Speaker 1: risk of contagion from the possibility that things continue to
Speaker 1: move slowly in China in terms of the economy there
Speaker 1: and that potentially having an impact on the broader global economy.
Speaker 1: I think that's there's a risk for sure, Nathan, but
Speaker 1: I think that risk has already been priced in. Look
Speaker 1: at look at oil prices, for instance, commodity prices copper,
Speaker 1: so that China slowdown is priced in, and now gradually
Speaker 1: the reflation story is going to be priced in, and
Speaker 1: that's more more upside. So I I agree with you
Speaker 1: the thesis that China is a big player slow growth.
Speaker 1: Getting your grips on the pandemic is very important, but
Speaker 1: they recognize the problem and I think they're moving away
Speaker 1: from zero COVID policy, and that's supportive of more assets
Speaker 1: that would seem decline I eat, particularly oil. Are you
Speaker 1: looking for slower growth in terms of the FED ray
Speaker 1: hike path, slow down in aggressive policy tightening. We are,
Speaker 1: our economists are looking for recession beginning Q one next
Speaker 1: year extending into Q three. So basically all of virtually
Speaker 1: all of that's been priced in as well. But we'll
Speaker 1: see how that plays out. But for sure, monetary policies
Speaker 1: as everyone now works with the lag and you know,
Speaker 1: the hammer effect is coming very shortly in the Q
Speaker 1: one and Q two here in the US. But I
Speaker 1: think we're we're more optimistic that we can bounce out
Speaker 1: of this. I do think if we're on the cost
Speaker 1: of a global recession, I think that the markets are
Speaker 1: are looking at the US will lead, so that that's important,
Speaker 1: like what's on the other side, the U s will
Speaker 1: lead the way forward when we look at talk about
Speaker 1: recovery in the second half of next year into twenty four.
Speaker 1: That's an interesting commentary from Morgan Stanley uh speculating that
Speaker 1: the SMP could drop as much as fifteen percent in
Speaker 1: the first quarter on the balance sheet unwind Is the
Speaker 1: market paying enough attention to quantitative tightening, perhaps not in
Speaker 1: Nathan over laid with that, it's just the earnings estimates
Speaker 1: still have to come down. And I just think margin
Speaker 1: pressure is gonna be really come home, come home the
Speaker 1: roost in Q one, in the Q two, So it's
Speaker 1: really going to separate good companies from the companies that
Speaker 1: can't manage their costs. So yeah, the margin pressures, balance
Speaker 1: sheet issues. I think that's a story the Q one
Speaker 1: Q two, And I think that's kind of like where
Speaker 1: we put in the bottom. And I don't you know
Speaker 1: one can call a bottom. But when we get to
Speaker 1: that point where the corporations are kind of throwing in
Speaker 1: the towel on the earnings estimates, earnings in general will
Speaker 1: fall reset and then we look forward and that's where
Speaker 1: we see the rebound in the in the second half
Speaker 1: of next year. No less than a minute left here, Joe,
Speaker 1: what are you expecting to hear from Chairman Powell that
Speaker 1: major speech tomorrow and what kind of market reaction are
Speaker 1: you looking for? Well, I think he'll you know, kind
Speaker 1: of reiterate what his Fed colleagues have said, you know yesterday,
Speaker 1: that they're not done. Um, they've got to continue to
Speaker 1: raise rate they're looking carefully at the labor market, retail
Speaker 1: spending and so forth. So I think he'll he'll err
Speaker 1: on the side of the more hawkish than dubbish. She
Speaker 1: doesn't want to give the markets any to think the
Speaker 1: hope of the pivots too early because inflation is still
Speaker 1: too high. So he's got to be data dependent and
Speaker 1: he's got to keep pushing hard job owning and quantaine tightening,
Speaker 1: raising the bunds right to get inflation even remotely back
Speaker 1: close to the two percent, so they're not even close
Speaker 1: to two percent where we are today. Great to get
Speaker 1: your thoughts. Thanks again for being with this job. Joe
Speaker 1: Quinlin had of CEO Market Strategy at Meryl and Bank
Speaker 1: of America Private Bank, Karen Nathan. It is five fifty
Speaker 1: three on Wall Street. Time for the Bloomberg The Law Report.
Speaker 1: Let's get an illegal stories We're watching this morning from
Speaker 1: Bloomberg's Jeff Bellinger. Public areas of the Supreme Court will
Speaker 1: reopen on Thursday. The sections were closed more than two
Speaker 1: and a half years ago at the start of the pandemic.
Speaker 1: Proposed class action filed in a New York federal court
Speaker 1: accuse this Procter and gamble of deceptively portraying the amount
Speaker 1: of laundry that can be cleaned with a single container
Speaker 1: of pines. Stunt per gallon gas tax holiday will continue
Speaker 1: through the end of the year in Connecticut, where state
Speaker 1: lawmakers met in special session. Bloombird Law everything you need
Speaker 1: on one legal research platform, guidance analysis and Bloomberg Market Intelligence.
Speaker 1: Find out more at Bloomberg Lawn dot com. Right, Jeff,
Speaker 1: Thanks now. Another legal story we're watching during oral arguments
Speaker 1: in two cases is Supreme Court signal that will make
Speaker 1: it harder to prosecute political corruption cases. Justices across the
Speaker 1: ideological spectrum questioned the Department of Justice targeting those who
Speaker 1: might be considered private lobbyists for so called honest services fraud.
Speaker 1: For more, Bloomberg's June Grass speaks to Bloomberg News Supreme
Speaker 1: Court reporter Greg Store, So, the justices are considering overturning
Speaker 1: the conviction for so called honest services fraud of a
Speaker 1: one time top aide to former New York Governor Andrew Cuomo.
Speaker 1: Tell us about the arguments. This is a guy named
Speaker 1: Joseph coco Go. He was was a top aide to
Speaker 1: Andrew Cuomo and he was accused of accepting bribes on
Speaker 1: behalf of a couple of companies with contractors. And the
Speaker 1: key question in the case is there's this crucial eight
Speaker 1: month period in which he wasn't a government employee. He
Speaker 1: had gone to work for the Cuomo campaign. And the
Speaker 1: question is whether this federal law that bars the deprivation
Speaker 1: of honest services from the public, whether that can apply
Speaker 1: to somebody who, during a crucial period was not actually
Speaker 1: a government employee. And based on the arguments of the
Speaker 1: Supreme Wood seems to think the answer to that is, Yeah,
Speaker 1: probably not that we are worried that if we allow
Speaker 1: this law to be used against somebody over conduct that
Speaker 1: happened when they weren't a government employee, that that might
Speaker 1: mean we are criminalizing lobbying, criminalizing somebody who is on
Speaker 1: the outside of the government who is just trying to
Speaker 1: pull the strings that they have that the advanced policies
Speaker 1: and are getting paid for doing that work. And they've
Speaker 1: been cutting back on these public corruption prosecutions for quite
Speaker 1: a while. Yeah, there's been a couple of recent cases.
Speaker 1: One the most recent one involved to allies as former
Speaker 1: New Jersey Governor Chris Christie involving the remember that George
Speaker 1: Washington Bridge Lane closing scandal. The court tossed out a
Speaker 1: couple of convictions there. Then back in sixteen, they set
Speaker 1: aside the conviction of former Virginia Governor Bob McDonald. In
Speaker 1: that case, the court said the things he did didn't
Speaker 1: rise to the level of official action. The court in
Speaker 1: the McDonald case said that the governor could only be
Speaker 1: prosecuted for honor services bought if you did something that
Speaker 1: rose to the level of an official action. That it
Speaker 1: wasn't enough if you just arranged a meeting for somebody,
Speaker 1: that that couldn't be the kind of action that was
Speaker 1: let you be criminally prosecuted. And that's Bloomberg News Supreme
Speaker 1: Court reporter Greg Store speaking with the Bloomberg Student Grounse.
Speaker 1: So Okay's more of that interview, plus analysis of the
Speaker 1: latest Eagle News by subscribing to the Bloomberg Law Podcast.
Speaker 1: Are downloading the show at Bloomberg dot com slash podcast.
Speaker 1: Attorneys can find exceptional legal research and business development tools
Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal
Speaker 1: at b law Go. Futures this morning are on the Rise.
Speaker 1: SNP futures up about nine points. Now futures are up
Speaker 1: eight so they're little change. Nowsdack futures of fifty one.
Speaker 1: The decks in Germany little changed it as well. The
Speaker 1: tenure treasury up seven thirty seconds, Hell three point six
Speaker 1: five percent and the yield on the two year four
Speaker 1: point four two percent. And I'm x screwed oil is
Speaker 1: a two point seven percent at seventy nine dollars thirty
Speaker 1: one cents of barrel. Still ahead on Bloomberg day break
Speaker 1: and check on the business headlines and all the news
Speaker 1: you need to start your day. And this is Bloomberg