Speaker 1: Live from the Bloomberg Interacted Burgers Studios. This is Bloomberg
Speaker 1: Daybreak for Monday, January one two. Coming up this hour,
Speaker 1: Traders Way the chance of a half percentage point rate
Speaker 1: hike in March. The labor market comes into focus for
Speaker 1: this week's Key Johns report. Oil is on track for
Speaker 1: its mast January in three decades, and Joe Rogan apologizes
Speaker 1: after billions of dollars getting wiped from Spotify's market value.
Speaker 1: New York City will home deliver free Covalenta viral pills blows.
Speaker 1: North Korea confirms the test fire, a mid range ballistic missile.
Speaker 1: Over the weekend on Like Lablar More AHLF, I'm down,
Speaker 1: Statstower and sports on the the Bengals and Rams playing
Speaker 1: Super Bowl fifty six in l a I win for
Speaker 1: the Rangers, the Islanders locked. That's all straight ahead on
Speaker 1: Bloomberg day Break on Bloomberg eleven three oh New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixty, San Francisco, Syrius Hexham one nineteen and
Speaker 1: around the world Long Bloomberg Radio dot Com and via
Speaker 1: the Bloomberg Business Set. Good Morning, I'm Nathan Hager and
Speaker 1: I'm Karen Moscow and US futures are mixed to start
Speaker 1: the week. We're coming up to five oh one on
Speaker 1: Wall Street, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day. On bloomberg S and P futures
Speaker 1: up less than a tenth of upper cent up three
Speaker 1: points now, dwal Future is down fifty and Nastack Future
Speaker 1: is up eighties seven. The ten year treasury down two
Speaker 1: thirty seconds. He had one point seven seven percent. They
Speaker 1: yield on the two year one point one and nine percent. Nathan, Karen,
Speaker 1: we begin with the Fed this morning in speculation about
Speaker 1: whether a rate hike in March could be bigger than
Speaker 1: initially expected. Let's get the latest live from Bloomberg's rned
Speaker 1: A Young. Good morning, Da, Good morning Nathan. The FIT
Speaker 1: could raise the benchmark rate by fifty basis points if
Speaker 1: there's a need to be more aggressive when inflation. That's
Speaker 1: what Atlanta FIT president Raphael Bostick told The Financial Times,
Speaker 1: adding that all options are on the table for every
Speaker 1: FIT meeting this year if needed, but he stuck to
Speaker 1: his prediction that three quarter point increases starting in March
Speaker 1: is the most likely scenario this year. Meantime, Goldman Sachs
Speaker 1: Presents predicts the Fed will raise interest rates by twenty
Speaker 1: five basis points five times this year. Live in New York,
Speaker 1: I'm Gornita Young Bloomberg Debreak, Thanks Nita. As we spend
Speaker 1: the next six weeks reading tea leaves from the Fed,
Speaker 1: will get a concrete look at the labor market. This Friday,
Speaker 1: the Fed and investors will be paying close attention to
Speaker 1: the January Johns are Board. We get a preview from
Speaker 1: Bloomberg's Vinny down judas the data could provide insight on
Speaker 1: the highly contagious Armicron variants impact on the economy. Economists
Speaker 1: are forecasting a temp at December increase one hundred seventy
Speaker 1: five thousand or so after November's weeker than forecast, showing
Speaker 1: jobless claims jumped last month as COVID nineteen four business
Speaker 1: is the closed temporarily. You're throwing the towel after two
Speaker 1: years of pandemic turbulence. Vinny Dolt Judais, Bloomberg Debreak. Okay, Vinny,
Speaker 1: thanks down Asia. Overnight we got a temp in reading
Speaker 1: on the world's second largest economy. China's manufacturing sector expanded
Speaker 1: at a slower pace in January. Bloomberg Daybreak Asia anchor
Speaker 1: Brian Curtis has the details. The official p m I
Speaker 1: declined to fifty point one, that was just above the
Speaker 1: estimate of fifty. The non manufacturing gauge fell to fifty
Speaker 1: one point one, also just above the forecast. A number
Speaker 1: of issues here a seasonal slowdown, COVID nineteen outbreaks and
Speaker 1: a weakening housing market. Also, the government ordered steel plants
Speaker 1: to cut output that's to reduce air pollution ahead of
Speaker 1: the winter Olympics. In the meantime, that taishin pm I
Speaker 1: dropped to forty nine point one, and that was the
Speaker 1: worst in almost two years. Brian Curtis, Bloomberg day Break, Brian,
Speaker 1: thank you. In Europe, central banks and economic data are
Speaker 1: also and focus. This week we get a key rate
Speaker 1: decision by the Bank of England On Thursday, we got
Speaker 1: live to London and get the latest with Bloomberg's You
Speaker 1: and pots You and good morning, Good morning, Karen and Nathan.
Speaker 1: The UK could be heading for its first back to
Speaker 1: bat right high in seventeen years. Economists in Bloomberg's survey
Speaker 1: reckon the Bank of Englam will raise its key industrate
Speaker 1: to no point five percent this week. Forecasters also expect
Speaker 1: the central banks to confirm to confirm it's to stop
Speaker 1: reinvesting in bonds that are matured. This comes to the
Speaker 1: banketting and battles surging inflation now at five point four percent,
Speaker 1: the highest in thirty years in London. I'm you and
Speaker 1: part splom Bog day break, alright you and thanks. Politics
Speaker 1: are also center stage in Europe. After six days of
Speaker 1: voting in Italy's parliament, Sergio Matrella has been re elected president.
Speaker 1: We get the details from Bloomberg's fancying Lakwa. In Rome,
Speaker 1: after almost a week of filmed votes to elect an
Speaker 1: alternative candidate was reelected. As it to these President Mario
Speaker 1: drag the prime minister. It was initially seen as a
Speaker 1: top contender for the job and he made it clear
Speaker 1: he would be keen to become head of state, but
Speaker 1: lawmakers and fear to return to political germ oil without
Speaker 1: drug as prime minister. In the end, it was drawing
Speaker 1: himself whilst Mattreela to remain in office, bringing the week
Speaker 1: long stalemate in Rome. Francine la Well Bloomberg day Break Francine,
Speaker 1: Thank you. Geo political tension in Eastern Europe. Also on
Speaker 1: the agenda this week, the United Nations Security Council meets today.
Speaker 1: Regarding concerns about Russia invading Ukraine, Bloomberg said, Baxter has
Speaker 1: the story. The Pentagon says Russia continues to build up
Speaker 1: troops on a day to day basis. US Ambassador of
Speaker 1: the UN Linda Thomas Greenfield says today is actually a
Speaker 1: chance for Russia. Are the reason we're calling for this
Speaker 1: meeting on Monday. Uh is one more opportunity to find
Speaker 1: the diplomatic way out for for the Russians. But she says,
Speaker 1: the others are to talk further actions from sanctions to
Speaker 1: troop build up and to see where other nations stand.
Speaker 1: In San Francisco, I'm at Baxter Bloomberg day break. All right.
Speaker 1: Thanks to attention over Ukraine, along with sustained global demander
Speaker 1: giving a lift to oil, crude is on course for
Speaker 1: its best January in three decades. In fact, oil has
Speaker 1: been hired for six straight weeks. Checking prices now, West
Speaker 1: Texas intermediate cruds up five tenths per cent, or forty
Speaker 1: eight cents at eighty seven dollars twenty eight cents. Barrel
Speaker 1: Brent is hired by eight tenths per cent at ninety
Speaker 1: seventy four cents. Well on the corporate front, this morning, Nathan,
Speaker 1: Spotify is in a spotlight. It's responding to controversy over
Speaker 1: COVID misinformation from Joe Rogan's podcast We Get the Story
Speaker 1: from Bloomberg's Lisa Mateo. In an Instagram video, Rogan apologized
Speaker 1: and pledged more balanced and better research for his podcasts.
Speaker 1: The comments come after Spotify outline steps it will take
Speaker 1: to halt the spread of misleading information about COVID. Rogan
Speaker 1: has hosted several outspoken skeptics of the vaccine. Last week,
Speaker 1: singers Neil Young and Joni Mitchell pulled their music from
Speaker 1: Spotify to protest Rogan. Almost four billion dollars was wiped
Speaker 1: from Spotify's market value last week. Lisa Mateo, Bloomberg Daybreak,
Speaker 1: Lisa Thanks. Spotify wasn't the only stock to take a
Speaker 1: pounding last week. So did robin Hood. It dropped to
Speaker 1: a record low following earnings. On Friday, Kathy Woods Our
Speaker 1: Investment Management bought nearly two and a half million shares.
Speaker 1: Robin Hood still trades sixty seven percent below its initial
Speaker 1: public offering price, and Nathan, there's also a possible deal.
Speaker 1: This morning, Bloomberg News has learned that Elliott Investment Management
Speaker 1: and Vista Equity are nearing an agreement to buy software
Speaker 1: maker Citrix Systems. They deal with value the company's equity
Speaker 1: at about thirteen billion dollars. Citrics make software that workers
Speaker 1: used to log onto corporate programs in virtually And this
Speaker 1: is Bloomberg. Excaren, It's five oh seven on Wall Street.
Speaker 1: We're twenty one degrees in Central Park heads up for
Speaker 1: an early accident on the bellpark Way near Erskin Street.
Speaker 1: Blot of details and traffic shortly First, Michael Barr is
Speaker 1: back to tell us what else is going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. New York City will provide free anti viral
Speaker 1: pills home delivered to people who test positive and are
Speaker 1: higher risk from COVID nineteen Mayor Eric Adams at a
Speaker 1: news conference yesterday and the Bronx as we want to
Speaker 1: make sure that no one with COVID has to move
Speaker 1: throughout the city. New York is one of the only
Speaker 1: places in the nation where we are are doing this.
Speaker 1: Free delivery. Adams also shared the latest data and COVID
Speaker 1: rates in the city. Hospitalizations are down, COVID deaths are down,
Speaker 1: and that is because of the hard work of every
Speaker 1: day in New York is that are doing the right
Speaker 1: thing around vaccine nations and boost the shops. Mayor Adams
Speaker 1: says the pills will be delivered in partnership with Altil Pharmacy.
Speaker 1: North Korea has confirmed it test launched an intermediate range
Speaker 1: ballistic missile capable of reaching the U. S territory of Guam,
Speaker 1: and its most significant launch in almost five years. North
Speaker 1: Korea said the test verify the accuracy of the MASNG
Speaker 1: twelve missile. White House officials said North Korea's escalating provocations
Speaker 1: have become increasingly concerning. Cheslee Christ, the twenty nineteen winner
Speaker 1: of the Miss USA pageant and a correspondent for the
Speaker 1: entertainment news program Extra, has died. New York City police
Speaker 1: said Chris, who was thirty, jumped from a Manhattan apartment.
Speaker 1: Bill It. Senate majority Leader Chuck Schumer of New York
Speaker 1: says he is pledging to push for one point five
Speaker 1: billion dollars of the federal budget to go to the
Speaker 1: eight t f to combat the interstate gun trade. We're
Speaker 1: gonna ask them to direct that money to particularly go
Speaker 1: after gun trafficking, the Iron Pipeline, and a special task
Speaker 1: force that they have set up to deal with states
Speaker 1: that export guns. Senator Schumer says the gun trade is
Speaker 1: responsible for of the gun violence in New York. New
Speaker 1: York Republicans Nikole Meliatakas and Claudia Tenney would have to
Speaker 1: find a way to appeal to opposition party voters under
Speaker 1: a remapped congressional district plan to proposed map re Least
Speaker 1: Sunday is designed to maximize the prospects for Democrats ahead
Speaker 1: of the November election. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Tank, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a d twenty countries. Michael Barr, this is Bloomberg, Nathan.
Speaker 1: Thanks Michael. Almost five ten on Wall Street Time with
Speaker 1: the Bloomberg Sports Update. The super Bowl is set, John,
Speaker 1: it is Nathan Bengals Rams super Bowl fifty six in
Speaker 1: l A. And if the game is anything like what
Speaker 1: we've seen the last two weekends, we'll have a close
Speaker 1: Super Bowl. Last six playoff games, five decided by three points,
Speaker 1: on the other by six in overtime, two comebacks and
Speaker 1: another overtime. In the conference championship, Cincinnati came from eighteen
Speaker 1: down to win in Kansas City in ot The Bengals
Speaker 1: led by their young quarterback Joe Burrow and their rookie
Speaker 1: kicker Evan McPherson, who kicked four field goals in all
Speaker 1: three of their playoff wins. He's gone twelve for twelve.
Speaker 1: The one in o t was set up by an
Speaker 1: interception thrown by Patrick Mahomes, who came back to Earth
Speaker 1: after last week's heroics. He had a strong start yesterday,
Speaker 1: but the Homes in the Chiefs denied a third straight
Speaker 1: ANFC championship. The Rams, led by Matthew Stafford rallied from
Speaker 1: ten down in the fourth quarter, second touchdown of the
Speaker 1: game for Cooper Cup and then a couple of field goals.
Speaker 1: They took the lead of the forty niners with under
Speaker 1: two minutes left, and then we're able to seal the victory.
Speaker 1: Dr bow pocket probably, he spins out, he's hit, he's
Speaker 1: wrapped up. He put it forwards, interceptedptedtercepted, very Donald's got
Speaker 1: quite through the rock blow and proving Howard plitches. The
Speaker 1: NFC Championship game, l A had the call. Rams finally
Speaker 1: beat the forty Niners where they lost him sixth raight
Speaker 1: times twenty seventeen. Josh McDaniels, a long time offensive creator
Speaker 1: in New England, leaving to be the head coach of
Speaker 1: the Raiders. Giants will have a press for today for
Speaker 1: new coach Brian dave Hole Rangers. The Garden avoided their
Speaker 1: first three game wising speak scored final minute beat Seattle
Speaker 1: three to two. The Islanders lost in Minnesota four to three.
Speaker 1: John Stashware Bloomberg Sports, Nathan all Right, John, thanks. Futures
Speaker 1: mixed as we get ready to close out this volatile
Speaker 1: month of January. Right now SMP futures little change to
Speaker 1: lower down futures down seventy five points. Nastack futures are higher,
Speaker 1: up sixty two. Dennis Cartman, former publisher of the Gartment Letter,
Speaker 1: joins us on these markets. Next to this is Bloomberg
Speaker 1: Bloomberg eleven three oh. Weather mostly sunny today with a
Speaker 1: higher thirty mid thirties tomorrow, clouds by Wednesday, but milder
Speaker 1: with a higher forty five degrees. Right now, it's clear
Speaker 1: in one in Central Park. Markets. Headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, at
Speaker 1: Bloomberg Business Outland at Bloomberg Quick Take, Chris is a
Speaker 1: Bloomberg Business lash and I'm Karen Moscow. European stocks are
Speaker 1: rising this morning. US Dock index futures are mixed, and
Speaker 1: a gage of global equities are pairing its biggest monthly
Speaker 1: drop since March, as investors vet corporate earnings will continue
Speaker 1: to grow amid aggressive tightening by the Fed. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg Right now, S and P futures are little change now.
Speaker 1: Futures down forty eight nowsday cheers up seventy the decks
Speaker 1: in Germany's up one point one percent ten. Your treasury
Speaker 1: down four thirty seconds. He had one point seven eight percent.
Speaker 1: They yield them a two year one point to zero percent.
Speaker 1: Nimex scured oil is up six tents per cent, or
Speaker 1: fifty five cents at eighty seven dollars thirty seven cents
Speaker 1: of barrel Comex called up two tenths per cent or
Speaker 1: three dollars forty cents. A seventeen ninety announced the euro
Speaker 1: one point one one seven nine against the dollar, British
Speaker 1: pound one point three four four six, and the yuen
Speaker 1: is at one fifteen point four six. And the Euro
Speaker 1: area economy grew modestly in the fourth quarter, admitted another
Speaker 1: wave of surging coronavirus infections and curbs on activity grows.
Speaker 1: Domestic product rose three tenths percent, slightly less than predicted.
Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barrow
Speaker 1: with more on what's going on around the world. Michael,
Speaker 1: good morning, Good morning, Karen. The U n Security Council
Speaker 1: is scheduled to meet today for the first time on
Speaker 1: Russia's troop build up and threatening actions against Ukraine at
Speaker 1: the request of the United States. The US Ambassador, Linda
Speaker 1: Thomas Greenfield, said Russia's actions pose a leear threat to
Speaker 1: international peace and security and the UN Charter. Russia's deputy
Speaker 1: ambassador called the proposed meeting of PR stunt. It will
Speaker 1: be the Bengals versus the Rams and the Super Bowl.
Speaker 1: On February thirteenth, Cincinnati beat the Chief twenty four in
Speaker 1: overtime to win the a f C. The Rams beat
Speaker 1: the forty nine twenty seventeen for the NFC title. In
Speaker 1: the NHL, the Rangers won, the Islanders and Bruins lost.
Speaker 1: In tennis, Raphael and Nadall as one of men's record
Speaker 1: twenty one Grand Slam singles title in the Australian Open Final.
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 and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: This is Bloomberg. Nathan alright, Michael, thank you. It's five
Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Brokers Studios.
Speaker 1: This is Bloomberg Daybreak. As we get set to close
Speaker 1: out a volatile month of January, let's spring in Dennis Cartman,
Speaker 1: chairman of the University of Akron Endowment Investment Committee and
Speaker 1: former publisher of the Gartment Letter, as we get set
Speaker 1: for a new trading week. Dennis, good morning. Very interesting
Speaker 1: to see all the gyrations over the last month and
Speaker 1: just this last week we had the SNP and the
Speaker 1: NASDAC pretty much and where they started. Are you looking
Speaker 1: for more volatility as we continue to price in what
Speaker 1: exactly the FED is going to do. I'm afraid we're
Speaker 1: gonna see a great good deal more of volatility. I
Speaker 1: think we're due for a little bounce here and nothing
Speaker 1: more than that. I like to look at the charts
Speaker 1: from a distance, and I always talk about the markets
Speaker 1: that after they've broken, moved back into what I called
Speaker 1: the box, the fifty to sixty of a tracement of
Speaker 1: what they had traversed and during the decline. And I
Speaker 1: think that takes the now somewhere between thirty five five
Speaker 1: thirty five thousand and thirty four thousand, seven fifty. That'll
Speaker 1: be the box for the Dow. The S and P
Speaker 1: I think can get back to about forty five five,
Speaker 1: and I think the NASDAC can get back to about
Speaker 1: fifteen thousand five between and fifty thousand. We'll probably do
Speaker 1: that this week. Remember at the first of every month
Speaker 1: we always get an inflow of money from uh from
Speaker 1: retirement funds. That will give us a little bit of
Speaker 1: a bounce tomorrow, maybe even into Wednesday. But watch the volume.
Speaker 1: The volume on the for the for months now has
Speaker 1: stronger on the downside and weaker on the upside. And
Speaker 1: I suspect that that's going to continue. So we'll probably
Speaker 1: see a nice little rally between today tomorrow or maybe
Speaker 1: even into Wednesday, but I doubt it will be on
Speaker 1: very strong volume, and I think it will be something
Speaker 1: that should be sold into. I think the bear market
Speaker 1: began eleven weeks ago, and I think we can for
Speaker 1: the next year or two. Well, I shouldn't say that long.
Speaker 1: Let's just say it will continue to break until it
Speaker 1: stops for the next several months. One is to sell
Speaker 1: into strength, not to buy weakness. And as I said
Speaker 1: weeks now, in a bear market, he or she who
Speaker 1: loses the least will do the best. Yeah, I think
Speaker 1: it is safe to say that you've been pretty bearished
Speaker 1: on this market for quite a while now. Is that
Speaker 1: driven by more hawk ish FED? Is that what's driving
Speaker 1: that view? I think that's the predominant circumstance. What had
Speaker 1: driven the bull market was a very expansionary FED, and
Speaker 1: I said, I think has made it abundantly clear that
Speaker 1: they're going to take the fuel away, take the gasoline away,
Speaker 1: take the carostene, take the propane away from the markets
Speaker 1: that had driven the markets higher. And the fact that
Speaker 1: we're taking the the fuel away from the market and
Speaker 1: that's probably gonna be abundantly clear by the middle of
Speaker 1: March when the Fed is said they're going to be
Speaker 1: done with que and it probably begin the process of
Speaker 1: quantitative tightening as they allow their their balance sheet to
Speaker 1: roll off quietly. There won't be a seller or anything.
Speaker 1: They'll just simply allow them uh securities that they've bought
Speaker 1: from the Fed or bought from the Treasury to roll
Speaker 1: off quietly over time. But that's a reduction to the
Speaker 1: amount of fuel that that that has driven the market higher,
Speaker 1: and I think that that's what's driving the bear market
Speaker 1: then will continue to do so for probably at least
Speaker 1: to the end of this year, and I think we're
Speaker 1: gonna see demonstrably weaker prices over that period of time.
Speaker 1: When you take the fuel away that has driven things higher,
Speaker 1: that's it's going to be very difficult to keep things
Speaker 1: going up. Of course, the debate is how much fuel
Speaker 1: is going to be taken away, whether we're going to
Speaker 1: see more aggressive rate hikes early, Just how many rate
Speaker 1: hikes we're going to see this year? What's your what's
Speaker 1: your case on how many hikes? When you could see
Speaker 1: from the Fed two and a half months ago, when
Speaker 1: I said, the FED will probably at least tighten three
Speaker 1: times four times. That seemed to be laughable. Now everybody
Speaker 1: is talking about the fact they'll be at least four,
Speaker 1: so they'll talk to as many as six or seven.
Speaker 1: For the course of the year. I think we'll see
Speaker 1: at least five or six times when the Fed has
Speaker 1: raised the overnight said funds rate, and I think several
Speaker 1: times will take it up by fifty basis points. So
Speaker 1: I think by the end of the year we'll see
Speaker 1: the overnight said funds rate at least to one seventy
Speaker 1: five maybe two, and before it's done, it will probably
Speaker 1: even be stronger than that. So the Fed has a
Speaker 1: a long job ahead of itself and had a long
Speaker 1: job in front of it, but it was allowing the
Speaker 1: monetary aggregates to expand and taking the overnight said funds
Speaker 1: right to zero if they need to get it back
Speaker 1: to something that is more amenable to a longer term
Speaker 1: relationship with the economy. And so I think it's at
Speaker 1: least five maybe six times with the raises the overnight
Speaker 1: funds right basis points most of the times fifty basis
Speaker 1: points probably one of the times this year. All right,
Speaker 1: we'll continue this conversation on monetary policy, the inflation risk,
Speaker 1: and geopolitical risk as well. Dennis Gartman is with us
Speaker 1: for the hour here on Bloomberg Daybreak. He'll be joining
Speaker 1: us for more just ahead, as we take a look
Speaker 1: at the markets right now, mixed action as we get
Speaker 1: set to close out the month of January. Right now,
Speaker 1: S and P futures are little change now futures down
Speaker 1: seventy five points, NASTAC futures moving higher. They are up
Speaker 1: seventy one points. The tenure treasury is down three thirty
Speaker 1: seconds the old one on the tenure note. Yield on
Speaker 1: the two year right now one point one nine percent.
Speaker 1: We'll get much more on the volatility to end this
Speaker 1: first trading month of two and the new president same
Speaker 1: as the old president in Italy. Top stories of the
Speaker 1: morning coming up on Bloomberg Daybreak. Bloomberg day Break brought
Speaker 1: you by The Breakers this winter, a warm welcome awaits
Speaker 1: to the Breakers is committed to making your stay even
Speaker 1: better with exceptional experiences, gracious service, and unparalleled seaside glamorates.
Speaker 1: Learn more. Visit the Breakers dot com today, broadcasting live
Speaker 1: from the Bloomberg Interactive Broker studio in New York, Bloomberg
Speaker 1: E Living Freedom to Washington, d C. Bloomberg on to Boston,
Speaker 1: Bloomberg on A six one to San Francisco, Bloomberg nine
Speaker 1: six to the country Sirius XM Chad A one nine team,
Speaker 1: and around the globe the Bloomberg Business app in Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty
Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm
Speaker 1: Kared Moscow. We're just about four hours away from the
Speaker 1: open of US trading. Let's get you up to date
Speaker 1: on the news you need to know at this hour.
Speaker 1: R SNP futures are little change this morning as we
Speaker 1: close out the volatile trading month of January. Despite Friday's rally,
Speaker 1: the SNP five hundred is down seven percent so far
Speaker 1: this month. The tech heavy nastack is off by twelve percent.
Speaker 1: Oil is up sixteen percent and on track for its
Speaker 1: best January in three decades. Karen, they'll pullback in risk
Speaker 1: assets comes as the Fed turns hawkish, and now they're
Speaker 1: speculation about whether a rate hike in March could be
Speaker 1: bigger than initially expected. Let's get the latest five from
Speaker 1: Bloomberg's You Need a Young Na Nathan. The Fed could
Speaker 1: raise the benchmark rate by fifty basis points if there's
Speaker 1: a need to be more aggressive when inflation. That's what
Speaker 1: Atlanta FIT president Raphael Bostick told The Financial Times, and
Speaker 1: he's stuck to his prediction that three quarter point increases
Speaker 1: starting in March is the most likely scenario. Meantime, Goldman
Speaker 1: Sachs predicts the FIT will raise interest rates by twenty
Speaker 1: five basis points five times this year. Live in New York.
Speaker 1: I'm gonna need a young Bloomberg daybreak. I need to
Speaker 1: thank you. Interest rates are also in focus in Europe.
Speaker 1: According to a Bloomberg survey of economists, the Bank of
Speaker 1: England will raise interest rates to one half of one
Speaker 1: percent on Thursday. That would complete the first back to
Speaker 1: back rate hikes in eighteen years. Politics are also front
Speaker 1: and center in Europe. Karen, After six days of voting
Speaker 1: in Italy's parliament, Sergio Montarella has been re elected president
Speaker 1: and will remain in office for another term. We get
Speaker 1: the details from Bloomberg's Francy Laqua. In Rome, Mario Drown,
Speaker 1: the Prime minister, was initially seen as a top contender
Speaker 1: for the job, but lawmakers and feared to return to
Speaker 1: political term oil without draw as Prime Minister. In the end,
Speaker 1: it was drawn himself, whilst Mazuela to remain in office,
Speaker 1: bringing the week long stalemate. The outcome could also provide
Speaker 1: relief to investors because it reduces the chances of early
Speaker 1: elections and will let dragg press ahead with his reform
Speaker 1: agenda until the next election due in Rome. Franci Laqua
Speaker 1: Bloomberg Day Break, Francy, and thank you, and we also
Speaker 1: have a possible deal to tell you about. This morning.
Speaker 1: Bloomberg News has learned that Elliot Investment Management and Vista
Speaker 1: Equity are nearing an agreement debise software maker Citrix Systems.
Speaker 1: They deal would value the company's equity at about thirteen
Speaker 1: billion dollars. The takeover could be announced as soon as
Speaker 1: today and again U s MP futures are little change
Speaker 1: this morning. DAL futures down ninety NASDAC futures up sixty four.
Speaker 1: The decks in Germany's up eight tenths of upper set ten,
Speaker 1: Your treasury down four thirty seconds. You at one point
Speaker 1: seven eight percent. They yield on the two year one
Speaker 1: point to zero percent and non max screwed oil is
Speaker 1: up nine tenths of per cent. Straight to had your
Speaker 1: latest local headlines plus a check of sports, and this
Speaker 1: is Bloomberg all right, Karen. Thanks, It's five thirty three
Speaker 1: in Wall Street, where twenty one degrees in Central Park.
Speaker 1: We've got delays on the Long Island Railroad Fort Jefferson Branch.
Speaker 1: Also c Street service, suspended tales coming up in traffic.
Speaker 1: First Michael Barr with more on what's going on in
Speaker 1: New York and around the world. Michael, thank you very much. Nathan.
Speaker 1: New York City Mayor Eric Adams says free COVID anti
Speaker 1: viral pills are going out in the mail to eligible residents.
Speaker 1: The goal of the new program is to keep sick
Speaker 1: people home rather than inside crowded stores. We have the
Speaker 1: highest vaccination rate in the nation. Also speaking with Mayor
Speaker 1: Adams at the news conference in the Bronx, NYC Health
Speaker 1: Commissioner Dave Chotsky, he says the city already offers free
Speaker 1: at home vaccinations. Taken together, all of these tools help
Speaker 1: us defying the virus, keeping our loved ones out of
Speaker 1: the hospital, and saving lives. Dr Chotsky says the pills
Speaker 1: will be delivered in partnership with alto pharmacy. Foreign Relations
Speaker 1: Committee Chair Bob and Ndez says U S senators are
Speaker 1: closed to agreeing on a Russia sanction bill that could
Speaker 1: include penalties even if President Vladimir Putin doesn't send troops
Speaker 1: into Ukraine. It comes as the UN Security Council is
Speaker 1: scheduled to meet today for the first time on the
Speaker 1: Russian troop build up. The Biden administration reiterated that it
Speaker 1: is ready to hold talks with North Korea without precondition.
Speaker 1: Day after Kim John Huon's regime fired an intermediate range
Speaker 1: ballistic missile for the first time since twenty seventeen, senior
Speaker 1: Administration official described North Korea's recent series of missile launches
Speaker 1: as destabilizing. Republican Senator Susan Collins of Maine says former
Speaker 1: President Donald Trump should not have promised pardon January sixth insurrectionists.
Speaker 1: Collins also was asked whether she would endorse Trump if
Speaker 1: he decided to run again in two Certainly it's not
Speaker 1: likely given the many other qualified candidates that we have
Speaker 1: that have expressed interested in running. Senator Collins spoke on
Speaker 1: a d c S this week, which can be heard
Speaker 1: Sundays on Bloomberg Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalists analysts in more than a hundred
Speaker 1: twenty countries. On Michael Barr This is Bloomberg, Nathan, thanks
Speaker 1: Michael on Ball Street time for the Bloomberg Sports Update
Speaker 1: with John Stashower snaithan kind of an Unlike the Super
Speaker 1: Bowl matchup, the Bengals until this month had not won
Speaker 1: a playoff game in thirty one years. They had never
Speaker 1: won one on the road, and they've never won a
Speaker 1: Super Bowl. The Rams have only won one. That was
Speaker 1: when they played in St. Louis. Bengals and Ram both
Speaker 1: came from behind, won by three. They'll meet in two
Speaker 1: weeks in l A. So after fifty four Super Bowls
Speaker 1: without a team pointing its home stadium, it will happen
Speaker 1: two years in a row. In l A. The Rams
Speaker 1: trailed the forty Niners by ten, and the fourth quarter
Speaker 1: rallied the win seventeen. Matthew Stafford's third playoff win after
Speaker 1: having not won any first thirteen years of his career.
Speaker 1: Big games catching passes for both Cooper Cup and Odell Beckham.
Speaker 1: The Bengals trailed in Kansas City three, but the Chiefs,
Speaker 1: who scored touchdowns on their first three possessions, did not
Speaker 1: score one in their last eight. Cincinnati went ahead with
Speaker 1: twenty one points to the row Casey forced overtime, but
Speaker 1: Patrick Mahomes's second interception led to the end to the
Speaker 1: Super Bowl. Four years ago, he was a seat. You're
Speaker 1: in high school and tiny Fort Paid, Alabama. Now the
Speaker 1: Bengal Super Bowl chances rest on his right foot to kick. Yeah, yeah,
Speaker 1: good coffins. Bam, bam, bam. That is livable. Vin McPherson.
Speaker 1: Field will go on w LW sincin anyone. Just six
Speaker 1: wins over their previous two seasons, the odds on them
Speaker 1: reaching the Super Bowl, where a d five to one
Speaker 1: Rangers Gotta Go final minute from ke Andre Miller beat
Speaker 1: the Seattle Crafting at the Garden three to two. The
Speaker 1: Islanders lost in Minnesota four to three. College hoop wins
Speaker 1: from Manhattan, Iona Fordham last, John Stashward Bloomberg Sports Nathan,
Speaker 1: Thank you John. It's five thirty seven on Wall Street
Speaker 1: time for the Tri State Business Report. Here's Bloomberg's head
Speaker 1: Corey Since New York State's banned on most evictions ended
Speaker 1: this month. The pace of evictions has been slow tended
Speaker 1: to attorneys have delayed cases, and the governor requested more
Speaker 1: aid for rental assistance. Dow Jones reports New York City
Speaker 1: landlords entered two D thirty one eviction filings the week
Speaker 1: after the moratorium expired. A month after the Fair Chance
Speaker 1: and Housing Act took effect in New Jersey, advocates tell
Speaker 1: NJ Spotlight people with a criminal record still faced discrimination.
Speaker 1: The Fair Chance and Housing Act bands housing providers from
Speaker 1: inquiring about criminal histories on housing applications. Connecticut is encouraging
Speaker 1: consumers to look closer to home for food and milk,
Speaker 1: and supply chain issues and labor shortages cause empty shelves
Speaker 1: and higher prices. The Post reports. The Department of Agriculture
Speaker 1: is promoting local farms and farmers markets is good options
Speaker 1: for residents food sources that your Bloomberg try State Business
Speaker 1: Report I mid Corey and said it's 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 Polastan on ten ten
Speaker 1: Winds in New York. We're talking about how ability to
Speaker 1: work from home as some blue collar workers making the
Speaker 1: switch to office job um Corney donahoan ktr H in Houston.
Speaker 1: Boeing has begun the planning process for an all new airplane.
Speaker 1: I'm Caroline Hepp gone Bloomberg d a B Digital Radio
Speaker 1: in London, with reporting or mounting expectations that a rapid
Speaker 1: tightening by the Bank of England purst back to back
Speaker 1: hikes in seventeen years. AMD Corey on w w J
Speaker 1: in Detroit. I'm reporting cruise ships will visit Mostigue in
Speaker 1: Michigan again this summer. And those are some of the
Speaker 1: stories our twenty hundred Bloomberg journalists and analysts are working
Speaker 1: on this morning around the world. It's thirty nine on
Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: This sedatorial was written by the Bloomberg Editorial Board. With
Speaker 1: Democrats unable to advance their comprehensive voting rights bill through
Speaker 1: the Senate, they should now turn their attention to more
Speaker 1: pragmatic concerns. A good place to start would be overhauling
Speaker 1: the Electoral Count Act of eight seven. This outdated law
Speaker 1: opens the door to partisan interference in the electoral count
Speaker 1: certification process. Lawmakers of both parties have already expressed support
Speaker 1: for reforming the e c A, and negotiations on the
Speaker 1: matter are ongoing. Notably, these talks have the approval of
Speaker 1: Senate Republican leader Mitch McConnell. Understandably, Democrats are frustrated that
Speaker 1: their broader electoral reforms aren't going anywhere, but given the
Speaker 1: reality of a sharply split Senate, fixing the Electoral Count
Speaker 1: Act would count as real progress on its own. This
Speaker 1: editorial was written by the Bloomberg Editorial Board. For more
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Opinion
Speaker 1: or O P I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Opinion. Listen for 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 down down
Speaker 1: six point, staff features down a hundred twenty one points,
Speaker 1: NANA SAT Future. You're still higher by forty six points
Speaker 1: to ten. Your treasury down six thirty seconds. The yield
Speaker 1: one point seven nine Nimex crude now up one point
Speaker 1: one percent, or ninety three cents at eighty seven dollars
Speaker 1: seventy five cents of barrel. Our conversation with Dennis Gartman,
Speaker 1: former publisher of the Gartment letter, continues. Next. This is
Speaker 1: Bloomberg Bloomberg eleven three oh weather. Sunshine and a high
Speaker 1: in your thirty today, mostly sunny Tomorrow mid thirties, will
Speaker 1: be mostly cloudy in in near forty five degrees by Wednesday.
Speaker 1: Right now one in Central Park markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot com,
Speaker 1: the Bloomberg Business at and at Bloomberg quicktape is a
Speaker 1: Bloomberg Business blash and I'm kar at Moscow US dock
Speaker 1: Indix futures are well listen p futures anyway, little change
Speaker 1: Nowsday's futures. They're higher, up about seventy points, and death
Speaker 1: futures are down eighties six. Investors are betting corporate earnings
Speaker 1: will continue to grow amid aggressive tightening by the Fed,
Speaker 1: and right now the ten year treasury is down five
Speaker 1: thirty seconds, you have one point seven eight percent. They
Speaker 1: yield them a two year one point to zero percent.
Speaker 1: Nine Next, Scrude oil is up one percent of eighty
Speaker 1: four cents at eighty seven dollars sixty six cents in barrel.
Speaker 1: Comics called up about three ten percent of four dollars
Speaker 1: ninety cents. Se fifty announced. The euro one point one
Speaker 1: seven three against the dollar, British pound one point three
Speaker 1: four four four, the ns A one fifteen point five
Speaker 1: one Bitcoin this morning, moving lower at thirty seven thousand,
Speaker 1: two hundred fifty dollars. That's a bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on must going on around
Speaker 1: the world. Michael Karen, thank you very much. Russia has
Speaker 1: more than a hundred thousand troops near its border with
Speaker 1: the Ukraine. Today the United Nations Security Council meets to
Speaker 1: discuss the situation and what could happen next. North Korea
Speaker 1: confirms it test fired amid range ballistic sold yesterday. US
Speaker 1: officials are condemning the biggest missile test by North Korea
Speaker 1: since twenty seventeen. It will be the Bengals versus the
Speaker 1: Rams in the Super Bowl on February thirteenth, Cincinnati beat
Speaker 1: the Chiefs twenty seven twenty four in overtime to win
Speaker 1: the a f C. The Rams beat the forty nine
Speaker 1: twenty seventeen for the NFC title. In the NHL, the
Speaker 1: Rangers won, the Islanders and Bruins lost. In tennis, Rafael
Speaker 1: Nadal is one of men's records twenty first Grand Slam
Speaker 1: singles title in the Australian Open Final. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists analysts more
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg NA.
Speaker 1: Thanks Michael. It's almost five forty nine on Wall Street
Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg
Speaker 1: Day Break in. Dennis Gartman is back with us, now
Speaker 1: former publisher of the Gartment Letter, now chairman of the
Speaker 1: University of Akron Endowment Investment Committee. Dennis, as we continue
Speaker 1: to think about how much tightening to expect from the Fed,
Speaker 1: how much do you think this Friday's jobs report for
Speaker 1: the month of January will factor into the Central Banks
Speaker 1: decision making. Let us hope that they take the monthly
Speaker 1: employment numbers with a great grain assault because they are
Speaker 1: the most erratic of all the numbers that come out.
Speaker 1: The revisions from the next are extraordinary. You can never
Speaker 1: guess what the revision is going to be. The direction
Speaker 1: has been to be slightly better. But on balance, if
Speaker 1: you get the non farm payrolls number within a hundred thousand,
Speaker 1: I think you've done one hell of a good job.
Speaker 1: I think, I hope. I think the Fed will pay
Speaker 1: very little attention to this monthly number, and we'll pay
Speaker 1: attention to the trend over the course of the last
Speaker 1: several months. But let us let us hope that they
Speaker 1: don't pay too much attention to this week's number. It
Speaker 1: will be terribly erratic. And again, the revisions from one
Speaker 1: month in the next of an extraordinary. Over the past
Speaker 1: several years, yeah, it's been very difficult, I think for
Speaker 1: economists to game out how the labor market is looking,
Speaker 1: particularly under a pandemic. Why do you think there has
Speaker 1: been so much difficulty. It's been because you have two
Speaker 1: different groups that that that go into the monthly number,
Speaker 1: the jo the the household report, and the the corporate report.
Speaker 1: For a lack of a better term, and they they
Speaker 1: tend to be a bit uh exogenous and erratic one
Speaker 1: compared to the other. I tend to look at the
Speaker 1: the A d P number as being a more valid number.
Speaker 1: It comes out on Wednesdays, and I tend to look
Speaker 1: at that with a greater degree of certainty than I
Speaker 1: look at the monthly numbers from the federal from the
Speaker 1: from the federal government. So it's been twenty years that
Speaker 1: I've had to learn a hard lesson on that. Forty
Speaker 1: years ago, it used to be an easy number to forecast.
Speaker 1: In the course of the last ten and twenty years,
Speaker 1: it's become more and more difficult. Why that has been
Speaker 1: is quite beyond me. But it's amazing to me and
Speaker 1: almost amusing to me that we pay as much attention
Speaker 1: to it as we do. Just a couple of minutes
Speaker 1: left here in our conversation, Dennis, but the price of
Speaker 1: oil once again is surging. We've got Brent above a
Speaker 1: barrel right now. Geopolitical risk at the forefront here. How
Speaker 1: much do you expect tensions between Russia and the US
Speaker 1: when it comes to the situation in Ukraine to affect markets.
Speaker 1: Let us hope that cooler heads prevail. Let us hope
Speaker 1: that the the attitude taken by the Ukrainians themselves has
Speaker 1: been less concerned, it seems, than has been Washington relative
Speaker 1: to what's going on there. Let us hope that cool
Speaker 1: heads prevailed. This is a nuclear age, This is a
Speaker 1: very disturbing sort. And my guest is that the Russians
Speaker 1: probably shall not incur into Ukraine. I think the United
Speaker 1: States has made it so abundantly clear that there will
Speaker 1: be some sort of serious fact in our saction, sanctions
Speaker 1: that will be put into effect. Let us hope that
Speaker 1: cooler heads prevail. My guesses they probably shall be, and
Speaker 1: that this will probably wind its way towards nothingness over
Speaker 1: the course of the next several weeks and months. Let's
Speaker 1: hope that I'm right well. With crude prices as high
Speaker 1: as they are, Dennis, what impact is that going to
Speaker 1: have on stock prices and the growth trajectory for this economy?
Speaker 1: In our last it, we forget how much petroleum is
Speaker 1: responsible for almost everything we touch. I mean, it's in
Speaker 1: your deodorant for good for goodness sake, it's in the
Speaker 1: clothing that we wear, it's it's everywhere beyond just our automobiles,
Speaker 1: in our in our airplanes that drive driving the air
Speaker 1: and drive on the road. So higher private prices for
Speaker 1: petroleum extract a larger inflationary expectation and deconstrued as being
Speaker 1: supportive of economic activity. It has to be deleterious. I'm
Speaker 1: I'm somewhat surprised that Brenna has been able to push
Speaker 1: above dollars a barrel. I suspect that this the the
Speaker 1: the best cure for high prices is high prices. I
Speaker 1: think it will increase the amount of drilling that goes on.
Speaker 1: But thus far as we've moved from zero prices, what
Speaker 1: two years ago we went to negative numbers incrude oil,
Speaker 1: which is still astonishing astonishing event and here we are
Speaker 1: at these numbers. The fact that we've not seen an
Speaker 1: increase in drilling has surprised me. All Right, Dennis, as always,
Speaker 1: thank you for your insights. Dennis Gartment, former publisher of
Speaker 1: the Gartment Letter, now Chair of the University of Akron
Speaker 1: Endowment Investment Committee. Karen Nathan, it is fifty three on
Speaker 1: Wall Street time for the Bloomberg Law Report, brought to
Speaker 1: you by American Arbitration Association. Business disputes are inevitable resolve
Speaker 1: Faster with the American Arbitration Association, the global leader in
Speaker 1: alternative dispute resolution for over ninety years. More at a
Speaker 1: d R dot org. Let's get to the legal stories
Speaker 1: we're watching this morning from Bloomberg's Jeff Bellinger. President Biden
Speaker 1: now has six seats to fill on the Ninth Circuit.
Speaker 1: Judge Andrew Hurwitz announced plans to step down from his
Speaker 1: role as an active judge on the largest federal appeals
Speaker 1: court this summer. Several businesses and the retail, travel, food,
Speaker 1: and home improvement industries have received notices from the California
Speaker 1: Attorney General's Office. They are accused of operating loyalty programs
Speaker 1: that violate the state's Consumer Privacy Act. Shopify denies allegations
Speaker 1: that it has enabled the copyright infringement of textbooks. Publishers
Speaker 1: filed a complaint in a Virginia federal court. Bloomberg Law
Speaker 1: everything you need, all on one legal research platform, including
Speaker 1: guidance analysis and Bloomberg Market Intelligence. Find out more at
Speaker 1: Bloomberg law dot com. Thanks you Toff. Now. Another legal
Speaker 1: story where watching brings us to a case involving former
Speaker 1: President Donald Shrump. An investigation is ramping up into whether
Speaker 1: the former president violated Georgia law by trying to pressure
Speaker 1: state officials to throw out Joe Biden's presidential election victory.
Speaker 1: The Fulton County District Attorney has gotten permission to and
Speaker 1: panel a special grand jury in the investigation. For more
Speaker 1: in the matter, bloomberg s ju In Gruns speaks to
Speaker 1: former federal prosecutor Robert Mintz, a partner at Macarter in English.
Speaker 1: Why did the prosecutor request a special grand jury? The
Speaker 1: Fulton County District Attorney made that request because she said
Speaker 1: that key witnesses and the investigation, including for example, the
Speaker 1: Georgia's Secretary of State, would not cooperate without being subpoena
Speaker 1: to testify. So the special grand jury was created to
Speaker 1: give her the power to bring the individuals before the
Speaker 1: grand jury. Interestingly, the special grand jury gives her the
Speaker 1: power to have a grand jury whose sole focus is
Speaker 1: this investigation, and they're able to meet on a more
Speaker 1: regular basis and will move this investigation along at a
Speaker 1: much quicker pace. Of course, the big question is whether
Speaker 1: Trump's attempts to reverse the outcome in Georgia were criminal.
Speaker 1: What will the prosecute to be looking at the phone
Speaker 1: Computatrict attorney is going to look at certain key events
Speaker 1: that occurred on January second, specifically, at three pm on Saturday,
Speaker 1: there was a phone call which was recorded between President
Speaker 1: Trump on the Secretary of State in which prosecutors may
Speaker 1: alleged that President Trump tried to push and coerce this
Speaker 1: Secretary of State into counting George's presidential votes in a
Speaker 1: way that favored President Trump. Specifically, President Trump stating to
Speaker 1: the Secretary of State, we won very substantially in Georgia.
Speaker 1: And then the President went on to say, it's more
Speaker 1: illegal for you than it is for them, because you
Speaker 1: know what they did and you're not reporting it. That's
Speaker 1: a criminal offense and you can't let that happen. And
Speaker 1: then he says, what is probably the key words in
Speaker 1: that telephone call, I want to find eleven thousand seven
Speaker 1: on their native votes. That's going to be the key
Speaker 1: fact in that investigation, and prosecutors will try to prove
Speaker 1: that what the President was doing was threatening the Secretary
Speaker 1: of State that if he did not yield to that request,
Speaker 1: that he himself could face criminal charges. Most people have
Speaker 1: heard the saying that a prosecutor can get a grand
Speaker 1: jury to indict a ham Sandwich. So the question isn't
Speaker 1: so much whether she can get an indictment, but rather
Speaker 1: whether she only wants an indictment if she can get
Speaker 1: a conviction. While it's relatively easy for prosecutors to get
Speaker 1: an indictment because of the lower criminal standard probable cause
Speaker 1: and because the grand jurors only here the prosecutor's side
Speaker 1: of the case, but a prosecutor never wants to get
Speaker 1: an indictment that they don't believe they can ultimately prove
Speaker 1: in court, and particularly in a case like this that
Speaker 1: would be enormously high profile, with the stakes enormously high.
Speaker 1: I don't think we're going to see the prosecutor pursue
Speaker 1: this case unless she believes that she can ultimately get
Speaker 1: a conviction. And as Robert Man's a partner and mcarter
Speaker 1: and English speaking with the Bloomberg Student Garasso. Catch more
Speaker 1: of that interview plus analysis of the latest legal news
Speaker 1: by listening to the Bloomberg Law Show at ten pm
Speaker 1: Eastern Time or subscribing to the Bloomberg Law Podcast. And
Speaker 1: attorneys can find exceptional legal research and business development tools
Speaker 1: at Bloomberg Law dot com. SMP futures. They're lower now
Speaker 1: down four points down, futures down a hundred eighteen nasdack
Speaker 1: futures higher up sixty three. Our top stories straight ahead.
Speaker 1: This is Bloomberg