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Speaker 1: Life from the Bloomberg Interactive Berger Studios. This is Bloomberg

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Speaker 1: day Break for Wednesday, November two, two. Coming up this hour,

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Speaker 1: Wall Street prepares for today's FED decision and news conference.

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Speaker 1: Amazon Freeze is hiring and one of its profitable businesses,

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Speaker 1: three big pharmacy chains reach a multibillion dollar settlement in

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Speaker 1: the opioid crisis, and financial leaders take stock at a

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Speaker 1: global economy. At a summit in Hong Kong, two Newark

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Speaker 1: police officers were shot as the suspect remains on the loose.

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Speaker 1: Plus campaigning with only six days until the mid term elections.

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Speaker 1: I'm Michael Barr. More ahead, I'm down stage, Shower Sports

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Speaker 1: the next Way, that coaching change and then lost. The

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Speaker 1: local hockey teams all warned. The Philly shut out the

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Speaker 1: Astros in Game three of the World Series. That's all

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Speaker 1: training ahead on Bloomberg Daybreak on Bloomberg E Liveing freon

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Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh

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Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Syrius Exam

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Speaker 1: one nineteen and around the world on Bloomberg Radio dot

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Speaker 1: com and via the Bloomberg Business app. Good morning. I'm

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Speaker 1: Kared Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought to

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Speaker 1: you by Cone Resnick Advisory Assurance Tax. Visit Cohne residents

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Speaker 1: c suite dashboard to get the insights and intelligence you

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Speaker 1: need to stay ahead. Visit Cone resideck dot com slash

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Speaker 1: c suite. Then US Futures Hire this morning six on

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Speaker 1: one on Wall Street. We checked the markets every fifteen

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Speaker 1: minutes throughout the trading day on bloomberg S and P

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Speaker 1: futures at four points down futures that'll change now Stay futures,

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Speaker 1: and a ten year treasury that'll change YELD four point

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Speaker 1: oh four percent yield on the two year four point

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Speaker 1: five one percent. Nathan Karen, We begin with today's Fed

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Speaker 1: decision and news conference from Chair J. Powell. Wall Street's

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Speaker 1: been waiting for it all week, and we get a

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Speaker 1: preview from Bloomberg Economics correspondent Michael McKee. The focus of

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Speaker 1: the November FED meeting is going to be the December

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Speaker 1: FED meeting once again. Central bankers have told us they

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Speaker 1: intend to raise interest rates by three quarters of a

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Speaker 1: percentage point to four percent this week, but there have

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Speaker 1: also been some hints from some FED officials and some

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Speaker 1: data that they might dial back to a half point

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Speaker 1: rise in December at a quarter point rise after that.

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Speaker 1: Much will depend on how the economy develops, but markets

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Speaker 1: would like a better idea of just how high the

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Speaker 1: Fed will go. Answering that question without creating more market

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Speaker 1: volatility will be Chairman J. Powell's main job after Wednesday's meeting.

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Speaker 1: Michael McKay Bloomberg Daybreak. All right, Mike, thanks and stay

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Speaker 1: with Bloomberg Radio and Television for live analysis of the

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Speaker 1: Fed decision. It all begins at one thirty pm Wall

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Speaker 1: Street Time on a special edition of Bloomberg Surveillance. Well

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Speaker 1: as we await that policy decision, Nathan, the chorus is

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Speaker 1: growing louder that rate hikes will eventually lead to a recession.

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Speaker 1: Luke Ellis, as chief executive officer of Man Group, You're

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Speaker 1: going to get a recession in the US. That's sort

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Speaker 1: of inevitable. They wanted to get rid of inflection. If

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Speaker 1: they want to get inflection down to a two percent target,

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Speaker 1: then yes, I was sorry. There is a theoretical soft

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Speaker 1: banding runway, but it's so thin you wouldn't want to

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Speaker 1: try to land a plane in a hurricane. In Man

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Speaker 1: Group CEO Luke Ellis sees US inflation slowing to three

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Speaker 1: and a half to four percent as soon as next year.

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Speaker 1: We Karen m and A on Wall Street has been

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Speaker 1: slowing down, but David Solomon expects that to change. The

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Speaker 1: Goldman Sax CEO sees a recovery in deal making next year,

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Speaker 1: and he's speaking about that and the current state of

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Speaker 1: financial markets. Generally speaking, when we've had these periods in

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Speaker 1: the past, it takes somewhere between two and four quarters,

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Speaker 1: sometimes maybe six quarters, you know, to rebalance. I think

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Speaker 1: we're going through that rebalancing period. I think there's still

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Speaker 1: a significant amount of uncertainty, but as we get into

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Speaker 1: twenty three and we start to have a clear understanding

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Speaker 1: of the trajectory of capital markets. Goldman Sax CEO David

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Speaker 1: Solomon made the comments at today's Global Financial Investment Summit

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Speaker 1: in Hong Kong. Solomon is one of several financial leaders

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Speaker 1: attending that summit. Nathan HSBC CEO Noel Quinn is also there,

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Speaker 1: and we kind up with him to discuss the impact

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Speaker 1: COVID is having on the Chinese economy. The COVID is

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Speaker 1: a big story because with with a restriction and movement

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Speaker 1: into Ana China. It's very hard for the international community.

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Speaker 1: So we can next with third economy, but it will

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Speaker 1: rebound and China will open up at some points in time.

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Speaker 1: But I think it is important for the economy for

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Speaker 1: China eventually to find the solutions of the COVID strategy.

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Speaker 1: HSBC's nor quinns use Asia has a strong platform for growth.

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Speaker 1: We starks an Asia rose again overnight. Karen on optimism

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Speaker 1: COVID restrictions will ease. Let's get the recap from Bloomberg's

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Speaker 1: Juliette Sally in Singapore. Good morning, Juliet, Good morning, Nathan

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Speaker 1: and Karen. Afternoon trade in Hong Kong was halted due

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Speaker 1: to a storm. However, the Hang Sang index steal posted

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Speaker 1: its best two day games since March. Mainland shares also

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Speaker 1: climbed as investors tried to waste speculation that China may

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Speaker 1: scrap its COVID zero policy. In Taipei, on high shares

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Speaker 1: rose despite China looking down the Jangel Airport economy zone

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Speaker 1: where Fox Colan's iPhone plant is located, to cut the

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Speaker 1: COVID spread, and the yen strengthened for a second straight Day,

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Speaker 1: with traders considering the risk that a hawk is fed

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Speaker 1: may boost the dollar to levels that trigger fresh intervention.

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Speaker 1: On a Japanese holiday in Singapore, Juliet Sally Bloomberg Daybreak Right,

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Speaker 1: Julie Thankstang and China Now, Bloomberg News has learned that

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Speaker 1: Teslash at its flagship showroom in Beijing last month. The

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Speaker 1: electric carmaker has a number of showrooms in China's capital,

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Speaker 1: and the one now shuttered was in a shopping center

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Speaker 1: in a residential area. For the most part, Tesla sales

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Speaker 1: cars via an online direct sales model, rather than through

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Speaker 1: dealerships or showrooms. And other corporate news Karen, Amazon's taking

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Speaker 1: more measures to align its expenses with a slowdown in sales.

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Speaker 1: We get the details from Bloomberg's Lisa Mateo. Bloomberg News

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Speaker 1: has learned that the world's largest e commerce company is

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Speaker 1: freezing staffing levels and its profitable advertising business. The decision

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Speaker 1: to keep the advertising unit workforce at its current level

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Speaker 1: shows Amazon is looking to squeeze more profit out of

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Speaker 1: the fast growing business and the busy holiday quarter. Amazon's

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Speaker 1: advertising business, largely sponsored search results on its web store

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Speaker 1: generated more than nine and a half billion dollars last quarter.

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Speaker 1: Lisa Mateo, Bloomberg, Daybreak at Leasta thanks. Shares of Airbnb

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Speaker 1: on the move this morning downward then six percent in

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Speaker 1: early trading. That's after a disappointing outlook for bookings on

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Speaker 1: the fourth quarter, and we get the need tails from

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Speaker 1: Bloombergy's Charlie Pellett. It suggests that consumer preferences are shifting

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Speaker 1: away from higher cost rentals that thrive during the pandemic

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Speaker 1: and back to urban and cross border destinations. The San

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Speaker 1: Francisco based home sharing platform said it expects the pace

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Speaker 1: of nights and experiences booked will quote moderate slightly in

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Speaker 1: the fourth quarter compared with the third quarters gain of

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Speaker 1: twenty five percent. Airbnb reported ninety nine point seven million

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Speaker 1: nights and experiences booked in the three months ended in September,

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Speaker 1: falling short of analyss estimates of ninety nine point nine million.

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Speaker 1: In New York. Charlie Pellett Bloomberg, deybreak, all right, Charlie,

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Speaker 1: thank you. Finally, it is one of the last big

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Speaker 1: settlements over the opioid epidemic. Sources tell Us, CVS Health,

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Speaker 1: Walgreen's Boots Alliance, and Walmart have tentatively agreed to pay

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Speaker 1: twelve billion dollars to resolve state and local lawsuits over

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Speaker 1: mishandling of addictive painkillers. Were told the deal won't be

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Speaker 1: finalized until enough states, cities, and counties agreed to it.

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Speaker 1: N S and p futures are little chain in this morning,

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Speaker 1: So are down futures, nounsdays, futures up about twenty ten

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Speaker 1: year treasury that will change. You had four point oh

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Speaker 1: four percent and a yield in the two year four

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Speaker 1: point five one percent, and NIMEX screwed oil is down

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Speaker 1: to tenth of upper sent straight ahead your latest local

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Speaker 1: headlines plus the check of sports. And this is Bloomberg.

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Speaker 1: He's staring at six oh seven on Wall Street. We're

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Speaker 1: fifty seven degrees in Central Park. We have a service

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Speaker 1: suspension on the New Jersey Transits Northeast Corrida between Trent

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Speaker 1: and Railway. Tell you more in traffic. First, Michael bar

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Speaker 1: with what else is going on in New York and

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Speaker 1: around the world. Good morning, Michael, Good morning Nathan. To

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Speaker 1: Newark police officers were wounded in a shooting in a

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Speaker 1: residential neighborhood not far from the city's airport. The Essex

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Speaker 1: County Prosecutor's office as the officers were being treated for

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Speaker 1: injuries at a nearby hospital. Both are said to be

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Speaker 1: in stable condition. Essex County Acting prosecuted Ted Stevens says

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Speaker 1: the suspected shooter, Kendall Howard, faces charges and remains on

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Speaker 1: the loopse to Council attempted murder on the officers, as

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Speaker 1: well as unauthorized possession of a weapon and unauthorized possession

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Speaker 1: of a weapon for unlawful purposes. Prosecutor Stephens says the

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Speaker 1: gunman opened fire on police as they were serving a

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Speaker 1: search warrant. A New York appeals court upheld a new

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Speaker 1: state law allowing absentee ballots to be reviewed before election day.

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Speaker 1: The court says it would be extremely disruptive to change

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Speaker 1: the rules with absentee voting already underway. Republicans challenged the law.

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Speaker 1: Former President Obama stump for Democrats last night in Las Vegas,

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Speaker 1: with less than a week to go before the midterm elections.

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Speaker 1: Obama campaigned for incumbent Catherine Cortez Mastow in Nevada Senate race.

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Speaker 1: Obama was critical of Republicans they want to gut social

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Speaker 1: Security and Medicare and then give they're Welsley friends and

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Speaker 1: big corporations more tax cuts. Polls show a debt heat

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Speaker 1: between Mastow and Republican Adam Laxhole. Another closely watched Senate

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Speaker 1: races in Pennsylvania between Democrat John Fetterman and Republican Memit Oz.

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Speaker 1: Doctor Oz hit the campaign trail in Lower Bucks County,

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Speaker 1: speaking at to get out the vote rally in Ben

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Speaker 1: Salem Township last night. Washington getting the wrong because of

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Speaker 1: the extreme positions that they're accepting of and they need

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Speaker 1: a dose of Pennsylvania reality. Cutterman's lead over Oz is shrinking,

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Speaker 1: with supporting Fetterman to for Oz. Former Israeli Prime Minister

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Speaker 1: Benjamin Netanyah, who appears to be heading towards victory and

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Speaker 1: national elections. With about eighty percent of the ballots counted,

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Speaker 1: voters gave him and his far right allies what looks

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Speaker 1: to be a stable majority in the country's parliament. Brazilian

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Speaker 1: President Jayre Bolsonaro vow to respect the constitution and authorized

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Speaker 1: the government to start the political transition after his loss

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Speaker 1: to Luis Ignatio. Lula de Silva. Global News twenty four

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Speaker 1: hours a day on air and on Bloomberg quicktake powered

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Speaker 1: by more than the seven hundred journalists and analysts more

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Speaker 1: than a hundred twenty countries. MICHAELA. Barn This is Bloomberg, Nathan.

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Speaker 1: Thanks Michael. Almost six ten on Wall Street time for

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Speaker 1: the Bloomberg Sports Update, brought to you by Tri State

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Speaker 1: Outy with John Stashower. All Right, Anathan, he's are good

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Speaker 1: times in Philadelphia. The Eagles are seven and oh. The

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Speaker 1: Phillies are two wins from over just their third ever

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Speaker 1: World Series title. They took Game three over the heavily

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Speaker 1: favored Astros seven and I think Philly's had five home runs.

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Speaker 1: Houston only had five hits. The series is to one,

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Speaker 1: game four in Philly. Tonight Whorlwood Day in Brooklyn, the

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Speaker 1: Nets had a quote parting of the ways with coach

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Speaker 1: Steve Nash just seven games in the season, and then

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Speaker 1: multiple reports they are on the verge of replacing Nash

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Speaker 1: with m Audoka, nash assistant in Brooklyn. He then coached

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Speaker 1: the Celtics to the NBA Finals last season. He's now

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Speaker 1: serving a team imposed year long suspension for an improper

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Speaker 1: relationship with the Celtics employee Jacques Vaughan, coach the Nets.

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Speaker 1: Last night at Barkley's. They blew a lead Chicago one

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Speaker 1: one O eight to ninety nine. Zach Lavine outscored the

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Speaker 1: nets by himself in the fourth quarter. Rough game for

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Speaker 1: Kyrie Irvan. He shot two of twelve, missed all six

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Speaker 1: of his three pointers, and the nets are two and six.

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Speaker 1: That's the Garden. Rangers and Flyers scoreless for sixty four minutes.

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Speaker 1: Here's he's into the Rangers should now the right side

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Speaker 1: back out connecting shoots. This is it carrots all the

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Speaker 1: way around. We're cups about a chat. Please pass break away,

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Speaker 1: Chris Protter, oh it over time dates Star Rangers win

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Speaker 1: in New York to call the Crier game winner. Rangers

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Speaker 1: third straight win after a four game skid. The Devils

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Speaker 1: have won four straight seven of eight. They won five

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Speaker 1: to at Vancouver and the fourth strade win for the

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Speaker 1: Islanders three one in Chicago. First rankings from the College

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Speaker 1: Football Playoff Committee. The top four Our Tennessee, Ohio State,

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Speaker 1: Georgia and Clemson Tennessee plays George the Saturday John Stashoward

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Speaker 1: Bloomberg Sports Nathan all Right, John, Thanks futures trading A

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Speaker 1: little change now ahead of the FED decision. We're seeing

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Speaker 1: SMP futures highed by three points down, Futures little change now,

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Speaker 1: Bloomberg dot com, the Bloomberg Business Outland at Bloomberg Quick Tape.

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Speaker 1: This is a Bloomberg business lash and I'm far at

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Speaker 1: and nasday futures are on the rise this morning, whiles

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Speaker 1: and P futures are little changed ahead of the Federal

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Speaker 1: Reserves policy meeting. If you check the markets everything fifteen

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Speaker 1: minutes throughout the trading day on Bloomberg has A futures

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Speaker 1: have twenty points this morning and again SMP futures as

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Speaker 1: well as DAL futures are little changed. The decks in

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Speaker 1: Germany little changed as well. In the ten year treasury

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Speaker 1: down one thirty second yield four point oh four percent

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Speaker 1: yield on the two year four point five one per cent.

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Speaker 1: NIMEX screwed oil is down a quarter percent or twenty

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Speaker 1: four cents at eighty eight dollars twelve cents of barrel

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Speaker 1: comes gold up half percent or eight dollars thirty cents

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Speaker 1: at sixteen fifty seven eighty and ounce. The euro point

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Speaker 1: nine nine o two against the dollar British found one

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Speaker 1: point one four nine zero and the end one forty

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Speaker 1: seven point one four And looking at Big Coin this morning,

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Speaker 1: it is down four ten percent now at twenty thousand,

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Speaker 1: four hundred dollars. That's a Bloomberg business flash. Now here's

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Speaker 1: Michael bar with more on what's going on around the world.

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Speaker 1: Michael Karen, thank you very much. Brazilian President jay Eyre

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Speaker 1: Bolsonaro reportedly told members of the country's Supreme Court that

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Speaker 1: is election battle against leftist rival Luisa Natio Lula da

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Speaker 1: Silva has come to an end, marking one step closer

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Speaker 1: toward a concession. After his defeat Israel's fifth election in

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Speaker 1: four years looks set to return Benjamin at Yahoo to power,

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Speaker 1: with exit polls suggesting its strategy of forming an alliance

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Speaker 1: Philadelphia now leads the series two games to one. NBA,

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Speaker 1: after the firing of head coach Steve Nash, the Nets

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Speaker 1: lost to the Bowls one nine nine, the Warriors lost,

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Speaker 1: and NHL the Rangers won in overtime against the Flyers

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Speaker 1: one zip, the Islanders, Devils and Capitals all one, the

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Speaker 1: Bruins one in OT six five over the Penguins. Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists

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Speaker 1: and analysts more than a hundred twenty countries. I'm Michael

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Speaker 1: barn This is Bloomberg, Nathan. Thank you, Michael. It is

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Speaker 1: six nineteen on Wall Street Live from the Bloomberg Interacted

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Speaker 1: from Washington, d C. Ahead of the Federal Reserve decision

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Speaker 1: and the J PAL press conference. Bloomberg Global Economics and

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Speaker 1: Policy correspondent Michael McKee, who will be there when Powell

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Speaker 1: addresses the media this afternoon, Mike, Good morning. Seems like

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Speaker 1: seventy five basis points is kind of in the bag,

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Speaker 1: and you kind of get this feeling that a lot

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Speaker 1: of market participants are already looking ahead to December. That's

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Speaker 1: pretty much the case, Nathan. It is all about December

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Speaker 1: today because the Fed has pretty much told us it's

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Speaker 1: gonna be seventy five basis points today. There are no

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Speaker 1: new dot plots or projections for economic indicators. So the

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Speaker 1: only thing that Walt really wants to know is what

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Speaker 1: do they do next? Because there's talk now of them

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Speaker 1: stepping down to maybe a fifty basis point move, and

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Speaker 1: there are questions about how high they're eventually going to go.

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Speaker 1: So that's gonna be the focus for people, particular when J.

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Speaker 1: Paul has his press conference. Yeah, I guess all the

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Speaker 1: attention will be on the press conference. But I wonder

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Speaker 1: how much the Chairman can or will say about what

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Speaker 1: kind of impact the policy tightening is having on the

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Speaker 1: economy when we aren't going to get those new economic

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Speaker 1: projections from the statement today. That's gonna be a kind

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Speaker 1: of key question because if he sounds too devilish, then

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Speaker 1: the markets are going to rally and that's gonna work

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Speaker 1: against the FED. Financial conditions will ease. So he's got

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Speaker 1: to walk a fine line between saying things are still

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Speaker 1: terrible and things are getting better. And that fine line

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Speaker 1: is this sort of center point of an argument between

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Speaker 1: two camps of economists, one that say says the inflation

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Speaker 1: is still way too high and the FED must do

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Speaker 1: what it can to stomp it out, and others who say, well,

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Speaker 1: you know, the policies work with a lag, so maybe

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Speaker 1: the FED should slow down, look around and see what

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Speaker 1: impact it is already having on the economy. Now, you've

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Speaker 1: been talking to a lot of FED governors, a lot

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Speaker 1: of Open Market Committee members ahead of this meeting. Given

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Speaker 1: what they've been telling you, Mike, is there any possibility

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Speaker 1: that we could see a little bit more descent in

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Speaker 1: the vote coming out of this meeting? Well, it's always

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Speaker 1: a possibility, but given the fact that it's a sort

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Speaker 1: of baked in situation with seventy five basis points, it

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Speaker 1: doesn't argue that maybe there should be a descent. There

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Speaker 1: could be because maybe somebody wants to get it on

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Speaker 1: record that they think that it's time for the FED

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Speaker 1: to slow down, but that really won't influence what the

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Speaker 1: overall FED does, and it really won't influence the markets

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Speaker 1: since the Fed has already told us what they're going

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Speaker 1: to do, and you know, j. Powell is the one

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Speaker 1: who counts, so his news conference will sort of override

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Speaker 1: the impact of any descent. Are you looking for any

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Speaker 1: clearer signals from Powell today on what kind of impact

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Speaker 1: the policy tightening is having on the economy, whether the

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Speaker 1: FED is starting to get more open to the idea

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Speaker 1: that the slowdown we're seeing could be leading to a recession. Well,

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Speaker 1: that's kind of a key question that would lead you

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Speaker 1: to the other question of how high rates should go.

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Speaker 1: And Paul again doesn't want to talk down the economy,

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Speaker 1: but he also doesn't want to say it's too good

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Speaker 1: because that will, uh maybe make him seem a little

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Speaker 1: too hawkish. So be interesting to see how he describes

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Speaker 1: it and how he would describe it some months out.

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Speaker 1: The favorite indicator that the FED watches, according to j Powell,

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Speaker 1: in terms of the yield curves, is three months and

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00:18:42,920 --> 00:18:46,680
Speaker 1: three month futures eighteen months out, and that curve is

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Speaker 1: just about to invert. And he has said when that inverts,

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Speaker 1: it's a signal FED probably needs to cut rates. So

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Speaker 1: it's going to be interesting to see how that part

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Speaker 1: of the yeoh curve behaves when the FED meeting is

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Speaker 1: over today. Okay, so just thirty seconds left here, Mike,

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Speaker 1: what are you gonna ask Chairman Powell? I might ask

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Speaker 1: him about that yel curve. That's going to be an

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Speaker 1: important question for the future. And I'm also curious about

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Speaker 1: I think I know what he's gonna say about politics

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Speaker 1: and the fact that there's an election in a week.

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Speaker 1: But uh, you know, how's all this pressure weighing on him. Yeah,

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Speaker 1: it's been interesting when we've started to hear even more

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Speaker 1: Democrats ahead of the mid term, uh, signaling that they

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Speaker 1: would like to see the FED slowdown on rates. We'll

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Speaker 1: leave it there for now, Mike. You know you've got

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Speaker 1: a very busy day ahead of course. Michael McKee Bloomberg

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Speaker 1: Economics and Policy correspondent with us this morning from our

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Speaker 1: Bloomberg Studios in Washington, d C. But later on he's

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Speaker 1: gonna be a few blocks west at the Federal Reserve

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Speaker 1: for Chairman Powell's news conference two pm. Wall Street Time.

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Speaker 1: We get the decision to thirties when the news conference begins.

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Speaker 1: Our coverage begins at one thirty on a special edition

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00:19:56,920 --> 00:20:01,199
Speaker 1: of Bloomberg Surveillance. Across Bloomberg Radio and television, you're listening

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Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg

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Speaker 1: Living Free to Washington, d C. Bloomberg nine nine one

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Speaker 1: and Bloomberg Radio dot com. This is Bloomberg Daybreak at

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Speaker 1: six thirty on Wall Street. Good morning, I'm Nathan Hagar

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00:20:53,080 --> 00:20:55,720
Speaker 1: and I'm Karen Moscow, and we are just about three

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Speaker 1: hours away from the open of US trading. It is

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00:21:13,440 --> 00:21:16,560
Speaker 1: up first SMP futures are a little change this morning

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00:21:16,560 --> 00:21:19,960
Speaker 1: ahead of today's feder Reserve decision. Consensus calls for a

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Speaker 1: rate hackers seventy five basis points ste fold. Chief Economists

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00:21:23,680 --> 00:21:27,639
Speaker 1: Lindsay pass says forward guidance will be very important. I

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Speaker 1: do expect that given the backdrop of a five decade

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00:21:30,960 --> 00:21:33,679
Speaker 1: low in the unemployment rate and in your four decade

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00:21:33,720 --> 00:21:37,119
Speaker 1: high and inflation, the Fed will continue to revive higher

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00:21:37,119 --> 00:21:40,399
Speaker 1: expectations beyond what the market is anticipating in terms of

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Speaker 1: that terminal rate. Come three and that's stefs Lindsay Pisa there.

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Speaker 1: Stick with Bloomberg Radio and Television for complete coverage of

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Speaker 1: the Fed with a special edition of Bloomberg Surveillance Alive

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Speaker 1: at one thirty pm Wall Street Time. Well, recession calls

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Speaker 1: are growing a bit aggressive rate hikes, Karen. When it

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Speaker 1: comes to earnings, recession signs are likely to creep in

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Speaker 1: next quarter. That's according to Mainstake Capital Chief investment officer

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00:22:02,000 --> 00:22:05,159
Speaker 1: David Couldla, earning is a little more resilient than what

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Speaker 1: many had thought. So earnings not being impacted as much

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Speaker 1: by the slowdown in the economy the FED action. So

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Speaker 1: what's the expectation we'll see that next quarter. We'll get

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Speaker 1: our earnings recession next quarter. Main Stake Capitals David Couldla

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Speaker 1: says it's unclear exactly when rate hikes will filter into

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Speaker 1: the broader economy. Overseas, financial leaders made in Asia and

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Speaker 1: share their thoughts on volatile global markets. Here's Goldman Sax

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00:22:29,720 --> 00:22:32,960
Speaker 1: CEO David Solomon. When we've had these periods in the past,

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Speaker 1: it takes somewhere between two and four quarters, sometimes maybe

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Speaker 1: six quarters, you know, to rebalance. I think we're going

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00:22:39,520 --> 00:22:43,480
Speaker 1: through that rebalancing period. And Goldman Sax CEO David Solomon

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Speaker 1: made the comments at the Global Financial Investment Summit in

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Speaker 1: Hong Kong. HSBC CEO no Quinn is also there, Karen.

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Speaker 1: He spoke with us about China's economic outlook and HSBC's

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00:22:53,200 --> 00:22:55,800
Speaker 1: business there. It's a consumption mafta that no when in

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Speaker 1: the world's can afford to just wolf away from. In

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Speaker 1: my view and not need a huge Junecy is still

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Speaker 1: a very significant supplier to the world as an ex

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Speaker 1: world market. So I believe in the economic prospects of China.

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Speaker 1: HSPCs nold coinciss China will find a solution to its

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Speaker 1: COVID zero strategy. And we've been telling you about this

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Speaker 1: and countries. And straight ahead your latest local headlines and

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Speaker 1: this is Bloomberg. Thanks Staring at six thirty three on

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Speaker 1: Wall Street now fifty six degrees in Central Park. Forty

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00:23:42,760 --> 00:23:45,440
Speaker 1: five minute delays on the New Jersey Transit Northeast Quarter

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Speaker 1: after an early suspension there. Michael Bars here with more

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Speaker 1: on what's going on in New York and around the world. Michael,

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Speaker 1: thank you very much, Nathan. Police in Newark, New Jersey,

429
00:23:53,200 --> 00:23:55,840
Speaker 1: are looking for the gunman who shot and wounded two

430
00:23:55,880 --> 00:23:59,960
Speaker 1: police officers outside of an apartment building in a residential neighborhood.

431
00:24:00,440 --> 00:24:03,800
Speaker 1: Police believe the man was hiding in an apartment as

432
00:24:03,840 --> 00:24:08,119
Speaker 1: authorities were evacuating residents to safety. New York Mayor ros

433
00:24:08,119 --> 00:24:11,920
Speaker 1: Baraka will bring this guy. It's a custody uh as

434
00:24:11,920 --> 00:24:14,560
Speaker 1: soon as we possibly can, Mayor Baraka says. The wounded

435
00:24:14,600 --> 00:24:18,520
Speaker 1: officers are in stable condition. The Supreme Court has rejected

436
00:24:18,560 --> 00:24:22,280
Speaker 1: Senator Lindsey Graham's request to block a Georgia Grand jury subpoena.

437
00:24:22,560 --> 00:24:25,600
Speaker 1: Bloomberg said Baxter as the story. This clears the way

438
00:24:25,640 --> 00:24:27,639
Speaker 1: for Graham to have to testify in front of the

439
00:24:27,640 --> 00:24:31,600
Speaker 1: Atlanta's Special Grand Jury, which is investigating efforts to overturn

440
00:24:31,640 --> 00:24:36,240
Speaker 1: the presidential election in Georgia. Graham had filed an emergency

441
00:24:36,280 --> 00:24:39,800
Speaker 1: request asking the justices to halt the testimony, which is

442
00:24:39,840 --> 00:24:43,840
Speaker 1: currently scheduled for November seventeen. The Court ruled that Graham's

443
00:24:43,880 --> 00:24:46,560
Speaker 1: attorneys do have the right to object to questions on

444
00:24:46,600 --> 00:24:50,040
Speaker 1: a case by case basis, which could leave substantial room

445
00:24:50,119 --> 00:24:53,920
Speaker 1: for him to challenge questions or request from the Grand

446
00:24:54,000 --> 00:24:57,520
Speaker 1: jury in San Francisco. I'm at Baxter Bloomberg Gay Break.

447
00:24:57,600 --> 00:25:00,760
Speaker 1: Former President Barack Obama, at a campaign last nine in

448
00:25:00,840 --> 00:25:04,639
Speaker 1: Las Vegas, asked voters to support the incumbent Democratic Senator

449
00:25:04,720 --> 00:25:09,240
Speaker 1: Catherine to Cortez Masta in next Tuesday's mid term election.

450
00:25:09,680 --> 00:25:12,159
Speaker 1: He told to get out the vote rally that casting

451
00:25:12,160 --> 00:25:14,879
Speaker 1: a vote is important for democracy. The only way to

452
00:25:14,920 --> 00:25:19,840
Speaker 1: say democracy is if we together four. Masta is in

453
00:25:19,880 --> 00:25:24,320
Speaker 1: a tight race against Republican Adam Laxholt. Brazilian President Janaire

454
00:25:24,359 --> 00:25:28,439
Speaker 1: Bolsonaro vowed to respect the constitution and authorized the government

455
00:25:28,480 --> 00:25:32,200
Speaker 1: to start the political transition after his loss to Luis Ignatio.

456
00:25:32,280 --> 00:25:36,440
Speaker 1: Lula de Silva. Israel's fifth election in four years look

457
00:25:36,520 --> 00:25:39,560
Speaker 1: sent to return Benjamin net and Yahoo to power, with

458
00:25:39,640 --> 00:25:42,600
Speaker 1: exit polls suggesting his strategy of forming an alliance with

459
00:25:42,640 --> 00:25:46,000
Speaker 1: the nation's far right has succeeded. The suspect accused of

460
00:25:46,040 --> 00:25:49,359
Speaker 1: breaking into speaker Nancy Pelosi's home in San Francisco and

461
00:25:49,400 --> 00:25:52,800
Speaker 1: attacking her husband, will remain behind bars without bail. An

462
00:25:52,800 --> 00:25:56,680
Speaker 1: attorney for David the pomp entered a plea of not guilty.

463
00:25:57,040 --> 00:26:00,200
Speaker 1: San Francisco District Attorney Brooke Jenkins said this atten at

464
00:26:00,240 --> 00:26:03,439
Speaker 1: shows the nation's politics have become too heated. We have

465
00:26:03,560 --> 00:26:07,200
Speaker 1: become a society that thinks it's acceptable to incite violent

466
00:26:07,280 --> 00:26:10,359
Speaker 1: acts against our political leaders, and we can't be that

467
00:26:10,440 --> 00:26:13,840
Speaker 1: type of America. B A. Jenkins. Air ate sirens sounded

468
00:26:13,840 --> 00:26:16,120
Speaker 1: in South Korea after the North client about a dozen

469
00:26:16,160 --> 00:26:19,359
Speaker 1: missiles in its direction. Today Global News twenty four hours

470
00:26:19,359 --> 00:26:22,080
Speaker 1: a day on air and on Bloomberg Quick Take, powered

471
00:26:22,119 --> 00:26:24,760
Speaker 1: by more than twenty seven journalists and analysts more than

472
00:26:24,800 --> 00:26:28,120
Speaker 1: a hundred twenty countries. Michael barn this is Bloomberg, Nathan,

473
00:26:28,240 --> 00:26:34,919
Speaker 1: Yes it is. Thank you Michael, six thirty six on

474
00:26:34,960 --> 00:26:37,520
Speaker 1: Wall Street and John Sesshires of Bloomberg. Sports Update brought

475
00:26:37,520 --> 00:26:39,840
Speaker 1: to you by CHRCE State outy all right, Nathan. The

476
00:26:40,080 --> 00:26:43,160
Speaker 1: World Series blowout. The Phillies tied a record with five

477
00:26:43,200 --> 00:26:45,520
Speaker 1: on runs. The Astros had only five hits. The Phils

478
00:26:45,560 --> 00:26:47,960
Speaker 1: won Game three seven to nothing. They leave the series

479
00:26:47,960 --> 00:26:51,040
Speaker 1: to to one. Bryce harpergot him going two runs shot first,

480
00:26:51,119 --> 00:26:53,760
Speaker 1: Danny Alec Bohm, Brandon Marsh both with homers and inning

481
00:26:53,840 --> 00:26:55,600
Speaker 1: later and then in the fifth, Kyle Schwarber, with a

482
00:26:55,640 --> 00:26:58,680
Speaker 1: man on, went back to back Lauise Hoskins. All five

483
00:26:58,720 --> 00:27:01,800
Speaker 1: homers came off Houston's plans of the Colors. The Astros

484
00:27:01,800 --> 00:27:05,040
Speaker 1: were shut down by Rangers Suarez and four Philly relievers.

485
00:27:05,040 --> 00:27:08,480
Speaker 1: Game four is tonight. The soap opera continues in Brooklyn

486
00:27:08,640 --> 00:27:12,000
Speaker 1: as the Nets turn of surprising firing and coach Steve Nash,

487
00:27:12,000 --> 00:27:15,280
Speaker 1: considering how early in the season it is, g M.

488
00:27:15,359 --> 00:27:18,240
Speaker 1: Shawn Marks called it more of a mutual decision. We

489
00:27:18,280 --> 00:27:21,720
Speaker 1: both felt this was this was time. It was certainly

490
00:27:21,760 --> 00:27:24,199
Speaker 1: training in that way, and to be quite frank, the

491
00:27:24,320 --> 00:27:27,200
Speaker 1: team was was not doing what it was supposed to

492
00:27:27,240 --> 00:27:30,320
Speaker 1: be doing. You know, we're we have we've fallen um

493
00:27:30,359 --> 00:27:33,040
Speaker 1: from our goals of meeting our goals, and it was

494
00:27:33,119 --> 00:27:36,600
Speaker 1: it was time now because we still have lofty aspirations

495
00:27:36,600 --> 00:27:38,320
Speaker 1: of where we need to get to. And then came

496
00:27:38,359 --> 00:27:41,040
Speaker 1: the news of who was expected to replace Nash. M Judoka,

497
00:27:41,119 --> 00:27:44,639
Speaker 1: currently suspended by the Celtics. There was a relationship with

498
00:27:44,680 --> 00:27:48,320
Speaker 1: the Celtics employee, reportedly inappropriate text messages. He didn't coach

499
00:27:48,400 --> 00:27:51,280
Speaker 1: the Celts for the NBA Finals last season. Jacque Vaughan

500
00:27:51,359 --> 00:27:53,199
Speaker 1: coach the Nets. Last night they felled up two and

501
00:27:53,280 --> 00:27:56,240
Speaker 1: six lost at Barkleys to Chicago one O eight to

502
00:27:56,400 --> 00:27:59,600
Speaker 1: ninety nine. Is the Bull. Zach Lavine scored twenty fourth

503
00:27:59,640 --> 00:28:01,840
Speaker 1: quarter points. Y out spot the next play himself Local

504
00:28:01,880 --> 00:28:04,960
Speaker 1: hockey all pre teams one the Arrangers one nothing with

505
00:28:04,960 --> 00:28:06,800
Speaker 1: the Flyers on a Chris Cride and breakaway go with

506
00:28:06,840 --> 00:28:08,840
Speaker 1: less than a minute ago with over time, the Islanders

507
00:28:08,840 --> 00:28:11,399
Speaker 1: won three one in Chicago. The Devils won five to

508
00:28:11,520 --> 00:28:14,639
Speaker 1: at Vancouver. Former Giants coach John McVeigh has passed away

509
00:28:14,960 --> 00:28:18,960
Speaker 1: at nineteen one. John Stash Bloomberg Sports thanks John sixty

510
00:28:19,000 --> 00:28:20,560
Speaker 1: seven on Wall Street time to take a look at

511
00:28:20,560 --> 00:28:22,280
Speaker 1: stocks some of the names moving in the pre market

512
00:28:22,359 --> 00:28:25,720
Speaker 1: with Bloomberg Radio and TV Markets correspondent Crety Gupta and

513
00:28:25,760 --> 00:28:29,359
Speaker 1: Crety Karen just mentioned that CVS is confirmed it's part

514
00:28:29,440 --> 00:28:33,920
Speaker 1: of the major opioid settlement that reportedly Walgreens, Boots Lines,

515
00:28:33,960 --> 00:28:36,320
Speaker 1: and Walmart are part of as well. But CVS just

516
00:28:36,359 --> 00:28:40,120
Speaker 1: reported earnings as well. They did just report earnings there

517
00:28:40,120 --> 00:28:41,960
Speaker 1: came out with a very actually kind of beating on

518
00:28:42,000 --> 00:28:44,680
Speaker 1: the EPs front. In the cash flow front, remember, Nathan,

519
00:28:44,720 --> 00:28:47,479
Speaker 1: liquidity is a really important part of the story right now.

520
00:28:47,520 --> 00:28:49,960
Speaker 1: They did, however, lower their full year guidance, so that's

521
00:28:49,960 --> 00:28:52,480
Speaker 1: going to be significant. Nevertheless, it looks like investors kind

522
00:28:52,480 --> 00:28:55,360
Speaker 1: of looking through it. CVS is not only the name

523
00:28:55,400 --> 00:28:57,760
Speaker 1: of the company, it's also the ticker. Shares up about

524
00:28:57,800 --> 00:28:59,800
Speaker 1: five point two percent in the pre market. But I

525
00:28:59,800 --> 00:29:02,000
Speaker 1: guess that they are. They did lower their full yer guidance,

526
00:29:02,000 --> 00:29:04,480
Speaker 1: so I'm curious to see what they certainly say on

527
00:29:04,560 --> 00:29:07,720
Speaker 1: their earnings call. Yeah, and speaking of earnings, also got

528
00:29:07,720 --> 00:29:09,520
Speaker 1: to talk about a m D that's one of the

529
00:29:09,520 --> 00:29:13,240
Speaker 1: biggest movers this morning. It absolutely is a m D.

530
00:29:13,400 --> 00:29:16,400
Speaker 1: Advanced micro Devices as is otherwise known, ships about four

531
00:29:16,480 --> 00:29:19,000
Speaker 1: percent in the pre market now. They came out and

532
00:29:19,000 --> 00:29:21,400
Speaker 1: they actually beat all those profit estimates. Now, this is

533
00:29:21,400 --> 00:29:24,400
Speaker 1: really important because a lot of these chip companies have

534
00:29:24,440 --> 00:29:28,200
Speaker 1: been talking about the global macroeconomic kind of backdrop in

535
00:29:28,240 --> 00:29:30,800
Speaker 1: the slowdown that you're seeing, especially the supply chain issues

536
00:29:30,920 --> 00:29:33,040
Speaker 1: that are really eating into their bottom line. A m

537
00:29:33,120 --> 00:29:35,560
Speaker 1: D is doing something different though, They're diversifying, and that's

538
00:29:35,600 --> 00:29:37,360
Speaker 1: going to be a really key part of the strategy.

539
00:29:37,440 --> 00:29:40,160
Speaker 1: It's something we've seen with N Video as well, for example,

540
00:29:40,200 --> 00:29:43,240
Speaker 1: diversifying not only from graphics chips, but also into things

541
00:29:43,240 --> 00:29:45,720
Speaker 1: like data warehouses that could one day power the metaverse.

542
00:29:46,040 --> 00:29:48,960
Speaker 1: Advanced micro devices is no exception. They're actually looking to

543
00:29:49,040 --> 00:29:52,280
Speaker 1: expand further into server processors and this is going to

544
00:29:52,560 --> 00:29:54,680
Speaker 1: offset some of the slumps that you're seeing in the

545
00:29:54,720 --> 00:29:57,200
Speaker 1: personal computer market. Remember that's something that we heard from

546
00:29:57,320 --> 00:30:00,400
Speaker 1: HP and from Dell as well, that the PC market

547
00:30:00,760 --> 00:30:02,560
Speaker 1: is really slowing down. It looks like a m D

548
00:30:02,720 --> 00:30:04,800
Speaker 1: for now is in the green, Nathan, Like I said,

549
00:30:04,800 --> 00:30:06,440
Speaker 1: the shares up at four point two percent in the

550
00:30:06,440 --> 00:30:09,160
Speaker 1: pre market, and we also got some earnings creaty from

551
00:30:09,160 --> 00:30:11,240
Speaker 1: a company that might be something of a bell weather

552
00:30:11,280 --> 00:30:14,040
Speaker 1: for the pandemic, reopening right a little bit, a b

553
00:30:14,360 --> 00:30:17,560
Speaker 1: n B for Airbnb down about six percent in the

554
00:30:17,600 --> 00:30:21,440
Speaker 1: pre market. Now, their fourth quarter outlook really disappointed those

555
00:30:21,440 --> 00:30:24,000
Speaker 1: forecasts that you were starting to see, is that perhaps

556
00:30:24,040 --> 00:30:28,680
Speaker 1: the consumer isn't actually looking at pursuing baby higher cost rentals.

557
00:30:28,920 --> 00:30:32,000
Speaker 1: That was a big trend during the pandemic where people

558
00:30:32,120 --> 00:30:35,040
Speaker 1: remote working. You could go to Hawaii and did work

559
00:30:35,240 --> 00:30:37,600
Speaker 1: for a company here in New York a lot of

560
00:30:37,600 --> 00:30:40,840
Speaker 1: my friends. So that not better at all, but the

561
00:30:40,960 --> 00:30:43,160
Speaker 1: it looks like that trend is is kind of dropping

562
00:30:43,160 --> 00:30:44,840
Speaker 1: a little bit. A lot of those returned to work.

563
00:30:45,120 --> 00:30:48,400
Speaker 1: Um trends are eating into their bottom line. Is nevertheless

564
00:30:48,440 --> 00:30:51,600
Speaker 1: a b n B is your ticker down six percent? Nathan, Yeah,

565
00:30:51,640 --> 00:30:54,200
Speaker 1: I'm kind of forgotten about that trend now. I'm feeling

566
00:30:54,200 --> 00:30:57,160
Speaker 1: a little bitter is a little this morning. Thanks for that, creatycod,

567
00:30:57,160 --> 00:31:00,720
Speaker 1: the Bloomberg Radio TV Markets correspondent. Creaty grouped of course

568
00:31:00,920 --> 00:31:03,480
Speaker 1: waiting for the market open as well. With the FED

569
00:31:03,560 --> 00:31:06,960
Speaker 1: decision later on this afternoon, could see some more volatility

570
00:31:07,040 --> 00:31:10,360
Speaker 1: there as well. But right now futures are trading little change,

571
00:31:10,440 --> 00:31:13,320
Speaker 1: with SMP futures down to point, Dow futures down forty four,

572
00:31:13,400 --> 00:31:17,640
Speaker 1: naz dec futures higher by twelve points. This is Bloomberg

573
00:31:22,000 --> 00:31:24,760
Speaker 1: and Bloomberg Sports is brought to you by Outing Don't

574
00:31:24,800 --> 00:31:26,800
Speaker 1: let someone else drive off and the Outie Model. You've

575
00:31:26,800 --> 00:31:29,280
Speaker 1: always wanted to visit your local price state autie dealer

576
00:31:29,320 --> 00:31:31,160
Speaker 1: to get behind the wheel of yours today, or visit

577
00:31:31,200 --> 00:31:38,560
Speaker 1: autie Offers dot com for more information, markets headlines and

578
00:31:38,720 --> 00:31:41,960
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,

579
00:31:42,080 --> 00:31:45,640
Speaker 1: the Bloomberg Business apt and at Bloomberg Quick Tape. He's

580
00:31:45,640 --> 00:31:55,040
Speaker 1: a Bloomberg Business Lash and I'm Karen Moscow and SNP

581
00:31:55,200 --> 00:31:58,720
Speaker 1: and OW futures are little changed to lower. On NASDACK

582
00:31:58,800 --> 00:32:00,920
Speaker 1: futures are still on the rise. Let's go to the

583
00:32:00,920 --> 00:32:03,920
Speaker 1: first We're breaking news desk for today's morning call. Here's

584
00:32:03,920 --> 00:32:07,440
Speaker 1: Bell Maloney, Bill, good morning, Hey, good morning, Can that's right.

585
00:32:07,520 --> 00:32:09,880
Speaker 1: US futures are trading mixed right now at debt futures

586
00:32:09,920 --> 00:32:12,080
Speaker 1: down forty eight points, s sames drop a point, and

587
00:32:12,200 --> 00:32:15,680
Speaker 1: Nasdaq futures are still higher. By twelve, the US ten

588
00:32:15,800 --> 00:32:18,640
Speaker 1: yeeld at four point oh four percent, Gold is up nine,

589
00:32:18,680 --> 00:32:22,080
Speaker 1: oil is in the red, and Bitcoin is trading little changed.

590
00:32:22,240 --> 00:32:25,080
Speaker 1: Hong Kong rose two point four percent overnight, while up

591
00:32:25,240 --> 00:32:27,600
Speaker 1: markets are little changed this morning, and back in the

592
00:32:27,680 --> 00:32:31,320
Speaker 1: US on the economic frondayif ADP employment change, and at

593
00:32:31,320 --> 00:32:34,360
Speaker 1: two o'clock the f O M C rate decision. After

594
00:32:34,400 --> 00:32:37,360
Speaker 1: develous night, A m D toped estimates, Airbnb gave a

595
00:32:37,480 --> 00:32:41,600
Speaker 1: disappointing outlook, and e A cut its forecast and regarding

596
00:32:41,640 --> 00:32:43,840
Speaker 1: some of the earnings. This morning, CBS and s day

597
00:32:43,880 --> 00:32:47,640
Speaker 1: Lauder both beat estimates. In deal news, DuPont scraped the

598
00:32:47,680 --> 00:32:50,880
Speaker 1: five point two billion dollar takeover of Rogers and another

599
00:32:50,880 --> 00:32:55,000
Speaker 1: news credit. Swiss cut to one level above junk status

600
00:32:55,040 --> 00:32:57,560
Speaker 1: by S and P Rabbit figs up. Echo Lab was

601
00:32:57,560 --> 00:33:00,520
Speaker 1: cut to hold over at Deutsche Bank live from the

602
00:33:00,520 --> 00:33:03,520
Speaker 1: first Breaking News Disco Bill Maloney, care all right, Bill,

603
00:33:03,640 --> 00:33:05,400
Speaker 1: thank you, and to hear live breaking news over your

604
00:33:05,440 --> 00:33:08,280
Speaker 1: Bloomberg type squawk on your termin I'll sue you a

605
00:33:08,520 --> 00:33:11,720
Speaker 1: w K and CBS also announced a tentative settlement for

606
00:33:11,760 --> 00:33:15,720
Speaker 1: litigation over its alleged involvement in the opioid crisis. And

607
00:33:15,800 --> 00:33:18,640
Speaker 1: now that's a Bloomberg business flash. Now we go to

608
00:33:18,680 --> 00:33:20,720
Speaker 1: Michael Barr for a check of what's going on around

609
00:33:20,720 --> 00:33:23,600
Speaker 1: the world. Michael Karen, thank you very much. Senior Russian

610
00:33:23,600 --> 00:33:27,440
Speaker 1: military leaders are said to have recently discussed the use

611
00:33:27,560 --> 00:33:31,120
Speaker 1: of nuclear weapons on Ukraine. The New York Times reports

612
00:33:31,200 --> 00:33:34,960
Speaker 1: that's according to senior American officials, US officials saying though

613
00:33:35,000 --> 00:33:38,200
Speaker 1: they had not seen any evidence that Moscow is moving

614
00:33:38,280 --> 00:33:42,800
Speaker 1: nuclear weapons into place. Brazilian President Jayre Bolsonaro val to

615
00:33:42,880 --> 00:33:46,160
Speaker 1: respect the constitution and authorized the government to start the

616
00:33:46,160 --> 00:33:50,160
Speaker 1: political transition after his loss to Luis Ignatio Lula DeSilva

617
00:33:50,560 --> 00:33:52,960
Speaker 1: Game three of the World Series. The Philly shut out

618
00:33:53,000 --> 00:33:56,280
Speaker 1: the Astros seven zip. Philadelphia now leads to the series

619
00:33:56,280 --> 00:33:59,480
Speaker 1: two games to one. In the NBA after firing head

620
00:33:59,480 --> 00:34:01,960
Speaker 1: coach Steve eve Nash, the Nets lost to the Bulls

621
00:34:01,960 --> 00:34:06,040
Speaker 1: on the Warriors lost. N HL. The Rangers won in

622
00:34:06,080 --> 00:34:09,360
Speaker 1: overtime against the Flyers one zip, the Islanders, Devils and

623
00:34:09,440 --> 00:34:12,680
Speaker 1: Capitals all one, the Bruins one in OT six five

624
00:34:12,760 --> 00:34:15,839
Speaker 1: over the Penguins. Global News twenty four hours a day

625
00:34:15,960 --> 00:34:19,000
Speaker 1: on air and on Bloomberg Quick Take, powered by more

626
00:34:19,040 --> 00:34:21,400
Speaker 1: than twenty seven hundred journalists and analysts more than a

627
00:34:21,480 --> 00:34:25,480
Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Karen,

628
00:34:25,719 --> 00:34:28,160
Speaker 1: all right, Michael, thank you. It is sixty nine on

629
00:34:28,239 --> 00:34:30,279
Speaker 1: Wall Street, and we turned to news and science and

630
00:34:30,280 --> 00:34:33,720
Speaker 1: technology now with the Bloomberg n j I T STEM Report,

631
00:34:34,120 --> 00:34:37,920
Speaker 1: brought to you by New Jersey Institute of Technology, ranked

632
00:34:37,920 --> 00:34:40,800
Speaker 1: a top one hundred national university by US News and

633
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Speaker 1: World Report and number fourteen in the nation on Money's

634
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Speaker 1: Best Colleges List. Learn more at n j I T

635
00:34:47,360 --> 00:34:51,320
Speaker 1: dot E d U. Now here's just making news and science, technology, engineering,

636
00:34:51,360 --> 00:34:55,040
Speaker 1: and math. Amazon dot com is freezing staffing levels and

637
00:34:55,080 --> 00:34:58,360
Speaker 1: it's profitable advertising business as it takes more measures to

638
00:34:58,400 --> 00:35:02,280
Speaker 1: align expenses with slowing sales. Sources say Amazon will continue

639
00:35:02,280 --> 00:35:05,280
Speaker 1: to fill vacancies and its advertising business, but won't create

640
00:35:05,360 --> 00:35:10,360
Speaker 1: any new positions. Amazon's advertising business, largely sponsored search results

641
00:35:10,400 --> 00:35:12,840
Speaker 1: on its web store, generated more than nine and a

642
00:35:12,880 --> 00:35:17,160
Speaker 1: half billion dollars last quarter. China is ordering steps that

643
00:35:17,239 --> 00:35:19,760
Speaker 1: will severely curtail shipments in and out of the world's

644
00:35:19,800 --> 00:35:24,520
Speaker 1: largest iPhone factory. Beijing is imposing a seven down lockdown

645
00:35:24,600 --> 00:35:26,799
Speaker 1: of the area in sheng Su. That would be a

646
00:35:26,840 --> 00:35:29,640
Speaker 1: seven day lockdown to the area. That's after the number

647
00:35:29,640 --> 00:35:32,600
Speaker 1: of COVID cases in the city almost quadrupled from Monday

648
00:35:32,600 --> 00:35:36,000
Speaker 1: to Tuesday. Hong Kong is fighting to prove it's still

649
00:35:36,000 --> 00:35:38,919
Speaker 1: a dominant financial center. That's despite three years a tough

650
00:35:38,960 --> 00:35:42,080
Speaker 1: COVID restrictions and political upheaval of FIC. You'll say, the

651
00:35:42,080 --> 00:35:45,600
Speaker 1: city's advantage is its super connector role to mainland China.

652
00:35:45,840 --> 00:35:48,120
Speaker 1: To show off its comeback, Hong Kong is holding a

653
00:35:48,160 --> 00:35:51,200
Speaker 1: summit this week that includes top bosses from all of

654
00:35:51,200 --> 00:35:53,800
Speaker 1: the biggest global banks. And that's the Bloomberg n j

655
00:35:53,920 --> 00:35:56,560
Speaker 1: I t Stem Report. Nathan, all right, Karen, thank you.

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00:35:56,600 --> 00:35:59,040
Speaker 1: We are live from the Bloomberg Interactive Brokers Studios, where

657
00:35:59,120 --> 00:36:01,560
Speaker 1: the six fifty one on Wall Street Time Now to

658
00:36:01,600 --> 00:36:04,719
Speaker 1: check what's going on in d C. Besides today's Fed decisions,

659
00:36:04,760 --> 00:36:06,960
Speaker 1: some of the other top stories in our nation's capital

660
00:36:07,280 --> 00:36:12,640
Speaker 1: include President Biden slamming Florida's governor as Trump incarnate. Also

661
00:36:12,680 --> 00:36:16,239
Speaker 1: making news, US officials saying Russian military leaders discussed using

662
00:36:16,320 --> 00:36:20,360
Speaker 1: nuclear weapons in Ukraine, Saudi Arabia and the US sharing

663
00:36:20,400 --> 00:36:24,160
Speaker 1: intel on a possible attack from Iran, and the Afghanistan

664
00:36:24,239 --> 00:36:28,040
Speaker 1: watchdogs saying the Biden administration is shutting his queries. Let's

665
00:36:28,080 --> 00:36:30,040
Speaker 1: get more on some of these stories now. Bloomberg Government

666
00:36:30,040 --> 00:36:33,120
Speaker 1: reporter Emily Wilkins joins US from the Nation's Capital. So, Emily,

667
00:36:33,120 --> 00:36:35,799
Speaker 1: President Biden's back on the campaign trail, but in his

668
00:36:35,880 --> 00:36:40,160
Speaker 1: latest appearance it almost feels like a preview of coming

669
00:36:40,160 --> 00:36:44,920
Speaker 1: attractions in it absolutely does neat that it was an

670
00:36:44,920 --> 00:36:48,040
Speaker 1: interesting chance for Biden decide to decide to go to

671
00:36:48,200 --> 00:36:52,200
Speaker 1: Florida rather than some other states that you know, voted

672
00:36:52,239 --> 00:36:54,319
Speaker 1: for him and supported him and have a few more

673
00:36:54,320 --> 00:36:57,960
Speaker 1: competitive races. Of course, they have a competitive race for governor.

674
00:36:58,040 --> 00:37:01,560
Speaker 1: Charlie Chris is running against Ron De Santis, who has

675
00:37:01,719 --> 00:37:05,520
Speaker 1: mentioned very often as a potential front runner for the

676
00:37:05,560 --> 00:37:10,480
Speaker 1: Republican presidential nominee in two if Trump doesn't win. And

677
00:37:10,560 --> 00:37:12,319
Speaker 1: part of the reason is that there is a lot

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00:37:12,360 --> 00:37:15,960
Speaker 1: of overlap between how de Santis uh speaks, the style

679
00:37:16,040 --> 00:37:19,160
Speaker 1: that he uses, and the style that that Trump uses.

680
00:37:19,320 --> 00:37:22,280
Speaker 1: And so you did see Biden go ahead call that out.

681
00:37:22,520 --> 00:37:24,960
Speaker 1: It really a reminder that as soon as midterms are

682
00:37:25,040 --> 00:37:27,520
Speaker 1: done next week, they're definitely going to be people in

683
00:37:27,600 --> 00:37:33,759
Speaker 1: d C who pivot toward the presidential election um. And

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00:37:34,040 --> 00:37:37,400
Speaker 1: you know, that's also an interesting dynamic just because you

685
00:37:37,440 --> 00:37:40,360
Speaker 1: did see the two of them work pretty closely together

686
00:37:41,040 --> 00:37:45,239
Speaker 1: when Hurricane Ian slammed into Florida. The two Biden into

687
00:37:45,280 --> 00:37:49,160
Speaker 1: Santis had a solid working relationship. They both complimented how

688
00:37:49,239 --> 00:37:52,680
Speaker 1: each other handled everything. But you know, given what we

689
00:37:52,719 --> 00:37:55,680
Speaker 1: saw from Biden on the campaign trail yesterday, it is

690
00:37:55,920 --> 00:37:58,920
Speaker 1: right back to politics as normal. So is this a

691
00:37:59,000 --> 00:38:01,960
Speaker 1: sign that the pivot is happening a little early? Emily

692
00:38:02,080 --> 00:38:06,440
Speaker 1: that Democrats may be acknowledging what we're hearing from a

693
00:38:06,480 --> 00:38:09,719
Speaker 1: lot of analysts that the Democrats are set to lose

694
00:38:09,880 --> 00:38:12,040
Speaker 1: quite a number of seats in the House next week.

695
00:38:13,239 --> 00:38:15,760
Speaker 1: I mean, I think Democrats understand the level of trouble

696
00:38:15,800 --> 00:38:18,719
Speaker 1: that they are in. Uh. Headwinds were always going to

697
00:38:18,760 --> 00:38:21,680
Speaker 1: be against them. The fact that Biden's full numbers were

698
00:38:21,719 --> 00:38:24,440
Speaker 1: low and remains low hurt them. The fact that inflation

699
00:38:24,560 --> 00:38:27,719
Speaker 1: is high and has remained high has hurt them. Uh, Democrats,

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00:38:27,760 --> 00:38:30,400
Speaker 1: You've seen them really struggle. I mean you have started

701
00:38:30,440 --> 00:38:34,920
Speaker 1: to see seats where Biden one by twenty percentage points

702
00:38:35,400 --> 00:38:39,160
Speaker 1: come into competitive territory. And that is just a huge

703
00:38:39,239 --> 00:38:42,439
Speaker 1: flashing red light for what's going to be happening here

704
00:38:42,520 --> 00:38:45,200
Speaker 1: with with the House. And it's notable that you know,

705
00:38:45,280 --> 00:38:47,960
Speaker 1: when Biden was on the campaign trail, it's not that

706
00:38:48,000 --> 00:38:50,080
Speaker 1: he was out there for the House or for the Senate.

707
00:38:50,120 --> 00:38:53,360
Speaker 1: He was campaigning with Charlie Chris, who is seeking to

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00:38:53,480 --> 00:38:57,040
Speaker 1: be governor, which you know is is certainly obviously a

709
00:38:57,080 --> 00:39:00,160
Speaker 1: position of power, but not one that Biden's going to

710
00:39:00,200 --> 00:39:03,200
Speaker 1: have to directly interact with every day in d C.

711
00:39:03,560 --> 00:39:06,439
Speaker 1: As he does with members of Congress. Right, ull, let's

712
00:39:06,440 --> 00:39:08,840
Speaker 1: turn into some geopolitical developments this morning. There have been

713
00:39:08,920 --> 00:39:11,960
Speaker 1: quite a few, uh, including this report that Michael mentioned

714
00:39:11,960 --> 00:39:14,799
Speaker 1: from the New York Times that could potentially back some

715
00:39:14,920 --> 00:39:17,799
Speaker 1: of President Biden's earlier warnings about the nuclear threat coming

716
00:39:17,800 --> 00:39:20,680
Speaker 1: out of Russia. Yeah, this is only really going to

717
00:39:20,760 --> 00:39:23,440
Speaker 1: heighten concerns around that threat. The New York Times is

718
00:39:23,480 --> 00:39:27,600
Speaker 1: reporting that senior Russian military officials recently had conversations to

719
00:39:27,640 --> 00:39:31,720
Speaker 1: discuss when and how Moscow might use a tactical nuclear

720
00:39:31,719 --> 00:39:35,680
Speaker 1: weapon in Ukraine. Uh. We know that from reporting that

721
00:39:35,719 --> 00:39:39,080
Speaker 1: President Vladimir Putin was not a part of those conversations,

722
00:39:39,120 --> 00:39:41,640
Speaker 1: but just the fact that you have senior Russian military

723
00:39:41,719 --> 00:39:46,840
Speaker 1: leaders even having discussions was very alarming to the Biden administration.

724
00:39:47,239 --> 00:39:49,920
Speaker 1: American officials are still saying they have no evidence that

725
00:39:49,960 --> 00:39:53,120
Speaker 1: the Russians are moving forward with nuclear weapons, but of

726
00:39:53,160 --> 00:39:56,120
Speaker 1: course this is such a sensitive subject. Tensions are so

727
00:39:56,239 --> 00:39:59,320
Speaker 1: high right now that even the fact that these conversations

728
00:39:59,400 --> 00:40:02,560
Speaker 1: took place, um is really of hike concert. There has

729
00:40:02,560 --> 00:40:05,360
Speaker 1: been a very close watch on Russia, very lots of

730
00:40:05,440 --> 00:40:09,120
Speaker 1: questions about what Russia might do next. Um, given that

731
00:40:09,120 --> 00:40:11,240
Speaker 1: that they are you know, there are plenty of signs

732
00:40:11,239 --> 00:40:14,439
Speaker 1: that they are are losing this war in Ukraine and

733
00:40:14,480 --> 00:40:16,680
Speaker 1: what that's going to mean as far as their next

734
00:40:16,719 --> 00:40:20,360
Speaker 1: move goes. Also, some really interesting reporting from Bloomberg News

735
00:40:20,440 --> 00:40:23,520
Speaker 1: this morning about intel sharing between the US and Saudi

736
00:40:23,520 --> 00:40:28,640
Speaker 1: Arabia about Iran. Very interesting. Yeah, the U s and

737
00:40:28,680 --> 00:40:32,520
Speaker 1: Saudi Arabia of v charring information indicating that Iran my

738
00:40:32,680 --> 00:40:37,359
Speaker 1: attack Saudi Arabia or other nations sometimes soon. And this

739
00:40:37,440 --> 00:40:40,880
Speaker 1: is of course leading a Washington and uh Iran UH

740
00:40:41,000 --> 00:40:44,799
Speaker 1: in Saudi Arabia rather to adjust their military posture. UM.

741
00:40:45,080 --> 00:40:48,319
Speaker 1: Folks who talked with Bloomberg for the story as well

742
00:40:48,360 --> 00:40:51,360
Speaker 1: as for the Wall Street Journal, who also reported similar

743
00:40:51,800 --> 00:40:54,480
Speaker 1: UH said that they are part of the attacks could

744
00:40:54,520 --> 00:40:58,799
Speaker 1: be an effort to distract from nationwide protests UH in

745
00:40:58,840 --> 00:41:03,160
Speaker 1: Iran that have royal the country in recent weeks. UM,

746
00:41:03,239 --> 00:41:05,759
Speaker 1: And I think again, this is just another area where

747
00:41:05,800 --> 00:41:08,240
Speaker 1: there are lots of questions about about what could happen,

748
00:41:08,719 --> 00:41:11,320
Speaker 1: and the US is very much in a position of

749
00:41:11,480 --> 00:41:15,280
Speaker 1: being aware, being alert, UM and and trying to continue

750
00:41:15,280 --> 00:41:18,320
Speaker 1: to gather intel on what might be happening and races

751
00:41:18,400 --> 00:41:21,440
Speaker 1: some questions as well about the U. Saudi relationship, given

752
00:41:21,520 --> 00:41:25,360
Speaker 1: that it's not exactly been warm over the last several

753
00:41:25,400 --> 00:41:30,040
Speaker 1: months following the OPEC decision. It absolutely hasn't. There's definitely

754
00:41:30,040 --> 00:41:32,839
Speaker 1: been a lot of frustration there. President Joe Biden said

755
00:41:32,840 --> 00:41:36,480
Speaker 1: that he plans to recalibrate the two countries relationship with

756
00:41:36,520 --> 00:41:40,600
Speaker 1: OPEC UH and he has a lot of concerns I

757
00:41:40,640 --> 00:41:44,839
Speaker 1: think just in general about Mohammedan Salon Solomon, the leader

758
00:41:44,880 --> 00:41:48,480
Speaker 1: of that country and and what he's done in the past. UM.

759
00:41:48,520 --> 00:41:51,759
Speaker 1: At the same point, I think there is also again UH,

760
00:41:51,960 --> 00:41:54,480
Speaker 1: the U s And and Saudi Arabia are brought together

761
00:41:55,239 --> 00:41:58,000
Speaker 1: by the technical needs of the region, the interests of

762
00:41:58,040 --> 00:42:01,040
Speaker 1: both in the region, UM, and just making sure that

763
00:42:01,040 --> 00:42:04,320
Speaker 1: that going forward their interests are protected. All right, Emily,

764
00:42:04,360 --> 00:42:07,600
Speaker 1: Thanks as always. Bloomberg Government reporter Emily Wilkins with us

765
00:42:07,640 --> 00:42:10,319
Speaker 1: this morning from the nation's capital. Read more on all

766
00:42:10,360 --> 00:42:12,920
Speaker 1: these stories of Bloomberg dot Com or on the Bloomberg terminal.

767
00:42:12,960 --> 00:42:17,120
Speaker 1: Listen to Bloomberg Radio in Washington Bloomberg one and one

768
00:42:17,120 --> 00:42:20,000
Speaker 1: oh five point seven FM h D two. You'll definitely

769
00:42:20,040 --> 00:42:22,640
Speaker 1: want to tune in beginning of one thirty pm Wall

770
00:42:22,680 --> 00:42:26,200
Speaker 1: Street Time on a special edition of Bloomberg Surveillance ahead

771
00:42:26,200 --> 00:42:29,840
Speaker 1: of the FED decision at two Chairman Powell's news conference

772
00:42:29,880 --> 00:42:33,520
Speaker 1: at two thirty. We'll be carrying you along as ever

773
00:42:34,239 --> 00:42:38,240
Speaker 1: when the FED decides later this afternoon, Futures Trading little

774
00:42:38,320 --> 00:42:41,960
Speaker 1: changed ahead of that Bloomberg surveillance. The morning edition is

775
00:42:42,000 --> 00:42:46,239
Speaker 1: next for Karen Moscow. I'm Nathan Hager, and this is

776
00:42:46,280 --> 00:42:46,880
Speaker 1: Bloomberg