31 Burst results for "Bloomberg Nathan"
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"For a chance to win a bottle. I'm Tammy trivio. And I'm Susanna Palmer in the Bloomberg newsroom. China said more than 12,600 people died of COVID related causes in the week leading up to the lunar new year holidays with the health official saying about 80% of the Chinese population was infected with the virus in the current outbreak. Treasury secretary Janet Yellen warns of the consequences of brinksmanship in raising the debt ceiling. Visiting Senegal, Yellen called demands by House Republicans for spending cuts in return for backing an increase in the debt ceiling, irresponsible. It's not about new spending. But Yellen says it's about paying bills that have already been incurred and says she believes Congress ultimately understands not raising the debt ceiling would impose. Self imposed calamity on the United States and the world economy. You know, and says in the end, she expects Congress to eventually reach a bipartisan solution to raise the debt ceiling. Economists are firming up their bets meantime for a technical recession in the U.S. later this year. Bloomberg's Nathan Hager reports. 73 economists surveyed by Bloomberg predict gross domestic product in the U.S. will shrink by 6 tenths of 1% in the second quarter and by three tenths of a percent after that that says consumer spending stalls out, business investment declines and industrial production weekends. The survey puts the odds of a recession in the U.S. in the next year at 65%. Nathan Hager, Bloomberg radio. Democratic lawmakers in a handful of states are trying to send a message two years after the violent attack on the U.S. capitol. Those who engage in an attempted overthrow of the government shouldn't be allowed to run it. New York, Connecticut, and Virginia are among states where proposed a legislation would prohibit anyone convicted of participating in an insurrection from holding public office or a position of public trust, such as becoming a police officer. It's still a good time for Americans to switch jobs, Bloomberg's Charlie pellet explains. Workers who jump ship to a new employer late last year got bigger salary bumps than they did in early 2022, according to a survey by job search website zip recruiter and it underscores that demand for labor remains strong despite waves of layoffs in industries like technology and finance, about two thirds of those who got a raise by changing employers in the fourth quarter of the year saw their paychecks climb by at least 11% compared with less than half in the first quarter. Charlie pellet Bloomberg radio. It's back down to business tomorrow and earnings will be in focus this week. We're going to hear from a flood of companies reporting their quarterly earnings. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Susanna
Bloomberg Daybreak
Fresh update on "bloomberg nathan" discussed on Bloomberg Daybreak
"Wanted but could get it through the house once it passes the Senate it goes to the house Where speaker Kevin McCarthy will face a tough choice on whether to hold a vote at all so far McCarthy has Not been able to muster enough Republican votes for a rival stopgap measure that would cut spending by 27 percent and change border policies now if McCarthy does put this Senate bill up for a vote Conservatives have Threatened to try to oust him in Washington. I'm Amy Morris Bloomberg radio all right Amy. Thanks well in addition to Over negotiations a possible government shutdown the auto workers strike is also making headlines this morning President Biden is stepping further into the dispute in a highly unusual move and Bloomberg's Ed Baxter has the Story Biden travels to the Detroit area today to join workers on the UAW picket line White House spokeswoman Karine Jean -Pierre is the most pro -union president in modern times and says the Message is clear. This is the president that's made very very clear that he believes that corporate profits should lead to record UAW a record UAW contract now Donald Trump visits Michigan on Wednesday as a to battle for blue the -collar vote I'm Ed Baxter Bloomberg Radio okay Ed thank you President Biden's decision to stand alongside United Auto Workers on the 12th day of their strike appears to be historic more on that from Bloomberg Auto reporter Oliver Kruk the question I think is does this help the union workers more does this help Biden more so this is the first time you know over a hundred years that are sitting president has done anything like this and really breaking with a historical precedent and it comes at a time when the u .s. are really showing the highest support for unions in about 25 years so politically for Biden this is certainly an attractive thing the risk for Biden is that if this goes on longer and longer the economy starts to suffer that this is going to be used as ammunition against him Bloomberg Auto reporter Oliver says Kruk the Biden administration has no formal role in the negotiations between the UAW and the automakers well turning to the markets now Nathan the CEOs of two of Wall Street's biggest banks have been weighing in on growth and rates Goldman Sachs boss David Solomon said he expects the Fed to hike further and the economy to cool here's what he told the American Energy Security Summit I think it's gonna be hard to get inflation back to the target and that probably means that inflation is sticky we will see additional interest rate increases ultimately that probably does lead to a little bit more of a slowdown in the economy whether that's a recession or or it's just a slowdown you know it's hard to say but it would be unprecedented to go through this type of a tightening cycle and not see us get to a little bit of slower economic growth than what we're seeing right now. In the comments from Solomon, Well then, come as JP Morgan CEO Jamie Dimon says he's not sure if the world is prepared for 7 percent rates. Speaking to the Times of India, Dimon said that going to that level would be much more painful than getting to 5 percent. On top Fed officials also speaking about interest rates Karen, Minneapolis Fed President Neel Kashkari says he expects the central bank will need to raise rates one more time this year. So the economy has continued to exceed expectations in its underlying resilience. So if the economy is fundamentally much stronger than we realized, on a margin that would tell me rates probably have to go a little bit higher and then be held higher for longer to cool things off. Minneapolis Fed President Neel Kashkari made those comments yesterday at the University of Pennsylvania's Wharton School. While turning to Asia, Nathan the troubled Chinese property developer Evergrande says its mainland unit has defaulted on a 547 million dollar onshore bond. The default comes as reports emerge that former executives have been detained by Chinese authorities. Bloomberg's Loretta Chen has more from Hong Kong. The local media testing, which is a reputable media in mainland China, reported last night that the ex -CFO and CEO of Evergrande Group were detained by police. And these are the people who used to be right -hand men of Huikao Yan, the founder of Evergrande. So this is quite significant in terms of the destiny of this company. You know, whether it's going to finish all these unfinished projects while its chief executives are detained. Bloomberg's Loretta Chen says the pensions add another layer of uncertainty to Evergrande's debt restructuring plan. We've got some legal news to get you caught up on this morning, Karen. A top Apple executive is set to testify in Washington today at the Justice Department's antitrust trial against Google. Eddy Cue, Apple's services chief, plans to defend the lucrative that deal made Google's search engine the default option on the iPhone. Sources say Cue plans to say he's always believed Google makes the best search engine and that's why Apple uses it as the go -to option across its major devices. The government accuses Google of using its dominance in search to hinder competition. And Nathan, Bloomberg News has learned the Federal Communications Commission will announce plans today to reinstate so -called net neutrality rules governing broadband providers. Rules barring broadband providers from unfairly interfering with Internet traffic were gutted by the FCC under Republican leadership during the Trump presidency. President Biden said he would recommit the United States to the principles of an open Internet including net neutrality. And straight ahead we have more global headlines plus a check of sports And it is time to take a look at some of the other stories where he's making news in New York and around the world. For that we're joined by Bloomberg's Michael Barr. Good morning Michael. Good morning Nathan. Democratic Senator Bob Menendez of New Jersey is pushing back on the allegations of corruption and bribery against him by federal prosecutors. On Friday the Southern District of New York brought charges against me. I understand how deeply concerning this can be. However the allegations against me are just that, allegations. However fellow Democrats are calling for Menendez to resign. New Jersey Governor Phil Murphy says the Senator should step down. Now at least two of his Senate Democratic colleagues John Fetterman of Pennsylvania and Sherrod Brown of Ohio say that it's broken the public trust. There has been a third arrest in connection with the fentanyl poisoning death of a toddler at York a New City daycare earlier this month. He is an alleged drug dealer accused of doing business with the suspects. Investigators say they found a kilogram of the deadly drug on top of playmat where the children napped. Gray Mendez, owner of the daycare, was arrested earlier along with relative. a The search continues for Mendez's husband who authorities say may have fled to the Dominican Republic. Residents were allowed to return to their devastated properties in Lahaina yesterday, many for the first time Maui since the town was demolished by a wildfire over a month ago. This woman's home was destroyed. It's so unreal to see and you know we've driven past it and we've seen it on the news but I think you really need to just see we need to see it in person we need to go and stand on our property and see you know what's left. The wildfire killed nearly 100 people and destroyed over 2 ,000 buildings. Actor David McCallum has died. McCallum had a supporting role on the TV series NCIS and he also starred in the spy drama The Man From U .N .C .L .E. David McCallum was 90. Global news 24 hours a day powered by than more 2 ,700 journalists and analysts in over 120 countries. I'm Michael Barr and this is Bloomberg Nathan. All right Michael thank you. Now you know we bring you the news throughout the day here on Bloomberg Radio but now you can get the latest latest news on demand whenever you want it. Subscribe to Bloomberg News now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News now on the Bloomberg business app Bloomberg .com plus Apple Spotify and Facebook .com.
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"And I'm Susanna Palmer in the Bloomberg newsroom. As we've been reporting, Kevin McCarthy is now Speaker of the House of Representatives, but the wrangling over giving him the gavel could have implications for investors later this year as we hear from Bloomberg's Nathan Hager in Washington. Failing to lift or suspend the nation's statutory borrowing limit could trigger a technical default or lead to a downgrade in U.S. credit, something standard and poor's issued after the last at cap standoff in 2011. In Washington, I'm Nathan Hager, Bloomberg radio. Shares in world wrestling entertainment jumped 17% Friday. This after Vince McMahon, world wrestling entertainment's controlling shareholder and former chief executive officer, said he's returning to the company's board as the company begins exploring strategic options. McMahon, who retired from WWE last year amid allegations of sexual misconduct, won't be involved in day to today operations, according to a statement Friday. The former CEO said Thursday that the business should review its strategy, including considering a possible sale. U.S. equities gained yesterday erasing a weekly drop after yesterday's December jobs report showing wage gains slowed more than anticipated. That suggests inflation pressures could moderate and that could give the Federal Reserve room to potentially slow its interest rate hikes. Anastasia amoroso is chief investment strategist at I capital. All in, the fed is likely to look at this and say, look, our medicine is working. We're going to continue to keep the equity market anchored the economy anchored in below potential GDP growth. And that should result in a rebalancing in the labor market. So to me, this is a soft landing report. The World Bank has a bit of a different view. It's concerned that further adverse shocks could push the global economy into recession this year with small states especially vulnerable. Meantime with investment banking, revenue plummeting and a possible recession looming, Wall Street is in retrenchment mode. The job cuts and hiring freezes striking the tech world have made their way to the finance industry with banking executives preparing for what's expected to be a lean year ahead. Goldman Sachs Group Morgan Stanley, Credit Suisse group AG and Barclays, have all either already fired staff or announced that they plan to do so in coming months. Some smaller firms have completed multiple rounds of terminations. Tech companies have been showing off their latest products at this year's consumer electronics show details from Bloomberg's Amy Morris. The show called CES returned to Las Vegas this past week with the hope that it looks more like it did before the coronavirus pandemic. It was virtual in 2021 and attendance was down in 2022. Exhibitors range from big names, including Sony and LG to tiny startups, highlights included an AI connected bird feeder electric inline skates and temporary digital tattoos. I'm Amy Morris Bloomberg radio. Global news 24 hours a day on air and
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"And I'm Karen Moscow U.S. stock index futures have turned lower as investors debate whether inflation has eased enough to encourage the fed to slow monetary tightening. We check the markets all day long here on Bloomberg radio S&P futures. They're done about 9 points right now down two tenths of a percent Dow futures down to chance of a percent or 63 points and NASDAQ futures down three tenths percent or 36 points. The Dax in Germany's down 8 tenths of a percent, ten year treasury that will change your 3.49% that yield on the two year 4.18%. Nymex crude oil is up 1% or 73 cents at $76, 12 cents a barrel, comic scroll down for 10% or $6, 90 cents and 1818 60 announce. And that's a Bloomberg business flash. Now here's Amy mowers with more on what's going on around the world, Amy. Thank you Karen lawmakers of hammered out a deal on a framework to fund the government this fiscal year helping to avert a shutdown. The House select committee investigating last year's attack on the U.S. capitol will hold its final session on Monday and in sports in the NHL Alex Ovechkin reaches 800 career goals, the caps won, the Devils lost, the bruins beat the islanders and in the NBA, the Celtics won in the warriors lost. Global news, 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries, I'm Amy Morris. This is Bloomberg Nathan. Thanks, Amy. It's 6 23 on Wall Street. I'm Nathan Hager, this is Bloomberg daybreak. And we want to bring you more of our coverage of the collapse of FTX and the arrest of its cofounder Sam bankman fried. Bloomberg, Washington correspondent Joe Matthews spoke with democratic congressman Brad Sherman about what we learned yesterday when FTX current CEO testified before the House financial services committee and the kind of punishment Sam bankman freed could face. What do you think of John ray? I think he's doing a good job, but the barn door was open. The horse is left, and we'll see what he can do. Do you have an allergy to crypto? Just in general and there's no wrong answers here. This isn't like a crypto show on Bloomberg or anything, but I can see you're not a fan. No. I've been trying for 5 years to either ban American investment in crypto or to force the entire crypto ecosystem to follow the know your customer rules. They won't do that. Because the whole purpose of crypto, the business plan is to be a secret currency against the term cryptocurrency. And to compete with the U.S. dollar by having one advantage over the U.S. dollar and that is that it's a currency that can be better used by those who engage in sanctions evasion, tax evasion based embankment freed will tell you about bankruptcy core evasion, drug dealing, et cetera is this the moment here is FTX a crypto story that is this sort of the hook that leads to the regulation or is this just an old fashioned offshore robbery story? My fear is that it will be regarded as the latter. And the fact is, though, when you're dealing with an enterprise, the whole purpose of which is to come up with a currency system that allows you to evade American financial law. Then you're going to be dealing with people who are going to evade American financial law. Talk to us about the donations congressman are you concerned that Democrats who took money from Sam bankman fried. Could bring credibility issues to this story or are the two parties prepared to tackle this together? Well, the fact is Sam bankman fried did interview last month in which he said he gave as much money to Republicans as Democrats, but the Republican money he gave to dark money organizations. And he explained why and it made perfect sense. He says the press is liberal. Probably is. And they would have beaten him up for giving money to Republicans. So he gives the Republican money under the table, gives the democratic money over the table. He's an equal opportunity influence purchasers. And then Ryan salome hear the co CEO of one of the FDX enterprises that another 22 $23 million exclusively to the Republicans. So what favors? They had one thing. Keep the SEC out of the crypto world. And the point I made to my colleagues today is don't come here and trash sandbank and freed and then pass this bill. His bill is designed to provide a little patina of regulation to crypto. To give authority to the CFTC a much weaker regulatory organization. And then make people feel safe. That was democratic congressman. Brad Sherman, speaking with Bloomberg's Joe Matthew on sound on, you can catch the show weeknights 5 p.m. Wall Street time on Bloomberg radio, or download the sound on podcast wherever you get your podcasts. It's like a Bitcoin right now. Trading four tenths of a percent higher this morning right around 17,800. S&P futures are down 6 points Dow futures down 42 in NASDAQ futures are lower by 27 points. Ten year treasury yield 3.49%. We've got your top stories, local headlines and a full check of markets just ahead. First
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"Around the world. Michael good morning. Good morning, Karen. Ukrainian president zelensky says his country needs more help to defend itself from the Iran, rainy and maid so called kamikaze drones. The Russian army has been using to attack civilian infrastructure, at least 8 people were killed during yesterday's strikes, a suspected serial killer in Stockton, California is scheduled to be arranged day. Authorities say 43 year old Wesley brownlee is accused of terrorizing the community for months. In baseball, the Yankees and guardians will play their deciding game 5 of their ALDS this afternoon, 4 p.m., rain postponed last night's game, Monday Night Football chargers beat the Broncos in overtime 1916. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. I'm Michael Barr and this is Bloomberg, Nathan. Thanks, Michael. It's 5 19 on Wall Street, live from the Bloomberg interactive broker studios. This is Bloomberg daybreak. Bank earnings have been the theme the last few days yesterday, of course, Bank of America reported results that beat estimates. Now, we want to hear from the man in charge of that bank. CEO Brian moynihan, he tells us, even though spending is slowing, the consumer remains strong. Brian moynihan spoke with Bloomberg's David Westin late yesterday, let's listen into that conversation now. You've said the consumer is strong, continues to be strong. I think you said 10% up perhaps from what you saw in October. But how long can it last? You have some competitors saying by the middle of next year, they're going to run out of those balance sheets. Let's step back and talk about the different ways we talk about resiliency. First is the consumer spending, are they doing things that drives the U.S. economy as you well know? And so the spending for the third quarter was 10% higher, it was last year's third quarter. The spending for the first couple of weeks in October is 10% higher than it was last October the first two weeks. Now, what we told people was you're seeing it slow just a hair. So it was maybe 14, 15% early in the year, 12 and now ten, which is frankly what people are trying to do is get the spending down a little bit, get the inflationary pressures down in the drag and the interest rates. But it's still strong. And so that's one way to think about it. The other way to think about the consumers do that money in our accounts to spend. And in a month of September, the camp balances were flat or slightly over where they were in August. And that is multiples of where they were pre-pandemic. And they continue to hold their own. And you can see inside a cash flow and customers, not making any reflection on this is tough on certain customers, others. But even with customers have lower income levels, we consume a cash flowing positive still. Rent increases could slow that down. Other things could happen. But the core thing is, as of the third quarter, they continue to cash flow and it can have more money in their accounts than they did before the pandemic by multiples. And then you go to their credit quality in a credit quality Bank of America and our consumer books is very strong across the board to payment delinquencies are much slower and they were pay pandemic, much lower than they were in any average 5 best year type period. And you say moved a little bit off the floor, but they're still much lower and they bend. So consumers are spending, they have money, their employed, you can see the unemployment numbers, and they have good credit. And that's good news for America, but it's also makes the fed's job suffer because they're trying to slow down this American consumer, which is a very resilient thing. But just to make sure I understand it, and obviously you can't promise what's going to happen next year. I'm not asking you to do that. But a lot of economists are saying the reason consumer is so strong right now is because the balance sheet were so strong coming out of the pandemic. At this point, you don't see those balance sheets really turning down as we get into next year. We don't see it yet. And so if you look back two quarters ago, when we did the earnings call, people are like, oh, the consumers get knocked out of the game. They're spending their accounts. 6 months later, the money's still there. So I think people are over anticipated future. We as our projections candidate about a spot in the team and our research group, which is one of the best in the world, has the third quarter positive, the fourth quarter negative, the first quarter negative, the second quarter of 23 negative the third quarter of 23. Albeit at like a one to one and a half percent GDP annualized growth negative growth rate. So we are predicting a shallow economy. That's our core assumptions. It embedded in that. If you look at how we set our reserves, we have the assumption that we're going to have 5 and a half percent unemployment. I'm not sure it's going to happen, especially this quarter. We have it at 5%, but that's the conservatives we built our balance sheet from an operating basis. But if you look at the consumers, there's not the signs that we see in our numbers or other people's numbers quite frankly. It says they're slowing down yet, or they're in stress shit. And that will have to be part of what happens in order for there to be a deep recession because if the consumers have money in this big consumer driven economy, that's what keeps America strong. Brian, you will always take a great pride in the Bank of America research unit and how good they are. Let's assume their numbers are exactly right. It could be better could be worse exactly right. Three down quarters, 5, 5 and a half percent
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"May be ready to take serious action against Russia over its recent escalation in Ukraine, and it could have major implications for the global economy. Bloomberg's Nathan Hager reports. The White House is considering a total ban on Russian aluminum. It is a move that has not been considered before, since aluminum is so important in everything from cars to skyscrapers and iPhones. Sources tell Bloomberg news three options are on the table and outright ban, tariffs so high they'd amount to a ban or sanctions on Russia's main aluminum producer Rousseau. Russia's second only to China as the world's biggest aluminum supplier, a ban could leave consumers in the U.S. and elsewhere scrambling to find a replacement medal. In Washington, I'm Nathan Hager. Bloomberg radio. NATO defense chief met in Brussels today to discuss how to better protect critical infrastructure, ramp up weapon production and maintain support for Ukraine. U.S. defense secretary Lloyd Austin spoke of Russia's recent bombardment of civilian targets in Ukraine. The whole world has just seen yet a game, the malice and cruelty of Putin's war of choice, rooted in aggression in waged with deep contempt for the rules of war. Austin told them that the USA to Ukraine now totals nearly $17 billion. New evidence, on the impact the pandemic had on students, scores on the ACT college admissions test by this year's high school graduates hit their lowest point in more than 30 years. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"As January is one of a handful of major airlines to resume passenger flights to the city, which has largely been cut off to the outside world since the start of the pandemic. In baseball, Yankees slugger Aaron judge hit his 62nd home run of the season to break Roger Maris his American League record. It happened in game one as the Yankees split a double header with the rangers. The mets swept a double header against the nationals, but the brave still clinched the NL east with a win over the Marlins. The Red Sox and a's one, the Giants lost. Global news, 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts to more than a 120 countries. I'm Michael Barr and this is Bloomberg Nathan. 62s never going to be saying for a long, long time. Thank you, Michael. It is 5 19 on Wall Street live from the Bloomberg interactive broker studios. This is a Bloomberg day break. But the other big number of the morning is 54 20. That's the amount and dollars per share that Elon Musk now says he will go ahead and purchase Twitter with $44 billion buyout deal is back on capitulation, perhaps? Let's ask Alex Webb Bloomberg quick take correspondent tech columnist for Bloomberg opinion. Well, at least we know that he's going to avoid a court fight now, Alex. But what's behind it? It is partly one assumes it's hard to know for sure at any one time what Elon is thinking, but one assumes that it is a desire to evade that court flight. The signals weren't looking good heading into it. There have been a number of early hearings about half dozen, of which Elon had won none of them. He had lost in every single case in terms of trying to push the court hearing back to February in terms of trying to stop Twitter from getting more data on his communications with his bankers, the judge ruled on Twitter's side every time. It didn't look very good and therefore why go through the punishment of having to sit on the stand, experience more, frankly, damaging, discovery, and end up losing anyway. You might as well just call a spade a spade and suck it up. So now does this raise the question that came up even before this court fight was even in the picture, whether Elon Musk can line up the financing for a $44 billion buyout? It certainly seems as though the financing is in place, the bigger question is how ready are the banks to stomach the fact that the interest rate environment is considerably different from how it was 6 months ago. It's about 12 and a half $1 billion in financing that have been lined up. Some of those unsecured about 3 billion unsecured, the yields that they had been talking about at the time when they presumably were going to turn around and refinance it with institutional investors were maybe 11 and a half percent comparable notes now of going for 15%. So it's a far more challenging environment for them. We've seen some banks take big hits already on other deals that they had agreed financing for before rates started to go up. They could be some institutions here facing costs in the hundreds of millions of dollars range. I mean, that just speaks to what the environment looks like for leveraged buyouts more broadly. I mean, are the banks willing to stomach those kind of losses? I mean, presumably if they've already committed to doing it, it's hard for them to back out and they're just going to have to pony it up. But Elon is talking about having he's positing a new business models which one assumes are partly intended at least to assuage some of the concerns that these banks have, but it doesn't necessarily mean they're going to avoid any pain whatsoever. And to your point about the business model is very interesting to see after this deal was announced that it's back on again. Elon Musk tweeting about accelerating the development of X, the everything app. What is that? What's he talking about? Well, we don't quite know. It's obviously inevitably something he's posited in the scope of just a single tweet. He's mooted, it will express the admiration of the past for services such as WeChat, the Chinese super app owned by Tencent, which is really a portal to not only many Chinese people's online existence, but sometimes they're real world existence as well. You can order food, you can pay your bills. Go on dating apps, play games all through and this single app. Now the challenge is that on the one hand, to make that sort of vibrant ecosystem happen, you need to have a lot of developers willing to and companies willing to bring their products and services to your app, Twitter with about 200 million daily active users is far less appealing for a developer than would be, say, the iPhone, which has in the order of one and a half billion active users or indeed Android systems mobile phones that run Android to Google's equivalent. If it did have that sort of scale, then it starts to encounter maybe some regulatory difficulties, because if it is, frankly, leaning on companies to bring their services to its app in order to find these users, the regulators, particularly here in Europe, do not like it when you leverage strength in one market to find strength in another one. That is seen as anti competitive, and so it's a naughty solution if he can make it happen, then presumably he can deliver a huge amount of value, but it's not an easy path and not one that frankly any company in Europe or the U.S. has managed to achieve just yet. Which we had more time, so much to get to when it comes to this story. We've been following for so many months and it's going to continue. Alex Webb, Bloomberg opinion, tech columnist, of course, correspondent for Bloomberg quick take. And taking a look at shares of Twitter right now, a little bit shy of the 54 20 offer price down about a half percent in early trading as far as Tesla goes, sometimes move in tandem, Tesla shares are down 1.2%. Broader markets lower as well, S&P futures are down 28 points down futures down 231 and NASDAQ futures are lower by 85 points. You're listening to Bloomberg, daybreak. This is a Bloomberg money minute, stocks kept the rally going Tuesday with the best two day surge since April of 2020 for the S&P 500. The S&P, the Dow and the NASDAQ all rose by around 3%. U.S. job opening slid to a 14 month low that may fit well with a fed worried about a hot labor market, but the markets are still betting on a rate hike of three quarters percent next month and the rally sputtered today with stock futures pointing to a lower open. Elon Musk has decided to buy Twitter after all that his original price of $44 billion backtracking on his efforts to get out of the deal and potentially avoid a contentious court battle. Twitter said it intends to close the deal at the agreed upon price. One person familiar with the situation told Bloomberg that Musk's legal team was getting the sense that the case against him was not going well. Amazon has paused hiring for corporate positions in its retail business until the end of the year, according to someone familiar with the matter, the latest sign the company is adjusting to slowing online sales, Gina serviti, Bloomberg radio. And JIT, New Jersey institute of technology makes innovation happen. The
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"Giants one. Global news, 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts and more than a 120 countries, I'm Michael Barr and this is Bloomberg, Nathan. Michael, thanks. It's 5 19 on Wall Street live from the Bloomberg interactive broker studios. This is Bloomberg daybreak on a morning where we're seeing pretty strong gains in equities looks like risk on this morning. Let's bring in Dennis gartman to help us kick off this trading week. The chairman of the university of Akron endowment investment committee. And of course, former publisher of the gartman letter. Dennis great, as always, to speak with you as a stocks are coming off their best week since late July. Do you expect this rally to continue? What do you think is driving it? I think there's some optimism about what's happening in Ukraine and the fact that Gigi ping in China has decided to travel outside of China for the first time in months to indicating that there is some reduction in the concerns over COVID in China. I think those two things are driving prices higher. There's no question that the fed is going to be very it's going to tighten the monetary policy again at the September meeting. The question shall be, what will they do in the November and December meetings? I think they'll tighten again. And I'm I've been bearish of the stock market since basically January 5th of this year. And I continue to be bearish. I think the rally that we're having is on extremely light volume and good bull markets, always go up on good volume, fall on light volume, bear markets go up on light volume and down on heavy volume and what we're seeing is a rally on very light volume. So I continue to say that this is a bear market. It's nice to see the market rally. Everybody feels better when stock prices go up. Everybody feels bad when stock prices go down. But I think if you're long the stock market, I think you should be using this rally that we've had the first one in a long while to lighten up your positions. That's what I've been doing. And I think that's the right course of action at this point. The fed is going to the fed is going to continue to take 65 to $90 billion out of its assets over the course of the next several years. And that was the fuel that drove the stock market and drove the economy higher. Now they're taking that fuel away. You mentioned some of the exogenous indicators like the gains in Ukraine and a Chinese president Xi moving out of the country now so much of the inflation we've seen has been driven by exogenous factors. When you see developments like this on a headline basis, does that raise the possibility that we could see a stronger gain for risk assets given what central banks can do against inflation, which is fairly limited. It's possible. I've been in the business for 45, 45 years, have been training for my own account for that long period of time. Been very lucky over the course of those four and a half decades. But what I've learned is follow volume more than anything else, don't fade the fed and follow volume. Those are the two things to pay attention to. There's a lot of green on the board today. Grains are up, livestock prices are up crude oil prices are up. There is a risk off circumstance going on right now, but I do think that this will be very short term in duration. And again, I'll just simply say, I've been very since January 5th. And I think that that's been the proper course of action. So I'm going to continue to say the same thing. Don't be a buyer here if you've been lucky and you've been long use this use this rally that we've had in the course of the past 5 trading sessions to become less involved less long, raise some cash. Well, of course, a lot of attention is going to be on the August consumer price index coming out tomorrow because it's going to be a big focus for the fed as well. What are your expectations there in terms of whether we could see peak inflation or at least a trough in inflation? I think we've been lucky with inflation for the course of the past month and a half or two. Crude oil prices have fallen obviously from a $120 a barrel earlier this year to 80 $1 a barrel. It's bounced a bit. We've seen grain prices come off. We've seen we, for example, which was trading $13 a bushel falling all the way to $8 a bushel, but that's turned higher and going from the lower left to the upper right. Corn prices now have turned from the lower left and are moving to the upper right. Livestock prices are getting stronger. Copper prices are beginning to turn better. So I think people who have hoped that we'd have a peak in inflation probably are ill advised, probably are wrong. I think we've had a good month and a half or two. A weaker prices, but now they're turning from the lower. Now they're turning up again. And I think inflationary problems will be incumbent again in the not too distant future. So don't get carried away with a help for peak and inflation. I don't think we've seen one. Well, what are you looking at that would give you some confidence that we could see peak inflation? What would need to change? Grain prices would have to turn lower again, livestock prices would have to turn lower again copper prices would have to turn lower again. Gold would have to trade under $1700 an ounce. Bitcoin would have to trade back below $18,000. You'd need all of those things to convince me that inflation has been negated. I don't think that that's possible. As we learned in graduate school in an undergraduate economics inflation has always and everywhere our monetary phenomenon. And the fact that the fed has taken its assets from 9 1 billion 900 $1 billion to get it right, Dennis, $900 billion to $9 trillion over the course of the past decade and a half. That was what supplied the impetus for inflation. And it's going to continue to be a problem for years to go into the future. So yes, we may get a better number tomorrow. It's probably going to be about 8.1% or so a little bit better than we had seen in the course of the past several months. But I think that that's going to be the best number we're going to see for quite some period of time. Labor costs continue to rise and that's the real problem. We're speaking with Dennis gartman, the former publisher of the Garmin letter now chairman of the university of Akron endowment investment committee. Dennis with your advice that investors should take this opportunity to
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"Authorities if they continued to tolerate propaganda leaflets, the regime blames for spreading the virus. Global news, 24 hours a day, on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts to more than a 120 countries. I'm Michael Barr and this is Bloomberg Nathan. Okay, Michael. Almost 6 ten on Wall Street time for the Bloomberg sports update. Here's John stash hour. Our Nathan the Met still on fire, another easy way and they let the red 6 to nothing in the third inning they won ten to two. They've won 6 in a row in the last 5 and only allowed a total of 9 runs. They've won 15 of their last 17 and all but two of those 15 wins have been by three runs or more the schedule does get tougher Phillies are hot. They come to city field tomorrow. They rallied to win last night, the bills have won 7 a row, 12 of 13 mets then go to Atlanta for four games. The braves won in Boston, they still show the mets by 7. After that series, the mets will go to Philly for four. Yankees off tonight and then in Boston, they'll try to salvage something out of this road shift and fit a disaster so far swept in St. Louis in Seattle. They win 19 innings without a run. Did come alive in the 7th with home runs by Kyle the okay Aaron judge it is 45th of the year, but Seattle came right back, bottom of the 7th. That ball is going back. Giddy up gone. Carlos Santana. And a Mariners have a four three lead. Carlos breaks it up for 17 with home run number 11 in a Mariners. Better they shuffle it up here and T mobile park. Four three, the final Cairo, the call, the home run came off Alberta breo after Nestor Cortez at this very well. He had a no hitter in the 6th, the yanks just ten and 18 their last 28 games. And dyersville Iowa tonight, the field of dreams game of the yanks played in last year, it's the cubs and the reds also tonight, the Giants preseason opener at New England with a new coaching staff and only three preseason games now new touch Brian dabel wants to play his starters, at least in the early going. John stash hour Bloomberg sports, Nathan. All right, John, thank
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"You know, I would argue too that just listening to our TV colleagues that we are going through kind of a reset to figure out what the economy is, post pandemic, and after all of the stimulus. And that we need a well, we're not. Presidents got it. But it's a function. Lawmakers are getting it today. But we can function, right? Right. Like it's not, you know, thank God. I think the hospitals, the hospitalization rates, have kept a little bit lower, or the people that are getting into the hospital have not been vaccinated. We have the tools Correct. And I just, I keep thinking about this reset and maybe we need forgive me and I think Gina and Caroline bring up that when we have a recession, people lose jobs. It hurts. And there's certain people that get impacted more severely, but do we need some kind of recession reset to kind of figure out what our economy needs to be on the other side. Maybe we don't even need a recession reset Carol. Maybe we just need a little bit of softness because especially when it comes to hiring. I mean, look, anecdote, I have anecdotal evidence, and I have the hard data, right? Anecdotal evidence tells me that, you know, speaking to friends who work for companies, they can still go to get competing offers and then bring them back to try to get a raise. I have a friend doing that right now. At the same time, he's a manager and he's having trouble keeping people below him because they're not happy with the salaries that they're getting. So we're seeing that still. The hard data for that, Carol, has to do with the fact that in the U.S., we still have what, more than 10 million jobs available, two jobs for every unemployed person. And we know that there are, I know an anecdotally, you probably do too. There are people who are not coming back to the workforce. They were either old enough could retire or they just said I've had enough. Rich Miller who you mentioned are a Bloomberg news, great story on the Bloomberg about the fed caused you more plane, but causing more pain. He said one of the key economic points and data points is the employment cost index. Let's see if wage pressures are starting to come down because that will certainly play into the inflation numbers as well. Let's get to world and national news for that we go to Wendy Gillette here at New York. Hey, Wendy. Thank you, actor Paul sorvino, famous for his roles in Goodfellas and Law & Order has died. He was 83 years old. Democrats have gotten another reminder of their tough math in the evenly split U.S. Senate, Bloomberg's Nathan Hager reports from Washington. Joe Manchin of West Virginia says he has COVID-19 and will have to work in isolation while he recovers from mild symptoms. Manchin is just the latest Democrat to be sidelined with the virus, Delaware's Tom carper and Tina Smith have Minnesota just announced their own positive tests last week. Vermont senator Patrick Leahy has been out for weeks, recovering from hip surgery. Democrats will need all 50 votes plus a tie breaker from vice president Kamala Harris to pass a drug price and ObamaCare subsidy bill before the Senate's August recess begins next week. In Washington, I'm Nathan Hager, Bloomberg radio. Former president Trump is getting ready for his first appearance back in Washington since he left office 18 months ago. He's giving a keynote speech at the America first agenda summit tomorrow night. He's not expected to announce he's running in 2024, but Bloomberg governments, Emily Wilkins, reports this will be a big test for the former president's support within the Republican Party. You've seen more folks begin to disapprove of him since March since the first of the January 6th committees revelations and news began to come out, but there is still a solid chunk of the population that proves of him that wants to see him run for president again. Emily Wilkins, and mega millions mega massive right now drawing tomorrow night for the $810 million jackpot. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. I'm Wendy Gillette, this is Bloomberg. When pole
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"On around the world, John. International concern growing over monkeypox, the World Health Organization, has declared the monkey punks to outbreak of public health emergency. Elon Musk denying he had an affair with Google cofounder Sergey Brin's wife, according to The Wall Street Journal, the alleged affair took place in December. And a destructive wildfire near Yosemite National Park burning out of control through a Tinder dry forest, thousands of residents in the area had been evacuated. Sports, Yankees beat the O's, the mets topped the Padres Red Sox fall to the Blue Jays, and the dungeons beat the Giants. The nationals also beat the Diamondbacks, global news 24 hours a day on air and a Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries. I'm John Tucker, this is Bloomberg, Nathan. Okay, John, thank you. It's 6 19 on Wall Street live from the Bloomberg interactive broker studios. This is Bloomberg daybreak and Michael hewson is with us now chief market analyst at CMC markets as we get ready for a trading week that's going to be dominated by a fed decision. And big tech earnings. Michael, good morning. Of course, a lot of focus now on what the fed will decide on Wednesday. It seems as though they've pretty much telegraphed a 75 basis point move. So what are markets looking for ahead of that? Well, I certainly think it's actually quite telling that we actually opened on a downswing here in Europe and we've only started to wedge higher after the German IFO business survey posted some really dire numbers this morning. And I've pulled us back rather counterintuitively into positive territory, and I can't help thinking that. Markets are pricing in, they were getting close to the end of the Central Bank hiking cycle, then we are near to the beginning. Certainly I think if you look at the way bond yields have been behaving over the course of the past few weeks, I can't help thinking that we picked and that ultimately markets in our pricing increased probability of recession. And that ultimately after this week's 75 basis point rate hike by the Federal Reserve, I think the key message will be how hard are the fed going to go? Subsequent to the Jackson hole, obviously, in September, and thereafter. And I think markets are starting to price out. The probability of much more aggressive tightening as we head into the second half of the year. That's certainly my feeling when I look at the behavior of the U.S. dollar, which is started to show signs of rolling over, but really I think it's what bond markets are telling me at the moment. They're telling me that markets are. Doubtful about whether or not central banks are going to be able to time as much as they say they want. So are you thinking that there could be a pivot from the fed away from an inflation fighting focus to more of a focus now on trying to avoid recession is that your call now? Not yet. I don't think they'll signal it this early. I think they'll go through with the 75 basis points on Thursday. I think it's way too early to signal any sort of, even though the markets are starting to price that. I think if we're going to see a pivot, they'll come and Jackson hole because generally that's when the Federal Reserve tends to lay out what it expects for the U.S. economy over the course of the next three to four months into year end. And they'll have more data to work with at Jackson hall. They'll have another and have another two payrolls reports to work with. They'll have two months more data. I mean, that services data that we saw on Friday was particularly surprising and a little bit shocking and I'll be interested to see whether or not the ISM. Non manufacturing data supports the decline that we saw in the more general PMI numbers that we saw last week. How much is the fed potentially affected by the European Central Bank's decision to go a little bit higher than the markets might have been anticipating? Does that have any impact on what the fed decides this week? No, none whatsoever. The ECB has a completely different set of problems. And the Federal Reserve. The decision last week to hike by 50 basis points was akin to bringing a knife to a gunfight for the ECB. Even though markets have talking about the prospect that they're probably going to be able to hike by another hand being 150 basis points per year in. I seriously doubt that if the German economy in the European economy slides into recession, so I think as far as the ECB is concerned, it has its own set of unique problems to deal with completely independent of the Federal Reserve. On top of the fed decision this week, of course, we've got a slew of big tech earnings. What's the bigger focus for markets this week? Is it the tech earnings story or is it what the fed decides? I think I actually think it's the earnings story. I think you saw the reaction from those snap numbers on the end of last week on Friday morning. And the subsequent decline there. And it's not the first time that snap has fall back to just a little bit of a canary in the coal mine when it comes to tech earnings. We've got obviously alphabet tomorrow. We've also got better later in the week. And it was notable, I think, for me, Nathan, in the first quarter, how advertising revenues for alphabet actually disappointed towards the downside and it was largely as a consequence of a shortfall in YouTube revenue. I'll be interested to see whether or not that pattern is repeated as we look ahead to the Q two numbers and what their outlook is for Q three. More importantly, I'm less concerned about meta's numbers as I am about Amazon. What do Amazon's numbers tell us? About its costs, its margins, and also its outlook for the rest of the year. Now, lots to digest this week. Thanks for this, Michael. Always great to speak with you. Michael hewson, chief market analyst at CMC markets. Right now, S&P futures are up. 18 points, Dow future is up a 146 NASDAQ futures are higher by 64 points. The ten year treasury is down 1430 seconds for a yield of 2.80% and the yield on the two year right
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"On Bloomberg quicktake powered by more than 2700 journalists and analysts more than a 120 countries I'm Michael Barr and this is Bloomberg Nathan All right Michael thank you It is 5 19 on Wall Street live from the Bloomberg interactive broker studios this is Bloomberg daybreak Let's get more now on our top story this morning Boris Johnson lives to see another day as UK prime minister but after just getting by a confidence vote from his fellow conservatives the question now is how many more days will he live to see Bloomberg television correspondent Lizzie Burton joins us now with more on this She is live from just outside the prime minister's residence at number 10 Downing Street Lizzie good morning That is the big question of the day How much longer is this going to be Boris Johnson's residents given just how close the margin was among these conservatives Good morning Nathan Yeah I'm outside number 10 Downing Street in the cabinet meeting in there as we speak So the culmination of months of this content over the party dates down all the cost of living crisis and it's a year now until another vote like this can happen again So Johnson team come out gun bleeding thing he wants to draw a line under part of gate but just look at the history books Remember the reason they Margaret's actually predecessors busted just 6 months and a day respectively having won their own confidence space And this is actually a larger rebellion than they see in 2018 And there were more records last night than Johnson murky majority in the House of Commons Clearly including some that were on the government payroll So they may try to store the government's legislative agenda Johnson may try to strengthen his hand by re shuffling his cabinet but it's unlikely to be back to business as usual for this government Yeah when you see just how narrow the victory was I mean just how divided does this leave Boris Johnson's Conservative Party Rally the party together given where things stand right now Yes this is what's most worrying for him because the rebellion was so disparate Young old north south left right Brexit remain It's not just one faction of the Conservative Party rebelling to be changed And that is why they both came out as they knew where it was surprised almost The list of one of the writers to replace Boris Johnson is circulating You've got exponent secretary general current foreign secretary Liz truss they're the biggest names bloating at the moment So with this cabinet meeting now underway Lizzie you mentioned some of the potential names that could be vying to succeed Johnson here Could we be looking potentially at a cabinet resignations following this vote Potentially at the moment the big names are declaring loyalty to Boris Johnson The big risk which would be a huge surprise would be a forest Johnson called a general election now It would be a big gamble for him but really that's all the market care about at this point The other thing that they're looking ahead to are the local elections on June 23rd We've got one in the southwest of England one in Wakefield both have pretty sorted backdrops You've got the MP in the southwest week found watching pornography in the House of Commons the one that's the north the convicted for sexual assault And these backups do not make party dates look good It conservatives are expected to move but interestingly it should be less breathing personally to Boris Johnson now that he's got the votes of confidence behind him Got about a minute left here Lizzie As you know Boris Johnson has managed to weather scandals in the past Does this one seem different The party gate scandal This is why Boris Johnson has been given the moniker the Greek piglet The Catalan man able to come out of these scandals and crises smiling and singing them as he's going to carry on But this seems like a very different moment You heard the boo you that he was walking up the deck to keep cathedral for the queen's platinum jubilee service over the weekend The same booze that his MPs will have heard They are constituents full of street parties over the weekend for the jubilee and heard the discontent among their constituents and the fact that 40% of them whose MPs have voted against him show that they do not believe he is the electoral asset he was in 2019 Thanks for this Lizzie Good to have you on with us this morning Lizzie bird and Bloomberg television UK government correspondent joining us live from just outside number 10 Downing Street where Lizzie mentioned UK prime minister Boris Johnson is holding a cabinet meeting after just barely surviving that confidence vote with 211 of his fellow conservatives voting to keep him in office but a 148 voting against a much thinner margin than past confidence votes that led to departures for predecessors Theresa May and even Margaret Thatcher when you look back at UK history Thanks again for joining us Lizzie this morning S&P futures right now down 15 points down futures down a 117 NASDAQ futures are lower by 61 points The ten year treasury is up 8 30 seconds the yield 3.01% and the yield on the two year right now 2.71% Stay with us You're listening to Bloomberg daybreak This is a bloop There's never been a better time to find out why bet MGM is the king of sports books download the bet MGM app.
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"On Bloomberg quicktake powered by more than 2700 journalists and analysts more than a 120 countries Michael Barr this is Bloomberg Nathan I'm Michael Thank you It's 5 19 on Wall Street live from the Bloomberg interactive broker studios This is Bloomberg daybreak and with yet another deadly mass shooting in the U.S. the issue of guns and gun restrictions Once again is in focus in Washington along with the mounting pile of challenges facing President Biden Bloomberg government congressional reporter Jack Fitzpatrick joins us from our Bloomberg 99 one studios in the nation's capital as we get more on all these stories Jack Good morning This shooting in Tulsa once again has the gun issue back in focus and it comes with debate already underway following other recent mass shootings Yes this is one of those issues where I don't even know if it's back in focus It's just still in focus There have been bipartisan talks in the Senate following the ivaldi school shooting about what is realistic to get 60 votes in the Senate What's the low hanging fruit A very limited measure would be expected from these conversations but is there some sort of Bill they can pass Seems that the conversations are there's a lot of talk about maybe incentivizing state level red flag laws other sort of limited measures I don't know if there's enough political will to raise the age for purchases say of semi-automatic rifles from 18 to 21 that is more of a democratic priority But yes it would stand to reason that this latest shooting high profile shooting high profile enough of the president has been briefed on it would sort of keep the political pressure on those senators having those conversations And in the meantime Jack there's a bill moving forward on the house side that I think it's probably safe to describe as much more than low hanging fruit I mean what's the impetus to put a bill like that forward when it probably has little to no chance of passing in the Senate Right this is the more aggressive version this would be a House democratic bill that the house judiciary committee is set to virtually mark up today That's why I mentioned as an example The idea that's been put forth of increasing the legal age to purchase a semi-automatic weapon from 18 to 21 That is one of the measures in that bill that does not seem to be part of the bipartisan conversations This is how the House of Representatives operates The majority can pass what they want through the house and at least take a stand It may be more of a messaging bill if it's not going to go anywhere in the Senate But the fact that you see this dual track approach the house doing what it can the Senate getting a group of bipartisan members together to see what's most realistic that reflects the amount of pressure to at least do something Along with this politically fraught issue of gun rights Jack we also have the economy posing a continuing challenge for President Biden rising gas prices Now we're getting this report that he could be headed to Saudi Arabia later this month Right yes our colleague Jennifer Jacobs reported that citing people familiar that he's expected to visit Saudi Arabia later this month when he's traveling for NATO and G 7 meetings That is important because it would be a bit of a surprise if he were to visit Saudi Arabia and not visit or communicate with The Crown prince Mohammed bin Salman who's really the de facto leader after the President Biden had previously said he would only deal directly with king Salman bin abdulaziz which was a slight toward The Crown prince If this reflects some easing of the tensions between Biden and Mohammed bin Salman that would be a very significant thing And I think it's clearly something with gas prices in mind as Biden looks for more production out of oil producing countries and obviously gas producing countries not called Russia and in Ukraine No you have only about 30 seconds left here But are there indications that we could see a meeting between President Biden and The Crown prince MBS is basically been blacklisted over alleged links to the murder of Washington Post columnist Jamal Khashoggi That's something The White House has not confirmed so at this point that the news is about the visit but you're right that Biden would have to set aside the frustration over the killing of Jamal Khashoggi and his frustration with Mohammed bin Salman and he had really made a point of pinning that on The Crown prince so to meet with him would be a significant change Yeah certainly would be Jack Fitzpatrick a Bloomberg government as always thanks for being with us from the nation's capital will be checking back with Jack later on in the program for much more of the other stories happening in Washington D.C. as well Looking ahead to the market open this morning we have futures moving higher with S&P futures up 21 points Dow futures up a 133 NASDAQ futures are higher by 86 points ten year treasury down one 32nd the yield 2.91% Nymex screwed down 2% or $2 26 cents at a $113 a barrel on that report the President Biden could be headed to Saudi Arabia just ahead the latest on the mass killing in Tulsa and Sheryl Sandberg leans into life after Facebook Top stories in the morning straight ahead on Bloomberg daybreak This is a Bloomberg bet MGM is pitching baseball.
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"On Bloomberg quicktake Powered by more than 2700 journalists and analysts to more than a 120 countries I'm Michael Barr This is Bloomberg Nathan All right Michael thanks It is 6 19 on Wall Street live from the Bloomberg interactive broker studios This is a Bloomberg daybreak and if you happen to have just joined us Twitter shares our syncing this morning Thanks to a tweet from its potential buyer Elon Musk moments ago he tweeted that the buyout is temporarily on hold as he awaits data on Twitter's proportion of fake accounts let's get more now on this breaking news Alex Webb is with us this morning Bloomberg quick take correspondent and tech columnist for Bloomberg opinion Alex good morning What is Elon Musk up to We don't even know that he's serious So the tweet reads Twitter deal temporarily on hold pending details supporting calculation that spam slash fake accounts do indeed represent less than 5% of users And it links to a story with that data Now you could read that as Elon being sarcastic right Sure The tour de live is off because of this news story that just came out I would be tempted to interpret it that way Now of course the thing that is surely undoubted about this is that the SEC will be looking at it If the deal is often announced the deal is off on Twitter well you probably should be filing that If the deal isn't off and he's making a comment like this flippantly on Twitter then they should be looking at it It's sort of unfortunately not a surprise that this is a sort of tweets that we're seeing Well let's just get a little bit of background here on the issue with spam bot accounts What is Elon Musk's issue here How does this play into the Musk bid for Twitter Well if it's serious that the data is all for on hold because of this audit Elon has said one of the things he's going to do is eliminate spam bots So reduce spam box at the very least And you do see on any number of posts particularly crypto bots jumping on to trending topics and trying to pump up particular coins or influences If there aren't as many spambots as he had thought then of course if he thinks that is a business upside the opportunity to get rid of these spam bots if there aren't as many as he thought then maybe the upside isn't as great You could also look at it differently Maybe there are only 5% of the accounts of spam bots but if they are generating 20% of the content I don't know if that's true but I'm stuck in that number out the air Then it's still something worth looking at So it's a sort of vastly convex thing and there are often quite hard to identify So if there is a possibility here that Elon Musk is putting this out flippantly that this is just another Twitter joke I mean what does that say about his entire bid for Twitter I mean there's still a lot of speculation isn't there about whether he's even serious about doing this deal even with all the financing he's put together for this Absolutely And that is that spread that uncertainty is reflected in the spread between the offer price and the stock price as it closed yesterday even before this 18% pre market drop that we're seeing today The shares are trading the shares closed yesterday at $45 The offer price is $54 20 That is a considerable difference I think the small money has been seen in going that at any stage Elon might wake up and say I don't want to do this deal And so that has been priced into the share price as it stands Yes as we watch the Twitter shares just in the pre market test of 30 handle you mentioned the SEC here Elon Musk putting this out on Twitter It does raise the possibility of the SEC cracking down even further on Elon Musk What are you going to be looking for there Alex It's hard to know what they can do They've already done some things that Tesla where they've said well you have to have some investing your tweets as it pertains to Tesla but of course these tweets don't pertain to Tesla not directly at the very least They've placed a different chairman in for two years Those two years are running out pretty soon So we don't know that Elon's going to take the chairmanship again There's a suspicion that one of the reasons that Elon was trying to buy Twitter is because he didn't want to be in his view censored on the platform Doesn't want others censored either and how a private company sensors is a different question But that's one of the issues at stake here And so if it ends up ironically with him having to rein in his tweets even further it would just be a very strange eventuality Yeah in our last 30 seconds here I guess what I'm wondering Alex is what could this mean for some of the major backers that Elon Musk has put together to do this deal like Larry Ellison like Morgan Stanley I think if you're Larry Ellison maybe it doesn't change your calculation But if you're a Morgan Stanley or indeed Apollo or any of the other sort of financial backers sort of putting your reputation and your capital at stake by getting behind this bid when it's not entirely clear what the financial upside is going to be it does I think if you pause for thought and I'm sure there are going to be some frenzied meetings and Zoom calls in the course of today among some of those backers All right Alex Webb as always thank you so much for coming on and giving us more on this breaking news with Elon Musk saying the Twitter deal is temporarily on hold while he looks into calculations that spam bots account for less than 5% of users on Twitter and we are watching Twitter shares slide in the pre market now down about 18 cents trading around $37 18% lower now in the pre market Much more to come on Bloomberg daybreak of course we will continue following this story for you throughout the morning as we watch futures rise We have S&P futures up 40 points down futures up 223 NASDAQ futures are higher by a 192 points This is Bloomberg This is a progressive snapshot can save you money based on how you drive and how much you drive So the safer you drive the more money you could save Now if you didn't hear that because you.
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"And I'm Cameron Moscow global stocks and U.S. stock index futures are following this morning as stubborn inflation in the world's biggest economy as to the case for more aggressive monetary timing by the fed we check the markets every 15 minutes throughout the trading day On Bloomberg right now S&P futures down 29 points Dow futures down 198 and NASDAQ futures down 140 the Dax in Germany is down 2.4% ten year treasury up 25 30 seconds the Yale that 2.82% that yield on the two year 2.57% Nymex crude oil down one and a half percent down a dollar 57 at a $104 18 cents a barrel Comic school then a quarter percent or $4 90 cents in 1848 80 announced The Euro one O four three 6 against the dollar British found 1.2206 and a yet at one 28.77 and Bitcoin's falling down almost three and a half percent at $27,400 That's a Bloomberg business flash now here's Michael Barr with more on what's going on around the world Michael Karen thank you very much Ukraine's military says Russian forces are continuing air strikes on the steel plant in mariupol It comes on day 78 of the war Finland's president and prime minister say that they're in favor of applying for NATO membership neighboring Sweden is expected to decide on joining NATO in the coming days In the NHL playoffs rangers stay alive after beating the penguins in game 5 the capitals lost to the Panthers to fall behind in that series three games to two NBA playoffs the Celtics lost to the bucks and are now on the brink of elimination The warriors lost to the grisly Golden State still leads that series three two In baseball Yankees won Metz loss to the nationals Red Sox and Orioles lost the Giants and a's one Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts more than a 120 countries Michael Barr and this is Bloomberg Nathan Okay Michael thanks 6 19 now on Wall Street live from the Bloomberg interactive broker studios This is Bloomberg daybreak want to go now right to Michael hewson chief market analyst at CMC markets as we watch this selloff continue in equities Michael it seems like markets find further ways to move lower How much further do you think this could run Yeah it last week I think you asked me the question Are we in a bear market And I sort of sat on the fence a little bit I said you know if we break 4100 on the S&P and around about 12,900 on the NASDAQ then yeah absolutely I think we would be And I think we do have significantly further to run I think the market reaction to those breaks that I highlighted last week suggests that we can see 3800 on the S&P initially on the move to three and a half thousand And 11,700 on the NASDAQ on the weight of potentially ten and a half thousand over the course of the next few weeks and months Now we're not too far from either of those levels now with the S&P closing at 39 35 yesterday Do you see this market move as overdone Is it the right reaction to what could come from the Federal Reserve I think it is I think if you look at it in the context of the growth outlook we got GDP numbers out of the UK this morning We saw a march contraction which means the UK economy is only really expanded in January this year with inflationary pressures expected to grow over the course of the rest of the year You've got a cost of living crisis certainly those CPI numbers yesterday that we saw from the U.S. suggest that the U.S. consumer is starting to or is going to start feeling the pressure Certainly the consumer credit numbers out of the U.S. over the past two months worry me immensely We've seen massive growth there And I would argue that the excess savings that the U.S. consumer had Over the course of the past 12 months has gone because why would you borrow on a credit card When rates are going up because you're repayments are going to be inordinately expensive So I think a big test next week will be U.S. retail sales for April but also the numbers from Walmart and target What will they tell us about the U.S. consumer Well what kind of test do you think we could see from producer prices later this morning Are you looking for further signs of stickiness and inflation on the producer side I am simply because I think we saw a bigger than expected rise in the numbers for March They went up to 11 they went up to 11.2% Now we are expecting a small moderation to 10.7% but I don't think it's going to be as big a moderation as perhaps market pricing in Look at prices pay components on the ISM They actually spiked up in April So why would we expect a decline or a significant decline in producer prices and they generally tend to be fairly decent forward looking indicators So I think there is a concern about stagflation going forward and you can look at the U.S. labor market and say well yes there are significant amount of vacancies I'll be interested to see how quickly those 11 million vacancies disappear as the economy continues to slow If we continue to see financial conditions tighten like they are right now what does that mean for the fed I think it makes it very very difficult for them I mean they can be at the moment they seem very very focused on getting inflation under control And I don't think they seem that bothered about causing a recession because potentially I think they see the alternatives as far worse So the U.S. economy is in much better shape and so for example the economy here in the UK or Europe but I think ultimately they are going to have to force a significant slowdown in order to get inflation under control The bigger question is whether that's a price they're willing to pay So in our last 30 seconds here Michael do you expect that the U.S. reaches a recession this year I'm putting me on the spot timing Sorry I think he's very very difficult Obviously we've seen a first quarter contraction I'd be very surprised if we see a significant pickup in Q two But who knows We could well see one towards the end of the.
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"On Bloomberg quicktake Powered by more than 2700 journalists natalist more than a 120 countries Michael Barr this is Bloomberg Nathan Thank you Michael It's coming up to 5 49 on Wall Street live from the Bloomberg interactive broker studios This is Bloomberg daybreak and we are less than three hours away from what is likely to be another historically high print for inflation when the march consumer price index comes out Sarah house is with us ahead of that senior economist at Wells Fargo Sarah you look at the Bloomberg screen eco go 8.4% is the consensus for year over year march inflation You think we're going to get that high And do you think we've hit peak I do think we're going to get that high and I think this is likely the peak that we see So of course we had major increase in energy prices over the month so we think that's going to account for about half the gain But even as you've seen gasoline prices back off a little bit in recent weeks we're also getting some easier base effects And so that's going to help this be the peak in our view barring some other commodity related shock most likely But even as this peaks here near term it's still going to be a very slow climb down back to anything resembling the fed's 2% target The likelihood of commodity related shock has to be there doesn't it Given all the dynamics around the war in Ukraine and now the potential destruction of demand coming out of the lockdown in China So it certainly is from an oil price perspective surrounding Ukraine And so that's why I'm hesitant to just say with a 100% certainty that this is the peak But I think if oil prices stay roughly where they are that this will help you know it was actually seen the lockdowns tamper demand for oil and keep those prices tame but on the flip side it does bring some risk that perhaps we haven't quite seen the peak in in core goods inflation although I think we will see some softness in that today particularly coming from the auto sector Is that the biggest driver of price pressure right now things like car prices the core price pressures there is that really what's driving things right now It's certainly an important component in this case it'll be to the downside So this is one area we actually expect to get some relief But I think you'll actually see a pickup in services So things like shelter we still haven't hit the max rate of monthly growth in that component We're still looking for some pretty big gains coming from travel services So if you didn't get a chance to travel last summer maybe you didn't get your plans maybe you weren't quite comfortable I think we still have a lot of pent up demand And there's scope for catch up for prices and things like lodging and particularly airfare So I think we're looking for some big gains there So we're really seeing the baton passed from core goods I think decor services in the coming months Is that what's going to keep inflation potentially elevated for quite some time here We've heard from some fed speakers thinking that inflation is going to stay elevated into next year What's your view on how long it's going to take to get to target So we don't think if you're looking at this on a core PCE basis So really what the fed's looking at in terms of that underlying trend we don't think it gets back to 2% over our 2023 forecast horizon So more likely a 2024 event And part of that's the compositional effects that you still have a lot of strength coming from services you know time for things like physical inputs to be reflected in prices of course We've seen very tight very strong wage growth and so that's a bigger factor there But I think more broadly inflation carries with it a lot of momentum So we've seen the inflation expectations move up We're still seeing a very tight labor market that's keeping wage gains otherwise very strong And so we really don't see inflation turn on a dime And so I think that's suggest that it's going to take some time for it to come out of the system even with the fed mounting a more aggressive campaign to tamp it down Our last 30 seconds here Sarah how aggressive do you expect the fed to be Are you looking for multiple 50 basis point rate hikes We are So we're looking for the fed to go 50 at both the May and June meetings eventually bringing the fed funds rate to a range of three three and a quarter percent So that's restrictive territory Thanks for this Sarah Great talking with you as always Sarah house senior economist at Wells Fargo Again the march consumer price index due out at 8 30 a.m. Wall Street time the consensus from economists surveyed by Bloomberg is an 8.4% increase year over year Karen All right Nathan it is 5 53 on Wall Street time for the Bloomberg law report Let's get to the legal stories we're watching this morning from Bloomberg's Jeff Bellinger.
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"This is Bloomberg Nathan Who came Michael thank you It's 5 49 on Wall Street live from the Bloomberg interactive broker studios This is Bloomberg daybreak as we get set to wrap up bank earnings season this morning Bank of America and Morgan Stanley are the final two of the big Wall Street 6 open up their fourth quarter books They will do that before the opening bell Ahead of that we're joined by Ken Leon director of equity research at CF ra Ken good morning taking a look at shares of Bank of America and Morgan Stanley They are both lower ahead of earnings this morning Is that sort of a residual effect of what we saw from Goldman Sachs yesterday It's also about the market and the it's really the macro risk and we've gone from a bowl to a bare case all of a sudden the banks were down probably because maybe the bears think the best results happen in 2021 COVID might stay around longer in 2022 which could hurt bank earnings And rates rising rates helped banks and JPMorgan Friday said well maybe it doesn't help us on that interest earnings until later this year I'll stay with the bull case which is we still have a strong U.S. economy that's going to spur loan growth and also capital markets aren't going to repeat a record year in 2021 but it's going to remain very active with a strong pipeline And I think finally a rate rise from the fed called three or four times this year and maybe into next year is a strong earnings engine fueling net interest income for the banks Banks are over capitalized investors are going to get return of capital and dividends of buybacks But right now you know the bears are there the outlook is cloudy particularly on macro and policy and regulations the last point here That's another date less with earnings but with the appointees from President Biden's administration You have more of a consumerist staff thing if you will of key positions at the FDIC the OCC and others How does that bull case apply to Bank of America when they report later this morning I would expect that consumer loan growth has got to be a big part of their story Will the consumer be there for Bank of America The consumer will be there but it's going to be more looking ahead to the first quarter in 2022 What we'll see in the fourth quarter results again is that consumers have really healthy balance sheets where they haven't really seen any delays in paying off credit balances So from Bank of America their large card businesses the loan volumes of spending obviously it's the holiday season in there was exceptionally high double digit in terms of growth year over year But consumers are paying off their balances and banks to make money on service charges when you have loan balances We think it will get back to normalized levels perhaps by the second quarter of 2022 If you look at this from the fed the personal saving rate during the pandemic got as high as 18% and in November we were back to the normalized historic levels of 7% What about the cost picture for these banks We just heard this morning that JPMorgan Chase is raising pay for junior bankers again for a second time Is that going to be repeated across the sector Well there are three factors One particularly for investment bankers is trying to keep talent second is there's a labor shortage So even at the bank branch as we saw Wells Fargo increase the minimum wage from increased it from 18 to 22 and the last part of expense which is up is that the banks have to invest in technology to be competitive today but really for tomorrow with all of the disruptors from FinTech companies So yeah we're going to look at higher expense but again we think right now the markets gloomy on the revenue picture for banks And we think it's going to be another good year The last 30 seconds here What about for Morgan Stanley Will the boom in deal making in 2021 make a difference for them only about 30 seconds left So Morgan Stanley I would like Goldman Sachs rank number one or two in most of the areas of the capital markets It's going to have another really strong year for underwriting and IPOs and but sorry Morgan Stanley has the largest wealth business which gives them a little bit more of a predictable recurring revenue So I think we're going to finish up with Morgan Stanley A little more sanguine than the bearish view that we saw yesterday All right Ken thanks for this Ken Leon is director of equity research at CFA We hear from Bank of America right around 6 45 Wall Street time than Morgan Stanley reports at 7 30 We'll have complete coverage here on Bloomberg radio Karen Nathan is 5 54 on Wall Street time for the Bloomberg law report Let's get to the legal stories we're watching this morning from Bloomberg Jeff Bellinger.
Bloomberg Radio New York
"bloomberg nathan" Discussed on Bloomberg Radio New York
"Let's bring in Michael Bar for a check of what's been going on in New York and around the world. Good morning, Michael. Good morning. Nathan. New York officials say they are increasingly concerned about the new covert 19 variant that appears to be more contagious than the original version of the virus. Health officials say the very end if it spreads out of control will lead to more infections. And ultimately, Maura hospitalizations and deaths. New York City Mayor Bill de Blasio also pleaded with the federal government to ban all travel from the UK where the variant has first been identified. Right now you could still get on a plane in London. Not even have proof that you have a negative test and merrily come over to New York City and spread disease. Why? Why is that going on The very end has already been identified in New York, California, Colorado and Florida. New York's governor, Andrew Cuomo, blasted the feds for what he called their overall incompetence in dealing with the covert crisis. The governor says it's time to spend the time and money to come up with plans that worked to stop the spread. This virus has been ahead of us every step of the way. And this country has been playing catch up every step of the way. And it's time we stop and it's time we become more competent. New York's M D A faces a showdown on January 21st on whether the debt ridden agency should boost fares as writers struggled during the current virus pandemic. M D A is set to discuss and potentially vote on and anticipated fair and toll increase at its next board meeting after Congress last month agreed to send the empty another $4 billion of aid as part of the latest federal coronavirus relief package. No charges will be filed against Kenosha Police officer Rustin Chesky in the shooting of Jacob Blake last August that left him paralyzed. Police say they thought Blake had a knife. Militia. County District attorneys say that there was just not enough evidence to get a jury to convict Chesky beyond a reasonable doubt. Family attorney Be Ivory Lamar called the decision in the question So me in the video. Where did you feel like you're going to get stabbed? I think that this is just preposterous. And I think that the president that this set is dangerous not only to the city and Canosa, not only to the state, it was constantly to our country. Blake, who was black, was shot seven times in the back. President Elect Joe Biden's pick for U. S. Secretary of State Antenen Blinken. Denounce the Home Kong arrest of dozens of opposition figures under a controversial national security law. The unprecedented crackdown included an American lawyer. Global dings 24 hours a day on a random Bloomberg quick Take power by more than 2700. Journalists and analysts in more than 120 countries are Michael Barr, and this is Bloomberg. Nathan. All right,.
Bloomberg Businessweek
Face Masks Are Again in Short Supply as Covid-19 Cases Surge
"A new surge of Corona virus cases is putting a new strain on supplies of personal protective equipment. Bloomberg's Nathan Hager reports. In Michigan, For example, nearly two in three health systems have a less than three weeks supply of one or more types of protective gear. The State Health Department recommends a 90 day supply. DowJones reports, three M is on track to produce nearly 100 million masks a month. Other companies have added capacity for at least 20 million and 95 masks per month. But manufacturers say that's still not
Bloomberg Businessweek
Trump holds first indoor campaign rally since June
"President. Trump is also defending his decision to hold an indoor rally outside Las Vegas last night. Despite the pandemic, Bloomberg's Nathan Hager has more from Washington. In an interview with the Las Vegas Review, Journal President Trump says he wasn't at all concerned about the relative lack of social distancing and mask wearing inside the warehouse in Henderson, Nevada, because he was on the stage and it was very far away. Nevada's Democratic governor, Steve Sis. Lack says the president was reckless and selfish for holding the rally and put his own supporters in danger. The president called sis lack of political hack. The rally inside the extreme Manufacturing warehouse was the first indoor event for the Trump campaign in nearly three months
Bloomberg Daybreak
Fed investigating Deutsche's role in Danske money laundering
"Recent rally as some of the data hasn't been coming through quite as badly as the markets were pricing. But I think we're ready relatively flat trading range, the most markets over the course of this year, the all country world index is up five percent this month. That's just behind last year's six percent gain over the same period. This is Bloomberg. It's five oh seven on Wall Street time. You get the latest world and national news for that. We turn to Bloomberg's Michael Barr. Thank you very much. Nathan Senate majority leader Mitch McConnell is now allowing consideration of rival Republican and democratic proposals for reopening the government. It comes as the shutdown has entered its thirty third day. Bloomberg's Bob moon reports though, there is no guarantee. President Trump will go along McConnell has insisted he would not waste time as he put it voting on any measure that Trump opposed. Any initially said a Republican Bill with all five point seven billion dollars for a border wall was the only measure Trump supports that. I've stated consistently over the past month. That fact will earn it consideration here in the Senate that hard line appeared to soften though, when he also scheduled to vote on a funding measure from the house after Senate Democratic leader, Chuck Schumer, Blaine Trump and his party for demanding only their way to allow government funding. Everyone knows that. He an leader McConnell are the only obstacles to opening it back up it appears neither Bill may win enough votes to pass. S Bob moon. Bloomberg daybreak secretary of state, Mike Pompeo is said to be wing at twenty twenty bid for US Senate seat in Kansas. A person familiar with the matter says Bombayo spoke with Senate majority leader McConnell and a GOP strategist flights end to Newark airport were suspended briefly yesterday after a drone was spotted along the airports final approach path. The drones were seen at about thirty five hundred feet up live ATC dot com recorded a United Airlines pilot telling air traffic control about the close. Call the drone bows thirty feet off right way. The FAA prohibits drone use above four hundred feet or within five miles of an airport. Without permission. The leaders of Japan and Russia met in Moscow. Bloomberg's Isabel Reynolds has more from Tokyo twenty fifth meeting between Japanese Prime minister, Shinzo Abe and Russian President Vladimir Putin failed to bring about any substantial progress on a territorial dispute that has lingered since World War Two and a briefing after that meeting in Moscow. Both leaders said the process would be difficult. They nonetheless agreed to continue trying to reach a deal with their respective foreign ministers set to meet again next month in Munich in Tokyo, Isabel Reynolds, Bloomberg daybreak Los Angeles teachers have approved a contract deal ending a six-day strike global news twenty four hours a day on air and at tick tock on Twitter, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Michael Barr. This is Bloomberg. Nathan, michael. Thank you five.
Bloomberg Daybreak
US, Italy and Bloomberg discussed on Bloomberg Daybreak
"Salman, Mexican authorities are rushing to evacuate low lying areas as hurricane willa heads toward landfall along a stretch of the Pacific coast farther, south Mexican officials say there have been twelve deaths related to heavy rains from tropical storm descente in sports in the NFL the giants loss to the falcons and Monday night football twenty three twenty in the NBA the Knicks lost along with the Celtics. The warriors and wizards won. In the NHL the capitals lost in game one of the World Series. Is tonight. The Red Sox host the dodgers global news twenty four hours a day on Aaron at tick tock on Twitter, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Michael Barr. This is Bloomberg. Nathan, michael. Thank you five nineteen on Wall Street and live from the Bloomberg interactive brokers studios. This is Bloomberg daybreak and we're joined this morning by Lena Komeda. She's the chief economist at g plus economics. Good to have you on this morning as we continue to watch this global sell off another one this morning. Do you see any economic underpinnings to what's happening this morning? Good morning. Nathan great to be with you. Yes. I do h relate very strongly to the macroeconomic themes that we've been watching this year. And three major themes that. Demento Marcus have changed the sound of the talking about strong years grows and historically either financial conditions with enough to push equity valuations high in the US globally. This is not the case today, and he just a reflection of the sector fundamentals of markets. Trading change twenty eighteen markets and build the return of US rate, volatility, high use weights and a strong US dollar international regime environment, and that's sweet turning to pain trait to market bullets encouraging this kind of diverse can that was driving down equity in the US and Europe and Asia Loa second big geopolitical risk now, filming better. You just have to look at Italy. But also close developments in the US have elections. The US China Malaysia, a trade war. That's getting underway. Finally dynamics basis, basically raising the risk of tuned to a normal economic volatility. We now have the twin issues of rising risk of inflation, overshoot and. Countercyclical gross retrenchment, globally competing, and that is basically a recipe for but you. Ability and higher Marcus volatility going forward. All right, so three broad themes there. But they don't all stand alone. Do the I imagine that they all sort of tie in together. Particularly when you're talking about market volatility and geopolitical risk, I mean is geopolitical risk essentially causing the market volatility. We're seeing I think very much nice can and the key thing as that for the first time in a decade managing down volatility. Financial macroeconomic. He's no longer the main policy focusing coma. Cassette. Instead what we have a twin forces as the fed pushing it rates towards the economy's neutral, basically break even close. He's no longer stimulus is and that easing turn raising the market. Lowering brother Marcus pain, special raising the instituted to the direction of policy risk in the direction of policy risk again for the first time in a decade. No actually dictated by central banks volatility very much in the domain of Joe political risk. And here, I think the risk is the markets. Looking at two thousand eighteen is the peak of the cycle. The peak of that trade where the fickle magic Jews was supporting grace is going to now give way to the results of of what has been an unprecedented debt funded tax cuts late in the cycle. So as pointy nine hundred and gets underway in gross one is to lower levels earnings and no longer rising at the foster rate longest probably going to become more sensitive to the rising cost of debt. So then if if growth continues to slow down as you're arguing here does that affect the rate path that we're going to see from central banks. Could they start to assert themselves? More. I think this is a very critical question. And you're absolutely right. Who's been a key markets, stabilize it in recent years, the so-called policy put oh, the fact that affect would step in whatever there's some kind of. Macroeconomic financial volatility. That increases the risk of this play down. What's different this time around is that the the the bulk of market sort of debating has has happened by price with pricing. Both on the equities in bone side rather than expectations of a much tight aside in the face of weaker economic rice. I think the chances are unless you inflation slowed down next to you. And he's not exactly why that should happen, given they call me is running close to full capacity. Unemployment rate is so no, but the I will actually continue with three more right hikes after December, of course, rate hike this year, so twenty nine hundred and will actually see rates rising above sea percent at the end that we probably really a reinforced if you like the market sensitivity to exultant risks such as political noise or indeed the emerging markets slow down we have less than thirty seconds to go. Leinna. What's the impact? If Europe takes. Unprecedented step of rejecting Italy's budget just quickly. Well, I think that was real real full out. I think the the ultimate school syntax. He's a political noise. But what's really happening is that the market is looking at the standoff between Italy and their pink commission as the beginning of of a you fragmentation. In other words, everything nomination risk is back in that your own government on pricing for the first time since the eurozone crisis. This is the ECB is preparing to stop buying government. Both going to be at the end of this year. We haven't seen that movie enfold yet. I think there was always probably going to be a much higher volatility. All
Bloomberg Daybreak
Trump warns Iran's president in all-caps tweet to stop threatening U.S.
"Dating back to twenty-six team tesla confirmed to the news Paper. That seeking price reductions at ahead. Of the market Okinawa Wall Street's at futures in the US pointing to a lower open p, futures down two points Dow futures down seven the NASDAQ futures down twenty two and we also have Brent. Crude fifty cents seventy three, fifty, seven this is Bloomberg It's. Five oh seven, on Wall Street let's get news. From around the world this morning and for the very latest we head to Washington and Bloomberg's Nathan Hager good. Morning Nathan good morning John President Trump is engaging in a war of words with Iranian president Haas on Ronnie in. A late night all caps tweet, the president warned of? Unspecified consequences if Ronnie keeps threatening. The US Ronnie had been on. Television hours before warning the. US to stop threatening Iran here he is through an interpreter named the Americans say they won't allow Iran to export even a drop of oil you think Iran is. That week what are you thinking you cannot do such a thing we. Will stand up to you we are people of resistance the entire Iranian nation will resist the US is moving closer to sanctioning countries that don't make significant cuts to. Iranian oil imports by. Early November mass shooting in Toronto a man opened fire into restaurants and cafes in the city's, greektown. Neighborhood last night Killing a, woman and wounding thirteen other. People before the gunman was killed in an exchange of gunfire with police Mary frog a daycare is a Toronto, city councillors shocking I, mean this is. A street where people walk everyday groceries dinner Davin ice cream sitting the square enjoy their summer and subsequently devastating. Remember that van, attack that killed ten people in. North Toronto that happened just a few months ago French president Emmanuel Macron has ordered an overhaul of his office. He's under pressure to break his silence over an aide caught on video beating a protester two months ago Bloomberg's Gregory. Viscose e has more from Paris, Monday will edition the? Interior minister and the head of. The Paris police to understand why. Security aide to the French. President was seen beating protesters on may I can why the presidential palace kept it quiet and allow the aid to keep managing Macron security we go Macron was singing. Dancing in the dressing room of France's victorious World Cup team now he's retreated from View in. Paris Gregory Suzy Bloomberg, daybreak North Korea is reportedly looking for a bold move from the US before it will move, forward on denuclearization CNN reports the north is looking for a permanent peace treaty to replace the armistice. That ended, the Korean, war it's also pressuring the Trump, administration to. Begin lifting, sanctions now the president has reportedly expressed frustration, behind, closed, doors, about the, progress of talks, though he sees the freezing of. Nuclear and missile tests in North Korea as a positive sign global news twenty four hours a day, on air and a tick tock on Twitter powered by more. Than twenty seven hundred journalists and analysts in more than one hundred twenty countries in Washington I'm Nathan Hager. This is Bloomberg John Nathan thanks a lot. Coming up on five ten Wall Street time now for the Bloomberg NBC sports report good morning John Stashower John no game at the stadium the one to decide the subway series reindeer Mets and Yankees both at a night out scheduled for August thirteenth so. In three. Weeks they'll make last night off Yankees and moved on to Tampa Bay with. Masahiro Tanaka pushback back The Baptists I start after the all star break back to Friday the veteran extra ranch. The Mets will. Start Jacob degrom tonight city. Field against San Diego under the heading of these things only. Happen to the Mets they have put. Noah Syndergaard, back on the disabled list this time with. And foot and mouth disease believed to have been contracted an appearance at a baseball game may miss only one. Star at the British, Open Tiger Woods teed off on the eleventh all with sole possession of the lead didn't last Logitech off myself. For sure I had a chance starting that back nine. To to do something and, I. Didn't do. It I thought nine would be. The number, you know there's three guys, at, nine figure one. Of the three guys but she'd even on those, tough out there and next thing lo and behold tight. Felise and then I'm. Leading tag. It with a double bogey then, a bogey, dropped down the winner has blamed thirty five year old talion Francesco Molinari bogey-free round. Of sixty nine for this eight.
Bloomberg Law
WeWork bans meat for employees expensing meals, at company events
"Video shows georgia police officers laughing as they use a coin flip to decide whether or not to detain the woman during a traffic stop the video obtained by w xiii tv shows roswell police officer courtney browne consulting with fellow officers about whether to arrest sarah web or just give her a ticket after she was stopped for speeding the television station says brown opened a coin flip on her phone and officer christie wilson suggested that heads men arrest entails meant release the flip came up tails but they arrested her anyway both officers are now on administrative leave and the charges against web were dropped i'm mike cremedas actress scarlett johansson is no longer playing a trans man in a movie joe anson dropped out of the film called rub and tug because of heavy backlash from the lgbtq community trans actors criticized joe hanson for taking the role saying it's hard enough for trans people to get working movies as it is i'm mike moss and i'm susanna palmer from bloomberg world headquarters a federal judge said the department of health and human services maybe quote acting in defiance of a court order on immigration and questioned the federal government's commitment to reuniting some twenty five hundred children with their parents separated at the southern border federal judge dana sat bra in a ruling late yesterday wrote that hhs either doesn't understand the court's order or is acting in defiance of the order co working giant we work companies thinks it can help save the environment and the lives of animals the startup has told it's six thousand global staff that they will no longer be able to expense meals including meat and that it won't pay for any red meat poultry or pork at we work events in email to employees this week outlining the new policy cofounder miguel mckelvey said the firm's upcoming internal some are camp retreat would offer no meat options for attendees we work isn't the first company to promote alternatives to eating animals the telegraph citing sources from the industry says amazon is launching its own smart television set developed alongside a group of chinese manufacturers including who i with gas prices rising just a few months before the midterm election the trump administration may be looking at taking action more on that from bloomberg's nathan hager sources tell bloomberg the trump administration's actively considering tapping into the nation's strategic oil reserves they say no decisions been made but options ranged from five million barrel tests sale to a larger thirty million barrel release aaa says the national average for unleaded rose to two eighty nine a gallon friday president trump is blamed opec in the past for rising oil prices in washington i'm nathan hager bloomberg radio.
Bloomberg Daybreak: Europe
Dollar buoyant near 10-day peak, bolstered by higher U.S. yields
"Markus karlsson also in london eight eight thirty am if you're listening out of paris or frankfurt there are signs of the risk on an asian equities this morning with trade concerns seemingly taking a backseat looking at the futures that's a two could spread to europe euro stocks fifty futures gaining about three tenths of one percent this morning footsie100 futures also on the front foot rising by more than half of one percent dax futures rising by four tenths of one percent in the same goes for futures looking into the asian session regional benchmark they're advancing eight tenths of one percent japanese says leading the way higher with the nikkei two thousand five index shutting up shop with a gain of one point eight percent we have seen a letter a bit of weakness in china with shanghai now down by a tenth of one percent so it's actually been paring back some of its previous losses looking at currencies we're seeing some marginal gains for the bloomberg dollar spot index also the major currencies sterling is the biggest decliner against the greenback weakening this morning by third of one percent cable at one spot thirty one sixty four uk politics and brexit very much in the spotlight in fixed income treasury yields edging higher this morning two point eight five percent that's where the ten year is when it comes to european yields well to be honest they not moving much bath to ten year boon jailed for instance at spot three five five percent fancying marcus the us president has criticized theresa may's agreed brexit plan and says he would have done things differently donald trump was welcomed to the uk but the prime minister yeah yesterday at the start of his first state visit since taking office will the lead again at chequers later in what could be an awkward meeting following his interview with the sun the deal that you striking is not with the people voted on so much different deal than the people voted on it wasn't what the deal that was in the referendum but it'll definitely affect trade with the united states unfortunately in a negative way so an exit from the sun interview with donald trump of britain's financial industry has also slumped maze latest brexit proposal with some even calling it the worst outcome possible yeah something that of course we have to keep a very close eye on it's interesting to see the dynamics because of course president trump is quite quest boards johnson and in a certain way it's almost like listening to boris johnson when he talks about that right let's talk a little bit about the overarching trade story this morning the us and china have signaled that they were open to resuming negotiations over trade off days of exchanging retaliatory threats high level trade discussions between the world's largest economies have stalled says last month treasury secretary steven mnuchin said beijing must commit to depress reforms and argue that america is not in a trade war now meanwhile china's total trade with the us increased in the first half of the year in dollar terms total trade grew thirteen point one percent in the first six months of the year exports to america were up thirteen point six percent compared to the same period in two thousand fifteen while imports rose eleven point eight percent and another story that we're watching the philadelphia's fed president has defended the central bank's symmetrical inflation target patchy caucus says that he would be comfortable with price increases the two and a half percent half a percentage point higher than the official goal he also sees up to four interest rate hikes this year and beginning the year i have put in three for this year three for next year off of that although i am open to a fourth increase this year if we do see inflation starting to accelerate so that was philadelphia fed president patrick harker speaking that now for the latest in global news here's bloomberg's ben clarke good morning us president donald trump's campaign chairman paul manafort's lost his bid to get out of jail while appealing a trump judge's order that put him there bloomberg's nathan hager has the details a three judge federal panel denied the former trump campaign chairman bid for freedom and a one page decision the judges said manafort didn't show his request should be granted before they rule on the underlying appeal us district judge amy berman jackson throughout manafort's bail last month after he was accused of.
Bloomberg Daybreak: Europe
China's June exports jump, surplus with US at record high
"Your day let's get a check of the top headlines with daybreak editor richard macauley who is live for us from hong kong richard let's kick it off then with the fed chair jerome powell guggenheim a saint louis fed economist all offering warnings when it comes to the trade story and how it may impact growth going forward good morning yeah that's right so say powell was speaking on marketplace us radio show and he's offered some comments as you say tie in with a few different warnings that came overnight he said that what the central bank was hearing is that sorry it was hearing a rising level of concern about what the trade war could do to the economy of rule he said he sleeps pretty well on the economic given jobs in inflation but he said that he could envisage a situation in which inflation accelerates while the economy weakens this is due to the the effects of the trade war now one economist from this louis fed also warned of job cuts some factory closes if the trade war escalates guggenheim's scott menard he he called the effects of a trade war devastating to put it bluntly one sort of bit of a silver lining though jay powell did also mention that trump's stated goal if this trade is to force or to encourage other countries to lower their tariffs now if that happens of course j paul said that would be good for the us economy but of course in the short term right now looking at quite a few big warning sort of signals it's it's not hurting asian stocks were looking at asian index finishing up the first week in five a why is that richard well right now it's interesting to watch i mean maybe it's not sort of kicking in just yet one thing that we're looking at right now is the china exports china it's total export growth we go this states this morning total export growth actually fell to three point one percent in june from rally at that's lower than estimates had expected imports also fell this estimates by a long shot too but the most interesting number at the moment is the growth in exports to the us now a high number that could settle trade hawks in washington later but right now we saw us exports also chinese exports to the us in june hit a record now in dollar terms the value of those goods was almost twenty nine billion dollars now that of course looks like some pretty good trade on i'm sure it's going to help the the stock market today is so you can see no major effect from from that main sort of route of international trade so far yeah pretty good trade figures i'm kind of wondering whether or not it's going to go down like a lead balloon though over in washington dc led zeppelin led zeppelin that's true we all all about the blimps today aren't we let's talk one more story richard at and t the us dust is department planning to appeal that's at and t time warner merger approval talk us through the details here briefly we feel at and t had been cleared for a motor that was off to the government failed to convince the judge that the merger was about idea now the justice department as you say appealing that judge's decision the department's antitrust division filed just a onesentence notice of appeal at and t says declined about upset after trading but see at and t c randall stevenson he said that he this was expected and that he would take this the fight to merge all the way to this cream court if necessary so plenty more coming up all right richard thanks very much richard macauley there from bloomberg daybreak daybreak is out on customer terminals bringing you all the news you need to start your day let's get some more headlines now from around the world as blue bag cock good morning markus nineteen people have been killed and at least twelve injured in a factory explosion that struck china's sichuan province statement quoted by royces the thirties and john coombs county say the blast happened at a chemical plant run by you've been hanging hanged the and technology before midnight local time us president donald trump's campaign chairman paul manafort's lost his bid to get out of jail while appealing a judge's order to put in their bloomberg's nathan hager has the details a three judge federal panel denied the.
Tom Griswold
Trump disinvites Philadelphia Eagles from White House over anthem dispute
"Accusation of witness tampering limburg's michael barr has the latest good morning good morning bob special counsel robert muller has accused former trump campaign chairman paul manafort of trying to tamper with witnesses in his ongoing criminal investigation muller's prosecutors claim in court paper filings that manafort and a longtime associate tried to contact to witnesses to secure false testimony about work that a group of former senior european politicians secretly did on behalf of ukraine it's mid term primary day in eight states bloomberg's nathan hager in washington reports one of them could provide a much clearer picture of congressional control in november that would be california not just because it's the most populous state and therefore has the most congressional seats at play it also has a top two primary system the top two votegetters advanced to the general election regardless of party democrats are really concerned lindbergh's romi varghese because there are so many democrats that these these districts they thought they could flip from republican they might just have to republicans racing off in november in washington i'm nathan hager bloomberg daybreak the philadelphia eagles have been uninvited to the white house for an event that was scheduled for today it's overdue dispute about protesting during the national anthem meanwhile philadelphia mayor jim kenney was vocal about the disinvite saying it only proves that our president is not a true patriot i'm proud of our players you're extremely what they're wonderful athletes and their great in the community they cheer they raise money trump says instead of the eagles event you'll be hosting a different type of ceremony with the us marine band brexit talks restart today in brussels bloomberg's thomas penny reports ringing in the ears of british negotiators will be a demand from businesses for clarity and uncertainty on how the voice.
Brazil president Michel Temer hopes measures will end crippling strike
"Of wildlife a report from fish and wildlife officials says enormous levels of invasive plants like cheat grass have been found on nearly a hundred sixty thousand square miles of public and private lands and they're spreading that elevates the risk for giant range land wildfires it also puts lots of wildlife in jeopardy including endangered species like the sage grouse added to that the report says there's no immediate solution i'm jan johnson one hundred second running of the indianapolis five hundred is this afternoon at indianapolis motor speedway it will be the final race of danika patrick's career the two hundred lap race begins just after noon eastern time i'm christopher cruise and i'm mark mills in the bloomberg radio newsroom president donald trump said the us would allow chinese telecommunications equipment maker e corporation to remain in business after paying a one point three billion dollar fine changing management and the board and providing high level security guarantees lawmakers in both parties have expressed concern over his decision to soften and earlier us action against e over what commerce secretary wilbur ross called a grievous violations of sanctions on iran and north korea brazil's crippling nationwide trucker's strike is into its sixth day road blockages are starting to wind down after the government deployed armed forces to break up hundreds of truck blockades and a key drivers association asked its members to back down brazil is experiencing shortages of food fuel medicines and chemicals to treat drinking water president trump signed an executive order restricting the activities of unions that represent many of the government's two point one million employees bloomberg's nathan hager reports president trump has signed three executive orders one cuts the length of performance review periods when poor performing feds can't be fired to thirty days right now those periods can range from sixty to one hundred twenty days the second order directs agencies to renegotiate union contracts and the third requires feds to spend no more than twenty five percent of their work time on union matters the trump administration also plans to start charging unions rent for using office space.
Bloomberg Daybreak
Stocks, oil and dollar rise as trade war put 'on hold'
"You it's six thirty on wall street i'm bob moon and i'm karen moskow we are just about three hours away from the opening of us trading let's get you up to date on the news you need to know what this shower us futures and european equities are climbing following news that a u s china trade war is on hold that's the message from the white house after two days of talks at china's economic pointman bloomberg's nathan hager reports from washington treasury secretary steven mnuchin appeared on fox news sunday we have agreed to put the tariffs on hold while we try to execute the framework which she says china will decrease tariffs and substantially increased purchases of us goods and services white house economic adviser larry cudlow tells abc's this week adversary wilbur ross gone over in china is going to be looking into a number of areas where we're going to have greatly significant increases in washington i'm nathan hager bloomberg daybreak thank you nathan and that trade war truce he's also boosting the dollar that intern putting pressure on emerging market currencies and bonds when it comes to nafta talks a deal may not get done until the new congress is sworn in treasury secretary steven mnuchin says president trump is more focused on getting a good deal then an immediate one in venezuela president nicolas maduro one another six year term in an election boycotted by millions of citizens victory threatens to bring harsh oil sanctions from the us and italy's stocks and bonds are losing ground after the country's to populist parties agreed on a prime minister italian media reports it'll be fifty four year old law professor just sepe kante united arab emirates plans to allow full foreign ownership in companies it will also offer residency of up to ten years to some professionals and here in the us tesla.
The Kris Kobach Show
Mnuchin says Trump putting trade war with China ‘on hold’
"Daybreak asia it is eight thirty am here in singapore on juliet sally and brian kurdish training underway in tokyo sydney and seoul we've got an hour to go before hong kong and shanghai get started the asia pacific regional index showing some losses this morning but down about a quarter of one percent juliet well sucks in japan fairly flat than a catch twenty two thousand nine hundred fifty five points but us stock index futures are higher after the trump administration and china cold an economic truce bloomberg's nathan hager has more from washington treasury secretary steven mnuchin appeared on fox news sunday we have agreed to put the tariffs on hold while we try to execute the framework in which she says china will decrease tariffs and substantially increased purchases of us goods and services white house economic adviser larry cudlow tells abc's this week commerce secretary wilbur ross gone china is going to be looking into a number of areas where we're going to have greatly significant increases in washington i'm nathan hager bloomberg daybreak asia in china state media put a positive spin on the talks as well an editorial in the global times said that the united states will be able to narrow its trade deficit it also said china can ensure a steady supply of goods that it needs to develop and improve people's lives the commentary in the xinhua news agency said that the art of the deal lies in mutual understanding and compromise the peace says any onesided transaction at the cost of the other party is doomed to fail while when when that kind of cooperation brings success well it tesla ceo elon musk is revealed at the specs on two new versions of the model three there's a performance vision and less expensive joel markel rather all wheel drive option both will have a three hundred and ten mile range the model three is intended to be the company's first highvolume vehicle bash production has been hit by delays on sunday must treated that deliveries will begin in july microsoft has reportedly secured a potentially lucrative agreement with the us government.
Bloomberg Markets
White House downplays North Korean threat to scrap nuke talks
"Inflation expectations carol our last guest david riedel said that he wanted to he wanted to encourage investors to invest in brazil we asked him merging market to people maybe take a look at it and he said some of the domestic companies stay away from the energy side of it but but he thought us in the domestic companies brazil philippi thank you so much let america economist bloomberg economics inner bloomberg eleven three oh studio to washington dc for the national news headlines with martin de carro martin thanks carol the us is sanctioned the leader of hezbollah hassan nasrallah for what it calls destabilizing actions in iran and the middle east the sanctions or joint action with saudi arabia qatar and four other gulf partners president trump has been faulted for failing to disclose is payment to lawyer michael cohen that went to keep porn star stormy daniels quiet the office of government ethics says the president should have included it in his financial disclosures last year he did note the payment in this year's filings that were made public today we now no no the president sunset during a closed door session with a senate panel investigating russian election meddling transcripts released today revealing that donald trump junior said he didn't think there was anything wrong with meeting russian lawyer trump tower who promised damaging info on hillary clinton before the two thousand sixteen election the white house is downplaying the prospect of north korea calling off next month summit with kim jong un and president trump bloomberg's nathan hager reports the president was asked about it during an oval office photo op with the president of pakistan we haven't seen anything we haven't heard anything we will see what happens all this after north korea's state run news agency ran a statement from disarmament negotiator kim k guan expressing repugnance for national security adviser john bolton and rejecting a socalled libya model of quickly giving up nuclear weapons we've been prepared that these could be tough negotiations the president is ready if the meeting takes place and if it doesn't we'll continue the maximum pressure campaign white house spokeswoman sarah sanders on fox and friends in washington i'm nathan hager bloomberg radio.