Bloomberg Daybreak: December 19, 2022 - Hour 1 (Radio)

to recover from a FED induced skid. How will the lengthly end of two in fact Immigrants, States and cities plus the largest menora in New York City was lit to begin ANAKA By'm Michael barn or I'm John Stadtoward Sports. The Giants held on for a big win at Washington, the Jets lost in Detroit, and mixed Nets and Rangers all one. That's All's training ahead on Bloomberg Daybreak on Bloomberg.

He Living Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius Exam one nineteen and around the world Old on Bloomberg Radio dot Com and via the Bloomberg Business App.

Good Morning, I'm Nathan Hager and I'm Karen Moscow. US Dock Index futures around the rise this morning, and we check the markets all day long here on Bloomberg radios, and P futures up about twelve coints down, futures are up eighty two and NASDAG futures up thirty seven decks. In Germany's up four tenths of upper cent ten. Your treasury down eleven thirty seconds, yel three point five two percent, and a yield on the two year four point one

seven percent. Nathan, Karen, We'll have more on markets in a moment. First, we begin with more turmoil at Twitter. A new poll on the social media platform could determine Elon Musk's next role at the company. Bloomberg Steve Rappafort joins US Live with the latest. Good morning Steve, Good morning Nathan and Karen. So the big question, Elon, You've got to let us know. Will you stay or will you go? The answer should come next hour when voting ends for the poll in which Musk asks whether he

should step down as Twitter CEO. More than fifteen million users voted so far, with the majority saying they want Musk out. He pledged to abide by the results. The last seven weeks have been full of twists, turns, and Dramason's musk took over the platform, leaving some advertisers on Edge. Live in New York, I'm Steve Rappaport Bloomberg Daybreak. All right, Steve, thanks. We turning to a major headline in politics this morning. The House January six Committee votes today on recommendations that

former President Trump the prosecuted, Bloomberg said. Bachelor reports lawmakers are considering a number of charges, among them for obstructing an official government proceeding and conspirasuited to fraud the United States. Congressman Adam Schiff already saying that Trump's actions are pretty much a good match for criminal insurrection charges. This is someone who tried to interfere with the Joint Session, even inciting a mob to attack the Capitol. If that's not criminal,

then that I know it is. Recommendation could also come from Mark Meadows and Rudy Giuliana. Hearing at one pm Wall Street Time in San Francisco. I'm at Baxter Bloomberg Radio. Okay, thank you. Meantime, Senator Kirsten Cinema's defection from the Democratic Party continues to reverberate across Washington, and now it has some asking if Joe Manchon could do the same. The West Virginia senator, though, says he remains committed to the Democratic Party for now. They know how independent I am.

The deed does not saddle me to everything the Democrats want to do is what's right. I don't think the Democrats have all the answers. I don't think the Republicans are always wrong and vice versa. I don't look at things that way. Senator Mansion made those comments on Face the Nation from CBS, which you can hear every Sunday on Bloomberg Radio. Well, let's turn overseas now to Shina, Nathan, where the government's response to a COVID outbreak is front

and center. More than a month after the country saw an exponential surge in COVID cases, is reporting minimal deaths from the virus. That's calling into question how Beijing is changing its approach to COVID, and Bloomberg's John Lou has more on that story. Suspicion is growing the China maybe undercounting the number of COVID deaths in the country. That's after authorities reported to fatalities today the first deaths officially attributed to COVID since the country began pivoting away from

COVID zero in early December. It's also admitted media reports of increased activity at crematoriums and funeral homes in Beijing, and follows the report by Chinese outlets hishing the authorities of substantially narrowed the definition of what a COVID death is. All of this is casting further doubt on how reliable China's official data is in Beijing. Am Joel lou Bloomberg, daybreak. All right, John, thank you. Turning to markets now. Futures

are higher to begin the week. Assets are still adjusting to central bank rhetoric. We saw the SMP five and last week two percent lower after hawk is remarks from the Fed and European Central Bank. Former Treasury Secretary Larry Somers tells us even though markets took a hit, he has confidence in FED Chair J. Powell. The Chairman is in about the right place. He's recognizing that we can't

forecast the economy with precision. He's recognizing that it would be a terrible error if we were to fail to stop inflation in this episode, Larry Summer says the FED should still be concerned with challenging decisions on the horizon. The former Treasury secretary was a guest on Bloomberg's Wall Street Week, heard every weekend on Bloomberg Radio and television. Well rhetoric from the Fed also reverberated across Asia. Overnight, Nathan and stocks in the regions slid as type policy

stoked fears of a global recession. Bloomberg Daybreak Asia anchor Brian Curtis has more. Asian stocks declined as the Fed hammered home it's committed to raising interest rates. The end extended gains for a second day. The yield on Japan's five year note rose to the highest in seven years. A Kyoto report said Japan's Prime minister might allow more flexibility and monetary policy. A top government spokesman denied the report.

The dollar was weaker. Brian Curtis, Bloomberg day Break. Okay, Brian, thank you. Back here in the US, there's more economic data to digest this week. Housing data takes center stage on the week's agenda. Bloomberg's viny Dell Judas has a preview. We'll get data on US builder confidence today, housing starts tomorrow, existing home sales Wednesday, and new home sales Friday. The builder confidence data provide a perfect illustration of US market conditions.

Sentiment has been falling since the start of the year. The longest structure of the clients and data back to his interest rates rise altso one. This week's US agenda data on consumer confidence and come and spending manufacturing in the final revision of third quarter GDP data fill Judas Bloomberg day break right Annie, thank you Bill. Turning to oil now, we're seeing swings between gains and losses as morning crude rose at the week's open following a pledge

from China to revive consumption. There's also news of a plan from the Biden administration to begin refilling the nation's strategic reserves. Checking prices right now now, I'm ex scrude oil up eight tens of upper set straight ahead, your latest local headlines, plus a check of sports, and this is Bloomberg, Thank you Carrot. It is now thirty one degrees in Central Park. I mean brisk today, mostly sunny, breezy,

though the high only near forty degrees. We get back down to the thirties tonight taped out to look at some of the other stories making news in New York and around the world. So that we're joined by Bloomberg, spikel bar Good morning, Michael, Good morning, Nathan. The Texas town of El Paso, on the border has declared a

state of emergency fearing an influx of migrants. This week, when a court ordered forces the Biden administration to lift Titled forty two, the Trump era provision returned to all asylum seekers back to Mexico, forcing them to wait there while their asylum requests are processed. Texas Governor Greg Abbott says there will be total chaos at the southern border

if Title forty two is lifted as planned. Governor Rabbit accused President Biden of having open border policies, policies he says militias actors are taking advantage of it is known by the cartels have sophisticate information. Whether or not the Bid administration is going to enforce the immigration laws or not is known across the world, but most importantly known

among the cartels. Meanwhile, Democratic Senator Alex Padilla of California pushed back against what he called republican rhetoric around the expected expiration of Title forty two. We're in a much different place when it comes to COVID today than we were to almost three years ago, so it's pastime for

a Title forty two to be gun. Senator Padilla, who chairs the Senate Judiciary Committee's Immigration, Citizenship and Border Safety Subcommittee, and Governor Abbott spoke on ABC S this week, which can be heard Sundays on Bloomberd. Border State leaders aren't the only lawmakers sounding the alarm about the expiration of Title forty two. In New York City, more busses transporting asylum seekers are expected to arrive today. Mayor Adams is asking for a new round of federal and state help.

Dozens of people were injured after a flight headed for Hawai he hit severe turbulence. Flight thirty five from Phoenix to Honolulu was thirty minutes outside of its destination when the incident happened. The plane was carrying two hundred eighty eight passengers and crew. Sunday was the first night of Hanukkah, and Jewish communities across the US are celebrating by lighting minoras. In Brooklyn, thousands attended to witness one of the city's

largest minors to mark the season. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist analysts in more than a hundred twenty countries. How Michael Bart, this is Bloomberg Nather. Thank you, Michael, time of the Bloomberg Sports Update, brought to you by twice State Auty. For that, we bring in John stash Are. Good morning, John, Good morning. And Giants game in Washington so big it was moved

into prime time. Giants who lost their last eleven night games. Daniel Jones was all and nine came in windless in their last four. Commanders had only lost one of their last eight. They're the only team to have beaten the Eagles. But the Giants took the lead thanks to a rookie takes the snap back to fill. He's the cruncher, sack my Tibot on the polls loose on the ground, scooped up in the end zone for a touchdown on Tibodeau

with the sack before stuck, and then the touchdown. He completes the trifecta w f A and Tibodau was all over the field. All night. The Giants won twenty to twelve. They held on at the end. Commanders thought they had a TV to get there with him tube. It was nullified by a penalty and the Giants now in much better shape to make the playoffs. The Jets are not costly. Seventeen home lost to a red hot Detroit. Zack Wilson back is the starting QB for the injured Mike White.

Wilson played fairly well, but the Lions won on a late fifty one yard passed play on a fourth and one Detroits one six to the last seven. Two of those wins at midlife next Nets and Rangers all continue their winning streaks seven or ow for the next at Indiana finished on an eleven to two run and one one O nine one oh six. Jalen Brown Brupton scored thirty in Detroit, Kevin Ran scored forty three. He had

twenty six just in the third quarter. In the next one, Brooklyn's one its last six seven straight wins with the Rangers seven one of Chicago with seven different Ranger goal scorers. World Cup final builders Lionel Messi against Gillion and Boffi together they put seven balls into the net five on penalty kicks, Messi and Argentina beat France four three and what summer calling the most exciting soccer game ever John Dashaward Bloomberg Sports Nathan was fun to watch, that's for sure.

Thank you, John, and Bloomberg Sports was brought to you by Autie. Don't let someone else drive off in the outie model you've always wanted. Visit your local try state autie dealer to get behind the wheel of yours today, or visit outie Offers dot com for more information. SMB futures right now up ten points, Stole futures up seventy two. Nastack futures are highed by thirty five points ten Your treasuries down eleven thirty seconds, bringing the yield up on

the benchmark to three point five two per cent. Live from coast to coast, from New York to San Francisco, Boston to Washington, d C. Nationwide on Sirius, XAMP, the Bloomberg Business App, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hagar. Just two trading weeks left in two Let's get you started on this one. We're joined now by Dennis Gartman, the former publisher of the Gartment Letter who now shares the University of Akron Endowment

Investment Committee. Dennis, good Morning. Looks like futures are trying to claw back some of the losses we've seen over the last couple of weeks now following a parade of hawkish policy and rhetoric from central banks around the world. Does this relief rally have any legs for you? I think not, Nathan. I think this relief rally is probably run its course of action. I kind of take uh.

I look at technicals rather substantively over the course of my career, and one of the things I pay attention to is outside reversal days and more importantly outside reversal weeks periods of time when you make a new higher or new low and then close higher or lower, taking

out the previous days of previous weeks range. And we've done that in a weekly reversal in the in the SMP, we've done that in a weekly reversal in the DOUBT, we've done that in a weekly reversal now in the NASTAC So I think that last week will mark the

highest for a protracted period of time. I think the the autumnal rally has run its course, and I think that the hawk is views, manifest by the Federal Reserve Bank, manifest by the Bank of England, manifest by the monetary authorities essentially around the world, are going to have a delitarious impact upon the equity prices going forward. So take a look at the fact that that the SMP, for example,

made a side. Last January, I had towards forty six forty six hundred, The next high was forty four hundred, the next high was forty three hundred, and last week we got to forty two hundred, each highest and progressively lower since the start of the year. Each low has been progressively lower since the start of the year, and then we had an outside of reversal week last week.

So given the fact that we've got monetary authorities airring upon the side of hawkishness and the technicals are now quite manifestly bearished, I think it's far better to err upon the side of being barished and reducing one's exposure over the course of next several weeks. I know you've been calling this a bear market pretty much all year long, since the beginning of the year, as we head into three how much longer do you expect this bear market

to continue? The best the one can do is get the trend right, and I think the trend is down. Getting both trend and time right is almost, It's not almost, it's an impossible task. Let's simply say that the bear market has been has been excellent since the first week of January this year. As I just said, each lowers been lower, each high has been lower, and that that that trend will probably continue right this down until it stops.

I think we'll take out the lows of made in October in the not two distant future, and they take a month or two to do so. And the only benefit, the only bullish circumstance prevailing, is the can we lose two of the most hawkish voting members of the f MC in February, Mrs ms Messer and Ms George from Cleveland from Kansas City, and we replace them with a couple of Dove voters in the f O m C. But that's not until February next year. In February is

as far as I'm concerned, as a lifetime away. Then do you expect that the commentary that we got last week from the FED Chairman J. Powell, that rates will stay higher for longer? Is malleable? Is that something that the Fed could shake away from Uh? Depending on how things turn out in twenty three, Well, we'll see if we If we get really ugly economic data points coming out in January and February, then they said, might might change.

But if I've learned anything in forty five years of being involved in the markets and watching the Federal Reserve Bank Act, it's that once the FED changes monetary policy, when it moves from easing to tightening, or from tightening to easing, it takes it's much farther and takes them for a much longer period of time than even the

most radical among us wants to believe. So I think that the potential for the Fed to change its policies, given the dramatic use of language that we saw last week, or you couldn't miss, You couldn't you could not misunderstand what Mr Powell was talking about. He made it abundantly clear that he has no intention of moving towards easier of pivoting on rates for a protracted period of time. So it's going to be at least until four until we have any opportunity to see the FED change monetary

policy back from being tightening to two easing. Anybody who thinks that that he's going to change is I think sadly wrong. Got about a minute left here in this segment, Dennis is the FED is steering itself toward a policy mistake here with this kind of tightening. The Fed always makes mistakes. They are always they tightened too far. They eased too far. They're probably gonna tighten too far. They'll

probably tighten us into a recession. Will there be a recession of consequence aligned with or or like that which we went through in two thousand seven, eight and nine. No, it'll be something much more modest, but it will still drive the unemployment rate about five percent before it's done. Can make mistake if that always makes mistakes, if that is human humans make mistakes. I want to get more on your outlook for recession and the markets going forward

here into Tree. So we're going to continue this conversation with Dennis Gartman into the minutes ahead here as Bloomberg Daybreak continues. Dennis Gartman is the former publisher of the Gartment Letter, now chairman of the University of Akron Endowment Investment Committee, head of that conversation. Continuing. Futures are moving higher this morning. SMP futures on the rise by sixteen points down, futures up a hundred twelve. NASTAC futures are

higher by fifty points. The tenure Treasury is down eleven thirty seconds, yield three point five two percent. Yield on the two year four point one seven percent. NIMEX crude is moving higher by nine tenths per center sixty nine cents at seventy four dollars cents a barrel. This is Bloomberg Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quick Take. This is a Bloomberg Business flash,

and I'm Karen Moscow. Global stocks are attempting to recover after two weeks of losses sparked back incern that continued policy tightening by the Fed and other central banks would trigger economic recession and hit profits. We checked the markets all day long here at Bloomberg and SNP. Futures are up half percent of nineteen points down. Futures have four tens of a percent or a hundred thirty eight points and as DEEG futures of half percent or sixty three points.

The decks in Germany's have three quarters of a percent ten year treasury down ten thirty seconds. You'll three point five two percent yield on the two year four point one seven percent, nine max screwed oils of nine tenths percent or sixty five cents at seventy four dollars ninety four cents and barrel comex school of four tenths percent or six dollars ninety cents at eighteen o seven ten announced the euro one point six three five against the dollar.

British found one point to two to three the one six point two and bitcoin is up a tenth of upper cent. It's at about sixteen thou eight hundred dollars. That's a Bloomberg business flash. Now here's Michael Barrow with Moore unless going on around the world. Michael did running, Good morning, Karen. The House January six Committee is wrapping

up his investigation into the violent US Capital riot. At the final meetings scheduled for today, the panel is poised to recommend that the Justice Department considered criminal charges against former President Donald Trump. Authorities in Ukraine's capital, Kievs say it's being targeted in a new attack and a critical infrastructure point has been hit. In the NFL, the Giants beat the Commanders. The Jets and Patriots lost. In the NBA, the Knicks and Nets one, the Celtics and Wizards lost

the Warriors one. In the NHL, the Rangers won and they're still partying in Argentina after the team beat France to win the World Cup. Global News twenty four hours a day on and on Bloomberg Quick Day, powered by more than twenties seven under journalist and analysts more than twenty countries. Michael barrd this is Bloomberg making What a game that was. What a career cap for Lionel MESSI thank you for that, Michael. It is coming up to

five twenty four on Wall Street. I'm Nathan Hagar. This is Bloomberg Daybreak and Dennis Gartman is back with us now the former publisher of the Gartment Letter, now chair of the University of acron Endowment Investment Committee. Dennis, interesting to hear in the last segment you're saying that there could be a moderate recession. I wonder what's behind that call, given that, at least from what I think I heard you say the last time around, that the FED could

be at risk of overtightening into a recession. Well, that's going to be the cause of any any recession that we see. First of all, the consumers are probably expending money right now. It bothers me that I see the use of credit cards rising as dramatically as they are, and food prices are going up, So I've maintained that we're actually funding food with with credit, which I find disturbing. So the consumer has uh probably close to tapping out

his savings. His savings rate has dropped rather dramatically. But the most important fundamental that's going to drive the economy into recession is the fact that the FETs has moved from being aggressively easy for the course of the past decade or so to the course of being manifestly tightening. And I think that's going to be the driving force.

We have to remember that FET has promised and they should follow through on the promise to reduce the size of the balance sheet, which they've taken from nine nine hundred billion dollars to nine trillion dollars over the course of a decade. They promised to take out nine billion dollars a month to drive the balance sheet back to four or five billions, four or five trillion dollars over the course the next several years. And that's taking the gasoline.

That's taking the the fuel that has driven the economy, and it has driven the stock market, that has driven the capital markets for a protracted period of time. It's taking that fuel away, and that that alone is enough to, I think, to put us into recession. So watch housing prices. Housing prices have begun to weaken. Watch on watch used car prices. They've clearly begun to weekend. Watch retail sales,

they've begun to weekend. I think all the signs are pointing to a recession, and I think it's the fact that the FET is going to be tightening monetary policy that will be the driving force to that point. We just got a note this morning from another bear on Wall Street, Mike Wilson and Morgan Stanley, warning of an earnings recession that could be similar to what happened during the global financial crisis years in two thousand and eight and nine, and warning that the market isn't fully pricing

that in is that your view as well. I think that's what happens during recessions. I think that's just the the the end result of recessionary circumstances that decline in earnings, and I think that that will drive the price earnings multiple back from seventeen or eighteen down to fourteen, fifteen or sixteen, and that's what will drive the equity prices lower again. As I said earlier than in my earlier comments, one of the things that I watched in the stock

market more than anything else is is technical circumstances. And technically you had an outside reversal week, which is a rare event, and that marks to me that that marks the high of the October to mid December a rally in the equities market. Be careful. I think we make new lows. I think we take out October's lows, probably early in the turn after the turn of the year. So again, if you're long of equities, were just the size of the exposure. If you have no equities, you're

probably in the right place. And I think the recession is coming. It will be much more moderate than we went to in two thousand seven, eight and nine. But the fact the vet ist tightening monetary policy will be the driving economic force. We'll leave it there for now. A bearish view continuing from Dennis Gartment heading into the holidays. Hope it is a good holiday season for you. If

we don't speak before then. Dennis Gartman, former publisher of the Gartment Letter, now chairman of the University of Akron Endowment Investment Committee. Right now, futures are moving higher ahead of this morning session. SMP futures are up sixteen points, now, futures up a hundred fifteen, and nastic futures are higher by fifty points. We'll get this morning's top stories, local headlines,

and a fuller check of markets just ahead. First, Bloomberg Meteorologist Rob Carolyn with a look at the weather forecast. I pressure over the Tennessee Rifford Valley this morning is going to ensure that the Tri state area is sunny through Wednesday. Will have lots of sunshine today. They'll be breezy. Temperatures this saff noon up close to forty Tonight, clear skies, low of thirty in the city. It'll fall back into the twenties and the suburbs sunny weather for tomorrow. Hins

will be up around forty. It will be partly to mostly sunny Wednesday, and we're back near forty. I'm Rob Carolvin with your three day forecast. I'm Bloomberg eleven three How broadcasting live from the Bloomberg Interactive Broker's studio in New York, Bloomberg E Loving Freed to Washington, d C, Bloomberg, on to Boston, Bloomberg one six one do San Francisco Bloomberg and M sixty to the country sirius XM chto one nine and around the globe, the Bloomberg Business app

and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's coming up to five thirty on Wall Street. Good morning, I'm Nathan Hager and I'm Karen Moscow. We are a just about four hours away from the open of US training. Let's get you up to date on the news you need to know at this hour, and we begin with more turmoil at Twitter. A new poll on the social media platform could determine Elon Musk's future at the company Bloomberg.

Steve Rappaport joins US live with the latest on that story. Steve, good morning, Good morning, Karen, and Nathan voting is expected to end in about an hour for the poll in which Elon Musk asks users to decide whether he should step down as CEO of the platform. With more than sixteen million votes cast, fifty two percent of respondents want him gone, but pro Musk supporters have narrowed the gap in the last few hours. Musk pledge to abide by the results of the poll he created, putting his vision

of Twitter as a platform for the people. For the ultimate test. Live in New York, I'm Steve Rappaport, Bloomberg Day Break. Okay, Steve, Thanks, turning to politics this morning. The House January six committee votes on recommendations today whether former President Donald Trump should be prosecuted on a number of counts, including obstructing an official government proceeding and conspiracy

to the fraud the United States. Congressman Adam Shift says the former president's actions could also match criminal insurrection charges. This is someone who tried to interfere with the Joint Session, even inciting a mob to attack the Capitol. If that's not criminal, then I don't know what it is. Democratic Congressman Adam Shift tells CNN the committee has focused primarily

on charges where there is the strongest evidence. Well, turning overseas to China right now, Nathan, the government's response to a COVID outbreak is front and center. More than a month after the country saw an exponential surge in COVID cases, it's reporting minimal deaths from the virus just to today. That's calling into question how Beijing is changing its approach at COVID and whether it's under counting fatalities. Now. The market's Karen, where futures are pointed higher this morning to

begin the week, assets are still pricing. Central Bank rhetoric SMP five ended last week two percent lower after hawk ish remarks from the FED in the European Central Bank, Former Treasury Secretary Larry Summer says, even though markets took a hit, he has confidence in FED chair J. Powell. The broad picture is where it was. I've been gratified to see the ways in which the FED has caught up, but they've got very challenging judgments to make going forward.

Former Treasury Secretary Larry Summers was a guest on Bloomberg's Wall Street Week heard every weekend on Bloomberg Radio and television. Well, turning to oil now, Nathan, we're seeing swings between gains and losses. This morning. Crewe rose at the week's open following a plant from China to revave consumption. There's also news of a plan from the Biden administration to begin

refilling the nation's strategic reserves. Checking prices right now, nine next, Screwed oil is up one percent or seventy five cents at seventy five four cents of barrel. Brent is up eight tens percent. It's at seventy nine dollars sixty eight cents. S ANDP Future is up seventeen points this morning, or up four tenths of upper cent. And as straight ahead, we have your latest local headlines, plus a check of sports.

And this is Bloomberg Excaring. It's five thirty one on Wall Street and Michael Bars here with what's going on in New York and around the world. Good morning, you

might call Good morning, Nathan. The Texas border town of El Paso as declared a state of emergency fearing an influx of migrants this week when a court order forces the Biden administration to lift Title forty two, the Trump era provision returned all asylum seekers back to Mexico, forcing them to wait there while their asylum requests are processed. Texas Governor Greg Abbott says there will be total chaos at the southern border if Title forty two is lifted

as planned. Governor Rabbit defended the top approach he's taken to border security, including the bussing of more than fourteen thousand migrants from Texas to so called sanctuary cities like New York, d C. And Chicago. I removed them to locations that self identified as sanctuary cities that have the capability and the desire to help out these migrants, and

so that's exactly what's taking place. Meanwhile, Democratic Senator Alex Padilla of California pushed back against what he called Republican rhetoric around the expected expiration of Title forty two. For all the Republican rhetoric about chaos at the border, open words, etcetera. Number One, they have yet to come forward with a

plan of how to better handle the scenario. Number two, they have not been willing to commit the additional resources that the apartments and agencies say that they need to handle this big influx. Senator Bardiya and Governor Abbott spoke on ABC's This week, which can be heard Sundays on Bloomberg. Dozens of people were injured after a flight headed for Hawaii hit severe turbulence. Like five from Phoenix to Honolulu was thirty minutes outside of its destination when the incident happened.

Sunday was the first night of Hanakah, and Jewish communities across the US are celebrating by lighting manoras. In Brooklyn, thousands attended to witness one of the city's largest minorahs to mark the season. Global News twenty four hours a day on here end on Bloomberg. Quick Take power by more than twenty seven hundred journalists analysts more than a

hundred twenty countries. Michael barn this is Bloomberg Naths. Michael, thank you all Street time for the Bloomberg Sports update, brought to you by Tri stayed out of Here's John Stshow. All right, Nathan. Three weeks to go the NFL regular season, Giants and Jets both hoping to be wild card playoff teams. The Giants in much better shape they want At Washington twenty to twelve. Daniel Jones finally winning in prime time.

He'd been over a ninth sta kuon Barkley scored a TV had some big runs in the fourth quarter of the defense held the Commanders the only one TV Washington had one. It thought final seconds we got wiped out by a penalty. If the season ended now, Giants would be the sixth scene. Washington would also get in as the seven. The Jets on the outside looking in at MetLife.

They took their first leave in less than five minutes to go under two minutes Laugh Detroit, fourth and one at midfield center justin jackson on back, Off's gonna throw it back and looking growth wide open up side clock right with the to the thirty crock Rade twenty five Brock Grade twenty Cook bracketa can took five years and touchdown Detroit lionell My one yard got the Crock ride the Lions to pack in front line radio the call the Jets Greg's air line missed the game time fifty

eight yard field goal final played Detroit one seventeen. Jets third straight loss. They dropped to five hundred a while the NFL weekend that amazing comeback Saturday by Minnesota. Jacksonville came from seventeen down and upset Dallas on a pick six in overtime. The Patriots and Raiders were headed for o t until New England started laterally, like teams do when they are trailing, the game was tied in Las Vegas one running, they botched lateral back for a TV

Nicks netson Rangers all one on the road. Winning streaks continue Nixon Rangers seventh straight, the Nets six in a row. John Stashellard bloom Group Sports brought to buy out. You don't let someone else drive off in the Audi model. You've always wanted to visit your local Try and State autie dealer to get behind the wheel of yours today, or visit autie Offers dot com for more information on wall streets. Time for the Tri State Business Report. For that,

here's Bloomberg's cory. Nine of this year's top ten residential sales in New York City occurred in the first half of two According to data from broker Donna Olshan, who publishes a weekly luxury market report, the slowdown in super high end sales over the past six months could be

an indication that there's further pain to come. The New York Knicks and New York or Nowhere are continuing their partnership the team and the streetwear Company are joining forces for a new genderless apparel collection of hoodies, t shirts, sweatpants, tote bags, socks, and other accessories, blending the Knicks and New York are Nowhere logos. The Fairity brand will open a flagship store in New York this week at Madison Avenue between eighties six and eighty seven Streets. That marks

the brand's seventh unit in the city. Thirty square foot store will also include a brand run coffee shop that your Bloomberg Drying Fade business report. I'm ed Gory, Thank you Ed. It is five thirty six on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. SEC chair Gary Gensler has embarked on an ambitious reform of stock trading, which is almost certain to put his agency at odds

with market participants. Gensler is concerned about what he sees as an unfairly fragmented market, and the SEC is proposing a whole suite of reforms aimed at reuniting it. Not Surprisingly, many financial firms are opposed to the changes, which have been called the most sweeping in more than a decade and are inclined to fight back. Whether the proposals will

ultimately benefit anyone is unclear. What certain is that the reforms will require a lot of sec resources and a lot of political will to get to the finish line. Weighing the costs against the uncertain benefits, one struggles to see how it's worth it. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash of pinion or O P

I N go on the Bloomberg terminal. These has been Bloomberg Opinion, and you can hear Bloomberg opinion editorials every weekday. At this time, terminal customers can read more at O P I n go. Right now, SMP futures are higher by sixteen points, staff futures up a hundred fourteen and NASTACK futures are higher by fifty four points. The ten your treasuries down ten thirty seconds, yield three point five one percent yield on the two year four point one

seven percent. NIMEX scruge moving higher this morning, up two thirds of one percent, or forty nine cents higher at seventy four dollars seventy eight cents of barrel comics. Gold is up a third of one percent, or six dollars eighteen oh six twenty for an ounce of gold. The euro one point zero six one six against the dollar, the en one thirty six point zero eight Bitcoin up

a tenth percent at sixteen thousand, seven hundred seventy dollars up. Next, a conversation with former Treasury Secretary Larry Summers on the path of head for inflation and the FED after a hawk ish week for global central banks. This is Bloomberg Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quicktape. This is a Bloomberg Business Flash and I'm Karen Moscow.

And global stocks are attempting to recover after two weeks of losses sparked back concerns that continued policy tightening by the FED and of their central banks but trigger economic recession and hit companies profits In Europe. Gains in the stock six hundred are being led by energy and miners.

After Chinese leaders pledged to revive consumption and support the private sector and we check the markets all day long here at Bloomberg S ANDP Future is up eighteen points this morning, up half percent of futures, up a third of upper center a hundred twenty three points, and nazdec

future is up half percent or sixty one points. The decks in Germany's up seven tenths of uppercent, CAC in Paris up eight tens of upper cent, and the foot see one hundred up half percent in Japan fell one point one percent ten Your treasury down ten thirty seconds. You're three point five one percent. That yield on the

two year four point one seven percent. NIME ex Scrude oil is up seven tenths percent or forty nine cents at seventy four dollars, seventy eight cents of barrel call mex school the third of upper cent or six dollars ten cents at eighteen o six thirty announced. The euro one point six one nine against the dollar, British found one point two to one four and again one thirties

six point oh seven. Bitcoin is up about two tenths percent at about sixteen thousand, eight hundred dollars, and that's a Bloomberg business flash now here's Michael Barre with more on what's going on around the world. Michael Hearin, thank you very much. The House Committee investigating the January sixth sold on the Capitol holds its final public hearing today. January six Committee member Adam Schiffs says that he thinks there is sufficient evidence to charge former President Trump. Title

forty two is set to expire on Wednesday. In El Paso, Texas has declared a state of emergency due to an influx of migrants. Texas Republican Congressman Tony Gonzalez says migrant facilities in El Paso are already filled beyond capacity. However, Democratic Congresswoman Veronica Escobar, whose district includes El Paso, insists the situation is under control and the Biden administration has been very helpful when it comes to dealing with the influx.

In the NFL, the Giants beat the Commanders, the Jets and Patriots lost in the NBA, the Knicks and Nets one, the Celtics and Wizards lost, the Warriors one in the NHL, the Rangers one, and all my partying in Argentina like it's two because the team beat Franks to win the World Cup Global news twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists an analyists more than a hundred

twenty countries. Michael bar and this is Bloomberg. Yeah, I wouldn't be surprised if that celebration goes into extra time as well. Thank you, Michael. It is coming up to forty three on Wall Street. This is Bloomberg daybreak Up. Nathan Hagar along with Karen Moscow take a look at some of the other stories making news on what promises to be a slow week on Wall Street as markets

begin their year end slow down ahead of Christmas. Fed rhetoric from last week remains largely in focus as a smattering of companies report earnings heading into the holiday season. Bloomberg's Charlie Pellett has more the Federal Reserve in European Central Bank reaffirm rates will go higher for longer, and that is raising questions about whether earnings estimates need to come down. Victoria Fernandez, his chief market statergist at cross

Mark Global Investments. We've seen EPs growth estimates come down by about five and a half percent so far this quarter. That's double what you typically see among the company's schedule to report this week CarMax, FedEx, General Mills, Micron Technology, Nike, and paychecks in New York. Charlie Pellet Bloomberg Daybreak, very surly, thank you a Leon Muskia's front and center this morning. We expect results from that pull on his leadership at Twitter next hour. At the same time, shares a test

Law are in focus. They're up almost five percent in early trading as investors anticipate his possible withdrawal from Twitter leadership. Tesla's shares have been on a long, steady decline since musk closed his deal to buy Twitter. Yeah, it's been an interesting correlation there. Now, let's look at the crypto saga involving f t X, because that continues as well.

Sources tell us the former CEO of the Crypto Exchange, Sam Bankman Freed, plans to drop his fight against ex tradition to the US, where he faces a range of criminal charges. Bankman Fried has been locked up in the Bahamas since last Monday, when he was arrested at the request of US authorities. Prosecutors have accused him of a number of crimes, including wire fraud, oh I have you

been more on crypto this morning? Here Nathan, the native token of crypto exchange Binance, had snapped a prolonged slide. His cell off had been sparked in part by concerns about outflows from the world's largest digital asset trading platform. Finance Coin or b NB is up about four percent in the past two days, ending a seven day losing streak that was the longest since October. Overseas, Karen, the

Japanese yen is stronger this morning. That's after Kyodo News reported that Japan's Prime minister was planning to revise a ten year old accord with the Bank of Japan. That plan could reportedly add flexibility around the central banks two

percent inflation goal. Right now, the yen is trading a third of a percent stronger against the dollar at one thirty six point one six now from one central bank to another week returned to our conversation on the Federal Reserve saw large swings in several asset classes last week, mostly tied to comments from central banks. There are also big moves around fresh data on consumer prices. Markets are watching inflation and Fed policy very closely. So is Larry Summers.

The former Secretary of the U. S. Treasury, called last week's inflation numbers encouraging, and he says the impending recession could come later than most think now. Larry Summers spoke with David Weston over the weekend on Bloomberg's Wall Street Week. Let's get his thoughts. Now. We got the numbers in the CPI, We got retail sales numbers, and they tend to indicate that maybe inflation is not quite so bad. And then we heard from chair Powell, and he got

up and said his mind doesn't change. Was your mind changed as you looked at these numbers? Do you think maybe we're a little better shape than we thought we were. Yeah, look, I think we are in better shape than I thought we were. But I think Powell is the Chairman is in about the right place. He's recognizing that we can't forecast the economy with precision. He's recognizing that it would be a terrible error if we were to fail to

stop inflation. In this episode, he's rejecting the talk about this being a moment to change the inflation target, and he's maintained substantial flexibility with respect to the future. I think that is broadly, UH the right place for him to be. But I think we've got a very difficult challenge ahead of us because I think the old adage about things taking longer to happen than you think they will, and then they happen faster than you thought they could,

is really operating. With respect to the forecasted UH recession, it does look like it's pushed back a bit in time, but there are reasons to think, and this is what makes the chairman's job so hard that the economy could have a kind of widely coyote UH moment. Larry, you promised last week we would get to China this week, So let's talk about China. Last week we saw the

COVID zero policy sort of changing. This week we're starting to see, at least anecdotally, some of the concepts that the reports actually that a lot of China shutting down. Some people are saying Beijing is like a ghost town. So what potential effect does that have on the rest of US, on the U S economy, on the global economy. What should our response be. It's likely to be a very painful period for China. Two things for us UH

to remember in the United States. First, even if this works out very badly in China, at the end of the day, the Chinese fatality rate from COVID will have been half of what it was in the United States. And so we need to resist any strong tendency to be to feeling highly superior. Uh here second, precisely because this is burning so out of control, my guess is that it's likely, like the fastest burning fires, to burn

out more quickly rather than more slowly. And so I think, ironically a consequence of this is probably the lead to some upwards revision on Chinese economic forecasts beginning next spring. And that's former Treasury Secretary Larry Summers speaking with David Weston on Bloomberg's Wall Street week which you can catch every weekend on Bloomberg Radio and television, or any time if you download the podcast on Apple, Spotify or anywhere

else you get your podcasts. Right now, SMP futures are moving higher by eighteen points down futures up add twenty three. NASTAC futures on the rise by sixty three points after a couple of weeks of declines for stocks. On hawkish central bank rhetoric ten, your treasuries down eight thirty seconds

yield three point five one per cent. You're listening to Bloomberg Daybreak, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com of Bloomberg Business at Land at Bloomberg picktape is a Bloomburn business flash, and I'm part Moscow. And futures are gaining on this Monday morning, SMP futures of seventeen points or four tenths of upper cent, death futures of a third of upper cent or a hundred twelve points, and as deck futures of half percent

or sixty points. Let me check the markets all day long here at Bloomberg. The decks in Germany is up six tenths of upper cent ten, Your treasury down nine thirty seconds. He'll three point five one percent. The yield at the two year four point one seven percent. Now I make screwed oil is up third of a percent, or twenty seven cents at seventy four dollars fifty six cents of barrel. Call make school the third of upper cent or six dollars At eighteen o six twenty announced

the euro one point six eight against the dollar. British found one point to two oh seven, the N one thirties six point eight, and Bigcoin is up tenth of a were cent at about sixteen eight hundred dollars. And as a Bloomberg Business Flash, Nathan, all right, Karen, thank you. It is five fifty six on Wall Street. Time for your daily Bloomberg Law Brief, exploring legal issues in the news. Today, we look at the lawmakers investigating the January sixth attack

on the US Capitol. Today, the committee that's been investigating that assault the signs whether to refer former President Donald Trump and several of his advisers to the Justice Department for potential criminal charges related to their conduct in connection with the insurrection. For more, Bloomberg's David Weston speaks with Rebecca roy Fee, professor of law at New York Law School and former assistant District Attorney for the State of

New York. Suppose they do vote out a recommendation, There's have been some indication they would the recommendations I understand is to the Department of Justice. What effect does that happen the Dear of Justice. Why do they need or want or welcome recommendation to kind of make their own mind up? What whether prosecute. Yeah, I don't think it really does make a difference for the Department of Justice.

I think the Department of Justice, as we know, is well along in its own investing aation and will you know, take the reference certainly, um, you know, under consideration, but

I don't think it really has any bearing. It's more of a symbolic act showing that at the conclusion of this long congressional investigation and several hearings, that it is the determination of these members of Congress that there ought to be uh you know, a criminal investigation or criminal prosecution in this in this case, do we know or more importantly, do you know whether the Committee is sharing or will share whatever events it gathered with the Department Justice.

I am sure that they would if if it were requested. But my guess is that the Department of Justice has pursued many of the same leads, and I don't know how useful it would be given that this parallel investigation is already underway. There are reports that another possible thing that could come out of the committee next Monday when they made is a vote on a recommendation under the fourteenth Amendment, which is we know includes a provision that

disqualifies people who have been involved in i'll call it insurrection. Uh, disqualifies in theroity for office again, which could apply to Donald Trump, the former president. Uh. What is the mechanism by which that is enforced? Do you know, professor? Because I'm not sure I do. Yeah. I mean, that would be somewhat unprecedented, and I suppose the way that it would be enforced is through the courts. But you know,

it isn't an immediately apparent how that would happen. It would have to be somebody who would have standing to bring a case, maybe an opponent or something like that. But it isn't you know, it isn't really meant to be enforced in the way that normal um, you know, our normal statutory or constitutional law is enforced because obviously this is you know, two coequal branches and makes it somewhat difficult for that particular provision to have actual teeth.

That's former Assistant District Attorney for New York and current New York Law School professor Rebecca Roife speaking with David Weston on Bloomberg's Ounce of Power. You can catch that show live each weekday beginning at noon Eastern on Bloomberg Radio and television, plus exceptional legal research and business development tools. Those can be found at Bloomberg Law dot com and on the Bloomberg terminal at b law go. SMP futures right now A fifteen points staff futures up A hundred two.

NASTAC futures are higher by fifty four points. The tenure treasury is down nine thirty seconds. The yield three point five one percent yield on the two year four point one seven percent nime X s crudes higher by three tenths percent at seventy four dollars, fifty three cents of barrel comics gold is up three tenths percent at eighteen oh six even announced, and the euro one point zero six to one against the dollars straight ahead. A check of the business headlines all the news you need to

start your day. Our two of Bloomberg Day Break starts right now.