Bloomberg Daybreak: December 30, 2022 - Hour 1 (Radio)

The decks in Germany's down three quarters of a percent. Ten year treasury down eight thirty seconds, yield three point eight four percent. That yield on the two year four point three eight percent. Nine mex screwed oil is down a quarter percent, or nineteen cents at seventy eight dollars twenty one cents a barrel. Comex school down two tenths per cent or three dollars fifty cents at eighteen twenty

two seventy announced. The euro one point oh six seven zero against the dollar, British pound one point to zero four or five the end one thirty one point eight five. And that's a Bloomberg Business Flash John all right, Karen, Thanks. It is now fifties six on Wall Street. Time for our Bloomberg Law Brief, exploring legal issues in the news. Today, we're looking at the legalization of recreational marijuana. New York has opened its first legal retail weed shop in Manhattan.

A Bloomberg's Caroline Hynd spoke with Ken Shay, cannabis analysts for Bloomberg Intelligence about what this means for the New York area and the country overall. It is really a big deal. I mean New York, it's a huge market. It's a highly visible market, and I think a lot of other populous areas in the United States that haven't legalized are gonna be watching this closely to see how it pulls it off. How it does. Um, New York's a large market and it has high hopes and no

pun attended. It looks to its neighbor New Jersey. New Jersey, you know, legalized recreational only back in April. It's already up to a one billion dollar run rate in sales. New York's are twice the population. So if you put the mass together and you have a really big industry out of the gate that and is going to be there. Products been around a long time, um, and so yeah, all eyes around New York. It's well, the VIMO is a visible market to really get a sense of what's

going on. You do some great analysis for us, and we always love it that sort of bringing together some of the issues that perhaps still the spending bill didn't have the marijuana banking element to it, and we saw a lot of potstocks fall in the back of that. That many still say to really grow this industry, they need to be able to get bank climbs, They need to be able to get a more easier access to capital.

But I'm interested in your perspective of why we've already seen the ability when I walk outside of Bloomberg to cross the street and I can go and get edibles, I can go and buy sat marijuana related food and consumption. What is that still doing now and why has it

been able to do that ahead of this sort of legalization. Well, New York has taken a different approach, put it that way than many markets and allowing, you know, the social justice theme to allow some flexibility and put it that way to some operators that won't exist in many other markets. And that's gonna at the consternation of the legal operators and the legal operators. And look, we're paying all these taxes, we're going jumping through all these hoops. We're doing a

lot of things here. Help us out by enforcing the laws on the books that you know, you can't have someone down the street selling it legally and avoiding taxes. If you're going if they're regulated, I'm going to compete. Well, So that's that's really gonna be a key issue going forward. And it also made uh, you know, also discourage some other big entities from getting into the New York, New York market until they enforce those rules. And that's Bloomberg

Intelligence sandalist Kench speaking with Caroline Hyde. Catch Caroline and Paul Sweeney for a special signulcast Bloomberg Markets Today that starts at ten am Wall Street time. Right here on Bloomberg Radio. Attorneys can find exceptional legal research and business development tools Bloomberg Law dot com and the Bloomberg terminal at b Law. Go Karen well John, here's another legal

story we're watching. Canada's merger court ruled in favor of Roger's Communications and Shawn Communications and a key antitrust case that clears one of the final hurdles to the union of two of the nation's largest telecommunications firms. The Federal Antitrust Commissioner failed to prove that the deal would cause significant harm to competition in the industry. Where are watching

futures this morning? They're lower, with S and P futures down twelve points or three tenths of up percent now and NASDAG futures don't both down about three tents of uppercent as well, with DOWN futures down ninety four points and NASDAG futures down thirty and the tenure treasury down nine thirty seconds, you know, three point eight five percent, and they yield on the two year four point three

nine percent. Straight ahead, we have a check on the business headlines and all the news you need to start your day again on a day when futures are lower. This as our to a Bloomberg daybreak begins right now, markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at Land at Bloomberg Quick taples three. He's a Bloomberg Business Flash, and I'm Karen Moscow European stocks declining along with US stock index.

Future is on the final trading day of the year, and we checked the markets all day long here on Bloomberg with SNP Future is down eleven points down, Future is down eighty and NASDAG futures down to thirty two. The decks in Germany is down about six tenths of a percent. Ten year treasury down ten thirty seconds. You have three point eight five percent the yield on the

two year four point three nine percent. Nine X Screwed oil is down a tenth of a percent or ten cents at seventy eight dollars thirty cents of Barrel comic school down a quarter percent or four dollars twenty cents at eighteen eighty announced. The euro one point oh six seven zero against the dollar. British found one point two zero four or five. The end is at one thirty one point nine four and Bitcoin this morning down half percent at about sixteen thousand, five hundred dollars U s

n P five hundred down more than nineteen percent. This year, the NASDAC has lost about a third of its value. That's a Bloomberg business flash. Now here's Nuchael Bar with more on les's going on around the world. Michael Karen. A House committee is set to release six years of Donald Trump's tax returns today, holding back the curtain on financial records that the former president fought for years to keep secret. Southwest Airlines says it expects to return to

her normal flight schedule today. The declaration comes after nearly a week of cancelations and delays for travelers. Thursday Night football, the Cowboys be the Titans thirteen in the NBA. The next loss the Celtics won. In the NHL. The Rangers lost in a shootout to the Lightning to one. The Islanders won, the Capitals lost in overtime to the Senators for three, and soccer legend Pale has died after a

battle with cancer. He was eighty two Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg, John, Michael, thank you. It is now five forty two on the Wall Street. This is Bloomberg Daybreak. I'm John Tucker alongside Karen Bosco. Le's take a look at some of the

other stories that are making news this morning. TC Energy says it's restarted the ruptured segment of its Keystone oil pipeline, as follows a spill that forced a conduits shot for more than three weeks. Let's get the story from Bloomberg's Charlie Pillett. The company put out a statement saying the Keystone pipeline is now operational to all delivery points. The massive crude pipeline, which can carry more than six hundred thousand barrels a day, is a major conduit linking oil

fields in Canada to refiners in the Gulf Coast. A leak on a section of the pipeline that extends to the Cushing, Oklahoma storage hub spilled fourteen thousand barrels of oil in Kansas in early December, becoming one of the largest onshore US oil spills since two thousand ten, according to government data. In New York, Charlie Pellet Bloomberg Daybreak, Great, Charlie,

thank you well. Let's stick with energy. Oil is set to end a volatile year modestly higher as investors expect a rebound in sh on ease demand and race for less Russian crewde demand for oil and China is in question, and traders are racing for more reaction from Russia to sanctions on its energy exports. We take a look at oil right now and nine night screwed is down about two tents of a percent, down twelve cents. It's it's

seventy eight dollars twenty eight cents a barrel. And taking a closer look at China, new data reveals economic activity rebounding in several cities where COVID infections likely already peaked. That's in spite of many parts of the country grappling with staring cases. The number of passengers using subways in major cities like Beijing, Wuhan, and shane Do rose sharply

in the week through Wednesday. That's assigned residents are returning to work, shopping and eating at restaurants, a measure of traffic congestion that also increased significantly with the same period well John meantime, China could see as many as twenty five thousand deaths a day from COVID nineteen next month. As according to Air Affinity, which expects deaths to peak around January twenty three. It says daily infect into all likely peaked ten days before that had around three point

seven million cases. Yeah. Right, now, let's turn to the crypto space and talk digital tokens. In the wake of the ft X collapse of the past year has seen crypto prices drown in the sludge of an extended crypto winter and the fd X to baccle that is for the future of the space maybe in question. So what's next? We are joined by our execuest Everett Millman, the chief market analyst at Gainesville Coins, has that for an introduction the Everett Um. After the fraud and bankruptcies, is there

light at the end of the tunnel? Well will almost certainly go down as the worst year on record for crypto um and I think in the wake of the fd X fallout, we have seen that major institutions are beginning to dip their toe back into the crypto space. Fidelity has opened crypto trading, Goldman Sacks have been buying up some of those distressed with the currency companies, and both HSBC and JP Morgan have trademarked UM their own

crypto wallets or crypto exchanges. So we are seeing institutions at least come back into the fold as the sell off has continued, And also governments both Russia and Japan are exploring removing their bands on crypto, and the Bank for International Settlements is finalizing a regulation that banks can

now hold two percent of their reserves in bitcoin. So I don't think, even with all of the fear and uncertainty and doubt um, that cryptocurrency is going to be completely wiped off the face of the earth anytime soon. I can you separate the space between the actual tokens

and the coins and the platforms. Oh, that's a fascinating question because as is now, we've still see that the major use cases for a lot of these tokens is simply for speculative trading vehicles, you know, trading back and forth. But the on Shaine data for bitcoin in particular shows that the majority of wallets have been holding lately. Um It's been at least six months since any bitcoin is

mood in or out of those wallets. So that does somewhat lend credence to the idea that perhaps bitcoin good operate as a store of value if this lack of volatility that we've seen at the bitcoin price continues. But there's still a major problem, obviously a major political issue with how to regulate these exchanges UM and kind of unlock the value of this new technology and innovation in a way that does not promote kind of these black box operations like we're happening at at fd X and

and perhaps at finance. Well, you mentioned bitcoin and the h I would argue that there's a degree of stability with with that particular token relatively to the others. Um, why is that so relatively stable? And how many of those other coins are total bologna? Well, Um, there's certainly some bologne out there, to be sure. UM. And bitcoin does distinguish itself by having some underlying fundamental to the fact that it does convert electricity and energy into a

type of currency. UM. And the fact that there's only going to be twenty million total bitcoin, so that that sort of digital scarcity gives it a bit of a leg up on other less mature crypto projects. But again, I do think that regulation is going to be key here. UM. Bitcoin is a bit of a tricky case because it sort of operates under its own sovereignty. UM. But if governments decide that they'd like to take a harsher um

approach to regulating bitcoin and other other tokens. Um, it's simply going to push that activity and that innovation into safer jurisdictions, um to push it into a black market. And so I don't think that exactly solves the problem, but it is obviously something that policymakers are going to continued to look at. Um. It's not simply going away all right. Advocates of the space have argued certainly against regulation. That's that's out the window at this point. What's the

regulatory landscape ahead? Well, there has to be some sort of oversight akin to what already goes on in financial markets. Um. We've seen with the fd X the bottle that a lot of what was going on was not particularly crypto specific fraud. It was just sort of simply plane vanilla fraud, if there is such a thing. UM. So obviously the failures there is because of the lack of regulation, I

would argue, UM. And so again it raises this question, do we simply want to push all the activity into other countries or into kind of black markets where regulators don't have a clear view of what's going on, or will the cryptocurrency community UM accept some level of regulation that will engender more confident because clear that trust and confidence in this space has been decimated UM and even with some of the UH the major institutions coming back in,

it's going to take months and perhaps years to build back that trust UM and I think allowing regulation or embracing regulations would be probably the biggest step for doing that. And Everett thanks a lot for joining us this morning. Everett Milma, the chief market analyst at Gainesville Coins. As look at the price of bitcoin this morning, down about six tenths of a percent to sixteen thousand, four hundred

eight and down. Future is right now down seventy three smp E many futures they're down ten, but AzaC futures down twenty six Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg Quicktape. He's a Bloomberg Business Flash

and I'm Karen Moscow. European stocks declining along with US stock index futures on the final trading day of the year, which again would close out the worst year in more than a decade for global equities and bonds, and We checked the markets all day long year on Bloomberg SMP futures down fifteen points or four tents of uppercent, Down, futures down three tens of upper cent or a hundred five points, and NASDAG futures down four tens of uppercent

for forty three points. The decks in Germany's down six tenths of uppercent ten. Your treasury down nine thirty seconds, yield three point eight four percent, the yield on the two year four point three nine percent. Nine Next, Screwed oil is down three tens of upper cent or twenty two cents, and seventy eight dollars eighteen cents of barrel comic school down a quarter percent or four dollars forty cents.

At eighteen twenty one, sixty announced the euro one point six six five against the dollar, British pound one point to zero four one, they had one thirty two point oh three and bitcoins down half percent at sixteen thousand, five hundred dollars. And that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael did Morning, Good Morning Karen. A House committee will release six years of Donald Trump's tax returns today.

The Ways and Means COMMITTEEVO did last week to release the returns with some redactions of sensitive and information. Southwest Airline says it expects to return to her normal flight schedule today. The declaration comes after nearly a week of cancelations and delanyees for travelers and Thursday night football, the Cowboys beat the Titans twenty seven thirteen in the NBA. The Knicks lost the Celtics one in the NHL, the Rangers lost in a shootout to the Lightning to one.

The Islanders won the Capitals lost in overtime to the Senators for three, and soccer legend Pelee has died after a battle with cancer. He was eighty two Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts and more than a hundred twenty countries. Michael Barr and this is Bloomberg, John Michael twenty three on Wall Street on Johnson Record, This is Bloomberg Day Break.

Let's turn to politics now, where Democrats turn over control of the House to Republicans in the new year. That raises another of questions about Ukraine funding and who will be Majority Leader of the House. US Representative Brendan Boyle, a Democrat from Pennsylvania, Vania. He is addressing those questions and the controversy surrounding Representative elected George Santos. He spoke with Bloomberg's Madison Mills. I do want to talk about

Ukraine Fundane. I wonder is is there potentially a danger of US draining funding and investment for something like Ukraine. Are you concerned about that or do you think that potentially Zelenski's visit, you know, mitigated any concerns from Republicans about diving deep into that funding was President Lensky said in his speech, and I was present for it in the House chamber. This is not charity. This is in American interests that we are aiding Ukraine in this fight.

The United States has proudly led the free world ever since the end of World War Two in standing up to first Soviet and now Russian aggression. UM. I'm very proud of the fact that so far support for helping Ukraine has been bipartisan, especially in the Senate. Obviously on the House side, you do have a vocal minority of House Republicans that have been against supporting aid to Ukraine.

My concern is as we get into next year, that if Kevin McCarthy somehow holds on by his fingernails being speaker, he will be so beholden to the ultra magic extremists like Marjorie Taylor Green Um that in fact he may be looking at a way out in terms of supporting Ukraine. Are you planning to object to seating George Santos on January three? Um? I think the real question here is

what will Republican Conference leader Kevin McCarthy do. He has been totally silent typically when although there is not really been a situation as dramatic as Santos, but in other instances in which you've had members of the House they misbehaving, it's typically disciplined on your own side. Um, you have seen a few Congressional Republicans speak out stating the obvious that this is beyond the pail. It demands an investigation.

Kevin McCarthy has been totally silent. Is he so desperate and craven to become speaker that he will just silently accept Santos's vote and really not say anything about this complete fraud. If you had degrade Kevin McCarthy's response to this so far, what what letter of grade would you give him? Well, it's either an incomplete or an s It's been completely nothing. He hasn't said one word. Uh, it's quite embarrassing actually. And you know, when you look

at the Republican majority, it's it's very thin. It's the exact same slim majority that we Democrats after the last two years. As you look into know, as you look ahead two years and you consider so many Republicans will be running, especially his first term members and challenging districts, I can't imagine they feel great about the fact that they have a Republican leader who can't even do the right thing and stand up and speak out against Santas. I gotta wonder on Santas to whether and what his

committee assignments might look like. What do you think about that? I think Mr Santos probably should worry a little bit more about the criminal investigations that are happening now in New York into him, as well as potential further investigations. I'm very curious to find out how exactly his campaign was funded. He has a lot of questions to answer.

And uh. That was Democratic Congress from Brendan Boyle speaking with Madison Mills on Bloomberg South on Catch of the program weekdays, five pm Eastern on Bloomberg Radio, and here the full interview on the daily high pressure off shore should result in some sunshine developing across the Tristate area today and that will lead to temperatures climbing up to about fifty fifty five this afternoon as we go well above normal, increasingly Cloudie tonight, Cloudie tomorrow, with rain late

to day fifty to fifty five. Unfortunately, rains in the forecast for New Year's evelos forty five to fifty clearing though on New Year's Day. I'm Rob Carolvin with your three day forecast on Bloomberg eleven three oh broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg eleving free to Washington, d C. Bloomberg one to Boston, Bloomberg one oh six, one to San Francisco, Bloomberg nine sixty to the Country, Sirius XM Chad A one nine

and around the globe. The Bloomberg Business at and Bloomberg Radio dot com. This is Bloomberg Daybreak and good morning. We are coming up to five thirty on Wall Street. I'm Karen Moscow ant I'm John Tucker. Were brought to you by your daily reminder from Innovation Refunds to apply for a payroll tax refund if you're a smaller medium sized business was impact to by COVID nineteen Innovation Refunds. Clients already claimed over two billion dollars in payroll tax refunds.

Get started at get refunds dot com. And we are just about four hours away from the open of US trading. Let's geet you up to date on the news you need to know at this hour. US futures are lower this morning as we enter the final trading day of the year, mark the worst year in more than a decade for global equities and bonds. Fed tightening and hot

inflation weight on sentiment. David Bohnson, chief investment officer at the Bohnson Group, says to heat to look for some gains in the new year, even if there is a recession. You can have a recession, you can have a bear market and still have some things in the market do well. When other things are not that's really what I expect going into twenty three. And David Boonson with the Bonson Group sees prices coming down next year, but still thinks

caution is warranted. And to the latest now of the war in Ukraine, Russia launched one of its heaviest barrages on major cities in Kiev, aiming to destroy civilian target At the same time, President Biden signed a government funding bill that includes forty seven billion dollars in aid for Ukraine. The US is also considering sending Bradley fighting vehicles to

the country. Well News this morning, John tied to collapse Crypto Exchange f t X meetings between White House officials and former CEO Sam Bankman Freed are coming under scrutiny Bloomberg. Steve Rappaport joins US Live with that story. Steve, good Morning, Good morning, Karen, and John Bankman. Freed was banking on making connections with the Biden administration to promote his company

and the crypto industry. Previously disclosed visitor logs show SPF had three meetings with top White House officials, a source confirms to Bloomberg. There was a fourth meeting with one of President Biden's senior advisers. Those connections ultimately fell apart after the collapse of f t X and bankman Freed's subsequent arrest in the Bahamas. We're also learning that Bahamian government quickly took action when f t X went under, having seized three and a half billion dollars in digital

assets by the next day. Live in New York, I'm Steve Rappaport Bloomberg Daybreak. Let see thanks on Campito Hill today, House Committee sent to release six years of Donald Trump's tax returns. In response, Republicans, who soon take control of the House threatening to release tax returns of Democrats. But US Representative Branded Boyle says that might not have the intended effect. There has been sort of a threat from the other side that this created new precedent. That's just

not so. For two reasons. Every president, says Nixon has voluntarily released their tax returns every single year. That Republicans are threatening to say, release Joe Biden's tax returns, well great, they're already public Democratic Congress. When Brended Boyle spoke with Madison Mills on Bloomberg's sal Dot Catch That program, Weekday's five pm Eastern on Bloomberg Radio, ahead of the cash open on Wall Street today, s and p Emity futures.

They are down twelve points. This is Bloomberg and that brings us to five thirty one on Wall Street. Let's gonna look at news from around the world and in New York and for that, Good morning, Michael Bark, Good morning John. The anger toward Congressman elect George Santos is growing. Dozens of his constituents in New York held demonstration in the congressional district yesterday. Absolutely to and we do not want this representation in your district three. They called on

the New York Republican to resign. Santos has been under fire for lying about his education, work experience, and even his faith and family. The city of Buffalo is trying to get back on its feet from a destructive storm. Snow reached as high as four feet in the city, contributing to dozens of deaths now the weather warming up,

there are concerns of flooding from melting snow. President Joe Biden has signed to one point seven trillion dollar bill funding government operations through September, of the end of the federal budget year. New York's first legal we dispensary is now open for business. Long lines formed outside the Housing Works New Dispensary and Grantedge Village yesterday afternoon. The first sales of legal cannabis took place at four twenty pm. This man was among the customers standing in line for hours.

This is the social equity we look for, hope for. But you know we are still need out of components, so we hope not to still be squeezed out in other manners. I see some people don't have the capitol, some people don't have the properties. They did the confetti test ahead of the New Year's eve Ball Drop tomorrow nine in Times Square New Year's Eve Ball Drop co producer Jeffrey Strauss, this is gonna be the best time I ever. We're gonna start together, ready, five four three

two one. Three thousand pounds of colorful paper were rained down on the city street Saturday night. Global Team is twenty four hours a day on air and on Bloomberg quick Take, powered by more than seven hundred journalist analysts more than a hundred twenty countries. Michael bar this is Bloomberg, John, Michael, thank you, Thank that brings us to five thirty four Wolves free. Yeah, let's get the Bloomberg Sports Report being brought to you by your Trench state. How are you

the others? Good morning, Dan Schwartzman, Good morning John. The Knicks losing on the road in San Antonio, Spurs good at tip from the time I started giving up your Tony shot talk to her belt Josh match courtesy the Spurs Radio Network, and Nike's falling to the Spurs one fifteen despite forty one points eleven revest from Julius Randall and thirty six points from themannual quickly Caldon Johnson leading the Spurs to thirty points in the wind, the Rangers

falling to the Lightning in Tampa Bay two to one in a shootout despite thirty nine cities from Negors Shostak and his New York has now lost two games in a row. Meanwhile, the Islanders have been past the Columbus Blue jack Is two to one as New York gets ghols from bars Elmpezo. The Dallas Cowboys improved to twelve and fourth and thirteen win on the road at the Tennessee Titans on Thursday Night Football as Dak Prescott throws

two second half touchdowns, both to tight end Dalton Schiltz. Meanwhile, the Jets and Giants in action on Sunday with playoff hopes on the line. Jets are on the road the Scattle Seahawks when the Giants are home for the Indianapolis Colts. Both teams will make up laoffs if they win the remaining two games on their schedules. Big loss in soccer is legend Pelly passes away at the age of eighty two from complications due to calling cancer, which he had

battled since last year. Hally won a record three World Cups and played his entire career with Brazilian club Santos before playing three seasons for the New York Cosmos of the North American Soccer League. On Dan Schwartzman with Bloomberg Sports, John all right, Dan, thanks a lot, and the sports report on Bloomberg brought to you by Alley. Don't let someone else drive off in the Audi model you've always wanted.

Visit your local tryin State Audi the other to get behind the wheel of yours today, or visit autie Offers dot com for more information. Ahead of the cash open on Wall Street SMP Futures. Right now thirteen points floor. You're listening to Bloomberg Daybreak, and that brings us to five thirty five on Wall Street. And it's time now for the Try and State Business Report. And with that,

here's Bloomberg's Gina Serveti. New Yorkers will be the first in the nation to legally choose whether to fix their own digital devices or take them to a local repair shop. Governor Kathy Hocal signed the first of its kind Digital Fair Repair Acts, which takes effect in July of three. An industrial property on Connecticut Avenue and Bridgeport is changing hands. The Fairfield County Business Journal reports that Alpha Real Estate Partners is paying just over one point eight million to

buy the property from thirteen thirteen Connecticut Avenue. L l C and corporate entities that own and operated Times Square building and an attached Crown Plaza hotel have filed for Chapter eleven bankruptcy. Court papers showed that the building at six five Broadway has struggled for years under a licensing deal with Intercontinental Hotels Group Resources, and that the pandemic

forced the building to close until last month. The controlling entities are ultimately owned by affiliates of Hornado Realty Trust. That's the Bloomberg Tri State Business Reports. I'm Gina Servetti. Thanks. It is now thirty seven on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. Even before the coronavirus pandemic, more than half of very low income US households had

severe housing problems. Yet, due to insufficient funding, just one in five eligible Americans receives federal rental assistance. The rest, some eight million households, are relegated to conditions that undermine their children's future and the country's productive potential. It would cost a lot to help everyone who needs it, but the money can be found for starters. Stop showering the rich with subsidies in the form of tax breaks that

favor wealthy homeowners. That would free up tens of billions of dollars a year, money that could be redirected to housing vouchers for the poor, which have proven effective at averting homelessness and lifting children out of poverty. For far too long, the U. S Government hasn't fulfilled its promise of providing adequate shelter for all it can and it should. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com slash

opinion or opi and go on the Bloomberg terminal. This has been Bloomberg Opinion and Bloomberg Opinion editorial is going to be heard every week day at this time terminal customers could read more at O, P, I, N GO. No Doubt of Asia This morning Bank of Japan announcing an unprecedented third day of unscheduled bond purchases overnight, the b o J battling speculation it's going to add super

accommodated monetary policy. These purchases boosted this month's buying to about one twenty eight billion dollars worth of bonds as a monthly record, according to data compiled by Bloomberg. And as we check out currencies right now the end at one thirty two oh one, that is up eight tens of a percent against the US dollar vs. Is Bloomberg Live from the Bloomberg Interactive Burger Studios. This is Bloomberg

day Break for Friday December. Coming up this hour, we to the last trading day of a year that stock investors would like to forget. The US sends billions in a to Ukraine as Russia ramps up attacks on the country. Meetings between Sam Bank and Freed and White House officials draw scrutiny, and Democrats repaired to release years of former President Trump's tacher turns. Calls are in louder for New

York Representative elect George Santos to step down. Plus Buffalo is trying to get back on its feet after a deadly blizzard. I'm Michael barn more ahead and on Dan Schwartzman. The Knicks lose on the road at the San Antonio Spurs.

I'll have that more coming up in sports. That's all straight ahead on Bloomberg Daybreak on Bloomberg Eleving Free on New York, Bloomberg one, Washington, d C, Bloomberg one, O six one, Boston, Bloomberg nine sixties and Francisco Sirius XAM one nine team and around the world on Bloomberg Radio, dot com and via the Bloomberg Business App. Hey, good morning,

I'm John Tucker and I'm or in Muscow. Anyway. Stock index futures are lower this morning, and we checked the markets all day long year on bloomberg S and p Future is down fifteen points or four tenths of uppercent, down futures down a third of upper cent or one up eleven points, and NASTAC futures down four tens of uppercent or forty four points, and the tenure treasury down eight thirty seconds. You have three point eight four percent John and two Karen mark the worst year in more

than a decade for global stocks and bonds. The NASDAK in particular, hands taken a beating, losing a third of its value. This all comes as the fat Titans policy to bring down the highest inflation scene in decades. David Vanson, the chief investment officer at Banson Group, sees prices coming

down next year, but still thinks cautition is warranted. The inflation aspect is going to surprise to the downside, and yet the valuations of high growth stocks remained too high historically to put a lot of optimism and indexes or the growth side the fangs story. Therefore, we remain value investors and cash flow investors. David Banson with the Advancing Group believes there will be more opportunity for some gains in the new year, even if there is a recession

well overseas. Today John European stocks are lower. It's a shortened day in the UK, with the London Stock Exchange closing early. Stocks in Asia, meantime, moved in the other direction, posting modest gains overnight. Bloomberg Daybreak Asia anchor Brian Curtis. As the details from Hong Kong, most Asian equity benchmarks

edged higher. China vowed more stimulus in twenty three and an improved relationship with the private sector, and economic activity rebounded in several Chinese cities where COVID infections have likely peaked. The DATTA was steady, while treasury yields picked up a little. The end rallied as the Bank of Japan unveiled a third day of unscheduled bond purchases. No big end of the year rally here, but no heavy selling either in

Hong Kong. Brian Curtis Bloomberg day Break Brian Thanks and now the latest of the war in Ukraine, Russia continuing attack son major cities. In Kiev, scores of missiles accounted for one of its heaviest barrages of the war, pressing further with a campaign to destroy civilian targets. Ukraine's President Vladimir Zolenski says he expects Russia to launch more attacks before New Year's Eve. Back here in the US, John,

President Biden is sending more money to Ukraine. He signed at one point seven trillion dollar government funding bill that includes forty seven billion in aid for the war torn country. The US is also considering sending Bradley fighting vehicles to Ukraine as part of a further package of military support. And now to the latest odd collapse, Crypto Exchange f t X meetings between White House officials and the former CEO, Sam Bankman Freed are coming under scrutiny. Bloomberg Steve Rappaport

joins is Live this morning with that story. Steve, good morning, Good morning, John, and Karen. White House officials confirmed Bankman Freed met with one of President Biden's senior advisors in September. Visitor logs show SPF had at least three other meetings with top officials in a push to build belt connections before his crypto firm went belly up. While living in the Bahamas, SPF made frequent trips to Washington, testifying the

four Congress and meeting regulators. We're also learning the Bahamian government took swift action after FTX collapsed on November eleven. By the next day, regulators say they had seized three and a half billion dollars of digital assets. Live in New York, I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thank you. On Capitol Hill today, a House committee is set to release six years of Donald Trump's tax returns. The Democratic controlled House Ways and Means Committee voted to

release the returns last week. Republicans who will soon take charge of that committee are threatening to retaliate by publishing tax records of Democrats and their allies. US Representative Brandon Boyle, a Democrat from Pennsylvania, voted to release the former president's taxes. The courts four different times found in our favor, including the United States Supreme Court. They found that we had a legislative purpose in going after these tax returns, and

sure enough looked at what we found. I mean already the two reports, and they show that in fact, the I R S was not doing what they were supposed to do. They were not doing the annual audit of the President's taxes. Democratic Congressmen Brandon Boyle spoke with Madison Mills on Bloomberg Sound on Catch the program weekdays at five pm Eastern on Bloomberg Radio. The last week has been a nightmare for travelers across the country, especially if

you traveled on Southwest. Now, the airline says it plans to return to a normal schedule today. Bloombergs Charlie Pillett has the latest. The airline says it does expect quote normal operations with minimal disruptions. The carrier has been operating a significantly reduced schedule for several days as it recovers from disruption caused by winter storms and overwhelmed scheduling technology.

Southwest says, with another holiday weekend full of important connections for our valued customers and employees, we are eager to return to a state of normalcy in New York. Charlie Pellett, Bloomberg Daybreak, Very Charlie, thank you anytime. In COVID infections are expected to continue rising into January as the country

pulls back on strict virus policies. Infections and mortalities are projected to peak in January, according to the research firm air affinity, which China potentially seeing up to twenty five thousand deaths a day next month that will cast a shadow over the start of the first lunar New Year festivities without pandemic restrictions, but one note may ease concerns. No novel COVID nineteen variants have emerged in China, according

to a global consortium that's tracking coronavirus mutations. Futures this morning are moving lower. SMP futures down about sixteen points this morning, down features down a hundred, NASDAG futures are down forty three and straight ahead. We have your latest local headlines plus the check of sports, and this is Bloomberg right thanks to ances to five oh seven odd Wall Street. Let's going to look at the news around the world in Canada York. For that, we are joined

by bloombergs. Michael Barron, Good morning, Good morning John. New York Congressman elect George Santos is said to be telling local Republican leaders that he will not seek re election in twenty four as his background comes under even more fire. The chair of the Nassau County Republican Party wrote in a statement, I don't know what party would endorse him as a candidate, as more possible lies about his schooling and family come to light. In May of twenty he

reported no earned income on his federal returns. In twenty two, he loaned his campaign more than a half million dollars after reporting being part of a consulting company with a salary of seven hundred fifty thousand dollars. Dan Wiener, a former federal Election commission attorney who now leads the Elections and Government Center at n y Use Brennan Center, spoke to NBC four this is an exceptional case, primarily not

because he loaned his campaign lots of money. In many minute the candidates do that because all the other details of his story about where he thought that money have proven to be false. Santos Is sent the tank office next week and refuses to step aside despite calls for him to resign. Fans in New York of paying tribute to soccer legend Pale. He died yesterday at a j D two after battling colon cancer. People flocked to the

Pale store in Times Square. I'm from Renzio. I'm said we lost our biggest idol, the Grace men of our history. Pale Pale, and I'm in New York today. It's so crazy to see in Times Square, the most important place in the world, and you see name. He spoke to ABC seven. We'll have more on the death of Pale and sports. Shortly. Rhodes have reopened and storm besieged Buffalo, as authorities continue searching for people who may have died

or remain stranded after last week's blizzard. Mayor Byron Brown says significant progress has been made on snow willbo, but he's still asking residents not to drive if they don't have to. Buffalo Niagara International Airport is also open again. Erie County Executive Mark Poland cards power has been restored to all your county residents. I want to thank the men and women of National Grid and Nice sig Eric Counties. Mark Poland car says at least forty deaths have been

reported in Western New York from the blizzard. And finally they did the confetti test in New York's Times Square ahead of the ball drop that will take place Saturday night. Always do the Confederate drop. You know they got to clean up this that. Yeah. Global News twenty more hours a day on air and on Bloomberg Quick Take by by more than twenties seven journalist analysts more than twenty countries. I'm Michael bar This is Bloomberg done, Michael, thank you. Yeah,

it's now five. Tan of Welsley, that's time for the Bloomberg Sports Report. Being brunt you by here try state out of Dealer's a good boarding, Dan Swarshman, Good morning. Down. The Conboys improving to twelve and four has on second down seven, Prescott back looking left, throwing it in the back of the ends up for shots, got a cramp? Did he get it? Touchdown and shoots. That's courtesy of

Amazon Prime. The Cowboys with the or thirteen went on the road at the Tennessee Titans on Thursday Night Football as Dak Prescott throws two second half touchdowns, both to tight end Dalton Schultz. Both the Jets and Giants in action on Sunday with playoff holks on the line, as the Jets are on the road to Seattle Seahawks, well, the Giants are home for the Indianapolis Colts. Both teams will make the playoffs if they win the remaining two

games on their schedules. The Nakes lose on the road to s Antonio Spurs one fifteen despite forty one points and eleven rebounds from Julius Randall and thirty six points are Emmanuel Quickly. Rangers meanwhile falling to the Lightning in Tampa Bay two to one in a shootout despite thirty nine states from Ego shastaircin As New York has now

lost two games in a row. Islanders those slipping past the Columbus Blue Jackets two to one as New York gets goes from Barzel and Pegou find the soccer legend pel passing away the age of eighty two from complications due to Cohen cancer, which she had battle since last year. Pali won a record three World Cups and played his entire career of Brazilian club Santos before playing three seasons

for the New York Cosmos. On Dan Schwartzman with Bloomberg Sports, John all Right, thanks Dan, and the Bloomberg Sports Report was brought to you by Audie. Don't let someone else drive off of the Audi model. You've always wanted to visit your local Try and State Audie Dealer to get behind the wheel of yours today, or visit Audi offers

dot com for more information. And as we look at the futures right now ahead of the yet open on the Wall Street, down futures right now one hundred seven points slower, that's down three tents of eight percent, SMP evenute futures fifteen points slower, down about four tens of percent. And after yesterday's strong rally, nasday futures right now indicate

a lower open, down forty three points. Live from coast to coast, from New York to San Francisco, Boston to Washington, d C. Nationwide on Syrias to the Bloomberg Business Appen Bloomberg dot com. This is Bloomberg Daybreak. Good morning. I'm John Tucker. It is the final trading day of two, closing out the worst year in more than a decade for global equities and bonds. So what's they had? We're joined out by Ben Emma's the head of fixed income

and macro strategy at New Edge Wealth Better Pleasure. Um, maybe we got our Santa Claus rally during yesterday's sessions. That's something that might be sustainable for risk assets by and John, Yeah, you would hope so, right, because as you say, it's it's the worst of records. So you know, the Santa Claus Valley has been ambiguous. But okay, we

sall have a few days left. I'm not sure if you can you know, extrapolate out for the entire year and and and the real reasons John, the set we do deal with inflation that is still very high and it's unclear how much it's going to decline because it's we now reading the news of China coat used to come online. It is a fact that next year that will be influencing inflation quite a bit, I think. So

we may have still challenges in the first half. Further out is difficult to see because really in the first half it will be will the fat enter tining cycle as inflash and really moderates, and that seems to be uncertain, so I stay stay defensive at this moment. Yeah, on the data front, then you have jobless claims CPI data.

They seem to indicate that policy is working. But is that a false dawn And we had one of those false dawnce in June July it looked like it was working, claim sticking up in flash she started a decline, only for that to come back. And so it is maybe incremental that that we have. We need another quarter or two to see that policy really coming through. And I think of like if you think of not just United States as a country, but different local big states, this

slow down and slow down happening on the ground. So I always think of jobless claims and headline CPI suld be broadest measures of what the fact would actually look at. And if it does start to incommonly slow down and see higher claims every week you see slower inflation, the FATS indeed succeeding in the policy, it could change his policy. But at this moment we may need face not the fall is done because broadly the last number of weeks, see the data has been good. For the next week,

I SN data for example, will really important to watch. Yeah, I like your research about them because you look at you get pretty granular. You're looking at tax receipts at

some localities. What what does that indicate to you? Yeah, I picked this up from one of our our research providers that that that showed us to me that they were looking at different states and how text re seats were coming in and no normally you know, really pay attention to that, but they look they show me long to statistics, and it does show that that if you have the big states you know by GDP, California, New York and Illinois and Florida and a few orders, If

you have those and you track those against the United States tax receeats, it does show that they're leading. And it seems that texaciats are really slowing down. It's like a negative yearing a growth rate, so they slow down. Going on, John, it's uh, it's it's spreading itself through through the US. Now, doesn't mean it's immediately recession, but it does indicate that, yeah, activity is being slowed down

I think likely by the by the Fellows policy. If we use the yield curve as some indicator, the inversion is lessened between well, between the twos and tents right now negative fifty five, So I guess we'll call that

something steepening there. What does that indicate to you? Actually important one, because you know we've been saying for a while now that yes, yields are going to continue the climate think because the FED hasn't finished his job yet, but it should lead to an inverted you potentially even deeper than we've had recently, which is negative eighty five base points between the two year entertain year, but now

something like negative fifty five or so fifty. But that that recent change is what we call bear steepenings entertaining you rises more than a two years. That does say something about expectations in the treasury market of economic growth at the moment. And yes, GDP now from the Atlantic

feats again quite high. The CPI now from the Cleveland feathers moderated but not as much show it does think I think the thing that held is maybe going to move towards ten four percent on just interim better economy at the moment. That's what that's saying. That that's steepening real quick in the thirty seconds we have left. Does the FAT have the torpedo the U S jobs market

to reach its goals? Yeah, that's unclear John. Because of that we do have a COVID effect on the jobs market and a lot of people still sidelines and as there is I think that that jobs kept that Powell spoke to, it's not that easy to torpedo for that matter. So it comes more down to what you've see in coming through the big banks and others that are are doing all these layoffs. Is that going to accelerate? From me?

Is you sent you the business the clients as a result of FAT policy, And that's I guess the torpedo aspect of fat polls showing job market. All right, we'll get a clearer picture maybe next Friday when we get the December payrolls report. Ben always a pleasure, Ben Emmons that had a fixed income at macro Strategy at New Edge Wealth with this this morning, comeing up on five eighteen on Wall Street, still a hand on Bloomberg day Berg. We're gonna check the markets, of course, and bringing the

latest news and business economics and finance. Right now, we have S and P emity futures fifteen points lower after gainst day's rally, the Nanzack emnity futures downy six. This is Bloomberg day Break