Bloomberg Daybreak: December 30, 2022 - Hour 2 (Radio)

for global equities and bonds. We check the markets all day long here on Bloomberg s and P Futures or down about four tenths of upper cent or fifteen points down, futures down a third of upper cent or a hundred nine points, and as dack features down four tens of uppercent for forty six points. Ten year treasury down nine thirty seconds. You know three point eight four percent That yield on the two year four point three eight percent.

NIMEX screwed oil is down a tenth of upper cent or eight cents at seventy eight dollars thirty two cents a barrel co make school little changed at a dollar thirty At eighteen twenty four, seventy announced the euro one point six eight two against the dollar, British pound one point to zero three seven. The end one one, eight two, and bitcoin is down six tent seven percent. It's it just under sixteen thousand, five hundred dollars, and that's a

Bloomberg business flash, John Karen, thanks a lot. That brings us to six fifties six on Wall Street. Time to take a look at some of the stocks and names that are moving to the pre market. For that, we're joined by Bloomberg, Radio and TV Markets corresponded pretty grouped. For the new year, I resolve to be a little less focused on some of the specific names and more focused on sectors a worthy cause, I think a worthy

resolution for sure. I would say that because I just I don't know, there's nothing that really stands out and excites me this morning. Yeah, I think that's fair. I mean, look you, I'm looking at the SPI right now to five and five stocks that are training. There only four that are in the green right now, so pretty broad sell off when you look at it. Some of the worst performing companies are actually in the biotech space, there, in the commodity space, there in the uh kind of

um airline space. The ones that were rebounding or had little pockets of green this week are all selling off.

Today's your worst performer. For example, this morning in pre market trading's Norwegian Cruise Lines and c l H down one point seven percent, and it's joined by some of the other kind of volatility players think Airlines, Cruise Lines, American Airlines is up there as well, a L down one two percent, as well as some of the casino names UM which have that exposure to China, which have also been kind of a volatility play as of late. LVS is for Las Vegas Sands down about one percent

as well. So you can see, uh, the ones that are the most volatile are the ones that are selling off the most surprise. Surprise, but there is some green on the screen. Like I mentioned, there are two actually kind of interesting stories. We have to talk about Tesla because Tesla is making its rebound again third day in

a row. T s l a UM up about seven tenths of one percent, and by the way, it is now the biggest mover this morning, but not far behind it is Murk and this is actually a fundamental story. On the last trading day of the year, m r K chairs are up about seven tenths of one sent and by the way, seeing the most volume in the pre market. That title usually goes to Tesla. So today

Mark actually getting in. This coming after China approves Mark's COVID therapy given that they have a shortage of drugs, so they've approved Mark's COVID nineteen anti viral for emergency use. And of course this comes after Beijing is looking to expand and really accelerate their reopening. They have their own drugs, but they're not m R and A based and there's some anecdotal evidence to suggest that those vaccines in China

aren't really great. And this is Remember this isn't the vaccine, this is the like if you get covid, how you treat So it's the Mark. But I remember they had already cleared Pax Slovid from fiser Um earlier this year because there were last trading day of the year. I was, I guess yesterday might qualify for Santa Claus rally. I suppose we heard so much about the tax harvesting year of does that account for some of the selling? Well, we don't know. I think something you have to wait,

check with my accountant. Yeah, like see see if he did something something there? But you mentioned the Santa rally, I mean look out of the last five trading days of the year, only two in the green TV markets corresponded Crittic Group to thanks and looking at stocks as a whole right now ahead of they can't show up in SMB futures down fifteen points, the DAL futures one hundred fourteen points lower, and the anzac Emity futures right now are down forty eight points for Critty. For Karen Moscow,

I'm John Tucker. Bloomberg Surveillance is straight ahead, live from the financial capital of the world, broadcasting across the globe. This is WBBR, New York, Bloomberg. He lived Trio. Now going into next year, everyone is parished, right, gonna have this massive recession. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg Business lash and I'm far in Moscow. It is the final

trading day of the year. Futures are lower. We go to the first Word breaking news desk for today's morning call, and here's Bill Maloney. Bill, good morning, Hey, good morning, Karen. That's right. US futures are pointing to a lower open Without futures down sixty seven points, SAPES drop nine, and NASTAC futures a lower by thirty. The US ten year at three point eight five percent, Gold is up three, oil is in the red, and bitcoin is trading lower

by point six percent. Shanghai rose half a percent overnight, while up and markets are also in the red this morning and back in the US on the economic front at nine Chicago p m I. In other news, the b o J went big again with the third day of unscheduled bond purchases and wrapping things up. The S and P five hundred is on course for its worst

year since two thousand and eight. Live from the First to Breaking News desk on billm care Alright, Bil, thank you, and here live breaking news over your Bloomberg type squawk on your terminal SCU you a w K. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen. A House committee has sets released six years of Donald Trump's tax returns today, pulling back the curtain on financial records that

the former president fought for years to keep secret. Southwest Airline says it expects to return to a normal flight schedule today. The declaration comes after nearly a week of cancelations and delays for travelers. Thursday night football, the Cowboys beat the Titans in the NBA. The next loss the

Celtics won in the NHL. The Rangers lost in the shootout to the Lightning to one, the Islanders won the Capital's 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 more than

a hundred twenty countries. Michael Barr, this is Bloomberg, Karen alright, Michael Barr, thing Q six forty two on Wall Street. Let's turn to news and science and technology now with the Bloomberg and j I T Stem Report. And here's just making news and science, technology, engineering, and math. U S officials approve the US Health officials approval process for Biogen controversial for Biogen's controversial Alzheimer's drug was rife with

the regularities. According to our report by two House committees, They called the FDA's collaboration with Biogen while assessing the drug excessive. The report also criticized Biogen for setting an unjustifiably high yearly price for the product. The Japanese subsidiary of SAM bankman Freed's bankrupt cryptocurrency exchange f t X, as it will start returning customer assets from the middle of February. Ft X jrapans that it's developing systems to

enable its customers to withdraw their assets. And agricultural commodities are heading for the longest stretch of annual gains since at least the early nineties, as drought in war got production and a road inventories keeping global food inflation simmering. The Bloomberg agriculture spot in decks, which includes everything from corn, wheat and coffee, is Spoisia cap four years of increases.

Another bullish driver is China's reopening and as a Bloomberg and j I t Stem report, never good when the price of coffee is going up. John especially the shifting Yeah It's gonna say thanks. Karen sixty three on Wall Street timed out to check what's going on at d C. Some of the top stories in the nation's capital, include Sam Bankman free meeting with Biden aids in the pre

collapse crypto push. There are increasing calls for Representative elect George Santos to call it quits, and Democrats preparing to release years of former President Trump's tax returns, the US sending billions in a to Ukraine as Russia ramps up attacks on the country. Let's take a deeper dive into some of these stories this morning with Terry Haynes, founder of Pangea Policy, joining us now to talk about those

latest stories in DC. Always welcome to the last training day of the yearth Terry Haynes, And what do you here? It's Ben um So who wants to be associated with Sam Bankman freeed raise your hands? Oh nobody? Um he was at the White House or apparently meeting with some White House officials, So um so what gives? And uh Democrats Republican is gonna make hey out of this? Well, first, Happy New Year to you and everybody on day break, John,

thank you for having me. I appreciate it. The the well, sure, I mean, hey, hey will be made so let's stipulate that. But look, you know, Bankman Fried ran around for a couple of years, uh, throwing money all over the place in Washington, and any time, Uh, you know, you've got a donor who's shoes, who turns into the second biggest donor in the mid terms, lots of people are gonna

want to meet with him. Uh. So, you know, meetings were hat But at the same time, I don't think that Bankmund Freed made any headway on anything that Bankman Freed cared ab out to me. You know, certainly he's he's in a heap of trouble regardless of any meetings he had in Washington. Firstly, Secondly, uh, there was no you know, there's a lot of bally who about uh, you know, him wanting a particular sort of regulatory regime

for crypto. There was never any uh, any likelihood that cryptil legislation was going to pass in the now dying current Congress. Uh. You know, nobody for for one simple reason,

nobody agrees on what should be done. And the arguments that you presented about fifteen minutes ago with uh with Connressman Sherman and Congressman mckenry showed that on the one hand, you've got uh Mr Sherman, who wants to talk about, you know, sort of not regulating cryptio at all and walling and off from the you know, kind of the

real system. On the other hand, uh, soon to be chairman mckenry makes a very good point that, uh, you know, you're gonna have a situation where if you ignore this stuff and wallowed off, well then you know, somebody's somebody's gonna be hurt in different ways and we're gonna be behind on the responsible regulation of the stuff. And that really shows, uh, just how far apart everybody is on crypto. So you know, net Net, uh, I think hey will be made bankman free, thrown around a lot of money here.

You know, there's a lot of uh you know, nobody wants to be seen with him, of course, and people are gonna have to start giving the money back they haven't already. But you know, it's I think it's a non story compared to the bigger, the bigger fraud. Okay, here's another story that seems to keep on giving increasing calls for George Santos to call it quits even before

he's sworn into Congress. Um. The Times had a peace um highlighting, among other things, usual disbursements, documenting us documented in his campaign filings. Where does this go? Um? Where this goes is that you know when last week talked, you know, mere days ago, I think about mrs and more revelations have come out since then. Yeah, yeah, exactly when you know, it seemed, uh, it seem sort of comic.

And you know now he's being mentioned more and more with the same breath with with people like SPF and Elizabeth Holmes of Toronto's. Uh. What I said then was that I thought he served a maximum of one term and uh and probably less. And I'll i'll say today that you know that I think we're trending strongly towards the probably much less. Uh, and he's probably out of office within a couple of months. You've got a clearer,

clearer picture now, you've got at least three investigations. You'll have the NASA DA which has started, the U S attorney in Brooklyn is rumored to be looking around at some things. And you know, if he gets sworn in, uh, you know, Congress I think almost certainly will launch an investigation on him quickly. You've got all these questions, which again you you talked about earlier in the hours, so I won't the labor them. But you know, this is gonna be death by a thousand paper cuts for Mr

Santos pretty quickly. Where's this money come from? Who are you really all this sort of stuff? And uh, and you know he's not going to be around long frankly. Uh. You know the party, his own parties cut them loose. The other sides, Uh, the other side's trash and him and you know, the big unknowns for me at this point really come down to, you know, in the election, where was his opponent? The stuff was all out there, not really hard to figure out, So I don't know

what opposition research was doing there. The press wasn't doing very much locally anyway. And you know, his own party apparently it's some sort of an open secret uh in some Republican orders that uh, you know a lot of this stuff was not exactly on the up and up. So there's gonna be a lot of people having a lot to answer for. Um. And let's do this in fifteen seconds when the Trump tax returns it released by Democrats today, big fewer or dies on the vine or

what resounding that I think? Uh, you know, so much of this uh, the Trump stuff by maocrats and I'm by no means the trop apologist. So much of this stuff is uh, you know, kind of years too late to make much of a difference to anybody but the base. Who will you know, a hal a few things and that will be it. Terry, thanks as always, and again Happy New Year. Thanks for being here, founder of Pangea Policy and you can read more about these stories on

Bloomberg dot com or the Bloomberg Terminal. Also a reminder, you can follow all the latest on Bloomberg Radio in Washington, d C. That's Bloomberg at one oh five point seven fm h D two ahead of the cash open on Wall Street well after yesterday's rally. The futures right now indicate a lower open on Wall Street. Start with the MAS Deck futures. They're down forty points, that's down about four tens of a percent, SMP futures down twelve, the

Dow futures ninety one points lower. You're listening to Bloomberg Day Break, Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business apt and at Bloomberg Trick Tape. She's a Bloomberg Business Flash, and I'm Karen Moscow. Futures are lower on this final training day of the year. We checked the markets all day long here at Bloomberg. SNP futures down fourteen points

or a third of up percent. Futures down three tents of uppercent or one hundred seven points, and as day futures down four tens of uppercent or forty five points. Ten year treasury down nine thirty seconds. You have three point eight four percent they yield on the two year

four point three eight percent. Nimex screwed oils down a quarter percent or eighteen cents at seventy eight dollars, twenty two cents of barrel coll mix gold down a tenth of u per cent or two dollars ten cents at one thousand, eight hundred twenty three dollars ninety cents announced and the Euro one point oh six eight four against the dollar. As a Bloomberg Business Flash. Now here's Michael Barr with more on what's going on around the world.

Michael Karen. A House committee will release six years of Donald Trump's tax returns today. There will be some redactions of sensitive information. Southwest Airline says it expects to return to her nor More flight schedule today. The doctoration comes after nearly a week of cancelations and delays for travelers in the NFL. The Cowboys beat the Titans in the NBA. The next loss Celtics won in the NHL. The Rangers lost in the shoot out the Islands one Capitals lost

in overtime. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg. John all right, Michael, thank you, six twenty three on Wall Street. I'm John Soccer.

This is Bloomberg Daybreak. Questions over crypto legislation being raised in the wake of the collapse of the f t X, as a new report that says the co founder, Sam Bankman Freed held at least four meetings with senior White House officials this year, part of a push the influenced crypto policy. Democratic Counsel Representative brand Sherman, a member of the House of Financial Services Committee, is weighing in on the issue. In an interview with Bloomberg's Madison Mills. You

made your views really crystal clear with that quote. But I wonder is this a chicken or an egg thing? Could regulation have prevented the bad actor here? I think regulation could have been somewhat helpful. But ultimately, when you send your money to Bahamas or Cayman Islands, it's for

the purpose of evading US law. I mean, though, you know, Cayman Islands might have be a good place to snorkele, but if you choose to bank there or the Bahamas, they're you're you're You're seeking to evade the very laws that would, on the one hand, enforce our our tax laws, on the other hand, protect investors. Some of those investors get a little shaky about legislation because every time Congress discusses it, they lose a little bit more money. The

market doesn't like regulation like that. So what is your message to the crypto fans on your position? This is an enterprise which will probably sail, but if it succeeds in it's purpose, its purpose is to create a new currency which will disadvantage the average American. It's purpose is to have a new currency that competes with the dollar by offering one purported advantage. It's right there in the name cryptocurrency hidden money, and I don't think we need

hidden money. I think we need transparent financial transactions. It's interesting because that you again make your positioning very clear, but some of your colleagues on the Hill have very different opinions. I interviewed Representative Patrick McHenry on cryptoregulation, and here is what he had to say about the risks of that regulation. He was taking advantage of UH a

lack of clarity and regulation. But we have to understand the US is that we do have an open digital border UM and new products will emerge, and if we don't have a regulatory regime and a rule of law that is enforced around UH this new technology, UM, we're gonna have our our consumers fall victim to the worst actors globally. Does the US miss a chance to be a world leader by overregulating crypto? We would lose a chance to be a world leader in hidden money, which

is exactly what cryptocurrency means. We lose a chance to help wealthy people evade our tax laws. We lose a chance for people like Sam Bankman freed to evade our bankruptcy courts. We make it easier for husbands who are planning to leave their wives to hide moneys from our family courts. This is what innovation is offering us. And it also offers a chance for people to bet that, well, I'm not leaving my wife, I'm not cheating on my taxes.

But I want to bet that this becomes such a useful tool that I can sell it to somebody who does want to use it for those purposes and make a profit. That's Democratic Congressman Brad Sherman speaking with Madison Mills on Bloomberg Sat Down. You can catch the program weekdays five pm Eastern on Bloomberg Radio and here the full interview on the Daily Sound On podcast, available on Apples, Spotify,

and anywhere else that you get your podcasts. Ahead of the cash shop on Ball Street this morning, right now, the futures are in the red DAL futures down one two, smp EMNY futures down thirteen. The Nasdeck futures are down fourteen points. Just ahead this morning's top stories, plus your local headlines and a check of the markets. But first, let's get a look at today's Bloomberg weather forecast. Forty six degrees in Central Park. Rob Caroline has the weekend

weather forecast. Any clowning this this morning will be giving way to sunshine. Hides across the Tristate area are mild today, fifty climbing up overnight five Rine who's in By late to day tomorrow fifty to fifty five. Reigned for New Year's Eve lows forty five to fifty. It ends by morning New Year's Day, becoming apparently mostly sunny, remaining mild, highs fifty to fifty five. I'm Rob Carol Vane with

your three day forecast. I'm Bloomberg eleven three oh broadcasting live from the Bloomberg Interacted Broker Studio in New York, Bloomberg E Living Freedom to Washington, d C, Bloomberg nine to Boston, Bloomberg one oh six one to San Francisco, Bloomberg sixty to the Country, Sirius xm CHO one nine and around the globe the Bloomberg Business apt and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's coming up

on six thirty on Wall Street. Good morning, I'm John Tucker and I'm Karen Moscow, and we're just about three hours away from the open of US trading. It's time for the five things that you need to not to start your day, brought to you by Innovation Refunds. Your business may be eligible to receive eight hey roll tax refund.

The application takes around eight minutes eight minutes or less to see if you're small to medium sized business may be eligible for a refund of up to twenty six thousand dollars per employee kept on the payroll during the pandemic. Find out it get refunds dot Com at First US futures are lower as we entered the final trading day of the year to mark the worst year in more

than a decade for global equities and bonds. David Bonson, chief investment officer at the Bonson Group, says 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. David Boonson with the Bonson Groups these prices coming down next year,

but still thinks caution is warranted. And overseas in Ukraine, Runchia launched one of its heaviest barrages on major cities like Kiev, aiming to destroy civilian targets. At the same time, President Biden sign a government funding bill that includes forty seven billion dollars in aid for you, and the US

also considering sending Bradley fighting vehicles to the country. 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 Dave Rapp Report joins US Live with more. 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 biz.

Previously disclosed visitor logs show SPF had three meetings with top White House officials, and a source confirms to Bloomberg there was a fourth meeting with a Biden senior advisor. Those connections fell apart after the collapse of f t X and Bankman freed subsequent arrest in the Bahamas. We're also learning Bahamian action government took quickly action when at t X one under having ceased three and a half billion dollars in digital assets by the next day. Live

in New York, I'm Steve Rappaport Bloomberg Day Break. All right, Steve, thanks on Capitol Hill. Today, House Committee Center released six years of Donald Trump's tax returns. Republicans who soon take control of the House, they're threatening to released acts returns of Democrats, but US Representative Brendon Boyle says that might not have the intended impact. There has been sort of a threat from the other side that has created new precedent.

That's just not so. For two reasons. Every president since 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. And that's Democratic Congressman Brendan Boyle speaking with Madison Mills on Bloomberg Sound On. Catch the program at five pm Eastern on Bloomberg Radio. That's the five things you need to know to start your day.

SMP futures right now thirteen points lower, the down futures are down nineties seven points, and then day futures right now are forty three points lower after yesterday's rally. This is Bloomberg, and that brings us to six thirty one on Wall Street Time to bring in Michael Barr for Look News Around the World and New York. Good Morning, Michael, Good morning John. The anger to a New York Congressman elect George Santos is growing. Dozens of his Long Island

constituents held a demonstration in the congressional district yesterday. We were bamboozled, absolutely light too, and we do not want this representation in District three. They called on the New York Republican to resigned. 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 death. Now the weather is warming up and there are concerns of flooding from melting snow. President Joe Biden Is signed a one point seven trillion dollar bill funding government operations through September. Up New York's first legal we dispensary is now open for business. Long lines formed outside the housing works new Dispensary and Greenwich Village yesterday afternoon, the first sale 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 that. You know, we are still need out of comportents, so we hope not to still be squeezed out in other manners. I see some people don't have the capital, some people don't have the properties. They did the confetti test ahead of the New Year's eve Ball dropped tomorrow night in Times Square, New Year's Eve Ball dropped. Co producer Jeffrey strouds, It's gonna be the best time

I ever. We're gonna start together, ready, five four three two one, Three thousand pounds of colorful paper will rain down on the city Street Saturday night. Global Neme is twenty four hours a day on air and on Bloomberg Quickday, powered by more than seven hundred journalists analyists more than

a hundred twenty countries. Michael Vard, this is Bloomberg, John Michael, thank you, and that's this thirty three Wolf Street time down for the Bloomberg Sports Report, being brought to you by your try State out of the other's Good morning, Dan Schwartzman. Good morning, Jentham. The Knicks losing on the road in San Antonio. The Spurs get it back from the time I started going up the Toto Sharp Talk

Bell Josh match courtesy the Spurs Radio Network. The Nike's falling to the Spurs one fifteen despite forty one points eleven rebst from Julius Randall and thirty six points from Emmanual Quickly Caldon Johnson leading the Spurs with thirty points in the wind. The Rangers falling to the Lightning in Tampa Bay two to one in a shootout despite thirty nine stais from the grusterk in his New York has

now lost two games in a row. Meanwhile, the Islanders have been passed the Columbus Blue Jackets two to one as New York gets goals from bars elm Pejo. The Dallas Cowboys improved to twelve and fourth thirteen. Went on the road at the Tennessee Titans on Thursday Night Football as Dak Prescott throws two second half touchdowns both the tight end Dalton Schiltz. Meanwhile, the Jets and Giants in

action on Sunday with playoff hopes on the line. At The Jets are the route this Chattle Seahawks and the Giants are home for the Indianapolis Colts. Both teams will make the playoffs if they win the remaining two games on their schedules. Big loss in soccer's legend, Pelly passes away at the age of eighty two from complications due to calling cancer, which she had battle since last year.

Helly 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 very much. The Bloomberg Sports Report brought to you by Audie. Don't let someone else drive off of the

Audi model you've always wanted. Visit your local, try to stay the Audi dealer to get behind the wheel of yours today, or visit Audi offers dot com for more information. After yesterday's rally, we're seeing futures indicate a lower open up Wall Street this morning. Down futures down eighty nine and s and P futures they're down twelve points. It's

now sixty on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong, and let's check in now with their global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Steve Pola scot ktr H in Houston. We're talking about oil futures on track for a near five percent Game two, I'm Jeff Bullinger and on w l W in Cincinnati, I'm reporting on how employers will likely continue to compete for talent.

In early twenty three. I'm Kimberly Adams at on w b Z in Boston. I'll be reporting on cost conscious consumers changing our food delivery habits. I'm Stephen Carrol on Bloomberg Dave Radio in London. We've been reporting on Spanish inflation slowing more than expected in December at the fifth straight month of declines. I'm Gina Servetti and for w o AI and San Antonio, I'm talking about Southwest Airlines, which plans to return to a normal schedule today after

a week long meltdown stranded thousands of passengers. And those are some of the stories are twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. That brings us to sixty seven on Wall Street Time, the alf of the Bloomberg Real Estate Report, and well that here is Denny's Felma Greeny. If you've noticed a lot more fancy homes on the market lately, you're not alone.

Redfin says sales of luxury homes fell a record of more than thirty eight percent to the last quarter compared to a year ago. Daryl Fairweather, chief economist at Redfin, chalks it up to rising mortgage rates and nervousness about the economy. People don't want to buy a luxury eye that something they can do without when they're worried about being employed or they're shocked Portola. The biggest drops in luxury home sales unfolding in some coveted coastal markets. The

homes in these places are especially expensive. Luxury for the whole country means a million dollars, but in the most expensive places it means two million dollars or more, so they're more expensive to get. The harder it's being hit right now. Luxury home sales fell more than fifty in Anaheim, and Riverside, California more than sixty pence and say and more than six to Nasa County on Long Island. And that's the Bloomberg real Estate Report. I'm to these PELGRENI

al right, thanks to a no doubt of Asia. This morning, the Bank of Japan announcing an unprecedented third day of unscheduled purchases of bonds Overnight. The Bank of Japan is battling speculation. It's trying to add its super account of data monetary policy. The purchases are boosting this month's buying to about one D twenty eight billion dollars worth of bonds. It's a monthly record, according to data compiled by Bloomberg. Well, as we check our currencies right now, the yen is

higher against the dollar of one percent. It now takes one D thirty one point six six yen to buy one dust dollar. You're listening to Bloomberg Day brae by from the Bloomberg Interactive Burger Studios. This is Bloomberg day Break for Friday, December. Coming up the shower to the lands trading day of a year that stock investors would like to forget. The US sends billions in eight to

Ukraine as Russia ramps up attacks on the country. Meetings between Sam Bankman Freed and White House officials draw scrutiny, and Democrats prepared to release years of former President Trump's tax returns. Calls are 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 Barr more Ahead, and I'm Dan Schwartzman the Knicks Blues on the road at the San Antonio Spurs. I'll

have that more coming up in sports. That's all strading ahead on Bloomberg Daybreak on Bloomberg Eleving Free on New York, Bloomberg one, Washington d C, Bloomberg one oh 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. And good morning, I'm John Tucker and I'm Karen Moscow. Any US knock indise futures

are lower this morning. We check the markets all day long year on Bloomberg radios, and p futures down ten points or at quarter percent down futures down at quarter percent or eighty three points, and as DACK futures down to tens of a percent or twenty six points. In the ten year treasury down nine thirty seconds, you have three point eight four percent, John, and it is the final training day of the year to mark the worst year in more than a decade for global equities and bonds.

With ASDAC in particular, he has taken a beating, losing a third of its value. This all comes as the Fed titans policy to bring down the highest inflation scene in decades. David Bands In, chief investment officer at Bands and Groups, sees prices coming down next year, but still thinks caution is warranted. The inflation aspect is going to surprise to the downside, and yet the valuations of high growth stocks remain too high historically to put a lot

of optimism and indexes or the growth side the fangs store. Therefore, we remain value investors and cash flow investors. David Vanson with the Banson Group LEAs there will be some opportunity 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. And Bloomberry Daybreak Asia anchor Brian Curtis has the details from Hong Kong. Most Asian equity benchmarks edged higher. China vowed more stimulus in twenty three and an improved relationship with a private sector, and economic activity rebounded in several Chinese cities where COVID infections have likely peaked. The Donna was steady, while treasury yields picked up a little. The yen 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 Spoomberg day Break. Brian, thanks now to the latest on the war in Ukraine.

Rush he is continuing attacks on major cities like Kiev, scores of missiles accounted for one of his heaviest branches of the war, and pressing further with a campaign to destroy civilian targets at Ukraine's president Philodamir Zelinsky says he believes Russia will launch more attacks before New Year's Eve. We'll 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 on collapse Crypto Exchange f t X meetings between White House officials and the former CEO, Sam Bankman Freed coming under scrutiny and bloom Brick. Steve Rappaport is joining US 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 log show SPF had at least three other meetings with top officials in a push to build Beltway connections before his crypto firm went belly up. While living in the Bahamas, f b SPF also made frequent trips to Washington, testifying before Congress and meeting regulators were also learning. The Bahamian government took swift action after

FTX collapsed on November eleventh. 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, thanks well. On Capitol Hill today, a House committee has sent 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. You, as Representative. Brendan 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 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 Congressman Brandon Boyle spoke with Madison Mills on Bloomberg Sound on Catch the program weekdays at five pm Eastern on Bloomberg Radio and Karent. Last week has been a nightmare for travelers across the country, especially if you traveled on Southwest Well Now. The airline says it plans to return to a normal schedule today and Bloomberge Charlie Pellant has the latest on that story.

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 pet Bloomberg Daybreak,

Great Charlie, thank you Me Time. In China, COVID infections are expected to continue rising into January as the country pulls back on strict virus policies. Infections and mortalities are protected to peak in January. According to the research from Air Affinity, which Shina potentially seeing up to twenty five thousand deaths a day next month, now 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, and futures are lower this morning, with S ANDP futures down fourteen points down, futures down one eleven, and NAZDAC futures down forty one. Straight ahead your latest local headlines plus the check of sports, and this is Bloomberg. Thanks Karen, six or seven Wall Street.

And now let's bring in Michael barn with more on what else is going on to do work and around the world. John, thank you very much, sir. 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 road in a statement, I don't know what party would endorse him as a candidate. It's more possible lies about his schooling

and family come to light. In May of twenty he reported no earned income. 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 Weener, a former Federal Election Commission attorney who now leads the Elections and Government Center at n y US Brennan Center, spoke to NBC four this is an exceptional case, primarily not because he loaned his campaign lots of money, and many minute in candidates do that, but because all the other details of his story about where thought that money have proven to be Santos is sent to take office next week and refuses

to step aside despite calls for him to resign. Fans in New York are paying tribute to soccer legend Pelee. He died yesterday at a j A D two after battling colon cancer. People flocked to the Pale Store in Times Square. This man spoke to a d C seven. I'm from Resio. I'm said we lost our biggest idol, the grace men of our history, Peal, 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.

We'll have more on the death of Pale in sports shortly. Roads every opened and storm besieged Buffalo as authorities continue searching for people who may have died or remained stranded after last week's blizzard. Buffalo Niagara International Airport is also open again. Erie County Executive Mark poland cards power has been restored to all Yourie County residents. I want to thank the men and women of a national grid and

nice egg Erie Counties. Mark poland Car says at least forty deaths have been reported in Western New York from the blizzard. Fashion icon Vivian Westwood, who played a key role in the seventies punk movement, has died. She was one global new who's twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven under journalist and analyst more than a hundred

twenty countries. Michael barn This is Bloomberg, John, Michael, thank you, and that brings us to six ten of Wall Street time down for the Bloomberg Sports update, being brought to you by your tri State out of dealers and good morning Dan Schwartzman. Good morning John. The Conboy's improving to twelve and four. He's come second down seven. Prescott back looking left, throwing it in the back of the ends up for sure, trying to crap. Did he get it

touched out? Shoots that's courtesy of Amazon Prime. The Cowboys of the thirteen went on the road at the Tennessee Titans on Thursday Night Football as Dak Prescot throws two second half touchdowns, both to tight end Dalton Schultz. Both the Jets and Giants in action on Sunday with playoff holps 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 Knicks lose on the road to s Antonio Spurs one fifteen, despite forty one points and eleven rebounds from Julius Randall and thirty six points with them Manuel Quickly Rangers meanwhile falling to the Lightning in Tampa Bay two to one in a shootout despite thirty nine stays from Ego Shastairkin as New York has now lost two games in a

row the Islanders. Those slip in past the Columbus Blue Jackets two to one as New York gets goes from Barzl and Pago finding soccer legend peal A passing away at the age of eighty two from complications due to Cohen cancer, which he 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, Dan, thanks very much the Bloomberg Sports report being brought to buy Audi. Don't let somebody else

drive off on the Audi model. You've always to want to visit your local tryin state Audi dealer to get behind the wheel of years today, or visit Audi Offers dot com for more information ahead of the cash open on Wall Street Right now after yesterday's rally, the down futures are one hundred two points lower, that's down three

tenths of a percent. SMP five futures they're thirteen points lower, that's down three tenths of a percent and AzaC features thirty nine points lower, down about four tenths of a percent. Right now, tenure yelled in the US was at four that's the three basis points. The two year yield at four thirty nine on the Bank of Japan announcing an unprecedented third day of unscheduled bond purchases. It's fighting back against speculation. It's about the end. It's super accommodative monetary policy.

You're listening to Bloomberg Daybreak live from coast to coast, from New York to San Francisco, Boston to Washington, d C. Nationwide on Sirius x them the Bloomberg business appened Bloomberg dot com. This is Bloomberg Daybreak and good morning. I'm John Tucker. The NMP five hundready enjoyed the best day this month yesterday, the jump at one. Still on this final trading day, we're closing out the worst year in

more than a decade for global equities and bonds. On that, but let's get you a set up for the trading day ahead well with Josh Wine, portfolio manager at Hennessey Funds. Josh, thanks for being with us this morning. Did that? Yes, they count as the year end Santa Clause rally. It felt it. It was it was a big day. Good morning, John. Yeah, it felt like maybe a new year's resolution, which maybe was broadly, you know, let's get back into stocks, let's

start the year strong. Uh. You know, given where we are in the market, I think it makes sense. I think I think next year is gonna look a lot different than this year. Okay, so what's in the driver's seat right now for risk assets? Sure? Yeah, I think you know, amidst the backdrop of a tenure at three eight in the mar Get creating at sixteen times give or take forward earnings, which would imply about a six percent earnings field, I think the market is set up

nicely for for a big year. I think any any of the froth or or any of the optimism that was in the market may be unwarranted. This year, I think is out and I think that we're at a good place. I think that the differential between an earning field of roughly six and a ten year of three eight, you know that that's spread of over two percent. That's

pretty compelling. I think over time that has that has presaged a big run in the market and I think that this year, you know, definitely we could see that you know once again, well with respect to earnings. Sure, at the end of the day, it's all about how much money you're making it in an individual stock company. But the sort of damically sort of hanging over everything is a FED policy at this front. How do you balance the two? Right? Yeah, I mean the FED has

has obviously been making up for lost time. They've been very you know, vigilant, and I think it makes sense. I mean, we can argue about were they to accommodative and and where they you know, at the backs of of investors, and it seems like in retrospect they were. But I'm not so sure. I think that you know, the market we've had, you know, in the last few months, a few small rallies ahead of the SAID saying oh no, we're not pivoting or we're not changing our language and

all that. I think the market has thought that the said was starting to nail it, and the SAID repeatedly has said no, we're not done until until we're done. And so I think that, you know, we are getting closer. We we've seen better numbers, you know on inflation. Uh, you know, if there's a fear. It's that you know, they might you know, solve the inflation problem, but not necessarily the price level of problem. I think that you know, things like rents and housing prices, which go somewhat hand

in hand you have been quite high. And I think that you know, you know, income has not kept pace with that, as well as other things that have accelerated in price. So I think that we could see some great inflation prints. It doesn't necessarily the me it does not necessarily mean that the economy in the market starts, you know, running away. I think that, you know, there is a case to be made that you know, we need lower prices, not just prices that go up at

a lower rate. So but all that being said, I think they have fed, you know, end of year in twenty three. You know, if if we are, in fact we can get a recession, they have some room to cut and and you know kind of react that way, which is something that they didn't have for the last couple of years. Is are we on the trajectory to up pivot? I mean, whatever that means at this point, and what's the timing of that. You're seemed to be saying that we're going to see rate cuts at the

end of the year. Well, I think it's certainly a possibility. I think no one thought that was a possibility this year obviously, but I think that next year, yes, I mean, I think if there's one thing that surprised me more than inflation or anything else that's been you know, the employment picture, you know, you know job you know, all

these jobs reports. I think everyone has scratched their head a little bit, you know, because we've seen some layoffs from large cap companies, and certainly that takes some time to work through to the unemployment numbers. But in any event, I think employment has been very strong. It's hard to imagine that that holds up, uh in the first half of the year, given what we see with you know, kind of the reversal of this wealth of sect that we've had, you know, the market and crypto and real estate.

Everything has come in uh certainly not bullish for the economy. Uh. Perhaps bullish for the market if the said ends up cutting rates at some point soon. But I think that you know, employment uh inevitably must reverse, it would seem.

I don't think that's you know, going too far out on the limb so I think, yeah, I think the economy, uh, you know, I think we're gonna have a bad economic news is good market news environment at some point during this year, which you know, Jimmy feels more normal than than bad news or good news. Is is irrelevant in terms of what the said. Does you know we knew that they were going to raise rates no matter what, and they have. Josh, thanks a lot. I appreciate it.

John h. Wayne, portfolio manager at Hennessy Funds, and happy new year to you. Coming up on five eighteen on Wall Street. Still at hand on Bloomberg day Break, We're gonna check the markets, bring you the latest news and business economics and finance. I'm John Tucker, and this thing is Bloomberg. Head of the cash open on Wall Street. DAL futures right now one one point slower, down three tenths of a percent. The SMP even the future is

fourteen points slower. That's down four tenths of a percent, and then as a features down forty two points. Tenure yield three eight four. That's a three basis points. This morning, you are listening to Bloomberg day Break