Bloomberg Daybreak: December 6, 2022 - Hour 2 (Radio)

have skyrocketed. Plus Mayor Adams push for New Yorkers to get healthier. I'm Michael blarn Moore Ahead, I'm John Stash and sports. The Rangers rallied to beat the Blues, the Bucks top the Saints, and Justin Verlanders signed with the Meth That's all straining Ahead on Bloomberg Daybreak on Bloomberg.

He Living Free on New York Bloomberg nineteen nine one, Washington d C, Bloomberg one oh six one, Boston Bloomberg nine sixties and Francisco Sirius x M one nine team and around the world Old on Bloomberg Radio dot Com and via the Bloomberg Business app. Good morning. I'm Nathan Hager and I'm Karen Moscow. In the US DOT Index futures have been struggling for direction this morning, six one on Wall Street, and we check the markets every fifteen

minutes throughout the trading day on Bloomberg. Right now, S and P futures and down futures are both little changed. Nowsday futures are up a tenth of a percent of about twelve points. The decks in Germany's down about a quarter of a percent. Ten year treasury up three thirty seconds, you know, three point five six percent they yield on

the two year four point three six percent. NIMEX screwed oil is down nine tenths per cent, or seventy two cents at seventy six dollars twenty one cents a barrel. Nathan Karen will have more on the markets in a minute, but we begin this morning with a key political runoff that could have market implications. Today Georgia voters decide the final US Senate seat, and Amy Morris has details from

our Bloomberg newsroom in Washington. The four week runoff blitz has drawn a flood of outside spending, but it all ends today. Democratic Senator Raphael Warnock urging his supporters to get out the votes. The issues are urgent, and the differences between me and my opponent a two one for US Republican candidate Herschel Walker, a Heisman Trophy winner from the University of Georgia, used football analogies to urge his

supporters to vote. This is about turnout, and now that meaning that we gotta get into game and we can't sit on the sideline anymore. Today's race will determine whether Democrats have an outright majority in the Senate or control of fifty fifty chamber. Donald Trump held a rally yesterday for Walker by telephone, not in person, to avoid any blame for hurting the GOP's midterm election efforts in Washington. I'm Aymy Moore as Bloomberg daybreak, All right, Amy, thank you.

About one point nine million Georgia voters cost early ballots in this race, but Republicans are hoping for a strong in person turnout today. GOP Georgia Congressman Buddy Carter says it's important for his party to keep the Senate fifty fifty. If we have fifty fifty, it means that will have fifty fifty in the committee process, and that's extremely important. It also means that instead of Chuck Schumer being in charge with League, that we've got fifty fifty and at

least we can count on Joe Mansion sometimes. Georgia Republican Congressman Buddy Carter spoke with Our Washington corresponded Joe Matthew on Bloomberg sound on Catch the Show weekdays at five pm Eastern on Bloomberg Radio. And one other political note this morning, Karen President Biden is likely to announce he's running for re election after the Christmas and New Year's holidays. That's according to White House Chief of Staff Ron Klaine.

President turned a last month. He's already the oldest person ever to occupy the Oval office. Meantime, Nathan Republicans are warning the Biden administration not to prioritize green energy goals over enforcing federal import restrictions meant to discourage alleged human rights abuses in China. The directive and Republican representatives Mike Gallagher and Chris Smith, plus Senators Marco Rubio and Tom Cotton,

signals tough oversight of the issue. After the geop takes control of the House in January, and China is also in focus Karen. When it comes to US and European relations. The US and EU are mulling new tariffs against China as part of a bid to fight carbon emissions. Let's go to London get the latest with Bloomberg's U and Parts. Good morning and good morning, Nathan and Karen. Bloomberg has learned that the Chinese steel and aluminum could be hit

by new Western tariffs. The move would be a novel approach using levies normally employed in trade disputes in an effort to cut carbon emissions. Sources say the idea, originated by the White's House and under discussion with the European Union, is still in its early phase and hasn't yet been formally put forward. China is both the world's biggest carbon emission and the biggest producer of industrial metals. In London, immun Parts, spin Bog, daybreak, rank you and thank you well.

As it has been every day this month, COVID is once again in focus in China. COVID outbreak in the country that began last month appears to be tailing off. Infections have fallen each of the last eight days. At the same time, there continues to be a pullback in Beijing sweeping testing regime across the kind tree. Right here in the US, Karen, futures are a little changed. So that's after stocks kicked off this week with losses as the U S Services Gauge unexpectedly rose. That good news

was bad news from markets. It's fueling speculation that the FED will keep its policy tights at tame inflation. Rick Pitcaren is chief investment officer at Pitcairn Family Office. I think the FED has a preference for, you know, controlling inflation by whatever means they have to to to get that under control. And if that means a recession, uh, in their minds, they would hope it would be shallow and en shored. Rick pit Karen says he thinks stocks

are currently training at or near their bottom. Meantime, Nathan may continue to see layoffs coming to big companies across the country. Now another big name is announcing cuts, and we get the latest live at the Bloomberg Steve Rappaport, Good morning, Steve, Good morning Karen and Nathan. The job cuts in the tech and media sectors have spilled over

to Big Soda. Pepsi Company is laying off one hundreds of workers at the headquarters of its North American snacks and beverage units, according to an internal memo viewed by The Wall Street Journal. The company says the layoffs are intended to simplify the organization and operate more efficiently. Pepsi says demand remains strong despite raising prices to offset higher

costs for ingredients, delivery, and labor. Back in October, Pepsi announced cost cutting measures to east pressure on profit margins. Live in New York, I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thanks for also watching the crypto space this morning. The Federal Trade Commissions investigating several crypto firms over allegations their

advertisements were deceptive or misleading. The agency enforces laws that require truth in advertising, including rules that individuals disclose when they've been paid for endorsements or reviews. The FTC is not releasing any details. Kind of programming note, Nathan, We're live at the Goldman Sachs Financial Services Conference today. Tune in for exclusive interviews of Goldman Sachs CEO David Solomon.

That interview will be coming up at eight a m. All Street time right here on both Bloomberg Radio and television. Try to head your latest local headlines plus a check of sports. And this is Bloomberg A right, Karen, thank you. It is six oh seven on Wall Street, about forty five degrees midtown. Rain comes to the area this afternoon. We'll get up to the mid fifties and the rain will continue tonight as we get down to around fifty. Now it's bringing Michael Barr with more on what's going

on in New York and around the world. Good morning, you might call Good morning Nathan. The NYPD says there has been a monthly decrease in crime, with the seven major crimes down one in November. Meanwhile, hate crime surged by sevent since last month, within high Semitic hate crime soaring by a hundred. Mayor Eric Adams says that's why he attended the conference on Anti Semitism in Athens last week.

That is why I was in Greece, you know, and despite people were saying why are you going to Greece because there's an anti Semitism problem globally and may is from across the globe, we we all met there to engage in this conversation. Mayor Adams all also says hate crimes are being normalized on social media. It comes as a nine year old man in a wheelchair was an innocent buying standard when police say he was shot in Brooklyn. Police said the man was wounded in the ankle while

the suspect was robbing another person. The NYPD says the suspect, twenty eight year old Sundance Oliver, is also wanted for a deadly shooting in Manhattan. Mayor Adams also talked about New Yorkers getting healthier. Adam says the new forty four million dollar campaign dubbed Lifestyle Medicine involves diet, exercise, hand

medical care. People often talk about my primary focus being public safety, but trust me, health is just as important because in order to live in a safe city, you must live in a safe city, and that's the goal that we are accomplishing. Beor Adams has also pushed for

plant based food options and schools and at hospitals. The suspect accused of shooting up in Colorado Springs gay nightclub last month, killing five people and wounding seventeen others, is set to appear in court again today, Anderson Lee Aldrich will learn what charges prosecutors will pursue, including possible hate crimes. Lawyer Michael Avanetti, who represented porn stars Stormy Daniels against Donald Trump, was sentenced in California the fourteen years in

prison for cheating clients out of millions of dollars. Avanetti's sentence will be served after he finishes a five year term for separate convictions in New York. Kirsty Alley has died at age seventy one. According to her family, the cheers start dying after a short battle with cancer. 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. I'm

Michael Barrow. This is Bloomberg, Nathan. Thank you, Michael. It's a six ten on Wall Street. Time for the Bloomberg Sports that date brought to you by twice State Out of here's John stash Allen, Thanks Davan. Matt Scher's or thirty eight years old but no longer the oldest picture on the Matthews also no longer the only picture making

forty three million dollars a year. Justin Verlander, who soon turns forty and who was Suzer's teammate for six years in Detroit, coming to New York taking Jacob de Graham's spot of the Mets rotation, two year deal eighties six million Erlander just won the Cy Young Award with Houston. Another shocking contract is what Tray Turner got from the

Phillies and eleven year deal for three hundred million. As for Aaron Judge, Yankee gentle manager Brian Cashman, who just got a new contract himself, says they will not rush Judge into making a decision. Judge was at the Monday night game at Tampa Bay. Quite a finish. The Bucks trailed the Saints. Final secretors, the staff, Brady dropping looking, Brady throws football, Let's talksh White, Shan White touch stop

six radio. The extra point gave them the victory. Tampa Bay trailed by thirteen with three minutes to go there six and six good for first place. Carolina Panthers released Baker Mayfield, who was their Week one starting quarterback. Forty Niners coach Kyle Shanahan says he doubts they'll sign Mayfield. The Niners just lost Jimmy Garoppolo for the season. At the Garden, Rangers rallied past the Blues. They won six four, with three goals in the third period. Six different Ranger

of goals scores. Four quarterbacks are coming to New York for Saturday's Heisman Trophy announcement. USC's Caleb Williams, tc US, Max Duggan, George's Stetson Bennett, and Ohio States See Jay's trap. John actually were Bloomberg Sports. Nathan all right, John, thank you. Bloomberg Sports is brought to you by Audie. Don't let someone else drive off in the outie model. You've always wanted to visit your local price state autie dealer to get behind the wheel of yours today, or visit outie

Offers dot com for more information. Up next to look ahead to the Georgia's Senate runoff and what's to come in the lame duck session on Capitol Hill. First, SMP futures are little changed, down two points right now. Dow Future is down twenty five, NASDAC futures still clinging to a very slight gain of four points. Tenure Treasury is up to thirty seconds yield on the benchmark ten year note three point five six percent, six twelve on Wall Street.

This is Bloomberg Daybreak on Election Day, Part two. In Georgia, the runoff between Democrat Raphael Warnock and Republican Herschel Walker will be decided tonight. Let's bring in Greg Valier, or chief US policy strategists at a GF Investments, for a look at the implications of this final race of the two mid terms. Greg, good morning. We already know how the balance of power on Capitol Hill. Democrats nominally have control of the Senate. The House is back in Republican hands.

So why should we be watching this runoff in Georgia today? Well, good morning, Nathan. It's it's important for two or three reasons quickly. Number one, uh, it negates a lot of the power that Joe Mansion had to disrupt things he and Christian Cinema. If it does wind up fifty one forty nine, which I think is likely, makes it a little tougher for Mansion. Secondly, it helps committee organizing. It's

pretty r kane, but things can move through committees. Third, I think it gives the Democrats a leg up for four and gives them the opportunity to further mock Donald Trump has somebody who endorsed candidates who almost uniformly lost. What are you expecting in terms of turnout today? We've already had close to two million early votes cast in this race. Are expecting long lines down in Georgia? Well, as you know, there have been long lives for the last few days, and I think there will be today

as well. An extraordinary turnout. I think that helps warnock. I think the momentum has all been with him in the last seven to ten days. What are the implications for former President Trump? Of course, we know that many of the candidates that he endorsed in this mid term did not do too well. Herschel Walker has managed to get to this point to force a runoff. What does this mean for the former president's hold on the g

o P? Nothing good. If you look at the races around the country where Trump's candidates almost all lost, you look at this disastrous comment he made a few days ago about cheering up the Constitution. To go back and look at why he really did win in I mean, even Republicans just shook their heads in the last couple of days. I think that Trump's campaign for presidents so far has been an absolute disaster. And on the Democratic side, we saw President Biden sort of keep his distance in

this race. He supported Raphael Warnock from Afar, and we got a lot of in person support from the likes of former President Barack Obama, not just in this runoff, but on even before official election day. What kind of momentum could this race potentially give to President Biden as he considers making his own announcement for re election. Yeah, Biden, you have to say, has had a very good stretch the last six to eight months. He's got a lot done.

There's even a chance in this lane duck session of Congress before Christmas forgetting immigration reform, which would be an extraordinary development. So I would say that Biden is on a roll, and to have the Georgia race turn the Democrats way would help him as well. I don't think he's going to announce until after the first of the year,

and I am not certain that he will announce. He's running for a second term for the simple reason that if he won the second term, he would be leaving the White House theoretically at the age of eighties six. And we are expecting some kind of announcement. We heard from a White House Chief of staff. Ron claimed that we'd get word from the President after the New Year's holiday, so we're definitely going to be watching that as well.

As far as this lane Duck session goes, Greg, there is a lot to get done before either Warnock or a Walker, no matter who comes out victorious, is finally see did I mean we've got the defense, build a pass, must pass government spending. What do you have looking ahead to the lame duck session to be watching for. Well, it's always a mess. It's always a train wreck, and

this year will be no exception. I think that you know, the deadline of December sixt for a budget will be missed and they'll have to have another deadline right up until Christmas Eve. I don't see a government shutdown. The odds favor getting a budget bill done right at the end of the year. It's possible little drag onto next year. But you're right, there's a lot of big issues, Nathan. At the main ones our defense, the entire spending package, and all of a sudden now immigration out of nowhere

is back on the table. In the last thirty seconds here Greg focusing finally on the Georgia runoff. Given all the early votes that would have been cast and the potential for some turnout later today, what are the chances we actually know who the winner is after tonight. Well

that's a good point, Nathan. I I cringe at the thought that this could happen, But I don't rule out the possibility that we won't know tonight, that it might take a day or two to recount all the votes and you'll have, you know, charges of voter fraud, things like that. I think the safest bet is it will probably about twenty four hours from now, will probably know who won, but we might not know until well after midnight. No,

but the call is at least maybe this week. Thanks for this break as always great to get your thoughts on this election day in Georgia. Gregg Valiere, chief US policy Strategists at a GF Investments, and stay with us on Bloomberg Daybreak. Coming up, we're gonna get a live report from Atlanta. Bloomberg's Joe Matthew, leading our team of correspondence covering today's runoff for the US Senate in Georgia, will be hosting a special edition of sound on this

afternoon from Atlanta. This is Bloomberg Daybreak, Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Take. This is a Bloomberg Business Flash and I'm Karen Moscow. This updates brought to you by the Jewish Communal Fund j CF donor Advised Fund is a smart, tax efficient way to manage your philanthropy. Hopen to j c F fund now to lock it at two tax deduction, visit j c

F n Y dot org. And futures continue to struggle for direction this morning, SNP, NAZDAC and down. Futures are all little change. The decks in Germany is down three tenths of a per cent. Can your treasury up one thirty second deal three point five six percent? And they yelled him a two year four point three six percent. And that's a Bloomberg Business Flash. Now here's Michael bar with Moore on what's going on around the world. Michael, Karen, thank you very much. Eyes are on Georgia today for

its Senate runoff election. Georgia voters would choose whether to elect Democratic senator Raphael Warnock or his Republican challenger football legend Herschel Walker. Kirsty Ali, best known for TVs. Cheers, has died at age seventy one. In the NBA, the Celtics one, the Warriors lost. In the NHL, the Rangers won. The Bruins lost in a shootout to the Golden Night, the Capitol's one Monday Night football. The Bucks pulled on the last second win over the st seventeen sixteen World

Cup action. It's the final day of the Round of sixteen. Morocco play Spain, Portugal play Switzerland. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty journalists and analysts more than a hundred twenty countries. I'm Michael bar This is Bloomberg. Nathan all right, Michael, thank you. At six twenty three on Wall Street, I'm Nathan Hagar and this is Bloomberg Daybreak,

brought to you by See. I'm asset. Managers don't get results that are off the charts when their solutions are off the shelf. Learn how s e i is operating platform can turn infrastructure into a competitive advantage. At se I C dot Com slash back, and now we want to bring you a conversation with economists and Yale Senior fellow Stephen Roach. He spoke with Tom Keene and Jonathan Ferry yesterday on Bloomberg Surveillance. They talked about the outlook

for inflation and tensions between the US and China. Do we hearken back to the fears of the sixties and the seventies and a wage price spiral, Well, the wage price spiral back then, Tom was heavily impacted by cost of living UH indexation clauses in I labor union contracts, And two things have happened. Uh, labor unions are a much smaller share of the workforce, and these coal adjustment

clauses are less prevalent than they were back then. And nevertheless, you know, wages are labors and a very important segment of overall business costs, and tight labor markets are certainly boosting the compensation piece of that, and weak productivity is reinforcing it. So it's it's important to stay focused on this issue. Steven Roch to China, Sir Howard Davies, mentions of your book that it is is is a way to a new framework a new discussion of both parties.

We need goodwill among the United States and China. How do we find that goodwill? Number One, we have to recognize that the current approach that we've both been wedded to over the past twenty years is an abysmal failure. In the last five years, we've had the beginnings of a trade war, tech war, and now the early stages of a new Cold war, so an accidental conflict. I propose a a new approach based on three key pillars.

One rebuilding trust by going after the low hanging fruits of reopening consulates and restarting exchange programs to king pressure off of NGO's. Secondly, abandoning the zero sum bilateral trade framework, which makes no sense and has not worked at all, embracing a market opening pro growth initiative framed around a bilateral investment treaty, And thirdly, making an effort to establish

a new architecture for engagement. These summits like the one that Hi Jimping and Joe Biden had November four, uh, they're long on the photo ops, but they accomplished nothing. I'm in favor of a new full time organization that I call a u S China Secretariat, which is detailed in the book. But after the Party Congress and what we see from the leadership in Beijing, a leadership perhaps forever is the idea, as you mentioned in one of

your chapters of China with American characteristics. There seems to be zero desire for that out of Beijing. Well, China wants to do it its way, and that's been an affront to us. We had this rather naive presumption that we let China into the w q O, they would play by our rules and become more like us. They had the facade of presenting UH that similar appearance, but they've certainly gone their own way, and that that remains

a worrisome part of the ongoing conflict. And that was Stephen Roach, the economist and Yale Senior fellow, speaking with Tom Keene and Jonathan Farroll on Bloomberg Surveillance. You can catch the full interview anytime on Bloomberg dot com and on the Bloomberg terminal. Right now, SMP futures are moving lower by two points, STOU futures down thirty six stance deck futures just eking onto a gain of nearly five points just ahead we'll get you this morning's top stories,

plus local headlines and a fuller check of markets. First, let's check in with Rob Carolin for a look at today's Bloomberg weather forecast. Cloud will be with us throughout the morning. We have an area of low pressure headed our way, and that's why the sharers will develop for the afternoon. High temperatures today in near fifty five, steady rain Tonight loose, falling back to fifty to fifty five. Storm's gonna move by slowly. Tomorrow's the rain continues. We're

mild fifty five to sixty. Thursday looks partly to mostly cloudie. There could be a few peaks of sun highs near fifty. I'm Rob Caroline with your three day forecast on Bloomberg eleven three oh broadcasting live from the Bloomberg Interactive Broker's studio in New York. Bloomberg Living Free to Washington, d C, Bloomberg one to Boston, Bloomberg one six one does San Francisco, Bloomberg N sixty to the country, Sirius XM to the one nineteen and around the globe the Bloomberg business in

Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's on Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. We are nearly three hours away from the open of US trading. Time for the five Things that you need to know to start your day. Brought to you by Interactive Brokers. Interactive Brokers charges margin loan rates from four point three three percent to five point three three percent rates subject to change. Learn more at ibker dot com.

Slash compare up First. Today's Georgia runoff election will decide the final Senate contest in the country and combat to Democrat. Rafael Warnock held a rally in Georgia last night. The differences between me and my opponent a two one for us to sleep. Rafael Warnox geop opponent herschel Walker is also rallying support in the runoffs final hours. It is time for us to stand up, but stand together, because what the left has tried to do in the gown

run against have tried to separate us. Should Republican Georgia Senate candidate herschel Walker win, Democrats would control the Senate with a fifty fifties split, well about one point nine million Georgia voters cast ballots already, Karen and early voting and Republican Georgia Congressman By Carter says, it is important to keep that we'll have in the committee process, and that's extremely important. It also means instead of Chuck Schumer being in charge with at least we can count on

Joe Mansion. Sometimes. Georgia Republican Congressman Buddy Carter made the comments on Bloomberg Sound on. The show is live in Atlanta today. You can catch it at five pm ball Street Time. Oh another major political note here, Nathan white House Chief of Staff Ron Plain says President Biden is likely to announce he's running for a re election after the Christmas and New Year's holidays. Turning to markets now, Karen, futures are little change, with investors fearing more fed tightening

after US services gauge unexpectedly rose yesterday. BNP Party Boy chief US economist Carl RICKA. Donna says he expects rates to rise into next year. We do think there's another fifty basis point tightening in December. We expect another fifty basis points in February and then BIPs at the March meeting. We're slowing but we're not slowing quite fast enough. BNP party boss called Rickadonna says last week's strong labor data

all so put pressure on the FED. And despite the jobs and numbers, Nathan, we are seeing more corporate layoffs and Bloomberg Steve Rappaport joins US Live with more. Good morning, Steve, Good morning, Karen, and Nathan. PepsiCo is letting hundreds of workers go from its North American snack and beverage unit, The Wall Street Journal setting an internal memo reports the move is intended to simplify the organization and make it operate more efficiently. Pepsi announced in October it would cut

costs after reporting a jumping quarterly sales and profit. The company says demand remains high despite passing higher costs on to customers. Live in New York. I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thank you. That's the five things that you need to know to start your day. Brought to

you by Interactive Brokers Again. Futures this morning have been struggling for a direction, with SNP and Dow futures both Little Change NASDACK futures higher up a tenth of a percent, up about fifteen points, and ten year treasury up one thirty second deal three point five six percent. Straight ahead, your latest local headlines, plus a check of sports, and this is Bloomberg. Thanks he six one on Wall Street. Let's bring in Michael bar to check what's going on

in New York and around the world. Good morning Michael, Good morning Nathan. The NYPD says there has been a monthly decrease in crime, with the seven major crimes down one in November. Meanwhile, hate crimes surged by sevent last month, with anti Semitic hate crime soaring by a hundred twenty five percent. Mayor Eric Adams, we have normalized hate and I continue to say what did the biggest spread of

this hate is social media? What social media is doing to a normalize hate, to give a platform for hate to spread hate. Uh, it's just really alarm in. Mayor Adams says that's why he attended the conference on Anti Semitism in Athens last week. Mayor Adams also talked about

New Yorker is getting healthier. Adam says the forty four million dollar campaigned dub Lifestyle Listen involves diet, exercise, and medical care in the hospital of plant based mills are now the default for patient lunches and Dennis, don't anyone kids you when they tell you that these chronic diseases a part of your DNA. It's not. It's part of your dinner. It's what you eat every day that has caused in many of the chronic diseases we are experiences.

Mayor Adams says New York City will not continue to feed the healthcare crisis. A serial slayer known as the Torso Killer, already convicted of eleven homicides, admitted that he also killed five women on Long Island in the late sixties and early seventies. Richard Conningham was sent in yesterday to twenty five years to life in the nine murder of twenty three year of Diane Cusick. Two times Emmy winner Christie Ali, who starred in the nineteen eighties sitcom Cheers,

has died. And he died after a short battle with cancer at age seventy one. Global News twenty four hours a day on the air end on Bloomberg quick Take, powered by more than journalists and anialists more than a for twenty countries. Michael Barr This is Bloomberg, Nathan. Thank you, Michael. Six thirty three on Wall Street. Time for the Bloomberg Sports Update, brought to you by tri State out Here.

Here's John stash Out. All right, Nathan. Three days after Jacob de Graham's departure to Texas, the Mets filled his spot of the rotation with a future first ballot Hall of Famer Justin Verlander. He'll be forty years old when the season begins, but he just had one of his best seasons, winning the Cy Young with Houston. He's gonna make forty three million dollars next two seasons, just like his now Mets teammate Max Scherzer. They also used to

be teammates in Detroit. Trade Turners signed with the Phillies. That's an eleven year contract for three hundred million. He'll be a teammate of Bryce Harper as they used to be in Washington. Are resigning by the Yankees. It's not Aaron Judge, it's Brian Cashman, the general manager since and now signed through seven. Cashman, at the winter meetings in San Diego, said the Yanks will not rush Judge into making his decision. Much he had went for the Rangers.

They had lost their last two five the last six Trade held the Blues heading to the third period that Rangers pulled out a six four victory. Monday Football, Tom Brady Rally Tampa Bay Pass, New Orleans seventeen sixteen. The Bucks trailed by thirteen or three minutes left, Brady through the game winning TV pass where three seconds left, and he now has the most fourth quarter comebacks in NFL history, passing Peyton Manny. The Giants game week from Sunday in Washington,

the rematch of Sunday's time move to prime time. Giants and Jets, both currently clinging to wild card playoff hopes, are both with very tough games. Sunday, the Giants host eleven and one Philadelphia. The Jets visit Buffalo, will try to beat the Bills for a second time. John stashanber Bloomberg Sports. Nathan all Right, John, thank you. Bloomberg Sports is brought to you by Audie. Don't let someone else

drive off in the OUTI model you've always wanted. Visit your local Tri state autie dealer to get behind the wheel of yours today, or visit autie offers dot com for more information. SFP futures up two points, down futures down one, and NASDAC futures are higher by twenty one points. That's a game of two tenths per cent. Six thirty five on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong.

Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Jeff Bullinger and on w l W in Cincinnati. I'll be talking about yesterday's big drop in the price of Proger shares. I'm Steve Kodaskanka and X in Los Angeles. We're talking about an l A lawyer filing a lawsuit against Twitter on behalf of fired employers who say the company hasn't followed through on several spaings. I'm Stephen Karen on Bloomberg d AB

Radio and London. We've been reporting on the British Prime Minister backing down on a monetary house building targetph for rebellion from his back bench and page Time. Gina Servettian for w c CEO in Minneapolis. I'm talking about a failed Sanitizer venture, entangling some members of the family behind the Mall of America and New Jersey's American Dream Mega Malls. I'm it Corey on w J in Detroit. I'm reporting

Bisers expanding its manufacturing capabilities in Michigan. And those are some of the stories our hundred Bloomberg journalists and analysts are working on this morning. Around the world. It's sixty six on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. Speaking ahead of his meeting with Joe Biden last week, French President Emmanuel Macron warned that U S trade policy

could fragment the West. That might sound alarmous, but he was right. While Biden's programs to subsidize clean energy investment in high tech manufacturing have much to recommend them, their protectionist elements put foreign producers at a big disadvantage, threatening international economic cooperation. During his meeting with Macron, Biden conceded that the Inflation Reduction Act, with its by American emphasis,

may need tweaks. It would be better for Biden to rethink his basic approach the US, Europe and the world as a whole would be better off if liberal trade were simply allowed to do its job. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash Opinion or O P I n go on the Bloomberg Terminal. This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday

at this time in terminal. Customers can read more at O P I n go. Tune in later this morning on Bloomberg Radio. We are live today at the Goldman Sachs Financial Services Conference, and we have an exclusive interview lined up with the CEO Goldman Sachs chief, David Solomon. He's going to join us around eight am Wall Street time. You can catch that conversation on Bloomberg Radio and watch it on Bloomberg Television six thirty eight now on Wall Street.

Up next, on Bloomberg Daybreak, we're gonna take you live to Georgia, where it is election day again. Bloomberg's Joe Matthew joins us from Atlanta on this Senate runoff day between Democratic income at Raphael Warnock and Republican Herschel Walker. This is Bloomberg m Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quicktape. She's a Bloomberg Business Flash and I'm Karen Moscow. This update brought to you

by the Jewish Communal Fund. For fifty years, JCFS donor advised funds have been helping families create charitable legacies. Start now and open a j c F fund before year end. Visit j c F n Y dot org. Futures this morning are a little change. We are seeing a little strength from NASDAG futures. Let we get to the first word, breaking news desk for today's morning call. Here's Bill Maloney. Bill,

good morning, Hey, good morning, Karen. That's right. US futures are quiet at yesterday sell off without futures down at fourteen points. Smps are unchanged, Nasty futures are higher by eighteen. The US A ten yeld at three point five seven percent. Gold this up six. Oil is in the red and

bitcoin is trading a little changed. Taiwan fell one point seven percent overnight, while up markets are also trading in the red this morning and back in the US on the economic front, Betty thirty Trade Balance after the Bellas night, the U S Army shows Bell Textron over lockeed Martin for the next generation helicopter, and another news Reuter's report that Goldman Sachs plans to invest in crypto companies exploding lower valuations after the f t X collapse, rapping things up.

Jape and Morgan was double upgraded State Street, and Banker New York. Mellon downgraded at Morgan Stanley, Boston Beer was cut to sell at Deutsche Bank, and ge was raised to outperform over at Oppenheimer. Live from the First Breaking News desktom Bill Malody care all right, Bill, thanks sending her live breaking news of her Bloomberg type squawk on your terminal squ A w U K and that's a Bloomberg business flash. Now here's Michael Barr with Moore on

what's going on around the world. Michael Caarin, thank you very much. Today is the Senate runoff election in Georgia between Democratic incumbent Raphael Warnock and re public and Herschel Walker. Last month, Walker got just enough votes to deny Warnock needed to win outright. Russian missiles have rained down on Ukraine. The strikes came after two explosions at military facilities inside Russia. NFL the Bucks beat the st seventeen sixteen NBA, the

Celtics won, the Warriors lost. NHL, the Rangers and Capitals one. The Bruins lost in the shootout. At the World Cup. It is the final day of the Round of sixteen. Morocco play Spain, Portugal play Switzerland. Global News twenty four hours a day on air, end on Bloomberg Quick Take power by more than twenty seven under journalist and analysts more than a D twenty countries. Michael Bar this is Bloomberg Care. All right, Michael bar thank you. It is

sixty two on Wall Street. Returned to news and science and technology now with the Bloomberg and j I T STEM Report. It is brought to you buy New Jersey Institute of Technology and j I T offers New Jersey's first undergraduate degree in fintech tech driven the finance focused what will you make it? N j I T. Learn more at n j I T dot E d U slash Fintech and here's just making news and science, technology, engineering,

and math. Bloomberg News has learned the U S and the European Union are considering new tariffs on Chinese steel and aluminum. It would be part of a bid to fight carbon emissions and global overcapacity. As a novel approach, the U S and the EU would use tariffs usually employed to trade disputes to advance their climate agenda. The US Federal Trade Commission is investigating several crypto firms of our allegations their advertisements were deceptive or misleading. The agency

and forces laws that require truth in advertising. They include rules that individuals disclose when they have been paid for endorsements or reviews, and the FTC is not releasing any details. And Apple will begin letting customers and eight European countries repair their own devices, expanding a program that rolled out

of the US earlier this year. The offering, known as self Service Repair, will now allow users in France, Belgium, Germany, Poland, Spain, the UK, Italy and Sweden to buy parts online for the iPhone, se iPhone twelve, iPhone thirteen and certain laptops so they can conduct their own repairs. I know a few husbands who love that idea, and that's a bloomberg Hencha I t stem rapport is that. Oh gosh, I can't imagine who you could be talking about. All right,

my husband loves doing that kind of stuff. All right, Thank you, Jarrett at sixty four on Wall Street. Now it's time to check what's going on in d c if. Some of the top stories in our nation's capital include the White House sing inflation moderating President Biden likely to make his announcement after the holidays, and the US upgrading Taiwan weapons package with newer Patriot missiles. You can read more about those stories at Bloomberg dot com or on

the Bloomberg terminal. But the top political story this morning, it is decision day in Georgia between Raphael Warnock and Herschel Walker in the Senate runoff. We're joined live this morning from Atlanta. Bloomberg Washington correspondent and host of Sound On, Joe Matthew, Joe, good morning, Good morning. Of phrases are turning into a thing in Georgia. Yeah, they really like

to do that. And by the way, this will not lead to another runoff no matter what happens, but it could lead to a recount, So think about that right now. This is the fifth time that Raphael Warnock has run for this seat. Well, I'm not sure if he's going to win it, but if this is within a half percentage point, as it may, well then it triggers a recount. So Georgia might have to wait a minute. And it's

all gonna come down to turn out today. And I'm gonna tell you, Nathan, it's it's just been pouring, it's foggy, it's raw out. It's not a good day to get people to stand outside and line up to go to the polls, which is going to be a real challenge for Herschel Walker seeing record early voting in this race that is likely to favor Raphael Warnock, the Walker campaign is doing everything it can to get people out on

election day itself. Well, that is a really interesting point, Joe, because a lot of the reports we've been hearing about how the early vote has gone for people who have shown up at those early polling places, they've been facing long line as well. That's true a lot of this. You know, when we say early voting, this includes in person early voting, and we saw nearly two million people get out early and ahead following the advice of the

Walnut campaign. Obviously, the whole idea. The concept of early voting is something that Republicans have been a little bit slow to come around on, but have been embracing it lately. And with Brian Kemp now backing herschel Walker the governor here in the state, that's the one thing that's a little bit different than what we saw in the general election.

Would be a little bit difficult to quantify because there, you know, he didn't have herschel Walker, didn't have coattails in this runoff election the way he may have uh in in the first round. But also Brian Kemp has put his machinery and his money behind herschel Walker this time, which he did not do the first time around. So it's not exactly the same race, and it's being conducted in a vacuum, which really changes a lot of the

contours of the election. Interesting point as well, because we saw some of the last ads in this race where featuring Brian Kemp with that endorsement of herschel Walker. We've also got a Trump factor to consider as well, don't we, Because I've been hearing that the former president held a tell A rally for herschel Walker last night. Do you see that having any impact. It's it's hard to say.

Look again, it's about getting people to turn out. If Donald Trump's holding a tell A rally, which he did last night, he did this for Glenn Young in the night before the election in Virginia as well, gives him a chance to take credit for a win. But you know, it's not like people are lining up out of the blue to go to this tell A rally. Those those are very carefully curated lists of supporters, Trump supporters in

this particular case. So he's singing to the choir. Whether that gets UH these particular voters to bring their friends or family or motivate others to get to the polls as the question. And we've also seen just how important Democrats see this race as being. Given all the spending they've put behind the Raphael Warnock campaign, there's something like more than two to one advantage in terms of the

spending output by Democrats in this race. That's true. I think we even three to one uh might might be the statistic year. And you know, look, we've seen Raphael Warnock, and of course he's an incumbent, He's done this a lot of times. This is herschel Walker's first outing, but he's been doing Warnock multiple events a day, multiple media interviews. Last night, we were at a brewery with Senator Warnock. That was the way he closed the final message of

his campaign with rapper Jeezy herschel Walker. Meantime was was going to went to a gun store and took his bus up around the northern reaches of the state, in rural areas where he's trying to pick off voters. Those two hundred thousand voters who voted for Brian Kemp the first time around it last month but did not vote for herschel Walker. That ticket splitting is a big deal. Herschel Walker needs to bring them in if he's going to win. Raphael Warnock needs to keep them home if

he wants to keep his job the same. Obviously, you're in Atlanta. You're gonna be covering this all day into tomorrow, hosting a special edition of Sound On from Georgia's Capital. What are you gonna be looking for? Are you gonna be talking to his part of your coverage? You know, Actually, we're we're looking forward to a conversation with the Secretary of State Brad Rathfinsburger, who is of course uh, pretty well known resident. Yeah, that's right, based on the perfect

phone call or one of those perfect phone calls. But he's got a big job today and he's no stranger to these runofs. He did it two years ago, was doing it again today. He'll be with us live on Bloomberg at five pm and looking forward to that for sure. Joe Matthew, host of Sound on which, as he mentioned, you can hear every afternoon at five pm Wall Street

Time across Bloomberg Radio. And again get much more on all the political stories happening in and around the nation's capital by going over to Bloomberg dot com or checking them out on the Bloomberg Terminal. Looking ahead to the market open this morning, futures are looking for some direction today. We've got SMP futures little change to the upside. DAL futures down nineteen points now, NASDAC future is holding onto a gain of sixteen points. That's a gain of about

a ten percent. Tenure Treasury is up three thirty seconds, the yield three point five six percent. This is Bloomberg Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg quick tape, She's a Bloomberg business lash and I'm Karen Moscow. And markets are struggling for direction this morning. At least futures are as traders way the prospects for a slowed down in the pace of US rate hikes against data that

showing tighter policy maybe needed for longer. We checked the markets every fifteen minutes throughout the trading day on Bloomberg. Right now, US in P futures or main little change, so did Dow futures on Mastack futures are higher, up a tenth of upper cent or seventeen points. The decks in Germany is down three tenths of upper cent ten. Your treasury of three third day seconds, you're three point five six percent, and they yield on the two year

four point three six percent. Not max screwed. Oil is down one and a half percent out of dollar twelve, but seventy one cents of barrel comex called up half percent or nine dollars thirty cents at seventeen ninety sixty. At our it's the euro one point oh five one five against the dollar. British found one point two two one seven and again is a one thirty six point three one looking at bitcoin this morning, it's little changed. It's just under seventeen thousand dollars. And that's a Bloomberg

business flash, Nathan. All right, Karen, thank you to six fifty six on Wall Street. And this is Bloomberg day Break, brought to you by ancient accountants and advisors, the right fit tax and accounting firm that you need to succeed. Visit them at Ancient dot Com slash v i P to learn more. That's ancient dot Com slash v i P. And speaking of v i P s, Bloomber Kayley lines with a look at some of the pre market movers this morning. Morning, Kayley, good morning, Nathan, such a kind introduction,

Thank you. I have my eye on one stock in particular this morning, because really there's not a lot of movement out there, but there is definitely a lot of movement. For Get Lab the tickers g t LB. This is a software company. It's up a whopping seventeen and a half percent in pre market trading this morning. It reported after the bell last night, nice beaten race quarter. Not only did third quarter revenue top expectations, that also lifted

it's full year forecast. And the reason this is interesting and noteworthy is that economic uncertainty is leading to widespread cuts in I T budgets in a lot of places, but this company is proving resilient in the face of that.

And that's really the tone we're getting out of the analyst research this morning, pointing out that the company is continuing to produce results that contrast with its peers RBC Capital Markets, noting the durability of revenue growth and because of those headwinds, it does seem like the bar was pretty low going into these results, but clearly the stock

is reacting positively to it. After being down fifty percent year to date, it's now seeing a nice move in pre market, treading another mover that is not quite as large as game Stop. It's up a little more than one percent. And interesting report out of Axios late yesterday saying that it is beginning a round of layoffs game Stop is and that maybe the idea that that will bring costs down is what is lifting the stock higher.

What I find interesting and mentally unbiased because I host our Crypto show today at one pm on Bloomberg Television. But they basically said the team building the company's blockchain wallet looks like it's going to be heavily impacted. Interesting and also this morning, Kayley a big analyst call on

some big banks. Yeah, Betsy Grace and the team over at Morgan Stanley out with an interesting note this morning, double upgrading JP Morgan to overweight from underweight, adding it's the most preferred, one of their most preferred names, basically talking about operating leverage positively inflecting the consumer and community

bait taking market share, and relative stability during recessions. So that stock is up one point six percent, but be and why Melon was downgraded and as a result it's down one point three percent, Gray six saying that the reason for the cod is that the risk of deposit outflows it is persisting while QT goes on, So an interesting divergence there between those two banks and overall. Grace six says it is not yet time to go long on large cop US banks, so definitely an interesting note

to keep an eye on this morning. Alan, thanks for this, Kayley, great have you gone with us? As always Bloomberg's Kayley lines keeping an eye on pre market movers this morning. Want to mention one other Vivid's smart home is right on top of the market. Movers up nearly thirty n RG Energy is buying vivin smart home and a deal worth two point eight billion dollars in cash. As for the broader market, the futures, Little change S and P futures are up one point down, futures down ten NASDAC

futures are higher by twenty two points ten. Your treasuries up three thirty seconds, the yield three point five six percent. This is Bloomberg Daybreak. I'm Nathan Hager alongside Karen Moscow. Bloomberg Surveillance starts now live from the financial capital of the world, broadcasting across the globe. This is w bb R New York, Bloomberg Living Frio. This excess savings conversation from our perspective is starting to run out. The rocket fuel from