Bloomberg Daybreak: June 8, 2022 - Hour 2 (Radio)

override parts of the Brexit deal. Credit sweet shares plunge after warning of a second quarter loss, and new developments this morning involving Elon Musk and Twitter controversy over a planned New York City event with Florida Governor de Santis, plus a New Jersey mayor says the American Dream mall Owes his city millions. Michael Barre more ahead, I'm John Stage and Swards Champa. Maybe if the Rangers to tie up the series at two, the Yankees one at Minnesota,

the Mets will shut out to San Diego. That's alls tradit head on Bloomberg day Break on Bloomberg he Live in freon New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius XM one nineteen and around the world on Bloomberg Radio dot Com and via the Bloomberg Business. Good morning,

I'm Nathan Hager, I'm any Morris. Bloomberg Daybreak is brought to you by being Wide Melon Pershing's Inside conference back in person June fift through the seventeenth that the Gay Lord Resort in grape Vine, Texas. Don't miss it. Registered now at Inside dot b and y Melon dot com and watching futures move lower. On this Wednesday morning, it is six oh one on Wall Street. We checked the markets every fifteen minutes during the trading day. On Bloomberg.

SFP futures are down seventeen points. Staff futures down a D fifty five. Nastack futures are lower by thirty eight points. The tenure treasuries down eight thirty seconds for a yield of three percent. Amy well more on the markets in a moment. We begin with primarias across seven states last night, starting in California, San Francisco, residents took to the polls

to ausked Progressive District Attorney Jason Buddin. Voters were not asked to choose between criminal justice reform and something else. They were given an opportunity to voice their frustration and their outrage, and they took that opportunity. Jason Boudein's recall election turned into a heated campaign, dividing Democrats. Boodins sought criminal justice reform, critics panded him is far too lenient on crime. He addressed his supporters after his defeat. I

want to be very clear about what happened tonight. The right wing billionaires outspent us three to one. They exploited an environment in which people are appropriately upset. San Francisco District Attorney Jason Budein will be replaced by an interim dh chosen by San Francisco Mayor London Breed. Also in California, amy Governor Gavin knew Some cruise to an easy victory. He'll advance to November election. In Los Angeles, public safety is also a key issue in that city's mayoral race.

Billionaire real estate developer Rick Caruso and California Representative Karen Bass are headed for a runoff after yesterday's primary. In other states, congressional race has served as yet another measure of former President Donald Trump's influence over the GOP. Bloomberg Michael Barr joins US Live with more on primary results. In New Jersey, Good Morning, Michael, Good Morning, Nathan. A dozen U s OL seats are being contested in New Jersey.

They were several GOP candidates who followed Donald Trump's brand. However, in New Jersey, only two of the twelve member delegation are Republicans. In the second district, incumbent Jeff Van Drew won the GOP primary with six percent. Van Drew face Democrat Tim Alexander, who got sixty two percent. In the fourth district, incumbent Republican Chris Smith won with fifty eight percent of the vote. Smith will face Democrat Matthew Jenkins,

who ran unopposed. In the seventh district, Republican Thomas Kane Jr. Received forty six percent. He'll face incumbent Democrat Tom Malinowski, who got pent of the vote. In New York, Michael Barr Bloomberg Day Break, Alright, Michael, thank you. And five other states held primaries South Dakota, Mississippi, New Mexico, Iowa, and Montana. Incumbents mostly staved off challenges from other candidates

during the Politics Overseas Now Amy. After winning a confidence vote this week, UK Prime Minister Boris Johnson plans to press ahead with legislation, it's likely to anger some of his political allies. Bloombergs you and Pots joins us from London with the latest. Good morning you, and good morning Nathan and Amy. Back to work for Boris Johnson is less than two days since the UK Prime Minister narrowly

survived the confidence votes among his Conservative Party colleagues. Now Bloomberg understands that Johnson is pressing ahead with divisive plans on the Northern Ireland Protocol. The legislation is likely to give ministers the power to UNI actually rewrite post brexit trading rules the European Union as will and the move could leave to a suspension of the UK's trade deal. In London, I'm you and part spoon book daybreak, Thank you you, and turning to the market's US futures are

down this morning after yesterday's broad based rally. Sentiment remains fragile amid concerns interest rates will need to go hire to rein in inflation. However, Pimco portfolio manager Aaron Brown says easing supply pressures could temper aggressiveness from central banks as we start to seeing more chips supply. As we start to see you know less of this demand for goods. We do think that you will start to see inflation

peak and then ultimately start to roll over. Aaron Brown of pimcosa as waning supply team disruptions leave her cautiously optimistic about markets well in Asia, Amy China's tech stock saw big john The government's late dispatch of new game approvals bolstered bets of the industry's business outlook is on the end. Bloomberg's Juliette Sally has more. From Singapore, thew Hang sing Tech index rose to a two month high.

A sentiment was bolsted that authorities are moving towards policy normalization, but the contrarian who called China's tech routes says the sector is still a cell. Dizzy Banks Manuel Mural, writing he feels reports regulators are preparing to wrap up a probe into d D a premature. Elsewhere, continued weakness in the yend saw Japanese equities rise and Australian stocks recouped

some of Tuesday's losses. Short dated Indian bonds rallied, with the four year yield dropping twelve basis points as India's Central Bank in the jumbo rate high club in Singapore, Juliette Sale, bloom Big Daybreak, Thank Juliette, and Europe credits We shares are down more than five percent. The Swisslander expects the laws at the group wide level and investment bank in the second quarter. Credits We says market conditions have remained challenging after the invasion of Ukraine and monetary

tightening around the world. Now, the Corporate News amy there is new uncertainty surrounding the Elon Musk Twitter deal. Bloomberg's Nita Young joins US Live with more on that. Good Morning, Good Morning, Nathan. Elon Musk's attempts to get new funding to take Twitter private are now on hold, and it's

because of uncertainty surrounding the deal. That's according to Reuters, who reports conversations have halted with private equity firms, including Apollo Global Management, until there's clarity about the future of the acquisition. Musk has been trying to reduce his thirty three point five billion dollar cash contribution to the forty four billion dollar deal by preferred equity financing. Meantime, he's also threatened to back away from the deal if Twitter

cannot prove less than five percent of its use. There's our bots live in New York. I'm really need a young Bloomberg daybreak. Okay, we need to thanks SMP. Futures now down twenty points down, Futures down a hundred sixty four, nastack, futures are lowered by fifty two points ten. Your treasury down seven thirty seconds for a yield of three percent. Straight ahead, your latest local headlines, and a check of sports. This is Bloomberg. Thank you, Nathan. It is six oh

seven on Wall Street. Let's bring in Michael Barrow will find out what else is going on in New York and around the world. Good morning, Michael, Good morning Amy. New York lawmakers called on the Chelsea Piers Entertainment Center to canceled an upcoming event that includes Florida government around the Santis, saying his parents would be an insult to

the city's LGBTQ community. According to an online event scheduled to Scantists, a Republican and potential twenty four presidential candidate, we'll discuss the Florida model and why it's good for religious Americans on June twelve. At the Jewish Leadership Conference. Critics specifically signed at the Florida law to sant To sign that restricts classroom instruction about sexual orientation and gender

identity for children in kindergarten through third grade. Is the Senate getting closer to a compromise on gun safety Bloomberg's aid Baxter reports Senator Chris Murphy is telling President Joe Biden every day we get closer to an agreement, not further away, and House Minority Leader Mitch McConnell is being very careful about commenting. I don't want to speculate about how many of my members might support it, So Majority Leader Chuck Schumer says it will need those votes. We

don't just need thoughts and prayers. We need votes. We need action. We need at least ten Republicans who are willing to say yes. But the hope is closer in San Francisco. I'm at Baxter Bloomberg gaybreak. It comes as actor Matthew McConaughey made a plead of Washington d c. To make changes to gun laws now. The Uvaldy, Texas native visited his hometown the day after the massacre at an elementary school that left nineteen children and two of

their teachers dead. He spoke to the White House Press Briefing, calling out any legislators who are hedging on change. We start right now by voting to pass policies that can keep us from having as many Columbines, Sandy Hooks, Parklands, Las Vegas is Buffaloes and you Valdies. From here on, McConaughey called on lawmakers to rise above politics American dream. The five billion dollars super mall in New Jersey isn't

only in hock to bond holders. The mayor of East Rutherford says the shopping and entertainment complex owes the borough between five point five million and six million dollars. Jeffrey Lawholier says the mall, which is in the meadow Land Sports Complex, has failed to make payments in lieu of property taxes. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries.

Michael Barr and this is Bloomberg. Ain't all right? Thank you? Michael. It's six in on Wall Street. Time now for the Bloomburgh Sports Update with John stash Our Amy The Rangers have gotten to this point two wins from playing for the Stanley Cup, winning only twice on the road. They won the two road games they had to win or their season would be over. Game six in Pittsburgh, Game seventh Carolina, but they've lost the other seven on the road.

Tampa Bay took last night's game four, four to one, and the East Finals are tied at too Only Ranger goal came late from Martimi Fanarin. It was on the power play. Rangers never scored in the two games at Tampa at even strength. The good news they're coming home where they've won eight in a row. Game five tomorrow night at MSG. Game three the NBA Finals tonight in Boston Celtics Warriors tied at one win of the year for the Yankees with an occurrence early on. It has

now happened twenty two times. The field and Buxton back, He's on the track, he's on the wall. She's gone over the Centerville wall. I judge in blast, but he is something Aaron Judge, Hey all rod a and twenty two homers for Judge. That's five more than anyone else in baseball. That game first standing with a man on John Carlos Fanton hit his twelve also in the first and then in the seventh three runch shot far Anthony Rizzo is fourteen. Yanks beat the Twins ten to four.

They are forty and fifteen. They won seven a row. Mets lost in San Diego seven up. He managed only only two hits up the podres you Darvish the Red Sox one in tennants. They sent the Angels to a club record thirteen bloss in a row, and the Angels have fired their manager. Sixty eight year old Joe Madden, who has been managing the majors the last seventeen years, want to pen up with Tampa Bay, of course, won

a World Series with the Cups. Just Dash Award Bloomberg Sports Team, all right, thank you, John checking Futures now s and P Futures down nineteen points, del Futures down one sixty nastat Features down forty nine and a half point. It's much more still to come on this Wednesday morning on Bloomberg Break Daybreak, Stay with us. This is Bloomberg.

Bloomberg Daybreak is brought to you by Hafster University's Frank G. Zarb School of Business is ourb Executive NBA is built for working professionals and can be completed in this few as eleven months. Is at Hauster dot etu slash go grad markets headlines and breaking news twenty four hours a day, at Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quicktape Truth He's a Bloomberg Business Flash. I'm Nathan Hagar.

US futures are falling along with European stocks. SMP and nastack futures both slipping, signaling a pause following two days of gains, with persistent worries about inflation and measures about avengngers by central banks to rein it. In weighing on this market, we check the numbers for you every fifteen minutes during the trading down Bloomberg Right now, spf utuers are down twenty points, Staff futures down a hundred sixty six, nast deck futures lowered by fifty two points. Germany's decks

down a half percent. The CACK in Paris is lowered by seven tenths of one percent. To foot Sea in London down three tenths per cent. To tell your treasury is down eight thirty seconds for a yield of three percent yield on the two year two point seven four percent. Nime X Screwed is up one and a quarter percent of a dollar fifty and a hundred twenty dollars ninety one cents for a barrel of West Texas Intermediate crewed comics called Little Changed up twenty cents at eighteen fifty

two thirty announced. The Euro is at one point zero seven two zero against the dollar, British pound one point one five three eight. The end is at one thirty three point seven six Bitcoin trading around thirty thousand, four hundred dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world.

Michael Nathan, thank you very much. Democratic US representative Karen Bass and billionaire developer Rick Caruso Breeze passed a large field of rivals looking to be the next mayor of Los Angeles in advanced to a runoff election in November. Bass is poised to come the first woman to hold the job in the nation's second most populous city. The

winner in November will replace outgoing mayor Eric Carr. City in the NHL East find All the Rangers lost to the Lightning for one, the series now tied at two games apiece. In baseball, the Yankees one, the Mets lost, the Red Soxcen Orioles were winners. The Nationals lost, along with the A's and Giants. 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 and this is Bloomberg any all right? Thank you, Michael. It is six nineteen on Wall Street where live from the Bloomberg Interactive Broker Studios on Bloomberg Daybreak. Getting word this morning, UK Prime Minister Boris Johnson plans to press ahead with legislation giving him the power to override parts of the Brexit deal. Joining us now to talk about this, Bloomberg's Lizzie Burden joining us live from London. Lizzie, thank you for taking

the time with this this morning. Let's talk about what Boris Johnson is doing. He barely survived that confidence vote ear Yer this week that left him weakend, So what might this do to his political standing? This seems risky, Hiami, Yeah, of course it appears appeases the pro Brexit vote within the Conservative Party, and there's this huge rush to get something done because they want to appease the pro unionist Democratic Unionist Party in Northern Ireland and restore the region's

power sharing executive. But it is very, very risky at home. The former UK Treasury Minister Jesse Norman has warned that if you rip up the Northern Ireland Protocol it would be economically damaging, politically foolhardy, these are his words, and

almost certainly illegal. And then internationally, Boris Johnson's predecessor as Prime Minister, Theresa May, has warned that since it was Johnson who signed the Northern Ireland Protocol, if he rips it up, then other countries are going to question Britain's integrity. So it's risky at a time when Johnson has just clipped clung on through a vote in which forty of his MPs had declared that they lost infidence in him. Lizzy, is it possible that this is an attempt to divert

attention away from those other issues. Well, you could argue that this is Boris Johnson trying to show that he's moving on, even though some of the Tory press have called the vote on Monday a hollow victory. But on the other hand, I would question where this is coming from.

My reading is that it's driven by the Foreign Office more than Number ten, and this is the Foreign Secretary lest trust showing the Conservative base that even though once upon a time she was a remainer, she's willing to stand up to Brussels and that would help her if and when a leadership election comes and she's one of the top names on the runners and riders lists that are circulating. And I just want to build on something

you said that there's timing here seems significant. He's doing this very quickly after that confidence vote because any delay might make him look weaker, right, Yeah, Well, officials signaled last months that the government was looking at the fortnight after June the six to introduce some legislation like this, So a delay beyond that window would bolster the impression that legislating has been made more difficult by the vote. But this is exactly where a question whether this is

more driven by the Foreign Office than Number ten. The timing is is a huge gamble for Johnson at risks dividing the Conservatives even more because while it plays to the pro Brexit wing, is going to stir the pro EU rebels that voted against Johnson on Monday, and Brussel isn't likely to be in the mood to compromise when Johnson appears weakened, and if the EU retaliates with a trade war, it's only going to add to the cost

of living crisis in Britain. Oh, there are so many different angles to this, and you mentioned the European Union, So what is that response likely to be? What moves

could they make in response to this? Well, the EU said that if Johnson unilaterally rips up the Northern Island Protocol then British scientists will be locked out of this Horizon europe Research project, and the UK Scienceman has gone to Brussels today to try and rescue those programs because he says they're nothing to do with the Brexit trade deal. And then in terms of individual member states, Ireland has

accused Johnson of acting in bad faith. And don't forget that none of this makes the prospects for a UK US trade deal any rosier. That's another angle that I had not even considered. Your absolutely right about that. So considering all of these different angles. How far is this bill expected to get would it even make it through? Well,

it's going to be a huge uphill battle. It could be presented to the House of Commond as soon as tomorrow, as I say, the delays would underscore Johnson's weakness, but it wouldn't likely enter law until next year because it needs to also pass through the upper chamber, the House of Lords, where it will face even more opposition because it's a little more pro eu in there. So let's get into the tax news from Rishie soonak is this Rishie making his fitch to take over that top job.

We've got about a half a minute here, Yeah, well sooner. It is promising to cut taxes his next budget in the autumn. It focuses on businesses. The question is whether there's going to be more help for households in the form of personal tax cuts. But there's always a benefit for any wanna be Tory leader to appearing to be the tax cutting out to Margaret Thatcher. But given he's already introduced a wind full tax on energy companies, he's got a lot of ground to claw back on that front.

All Right, we're gonna be watching this with you, Lizzie, Thank you so much. Bloomberg's that Lizzie Burden joining us live from London, talking about Boris Johnson's latest move trying to move on Brexit and and possibly tear out parts of that deal. We're watching it with you. Checking the markets now. SMP futures down at twenty, Dow futures down one seventy two, NASDAC features down fifty five. Much more

stealth to come on Bloomberg Daybreak. We'll check more markets and bringing the latest news in business, economics and finance. This is Bloomberg. Bloomberg Daybreak, brought to you by the Jewish Communal Fund j c F. Stoner Advised Fund is the smart choice to manage your philanthropy, especially in times of crisis. Make your giving impactful. Visit j c F n y dot org. Broadcasting live from the Bloomberg Interactive

Broker Studio in New York. Bloomberg E Living Freon to Washington, d C, Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg Num sixteen to the country Sirius XM chad A one nine teen and around the globe. The Bloomberg Business and Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six thirty on Wall Street. Good Wednesday morning. I'm Amy Morris and I'm Nathan Hager. We're just about

three hours away from the open of US training. Time for the five Things you need to know to start your day, brought to you by Interactive Brokers. Investment Advisors switched to Interactive Brokers for lowest cost global training and turnkey custody solutions, no ticket charges and no conflicts of your interests at i b k R dot com slash r I a of first results from some key primary races.

Last night, Democratic representative Karen Bass and billionaire developer Rick Caruso breezed past a large field of rivals looking to be the next mayor of Los Angeles. They advanced to a runoff election in November. The winner will replace outgoing Mayor Eric Garcetti. And San Francisco residents voted to recall progressive district Attorney Chase of Booting. Booting tried to reform the criminal justice system, and critics accused him of being

too soft on crime. We've made mistakes, We've learned a lot, and I am so unbelievably appreciative about those voting favor to Austin Bootine. He'll be replaced by an interim district attorney chosen by Mayor London. Breed will have the latest

on the New Jersey primaries. Just a minute, all right, Amy, But first, in UK politics, Bloomberg News has learned Prime in Sir Boris Johnson will go ahead with legislation to override parts of the Brexit deal that risks in flaming tensions with members of his Conservative Party and the European Union. Turning to the market's US futures lower following back to back games for the SMB five In Europe, shares of

Credit Suite are down almost five percent. The Swiss Lander expects a loss at the group wide level and investment bank in the second quarter, and there's no uncertainty this morning, Amy, surrounding the Elon Musk Twitter deal. Bloomberg's Ranita Young joins US Live with more on that. Good morning, Ranita, Good morning, Nathan. Elon Musk's attempts to get new funding to take Twitter private are now on hold, and it's because of uncertainty

surrounding the deal. That's according to Reuters who reports conversations have halted with private equity firms, including Apollo Global Management, until there's clarity about the future of the acquisition. Now Musk has been trying to reduce his thirty three point five billion dollar cash contribution to the forty four billion

dollar deal by preferred equity financing. Meantime, He's also threatened to back away from a deal if Twitter cannot prove less than five percent of its users or bots live in New York. I'm gonna need a young Bloomberg day break. All right, We need to thank you, and that's the five things you need to know to start your day,

brought to you by Interactive Brokers. Futures moving lower. We got SMP futures downtown twenty one point, staff futures down a D eighty NASTAC futures lower by fifty seven points. Those are drops of a half percent across the board for equity futures. Send your treasuries down nine thirty seconds for yield of three percent. Yield on the two year two point seven four percent, straight ahead your latest local headlines in the check of sports. This is Bloomberg, all right,

Thank you. Nathan sixty three now on Wall Street. Let's bring in Michael bar to tell us what else is going on in New York and around the world. Good morning, Michael, Good morning Amy. A dozen US House seats are being contested in New Jersey. There were several GOP candidates who followed Donald Trump's brand. However, in New Jersey, only two out of the twelve member delegation are Republicans. In the second district in come At, Jeff Andrew won the GOP

primary with eight six percent. And Andrew will face Democrat Tim Alexander got In the fourth district, incumbent Republican and Chris Smith one with eight percent of the vote. Smith will face Democrat Matthew Jenkins, who ran unopposed. New York lawmakers called on the Chelsea Piers Entertainment Center to cancel an upcoming event that includes Florida government around the Santis, saying his parents would be an insult to the city's

LGBTQ community. The House Oversight Committee is set to here testimony today from survivors of mass shootings and the families of victims. Senate Minority Leader Mitch McConnell is privately expressed in openness to raising the age limit to buy an assault rifle from eighteen to twenty one, but McConnell has not pushed for any specific policy. Is way too soon to start predicting how many are going to vote for it.

We don't have an agreement yet, and so I don't want to speculate about how many of my members might support it. McConnell has not publicly said where he stands on raising the age requirement. Majority Leader Chuck Schumer says he expects a vote in the near future. Democrats are ready to take good, strong action, and every member of this Chamber is going to have to answer the question, can we actually get something real done? Senator Schumer says

they need ten Republicans to vote for approval. Mr Matthew McConaughey is calling from Washington, d See to make changes to gun laws. He spoke to White House reporters, calling out any legislators who are hedging on change. Can both sides see beyond the political problem at hand and admit that we have a life preservation problem on our hands.

Matthew McConaughey, a native of you Valdi, Texas, visited his hometown the day after the massacre in an elementary school that left nineteen children and two of their teachers dead. The mayor of East Rutherford, New Jersey says the American Dream Mall owes the borough about six million dollars. Mayor Jeffrey Lahollier says the five billion dollars super mall located in Meadowlands Sports Complex has failed to make payments in

lieu of property taxes. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than seven hundred journalists and analysts more than a hundred twenty countries. Michael bar this is Bloomberg Gaming. All right, Thank you, Michael six on Wall Street Time Now for the Bloomberg Sports update. Here's John stash Our Sady home ice kids sin used to mean a lot of the Stanley Cup. Last Rangers played that series with Carolina where

the road team didn't win until Game seven. The Hurricanes had played in an earlier series with Boston where the home team won all seven and now four games into the East Finals, Rangers in Tampa Bay tied into both, winning twice at home. Game four or they go over the Lightnings pat maroon and then second period Tampa stored again. Good Brow the other way, bounces it to the lightning line, quick up, root up for work, a lot up the middle, coup drop, maybe a step in front hole shoot up

f l a Stephen Stamp Coast School. A third period late goal for the Rangers are Timmy Panerin on the power player. The Rangers have gone eighty six minutes without a goal. Andre Pelotte empty it at the end. Tampa Bay won four one thirty four stays for Andre b Celeski. The Rangers hoping the home cooking continues. If they keep winning at the Garden, where they've won eight in a row,

they'll win the series. Game five tomorrow. NBA Finals Game three tonight in Boston, Celtics and Warriors tied at one other Yankee win their forty seventh in a row ten four at Minnesota. Three Yankee home runs Aaron Judge, John Carlos Stanton, Anthony Rizzo, and two hits each from the two Yanks who have struggled mightily all season, Aaron Hicks and Joey Gallow only two hits all night for the Mets.

They lost in San Diego seven and nothing. The Padres led for nothing by the second A name view Darvish Et Taiwan. Welcome. Dustin Johnson and phil Miicholson get ready played in London that they viewed the new Live Golf Tour. Boat will then play the US Open next week near Boston, but Tiger would skipping the US Open since his body and he's time to heal. Tiger hopes to play the British Open next month. John Stashwar, Bloomberg Sports Team. All right,

thank you, John. It is sixty seven on Wall Street. Time to take a look at stocks and some of the names that are moving in the pre market. And for that we're joined by Bloomberg Radio and TV Markets correspondent Crety Goopta Creaty. Good morning to you. Good morning Amy. Let's just dive right in here. There's so much to get there, so I'm gonna speed through. Bear with me. I want to start with some of those Chinese A

d rs the U S listed companies here. Uh, things like Ali, Baba, j D, dot Com, Pinduo, Duo Bay do all up significantly this morning. This comes after China approved a second batch of video games this year, providing a signal of policy support to the country's internet sector. This is so important because we know a lot of these companies haven't actually gotten that support from from the

Chinese administration. They are starting to get a little bit more of ease, and the idea here being then if you have this regulatory crackdown, which is by the way, hurt stocks to know some seventy from their peak last year, how much of kind of investor buying are you going to get from around the world. That's been a major question for a lot of these companies that have a

really suffered that regular choice scrutiny. Now it looks like China is trying to make those steps to be a little bit more progressive, at least when it comes to internet companies and the scrutiny there. So you do have on the back of that report us the likes of Ali Baba, for example, be a b as your taker. The shares are up five percent in the pre market

j D as well. The taker is just the letter j D up about four point two percent, Pin Doo doo this of course the e commerce company p d D up about six percent, and by do b i d U up three percent. Now, no, not all of these companies are actually have of a stake in video games, but the idea that they China did to prove that second batch is kind of the scene as a signal a proxy of Internet scrutiny. Broadly, let's stick with the tech theme here and talk about Intel. I n tc

S your ticker down three point three percent. This comes after City lowered their estimates on the chip maker after the company's management mentioned at a conference that the circumstances are worse than expected during the quarter. A similar theme. When you look at all Tree a group, m O is your taker. This of course the maker of cigarettes and other tobacco p next down about three percent, Morgan Stanley downgrading it to an underweight, citing increasing macro pressures

and competitive risks. Super important cigarette companies are kind of seen as defensive stock that even in the worst of times, even if there's a recession, UH smokers are going to still buy cigarettes simply because of the addiction. That makes it a defensive stock. So to see a downgrade from a major Wall Street firm is a huge deal. M O once against your taker down about three percent. And I'm gonna end here with Nova Vacs. We haven't talked about COVID news in a while, but this is important.

N v a X is your taker. The shares are up about eighteen percent in the pre market worrip as much as this comes after the company's coronavirus vaccine one support from an f d A advisory panel, So you are still seeing more and more people come to market with those vaccines. Alright, Bloomberg Radio and TV Markets correspondent Crety Coopta always a pleasure. Thank you so much for joining us, Crety and looking at stocks as a whole ahead of the open. SNP futures down eighteen down, futures

down one fifty nine, nastac features down forty six. Ten year price down twelve thirty seconds with a yield of three point oh two. Much more still to come. On this Wednesday morning edition of Bloomberg Daybreak. Stay with us. This is Bloomberg Bloomberg eleven three oh Weather today, maybe an early shower, partly the mostly sunny otherwise conn of breezy going up to eighty five, going up to eighty with showers tomorrow and then sunshine on Friday, going up

to eighty degrees. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com of Bloomberg Business at and at Bloomberg Victape. He's a Bloomberg Business Flash Morning. I'm Nathan Hagar. This updates brought to you by pe Pack Private Wealth. Management of portfolio is more than a collection of assets, It's a path to your future. Visit p pack Private dot com futures moving lower. Let's go right over to the first from breaking news desk for

today's morning call with Bill Maloney. Bill, Good morning, Hey, good morning, Nathan. That's right. US futures are in the red right now at death futures down a hundred and fifty points says to be shrop seventeen and as the futures are lower by thirty nine v us a ten year old at three percent. Gold is down four Oil is trading higher, but bitcoin is down by two point nine percent. Hong Kong rose two point two percent overnight, while up markets are in the red, led by losses

in France and Germany. Back in the US. On the economic front, at ten o'clock, Hostale inventories and in other news, Credit Sweet said a slump at its investment bank will lead to a third straight quarterly loss. In deal news, Western Digital will consider splitting up its flash and hard drive businesses and wrapping things up all Trio was downgraded to underweight. Over at Morgan Stanley Live from the first

Breaking News DOSC on Bill Maloney. Nathan, Okay, Bill, thanks to get live breaking news over your Bloomberg's Squawk on the terminal s q U A go, that's Bloomberg business splash. Now Here's Michael Barr with more on Let's stilling on a round the world. Michael Nathan, thank you very much. Victims, families and survivors of the Uvaldi and Buffalo mass shootings are in Washington, d C. Today from multiple hearings to call on Congress to act on gun reform. And I

are retired Navy Admiral. Democrat Mike Franken will challenge Republican Senator Chuck grass Le's re election this fall after winning his party's nomination over two competitors. In the NHL East Final, Rangers lost to the Lightning for one. The series outside the two games Apiece and Baseball the Yankees one. The Mets lost, the Red Sox and the Orioles were winners.

The Nationals lost along with the A's and Giants. Global News twenty four hours a day on air and on Bloomberg Quicktake Power by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg Amy. All right, thank you, Michael. We're live from the Bloomberg Interactive Broker's studios where it is six and on Wall Street time now to check what is going on in d C. Some of the

top stories in our nation's capitol include gun talks. They continue on Capitol Hill, both sides maybe approaching a compromise. Also, we've seen a small burst of bipartisanship in the House as lawmakers are working on some health and water infrastructure issues. And then there is the war in Ukraine. There is more eight on the way. We're also watching how they're working to get those grain exports going again. And to talk about all of this and more, we welcome back

Bloomberg Government reporter Emily Wilkins. Emily, let's start with those negotiations over gun control measures on Capitol Hill. Where do they stand now? So right now, really we're all just looking to the Senate where you've seen Democratic Senator Chris Murphy Republicans Senator John Cornyn. Really trying to work out an agreement that actually can get the ten Republican votes needed to pass in the Senate um and Senator John Cornyon says, really, any bill has got to be narrow.

We're talking no new restrictions on guns and really no

changes for current law abiding gun owners. We have heard a lot of talk about those so called red flag laws and potentially looking at legislation that would offer a grant to states that are interested in implementing those, and those are our laws that basically say, um, if you you know, have a family member or someone in your community who you know who is acting erratic and you're concerned that they might hurt themselves or others, you can get a temporary order that would allow guns to either

be removed from them or prevent them from buying guns. That of course, there there'd be a due process element as well. Matt seems to have the most momentum. A lot of people will point out that, you know, those are just grants, it's not even a federal law. Um. But it's very clear at this point that if something wants to move forward, it is going to have to be quite narrow, because there's still is a lot of really strong opposition from Republicans on on having these additional

restrictions on guns and gun ownership. Emily, I was reading through some of the stories that you have on the Bloomberg term, and one of them is about this bipartisan push, especially for a couple of different bills. You know, the House is like a dozen bills in process, but there are two that are really getting some bipartisan support. Tell

us about that. Yeah, so these are two. They're kind of wonky, but they're considered must pass legislation in Washington, d C. Because it kind of just helps the basic functions of government. I mean, one of these the the f d A, uh what they half their budget comes from user fees, and so one of these pieces of legislation will just reauthorize their ability to collect user fees

from the drug and medical device industry. This bill is also going to provide an express pathway to approve certain drugs for the market quicker than they might have otherwise, and they would of course also be able to then pull those drugs from the market if they don't match

up with clinical trials. Um. We're also looking at legislation on water and what and infrastructure development, these are including things like flood control, keeping the coast intact and really amy, if you pull back for one second, kind of why the bills are being passed now. I mean, they do have to regularly pass these bills, but it kind of also shows where we are in this legislative process. Uh. We're coming up at the end of the session, at

the end of the year. Of course, you have the November midterm elections, and you really only have like a few dozen days for lawmakers to get things done. And the harder closer you get to November, the harder it becomes. And so that's why you're seeing some of these bipartisan must pass bills coming to the floor, House floor, um and and getting moved through the process. Let's shift gears just a little bit, Emily and look at the war in Ukraine. Bring us up to speed on the latest

on aid for Ukraine. I know the World Bank has just signed off on a big package. What else is out there? Yeah, the World Bank just approved almost one point five billion for Ukraine to pay government and social workers. Um. And we also know, of course President Biden is you know, continuing to authorize amounts of funding for Ukraine. Uh, Congress just approved that forty billion for the White House to

be able to spend in ways that they need. Um. Obviously, the amount that the Congress approved really shows and speaks to the fact that this battle is expected to go on for quite some time. No one's seen an easy or quick end um to the Russian invasion. UM. And you've also but you've also seen other pieces of movement. I mean, one big thing industry that's been hit here is the grain and the wheat. You're seeing the Russian Foreign Minister Sergei Lavrov attending talks that might restart some

of those grain shipments out of Ukraine again. Um. And of course oil is another big concern. The Energy Information of Administration has estimated that next year Russian oil output is expected to decline by eighteen percent, just kind of adding pressure on nations like the US and its European allies to figure out how to you know, continue to put pressure on Russia while also making sure that energy

prices are not skyrocket skyrocketing at home. Let's talk a little bit more about those grain shipments if you don't mind, because I know you and has been working to get that humanitarian cord or set up. Doesn't look like they are very hopeful that it's actually going to hold, but they're going to give it a try. And one of the things they said was that there could be um in their words, catastrophic global price increases if they're not able to do that. I'm wondering how much urgency or

incentive that is providing to get that established. I think there's a lot of concern because you are seeing these shortages across the world and as you we worry, you know in the U s about inflation. Certainly not the only developed nation worrying about that, but it's it's because you are seeing shortages in things like grain. So I

think there really is a lot of pressure on it. Um. You have Turkey and Russia that did reach a tentative deal, but you do have Ukrainian officials that they are remaining skeptical at this point. I don't think that there's obviously not a lot of trust between Ukraine and Russia. Are really given the rest of the world and Russia, but there's also a huge incentive and pressure internationally to see

the smooth of again. Uh. Certainly a number of countries across the world that are being impacted by the lack of grain exports from Ukraine. Yeah, we're going to continue to watch that with you. Uh, Bloomberg Government reporter Emily Wilkins, thank you so much for taking the time with us. And also you can read more about these stories on

Bloomberg dot com or on the Bloomberg terminal. And as a reminder, you can follow all of the latest dot Bloomberg Radio in Washington on Bloomberg ninety nine one and one oh five point seven fm h D two. Nathan, okay me, thank you. We're at six fifty five on Wall Street. Let's turn to news and science and technology now.

The Bloomberg n j I T STEM Report is brought to you by New Jersey Institute of Technology, ranked the top fifty national public university by US News and World Report and number fourteen in the nation on Money's Best Colleges List. Learn more at n j I T dot e DU. Now Here's what's making news and science, technology, engineering, and math. The Biden administration wants Congress to support a four point three billion dollar plan to wean the US off Russian uranium. The money would allow the US to

buy it directly from domestic producers. Energy officials have made the case that any interruption in supply of enriched rush and uranium would cause disruptions at commercial nuclear reactors. NASA will launch a research rocket from remote northern Australia this month, in the space agency's first blast off from a commercial spaceport outside the US. The launch site was chosen because it's in the southern Hemisphere and close to the equator.

It is the first NASA rocket launched down Under since and Amazon, in its second annual report, says it prevented four billion bad listings for making it onto its site and got rid of more than three million phony products last year. Counterfeit sellers have longed plagued Amazon and other e commerce retailers. Amazon stepped up efforts to fight it in recent years amid heightened scrutiny from brands and lawmakers pushing for anti counterfeit legislation, and that is today's Bloomberg

and j I t Stem report. Future is moving lower, though not as d plea as earlier in this UH pre market session. Right now, SMP futures are down twelve points for a drop of two three tenths percent. DAT futures down a hundred twenty two points, and NASTAC futures are lower by sixteen points. That's the decline of a tenth of one percent. The tenure Treasury is down nine thirty seconds. The yield three point zero percent on the benchmark ten uere note, yield on the two year two

point seven four percent. Name X screwed up one point one per cent, or a dollar thirty one at a hundred twenty dollars seventy two cents a barrel. Comex goal down a tenth per center two dollars forty cents at eighteen forty nine seventy announced. The euro one point zero seven to three against the dollar. Bitcoin right now trading right around thirty thousand, four hundred dollars. Bloomberg Surveillance is next with Tom Keene, Jonathan Farrell, and Lisa Bramowitz for

Amy Morris. I'm Nathan Hager, and this is Bloomberg