Bloomberg Daybreak: November 11, 2022 - Hour 2 (Radio)

at least two people dead in Florida. I'm Michael Blarer. More ahead, I'm John stash Own Sports make third period for the Rangers to win. In Detroit, the Islanders were shot out. The Devils won their eighth in a row. That's all straight ahead on Bloomberg day Break on Bloomberg eleven, FREEO, New York, Bloomberg Washington, d C, Bloomberg one oh six one, Boston, Floomberg nine sixties, San Francisco, Sirius x M one nineteen and around the world on Bloomberg Radio. Come and via

the Bloomberg Business Set. Good Friday morning. I'm Amy Morris. And I'm Karen Moscow. US Dock index futures on the rise this morning. We are coming up to six one on Wall Street and we check the markets every fifteen minutes throughout the trading day. On Bloomberg, SNP futures of fifteen points this morning. Down futures have a hundred twenty two NASDACK futures up at sixties six. No trading in the US bond market today and observance of the Veterans

Day holiday. Niam X screwed oil is up three and a half percent. It's at eighty nine dollars forty nine cents in barrel, Amy Karen. US futures are building on yesterday's historic rally, the SNP five hundred coming off of five and a half percent gain for the best first day reaction to a CPI report since at least two thousand three, when records began. Headline inflation came in at seven point seven percent. That's the lowest since January. Doug Sioca is CEO at Covar Capital. He think what ended

the bear mark get popped two weeks ago. It's when the FED came out of the press conference. So if the Fed now and in the Randomester, being one of the head hawks, is talking a little less strongly the market way take that as a higher probability that this may not be a bear market bounce, but something start of the next legable market. Despite the rally of our capital's Doug Siocas notes the SMP is still downe this year, but we saw an immediate reaction and FED funds future

is following that. Our poor damy rates traders now see just a half point rate hike next month instead of another three quarter point increase. If that appears to be backing a downshift in rate hikes, and here's Dallas FED President Laurie Logan and Philadelphia FED President Patrick Harker. While I believe it may be appropriate to slow the pace of rate increases so we can better assess how financial and economic conditions are evolving, I also believe a slower

pace should not be taken to represent easier policy. The upcoming months and light of the CUMULICI fightening we have achieved, I expect we will slow the pace of our rate hikes as we approach a sufficiently restrictive stance. But I want to be clear A rate hiker fifty basis points, which still be significant. Philadelphia Fed President Patrick Harker and Dallas FED chief Lorie Logan spoke at separate events yesterday

after the latest inflation reading and Karen. The softer consumer price print coupled with China's move tweets some COVID rules fueled a rally in Asia. Overnight stocks in the region jumped by the most since March of We get the recap from Bloomberg's Juliette Sally in Singapore. Good Morning Juliette, Good Morning Avian Karen. The m s c I Asia Pacific Index climbed more than four and a half percent, also on track for its best weekly gain since March

twenty twenty. Hong Kong's benchmark search more than seven percent after China reduced its quarantine time for inbound travelers and scrapped COVID flat suspensions, adding to the positive sentiment around top leaders calling for a more targeted approach to controlling the coronavirus Regionally, chipmakers also saw that drove benchmarks in Taiwan, South Korea and Japan high and local currency has got to boost as the dollus off at its worst day

since two thousand and nine, the Korean one, jumping the most since October two thousand and eight. In Singapore, Juliette Sale Bloomberg Debriak Right, Juliette, thank you. In Europe today we have data on the British economy. GDP in the UK shrank in the third quarter, marking the startup what's expected to be a protracted recession. Gross domestic product fell two tenths of one percent. Consumers spending and business investment

both fell. The Bank of England sees a recession persisting into the middle of four and new developments this morning involving FDx, dot Com and the crypto collapse that has sparked a securities regulator in the Bahamas is now frozen the assets of fd X and related parties. We get

more from Bloomberg's Doug Prisner. The Bahamas Securities Commissions had a freeze was the prudent course of action to preserve assets and stabilize the company, and an attorney has been appointed provisional liquid dator as the comm as and aims to place the beleaguered crypto exchange into receivership. The Commission also said it's aware of statements suggesting client's assets were mishandled, mismanaged,

and or transferred to Alameda Research. Alameda is the trading house at the heart of Bankman Freed's digital asset empire. He is the founder and CEO of FTX dot Com, based in the Bahamas in New York. On Duck Prisoner, Bloomberg Daybreak, All right, Dick, thanks about Twitter in the spotlight once again. Today, Bloomberg News has learned that Elon Musk is telling employees that bankruptcy is a possibility for the company. We get the story from Bloomberg SHIRLEYE. Pellett.

Word came in his first address to Twitter employees since buying the company for forty four billion dollars. The social network has a significant debt burden from the acquisition and has seen a pullback from some advertisers that are concerned about Musk's plans for content moderation. Musk also told staff on the call that the days of free food and other perks are over. Twitter's office is in New York.

Charlie Pelott, bloom Bird day Break, Thank you, Charlie. One other note on Twitter, the social media network reinstated official badges for high profile accounts to combat a growing problem of users impersonating major brands. The gray badge reappeared below the profiles of businesses and major media outlets this morning. Now, let's get you up to date on politics. Amy and the race for the Senate control is still undecided three days after the election. All comes down to three states.

Counts are ongoing in Arizona and Nevada, and the race in Georgia is going to a run off in December. President Biden says Democrats face long odds to keep control of the House, but says it's not impossible. Oh no, Stull was Stoor but grown and Reside straight and Republicans are on pace to win at least two hundred ten seats so far compared to Democrats one two. Two hundred eighteen seats are required for a majority, and it is

a blow for the Biden administration. A federal judge in Texas striking down the president's plan to forgive student loans. The judge called it one of the artist exercises of legislative power without congressional authority in the history of the United States. The Justice Department says it will appeal. The plan is already on hold under an emergency stay from another federal court. S and P futures up thirteen points, DW futures up one seventeen, NASDAC up sixty. This is

Bloomberg six or seven on Wall Street. Let's bring in Michael bar to find out what else is going on in New York and around the world. Good morning, Michael, Good morning Amy. New York City Mayor Eric Adams says he won't stop talking about crime. Pushing back on criticism that he helped fuel the momentum of Republican candidates across the state in the mid term elections, Adam says that the system is broken and no one wanted to hear that. Adams later spoke at a community event on public safety.

He talked about removing the homeless off the streets. When I started in January, I went out and visited those camps and those encampments, and I saw inside there was in humane human waste, stale food, dirty clothing, drug pal fernalia. Some people will buy folk by Polo schizophrenic. That is inhumane to allow people to live that way. And I said, as the mayor of this city, is not happening under

our watch. Republican candidate seized upon crime as a central issue in the mid terms, including Representative Lees Helden, who ran closer than expected in his failed bid to unseat New York's Democratic Governor Kathy Hukel. President Biden left last

night for his foreign country tour. The President will be joining world leaders in Egypt for the United Nations Global Climate Summit, also known as cop MEAN, while the bilateral meeting between Presidents Shi Jing Ping and Joe Biden has been set for the sidelines of the G twenty early next week. Bloomberg's At Baxter reports. US National Security Adviser Jake Sullivan says the US will brief Taiwanese officials before

and after the President's talk they sit down Monday. Alivan says, face to face, you will get to sit in the same room with Shi Jimping, be direct and straightforward with him as he always is, and expect the same in return from she, and then he can make his judgments on that basis about how to take things forward. Sullivan says he's confidence Taipei will feel secure about its support

from the United States. Sullivan repeated the US Commitment to Taiwan Relations Act and Peace and Stability in the Strait in San Francisco. I'm at Baxter. Bloomberg gave break Tropical depression to coal Is in Georgia this morning after a day of causing havoc and Florida as a hurricane and then tropical Storm Nicole had cut across central Florida after making landfall near Vero Beach. The storm caused at least two depths and sent homes along Florida's coast toppling into

the ocean. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than journalists and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg Gaming. All right, thank you, Michael. It's extend on Wall Street time now for the Sports for four props to you by Tri State Outy. Here's John stash Our, all right, Amy. Rangers went to Detroit having recently lost to the Red Wings, part of a

three game losing streak. They trailed through to one. It was to to third period when the Rangers erupted six goals in ten and a half minute, six different goal scorers. Rangers one to two. Islanders shut out by Arizona to nothing. The Devils stay hot in overtime with Ottawa power play game winner for the Devil and the winning Street is at eight. His radio calling the Niko he sheered tipping

to the fourth three victory. Nike boss Phil Knight says his company likely ending its relationship with Kyrie Irving, now serving a suspension with the Nets for his posting to the anti semitic video, was refused to apologize Alough. NBA commissioner Adam Silver, who recently met with Irving, to The New York Times he does not believe Irving his anti semitic Lebron James said his former teammates should be allowed to play. Lebron said the requirement the Nets have put

in place Irving's reinstatement are excessive. NFL Carolina being Atlanta fifteen Panthers are three and seven, Falcons are four and six. The entire NFC South is under five hundred, as opposed to the Jets division the a f C East, where

everyone is over five hundred. Jets are off this week Giant Sunday host Houston Giants, also in a tough division, battling Dallas and unbeaten Philadelphia and as for Washington, the problems there continue, the d C Attorney General finding a civil lawsuit against the team and owner Dan Snyder, as well as Roger Goodell in the NFL for covering up and deceiving fans of what was going on in a toxic workplace. There were recently indications that Snyder maybe finally

looking to sell the team. John Stashower Bloomberg Sports Team, all right, thank you, john s and B Futures up fifteen points, del Futures up one hundred seventeen, nasdat futures up sixty seven points. The decks in Germany up five tenths of a percent, CAC in Paris of five tenths ever percent. Let's see in London down three tenths of a percent. This is Bloomberg. The Bloomberg Sports Report was brought to you by Audie. Don't let someone else drive

off in the Audi model you've always wanted. Visit your local, try state autie dealer to get behind the wheel of yours today. Visit Autie Offers dot com for more information, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com. To Bloomberg Business Outland at Bloomberg Quick Take, Chris, she's a Bloomberg business lash and I'm Karen. Moscow and US dock index futures are on the rise this morning,

along with European shares. Is that you for it over A falling inflation in the world's largest economy extends into a second day, and China relaxes some COVID restrictions. We checked the markets every fifteen minutes throughout the trading day on Bloomberg Guess and p future is up seventeen points down features of a hundred thirty four nasday futures up seventy two the decks in Germany's up half percent. A ten year treasury month. No trading in the bond market today,

that's an observance of the Veterans Day holiday. Nin mex SCRUD oil is up three and a half percent of three dollars at eighty nine dollars forty eight cents in barrel co Mex schooled a half percent or eight dollars at seventeen sixty one seventy ounce. The euro one pot tuesdays nine against the dollar, British pound one point one seven three six and the end at one thirty nine point seven seven and Bitcoin down two and a half percent at seventeen thousand, three hundred fifty dollars. That's a

Bloomberg Business Flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. A fast moving missile as struck an apartment building in the south of Ukraine. People in Mick Alive woke up to find the building in ruins. Rescuers raced to the scene, digging through debris for survivors. A federal judge in Texas struck down the Biden administration sweeping student

loan forgiveness plan. US District Judge Mark Pittman and a pointee of President Trump called it one of the largest exercises of legislative power without congressional authority in the history of the United States. In the NHL, the Devil's won in overtime against the Senators for three. The Rangers and Bruins also won. The Islanders lost. In the NBA the Wizards.

One Thursday Night Football, the Panthers beat the Falcons. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven journalists and analysts more than twenty countries. I'm Michael Bard. This is Bloomberg any all right, thank you, Michael. It is six nineteen on Wall Street Live from the Bloomberg Interactive Broker studios. This is Bloomberg Daybreak. Now, Bloomberg News has learned Elon Musk is wanting Twitter employees that bankruptcy is

a possibility. We're joined now by Bloomberg Intelligence analyst Matthew Bloxam. Matthew, thank you for taking the time with us this morning to sort this out. It was Elon Musk, a new owner's first addressed to Twitter employees since he bought the company, And between this and the firings and some of the other issues going on eliminating work from home, it seems

like a chaotic start. Yeah, it does certainly been a lot of news to digest, and you know, some really quite fundamental changes for Twitter employees, as you said, getting rid of at the headcount and telling people that they're going to have to do a U turn on the work from anywhere policy that Twitter became quite famous for.

So um. Yeah, but very different future. I think if you're a Twitter employee, some of the other warnings for employees during that address, there could be eighty hour work weeks, which doesn't seem right ifewer office perks uh, he said, quote, We're gonna need to be more hardcore. What is his end game here? I can I think he's trying to turn this business into a company with a much sharper

commercial edge. To say, those eight hour weeks stuff we've heard him talk about with his other companies to particularly Tesla and even at Space Scular, he really isn't in credibly demanding boss um and he expects people to put

in the same commitment that he does. UM. So I think, yeah, you know, he's trying to kind of remodel twitter um into into something that's really much more focused around the revenue and the profit it's going to make and you know, ultimately helping him to get a return on that big investment he's made. Is that going to work? This doesn't seem sustainable just from looking from the outside in what

needs to happen to help keep Twitter alive and and engaged. Yeah, you know, I think in the next maybe he knows the three six, twelve months, perhaps longer, this is going to be a pretty um bollatile time for the company. I think the benefit from not being in the public days of shareholders in terms of numbers, because certainly you could see active users dip, profit revenue dip in the near term. I think, you know, there's a couple of

things that he clearly wants to do. One he's he's looking to reassure advertisers that Twitter is still a good place to spend our dollars and, if anything, to be a better place than that's been in the past to spend our dollars. I think, given you know the kind of noise you've heard about hate speech rising since his acquisition, he's got a lot of work to do to convince advertisers. But clearly that's that's part of his agenda. The other part vis agenda is to diversify the sources of revenue.

So rather than being almost exclusively reliant on advertising revenue, to get subscription revenue of some description up to as much as fifty of the revenue, brace that that that will make the company much less exposed to the six caality of the economy and how much advertiser a spending and give a much more kind of predictable stream of revenue and hopefully you know, significantly increased the size of the business, so that that that those are two very

big tasks and you know what will involve a huge amount of commitment from from the company now to that end. He also handed at new products that he wants to introduce on the platform, like controversial ads, checking accounts from Twitter. Does that go along with what you were just explaining about how they were going to boost revenue? What does

this tell you? Yeah, it doesn't. I think, you know, it tells you that he looked at Twitter and you know, I think for a long time they've thought about trying to get the active user based to a billion users. You know that, you know, they're around children fifty million and it's been growing only slowly. So I think you recognizing that if you're going to massively increase the revenue they make about five billion dollars of revenue a year,

you know, dwarfed by Google and Meta. If you're going to substantially increase the scale of the business to boost the profitability, you have to look at additional products and you think, well, you know, what are the kind of things that we could offer to this two fifty million or so users that's going to bring in incremental revenue. I think he's looking to some of the kind of Chinese UM models that have kind of diversified. You have

things like reach Out. You know, you kind of got these ecosystems that that kind of basically draw more of active users daily lives into the platform and you generate um, you know, small small chunks of revenue from lots of

different services very quickly ten fifteen seconds. What are you watching for in the coming few days, UM, I think really just kind of news on how they're going to evolve this kind of Twitter blue blue tick and the official status, and if they're going to kind of clean it up and get it really now down so that you advertisers feel that, you know that the content can be trusted. Oh yeah, that's a big deal, the blue tick.

Thank you so much, Matthew Bloomberg Intelligence analyst Matthew Bloxham bringing us up to speed on what's up with Twitter. Futures are higher. S and P futures up seven eighteen points now, DAL futures up a hundred forty one, Nasdaq futures up seventy seven points. Dax in Germany have six tent seven percent. CAC and pair US of a half percent, FOOTSIE in London down to tenths of percent, much more

still to come. On Bloomberg Daybreak. This is Bloomberg. Bloomberg Daybreak is brought to you by the Jewish Communal Fund. For fifty years, philanthropists at all levels have turned to j c f's donor advised funds to streamline their charitable giving.

Visit j c F and Y dot org broadcasting y from the Bloomberg Interactive Broker Studio in New York, Bloomberg Elving Freedom to Washington, d C, Bloomberg ninety one to Boston, Bloomberg one O six one to San Francisco, Bloomberg nun sixty to the country Sirius xm J A one nine team and around the globe to Bloomberg Business in Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six thirty

on Wall Street. Good Friday morning. I'm Amy Morris and I'm Karen Moscow, and we're just about three hours away from the open of US trading time. Of the five things you need to notice start your day brought to you by Interactive Brokers. Interactive Brokers clients are an interest of up to three point three three on the idle cash and their brokerage accounts. Visit I pk R dot com slash interest rates to learn more. First, US futures are building on yesterday's games, which saw the S and

P five hundreds surge more than five percent. Slowing inflation was the catalyst, but investment Coachief investment officer at Dana Doria call cautions that they're still a bumpy road ahead. The FED is a lot more concerned about a stop and go policy error than they are about pushing a little too hard. Still, all else, Equel, I think you still should be prepping for potentially tough conditions investments. Dana Doria says the likelihood of recession next year still high.

It is not clear if October CPI print will slow the FED space of tight thing. San Francisco FED President Mary Daily addressed the issue yesterday. Stepping down is an appropriate thing to think about. I support a more gradual approach of getting to and so we can be discovering the right rate as we got. San Francisco FED President Mary Daily one of three officials signaling a downshift in rate hikes is possible. Well, Amy new Crypto developments this

morning focused on ft X dot com. A securities regulator in the Bahamas is now frozen the company's antsets the crypto exchange. Binance had tried to acquire f t X, but the deal fell through. Now Binance CEO C Z Jao is addressing the matter from a technology or product perspective. They don't have anything that we don't have, so our

original intention was let's save the users. But then the news of UH misappropriating user phones and especially US regulatory agencies investigations, We're like, okay, we can't touch that anymore. And Binance CEO C G Jao spoke at the Indonesia Fintech Summit today and Karen, there's also another possible buyer for f t X. Tron founder Justin Sun says he's looking at providing the crypto exchange with billions of dollars.

We need do a food do ddegs at the same time to evaluate the situation to have a full picture all flag what's going on. How serious is the liquidity crunch. Tron founder Justin Sun tells us he's still evaluating whether to pursue a deal for ft X, well, Twitters and the spotlight again, Amy. Bloomberg News has learned Elon must old employees that bankruptcy as a possibility for the company and futures this morning are on the rise. That's the fine things that you need to notice start your day.

Brought to you by Interactive Broker, straight Ahead, your latest local headlines, plus a check of sports, and this is Bloomberg. Thank you, Karen. Five thirty three on Wall Street, we 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. New York City Mayor Eric Adam says

he won't stop talking about crime. Pushing back on criticism that he helped fuel the momentum of Republican candidates across the state in the midterm elections, Adam says, the system is broken and we'll continue to talk about that until we get it right. Adams later spoke at a community gathering on public safety. The person I sat down and get their portrait done and had a scar on they face. They told the artists that I know you noticed my scar, but remember I have a face, and I'm saying that

to New York City. We have scars, but we have a face every day. On average, we have six felonies on our subway system a day, but we also have a face. Three point five million people use that subway every day and they get to and from the Polace of Employment without any incident at all. Republican candidates in the U S eased upon crime as a central issue

in Tuesday's election. At least two people are dead in the wake of Hurricane to Cole in Florida, now a tropical depression, the storm weakened overnight as it barreled into Georgia. President Biden heads overseas through the middle of next week to speak with foreign leaders about climate change, the war in Ukraine, and America's competition with China. The press An International security advisor Jake Sullivan says his boss has been boosted by the better than expected performance of his party

in the midterm elections. He feels very good about where things stand, and he feels like he is going out on this trip with the wind very much at his back, and um that gives him an excellent opportunity both to deal with competitors from a strong position and to rally allies in Indonesia. On Monday, President Biden sits with his Chinese counterpart on the sidelines of the G twenty summit. Conspiracy. Theorist Alex Jones has been ordered to pay four hundred

seventy three million dollars to Sandy Hook families. The punitive damages are on top of the nine hundred sixty five million he was ordered to pay in last month. The family sued Jones after he claimed the killings were a hoax. Jones responded calling the judgments, which now totals one point four billion, a joke, saying he doesn't have the money. Today, New York City will hold its veterans a parade. Nearly two hundred thousand participants will be marching up Manhattan's Fifth Avenue.

Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than hundred journalists and analysts and more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Damy. All right, thank you, Michael. It's sixty six on Wall Street. Time now for the sports report, brought to you by Try State OUTI here's John stash Our, Thanks Amy. Busy night in Local hockey Rangers ended up three games slide. They wanted to Troy

at eight to two. They scored six goals in a ten and a half minute span of the third period. Islanders in Arizona scoreless until the third period. The Coyotes won to nothing. Devil's hosted Ottawa and liked the game. The other night, Niko he Shears scored the game winner overtime. Devil's won four three. They've won eight in a row eleven of twelve. In all eleven they have not allowed more than three goals, and the Devils have given Marty

bro Dur a new job. There, a long time Hall of Fame goalie, was working as a team advisor and more on the business side. Now becomes v PE of Hockey Operations. G M. Tom Fitzgerald will report to bro Dur. Nix lets to get back to five hundreds. Tonight they host Detroit. NFL Week ten began with Carolina's to fifteen went over Atlanta. Sunday morning at Seattle and Tampa Bay the first game ever in Germany. Giants Sunday host Houston, a team with only one victory. Giants before the bye

had that loss in Seattle. Their coach of Brian Dable an important game, you know at home, he's gonna have to play well. We came up and by feel like we're rested. The guys. I've had a lot of good energy here in these last couple of days, and we need to go out there and have a good week and like we do every week. Mark Giants linebacker Blake Martinez was playing for the Raiders. He had eleven tackles

this past Sunday. Martinez suddenly yesterday and as his retirement at age twenty eight, and he wants to focus on his family and future passions. Mets picked up the fourteen million dollar option on Carlos Carrasco, just had a fifteen win season. Justin Verlander declined twenty five million dollar option in Houston becomes the free agent the Dodgers and their time ace Clayton Kershaw said to be close to a new one year deal. Bomb Sports. All right, thank you, John.

It is six thirty eight on Wall Street. Time to take a look at stocks and some of the names that are moving in the pre market. For that, we are joined by Bloomberg Radio and TV Markets correspondent Creati Gupta created Good Morning, Good Morning Amy. You know when you look at the green on the screen in futures right now up about six tenths of one percent. There's

a lot that's folding into us. Some of this is a little bit of kind of excitement coming from the CPI report that is expected to really show the inflation has peaked. That's really from yesterday, some of that sentiment seeping through. But a good chunk of today's games are coming from this idea of China perhaps easing COVID's restrictions even further. And that's really showing up in the individual movers.

When you look at the biggest moving stocks right now in the pre market, and a lot of them are China exposed. Take a look at this Las Vegas Sands LVS is your ticker chairs are up almost five percent in the pre market. Remember they have a major um casino and operating base in Hong Kong and Macau as well, so you do see the casino names become kind of this proxy to some extent for some of the games that you are seeing in China and some of the

changes there as well. And of course we always like to look at the Chinese A d R S as well as kind of a proxy for that, Ali Baba can be our poster child. B A b A is your taker. Those shares up four percent, alongside some of the other Chinese A d rs. But another way to look at this, Amy is also through the commodity space.

Remember you have oil up as well, on the idea that perhaps China is actually going to perhaps rejoin the global economy in a way that it hasn't really been able to for the last two years, or at least take steps towards that. That's going to create a little bit of pep in your step if you are a

bull on oil. There's also if you're a bowl on copper, and for that you are seeing copper actually a bit higher as well, and as a result, the copper minor Freeport Macmaron f c X also higher on the day about three point seven percent, so Las Vegas stands Freeport Macmaron, but two of the biggest movers this morning, once again really coming off of that China sentiment. But Amy, it's not all Macro, I promise some of it is actually

based on the individual fundamentals. And for that I want to look at what's actually moving to the downside, and that is Intel and I really have to talk about the fact that it is a very broad rally. I'm looking at our really great and most function your m O S T on the Bloomberg terminal, and you're only seeing thirteen stocks down. The rest are higher in the pre market, but the poster child for the one that's lower is Intel I NTC shares it down about two percent.

This comes after a m D looking to really diversify some of their server sales, and Intel and m D kind of a neck and neck in this race for market share. Intel right now losing out on that because a m D is making some progress on the server front alright, Bloomberg Radio and TV Markets correspondent Created Gupta, thank you so much for that insight. We appreciate it. This morning looking at stocks as a whole ahead of the open, well, Creaty just was mentioning A futures are higher.

SNP futures up twenty two points now, DAL futures up one D seventy one points. NASDAC future is up eighty four points. Of the bond of court. The bond market, of course, is closed for a veteran's day. DAX in Germany up six tenths top percent CAC in Paris of four tenth super percent, Footsie in London down three tenth to a percent. Much more still to come on this Friday morning edition of Bloomberg Daybreak. This is Bloomberg. The

Bloomberg Sports Report was brought to you by Audie. Don't let someone else drive off in the Autie model you've always wanted. Visit your local Tory state Autie either to get behind the wheel of yours today, or visit Autie offers dot com for more information, markets, headlines and breaking news twenty four hours a day at Bloomberg dot com,

The Bloomberg Business at Hand at Bloomberg Quick Tape. This is a Bloombern Business Flash And I'm Karen Moscow and this update is brought to you by Sei A said managers don't get results center off the charts from or solutions are off the shelf. They're now SEIS operating platform can turn infrastructure into a competitive advantage and s C i C dot com slash tech future is on the rise. This morning, let's go to the First Word Breaking news

desk for today's morning call. Here's Bill Maloney. Bill, good morning, and good morning, Karen. That's right us futures in the green right now down futures up a hundred fifty six points, SPS gain eighteen. Well nast that futures are higher by sixty five. The bond market is closed today. Gold is trading higher by three Oil is climbing, but bitcoin is down by another two point six percent. Japan rose three percent overnight. Note that Shina relaxed some COVID restrictions and

European markets are trading mostly higher right now. Back in the US on the economic front, it's on o'clock, Missigan sentiment. And in other news, FDx Digital Markets had its assets frozen in the Bahamas and people familiar so that Elon Elon Musk or Twitter staff the company faces possible bankruptcy if the cash burn lingers wrapping things up. Intel was

put to underwag. We read JP Morgan live from the first breaking news descom Bill Melody care all right, Bill, thank you to hear live breaking news over your Bloomberg type squawk on your terminal SKU you a w K and that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much in Arizona. The races for U S Senate and governor are still too early to call.

Democratic Senator Mark Kelly Leeds Republican Blake Masters by five point six percentage points, while Democrat Katie Hobbs was one point four points ahead of Republican Kerry Lake in the governor's race. Vice President Kamala Harris will be filling in for many of President Joe Biden's traditional duties on this Veteran's Day. Biden will be in Egypt at the UN Climate Conference, meeting with Southeast Asian leaders in Cambodia, and

then to a G twenty summit in Indonesia. Today, Harris will deliver remarks at Arlington Cemetery and lay a wreath at the tomb of the Unknown Soldier. In the NHL, the Devil's won in overtime against the Senators for three The Rangers and Bruins also won. The Islanders lost NBA the Wizards. One Thursday Night football, the Panthers beat the Falcons.

Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists analysts more than twenty countries I'm Michael Barr, and this is Bloomberg. Hearn Frank mchaelbar Thank you sixty nine

on Wall Street. Let's turn to news and science and technology now with the Bloomberg and j I T. Stammerport rosy U Bay, New Jersey Institute of Technology as one of the nation's leading polytechnic universities in a top military friendly school and j I T supports America's service members and their families. Learn more at n j I T dot E d U slash Veterans And Here's what's making

news and science, Technology, engineering and math. The US, Japan and other countries will offer Indonesia a climate finance deal worth at least fifteen billion dollars is designed to help the country shift its power grid away from using coal. Details of the agreement will be announced next week during the Group of twenty summit. And in Adnesia, it's a significant recalibration of China's COVID zero policy that has isolated the country. Beijing has reduced the amount of time travelers

and close contacts must spend in quarantine. It's also pulling back on testing, plus a controversial system that penalizes airlines for bringing virus cases into China will be scrapped and as satellite intended to improve weather forecasting and experimental inflatable heat shield to protect spacecraft entering atmospheres have been launched into space from California. Mission officials say the satellite represents the latest technology and will increase precision of observations of

the atmosphere, oceans, and land. And that's a Bloomberg and j I t Stem report. Amy, all right, thank you, Karen.

We're live from the Bloomberg Interactive Broker Studios. It's six fifty one on Wall Street Time now to check what's going on in d C. Some of the top stories in our nation's capital include President Biden saying that Democrats are facing some long odds to win the House, rest of Republicans are complicating Kevin McCarthy's path to Speaker of the House, and Hina confirms that Jan Ping will meet with President Biden during the G twenty. Let's get more

on these stories. Bloomberg Government reporter Emily Wilkins joins us now to fill us in. And Emily, let's start with President Biden telling reporters as he left that the Democrats are still alive but that it was in his words, like drawing an inside straight. It sounds like he's tamping down expectations. Yes he is. I mean, I think to a certain extent, you're hearing a bit of a mixed message from the Democratic Party right now. I think a lot of folks there are absolutely shocked that the race

hasn't been called yet for the House. They are shocked at how well they have done, how many seats they have picked up that we're justably not predicted to on election night. I think there's a lot of optimism and hope within the Democratic Party right now, but at this point, you know, Biden's right, it would be a long shot for Democrats to take the House. They would need to win a couple of races where currently, as vote counts come in, Republicans are out winning. And let's just be clearing.

A lot of these are in Western states where vote by mail is very common, and they have rules that say, as long as you get your bello postmarked by election day, it doesn't matter if it arrives, you know, four or five days later, it'll still count. And so that's why

it's taking so long. For some of these places. It is likely at this point that we are going to see Republicans control the House, but they're going to have a very very very slow majority, and that might put a limit on some of the more perhaps controversial things that they wanted to do. However, remember, even if Republicans controlled the House, they were always looking at a split government.

Most of what they want to do is investigate the Biden administration, and of course those investigations, you know, they can continue. Republicans only have a one vote majority. Uh, they don't necessarily need a lot of Democratic support for that. But still very interesting dynamics. Um. It's going to make debates over the debt ceiling, debates over funding the government,

debates over funding the military particularly far more contentious. Um. And really is going to be quite fascinating to see how Kevin McCarthy or or another potential speaker navigates what's going to be coming next. Uh, let's get right into that. Kevin McCarthy has been the conventional wisdom thought the air apparent to be the new House Speaker if GOP takes over.

And most of this time I've been wondering, why would the Democrats be celebrating not that much of a loss That's like celebrating losing a football game by a field goal instead of a touchdown. Doesn't make sense to me, But you just explained it beautifully that if they have such a tight margin, things are going to be a little bit different for the Republican Party and where when

the Democratic Party is factored in? Kevin McCarthy, Go ahead, I mean, we'll just think about this past two years, right, Democrats have had such slim margins. How many stories do we report on being like Democrats want to do this. Oh, nope, they can't. They don't have mansion, they don't have one or two people on board. I mean, the whole story of the last two years has been how difficult it is to govern with narrow margins. Republicans are now facing

that exact same scenario. So you have a story on the Bloomberg terminal, Uh, that Kevin McCarthy is going to have to work really hard if he is to be the next House Speaker, what does he have to do? And if he isn't the speaker, who would it be. That's such a great question, Amy, because I was asking so many lawmakers that yesterday and almost no one could give me an answer on exactly who else they would

want to support for speaker. I think at this point McCarthy still has a very good chance of becoming speaker, but a lot of folks in his caucus now have leveraged that they are trying to use to get him to promise to various things as far as being more aggressive with investigations. Also, and this gets a little wonky, but it's gonna apply to everything. There's a set of rules and processes that govern power in the House, but who gets to make decisions, who can sort of bring

things forward and bring can file. Republicans are saying that if McCarthy wants their vote, he's going to have to make some changes to the rules. He's going to have to give them more power and himself less power. And that's one of the things that we're really going to see them push for in the next couple of days. And that's an option that that McCarthy has, but it could really put some some limits on what he is

able to do as speaker. Uh, it might give more power to say, you know, far right members of his conference who want to see very aggressive actions against President Biden and his family, So let's take it a step further than does this midterm election signal to you that perhaps there's a power shift going on at the top of the GOP right now? It does seem to be the case. There are a lot of questions after the elections about Trump in particular. This election was going to

show whether or not he would be a kingmaker. And at this point he's backed a number of candidates who have lost and lost in these major, major races, and so there is sort of reshuffling going on right now. And it'll I mean, with the House, it was always going to be the case that the more narrow margins you have, the more power you're going to see. I mean, think of how Joe Manson played out the last two years, right,

Joe Manin had power because the margins were close. If the margins are close in the House, you're going to see a new crop of Republicans that are really able to throw their weight around a little bit and be able to get things done they wouldn't if there were larger margins. Say less than a minute here, Emily, President Biden heading to the j twenty What are you watching for? So absolutely that meeting with Chinese President She It is supposed to be their first face to face meeting between

the two leaders. There's already tension going on. The US said that it will be briefing Taiwan about the meeting between the two. China has now responded to that, condemning the White House plan to do so, saying that it would be a break in president. So obviously, you know it's an important meeting between two important world leaders, but it's it's already off to a rocky start. Bloomberg Government Report Emily Wilkins, always a pleasure. Thank you so much.

Enjoy your weekend. You worked hard all week because of these midterms. We really do appreciate you taking the time with us this morning. Thanks so much. S and P. Futures up nineteen points, DAL futures up one sixty six, NAS death features up sixty nine points. More on these stories from Bloomberg dot Com on the Bloomberg Terminal. Follow all the latest on Bloomberg Radio in Washington at Bloomberg ninety nine one and one of five point seven FM

HD two Bloomberg Surveillance Now. Tom Keene and Jonathan Farrow are coming up next, along with Karen Moscow. I'm Amy Morris. Stay with us on this Friday morning, much more still to come. This is Bloomberg