Bloomberg Daybreak: November 15, 2022 - Hour 2 (Radio)

the homeless. Plus federal prosecutors say Rudy Giuliani when not face criminal charges over Ukraine. By Michael blarn Moore Ahead, I'm John Stash Hour and Sports Washington, Upset Philadelphia and Monday Night Football. I'll win for the Islanders. The nick

Zonets are on the road tonight. That's all Strady Ahead on Bloomberg Daybreak on Bloomberg e Living Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Syrius XAM one nineteen and around the world on Bloomberg Radio dot Com and via the Bloomberg Business and good morning up Nathan Hagar and I'm Karen Moscow, u s NO Index, Futures on the

rise this morning. We're coming up to six o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg. SNP Future is up thirty points this morning. Down futures up a hundred seventy one nasday futures up one D forty ten year Treasury up thirteen thirty seconds, the three point eight to zero percent. Nathan, Okay, Karen. We'll get more on the markets in a minute, but we begin this morning with the G twenty summit. A majority of nations is set

to condemn Russia's war in Ukraine. That is, according to a draft statement seen by Bloomberg News. It represents a compromise design to get as many signatures as possible. We spoke with former UK Ambassador to Russia Tony Brenton about the statement. It doesn't directly Russia. It criticizes the war, but doesn't blame Russia for it. It's implicitly criticizes Western sanctions.

If you look at the economic bits of it, it's all about disrupt of supply chains and hitting the global energy markets and so on, which war has something to do with it, But the real source of that disruption is of course Western sanctions, so it stays around various delicate points. Former UK Ambassador to Russia Tony Brenton says the statement is expertly crafted to get as many G

twenty leader signatures as possible, well, Nathan. The agreement comes just hours after President Biden sat face to face with shej and Ping and an effort to ease tensions between the two countries. US Trade Chief Katherine Tye says the meeting sends a powerful message. You can see that there is a familiarity between them, a comfort between them in terms of relating to each other, and I think that that's a really powerful signal to the rest of the world.

And US Trade Chief Katherine Tye says further discussions will continue meantime. Former Secretary of State Henry Kissinger is praising the talks as a step to ease tensions. I would say, at the picketting of a bridge building effort, which its passive, so long as we remember that if the bridge doesn't get billed, the precipiety both former Secretary Kissinger and US Trade Representative Time made the comments, said the Bloomberg New Economy Forum in Singapore, well back here in the US,

Karen politics is the focus. It's another big win for Democrats as Arizona becomes the latest battleground to reject a prominent election to nine candidate. Amy Morris has the details from our Bloomberg newsroom. In Washington, Democrat Katie Hobbs was elected governor of Arizona, defeating Republican Kerry Lake, who embraced former President Trump's baseless claims of widespread fraud in the election.

The race was called with about percent of the ballots counted and Hobbs leading Lake fifty point four percent to forty nine point six percent, less than twenty one tho votes. It is the latest instance of midterm election voters rejecting election deniers in battleground states including Michigan, Pennsylvania, Nevada, and Wisconsin. In Washington maybe more as Bloomberg Daybreak, Amy, thank you well. Kerry lakes loss in Arizona is unlikely to stop a

quote very big announcement in Florida tonight. Former President Trump is said to kick off a third run for the White House at nine pm Wall Street time. That's despite a growing number of Republicans and donors urging him to reconsider. Among those the billionaire founder of Citadel, Ken Griffin. He lost. We lost Georgia because of his behavior in the Senate race. In that's a second loss. And then this year the Republicans lost the Senate because the Trump back Candidston Senate

races were rejected by American voters. That's a three time loser. Ken Griffin made those comments, said the Bloomberg New Economy Forum in Singapore. Here more of the Citadel founders are marks coming up later in our program. Turning to the economy, now, Karen, we're getting more signs on policy from the FED. Another central bank official says it could start slowing the pace

of rate hikes. We caught up with FED Vice chair while Brainerd, I think it will probably be appropriate um uh soon um to move to a flower pace of increases. But I think what's really important to emphasize we've done a lot, but we have additional work to do, both on raising rates and sustaining restraint to bring inflation down to two percent. Advice chir Law Brandon made those comments in an interview with Bloomberg News in Washington. Markets are

currently pricing in a fifty basis point rate hike in December. Well, Nathan, the Fed and Wall Street get another inflation report to digest this morning. The producer price in next for October comes out before the opening bell on Bloomberg's Michael McKee has a preview. There's no direct link between CPI and PPI producer prices. There are middlemen in between. Nevertheless, the big drop in consumer prices suggests downside risk to pp I as well. In particular, economists are looking for a

drop in the trade services category. Essentially, it reflects wholesaler and retailer margins. The huge pandemic demand for goods led to big margin expansions. Now the goods demand is coming down, margins should compress. Michael McKee, Bloomberg, Gabrie, all right, Mike, thanks for also getting earning from big retail this morning. Just got earning from Home Depot crossing the Bloomberg terminal with third quarter comparable sales beating the average analyst estimate.

Later this morning we hear from Walmart. Meantime, Nathan, chip stocks are getting a liftist Morning on News, Berkshire Hathaway has taken a stake in Taiwan semiconductor manufacturing. We get more from Bloomberg's done Christner. For a long while, Berkshire chairman Warren Buffett shied away from the tech industry. He has spoken about not wanting to invest in businesses he

didn't fully understand. In recent years, though, the stance has changed, and now a filing shows Berkshire acquired about sixty million a d r S and t SMC in the third quarter. Assuming the average quarterly price, the stake would have cost Buffett five point one billion dollars. T SMC has overtaken Intel in the cutting edge of chip making. It's also emerged as a vital player as the U. S and

China clash over leadership in global technology industries. In New York on Dug Prisoner Bloomberg Daybreak, Thank you, Doug and Bloomberg Daybreaks brought to you by b n y Melon's Pershing learned why the world's most sophisticated wealth management and institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and manage risk At Pershing dot Com. This is Bloomberg and at six though seven on Wall

Street where thirty six degrees in Central Park. It's a half hour getting in through the hall and tunnel. This morning, Michael Bars here with more on what's going on once you get into New York and around the world. Good morning, Michael, Good morning Nathan. New York City officials unveiled a new plan to find homes for the homeless. Mayor Eric Adams as the new options include cutting down on the red

tape and reducing requirements for vouchers and other programs. We are changing the city FIPPS UH rental assistance programs so that we can give vouchers to more families and make them easier to use. We're reducing the number of ours family these are required to work to become eligible, from thirty to fourteen hours per week. Mayor Adams went on to say it doesn't make sense for a person making minimum wage to be told they make too much money

for city assistance. Federal prosecutors in Manhattan have declined to file criminal charges against Rudy Giuliani over his lobbying activities in Ukraine. Prosecutors had been investigating whether the former New York mayor should have registered as a foreign agent over his lobbying of the Trump administration to house then US Ambassador Marie Ivanovitch from Ukraine. Giuliani maintained he had done

nothing wrong. Tech entrepreneur Brandon Williams has been elected to Congress in a district in central New York, becoming the eleventh Republican to win a house race this fall. AP finally called it late last night. Williams defeated Democrat Francis Canole in the contest to pick a successor to US Representative John Katko, a Republican who is retiring from office.

Doctors in New Mexico are warning of what they are calling the threat of a triple Demmick Bloomberg's and Maxter reports that is the convergence of the flu rs V and COVID at the same time. Dr John Peterson is a pediatric specialist in Albuquerque. Is not uncommon for us to have a very significant respiratory viral season for for children. What's different about about this is that it's occurring very early.

Peterson says. Hospitals nationwide are already seeing a large number of cases and infants with RSV and fear a very serious season overall. In San Francisco, I'm at Baxter, Bloomberg, Gay Break, President Joe Biden and Indonesian President Joco Widotto will announce the Climate Finance Deal, providing twenty billion dollars to help Indonesia pivot away from coal power. The deal broke it between the U S, Indonesia, and Japan, came on the sidelines of the G twenty summit in Belling.

Global News twenty four hours a day on air and on Bloomberg Quicktake, houred by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg, Nathan, Michael, thank you almost sixth ten on Wall Street time for the Bloomberg Sports Up. They brought to you by Tri State OUTI. There's John Stanshaw, all right, Nathan, fifty years ago. Miami Dolphins last NFL team to go an entire season undefeated. Nobody expected the

Eagles to go twenty and oh. Last night didn't figured to be their first lost. An eleven point favorite at home with Washington has got all kinds of issues with their ownership, but the Commanders, after falling behind early dominated had the ball for more than forty minutes, forced four Philly turnovers, three of the fourth quarter, one right at the end after hurts Washington brigs three. He steps up, throws underneath, caught by Walker, thrown to Smith. You try

to throw it backwards. He's hit my camp pearl that has picked up by Katy too Hill in the end zone. It's a defensive touchdown to end the game. Point Tendon undefeated season of the Eagles b I G Washington Philadelphia twenty one to the Commander. Now five and five, the Eagles are eight and one, the Giants only one game behind. Giants still left two games left with Philly also to with Washington Islanders four to one at Ottawa the Isles

of one nine to the last eleven. The Devils have won all of their last night, and they played tonight in Montreal. Started a five game road trip for the next first up Utah. The Jazz surprisingly with ten wins, most in the West. Then that's still without Kyrie irving their trip to Todos tonight in Sacramento. Tragedy at the University of Virginia. Three members of the football team murdered on campus Sunday night, they had just played a game

on Saturday. They had just returned home from a bus trip to Washington, d C. A one time member of the football team has been arrested. Parrots twenty one year old outfielders named rookies of the Year, Seattle's Julio Rodriguez, Atlanta's Michael Harris. They'll name the managers of the Year today. The Mets Bucks show Walter favored in the n album. Miami Marlins already have a female g M. They promoted New Jersey native Caroline O'Connor to be their team president.

John stash Award, Blomberg spalls Nathan John Thank you. SMP Future is now up thirty points, South Futures up a hundred forty six and sert NASTAC futures actually ten year treasuries up sixteen thirty seconds. The yield three point seven nine percent. This is Bloomberg. Bloomberg Sports was brought to you by Audie. Don't let someone else drive off in

the autie model. You've always wanted to visit your local price state autie dealer 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 and at Bloomberg Quick Tape. He's a Bloomberg Business Flash and I'm Cameron Moscow watching shares of Home Depot. They're down more

than two percent in early trading. It did report same store sales for the third quarter that beat the average analysts estimate and maintained its forecast for the year, though and that missed estimates. Futures are higher. S and P futures up twenty eight points down features of a hundred four and NAS day futures up one hundred thirties seven. The Hank Sing in Hong Kong jump four point one for sent the ten year treasury up fifteen thirty seconds. He had three point seven nine and a yield on

the two year four point three. And as 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. Former President Donald Trump has said to be preparing to launch another campaign for the White House with an announcement tonight. Some Republicans are urging him to delay the announcement, blaming Trump for far right candidates losing in the mid term elections,

Democrat Katie Hobbs was elected governor of Arizona. Hobbs defeated Republican Kerry Lake, who embraced former President Trump's claims of widespread fraud in the election. In the NFL, Undefeated no More. The Eagles lost to the Commander's thirty two twenty one in the NBA, and the Celtics have won seventh straight, beating the Thunder one twenty two. The Warriors won in

the NHL. The Islanders won 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 trees. Michael var and this is Bloomberg. Thanks Michael. It's six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and we want to bring you some conversation from the Bloomberg New Economy Forum in Singapore, this time with Citadel founder

Ken Griffin. In an interview with Bloomberg's Eric Shatzker, Griffin said he is skeptical the US can avoid a recession next year, though he also said it would be a dire error for the Federal Reserve to change course on monetary policy at this point. The Republican donor also discussed President Trump's potential third run for the White House. Let's

listen in to that conversation. Now. The question the Republican Party is wrestling with is should it unify, unite if you will behind the Santis now or should it let the Trump the Santis rival lee play out, possibly, you know, in in a battle for the soul of the party that potentially puts it at a disadvantage relative to the Democrats two years from now. So there's we all had to sort of fantasy that these decisions are made by people in his back rooms. I haven't found that room,

and I don't know those people. So in the United States, in both parties, the people that are running for the office the president, they're on a mission on their own and they're gonna do what they're gonna do. The process has to play out. The process has to play out now. I really do hope that President Trump sees the ready on the wall. He lost, we lost Georgia because of his behavior in the Senate race. In that's the second loss.

And then this year the Republicans lost the Senate because the Trump backed candidates in the Senate races were rejected by American voters. That's a three time loser. And I'd like to think that the Republican Party is ready to move on from somebody who has been for this party a three time loser. And of course it's so important to talk about the Federal Reserve. It sets the risk free rate for the rest of the world. And of course his career add unbelievable complications with the strength of

the dollar for emerging markets. Some fit officials can say the time has already come to back off. I could cite Charles Evans, I could cite Leo Branard, who didn't say it's time now, but it will be time soon. Are we there yet? It's sort of like saying you go to your doctor you've got a bacterial infection, and he gives you ten pills to take, and you stopped taking him after pill number seven, and then you relapse a few days later, Like it's not yet time for

us to change course on our monetary policy. We want to see that we put the inflation genie back in the bottle we could. We've endured a ton of pain in getting to this point. The housing market is definitely under duress, Durable good sales are under duress. High ticket items are just out of reach consumers today. But we haven't gotten a job done. And to take the foot off the break right now and not finish the job, I think it's the absolute worst mistake the FED could

possibly make. Why what what happens if they again back off too early? If if if you take only seven pills instead of ten, what are the consequences for the U s economy and for the global economy. Furthermore, so, the biggest concern is you on anchor inflation expectations. So right now the American public believes, and not as much as we'd like, but the American public believes the FED

is going to get the job done. If we take the foot off the break, we don't finish the course of antibiotics, and inflation starts to flare back up, the FED will have lost credibility. If a FED loses credibility and inflation expectations on anchor, then the amount by which will need to raise rates and deter economic growth will be a much bigger bill to pay, and we just we shouldn't put ourselves a position to pay that bill.

We should get the job done. Now, we think that the one of the biggest drivers of consumer prices, which is rent, has reached near term peak. The shift from a goods based economy to a service based economies going to create this this depreciation and pricing of goods, which of course will will help bring inflation down. So we

think the inflationary path is pete. We think by the end of our our our central view as inflation will be back to roughly a load of mid twos range, which is a dramatic change from where we are today. What I want to know from you, Ken is what do you make of the spectacular collapse of Sam Bankman Freed's f t X. Okay, so big picture, the crypto market cap today is a fraction of what it was

when we first started talking about it. So crypto is not It was three trillion and now it's well under a billions, which a big part of that stable coins, right, So you you really moved back into world of Bitcoin and ethereum is the two dominant cryptocurrencies, both which actually happened to be c c regulated. Look, f t X is one of these absolute travesties in the history of

financial markets. I mean people will lose billions of dollars. People, people are gonna lose billions of dollars, and that undermines trust in all financial markets. And that was Citadel founder Ken Griffin speaking at the Bloomberg New Economy Forum in Singapore. You can catch the full interview on Bloomberg dot com and on the Bloomberg terminal. Looking ahead to the market, open futures are pointed higher. We've got SMP futures right

now up twenty six points. Now futures up eight seven and NASTACK futures are higher by a hundred thirty one points ten. Your treasuries up fourteen thirty seconds. The yield three point zero percent. Yield on the two year four point three four Quick check a bitcoin, it's up two point two on the session at sixteen thousand, seven forty dollars. You're listening to Bloomberg Day b Bloomberg eleven three oh Weather.

Late day showers today with a high in the upper forties, rain of land early tomorrow, turn partly sunny, low fifties for highs upper forties again Thursday, Right now thirty six in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg E Living Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one oh six one does San Francisco, Bloomberg M sixty to the Country, Sirius xm Cho one nine team, and around the globe the

Bloomberg business in Bloomberg Radio dot com. This is Bloomberg Day Break six thirty on Wall Street. Good morning, I'm Nathan Hager and I'm Karen Moscow. We are just about three hours away from the open of US trade. Ain't time for the five things that you need to notice? Start your day? To you by Interactive Brokers I b k R. Event Trader offers a new way to trade futures US event contracts. To trade your opinion on or no questions in KECME futures markets. Learn more an event

Trader dot Interactive Brokers dot com. At first, a majority of nations are sent to condemn Russia's war in Ukraine at the G twenty summit in Indonesia, according to a draft to joint statements seen by Bloomberg News. We talked about it with former UK Ambassador to Russia Tony Brennon. What I've seen is is actually been rather expertly drafted to share a dedicate way around all sorts of people's obstacles. It doesn't directly criticize Russia. It criticizes the war, but

not doesn't blame Russia for it. Former UK Ambassador to Russia Tony Brennon said the draft represents a compromise to get as many signatures as possible. Also at the G twenty Karen, President Biden announced the Pact of Global Infrastructure Investments. We're at an inflection point. Investments we make today will have far reaching impact on the world for generations to President Biden spoke after yesterday's face to face meeting with

Chinese leader Shi Jin Paying. US Trade Chief Katherine Tye says it was an open discussion designed to ease tensions between the nations. He raised with President She something that we have raised consistently US concerns about the negative economic impacts of China's non market economic policies. US Trade Chief Katherine Tye spoke from the Bloomberg New Economy Forum in Singapore to Politics at Home now Nathan another blow to former President Trump. Trump ally and election denier carry Lake

lost the Arizona governor's race to Democrat Katie Hobbs. The former president is making a very big announcement in nine PM tonight, likely a third White House bid, but many Republicans and donors are asking him to reconsider, including Citadel founder Ken Griffin. I'd like to think that the Republican Party is ready to move on from somebody who's been

for this party, a three time loser. Ken Griffin made the comments at the Bloomberg New Economy Forum in Singapore to the Economy Now, Karen fed Vice chair law brand It tells Bloomberg the Central Make should consider the pace of its rate hike path moving forward. We have additional work to do both on raising rates and sustaining restraint to bring inflation down to Vice chare Lyle Brandon and the rest of the federal have another inflation report to

digest this morning. October's Producer Price Index comes out before the bell, and that's the five things that you need to notice start your day. Brought to you by Interactive Brokers again, Futures on the rise this morning and straight ahead we have your latest local headlines, plus to check of sports and this is Bloomberg. Thanks Karen sixty three. On Wall Street where thirty six degrees in Central Park. We gotta crash on the southbound Harlem River Drive hundred street.

Details coming up in traffic. First Michael Barr with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. New York City Mayor Rudy Giuliani will not face criminal charges over his interactions with Ukrainian figures in the up to the presidential election.

Federal prosecutors in the U. S. Attorney's Office in Manhattan said they made the decision after reviewing electronic evidence gathered in raids on the former mayor's home and law office in April of one, ju Leani tweeted that it was a complete and total vindication. New York City officials unveiled a new plan to find homes for the homeless. Mayor Adams says the new options include cutting down on the red tape and reducing requirements for vouchers and other programs.

It just doesn't make sense when you think about it. Um opposed to making minimum wage un told they make too much money for city. Felt fels minimum wage, but they're saying you make too much money. It just doesn't add up. And what it does add up to is a crisis and housing crisis and which changing the mayor. Adams says the new plan would in some cases skip

temporary housing shelters altogether. There has been shock and sadness on the campus of the University of Virginia, whares Orton is accused of killing three members of the football team. The players were returning from a class trip when authorities say Christopher Darnell Jones Jr. Opened fire, killing Devin Chandler, Lavelle Davis Jr. And Deshaun Perry. Jones is a former member of the football team. Students are in morning. I think we're all kind of coming to terms, so what's

going on and just trying to support each other. It's to the best of our abilities at the moment. Jones will face three counts of second degree murder and three counts of using a handgun in the commission of a felony. US officials say it is the largest climate transaction in history. President Joe Biden and Indonesian President Joe Coobidoto will announce a climate finance deal providing twenty billion dollars to help

the Southeast Asian country shift away from coal power. It is not just inflation that's sending Thanksgiving dinner prices higher. This year's outbreak of bird flu has also helped you olda nearly twenty percent jump in turkey prices this year. John McConaughey is owner of Double Brooke Farm in Hopewell, New Jersey. Everything is more expensive, feat is more expensive, labors and more expensive. All the inputs are more expensive, So that obviously just stand translated into a more expensive

turkey Turkey farmer. John McConaughey Global News twenty four hours a day on air and on Bloomberg Quick Take Power by more than journalists, analysts, more than a D twenty countries. Michael bar this is Bloomberg, Nathan, Thanks Michael, going up to six thirty six on Wall Street time for the Bloomberg sports up they brought to you by Try stay out of here again. It's John step Show, all right, Nathan.

A Monday that upset Philadelphia was undefeated, favored by eleven at home against Washington, but the Commanders held the ball for more than forty minutes force four Philly turnovers. Eagles had three fumbles in the fourth quarter in Washington one thirty two to twenty one to get to five hundred, while the Eagles dropped to eight and one, which means the Giants, who still have two games left with Philly,

suddenly only one game at a first place. Their coach, Brian day Ball asked yesterday about the playoffs, you have to focus and stay in a moment um because it really doesn't matter this. There's so much games to be played, and um, you know it's it's good to be seven and two, but again it'll home be really quick. Um, when you start worrying about the wrong things, are thinking about the wrong things to me in this business. Giants

Sunday home for Detroit. Big game for the Jets coming off to buy They visit New England, who they have lost through thirteen straight times. Islanders went for to at Ottawa. The Devils are in Montreal tonight. They went for a tenth win in a row. Nick started road trip at Utah. The next play in Sacramento last night, the Warriors blew out the Spurs by thirty seven. Warriors been two different

teams there six and one at home in Owen. Seven on the road, Celtics, one of their seventh row there now in first place in the East, ahead of Milwaukee, who lost to Atlantic. Caroline O'Connor was working on Wall Street when Derek Jeter hired her to work for the Miami Marlins. Jeter has left the team, but O'Connor was just promoted to team president. The Marlins also have baseball's only female gm k Kinang rookies of the air Seattle's

Julio Rodriguez, Atlanta's Michael Harris. He wasn't called up in the minors until late May. Buckshaw Walter expected to be named today the NL Manager of the Year. John Convert Sports map, Thank John sixty seven on Wall Street. Let's take a look at some of the names moving in the pre market now. Bloomberg Radio and TV Markets correspondent Creedy Gufta is with us on a pretty big retail

earnings morning. Creedy, good morning. Yeah, we should start off with the two of the big ones, Home Depo and Walmart. This morning. Home Depot starting with h D, is your taker reporting sales and profit that only exceeded estimates of a really show that they are continuing to really bolster some of their results. The home improvement retailer excuse Me said that com sales rose four point three percent in the quarter that ended October of thirty one. The estimate,

though Nathan, was only three percent, so some good numbers there. Well. They are saying though that they're maintaining their guidance the earnings per share likely to grow. Nevertheless, you are seeing the shares declined this morning, which is interesting given the market background. Features up best six tenths of one percent,

Home depot shares down two point three percent. And the reason that they're saying this is this saying they're saying the average consumer ticket when they're buying, say an item, was about eighty nine dollars in the third quarter. That is nine percent higher than a year earlier. So a lot of this kind of price hikes that you're starting to see, your price spending, your hiding heights starting to see,

is more driven by inflation. It's driving an increase in unit sales, but the pace of the consumer price is cooling down, so essentially the prices are making up for their bottom line as opposed to the volume, and that's really where you're starting to see the shares kind of take a little bit of a dip down two point four percent in the pre market, and Walmart hasn't come out with their earnings just yet, but we are waiting for that big kind of inflation call as well, because

of course Walmart. Um, I don't know if you shop at Walmart, Nathan, but I was an avid Walmart shopper. Was about time that it's away from my house of growing up. But basically their entire concept is the price match guarantees you cannot get h their everyday low prices anywhere else. So what makes extremely hard to hike prices and then inflationary environment and really make up for perhaps lost volume in the way that home Depot is or

the way that other retailers are as well. Nevertheless, as we get those numbers w m T S your taker, those shares are down about eight tenths of one percent in the pre market. Yeah, but as you mentioned, we do have this pretty positive backdrop in the overall market, and I gotta think a lot of that is being driven by the positive sentiment we're getting out of US

China relations this morning. We absolutely are and look, we love to look at the poster child Ali Baba for all things China be a Ba shares up about eleven percent in the pre market. Any kind of signs of goodwill now on the geopolitical front, in addition to the regulatory help that we got yesterday is also a good sign. But it's not just Chinese shares. You gotta look at crypto. It is kind of a risk cage as well. Coin based can be a poster child for that. Following breakcoin

higher this morning. C o I n cheers up about to have three percent in the pre market. Bloomberg Radio and TV Markets correspondent and Walmart shopper Pretty Gupta with us this morning, taking a look at stocks as a whole. Futures are pointed hire. We have SMP futures up twenty four points this morning, down future is up sixty nine and nastack futures are higher by a hundred twenty five points.

Ten Your treasury up twelve thirty seconds for a yield of three point zero percent on the benchmark ten year treasury. Note you're listening to Bloomberg Dave Break Bloomberg Sports was brought to you by Audie. Don't let someone else drive

off in the Audi model. You've always wanted to visit your local price state autie dealer 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 and at Bloomberg Quicktape. She's a Bloomberg Business Flash and I'm Karen Moscow. Future is on the rise. This morning.

We go to the first Word Breaking News, dask for today's morning call, and here's Bell Maloney, Bill good more ingy, Good morning, Karen. That's right. US features are on the green fter yesterday's weak close without futures up seventy six points SIMES Game twenty six and as the futures are higher by seven the US ten year at three point eight percent, gold is up four, oil is in the red, and bitcoin is trading higher by two point three percent.

Hong Kong rose four percent overnight, while up markets are trading mixed this morning and back in the US. On the economic front, Day thirty Empire Manufacturing and October pp I Regarding earnings, Home Depot EPs beat estimates and look for Walmart to report around seven am. In deal news Credit Sweets will sell a big chunk of its secured highest Products group to Apollo and another news Buffett took

a five billion dollar steak in Taiwan. Semi wrapping things up, Madison Square Garden was cut to hold over at Jeffreys Live from the first Baking News dostcom The Maloney Karen al right, Bill, thank you to hear live breaking news over your Bloomberg Times. Squawk on your terminal SQ you a wu k, that's a Bloomberg business flash. Here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. Denied. Former President Trump

plans to announce another run for the White House. Advisers say the new campaign will likely be based in South Florida instead of Washington. Senate majority leader Chuck Schumer tied up a vote to start debate this week on legislation protecting same sex marriage after the bill's sponsors agreed on changes intended to draw enough Republican votes to win passage.

Schumer says the first procedural vote will be tomorrow. In the NFL Undefeated no More, the Eagles lost to the Commanders thirty one in the NBA, and the Celtics have won seventh straight, beating the Thunder one twenty two. The Warriors also one in the NHL. The Islanders one Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalist

and analysts. More than I have your twenty countries Michael Barr, and this is Bloomberg, Karen, Michael Barr, Thank you, sixty nine on Wall Street and we turned to news and science and technology now with Bloomberg. N j i T STEM Report. It has brought to you by New Jersey Institute of Technology. N j i T has joined with McKenzie and Company to establish a McKenzie Digital Capabilities Center

specializing in biopharma manufacturing. Learn more at n j I T dot e DU and here's just making news and science, Technology, engineering and math. The U S and Indonesia will announce the Climate Finance Deal, providing twenty billion dollars to help Indonesia pivot away from coal power. The Biden administration calls it the largest single climate finance transaction effort or ever. Rather, it'll be outlined at the Group of twenty summit in bali ft X is named a slate of independent directors

to oversee the collapse crypto Empire. It's also speaking of the U. S Attorney's Office and dozens of US and international regulatory agencies. Bankruptcy filings indicate there could be more than a million creditors and now so it remains on track for tomorrow's planned lift off of its new Moon rocket after determining that hurricane damage provided little extra risk

to the test flight. Hurricane Nicole's high winds caused a ten foot section of caulking to peel away near the crew capsule at the top of the rocket last week. Liftoff is scheduled for the early morning hours of Wednesday from NASA's Kennedy Space Center, with test stummies rather than astronauts on board. It's the first test flight for the three hundred two foot rocket, the most powerful ever built by NASA, and will attempt to send the capsule into

lunar orbit. That's a Bloomberg and j a t Stem report. Nathan, all right, Karen, thank you. We are live from the Bloomberg Interactive Brokers studios where it's coming up to six

one on Wall Street time. Now to check what's going on in d C, where some of the top stories include another rebuke for election deniers running in the mid terms with carry Lakes loss in Arizona, the Senate to take up a same sex marriage bill seeking Republican votes, and President's Biden and She taking their biggest step in

years to avoid a U. S. China clash. Also making news later on this evening, in fact, former President Donald Trump defying allies and the midterm results with an ex announcement, Let's bring in Joe Matthew Are Washington correspondent, host of Sound on Here on Bloomberg Radio, Joe, good morning. We've been playing comments from Citadel founder Ken Griffin this morning saying former President Trump is a three time loser, needs to step aside. But sounds like reverse psychology maybe doesn't

work for the former president. Why isn't that the truth? Like, you know, the more I hear stories like this, it's like, boy, guys, if you really don't want him to run, then stop talking that that might be the biggest motivator he's got. Calling him a three time loser. It's the same type of messaging we hear from Democrats in this case, and

that makes him want to run. All the reporting that we have done, by the way, does suggest that he will make a full throated announcement to run for president tonight. There have been a lot of Republicans asking him not to do this until the runoff election for the Senate race in Georgia, which is on December six. But it looks like there's no stop in his train. You know.

We got the email from from the Trump world yesterday with all the logistics for camera crews and news crews who want to cover this thing, and it does have all the trappings of a real campaign announcement. It will happen at mar Lago. Yeah, and it's coming Joe on the heels of yet another major loss for one of former President Trump's UH endorsed candidates, perhaps the most vocal election denier of all in UH Carry Lake in Arizona.

That's right, the name that's been floated as a potential running mate for Trump and twenty four loses the race for governor. This is someone who has been projecting allegations of fraud since before the race was called. We didn't know exactly how she would respond if this moment happened, but indeed Katie Hobbs, who, by the way, is the Secretary of State in Arizona and oversaw the election in twenty And it's important to know that backdrop, that that this was in fact a direct uh contest on what

happened in versus what we're hearing now. Carry Lake is it did tweet last night, and it's it's been getting quite a bit of talk because it's being called a bit of a cell phone. Arizonans no b s when they see it. That was at ten pm Eastern time. We've heard nothing else from Carrie Lake. She is not conceded, at least officially, despite the wink and a nod that came with that that last night. Where do things stand

now with the Republican Party coming back to Washington? A lot of these members of Congress is still at this point not knowing at least fully whether they're going to have a majority. I guess very close to it now, but not officially they're just yet. That's true. It was now one full week. It was a full week ago today that Kevin McCarthy declared victory was around two o'clock in the morning. And so when you wake up tomorrow, Republicans will have a majority in the House. Well, that

still has not happened. It appears at will they are one seat away right now based on our reporting and the tally of races that have yet to be decided. There's still a lot of votes, tens of thousands of votes to count in califor Arnia. But it does look like, you know, the odds for for Democrats to get the House, to keep the House at this point, it would take a small miracle. But look, it's also all be careful

what you ask for. If Kevin McCarthy or whoever owns the gavel here becomes the speaker of this incredibly thin majority, they're gonna have a very difficult couple of years ahead, not only getting anything done, but just corralling the caucus, you know, get hurting the cats. This is not a Republican caucus that is in step with each other. The

Freedom Caucus is completely at odds with other members. And there's going to be a fight for leadership here with votes set for the next twenty four hours on this Yeah, and and that's apart from the fight over the figurehead leadership of the Republican Party now with former President Trump expected to make this announcement, but there are a lot of other potential candidates waiting in the wings. Well, that's true. And you know, one of the big questions Nathan is

does this is this a field clearing event? We're gonna really understand now if Donald Trump makes this official tonight, exactly where he stands. You know, Tom Cotton announced earlier he would not make a run for president. He didn't

even want to go there. But will Rhonda Santis sit at home just because Donald Trump is running some of the other Republicans who have been mentioned in the potential race for twenty four that is yet to be seen, And it's it's looking and feeling right now like no that Donald Trump, in fact, if he decides to run, could in fact have a primary to deal with instead of just running straight home with with the nomination our last minute or so, Joe, let's get caught up on

what's happening at the G twenty How my temperature would you say? The porridge is now between the US and China after the meeting with it's cooling off a little bit if I'm following your your analogy here. But you know, that was an important meeting for President Biden and President. She to do exactly that, to lower the temperature a

little bit. They do seem to have indicated that our relationship has bottomed, that those weeks that followed the visit to Taiwan for from Nancy Pelosi were as bad as it's going to get a lot of contacts were severed at that point, and we're starting to reconnect things here. Both leaders know that they cannot afford to have a military conflict competition. You asked, conflict, No, The question is

what happens to our business relationship? You know, as we as we sever ties when it comes to high tech and we worry about trade with China. It's such an important relationship with China as the factory of the world. They make stuff that we don't want to make, then they need us to buy it, and that's not going to change anytime soon. These two leaders need to create

the path forward here to continue that relationship. All the while, Vladimir Putin, who did not attend It's not at the G twenty, is sulking at home in Moscow watching this on TV and and pretty amazing how things have changed since she and Putin met at the Olympics months ago and appeared to kick off what was some new access to go up against the United States. It's not feeling like that now, just quickly. Is the war in Ukraine U U S relations with Russia something that the U.

S And China can work work together on. That's a good question. You know, Taiwan is one thing, Ukraine is another. She's got his own relationship with Putin, but there was an agreement that both countries would denounce the use of nuclear weapons in Ukraine. And that's got to be a message that hit home pretty hard for Vladimir Putin to hear that through the news cycle. Great to speak with you as always, Joe Matthew Are Washington correspondent, host of

Sound On. You can catch it weekdays five pm. Wall Street Time on Bloomberg Radio, and by the way, when you're in Washington, you can listen to Bloomberg Radio, Bloomberg and one oh five point seven FM HD two joke, Thanks again. Futures moving higher this morning. SMP futures up twenty nine point, staff features up a hundred one NASTAC futures up a hundred forty two points. As we wait the latest read on inflation. Producer prices out of eight

thirty Wall Street time. We'll get you through it. Bloomberg surveillance up next for Karen Moscow. I'm Nathan Hanker, and this is Bloomberg