Bloomberg Daybreak: November 16, 2022 - Hour 1 (Radio)

its quest to return to the Moon. I'm Michael Barr or ahead, I'm John Stashow and sports a road win for the Days, a road loss for the Nets, the Devils stay hot, and a free agent is staying with the Yankees. That's all Train ahead on Bloomberg day Break on Bloomberg e Living Free on New York, Bloomberg N one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Syrius Exam one nineteen and around the world on Bloomberg Radio dot Com and via the Bloomberg

Business Side Man. Good morning, I'm Nathan Hacker and I'm Karen Moscow, U West dot in Next Future is on the rise this morning. We're coming up to five o one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day. On bloomberg SMP Future is up eight and a half points, Dow Future is of seventy two Nasdack Future is up twenty one. The decks in Germany's down seven tenths of a percent ten. Your treasury down eight thirty seconds. The yield three point

seven nine percent. They yield on the two year four point three six percent. Niemex screwed oil is up three tens percent or twenty seven cents at eighty seven dollars, seventeen cents of barrel COMEX gold up half percent or nine dollars ten cents at seventeen eighty five ninety announced and the euro one point oh four one six against the dollar. Nathan, Thanks Karen. We begin this morning with the latest on the rocket strike that killed two people

in Poland, just over the border from Ukraine. Some leaders initially suggested Russia was behind the attack, but President Biden is urging caution. There is plumbing information that contests that I don't want to say that until we completely investigate. But it's unlikely in the minds of the Tree decord that it was fired from Russian. But well, we'll see. President Biden spoke from the G twenty summit in Bali, Indonesia. Bloombergs Rosaland Matheson is there and has more on the situation.

It seems that there are doubts growing that in fact it was even potentially a rocket that was fired by Russia from Russia. Um, and of course there are questions about whether it was in fact it's something that might have been deflected by Ukrainian anti missile defenses or indeed, if it was from Russia, perhaps it was a misfar

and unintentional. Either way, the message very clearly coming from leaders here, be they from Europe, the US, or the Turkish president Urduwan a short time ago, is that they don't think this needs to sort of escalate tensions directly with Russia. Bloomberg's Rons Matheson reports President Biden is pledging his full support for Poland's investor stigation into the rocket strike.

Well Nathan, NATO ambassadors are meeting in Brussels for emergency talks away their response, Former Defense Secretary Mark Asper is making the case for bolstering Ukraine's air defenses. Think about how far this Russian missile would have had to travel across Ukraine to pass into the Polish border. The renumerous officers to shoot this thing down, and so I think we it's a call to accelerate the provision of air

defenses to Ukraine as well. And former Defense Secretary Mark Esper spoke with our Washington correspondent Joe Matthew late yesterday on Bloomberg sound On. Catch the show weekdays at five pm Eastern on Bloomberg Radio. All right, let's turn to politics back home in the US, Karen, because a familiar name is front and center this morning, Former President Donald Trump has officially entered the four race for the White House. Amy Morris has the latest from our Bloomberg newsroom in Washington.

His campaign filed the paperwork just minutes before Donald Trump announced his candidacy and a third run for the White House. My fellow citizens, America's comeback starts right now. Trump made the announcement as many Republicans are moving away from him, many in the party asking him to wait until after the Senate race is settled in Georgia. As many Trump endorsed candidates in the mid terms were rejected by voters.

Trump claimed America will decline unless he's reelected. This will not be my campaign, this will be our campaign altogether. While Trump may have wanted to freeze out other Republicans eyeing a presidential run, Republican strategists belief potential challengers are now emboldened. In Washington, I'm Amy Moore as Bloomberg Daybreak. All right, Amy, thank you. Let's turn to the economy now,

where we get a key reading on retail sales. This morning forecast call for a gain of one percent in October, and Bloomberg Economics corresponded. Michael McKee has more the headline change in retail sales for October is likely to be misleading. Gasoline prices were up, adding to sales, and many in Florida were replacing hurricane damaged cars. It's core retail sales excluding gas, cars and building materials that will matter, and

their economists are anticipating a slowdown. Gains at department stores, food stores, and general merchandise stores will be boosted by inflation rather than increased purchases. Red Book Research reported a soft weekly sales index, and the New York Fed reports Americans are turning from savings to credit cards to keep spending, which is likely unsustainable. Michael McKee, Bloomberg Daybreak. All right, Mike, thanks that retail sales report will be one of many.

The FED watches. FED Vice Chair for Supervision Michael bar cautions the economy will surely take a hit as the central bank confronts high inflation. Inflation right now is far too high. I think that it's the case that we're going to see significant softening in the economy. FED Vice Chair for Supervision Michael Barr made those comments to the Senate Banking Committee in Washington. Meantime, across the Pond, Nathan,

inflation is also in focus. Prices in the UK have now hit a forty one year high, and we get the details from Bloomberry's Lizzie Burden in London has been driven by gas and electricity prices. That is the biggest contributor, despite the government's support. But it's also food that's the

second biggest contribution, also housing and household services. And our economists at Bloomberg Economics say the Bank of England isn't likely to take its foot off the break in terms of interest rate rises until services inflation drops back towards its long term average. Bloomberg Slizzy Burden reports the UK's consumer prices index for October rose at an annual rate of eleven point one per cent. Let's turn back to the U S and some corporate news this morning. Karen

Elon Musk is in the spotlight again. The Washington Post is reporting the Musk told Twitter employees they must either commit to a new quote hardcore Twitter, or they should leave the company. The paper says employees have to click a link to confirm commitment to the new Twitter by tomorrow. If they don't, they'll receive three months of severance pay.

And now the latest on the collapse of ft X. Nathan Bloomberg News has learned authorities in the US and the Bahamas are discussing possibly bring Sam Bankman free to the US for questioning. Sources say the conversations between officials and the two countries have intensified in recent days as they probe his role in the implosion of cryptocurrency firm f t X. Straight Ahead your latest local headlines plus a check of sports, and this is Bloomberg, all right, thanks,

paren It's five oh seven on Wall Street. Word forty three degrees in Central Park looking for sunshine and low fifties for highs today. I gotta crash on the southbound New England thru Way in your exit six. Team will tell you more in traffic First, Michael Barr is here with what else is going on in New York and around the world the morning. Michael, Good morning Nathan. Once you hail a taxi, it's going to cost more. New York City cab writers will see a twenty three percent

increase in metered fairs. It's the first hike since twenty twelve following a vote from the city's Taxi and Limousine Commission. The TLC also says passengers will also face an increase in rush hour and overnight search ard is and airport flat rates. The increases will also affect per mile and permanent rates for Uber and Lift, and are expected to go into effect before year end. The battle for Republican

leadership in the next session continues, Bloomberg said. Baxter reports Senator Rick Scott has told fellow GOP senators he will challenge Senate Minority leader Mitch McConnell to be leader of the Party in the Chamber next year, and he immediately made the death limit his keystone issue for the moment, saying it can't be done until Democrats agree to federal spending cuts. McConnell says he has the votes to remain Senate GOP leader. Meanwhile, Kevin McCarthy is one preliminary support

of the GOP two be House speaker. He will need to get a majority of the votes in the House to be elected in the new term. In San Francisco, I'm at Baxter Bloomberg Gay Break, Environmental activists and public officials rallied in front of New York Governor Kenthy Oakele's Manhattan office, calling for her to sign a bill that would institute a two year state man on some cryptocurrency

mining facilities. The bill, approved by the State Senate in June, would trigger a two year moratorium on new permits for crypto plants that are powered by fossil fuels. If Hocal signs the measure, it would become one of the most restrictive laws in the US regulating the practice. The US is heading back to the Moon. NASA launched its first Artemus rocket overnight from Cape Canaveral, Florida, and lift off of Artemus one, we rise together back to the boon

and beyond. The unmanned, multibillion dollar rocket mission will go around the Moon and back. If successful, it will eventually return astronauts to the Moon for the first time since Apolo ended. In n 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, Nathan.

Thank you, Michael, almost five cent on all Street time for the Bloomberg Sports out Day, brought to you by Try State out Here. Good morning, John Stshow, Good morning, Nathan Nixon. Nets are both out West. I win for the next as they began a challenging five game trip. They beat Utah one eighteen one eleven Jalen Brunson twenty five points with eight assists. The Knicks rebound from that

horrific defensive outing and I lost this past Sunday. Speaking of horrific defense, most points the Nets have ever allowed, Sacramento shot the Kings won one fifty three to one one. The King's Terrence Davis, who came in averaging six points a game, scored thirty one make it ten straight wins for the Devil's two goals for jack Us and at five one win at Montreal St. John's now three and

seventy four home win over Central Connecticut. Big double header in Indianapolis, Kansas beat Duke after Michigan State upset Kentucky double overtime. Also colgate to the second Street year one at Syracuse. A Yankee free agent slugger staying with the team. It's not Aaron Judy, don't know yet about him, but Anthony Rizzo, who thirty two home run to the new two year deal forty million guarantee the Mets Bucks show

Alter named National Legue Manager of the Year. Was a close vote, but he's now one manager of the year four times with four different teams. Former Giants grade Eli Manning on Bloomberg Radio yesterday to discussed his private equity group. He also waited on the surprising success of his former team. David Jones is playing great, State Kwon is running off, running hard, defense is playing well so and the most important thing they're finding ways to win close games. And

they're find ways to close games out. And that's something we have they will do for a while. And and what that does it also this prepares me for late in the year. You're gonna have these close games. Can you win them? They're they're they're kind of tried and tested, and I think it's gonna be a good run. John. For seven and two, they had been in first place in six divisions in their division. They're one game bo John Stashewer, Bloomberg Sports. Nathan, all right, John, thank you

right now. SMP features are hired by thirteen points, down features up a hundred six, nansat features on the rise by forty points, and the Tanger Treasury is down down six thirty seconds. The yield three point seven nine percent. You're listening to Bloomberg Gate. Bloomberg Sports was brought to you by Audie. Don't let someone else drive off in

the autie model you've always wanted. 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 Outland at Bloomberg Quick Take, this is a Bloomberg business lash, and I'm Karin Moscow. US stock index futures are rising as panic subsides that a rocket which struck inside the Polish border came from

Russia and marked an escalation in the Ukrainian War. We checked the markets every fifteen minutes throughout the trading day on Bloomberg. Right now is in P futures of fifteen points down futures of d NASDACK futures of forty eight The decks in Germany's down half per cent. Can your treasury down six thirty seconds heal three point seven nine percent They yield on a two year four point three

five percent. Nimex Screwed oil is up about a third per cent, or thirty two cents at eighty seven dollars, twenty four cents of barrel comic scold up six tents percent or ten dollars eighty cents at seventeen eighty seven sixty announced the euro one point oh four and three six against the dollar. British found one point one zero and again one thirty nine point to five. And that's a Bloomberg business flash. Now Here's Michael Barr with more

on what's going on around the world. Michael, good morning, Good morning Karen. President Biden and key European leaders are urgent caution after a rocket struck a Polish village just over the border from Ukraine, killing two people. However, there are doubts whether Russia was to blame, and Biden told allies in Ballet that the rocket may have been from Ukraine's defense. Will have more on that straight ahead. Former President Trump announced last night that he is formally launching

his four bid for the White House. The US is heading back to the Moon for the first time in five decades. NASA successfully launched the Artemis mission overnight from Florida. In the NBA. Of the next one, the Nets lost to the Kings one fifty three one one. In the NHL, the Devils won their tenth straight The Capital's lost. Global News twenty four hours a day on air and on Bloomberg Quickdake, powered by more than twenty seven hundred journalists

analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan Okay, Michael, Thanks, It's five nineteen on Wall Street Live. From the Bloomberg Interactive Broker Studios. This is Bloomberg day Break. We want to get right over to Bloomberg News Executive editor for International Government, Rosalind mathieson. She's in Bali, Indonesia for the G twenty summit, but of course following the very latest developments on this rocket

strike into Poland late yesterday, Roz, good morning. I want to get more on what Michael just mentioned that reportedly President Biden is telling allies that Ukrainian air defenses caused that explosion. What more are we hearing, Well, that's right.

We actually had some indications of this earlier today. A number of hours after this rocket landed over the Ukrainian border into Poland, some some officials were starting to say, well, it's less clear cut than the idea that Russia deliberately fired this over the border and hit this Polidge, Polish village, and it was either probably an accident or it could have actually been that this was sort of the knock

on effect of Ukrainian anti missile defenses. There were obviously mobilized heavily yesterday because Russia unleashed a massive barrage of missiles across the entire country again taking out some very key infrastructure, particularly on the energy side, and so this seems to have been one of those terrible accidents that

happened in conjunction with that. Of course, it does sort of leave things in a slightly awkward position because there was initially talk that Poland might sort of start to do article for under NATO, which is a really big NATO conversation about potential steps and so on. There obviously will really have to walk some of that back now that the narrative is that in any case, and this is that really this would not have happened if Russia

had not invaded Ukraine in the first place. Um. And this comes after, you know, when our nine months of borne out and relentless attacks UM from Russia on the missile side, and so at some point an accident like this possibly was was yet to happen. Um. And so either way, it doesn't really change things in terms of the relationship between NATO states and Ukraine. They'll probably see this if it's proven to be an unfortunate accident. Well, where could the response go from here? Rise you mentioned

the possibility of article for discussions. I think a lot of our listeners are familiar with Article five of the NATO Charter. It's been discussed many times, but what would an article for invocation in town. Well, all that really does is start a big process of discussion within NATO states. It means that one NATO member wants to have a proper dial with the rest of the of the nature universe about an issue that pertains particularly to their national security.

And what it probably would look like is Poland saying that being on the periphery of both Ukraine and Russia for months now, watching this conflict and feeling very uneasy about it, that they would like to have a greater discussion with NATO about support from them in terms of greater military assets, perhaps inside Poland, troops on the ground and so on, but particularly better support in the air, monitoring and defense um and surveillance of things that might

be close by, rockets and so on, and the ability to better defend themselves from an air perspective. So they are either way, we would probably like to have that conversation, and whatever cause this incident, it certainly could be a springing board for them to do so. Um And it's not just Poland, really, it's other states that are very very close to either Ukraine or Russia. That's saying that they simply need better attention from NATO as a home as a whole when it comes to their air defense.

Could this lead to changes in a NATO's pasture when it comes to support for Ukraine. We spoke with former Defense Secretary Mark Esper as the details of this incident were unfolding. He was making the case that this should lead NATO and its allies to bolster Ukraine's air defenses

even further. Is that something that's being discussed. Well, you can say that NATO states have been very, very reluctant to do anything that they that they worry would bring them into direct confrontation, direct conflict with Russia throughout this war so far, and that's why they've been reluctant to send in certain kinds of very long range missile systems

or very modern fighter jets. And while even though Ukraine has asked repeatedly for a possible air defense zone over at least part of its airspace, NATO has always said no, because that really means you've got NATO fighter deets policing ukraine air space and coming into direct confrontation potentially with

Russian of jets. So you can imagine that despite this incident, there's going to be a high reluctance still to actually enact any kind of air zone over Ukraine might facilitate the faster delivery of certain kinds of anti missile systems from Europe or NATO as a whole yest. Definitely, that

conversation has already been happening. NOATO is unlikely to get the kind of weapons they really really want, the ultramodern ones, but at least it could mean that they get faster delivery of some of the existing systems that they've got. Thanks for this, Ros will be checking back in with you as we learn more about this incident, as the war in Ukraine continues to unfold, and the G twenty summit in Bali. Bloomberg News Executive editor for International Government,

Rosalind Mathison joining us live this morning from Indonesia. Looking ahead to the market open, SMP futures are higher by fourteen points, STAFLE futures up a hundred four, and NASA futures are higher by forty one p ten. Your treasury is now down five thirty seconds, the yield three point. You're done the two year four point three five. This is Bloomberg Bloomberg Daybreak, brought to you by Peapack Private Wealth Management. Peapack Private Wealth Management knows that the portfolio

is more than a collection of assets. It's a path to your future. Visit Peapack Private dot com and begin your financial legacy today. Broadcasting live from the Bloomberg Interactive Broker's studio in New York. Bloomberg E looking for you to Washington, d C, Bloomberg to Boston, Bloomberg one O six one, to San Francisco, Bloomberg NAM sixteen to the country Sirius XM Toto one nine team, and around the globe the Bloomberg Business app in Bloomberg Radio dot com.

This is Bloomberg Daybreak and it's five thirty on Wall Street. Good morning. I'm Karen Moscow and I'm Nathan Hager. Bloomberg Daybreak is brought to you by SEI. Asset managers don't get results that are off the charts when their solutions are off the shelf. Learned how SEI is operating platform can turn infrastructure into a competitive advantage at S E I C dot Com slash Tech and we are just about four hours away from the open of US trading. Let's get you have to date on the news you

need to know at this hour. We begin with the rocket strike that killed two people in Poland, just over the border from Ukraine. World leaders are trying to determine if Russia attack NATO territory. However, President Biden says at the G twenty summit it's unlikely the missile was fired from Russia. Were aregreed to support Polands investigation into the explosion in rural Poland near the Ukrainian border, and I'm going to make sure we figure out exactly what happened.

Sources say President Biden is telling lies the blast was caused by Ukraine air defense systems. Well. Speaking last night, Karen, Ukraine's President vladimir's Lensky called the strike an escalation hitting missiles on NATO territory. This is a Russian missile attack on collective security. This is a very significant Scallatia. Ukrainian President vladimir's Lensky also called for an end to the war in an address to G twenty leaders. There's still

no confirmation on the exact source of the blast. NATO ambassadors are meeting in Brussels for emergency talks. Former Defense Secretary Mark Esper is preaching caution. My suspicion is that this was an accidental firing caused by either poor targeting or a malfunctioned by one of the Russian missiles. We need to go through a deliberate process, investigated out, and come to the facts. Former Defense Secretary Mark Esper spoke with our Washington correspondent Joe Matthew on Bloomberg Sound On.

Catch the show weekdays at five pm Eastern on Bloomberg Radio. Back here in the US politics, this front and center, with a familiar name taking the spotlight. Former President Donald Trump has made an announcement many already knew was coming. In order to make America graded glorious again, I am tonight announcing my candidacy for president of the United States. Former President Trump was without several key al ees during

the announcement, including his daughter Ivanka Trump. We should mention President Biden spoke with allies last night saying that that blast was caused by Ukraine's air defense systems in Poland. Now we want to turn to the economy. In the latest US retail sales figures, they're coming out this morning. Forecast call for a gain of one percent in October and overseas, it's all about inflation. The UK's consumer price index for October rose at an annual rate of eleven

point one percent. That makes a fresh forty one year high for inflation in the United Kingdom. Straight ahead, we have your latest local headlines and a check of sports. You're listening to Bloomberg Daybreak. It's now five thirty three on Wall Street, forty two degrees in Central Park. Michael Bars here with what's going on in New York and around the world. Michael, thank you very much. Nathan. It's going to cost more for New York City cab ride.

The City's Taxi and Limousine Commission voted to increase fares by the t l C says passengers will also face an increase in rush hour and night surcharges and airport flat rates. Drivers sought higher fares amid inflation and labor scarcity. Senator Rick Scott will challenge Mitch McConnell for the Chamber's top Republican leadership post during a closed door meeting today. Meanwhile, rules will change now that House Minority Leader Kevin McCarthy

is poised to become the next House speaker. McCarthy spoke at a news conference last night alongside other incoming members of the GOP leadership team. The one thing you'll learn is as my opportunity to be speakers, the House is going to change. No longer is all the power gonna arrest the way Nancy had it um no more proxy voting.

Steve Scalize will likely be Majority leader and Congresswoman at Leastafonik, who took Liz Cheney's job as the GOP conference chair last year, was elected to a second term in that position. Stafonic said the GOP did quite well in her state. I particularly am proud being from the state of New York. We picked up four seats in New York State, flipping blue districts to red, and we will have a tremendous

Republican conference in Congress. Congresswoman Staphonic, Donald Trump's longtime finance chief is still collecting a hefty salary from the Trump organization, even as the prosecution star witness in a criminal tax fraud trial. Alan Weisselberg testified yesterday and that until recently he was working as a senior advisor for the company and is now on a paid leave of absence. NASA's new Moon rocket has blasted off with three test dummies

aboard overnight from Cape Canaveral. These watchers were in all it was really bright like it looked like the sun was rising, sounded like an earthquake was going on. The Florida launch brings the US a big step closer to putting astronauts back on the Moon for the first time in fifty years. Global News twenty four hours a day on air and on Bloomberg Quickdake, powered by more than seven hundred journalists and analysts more than a hundred twenty countries. Michael,

this is Bloomberg Nick. Thanks Michael on Wall Street Time for the Bloomberg Sports update front by tri State Out. Here's Sean Thanks Day and the Knicks hit the road. Didn't play well their last dame with the Guard. They gave up a hundred and forty five points in a loss to Oklahoma City, but they began the five game trip with a win at Utah one eighteen one eleven. Jalen Brunson scored twenty five points. Cam Reddish pitched in with nineteen knicks for now seven and seven. They played

tonight in Denver. The Nets lost in Sacramento one fifty three to one. One. That's the most points the Nets have ever allowed. Hottest team and hockey. The Devil's made it ten straight wins of five one victory in Montreal College of St. John's one, Kansas beat two at the first lost for Duke's new coach, John Shire. Michigan State upset Kentucky in double over time. Anthony Rizzo staying with the Yankees new two year deal forty million guaranteed. Rizzo

just hit thirty two home runs. His average was just to four. That could go up next year now that shifting has been band. Rizzo very close friends with Aaron Judge, Yanks talking contract with him. Owner house Steinbrenner said he recently met with Judge one on one Buck Show. Walters first Manager of the Year award was with the Yankees in four that was the strike year. He then won it with Texas and Baltimore, and now the NL award

with the Mess. It was a close vote, but four Manager of the Year awards ties the all time record. He shares that now with Bobby Cops and Tony Louisa Cleveland's Terry Francona won in the A L for the third time to cy Young Awards. Throughout the day, A new stadium is gonna be built New York City at twenty five thousand Saints Soccer Stadium near City Field and Queens is part of a waterfront project. Will be used by the MLS team n y c FC that currently

plays at Yankee Stadium. They'll put up a lot of the money. Expected to be ready in seven. Stashar Bloomberg Sports all Right, John Nelson News on Life After Sports. Former Giants quarterback Eli Manning is expanding his post football career. He signed on with a private equity firm called brand Velaca. The group that's in addition to his widely popular Manning

cast with brother Peyton on ESPN Monday Night Football. Eli man He talked about it all with Bloomberg's Matt Miller and Paul Sweeney, sitting on my couchs watching football, making fun of my brother, Like that sounds like a good job, and you know I pay me fourth Like yeah, I mean, I know I went to Old Miss, but I know a good deal what I see one. And so that was the idea and really you know, just saying, hey, what would it be like if Peyton and I were

in your living room watching the game? How would we watch it? You know, we're not going to talk about the first intent run for two yards and tell you where the running back went to college, Like, we don't know that answer. We don't know where he went to college, and you probably don't care either. So let's bring in some guests having fun. We'll talk some x x's and knows. Tell you what's going through the quarterbacks mind right now? What you know, how should they handle this situation? Have

Peyton calls sixty seven time outs? You know when dinner needs to call a time out, and so you know, it's really just kind of having fun and in a different way to watch the game. Former Giants quarterback Eli Manning speaking there with Matt Miller and Paul Sweeney on

Bloomberg Radio. Catch more from Mount and Paul weekdays at ten am Wall Street Time, and you can catch that full interview with Eli Manning this weekend on the Bloomberg Business of Sports podcast five thirty eight Now on Wall Street Time for the Trice State Business Report with Bloomberg Stone Doneager. The Manhattan Luxury market is still a healthy one, at least according to developers of a new boutique condo

in the village. Dow Jones reports the building sold nearly all of its twenty eight units in a week and a half without any marketing involved, all of it through word of mouth. The average units sold for three and a half million dollars. The city's first major league soccer stadium will be built across from City Field. CBS two reports the twenty five thousand seat stadium will house the New York City Football Club. The seven hundred eighty million

dollar project will include a hotel in new housing. The report says the soccer club will pay for the stadium, and a unit of a Singapore company has won two contracts from New Jersey transportation officials. One would design and operate tolling systems on the Garden State Parkway and the Turnpike. The second would do the same on the Atlantic City Expressway. That one would run twelve years. That's the Bloomberg Try

State Business Report. I'm Joan Donneger. Thanks Joe. Now, let's check some of the tough stories heard on our three hundred Bloomberg affiliate radio stations around the world. I'm Steve hotas Go on K and X in Los Angeles. We're talking about how cage free egg demand is really crack in the market as consumers push for change. Um Cornie Donahoe on ktr H in Houston, and new study finds house prices can tumble as much as twenty percent as mortgage rate sword. I'm Jeff Bellinger and on w l

W and Cincinnati. I'm reporting there's cause for some optimism about food inflation. In twenty three time. Joanes Doddeger telling w t a M listeners in Cleveland how one Ohio city and county planned to use pandemic aid to wipe out citizens. Medical deck. I'm Stephen Carl and bloomber d AB Digital Radio in London. We've from the poising on CPI in the UK hitting a forty one year high

with prices rising eleven point one percent in October. Those are some of the stories our Bloomberg journalists and analysts are working on this morning around the world. Futures moving higher. You're listening to Bloomberg Day right. Bloomberg Sports is brought to you by Audie. Don't let someone else drive off

in the Audi model you've always wanted. Visit your local price state Audie Dealers to get behind the wheel of yours today, or visit Audie Offers dot com for moren front markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com of Bloomberg Business and at Bloomberg Quicktake. He's a Bloomberg Business Flash and I'm Karin

Moscow Future is on the rise this morning. We check the markets every fifteen minutes throughout the trading day on bloomberg s and Pefe Future is up about seven points down. Futures of fifty eight nasdack futures up thirteen the decks in Germany's down seven tenths of upper sent ten year treasury down four thirty seconds you three point seven eight percent. They yield on the two year four point three five percent.

NIMEX Screwed oil is up to ten percent or seventeen cents at eighty seven dollars ten cents of barrel comes gold up half percent or nine dollar sixty cents at seventeen eighty six. Forty announced the Euro one point oh four to seven against the dollar, British pound one point one nine to five and the end one thirty nine point two nine and Bitcoin this morning down one percent at sixteen thousand, seven hundred dollars 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. President Joe Biden told allies that the explosion that killed two people in Poland was caused by Ukrainian air defenses. However, according to two people familiar with the matter, according to what Biden said, it was ultimately sparked by the Russian missile barrage on Ukraine. Biden delivered the assessment during a conversation with NATO and Group of Seven allies in Indonesia.

Former President Trump announced his candidacy for the White House in four Trump says President Biden and Democrats destroyed the economy and he will fix it. NASA launched its most powerful rocket in fifty years overnight, sending a capsule with test dummy skyward on a twenty five day mission to orbit the Moon and back in the NBA. The next one, the Nets lost NHL, the Devils won their tenth straight.

Capitals lost global needs twenty four hours a day on air and on Bloomberg Quick Tank powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Michael bar and this is Bloomberg. Nathan, Okay, Michael, thank you. It is coming up to nine on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak Road.

Really pleased to have Christina Hooper back with us on the show this morning, Chief Global market strategist at Investco, Christina, good morning. Looks like markets are breathing a little bit of a sigh of relief, with doubts building that at least this missile attack in Poland wasn't a deliberate strike. Is this something the markets can look past or does geopolitics need to be back in the calculus for investors. Well, geopolitics unfortunately does have an impact on markets, but only

in the very short term. We saw that reaction yesterday. UM and quite often that is just the case that it's a short term blip UM, even if it is something that extends well beyond um just one day. Look for example, at Russia's war with Ukraine, it hasn't had a big impact on markets. One exception could be something like tariffs where there is where there tends to be

a medium term effect on markets, especially Chinese stocks. I think we're we're hurt by by tariffs, But in general, geopolitics is not something for investors to be worried about, especially if they have a long time horizon. What does feed into your long time, long term horizon when it comes to in estments, Well, it's all about expectations around UH growth, around UM, where rates are going to be UM.

But most importantly it's about looking in the rear view mirror UM, looking at what has historically happened to help provide some guides for the future. We do know that no matter what the environment UM, typically over the longer term we see stocks have this gravitational pull upwards, which is why they are an important part of investors portfolios

for the long term. How do you look back on the history of markets, so when we have the kinds of situations that we're in where we do have this war in Ukraine, we have pretty unprecedented FED rate hike cycle underway right now with these four straight jumbo rate hikes, how do you gain things out given where things stand right now. Well, certainly this has been an extraordinary year, and when I say that, I'm talking specifically about monetary policy.

As you said, UM, these jumbo hikes are are very unusual, and especially if we take a step back and look at it in the context of globally, we have so many central banks hiking rates UM and in big chunks all over the world, which is why the World Bank came out in September and we learned about UM the potential for UM risks associated with just this fast and furious monetary policy tightening. UM. But we have to recognize that that tends to have a uh an effect while

it's happening UM. Right, For example, we saw a very difficult year for both stocks and bonds because of this extraordinary monetary policy environment. However, UM, we can look to the future and say, as soon as UM the FED starts to get less aggressive, and certainly when it hits the pause button, we're likely to see a very different market environment, and in fact, markets tend to discount that

before it actually happens. You know, we've seen some pretty dramatic market moves just on the back of individual data points. When you think about consumer prices last week, producer prices this week, we get another round of data in retail sales. What kind of a catalyst could that be this morning? Christina, So, I don't know if retail sales has the potential to be very disruptive. Um. It certainly could make investors feel

better about stocks if it if it comes in. Um. Uh and and is is uh positively surprises But I think we're going to see the most reaction coming from inflation data because that is what is making the FED, helping the Fed to make its decision right now about the future path of monetary policy. So we'll see outsized reactions from anything related to inflation. Just thirty seconds left here, Christina. Do you think there's still room for a soft landing

from this Fed? Well, I think there's still room for a soft dish land but it all depends on what the Fed does going forward. Um. It's already created a significant amount of negative impact on the economy, much of which we haven't seen yet because of the lag that usually occurs between monetary policy and showing up in in the economy. UM. But um, this is this is a crash is certainly avoidable. Uh. Major recession is certainly avoidable

at this point. UM. If the FED eases up on its level of tightening and of course pauses by the end of the first quarter. I think we can avoid anything significant. Thanks again, Christina, Christina Hooper's chief Global market strategist at Investo, Karen Allry, Nathan, thank you. It is five fifty three on Wall Street. Now. A legal story we're watching this morning, brought to you by American Arbitration Association.

Business disputes are inevitable, resolve faster with the American Arbitration Association, the global leader in alternative dispute resolution for over ninety years. Are at a dr dot org. Now, a legal story we're watching. A Republican commissioner at the Equal Employment Opportunity Commission is deploying a rarely used agency procedure to silently initiate discrimination investigations against at least three companies that are

providing their employees with abortion travel benefits. Trump appointee Andrea Lucas alleges and so called commissioner charges that the employers are favoring workers seeking abortions while discriminating against pregnant workers and disabled workers because they are not offering equivalent benefits for their medical needs. According to five attorneys, familiar with

the charges. For more, Bloomberg's Jon Grosso speaks to j Edward Murraino, unemployment discrimination reporter at Bloomberg Law about his exclusive report. How rare are these charges coming from commissioners directly? These commissioners charges e s. Commissioners are able to file them independently. They're used very rarely. In the past two fiscal years, they've only been used three times. They're typically used to uh push settled law or add claims to

existing investigations. This avenue that Andrew Lucas is choosing is quite unusual. What other procedures are they claiming need travel benefits? Women are getting travel benefits to travel out of state because in state they can't get an abortion. So what is Lucas claiming here that there are disabled workers and pregnant workers who need to go out of state for procedures and they can't. Yeah, So it's unclear from the charges.

They're very broad. They just make those two assertions that the company is discriminating against pregnant workers and that it's discriminating against disabled workers. So the facts of these cases are not yet established, but the charges make the assumption that, for example, somebody with maybe a complicated pregnancy at that company was maybe not able to travel to see a specialist, or a person with a disability was not able to

travel to seek the care that they needed. Meanwhile, these companies were offering travel for abortions, as you mentioned, and it is a little unusual because abortion is unique in that it depending on where you are, you may not have access to that anymore. Where with pregnancies or other conditions, those services are generally offered locally or you know, if not in the general vicinity of where you're working. It's

also unusual from the assorneys that I talked to. Typically, abortion travel is covered under a more broad healthcare travel policy and unemployer's healthcare plan, So you know, they may have advertised it as a pledge to cover abortion travel, but as far as their healthcare plant is concerned, it's just a general healthcare travel policy that happens to include abortion. Is there any case law to support these charges, any precedent or are they completely novel? It's pretty novel. You know.

It's only been since June that you know, the constitutional right to an abortion has been overturned, so this has not been tested in federal courts. Yet. But the laws of place here are Title seven of the Civil Rights Act of nineteen sixty four and the Americans with Disability

Act on the Pregnancy Discrimination Act. And you know, I talked to a lot of lawyers for the story, and generally what they argue is that the Pregnancy Discrimination Act in fact protects an employer's ability to provide abortion benefits rather than preclude them from doing so. And also what's interesting about these charges is that since they come from

a commissioner, they don't necessarily have a victim. There wasn't, you know, somebody who came forward and said that they felt that they were discriminated against based on off of the benefits. And that's j Edward Varno of Bloomberg Law spaing at the Bloomberg June Grosso. Catch more at that interview plus analysis of the latest legal news by subscribing to the Bloomberg Law Podcast or downloading the show at

Bloomberg dot com slash podcast. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and on the Bloomberg terminal at the Law go This is Bloomberg