Bloomberg Daybreak: November 17, 2022 - Hour 2 (Radio)

cuts and tax hikes. New York City wants hire minimum pay for app based food delivery workers. Plus former VP Penn says Republicans have better choices than Donald Trump for

the White House. On Michael bar More Ahead, John Stash Howard sports the Knicks one in Denver, the local hockey teams, Plate Tonight, and Aaron Judge expected to be named today m V That's all Trained Ahead on Bloomberg day Break on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius Exam one nine team and around the world on Bloomberg Radio, dot Com and bother Bloomberg

business app Good morning. I'm Nathan Hager and I'm Parrot. Moscow and US futures are extending their declines this morning. We're coming up to six o one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day on Bloomberg with SNP Future is down twenty one points down, Future is down one sixty five and NASDAG futures down sixty five. The decks in Germany now

little change ten. Your treasury down thirteen thirty seconds. You know, three point seven three per cent they yield on the two year four point three six percent. Nine max Screwed oil is down one point four percent, down a dollar nineteen at eighty four dollars forty two cents of barrel co makes go down six ten percent or ten dollars forty cents at seventeen sixty five forty announced the euro one oh three four one against the dollar. Nathan, all right, Karen,

thank you. We'll get more on the markets in a minute, but first we want to bring you the latest on the investigation into the missile strike. This week, they killed two people in Poland. Ukrainian President vladimir's len Ski has insisted that rocket came from Russia. President Biden was asked about it this morning. What's your reaction, Presidents, We keep saying that the missiles and ranted in Poland. We're not Ukrainian.

That's not the overli. President Biden, along with Poland and NATO all say the missile likely came from Ukraine's air defenses, but they also say Russia bears ultimate responsibility. Well. Nakan President Zelenski is also facing questions about the air strike. Bloomberg News editor in chief John Nikel Thwaite spoke with the president by a video link at the Bloomberg New

Economy Forum in Singapore. But I'm sure that this is a Russian missile, and I'm sure that we were launching the air defense missiles, but we can't say specifically that this was the defense of Ukraine. Although we are grateful for not being blamed because we are fighting against the Russian missiles in our territory. But nevertheless, we have to be fair and honest. Until the investigation is over, we can't say what kind of missile, what pieces of which

a missile fell on the Polish terri Tree. Speaking through an interpreter, President Vladimir Zelenski, he says Ukraine will go to the blast side in Poland as part of the investigation. Catch more of our interview with the Ukrainian president from the Bloomberg New Economy Forum coming up shortly in our program. Well meantime, Karen, future US financial support for Ukraine maybe in question now the Republicans have gained control in the

House of Representatives. Amy Morris has details from our Bloomberg newsroom in Washington. It is a power shift in Washington, with Republicans winning a narrow House majority. The GOP now has subpoena power and control over powerful committees, and that has Democrats worried about the future of President Biden's agenda and future financial support for Ukraine. Republican lawmakers are set

to give closer scrutiny to financial support for Ukraine. House Minority Leader Kevin McCarthy, who is set to become speaker, says Republicans are not going to write a blank check while President Biden does have workaround GOP demands will make us allies uneasy in Washington. I maybe more as Bloomberg Daybreak right. Amy, thank you a Republican control of the

House may also benefit financial services firms. Next year, the GOP will lead the powerful Financial Services Committee, which can demand information from the heads of agencies such as the SEC and the Consumer Financial Protection Bureau and seek to dial up oversight on regulators. And let's say, banks and hedge funds could gain from any slow down in SEC actions in the UK. This morning, Karen, investors are closely watching Chancellor of the Exchequer Jeremy hunt he delivers details

on the UK's budget today. Let's go to London and get the very latest with Bloomberg's Uin Pots. Good morning, Good morning, Athan and Karen. Tax rises and government spending cuts are coming down the line. Chance that Jeremy Hunts will stand up in the British Parliament later this morning. It sets out how he plans to make fifty five billion pounds of savings. That's the amount needed for the

government to meet its medium term debt targets. The backdrop is UK in inflation at a forty year high, rapidly rising interest rates, and forecasts for a recession next year. It's a tough hand to play in London. Immune Pot Spin, bad day break, all right, You and thank you. Monetary policy also in focus in Europe this morning. It looks like the European Central Bank may slow down interest rate hikes with only a fifty basis point increase next month.

Sources Hell Bloomberg. That initial talk suggests a lack of momentum for another seventy five basis point move. Reasons cited are mounting recession risks and a possible weakening of consumer price pressures like here in the US Care and another. FED officials on board with slowing the pace of federal reserve rate hikes. FED Governor Christopher Waller spoken Phoenix yesterday

looking forward to them December meeting. The data of the past few weeks had made me more comfortable considering stepping down to a fifty basis point hike, and Christopher Waller has been one of the more hawkish members of the FED. The Central banks raised its benchmark interest rate by seventy

five basis points four straight times. Now the latest and the collapse of f t X, Nathan former CEO Sam Bankman Freed is telling his side of the story, and he's doing it through a series of tweets bankmun Freed and myths that f t X got overconfident and careless, and says he would do his best to save customers cash. New management at f t X say Bankman Free does not speak on the company's behalf. Speaking of social media, Karen the former chairman of Twitter, says Elon Musk could

be creating room for competitors. Patrick Paschett says it could happen if Musk breaks the ethos of the company. Fischett told Radio Canada it's too early to tell if Musk will be good for Twitter. And now let's take a look at some stocks on the move this morning following earning. He shares of Cisco up about four percent. That's after the computer networking company gave a bullish forecast. Shares of

in Video also while they're up about two percent. The semiconductor maker posting quarterly sales that topped estimates after his data center business helped offset sluggish demand for video game ships. We also got results from another chip maker. We're getting them today, Applied Materials Or report earnings after the closing bell Well had of that, Karen, futures are moving lower now.

We have SMP futures down eighteen points, Staff futures down a hundred fifty four and NASTAC futures are lower by fifty three points. Tend your treasuries down twelve thirty seconds the old three point seven three percent, the yield on the two year four point three six percent. Straight ahead your latest local headlines and a check off sports. This is Bloomberg now six o seven on Wall Street where thirty eight degrees in Central Park and we've got a

jackknife tractor trailer he's found seventy eight Exit eighteen. Details coming up in traffic. First Michael bar with more on what's going on in New York and around the world. Michael, thank you very much. Nathan. New York City is proposing a minimum pay rate for app based food delivery workers like door Dash or grub Hub. It's a first of its kind plan from the city's Department of Consumer and Worker Protection. For the sixty thou workers in the city,

the minimum wage would be almost twenty four hour. Delivery app workers don't receive a minimum wage or benefits because are classified as independent contractors. Western New York. They're used to snow, but more than a month away from the official start of winter, Lake effects snow is expected to dump more than three feet of the white stuff maybe more. A state of emergency is expected to be declared in New York this morning as the heaviest snowfall continues from

now through Friday. In the Buffalo area. Ken Junahwa, the regional director for National Grid, Buffalo's utility company, says they're on standby for any outages Friday night. We will be holding all crews in our company service centers across Western New York, and in addition to that, we are bringing in outside resources that will be pre positioned in Western New York to help us with any power restoration efforts.

When Buffalo resident took it all in stride, saying she'll be making soup, former Vice President Mike Pence did not say whether he would support his boss, former President Donald Trump, in his re election bid for the White House. Pence p assipated in a town hall event on CNN last night, I think we'll have better choices, better choices than my old running mate. I think America longs to go back to the policies that we're working for the American people,

but I think it's time for new leadership. When asked about his own possible presidential bid, Pence said I'll keep you posted. A bus carrying twenty eight people seeking asylum in the US arrived in Philadelphia from Texas. Philadelphia officials expressed frustration with a lack of communication from Texas Governor

Rabbit about the arriving families. Philadelphia Mayor Jim Kenney says, though the migrants are welcome, those who arrived today are private individuals simply seeking safety and a place where they can build a future. Let's remember that and welcome them with grace and respect. Some families are moving on to other states, including New York and Connecticut. Global News twenty four hours a day on air and on Bloomberg Quickdake, powered by more than hundred journalists and analysts and more

than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan. Thanks Michael six o nine on Wall Street Time for the Bloomberg Sports Update, brought to you by Tri State Howdy Hears John Stashop. All right, Nathan, the next just did something they haven't done in sixteen years. They won a game in Denver, meet the Nuggets, one of six, one oh three, certainly helped by Denver being without its m VP center Nicola, Your kitchens in COVID protocol, but

a big night for Julius Randall. He was playing more like he did two years ago than the way he played last year when he struggled a bit. Randall a season high thirty four points. Jalen Brunson at a twenty one and the next or two and oh on the road trip. Next stop tomorrow night at Golden State. Warriors are defending NBA Champs. Last night they got fifty points from Steph Curry but lost in Phoenix. The Warriors are six and one at home. They're now o and eight

on the road. Venett's road trip ends tonight in Portland when they come home play Sunday, and the feeling is that is when Kyrie Irving might return from his suspension. Local hockey teams all on the road tonight. Rangers in Seattle, Islanders in Washington, and a red Hot Devil's play in Toronto, New Jersey looking to make it a Levin wins in a row. College oakes in New Jersey. Seaton Hall lost to Iowa by fourteen. Second ranking Zaga lost at Texas

by nineteen. Week eleven begins tonight Tennessee at Green Bay the Packers, coming off that upset win over Dallas that ended their five game losing street. Justin Verlander goes from Tommy John to Cy Young at age thirty nine, named for the third time he had missed most of the previous two seasons. Pitched to a one point seven five E R A and you spin. He won unanimously, So did the Marlin. Sandy l Contro the National League. I'll conscers a throwback. He had six complete games after sixty

two home runs. You'd have to thank Aaron Judge, will be able to beat out last year's winner, Showyotani and when a l m v P today? And if so, he'd be the first Yankee m v P since Alex Rodriguez in two thousand nine. John Stash were Boomberg's plays. Okay, John, thanks SMP. Futures down down twenty points, Stout features down one sixty four, dance at Futures down sixty three points.

We'll get more on this market straight ahead from liz Ane Saunders of Charles Schwab, and we will have more from our exclusive interview with the Ukrainian President Vladimir z Lensky. This is Bloomberg 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 tri state Autie dealects you 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, of Bloomberg Business Out and at Bloomberg Cricktake.

This is a Bloomberg Business Flash and I'm Karen Moscow Future is following this morning with SMP futures down twenty one points down, futures down a hundred seventy and nasday futures down sixty four, the ten year treasury down twelve thirty seconds, l three point seven three per cent in a yield in the two year four point three six percent, and nime X screwed oil down one and a half percent at eighty four dollars thirty cents a barrel. That's

a Bloomberg Business flagh. Now here's Michael barrlickmore on what's going on around the world. Karen, thank you very much. Republicans have one control of the House by a slim majority. It gives conservatives leveraged to slow down President Joe Biden's agenda. North Korea has responded to recent US military and diplomatic moves with a missile test. The usn South Korean Force has conducted a missile defense exercise this morning in the NBA.

The next one the Celtics. They won their eighth straight. The Wizards and Warriors lost. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analyston more than one hundred twenty countries. Michael Barr and this is Bloomberg, Nathan. Thanks Michael. It is six eighteen on Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak, and we want to bring you more of our conversation

now with Ukrainian President Vladimir Zelenski. He joined Bloomberg News Editor in chief John Michael Flat in a video call at the Bloomberg New Economy Forum in Singapore. War President Zelenski spoke about the possibility for peace talks with Russia and his dreams for his country after the war ends in October. That you are potentially open to talks with Russia,

but not while Vladimir Putin as president. What can we talk about Budding is not one person, that these are several people, and there's nothing to talk about with these

several people today. If tomorrow they are prepared to take the peace formula, if they are ready to withdraw from our territory de occupy Ukraine and acknowledge that this is a tragedy and not just a mistake, that this is a tragedy of them being aggressors, if they are ready to compensate as it is prescribed in the peace formula, if they're ready to accept it, only then we call can start thinking about talking to this group of people.

And if in Russia there will be other people who will would be prepared on the diplomatic level to acknowledge the piece formula in any format, but first of all acknowledge our territorial integrity, that we are as subjects, that we are the same people as they are, we're ready to talk to them. Of course, the grain deal and the exports of grain, and that looks as if it's going to roll over. The other big issue is fertilizer. You produced a lot of the world's fertilizer and everyone

is worried about the fact it's stuck. Do you think there is room for a deal on that as well? Thank you for this question. Grain deal is already extended. This is not negotiating. It's already a fact four months more, as I said in my statement, but one of the items of the peace formulas that it has to be unrestricted. Apart from the grain deal, you have to understand that

we have grown strongly in logistics. We have built different pathways during this war in the several months, and that's another area where the investments could come and we invited them. But also the processing industry. How will Ukraine be different after the war than it was before? To give you one example, many of us when we came to Ukraine,

one persistent worry was corruption. Will the new Ukraine that everyone admires so much at the moment, but the Ukraine that emerges from the war, will it be different like that? How will Ukraine be different in four or five years um? Best, First of all, there will not be political influence of Russia and Ukraine. And secondly, there will not be influence of Russian capital. They withdrawn from our companies will pushed

them out. The political parties of that they were influencing our expand and they will not participate in the next election, so the information or influence on our development into a political correction will not be there as well, and this is very important because that shapes the independence of our country and also investments and the condition with corruption. There will be no corruption. We don't have it now, of course, because we're all united around our country. Many people look corrupt.

People have left the country with their money and we will do our best for them to stay where they now are the most important things that we have to u focus on. We are united only those who want to protect their country. No one will be able to forgive corruption in future after the war because we've lived with very difficult challenges and war. Technologically, there will be no corruption because during this time we will have done

everything to make sure that it works online. We are already have cuts in the management of our government agencies that should be less government in the business, so we this is why we're doing all services um digitally. So we started this with convict COVID because of the pandemics, but during the war we have boosted this with new dynamic so all the services are going to be electronics, so they will not be contact with the with the civil servants and still will not be pressed on on business.

And this talks about the independence of economy and transparency of investments, and these are the most important things. I think that many people who have left Ukraine, many families with children and students, who want to come back and build their country based on different values, and I think that this will be a completely different country where I

would like to welcome you to come. And that was Ukrainian President vladimir's Leinsky speaking with Bloomberg News Editor in chief John Michelswaite at the conclusion of the Bloomberg New Economy Forum in Singapore. You can catch their full interview anytime on Bloomberg dot Com or on the Bloomberg terminal, and we will continue bringing you more from Ukrainian Presidents Lensky's remarks at the New Economy Forum throughout the day here on Bloomberg Radio. For now it's on Wall Street.

We want to turn to this market for that. We're joined live by liz Anne Saunders, chief investment strategist at Charles Schwab. It's great to have you on with us this morning. Lizz Anne, Thanks for being here, though we are seeing a leg lower in the future perspective. Liz Ane Saunders of Charles Schwab, thank you for being here. Karen, alright, we are coming up to stage thirty on Wall Street

and good morning. I'm Karen Moscow along with Nathan Hanker, and we're just about three hours away from the open of US trading. It's time for the five things that you need to notice start your day, prompts to you by Interactive Brokers. Interactive Brokers charges margin loan rates from four point three three percent to five point three rate, subject to change. Learn more at I v k R dot com slash compare up. First, officials are investigating the

missile strike that killed two people in Poland. President Biden was asked about it. What's your reaction to Presidents the Weskie saying that the bistles been landed at Poland. We're not Pradian. That's not the over. President Biden, along with Poland and NATO all say the missile likely came from Ukrainian air defenses. Meanwhile, Ukrainian President vladimir's Lensky insists it

was a Russian rocket that struck Poland. He was asked about it by Bloomberg Editor in chief John mickel Thwaite at the Bloomberg New Economy Forum in Singapore, who were about hundreds missiles that will launch on that day. And I'm grateful for the world too for the support of Ukraine with air defense and anti missile defense. But nevertheless, you can see what are the consequences and optimists of

the Russian war. This is not the first time that the whole missile, a piece of missile of Russia falls down on the territory of another country. President President vladimir's Lenski, speaking through an interpreter, says Ukraine will go to the blast side in Poland as part of the investigation. Turning back to the US, Karen Republicans have won a slim majority in the House bloom For said Baxters, as it gives them considerable power. They now have subpoena power and

control over powerful committees. They've said they will make the Biden administration their top priority. Potential probes and everything from Afghanistan pull out to border policies, the origins of COVID nineteen, the FBI search at mar Lago, and dealings involving President Biden's son Hunter in San Francisco. I'm at Baxter Bloomberg Daybreak right and thank you. Over in the UK, investors

are watching Chancellor Jeremy Hunt delivered details on the UK budget. Elsewhere, Bloomberg News reports the European Central Bank could slow the pace of upcoming rate hikes as talks of another seventy five basis point hike lack momentum. As for the US Central Bank, Karen Fed Governor Christopher Waller is voicing support for a fifty basis point hike at the next fo

MC meeting. The normally hawkish Waller spoken Phoenix yesterday and an update Nathan on ft X. In a series of tweets, former CEO Sam Bankman Freed amidst the collapsed crypto exchange got careless and said he would do his best to say if customers can new management at fd X A Bankman Free does not speak on the company's behalf. And that's the five things that you need to notice start

your day. Brought to you by Interactive Brokers. And futures are lower this morning, S and P futures down twenty four points now futures down and nasdag futures down seventy one. Ten year treasuries down ten thirty seconds, you know, three point seven two percent, and the yield on the two year is at four point three six percent. Straight ahead, we have your latest local headlines, plus a check of sports, and this is Bloomberg. Thank you, Karen. It is six

thirty three on Wall Street. Were seven degrees now in Central Park. Still dealing with a jackknife tractor trailer eastbound seventy eight in Clinton, New Jersey. 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 is proposing a minimum pay rate of nearly twenty four dollars an hour for apt

Base restaurant delivery workers who criss crossed the city. The proposal from the Department of Consumer and Worker Protection also acknowledges that the new hire minimum wage will mean food deliveries will cost more for customers. The proposal would cover salary expenses and insurance. Mayor Eric Adams says the proposal, build as the first of its kind, would help ensure of fairer pay for delivery workers for third party apps,

providing more stability for sixty workers across the city. Former Vice President Mike Pence declined to say whether he believes Donald Trump is fit to be president again. Penn spoke during a CNN town hall last night, Well, let me say there there may be somebody else in that contest. I'd prefer more Jack anyone in mind. You know, I honestly believe we're gonna have better choices. When asked whether he will run for the White House, Penn said, I'll

keep you posting. A Wisconsin judge issued a life sentence for the suv driver who rammed through a Chris Ms parade and walkeshaw last year. Six people were killed and dozens were injured. Before the sentencing, the mother and grandmother of Darryl Brooks Jr. Pleaded for leniency and stress his battle with mental illness. Democrats in the Senate are moving forward on passing federal same sex marriage protections after the

repeal of Roe v. Wade. Legislation protecting the right of same sex couples to marry advance in the Senate on a sixty two thirty seven procedural vote, setting it up a passage by a simple majority as soon as this week. Among the GOP members supporting the measure is retiring Ohio Senator Rob Portman settle this issue once and for all. Millions of American couples, including many of Ohio, are counting on their electric representatives of Congress to recognize and protect

their marriage. To give them the peace of mind to note that their marriage is indeed protected and secure. Senator Portman says, if approved, the bill would need to go back to the House for their vote before President Biden could sign it in along. There's a shift in childbirth during the pandemic. Researchers with the CDC say there was a sharp increase in at home births, especially in the

first year the pandemic. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist and analyst and more than a hundred twenty countries. Michael Barr, This is Bloomberg Naked.

Thanks Michael. Almost six thirty six on Wall Street time for the Bloomberg Sports Update, brought to you by twice State out of Here's John Stashwan al Right, Nathan the Knicks road trip again with fact to back games in Utah and den for the Jazz and Another's were the only two NBA teams who had not lost at home, and the Knicks beat them. Both certainly didn't hurt that another throughout their star center. Nicola yokis us in COVID protocol and the Knicks book advantage. They won one oh

six to one oh three. It's their first win in Denver since two thousand six. Julius Randall thirty four points, Dalen Brunson at one nexts plates not in Portland, still without the suspensive try Irving, but there is word he might return. Sunday in Brooklyn. Local hockey teams all on the road to n Itala. Jokes, Texas beat second rank

Gonzagi easily seton hall off at home to Iowa. Aaron Judge expected to be named American League m v P today, with would make thirteen Yankees who have won twenty one m v P awards, and then all Judge would now need is a new contract. His good friend Anthony Rizzo's coming back. He was a free agent but re signed. Everyone Thrives playing in New York. Rizzo a part of this iconic franchise. Um is amazing and to be able to be a part of it for at least two

more years. Um. It's just it's an amazing feeling, and that's really to be in the big market at the end of the bright lights. Um, to have that seven scrutiny is just what I love about one of the many things I love about this game. So young winners Houston's justin Verland in Miami, Sandy all Contra both won unanimously. Earlander making it back from Tommy John surgery to win at age thirty nine. It's his third side young that shouldn't cement him as the first ballot Hall of Famer

at Verlander is now a free agent. Week Go eleven begins tonight Tennessee at Green Bay. John Stare Bloomberg Sports, Thank you, John sixty seven on Wall Street. Time to take a look at some of the stock names moving in the pre market this morning with Bloomberg Radio and TV Markets correspondent Crety Gupta starting off with some of the latest tech earnings news. Good morning, Crety, well, good morning. We got to start talking about in video here. This is the major heavyweight n v d A s R

taker shares actually up one point six two. Remember we're looking at a background of futures down about seven tenths of one percent. So this is important because this is a potential mover against the grain of the stock market today and Video topping their estimates specifically on their data

center businesses. Now we remember advanced micro devices and in video both were kind of looking to diversify, and a m D has recently kind of uh made some big attempts to edge out Intel out of the chip maker market for this reason that they're looking into not just traditional memory chips for example, but server chips as well, and video doing the same thing. And remember en Video and a m D were also kind of correlated with

Facebook shares. The idea that if or I should say meta now meta, if you're going to see the metaverse, someone has to power the metaverse. Those data centers are going to need chips and therefore end video and like a m D would provide them. Nevertheless, that idea has really been pushing end video shares higher this morning, and that of course comes in the background of a slowdown

in the PC industry broadly. So um when anthan when you see demand slow down, best to diversify, and that's exactly what Video is doing let's diversify over to retail because we've got new earnings from Bath and body Works. Of positive story there, absolutely, B b W I is your taker. Shares up a whopping twenty one percent in the pre market. That is quite the booze. This comes after they are boosting their fullier EPs. They're also beating

those estimates. Lee. You are seeing some good numbers across the board here, But I think what's really significant is kind of this reward that share prices are getting when they do boost their all your outlook. You saw this with lows yesterday as well. The idea that they said, you went that fourth quarter where everyone's pulling back a little bit, we are going to uh really enjoy a little bit of extra demand and therefore boost that fourth

quarter outlook. Path and body Works no exception, which is why you're seeing that surge in the pre market. So certainly something you want to keep an eye on. Nathan might throw one more at your Cisco, which I think is a massive story. We have to keep an eye on c s CEO up three point six percent in

the pre market. Look, they also came out with some earnings, but they said the supply chain pressures are starting to ease a little bit, so in a way, they're actually saying that some of the issues that prevented them from meeting that full capacity, well they might not be issues anymore. Nathan. That's going to pretend really well for the spire and potentially the NASDAC. But once again, these are some of the movers that are just moving against the broader trend

this morning. Yeah, the trend lower. Thanks for this, Bloomberg Radio and TV Markets correspondent Creating Gupta. Also more earnings just crossing the Bloomberg terminal, very closely watched from Ali Baba. Second quarter revenue coming in below the average analyst estimate. Uh futures moving lower as well. We've got SMP futures down thirty two points down, futures down two, NASDAC futures

down ninety four points, so adding to the declines. On this early Thursday morning, you're listening to Bloomberg Daybreak Bloomberg Sports brought to you by Audie. Don't let someone else drive off in the Audi model you've always wanted. Visit your local Tri state Audie 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 out and at Bloomberg Quick Take, Chris's a Bloomberg Business Flash and I'm Karen Moscow. These updates brought to you by SEI, built on advanced technologies and fifty years of innovations. SEI offers down said manager is a comprehensive and flexible operations outsourcing platform. Go to s C i C dot com. Slash Managers and futures are following this morning. Let's go to the First Word Breaking news desk for today's morning call,

and here's Bill Maloney. Bill, good morning, Hey, good morning, Karen. That's right. U s ugues are under pressure right now. Death futures down two hundred and four points, subs drop twenty six and as that features dropped by seventy four. The US ten yield at three point seven three, gold is down ten, oil is in the red, and bitcoin is trading little changed. Hong Kong fell one overnight, while

up markets are also in the red this morning. And back in the US on the economic Frinday thirty initial jobs claims and October housing starts after develous night in Vidia sales toped estimates. Cisco also beat estimates and regarding earnings this morning Alive Biber revenue missed estimates, and look for Macy's and Cole's to report in the pre market, grapping things up. Target was cut to market perform at BMO, Norwegian Cruise cut to underperform at Craig Sweeze, and Whirlpool

was kept in neutral over at Goldman Sachs. Live from the first Brick in nestscm Bill Maloney, Karen Herey, Bill, thanks to here live breaking news over your Bloomberg type squawk on your terminal squ a wuk 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. Republicans have one a narrow House majority. More than a week after election day, the party finally gained the minimum two eighteen seats needed to control the chamber when a p called incumbent Republican Representative Mike Garcia over Democrat Christie Smith in California. A Ukrainian regional governor says a Russian missile strike has hit Ukraine's southern Odessa region for the first time in the weeks. Today's blast follows the huge barrage of Russian strikes this week that also

resulted in a deadly missile explosion hitting Poland. In the NBA. The next one, the Celtics won their eighth straight beating the Hawks. On one the Wizards and Warriors lost. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than seven hundred journalists and analysts more than a hund twenty countries. I'm Michael Barr. This is Bloomberg. The following commentary is from Bloomberg Opinion. Holiday shoppers skip the store credit cards. I'm Alexis leondis

a calmness for Bloomberg Opinion. As holiday shoppers head to the stores in search of Black Friday deals, they'll hear the familiar pitch, would you like to see an extra ten percent on your purchase today by opening a new credit card? A discount dangled at the checkout counter is always tempting, and while these credit cards have become less popular in recent years, higher prices and tighter finances could

persuade more shoppers to give them another look. Sometimes loyalty comes with perks, but more often than not, store credit cards just end up costing you more. Retail credit cards have much higher rates, and many do something sneaky called deferred interest. So if a shopper doesn't pay off the balance within the promotional window of say six months, there assessed interest retroactive from the purchase date. For most, the

best response is suggest saying no, I'm alexis leandest. For more opinion, please go to Bloomberg dot com, Slash Opinion or O P I n go on the Bloomberg terminal. These has been Bloomberg Opinion and Bloomberg Opinion commentaries can be heard every weekday at this time and terminal customers can read more at O P I n go. And

it says fifty on Wall Street. And let's turn to news and science and technology now with the Bloomberg n j i T STEM Report brought to you Buy New Jersey Institute of Technology n j i T has joined with McKenzie and Company to establish a Mackenzie Digital Capability Center specializing in biopharma manufacturing. Learn more at n j I T dot E d U and here's us making

news and science, Technology, engineering, and math. A Food Agency official at the u N says vulnerable countries in Africa, Asia and Latin America have less than a decade to install earning early warning systems and diversify crops before the laws and damage from climate change outstrips their financial ability to tackle it. The u M last week called for investment of more than three billion dollars by seven to boost preparedness for climate related catastrophes and ensure communities in

some of the world's poorest countries receive early warnings. The largest damn demolition and river restoration plan in the world could be close to reality as US regulators vote on a plan to remove four aging hydro electric structures, reopening hundreds of miles of California River habitat to imperiled salmon.

The vote later today by the Federal Energy Regulatory Commission is the last major regulatory hurdle and the biggest milestone facing a five hundred million dollar demolition proposal champion by Native American tribes and environmentalists for years and former ft X CEO Sam Bankman. Freed is telling his side of the company's collapse, and he's doing it through a series of tweets. Bankman Freed admitted the ft X got overconfident and careless and said he would do his best to

save customers cash. And that's the Bloomberg n j I t Stem Report. Nathan, Thanks Karen. We're live from the Bloomberg Interactive Brokers studios where it's six fifty two on

Wall Street. Time to check what's going on in d C. Some of the top stories in our nation's capital include Republicans taking the House officially by a slim margin, President Biden disputing Zelenski's claim about the missile that hit Poland, and another Trump presidential candidacy complicating matters for federal prosecutors. Let's bring in Jack Fitzpatrick, congressional reporter for Bloomberg Government. So, Jack, Republicans are now officially projected to win control of the House.

What is that going to mean for legislating over the next two years. Well, it's going to be very difficult because it's going to be a narrow, narrow majority. They've counted up the two eighteen wins they need to control the House, but when everything's called, they're probably only going to have a few seat majority. At the same time, Uh, to have control of that chamber and to have control

of its committees is important. It gives them the subpoena authority that can that comes with the control of how uh committees. UH. That would allow them to investigate President Biden and his family. And it gives oversight power to Republicans they want to investigate social media companies, as some

conservatives have said. UH. And also, you know, if you control one chamber at any time you're unhappy with the administration, you're the ones who get to drag in the administration officials uh and and ask the tough questions and be in charge of those hearings. But again, with a really narrow majority, some of the loftier goals of cutting government spending big policy goals are very very difficult when you see a narrow House majority, in a narrow Senate majority.

It makes government funding very difficult to strike deals on, makes it difficult to to figure out a whip count for anything you really want to pass in the House, because there are people who miss votes. There are people who over the course of two years, I UH, it's gonna be a huge challenge for Republican leadership on the floor.

But control of the committees is significant, and now we know how Speaker Nancy Pelosi is going to be handing over the gavel in January, and we're waiting for something of an announcement later today on just exactly what her political future is going to be. Now, yes, uh, you know, the door was open for her to uh to pass on the leadership position as the head of the Democratic

Caucus to someone else. It was sort of expected that if they lost the House, that Pelosi may uh not seek the position of minority leader and allow someone like Hakim Jeffreys to take the helm. Now. I think some questions were raised about Democrats over performance because there were Republicans who thought there'd be a red wave. Um, but you know, the door is absolutely open for her to pass things on. Her staff have said that she's going to make an announcement about her future plans today, so

we'll find out soon what exactly her plans are. It is possible that she would give up her leadership position but not resign from the House. She was just re elected, so as long as she's a member of Congress, you would be an important one, definitely a respected one among Democrats, including ones who are very happy about their performance in the mid terms, almost holding the House and only getting a narrow majority to Republicans. But we will find out

soon exactly what her role would be. UH, and it may be the end of about a twenty year UH leadership of the Democratic Caucus. Got about a minute left here, Jack, let's turn to geo politics. Are we seeing some daylight open between President Biden and Ukraine's president when it comes to that missile strike in Poland? Well, at this point, Vladimir Zelinsky, the Ukrainian president, has backtracked a little bit. He initially said that he was sure it was a

Russian missile. Uh. President Biden was asked about that and said, that's not evidence. But Zelensky has since said no, one knows. They're going to investigate. Uh. It's there's quite a bit of confusion at this point, but there is not an outright um argument between Zelensky and Biden after that bit of pushback from Biden on the initial assertions from Ukraine that it must have been a Russian missile rather than

a defense action gone awry by Ukraine. Thanks Jack, As always know, it's gonna be a very busy few days and weeks for you as the leadership gets settled in the lame duck session here in Congress. That's Bloomberg Government Congression reporter Jack Fitzpatrick joining us from the nation's capital. You can read more on these stories on Bloomberg dot com or on the Bloomberg terminal, and you can listen to Bloomberg Radio in Washington at Bloomberg and Oh five

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