Bloomberg Daybreak: November 2, 2022 - Hour 1 (Radio)

were shot as the suspect remains on the loose. Plus campaigning with only six days until the mid term elections. I'm Michael Blarr more Ahead, I'm John Stashower and sports the Next Way That co chief change and then lost. The local hockey teams all warned the Philly jut out

the Astros in Game three of the World Series. That's all trading ahead on Bloomberg Daybreak on Bloomberg eleven three, on New York Bloomberg nine one, Washington d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Syrius Exam one nine team and around the world on Bloomberg Radio dot Com and by the Bloomberg Business up thy, Good morning. I'm Nathan Hager and I'm Kared Moscow and US DOT index futures are higher this morning. We are

coming up to five oh one on Wall Street. Iv ME checked the markets every fifteen minutes throughout the trading day on Bloomberg S and P futures up about thirteen points and Down futures up seventy six. Nastack futures up forty seven. The decks in Germany's up tenth of upper set.

Can your treasury a little change? Yield four point oh four percent and a yield on the two year four point five zero percent, Nathan Karen, We begin this morning with today's FED decision and news conference from J. Powell. Wall Street has been waiting for it all week. Let's get a preview now from Bloomberg Economics correspondent Michael McKee. The focus of the November FED meeting is going to

be the December FED meeting once again. Central bankers have told us they intend to raise interest rates by three quarters of a percentage point to four percent this week, but there have also been some hints from some AT officials and some data that they might dial back to a half point rise in December at a quarter point rise. After that. Much will depend on how the economy develops, but markets would like a better idea of just how

high the Fed will go. Answering that question without creating more market volatility will be Chairman J Powell's main job after Wednesday's meeting. Michael McKay Bloomberg Daybreak. All'm Mike. Thanks and stay with Bloomberg Radio and Television for live analysis of the Fed decision. It all begins at one thirty pm Wall Street Time on a special edition of Bloomberg Surveillance. And as we await that policy decision, Nathan, the chorus is growing louder that rate hikes will eventually lead to

a recession. Luke Ellis is chief executive officer of Man Group. You're going to get a recession in the US. That's sort of inevitable. They want to get rid of inflection. If they want to get inflestion down to a two percent target, then yes, I was sorry. There is a theoretical soft banding runway, but it's so thin you wouldn't want to try to land a plane in a hurricane in it. Man Group ce l look as ces US inflation slowing to three and a half to four percent

as soon as next year. Well, Karen m and A on Wall Street has been slowing down, but David Solomon expects that to change. The Goldman Sax CEO sees a recovery in deal making next year. He makes remarks about that and the current state of financial markets. Generally speaking, when we've had these periods in the past, it takes somewhere between two and four quarters, sometimes maybe six quarters, you know, to rebalance. I think we're going through that

rebalancing period. I think there's still a significant amount of uncertainty, but as we get at three and we start to have a clear understanding of the trajectory of capital markets. Goldman Sax CEO David Solomon spoke at today's Global Financial Investment Summit in Hong Kong. But Solomon is one of several financial leaders attending that summit. Nathan HSBC CEO nol Quinn is also there and we got up with them to discuss the impact COVID as having on the Chinese economy.

The COVID is a big story because with with a restriction and movement into anoda China, it's very odd for the insiductional and community to reconnect with the economy. But it will rebound and China will open up at some points inside. But I think it is important for the economy for China eventually to find the solutions of the COVID strategy. HSBC's Noel Quinn sees Asia as a strong platform for growth. Stay tuned for more of that interview

coming up shortly right here on Bloomberg Daybreak. Turning back to markets, Karen, Stocks in Asia rose again overnight on optimism COVID restrictions will lease. Let's get the recap from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning, Nathan, and Karen. Afternoon trade in Hong Kong was halted due to a storm. However, the Han Sang index still posted

its best two day games since March. Mainland shares also climbed as investors tried to waste speculation that China may scrap its COVID zero policy. In Taipei, on high shares rose despite China looking down the Jangel Airport economy zone where fox CON's iPhone plant is located, to cut the COVID spread and the end strengthened for a second straight day, with traders considering the risk that a hawk ish bed may boost the dollar to levels that trigger Russian intervention.

On a Japanese holiday in Singapore, Juliette Sale Bloomba Daybreak. All right, Juliet, thanks so staying in China now. Bloomberg News has learned that Teslash at its flagship showroom in Beijing last month. The electric car maker has a number of showrooms in China's capital, and the one now shuttered was in a shopping center in a residential area. For the most part, Tesla sales cars via an online direct

sales model, rather than through dealerships or showrooms. And other corporate news Karen, Amazon's taking more measures to align expenses with a slowdown in sales. We get the details from Bloomberg's Lisa Mateo. Bloomberg News has learned that the world's largest e commerce company is freezing staffing levels and it's

profitable advertising business. The decision to keep the advertising unit workforce at its current level shows Amazon is looking to squeeze more profit out of the fast growing business and the busy holiday quarter. Amazon's advertising business largely sponsored search results on its web store generated more than nine and a half billion dollars last quarter. Lisa Mateo, Boomberg Daybreak. Al rightly, so thank you. I'll shares of Airbnb or on the Move this morning down five and a half

percent in early trading. That's after a disappointing outlook for bookings in the fourth quarter. We get the details from Bloomberg Shirley Pellett. It suggests that consumer preferences are shifting away from higher cost rentals of thrive during the pandemic

and back to urban and cross border destinations. The San Francisco based home sharing platform said it expects the pace of nights and experiences booked will quote moderate slightly in the fourth quarter compared with the third quarters gain of twenty five percent. Airbnb reported ninety nine point seven million nights and experiences booked in the three months ended in September, falling short of analy ass estimates of ninety nine point

nine million. In New York. Charlie Pellett Bloomberg Daybreak, Charlie, thanks, and finally, it's one of the last big settlements over the opioid epidemic. Sources tell Us, CVS Health, Walgreen's Boots Alliance and Walmart have tentatively agreed to pay twelve billion dollars to resolve state and local lawsuits over mishandling of addictive pain killers. Were told the deal won't be finalized until enough states, cities, and counties agree to it. SMP

Futures are hired by ten points. Stout Futures up fifty six nanstack Futures up thirty nine points. Straight ahead your latest local headlines in the check of sports. This is Bloomberg South five oh seven on Wall Street where at fifty eight degrees in Central Park got an accident on the westbound Grand Central Park Weights by Street. Details coming up in Traffic First Michael Barr with more on what's going on in New York and around the world. Good morning, Michael,

Good morning Nathan. To Newark police officers were found wounded in a shooting in a residential neighborhood not far from the city's airport, the Eskis County Prosecutor's office. As the officers were being treated for injuries at a nearby hospital. One was shot in the leg, the other in the neck. However,

both are said to be in stable condition. Es Sex County acting Prosecutor Ted Stevens says the suspected shooter, Ndel Howard, faces charges and remains on the loose two counts of attempted murder on the officers, as well as unauthorized possession of a weapon and unauthorized possession of a weapon for unlawful purposes. Prosecutor Stephen says the gunmen opened fire on police as they were serving to search board. A New York appeals court upheld a new state law allowing absentee

ballots to be reviewed before election day. The court says it would be extremely disruptive to change the rules with absentee voting already underway. Republicans challenged the law. Former President Obama stump for Democrats last night in Las Vegas, with less than a week to the midterm elections. Obama campaigned for incumbent Katherine Cortes Masto in Nevada's Senate race. Obama

was critical of Republicans. They want to gut social security at Medicare and then give They're Welsley friends and big corporations more tax cuts. Poles show a debt eat between Mastow and Republican Adam Laxalt. Another closely watched Senate race is Pennsylvania between Democrat John Fetterman and Republican Memit Oz dr Oz at the campaign TRIOI in Lower Bucks County.

Speaking at a get out the vote rally in Ben Salem Township last night, Washington's getting the wrong because of the extreme positions that they're accepting of, and they need a dose of Pennsylvania reality. Fetterman's lead over Oz is shrinking, with supporting Fetterman to forcent for Oz. Former Israeli Prime Minister Benjamin Nettan Yahoo appears to be heading towards victory

in national elections. Brasilian President John Eyre Bolsonaro vow to respect the constitution and authorized the government to start the political transition after his loss to Luis Ignatio Lula Da Silva. Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven hundred journalists Mentalist more than a hundred twenty countries. I'm Michael Barron. This is Bloomberg, Nathan. Thank you, Michael. Coming up to five ten on Wall Street time for the

Bloomberg Sports Update. Procy by tri State Autie. Good morning, John Stenshower Morny Nathan. These are good times in Philadelphia. The Eagles are seven oh and the Phillies are two wins from what would be just their third ever World Series title. They won Game three over the heavily favored Astros seven to nothing. The Phillies hit five home runs, Houston had only five hits. The series is to one.

Game four in Philly. Tonight a whirlwind day and Brooklyn, the Nets had a quote party of the ways with coach Steve Nash just seven games into the season. Then came multiple reports there on the verge of replacing Nash with m a U Doka, nash assistant in Brooklyn, who then coached the Celtics to the NBA Finals last season, but it's now serving a team imposed year long suspension for an improper relationship with the Celtics employee Jacques Vaughan.

Coach the Nets. Last night at Barkley's, they blew the lead Chicago one one O eight to ninety nine. Zach Lavina scored the Nets by himself in the fourth quarter. Kavina ran scored thirty two, also at seven turnovers, and Kyrie Irving shot two of twelve, missed all six of his three pointers the nets of all the two and six at the Garden. Rangers and Flyers scoreless for sixty four minutes. Here's Hee's and to the Rangers should now have the right shide back out connecting shots, which was

a hit. Carrots all the way around. They're up, Clevatta, daft let Craft break away, Chris prodder Oga and over time dates score ESPN New York to call the Chris Crider game winner. Rangers third straight win after the four game skid. Devils are hot. They won five two in Vancouver and the Islanders won three one at Chicago. First Rankings from the College Football Playoff Committee. The top four

are Tennessee, Ohio, State, Georgia and Clemson. John Stash thatwar, Bloomberg Sports Nathan John Thanks SMP Futures now have six point staff features of twenty six. Nestack Future is also higher by twenty six points. The tenure treasuries little change now the yield four point zero four percent. You're listening to Bloomberg day Break and the Bloomberg Sports Report was brought to you by Audie. Don't let someone else drive

off in the Audi model. You've always wanted visit your local price 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 takes a Bloomberg Business Flash and I'm fair in Moscow A butties are advancing ahead of the federal reserves policy meeting, a gage of the dollar falling,

gold rising. We checked the markets every fifteen minutes throughout the trading day on Bloomberg as in the Future is up seven points this morning, Down Future is up thirty one, and now's deck Future is up twenty eight. The decks in Germany's down a tenth of a percent. Ten your treasury little change. You'll four point oh four percent to

the yield them a two year four point five zero percent. Now, I make screwed oil is up four tenths per cent, or thirty eight cents at eighty eight dollars seventy seven cents. In Barrel Co makes gold up half per cent or seven dollars seventy cents at sixteen fifty seven. Forty announced the euro point nine one against the dollar. British found one point one nine nine and again one forty seven

point one four bitcoin this morning. That'll change at twenty thousand, about twenty thousand, five hundred dollars now, and that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael the Morning, Good morning, Karen.

Brazilian president John Eyre Bolsonaro reportedly told members of the country Supreme Court that his election battle against leftist rival Louis Ignatio Lula da Silva has come to an end, marking one step closer toward a concession after his defeat, Israel's fifth election in four years looks set to return Benjamin Etan Yahoo to power, with exit polls adjusting a strategy of forming an alliance with the nation's far right has succeeded. Game three of the World Series raise the

Philly shut out the Astros seven zip. Philadelphia now leads the series two games to one. In the NBA, after the firing of head coach Steve Nash, the Nets lost to the Bowls one of eight ninety nine. The Warriors lost NHL, the Rangers won in overtime against the Flyers one Zip, the Islanders, Devils and Capitals all one, the Bruins one in OT six, five over the Penguins. Globals twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven journalists and

analysts and more than one hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan, Michael. Thanks. It's five nineteen on Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. Good morning. I'm Nathan Haker. The heads of some of the world's top financial institutions are descending on Hong Kong this week for the Global Financial

Investment Summit. It's an effort by the city to show it is still Asia's premier financial hub after a tumultuous few years. The CEO of HSBC, Noel Quinn, talked about Hong Kong and China with Bloomberg's Evon Men and d been in glaze, and he also talked about their economic prospect. What did you make of what happened inside and we know the messages that came through from policy makers in Hong Kong and alto me. And then China. Well, it's

great to be back in Hong Kong. It's great to see colleagues from around the world back here in Hong Kong. It's my third visit this year, so thank you Quarantine Warrior, and it's good not to be in quarantine this time. And I think that's the story for Hong Kong. Hong Kong is now rebounding, is coming back out of the

COVID problems. There's a very determined attitude from the government here to make sure Hong Kong can rebound, that the economy is open to the international community, and it's important for us, the international community to actually support Hong Kong on that journey. What do you think has been for

you the biggest of it. You want to get away from this conference a hk may or even a government, what is your immediate Really very clear policy statements this morning from the Chief Executive on how he and the government and mainland want Hong Kong to be an international financial center, to remain as they've launched a number of policies to try and make sure all that Hong Kong

remains open to the world. They've made determine progress on unlock in Hong Kong following COVID since the summer, and it's great to see that progress. More still to come. It's great to see it. And I think what we know is to do as institutions is support Hong Kong REBA. It's an important international financial center. I have absolutely no doubt it will remain as such for the long term. Does it mean more staff from as ME moving to Hong Kong. We're investing more in Asia and that's in

Hong Kong. We're continuing to grow our business. I take our trade business. This year, it's up over fift of the half year, so that's that's the wing why it was up fifteen percent last year. We're continuing to invest in China and our wealth business in China, but I'm also invested in Singapore and India. I still see Asia as a strong platform for growth, connecting Asia to the rest of the world and the rest of the world to Asia. Do you think China just needs to adjust

this cos policy just quickly. The governments to determine their COVID policy. And when I look at China, I look at China over the long term, and I think China will emerge from COVID as every other country in the world has done, it will be important economically to do so um and we'll be ready and willing to help them then rebound their economy. I think that's why we're seeing this this tremail and Chinese markets here right now.

Is it purely based on what this whole reopening story are there are other matters too, I think there are. The COVID is a big story because with with a restriction in movement into an ARA of China, it's very hard for the international community to reconnect with the economy. But it will rebound and China will open up at some point in time. But I think it is important for the economy for China eventually to find a solution to the COVID strategy. But we're still trading well in China.

Our trade into an ARA of China's up year on year, and we continue to invest in our wealth business. We've got over increased over one thousand, three hundred wealth managers in the Greater Bay Area focused on tapping into the mass affluent wealth opportunity China. We've continued to do that during COVID. Can you give us a number in terms of a staffing and headcount. How much do you do you want to see increase? That always said that we want to take our wealth managers in China to around

three thousand over the near two mediums. So we're over a third of the way through that. Okay, how are you managing your exposure to the property market in China? Obviously we did see your provisions increase. Uh here in your latest earnings. Do you foresee a big spike in

real estate losses in China? At what point does this damage your balance in anyways, the challenge sector at the moment is going through significant policy change, is going through significant adjustments as a as a sector, and I'm not going to in the state that we have provided well, we believe that it will take some time still before

that sector stabilizes. But I'm encouraged by some of the policy changes that have been introduced recently to put liquidity back into that sector domestically um to complete the projects that need to be completed, and I'm hoping then that starts to stabilize the sector. But I think I just think it will still take some time before we can see the roots out of the current challenges on China.

There now seems to be some uncertainty know what this new economic team, that changing team might put in place. Do you think everyone is overly pessimistic on China or is there something there? I thought. I can speak for myself and I'm still confident of the Chinese economy. They would emerge from COVID, they will stabilize following COVID, and there is strong economic growth potentially in China, and that's

why we continue to invest in it. And that was hs DCS CEO Noel Quinn speaking with Bloomberg at the Global Financial Investment Summit. You can catch the full interview on Bloomberg dot com and on the Bloomberg terminal. Focus this morning, of course on the US economy and the FED decision. This afternoon, the press conference from Chairman J Powell. What will the Central Bank signal that the path of

rate hikes ahead of it? Futures are moving just a touch higher now with S and P futures up two points, or our futures, NASTACK futures are higher by twelve. This is Bloomberg Bloomberg eleven three oh weather mostly sunny, upper sixties for highest today. We'll get down to the low fifties tonight, sunny, mid sixties tomorrow, and a mix of sun and cloud's upper sixties on Friday. Currently fifty eight

degrees in Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg E Living Freedom to Washington, d C, Bloomberg On to Boston, Bloomberg on All six one to San Francisco, Bloomberg Name sixty to the country, Sirius XM chto one nineteen and around the globe the Bloomberg Business at and Bloomberg Radio dot com. This is Bloomberg Daybreak and it's five thirty on Wall Street. Good morning,

I'm Karen Moscow, I'm Nathan Hager. Bloomberg Daybreak is brought to you by SEI, built on advanced technologies and fifty years of innovation. SEI offers asset Managers are comprehensive and flexible operations outsourcing platform. Go to S E I C dot com slash Managers. And we're just about four hours away from the open of US trading. Let's get you have to date in the news you need to know at this hour. Well less in p futures are little

change ahead of today's Federal Reserve decision. Consensus calls for the Central Bank to high grades by seventy five basis points. Ste Feld chief economist Lindsay Pexa says forward guidance for the FED will be very important. I do expect that given the backdrop of a five decade low in the unemployment rate and in your four decade high and inflation, the Fed will continue to revise higher expectations beyond what the market is anticipating in terms of that terminal rate.

Come three, and that's Stifl's Lindsay Pexa. Stick with Bloomberg Radio and Television for a complete coverage of the FED, but the special edition of Bloomberg Surveillance live at one thirty pm Wall Street Time. Well, Karen, recession calls are growing. Is the Fed aggressively hikes rates and when it comes to earning, signs of recession are likely to creep been

next quarter. That's according to Mainstake Capital Chief investment officer David Cudla, Earning is a little more resilient than what many had thought, So earnings not being impacted as much by the slowdown in the economy the FED action. So what's the expectation we'll see that next quarter stay counting recession, next quarter mainstay Capitals. David Cudla says it's unclear exactly

when rate hikes will filter into the broader economy. Well overseas, Nathan financial leaders are meeting in Asia and sharing their thoughts on volatility and global markets. Here's Goldman Sachs CEO David Solomon. We've had these periods in the past. It takes somewhere between two and four quarters, sometimes maybe six quarters, you know, to rebalance. I think we're going through that rebalancing period. Goldman Sax CEO David Solomon made the comments

of the Global Financial Investments Summit in Hong Kong. N HSBC CEO Noel Quinn is also there. Karen. We come up with him to discuss the economic outlook for China and the bank's business. There is some consumption market that non in the world's gonna full with to just wolf away from. In my view, in that it's got a huge opportunity. It's still a very significant supplier to the world as an export market. So I believe in the economic prospects of China. HSBCS Noel Quinn says China should

and will find a solution to its COVID zero strategy. Well, stocks in Asia rose again today. Nathan on optimism China's COVID restrictions could each at the same time. No Beijing is declaring a COVID lockdown in the area around fox Cone Technology Group's main plant. That's the world's largest iPhone factory. Straight ahead your latest local headlines and this is Bloomberg. Thank you. Karen three on Wall Street fifty eight degrees in Central Park. Got a new accident on the Queen's

bound White Stone Bridge. Tell you more about it in traffic First. Michael Bars here with more on what's going on in New York and around the world. Michael, thank you very much, Nathan. Police and Newark, New Jersey, are looking for the gunman who shout and wounded two police officers outside of an apartment building in a residential neighborhood. Police believe the man was hiding in an apartment while

evacuating residents to safety. Newark Mayor ros Baranca will bring this guy into custody UH as soon as we possibly can. Mayor Barncas says the wounded officers are in stable condition. The Supreme Court has rejected Lindsey Graham's request to block a Georgia grand jury subpoena. Bloomberg said Baxter as the story, this clears the way for Graham to have to testify in front of the Atlanta's Special Grand Jury, which is

investigating efforts to overturn the presidential election in Georgia. Graham had filed an emergency request asking the justices to halt the testimony, which is currently scheduled from November seventeen. The court ruled that Graham's attorneys do have the right to object to questions on a case by case basis, which could leave substantial room for him to challenge questions or request from the grand jury in San Francisco. I'm at

Baxter Bloomberg Gay Break. Former President Barack Obama at camp rally last night in Las Vegas asked voters to support the incumbent Democratic Senator Katherine Cortez Masta in next Tuesday's mid term election. He told the again out the Vote rally that casting a vote is important for democracy. The

only way to say democracy is if we throgether. Masta is in a tight race against Republican Adam Laxel, Brazilian President Jaye bos Nauo vow to respect the Constitution and authorize the government to start the political transition after his loss to Luis Ignatio Lula da Silva. The suspect accused of breaking into speaker Nancy Belosi's home in San Francisco and attacking her husband will remain behind bars without bail. An attorney for David Pap entered a plea of not guilty.

San Francisco District Attorney Brooke Jenkins said this attack shows the nation's politics have become too heated. We have become a society that thinks it's acceptable to incite violent acts against our political leaders, and we can't be that type of America. The a Jenkins says, to Pap was on a suicide mission and was planning to target other politicians.

Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries, and Michael Barren. This is Bloomberg Naked, Okay, Michael, thanks on Wall Street Time for the Bloomberg Sports Update, brought to you by Trice State Outie. Here's John Stenshower right today for the World Series blowout. The Phillies tied a series record five home runs. The Astros had only five

hits the Phils one, Game three seven nothing. They they the series to one. Rice Hart forgot him going two run shot first inning, Alec bowman Brandon Marsh both homeward and inning later than in the fifth Kyle Schwarber, with a man on, he went back to back with es Hoskins. All five home runs would hit off Houston's lance of colors, Astro's shut down by Rangers Suarez and four Philly relievers. Game four is tonight. The soap opera continues in Brooklyn as the Nets turn as a rising firing of coach

Steve Nash. Considering how early in the season it is, g M. Shawn Marks called it more of a mutual to sis. Both felt this was this was time. It was certainly training in that way, and to be quite frank, the team was was not doing what it was supposed to be doing. You know, we're we have we've fallen um from our goals of meeting our goals, and it was it was time now because we still have lofty aspirations of where we need to get to and then came the news of who's expected to replace nash him

At Yudok was currently suspended by the Celtics. There was a relationship with the Celtics. Employee reported the inappropriate text messages. He did coach the self to the NBA Finals last season. Jacque Vaughn coach the Nets last night. They lost to Chicago at Berkeley's one ninety nine. The Bull Zach Levine's gouard twenty four quarter points outscored the next by himself. And then that's of all the two and six local hockey.

All three teams won. The Rangers at the Guard one nothing over the Flyers on a Chris try their breakaway goal with less than a minute to go with for time. The Islanders won three one in Chicago and the Devil's won five to at Vancouver. The Ranges have won three in a row in the Isles and Devils have won their last four. John McVeigh has died at ninety one, grandfather of the Rams, coach GM of the forty nine

and once the head coach of the Johants. John Bloomberg sports Nathan thanks John seven on Wall Street time for the Tri State Business report. Here's Bloomberg Scott Carr. Disappearing job listings and missing salary Infoe are just some of the glitches that emerged Tuesday as New York City employers struggled to adapt of the city's new pay transparency law.

The hundreds of open rolls Goldman Sachs Group typically advertises in the city were reduced to just one Tuesday morning as it scrambled to amend listings with the required salary ranges. Johnson and Johnson has entered into a definitive agreement to acquire medical technology firm Abided for approximately sixteen point six billion dollars. The move expands the New Jersey based healthcare

giants medtech reach into the area of cardiovascular disease. Connecticut's XPIO Logistics, one of the world's largest freight transport, is moving forward with the announced spinoff of its truck brokerage business executive site. Third quarter revenue of just over three billion dollars as proof the company was ready for the venture. The final earnings report before xbio scheduled spinoff this week of our exo headquartered in Charlotte. That's the Bloomberg Try

State Business Report. I'm Scott Carr, Thanks Scott eight On Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong. Let's check in with our global news team for some of the top stories heard in our three hundred affiliate radio stations around the world. I'm Steve Potus scan km X in Los Angeles. We're talking about dating app Owner Match getting some Wall Street love after topping quarterly forecast. Um corney

Donahawan kt r H in Houston. Pipeline giant energy transfer slamming President finds pushed for more oil production. I'm Jeff Blinger and on wtv N and Columbus. I'm reporting Dollar General is in hot water with Ohio's Attorney General Opraham ludged deceptive pricing. I'm carrying at film bim Bag DAB Digital Radio in London. We've been reporting on the UK Trade Secretary casting doubt on the government's independent economic forecasts.

I'm Scott Carr on w w J in Detroit. I'm reporting on why populations are falling across Michigan but not Grand Rapids. And those are some of the stories are twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. We're also watching shares of advanced micro devices this morning. They're up more than four percent in early trading after the chip maker top third quarter estimates. We get the story from Bloomberg's Charlie Pellett.

The second largest maker of computer processors, signaled that in roads in the lucrative server chip market will continue to bolster its finances. It said in the fourth quarter, sales will be five and a half billion dollars plus or minus three hundred million. That miss the average estum but of about five point nine billion, but it does represent an increase at a time when several of a 's

here's our suffering contractions. The company said. Gains and servers and robust demand for custom chips will help bolster a m d S performance in New York. Charlie Pellot, Bloomberg Day Break. All right, Charlie, thanks, futures are little changed now. This is Bloomberg. Bloomberg Sports Report was brought to you by Autie. Don't let someone else drive off in the

outie 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 at and at Bloomberg Quicktape. This is a Bloomberg business lash and I'm kared. Moscow equities trimming gains ahead of the federal reserves policy meeting,

a gage of the dollar falling golden rice. We checked the markets every fifteen minutes throughout the trading day on bloomberg s and p futures. They're mostly higher up three points down. Futures up three as well, so little change. Nastack future is up eighteen the decks in Germany little changed as well. Ten year treasury that'll change he'ld four point oh four percent yield on the two year four

point five one percent. Nine x screwt oil is down a tenth of a percent, down ten cents at eighty eight dollars, twenty eight cents of barrel comic schooled up half percent or eight dollars twenty cents at sixteen fifty seven ninety announced the Euro seven against the dollar, British pound one point one four and nine five the yen at one forty seven point one four and bitcoin this morning, little change at twenty thousand, five hundred dollars. That's at

Bloomberg Business Flash. Now here's Muchael Barr with more on what's going on around the world. Muncaele Larn, thank you very much. Senior Russian military leaders are said to have recently discussed the use of nuclear weapons on Ukraine. The New York Times reports that's according to senior American officials, WES officials saying though they had not seen any evidence

that Moscow is moving nuclear weapons into place. Brazilian President John Eyre Bulsonaro val to respect the constitution and authorized the government to start the political transition after his loss to Luis Ignatio Lula de Sylva in Game three of the World Series. The Phillies shut out the Astros seven zip. Philadelphia now leads the series two games to one. In the NBA, after the firing of head coach Steve Nash, the Nets lost to the Bulls one O eight ninety nine.

The Warriors lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist analysts, more than twenty countries, Michael Barr, and this is Bloomberg, Nathan. Okay, Michael, thanks for coming up to five nine on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and we are also coming up to a Federal Reserve decision out

of two pm Wall Street time. Ahead of it. We are joined this morning by Anka Coopta, director of Maca Economic Research at Wisdom Tree. So great to speak with you on a Fed decision day, Anica, thanks for being with us. Is a seventy basis point move pretty much a done deal today? Or is their potential chance for surprise to the upper downside to this afternoon? Well, in our view, you know, Nathan, we we do believe seventy

five is pretty much a done deal. Um. I think it's too early to expect a major shift in instance from FED policy. Um. You know, if we just reflect on what you know, the Fed Chepau said in his last meeting in September. You know, they were looking at three key things, um, to alter the pace of hikes or even to you know, allow that pivot to take place. They wanted to see growth continuing to run below trend.

They wanted to see movements in the labor market when a return to a better balance between supply and demand, and the third one was a clear evidence that inflation was moving back down to two. Now, clearly we did get growth. Um, you know, a GDP growth for the US was up two point six per and Q three, but you know that was entirely due to a huge swing in net form trade. So overall we'd see that the GDP trenk was the third strage reading below the

one one eight percent median f OMC projection. But as far as the labor market and you know, the trajectory of inflation is concerned, we are nowhere, uh neil, meeting the criterion that the FED has set out. And so that's you know, precisely why we don't expect to see a big shifting stance today. So you're not expecting much of a change in the language we hear from Chairman Powell when he gives us news conference this afternoon. The idea of a FED pivot in your estimation is going

to have to wait. Is that what I'm hearing? That's absolutely right? Um, you know, he's definitely going to be pushed hard because obviously you know, we're seeing more commentators, you know, sharing that view that the FED is now increasingly at a high risk of uh, you know, pushing the economy into a recession because they've given themselves very

little room for maneuver. But you know, they can't take a U turn on a statement that they've made just six weeks ago because there hasn't We aren't moving towards their criterion for as far as the labor market is concerned. Neither is the inflation trajectory moving anywhere close to the two percent level um. And so something needs to change within these two key data metrics for to allow them to even hint at a pivot at this point in time.

What kind of market reaction do you expect to see then if we continue to get a hawkish stance from

this Fed. The thing is, Nathan, if you you know, if you just look at the way the market has been trading over the last few days, um, you know, be it on news on coming out at China, you know, needs coming out of the UK, and you know the in the aftermath of the recent ECB meeting, it looks like the market is looking for a catalyst to you know, fuel that bear market rally, and even though there's there's a dose of those lat lists available, the market is

trying to push forward. Um, and I think that there it's soon going to be disappointed. So as far as the market reaction today, uh, you know, if we do get a surprise and it's it's countrary to what we believe here, um, you know you will get you will get that rally continuing, but it will die out shortly after because you know tomorrow we're going to have the key apparel data come in. Uh, and that's you know, going to swim the market direction again in in a,

in a, in a totally different direction. And hence, I think the key thing to keep in mind today is um, uh, you know, you could get an extension of that bare market rally, but it's it's unlikely to last long. All right, maybe looking ahead to December already. Thanks for this, Sonica, great having you with us this morning. Nica Goop, a director of macro research at Wisdom Trade. Karen Well, Nathan, it's five fifty three, Unwell, straight time at the Bloomberg

Law Report. It 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. More at a dr dot org. Let's get to the legal stories we are watching this morning. From Bloomberg's Jeff Bellinger Hospital, out patient departments that provide care to Medicare recipients will see a three point eight percent bump next

year in the payments they received from the government. Two million GICO customers on certification as a class in their lawsuit which claims they were overcharged for car insurance during the pandemic. The operator of the Philadelphia construction company was fined fifty thou dollars and sentenced to three months in prison for attempting to bribe an OCEA inspector. Bloomberg Law everything you need, all on one legal research platform, including

guidance analysis and Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. Right, Jeff Banks. Now another legal story we're watching. Elon Musk started his new role as the chief Twitch with a gag, walking into the company san Francisco headquarters holding a sig. He also fired the top executive team, including the CEO, the CFO, and the General Council, and tweeted a baseless conspiracy theory about the attack on Paul Pelosi, which has since been deleted by

all accounts. It's been chaotic at Twitter as the world's richest man considers making major changes to the sixteen year old product with its seven thousand employees. For Mark Bloomberg's jun Grosso speaks to Eric Talley, or professor at Columbia Law School. Is there a time limit for how long they have to turn things around? Well, yes and no.

I guess. On the one hand, you know, Elon Musk substantially owns this company, and he's still the richest person in the world, so you know, if they run out of money, maybe he can, you know, cough up a little bit more and and convince some of his friends and colleagues to cough up more. On the other hand, their patients is not going to be infinite to the extent that it doesn't look like this company is actually doing anything more than sort of viraling of current altitude

or maybe even falling in altitude. They're not going to be too anxious to kick in more money. And in addition, they're not really sitting on a treasure trove of cash to absorb losses that they are likely to have to incur while they're experimenting with different ways to alter and

expand and monetize the platform. Although Twitter had a decent amount of cash on hand, you know, almost six billion dollars on pand a lot of that apparently went into the closing of the transaction, largely to pay off the pre existing debt that Twitter had, so their cash margins, their margin of error is actually quite thin before they would have to go back to someone to help provide

them with additional capital. I think that makes the timeline a little uncomfortably short for Mr Musk, unless you know, he's basically just willing to provide that capital himself, and he might be, but it's certainly more painful than it would have been five or six months to go, with Tesla now trading at far lower values and most of his wealth is tied up in his paper ownership of

Tesla stock. In line with bringing money to the platform, he wants to take away the blue badges of verified users if they don't pay for the site's new subscription service, Twitter Blue. I think that's one of the things they're trying to experiment with, is you know, how drawn are these network effects in which people who have been cultivating on online following have become verified users? How much are

they willing to pay to maintain that status? Obviously, once you've become prohibitively expensive, everyone decides, now I'm either going to dump the blue badge status or I'm going to move to a different platform and look at one area where you know, he probably should be thinking a little bit about can I monetize the folks that are likely to be the most loyal users of Twitter? And the blue badge folks are in fact the folks that have

some of the largest networks on Twitter right now. So it's not a crazy idea of trying to figure out is it possible to monetize that in some way? But this is definitely a delicate operation and I think it can backfire relatively quickly if you don't proceed with you know, appropriate caution and as there Kelly Or, professor at Columbia

Law Schools, being with the Bloomberg Joan Grasso. Catch more of 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 b law

go and futures. This morning, they're little change to hire, with SMP futures up about three points now Futures that will change and nasdack futures up twenty one and Bloomberg day Break continues. This is Bloomberg