Bloomberg Daybreak: November 21, 2022 - Hour 2 (Radio)

Colorado Springs. Plus, Buffalo begins digging out of a historic snowstorm. I'm Michael barn More ahead, I'm John stand and sports a heartbreaking loss for the Jets. The Giants and Knicks both lost. A win for Kyrie Irving and the Nets. That's all s training ahead on Bloomberg day Break on Bloomberg Elving Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius XM one nine Team, and around the world the

Bloomberg Radio Dot Carmen via the Bloomberg Business app. Hey good morning. I'm Nathan Hagar and I'm Karen Moss Galloway. Do you buy stock? Index futures are lower this morning. We are coming up to six oh one on Wall Street. I'm go check the markets every fifteen minutes throughout the trading day. On Bloomberg SNP Future is down twenty two points this morning. Down Future is down eight seven. Nasdaq

futures down ninety. The decks in Germany's down six tenths of a percent, Cap in Paris down two tenths of upper cent, and the foot see one hundred is little changed, and your treasury up one thirty second deal three point two percent. That yield on the two year four point five three percent. Nine Max Screwed Oil is down half percent or thirty eight cents at seventy nine seventy cents of barrel, and Comex School down six tenths per cent

or eleven dollars twenty cents. It's seventeen fifty seven eighty, announced Nathan, Well, Karen. We begin with a major changing of the guard at Disney. A familiar face is coming back to leave the company. We get the story from Bloomberg's dog Prisoner Disney Sports says Bob Apeck is out and he's being replaced by his predecessor, Robert Iger. Iger

will serve as CEO for two years. His mandate is to set the strategic direction for renewed growth and to work closely with the board in developing a successor to lead Disney. At the completion of his term, the board did thank j Pick for his service, including navigating the company through the pandemic. Iger's position as chairman is unchanged. In New York, I'm Doug Christener, Bloomberg Daybreak. All right, Dyke, thank you well. Shares a Disney or up almost eight

percent this morning. One other note on Disney, The Wall Street Journal reporting activist investor Nelson Pelts is opposing the return of Igor as Disney CEO. The paper says Peltz's firm, Trium Fund Management, acquired a stake worth over eight hundred million dollars in Disney this month. In other corporate news this morning, Karen, the turmoil at Twitter continues. Sources say there may be more employee layoffs coming this week. Bloomberg

said Baxter Awards. It is causing some concern among legislators. This talk, along with Donald Trump being reinstated. Has Congressmen Adam Schiff on ABC has heard on Bloomberg say the Twitter melt out and Elon Musk need to be looked at. It just underscores the the erratic leadership of Twitter now under Musk, but also the security concerns with security people fleeing Twitter and what that means for the protection of

Americans private data. As Chef saying that it goes against everything Musk has said about setting up monitoring committees in San Francisco. I'm at Baxter Bloomberg Daybreak, all right and thank you. And a few days after reinstating former President Trump on Twitter, Elon Muska is welcome back Yea. The artists formerly known as Kanye West had been suspended from Twitter for two weeks because of an anti Semitic tweet.

Turning to markets now, Karen, it is a shortened trading week because of Thanksgiving, and the week is kicking off with losses in Asia. Let's get the recap from Bloomberg's Annabelle Druelers in Hong Kong. Good morning, Innabelle, Good morning Karen,

and Nathan training Sentiment Asia on Monday. It really took a hit from what was happening in China, So essentially over the week end we saw the first COVID related deaths there in months, and then that led to further concern that officials would start to back away from this

possible easing of COVID zero restrictions. So as a result, we did see China shares sailing off, and then that really hit sentiment across the board in Asia, including in markets like Korea, with the Korean one, for instance, slumping more than one percent against the dollar. With this retreat back into safe haven's like the green back and treasuries in Hong Kong. I'm annabel Ruler's Bloomberg Daybreak. All right, Annabelle,

thank you well. I'm the geopolitical front word this morning at the defense chiefs from the US and China willlikely need for their first starcks in months. Amy Morris has details from oorrow Bloomberg newsroom in Washington. Beijing suspended dialogue with Washington over House Speaker Nancy Pelosi's visit to Taiwan back in August. Talk of a meeting between Defense Secretary Lloyd Austin and China Defense Minister Wave fun Her is just the latest scigned ties between the U S and

China are starting to thaw. This after Chinese President she Jin Ping's recent meetings with President Biden and Vice President Harris, during which she emphasized more communication is needed. Biden officials have repeatedly called for guardrails to prevent tensions from getting out of hand in Washington. I maybe more as Bloomberg Daybreak, all right, Amy, thanks, Larry Summers is speaking out about

US China relations. The former Treasury Secretary's warning US policymakers to focus on building the country's own economic strengths and its contest with China rather than on attacking its adversary. We in the United States probably need to be careful about our evangelizing influence. I don't think it's really for us to tell China how they should organize their entire society. Former Treasury Secretary Larry Summers made the comments on Bloomberg's

Wall Street Week with David Weston. Catch the program Fridays at six pm Eastern on Bloomberg Radio and television, also on your favorite podcast platforms. Well in Washington this week, Nathan Clues from the feed our front and center again. The Central Bank issues minutes from its latest policy meeting just ahead at the Thanksgiving and Bloombery's Vinetal Judas has a preview. Fed officials lifted the benchmark interest rate by another hefty seventy five basis points at this month's policy

session as they wage warrant inflation. The minutes that for release Wednesday could spell out details of the deliberations and what lies ahead. On Wall Street, there's broad consensus the federal raised the benchmark rat to about four point five percent next month, and then to around five percent early

next year. There's also a full schedule of economic data this week for manufacturing to no home sales, and consumer sentiment numbers that should point the lackluster economic activity they eat out Judas boom birthday break Okay, Vinny, thanks And as we head into the holiday, investors are asking whether or not the bear market is over Well. Goldman Sachs says no. In fact, the firm strategists say the bear

market will likely last through next year. Goldman predicts the SMP five hundred will end next year at four thousand points. That's just nine tenths of a percent higher than Friday's close. Well, futures are lower this morning. Nathan Us in futures down twenty one points down, futures down eighties seven, and now'day futures are down eighties six. The ten year treasury up one thirty second three point two percent of the yield

in the two year four point five three percent. Straight ahead, your latest local headlines, plus a check of sports, and this is Bloomberg. Thank you. Carring at six oh seven on Wall St. Seven degrees in Central Park. Gotta crash westbound b QUE at the Williamsburg Bridge. We'll tell you about in traffic. First, Michael Barr has more on let's going on in New York and around the world. Good morning, Michael,

Good morning Nathan. We're learning more about the suspect and the deadly shooting at an lgbt Q night club in Colorado Springs. Anderson leold Rich is in police custody. Last year, police were called to his mother's address on a report of a bomb and firearms threat. The weekend shooting left at least five people dead and more than two dozen others wounded. Colorado Springs Police Chief Adrian Vasquez says to club patrons subdued the gunman before more people could be killed.

I hate to even venture a guess how many people could have been killed or injured beyond those already killed or injured. Truly heroes, those two chief, says. Authorities are studying old Ridge's social media posts trying to learn a motive for the mass shooting. Meanwhile, New York Governor Kathy Hokel is reacting to the deadly Colorado spring shooting. New York this is personal. This is the home of the lgbt Q movement. We have many, many friends who are

now just devastated and concerned for their own safety. Governor Hokel says New York State Police will be increasing surveillance and protection for communities at risk of hate crimes. HOCl says two men were arrested over the weekend for threatening the Jewish community in New York City. The Buffalo area is digging out from a historic snowstorm. Western New York

was clumbered by the Lake Effects snow. This woman who lives in Buffalo says the snow is putting up a fight against every use of equipment the city is throwing at it. The snow is so heavy and so deep that even these bulldozers are barely making a damp, and the snow removal process. So we see trucks going by full of snow, but they're not They're not touching our snow yet. Areas like Orchard Park got at least eighty

inches of snow. The United Nations latest Climate summone in Egypt comes to a close after a marathon weekend of negotiations. There was one major breakthrough with cop and agreement by the world's developed nations to provide a fund for so called loss and damage to the poor and vulnerable nations most impacted by climate change. Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven under journalist and analysts more

than twenty countries. I'm Michael Barr, and this is Bloomberg Nathan. Thank you Michael six o nine on All Street time for the Bloomberge Sports up. They brought to you by Dry stayed out here with John Stash. All right, Nathan has been such a surprisingly good football season in New York. Until yesterday, the Giants had been winning. His underdogs. They lost as a favorite at MetLife to Trice. Jamal Williams scored three straight touchdowns. Lions went from down six three

to up twenty four to six. They beat the Giants thirty one to eighteen. Quiet day for sake, Kwon Barkley on the twenty two rushing yards and Daniel Jones, who hadn't been intercepted since Week three, got picked off twice. Meanwhile, the three other teams in the NFC East all one Philadelphia now nine and one Dallas one forty three at Minnesota and the Cowboys are like the Giants seven of three,

and the two teams play Thursday in Dallas. Washington won as well as for the Jets with a win in New England, they be in first place this late in the season for the first time twenty ten, and certainly looked like they were headed to overtime until the Jets tenth punk to the day staff waste time, pressure free punt and it's a good one to sing. Jones to back pedal right side to sixteen stabbed dressers under seven. The Twitter star Curt thanks you. It's ready to the call.

The game winning eighty four yard point returned by rookie Marcus Jones, first point returned to touchdown in the NFL this season. It came with five seconds left. That's one ten three. They've now beating the Jets sport teens three time Nicks lost in Phoenix one sixteive or two and two on the road trip at ends tonight at Oklahoma City. Next back from their trip beat Memphis once to one fifteen.

Tymie Irving returned from his suspension two o'clock today and kits are It's the US versus Wales and the World Cup. John Stashoward, Bloomberg Sports, Thank you, John SMP futures down down twenty one points down, futures down eighty six nest that futures are lower by eighty five points. Tany your treasury little changed the yield three point eight to percent, Disney shares of eight percent with Bob Iger coming back, we get analysis next from Geta Ranganathan, us media analyst

at Bloomberg in Intelligence. You're listening to Bloomberg day Break. Bloomberg Sports Report was brought to you by Autie. Don't let someone else drive off in the out model you've always wanted. Visit your local tri 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 Karen Moscow stocks are falling and the concerned that China Bae Titan COVID curbs after a string of reported deaths, with investors seeking shelter in the dollar. And we check the markets every fifteen minutes throughout the trading day on Bloomberg SMP futures down about twenty points this morning, down futures down seventy three, NASTACK futures down two the decks in Germany's down more than

half percent. To your treasury little change all three point eight two percent yield on the two year four point five two percent. Nine X Screwed oil is down half percent or thirty eight cents, and seventy nine seventy cents of barrel comics gold down seven ten percent or two dollars twenty cents at seventeen fifty six eighty announced the euro one zero against a dollar, British pound one point one eight one five and the end one forty one point seven seven, and bitcoin is down one point one

percent at about sixteen thousand dollars. We continue to watch shares of Walt Disney. They're up more than eight and a half percent after it brought back former leader Bob Iger as chief executive and as a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. It's twenty two year old gunman opened fire with a semi automatic rifle inside a gay nightclub in Colorado Springs, killing

five people in leaving twenty five injured. Authorities say he was subdued by heroic patrons and arrested by police who arrived within minutes. The FBI continues to work with the to host state police combing through the town of Moscow. In the quadruple homicide of four University of Idaho students staffed to death more than a week ago, authorities are still looking for a suspect. In the NFL, the Giants lost, the Patriots beat the Jets and three on the last

second punt return. The Ravens and Commanders were also winners. In the NBA, Kyrie Irving returned to the Nets as they beat the Grizzlies fift the Knicks lost, the Wizards and Warriors won. In soccer, the US plays Whales and the World Cup. Today, Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalists and analysts more than a hundred twenty countries. Michael var and this is Bloomberg NA.

Thanks Michael. Six nineteen on Wall Street Live from the Bloomberg Interactor Broker Studios. This is Bloomberg Daybreak. And speaking of returns, Bob Iger's coming back as CEO of the Walt Disney Company, replacing Bob Chapeck. We got that word overnight and it is sending shares of Disney soaring in the pre market. Let's get some analysis now. Gita Ranganathan joins this US media analyst at Bloomberg Intelligence. So I'll put the question right to you. Get to your reaction.

Oh my goodness, Oh boy, was this a surprise. I mean really kind of a board from the blue, considering that they had just renewed Bob Chapex contract and it was going through. But I guess the last earnings report, which was the fiscal four key earnings report, was very, very disappointing across the board for investors, and I think that is what has prompted this move. How much of a change could we see from Bob Iger coming back

given that Bob Speck was his handpicked successor. Yes, so it's kind of been a really tumultuous period I think for Bob chapec. Um, I mean, I mean he has really kind of garnered criticism for for so many things. Right, there's been it's not just the running of business, and there have been some unpopular business decisions, but there have been some public relations missteps, there have been political controversy. So obviously Bob Eiger is here to write that ship.

But on the business front, Um, I mean, I think one of the things that kind of really spooked investors was just their guidance for next year and it was really really very very gloomy because we were expecting operating profits to increase by about twenty and they kind of guided to about nine. Obviously, costs are a problem. There's a problem with the legacy TV business, and then you know parks and again growing costs in that area. So Bob Eiger obviously has his work cut out for him. Yeah,

I was gonna say, given the overall economic backdrop. I mean a lot of those cost concerns are being shared not just by Disney, but across the entertainment landscape, aren't they. Oh? Absolutely, And you know, I would argue that in many ways, Eiger is the best man for the job. He has kind of guided he has Naviga to the company for fifteen years as CEO. He's obviously been through this period

of you know, recessions. He knows exactly what to do, and in many ways he has unfinished business here because, um, you know, this is what he started. He started this pivot to Disney class. It's kind of fitting that he comes back and kind of finishes what he started. And you're absolutely right about costs. So costs, we have two

major cost centers right now. One is you know, the streaming business, and that business has already lost about eight billion dollars since it, you know, they first started it. And that is a major headache because you know, they did say that they will that they do expect to achieve break even in two years time. But again, you know, there was some words of caution given the economic cycle and then with Parks again, lots of inflationary pressures over there. Um,

it's gonna be interesting to see what they do. Yeah, we have also gotten some word that activist investors on the Disney board had opposed Tiger returning. The Wall Street Journal uh saying among those is Nelson Pelts and Triumph Fund Management. Could activist investors be a hurdle for Bob Eiger coming back to CEO? I don't think so. I think just kind of you're looking at the share price

right now. Obviously this is a move that is welcomed by investors, that is welcomed by analysts on Wall Street. I mean, this is a leader, probably one of arguably one of the best leaders in media. He has a stellar track record. He has navigated this company time and time again through a lot of different, you know, major upheavals. So I don't really think that the activist investors should

create much of a hurdle. So in our last minute here, Geeta, do you see Bob Iger as more of a caretaker CEO at this point or is there a possibility that, if you know, the economic headwinds continue, that he could be asked to stay on even longer. I didn't have we're saying number with Bob Wiger, right, Yeah, he has been tasked to be at the company for at least two years to kind of pull it up, you know, through all of this very difficult situations that they're facing

right now. He has also been tasked with the job of finding a successor. Obviously that didn't go so well last time, so who knows, but um, I think succession will definitely be a key issue on his agenda over the next two years, at least at the moment. Investors like this news big time. We're watching Disney shares now up nearly nine and a half percent in the pre market. Geta Ranganathan as always great to get your perspective. Geta

Rongganathan is US media analyst at Bloomberg Intelligence. The broader market moving lower. SMP futures are down twenty points, staff features down seventy seven. NASDAC futures are down eighties seven points. The tenure treasury little change, yield three point eight two percent, and the yield on the two year right now four point five two percent. You're listening to Bloomberg Daybreak, Bloomberg eleventh three oh weather got a freeze warning till ten am.

It's gonna stay chili today, low forties and a breeze, sunny, upper forties tomorrow, low fifties sunshine Wednesday, right now in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Looving Free on to Washington, d C, Bloomberg on to Boston, Bloomberg one O six one does San Francisco Bloomberg and non sixteen to the country, Sirius XM to A one nineteen and around the globe the Bloomberg business in Bloomberg Radio dot com. This is

Bloomberg Daybreak. It's six thirty on Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow and we're just about three hours away from the Open of US training. It's time for the five things you need to know to start your Brought to you by Interactive Brokers ibk R. Event Trader offers a new way to trade futures. Use event contracts to trade your opinion on yes or no questions and key CME futurist markets. Learn more at event Trader dot Interactive Brokers dot com. Up First, a big

shake up at Disney. Bob Chapeck is out as CEO and longtime company leader Bob Iger is taking over Bloomberg's alex Web says Eiger's goal will be super charging the streaming service Disney Plus. Disney made a massive pivot over the past two years under pressure from activist investors to make themselves more like Netflix and actually invest in streaming

content Disney Plus, and they did that. Netflix then, of course has not had a brilliant yet, so Disney has has fallen sort of quite as much, but almost in lockstep with that. So this is an effort to fix some of that. Bloomberg's alex webs as a primary reason for chipecks dismissal was disney struggling share price. Right now, Disney shares they're up about nine percent. In the Wall Street Journal, Karen Is reporting that activist investor Nelson Fell

supposes Iger's return. His firm Try and Fund Management required a stake worth more than eight hundred million dollars in Disney. Another corporate news Nathan more Twitter turmoil, the company's head of operations in Frances quit and more layoffs could come

this week. CEO Elon Musk also welcomed former President Donald Trump and Yea, the artists formerly known as Kanye West, back to the platform must used a Twitter poll to determine Trump's reinstatement, which California Representative Adam Schiff said was irresponsible. It contradicts what Elon Musk said that he was going to establish a council to evaluate this, and further contradicts Musca and his claim concern about bots on his own platform to subject the decision to a poll on the

platform that could be easily abused. Representative Adam Schiff made the comments on ABC News this week. Heard every Sunday on Bloomberg Radio. Markets Now Karen Us futures are falling on concerned China might tighten COVID curves after a string of death. Investors will also digest some economic news this week when the Fed issues its latest minutes. Meanwhile, Nathan Goman Sachs said the bear market will likely last into

next year. Goman predicts the SNP five hundred will end next year at four thousand points, just nine tenths of uppercent higher than Friday's close. And in geo politics, defense chiefs from the U S and China will likely meet for their first talks and months it could be assigned. Tensions are easy. That's the five things that you need to notice start your day. Brought to you by Interactive Brokers, and again, futures this morning are lower with SMP futures

down about twenty two points. Straight ahead, your latest local headlines, plus a check of sports, and this is Bloomberg. I think you Karen six thirty three on Wall Street, twenty seven degrees in Central Park. Gotta crash southbound New Jersey Turnpike Western Spur, Exit fifteen. Details coming up in traffic. First Michael Barr with more on what's happening in New York and around the world. Good morning, Michael, Good morning, Nathan.

Quick action is being credited for reducing the number of victims in the mass shooting at a gay bar in Colorado Springs over the weekend. The suspect, Anderson Aldridge, was tackled to the ground by people inside Club Q before police arrived. Colorado Springs Police Chief Adrian Vasquez, I think had somebody not been hit there to detain him, he would have continued firing that weapon. Chief Vasques says five

were killed and dozens were hurt. Meanwhile, New York Governor Kathy Hokeles, reacting to the deadly nightclub shooting, HOCl says this is personal as New York is the home of the l g B t Q movement. I've asked the State Police Superintendent Steve and Grelly, who's with me here today, to make sure that we have enhanced protections that we're continuing to do our monitoring of social media sites to

be able to identify threats. Vocal says here in New York City, two men were arrested over the weekend for threatening the Jewish community. The Idaho State Police continued to comb through the town of Moscow and surrounding areas trying to gather evidence and the stabbing deaths of four University of Idaho students. Authorities are still looking for a suspect. However, State Police spokesperson Aaron Snell says the FBI is working

with police there developing information. They're assisting with the very special skills that they have. Aaron Snell, the Idaho State Police says on November thirteen, the bodies of three young women and one young man were found in their off campus house. Buffalo residents are slowly beginning to dig out from a historic snow storm Blueberg. Steve Rappaport has more highways have finally reopened and travel bands lifted, but many businesses in and around Buffalo remain closed after some areas

got more than seven feet of snow. We're trying to be patient in the city, but it's hard because we're stuck. Sarah al Zina is among many residents not going anywhere for a while. We see trucks going by full of snow, but they're not They're not touching our snow yet. New York Governor and Buffalo native Kathy Hokel says this storm is one for the record books. When you hit five inches over the course of just a couple of days snow event, that is one to tell your grandkids about.

Hocal is asking for a federal disaster declaration for the affected areas. Steve Rappaport Bloomberg Radio Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries. Not Michael barrn This is Bloomberg, Nathan. Thanks Michael. Count up to six thirty six on Wall Street Time for the Bloomberg Sports Upthing,

Brought you by tri State outing with John Stash. All Right, Nathan, there's never been a finished an NFL game like Jets paid foots in Foxborough. There had been only two since the nineteen seventy merger, where the first touchdown of the game came in the final minute. But this game, when he touched down was an eighty four yard point return with five seconds left, the first point return for TV in the NFL this season. It was by pat rookie

Marcus Jones. It gave New England a ten to three win, their fourteenth winn in a row over the Jets, whose coach was Roberts All. It's uh lose feel like your exchange and blows from a defensive standpoint, and both sides the war from teams and somebody could just make a play and get it the overtime. They made a play uh in the King game and asked about the performance of his offense, Elo used an export to Zach Wilson, who had that three interception day against the Patriots a

few weeks ago, was only nine of twenty two. So in the an FC East, Miami and Buffalo are seven and three, the Jets and Patriots are six and four. In the NFC East Philadelphia pulled out at one point when to go to nine and one Dallas one forty. The three cooling off Red Hot Minnesota and the Cowboys are seven and three. They're tied with the Giants. The two teams face off Thursday in Dallas. Worst effort of the season for the Giants. They lost at home to

Detroit thirty one to eighteen. The Lion's Jamal Williams score three straight touchdown Daniel Jones had a t run and passed. Was also intercepted twice. Last night late touchdown by Kansas City Travis Kelsey's third of the game. The Chiefs top the Chargers thirties seven. Knicks Looston Phoenix won sixteen to ninety five. Road trip finds. Tonight, the Nets beat Memphis

and Barkley to one fifteen. Ben Simmons best game as a Net and Tymrie Irving returned from his we spent in the US takes on whales today at the World five. Johnson actually Bloombroog sports movement thanking John sixty seven on Wall Street. Time to take a look at stocks. Some of the names moving in the pre market. Bloomberg Radio and TV markets correspondent Creety GOOFDA watching Disney shares along

with the rest of us this morning. Looks like Disney investors are thinking Bob Iger still has the pixie dust create. You know, it's interesting. He's been such a veteran of the company. He's been on the board for a little while as well, so to come back after just a series of missus when it comes to Disney, remember they had this massive rise during the pandemic, this idea that people were maybe not going to the theme parks and

amusement parks. But that's okay because Disney had really put in a lot of money into their Disney Plus products. It was really all about streaming and kind of subscribing um and competing with Netflix, kind of becoming this best of both worlds trade for a lot of people, essentially the recovery trade, but the theme parks, resorts, cruise lines, etcetera.

But also this kind of tech element to Disney as well with their media arm Then you kind of had a series of mythss when it comes to the subscriber numbers as well as these COVID outbreaks that you're not just seeing in the States but around the world. As well, so it is starting to take quite the toll on those shares as well as their bottom line as well.

Then comes Bob Iger this idea that he's going to be reinstated as CEO, a major pivot from the board in charge as well, Susan Arnold, the chairman, coming out and saying she's pretty excited about putting him in charge. But remember there are still some barriers here. You have a Tryan Nelson Funds is fund management that is actually opposing his rehiring, pushing for a board seat instead and advocating for more cost cuts as according according to the

Wall Street Journal. But for now, shares are really appreciating that move. Disney shares d I s as your taker, up nine and a half percent, and Nathan, this goes against the grain here because Natures are down about half a percent. So look at some of their peers, though, what does this mean for like Netflix? You actually have an under performance in its piers, which tells you that not only is Disney rising when investors are saying this

could be bad for competitive landscape. So Netflix shares for example n f l X down about nine tenths of one percent. Roku for example, are Okay, you those shares down one point four percent as well. So these are the kind of names that you really want to keep an eye on widly follow the developments of this Disney story. Yeah, but as far as the broader market goes, we're still following developments, I guess on the China story and whether

they're going to go back at lockdown. Right. And this is actually almost feuds perfectly from the Disney story because a lot of their kind of bottom line China has really been under pressure. Um when we talked about kind of their theme parks, the resorts, um. I believe they have a Disney World in like Hong Kong or something. Um. But yeah, so you are to see Chinese stocks down as well. We love to look at our poster child

here as well. Ali BABA is the ticker there, b A b A is the ticker, and those shares are down just about three percent. The idea here being that from COVID related deaths, not cases in Beijing, may tell them to pivot. All right, thanks as always, Boomberg Radio and TV Markets correspondent Creaty Gupta. As I said, the

broader market is moving lower on China concerns. SMP futures are down twenty one point, Staff features down seventy nine, Nasdaq futures down one points, but Disney shares wow, yeah, they are still popping in the pre market up nine with Bob Iger making a CEO comeback. You're listening to Bloomberg day Break. Bloomberg Sports is brought to you by Audie. Don't let someone else drive off in the Audi model.

You've always wanted to visit your local Tri state Audie dealer to get behind the wheel of yours today, or visit Audie 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 quicktakee T He's a Bloomberg Business flash and I'm fair in Moscow and futures are lower This morning, we go to the first Word breaking news. Dask for today's morning call.

Here's the Bill Maloney Bill morning, Hey, good morning, Karen. That's right. US futures are in the red right now at down. Futures down fifty nine points, subs drop eighteen, n NASDA futures declined by eight one. The US ten year old at three point eight three percent, Gold is down ten oil is trading lower, and bitcoin is off

by one percent. Hong Kong fell one point nine percent overnight and made concerns China may tighten COVID curves and European markets are also trading in the rid this morning. Back in the US on the economic Fronday thirty, Chicago Fed, and in the crypto space, f t x owes the fifty biggest creditors or unsecure creditors three point one billion.

In other news, Disney brought back Bob Iger as CEO and fired Bob Japeck shows her up nine percent in the pre market, and the Fed's BOSSI said the FED should end its hiking cycle after seventy five to a

hundred basis points of further tightening. Wrapping things up, Planes All American was cut to neutral at JP Morgan Co America raised outperform at Raymond James, and Conago was cut to sell well Red Stop Chin Live from the first breaking news tescom Bill Maloney, care all right, Phil, thank you and your live breaking news of your Bloomberg type squawk on your terminal s qu a w K. This update brought to you by se I. Imagine your asset

management firms operational infrastructure as a competitive advantage. Let see I show you how at s C I C dot com slash I m s. And we're also watching this headline crossing the Bloomberg marked by Immago Biosciences for thirty six dollars a share in cash and as a Bloomberg business flash now here smuaele bar with Moore on what's going on around the world, Michael Karen, thank you very much.

Police was searching for a motive after a twenty two year old man opened fire and Again nightclub in Colorado Springs over the weekend. Five people were killed and twenty five people were injured in the shooting, local officials saying the heroic actions of a few patrons who subdued the gunman saved lives. At least forty six people were killed

and about seven hundred others were injured. In Indonesia after a five point six magnitude earthquakes shook the Western Java region today, in the NFL, the Giants lost, the Patriots beat the Jets ten three on the last second punt return. The Ravens and Commanders were also winners. In the NBA, Kyrie Irving returned to the Nets, says they beat the Grizzlies on the Knicks lost the Wizards and Warriors one. In soccer, the US plays Wales in the World Cup. Today.

Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than seven under journalist and analysts more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Karen right, Mcolbar. Thank you at A sixty nine out of Wall Street, and we turned to news and science and technology now with the Bloomberg and j I T. Stemmer Report brought to you buy New Jersey Institute of Technology, and j I T has joined with McKinsey and Company to establish a

mckensey Digital Capability Center specializing in biopharma manufacturing. Learn more at n j I T dot E d U And here's just making news and science, Technology, engineer, ring and map. The southern Chinese metropolis of dang Zoe lockdown its largest district as it tries to tamp down a major COVID nineteen outbreak. The outbreak is testing China's attempt to bring a more targeted approach to its zero COVID policies while

facing multiple outbreaks driven by fast spreading omicron variants. China is the only major country in the world still trying to curb virus transmissions through strict lockdown measures and mass testing.

New court papers show sam Bang Ban freed it's bankrupt, FTX owes its fifty biggest unsecured creditors a total of three point one billion dollars at least a hundred million dollars is oh to twenty of its creditors, and Tesla recalling more than three hundred thousand vehicles in the US because a software glitch can make tail lights go off intermittently, Tesla said, and documents posted over the weekend by the U S National Highway Traffic Safety Administration that the glitch

may affect one or both tailights on certain Model three and Model Live vehicles. The automaker said it is releasing online software update that will fix the problem, and a said Bloomberg and j I T Stem report Nathan Okay, Karen, thank you. We are live from the Bloomberg Interactive Brokers studios or at six fifty one on Wall Street Time

Now to check what's going on in DC. Some of The top stories in our nation's capital include a new special counsel running the investigations into former President Donald Trump. Former Vice President Mike Pence tells NBC's Meet the Press the Justice Department needs to tread carefully. I don't know if it is criminal to listen to bad advice from lawyer, but some Republicans think the party may be ready to move on from the former president, including former House Speaker

Paul Ryan. It's pretty clear as with Trump, we lose. So I don't mean this personally, it's just it's just evidence. We lost the House in eighteen, we lost the presidency in twenty, we lost the Senate in twenty and now we should have and could have won the Senate we didn't. Former Speaker Paul Ryan was on ABC's This Week, also making news, Elon Musk reinstating former President Trump on Twitter. Bad idea, says Democrat Adam Schiff, especially after January six,

he showed no remorse about that. He continues to lie about his actions on that day. He talks about partnering the people who attack police officers and attack the capital that day. Uh and it contradicts what Elon Musk said that he was going to establish a council to evaluate this. Congressman shift was also on this week and on Fox New Sunday to u S. Senators came out with a

learning about TikTok. Republican Tom Cotton TikTok, it's one of the most massive surveillance programs ever, especially on America's young people. And Democrat Mark Warner. So if you're a parent and you've got a kid on TikTok, I would be very very concerned. Fox News Sunday this week and Meet the Press can all be heard every Sunday right here on Bloomberg Radio. And for more, we're joined by Bloomberg Government reporter Emily Wilkins. Uh. Let's start off with what's happening

now in the presidential race. Emily, as this special council announcement need to make any ripples. So I think, Nathan, what's really has made ripples was really not in people talking. It's just more about how Republicans fell so far short of what they were expecting on election Day. They expected to make the Senate, they expected to have a clear

majority in the House. Instead, we had to wait weeks for them to actually say that Republicans had won the House because their margins are so small, and that's leading more and more individuals within the Republican Party to call for a moving away for Trump. Obviously, we just heard

that clip from former Speaker Paul Ryan. We heard something similar over the weekend from former New Jersey Governor Chris Christie, who advocated that the party moved away from the Trump at a speech at the Republican Jewish Coalition meeting in Las Vegas, and that one had a number of potential four candidates Christie included, but Ron de Santis was also there.

He didn't talk about four, he didn't talk about Trump, but he hinted at a potential run, saying we've got a lot more to do and that he is only

begun to fight. Trump of course, also gave a speech at the event, houting that the Republican Party had grown under his time as President um and really at this point, though, I think that the chairman for the Republican Jewish Coalition, Norm Coleman, really summed it up when he said that, you know, Trump might still be the dominant force in the Republican Party, but this group is looking at all candidates for the next two years. When they're trying to

figure out who to endorse. So what are we looking at in terms of a contested GOP primary. Is this gonna be a wide open field? Or could former President Trump do like he did four years ago and race ahead of the pack. I mean, at this point, the momentum does seem to be for a wide open field. You've seen this scantists do quite well in recent pulling

up against Trump. And of course, remember there are plenty of potential candidates that we could be talking about here, Christie Noman in South Dakota and Nicki Haley at the former governor who had They haven't really dropped their hat of the race yet. We haven't really heard a lot from them, but certainly within the next couple of months the next year, they could really start revving up their campaigns and they could you know, we have a lot

more into the spotlight. I always think about, you know how this time deal for the election and the election everyone was looking at a completely different candidates than who eventually wound up becoming the two nominees. So we still

have to have a long way to go. Yeah, certainly do interesting as well to hear that sort of bipartisan agreement on the Sunday Shows about taking a tough stance against TikTok, even as we're starting to see at least the hints of a thought between the US and China after President Biden's meeting with President She Yeah, well, China really doesn't mean one of the very few areas where you see a lot of agreement between Democrats and Republicans, a lot of China hawks and both parties, a lot

of them who believe that, you know, China's overstepped and that the US needs to really take some measures to boost national security. But TikTok is really the one that that we're looking at right now. Um. The Brian administration is seeking a security agreement with TikTok to ensure that only TikTok staff in the US have access to sensitive

data from US users. Uh. You've heard the head of TikTok talk a little bit more about this, saying that it's a pretty expensive program to put together, but they're doing so because they're worried about the concerns of American officials and about TikTok losing access to its US audience. UM. At the same time, though you have a number of individuals who have shown skepticism, including one Democratic senator and one Republican senator that have issued a warning about TikTok

and the security risk that it poses. You also have Senator Marco Rubio and Congressman Ryan Gallagher being prepared to introduce legislation that would ban UH TikTok in the US. So certainly this is something where the parties they're not quite on the same page, but there is a lot of momentum into looking into this, and I think it does speak to larger tensions between the US and China even as you are seeing that relationship thoughts. You you mentioned Nathan that Biden and she Um they met the

other week, they had a chat. Things would pretty well as far as trying to, you know, remove some of the tensions. And now you're going to see the U s and Chinese defense chiefs meet uh this week in Cambodia for their first talk since Beijing suspended dialogue over speaker Nancy Pelosi's visits to Taiwan. Alright, Bloomberg government reporter Emily Wilkins, keeping us off top of everything happening in the nation's capital. I want to keep you on top

of what's happening with Disney shares this morning? They are up nine point two percent with Bob Eiger coming back. We'll have much more on Bloomberg surveillance. That's next with Tom King, Jonathan Pharaoh, and Lisa Bramowitz for Karen Moscow. I'm Nathan Hager, and this is Bloomberg