Bloomberg Daybreak: November 8, 2022 - Hour 1 (Radio)

the attack on her husband. Plus a technical issue has to lay the powerball drawing. I'm Michael Barr. More ahead, I'm John Stash. In sports, the Ravens beat the Saints, the Nets loss, wins for the Knicks, Islanders, and st John. That's all straight ahead on Bloomberg day Break on Bloomberg eleven, Treo, New York, Bloomberg N one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine St. Francisco, Sirius x M one nineteen and around the world on Bloomberg Radio

to come and via the Bloomberg Business Sad. Good morning. I'm Nathan Hagar and I'm Karen Moscow and US stock index futures are higher this morning. We are coming up to five oh one on Wall Street. I mean check the markets every fifteen minutes throughout the trading day. On Bloomberg, SNP Future is up six points this morning. Down Future is up fifty four. Nasdack Future is up thirty nine. The decks in Germany's up two tenths of a percent.

Ten year treasury of four thirty seconds yield four point one nine percent, and they yield on the two year four point seven zero percent. Nine Max scret oil is down one point one percent on a dollar two and ninety seventy seven cents of barrel. Nathan Karen, We will have more on markets in a minute, but first, this is election day. Control of the Senate hangs in the balance as candidates make their final hour pushes for votes. They're tight races shaping up in at least three states.

Amy Morris has the latest from our Bloomberg newsroom in Washington. In Pennsylvania, the Senate race between Democrat John Federal and Republican memod Oz is neck and net. That will bring change to Washington, so they treat us the way we deserve and I'm gonna meet every one of you to go out, get your friends, get your families all ready to vote. And Georgia, a record two and a half billion votes are already cast. Republican challenger Herschel Walker in

a dead heat with incumbent Democratic Senator Raphael Warnuts. I'll show up for you for six more years. You got a vote with something. If no candidate gets more than fifty of the vote, he could head to a run off in December. Be ready for days of counting ballots.

In Arizona with a race four senator between incumbent Democrat Mark Kelly and Republican Blake Masters, and the goober nottorial contest between Republican Kerry Lake and Democrat Katie Hobbs are so tight posters expect those results to come down to just a few thousand votes. In Washington, I'm Amy Morris,

Bloomberg Daybreak, All right, Aman Banks. So there are several key races for governor across the country, including a closely watched one in New York and bloomberg S Michael Barr joins US Live with the latest, Michael, good Morning, And the race for governor was once considered an easy win for incumbent Democratic Governor Kathy Hokel. However, Republican Lee Zelden made up ground in the polls to make it a tight race. Both candidates made their final push to voters.

Governor Hokel campaign in Manhattan. I always run like I'm the underdog. Makes me work harder. That's what we're gonna Pocill also campaign last night in her hometown of Buffalo. Both candidates need votes not just from Independence or Republicans, but Democrats as well, something Zelden knows. It wasn't until New Yorkers United in early nineties that they decided that

they were going to take back our streets. Zelden campaign at the scene of a subway stabbing in New York City and is pushed to fight crime in New York Michael Barr, Bloomberg Radio, Nathan Michael thank you. Voters are also weighing at least sixty six billion dollars of state in local bond measures today to finance projects like new schools and climate resiliency efforts. We get that story from

Bloomberg's Charlie Pellett. The proposed borrowing is more than double the twenty seven billion dollars on ballots of this time last year, and among the highest volume of bonds up for a vote since at least two thousand nine. This according to a Bloomberg analysis of a preliminary tally of

bond measures compiled by I h S Market. The increase comes of states and cities have been collecting better than expected revenue in the last fiscal year, shoring up the budgets after a period of financial uncertainty at the onset of the coronavirus pandemic in New York. Charlie Pellett Bloomberg

day Break Right, Charley, thank you. While Americans head to the polls, Donald Trump is ramping up hints that he'll run for the White House in four The former president all but confirmed the move at a rally last night in Dayton, Ohio. I'm going to be making a very big announcement on Tuesday, November at Bar Lago in Palm Beach, Florida. Former President Trump has been teasing a run for months. Advisors have long urged him to hold off on an

announcement until after the mid terms. All right, Karen, Now, let's take a look at some news outside today's elections. Beginning in Europe as the war between Russia and Ukraine rages on, sanctions continue piling up on Moscow. But now Bloomberg News has learned the White House wants banks like JP Morgan and City Group to keep doing business with

some strategic Russian firms. We're told it's part of a behind the scenes effort to limit the adverse impact of Russian sanctions on the global economy, even as some in Congress found the table for stronger steps well on well straight Nathan stocks have rallied for two straight days ahead of the mid terms. Mark and Stanley's Mike Wilson says polls that show Republicans claiming at least one chamber of Congress could provide a catalyst for equities. We're getting close

to the end of the bear market. We're not there yet, but you know, what you want to what you want to try and figure out is what outperforms in the last leg down, because that will tell you what's going to outperform in the next leg up eventually when we get there, and that's been industrial financials and some of the commodity complex and Morgan Stanleys Mike Wilson says companies will need to bring down expenses before he becomes more

optimistic on equities. Another key market for the event for the Market's Karen comes on Thursday, when we get a reading on consumer prices. Richmond FED President Thomas Barkin says the Central Bank will persist in efforts to bring inflation under control. Inflation should come down, but don't expect it's drop to be immediate or predictable. We've been through multiple shocks, as I discussed, and significant shocks simply take time to dampen.

Richmond FED President Thomas Barkin says one key lesson from inflation in the seventies is not to declare victory premature late. Well, Nathan, we turn our attention to the big climate change summit in Egypt. Now, the World Bank has announced the Climate Trust Fund for poorer countries, and we got up to

the President of the World Bank, David moult Pass. The war in ukramed, but also the giant amounts of government spending that we're done on covid UH and so that that is putting upward pressure on prices around the world, and that hits the poorest the hardest. World Bank President David Malpass spoke with Bloomberg at the COP seven summit in Egypt. Catch more of that conversation coming up later

in our program. Futures are higher with SMP futures of eleven points this morning, down futures of eighty one, NASDAG futures of fifties six straight. I had your latest local headlines, plus a check of sports, and this is Bloomberg. Thanks pared five oh seven on Wall Street forty degrees in Central Park. Got a car fire Southount Garden State Parkway, egs at more coming up in traffic First. Michael Barr is back with more on what's going on in New

York and around the world. Good morning, Michael, Good morning Nathan. There are other races being watched in the Tri state area as well. In Connecticut, Democratic Governor Ed Lamont is up against Republican challenger Robert Stefanowski. LaMotte spoke earlier with Bloomberg about the issues in the campaign. I think the economy front and center. Uh. Here in Connecticut, we've been flat as a pancake for thirty years. We hadn't added a new job in two years. Uh, and we were

going from physical crisis to fiscal crisis. It was a pretty lousy story and the last you know, four or five years were beginning to turn things around. In the U S. Senate, Democrat Richard blymhal is up against Republican Leora Levy. How Speaker Nancy Pelosi said the attack on her husband Paul would be a factor in deciding your political future and expressed dismay that Donald Trump and others,

including Elon Musk, had cast down on the attack. Pelosi told CNN last night, you see what the reaction is on the other side to this, to make a joke of it, and really that is traumatizing too. U S. Supreme Court justices have signaled they may open new avenues that could weaken the cloud of the Securities and Exchange Commission and Federal Trade Commission. Bloomberg said maxter as the story. The justices are considering cases regarding claims going directly to

federal court. The two regulatory agencies have been very busy. The SEC file more than seven hundred and forced my actions in the flash fiscal year and one judgments and orders worth six point four billion dollars. The FTC is seeking to break up meta platforms and investigating Amazon, among other initiatives. Returned two point four billion of consumers last year. It is a conservative court and it could decide the question of the value of regulation visa v. More free commerce.

In San Francisco, I'm at Baxter, Bloomberg Gay Break. The Multi State Laundry Association sat in the statement that the powerball drawing was delayed last nine and the official results won't be known until later. The record breaking one point nine billion dollar powerball drawing was delayed because of participating

lottery had issues processing sales. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than journalist analysts and more than a hundred twenty countries. I'm Minchael bar this is Bloomberg Naven. All right, Michael, Thanks five oh nine All Street time for the Bloomberg Sports Day. Prosy by Tri State Autie. Good morning, John Stashi, Good morning, Nathan Busy. Night of Basketball Open the Night in the College gave the entire preseason top twenty five played.

They all won, including Duke and new coach John Shire Villanova for new coach Kyle Neptune. They replaced the Hall of Fame coaches Mike and Chefft and Jay Right st John's one its opener by twenty five over Mary Mack. Also, fifteen NBA games were the message at all of them to a mind fans to vote. That's why the NBA will not play any games tonight. Nixon Minnesota scored seventy six points in the first half and one one oh seven thirty one point for Julius Randall. He made eight

three pointers. The Nets lost in Dallas nineties ninety four. Luke dons it's thirty six points of the mass Kevin Duran twenty six for Brooklyn. Milwaukee lost for the first time Cleveland for just a second time. The Lakers lost by twenty three at Utah. The Lakers are two and eight. The Jazz traded their two best players in the off season, yet they are a surprising nine and three. Islanders made

it five of their last six. They beat Calgary four three over Time Well the Night Football Ravens and St. Jackson's chief of fights in the right looking to owe now he loves a time. Kenny town Man Towns, I JA unlikely look behind of the secondary. I have the ravings trink first in New Orleans, j l The Call Ravens went on to win twenties seven to thirteen. They stay in first place. AFC North at six and three. The Colt sevenly three wins, and they fired coach Frank

Reich replaced them with former Indianapolis center Jeff Saturday. He has no previous NFL coaching experience. Giants Safety's Davier McKinney, one of their top defensive players, spent his bye week, and Cabo hurt his hand in an a TV accident. He'll miss a month. John Stash Doward, Bloomberg Sports, Nathan Okay, John, Thanks. On this election day, futures are pointing at touch higher. SMP futures are up ten points down, futures up seventy five,

NASTAC futures up fifty four points ten. Your treasuries up four thirty seconds, the yield four point one nine percent. We'll look at what's at stake for markets on this election day. Terry Haynes, founder of GIA Policy, joins us. Next, this is Bloomberg. Bloomberg Sports is brought to you by Audie. Don't let someone else drive off in the outie model.

You've always wanted to visit your local price state autie dealer to get behind the wheel of yours today, or visit autie Offers dot com for more information, markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, The Bloomberg Business at and at Bloomberg Quicktake, This is a Bloomberg Business lash and I'm Karin Moscow. US Dock Index futures are steady as investors await the results of today's midterms as well as Thursday's inflation report.

And we checked the markets every fifteen minutes throughout the trading day on Bloomberg Guess and P futures. Everybody points down. Future is of sixty two nasday futures of fifty. The decks in Germany's up three tenths of a per cent ten, your treasury of four thirty seconds, you have four point one nine percent, and the yield on the two year

four point seven zero percent. NIMEX Screwed oil is down one point one percent on ninety six cents at ninety eighty four cents of barrel comes go down four tenths percent or six dollars ninety cents at sixteen seventy three

fifty announced. The euro point against the dollar, the British pound one point one four seven nine a yen one forty six point to five and bitcoin is down four point four percent and nineteen thousand, seven hundred seventy dollars Watching shares have Take two Interactive Software down more than eighteen percent this morning after it reduced its forecast for net bookings, and while Disney is among companies schedule to report earnings today, that's a Bloomberg business flash. Now here's

Michael Barr with more on what's going on around the world. Michael, good morning, Good morning Karen. It is election day. The nation has its eye on several key races that could change the balance. In Washington, thirty five Senate seats are on the ballot. Former President Trump, speaking in Dayton, Ohio, says he will make a big announcement on November fifteen.

That is moral go a state Trump had been teasing for months Heed to run again me While President Biden traveled campaign in Maryland, Biden acknowledged Democrats face a tougher challenge holding the House than the Senate. In the NBA the next one, the Nets lost the Celtics, Wizards and Warriors all one. NHL, the Islanders one in ot against

the Flames for three. The Bruins and Capitals one in Monday Night Football, the Ravens beat the Saints twenty seven globally, twenty four hours a day on air and on Bloomberg Quickdake, powered by more than twenty seven hundred journalists and analysts more than twenty countries. Michael barn This is Bloomberg, Nathan. Thanks Michael, five nineteen on Wall Street Line from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak on this

election day. We're joined by Terry Haynes, the founder of Pangia Policy, to take a look at where things could shake out after tonight. Terry, good morning. As we just heard from Michael bar there and the news, President Biden is acknowledging it's gonna be tough for Democrats to hold onto the House. So what's your final forecast? U, Good morning, Nathan.

I've you know, I've find myself usually pushing back against UH in elections, against the kind of huge red wave, huge blue wave stories that the swampas every two years, I find myself uncomfortably consensus. This year, I think i'm I'm I'm about six UH that we have an all Republican majority Congress. But but I think very small majorities likely to result in a split Congress, which would be a Democratic Senate Republican House, and only ten percent likely

to maintain the all Democratic House. What I've been cautioning markets is a couple of things. One is that you shouldn't expect a definitive result for days. Uh. You know, the market seemed poised to kind of want to break out on the upside on some news, and they're not going to get that news for a while. Uh. Secondly, I think that what we have here is uh no control of media. No sense I'd like to say that one party another control Congress, when in fact is you

and I have discussed a lot. Uh. These parties are really coalitions of different people, and they find it very difficult to cobble themselves around particular policies that will continue with Republicans. So, uh, the reality of policy change won't won't quite match whatever the election results are. Well, what could it mean for policy if we do get divided government? The return of divided government in Washington? What could it mean for either party to get an agenda move forward?

Very broadly speaking, Uh, the status quo by think what you get is you get the domestic policy grid luck with the one party in the White House checking off against the other party in the Congress. Firstly, Uh. Secondly, I think you get uh. You do get fiscal stability. There's been fiscal stability for the last decade. I think

that continues. I don't think you get another kind of get get another kind of COVID spend or inflation reduction sort of spend, though, which is probably helpful in the markets. And thirdly, you you get continued unanimity in foreign policy. And if there's any area where the transition from the previous administration to this one has been remarkable, it's that foreign policy has remained largely the same and largely supported

by both parties. And I think that continues. Is there a risk for market volatility if, as you say, we don't know the results of some key races after tonight. I think it's uh. I think it's a spice. Yeah. I think a lot of a lot of people in markets a kind of understand or are understanding, that you're not going to get an instantaneous result. Markets are are as you know better than I, very much interested in instant gratification one way or the other and they're not

going to get that. Um, so there'll be a little bit of that, but you know, in the middle of everything else that's going on, I don't think it will be a major driver. Is what what is the message

for Democrats for President Biden? If the polls come out the way or the results come out the way the polls are indicating, and we do get a pretty strong result for Republicans after this evening, well, what the message should be for both parties is that you know what you're doing, whether it be uh kind of overstating the yeah, overstating policy differences to the sort of apocalyptic rhetoric that that's been featured in many states over the past several months,

isn't working in that what people want or problems solving and reaching across the aisle, and frankly that the vast majority of problems can be can be solved that way. Not not every one, of course, but the vast majority of problems can be and uh, that's not happening. What concerns me is that neither party takes away from this election, whether it be Democrats losing or Republicans not winning that much. Uh,

you know, kind of the humility they need. Uh. Peggy Noonan's column last week, I think said very well that democracy doesn't survive without humility, and uh, you know our politics could use a great, a great dose of more of it. Thanks as always, Terry, good to get your thoughts, especially on the morning before the polls open across the country. Terry Haynes, founder of Pangea Policy with us on this

election day. Looking ahead to the market open this morning, UH futures are poised for a slide gain on Wall Street, with SMP futures right now up five point STOW futures up forty three, NAZDAC futures leading the gains higher by

thirty seven points. At the moment, the tenure Treasury is up three thirty seconds, yield four points to zero percent, yield on the two year four point seven zero percent, and looking at NIMEX screwed right now it is lower on the session, down one point four percent at ninety dollars fifty two cents a barrel. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather sunny, much cooler today.

Highs today and tomorrow in the mid fifties, will be in the low sixties, with another sunny day expected on Thursday. Right now, forty eight degrees in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Free to Washington, d C, Bloomberg to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine six to the country, Sirius XM to the one nine team, and around the globe the Bloomberg Business app and Bloomberg

Radio dot Com. This is Bloomberg Daybreak and it's final thirty on Wall Street. Good morning, I'm camerin Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought to you by SEI. Built on advanced technologies and fifty years of innovation, SEI off for his asset Managers, a comprehensive and flexible operations outsourcing platform. Go to se i C dot com slash managers, and we're just about four hours away from the open of US trading. Let's get you up to date on

the news you need to know at this hour. It's election day, Americans go to the polls to decide control of Congress. Just to get Taylor, editor with the Cook Political Report tells us momentum is on the Republican side. The House looked further gone in the Senate. The Senate is still going to be very, very close. But the closer it gets to election day, the more worried Democrats that I've talked to have gotten, and the more bullish

Republicans try to just have gotten. Jessica Tailor of the Cook Political Report, spoke with our Washington correspondent Joe Matthew on Bloomberg sound On Catch the program weekdays at five pm Eastern on Bloomberg Radio. Some of those close Senate contests Karen include Pennsylvania, Ohio, Georgia, and Arizona. Arizona's race for governor is also expected to be close. In New York, Republican Lee's Elden could deliver a shocker in a race that was once thought to be a shoo in for Democrats.

We need to hire more law enforcement Les Elden has made crime one of his main talking points. In New York. Governor Kathy Hoco campaigned in her hometown of Buffalo last night. Meantime, Nathan, former President Trump, is not so subtly hinting at another White House bid. He's scheduling an announcement once the midterms are over. I'm going to be making a very big announcement on Tuesday, November. The former president made that announcement

last night at a rally for Ohio Republican Senate candidate JD. Vance. Let's turn to markets now. Karen Stocks have rallied for consecutive days ahead of the mid terms, but Bloomberg macro strategist Cameron Christ does not believe control of Congress will change much for investors. People tend to overestimate the significance of individual political actors in driving economic and certainly financial

market returns. Bloomberg's Cameron Christ says this week's consumer price index and uncertainty in China will have more of an impact on markets and At the cop Climate summit in Eagypt. Nathan, the World Bank announced a climate trust fund for poorer countries. Bloomberg's Francine lachwas spoke about it with World Bank President David Malpass. More resources are really important both for the climate crisis but also for the financial crisis affecting the

developing countries. Here more of Bloomberg's conversation with World Bank President David Malpass a little later in the program. Futures this morning are on the rise. SMP futures up five points, straight ahead, your latest local headlines plus check of sports. And this is Bloomberg. Thank you, Carring. It's five thirty three on Wall Street, forty eight degrees in Central Park and still got that car fire southbound Garden State Parkways at one and Michael Barr is here with more on

what's going on in New York and around the world. Michael, thank you very much. Nathan. There are other races being watched in the Tri state area as well. In Connecticut, Democratic Governor Ned Lamont is up against Republican challenger Robert Stefanowski. Lamont talked about the infrastructure bill when he spoke to Bloomberg earlier. We got a hundred year old bridges and old Rhodes, old rails, so this is a big deal

for us. Every president seems to be talking about infrastructure abides the first guy since iked, as far as I could figure out, to really be serious about it. In the U S. Senate, Democrat Richard Bloomenthal is up against Republicanly you're leaving Speaker Nancy Pelosi is now speaking about how the brutal assault on her husband may affect your

future in Congress. Pelosi, in her first interview since the brutal hammer attack on her husband, Paul acknowledged the c Ann's Anderson Cooper the attack will impact her decision on her future in Congress, without saying what the decision will be if she's no longer Speaker of the House. I have to say my decision will be effective about what happened the last week or two? Will it be? Will

your decision be impacted by the attack? In anyone? Authorities say Paul Pelosi is alleged attacker David pop wanted to take Speaker Pelosi hostage. U S Intelligence and the US government have long accused Russia of interfering with US elections, primarily using social media. One of Vladimir Putin's key allies, jef Ginny Purges and he is now admitting that he did medal in the US elections and will do so again. People waited in line for hours for the record breaking

one point nine billion dollar powerball lottery jackpot. Get your tickets out because here comes tonight's Powerball. Because of a technical problem, tonight, we are unable to bring you the Powerball drawing at this time. As soon as we're able to resolve the issue and conducted drawing, it will be available for viewing on powerball dot com and on our YouTube channel. Power power Ball says a participating lottery needed

more time to process sales. Global News twenty four hours a day on air and on Bloomberg Quickdake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg, Nathan still time, Thank you, Michael wall Street, time for the Bloomberg Sports. Something prot to you. I try state out

he here's John Stature. All right, Nathan with Kyrie every serving that suspension, the less drama for the Nets had a couple of road wins nearly another, but the Nets fell short in Dallas nineties six ninety four. Luca Downson's thirty six points of the match he joined Wilt Chamberlain is the only players the beginning season of the ninth straight games of thirty or more points for the Nets

playing better defense. There's Kevin Duranty. I think we followed some things on this trip that were for all of us to keep all of us in the game offensively and defensively. Uh you know, I think we uh we followed some stuff all you know, switching and uh, you know, helping on the post, and it was just a little different things that we're trying to figure out on the defensive side of the ball. He's going six. The Nets host the Knicks tomorrow. Knicks back to five one in

Minnesota one oh seven. Nick coach Tom Thibodeau has always resisted playing Julius Randall at the same time as fan favorite Obi Topp, and he did it last night. They combined to make the eleventh three pointers. Randall scored thirty one points god Win to the Islanders of the u B S Arena. They trailed Calgary three one midway through the third period. Anders Lee Kyle palm Mary scored minute apart and then Noah Dobson with a minute left and

overtime and the Islanders one, four to three. Opening night in college basketball, St. John's beating Merrymack by twenty five David Jones twenty four minutes, twenty one points, ten rebounds, NFL Baltimore one in New Orleans twenty seven to thirteen. Indianapolis fired coach Frank Reich midway through his fifth season, replaced him for now with Jeff Saturday, the ex Coulton lineman who had been working for ESPN. Giant Safety's Avery McKinney hurt his hand in an a TV accident will

miss a month. Yankees, as expected, picked up the fifteen million dollar option on Louis Seve Arena. John dashtwar Boomberg Sports Thank you John, five thirty seven on Wall Street Time for the Tri State Business Report. Here's bloombergsdny's PELLEGREENI the education business to New York City might not be making the grade. Enrollment has slid ten percent since the fallen school year. That's according to the Department of Education. And that's his families leave the city for other places

like New Jersey and Florida. Hartford train line stations are sparking new economic development in Connecticut. Hartford Business says the state's transit oriented investment program for the Hartford Line corridor is attracting mixed use projects and first selectment. Paul Harrington says in some cases, the FONUS ringing off the hook with developers looking for more information on potential projects and watch her. Sir Elton John at the Sacks Fifth Avenue

window unveiling November. The entertainer teaming up with Sacks for the Luxury Retailers Holiday campaign in support of his AIDS foundations Rocket Fund with the Child State Business Report. I'm Denise Feliguni. Thank you, Denise. It's five thirty 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 on our three hundred affiliate radio stations

around the world. I'm Steve podascon K and X in Los Angeles. We're talking about a MC entered Aiment launching Zoom Rooms in some of its theaters. Um Cornitanahwan ktr H in Houston. Retailers are pushing big holiday discounts to get rid of an overabundance of inventory. Clan Gina Servetti and for k CBS in San Francisco, I'm reporting that Lift appears to be losing ground to rival Uber, with writership not returning to pre pandemic levels. I'm Steven Carol

and Bloomberg d A B. Digittal Radio in London. We've been reporting on efforts to both to appledge to cut meThe animations at the COP twenty seven Climate Conference. I'm Denis Poligridy and I'm w A I in San Antonio. I'm reporting on all the big holiday shopping bargains coming our way. And those are some of the stories are twenty d Bloomberg journalists and analysts working on this morning around the world. It's five thirty nine on Wall Street.

The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. Over the past few decades, Europe has undertaken a monumental transformation of its electricity sector, dismantling national mono please and rearranging the pieces into a common market. Amazingly, it mostly works. So it would be ironic if the totalitarian leader of a former

Soviet state convinced Europe to abandon this free market. Yet that's now a looming risk as European officials struggled to respond to Russian President Vladimir Putin's weaponization of energy supply. No doubt getting through the immediate crisis will require some suboptimal policies. Out of sheer expediency. But this doesn't mean the broader reform was misguided. On the contrary, creating a unified market has delivered vast benefits. Europe shouldn't let a

Russian dictator undermine them. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or opi and go on. The Bloomberg Terminal has been Bloomberg Opinion, and you can hear Bloomberg opinion editorials every weekday. At this time, terminal customers can read more at O, P, I N go. Looking ahead to the market open on this election day, futures are pointing to slight anes. We've got SMP futures

higher by five points right now. Down future is up forty four Nanstack futures on the rise by thirty six points. Straight ahead, we're gonna take a close look at a closer than expected New York Governor's race. Bloomberg New York Bureau chief Shelley Banjo will join us live. This is Bloomberg. Bloomberg Sports was brought to you by Autie. Don't let someone else drive off in the Autie model you've always wanted.

Visit your local price state autie dealer to get behind the wheel of yours today, or visit autie Offers dot com for more information, markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Outland at Bloomberg Quicktape. This is a Bloomberg Business

Flash and I'm Karen Moscow. This update brought to you by se I. Imagine your asset management firms operational infrastructure as a competitive advance, and then let s c I show you how at s C I C dot com slash I M s US dot index futures are higher this morning, investors awaiting the results of today's mid terms as well as the inflation report on Thursday. And we check the markets every fifteen minutes throughout the trading day. On Bloomberg, SMP future is up five points now, futures

of forty four and Aspect futures up thirty five. The decks in Germany's up three tenths of up percent. Tenure treasury of three thirty seconds. The yield is at four point one nine percent. Yield on the two year four point seven zero percent nine x screwed oil is done? When did a quarter percent at a dollar sixteen at ninety dollars sixty three cents of barrel comic school down four tenths percent or six dollars eighty cents at sixteen seventy three seventy and ounce. The euro is at parody

against the dollar. The British found one point one four seven six, then one forty six point two six, and Bitcoin this morning is down four point seven percent at nineteen thousand, seven hundred dollars. That's a bloomberg business flash. Now here's not go bar with more on what's going on around world, Karen, thank you very much. Months of campaigning are now over. The mid term elections are here

that will assigned control of Congress and top governorships. President Joe Biden knowledge Democrats face a tougher challenge holding the House than the US Senate. Budd he's optimistic. Meanwhile, former President Trump says he is going to be making a very big announcement on Tuesday, November at his mar Logo resort. Trump has strongly hinted that he will announce another run

for the White House. In the NBA, the Knicks one the Nets lost the Celtics, Wizards, and Warriors all one in the NHL, the Islanders one in ot against the Flames for three, the Bruins and Capitals also one Monday Night football, the Ravens beat the Saints. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barren, this is Bloomberg.

Nathan Okay, Michael, thank you. It is on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg day Break. On this mid term election day. We want to take a closer look at a New York governor's race that has turned pretty competitive in the final weeks for Democratic incumbent Kathy Hokel and Republican challenger le Selden. For more, We're joined by Bloomberg New York Bureau chief

Shelley Banjo. Shelley, good morning. So the Republican in this race really has closed the gap with Governor Hokel with a focus on crime. How has he pulled this off? That's right, this was supposed to be um sort of a shoe in for Democratic Governor Kathy Hokel and it did not turn out that way. It's gotten a lot closer in the final weeks of the election as campaigning has has really ramped up. Lee Selden had two things

on his side. One is he started campaigning very early on UM eighteen months ago, started really hitting the campaign triot, talking to folks all around the state. UM, and that has come to fruition. And the second one is what you said, which is a focus on crime and the economy in a way that you know, it's scared a lot of people. It also, UM, you know, kind of captivated and UM talked to a lot of people about what they were feeling around issues around crime and inflation

in the economy. It seems to hit on some of the themes that Republicans have really tried to latch onto on a more national level as well. With a focus on the economy and crime, particularly in New York State. Could this race be seen as something of a bell weather for the entire country or does the crime issue in particular really come down to what's happening in New

York City and elsewhere. I think it certainly plays into the national trends of crime, and the GOP really counseling on that New York City in general, there has been a heightened sense. You know, crime remains at decade slows in New York City, but they have gone up since the pandemic. So they went down when the pandemic started.

They were lockdowns plus what's happening? And then you see these two years of jumps um that people feel, that people see, especially high profile crimes, and so especially for younger New Yorkers who had only seen a lifetime of crime going down, to see crime go up, you really start to feel that, um, you start to feel that change.

And Lee's Eldon Captivate, you know, capitalized on that in a way that Kathy Hokel didn't because she was so focused during her entire campaign on these kind of key democratic social issues like abortion and Trump and um, you know, democratic voting rights and and things like that, and so she didn't really pivot to those kind of core issues until much later in the campaign cycle. She also just

didn't campaign until later in the campaign cycle. She was really running as if she wasn't incumbent, even though she hadn't really been in office all that long and had never really had never been elected. In these final weeks, of course, as you mentioned, there was a sort of late pivot to campaigning for Governor Hokell. We've seen some national figures come out on the stump in supporter of her,

including President Biden and the former President Bill Clinton. Are we seeing that have any impact for her in the final days? You have seen early voting by Democrats go up quite a bit. So there's one point one million people who came out with early voting. A lot of that it was in New York City. Um, but local that is in New York City, which is highly democratic and and supportive of Kathy Hokel. So the question is, you know, did Biden, did Clinton? Um? Did Kamala Harris

helped convince people to go out and actually vote? Because that is an issue, especially in New York City where people tend to vote. Uh not as many people tend to vote, And so questions, so that is that going to push her over the edge and is that going to be enough? Now we don't know yet how much of the totals those early votings have made up and whether or not, um, you know, the rest of the state is going to come out on election Day, um and vote for brise Eldon Or or Kathy Huckle Now.

It's certainly going to be a race to watch and surprisingly so thanks for this Shelly Great have you gone with us this morning? That is Bloomberg's New York Bureau chief Shelley Banjoe, Karen Nathan. Thank you. It is five fifty three on Wall Street. It's time for the Bloomberg Law Report. Let's get to the legal stories we're watching this morning. From Bloomberg's Jeff Bellinger. Paple responded to a

businessman's lawsuit. The company says it is not to blame for a hack of the plaintiff smartphone in which spyware was installed. The FBI has shut down z Library, a pirate website where thousands of e books could be downloaded for free. The I r S wants to issue new guidance on issues raised by a recent change in how research and development costs are accounted for. The agency hopes the guidance can be out by the end of the year.

Bloomberg Law everything you need, all on one legal research platform, including guidance, analysis and Bloomberg Market Intelligence. Find out more or at Bloomberg Law dot com. All right, Jeff, thank you. Now another legal story we're watching. Tattoos are more popular than ever and that leads to lawsuits. The verdict in the case or the depiction of wrestler Randy Orton's tattoo in a video game illustrates the legal uncertainty and mixed

messages in this complicated area of copyright law. The jury decided the case in favor of the tattoo artists, who had a copyright on her ink designs, but awarded her a paltry sum for more Bloomberg's doing. Grosso speaks to intellectual property litigator Terence Ross, a partner at Captain muchin Rosenman. The jury award was three thousand, seven hundred fifty dollars, which seems really low to me, especially if you consider I don't know if the legal work was on a

contingency basis, but the cost of trial. This is a relatively trivial jury award and in my view, represents a compromise on the part of the jury members. You often see this in civil lawsuits, where there's some dispute within the jury members as to whether or not there should be a finding a liability in the first place, and The compromise usually goes something like this, well, okay, we will agree to say that the defendant is liable, and you will agree to say that the damages are going

to be very low. And it's a typical jury compromise when the jury doesn't have a consensus. And chances are this was on a contingent fee basis. I don't know that for a fact, but that's typically the way these are pursued, and that would represent not enough money to cover the planets attorneys sees not even come close. I happen to know the lead attorney for the defense here, and that would have covered only about three hours the

first time. So it's very much I think victory for the defendant, but they would probably have preferred not to have to take it to a jury, to have prevailed on summary judgment, which has happened in the past with this particular defendant. It seems to me like the jury was thinking about, you know, the implications, because they found that none of the profits of the game were attributable to the five tattoos. And that makes sense to me, because no one's playing the game to look at the tattoos.

I think that's exactly right. I think the jury probably sat there and said to themselves, well, what would have been a reasonable licenseee here, instead of looking at what the profitability of the game was. And it really goes to a different question, which is whether or not this case should ever got to the jury in the first place. The sort of traditional game plan with respect to the

defense against copyrighting tattoos has been three parts. You argue that there's a fair use, you argue that there's an implied license, and you argue that there's a day minimus use. And your comment really goes towards this day minimous use issue. You see the tattoos fleetingly. He's one character in the game. It's clearly not contributing that much to the game users enjoyment of the game. It's simply an identify er of

one character in the game. In the past, not that they're a ton of lawsuits on tattoos, but in the past, judges, particularly in Southern District, New York, have thrown out the copyright and tattoo lawsuits in video games on the grounds of the ding minimus abuse defense. Terence rossa partner at Captain Muten Rosenman's, speaking with the Bloomberg's June Grasso. Catch more of that interview, plus analysis of the latest legal news, by subscribing to the Bloomberg Law Podcast or downloading this

show at Bloomberg dot com slash podcast. Attorneys can find exceptional legal research and business development tools have Bloomberg Law dot com and on the Bloomberg terminal at b Law. Go futures this morning again, Well they're trimming their gains just a bit, aren't they. S and P futures are now little changed, and Bloomberg day Break continues. This is Bloomberg