Bloomberg Daybreak: November 9, 2022 - Hour 1 (Radio)

race for governor closer. Look at the local election results in the Tri state area, plus North Korea has fired a suspected ballistic missile. I'm Michael Blar more ahead, I'm John Stashtower and swards a third period rally for the Islanders, debat the Rangers, The Devil's One Again, and Nicks play

the Nets Tonight. That's all straight Ahead on Bloomberg day Break on Bloomberg, he Living TREEO New York, Bloomberg one, Washington, d C, Bloomberg one, O six one, Boston, Bloomberg nine sixty, San Francisco, Sirius x M one nine Team, and around the world on Bloomberg Radio Dot come and via the Bloomberg Business. Good morning, I'm Nathan Hagar and I'm Kared Moscow and US futures are lower on this day after

the mid terms. It is coming up to five out one on Wall Street and SMP futures are down about nineteen points down. Futures down a hundred fifty six and NASDAK futures down one. Tenure Treasury down five thirty seconds. Yelled four point one four per cent Nathan Karen this morning. It is all about the mid term elections. While the GOP has made gains in the House, control of the Senate hangs in the ballance. Amy Morris begins our team

coverage from the Bloomberg newsroom in Washington. Democrats are keeping the balance of power in the House closer than anticipated. As for the Senate, it might be a while longer before the results are clear. We do know Democrat John Fetterman defeated Trump backed mem At Oz for the Senate seat from Pennsylvania with fifty percent of the vote. Oz got forty seven point six percent. I never expected that we were going to turn these red counties blue, but

we did. We needed to do. Georgia maybe headed for a runoff Democrat Raphael Warnock with a slight edge over Trump backed Herssel Walker forty nine point four percent forty eight point six percent, and the count was delayed in Arizona after tabulation machines went down. Democrat Mark Kelly currently holds a lead over Republican Blake Masters fifty sixty one percent, and Nevada is expected to go uncalled until later in the week because of delays from counting mail in ballots

in Washington. I'm any Morris Bloomberg, daybreak, All right, Amy, thank you. While taking a look at some other key Senate races, Trump back Republican j D. Fans defeated Democrat Tim Ryan for Ohio Senate. He won with fifty three percent of the vote. New Hampshire Democrat Maggie Hasson beat the Republican Don Valdock for the state's open Senate seed

with fifty four percent of the vote. Colorado Democrat Michael Bennett got fifty five percent of the vote to keep his Senate seat over Republican Joe o'della, and North Carolina Republican Ted Bud edged out Cherry Beasley with nearly fifty one percent of votes. Meantime and was in the race too close to call. Republican Senator Ron Johnson leads to Democrat Mandela Barnes fifty point six percent to that's what just under of the vote counted, and we have results

from a handful of racist for Governor Karen. Let's begin in New York, where Democrat Kathy Hokel has defeated Republican Leeselden. Bloomberg's Michael Barr continues our election team coverage live in New York. Michael Nathan, thank you very much. Democrat Kathy Hokel has become the first woman elected New York governor, winning the office outright. Hokel took over in one when former Governor Andrew Cuomo resigned. HOCl defeated lez Elden, who

ran a campaign focused on fear of violent crime. She thanks supporters last night. I want to speak directly to New Yorker's tonight, you major voices heard loud and clear. Pokel got nearly fifty three percent, with Zelden receiving just

over forty seven percent. However, Zelden is not conceding in other races, called I a p for the U. S. Senate Charles Schumer beat Republican challenger Joe Pinion, and Connecticut incumbent Democratic governor Ed Lamott beat Republican challenger Robert Stefanowski percent U S. Senator Richard bloom won his reelection over Republican Leora Leaving with fift in New York. Michael Barr Bloomberg Daybreak, Karen Nathan all right, Michael, thank you will a pair of governors who have eyes on the White

House for victorious last night. Republican Rhonda Santis in Florida and Democrat Gavin Newsom in California both handily won re election. De Santis be to Democratic challenger at Charlie christ garnering of the vote in Florida. I believe the survival of the American experiment requires a revival of true American principles. Florida has proved that it can be done. That victory speech from De Santis did not mention Donald Trump or

speculation that he will run for president. In California, Newsom easily defeated his Republican challenger, Brian Daley, with almost sixty percent of the vote. Overall, care and there were thirty six races for governor across the country. Let's get more on those highlights now live with Bloomberg's John Tucker, Good Morning John, and Nathan. Democrats pulled out wins in some key states. In Michigan, Democrat Gretchen Whitmer defeated Republican Tudor

Dixon with fifty three percent of the vote. Democrat Josh Shapiro one in Pennsylvania, beating Republican Doug master Riano with fifty percent of the vote. Wisconsin incumbent Democratic Governor Tony Evers got fifty one percent of votes to win over Republican Tim Michaels. Colorado's Democratic governor Jared Paulis gonnered fifty seven percent of the vote to eat the Republican Heidi Ganel. In New Mexico, Democrat Michelle le John Grisham beat Republican

Mark Ronchetti with fifty two percent of votes. Illinois Governor J. B. Prisker defeated trump back Republican Darren Bailey with fifty four percent of the vote. And in Georgia, Republican Governor Brian Kemp got fifty three percent of the vote to beat Democrats Stacy Abram. Finally a key governor's race yet to be decided in Arizona. Democrat Kitty Hobbs currently leads Trump back Republican carry Lake fifty one percent to forty eight point seven percent. Just under sixty one percent of votes

have been counted so far. Karen and Nathan, Sorry, John, thanks well. Overall, it was a historic night at the polls. More women than ever ran for governor, more black women ran for Congress, and more LGBTQ people vied for a spot in the House or Senate. As you mentioned before, Cappy Hokel became the first woman elected governor in New York and Massachusetts. Maurri Halley will be the first woman

elected to serve as the state's governor. Democrat Westmore will be Maryland's first black governor, and Republicans Sarah Huggabee Sanders has become the first woman elected to serve as governor of Arkansas. Now for more reaction, Karen Bloomberg Politics contributor Jeannie she and Zano says this was not the red wave many pundits were predicting. What we're gonna have to go back and think about is what do we attribute that to? Do we attribute it to candidates? Some of

these Magga candidates. Do we attribute it to issues like Dobbs What is sort of been the Democrat's ability if it holds up to defy at least a little bit of some of that gravity. As we go forward on the collegist Jeannie Sheanzano. And in the interests of transparency, we should note that Michael Bloomberg, majority owner of Bloomberg Radio parent Bloomberg LP, was a major donor to Democratic

candidates this election cycle. This is Bloomberg. That's sound five oh seven on Wall Street, word forty one degrees in Central Park and we've got an overturned vehicle westbound Bruckner Expressway. Tell you more in traffic. First, Michael bars back with what else is happening in New York and around the world. Once again, Good morning Michael, Good morning Nathan. Taking a

look at other local races and the results. Republican Town Kane won the House race in New Jersey seventh Congressional district, beating Democratic incumbent Tom Malianowski. The Kane got fifty two percent of the vote. Kane, a former state senator, narrowly lost to Malanowski in a house race. Democrat Mikey Sheryl won another term in the U. S. House, beating the GOP s Tom the Groot Cheryl received fifty eight percent.

Democratic Representative Josh Gotdheimer beat Republican challenger Frank Polatta. Goddheimer received more than fifty four percent of the vote. Taking a look now at more races in New York, Republican Nicole mal Atakas has one re election to the US House in New York's eleventh congressional district, after defeating Max Rose. She gave a victory speech to her supporters last night, amazing amazing. Malatakis got sixty two percent of the vote.

Democrat Alexandria Occassio Cortez has one another U. S. House term, easily beating her Republican opponent, Tina Forte with more than seventy of the vote. North Korea fired a short range ballistic missile toward the waters off its east coast today. According to Japan, the missile flew about two hundred fifty kilometers. It apparently landed outside of Japan's Exclusive economic zone, and

there have been no reports of damage. Florida's coastline prepares for another tropical storm in the coming days, as Nicole takes aim for the mainland. It's expected to make landfall sometime early tomorrow. The cold is going to take a sharp turn to Georgia and eventually South and North Carolina and up the East coast. In Palm Beach County, Florida, local emergency was declared and several areas were given evacuation

orders ahead of the storm's landfall. Mayor Robert Winroth on Beach County is announcing evacuations for Zone A and B. This includes mobile homes, barrier islands, and low lying areas. Mayor Winroth says heavy rainfall is very possible, with urban flooding possible as well. President Joe Biden heading to international climate talks in Egypt for the message that historic American

action to fight climate change won't shift into reverse. 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 ain't Thanks Michael five ten on Wall Street Time for the Bloomberg Sports Update, brought to you by try State Auti Gimrty, Johns Teshire, good Morty, Nathan There are three New York Area hockey teams. Two are hot,

the Rangers are not. Blue Sturts lost their third in a row at the Garden. The Islanders rallied for three third period goals to win four to three, and they've got won seven of their last eight. The Devils have won all of their last seven. First place at ten and three with a three to home win over Calgary. The Devil's doing this without goalie Mackenzie Blackwood. He's gonna miss three to six weeks knee injury, and the Devil's big offseason pick up, Andre Polott is gonna be out

eight to ten weeks with injured Growing Nixon Nets. Tonight, at Barkley's first meeting of the season, Justice Jacob Degrant made his free agency official. Metro said to a gun talks with his agent, Anthony Rizzo, may stick with the Yankees. They tendered him a qualifying offer so he can stay make about nineteen and a half million dollars. If he leaves as a free agent, Yanks would get a draft

pick compensation. College football playoff committees top four this week George OLIFINNY National Champs, then Ohio State, then Michigan those two played a couple of weeks and TCU is number four, All four nine and Oh Tennessee fell from first down to fifth. Alabama's now ninth. Clemson his tent John Dash Award Bloomberg Sports. Thank you, John. Futures are turning lower this morning after the election right now. S and P

futures are down twenty points. Staff futures down a hundred seventy seven, NASDAC futures are lower by sixty two points. That's a drop of about a half percent across the board. Ten Your treasuries down five thirty seconds yield four point one four percent yield on the two year four point six seven. More reaction and analysis to the mid term results. Greg Vali, Chief US Paul he strategist that a GF Investments joins us. Next to this is Bloomberg. Bloomberg Sports

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 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 and Bloomberg Business at and at Bloomberg Quicktake, He's a Bloomberg Business Flash

and I'm camerin Moscow. US Dot Index futures are falling as the mid term elections throw up a mixed verdict. We checked the markets every fifteen minutes throughout the trading day on Bloomberg U S and P futures down twenty one points down, futures down a hundred eighty two Nasdack future is down sixty three. The ten year treasury down four thirty seconds. He held four point one four percent, held on the two year four point six six per cent.

Nine Make Screwed Oil down six tenths per cent or fifty four cents at eighty eight dollars thirty seven cents of Barrel Co Makes Goal down half percent or eight dollars thirty cents at seventeen o seven seventy announced the euro one point zero zero four nine against the dollar, British found one point one four four one, and the N one forty five point seven six. Watching Disney this

morning down almost eight percent. The company evaluating its costs and seeking meaningful efficiencies after reporting results fl short of analysts expectations and Elon Muski has sold more than three point nine billion dollars of shares of Tesla just days after closing his buyout of Twitter is now unloaded about thirty six billion dollars worth of shares in the company in the last year. Tesla shares are higher in early training, up about seven tenths of upper cent. And that's a

Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael, good morning, Good morning Karen. Many votes are still being counted from Tuesday's midterm elections, but Republicans are still favorites to take back the House. Speaking at an election night event in Washington, D's House minority Leader Kevin McCarthy was very confident, Thank you to everyone who voted Republican for the very first time.

Democrat John Fetterman will be the next Senator from Pennsylvania, beating his Republican opponent, Dr. Memidaz Feederman addressed supporters in Pittsburgh overnight, describing as campaign six months after he suffered a stroke. This campaign has always been about fighting for everyone who's ever been got knocked down, that ever got back up. Democrat Kathy Hokel has become the first woman elected New York governor, winning the office outright. Hokel took

over in one when former Governor Andrew Cuomo resigned. Hocle defeated Republican Congressman Lee Zelden, who ran a campaign focused on fear of violent crime. In Texas, Governor Greg Abbott fended off a challenge from Democrat Beto O'Rourke. Governor Abbott says border security was one of the main issues driving

votes in his state. Abbot also says we must never forget our schools are education not indoctor Nation Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael barn this is Bloomberg, Nathan, Thank you, Michael. It's five twenty on Wall Street Life from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Let's get more post election analysis

now as the votes continue to be counted. We're joined by Greg Valiard this morning, chief US policy strategist at a GF Investments. Greg, good morning. If this had been a red wave. I think we would have been able to call the Republican majority in the House by now, but this morning there's still about seven or nineteen seats shy of a majority in the House. Your thoughts on this election, Well, what a night, Nathan. Great to be with you. I think there are two big takeaways. Number One,

gridlock is good. The markets are going to be looking at two years of gridlock with the Republicans early taking the House and maybe the Democrats keeping a tie in the Senate, which would give them control. The other big implication of my opinion is that all of this fear about more voting irregularities, social unrest, etcetera may subside. There

were no dramatic irregularities last night. Okay. Now we are seeing a pretty interesting market reaction, though, with a bit of a sell off in the futures this morning, a half percent decline across the board. What should market participants be pricing in when it comes to how things are going to look in Washington once the dust finally settles completely. Yeah, again, I think the markets will have to price in gridlock. If you worry about tax increases, are more spending. I

think that the new House will reject that. At the same time, Biden has a veto power. If Republicans try to pass something radical, he would Vieto in. And I've said from my entire career the redlock is good because it means they do less harm. What does a slimmer Republican majority mean for policy going forward here in terms of what the leadership is going to look like in the House. Is a future speaker McCarthy still in the cards here? I think so, Nathan, But it's a good question.

I think that he since he will have a very small majority, Uh, he may have to cut deals with the far right people like Marjorie Taylor Green. Uh, he may have to go to them and make some concessions. I think McCarthy was hoping for twenty five or thirty seats, and he certainly didn't get that kind of majority. What's the mandate do you think from an election like this when Democrats had I think it's safe to say a

much better night than a lot of pundits were predicting. Yeah, And I am part of the group who thought that there could have been a read wave, and there certainly was not. I think a couple of big takeaways. Number One, uh, candidates who keep talking incessantly about the election being stolen or rigged, I didn't do well. I think the voters are sick of that, they want to move on. And I think secondly, more moderate candidates did quite well. Look

at New Hampshire for example. So to me, it was an encouraging result to see the country moved to a more moderate, less conspiratorial climate. Of course, the biggest potential candidate who's been talking about the election being rigged is former President Donald Trump, who was already teased an announcement next week. What's your take on that? Where are we

going when it comes to presidential race? I think we're going to look back on this election a year or two from now and recognized that this was a real turning point for both Trump and Biden. For Biden, many Democrats won this it uhim not because of him. Many Democrats won by running away from Biden. For Trump, I think this sort of solidifies his image within the Republican Party that he could be an albatross. He could be a noisy distraction for Republicans who would like to move

on to New Canadas. Like Rondo Santis real quick sat in seconds here do you think Trump still announces next week. I think so, but it's now up in the air. If he announces, I think the country and the party could get sick of him by the end of the winter. So great to get your thoughts this morning after Greg, thanks for this. Gregg Value, your chief US policy strategist at a GF Investments. Looking ahead to the market, open futures are pointed lower now, S ANDP futures down eighteen

points down, futures down a hundred sixty nine. Nastack futures are lower by fifty three points, still losses of a half percent across the board. The futures contracts ten your treasury down four thirty seconds for a yield of four point one four percent. Much more our post election analysis and reaction straight ahead on Bloomberg Daybreak, Bloomberg eleventh, three oh Weather sunny, silly today, mid fifties for highs. Will be milder tomorrow, though with a high near sixty five.

Rain for veterans day high near seventy. Our current temperature forty one degrees. Cridcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg Living Freedom to Washington, d C. Bloomberg nine one to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine sixty to the country, Sirius XM Chanel one nine team and around the globe the Bloomberg Business app in Bloomberg Radio dot Com. This is Bloomberg Daybreak and it's five thirty on Wall Street. Good morning.

I'm Nathan Hacker and I'm Karen Moscow. We are 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. Were Republicans made gains in the House this midterm election cycle, but it wasn't the red wave that some had predicted. Control of the Senate

still hangs in the ballast. Democrats flipped a key Senate race in Pennsylvania, but Democrat John Fetterman defeating Republican Mendos has always been about fighting for everyone who's ever been lockdown, and Democrat John Fetterman, who has been recovering from a stroke, one with fifty point one percent of the vote. In Ohio, Karen Republican j d Vance defeated Democrat Tim Ryan for a Senate seat garnering fifty three percent of the vote.

Democrat Maggie Hassan got fifty four percent to win New Hampshire Senate seat over Republican Don bal Duke. Meanwhile, Wisconsin is still too close to call. Republican Senator Ron Johnson leads Democratic challenger man Della Barnes with fifty point six percent of the vote. Well in New York, Nathan a Democrat Cathy Hokel won a tied race for governor, but

just under fifty three percent of votes. You made me the third woman ever elected to be the governor of the state of New York, and he York Democrat at the Vocal defeated Republican Lee Zelden, who has so far not conceded the race. In Connecticut, Karen Democratic Governor Ned Lamont won fifty five percent of votes to beat Republican

Bob Stefanowski. US Democratic Senator Richard Blumenthal beat Republican le Or Levy with fifty six percent of votes, and a parent governors who have eyes on the White House were victorious last night. Nathan Republican Rhonda Santis defeated Democrat Charlie christ In Florida, I am honored by your support and I look forward to the road ahead. Florida Governor Rhonda

Santis one after securing sixty percent of votes. Meantime, in California, Governor Gavin Newsom handily beat Republican challenger Brian and Dolly garnering fifty eight percent of votes. Democrats pulled out wins in some other races. For governor Karen Democrat Greshen Whitmer defeated Republican Tutor Dixon in Michigan with fifty three percent

of votes. In Pennsylvania, Democrat Josh Shapiro beat Republican Doug Maastriana with fifty five percent, and Wisconsin Democratic Governor Tony Evers won over Republican Tim Michael's garneringcent of the vote. And again, governors races yet to be decided In Arizona Nathan Democrat Katie Hobbs so far ley it's Trump back Republican Kerry Lake. The tally there is fifty one percent to forty eight point seven, and in the interest of

transparency caring, we should not. Michael R. Bloomberg, majority owner of Bloomberg Radio parent company Bloomberg LP, was a major donor to democratic candidates this election cycle, and Future is this morning lower s andp. Future is down seventeen points down, Futures down a hundred sixty three. NASDAG features down fifty straight ahead, your latest local headlines, plus a check of sports, and this is Bloomberg, Thanks Caring. It's five thirty three

on Wall Street. Temperatures are lower to forty degrees in Central Park. Still dealing with that overturned vehicle westbound Bruckner around hundred forty nine Street. Michael Barr is here now with more on what's going on in New York and around the world. Company Mike Call. Good morning, Nathan. Taking a look at other local races and the results. In New Jersey, Republican Tom Came won the House race in States seventh congressional district, beating Democratic incumbent Tom Malanowski. Kine

got fifty two percent of the vote. Kane, a former state senator and near really lost to Melanowski in a House race. Democrat Mikey Sheryl won another term in the House, beating the GOP's Tom the Groot. Cheryl received fifty eight percent. Democratic Representative Josh Gottheimer beat Republican challenger Frank Polata Godheimer received more than fifty four percent of the vote. Taking a look now at more races in New York, Republican Nicole Maliatakas has one re election to the House in

New York's eleventh Congressional district after defeating Max Rose. She gave a victory speech to her supporters last night. Maliatakas got sixty two percent of the vote. Democrat Alexandria Ocassio Cortez one another House term, easily beating a Republican opponent, Tina Forte, with more than seventy of the vote. Some House races in New York are too close to call. Republican Marcus Mulinaro and Democrat Josh Riley are in a tight race for New York's nineteenth district, separated by just

one point two percent. Republican Michael Lawler and Democrats Sean Patrick Maloney are in an even tighter race for the seventeenth district. They are separated by less than one percent. In Connecticut, it is too close to call for the House heat between Democratic incumbent to Hannah Hayes and Republican George Logan, with nine counted. In other news outside of the election, South Korea's military says North Korea fired a short range ballistic missile toward waters off its east coast today.

According to Japan's Defense minister, the missile flew about a hundred fifty five miles apparently landed outside of Japan's Exclusive economic zone, and there have been no reports of damage. Tropical Storm the Coal appears to be strengthening and could be near hurricane strength when he makes landfall in Florida sometime early tomorrow. Any towns and communities along the state's eastern coasts are scrambling to prepare for Nicole's possible impact.

In Palm Beach County, a local emergency was declared and several areas were given evacuation orders ahead of the storm's landfall. Mayor Robert win Rocks Palm Beach Carrant County is currently under a hurricane warning. This means that the hurricane conditions are expected somewhere within our area within the next thirty six sturies. Mayor win Roth says heavy rainfall is very possible, but there have been flooding possible as well. It's a two billion dollar jackpot kind of day for one lucky

powerball winner. The winning ticket was sold near Los Angeles, California. 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. I'm Michael Barr, and this is Bloomberg Nathan to make some friends in l A thank you, Michael six on Wall Street time for the Bloomberg Sports undate. Bart you by twice state out he hears John Sesshover Thanks Nathan Nixon.

Nets tonight at Barclay's Nicks coming five and five. Nets are four and seven two and one. Since the Kyrie Irving suspension that has at least two two more games ago, maybe longer, since the Nets laid down those six requirements that Irving must meet before the suspension has lifted all of the Celtics. Jalen Brown, who was the VP of the Players Association, said the union will appeal what the Nets are doing. Irving did meet yesterday for the NBA

Richard or Adam Silver. It was termed a productive meeting at the Garden third period rally by the Islanders. They beat the Rangers four to three. Rock Nelson the tying goal and Honers leave the go ahead goal in the islands of now one seven or last eight Devils have won seven or oh and Nico Hechler goal third period

to beat Calgary three to too. The Indianapolis Colts just fired coach Frank Wright made the surprising decision have placed him with former Colts lineman Jeff Saturday, who is no coaching experience, And now the Colts say their play caller on Sunday will be thirty year old Parks Fraser, who was the assistant QB coach, has never before called plays Georgia, last year's national champs, a college football number one in this week's rankings from the Playoff Committee. And then comes

Ohio State and Michigan they played two weeks. TCU is now fourth as a tough game Saturday at Texas. Johns fash Our, Bloomberg Sports Nathan, Thanks John. Coming up to five thirty eight on Wall Street time for the Tri State Business Report. Here's Bloomberg Ston East Pellegrini. Another wave of job cuts in finance. This time we're hearing City

Group and Barclays have started cutting investment banking operations. The source of say City Group has cut dozens of positions in New York this week, and it's a big reversal for a city it's been adding talent lately, especially in healthcare and technology. Set fast Track proving to be a boon for local businesses. In Connecticut, Hartford Business says the bus way and related funding is sparking economic development in the town's on the route. Panero opening its first urban

store format in New York City. The fast casual restaurant in Hearst Tower is about half the size of a typical Panera restaurant, and Verdict Food Service says it features kiosks and a digitized menu as Panera targets densely populated areas and while while bringing back free coffee Tuesday's Rewards, members in Jersey and elsewhere can redeem the offer designed to boost foot traffic and customer loyalty at the convenience store chain with the Tri State Business Report. I'm Denis Pellegrini.

Thank you, Denise. It's almost five thirty nine 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 Podas, Scott K and X to Los Angeles.

We're talking about rising streaming costs and falling and sales at Disney, um Corney Donahoe on w h S and Louisville grocer Albertson's when the ruling that allows it to pay a four billion dollar divit in I'm Gina Servetti and for k CBS in San Francisco, I'm reporting that salesforces among the latest big tech companies to cut jobs. I'm Caroline head Killed Blue Bake DAB Digital Radio in London.

We've been reporting on the crypto coms he melted down as the Exchange Finance makes a bid to buy its rival FTX dot Com. I'm Denise Pellegrini and I'm w j L in Detroit. I'm reporting on how Elon Musk is selling billions of dollars of Tesla stock, and those are some of the stories are twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. We are watching shares of Disney in the pre market. They're down more than seven and a half percent in

early trading. The entertainment giant reported sales and profit below Wall Street estimates. Disney was hurt by weakness and AD revenue, and hired than expected losses in streaming TV. Denise mentioned the sell off in shares of a Tesla by the CEO Elon Musko, more than three point nine billion dollars

of shares of the electric vehicle maker. He sold them just days after closing his buyout of Twitter, and has unloaded about thirty six billion dollars in shares of the company that he leads since or in this last year. Sp Future is Right Now are down eleven points, Staff futures down a hundred nineteen and NASTAC futures down thirty points. Stay with us, you're listening to Bloomberg day Break. The Bloomberg Sports Report was brought to you by Audie. Don't

let someone else drive off in the Autie Model. You've always wanted to 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. Bl Bloomberg Business and at Bloomberg Quick Tape, He's a Bloomberg Business Flash and I'm Karen Moscow. This updates brought

to you by sei I said. Managers don't get results that are off the charts when their solutions are off the shelf. Learn how sci is operating platform can turn infrastructure into a competitive advantage at se i C dot com. Slash Tech futures this morning are moving lower following the mid terms. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg SMP futures down nine points, STOW futures down a hundred six and as Deck futures

down twenty three. The decks in Germany's down six tenths of upper set ten. Your treasury down four thirty seconds yield four point one four percent, and they yield them a two year four point six six percent. Ninemex screwed oil is down seven tenths per cent or sixty seven cents at eighty eight dollars. Twenty three cents of barrel comes called down three tenths per cent or five dollars at seventeen eleven. Announced euro is at one point zero

zero four three against the dollar. That's a Bloomberg business flash. Now we're Smuchael bar with Moore on what's going on around the world. Michael, thank you very much, Karen. Control of Congress hangs in the balance, as Democrats have shown surprising strength, defeating Republicans in a series of competitive races and defying expectations that high and flay Asian and President Joe Biden's lower approval ratings would drag the party down.

Democrat John Fetterman flipped a Republican controlled Senate seat that is key to the party's hopes of maintaining control of the chamber. It is too early to call critical Senate races in Wisconsin, Nevada, Georgia, and Arizona, which could determine the majority in the House. Democrats kept seats and districts from Virginia to Kansas to Rhode Island. However, House Minority

Leader Kevin McCarthy believes the GOP will take control. In Texas, Governor Greg Abbott of fended off a challenge from Democrat Beata Rourke. Governor Rabbit address supporters pointing to border security as one of the main issues driving votes in his state, where ay f Congress fall short Texas must continue our unprecedented efforts to secure our border. Abbott also says we must never forget our schools are for education, not indoctrination.

Voters in battleground Michigan aving shrined abortion rights in the state, Constant Tusian, joining Democratic California and Vermont. On election night, Global Dooms twenty four hours a day on air and on Bloomberg Quicktake, powered by more than hundred journalists analysts more than a hundred twenty countries. Michael Barn this is Bloomberg, Nathan, Thanks Michael. It's five forty nine on Wall Street line from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.

And all three dozen governors races run the ballot this year, besides the closely watched ones in Texas, Florida, and Arizona. We're also, keeping, of course, a very close eye on the New York governor's race. Democrat Kathy Hokel has made history as the first woman elected to the Empire state's highest office, but as of this morning, Republican Lee z Elden has yet to concede. Let's bring in Shelley Banjo. Now our New York bureau chief for Bloomberg News, Shelley.

As we've been talking about for the last few weeks here, this was a much more competitive race, particularly in the late going, than many people expected. So how did Governor Hoco pulled us off? Absolute? Really, it was definitely more competitive than I think people had realized, you know a number of weeks ago. Um. However, you know she did, she did pull it off, and she did win. The

AP called the race for her last night of the votes. Um. However, as you mentioned, the her opponent, LEAs Aldon, has not yet conceded. He took the stage after midnight last night saying, you know, things are too close to call. Uh, you know, go get go, grab a drink from the open bar, and get ready to watch the is more results come in? Yeah, I think he'd mentioned that there were about one point two million election day votes to be counted there with the lack of a concession, does he have a leg

to stand on in terms of the margin. Can he pull off an upset here with the votes that still have yet to be counted? You know, it's it would be extremely um, extremely hard, I think, given given the demographic trends, especially how much Kathy Hoko got in New York City, which is home to about UM, is the most populous city in New York and also home to about UM. The majority of the Democrats in in New York And so you know, Hoco had a good showing in New York City where she did spend the bulk

of her campaigning. And so it is it is showing that at least that part of her campaign uh election campaigning paid off, that all the time she did spend down in New York City actually turned out to to work and to help her in her favor. Yeah, it's interesting to see that given that in the last few days Lee Zelden had been campaigning in New York with his focus on the crime issue in the city. He made that a major talking point. Now it's something that

Governor HOCl is going to have to address. How do you expect her to do that? Yeah, in her speech last night, she did talk about, you know, making making the streets and making the subway safer for you, uh, for you and I to to walk on. And so I think that's something that voters clearly said to her,

this is this is a problem. You're not doing enough about it, not necessarily only just the numbers, but also the feeling and the perception of handling of what it's like to walk in the streets and what it's like to go on the subways. And so I think she got a clear message in her face saying, look, it's not just things like gun laws, and it's not just things like abortion. It's also this very very basic thing of is it does it feel safe to be on the streets? You know? Can I afford dinner at home?

You know? With the economic issues and inflation and whatnot, And so, you know, I think she will have to rethink some of that based on the feedback that she did get from voters, and just based on the fact that so many people did come out and vote for Lee Selden on that message alone, and it is a key hold for Democrats at the state level. On this morning after the midterm election, Shelley Banjo, thanks for this. Shelley Banjo is New York bureau chief for Bloomberg News

on Wall Street. Now, let's take a look at the market reaction to these election results as we continue to watch charge screens. For that were joined by Andrew Sheets, chief cross assets strategist at Morgan Stanley, uh andrew a little bit of a sell off in the futures contracts, though not as deep as it was you know, earlier in the session. What do you make of the market action we're seeing this morning? Well, thanks, good morning, it's great to be here. I think we have a legitimate

surprise in the U S election results. I think it's a much closer outcome than than many investors, uh many were expecting, and I think as such, the market is digesting some of that uncertainty. So I think we're seeing a reversal of some of the price action we saw yesterday, when I think markets were more confident in a Republican

control of both the House and the Senate type of outcome. Obviously, there's still a lot of results to come in, but you know, I do think the markets are now going to take a little bit more time to digest the uncertainty of what was clearly an unexpected outcome. So what do you see as the trajectory for markets from here? Is it going to be choppy going forward? Could we see a leg lower for stocks given where things are

going right now? Well, I do think ultimately that the likely outcomes coming from the mid terms all still cluster around divided government. I think even in the unlikely scenario where Democrats are able to maintain control of the House, it would be by the narrowest of majority. So I do think the markets will ultimately settle on a narrative

of of less kind of policy action going forward. I think then the markets are going to focus on the inflation data that we get tomorrow, and ultimately I do think we have, you know, a narrative shaping up where markets I think we'll start to feel a little bit more relaxed about the inflation backdrop. I think can start to feel a little bit more comfortable that it's that

it's moderating. And so we're still tactically constructive on the US equity market kind of into the four thousand, but you know, I think that is dependent on you know, the inflation outlook maybe cooling off a little bit, and we're still into the early part of next year, concern that earnings estimates still have some work to come down, and we are at around on the SMP five for those keeping score, Well, let's get a little bit more on your view on the inflation outlook here. What are

you expecting from tomorrow's cp I print. What could that tell us about the path for inflation going forward. Yes, so we're expecting inflation to come in roughly uh, in line at the core level, maybe a little bit above where the consensus is at the headline level. But I think the underline components here are going to be really important.

You know, there there's a lot of uncertainty around the trajectory for used car prices, where I think some industry data suggests after a very large run up over the last two years, you could start to see some some real cooling. We think there's some special factors in medical care that could start to release some pressure on on core inflation. And then what's happening in shelter is going to be very important. You know. That's of course c

p I are close to it. And I think you have some tension between kind of lagging renewal rates in in rents, which which are still so what high, with you know, data coming out from publicly traded companies which is saying they're seeing a real deceleration in rental growth and expect that deceleration to continue into next year. So I think that's gonna be a really important story. To follow.

Given how large of a weight within core CPI rents is and how important that is to the story, can we look at this as a pivot toward a deceleration for FED rate hikes. I mean, we're going to have a couple of inflation prints before the FEDS next decision. How important is this one going to be for the FEDS strategy against inflation? Yeah? I think it's incredibly important.

You know, this is a key point that our interest rate strategist at Morgan Stanley had been making that the market, you know, read the last FOMC press conference is quite hawkish from share Powell. But you know, we do think what Powell was was saying was that they are data dependent and they've seen some incoming data that has been hot, but there is still more data to get, um, you know,

before they make their next interest rate decision. And so the last uh several CPI numbers have come in above expectations. But this is another important data point that will matter for that for that December rate decision. So you know, it does matter, and if we do see some softening in this or other data, then that could maybe take some of the pressure off of market expectations. That the said would have to move even more aggressively in December

and January. Appreciate this, Andrew Great having gone with us this morning. Andrew Sheets, chief cross assets strategist at Morgan Stanley. Coming off an election tomorrow, we already get consumer price data. The focus will turn back to the economy for investors going forward. Here right now, SMP futures are trimming their declines down eight points now a drop of two tenths per cent, Dow futures down a hundred one and NASTAC

futures are lower right now by twenty one points. You're listening to Bloomberg David