Bloomberg Daybreak: October 10, 2022 - Hour 1 (Radio)

Good earning sends stocks even lower. We'll have the results of a Bloomberg cold and Rockets strike keif after Vladimir Putin blames Ukraine for targeting a crucial bridge to crimea shots rang out near the Long Island home of Republican Boolin atorial candidate Lee's Eldt, plus demonstrations growing the run involving the so called morality police on Michael barn More ahead, I'm down station in sports, the Mets season is over, shut out by the pad Rays of the decisive game

three wins with the Giants and Jeff that's all's trading ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius Exam one nineteen and around the world Old on Bloomberg Radio dot Com and via the Bloomberg Business. Good morning, I'm Nathan Hagar and I'm Karen Moscow, and US stock index futures are lower

this morning. We are coming up to five out one on Wall Street, and we check the markets every fifteen minutes throughout the trading day on Bloomberg. Right now, U, S and P futures are down twenty one points. Now futures down one thirty three At nowsday futures down seventy six. The US bond market is closed today and observis of the Columbus Day or Indigenous People's Day holiday. NIMEX screwed

oil is down night tens of percent. It's down eighty three cents at five cents of barrel, and Comex school down more than one per cent at down twenty one dollars at announced Nathan, we'll caring. The drop in futures follows a volatile week on Wall Street. The S and P five hundred began the week with its biggest two day rally since the onset of the pandemic, only to fall in the final three days, capped off by Friday's jobs report. Investors are now betting the Fed will continue

it's aggressive hiking trail. Brian Jacobson is senior investment strategist at all Spring Global Investments. You know Ned Davis was famous for a lot of his wisdom, the trend is your friend, and don't fight the Fed. But now you can kind of paraphrase that by saying, don't fight the trend because the Fed isn't your friend and the trend, unfortunately, is towards weakness. All Spring Global Investments Brian Jacobson thinks

the Fed will keep going with hawkish policy tightening. Well in Asia, Nathan Shares tumbled amid intensifying concern over rising global interest rates, and as Chinese investors returned from a week long holiday to tighter restrictions on American technology. We get the recap from Bloomberg's Juliet Sally in Singapore. Good Morning,

Nathan and Karen. Chinese stokes fail on their return from the Golden Week holiday, hurt by a global equity sell off and blake holiday spending data that deepened concerns about the economic recovery. The cs I three hundred was trying at April twenty twenty. Lows Tech Stokes fell amid renewed Sino US tensions with the hang, saying Tech indexit January twenty nineteen lows, they'll show you one strengthened after the

p BOC set are stronger. You want fixed. For a record twenty eight day, the ARSI dollar failed to April twenty lows. Markets in Japan, South Korea and Taiwan were closed. In Singapore, Julie at Sally Bloomberg daybreak. All right, Juliet, thanks and starts for following in Europe as well. To begin this week, let's go live to London and get

the latest with Bloomberg's you in parts. Good morning, Good morning, Nathan and Karen a Gloomy started trading here in Europe as well, with every major stock markets in the red this morning. Consumer products, tech and utilities among the mixed bag of sectors for feeling the precious most so far. The Bank of England meanwhile, says it's stepping up its support for the UK bond market, which sold off after

the government's disastrous mini budget statements. The Bank's aim is to provide longer term support for a wider range of securities over the coming weeks. In London, I'm you and parts Pinberg daybreak, All right, you and thank you. Back, you're in the u wear Salian's chief economic advisor, Muhammad hilaria And is continuing his criticism are the FAED. He is blaming the central Bank for what he calls the

very high risk of our recession. Not only does it have to overcome inflation, but it has to withstore credibility. So yes, I fear that we with a very high probability of a damaging recession that was totally avoidable. Alan's chief economic advisor and Bloomberg contributor, Mohammed hilary And made the comments on CBS Face the Nation. Catch the program Sundays on Bloomberg Radio on the economic front this week here when we get minutes from the Fed September meeting

as well as key ratings on inflation. The Producer Price Index comes out on Wednesday, followed by consumer prices Thursday. Earning season begins this week as well, and we get a preview from Bloomberg's Charlie Pellett. Banks including JP Morgan, Chase, City Group, Wells Fargo, and Morgan Stanley will be front and centator as companies report third quarter results amid a rising rate environment, higher energy costs, and geopolitical uncertainty. Jessica Biemers,

portfolio manage at Easterly Investment Partners. I'm actually really excited to hear from companies because they are able to to really give us obviously some perhaps short term negatives, but long term guidance on how they plan to react to the current environment that tends to be a good thing for stocks. This week will also hear from black Rock, Delta Airlines, PepsiCo p n C, and United Health in New York Charlie Pellett, Bloomberg day Break. All right, Charlie,

thank you well. Investors do not expect this earning season to be a pretty one. More than six responds to the latest Bloomberg and Live Paul's survey say this earning season will push the S and P five hundred index even lower. About half of pull participants also expect equity valuations to pull back even further from their average of the past decade. The strong dollar is also likely to

be a headwin during this earning season, Karen. That's according to strategistic Goldman Sachs, who say US companies generate revenues overseas. The bank also says elevated inflation and high inventories pose risks to earnings and geo political news Nathan Kiev has been hit by explosions this morning, two days after an attack on a key bridge between Crimea and Russia. Ukrainian officials says at least eight people have been killed in

another twenty four wounded in today's strikes. Russian President Vladimir Putin is blaming Ukraine for the bridge attack. He meets with a security council today. Ukrainian President vladimir's Alenski appeared to make a not so subtle mention of the bridge attack in his daily address. Today was a good and mostly sunny day on the territory of our state. Unfortunately it was cloudy in Crimea, although it is also warm.

But no matter how cloudy it is, Ukrainians know what to do and they know that our future is sunny. Ukrainian President vladimir's Lenski spoke there through a translator. Onto another geopolitical flashpoint, Karen Taiwan says there will be no compromise on its sovereignty or democracy. That came hours after Elon Musk tweeted that the self rule of island should

adopt a Hong Kong style governance model. China is hailing the idea, but Taiwan President Signing Wen says Beijing should not make any misjudgment on account of Taiwan's vig rist democratic system. And again, futures are lower this morning, s and P Future is down sixteen points. Now Future is down ninety four and nasdays futures are down sixties six nix screwed oil down half per cent, and straight ahead your latest local headlines plus a check of sports. And

this is Bloomberg. Thanks Karen. Five oh seven on Wall Street fifty two degrees in Central Park. Already got an accident at westbound l A. It's at the lower level near the b que. Details coming up in traffic. First, Michael bar with what else is going on in New York and around the world. Good morning, Michael, Good morning, Nathan. Police say there is no apparent connection between the shooting outside Lee's Eldon's home in Shirley Long Island Sunday afternoon

and the Republican nominee for New York governor. Investigators say two teenage boys tried to hide in this Elden's front porch after a drive my shooting. Zelden says His twin teenage daughters were home at the time, and when they heard the gunshots, they had locked themselves in the bathroom and called nine one one. Speaking to reporters outside his home, the New York congressman said the shooting is representative of

a larger problem with society. At what point are we supposed to talk about the crime on our own streets. I'm standing in front of crime scene tape in front of my own house. You can't get me more outraged than right now. Zelden sends his security cameras photographed the people. The two people shot were taken to hospitals. More Republicans are pledging support for Herschel Walker, the Senate GOP candidate, and George is facing fall out over reports that he

once paid for next girlfriend's abortion. The Republican Senatorial Committee chair at Senator Rick Scott, who campaign with Walker, who is a staunch anti abortion candidate. Democratic Senator Raphael Warnock holds a slight lead in the polls in the state, Violent anti government protests are intensifying and spreading. It a run sparked by anger over the killing of a woman who was arrested by the so called morality police and

then dying in East custody. The protest started four weeks ago with the death of twenty two year old Masha Amini for allegedly wearing her head job improperly. One woman protesting in Iran's has enough is enough. Iran analysts Holly Dagru says, these demonstrations are extraordinary. They're changing death to the dictator, death to hominy. They're removing their head scarves. There's been viral videos of Iranian girls flipping the bird at the supreme meter of Iran's photo or stomping on

his photo in classrooms. Panelist Holly Dogress. North Korean leader Kim John Un said he launched a new ballistic missile and simulated tactical nuclear strikes during recent military drills. It's a sign that North Korea is preparing for its first atomic test in five years. Global News twenty four hours a day on air end on Bloomberg Quicktake, powered by more than undred journalists and analysts more than a d twenty countries. Michael barn this is Bloombird, Nathan. Thank you.

Michael five O nine on Wall Street time for the Bloomberg Sports up Take. Good morning, John Stanshower morning night. Then only one Mets team in their history won more games than this one. That was ES six, which also happens to be the last time the Mets won the

World Series. This team won a hundred and one games, but that was not enough to even win the division, and a concern was that the Mets were now going to have to play a short, best of three wildcard series where they can run into some good pitching be out quickly, and that's exactly what happened the Padres. You Darvis shut him down in Game one, and Joe Musgrove was dominant in last night's Game three. In fact, his stat line seven scoreless stings only one hit allowed, the

best in postseason history. In a winner takeoff games, San Diego won six nothing. Padres advanced to play the Dodgers the Yankees Game one with leeld at the stadium tomorrow night. Yanks had a mandatory workout last Friday or oldest Chapman did not show up. There was talk the Yanks we're not gonna put them on their playoff roster now they definitely won't. Chapman's gonna be a free agent, and safe

to say his Yankee career was over. As for New York Football Jets for three two blew out in Miami forty to seventeen, their first home win, their first win within a division in three years. Rookie running back Brace Hall rush for ninety seven yards, also had a seventy non yards reception. The Giants are four and one. They

went four and thirteen last season in London. They came from two touchdowns down against the Packers six twenty three to go, Kan tied to twenty first and Gold Giants at the two wildcat wildcat formation with Parkley and right Well. This time Jones lined up loud take one, takes the snaff sake one quartly put a touchdown PA. The Giants have to leave with six go w f A and Giants stands stopped green Bay on a late drive and

one tent seven twenty two. Daniel Jones at least in the second half, I would play Aaron Rodgers, John stash Award Bloomberg Sports, Nathan all Right, John Thanks, SMP futures are down sixteen points right now, DAL futures are down ninety two. NSSECT futures are lower by sixty seven points. No bond trading today for the Columbus Day. Indigenous people stay holiday. We'll get more on this market next with Dennis Gardman, former publisher of the Gartment Letter. This is Bloomberg,

Bloomberg eleven three oh weather. Mostly sunny today with highs in the upper six. He's plenty of sunshine tomorrow as well. We'll get up to near seventy Wednesday, partly sunny with a high near seventy degrees. Right now fifty two in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Take. He's a Bloomberg Business Flash

and I'm Cameron. Moscow and European stocks are following Asian piers lower as concern over inflation, higher rates, and recession intensify before earning season kicks off. US stock index futures are also dropping. We check the markets every fifteen minutes throughout the trading day on Bloomberg. Right now is in P futures down fourteen points down, futures down seventy, NASDAG futures down fifty nine. The decks in Germany is moving higher.

It's up about two tenths of upper cent. The US bond market is closed today in observance of Columbus Day or Indigenous People's Day. NIMEX screwed oil is down about seven tenths of upper cent or sixty three cents, and ninety two dollars four cents of barrel comex school there is down more than one per cent, or down eighteen dollars forty cents. A sixt announced the euro point nine seven oh six against the dollar, British pound one point one zero seven three, the n one forty five point

four three, and look at a big coin. It's down one per cent in nineteen thousand, two hundred eighty dollars. That's a bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Muchael, Good morning, Good morning, care and several explosions were heard in Ukraine's capital Kiev today. It comes as Russian leader of Vladimir Putin will meet with his top security officials in Moscow today following the bombing of Europe's longest bridge linking annexed

Crimea to the Russian mainland. North Korea has revealed its recent series of missile tests were tactical new lear weapon drills. According to North Korean state media, the country's seven missile tests across just two weeks were exercises to simulate nuclear strikes on South Korea. In baseball, the season is over for the Mats. They lost to the Padres six nothing in the deciding game three of their INNL Wild Card Series. And football, the Giants lost in London the Jets one,

along with the Patriots Ravens and forty nine. The Commanders lost. Global dumes twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist and analysts in more than a hundred twenty countries. How Michael Barr, this is Bloomberg, Nathan. Thanks Michael. It's five nineteen on Wall Street Live from the Bloomberg Interactive

Bookers Studios. This is Bloomberg Daybreak, and we get the trading weeks started this morning with Dennis Gartman, former publisher of The Gartman Letter, now Chairman of the University of Akron Endowment Investment Committee, on a morning where the only asset really showing any signs of strength, Dennis, is the dollar. I think the last time we talked. You were saying you're thinking about going long stocks. Are you sticking with

that call? Well, actually I said I would be a buyers stock just for a couple of days because we were due for a technical bounce. I've been very barish with stocks on non balance since January this year and haven't changed my opinion at all except we we get bounces, we get dead cat bounces, and we had a nice dead cat bounce early last week. It lasted less than forty eight hours, and the bear market continues at this point.

So yes, I was bullish for about oh a day and a half at most, And all I said at the time was that if you if you had a bounce, which we've got, we got that bounce, you should use that bounce in which to become less involved in the market, reduced, to use that strength to reduce your long positions. And I think that that's been consistent since January five. The set is continuing to be monetarily tighter. That we've had

years of monetary expansion. Now we're going to have years and beginning already years of monetary contraction as the FED reduces the size of this balance sheet. And if they're taking the fuel away that it's sponsor the bull market. So yes, for a day or two I had become slightly less barrish. I think I would call it that, not bullish at all. But and I was very succinct and saying, used the strength in the wish to sell years of monetary tightening from the federal Reserve. What does

that look like? What does that mean to you? It means that the fuel that they had used to sponsor the bull market, the fuel that had they had used to sponsor strengthen the economy as they had added the size of their balance sheet, that had had taken its its assets from nine billion dollars to nine trillion dollars

over the course of the last decade. They've got they have promised, and I think I believe they're promised, that they're going to reduce the size of that balance sheet by dollars a month as they allow old assets to roll off, to mature off. And in essence, the fuel has been taken away. There the foot that had been put on the on the on the gas pedal is now off and the foot is now on the brake

pedal instead. And this is something that will last for several years, not for several weeks, not for some months, but for several years, perhaps even a decade or more. It had been a decade that they had added to their balance sheet. Now they're going to have a decade when they subtract from the size of the balance sheet. So the fuel that has sponsored things is being taken away, and that can only be deleterious to share prices. If you're saying that the federal state type for a decade

or more. Are you talking just about the balance sheet? Are you talking about rate hikes as well? What does the rate path look like to you? The rate path

continues to be upward. There they're going to take the Fed funds rate at least another seventy five basis points before the year, and I think that at the at the November meeting they'll take the overnight Fed Funds rate seventy five basis points then, and I believe that in the December meeting, which the Fed does not like to be Scrooge McDuck for the for Christmas, but at the December meeting, I think they'll also move the Fed funds

rate by another fifty basis points. So I think an aggregate between now and the year end, the overnight said funds right moves up a hundred twenty five basis points, and I think that will probably get one or two more tightenings of the overnight FED funds rate in the first two or three meetings of the fol MC, meeting of the FLMC after the turn of the year. So on balance, FED funds are going higher on balance, the Fed's assets are going lower on balance. This is deleterious

to share prices on balance, This is deleterious to the economy. Well, you get another read on inflation this week, producer prices and consumer prices. What's your call there? Does that move the Fed? I think you're gonna get a moderation in the in the numbers. We've had Crude oil prices, except for the past two weeks, have been under pressure for

the past several months. Uh. The you had grain prices that had tumbled rather dramatically, taken a week from thirteen dollars a barrel down to eight bushel down to about seven dollars and fifty cents of bustel. But now even

we weed is starting to rally back up. The livestock prices have fallen rather precipitously from their highs as grain prices had been under pressure, and so there will be some moderation in the CPI numbers this week, but I don't think it will be material in essence, and I think that the FED will will look past those numbers and be more concerned about the fact that that labor rates are high and labor prices are continuing to move higher.

So you've had some commodit prices have been under pressure, but and that that may moderate the CPI number this week, but I don't think it'll be material. We're gonna continue this conversation with Dennis Gartman later on this hour, so

stay with us here on Bloomberg Daybreak. Dennis Gartman, former publisher of The Gartman Letter, now chairman of the University of Akron Endowment Investment Committee, get his thoughts as well on the kickoff of earning season what that could potentially mean in an environment where the FED is continuing, possibly

with continued monetary policy tightening. Looking ahead to the market open this morning, we see futures moving lower once again, with SMP futures down fourteen points down, futures down seventy one, Nasdaq futures are lower by sixty two points. No trading in the treasury market this morning. It is a federal holiday. Then i'm x crude is down six tenths percent at ninety two dollars nine cents of barrel Coomax gold down

one and a quarter percent at seven fifty announced. The euro right now trading at point nine seven zero three against the dollar. Much more to come. You're listening to Bloomberg Day Bred Bloomberg eleven three oh weather. Sunshine in a high near seventy today. We'll get up to near seventy tomorrow and the next day as well, with sunshine prevailing. Right now, it's cloudy in Central Park and fifty two degrees. Broadcasting live from the Bloomberg Interactive Broker Studio in New York.

Bloomberg Elving Freedom to Washington, d C, Bloomberg N one to Boston, Bloomberg one O six one to San Francisco, Bloomberg N sixty to the Country, Sirius XM to the one nineteen and around the globe, the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow. 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.

The up in futures follows a volatile week on Wall Street that ended with a three days skid. Brian Jacobson, senior investment strategist at all Spring Global Investments, saying that investors are betting the feder Reserve will continue it's aggressive hiking trail. I think the Fed pivot that's not going to happen until they take the blinders off right, and I don't think that they really want to even contemplate changing their tune until they get the four and a

half percent with the Fed funds rate. Spring Global Investments Brian Jacobson says if there is a broad economic recession, it would likely come in and Alliance chief economic advisor and Bloomberg opinion contributor Muhammed al Arian is echoing those concerns. He blames the Central Bank for what he calls the very high risk of a recession. Not only does it have to overcome inflation, but it has to withstore its credibility, so yes, I fear that we with a very high

probability of a damaging recession that was totally avoidable. Alliance chief Economic advisor and Bloomberg contributor Muhammad al Arian made the comments on CBS Face the Nation, Catch the program Sundays on Bloomberg Radio Investors. Meanwhile, Nathan will serve through some key economic data this week. We get minutes from the September FED Meeting, pp I on Wednesday and cp I Thursday. All of this just as earning season gets underway.

Man investors don't expect this earning season to be a pretty one, Karen, More than six of respondence to the latest Bloomberg m Live Pulse survey say earnings will push the SMP five hundred even lower. About half of poll participants also expect equity valuations to pull back even further from their average of the past decade. Turning to markets overseas now, Nathan shares tumbled in asiamt intensifying concern over central bank activity and as Chinese investors returned from a

week long holiday to tighter restrictions on American technology. Stocks in Europe are also down. In geopolitical news, Karen Kievs had been hit by explosions this morning, following two days after an attack on a key bridge between Crimea and Russia. Ukrainian officials says at least eight people have been killed.

Dozensn did in today's strikes, and Nathan. Taiwan's president is saying there will be no compromise on its sovereignty or democracy after Tesla founder Elon Musk said that the self ruled island should adopt a Hong Kong style governance model. China praise Musk's comments. Futures this morning are moving lower ASNP futures down almost thirteen points down, futures down sixty three, nasdack futures down forty eight and look at it, Bitcoin, it's down one point one percent in nineteen thousand, two

hundred eighty dollars. Straight ahead your latest local headlines plus a check of sports. This is Bloomberg. Thanks hearing five three on Wall Street, fifty two degrees in Central Park. Still got that accident on the westbound l I E at the b Que. Michael Barr has more on what's going on in New York and around the world. Michael, thank you very much. Nathan. Two people were shot and injured outside New York Congressman Lee's Elden's Long Island home.

Just twin daughters were inside. One called nine one on one and the other called Zelden, who was at the Bronch Columbus Day parade with his wife. Zelden says it was a frantic moment when Mikhaela had called Diane and I she was in the upstairs bathroom locked in the way they started that two of them were at the kitchen table doing homework and they hear gunshots. Congressman Zelden says his security cameras captured three people in the incident.

The two people's shots were taken to hospitals. It's unclear who the perpetrators or victims are and why the shooting happened. North Korea said today it's recent barrage of missile launches were tests of its tactical nuclear weapons to hit and wipe up potential South Korean and US targets. Its leader Kim John Un has signaled he would conduct more provocative tests.

Demonstrations are spreading as Iranian women are going head to head with security forces after the killing of a woman who was arrested by the SO called morality police for incorrectly wearing her head scarf. She later died in police custody. Hackers targeted and Iranian state TV newscast. A mask appeared on the screen with a picture of the Supreme Leader

the Ayatola surrounded by flames. Former President Trump says the government documents, including classified and top secret papers, retrieved by the FBI, should be returned to him. At his rally last night and May say Arizona, Trump mentioned the government documents taken with a court approved search warrant from his Florida resort. There is no crime, you know, there is no crime. It's not a crime. And they should give me immediately back everything that they've taken from because it's mine.

It's federal law. Says that the government has complete ownership, possession, and control of presidential records. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than journalists and analysts more than a hundred twenty countries. Michael bar this is Bloomberg. Nathan, Thanks Michael. On Wall Street. Time for the bloom for E Sports Update with John

stash Ower. All right, Nathan. Virtually all season, the Mets were looking like a team that was not going to have to play in the wild card round, but a hundred and one wins not enough. Atlanta got to buy Mets had to play the Padres, and San Diego won the decisive Game three at City Field six to nothing. The Mets, in seven innings against Joe Muskro have got one hit must go stat line, the best in postseason

history in a winter take all games. The San Diego hitting star of the series was Trent Grisham, who batted four in the regular season. He went four for eight, two homers, scored five runs, also made a terrific catch. Last Night Bucks Show, Walter's first season That's Mets Manager comes to an end. I feel for the players because they put so much into it, and we're such a special group. You know. It's like I just told him,

you know, it's not always fair. You know. I don't think I've ever had such a good blend of good people and good players. Six City Last Night Show, Walter asked the umpires to check must Grow for a foreign substance. They rubbed must grows ears down, though evidence must Go said later that list of fire under him Division series start tomorrow Padres will play the Dodgers. Yankees take on the Cleveland Guardians. Our oldest Chapman will not be on

the Yankees postseason roster. That was made certain when Chapman didn't show up for last Friday's worked out. The surprising starts for the Jets and Giants continue. The Jets finally wanted division game first and three years they blew out Miami had met life forty to seventeen. They're now three and two. The Giants are US shopping four and one. They matched last year's win total went to London depleted team, but they came from two touchdowns down. Stunned Green Bay

twenty two six. Won Barkley at a forty yard run a forty one yard catch. Giants dominated the second half. John Staward Bloomberg Sports Nathan, Thank you John. It's five thirty seven on Wall Street time for the Trice State Business Report. Here's Bloomberg Scott's car. The driving forces behind retails rebound in New York City are tourism and neighborhoods with a lot of residential properties. Retail sales in the city came in at seventy six in September compared to

seventy nine percent nationally. The Vitality the Index from Abison Young's New York City Innovation and Insight team chalks that up largely to tourism and big neighborhoods. In an attempt to get around the bag band in New Jersey, bill from a state Senate committee proposes allowing grocery delivery services to return to using paper bags if they're made of post consumer recycled content and using cardboard boxes for three years.

A report from Rhodes consultant VHb is saying Bridgeport, Connecticut's two hundred seventy eight miles of municipally maintained roads get a rating of fair seventy five out of one hundred, just three points above the deficient condition range. That's the Bloomberg Tri State Business Report. I'm Scott Carr, Thanks Scottivet 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 Scott Carr on w w J in Detroit, term reporting on for his unveiling of the new Mustang g T Gen three supercar series. Um Corney Tanahoan wh S and Louisville fed X is a holiday shipping slowdown ahead as customers plan to send fewer packages. I'm Caroline heat Film Bloomberg DAB Digital Medio

in London. We've been reporting on the Bank of England boosting its daily guilt auctions as it tries to reassure markets ahead of its emergency program ending on Friday. I'm John Donnager telling kN X listeners in Los Angeles about Ribby and sweeping recall. I'm Gina Servetti and for w c c O in Minneapolis. We're looking at some of the locally based companies reporting ernies this week, including US

Bank Corp. And United Health. Those are some of the stories are twenty seven hundred Bloomberg journalists and analysts are 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. Yet again troubled at a big European bank, this time, Credit Suite has been roiling markets comes. Scerns about the cost of an expected restructuring have sent its share price

gyrating wildly in recent days. In response, executives have said that the bank is among the best capitalized of its peers, if only that were more reassuring. While the biggest global banks have more capital than they did during the last crisis, experience and research suggests they'd all need even more to survive a severe shock and have enough left to inspire confidence. The tempest surrounding credit Suite shows that the world's largest

banks are too fragile. The prescription for policymakers is simple, hold the line on capital and keep pushing from more. The danger of having too little exceeds that of demanding too much. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or opie I n go on the Bloomberg terminal. This has been Bloomberg Ininion. Listen for Bloomberg opinion editorials every weekday. At this time, terminal customers can read more

at O P I n go. SMP futures right now down fourteen points, Stal futures down seventy seven, and Nasdaq futures are lower by fifty seven points. We continue our conversation next with former Gartment letter publisher Dennis Gartman. This is Bloomberg Bloomberg eleven three oh other sunshine and hides in the upper sixties today. We'll get up to near seventy tomorrow and Wednesday with sunshine throughout. Right now, it's

cloudy in Central Park fifty two degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, Blo Bloomberg Business at and at Bloomberg Quicktape. This is a Bloomberg Business Flash and I'm Karen Moscow and European stocks are following Asian piers lower as concern over inflation, higher rates and recession intensify before earning season kicks off. U s Dock Index futures are also lower, and we checked the markets every fifteen minutes throughout the trading day.

On Bloomberg. Guess and p future is down seven points, down, features down twenty eight and nastack futures down twenty nine. The Knacks in Germany is higher. It's up about four tens of percent. Ten year Treasury well US bawn markets closed and observance of Columbus Day and Indigenous People's Day.

Nimex screwed oil is down eight tens of a percent or seventy four cents and ninety one dollars ninety cents of barrel comex gold is down one at a quarter percent or twenty one dollars fifty cents and sixteen eighty seven eighty announced euro point nine seven oh seven against the dollar, British pound one point one zero seven three and the En one forty five point four four. And bitcoin is down eight tens of a percent now at nineteen thousand and three hundred thirty dollars. That's a bloomberg

business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. Missile struck Kiv and other Ukrainian cities early today. It comes to day is after an attack on a key bridge to Crimea that Russian President of Vladimir Putin blamed on Ukraine. The NFL implemented new concussion protocols ahead of Sunday's games. Miami Dolphins backup quarterback Teddy Bridgewater took ahead

yesterday and was evaluated for a head injury. The NFL and Players Union updated the protocol after reviewing the response to Dolphins quarterback to a tag of Viola's concussion injury. In football, The Giants lost in London, the Jets one along with the Patriots, Ravens and forty nine News. The Commanders lost in baseball. The season is over for the Mets, a loss to the Padres six nothing in the deciding

Game three of their NL wild Card series. Global News twenty four hours a day on air and on Bloomberg Quicktake power by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Michael barn this is Bloomberg, Nathan alright, Michael. Thanks, It's nine on Wall Street Life from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Why I pass along a quick red headline just crossing

a Bloomberg terminal. The Nobel Economics for a Price has just been awarded to former Federal Reserve chairman Ben Bernanke, along with Douglas Diamond and Philip did Big. We'll get you more details as they come in, but we want to bring back Dennis Gartman, now former publisher of the Gartment Letter now chairman of the University of Acront Endowment Investment Committee. To continue our conversation on this market, Dennis, So, I want to look ahead to what's coming this week.

Obviously we're going to get some important inflation data the producer price and consumer price indexes later on this week and the kickoff to earning season. Do you think what we get on inflation is going to have a major impact on what we see in stocks this week. I think it'll have a minor impact, if it has any impact whatsoever. I think the set is taking a much longer perspective, concerned about longer term inflation rather than short

term numbers that come out on a monthly basis. Yes, there will be some moderation as far as they're overtly various circuit comments that have been rather public and rather con system over the course of the past several weeks. So they may moderate, and I put that term in in quotation marks, they may moderate a bit of their their vocabulary. But will they change their opinion no, will

they change their perspective no? Will they change their policies at this point, which has been to tighten monetary policy, not on, not on your life. They want to remain consistent. They have had a problem with with the constancy over the course of the past several years. They've had a problem with the people's respect for their their position, taking in everyone, almost every single member of the f MC has been overly and very publicly barish or hawkish about

certain monetary circumstances. So yes, you may get some slight moderation in their verbiage, but I think it will be very I think it will be modest at best, and they will not change their policy. They're going to continue to tighten monetary policy over the course of the next year or more, perhaps several years into the future. Two part question, have we hit peak inflation? And does tighter

policy raise the risk of recession? We may have hit peak inflation, the opperative word here being may, I have my severe doubts. We'll see. Keep an eye on what goes on in crude oil prices, keeping one on what goes on in grain prices. Weat has fallen from thirteen as I said earlier, we has fallen from thirteen dollars to eight dollars a bushel, but it's back to nine dollars a bushel and we being the most important crop

as far as I'm concerned in the world. Seems to be turning higher again, given the fact that we have problems with the Ukraine and Russia, and given the factor getting the US wet crop off to a decent start as plantings has been relatively quick but into very dry land. Keep an eye what goes on in wheat prices, and keep an eye on what goes on in grain prices. Generally, I think they're moving from the lower left of the

upper right, so you have some moderation and inflation. But I think that the opporture, per word here is moderation. I don't think you had any change, and I think that that will be very constant, very consistent, and very aware of its lack of constancy over the course of past several years, and wants to make up for that fact. We do have earning season kicking off this week as well with the big banks. It seems like there's a lot of gloomy prospects about this earning season. What's your view.

I think there are I think gloomy prospects are rational and reasonable at this point. I don't think we're gonna get any surprises to the upside, I think the surprises on the downside will be rather material and a very constantly, very consistent, So again, be careful out there. As we talked earlier, I thought for a day or two we'd get a bounce in stock prices. You actually had a good, strong bounce a week and a half ago, lasted less than forty eight hours. And as I said that, that

constantly are consistently since then. Use periods of strength into which to sell. So if you get some prises to the upside and earnings, use that strength, which I doubt you're going to get. Use that strength of reduces the size of your exposure, reduce your exposure to the market. Be careful out there. This is still a bear market. I've been constant in that since January fifth of this year, and I see absolutely no reason to change. About a minute left here, Dennis, At what point do we reach

capitulation in this market? When the public throws up its hands and and and here's a very important in terminology, pukes on its positions. They haven't come to that point yet. They haven't even looked at their at their quarterly standard reports from their brokerage houses that came out last week. People I think are weeks, if not months, away from taking from getting out of positions. So capitulation has not happened yet. It shall eventually happen, but it's months into

the future, so be careful out there, staying bearish. Dennis Gartman, former publisher of the Gartment Letter, now chairman of the University of Akron Endowment Investment Committee. Dennis, always great to get your thoughts. Thanks so much for joining us this morning here on Bloomberg Daybreak. Karen, all right, Nathan, it is five fifty three on Wall Street. Returned to a

legal story where watching this morning. The new Supreme Court term is filled with controversial issues from affirmative action to voting rights, and now the justices have decided to step into the middle of the politically fraud debate over Section to thirty at the Communications Decency Act had issues whether some of the world's tech companies should continue to be protected for three party content or should be held accountable

for it. The two cases involved claims over terrorist attacks abroad, one in Paris and and another instanble In. For more Bloomberg's Young Grouse, So speak to Eric Goldman, a professor at the University of Santa Clara Law School. So or the point is in these cases complaining about the algorithm generator recommendations, well part of it. You could look at

it a little bit more broadly. I think the starting premises that the terrorist oranization should never be online in the first instance, and if they are online, then the social media services giving them that support now take responsibility for any of the consequences that flow from the visibility

that they gain online. So it's really one of the situations where social media services is just one of many possible contributors to the outcome, and we don't hold everyone who has that kind of tenuous connection to a terrorist attack responsible for the attack. In the first instance, Justice Clarence Thomas had already expressed interest and indicated that he's

willing to change the law if Congress isn't. Well, we have to assume that Justice Thomas was in favor of here in this case, because he's basically begged plaintiffs to bring Section to thirty cases to him, though he can find a way to try and eviscerate it. So we know that Justice Thomas is already coming in as an extreme Section two thirties skeptic. He's literally told us when nobody asked him to. Let's say Section two thirty is gone. What effect would that have on social media companies. It's

not just social media companies, that's the entire Internet. So much of the Internet is driven by user generated content, us talking to each other, and Section two thirty is the legal foundation that enables those conversations to take place without the services being liable for facility, they're enabling those conversations. So without Section two thirty, many of those conversations will simply stop. They won't be possible to do anymore because

of the fact that the legal liability will overwhelm the benefit. Now, some of the service is that are existing today are big enough and powerful enough that they will either find a way to thread the legal needle and accept whatever collateral damage comes from that, or they will move towards professionally produced content. They'll stop letting users talk to each other.

They'll pay some people who they trust to submit content that they will set the legal risk for, and as a result, it becomes a lot more of the Internet being people talking to us, not us talking to each other. So the fact that the Supreme Court might change section to there is what really panics me, because then it creates the possibility that unelected justices are making decisions that will affect our daily lives in ways that it's really

impossible to contemplate. And as Erik Goleman, a professor at the University of Santa Clara Law School, speaking with the Bloomberg Doing Grasso, catch more of that interview plus analysis of the latest legal news by subscribing to the Bloomberg Law Podcast or downloading the show at Bloomberg dot com slash podcast That's Arnis can find exceptional legal research and business development tools at Bloomberg Law dot com and on

the Bloomberg terminal at blong Go. And we have more on that breaking news we brought you just moments ago. Ben Bernanky, Douglas Diamond, and Philip Divvig were awarded the two Nobel Prize and Economic Sciences for research on banks and financial crises. The three will share the nine hundred thousand dollar award, and we'll have more on that story straight ahead as Bloomberg Daybreak continues, and also ahead we'll have a check on the business headlines and all the

news you need to start your day. Futures this morning moving lower. SMP futures down five points down, futures down twelve, nasday futures down twenties six and of course the bond market closed today and observance of Columbus Day and Indigenous People's Day, and this is Bloomberg