Bloomberg Daybreak: October 10, 2022 - Hour 2 (Radio)

Good earning sends stocks even lower. We'll have the results of a Bloomberg poll and Rockets strike keif after Vladimir Plutin blames you Craine for targeting a crucial bridge to CRIMEA shots rang out near the Long Island home of Republican Booblin Etorio candidate leaves Elbot plus demonstrations growing the run involving the so called morality police. On Michael larn More, I'm Stationwar Sports. The Mets season is over, shut out by the Padres of the decisive game three wins with

the Giants and Jets. That's All's train ahead on Bloomberg day Break on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x AM one nine Team 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, u ust On indext futures are lower

this morning. We are coming up to six oh one on Wall Street and we check the markets every fifteen minutes throughout the trading day. On Bloomberg. S and P future is down about five points right now. DAL futures down eight and NASTAGG futures down at twenty four. And there is no trading on the bond market today. It's closed and observance of Columbus Day and Indigenous People's Day. Nimix Screwed oil is down six tenths of uper sent Nathan and Karen, we begin with news that broke about

ten minutes ago. Former FED Chairman Ben Bernankey, along with Douglas Diamond and Philip Divvig, have been awarded the two Nobel Prize in Economics for research on banks and financial crises. The three are all US based economists and will share the nine hundred thousand dollar reward. Well, we turned to the markets, Nathan, and as I said just moments ago, futures are lower as we begin a new trading week.

The S and P five hundred is started last week with its biggest two day alley since the onset of the pandemic, only to fall in the final three days, capped off by Friday's jobs report. Investors are vetting the Fed will continue with aggressive hiking trail. Brian Jacobson has senior investment strategist at all Spring Global Investments. You know Net 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 it 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 believes the Fed will keep going with hawkish policy tightening me and Asia Karen shares tumble tomid intensifying concern over rising global interest rates, and as Chinese investors returned from a week long holiday to tighter restrictions

on American technology. Let's get the recap from Bloomberg's Juliette Sally in Singapore. Good morning, Nathan and Karen. Chinese stokes fail on their return from the Golden Week holiday. Hut by a global equity seale off and blake holiday spending data that deepened concerns about the economic recovery. The cs I three hundred was training at April twenty twenty lows.

Tech dogs fell amid renewed Signo US tensions with the Hang Seng 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 Ossie dollar fell to April twenty twenty lows. Markets in Japan, South Korea and Taiwan were closed in Singapore. Juliet Sally

Bloomberg daybreak. All right, Juliet, thank you. Our stocks are also following in Europe to begin the week, and we go to London and get the leaders for the Bloombergs. You and parts you and 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 pot Spoinberg Daybreak, All right you and thanks. Back here in the u S Alian's chief economic advisor Muhammad al Arians continuing his

criticism of the FED. He's blaming 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 restore credibility. So yes, I fear that we with a very high probability of a damaging recession that was totally avoidable. Alian's chief economic advisor and Bloomberg contributor, Muhammad al Arian made the comments on CBSS Face the Nation,

Catch the program Sundays on Bloomberg Radio. Well on the economic front this week, Nathan Magame minutes from the FED September meeting, as well as key readings on inflation. The Producer Price Index comes out on Wednesday, followed by consumer

prices on Thursday. Earning season begins this week too, when we get a preview from Bloomberg's Turnley Pellet 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 Biemer is poor folio manage to with easterly investment partners.

I'm actually really excited to share from companies because they are able 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 Pellock Bloomberg day Break. Thanks Charlie. The investors don't expect this earning season to

be a pretty one. More than six of respondence to the latest Bloomberg m Live Pulse survey say earnings will push the SNP even lower. About half of pull participants also expect equity valuations to pull back even further from their average of the past decade. A strong dollar is also likely to be a head wind during this earning season, Nathan As. According to strategist at Goldman Sachs, who say

US companies generated thirty percent of revenues overseas. The bank also says elevated inflation and high inventories pose risk to earnings. In geopolitical news, karen Kiev has been hit by explosions this morning, two days after an attack on a key bridge between Crimea and Russia. Ukrainian official 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 Zolenski appeared to make a not so subtle mention of the bridge attack and 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 Zolenski spoke

there through a translator. Well. On another geo political flash point, Nathan Taiwan says there will be no compromise on its sovereignty or democracy. That came hours after Elon must tweeted that the self rude island should adopt a Hong Kong style governance model. China's hailing the idea, but Taiwan President Cyan Waan says Beijing should not make any misjudgment on accounted I want to be or risk democratic system SMP futures right now are down five points, down, futures down

seventeen and NASTAC futures are lower by thirty points. No treasury trading today. It is a federal holiday and observance of Columbus Day and Indigenous People's Day. Straight ahead, your latest local headlines and a check of sports. This is Bloomberg and it is down six oh seven on Wall Street where fifty two degrees in Central Park. We gotta crash westbound Belt Parkway and Merrick Boulevard. Michael Barr has more on what's going on in New York and around

the world. Michael, thank you very much. Nathan. Police say there's no apparent connection between a shooting outside Lee's Elden's home in Shirley Long Island Sunday afternoon and the Republican nominee for New York governor. Investigators say two teenage boys tried to hide under Zelden's front porch after the drive bon shooting. Elden's has his twin teenage daughters were home at the time, and when they heard the gunshots, they locked themselves in a 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. Congressman's Elden's has his security cameras photographed to people the two people

shot for taking to hospitals. More Republicans are pledging support for Herschel Walker, the Senate GOP candidates in Georgia, is facing fallout over reports that he once paid for an ex girlfriend's abortion. The Republican Senatorial Committee chair, Senator Rick Scott, will 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 around. Sparked by anger over the killing of a woman who was arrested by the so called morality police and then dying in police custody. The protest us starting four weeks ago with the death of twenty two year old Masha Cominy for allegedly wearing her her job improperly. One woman protesting in Iran says enough is enough. Meanwhile, Iran analysts Holly Dagrus 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 photoing classrooms. Analysts Holly Dagrus. North Korean leader Kim John said he launched a new ballistic missile and simulated tactical nuclear strikes during recent military drills. It is the latest sign that North Korea is preparing

for its first atomic test in five years. 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 Barron, this is Bloomberg Naked. Thanks Michael, going up to a six ten on Wall Street. Time for the Bloomberg Sports Update with John Stetshow all right, Nathan. Only one Mets team in their history won more games

than this one. That was six, which also happens to be the last time the Mets won the World Series. This team won a hundred and one games, where that was not enough to even win the division, and the concern was that the Mets were now I'm gonna have to play a short, best of three wild card series where they could run into some good pitching and be out quickly. And that's exactly what happened the Padres You Darvish shut him down in Game one, and Joe musgro

was dominant last night's Game three. In fact, his stat line seven scoreless innings, only one hit allowed, the best in postseason history. In a winner take all games, San Diego won six to nothing to advance to play the Dodgers. The Yankees Game one with Cleveland at the stadium tomorrow night. Yanks had a mandatory workout last Friday. The oldest Chapman did not show up. There was talk the Yanks for not going to put them on their playoff roster, and

now they definitely won't. Chapman's gonna be a free agent, so safe to say his Yankee career is over. As for New York football, the Jets of three and two, first times the two has seventeen. They blew out in Miami forty to seventeen for their first home win, their first win within the a f C East in almost three years. Rookie running back Breece Hall rush for nineties seven yards, also had a seventy nine yards reception. The

Giants are four and one. They went four in thirteen last seas and in London they came from two touchdowns down against the package six twenty three to go, game tied at twenty first and Gold Giants at the two wildcat formation with Parkley and right Well. This time Jones lined up loud take one, takes the stops take one. Thousan outside quartly said for the touchdown, how the Giants have the league with six to go w f and Giants then stopped Green Bay in a late drive and

won twenty seven. John stashillar Bloomberg Sports Movement, Kicky John SMP futures down down seven points down futures down thirty two. NASTAC futures are lower by forty points up. Next, the latest from Ukraine after a barrage of missile strikes on key cities. We get the very latest with Bloomberg's executive

editor for International Government meant Rosalind Matheson. You're listening to Bloomberg Daybreak, Bloomberg eleven three oh Whether these clouds will be followed by sunshine this afternoon up for sixties for highs will be Sunday tomorrow near seventy degrees and partial

sunshine high near seventy for Wednesday. Right now fifty two in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg Victap this is a Bloomberg Business lash and I'm Karen. Moscow and European stocks are lower for a fourth strade day. US dot Index Future is also declining as concerns amount that central bank policy tightening was said to take a heavy toll on the global

economy and company earnings. We check the markets every fifteen minutes throughout the trading day on Bloomberg. Right now, SMP futures are down nine points down, futures down forty one, nasday futures down forty three, and the docks in Germany is moving higher. It's up about half percent. There's no trading on the treasury markets today in the US. That is due to the Columbus Day and Indigenous People's Day holidays.

Nimex screwed oil is down six tents of a percent on fifty three cents and ninety two dollars eleven cents of barrel. Comex gold down one point four percent on twenty three dollars, forty cents and s nine announced euro point nine seven oh three against the dollar, British pound one point one zero seven zero and again one forty five point four five. Look at it bitcoin, it's down eight tens of percent in nineteen thousand and three hundred 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. Several explosions were heard in Ukraine's capital city, Keyev today. It comes as Russian leader of Vladimir Putin will meet with its top security officials in Moscow following the bombing of Europe's longest bridge linking annexed

Crimea to the Russian mainland. The Nobel Prize in econ Comics Sciences was jointly awarded to former FED chair member Nack Douglas Diamond and Philip di Big for research on banks and financial crisis. In baseball, the season is over four the Mets. They lost to the Padres six zip in the deciding Game three of their NL wild Card series. In football, the Giants lost in London, the Jets one, along with the Patriots, Ravens and forty nine years the

Commanders lost. I am so sorry the Giants one in London. I am my apologies. On that Global News twenty four hours a day on air and on Bloomberg quittake power by more than twenty seven hundred journalists analysts in more than a d twenty countries. On Michael Barr and this is Bloomberg, Nathan blamed the time change. Thank you, Michael, six nineteen on Wall Street Life from the Bloomberg Interactive

Broker Studios. This is Bloomberg day Break. We want to get you the latest now on the war in Ukraine, where Russia has hit key of and other major cities with what may be the most intense missile barrage since the invasion began in February, coming a day after Vladimir Putin in Ukraine for an attack on a landmark bridge to Crimea. Joining US now is Rosalind Mathison, Bloomberg News

executive editor for International Government Rise. It feels like this attack on the Crimean bridge is serving as something of a pivot point in this war. What is the latest? We have a lot of developments coming in just the last few minutes. Well, certainly we can see the pattern of escalation coming here from the Russian president and that's because his forces have been on the back foot on

the ground in Ukraine for some months now. We've sent a successful counter offensive by Ukraine in the east and some advancements made in the south, and that's really bogged his war down. He's announced a partial mobilization, he's announced the annexation of areas of Ukraine that are occupied by Russia, but he's still struggling for traction. And now, really this prestige blow with this big fire ball that hit this bridge that links Crimea to the Russian mainland on the weekend.

And that's a that's a bridge that really himself endorsed. He opened it by driving a truck over it after it was built, and it's an essential logistical link between Crimea and Russia, and certainly for the war and the fact that it was that it was hit Ukraine is of course has not claimed responsibility is a big setback.

So we're seeing retaliation essentially today with a blizzard of missile strikes on Ukrainian cities, seventy five missiles in total, although half of those were intercepted and shot down, and again the idea that he's hitting cities, he's hitting infrastructure, these are not necessarily military targets, but trying to send a message to Ukraine that he's going to continue no

matter what. And of seeing some headlines just cross a reaction from the European Union that the Russia apparently targeting civilians once again amounts to a war crime, ramping up

those harsh forms of rhetoric. What further response could we see from NATO and particularly the US, now that we're seeing this intense barrage coming from Russia, will certainly we're expecting the grip of Seven leaders to speak today by phone, that's in a couple of hours, and they will also speak with the Ukrainian President, vladimirslin Ski as part of that UH and you're going to see probably expressions obviously of condemnation for the attacks that have happened today, a

promise again to stand united behind Ukraine UH and promises to continue to send them weapons. The question is that will NATO allies released and Ukraine the weapons that it's been calling for. It's saying that it needs fighter jets, it needs a Western made tanks, it needs much more advanced equipment that it's getting, and you've seen NATO countries being quite cautious about doing that and so far resisting

those calls. So it's really whether at this point make NATO makes a decision to sort of send different kinds of weapons into Ukraine. They're really kind of sanctioned rush here as much as they can. There's not much less else to do there. Um, So really expressions of unity probably in the desire to keep supporting Kiev as much as they can, and in those comments that the President made that got so much attention about the threat of

nuclear armageddon from Russia. He also said that the US is trying to find an r ramp for a president Putin. Given the developments we've seen just over the weekend and into this morning, what's the potential our ramp look like? We've got about a minute left here, Rose, Well, that is the question, how do you come back from this? At this point? The question is does the Russian president risk his own hold on parent his prestige at home. He's backed himself into a corner with this war and

it's very hard to get out of it. He doesn't really have the ability to hold onto territory. So what doesn't of ramp look for because Ukraine won't see territory in order to negotiate a solution to this? Does this war just simply go into a semi frozen conflict through the winter. Is each military tries to regroup, but right now that there's very little that anyone can say really, which is the white to navigate lat him a Puttin out of this in a way that he can claim

that he got something. Thanks as always for your insights. Ro's great having you on with us this morning. Rosalind Mathison, our executive editor for International Government for Bloomberg News as we continue to follow developments following this barrage of missile attacks on key of and other cities in Ukraine from Russia following the explosion on that bridge over Crimea, will continue monitoring developments, particularly with those G seven talks set

to get underway in just a couple of hours. Looking ahead to the market open this morning, futures are moving lower. We've got SMP futures down by nine points right now, DAL futures are down forty seven points. NASTACK futures are lower by forty two points. No trading in the treasury market for a federal holiday. Nimex screwed down a half percent right now at nineteen of barrel, the Euro at

point nine seven zero three against the dollar. Bitcoin lower on the session at about nineteen thousand, three hundred dollars. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather morning cloudy needs to be followed by afternoon sunshine and hides in the upper sixties today, sunshine and near seventy tomorrow. Partly sunny Wednesday with the high in near seventy Right now,

cloudy fifty three degrees. Broadcasting live from the Bloomberg Interacted Broker Studio in New York, Bloomberg E Living Freed to Washington, d C, Bloomberg one to Boston, Bloomberg What Old six, one to San Francisco, Bloomberg non sixty to the country, Sirius XM to the one nine T and around the globe the Bloomberg Business and Bloomberg Radio dot com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning.

I'm Nathan Hagar and I'm Karen Moscow, and we're just about three hours away from the open of US trading. Time to the five things that you need to know to start your Dave alto you buy. Interactive Brokers I v k R. Event Trader offers a new way to trade futures. Use event contracts to trade your opinion on yes or no questions and key CME futures markets. Learn

more at event trader dot Interactive Brokers dot com. Up First, former FED chairman Ben Burnanke, along with Douglas Diamond and Philip div Vig have been awarded the two Nobel Prize and Economic Sciences for research on banks and financial crisis. The three will share that nine hundred thousand dollar Award. Turning to the markets, Karen, futures are lower, but they're off their worst levels of the morning. Stocks are coming

off three straight days of losses. Brian Jacobson, senior investment strategist at all Spring Global Investments, says investors are betting the Federal Reserve continues. 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 rates. All Spring Global Investments Brian Jacobson says, if there is a broad economic recession, and it would likely come in three well US Alian's chief economic advisor and Bloomberg opinion contributor, Mohammed Allarian, is that going those recession risks, and he's blaming 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. Alian's Chief Economic Advisor and Bloomberg contributor Muhammed Allarian made the comments on CBS Face the Nation Catch the program Sundays on Bloomberg Radio. I mean, while Karen investors will sort through some key economic data this week, we get the minutes from the September FED Meeting p p I on Wednesday and cp I Thursday. All this

just as earning season gets underway. Well, Nathan, investors don't expect this earning season to be a very pretty one. More than six respondence in the latest Bloomberg m Live Paulse survey say this earning season will push the SMP five D index even lower, but half of pull participant been so. Also expect equity valuations to pull back even

further from their average in the past decade. And in geopolitical news, Karen Kiev has been hit by explosions this morning, two days after an attack on a key bridge between Crimea and Russia. Ukrainian official says at least eight people have been killed and dozens wounded in today's strikes. And that's the five things that you need to notice. Aren't your day brought to you by interactive brokers? And futures lower SNP Future is down about ten points down, Futures

down forty four, and nastagg Futures down forty five. Straight ahead your latest of local headlines, plus a check of sports. This is Bloomberg. Thank you Karen at six thirty three on Wall Street. In This news update is brought to you by the New York Community Trust. Your name will live on as a champion of the causes you care about for years to come through a charitable bequest to

the New York Community Trust. Learn more at philanthropist dot n y C. Let's bringing Michael bar for a look at what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. Two people were shot and injured outside New York Congressman Leaves Elden's Long Island home.

His twin daughters were inside. One called nine one one and the other called Zelden, who was at the Bronx Columbus date parade with his wife Seldon, says it was a frantic moment when Mikhaela had called Diane and I she was in the upstairs bathroom locked in the way. This started that two of them were at the kitchen table doing homework and they hear gunshots. Congressman Zelden says, 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. 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 out potential South Korean and US targets. Missile and Agia Pacific expert On kit Ponda says this is North Korea's way of showing resolved.

As the US and South Korea recently held joint military the exercises, we are back in a familiar cycle that we saw in seventeen and earlier, when we would effectively see a spiral where the North Koreans would carry out shows a force in response to shows a force by the United States and its allies, which in term with

the traditional shows of force by the North Koreans. On kit Ponda, with the Nuclear Policy Program at the Carnegie Endowment for International Peace, 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 were incorrectly wearing her ad scarf. She later died in police custody. Hackers targeted and Iranian state

TV newscast. A mask appeared on screen, followed by a picture of the Supreme Leader of the Aetola 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 Israeli. Last night in Mesa, Arizona, Trump mentioned the government documents taken with the court approved search more weren't 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 my, former President Trump global names twenty four hours a day on air and on Bloomberg Quicktake, powered by more than journalists, analysts more than a twenty countries. On Michael bar this is Bloomberg Naked, Thank you, Michael, Almost six thirty six. On Wall Street,

John Stesshower has the Bloomberg Sports Update. Actually, in 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 wanted. Decisive Game three at City Fields six in up in the Mets in seven innings against Joe Musgrove got one hit must Grove stat line the best in postseason history, and a winter take all game

to San Diego. Hitting star of the series was Trent Grisham, who batted one four in the regular season. He went four for eight, two homers, scored five. Also made a terrific CAx Last Night Buck Show, Walters first season as Mets manager comes to an aggil 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 any Last Night Show, Walter asked the umpires to check Mustro for a FOURIGN substance. They rubbed Mustro's ears, found though evidence. The Division series start tomorrow. Padres move on to play the Dodgers. The Yankees will 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 workout. The surprising starts for the Jets and Giants continue. The Jets finally won a division game, first in almost three years. They blew out in Miami and met Life seventeen. They're now three and two and the Giants are a shocking four and one despite several injuries. They went to London, came from two touchdowns down to stunned Green Bay twenty two.

Dominated the second half. Daniel Jones outplayed Aaron Rodgers. Last night Baltimore kicked the last second field goal the Beats to the Sinnatic. John Stash, Boomberg Sports. Thanks John. Seven on Wall Street. Try to take a look at stock some of the names moving in this pre market. Bloomberg Radio and TV markets correspondent Pretty Gufta joins us this morning, starting off with Samantalists downgrades, or maybe we can call

them down shifts since they're about automakers. Crety a good one. Nathan, wait wait wait wait to kick off the morning? Um quite quite well, I was wondering where you were going with it, but a good one. Nevertheless, I wanna start with those carmakers. Ford specifically, F is your taker down four and a half percent in the pre market. General Motors not far behind. GM is your taker down about

three point three percent in the pre market. You're right, this does come from some analysts calls a pretty big move on a day that features are only down about three tons of one percent. Ford was downgraded to a cell from a neutral over at ubs. They're citing weak profit margins for the carmaker. GM on the other hand, cut to a neutral from a by over at UBS

as well, seeing quote demand destruction. Forget this, Nathan, it's e V segment after a strong start, and it's not the only one we're talking about e V s though. I want to throw in very quickly, Rivan R I V N is your taker really taking it on the chin today? Shares are down about six point three percent in the pre market. They said they're going to recall about thirteen thousand vehicles they delivered to customers after discovering

a minor structural defect. That is almost all of the cars that they delivered, Nathan, and that's actually a really significant deal because not too long ago they were just starting to make deliveries to customers in the first place. So uh, not exactly a sign of confidence here, And speaking of week sentiments sort of moving across sectors here, it looks like the chip sectors getting hit pretty hard with these new restrictions from the US on China's access

to U S technology. It absolutely is, and you're seeing this across the board. This was really last week's story that has kind of bled in over the weekend. The idea here being that President Biden isn't going to really let up on this idea of restricting these exports to chips companies. Remember, it's all pieces or technology that ultimately

goes into the chip sector in itself. The parts for the ultimate chips, some parts of it come from the United States, go to China, they're built into the chips in China, and then come back to the United States and the rest of the world to supply it. But if you have that tiny piece that's exported from the US no longer exported from the US, that massive Chinese

chip industry really takes a hit. And it's that idea that's hitting the entire chip sector because even some of these American companies have massive exposure to the Chinese sector. So and video shares as you mentioned, n v D A down one point two percent. Advanced mycre Devices A m D not too far behind, down one point three percent. And of course you have to look at applied materials as well. A M A T is your taker there.

Those shares are down one percent. Nathan all Right, Bloomberg Radio on TV Markets correspondent Crety getting us ready for what's gonna be a very busy week when it comes to inflation data as well as the kickoff of earning season. Create as always, thanks for the look ahead to the market. Open Futures moving lower as a whole. SMP futures down almost nine points now down futures and down thirty two now Stack future is lower by forty points. No trading

in treasuries this morning. It is a federal holiday and observance of Columbus Day and Indigenous People's Day. Uh name x Scrude is down to four tenths per cent at ninety two dollars eight cents of arril. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather morning clouds to give way to afternoon sunshine in a high near seventy degrees Today, sunny near seventy Tomorrow and Wednesday as well.

Right now cloudy fifty three degrees 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 Tape is a Bloomberg Business blash and I'm Cameron Moscow and futures are lower this morning. We go to the first Word breaking news dash for today's morning call, and here's Bill Maloney l good morning, Okay, good morning, Karen.

That's right. Modest losses in the US huges right now at DOWN Futures down fifty one point says tops drop eleven. NASA futures declined by forty nine. The SPAWN market is closed, gold is down fifteen, Oil is in the red, and bitcoin is down by one percent. Hong Kong dropped three percent overnight, while up markets are mostly in the red this morning and not the Bank of England expanded its

emergency support for the UK bond market. Back in the US, nothing to report on the economic front, and another news Rivan says it will recall about thirteen thousand evs delivered to customers. Those shares down six percent in the pre market, and the first seven thirty seven Max flight took place

in China after almost four years. Wrapping things Upcraft Hynes was raised to buy over a gold mit sex Ford was cut this cell over at UBS Live from the first breaking news test gon Bill Maloney, Karen, alright, Bill, thank you under your live breaking news, over your Bloomberg Times, squawk on your termin I'll ask you a w K and that's a Bloomberg business flash. Now here's Michael Barr with Moore on what's going on around the world. Karen,

thank you very much. Missile struck Kiv and other Ukrainian cities early today. It comes two days after an attack on the key bridge to Primeia that Russian President Vladimir Putin blamed on Ukraine. In baseball, the season is over for the Mats. They lost to the Padres six sip in the deciding Game three of their NL wild Card series. The NFL implemented new concussion protocols ahead of Sunday's games. Miami Dolphin's backup quarterback Teddy Bridgewater took ahead yesterday was

evaluated for a head injury. The NFL and Players Union adopted the new protocols after reviewing the response to Dolphins quarterback to a tag of Oyola's concussion injury in football. The Giants one in London, the Jets one, along with the Patriots, Ravens and forty Niners. The Commanders lost Global News twenty four hours a day on air and on Bloomberg Quick Take power by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries.

Michael Barr, this is Bloomberg. The following commentary is from Bloomberg Opinion. Working from home is not an urban escape patch. I'm justin Fox, a columnist for Bloomberg Opinion. The shift to remote work during the pandemic allowed people with professional and management jobs to do them from almost anywhere, which turns out to have been mainly big city neighborhoods and

close in suburbs. Recently released Census Bureau data shows that the percentage of workers doing so from home last year was highest in Central Washington, D C. And almost fifty Next up the intermission in Castro in San Francisco, followed by Seattle's downtown and some nearby neighborhoods also high on the list, where Park Slope in Brooklyn and the suburbs where Apple, Microsoft and Google are based. This could indicate that there's still lots of pent up demand for housing

far from traditional job centers. Might also mean that cities and suburbs have attractions beyond just proximity to the office. I'm justin Fox. For more opinion, please go to Bloomberg dot com, Slash Opinion or O p I n go on the Bloomberg terminal. These has been Bloomberg Opinion and Bloomberg Opinion commentary is gonna be heard every weekday at this time and terminal customers can read more at O

p I n go. It is six fifty on Wall Street, and we turned to news and science and technology now with the Bloomberg and j I T STEM Report, Brought to you by the Bloomberg and j I T. The New Jersey Institute of Technology n j i T makes industry ready engineers in more than twenty fields. If it's engineering, it's at n j I T. What will you make at n j I T. Learn more at n j I T dot E d U And now here's what's

making news in science, technology, engineering, and math. China is stepping up efforts to contain COVID outbreaks ahead of the Party Congress. Nearly cases are reported yesterday, the highest level in almost two months, fueling concerns about widening lockdowns rippling across financial hubs of Shanghai. News out of Rivan this morning, the electric vehicle maker says it will recall about thirteen

thousand vehicles after discovering a minor structural defect. Rivan saying no injuries have resulted from this issue, and the crypto management carousel just keeps on spinning. The latest in a spade of C suite departures in the sector comes from non fungible token marketplace open c, where Brian Roberts has exited from the role of chief and agile Officer after

less than a year in the job. The digital assets sector i she had two trillion dollars in values since November, crushed by tightening monetary policy and blow ups a crypto firms. Trading volumes for n f t s, digital art and other collectibles recorded on blockchains have also sunk, and as the Bloomberg n j I T STEM report Nathan, Thank you, Karen.

We're lying from the Bloomberg Interactive Broker studios where it's almost six fifty two on Wall Street time now to check what's going on in d C. Some of the top stories in our nation's capital include the Winehouse monitoring developments in Ukraine. After President Biden's warnings of nuclear armageddon from Russia, National Security Council spokesman John Kirby tells ABC's This Week the US is not shifting its own nuclear posture.

What the President was reflecting was that the ages are high right now, given what's going on on the battlefield in Ukraine and given the very irresponsible and reckless comments made by Vladimir Putin in just the last few days. But former Secretary of State Mike Pompey hotels Fox News Sunday,

President Biden's rhetoric was reckless too. When you hear President talking about armageddon as a random thought, just musing at a fundraiser, that is a terrible risk to the American people if he truly believes that he ought to be out talking to us in a serious way. Also making news, the White House open to talks with North Korea, even after it's barrage of ballistic missile tests. John Kirby again

on this week. We are willing to sit down with them without preconditions, at the negotiating table to work towards that end without preconditions. Mr uh Kim John mun has has decided not to take us up on that offer, and with less than a month till the mid terms, Democratic Congresswoman Elisa Slotkins calling for fresh blood in leadership. I'm one of just a handful of members of Congress who hasn't voted for Nancy Pelosias speaker UM, and I've

said I think we need new leaders. Congresswoman Slotkin was on NBC's Meet the Press and Alian's chief economic advisor, Muhammad Larrian is repeating his warning of a policy mistake by the Federal Reserve tipping the economy into a recession. The Bloomberg Opinion columnists. Was a guest on CBSS Face the Nation myth characterizing inflation as transatory. By that, they meant it is temporary, it's reversible, don't worry about it. That was mistake number one, and then mistake number two.

When they finally recognize that inflation was persistent and high, they didn't act face the Nation, Meet the Press this week in Fox News Sunday. Can all be heard every Sunday right here on Bloomberg Radio. Let's bring in Terry Haynes, now, founder of Pangea Policy. As we continue monitoring developments in Ukraine, this barrage of missile attacks from Russia on Kiev and other major cities. What kind of White House reaction, Terry, are you looking for after all this? Uh, good morning, Nathan.

What what I'm looking for from the White House? Frankly, is UH kind of stay the course, continue to uh support the Ukrainian Uh, the response to the Russian invasion and uh. And I think the rhetoric will not change, the resolve will not change. And Frankly, I don't expect conditions on the ground in Ukraine to change a whole lot. Uh. You've got these sort of rocket attacks going on, but at the same time, the situation on the ground continues

to favor Ukraine. And uh. And that's very good. Although I wouldn't look for a the White House or anybody else to suggest that there's going to be some kind of quick victory for Ukraine. The President has gotten some round of criticism for talking about a threat of nuclear armageddon from Russia. The White House that sort of had to talk that back a bit. Is this a big concern in Washington? Well, yeah, I think it is, frankly, and you you hear it an awful lot under the

radars as well. Uh, you know, this constant kind of you know, Biden says one thing and the White House walks back. This is going on for so long. You know, don't have to uh spill out the details or former examples for you, but you know, it behooves the White House to to stay at the obvious too, you know, have a precise message and not be in a situation where the president's rhetoric then brings up the entirely logical question of whether or not our force posture has changed,

whether our nuclear posture has changed, or anything else. Uh. You know, there's credibility to the White House's credibilities at stake as much as anything else, and so they've got to get a handle on that. Is the concerned about credibility something that could play into the midterm election now just four weeks in a day away. Oh, I think

it's an absolute spice. But the there, you know, they're the people that are concerned about Biden will continue to be concerned about Biden, and the people that UH like the policies that have passed so far, will continue to like and prefer those. Uh. You know. The thing for markets that I think everybody needs to under stand is, regardless of which party ends up in the majority in both houses, they're gonna be very small majorities. There is not going to be controlled the way that so many

political people like to talk about it. There there won't be control. What you'll get is pretty much the same same. You'll get, uh, continued gridlock on most domestic matters, uh, consistent spending. But you'll also get a continued unanimity in foreign policy, whether it be China or Russia Ukraine. So just for our last thirty seconds here, it sounds like you're saying more of the same in terms of lack of progress on any major policy initiative. Oh yeah, I

think so. You know, the you know, there's not going to be a big, big sweep that that allows one party to uh to assert some kind of control. And even if even if if it were the Republicans, say, you still have a democratic president in office. But the the but the margins that that that are being looked at by me and by others across the board really are very small. All I mean, if there's a majority in the Senate, for example, will be one to two

seats either way, certainly not enough to change much. And uh yeah, probably excuse me, twenty seat at the most majority for Republicans in the House, which again is not very not very large, and you know your self to count every vote. Thanks as always, Terry, good having on with us this morning, Terry, founder of Pangea Policy. Read more about what's happening in Washington on Bloomberg dot com

or on the Bloomberg terminal. Follow the latest on Bloomberg Radio in the nation's capital, Bloomberg and one oh five point seven FM h D two. Futures are moving lower as we kick off a week uh dominated by inflation data and the kickoff of earning season. Bloomberg Surveillance is up next for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg