Bloomberg Daybreak: October 13, 2022 - Hour 2 (Radio)

a federal appeals court. Plus Russia is at Ukraine's key area by Iranian made Kamikaze drone. I'm Michael war More. I'm trying stash our In sports, the Braves and Padres one of the nationally playoffs Yankees and Guardians scheduled to play game two tonight. That's all's train ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen and around the world.

Old on Bloomberg Radio dot Com and via the Bloomberg Business APT And Good Morning, I'm Kared Moscow. I'm Nathan Haygar. Bloomberg Day Break brought to you by Interactive Brokers. Interactive Brokers charges marginal rates from three point five eights of four point five eight percent rates subject to change. Learn more at ib k R, dot com, slash Compare and US dot Index. Future is on the rise this morning, six so went on Wall Street. We checked the markets

every fifteen minutes throughout the trading day. On Bloomberg SMP future is up sixteen points down, futures have a hundred thirty five and NASDAG features up twenty two. The ten year treasury little change yield three point eight to nine percent, yield on the two year four point to nine percent. Nathan Karen Well, we wait for today's inflation reports. Stocks under the session at their lowest level since November twenty The S and P five hundreds declined for six straight

days now. Victoria Green is chief investment officer at G Squared Private Wealth. The biggest thing an investor can do is don't panic or don't need jerk on data. We've seen wild moves off of some of these data releases or fed moves, and a lot of times it's a one or two day move and comes back to trent. So I would say, like one day, one week, does not a market make like be a little bit patient g squared Private Wealth. Victoria Green says she does not

expect the Fed to pivot anytime soon. Still, Nathan, the Fed will be watching today's inflation data closely. The Consumer Price Indix for September comes out at eight thirty am All Street time, and we get a preview from Bloomberg Economics. Corresponded Michael McKee. Only minor progress on inflation is forecast, with headline CPI rising at a faster rate in September, while core inflation slows but only to a still strong level.

Housing is the biggest problem. Shelter makes up about a third of the overall basket of consumer prices and an even larger share of the core overall Rents have only started to stabilize. Some categories should see pullbacks, particularly used cars. Retailers are also discounting to clear out inventory ahead of the holidays. But the ultimate message to the Fed will

be keep raising interest rates. Michael McKee, Bloomberg Daybreak. Alright, Mike, thanks, speaking of interest rates, more big hikes are on the way from the FED unless there's a significant change in the data. That's according to Fed Governor Michelle Bowman. If we do not see signs that inflation is moving down, my view continues to be that sizeable increases in the target range for the Federal funds rate should remain on the table. However, if inflation starts to decline, I believe

a slower pace of rate increases would be appropriate. FED Governor Michelle Bowman's comment suggests she supports another seventy five basis point move when officials meet next month. Well, I s are on the Fed, Nathan, But starting tomorrow earnings come back into play. To Bank of America reports on Monday, and CEO Brian moynahan is out with optimistic words ahead of the results. He says consumers are in good shape and his bank only expects a slight recession in the US.

They have this court positive real GDP next quarter just above zero positive and three straight quarters of negative and so effectively, depending what the NVR does, you know, that's that's a slight recession, but it's shallow. And Ryan Monahan spoke at the Institute of International Finance meeting in Washington. Stay tuned for more from Moynahan on Monday when we speak live with the Bank of America CEO on Bloomberg Radio and Television. Bank of America at leastees a slight recession, Karen,

the International Energy Agencies warning about a worldwide contraction. I A says OPEC decision to cut oil production threatens to push prices two levels that tipped the global economy into a downturn. In checking prices down NIMEX s crews up three tenths per cent at eighty seven dollars fifty eight cents of barrel meantime, Nathan President Biden finds himself walking a tiderope over the world's demand for oil and gas, and that says the administration considers a price camp on

Russian oil. Bloomberg's Amy Morris has a look at the strategy from our newsroom in Washington. The idea is to keep enough Russian supplies on the global market to prevent a spike in oil prices, but the move by OPEC plus to slash production by two million barrels a day could undermine the plan. Sources tell Bloomberg that administration officials are worried Russia may retaliate by cutting off supplies Russia. President Putin has said he will not sell oil to

any nation that participates in the price cap plan. Still, the US is going ahead with it, seen as the best choice among bad options to curb Russia's oil revenues. In Washington, I mayby Moore as Bloomberg Daybreak, Thanks Amy on Capitol Hill the House January six committees getting ready to present new evidence. Today's hearing will focus on Donald Trump's state of mind the day of the attack of

the Capitol, Bloomberg said. Baxter has more. This is the last hearing before the midterms, and the committee is endeavoring to reinforce its contention that Donald Trump remains what they are saying is a clear and present danger to democracy. Congresswoman Zoe Loughran says what they discovered through their work this summer make clear Donald Trump's intentions, what he knew, what he did, what others did. She says there will be no live witnesses, but they will have testimony from

new witnesses. In San Francisco, I'm at Baxter Bloomberg Daybreak. All Right, at Thanks in Europe this morning, it's all about the turmoil and financial markets. The deadline is nearing for the Bank of Land to end its bond buying program, and we go to London and get the latest of Bloomberg's un pots. Good Morning You and good morning Nathan and Karen. Investors having watching this story all week, but tomorrow afternoon, the UK's Central Bank will finally end its

support for the country's bond markets. Ahead of that deadline, the government now appears to be at loggerheads with the Bank of England's. Asked about any fresh market turmoil, the government's chance that said that would be a matter for the governor in London. On you in Ports bloom Boke, day Break, You and thanks. In corporate news this morning, shares of applied Materials are down seven tenths per cent.

The maker of chip manufacturing equipment is slashing its forecast for the fourth quarter, says new export regulations will hurt sales to China. And this update is run to you by b n Y Melons Pershing. Learn why the world's most sophisticated wealth management and institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and manage risk at pershing dot Com. Futures this morning are on the rise. SMP futures at fourteen points down. Futures

have a hundred team NASDAG features up fifteen ten. Your treasury little change you'll three point nine percent they yield on the two year four point two and nine percent. Looking at the euro at point in nine seven two six against the dollar British found one point five three straight ahead, your latest local headlines plus the check of sports. Sam. This is Bloomberg. Thanks Karen. Six O seven on Wall Street sixty three degrees in Central Park. Still dealing with

the accident investigation in Secaucus. Westbound three is closed at Harmon Metal Bull of our details come up in traffic. Michael Barr is here with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. A federal appeals judge put on hold of lower court ruling that's struck down many of New

York's gun bands and public places as constitutional. The judge granted New York Attorney General Letitia James a temporary order preventing in October sixth decision by US District Judge Glenn Suttoby in Syracuse from going into effect, a three judge panel of the same Appeals Corps must still decide whether to state Sonaby's decision for the entire appeal process. Abortion providers in New York are seeing such an influx of pregnant women from other states that they are struggling financially

to meet demand. Governor Kathy Hokeles has the state is giving more than thirteen million dollars to organizations that operate clinics throughout New York. They include hospital based providers, independent clinics, as well as many who are receiving state assistance for the very first time because the need is that dire. Governor Hocle says the state will protect a woman's right to a safe and legal abortion. Meanwhile, the new poll shows Governor Hocle retaining a lead over her opponent in

the gubernatorial race. According to Amerist College Pole, hocal leads a Republican challenger, Congressman LEAs Elden, by ten points. It's the narrowest in the New York governor's race in about three decades. New York's Health commissioner says monkey pox is no longer the threat to the city that it initially was. Dr Ashewan Bassan, we have turned a corner that I hope indicates that we now have the upper hand on

this outbreak. Meanwhile, Dr Vasan says asked for polio traces of the disease were found in wastewater samples in the city and across the state. For the fourth day in a row, residence of Key were awakened to the sound of Air AID sirens as Russian bombardment of Ukraine's critical infrastructure continues. What he's saying that a village was hit overnight by a so called kamikaze drone, probably supplied by Iran.

A Connecticut jury has ordered conspiracy theorist Alex Jones to pay nine sixty five million dollars to the relatives of Sandy Hook Elementary School shooting victims and an FBI agent. They said Jones tormented their lives by promoting the lie that the rampage was a hoax. Robert Parker lost his daughter Emily in the shooting. I couldn't be more proud to stand here and with all of these people, and I've really missed my wife and daughters right now they

can't be here with me. Robert Parker's daughter was one of twenty children and six adults killed in the massacre. Global News twenty four hours a day on air, rand on Bloomberg Quick Take, powered by more than journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg, Nathan, Thank you, Michael. Almost six ten on Wall Street. Time for the Bloomberg Sports Update with John stash Our. All right, Nathan, A little unusual schedule in

the American League Division Series. Yankees and Guardians with a night off in between the two games of the stadium schedule to resume their series tonight, rains in the forecast. They can't play tonight. They'll play tomorrow with Nestor Cortez going against Cleveland Shane Baber. Both nlds or tied to one. Atlanta shut out the Phillies three nothing behind Kyle Right twenty one game, winning the regular season. The Padres beat the Dodgers by the same five to three score that

l A won. The Openers bought, Nix and Nets getting ready to tip off their seasons next week. Nicks lost at Indiana, the Nets one in Milwaukee. Ben Simmons acquired last season, but he never played. He is playing now and while Simmons doesn't score much last night, he had tennisis eight emails. Can the Giants keep it going? Off to us surprising four and one start? They host Baltimore Sunday as new coach Brian day Ball continues to be impressed by his quarterback Daniel Jones. And he comes in.

He does a great job with the players around him of of leading game, of of helping them with the offense. And you know, each week I think you get a little bit more comfortable again for five weeks into really live competition. Um so, I think you learn a lot about players, not just Daniel, but everybody. And he's done. He's done a good job for us. Jones led the Giants to that upset win in London over Green Bay,

and now the Jets visit Green Bay this Sunday. Aaron Rodgers heard his thumb in that game with the Giants. They hit him on that last play. He didn't practice. He is gonna play Sunday as rookie Skyler Thompson faced the Jets last week to a time to below. The remains out in Miami with the kid cushion. The Dolphins are gonna start Thompson against Minnesota Big Games Sunday night, Dallas at Philadelphia. The Cowboys expected to stick with Cooper Rush.

He's four no Dak Prescott's does that with a thumbing dream. Johns dashwar of Bloomberg Sports, Nathan, thank you, john SMP futures are higher by fourteen point. Stuff features up a hundred sixteen nants that features up nineteen points ahead of cp HY data. Bloomberg's Michael McKee previews the numbers. Next. This is Bloomberg Bloomberg eleven three oh weather rainy, breezy today with a high near seventy degrees. It will be

mostly sunny up for sixties tomorrow. Same deal Saturday. Clouds will increase by Sunday with high still in the upper sixties. Right now sixty three in Central Park Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot com and Bloomberg Business at and at Bloomberg Quicktape. This is a Bloomberg Business slash and I'm Karen Moscow. This updates brought to you by Interactive Brokers. Interactive Brokers clients are an interest of up to two point five eight

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US stock index futures on the is this morning ahead of key US inflation data that could determine how much further the federal reserves policying tightening cycle will run, and we check the markets every fifteen minutes throughout the trading day. On bloomberg S and P future is up about fifteen points down. Futures have a hundred thirteen NASTAG futures up eighteen the decks in Germany's up six tenths of up percent. Ten year treasury down one thirty second heal three point

eight nine percent. They yield on the two year four point to nine percent. Ninemex screwed oil is up tenth of upper cent or ten cents at eighty seven dollars thirty eight cents of barrel call makes gold up a quarter percent or four dollars fifty cents at sixteen eighty two. Announced. The euro point nine seven three one against the dollar. British found one point one five nine, and they had one forty six point eight one and Bitcoin down one

percent at eighteen thousand, nine hundred dollars. And 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. The House Select Committee investigating the January sixth attack on the Capitol will hold its final hearing today. Members are promised substantial new footage and significant witness testimony. Since the last hearing, multiple members of Trump's cabinet have

testified behind closed doors. Millions of Social Security recipients will soon learned just how high a boost they'll get in their benefits next year. The increase to be announced today is expected to be the highest and forty years, maybe up to nine. In the NHL, the Bruins beat the Capitols five two. In Baseball's n LDS Playoffs, the Braves beat the Phillies three zip to even their series at a game of piece. The Padres beat the Dodgers five

three to tie their series at one. One. 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 Barr And this is Bloomberg, Nathan. Thank you, Michael. We're coming up to six twenty on Wall Street Life from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. It's brought to you by s e I imagine your asset management firms operation

infrastructure as a competitive advantage. Let se I show you how at se I c dot com slash I m s. So we're just about two hours, ten minutes away from the latest reading on inflation. September consumer prices do out at eight thirty Wall Street time. Ahead of it, We're joined this morning by Bloomberg International Economics and Policy correspondent Michael McKee. So, Mike, the consensus from the economists we've surveyed calls for a dip in the headline, but a

slight increase in the core. Where's that going to leave the FED? Leaves the Fed where they are today. We've talked about how the all CPI is all important, but it's not really in the sense that the Fed is pretty much decided they're going to do seventy five basis points because we see the tight labor market, they see energy prices with the possibility of going up again after OPEC plus, and so they've pretty much told us that's

what they want to do. The real question is what do they do after that at the December meeting, And that will depend on the trajectory of inflation, particularly core inflation, which according to the economist we've surveying, is likely to go up this month UH, at least a slightly slower pace, but way above where the FED wants to be. And of course that is the metric that the FED is

focused like a laser on. Where what Let's get a little bit deeper into the numbers that we're expecting though, where are we expecting to see potential signs that we could have hit peak inflation? Well, energy is going to be a big drag on the index once again because gasoline prices did go down in September. But the concern is what about the ancillary things that you profinde by jet fuel and heating oil. UH? Did those go up

or down? And what about natural gas? Uh? The problem is there are just as many things that could go down. Air pairs because the summer travel season is over and use cars. But beyond that, a lot of service services are going up in price. Uh. And that's what worries defend at this point is that there was supposed to be a handoff two services and services would slow down, but they're not at the moment. Well, how does that

plan to inflation expectations? We got the Fed minutes yesterday and that's seemed to be a pretty big concern for central anchors. It's been their concern overall. It's underlying belief that inflation expectations shape future inflation. If you think that inflation is going to keep going up, you're going to ask your boss for a bigger raise. But so far,

surveys show inflation expectations are relatively contained. We're waiting until Friday to get the latest University of Michigan survey, but the New York Fed survey came out earlier this week, and so that inflation over a one year period, expectations had dropped. Over a three year period, they've gone up attempts so not very much. And market purpising tips at this point, yields are still restrained. There's not a feeling that, at least how Wall Street, but the Fed isn't going

to get this under control. The only question is how is when? Of course, when it comes to consumer prices, one of the biggest pieces in the basket is housing. When are we going to start to see the effect of higher interest rates on housing prices that have been so high for quite some time? Unfortunately, that's going to take a while. The housing component of the CPI has been going up about seven tenths per cent per month for a while, and let's think if that's going to

continue into next year because our prices turned over so slowly. Uh, they're only now just beginning to fall with the impact of higher mortgage rates. And it will take a while because you don't buy a house every day for that to get into the CPI. Now, the FAT knows that. And while it may lead to slightly higher CPI numbers that worry the public or worry Wall Street, it won't worry the FED as much as long as they see the trajectory is down. Only about thirty seconds left here, Mike.

But are we expecting that the higher and expected producer prices that we saw yesterday to have a read through into this morning's print. They don't have a direct read through their middlemen in the way that have their own markups, etcetera. But it does tell you the trajectory of inflation hasn't changed all that much yet. And yesterday I spoke with a number of economists who said, basically, all it's telling us is this is going to continue. Yeah, that's been

the drumbeat from Fed officials. Thanks Mike, as always, Bloomberg International Economics and Policy correspondent Michael McKee, who will be back with us throughout the morning as we await those CPI numbers. He'll be breaking them down for us at eight thirty am Wall Street time. So check back with Bloomberg Radio and Television for complete coverage of the inflation

story and its effect on markets. Futures right now are moving higher ahead of cp I s, and P futures are up sixteen point, Staff futures up a DRED twenty five, and NASTAC futures are higher by twenty three points. Little change to the tenure Treasury the yield their three point eight nine per cent. And you're listening to Bloomberg Daybreak, Bloomberg eleven three oh weather today is gonna be the

rainy day. We'll get up to seventy degrees. Sunshine returns tomorrow, u last into the weekend, with highs each day in the upper sixties. Right now sixty three degrees in Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg E Living free to Washington, d C, Bloomberg nine to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixty to the Country, Sirius XM Chado one nine 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. We are just about three hours away from the open of US trading. Time for the five things that you need to notice start your a Brought to you by Interactive Brokers ib k R. Event Trader offers a new way to trade futures. Use it end contracts to trade your opinion on yes or no questions and KEYCME futures markets. Learn more at event trader dot Interactive Brokers dot com.

First US futures are higher ahead of today's inflation report. Stocks entered the session at their lowest levels in November of Economist Hugh Johnson tells US it's unclear if we're

nearing a bottom. If we get into a recession in the first and second quarter, which I think we're gonna do, that's gonna be set up the time at which we're gonna start to get better news or news that the recession is going to end and the recovery is going to begin, maybe news that the Federal Reserve is going to take its put off the brake, and under those

conditions you'll get a cern in the stock market. Economist Hugh Johnson says he anticipates a hard landing and a US recession as if the FAN holds to its current rate hike path. Well, Karen, the Fed appears to be

sticking to that path. According to Minneapolis President Neil cash Cary, the bar for such a change is very high because we have not yet seen much evidence that the underlying inflation, the services inflation, the wage inflation, the labor market, that that is yet softening, and so I think we're quite a ways away from anything like that. Minneapolis Fed President Neil cash Cary made the comments at a town hall event in Wisconsin, September. CPI readings do out at eight

thirty am Wall Street Time. Stick with Bloomberg Radio and Television for complete coverage all morning. Another recession called now Nathan. Bank of America CEO Brian moynahan says his bank expects a shallow contraction in the US. The consumers basically have more money and accounts find multiples and they did pre pandemic. They're earning more money, their credit qualities as high as ever been. They have more excess capacity on their cabarring

than they've had de delinquencies are very low. Prian Monahan spoke at the Institute of International Finance meeting in Washington State. Tuned for more from Moynahan on Monday when we speak live at the Bank of America CEO on Bloomberg Radio and Television. I meantime caring the international energy agencies warning the global economy could enter a recession. That's after OPEX

decision into sharply cut oil production. Checking prices now nime X crews moving lower now down a tenth percent at eighty seven dollars eighteen cents a barrel, and in Washington today Nathan the White House is considering a price cap on Russian oil, but sources style Bloomberg administration officials are worried Russia may retaliate by cutting off supplause. Russian President Vladimir Putin has said he won't sell oil to any

nation that participates in the price cap plan. And as the five things that you need to notice start your day, brought to you by Interactive Brokers, trying ahead your latest local headlines, plus a check of sports. And this is Bloomberg. Thanks Scaring sixte on Wall Street sixty two degrees now in Central Park, got an accent on the southbound to Conic at Route eighty four. Details coming up in traffic. First Michael Barr with what else is going on in

New York and around the world. Good morning Michael, Good morning Nathan. A federal appeals court allowed New York to continue in forcing its new gun laws it considers a lower court ruling that would block key provisions that This vision from the Second U. S. Circuit Court of Appeals came six days after a federal district judge in Syracuse declared multiple portions of the law unconstitutional. In place to temporary behold on them, Attorney General Letitia James said she

was pleased the law with stay in effect. Abortion providers in New York State are seeing an influx of pregnant women from other states. Governor Kathy Oakele says the state is giving more money in order to keep up with financial demand. Day, I'm proud to announce thirteen point four million dollars of grants going to abortion providers, fifty fifty new organizations, and collectively they operate a hundred twenty seven clinics together. Governor Hokel says the state will protect a

woman's right to a safe and legal abortion. A Newmeris College polls shows Governor Hokel as a ten point lead over her Republican challenger, Congressman Lee Zelden, and the gubernatorial race. The House Select Committee investigating the January six attack on the Capitol will hold its final hearing today. Since the last hearing, multiple members of Trump's cabinet have testified behind closed doors, along with Jenny Thomas, the wife of Supreme

Court Justice Clarence Thomas. She told the committee she still believes the election was stolen, but insisted she had nothing to do with violence. On January six, Ukraine's Capitol region has been struck by Iranian made kama Kaze drones. Kiev's regional directors have The strike early today occurred in the area around the capitol. Meanwhile, NATO defense ministers a meeting again in Brussels today. They're gathered to discuss more aid

to Ukraine as Russia continues it's Rajah missiles. NATO Secretary General Yen Stoltenberg. We will stand by Ukraine for as long as it takes it, will step up our support, and in particular we will provide more air defense systems to Ukraine. NATO Jenn Stoltenberg. A Connecticut jury decided that Alex Jones must pay nine hundred sixty five million dollars and damages to families and an FBI agent ravaged by the Infull Wars founders lie at the Sandy Hook Elementary

School massacre was a hoax. 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 Barr and this is Bloomberg, Nathan, Thank you, Michael. Almost six thirty six on Wall Street John Stasher has the Bloomberg Sports Update. NAFAN Yankees and Guardians had last night off scheduled to play game to

tonight at the Stadium, then a tomorrow off. Yanks, we're gonna stick with a three man rotation in that format. If they can't play tonight through to the expected rain and play game to tomorrow, they would have to go to a fourth starter if the series is extended. Yank Yanks, of course won the opener the game two starters you know tonight or tomorrow. Nestor Cortez, Cleveland, Stean Beaver and

LDS Phillies and Braves. After a three hour rain delay in Atlanta and scoreless until the sixth inning, Atlanta scored three times in the sixth one three nothing, only seven hits in this game, the field's first lost the postseason in l A. San Diego got home runs from Manny Machano Jake Croninworth beat the Dodgers five three l A at three solo home runs in the lost. Both these series are now tied at one. Preseason NBA Nicks lost in Indiana r J. Barrett twenty one points twenty three

for Kyrie Irving and the next win at Milwaukee. Regular season starts next week. Islanders begin their season tonight. They host Florida. The Devil's play Game one at Philadelphia. The one and oh Rangers start a road trip tonight in Minnesota. The Jets Sunday take their two game winning streak to Green Bay, facing Aaron Rodgers. Rob Sella coaches clearly improved Jets.

I do think we're better than a war year ago, obviously, but you know it, it still comes back to us, and you know it's it's exciting just to be able to go out there and play a championship team, which is what which is what they are, championship team, the

Hall of Fame quarterback um. But it still comes back to us and and performing to the best of our Theolott Hackers last Sunday in London blew that big league loss of the Giants, who are back home now going for three wins in a row Sunday taking on Baltimore. Week six begins tonight with Washington at Chicago. Actually we're Bloomberg Schools. Nathan, Sorry, John, thank you. It is sixty seven on Wall Street. Time to take a look at stock.

Some of the names moving in the pre market with Bloomberg Radio and TV Markets correspondent Kretty Gupta watching earnings news cross the Bloomberg terminal, including this morning from Delta Airlines. Yeah, a lot of anticipation here. Specifically when you're looking at Delta. This has everything to do with the business travel rebound. Nathan D. A. L is the taker you want to

keep an eye on pre market. It is trading up by five point two percent, and it's that business travel that actually gives you more margins in the airline space. So the idea here being that if Delta is actually able to not only be casual positive, but make up for some of the losses that it's been having in the last two years, given that business travel, then you will have actually that perhaps flow into the rest of

the sector as well. American Airlines, for example, yesterday came out or I once say two days ago came out with a similar call, not on business travel, but they did say that they were actually doing much much better when it comes to their forecast. They were lifted their own forecast for the end of the year or up two point four percent. Looks like American Airlines following in Delta's path this morning and as far as earnings go. What are you looking at in terms of analysts recommendations

this morning, creating, well, there's a lot going on. I want to start off with some of these broadcast companies because Nathan two years and eyes much happiness. Broadcast is not dead. And yeah, it's always goods to hear that c M C A S C s A excuse me, is the ticker that you want to keep an eye on? These are This is calm cash shares UM and all

tise as well. City upgrading the stocks to a buy from a neutral, saying it sees a quote silver lining to recent underperformance for cable companies broadly in their ability to generate annual cash flow. Media broadly has been, of course under pressure. City looks like it's kind of the contrarian take here and saying, well, actually, maybe you should bet on these stocks as c M C S A for Comcast up about two and a half percent, and

we left to look at all tis as well. A t U S is the ticker there though, shares up a whopping five point seven percent. As long as people keep hiding the scissor, all right, And there's also a new sign of pressure in the chip industry. We've been talking about this, of course for days. We absolutely have. So Applied Materials is the one that actually in put out in earnings warning down one point two percent in

the pre market. A M. A. T is your taker, and it's it's kind of having a ripple effect across all of the chip stocks. You want to keep an eye on companies like LAMB Research for example, r L r c X excuse me, is the taker those years actually up about four tenths of one percent, but if significantly paired the games earlier in the session, So you do want to keep an eye on those chip stocks. It looks like there's a lot of pain when it

comes to how they're positioning for the future. Applied Materials was following kind of the lead of Intel, which yesterday it said it's actually pausing, it's hiring, it's going to lay off some of its workers because of PC demand as well. Applied Materials no exception there. Comprehensive as always, pretty thank you both for Gradi on TV Markets correspondent Pretty Gupta watching the movers in the pre market. As

for stocks as a whole, they're moving a higher. SMP future dro up eighteen points, stown futures up a D thirty seven. Nastac features are higher by thirty points ten. Your treasury is up one thirty second yield three point eight nine percent, the yield on the two year four point to eight as we await that inflation data now do out in less than two hours. Stay with us. You're listening to Bloomberg Day right, Bloomberg eleven three oh Weather rainy, breezy today with a high near seventy degrees.

Sunshine returns tomorrow. Stays with us for most of the weekend. We'll have highs tomorrow, Saturday and Sunday in the upper sixties currently sixty three degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quick Tape. She's a

Bloomberg Business Flash and I'm camerin Moscow. This updates Brown Too You by ib KR Investment Advisors switched to Interactive Brokers for lowist cost global trading and turn and key custody solutions, no ticket charges and no conflex of your interest at I v k R dot com slash r I A future is on the rise this morning. Let's go to the first Word Breaking news desk for today's morning call, and here's Bill Maloney, Bill, good morning, Hey,

good morning, Careen. That's right. US fugues with a bid right now with Doubt futures up a hundred and fifty two points, SCAPES Game twenty and NASDA futures are higher by thirty seven. The US ten yield at three point nine percent, Gold is hired by two, Oil is little changed,

and Bitcoin is sinking by two point nine percent. Hong Kong fell one point nine percent overnight, while up markets are trading in the green and back in the US on the Economic Frinday thirty, the consumer price in next and initial job as claims Regarding earnings this morning, a black rockyps beat estimates and Delta is trading higher by

five percent after its numbers. And wrapping things up, Colgate Palm all have raised Overwight at JP Morgan, I'll t s U s A raised to buy its City Group and Bologen was raised to buy over at Steve Hole Live on the First Breaking News Desk, gom Bill Maloney, care right, Bill, thank you to hear live breaking news over your Bloombery Times Squawk on your terminal s U U A w K. Just a little more on black

Rock here now black Rocks amsets under management. They fell six in the third quarter, along with equity and vawn markets, as central banks continued raising interest rates to counter searching inflation. The firm oversaw seven point nine six trillion dollars as of September thirty. That was the lowest since that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Uncle Karen, thank you

very much. The American public will get an opportunity to need to learn more about the attack on the US Capitol later today. This is expected to be the final hearing as the House elect Committee investigating January sixth returns for another hearing today, it's first since July. The committee is expected to present Secret Service documents subpoena following a report that the agency's text messages from the day of the riot were deleted. In the NHL, the Bruins beat

the Capitol's five too. In Baseball's n LDS playoff, the Braves beat the Phillies three ZIP to even their series at a game apiece. The Padres beat the Dodgers five three to tie their series at one one Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries. I'm Michael Barr,

and this is Bloomberg. Karen. Allright, michaelbar thank you. Six forty nine on Wall Street, we turned to news and science and technology Now with the Bloomberg and j I T. Stammer Report, brought to you buy New Jersey Institute of Technology n j I T makes industry ready engineers and 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 A d U And here's what's making news and science, technology,

engineering and math. I new electric car company that brings together too big names in Japanese business, Honda and Sony officially kicked off today. The electric vehicle from Sony Honda Mobility will go on sale in in March. Sony Group and Han agreed to set up the fifty fifty joint venture, but the idea of bringing together Honda's expertise and Auto's mobility technology and sales with Sony's imaging, network, sensor and entertainment expertise. Amazon dot Com is shutting down a virtual

tour feature called Amazon Explore. It's the latest belt tightening move by the online giant as it adjust to slowing sales. Amazon launched Explore in targeting those suffering cabin fever during pandemic lockdowns. Users could pay seven dollars fifty cents for a fifty minute guided tour of sites such as animal sanctuaries in Costa Rica, or fifty dollars for an hour long virtual stroll through the markets of venice and Cryptocurrencies may have crashed this year, but they remain a digital

cash machine for one potent constituency, hackers. According to blockchain specialist Chain Analysis, at least seven eighteen million dollars has been stolen so far in October alone, taking the gross tally for the year past three billion. And that's a Bloomberg and j I t Stem report. Nathan, Thank you, Karen.

We are live from the Bloomberg Interactive Brokers studios where it's six fifty one 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 January six committee to focus on Trump's state of mind and what maybe it's a final public hearing US officials hearing a camp on Russian oil prices could fail after opex move and a couple moves from the Biden administration on the

immigration front. Let's bring in Bloomberg Government congressional reporter Jack Fitzpatrick for more on these stories. So, Jack, what should we be watching for in this afternoon's possibly final House January six committee hearing. Yeah, we don't know if it'll be final or exactly when they're gonna wrap things up, but today's hearing is going to take a bit of a broader view. Uh, It's it's not going to focus

on just one specific time period. Uh. An Aid with the committee told reporters that some of the information that comes out is going to be pre January sixth, pre election in fact, uh, and some will be after January six They are going to focus on former President Donald Trump's role in the events in the build up. There will the information on, uh, the the developing understanding on

January sixth of the level of violence that occurred. Uh, we don't have all the details yet on on what they're going to bring out, But we do know that they got thousands of documents from the Secret Service in response to their subpoena of the Secret Service, so they have a lot of information to work with there. And this is not not going to have a live testimony

from anybody who's there in person. This is going to be the multimedia approach where they show video clips of people they've interviewed, uh and and in other ways bring in information that they've gathered. So this will be more one of those hearings that they've done that's essentially a multimedia presentation rather than a live interview. So, as you say, we don't know whether this will be the final word from the January six committee, but we are less than

four weeks away from a mid term election here. We have to be thinking at this point about what kind of impact these hearings have had on voters. Yeah, you know, I when we speak to aids with the committee or or lawmakers on the committee, and just watching their hearings, it does not strike me that this is a committee that is particularly focused specifically on these mid terms. It

could have an effect on these mid terms. There's been plenty of information that's come out that has not looked good for uh, some Republicans, for the former president, for some congressional Republicans though, people who are not necessarily in swing districts. But really the focus for the committee seems to be, you know, the question of what happens if a president tries to overturn the results of an election, uh, and there is violence involved and there's no system of accountability.

Their their focus seems to be a bit more of a long term response rather than specifically on these mid terms. And so I wouldn't want to play up, you know, the the impact that this hearing specifically, or even the the group of hearings that they're doing, or the final report would have uh in an election that's going to happen in a month, because that does not seem to

be their main focus with this. All right, let's turn to this current White House, where the focus is on the economy, the war in Ukraine and its potential impact on global market. Some very interesting reporting this morning from our colleagues of Bloomberg News about concerned building within the White House about the Russian oil price cap plan potentially backfiring. Yes, there's concern essentially that you know, they don't know how

that could drive volatility internationally. UH. You cannot guarantee that that would lead to a broad lowering of prices. It could lead to a spike in prices. UH. At this point, it is seen as the best among bad options. UH, and a lot of the conser learners about the extent to which the ball is in Russia's court. UM. The obviously, we've heard Vladimir Putin say that Russia would refuse to sell at all to anyone who participates in the price

cap scheme. There was still hope that it would work because if a number of countries participate, it would reduce demand UH at least at higher levels, and broadly reduced revenue that Russia can take in. But really, considering the global nature and the complexity of the availability of oil, there is concern about exactly how effective it will be UH, the extent to which it drives volatility UH, and how much success they're actually going to be able to have

in denying revenue to Russia. In our last minute, here Jack, a couple moves on the immigration front. Tell us more about that. Yeah, For one, UH, there is going to be nearly a doubling of the available availability of non agricultural H two B visa is UH. In addition to the usual sixty six thousand each year, they're adding almost sixty five thousand according to the Department of Homeland Security. UH that really is aimed at addressing an increase in

need for seasonal workers. And then venez Venezuela specific that the Biden administration is implementing a humanitarian plan to allow Venezuelans fleeing their country into the US. UH it could create a new legal pathway. UH. It involves new checkpoints that says that if people cross the border illegally, they will not be eligible, but thousands of twenty four thousand Venezuelans could be eligible for that, so to significant moves

in terms of people coming into the US. Thanks for this, Jack, great have you go on with a Bloomberg Government congressional reporter Jack Fitzpatrick. You can read more about these stories on Bloomberg dot com or on the Bloomberg terminal. Follow all the latest on Bloomberg Radio in Washington Bloomberg one and one oh five point seven FM HD two focus

for markets out of Washington. This morning, the Consumer Price Index DO out at eight thirty Wall Street time, a little more than an hour and a half from now. Ahead of it, markets are moving a bit higher. SMP futures are about eighteen points down, futures up a hundred forty three, and NASTAC futures are moving higher by thirty points.

Tenure Treasury is up three thirty seconds. The yield three point eight eight percent yield on the two year four point to eight NIMEX crude little changed, up almost a tenth percent at eighty seven dollars thirty four cents of barrel, and comic gold is hired by two tenths percent of three dollars fifty cents at six eighty one. Announced. Bloomberg Surveillance is next with Tom Keene, Jonathan Faroh, and Lisa Abramowitz for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg