Bloomberg Daybreak: October 24, 2022 - Hour 2 (Radio)

Plus Ukraine denies Russia's warning of a dirty bomb from Key. I'm Michael Barne. More ahead, I'm John Stashower And sports. The Yankee season is overswept by the Astros. They'll play the Phillies of the World Series. The Jets of Giants keep winning. That's all's trendy. Head on Bloomberg Daybreak on Bloomberg e Living Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nineteen and around

the world. The Bloomberg Radio dot Com and the Bloomberg business side. Good Monday morning. I'm Amy Morris and I'm Karen. Moscow and US Dock Index futures are raised earlier declines. It is coming up to six one on Wall Street and we check the markets every fifteen minutes in while the trading day on Bloomberg right now, S and P futures are up four points, now futures up thirty eight and nastay futures are up almost three. The decks in Germany is up one point one percent and a ten

year treasury up eleven thirty seconds. He had four point one seven percent and they yelled on the two year four point four six percent, Amy Karen. Stocks are coming off their best week since June. US Central bankers say the next phase in their campaign to curb inflation will be a debate on how high to raise rates and when to slow the pace if increases. Lamar Villery, a partner and portfolio manager at Fillery and Company, says a

FED pivot is key for sentiment. It just would kind of give everybody, I think, a sense of confidence that you know, we're out of this uber hike environment and potentially you know, yeah, if if you know if we get in placed under control and then the economy slows down, potentially you could see some rate cuts next year. Lamar Villery at Billary and Company says there's even a chance

the Fed does not raise rates in December. Well, outside of the fan amy, the focus this week is mainly on earning, So you're gonna slew a big tech companies reporting and here with the preview as Bloomberg's Charlie Pellett, it's a huge week because we hear from names that will include Apple, Alphabet, Microsoft, Metal Platforms, Amazon and until Dan ives Is with web Bush Securities, and it's most important tech earnings teasing potentially in the last two years

because of what's happened overall demand store in terms of the macro, tech needs to prove that the resilience is there and not just tech this week, other big names include ex On Mobile, three, m Ford, Boeing, and Coca Cola, among many many others in New York. Charlie Pellet Bloomberg Tape break, Thank you Charlie and Asia. Over the weekend, it was all about politics. President Ji jin Ping started his third term by stacking China's most powerful body with

his allies. The move gives him unfettered control over the world's second largest economy. Speaking to the party's gathering on Sunday, she committed to reforming and opening up the economy. Here he is speaking through an interpreter. China's economy has great resilience, potential and latitude. It's strong fundamentals will not change and it will remain on a positive trajectory over the long run.

China will open its doors ever wider. We will step fast over deepening reform and opening up across the board. Marcuts did not react favorably to Si jin Ping's move to stackers leadership ranks to the loyalists. China's currency weekend in the country's stocks tumble to the lowest level since two thousand and eight. Bloombery Daybreak Asia anchor Brian Curtis has more from Hong Kong. It's a sharp rebuke to one man rule, a break from collective leadership over the

past many decades. In the more policies staked on COVID zero and state owned enterprises Alibaba, dot Com and ten Cent all down eight to twelve percent during the session. Meantime, China's long delayed data showed mixed recovery in the third quarter on employment rows and retail sales weakened. In September third quarters GDP up three point nine percent, better than the three point three percent estimate in Hong Kong. Brian

Curtis Bloomberg debre thanks Brian staying in Asia now. Former Treasury Secretary Larry Summers is weighing in on policy in Japan. He's watching financial developments out of Tokyo given the potential for difficulties if the country abandons its pegged bond heeled policy. There's been a lot of borrowing money UH in Japan to finance things all over the world, and so if Japanese interest rates start to change, that could be a

pretty big deal. Former Treasury Secretary Lawrence Summers made those comments on Bloomberg's Wall Street Week Catch the program every week Fridays at six pm Eastern on Bloomberg Radio and television. Well in Europe this morning, aiming the political action is still front and center. Rishi Sunac has taken a big step to her becoming the next Prime Minister of the UK, and we go to London and get the leadersh of Bloomberg's un parts good morning you, and good morning Karen

and Amy. We should know the name of Britain's next prime minister later today. Former Chancellor Rishi Sunac is the clear favorite to take over as the country's fifth leader in less than seven years. His only remaining opponent, Penny more Than, is yet to get the one endorsements from lawmakers need to make the final runoff. Boris Johnson, who cut shorts his holiday in the Caribbean to fly back to the UK now, says it's not the right time to enter the race in London. I'm you and pots,

but make daybreak. Thanks you, and oil is lower to begin the week right now now, Amex crude is down one and a half percent. President Biden's top energy advisor, Amos hostein taking aim at OPEC, saying OPEC's recent output cut was a largely political move. Nobody can argue that

it was warranted for any economic reason. Did and even open when they announced two million and then they say, well, we're not actually gonna cut two million, We're just gonna cut nine hundred, And then you look a little deeper and it's really just about five hundred. So the impact on the market is not going to be as significant. Uh So this was more of a big political statement. It was Oxeen making those comments on CBS Space the

Nation catch that program every Sunday on Bloomberg Radio. Well, speaking of political moves, here, Amy that January six hearings like Capitol Hill are back in focus. Co chair of the January six committee, List Cheney says Donald Trump will not be allowed to testify live on television before the committee. On Bloomberg and Baxter has that story, Jenney says Donald Trump will not be allowed to turn any testimony before

the committee into a circus. This isn't going to be, you know, his first debate against Joe Biden and the circus and the food fight that that became this. This is far too serious set of issues, and we've made clear exactly what his obligations are. Training on NBC has heard on Bloomberg says a level of discipline and vigor that the herring deserves will be observed in San Francisco,

I'm at Baxter Bloomberg Daybreak. Thanks Ad. Bloomberg Daybreak is brought to you by b and Y Melon's Pershing Or 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 six or seven on Wall Street. Let's bring in Michael bar to find out what else is going on in New York in a round the world. Thank you very much, Amy.

New York Governor Kathy Hokel and Mayor Eric Adams say they will bolster spending on the city's subway system. They plan to add sixty two million dollars to deploy more police officers and removing severely mentally ill homeless people amid a series of high profile killings and other crimes on the transit system. Hocal and Adams acknowledge that writers continue to feel threatened using the largest mass transit system in

the US. In one recent attack, the NYPD is searching for a man seen pushing another man onto of the subway tracks and an unprovoked attack and then running away. The victim, David Martin, suffered a broken collar bone and swollen face from New York and love New York and always thought they'd taken the train And now at thirties two years old and no longer feels safe. And that's

that's not there, and that's not okay. The announcement comes nine months after hocol and Adams unveiled a subway safety plan to deal with an increase in crime during the pandemic. Governor Hocal and a Republican challenger, Lees Elden, will face off tomorrow in their one and only debate before election day. Hocole, who once held a double digit lead over Zelden, has only a four percentage point edge according to the Lettis

Quinnippie Act University poll. However, a Sienna College poll gave hocol and eleven point lead, released on the same day. Bail reform has become a major issue in the campaign ahead of November's mid term elections. New polling shows that both parties have their areas of strength, but Republicans are starting to open up a gap on some of the

big she was including inflation and crime. Mark short, the former chief of staffed Vice President Mike Pence, says Republicans are going to win in November because it is a referendum on Joe Biden. Is clear that Donald Trump had a huge influence over the primary. He has a core base of roughly and a lot of the candidacy championed one with this primary. Mark Short spoke on a d c S this week, which can be heard Sundays on Bloomberg.

Russia's defense chief has alleged that Ukraine was preparing a provocation involving a radioactive device star claim that was strongly rejected by US, Ukrainian and British officials. Russia repeatedly has main allegations that Ukraine could detonate a dirty bomb and blame it on Moscow. 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. Hi, Michael Barr and this is Bloomberg, Amy, all right, thank you, Michael street Ton alfat the Bloomberg Sports Update, brought to you by Try State OUTI here's John stash Our. All right, Amy. For so much of the summer there was talking maybe a Subway World Series in New York. Instead, the World Series will be the Phillies against the Astros starting Friday and Houston. The Astro still have not lost in the postseason. Early on off

the stadium, Lord, the Yankees might stay alive. They led three nothing, and after yet another Harrison Bada home run, they're up five four and the seventh and in the Astros score twice game time hit by Jordan Alvarez off Jonathan Laska, go ahead hit by Alex Bregman, Clay Homes, costly error by Labor Torres. The Astros won six five for the series sweep. It's their fourth pennant in the last six years. Aaron Judge made the final out, ended his historic home run hitting season. Did it end his

career with the Yankees? Will be a free agent earlier. On a rainy day in Philly, the fields trailed the Padres eight Swingingna tried left field. It's deep, it's dead, Yes, it is the place. Hard the Phillies have you? I paid the call hard from The Phillies won four three over San Diego to win the NLCS four to one. While baseball season New York is over, football is alive and while Giants and Jets both won for the fourth week in a row, both on the road. Giants get

another comeback, winning twenty three to seventeen in Jacksonville. They had to hold on at the end. They had to hold on to the Jazz wide out at the one yard line on the final play. The Jets won sixteen to nine in Denver. The Giants and Jets last year a combined eight and twenty six. This year thirteen and three seven oh. On the road at the Garden, Rangers lost to Columbus five to one. Islanders lost in Florida

three to two. John Stashward, Bloomberg Sports, All right, thank you, John SMP features are down one and a half points, stal features down, are up to DALT features up to NAZAC features down twenty seven and a quarter. The ten year tragury down a fraction, the yield at four point four seven percent. Much more still to come. On this Monday morning edition of Bloomberg day Break. This is blue Burg. The Bloomberg Sports Report was brought to you by Audie.

Don't let someone else drive off in the Audi model you've always wanted. Visit your local Tri state Audie dealer to get behind the wheel of yours today. Visit Audie Offers dot com for more information, markets, headlines and breaking news twenty four hours a day. At Bloomberg dot com, the Bloomberg Business At and at Bloomberg Quicktape. He's a Bloomberg business lash and I'm Karen Moscow and just watching this headline crossing the Bloomberg Schlumberg is changing its name

to s LB. It's a pivot to embrace clean tech. US DOT Index futures. Meanwhile, some improvement this morning. S and P futures are now higher. This despite that route in Chinese shares, which is weighing on sentiment. Investors are awaiting the next batch of earnings from some of the world's biggest companies. Treasury yields are dipping, the dollar gaining. We checked the markets every fifteen minutes throughout the trading day.

On Bloomberg S and P. Future is up six points down, Future is up sixty three NASDAG futures that will change and decks in Germany's up one point one percent. Ten year treasury up ten thirty seconds. You have four point one seven percent and the yield them the two year

four point four seven percent. Nim X Screwed oil is down one point four percent on a dollar twenty two and eighty three dollars eighty three cents of barrel comics gold is down a tenth of uper cent or two dollars twenty cents is sixteen fifty four ten announced the euro point three four against the dollar, British found one point one three four one and the end one forty nine point three two and Bitcoin this morning down four ten percent in nineteen thousand, four hundred twenty one dollars.

That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael, thank you very much. Karen. Former British Prime Minister Boris Johnson says you will not run to leave the Conservative Party, ending intense speculation about a comeback. Johnson, who was an ounced it in July mid ethics scandals, was a wild card to replace Liz trust who quit last week. His withdrawal leaves former Treasury chief Rishi Sunak the strong favorite

to be Britain's next new prime minister. Officials in the U S wore that Russia could be making preparations to detonate a dirty bomb in Ukraine and blame it on Kiev. In baseball, it will be the Astros against the Phillies in the World Series. The Yankees were swept by Houston Sunday in the a LCS and Game four, six, five the Phillies beat the Padres for three to win in the NLCS four games to one. Football, the Giants, Jets, and Commanders all one. The forty Niners lost in the NBA,

The Wizards lost the Warriors one. In the NHL, the Islanders and Rangers lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty journalists and analysts and more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Amy. All right, thank you, Michael. It is six twenty on Wall Street Live from the Bloomberg Interactive Broker Studios. This

is Bloomberg Daybreak. China released its postponed third quarter GDP and other September economic data that was delayed as the nation's top political event, the Party Congress was underway and weigh on market sentiment, joining us now Bloomberg Chief for Asia Economics correspondent and occurrent. And and during all of that a lot has happened. Let's start with the politics

with Jin being over the weekend and what it all means. Yeah, it was basically President Sheeting paying to maintenance control over the government. Amy, if there was on he doubt he just confirmed that he's going for He's breaking money of

recent norms. He's going for a third term. He has put in placed party chiefs from Beijing, from Guangdong, from Shanghai in too key positions within the party administrations, and he surrounded him felt by all of these key supporters and former college you've walked with him, which people are interpreting and saying. Of course, China was doubled down on some of the signature policies presidents she hasn't has been pursuing. So that's the idea of more self reliability in areas

like technology, more homegrown innovation. Obviously, of course ongoing tensions over key geophysical hot spots. But President she did actually send a message that some people thought was a little bit private with me all that did make it clear that he wants to try to remain open to the rest of the world and doing business with the rest of the world economy. So there's a domestic Chinese political story for sure. Now that the question of how this

will play out on the global stage as well. Is this a power grab or is there something else going on here? Well, it's clearly a consolidation of president. She's power, there's no doubt about that. I mean, typically in recent years, recent decades, the convention has been that at this point of president she would have moved on, any successor would have come in. But this time around, of course, there hasn't even been a clear success to a point to a need the key roles that might take over the

leadership of child from here. It's also clear that he's govern down and all of the policies that he's been sort of pursuing in recent years, including those that are of course controversial glowly beat up the you know, the crackdown and engaging tensions with Taiwan, cracktown in Hong Kong, tensions with the US, there all of branch, no hint

of the course change of that type of things. And then of course on the sort of domestic or economics front, no hint of a pivot on real estate, the realitated slumb or of course on COVID zero either. So you know, despite the headlines of dramatic imposition of key personality in the key post, not everyone is predicting an immediate change of policy course anytime soon. What does it signal then, to the rest of the world. And how does Taiwan

factor into all this. Well, it signals that again domestically, President She is obviously in the powerful position. He feels comfortable enough that he's got a grip on the entire government of Apperats to stay in officer and carry on. That means he will be pursuing those policies that include on the foreign policy front, will likely to ongoing clashes with the US. There's no sign of that tension easing at all, especially given the latest restriction on exporting technology

to to China. There is a view that maybe President She will try to play off the US against Europe. For example, there's name expected expectations to a large scale German business delegation to arrive in China overcoming weeks, So we will have this narrative going forward of polity attentions, will of course tension over Taiwan that's not going to go away anytime soon, and we will of course then have US China containment and completion and rivalry stories happening.

But there's also a view that China will also try and play off with the rest of the world Emerging World, Africa, Europe's cetera. To try and keep its place on this global stage. So it's um you know, it would be a dubbing down of President She's policies, but there won't be simple stories here and we only have about a minute here. But I gotta ask what you are watching

for specifically incoming days. I think you just have to watch any new language from the new people in key positions, whether or not there will be a pivot on key policies overcoming overcoming weeks and months. It's probably unlikely we'll get those signals any time soon, but it's certainly what's

keeping it out. And I first, all right, Bloomberg Chief Asia Economics correspondent and occur, and I want to thank you for taking the time with us, telling us and bringing us up to speed about what's been going on with shij and Ping over the weekend in China, the blatant power grab that someone are describing as what he's doing stacking his political body with his allies. Much more still to come on Bloomberg Daybreak. We're checking the markets now.

SNP futures up nine point seven five percent, DAL futures up ninety one, NASDAD futures up to almost ten. The ten year price up ninety seconds, the yield at four point one seven, the two year yield at four point for seven percent. Much more still to come on this Monday morning edition of Bloomberg Daybreak. As we check the markets, will also be bringing you the latest news in business,

economics and finance. It's gonna keep an eye on everything that's going on in the UK and in China, as well as closer to home, we're gonna take a look at how Nevada may be factoring into the mid terms. Much more still to come. Stay with us. This is Bloomberg Bloomberg eleven three oh weather. Scattered showers today going up to sixty five degrees, down to sixty with more dristle tonight, mostly thouty tomorrow, a chance of rain going up to seventy degrees. The rain sticks around for Wednesday.

Broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg elving fre to Washington, d C, Bloomberg on to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine six to the Country, Sirius XM to the one nine and around the globe. The Bloomberg Business apt and Bloomberg Radio dot com. This is Bloomberg Daybreak at six thirty on Wall Street. Good Monday morning. I'm Amy Morris and I'm Karen Moscow. We're just about three hours away from

the open of US training. It's time for the five Things, so you need to notice start your brought to you by Interactive Brokers. Interactive Brokers clients or an interest of up to two point five eight percent on the idle cash and their brokerage accounts. Visit ibk R dot com slash interest rates to learn more. The first US futures are higher now as you begin a new trading wage. Stocks are coming off their biggest weekly gain since June.

The action this morning isn't Asia, though, Hong Kong's Hanging sang in dex strap six point eight percent and stocks in China fell almost three percent after President she Jin Ping's moved to stack his leadership ranks with loyalists. Begin more from Bloomberg Stephen Angle in Hong Kong. We speculated whether she would continue on with the practice of essentially

stacking the standing committee with people from different factions. So in this case, some of the ju Jentao protegs, but it proved on Sunday when he rolled out his other six members on the Standing Committee, there was nobody from the other factions. They were all loyalists to Shi Jin Ping. He stacked the deck. Bloomberg Stephen Angles says, the story is playing out in currency markets. The U want week

into a fourteen year low this morning. Let's turn to Europe now, where Risi Sunac has taken a big step toward becoming the next Prime Minister of the UK. Boris Johnson has pulled out of the race. In Sunac won the endorsement of Chancellor Jeremy hunt Still. Bloomberg's Ben Sills says Sunac faces many challenges. He himself was blamed by a large faction of party for bringing down Johnson in July when he quit on that dramatic evening. Um, So there's a lot of resentment, a lot of a lot

of ranker built up over the year. So that's going to be the real Sulfask forever, and of course he's going to have to do it sturing the economy to this brutal, brutal winter of energy, energy shortage. Bloomberg's Ben Still says Sunac has gained this public support of several key Tory figures. I'm back here in the US. It's a busy week for earning Sammy, with big tech leading

the way. Tomorrow we'll hear from Microsoft Meta Platforms and Twitter report Wednesday, and Apple and Amazon post results on Thursday and incorporate news. Slumberger, the world's biggest oil field services provider, is changing its name to s LB, same as its sticker symbol, and test la at the price of its cars in China by about five percent. Amy to move partly reverses price sits and post earlier this year. That's the five things you need to notice start your day.

Brought to you by Interactive Brokers Futures this morning again on the rise, S and P Futures up twelve points, straight ahead, your latest local headlines, plus a check of sports. And this is Bloomberg. Thank you, Karen sixty three. Now on Wall Street, let's bring in Michael bar to tell us what else is going on in New York and around the world. Good morning, Michael, Good morning Amy. New York will add sixty two million dollars to the city

subway system. Governor hocol and Mayor Eric Adams, saying they are deploying more police officers and removing severely mentally ill homeless people amid a series of high profile killings and other crimes on the transit system. It comes as Governor Hocole and a Republican opponent, Lee Zelden will debate tomorrow for the job of governor on issues such as crime

and Bay'll reform. Russia's defense minister called his counterparts in the UK, France, and Turkey, warning of a drift toward uncontrolled escalation in Ukraine and the potential for Kiv to detonate a radioactive dirty bomb. The US called the allegation transparently false. Meanwhile, Ukrainian forces continue to liberate villages as the war drags on for close to eight months. ABC talked to Ukrainian Colonel General Ola Stander Shirsky about the

war so far, Chersky, through a translator. Of course, we are winning, and it's important that we are winning. Mentally, we know what they're fighting for. But still this war is very hot. General Shursky says they are concerned about Russia's can tenuous nuclear saber rattling. Three years after Manhattan prosecutors started investigating former President Trump, the only criminal trial to arise from their efforts is set to begin Monday.

Jury selection is set to begin in the criminal trial over allegations at Trump's company helped its top executives avoid income taxes. The Trump organization is accused of providing rent free apartments, luxury cars, and other untaxed perks to executives. The star witness for prosecutors is expected to be Alan Weisselberg, the company's former CEO. Disgrace movie producer Harvey Weinstein stands trial in Los Angeles starting today for allegedly sexually assaulting women.

Dozens of his alleged victims say judgment day is overdue for a serial predator. Party. You messed with the wrong women. We will see you here in Los Angeles, where hopefully your conviction will leave you in jail for life. Weinstein is already serving the twenty three years sentence in New

York State for similar charges. Global News 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 on Michael bar and this is Bloomberg gaming all right, Thank you, Michael at six six on All Street Time. Now for the sports for fourth brought to you by Try State Autie. Here's John stash Our. All right, Yankee, Hey, Yankee fans had high hopes after a tremendous first half of the season,

second half not nearly as good. On the postseason big disappointment, not only losing to the Alcs to the Astros third time in the last six years that's happened, but getting swept, used and finished this wipe at the Stadium six to five. The Yanks finally scored some runs Harrison Bader at his fifth on run of the postseason. Yanks led five to four, but the Astros scored twice in the seventh inning costly

air by Labor Torres. Several Yanks struggled. Johns Donaldson thirteen at bats, ten strikeouts, Aaron Judge one for sixteen, and now Judge, after a record breaking sixty two home run season, that comes a free agent, Saul gonna run to my agent. I thought about the next step yet, Um, you know, but like I said, we got we got time to figure it out. Um. I've never been in this before. The Philly surprise winners in the Nashale Bryce Harper game,

winning two run over in the eighth. They need to beat San Diego the four three and win the NLCS for one. Giants and Jets Keith winning for both four wins in a row. Both are unbeaten on the road. The Giants win at Jacksonville twenty three to seventeen. Both say Quon Barkley and Daniel Jones ran for over a hundred yards. Jets won sixteen to nine. In Denver, Rookie Breeze Hall had an early sixty two yard touchdown but later hurt his knee, believed to be a tourn a

c l. The big NFL story right now. The struggles of Green Bay and Tampa Bay, both NFC teams with legendary quarterbacks, are three and four. Aaron Rodgers and the Packers lost in Washington. Tom Brady and the Bucks stunned one to three at Carolina, Rangers lost to Columbus five one. Florida beat the Islanders three to two. Johns war Bloomberg Sport due. All right, thank you, John. It is six thirty seven on Wall Street. Time to take a look at stocks and some of the names that are moving

in the pre market. For that, we're joined by Bloomberg Radio and TV Markets corresponding Creaty Goop dot created. Good morning to you, Amy, Good morning to you. What's interesting to me this morning is not what's happening here in the States, what's happening abroad over in China. This past weekend marks the official start to present JJ Ping's third term, in which he already packs the top decision making body

with some pretty loyal associates. Amy, that's translating into the market with worries about a tighter grip on not just the financial system, but a lot of these companies that have these major operations there, not to mention some of China's big giants as well. To take a look some of the stock action this morning, Ali Baba shares b A b A is your taker, down about twelve percent in the pre market. Not far behind it is by do b I D you down about eleven percent this

morning as well. And j D is one that we like to watch alongside Ali Baba, one the major competitors, j D dot Com j D is also the taker, down about team percent this morning. And of course we can't leave out Pin Duo Duo p d D is your taker down fourteen percent, Amy, some massive moves coming into a d R space, but it's not alone. Take a look at some of the electric vehicle makers as well, not just the Chinese players, with some of the American

ones as well that have massive operations there. For example, Neo and Io down at twelve percent. That's in a Chinese a d R moving in tandem with the likes of Ali Baba and It's peers. You also want to take an eye loosid l c I D down one point six percent in the pre market. Rivan is another one that you want to keep an eye on this morning. R I v N down by eight tenths of one percent. But Amy, how can I talk about all the e

vs without talking about Tesla. Tesla is a massive story here because not only are they dealing with the exposure story to China t s l A down up three and a half percent this morning, but they've also cut the price of automobiles in China by about five percent at the same time they're ramping up production. Asked some of their factories. So the question here is one, it kind of looks like they're making a little less on their bottom line, and two, at the same time, the

dependence on China seems to be ramping up as well well. Crety, Let's bring you the little closer to home and look at FedEx. We absolutely should. FedEx shares are lower this morning as well. F d X is your ticker and I'm just gonna pull it up quickly again as by terminal freezes on me. Always handy Jerry alive hit but down about one point four percent in the pre market.

What's important here to know here is that they are cut to equal weight from an overweight over at Wells Fargo, the company saying that revenue implications are not quite fully captured as they pivot from growth and towards efficiency. Remember, FedEx is one of the big players like EPs, they're trying to actually focus on perhaps a smaller consumer worker on supply chains as opposed to getting new customers and

bulk orders. Just in this kind of time of logistics and supply chain issues, FedEx trying to work their way around it. All right, Thanks so much, created gooped to Bloomberg Radio and TV Markets correspondent created goopda joining us. We appreciate that looking at stocks as a whole ahead of the open, SNP futures are up now up nine

points into down. Futures up ninety three. Whoops, dat future is now up a hundred three NASDAC features up five points, the ten year price up eleven thirty seconds, he yelled at four point one six. We have much more still to come. Stay with us on this Monday morning edition of Bloomberg Daybreak. This is Bloomberg and the Bloomberg Sports Report was brought to you by Audie. Don't let someone else drive off in the outie model you've always wanted.

Visit your local try stay Doutie Dealer to get behind the wheel of yours today, or visit Autie Offers dot com for more information, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Take, This is a Bloomberg Business Flash and I'm Karen Moscow's and he future is on the rise. This morning we go to the First Word breaking news desk for today's morning call, and here's

Bill Maloney the good morning and good morning Karen. That's right, us features off their early loads of doubt. Futures now up seventy six points, SPS gain six Nasdak is pairing losses to twelve. The US ten yield at four point one seven percent, Bold is down eight, Oil is in the red and bitcoin is little changed. Hong Kong plunge six percent overnight. As President she tightened his grip on

power and European markets are firmly in the green. This morning, back in the US on the economic Fronday thirty, the Chicago Fed and at October p m I s In other news, Tess to cut the price of its cars in China and wrapping things up, and a lot of devices was cut to Equated, Barkley's Chevron cut the hold over at HSBC, and e t T was raised a strong by Brett Raymond James live from the first of

Brick and News doscom. Bill Maloney, care all right, Phil, thank you, and to hear live breaking news of your Bloomberg type squawk on your terminal squ A w U K and that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael, thank you very much. Karon Rishi Sunac took a huge step toward becoming the UK's next Prime minister. As former

premieer Boris Johnson pulled out of the contest. There's late word that SUNAC has more than half of the Tory support. In a brief statement on Twitter, SUNAC vowed to lead with integrity, professionalism, and accountability. The US and two of its allies are accusing Russia's defense minister of making false allegations after he claimed that Ukraine was planning to use a so called dirty bomb on its own soil. In baseball, it will be the Astros against the Phillies in the

World Series. The Yankees are swept by Houston in in the a LCS in Game four six five. The Phillies beat the Padres four three to win the NLCS four games to one. In football, the Giants jetson Commanders all one nine lost in the NBA. The Wizards lost the Warriors one. In the NHL, the Islanders and Rangers lost. Global news twenty four hours a day on air and on Bloomberg Wi Tank, powered by more than seven hundred journalists and analysts more than a hundred twenty countries. I'm

Michael bar This is Bloomberg. The following commentary is from Bloomberg Opinion. Apartment builders didn't get the housing slump memo. I'm justin Fox, a columnist for Bloomberg Opinion. The housing market is in a tough spot, with thirty year mortgage rates above seven percent and housing starts and prices falling. So why were more than one point seven million housing units under construction in the US and September a new

all time high. The main answer seems to be that, for the first time since the early nineteen seventies, most of the housing units under construction are in apartment buildings. These take longer to build than single family houses, which boosts the under construction totals. Also, investors in multi family housing have yet to pull back in the face of rising rates in the same way that single family homebuyers have.

That sounds reassuring, but given that the seventies multifamily building boom ended in an abrupt crash, and a small are one in the mid eighties did too, it probably shouldn't be. 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 commentaries can 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 returned to News and Science and Technology now but the Bloomberg and j I T STEM Report. It has brought to you by New Jersey Institute of Technology, ranked a top one national university by US News and World's Report in number fourteen in the nation on Money's Best Colleges list. Learn more at n J I T DOT E d U and Here's just making News and Science, Technology, engineering, and math. Megacap Technology companies enter this earning season with

diminished stature. The five biggest firms by revenue among this cohort, Apple, Microsoft, Alphabet, Amazon, and Meta Platforms are mired in a profit slomp, with earnings per share projected default twent each per cent from the same quarter of one. That's the steepest contraction, and at least three years the group has lost roughly three trillion dollars in market value combined. This year, Dutch healthcare

technology giant Phillips is scrapping four thousand staff worldwide. I meant to follow from a recall of sleep apnea machines and economic headwinds. The job cuts him out to about five percent of the company's global workforce, and Tesla has cut the price of his cars in China by about five percent as it ramps up production at a Shanghai factory. Then move partly reverses price heights and post earlier this year because comus Tesla faces hotter competition from local ev

makers in China. And that's the Bloomberg and j I t Stem Report. Amy all right, thank you, Karen, and we're live from the Bloomberg Interactive Brokers studios where it is six fifty two on Wall Stree time now to check what's going on in d C. Some of the top stories in our nation's capital include one of President Biden's top advisers saying that the OPEC plus output cut

was a political and not an economic move. How Speaker Nancy Pelosi says she doesn't have any regrets about the pandemic aid passed by Democrats, and the road to majority rule in the U. S. Senate could actually one through Nevada. We want to talk about those stories with Bloomberg Government reporter Emily Wilkins, who was in Nevada all last week covering the campaign trail. Let's start there. Emily. First of all, thanks for joining us. What are you watching for out

in Nevada? So, Nevada is such an interesting state because obviously they have the big Senate race that we've all heard of. Democratic Senator Katherine Cortez Nastow is probably the Democratic senator who's in the most potential trouble for this November. She's facing off with Adam Laxalt, the Republican, and polling

is showing this race just incredibly, incredibly close. Nevada is an interesting state because it has a lot of independent voters, and so even though it's kind of become a state that allowed us think of as leaning Democratic, that that's really not always the case. In addition to the Senate race, Nevada has four congress sational seats. Three of those are held by Democrats and all three are competitive. And it was really interesting traveling around the stay talking with folks

about what their top issues were. The vast majority of everyone says it's the economy, says its gas prices, it's grocery prices. I talked with folks who are you know, coming out the grocery store, and just incredibly frustrated by the inflation that they're seen, and many of them that they will attribute it to a lot of different causes, but a lot of them still due to some extent

playing the Biden administration. And it really just highlights the fact that a lot of this election is going to come down to the economy and that Democrats, as we saw this weekend from how Speaker Nancy Pelosi, are struggling a little bit and trying to figure out exactly what that most effective messages to convince voters that they should give Democrats another chance, even after the last two years have seen crisis increase. Let's talk about that. About what

the House Speaker said on Sunday morning. She also said she doesn't regret pandemic Aid being passed by Democrats, which some say has helped exacerbate some of the inflation issues. Yeah, Pelosie really said that really stuck by and doubled down on democrats decision to do that. You've heard certain Democrats. Senator Mark Warner was on Bloomberg kind of noting that the amount of aid that was passed could have been a little smaller, might not have been as as inflationary

or impact in inflation. But Pelosi said, look, you know this was during COVID. This is something that people needed to do to survive, uh, and that they put out the money there to sort of help folks get back on their feet. And that is another point that you're hearing from Democrats on the campaign trails. Look, two years ago, we were in the middle of the COVID pandemic. Now things are open, kids are back in school, masks are off,

businesses are open um. And it's interesting to see because there are still some people who are very upset about the restrictions that were placed in COVID. There's still a lot of frustration that the Democrats for that, but they're really trying to overall turn it into a positive for what they were able to do with the economy in regards to COVID. We got a couple of minutes here, Emily, is Pelosi gonna be House Speaker after this term even if Dev's do hold onto the House, what's her future?

That is such a great question, Amy, That is a question all of us in DC are asking each other. She's kept any decisions very close to her chest. She did say it's about several years ago that she would only serve two more terms as Speaker before handing along the gable. That would mean that she would step down as Speaker after this term. Of course, though Pelosi is running again, she hasn't talked to anyone it's specifically about

what her plans are. There's a thought that she could potentially hold on to the speakership if Democrats keep the House, because Jessica, that would be such an uphill, big challenge for them to do. Everyone's basically expecting Republicans to hold the House. So if Democrats, for some reason keep it,

maybe Pelosi has a shot of continuing her speakership. That said, I have talked to folks in Congress, and our reporters have have also written about this, that there is a sentence within the Democratic Party that new leadership is needed a Pelosi as well as the top number two and

number three Democrats. They're all in their eighties. They served for decades at this point, and there's a sense that there's some new leadership that's now really needed within the party, just to reflect the broader diversity of the Democratic Party, as well as just to reflect that a lot of Democrats tend to be younger voters alright, Bloomberg Government reporter Emily Wilkins. Always a pleasure. Thank you so much for your insights. You can read more about these stories on

Bloomberg dot com or on the Bloomberg terminal. And as a reminder, you can follow all of the latest on Bloomberg Radio in Washington on Bloomberg ninety nine one and one oh five point seven FM h D two. Karen, all right, Amy, thank you, And it's SAX fifty seven on Wall Street, and we are watching the markets this morning. As futures are showing a little more strength now. SMP futures up about twelve point sets up about a third

of a percent. Down futures are up one hundred nineteen a Nastack futures are now up about nine the decks in Germany at one point three percent, the cat in Paris up one and a half percent. In the foot Sea one hundred up two tenths of upper set ten year treasury up thirteen thirty seconds, yield four point one six percent, and they yield on the two year at four point four seven percent. NIMEX scrude oil falling down

one point one percent. It's sound eighty one cents now at eighty four dollars, twenty two cents of barrel comex school down a quarter percent or four dollars at sixteen fifty two thirty announced and the euro point nine to zero against the dollar. Bloomberg Surveillance straight Ahead with Tom Keene, Lisa of Ramelwooz and Jonathan Farrow and for Amy Morris Sun Karen Moscow, and this is Bloomberg