Bloomberg Daybreak: October 3, 2022 - Hour 2 (Radio)

quarter delivery estimates. Rescue cruise in Florida continue to search for people who decided to ride out hurricane and Plus Brazil's presidential elections headed for a runoff vote on Michel bar More Ahead, I'm John stans Shallon sports, the Mets appear headed for a second place finished after getting swept in Atlanta, the Yankees lost wins for the Jets, and John, that's all stradyhead on Bloomberg day Break on Bloomberg eleven three, on New York Bloomberg nineteen nine one, Washington, d C

Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nineteen and around the world Old on Bloomberg Radio dot Com and via the Bloomberg Business Good morning. I'm Nathan Hagart and I'm Karen. Moscow and US dock indise futures are mixed this morning. We check the markets every fifteen minutes throughout the trading day. On Bloomberg we're coming up to six o one on

Wall Street. S and P futures at four point staff futures of nine d Announceday futures lower down thirty two. Can your treasury up twelve thirty seconds? You know, three point seven seven percent and the yield on a two year four point one nine percent and the British pound at one point one eight three against the dollar. Nathan, Yeah, interesting you mentioned the pound, Karen bag We begin in the UK this morning, where there's been an about face

from the government. Prime Minister Liz trust is dropping her controversial plan to cut taxes for high earners. Let's get the Birmingham, England get the latest with Bloomberg day Break. Europe Banker Caroline heafgerg Good morning, Caroline, Good morning, Nathan and Karen. The Chancellor Quasi Quality has said that he has listened and is reversing the plan to scrap the top right a tax in the UK, a announced as part of a mini budget ten days ago, which prompted

a market route. The U turn, despite the denial by the Prime Minister up until yesterday, was driven by Tory MPs unhappy with the policy as the Conservatives plunged in the polls. Sterling and UK guilts have reacted positively to the reversal and money markets are paired Bank of England rate hike bets, but it is a major embarrassment for Trust and Quarting less than a month into office. The mood from MPs, including from Mike Wood, is still positive.

Quieteying told media here in Birmingham at the party's annual conference that he's not considering resigning. Instead, he's focused on delivering growth. He gives his main conference speech at four pm UK time today in Birmingham. I'm Caroline Head good Blue Bug day bake Caroline, thank you. In the pound has been strengthening on the news again, Sterling at one point one one seven five against Sadala or elsewhere in

the market today. Off the start of the fourth quarter, US stocks coming off their third straight quarter of losses for the first time since two thousand nine. For the NASDAC one hundred. It's the longest losing streak in twenty years, and David Bianco, as chief investment officer at DWS Group, this is a bear market. So I think a key question is is this the beginning of a high inflationary period where we're near the end of a high inflationary period.

If you think we're near the end of a high inflationary period, the worst is largely behind and the market shouldn't go too much further down. But that's the key question. The w S Chief investment Officer David Bianco made the comments on Bloomberg's Wall Street. We catch the program every

weekend on Bloomberg Radio and television. One of all streets biggest bears is staying bearish Karen Morgan Stanley chief US equity strategist Mike Wilson says a FED pivot is becoming likely as money supply falls, but he says that move won't allay concerns about earnings. Wilson sees an eventual low for the SMP five hundred coming later this year or early next at the three thousand to thirty four hundred point level. Uncle Man Sax is all so staying parish.

Nathan with a call that more stocks selling will take place next year. Goldman strategists say households and foreigners could each sell US stocks valued at a hundred billion dollars in three In corporate news this morning, Karen're watching shares of Credit Swee after they hit a record low. Right now, they're down nearly eight per cent, a memo sent by CEO l Rick Kerner's raising concerns over the health of

the Swiss bank. We get more from Bloomberg's Charlie Wells in London coroner basically said the banks at a critical moment. He reiterated, you know the importance of not confusing share price, which we've been hearing a lot about this morning, with

performance and capital strength. And the reason why this generated so much attention was because it was the second straight memo that the CEO had to send um on a Friday in two weeks, and it also, interestingly over the weekend, generated a lot of discussion on online boards like Reddit and Twitter. Bloomberg's Charlie Wells has Credit Sweez is currently finalizing turned around plans. Those will likely include sweeping changes to its investment bank and thousands of jobs over the

coming years. Well Nathan Shares of Tesla are down more than four percent in early trading. The company delivered a record number of vehicles in the last quarter, but the results still missed estimates. We get more from Bloomberg's and East Fella Greeny Tesla delivering more than three three thousand vehicles, about four percent fewer than expected, possibly on supply chain issues.

The expenses to get customers actual cars in their hands have been astronomical DNA I've spanaging director at web Bush, has has started to balance that and basically be fine with ultimate deliveries that could push quarter quarters. I've says that means watch this quarter very closely. Elon Musk tweeting he helps to smooth out end of quarter. Russia's for customers sakes, Denise, Fella Greeny, Bloomberg day Break, Okay, Denise, thanks.

Oil is on the rise this morning. There are indications Ope could slash production by more than a million barrels a day to revive plunging prices. The group meets this Wednesday in Vienna, checking prices Downnimex crews up four point four percent or three dollars forty eight cent SAT eighty two dollars nine cents of barrel Brent is higher by four point two at eighty eight dollars seventy two cents. Well, Nathan, the big economic event of this week comes on Friday,

when the US Labor Department issues it's monthly payrolls. Your poored and John. Growth likely continued in September, even as the overall economic out looked dimmed. Be get more from Bloomberg's Jude. The Federal Reserve is lifting interest rates to tame inflation by applying the breaks the economic growth. Even so, US jobless claims have been running near historic glows, and economists are forecasting employers hired about a quarter million workers

in September. We'll get the data Friday. Looking ahead, the president of the Chicago fet Charles Evans, this will take six months for the impact of higher interest rates to be felt in the labor market. Also on this week's data calendar, figures on job openings, which have been running at historic hives. Then he dealt Jdics Bloomberg depery. All right, Anny, thanks. Finally,

we take stock of the damage from Hurricane Ian. The storm destroyed a countless number of homes and businesses in Florida, but it's gir did a key US fertilizer production area in the state, and that means the broader U S economy was spared the worst case scenario. Still Ian is said to be one of the top ten costliest storms in the US, with estimates running as high as a hundred twenty billion dollars. Straight ahead your latest local headlines

in the check of sports. This is Bloomberg and it's now six oh seven on Wall Street, word forty nine degrees in Central Park. We're back in business on the New Jersey Transit North Jersey Coastline. More coming up in traffic. First, Michael Barr with what else is going on in New York and around the world. Good morning, Mike Call, Good morning Nathan Awake for murdered f D n Y E M S Lieutenant will take place today and tomorrow, family,

friends and co workers. I'm gonna gathering to remember Alison Russo Elling, who was six one. She was stabbed depth in an unprovoked attack. In a story of Queen's last week, police arrested thirty four euro Peter Sasopolis, who has a history of mental illness. Search and rescue efforts are still underway in parts of Florida. In the wake of Hurricane Ian. Over the weekend, responders took to the air, grabbing people from rooftops and evacuating Barrier Island residents by boat after

Ian wiped away roads leading to the mainland. Florida Governor Around Desantists said teams are conducting sweeps and areas hit hardest by the storm. There's more urban search and rescue teams in Florida now than in any one place in American history since September eleven. Governor de Santist called for Ian to be a five hundred year event that will go down in history. Meanwhile, President Biden will visit Puerto Rico,

hit hard by Hurricane Fiona. Brazilian President Jayre Bolsonaro fought his way to a runoff election against his leftist challengeer, former President Louis and Natio Lula da Silva. Lula got forty eight percent, while Bolsonaro received forty three percent. However, neither one got the simple majority needed for victory. These college students say they voted for Lula. I voted to Lula. To you the woods in the future is opposed to democracy. The candidates will face each other in the high stakes

October thirty presidential runoff. It's a big defeat from Moscow and Ukraine. Last week, Russian President Vladimir Putin used the sham referendum to declare four areas of Ukraine as part of Russia. But one of those regions, Laman, almost immediately fell to Ukrainian forces. Meanwhile, Vladimir Putin is doomed to lose the war in Ukraine. That's from former CIA director David Petreas. The retired four star general says Russia's army

is quote shambolic. He announced the annexation and he's already lost a really critical element in that a critical city that would have been a very key supply hub had they been able to go farther. And that's just going to continue. He's going to continue to lose on the battlefield.

Petrea spoke on ABC's This Week, which can be heard Sundays on Bloomberg Global News twenty four hours a day on air and on Bloomberg Quickdake, powered by more than the journalist mentalist in more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg Naked. Thank you, Michael. Almost six cent on Wall Street Time for the Bloomberg

Sports Update with John s rx Dathan. Mets have been a first place team virtually the entire season, but after a nightmare weekend in Atlanta, they're almost certainly going to finish second. The Braves one again, Dan's by Swanson homer for the third straight game, x Mett Travis Dardeau a two one single. Atlanta won five three to sweep the series. The Braves lead by to and on the tidebreaker. A

win tonight clinches them the division. The Mets thought they'd be the NLS two seed, instead looking like the four and hitting for a best of three wild Cards series with San Diego or Philadelphia this weekend. All the games in the series would be at Sydney Field at the Stadium. Yankees had just four hits lost to Baltimore three to one. Aaron Judge struck out three times. He'll try to surpass

Roger Morrison the series at Texas at against tonight. The Jets finished their four game tour of the a f C North two losses, but also to thrillion wins, the one in Cleveland and in Pittsburgh. Bay trailed midway through the fourth quarter by ten points. Zack Wilson to a touchdown pass the Corey Davis and then after a Jets interception, Steelers rookie QB Kenny picked Reese Hall scored with sixteen seconds left, the Jets one twenty four to twenty. Giants

and Bears. It met life only two touchdowns scored. All day vote by the same guy. Okay Jones is gonna foot like I roll lock. He's gonna run it again. Kilts to the five. Don't cos in touchdown Giants Daniel Jones on a twelve yard run. How the antet prude around the left side, his second rushing touchdown of the game, and the Giants have widen their lead to thirteen to six of the colle Giants went on to win twenty to twelve, though Jones left with an ankle injury and

his backup Tyrod Taylor left with a concussion. Giants had their first three and one start since two thousand eleven. John stash Award Bloomberg Sports, Nathan Okay, John thanks SMP futures are now up five points. Stown futures up a hundred two. Nastex futures are still lower, down twenty six points. The tenure treasury is up twelve thirty seconds yield three

point seven seven percent. This is Bloomberg Bloomberg eleven three oh weather mostly cloudy, breezy, chance or some showers today with a hind your sixty degrees, occasional rain tomorrow with a high in your sixty showers will end Wednesday low sixties right now fifty in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business attend at Bloomberg Quicktap's a Bloomberg Business lash and I'm Karen Moscow. This updates brought to you

by b and My Mellens. Perishing learned by the world's most sophisticated wealth management and institutional firms rely on Perishing to help them improve profitability, create efficiency, attract talent and manage risk at Pershing and dot Com. Global stocks falling to a two year low. Well US stock index futures are struggling for direction amid concerned hawkish policy spout Global central banks will spark a recession and earnings contraction. The pound is rising as the UK with drew a plan

to abolish the top income tax rate. Oil jumping on signals that opeg Plus Alliance may offer for a production cut and credit sweet groups shares hitting record lows as traders continue to speculate about its future. We check the markets every fifteen minutes throughout the trading day. On bloomberg S and P futures of about four points now down. Futures of eighty nine NASTAC future is lower, down thirty The decks in Germany's down about eight tens of per cent.

Ten year treasury of twelve thirty seconds three point seven eight firstcent. They yield on the two year four point one nine percent. Nine. Extrude oil is a four point one percent of three dollars twenty six cents at eighty two dollars, seventy five cents of barrel co mix school little change at sixteen seventy one thirty an ounce. The euro point nine seven six eight against the dollar British found one point one one nine two and the end one forty five point one four. And look at a

bit coin. It's down almost half percent and nineteen thousand, one hundred fifty dollars. That's a Bloomberg business flash. Now here's mouth a bar with more on what's going on around the world. Cicol. Thank you very much, Karen. President Joe Biden will announce more than sixty million dollars in funding to strengthen Puerto Rico's resilience to flooding when he visits the island to observe recovery efforts from the devastation left by Hurricane Fiona. The President and First Lady will

fly to Puerto Rico today. Sfonte Pabo was awarded the Nobel Prize in Physiology or Medicine on Human evolution research. In the NFL, the Giants and Jets won, the Patriots, Commanders and Ravens lost. The forty Niners play the Rams tonight. In baseball, the Yankees lost to the Orioles three one. The Mets lost to the Braves five three. Atlanta swept the series and knocked the Mets out of the lead. In the NL East, the Red Sox and Nationals lost.

The A's and Giants won. Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analyst, are more than twenty countries. Michael bar this is Bloomberg. Nathan, Okay, Michael, thanks, It's just about six twenty on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Let's get more now on our top story this morning, and a dramatic reversal from the new Prime Minister in the UK.

Liz Trust has dropped a plan to cut taxes for the highest earners to try to fend off a growing rebellion within her own Conservative party. It's all happening at the Tory conference now underway in Birmingham, England. Bloomberg Daybreak europe banker Caroline Hefcker is there and joins us live with more. Great to speak with you, Caroline, Though not so great, I guess for the new Prime Minister and

her chancellor quasi quartang. They've been publicly promoting this tax cut plan right up it seems to the last minute here. How big a deal is this reversal now? Absolutely huge? It begs the question are in control? They're certainly in office, but they are they actually in charge? The U turn is surprising because the prime ministers, you say, Liz Trust, even up until Sunday was defending uh this tax cut for the well fee. They seem though to have neutralized it.

Quasi quarte and came into the conference hall here in Birmingham very early this morning. He did a round of media interviews and he backed down. Of course, nobody really was particularly in favor of this tax cut for people earning over a hundred and fifty thousand pounds down from forty five percent to forty percent, so it's sort of

neutralizes that issue. And yet you know, the markets have been on absolute broncho ride in the meantime in terms of sterling and guilds, and now the issue is really squarely focused on paying for the other budget spending forty three billion pounds in total. It's an enormous sum. Is that going to happen for austerity cuts to benefit recipients here in the UK? Is it all going to be

done through borrowing? These remain big questions now for the rest of these four days of the Annual Party Conference here in Birmingham. No, No, You've been speaking with a number of men bers of Parliament on the Conservative side. What are they saying about some of these issues, whether they're going to continue to support unfunded tax cuts and the future for the Prime minister. Let's trust well, I think uneasy is the word that springs to mind as

well as conspicus, conspicuous in their absence. So a number of well known MPs, including Rishi Sunak and a host of his allies and not even coming to conference. But I did speak to Mike Wood at the MP for Dudley South. He's a regular on Bloomberg Radio and he's lovely, but he was sounding really pretty nervous. There is a

credibility issue that Mike would absolutely recognize. If you you turn on what was effectively a budget within ten days, insisting that you're not going to do that, and then you do what happens with future budgets, will there be credibility? And in the meantime, of course, they may have issued issued a U turn on this one issue, but mortgage rates have already shot up and that is having real world consequences in the economy and particularly for people who

may well be Conservative Party voters. I don't think anyone, though Nathan, is saying that liars trials or quasi quassa in the chance that are really going to go. Remember, we just spent the whole of the summer getting rid of Boys Johnson as Prime Minister and bringing in a

new administration. But the polls show that the opposition Labor Party now have a hugely over the Conservatives, and that really puts some in peril in the next general election, which is what maybe about eighteen months close to two years away. Kind about a minute left here, Caroline. You're going to be at the conference for the next couple of days. Here one are the big questions that need to be answered. What are you going to be watching for?

So this afternoon four pm London time, Quasi Quata is going to give his full speech to delegate, So I'm going to go and watch that. Of course Liz Trust will be up on Wednesday. Remember she's actually gonna be given the kind of main event, the main speech on a day of national rail strikes. Are people even gonna be able to get here if they come just for that event? Know? And that highlights it's sort of cost of living, the demand for high wages that people have.

I also just mention one thing. Sterling and guilts have reacted fairly positively to the government's utah will that last. There is now a lower there are lower bets on Great Heights on the Bank of England. But again I think it's all ouryes on how markets will see this political conference. Nathan, Now you're absolutely right. The pound is firming up against the dollar right now at one twelve

oh two. Bloomberg's Caroline Hebger with us this morning, part of our team covering the Conservative Party conference that has become very interesting following the tax cut announcement just a little more than a week ago from the new UK Prime Minister list trust and now this reversal on the top tax cut will continue watching it. Stay with Bloomberg Radio throughout Right now, SMP futures are up five points. Our future is of a hundred one. NASTAT futures are

still lower by twenty seven points tenk. Your treasury is up thirteen thirty seconds Heal three point seven seven. This is Bloomberg Bloomberg eleventh three oh Weather mostly cloudie, breezy, maybe a shower today, hid your sixty grees. Occasional rain tomorrow with high sneer sixty once again showers and Wednesday will top out in the low sixties. Right now fifty in Central Park, broadcasting live from the Bloomberg Interactive Broker's

studio in New York. Bloomberg e Living Free on to Washington, d C. Bloomberg to Boston, Bloomberg one six one to San Francisco, Bloomberg No. Sixty to the country, Sirius XM to the one nine team, and around the globe the Bloomberg Business apt in 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're just about three hours away from the open of US trading. Time for the five Things that you need to know to start

your day. Brought to you by Interactive Brokers I b 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 CM futures markets. Learn more at event trader dot Interactive Brokers dot com. Up First, the UK Prime Minister Liz Trust and her administration are dropping a controversial tax cut. Chancellor Quas Quarteng had come under

fire for cutting taxes on the UK's highest earners. Bloomer's Lizzie Burden has details from the Tory party's conference in Birmingham. He said that the rate cut was becoming a huge distraction from a set of strong policies. Of course, the government had also announced this massive energy bailout, so it was desperately trying to cling back to the political credit for that. He was asked what changed, He said, we listened to people. We get it. He was asked as

he considered resigning, He said not at all. The Prime Minister had thrown him under a bus yesterday, blamed him for this top rate of tax. Say, the question now is how much should the rest of the package can survive. Cloomers Lizzy Burden says the move may cool the political backlash, but they're still concerned for markets and the pound and checking sterling right now it is at one against the dollar many time. Karen today kicks off fourth quarter for markets.

US stocks are coming off their third straight quarter of losses for the first time since two thousand nine. LPL financials Quincy Crosby says there are still plenty of risks. We've seen the volatility index climb the zix because it's more uncertainty. Uncertainty regarding how does the set actually bring

us to price stability, which out as the proverbial breaking something. Also, you know we're going into third quarter earning season and the questions are, what are those companies saying not only their bottom line but their margins, But what's the guidance Quincy Crosby with LPL financial Things, Stocks go lower from here until they find a level that has discounted economic headwins well In Banking News, Nathan Credit Sweez is fun and lot same plans that will likely see sweeping changes

for the investment bank and could include cutting thousands of jobs. And right now, shares a Credit Sweets are down almost eight and a half percent to Oil Now Karen, where they're indications OPEC plus could slash production by more than a million barrels a day to revive plunging prices. The

group meets Wednesday in Vienna, checking prices down. Nimex is up four eighty two dollars eighty two cents, and shares of Tesla down more than four percent this morning, the company missing estimates last quarter despite delivering a record number of vehicles. That's the five things that you need to notice start your day. Brought to you by Interactive Brokers. Right thanks scaring sixty three on Wall Street now fifty one degrees in Central Park. Gotta crash on the southbound

Harlem River Drive at the Third Avenue Bridge. Details coming up in traffic. First Michael Bark with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. A wake for murdered f D n Y E M. S. Lieutenant will take place today and tomorrow in Comac Family friends and co workers and gathering to remember Alison Russo Elling, who was sixty one. She was stabbed to death in an unprovoked attack and the

story of Queen's last week. Russo Elling's funeral is Wednesday. In Brookville, police arrested thirty four year old Peter Zassopolis, who has a history of mental illness. More than a thousand search and rescue workers are performing operations across Florida as some people remained stranded by Hurricanean. A thousand National Guard members were sent to Florida's Barrier Islands for more

search and rescue efforts. Florida Governor Ran de Santis, you look at four Myers Beach and you see homes obliterated. You know that was obliterated because you had almost a cap five storm touch landfall there. Governor de Santis says Ian was a five hundred year event. It's a big defeat from Moscow. In Ukraine, last week, Russian leader of Vladimir Putin used the Sham referendum to declare four areas of Ukraine as part of Russia, but one of those

regions almost immediately fell to Ukrainian forces. Over the weekend, the strategic city of Laman in Ukraine's northeast was taken back. Former CIA director David Petrea says Russia's army is no match for Ukraine's and Putin at some point is going to need to come to the negotiating table to end the war. No amount of shambolic mobilization, which is the only way to describe it, no amount of annexation, no amount of even veiled nuclear threats can actually get him

out of this particular situation. The retired four star general spoke on ABC's This Week, which can be heard Sundays on Bloomberg. Brazilian president Jayre Bolsonaro fought his way to a runoff election against Luis Inatio Lula da Silva. Both fell short of the first round win, which means there will be a runoff on October. According to Brazil's electoral courts, Lula took Bolsonaro's forty three changes to the way the NFL handles concussions could be in effect within a week.

That's after Miami dolphinse quarterback to Attack of Viola suffered two apparent injuries just days apart. Chris Newinsky, co founder and CEO of the Concussion Legacy Foundation, it's among those calling for changes. This is one of those situations where anybody shouldn't be able to determine without evaluating the patient that that's a concussion, or at a minimum, if you're talking about the future of the franchise, not put them back into the Gamewinsky says, we're still playing games with

people's brains. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg Naked. Thanks Michael. Six thirty six on Wall Street, John stash Hour has a Bloomberg Sports Update, Nathan. At one point this season, the Mets were in first place by ten and a half games,

but the Braves cap winning kept getting closer. In Atlanta just completed a three game sweep, and it's the Braves who will almost certainly win the NL East. Their magic number is one. Mets did not get good starting pitching. Jacob mcgraham gave up three runs Baxter's or four, and last night Chris Pass had staked two at three one League after madhomers by Daniel Vogelback and Jeff McNeil couldn't find it the third in name, the Braves won five

to three. It's going to make for a tougher postseason row that would start with the best of three wild card series this weekend at City Field. The Yankees last regular season home game three one, lost to Baltimore. They close it out in Texas, four games for Aaron Judge to try and hit home run number sixty two. The Jets in Pittsburgh, first game for Zack Wilson back from the knee injury, and he was part of an early Jet score takes the Shotguns Jets Sweet, It'll be a

slow from Parios to Zack Wilson for the touchdown. Razzle Dazzle from the Jets. Serios top in York to call. Jets were up ten, then downtown they rallied. They scored with sixteen seconds left, beat the Steelers to twenty. Tell you the second win in Pittsburgh in team history. Giants have their first three and one start since two thousand eleven. They won the Super Bowl that year. They beat the Bears that met life twelve. Daniel Jones two first half

TV runs where they only touchdowns of the game. Squa Barkley had a big day. Giants play the Packers this Sunday in London. We'll see who the Giants qub will be. Jones heard his ankle in this game and his backup Tyrod Taylor stuff word a concussion. John Stashar, Bloomberg Sports. Okay, John, Thanks six thirty seven on Wall Street. Time to take a look at stock, some of the names moving in the pre market on this first day of the fourth quarter.

We bring in Bloomberg Radio on TV Markets correspondent Creating Goop to the talk first about the stock that's dragging Nasdaq futures lower. This morning. You bring in record earnings and yet Tesla still gets punished by investors. Creating. You know, Nathan, you would think that on the first day of the fourth quarter, any other company would probably be making news, but no of course it is Tesla. We are circling back to that fan favorite. I want to say t

s l A shares. We're down almost as much as six and a half percent earlier in the session. They've paired some of those losses, now down about four point four percent. This comes after they missed those third quarter deliveries. Now, to your point, they did hit a record number still, which is a big deal over Tesla's growth story, but they didn't make as much progress as Wall Street was

hoping for. So once again missing those third quarter delivery estimates, and they're actually saying it's an issue to get those cars to the customers because of a lot of the supply chain issues. Now, remember Tesla has a lot of exposure to not only the commodity space, but one of the major things kind of going for them, and think about it this way, is actually their proximity to some of their supply chains. It's something that's worked very very

well um in the production line. Ed Ludlow are kind of resident e V coverage guru here pointed this out to me that his the Shanghai factory in Tesla is actually located very close to where they actually get some of the metal, the copper, um, the aluminum, whatever it is you need to to make a car. They very specifically put the factory right next to where those UM

commodities are available for this exact reason. So, even in light of some of that, for example, or those efforts at Tesla, still not doing well Nathan, when it comes to UM really dealing with the inflationary pressures and the commodity costs. Yeah, speaking of commodity is the other big move, of course is oil. With this word that OPEC plus could cut production by a million barrels a day, what's

that doing for energy stocks? Well, of course, it's boosting energy broadly, although I will say Brent crude is really only hovering around eighty eight dollars a barrel. Nevertheless, it's giving a bigger boost to some of those energy stocks. As you mentioned, Nathan, X on Mobile is our go to here, x O M is your taker up two point seven percent. A similar story when you look at Chevron c v X is your taker there. Those shares are hired by about two and a half percent as well.

What's important to note is that OPAC is actually coming out, or the expectation is that they're going to be coming out on Wednesday and saying that they're in it for another production cut to actually prevent prices from following lower. If you're an oil consuming nation, you are not happy about that. If you're a Middle Eastern nation and your budget depends on that, this is probably good news for them. Nevertheless, those energy stocks, uh, they are rallying broadly. Now is

crude this morning? Thanks for this cready as always, Boomberg Radio and TV Markets corresponded, Credy Goofta and just checking crude as she mentioned, Brent is around eighty eight dollars of a old Nimex screws up almost four at eighty two sixty two s ANDP futures are up four points, Stafle futures up ninety and NASTAC futures still lower. Found thirty three points ten. Your treasury up fourteen thirty seconds,

yield three point seven seven per cent. This is Bloomberg Bloomberg eleven three oh weather mostly cloudy, breezy, some showers possible today with behind your six degrees, occasional rain breezy tomorrow by your sixty once again low sixties with showers ending on Wednesday. Right now fifty degrees in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com and Bloomberg Business at and at Bloomberg

Quick Tape. He's a Bloomberg Business Lash and I'm Karen Moscow. And this update brought to you by SEI, built on advanced technologies and fifty years of innovation. SEI offers said managers a comprehensive and flexible operations outsourcing platform. But s C I C dot com slash managers futures. This morning mix, we go to the First Word breaking news desk for today's morning call, and here's Bill Maloney. Bill, good morning,

and good morning. You can that's right. US futures are trading mixed up to Friday's plunge without futures up a hundred points. Says that he's game five and as the futures are lower by thirty one, the US ten years at three point seven seven percent, Gold is up, for oil is climbing, and Bitcoin is little change. Japan rose one percent overnight, while up markets are in the red

this morning. And note that the cost of ensuring credit suiteches bank debt against the falls jumped to a record back in the US on the economic front at ninety five Manufacturing p M I and at ten o'clock instruction

spending and I s M manufacturing. In other news, Tesla's worldwide deliveries missed estimates shows it on four point six percent in the pre market and wrapping things up, Box was raised to overweight over at Mortgage Stanley see if industry is raised outperform at RBC, and City Group was put the neutral red woman Sacks live from the first

to bakings. All right, Bill, thank you, and you're live breaking news over your Bloomberg type squawk on your termin I'll escue you a w K and that's a Bloomberg business flash now here. Smuchael bar with Moore on what's going on around the world. Michael, thank you very much, Karen. He will be right leaning Brasilian President jay Ere Bolsinaro against his leftist challenger Luisa Natio Lula da Silva and in October three runoff election yesterday, neither candidate got a

simple majority to win in the first round. Justice Katangi Brown Jackson will make your debut as the Supreme Court's new term kicks off today. In the NFL, the Giants and Jets won. The Patriots, Commanders and Ravens lost forty play the Rams. Tonight in baseball, the Yankees lost to the Orioles three one. The Mats lost to the Brave five three. Atlanta swept the series and knocked the Mets out of the lead. In the NL East, the Red

Sox and Nationals lost the A's and Giant. It's one Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analyists more than a hundred twenty countries. Michael Barr and this Bloomberg caeron. All right, Michael Barr, thank you.

Sixty nine on Wall Street returned to news and science and technology now with the Bloomberg and j I. T. Stammer Report, brought to you by New Jersey Institute of Technology, who's n j I T Unit has joined with pharmaceutical giant Murk to establish the Merk Digital Sciences Studio to support drug discovery and development. More at n j I T DOT, E d U, and here's let's making news

in science, Technology, engineering, in math. This year's Nobel Prize in Physiology or Medicine has been awarded to Swedish scientists Sponte Pabo for his discoveries on human evolution. Pabo a spearheaded research comparing the genome of modern humans and our closest extinct relatives, showing that there was mixing between the species.

Pabo receives nine hundred and dollars for the award. A majority of Florida homeowners caught in the path of Hurricane EA now faced rebuilding without the benefit of flood insurance. Only eighteen percent of all Florida homes have it, and some property owners wrongly believe that policy is protecting against damage from wind and rain will also apply to losses

caused by flooding damage. Estimates for the hurricane RS high is a hundred twenty billion dollars and according to a new forecast, demand for European natural gas will slump next year. The i e A says that high prices will result in European consumption falling by four percent in twenty three after a record ten percent decline this year, but supply restraints will keep markets tight even as demands slows. That's

a Bloomberg and j I T Stem report. Nathan, Thanks Karen, We're 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 President Biden heading to Puerto Rico and Florida this week after two devastating hurricanes in a month. FEMA Administrator Dan Criswell tells CBS has faced the nation. The federal government is with both disaster

zones for the long haul. We're gonna work together on what those unmet needs are, what their long term needs are, and make sure we're providing the resources and the support to those communities temporary and then long term to get these communities back on their feet while they're rebuilding. Hurricane and now has Florida lawmakers requesting the same kind of aid they opposed after Superstorm Sandy. Florida Senator Marco Ruby

hotels a VCS this week. He doesn't see a contradiction, but we're going to ask for Florida is what we've supported for every other state in the country that's been affected by by natural disasters, and that emergency relief designed to be spent immediately to help the people affected. Now also making news, rising stakes in the war in Ukraine.

After Russia's annexation move and leaks from the nord Stream pipeline, NATO Secretary General Young Stoltenberg tells NBC's Meet the Press the leaks appear to be sabotage, but he's not naming a suspect and deliberate attack a critical NPOLY infrastructure will be met with the firm and a response from an April. Meet the Press this week and Face the Nation can all be heard every Sunday right here on Bloomberg Radio.

Let's see more in all these stories now. Bloomberg Government reporter Emily Wilkins joins us from the nation's capital, where the focus continues, of course, to be on the disaster zones Puerto Rico and of course Florida following Hurricanes Fiona and Ian. The President is headed to both places this week. Emily, Yes, Nathan, He's going to be starting off the week today by

visiting Puerto Rico, obviously had by Hurricane Fiona. During his visit today, Biden's expected to announce sixty million dollars in funding to strengthen Puerto Rico's resilience to flooding. Uh He and Dr Joe Biden are also expected to help out with efforts on the island as far as putting together care packages. We are seeing that Puerto Rico is beginning

to really get back up after the hurricane. There are reports that more than of the electricity has been a well to be restored to the islands, but of course there are long term concerns about what the island's infrastructure is going to look like. Certainly, this is the first time a hurricane has come to come along and really really damaged Puerto Rico. After the couple of days after that, on Wednesday, the President is going to be going to

Florida right there. We currently have one point eight million homes still without power, and at least sixty eight people have been confirmed dead, both in Florida and elsewhere from Hurricane Ian, a really tragic number there. The White House has approved Centeral eight funding for the areas, but you know that funding is only going to go so far.

Nay than rub st Florida Senator Marco Rubio said over the weekend that Fort Myers Beaches beside tourist town quote no longer exists, and said that even with being rebuilt, a lot of tourist mainstays have been damaged to the point where they're just not going to be able to come back in their current form. Yeah, it's been interesting to watch the response in the aftermath of hurricane and politics has been sort of put to the side, with

President Biden and Florida's Governor to Santis working together. But I wonder how much longer they can that can last, given that just Scantis and Senator Ruby are both starting to face questions about the fact that they didn't support the kind of aid they're asking for in the past. I mean, there are certainly still politics at play here. I think for the point, the goals are the same in the short term. Biden, the scientists, Rubio, all of

them want to see a come to Florida. All of them want the Floridians and Americans there and elsewhere who have been impacted by Hurricane Ian to get the assistance that they need. But of course, Nathan, politics is still a play here. There's still a lot of concerns about, you know, the future of the country, about the future of various policies, and you are starting to see your little bit more of that politics creep in now that Hurricane ian Is is no longer a threat. Now let's

turn to the latest on the war in Ukraine. Obviously there's a lot of attention now after Russia formalized that annexation of those four regions. What's that mean for US support for Ukraine. The US support for Ukraine is just continuing at this point. In fact, the US is starting to think that it might give more regular support to Ukraine right now, Nathan, we've reported a lot on when you've reported a lot for the incremental funding that the

US has given. The US has given many different amounts of money, of armor, of military equipment, of missiles to Ukraine. Now they're looking at something more regular. The US is considering supporting Ukraine with one point five billion dollars a month in aid throughout the war, and the US is

pushing European allies to do the same. Uh there are it is estimated that Ukraine needs about five billion dollars every month to cover just the essential services and keep its economy going while it is fighting back on this Russian invasion. And of course there's a question about whether European leaders are going to be following and if if they will be able to sort of make up that gap between what the US is providing and what Ukraine ultimately needs. And finally, in our last minute, here the

Supreme Court session gets underway with a new justice. It looks like they're going to be hitting the ground running here. Yeah, Justice Caatangi Brown Jackson is formerly going to be seated for her first debates. Oral arguments are going to be starting. It was that's the very high stakes case cases coming to the courtneys and the judges are going to be hearing oral arguments today UH to challenge the Clean Water Act.

This is a bill then to protect all waters in the United States, but how the judges decide could find up narrowing the reach of the Environmental Protection Agency under this law. Right now, the it's not just bodies of water that are necessarily protected, it's also land that really plays a big impact in the water quality UH and how water moves. And so that's going to be a very interesting case to watch, particularly at the environmental case

last term. And the justices are also going to be considering whether Alabama violated devoting right back when it drew its congressional districts in a way that ensures that the state will just have one black presentative for the next decade. Remember, Alabama has twenty seven sorry for other seven congressional districts, and almost the third of its population is black, So to have only one of the seven the representative of the black population raises a big question as far as

the fairness of the map. Thanks as always, Bloomberg Government reporter Emily Wilkins joining us from Washington. Read more about all these stories on bloomberg dot Com or on the Bloomberg terminal. Listen to Bloomberg Radio in Washington Bloomberg one and one oh five point seven FM h D two for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg