Bloomberg Daybreak: October 31, 2022 - Hour 1 (Radio)

charged today. Plus South three of mourns after a crowd crush kills more than a hundred fifty people. I Michael blarn more than head. I'm John stas Shower and sports. The Jets and Giants four game win streaks both came to an end and NIX lost. The Rangers and Devils

both won. That's all straight Ahead on Bloomberg Daybreak on Bloomberg eleven, Freeo, 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 on Bloomberg Radio dot com and via the Bloomberg Business. A good Monday morning. I'm Amy Morris and M. Nathan Hagar. Futures are moving lower as we start a busy week for markets. Were coming up to five oh one on

Wall Street. We checked the markets for you every fifteen minutes during the trading day on Bloomberg SMP futures right now down twenty two points. Staff futures down a hundred sixty one. Nastack futures are lower by eighty nine points. Tenure Treasury is down ten thirty seconds. The yield four point zero five percent yield on the two year four

point four eight percent. Nim X screwed is down seven tenths per center sixty three cents at eighty seven dollars twenty nine cents of Barrel and Comics Gold right now is down three tenths percent at sixteen thirty nine seventy an ounce. Amy Nathan Stock Center, the last day of the trading month. In rally mode, d S and P five hundred has gained almost nine percent in October. The Dow Jones Industrial Average has surged more than fourteen percent.

Michael Sheldon as chief investment Officer at High Tower r d M Financial Group. The Dow is the first of the major indices to move back above their key two day moving averages, So that's something a lot of investors watched, separating a longer term rally versus a short term rally. None of the other major markets have done that, but that's certainly something to the monitor going forward. Hi Tower r DM Financial Group Michael Sheldon notes the s and

is on its longest weekly rising streaks since August. Blamy investors have to potential market moving events this week. The FED makes an interest rate decision on Wednesday, and the government issues its monthly employment report on Friday. Bloomberg'sviny Del Judas reports economists se another jumbo US rate hike seventy five basis points to stop red hot inflation. Consumer psychology a key to snapping a price breakout, suggest the Fed.

As its work cut out, Americans see the cost of living rising five percent over the next year, based on University of Michigan data. Turning to America's labor market, economists anticipate in October payroll game but not as robust to September. The unemployment rate will probably remain low amid historic labor shortages in many industries. Fini Deal, Judae, Bloomberg Daybreak, Thanks Vinnie.

The latest of Bloomberg m Live Pulse survey suggests if the Fed shair Jerome Powell gives any dubbish signals during this week's press conference, he might send investors scrambling. Almost half of two hundred fifty respondents polled last week said they were buying the dollar ahead of the decision. In about seventy eight percent expected two year treasury yields to go up. No, it's gonna be another busy week for earnings. Amy.

More than a third of the companies in the SMP five report this week, and we get the story from Bloomberg's Charlie Pellett. With more than two hundred sixty SMP companies reporting so far, about seventy one have delivered positive earning surprises despite some notable technology. Mrs Emily Hill is

founding partner at Bowersock Capital Partners. You know, yes, some earnings are exceeding this reasonably low bar, but overall we of slowing growth and I think what we're going to see is more of what we just saw from big tech and in the first quarter of next year, we're going to see the impact of the strong dollar rising interest rates even more than we have now. In addition to the healthcare giants, this week we will hear from A m D, Airbnb, Conuco, Phillips, Starbucks, Uber and Young Brands.

In New York, Charlie Pellock Bloomberg Daybreak, all right, thank you, Charlie. And in Europe, chairs of barclayser up a half percent. Trading revenue rose greater than expected this game, driven by fixed income, commodities and currencies. Trading exclude some hedging losses tied to its mistakenly issued securities earlier this year. And his first TV interview since taking the top job, Chief Executive Officer C. S Venkate Christian And spoke about the

UK economy with Bloomberg's Franci and Lakwa. What I'm hoping you see is what people will call a soft landing and shallow recession, helped by the initial conditions. Uh and and so what you might see as an increase in unemployment, you might see some credit weakness among among customers, but it won't be so bad that you see distress in society. We're going to bring you more of our conversation with Chief executive officers c As vin Cate Christian. It's a

little later in the program. Well, another major story we're following this morning, Amy takes us to Brazil and a dramatic comeback for former president Louise and Nacio Lula da Silva, the left wing politician has won the presidential election, narrowly defeating incumbent Gyre ball Cinaro. Three years ago, Lula was in a jail cell on corruption charges. Juan Pablo Spinetto is Bloomberg's managing editor for Economy and Government in Latin America. Less than three years ago, he was still in jail.

So if we talk about perspective um, this is probably one of the greatest political combat sides in my life. Lula was president for eight years at the beginning of the century. He was one of the most popular politicians on Earth. At some point when Barack Obama president, he called he in the guy right, the most important and most popular president. Bloomberg Managing editor Juan Pablo Spinetto says Bolsonaro has neither conceded the race nor commented on the results.

And in other political news this morning, Chinese Foreign Minister Wang Ye criticized US export curbs in a cult with Secretary of State Anthony Blinken Wins. Comments about export controls were an apparent reference to Washington's move earlier this month to restrict Chinese access to chip making technology. On the economic front in Asia, Amy China's factory and services activity contracted in October. Bloomberg day Break Asia anchor Bryan Curtis

has more from Hong Kong. The downshift suggests the COVID curbs and the property cristis are taking a toll. The official pm I felt a forty nine point two from fifty point one in September and below estimates. The non manufacturing pm I dropped to forty eight point seven from fifty point six and also below estimates. Bloomberg Economics says, as bad as these numbers are, they probably understand the

true weakness. New export orders slumped all the way to forty seven point six and non manufacturing employment dropped to forty six point one in Hong Kong. Brian Curtis Bloomberg day Break, Okay, Brian, thank you, futures are moving lower this Monday morning, straight ahead your latest local headlines in the check of Sports. This is Bloomberg. Thank you, Nathan. It's five oh seven on Wall three. Let's bring in Michael bar with more on what else is going on

in New York and around the world. Good morning Michael, Good morning Amy. We're learning more information about the attack on Paul Pelosi, husband of our speaker Nancy Pelosi. It sat. The suspect allegedly had a bag full of zip ties along with a hammery he brought to pelosi San Francisco home. The suspect, David pop will officially be charged today and arraigned tomorrow. Pelosi is the latest in a growing wave of threats and plots against elected officials on Face the Nation.

Margaret Brennan asked Tom emer, Congressman and chair end of the National Republican Congressional Committee, about a tween he posted several days ago of him touting the Second Amendment firing a gun with a hashtag fire Pelosi. Why is there a gun in a political add at all? Well, now, pink slip be more fitting if it's about firing her exercising our Second Amendment rights. Heaven at the Second Amendment has been about Second Amment hashtag Pelosi. Yes, Emers said

there is no place for violence in our society. Face the nation can be heard Sundays on Bloomberg Radio. At least a hundred fifty three people were killed and dozens injured following a crowd crush during Halloween celebrations, and Soul, marking one of the deadliest incidents in South Korea in years. Bloomberg so he Kim has more from Soul. Most of the victims were young people, those who are in their twenties and women who couldn't endure the pressure they got

from the crowd crush. Bloomberg so he Kim from Seoul, President Yun Sakyol declared a period of national mourning and vowed to carry out a thorough investigation. Republican Governor Brian Kemp and Democrats Stacy Abrams squared off Sunday night in Georgia's governor race. The governor praised the state's economy thankfully in Georgia because we were open even when Miss Abrams didn't want us to be. Our economy has been incredibly resilient.

We've had two record years for economic development. Meanwhile, Abrams during the debate promised voters she will not reduce taxes for the rich. As governor, I will not only lower costs, I will put more money into the pockets of working Georgians of middle class origins. But what I will not do is give tax cuts to the wealthy and the powerful. The Abram's Kemp Debate aired on WSB. Drivers, look out for a little trick or treater. It isn't the Tri

State area. It's Halloween. Meanwhile, for the adults, the annual Halloween Parade returns to Greenwich Village Tonight. Global News twenty four hours a day on air and on Bloomberg Quick Take Power by more than twenty hundred journalists and analysts more than a hundred twenty country Michael Barr and this is Bloomberg Gaming. All right, thank you, Michael, five o nine on Wall Street Time. Now for the sports report, brought to you by Try State Audi. Here's john S

dash Our thanks seeing me. It was an awfully nice month of October for the Jets and Giants both. We're hoping to cap it with a fifth winning a row boat saw other winning streaks come to an end. Jets lead the Patriots at halftime with the fat scored nineteen points in the row beat. The Jets for the thirteen, king second of time, twenty to the seventeen and MetLife. Not a good day for Zach Wilson. Between a couple of touchdown passes, he threw three interceptions. One was a

pass he was just trying to throw away. There was a costly Jet penalty in the first half of roughing the pastor that wiped out in eighty yard pick six. Jets fall to five and three the Giants in Seattle. The game was tied at seven, then ten, then thirteen. In the fourth quarter, You're gonna throw again. On first down, pumping got him out of the corn down straight home. What a drive done. Tyler Loker was not gonna left this one get away. Tyro had they called Tyler Locket

had dropped the TV pass earlier. Also had a fumble that led to a Giants t V to Seattle scored again four minutes later. Seahawks won seven to thirteen. Richie James was a Giant's goat. He fumbled punts in both halves, both led to Seattle scores. Giants for six and two and off next week. Nick's got a good look at the guy they were trying to acquire the off season. In Cleveland, Donovan Mitchell scored thirty eight points. He made eight three pointers. He had twelve assists. Calves rally to

win one oh eight. Rangers on me because the Banta Jet power play goal was seven minutes left, won three two. At Arizona, the Devil's routed Columbus seven to one. The World Series is in Philadelphia, Astros who Phillies are one

one going to tonight's game. Three down statue were Bloombrook Sports Tea all right, thank you John checking futures now s and P futures down twenty points, DAAL futures down on seventy two, nastec features down at nineties six, much more still to come on Bloomberg dayper This is Bloomberg. The Bloomberg Sports Report was brought to you by Autie. Don't let someone else drive off in the outie model

you've always wanted. Visit your local tri state outie dealer to get behind the wheel of yours today, or visit out he 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 Quick tape. He's a Bloomberg business lash. I'm Nathan Hager. European stocks of erased early games. US equity futures are slipping at the start of another busy week of earnings and key

central bank decisions, including the Federal Reserve. We checked the markets for you every fifteen minutes during the trading day on Bloomberg SMP futures right now are down twenty five points down, futures down a d seventy NASTAC futures down ninety two points. The decks in Germany's trading will change

tack in Paris down three tenths per cent. The tenure Treasury is down twelve thirty seconds yield four point zero six percent yield on the two year four point four nine nim X screwed is down a half percent, or forty five cents at eighty seven dollars forty five cents a barrel. Comic gold is down three tenths per cent or five dollars in six eighty announced the euro point nine five against the dollar British pound one point one five five five. The end is at one eight point

to seven. Looking at Bitcoin, it's down nine tenths per cent at twenty thousand, five hundred dollars. That's a Bloomberg Business Flash, Now and burn. What's going on around the world. Here's Michael bar Good morning, Michael, Good morning, Nathan. Brazilians have delivered a very tight victory to Luis Ignatio Lola da Silva in their presidential election. It gives the leftist former president another shot at power in a rejection of

incumbent Gayer Bosonaro's far right politics. At least two Americans are among the more than a hundred fifty people killed in a crowd surge in Seoul, South Korea. Mourners left flowers pay tribute to the victims near the site. Military teams are searching for people missing after a century old pedestrian bridge collapsed into a river in western India last night, killing at least a hundred thirty two people. In the NFL, the Giants lost, the Patriots beat the Jets, seventeen the

Commanders and one. In the NBA, the next lost. The Celtics beat the Wizards one four. The Warriors lost. In hockey, The Devils and Rangers won. Global News twenty four hours a day on air and on Bloomberg Quicktake powered by more than twenty hundred journalists and analysts in more than a hundred twenty countries. Michael Bard, this is Bloomberg Gaming all right, Thank you, Michael. It is five twenty now on Wall Street Live from the Bloomberg Interactive Broker Studios.

This is Bloomberg Daybreak and we are joined now by Lorie Calvacina, Head of US Equity Strategy, RBC Capital Markets. Laurie, good morning, Thanks for taking the time with us. Stocks are entering the last day of the trading month in rally mode. S and P five hundred gaining almost nine percent in October, dal Joan industrial averages searched more. Have we found the bottom? Is this a bear market rally?

Where are we? All? Right? Well, thanks for having me as always, you know, look, we think that the equity market is in the middle of this sort of longer extended, messier bottoming process, and I do think we'll see some volatility for the next a few months or so, you know, kind of well in the early part of next year. Um, but I do think it is possible that equities have put in that low and one thing we tend to see is that if you go back over time and

look in big crises. Um, what you tend to see is that equities of SMP five hundred rather makes it's low. About three to six months before earning, gustment revisions stopped going down. So if we think that sort of you know, April May is the time frame when we'll be done with those downward revisions. Now is about the time you

want to be looking for a bottom. Now. We saw the tech heavyweights Microsoft, Amazon, Alphabet Meta plunge after earnings, but the overall market was resilient, and that seems to be the key word, resiliency. What does it tell you? So? I thought it was really interesting price action. Um, and I do think that we're seeing, you know, some rational

moves so far in this reporting season. If you look at how companies are reacting to their beats and misses, we're seeing energy companies are doing quite well in regards to the beats, but some of those broader T I M. T spaces are doing pretty poorly in regards to the misses. UM, and I think you do have to have a shorter

term crowd that's playing that ladder area. One of the things we talked about in our weekly this morning, Amy is that if you look at positioning on the c STC data for asset managers, specifically on US equity futures, it's pretty washed out across the broader US equity market, but it's been really washed out. I eat the low financial crisis type lows for areas like small caps in

the Dow UM. So while the growth trade has been looking pretty washed out, it's been looking even more washed out in the cyclicals, the small cats, and the old economy stacks. So as you're seeing those third quarter reports, what is your takeaway from these companies? Is it all about the resiliency? So I think you're seeing you know, we're still in the middle of it, so this story

is still being written. But I do think that companies that are executing well, that are having you know, sort of more resilient business models, more brilliant product lines, management teams who are frankly able to navigate the macro a bit better, they are coming through a bit better than companies UM that we're really, you know, just sort of sailing on the pale winds of the recovery off the COVID lows. UM. So, I do think that we're we're starting to see you know, sort of a MESSI or

take on demand. Now that we're hearing from more sectors, more industries, more companies. Um, we're hearing you know, kind of more concern about labor and more kind of softening than a labor backsdrop. Very very messy so far. But in general, I think we've got a mix of resiliency and in a mix of that weakness that investors have long been looking for finally starting to take shape. So do you think this week's FED meeting then could be

potentially market moving? You know, as much as I wish that it was, And I think the FED always ends ulpting market moving when we feel like it shouldn't be. And you know, I starre looking at my Bloomberg this morning. We're at thirty nine hundred on the SMP. How are we there? I mean, despite all the volatility that we

had last week, fields almost unbelievable. Um. But but I do think, you know, as I talked to investors, there are many that are still sort of looking for that kind of peaking inflation, making the case that inflation is set to moderate, that the set should be you know, pausing or pivoting a bit next year. So I do think those hopes are alive and well, and some of that's probably embedded in the thirty nine hundred price right now. You know, Laurie, I'm sort of a political news girl.

How are the mid terms impacting your strategy? This is the most untalked about story I think in US equity markets. I know the political news crowd is certainly talking about it a lot, but you know, you do tend to see equity markets bottom a few weeks before the mid terms. In the mid term election years, on average, we have about a seven percent moving the year in. If you look at it your like o to it was even stronger at together a twenty one percent rally off belows

into the year in ties. Um. So, I think that the fact that the Republicans are doing better in things like the betting markets, the generic congressional ballot um as as you know, kind of Biden schwartzunes have fallen a little bit. I think that's healthy equity markets, um And I think that you know, we'll we'll see what happens after the midterms themselves, but I think that's when it's been one of the big reasons for this move back to thirty nine hundreds. That we've seen and thirty seconds,

just thirty seconds here, Laura, what's your look ahead? What are you watching for? So that we're obviously watching the feed this week and the reaction to it. You know, I'm interested to see more consumer companies come in and report late in reporting season. That's probably the biggest thing I'm going to be paying attention to the next couple of weeks. Alright, Lori Calvacina, head of US Equity Strategy

at RBC Capital Markets. It is always a pleasure. Thank you so much for your insights in your time this morning. As in d Future is now down twenty one points down, futures down one dred and fifty three NASDAG features down seventy nine points, the ten year priced or rather the ten your treasury down twelve thirty seconds, the tenure yield at four point oh six percent, two year yield at four point to four nine percent. We have much more

still to come. On this Monday morning edition of Bloomberg day Break, We're gonna check the markets, bring you the latest news in business, etan mix and finance. This is Bloomberg all right, Amy, Thanks day, and brought to you by the New York Community Trust. Your name will live on as champion of the causes you care about for years to come through a charitable request of the New

York Community Trust. Learn more at Philanthropist dot NYC. Broadcasting live from the Bloomberg Interacted Broker's studio in New York, Bloomberg eleving for you to Washington, d C, Bloomberg to Boston, Bloomberg one O six one does San Francisco, Bloomberg nine sixty to the country, Sirius XM Chad A one nine team, and around the globe the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good Monday morning. I'm anymore Is and I'm

Nathan Hager. We're about four hours away from the open of US training. Let's getch you up to date on the news you need to know at this hour. US futures are lower to start the morning, but still stocks under the last day of the trading month in rally mode from the SMP five hundreds gained almost nine percent in October, while the Dow has surged more than fourteen percent. Phil Orlando, chief ecuty strategist with Federated Hermes thinks we're still in for a bumpy road ahead. There's been this

perception among the market. We've seen this from that big rally mid June and mid August and then this rally over the last couple of weeks, This perception that there will be this immaculate decline in inflation which is going to allow the Federal Reserve to stop hiking interest rates and turn around and start cutting interest rates. We are not that sanguine. It's going to be a problem longer

than the market thinks. Phililando with Federated Hermes is still positioning defensively as the FED continues to tighten monetary policy, and we're watching a couple of key events this week. The FED makes an interest rate decision on Wednesday, and the government issues its monthly employment report on Friday. Katrina

l Is a senior economist with Moody's Analytics. We have seen US economy is still kind of, you know, roaring ahead, but momentum has definitely slowed, and I think what the Fed is really going to continue to focus on is that the strength of the labor market. And while we have seen some softening in the labor market, it's still type beyond comfort levels between a l with Moody says she expects the FED to raise rates another seventy five basis points this week before easing in the coming months.

Stick with us all week for the latest FED coverage. We'll bring you to her j Pale's full comments live Wednesday on Bloomberg Radio and Television. Well over in Europe, Amy shares of barclayser up one point one percent. Trading revenue rose more than expected thanks to fixed income, commodities and currencies trading. In his first broadcast interview since taking on the top job, CEO cs vent at a Christian and spoke about the UK economy with Bloomberg's Feriencing Laqua.

What you might see as an increase in unemployment, you might see some credit weakness among among customers, but it won't be so bad that you see distress in society. However, it has to be managed to get lee and it has to be managed aggressively through the balancing of the budget. And that's what the Prime Minister has said in the

last couple of days. And we'll bring you more of our conversation with Barclays CEO coming up later on Bloomberg day Break in Brazil, it's a dramatic comeback for former president Louise and Assasio lu La da Silva, the left wing politician winning the presidential election, narrowly defeating incumbent Jayre boss Narro. Three years ago, Lulu was in a jail cell on corruption charges. Balson Naro has neither conceded the

race nor come on commented on the results. Now features are moving lower this morning, straight Ahead, your latest local headlines in the check of sports. This is Bloomberg. I think you Nathan five. Three on Wall Street, we bring in Michael Barr with more on what else is going on in New York and around the world. Good morning Michael,

Good morning Amy. The man accused of attacking Paul Pelosi, the husband of Speaker of the House Nancy Pelosi, is expected in court today to face attempted murder and other charges. Investigators are examining forty two year old David du pop social media pages, which allegedly include false conspiracy theories about the election. There's words Pop had zip ties and duct tate in his bags Friday when he allegedly broke into

the Pelosi's San Francisco home. South Korean President Un Suck yol has promised a full investigation and support for those affected after a crowd crushed in Soul killed more than a hundred fifty people. Bloomberg's so he Kim reports from Soul, there were tens of thousands of people packed in a narrow alley on a hill, and suddenly it went out of control, as people described as they were falling like dominoes.

Bloomberg's so he Kim. In Soul, there are calls this morning for the United Nations to broker the resumption of weed exports from Ukraine. Bloomberg's Ad Baxter as the story. Russia is blocking the departure of any ships carrying wheat out of Ukraine, saying that drone strikes are originating off the ships. President Joe Biden says, very concerning, truly outraged.

This is from increased starvation. There's no reason for them to do that, and but they're always looking for some rationale to be able to say greening they're doing something outrageous is because the West made them do it. Ukraine says two D eighteen ships in total have been blocked in San Francisco. I'm at Baxter Bloomberg Gay Break. Donald Trump's company, the Trump Organization, is on trial this week for criminal tax fraud. Opening statements and the first witnesses

are expected today in New York. Among the key prosecution witnesses Trump's longtime finance chief Alan Weisselberg, who pleaded guilty and has agreed to testify against the company in exchange for a five month jail sentence. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries. How Michael bar and this is Bloomberg. Amy, all right, thank you, Michael.

It's five than five on Wall Street. Time. Now the Sports Report, brought to you by Try State Audi. Here's John Stasher, alright, Amy Gino Smith was a high draft pick of the Jet spent one year with the Giants. Mostly it's a backup quarterback. That's been his role almost his entire career, but Seattle traded the unhappy Russell Wilson gave the job to Smith. He's been sensational let the

Seahawks seven and thirteen win of the Giant. Smith was asked about beating his old teams and one year with the Giants, and so that year to me was like a blur, and uh, you know, my life has moved on from then. I don't have any remorse towards anyone there. Uh. In fact, you know this, to me, this game was MC doing Jerry Reece. They believed in me, and so as far as you know any other thing, I don't really care for it. Um, you know, I'm happy to

be here in Seattle and Reese with the Giants. Coach in GM back in two PHAs and seventeen, Smith's got the highest completion percentage in the NFL. Seattle's in first place. The Giants offense struggled only touchdown due to a Seattle fumble of their two yard line. Quiet day for Sa Kwan Barkley season low sixty two yards from scrimmin The Giants board game wins weekends. There's six and two, tied for second with Dallas Philadelphia one again. Eagles are seven

and oh. Jets also had their four game win stry game. They're losing streak versus New England grew the thirteen Patriots when it met life twenty two to seven team. They intercepted Zach Wilson three times. Bill Belichick is now the second winning just coach in NFL history, trailing only Don Shulo. Last night, Buffalo sent Green Bay to a fourth loss in a row. Knicks blew Alide lost at Cleveland one

to one. Oh A. Donovan Mitchell scored thirty eight against the Knicks, who tried to acquire him throughout the offseason. Rangers one three two at Arizona, Devils all over Columbus seven to one, Astros and Fillies tied to one. They played Game three of the World Series tonight in Killer John Stashwar Bloomberg Sports. All right, thank you John. It's five thirty seven on Wall Street Time. Now for the Tri State Business reports. Here with that is Bloomberg's Wendy Gilette.

Two New Jersey candy companies are leading the way and how the confectionery industry helps consumers manage sugar intake. N J Biz reports Mars Wrigley, based in Newark and Hacketts Town and Ferrairo USA in Persippany team to with other large candy companies in the industry to increase the number of products that list calorie content and offer smaller sizes. Half of individually wrapped products made by the participating companies are now available in sizes that contain two hundred calories

or less per pack. Planet Fitness is opening another location in New Jersey. You'll soon be able to flex your biceps at Hawthorne in Passaic County. It's the twelfth Planet Fitness club in northern New Jersey and the seventh in Passaic County. The opening date is slated for December. A Morgan Stanley strategist is weighing in on how the FED will handle interest rates. Michael Wilson, a strategist with the New York City based Investment Bank, predicts the end of

the FEDS campaign to raise rates is coming soon. That's the Bloomberg Tri State Business Report. I'm windy to let all right, thank you Andy. It's on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong. Let's check in with our global news team for some of the top stories are on our three hundred affiliate radio stations around the world. I'm Steve potiscon wfl A, Tampa Bay. We're talking about the Florida Chick fil A finding success with a three day

work week of thirteen to fourteen hour shifts. I'm joan donager telling w h A S listeners in Louisville. Macy's has updated job listings to include pay ranges. I'm Gina Servetti in for w b B M in Chicago. I'm reporting that the Walgreens controlled Village m D is looking at picking up sum At Health, the healthcare network that has almost four hundred locations. I'm Caroline had Complimpeg Dave

Digitalato London. We're recording on the Prime Minister's first full week in the job as business confidence hits the lowest since Mars one. And those are some of the stories our twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. It is five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. This sedatorial was written by the Bloomberg Editorial Board.

Ukraine's government has received more than sixty billion dollars in assistance from the U S since the Russian invasion. Now some Republican leaders want to toughen oversight over how those funds are being spent. Their right to do so. Washington has accounted for two thirds of all military and humanitarian assistants offered to Ukraine since the start of the war. Supplies of American made weaponry have enabled Ukraine to withstand

Russia's initial onslaught. It's imperative that the US ensure the money is being properly spent. With government spending already a campaign issue ahead of the midterms, it's inevitable that lawmakers, including some Democrats, will insist on greater transparency as a condition for more aid. The bipartisan supporting Congress for assisting Ukraine has been indispensable to the country's survival in the face of Vladimir Putin's assault. Greater transparency over the flow

of US aid will help to ensure it lasts. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash Opinion or ope I n go on the Bloomberg terminal. This has been Bloomberg opinion, and this is Bloomberg. The Bloomberg

Sports Report was brought to you by Audie. Don't let someone else drive off of the autie model You've always wanted Visit your local Triic state out and 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 apt and at Bloomberg Cricktape. This is

a Bloomberg Business Flash Nathan Hager. This update is brought to you by SEI, built on advanced technologies in fifty years of innovation. SEI offers Asset Managers, a prehensive and flexible operations outsourcing platform. Go to s E I C dot com slash Managers. European stocks are trading mix now. Futures in Wall Street moving lower at the start of another busy week for earnings and a key federal reserve decision. We check the markets every fifteen minutes during the trading day.

On Bloomberg, sup futures are down sixteen point, Stown futures down a hundred eleven, Nastack futures are lower by sixty seven points. The NACKS in Germany is up a tenth percent, while the CAT in Paris is down about a ten percent ten Your treasury is down eleven thirty seconds. Yield four point zero six percent yield on the two year four point four eight percent. Nime X screws moving lower down eight tenths percent or seventy three cents at eighty

seven dollar. Seventeen cents of barrel Comics gold is down a tenth percent now or two dollars thirty cents at sixteen forty two fifty announced. The euro point seven against the dollar, British pound one point one five six six. The en is at one forty eight point to five. That's a Bloomberg business slash. And now here's Michael Barr with more on what's going on around the world. My thank you very much, Nathan. More than a hundred fifty people were killed in a crowd surge in Soul, South Korea.

Mourners left flowers to pay tribute to the victims near the site. The Supreme Court revisits the issue of affirmative action today. The case before the Court will focus on admission policies at the University of North Carolina and at Harvard. In the NFL, the Giants lost, the Patriots beat the jet seventeen the Commanders and one. In the NBA, the Knicks lost, the Celtics beat the Wizards. The Warriors lost in hockey, the Devils and Rangers won. Game three of

the World Series. Is tonighted in Philadelphia the Astros and Phillies so far or even at a game of piece. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts more than a hundred twenty countries. Michael bar this is Bloomberg Gaming. All right, Thank you, Michael. It is Night on Wall Street, Live from the Bloomberg

Interactive Broker Studios. This is bloom Daybreak. Brazilian President elector Louise in Ico Lula da Silva, calling for peace and unity for narrowly winning a divisive runoff election defeating far right incombat JR. Ball Sanero, who has yet to accept defeat. We are joined now live by Bloomberg Spanish bureau chief and former Brazilka respondent Rodrigo Ariella. All Rodrigo, thank you for taking the time with us this morning. As I said, Balsonnarro hasn't conceded yet. Is that a surprise to you

or a concern at all? Hi High, I mean, I'm not sure it's a surprise that. I think it is definitely a concern for a lot of people. He has he has always portrayed himself a bit as an anti establishment person, even though he's been in politives for forty years, and he has been attacking and criticizing institutions such as

the electro board for quite some time. So there is a lot of questions and uncertainty about what he could do or what he could say to um if if he decides not to concede the victory right and he and he has a lot of supporters who are also very very anti Lula, so it is it is not something to be relaxed about if he doesn't concede. Okay, so then what are you going to be watching for

what happens now? Well as far as him conceding, you know, it's a question of him coming out and saying something because so far he has been pretty much locked up with his closest close as collaborators. He apparently hasn't even communicated with some of his ministers and lawmakers, so he's probably only locked up with these his sons who are who are his closest allies. So that's the first point to see what he does, But also it's I think it's important to see who does come out and concede

victory um. For example, one of the leaders of the Bosonaro camp roughly in Congress has already conceded. So if more people who are close to the Bosonaro's fair do do that, it may also weaken any attempts not to concede. What would a little disover administration look like. Well, first of all, Lula built his campaign on a wide number of supporters who are not his traditional supporters. His current Vice President, Gerald L. Kim was actually his main contender

in one of the previous elections. So he's he's a real it's a bit like a Democrat taking a leading Republican on his tickets, and and so he he really made an attempt to try to amplify the size of his of his support base. So another question is once he is in government, will he continued to do that? Will he still rely on all these people who are

not really his party base. That's point number one. Point number two is he has spoken a lot about investing or spending on social programs and social plans, social benefits for the poor, and pulling out hundreds of millions of people out of poverty. And he has also spoken about the importance of environmental policies and protecting the Amazon um which Waltonaro did nothing to do and did none of that in in in his years and government. So there will clearly be a lot of public spending a top

of Lula's agenda. Um, So that's a big question as well. All right, and we got about thirty seconds here. What other reactions are you hearing with this, Well, so far there have been a lot of support from a foreign from dignitaries including the President Biden, who were really quick out of the out of the gate to come and show the support and can see that Lula had one. All right, thank you so much, Bloomberg's Rodrigo Ariella, thank

you for joining us. We really appreciate you taking the time with us this morning, and we're going to watch the developments in Brazil with you. Nathan. All right, Amy, thank you. It's down five fifty three on Wall Street. It's time for a Bloomberg Law Report, brought to you by American Arbitration Association. Business disputes are inevitable resolve faster with the American Arbitration Associate Ation the global leader in alternative dispute resolution for over ninety years. More at a

d R dot org. Now let's get to the legal stories we're watching this morning with Bloomberg Jeff Ellinger, The Internal Revenue Service estimates the tax gap, the difference between taxes ode and taxes paid has grown to four hundred ninety six billion dollars. I Robot investors who sought to block the buyout by Amazon dot Com have withdrawn their lawsuits, but they left the door open to refiling their claims. The Ninth Circuit rejected a proposal by the city of Reno, Nevada,

to tax streaming services such as Netflix and Hooli. Bloomberg Law everything you need, all on one legal research platform, including guidance analysis and Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. Now to another legal story we're watching. New York City will join a growing list of cities and states across the country when it's pay transparency law takes effect tomorrow. It requires most New York City employers to disclose the minimum and maximum annual salary

or hourly wage in job postings. A statewide bill proposing a similar pay transparency law was passed by the New York State legislature in June and is awaiting the governor's signature. For more Bloomberg's June Grosso speaks to and Dana, a partner at King in Spaulding. I take it the point of this is not just to make life easier for job seekers, that there is also a hope that it will promote pay equity. Yes, I think proponents of pay disclosure laws do argue that these types of laws will

help close the wage gap for women and minorities. You know, While it remains to be seen if this becomes a reality as these laws get passed, I think there's no doubt that these laws provide more pay information to applicants and to employees, and I think that we do anticipate that we're going to see that impact in the workplace, particularly, you know, I think some commentators are predicting that companies are going to be able to see what salary ranges

their competitors are offering, and therefore kind of match what competitors are paying, which could actually alter some of the recruiting methods that are going on right now. I think other people are also anticipating that this may give rise to more pay equity litigation. Do you see this as a trend that's going to spread these pay transparency laws.

I think that there's a real hunger right now from employees for access to more information about pay and I think that there's a trend with employers really looking to ensure they have employee trust and pay disclosures one of the ways to do that. In the past few years, we've seen a real proliferation of these types of laws, and that trend is expected to continue, and I think it's important to understand that context in order to see how New York City is kind of at the forefront

of some of the changes in these laws. So one of the key differences that we've really been seeing in the passage of these laws is that originally the laws were really focused on being reactive, and they were only requiring pay disclosure when somebody asked for salary information, whether it was an applicant or when they were given a

conditional offer. And now what we're seeing is a shift in the laws, and the laws are becoming more proactive, with states and cities amending these pay disclosure laws requiring employers to provide proactively salary ranges up front with posting of job advertisements. That's and Dana, a partner at King and Spaulding, speaking with Bloomberg's Ken Grosso. Catch more of that interview, plus analysis of the latest legal news by subscribing to the Bloomberg Law Podcast or downloading the show

at Bloomberg dot com. Slash podcasts and attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and on the Bloomberg terminal at b law Go. Futures are moving lower and of a very busy week for earnings and a key FED decision on Wednesday. Right now, SMP futures are down twenty points down, futures down a hundred thirty nine, and nastac features are lower by seventy

eight points. Germany's dacks is up a tenth percent, the cat in Paris is down two tenths percent, while the foot scene in London is up two tenths of one percent. Ten Your treasury is down twelve thirty seconds. The yield four point zero six percent yield on the two year four point four eight percent nime X screwed is now down one percent or eighty eight cents at eighty seven

dollars two cents of barol comes. Gold down two tenths percent at sixty one ninety an ounce, and the euro is trading at point nine nine four one against the dollar. Bloomberg daybreak continues. This is Bloomberg