Bloomberg Daybreak: October 5, 2022 - Hour 1 (Radio)

day on Bloomberg. Right now, S and P futures are down thirty six points down, futures down two D eighty eight, and NASDAG futures down one D thirteen. The decks in Germany's down one per cent. The ten year treasury down eighteen thirty seconds. You'll three point seven zero percent yield on the two year four point one two per cent. Nine mex screwed oil is down three tenths per cent or twenty seven cents at eighty six dollars twenty five cents a barrel. Comex goal down eight tenths percent or

thirteen dollars fifty cents at seventeen seventeen an ounce. The euro point two against the dollar British bound one point one the end one point four one, and bitcoin is down one at a quarter percent, at twenty thousand dollars. And that's a Bloomberg business flash. Now here's Michael Barr with Moore and what's going on around the world. My God, Karen, thank you very much. President Joe Biden is traveling to

Florida today. Biden will pledge that federal, state, and local governments will work as one to help rebuild homes, businesses, and lives destroyed by Hurricane Ian. Former President Donald Trump wants the U. S. Supreme Court to look into government papers seized at his Zamara Lago home. Trump is asking the justices to let a quarter pointed special Master we view one hundred documents with classified markings. In baseball, Yankee slugger Aaron Judge at his sixty second home run of

the season to break Roger marries a l record. It happened in Game one as the Yankees split a double header for the Rangers. The Mets swept a doubleheader against the Nationals, but the Brave still clinch the NL East with the win over the Marlins. The Red Sox and A's one. The Giants lost global news twenty four hours a day on air and on Bloomberg Quickdake, powered by more than twenty seven hundred journalists and anialists more than

a hundred twenty countries. Michael var and this is Bloomberg. Nathan. Alright, Michael, thank you. It's five forty nine on Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg day Break. Let's take a closer look at this market now. For that, we're joined by Anika Gupta, Director of macroeconomic Research at Wisdom Street. Anica, it's great to speak with you this morning as we watch futures fall after two straight days

of gains to start off the fourth quarter. Is this a change in sentiment or be back to the kind of gloomy feeling we've had before the rally? Very good morning, Nathan, Yes, I think um. You know we've we've opened October and uh, you know the third quarter with a with larger hopes of a FED pivot um and you know we had a risk on market rally lot yesterday, um largely predicated

on the fact that the Fed would turn UM. Today. However, you know we're back to risk off because there are a number of factors that are still weighing on sentiments. You know, we've got the all important OPEC meeting. We've also seen, um you know, some of the data that is coming in, uh, showing that, you know, if it were not likely to see the FED turn as quickly as previously anticipated, because we still need to get the

FED jobs. The job's numbers coming in on Friday, UH for a bit more direction and clarity on the strength

of the labor market. And UM, you know, I think the decision by OPEC is also weighing heavily on sentiment because uh, you know, previously, UM, you know, the anticipation was that we would be getting uh cuts, production cuts expected in the range of about a million barrels per day, But now they've hid that those discussions all the way up to about two million barrels per day, UM, and that that would again you know, the signific by considerable

pressure on the inflation side, which would be coming from higher energy prices. What's your call on the impact that would have on inflation and the economic growth picture more broadly, if we did get that kind of outsized production cut from OPEC plus after the meeting today, well, the two

things to consider here, Nathan. You know. The first thing is um, while that that cut, if they do go ahead with a with a cut as large as uh, you know, two million barrels per day, that would have more of a psychological impact on the market, because in reality, the the impact is a lot less than the official headline number because several members are already pumping far below their official quotas, which means they're automatically will be in

compliance with this new headline um you know production cut limit that they would put into the market. So I think, um, you know, from from a psychological perspective, it would still be the cartail's largest reduction, um you know, since the deep cust that we agreed at the onset of the COVID pandemic. But the key thing to keep in mind is this is this decision is coming on a day when the EU has backed a new package of sanctions against Russia, uh you know, which also includes a price

cap on oil sales to third world countries. So uh you know, the key the key focuses it's it's also in retaliation to this package that is coming in from EU. Uh, it's also trying to address the significant disconnect that we have between the physical oil markets and the synthetic oil markets, where you know, the physical markets are resonating concerns on a supply shortage, whereas the synthetic market is just resonating concerns on uh, you know, demand being curbed because of

recession concerns. We only have about thirty seconds left here and Nika, but you did mention the JAR report coming out on Friday. We've seen strength in the labor market continuing. Do you expect that to continue on the payrolls report that comes out the end of the week. Well, I think we will see some loosening um in the job's data.

We're expecting uh, you know, jobs to go at about two d and fifty thousand, unemployment to remain under around three point six percent, and a slight decrease in the average wage growth to around five point So it's still wouldn't signal that the FED is about to pivot, but it you know, we we believe we're still on track for seventy five basis points red hike in November and from then on, um, you know, we'll start to see a slower, more moderate piece of rate hikes going forward.

By the Fed. Thanks so much a great getting your thoughts this morning. A Nica Gupta, director of macroeconomic research at Wisdom Tree, Karen very Nathan, thank you, and it's from thor day three on Wall Straight time for the Bloomberg The Law Report. Let's get to the goose stories were watching this morning from Bloomberg's Jeff Bellinger. PayPal investor charges in a proposed class action that many new accounts on PayPal were created by bots and not legitimate first

time customers. A federal class action law soon accuses Vanguard Equities of sending spam text messages to consumer cell phones without their consent. The Fifth Circuit rule that a black teenager lacked proof that her Austin, Texas school district was deliberately indifferent to her complaints about race discrimination. 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. All right, Jeff, thank you. Now another legal story we're watching. In day two of the new term, the Supreme Court heard oral arguments in a case that could deliver another blow to the Voting Rights Act, the nineteen law designed to protect my already voters at

the ballot box. The Court is considering whether Alabama violated the Act by drawing its congressional map in a way that insures the state will have just one black representative for the next decade, even though its citizens are black. For more Bloomberg juon Grosso speaks to elections law expert Richard Hassen, a professor at u c l A Law School. This was a nearly two hour argument. What was the main focus or concern of the justices. Well, Alabama advanced

a number of different arguments. Their most radical argument would essentially rework section to the Voting Rights Act, and there was little appetite on the Court for issuing an opinion that would overturn decades of precedent and have a whole

new approach to the Voting Rights Act. But there was much more interest, at least among some of the conservative justices, especially Justice the Leado, in tweaking the existing standards in a way that would make it look like the Court is continuing with its application of existing law, but actually changes the standards enough to make it easier for states to win and harder for minority voters to it. The real question is whether or not the other justices would

be willing to go along with Justice Alito. Over the last decade, the Supreme Court has already weakened the Voting Rights Act. It gutted Section five of the Act. So is there any chance that this case will be different or will they just continue on the road they've been on. So there is certainly a history of the Court being

hostile to the Voting Rights Act. There was the two thousd thirteen case Shelby County versus Holder, that essentially killed off a major provision of Voting Rights Act known as Section five. There was the Burntch case that held the Section two doesn't have a lot of teeth outside of the resisting context. There's also some other decisions, including the decision a few years ago written by Justice Alito called Abbott First Paris Case out of Texas, which also weakened

the understanding the Voting Rights Act. So if that pattern holds up, I don't think it's going to be good news for minority voters. I think the real question is not there's a good chance that the plaintiffs lose. We already know from them taking the case and issuing a stay that that's likely to happen. It's how they lose, how bad it's going to be. And that's Richard Hassan, a professor at u c l A Law School, speaking

with Bloomberg student Grosso. Catch more in 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 podcast. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and on the Bloomberg terminal at b Law. Go futurists this morning or lower SNP futures down thirty nine points down futures down three hundred nine and NASDAG futures down one twenty

and a ten year treasury down eighteen thirty seconds. You have three point seven zero percent. They yield on the two year four point one two per cent. Nine make screwed oils down half percent or forty cents at eighty six dollar. There's twelve cents of barrel. The euro this morning point nine to eight against the dollar British pound one point one zero, and our top stories are straight ahead. As Bloomberg Day Break continues. This is Bloomberg broadcasting live

from the Bloomberg Interactive Broker's studio in New York. Bloomberg E Living Free to Washington, d C, Bloomberg On to Boston, Bloomberg one six one does San Francisco, Bloomberg nine sixteen to the country, Sirius xm A one nineteen, and around the globe the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow. We're just about four hours away from the open of US trading.

Let's get you have to date on the news you need to know at this hour. We begin with Elon Musk reviving is a bid to buy Twitter. He'll make the acquisition at the rich a price of fifty four dollars and twenty cents of share. Now attention turns to the path ahead for Musk and Twitter. Ross Gerber with Gerberg. Kawasaki says, the world's richest man must focus on mending his relationship with a company and its employees. It's not distrusted, it's hate. They hate him. He's created a situation, and

I love Elon. You know I'm I'm a fan and supporter, don't get me wrong, but I have friends at Twitter and they hate him. Now, if I'm Twitter, I'm not going to get rid of this lawsuit at all. I'm going to force specific performance on Elon because there's no trust there at all. Ross Gerber with Gerber Kawasaki says Musk is acquiring the company with employee morale at an all time low. Well, Twitter shares close twenty two percent

higher yesterday, They're done about half percent this morning. Tesla shares also jumped on the news, climbing nearly three percent, and this morning Tesla's also lower, down one percent. Now. The US futures are lower as well this morning. Karen, following Hawky is rhetoric from several Central Bank officials. FED w R Philip Jefferson says reducing inflation will likely require

a period of weak growth to ease demand. Also, speaking yesterday, San Francisco FED President Mary Daily, she stresses the importance of price stability. Unlike it's a great time to be

a worker, the workers have all this power. I don't see a lot of power if your real wages are following nine and so that is sort of an example of why inflation is a corrosive If we let it go, it's a corrosive disease in the stay tuned for war from San Francisco, Fed President Mary Daily this morning, we sit down with her for an interview live on Bloomberg

Radio and television at ten fifteen Wall Street Time. Well overnight saw stocks in Asia rally for a second straight day, Nathan, Traders are betting that the global monetary policy tightening cycle will soon ease. It's a different story in Europe this morning, where stocks are following US. Futures lower and we're keeping on. In UK politics this morning, Karen Prime Minister Liz Trust is set to give a speech at the annual Tory

conference in Birmingham. It seemed at reviving her belieguered premiership. I'm back here. In the US politics are also in focus, Nathan. Former President Donald Trump is asking the Supreme Court to let a court appointed special master review classifying documentaries from his Maralago home to move escalates the Justice Department's investigation into the former president, and futures this morning are lower.

As we said, f SMP futures down about twenty eight points and down futures down two two and Asdack futures down eighty three and as straight ahead. We have your latest local headlines plus the check of sports. And this is Bloomberg. Hi, Karen. Thanks, It's three on Wall Street where fifty six degrees in Central Park, still dealing with a bad accident Route eighty between eight and fifty seven and fifty eight in Patterson. Michael barrs here with what

else is going on in New York and around the world. Michael, thank you very much. Nathan. Mourners will say their final goodbyes to an f d n Y E m S. Lieutenant. Funeral services take place today for Alis and Russo Elling in Brookville. She was fatally stabbed last week and an unprovoked attack. The f d n y S has Ruce o'elling,

who was sixty one, will be posthumously promoted to captain. Today, the New York Division of the Drug Enforcement Administration and Local Law Enforcement announced the results of the first significant seizure of rainbow fentanyl in Manhattan. The seizure of nearly fifteen thousand pills happened on September when a vehicle under surveillance by the d e A was stopped outside the Lincoln Tunnel where they discovered the pills hidden in black top bags and a lego container. Bridget Brennan is the

New York City Special Narcotics Prosecutor. My office and our partners are committed to disrupting high level narcotics trafficking by intercepting large loads of lethal drugs and drug proceeds. We do this to protect New Yorkers and to save lives. Prosecutor Brennan says, the person in the car, Letitia Bush of Trenton, New Jersey, was arrested. President Biden will visit Florida today to tour the damage caused by a hurricane Ian. More than one hundred people were killed by the norm

in the US. President Biden gave a stark warning while talking about the Task Force on Reproductive Healthcare Access. According to the President, the Supreme Court decision to overturn Roe v. Wade, it's not enough for the Republican Party, He says. If the Republicans win Congress this year, states that retained abortion access rights could lose that as well, and the Congress should codify the protections of row and do it once and for all. But right now, we have. We're sure

a handful of votes. It's the only way it's going to happen is if the American people make it happen. At least fifteen states have stopped nearly all abortion services since the Supreme Court abortion ruling in June. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analyst, are more than a hundred twenty countries. I'm Michael Barren. This is Bloomberg Naked. Thanks Michael on Wall Street time

for the Bloomberg Sports that date. He did it. John stan Shower, indeed, Mathan Aaron. Judges pursuit of Roger Marris finally over number sixty two hit in game number one sixty one. It became apparent a few months ago that it might be tough for Judge to reach Barry Bonds in seventy three. But then Roger Marris's America League record of sixty one was in reach. He hit his sixtieth over two weeks ago. Took him eight games. You had the sixty one and five more games without a homer,

including the opener the doubleheader in Texas. But Judge let off the second game with a shot to left field off the Rangers Hey sus ten Oko. All of his teammates greeted him at home played, and later Judge was asked what he'll remember about this experienced in Yankee Stadium on their feet for every single at bat. You know, they're booing pitchers for throwing balls, you know, which I've never I've never seen before. And you know, I think I got a base at the other night and I

was getting booed for a single. You know, it's just you know, a little moments like that you look back on. You know, would have been great to do it at Yankee Stadium in front of our home fans, but I know a lot of Inkee fan travel travel well, and there's a lot of Yankee fans here tonight. Of course, this record got so much attention because it's also the so called clean record Bonds, Mark McGuire, Sammy Sosa's seasons all tainted by steroid US. Yankees beat the Rangers five four,

then lost three to two. They finished the season today going for their one win, and then in the division series they'll play either Cleveland or Tampa Bay. The Mets swept the double header from Washington four two and ain't nothing. They've won a hundred games, but they'll finish second behind Atlanta, who clined to The Mets will face San Diego in the best of three wild Cards series at City Field

that starts on Friday. John stash were Bloomberg Sports. Nathan, all right, John, thank you, it's thirty seven on Wall Streets. Time for the Tri State Business Report. Here's Bloomberg Scott car. The demand for office space continue to fall. In August, VTS is monthly tracker of office space demand found demand for new office space in New York felled by twenty two point eight percent. There atalyst state, companies are still trying to figure out how much space they'll need permanently

in a post pandemic world. New Jersey Governor of Film Murphy announced the launch of the state's Clean Buildings Working Group at this week's Clean Energy Conference. The group will bring together stakeholders and experts to inform the decision making

process for greener, cleaner buildings in the Garden State. The co founders of City Pickle in New York say they discovered pickle ball, which combines elements of tennis, bad mitten and ping pong during the COVID lockdown, but we're dismayed to learn there were no indoor playing facilities in the city, so they'll open one in Queens sometime in next year's first quarter. Reports called pickleball the fastest growing sport in the country, with four point eight million players. That's the

Bloomberg Try State Business Report. I'm Scott Carr, Thanks, Scottivet eight 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 heard on our three hundred affiliate radio stations around the world. I'm Steve Poto Scott ten ten Wins in New York. We're talking about international law firm Clifford Chance reducing it's Manhattan office footprint. UM Corney

Donahoe on kerl Dan, Dallas. Amazon is discontinuing it's Amazon Glow Kids video. Calling to Bike, I'm Gina servet I in for w c CEO in Minneapolis. I'm talking about Tupperware now being sold in Target stores. I'm Denise Peligridy at on w BZ in Boston. I'm reporting on how we could be about to hear more on rules for sports fotting. I'm Caroline Head Company back Dave Digital Radio

in London. We've been reporting on the pressure on Prime Minister Listrass at the end of a turbulent and Conservative party conference. I'm Scott Carr on w d c H in Washington. I'm reporting the pandemic almost seemed to help the hospitality industry in one Virginia town. And those are some of the stories. Are twenty hundred Bloomberg journalist and analysts working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial

from Bloomberg Opinion. This sedatorial was written by the Bloomberg Editorial Board. After days of insisting there'd be no backtracking on them many budget that caused panic in financial markets, the UK government duly reversed itself this week. Prime Minister Liz Trusts and Finance Minister Quasi Quarteng confirmed on Monday that a promise cut in the top rate of income tax would be canceled. This sudden reversal could give the administration a second chance, so long as Trusts offers further

ressurances that shall be cautious. Among other things, this will mean patching things up with the European Union, taking advice from the Office for Budget Responsibility on taxes and spending, and consulting the Bank of England on the interaction of fiscal and monetary policy. Investors need to see more signs of prudence from the UK's new government, but reversing a misguided tax plan was a good start. This editorial was

written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or op i n go on the Bloomberg terminal. This has been Bloomberg Opinion and you can hear Bloomberg opinion editorials every weekday at this time. Terminal customers can read more at O P I n go. Future is moving lower this morning. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather. Rain will taper off to showers and should be done

by this evening. We'll get up to your sixty degrees low seventies with sunshine tomorrow and Friday. Right now fifty six in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, at Bloomberg Business at and at Bloomberg quick Take. This is a Bloomberg Business lash and I'm Karen Moscow and US stock index futures and European shares are falling as investors skilled on their optimism for less talkish central banks and sink

more evidence that inflation is moderating. If you check the markets every fifteen and it's sill not the trading day on Bloomberg right now, SMP futures are down about twenty eight points down, futures down two d twenty three and as day features down eighty five. The decks in Germany is down about eight tenths of upper sent ten. Your treasury down eighteen thirty seconds. You have three point seven zero percent they yield on the two year four point

one two percent nine max. Screwed oil is down six tents per cent or fifty three cents at eighty five dollars ninety cents a barrel coll MIxS gold is down half percent or eight dollars thirty cents at seventeen twenty two twenty announced. The euro is at point nine six against the dollar. British found one point one four one five the yen one four point three six and Big Coin this morning down one percent at twenty thousand, one

hundred thirty dollars. Today we are watching for our word on private pay rolls out at eight fifteen Wall Street time in eight thirty, it's a trade balance. And at ten and look at service industries 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. Karen. Recovery efforts continuing in Florida and made the devastation left by Hurricane and I and President Biden plans to visit

the state today. United Airlines is said to be restarting Hong Kong flights as soon as January. It's one of a handful of major airlines to resume passenger flights to the city, which has largely been cut off to the outside world since the start of the pandemic. In baseball, Yankee slugger Eron Judge had a sixty second home run of the season to break Roger Merras's American League record. It happened in Game one as the Yankees split a

double header with Rangers. The Mets swept the doubleheader against the Nationals bought. The Braves still clinched the NL East with a win over the Marlins, the Red Sox and A'SE one. The Giants lost. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty dred journalist and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg NA sixty two is number gonna be SA from a long,

long time. Thank you, Michael. It is five nineteen on Wall Street Life from the Bloomberg Interacted Broker studios. This is a Bloomberg Daybreak. But the other big number of the morning is that's the amount and the dollars per share that Elon Musk now says he will go ahead and purchase Twitter with forty four billion dollar buyour deal is back on capitulation. Perhaps let's ask Alex Web Bloomberg

Quick Take correspondent tech calumnists for Bloomberg Opinion. Well, at least we know that he's gonna avoid a court fight now, Alex. But what's behind it? It is partly one assumes it's hard to know for sure at any one time what Ellen is thinking, but one assumes that it is a desire to evade that court flight. The the singles weren't looking good heading into it. There have been a number of early hearings, about half dozen, of which Elon had won.

None of them. He had lost in every single case in terms of trying to push the court hearing back to February, in terms of trying to stop Twitter from getting more data on his communications with the bankers, the Judd ruled on Twitter's side every time. It didn't look very good. And therefore, why go through the punishment of having to sit on this sand, experience more frankly damaging discovery and end up losing anyway, You might as well just you know, call us spade a spade and suck

it up. So now does this raise the question that came up even before this quarter fight was even in the picture, whether Elon Muskin line up the financing for forty four billion dollar buyouts. It certainly seems as though the financing is in place. The bigger question is how um how ready other banks to stomach the fact that the you know, interest rate environment is considerably different from

how it was six months ago. It's about twelve and a half billion dollars in financing that have been lined up, some of those unsecured, about three billion unsecured. You know, the yields that they had been talking about at the time when they particularly we're going to turn around and refinance it with institutional investors were maybe eleven and a half percent comparable notes and now going for fifteen. So

it's a far more challenging environment for them. We've seen some banks take take big hits already on other deals that they had agreed financing for before or um interest before rate started to go up. You know, they could be some institutions here facing costs in the in the sort of hundreds of millions of dollars range. I mean, that just speaks to what the environment looks like for leverage buyouts more broadly, I mean, are the banks willing

to to stomach those kind of losses? I mean, presumably if they've already committed to doing it, it's hard for them to back out and there and you're just going to have to perne it up. But Elon is talking about having a he's positing a new business models, which one assumes are partly intended at least to assuage some of the concerns that these banks have. But uh, you know, it doesn't necessarily mean they're going to avoid any pain whatsoever.

To your point about the business models, very interesting to see after this deal was announced that it's back on again. Elon Musk tweeting about accelerating the development of X the everything app. What is that? What's he talking about? Well,

we quite no, it's obviously inevitably he's something. He's he's posited in the scope of just a single tweet, he's mooted it or express the admiration in the past for services such as we Chat, that the Chinese super app owned by by ten Cent, which is really a portal to not only many Chinese people's um online existence, but sometimes their real world existence as well. You can order food, you can pay your bills, go on dating apps, play

games all through this single app. Now, the challenges that, on the one hand, to make that sort of vibrant ecosystem happen, you need to have a lot of developers willing to and and companies willing to bring their products

and services to your app. Twitter, with about two million daily active users is far less appealing for a developer than would be say the iPhone, which has in the order of one and a half billion active users or indeed and systems remember phones that run Android to Google's equivalent.

If it did have that sort of scale, then it starts to encounter maybe some regulatory difficulties because if it is frankly leaning on companies to to bring their services to its app in order to find these users, the regulators, particularly in Europe, do not like it when you leverage strength in one market to find strength in another one that is seen as anti competitive, and so it's it's a it's a knotty solution. If he can make it happen,

then presumably he can deliver huge amount of value. But it's not an easy path and not one that frankly, any company in Europe or the US has managed to achieve just yet, which we had more time, so much to get to when it comes to this story we've been following for so many months and it's going to continue.

Alex Web Bloomberg Opinion tech calonists of course, a correspondent for Bloomberg Quick take and taking a look at the shares of Twitter right now, a little bit shy of the offer price down about a half percent in early trading. As far as Tesla goes sometimes move in tandem. Tesla shares are down one broader markets lower as well. S and P futures are down twenty eight points. Staff futures down two thirty one and NASDAC futures are lower by

eighty five points. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather. This rainal taper off should be done by this evening. We'll get down up to sixty degrees, low seventies, sunshine for the rest of this week. Right now fifty six and cloudy in Central Park, and it's now five oh seven on Wall Street. We have got wet roads this morning, root eighties closed both ways in Patterson and it's fifty six degrees right now in Central Park.

Let's bring in Michael Barr for a check of what else is going on in New York and around the world this morning. Good morning, Michael, Good morning Nathan. The New York Division of the Drug Enforcement Administration and local law enforcements say they've made a significant seizure of Rainbow fentinil in Manhattan. The seizure of nearly fifteen thousand has happened on September when the vehicle under surveillance by the d A was stopped outside the Lincoln Tunnel. Bridget Brennan

is New York City Special Narcotics Prosecutor. They approached the car and found Letitia Bush in the rear seat with two black chote bags and a yellow Lego container. Right there inside the Lego container where several brick shaped packages covered in black tape line next to lego blocks. Prosecutor Brennan says, Bush was arrested. D E A Special Agent in charge Frank Tarantino, This is deliberate, this is calculated. This is treacherous deception to market rainbow fenceanel like candy.

Frank Tarantino with the DNA says, with Halloween approaching, these newly packaged poisons are parents worst nightmare. Mourners will say their final goodbyes to an f d n Y E m S Lieutenant. Funeral services take place today for Alice and Russo Elling and Brookville. She was fatally stabbed last week and an unprovoked attack. The f d n Y says. Russo Elling, who was sixty one, will be posthumously promoted to captain today President Biden will had to Florida today

to meet with Governor Rond De Santis. Days after hurricane and founded Florida Southwest Cruise is still conducting door to door searches for survivors. Fort Myers Beach Mayor Ray Murphy nobody was spared this storm. Every structure on the islands a second. Mayor, Murphy says the city will rebuild. President Biden will be in New York State tomorrow. The President heads to a job's event hosted by IBM and a

pair of fundraisers ahead of November's mid term elections. The White House Officials says the trip will include a visit to the IBM campus in Poughkeepsie. Biden is later expected to travel to New Jersey for a fundraiser hosted by the Democratic National Committee. Global News twenty four hours a day on air and on Bloomberg Quickday, powered by more than seven hundred journalists to listen more than twenty countries. Michael Barr, this is Bloomberg, Nick, Yes, it is thank you, Michael.

Five oh nine on Wall Street time for the Bloomberg Sports update in our real top story this morning from John Show. Are the next preseason game that they've been playing baseball, Nathan America leave for a hundred twenty years. And the three most home runs in a single season, all by Yankee outfielders. The sixty hit by Babe Ruth nine seven, the sixty one hit by Roger Maris nineteen sixty one and now sixty one years later, move over, Roger Maris. Aaron Judge led off the second game of

a doubleheader in Texas. Here's the one one swing on there goes take lockin us hot let us far hut us come number sixty two to set the new American League records. Aaron Judge hits the sixties second all the Yankees out of the dugout took w f an it came up the Rangers. Hey sus Tonoko is third pitch of the game, a slider the Judge into the left field stands, caught there by a guy who is apparently a wealthy banker and so far anyway, holding onto the ball.

Judges season amazing twenty three more home runs than anyone else in the Lee only forty four fewer home runs in the entire Detroit Tigers. And oh, by the way, he's gonna be a free agent after the season. Yankee split the double header. They learned their opponent in the division series will be the winner of the wild card series between Cleveland and Tampa. Bay Mets learned their opponent in their wild card series this weekend at City Field

will be the San Diego Padres. Mets swept the double header from Washington, but Atlanta Clints the NL East will the win. In Miami, the Islanders locked up Matthew Barzel new eight year, seventy three million dollar contract. John STAPs were Bloomberg Sports Nathan okay, John, thank you. SMP futures right now are down twenty nine points, DAL futures down two in to thirty eight, NASTAC futures are lower by

ninety two points. The ten year treasuries down eighteen thirty seconds, the yield old three point seven zero percent yield on the two year four point one two and n I'm ex screwed right now down six cents percent at eighty six dollars. Two cents of barrel, Musk and Twitter back

together again. You check in next to Bloomberg's Alex Webb Bloomberg eleven three oh weather raintapers off the showers this afternoon breezy, cool with a high near sixty degrees, clearing out tomorrow getting back into the low seventies, and we'll keep it there on Friday. Right now, fifty six in Central Park Life from the Bloomberg Interactive Berger Studios. This is Bloomberg day Break for Wednesday, October two. Coming up

the shower. Elon Musk agrees to buy Twitter and it provides a glimpse of his plans for the social media network. Less Trust addresses her party as the Prime Minister works to get her economic agenda back on track, and the Fed won't let up official signal no plans to slow interest rate hikes. New York City authorities and the d e A announce a big bust of rainbow fentomil plus. President Biden heads to Florida today to look at Hurricane

its destruction. I'm Michael lair More Ahead, I'm John stash Our Sports Baseball History Aeron Judge in his record breaking sixty second home ro on the Atlanta Brade, is Clints the n l E. That's all s traded ahead on Bloomberg Daybreak on Bloomberg eleven Free on New York, Bloomberg on Washington, d c Bloomberg one of those six one Boston, Bloomberg nine sixty San Francisco, sirius x AM one nine team and around the world on Bloomberg Radio dot com

and via the Bloomberg Business app. And Good Morning, I'm Parent Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought to you by SEI, built on advanced technologies and fifty years of innovation. SEI offers asset Managers are comprehensive and flexible operations outsourcing platform. Go to se i C dot com, slash Managers and us dock Index Futures are lower this morning where at five oh one on Wall Street, and we checked the markets every fifteen minutes about the trading day.

On Bloomberg SNP Future is down twenty eight points this morning down Future is down two thirty three and as dead features down to ninety four. The tenure Treasury down nineteen thirty seconds. He had three point seven one per cent. Nathan Karen, We'll get back to markets in a minute, but first we begin with Elon Musk reviving his bid to buy Twitter. He will make the acquisition after all, at the original price of fifty four dollars twenty cents

a share. Now, attention turns to the path ahead for Musk and Twitter. Ross Gerbert with Gerber Kawasaki says the world's richest man could be in for a bumpy ride. He's paying the highest price possible. He's trying to get dead at the worst time possible. He's basically being forced to buy this company. It's not like he changed his heart. I think his lawyers just told him he was gonna lose.

This is a mess. Ross Gerber with Gerbert Kawasaki says Musk is acquiring the company with employee morale at an all time low. Twitter shares closed twenty two percent higher yesterday. Tesla shares jumped on the news as well. They climbed nearly three percent This morning. Tesla is down about one percent in early trading. Well. Turning to the broader markets now, Nathan US futures are lower following two days of gains.

Optimism for so called FED pivot maybe waning. Phil Palumbo, CEO of Palumbo Wealth Management, says this week's gains are likely a bear market rally to reduce some of the risk football. We've been investing in cash right now, and we're taking advantage of all two. As we're in this bear market and as we believe things will get worse, will put those Moneys to work in good quality businesses

as long term investors. And Phill Palumbo with Palumbo Wealth Management says he expects inflation to fall from here, but he also predicts the volatility will continue now. The drop in futures Karen follows more hawkish rhetoric from several central bank officials. FED Governor Philip Jefferson says reducing inflation will likely require a period of weak growth to ease demand. Also, speaking yesterday, San Francisco FED President Mary Daily, who called

inflation a corrosive disease. Right now, the pain that I hear every day, the suffering that people tell me they're going through, is on the inflation side. And this is true of low and moderate income people, not just people who are worried that inflation expectations will drift. They're worried about their day to day living. Let's stay tuned for more from San Francisco FED President Mary Daily will sit down with her for an interview live on Bloomberg Radio

and Television coming up at ten fifteen am. Wall Street Time. Well Nathan Overnight saw stocks in Asia rally for a second straight day. Traders are betting that the global monetary policy tightening cycle will soon ease, and Bloomberg JULIETT. Sally joins us from Singapore with the latest. Good morning Juliette,

Good morning Karen. The regional benchmark index climbed as much as one point eight percent, led by a surgeon consumer discretionary and tech stocks like T s MC and Ali Baba, and that brought the measures two day rally to more than a four percent, the best two day games since

March Stokes in Hong Kong, the region's best performance. The benchmark Hang Sang Index jumping more than five percent as trading resumed following a holiday, and the Kiwi in New Zealand bonds rallied as the ABENZ followed up with yet another fifty basis point hike, the fifth in a in Singapore. Juliette Sally Bloomberg daybreak. Okay, Juliet Thanks. Turning to Europe, now we have an eye on UK politics. This morning, Prime Minister Liz Trust is set to give a speech

aimed at reviving her beleaguered premiership. She will address her Conservative party at the annual Tory conference in Birmingham. Bloomberg's James Wilcock is there and joins us with the very latest. Good morning James, Good morning Karen and Nathan. Liz. Trust's honeymoon is over now. After humiliating U turn and market chaos, she needs to prove to the Conservative party that elected her only a month ago that she can actually lead

the government. She looked knowledge that struggled in her speech, saying wherever there is change, there is disruption. But even ahead of that speech, divisions in her party are coming to light. Even members of the Prime Minister's top team are in open disagreement over what to do next. In Birmingham, I'm James Wilcock, Bloomberg Daybreak, Right, James, thank you to politics here in the US now or Donald Trump is

back in focus. The former president is asking a Supreme Court to let a court appointed actional master review classified documents sees from his Mara Lago home. To move escalates the Justice Department's investigation and to whether Trump or his aids illegally took sensitive government records when he left office and obstructed repeated efforts to recover them. In New York, Heren we got word. Micron Technology plans to invest as much as a hundred billion dollars over the next twenty

years to build a factory in the state. It's the latest bid to boost US production of memory chips. Governor Kathy Hokel says it will create about fifty thousand jobs in New York State. We believe that this is going to be a catalyst not just for this company and jobs to come here, but also the supply chain companies that will say, you know, I don't want to manufacture overseas. There's so many disruptions. New York Governor Kathy Hokeel spoke

with David Weston on Bloomberg's Balance of Power. Catch the program weekdays at noon on Bloomberg Radio and Television. Well turning to corporate news now Nathan Amazon is pausing hiring for corporate positions and its retail business. It's the latest sign that Amazon is adjusting its workforce to slowing online sales. Sources say the company will pause re crewman until the

end of a year. The freeze does not apply to its warehouse network, where most of its employees work and kareny E. Cigarette manufacturer Jewel has begun talks for funding for a potential Chapter eleven bankruptcy. That's according to people with knowledge of the preparations. They aren't final. The plans could change. A Jewel spokesman says the company is still considering other avenues. Looking ahead to the market, open futures are moving lower. We see SMP futures right now down

thirty three points. Down futures are down two hundred sixty two, and NASTAC futures are lower by a hundred three points. The tenure treasury is down eighteen thirty seconds. You'ld three point seven zero percent. You'ld on the two year four point one two Imax screws down six tenths percent at eighty six oh one a barrel, and the British pound at one point one four one four against the dollar. Straight ahead, your latest local headlines and a check of sports. This is Bloomberg