Bloomberg Daybreak: October 7, 2022 - Hour 1 (Radio)

New York State's new gun law. Plus an n y p D cruiser crashes onto a sidewalk injuring ten people by Michael barn More ahead, I'm down Station where the Colts beat the Broncos it over time. The medicine Padres begin their wild Card playoff series tonight at City Field.

That's all s trendy head on Bloomberg day Break on Bloomberg eleven three on New York, Bloomberg nine 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 Bloombird Business app Good morning. I'm Nathan Hagar and I'm Karen Moscow and US Dock Index futures are lower this morning.

We're coming up to five oh one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day. On bloomberg S and P futures are down about six points. Own futures are little change. Nowsday future is down forty four. In the ten year treasury down to thirty seconds. He had three point eight three for sent Nathan Karen. Let's begin this morning with talk from

the FED. Central bankers are coming out in full force to talk down expectations of a turn to more devilish policy. We heard hawkish comments from no less than five officials yesterday, including Minneapolis Fed President Neil cash Carry. Until I see some evidence that underlying inflation has solidly peaked and there's hopefully headed back down, I'm not ready to declare pause.

Minneapolis Fed President Neil cash Cary said he expects losses and failures around the global economy as we transition to a higher interest rate environment. Likewise, Fed Governor Christopher Waller says he sees no signs of a FED pivot either. This or next year. I anticipate additional rate hikes into early next year, and I'll be watching the data carefully to decide the appropriate pace of tightening as we continue

to move into more and more restrictive territory. FED Governor Christopher Waller emphasized the need to fight inflation, and we heard similar remarks yesterday from Cleveland FED Chief Or at Amester, FED Governor Lisa Cook, and Chicago's Charles Evans. Well, let's take a look at the markets now, nathan Us dot Indix futures are mostly lower in that hawk ish FED talk in some weak earning sham chipmakers are hitting sentiment.

Jessica Biemers, portfolio manager with Easterly Investment Partners. I think we all have to understand that, um, we're only going to get early hints of the FED full impact. A lot of the efforts that they put out there obviously huge increatures in the interest rate, but that takes time to work its way through the economy and certainly on the jobs numbers that we're going to see. Jessica b with Easterly Investment Partner says FED policy could start hitting

earnings in the coming months. That job's report is the key event on the agenda today, Karen, we get the employment figures for September at eight thirty am Wall Street Time. Here with a preview is Bloomberg Economics correspondent Michael McKee. Employment is one of the Fed's two mandates, and this job's report will be one of the key numbers as

policymakers decide on a rate hike next month. What they'd like to see is job growth in the neighborhood of the Bloomberg Consensus, which would suggest the economy is slowing but not crashing. Unemployment is also key. No change is expected, but historically a jump in the jobless is a sign of recession ahead. Stronger job creation or lower unemployment would suggest the Fed will push interest rates higher for longer,

disappointing investors. A consensus like report would turn attention to next week's consumer price index, a final decision point for the Fed. Michael McKey Bloomberg Daybreak, All right, Mike, thank you. Sick with us all morning for live coverage of the September jobs report, plus a conversation with Marty Walsh. We speak with the US Labor Secretary. Coming up in the nine am hour on Bloomberg Radio and Television. We'll turning to oil now, Nathan. We're seeing crewde head for its

biggest weekly game since March. After sliding on concerns over a global slowdown, oil has rallied since Opek announced plans for a large production cut and checking prices now nine x screwed oil is up half per cent, is at eighty eight dollars ninety three cents. Of Barrel brand is

up about the same at ninety four dollars nine cents. Now, let's get the latest on Elon Musk and Twitter, Karen, there is uncertainty creeping into Musk's plans to buy the company afterward his offers contingent on thirteen billion dollars in debt financing, Bloomberg said. Ludlow has more. The concern is that Musque has this twelve point five billion dollars of debt split between a six point five billions dollar alone, three billion of un secured, three billion of secured bonds.

There's also revolving credit line in their times have changed since that deal in that package was agreed in April, and so I guess the concern in the background is the viability of that debt. Bloomberg's Had Ludlow reports to judges halting the court case to allow the deal to close. He says that the transaction isn't done by five pm October, new trial dates will be set for November. Shares of Twitter rose in late trading yesterday. Right now they are

little changed. I'll see hum incorporate news, Nathan. We're seeing possible signs of a bigger downturn intech. Shipmakers are warning of slowing demand. Samsung and a MD reported earnings within hours of each other that widely missed estimates. The numbers come after Micron Technology slash spending and output in hopes of stabilizing plunging prices, and Amazon's abandoning its home delivery robot. It just the latest cut to the company's experimental projects.

Bloomberg's Charlie Pellett has more on that story. It is the latest sign that the e commerce giant is starting to wind down experimental projects amidst slowing sales growth. According to a source, work on Scout, an autonomous machine launched about three years ago, has already been halted. An Amazon spokesperson said the Scout team was being disbanded and would

be offered new jobs in the organization. A source says about four hundred people were working on the project globally in New York, Charlie Pelt Bloomberg Daybreak, All right, Charlie, thank you, let's talk politics now. In the conflict in Ukraine, President Biden weighing in on the war at a fundraiser in New York, expressing concern of our Vladimir Putin's threats to use nuclear weapons. Biden called the threats real and says the US is trying to find an off ramp

for Putin. Biden warrant it if Putin deployed nuclear weapons, it could lead to armageddon. At the same time, caring the president's making announcements back here at home, he announced the pardon for any American convicted of simple marijuana possession under the law. Too many lives have been upended because of our failed approach to marijuana. It's time that we right these wrongs. President Biden's all surging governors to issue

similar partis for state offenses involving marijuana. And we are just getting word that a lesbia Latsky of Belarus, known for his work in civil rights, is the winner of the Nobel Peace Prize again at just crossing the Bloomberg SMP futures are now little change, so are Dow futures, while Nousdack futures are moving low. Were this morning down about thirty three points. Ten year treasury down to thirty seconds.

You had three point eight three percent and a yield on the two year four point to five percent, and I make screwed oil again up about half percent. Traight ahead your latest local headlines plus a check of sports. And this is Bloomberg the deparent. It's five oh seven on Wall Street where at sixty one degrees in Central Park, starting out with delays on path of signal issues between Journal Square through thirty third Street. Details coming up in traffic.

First Michael Barr with what else is going on in New York and around the world. Good morning, Michael, Good morning, Nathan. Authorities in New York City say ten people were injured, including two young children and win a police cruiser collided with another vehicle and crashed onto a sidewalk. It happened yesterday afternoon in the Bronx at Westchester and the Whole Avenues.

NYPD Chief of Patrol Jeffrey Madrey said The patrol car was responding to a call and trying to get around a vehicle at an inter side should when the crash happened. The officers crossed over the double yellow line to go around the vehicle, but the vehicle made a left hand term, at which point the department vehicle and a civilian vehicle they clicked each other. Police say there are no major injuries.

Officials in New York are looking at their next options after a federal judge struck down the state's new law banning guns in certain public areas. The law was created in response to a Supreme Court ruling striking down another New York law that restricted who could own a gun. Now, officials are concerned about guns being carried into crowded areas like Times Square. The judge issued a three days stay on his own order, allowing the state to appeal it

in Governor HOCl vows to do just that. An extremist group leader is now the first plead guilty to seditious conspiracy in the January six attack. The senior member of the Proud Boys admitted to planning of island assault on the Capitol days before the January six insurrection. Jeremy Bertino has agreed to cooperate with federal investigators. Gruesome crime on the Las Vegas Strip, where police say eight people were stabbed.

At least two of the victims died. Las Vegas Metropolitan and Police Deputy Chief James la Rochelle said the string of attacks began with an apparently unprovoked attack. That stabbing occurs quickly and in A suspect subsequently goes a self bound on the sidewalk area and status additional victims UH. Five victims there and um uh and there was an additional victim on the south side of Sands. Also, Deputy

Chief Labrochelle says a suspect is in custody. Grieving relatives are placing flowers at a day care center in rural northeastern Thailand. A day earlier, a fired police officer killed thirty six people, including children. Several media outlets are reporting the FBI has gathered what it believes is enough evidence to support charging President Biden's son Hunter with crimes related

to his taxes and a gun purchase. Global Need was twenty four hours a day on a rand on Bloomberg Quicktake, powered by more than the seven hundred journalists and analyst world than a hundred twenty countries. Michael bar this is Bloomberg, Nathin. Thank you, Michael. Almost five ten on Wall Street time for the Bloomberg Sports Updated. Morney Johns, Good morning, Nathan. It's the game the Mets did not want to play.

Did I think they were gonna have to play for most of the season, but they finished tied for first with Atlanta, who won the season series ten to nine. That's the Braves sitting home today and the Mets getting ready to play Game one of the best of three wild Card series at Citi Field with San Diego and Max sers Or will be on the mound for the Mets. You're just anxious to get out there. You're anxious to go out there and compete. Uh, you know everything's online,

win or go home. Um, you know that's the i C you have to have. You have to win. I mean, you get in the postseason and every day feels like a must win that you know, must win the game. Um, whether it's an elimination game or not. He always show up the part like we got to win today. Hugh Darvish starts to the Padres, who won the season series with the Mets spoor to two. The game tonight comes after three day games starting with Sam the Bay at Cleveland.

Whether that series then faces the Yankees, the Phillies playing St. Louis c Attle. Seattle is in Toronto, NFL, and Denver went to overtime. There were twelve Mounts, ten sacks, four interceptions and no touchdowns. Indianapolis came four field goals. The Broncos had three Indie one twelve to nine to get at second one of the year. Denver drops to two and three. Russell Wilson has struggled as his new team

landed Collins back with his old time team. Three time Pro Bowl safety while with the Giants, he then signed as a free agent with Washington. He was unsigned and though Collins won't play Sunday, he did fly with his new teammates to London for Sunday's game of Green Bay. So in preseason last night, the Islanders beat the Devil's five to two. NHL season begins next Tuesday, and at Barkley's, the Net's blown out by the Heat Miami one by

twenty nine. Johns Dashward bloom Brook Sports Nick thank you, John right now SMP futures are down one point down. Futures are higher by thirty four points. Dan Stack futures on the decline, down twenty nine points, about a quarter of one percent. Ahead of September jobs will preview the payroll data with Jennifer Lee of bemo Next Bloomberg eleven three oh weather sunshine pleasant today with behind your seventy

five degrees. It's gonna be cooler this weekend though. Tomorrow's high near sixty, low sixties and sunny for Sunday currently sixty one in Central Park Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business at and at Bloomberg Quick Take, This is a Bloomberg business clash and I'm Karen Moscow. US dot Index futures are little change this morning ahead of the latest paved hours report, and investors will be looking for

clues on the path of monetary policy. European stocks also a little change this morning, well now a little change to higher and we checked the markets every fifteen minutes throughout the trading day on Bloomberg s andp futures little change down. Futures of forty two and NAS day future is down twenty four the decks in Germany's up a tenth of a percent. Ten year treasury down to thirty seconds. He'll three point three percent. They yield on the two

year four point to five percent. Ni Max Screwed oil is up six ten percent or fifty one cents at eighty eight dollars ninety nine cents a barrel. Comics schooled the tenth of a percent of a dollar eighty at seventeen twenty two sixty announce the euro point nine eight o two against the dollar British found one point one two oh six and a yen one forty four point eight seven. And look at a bitcoin this morning, down about two tens of a percent at twenty thousand dollars.

The sepembent jobs reported by the Way how at eight thirty Wall Street Time, and that's a bloomberg business flash. Now here's Michael Barr with more unless going on around the world. Munchael, Good morning, Good morning, Karen. President Joe Biden said the US is trying to find an off ramp for Russian President Vladimir Putin vorious. His threats to use tactical nuclear weapons are real and could lead to Armageddoniden made his comments at a fundraiser in New York City.

This year's Nobel Peace Prize has been awarded to Al Belarus Rites activists ales B. A. Leotsky, the Russian group Memorial, and the Ukrainian Organization Center for Civil Liberties. In baseball, the Matt Santa Padre started their wild Card playoff series tonight Thursday Night Football. The Colts be the Broncos twelve nine in a game where no touchdowns were scored. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than hundred journalists and analysts

more than a hundred twenty countries. Michael bar this is Bloomberg, Nathan. Thank you, Michael. It's five nineteen on Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak, and we are indeed counting down to the release of the September payrolls report at eight thirty am Wall Street time. Ahead of that, it's time to talk with Jennifer Lee, senior economist at BEMO Capital. Market's always great to speak with you on a job's day, Jennifer. We have seen

signs of cooling in this jobs market. Do you think they're gonna pan out when we get the actual data later on this morning? Good morning, And I'm going to say yes, I believe they will. Man. Of course we said that last month and we had that big figure again. But no, I think, well, we're roughly in line with expectations,

looking for about a two increase UH for September. Job was right to stay steady, is shut around three point seven, and earnings to continue to take a little bit higher, which I think is probably the key number, um, just because you would probably determine and you know how much stronger, how much you know how much incomes workers are still getting, and whether this is going to be a soft landing or a hard landing, or if there's gonna be any

landing at all. Is that the key metric that the FEDS looking at in terms of getting a handle on inflation. What's behind that wage number? Call for you? So, I mean again, just remains a very very tight labor market, no matter what UM. It used to be tighter, but still tight. And the tighter it is, the more employers are gonna be half we're going to be forced to pay out more are in wages and then that's going

to feel some inflation area theaters. So I think the fetters gonna be looking at the entire report, but I think the earnings number will be one of the ones that they're play going to be zooming on a students

numbers are out. In terms of sectors, where are you looking at the biggest signs of wage pressure in the labor market, I'm going to see transportation um construction as well, because those that's two areas that continues to continue to have a very hard time finding skilled labor, qualified labor um. You know, we've we've we've already been seeing come back

in in leisure and hospitality and in retail. But I think transportation constructions are again to sectors that continue to struggle to find workers, and because of that there are going to be forced to pay out more in terms of wages and for benefits to attract workers. Okay, so transportations of one side, but we have seen a number of reports from individual companies that they're beginning to think think about layoffs again. Is that something that could pervade

into the broader report that we see later this morning. Um, possibly, but I still think it might be a bit too early.

I mean, we we've already been seeing the headlines and it was interesting actually that you know, the Challenger grant Christmas layoffs ers don't get usually get too much airplay, but they got a little bit more yesterday, just given that there was a big over sixty sixty seven percent jump yevery year and announced layoffs, but also the hiring intentions robles also still people are still hiring, computers are still hiring, for sure, but it's definitely at a floor

paste in what we've seen in the past. Where do you see labor force participation at this point given the dynamics that you're talking about in the labor market, there has been there was a nice pick up last month, and I think we should probably continue to see the

part rate tick hire. You know, when with prices on the rise and station still you know, at at multi decade highs, you know, people are gonna be coming off of the sidelines, you know, and I say this month after month, if you're entertaining you know a number of job offerings, you know, to take one now because it's not gonna last. So I think it's gonna all of this is attracting people to come back onto into the workforce, um, and that will help push the part ry a little

bit higher. Of course, we keep hearing from FED officials that rates are going to keep staying higher for longer, if not continuing to see outsized interest rate hikes in the next couple of meetings. Here, what do you think it's going to take in the labor market for the FED to consider pulling back a bit on the aggressive tightening stance it's taken, well, it's going to be more than justice one report. It's going to be several reports.

It's going to be and it's not just the labor market is going to be They're gonna be looking at everything. And I think once they see inflation start buckling, um, and it's going to take some time before that is, before they start to pull back a little bit. I mean, and we're we're we continually look for study increases with

other semi five basis points next one. But I think and I don't think this report today is going to change that view, but it's going to give a good sign of how much further into that they're going to continue hiking. I thought it was very interesting yesterday. I mean,

the messaging from the FEED officials quit consistent. But I thought it was very interesting last night when Cleveland Side Semester actually came out and said, you know, we are not cutting rates next year, which was a pretty strong statement. Um um. I don't think anyone's ever has been put a timeline on rate cuts just you know, they've been saying no, not yet, it's too soon. But the fact that she actually said we're not doing it next year

was I thought quite telling. Yeah, very interesting to see someone get on the record to that extent. It will be interesting to watch whether other feed officials fall into that line or sort of pushed back against it. Thanks for this as always, gen great to get your thoughts.

Jennifer Lee, senior economist at BMO Capital Markets. As we await the September payrolls reported eight thirty am Wall Street Time, we will be breaking down the numbers for you live here on Bloomberg Radio, and we will get reaction from Labor Secretary Marty Walls. She joins us in the nine am hour across Bloomberg Radio and television. You'll definitely want to tune in for that. Ahead of all that, Futures

are trading mixed at the moment. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather sunny and pleasant today with a hind your seventy five degrees cooler tomorrow and for the all weekend long hides in the low sixties.

But it's still gonna be sunny right now. Sixty one in Central Park, Broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg E Living FREEO to Washington, d C, Bloomberg nine to Boston, Bloomberg one O six one to San Francisco, Bloomberg N sixty to the Country, Sirius XM Chado one nine and around the globe the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. 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 up to date on the news you need to know at this hour. Beginning a talk from the Fed Central bankers are coming out in full force. The talk down expectations of a turn to more devilish policy. We heard hawkish comments from no less than five officials yesterday, including

Minneapolis Fed President Neil cash Cary. I fully expect that there are going to be some losses and they're going to be some failures around the global economy as we transition to a higher interest rate environment, and that's the nature of capitalism. Minneapolis Fed President Neil cash Cary said the Central Bank is quite a ways away from pausing rate hikes. Likewise, Fed Governor Christopher Waller emphasized the need

to bring down inflation. I believe we have tools in place to address any financial stability concerns, and we should not be looking to monetary policy for this purpose. The focus of monetary policy needs to be on one thing, fighting inflation. Governor Chris Waller says the Fed needs to continue to raise interest rates into next year. We also heard hawkish remarks from Cleveland Fed Chief Ridemester that Governor Lisa Cook and Chicago's Charles Evans taking a look at

markets now. Karen futures are mixed following those comments and weak earnings from chip makers. Jessica Biemer's portfolio manager with Easterly Investment Partners, Interest rates have really been a dominant story since mid August, and it's created some panic and equity markets is around housing m and a financing, you know, rolling debt. I think people are really worried about kind of how those rates are going to affect individual companies.

Jessica Biemer with Easterly Investment Partner, says we're only starting to get hints of the full impact of rate hikes, and one of those hints could come today. Nathan in the September jobs are for do out of date thirty Am, Wells Street Time, stick with us for live coverage All Morning Plus will speak live with US Labor Secretary Murty Walsh and the nine am hour on Bloomberg Radio and television.

We have an update on elon Musk and Twitter. Karen, a Delaware judge has halted the mid October court case against Musk to allow his deal to buy Twitter to close. Right now, Twitter shares her up about two tenths per cent. And we have three winners of this year's Nobel Priest Prize. At Les Ballatsky from Belarus, a Russian human rights organization called Memorial, and the Ukrainian human rights organization Center for

Civil Liberties have won the Nobel Peace Prize. The Nobel Committee said they won for promoting the right to criticize power and protect the fundamental rights of citizens. Futures this morning are little changed. DAL features up forty seven, NASDAG features down twenty eight and straight Ahead your latest local headlines, plus a check of sports. And this is Bloomberg. Thanks Tearing three on Wall Street sixty one degrees in Central Park. We got a crash at the queensbound white Stone Bridge.

Tell you more in traffic First, Michael Bars here with what else is going on in New York and around the world. Michael, thank you very much, Nathan, and afternoon in the Bronx turned into a horrific moment. Authorities in New York Cities. The ten people were injured, including two young children, when a police cruiser collided with another vehicle and crashed onto a sidewalk in my p D. Chief of Patrol Jeffrey Madre said the patrol car was responding to a call and trying to get around a vehicle

at an intersection when the crash happened. Because there's an investigation unit, it's conducted an investigation. They'll continue to talk to witnesses, they'll continue to find video, and they'll continue to piece together exactly what happened here. The NYPDS Jeffrey Madre says there are no major injuries, though everyone involved was taken to the hospital. A federal judge struck down New York State's new law banning guns in certain places.

The law was created in response to a Supreme Court ruling striking down another New York law that restricted who could own a gun. Now, officials are concerned about guns being carried into crowded areas like Times Square. Governor hocol plans to appeal horrific scene on the Las Vegas Strip where police say eight people were stabbed in a string of allegedly unprovoked attacks. At least two of the victims were kild and six wounded, including several in critical condition.

Las Vegas Metropolitan Police Deputy Chief James la Rochelle it's just clearly a very tragic and hard to understand, hard to comprehend murder investigation that deeply impacts our community. Deputy Chief and La Rochelle says a large knife has been recovered. A member of the Proud Boys has admitted his role in the Capitol attack. Jeremy Bertino of North Carolina pleaded guilty to seditious conspiracy. Bertino has also agreed to cooperate

and help federal agents with their investigation. Bertino becomes the first defendant aligned with the Proud Boys to plead guilty to the Church. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analyst in more than one twenty countries. Michael Barr and this is Bloomberg Nathan. Thanks Michael on Wall Street. Time for the Bloomberg Sports Update. Here's John intention aren Athan. Baseball postseason begins today, new

format making its debut. There used to be a single wild card game in each league, and there are four best of three wild cards series, including the Mets and Padres at City Field, and Mets forced into this series when they came up just shorter win the division. Pete Alonzo was asked about last weekend when they got swept in Atlanta. People look at the look at the Atlanta series, Uh, and they think that's the that was the determining factor.

But to be honest with you, um, we got swept by the Cubs like three weeks prior, so um, if we didn't get swept if we had one more game, or if you look at um, I don't know the sixties some other games were it was closed Pitchers tonight, Max Scherzer, you Darvis sounds like the Mets. If they win tonight, we'll start Chris Bassett tomorrow. Then they'd have Jacob de Ground for either Game three Sunday or Game one next Tuesday in l a. If they lose tonight,

they'd start to grind tomorrow. Yankees had some decisions to make under a roster for the a L d ess against either Cleveland or Tampa Bay. Aaron Boone hinted that Matt Carpenter, who has been out since he broke his foot in early August, is ready to return, couldn't use as a contitter off the betch. Week five. By the way, Indianapolis won in Denver twelve to nine in overtime. Colts QB Matt Ryan called it a slog of a game. It was twelve punts, ten sacks, four interceptions, no touchdowns.

The Giants are in London getting ready to play the Factors Sunday morning, New York Times. Giants just signed safety land and Collins, who in his first stint with the Giants was a three time pro bowler only preseason, but the Nets loss at home to Miami by twenty nine. Islanders beat the Devil's. New NHL season starts next week. John Stasholler Bloomberg Sport Maybe thanks John seven on Wall Street Time for the Tri State Business Report. Here's Bloomberg

Scott Carr. Connecticut's Yale New Haven Health assigned agreements to acquire two health systems from California based Prospect Medical Holdings, including three hospitals. They include Waterbury Health and includes the three hundred fifty seven bed Waterbury Hospital and Eastern Connecticut Health Network, which includes Manchester Memorial Hospital. They both returned to nonprofit status under the deal. Liquor Giant Beams Suntory is opening new global headquarters in New York City this week,

relocating from Chicago. One fifty workers get a whole floor to themselves at eleven of Medicine Avenue in the city's Flat Iron District. New Jersey's announced a half million dollars in funding that will be used to expand small business exporting. The state's Business Action Center received funding for the New Jersey Step program to support food and beverage manufacturers. And

underserved business communities that want to start selling internationally. The program will provide export resources to minority LGBTQ women and veteran owned businesses. That's the Bloomberg Tri State Business Report. I'm Scott Carr. Thanks Scott 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 Polo, Scott ten ten Wins in New York. We're talking about booming super yacht sale um Corney Donahoe on KATR H in Houston. Amazon is shutting down tests of its home delivery robot and its latest cost cut. I'm Gina Servettian for w w b B. I'm in Chicago. I'm reporting that a poll shows just over forty percent of area households said they were very stressed by inflation. I'm Stephen Carol and Bloomberg d A B Digital Radio

in London. We've been reporting on EU leaders discussing options for capping natural gas prices as the continent races to replace supply from Russia, and those are some of the stories are twenty d Bloomberg journalists and analysts are working on this morning around the world. It's nine on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. In recent weeks, young female protesters in Iran have led the biggest show

of resistance to the country's theocratic government in years. As the regime intensifies its brutal response, the U S should do what it can to ensure of the movement survives. That does not mean promising more direct aid to protesters or calling for regime change, both of which would only bolster Iran's efforts to discredit the movement. That the U S could, for example, work with European governments the sanction

regime officials suspected of abuses against peaceful protesters. The emergence of a democratic Iran would be an immensely positive development, both for Iranians and the world. Ultimately, that's a change only the Iranian people can bring about, but the US should help them where it can. This editorial was written by the Bloomberg Editorial Board for more Bloomberg opinion, Please go to Bloomberg dot com, Slash opinion or OPI n go on the Bloomberg terminal. This has been Bloomberg Opinion.

Listen for Bloomberg opinion editorials every week. At this time, terminal customers can read more at O P I n go. SFP futures are higher by three points now so still it'll change. Own futures up sixty six NASDAK future is still a bit lower, down sixteen points. Tell your treasury is down one thirty second you'll three point three percent. Checking Twitter in the pre market up two tenths per cent with the deal for Elon Musk to buy it.

Getting a little more time. Alex Webb of Bloomberg quick Take joins us next Bloomberg eleven three oh weather sunshine mid seventies to end the week. It's gonna be sunny this weekend, but cooler only your sixty tomorrow low sixties by Sunday right now sixty one and clear in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg quick Take. He's a Bloomberg Business flash, and

I'm Karen Moscow. US Dunk index futures are a little change this morning as investors await the latest payrolls report work for a cluise on the monetary policy path of the Federal Reserve. We checked the markets every fifteen minutes throughout the trading day on Bloomberg SP futures again little change down futures up fifty one. NASDAG future is lower, down twenty six. The decks in Germany is up about a tenth of upper cent ten. Your treasury down one

thirty second, yell three point three percent. The yield on the two year is four point to five percent. NIMEX freuded oil up half percent, or forty four cents at eighty eight dollars eighty nine cents of barrel. Fill my school that will changed at seventeen, twenty twenty announced the euro point nine eight against the dollar, the British found one one and the yen one four point eight five. And Bitcoin this morning is down four tens of a

percent and nineteen thousand, nine hundred dollars. And that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the World, Michael Karen, thank you very much. President Joe Biden says the risk of nuclear arma Gedton is at the highest level since the nineteen sixty two Cuban missile prices. President Biden's comments come as Russian officials speak of the possibility of using tactical nuclear weapons in the eight month invasion of Ukraine. Biden said

Russian President Vladimir Putin was not joking. Jail Belarus and human rights advocate won the Nobel Peace Prize this year, along with two organizations that protects civil society in Russia and Ukraine. Les Bio Latsky from Belarus, Memorial of Russia and Ukraine Center for Civil Liberties were award at the prize Today. In baseball, the met Santa Padres start their wild Card playoff series tonight. Thursday Night Football, the Colts

beat the Broncos. Twelve nine. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists analyists more than a hundred twenty countries. Michael bar this is Bloomberg. Nahon. Okay, Michael, thanks, It's just about five forty nine on Wall Street Life from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.

We want to get to the latest on the buyout drama between Twitter and Elon Musk, because, as it will continue, the court case to force the forty four billion dollar deal is on hold. The world's richest man is now accusing the social network of refusing to take yes for an answer. Let's get some insights now. Bloomberg Quick Take correspondent Alex Webb joins me. He's been following this saga very closely. Alex, good morning. What does this delay mean?

I guess well, there are two pieces here. It's firstly whether he can secure the financing, and if he can't, then it looks like the court case is back on. If he can, and then he can close the deal by October because the Delaware case has been paused until then, then it seems like they call the whole thing off in terms of the actual hearing and the deal goes through.

So those are the two phenomena we've seen over the past twenty four hours of say, let's talk about the first phenomenon, because Musk, according to the filings, is now saying that the deal is contingent on him getting thirteen billion dollars in debt financing. I guess that has Twitter accusing him of changing the terms of the deal. Is that fair to say that Musk is trying to play

things both ways here? I mean, just in a matter of fact, he is literally changing the terms of the deal because this is not in the original filing, it is in the new filing. It is also presumably a reflection of reality because the way these things work is that the banks that had pledged thirteen billion dollars in financing, they would then turn around to institutional investors and resell

that debt. Interest rates, as will be no surprise to anyone, have increased significantly in the intervening months, so their ability to to refinance that debt has perhaps diminished. Now the big question here is whether the banks are willing to would prefer to take a reputational hit I from backing out of the financing, or take an actual financial hit. And it may be different for different banks. So that's the great imponderable right now, uh, and is what the

whole deal depends upon. This seems to raise the question about whether Must maybe trying once again to back away from this deal. Is that taking things too far to say that I'm predicting or trying to read the sort of inner workings of Ellen's mind is a challenging task for anyone. But we've seen time and again how he has renewed on pledges and promises, and I don't think

it would be sensible to rule anything out. There may be a game of another game of three D chess at play here, and there is some wily strategy to try to, you know, finagle his way out of the deal. So you know, I'm not saying that's definitely the case, but I think it would be unwise to rule anything out. And as far as what Twitter gets out of this, what are you looking for there? Look, there are several parts to the Twitter equation because on the one hand,

you have the Twitter investors. It looks like they would love for this deal to go through, because it didn't really seem like there was much path to reaching that fifty four dollars twenty per share offer without the Elon bid. The shares at one stage dip close to thirty dollars when it looked very much as though the deal was going to be off. They recovered a little bit since then, Uh,

then you have, of course the Twitter management. We saw from some of the text messages that were released a few days ago that Elon Musk's relationship with Paraga Aguad, the CEO, deteriorated very quickly. It doesn't look like he would be around for much longer if Elon came in.

And finally, the employee base as a whole, Uh, there is a great deal of uncertainty about what happens to headcount, which parts of the company would face slashing cuts because you hear wide criticism until looking about the way Twitter is staffed that maybe it's over staffed or it's not often in the right areas, and so uh they you feel you've got to feel a little bit for the

Twitter employees right now. Who I'm going a great deal uncertainty. Yeah, we keep hearing reports and uh tales really of people at the morale at Twitter at pretty significant lows here as this saga goes on. Thanks for this, Alex, great

to talk with you as always. Bloomberg Quick Take correspondent Alex Webb with us this morning and looking at Twitter shares in the pre market there below fifty twenty but little changed on the session trading at right now, Karen, All right, Nathan, thank you, and it's five fifty three on Wall Street at this time. Now for the Bloomberg Law Report, Let's get to the legal stories we're watching

this morning with Bloomberg Jeff Bellinger. The Department of Labor updated its regulations on the prevailing wages and minimum standards for employment conditions for workers on agricultural guest worker v says. A federal judicial panel says metal platforms and other social media companies will face consolidated pre trial litigation in California in his alleged that social media platforms cause addiction and

self destructive behavior in adolescents. On lawsuit accuses the New England Patriots Hall of Fame of damaging a flag that was autographed by Tom Brady. The flag was on loan from a private collector. Bloomberg Law Everything you need on one legal research platform, Amelysis and Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. All right, Jeff,

thanks Now. Another legal story we're watching this week. A former naval officer turned attorney made his Supreme Court debut, arguing on behalf of a fellow veteran seeking retroactive disability benefits. They're challenging a circuit court ruling that set a veteran can't get around the deadline of one year after discharge

for filing service linked to retroactive benefits. James Barney argued that his client, Adolpho Arellano, who suffers from mental illness following deadly aircraft carrier collision, should have the same rights as civil litigans. Climber June Grosso's face to Barney, a partner at Finnegan, about the arguments the Circuit court ruled against your client. Why do you think the Supreme Court took your case? Is it a good sign that perhaps they want to reverse the Circuit Court? Well, I think so.

I think they took the case because it's an important issue. It really has to do with fairness. There was a case about thirty years ago called Irwin, and what the Irwin case held, this is a Supreme Court case, was that people who have claims against the government, like benefits claims, should be treated the same way as litigants in private litigation. With respect of this issue of whether you can equitably

toll or in other words, forgive a missed deadline. Most people in civil litigation who have a claim against the private party, if they miss a deadline, they can actually request it to be told under this doctrine called equitable tolling. And what the Supreme Court said in Irwin was there should be no difference between that and when a person is suing the government or seeking a claim against the government.

And yet, despite that, the Federal Circuit had for many years ruled that veterans simply are not able to take advantage of that. They basically said, veterans are somehow different, and we did not think that was fair, and so we were asking the Federal Circuit to change that law. The Chief Justice pointed out that this is an agency, the Veterans Agency, that supports disabled veterans, and not an agency with rigid rules like the i r S. Does that give you hope? It does give me hope, And

the Chief Justice was exactly correct there. This doctrine of equitable tolling, believe it or not, has actually been applied to allow the i r S to benefit from this doctrine of equitable tolling in order to extend or to forgive deadlines that they missed. And it would be an odd result to think that the i R s can benefit from this equitable principle, and yet service disabled veterans cannot. And I think that was the point that Justice Robins

was getting to. And James Barney, a partner at Finnigan, speaking at Bloomberg Student Gross. So 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 podcast. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and on the Bloomberg terminal at the Law Go and futures this morning, they're little changed ahead of the Job's report, S ANDP futures little change now Future is up fifty nine and as day futures down twenty five, the ten year treasury down two thirties seconds, you know, three point eight three percent of the yield on the two year

four point to five percent, and NIMEX screwed oil is up nine tenths of u per cent. Still ahead on Bloomberg Daybreak and check on the business headlines and all the news you need to start your day. And this is Bloomberg