Live from the Bloomberg Interactive Burger Studios is Bloomberg Daybreak for Monday, September twelve two. Coming up this hour, Promising signs for Ukraine as military forces retake key territory from Russia. The UK enters a week of mourning as the public prepares to pay respect to Queen Elizabeth. And on Wall Street, It's all about inflation? Is traders await the next greeting
on consumer prices? The New York police officer was killed while heading to nine eleven ceremonies, plus the sentencing phase continues for the Parkland High School shooter. I'm Michael barr More ahelf. I'm John stash Owen Sports a thrillion season Open and went for the Giants. The Jets lost the Mets and Yankees one on Carlos Alcarez one the US Open.
That's All's training ahead on Bloomberg day Break on Bloomberg eleven Free on New York, Bloomberg N one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius x AM one nine Team and around the World Old on Bloomberg Radio Dot. Carmen via the Bloomberg Business app. Good morning, I'm Nathan Haker and I'm Karen Moscow. US
DOT index futures on the rise this morning. We're going to have to fago went on Wall Street and we checked the markets every fifteen minutes throughout the trading day on bloomberg S and P Future is of twenty six bys, Dow futures of a hundred seventy five and NASTAG futures up ninety two. The ten year treasury up three thirty seconds, held three point to nine percent, and they yield on the two year three point five three percent and nine X. Screwed oil is up three quarters of a percent at
eighty seven dollars forty five cents of barrel. Nathan, Karen. Thanks. We begin this morning in Ukraine. It's been more than two hundred days since Russia invaded the country, and now we are seeing promising signs for Ukraine as the country's military advances in the east and retakes some key territories. Bloomberg's Amy Morris has the latest from our newsroom in Washington, Nathan.
Unconfirmed reports overnight suggests the Ukrainian troops have retaken hounds in and around the Kharkiv region, not far from the Russia Ukraine border. Ukraine's top commander says they've returned about three thousand square kilometers of lost territory back to Ukrainian control. Russia's Defense ministry published a map showing that much of the country's forces are out of the Kharkiv region now,
but they didn't comment further. Military experts tell Bloomberg News Ukraine should watch for an unexpected reaction from Vladimir Putin in Washington. I'm Amy Moore as Bloomberg Daybreak. All right, Amy, thank you. We turned to the UK now, where the nation continues its period of mourning in the wig of Queen Elizabeth's death. King Charles will speak in Westminster today
as political leaders gathered to offer their condolences. Then the Queen lies in state for twenty four hours in Edinburgh, Scotland, where the public will pay their respects before she's moved to London. Bloomberg's Lizzie Burden has more details from Buckingham Palace to plority lining up to pay their respects. They have been since before the sun even came up, just to take a quiet moment of reflection. The King Charles
the Third over the weekend. Of course, he formally took the throne trust swore allegiance to him in the last Prime Minister do do. That was Winston Churchhill. For the rest of the week as well as she's going to accompany him on a tour of Britain. Tomorrow, the Coffin will return here to Buckingham Palace, and then from Wednesday until the funeral now confirmed for September nineteenth, the Queen
will lie in state at Westminster Hale and Bloomberrys. Lizzie Burden at Buckingham Palace says the Queen's funeral be hounded Westminster Abbey one week from today. Man. President Biden is going to attend that funeral next week, Karen. But back in the US, it was a somber weekend for the White House. Politics hit the pause button Sunday as we marked twenty one years since the attacks of nine eleven. President Biden used the events of our vigilance against future
terror threats in remarks made at the Pentagon. What was destroyed, we have repaired, what was threatened, We fortified what was attacked. The abdominable spirit has never ever wavered. President Biden later reef at the panda on that has become a tradition for US presidents on the anniversary of nine eleven. Well, it was indeed a somber weekend, Nathan, And as we emerge from it, President Biden faces a possible labor crisis
that threatens to shock supply chains across the country. US railroad workers are threatening a strike, and we get details from Bloomberg's Lisa Mateo. Tens of thousands of US rail workers could be on strike by the end of this week. Their warning of potential disruptions as soon as today. Negotiations have been challenging and ongoing for more than two years. Current rail labor contracts are frozen at levels, and the White House is urging negotiators to continue talks throughout the week.
According to rail officials, a strike could snarl supply chains, disrupt agricultural deliveries, and cost the US economy more than two billion dollars a day. In New York, I'm Lisa Mateo Bloomberg Daybreak. Al Right, Lisa, thank you. As inflation sees workers fight for higher wages, it also remains front and center on Wall Street. Janet Yelling came out to address the matter this weekend. The Treasury Secretary tell CNN she's hopeful the FED can bring down prices without sending
the US economy into recession. The FIT is going to need great skill and also some good look to achieve what we sometimes call a soft landing, which is bringing inflation down while maintaining the strength of the labor market. And my hope, I believe there is a path to accomplishing that, and my hope is that we will achieve the soft landing. Jenny Gellen says taming inflation is the main priority for the FED and that the US cannot
have a strong labor market if prices remain high. Well, Nathan, we won't have to wait long for the next reading on inflation consumer prices headline the list of economic data on TAMP this week. We get that rating tomorrow and Bloomberg Schress Condon says it will be key for the Fed's next meeting. There's still ten days to go before this meeting, but we're gonna get a lot of data this week, so the Fed is going to want to not by seventy basis points as they seem to have
signaled to the markets. Then they're going to have to change that signal by the end of the week, and of course that will be data dependent. Mer Chris Condon says CPI data is not the only key indicator this week. The FED will also be looking at readings on producer prices and retail sales. But we're seeing the dollar weekend sharply this morning, Karena. That's giving a lift of the euro and the pound. It also gave a boost to
stocks in Asia overnight. Bloomberg's Juliette Sally joins US from Sydney, Australia with the details. Good morning Juliette, Good morning Nathan and Karen. Semiconductor stocks led the games, t SMC, rising more than three percent in Taipei, boosting Taiwan's gage after August sales rose from a year ago and Routs reported the US plans to broaden curbs on ship shipments to China reopening. Stocks in Japan gained after fn N and The Decay News reported the nation may soon ease travel
curbs and scrap daily passenger cabs. Australia as a sex two hundred grows more than one percent in Sydney, and markets were closed for a holiday in China, Hong Kong and South Korea. In Sitney, Juliet Sally Bloomberg, daybreak. All right, Juliette, thanks SMP futures. Right now, we're up twenty five point staff futures up a hundred seventy four and NASTAC futures. You're hired by ninety two points ten. Your treasury is up three thirty seconds, the yield three point to nine.
Straight ahead, your latest local headlines and a check of sports. This is Bloomberg five oh seven on Wall Street, sixty nine degrees in Central Park. We've got two accidents on the northbound FDR Drive in the upper east Side. Details coming up in traffic. First, Michael Barr, What else is going on in New York and around the world? Morning, Michael, Good morning, Nathan and New York Port Authority police officer was killed yesterday while heading to a nine eleven ceremony.
Anthony Vavarro from Staten Island was heading to serve at the World Trade Center Command on Sunday morning when he was killed in the car crash near the Holland Tunnel. Vavaro voluntarily retired as a picture from Major League Baseball from the Braves to join the Port Authority only a few days later, and Enny of Vavarro was thirty seven
years old. The trial resums today in the sentencing phase of the Parkland High School shooter Nicholas Cruz, who is twenty three years old, pleaded guilty in October to the eighteen attack that killed seventeen students and staff members. The jury will decide where the Cruise will be sentenced to death or life without parole. In Madara County, California, officials are now saying the Fork fire is six contained. Chris Hamilton's and her husband Rick have been lucky so far
and their house has remained unharmed. But Chris Hamilton's says one of their friends hasn't been as fortunate. One of the gentlemen that helps many of us up here with our yards, he did lose his house. It's just heartbreaking. What I know. There's nothing you can say that makes it better. Um, because we've been there. They'll go through the motions and do the best they can. The fire so far has consumed at least twenty eight structures in
fifteen outbuildings. We reached the halfway date of the Atlantic hurricane season. It was supposed to be above average year for storms, but for now, experts say the odds of a quiet season are increasing with each passing day. Last spring, federal forecasters predicted as many as twenty one named storms, including three to six major hurricanes. The seventy four Annual Emmy Awards takes place tonight. One show nominated Netflix Squid Game, the first non English speaking show to be nominated in
the Outstanding Drama category. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than dred journalists and analysts more than a d twenty countries. Michael Barr, I'll get under the table. This is Bloomberg, Nathan, never too early to creep us out. Thank you, Michael. Five O nine on Wall Street, Time for the Bloomberg
Sports Update. Football's back, John stash Our, Yeah, Nathan, the giants are want to oh that doesn't happen off and in Nashville they fell line thirteen uphing and then two big plays in the third quarter of sixty eight yard run by se Kwan Barkley, who had a huge afternoon, a sixties six yard touchdown past Daniel Jones, the Sterling Shepherd those two plays longer than any plays all of last season. Giants took the league with just over a
minute left, converting on a risky two point conversion. Titans had a chance to win at the end, Naps clean tick on its way and doncer end and its left one for the first thirty two thousand sixteen, the Giants have won the season over twenty one twenty and Brian Bables coaching debut, asked the Jets more of the same couple of turnovers dropped passes. Jets only touchdown came with a minute left. They lost to Baltimore nine. Jets have
lost thirteen games in a row in September. Last night in Dallas, Tampa Bay won nineteen three Leonard four an ad A hundred twenty seven yards Patrick Mahomes been five TV passes, easy win for Kansas City, four teeny fasses for Carson wentzon Is Washington a View. Minnesota upset Green Bay easily for Justin Jefferson hundred eighty four receiving yards,
a couple of two vings. The day after the Yankees one ten to three, they won ten to four over Tampa Bay scored all ten and the first two innings and four home runs, two by Glabor Torres yanks Nelly the Rays by five and a half. Mets moved game and a half ahead of Atlanta nine three win in Miami after three straight five set wins. Carlos Alcarez won the US Open finally in four sets over Norway's Casparou, the nineteen year old Alcarez youngest Open winner in thirty
two years. John stash were Bloomberg scorts. Okay, John, thank you. We're watching equities move higher this morning. You have SMP futures right now twenty six points down, futures of a hundred seventy five. Nast decks futures are higher by nineties six points, leading the games this morning. Look at the jacks in Germany up one point six percent right now. We are seeing euro strength on stronger hawk ish talk from European central bankers. The euro right now one point zero,
one eight zero against the dollar. Dennis Gartman, the former publisher of the Gartment Letter, now chairman of the univer City of Akron's Endowment Investment Committee, joins US next on these markets. This is Bloomberg Bloomberg eleventh three. Weather a few showers early then turning probably to mostly cloudy with a high near eighty degrees. Morning showers a good way to sunshine Tomorrow. Low eighties will be near eighty under
sunny skies Wednesday. Right now sixty nine in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktake's a Bloomberg Business Flash, and I'm Camra in Moscow. European stocks and US stock index futures are extending a rally and the dollar retreating as traders bet inflation is
nearing peak, even as policymakers ramp up hawkish rhetoric. We checked the markets every fifteen minutes throughout the trading day on bloombergs and Key futures are up twenty six points down futures up one hundred seventy and NASDAGG futures up ninety two. The decks in Germany is at one point seven percent, ten year treasury at four thirty seconds here three point nine percent. The yield on the two year
three point five three percent. Nine max screwed oil is up seven tenths per cent, or sixty one cents at eighty seven dollars forty one cents a barrel. Comic schoold is up half percent or eight dollars fifty cents is seventeen thirty seven ten an ounce the euro one point one seven five against the dollar, British found one point one six eight three and again one forty two point seven one. Look at bitcoin, it is up two point eight percent at twenty two thousand, two hundred fifty dollars.
An Oracle is among companies schedule to report earnings today. That's a Bloomberg business flash. Now here's Michael Barb with more on what's going on around the world. Michael, good morning, Good morning Karen. Ukrainian soldiers are taking back territory that had been controlled by Russia for several months as part of a swift counter offensive. The Ukrainians are claiming gains
in the northeast and south of their nation. Queen Elizabeth's flying Draped Confidness slowly percessed through the Scottish country reside on a journey from her bell Moral Castle to the Scottish capital of Edinburgh. In football, the Giants won, the Jets lost to the Ravens. The Commanders won the Patriots and Forts lost. In baseball, the Yankees and Mets won, the Nationals lost, the Red Sox beat the Orioles one zip,
The A's and Giants won. Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than journalist and analysts more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg, Nathan, Michael. Thanks. It's five nineteen on Wall Street Live from the Bloomberg
Interactive Brokers studios. This is Bloomberg Daybreak. On the morning when we're seeing pretty strong gains in equities, looks like risk on this morning, let's bring in Dennis Gartman to help us kick off this trading week, the chairman of the University of akronin Downmin Investment Committee and of course former publisher of the Gartment letter. Dennis great as always to speak with you. As a stocks are coming off their best week since late July. Do you expect this
rally to continue? What do you think is driving in I think there's some optimism about what's happening in Ukraine and the fact that the gig ping in China has decided to travel outside of China for the first time in months, indicating that there's some reduction, and the concerns over COVID in China. I think those two things are driving prices higher. There's no question that the FED is going to be very uh uh is going to tighten
monetary policy again at the September meeting. The question shall be what will they do in the November and December meetings. I think they'll tighten again, and I'm I've been bearish of the stock market since basically January this year, and I continue to be bearish. I think the rally that we're having is on extremely light volume, and good bull markets always go up on good volume, fall on light volume.
Bear markets go up on light volume and down on heavy volume, and what we're seeing is a rally on very light volume. So I continue to say that this is a bear market. It's nice to see the market rally. Everybody feels better when stock prices go up. Everybody feels bad when stock prices go down. But I think if you're long the stock market, I think you should be using this rally that we've had the first one in
a long while to lighten up your positions. That's what I've been doing, and I think that's the right course of action at this point to FED is gonna FED is going to continue to take nine billion dollars out of its assets over the course of the next several years, and that was the fuel that drove the stock market and drove the economy higher. Now they're taking that fuel away.
We mentioned some of the exogenous indicators like the gains in Ukraine and a Chinese president she moving out of the country now, so much of the inflation we've seen has been driven by exogenous factors. When you see the developments like this on a headline basis, does that raise the possibility that we could see a stronger gain for risk assets given what central banks can do against inflation,
which is fairly limited. It's it's possible. I've been in the business for forty forty five years, have been training for my own account for that long period of time. Been very lucky over the course of those or in a half decades. But what I've learned is follow the follow volume more than anything else. Follow don't fade the FED and follow volume. Those are the two things to pay attention to. There's a lot of green on the board today, grains are up, livestock prices are up, crude
oil prices are up. There's a risk off circumstance going on right now. But I do think that this will be very short term and duration. And again I'll just simply say I've been bary since January five, and I think that that's been the proper course of action. So I'm going to continue to say the same thing. Don't
don't be a buyer here. If you've been lucky and you've been long, use this, Use this rally that we've had in the course of the past five five training sessions to become less and less involved, less long raise some cash. Well. Of course, a lot of attention is going to be on the August Consumer Price Index coming out tomorrow, because it's gonna be a big focus for the FED as well. What are your expectations there in terms of whether we could see peak inflation or at
least a trough uh in inflation. I think we're I think we've been lucky with inflation for the US the past month and a half or two. Crude oil prices have fallen, obviously, from a hundred twenty dollars a barrel earlier this year. To eighty one dollars a barrel. It's bounced a bit. We've seen grain prices come off. We've seen a weed, for example, which was trading thirteen dollars a bushel falling all the way to eight dollars a bushel. But that's turned higher and going from the lower left
to the upper right. Corn prices now have turned from the lower left and are moving to the upper right. Livestock prices are getting stronger. Comper prices are beginning to turn better. So I think people who have hoped that we'd have a peak and inflation, probably our ill advised, probably are wrong. I think we've had a good month and a half or two of weaker prices, but now they're turning from the lower Now they're turning up again, And I think inflationary problems will be incoming again, not
in the not too distant future. So don't get carried away with a hope for peak in inflation. I don't think we've seen one. Well, what are you looking at the would give you some confidence that we could see peak inflation? What what would need to change? Grain prices have to turn lower again, live stock prices have to turn lower again, copper prices would have to turn lower again.
Gold would have to trade under seventeen hundred dollars announced uh bitcoin would have to trade back below eighteen thousand dollars. You need all of those things to to convince me that inflation has been negated. I I don't think that that's possible. As as we learned in graduate school and undergraduate economics, inflation is always an everywhere, a monetary phenomenon.
And the fact that the set has taken its assets from nine nine nine billion, nine hundred billion dollars, get it right, Dennis, nine hundred billion dollars to nine trillion dollars over the course of the past decade and a half. That's that was what supplied the impetus for inflation, and it's going to continue to be a problem for years to go into the future. So, yes, we may get
a better number two more. It's probably gonna be about eight point one percent or so, a little bit better than we had seen in the course of the past several months. But I think that that's gonna be the best number we're gonna see for quite some period of time. Speaking for prices, labor, labor cross continue to rise and that's the real problem. We're speaking with Dennis Gartman, the former publisher of The Garment Letter now chairman of the
University of acron Endowment Investment Committee. Dennis, with your advice that investors should take this opportunity to pile into more cash. Where do you see the path for the US dollar at this point? We've seen a lot of dollar strength in recent days that we're starting to pull back on that in the current session. Where do you see the path for the dollar going forward? It's still the