Bloomberg Daybreak: September 19, 2022 - Hour 1 (Radio)

The U in General Assembly is back in New York City, plus all of Puerto Rico was without power after Hurricane For you want to crash the shore, I'm Michael bar More Ahead, I'm John Stashower. Big day in New York. Sports wins for the Jets, Giants, Mets, and Yankees. Aaron

Judge Omber twice to reach fifty nine. That's all straight Ahead on Bloomberg day Break on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty, Francisco, Syrius x M one nineteen and around the world on Bloomberg, rady O dot com and via the Bloomberg Business Act. 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 check the markets every fifteen minutes throughout the trading day. On Bloomberg right now, S and P futures are down thirty two points down, futures down two hundred forty, NASDAG futures down one hundred sixteen. We are waiting for treasuries to begin trading today as markets in Japan and London are closed

for holidays. NIMEX screwed oil is down one and a half percent at a dollar twenty five at eighty three dollars eighty six cents of barrel comes. Gold is down three quarters of a percent, or twelve dollars forty cents at sixteen seventy one. Ten announced the euro point nine nine seven seven against the dollar. Nathan, Karen, We'll have more on the markets in a minute, but we begin this morning with the UK bidding farewell to its longest

serving monarch. Leaders from around the world today are gathered in London for the funeral of Queen Elizabeth the Second Bloomberg's leanne Garn's is outside Westminster Abbey and brings us the very latest. Global leaders and dignitaries are gathering in London for the state funeral of Queen Elizabeth the Second. Around two thousand people will attend the service at Westminster Abbey, including Prince George and Princess Charlotte, who will walk alongside

the Prince and Princess of Wales. The funeral will mark the end of ten days of National Morning, during which hundreds of thousands of people killed. To see Queen Elizabeth lying in state at Westminster Hall, the service will include a reading from the Prime Minister List Trust, the hymn Lord's My Shepherd, and the Archbishop of Canterbury, Justin Welby, will give the sermon. On Sunday night, the UK held a moment of silence for the only monarch most of

us have known. Her seventy year reign began with the UK's recovery after World War Two and ended with the appointment of her fifteenth Prime Minister. Queen Elizabeth the Second ascended to the throne in nine teen fifty two and died at the age of nineties six in Westminster Abbey. I'm Leanne Geren's Bloomberg Daybreak. Leanne, thank you, and we will be live from Westminster Abbey throughout the morning here

on Bloomberg Daybreak. Join us for live coverage of the Queen's funeral coming up less than an hour from now, Well Nathan. President Biden is among the dignitaries at today's state funeral. But before he left for London, the President gave a wide ranging interview to CBS IS sixty minutes. He addressed recent tensions with China over Taiwan. There's a one China policy that Taiwan makes their own judgments about their independence. We are not moving, We're not encouraging or

being independent. We're not That's their decisions. But would US forces defend the iowant, Yes, if in fact there was an unprecedented attack. The President also says the pandemic is over, while warning the US still faces problems with COVID. Correspondent Scott Pelley also confronted the President about inflation. That's the highest inflation rate, Mr President, in forty years. I got that. Well, guess what we are. We're in a position where, for the last several months it has its spiked and has

just barely has been basically even. President Biden also called it totally irresponsible for a former president Trump to keep classified documents at his home in Florida and said he'll decide after the mid terms whether he'll run for re election. Our listeners in Washington can hear sixty minutes every Sunday

night at ten on Bloomberg. Turning to markets now, Karen, US futures are lower once again as we begin a new trading week, the SMP five hundreds coming off a loss of almost five percent last week, while two year treasury yields into the day at three point eight seven percent. Brian Railing is head of Global fixed income Strategy at

Wells Fargo Investment Institute. Yeah, well, the pick tinker market has been giving alarm bells here since June with the yield curve and verden And you know that inversion maintains itself. Um uh. You know if you look at just two to tens almost forty based these points inverted there, so um it's saying that rough times head for the economy. Wells fargoes Brian Railing thinks the Fed will eventually win its fight against inflation. Well Nathan. We're also seeing weakness

this morning in Asia. Chinese stocks listed in Hong Kong are in a bear market territory. Beijing's COVID zero strategy and a property market slump are dampening sentiment. Losses for the hang sing China Enterprises Index have now reached a level that marks the start of a bear market. Well. The direction of markets this week, Karen may well be determined by some key policy decisions around the world. The FED leads the parade. In the coming days, we get

a preview from Bloomberg Economics correspondent Michael McKee. Interest rates lead the news this week, with twelve central banks set to change policy on Wednesday and Thursday. The FED, the Bank of England, and the Swiss National Bank are the biggest, and the most market attention will be on the FED. US policymakers are forecast to raise the U S benchmark interest rate by three quarters percentage point to arrange between

three and three and a quarter percent. In the UK, forecasters think the bank will raise that nation's base rate by half a percent to two and a quarter percent, but still rising inflation has some bedding. The b o E will raise by three quarters Switzerland is forecast to see it's benchmark turn positive, rising to half a percent from a negative quarter percent. Back In the US, the week is light on economic data, with housing starts on

Tuesday and jobless claims Thursday the major numbers. Michael McKee Bloomberg Daybreak Right, Mike, thank you. The White House, of course, will be closely watching this week's fan decision, and economic advisor Jared Bernstein says, even though inflation is uncomfortably high, the fan has helped to cool the housing market. We know that the federal reserves in a hiking cycle to try to dampen those inflationary pressures as they should be.

We know that's cooling off an overheated housing market. And White House Economic advisor Jared Bernstein made the comments on Funk's News Sunday. Catch the program every week on Bloomberg Radio. The prospect of higher interestrates is affecting cryptocurrencies. This morning, Bitcoin is on the verge of sinking to its lowest level since Right now, bitcoins trading at about eighteen thousand, four hundred thirty dollars SMP futures are down thirty points down.

Futures down two twenty six and NASTAC futures are lower by a hundred seven points. Straight ahead, your latest local headlines and a check of sports. This is Bloomberg and it's five oh seven on Wall Street where it's seventy one degrees in Central Park. We've got an accident investigation close to the northbound Connecticut Turnpike between Eggsits eight and nine. 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. The United Nations General Assembly is back in Manhattan and sense COVID restrictions have ease. It will mean the return of gridlock alerts. According to the NYPD, will be the largest UN General Assembly in recent years, as the city will welcome about a hundred forty heads of state. The police say that there is no threat. However, thousands of officers will be on you in patrol this weekend. More buses dumped migrants in northern cities.

Buses that arrived un announced, sent mostly by the Texas governor. More busses of migrants and asylum seekers arrived in New York City. Mayor Eric Adams is begging four heads up and to work with Texas Governor Greg Abbott well sending them, sending them on a forty five hour ride without any proper food, water, or medical care. We reached out and stated that let's coordinate and broke together so we can deal with this crisis together. They refused to do so.

Adam spoke on ABC's This Week, which can be heard Sundays on Bloomberg. Meanwhile, Republican Florida governing around the Santis slam the number of migrants crossing the southern border, praising flying fifty migrants from Texas unannounced to Martha's Vineyard and dropping them in the sanctuary jurisdiction. They said they're a sanctuary city. They say that nobody, no human being, is illegal. Everyone's well. Governor de Santis traveled to Green Bay, Wisconsin

yesterday to stump for Republicans and tight election races. Beyond Martha's Vineyard, migrants are also being sent to Chicago and Washington, d C. Hurricane Fiona is bearing down on the Dominican Republic after knocking out the power grid and unleashing floods and landslides in Puerto Rico, where the governor said the

damage was kintastrophic. Governor Pedro Pier Lucy says, although Fiona is nowhere near as fierce as twenty seventeen Hurricane Maria, which cured literally three thousand people there, the islands emergency response units are taking no chances. We're much in a much better position than we were five years ago. The storm is forecast unleashed torrential rain across Puerto Rico today, according to Governor Perlucy, a new NBC poll shows President

Biden's approval rating is at forty five percent. That's the highest sense October Global News twenty four hours a day on air and on Bloomberg Quicktake Power by more than twenty seven hundred journalists analysts more than a hundred twenty counts. He's Michael barn This is Bloomberg, Nathan. Thank you, Michael. Coming up to five ten on Wall Street time for the Bloomberg Sports Up Day. Good Morning, John Stash Hourday Morning, Nathan. A day in New York sports unlike any since two

thousand nine. The Jets, Giants, Mets, and Yankees all one. None more surprisingly than the Jets. They lost thirteen in a row. In September. They trailed in Cleveland by thirteen with less than two minutes to play. Suddenly a Joe Flacco sixty six yard touchdown pass to Corey Davis, a recovery but on side kick in a game winning TV twenty five seconds to go good Jets down by six.

Clacom takes the shotguns, stop and drop. What's up? The Sea fives touchdown God Louison's US, but Jets to a point after a whey but taking the league esp seven Jets thirty one, Browns thirty Giants or two and oh. Graham Gonna kicked four field goals, the last was fifty

six yards three. It happenutes to go. Giants beat Airline that met Life nineteen to sixty and the only other two and oh teams or Tampa Bay Miami in Kansas City last night, Green Baby Chicago big injury yesterday, Forts quarterback Trade Lands heard his ankle done for the year, so Jimmy Garoppolo, who the Niners decided to keep as a backup, gets his old job back. Yankees able to salvage one in Milwaukee. They trailed early, but one twelve

to eight. They hit five home runs. Anthony Rizzo and his return to the lineup Aaron Hicks rookie is Waldo Cabrera and yes two more for Aaron Jodge solo shot to right field and the third inning solo shot to left and the seventh He's at fifty nine homers sixteen games left, Judge only two away from tying Roger Marrits. Mats finished four games weep with the Privates seven to three. The Mets used four pitchers. They combined for twenty strikeouts

that ties the single game MLB record. John Stashward Bloomberg Sports Nathan, Thank you John. Right now, SMP futures are down thirty points down, futures down two D twenty eight and NASTAC futures are lower by a hundred seven points. US treasuries trading is on hold for holidays in Japan and in the UK. Had the state funeral the Queen Elizabeth the second. This is Bloomberg Bloomberg eleven three oh weather. Increasing clouds today, some showers and thundershowers developing this afternoon.

Highs in the upper in the mid eighties, will be in the low eighties under sunshine tomorrow and Wednesday. Right now in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg Quicktake. This is a Bloomberg

Business Flash and I'm Karen Moscow. And stocks are lower and a conscious start to the day as investors away a slew of interest rate decisions in the days ahead and after global equities notched their worst week since hitting this year's low in June. And we checked the markets every fifteen minutes throughout the trading day on Bloomberg. Right now, futures are lower, SNP futures down thirty four points down, futures down two hundred fifty six, and NASDACK futures down

one hundred eighteen. The decks in Germany's down six tents of upper cent. We're waiting for treasuries to begin trading today as markets in Japan and London are closed. The nime X screwed oils down one and a half percent on a dollar thirty one and eighty three dollars eighty cents of Barrel Comic School down seven tenths per cent or eleven dollars twenty cents at sixteen seventy two thirty announced the euro point seven six against the dollar the

end one forty three point four five. I'm looking at bitcoin. It's down amost seven percent. It's at eighteen thousand, four 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, thank you very much, Karen. Today is the state funeral for Queen Elizabeth A second millions will say a final goodbye. President Blight and First Lady are in London for the funeral, and of course you'll hear the funeral live on Bloomberg

starting around six am. All of Puerto Rico is without power after Hurricane Fiona crass shore Sunday. The storm hit the island as a Category one hurricane. In the NFL, the Giants and Jets won. The Patriots and forty Niners were also winners. The Ravens lost. Baseball, the Yankees beat the Brewers twelve eight. Aaron Judge, who is fifty eighth and fifty ninth home runs of the season to move within in two of Roger Meras is American League record.

The Mats one, along with the Orioles. The Nationals, A's and Giants lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. I'm Michael Barr and this is Bloomberg, Nathan. Thank you, Michael. It is five nineteen on Wall Street ten nineteen in London, live from the Bloomberg Interactive Broker Studios.

This is Bloomberg Daybreak and this morning the dignitaries are arriving, including leaders from around the world, for the culmination of more than a week of official morning for Queen Elizabeth. This second, let's go live to Westminster Abbey ahead of the Queen's state funeral. Bloomberg's Leanne Garon's is there with the very latest LeeAnne. Just an incredible scene we're watching along with you. Can you sort of set it for us and what we're expecting when this state funeral begins

in the next hour. Good morning to you, Nathan, and as you said, an incredible scene. Most of the seats of Westminster Abbey are now filling up as the world prepares to say their final goodbye to Queen Elizabeth, the UK's longest serving monarch. We actually just saw the b s drive past us about ten minutes ago. We now know that the US President Joe Biden, has taken his seat inside of the abbey ahead of the funeral that

does begin at eleven o'clock. And a little earlier we saw a military parade that was taking place, a procession that was moving down to make its way towards Westminster Hall. Now that is where the Queen has been lying in state for the last four and a half days, and we will see members of the Royal Marines actually pull her coffin towards Westminster Abbey. The carriage will be on top of that and it will be eight minutes to

the abbey. It sounds so peaceful from where you are, and I think I can just make out the tolling of the bell. I've heard that they're ringing the bell at Westminster Abbey uh once every minute for nineties six minutes to mark each year of the queen's life. Just described for us what it's like, what it's been like to be in London over the last week when we've seen just this this incredible outpouring of public grief for the queen. One thing that has been momentous has been

the queue that we've seen. We've just seen hundreds of thousands of people queue up to view the Queen Lyne in state in Westminster Hall. And on the very first day that c began, Nathan I actually went to go and speak to people and they said to me, we've got four hours in the queue. That's nothing compared to

the seventy years Queen Elizabeth dedicated to us. On the last day, I've been standing outside as the last people made their way through that viewing hall to see the Queen lying in state and they said to me, we've been here for fifteen hours, but it was still worth it. So this outpouring of love that we have seen, and about two million people are predicted to line the streets of London today to pay their final respects to the Queen, and this is going to be a huge operation for

the police here in London. The Metropolitan Police had locked down this area in the last half an hour as we do see what they're calling this a ring of steel now surrounding the abbey and monuments here in London because we've got so many dignitaries, foreign leaders and foreign royals and of course our very own royal family. Yeah, I was going to say that with so many world leaders gathered there. It's seen one headline describing it as almost a quasi un General Assembly that was, you know,

still getting underway in New York. But with so many leaders now there to pay their respects to Queen Elizabeth, I have to imagine that this is just an incredible security event, if not just a moment of grief for this country. Well, this is probably the biggest security event we've ever seen here, and that's something that the London

Merceditkan has said. He said it surpasses the twenty twelve Olympic Games that were held here in London, and it is also bigger than the Platinum Jubilee which was just a three months ago, and Kayton William's wedding was a huge event in London. I remember going out on the streets, but this is all of that wrapped into one. Tens of thousands of police officers on the ground, Nathan, I can't tell you how many police officers I can see as I sit here and we are waiting for the

Queen to be moved to Westminster Abbey. There's helicopters flying over ahead, and um, it's just a remarkable moment for the police team in London. They have orchestrated this for years in the making, and we also have a lot of the armed forces on the street and every single place. Force from across the country have gathered together and are

working together to make this as safe as possible. Incredible undertaking that gets underway in just a little more than a half hour's time, with the dignitaries now pretty much in their seats now and we await the procession of Queen Elizabeth to Westminster Abbey for that state funeral. Stay with Bloomberg Daybreak. We will be bringing you special extended coverage of the Queen's funeral right here on Bloomberg Radio. Ahead of that, it's just about five on Wall Street.

We want to turn to the market sketches set for this neutral eating week. For that, we're joined by Lori Calvacina, head of US Equity Strategy at RBC Capital Markets. Lorie, great to speak with you. As always, of course, a lot of the focus this week is going to be on what the central banks do, particularly the Federal Reserve, as we watch stocks around the world continue to fall. Have market Westminster, Andy, what we can expect today is. The Queen will be escorted the coffin draped in the

Royal standard, carried on the state gun carriage. The Royal Marines will lead that procession around Parliament Square behind scenior members of the royal family, including her children and the King. The procession will enter the great West door of the Abbey at exactly eleven o'clock and that will mark the start of the funeral. Bloomberg leanne Garan. So we'll be with us live all morning and stay with us for special coverage of the Queen's funeral in just a few

minutes right here on Bloomberg Daybreak mccaren. President Biden is among the dignitary he's attending the state funeral. But before he left for London, the President gave a wide ranging interview to CBS is Scott Pelley on sixty minutes. They discussed recent tensions with China over Taiwan. Would US forces defend the island, Yes, if in fact there was an unprecedented attack. Well afterwards, a White House official said US

policy of strategic ambiguity regarding Taiwan hasn't changed. President Biden also talked about his intention to run for president again in four, but it's just an attention. But as it a firm decision that I've run again, Veaptor managed to be seen and President says the decision while on that will come after November's mid terms. The President also made news saying he expects the US to control inflation and avoid a recession. He also thinks the COVID nineteen pandemic

is over. Bloomberg listeners in Washington can hear sixty minutes every Sunday night at ten on Bloomberg. Well, we turned to the markets now, Nathan, and US futures are lower as he began a neutral rating week. The S and P five hundred is coming off a loss of almost five percent last week, and we're seeing weekness in Asia at Chinese stocks listed in Hong Kong and bear market territory. Well,

this week's big market moving event comes Wednesday, Karen. That is when we get the Federal Reserve's latest policy decision. Chairman J. Powell is expected to raise interest rates by either seventy five or one hundred basis points, and the prospect of higher rates is impacting cryptocurrencies. This morning, Nathan bitcoins on the verge of sinking to its lowest level since twenty and checking bitcoin right now, it is moving lower.

It's down more than six and a half percent. It's at eighteen thousand, four hundred dollars and again futures are also lower. SNP futures down thirty seven points down, futures down two hundred eighty one and NASDAG futures down one hundred twenties seven. The decks in Germany's down nine tenths of upper cent and the CAC in Paris is down one point six percent nine next, Scrude oil low are down about two percent. It's down a dollar sixty eight

at eighty three dollars forty three cents a barrel. Comics gold down three quarters of a percent on twelve dollars eighty cents at sixteen seventies seventy an ounce. We are waiting for treasuries to begin trading today as markets in Japan and London are closed. Taking a look at currencies, the euro at point seven three against the dollar, British pound one point one three six five and the end

at one forty three point four six. Straight ahead your latest local headlines, plus a check of sports, and this is bloom. Thank you, caring. It's five thirty three on Wall Street where at seventy one degrees in Central Park. Still dealing with the accident investigation in Stamford. Northbound Connecticut Turnpike closed at exit eight. Details coming up in traffic. First Michael Barr with what else is going on in New York and around the world. Michael, thank you very much, Nathan.

The United Nations General Assembly is back in Manhattan and sends COVID restrictions have ease. It will mean the return earn of gridlock alerts. According to the NYPD, will be the largest UN General Assembly in recent years, and the city will welcome about a hundred forty heads of state. Police say there is no threat, however, thousands of officers

will be on UN patrol. The border crisis reaching national headlines last week when Florida governing around the Santis started two planes the shuttle migrants from Texas to Martha's Vineyard, with many of those people saying they had not been told where they were heading. In the past weeks. Texas Governor Gregg Abbott sends bus loads of migrants on nearly two day bus trips to New York City without notice

or a coordination to officials there. New York City Mayor Eric Adams says the city will always be willing to help new arrivals pursue the American dream, but slam the Republican governor's tactics. That is what crisis calls for. It calls for coordination. There was no coination at all with Governor Abbott and Governor Desantists just wanted to use this political ploy instead of understanding these are people, these are families, These are human beings. May Or Random spoke on ABC's

This Week, which can be heard Sundays on Bloomberg. All of Puerto Rico is without power after Hurricane Feeling, a crash to sure Sunday. The storm hit the island as a Category one hurricane. President Biden declared a state of emergency in Puerto Rico. President Biden's approval rating hit fort and a new NBC pole as a three point increase over in August survey. Ukrainian President Voladimir Zelenski says there would be no let up after a series of Ukrainian

victories taking cities and towns back from Russian troops. Zelenski said there would be no lull until all of Ukraine is freed. Meanwhile, Russian shelling hit cities and towns across a wide stretch of Ukraine over the weekend. Global News twenty four hours a day on air and on Bloomberg Quickday, powered by more than twenty seven hundred journalists analysts in more than a hundred twenty countries. On Michael bar This is Bloomberg Naked. Thank you, Michael, five thirty five on

Wall Street. Time for the Bloomberg Sports Update. Here's John, Thanks Nathan, so far, so good, and the Brian Dabole Era. The Giants in their new coach at two and oh Daniel Jones ten past four Graham Gado field goals in nineteen sixteen win at MetLife over Carolina, thrilling win for the Jets, the first team in twenty one years to win despite Trilling by two touchdowns with two minutes to play.

Joe Flacco a sixties six yard TV pass to Corey Davis after the recovery of an onside kick Flacko through the game winner a rookie Garrett Wilson and the Jets one in Cleveland thirty one thirty, ending their thirteen game September losing streak not the only come back. Miami trailed in Baltimore by three touchdowns in the fourth quarter and rally to win as two a tongue of Bayola through

six TV passes. Arizona trailed in Vegas by sixteen and the fourth The Cardinals tied the game on the final play of regulation and one in overtime on a fifty nine yard fumble return at City failed. Jakob Graham got fifteen ounce. Thirteen were strikeouts Mets to meet the pirvate

seven three. They tied a major league record a combined twenty strikeouts in the game in Milwaukee Big Day in the first suit of Roger Marrett two old swing on and hit in the air to deep right sun of eod that is high d us far us gone and the second deck that is a judge in blast number

of fifty eight on the year. As he gets closer to the American League, Rutger on w F A N and later Aaron Judge holmered again Yankee Pete Brewers twelve to eight, and Judge, now with fifty nine homers, comes home for the next six six games just two away from There's John stash Award, Bloomberg Sports Nathan, Thank you John. It's five thirty seven on Wall Street. Time for the

Tri State Business Report. Here's Bloomberg's head Cory. Almost three years after COVID rocked New York's real estate industry, it's starting to recover. The Times reports a glut of luxury condos that saturated the Manhattan market before the pandemic has largely been sold. Sale and rental prices have exceeded twenty nineteen levels, with rents continuing to break records. Good news

from Manhattan office landlords. Physical building occupancy went up nearly scent for the weekend in September, according to the Castle Systems Back the Work Barometer. The post Labor day jump was a huge increase over Castle's tally of thirty eight percent from the previous week. Home health aids and their advocates are pushing the New York City Council to pass legislation to restrict their hours, a move that's facing pushback from the union that represents them. The bill would limit

a home care aid's shift to twelve hours. At your Bloomberg Try State Business Report, I'm in Corey, Thank you. Edit is five 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

Pola scontenten Wins in New York. We're talking about a hacker release of what looks like early footage of the much anticipated Grand Theft Auto six Courtney's Anaho on ktr H in Houston. More consumers are saddled with credit card debt for longer periods of time. Iman kateson on WBC and Boston. I'll be reporting on the FEDS likely interest rate move find Genus Servetti in for w fl A in Orlando. I'm reporting that Disney has released data unemployee pay by race and gender for the first time. I

made Corey on w w J in Detroit. I'm reporting an area contractor for Amazon will lay off one hundred forty five employees. And those are some of the stories are hundred 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. By almost any measure, the US remains in the grip of a gun violence epidemic.

Since the beginning of the year, more than thirty thousand of marrow Aricans have died from firearms, and nearly as many have been wounded. Despite such grim figures, President Joe Biden's administration is making quiet, consequential progress on gun safety. In June, he signed the bipartisan Safer Communities Act, the first significant gun reform legislation in a generation, and building on that breakthrough, the administration is now cracking down on

another growing threat, ghost guns. Working with members of both parties, Biden has made steady incremental headway toward common sense reforms. Sustaining that momentum is critical to sparing the country further bloodshed and loss. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or opie 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. Right now, SMP futures are down thirty six points, STOW futures down two six eight. Nasdaq futures are lower by a hundred seventeen points. When treasuries trading resumes following the state funeral of the Queen, the two year yield will be at three point six percent. This is Bloomberg Bloomberg

eleven three oh weather. Increasing clouds, some showers and thundershowers developing this afternoon with a high your eighty five degrees will be mostly sunny, low eighties tomorrow and Wednesday. Right now seventy 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 Tape. This is a Bloomberg business lash and up Karen Moscow futures are lower this morning, with SMP futures down thirty seven points, Down Future down two hundred eighty six, and nastack futures down one d twenty three. The decks in Germany's down nine tenths of upper cent. We continue to wait for treasuries to begin trading today, as markets in Japan and

London are closed. Nimex screwed oil down one on a dollar fifty six and eighty three dollars, fifty five cents of barrel and comic School down seven tenths per center eleven dollars eighty cents at sixty seventy announced. Looking at bitcoin this morning lower at eighteen thousand, four hundred thirty dollars. That's a Bloomberg business flash. Now here's Michael Barrow with more on what's going on around the world. Michael Darren,

thank you very much. Britain and the world are laying Queen Elizabeth the second to rest at a state funeral that is drawing presidents and kings, princes and prime ministers. It is the first state funeral since Winston Churchill's Bloomberg will have more on the Queen's funeral coming up in minutes. Hurricane Fiona is bearing down on the Dominican Republic after knocking out the power grid and unleashing floods and landslides in Puerto Rico, where the governor said the damage was catastrophic.

President Joe Biden said US military forces would defend Time One from an unprecedented attack. His latest pledge of support as his administration seeks to deter China from increasing military pressure on the democratically elected government in Taipei. In the NFL, the Giants and Jets won, The Patriots and forty Niners were also winners. The Ravens lost. In baseball, the Yankees beat the Brewers twelve eight Errant Judge his fifty eight and fifty ninth home runs of the season to move

within two of Roja Marris's American League record. The Mets one, along with the Orioles, the Nationals, Hayes, and Giants lost. Global news twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Michael Barr, and this is Bloomberg, Nathan. This is Bloomberg Radio, where we turn our attention now to live

coverage of the funeral for Queen Elizabeth the Second. We are just a few minutes from the culmination of more than a week of national morning for the Queen. The state funeral begins next hour for Britain's longest reigning monarch. Let's bring in Bloomberg Daybreak europe Bankers Caroline Hepcker and Stephen Carroll, who will anchor our special coverage of the service at Westminster Abbey which is getting underway in just

a few minutes. Here Caroline and Stephen, but right now we're watching this extraordinary procession of military and the royal family themselves with the Queen's coffin on the gun carriage making its way to Westminster Abbey. Good morning, Nathan, Yes, you join us for a once in a generation event. This is the state funeral of Queen Elizabeth the Second and as you say, the most spectacular site, the procession of Queen Elizabeth's coffin from Westminster Hall to Westminster Abbey,

which has begun. On this a gun carriage draped with the wool standard with flower was the auburn sector and topped with the Imperial State Crown. The carriage itself a hundred and twenty three years old, being pulled by ninety eight members of the Royal Navy. This is a procession route which is being lined by Royal Navy and Royal Marines.

The Brigade of Gurkhas are there, the Royal Air Force, two hundred musicians and the King's bodyguard as they now are the Yeoman of the Guards, often known as the Beefeaters, lining this extraordinary procession through central London, a short journey only eight minutes from Westminster Hall in the Palace of Westminster, the home of of course, the House of Commons and the House of Lords, to Westminster Abbey, where the state

funeral will take place. Well behind the coffin we also see King Charles the Third and the Queen's three are the children, her grandchildren, including Princes William and Harry, and other members of the royal family. In the background you can hear Westminster Abbey the bell being told ninety six times in commemoration of the Queen's life. The beat being played by the musicians in this drama special seventy five beats per minute to ensure the correct pace during this procession.

A remarkable scene in central London. To see this members of all of the branches of the military taking part in this section of the Queen's final journey. Well, the service will begin in just a few minutes time in Westminster Abbey, of course, a hugely historic landmark in Britain. This is the place where virtually all the kings and Queens of England have been crowned where the Queen herself was married and where the coronation took place in nineteen

fifty three. Now, during that service we have a host of dignitaries. We have seen the US President and many other leaders, including the British Prime Minister enter. The Dean of Westminster, the very Reverend David Hoyle, is the person who is leading today's service. We are meant to be

seeing something and hearing something. It isn't a performance. What we are trying to do, not just in the abbey on the streets of the city, is to provide a focus for all that emotion that's out there at the moment. So that was the Dean of Westminster, the very Reverend David Hoyle. So at the start of the service we will hear the choir of Westminster Abbey, they will see lines from the scriptures. But before that moment we're still watching the procession of the gun carriage and the coffin

to the gates of Westminster Abbey. During the service, the Secretary Journal of the Commonwealth, British of Scotland and the UK's Prime Minister, Liz Trust will read lessons from scripture. The Artification of Canterbury, Justin Welby, will then deliver the sermon at Her Majesty's funeral. Here he is talking about the funeral earlier today. I feel very privile leedged to be there, not pleased to be there, because we would all prefer that this had not happened, but we're all

going to miss and grieve for the Queen. It's a huge privilege to be able to take part in this focused on the family first, because this is a family saying goodbye at a funeral to someone they loved. That was the Artibishop of Canterbury, Justin Welby. The funeral marks the end of ten days of National Morning, during which hundreds of thousands of people queued up to seventeen hours to see Queen Elizabeth lying in state at Westminster Hall Well.

Reverend Marjorie Brown, the vicar of St Mary's the Virgin Church in Primrose Hill and also a prebendary of St Paul's Cathedral, was in the procession of reflection for the Queen the day after she died, and she joined us earlier on Bloomberg Radio to talk to us about the order of service. She said that the service that we will see a Westminster Abbey will speak to both tradition but also to the modern world. It's a service, a Christian funeral, as it would be for anyone in many respects.

We know it will all be in the traditional language of the prayer book, which the Queen always favored. Looking through the order of service, I was very struck by how many British composers will have their music as part of the service, including two pieces by James McMillan and Juda's Rear, which were composed especially for this service. I was also struck by how many women will have speaking

parts in the service. We have the Prime Minister and the Secretary General of the Commonwealth and of course the Lord Bishop of London, all all of whom are women. That's quite a change from the last state funeral in nineteen fifty two. There will also be participation by leaders of many other churches, not just Anglican, but also Roman Catholic and Pentecostal and Free churches. The Church of Scotland of course, so there'll be a very wide representation people

across the nation in this service. Today. That was Reverend Marjorie Brown speaking to us earlier about the service, and now the gun carriage with the Queen's coffin has arrived outside the abbey. We can listen in to some of the sounds of the music playing in the background. This

is a moment of silent reflection. If we see those members of the Royal Navy who pulled the gun carriage from Westminster Hall to Westminster Abbey now bowing their heads as the Queen's coffin is removed from the gun carriage

and carried into Westminster Abbey. This is a solemn moment in the procession, a part of this long journey that the Queen's remains have today from Westminster Hall, where she's been lying in state from since Wednesday now to Westminster Abbey and a journey that will end in Windsor Castle later Today, thousands of people have lined the streets of these processional routes in central London all the way out

to Windsor Castle. We've also seen, of course, the entrance of Britain's current and former Prime Ministers who are in the congregation, starting with John Major, Gordon Brown, Tony Blair, the current Prime Minister Liz Truss, All inside Westminster Abbey along with the US President to Joe Biden, the first Lady Jill Biden, the French President Emmanuel Maka, and we've seen so many royals, dignitaries, global leaders enter the abbey. There are two thousand people in the abbey for this service,

among them some of those names that Caroline mentioned. But this is the start of what will be this this state funeral as we see the cover and now being slowly and meticulously carried towards the front door of Westminster Abbey, and so in just a few moments time we will begin the service, of course for Britain's longest serving monarch. We're watching them pictures live and Leanne Garren's who has been covering the morning period and indeed the state funeral

throughout the days, joins us now live from Westminster. Good morning, Leanne. You've just been watching live the coffin of Queen Elizabeth the Second being processed from Westminster Hall to the abbey. You've been watching that procession, Caroline. We heard the bagpipe start playing and then we saw the procession coming along and it was probably one of the most