Bloomberg Daybreak: September 29, 2022 - Hour 2 (Radio)

and thousands of Amazon workers are getting races. The New York City Council is deciding whether the band's solitary confinement in jails. Plus, the US Senate is ready to pass the bill that will keep the government open. I'm Michael barn More Ahead, I'm John Stash Hour and sports Aaron Josh hit his record time sixty one abern and Yankee

went in Toronto. A big comeback win for the man that's all strady Ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, Bloomberg one O six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nineteen and around the World. Old on Bloomberg Radio dot com and via the Bloomberg Business App. Good morning, I'm Nathan Hagar and I'm Karen Moscow and

US Dock Index futures are following this morning. We are coming up to six o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg. SNP futures down thirty two points, now futures down two hundred eighteen. NAS deck futures down one three. The decks in Germany is down one point to per cent. The ten year treasury down twenty six thirty seconds, held three point three percent in the yield on the two

year four point to one percent. Nine x screwed oil up three tens per cent, or twenty seven cents at eighty two dollars forty two cents in barrel, British pound one point eight six five against the dollar. Nathan, Karen, We'll have more on markets in a minute, but first let's get you the latest on Hurricane Ian. It crashed into Florida yesterday, bringing massive storm surgeon, knocking up power to more than two million homes and businesses. President Biden

says the federal government stands ready to help. That includes this fasten hundreds of femal personnel and activating thousands of National Guard members. I've also developed a searching recipe team and deployed them for mulmibile federises season, and then they've already on the ground. We're ready to help. President Biden is also urging Florida residents to follow all warnings from local officials. Ian has weekend since it hit land. It is now a tropical storm with top winds around Let's

get more on the track now with Bloomberg. Metrologists drobed Caroline, Nathan, Karen, and Ian now affecting central and northeastern Florida. It is moving off towards the north and east. This morning it will bring win gus over sixty miles two portions of northeastern Florida. Now, the system is forecast to move out over the waters of the Atlantic and it may actually regain some strength before moving back inland over Georgia and the Carolinas in the next thirty six hours. Again, it

continues to produce prodigious rainfall. We're expecting anywhere from five to ten inches of rain north of the storm today, with additional rainfall into the weekend. Yesterday, it went ashore in southwestern Florida with winds of over a hundred and fifty miles an hour and a storm surge that caused some historic flooding in the Naples area. Also around Fort Myers, Fort Myers Beach, Nita Beach, all those areas saw significant flooding.

Nathan and Karen, All right, Rob, thank you, and of course I'll be checking in with the Bloomberg meteorologists round Caroline throughound the morning right here on Bloomberg Radio. Now back to the volatile markets. We're seeing the pound snap a two day gain following that historic bond buying program from the Bank of England. Let's get the very latest from London with Bloomberg's un Pats. Good morning, Uen, Good morning Karen, Nathan. After yesterday's central bank driven rally, UK stock,

sovereign bonds and the pounds all lower this morning. Prominister Liz Trust today defending her government's huge fiscal stimulus package, blaming global economic pressures for the market fallout from her announcement last week. She says the tax cuts, the biggest in fifty years, are the right plan for the UK. Today. Slide puts the pound on track for its worst month since Britain voted to leave the European Union more than

six years ago. In London, I'm spoom book daybreak, thanks you, and former US Treasury Secretary Larry Summers is weighing in on the turmoil and markets. He's welcoming intervention from the Bank of England, but says the UK still faces serious issues. I think it was the right thing to do given the technical factors that are that had arisen UH in the market, and it's obviously brought some important stability to the guilt market. It does not resolve any of the

fundamental contradictions in UH British policy. Former Treasury Secretary Larry Summer spoke with Bloomberg Gowers after the Bank of England pledged unlimited purchases of long dated government bonds. Well, the White House is alarmed over the market turmoil triggered by the new UK Nathan Now. It's encouraging Prime Minister list Trust to dial back or economic plans to get details from Bloomberg's Amy Morriss from our not e on one newsroom in Washington. The plunge in UK assets earlier this

week contributed to declines in US treasuries. Sources tell Bloomberg News, Treasury officials are concerned at the volatility in the markets, and they're working through the I m F to put more pressure on Trust's government. Treasury Secretary Janet Yellen downplay the turbulence, but Commerce Secretary Gina Raimondo called Trust's approach

of cutting taxes while increasing spending misguided. Trust's government argues it's program will boost long term growth in Washington, I'm maybe more as Bloomberg Daybreak, Thanks, and you've got some personnel news out of Washington this morning. Sources say Treasury Secretary Janet Yellen has told the White House she will stay past the November elections. Her desire to stay comes as the Biden administration prepares for potential cabinet and other

senior personnel changes. Those decisions may depend on how well or poorly Democrats do in the elections. Meantime, Nathan A House proposal to restrict stunk trading by government officials has

hit a snag. The Bill Wooker tail stock ownership and trading by members of Congress, the president, vice president, Supreme Court justices, and other high ranking officials, but it's currently being held up by Democratic in The bill's sponsors introduce the legislation yesterday, but multiple House officials familiar with the discussion said any floor action on the measure has been shelved, at least for now. Lawmakers are scheduled to leave Washington

this week until after the November election. Let's turn to geopolitics now, Karen, the US wants to resume talks with China. Ambassador Nicolas Burns is calling on the nation to reopen discussions that were halted after how Speaker Nancy Pelosi's visit to Taiwan. We do not seek conflict, and we're gonna try to compete with China vigorously and then work with China where we can, and we hope the Chinese will reciprocate. They've frozen a lot of our dialogues since Speaker Pelosi's visit.

Our message to the Chinese is, let's talk open these dialogues and let's move forward. Ambassador Nicholas Burns spoke at the Milk and Institute Asia Summit in Singapore. He says the US needs stork of China on issues like climate change and health and incorporate news Nathan Amazon is boosting pay for hourly workers in the US. The online retailing giants said the move will raise the average earting wage for most frontline employees and warehousing and transportation to nineteen

dollars an hour. Again, futures are lower this morning. S and P futures down thirty nine points, staff futures down two nine and nasdack futures down one. Straight ahead your latest local headlines plus a check of sports, and this is Bloomberg. I mean to Karen six o seven on Wall Street, fifty four degrees in Central Park slogan in on New Jersey Transits Northeast cord or twenty minute delays.

Tell you why 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 New York City Council is deciding whether to band solitary confinement in jails. Demonstrators on both sides clashed on the steps of City Hall ahead of a hearing on the bill. Any Bosco of the Correction Officers Benevolent Association says that the notion

that we're torturing individuals in our system is not the case. However, Democratic City Council Member Tiffany Kavan argued, we need to find out what is the of the violence. New Jersey Bank, a New Jersey bank, agreed to pay thirteen million dollars to resolve claims of discriminatory and lending practices. Lakeland Bank has been ranked best bank in New Jersey, but U S Attorney Phillips Sollinger says it's not for people of

color and at least three counties. If you lived in the black or Hispanic neighborhood in these counties, you likely have little opportunity to apply for, let alone obtain a mortgage from Lakeland Bank. U S Attorney Phillips Slingers said Lakeland Bank redline these neighborhoods refused to service them in violation of the Fair Housing Act. The U. S. Senate is ready to pass the bill that will keep the government open and spending until at least the middle of December.

Democratic Representative Jim Governor of Massachusetts thanks the government funding bill will pass by tomorrow. We're going to do everything we can to make sure we don't have a government shutdown. Remember the last time we had a government shutdown. The Republicans controlled the White House, the House, and the Senate. I mean that would your responsible, We would we would

we would not do that. And the fact of the matter is there's a lot of stuff that we I would like to see in a cr and there's a lot of stuff, you know, that I would like to add on, and I know I can't get it best to Senate. So we have to do the best we can working with the people that we we have to deal with. Representative McGovern spoke on sound On, which airs

at five pm weekdays on Bloomberg. Both parties agreed to a temporary continuing spending bill that will include disaster aid for weather battered Kentucky, Alabama, Texas, Alaska, and Puerto Rico. Vice President Kamala Harris is in South Korea. Harris met with the South Korean president reinforced the US South Korean alliance for seven decades. The alliance between the United States and the Republic of Korea has been a lynchpin a

security and prosperity. Vice President Harris later traveled to the demilitarized zone that separates North and South Korea. Global News twenty four hours a day on air and on Bloomberg quicktake powered by more than twenty seven hundre journalist and analyst to more than a hundred twenty countries. I'm Michael barn This is Bloomberg, Nathan. Thanks Michael. Almost six ten on Wall Street time for the Bloomberg Sports Update, and they finally got to sixty one. John Stenshower and the Fit.

Perhaps you heard Aaron Judge been trying to get that sixty feet homer seventh straight times he was unable to hit a home run. As networks broke into programming to show us that bats. His mother and Roger Maris's son crossed borders to watch him in Toronto the last inning, last night seventh in ain't Tim May's on the man, Here's John Stirling w f an don't go? Did he loved it? Us high hell us part us gone number sixty one height times Roger Maris for the American League

single season record. Who was sixty run home run? HiT's a two run Judge and Black and Yankee you American League record? Of course, the reason this has gotten so much attention, it's also the so called clean record. The only ones to hit more in a season Barry Bonds, Mark McGuire Sammy Sosa, all of their seasons tainted by steroid use. Judge s seven games left now to try to get to sixty two. The outcome of the game

fairly meaningless. That's why Aaron Boone had Anthony Rizzo managed the Yankees, who beat the Blue Jay's eighth to three after the Mets their game. Very meaningful is the Mets try to win the nl East. That means a bye. It means avoiding the Dodgers until the NLCS. They trailed Miami for nothing seventh any Edwardo Escobar to the rescue to run home in the seventh game, tying two run single in the eighth and game winning rb I hit of the tent Mets won five for just as Atlanta

lost in ten in Washington. So the three game series begins tomorrow Atlanta with the Mets one game ahead. Whether it could be an issue for this series Jets madd officials. Zack Wilson returns from his knee injury to start Sunday in Pittsburgh. John Stashward Bloomberg, Sports, Nathan Thanks John SMP futures down thirty seven points, Staff futures down, Tunere forty one, Nastack futures down a hundred fifty four points, the ten year treasuries down twenty seven thirty seconds, the yield three

point eight four percent. This is Bloomberg Bloomberg eleven three oh other. Sunshine up for sixties today, increasing high cloudiness tomorrow up for sixties. Light rain from the income is in Saturday afternoon. It'll stay rainy all weekend with highs in the mid sixties. Currently fifty four degrees. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quicktape. He's

a Bloomberg Business Flash and I'm Karin Moscow. Risk off sentiment returning to markets as concerned about inflation and the risk of global recession over shadows the Bank of England's move to restore calm the pounds snapping a two day gain, and we checked the markets every fifteen minutes throughout the trading day on Bloomberg. Guess and p Futures down thirties six points this morning. Down features down two two announced back futures down one fifty. The debts in Germany is

down one point three per cent. Ten Your treasury down twenty seconds. You have three point three percent yield on the two year four point to one percent. NIMEX screwed oil is up six tents per cent or fifty two cents at eighty two dollars sixty seven cents of barrel comex goal down eight ten percent or thirteen dollars twenty cents at sixteen fifty six ninety announce. The euro is at point in nine six nine two against the dollar. British found one point eight six zero and again one

four point six eight. Bitcoin is down six tenths of a percent in nineteen thousand, four hundred dollars. And today we are watching for a third read on second quarter GDP as well as the weekly record on initial jobless claims. Both are at at eight thirty Wall Street time. 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. Hurricane and has left the path of destruction in southwest Florida, trapping people and flooded homes, damaging the roof of a hospital intensive care unit, and knocking out power to two million people. I and now a tropical store m is aiming for the Atlantic coast. The Biden administration blasted Russia's attempt to legitimize its control of Ukrainian territories through what they're calling a stage vote to appear as if there is Russian loyalty in these towns.

In baseball, the Yankees beat the Blue Jay's eight three, but more importantly, Aaron Judge it his sixty one home run, tying Roger Merris for the a L record. The Matt's Nationals and Giants one, The Red Sox beat the Orioles three one, The A's Lost. Global news twenty four hours a day on air end on Bloomberg Quicktake, powered by more than journalist and analysts more than a hundred twenty countries.

I'm Michael bar and this is Bloomberg Natheran. Okay, Michael, thank you, at six nineteen on Wall Street Life from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, And as we continue to follow the devastation brought by a now tropical storm Ian in Florida, we are watching a fiscal and monetary storm happening in the UK right now with new Prime Minister Liz trust Sing. I'm with tax cuts and the Bank of England responding with what looks

like new stimulus. Let's bring in Bloomberg opinion calumnist Marcus Ashworth, who's been following this very closely. Marcus, it's great to have you with us. And it looks from this side of the pond like the new government and the Bank of England are on a collision course. Is that too strong a way to put it? Um, Yes, it is. I'm afraid okay. I think the Bank of England has has done exactly the right thing and it's stem the

rock very quickly. If you actually know how much they bought last night, it was only about a billiard m just over and they continue to do this the next two weeks or so. I doubt they'll buy that much, probably ten, maybe a little bit more, but possibly quite a bit less compared to six bution they could in theory by which is the free floats. So I think the crisis is too early sets over. It's certainly a

lot of damage limitations come in here. Um. I do think that the economics and politics needs to be separatet of here. Some of the economics of what the government's trying to do does make sense in the longer run.

Clearly the presentation and the politics that was terrible. The presentation was was non existent, and there was a level of I guess you can have to call it arrogance, and certainly a lack of appreciation of how sensitive markets can be are and will continue to be and sudden changes in fiscal and economic policy need to be The picture needs to be rolled and everyone needs to be prepared, and it needs to be costed and funding in a way which people can get their heads around. That's what

this government failed to do. The Bank of England, um, I've done pretty well. Perhaps they shouldn't have started their continent tightening program, they've had delayed that for a month. That could possibly do the thing. A little bit more delay um and and maybe they'll never get around to it, but certainly bar that, the Bank of England has managed to step in and say what was a very difficult situation pretty much unique the UK in the way the UK is structured with its pension fund and very long

dated bond markets. So they've had to do what they need to do and they've done it very very successfully so far. And see some reaction that the Bank of England might be enabling the Trist's government by stepping in with this fine buying program while the new Prime Minister is doubling down on the tax cut regime. Is the Bank of England and enabling trust here? Now there's so much politics going on behind us. It's very if you have to filter out a lot of the a lot

of stuff on inequality and whatever it is. The straightforward politics doesn't mean you have to agree with it. But you know what the government's trying to do. They are perfectly entitled the way. When they've done it, which clearly has been, the markets have taken umbrage out, particularly because it's clearly going to be they want to do an awful lot more and that's I think it's what scared

the market more than anything. Uh, there wasn't quite the same demand structurally to take extra debt and they've they've not only increased it quite quickly, but they've clearly going to want to do a lot more. That that's what's caused the problem. It's more the future issuance than what may be come in the next year or so. But you know that the Bank of eng is doing what it's had to do for a financial stability point of view, that the overall numbers we're talking about here probably will

not be very large at all. As I have, I am the beginning here, so I think there's a lot of politics going on trying to tidy the government with you know, kind of threaten the Bank of the independence some of its own fault. As again the presentation has been appalling, but I don't think the bankaving can be uh any very shapeful form blame there. They've done a

magnificent job and we're very likely to happen. Telling about thirty seconds left here, Marcus, when we signed the proud earlier this week had a dollar three, now had a one oh eight handle. Where do you see the pound going at this point? Could we reach parody? We certainly couldn't, and that no one can can rule this out and structurally and dollar continues to rally, uh and there's no reason to suggest it won't for the moment until something

in the US. For apes to make me new house a markism too clever, But that's because interest rates to go higher and are at some point that the Fed will have to pivot. But until they do, more points coming from all currencies, not just starting. I mean, it's the it's the un it's the yen, it's the euro, you name it. So starting just got a called a little bit of the sour on you say, going onto it and had its bad time. But the others will have their turn. I'm afraid in the dollars stay strong.

Thanks so much Marcus for coming on with us this morning. Marcus Ashworth columnists for Bloomberg Opinion on the volatility in the UK market after Trusts government came out with its tax cuts on the Bank of England responded with a new bond buying program. Right now, SMP futures are down thirty four points, STOW futures down two hundred sixteen, Nasdaq

futures are down a hundred forty three points. The tenure Treasury is down twenty five thirty seconds, yield three point eight three percent, yield on the two year four point to zero. And just again checking the British pound, it's at one point zero eight five four right now against the dollar. This is Bloomberg Bloomberg eleven three oh weather. Sunshine and upper sixties today, increasing high clouds tomorrow, up

for sixties will be in the mid sixties. Saturday and Sunday as we feel the effects of what's left of Tropical Stormy in fifty four degrees. Right now, broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg he loving free to Washington, d C Bloomberg, Line nine one to Boston Bloomberg one, O six one to San Francisco Bloomberg, and M sixty to the country Sirius XM CHADO one nine team and around the globe the Bloomberg

Business app in Bloomberg Radio dot com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow, and we are just about three hours away from the open of US trading. Time for the five things that you need to notice start your day. Brought to you by I b k R Investment Advisors switched to Interrected Brokers for lowest cost global trading and turnkey custody solutions, no ticket charges and no conflicts of your interests at ib KR dot com slash R.

I a first Hurricane Ian as we can do. A tropical storm after hitting Florida with a deadly surge of water and catastrophic winds. About two point three million homes are without power. To get the very latest on the storm from Bloomberg meteorologist Rob Caroline, Karen and Nathan Ian.

Tied for the fourth strongest tropical weather system to ever strike the continental United States made landfall yesterday in southwestern Florida, with winds at a hundred and fifty miles an hour and an extensive storm surge that caused very significant flooding across portions of southwestern Florida from Naples to Venice. The

storm is now well inland, headed into northeastern Florida. Big problem will be wing gus today in excessive sixty mile and some torrential rain part clear on the northern side of the system into north Florida. Karen and Nathan okay, Rob, thank you. Will continue checking in with Bloomberg meteorologists Drobbed Carolyn throughout the morning here on Bloomberg Radio. Now, let's check in with the markets. The pound is resuming its slide after the Bank of England's emergency bond buying program

temporarily soothed concerns. This morning, UK Prime Minister Liz Trust once again defended a giant package of unfunded tax cuts, where you're seeing both stocks and bonds in Europe fall this morning. Well, here in the US, Nathan futures are lower following yesterday's Wall Street rally, which saw the SNP five hundred staff a five day losing streak. Matt Melee, as chief market strategist in Miller tay Back, although we could get one big wash out here in the next

few days. I think we're gonna see a bounce of the last for a week or two or maybe even three, but that will probably another opportunity to raise some cash. Miller Tayback chief market strategist Matt Melee said the SNP five hundred could go as low as three thousand. It closed just about thirty seven hundred yesterday. We have some personnel news out of Washington this morning. Karen Bloomberg News has learned Treasury Secretary Janet Yellen play is to stay

on after the November elections. Her desire to stay comes as the Biden administration prepares for potential cabinet and other senior personnel changes. And in corporate news this morning, Nathan Amazon is boosting pay for hourly workers in the US. The company said the move will raise the average starting wage for most frontline employees and warehousing and transportation to nineteen dollars an hour. That's the five things that you need to know to start your day. Brought to you

by Interactive Brokers. Again, futures are following this morning and straight ahead your latest local headlines plus a check of sports and this is Bloomberg all right. Thanks. Hearing at six Wall Street, fifty four degrees in Central Park, out of crash eas bound four near Decatur Avenue and te Neck details in traffic shortly. First Michael Barr with what else is going on in New York and around the world.

Good morning, Michael, Good morning Nathan. The New York City Council is deciding whether de band solitary confinement in jails. Ben Abosco of the Correction Officers Benevolent Association says the notion that we're torturing individuals in our system is not the case. However, Democratic City Council member Tiffany Gabon argued, we need to know what is the root of the violence.

The band is opposed by Mayor Eric Adams. It looks like the Senate will pass a bill to fund the government through mid December, Democratic Representative Jim mcgovernor of Massachusetts was asked about the odds of the measure passing by Friday. I believe it will. I believe it will. I mean, I think it will pass the Senate either today or tomorrow, and then it will come right to the House, and you know, and we're rep to bring it to the

floor immediately. And my hope is that after the election, we can you know, I know, some of the differences and get an omnibus budget pass so that we can have funding for the for all of next year and we can we can move on. Representative McGovern spoke on sound on which air's weekdays at five pm on Bloomberg. In a rare show of unity, both parties and the Senate agreed to a temporary continuing spending bill that will include disaster aid for whether battered Kentucky, Alabama, Texas, Alaska,

and Puerto Rico. Will let the FDA continue preventing the slowdown of reviews of life saving drugs. Vice President Kamala Harris captured trip to Asia with a stop at the militarized zone dividing the Korean Peninsula. Harris thank US personnel at the d m Z for their service, each one of you for what you do and what you said. Before going to the d m Z, Harris met with South Korean President Yun Sak Yol and praised the alliance

between the countries. Mackenzie Scott, one of the world's richest and most influential philanthropists, filed for divorce from Dan Jewitt, science teachers she married following her twenty nineteen split from Amazon founder Jeff Bezos. One of hip hop's biggest names has died. Rapper Coolio, with hits including Gangster Paradise, died at the Los Angeles home of a friend. The cause of de was not immediately clear. The Grammy winner, whose real name was artist Leon Ivy Jr. Also gave us

other songs, such as Fantastic Voyage. Coolio was fifty nine Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist and analysts in more than a hundred twenty countries. I'm Michael barn this is Bloomberg. Nathan alright, Michael, thank you. Almost six thirty six on Wall Street. John Stashowers got the Bloomberg Sports Update and Nathan the symmetry kind of remarkable.

Roger Marris at sixty one home runs in nineteen sixty one and now sixty one years later, Aaron Judge has joined him Yankee number ninety nine with Yankee number nine, only two in American League history with that many homers in a seat. That's one thing that's so special about the Yankees organization, as all the guys that came before us and kind of paved the way and you know, played the game the right way, did the things the right way, did a lot of great things in this game.

And getting a chance to me, you know, mentioned with those guys now as I can't even describe it. It's uh. Judge of course went seven games without a homer, but seventh inning in Toronto, facing the Blue Jays, Tim May's a liner to left. The ball dropped down into the blue Jay's bullpen, caught by Toronto coach Matt Bushman. Yankee

reliever Zack Britton went into the Jay's penn. Toronto's Jordan Romano handed the ball to Britain, who then gave it to Judge, who now has seven games left to try and hit number six two to break the records starting tomorrow against Baltimore, stating Yankee beat the Blue Jays eight and three Mets with a huge city field victory comes

courtesy of edwardo Escobar. Over the last four innings, Estibar had three hits and drove in all five met runs as they came back from a four nothing deficit beat Miami five to four in ten, just as Atlanta lost in ten in Washington's the Mets back and sole possession of first game ahead of the Brase and now comes the three game series starting tomorrow, weather fermitting in Atlanta. One met win in the series means they owned a

tiebreaker when the Jets placed Sunday in Pittsburgh. Zack Wilson will make the season debut at quarterback, returning from the knee injurance effort in the preseason. Actually what Bloomberg Sports Nathan Okay John thanks six thirty seven on Wall Street Time Now to take a look at stock some of the names moving in the pre market with Bloomberg Radio

and TV Markets correspondent Crety Gupta and A Crety. Even though Hurricane Ian is now a tropical storm, there are still a lot of companies that are potentially exposed a lot of damage, perhaps already being done, Nathan. Let's start off with some of the tourism related companies. Disney, for example, d I S Is Your Taker. Well, they actually it came out and said that they're going to keep some of their hotels open, some of their resorts open to

help people provide or get shelter from the storm. That being said, that still did her revenue, um and that's going to be some of the numbers we're gonna be waiting for in their next earnings report. D I S is Your Taker down about one percent, but it's not the only one. Check out some of the cruise lines, which of course rely on some of the state ports as well, which have been shut down because of the

hurricane and because of the tropical storm. Nathan, just because it is a tropical storm, that doesn't mean that there aren't still going to be storm searches or a lot

of damage so the ports are made. Is that's going to affect the bottom line of companies like Carnival Cruise Lines secldre taker there down about two point two percent in the pre market, and they have got kind of a non traditional one for you know, one of the things of fertilizer when it comes to Florida necessarily, but this is well there you go about nine the cross there um. But they all still make fertilizer in in in Florida as well. A lot of their kind of assets.

For Mosaic, which by the way was very much hit with the warn Ukraine and the impact on natural gas which then is used to help create the fertilizer. Who all those operations are right where the hurricane went through. The Mosaic actually had to shut down some of their operations. Those shares down about three tenths of one percent in the pre market. Bloomberg Intelligence actually saying that two hundred and forties three hundred million dollars is how much the

revenue impact could be for that company. We see bitcoin back below. How are crypto stocks doing this morning? Well, they are fall bowing. Bitcoins lead down about two point three percent for coin based c o I N is your ticker there no surprise, you're always going to see that move magnified when it comes to the exchanges as well. You also want to keep an eye on the like a box for example, b k KT is your ticker um and that was going to the under pressure as well.

It's down about five of one percent. And I'll wrap it up here Nathan with Riots blockshain. Remember the miners have that unequal exposure. Usually there's a big movement bitcoint it's magnified as the minor so Riot blockchain r IoT down about three percent, all right, boom Berg Radio and TV Markets correspondent Cretty Gupta keeping an eye on the individual movers this morning as we look at stocks as a whole. Following SMP future is now down one percent

to drop a thirty six points down. Futures are lower by two U thirty six and NAZAC futures leading the declines by one point three percent, a drop of a hundred fifty one points. The tenure Treasury is down twenty four thirty seconds yield close to three point three percent yield on the two year four points. Who's zero nime ex screwed, little change now at eighteen of barrel and once again Bitcoin is just below twenty nineteen four twenty and looking at the British pound at one point zero

eight four six against the dollar. You're listening to Bloomberg Daybreak, Bloomberg eleven three oh Weather sunshine for now upper sixties, will have increasing clouds tomorrow, upper sixties, mid sixties for the weekend, with the remnants of I n right now fifty four degrees 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. He's a Bloomberg Business Flash, and I'm Karin Moscow in this business flash brought to you by the n Y Millen's Pershing. Learn why the world's most sophisticated wealth management and institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and manage risk At Pershing dot Com. Futures are lower this morning. Let's go to the First Word

Breaking news desk for today's morning call, and here's Bill Maloney. Bill, good morning and good morning, Karen. That's right. US futures are under pressure after yesterday's gains. The Doubt futures down two point s SPS drop thirty two, and nas that if you just decline by one thirty eight, the US ten year old at three point eight three percent. In gold is down twelve, oil is climbing, and bitcoin is

lower by point seven percent. Japan rose one percent overnight, while up markets are under pressure this morning with one percent losses across the board. Back in the US on the economic Frinday thirty initial jobs claims and g d P after develops, Nate Jeffrey's revenue beat estimates and regarding earnings this morning, look for a bed Bath and Beyond

and Carmacks the report in the pre market. Wrapping things up, Apple was downnggraded to neutral from buy over at Bank of America Shares It down two point seven percent in the pre market. Live from the first of breaking News tescon Bill Milon Karen, Great, Bill, thank you to hear live breaking news over here. Bloomberg type squawk on your terminal scue you a w K and that's a Bloomberg business flash. Now here's Michael Barr with Moore and what's

going on around the world. Michael, Karen, thank you very much. Floridians are awaiting daylight to see the full extent of damage still being caused by a hurricane, and more than two million customers across Florida I have lost electricity and is now a tropical storm. A new filing by former President Trump's lawyers says it's not eleven thousand documents of pages that were seized by the FBI at the Mara Lago of State. They say it is more like two

hundred thousand pages. Because of that, his attorneys argue they need more time to declare what documents they believe are covered by attorney client or executive privilege and why. In baseball, the Yankees beat the Blue Jay's eight three, but more importantly, Aaron Judge hit his sixty first home run, tying Roger Merris for the a L record. The Mets, Nationals and Giants one, the Red Sox beat the Orioles three one,

the A's lost. Global news twenty four hours a day on and on Bloomberg Quick Take, powered by more than hundred journalists and analysts more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Karen Alorry, Michael bar Thank you sixty nine on Wall Street. Let's turn to news and science and technology now with the Bloomberg

and j. I. T. Stammer Report. It is brought to you buy New Jersey Institute of Technology, ranked one of the nation's most research intensive universities by the carnate gate classification. Learn more at n j I, T, DOT E, d U, slash r one. Here's what's making news and science, technology, engineering, and math. Several states have projected a slowdown in sales tax growth in the next fiscal year due to shifts

and consumer spending patterns and high prices. States are likely to see sharp drops and income tax collections as stock market volatility threatens to wipe out gains. Toyota Motors global output recovered for the first time in five months, led by gains in overseas markets and in particular Southeast Asia, where resurgence of COVID disrupted supply chains a year ago.

While Toyota still faces a shortage of semiconductors and is battling lingering supply chain constraints stemming from the pandemic, the situation has improved from twelve months ago, when COVID cases were higher, causing factory shutdowns that led to a dearth of parts, and soon enough, a bed size Amazon device

might know whether you're sleeping or not. The e commerce and tech giants says it will start selling a device later this year that can tract sleeping patterns without a wristband The device, called Halo Rise, will use no contact sensors and artificial intelligence to measure a user's movement and breeding patterns. Amazon said the device does not include cameras or microphones, and it will go for a hundred and thirty nine dollars ninety nine cents and as a Bloomberg

n j I T STEM report. Nathan all right, Karen, thank you. We are live from the Bloomberg Interactive Broker Studios where it's six fifty one on Wall Street. Bloomberg Daybreak is brought to you by se I Imagine your

asset management firms. Operational infrastructure is a competitive advantage. Let see I show you how at se I C dot com slash I m s Now, it's time to check what's going on in d C. Some of the top stories in our nation's capital include the US working with the International Monetary Fund to deal with market turmoil in the UK. Jenny Thomas to be interviewed by the House January six Committee House Democrats balking at a plan on lawmaker stock trading, and Janet Yell and telling the White

House she plans to stay past November. Let's bring in Bloomberg. Government Congressional reporter Jack Fitzpatrick for more on all of these stories. So, Jack, this very interesting piece of the Bloomberg terminal this morning about the market volatility in the UK and why the Biden administration is concerned about it. What is the concern now? Uh, The concern is about the tax and spending plans in the UK, the proposed annual forty five billion pound tax cuts that are are

not offset by ending cuts. Uh, sort of almost a stimulus package at a time when many economists would say that's not the right response in an environment with such

high inflation. Uh. And so the US government, through the International Monetary Fund, has tried to push the Liz Trust led government to reevaluate those measures, basically calling on them to give that a second thought because of the way it could trigger volatility in the markets that they're they're concerned could spread from the UK to the US and

affect the global markets. Uh. So really essentially it's there's sort of the opposite of an endorsement of those policies by the Trust government, but the US to say the least, how much can the U s actually influence UK policy? Though, well, this is subject to so much domestic so many domestic political concerns in the UK. Uh. It's not something that the US can just debate them on and win, but it is something that they have felt necessary to raise.

You know. Gina Romando, the Commerce Secretary here in the US, has brought it up and described it misguided as misguided. Uh. You know that they've been pretty open about trying to communicate that it's difficult to predict what effect that would have, and of course, trusts and other leaders in the UK are responsive primarily to their own voters. All right, let's turn to where you work over on Capitol Hill. Some

interesting developments of the House January six committee. Even though now tropical storm Ian has put the actual public hearings on hold, we've got a pretty big development behind the scenes. Yes, Jenny Thomas, the wife of Clarence Thomas, is the Supreme Court Justice, is supposed to participate in an interview with the committee. Uh. The area of concern here is that there's a documentation that she had been emailing with John Eastman, the lawyer who is advising former President Trump on the

possibility of overturning the results of election. Uh, that she, essentially as an activist, was involved to some degree, which raises concerns about if she was using her relationship with the Supreme Court justice UH in any way or if he was tied in to any degree. UH. They have not announced when she's going to participate. There is some talk about potentially that happened Friday, but that would be

a high profile development. Is this Uh investigation continues and it's supposed to happen according to Benny Thomas, the chair of the committee, at some point this week, We've also had a high profile piece of legislation just get unveiled, Lawmaker stock Ban, and it's already facing hurdles on Capitol Hill. Yeah, it does not sound like a vote is going to happen before the House leaves UH for the mid term elections.

They're going to leave at the end of this week and then they're not coming back until later for a lamb duck session. UH. Stenny Hoyer, the majority leader, has said a vote is not looking likely. UH. There's some concern about how this applies to spouses and dependent children, UH,

and the way it goes beyond strictly members. UH. That's that's one of the key points of contention, and that's something that's been brought up because Speaker Nancy Pelosi's husband Paul Pelosi, has some had some recent transactions that were not illegal, but brought some attention to this issue. Uh. Pelosi has not commented on exactly where she stands on the bill right now, but that's sort of an issue that I think has pumped the brakes on the idea

of voting on this before the midterms. In our last minute here, Jack, it looks like Treasury Secretary Janet Yellen is trying to put some speculation about her future to rest. Yeah, she has said that she is going to continue on well passed the November elections. There's an expectation generally that there's going to be some turnover in the administration a

little bit after the elections. Uh, it would be significant if she were to leave in the near future, especially because of the work to implement the i r S funding that was put into place by Congress for for greater i r S enforcement work on the international price cap on Russian oil expert exports. UH. So she has not been the most high profile person for someone of her stature, but she will be sticking around for some

significant amount of time alright. Bloomberg government reporter Jack Fitzpatrick covering Congress forests from Capitol Hill. As always, thank you for the update, and you can read more about all these stories on Bloomberg dot com or on the Bloomberg terminal. And a reminder that you can follow all the latest on Bloomberg Radio in Washington. Just tuned into Bloomberg one and one oh five point seven fm H two. We

continue to monitor the sell off this morning. After yesterday's rally for the SMP five hundred, investors are given some of that back now, with SMP futures down thirty points, a drop of eight tenths PERCENTAL futures down a hundred eighty three. Nasdaq futures leading the declines right now. They're lowered by a hundred twenty eight points, or one point one percent. The tenure Treasury is down twenty two thirty seconds yield three point eight one percent yield on the

two years four point one nine. Nimex crude is catching a bit of a bid now up a half percent at eighty two dollars fifty five cents of barrel. Comex gold down seven tenths percent sixteen fifty eight forty announced. We continue to watch the British pound at one point zero eight three seven against the dollar. Bloomberg Surveillance is next for for Karen Moscow. I'm Nathan Hagar and this is Bloomberg. Good morning,