This is Bloomberg day Break Weekend, our global look at the top stories in the coming week from our Daybreak anchors all around the world, and straight.
Ahead on the program.
Apple set to launch the iPhone fifteen this week. I'm Tom Busby in New York.
I'm Carolyn hege Hair in London, where we're looking ahead to the crucial ECB interest rate decision.
I'm Brian Curtis in Hong Kong. We look at upcoming data in China and what might serve as a catalyst for a market recovery.
I'm Keilly Lines in Washington, where the House is returning from its August recess and racing to avoid a government shutdown.
That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg Eleve Them three own New York, Bloomberg ninety nine to one, Washington, DC, Bloomberg one O six one, Boston, Bloomberg nine sixty, San Francisco, DAB Digital Radio London, Sirius XM one nineteen and around the world on Bloomberg Radio dot Com and via the Bloomberg Business App.
I'm Tom Busby, and we begin today's program with Apple and it's new product unveiling next week, which risks being overshadowed by a growing government iPhone ban in China, Apple's largest market outside the US. Now for all things Apple, we're joined by Bloomberg Technology co host ed Ludlow in San Francisco.
Ed.
Thanks for joining us, Thank you for having me. Wow what a week. Oh yeah.
Now, before we talk about the upcoming iPhone fifteen and Apple Watch upgrades, let's start with last week and what happened with the iPhone in China what that did to Apple shares this past week on Wall Street.
I mean, the reality is that the news was so significant that on Wednesday and Thursday, across two sessions, Apple lost almost two hundred billion dollars in market cap, which for Apple, that just doesn't happen, you know, It's it's
kind of this steady ship technology giant. But the news is kind of a see saw of things that The headline is that, according to Bloomberg sources, China's government is telling other government agents and state backed corporations that their staff cannot use iPhone and they cannot use handsets from
other non Chinese handset makers. And what that looks like, you know, is similar to what we saw a year ago, actually in May of twenty twenty two, when the Chinese government said a similar thing about personal computers or PCs. They basically said, you have two years to transition from a foreign brand to a Chinese brand, and you have to use a you have to use a Chinese PC. And they're now replicating that playbook with smartphones.
So is this like an opening salvo by Beijing in a crackdown on all US technology? Also it comes at the same time a new Huawei phone comes out.
Yes, So I would note that there are several cell side analysts that point out, despite the headline and all of the news reports, it's likely that the Chinese government, as a matter of policy, you know, has been telling govvernment workers, agencies, and state back corporations for some time, like, hey, come on, let's be using Chinese brands, not our own brands, domestic brands, not a foreign or international brand.
So it's hard to gauge like what.
Kind of impact that would have. Next week, and I know we'll get into it is the launch of the iPhone fifteen, and this is kind of the most substantive and significant technology upgrade to the iPhone handset for some time. But go back to the Chinese consumer. China Greater China is about twenty percent of Apple's revenues, and in the quarter just gone, the June quarter, Apple actually grew in
China eight percent, whereas overall sales declined. So if you're a consumer in China and your government is telling you like, hey, if you work for the government or a government agency or a state back corporation, we don't want using iPhone, and then Apple brings out a new iPhone, what are you going to do? And that is the part that the market and the analysts and that all of us tech journalists are finally hard to quantify, like what the
impact will be? And you absolutely right. The surprise of last week was Huawei, that's been out of the handset game for a little while, bringing to market a mysterious new smartphone which we literally lifted the lid on.
Now there's Mate sixty Pro five G capable updated. It sounds like they are really pushing this to take the place of all those Apple products.
Yes, so I talked about that tit for tat and the geopolitics. The Commerce Secretary, Gina Romondo was in China week before this, right last week and time to that this mysterious phone hits the market, and it's mysterious because it's not registered. The specs are not registered with the China regulator, which is highly unusual. It on paper is
competitive with the leading smartphones. What Bloomberg did is we actually got hold of one because it sold out within hours, and we took it to a specialist tech insights and they tore the thing apart and what they discovered is, yes, okay, it's more technologically advanced than we thought. China was cap of love. It has a seven animeter processor, but that is still two generations behind the cutting edge of chip making.
But it raised all these alarm bells about whether China is breaching sanctions that the US currently has in place. But the point, as it relates to Apple is will hold on. This has come out of nowhere? Could Huawei take some market share from Apple at the same time that the government is cracking down on products like the iPhone? And so that was part of the nervousness in the market and one reason that Apple share has fell.
Oh boy did they fall. Now.
Some analysts, though, I mean JP Morgan Chase says this is bad not you know, the high valuation for the company and the risks with this band. But some like Dan Ives had Wedbush Security saying this band is really nothing to worry about. Let's hear what he said to Bloomberg this just on Friday.
In my opinion, Barcelot worse than bite. I mean, there's essentially been a pseudo ban of government employse for Apple in terms of iPhones the last two years. Now, maybe there was a little more restrictions here, but we're still talking about what we with five hundred thousand iPhones max. Relative to a week, We've going to be forty five million sold in China in the next year.
And let's face it, ed Apple still valued at around two point eight trillion dollars, the most valuably valuable publicly traded company in the US.
So there's two things here. Whether the bark is worse than its bite in the context of China's government, and it's its attitude towards Apple, we don't know. You know, Dan talked about this sort of unit volume that could be impacted. Think about it a slightly different way, think about how it might impact the broad suite of Apple products. The iPhone is still everything for Apple, but if you're a consumer, and again, you know that your government is saying, hey,
we don't want you using iPhone. In the context of a government agency or a state backed corporation, do you then hold off on buying an Apple Watch or a MacBook or using other Apple products. So that's the unquantifiable side of it. I'll tell you what we know, and the data is really important. That the June quarter was a record for Apple in Greater China, and what Tim Cook said was responsible for that was what he called switches.
Switches are consumers that are buying an iPhone for the first time, or they're switching from another handset maker to iPhone. Maybe they've had one in the past, but they're switches. And so what we concluded from that was China was growing because people were moving to iPhone and this story in literally the last week or so has changed that narrative. And as Dan kind of pointed out, we don't know
the number of handsets. You can try to calculate, but it's going to be interesting to see how the Chinese consumer reacts.
Let's face it, we have a few months here before the holidays, we have these new products coming out. It could really change things. Let's talk about what is happening at Apple headquarters that's coming Tuesday. What are you expecting to see in these new products.
Yeah, we're excited to be down in Cupertino at Apple HQ. The event is called wonder Lust. We actually don't have a really clear handle on why, but this is the biggest event of the year, and it's all about the iPhone fifteen. And like Apple was done with prior generations, there will be four individual submodels of the fifteen generation. Two base models iPhone fifteen and iPhone fifteen plus a plus sized version six point seven inch screen, and then
the Pro models. And the Pro model is everything. It's so important. Higher average selling price consumers tend to favor those kind of very tech heavy, substantive upgrades. And you know with the Pro you will get an iPhone fifteen Pro and an iPhone fifteen Pro Max. All according to Bloomberg's reporting, and in particular, I shout out my good friend and colleague Mark German because he always scoops this
stuff ahead of time. And there are two key things about the iPhone on the Pro side, the Pro and Pro Max, higher spec materials. We're going to have titanium around the edges instead of aluminum or stainless steel, so a higher quality but lighter weight product, a slightly wider screen. They're called bezels, the sort of edge of the phone
the screen will stretch further. But then I'm a geek, right, I love the compute, I love the processors to look out for what they talk about, the proprietary silicon and again what drives upgrades in the smartphone market. It's real cutting edge tech. In this generation of iPhone fifteen Pro, we expect Apple's own a seventeen processor, the latest processor they do, built on three nanometer technology that will give it faster processing. It will give a greater memory bandwidth
in conjunction with the memory chips. But also we're looking at the next generation of RF or radio frequency chip as well, the U two across all of them Pro and the base model fifteen's that will give it just better connectivity and in short medium range, which if you care about those things, right, and beyond that, some OS and functionality update as well.
Also a refreshed Apple Watch AirPods. There may be news there.
Yeah, so the air pods are kind of getting a slight refresh. I think the big thing we missed on iPhone and I apologize I should have got to it sooner. But is that we're going to go back to us or we're going too USBC charging, So everyone out there that's sort of insanely furious, like HI about how many
different charges you have to use every day? Apple is moving the iPhone to USBC, which is substantive, right, It's going from thirty pen to lightning to now USBC, and the air pods will also get that USBC upseight and that's pretty much it beyond the software at the AirPods and then very modest changes to Apple Watch two updated lines series nine forty one millimeter forty five millimeter and then a second generation Ultra forty nine millimeter in size.
So it's slight tweaks, but the real updates are in the iPhone.
Well, there is a lot to look forward to, ED, and be sure to tune into Bloomberg Technology weekdays at noon on Bloomberg Television, and ED is going to be in Cooper Tino at Apple Headquarters this Tuesday, following all the action on Bloomberg TV. Coming up on Bloomberg Day Break weekend, we head to Europe and preview the upcoming ECB decision.
I'm Tom Busby. This is Bloomberg.
This is Bloomberg Daybreak, weekend, our global look ahead at the top stories for investors in the coming week. I'm Tom Busby in New York. And up later in our program a look at the market recovery in China. But first, the European Central Bank meets in the coming days, where policymakers will decide whether or not to prolong the most
aggressive bout of monetary tightening in its history. Investors are split on whether or not the ECB will pause, as the latest data show the pace of price increases are slowing along with the downturn in the services sector.
For more, let's go.
To London and bring in Bloomberg Daybreak europe Banker Caroline Hepger Tom.
To pause or not to pause is the question that ECB policymakers will be mulling in the run up two thursdays rate decision. A chorus of Governing Council members have in recent days been reiterating their desire to hike interest rate in another point, to bring down inflation in Europe, but there are others who are worried that the effects of the last nine hikes are starting to take their toll on the economy well. Economic growth remains resilient in
the second quarter. In the twenty member euro Area, the latest PMI surveys have shown the services sector following manufacturing into a downturn. I've been discussing this with Bloomberg's ECB reporter Jana Randau and our senior Euro Area economist David Powell. I started by talking to Yanna about her expectations, having spoken to the Dutch Central Bank governor class Not, who told Bloomberg that investors betting against the rate hike maybe underestimating the likelihood of it happening.
Well, I think he actually describes the controversy or the challenges rather well. He didn't say raids will rise, nor did he say raids will be on hold. Reading between the lines, I sensed a slight preference for another hike, but he was very clear in saying it is complicated. Right, the inflation outlook proves to be disappointing. It's sticky, it's not coming down as quickly as they want. At the same time, economic surveys point to a very quick deterioration
in the economic outlook. Hard data is so far, he said on quite showing that yet the second quarter GDP figures were actually rather promising. The labor market is holding up, the housing market seems to have bottomed out. So so a very very tricky situation. And we've heard, of course, from from policymakers from from across the spectrum. We've had the very hawkish people, the Slovak Central Bank governor speaking about the need for one more hike and preferably preferably
in September. We heard from Mario sent In or the Portuguese saying downside rescus some materializing. So the spectrum is rather wide and it's very difficult, but I think not view of ever so slightly preferring a move in September, that is where I would put my.
Money, Okay, really between the lines and of the ECB officials, David, Inflation has been slowing in the Euro Area, but the economy is slowing down to how difficult a balancing act is the ECB facing.
Well, the ECB's primary focus, in fact only focus really is inflation, unlike the Federal Reserve. So it's going to be it's going to look at that most and as Jhanna said, inflation remains very high. In fact, it is higher than they forecast when they last released their forecast in June. And also inflation expectation are very high despite the slow down in the economy. So we think they're
going to hike again in September. And as Jana also highlighted, the some of the hawkish members have been speaking about that preference for a hike in September, and they probably know the window of opportunity will soon close to get a last hike in It's clear that the economy is facing a period of significant weakness and that's probably going to get worse in the second half of this year.
There's not only the surveys, there's more forward looking indicators like the ECB's bank lending survey and data and credit that show the picture is getting worse. So they'll probably try to push this through now because it may be the last opportunity to do so.
Yeah, Okay, Yana, how divided you think that the Council will be though on this decision?
I would say the times when everybody agrees easily and is very happy with the outcome, those times are over. Do I expect big, big fight? Probably not, but but you do see different opinions emerging, and and very much along the Hawkish and Dorvish lines. You would you would expect with those in the dobbage camp really looking at the economy, at the risks, at at how demand is slowing, how the slowdown in China is affecting manufacturing, which if you believe the the p M I S is really
really doing poorly. And and of course now that weakness is building into services to some extent. So the the eyes of the doves are really on those indicators, whereas the hawks do pay attention to to inflation expectations a little more uh to to the risk that that there is there is still upset risk to the inflation outlook. So I think by the end of it we will come out with an agreement with with the consensus, but it will be very difficult called to communicate and accommodate
all those views and all those concerns. So I would say, you know, a little bit more politics if you want, is what it takes from from the president, from Christine Lagard and brokering that consensus. It won't be as easy because the path forward is not as obvious as it used to be.
David, do you think that the diversions you say, this might may be you know, the last sort of chance of the central bank in Europe to raise rays the divergence? Is that going to be an issue for the euro? What happens if the ECB pauses, Well, the.
Federal Reserve is probably done hiking, and that will also give the EAC be another reason to think about whether they want to continue hiking. So they don't. They don't have to worry about a huge surge in the euro if they were to if they were to kind of continue hiking, although there probably would be a reaction in the market because right now the market is not expecting a hike in September. It's only about a twenty percent
probability of that priced in. So the immediate market reaction will probably be a higher euro, but it wouldn't be the start of some kind of very long trend of divergence.
And just in terms of the outlook economically for Europe, you know, as we go into the end of this year, more importantly, our view on the economic performance next year.
Next year will be will be a difficult year. We have all of these problems at the euro areas facing and not only the area, but the rest of the Western world, the United States, the United Kingdom in terms of tighter monetary policy and the full impact of that finally being felt. There is a long lag that comes with raising interest rates, so the pain will be more obvious towards the end of this year and into next year.
David Okay, very interesting, Yanna. In terms of the ECB's inflation expectations survey, it showed that consumers see inflation at three point four percent of the next twelve months. How much of a problem is it, you know that this is how embedded are inflation expectations becoming for consumers and businesses.
Yeah, I mean the rate or the expectations for the next year. You would expect that to still be high, just because inflation is still high and even official forecasts don't see it coming back to two percent over the next twelve months. So the ECB will look at the trajectory and see how that measure has actually come down,
and it has come down quite a bit. What's slightly more interesting is the three year horizon, and there we've seen that number up and down over the past months, but the last move was up slightly, so our consumers slightly raised their expectations for inflation in three years, and that rate also still is quite significantly above two percent.
That was Brian Beg's DCB reporter Jana Vanda and our senior year area economist David Powell from Bloomberg Economics. I'm Caroline hepget here in London. You can catch us every weekday morning for Bloomberg Daybreak you at beginning at six am in London. That's one am on Wall Street.
Tom coming up on Bloomberg day Break weekend. China's economy is it slumping toward I rebound? I'm Tom Busby and this is.
Bloomberg Broadcasting live from the Bloomberg It a active brokers studio in New York. Bloomberg E Lemon Free Oh to Washington, d C, Bloomberg ninety nine one to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixteen to the country, Syrius XM Channel one nineteen to London DAB Digital Radio, and around the globe the Bloomberg Business app in Bloomberg Radio dot Com. This is Bloomberg Daybreak Weekend.
I'm Tom Busby in New York with your global look ahead at the top stories for investors in the coming week. Ahead of a slew of Chinese economic data coming out next week, we take a look at that country's lackluster economic recovery, will affading economic momentum, and danger China's growth target this year. For more, Let's get to Bloomberg Daybreak Asia host Ryan Curtis.
To China's growth is slowing, the REMMBE is weakening, imports and exports are slower, prices are falling, and youth unemployment is running above twenty percent. And in the coming week we're expecting more data on retail sales, factory output, and fixed asset investment, and few are expecting any kind of dramatic turnaround in that set. Looming above all of this
as well is the property crisis. We caught up with Bloomberg columnist John Authers, who said, as bad as things are now, they could be a lot worse.
The concerns for China or the worries about Chinese growth aren't having as big an effect on the rest of the world as they used to. This looks like a much more serious situation for China than twenty fifteen, when they're badly handled Chinese evaluation really did lead to a minor crisis that got very scary.
So to take a look at how investors are responding to this weakness in the Chinese economy. Joining me is Tu Laning, Bloomberg's managing editor for Asia Stocks Leanink. Some might argue that it is worse now that China seems to be in a kind of secular and cyclical decline. What are you hearing from investors.
A bit of a mixed views. I think the predominant view is that people are a parish and that is backed by data. The latest data that we saw from northbound flows into China as well as the prime brokers from Goldman, Sachs and Morgan Stanley. They've all shown that loan only investors and also hedge funds globally have been pulling money out of China and their positioning actually has lowered to the level just before the pandemic. So that's
a pretty dismal sort of picture right now. But on the other side, we are also seeing an emergence of investors who are actually ready to have a bit of a tactical move into the Chinese equities because we did see it's not quite Bazuka, but some heavy measures from the Chinese government to support the housing sector, and there is some concrete evidence that people are actually lining up at least in mega cities like Beijing and Shanghai to
buy homes. And that's sort of like the first concrete thing or evidence that we are seeing from all these stumulus measures for the housing sector that people are actually reacting to it. And some of them would just be speculation, as we saw in the you know, some of the property names on Wednesday, the likes of Evergrand and Sunak and Chumau and these.
Yeah, we saw those big gains, you know, something like to sixty five to eighty three percent and everything. So you mentioned those measures about property, What specifically are investors looking for in terms of a catalyst that might spark a broader market recovery.
Yeah, I think it all comes down to reviving demand from home buyers, right, And so far, basically people were disappointed because whatever the government was trying to do, demand is not coming back. We saw a few months of
housing a sales slump from official data. But now we are actually seeing some kind of demand coming and it may not be quite animal spirit as of yet, but that's probably the initial science of some kind of warm up or revival of the market, and that if that can continue and that will show up in the September data, and that would really be the catalyst that people are looking for. And again it should not just show show
up in one month's data. It would have to kind of last as well for people to actually engauge how much demand pantep demand there actually is among home buyers in China.
In that furious rally that we saw after some of those measures, particularly that story in the Securities Times about more coming, we basically saw a lot of the developers that had been hit the hardest rebound sharply, but not so much for some of the steadier hands like China Overseas and China Resources Land. Is it the case that for those brave souls, they're just looking to make a quick buck on a quick recovery.
Yeah, so far. That is a sense that we are getting by talking to the market participants. Yeah, these distressed and names such as Eragrant and Sunnak and Shima, their stock valuations are really really low. They've all become penny stocks. And even with yesterday's rally, bear in mind most of them still saw their stock prices drop more than seventy
percent in the last couple of years. And I think for hedge funds, it's difficult to get into the distressed debt space because of the lack of liquidity, and of course in the stock market, there's still plenty of liquidity for them to take a punt at something that they think may actually generate you know, double or triple digit return in a short period of time.
Outside of hedge funds who are quite opportunistic and looking for some quick gains. For asset managers and bigger investors to take a look at China, will they need to see domestic investors get bullish first, or will they dare to get.
Out in front.
Yeah, they're not coming back. I think that's just the fact. From everyone that we're talking to, all those major long only mutual fun especially global ones, very very few have said that they have the appetite to add China weight. The only exception I would say is GQG. They did say to us a few weeks ago that they're actually quite bullish on China tech stocks, and their timing I think was quite optune because since they said it, the tech stocks actually added about eight percent in value.
We are still getting state media stories about tighter regulations in various industries. Will this spook investors once again?
I think there is a difference between this wave of sort of tightening in regulation versus what we saw in the tech crackdown a year ago or two years ago. Right now, it's really targeted at sort of maintaining the fact that children will actually have you know, they won't be addicted, and parents can set them, can be comfortable with their kids using techy. So that is really catering to the needs of the citizens and their well being.
So I would say that's slightly different from the kind of unpredictable crackdowns on all kinds of sectors a few years ago, and also from markets perspective, the latest tightening in the gaming addiction actually didn't have any impact at all.
So all that I think overall has been priced in, and the broader view among investors about the tech regulation or the broader regulation is that China actually wants to support the domestic tech giants right now, and the main reason for that is to create jobs because, as you know, the youth unemployment is at the au tum high right now, yeah, and it.
Was the tech giants that were most appealing to a lot of Western investors in the past. Let's go back to John Authurs, because one of the things he was concerned about was whether or not the turmoil that we've seen in the China markets was spreading outward. Let's hear again from our columnist John.
Authors, the fact a lot of Western investors have already abandoned their direct exposure to China. The emphasize direct because everybody has a lot of indirect exposures as well. That fact has something to do with why it hasn't really impeded other global markets.
Is that another shoe to drop though? To Lienting that perhaps this would spread outward from China, this kind of market.
Turmoil, I would say most of the people that we spoke to have said that they see limited impact from China slowdown to major Western economies like the US and Europe. Especially in the US. I think overall, US and China has been decoupling, and as you saw in the latest US export data, I think import data, I should say, China accounted for I think a much smaller portion than
it accounted for in twenty eighteen. And also there is a bit of a decoupling between the two nations banking system as well, so from both the you know, export link and the banking link, there is actually not a huge amount of China influence or you know, us exposure to China that investors are really worried about right now.
Venting, thanks so much for joining us. Tulian Ting, Bloomberg's Managing editor for Asia stocks him Brian Curtis, along with Doug Chrisner. You can catch us every weekday here for Bloomberg Daybreak Asia, beginning at six am in Hong Kong and six pm on Wall Street.
Tom, Thanks Brian, and coming up here on Bloomberg day Break Weekend, we head to the nation's capital for a look at the biggest political stories in the upcoming week. I'm Tom Busby, and this is Bloomberg. This is Bloomberg day Break Weekend, our global look ahead at the top stories for investors in the coming week. I'm Tom Busby in New York. The House reconvenes this week, and top
of the agenda is an impending government show down. For more, let's add to our Bloomberg ninety nine one newsroom in Washington and Bloomberg sound On co host Kaylee Lines.
That's right, Tom, They're coming back the House of Representatives. That is, after a long August recess which still wasn't short of drama. Congressmen and women will be returning to Capitol Hill next week, but they'll come back into session this coming Tuesday with a big deadline looming on the horizon. A clock is ticking quite loudly trying to avert a government shutdown before funding runs out on September thirtieth. Joining us now with more of the preview is Mike Dorning,
Bloomberg News Deputy Congressional Editor. So Mike, first of all, let's just talk about the clock. There's what eleven legislative days between when they come back and when that deadline is.
That's about right. They have until September thirtieth, and then the government funding runs out, so the government will shut down October first if they can't agree to something.
So that's if they can't pass all twelve appropriations bills that they need to, or if they are unable to pass a continuing resolution basically just punt kick it down the road. It being the can if it's a continuing resolution that they want to pursue. What questions are there around that.
Well, one of the key questions is whether they can get enough of the House Conservatives to agree to a continuing resolution that Speaker McCarthy's willing to put it on the floor. They can easily get something like that passed through the Senate. The Republican leader in the Senate has already said he's for it. It's in the House where although there's plenty of votes for it, it's a question of how much Speaker McCarthy's willing to anger the Conservatives.
And then it's a question of what will be in the continuing resolution and what won't That could be a key issue.
Well, in one of those issues is in regard to Ukraine funding. And this is where there seems to be a lot of daylight even between Republicans, as you say, in the House and then in the Senate. Can you walk us through that issue in particular, and where especially those on the far right end of Republicans in the House are on this.
Absolutely. Traditionally Republicans had been very strong on defense, and that's what where the Senate Republicans are coming from, that old Reagan Esque project American military power in the House on the far right, there's a lot of unease with the American support for Ukraine, and there there's opposition to sending more money to Ukraine, and House Speaker McCarthy has puoted the idea of stripping that out and separately having a bill that would require Biden to meet demands on
border enforcement and changes in asylum policy and other immigration issues if they're going to give more money to Ukraine.
So all of this to say, it's going to be really complicated threading this needle trying to get enough support even for a cr let alone an actual spending package at the end of the day. So at the moment, how likely does a government shutdown seem.
Certainly looking like a bigger risk because there are these problems, there's these fights, This idea that McCarthy has raised to tie Ukraine aid to border and force some policy all make a shutdown more likely. That said, in Congress, a lot of times all this gets resolved at the last minute, So we really won't know for sure until a day or two before the shutdown how likely it is.
So waiting until the clock is at like eleven fifty eight before it strikes or.
At least you know, maybe the same day, as often the case, before you know what's going on now here. One likely scenario is they just punt the issue down the road for six, eight, ten weeks. So if that happened, the whole drama begins again.
I'm sensing a theme here. Mike Dawning bloo whty can christ over exactly, Thank you very much, and Tom get ready for the shutdown showdown.
Thank you, Kaylee. That was Bloomberg's sound on co host Kaylee Lines, reporting from our Bloomberg ninety nine one newsroom in Washington, and you can hear sound on weekdays one to three pm on Bloomberg Radio. And that does it for this edition of Bloomberg day Break Weekend. Join us again Monday morning at five am Wall Street Time for the latest on the market's overseas and the news you need to start your day.
I'm Tom Buzzby. Stay with us.
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