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 Inflation. I'm Tom Busby in New York.
I'm Kallen Hepga in London, where we're looking at the UK jobs market puzzle.
I'm dek Krisner. Leaders at the Aussion Summit will consider the relationship between Japan and China.
We get the Biden administration's takeaways from the latest jobs report. I'm Joe Matthew in Washington.
That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg E Loove Them Free own New York, Bloomberg in 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.
Good day to you.
I'm Tom Busby, and we begin today's program with the state of the US economy and what it means for the Federal Reserve when the FMC gets together later this month, and joining us to talk about. That is Bloomberg's International Economic and Policy correspondent Michael McKee.
Michael, thanks for being here.
Let's talk about that better than forecasts, but still rather Fed friendly August jobs report that we got this past week.
It probably means that there's not going to be a rate increase in September twentieth at the next FED meeting. They can hold off. No reason in these latest numbers that they need to tighten, and there's a faction on the FED that thinks that they've done enough, so they'll probably do a pause and wait and see what happens between now and November first, when the meeting after that takes place. The jobs report you put it well, because it's in a sense mixed news. The hiring has slowed.
The number four June was for July rather was revised down significantly, and maybe August will be too, we don't know yet. But and the unemployment rate went up to three point eight percent, but that's all within the scope of what the FED is expecting because they have raised interest rates. They were thinking this would slow demand and that would slow the labor market, and they had predicted four point one percent unemployment by the end of the year.
That was thought to be kind of out of reach and that they might have to adjust that forecast, but now looks like it is certainly possible if we get a couple more months, like August.
Three notches higher from three point five to three point eight percent. Now part of that though, maybe more people looking for a job, and also that bankruptcy filing by Yellow. I mean, that's tens of thousands of jobs.
Yellow was a big contributor, thirty seven thousand jobs taken off the top line because they went out of business. Now a lot of that will reverse. From what I understand, a lot of the Yellow drivers have found new work
because other companies were looking for drivers. So we'll see what that looks like when we get to the September employment report, the SAG after Obviously, with a strike, you have sort of a volatile situation where employees can come and go off payrolls depending on when things are settled.
Interesting that it took this long for that to show up in the data, But one of the big reasons for that is most of those people are essentially freelancers, and the way the Bureau of Labor Statistics looks at payrolls as they see whether you get paid in the pay period, including the twelfth of the month, So a lot of those people probably didn't get paid in those time periods, or they got their residual checks or something outside that window, so they weren't counted until now.
Also, the Fed's preferred measure of inflation.
The PCEE. The important number there is not the slight rise in the year over year headlining core, but the fact that headlining core rose on a month over a month basis by two tenths of a percent for the second month in a row, because it shows the FED on a sequential basis that we are making progress against inflation.
And if you.
Annualize those numbers, like the year over year numbers, then you come out with about two point four percent for a number if that's what happens the rest of the year. So it shows that the FED is getting closer to what it's looking for, which is something around three percent or a little below by.
The end of the year.
And the Fed's going to have more data between now and their meeting in September.
Normally, the week after payrolls is kind of empty of significant indicators, but because the way the calendar fell this time. With the jobs report coming on the first of the month, there are a couple of indicators that people are going to be watching. One as ISM services. Now we would have been looking at that for guidance on hiring, but now we know what the hiring was. The question is going to be after today's slightly better than expected the
the ISM manufacturing report. That would suggest that maybe if Tim Fiori, who runs that report, is correct about it being that we were in the trough for manufacturing, we might see us in the trough for services too, and the number could come in slightly better than expected, which is something that makes the soft landing argument.
And the week after that CPI for August retail sales for that same month.
The sales number for retail sales last month and for spend in the spending report this past week were higher than anticipated, And the question is do Americans still want to keep spending at that same rate because most of their savings from the pandemic checks they got is gone. The savings rate went down last month, so it'll be interesting to see what kind of numbers we get in
terms of back to school spending. Normally, a month where you'd see a boost, so we'll look at that, but it's also CPI is going to be what everybody's watching. It'll be the next indicator. It's more timely in terms of when it comes out than the PCE, So if it shows continued progress, I'll just put a nail in
the coffin of a September rate increase. And I think what you'll start to see is if it comes in lower than expected or at a reasonable level, then that'll cause people to back off the idea of a November rate increase as well.
So CPI a little uneven.
We did you know a last meeting there was a twenty five basis points increase, But it's heading in the right direction.
Right, We're heading in the right direction, and the FAT is clearly close to ending. The debate has been about whether they need to do one more increase or not. And at this point, maybe twenty five basis points doesn't do a whole lot to crimp borrowing, but it might be sending a signal, So there's the question do you
need to send that signal or not. The argument of those who think the FED should finish is that they still have lagged impacts coming from their previous rate increases that are really starting to hit the economy now, and they make a good case in that the hiring has slowed and other parts of the economy have slowed. Americans are still spending, but you can maybe see the darkness at the end of the tunnel to reverse that. And so we'll see if they see any reason in the data right now.
It doesn't look like it now, Mike, you were at Jackson Hole and Chairman Powell acknowledge the economic backdrop right now a little more favorable than it was a year ago. He made clear though, the Bank is prepared to raise interest rates if it determines more hikes are needed, noting that a resilient economy comes with risks that inflation could reaccelerate.
So there's still a chance.
There's still a chance, and there are signs that the economy is still doing well and is growing faster than anticipated. So if that's the case, does that create additional demand that puts us out of whack with supply and leads to some inflation. So far, it looks like the odds are that it doesn't, but the Fed has to make sure and they don't want to get in a situation where they're leading the markets astray by letting people think that they're done and then maybe having to come back in.
That happened to the Reserve Bank of Australia, it happened to the Bank of Canada, and they don't want to repeat that, so they will keep their options open and tell people we're still maybe thinking about raising grades, probably into twenty twenty four.
Oh boy, now this week you're going to get a chance to talk to New York Federal Reserve Bank President John Williams, maybe talk about monetary policy, the economic outlook and all that tell me about Bloomberg's Market Forum FX in focus event.
Well, certainly everybody's concerned about what's happening with the dollar. Is it going up still, is it going to start backing off? And so that's the focus of the conference. But with John Williams, we have one of the most important decision makers on the Fed. He is the vice chairman of the Open Market Committee, the group that sets interest rates, and he has a permanent vote on the committee, and he is seen as one of the people closest
to Jay Powell, the chairman. So if you kind of know what John Williams is thinking, You'll have a pretty good idea of what Jay Powell is thinking, and so that makes him a really important and interesting guest for us.
Exciting week ahead, Michael, thank you so much for being here and coming up on Bloomberg Daybreak weekend. Some big economic data coming out this week in the UK. We'll get a preview. I'm Tom Busby and this is Bloomberg.
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This is Bloomberg day Break weekend, our global look ahead at the top stories for ves in the coming week. I'm Tom Busby in New York. Up later in our program a trip to Jakarta to preview the Assion Business and Investment Summit twenty twenty three. But first, the UK has the worst inflation problem in the G seven, but there are signs things are improving. The latest food price data shows the pace of price increases is slowing, and in the coming days we'll get a key update on
the jobs market, including wage growth. That's the metric policy makers at the Bank of England are most worried about. And for more, let's head to London and bring in Bloomberg Daybreak Europe ankers Caroline Hepgar and Stephen Carroll.
Tom.
The UK has had a very tight labor market combined with sky high inflation. Bloomberg's Jobs report with the Recruitment Firm, read next week, could give us a valuable early insight into the jobs market in the UK and whether things are improving. Recent data's offered something of a puzzle. You've got rising unemployment and falling vacancies, but wages have actually
still been going up. Blomberg Economics thinks that the unemployment rate might reach five percent by the middle of next year, but private sector pay growth for the three months to June was running at a staggering eight point two percent. To unpack all of this, I've been speaking to Bloemberg economist Anna Andrade and Economics report Lucy White about the jobs picture in the UK and the dilemma it poses for the Bank of England.
So I think it's fair to say for the last two months now that the UK jobs market is calling. I think we can say that with a bit more confidence than probably at the start of the year, and that's because more indicators are moving in the right direction. So we've had these kind of declining vacancies for a while, but in the last two months you really got this
kind of increase in unemployment. Now, the problem is that if you look historically, you know, the libor market is still tight, and we've created this charge that kind of measures supply versus demand. And because this kind of imbalance has been what's kind of keeping inflationary pressures high. And when you look at that, you see that the mismatch has eased a bit, but it's still far higher than anything you've seen historically. So it's cooling. The liberal market
is calling. But the starting point was just an incredibly red hot jobs market. So you know, for the BOE that might mean, you know that more is needed.
Lucy, how do you see the employment market at the moment? Cooling but from a very very difficult spot, and obviously part of that is also the migration story. But how do you see the labor market picture in the UK exactly?
I mean, we are starting, as I said, we are starting to see that cooling. You know, anecdotally, I'm hearing more about you know, people being made redundant and stuff, although that is you know, kind of at a much lower level than it has been historically. But at the same time, you know, we came from, as I said, such a high point. We're having to you know, we've
still got a skilled shortage in the UK. Many businesses are saying that, you know, whether it be you know, the very sort of high tech jobs that are in demand in the economy right now, or whether they're kind of high skilled manual jobs, you know, for example, worlders, you know, construction workers, as we're still importing huge numbers of people from abroad to help out with that skills gap.
And where do you see the unemployment rate going then over the next six or twelve months, because obviously the campaign of interest rate hikes that we've seen from the Bank of England, part of that is to bring down wadge gains and employment. So what what's the forecast you think for the next six months.
So in our forecast, essentially this kind of increase in unemployment that you've had over the past two months is just the beginning of a more sustained increase. We see the unemployment rate pecking at five percent by the middle of next year. And that's a very different outlook or sidely different outlook than the BOE. So we're a bit more downbeat. The BEE at its latest forecast, of course this was prior to the latest job jobs market data, but it saw the unemployment rate hovering close to four
percent by the middle of next year. So that's a one percentage point difference, which is quite significant. And I think the difference between our forecast especially reflects the difference in our views on how the economy is going to evolve. We kind of see the economy tipping into recession, and as you said, because of you know, it's a monetary policy induced recession, and so we don't have a view that there will be a soft a soft landing. It's
kind of that view. For you to believe in that view, you really need to think that interest rates kind of lost older power, and that's not what we're seeing in deliber market, in residential construction, so we're already seeing signs.
So yeah, and that Goldilock sort of view of the economy, which is dominated in the US but has also kind of fed into the thinking in the UK, that does seem to have faded. It seemed to be something that was largely earlier this year. But the Bank of England's yet to be convinced.
Yeah, I guess, so, I mean, we'll we'll we'll have we'll have more data, and I think they have They do think that the kind of the bounce back that you're seeing in real wages and the drop in energy prices that that's going to kind of I mean, and those are important factors right now that can kind of
support the economy. But in the opposite direction, you have interest rates and in the PMI, you know, so many more businesses are quoting interest rates, so that's that's already having kind of an impact.
Lucy. What sectors of the economy have held up sort of best in terms of jobs demand and again, what's the outlook over the next few months.
Well, we've been doing some really interesting work with read Recruitment on this. They're one of the UK's biggest jobs platforms in terms of you know, vacancies and job vacancies and job offerings, and they have given us access to all of the job postings that they've been putting on
their site since twenty eighteen. And there's some really interesting, you know, kind of hot spots in terms of the sectors that are doing well at the moment, where vacancies are high, where wages are high, and some of those are areas like the energy sector. Obviously, you know we've been seeing you know, huge price increases in energy bills,
but that's in some ways translating into jobs as well. Also, the consulting sector is you know, as London's the London bubble always does particularly well in these times, So consulting is doing well. And there are other kind of you know, high skilled areas that are you know, particularly in demand right now.
How much do you think that mandating work in office as opposed to work for hope is going to change and we talk about high end jobs GOLDM. Sachs for example, mandating a full return to you in person work. What sort of impact do you think that's going to have on the labor market. Is that such a big story here in the UK.
Well, it's interesting because you know, we're coming from somewhere where a few months ago, the big theme was that the power was now in the hands of the workers. You know, there was such demand for workers that essentially people could negotiate the terms of their own employment. You know, everyone was demanding working from home, flexible working, and that
is starting to shift. I think as we see the labor market calling you know, as you say, we're seeing several firms sort of saying, you know, we want you in at least three days, four days, sometimes even five days a week, and workers now don't quite have the same power, especially with inflation so high and you know, the worry that a recession might be coming. Workers don't quite have the same negotiating power to be able to
fight that. And again, you know, the impact that we're going to see on different types of people in the labor market. You know, for example, since the pandemic ended, we've seen a huge rise in women's working hours, and
I've been speaking to several experts on that. Many of them have said it is due to this rise in hybrid working, the fact that women who have typically tended to take on more care responsibilities are now able to work more of the hours that they want to because of this hybrid working, you know, if they're looking after children, and so the impact that we might see on that, you know, whether we s see women's hours reverting to pre pandemic levels remains to be seen.
My thanks to Bloomberg Economics reporter Lucy White there and our economists Anna and ra Day speaking to me ahead of the Bloomberg Read Jobs report that comes out in the next few days. I'm Caroline hepget here in London. You can catch us every weekday morning for Bloomberg Daybreak you're at beginning at six am in London. That's one am on Wall Street.
Tom, thank you, Steven and Caroline.
Coming up on Bloomberg Daybreak Weekend, we head to Asia and a look at the upcoming as Yon Business and Investment Summit.
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 oh six one to San Francisco, Bloomberg nine sixty to the country, Sirius XM channel one to nineteen to London DAB Digital Radio, and around the globe the Bloomberg Business app in Bloomberg Radio dot Com. This is Bloomberg Daybreak Weekend.
Hight top Us be in New York with your global look ahead of the top stories for investors in the coming week. And this week in Jakarta, it's the Assion Business and Investment Summit, and for more, let's go to Hong Kong and Bloomberg Daybreak Asia host Ryan Curtis and his colleague Doug Krisner.
Tom In the coming week, Indonesia will be hosting the forty third Ossion Leader Summit in Jakarta. This is going to be an opportunity to outline a long term vision for the group, but it will be difficult to ignore what has been happening north of the region, the growing tension between Japan and China. How concerned should these assion nations be over Tokyo's hardening stance against Beijing. Let's take a closer look now with Bloomberg's Isabelle Reynolds, Bloomberg Asia
Government reporter, joining us from our studios in Tokyo. Isabelle, It's always a pleasure. It seems as though we have to begin with, and this may seem a little strange, the Chinese reaction to the move by Japan to release that radioactive wastewater from the Fukushima reactor. How will this or how has this impacted relation so far?
Right well, despite Japan's best efforts to explain the releases as something that's safe, that's routine, despite having the endorsement of the IAEA, the nuclear body in international nuclear body, China has really reacted in an extremely negative fashion. That's been not just from the government, but from the public at large. So we've seen China slap a ban on Japanese seafood, and we've seen a sort of social media
campaigns against Japan. We've seen a campaign of phone calls made from China to Japan to all sorts of organizations and individuals that are not even connected to this release. So it's created a whole lot of extremely negative emotion in both countries, which is going to be quite hard to get over it.
This may seem like a bit of an odd pivot, but I'm wondering at the same time whether Japan's reputation has been tarnished enough to deter Chinese tourists because there has been such a trend that's been holding up for such a long time. It seems like that we're Chinese tourists have been flocking to Japan. Is there some risk that that could weaken now? Would it be maybe a longer term concern?
That could be a concern I think in the coming months, But whether it will actually last a long time, I think is less certain. We actually have a bi I report out on this, and looking back at the numbers and previous spats that have existed between the two countries. We've seen a dip or quite a sharp fall for a few months, but it soon bounces back. So I think Japan might be relatively confident that although there will be a temporary effect, the Chinese tourists will come back
in the end. Yet, the timing is a bit unfortunate because China had just sort of lifted the ban on group tours to a lot of countries, including Japan. So Prime Minister Kishada even had said that he hoped to see larger numbers of Chinese tourists in the coming months and years. So from that point of view, it's unfortunate for the tourism industry, but I don't think it will be necessarily a very long term effect.
Recently, the Prime Minister, and I'm speaking here of Keisha, he labeled China as it's Japan's greatest strategic challenge. I'm wondering when you hear a statement like that, how it might reverberate across osion and whether it's brought maybe a little bit more anxiety to the region situation where if you're a leader of an Asian nation, you may be feeling some pressure to take sides right now to have to choose between the world second and the world's third largest economy.
Yeah, I think that the choice in Asian now is really much more between China and the US. Japan is sort of very much a second string at the moment and a sort of a very close ally and increasingly close ally of the US. So I think that the bigger issue on that front will be the fact that Joe Biden is not taking part in the Asian summits this time around, and that may be seen negatively by some countries or leaders within the region.
Although Vice President Kamala Harris will attend, and I'm wondering whether or not that's going to offer kind of a positive tone somewhat.
Yes, I mean I think not to send anybody, or to send somebody much more junior would have been far worse. But on the other hand, I mean, for the President of Indonesia, he would very much want to have this sort of global attention and the glamour of hosting the US president, and quite frankly, the vice president isn't quite the same. So although Kamala Harris, we understand, we'll be making a huge effort to reach out to local people and she'll be having a very busy schedule with a
lot of events. It just isn't quite the same if you don't have the president on the ground. Having said that, I think on arguing from the other side that this may not be a significant move by the US. They may not be intending any insult by this. President Biden has very much reached out to a lot of Southeast Asian countries, including the Philippines. He's made a great effort
to restore ties there. He hosted the Singaporean Premiere last year, and then he indeed held a US especial, the first Special US Asian Summit at the White House last year. So I think from that point of view, they would argue that they have been trying to strengthen Asian ties.
Nonetheless, I think we can agree that the global order is changing quite dramatically. In recent weeks, we saw China assert itself as a power behind the Brick Summit in Johannesburg. How is that being viewed in Japan right now, that China seems to be aggregating more of its authority, more of its power.
Yes, I think that is something of a concern for Japan, which has always tried to sort of maintain strong ties with the Middle East because Japan doesn't have a lot of its own sort of natural resources and so has been very heavily reliant, of of course, on the Middle
East for oil and so on. So to have those countries sort of move slightly out of its orbit and towards the kind of bricks and China side, I think is somewhat unnerving and is something that they will want to sort of tackle and try to balance out in the coming months. So it'll be interesting to see what they do to try to achieve that.
I'm wondering from the Japanese perspective whether the summit in Jakarta presents an opportunity for Prime Minister a Kichi to perhaps get a boost in his approval rating. Do you think that's possible.
I think there could be a possible boost on the margins. I don't think diplomatic efforts generally have a huge effect on public approval. The Japanese public is generally much more fixated on the bread and butter issues like probably most voters around the world, and his support at the moment is near its lows since he took office two years ago, and one of the main reasons for that is rising prices for things like gasoline and food, which are extremely
concerning for many people in Japan. Having said that, if he is seen to be sort of standing up directly to China against these accusations that this water release from the Fakushima plant is dangerous, I think that will improve his image somewhat in the eyes of the Japanese people.
So to that point, I'm wondering the Premier Liu Chung in China may be somewhat confrontational in that. Would that be your expectation that there is the potential for a bit of embarrassment here or the attempt to embarrass that.
Could certainly potentially happen. One of the traditional events that we have at Asian is what's called the Asian plus three event, where you have not just the Asian leaders
but also Japan, South Korea and China. And if China takes the opportunity of that event to sort of try and berate Japan over the Fakushima water release, that would be a rather unpleasant and uncomfortable situation, of course for the Japanese, and they will try to rebut that and put forward their own views on how this release is going.
So we talked a moment ago about the possibility that this could maybe, maybe in a minor way, move the dial when it comes to kind of public sentiment with regard to the Japanese Prime minister. But I'm wondering how he is being seen right now within the government within his own party.
He's never been a sort of hugely popular figure within his own party, but now that is also reflected in the among the general public as well, so he'll be He's planning, we believe, to reshuffle his cabinet next month in an effort to improve his standing, and he'll have to look carefully at which factions within his party are represented in the cabinet and so on to maintain his position until the party leadership election, which is just over a year away at the moment.
What about the government's communication with China right now? Would that be something that the Prime Minister is really working to improve.
I think he very much wants to improve communications with China, despite having called it a risk to Japan's security.
I'll be looking forward to reading your coverage of the Ossion leader's summit on the Bloomberg terminal. Isabelle, thanks so much for being with us, sharing your insight. Bloomberg's Isabelle Reynolds, a Bloomberg Asia government reporter, joining from Tokyo. I'm Doug Krisner. You can join Brian Curtison myself for Bloomberg Daybreak Asia weekdays beginning at six am in Hong Kong, six pm on Wall Street, Tom.
And coming up here on Bloomberg day Break Weekend, we head to DC for the Biden administration's takeaways from the August jobs Report.
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. Now, on Friday, we got the August Jobs report, showing a labor market undergoing a controlled cooling, punctuated by solid hiring, slower earnings growth, and more people returning to the workforce. For more, let's head to our Bloomberg ninety nine one newsroom in Washington and Bloomberg Sound On host Joe Matthew.
That's on the impact of the jobs report. We'll surely stick with us through the holiday weekend. After the report dropped Friday, I caught up with Julie Sue, the acting Labor Secretary, for what the Biden administration is taking away from these numbers.
So the slight uptick in unemployment was due entirely to more people coming into labor market. I think that is also a sign of optimism, right. It's a sign of the strength of our economy. It was also a very small uptick, so that the overall unemployment rate remains under four percent for the longest since the nineteen sixties.
What do you think as we walk into this labor day when you see Wall Street rally on the idea of rising unemployment.
I think that these are all signs that the president's economic agenda, what we call Bidenomics, is investing in America, right. The idea that if we do our jobs well, we can have a tight labor market where workers share in prosperity, where we recover from the economic catastrophe of the global pandemic to a point where we have steady and stable growth. That all this is not only possible, but it's actually happening.
You've been asked a lot about union actions lately with regard to the UAW. What's going on in Hollywood right now? There could be flight attendants involved. This could go beyond that. I'm not going to ask you if you're getting involved yet, because I know you're waiting to be asked if that happens, to make a decision at some point. But what are your models telling you if all of these strikes were to coincide in the fall, what what that means for our economy?
So let's put all this in the context of the job's day numbers that we're talking about. This is an economy that has defied all expectations in terms of its recovery, both the rapid pace of it and the and how broadly shared it is. This is Bidenomics in action. Part of the President's commitment is to empowering workers, making sure that workers get their fair share and do well. And part of that has meant that unions have more ability power to demand changes at the bargaining table. We've seen
some really good results from that. Right the teamsters and ups resolved their issues. People wrung their hands about that too and wondered expected that not to happen. It not only happened, but they ratified a contract with some eighty six percent of members. The West Coast Ports twenty nine ports resolved issues that were really complicated as well, and have a multi year contract. These are what happens.
Do you see this resolving itself?
I mean, I'm not going to make a pretiction about that, but I do think that the process requires that we respect the party's ability and their continued commitment to bargaining at the table.
I have to ask you about Taylor Swift.
I don't know if you saw Taylor Swift.
When she came to town, but we're hearing that the impact the Federal Reserve. You even mentioned this of her tour, and even Beyonce's tour to some extent, helped to paper over some weakness that might have otherwise emerged in this job's report. What's it going to look like when everyone comes off tour after the summer.
So I'm going to say something about women in general. Right, women are powering this economic recovery. We can talk about Beyonce, we can about Taylor Swift. I want to talk about the record numbers of women in the job market.
Now.
Remember during the pandemic, women were pushed out of the labor market through things like our lack of paid leave, difficulty with accessing childcare. Those women are now back in the labor market. We have the fifth month of historic percentage of women in jobs, and I think we should continue that effort to create good jobs, create good union jobs, and make sure that everybody has access to them.
It's acting Labor secret carry. Julie, Sue and Tom will see, of course, how the FED reacts to these jobs numbers just a couple of weeks at the next FED meeting in Washington.
I'm Joe Matthew. Thanks Joe.
That was Bloomberg Sound On host Joe Matthew reporting from our Bloomberg ninety nine to one newsroom in Washington. And you can hear sound on weekdays one to three pm on Bloomberg Radio, and starting Tuesday, you can watch the show live on YouTube. Just search for Bloomberg Global News 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 markets overseas and the news you need to start your day.
I'm Tom Buzby. Stay with us.
Top stories and global business headlines are coming up right now.