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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. I'm Tom Busby in New York. We begin today's program with a look ahead to the latest inflation data in the wake of that September jobs report out last week. For more, we're joined by Bloomberg International Economic and Policy correspondent Michael McKee. Michael, thanks for being here again, Always.
Happy to be here.
Well, let's talk first about this past Friday September jobs report. Would you I've described as quote the mother of all upside surprises.
Not bad, you know, we had a kind of unusually high jobs report with for the month three hundred and thirty six thousand jobs being created. Were also one hundred and nineteen thousand added for July and August, so you're well over four hundred thousand. The labor market has not gone away, at least not through September. Now, there's a lot of caveat to this, but it just tells you that the economy still remained strong or remained strong through September.
And so the question is now, is that inflationary. See, I'm setting you up for.
Your next question. For the next question, well, well we did see wages rose again. That is inflationary, you know, So that is the question. This is a good news bad news situation.
But well, let's talk about the wages. They rose two tenths of a percent. The forecast was for a three tenths rise, and some economists had forecast a four tenths rise. Because this all relates to the survey week, the week that includes the twelfth and then the day. The months and weeks between the two surveys, and there was a longer time between the surveys, so people thought maybe we would see higher wages this time. Instead, we saw a lower than expected wage gain and that pushed the year
a year number down to four point two percent. That is still higher than the feds three to three and a half percent they'd like to see, but it is progress. So it's hard to argue that the three hundred and thirty six thousand jobs created was a inflationary event in and of itself.
But it was a surprise, and we also saw a revision one hundred and nineteen thousand jobs added July. In August, ADP predicted just eighty nine thousand private sector jobs. Boy were they wrong.
Yeah, they were quite different. They would argue they're not wrong because they they're not predicting, but the economists were wrong too, in the sense that the change in private payrolls forecast was one hundred and sixty thousand and we got two hundred and sixty three thousand. So nobody has covered in glory with the forecast this time.
Yeah, real surprise. Now you brought up inflation this week. We'll be looking at inflation PPI for some Tember out on Wednesday, CPI for the same month out on Thursday.
What do you expect to see, Well, the forecasts are we're going to see a real slowing in inflation. With the PPI for final demand that's kind of the main figure that people look at up just three tenths that's less than half of what it was the prior month because we saw energy prices sort of flatten out. Oil prices didn't start to go down until October. But we're not going to get the same upward pressure that we did.
If you look at the core PPI just up two tenths of eight percent, which is also lower than the previous month, so it would suggest that progress is still being made in the pipeline. CPI is also expected to be good news. The headline up only three tenths. It was up six tenths in August and that was largely because of energy, so hopefully the drop in energy is
going to be good news. The core rate up is expected to be up three tenths, which is unchanged from the prior but both the year over year CPI and the CPI core will go down and they keep moving towards two percent, not at an enormously fast pace, but fast enough that it suggests we are still seeing progress.
And we could see more. As you said, in October, just the first week, oil down ten percent West Texas.
And gasoline prices never really went up when oil went up, and they're going down still, so that will really register in the October CPI if that trend continues.
Now, also on Wednesday, we get minutes from the fed's latest meeting, and obviously this is leading into the next meeting October thirty first, November first, so let's talk about the minutes, what we should expect, what we should look for, what the FED was thinking, because I'm sure they're all as surprised as anybody else about that September jobs report.
Well, most of the fedspeak that we've had since their last meeting has been on the order of, we could do one more if we need to. So how do you define if we need to? And that's what people are going to be looking to in the minutes is what kind of economy would cause them to raise rates another time? Is it the three hundred and thirty six thousand jobs created in September or does the average hourly
earnings take some of the edge off of that. Is it something to do with retail sales or the outlook for GDP growth which in the third quarter is very very strong, somewhere between three and five percent. So that's I think what people in the bond market especially, and in the stock market are going to want to look at is what would be the trigger for the Fed.
And we still have a couple of weeks before the Fed had to make this decision. But what is it looking like all these You know, as far as I can remember that past year, we've been calling for a recession. Before now we've been calling for There were economists saying this will be the last good Jobs report before things, you know, take a nose dive.
I think what we're likely to see in terms of the recession forecasts is keep the forecast, just push the date out. Because the feeling is, with rates where they are and the economy as hot as it is, that this can't continue. They call that Stein's law after Herbstein, is that which cannot continue will stop. And there's a feeling and maybe that has to happen, but a growing feeling that maybe not. This is not what you would call a sustainable level of hiring that we saw this
past week. But if we can continue to see job growth that will continue to power consumer spending, if prices are coming down, then the G word comes into play goldilocks, and so we'll see. And you saw in the reaction to this the jobs report on Friday, we saw the Fed Funds futures only price in a thirty two percent chance of a rate increase on November first. Now that's up from twenty two percent, but it's still only you know, a one third chance that the Fed will raise rates again.
So the markets are waiting for additional data as well. Everybody's data dependent.
Yeah, yeah, Now, speaking of data, let's talk more about the rates, because in housing now we have a seven point five percent rate, and even that is not affecting housing like it should. It's more that there are not enough houses for sale. So you're right, the consumer is still strong, Consumers still spending. People still have this demand. We saw autos and we know those auto loan rates have gone up Toyota and GM fifteen percent increase in the last three years in auto sales leading up to
last month. So you're right. The consumer keeps spending, keep making more money. Who knows when it could end?
Well, you know, the old saying is it doesn't have to. And the expansions don't die of natural causes. The FED kills them. And so that's kind of the playbook people are working from that. If the FED gets rates up too high, it will kill the economy. But we don't see signs of that happening necessarily right now. The neutral rate, the rate the Fed funds rate would be at that doesn't stimulate or hold back the economy is obviously higher
than the Fed or anybody thought at this point. For a year, I think, yeah, if you're looking at housing, they are having an impact because there's no houses for sale because people don't want to trade in their three percent mortgages for seven percent mortgages, and that's going to be a problem down the road. It is going to be an issue.
And how's the.
FED get out of that? Because if they don't bring mortgage rates down significantly, people won't go back into the market. The new homes are selling like hotcakes because you don't have anybody in them, so you don't have to worry about selling it, and a lot of the all builders are offering credits or financing that brings that mortgage rate down some. So we're still seeing strong growth in that, which actually has They both have a big Existing homes and new home sales have a big impact on the
economy in different ways. The new home sales a lot of construction materials obviously, and new appliances things like that, whereas the new homes the existing homes, people tend to replace the carpets and buy furniture, and that's our thing. So we lose one, we gain the other.
And you build it, someone will buy it no matter where it is, where you put it, how big, how small, someone's going to buy that house. Bloomberg's International Economic and Policy correspondent Michael McKee. Coming up on Bloomberg day Break weekend, we head across the Pond and look at Ireland's upcoming budget with the country's Financial Services Minister. I'm Tom Busby, and 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. Up later in our program, the race for House speakers heating up. But first, while many countries in Europe are struggling with large budget deficits, Ireland is forecasting a run of big surpluses. That's thanks to buoyant corporate tax revenues. The Irish government unveiling its budget for next year in the coming days and for more, let's go to London and bring in Bloomberg Daybreak Europe Banker Stephen Carroll, Tom.
It's an enviable position for any government to be and to have a surplus of income to spend on tax cuts or increased public spending. Across Europe, It's a pretty unusual occurrence. In Ireland. It's sparked massive political debate about how the money should be spent, especially as the country faces issues including an acute shortage of housing. The Finance Ministry in Dublin is expected to see a surplus of billions of euros this year and as much as sixty
five billion by twenty twenty seven. The government, though, is conscious that the boom in corporate tax receipts, a big driver of that extra income, won't last. In fact, figures released in recent days showed the tax take from companies was twenty three percent lower in the first nine months of this year compared to last year. Add to that a warning from the ESRI think tank that the Irish economy will contract for the first time this year since
twenty twelve. Now, while the domestic economy is growing, Ireland's headline GDP figures are distorted by the outsized nature of major international companies that operate there.
Now.
I've been discussing all of these issues with Ireland's Financial Services Minister Jennifer Carroll McNeil. We started by talking about the much debated choices the government is making in its upcoming budget.
We're very curful about managing the projections there. We're very careful about how we may use that. We've obviously a commitment to put quite a bit of that aside for a pension reserve fund, for sovereign Wealth fund, different types of longer term investment in infrastructure, which is a really important piece for Ireland. At the same time, recognizing that our construction unemployment is two percent, our unemployment generally is
four percent, we're absolutely at full employment. We've never had more people working in Ireland. So we have this very strong domestic economy from which a lot of our tax receipts are being generated, also corporation tax. But we're mindful that you look, Ireland has been through the mill in fifteen years. We've been up and we've been down, and we've worked very very hard to recover our economy make
it resilient and strong. Yes, we're benefiting from significant surpluses at the moment, but I think we take a very curful view about how we may invest that we don't want to do anything that's inflationary, and we're very careful about protecting ourselves for the future. So we feel that it's the product of a lot of hard work, but we're very careful to try to manage that for the future.
So when the conversations running up to the budget, then how much of the surplus is going to go to those sort of precautionary measures, or how much we'll go to other measures like tax cuts.
It has been very significant already. We've put four billion across into one fund. We may very well put it put a great deal more. We've identified a billion for tax cuts, and I think at a time of full employment that's particularly important. I think in Ireland we hit the higher rate of tax too soon and I think
we're a bit of an outlier on that. And when you're looking at marginal decisions in relation to going back to work or perhaps working more in a very tight labor market, those sorts of decisions around tax policies, they become quite important. And so we are trying to make sure that our very very skilled workforce is able to work as much as it can, as much as it
wants to. You might recognize that there's a lot of people taking a step back from work for a period, potentially with childcare costs, and so we're trying to adopt an approach of putting money back in people's pockets through tax cuts, but reducing a lot of structural costs in Ireland, So reducing the cost of childcare by twenty five percent
last year and hopefully more this year. Reducing the cost of a child going to college, reducing upfront structural costs and health and making it easier to access services more cheaply transport costs. What can you do at a time of inflation. You can cut the costs that you can control, and you can give people back money back to a point with at being inflationary, and so we're trying to approach it from those perspectives. We also have a very
significant capital and you know, investment project. We have a lot of infrastructure that needs upgrading. But we do face constraints, employment constraints, particularly in the construction sector, which I think are reflected right across Western Europe. But are you know they are as acute in Ireland as anywhere else.
What is the concern about what the drop off and the tax receipts could be given that so much of that corporate tax money comes from a very limited number of companies in Ireland.
Well, look, I think it's fair to say that any sort of sexual specific challenge could have a very significant yeah, tech or even an individual company. And of course you know there are different intellectual property issues. You know about about derogations running out and so on, and so we are very fortunate to have this position, but we are very careful to manage it. Obviously, Ireland is part of the OECD, the new tax framework. Ate please to be part of that looking forward to that, and we have
to manage that transition now over the next period. But you know, I'm looking at my tax tax receipts just this year. You know, income taxes up, the at receipts are up all of your domestic you know, all of the indicators of a really strong domestic economy. So we're generating very significant receipts from that as well. It's not just corporation tax, it's income tax, it's that it's activity in the employment sector. We have never had more people at work in Ireland and we have a very highly
skilled labor force. So it's a good time for us considering where we were ten years ago. We're very excited to be here, but we take a careful pause in our approach to it. You know, we recognize that we want to be in as resilient a position ten years from now, and of course there's going to be ups and downs. Of course, there's going to be retrenchments in different sectors. Earlier this year, for example, there was a
slight retrenchment in tech in employment. We have a very strong financial services sector, as you're aware, and we found that a lot of that skill was absorbed immediately by financial services in fintech, in sure tech. Great innovation that's coming out of Ireland because we have this juxtaposition of tech and financial services right beside each other. We're doing a lot of very interesting, exciting things there. So I think it's a good moment. But I think in Ireland
we will always adopt a sort of curfl pause. We've come back from a really disastrous financial crash to a balanced budget to an interesting surplus.
Some of the changes that we've seen post Brexit in the UK has been to move away from some of the mifit to regulations, particularly around funding for research. Is that giving the UK a competitive edge when it comes to attracting financial services companies versus Ireland.
It's not what I'm hearing. I think what I would reflect is that I think we're at a point where, you know, I became Minister for Financial Services in December when we hadn't the Windsor Framework agreed and we were in a very different place in terms of our conversations in our dialogue. It's now the beginning of October, and I'm so pleased that that has been agreed and that we can have really constructive conversations about what we do together in the future. And I don't think that we
need to approach it in an overly competitive sort of way. Obviously, Ireland is at the center of Europe is going to continue to do everything it can to protect and develop the Single Market and the opportunities within that. But we're so very pleased to have this closural close relationship with London as financials are services. You know, Okay, find.
There's some frantation competitors, friendly.
Competitors, and do you know what, there's nothing wrong with that. It does both of us well. London has been and always will be a major financial center of for the world, and you know, we benefit very strongly by London doing well and we will do well from that. So I approach it in a very collaborative way.
You mentioned the Windsor framework. Are you disappointed there hasn't been restoration of the executive since the winds Are Framework agreed? I should point out you also used to be a member of the Parliamentary committee that looked at the implementation of the Good Variety Agreement.
I am really disappointed. I am really disappointed because, you know, for so many reasons, it's a major democratic gap to have political institutions that were voted in by the people, where you have free and fair elections, which is, you know, a privilege and a luxury that most people around the world, you know, do not. In fact, have you free and fair elections in the opportunity to represent your community and government,
it's an extraordinary privilege and an extraordinary opportunity. And nowhere is that more important than trying to build a reconciled society in Northern Ireland. Northern Ireland has the most exceptional opportunity being both part of the UK and in many ways the access to the Single Market. Also, we want to see Northern Ireland doing well. We want to see the ministers in place making decisions. We want to see collaboration in the way that we can between Dublin and Belfast.
We want nothing but good things for Northern Ireland. But you know, the political institutions have to run. And I would say that of the twenty five years of the Good Friday Agreement, Stormant hasn't been an operation for I think close to ten of those, if not slightly more, and that's a major gap and I think that that's going to require reflection over the next period.
That was Ireland's Financial Services Minister Jennifer Carol McNeil speaking to me here on Bloomberg Radio ahead of the budget announcement coming in the coming days. Also very interesting to get her views on the political stalemate in Northern Ireland, where an executive hasn't functioned for well over a year and a half at this stage due to political disagreements over Northern Ireland's post Brexit trade rules, so good to get her perspective on those issues too. I'm Stephen Carroll
in London. You can catch us every weekday morning here for Bloomberg Daybreak. You're beginning at six am in London and one am on Wall Streets.
Tom, thank you, Steven. And coming up on Bloomberg day Break weekend, we head to the nation's capital and look at the race for Speaker of the House. I'm Tom Busby. This is Bloomberg Bloomberg Radio on demand and in your podcast feed. I'm Tom Busby in New York with your global look ahead at the top stories for investors in the coming week. One of the biggest political stories we're watching this week is the race for Speaker of the House. Republicans will host a candidate forum on Tuesday, and the
closed party election will take place on Wednesday. There's no timeline for electing a speaker on the House floor. Now for more, let's head to our Bloomberg ninety nine one News from in Washington and Bloomberg Sound On co host Kaylee Lines.
Yeah, Tom, that's right. After an historic week in the House of Representatives that saw the ousting of Kevin McCarthy as speaker through a motion to brought by Republican Congressman from Florida Matt Gates, this coming week promises to bring drama all its own as the House attempts to decide on who the next speaker will be. Here with me for more is Megan's scully, who leads Bloomberg's Congress coverage here in Washington. So, Megan, this is promising to be
kind of chaotic. Chaotics seems to be the status quo in the House of Representatives at the moment, and there's a lot of individuals to talk about, so I'd like to take them kind of just one by one, beginning with one individual who this past week got the endorsement of former President Trump, Congressman Jim Jordan from Ohio, the chair of the Judiciary Committee. What are his strengths and weaknesses as a speaker candidate?
Sure, so, Jim Jordan is probably best known for being a bomb thrower within the caucus. He doesn't like to wear a jacket. He's very sort of anti establishment, and he is one of the lawmakers who's leading the impeachment inquiry against President Joe Biden. This all plays very well for as does Trump's endorsement for the hardliners in the party, many of the same who had issues with Kevin McCarthy and really worked against him during his very short term
as Speaker and ultimately ousted him. So that's all good for Jim Jordan. The downside, though, are the moderates, particularly the eighteen House Republicans who are from districts that Joe Biden carried in twenty twenty. These are very very purple areas and they're not terribly supportive of the impeachment inquiry, and this makes Jim Jordan a very difficult and problematic speaker candidate for folks like Mike Lawler and Mark Malnaro
from New York. There's several in southern California as well.
Okay, So knowing that whoever ultimately is going to be speaker needs to get the majority of the caucus, be that two hundred and seventeen or maybe lower. If there's some people that don't show up, the math's going to get very hard, especially when also in the mix is someone like Steve Scalise, the majority leader, kind of maybe the continuity candidate. You could see in that way, he's likely to appeal more to some of those moderates, some of those more endangered individuals, right, Yes, Steve.
Scalase is sort of the safer candidate for those individuals. He is very conservative, you know, he's definitely not a moderate, but he is not one to be particularly polarizing to the American public. He's definitely more of the same mold as Kevin McCarthy in his well known entity, someone that
the moderates I think feel like they can trust. He is not as problematic as Jim Jordan, for sure, and I think you're going to see those folks really rally behind him, although it remains to be seen whether he can get the hard right who's going to support Jim Jordan?
Again, it comes down to the math. The math is just really tough. And there's other people kind of floating out there as well, like Congressman Kevin Hearn from Oklahoma. What's his deal?
So, you know, I'm very curious to see what happens with him and whether he emerges as a consensus candidate, somebody who the hardliners can begrudgingly get on board with and the moderates can sort of hold their nose and vote for. He is the chairman of the largest ideological group in the House, the Republican Study Committee, and they are a conservative group, although they tend to be less
bombastic than the House Freedom Caucus. So while folks like Mike Lawler might not be on board with Kevin Hearn's policies, his approach and his strategy is something that they can tolerate much more so than a Jim Jordan.
And of course, the other individual here who is technically the one who interim is Speaker Congressman Patrick mckenne of North Carolina. He is acting in a pro temporary position right now. It kind of our understanding is he doesn't really have that much power other than to preside over a speaker's vote. And on the idea of when this
vote's actually going to happen. Are the Republicans going to try to sort them out, sort all this out themselves, understand that someone is going to get the requisite majority vote before they actually take it to the floor, remembering it took fifteen rounds over the course of four days to get McCarthy the speaker's gavel in the first place in January.
That is certainly the big question. My money is on them not being able to rally behind a candidate. That is what party leaders are going to be trying to do on Tuesday before this goes to the floor on Wednesday. They don't want a whole messy spectacle on the floor on Wednesday. But looking at how things went with McCarthy's ouster, which was the first in US history, I find it very difficult to believe that this is going to be clean and short and be a show of unity for
the GOP. I suspect that when this goes to the floor, it is going to be a very divided Republican conference, and I think that Democrats, just like they did with the vote on McCarthy, are going to watch from the sidelines and cast their no votes against whoever it is and vote for Remember Jeffries. Actually, how came Jeffreys, the Democratic leader, had the most votes of any candidate going into that fifteenth round because Democrats really united behind him.
So we're going to see that, and it's just it's going to continue you to be extremely messy. We thought that the fifteen rounds that McCarthy went through was long and drawn out. It was certainly extraordinary, if not a record, I suspect this could go much longer and be far more bruising.
So buckle up everyone, exactly. That's what's going to come on the floor potentially this coming week. I also want to talk about a letter of that forty five Republican members of the House wrote about what happened this past week. This includes the likes of Mike Lawler, who you've mentioned a few times. He signed this letter along with forty four others. Part of what they wrote this is a quote ashamed and embarrassed by what happened on the floor
this week. We refuse to allow the eight members who abandoned an undermined or conference to dictate every outcome in policy and personnel for the remainder of this Congress, including the upcoming selection of the Speaker of the House. They're talking about the motion to vacate, Megan, is it going to go away? How hard will that be?
Extremely hard? This motion to vacate was something that Kevin McCarthy had to agree to to be elected speaker. And what that is essentially, and how we saw that play out was it only took one member to bring that to the floor and then it required only a simple maturity of the House law makers present and voting to oust the speaker. That meant that McCarthy threw out his again very short term nine months. I think it was
the third shortest in US history. Throughout his term as speaker, essentially had this gun to his head where he was concerned, you know, with every twist and turn that he could be ousted.
Getting the.
Hardliners to relent on that will be extraordinary difficult. Extraordinarily difficult because that is what gives them their power. So why would they let that go.
They want to hold on to the leverage absolutely so much to look forward to Yes, just more paradise here in Washington. Really looking forward to your coverage of this over the coming week. Megan Scully, the leader of Bloomberg's congressional team here in Washington, thank you very much in Tom buckle up.
Thank you, Kaylee. That was Bloomberg's sound on co host Kaylee Lines 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 coming up here on Bloomberg day Break Weekend. After China's Golden Week, we look at the holiday's impact on the country's economy. 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. Will China's seven day Golden Week holiday be a hope for the country's economy to reset? Let's get to Brian Curtis, co host of Bloomberg's Daybreak Asia radio show, to find out more.
Tom, China markets reopen in the coming week after the Golden Week holiday, what might we expect? We're joined by Rebecca Chong Wilkins, Bloomberg Asia Government and Economics correspondent. So I'm curious, Rebecca, what you're hearing from investors now because this has been a critical time and do they need a catalyst to come back in.
Well, I think the big story for them is watching whether or not the Chinese consumer has come back during the Golden Week holiday. So this is a long stretch eight days where typically we see Chinese people going out, traveling, spending and buying more. Obviously that has been severely dented by sort of waning confidence, the property crisis and so on, And so that's really where investors are focusing. Are we seeing an improvement in sort of services, in consumer spending
and tourism, And then the other part of this is property. Now, I think the prevailing feeling is that for property there's still some of that pessimism there. Just looking at the first four days of the month in thirty major cities, the data looks really weak. We're seeing this big decline again year over year. We hardly are their way through the month, but you know, even when we compare to September,
marginal improvement there month over month. But you know, more broadly, it doesn't look like we're seeing a bottoming out, so that pessimism is prevailing. But in the consumer sectors and in the services part, we are maybe seeing these pockets of positive signs and that might be enough to start bringing some traders back in.
You cited some numbers from the Golden week holiday, and we know that Golden weekend has historically been a key test for the property sector. Is there any possible catalysts there that investors might seize upon, and if so, what would it look like. Would it be like dramatic sales in Shanghai or in Beijing, or would be in the outlying areas. What would they be feasting on.
I think there are a couple of elements there. So the first is and just say we're not really expecting this, But the first would be to see a more comprehensive approach from the government to try and support the sector. What we've seen so far has been very piecemeal, very localized,
and pretty focused on specific regions or specific cities. Now, if we saw some kind of bigger restructuring program or bigger supportive policy program that we saw, for example in twenty fifteen, the regeneration of the slums, anything that was more comprehensive from the central government. I think that certainly would be a sign of a different mo from Beijing
that would be taken very positively. We haven't seen signs that that's coming, but of course it remains an option, depending on how long this sort of how much in economic pain that Beijing can be willing to endure.
You had oversupply and you had property developers get in trouble, but then you also have a big fall off in demand. What is the main cause of the drop in demand.
Well, it is the crack down that Beijing has rolled out into the property market, which is specifically focused on this idea of cracking down speculative buying of property market. That speculative bet is what has driven the production of oversupply, particularly in those smaller cities that you know that if you bought a second, third, maybe a fourth or a fifth property, it was a guaranteed way to increase your wealth because the value of those markets was just going
up and up and up and up. Now that trend has stopped. Not only has it stopped, but the demand for buying, the demand for renting has fallen and prices have fallen off. This sort of scary part. I think for long time watches of the market and for you know, investors who are thinking about where they want to be in China long term. Two and its economic growth model is that some estimates say that we are only about seventeen percent of the way through fixing that oversupply product.
All right, Rebecca, thanks so much for joining us. Great insights there, Rebecca Chong Wilkins wlohenbrig Asia Government Economics correspondent. I'm 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 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 Buzzby. Stay with us. Top stories and global business headlines are coming up right now.