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Brian Curtis in Hong Kong. We look at the most innovative ideas that the Bloomberg New Economy Forum in Singapore. I'm Amy Morris in Washington. How the mid terms could shape the presidential election. That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, d A B, Digital Radio, London, Sirius XM one nineteen and around the world on Bloomberg Radio dot

Com and via the Bloomberg Business App. I did I'm John Tucker, and let's start today's program with the retail segment. The retailers sitting on massive amounts of inventory. They over ordered this year after being traumatized by pandemic supply chain shortages, and now, according to industry experts including Dana Kelsey, CEO

of Telsey Advisory Group, inventory is sky high. It's not only up versus last year, it's up versus also most companies are looking to reduce inventory levels and tells you also tells us this massive blood of inventory comes just as the economy appears to be hitting a rough patch. Certainly the middle and lower income levels are definitely spending more cautiously, and the stock market volatility real estate values may also lead to some level of moderation in the

upper income areas. This could potentially put discount retailers in the sweet spot, although we just heard Telsey say their shoppers could be constrained. So joining us now to talk about this punum coil seeing your retail analysts with Bloomberg Intelligence. All right, what we just said, throw that into the blender, turn alound high and what do we pour out? What's what's what's the outlook here? The outlook is for the shoppers they're going to get great deals with holiday UM

if they can afford it. I don't every money less a deal of a deal. People still jump on deals UM, but seriously, on a serious no UM. Holiday is going to be challenging this year. UM. Retailers have a lot to chew on. Clearly, consumers, they're strapped for cash. They have a lot of inventory, which means that they'll be promotional across the board. They're still dealing with inflation higher costs, so that's going to pressure margins. It won't be easy.

But we do see shoppers returning to stores, which is a good thing, and online sales will still rise, but you're not going to see the double digit gains that you're used to seeing for the past many years. Specifically to t J Max, they report quarterly results this coming week, So is this their moment in the sun because they're a discounter. Yeah, t J asked, you know, the one thing inventory is bad for retail, but it's great for

t j X and the off spicers. When there's a lot of inventory in the marketplace, they get to buy it cheap and pass on those savings to their customers. So it just means they'll be getting better products, they save that product, they can put it out next year and make better margin on it. So you will find good stuff at t j X at a bargain, and we're going to see shoppers appreciate that and to their store. To keep in mind, their business is largely a store

based business with less than two or three percent done online. Okay, this this just occurs to me now, just sort of tangentially. Does the fact that they're high inventories mean that the supply chain disruptions all that stuff is solved, it's all behind us now, Yeah, I think it's a different hiccup in the supply chain. So remember last year at this point, we're talking about not getting enough inventory for the holidays.

So retailers had ordered in advance, they had ordered more than they needed, and all that inventory is coming into the stores and distribution centers as of spring summer this year. So now all of a sudden, they have so much inventory, right, it's almost a reverse problem, and um, they don't know where to keep it, they don't know how to stock it, they don't know how to sell that. Some of it

is not sellable anymore because it's not seasonal. Because some of that inventory from Spring is coming in in the fall. What do you do with that? You've got to write it down. Okay, Um, let's move on to Amazon. You also cover Amazon. What's the story there? Yeah, you know, Amazon is a company that we still like very much.

They clearly are going through some issues right now, especially when it comes to rising costs and enterprises cutting back on fund So they have multiple businesses online clearly the biggest business, but the most profitable, is their cloud business a WS. What you saw last quarter was a function of what happened at a w S, which is why

the stock took a beating. Um. But from the online perspective, we do things that sales have bounced back from the first half, so they're much better than they were in one age. And while there will be more discounting in the fourth quarter, we do think Amazon for the long run still stands to be in the best position to take online share, as a shift from brick and mortar to online is still very much on the table. Okay. We also have Macy's gap Walmart reporting this coming week.

You said this earlier. The consumer doesn't have money to spend, right, they have to find the money to spend. They're worried about cost rising, so promotions will be key, and how they discount on the inventory that they bring forward will really determine their top line in margins at the end of the quarter. Walmart of value play, but it does target the low end consumer, so the consumers that's probably most trapped for cash and inflation will hurt their spending.

Where Macy's is struggling with being a department store. Right, We've talked about department stores in the past, and it's it's a place where consumers are going less today than they did years ago, so they're still challenged with those structural or structural shopping challenges that consumers are shifting away from. Okay, before you go, I gotta I asked this question every year review what's the what's the to get item this year? What's the one item I have to buy for the

holiday shopping season? The PS five is still on a lot of shoppers which lost so I think it's electronics and toys. Electronics or toys are still at the top of which lift and gift cards. People want gift cards, That's what I'll get you then put them always a pleasure. I appreciate it. Put them gals, senior retail analysts with Bloomberg Intelligence and just to hand. On Bloomberg Daybreak weekend, Britain's Finance minister will finally officially on Bailer's bunchet. I'm

John Tucker, DNCY is Bloomberg. This is Bloomberg Daybreaking weekend. Are global looking ahead of the tom stories for investors in the coming week. I'm John Tucker in New York. Up later in the program busy time in Asia as we gear up for the Bloomberg New Economy Forum. But first, almost three weeks later than planned, Britain's Finance minister will

finally unveil he his budget on Thursday. Jeremy Hunt, along with the Prime Minister Rishi Sunac, need to balance the books and convince markets there won't be a repeat of the previous government's mistakes that sent guilt markets into meltdown. From Warlet's into London bringing Bloomberg Daybreak Europe anchor Steven Carol John Jeremy Hunt might have been spooked by the Halloween date his budget was originally set for, but in the coming days he might get a chance to scare

us all anyway. With the gloomy economic outlook that the UK is facing. We've been well warned the situation is grim. The Bank of England's forecasting eighteen months of recession and the fiscal gap that needs to be plugged in this budget has estimated at more than thirty billion pounds. To look ahead to Watson Store, I'm joined by our UK correspondent Lizzie Burden. Lizzie set the scene for us. It's it's been called an artem statement, but it's a pretty

wintry backdrop. Our colleague Katherine Griffiths has reported that the Chancellor told a group of senior business people that this would be really interesting bleep if he wasn't in the middle of it. You've got double digit inflation strikes across sectors and the Bank of England forecasting a recession, though how deep it's going to be is going to depend

on how high interest rates will rise. Now the Chancellor, Jeremy Hunt and the Prime Minister Richie Snack have made very clear there are eyewatering ly difficult decisions ahead if they want to plug this hole in the public finances. Some would say that hole isn't real, it doesn't have to be plugged, but you'll remember the market turmoil that followed Liz trust Is mini budget in September, in large part due to the raft of unfunded tax cuts that

she and her chancellor, then Quasi Quarsteng proposed. But the bottom line is they need to boost growth, help the most vulnerable people through the cost of living crisis without adding to inflation. I want to tackle this idea of how much information we're getting in advance of the budget as well and the run up to Thursday's announcement, there has been a plethora of reports in the media about

what sorts of measures we might be getting. This is something they see that you and I discussed what pamer. Gordon's chief economists Simon French, He's very against the way these leaks are happening and says that it has a visible chilling effect on UK economic activity. There are areas that are sensitive to changing tax rates, changing funding for infrastructure projects. This run up to every fiscal event does

move activity to the right. Now, you could say that only for a couple of weeks, but this stuff is I feel like symptomatic of a broader malaise that has overtaken UK politics in my view, which is this rotating door between the special advisor community and the journalist community, and they're all trying to keep each other happy by leaking stories. This leak culture up at a hair up ahead of a fiscal event has real world implications that I do think if you're in the Westminster bubble, it's

you sometimes lose sight of Okay. So that's the view of Simon French from Pioneer Gordon when he spoke to us a couple of days ago, Lizzie, that's Simon's point of view on that issue. Of course, we're very keen to see what sort of things are being floated, what are the controversial ideas that are being battered around at

the moment. Well, first off, Simon's not wrong. Business leaders are frustrated by all the leaks, especially about potential tax rises on dividends and capital gains, because they do have real world consequences for investment in cash hungry startups. The way the former Pizza Express boss put it, Hugh Osmond, was it's as if every day they set a new hair running. He said, it's lazy, it's laden with unintended consequences.

So that's the comms in terms of the meat of the budget some measures that you could see would be an increased windfall tax on energy profits, which would be extended in terms of time from and expanded to include energy generators. That would expect upset Tories who think that the state shouldn't punish business for success. You could also see a freeze on the foreign aid budget. That's going to invite criticism that the UK is abandoning its ambitions

as a world leader. And then there's the thorny issue of whether to raise pensions and benefits in line with inflation. But if you look at who Rishi Sonacs appointed as Work and Pension Secretary male Stride, he's expressed that he thinks they should rise in line with inflation and he's a key sooner and lots of difficult decisions being made as well. That this statement will also be a chance for Issy Snacs government to set out some of its

priorities for the economy. Plenty of industry is very interested in what's going to be said. One that will be listening closely is the financial sector, very key to the City of London. We've been talking to Miles Selleck about this. He's from the industry Group the City UK. Reflecting the conversations that we've had with international counterparts and other potential investors in the UK. What people are looking for is stability,

They're looking for predictability. I think the UK has been seen from a political perspective is just a little bit too exciting, certainly since six and the Brexit vote and the sort of consequences that have flowed from that, and arguably from fourteen and the Scottish independence referendum. So I think there would be there will be a strong sense of welcome for being able to know the direction of travel. On regulation, what that looks like now that the UK

is out of the European Union. What's the vision for financial and related professional services? Something Richie Sunac set out quite compellingly in his mention how speech last year? How will that be built on and what are we going to see as we move forward? Also in terms of potential new deals with other markets. Okay, so that's males select from the city UK. That's one form of perhaps

pressure that the government will be feeling. It hasn't been a very easy start to Richie Suonac's premiership either, in this could potentially be an important moment politically as well. Talk to us about the politics. Could this be a reset moment perhaps for the new government. I'm sure Richie Sunac would hope to draw a line between himself and Liz Trust given that he spent the whole summer warning what would happen if tax cuts were launched too soon

without dealing with the immediate problem of inflation. He too is going to need to boost growth in the medium to long term if he wants to be re elected, but he needs to do that without adding to inflation. In fact, the Chancellor, Jeremy Hunt, has said that he wants to help bring down inflation so that the Bank of England can raise rates as little as possible to

minimize the recession the UK faces. Now Hunt and Sunac are being accused of managing Britain's decline, being too pessimistic about UK growth, and you could say that the Bank of England's messaging has been in too excessively gloomy. The banks forecast this long recession if rates follow market expectations, but that nuance was seemingly lost on most of the national newspapers. So you have to ask whether the man in the street is going to be too gloomy as

a result. Of the messaging outside the Bank of England. Likewise, with the Treasury, economists are asking whether the Treasury is going to raise taxes and cut spending too much in order to leave itself headroom in case growth underwhelms so that it has enough left in the kitty for pre election giveaways. And the question really is is the Treasury

creating unnecessary pain? One of the many many questions will be hoping to get answers to on Thursday when the Chancellor, Jeremy Hunter takes to his feet to deliver the autumn statements. Thanks for our correspondent and Lizzie Burden forward those insights. I'm Stephen Carroll in London. You can catch us every weekday morning here for Bloomberg Daybreak Europe, beginning at six

am in London and one am on Wall Street. John Stephen, Thanks live just ahead on Bloomberg day Break weekend Global leaders gathering in Asia for the Bloomberg New Economy Forum. I'm John Tucker. This is Bloomberg broadcasting live from the

Bloomberg Interactive Broker Studio in New York. Bloomberg eleven three oh to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixty to the country, Sirius XM Channel one nineteen to London, d A B Digital Radio, and around the globe the Bloomberg Business Act and Bloomberg Radio dot Com. This is Bloomberg day Break Weekend. I'm John Tucker in New York with your global look ahead of the top stories for investors

in the coming week. Movers and shakers gathering in Asia. We have the Guy Getting taking place in the coming days in Bali, Indonesia, and US China relations also in focus there. We also have another big gathering in Asia just about underway, and for more on that, let's go to Hong Kong and Bloomberg Daybreak Asia host Brian Curtis and his colleague Doug Prisner. John. The fifth annual Bloomberg New Economy Forum gets underway in the coming week in Singapore.

It comes at a delicate time for the global economy. Inflation is at a forty year high in many countries. We know that war continues to rage in Ukraine and food security is very much in question. It's in question because food supplies are dwindling and costs are skyrocketing. Supply chains have been broken and output has been crippled by labor shortages. Policymakers and investors are looking for innovative ideas to break the chain, and as such the forum comes

at a very opportune time. Joining us now Bloomberg's Eric Shatzker, who is in Singapore for the forum. Eric, always a pleasure, Thanks so much for helping us set the stage for this year's any f Let's begin with a view from thirty thousand feet, so to speak. New economy, big picture, no doubt, and I imagine that a lot of this is going to focus on the intersection between government and the private sector. Can you touch upon some of the

key themes up for discussion? I would say that one theme we will be tackling in earnest and absolutely cannot ignore, is the rising tension level between the United States and China. And of course this isn't a new story. The tension level has been rising for some time. But with President she having cemented control over the Chinese Communist Party at the recent Congress and the Biden administration having imposed new controls on the export of advanced technology to China, UH,

this situation has been thrown into perhaps sharper relief. Then we've seen it in maybe since the early nineteen seventies, because it casts a shadow over everything in this part of the world, and it's just something impossible to ignore. You're right. And it's interesting that you mentioned that has been with us because you remember even the first one. We were supposed to do the first an F in Beijing and it had to get switched to Singapore, and

we went to Singapore for that first one. So US China relations has tended to intervene really even back in that time where when Donald Trump was was waging his uh sort of trade war with China. But there's some other big issues that weigh in as well. Inflation. I'm thinking that inflation could be having a big impact as well on companies trying to deal with, say setting targets for carbon reduction and for spending and green technologies and such uh and and this is this makes it a

very difficult time to outlay a lot of capital. Oh, it certainly does. It's a very delicate time. It's one of the themes that we will be exploring at the New Economy Forum with some of the world's largest and most powerful investors I would name among them cal doon A Lebark from Mubatla, which is of course the Emirati Sovereign Wealth Fund. We also have Neil Sheen who who is the founder and CEO effectively of Sequoia, the man managing partner excuse me of Sequoia China, one of the

world's foremost venture capital investors. We have Limb chow Kat who is the CEO of g I C which is the Singaporean one of the two Singaporean sovereign wealth funds. John Graham from the Canada Pension Plan Investment Board, Raphael Aren't from the Future Fund of Australia, yet another sovereign

wealth fund. These are the capital pools that have to make decisions right now about how much they're willing to plow into renewable energy and sustainability, and the pressures uh that inflation is creating for the rest of the world

is having a real consequences for those investment decisions. What we're hoping to find out at the New Economy Form is that some of these sovereign wealth pools remain committed to making investments in carbon reduction, for example, and renewable energy because if they falter, then there's there's there's a good chants that we could throw net zero by out the window. Well, the timing of the n e F

is such that it's so closely follows Cop seven. And I'm curious to hear about the momentum that may be building in the community that you just described here. Is there greater appetite in the investment community for opportunities in the green space now? Is there some enthusiasm building? You know? I would say, Doug that yes, Uh, it's it's It's as much of an imperative as ever before, but it's a much more complicated and challenging picture because of the

macroeconomic headwinds And it's not just inflation. That's the consequences of inflation, not just rising prices, but higher the hurdle. The hurdle is so much higher now. A lot of fodder for interesting conversation, no doubt. Eric, thank you so much for being with us and helping us set the stage for the fifth annual Bloomberg New Economy Forum. Bloomberg's Eric Shatzker joining us from Singapore. I'm Doug Krisner along

with Brian Curtis in Hong Kong. You can catch us weekdays here for Bloomberg Daybreak Aisia, beginning at seven am in Hong Kong, six pm on Wall Street, John Brian and Doc thanks a lot. Just ahead on Bloomberg Daybreak weekend. What to watch for in the coming week and weeks as we moved closer to the presidential campaigns. I'm John Tucker. This is Bloomberg. This is Bloomberg Daybreak Weekend. Are global look ahead at the top stories for investors in the

coming week. I'm John Tucker in New York. Lots of surprises in the mid terms and some rancor between former President Trump and Florida Governor Ron De Santis to Trump last week lashing out and his potential competitors in the presidential race. Trump at seventy one, Rond sanctimonious at Mike Pence at seven. Mike's doing better than I thought. That's sort of the stage center movedwise when it comes to

Republicans in the post mid term world. For more about all of it, including how things are stacking up for Democrats in four as well, let'stend to our Bloomberg newsroom in Washington and Amy Morris, Amy all right, thank you, John, and joining me now Bloomberg Government Senior Elections reporter Greg Jero. Greg, You've been following this very closely with momentum for President Biden, and he's talking now a little more about there's also

been some disarray among Republicans. They say they'll be able to work some of it out. Let's start from the very beginning, Rondo Santis claiming this huge victory in the gubernatorial race down in Florida. Let's hear what he had to say, and we'll talk about it. On the other side, we offer a ray of hope that better days still lie ahead. All right, So Rondo Santa's talking about some of the traction that he's got. How much does he

really have to play with here? Well, he was a big winner from Tuesday and was otherwise a good overperformance by Democrats and underperformance by Republicans around the country. To Santis was re elected by nineteen percentage points in Florida, which is a very stunning margin in a state that not too long ago was seen as the quintessential swing state. Was the biggest win by a Florida gubernatorial candidate since Santis was winning areas like Miami Dade County in South Florida,

heavily Hispanic area. He was winning Palm Beach County, a very Democratic leaning county. So this is a big win for De Santis. And given that he's a Republican governor in a state that will have thirty electoral votes in the election, if he can help lockdown Florida for Republicans, he'll be at the top, if not near the top of Republican Republican preference voters for the election if one

Donald J. Trump does not run well. That was what I was going to ask about, because it almost sounds as though De Santis could be dethroning Donald Trump, at least when it comes to who is the kingmaker in the GOP, because there were plenty of Trump backed candidates on Tuesday who did not win. That's right. Trump did

not have a good election night on Tuesday. Uh mem and Oz in Pennsylvania lost a key Senate race to John Fetterman, and in some key house races, some Trump alligned candidates lost districts that maybe other Republican candidates would have held. So Trump does not look good coming out of this election, although he is it seems clear he's likely to run for a third time for president. The big question will be does Rhonda Santis run against him

in the Republican primary. If you look at Republican preference polls, it's Trump and to Santis, and then there's a big fall off with everyone else. We didn't see a one on one race against Trump in twenty sixteen. He benefited somewhat by the divided Republican opposition. But will we see a one on one race between Trump and de Santis. We'll probably find out not too long from now. I'm wondering if this also helps to embolden other Republican candidates

who might be looking at the White House. I'm thinking of Maryland Governor Larry Hogan. He is, of course the outgoing governor of Maryland, but he is also indicated, Hey, look at how these terms turned out. It seems as though there might be some room for me in the

Republican Party. Yes, it will be interesting to see which Republicans who have wanted to be president or considered becoming president, or at least running for that office, will uh decide to at least do the early spadework that candidates often do, like traveling to Ohio and New Hampshire and contributing to candidates.

One critic of Trump who has run for president before and who's been who donated to Republican candidates late in the campaign I noticed was former New Jersey Governor Chris Christie. He was very critical of Trump after Tuesday's election results. So if Trump doesn't run, I think all bets are off about who gets in. I think it'd be a

free for all. But I think I am also wondering who other Republicans besides Rhoda Santis, who's mentioned frequently the presidential sweepstakes, what other Republicans would decide to run against Trump? Should the the ex president make that third bid for president, as he seems likely to do. Yeah, I'm wondering about that too. If this indicates that perhaps he would not be the choice for the GOP to run for the

White House. At the same time, would this be an opportunity for people to sort of hang onto those coattails, maybe a vice presidential bid because he has also indicated

that Pence won't be his running mate. Pence certainly won't be his running mate, and you want to look for maybe the next generation of Republican leaders so we'll see who that when when the when the smoke clears um After that, we got final results from the election, who might be in the running for president and vice president, and we are talking about how the midterms may have shaped the general election. We are talking with Bloomberg Government

senior elections reporter Greg Jarol. Want to shift over Greg to the Democratic side, turning our attention now to California Governor Gavin Newsom. After the polls closed on election night, he spoke at a watch party at the Citizen Hotel in Sacramento. We have a responsibility as California's to do more about what we did tonight, to continue to assert our values, which we hold dear We believe their Americans

is certainly California values. Now, does he Greg have a clearer path to the Democratic presidential nomination than maybe de Santist does on the Republican side? Like, how does that breakdown?

I don't think he has a clearer path than the Santists, if only because I think Joe Biden is clearly going to run for re election again and maybe the overperformance by Democrats in the midterm election may tamp down whatever chatter that may be out there floating out there about would Biden run again or not, or he would be challenged in the primary. I don't expect Gavin Newsom to

challenge Joe Biden the Democratic primaries in UM. But you know, Gavin Newsom is the governor of what would be the fourth largest economy in the world, about the size of Germany, and so just like the governor of Florida, you think the governor of a large state like California, just being the chief executive of a huge state, but the huge economy would be automatically mentioned in presidential sweepstakes. It's been a while since we've had the California governor mentioned as

a possible presidential candidate. UM. You know, Jerry Brown had already run what three times when he was governor for the second time, Arnold Schwarzenegger was ineligible to run, Gray Davis was too unpopular, Pete Wilson probably too moderate to win the Republican presidential nomination. And you know, not too long before that, you had Ronald Reagan who used the

governor California governorship to launch himself to the presidency. So Gavin Newsom, I think, is going to be mentioned as a potential presidential candidate, if not four maybe, if only because he is the chief executive of what would be the fourth or fifth largest economy in the world, a three point five trillion dollar economy. Is that, though, Gregg, one of the issues that faces the Democratic Party right now.

You have someone like Joe Biden, that all, not all Democrats are a percent in love with having Joe Biden run again. And at the same time, the next guy who maybe in line, the next sort of air apparent and I'm using air quotes here, would be Gavin Newsom, who doesn't really have a shot against somebody like Joe Biden. Is that is that the issue that they're looking for the leadership that they haven't quite found yet. They don't have a Bill Clinton, they don't have a Barack Obama, right.

I think in the Democratic circles and the Democratic Party certainly with when it comes to the presidency and also for congressional leadership, you have, you know, Joe Biden, you have Nancy Pelosi, Stenny Hoyer, James Kleiburne who have been around for some time, and there's clearly a lot of pent up ambition in Democratic circles about who is going to be in that next vanguard of Democratic Party leadership,

so not just for Congress, but the presidency as well. Um. Yes, I mean, we can't escape the fact that Joe Biden will be almost eighty two years old by the time of the election, but I think Democrats would welcome a rematch between Biden and Donald Trump. If Trump decides to run again, as it looks like he will, then I think you know who's going to be in the next um uh next kind of a group of future Democratic

leaders who would run for president. I think maybe you look at the two midterm elections, you look at which governors were elected for the Democrats. Gretchen Whitmer was re elected in Michigan, a key swing state, so I think you probably look there at who who won key governorships and maybe even key U. S. Senate races. Ino, let me ask you about some of the strategy. I want to pick your brain if if you were a political strategist, Greg, would you recommend to former President Trump to not make

that announcement that he will be running again. You know, he's been teasing for a while now that he's going to make this big announcement on November fifte but that was before there was going to be this runoff for the Senate in Georgia, and there may be some concern about sort of sucking all the air out of the room if he makes that announcement while that's going on. What would you recommend, here's a political strategist. If I were aligned with Trump, I might recommend the ex president

to hold off. Before I let you go, I want to talk to you a little bit about the historical implications and what we saw over this past week with the mid terms. To me, just somebody who's here this sort of on a superficial level for decades, this seems like a really unusually intense and um raucous mid term. I want to know what you think about it and why is it in this place in history. Well, this mid term was really extraordinary. It was actually a pretty

good over performance by the White Houses Party. In mid term elections, you have more of the energy and enthusiasm tends to lie with the opposition party, And in mid term elections since the end of World War Two, the average result has been the White Houses Party losing an average of twenty six seats in the House. It's going to be one of the close most closely divided US houses in in history, in American history. Yes, alright, Greg, thank you so much for bringing us up to speed

on this. We appreciate it. Thank you. Bloomberg Government Senior Elections Reporter Greg Darau. That's what's going on in the nation's capital. For more of our political news coverage, tune into Balance of Power with David Weston weekdays at noon Wall Street Time, and Sound On with Joe Matthew weekdays at five pm Wall Street Time. Right here on Bloomberg Radio, I'm Amy Morris and this is Bloomberg John. Amy Morris

reporting from our bloombergs room in Washington. Amy, thanks a lot, 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 John Tucker, and this is Bloomberg