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the presidential race. I'm Brian Curtis in Hong Kong. We look at the biggest market trends expected in twenty twenty three for Asia. That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg Eliven Free on New York, Bloomberg N 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 Act. Everybody.

I'm John Tucker, and let's start today's program with the December jobs report that's going to be released this coming Friday, joining me now to the preview that what it means for the Federal Reserve Bloomberg's Matt Mosler Matt. Before the end of the year, we got a piece of data applications for unemployment benefits, the jobless claims. They rose slightly, so as this proof positive that FED policy is starting to work as far as the the US labor market

is concerned. You know, it was really only an ever so slight uptick, and initial claims for unemployment insurance are actually down quite a bit from where they were over the summer, and so we actually really aren't seeing yet much of an impact from FED policy on the labor market, and it continues to be the big vexing question for policymakers and a lot of forecasters who are forecasting or

recession in the coming quarters. Yeah, it's important we have to explain to everybody because because of wages in particular, that's a big component of inflation, and we know the FED is battling to get the rate of inflation down. Um, do they really have to target and maybe even the torpedo the US jobs market to achieve their goal of some price stability. Well, you know, that's a really interesting debate right now because what we're seeing in the inflation

data is services inflation is still running pretty high. And the FED kind of used the services sector as the sector where wages are going to pass through two prices most effectively and efficiently, and so the logic is that, yes, they do need to weaken the job market and bring that wage growth down in order to filter through to

the lower services inflation. However, the services inflation story is pretty interesting because that's really being driven by um, things in healthcare and transportation like think airline tickets, and the case that that is really driven by wage growth in particular is not super strong when you actually dig into the data. So um, this is going to continue to be part of the debate. Definitely. The Fed is watching that wage growth number very carefully because that's how they

think of it. But it is still possible that inflation could come down a lot in the coming months even if wage growth does stay high, and services will remind everybody that's the that's the biggest part of the economy right now, right that's right, Yeah, it's definitely. Uh, you know, the goods producing sector has shrunk and shrunk over the years, leaving mostly services behind and so that's where most Americans

are employed these days. Uh, it makes up the majority of consumption patterns, and so that's why you know, there's so much attention on it. We've heard a lot about some job cuts coming up Wall Street, job cuts in technology. Have they shown up anywhere in the data? Are Are

they big enough to have an impact? Not yet? You know, we're seeing we've certainly seen a lot of job cuts, and say the mortgage industry, you know, in the housing sector, things just aren't really happening because interest rates have shot up so quickly. But you know, these big, high profile announcements from the big ted companies are the big Wall Street firms, They're just not really enough to move the needle.

And it seems like there is some anecdotal evidence, at least on the tech side, that engineers and the like who have been laid off from some of those firms are not having too much trouble finding new jobs. So it seems like the labor market does remain very fluid, very strong. Um, you know, both from a kind of economic data perspective and also somewhat from an anecdotal perspective as well. Okay, so let's move a hand to Friday with the release of the December jobs report. What's the expectation.

So the expectation is for a further slowdown in job growth to something like two hundred thousand jobs created in December, which is still quite high, you know, relatives historical standards, um a unemployment rate staying unchanged at three point seven percent, so still quite low, and wage growth, you know, still coming in pretty robustly at at five percent on a year or year basement. I think that wage number is going to be really key for some of the reasons

we just discussed. Now. An interesting thing about the last jobs report last month is that, you know, everybody was forecasting a slowdown in wage growth, continuing the trend of the previous several months. We actually got a huge pop in wage growth last month. And the reason for that was we had a three point eight percent increase in

wages in the transportation warehousing sector alone. Now, just for perspective, that is the biggest increase on record in monthly data going back to the early nineteen seventies by by an order of magnitude. So the big question is, you know, is that kind of wage growth in that one sector, which was so big that it was enough to lift overall wage growth. Is that something that really is going to repeat this month or was that some sort of you know aberration one off? And so I think that's

the big thing to be watching in this report. There's the report a little muddy because of the season, because of the holidays and hiring associated with that. Yeah, there's so many questions around that, and that would be especially something that could impact the transportation where housing sector. That's a sector where we've seen massive job growth since the pandemic began because of all of the ship to you know, online purchases and Amazon deliveries and so on and so forth.

So we've got those normal seasonal holiday patterns. We've got other issues like declining response rates to the surveys that make up the jobs report. A lot of people are asking questions about whether that's having an impact on the data. So just tons of moving pieces right now that are making this really hard to read, even somewhat harder than usual. I mean it's never easy, but lots of cross currents at the moment. Now. Is the Federal Reserve still the

number one story for for markets overall? As we hit it into I think so, although you know that if we're starting to see signs maybe a little bit that that is changing, because a couple of weeks ago, the latest Federal Reserve interest rate decision, they came out and they were very hawkish um and the markets didn't really buy the hawk ish message. And the reason for that is because the Feed put out these inflation forecasts that

really look way too high to the markets. And so now investors are kind of saying, well, we think inflation is going to be lower than the fat thanks, and when the Fed realizes that and sees the lower inflation, they're going to kind of back off their hawker is stand. So we're starting to see a bit of a divergence between what the Fed thinks is going to happen and what investors think is going to happen. And that's really going to put a premium on what the data actually

show going forward to dictate the course of markets. The investors are fighting the Fed. Did you just say that, Well, not quite. The way the Fed says that when they're at that question is we just have a difference of opinion and we'll see who's right. Yeah, we'll see it's usually the Feder reserve. If history is is any guid what what factors go into a fit I hate this word, but a fit pivot. So definitely, the inflation reports are

going to be very important. Um, we need to see inflation coming down at a rate similar to the last few months when when it's really started coming down. You know. The wage growth is also going to be a major factor in that. Um. You know. The other big question is all of these forecasters see a recession in I mean, it's definitely the majority consensus opinion now, and so does that start showing up in the data. We haven't really

seen it start showing up in the data yet. If it does start showing up, then do we kind of get a change of tone from the Fed because it's like, Okay, this is really happening. Now there's a lot more certainty that that's a big possibility. I think that's going to be really interesting to see how they respond to the changing data. That comes to be the case. Got to know a recession when we're in it, or we're going to know a recession when you know, some few quarters

after it happens. Yeah, Typically it's the latter, which is the way it normally plays out. But you know, I think part of the complication this time around is that we've got the pandemic, which has just reordered the economy in so many interesting ways that it's making it a lot harder to read the early warning signs, those bleeding indicators of recession that people usually rely on to kind of get a feel for where we're at in the economy, even if the actual data aren't going to show it

until a few quarters later. And so just the way the pandemic has scrambled all of those patterns is kind of leaving plenty of room for speculation and debate that you know, might not even necessarily be present in more normal downturns. And there can't be a recession if the labor market is still resilient. No, So we're really that is either so much focus on that data and so much head scratching over why it stayed still strong. I mean that is really the you know, what defines the recession.

Earlier this year, we had two quarters of negative GDP growth, and there was a big debate is that a recession or is that not a recession? And ultimately I think the consensus was, well, it's not because the labor market did stay strong, and so if the labor market continues chogging along, then maybe we start seeing some of these

recession calls get pushed back even further. We've already seen a little bit of that so far, with people making these calls and then saying, you know what, it's gonna come a little later than we thought because the data are staying so strong in the near term. Matt, always a pleasure and happy New Year. Thank you, John, same to you. And that's Bloomberg's math Bosler. Just to handle Blueberg Daybreak Weekend, I'll look at the devastating impact of

Russia's warn't Ukraine on John Tucker. This is Bloomberg. This is Bloomberg Daybreak Weekend, our global looking ahead of the top stories for investors in the coming week. I'm John Tucker in New York. Up later in the program shifting political winds in Washington. But first, Russia's invasion of Ukraine has had a devastating impact on its people, infrastructure, and economy, even as it goes into a second year. And for more,

let's into London, bringing Bloomberg Daybreak Europe anchor Caroline Hepcker. John, it's hard to celebrate the new year with the war ongoing in Europe, one which has created eight million refugees, are rafter sanctions against Russia, and a global energy shock that has taken Europe to the brink of recession. We'll joining me now to discuss this is Bloomberg Cedia Report for International Affairs, Mark Champion and our Power and Gas

and Renewables editor Rachel Morrison. Mark, Rachel, You're both often guests on Bloomberg radios, so I'm really pleased to have you with us today. Mark. Let we just start with the war in Ukraine. What is the state of play as we now look to a new year and months of this conflict ongoing. Well, it's a kind of a big question. I mean, essentially, we're just moving into a season where offensive campaigning becomes quite possible. Again, the winter

seasons relatively short. It depends on the ground being firm, um, And so you now have the Ukrainians in particular, warning that the Russians are as unlikely as it seems to many military analysts just because of the state of the Russian forces, even the new conscripts that they've brought in, but nevertheless saying that whether it's in January, February or March, the Russians will try again with a major offensive, including trying to take Kiev. You know, whether they do that,

how much is a faint um. You know, how much they can do is very unclear. You know, war is largely about opportunity as much as it is about strategy, and that it will depend on what the Russians can do and what they think they can do. You know, it's been clear from the start of the war that those things are not always aligned, that their idea of what they can do isn't necessarily realistic. So it's difficult

to predict, but it's likely to be quite long and grim. Yeah, and perhaps the most important issue is going to be access to weaponry. And you have to remember that it was February when the war began in two so yeah, perhaps coming into a month that could again be quite critical. I mean, what's the aim then in the next few

weeks and months? Is it? Is it all about weapons? Well, weapons are obviously essential, um, and if either side you know, runs out of the critical communitions artillery shells or on in. You know, there's really two parts of the war. One on the ground, which is very reliant on artillery UM and one in the air where Russia is um you know, attacking essential infrastructure with long range missiles that Ukraine is

trying to shoot them down. So there's sort of two separate campaigns, both of which have real issues as to how big of a stockpile do they still have of cruise missiles for example, or Iranian drones. And then you know, the question remains for the Ukrainians on the other side, you know, how will they have enough anti missile defenses and anti aircraft defenses, enough missiles to take all these

down um, and you know, will they be overwhelmed? And the same as is true with artillery, we just don't know. There's quite a lot of dispute about exactly what is the state of the Russian artillery stocks and you know, will they have enough for a major campaign. Look, we've we've covered the war in Ukraine, you know, considered by many one of the worst conflicts in World War two throughout the last few months. And so I want to also get onto the hopes that post ability of ending

the fighting. But I want to at this point also bring in Rachel Morrison when it comes to the other issue that has flowed from this conflict on the ground, which is Putin's energy pressure on Europe. It's certainly become immensely expensive. Rachel, is it working Putin's strategy of sort of squeezing Europe? How do you see it now? Yes, in some ways, some of the pressure and some of the power that Putin has had over Europe has been has waned somewhat since the nord Stream pipeline attack left

it unable to flow any gas to Europe. So the remaining gas that Europe is getting from Russia goes via Ukraine, which is why a lot of the conflict that Mark was just outlining is important because at times it has seemed as though Russia is really aiming at energy infrastructure, which obviously has a big impact on people in Ukraine itself,

but also on those transit flows to Europe. I think we have seen elevated prices obviously from the cutting supplies, and everybody is thinking about what will happen if we don't have those Russian supplies next winter, and refilling gas storage in Europe is going to be more difficult without nord Stream, and many people are assuming that the flows via Ukraine will eventually be cut because of the conflict, Because things are getting worse, it's getting more intense. That

that is inevitable. And you know, even if some people say it's mostly priced in, there'll still be a bit of a shock to Europe and to European gas prices if and when that does happen. Do you think that there's any hope that the energy crisis could get better in three if Europe tries to adapt admittedly to a terrible situation. Honestly, what we are hearing is that the crisis is at least going to stay as bad as

it has been this year, if not get worse. And that's because this year we were able to fill gas storage quite quickly because we still had an order string gas flowing from Russia. When we come out of the winter season, we'll have to see how low storage levels get. If they are quite low, and in fact, the lower they are, the more difficult that task will be. And the European Union has set all kinds of targets to try to make sure that we get those levels back up,

but we are going to struggle to do that. We also have the French nuclear fleet, which has sort of problems and extended artages, So that's going to mean that we need more gas for electricity production, which means there's less spare to put into storage. So even European leaders are talking about getting ready for next winter, and it doesn't seem like the crisis is over yet or anywhere near Mark champion Vladimir Putin? Is he bogged down in

something protracted? Does this become a forever war, perennial conflict, or does Ukraine have to accept a deal in order to get a cease far to lose some territory. What are the various scenarios now that people are thinking about. You know, if if we try to think about an end to the conflict, well, what seems to be clear at this point is that you know, puting would like this to be seen as a forever war and that he sees stretching it out. Time being on his side.

So although when they invaded in February it seems so long ago now, the Russian command clearly expected this to be a very short campaign, only a few days. They weren't prepared. But a lot of water has passed under the bridge since then, and at this point the Russian strategy is clearly to grind down the will to resist

in Ukraine and more critically in the West. You know, it's clear to the Russians also by now that the Russian Ukrainians have a formidable fighting force and all so that the Western weapons that are being supplied are critical. But it's clear also that as soon as that supply of weapon drives up, it will be very difficult for the Ukrainians to continue. And that is the situation. You know, He's trying to press both in Keep and in Western capitals for leaders to decide. Look, there isn't going to

be a Ukrainian victory. So the sooner that we end is the sooner the pain will start, both for Ukraine and for Western governments with it, in particular the energy issues that you know we're just being described. Mark, thank you so much for being with me. Bloomberg Senior reporter for International Affairs, Mark Champion and our Power and Gas and Renewables editor Rachel Morrison on the difficulties as we go into three with Russia's war in Ukraine ongoing. My

thanks to both of you for joining us. I'm Caroline Heppgary in London. You can catch us every weekday morning for Bloomberg Daybreak Europe, beginning at six am in London. That's one am on Warster, John Caroline, thanks a lot. Just ahead on Bloomberg day Break. Weekend twenty three could be another wild year politically as we head into the presidential election. I'm John Tucker, and 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 oh six one to San Francisco, Bloomberg nine to the Country, Serius xm Channe to London d A B Digital Radio, and around the globe the Bloomberg Business app 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 investor ers

in the coming week and the new year. While to watch when it comes to politics, as the battle lines are drawn for the presidential race and for world Let's go to Bloomberg quick takes Madison Mills. Thank you, John, And it's still almost two years away from the presidential election, but things are already heating up on the Democratic side. We're seeing people like the newly elected incoming House Democratic Leader Hakeem Jeffries. He's saying that he's all four run

for President Biden. I know he'll have a vision for the future. I look forward to strongly supporting President Biden's re election. Incoming House Democratic Leader Hakeem Jeffreys there on ABC's This Week, heard here on Bloomberg Radio and joining me now to talk about how things might unfold in the coming year. Bloomberg's deputy managing editor in Washington, Wendy Benjaminson. Wendy, always a joy to speak with you, and thanks for

joining us. Let's start with what's happening for the Democrats here. What would you say is the single biggest way that we're already seeing Democrats prepare for battle heading into well. I think one thing they're doing Madison, and we just heard the Democratic leader how King Jefferies say it is they're lining up behind Biden. There was some talk earlier, earlier this year and last year that you know, maybe

we should have somebody else. He's eighty, He's going to be eighty two in the campaign starts, um, he would be the oldest president of American history and there was some sense, and you know, his public approval ratings were really low, so there was some sense that maybe somebody else ought to step in. And then I think they looked around and saw who else could step in. The bench is not great for people who could beat one of the probable Republican nominees. And then Biden did spectacularly

well in the mid terms. I mean, we knew he was going to lose the House of Representatives, but he aust them by only I think five seats, a very small handful of seats. I think it's eight actually, um, but a very small handful of seats. They kept. The Senate voters did not seem to despise him as much as they thought, and now they are lining up behind

Joe Biden for a second term. Right voters didn't, And now we're seeing lawmakers sort of feeling the same as you said, Wendy, just really putting their support behind a Biden run after that red wave became more like a very very light red trickle. Let's hear what Senate Majority Leader Chuck Schumer had to say about race. I think President Biden being on the ticket if if he runs,

and if he runs, I'll support him. Um, it would be very very helpful, So Schumer saying that it would be helpful, but I do want to look at Republicans here because they will hold the majority in the House next term, and said they planned to hold hearings on Hunter Biden and the origins of COVID nineteen. How much of a liability is that going to be for the Biden camp. You're absolutely right. They are going to investigate Hunter Biden, COVID nineteen, and just about everything else they

could possibly think of. There's there's talk of impeaching the Department of Homeland Security secretariale Hundre Mayorkas for the fact that the border is practically uncontrolled at this point. Um, you know, a lot of migrants coming across the border. They want to impeach him for that. They want to look at the withdrawal from Afghanistan, and so all of this is because of this is an attempt to weaken the president and the Democratic Party heading into just strengthen

their hand. You mentioned impeachments. Is there much of a possibility of of a strong push for a Biden impeachment? We were talking about that a little bit heading into the midterms. What's the political will towards that. I think that political will which probably exists in some of the more fringe quarters of the Republican party, UM, is pretty much stomped out. Kevin McCarthy, who is most likely going to be the speaker. He will have his election for

that on Tuesday. UM, but he has already come out and said he sees no reason to impeach Biden. And you know, again, there has to be a reason to impeach the one. There has to be some evidence of the crime committed hi inestiator, and so he doesn't see any reason to rip the country apart and do that. Um, you know, and go through all of that again. Well, speaking of fringe members of each party, Wendy, one thing that we're seen of more lately is the Biden camp

pushing back on Republican behavior. One example that comes to mind is when Marjorie Taylor Green, the Republican from Georgia, said that the January six writers would have been both armed and successful if she'd been leading during that insurrection. Biden's press secretary immediately pushing back on that without even waiting for question from reporters on it. Is this kind of pushback more of what we can be expecting as

we get closer to election. Yes, I absolutely, I think that you're responding to That particular statement was probably almost performa. It was such an out there statement to suggest that, you know, not let's do it again and this time let's be armed. Um. That was so outrageous that I think the White House heels that had no choice but to respond to that. But in terms of a rapid response team, in terms of reacting to everything, getting in a wartime footing, if you will, a campaign footing, I

think is something you'll start seeing. They may try to govern for a couple of months here in the early winter, um, but by springs of presidential campaign for the following fall a year and a half later, will be full on. Well, I want to pick up on that because you mentioned that we're going to have, you know, I'm legislating for a couple of months and then it's going to be all campaign. Can you talk to me about what presidential campaigns due to Congress in terms of legislation and the

actual policy. Do we see issues like immigration, for example, becoming more of a political football than you know, a policy issue, and how does that play into you know not just what Congress is focusing on, but also the election. Right well, I think I have a feeling there will be very little legislation past um in the next Congress, mostly because of the breakdown that occurred after the partisan

breakdown that occurred after the midterm election. You have Republicans controlling the House, the Democrats controlling the Senate without a need for a tiebreaker, and then um, you know, the White House is obviously still Democratic. So anything that the Republican Party wants to push as a piece of legislation, it's really a campaign tactic, is going to die in the Senate, is going to die at the White House,

even if it were to pass the Senate. I do want to talk about the Republican side here because of course we have the big question of who Canada is going to be. Obviously former President Trump announcing plans to run but slipping in the polls, and then we've got Florida Governor Ron De Santis positioning himself. Wendy, I have to say I was in Florida covering the midterms, and what struck me about De Santis was that his rallies were really light on attendance, particularly in comparison to some

of the Trump rallies I've been to previously. What does that mean for De Santas come and what do you expect to see from him? Well, I think you know, some of his rallies were around the election, his election for governor. He is not the personality that draws the crowds like Trump did. I do think Trump's rally attendance is way down from the peak in um Ron to

Santa is a definite contender for the nomination. If you look at polling right now, De Santis is in the lead, with Trump trailing and then everyone else about a block behind them. Um, you know, there's so it's really RHN. De Santis is to lose at this point. He has never faced national scrutiny. He is just starting to now because he is a likely Republican nominee. He also hasn't announced yet, but there's there's no indication that he is not going to run. He could keep Trump, and then

the question is can Biden defeat De Santis. De Santis is very popular among Republicans. He's very careful, he's very smart, he is very very conservative. Thank you Wendy so much for joining us. We really appreciate your insights always. That was Wendy Benjamin Sen, Bloomberg's deputy managing editor in Washington. For more of our political news coverage, tune in to Bloomberg's Sound On, which you can hear weekday afternoons at five Wall Street Time, and Balance of Power with David Weston.

That's weekdays at noon Wall Street Time. All right here on Bloomberg Radio. I'm Madison Mills, and this is Bloomberg. John Madison, thanks a lot, just taking on Bloomberg day Break Weekend. Investing in Asia in the coming year. I'm John Tucker and this is Bloomberg. This is Bloomberg Daybreak Weekend, our global local ahead of the top stories for investors in the coming week. I'm John Tucker in New York.

Big COVID policy changes in China causing challenges for the nation's health system and also eventually it could cause more headaches for global central banks. For more, let's head to our Bloomberg Daybreak Asia host Brian Curtis. John. Asia is getting back on his feet, China is reopening, and the rest of the world is trying to figure out what it means for growth and inflation and to take a closer look at what it means for markets. Were joined

by Bloomberg m Live strategist Mark Cranfield. The China reopening a net positive or net negative mark. I guess it depends on which part of the world do you happen to be sitting in. I think in general, for Asia, they're probably going to be quite pleased to see that happening.

They would expect some sort of boost to growth. Numbers in most parts of Asia and Korea Taiwan especially have been down because of that, and obviously Hong Kong is a very special case, but they certainly need to see more tourists from China and more free flow of business between the two places. So in general, from a growth point of view, Asia will be happy. That should translate into some better consumer spending and some other parts of

the economy that do well. Of course, the rest of the world will be a little bit nervous about the potential bump that we might see in global inflation as China starts to do more and as trade is more freely flowing around the world. They if there's increased demand or resources out of China, then of course that could mean that the slight downshift you've seen in inflation in the US and some other parts will start to stop, and that that could be a worry to Central brancas there.

You mentioned some of the countries in North Asia. I'm curious about the transmission mechanism for say Southeast Asia that they would benefit from the China reopening. Would it be mostly through tourism or could it be trade as well? Yeah, both, I think is certainly up for grabs. And if you look at a country like Thailand, they've made it very clear they're they're heavily dependent on tourism flows for a

big part of their economy. They've been underperforming substantially because of the lack of Chinese tourists for the last couple of years. They've projection for twenty three they made assumptions that large numbers of Chinese would come back, and they're not going to meet those tourism numbers unless there is

a steady flow of tourists coming from China. So certainly Thailand is a very clear case where the economy it's going to do pretty well if if those China numbers return um then if you look at the effect as people get more confident that the China growth is going to be sustainable. That will probably help to support the Chinese currency, which in turn will probably help to stabilize some of the South Asian currencies which have been generally

a bit weak this year. We're seeing the Indonesian roup, Heir, the tie Abart, Malaysian ring have all been relatively soft this year, but a stronger yuan would certainly help their case as well. They seem to move in a similar orbit. The other big issue affecting growth, perhaps in the first half of the year will be the US dollar and the FED. Is the US dollar tied to win inflation peaks in the United States and and thus what we might expect from the FED to an extent is um.

I think the biggest question for investors in relation to the FED is I think it's widely assumed that the Fed are going to take interest rates up to about five short term rates, maybe a fraction higher. But then the big question for everybody is how are they going to be able to hold rates at that level unchanged?

And I mean, if we take your own Power and his colleagues at face value, they seem very determined that once they reach a highest short term rate that they're going to keep the rate there for quite a long time, possibly through the whole three. But of course in the background, what they're going to start to see, most likely is that US unemployment numbers will start to creep up, and there's going to become some stage pressure for them if

they see those numbers increasing too quickly. Obviously there will be assigned to them that the economy is slowing down faster than maybe they thought, and then people will start calling for them, Hey, it's time for you guys to start responding with an easier monetary policy. Mark all the best, happy holidays and very good twenty three and thanks very much for joining us. That is Bloomberg m Live strategist

Mark Cranfield and Brian Curtis along with Doug Prisner. You can catch us every weekday here for Bloomberg Daybreak Asia, beginning at seven am in Hong Kong and six pm on Wall Street. John Bryan, Thanks alive, and that does it for this edition of Bloomberg Daybreak Weekend. Join us again Monday morning at five am All Street Time, where the latest markets overseas and the news you need to start your day. I'm John Tucker and this is Bloomberg,