kailey leinz joins us with the latest from capitol hill. does he have the votes? kailey: we are about to find out, the vote is beginning now but what we do know is republicans here on capitol hill were a lot more confident into this vote then we have seen in the votes prior to this. because this has been a battle over the course of weeks now. at least -- at least a phonic when she rose to give the nominating speech for mike johnson called him a friend to all and enemy to none. that may be ultimately what could get him over the finish line. there are not as many hardline never johnson's as there were for jordan or scully's or the others that try to get the gavel before him. a number of members on their way into the building did stop to speak with reporters, the congressman ralph norman said it is hard not to like mike johnson and that is why he things he will get this on the first ballot. we will have to wait until everything is tally but it does seem like the congressman from louisiana mont -- might be on the cusp of attaining the speakership. matt: are there going

we bring in kailey leinz gary gensler earlier. let's stick to the boat. an is once again not speaker of the house. kailey: the second round is not the charm. he lost more votes. he slipped two members for him but for more turned against 10. 22 members of the republican, conference to not vote for him. we are expecting members of the republican conference to get into a meeting now, and another airing of grievances a high enclosed doors that we have seen play out several times. we will see if a third boat is called today. it jordyn spokesperson says he does not intend to drop out. but seeing that he lost support yesterday, things are getting worse for him, not better. the house is still left stagnant. matt: is there any average -- is there any chance for something else? maybe patrick mchenry who is speaker pro tem? kailey: there has been a growing conversation about expanding the pro tem powers of the interim speaker. that is something that would require democratic support. publications are reluctant because they might have to make concessions to democrats t

kailey leinz is standing by. uck schumer pushed to strengthen language around what hamas had done in israel. he pointedly asked them to do so and they strengthened their statement, but that is all this visit was about. it was about economics. chuck schumer in this meeting with xi jinping, the first time xi jinping met with u.s. senators since 2019, said this was about ensuring economic reciprocity. he said china must provide a level playing field for them can workers echoing what we heard from the likes of commerce secretary gina raimondo. ed: kailey leinz out of d.c., thank you. from san francisco, new york, ndc, this is bloomberg. ♪ advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. ( ♪ ♪ ) ( ♪ ♪ ) ♪ (when the day that) ♪ ♪ (lies ahead of me) ♪ ♪ ( seems impossible to face) ♪ ♪ (a lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ a bank that knows your business grows your business. bmo. nice footwork. a bank that kn

shery: kailey leinz in washington with the latest on a government shutdown averted in the u.s..et's turn to china because we are watching the economy and mixed signals on the outlook from businesses. it's a sign that confidence in post-pandemic recovery is fragile. annabel joins us in hong kong with analysis of the pmi survey. let's get to the good news, the official manufacturing print finally above the 50 threshold. >> for the first time since march, the brightest spot out of these numbers that we had over the weekend. the official and private one is out saturday and sunday but as you said the gauge is really the one to watch because that is something that we haven't seen since march of this year. 50.2 was a notch better than what economists have been expecting. nonmanufacturing pmi another bright spot as well, climbing to 51.7. it had been 51 in august. you can see the consensus forecast of 51.6, accelerating as the boost from summer travel is gone. another positive indicator coming through. not all good news because it was divergent and mixed signals coming out of this. one

kriti: kailey leinz with the story of ftx. sam bankman-fried the saga so far.ing up, the reserve bank of australia keeps rates unchanged for the fourth month, but warns further tightening could be required. more analysis next. this is bloomberg. ♪ kriti: good morning and welcome back to "daybreak: europe". i'm kriti gupta in london. standing pat. the aussie dollar and bond market remain unfazed as the rba keeps rates unchanged, however warning tightening may be required. in asia, stock selling off. cleveland fed president loretta mester saying one more hike maybe be in the cards this year. as jamie dimon warns the u.s. 10-year yield may go much higher than expected. >> can it go to 7%? the answer is yes. are there factors that would drive it higher than where it is today? yes. i'm just saying, be prepared for it. kriti: the bank of england rate-center catherine mann predicting permanently higher interest rates in the united kingdom. those are your cross currents. futures are under pressure. you are seeing a lot of that come from the asian session. take a look a

kailey: and from washington, d.c., i am kailey leinz. matt: bitcoin etf fake out. ent bitcoin above $30,000 for the firm to deny the story. kailey: plus, we give you the latest on the trial of sam bankman-fried as the former employee says he was intimidated and, at times, humiliated. matt: as president biden heads to the middle

alix: bloomberg's kailey leinz is joining us on that. jim jordan. lose this could get. kailey: it could be very close. this will be judgment day for the current share of the judiciary. he was made the speaker designate friday in which more than 50 republicans said they would not vote for him. he has started to flip a lot of the opposition in recent days and out as a handful of republicans who still say they are a no on speaker jordan. it will come down to the math. he can only afford to you -- you can only afford to lose four votes. he needs the 217 number. right now the feeling in washington is he might not get it on the first try and might need to go several rounds. guy: let's see how many rounds we go. we have recent history on that. even if he gets to 217 will he be able to manage the party, there is clearly a very divided republican party at work? what prospect does he have of delivering actionable policy off of a win? kailey: this is the question. he does not have a historic track record of legislating or passing bills in a bipartisan manner. t

bloomberg's kailey leinz reports.bankman-fried's trial began in federal court in manhattan on tuesday, where he is facing seven charges related to fraud and money laundering. the trial proceedings began with jury selection. multiple pools were evaluated for any bias so that they ultimately can decide his fate here. sam bankman-fried was present in the courtroom on tuesday, he had a shorter haircut, that signature mop of curly hair is gone, he was also wearing a suit that appeared to be too big for him, he might have lost weight while in detention at the metropolitan detention center. this case centers around the implosion of ftx, the crypto exchange and separate hedge fund which he had founded. prosecutors say he orchestrated one of the greatest financial frauds in u.s. history and misused customer funds and use them for things like risky investments and even political donations. prosecutors will be aided by three key witnesses all of whom were some of sam bankman-fried's closest associates at the time this all went d

kailey leinz at the federal courthouse in manhattan for bloomberg news.ti: sticking with trials, coming up, kevin mccarthy is ousted as u.s. house speaker in a historic vote in u.s. politics. more on that story next. this is bloomberg. ♪ nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. ♪ >> good morning and welcome back to "bloomberg daybreak: europe." i am kriti gupta in london. stocks in slump. stocks around the world dropping in reaction to that continued pressure on the long end of the treasuries market. 30 year yields surging. testing 150. the yen spikes but japanese officials refused to say whether or not they intervened to bring stability into the fx market. fresh turmoil in washington as kevin mccarthy becomes the first ever house speaker to be removed from his post, increasing the odds of a u.s. gov

kailey leinz joining us from washington. i will get on a plane and come see you. there i will not be alone. we will be joined by the airline's ceo and i believe that if you want to know what's happening in the world, you ask any airline ceo. everything happening now touches this industry in a massive way. alix: i want to disagree with the essay does oil people but then i thought about and was like it is really airplanes. guy has been working on this for a long time so i'm excited this will come to fruition, will be right here next to me monday, very much looking forward to it. guy: i'm really just coming to see you. alix: not at all. it will have lunch with me on thursday. travel safe. this is bloomberg. ♪ ve to worry about things like changing tax rates or filing returns. avalarahhh ahhh j.p. morgan wealth management knows it's easy to get lost in investment research. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find the right investments. so great getting to know you, le

masco --matt: you should join us on the crypto show in kailey leinz. elliott stein talking to us about crypto cases. coming up, gm says it is nearing a deal with the uaw. tesla has its worst week of the year on wall street. this is bloomberg. ♪ (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ jon: this is bloomberg markets. i am jon erlichman with matt miller. time for our stock of the hour segment. you were talking about auto names like gm as we await more details on what uaw will think. it is such a busy week for auto related stocks. we have seen tesla shareholders witnessing their worst week of the year. we have concerns about the margins and now elon musk with a somewhat conservative outlook we shared. and then you have china continuing curve graphite exports which is a key component with electric vehicle batteries to the u.s. china tensions are front and center. so that is opening the front door to th

kailey leinz is in washington, d.c. with the latest. are wrapping up a few people who did not go initially in alphabetical order but they also are not voting for jim jordan. kailey: four of the five who had not voted or said anything the first time have come out and voted for someone who is not jim jordan which brings the total tally i believe to republican members who voted against him or voted for someone other than jim jordan to 20 and jim jordan could only afford to lose four those from republicans to get the 217 votes he would need. he's not want to get that it seems on the first round. we are waiting finally for the actual gavel for the completion of the first round of voting. it seems that this is not going to happen for jim jordan at this moment and this is a wider margin then we were hearing he might have been working with going into this vote. a number of members said they thought it was only between eight and 10 republicans and it appears to be a larger number than that so we will wait after this vote to see what the next step

kailey leinz joins us with the latest. what will we get today? ailey: today is primarily about the jury. they have started the process of vetting potential for -- jurors. there, they will move into the arguing phase. sam bankman-fried facing seven counts related to money laundering and fraud. if convicted, he could spend the rest of his life in prison. he has pleaded not guilty to his charges. his fate will be decided by the outcome of this trial. posutors allegedly biggest financial fraud in american history. he also had cofounded and operated separately things that imploded. prosecutors say customer funds were improperly used to find risky trades, political donations. sam bankman-fried and his team will likely argue there was no intent to commit fraud. intent will have to be proven. alix: we had a list of witnesses. what will be the first caps off? -- kick off? kailey: there are three cooperating witnesses with the prosecution. gary wong, shawn fain, and caroline ellison, ceo of -- she is also sam bankman-fried's ex-girlfriend. leo pleaded guilt

kailey leinz is standing by with sec chair gary gensler. over to you. thank you for joining me and a happy birth day. the rule proposed today deals with volume-based discounts, you said this will help in -- with more competition in this market. the ideal of the timeline and sequencing with the other market proposals the sec has already made. how do you see the timing working out. chr. gensler: in terms of these -- this proposal today this is trying to level some of the playing field between the amongst brokers because stock exchanges today are offering different fee packages through these rebates so the midsized brokers in essence pay higher net fees so that's what this proposal is. we made some proposals last december addressing for specific areas and we've gotten good public feedback on that and the staff is working on possible recommendations to consider on each of those prior proposals. again kailey: coming to the timeline and sequencing question -- kailey: again coming to the timeline and sequencing question, how close is that to being done? chr. ge

let's get over to bloomberg's washington correspondent kailey leinz.o how did the deal happen and what are the questions that we are left with? >> it was extremely last-minute. they barely got this done before the deadline but the deal did happen in a bipartisan way read you have more democrats in the house of representatives voted for it than republicans who are in the majority read and they won by a landslide in the senate. this will temporarily keep the government funded through november 17 at which point we may have to do the whole song and dance again, but it is keeping the status quo of spending or not spending cuts and $16 million in disaster relief. something the biden administration been pushing for. something else the administration has been pushing for and did not get in the package was ukraine funding. this has been a sticking point among republicans. many far right republicans are not supportive of funding for ukraine. in order to get enough people on board, funding was not included. something else not included were measures related to the

kailey: i am kailey leinz. welcome to bloomberg crypto.35,000 as a court formalizes a victory for grayscale, opening the door for the first u.s.

bloomberg kailey leinz is on capitol hill. i also hear that mike johnson is guys dad name.this mike johnson is probably not old enough to be guy johnson's father. but is not a dig at guy. there is a feeling here in washington that this is -- might be the one that gets it done. i have seen three others try and failed to secure the number of votes they needed to get the gavel, both did not make it to the floor. johnson is going to take it into the floor knowing that michael mccaul, it congressman from texas is there is unanimous support for johnson. only three members voted present . we aren't sure what the map will look like going into the floor. guy: mike johnson gets the gavel, then what? how sustainable would his 10-year actually be? huge volatility, how much would actually last? is this the guy that could go the distance? kaylee: he could appear to be harder right to the party who caused such headaches. mike johnson has been a -- he is something that appears to the much conservative wing. he has not had a superlong 10 in the house. he has not really held any prominent le

caroline: a great breakdown from kailey leinz.s it meant for institutional adoption for the hope of crypto more broadly? let's talk about it with matt hogan. you've got your own news to bring to the table about offerings to institutions. just focus on the trial start today. will this be a cathartic moment for the industry or more pain before the sun comes out again? >> i think it is mostly old news. we work with primarily institutions and financial advisors and from november-april, they wanted to talk about ftx and what it meant. earlier this summer, blackrock said it was trying to launch a spot bitcoin etf. the world's largest as that minister saying the coast is clear and we are ready to move on into a new era of crypto put a cap on the ftx conversation. it honestly hasn't come up in the past few months. i think there will be some lurid coverage of the trial but that is crypto of the past. many people are thinking what happens next in crypto and what's exciting, let's move on. caroline: there's been a rally lately. you are still

kailey leinz joyce us. what do we expect from the house today?the basement. i was down there and it is unclear whether or not there be a vote happening today. jim jordan who is the designated speaker nominee for the republicans will struggle over the course of two votes to get the majority to get the gavel is thrown his support behind a plan to empower the speaker pro tem patrick mchenry through january which would allow the house deal with the business it and he said that with including letting the government also the israel funding issue. the problem is it does not seem clear there is enough support within the republican conference to get that resolution to move forward and a number of members down there speaking with reporters including marjorie taylor greene and scott perry who chairs the house freedom caucus who says they did not support the idea of the resolution. that means democrats would likely need to get in line on this and it is unclear at they are willing to do that or what they would ask for in exchange. guy: what is the president g

tom: kailey leinz briefs meet as she can. we will turn to a really important discussion.we look at the debt markets. john and i are on the u.s. dollar yen watch. the real yield is someplace we have never seen it. meghan robson, head of u.s. credit strategy at bnp paribas. i am absently fascinated. you go right to the heart of the matter. a lot of people have to refinance. you guys are expert at this. how does anybody refinance in this market? meghan: it is a great question. we expect refinancing to drive dispersion into 2024. so far the market has been able to handle this well. most issuers have not had to come to market and refinancing, given the bulk of borrowing we saw during covid. into next year we estimate 16% of the investment-grade market will have to advance 13% of high-yield. there is differences among sectors so there will be winners and losers. ultimately it will drive decompression across markets. tom: bnp paribas has the single best corporate lunch in the island of manhattan. not that i have been there to taste the fancy white wine that no one else serves ex