good morning to romaine bostick. merck shares higher by about 3% as it has been working on a pill to treat covid-19 patients. it says that pill reduces hospitalizations and deaths by about 50%. it is seeking immediate emergency authorization. this would effectively allow people with mild cases of covid-19 to treat themselves at home for presumably less cost than the hospital. micron shares higher on the day there was interesting commentary about the supply chain issue, saying they will persist into next year, however they are doing what they can to work with their customers to get that under control. lords town motors, the big ev maker, still trying to come to market. they bought a big gm plant in 2019 and they are flipping that back on the market, the foxconn. this really isn't necessarily a cash positive deal, but it gets an investment out of foxconn and unless it diversifies the risk of manufacturing ev's, this is a big deal. foxconn, there is a lot of speculation about apple and its ambitions with regards to a ca

this is "bloomberg markets the close" with caroline hodge, romaine bostick, and taylor riggs. ♪ caroline in new york at 11 a.m. in california. we are live. this is a special edition of bloomberg markets the close. i am romaine -- i am caroline hyde. romaine: and i am romaine bostick. we are out here at the second busiest port in the united states. the supply chain issues can need to hurt and raise a lot of concerns about when it will be done. mario cordero, the executive director, he will join us in just a minute. the supply chain, a hugely just six company, will be stopping by his will. caroline: we will have a serious ceo

this is bloomberg markets: the close with caroline hyde, romaine bostick, and taylor riggs. p.m. in new york. 11:00 a.m. in los angeles. special edition of bloomberg markets: the close. caroline: the best -- romaine: the best and brightest of mind to tackle the world's challenges. date two of the conference. former partner going to be live. great interview with him and an interview with sheila patel. caroline: she's going to put her money to work. not all the heavy hitters are out here. you are in new

tom: the only one who doesn't care about the auctions more than me is romaine bostick. an: i think romaine cares, tom, deep down. more than you, anyway, but maybe that is a very low bar. in the bond market, yields in a basis point. some auctions coming later on. that is the cross a set price asking -- cross asset price action. let's get you some movers with romaine. romaine: tesla moving higher on the back of news about shipments from its china factory, rising 27% in august. that follows a 50% gain in august, and it seems to suggest a lot of those issues it was dealing with regarding bad publicity and china, some of that might be behind it. elon musk actually said the shanghai factory is now out producing its fremont, california factory. glaxosmithkline said to be drawing some interest for its consumer-products unit. it could be a $50 billion plus deal, basically a who's who of private equity firms said to be kicking the tires, including kkr, carlyle, and a few others. fastenal shares slightly down. they talked about cost with regards to transportation, wages, etc., but

. >> romaine bostick. >> taylor riggs. >> prices are still waiting on economic growth. the global economic recovery supply chain is seeing more when it comes to apple. we will look at this recovery and slow down andy controversy -- and the controversy. we begin with the relevance of the world bank. have low rates to borrow in money but out significant are these institutions anymore? there is some concern >> she got the -- >> she got the support. they are tamping it down and saying we are going to stick with this right now. we heard from the ims chief -- imf's chief economist. >> the board came out with a strong statement saying there is full confidence. the issue of the data had nothing to do with the imf. we place incredible amounts of importance on data integration at the imf. we have many checks and balances. i feel good about where we are. >> you have been put under no pressure to make the data fit the narrative being delivered further. there is no incidence of that happening at the imf. >> i have never faced about pressure. >> you heard it there. what do you make o

romaine: i am romaine bostick. taylor: and i'm taylor riggs. romaine: all it is about is price pressures. the higher cost for food, shelter, driving prices higher. are these going to remain at elevated levels or stay transitory. today, we will discuss how wall street executives are approaching inflation and how it's affecting earnings, and where to watch value versus growth. first, hearing from goldman president john walton. it's not about the idea of whether it's transitory or whether it's permanent, but about how we are defining the word transitory. take a look. >> every ceo i talked to today is very concerned about supply chain, input, costs, whether they are materials, commodities, and increasingly labor. both availability and cost. they believe it's not transitory. caroline: john waldron saying inflation is worrying him. but jamie dimon did not seem so worried. let's look into the jp morgan numbers. what do you make of the call from jamie dimon? he is not worried about any of these issues. >> he is focusing on the core fundamentals of his b

to the conference underway in los angeles, howard marks is long with a panel with bloomberg's romaine bostickrd: a serious global depression right now. romaine: there are a lot of people who agree what they did was right. there a lot who disagree with keeping it in place. have we reckon with the ramifications of keeping the stimulus out too long? howard: most people, if they were knowledgeable and devote were held would prefer low interest rates to high. the business does better, people can buy stuff cheaper. rates on mortgages go down. politicians can spend more money. treasury has less trouble paying the debt service. all of these people want low rates. the only thing is low rates is like ice cream. there is such a thing as having too much. not too many people want to see high rates, but if we keep rates artificially low when perhaps we over stimulate, perhaps we have inflation, perhaps the dollar weakens, perhaps the dollar loses its role as the global reserve currency. there has to be a balance. romaine: you have invested quite a few market cycles. the one we're in right now. does that ma

♪ romaine: from bloomberg world headquarters in new york, i'm romaine bostick. nali: i'm sonali basak. katie: and i'm katie greifeld. romaine: this is from just a few minutes earlier, president joe biden going to meet with house democrats to try and broker a deal between moderates and progressives in this party that would potentially break a stalemate over his economic agenda. the disagreement is holding up a vote on infrastructure legislation and a broader vote on proposed multi trillion -- trillion dollar spending. investors and businesses keeping a close eye specifically on how these tax plans might actually be affecting us. sonali: we will start by getting an update from capitol hill with our chief political correspondent, annmarie hordern. what are you hearing? >> the president is still in the meeting. he is likely taking questions from the group, as one representative put it, the president does not come to the capitol to conduct talks, he comes here to close a deal. they are making sure they are on the same page so they can push through the economic agenda.

romaine: i'm romaine bostick. gina: and i'm gina martin adams, in for taylor riggs.aroline: we are near the weekend, so today's we will -- today we will focus on bond -- singular. james bond. the movie becoming the biggest release since the start of the pandemic. we will not only dig into the box office, but live performances at the met, making its stronger -- strong return. not much of a return for jobs though, for the industry. romaine: you saw those leisure and hospitality jobs, our tent entertainment -- the service economy is sort of getting rebooted. this was the pandemic loser, when we went into locked down. a lot of jobs were lost as a result. we are now crawling back into some of those jobs, and it appears that people are not only wanting to get out, but they are willing to spend a little bit more and spend more time out, much more so than what they were doing re-pandemic levels -- pre-pandemic. caroline:caroline: have you been to the cinema? romaine: i have not. we will talk to peter delve a little bit later, but right now we will talk to lisa reese -- alici

sonali: romaine bostick is out today. caroline: what did he miss another we are both back in new york? california dreaming. we are focused on the many parts of the tech appeared and the names that call the state their home. facebook out with its earnings. missing revenue slightly but buying back, helping the stock move higher after hours as it also announces a new reporting structure going more into the mess of it. the social media giant enters after a trove provided inset as to how mark zuckerberg writes the company. we will dig into the facebook papers. earnings and what people seem to be think is priced in. taylor: our headline is so-so earnings. the breakout news is the structure going to be divided into two segments. we have the facebook reality labs. looking at full year capex at 19 billion. a little lower than other expectations. it is because they are making some big investments in the new reality labs, which will include augmented and virtual reality. were looking at fourth quarter revenue. slightly below the top

romaine: i am romaine bostick. sonali: i'm sonali basak. caroline: tech stocks leading losses. investors concerned about the persistent threat of high inflation. commodities soaring to an all-time high. today we are going to focus on the energy crisis felt around the world. romaine, we start with oil. opec maintaining its slow and steady oil production increases that many thought would be doubled. romaine: you take a look at this, it started with opec and expectations that they were going to do more. they are basically sticking to that schedule. we will talk to ed morris and this took a lot of people by surprise. nobody was factoring that in. now the question becomes, ok, if they stick by that plan, what do the other producers do? do you see a reboot of shale? and what about the demand-side? sonali: the demand side of the equation. we do not know what will be made of next year as well as some supply chain issues start to either wane or get worse. romaine: let's bring in atlantic council global energy sector senior fellow. you probably know her of a great book she wrote a few ye

sonali: romaine bostick is out today. caroline: for busy week of earnings and they roll on. at the closing bell, alphabet, microsoft, robin hood, twitter and others. we dig into those and what the companies say about the advertising market in particular. we want to dig in, youtube, google of course which owns youtube, twitter reaching the next generation of consumers, ones that want content, information, trading tools. taylor, first let's dig into the financial details. taylor: let's start with google. the big headline number, and i will keep this broad and brief him cloud revenue growth slowing just a little bit. getting revenue that -- you are seeing a little bit to the downside with the slowing growth within the cloud segment. that is the opposite when it comes to microsoft. the cloud computing strength has been fueling sales and profit growth. when we talk about the at environments on google, you want to talk about that with twitter, at least twitter says we are up 3% because maybe the impact from the apple and the supply chains, like we heard from facebook, maybe those

romaine: right here in the lobby, i'm romaine bostick. taylor: i am still on set. we will see.et's take a look. i know you guys had a great conference with a media mogul. we talk about the advertising rebound we were expecting this year, how are companies thinking about where they are putting their dollars? do they put it in traditional linear tv, in internet? we found this research. they upped their u.s. add forecast for -- ad forecast for 2021 again. what is crazy is digital has been a huge standout, up 50% so far this year. tv according to the study only looking at a 3% increase. as you can see, you are starting to see the shift in ad dollars. romaine: we spoke to byron allen , who owns a lot of affiliates, abc, fox, weather channel. he said advertising is holding up for a lot of these stations, but he also talked about the idea that some of that money is not necessarily being funneled to black-owned media. he sued mcdonald's, alleging the fast food company distributed -- company discriminated against black-owned companies. a push to correct what he called decades of bias ag

romaine: i'm romaine bostick. gina, we have a big day. equities finishing higher on the day. investors concerned come easing a little bit because of the debt deal in washington. everyone looking ahead to tomorrow, the september numbers coming out and the latest barometer of the economic coverage. might get us back to the halfway point the fed has been looking at. we will watch the report and discuss key stress spots. we will hear from a couple folks including former head of the fbi see sheila bair, a veteran of the last economic crisis. let's start with where we are now. trying to dig our way out of a hole caused by the pandemic. caroline: do we believe wall street estimates anymore? i feel like we have -- for tomorrow, the consensus is 500,000. unemployment rate 5.1%. what is interesting is where the earnings pressure comes in, the inflationary pressure, average hourly earnings up, the estimates are up 0.4 percent. we will dig into this. karin kimbrough is with us. your perspective on 500,000, just about where you think it might be? karin: you are right. we are probably on t

here is romaine bostick. re are people who will miss the moves and say, this is a dip buy in opportunity. nasdaq down 8% from the all-time high in early september and talking about a market that is oversold. you're starting to see -- i guess this is dip buying -- although tesla was one of the few tech adjacent stocks that survived yesterday's selloff and facebook up 1%. when you look broad-based across these businesses this has been in correction territory. there talking more than a quarter of the nasdaq 100 down more than 10% from all-time high. when you look at the s&p 500, 293 members are down 10% or more from that all-time high or from those 52 we got for individual names including apple, amazon, intel, citigroup, walmart. it is a large group. the question is, is this the threshold where you come back in or is this a major reevaluation of these valuations? with facebook this goes much broader than what we are talking about with the seller. there's a hearing going on today without whistleblower. you had the

tom: could you see romaine bostick in the same situation? jonathan: he is wearing great today. get to some stock movers for you. >> a lot going on today. tesla is moving higher. cars delivered in the most recent period. 20,000 above the longer term average. they actually fell. the lowest on record. this was the most heavily shorted stock. so quite a turnaround. flirting with 800 bucks a share. a rally from last week. really have not found any out there. this could be a game changer for the rest of the space as well. they are all down once again. philip the board. interesting for the airlines. getting the upgrade today. a lot of the airfare carriers are faring much better as we move into the post-pandemic period. tom: it is important that you brought this up. the zeitgeist of expanding premium economy is all part of the new domestic game. >> airlines have a lot more flexibility. you rip out some of those normal economies to make a premium economy. it just means that you pay more. i cannot see tom in the economy. jonathan: tom, is it time to deliver this premium? tom: i think the

. ♪ announcer: this is bloomberg markets: the close with caroline hyde, romaine bostick and taylor riggs: 2:00 in new york and we are live. i'm caroline hyde. we're talking trillions -- we discussed the risk on moves ahead of earnings results from tech heavyweights this week. taylor tracks inflation as we close in on the spending bill. sonali checks another market boom. we will dive deeper into facebook as documents highlight the social network's anguish over failing to attract younger users and failing to censor hate speech. continuing coverage of the global supply chain crisis, we look at the impact on retailers, consumers and the logistics. all of that and more coming up.

here's romaine bostick. romaine: good morning. a great line about higher prices and how that impacts growth. that has been the story for the equity market itself. you talk about apple, facebook, nvidia all lower in the premarket. the nasdaq lifted by about 1.4%. the nasdaq 100 now down in the premarket. you've got apple and facebook still in correction territory, as is nvidia. also right around oversold conditions, so the question really does become is a growth story in a rising rate environment. what is a growth story if inflationary pressures proved to be a little bit more consistent than some folks priced in? one of the bright spots in the premarket belongs to palantir technologies, with a 100 when he $3 million u.s. army contract -- with a 123 million dollar u.s. army contract. american airlines, catherine o'brien at goldman downgrading american airlines to sell. you talked about the september quarter and into 2022 because of higher prices for fuel. tom: the markdowns for earnings are coming down to the zero bound. romaine: th

taylor: i will credit romaine bostick for pointing this out -- he said of the atlanta fed " we will callt episodic." maybe we will pivot to that word if it fits the narrative. guy: what we want to avoid -- i am thinking of transitory. episodic i am perfectly happy to move on to. what the market is worried about is that it becomes persistent. continue to see the price rises. the other thing about all of this is while we might see this focus on the material segments, that could then translate into labor prices. do we get a migration? everyone is on tenterhooks to see whether or not that happens. taylor: we are looking at the nasdaq. nothing -- you wonder when the markets start to digest perhaps this narrative that it is higher than longer. it is not bitcoin yet, guy, or is it? today is an interesting day -- guy: today is an interesting day. the nasdaq down by 9/10 of 1%, this is bloomberg. taylor: i want to bring you this -- another update on the market. we are off 1% on the nasdaq in tech. we heard about snap being that the ios and apple, supply chains are hitting them harder than we thou

yvonne: that was howard marks speaking with romaine bostick at the milton institute global conferencehere are your headlines. of the world's second-largest iron or supplier has reported production numbers. near the -- nearly 90 million tons ending in september. the results also higher on the quarter periods. the performance might counter a drop in shipment guidance and a dip in output. softbank has held discussions to invest in the chipmaker. softbank offered hundreds of millions for its stake to value the four-year-old start up at more than a billion dollars. they have had similar talks with other potential investors, but don't currently need to raise funds. credit suisse agreed to pay more than 700 for the investigations into the role in the fundraising scandal in mozambique. it involves $2 billion of debt deals that were supposed to be funding maritime projects. u.s. prosecutors say the bank seized investors by hiding information about the use of proceeds from the debt offering. rishaad: checking in on markets. some of these tech companies having to really solidify these bonds taki

haidi: howard marks speaking with romaine bostick at the milken institute global conference.ext, china looks to intervene in the cold market amid surging prices, vowing zero tolerance, but will it be enough to ease the crunch? this is bloomberg. ♪ >> china is on investable. the republic of china is throwing a bond issue, 30 years at 2.6%? if you want to tiger money up in china for the next 30 years, i encourage you to get out there and do it. >> people have said on investable for the last 20 years. we are not focused on the consumer. we realize that data and the privacy issues involved in consumer data and the population data is an issue for every country in the world. >> we just hit financing in london where the sponsor was chinese, and i think more alarm about what is going on in the property market caused it to be an extraordinarily great opportunity with low risk and high yield. shery: some big names weighing in on china's invest ability. they see liquidity support coming through on the mainland. when it looks to how to play this bull case, jp morgan's team is favoring so

caroline hyde and romaine bostick will be live from the second-biggest container port in the country, long beach. they will talk to key voices impacted by the supply chain squeeze. that includes jeff freeman and jessica caldwell, do -- executive director of insights at edmunds.com. a new phone includes custom chips, invents camera -- enhanced camera features and the price point, over $100 less than the iphone. you say that google could have a smartphone hit on its hands for the first time, why? >> i think for the last five years they in struggling with 1% or 2% market share. this is the first year they've designed their own chips. they been using the standard, no way to differentiate themselves. now they are saying they can use unique artificial intelligence features to differentiate them. $100 for the standard model less. it's hundreds of dollars to -- cheaper than comparable models from samsung or apple. emily: obviously you've got the holiday season coming up in people wanting to upgrade. how much switching do you think will happen, people switching from apple or samsung? >> i thin

caroline hyde and romaine bostick will be live from the second busiest container port in the u.s.long beach as supply chain issues across the globe persist. they will talk to some of the key voices impacted by the supply squeeze. the president and ceo of consumer brands association, and the exact of director of insight. to another story we are watching, the first u.s. bitcoin linked exchange traded fund debuted. a proshares global investment strategist shared his thoughts on bloomberg. >> we think this will allow those waiting for a robust way to do this to now have it in their portfolios. emily: weighing in on the new etf, the guggenheim global ceo says it is a very exciting development and a way for investors to bypass digital wallets. he spoke to bloomberg television at the milken conference earlier today. >> the coin in and of itself is difficult. we invested in bitcoin for our clients, but you have to be in a tradable vehicle like an etf, so i think that is an interesting development. emily: he does not recommend shorting bitcoin. he thinks the world's most popular cryptocurr

caroline hyde and romaine bostick will be from the port of long beach. don't miss that.rg. ♪ alix: live from new york, i am alix steel, guy johnson in london. in the next 24 hours president biden is participating in a town hall in baltimore trying to sell his economics plan. in the last hour it was pointed out that he does not need to sell it to constituents, he needs to sell it to congress, his own party, first. guy: joe manchin and kyrsten sinema seem to be holding this whole thing up. it seems that managing those two and of the relationship with the party is the major challenge. maybe he should stay in d.c. alix: we have intel later on looking for the third quarter earnings. the global chip shortage. that will be fun. that readthrough will be very informative. guy: you want to pay attention to these calls, especially those companies with exposure in the supply chains. emmanuel macron saying that the energy price spike will be prolonged. they meet again tomorrow. whether or not they will be able to crash anything out in brussels in terms of the common policy to energy

with caroline hyde, romaine bostick, and taylor riggs.e live from bloomberg world headquarters. we continue to roll on the record highs. stocks had for the best month in a year. that's as earnings role in. facebook connect kicks off. we will bring you full coverage. plus, we will stay in silicon valley as we talk to the ceo of ebay. all that and so much more. the s&p

tom: romaine bostick, thank you so much. right now, this headline too important from mr. putin.a ready to supply as much gas as europe needs. just in time for the meetings here in washington, jon. jonathan: the governor of the central bank, we heard it this morning. there's two ways of looking at this. good news in the short term. the second way of looking at this, chancellor merkel is exiting germany, leaving germany and europe far more dependent on european energy. that is the issue. president putin still holds the card. he has the political leverage because of this relationship with european gas. the previous administration was really on germany's case about it in a big way. tom: intraday brent crude down on support, $82.70 of there'll. right -- $82.70 a barrel. right now, seema shah with us of principal global investors, their chief strategist. the gloom crew, what do they get wrong? seema: i think they are really concerned about supply shortages, but i think the market has priced that in, and now it is about looking for the companies -- well, looking away from the company's

tom: romaine bostick, thank you so much. the jobs report now less than an hour away.nvented "surveillance, it was about collegial differences of opinion -- invented "surveillance," it was about collegial differences of opinion. ellen's and mayor -- ellen zentner reaffirmed overnight that her q3 tepidness, bring it up a little bit. why the enthusiasm right now? what is the nuance that matters for you this jobs day? ellen: i think what i want to see and what i think everyone should be focused on is do we get more supply of labor, and does that start to come through in september. we talk about supply constraints. labor is a huge issue, or the lack thereof in the u.s. over the fall, we should see the labor force participation rate picking up. i don't think today's report is going to answer the question of whether or not we will get at labor supply in the fall, but we should start to see the needle moving on that. throughout the fall, we should continue to see that pickup. if we don't get a bump in labor supply, even on a confluence of factors like ending unemployment bene

shery: howard marks speaking with romaine bostick.atch those past interviews on our interactive tv function, tv function, tv . you can dive into our new security functions we talk about plus send instant messages during our show. this is for bloomberg some scrubbers only. this is bloomberg. ♪ shery: we're counting down to the start of trading in tokyo and seoul. here are some of the stories we are watching today. in japan, watching for the trade data due later this hour. the deficit likely expanded in september. softbank, the group is said to held talks competing for a stake. officials in the north saying it was a new submarine lunching a ballistic missile. on the corporate front, we have a process for cash cow pay. the company would list shares in november. samsung holding part two of its galaxy unpacked event later. haidi: let's get you some of the quick business flash headlines. google's online store debuted its new pixel six phone. customers were met what they sluggish website for about five hours. it's been upgraded with a be