sonali: this is bloomberg markets and i am sonali bass take.e are looking a stock that has gone public, ingram micro that went public at $22 a share and opened at 25 or $28. you are looking at more than 16.3% pop. this was a private equity backed company and is testing the waters are what a broader set of companies could look like. we will talk to the ceo later on. we are going to talk about the property market and it is stirring again bolstered by the federal reserve's first interest rate cut in more than four years. last year amy price spoke about what feels like an inflection point in commercial real estate. amy: we will look back and see the latter half of 2024 as the turning point. as you pointed out, office is a bit of an exception and we started to see that in anticipation of the first rate cut, we saw more liquidity and more activity on the credit side and equity side. sonali: here is josh, the managing principal and the cofounder of madison principal capital which has $20 billion mainly connected to commercial and private credit and al

sonali: welcome to bloomberg markets, i'm sonali basak. traders dealing with geopolitical, economic earnings factors. there is a lot to chew on. at the overall picture as we had noon wall street time, the s&p 500 is up .4%. even more so in e nasdaq 100, where the chip stocks are helping to drive the nasdaq 100 eire, up .8 percent. looking at the 10-year yield, it's pretty stunning, save -- seven basi pints higher. just flirting with the 4.1 percent level. once again keeping an eye on new york crude, up .2%. just above the 70 handle. under the hood now we are taking a look at mid-day movers. we are bringing and abigail do for that. abigail: chips are out waiting the indexes with more on the tech heavy index doing the tx adr taiwan semiconductor beating profits and a big way. they hiked to the full year view for sales and looking at growth over 20%, a significant difference. the ceo talked about it being driven by a i demand and it is just the beginning. a stark contrast to what we are hearing out of asml the other day. on the downside we do

sonali: welcome to bloomberg markets. investors are trying to come to grips with two big data points today hotter than expected inflation and a slowdown in the labor market. let's check the markets. s&p 500 roughly flat sign for the nasdaq 100. a little green on the screen but not much. the two year at 396. an interesting website this morning. the 10 year at 407 almost 408 roughly flat. still movement in the two-year year. hit about 4% days ago. mid-day movers on the equity side. abigail doolittle joins us. after their prime day event, two days. they say it is the biggest october sailing event they have had. more shoppers since last year. it has been a rocky week for amazon. earlier this week downgraded by bernstein on concerns they may be relying too much on the cloud. it does seem that their e-commerce business is doing well. shares of tesla. today they unveiled a robotaxi. shares higher. they had been lower earlier today. right now up slightly. they're fully self driving vehicle -- lots of pressure to see their fully s

sonali: this is bloomberg markets sonali basak. this private equity fund l two point announced its equity fund with capital. that money goes a long way with growth capital seeking new investors. we discuss it with managing partner kerstin dittmar. she started l2 point in 2018. it's an interesting time for you to do this. it's hybrid capital you are focused on. explain the structure and why it has become more interesting when you think about growth capital. kerstin: it is meant to offer growth companies and alternative to capital solutions that is less deluded or costly than traditional growth equity and does not come with the operational restrictions traditional debt products offer. companies we focus on and work with at l2 point tend to be at an inflection point where they could be profitable or self-sustaining, but they are seeing a very interesting growth opportunity in front of them and want to be able to continue throwing fuel on the fire. they are mindful of the cost of capital. they are mindful of what they may incur with th

sonali: from new york city to viewers worldwide i'm sonali basak. real yield starts now. coming up, bond investors are de-risking with the u.s. election under two weeks away. meanwhile, u.s. high-grade and junk yields rise to the highest level since august. traders look ahead to fresh data next week with pce and jobs on the menu. we begin with the big issue. some of the biggest issues -- voices in global economic layout the potential risks ahead. secretary lagarde: free trade is a key boost for productivity and innovation. quotes the global finance system. >> we are aiming to maintain momentum and also addressing long-standing challenges. >> the global economy has held up remarkably well. >> we see the risks adding up to the downside. >> we are living in >> complicated times. maybe more compared to the years before. the middle east, oil prices, commodity prices, fragmentation, trade wars, tariffs. >> inflation declines due to the concerted efforts of central banks. >> there's time to get to 2%. >> we can't jump to conclusions is that it is a done deal and we have broken t

this is bloomberg. ♪ sonali: this is bloomberg markets and i'm sonali basak.t is time for the stock of the hour. we are looking at rhythm capital. the stock is higher after reporting in earnings beat with earnings at 50 earnings per share. an interesting time for managers like this under the face of higher interest rates. we are joined in an exclusive chair with the ceo and president michael nierenberg. people have had their eye on rithm because just about a year ago you closed a heated acquisition, something that was a hard won acquisition by you, boosting your asset management arm. how does this change what rithm looks like? michael: just a frame where we are today and i will get back to your question, when you look at the firm today, we manage $80 billion in assets across our family of companies. the acquisition of scope was a key want for us because what we are trying to do is change the narrative of who we are as an asset manager in change the valuation of our equity. it has not worked to well up to this point. sonali: what multiple would you like? michae

sonali: what is the margin?ou have the democratic administration pushing the renewable energy policy. does that sway you in the direction further? if not, you go into the drill baby mode? wil:wil: we are a large driller so the vast majority of our capital does go into oil and gas. that is where the best returns are. america is energy independent today because of the shale revolution that started 50 years ago. we are one of the largest producers of energy and solar in the world. the nice thing in america is we have the opportunity to do both so we will continue to do both but we will continue to always focus first and foremost on returns. sonali: you are based on houston -- in houston. you're here on a tour to talk to investors. how does that compare with what else you are seeing out there? has this been harder or more easy to bring money in? what is the tone like from investors? wil: it has been the toughest front rise we have been through in our 26 year career. it took us almost two years to raise this capital.

sonali: this is bloomberg markets. i'm sonali basak.time for our weekly etf report when we check the latest news flows and trends tied to exchange traded funds. bloomberg's emily graffeo is with us to tell us about a flurry of new potential etf's call to battle shares. emily: there is a new filing out there that came last week for etf's. if they are from title exchange traded funds trust. they are funds that do paired traits of different companies. they have not been approved yet. if they are approved, etf traders will be able to buy an etf that goes longer coinbase, shorts wells fargo come along eli lilly, shorts yum brands. the idea is that there are two stocks in each funds and they are supposed to be inversely correlated. you bet against one and short the other. sonali: not your average hedge fund trade. emily: it's not. i don't think that there is any hedge fund out there doing the weight loss versus snack trade. but it is a funny idea to think there is demand out there. we know that derivative based etf's have been wildly popular.

morgan wealth management sonali: i'm sonali basak, to our viewers real wide comp -- worldwide, "bloomberg real yield " starts right now. coming up, attainment ppi print rings investor some comfort after cpi and jobless claims went in a surprise direction. fed speak leans towards cuts, maybe smaller than traders thoughts. and we are expecting a wave of issuance from wall street giants with big issues, deciphering the data. >> essentially, the economy looks pretty decent on our end. >> we have got a normal and good economy. >> inflation is slightly above the target, but falling. >> within that we are seeing continued stubbornness in the inflation picture. >> you are in the opposite of stagflation. >> looking at an accelerated story doesn't make sense. >> inflation is still last year's story. >> the last thing the fed wants to do is stoke the flames of inflation. >> this year, then four times next year. >> the northstar is that the fed is on an easing path. >> we are not sure that the fed has everything under control the way they want to. >> soft landing, no landing, rather than that how abo

sonali: thank you. going to get a check on the markets here as well because we've been talking about these moves are pretty drastic. they're the worst we've seen in weeks since the beginning of september. you're seeing the s&p 500 down 1.5%. you're watching the nasdaq 100 also down another 1.2% after those big tech earnings overnight. and you're expecting, of course, more tonight with amazon and apple. you're watching the two-year yield just standing around, 416, move about two basis points. you're seeing some movement in the 10-year as well, and that's all ahead of a hefty jobs print tomorrow morning. 10-year still below 4.30 but at 4.28. so levels that really make you question what that next rate cut less than a week from now will look like. we are going to look at some midday movers on the equity side. i'm going to look at those here myself. let's pull up a board here and see what's moving under the market. we're taking a look here at cosmetic collapsing here. we're looking at estee lauder. down more

sonali: welcome to "bloomberg markets." scarlet: a record rally, big bank earnings lifting the s&p 500 to a record high. as i mentioned, the s&p 500 is at the highest level ever for now, the 45th record close this year. nasdaq 100, gaining .1%. we should mention that within the s&p 500 is the big banks leading the way out. for the 10-year yield, moving up just slightly, at one point it roseo as high as 1.5% and we had a higher-than-expected consumer inflation report this week with the latest wholesale data showing prices unchanged compared to a month ago. oil prices taking a bit of a breather after yesterday topping $76 per barrel. traders remaining on edge, expecting retaliation between israel and iran, also waiting for more chinese stimulus, the chinese foreign minister will be holding a briefing tomorrow and we have a preview on what to expect from that. equities, checking out the mid-day movers, let's bring in our senior equities reporter for more. jess: looking at worse on the s&p 500, tesla on the back of the robotaxi

sonali: paul, we have to let you go here. we are of course looking at a live shot of jerusalem as well, as we understand, from the idf here, that the missile attack from iran on israel has begun. we understand there have been roughly 100 or over 100 ballistic missiles fired. we also want to take a look here at the market response, it is certainly having an impact. particularly on oil prices. you are seeing a significant move higher on the heels of this attack. crude oil roughly 4.6% higher. that is much higher than we saw earlier today. we will keep an eye on everything as it comes and bring you live updates here on bloomberg. don't forget to follow top live on the bloomberg terminal. this is bloomberg. ♪ the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is wher

sonali: valuations generally, the ai trade has been a hot one.ring if you think these stocks have gone too far and how you are playing the trade? david: we don't have to bet against things that seem like they are expensive when there is excitement around them. these stocks are high. enthusiasm for a long time. the market is expensive considering strong cycle and 23 times earnings. as someone who paid attention to what i pay for things, to want to chase those things it's hard. we have a couple companies that maybe have options on ai. we own hp. pcs are due for a regular replacement cycle. a lot were bought after covid. we could have a better than normal cycle if ai pcs turn out to be a thing. 10 times earning, 3% something, spending 100% cash flow, returning to shareholders, 7% buyback. could see midteens growth for the next couple years during recycle introduction. 10 times earnings is reasonable. sonali: i understand you don't want to talk about individual short wagers. would you explain the thinking around short investing now? there are people

sonali: really quickly, monica.e next 30 days or so given that we have an election coming up about what is the one thing that you think might change whether trump or harris is elected? monica: i don't know that -- actually, i think what we have seen has been a positive development in the past year that policy around crypto and blockchain stablecoins has been really bipartisan. we see some movement in compromise from both sides of the aisle in the legislation that is in place. i am very hopeful for the u.s. regardless of who is the president that we will continue to see this bipartisan constructive progress. sonali: monica, we thank you so very much for your time. that was ripple president monica long. this is bloomberg. ♪ sonali: italy plans to raise the capital gains tax on bitcoin to 42% from 26% as part of the effort to finance expensive election promises while cutting the fiscal deficit. it coul ckfire. two use ago, india imposed it on bitcoin which led to huge drops in trading volumes. this comes as the eu plan

sonali basak reports. sonali: there is a housing affordability crisis decades in the making.e prices are skyhigh. affordability in 2024 dropped to its lowest level since at least 2006 according to the national association of realtors data that just before the global financial crisis popped the housing bubble. experts target two key reasons. one is a supply problem building since the 2008 prices. the u.s. is estimated to be anywhere between 4 million and 7 million homes short according to a report by the urban institute. a second concern is the most dramatic surge in interest rates in a generation has made it hard for homeowners to borrow. even with the drop in interest rates, the affordability crisis would still be an issue given the extent of the housing shortages. in fact, the bloomberg opinion columnist points out returning to the kind of housing affordability americans enjoyed in 2018 overnight would require home values to drop 30% or for mortgage rates to decline to 3%. needless to say, this is not very likely. the problem is the centerpiece to election campaign promises

sonali: i'm glad you would've the yield curve. people talk about it enough and really have a 210 curve now. looking at a differential of five basis points. this is a yield curve many market participants have believed will become steeper, more on inverted as you say but we have seen it become inverted once again. what does that tell you? david: the market went through this feeling maybe the fed can cut a lot and inflation is going down but the economy is still going. they have taken that back so we have a flat yield curve from the two to the 10. it is important i think we get to a lower short-term interest rate environment at some point because it is so important to small businesses. they borrow at a floating interest rate at the shorter end and so one of the frustrating angst is people are beginning to say we can absorb a higher for longer interest rate environment. the impact of that on business is it hurts small businesses. big businesses in the government survive but not small businesses. outside the u.s., same problem. they bo

sonali: when people look at these etf's they say wait, it's illiquid and there are funds covering the year that have been successful with some of them getting into some issues when it comes to redemption requests. how are investors thinking about the structure? will it be semi liquid, daily liquid, or do they not want liquidity? lawrence: it's really early days for all of this and a lot of people are experimenting on how to make it all work. the one thing that you have to keep in mind is that an alternative assets, generally speaking, is an illiquid investment. when you think about some of the funds that have had gates put up -- which is, by the way, a feature and not a bug of how those products are designed, they are ultimately investing in a long line of illiquid assets and people are trying to figure out how to put a hospitable wrapper around the product so that people can have the access, but you can't get away from the fact that these are still, you know, the underlying investments are very illiquid, so people have to understand that. one of the things i find quite frustrating is

sonali: what is becoming possible?king with openai do for you that you have not been able to do before? >> i think some of the -- there are a lot of examples. i think some of the key workflows that are viewed as uniquely possible if you have a certain type of talent are no being transferred from a high-value human, a labor-intensive part of the workflow, to being heavily automated. even things like debugging, things like reviews of code. this consumed a very large amount of high-value resources. today, that is being somewhat replaced. in our model building, i'm not going to get into a level of detail. there are some parts of the workflow that cost you a lot of research or time and are also becoming much more automated. again, i come back from the perspective of less revolutionary change from the product offering perspective, but more of a change from a productivity perspective. if i can take this group of 30 of the brightest, smartest, most innovative research is in a capital market and get a 20% product, that is like

sonali basak with us around the table. sonali: coming in above expectations.ago they guided the street was too optimistic for next year but this year still looks good. the provision for credit losses came in higher-than-expected. here come the questions about quite a -- credit quality. it included a billion-dollar reserve build. we will have questions about the outlook. jamie dimon has been warning about skepticism over a soft landing and next year. you also have investment banking coming in higher-than-expected as well. jp morgan a behemoth in every major business line of investment banking. that is a positive, specialty -- especially you don't get fees until the deals close. the fact that it looks this good now is pretty positive. jonathan: the stock is up by .1%. this is always the case with jp morgan numbers. he have to chase the squirrel that jamie dimon starts talking about. we will get to the squirrel in just a moment. lisa, let's start with the numbers themselves. lisa: what is interesting is that it is the opposite story from what people expected. int

morgan wealth management sonali: i'm sonali basak, to our viewers real wide comp -- worldwide, "bloomberg right now. coming up, attainment ppi print rings investor somemf

sonali: we talked to the ripple see -- ripple ceo.

sonali: it will certainly come up at the u.s. vice presidential debate.on crypto. tim: first, a snapshot of the market where there is a risk off day across asset

sonali: welcome to bloomberg markets, i'm sonali basak.itical, economic earnings factors. there is a lot to chew on. at the overall picture as we had noon wall street time, the s&p 500 is up .4%. even more so in e nasdaq 100, where the chip stocks are helping to drive the nasdaq 100 eire, up .8 percent. looking at the 10-year yield, it's pretty stunning, save -- seven basi pints higher. just flirting with the

sonali: matt miller is off today. katie: coming up that blowout jobs report tenting expectations of another big fed rate cut next month and u.s. dockworkers ending the three day strike preyed work resumes along with negotiations on a long-term agreement. we've got it all covered with an all-star lineup ahead

let's play it now, sonali.lo song on on on it's time to say goodbye was such a beautiful moment. you have also sang with your daughter virginia. what is it like to share the stage with them? >> well, it's like a dream come true. no, because we do this often in our house. but to do it on stage in front of many people, it's really incredible. it's a big emotion. >> they both have incredible voices. virginia and mateo, you have a film also coming out. it's called andrea bocelli 30. the celebration, and it was shot in your hometown of tuscany. >> everyone has his destiny. if god gave you a very important talent, you will find your way. >> what was that like to go back to where you began? >> well, it's beautiful, because when i think to my first experience on stage, for me it's like yesterday. no, because the time passed. so fast and i have beautiful memories. also, if at the beginning i suffered a lot of stage fright. wow. >> how did you overcome that stage fright? because when you see you now, it doesn't appear yo

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. ♪ sonali: welcome to bloomberg markets.rying to come to grips with two big data points today hotter than expected inflation and a slowdown in the labor market. let's check the markets. s&p 500 roughly flat sign for the nasdaq 100. a little green on the screen but not much. the two year at 396. an interesting website this morning. the 10 year at 407 almost 408 roughly flat.

sonali: and we will talk to glenn goodman about how crypto trading has become a proxy for the election

sonali: welcome to bloomberg markets.nterview with ecb president christine lagarde. down on the day off of session lows. the s&p 500 looking at it turned out to the tune of .2%. the nasdaq 100 same. a turndown of about point 2%. off of session lows. you are also watching a bond

sonali: i'm sonali basak. >> and i'm katie greifeld. "bloomberg open interest" starts right now.g food at fast-food after an e. coli outbreak is linked to mcdonald's quarter pounders. matt: and the tire man of europe is warning about another trump presidency. a conversation with christian lindner in just a

sonali: i'm sonali basak. katie: and i'm katie greifeld. and coming up, alphabet's a.i. bets starting to pay off. but amd has a disappointing forecast. >> a shocking myth from eli

sonali: i'm sonali basak. katie: and i'm katie greifeld. bloomberg "open interest" starts now.press investors and raises the stakes for earnings reports today from apple and amazon. matt: this morning we've got

equity strategist mike wilson speaking with our colleague sonali basak there. 20 more ahead.is bloomberg. ♪ -- plenty more ahead. this is bloomberg. ♪ haslinda: india's stocks under pressure for two sessions. straight session for indian stocks. nifty futures pointing to a slightly higher open up .01%. 8381 is what we are looking at. pretty flat versus the usd. even though asian currencies are having an update today. business booming in the south indian state in recent days companies including cisco have move to expand the manufacturing capacity there. what are we seeing, what are we hearing? >> when you are in india a few months ago for the election, he was in the news. to state that has been consistently ranked the highest among india's social economic indicators. the majoritarian politics of the bjp. as you pointed out the state is back in the news over the last several weeks for the variety of investments that has managed to corner, whether it is apple manufacturers like foxconn, to cisco routers. that announcement came in last week. on a trip to the u.s. the state's chief

sonali: welcome to bloomberg markets. an avalanche of earnings hitting investors today.ainty causing an overhang on a lot of things. let's see where we stand on markets as we hit noon on wall street. the s&p 500 up 3/10 of 1%. it does not seem like a ton but you did see the exuberance in the market start to float in with strong economic data at the top of the tent. investors have close ey

tom: citadel securities global head of race trading speaking to bloomberg sonali basak there in termson story. her's how much work is done in terms of repricing the fed's next steps. we have the fomc. we know there was a debate about whether they should have gotten 50 or 25 on the text -- on the september meeting. you've gone from 80 basis points price into the markets for the month of november. all the way down to 25 and 21. so combined about 47, 46, 40 seven. last time i checked it was down a 42 in terms of the market pricing. the has adjusted lower in terms of how much is expected from the fed by the end of the year. that's with the board and have a look at why some of that is. inflation print later. here's the boards of what happened in the 1970's. that is the white line. 1970's in terms of inflation of the target, it reached up and continued to look at things like the middle east and reactions around the energy story if that conflict escalates further from here with some staying a hundred dollar barrel oil. that could have implications. that quickly reflects on that 44 record for

sonali: big-time earnings roll in as we count down to the u.s. election and the big fed decision..o.'s this hour about their earnings, but first let's see where the markets stand as we hit noon. wall street time. check on the markets here. the s&p 500 has been going south a little bit today. you have a 1.5% decline in the index and that's the worst day since you've seen since early september. same for the nas

sonali: i am sonali basak. katie: and i am katie greifeld.our kids up for financial success. we will speak with mellody hobson of ariel investments about her new book. matt: bank of england governor andrew bailey shares his thoughts on how to navigate the biggest risks in the global economy

katie: i am sonali basak. katie: and i'm katie greifeld. bloomberg open interest starts right now.obs report is forcing traders to recalibrate expectations while tensions in the middle east continues. matt:

sonali: and i'm sonali basak. matt miller is off today. "bloomberg open interest" starts right now.ay the escalating crisis in the middle east jobs report. nike's reset shares falling as the giant withdraws its

sonali: i am sonali basak. katie: i am katie greifeld. next 10 days could be make or break for investors. there is a slew of big earnings. a fed decision, the election and more on the horizon.

. ♪ sonali: coming up, alphabet kicks off the week's big tech earnings. $20 trillion in market cap saidake a stock of results from mcdonald's. sales miss to pfizer's big beat. katie: we are live at the future investment initiative in saudi arabia.

sonali: the good times may be overcome a goldman sachs is out with the morning -- warning the s&p 500- past decade. >>boeing union workers hammer out a tentative agreement ahead of earnings. the vote not until wednesday. >> take a look at surging activist activities as star board poorly takes a stake in ken view. all that and more. 30 minutes until the bells rang a little bit lower premarket but remember the s&p

sonali basak, on assignment. "bloomberg open interest" starts right now.les or continue to limit the amount of sales of ai chips to other countries. we will analyze that and what it means for other countries. meanwhile, looking under the hood of big banks, b of a, jumping 45%, a big beat. we will bring you all the headlines. everybody ise

katie: sonali basak is on assignment.ackdown. the justice department weighing the google breakup and historic antitrust case. boeing withdrew its contract offer, saying talks with its largest union don't make sens

sonali: katie greifeld is off today. "bloomberg open interest" starts right now.battle and big tech earnings on the horizon. plus, deal stocks

sonali: coming up, fed chair jerome powell signals he is in no hurry to make further cuts.att: dockworkers walk out of every major port on the u.s. eve and -- east and gulf coast. katie: and

sonali basak sitting down with ceo ted pick a 10:30 eastern time.this morning? >> i think about a conversation i had within a year ago and he says he wants to be number one in trading and investment banking and that he's going to be the next cycle. they are telling analysts now the expected capital markets are going to have a multiyear cycle. what could gone up that cycle? how long before you see the richest start flowing from morgan stanley? jonathan: how do you draw a distinction between peer execution in market that seems to be in a better place for companies like morgan stanley and goldman sachs? >> you look at the margins. using their returns coming in higher than goldman sachs, wealth management business getting better. but if you look at the breakdown it is just stunning. in your revenue terms you have jp morgan and goldman sachs coming in about every other bank in every major business line, and the lead is also stunning. so if ted pick wants to be number one, at what cost? the catch-up game could pay some cost the margin line. >> size might

katie: sonali basak is on assignment. we start right now. matt: markets are on edge.he fed's cuts as tensions remain high in the middle east. levi's slumps as the denim maker lowers its revenue growth outlook for the full year. th