Dockworkers Suspend Strike; Investors Await Key Jobs Report

Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan 0:00:10.880 --> 0:00:13.840 Hager and I'm Karen Moscow. Here are the stories we're 0:00:13.880 --> 0:00:15.240 following today, Karen. 0:00:15.280 --> 0:00:18.799 The US dock workers strike is over for now. Both 0:00:18.840 --> 0:00:21.560 sides have agreed to end a three day workstoppage that 0:00:21.560 --> 0:00:24.360 had paralyzed trade on the East and Gulf coasts and 0:00:24.440 --> 0:00:27.520 threatened to become a factor in the presidential election. The 0:00:27.520 --> 0:00:32.080 International Longshoreman's Association and the US Maritime Alliance extended their 0:00:32.120 --> 0:00:36.040 previous contract through January fifteenth. We get more from Bloomberg's 0:00:36.080 --> 0:00:36.720 Kate Davidson. 0:00:37.120 --> 0:00:39.480 One of the things that they wanted were greater protections 0:00:39.520 --> 0:00:42.640 against the kind of automation that we've seen at ports 0:00:42.680 --> 0:00:45.120 on the West coast. So that was a real sticking point. 0:00:45.159 --> 0:00:48.640 This tentative agreement doesn't address that, but it does go 0:00:48.800 --> 0:00:51.279 some way toward addressing some of the wage demands. So 0:00:51.560 --> 0:00:54.480 they've agreed to a temporary deal that would at least 0:00:54.520 --> 0:00:56.800 allow them to start moving cargo again, and that was 0:00:56.880 --> 0:00:59.200 under some fairly intense pressure from the White House. I 0:00:59.200 --> 0:01:01.959 think over the past few days and in the meantime 0:01:02.080 --> 0:01:04.240 between now and January fifteenth, I have to keep working 0:01:04.280 --> 0:01:06.200 on that broader contract agreement. 0:01:06.280 --> 0:01:10.080 Bloomberg Skate Davidson says the two sides will restart negotiations 0:01:10.080 --> 0:01:12.480 today on a long term agreement, which would include a 0:01:12.480 --> 0:01:14.880 pay increase of about sixty two percent. 0:01:15.400 --> 0:01:17.720 Well, Nathan, we want to get you updated now on 0:01:17.800 --> 0:01:20.800 the latest developments in the Middle East. Israel has carried 0:01:20.800 --> 0:01:24.640 out huge bombing rates overnight near Beirut Airport, aimed at 0:01:24.680 --> 0:01:29.720 Hezbola commanders and facilities. Yesterday, oil surged after President Biden 0:01:29.800 --> 0:01:33.000 said the US was discussing whether to support potential Israeli 0:01:33.080 --> 0:01:35.399 attacks on Iranian oil infrastructure. 0:01:35.800 --> 0:01:40.480 You support Andreil striking Lan oil facilities service. 0:01:40.720 --> 0:01:44.039 We're in destructure. I think that would be a little enteray. 0:01:44.440 --> 0:01:47.280 And that was President Biden speaking to reporters outside the 0:01:47.280 --> 0:01:50.840 White House yesterday. Stuart Livingstone Wallace, the head of a 0:01:50.920 --> 0:01:54.840 Bloomberg News's Middle East and North Africa coverage, has more 0:01:54.960 --> 0:01:56.280 on Israel's options. 0:01:56.600 --> 0:01:59.360 The old services do remain an option, and they are 0:01:59.680 --> 0:02:01.640 to some extent quite vulnerable. You know, a lot of 0:02:01.640 --> 0:02:04.440 it's concentrated, particularly on the export term at carg Islands, 0:02:04.440 --> 0:02:08.919 well within the capabilities of Israel's military. However, it does 0:02:08.960 --> 0:02:11.680 have very serious consequences both for the global economy and 0:02:11.840 --> 0:02:13.840 particularly you know when they run up to the US elections. 0:02:13.840 --> 0:02:16.600 And the last thing I suspect the US administration wants 0:02:16.800 --> 0:02:19.000 is you know, sudden rising gas prices. 0:02:18.639 --> 0:02:21.959 At the pump and Bloomberg's Stewart Livingstone Wallace says the 0:02:22.000 --> 0:02:24.280 Middle East accounts for about a third of the world's 0:02:24.280 --> 0:02:28.040 oil supply, and Iran is the third and largest producer 0:02:28.160 --> 0:02:28.640 in OPEC. 0:02:28.919 --> 0:02:31.359 Now, Karen, let's turn to the latest in the presidential race. 0:02:31.440 --> 0:02:34.640 Former President Donald Trump plans to hold a rally tomorrow 0:02:34.720 --> 0:02:37.880 in Butler, Pennsylvania, the same site where a gunman tried 0:02:37.880 --> 0:02:40.799 to take his life in July. Trump was in Saginaw, 0:02:40.840 --> 0:02:45.160 Michigan yesterday, railing against the Biden administration's border policies. Your 0:02:45.160 --> 0:02:46.519 borders will be gone forever. 0:02:46.600 --> 0:02:48.760 They already are when you think of it, right, we 0:02:48.840 --> 0:02:49.960 don't have any borders. 0:02:50.360 --> 0:02:54.280 You're a border state now, you know. They welcome congratulations. 0:02:54.520 --> 0:02:57.480 As fort Tomorrow's Pennsylvania event, there is a special guest, 0:02:57.919 --> 0:03:00.840 Elon Musk, the billionaire posted on x that he will 0:03:00.880 --> 0:03:03.840 be there to support Trump. The rally will come exactly 0:03:03.880 --> 0:03:05.679 one month before election day. 0:03:06.080 --> 0:03:09.400 Meanwhile, Nathan and Vice President Kamala Harris is getting support 0:03:09.560 --> 0:03:13.440 of her own on a campaign trail from Republican Liz Cheney. 0:03:13.960 --> 0:03:18.960 A broad coalition has come together to support Vice President 0:03:19.040 --> 0:03:23.600 Kamala Harris. Now we may disagree on some things, but 0:03:23.720 --> 0:03:28.600 we are bound together by the one thing that matters 0:03:28.639 --> 0:03:33.120 to us as Americans more than any other, and that's 0:03:33.200 --> 0:03:34.800 our duty to our constitution. 0:03:35.920 --> 0:03:39.600 And the former congresswoman and longtime Trump critic joined Harris 0:03:39.640 --> 0:03:42.640 and rippon Wisconsin, in the town where the Republican Party 0:03:42.800 --> 0:03:46.440 was founded. Harris says Cheney's endorsement matters a great deal. 0:03:47.000 --> 0:03:51.119 It is so admirable when anyone does it, and especially 0:03:51.320 --> 0:03:54.200 when it is difficult to do in an environment such 0:03:54.240 --> 0:03:57.720 as this. But Liz Cheney really is a leader who 0:03:57.720 --> 0:04:00.960 puts country above party and above self, a true patriot. 0:04:01.400 --> 0:04:04.680 And before this event, former President Trump told Fox News 0:04:04.680 --> 0:04:07.960 that Cheney's support would hurt Harris. He called the former 0:04:08.000 --> 0:04:10.960 congressomeman a quote stupid warhowk and Karen. 0:04:11.000 --> 0:04:13.560 As the campaign enters its home stretch, Harris is about 0:04:13.600 --> 0:04:16.560 to get even more support on the stump from Barack Obama. 0:04:16.640 --> 0:04:18.960 The Harris campaign says the former president will spend the 0:04:19.000 --> 0:04:22.440 final four weeks before election day, campaigning for the vice 0:04:22.480 --> 0:04:27.479 president and other Democrats, starting next Thursday in Pittsburgh. Obama's 0:04:27.520 --> 0:04:29.880 kicking off his fall campaigning a little earlier than he 0:04:29.920 --> 0:04:32.839 did four years ago. He waited till October twenty first 0:04:33.120 --> 0:04:35.479 to hold his first in person event for his former 0:04:35.560 --> 0:04:37.000 vice president, Joe Biden. 0:04:37.440 --> 0:04:40.000 Well, let's turn to the markets now, Nathan and futures 0:04:40.040 --> 0:04:43.360 their little change. This morning, ahead of a key jobs report, 0:04:43.400 --> 0:04:45.840 economists are looking for a gain of one hundred and 0:04:45.839 --> 0:04:49.040 fifty thousand jobs in September, we get a preview from 0:04:49.120 --> 0:04:50.560 Bloomberg's Michael McKee. 0:04:50.720 --> 0:04:53.000 Will it be a case of hard to forecast or 0:04:53.200 --> 0:04:57.520 just a hardy economy? Bloomberg's Economists survey has estimates ranging 0:04:57.560 --> 0:05:01.800 from seventy thousand to two hundred and twenty. The consensus 0:05:01.880 --> 0:05:04.560 is hiring will be little changed from last month, a 0:05:04.600 --> 0:05:06.960 bit slower than a few months ago, but not collapsing. 0:05:07.200 --> 0:05:11.279 Unemployment is forecast to be unchanged, but a big miss 0:05:11.320 --> 0:05:15.000 either way would not be a huge surprise. September payrolls 0:05:15.040 --> 0:05:18.680 tend to undershoot the consensus, but other labor market data 0:05:18.760 --> 0:05:22.359 are consistent with an unusually high gain, so a wide 0:05:22.480 --> 0:05:26.520 range of market reactions is possible. Michael McKee, Bloomberg Radio. 0:05:26.680 --> 0:05:31.599 All right, Mike. Thanks. Checking the richness scoreboard, Jeff Bezos 0:05:31.880 --> 0:05:35.120 is no longer the world's second richest person. More on 0:05:35.120 --> 0:05:36.440 that from Bloomberg's Doug Prisner. 0:05:37.040 --> 0:05:39.280 Mark Zuckerberg is now in the number two spot on 0:05:39.320 --> 0:05:42.440 the Bloomberg Billionaires Index. His net worth is just over 0:05:42.560 --> 0:05:45.719 two hundred and six billion dollars, one point one billion 0:05:45.760 --> 0:05:49.400 ahead of Bezos. Even so, Zuckerberg is still behind Elon 0:05:49.560 --> 0:05:52.839 Musk by nearly fifty billion dollars. So why the change 0:05:52.880 --> 0:05:56.080 in net worth rankings. Well, the value of Zuckerberg's thirteen 0:05:56.120 --> 0:05:59.479 percent stake in meta platforms keeps rising. It's due in 0:05:59.520 --> 0:06:02.000 part to his big bet on the metaverse. At first, 0:06:02.040 --> 0:06:04.520 it looked like a colossal bust, but it appears to 0:06:04.520 --> 0:06:07.080 have paid off so far. This here, Meta shares are 0:06:07.160 --> 0:06:09.760 up more than sixty four percent, and the stock closed 0:06:09.800 --> 0:06:11.279 Thursday at an all time high. 0:06:11.600 --> 0:06:12.120 In New York. 0:06:12.160 --> 0:06:13.640 I'm Doug Prisoner, Bloomberg Radio. 0:06:13.880 --> 0:06:16.960 All right, Doug, thank you. While staying in the tech sector, 0:06:17.160 --> 0:06:21.200 Ark Investments CEO Kathy Wood joins Bloomberg Business Week Today 0:06:21.279 --> 0:06:24.800 right after the closing bell to talk artificial intelligence and 0:06:24.839 --> 0:06:28.080 her latest investments into open AI. Catch that conversation with 0:06:28.400 --> 0:06:31.599 Carol Masser and Tim Steneveek at four pm Wall Street 0:06:31.600 --> 0:06:33.720 Time on Bloomberg Radio and Television. 0:06:33.839 --> 0:06:35.640 In the meantime, Karen, we just had this breaking news 0:06:35.680 --> 0:06:38.400 cross the Bloomberg terminal. The European Union has voted to 0:06:38.440 --> 0:06:41.719 impose tariffs as high as forty five percent on electric 0:06:41.800 --> 0:06:44.400 vehicles from China, in a move that is set to 0:06:44.600 --> 0:06:49.200 increase trade tensions with Beijing. Sources say the European Commission, 0:06:49.200 --> 0:06:52.520 the Blocks Executive Arm can now proceed with implementing the duties, 0:06:52.760 --> 0:06:54.560 which would last for five years. 0:06:57.760 --> 0:06:59.080 Honest time now for a look at some of the 0:06:59.080 --> 0:07:01.480 other stories making news in New York and around the world. 0:07:01.480 --> 0:07:03.800 And for that we're joined by Bloomberg's Michael Barr. 0:07:03.839 --> 0:07:05.640 Michael, good morning, Good morning, Karen. 0:07:05.680 --> 0:07:08.400 The death toll from Hurricane Aleen has climbed to two 0:07:08.520 --> 0:07:12.880 hundred and fifteen, with many still unaccounted for. President Biden 0:07:12.960 --> 0:07:16.000 flew to the South yesterday to inspect the damage in 0:07:16.160 --> 0:07:20.680 Florida and then visiting a devastated farm in Rays City, Georgia, 0:07:21.000 --> 0:07:23.480 once again vowing to help stricken residents. 0:07:23.800 --> 0:07:27.680 We're really in this together that we're separate state where 0:07:27.720 --> 0:07:29.360 the United States of America. 0:07:29.840 --> 0:07:34.240 In the Ashville area, the North Carolina National Guard. They're 0:07:34.240 --> 0:07:37.520 working around the clock to get supplies out into the field, 0:07:37.640 --> 0:07:40.960 but with the hundreds of roads unpassable, troops can only 0:07:41.120 --> 0:07:45.040 go so far. Volunteers are using pack mules to get 0:07:45.040 --> 0:07:48.559 insulin up the mountain to families in need. Meanwhile, Donald 0:07:48.600 --> 0:07:52.160 Trump is blasting the Biden administration for its response to Helene. 0:07:52.520 --> 0:07:55.920 Campaigning and Saginaw, Michigan. The former president said the federal 0:07:56.000 --> 0:07:59.280 response to the storm has been the worst in history. 0:08:00.000 --> 0:08:03.880 Trump responded after the Homeland Security Secretary of warrened FEMA 0:08:04.200 --> 0:08:06.640 may not have enough funding to make it through the season. 0:08:07.120 --> 0:08:12.200 Kamalas spent all her FEMA money billions of dollars on 0:08:12.400 --> 0:08:14.040 housing for illegal migrants. 0:08:14.360 --> 0:08:17.800 However, a White House spokesman says FEMA disaster relief is 0:08:17.880 --> 0:08:22.520 completely separate from the agency's shelter and Services program, which 0:08:22.560 --> 0:08:26.440 provides grants to cities. A jury has reached a verdict 0:08:26.480 --> 0:08:29.560 in the trial of three former Memphis police officers and 0:08:29.640 --> 0:08:32.760 the death of Tyree Nichols in twenty twenty three. The 0:08:32.800 --> 0:08:36.120 convicted officers were found guilty on accounts of witness tampering, 0:08:36.520 --> 0:08:40.440 and one was found guilty of civil rights violations. Prosecutors 0:08:40.440 --> 0:08:43.400 say the officers involved in the incident did not provide 0:08:43.480 --> 0:08:46.480 life saving aid to Nichols. Ben Crump is one of 0:08:46.520 --> 0:08:48.480 the attorneys representing the Nichols family. 0:08:49.040 --> 0:08:52.720 Tyrene nichols death won't go unaccounted for. 0:08:53.240 --> 0:08:54.280 That is critical. 0:08:54.559 --> 0:08:57.320 Nichols, who was twenty nine, was brutally beaten during a 0:08:57.320 --> 0:08:59.840 traffic stop and died from his injuries a few days later. 0:09:00.360 --> 0:09:03.880 Prosecutors in Los Angeles say they are reviewing new evidence 0:09:03.880 --> 0:09:06.959 in the case of the Menendez brothers to determine whether 0:09:07.080 --> 0:09:09.920 they should be serving life sentences for killing their parents 0:09:10.320 --> 0:09:13.200 in their Beverly Hills mansion more than thirty five years ago. 0:09:13.720 --> 0:09:18.439 Los Angeles County District Attorney George Gasson says that attorneys 0:09:18.600 --> 0:09:21.520 for fifty three year old Eric Menndez and his fifty 0:09:21.559 --> 0:09:24.720 six year old brother Lyle have asked to court vacate 0:09:24.760 --> 0:09:25.320 their conviction. 0:09:26.040 --> 0:09:29.160 One possibility, what is being alleged by his lawyers, not 0:09:29.320 --> 0:09:32.800 by us, that there was evidence that had that evidence 0:09:32.840 --> 0:09:36.600 been presented to the jury, the outcome of this case 0:09:36.640 --> 0:09:37.600 would have been different. 0:09:37.720 --> 0:09:40.680 By hearing is scheduled for November twenty ninth. Global News 0:09:40.679 --> 0:09:42.560 twenty four hours a day and whenever you want it 0:09:42.559 --> 0:09:43.400 with Bloomberg News. 0:09:43.400 --> 0:09:43.480 Now. 0:09:43.559 --> 0:09:45.679 I'm Michael Barr. This is Bloomberg Karen. 0:09:45.840 --> 0:09:52.319 All right, Michael Barr, thank you, time out for the 0:09:52.320 --> 0:09:55.400 Bloomberg Sports Update, brown to you by Tri State Audie. 0:09:55.440 --> 0:09:58.200 Here's John Staneshawer, John, good morning, Good morning, Karen. 0:09:58.280 --> 0:09:59.800 What a week it's been for the Mats in the 0:10:00.320 --> 0:10:03.000 and it's not over yet. It started with that thrilling 0:10:03.040 --> 0:10:05.840 win Monday in Atlanta, the Francisco Lindor ninetheen a home 0:10:05.880 --> 0:10:07.640 run that put the Mets in the postseason. They had 0:10:07.679 --> 0:10:10.760 not homered in the four games since then, and they 0:10:10.800 --> 0:10:13.000 came up with a ninth inning of the decisive Game 0:10:13.040 --> 0:10:15.960 three in Milwaukee having had only two hits, having not 0:10:16.040 --> 0:10:19.160 scored in fifteen innings. The Brewers thanks to solo home 0:10:19.240 --> 0:10:21.600 runs on consecutive pitches in the seventh and he led 0:10:21.640 --> 0:10:24.840 two to nothing, but Lindor walked. Branded Demos singled an 0:10:24.920 --> 0:10:27.800 upstep pe the Alonzo free agent to be so it 0:10:27.840 --> 0:10:29.600 could have been his final at that as a Met, 0:10:29.720 --> 0:10:30.640 it wasn't. 0:10:31.520 --> 0:10:35.319 William Sets Here's the pitch, swinging a fly ball to 0:10:35.400 --> 0:10:37.479 right field, pretty well, hit freelick. 0:10:37.200 --> 0:10:38.040 Back at the wall. 0:10:38.080 --> 0:10:41.400 He jumps hits gone, hate it, hate dead it. Hay 0:10:41.480 --> 0:10:45.560 Alonzo with the most favorable home run of his career, 0:10:45.880 --> 0:10:48.880 pucks his fastest. He round second. It's a three run 0:10:48.960 --> 0:10:51.679 of homer. He's given the Bets a three to two late. 0:10:51.679 --> 0:10:53.760 Now he rose out at Mets Radio and they scored again. 0:10:53.840 --> 0:10:56.120 They won, four to two. It's their first series victory 0:10:56.200 --> 0:10:59.000 since twenty fifteen. And now this near two week long 0:10:59.120 --> 0:11:02.680 road trip that has seen the Mets visit Atlanta twice 0:11:02.840 --> 0:11:06.440 and Milwaukee twice now has them in Philadelphia first ever 0:11:06.480 --> 0:11:09.720 postseason series with the Phils. Best of five starts tomorrow 0:11:09.760 --> 0:11:11.839 four o'clock, just ahead of the Yankees Game one with 0:11:11.920 --> 0:11:15.160 Kansas City at the stadium. Also from baseball, Terry Francona 0:11:15.400 --> 0:11:17.440 going to be the new manager of the Cincinnati Reds. 0:11:17.480 --> 0:11:20.600 Overtime in the NFL, Atlanta be Tampa Bay thirty six 0:11:20.679 --> 0:11:24.280 to thirty Falcons QB. Kirk Cousins forty two of fifty 0:11:24.360 --> 0:11:27.480 eight four touchdowns, including the game winner OT Cousins two 0:11:27.480 --> 0:11:31.480 for five hundred and nine yards, the fifteenth most NFL history. 0:11:31.480 --> 0:11:32.560 Both teams are three and two. 0:11:32.600 --> 0:11:34.320 The Chiefs are four and oh they won't have top 0:11:34.320 --> 0:11:37.040 whine out receive rice for at least four games. Placed 0:11:37.040 --> 0:11:40.160 on ir he hurt his knee colliding with his teammate 0:11:40.559 --> 0:11:43.360 Patrick Mahomes as they tried to make a tackle after 0:11:43.400 --> 0:11:46.800 an interception. John Stashewer Bloomberg Sports, Karen and. 0:11:46.880 --> 0:11:53.680 Either Coast to coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:53.760 --> 0:11:56.640 and around the world on Bloomberg dot Com and the 0:11:56.720 --> 0:11:57.920 Bloomberg Business app. 0:11:58.160 --> 0:12:01.600 This is Bloomberg Day Break. Good morning. I'm Nathan Hager. 0:12:01.679 --> 0:12:03.720 The White House may be breathing a pretty big sigh 0:12:03.720 --> 0:12:06.240 of relief this morning, now that the dock workers strike 0:12:06.280 --> 0:12:09.720 along the Gulf and East coasts is on hold. President 0:12:09.760 --> 0:12:12.120 Biden is sounding hopeful that the long Shortman and the 0:12:12.160 --> 0:12:14.040 terminal operators will get to a deal. 0:12:14.520 --> 0:12:18.480 Dockworkers are going back to work, and the next ninety 0:12:18.520 --> 0:12:19.760 days we're going to settle everything. 0:12:20.080 --> 0:12:22.560 Was President Biden outside the White House last night, saying 0:12:22.600 --> 0:12:25.800 that over the next ninety days, both sides will settle everything. 0:12:25.840 --> 0:12:27.880 In his words, Joining us for more this morning is 0:12:27.880 --> 0:12:32.160 Bloomberg New Senior Editor Bill Ferries. Bill, Good Morning. This 0:12:32.280 --> 0:12:35.000 situation could have been more and more politically damaging for 0:12:35.080 --> 0:12:37.559 the White House the longer it went on. So what 0:12:37.840 --> 0:12:40.599 is the political impact potentially now that this strike is 0:12:40.640 --> 0:12:41.320 over for now? 0:12:42.600 --> 0:12:45.679 Well, you're right, Nathan, I mean what is the political impact. 0:12:45.720 --> 0:12:47.800 I mean, at the very top of that list of 0:12:47.880 --> 0:12:51.440 things would be that it takes a big headache and 0:12:51.600 --> 0:12:55.360 potentially worsening headache off the play to the Democrats just 0:12:55.440 --> 0:12:58.480 four weeks before the election. Listen to the White House. 0:12:58.480 --> 0:13:00.959 The administration has a lot on it plate right now. 0:13:01.000 --> 0:13:04.640 It's dealing with the aftermath of Hurricane Helene. There's still 0:13:04.640 --> 0:13:07.080 you know, search and rescue going on for that, It's 0:13:07.120 --> 0:13:10.559 got this widening crisis in the Middle East, and really 0:13:10.600 --> 0:13:12.520 the last thing you need on top of that, The 0:13:12.600 --> 0:13:15.160 last thing the administration wanted on top of that was 0:13:15.200 --> 0:13:19.840 this crisis at the ports with potentially disrupting the delivery 0:13:19.880 --> 0:13:23.000 of some goods, with a lot of you know, thousands 0:13:23.000 --> 0:13:26.520 of workers going on strike complaining about wages, it was 0:13:26.640 --> 0:13:29.199 not going to be a good look for the administration 0:13:29.320 --> 0:13:32.760 if that dragged on, and the economic costs we're going 0:13:32.800 --> 0:13:35.800 to build up to potentially as much as five billion 0:13:35.880 --> 0:13:39.520 dollars a day if this kept going even as it is. 0:13:39.679 --> 0:13:42.959 It's the authorities are saying it will take about twelve 0:13:43.040 --> 0:13:46.720 days to clear the backlog of ships off of those 0:13:46.760 --> 0:13:49.240 southern and Eastern US ports that had built up in 0:13:49.320 --> 0:13:51.240 really just about three days of the strike. 0:13:51.880 --> 0:13:54.880 So we could see a continued economic impact as we 0:13:54.920 --> 0:13:58.680 get through that backlog. But now that the sides have 0:13:58.720 --> 0:14:02.959 given themselves another three months to work out a new contract, 0:14:03.040 --> 0:14:05.840 is that going to be enough time given how far 0:14:05.880 --> 0:14:09.559 apart both sides are on the issue of pay and automation. 0:14:10.880 --> 0:14:13.000 Yeah, I think automation is going to be the real 0:14:13.080 --> 0:14:16.319 sticking point heading forward. You know, they've set this January 0:14:16.360 --> 0:14:20.760 fifteenth deadline to deal with that. They do seem to 0:14:20.800 --> 0:14:24.280 have some kind of an agreement on the wage side 0:14:24.320 --> 0:14:27.720 in terms of a sixty one percent wage increase over 0:14:27.760 --> 0:14:30.320 the next six year contract. I think there's still a 0:14:30.360 --> 0:14:32.640 lot of details there to be worked out, but that 0:14:32.720 --> 0:14:35.200 gets them part of the way towards a final deal, 0:14:35.760 --> 0:14:38.160 and then automation is going to be the second part 0:14:38.200 --> 0:14:41.960 of that. But I think, you know, it gives them 0:14:42.080 --> 0:14:45.520 the time to reach a deal. It also kicks us 0:14:45.680 --> 0:14:48.840 well past the election. So if there is a strike 0:14:48.920 --> 0:14:51.520 that starts up in January it's going to be either 0:14:51.760 --> 0:14:54.960 Donald Trump or Kamala Harris's problem to deal with, but 0:14:55.040 --> 0:14:57.520 it's not going to affect the election at that point. 0:14:57.680 --> 0:15:00.880 And as you mentioned, the White House and Kamala Harris 0:15:00.920 --> 0:15:03.000 to some extent do have a lot on their plates, 0:15:03.000 --> 0:15:07.600 including Hurricane Helene and this escalating situation in the Middle East. 0:15:07.840 --> 0:15:11.960 Did the President make a pretty significant gaff here with 0:15:12.080 --> 0:15:15.600 this comment that Israel is in discussions about going after 0:15:15.680 --> 0:15:16.840 oil targets in Iran. 0:15:17.880 --> 0:15:20.560 Well, you know, you saw how seriously the markets take 0:15:20.640 --> 0:15:22.520 those kind of comments. You know, when the President of 0:15:22.520 --> 0:15:26.080 the United States speaks, markets listen, and he said that 0:15:26.720 --> 0:15:30.200 there is some consideration or discussions going on about whether 0:15:30.320 --> 0:15:35.479 Israel should hit Iranian oil facilities, and West Texas Intermediate 0:15:35.560 --> 0:15:39.520 jumped more than five percent right off the bat. Markets 0:15:39.560 --> 0:15:43.280 are very jittery about what could happen here Iran. Despite 0:15:43.320 --> 0:15:47.000 all these sanctions it's had on it for about six years. Now, 0:15:47.720 --> 0:15:51.800 Iran is producing, you know, I think it's just over 0:15:51.880 --> 0:15:56.440 three million barrels of oil a day, mostly purchased by China. 0:15:56.520 --> 0:15:59.360 But that really helps alleviate some of the price pressure 0:15:59.400 --> 0:16:02.560 on the international market. If some of that capacity is 0:16:02.640 --> 0:16:06.400 taken offline. You know you'll get another spike in oil prices, 0:16:06.560 --> 0:16:11.040 and that translates the gasoline costs at home, and that's 0:16:11.080 --> 0:16:12.800 not a winner for anybody politically. 0:16:13.000 --> 0:16:16.440 This is Bloomberg Daybreak, your morning podcast on the stories 0:16:16.520 --> 0:16:19.520 making news from Wall Street to Washington and beyond. 0:16:19.800 --> 0:16:22.200 Look for us on your podcast feed by six am 0:16:22.240 --> 0:16:25.640 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:25.840 --> 0:16:28.680 You can also listen live each morning starting at five 0:16:28.720 --> 0:16:31.440 am Wall Street time on Bloomberg eleven three to zero 0:16:31.440 --> 0:16:34.360 in New York, Bloomberg ninety nine to one in Washington, 0:16:34.400 --> 0:16:38.360 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:38.560 --> 0:16:40.120 XM Channel one twenty one. 0:16:40.520 --> 0:16:43.240 Plus listen coast to coast on the Bloomberg Business app 0:16:43.280 --> 0:16:46.080 now with Apple CarPlay and Android Atto interfaces. 0:16:46.320 --> 0:16:49.320 And don't forget to subscribe to Bloomberg News Now. It's 0:16:49.360 --> 0:16:52.080 the latest news whenever you want it in five minutes 0:16:52.160 --> 0:16:55.320 or less. Search Bloomberg News Now and your favorite podcast 0:16:55.320 --> 0:16:59.480 platform to stay informed all day long. I'm Karen Moscow. 0:16:59.280 --> 0:17:02.000 And I'm Nathan. Join us again tomorrow morning for all 0:17:02.040 --> 0:17:04.000 the news you need to start your day right here 0:17:04.200 --> 0:17:05.280 on Bloomberg dabray