Bloomberg Transient (05/03/2024)

MANUS: GOOD MORNING FROM OUR GLOBALHEADQUARTERS IN NEW YORK. IT IS BLOOMBERG BRIEF. >> APPLE DEFIES DETRACTORS WITHA RECORD BY AND A BEAT IN CHINA. TRADERS PULL FORWARDEXPECTATIONS FOR THE FIRST FED CUT TO NOVEMBER ATTITUDETODAY'S U.S. JOB CUT. A NEW TWIST IN THE PARAMOUNTDRAMA. SONY AND APOLLO MAKE A 26 BILLION DOLLAR BID FOR THEGIANT. GOOD MORNING. MANUS: WHAT COULD POSSIBLY GO WRONGPULLING FORWARD RATE CUTS? AN ESTIMATE FOR JOBS THAT WOULDBE THE LOWEST SET LATE LAST.

YEAR.248 ON THE BLOOMBERG MACHINE OF BY ONE THIRD OF 1%.THE RISK IS BANK OF AMERICA, THE RISK IS STAGFLATION.THAT WOULD BE PRETTY ONEROUS TO START THE CONVERSATION ABOUTTHAT. APPLE IS AT THE BOTTOM OF YOURSCREEN. 110 BILLION DOLLARS, THE MARKETLIKES IT. UP 6%. MORE ON THAT IN A MOMENT.YIELDS ON THE SHORT END, PERHAPS ONE OF THE BIGGESTMOVES. WE ARE PULLING FORWARD THEPROSPECT OF A RATE CUT TO.

NOVEMBER FROM DECEMBER.THE PRIZING OF THE MARKET IS CHANGING BECAUSE THE PEAKNARRATIVE FROM THE FED ABOUT HIKES HAS BEEN MORE OR LESSSQUASHED. THE QUESTION IS, IS THIS A FULLSQUEEZE OF THE SHORT OR THEY ARE REPLENISHING THE ENGINE ANDREADY TO GO. YOU HAVE A G2 INTERVENTION.DANI: WE NEED TO TALK ABOUT THE $110BILLION ELEPHANT IN THE ROOM, THE BUYBACK FROM APPLE.THE BIGGEST BUYBACK EVER. IT BESTED THE OTHER BIGGESTBUYBACK EVER WHICH WAS 100.

BILLION DOLLARS FROM APPLE.YOU HAVE TO WONDER IF THIS IS AN ACKNOWLEDGMENT FROM APPLETHAT THEY ARE NO LONGER THE KIND OF GROWTH COMPANY, THATTHEY NO LONGER HAVE THIS FUTURE EARNINGS EVERYONE NEEDS TO LOOKFOR. INSTEAD IT IS STEADY AND THEYARE NOT USING CASH FOR R&D BUT TO RETURN TO SHAREHOLDERS.MANUS: WE WON'T KNOW MUCH ABOUT AIUNTIL LATER IN THE YEAR. YOU HAVE SEEN QUITE ASIGNIFICANT ESCALATION IN BUYBACKS AND DIVIDENDS FROMTHEORETICAL GROWTH COMPANIES.

NOT AMAZON. TO THAT EXTENT, AND ALSO CHINA,CHINA WAS A BIG SURPRISE FOR THE MARKET. IT WAS DOWN BY 8%.WE WERE SET FOR DOUBLE-DIGIT DROPS. DANI: WE HAD MET OFFERING ITS FIRSTDIVIDENDS. ALSO THAT ALSO LAST WEEK HAD ABIG DIVIDEND TOO. THE IDEA IS THESE TECH GIANTSHAVE SO MUCH CASH ON THEIR BALANCE SHEETS WHY NOT USE ITTO REWARD SHAREHOLDERS? MANUS: WHY NOT PUT IT ON A BIG OLDDEPOSIT?.

LET'S TALK ABOUT THE NUMBERS. WE HAVE THE SENIOR EQUITYANALYST MAINTAINING A BUY RATING ON APPLE.IT IS GOOD TO SEE YOU. WE WERE SET FOR A DOUBLE-DIGITDROP ACCORDING TO COUNTERPOINT. A VARIED BETWEEN 18%, 19%, AND10%. APPLE SAYS THEY ONLY FELL BY 8%IN CHINA AND THAT THEY BELIEVE IN THAT STORY UNEQUIVOCABLY.SOMETHING IS NOT RIGHT. EXPLAIN. >> I THINK AS FAR AS APPLE ISCONCERNED IN CHINA YOU HAVE TO GO WITH WHAT APPLE IS SAYING.THE REASON THAT I SAY THAT IS.

BECAUSE WE TRUST WHAT APPLE HASHISTORICALLY SAID. THEY HAVE BEEN RIGHT.THEY HAVE BEEN CREDIBLE. IT IS TOUGH FOR ME TO GOAGAINST WHAT OTHERS HAVE SAID ABOUT WHY THE NUMBERS HAVEN'TWORKED OUT RELATIVE TO WHAT APPLE'S EXPECTATIONS ARE.IT COULD BE A NUMBER OF REASONS. IT COULD BE A THIRD PARTYRESEARCH FIRMS ACCOUNT FOR REVENUE IN DIFFERENT WAYS.WHETHER WE ARE TALKING ABOUT REVENUE COMING FROM THE ACTUAL– WHAT IS BEING SOLD FROM THE CONSUMER AT DISCOUNTED PRICESOR WHAT IS BEING DONE — DANI:.

ANGELA — AND JHO — ANGELO,REGARDLESS, TIM COOK SAYS I CAN'T TALK TO ABOUT OUTSIDENUMBERS. THE TRUTH REMAIN SOMEWHAT OF ACHINA SLOW DOWN. DOES APPLE NEED TO BE READY FORA FUTURE WHERE CHINA MAKES UP A SMALLER PORTION?WHERE ELSE CAN IT SQUEEZE GROWTH IF NOT CHINA? ANGELO:I THINK YOU ARE RIGHT. THEY NEED TO FOCUS ONDIVERSIFICATION FROM A GEOGRAPHIC PERSPECTIVE.IT'S NOT GOING TO HAPPEN OVERNIGHT.THIS IS GOING TO BE MORE OF A.

LONG HAUL. WE SEE WHAT THEY MANUFACTURING SIDE, SHIFTINGMORE TO INDIA. YOU SEE THAT IN CHINA OVER THELAST 20 YEARS WHERE SOME OF THE LOWER END CONSUMERS HAVE MOVEDTO THE MID-HIGH END OF THE MARKET.YOU WILL SEE OTHER REGIONS LIKE INDIA.THAT IS WHAT WE SEE ON THE IPHONE SIDE OF THINGS.MORE IMPORTANTLY, IT WILL BE THEM TRYING TO INNOVATE, TRYINGTO GET CONSUMERS TO PAY MORE ACROSS THEIR MORE MATUREMARKETS AS WELL.

WHETHER IT IS ON AICAPABILITIES OUT THERE WHERE THEY CAN GENERATE MORE REVENUEON THAT SIDE. SERVICES IS GOING TO BE A HUGESTORY. THAT'S BECOMING A BIGGER PIECEOF THE PIE FOR APPLE. HIGHER MARGINS IS DRIVING THEFREE CASH FLOW POTENTIAL OF THE COMPANY. MANUS:THAT IS IN THE SERVICES, BUT WHAT'S THE RISK WHEN YOU LOOKAT THE POTENTIAL REGULATION IN EUROPE?HOW CAN THAT, PERHAPS — IS IT A FLESH WOUND IN SERVICES ANDNOT A HUGE DISSIPATION ON.

MARGINS?THOSE MARGINS ARE PRETTY CHUNKY. ANGELO:THE MARGINS LOOK PHENOMENAL WHEN YOU LOOK AT THE EXECUTIONAND WHAT THEY'VE SHOWN THIS QUARTER RELATIVE TO A YEAR AGOON THE SERVICES SIDE OF THINGS AND ALSO THE BROADER GROSSMARGINS. WHEN YOU LOOK AT THE EU DIGITALMARKET ACT THAT WAS JUST ENACTED IN MARCH, THE IMPACTTHIS FAR IN SERVICES HAS BEEN MINIMAL.IF ANYTHING, NEGLIGIBLE. WHEN YOU LOOK AT WHAT APPLESAID LAST NIGHT, IT DOESN'T.

SEEM LIKE THEY'RE LOOKING FORMUCH OF AN IMPACT AT ALL. LOOKING AHEAD IT'S MORE OFEATING SOME OF THE PRIVACY NEEDS FOR THE CONSUMER AS –MEETING SOME OF THE PRIVACY NEEDS FOR THE CONSUMER.RIGHT NOW, IT'S NOT GOING TO HAVE MUCH OF AN IMPACT, IF ANY,TO THE SERVICES PROJECTOR A. DANI:IT FELT LIKE WE HAD A DIFFERENT TIM COOK ON THE CALL.HE IS USUALLY SHY TALKING ABOUT AI. MAYBE HE WILL MAKE A VAGUEREFERENCE. WITHIN THE COUPLE OF MINUTES HESPOKE ABOUT IT SAYING WE.

BELIEVE IN THE TRANSFORMATIVEPOWER OF THE PROMISE OF AI AND WE HAVE ADVANTAGES THAT WILLDIFFERENTIATE US IN THIS NEW IRAQ.HE IS TRYING TO PLAY TO WHAT YOU MENTIONED, THAT THIS ISWHERE GROWTH COMES FROM. BUT WHAT DOES THAT GROWTH LOOKLIKE? WHAT DOES APPLE NEED TO DELIVERWITH AI TO FULFILL THAT PROMISE? ANGELO: EARLY DAYS.YOU CAN'T EXPECT MUCH ON THE AI-SIDE.WHEN YOU THINK ABOUT APPLE'S BRAND, THIS TYPE OF MARKETINGPOWER THEY WILL PUT BEHIND AI,.

THEY HAVE MORE POTENTIAL TOSUCCEED AND REALLY SHOWCASE THEIR CAPABILITIES OVER THENEXT COUPLE OF QUARTERS THAN ANYBODY ELSE OUT THERE.WE DO EXPECT THEM TO ESSENTIALLY OVERHAUL THE ENTIREHARDWARE OVER THE NEXT SIX MONTHS TO NINE MONTHS.STARTING WITH IPADS, I THINK THAT WILL BE A HUGE EVENT ANDYOU'LL HEAR A LOT ABOUT AI NEXT WEEK. YOU HAVE THE DEVELOPERSCONFERENCE IN JUNE AND THE ROLLOUT OF THE IPHONE 16UPGRADE LATER IN THE FALL. THERE'S GOING TO BE A LOT THATAPPLE IS GOING TO THROW OUT.

THERE AND I THINK THAT IS WHYTHEY ARE EXCITED. YOU WILL SEE POTENTIALLY HIGHERPRICE POINTS OUT THERE. ALSO, DRIVING THE CONVICTIONLEVEL ON THE FREE CASH FLOW POTENTIAL GOING INTO CALENDAR2025 AND WHY THAT BUYBACK WAS INCREASED OUT THERE.YOU WILL SEE SOME INCREMENTAL KIND OF EXCITEMENT AND APPLESHOWCASING WHAT THEY CAN DO ON THE IPHONE SIDE OF THINGS WITHAI, SHOWING WHAT ALPHABET HAS DONE WITH THE S24 AND WHERE YOUHAVE SEEN THOSE PARTNERSHIPS. YOU'LL SEE MORE FROM APPLE.MANUS:.

BEFORE WE LET YOU GO, IF WEHAVE PASSED PEAK PESSIMISM ON CHINA, IT IS ONE OF THELAGGARDS OF MAG SEVEN, DOES THIS PUSH PEAK PESSIMISM OUTTHERE? ANGELO: WE THINK THAT THIS IS THETIPPING POINT IN TERMS OF THAT INVESTOR SENTIMENT.WE THINK THAT THE NARRATIVE STARTS TO CHANGE NOW WITH THEEARNINGS CALL CHANGING ALL OF THE HATE THAT WAS THROWN ONFROM A CHINA PERSPECTIVE. CHINA ISN'T NECESSARILY GOINGTO TURN AROUND. WE EXPECTED TO CONTINUE TO BEDOWN. BUT YOU CAN NOW CHANGE THE.

NARRATIVE TOWARDS MORE OF APOTENTIAL GROWTH ACCELERATION, FIVE OUT OF SIX OF THE LASTQUARTERS DECLINED YEAR-OVER-YEAR AND WE LOOKFORWARD TO A RETURN TO GROWTH. THAT WILL ACCELERATE IN THESEPTEMBER AND DECEMBER QUARTER AS YOU START — ALSO CALENDAR2025. THE NARRATIVE STARTS TO CHAINSFOR APPLE. DANI: IT'S BE HONEST, 110 BILLIONDOLLARS ALLOWS FOR PATIENTS FROM INVESTORS AS THEY AIM TODO THAT. THANK YOU FOR JOINING US.APPLE UP SOME 6% IN THE.

PREMARKET TRADE.TOP STORIES ON THE TERMINAL THIS MORNING, ANGLO AMERICANSHARES HAVE JUMPED ON A REPORT THAT GLENCORE IS CONSIDERING APOTENTIAL BID SETTING OVER A TAKEOVER BATTLE. GLENCORE HAS HAD PRELIMINARYINTERNAL DISCUSSIONS THAT MAY NOT LEAD TO AN APPROACH.THEY REJECTED A 39 BILLION DOLLARS ALL STOCK OFFER FROMBHP. MANUS: TRADERS OUTPERFORMED THEIR BONDTRADING COUNTERPARTS FOR THE FOURTH STRAIGHT QUARTER.

THE FRENCH FRANC BEAT ESTIMATES.DANI: AMGEN SHARES SOARING AFTER THEEXPERIMENTAL OBESITY DRUG. THEY ARE CONFIDENT THAT THEDRUGS DIFFERENTIATED PORTFOLIO CAN ADDRESS SOME UNMET MEDICALNEEDS. AMGEN IS EMERGING AS A POTENTIAL CHALLENGER TO MARKET,PRODUCTS FROM ELI LILLY AND NOVO NORDISK. MANUS:DEFENDING ITS INDUSTRY-LEADING MARGINS.A COMBUSTION ENGINE AND A TOP SPEED OF 211 MILES AN HOUR.THE DESIGN IS INSPIRED BY ITS.

TOURING CARS FROM THE 1960'S,AND DELIVERIES START AT THE END OF THIS YEAR.I HAVE PUT MY NAME DOWN FOR ONE OF THOSE. DANI: FOR ME, RIGHT?BECAUSE YOU WILL GIVE IT STRAIGHT TO ME?YOU CAN'T DRIVE THAT IN NEW YORK CITY. THE POTHOLES? MANUS:JUST THINK ABOUT THE PEOPLE LOOKING AT ME. DANI:HE WILL BE DRIVING IT IN THE COUNTRYSIDE.LET'S BE HONEST. MANUS: I AM NOT A TRUCK KIND OF GUY. DANI:.

WE WILL SPEAK TO THE CEO AFTERA WORSENING ENVIRONMENT IN A KEY EUROPEAN MARKET. MANUS:AND PARAMOUNT, CONTEXT MATTERS ON BLOOMBERG. ♪ >> IF THIS TRANSACTION ISFOCUSED ON SKY DANCE, WE THINK THAT THAT MAY HAVE A CHANCE TOWORK, BUT WE WOULD RATHER SEE THE APOLLO DEAL WITH SONY THATHAS BEEN SO RUMORED TO BE UP THERE, TO GET CERTAINTY. DANI:THAT WAS A MAJOR SHAREHOLDER IN PARAMOUNT SPEAKING EARLIER ONBLOOMBERG.

SONY AND APOLLO HAVE PROPOSED A26 BILLION DOLLAR PROPOSAL TO BUY PARAMOUNT, AN ALL CASH DEALPLUS THE ASSUMPTION OF DEBT. THEY HAVE BEEN WEIGHING ATAKEOVER BY SKY DANCE MEDIA AT THE SAME TIME THAT RESULTED INTHE OUSTER OF THE CEO OF PARAMOUNT.WE HEARD FROM ONE OF THE SHAREHOLDERS, CONSIDER APOLLOOVER THE SKY DANCE DEAL. IT IS CLEAR THAT THOSE WHO DONOT HOLD VOTING RIGHTS AREN'T A FAN OF THE SKY DANCE DEAL.WHAT DOES IT LOOK LIKE, THE POSSIBILITY OF THE APOLLO-SONYOFFER HAVING A SERIOUS.

COMPETITIVE ADVANTAGE? >> IT CERTAINLY SEEMS AS THOUGHTHIS IS A BETTER DEAL FOR THE NONVOTING SHAREHOLDERS INPARAMOUNT. THEY OFFER THAT HAS MATERIALIZED FOR SKY DANCESEEMS TO BE QUITE GOOD FOR THE REDSTONE FAMILY.NOT ENTIRELY SURE IT WILL BE THAT GOOD FOR THE REST OF THESHAREHOLDERS. A $26 BILLION DEAL.WE DON'T KNOW THE DETAILS. THAT IS PRESUMABLY ANENTERPRISE VALUE. THE ENTERPRISE VALUE AT THEMOMENT IS 23 BILLION DOLLARS.

THE SHARES HAD A LITTLE BIT OFA POP SO IT'S NOT A SUPER GENEROUS PREMIUM TO THAT.THE EQUITY VALUE IS ABOUT $9 BILLION.IT WOULD BE INTERESTING HOW MUCH COMPARED TO THAT THISOFFER IS. IT IS AT LEAST PRESUMABLY GOODFOR INVESTORS TO TRY TO GET BETTER NUMBERS FROM SKY DANCE.IT IS UNCLEAR WHAT THE DETAILS WILL BE. MANUS:WILL THIS COME BACK TO WHAT SHERRY REDSTONE WANTS TO DOULTIMATELY? IN TERMS OF THEIR/HER POSITION.ALEX:.

THERE IS A WORLD IN WHICH SKYDANCE ACQUIRES THE FAMILY STAKE AND THAT GIVES THEM CONTROLOVER PARAMOUNT GLOBAL. IT SEEMS LIKE THEY WOULD RATHERHAVE THE WHOLE THING AND I THINK IT'S BEEN REPORTED THATREDSTONE SELLING HER STAKE IS DEPENDENT UPON THEM ACQUIRINGTHE REST OF THE COMPANY. THE SUPPORT OF THE REST OF THESHAREHOLDERS IS PROBABLY JUST AS IMPORTANT. DANI:ELSEWHERE IN THE WORLD TV, WE HAVE LEARNED THAT THE NBA HASAGREED TO A GENERAL FRAMEWORK FOR A TV RIGHTS DEAL, $76BILLION.

THIS IS THREE TIMES THE SIZE OFITS CURRENT DEAL. HOW'S IT GOING TO GET SO MUCHMONEY JUICED OUT OF ITS RIGHTS? I WOULD LIKE TO THINK IT'SBECAUSE EVERYONE WANTS TO WATCH CAITLIN CLARK AND THE WNBA, BUTI THINK SOMETHING ELSE IS GOING ON HERE. ALEX:IT IS INTERESTING WHEN YOU SEE THE AUDIENCE FOR TELEVISION ISIN LONG-TERM DECLINE, LINEAR TELEVISION AT LEAST. THE ONEEXCEPTION, THE ONE PLACE EVEN AS THE NUMBERS DECLINE INSPORTS AS WELL, THE ONE PLACE THAT YOU CAN GUARANTEE A LIVEAUDIENCE IS SPORT.

WHEN IT COMES TO ADVERTISERS,YOU CAN STILL GET DOLLARS FROM BRIAN'S TO ADVERTISE IN BREAKSIN THE NBA AND THE NFL WHICH IS HARDER TO GET FOR THE SITCOM.IF YOU THINK ABOUT THE SUPER BOWL COME THE AUDIENCE IS ALSOIN LONG-TERM DECLINE BUT THE COST OF ADVERTISING CONTINUESTO GO UP. IT IS ABOUT THE SCARCITY FACTOR.MANUS: NOT AS LONG AS TAYLOR IS ATTENDING IT. DANI:IT IS THE NFL. WE WILL GET YOU EDUCATED. MANUS:AS LONG AS TAYLOR SWIFT SHOWS UP AT YOUR AVERAGE SPORTS GAMEYOUR RIGHTS ARE ASSURED.

A REBOUND IN DEMAND FORSMARTPHONE CHIPS. THE COMPANY CEO DISCUSSED WHATIS DRIVING THE GROWTH IN THE KEY MARKET. IT'S CHINA. >> THE STORY ON CHINA'S PRETTYSIMPLE. WE HAVE SEEN THAT THE MARKETHAD STABILIZED. WE SAID THAT A COUPLE OFQUARTERS AGO. USERS ARE BUYING BETTER PHONES.IT'S REALLY FOR US A STORY OF FLAGSHIP WITHIN ANDROID,ESPECIALLY A LOT OF THE FLAGSHIPS LAUNCHING WITH GENAI.WE SEE THE BEGINNING OF GENAI.

COMING TO DEVICES.THAT ACCOLADE DROVE A LOT OF THE GROWTH.IT IS 40%, NOT ONLY IN THIS QUARTER, BUT EXPECTED TO HAVETHE SAME INTO NEXT. AS WE LOOK AT THE GUIDE, IT'SBEEN A GOOD STORY IS THE SMARTPHONE MARKET STABILIZED.THE ANDROID FLAGSHIP HAS STAYED RESILIENT. MANUS:AS YOU AND OUR AUDIENCE KNOWS, WE WILL TALK ABOUT ON DEVICEWHEN IT COMES TO GENERATIVE AI. LET'S LINGER ON CHINA.IT LOOKS LIKE SOME OF THE DOMESTIC PLAYERS ARE GAININGMARKET SHARE AGAINST APPLE AND.

THE IPHONE.YOU SEE THAT IN THE DATA, IN THE COUNTERPOINT RESEARCH DATA,AND IF THAT'S THE CASE, WHERE THE DOMESTIC PLAYERS AREGAINING THAT MARKET SHARE, WHAT IS IT MEAN FOR QUALCOMM? >> THE WAY THAT YOU SHOULD THINK ABOUT OUR POSITION INCHINA WE HAVE BEEN VERY FOCUSED ON THE PREMIUM AND HIGH TIERWITH SNAPDRAGON. WHEN AN ANDROID OEM FROM OURCUSTOMERS SHOW ME OPAL ONE PLUS, WHEN THEY ARE SELLING AFLAGSHIP DEVICE, WE HAVE NOT.

ONLY THE MODEM CONTENT BUT ALOT OF THE APPLICATION PROCESSOR, THE AI ENGINE.SO, THAT IS BEEN A POSITIVE DEVELOPMENT AND THAT HAS BEENWHAT IS DRIVING THE CONTENT INCREASE, ESPECIALLY WHEN THEMIX CHANGES TO A PREMIUM DEVICE. THE FACT THAT THE ANDROIDFLAGSHIP IN CHINA WITH THE CHINESE OEMS HAD AN STABLE,PROVEN TO BE RESILIENT, AND SEE POSITIVE MOMENTUM, CHINESEUSERS ARE BUYING A BETTER PHONE, THAT'S A GOOD STORY FORQUALCOMM AND IT IS REFLECTED IN THE NUMBERS. DANI:I WAS A QUALCOMM CEO SPEAKING.

ON BLOOMBERG TECH.MORE OF THE FRONT PAGES FOR YOU NEXT ON BLOOMBERG. ♪ MANUS:IT IS BLOOMBERG BRIEF WITH MANUS CRANNY AND DANI BURGER.SOME OF THE BIG STORIES MAKING HEADLINES AROUND THE WORLD,FIRST, WE HAVE THE JURY IN TRUMP'S HUSH MONEY TRIAL, ASECRET RECORDING IN WHICH TRUMP DISCUSSED THE PAYMENT WITH HISTHEN-LAWYER MICHAEL COHEN ONCE BEFORE THE 2016 ELECTION.

THE TIMING COINCIDES WITH A$150,000 DEAL WITH THE FORMER PLAYBOY MODEL KAREN MCDOUGAL TOBY HER SILENCE ON THE ALLEGED AFFAIR WITH TRUMP. DANI:IT IS A DRIP FEED OF LITTLE NUGGETS THAT WE ARE GETTINGFROM THOSE TRIALS. RESEARCHERS SAY THAT U.S.ADVERSARIES HAVE BEEN ORGANIZING ONLINE CAMPAIGNS TOTAKE ADVANTAGE OF SOME OF THE SOCIAL AND POLITICAL CONFLICTOVER GAZA ON CAMPUSES. IT IS RUSSIA, CHINA, AND YOURMOM. WE DON'T HAVE EVIDENCE — IT ISRUSSIA, CHINA, AND IRAN.

WE DON'T HAVE EVIDENCE, IT ISJUST THE IDEA THAT THEY ARE USING THESE PROTESTS TO SAYLOOK HOW DIVIDED THE U.S. IS, IT'S A COUNTRY IN TURMOIL. MANUS:RUE21 FILED FOR BANKRUPTCY. THEY WILL CLOSE DOORS AND SELLTHE BRAND. YOU ARE MORE FAMILIAR WITH SOMEOF THESE BRANDS. THREE TIMES BANKRUPTCY IS LIKE,THROW IN THE TOWEL. DANI: THIS THING HAS TRIED SO HARD TOCONTINUE TO SURVIVE, BUT IT'S NOT JUST THEM THIS TIME THATHAS THROWN IN THE TOWEL.

EXPRESS, ANOTHER CLOTHINGSTORE, A 99 CENT STORE, THE LOWER END CONSUMER ISSTRUGGLING. MANUS: IT IS THE BIFURCATION OF THEU.S. CONSUMER. DANI: HEDONISM IS THE OTHER SIDE OFTHE CONSUMER. MANUS: WE WILL CATCH UP WITH THE CEO.LET’'S SEE WHAT HE MAKES ABOUT SALES IN THE U.S.HE JOINS DANI AND I NEXT. DANI:FROM OUR GLOBAL HEADQUARTERS IN NEW YORK, I AM DANI BURGERALONGSIDE MANUS CRANNY. LET'S SET YOUR AGENDA. MANUS:APPLE DEFIES CONTRACTORS WITH A.

RECORD BUYBACK.THE FIRST RATE CUT TO NOVEMBER HEAD OF THE U.S.CHILD-SUPPORT TODAY. AND A NEW TWIST. SONY ANDAPOLLO MAKE IT $26 BILLION BID FOR THE MEDIA GIANT.DANI COUNTING DOWN TO THE JOBS REPORT. 248. DANI:WE SURVIVED POWELL AND APPLE, SO SURELY WERE READY TO SURVIVETHE JOBS NUMBER. IT HAS BEEN A SIZABLE RALLYOVER THE PAST 24 HOURS. U.S. TWO YEAR YIELDS ARE UP BY ONEBASIS POINT.

RECALL ON TUESDAY THAT WE WEREABOUT 5%. THAT'S AFTER THE HOTTER COSTEMPLOYMENT INDEX. WE ARE SEEING THE BIGGEST TODAYRALLY IN BONDS SINCE JANUARY. STOCKS ARE RALLYING ON THATTHEME. WE PULLED FORWARD WHERE WE THINK THAT RATE CUTS WILL BE.WE HAVE A FULL CUT PRICED IN FOR NOVEMBER.APPLE, BETTER IN CHINA THAN WE FEARED. $110 BILLION WORTH OF ABUYBACK, THE RECORD-SETTING.

AMOUNT.THE YEN GETS HELP FROM A WEAKER DOLLAR, BACK AT 152.MUSIC TO THE MOF AND BOJ'S EARS. IT IS JOBS TODAY.MICHAEL HARTNETT AT BANK OF AMERICA SAYS THAT THE DIVIDE ISFOR 2020 FOUR THE TENSION BETWEEN STAGFLATION ANDGOLDILOCKS. IF WE GET STAGFLATION THATMEANS THAT THE JOB NUMBERS COME DOWN A LOT AND YOU HAVE HOTTERWAGE GROWTH, THEN WE WILL SELLOFF. MANUS:THAT WOULD HAVE TO BE A PRETTY DRAMATIC JOLT ON THE LEFT TAILRISK.

YOU WOULD HAVE TO SEE A JOBSNUMBER OF AROUND 125,000 WHICH WOULD BE THE DROP IN JOBS, TIEDUP WITH A SPIKE IN THE WAGES. 120 5000 IN THE JOBS REPORT BUTAN AVERAGE HOURLY EARNINGS OF .4%.WE ARE MILES FROM STAGFLATION. NO ONE SEEMS TO KNOW WHERE WEARE. IT WILL TAKE QUITE A BIT TO DELIVER STAGFLATION.IT DEPENDS ON WHO YOU TALK TO. ADAM POSEN YESTERDAY MORNINGSAID THAT YOU CAN FORGET RATE CUTS 2024 AND 2025. DANI:PART OF THE IMPORTANT THING IS THAT BAD NEWS IS FINALLY BADNEWS FOR STOCKS.

STOCKS WERE PINNED TO RATECUTS, BUT WE DECIDED THIS YEAR THE REASON THAT STOCKS HAVEHELD UP IS BECAUSE YIELDS ARE HIGHER BECAUSE GROWTH IS GOOD.THEREFORE THAT IS GOOD FOR STOCKS. THAT NARRATIVE NEEDS TOCONTINUE IN THE JOBS NUMBER FOR EQUITY TO HOLD UP. MANUS: APPLE IS HAVING PROBLEMS INCHINA, DELIVERING THE BUYBACK. THEN YOU LOOK AT STARBUCKS,MCDONALD'S, OTHER NUMBERS ON THE BIFURCATION OF THE CONSUMERAT THE LOWER END, NOT NECESSARILY THE HIGHER END.DANI: HOW BAD IS THE CONSUMER?.

ARE THERE CRACKS?MANUS IS SPENDING, DOING HIS JOB TO HOLD UP. I WANT TO GET TO DAIMLER TRUCKEARNINGS BECAUSE THEY WILL HAVE TO ADJUST THEIR EUROPEANPRODUCTION BECAUSE OF LOWER DEMAND, BUT IT REMAINSOPTIMISTIC THAT BUSINESS WILL PICK UP IN THE SECOND HALF OFTHE YEAR. JOINING US IS THE CEO OFDAIMLER TRUCK. THANK YOU FOR JOINING US.ADJUSTING EUROPEAN PRODUCTION CAPACITY.IT IS A LITTLE BIT VAGUE.

WHAT DOES IT MEAN?JOB LOSSES, FACTORY CLOSURES, LESS OUTPUT?WHAT ARE THE DETAILS? MARTIN: I WOULD SAY THAT IT COULD MEANLESS OUTPUT, AS WE HAD IN THE FIRST QUARTER. WE WERE EXPECTING THE SECONDHALF WOULD BE A STRONGER HALF. WE ARE VERY FLEXIBLE WHEN ITCOMES TO OUR PRODUCTION, SO NO FACTORY CLOSURES AT ALL.I SEE ONLY LESS OUTPUT OF OUR FACTORIES. MANUS:SO, NOTHING DRAMATIC IN TERMS OF JOB LOSSES.IT IS A TEMPERING AT THE EDGES?.

MARTIN: TEMPERING AT THE EDGES.WE COME FROM AN EXTREMELY HIGH LEVEL.LAST YEAR WE HAD OUR RECORD YEAR.WE SAID THIS YEAR WILL HAVE LOWER SALES. WE HAVE SIMILAR RETURNS ANDSIMILAR PROFITS. WE ARE PROVEN IN THE FIRSTQUARTER THAT THAT IS EXACTLY. FOR YOUR LISTENERS, WE ARE VERYBULLISH ABOUT NORTH AMERICA, BUT WE DON'T SEE A FALLBACK TOOUR RECORD YEAR IN 2023. MANUS: THAT IS WHERE WE WANT TOELABORATE.

YOU SAY ORDER INTAKE IN THE U.S.IS STILL VERY HEALTHY, BUT SALES ARE DOWN BY 5%.CAN YOU ELABORATE? THIS IS NOT A SLOW DOWN NOT ARECESSION. TO USE THE PHRASE A GOLDILOCKSSCENARIO FOR YOU IN THE USA? MARTIN:IT IS DIFFICULT IF YOU HAVE A COMPLEX NATURE TO CONDENSE ITTO A SINGLE WORD. WE ARE DELIVERING AT FULL SPEEDFROM OUR FACTORIES. THIS PLUS/MINUS 45% IN THE U.S. –4% TO 5% IN THE U.S., THATALONE COULD TRIGGER THIS ONE TO.

2% DOWNWARDS. IT IS MORE ENCOURAGING THAT WEARE 30% MORE INTAKE IN Q1 THEN WE HAD A YEAR AGO AND THERE WASNO REASON TO COMPLAIN A YEAR AGO. SO, VERY HEALTHY AND GOOD BUSINESS, GOOD GOING FOR THESECOND AND THIRD QUARTER. DANI: WITHIN THAT HEALTH, WHAT ABOUTPRICES? WE HAVE SEEN OTHER INDUSTRIESTAKE DOWN PRICES TO GET THAT VOLUME.SOME TO MORE SUCCESSTHAN OTHERS . DO YOU HAVE THAT PRICING POWERTHAT YOU ONCE DID? MARTIN:.

YEAH, WE STILL HAVE IT.WE DIDN'T OVERDO IT WHEN THERE WERE SHORTAGES, SO AT THEMOMENT I DON'T SEE ANY NECESSITY TO REDUCE PRICING.WE CAN'T DENY THAT WE HAVE INFLATION.OUR MATERIALS, OUR WAGES WENT UP SIGNIFICANTLY, SO WE NEEDHIGHER PRICES. MANUS: YOU SAID YOU HAVE LOWER RAWMATERIAL COSTS SO WHAT COMES NEXT IS THAT IS, WHERE ARE YOUSEEING THE MOST MATERIAL DECLINE IN COSTS AND THECONSEQUENCE THEREFORE CAN YOU SAY THAT INFLATION, THATSQUEEZE ON INFLATION IS FIRMLY.

IN THE REARVIEW MIRROR? MARTIN: NO, THE MAIN PUSH ON INFLATIONIS AT THE MOMENT THE WAGES. IT'S NOT JUST OUR WAGES, IT ISOUR SUPPLIERS, IT IS LOGISTICS COSTS, IT'S EVERYWHERE.RAW MATERIAL ONLY PLAYS A SMALLER ROLE IN THE WHOLETHING, SO WE ARE STILL IN THE INFLATIONARY ENVIRONMENT ANDTHEREFORE THE PRICING WILL STAY WHERE IT IS. DANI: WHEN IT COMES TO WAGES, BECAUSEWE WERE IN THIS. PERIOD POST-COVID WHERECOMPANIES HAD TO HOARD WORKERS.

BECAUSE THEY WERE AFRAID THEYWOULDN'T BE ABLE TO BRING MORE WORKERS ON DECK.DO YOU SEE A LOOSENING OF THE LABOR MARKET OR IT IS TIGHTCONTRIBUTING TO THE INFLATIONARY ENVIRONMENT?MARTIN: IT IS STILL TIGHT. I SEE SUPPLIERS, IT IS STILLNOT IN A GOOD POSITION. THINK ABOUT TRUCK DRIVERS.CONSISTENT SHORTAGES DESPITE FAIRLY HIGH WAGES.I WOULD SAY THAT THE LABOR MARKET — DANI:IS THAT GLOBALLY? IS THAT GLOBALLY? MARTIN:AS A GLOBAL COMPANY, IT IS IN.

EVERY COMPANY IS DIFFERENT.IN EUROPE, DEFINITELY. EUROPE IS SO SO.INDONESIA IS A REALLY BAD MARKET AT THE MOMENT.INDIA IS GOING WELL. BRAZIL IS GOING BETTER.JAPAN IS SO-SO. IT IS A MIXED BAG.NO CLEAR GLOBAL TREND. MANUS: LET'S GET YOU REVVED UP,MARTIN, AND TALK ABOUT UV. ELON MUSK MANAGED TO CONVINCETHE CHINESE TO HELP HIM THIS WEEK. I'M CURIOUS, DO YOU HAVE FULLFAITH AND CONVICTION IN THE U.S.

AND EUROPEAN GOVERNMENT TODELIVER THE INFRASTRUCTURE TO MAKE EV TRUCKS A REALITY OVERFANTASY? MARTIN:I ALWAYS SAID THAT IT NEEDS THREE THINGS.GREAT PRODUCTS, COST PARITY, AND INFRASTRUCTURE. GREAT PRODUCTS ARE THERE.WE HAVE GREAT PRODUCTS IN NORTH AMERICA, ASIA, AND EUROPE. COST PARITY, WE HAVE TO PRICETOO OTHERWISE ELECTRIC TRUCKS WILL ALWAYS BE MORE EXPENSIVETHAN DIESEL-POWERED TRUCKS.

DIESEL IS THE MOST EFFICIENTWAY TO STORE ENERGY. HERE I AM LIKE A PREACHER AND ISAY YOU HAVE TO BUILD, WE NEED TO INVEST IN THE GRID, WE NEEDGREEN HYDROGEN. WE ARE DOING STEPS FORWARD.I AM STILL CAUTIOUSLY OPTIMISTIC THAT 2030 IS THETIME WHEN THE MAJORITY OF THE LONG DISTANCE DRIVING TRAFFIC.I AM A LITTLE MORE OPTIMISTIC TO EUROPE.ON THE OTHERS IN THE U.S. THERE IS THE ABILITY TO MOVEEXTREMELY FAST, AND THEREFORE WE WILL SEE.HYDROGEN-POWERED TRUCKS RUNNING.

LONG DISTANCE. DANI:THERE IS CHINA, WHICH I KNOW THAT YOU HAVE A JV IN CHINA.WE SAW ELON MUSK COME FROM CHINA WITH THE BIG WIN FROM XI.HOW MUCH OF THAT IS ELON MUSK OR THE OPENING OF CHINA?ARE YOU SEEING A CHINA THAT IS MORE ENGAGED AND WILLING TOHAVE AND GROW FOREIGN-BORN VEHICLE MAKERS? MARTIN: ON THE COMMERCIAL SIDE, THEREIS CLEARLY THE EMERGENCE LOCALLY IN CHINA OF LOCALPLAYERS. CHINA IS AN EXTREMELY DIFFICULTMARKET ALREADY FOR YEARS.

AT THE MOMENT CHINA IS ON THEMINUS SIDE WHEN IT COMES TO TRUCKING ECONOMY. MANUS:THANKS FOR YOUR TIME. THAT IS THE DIAL-IN TRUCK CEO.WE SPEAK TO JOSE TORRES OF INTERACTIVE BROKERS.A BIG JOBS REPORT COMING COUNTING DOWN. DANI IS EXCITED.HERE ON BLOOMBERG, CONTEXT MATTERS. ♪ DANI:YOU ARE LOOKING LIVE AT THE PRINCIPAL ROOM.

LATER, AND AN INTERVIEW WITHTHE ACTING U.S. LABOR SECRETARY JULIE SU.THIS IS BLOOMBERG. MANUS: IT IS BLOOMBERG BRIEF.MANUS CRANNY ALONGSIDE DANI BURGER.THE APRIL DOCS REPORTED A: 30 EASTERN TODAY, AND IT ISEXPECTED TO SHOW A CONTINUED STREAK OF STRONG GROWTH DESPITEWAGE PRESSURES. JOINING US IS JOSE TORRES, THESENIOR ECONOMIST AT INTERACTIVE BROKERS.THE WHISPER NUMBER IS 248 AND THE CONSENSUS NUMBER AT THEMOMENT IS TO 47.

— 247, THE CONSENSUS NUMBER IS240. HOW REAL IS THE RISK OF STAGFLATION TO YOU ATINTERACTIVE BROKERS, OR IS THAT A LEFT TAIL RISK? JOSE:THANK YOU FOR HAVING ME. WE THINK THAT ECONOMIC GROWTHIS SLOWING AND INFLATION IS SLOWING, BUT WE THINK THATCENTRAL BANKS ARE IMPLICITLY ACCEPTING INFLATION AROUND 3%TO 4%. AS FAR AS ECONOMIC GROWTH, THECONSUMER IS STARTING TO SOFTEN. HOWEVER, WE DON'T THINK THATTHE CONSUMER IS GOING TO FALL OFF OF THE CLIFF THIS YEAR.WE DON'T THINK THAT THE.

STAGFLATION RISK IS AROUND THECORNER. WE THINK THAT THE PROPENSITYFOR CONSUMERS TO SAVE IS LOW, WHICH WILL CONTINUE TO DRIVESPENDING. ALBEIT, SOME OF THE DISCRETIONARY CATEGORIES, LIKEWE ARE HEARING ON THE EARNINGS CALLS, LIKE STARBUCKS, THERECOULD BE WEAKNESS THERE. DANI: THAT IS WHERE I WANTED TO GO.MANUS CAN MAKE FUN OF ME FOR BUYING A LATTE, WHICH I DID ANDREGRET, BUT WE SEE IT IN MCDONALD'S AND EVEN AMAZON SAIDTHAT FOLKS ARE TRADING DOWN, A MORE PRICE CONSCIOUS CONSUMER.HOW MUCH OF IT IS THE LOWER END.

CONSUMER VERSUS SOMETHING THATWILL SPREAD WIDELY AMONG AMERICANS? JOSE: CAPITAL MARKETS HAVE BEENBUOYANT, AND THAT HAS BEEN HELPING THE HIGHER END CONSUMER.THE LOWER END CONSUMER, HOWEVER, TYPICALLY DOESN'T HAVETHAT MUCH EXPOSURE TO STOCKS OR REAL ESTATE SO THEY HAVE BEENFEELING THE PAIN OF HIGHER PRICES AND REDUCED CREDITAVAILABILITY. TO THE EXTENT THAT CONSUMERSPENDING AS A WHOLE STARTS TO WANE WE WOULD NEED WEAKNESS INTHE CAPITAL.

MARKETS.HOWEVER, WE HEARD FROM THE FED THIS WEEK CHAIR POWELLEFFECTIVELY TOOK A HIKE OFF THE TABLE, REDUCED THE PLANS OFQUANTITATIVE TIGHTENING OR THE AMOUNT OF SECURITY THAT CAN RUNOFF THE BALANCE SHEET PER MONTH. SO, WE ARE LOOKING AT ALANDSCAPE THAT IS PARTICULARLY ROBUST IN TERMS OF LIQUIDITY.WE ARE EXPECTING CAPITAL MARKETS TO LOOK STRONG IN THE NEXT FEW YEARS, PARTICULARLY ASINFLATION IS IMPLICITLY ACCEPTED AROUND 3.5%.THAT WILL DRIVE.

EARNINGS-PER-SHARE HIGHER, ALLELSE EQUAL. I AM LABELING IT THE INFLATIONPUT THAT WILL OFFERSTABILITY TO EQUITIES. MANUS: YOU HAVE CHRISTENED THISPHRASE, YET THE MARKET HAS SURVIVED, THINKING THAT THEREWOULD BE NO RATE CUTS. THEN WE WENT THROUGH THISCONVULSING WHEN THE MARKET BEGAN TO PRICE OUT RATE CUTS OFANY MEASURE THIS YEAR. EXTRAPOLATE ON THE INFLATIONPUT.IT WILL BE AN IMPLIED RATHER THAN EXPRESS LEVEL.WHERE DO THEY BEGIN TO CUT? JOSE:I THINK THAT THIS FED WANTS TO.

CUT.LAST YEAR IN DECEMBER, THAT WAS A CRITICAL POINT FOR MONETARYPOLICY WHEN CHAIR POWELL POINTED TO RATE CUTS AROUND THECORNER ALONGSIDE THE DOTS. I THINK WE WILL GET ONE CUTTHIS YEAR. THE PROBLEM LIES IN THERECOVERY IN THE MANUFACTURING SECTOR WE ARE SEEING.WE SAW THE NUMBERS FROM ISM A FEW DAYS AGO, MANUFACTURING ISAROUND THE EXPANSION/CONTRACTION THRESHOLDOF 50. THE PRICES PAID COMPONENT WENTUP TO 60 EVEN THOUGH.

MANUFACTURING ORDERS WERE NOT THAT BUOYANT, POINTING TO SOMECOST PRESSURES. LAST YEAR, WHAT DROVE THEDISINFLATIONARY TREND WERE GOODS AND COMMODITIES.THIS YEAR, GOODS AND COMMODITIES ARE GOING THE OTHERWAY, PARTICULARLY COPPER, OIL, AND MANUFACTURING. FOLKS SPLURGED ON GOODS,INCORPORATES SPLURGED ON EQUIPMENT DURING THE PANDEMIC.THEY TOOK A BREAK FOR TWO YEARS AND NOW THEY ARE BACK ONDRIVING INFLATION HIGHER. DANI:.

WHY NOT HIKE THEN? JOSE: I THOUGHT THAT WAS A MISTAKEFOR CHAIR POWELL TO TAKE A HIKE OFF THE TABLE. WE ARE IN MAY. SO FAR, INCLUDING APRIL'S DATA,WE WON'T HAVE ONE MONTH OF INFLATION DATA SO FAR THIS YEARTHAT IS CONSISTENT WITH THE FED'S 2% TARGET. ROUGHLY A 17 INCREASE IN PRICESYEAR OVER YEAR. IN MAY WE DO HAVE A CHANCE. JUNE READINGS COULD BEFAVORABLE.

JANUARY-APRIL, THEY HAVE NOTBEEN FAVORABLE IN THIS MONTH WON'T HAVE GOOD INFLATION DATAEITHER. MANUS: ARE YOU A BUYER OF THE THESISTHAT EMIGRATION HAS BEEN CONSTRUCTED IN SUPPRESSINGWAGES, ALBEIT AT THE LOWER END VERSUS THE HIGHER END? JOSE:I THINK THAT IT HAS BEEN A FACTOR, BUT THERE IS ALSO THEOTHER SIDE, WHICH IS A SHELTER COSTS. THEY DO DRIVE DOWN WAGE INFLATION BUT PUSH OF RENTALCOSTS. THERE ARE OFFSETTING FACTORS.OVERALL, JOB OPENINGS ARE QUITE.

ELEVATED. UP AROUND 8.5 MILLION ABOVEPRE-PANDEMIC LEVELS. COMPANIES ARE HAVING TROUBLEFINDING THE RIGHT SKILLS AT THE RIGHT PRICE.WAGES, WE SAW A FEW DAYS AGO THAT WAGES ARE RUNNING AT 4%. MOST OF OUR ECONOMY ISLABOR-INTENSIVE SERVICES.HOW CAN WE GET DOWN TO 2%? DANI:ON THE IDEA OF THE FED PUT COMING INTO SAVE MARKETS, THEREWAS A NOTE FROM THE CREDIT STRATEGIST AT BANK OF AMERICAWHO SAYS THAT WE HAVE A.

CRASHING COCOA, CORRECTION INCRYPTO, TIME SELLOFFS IN THE YEN, THESE PREVIOUSLY BUBBLYASSETS HAVE COME BACK TO EARTH. IT SHOWS THAT THE HIGHER FORLONGER STANDS HAS FINALLY PERCOLATED THROUGH MARKETS.IS IT JOB DONE FOR POWELL THAT HE CAN HAVE THAT PUT BACK INTOTHE MARKET BECAUSE THE BUBBLES HAVE EASED? JOSE: YOU KNOW, BITCOIN HAD EASED,BUT FROM A VERY HIGH LEVEL. IT IS STILL RUNNING AROUND58,000. THAT IS STILL QUITE BUBBLELISCIOUS.

MONETARY POLICY OVER THE PASTTWO DECADES HAS BECOME MORE THAN ONE NUMBER, WHEN WECONSIDER THE FED RHETORIC AND COMMUNICATION.THE SPEED AT WHICH THE CENTRAL BANK COMES IN AND HELPSWHENEVER VOLATILITY EMERGES. THE BANK RESERVE SITUATION.THE BALANCE SHEET. MONETARY POLICY IS MORE.RIGHT NOW WE LOOK AT FINANCIAL CONDITIONS, GOLDMAN SACHS,BLOOMBERG, OR CHICAGO FED, THEY ARE ALL POINTING TO REALLYLOOSE CONDITIONS. CORPORATE BALANCE SHEETS ARESTRONG, AND WE WILL HAVE AN.

ABOVE CONSENSUS NUMBER AT 8:30A.M. DANI: ALL I WANT IS FOR POWELL TO SAYBUBBL ISCIOUS AND ONE OF HIS PRESSCONFERENCES. COMING UP, WE WILL GET YOU SETUP FOR YOUR TRADING DAY. ♪ DANI:IT IS YOUR BLOOMBERG BRIEF ON THIS FRIDAY.DANI BURGER AND MANUS CRANNY IN NEW YORK. HERE IS WHAT IS AHEAD.THE MAIN EVENT, THE APRIL JOBS REPORTED 8:30 A.M. EASTERN.WE WILL HAVE MORE ECONOMIC DATA.

ISM SERVICES AT 8:00 A.M.EASTERN. LATER, FED PRESIDENTS WILLPARTICIPATE IN A PANEL DISCUSSION.240 IS THE ESTIMATE FOR JOBS. MANUS:LET'S SEE IF GOOLSBY REITERATES HIS DESIRE FOR A RECALIBRATION.APPLE IS RALLYING UP FOR THE SECOND TIME.YOU HAVE A RECORD BUYBACK AND A DIVIDEND.WE HAD A CONVERSATION THIS MORNING, PESSIMISM ON CHINA.IT IS THE BUYBACK OF $110 BILLION.

THE AMGEN CEO SAYS HE ISENCOURAGED BY THE STUDIES ON THE OBESITY DRUG.EVERYONE IS SEARCHING FOR THAT QUID PRO QUO. THEN YOU HAVE BLOCK INC WITHPLANS TO INVEST 10% OF THEIR GROSS PROFIT IN BITCOINPRODUCTS. EACH MONTH BUYING BITCOIN AS ANINVESTOR. GET READY FOR A VOLATILE RIDE.DANI: IT IS ALWAYS FUN TO TIE YOURCOMPANY TO BITCOIN. WE WERE AT 153 AND FOR NOW THEYEN VIGILANTES HAVE BEEN HELD.

AT BAY.TWO DAYS OF INTERVENTION FROM JAPANESE AUTHORITIES, WE ARE ONTRACK FOR THE BEST WEEK SINCE DECEMBER OF 2022 FOR THE YEN.MANUS: NOT IF YOU ARE SHORT THE YENYOU SHOULD BE FRIGHTENED. DANI: THIS IS WHAT AUTHORITIESWANTED, I'M SURE. MANUS: YOU'RE FRIGHTENED BUT YOU WILLHAVE ANOTHER PUNCH. UNLESS YOU SEE THE U.S.AND JAPAN CO-JOIN G2 INTERVENTION YOU WILL KISS THATGOODBYE. IT IS A VICTIM OF YAWNINGDIFFERENTIAL. DANI:.

WE HAD AN INTERESTINGCONVERSATION WITH PETER'S YEAR WHO SAID, I THINK THIS WILLWORK. HE SAYS THAT THEY HAVE DONE ITSMARTLY AND IT CAN WORK. MANUS: HIS LONE VOICE.HE IS A CONTRARIAN. THAT IS WHAT WE DO EVERY DAY ONBLOOMBERG BRIEF. THE SURVEILLANCE TEAM WILL TAKEYOU THROUGH THE NEXT FEW HOURS. IT IS JOBS DAY. ♪

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