The now muddy nevada desert. Plus, an escaped killer on the loose. The search intensifying after a convict was caught on a home surveillance video. And ukraines fired Defense Minister, president zelenskyy sacking him in the middle of crucial counteroffenses. Hi there, welcome to a special Holiday Edition of early start. Im david culver. We start with what is anything but a relaxing Holiday Weekend for Tens Of Thousands of people at the burning Manifest Value in the nevada desert. They are trapped in a sea of mud out there this morning. What a mess out there. Theyre waiting for organizers to give the allclear to exit the site. That is expected to happen sometime today. Amid a downpour friday and saturday transformed the Dry Desert Dirt into thick claylike mud that traps bikes and organizers alike. Organizers asked the attendees to shelter in place and shelter and food. And also plans to set fire to the iconic Burning Man Effigy in tonight. Police out there are investigating one death at
Francine it started 56 years ago with a tie. Today, ralph lauren is one of the worlds most iconic fashion brands, valued at 8 billion with 500 stores around the globe. At the helm, a chief executive who came into the store seven years ago with no fashion experience but a determination to return the brand to luxury, attracting younger, high value customers. When i started the job, i often got the question, is ralph lauren still relevant . Which is a painful question to listen we had to some extent to honestly . We had to some extent lost that to the younger generation. Francine today, i speak to the ceo of ralph lauren about the Company Founder and his plans to take the company back to its roots. Patrice louvet, thank you so much for joining us on bloomberg. Patrice very happy to be here. Francine do you have the most fun job in the world . Patrice it is pretty fun. Probably the thing that attracted me to this opportunity is the opportunity to work with ralph, right . This man is a visi
Isnt lost. It may be found. What do we think about where we might go . I think were still stuck in a range, were battling with the emotions of feeling better, seeing corporate earnings do better than we expect. Were seeing goldman say things like, hey, were decreasing the chance of a recession. Then were fighting the math on it. I dont see how the multiple on the s p gets above 20 times. With that you have a heavy cap on the market. Were stuck in this range and it might take time to get out of it. Investors are impatient. Theres so much we still need to digest. Were digesting 18 months of rate hikes, the fed reducing their balance sheet, the inflation reduction act, unemployment levels that are changing, inventories. Everything is distorted. We want it to happen all at once, get back to high growth but its important to do that. I think were stuck. Joe, are we stuck . I think it rallied from the 4 low. Youve built in a cushion. I think jenny is on to something. Weve priced in the fact t
Anna lena berbok, president volodymyr zelenskyi. Today she is in kyiv on an unannounced visit. Burbok visited ukraine for the eighth time, in the seventh, since the beginning of the fullscale russian invasion. During the meeting, the ukrainian head of state told his german colleague about the situation on the front line and the primary defense needs of our army. They also discussed the joint initiative of the ministers of Foreign Affairs and defense of germany. Search for Additional Air Defense Systems for our country. I am very grateful for your military and financial support. We are counting on you. I am very happy that we have such a connection. I also thank your people for supporting ukrainians, for accepting our people. I just got back from a coalfired power plant, trying to show europe what it means. War. It is nice to see people who start rebuilding the station a month after the attack. It is incredibly. Everything we do, we do for the people of ukraine. Do not prohibit ukraine
5 level. Todays action coming ahead of the busiest week of earnings. A number of key Economic Data points, whether youre a bull or a bear, theres a narrative to hang your hat on. Lets bring in mike santoli, cnbc senior markets commentator. Whats the bull case . The bull case is yields are going up largely because the economy has been stronger than expected. The bottom were seeing in earnings is going to hold. Well actually have progression higher in s p 500 earnings. The market should eventually reflect that. The other piece is the fed is at the end or near the end. Everything going on with yields is also maybe taking the pressure off that end of things. The market seems to roughly agree about that. The other one is sentiment and positioning and seasonals have primed the pump for a decent rebound attempt at the end of the year, i would say. Youre talking about shorts, in other words, coming off very short, equity exposure is coming down, in general. Yeah, all that stuff seems to be bui