Speaker 1: Bloomberg Audio Studios.
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Speaker 5: Good morning.
Speaker 6: I'm Nathan Hager. And I'm Alexis Christophorus. Here are the
Speaker 6: stories we're following today. Alexis, we begin with the latest
Speaker 6: from the Middle East.
Speaker 7: Iran's foreign minister and his counterpart from Oman are discussing
Speaker 7: an interim framework to resume shipping through the Strait of Hormuz.
Speaker 1: That's after the U.S.
Speaker 7: Announced dozens of new sanctions on Iran's trading partners in
Speaker 7: an effort to put more pressure on the regime. We
Speaker 7: get more from Bloomberg Middle East correspondent Abir Abu Omar
Speaker 7: in Dubai.
Speaker 4: What we know is that this is a framework that
Speaker 4: is temporary in its nature, and it's a mechanism to
Speaker 4: open the Strait of Hormuz or reopen the movement in
Speaker 4: the Strait of Hormuz.
Speaker 1: In some fashion.
Speaker 4: Now, the two countries are set to have further negotiations
Speaker 4: over the next 30 to 60 days to carry out
Speaker 4: a more permanent solution to the Strait of Hormuz. But
Speaker 4: some things that stood out is, first, the fact that
Speaker 4: this is temporary. Second, is that this is an initiative
Speaker 4: that will also discuss who manages the.
Speaker 1: Strait of Hormuz.
Speaker 7: Bloomberg's Zabir Abu-Almar reports President Trump claimed yesterday that the U.S.
Speaker 7: Navy had cleared all mines from the Strait, but he
Speaker 7: provided no evidence of that. Iran says it is focused
Speaker 7: solely on the Hormuz talks with Oman and that they
Speaker 7: are independent of stalled negotiations with the U.S. on ending
Speaker 7: the war.
Speaker 6: And Nathan, the trade war between the U.S. and Canada
Speaker 6: is heating up. A White House official says the Trump
Speaker 6: administration is discussing higher tariffs and other trade actions now
Speaker 6: that Canada has answered 50 percent tariffs from the U.S.
Speaker 6: with dollar-for-dollar duties of its own. Bloomberg Global Trade Editor
Speaker 6: Brendan Murray has more.
Speaker 3: President Trump has already said that come January 1st, we're
Speaker 3: going to raise tariffs even further. But January 1st.
Speaker 1: Is a long time.
Speaker 3: And you would think that President Trump, who has sort
Speaker 3: of a knee-jerk reaction in a lot of instances, would have.
Speaker 1: Done that sooner.
Speaker 3: And so I think that was a signal that he
Speaker 3: wants some sort of time to figure things out.
Speaker 6: Bloomberg's Brendan Murray reports Canada's counter tariffs don't take effect
Speaker 6: until September 8th, though they will hit U.S. exports from
Speaker 6: key battleground states like Michigan, Pennsylvania and Ohio. Ontario Premier
Speaker 6: Doug Ford was one of the first to remove American
Speaker 6: alcohol at the start of the trade war. Now he's
Speaker 6: calling for compromise with President Trump.
Speaker 8: He was throwing insults. He's not trying to throw insults
Speaker 8: to anyone. And I hit back, but I think it'd
Speaker 8: be more productive if we actually sit down and the
Speaker 8: prime minister and the president sit down and have a
Speaker 8: fair deal for everyone, because right now there's not certainty
Speaker 8: in either country. There's not stability.
Speaker 6: Ontario Premier Doug Ford appeared on Bloomberg's Balance of Power.
Speaker 6: You can catch the full conversation on the video hub
Speaker 6: at Bloomberg.com and the Bloomberg Business app.
Speaker 7: Well, now to election politics on this side of the
Speaker 7: northern border. Darlene Graham has won the Republican nomination to
Speaker 7: replace her late brother, Lindsey, in South Carolina's general election
Speaker 7: ballot for U.S.
Speaker 9: Senate.
Speaker 7: At her victory party, Graham thanked President Trump.
Speaker 10: I want to thank President Trump for all of his
Speaker 10: support and his endorsement.
Speaker 11: Mr.
Speaker 10: President, Lindsey truly loved you and viewed you as one
Speaker 10: of his closest friends. I appreciate that bond and appreciate
Speaker 10: all that you've done for our country.
Speaker 7: And now Darlene Graham defeated Congressman Ralph Norman in yesterday's
Speaker 7: special Republican primary runoff, 52 to 48 percent. She will
Speaker 7: now face Democratic nominee pediatrician Annie Andrews in November.
Speaker 6: And a candidate with the same name as Alaska's incumbent
Speaker 6: senator has advanced to the general election.
Speaker 1: Dan J.
Speaker 6: Sullivan, who goes by Dan Sullivan, was among the top
Speaker 6: four finishers after the August 18th primary and moved on
Speaker 6: to the November matchup, which is a ranked choice contest.
Speaker 6: The incumbent Republican Senator Dan Sullivan and Democratic former representative
Speaker 6: Mary Peltola also have advanced.
Speaker 7: Ahead of the November midterms, Alexis, congressional Democrats and civil
Speaker 7: liberties groups are taking new legal action against President Trump's
Speaker 7: mail-in voting restrictions. They allege the president's proposed rule exceeds
Speaker 7: the U.S. Postal Service's authority and creates impossible burdens for
Speaker 7: the midterms. The new filings come a day after the
Speaker 7: Supreme Court unblocked the federal ballot mail portal rule in
Speaker 7: a separate case. The ruling does not guarantee that program
Speaker 7: will be in place for this year's election, but the
Speaker 7: proposed rules would require states to provide the federal government
Speaker 7: with voter lists and then use special barcoded envelopes for
Speaker 7: mailed federal ballots.
Speaker 6: And now to a Bloomberg exclusive. Meta platforms and state
Speaker 6: attorneys generals have discussed settling their high-profile social media case.
Speaker 6: Bloomberg's John Tucker reports.
Speaker 12: Meta is accused of deliberately designing Facebook and Instagram to
Speaker 12: addict teens. The case poses an enormous risk for the
Speaker 12: social media giant as 29 states are seeking financial penalties
Speaker 12: and mandatory changes to how the platform operates. Meta has
Speaker 12: denied the state's allegations and accused the attorneys general of
Speaker 12: seeking unreasonable design changes and an outlandish payout. A lawsuit trial,
Speaker 12: which is now in its second week, could result in
Speaker 12: penalties of as much as $ 1. 4 trillion for Meta, while
Speaker 12: a settlement would likely amount to a far smaller sum.
Speaker 12: I'm John Tucker, Bloomberg Radio.
Speaker 8: John, thanks.
Speaker 7: Let's turn to the markets now. Futures are mixed ahead
Speaker 7: of highly anticipated earnings today from NVIDIA. Bloomberg's Charlie Pellett
Speaker 7: has more. on what to expect from the chip giant.
Speaker 5: NVIDIA is expected to report another quarter of blockbuster profit
Speaker 5: and sales with a growing role in orchestrating funding for
Speaker 5: AI projects. Investors also want to know whether AI demand
Speaker 5: can sustain the stock's valuation. Andrew Cry is co-CIO at
Speaker 5: Crescent Grove Advisors.
Speaker 12: I think there could be an element where, you know,
Speaker 12: we've seen so much pressure on the stock now over
Speaker 12: the last several days that it could be a little
Speaker 12: bit of a coiled spring post earnings announcement.
Speaker 5: The stock has now fallen for seven straight sessions. Also
Speaker 5: reporting within video will be Salesforce, CrowdStrike and HP Inc.
Speaker 3: In New York.
Speaker 9: All right.
Speaker 6: Thanks, Charlie. And after investors digest earnings from NVIDIA, they
Speaker 6: have another possible market moving event to look forward to.
Speaker 6: And that is Kevin Warsh giving a highly anticipated speech
Speaker 6: at Jackson Hole on Friday. Sarah House is senior economist
Speaker 6: at Wells Fargo.
Speaker 13: Obviously, we all have to pay attention to this speech
Speaker 13: because at times it has been used to give some
Speaker 13: pretty important policy hints. But More often than not, it's
Speaker 13: used to address some of the bigger questions out there.
Speaker 13: And while I think there has been some pushback about
Speaker 13: Chair Warsh's communication so far, he's a less is more
Speaker 13: guy when it comes to laying out his reaction function.
Speaker 13: We're still only three months in, so I don't think
Speaker 13: he's going to abandon that strategy.
Speaker 6: Wells Fargo's Sarah House joined us this Friday for a
Speaker 6: special edition of Bloomberg Surveillance. Live from the Jackson Hole
Speaker 6: Economic Symposium, Tom Keene, Lisa Abramowitz, and Michael McKee speak
Speaker 6: with Fed experts on the path forward. It all starts Friday,
Speaker 6: 9 a.m. Wall Street time on Bloomberg Radio, Bloomberg Television,
Speaker 6: and the Bloomberg Business App.
Speaker 7: Well, this morning, Alexis, the world is remembering and paying
Speaker 7: tribute to music and film star Dolly Parton.
Speaker 2: Working hard.
Speaker 7: Dolly Parton's career spanned decades with hits like this one,
Speaker 7: 9 to 5, Jolene, I Will Always Love You, so
Speaker 7: many more. Born in Tennessee, Dolly Parton rose from those
Speaker 7: humble beginnings to become a country music icon and philanthropist.
Speaker 7: Her imagination library has donated more than 200 million books
Speaker 7: to needy children. Back in 1982, Dolly Parton spoke with
Speaker 7: Barbara Walters about what she wanted to accomplish.
Speaker 8: I want people to know there's some brains beneath the
Speaker 8: wig and a heart beneath the boobs.
Speaker 1: And I think people are beginning.
Speaker 2: To see that.
Speaker 7: Dolly Parton died in Nashville yesterday. Her team says she
Speaker 7: had a brief battle with cancer. And President Donald Trump
Speaker 7: has ordered American flags to be flown at half staff
Speaker 7: for a week in her honor. Dolly Parton was 80
Speaker 7: years old. 5.09 on Wall Street.
Speaker 6: Time now for a look at some of the other
Speaker 6: stories making news in New York and around the world.
Speaker 6: For that, we're joined by Bloomberg's Michael Barr. Michael, good morning.
Speaker 11: Good morning, Alexis. In Massachusetts, one more day of rebuttal
Speaker 11: testimony is expected in the trial against Lindsay Clancy, followed
Speaker 11: by closing arguments likely on Thursday. The jury, which will
Speaker 11: likely begin deliberations on Friday, will decide whether the Massachusetts
Speaker 11: mother was experiencing postpartum psychosis when she killed her three
Speaker 11: children in their Duxbury home in January 2023. Yesterday, prosecutors
Speaker 11: called forensic psychiatrist Gregory Satoff.
Speaker 14: What was very unusual was the fact that the voice
Speaker 14: stopped with... the death of or the strangling of her.
Speaker 11: Youngest son. Audio courtesy of WCBB. Pennsylvania Governor Josh Shapiro
Speaker 11: is urging people to get vaccinated for measles as his
Speaker 11: state combats the worst measles outbreak in more than 30 years.
Speaker 11: In a news conference, Governor Shapiro says that the vast
Speaker 11: majority of cases are among people who aren't vaccinated. This
Speaker 11: disease does not respect county lines. or religious lines.
Speaker 7: It goes after all who are unprotected.
Speaker 11: Two unvaccinated people who have died of measles in Lancaster County, Pennsylvania,
Speaker 11: marked the first U.S. deaths this year. In New York,
Speaker 11: a new state law prohibiting local police agencies from cooperating
Speaker 11: with federal immigration enforcement took effect on Tuesday. Governor Hochul
Speaker 11: spoke about the new ban from Albany.
Speaker 7: Local cops cannot be ordered to aid an event.
Speaker 3: An out-of-control agency with an $ 85 billion budget.
Speaker 11: However, not all local agencies have complied with the legislation
Speaker 11: known as the Local Cops, Local Crimes Act, including Nassau County.
Speaker 11: Global news 24 hours a day and whenever you want it.
Speaker 11: With Bloomberg News Now, I'm Michael Barr and this is Bloomberg, Alexis.
Speaker 6: Thanks, Michael. Time now for our Bloomberg Sports Update. And
Speaker 6: for that, we bring in John Staschauer.
Speaker 15: As the Tour Championship gets ready to begin, big news
Speaker 15: about the future of the tournament. The PGA announcing that
Speaker 15: in 2028, it'll be a two-week event at two different venues.
Speaker 15: and it'll be match play. After the surprising news of
Speaker 15: a couple of players having been in NFL training camps
Speaker 15: getting cut and then going back to play in college
Speaker 15: at LSU, the Big Ten announced they will not allow
Speaker 15: any school to do that, and the SEC followed suit.
Speaker 15: That's your Bloomberg Sports Update.
Speaker 7: Stay with us. More from Bloomberg Daybreak coming up after this.
Speaker 1: Coast to coast on Bloomberg Radio. Nationwide on Sirius XM.
Speaker 1: And around the world on Bloomberg.com and the Bloomberg Business App.
Speaker 1: This is Bloomberg Daybreak.
Speaker 11: Good morning.
Speaker 1: I'm Nathan Hager.
Speaker 11: While the U.S.
Speaker 7: Is ramping up economic pressure to try to bring the
Speaker 7: Iran war to an end, Iran appears focused on asserting
Speaker 7: control over the Strait of Hormuz. Tehran says it is
Speaker 7: still in talks with Oman on managing shipping through the
Speaker 7: crucial waterway. Joining us from Dubai with more on this
Speaker 7: is Bloomberg Middle East breaking news team leader Dana Kresh. Dana,
Speaker 7: these talks have been going on for so long now.
Speaker 7: What is the latest on the discussions over the Strait?
Speaker 8: Good morning.
Speaker 2: Yes, you're right.
Speaker 9: Oman and Iran have been negotiating to ease tensions through Hormuz.
Speaker 9: And yesterday they said they discussed.
Speaker 2: And doesn't seem we have an agreement yet.
Speaker 9: On an interim framework to set up a joint route
Speaker 9: that's administered by both, and a plan to clear mines there.
Speaker 9: And they said there were technical talks regarding another permanent route.
Speaker 2: And, you know, the... It seems that.
Speaker 9: Oman and Iran are trying to reach an agreement, and
Speaker 9: they said that they were also in talks with regional states,
Speaker 9: and that includes, of course, Gulf countries, to try to
Speaker 9: come up or come to an agreement that can ease
Speaker 9: tensions and let shipping flow again.
Speaker 7: Well, it's interesting to hear the Iranians and Omanis talking
Speaker 7: about clearing mines through the Strait when we heard President
Speaker 7: Trump yesterday saying that the U.S. Navy has cleared all
Speaker 7: mines through the Strait.
Speaker 6: Do we have any evidence of that, Dana?
Speaker 5: Sure.
Speaker 2: I don't think so.
Speaker 9: I think that there is a lot of skepticism about
Speaker 9: whether the mines had been cleared as per President Trump's claim.
Speaker 2: And I think he said that before.
Speaker 9: And I think the Europeans were also invoiced skepticism that
Speaker 9: they were cleared. And we see now Oman and Iran
Speaker 9: saying that we have to clear mines and they have
Speaker 9: apparently a plan for that.
Speaker 2: And the route will probably go around.
Speaker 9: That before it is clear that the ships can go through.
Speaker 7: And if there are discussions that are happening with other
Speaker 7: regional partners, how does that square with what we heard
Speaker 7: from the Treasury Secretary, Scott Bessent, this week, that the U.S.
Speaker 7: wants to put more pressure on, you would think, many
Speaker 7: of those same regional partners?
Speaker 9: Exactly. Well, Qatar yesterday said that they were also trying
Speaker 9: to get regional countries, as in the Gulf countries, to
Speaker 9: be part of this agreement, and so did the Omani
Speaker 9: foreign minister.
Speaker 2: He said he would discuss navigation.
Speaker 9: And this is, of course, more like Oman's attempt to
Speaker 9: stay within that regional framework and not be isolated because
Speaker 9: it is trying to come to an agreement with Iran
Speaker 9: and not be isolated by the U.S.
Speaker 2: As well.
Speaker 9: And this is, of course, vis-a-vis the whole sanctions that
Speaker 9: or the secondary sanctions and more sanctions that the U.S.
Speaker 9: is planning to place on Iran. And That puts these
Speaker 9: regional countries maybe in a difficult position. But the UAE
Speaker 9: in specific said they've already cut commercial and trade ties
Speaker 9: with Iran. And we had Qatar yesterday saying that they
Speaker 9: already abide by.
Speaker 2: International standards and sanctions. And the U.S.
Speaker 9: 's decision was unilateral yesterday. And, you know, they're they're
Speaker 9: in between here. But I think most of them are U.S.
Speaker 9: allies and they will have to kind of pick a camp.
Speaker 9: And it's obvious what that camp is.
Speaker 6: This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 7: And I'm Nathan Hager. Join us again tomorrow morning for
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Speaker 7: here on Bloomberg Daybreak.