WEBVTT - Iran's Economic Lifeline; Previewing Nvidia Earnings

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<v Speaker 1>Bloomberg Audio Studios.

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<v Speaker 2>Podcasts.

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<v Speaker 3>Radio.

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<v Speaker 4>News.

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<v Speaker 5>Good morning.

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<v Speaker 6>I'm Nathan Hager. And I'm Alexis Christophorus. Here are the

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<v Speaker 6>stories we're following today. Alexis, we begin with the latest

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<v Speaker 6>from the Middle East.

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<v Speaker 7>Iran's foreign minister and his counterpart from Oman are discussing

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<v Speaker 7>an interim framework to resume shipping through the Strait of Hormuz.

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<v Speaker 1>That's after the U.S.

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<v Speaker 7>Announced dozens of new sanctions on Iran's trading partners in

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<v Speaker 7>an effort to put more pressure on the regime. We

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<v Speaker 7>get more from Bloomberg Middle East correspondent Abir Abu Omar

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<v Speaker 7>in Dubai.

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<v Speaker 4>What we know is that this is a framework that

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<v Speaker 4>is temporary in its nature, and it's a mechanism to

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<v Speaker 4>open the Strait of Hormuz or reopen the movement in

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<v Speaker 4>the Strait of Hormuz.

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<v Speaker 1>In some fashion.

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<v Speaker 4>Now, the two countries are set to have further negotiations

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<v Speaker 4>over the next 30 to 60 days to carry out

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<v Speaker 4>a more permanent solution to the Strait of Hormuz. But

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<v Speaker 4>some things that stood out is, first, the fact that

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<v Speaker 4>this is temporary. Second, is that this is an initiative

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<v Speaker 4>that will also discuss who manages the.

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<v Speaker 1>Strait of Hormuz.

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<v Speaker 7>Bloomberg's Zabir Abu-Almar reports President Trump claimed yesterday that the U.S.

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<v Speaker 7>Navy had cleared all mines from the Strait, but he

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<v Speaker 7>provided no evidence of that. Iran says it is focused

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<v Speaker 7>solely on the Hormuz talks with Oman and that they

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<v Speaker 7>are independent of stalled negotiations with the U.S. on ending

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<v Speaker 7>the war.

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<v Speaker 6>And Nathan, the trade war between the U.S. and Canada

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<v Speaker 6>is heating up. A White House official says the Trump

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<v Speaker 6>administration is discussing higher tariffs and other trade actions now

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<v Speaker 6>that Canada has answered 50 percent tariffs from the U.S.

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<v Speaker 6>with dollar-for-dollar duties of its own. Bloomberg Global Trade Editor

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<v Speaker 6>Brendan Murray has more.

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<v Speaker 3>President Trump has already said that come January 1st, we're

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<v Speaker 3>going to raise tariffs even further. But January 1st.

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<v Speaker 1>Is a long time.

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<v Speaker 3>And you would think that President Trump, who has sort

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<v Speaker 3>of a knee-jerk reaction in a lot of instances, would have.

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<v Speaker 1>Done that sooner.

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<v Speaker 3>And so I think that was a signal that he

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<v Speaker 3>wants some sort of time to figure things out.

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<v Speaker 6>Bloomberg's Brendan Murray reports Canada's counter tariffs don't take effect

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<v Speaker 6>until September 8th, though they will hit U.S. exports from

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<v Speaker 6>key battleground states like Michigan, Pennsylvania and Ohio. Ontario Premier

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<v Speaker 6>Doug Ford was one of the first to remove American

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<v Speaker 6>alcohol at the start of the trade war. Now he's

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<v Speaker 6>calling for compromise with President Trump.

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<v Speaker 8>He was throwing insults. He's not trying to throw insults

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<v Speaker 8>to anyone. And I hit back, but I think it'd

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<v Speaker 8>be more productive if we actually sit down and the

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<v Speaker 8>prime minister and the president sit down and have a

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<v Speaker 8>fair deal for everyone, because right now there's not certainty

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<v Speaker 8>in either country. There's not stability.

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<v Speaker 6>Ontario Premier Doug Ford appeared on Bloomberg's Balance of Power.

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<v Speaker 6>You can catch the full conversation on the video hub

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<v Speaker 6>at Bloomberg.com and the Bloomberg Business app.

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<v Speaker 7>Well, now to election politics on this side of the

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<v Speaker 7>northern border. Darlene Graham has won the Republican nomination to

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<v Speaker 7>replace her late brother, Lindsey, in South Carolina's general election

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<v Speaker 7>ballot for U.S.

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<v Speaker 9>Senate.

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<v Speaker 7>At her victory party, Graham thanked President Trump.

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<v Speaker 10>I want to thank President Trump for all of his

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<v Speaker 10>support and his endorsement.

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<v Speaker 11>Mr.

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<v Speaker 10>President, Lindsey truly loved you and viewed you as one

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<v Speaker 10>of his closest friends. I appreciate that bond and appreciate

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<v Speaker 10>all that you've done for our country.

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<v Speaker 7>And now Darlene Graham defeated Congressman Ralph Norman in yesterday's

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<v Speaker 7>special Republican primary runoff, 52 to 48 percent. She will

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<v Speaker 7>now face Democratic nominee pediatrician Annie Andrews in November.

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<v Speaker 6>And a candidate with the same name as Alaska's incumbent

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<v Speaker 6>senator has advanced to the general election.

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<v Speaker 1>Dan J.

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<v Speaker 6>Sullivan, who goes by Dan Sullivan, was among the top

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<v Speaker 6>four finishers after the August 18th primary and moved on

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<v Speaker 6>to the November matchup, which is a ranked choice contest.

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<v Speaker 6>The incumbent Republican Senator Dan Sullivan and Democratic former representative

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<v Speaker 6>Mary Peltola also have advanced.

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<v Speaker 7>Ahead of the November midterms, Alexis, congressional Democrats and civil

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<v Speaker 7>liberties groups are taking new legal action against President Trump's

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<v Speaker 7>mail-in voting restrictions. They allege the president's proposed rule exceeds

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<v Speaker 7>the U.S. Postal Service's authority and creates impossible burdens for

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<v Speaker 7>the midterms. The new filings come a day after the

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<v Speaker 7>Supreme Court unblocked the federal ballot mail portal rule in

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<v Speaker 7>a separate case. The ruling does not guarantee that program

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<v Speaker 7>will be in place for this year's election, but the

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<v Speaker 7>proposed rules would require states to provide the federal government

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<v Speaker 7>with voter lists and then use special barcoded envelopes for

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<v Speaker 7>mailed federal ballots.

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<v Speaker 6>And now to a Bloomberg exclusive. Meta platforms and state

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<v Speaker 6>attorneys generals have discussed settling their high-profile social media case.

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<v Speaker 6>Bloomberg's John Tucker reports.

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<v Speaker 12>Meta is accused of deliberately designing Facebook and Instagram to

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<v Speaker 12>addict teens. The case poses an enormous risk for the

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<v Speaker 12>social media giant as 29 states are seeking financial penalties

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<v Speaker 12>and mandatory changes to how the platform operates. Meta has

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<v Speaker 12>denied the state's allegations and accused the attorneys general of

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<v Speaker 12>seeking unreasonable design changes and an outlandish payout. A lawsuit trial,

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<v Speaker 12>which is now in its second week, could result in

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<v Speaker 12>penalties of as much as $ 1. 4 trillion for Meta, while

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<v Speaker 12>a settlement would likely amount to a far smaller sum.

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<v Speaker 12>I'm John Tucker, Bloomberg Radio.

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<v Speaker 8>John, thanks.

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<v Speaker 7>Let's turn to the markets now. Futures are mixed ahead

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<v Speaker 7>of highly anticipated earnings today from NVIDIA. Bloomberg's Charlie Pellett

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<v Speaker 7>has more. on what to expect from the chip giant.

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<v Speaker 5>NVIDIA is expected to report another quarter of blockbuster profit

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<v Speaker 5>and sales with a growing role in orchestrating funding for

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<v Speaker 5>AI projects. Investors also want to know whether AI demand

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<v Speaker 5>can sustain the stock's valuation. Andrew Cry is co-CIO at

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<v Speaker 5>Crescent Grove Advisors.

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<v Speaker 12>I think there could be an element where, you know,

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<v Speaker 12>we've seen so much pressure on the stock now over

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<v Speaker 12>the last several days that it could be a little

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<v Speaker 12>bit of a coiled spring post earnings announcement.

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<v Speaker 5>The stock has now fallen for seven straight sessions. Also

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<v Speaker 5>reporting within video will be Salesforce, CrowdStrike and HP Inc.

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<v Speaker 3>In New York.

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<v Speaker 9>All right.

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<v Speaker 6>Thanks, Charlie. And after investors digest earnings from NVIDIA, they

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<v Speaker 6>have another possible market moving event to look forward to.

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<v Speaker 6>And that is Kevin Warsh giving a highly anticipated speech

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<v Speaker 6>at Jackson Hole on Friday. Sarah House is senior economist

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<v Speaker 6>at Wells Fargo.

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<v Speaker 13>Obviously, we all have to pay attention to this speech

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<v Speaker 13>because at times it has been used to give some

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<v Speaker 13>pretty important policy hints. But More often than not, it's

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<v Speaker 13>used to address some of the bigger questions out there.

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<v Speaker 13>And while I think there has been some pushback about

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<v Speaker 13>Chair Warsh's communication so far, he's a less is more

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<v Speaker 13>guy when it comes to laying out his reaction function.

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<v Speaker 13>We're still only three months in, so I don't think

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<v Speaker 13>he's going to abandon that strategy.

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<v Speaker 6>Wells Fargo's Sarah House joined us this Friday for a

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<v Speaker 6>special edition of Bloomberg Surveillance. Live from the Jackson Hole

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<v Speaker 6>Economic Symposium, Tom Keene, Lisa Abramowitz, and Michael McKee speak

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<v Speaker 6>with Fed experts on the path forward. It all starts Friday,

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<v Speaker 6>9 a.m. Wall Street time on Bloomberg Radio, Bloomberg Television,

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<v Speaker 6>and the Bloomberg Business App.

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<v Speaker 7>Well, this morning, Alexis, the world is remembering and paying

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<v Speaker 7>tribute to music and film star Dolly Parton.

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<v Speaker 2>Working hard.

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<v Speaker 7>Dolly Parton's career spanned decades with hits like this one,

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<v Speaker 7>9 to 5, Jolene, I Will Always Love You, so

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<v Speaker 7>many more. Born in Tennessee, Dolly Parton rose from those

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<v Speaker 7>humble beginnings to become a country music icon and philanthropist.

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<v Speaker 7>Her imagination library has donated more than 200 million books

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<v Speaker 7>to needy children. Back in 1982, Dolly Parton spoke with

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<v Speaker 7>Barbara Walters about what she wanted to accomplish.

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<v Speaker 8>I want people to know there's some brains beneath the

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<v Speaker 8>wig and a heart beneath the boobs.

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<v Speaker 1>And I think people are beginning.

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<v Speaker 2>To see that.

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<v Speaker 7>Dolly Parton died in Nashville yesterday. Her team says she

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<v Speaker 7>had a brief battle with cancer. And President Donald Trump

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<v Speaker 7>has ordered American flags to be flown at half staff

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<v Speaker 7>for a week in her honor. Dolly Parton was 80

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<v Speaker 7>years old. 5.09 on Wall Street.

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<v Speaker 6>Time now for a look at some of the other

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<v Speaker 6>stories making news in New York and around the world.

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<v Speaker 6>For that, we're joined by Bloomberg's Michael Barr. Michael, good morning.

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<v Speaker 11>Good morning, Alexis. In Massachusetts, one more day of rebuttal

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<v Speaker 11>testimony is expected in the trial against Lindsay Clancy, followed

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<v Speaker 11>by closing arguments likely on Thursday. The jury, which will

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<v Speaker 11>likely begin deliberations on Friday, will decide whether the Massachusetts

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<v Speaker 11>mother was experiencing postpartum psychosis when she killed her three

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<v Speaker 11>children in their Duxbury home in January 2023. Yesterday, prosecutors

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<v Speaker 11>called forensic psychiatrist Gregory Satoff.

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<v Speaker 14>What was very unusual was the fact that the voice

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<v Speaker 14>stopped with... the death of or the strangling of her.

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<v Speaker 11>Youngest son. Audio courtesy of WCBB. Pennsylvania Governor Josh Shapiro

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<v Speaker 11>is urging people to get vaccinated for measles as his

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<v Speaker 11>state combats the worst measles outbreak in more than 30 years.

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<v Speaker 11>In a news conference, Governor Shapiro says that the vast

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<v Speaker 11>majority of cases are among people who aren't vaccinated. This

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<v Speaker 11>disease does not respect county lines. or religious lines.

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<v Speaker 7>It goes after all who are unprotected.

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<v Speaker 11>Two unvaccinated people who have died of measles in Lancaster County, Pennsylvania,

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<v Speaker 11>marked the first U.S. deaths this year. In New York,

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<v Speaker 11>a new state law prohibiting local police agencies from cooperating

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<v Speaker 11>with federal immigration enforcement took effect on Tuesday. Governor Hochul

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<v Speaker 11>spoke about the new ban from Albany.

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<v Speaker 7>Local cops cannot be ordered to aid an event.

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<v Speaker 3>An out-of-control agency with an $ 85 billion budget.

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<v Speaker 11>However, not all local agencies have complied with the legislation

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<v Speaker 11>known as the Local Cops, Local Crimes Act, including Nassau County.

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<v Speaker 11>Global news 24 hours a day and whenever you want it.

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<v Speaker 11>With Bloomberg News Now, I'm Michael Barr and this is Bloomberg, Alexis.

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<v Speaker 6>Thanks, Michael. Time now for our Bloomberg Sports Update. And

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<v Speaker 6>for that, we bring in John Staschauer.

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<v Speaker 15>As the Tour Championship gets ready to begin, big news

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<v Speaker 15>about the future of the tournament. The PGA announcing that

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<v Speaker 15>in 2028, it'll be a two-week event at two different venues.

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<v Speaker 15>and it'll be match play. After the surprising news of

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<v Speaker 15>a couple of players having been in NFL training camps

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<v Speaker 15>getting cut and then going back to play in college

0:10:23.380 --> 0:10:26.559
<v Speaker 15>at LSU, the Big Ten announced they will not allow

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<v Speaker 15>any school to do that, and the SEC followed suit.

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<v Speaker 15>That's your Bloomberg Sports Update.

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<v Speaker 7>Stay with us. More from Bloomberg Daybreak coming up after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio. Nationwide on Sirius XM.

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<v Speaker 1>And around the world on Bloomberg.com and the Bloomberg Business App.

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<v Speaker 1>This is Bloomberg Daybreak.

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<v Speaker 11>Good morning.

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<v Speaker 1>I'm Nathan Hager.

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<v Speaker 11>While the U.S.

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<v Speaker 7>Is ramping up economic pressure to try to bring the

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<v Speaker 7>Iran war to an end, Iran appears focused on asserting

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<v Speaker 7>control over the Strait of Hormuz. Tehran says it is

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<v Speaker 7>still in talks with Oman on managing shipping through the

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<v Speaker 7>crucial waterway. Joining us from Dubai with more on this

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<v Speaker 7>is Bloomberg Middle East breaking news team leader Dana Kresh. Dana,

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<v Speaker 7>these talks have been going on for so long now.

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<v Speaker 7>What is the latest on the discussions over the Strait?

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<v Speaker 8>Good morning.

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<v Speaker 2>Yes, you're right.

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<v Speaker 9>Oman and Iran have been negotiating to ease tensions through Hormuz.

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<v Speaker 9>And yesterday they said they discussed.

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<v Speaker 2>And doesn't seem we have an agreement yet.

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<v Speaker 9>On an interim framework to set up a joint route

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<v Speaker 9>that's administered by both, and a plan to clear mines there.

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<v Speaker 9>And they said there were technical talks regarding another permanent route.

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<v Speaker 2>And, you know, the... It seems that.

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<v Speaker 9>Oman and Iran are trying to reach an agreement, and

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<v Speaker 9>they said that they were also in talks with regional states,

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<v Speaker 9>and that includes, of course, Gulf countries, to try to

0:11:54.040 --> 0:11:58.800
<v Speaker 9>come up or come to an agreement that can ease

0:11:58.850 --> 0:12:00.670
<v Speaker 9>tensions and let shipping flow again.

0:12:00.910 --> 0:12:05.349
<v Speaker 7>Well, it's interesting to hear the Iranians and Omanis talking

0:12:05.390 --> 0:12:08.010
<v Speaker 7>about clearing mines through the Strait when we heard President

0:12:08.050 --> 0:12:11.220
<v Speaker 7>Trump yesterday saying that the U.S. Navy has cleared all

0:12:11.270 --> 0:12:12.140
<v Speaker 7>mines through the Strait.

0:12:12.160 --> 0:12:13.360
<v Speaker 6>Do we have any evidence of that, Dana?

0:12:13.380 --> 0:12:13.480
<v Speaker 5>Sure.

0:12:14.850 --> 0:12:15.610
<v Speaker 2>I don't think so.

0:12:15.650 --> 0:12:18.770
<v Speaker 9>I think that there is a lot of skepticism about

0:12:18.870 --> 0:12:23.410
<v Speaker 9>whether the mines had been cleared as per President Trump's claim.

0:12:24.460 --> 0:12:25.600
<v Speaker 2>And I think he said that before.

0:12:25.640 --> 0:12:29.420
<v Speaker 9>And I think the Europeans were also invoiced skepticism that

0:12:29.500 --> 0:12:32.860
<v Speaker 9>they were cleared. And we see now Oman and Iran

0:12:32.900 --> 0:12:35.420
<v Speaker 9>saying that we have to clear mines and they have

0:12:35.600 --> 0:12:37.020
<v Speaker 9>apparently a plan for that.

0:12:37.540 --> 0:12:39.990
<v Speaker 2>And the route will probably go around.

0:12:39.760 --> 0:12:43.630
<v Speaker 9>That before it is clear that the ships can go through.

0:12:44.190 --> 0:12:47.550
<v Speaker 7>And if there are discussions that are happening with other

0:12:47.670 --> 0:12:51.250
<v Speaker 7>regional partners, how does that square with what we heard

0:12:51.750 --> 0:12:55.830
<v Speaker 7>from the Treasury Secretary, Scott Bessent, this week, that the U.S.

0:12:55.929 --> 0:12:59.560
<v Speaker 7>wants to put more pressure on, you would think, many

0:12:59.600 --> 0:13:01.680
<v Speaker 7>of those same regional partners?

0:13:01.960 --> 0:13:05.880
<v Speaker 9>Exactly. Well, Qatar yesterday said that they were also trying

0:13:05.940 --> 0:13:08.860
<v Speaker 9>to get regional countries, as in the Gulf countries, to

0:13:09.000 --> 0:13:11.540
<v Speaker 9>be part of this agreement, and so did the Omani

0:13:11.559 --> 0:13:12.179
<v Speaker 9>foreign minister.

0:13:13.110 --> 0:13:14.930
<v Speaker 2>He said he would discuss navigation.

0:13:15.270 --> 0:13:19.610
<v Speaker 9>And this is, of course, more like Oman's attempt to

0:13:19.690 --> 0:13:24.050
<v Speaker 9>stay within that regional framework and not be isolated because

0:13:24.190 --> 0:13:26.130
<v Speaker 9>it is trying to come to an agreement with Iran

0:13:26.900 --> 0:13:29.140
<v Speaker 9>and not be isolated by the U.S.

0:13:29.320 --> 0:13:29.680
<v Speaker 2>As well.

0:13:30.080 --> 0:13:32.860
<v Speaker 9>And this is, of course, vis-a-vis the whole sanctions that

0:13:33.559 --> 0:13:36.160
<v Speaker 9>or the secondary sanctions and more sanctions that the U.S.

0:13:36.320 --> 0:13:40.410
<v Speaker 9>is planning to place on Iran. And That puts these

0:13:40.730 --> 0:13:44.350
<v Speaker 9>regional countries maybe in a difficult position. But the UAE

0:13:44.450 --> 0:13:47.530
<v Speaker 9>in specific said they've already cut commercial and trade ties

0:13:47.570 --> 0:13:51.270
<v Speaker 9>with Iran. And we had Qatar yesterday saying that they

0:13:51.860 --> 0:13:53.340
<v Speaker 9>already abide by.

0:13:53.300 --> 0:13:56.620
<v Speaker 2>International standards and sanctions. And the U.S.

0:13:56.620 --> 0:14:01.200
<v Speaker 9>'s decision was unilateral yesterday. And, you know, they're they're

0:14:01.360 --> 0:14:04.080
<v Speaker 9>in between here. But I think most of them are U.S.

0:14:04.220 --> 0:14:07.860
<v Speaker 9>allies and they will have to kind of pick a camp.

0:14:08.080 --> 0:14:10.400
<v Speaker 9>And it's obvious what that camp is.

0:14:10.730 --> 0:14:13.850
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