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Speaker 1: Bloomberg Audio Studios, podcasts, radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the highly anticipated summit coming up

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Speaker 3: at the end of the week. President Trump is preparing

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Speaker 3: to meet with Russian President Vladimir Putin in Alaska on

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Speaker 3: Friday to discuss ending the war in Ukraine. NATO Secretary

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Speaker 3: General Mark Ruta says the meeting could be a turning point.

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Speaker 4: He clearly is putting pressure on Putin. Next Friday will

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Speaker 4: be important because it will be about testing Putin how

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Speaker 4: serious he is on bring this terrible war.

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Speaker 5: To an end.

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Speaker 3: Speaking on ABC's This Week, NATO's Secretary General Mark Rutters

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Speaker 3: said the summit could open the door to negotiations about

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Speaker 3: Ukrainian territory along with security guarantees. Ukrainian Ambassador to the

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Speaker 3: US Oksana Markarova says her President Vladimir Zelenski is willing

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Speaker 3: to talk.

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Speaker 6: We all understand the reality on the ground and we

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Speaker 6: are ready to discuss how to end this warrant. That's

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Speaker 6: why ceasefire as a step has always been so important.

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Speaker 3: At the same time, Ukrainian Ambassador Oksana, markarovtel CBS has

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Speaker 3: faced the Nation. The Ukrainian constitution does not allow it

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Speaker 3: to give up territory. Face the Nation and ABC's This

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Speaker 3: Week can be heard every Sunday on Bloomberg Radio.

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Speaker 2: Well Nathan, Bloomberg News has learned European nations want to

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Speaker 2: talk to President Trump ahead of his meeting with Putin,

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Speaker 2: and we get more on this developing story with Bloomberg.

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Speaker 2: So you in Pots in London and you and good morning.

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Speaker 7: What's the latest, Karen Nathan.

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Speaker 8: It's been a weekend of intense diplomacy between US, Ukrainian

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Speaker 8: and European officials, including meetings between Vice President Jed Evans

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Speaker 8: and the British Foreign Secretary. Now Bloomberg understands that European

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Speaker 8: leaders are keen to speak to the US President before

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Speaker 8: Friday's summit with Vadimir Putin. Along with Ukraine, they'd like

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Speaker 8: to see a ceasefire with the freezing of the current

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Speaker 8: frontline as a first step, along with more ECON pressure

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Speaker 8: on Moscow. Whether President Trump intends to pick up the

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Speaker 8: phone still remains to be seen. In London.

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Speaker 4: I'm Utnepots Bloomberg Radio.

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Speaker 3: All right, you and thank you Along with that summit

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Speaker 3: on Friday. The trade truce between the US and China

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Speaker 3: is set to expire tomorrow. President Trump has not said

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Speaker 3: yet whether he'll extend it. But before that decision, in

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Speaker 3: Vidia and Advanced micro Devices have agreed to pay fifteen

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Speaker 3: percent of their revenues from AI chip sales in China

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Speaker 3: to the US government in a deal to secure export

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Speaker 3: licenses to the country. We get more from Bloomberg's midmen

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Speaker 3: Loo in Hong Kong.

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Speaker 9: This is something that is quite unprecedented. No US companies

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Speaker 9: had done such a thing before. But it does sort

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Speaker 9: of reflect the pattern that we have seen so far

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Speaker 9: in the top administration, with the President asking for certain

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Speaker 9: things from companies, such as domestic investments in exchange for

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Speaker 9: things like lowering or exempting some of these companies from US.

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Speaker 3: Terris Bloomberg's Minmnlow says Beijing is unlikely to warm to

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Speaker 3: the idea of a chip tax, and in the pre

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Speaker 3: market and Vidia shares are lower by more than one percent.

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Speaker 7: AMD is down two and a half percent.

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Speaker 2: Mean Well, Nathan, President Trump says he hopes China massively

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Speaker 2: steps up its purchases of American soybeans. On a post

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Speaker 2: on social media. The President said, quote, I hope China

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Speaker 2: will quickly quadruple it's soybean orders. We get more from

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Speaker 2: Bloomberg Global Trade editor Brendan Murray.

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Speaker 10: The interesting thing here is that US farmers are looking

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Speaker 10: out at their fields at the moment, they're not quite

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Speaker 10: ready to be harvested, but they're looking at the price

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Speaker 10: of soybeans, going wow, those have really been flat for

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Speaker 10: the past twelve to eighteen months. And so perhaps Trump

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Speaker 10: is trying to accomplish two things here, and that's extend

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Speaker 10: an olive branch to China to say, hey, we've got

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Speaker 10: soybeans coming for you, a surplus of them at a

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Speaker 10: low price, and at the same time try to stoke

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Speaker 10: the price of soybeans for a key constituents.

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Speaker 7: Of his throughout the midwest of the country.

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Speaker 2: Bloomberg's Brandan Murray says President Trump also think Chinese leader

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Speaker 2: Shijhin Ping in the post without saying why. Soybean futures

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Speaker 2: in chicag rose back above ten dollars a bushel for

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Speaker 2: the first time in a week after the post, and.

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Speaker 3: The price of lithium is spiking this morning. Karen, that's

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Speaker 3: after battery giant contemporary Amprex Technology CTL halted operations at

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Speaker 3: a major Chinese mind that spurring speculation Beijing might move

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Speaker 3: to suspend other projects as it tackles over capacity across

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Speaker 3: the Chinese economy.

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Speaker 2: Later this morning, Nathan President Trump plans to put his

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Speaker 2: focus squarely on the nation's capital. He scheduled a news

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Speaker 2: conference from the White House on ending violent crime in DC.

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Speaker 2: In a social media posts, the President said the plan

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Speaker 2: will include moving homeless people out of the city. Washington,

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Speaker 2: d C. Mayor Muriel Bowser says the president has the

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Speaker 2: power to step up law enforcement in the federal city,

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Speaker 2: but she says it's not the best use of federal resources.

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Speaker 7: This is what I know.

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Speaker 11: We are not experiencing a crime spike.

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Speaker 2: We do know that this task force has been focused

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Speaker 2: on quality of life issues and speaking on MSNBC, Mayor

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Speaker 2: Bowser's at four hundred and fifty federal officers spread across

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Speaker 2: the city on Saturday night only seized a few handguns

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Speaker 2: and made traffic arrests. The President's news conference is set

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Speaker 2: for ten am Wall Street time, and you can hear

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Speaker 2: it live on Bloomberg Radio or watch on the Bloomberg

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Speaker 2: podcast page on YouTube.

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Speaker 7: Oh ahead of that Karen. Let's turn to the markets now.

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Speaker 3: Futures are a little changed this morning as we kick

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Speaker 3: off the new trading week, with the Nasdaq one hundreds

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Speaker 3: trading at an all time high, the S and P

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Speaker 3: five hundreds coming off its best week since June.

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Speaker 2: Nathan Goldman Sachs is saying that US consumers will eventually

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Speaker 2: bear the brunt of tariff costs, and we get more

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Speaker 2: on that story with Bloomberg's Gina Cervetti in New York.

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Speaker 12: Goldman says US companies have so far absorbed most of

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Speaker 12: the costs of Donald Trump's tariffs, but the burden is

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Speaker 12: increasingly going to shift to consumers. The firm says consumers

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Speaker 12: in the US have absorbed and estimated twenty two percent

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Speaker 12: of tariff costs through June, but their share will rise

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Speaker 12: to sixty seven percent if recent tariffs follow the pattern

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Speaker 12: of previous levees. Goldman says, as a result, there will

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Speaker 12: be a bump to inflation for the rest of this year.

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Speaker 12: Goldman predicts a year on year core PCE reading of

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Speaker 12: three point two percent in December. That's based on an

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Speaker 12: assumption that underlying inflation net of tariffs would be two

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Speaker 12: point four percent in New York. Gina Cervetti Bloomberg Radio.

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Speaker 7: All right, Gina, thank you.

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Speaker 3: FED Governor Michelle Bowman is calling for three rate cuts

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Speaker 3: this year, starting next month. Last month, Bowman was one

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Speaker 3: of the two dissenters when the FED held rates steady.

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Speaker 3: She's also calling for reforms in community banks.

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Speaker 11: Community banks are the cornerstone of the banking and financial system,

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Speaker 11: supporting local communities and their customers. Too often, community banks

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Speaker 11: have been overlooked, with too little attention paid to longstanding

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Speaker 11: and emerging issues and industry and consumer concerns.

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Speaker 3: FED Governor Michelle Bowman made those comments over the weekend

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Speaker 3: at the Kansas Bankers Association in Colorado Springs.

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Speaker 2: And speaking of the Fed, Nathan, we have a programming

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Speaker 2: note coming up later this month. Join us for live

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Speaker 2: coverage from Jack. We'll be on the ground in Wyoming

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Speaker 2: to cover the Kansas City Fed's annual meeting and remarks

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Speaker 2: from Chair j Powell. It all begins Wednesday, August twentieth,

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Speaker 2: then finishes up with a special edition of Bloomberg Surveillance.

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Speaker 2: Tom Keen, Lisa Bromwitz said Michael McKee will all be

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Speaker 2: part of that special starting at nine am Eastern on

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Speaker 2: Friday Plus watch for special episodes of the Odd Lots podcast.

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Speaker 2: Joe Wisenthal and Tracy Alloway will be taping several conversations

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Speaker 2: from the event as well. Time now for look at

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Speaker 2: some of the other stories making news in New York

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Speaker 2: and around the world. And for that we welcome back

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Speaker 2: Michael Barr, Michael, good morning.

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Speaker 5: Good morning, Karen, he is really. Prime Minister Benjamin Ett

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Speaker 5: Yahoo defended his plan for a military sweep against the

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Speaker 5: Mas strongholds and gazip det And Yahoo calls it the

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Speaker 5: best available option for recovering hostages while safeguarding his country's

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Speaker 5: long term security. Det And Yahoo also defended his country

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Speaker 5: against what he called a global campaign of lies, pushing

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Speaker 5: back at claims of starvation on the ground in Gaza.

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Speaker 4: Now, if we had a starvation policy, no one in

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Speaker 4: Gaza would have survived after two years of war. But

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Speaker 4: our policy has been the exact opposite.

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Speaker 5: Meanwhile, Australian Prime Minister Anthony Albanisi says Australia will recognize

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Speaker 5: a Palestinian state. His remarks today come amid growing criticism

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Speaker 5: from officials in his government over suffering in Gaza. Four

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Speaker 5: Al Jazeira journalists were among five people killed Sunday when

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Speaker 5: an Israeli airstrike hit a tent in Gaza City. The

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Speaker 5: Israeli military said the target of the strike was Anas

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Speaker 5: al Scherif, a contract reporter whom the Katari Media Network

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Speaker 5: hired to cover the Israeli Hamas war. The IDF said

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Speaker 5: that al Jherif posed as a journalist and was a

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Speaker 5: member of the military wing of AMAS. Witnesses and health

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Speaker 5: officials in Gaza said the attack also killed another reporter

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Speaker 5: and two cameramen. Freelance journalist Andre Leone, coordinator of Freedom

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Speaker 5: to Report, says Gaza is facing the worst press blockout

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Speaker 5: in modern conflict.

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Speaker 13: The government keeps lying, and we see what they are doing.

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Speaker 7: They're silencing more and more voices. We cannot accept this anymore.

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Speaker 5: Meanwhile, Reporters Without Borders says Israel has killed over two

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Speaker 5: hundred journalists in Gaza since its offensive began. Continued heavy

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Speaker 5: rainfall in a half a dozen Midwest states has led

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Speaker 5: to water rescues, power outages, and road closures. The National

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Speaker 5: Weather Service has issued flood watches and mornings for parts

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Speaker 5: of Kansas, Iowa, Nebraska, Missouri, Illinois, and Wisconsin. Global news

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Speaker 5: twenty four hours a day and whenever you want it

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Speaker 5: with Bloomberg News Now Michael Barr, and this is Bloomberg.

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Speaker 2: Care all right, Malcael Barr, thank you time now for

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Speaker 2: the Bloomberg Spores update, brought to you by Flushing Bank.

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Speaker 2: And here' Sean Stashauer, John, good morning.

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Speaker 14: Good morning. Care of all the Mets losses, and they

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Speaker 14: dropped ten out of eleven back in June. They're in

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Speaker 14: the midst now of eleven law losses in twelve games.

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Speaker 14: This one stings the most. They scored in each of

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Speaker 14: the first five innings. They led five to nothing in Milwaukee.

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Speaker 14: Back came the Brewers. It was six to six at

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Speaker 14: the ninth College fly Ball deep in the night Field.

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Speaker 7: Isaac cunns.

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Speaker 14: He's done it again, his first ever, and the Brewers.

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Speaker 7: Have won their ninth street game.

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Speaker 14: But it also won twenty four their last twenty eight.

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Speaker 14: Brewers TV to call. The Mets losing streak is at seven.

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Speaker 14: They have fallen five and a half games behind the Phillies.

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Speaker 14: They're barely ahead for a wildcard. The Yankees are six

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Speaker 14: and a half out. Also, the slimmest of wildcard leads

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Speaker 14: Yanks to the Stadium lost to Houston seven to one.

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Speaker 14: Astros got home runs from Jose al Tuove and Carlos Korea.

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Speaker 14: Yanks had only three hits, none until the sixth. Then

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Speaker 14: another loss for Max Freed. In his first eleven starts,

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Speaker 14: Freed never gave up more than two runs. He's allowed

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Speaker 14: more than two in six of his last seven and can.

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Speaker 13: Go through go through spell sometimes. But to be honest,

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Speaker 13: like I just I have to be better. I just

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Speaker 13: got to be better at locating, being able to throw

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Speaker 13: and get more ground balls and haven't been able to

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Speaker 13: do it. And something I need to, you know, dive

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Speaker 13: dive into and see what adjustments I need to make.

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Speaker 14: Red Sox lost six to two in San Diego Nationals

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Speaker 14: over the Giants eight and I think Justin Verlander now

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Speaker 14: one and nine, seventh straight win for Seattle and Cal

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Speaker 14: Rawley hit his forty fifth home run Golvin Memphis came

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Speaker 14: down to two Americans and two BRIT's, falling short Scottie Scheffler,

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Speaker 14: who seems always winning, Tommy Fleetwood, who has still never

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Speaker 14: won on the PGA Tour. The playoff had us open

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Speaker 14: Champ jj spawn against Justin Rose, who won the Saint

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Speaker 14: Jude on the.

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Speaker 7: Third Extra Hole, John Stashedward Bloomberg Sports.

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Speaker 12: Karendim.

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Speaker 1: Coast to Coast on Bloomberg Radio nationwide on Serious Exam

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 7: Good morning, I'm Nathan Hager.

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Speaker 3: Anticipation is building for President Trump's Alaska summit at the

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Speaker 3: end of the week with Russian President Vladimir Putin. NATO

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Speaker 3: Secretary General Mark Ruta says it could be a turning

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Speaker 3: point in the three and a half year war in Ukraine.

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Speaker 4: My absolute co fictional Friday is that this is President

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Speaker 4: Trump making sure that Putin is serious, and if he

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Speaker 4: is not, then at all stop there. If he is serious,

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Speaker 4: then from Friday onwards the process will continue.

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Speaker 3: NATO Secretary General Mark Ruta appeared on CBS's Face the

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Speaker 3: Nation Heard Sundays on Bloomberg Radio this morning, were joined

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Speaker 3: by Bloomberg New Senior Editor Bill Ferries and Bill Over

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Speaker 3: the weekend, we heard from the Secretary General saying there

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Speaker 3: could be negotiations on territory in these discussions, but how

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Speaker 3: far could those talks go without Ukraine at the table?

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Speaker 7: Good morning, Good morning.

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Speaker 15: Yeah, Ukraine not at the table, and Ukraine also saying

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Speaker 15: they are not willing to see any territory, so that's

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Speaker 15: going to be those are going to be big stumbling blocks.

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Speaker 15: That point. I think the Commist Secretary general there made

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Speaker 15: about whether Putin is serious is really kind of the

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Speaker 15: going to be the gauge here. President Trump has basically

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Speaker 15: in recent weeks been expressing a lot of frustration with

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Speaker 15: Vladimir Putin and the war continuing. This will be a

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Speaker 15: chance to see if there's a serious deal that could

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Speaker 15: be made, but it will be very hard to sort

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Speaker 15: of reach that divide between the two sides. Vladimir Putin

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Speaker 15: says he still wants to hold on to Crimea, but

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Speaker 15: more than that, he wants to hold on to these

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Speaker 15: territories in the east of Ukraine that his troops don't

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Speaker 15: even control the entirety of, so he says those are

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Speaker 15: also part of Russia. That's going to be a very

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Speaker 15: hard sell in Ukraine. So a lot of questions going

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Speaker 15: into this. It's entirely possible they don't get a deal

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Speaker 15: coming out of that.

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Speaker 3: And a lot of questions I would imagine that European

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Speaker 3: leaders have before this conversation. We're hearing that they want

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Speaker 3: to speak with President Trump before he goes face to

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Speaker 3: face with Putin at the end of the week. Is

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Speaker 3: there a sense that the US and Europe are aligned

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Speaker 3: before these discussions.

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Speaker 15: Well, you know, we know jd Vance has been meeting

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Speaker 15: with some European officials, and you're right, European officials are

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Speaker 15: largely united in terms of wanting to talk to the

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Speaker 15: US and wanting to say that the US should not

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Speaker 15: accept Russian control of Ukrainian territory. They say that would

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Speaker 15: effectively they would effectively reward Vladimir Putin for that twenty

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Speaker 15: twenty two invasion. So there seems to be a very

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Speaker 15: big difference of opinion there as well. I think the

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Speaker 15: European fear is that President Trump will reach some sort

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Speaker 15: of a deal with Putin that leaves all of the

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Speaker 15: rest of the parties to the conflict out, and then

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Speaker 15: Europe will have to decide whether to go along with

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Speaker 15: that deal or whether to continue, possible without any further

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Speaker 15: US support in the conflict.

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Speaker 3: Before the summit on Friday, the US China trade truce

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Speaker 3: is said to expire tomorrow, and ahead of that, we're

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Speaker 3: hearing that Nvidia and Advanced micro Devices have agreed to

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Speaker 3: pay fifteen percent of their AI chip sales in China

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Speaker 3: to the US government.

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Speaker 7: How unusual is this in our last thirty seconds.

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Speaker 15: Oh, highly unusual. This is effectively a US government tax

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Speaker 15: on specific companies for selling specific products to China. It's

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Speaker 15: going to raise a lot of red flags with other

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Speaker 15: companies in and that same business is going to raise

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Speaker 15: flags with companies doing business with China. And I think

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Speaker 15: China's going to be concerned. They've already been trying to

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Speaker 15: talk companies out of buying some of those H twenty

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Speaker 15: chips from Nvidia. This may accelerate that process.

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Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories

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Speaker 2: making news from Wall Street to Washington and beyond.

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Speaker 7: And I'm Nathan Hager.

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Speaker 3: Join us again tomorrow morning for all the news you

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Speaker 2: Ray