Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 3: We begin with breaking news overnight. Donald Trump now faces
Speaker 3: a new set of criminal charges. For the fourth time,
Speaker 3: a prosecutor has issued an indictment against the former president,
Speaker 3: this time in Fulton County, Georgia, over efforts to overturn
Speaker 3: the twenty twenty election. Eighteen co defendants are also facing charges,
Speaker 3: including former New York City Mayor Rudy Giuliani and former
Speaker 3: White House Chief of Staff Mark Meadows. Fulton County District
Speaker 3: Attorney Fanny Willis says she is charging all nineteen defendants
Speaker 3: under the state's racketeering law.
Speaker 4: The indictment alleges that, rather than abide by Georgia's legal
Speaker 4: process for election challenges, the defendants engaged in a criminal
Speaker 4: racketeering enterprise to overturn Georgia's presidential election result.
Speaker 3: Fulton County DA Fanny Willis says she has authorized arrest
Speaker 3: warrants for the former president and his eighteen co defendants.
Speaker 3: They have until August twenty fifth to surrender.
Speaker 5: Well.
Speaker 2: Nathan. Reaction is pouring into this latest indictment. Genie Shehanzeno
Speaker 2: is a political contributor for Bloomberg.
Speaker 6: This is a screaming indictment. It is long and it
Speaker 6: is detailed. But she said in her comments, you have
Speaker 6: a right to challenge the election in court, but you
Speaker 6: cannot engage in a criminal racketeering activity to overturn the results.
Speaker 6: And that's what all of these nineteen individuals, including the
Speaker 6: former president and Rudolph Giuliani, Mark Meadows, and others are
Speaker 6: charged with.
Speaker 2: Genie Sanzeno notes the charges include one hundred and sixty
Speaker 2: one specific acts of racketeering by the former president. Bloomberg
Speaker 2: Law host jun Garosso says some are questioning the timing
Speaker 2: of the late night indictment.
Speaker 5: I am really surprised as to why she decided that
Speaker 5: she had to do a press conference at eleven forty
Speaker 5: five at night, when you know most people are not
Speaker 5: going to be watching people who were interested in this.
Speaker 5: And also it seeds into the Trump theory or the
Speaker 5: Trump allegations that this is happening also fast, and she's
Speaker 5: wrapping it up, and it's just an indication that she's
Speaker 5: not taking a turn, even though we.
Speaker 7: Know that she took two and a half years.
Speaker 2: Bloomberg Law host Dean Grasso says the charges carry a
Speaker 2: minimum sentence of five years in prison and a maximum
Speaker 2: of twenty Karen.
Speaker 3: Jeff Duncan is among those who testified before the Fulton
Speaker 3: County grand Jury. He is a Republican and the former
Speaker 3: lieutenant governor of Georgia. Duncan spoke to the Atlanta Journal
Speaker 3: Constitution outside the courthouse does.
Speaker 8: A pivot point for this country to do something more
Speaker 8: than just stew on the twenty twenty election cycle. Right,
Speaker 8: We're either going to as Republicans take our medicine and
Speaker 8: realize the election wasn't rigged. Donald Trump was the worst
Speaker 8: candidate ever in the history of the party, even worse
Speaker 8: than Herschel Walker.
Speaker 3: Former Georgia Lieutenant Governor Jeff Duncan testified before the Fulton
Speaker 3: County Grand Jury after receiving a subpoena earlier this month.
Speaker 2: Well, Nathan, we'll have more on this latest in men
Speaker 2: coming up shortly, but first let's turn to the action
Speaker 2: in financial markets this morning. China is in focus yet
Speaker 2: again as data out of Beijing shows more evidence of
Speaker 2: a slowdown in the economy that had China's central bank
Speaker 2: cut interest rates overnight by the most in three years.
Speaker 2: On Bloomberg Daybreak Asia Anda, Brian Curtis has the details
Speaker 2: from Hong Kong.
Speaker 9: The PBOC cut the rate on its one year MLF
Speaker 9: loans by fifteen basis points to two and a half percent.
Speaker 9: It also lowered the seven day reverse repo eight by
Speaker 9: ten basis points to one point eight percent. July's industrial
Speaker 9: output and retail sales missed estimates. Fixed asset investment from
Speaker 9: January to July also was worse than expected. Also adding
Speaker 9: to this, China will pause publishing its unemployment rate for
Speaker 9: young people. Authorities say the government wants to iron out
Speaker 9: complexities in the data. In June, the youth jobless rate
Speaker 9: was twenty one percent in Hong Kong. Brian Curtis, Bloomberg
Speaker 9: day Break.
Speaker 3: All right, Brian, thank you, and staying in Asia, we
Speaker 3: have an exclusive interview with the front runner in Taiwan's
Speaker 3: presidential Lii Ching Da is currently vice president of Taiwan,
Speaker 3: and he's promising to cooperate with China to achieve peace.
Speaker 3: That's despite Beijing's refusal to acknowledge Taiwan as a sovereign country.
Speaker 3: Li says voters face a choice about democracy itself.
Speaker 10: We don't want to be enemies, we can be friend
Speaker 10: and we love to see China can enjoy democracy and
Speaker 10: freedom just like us. As long as SLAO is parity
Speaker 10: and dignity, our door is always open. We are willing
Speaker 10: to cooperate with China to advance peace and prosperity.
Speaker 3: Taiwan Vice President Lii ching Da spoke exclusively to Bloomberg
Speaker 3: as he kicks off a trip to the US. China's
Speaker 3: Foreign ministry has condemned the visit.
Speaker 2: Well back here in the US, Nathan, stocks are poised
Speaker 2: to start the day with losses. Retail could be a
Speaker 2: catalyst for traders today. Home Depot reports earnings this morning,
Speaker 2: and we also get the July reading on US retail sales.
Speaker 2: Economists forecast again of four tenths of a percent.
Speaker 3: We're watching data in Europe Karen. UK wage growth is
Speaker 3: accelerating at its strongest pace on record. Average pay in
Speaker 3: the UK rows seven point eight percent in the second quarter.
Speaker 3: That's the highest since records began in two thousand and one.
Speaker 3: The reading likely means the Bank of England will keep
Speaker 3: raising rates.
Speaker 2: And finally, Nathan, let's get you the latest moves by
Speaker 2: Warren Buffett. Regulatory filing show, Buffett's Berkshire Hathaway continues to
Speaker 2: cut its stake, and Activision Blizzard. The conglomerate also exited
Speaker 2: other positions in the second quarter, including Chevron. So it's
Speaker 2: Buffett buying what looks like he's betting on housing, Berkshire
Speaker 2: disclosed positions and home builders Dr Horton and VR and Lanar.
Speaker 2: And it's five o seven on Wall Street Time now
Speaker 2: for a look at some of the other stories making
Speaker 2: news around the world. For that, we're joined by Bloomberg's
Speaker 2: Amy Morris Amy, Good morning, Good.
Speaker 3: Morning, Karen.
Speaker 11: The death toll from the Malley wildfires has reached at
Speaker 11: least ninety nine. Federal response teams are on the ground
Speaker 11: in Mali helping with critical assistance with those who've lost everything.
Speaker 11: Bloomberg's Nancy Lions has more on the government's response.
Speaker 12: FEMA Administrator Dian Criswell says they're providing an immediate payment
Speaker 12: of seven hundred dollars to each resident to cover essentials.
Speaker 12: They're also using hotels to house those left homeless.
Speaker 13: We do have adequate funding to do the response that
Speaker 13: we're doing right now, but we will need additional funding
Speaker 13: to ensure that all of our other recovery projects can
Speaker 13: continue and not get delayed until the next FISTE year.
Speaker 12: FEMA has warned that its disaster fund is projected to
Speaker 12: fall into the red this month because of money already
Speaker 12: committed to disasters. Officials have sought additional money from Congress.
Speaker 12: Nancy Lyons Bloomberg.
Speaker 11: Radio Hawaii Governor Josh Greens has more than eighty percent
Speaker 11: of the structures destroyed were residential, and they were also
Speaker 11: older buildings. That's created an environmental hazard.
Speaker 14: There's asbestos in the air down there, and they're heavy metals,
Speaker 14: and we're getting environmental assessments as rapidly as we can
Speaker 14: from the Gartment of Health and EPAS is here.
Speaker 11: Residents are also bracing for a higher death toll in
Speaker 11: what is already the deadliest wildfire event in more than
Speaker 11: a century in the US, as recovery efforts continue. First
Speaker 11: Noah now NASA warning about a dramatic increase in the
Speaker 11: Earth's climate temperature. Bloomberg's Ed Baxter brings us that part
Speaker 11: of the story.
Speaker 15: A direct warning about climate change from NASA Director Bill Nelson.
Speaker 16: Folks, Mother nature is sending us a message, and that
Speaker 16: message is we better act now.
Speaker 15: And says the earth is warming at an alarming rate,
Speaker 15: and what.
Speaker 16: We find is that July of this year the temperatures
Speaker 16: are the hottest ever.
Speaker 15: On record, and he points to the droughts, the storms,
Speaker 15: and wildfires like Maui. In San Francisco, I met Baxter
Speaker 15: Bloomberg dabream.
Speaker 3: Back in San Francisco.
Speaker 11: Crime in that city has gotten so bad federal workers
Speaker 11: are being told to work from home for the foreseeable future.
Speaker 11: San Francisco Chronicle reports that Health and Human Services issued
Speaker 11: the work from home advisory because of unsafe conditions around
Speaker 11: the federal building.
Speaker 17: There.
Speaker 11: Global News twenty four hours a day, powered by more
Speaker 11: than twenty seven hundred journalists and analysts in more than
Speaker 11: one hundred twenty countries. I'm Amy Morris, and this is Bloomberg.
Speaker 2: Karen. All right, Amy, thank you. It is five h
Speaker 2: nine on Wall Street Time. Now for the Bloomberg Sports update.
Speaker 2: Here's John Stashauer, John.
Speaker 18: Karen Ezekiel Elliott and Dalvin Cook have been top nine
Speaker 18: twenty backs of the NFL for several years. Both are
Speaker 18: now joining new teams, and both those teams are in
Speaker 18: the AFC East. Elliott spent seven years in Dallas, but
Speaker 18: he lost his starting job there to Tony Pollard after
Speaker 18: a season where he averaged under four yard per Carrie.
Speaker 18: He's going to the Patriots for a one year deal
Speaker 18: where he can make up to six million dollars. Is
Speaker 18: gonna wear number fifteen, that was his number at Ohio State,
Speaker 18: and Elliott will face his old team, the Patriots visit
Speaker 18: the Cowboys on our October first cook four straight Pro
Speaker 18: bowls in Minnesota, but he's coming off shoulder surgery in February.
Speaker 18: Was released by the Vikings and he's signed with the Jets,
Speaker 18: where he can make up to eight point six million.
Speaker 18: Jets could only afford to do this because of the
Speaker 18: thirty five million dollar pay cut that Aaron Rodgers agreed to.
Speaker 18: Another running back is Jonathan Taylor. He's back at colts
Speaker 18: camp but still on the physically unable to perform list
Speaker 18: because of an ankle injury. In Taylor wants a new
Speaker 18: contract with Indianapolis or a trade. Zach Martin was holding
Speaker 18: out in Dallas. The six time All Pro guard has
Speaker 18: ended the holdout. He's going to make eighteen million dollars
Speaker 18: this year and next. The college football season will begin
Speaker 18: with Georgia rank number one that had happened since two
Speaker 18: thousand and eight. The Bulldogs of the two time defending
Speaker 18: national champions Michigan is ranked second. Baseball Giants blown out
Speaker 18: by Tampa Bay ten to two. A. He's lost in
Speaker 18: Saint Louis seven to five. The Orioles a four to
Speaker 18: one win at San Diego. The Yankees lost in Atlanta
Speaker 18: eleven to three. John Stash Edward Bloomberg Sports.
Speaker 7: From coast to coast, from New York to San Francisco,
Speaker 7: Boston to Washington, DC, nationwide on Syrias exam the Bloomberg
Speaker 7: Business app in Bloomberg dot com. This is Bloomberg Daybreak.
Speaker 3: Good morning. I'm Nathan Hager, and once again, former President
Speaker 3: Donald Trump faces criminal charges over efforts to overturn the
Speaker 3: twenty twenty election. This latest indictment comes from Fulton County, Georgia,
Speaker 3: and it includes eighteen co defendants. District Attorney Fanny Willis
Speaker 3: is accusing all of them of violating state racketeering law
Speaker 3: to accomplish.
Speaker 4: The illegal goal of allowing Donald J. Trump to seize
Speaker 4: the presidential term of office. Beginning on January twentieth, twenty one.
Speaker 3: DA Fanny Willis announced the indictment late last night. She
Speaker 3: says she hopes to try the former president and the
Speaker 3: eighteen others within six months, and she's giving them ten
Speaker 3: days to surrender for more. We're joined now by Greig Valier,
Speaker 3: chief US policy strategist at AGF Investments. Your reaction, Greg
Speaker 3: to the indictment and the timing, well.
Speaker 17: Good morning, Nathan. I would say that the biggest problem
Speaker 17: of all is that they cannot get this done in
Speaker 17: six months or less. Despite what she said, I think
Speaker 17: that if once you factor in appeals next year, it
Speaker 17: could be election day November fifth of next year before
Speaker 17: there's any resolution. With this many cases, this many indictments,
Speaker 17: a decent percentage will drag into late twenty twenty four.
Speaker 17: You could have a president or president elect who's been
Speaker 17: found guilty.
Speaker 3: Let's talk about this indictment specifically. We have eighteen co
Speaker 3: defendants along with the former president. They're facing forty one
Speaker 3: counts accused of one hundred and sixty one specific acts
Speaker 3: in furtherance of a conspiracy to overturn the twenty twenty election.
Speaker 3: It sounds a lot more sweeping than even what we
Speaker 3: heard from the Special Counsel Jack Smith in a similar case.
Speaker 17: Yeah, it really does. And I think that in all
Speaker 17: of these cases there's a common theme, and that is
Speaker 17: that the prosecutors want to get some plea bargains. Of
Speaker 17: the eighteen people who were charged yesterday in Atlanta, I
Speaker 17: think there's a decent chance that two or three or
Speaker 17: four will cut a deal and make things even more
Speaker 17: difficult for Donald Trump.
Speaker 3: Does that add to the difficulty that you're implying here
Speaker 3: in terms of the timing If we do start to
Speaker 3: see some of these code defendants potentially make a deal
Speaker 3: and potentially wine themselves up as witnesses against the former president.
Speaker 17: It's entirely possible. I think that the prosecutors know that
Speaker 17: a lot of these potential slippers, as you might say,
Speaker 17: don't want to spend their late seventies in jail, and
Speaker 17: that's entirely possible for somebody like Rudy Giuliani. So yeah,
Speaker 17: I think there's a high likelihood that at least some
Speaker 17: of them will flip.
Speaker 3: What do you make of the scope of the investigation here?
Speaker 3: It took two and a half years for Fanny Willis
Speaker 3: to bring these charges that were highly anticipated, and it
Speaker 3: looks from the indictment that it goes well beyond that
Speaker 3: infamous find me the Vote's phone call that the former
Speaker 3: president had with George's secretary of State.
Speaker 17: Yeah. I think they have a lot of evidence that's
Speaker 17: not been released yet in terms of harassment of voting officials,
Speaker 17: in terms of trying to get these charges changed. So
Speaker 17: my sense is that there's still a lot more in
Speaker 17: these cases still to be brought out.
Speaker 3: Do you get the sense that this is a stronger
Speaker 3: case than some of the others. Does it stack up
Speaker 3: that way for you?
Speaker 17: You know, I s thought all along, Nathan, that the
Speaker 17: strongest law could be the documents in Florida. That's a
Speaker 17: pretty straightforward case. It's a felony. You can't take documents
Speaker 17: out of the White House and bring them to your home.
Speaker 17: All four of these are pretty strong, and I have
Speaker 17: a hunch that the document case could be the first
Speaker 17: one resolved.
Speaker 3: Does it complicate that case to have this one brought now?
Speaker 3: I mean we've talked before about how the schedule is
Speaker 3: going to get I mean it is a lot more
Speaker 3: complicated heading into a twenty twenty four presidential race, and
Speaker 3: now you have all these overlapping cases potentially running up
Speaker 3: against each other.
Speaker 17: Absolutely, I mean you're going to have a president, someone
Speaker 17: a candidate for the presidency actually having to campaign on
Speaker 17: weekends on holidays. He's not going to be able to
Speaker 17: campaign probably full time, because of all these charges. And
Speaker 17: we shouldn't overlook the fact that Joe and Hunter Biden
Speaker 17: are part of the narrative also. I think they will
Speaker 17: be dragged into this. But what has been alleged in
Speaker 17: terms of Trump far exceed in my opinion, what the
Speaker 17: Bibles have done.
Speaker 1: This is Bloomberg Daybreak Today, your morning brief on the
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Speaker 3: I'm Nathan Hager and I'm Karen Moscow.
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