Speaker 1: Bye from the Bloomberg Interacted Burger Studios. This is Bloomberg
Speaker 1: Daybreak for Thursday, August eighteen two. Coming up this tower,
Speaker 1: the US in Taiwan begin formal trade negotiations in a
Speaker 1: blow to China stocks pull back is The FED considers
Speaker 1: the pace of rate he apples, sets a target day
Speaker 1: for its next iPhone release, and adhering today to determine
Speaker 1: whether to unseal the FBI's Mara Lago affidavit. The war
Speaker 1: of words continues between New York Mayor Adams and Texas
Speaker 1: Governor Rabbitt. Plus the CDC wants to hit the reset button.
Speaker 1: Michael blar More Ahead, I'm John Stashdown spots dramatic win
Speaker 1: for the Yankees. They beat the Rays on a tenth
Speaker 1: inning grand slamb the metfield on to win in Atlanta.
Speaker 1: That's all's training. Ahead on Bloomberg day Break on Bloomberg eleven,
Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixty, San Francisco,
Speaker 1: Sirius x M one nineteen and around the world on
Speaker 1: Bloomberg Radio dot com and via the Bloomberg Business app.
Speaker 1: Good morning. I'm John Tucker and I'm Karen. Moscow and
Speaker 1: US Dock index futures are moving higher. It is six
Speaker 1: oh one on Wall Street. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, again, futures
Speaker 1: have erased their losses. The SNP future is now up
Speaker 1: six points in OWN futures up thirty seven, nasdack futures
Speaker 1: up twenty two. The decks in Germany's up eight tens
Speaker 1: of a percent. Ten your treasury of five thirty seconds,
Speaker 1: heal two point eight seven percent yield on the two
Speaker 1: year three point to seven percent. John and US futures
Speaker 1: are higher this morning. Karen minutes from the Fed help
Speaker 1: boosting centiment. Traders found some dovish elements from the Central banks.
Speaker 1: July and meeting. Lauren Gilbert's CEO of Wealthwise Financial says
Speaker 1: there's uncertainly but still a chance for solid returns information
Speaker 1: technology services. We see that as an opportunity because unlike
Speaker 1: goods that have had the pricing pressures, with good prices
Speaker 1: continue to go up while you have wage pressure as well.
Speaker 1: In services, you don't have the cost goods issue. Lauren
Speaker 1: Gilbert with Wealthwise as technically indicator show markets could sustain
Speaker 1: a bull run in the months ahead. When it comes
Speaker 1: to the Fed minutes, John wall Street focused on Central
Speaker 1: Bank officials discussing the need to eventually dial back the
Speaker 1: pace of interest rate hikes. Eric Lund, principal economists with
Speaker 1: the Conference Board, said, the important takeaway is that the
Speaker 1: Fed will remain a data dependent in its approach. We
Speaker 1: all kind of figured they're going to at some point
Speaker 1: half to dial back the pace of the increases. It
Speaker 1: matter at what rate and when. So with the next
Speaker 1: meeting a little over a month off, we still have
Speaker 1: a quite a bit of data points that are going
Speaker 1: to be coming out, and it's been known and they're
Speaker 1: we're gonna have to watch. Eric Lund with the Conference
Speaker 1: Board says if inflation continues to fall, the Fed will
Speaker 1: be well positioned to ease rate hikes, and Karen, we're
Speaker 1: also going to be watching for more economic data. It's
Speaker 1: a thirty Well Street time the Labor Department releases fully.
Speaker 1: This figures on jobless games economy was predicted new hime
Speaker 1: for the year, with claims rising to two hundred sixty
Speaker 1: four thousand. We're also going to get existing home sales
Speaker 1: for the month of July. The National Association of Realtors,
Speaker 1: it's going to release those figures at ten Turning overseas
Speaker 1: now John Stocks in Asia fell overnight as further downgrades
Speaker 1: to China's growth outlooks sour and sentiment. Bloomberg's Juliett Sally
Speaker 1: joins US from Singapore with the latest Good Morning Juliette,
Speaker 1: Good Morning John, and Karen Goldman. Sacks lowered its projection
Speaker 1: for China's GDP to three percent from three point three percent,
Speaker 1: citing weaker than expected July economic data as well as
Speaker 1: new term energy constraints. Noamora slashed their forecast to two
Speaker 1: point eight from three point three percent. The Bloomberg median
Speaker 1: forecast from economists is now at three point nine percent.
Speaker 1: Stokes fell in Japan, China, and Hong Kong, and the
Speaker 1: Aussie was lower for a fourth session after almost forty
Speaker 1: one thousand jobs were lost in the nation last month,
Speaker 1: versus expectations of a twenty five thousand job gain in Singapore.
Speaker 1: Juliette Sally, Bloomberg Deybreak Julia thanks now to geopol takes
Speaker 1: Tensions with China remain front and center. The US and
Speaker 1: Taiwan now are set to start a start formal negotiations
Speaker 1: on a bilateral trade agreement. That story from Bloomberg's and Baxter.
Speaker 1: This is the next step in what has become a
Speaker 1: very heated and very sensitive issue for China. The statement
Speaker 1: says the two have already started formal negotiations, but the
Speaker 1: first sit down round will begin an early fall. They
Speaker 1: say it will cover trade facilitation, regulatory practices, and a
Speaker 1: corruption standards and deepening agriculture trade, among others. The statement
Speaker 1: says it will promote innovation and will deepen the relationship
Speaker 1: in San Francisco. I'm at Baxter Bloomberg Daybreak. All right,
Speaker 1: thank you. Returned to Corporate News Now, where news from
Speaker 1: Apple as front end center. The company is aiming to
Speaker 1: unveil its new iPhone next month, and bloombergs we need
Speaker 1: young joins us Live with the details. We need a
Speaker 1: good morning, Good morning, Karen Bloomberg. Sources say Apple's big
Speaker 1: reveal of the iPhone fourteen is expected to come on
Speaker 1: September seven. The flagship product generates more than half of
Speaker 1: Apples sales, and the update comes at a time when
Speaker 1: smartphone sales more broadly have started to slump, as consumers
Speaker 1: cope with inflation and a shaky economy. The launch kicks
Speaker 1: off with busy fall products season for the tech giant,
Speaker 1: which will include multiple new max low end and high
Speaker 1: end iPads and three Apple Watch models. Live in New York,
Speaker 1: I'm rend a young Bloomberg daybreak needed thanks and sticking
Speaker 1: with corporate news Walmarts see then s Walgreen's theory getting
Speaker 1: hit with a big fine. The pharmacy chains were ordered
Speaker 1: to pay a total of six fifty million dollars over
Speaker 1: failure to properly monitor opioid prescriptions in the state of Ohio.
Speaker 1: It's the drug industry's latest setback in litigation over the
Speaker 1: pain killers Well john and the earnings. Francisco Systems came
Speaker 1: out with results that beat analyst estimate. Shares her up
Speaker 1: almost five per cent in the free market after the
Speaker 1: company gave a bullish forecast again more from Bloomberg Charlie Pellet.
Speaker 1: Cisco is the biggest maker of machines that run the
Speaker 1: Internet and corporate computer networks, had said revenue will grow
Speaker 1: two to four percent in the fiscal first quarter from
Speaker 1: a year earlier. Analysts had predicted that sales will be
Speaker 1: roughly flat from a year ago when revenue was twelve
Speaker 1: point nine billion dollars. For fiscal three, the company expects
Speaker 1: sales to expand as much as six percent. The outlook
Speaker 1: suggests Cisco can weather a shaky economy and tech spending slowdown,
Speaker 1: helped by better access to supply in New York. Charlie
Speaker 1: Pellett Bloomberg Debris alright, thanks, Charlie. Bad Bath and Beyond
Speaker 1: another stock on the move this morning. Shares are down
Speaker 1: right now fourteen percent in the pre market as a
Speaker 1: big investors sours on the stock. Ryan Cohen's RC Adventures says,
Speaker 1: you know filing that it might sell as much as
Speaker 1: seven point seven million shares of Bad Bathroom Beyond r C,
Speaker 1: the retailers second largest shareholder after Black Rock Well. On
Speaker 1: the flip side, John shares at Bluebird Bio are up
Speaker 1: more than thirteen percent in early trading. The company's team
Speaker 1: therapy for a rare blood disorder was cleared by US regulators.
Speaker 1: Blue and said it plans to charge two point eight
Speaker 1: million dollars for the first ever one time treatment and
Speaker 1: coming up today more earning something you docket this morning,
Speaker 1: retail and focus. Once again, we're gonna get results from
Speaker 1: b j's Coles and Steve Lauter. Right now, del Future
Speaker 1: is up sixty nine. You're listening to Blueberg Daybreak and
Speaker 1: it brings us to six or seven at Wall Street
Speaker 1: time to bring in Michael barn to find out what
Speaker 1: else is going on to New York and around the world. John,
Speaker 1: thank you very much. The war of words continues between
Speaker 1: New York Mayor Eric Adams and Texas Governor Greg Abbott,
Speaker 1: with the Texas governor is doing it's just so anti American.
Speaker 1: Mayor Adams has four more bus loads of migrants who
Speaker 1: had crossed the border into Texas arrived in New York
Speaker 1: City yesterday. Abbott says he has been sending migrants to
Speaker 1: New York and Washington, d C. To ease pressure on
Speaker 1: the state, blaming the Biden administration for the crisis. Mayor
Speaker 1: Adams said, Governor Rabbit is using, to my grins, ask
Speaker 1: political pawns to strike out against democratic run cities. Those
Speaker 1: buses are leave in Texas and passing through the states
Speaker 1: and of the cities, how about speaking to those mayors
Speaker 1: of course, those cities and other governors state how do
Speaker 1: we do this together? Governor Rabbit responded, to Adams, calling
Speaker 1: him a hypocrite. Why he's ever complaining for one moment
Speaker 1: about these people being busted into a city goes against
Speaker 1: his own self declaration of being a sanctuary city. Governor
Speaker 1: Rabbit and Mayor Adams appeared on ABC's Nightline. Donald Trump's
Speaker 1: CFO is expected to plead guilty today to tax violations
Speaker 1: in a deal that would require him to testify about
Speaker 1: business practices at the former president's company. Alan Weisselberg, is
Speaker 1: charged with taking more than one point seven million dollars
Speaker 1: an untaxed compensation from the Trump organization. Rudy Giuliani says
Speaker 1: he has satisfied his obli ation after facing hours of
Speaker 1: questioning before special grand jury in Atlanta. His appearance was
Speaker 1: part of an investigation into attempts by former President Donald
Speaker 1: Trump and others to overturn his twenty election defeat in Georgia.
Speaker 1: The CDC director is planning a major overhaul of the
Speaker 1: agency after an internal review acknowledge missteps in its response
Speaker 1: to the COVID nineteen pandemic. Dr Rochelle Willinski, who ordered
Speaker 1: the internal review, is calling for a recept. We were
Speaker 1: operating with a frail public health infrastructure. Nationally, and we
Speaker 1: made some pretty public mistakes and we need to own them.
Speaker 1: Dr Wilinsky says the agency review found the CDC's COVID
Speaker 1: guidelines on masks, vaccines, and more have been confusing and overwhelming,
Speaker 1: echoing public criticism globally twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalist and analysts more than a hundred twenty countries.
Speaker 1: Michael Barr and this is Bloomberg Jump Michael, Thank you man.
Speaker 1: That brings us to six ten of Wall Street time
Speaker 1: down for the Bloomberg Sports Update to Morning John Stancheward
Speaker 1: AFOD Morning John. Mets and Yankees had both lost the
Speaker 1: last two nights. Both teams last night to sit through
Speaker 1: a rain delay. Both teams gave up seven runs and
Speaker 1: still one, and both debuted brand new rookie third baseman.
Speaker 1: For the Mets, it was twenty two year old Brett Batty.
Speaker 1: He was their first round draft pick in two thousand nineteen.
Speaker 1: He's been tearing it up in the minors and what
Speaker 1: a start to his big league career. High in the
Speaker 1: here the light feel pretty deep. Back to Cecoonia at
Speaker 1: the track at the wall is gone. Brett Batty, with
Speaker 1: his first major league swing, hits a whole run off
Speaker 1: the top of the six team foot high wall in
Speaker 1: right field. He salutes his parents on his way around
Speaker 1: third base. This kid is living the dream w CBS.
Speaker 1: Mets also got two on runs with Sterling Marte. They
Speaker 1: let Atlanta six to one, nine to five of the
Speaker 1: ninth inning. They held on beat the Braves nine to
Speaker 1: seven to go back up by four and a half games.
Speaker 1: In Jacob de Graham pitchers. Tonight, Yankees, of course, in
Speaker 1: a deep slump, called up twenty three year old as
Speaker 1: Waldo Cabrere. He went over four in his first game.
Speaker 1: Certainly looked like the Yanks are gonna lose yet again.
Speaker 1: They trailed Tampa Bay four to nothing. They did catch
Speaker 1: up on home runs by Glaver Torres and Anthony Rizzo,
Speaker 1: but then they fell behind again. The raised Francisco Mehia
Speaker 1: three run double with two out in the tenth up
Speaker 1: our oldest Chapman and it was seven four. Bottom of
Speaker 1: the tenth, Josh Donaldson hit a came winning opposite field
Speaker 1: walk off grand slam Yanks one eight seven. The upcoming
Speaker 1: US Open, It's gonna be dominating at least early on
Speaker 1: by it being Serena Williams last tournament. Her sister Venus
Speaker 1: has won the Open over twenty years ago, as excepted
Speaker 1: a wild card spot. Johns dash, We're Bloomberg Sports, don't
Speaker 1: all right? John Texas a lot ahead of the Open.
Speaker 1: On Wall Street, futures right now are in the green.
Speaker 1: The down futures of fifty one points. That's up about
Speaker 1: two tenths per cent. He has somepe many futures of
Speaker 1: eight points and the nansday futures twenty two points higher.
Speaker 1: You're listening to Bloomberg day Break and just ahead the
Speaker 1: Fed minutes were they devish. We're gonna speak with Jennifer Lee,
Speaker 1: senior economists at Bemal Capital Markets. This is Bloomberg day Break,
Speaker 1: Markets headlines and breaking news twenty four hours a day,
Speaker 1: at Bloomberg dot Com, the Bloomberg Business Out and at
Speaker 1: Bloomberg Victape. She's a Bloomberg Business Flash and I'm Karin Moscow.
Speaker 1: US Dock index futures have reversed losses in a volatile
Speaker 1: session after the Federal Reserve signal the Delicate Balancing Act
Speaker 1: I would see inflation busting rate hikes. Continued despite a
Speaker 1: weekending economy. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day. On Bloomberg A S and P future
Speaker 1: is up five points this morning, down Future is up
Speaker 1: thirty two and as day futures up twelve. The decks
Speaker 1: in Germany's up eight tense of upper set ten. Your
Speaker 1: treasury up four thirty seconds, yield two point eight eight percent.
Speaker 1: They yield on the two year three point to eight percent.
Speaker 1: NIMEX s crude oil is up one point one percent
Speaker 1: of ninety eight cents at eighty nine dollars nine cents
Speaker 1: of barrel comic schoold is at four tens percent or
Speaker 1: seven dollars ten cents a seventeen eighty three eight n ounce,
Speaker 1: the Euro one point one seven two against the dollar,
Speaker 1: the British pound one point to zero six five and
Speaker 1: again one thirty five point to one, and Bitcoin this
Speaker 1: morning is up four tens percent at twenty three thousand,
Speaker 1: five hundred dollars. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Accord is expected to
Speaker 1: decide today whether to make public the full aff of
Speaker 1: David used to justify the FBI raid at President Trump's
Speaker 1: Mora Lago home. The Justice Department has objected to the
Speaker 1: aff of David's release, saying it would compromise the investigation.
Speaker 1: CDC Director Dr Rochelle Wolinski is calling for a reset
Speaker 1: of the agency after an internal review fault at the
Speaker 1: CDC's response to the OVID pandemic. She wants the agency
Speaker 1: to share information faster and in plain language. In baseball,
Speaker 1: the Yankees one with a dramatic Grand Slam against the
Speaker 1: Raise eight seven and ten innings. The Mets beat the
Speaker 1: Braves nine seven, The Red Sox and Ace won the
Speaker 1: Nationals Orioles and Giants lost. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take, powered
Speaker 1: by more than twenty seven hundred journalists and analysts in
Speaker 1: more than a hundred twenty countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg, John Michael, thank you six twenty on
Speaker 1: Wall Street and rely for the Bloomberg Interact and Brokers Studios.
Speaker 1: This is Bloomberg Day Right. Minutes from their last meetings
Speaker 1: show the Federal Reserve officials agreed last month on they
Speaker 1: need to eventually dial back on the pace of the
Speaker 1: industrate hikes. Let's take a deeper time this morning, joining
Speaker 1: us at BEMO Capital Markets Managing Director senior economist Jennifer Lee. Hey, Jen,
Speaker 1: what is your takeaway? Oh? Good morning? Um, you know
Speaker 1: what the particule is that I think that said, much
Speaker 1: like most of the other central banks to s, you're
Speaker 1: on that whole there, biding by that whole. We're not
Speaker 1: on a preset course kind of view. Um. You know,
Speaker 1: they continue to see that there's little evidence of inflation
Speaker 1: pressure is cooling off, and that's going to take a
Speaker 1: while for this to happen, but you know, at some
Speaker 1: point they're you know, they're also looking for GDP to
Speaker 1: be revised upward, which was which I thought was quite
Speaker 1: interesting as well. But it basically sounds like, you know,
Speaker 1: we we that seventy five basis points are probably not
Speaker 1: in play, and it just supports our call for another
Speaker 1: fifty basis point like UM in September and the meeting afterwards.
Speaker 1: But I think they're just going to be very data dependent,
Speaker 1: wait and see what happens, and I think that's definitely
Speaker 1: the right UM mindset to be in. We you say,
Speaker 1: a little evidence of cooling off on the inflation front.
Speaker 1: So why would the expectations go down to fifty basis
Speaker 1: points at the next meeting, Because if you know, I mean,
Speaker 1: we're not back, We're not at nine point one percent anymore.
Speaker 1: And again you continue to you know, you have seen
Speaker 1: one month of data and inflation port last week that
Speaker 1: sally some cooling off, um, But you're going to need
Speaker 1: a lot more than that, So I think to that,
Speaker 1: you know, And plus at that point, they didn't have
Speaker 1: the inflation report anyway, So I think they're they're going
Speaker 1: to see they didn't need to see at least, you know,
Speaker 1: a few months of of downward pressure on inflation before
Speaker 1: they start dialing back even further than that. But seventy
Speaker 1: five basis points was already an aggressive move, and I
Speaker 1: don't think that's necessary at this point. Do they have
Speaker 1: to torpedo other stuff like a full employment to get there? Oh? Man,
Speaker 1: I hope it's not. I hope nobody has to torpedo anything.
Speaker 1: But you know, all of these moves, um, whether it's
Speaker 1: seventy five or fifty, you know, a series of them
Speaker 1: were supposed to have that intended effect of slowing economic growth,
Speaker 1: and it's already we're already seeing that. We saw that
Speaker 1: in you know, for example, this week, that big nine
Speaker 1: point in housing starts. We're already going to see another
Speaker 1: you know, setback as well as existing home sales. So
Speaker 1: the whole impact of this is just too cool demand
Speaker 1: and we're starting to see that and hopefully it's not
Speaker 1: going to torpedo um employment although you know, you know
Speaker 1: the big games that we saw in payrolls, you know,
Speaker 1: it's definitely a thing of the past. Okay, Jackson Hole
Speaker 1: meeting more important than usual, this FED symposium. You know, Um,
Speaker 1: I've been treading lately on this lab. I have to
Speaker 1: say yes because we're sending a lot of people there.
Speaker 1: I heard, you know, it's it's obviously it's you know,
Speaker 1: it's it's like the who's who uh in the world
Speaker 1: of finance. That will that will that will always be
Speaker 1: an attendance, although I think I missed my invitation again
Speaker 1: for the you know, year in a row. Um. But
Speaker 1: you know, at the same time, I have to think,
Speaker 1: you know, I don't know what more he could add
Speaker 1: to what they've already been saying. You know, they're trying
Speaker 1: to be as clear as they can with their communications
Speaker 1: and being as compelling as they as they can possibly be.
Speaker 1: You know, they just look for they just continue to
Speaker 1: look for more evidence U and you know they might ask,
Speaker 1: you know, what what is it going to take? And
Speaker 1: that might be the more interesting thing to talk about
Speaker 1: it Maybe we even talk about, you know, when they're
Speaker 1: actually gonna start seeing rate cuts. Also that thing that
Speaker 1: for us is not until probably move okay, Adding to
Speaker 1: the difficulties and all this remind everybody there is a
Speaker 1: there's a period between implementation and when you actually see
Speaker 1: if the policy is working in that right, Um, a
Speaker 1: little bit of a leg but you know, I mean
Speaker 1: we're seeing, you know, as soon as you start raising rates,
Speaker 1: you know that the banks start raising rates as well. Um.
Speaker 1: It does filter through fairly quickly. So that's why you're seeing,
Speaker 1: especially on the housing front, and that's why you're seeing
Speaker 1: you know, such a big dramatic um UM decline right
Speaker 1: now in some of the housing data. Although at some point,
Speaker 1: of course, at some point, you know, there's also going
Speaker 1: to be that impact of high prices as well, at
Speaker 1: which buyers were already dealing with UM. So this added
Speaker 1: increase in boring costs is just gonna make things a
Speaker 1: little bit more difficult for the who're trying to get
Speaker 1: back into the housing market. Okay, so from the market
Speaker 1: participant perspective, was this dovish not dovish? Or I mean,
Speaker 1: how do you give me the bottom line here? For me?
Speaker 1: If I had to take, if I was back into
Speaker 1: the corner, I would say it's a little bit um
Speaker 1: more slightly more dovish. I think um than one would
Speaker 1: expect it. Again, they're going to keep raising rates. They're
Speaker 1: just not going to go sending five basis points. So
Speaker 1: instead if you're going, if you're gonna say from SENTI five,
Speaker 1: if we want to call that duvish, you know that's
Speaker 1: the leaning I would take. But you know they're still
Speaker 1: going and you know we still have them raising rates
Speaker 1: for the last three meetings of this year. Are we
Speaker 1: going to avoid recession? Technical recession? However you wanted to
Speaker 1: find it? About twenty seconds. We we have a negative
Speaker 1: quarter priced in a pencilvan for early next year. It's
Speaker 1: going to be it's going to feel like recession, but
Speaker 1: maybe not the true definition that the n d e
Speaker 1: R would would lean on. BMO Capital Markets Managing Director's
Speaker 1: senior accounts Jennifer Lee with this this morning, always the pleasure,
Speaker 1: appreciate it. And ahead of that, you can show up
Speaker 1: on Wall Street down futures right now there are thirty
Speaker 1: four points higher, that's the tenth of a percent. S
Speaker 1: and p emanate futures there are five points that's of
Speaker 1: the tenth of a percent. The Nanzac futures of fifteen
Speaker 1: right now a tenth of a percent higher. And as
Speaker 1: we look at the Wall Street fear gage slightly elevated
Speaker 1: the vix at twenty point one f work. You're listening
Speaker 1: to Bloomberg Daybreak, the Bloomberg Weather from Rob Caroline Parler.
Speaker 1: Mostly sunny, the high temperature eighty five in New York
Speaker 1: today Tomorrow morning sun increasing afternoon clouds. High temperature eighty
Speaker 1: five to ninety degrees. This is Bloomberg broadcasting live from
Speaker 1: the Bloomberg Interactive Broker Studio in New York. Bloomberg e
Speaker 1: Living Freedom to Washington, d C. Bloomberg ninety one to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg sixteen
Speaker 1: to the country, Sirius XM to A one nineteen and
Speaker 1: around the globe. The Bloomberg Business app and Bloomberg Radio
Speaker 1: dot com. This is Bloomberg Daybreak, the six thirty on
Speaker 1: Wall Street. Good morning, I'm John Tucker and I'm Cameron Moscow.
Speaker 1: We're just about three hours away from the open of
Speaker 1: US trading. It's time for the five things you need
Speaker 1: to know to start your day. Brought to you by
Speaker 1: Interactive Brokers. Interactive Brokers Simple, ib k our Global Trader app,
Speaker 1: deposit in your local currency and trade stocks in the US,
Speaker 1: Europe and Asia. Sharn't your free trial at ibk R
Speaker 1: dot com Slash Global Trader First. US futures are higher
Speaker 1: this morning, after the first down day for stocks in
Speaker 1: nearly a week. Markets are still digesting minutes from the
Speaker 1: latest FED meeting. Lorene Gilbert's CEO of Wealthwise Financial, says,
Speaker 1: there's uncertainty, but still a chance for solid returns. We
Speaker 1: do like small cap across the way growth in value
Speaker 1: because if you do believe that this is a bull
Speaker 1: market run, then we have the opportunity for small cap
Speaker 1: to continue to outpace. Lorrene Gilbert with Wealthwise says technical
Speaker 1: indicators show markets could sustain a bull run in the
Speaker 1: months ahead, and traders are waiting fresh economic data. Today
Speaker 1: A thirty am, All Street Time, Labor Department releases the
Speaker 1: latest figures on jobless claims. We're also going to get
Speaker 1: existing home sales for July. That's at ten and we
Speaker 1: turned to corporate News Now John, where tech giants Apple
Speaker 1: front and center. The company is aiming to unveil it's
Speaker 1: new iPhone next month. Bloomberg's we need a young joins
Speaker 1: us live with the details or need a good morning,
Speaker 1: Good morning, Karen, Bloomberg. Sources say Apple's big reveal of
Speaker 1: the iPhone fourteen is expected to come on September seven.
Speaker 1: The flagship product generates more than half of Apple's sales,
Speaker 1: and the update comes at a time when smartphone sales
Speaker 1: more broadly have started to slump as consumers cope with
Speaker 1: inflation and a shaky economy. The launch kicks off a
Speaker 1: busy fall product season for the tech giant, which will
Speaker 1: include multiple new Max low end and high end iPads
Speaker 1: and three Apple Watch models. Live in New York, I'm
Speaker 1: renned a young Bloomberg day breaks. Thanks. We're getting more
Speaker 1: earnings reports today that will give us a sense of
Speaker 1: consumer strength. We're gonna hear from big box retailer b
Speaker 1: J's Coles and st Lauder. Now to geopolitics, John, where
Speaker 1: attentions with China remain front end center. The U s
Speaker 1: and Taiwan are set to start formal negotiations on a
Speaker 1: bilateral trade agreement. Bloomberg News corresponding Bruce ein Horn says
Speaker 1: talks are expected to start this fall. Where these go
Speaker 1: I think it's a big question because on the one hand,
Speaker 1: there's really strong bipartisan support for Taiwan and the US Congress.
Speaker 1: On the other hand, there's really not strong bipartisan support
Speaker 1: for any sort of trade deals in the US Congress.
Speaker 1: What comes out of this remains to be seen. And
Speaker 1: Bloomberg Spruce eyn Horn says a villa in Congress that
Speaker 1: would upgrade US relations with Taiwan could further inflame tensions.
Speaker 1: That's the fine things that you need to notice. Start
Speaker 1: your day. Brought to you by Interactive Brokers. Again, futures
Speaker 1: are higher this morning. Straight to head your latest local
Speaker 1: headlines plus the check of sports, and this is Bloomberg. Thanks,
Speaker 1: it's thirty three Young Wolves. Time to bring in Michael
Speaker 1: barn It tell us what else is going on to
Speaker 1: New York hand around the world. John, thank you very much. Sir.
Speaker 1: Four bus loads of migrants who had crossed the border
Speaker 1: into Texas arrived in New York City yesterday. Texas Governor
Speaker 1: Greg Abbott has been sending migrants to New York and
Speaker 1: Washington d C, saying it's a crisis caused by the
Speaker 1: Biden The Minister Ration. New York Mayor Eric Adams says
Speaker 1: Abbot is using the migrants as political pawns. Our team
Speaker 1: reached out to him when we first discovered what he
Speaker 1: was doing, and we asked less cognate because crisis calls
Speaker 1: for coordination. Governor Rabbit responded to Adams when the mayor
Speaker 1: began complaining about just getting a small trickle of what
Speaker 1: Texas has to do with all the time, I said,
Speaker 1: I'm a letter and I invited him to come down
Speaker 1: to the border and see firsthand the chaos that exists
Speaker 1: in Texas. Governor Rabbit and Mayor Adams appeared on ABC's Nightline.
Speaker 1: The head of the CDC acknowledged that her agency made
Speaker 1: mistakes in its response to COVID. Dr Rochelle Wilenski says
Speaker 1: it's time for an internal reorganization. She says it's a
Speaker 1: response to the notion that the agency is too focused
Speaker 1: on academic work and not nimble enough to respond to
Speaker 1: fast emerging diseases. We as an agency cannon, should move
Speaker 1: faster with our data. Dr Wilensky also says the agency
Speaker 1: needs to communicate better with the public. Rutgers University in
Speaker 1: New Jersey says face coverings will continue to be required
Speaker 1: in most indoor settings for the new school year. All
Speaker 1: students and employees are required to be fully vaccinated. The
Speaker 1: university cites the ongoing spread of the B A five
Speaker 1: omicron subvariant. A few days ago, New Jersey Governor Phil
Speaker 1: Murphy announced the state will no longer require weekly testing
Speaker 1: for unvaccinated schools. However, yesterday Murphy said that he has
Speaker 1: no issue with the university's mandates. That's Rutger's call, and
Speaker 1: we said that school districts that choose to want to
Speaker 1: be to keep the vaccine test in place are welcome to.
Speaker 1: My gut tells me there won't be many that do that,
Speaker 1: Governor Phil Murphy. Former Trump Organizations CFO Allen Weisselberg is
Speaker 1: expected to plead guilty today in the New York City courtroom,
Speaker 1: according to The New York Times, as part of his
Speaker 1: plead deal. Weisselberg will admit to all fifteen felonies he's
Speaker 1: accused of and may have to testify about his role
Speaker 1: in the scheme if the Trump organization goes on trial.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Tank, powered by more than seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg, John, Michael, thank you. It
Speaker 1: is now six thirty six on Wall Street. Time for
Speaker 1: the Bloomberg Sports Update. Good Morning John, Stann Showard Morning John.
Speaker 1: Only twice in Yankee history had they won a game
Speaker 1: on an extra hitting grand Slam when they were trailing
Speaker 1: by three runs. Jason Giambie did so did Babe Route
Speaker 1: And it happened tent any last night. And Donaldson swing
Speaker 1: hot hit of there to write toward the line that
Speaker 1: ball has gonna bear. It's a grand slam, a walk
Speaker 1: up grand slam to win the game. Josh Donaldson powered
Speaker 1: one down the right pel line into the seat. It's
Speaker 1: a grand plan. Had to call Donaldson's eighth ear walk
Speaker 1: off homer, but first since two thousand fifteen. And talk
Speaker 1: about a much needed eight seven win. Yankees, of course,
Speaker 1: have been struggling mightily. They trailed Tampa Bay for to nothing.
Speaker 1: After rallying the tie, they fell behind seven to four
Speaker 1: in the Tom Donaldson but at disappointment this season. That's
Speaker 1: one reason why the Yanks just called up twenty three
Speaker 1: year old as Waldo Cabrera. He played third base, went
Speaker 1: over four in his debut. Donaldson was the d H.
Speaker 1: Yanks also called up Estevan Floria all the place center fields,
Speaker 1: so they had two guys in the lineup with Jersey
Speaker 1: numbers ninety and ninety five. The Mets also just called
Speaker 1: up in the third basement and twenty two year old
Speaker 1: Brett Batty homer in Atlanta, first time he had swung
Speaker 1: the bat in the Major's fifth met the homer in
Speaker 1: his first at bat. Mets went on beat the Brays
Speaker 1: nine to seven to home runs for Starling Marte. Max
Speaker 1: Jerser got the win. He's nine and two and J. K.
Speaker 1: Pigraham goes tonight as the Mets try to get a
Speaker 1: split of the series. W NBA Playoffs, the Liberty One
Speaker 1: Game one from Chicago NBA schedule is out. The Nick's
Speaker 1: opened up October nineteenth to Memphis, the Nets will host
Speaker 1: New Orleans. Venus Williams hasn't one of the US Open
Speaker 1: over twenty years. She stepted a wild card to play
Speaker 1: and with gonna be the final tournament for her sister.
Speaker 1: Bloomberg Sports don all right, John, thanks very much. That
Speaker 1: brings us to On Wall Street. Let's wrap up yesterday's
Speaker 1: Fed minutes, the release of those fanmats, take a look
Speaker 1: at the day ahead for markets, and for that we're
Speaker 1: joined by Bloomberg International Economics and Policy correspondent Michael McKay.
Speaker 1: What's gonna happen markets today? I'm just kidding. They're gonna
Speaker 1: go up or they're gonna go down, So the Fed
Speaker 1: can't be wrong, right, I'm trying to assess whether they're
Speaker 1: dubbish or otherwise uh hawkish the five minutes from yesterday. Um,
Speaker 1: this is not gonna be a popular view, but I'm
Speaker 1: gonna argue that it doesn't really matter because let me
Speaker 1: take you back in to them through the mists of history,
Speaker 1: all the way back to July when the Fed met
Speaker 1: and j Pal came out in his news comforts afterwards
Speaker 1: and said that the FED was really worried about inflation
Speaker 1: and would keep to raising interest rates and get above
Speaker 1: new drill probably by the end of the year, and that, uh, yeah,
Speaker 1: there was a concern that they might go too far,
Speaker 1: but they're a long way from that. Uh. Basically, he
Speaker 1: was saying what the minutes said. And so three weeks later,
Speaker 1: the fact that the minutes confirmed that don't tell us
Speaker 1: a whole lot, because, uh, the minutes say, the Fed
Speaker 1: officials were worried, we're we're seeing signs that the economy
Speaker 1: was slowing down and some tentative slignes that the labor
Speaker 1: market was finally starting to ease. And then after that
Speaker 1: we had that blowout jobs report for the month of July.
Speaker 1: They were worried that inflation was out of control and
Speaker 1: really really high. And then we had the uh, the
Speaker 1: CPI report that showed inflation had cooled in the month
Speaker 1: of July. So the data have changed the situation on
Speaker 1: the ground since the minutes came out. And I don't
Speaker 1: think you can make a whole lot in terms of
Speaker 1: a trading decision on what the minutes say. You have
Speaker 1: to look at where we are right now and uh,
Speaker 1: what Fed officials are saying right now. If only there
Speaker 1: were some opportunity for them to come out and speak
Speaker 1: between now and the September twenty one meeting. What you
Speaker 1: just said, well, and that is more true than ever
Speaker 1: in the within the context of whether we're talking about
Speaker 1: a fifty basis point move or a seventy five basis
Speaker 1: point move. I don't think there's any question that they
Speaker 1: are going to raise rates in September, and I don't
Speaker 1: think there's really any debate about whether it should be
Speaker 1: twenty five basis points and those we've got some sort
Speaker 1: of uh, really terrible jobs report coming up the first
Speaker 1: week of September. But fifty or seventy five. A lot's
Speaker 1: going to depend on the data between now and then,
Speaker 1: and whether they feel the economy needs another sharp jolt
Speaker 1: or whether they just need to sort of keep the
Speaker 1: pressure on. All Right, Um, what is it? Week after Friday?
Speaker 1: Is um, Jackson Hole get ten seconds left banks all times?
Speaker 1: Jackson Hole is a week from tomorrow? Yeah, And the
Speaker 1: something's gonna happen there, Something's gonna happen there will stocks
Speaker 1: will go up, for stocks will go down. Bloomberg International.
Speaker 1: You heard it here first Economics and Policy, corresponded Michael McKee.
Speaker 1: You're listening to Bloomberg Daybreak and futures right now they're
Speaker 1: in the green. The Dow futures of points, that's up
Speaker 1: a tenth of a percent, smp emny futures seven points higher,
Speaker 1: and the Nanstak futures right now nineteen points higher. You're
Speaker 1: listening to Bloomberg Daybreak, markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg
Speaker 1: Business Out and at Bloomberg Quick Tape. He's a Bloomberg
Speaker 1: Business lash. And I'm Karen Moscow and you want stock
Speaker 1: index futures, they are a little changed to hire. This morning,
Speaker 1: we go to the first word breaking news to us
Speaker 1: for today's morning call. Here's Bill Maloney. Bill, good morning,
Speaker 1: and good morning, Karen. That's right. US futures are quiet
Speaker 1: right now with Dow futures up twenty seven points, sesames
Speaker 1: gained three well mats that futures are up by five,
Speaker 1: the US ten year old at two point eight eight percent,
Speaker 1: Gold is up eight oils in the green, and bitcoin
Speaker 1: is trading higher by half percent. Japan fell one percent overnight,
Speaker 1: while up of markets are trading in the green and
Speaker 1: back in the US on the economic Frinday, thirty initial
Speaker 1: jobs claims and Philly Fed at ten o'clock look for
Speaker 1: existing home sales and after the bell last night, Cisco
Speaker 1: gave an upbeat outlook. Stock is up five percent in
Speaker 1: the pre market and regarding some of the earnings this morning,
Speaker 1: s Day Lauder beat estimates and look for Cole's to
Speaker 1: report in the pre market, rapping things up for Solo
Speaker 1: was raised to equate. Over at Morgan Stanley Live from
Speaker 1: the First Breakings Desk on Bill Maloney, Kerra, all right, well,
Speaker 1: thanks to here live breaking news over your Bloombery Times.
Speaker 1: Squawk on your terminal. I'll ask you a w u K.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karon,
Speaker 1: thank you very much. A group of media organizations urge
Speaker 1: to Florida judge to release most of an FBI affidavit
Speaker 1: that helped the Justice Department obtained the search warrant for
Speaker 1: former President Donald Trump Smorrow Logal Resort. D o J
Speaker 1: says the document must remain sealed to protect the investigation.
Speaker 1: The U S And Taiwan will start formal talks on
Speaker 1: a trade and economic initiative, following through on a long
Speaker 1: planed promise to deepen ties and mid opposition from China
Speaker 1: and baseball. The Yankees one with a dramatic grand slam
Speaker 1: against the Raise eight seven and ten innings. The Mets
Speaker 1: beat the Braves nine seven, the Red Sox and A's one,
Speaker 1: the Nationals, Orioles and Giants lost. Global news twenty four
Speaker 1: hours a day on here and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalists and analysts more
Speaker 1: than a hundred, twenty countries. I'm Michael bar and this
Speaker 1: is Bloomberg, Karen Ray, Michael, thank you. Sixty nine on
Speaker 1: Wall Street, we turned to news and science and technology
Speaker 1: Now with the Bloomberg and j I T. Stammer Report,
Speaker 1: brought to you by New Jersey Institute of Technology and
Speaker 1: j I T makes industry ready engineers and more than
Speaker 1: twenty fields. If it's engineering is a n j I T.
Speaker 1: Learn more at n j I T dot E d
Speaker 1: U and Here's just making news and science, Technology, Engineering,
Speaker 1: and math. COVID nineteen survivors remained at higher risk of
Speaker 1: ongoing psychotic disorders and dementia for at least two years.
Speaker 1: According to a study in Lancet Psychiatry. It found cognitive
Speaker 1: deficits like brain fog, seizures and epilepsy remained elevated twenty
Speaker 1: four months later. More than four point eight billion dollars
Speaker 1: has been pumped into the electric vehicle charging industry this year.
Speaker 1: Some of the biggest rollouts this year include a one
Speaker 1: billion dollar announcement by VP and ivor Drolla for eleven
Speaker 1: thousand fast charters across Europe, and a six fifty million
Speaker 1: dollar investment across the US by black Rock, Diameler Truck
Speaker 1: and next Era Energy Resources. And Johannesburg based food maker
Speaker 1: Tiger Brands will install solar power at four manufacturing sites
Speaker 1: by early next year. It's part of a rollout to
Speaker 1: reduce the company's dependence on South Africa's state owned electricity firm,
Speaker 1: which has subjected the country to rolling blackout since two
Speaker 1: thousand eight. Tiger Brands also hopes to reach at zero
Speaker 1: greenhouse gas emissions by that's the Bloomberg and J. I. T.
Speaker 1: Stamm Report. John, Thanks Karen, We're live for the Bloomberg
Speaker 1: Interact to Broker's Studios, where it is now six fifty
Speaker 1: one on Wall Street at its time to check what's
Speaker 1: going on at d C. Some of the top stories
Speaker 1: in our nation's capital include the Trump warrant, judge being
Speaker 1: urged to release most of the FBI aid David Rudy
Speaker 1: Giuliani appears before the Georgia grand jury in the election probe,
Speaker 1: US Taiwan trade talks they kick off in a long
Speaker 1: plant counter to China, the Biden freeze on oil and
Speaker 1: gas leasing reinstated for now, and finally, how a Bloomberg
Speaker 1: reporters family escaped the Taliban. Let's take a deeper dive
Speaker 1: into these stories this morning with Bloomberg Washington corresponded Amory Hordern,
Speaker 1: who joins, is now, what's the latest in the Trump
Speaker 1: warrant for the search warrant for Mara Lago, Whether or
Speaker 1: not the details are going to be released right, So
Speaker 1: we're waiting for the affid David. Potentially there's going to
Speaker 1: be a hearing about this in Florida today, This Florida
Speaker 1: judge who released the warrant. There's been a number of
Speaker 1: media organizations filing these requests to have them released. The
Speaker 1: FBI affidavit that then helped the Justice Department obtained that
Speaker 1: search warrant. We've also heard from the Trump camp. Trump
Speaker 1: on Truth Social said, yes, released the affidavit, but they
Speaker 1: had not signed a request. But we do know from
Speaker 1: last week that the d o J feels that this
Speaker 1: is not the appropriate step forward. They think, uh, it
Speaker 1: could potentially hurt the investigation. Um and if there was
Speaker 1: to be even one that was redacted, it wouldn't even
Speaker 1: be worth sending. But really, media companies say that the
Speaker 1: public has a clear and powerful interest. So all eyes
Speaker 1: are gonna be on this hearing at one pm to
Speaker 1: find out potentially if this document will remain under seal
Speaker 1: and protection of investigation or we get more info. This
Speaker 1: is the roadmap to why they went in to mar
Speaker 1: Lago to retrieve those documents. And there are two important
Speaker 1: things at stake here that whether or not you could
Speaker 1: jeopardize an actual investigation and then the public's right to
Speaker 1: know the transparency surrounding. Difficult line. Yeah, um, the former
Speaker 1: mayor um of New York City appearing before a grand
Speaker 1: jury in the election probe. What don't we know out
Speaker 1: of that? I mean grand jury proceedings their secret right,
Speaker 1: so we don't know A lot hours behind being questioned yesterday,
Speaker 1: part of this grand jury proceeding UM. The New York
Speaker 1: Times and report that the lawyer for Giuliani, though declined
Speaker 1: to say whether he answered any of the questions, so
Speaker 1: you don't actually know much of what was asked and
Speaker 1: what the former mayor was willing to give. UM. Let's
Speaker 1: move on to Taiwan trade talks with the United States.
Speaker 1: I get the sense that somebody's just really trying to
Speaker 1: get China really angry here. But these are probably nothing new.
Speaker 1: I mean, we knew this was gonna happen, right, It's
Speaker 1: not nothing. It isn't anything new. We knew this was
Speaker 1: coming out. This is official now talking about when they're
Speaker 1: going to start UM the formal talks on this trade
Speaker 1: and economic initiative. They have been long planned, so we
Speaker 1: know that we'll have the first talks in earlier this fall.
Speaker 1: The timing, though, as you say, is interesting, because obviously
Speaker 1: China is very upset with the United States. The United
Speaker 1: States has what China would say, provoked Beijing given what
Speaker 1: we have seen in terms of Speaker Pelosi's visit and
Speaker 1: then Senator and Marky's visit. So the Ministry of China
Speaker 1: Affairs is now warning the US against doing any deal
Speaker 1: that could imply Tawan the sovereignty. So what they're saying
Speaker 1: is that even these talks or how they handle any
Speaker 1: trade relations, they must respect China's core interests. So potentially
Speaker 1: this fuel some of the fire and rhetoric we've seen
Speaker 1: between Washington and and and Beijing. But all in all,
Speaker 1: these talks they're not very substitutive in the sense that
Speaker 1: very much so in Washington you have Congress, the White House. Um,
Speaker 1: there is a lot of talk about wanting to support Taiwan,
Speaker 1: but there's not a lot of talk of people wanting
Speaker 1: lots of free trade deals. And let me wrap up
Speaker 1: with this story. Um, I think it was in Business
Speaker 1: Week how a Bloomberg reporters family escape the Talmiband Amory,
Speaker 1: you wrote this story, and uh, it's an emotional read. Um,
Speaker 1: just in the two minutes we have something's up for everybody. Yeah, well,
Speaker 1: I would love everyone went and read the story. Um
Speaker 1: it is. It was emotional to when we were doing this,
Speaker 1: but I and a group of other individuals at Bloomberg
Speaker 1: really with this pent with the support of Bloomberg, were
Speaker 1: able to help a friend and colleague based in London.
Speaker 1: One of our colleagues family escape Afghanistan, and this was after,
Speaker 1: of course the Fall of Cobble, which the US is
Speaker 1: marking one year this week. And for me really to
Speaker 1: write this piece, so much of it was because even
Speaker 1: though this family had a tremendous amount of support, it
Speaker 1: was so obvious that I witness firsthand how difficult it
Speaker 1: is to be a refugee. And the crisis just continues
Speaker 1: to get worse worldwide, especially now with Ukraine. We've passed
Speaker 1: over a hundred million refugees. It's more than one percent
Speaker 1: of the global population. And there's lots of nose. There's
Speaker 1: lots of false hopes um as you go through this process,
Speaker 1: and many Afghans are still living in limbo, not sure
Speaker 1: if they're going to be able to start a life,
Speaker 1: because what is going on in Afghanistan now since the
Speaker 1: fall of the country is just very dark. Women are
Speaker 1: being sent back home. Girls after the grade six cannot
Speaker 1: go to school anymore. They have to dress like they
Speaker 1: did in the nine nineties when the Taliban was in charge,
Speaker 1: just head to toe burker's burker's. They cannot go out
Speaker 1: to the market or anywhere in public without a male chaperone.
Speaker 1: So for women and girls. It's I've realized it's such
Speaker 1: the central issue talking to experts who even think that
Speaker 1: maybe the Taliban could even get some of their funds
Speaker 1: unlocked or international aid more support if they were too
Speaker 1: start to change in terms of how they are ruling.
Speaker 1: And many say that has to do with human rights,
Speaker 1: and at the core of that is women's rights, and
Speaker 1: our colleague, we should say it's safe and sound with
Speaker 1: this family. At this point, our colleague is still working
Speaker 1: in London and he works for Boomberg Television and his
Speaker 1: family is in Greece. But yes, they reunited. I watched
Speaker 1: them reunite, which was incredibly emotional but also uh amazing
Speaker 1: to watch that all this work the company put into
Speaker 1: reuniting them, that it was able to happen and come
Speaker 1: to fruition because there's many times that you're going through
Speaker 1: this process that you really doubt that you're going to
Speaker 1: get there in the end. Everybody should read that story
Speaker 1: How a Bloomberg Reporters family escaped the Taliban Emory, great job,
Speaker 1: Thanks a lot, appreciated it, um, Emory Hordern. You can
Speaker 1: read more about these stories again on the Bloomberg Bloomberg
Speaker 1: dot Com Bloomberg terminal reminder. You can follow all the
Speaker 1: latest Bloomberg Radio and Washington. That's Bloomberg nine and one
Speaker 1: of five point seven FM HD two ahead of the open.
Speaker 1: On Wall Street, futures in the green, the DAL future
Speaker 1: is up thirty one. Smp E Mini futures four points
Speaker 1: higher than as DANG futures, they were up five points.
Speaker 1: The VIX, the volatility index just slightly elevated back over one.
Speaker 1: The ten year yield at two eighties seven, down two
Speaker 1: basis points. Even listening to Bloomberg Daybreak, I'm John Tucker
Speaker 1: along with Karen Moscown just ahead Bloomberg Surveillance