1 00:00:01,520 --> 00:00:04,920 Speaker 1: Buy from the Bloomberg Interactive Burgers Studios. This is Bloomberg 2 00:00:04,960 --> 00:00:09,239 Speaker 1: Daybreak for Thursday, August eighteen. Coming up the shower, the 3 00:00:09,320 --> 00:00:12,840 Speaker 1: US in Taiwan begin formal trade negotiations in a blow 4 00:00:12,880 --> 00:00:15,480 Speaker 1: to China stocks pull back is the FED considers the 5 00:00:15,560 --> 00:00:18,279 Speaker 1: pace of rate. He apples that's a target day for 6 00:00:18,320 --> 00:00:21,720 Speaker 1: its next iPhone release and adhering today to determine whether 7 00:00:21,800 --> 00:00:25,520 Speaker 1: to unseal the FBI's Mara Lago affidavit. The war of 8 00:00:25,560 --> 00:00:29,880 Speaker 1: words continues between New York Mayor Adams and Texas Governor Abbot. 9 00:00:30,080 --> 00:00:33,560 Speaker 1: Plus the CDC wants to hit the reset button. Michael 10 00:00:33,560 --> 00:00:37,080 Speaker 1: Blar more ahead, I'm John Stasher and sports dramatic win 11 00:00:37,200 --> 00:00:39,200 Speaker 1: for the Yankees. They beat the Rays on a tenth 12 00:00:39,200 --> 00:00:41,400 Speaker 1: then in Grand slamb the Metfill go on to win 13 00:00:41,560 --> 00:00:48,000 Speaker 1: in Atlanta. That's all train ahead on Bloomberg Daybreak on Bloomberg. 14 00:00:48,040 --> 00:00:51,880 Speaker 1: He Living Free on New York Bloomberg one, Washington d C, 15 00:00:52,360 --> 00:00:55,960 Speaker 1: Bloomberg one oh six one, Boston Bloomberg nine sixties, and 16 00:00:56,040 --> 00:01:00,160 Speaker 1: Francisco Syrius Exam one nineteen and around the world on 17 00:01:00,320 --> 00:01:03,600 Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business app. 18 00:01:07,480 --> 00:01:10,640 Speaker 1: Good morning. I'm John Tucker and I'm Karen Moscow. US 19 00:01:10,720 --> 00:01:14,280 Speaker 1: DOT index futures are a little change, still lower this morning. 20 00:01:14,280 --> 00:01:16,000 Speaker 1: We are coming up to five o one on Wall Street, 21 00:01:16,040 --> 00:01:18,120 Speaker 1: and we check the markets every fifteen minutes throughout the 22 00:01:18,160 --> 00:01:21,640 Speaker 1: trading day. On Bloomberg SMP futures down about three and 23 00:01:21,640 --> 00:01:24,319 Speaker 1: a half points down, futures down twenty four and NASDAG 24 00:01:24,360 --> 00:01:27,880 Speaker 1: futures down seventeen ten. Your treasury up five thirty seconds, 25 00:01:27,920 --> 00:01:30,320 Speaker 1: held two point eight seven percent, and they yield on 26 00:01:30,400 --> 00:01:33,360 Speaker 1: the two year three point to seven percent. NI Max 27 00:01:33,400 --> 00:01:35,759 Speaker 1: screwed oil is up one point three percent at eighty 28 00:01:35,840 --> 00:01:38,880 Speaker 1: nine dollars twenty seven cents in barrel. John, Yeah, as 29 00:01:38,880 --> 00:01:41,720 Speaker 1: you mentioned, Karen, US futures aren't lower this morning, after 30 00:01:41,760 --> 00:01:43,920 Speaker 1: the first down day for stocks in nearly a week. 31 00:01:44,240 --> 00:01:46,840 Speaker 1: Still all bennets from the Fed helped boost centiment as 32 00:01:46,880 --> 00:01:50,200 Speaker 1: traders found some dubbish elements from the central banks. July 33 00:01:50,200 --> 00:01:54,320 Speaker 1: and meeting Lauren Gilbert's CEO of wealth Wise Financialsts, there's uncertainty, 34 00:01:54,360 --> 00:01:59,080 Speaker 1: but still a chance for solid returns. Information technology services 35 00:01:59,240 --> 00:02:03,200 Speaker 1: we see that as an opportunity because unlike goods that 36 00:02:03,240 --> 00:02:07,280 Speaker 1: have had the pricing pressures with good prices continue to 37 00:02:07,280 --> 00:02:10,560 Speaker 1: go up. While you have wage pressure as well in services, 38 00:02:10,840 --> 00:02:14,240 Speaker 1: you don't have the cost goods issue. Lauren Gilbert with 39 00:02:14,320 --> 00:02:18,079 Speaker 1: Wealthwise says, technically, in the Gator Show, markets could sustain 40 00:02:18,120 --> 00:02:20,679 Speaker 1: a bull run in the months ahead. When it comes 41 00:02:20,720 --> 00:02:23,280 Speaker 1: to the Fed minutes, John Wall Street focused on central 42 00:02:23,280 --> 00:02:26,320 Speaker 1: Bank officials discussing the need to eventually dial back the 43 00:02:26,400 --> 00:02:30,280 Speaker 1: pace of interest rate hikes, Eric Lund, principal economist with 44 00:02:30,320 --> 00:02:33,200 Speaker 1: the Conference Board, says, the important takeaway is that the 45 00:02:33,200 --> 00:02:36,760 Speaker 1: Fed will remain data dependent in its approach. We all 46 00:02:36,840 --> 00:02:39,000 Speaker 1: kind of figured they're going through some more half to 47 00:02:39,040 --> 00:02:41,880 Speaker 1: dial back the pace of the increases. This matter at 48 00:02:41,919 --> 00:02:44,680 Speaker 1: what rate and when. So with the next meeting a 49 00:02:44,680 --> 00:02:47,240 Speaker 1: little over a month off, we still have quite a 50 00:02:47,240 --> 00:02:49,000 Speaker 1: bit of data points that are going to be coming 51 00:02:49,000 --> 00:02:51,040 Speaker 1: out between now and then that we're gonna have to watch. 52 00:02:51,480 --> 00:02:54,399 Speaker 1: Eric Lund, with a Conference Board says, if inflation continues 53 00:02:54,440 --> 00:02:56,880 Speaker 1: to fall, the Fed will be well positioned to ease 54 00:02:57,000 --> 00:02:59,359 Speaker 1: rate hikes, and Karen will also be watching for more 55 00:02:59,400 --> 00:03:02,320 Speaker 1: economic Today at a thirty Wall Street time, the Labor 56 00:03:02,360 --> 00:03:06,280 Speaker 1: Department releases the latest figures on jobless claims. Economists predicted 57 00:03:06,360 --> 00:03:08,720 Speaker 1: new high for the year, with claims rising to two 58 00:03:08,800 --> 00:03:11,800 Speaker 1: hundred sixty four thousand. We're also going to get existing 59 00:03:11,800 --> 00:03:14,359 Speaker 1: home sales for the month of July. The National Association 60 00:03:14,400 --> 00:03:19,160 Speaker 1: of Realtors releases those figures at ten. While turning overseas now, 61 00:03:19,240 --> 00:03:22,200 Speaker 1: John Stocks and Asia fell over night as further downgrades 62 00:03:22,280 --> 00:03:26,520 Speaker 1: to China's growth outlook sour sentiment. Bloomberg's Juliet Sally joins 63 00:03:26,560 --> 00:03:29,359 Speaker 1: us from Singapore with the latest Good morning, Juliet, Good 64 00:03:29,360 --> 00:03:32,040 Speaker 1: morning John and Karen Goldman. Sacks lowered its projection for 65 00:03:32,120 --> 00:03:35,160 Speaker 1: China's GDP to three percent from three point three percent, 66 00:03:35,280 --> 00:03:38,440 Speaker 1: citing we couldn't expected July economic data as well as 67 00:03:38,440 --> 00:03:42,119 Speaker 1: new term energy constraints. Nomura slashed their forecast to two 68 00:03:42,120 --> 00:03:45,120 Speaker 1: point eight from three point three percent. The Bloomberg median 69 00:03:45,200 --> 00:03:48,160 Speaker 1: forecast from economists is now at three point nine percent. 70 00:03:48,680 --> 00:03:51,320 Speaker 1: Stokes fell in Japan, China, and Hong Kong, and the 71 00:03:51,360 --> 00:03:54,360 Speaker 1: Aussie was lower for a fourth session after almost forty 72 00:03:54,400 --> 00:03:57,120 Speaker 1: one thousand jobs were lost in the nation last month, 73 00:03:57,400 --> 00:04:01,240 Speaker 1: versus expectations of a twenty five thousand job gain in Singapore. 74 00:04:01,280 --> 00:04:04,480 Speaker 1: Juliet Sally Bloomberg debreaks all right, thanks Julia at tensions 75 00:04:04,520 --> 00:04:07,680 Speaker 1: with China remain front and center. The US and Taiwan 76 00:04:07,720 --> 00:04:11,840 Speaker 1: are sent to store start formal negotiations on a bilateral 77 00:04:11,920 --> 00:04:15,320 Speaker 1: trade agreement. Let's get more from Bloomberg's head, Baxter. This 78 00:04:15,400 --> 00:04:17,360 Speaker 1: is the next step in what has become a very 79 00:04:17,400 --> 00:04:20,920 Speaker 1: heated and very sensitive issue for China. The statement says 80 00:04:20,960 --> 00:04:24,000 Speaker 1: the two have already started formal negotiations, but the first 81 00:04:24,040 --> 00:04:27,040 Speaker 1: sit down round will begin an early fall. They say 82 00:04:27,040 --> 00:04:31,560 Speaker 1: it will cover trade facilitation, regulatory practices and a corruption 83 00:04:31,720 --> 00:04:35,719 Speaker 1: standards and deepening agriculture trade, among others. The statement says 84 00:04:35,760 --> 00:04:39,440 Speaker 1: it will promote innovation and will deepen the relationship in 85 00:04:39,560 --> 00:04:42,520 Speaker 1: San Francisco. I'm at Baxter Bloomberg debris. All right, and 86 00:04:42,600 --> 00:04:44,880 Speaker 1: thank you. We turned to corporate news. Now we're news 87 00:04:44,880 --> 00:04:47,320 Speaker 1: from Apple is front end center at the company is 88 00:04:47,360 --> 00:04:50,240 Speaker 1: aiming to unveil his new iPhone next month, and Bloomberg's 89 00:04:50,240 --> 00:04:52,240 Speaker 1: we need a young joins us live with the details. 90 00:04:52,320 --> 00:04:55,000 Speaker 1: We need a good morning, Good morning, Karen Bloomberg. Sources 91 00:04:55,040 --> 00:04:58,280 Speaker 1: say Apple's big reveal of the iPhone fourteen is expected 92 00:04:58,320 --> 00:05:02,240 Speaker 1: to come on September seven. The flagship product generates more 93 00:05:02,279 --> 00:05:05,040 Speaker 1: than half of Apple's sales and The update comes at 94 00:05:05,080 --> 00:05:08,240 Speaker 1: a time when smartphone sales more broadly has started to 95 00:05:08,360 --> 00:05:12,240 Speaker 1: slump as consumers cope with inflation and a shaky economy. 96 00:05:12,640 --> 00:05:15,039 Speaker 1: The launch kicks off a busy fall product season for 97 00:05:15,080 --> 00:05:18,479 Speaker 1: the tech giant, which will include multiple new Max low 98 00:05:18,600 --> 00:05:22,200 Speaker 1: end and high end iPads and three Apple Watch models. 99 00:05:22,720 --> 00:05:25,360 Speaker 1: Live in New York, I'm reneed a young Bloomberg daybreak 100 00:05:25,520 --> 00:05:28,560 Speaker 1: rened to thanks sticking with corporate news. Walmart, CVNCE, and 101 00:05:28,720 --> 00:05:31,200 Speaker 1: long Greens all getting hit with a big fine. The 102 00:05:31,279 --> 00:05:33,960 Speaker 1: pharmacy chains were ordered to pay a total of six 103 00:05:34,360 --> 00:05:39,120 Speaker 1: fifty million dollars over failure to properly monitor opioid prescriptions 104 00:05:39,240 --> 00:05:42,360 Speaker 1: in Ohio. It's the drug industry's latest scent back and 105 00:05:42,480 --> 00:05:45,800 Speaker 1: litigation over the pain killers. Well on the earnings from 106 00:05:45,960 --> 00:05:49,520 Speaker 1: John Cisco Systems came out with the results that beat Astamade. 107 00:05:49,520 --> 00:05:52,200 Speaker 1: Shares areout four and a half percent in early trading 108 00:05:52,240 --> 00:05:54,360 Speaker 1: after the company gave a bullish fore cash and again 109 00:05:54,400 --> 00:05:57,840 Speaker 1: more from Bloomberg Sterley Pellet. Cisco is the biggest maker 110 00:05:57,920 --> 00:06:01,600 Speaker 1: of machines that run the Internet. Had Corporate Computer Networks 111 00:06:01,600 --> 00:06:04,520 Speaker 1: had said revenue will grow two to four percent in 112 00:06:04,600 --> 00:06:08,000 Speaker 1: the fiscal first quarter from a year earlier. Analysts had 113 00:06:08,000 --> 00:06:10,760 Speaker 1: predicted that sales will be roughly flat from a year ago, 114 00:06:11,120 --> 00:06:15,920 Speaker 1: when revenue was twelve point nine billion dollars. For fiscal three, 115 00:06:15,920 --> 00:06:19,520 Speaker 1: the company expects sales to expand as much as six percent. 116 00:06:19,720 --> 00:06:23,160 Speaker 1: The outlook suggests Cisco can weather a shaky economy and 117 00:06:23,240 --> 00:06:27,479 Speaker 1: tech spending slowdown, helped by better access to supply in 118 00:06:27,600 --> 00:06:31,120 Speaker 1: New York. Charlie Pellett Bloomberg Daybreak, All right, thanks Charlotte. 119 00:06:31,120 --> 00:06:33,679 Speaker 1: Bed Bath and Beyond another stock on the move this morning. 120 00:06:33,680 --> 00:06:35,719 Speaker 1: The shares right now on the pre market down over 121 00:06:35,800 --> 00:06:39,000 Speaker 1: twelve percent as a big investor sours on the stock. 122 00:06:39,720 --> 00:06:42,400 Speaker 1: Ryan Cohen's r C venture says in a filing that 123 00:06:42,480 --> 00:06:44,719 Speaker 1: it might sell as much as seven point seven million 124 00:06:44,760 --> 00:06:47,760 Speaker 1: shares of bed Bath and Beyond our C, the retailer's 125 00:06:47,760 --> 00:06:51,280 Speaker 1: second largest shareholder after black Rock. Well. On the flip side, 126 00:06:51,360 --> 00:06:54,840 Speaker 1: John shares of blue Bird Bio are up about eleven 127 00:06:54,839 --> 00:06:58,080 Speaker 1: percent in early trading. The company's Geen therapy for a 128 00:06:58,160 --> 00:07:01,279 Speaker 1: rare blood disorder was cleared by US regulators. Bloobir had 129 00:07:01,320 --> 00:07:03,800 Speaker 1: said it plans to church two point eight million dollars 130 00:07:03,839 --> 00:07:07,040 Speaker 1: for the first ever one time treatment and coming up today. 131 00:07:07,080 --> 00:07:09,840 Speaker 1: More earnings on the docket this morning, Retail in focus 132 00:07:10,000 --> 00:07:14,920 Speaker 1: once again. We're gonna get results from BJ's, Cole's, and st. Lauter. 133 00:07:15,920 --> 00:07:18,560 Speaker 1: Right now, del Future is up two points. This is 134 00:07:18,600 --> 00:07:25,320 Speaker 1: Bloomberg as five o seven on Wall Street. Time to 135 00:07:25,320 --> 00:07:27,760 Speaker 1: bring in Michael Barr with more with what else is 136 00:07:27,760 --> 00:07:30,440 Speaker 1: going on in New York and around the world. John, 137 00:07:30,480 --> 00:07:33,560 Speaker 1: thank you very much. The war of words continues between 138 00:07:33,640 --> 00:07:37,160 Speaker 1: New York Mayor Eric Adams and Texas Governor Greg Abbott 139 00:07:37,520 --> 00:07:40,800 Speaker 1: with the Texas governor is doing it's just so entire American. 140 00:07:41,000 --> 00:07:44,240 Speaker 1: Mayor Adams says. Four more bus loads of migrants who 141 00:07:44,240 --> 00:07:46,920 Speaker 1: had crossed the border into Texas arrived in New York 142 00:07:46,960 --> 00:07:50,720 Speaker 1: City yesterday. Abbott says he has been sending migrants to 143 00:07:50,760 --> 00:07:54,160 Speaker 1: New York and Washington, d c. To ease pressure on 144 00:07:54,320 --> 00:07:58,160 Speaker 1: the state, blaming the Biden administration for the crisis. Mayor 145 00:07:58,200 --> 00:08:02,480 Speaker 1: Adams said, Governor Abbott using the migrants as political pawns 146 00:08:02,520 --> 00:08:06,440 Speaker 1: to strike out against democratic run cities. Those buses are 147 00:08:06,560 --> 00:08:10,360 Speaker 1: leaven in Texas and passing through other states, and of 148 00:08:10,440 --> 00:08:14,640 Speaker 1: the cities, how about speaking to those mayors across those 149 00:08:14,640 --> 00:08:19,160 Speaker 1: cities and other governors state. How do we do this together? 150 00:08:19,600 --> 00:08:23,080 Speaker 1: Governor Rabbit responded to Adams, calling him a hypocrite. Why 151 00:08:23,120 --> 00:08:26,920 Speaker 1: he's ever complaining for one moment about these people being 152 00:08:26,960 --> 00:08:31,400 Speaker 1: busted into a city goes against his own self declaration 153 00:08:31,880 --> 00:08:35,440 Speaker 1: of being a sanctuary city. Governor Rabbit and Mayor Adams 154 00:08:35,440 --> 00:08:40,160 Speaker 1: appeared on ABC's Nightline. Donald Trump's CFO is expected to 155 00:08:40,200 --> 00:08:43,480 Speaker 1: plead guilty today to tax violations in a deal that 156 00:08:43,520 --> 00:08:47,240 Speaker 1: would require him to testify about business practices at the 157 00:08:47,240 --> 00:08:51,199 Speaker 1: former president's company. Alan Weisselberg, is charged with taking more 158 00:08:51,240 --> 00:08:54,920 Speaker 1: than one point seven million dollars and untaxed compensation from 159 00:08:54,960 --> 00:08:59,319 Speaker 1: the Trump organization. Rudy Giuliani says he has satisfied his 160 00:08:59,440 --> 00:09:02,920 Speaker 1: obligation and after facing hours of questioning before a special 161 00:09:02,960 --> 00:09:06,240 Speaker 1: grand jury in Atlanta. His appearance was part of an 162 00:09:06,240 --> 00:09:10,199 Speaker 1: investigation into attempts by former President Donald Trump and others 163 00:09:10,360 --> 00:09:13,920 Speaker 1: to overturn his twenty twenty election defeat in Georgia. The 164 00:09:14,000 --> 00:09:17,480 Speaker 1: CDC director is planning a major overhaul of the agency 165 00:09:17,600 --> 00:09:21,400 Speaker 1: after an internal review acknowledge missteps in its response to 166 00:09:21,440 --> 00:09:25,520 Speaker 1: the COVID nineteen pandemic. Dr Rochelle Walinski, who ordered the 167 00:09:25,520 --> 00:09:29,120 Speaker 1: internal review, is calling for a reset. We were operating 168 00:09:29,160 --> 00:09:32,600 Speaker 1: with a frail public health infrastructure nationally, and we made 169 00:09:32,679 --> 00:09:35,000 Speaker 1: some pretty public mistakes and we need to own them. 170 00:09:35,320 --> 00:09:39,160 Speaker 1: Dr Wilensky says. The agency review found the CDC's COVID 171 00:09:39,200 --> 00:09:44,120 Speaker 1: guidelines on masks, vaccines, and more have been confusing and overwhelming, 172 00:09:44,360 --> 00:09:47,960 Speaker 1: echoing public criticism. Global News twenty four hours a day 173 00:09:47,960 --> 00:09:50,760 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 174 00:09:51,800 --> 00:09:54,560 Speaker 1: journalists and analysts in more than a hundred twenty countries 175 00:09:54,640 --> 00:09:58,000 Speaker 1: on Michael Barr and this is Bloomberg, John, Michael, thank you. 176 00:10:02,000 --> 00:10:04,160 Speaker 1: He is now five cent on Wall Street. That's time 177 00:10:04,200 --> 00:10:07,120 Speaker 1: to the Bloomberg Sports UPSTATEE and Mart John stashwar Al, 178 00:10:07,200 --> 00:10:09,520 Speaker 1: Good morning, John. Mets and Yankees had both lost the 179 00:10:09,600 --> 00:10:11,480 Speaker 1: last two nights. Both teams last nine had to sit 180 00:10:11,520 --> 00:10:14,360 Speaker 1: through a rain delay. Both teams gave up seven runs 181 00:10:14,400 --> 00:10:18,360 Speaker 1: and still one, and both debuted brand new rookie third baseman. 182 00:10:18,360 --> 00:10:20,400 Speaker 1: For the Mets, it was twenty two year old Brett Beatty. 183 00:10:20,760 --> 00:10:22,559 Speaker 1: He was their first round draft pick in two thousand 184 00:10:22,559 --> 00:10:24,600 Speaker 1: and nineteen. He's been tearing it up in the minors 185 00:10:24,640 --> 00:10:28,360 Speaker 1: and water start his big league career. Hit high in 186 00:10:28,400 --> 00:10:31,040 Speaker 1: the here to right. Feel pretty deep back. Cosconia have 187 00:10:31,200 --> 00:10:35,719 Speaker 1: a track off the walls done. Brett Bety with his 188 00:10:35,840 --> 00:10:39,360 Speaker 1: first pay Nix swing. It's a whole run off the 189 00:10:39,520 --> 00:10:43,040 Speaker 1: top of the six team quote high wall in right field. 190 00:10:43,320 --> 00:10:46,959 Speaker 1: He salutes his parents on his way around third base. 191 00:10:47,440 --> 00:10:50,600 Speaker 1: This kid is living the dream CBS to Calum that's 192 00:10:50,600 --> 00:10:52,720 Speaker 1: also got two on runs with Starling Marte. They let 193 00:10:52,760 --> 00:10:55,839 Speaker 1: Atlanta six to one, nine to five of the ninth thing. 194 00:10:55,920 --> 00:10:57,760 Speaker 1: They held on beat the Brave nine seven to go 195 00:10:57,840 --> 00:10:59,920 Speaker 1: back up by four and a half game. Jacob mgron 196 00:11:00,360 --> 00:11:03,240 Speaker 1: pictures tonight Yankees in that deep slump called up twenty 197 00:11:03,320 --> 00:11:05,719 Speaker 1: three year old as Waldo Cabrera. He went over for 198 00:11:06,000 --> 00:11:08,120 Speaker 1: his first game. Certainly looked like the Yanks are gonna 199 00:11:08,160 --> 00:11:10,680 Speaker 1: lose yet again. They trailed Tavia Bay for nothing. They 200 00:11:10,760 --> 00:11:13,679 Speaker 1: caught up home runs by Glaver tore As An Anthony Rizzo, 201 00:11:13,800 --> 00:11:16,640 Speaker 1: but fell behind again. The Rays led seven to four. 202 00:11:16,720 --> 00:11:20,120 Speaker 1: In the tenth inning, Josh Donaldson hit in opposite field 203 00:11:20,240 --> 00:11:23,000 Speaker 1: walk off grand slam and the Yanks won in dramatic 204 00:11:23,080 --> 00:11:25,280 Speaker 1: fashion and eight to seven. The Liberty opened up the 205 00:11:25,440 --> 00:11:28,360 Speaker 1: w NBA playoffs a nine four eighties seven game one 206 00:11:28,400 --> 00:11:30,800 Speaker 1: win over the defending league champions Chicago Liberty end of 207 00:11:30,800 --> 00:11:33,520 Speaker 1: the game of the thirteen nothing run upcoming US Open 208 00:11:33,600 --> 00:11:35,760 Speaker 1: is gonna be dominating at least early on. By Serena 209 00:11:35,760 --> 00:11:39,200 Speaker 1: Williams's last tournament. Her sister Venus has accepted a wild 210 00:11:39,240 --> 00:11:42,360 Speaker 1: card spot. She'll be playing two. John Stash Howard Plomberg 211 00:11:42,440 --> 00:11:44,640 Speaker 1: Spot John all right, John, thanks very much. Ahead of 212 00:11:44,640 --> 00:11:46,679 Speaker 1: the CANS show on Wall Street. Futures right now kind 213 00:11:46,720 --> 00:11:50,240 Speaker 1: of treading water SMP evening, the futures down just point, 214 00:11:50,400 --> 00:11:54,480 Speaker 1: the DAL futures ten points slower now and the NANSC 215 00:11:54,600 --> 00:11:58,760 Speaker 1: futures are down nine points. They tend your treasury to 216 00:11:59,760 --> 00:12:03,600 Speaker 1: two year yield right now. Three. You're listening to Bloomberg 217 00:12:03,640 --> 00:12:08,959 Speaker 1: Tape right and Bloomberg Weather from meteorologist Rob Carroling for 218 00:12:09,080 --> 00:12:12,880 Speaker 1: today partlet or mostly sunny, high temperature about eighty five tonight, 219 00:12:12,920 --> 00:12:22,640 Speaker 1: clear flows seventy tomorrow, increasing afternoon clouds to ninety degrees. Markets, 220 00:12:22,760 --> 00:12:25,800 Speaker 1: headlines and breaking news twenty four hours a day at 221 00:12:25,840 --> 00:12:29,239 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 222 00:12:29,320 --> 00:12:38,520 Speaker 1: Quick Tape. This is a Bloomberg Business lash and I'm 223 00:12:38,600 --> 00:12:41,800 Speaker 1: Karen Moscow and US Dock Index futures pairing losses in 224 00:12:41,880 --> 00:12:44,680 Speaker 1: a volatile session after the Federal Reserve signal the Delicate 225 00:12:44,800 --> 00:12:47,920 Speaker 1: Balancing Act. Now we see inflation busting rate highs continue 226 00:12:48,240 --> 00:12:51,080 Speaker 1: despite the weekending economy. We checked the markets every fifteen 227 00:12:51,120 --> 00:12:53,600 Speaker 1: minutes throughout the trading day on Bloomberg and right now, 228 00:12:53,760 --> 00:12:56,280 Speaker 1: S and p NASDAC and down futures are all little changed. 229 00:12:56,720 --> 00:12:59,319 Speaker 1: The decks in Germany is a four tenths of upper cent. 230 00:12:59,440 --> 00:13:01,679 Speaker 1: Can your trail asury have three thirty second seal two 231 00:13:01,720 --> 00:13:04,240 Speaker 1: point eight eight percent yield on a two year three 232 00:13:04,280 --> 00:13:07,160 Speaker 1: point to eight percent NIMEX screwed oil is I've winted 233 00:13:07,160 --> 00:13:09,240 Speaker 1: a third percent of a dollar nineteen at eighty nine 234 00:13:09,280 --> 00:13:12,079 Speaker 1: dollars thirty three cents of barrel comes called up two 235 00:13:12,120 --> 00:13:14,400 Speaker 1: tenths per cent or three dollars ten cents at seventeen 236 00:13:14,480 --> 00:13:17,640 Speaker 1: seventy nine eighty announce the euro one point one six 237 00:13:17,720 --> 00:13:19,960 Speaker 1: three against the dollar, British found one point two zero 238 00:13:20,080 --> 00:13:22,040 Speaker 1: four and nine and the yen one thirty five point 239 00:13:22,120 --> 00:13:25,160 Speaker 1: three one, and bitcoin is up to tens percent at 240 00:13:25,200 --> 00:13:28,240 Speaker 1: twenty three thousand, four hundred sixty dollars. Today we are 241 00:13:28,280 --> 00:13:30,800 Speaker 1: watching for the weekly report on initial jobless claims at 242 00:13:30,840 --> 00:13:33,040 Speaker 1: a day thirty Wall Street Time that at ten is 243 00:13:33,120 --> 00:13:36,560 Speaker 1: existing home sales and leading indicators, and BJ's Wholesale Club 244 00:13:36,640 --> 00:13:39,800 Speaker 1: and Coleser among companies scheduled to report earnings today. That's 245 00:13:39,840 --> 00:13:42,560 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more 246 00:13:42,640 --> 00:13:45,160 Speaker 1: on what's going on around the world. Michael, thank you 247 00:13:45,280 --> 00:13:48,360 Speaker 1: very much. Karen Accord is expected to decide today whether 248 00:13:48,440 --> 00:13:52,040 Speaker 1: to make public the full affidavit used to justify the 249 00:13:52,200 --> 00:13:56,200 Speaker 1: FBI rate at Mari Largo. The Justice Department as objected 250 00:13:56,240 --> 00:13:59,920 Speaker 1: to the affi David's release, saying it would compromise the investigation. 251 00:14:00,720 --> 00:14:04,520 Speaker 1: CDC Director Dr Rochelle Wolinski is calling for a reset 252 00:14:04,679 --> 00:14:07,839 Speaker 1: of the agency after an internal review falls at the 253 00:14:07,880 --> 00:14:11,760 Speaker 1: CDC's response to the COVID pandemic. She wants the agency 254 00:14:11,840 --> 00:14:15,880 Speaker 1: to share information faster and in plain, easy to understand language. 255 00:14:16,559 --> 00:14:20,920 Speaker 1: In baseball, the Yankees one with a dramatic grand slam 256 00:14:21,080 --> 00:14:24,160 Speaker 1: against the Raise eight seven and ten innings. The Mets 257 00:14:24,280 --> 00:14:26,880 Speaker 1: beat the Braves nine seven, the Red Sox and A'SE one. 258 00:14:27,200 --> 00:14:31,080 Speaker 1: The Nationals, Orioles and Giants lost. Global news twenty four 259 00:14:31,120 --> 00:14:34,760 Speaker 1: hours a day on air and on Bloomberg quicktake powered 260 00:14:34,800 --> 00:14:37,440 Speaker 1: by more than twenty seven hundred journalists and analyists more 261 00:14:37,440 --> 00:14:40,640 Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg, John, Michael, 262 00:14:40,680 --> 00:14:43,360 Speaker 1: thank you. It is five twenty on one story. We're 263 00:14:43,440 --> 00:14:46,840 Speaker 1: line from the Bloomberg Interranto Broker Studios. This is Bloomberg Daybreak. 264 00:14:47,200 --> 00:14:50,520 Speaker 1: The US and Taiwan will start formal talks on a 265 00:14:50,680 --> 00:14:54,600 Speaker 1: trade in economic initiative. Let's take a deeper diamond and 266 00:14:54,640 --> 00:14:57,440 Speaker 1: this this morning with the chief Asia Economics correspondent with 267 00:14:57,600 --> 00:15:01,160 Speaker 1: Bloomberg News and the current and this something new or 268 00:15:01,520 --> 00:15:05,520 Speaker 1: is it something that's been in the works for a while. Well, 269 00:15:05,600 --> 00:15:08,200 Speaker 1: it's been in the works for a while. It's often 270 00:15:08,280 --> 00:15:10,960 Speaker 1: been held as a kind of a charactery Washington that 271 00:15:11,080 --> 00:15:15,560 Speaker 1: they could deep in economic ties with Taiwan. Obviously, Taiwan 272 00:15:15,640 --> 00:15:18,440 Speaker 1: is very keen to deepen ties. They have been pushing 273 00:15:18,480 --> 00:15:21,480 Speaker 1: from membership to CPP, had been building out what kind 274 00:15:21,520 --> 00:15:24,120 Speaker 1: of trade agreements and aligned as they can in the 275 00:15:24,200 --> 00:15:28,080 Speaker 1: region in recent years. So obviously Taiwan's keen to push it. 276 00:15:28,520 --> 00:15:32,240 Speaker 1: Washington used it as a kind of a carrot when 277 00:15:32,280 --> 00:15:35,200 Speaker 1: it comes through the whole of Beijing story. But how 278 00:15:35,320 --> 00:15:37,760 Speaker 1: deep and half hour goes. I think will depend on 279 00:15:37,840 --> 00:15:41,200 Speaker 1: a number of factors, and not least just US and 280 00:15:41,320 --> 00:15:44,640 Speaker 1: Taiwan driven, but in terms of just howard busts China 281 00:15:44,720 --> 00:15:47,000 Speaker 1: does respond doing. Their initial response to say has been 282 00:15:47,040 --> 00:15:50,440 Speaker 1: already been quite rebust and quite aggressive, as you can imagine. Yeah, 283 00:15:50,520 --> 00:15:52,920 Speaker 1: would this lead to that we're talking about a free 284 00:15:53,000 --> 00:15:56,920 Speaker 1: trade agreement here between the US and Taiwan. I don't 285 00:15:56,960 --> 00:15:58,920 Speaker 1: think you would call it a full of free trade agreement. 286 00:15:58,960 --> 00:16:01,400 Speaker 1: It might be more of a a trading pact, so 287 00:16:01,600 --> 00:16:03,800 Speaker 1: to speak, in terms of where they can agree on 288 00:16:03,960 --> 00:16:08,520 Speaker 1: areas of liberalizing trade and two way flows between both economies. 289 00:16:08,760 --> 00:16:10,920 Speaker 1: I think certainly it's in Taiwan's interests. They're looking to 290 00:16:10,960 --> 00:16:13,000 Speaker 1: the west. By there's a lot of commentary at the 291 00:16:13,040 --> 00:16:17,040 Speaker 1: moment that the semiconductor industry has probably come to see 292 00:16:17,080 --> 00:16:19,320 Speaker 1: something of a slowdown of a coming months due to 293 00:16:19,480 --> 00:16:22,360 Speaker 1: a cooling technology boom. That's a huge part of Taiwan's 294 00:16:22,400 --> 00:16:25,720 Speaker 1: exports sector, for example, So they're keen to certainly diversify 295 00:16:26,200 --> 00:16:28,480 Speaker 1: and open their trading books where they can and win 296 00:16:28,560 --> 00:16:31,000 Speaker 1: new market share there certainly need to come up compared 297 00:16:31,040 --> 00:16:33,080 Speaker 1: to there on the U S side, it's it's probably 298 00:16:33,120 --> 00:16:37,800 Speaker 1: been driven more by perhaps political irrational rather than anything else. 299 00:16:37,920 --> 00:16:40,080 Speaker 1: We noticed by part of an approach of course to 300 00:16:40,280 --> 00:16:43,360 Speaker 1: the US in the US when it comes to Taiwan policy. 301 00:16:43,520 --> 00:16:45,600 Speaker 1: So we will have to see ultimately how fire it 302 00:16:45,640 --> 00:16:49,080 Speaker 1: does go, because obviously every trade agreement always comes up 303 00:16:49,120 --> 00:16:51,960 Speaker 1: again some stakeholder in some industry, in some sector who 304 00:16:51,960 --> 00:16:54,480 Speaker 1: will have to hear how broad reaching and how people 305 00:16:54,520 --> 00:16:58,840 Speaker 1: will ultimately be How much does taipe aid depend on 306 00:16:59,280 --> 00:17:04,000 Speaker 1: Beijing for in terms of its economics. Are they trying 307 00:17:04,040 --> 00:17:06,440 Speaker 1: to reduce that and make up for it with the 308 00:17:06,560 --> 00:17:10,840 Speaker 1: ties the greater ties to the United States. Yeah, there's 309 00:17:10,880 --> 00:17:13,080 Speaker 1: a bit of that. So I mean China is I 310 00:17:13,200 --> 00:17:15,960 Speaker 1: want the biggest trading parking. And when speak of Closi 311 00:17:16,000 --> 00:17:18,679 Speaker 1: went there a few weeks ago, China responded by putting 312 00:17:18,760 --> 00:17:22,639 Speaker 1: effectively kind of an embargo or boycott on imports of 313 00:17:22,880 --> 00:17:26,359 Speaker 1: certain Taiwanese goods for example, certain fruits for instance. And 314 00:17:26,480 --> 00:17:29,720 Speaker 1: they also put restrictions on exports from China to Taiwan 315 00:17:29,800 --> 00:17:32,840 Speaker 1: a certain goods for example, one with fine sands that's 316 00:17:33,000 --> 00:17:37,520 Speaker 1: using the electronics industry. So Taiwan can sorry, China can 317 00:17:37,600 --> 00:17:41,320 Speaker 1: obviously punish Taiwan economically to some extent, it has been 318 00:17:41,400 --> 00:17:45,119 Speaker 1: a kind of a play card of China over the 319 00:17:45,200 --> 00:17:47,880 Speaker 1: years when they're falling out with certain trading partners over 320 00:17:47,920 --> 00:17:50,760 Speaker 1: a politically should they have responded and kind over you know, 321 00:17:50,880 --> 00:17:53,679 Speaker 1: putting back on trade orders for example in with Australian 322 00:17:53,760 --> 00:17:57,440 Speaker 1: recent years and with Philippines and others. So Taiwan is 323 00:17:57,480 --> 00:17:59,080 Speaker 1: one of those who had one of the facing parents 324 00:17:59,119 --> 00:18:01,720 Speaker 1: that came out of course of the Autermouth help speaking 325 00:18:01,760 --> 00:18:05,840 Speaker 1: places with what the Taiwan does want to diversify. It's 326 00:18:06,480 --> 00:18:09,840 Speaker 1: it's it's economic trading partners. It doesn't look for new 327 00:18:09,880 --> 00:18:11,920 Speaker 1: markets around the region. There's some talk that it could 328 00:18:12,000 --> 00:18:15,520 Speaker 1: deepen ties with Japan, for example, Japan is trying to 329 00:18:15,760 --> 00:18:17,680 Speaker 1: be seen as an ally for Taiwan in the region. 330 00:18:17,960 --> 00:18:20,119 Speaker 1: So I think there's no doubt. I wonder what to 331 00:18:20,200 --> 00:18:24,080 Speaker 1: keep in its economic options and obviously when the potential 332 00:18:24,160 --> 00:18:27,159 Speaker 1: for a trade negotiation with the US comes that they 333 00:18:27,160 --> 00:18:29,200 Speaker 1: will certainly jump out that with both House and the 334 00:18:29,280 --> 00:18:32,399 Speaker 1: backdrop for this news that the trade talks are going 335 00:18:32,440 --> 00:18:36,080 Speaker 1: to kick off between Taiwan and the United States comes 336 00:18:36,640 --> 00:18:44,200 Speaker 1: with the Beijing in serious trouble on the economic front. Right, Yes, 337 00:18:44,480 --> 00:18:46,480 Speaker 1: you would say that on the headline basis, and there's 338 00:18:46,520 --> 00:18:51,359 Speaker 1: no doubt all of the sort of real time indicators 339 00:18:51,400 --> 00:18:53,920 Speaker 1: are going against their going in their own direction for China, 340 00:18:54,040 --> 00:18:57,160 Speaker 1: and so the real estate sector remains in a slump. 341 00:18:57,880 --> 00:19:00,360 Speaker 1: House prices and activity continue to go on the wrong 342 00:19:00,400 --> 00:19:04,040 Speaker 1: direction there. So that's a big economy, about twenty of economy. 343 00:19:04,400 --> 00:19:06,600 Speaker 1: Then this week we had a lot of high frequency 344 00:19:06,640 --> 00:19:09,320 Speaker 1: indicators and reach out of spending and an investment and 345 00:19:09,520 --> 00:19:12,760 Speaker 1: on the industrial output attention, all of that was weaker 346 00:19:12,880 --> 00:19:16,400 Speaker 1: than expected. We've also had a big outbreak of COVID 347 00:19:16,480 --> 00:19:18,760 Speaker 1: nntain this weekend in Hainan Island, the kind of a 348 00:19:18,880 --> 00:19:22,560 Speaker 1: choplos ort that's raising fears of more lockdown than that 349 00:19:22,680 --> 00:19:26,640 Speaker 1: kind of cycle ongoing aggressive restrictions. And then of course 350 00:19:26,800 --> 00:19:29,199 Speaker 1: thrown to the mix the you know the US tensions 351 00:19:29,240 --> 00:19:32,560 Speaker 1: with the US which don't bode well for animal spirits, 352 00:19:32,600 --> 00:19:34,440 Speaker 1: shall we say, able to consue in West China. So 353 00:19:34,840 --> 00:19:36,840 Speaker 1: it's all adding down a pressure on the economy. We've 354 00:19:36,840 --> 00:19:39,159 Speaker 1: got a bit of news and in response how this 355 00:19:39,240 --> 00:19:41,960 Speaker 1: already con respond to look to the extra government spending 356 00:19:42,000 --> 00:19:46,160 Speaker 1: coming over aboves ahead all right, Chief Asia Economics correspondent, 357 00:19:46,280 --> 00:19:48,920 Speaker 1: and the current with this this morning and thanks a lot, 358 00:19:49,040 --> 00:19:52,160 Speaker 1: appreciate it. Just ahead of the cash open on Wall Street. 359 00:19:52,200 --> 00:19:55,399 Speaker 1: Down futures they have been fluctuating down right now just 360 00:19:55,600 --> 00:19:59,680 Speaker 1: a lot of points SMP in many futures unchanged and 361 00:19:59,800 --> 00:20:03,800 Speaker 1: then ansday features eight points lower. You're listening to Bloomberg Daybreak, 362 00:20:06,640 --> 00:20:10,440 Speaker 1: just ahead your top headlines. This morning partlet and mostly 363 00:20:10,560 --> 00:20:13,760 Speaker 1: sunny in New York. Today has near eighty five. Tomorrow 364 00:20:14,000 --> 00:20:18,320 Speaker 1: morning sun increasing afternue clouds eighty five. The ninety degrees 365 00:20:22,200 --> 00:20:26,680 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York. 366 00:20:26,840 --> 00:20:30,280 Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg ninety 367 00:20:30,400 --> 00:20:34,119 Speaker 1: nine one to Boston, Bloomberg one six one to San Francisco, 368 00:20:34,200 --> 00:20:37,639 Speaker 1: Bloomberg n sixty to the country, Sirius XM CHE one 369 00:20:37,760 --> 00:20:41,440 Speaker 1: nine and around the globe the Bloomberg Business and Bloomberg 370 00:20:41,520 --> 00:20:50,960 Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty 371 00:20:51,000 --> 00:20:53,240 Speaker 1: on Wall Street. Good morning. I'm John Tucker and I'm 372 00:20:53,280 --> 00:20:55,879 Speaker 1: Karen Moscow. We're just about four hours away from the 373 00:20:55,960 --> 00:20:57,800 Speaker 1: open of US trading. Let's get you have to date 374 00:20:57,840 --> 00:20:59,520 Speaker 1: in the news you need to know at this shower. 375 00:20:59,720 --> 00:21:02,440 Speaker 1: US futures are a little change this morning after the 376 00:21:02,520 --> 00:21:05,600 Speaker 1: first down day for stocks and nearly a wig. Markets 377 00:21:05,640 --> 00:21:08,480 Speaker 1: are still digesting minutes from the latest FED meeting. Loreen 378 00:21:08,560 --> 00:21:12,720 Speaker 1: Gilbert's CEO of Wealthwise Financial, says there's uncertainty, but still 379 00:21:12,760 --> 00:21:15,960 Speaker 1: a chance for solid returns. We do like small cap 380 00:21:16,240 --> 00:21:19,200 Speaker 1: across the way growth in value because if you do 381 00:21:19,400 --> 00:21:22,080 Speaker 1: believe that this is a bull market run, then we 382 00:21:22,200 --> 00:21:26,280 Speaker 1: have the opportunity for small cap to continue to outpace. 383 00:21:26,720 --> 00:21:30,800 Speaker 1: Loreen Gilbert with Wealthwise as technical indicators show markets could 384 00:21:30,840 --> 00:21:33,440 Speaker 1: sustain a bull run in the months ahead. When it 385 00:21:33,520 --> 00:21:36,000 Speaker 1: comes to the Fed minutes, Wall Street focused on Central 386 00:21:36,040 --> 00:21:38,879 Speaker 1: Bank officials discussing the need to eventually dial back the 387 00:21:38,960 --> 00:21:42,439 Speaker 1: pace of interest rate hikes, and traders will be watching 388 00:21:42,600 --> 00:21:46,600 Speaker 1: for more economic data. Today. At eight thirty Wall Street time, 389 00:21:46,640 --> 00:21:50,000 Speaker 1: the Labor Department releases the latest figures on jobless claims. 390 00:21:50,160 --> 00:21:53,520 Speaker 1: Will also get existing home sales for July at ten 391 00:21:53,920 --> 00:21:56,080 Speaker 1: and returned to corporate news now John, where news from 392 00:21:56,119 --> 00:21:58,359 Speaker 1: Apple is front and center. The company is aiming to 393 00:21:58,480 --> 00:22:01,520 Speaker 1: unveil its new iPhone month and Bloomberg's or need a 394 00:22:01,560 --> 00:22:03,639 Speaker 1: young joint us live with the details, or need a 395 00:22:03,680 --> 00:22:06,880 Speaker 1: good morning Good morning, Karen. Bloomberg. Sources say Apple's big 396 00:22:07,000 --> 00:22:09,680 Speaker 1: reveal of the iPhone fourteen is expected to coma in 397 00:22:09,760 --> 00:22:13,560 Speaker 1: September seven. The flagship product generates more than half of 398 00:22:13,640 --> 00:22:16,440 Speaker 1: Apples sales, and the update comes at a time when 399 00:22:16,560 --> 00:22:20,440 Speaker 1: smartphone sales more broadly have started to slump as consumers 400 00:22:20,520 --> 00:22:24,160 Speaker 1: cope with inflation and a shaky economy. The launch kicks 401 00:22:24,160 --> 00:22:27,520 Speaker 1: off a big, busy fall season for the tech giant, 402 00:22:27,560 --> 00:22:30,480 Speaker 1: which will include multiple new max low end and high 403 00:22:30,560 --> 00:22:34,200 Speaker 1: end iPads and three Apple Watch models. Live in New York. 404 00:22:34,240 --> 00:22:36,680 Speaker 1: I'm gonna need a young Bloomberg Day breaks re needed thanks, 405 00:22:36,800 --> 00:22:39,159 Speaker 1: and we're getting more earnings reports today that we'll give 406 00:22:39,240 --> 00:22:41,560 Speaker 1: us a sense of consumer strength. We're gonna hear from 407 00:22:41,880 --> 00:22:46,359 Speaker 1: big box retailer BJ's Coles and then st. Lauter. Well, 408 00:22:46,400 --> 00:22:49,600 Speaker 1: not a geopolitics, John, were Tensions with China remain front 409 00:22:49,720 --> 00:22:51,720 Speaker 1: end center of the U. S. And Taiwan are sent 410 00:22:51,800 --> 00:22:55,600 Speaker 1: to start formal negotiations on a bilateral trade agreement. Bloomberg 411 00:22:55,640 --> 00:22:59,000 Speaker 1: News correspondent Bruce ein Horn says talks are expected to 412 00:22:59,080 --> 00:23:01,680 Speaker 1: start this fall. Where these go, I think it's a 413 00:23:01,760 --> 00:23:04,399 Speaker 1: big question, because, on the one hand, there's really strong 414 00:23:04,480 --> 00:23:07,280 Speaker 1: bipartisan support for Taiwan and the US Congress. On the 415 00:23:07,320 --> 00:23:10,240 Speaker 1: other hand, there's really not strong bipartisan support for any 416 00:23:10,280 --> 00:23:12,840 Speaker 1: sort of trade deals in the US Congress. What comes 417 00:23:12,880 --> 00:23:15,879 Speaker 1: out of this remains to be seen. And Bloomberry Spruce 418 00:23:15,920 --> 00:23:18,480 Speaker 1: Einhorn says, a villa in Congress that would upgrade US 419 00:23:18,560 --> 00:23:23,400 Speaker 1: relations with Taiwan could further inflame tensions. Futures again are 420 00:23:23,480 --> 00:23:26,760 Speaker 1: little change this morning, Tenure Treasury up three thirty seconds 421 00:23:26,840 --> 00:23:30,159 Speaker 1: yea two point eight eight percent, straight ahead, your latest 422 00:23:30,280 --> 00:23:33,720 Speaker 1: local headlines plus the check of sports, and this is 423 00:23:33,760 --> 00:23:40,680 Speaker 1: Bloomberg all right, Thanks car five thirty three odd Wall Street. 424 00:23:40,720 --> 00:23:42,800 Speaker 1: Time to bring in Michael Barr with more on what 425 00:23:42,920 --> 00:23:45,960 Speaker 1: else is going on to New York hand around the world, John, 426 00:23:46,040 --> 00:23:48,720 Speaker 1: thank you very much. There four bus loads of migrants 427 00:23:48,760 --> 00:23:51,399 Speaker 1: who had crossed the border into Texas arrived in New 428 00:23:51,480 --> 00:23:55,119 Speaker 1: York City yesterday. Texas Governor Greg Abbott has been sending 429 00:23:55,200 --> 00:23:58,640 Speaker 1: migrants to New York and Washington, d C. To ease 430 00:23:58,720 --> 00:24:02,400 Speaker 1: pressure on the state. New York Mayor Eric Adams says 431 00:24:02,480 --> 00:24:05,840 Speaker 1: Governor Rabbit is using the migrants as political poems. Our 432 00:24:05,920 --> 00:24:09,040 Speaker 1: team reached out to him when we first discovered what 433 00:24:09,200 --> 00:24:13,320 Speaker 1: he was doing, and we asked less coordinate because crisis 434 00:24:13,760 --> 00:24:18,480 Speaker 1: calls for coordination. Governor Rabbit responded to Adams when the 435 00:24:18,560 --> 00:24:22,320 Speaker 1: Mayor began complaining about just getting a small trickle of 436 00:24:22,400 --> 00:24:25,080 Speaker 1: what Texas has to do with all the time, I 437 00:24:25,119 --> 00:24:27,480 Speaker 1: said him a letter and I invited him to come 438 00:24:27,560 --> 00:24:31,320 Speaker 1: down to the border and see firsthand the chaos that 439 00:24:31,400 --> 00:24:34,520 Speaker 1: exists in Texas. Governor Rabbit and Mayor Adams appeared on 440 00:24:34,640 --> 00:24:38,560 Speaker 1: ABC's Nightline. The head of the CDC acknowledged that her 441 00:24:38,600 --> 00:24:42,240 Speaker 1: agency made mistakes and its response to COVID. Dr Rochelle 442 00:24:42,280 --> 00:24:46,480 Speaker 1: Willinski says it's time for an internal reorganization. She says 443 00:24:46,680 --> 00:24:49,359 Speaker 1: it's a response to the notion that the agency is 444 00:24:49,440 --> 00:24:53,040 Speaker 1: too focused on academic work and not nimble enough to 445 00:24:53,119 --> 00:24:57,160 Speaker 1: respond to fast emerging diseases. We as an agency cannon 446 00:24:57,200 --> 00:25:00,440 Speaker 1: should move faster with our data, Dr Wilenski. He also 447 00:25:00,560 --> 00:25:03,119 Speaker 1: says the agency needs to communicate better with the public. 448 00:25:03,680 --> 00:25:08,560 Speaker 1: Former Trump Organization CFO Alan Weiselberg is expected to plead 449 00:25:08,600 --> 00:25:11,640 Speaker 1: guilty today in the New York City court room, according 450 00:25:11,720 --> 00:25:14,200 Speaker 1: to the New York Times. As part of his plea deal, 451 00:25:14,560 --> 00:25:18,399 Speaker 1: Weiselberg will admit to all fifteen felonies he's accused of, 452 00:25:18,800 --> 00:25:21,119 Speaker 1: and may have to testify about his role in the 453 00:25:21,240 --> 00:25:25,119 Speaker 1: scheme of the Trump organization if he goes to trial. 454 00:25:26,000 --> 00:25:30,200 Speaker 1: Former President Trump's attorney Rudy Giuliani, testified for six hours 455 00:25:30,320 --> 00:25:34,240 Speaker 1: before a special Grand jurine Atlanta, Georgia. Prosecutors have told 456 00:25:34,280 --> 00:25:37,480 Speaker 1: Giuliani that he is a target in their investigation into 457 00:25:37,560 --> 00:25:42,080 Speaker 1: potential criminal meddling in the election. Global News twenty four 458 00:25:42,160 --> 00:25:44,880 Speaker 1: hours a day on air and on Bloomberg Quick Take, 459 00:25:45,160 --> 00:25:48,160 Speaker 1: powered by more than twenty seven hundred journalists. Now that's 460 00:25:48,200 --> 00:25:50,359 Speaker 1: more than a D twenty countries. Michael Bard, this is 461 00:25:50,400 --> 00:25:58,240 Speaker 1: Bloomberg jomp. Michael, thank you, thirty five of Wall straight. 462 00:25:58,280 --> 00:26:01,440 Speaker 1: That's time for the Bloomberg Sports Update us, John. Thanks John. 463 00:26:01,520 --> 00:26:04,000 Speaker 1: Only twice in Yankee history had they won a game 464 00:26:04,080 --> 00:26:06,760 Speaker 1: on an extra inning Grand Slam when they were trailing 465 00:26:06,840 --> 00:26:09,480 Speaker 1: by three runs. Jason Giambie did it, So did Babe 466 00:26:09,560 --> 00:26:12,200 Speaker 1: route End. It happened ten any last night. And the 467 00:26:12,240 --> 00:26:15,840 Speaker 1: old one, the Donaldson swing hot hit him there in 468 00:26:15,920 --> 00:26:19,680 Speaker 1: the right toward the line. That ball has gonna fay come. 469 00:26:20,440 --> 00:26:25,600 Speaker 1: That's a Grand Slam, walk up Grand Slam to win 470 00:26:25,720 --> 00:26:30,520 Speaker 1: the game, Josh Donaldson powered one down the right pel 471 00:26:30,520 --> 00:26:34,760 Speaker 1: line into the seats. It's a grand lag and they 472 00:26:34,800 --> 00:26:37,600 Speaker 1: called Donaldson's eighth career walk off homer, but first since 473 00:26:37,600 --> 00:26:40,520 Speaker 1: two thousand fifteen. And talk about a much needed eight 474 00:26:40,600 --> 00:26:43,359 Speaker 1: to seven win. Yankees scores have been struggling mightily. They 475 00:26:43,440 --> 00:26:46,360 Speaker 1: trailed seven Bay four nothing, and after rallying the tie, 476 00:26:46,400 --> 00:26:48,639 Speaker 1: they trailed seven four and the tam Donaldson has been 477 00:26:48,640 --> 00:26:51,119 Speaker 1: a disappointment this Season's one reason why the Yanks just 478 00:26:51,280 --> 00:26:53,760 Speaker 1: called up twenty three year old as Waldo Cabrera. He 479 00:26:53,800 --> 00:26:56,640 Speaker 1: played third base when over four in his debut Donaldson 480 00:26:56,720 --> 00:26:59,160 Speaker 1: was with the h Yanks also called up Esteban Floria 481 00:26:59,560 --> 00:27:01,159 Speaker 1: to place then it fields. They have two guys in 482 00:27:01,200 --> 00:27:04,080 Speaker 1: the lineup wearing jersey numbers ninety and ninety five. The 483 00:27:04,160 --> 00:27:06,720 Speaker 1: Mets also just called off a new third baseman at 484 00:27:06,720 --> 00:27:09,720 Speaker 1: twenty two year old Grett Batty Homeward in Atlanta, the 485 00:27:09,840 --> 00:27:12,480 Speaker 1: first time he swung the bat in the Major's fifth 486 00:27:12,600 --> 00:27:14,479 Speaker 1: met the Homewer in his first dat bat. Mets went 487 00:27:14,520 --> 00:27:17,040 Speaker 1: on to beat the Braves nine to seven, two old 488 00:27:17,080 --> 00:27:19,479 Speaker 1: runs from starling Marte max Jers, who got the winnings 489 00:27:19,560 --> 00:27:22,000 Speaker 1: night in two and Jacob the Graham goes tonight as 490 00:27:22,000 --> 00:27:24,040 Speaker 1: a Mets try to get a split of the series. 491 00:27:24,119 --> 00:27:27,320 Speaker 1: The NBA schedule unveil. The next opened up October nineteenth 492 00:27:27,400 --> 00:27:30,399 Speaker 1: in Memphis. The net will host New Orleans w NBA 493 00:27:30,480 --> 00:27:33,720 Speaker 1: playoffs the Liberty one Game one from such Potatohn Statue 494 00:27:33,760 --> 00:27:36,640 Speaker 1: that with Woodenberg School, John Hi, Johns, thanks very much. 495 00:27:36,680 --> 00:27:39,159 Speaker 1: Five thirty seven Old Wall Street Animies. It's signed for 496 00:27:39,240 --> 00:27:42,000 Speaker 1: the Try and Say Business Report, and with that is 497 00:27:42,080 --> 00:27:45,960 Speaker 1: Bloomberg's ed Qurey. New York City has denied every property 498 00:27:46,080 --> 00:27:49,760 Speaker 1: damage claim related to Hurricane Ida. It says for over 499 00:27:49,840 --> 00:27:52,840 Speaker 1: a century, chords have said municipal that day's across the 500 00:27:52,880 --> 00:27:57,080 Speaker 1: state are not liable for damage from extraordinary and extensive rainfalls. 501 00:27:57,520 --> 00:27:59,480 Speaker 1: I'd have broke the record for the most rainfall in 502 00:27:59,520 --> 00:28:04,119 Speaker 1: his single hour in city history. Genesis chief executive officer 503 00:28:04,200 --> 00:28:07,200 Speaker 1: Michael Morrow is stepping down. The move comes after the 504 00:28:07,240 --> 00:28:10,840 Speaker 1: crypto brokerage was stung by exposure to bankrupt Hedge Fund, 505 00:28:11,160 --> 00:28:15,120 Speaker 1: Three Arrows Capital and abroad market downturn. The New York 506 00:28:15,160 --> 00:28:19,520 Speaker 1: based companies also eliminating twenty percent of its workforce. Amazon 507 00:28:19,680 --> 00:28:22,000 Speaker 1: dot Com workers a final the position to hold a 508 00:28:22,119 --> 00:28:25,760 Speaker 1: Union election at the company warehouse near Albany. The group 509 00:28:25,880 --> 00:28:29,480 Speaker 1: is affiliated with the upstart Amazon Labor Union. It's asked 510 00:28:29,480 --> 00:28:32,159 Speaker 1: the National Labor Relations Board for permission to hold a 511 00:28:32,280 --> 00:28:35,239 Speaker 1: vote at the a LB one facility. According to an 512 00:28:35,359 --> 00:28:39,520 Speaker 1: n l RB spokesperson, that you Bloomberg trying state business report. 513 00:28:39,640 --> 00:28:43,800 Speaker 1: I'm Ed Corey. It's on Wall Street. Bloomberg Radio is 514 00:28:43,920 --> 00:28:46,440 Speaker 1: on the year from San Francisco to New York, London 515 00:28:46,520 --> 00:28:49,160 Speaker 1: to Hong Kong. Was check in now with our global 516 00:28:49,200 --> 00:28:51,080 Speaker 1: news team for some of the top stories heard on 517 00:28:51,160 --> 00:28:57,440 Speaker 1: our three hundred affiliate radio stations around the world. On 518 00:28:58,720 --> 00:29:01,760 Speaker 1: ktr H in Houston, and Americans are driving more as 519 00:29:01,880 --> 00:29:05,240 Speaker 1: gas prices come off record highs l SMITHEO and I'm 520 00:29:05,400 --> 00:29:07,800 Speaker 1: w b Z in Boston. I'll be reporting on when 521 00:29:07,840 --> 00:29:11,040 Speaker 1: you can expect to see a new iPhone. I'm Jeff 522 00:29:11,080 --> 00:29:14,480 Speaker 1: Collinger and on w tb N in Columbus, I'm reporting 523 00:29:14,560 --> 00:29:17,160 Speaker 1: that Columbus based Bath and Body Works has cut its 524 00:29:17,240 --> 00:29:21,400 Speaker 1: profit outlook and announced plans to cut about one thirty jobs. 525 00:29:21,920 --> 00:29:24,840 Speaker 1: I'm Johan Donagret telling w fl A listeners in Tampa. 526 00:29:25,120 --> 00:29:27,960 Speaker 1: Bank rate Grates Florida the best date in which to retire. 527 00:29:28,320 --> 00:29:31,600 Speaker 1: I'm Klin headil Bloomberg dav Digitato in London. We've been 528 00:29:31,640 --> 00:29:34,880 Speaker 1: reporting on the pressure on Majesty United's owners to sell 529 00:29:35,000 --> 00:29:37,720 Speaker 1: or stake in the football club. I'm Ed Corey on 530 00:29:38,000 --> 00:29:41,040 Speaker 1: w T A M in Cleveland. I'm reporting Northeast Ohio 531 00:29:41,200 --> 00:29:45,560 Speaker 1: homesield slowdown in July. And it's five thirty nine on 532 00:29:45,680 --> 00:29:50,120 Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion. 533 00:29:50,600 --> 00:29:54,880 Speaker 1: This editorial was written by the Bloomberg Editorial Board. With 534 00:29:55,240 --> 00:29:59,000 Speaker 1: just a few weeks left, the summer of two has 535 00:29:59,040 --> 00:30:04,560 Speaker 1: already breached some alarming milestones in the northern Hemisphere. Globally, 536 00:30:04,720 --> 00:30:08,120 Speaker 1: June and July this year have ranked among the warmest 537 00:30:08,200 --> 00:30:13,240 Speaker 1: months ever recorded. Unfortunately, such trends are likely to worsen 538 00:30:13,480 --> 00:30:17,080 Speaker 1: due to climate change. So how can the world prepare 539 00:30:17,160 --> 00:30:20,800 Speaker 1: for the hotter summer's ahead. The most important step is 540 00:30:20,920 --> 00:30:24,680 Speaker 1: to keep up the fight against global warming, including by 541 00:30:24,800 --> 00:30:30,000 Speaker 1: slashing emissions and boosting investment in green energy and related technologies. 542 00:30:30,440 --> 00:30:33,800 Speaker 1: Measures to aid the poor should also be a priority. 543 00:30:34,160 --> 00:30:37,600 Speaker 1: The least affluent tend to suffer the most from extreme heat. 544 00:30:38,000 --> 00:30:41,320 Speaker 1: One can only hope that this summer's blistering heat will 545 00:30:41,480 --> 00:30:46,080 Speaker 1: only underscore the urgency to act. The senatorial was written 546 00:30:46,120 --> 00:30:49,680 Speaker 1: by the Bloomberg editorial Board. For more Bloomberg opinion, please 547 00:30:49,720 --> 00:30:53,280 Speaker 1: go to Bloomberg dot Com, Slash Opinion or ope I 548 00:30:53,520 --> 00:30:57,160 Speaker 1: N go on the Bloomberg Terminal. This has been Bloomberg 549 00:30:57,240 --> 00:31:01,120 Speaker 1: Opinion and Bloomberg Opinion editor rios can be heard every 550 00:31:01,200 --> 00:31:04,120 Speaker 1: week day at this time. Terminal customers can read more 551 00:31:04,360 --> 00:31:07,760 Speaker 1: at O P I M go. And as we look 552 00:31:07,840 --> 00:31:10,400 Speaker 1: at futures ahead of the cash open on Wall Street, 553 00:31:10,480 --> 00:31:14,080 Speaker 1: DAL futures right now they're ten points higher SMP imediate 554 00:31:14,160 --> 00:31:18,040 Speaker 1: futures up to and the domesday futures are six points higher. 555 00:31:18,640 --> 00:31:23,560 Speaker 1: This is day break Bloomberg weather for it today from 556 00:31:23,680 --> 00:31:26,240 Speaker 1: meeting round just Rob Carolin Parley mostly Sunday the high 557 00:31:26,280 --> 00:31:30,160 Speaker 1: temperature eighty five, tonight clear low seventy and tomorrow morning 558 00:31:30,200 --> 00:31:37,680 Speaker 1: sun than increasing anthnute clouds hight five to nine. Markets, 559 00:31:37,840 --> 00:31:40,880 Speaker 1: headlines and breaking news twenty four hours a day at 560 00:31:40,920 --> 00:31:44,920 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktape. 561 00:31:45,120 --> 00:31:54,080 Speaker 1: This is a Bloomberg Business lash and I'm Karen Moscow 562 00:31:54,280 --> 00:31:58,400 Speaker 1: us Dock Index futures pairing their losses. Now little change 563 00:31:58,440 --> 00:32:01,120 Speaker 1: in a volatile session at the Federal Reserve signaled a 564 00:32:01,240 --> 00:32:04,480 Speaker 1: delicate balancing act that would see inflation busting rate hikes 565 00:32:04,560 --> 00:32:07,600 Speaker 1: continue despite a weakening economy. We checked the markets every 566 00:32:07,600 --> 00:32:10,280 Speaker 1: fifteen minutes throughout the trading day on Bloomberg, and now 567 00:32:10,400 --> 00:32:13,959 Speaker 1: futures are little changed. To hire, the decks in Germany 568 00:32:14,080 --> 00:32:16,320 Speaker 1: is up seven tenths of a percent, and the tenure 569 00:32:16,360 --> 00:32:18,800 Speaker 1: Treasury is up three thirty seconds yield two point eight 570 00:32:18,840 --> 00:32:20,760 Speaker 1: eight percent. The yield on the two years at three 571 00:32:20,800 --> 00:32:23,400 Speaker 1: point to eight percent. Ni Max screwed oil is of 572 00:32:23,520 --> 00:32:25,800 Speaker 1: one percent or ninety cents at eighty nine dollars. One 573 00:32:25,880 --> 00:32:28,520 Speaker 1: center barrel collback school of a quarter percent or four 574 00:32:28,560 --> 00:32:32,160 Speaker 1: dollars ten cents at seventeen eighty announced. The euro one 575 00:32:32,200 --> 00:32:34,720 Speaker 1: point one six four against the dollar, British found one 576 00:32:34,760 --> 00:32:36,920 Speaker 1: point to zero four or four and then one thirty 577 00:32:37,000 --> 00:32:40,080 Speaker 1: five point three zero, and Bitcoin this morning's higher of 578 00:32:40,160 --> 00:32:42,920 Speaker 1: four ten percent at twenty three thousand, five hundred dollars. 579 00:32:43,160 --> 00:32:45,680 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 580 00:32:45,800 --> 00:32:48,400 Speaker 1: more on what's going on around the world. Michael Karen, 581 00:32:48,440 --> 00:32:51,440 Speaker 1: thank you very much. A group of media organizations urged 582 00:32:51,520 --> 00:32:54,440 Speaker 1: the Florida judge to release most of an FBI f 583 00:32:54,600 --> 00:32:58,000 Speaker 1: of David that helped the Justice Department obtain the search 584 00:32:58,080 --> 00:33:01,840 Speaker 1: warrant for former President Donald Trump tomorrow logo resort. The 585 00:33:01,920 --> 00:33:05,440 Speaker 1: d o J says the document must remain sealed to 586 00:33:05,520 --> 00:33:09,360 Speaker 1: protect the investigation. The US and Taiwan will start formal 587 00:33:09,480 --> 00:33:13,040 Speaker 1: talks on a trade and economic initiative, following through on 588 00:33:13,160 --> 00:33:16,520 Speaker 1: a long planned promise to deepen ties. The mid opposition 589 00:33:16,560 --> 00:33:20,000 Speaker 1: from China and baseball. The Yankees one with a dramatic 590 00:33:20,160 --> 00:33:23,400 Speaker 1: Grand Slam against the Raise eight seven and ten innings. 591 00:33:23,680 --> 00:33:26,160 Speaker 1: The Mets beat the Braves nine seven, the Red Sox 592 00:33:26,240 --> 00:33:30,600 Speaker 1: and A's one. The Nationals, Orioles and Giants lost. Global 593 00:33:30,680 --> 00:33:33,040 Speaker 1: News twenty four hours a day on air and on 594 00:33:33,120 --> 00:33:36,800 Speaker 1: Bloomberg quick Take, powered by more than twenty hundred journalists 595 00:33:36,800 --> 00:33:39,600 Speaker 1: and analysts more than a hundred twenty countries. Michael bar 596 00:33:39,760 --> 00:33:42,240 Speaker 1: this is Bloomberg, John, Michael, thank you. We are lying 597 00:33:42,240 --> 00:33:45,200 Speaker 1: from the Bloomberg Interrant and Brokers Studios, where it is 598 00:33:45,280 --> 00:33:48,680 Speaker 1: five forty nine on Wall Street. Apple aiming to hold 599 00:33:48,800 --> 00:33:53,440 Speaker 1: a launch event September seven to unveil the iPhone fourteen 600 00:33:53,640 --> 00:33:56,200 Speaker 1: line of products. Let's take a deeper dive this morning. 601 00:33:56,240 --> 00:33:59,800 Speaker 1: We're joining Live now by Bloomberg Quick Take anchor Alex Swibb. 602 00:34:00,200 --> 00:34:05,080 Speaker 1: Do I really really need an iPhone fourteen? Well, it 603 00:34:05,240 --> 00:34:08,239 Speaker 1: really depends when you go to anybody else. Yeah, I 604 00:34:08,600 --> 00:34:10,920 Speaker 1: think that you know, this idea that you need to 605 00:34:11,400 --> 00:34:14,400 Speaker 1: refresh your iPhone every year has long since gone that 606 00:34:14,600 --> 00:34:17,239 Speaker 1: even every two years is long gone. I've got a 607 00:34:17,239 --> 00:34:19,160 Speaker 1: three year old iPhone. I'm probably going to do it 608 00:34:19,239 --> 00:34:21,839 Speaker 1: this year. Now. This is supposed to be a more 609 00:34:21,960 --> 00:34:25,439 Speaker 1: sizeable upgrade than was the thirteen than was last year's 610 00:34:25,960 --> 00:34:28,719 Speaker 1: um Usually you would expect that to drive a big 611 00:34:29,040 --> 00:34:32,200 Speaker 1: up swell in in sales numbers. There was a great 612 00:34:32,200 --> 00:34:36,120 Speaker 1: scoop that our colleagues Mark German and Debbie wou had 613 00:34:36,320 --> 00:34:39,360 Speaker 1: last week which said that actually they expect production numbers 614 00:34:39,719 --> 00:34:44,680 Speaker 1: to be flat year on year, which clearly then suggests 615 00:34:44,760 --> 00:34:47,240 Speaker 1: something about, you know, the the economic climate and people's 616 00:34:47,239 --> 00:34:51,719 Speaker 1: discretionary income in the context of inflation. With the economic 617 00:34:51,840 --> 00:34:55,040 Speaker 1: climate that we're talking about, with the inflation, do we 618 00:34:55,120 --> 00:34:58,520 Speaker 1: know what the pricing is going to be? We don't 619 00:34:58,840 --> 00:35:02,160 Speaker 1: that you know, likely to be in the order of 620 00:35:02,280 --> 00:35:05,640 Speaker 1: a thousand dollars, so the for the base price for 621 00:35:05,719 --> 00:35:09,239 Speaker 1: the top line model. Uh. Sometimes look, the way that 622 00:35:09,280 --> 00:35:11,920 Speaker 1: Apple tends to really make the margin on this stuff 623 00:35:12,120 --> 00:35:14,720 Speaker 1: is on the memory, right. They will charge an extra 624 00:35:14,840 --> 00:35:19,480 Speaker 1: hundred dollars for another sort of hundred and twenty four 625 00:35:19,520 --> 00:35:24,600 Speaker 1: gigabytes of memory. The chip that actually underpins that memory 626 00:35:24,680 --> 00:35:27,040 Speaker 1: probably cost them in the order of twenties a huge 627 00:35:27,080 --> 00:35:31,880 Speaker 1: gross margin on the memory piece. That is where, you know, 628 00:35:32,360 --> 00:35:36,120 Speaker 1: if they offer larger memory options, that's probably where we'll 629 00:35:36,120 --> 00:35:39,800 Speaker 1: start to see the the average price per unit dragged upwards. 630 00:35:40,120 --> 00:35:42,360 Speaker 1: Does it really actually pay that upfront or is it 631 00:35:42,440 --> 00:35:46,160 Speaker 1: part of the package they get with their carrier. Um. 632 00:35:46,239 --> 00:35:48,399 Speaker 1: A lot of people do just buy the iPhone straight 633 00:35:48,440 --> 00:35:51,160 Speaker 1: from Apple because sometimes if you sometimes if you unpick 634 00:35:51,200 --> 00:35:53,520 Speaker 1: the economic it does work out cheaper in the long 635 00:35:53,600 --> 00:35:56,680 Speaker 1: run just to buy it straight from the store, um, 636 00:35:57,960 --> 00:36:00,280 Speaker 1: particularly if you've got say it depends on the contract 637 00:36:00,280 --> 00:36:03,319 Speaker 1: you who obviously in different markets. I personally just buy 638 00:36:03,360 --> 00:36:05,760 Speaker 1: it from Apple. I get financing from Apple, which Apple 639 00:36:05,880 --> 00:36:09,960 Speaker 1: also provides, and that uh, you know, North then financings, 640 00:36:10,000 --> 00:36:12,200 Speaker 1: so it worked out quite cost effective of the consumer. 641 00:36:12,280 --> 00:36:14,040 Speaker 1: But that has also been one of the problems in 642 00:36:14,160 --> 00:36:17,080 Speaker 1: recent years. For the carriers that selling the phones was 643 00:36:17,120 --> 00:36:19,759 Speaker 1: a nice little earner for them, But because Apple has 644 00:36:19,800 --> 00:36:22,279 Speaker 1: its own financing, people have started to realize it's more 645 00:36:22,280 --> 00:36:24,960 Speaker 1: cost effective to go straight to source. Okay, let's talk 646 00:36:24,960 --> 00:36:27,040 Speaker 1: about the other products. Well, first of all, what is 647 00:36:27,080 --> 00:36:30,520 Speaker 1: the iPhone fourteen? Have then I need at this point? 648 00:36:30,680 --> 00:36:34,000 Speaker 1: And what about the other products as well? As ever 649 00:36:34,280 --> 00:36:37,560 Speaker 1: with the each new model of iPhone is going to 650 00:36:37,640 --> 00:36:41,920 Speaker 1: have a slightly better camera and a faster process that 651 00:36:42,719 --> 00:36:46,600 Speaker 1: the styling is likely to be similar to the to 652 00:36:46,760 --> 00:36:51,399 Speaker 1: the thirteen with the square edges, um and the few 653 00:36:51,440 --> 00:36:53,880 Speaker 1: little bells and whistles. Perhaps we don't yet know about 654 00:36:54,840 --> 00:36:59,200 Speaker 1: the They're gonna likely eliminate the mini version of the 655 00:36:59,280 --> 00:37:02,640 Speaker 1: handsets uh and add a model with a six point 656 00:37:02,840 --> 00:37:05,760 Speaker 1: seven inch screen, which will be the first time Apple 657 00:37:05,840 --> 00:37:09,880 Speaker 1: launches a non so called pro iPhone with a display 658 00:37:09,960 --> 00:37:12,560 Speaker 1: of that by did the notch that appears on the 659 00:37:12,680 --> 00:37:16,120 Speaker 1: front will change shape slightly? Um, there will be a 660 00:37:16,160 --> 00:37:19,040 Speaker 1: sort of a pill shaped hole, That's what sources are 661 00:37:19,080 --> 00:37:22,480 Speaker 1: telling Mark German pill shaped hole and a whole punch 662 00:37:22,600 --> 00:37:24,880 Speaker 1: sized area for the camera. So that probably is going 663 00:37:24,960 --> 00:37:27,160 Speaker 1: to have beans has a form factor. The biggest change 664 00:37:27,520 --> 00:37:32,960 Speaker 1: he remind everybody how important iPhones are to Apple. They are, 665 00:37:33,120 --> 00:37:35,759 Speaker 1: I mean, very significant part of their business, but not 666 00:37:36,040 --> 00:37:39,960 Speaker 1: as big as they were before. Historically, it used to 667 00:37:40,040 --> 00:37:44,200 Speaker 1: be about seventy or two thirds of their revenue fundamentally, 668 00:37:44,520 --> 00:37:47,360 Speaker 1: now it's about fifty of their revenue. They've managed to 669 00:37:47,440 --> 00:37:50,239 Speaker 1: bring that down over the past six seven years as 670 00:37:50,320 --> 00:37:54,200 Speaker 1: they've not only boosted the share that they get from 671 00:37:54,200 --> 00:37:56,360 Speaker 1: their services business, which you know that things that the 672 00:37:56,360 --> 00:37:59,279 Speaker 1: app store, Apple Music, Apple TV plus that's now in 673 00:37:59,320 --> 00:38:02,960 Speaker 1: almost seven billion dollar business um, but also what they 674 00:38:03,000 --> 00:38:07,680 Speaker 1: were called the wearables, home and accessory category has doubled 675 00:38:07,760 --> 00:38:10,799 Speaker 1: in five over the past three years. That is, you'll 676 00:38:10,840 --> 00:38:14,680 Speaker 1: watch your your um airplet thing like that. How that's 677 00:38:14,680 --> 00:38:18,160 Speaker 1: always the pleasure Bloomberg Quick Take anchor Alex Webb. The 678 00:38:18,560 --> 00:38:23,319 Speaker 1: event launched September seventh. Karen, thank you. It is five 679 00:38:23,400 --> 00:38:26,040 Speaker 1: at fifty three on Wall Street and returned to a 680 00:38:26,120 --> 00:38:29,720 Speaker 1: legal story that we're watching this morning. One Texas school 681 00:38:29,760 --> 00:38:32,800 Speaker 1: district is getting ready for the start of school and 682 00:38:32,920 --> 00:38:36,280 Speaker 1: a unique way. It's removing forty one books from school 683 00:38:36,360 --> 00:38:40,320 Speaker 1: library shelves, including titles like The bluest Ie, Gender Queer 684 00:38:40,760 --> 00:38:44,719 Speaker 1: and The Bible. There's been a dramatic excalate escalation and 685 00:38:44,840 --> 00:38:47,799 Speaker 1: books bands and book challenges have more than doubled than 686 00:38:47,840 --> 00:38:50,560 Speaker 1: a year, reaching the highest number since the American Library 687 00:38:50,560 --> 00:38:54,040 Speaker 1: Association began keeping count in two thousand one. For more 688 00:38:54,080 --> 00:38:57,600 Speaker 1: in the issue, Bloomberg's Jon Grosso speaks to debrah calledwell Stone, 689 00:38:57,680 --> 00:39:01,680 Speaker 1: director of the American Library Association's Office for Intellectual Freedom. 690 00:39:02,719 --> 00:39:07,160 Speaker 1: The reasons for challenging books change over the years. Between 691 00:39:07,200 --> 00:39:10,600 Speaker 1: two thousand and two thousand nine, the Harry Potter series 692 00:39:10,760 --> 00:39:16,160 Speaker 1: was frequently challenged because of allegedly promoting witchcraft and wizardry. 693 00:39:16,560 --> 00:39:19,759 Speaker 1: What do the challenges now mainly focus on? What we've 694 00:39:19,840 --> 00:39:24,560 Speaker 1: observed since is the majority of books challenged in schools 695 00:39:24,600 --> 00:39:27,960 Speaker 1: and libraries that's when someone demands that they be removed 696 00:39:28,040 --> 00:39:31,840 Speaker 1: from the library shelf are books centering the lives and 697 00:39:31,960 --> 00:39:36,480 Speaker 1: experiences of lgbt q i A persons, and this includes 698 00:39:36,960 --> 00:39:40,600 Speaker 1: things like picture books that simply depicted a family headed 699 00:39:40,640 --> 00:39:44,160 Speaker 1: by the same sex couple, ranging two young adult materials 700 00:39:44,400 --> 00:39:48,680 Speaker 1: dealing with coming of age stories, romance, or nonfiction books 701 00:39:48,800 --> 00:39:53,240 Speaker 1: dealing with sex education. The other trend that we're observing, 702 00:39:53,480 --> 00:39:58,160 Speaker 1: and this is tied to the current campaign around critical 703 00:39:58,280 --> 00:40:02,080 Speaker 1: race theory is a will effort to remove books reflecting 704 00:40:02,160 --> 00:40:06,040 Speaker 1: the experience of African Americans or reflecting a perspective on 705 00:40:06,239 --> 00:40:09,920 Speaker 1: history by African Americans who challenge some of the traditional 706 00:40:10,040 --> 00:40:14,760 Speaker 1: narratives about racism and US history and their experience of slavery. 707 00:40:15,080 --> 00:40:17,840 Speaker 1: I think we've reached a kind of consensus here in 708 00:40:17,880 --> 00:40:22,120 Speaker 1: the United States. Books written for adults and intended for 709 00:40:22,160 --> 00:40:26,360 Speaker 1: adult audiences rarely see challenges. It never really becomes an issue. 710 00:40:26,520 --> 00:40:29,520 Speaker 1: The real dispute is about books that are available to 711 00:40:29,600 --> 00:40:33,240 Speaker 1: young people. How would you describe the criteria for banning 712 00:40:33,280 --> 00:40:37,239 Speaker 1: a book? Is it based mainly on obscenity. That's a 713 00:40:37,400 --> 00:40:40,799 Speaker 1: framing that we're hearing from these advocacy groups that any 714 00:40:40,880 --> 00:40:45,960 Speaker 1: book touching on topics dealing with gender identity, sexual orientation, 715 00:40:46,719 --> 00:40:53,080 Speaker 1: that provide information about changing bodies, human reproduction, sexuality are 716 00:40:53,160 --> 00:40:56,719 Speaker 1: inherently obscene for minors, which of course is an objection 717 00:40:56,800 --> 00:41:00,480 Speaker 1: based on particular moral or religious beliefs, and that really 718 00:41:00,560 --> 00:41:03,520 Speaker 1: should have no place in the decision making about what 719 00:41:03,680 --> 00:41:06,680 Speaker 1: books are available to young people in school, and certainly 720 00:41:06,719 --> 00:41:11,000 Speaker 1: obscenity is the bottom line as far as determining what 721 00:41:11,560 --> 00:41:15,000 Speaker 1: is not protected by the first Amendment in those terms, 722 00:41:15,200 --> 00:41:17,440 Speaker 1: but the Court has made it very clear that that's 723 00:41:17,480 --> 00:41:21,800 Speaker 1: a very narrow category of materials that has no serious value, 724 00:41:21,920 --> 00:41:26,920 Speaker 1: no educational value. You know, when library professionals, for an 725 00:41:27,040 --> 00:41:31,120 Speaker 1: educational professionals select books for school students, they're selecting them 726 00:41:31,160 --> 00:41:34,400 Speaker 1: because they do have an educational value, and particularly for 727 00:41:34,520 --> 00:41:38,520 Speaker 1: voluntary reading in the school library. These books may serve 728 00:41:38,560 --> 00:41:42,000 Speaker 1: the needs of a particular subset of students, and they're 729 00:41:42,040 --> 00:41:46,400 Speaker 1: not required reading. And as Zebra Caldwell Stone, director the 730 00:41:46,440 --> 00:41:51,000 Speaker 1: American Library Association's Office for Intellectual Freedom, speaking at Bloomberg 731 00:41:51,040 --> 00:41:54,400 Speaker 1: Student Grosso. Catch more of that interview, plus analysis of 732 00:41:54,440 --> 00:41:57,080 Speaker 1: the latest legal news by subscribing to the Bloomberg Law 733 00:41:57,160 --> 00:42:01,080 Speaker 1: podcast or downloading the show have Bloomberg dont m slash podcasts. 734 00:42:01,080 --> 00:42:04,240 Speaker 1: Attorneys can find exceptional legal research and business development tools 735 00:42:04,520 --> 00:42:07,160 Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal 736 00:42:07,320 --> 00:42:11,040 Speaker 1: at b law Go. Futures this morning are starting to 737 00:42:11,239 --> 00:42:14,080 Speaker 1: add to their gains now, U S and P future 738 00:42:14,160 --> 00:42:16,960 Speaker 1: is up about five points now, Futures up twenty six, 739 00:42:17,320 --> 00:42:20,279 Speaker 1: and NASDAG futures of seventeen, so we've been seeing some 740 00:42:20,440 --> 00:42:23,759 Speaker 1: improvement there. Ten Your Treasury of four thirty seconds yield 741 00:42:23,760 --> 00:42:25,680 Speaker 1: two point eight eight percent. They yield on the two 742 00:42:25,760 --> 00:42:28,800 Speaker 1: year three point to eight percent. NIMEX screude oil is 743 00:42:28,840 --> 00:42:30,600 Speaker 1: of one and a quarter percent up a dollar ten 744 00:42:30,680 --> 00:42:33,240 Speaker 1: at eighty nine dollars twenty one cents a barrel. Comic 745 00:42:33,280 --> 00:42:35,359 Speaker 1: School the third of per cent or five dollars ninety 746 00:42:35,440 --> 00:42:38,880 Speaker 1: cents at seventeen eighty two sixty announced still ahead on 747 00:42:38,960 --> 00:42:41,719 Speaker 1: Bloomberg day Break, a check on the business headlines and 748 00:42:41,800 --> 00:42:44,520 Speaker 1: all the news you need to start your day, and 749 00:42:44,760 --> 00:42:45,960 Speaker 1: miss is Bloomberg