Speaker 1: Buy from the Bloomberg Interactive Burgers Studios. This is Bloomberg
Speaker 1: Daybreak for Thursday, August eighteen. Coming up the shower, the
Speaker 1: US in Taiwan begin formal trade negotiations in a blow
Speaker 1: to China stocks pull back is the FED considers the
Speaker 1: pace of rate. He apples that's a target day for
Speaker 1: its next iPhone release and adhering today to determine whether
Speaker 1: to unseal the FBI's Mara Lago affidavit. The war of
Speaker 1: words continues between New York Mayor Adams and Texas Governor Abbot.
Speaker 1: Plus the CDC wants to hit the reset button. Michael
Speaker 1: Blar more ahead, I'm John Stasher and sports dramatic win
Speaker 1: for the Yankees. They beat the Rays on a tenth
Speaker 1: then in Grand slamb the Metfill go on to win
Speaker 1: in Atlanta. That's all train ahead on Bloomberg Daybreak on Bloomberg.
Speaker 1: He Living Free on New York Bloomberg one, Washington d C,
Speaker 1: Bloomberg one oh six one, Boston Bloomberg nine sixties, and
Speaker 1: Francisco Syrius Exam 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. US
Speaker 1: DOT index futures are a little change, still lower this morning.
Speaker 1: We are coming up to five o one on Wall Street,
Speaker 1: and we check the markets every fifteen minutes throughout the
Speaker 1: trading day. On Bloomberg SMP futures down about three and
Speaker 1: a half points down, futures down twenty four and NASDAG
Speaker 1: futures down seventeen ten. Your treasury up five thirty seconds,
Speaker 1: held two point eight seven percent, and they yield on
Speaker 1: the two year three point to seven percent. NI Max
Speaker 1: screwed oil is up one point three percent at eighty
Speaker 1: nine dollars twenty seven cents in barrel. John, Yeah, as
Speaker 1: you mentioned, Karen, US futures aren't lower this morning, after
Speaker 1: the first down day for stocks in nearly a week.
Speaker 1: Still all bennets from the Fed helped boost centiment as
Speaker 1: traders found some dubbish elements from the central banks. July
Speaker 1: and meeting Lauren Gilbert's CEO of wealth Wise Financialsts, there's uncertainty,
Speaker 1: but still a chance for solid returns. Information technology services
Speaker 1: we see that as an opportunity because unlike goods that
Speaker 1: have had the pricing pressures with good prices continue to
Speaker 1: go up. While you have wage pressure as well in services,
Speaker 1: you don't have the cost goods issue. Lauren Gilbert with
Speaker 1: Wealthwise says, technically, in the Gator 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 economist with
Speaker 1: the Conference Board, says, the important takeaway is that the
Speaker 1: Fed will remain data dependent in its approach. We all
Speaker 1: kind of figured they're going through some more half to
Speaker 1: dial back the pace of the increases. This matter at
Speaker 1: what rate and when. So with the next meeting a
Speaker 1: little over a month off, we still have quite a
Speaker 1: bit of data points that are going to be coming
Speaker 1: out between now and then that we're gonna have to watch.
Speaker 1: Eric Lund, with a Conference Board says, if inflation continues
Speaker 1: to fall, the Fed will be well positioned to ease
Speaker 1: rate hikes, and Karen will also be watching for more
Speaker 1: economic Today at a thirty Wall Street time, the Labor
Speaker 1: Department releases the latest figures on jobless claims. Economists predicted
Speaker 1: new high for the year, with claims rising to two
Speaker 1: hundred sixty four thousand. We're also going to get existing
Speaker 1: home sales for the month of July. The National Association
Speaker 1: of Realtors releases those figures at ten. While turning overseas now,
Speaker 1: John Stocks and Asia fell over night as further downgrades
Speaker 1: to China's growth outlook sour sentiment. Bloomberg's Juliet Sally joins
Speaker 1: us from Singapore with the latest Good morning, Juliet, Good
Speaker 1: morning John and Karen Goldman. Sacks lowered its projection for
Speaker 1: China's GDP to three percent from three point three percent,
Speaker 1: citing we couldn't expected July economic data as well as
Speaker 1: new term energy constraints. Nomura 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: Juliet Sally Bloomberg debreaks all right, thanks Julia at tensions
Speaker 1: with China remain front and center. The US and Taiwan
Speaker 1: are sent to store start formal negotiations on a bilateral
Speaker 1: trade agreement. Let's get more from Bloomberg's head, Baxter. This
Speaker 1: is the next step in what has become a very
Speaker 1: heated and very sensitive issue for China. The statement says
Speaker 1: the two have already started formal negotiations, but the first
Speaker 1: sit down round will begin an early fall. They say
Speaker 1: it will cover trade facilitation, regulatory practices and a corruption
Speaker 1: standards and deepening agriculture trade, among others. The statement says
Speaker 1: it will promote innovation and will deepen the relationship in
Speaker 1: San Francisco. I'm at Baxter Bloomberg debris. All right, and
Speaker 1: thank you. We turned to corporate news. Now we're news
Speaker 1: from Apple is front end center at the company is
Speaker 1: aiming to unveil his new iPhone next month, and Bloomberg's
Speaker 1: we need a young joins us live with the details.
Speaker 1: We need a good morning, Good morning, Karen Bloomberg. Sources
Speaker 1: say Apple's big reveal of the iPhone fourteen is expected
Speaker 1: to come on September seven. The flagship product generates more
Speaker 1: than half of Apple's sales and The update comes at
Speaker 1: a time when smartphone sales more broadly has started to
Speaker 1: slump as consumers cope with inflation and a shaky economy.
Speaker 1: The launch kicks off a busy fall product season for
Speaker 1: the tech giant, which will include multiple new Max low
Speaker 1: end and high end iPads and three Apple Watch models.
Speaker 1: Live in New York, I'm reneed a young Bloomberg daybreak
Speaker 1: rened to thanks sticking with corporate news. Walmart, CVNCE, and
Speaker 1: long Greens all getting hit with a big fine. The
Speaker 1: pharmacy chains were ordered to pay a total of six
Speaker 1: fifty million dollars over failure to properly monitor opioid prescriptions
Speaker 1: in Ohio. It's the drug industry's latest scent back and
Speaker 1: litigation over the pain killers. Well on the earnings from
Speaker 1: John Cisco Systems came out with the results that beat Astamade.
Speaker 1: Shares areout four and a half percent in early trading
Speaker 1: after the company gave a bullish fore cash and again
Speaker 1: more from Bloomberg Sterley Pellet. Cisco is the biggest maker
Speaker 1: of machines that run the Internet. Had Corporate Computer Networks
Speaker 1: had said revenue will grow two to four percent in
Speaker 1: the fiscal first quarter from a year earlier. Analysts had
Speaker 1: predicted that sales will be roughly flat from a year ago,
Speaker 1: when revenue was twelve point nine billion dollars. For fiscal three,
Speaker 1: the company expects sales to expand as much as six percent.
Speaker 1: The outlook suggests Cisco can weather a shaky economy and
Speaker 1: tech spending slowdown, helped by better access to supply in
Speaker 1: New York. Charlie Pellett Bloomberg Daybreak, All right, thanks Charlotte.
Speaker 1: Bed Bath and Beyond another stock on the move this morning.
Speaker 1: The shares right now on the pre market down over
Speaker 1: twelve percent as a big investor sours on the stock.
Speaker 1: Ryan Cohen's r C venture says in a filing that
Speaker 1: it might sell as much as seven point seven million
Speaker 1: shares of bed Bath and Beyond our C, the retailer's
Speaker 1: second largest shareholder after black Rock. Well. On the flip side,
Speaker 1: John shares of blue Bird Bio are up about eleven
Speaker 1: percent in early trading. The company's Geen therapy for a
Speaker 1: rare blood disorder was cleared by US regulators. Bloobir had
Speaker 1: said it plans to church two point eight million dollars
Speaker 1: for the first ever one time treatment and coming up today.
Speaker 1: More earnings on the docket this morning, Retail in focus
Speaker 1: once again. We're gonna get results from BJ's, Cole's, and st. Lauter.
Speaker 1: Right now, del Future is up two points. This is
Speaker 1: Bloomberg as five o seven on Wall Street. Time to
Speaker 1: bring in Michael Barr with more with what else is
Speaker 1: going on in 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 entire American.
Speaker 1: Mayor Adams says. 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 Abbott using the migrants as political pawns
Speaker 1: to strike out against democratic run cities. Those buses are
Speaker 1: leaven in Texas and passing through other states, and of
Speaker 1: the cities, how about speaking to those mayors across those
Speaker 1: cities and other governors state. How do we do this together?
Speaker 1: Governor Rabbit responded to Adams, calling him a hypocrite. Why
Speaker 1: he's ever complaining for one moment about these people being
Speaker 1: busted into a city goes against his own self declaration
Speaker 1: of being a sanctuary city. Governor Rabbit and Mayor Adams
Speaker 1: appeared on ABC's Nightline. Donald Trump's CFO is expected to
Speaker 1: plead guilty today to tax violations in a deal that
Speaker 1: would require him to testify about business practices at the
Speaker 1: former president's company. Alan Weisselberg, is charged with taking more
Speaker 1: than one point seven million dollars and untaxed compensation from
Speaker 1: the Trump organization. Rudy Giuliani says he has satisfied his
Speaker 1: obligation and after facing hours of questioning before a special
Speaker 1: grand jury in Atlanta. His appearance was part of an
Speaker 1: investigation into attempts by former President Donald Trump and others
Speaker 1: to overturn his twenty twenty election defeat in Georgia. The
Speaker 1: CDC director is planning a major overhaul of the agency
Speaker 1: after an internal review acknowledge missteps in its response to
Speaker 1: the COVID nineteen pandemic. Dr Rochelle Walinski, who ordered the
Speaker 1: internal review, is calling for a reset. We were operating
Speaker 1: with a frail public health infrastructure nationally, and we made
Speaker 1: some pretty public mistakes and we need to own them.
Speaker 1: Dr Wilensky 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. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: journalists and analysts in more than a hundred twenty countries
Speaker 1: on Michael Barr and this is Bloomberg, John, Michael, thank you.
Speaker 1: He is now five cent on Wall Street. That's time
Speaker 1: to the Bloomberg Sports UPSTATEE and Mart John stashwar Al,
Speaker 1: Good morning, John. Mets and Yankees had both lost the
Speaker 1: last two nights. Both teams last nine had to sit
Speaker 1: through a rain delay. Both teams gave up seven runs
Speaker 1: and still one, and both debuted brand new rookie third baseman.
Speaker 1: For the Mets, it was twenty two year old Brett Beatty.
Speaker 1: He was their first round draft pick in two thousand
Speaker 1: and nineteen. He's been tearing it up in the minors
Speaker 1: and water start his big league career. Hit high in
Speaker 1: the here to right. Feel pretty deep back. Cosconia have
Speaker 1: a track off the walls done. Brett Bety with his
Speaker 1: first pay Nix swing. It's a whole run off the
Speaker 1: top of the six team quote high wall in right field.
Speaker 1: He salutes his parents on his way around third base.
Speaker 1: This kid is living the dream CBS to Calum that's
Speaker 1: also got two on runs with Starling Marte. They let
Speaker 1: Atlanta six to one, nine to five of the ninth thing.
Speaker 1: They held on beat the Brave nine seven to go
Speaker 1: back up by four and a half game. Jacob mgron
Speaker 1: pictures tonight Yankees in that deep slump called up twenty
Speaker 1: three year old as Waldo Cabrera. He went over for
Speaker 1: his first game. Certainly looked like the Yanks are gonna
Speaker 1: lose yet again. They trailed Tavia Bay for nothing. They
Speaker 1: caught up home runs by Glaver tore As An Anthony Rizzo,
Speaker 1: but fell behind again. The Rays led seven to four.
Speaker 1: In the tenth inning, Josh Donaldson hit in opposite field
Speaker 1: walk off grand slam and the Yanks won in dramatic
Speaker 1: fashion and eight to seven. The Liberty opened up the
Speaker 1: w NBA playoffs a nine four eighties seven game one
Speaker 1: win over the defending league champions Chicago Liberty end of
Speaker 1: the game of the thirteen nothing run upcoming US Open
Speaker 1: is gonna be dominating at least early on. By Serena
Speaker 1: Williams's last tournament. Her sister Venus has accepted a wild
Speaker 1: card spot. She'll be playing two. John Stash Howard Plomberg
Speaker 1: Spot John all right, John, thanks very much. Ahead of
Speaker 1: the CANS show on Wall Street. Futures right now kind
Speaker 1: of treading water SMP evening, the futures down just point,
Speaker 1: the DAL futures ten points slower now and the NANSC
Speaker 1: futures are down nine points. They tend your treasury to
Speaker 1: two year yield right now. Three. You're listening to Bloomberg
Speaker 1: Tape right and Bloomberg Weather from meteorologist Rob Carroling for
Speaker 1: today partlet or mostly sunny, high temperature about eighty five tonight,
Speaker 1: clear flows seventy tomorrow, increasing afternoon clouds to ninety degrees. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg
Speaker 1: Quick Tape. This is a Bloomberg Business lash and I'm
Speaker 1: Karen Moscow and US Dock Index futures pairing losses in
Speaker 1: a volatile session after the Federal Reserve signal the Delicate
Speaker 1: Balancing Act. Now we see inflation busting rate highs continue
Speaker 1: despite the weekending economy. We checked the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg and right now,
Speaker 1: S and p NASDAC and down futures are all little changed.
Speaker 1: The decks in Germany is a four tenths of upper cent.
Speaker 1: Can your trail asury have three thirty second seal two
Speaker 1: point eight eight percent yield on a two year three
Speaker 1: point to eight percent NIMEX screwed oil is I've winted
Speaker 1: a third percent of a dollar nineteen at eighty nine
Speaker 1: dollars thirty three cents of barrel comes called up two
Speaker 1: tenths per cent or three dollars ten cents at seventeen
Speaker 1: seventy nine eighty announce the euro one point one six
Speaker 1: three against the dollar, British found one point two zero
Speaker 1: four and nine and the yen one thirty five point
Speaker 1: three one, and bitcoin is up to tens percent at
Speaker 1: twenty three thousand, four hundred sixty dollars. Today we are
Speaker 1: watching for the weekly report on initial jobless claims at
Speaker 1: a day thirty Wall Street Time that at ten is
Speaker 1: existing home sales and leading indicators, and BJ's Wholesale Club
Speaker 1: and Coleser among companies scheduled to report earnings today. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael, thank you
Speaker 1: very much. Karen Accord is expected to decide today whether
Speaker 1: to make public the full affidavit used to justify the
Speaker 1: FBI rate at Mari Largo. The Justice Department as objected
Speaker 1: to the affi 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 falls at the
Speaker 1: CDC's response to the COVID pandemic. She wants the agency
Speaker 1: to share information faster and in plain, easy to understand language.
Speaker 1: In 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'SE one.
Speaker 1: The Nationals, Orioles and Giants lost. Global news twenty four
Speaker 1: hours a day on air and on Bloomberg quicktake powered
Speaker 1: by more than twenty seven hundred journalists and analyists more
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg, John, Michael,
Speaker 1: thank you. It is five twenty on one story. We're
Speaker 1: line from the Bloomberg Interranto Broker Studios. This is Bloomberg Daybreak.
Speaker 1: The US and Taiwan will start formal talks on a
Speaker 1: trade in economic initiative. Let's take a deeper diamond and
Speaker 1: this this morning with the chief Asia Economics correspondent with
Speaker 1: Bloomberg News and the current and this something new or
Speaker 1: is it something that's been in the works for a while. Well,
Speaker 1: it's been in the works for a while. It's often
Speaker 1: been held as a kind of a charactery Washington that
Speaker 1: they could deep in economic ties with Taiwan. Obviously, Taiwan
Speaker 1: is very keen to deepen ties. They have been pushing
Speaker 1: from membership to CPP, had been building out what kind
Speaker 1: of trade agreements and aligned as they can in the
Speaker 1: region in recent years. So obviously Taiwan's keen to push it.
Speaker 1: Washington used it as a kind of a carrot when
Speaker 1: it comes through the whole of Beijing story. But how
Speaker 1: deep and half hour goes. I think will depend on
Speaker 1: a number of factors, and not least just US and
Speaker 1: Taiwan driven, but in terms of just howard busts China
Speaker 1: does respond doing. Their initial response to say has been
Speaker 1: already been quite rebust and quite aggressive, as you can imagine. Yeah,
Speaker 1: would this lead to that we're talking about a free
Speaker 1: trade agreement here between the US and Taiwan. I don't
Speaker 1: think you would call it a full of free trade agreement.
Speaker 1: It might be more of a a trading pact, so
Speaker 1: to speak, in terms of where they can agree on
Speaker 1: areas of liberalizing trade and two way flows between both economies.
Speaker 1: I think certainly it's in Taiwan's interests. They're looking to
Speaker 1: the west. By there's a lot of commentary at the
Speaker 1: moment that the semiconductor industry has probably come to see
Speaker 1: something of a slowdown of a coming months due to
Speaker 1: a cooling technology boom. That's a huge part of Taiwan's
Speaker 1: exports sector, for example, So they're keen to certainly diversify
Speaker 1: and open their trading books where they can and win
Speaker 1: new market share there certainly need to come up compared
Speaker 1: to there on the U S side, it's it's probably
Speaker 1: been driven more by perhaps political irrational rather than anything else.
Speaker 1: We noticed by part of an approach of course to
Speaker 1: the US in the US when it comes to Taiwan policy.
Speaker 1: So we will have to see ultimately how fire it
Speaker 1: does go, because obviously every trade agreement always comes up
Speaker 1: again some stakeholder in some industry, in some sector who
Speaker 1: will have to hear how broad reaching and how people
Speaker 1: will ultimately be How much does taipe aid depend on
Speaker 1: Beijing for in terms of its economics. Are they trying
Speaker 1: to reduce that and make up for it with the
Speaker 1: ties the greater ties to the United States. Yeah, there's
Speaker 1: a bit of that. So I mean China is I
Speaker 1: want the biggest trading parking. And when speak of Closi
Speaker 1: went there a few weeks ago, China responded by putting
Speaker 1: effectively kind of an embargo or boycott on imports of
Speaker 1: certain Taiwanese goods for example, certain fruits for instance. And
Speaker 1: they also put restrictions on exports from China to Taiwan
Speaker 1: a certain goods for example, one with fine sands that's
Speaker 1: using the electronics industry. So Taiwan can sorry, China can
Speaker 1: obviously punish Taiwan economically to some extent, it has been
Speaker 1: a kind of a play card of China over the
Speaker 1: years when they're falling out with certain trading partners over
Speaker 1: a politically should they have responded and kind over you know,
Speaker 1: putting back on trade orders for example in with Australian
Speaker 1: recent years and with Philippines and others. So Taiwan is
Speaker 1: one of those who had one of the facing parents
Speaker 1: that came out of course of the Autermouth help speaking
Speaker 1: places with what the Taiwan does want to diversify. It's
Speaker 1: it's it's economic trading partners. It doesn't look for new
Speaker 1: markets around the region. There's some talk that it could
Speaker 1: deepen ties with Japan, for example, Japan is trying to
Speaker 1: be seen as an ally for Taiwan in the region.
Speaker 1: So I think there's no doubt. I wonder what to
Speaker 1: keep in its economic options and obviously when the potential
Speaker 1: for a trade negotiation with the US comes that they
Speaker 1: will certainly jump out that with both House and the
Speaker 1: backdrop for this news that the trade talks are going
Speaker 1: to kick off between Taiwan and the United States comes
Speaker 1: with the Beijing in serious trouble on the economic front. Right, Yes,
Speaker 1: you would say that on the headline basis, and there's
Speaker 1: no doubt all of the sort of real time indicators
Speaker 1: are going against their going in their own direction for China,
Speaker 1: and so the real estate sector remains in a slump.
Speaker 1: House prices and activity continue to go on the wrong
Speaker 1: direction there. So that's a big economy, about twenty of economy.
Speaker 1: Then this week we had a lot of high frequency
Speaker 1: indicators and reach out of spending and an investment and
Speaker 1: on the industrial output attention, all of that was weaker
Speaker 1: than expected. We've also had a big outbreak of COVID
Speaker 1: nntain this weekend in Hainan Island, the kind of a
Speaker 1: choplos ort that's raising fears of more lockdown than that
Speaker 1: kind of cycle ongoing aggressive restrictions. And then of course
Speaker 1: thrown to the mix the you know the US tensions
Speaker 1: with the US which don't bode well for animal spirits,
Speaker 1: shall we say, able to consue in West China. So
Speaker 1: it's all adding down a pressure on the economy. We've
Speaker 1: got a bit of news and in response how this
Speaker 1: already con respond to look to the extra government spending
Speaker 1: coming over aboves ahead all right, Chief Asia Economics correspondent,
Speaker 1: and the current with this this morning and thanks a lot,
Speaker 1: appreciate it. Just ahead of the cash open on Wall Street.
Speaker 1: Down futures they have been fluctuating down right now just
Speaker 1: a lot of points SMP in many futures unchanged and
Speaker 1: then ansday features eight points lower. You're listening to Bloomberg Daybreak,
Speaker 1: just ahead your top headlines. This morning partlet and mostly
Speaker 1: sunny in New York. Today has near eighty five. Tomorrow
Speaker 1: morning sun increasing afternue clouds eighty five. The ninety degrees
Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg ninety
Speaker 1: nine one to Boston, Bloomberg one six one to San Francisco,
Speaker 1: Bloomberg n sixty to the country, Sirius XM CHE one
Speaker 1: nine and around the globe the Bloomberg Business and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty
Speaker 1: on Wall Street. Good morning. I'm John Tucker and I'm
Speaker 1: Karen Moscow. We're just about four hours away from the
Speaker 1: open of US trading. Let's get you have to date
Speaker 1: in the news you need to know at this shower.
Speaker 1: US futures are a little change this morning after the
Speaker 1: first down day for stocks and nearly a wig. Markets
Speaker 1: are still digesting minutes from the latest FED meeting. Loreen
Speaker 1: Gilbert's CEO of Wealthwise Financial, says there's uncertainty, but still
Speaker 1: a chance for solid returns. We do like small cap
Speaker 1: across the way growth in value because if you do
Speaker 1: believe that this is a bull market run, then we
Speaker 1: have the opportunity for small cap to continue to outpace.
Speaker 1: Loreen Gilbert with Wealthwise as technical indicators show markets could
Speaker 1: sustain a bull run in the months ahead. When it
Speaker 1: comes to the Fed minutes, Wall Street focused on Central
Speaker 1: Bank officials discussing the need to eventually dial back the
Speaker 1: pace of interest rate hikes, and traders will be watching
Speaker 1: for more economic data. Today. At eight thirty Wall Street time,
Speaker 1: the Labor Department releases the latest figures on jobless claims.
Speaker 1: Will also get existing home sales for July at ten
Speaker 1: and returned to corporate news now John, where news from
Speaker 1: Apple is front and center. The company is aiming to
Speaker 1: unveil its new iPhone month and Bloomberg's or need a
Speaker 1: young joint us live with the details, or 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 coma in
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 a big, busy fall 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 gonna need a young Bloomberg Day breaks re needed thanks,
Speaker 1: and we're getting more earnings reports today that we'll give
Speaker 1: us a sense of consumer strength. We're gonna hear from
Speaker 1: big box retailer BJ's Coles and then st. Lauter. Well,
Speaker 1: not a geopolitics, John, were Tensions with China remain front
Speaker 1: end center of the U. S. And Taiwan are sent
Speaker 1: to start formal negotiations on a bilateral trade agreement. Bloomberg
Speaker 1: News correspondent Bruce ein Horn says talks are expected to
Speaker 1: start this fall. Where these go, I think it's a
Speaker 1: big question, because, on the one hand, there's really strong
Speaker 1: bipartisan support for Taiwan and the US Congress. On the
Speaker 1: other hand, there's really not strong bipartisan support for any
Speaker 1: sort of trade deals in the US Congress. What comes
Speaker 1: out of this remains to be seen. And Bloomberry Spruce
Speaker 1: Einhorn says, a villa in Congress that would upgrade US
Speaker 1: relations with Taiwan could further inflame tensions. Futures again are
Speaker 1: little change this morning, Tenure Treasury up three thirty seconds
Speaker 1: yea two point eight eight percent, straight ahead, your latest
Speaker 1: local headlines plus the check of sports, and this is
Speaker 1: Bloomberg all right, Thanks car five thirty three odd Wall Street.
Speaker 1: Time to bring in Michael Barr with more on what
Speaker 1: else is going on to New York hand around the world, John,
Speaker 1: thank you very much. There four bus loads of migrants
Speaker 1: who had crossed the border into Texas arrived in New
Speaker 1: York City yesterday. Texas Governor Greg Abbott has been sending
Speaker 1: migrants to New York and Washington, d C. To ease
Speaker 1: pressure on the state. New York Mayor Eric Adams says
Speaker 1: Governor Rabbit is using the migrants as political poems. Our
Speaker 1: team reached out to him when we first discovered what
Speaker 1: he was doing, and we asked less coordinate because crisis
Speaker 1: calls for coordination. Governor Rabbit responded to Adams when the
Speaker 1: Mayor began complaining about just getting a small trickle of
Speaker 1: what Texas has to do with all the time, I
Speaker 1: said him a letter and I invited him to come
Speaker 1: down to the border and see firsthand the chaos that
Speaker 1: exists in Texas. Governor Rabbit and Mayor Adams appeared on
Speaker 1: ABC's Nightline. The head of the CDC acknowledged that her
Speaker 1: agency made mistakes and its response to COVID. Dr Rochelle
Speaker 1: Willinski says it's time for an internal reorganization. She says
Speaker 1: it's a response to the notion that the agency is
Speaker 1: too focused on academic work and not nimble enough to
Speaker 1: respond to fast emerging diseases. We as an agency cannon
Speaker 1: should move faster with our data, Dr Wilenski. He also
Speaker 1: says the agency needs to communicate better with the public.
Speaker 1: Former Trump Organization CFO Alan Weiselberg is expected to plead
Speaker 1: guilty today in the New York City court room, according
Speaker 1: to the New York Times. As part of his plea deal,
Speaker 1: Weiselberg will admit to all fifteen felonies he's accused of,
Speaker 1: and may have to testify about his role in the
Speaker 1: scheme of the Trump organization if he goes to trial.
Speaker 1: Former President Trump's attorney Rudy Giuliani, testified for six hours
Speaker 1: before a special Grand jurine Atlanta, Georgia. Prosecutors have told
Speaker 1: Giuliani that he is a target in their investigation into
Speaker 1: potential criminal meddling in the election. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists. Now that's
Speaker 1: more than a D twenty countries. Michael Bard, this is
Speaker 1: Bloomberg jomp. Michael, thank you, thirty five of Wall straight.
Speaker 1: That's time for the Bloomberg Sports Update us, John. Thanks John.
Speaker 1: Only twice in Yankee history had they won a game
Speaker 1: on an extra inning Grand Slam when they were trailing
Speaker 1: by three runs. Jason Giambie did it, So did Babe
Speaker 1: route End. It happened ten any last night. And the
Speaker 1: old one, the Donaldson swing hot hit him there in
Speaker 1: the right toward the line. That ball has gonna fay come.
Speaker 1: That's a Grand Slam, walk up Grand Slam to win
Speaker 1: the game, Josh Donaldson powered one down the right pel
Speaker 1: line into the seats. It's a grand lag and they
Speaker 1: called Donaldson's eighth career walk off homer, but first since
Speaker 1: two thousand fifteen. And talk about a much needed eight
Speaker 1: to seven win. Yankees scores have been struggling mightily. They
Speaker 1: trailed seven Bay four nothing, and after rallying the tie,
Speaker 1: they trailed seven four and the tam Donaldson has been
Speaker 1: a disappointment this Season's one reason why the Yanks just
Speaker 1: called up twenty three year old as Waldo Cabrera. He
Speaker 1: played third base when over four in his debut Donaldson
Speaker 1: was with the h Yanks also called up Esteban Floria
Speaker 1: to place then it fields. They have two guys in
Speaker 1: the lineup wearing jersey numbers ninety and ninety five. The
Speaker 1: Mets also just called off a new third baseman at
Speaker 1: twenty two year old Grett Batty Homeward in Atlanta, the
Speaker 1: first time he swung the bat in the Major's fifth
Speaker 1: met the Homewer in his first dat bat. Mets went
Speaker 1: on to beat the Braves nine to seven, two old
Speaker 1: runs from starling Marte max Jers, who got the winnings
Speaker 1: night in two and Jacob the Graham goes tonight as
Speaker 1: a Mets try to get a split of the series.
Speaker 1: The NBA schedule unveil. The next opened up October nineteenth
Speaker 1: in Memphis. The net will host New Orleans w NBA
Speaker 1: playoffs the Liberty one Game one from such Potatohn Statue
Speaker 1: that with Woodenberg School, John Hi, Johns, thanks very much.
Speaker 1: Five thirty seven Old Wall Street Animies. It's signed for
Speaker 1: the Try and Say Business Report, and with that is
Speaker 1: Bloomberg's ed Qurey. New York City has denied every property
Speaker 1: damage claim related to Hurricane Ida. It says for over
Speaker 1: a century, chords have said municipal that day's across the
Speaker 1: state are not liable for damage from extraordinary and extensive rainfalls.
Speaker 1: I'd have broke the record for the most rainfall in
Speaker 1: his single hour in city history. Genesis chief executive officer
Speaker 1: Michael Morrow is stepping down. The move comes after the
Speaker 1: crypto brokerage was stung by exposure to bankrupt Hedge Fund,
Speaker 1: Three Arrows Capital and abroad market downturn. The New York
Speaker 1: based companies also eliminating twenty percent of its workforce. Amazon
Speaker 1: dot Com workers a final the position to hold a
Speaker 1: Union election at the company warehouse near Albany. The group
Speaker 1: is affiliated with the upstart Amazon Labor Union. It's asked
Speaker 1: the National Labor Relations Board for permission to hold a
Speaker 1: vote at the a LB one facility. According to an
Speaker 1: n l RB spokesperson, that you Bloomberg trying state business report.
Speaker 1: I'm Ed Corey. It's on Wall Street. Bloomberg Radio is
Speaker 1: on the year from San Francisco to New York, London
Speaker 1: to Hong Kong. Was check in now with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. On
Speaker 1: ktr H in Houston, and Americans are driving more as
Speaker 1: gas prices come off record highs l SMITHEO and I'm
Speaker 1: w b Z in Boston. I'll be reporting on when
Speaker 1: you can expect to see a new iPhone. I'm Jeff
Speaker 1: Collinger and on w tb N in Columbus, I'm reporting
Speaker 1: that Columbus based Bath and Body Works has cut its
Speaker 1: profit outlook and announced plans to cut about one thirty jobs.
Speaker 1: I'm Johan Donagret telling w fl A listeners in Tampa.
Speaker 1: Bank rate Grates Florida the best date in which to retire.
Speaker 1: I'm Klin headil Bloomberg dav Digitato in London. We've been
Speaker 1: reporting on the pressure on Majesty United's owners to sell
Speaker 1: or stake in the football club. I'm Ed Corey on
Speaker 1: w T A M in Cleveland. I'm reporting Northeast Ohio
Speaker 1: homesield slowdown in July. And it's five thirty nine on
Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. With
Speaker 1: just a few weeks left, the summer of two has
Speaker 1: already breached some alarming milestones in the northern Hemisphere. Globally,
Speaker 1: June and July this year have ranked among the warmest
Speaker 1: months ever recorded. Unfortunately, such trends are likely to worsen
Speaker 1: due to climate change. So how can the world prepare
Speaker 1: for the hotter summer's ahead. The most important step is
Speaker 1: to keep up the fight against global warming, including by
Speaker 1: slashing emissions and boosting investment in green energy and related technologies.
Speaker 1: Measures to aid the poor should also be a priority.
Speaker 1: The least affluent tend to suffer the most from extreme heat.
Speaker 1: One can only hope that this summer's blistering heat will
Speaker 1: only underscore the urgency to act. The senatorial was written
Speaker 1: by the Bloomberg editorial Board. For more Bloomberg opinion, please
Speaker 1: go to Bloomberg dot Com, Slash Opinion or ope I
Speaker 1: N go on the Bloomberg Terminal. This has been Bloomberg
Speaker 1: Opinion and Bloomberg Opinion editor rios can be heard every
Speaker 1: week day at this time. Terminal customers can read more
Speaker 1: at O P I M go. And as we look
Speaker 1: at futures ahead of the cash open on Wall Street,
Speaker 1: DAL futures right now they're ten points higher SMP imediate
Speaker 1: futures up to and the domesday futures are six points higher.
Speaker 1: This is day break Bloomberg weather for it today from
Speaker 1: meeting round just Rob Carolin Parley mostly Sunday the high
Speaker 1: temperature eighty five, tonight clear low seventy and tomorrow morning
Speaker 1: sun than increasing anthnute clouds hight five to nine. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktape.
Speaker 1: This is a Bloomberg Business lash and I'm Karen Moscow
Speaker 1: us Dock Index futures pairing their losses. Now little change
Speaker 1: in a volatile session at the Federal Reserve signaled a
Speaker 1: delicate balancing act that would see inflation busting rate hikes
Speaker 1: continue despite a weakening economy. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg, and now
Speaker 1: futures are little changed. To hire, the decks in Germany
Speaker 1: is up seven tenths of a percent, and the tenure
Speaker 1: Treasury is up three thirty seconds yield two point eight
Speaker 1: eight percent. The yield on the two years at three
Speaker 1: point to eight percent. Ni Max screwed oil is of
Speaker 1: one percent or ninety cents at eighty nine dollars. One
Speaker 1: center barrel collback school of a quarter percent or four
Speaker 1: dollars ten cents at seventeen eighty announced. The euro one
Speaker 1: point one six four against the dollar, British found one
Speaker 1: point to zero four or four and then one thirty
Speaker 1: five point three zero, and Bitcoin this morning's higher of
Speaker 1: four ten percent at twenty three thousand, five hundred dollars.
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 Karen,
Speaker 1: thank you very much. A group of media organizations urged
Speaker 1: the Florida judge to release most of an FBI f
Speaker 1: of David that helped the Justice Department obtain the search
Speaker 1: warrant for former President Donald Trump tomorrow logo resort. The
Speaker 1: d o J says the document must remain sealed to
Speaker 1: protect the investigation. The US and Taiwan will start formal
Speaker 1: talks on a trade and economic initiative, following through on
Speaker 1: a long planned promise to deepen ties. The mid opposition
Speaker 1: from China and baseball. The Yankees one with a dramatic
Speaker 1: Grand Slam against the Raise eight seven and ten innings.
Speaker 1: The Mets beat the Braves nine seven, the Red Sox
Speaker 1: and A's one. The Nationals, Orioles and Giants lost. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg quick Take, powered by more than twenty hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael bar
Speaker 1: this is Bloomberg, John, Michael, thank you. We are lying
Speaker 1: from the Bloomberg Interrant and Brokers Studios, where it is
Speaker 1: five forty nine on Wall Street. Apple aiming to hold
Speaker 1: a launch event September seven to unveil the iPhone fourteen
Speaker 1: line of products. Let's take a deeper dive this morning.
Speaker 1: We're joining Live now by Bloomberg Quick Take anchor Alex Swibb.
Speaker 1: Do I really really need an iPhone fourteen? Well, it
Speaker 1: really depends when you go to anybody else. Yeah, I
Speaker 1: think that you know, this idea that you need to
Speaker 1: refresh your iPhone every year has long since gone that
Speaker 1: even every two years is long gone. I've got a
Speaker 1: three year old iPhone. I'm probably going to do it
Speaker 1: this year. Now. This is supposed to be a more
Speaker 1: sizeable upgrade than was the thirteen than was last year's
Speaker 1: um Usually you would expect that to drive a big
Speaker 1: up swell in in sales numbers. There was a great
Speaker 1: scoop that our colleagues Mark German and Debbie wou had
Speaker 1: last week which said that actually they expect production numbers
Speaker 1: to be flat year on year, which clearly then suggests
Speaker 1: something about, you know, the the economic climate and people's
Speaker 1: discretionary income in the context of inflation. With the economic
Speaker 1: climate that we're talking about, with the inflation, do we
Speaker 1: know what the pricing is going to be? We don't
Speaker 1: that you know, likely to be in the order of
Speaker 1: a thousand dollars, so the for the base price for
Speaker 1: the top line model. Uh. Sometimes look, the way that
Speaker 1: Apple tends to really make the margin on this stuff
Speaker 1: is on the memory, right. They will charge an extra
Speaker 1: hundred dollars for another sort of hundred and twenty four
Speaker 1: gigabytes of memory. The chip that actually underpins that memory
Speaker 1: probably cost them in the order of twenties a huge
Speaker 1: gross margin on the memory piece. That is where, you know,
Speaker 1: if they offer larger memory options, that's probably where we'll
Speaker 1: start to see the the average price per unit dragged upwards.
Speaker 1: Does it really actually pay that upfront or is it
Speaker 1: part of the package they get with their carrier. Um.
Speaker 1: A lot of people do just buy the iPhone straight
Speaker 1: from Apple because sometimes if you sometimes if you unpick
Speaker 1: the economic it does work out cheaper in the long
Speaker 1: run just to buy it straight from the store, um,
Speaker 1: particularly if you've got say it depends on the contract
Speaker 1: you who obviously in different markets. I personally just buy
Speaker 1: it from Apple. I get financing from Apple, which Apple
Speaker 1: also provides, and that uh, you know, North then financings,
Speaker 1: so it worked out quite cost effective of the consumer.
Speaker 1: But that has also been one of the problems in
Speaker 1: recent years. For the carriers that selling the phones was
Speaker 1: a nice little earner for them, But because Apple has
Speaker 1: its own financing, people have started to realize it's more
Speaker 1: cost effective to go straight to source. Okay, let's talk
Speaker 1: about the other products. Well, first of all, what is
Speaker 1: the iPhone fourteen? Have then I need at this point?
Speaker 1: And what about the other products as well? As ever
Speaker 1: with the each new model of iPhone is going to
Speaker 1: have a slightly better camera and a faster process that
Speaker 1: the styling is likely to be similar to the to
Speaker 1: the thirteen with the square edges, um and the few
Speaker 1: little bells and whistles. Perhaps we don't yet know about
Speaker 1: the They're gonna likely eliminate the mini version of the
Speaker 1: handsets uh and add a model with a six point
Speaker 1: seven inch screen, which will be the first time Apple
Speaker 1: launches a non so called pro iPhone with a display
Speaker 1: of that by did the notch that appears on the
Speaker 1: front will change shape slightly? Um, there will be a
Speaker 1: sort of a pill shaped hole, That's what sources are
Speaker 1: telling Mark German pill shaped hole and a whole punch
Speaker 1: sized area for the camera. So that probably is going
Speaker 1: to have beans has a form factor. The biggest change
Speaker 1: he remind everybody how important iPhones are to Apple. They are,
Speaker 1: I mean, very significant part of their business, but not
Speaker 1: as big as they were before. Historically, it used to
Speaker 1: be about seventy or two thirds of their revenue fundamentally,
Speaker 1: now it's about fifty of their revenue. They've managed to
Speaker 1: bring that down over the past six seven years as
Speaker 1: they've not only boosted the share that they get from
Speaker 1: their services business, which you know that things that the
Speaker 1: app store, Apple Music, Apple TV plus that's now in
Speaker 1: almost seven billion dollar business um, but also what they
Speaker 1: were called the wearables, home and accessory category has doubled
Speaker 1: in five over the past three years. That is, you'll
Speaker 1: watch your your um airplet thing like that. How that's
Speaker 1: always the pleasure Bloomberg Quick Take anchor Alex Webb. The
Speaker 1: event launched September seventh. Karen, thank you. It is five
Speaker 1: at fifty three on Wall Street and returned to a
Speaker 1: legal story that we're watching this morning. One Texas school
Speaker 1: district is getting ready for the start of school and
Speaker 1: a unique way. It's removing forty one books from school
Speaker 1: library shelves, including titles like The bluest Ie, Gender Queer
Speaker 1: and The Bible. There's been a dramatic excalate escalation and
Speaker 1: books bands and book challenges have more than doubled than
Speaker 1: a year, reaching the highest number since the American Library
Speaker 1: Association began keeping count in two thousand one. For more
Speaker 1: in the issue, Bloomberg's Jon Grosso speaks to debrah calledwell Stone,
Speaker 1: director of the American Library Association's Office for Intellectual Freedom.
Speaker 1: The reasons for challenging books change over the years. Between
Speaker 1: two thousand and two thousand nine, the Harry Potter series
Speaker 1: was frequently challenged because of allegedly promoting witchcraft and wizardry.
Speaker 1: What do the challenges now mainly focus on? What we've
Speaker 1: observed since is the majority of books challenged in schools
Speaker 1: and libraries that's when someone demands that they be removed
Speaker 1: from the library shelf are books centering the lives and
Speaker 1: experiences of lgbt q i A persons, and this includes
Speaker 1: things like picture books that simply depicted a family headed
Speaker 1: by the same sex couple, ranging two young adult materials
Speaker 1: dealing with coming of age stories, romance, or nonfiction books
Speaker 1: dealing with sex education. The other trend that we're observing,
Speaker 1: and this is tied to the current campaign around critical
Speaker 1: race theory is a will effort to remove books reflecting
Speaker 1: the experience of African Americans or reflecting a perspective on
Speaker 1: history by African Americans who challenge some of the traditional
Speaker 1: narratives about racism and US history and their experience of slavery.
Speaker 1: I think we've reached a kind of consensus here in
Speaker 1: the United States. Books written for adults and intended for
Speaker 1: adult audiences rarely see challenges. It never really becomes an issue.
Speaker 1: The real dispute is about books that are available to
Speaker 1: young people. How would you describe the criteria for banning
Speaker 1: a book? Is it based mainly on obscenity. That's a
Speaker 1: framing that we're hearing from these advocacy groups that any
Speaker 1: book touching on topics dealing with gender identity, sexual orientation,
Speaker 1: that provide information about changing bodies, human reproduction, sexuality are
Speaker 1: inherently obscene for minors, which of course is an objection
Speaker 1: based on particular moral or religious beliefs, and that really
Speaker 1: should have no place in the decision making about what
Speaker 1: books are available to young people in school, and certainly
Speaker 1: obscenity is the bottom line as far as determining what
Speaker 1: is not protected by the first Amendment in those terms,
Speaker 1: but the Court has made it very clear that that's
Speaker 1: a very narrow category of materials that has no serious value,
Speaker 1: no educational value. You know, when library professionals, for an
Speaker 1: educational professionals select books for school students, they're selecting them
Speaker 1: because they do have an educational value, and particularly for
Speaker 1: voluntary reading in the school library. These books may serve
Speaker 1: the needs of a particular subset of students, and they're
Speaker 1: not required reading. And as Zebra Caldwell Stone, director the
Speaker 1: American Library Association's Office for Intellectual Freedom, speaking at Bloomberg
Speaker 1: Student Grosso. Catch more of that interview, plus analysis of
Speaker 1: the latest legal news by subscribing to the Bloomberg Law
Speaker 1: podcast or downloading the show have Bloomberg dont m slash podcasts.
Speaker 1: Attorneys can find exceptional legal research and business development tools
Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal
Speaker 1: at b law Go. Futures this morning are starting to
Speaker 1: add to their gains now, U S and P future
Speaker 1: is up about five points now, Futures up twenty six,
Speaker 1: and NASDAG futures of seventeen, so we've been seeing some
Speaker 1: improvement there. Ten Your Treasury of four thirty seconds yield
Speaker 1: two point eight eight percent. They yield on the two
Speaker 1: year three point to eight percent. NIMEX screude oil is
Speaker 1: of one and a quarter percent up a dollar ten
Speaker 1: at eighty nine dollars twenty one cents a barrel. Comic
Speaker 1: School the third of per cent or five dollars ninety
Speaker 1: cents at seventeen eighty two sixty announced still ahead on
Speaker 1: Bloomberg day Break, a check on the business headlines and
Speaker 1: all the news you need to start your day, and
Speaker 1: miss is Bloomberg