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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Karen Moscow and I'm John Tucker.

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Speaker 3: Here are these stories we're following today.

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Speaker 2: Well, John, we begin with a crucial NATO summit in Turkey.

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Speaker 2: President Trump heads to Anchor tonight as tensions rise over

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Speaker 2: Ukraine Iran in military spending. We get more with the

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Speaker 2: Bloomberg's Dan Williams in Jerusalem.

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Speaker 4: Turkey has the second biggest military in NATO after the

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Speaker 4: United States, and we have a US president who's quite

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Speaker 4: openly looking to drill down the US presence in NATO,

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Speaker 4: the US contribution, certainly when it comes to Europe, that's

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Speaker 4: something that's really troubled European powers, not least given what

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Speaker 4: is perceived as a rather warm approach that Trump has

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Speaker 4: been taken to the Russian president.

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Speaker 2: And Bloombergs Dan Williams or Horse. The US has settled

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Speaker 2: its allies in recent months with shifting announcements about reducing

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Speaker 2: its military presence in Europe. Washington has said it wi

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Speaker 2: would draw about five thousand troops from the continent and

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Speaker 2: reduce the military assets it would provide in the event

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Speaker 2: of a crisis, and Karen asked.

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Speaker 3: For the war in Iran over the weekend, the country's

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Speaker 3: top leadership gathered for funeral prayers honoring Iatola Ali Komani.

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Speaker 3: The mourners fill the streets chanting death to America and

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Speaker 3: death to Israel. This funeral comes as the US continues

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Speaker 3: negotiations with Teyran aimed at reopening the Strait of Horrormuz

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Speaker 3: and curbing Iran's nuclear program. We also heard from the

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Speaker 3: Israeli Prime Minister benjaminet Yea, who he spoke with Fox

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Speaker 3: News yesterday discussing his excellent relationship with President Trump.

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Speaker 5: Deal or no deal. As long as I'm Prime Minister,

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Speaker 5: Iran will not have nuclear weapons. We've been very lucky

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Speaker 5: that President Trump is leading the United States, leading the

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Speaker 5: free world in this common effort. And believe me, if

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Speaker 5: I have things that I want to point out to

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Speaker 5: him and bring my own opinions, I do so in

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Speaker 5: a freeway. And when he has things he wants to

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Speaker 5: tell me, he does that in a freeway too. That's

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Speaker 5: what friends and allows do with each other.

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Speaker 3: Israeli Prime Minister net Yohome making the comments despite President

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Speaker 3: Trump recently telling Axios that nt Yahoo quote knows who

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Speaker 3: the boss is in reference to the ward with Iran.

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Speaker 2: Meanwhile, john oil is fluctuating at a narrow range as

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Speaker 2: flows to the straight up horror moves persisted and opek

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Speaker 2: plus signaled higher supplies. Oil and gas shipping in the

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Speaker 2: Strait is showing signs of recovery after a number of

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Speaker 2: recent unexplained detours over the weekend. Bloomberg's Michael Heath says

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Speaker 2: the future of the vital Energy Corridor remains unclear.

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Speaker 6: Some countries have been trying to move oil out that

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Speaker 6: side as well, and then meantime, as you say, there's

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Speaker 6: been some u turns by tankers that have been taking

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Speaker 6: the Omani route through Homer's, so there is there's still

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Speaker 6: a lot of uncertainty about how that's all going to

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Speaker 6: work out.

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Speaker 2: Bloomer's Michael Heath says over the weekend several vessels performed

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Speaker 2: unexplained you turns and detours and the energy choke point,

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Speaker 2: and four of them then sail northward toward the Iranian

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Speaker 2: route and exit this straight and checking the price of

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Speaker 2: oil right now, West Texas Intermedia down sixtensive percent at

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Speaker 2: sixty eight dollars twenty five cents of barrel brent. It's

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Speaker 2: at seventy one dollars fifty eight.

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Speaker 3: Cents karen Elsewhere overseas, Russia launched fresh waves of missiles

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Speaker 3: and drones at Kiev overnight, killing at least eleven people.

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Speaker 3: Whose strikes come on the eve of the NATO's summit,

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Speaker 3: where President Trump is expected to meet with this Ukrainian counterpart,

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Speaker 3: Lomar Zelenski, and Ukraine over the weekend hit powasites across Crimea,

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Speaker 3: deepening the energy crisis in the Black Sea Peninsula. Tony

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Speaker 3: Halpit leads Bloomberg's team covering Russia in Ukraine.

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Speaker 7: That's only having a big public effect in Russia because

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Speaker 7: many Russians now are queuing up for petrol at stations

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Speaker 7: with long lines or shortages of fuel, precisely because Ukraine

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Speaker 7: has been striking ever larger and bigger numbers of refineries

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Speaker 7: and fuel depots, and that's having an impact on public

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Speaker 7: opinion that this war for many Russians has been quite distant,

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Speaker 7: hasn't really affected them personally in their data lies, it's

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Speaker 7: doing that now.

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Speaker 3: Bloomberg's Tony Halpan was speaking after a weekend of which

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Speaker 3: President Trump reportedly spoke to Russian President Vladimir Putin on

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Speaker 3: the phone about the war and the NATO summit, and.

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Speaker 2: John as A shakesas fire continues to hold in the

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Speaker 2: US Israeli war with Iran. Fresh analysis from Bloomberg Economics

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Speaker 2: shows the consequences for global monetary policy are likely to

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Speaker 2: last for years. The latest forecast show borrowing costs could

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Speaker 2: increase as much as half a percentage point higher than

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Speaker 2: expected before the war across economies and may stay elevated

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Speaker 2: through twenty twenty eight, even as oil prices retreat. Global

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Speaker 2: central banks remain concerned about the wars after shocks after

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Speaker 2: post pandemic inflation comp them off guard and to the FED.

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Speaker 3: Now, Bloomberg News reporting that President Trump and his allies

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Speaker 3: are renewing their push to reshape the Federal Reserve. Sources

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Speaker 3: a senior administration officials and outside allies are exploring ways

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Speaker 3: to remove members of the FED Sport of Governors after

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Speaker 3: the Supreme Court blocked in effort to fire Governor Lisa Cook.

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Speaker 3: Cook reportedly remains a target, as does former FED Chair

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Speaker 3: Jerome Powell. Sources said the President remains angry at Pale

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Speaker 3: for staying on the Fence Board after his tenure as

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Speaker 3: chair expired.

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Speaker 2: Let's start to the markets now, John and stocks are

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Speaker 2: rebounding after a global market route earlier this week, and

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Speaker 2: we should say to end the week last week, the

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Speaker 2: gains offer some relief after the sell off and tech

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Speaker 2: stocks renewed concerns that the blistering AI rally may be

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Speaker 2: running out of steam. Monica Defend is head of the

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Speaker 2: Monday Investment Institute.

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Speaker 8: Definitely, industrial's going to be a key sector because of

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Speaker 8: its weights on the market and because this is the

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Speaker 8: sector where we have the AI enaghbors, and this is

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Speaker 8: where we think how the value and the performance might

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Speaker 8: come from.

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Speaker 2: A Monday's Monica Defense speaking earlier to Bloomberg and today's

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Speaker 2: bounce comes as traders show renewed confidence that markets can

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Speaker 2: continue pushing higher in the second half of the year.

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Speaker 2: Data showed that a diversified portfolio of stock, spawns and

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Speaker 2: commodities delivered its strongest first half return since twenty twenty one.

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Speaker 3: ED vests also watching sk Heinex's big adrn't listing this week,

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Speaker 3: but some analysts say the excitement could be overdone. The

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Speaker 3: South Korean memory chip giant raising fresh capitals that ramps

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Speaker 3: up spending on AI related growth. Yet Heinez's core valuation

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Speaker 3: still likely to depend on memory demand, AI spending and

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Speaker 3: the Korean macro conditions. They also have earnings US listed

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Speaker 3: shairs of s k Heinex sent to begin trading on

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Speaker 3: the nasdak this Friday.

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Speaker 2: John President Trump spoke at the National Mall late Saturday

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Speaker 2: to celebrate America's historic two hundred and fiftieth birthday, using

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Speaker 2: the milestone to promote his political priorities. The celebrations faced

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Speaker 2: severe disruptions as erratic weather battered the East Coast. The

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Speaker 2: President lambastad the rise of communism in the United States,

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Speaker 2: calling it the country's greatest threat.

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Speaker 9: And all these talks from the communists, they haven't got

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Speaker 9: a chest, not even in says we don't want communists

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Speaker 9: in our countin never worked and it never will worked in.

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Speaker 2: President Trump visited South Dakota on Friday, where he used

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Speaker 2: to speech at the Mount Rushmore Monument, to issue a

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Speaker 2: similar warning of the threat of communists. And the comments

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Speaker 2: come after recent primary wins by Democratic Socialist candidates and

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Speaker 2: several key primaries.

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Speaker 3: And FIFA clearer the US star a fuller in Balligan

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Speaker 3: to play in the World Cup match against Belgium following

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Speaker 3: a personal appeal by President Trump, with a suspension of

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Speaker 3: an automatic punishment rarer within the World Cup finals also

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Speaker 3: sparked outrage among competing teams. In Bloomberg's Tiwa out of

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Speaker 3: Baio has More.

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Speaker 10: Ballogan received a red card for a foul in his

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Speaker 10: last game, which would normally result in an immediate ejection

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Speaker 10: and a one match suspension. However, according to The Wall

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Speaker 10: Street Journal, President Trump found FIFA President Jihannny Infantino and

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Speaker 10: urged him to review the decision. Infantino reportedly agreed to

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Speaker 10: look into the matter, but stop short of committing to

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Speaker 10: overturn the suspension. FIFA's Disciplinary committee then remove the automatic

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Speaker 10: one game ban and instead put Ballagun on probation for

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Speaker 10: one year. Belgium's football federation said it was astonished by

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Speaker 10: FIFA's decision to allow him to play in London. Tea

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Speaker 10: Adebayo Bloomberg Radio.

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Speaker 3: And that brings us to five o nine The Odd

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Speaker 3: Wall Street Time down for a look at some of

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Speaker 3: the other stories making news in New York and around

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Speaker 3: the world. And for that we're joined by Bloomberg's Michael Bark.

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Speaker 3: Good Morning, My.

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Speaker 11: Good morning, John. The stormy Sunday hit pockets of the

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Speaker 11: Midwest and East Coast, bringing intense rain, high winds, and

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Speaker 11: dangerous conditions. A floodwatch is in effect for the New

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Speaker 11: York City area until six am tomorrow. With more here's

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Speaker 11: Bloomberg Media Ronald Justs Craig Allen.

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Speaker 12: Downpours will plague the mid Atlantic today and tomorrow, and

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Speaker 12: some of these thunderstorms will produce flash flooding from DC

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Speaker 12: up to Boston. Now the most prominent and potentially dangerous

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Speaker 12: flooding will occur between philadel in New York City in

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Speaker 12: Hartford for today and then between New York City and

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Speaker 12: Boston tomorrow. And this new weather system will keep it

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Speaker 12: humid and the slow movement will wring out the heavy

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Speaker 12: rain from place to place in time to time. The

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Speaker 12: threat less into Tuesday and could present travel challenges for

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Speaker 12: those getting back home or heading back to work. Warm

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Speaker 12: and drier weather is expected, but not until.

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Speaker 11: Midweek, Bloomberg meteorologist Craig Allen. The storms knocked out power

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Speaker 11: and New Jersey Governor mikey Cheryl says NJ transit trains

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Speaker 11: have been heavily impacted.

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Speaker 13: The morson Essex Line.

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Speaker 2: I'm very concerned about we'reputting resources in there.

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Speaker 11: Meanwhile, more than two dozen people are believed to have

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Speaker 11: died from the dangerous heat wave in New Jersey during

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Speaker 11: the Fourth of July holiday weekend. Official say many of

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Speaker 11: those who died did not have air conditioning in their homes.

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Speaker 11: In New York City, eight people, including four children, were

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Speaker 11: shot in Coney Island by a masked gunman, leaving a

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Speaker 11: twenty one year old woman in critical condition. According to police,

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Speaker 11: the victims were outside celebrating the Fourth of July with

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Speaker 11: the family barbecue when the gunman appeared at the fence

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Speaker 11: of their courtyard and began firing at the crowd. New

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Speaker 11: York City Mayor Zorn THEMDANI.

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Speaker 2: There is no place for this kind of violence in

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Speaker 2: our city.

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Speaker 8: We will not tolerate it, and we will fight it

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Speaker 8: with every single tool at our disposal.

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Speaker 11: The suspect fled on foot. A scary moment for people

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Speaker 11: aboard a Long island seaplane, it made a hard landing

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Speaker 11: in New York City's East River Sunday. The landing caused

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Speaker 11: one of the struts to break. Eight people were rescued,

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Speaker 11: two suffered minor injuries. The FAA is now investigating global

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Speaker 11: news twenty four hours a day and whenever you want

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Speaker 11: it with Bloomberg News Now him Michael Barr and this

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Speaker 11: is Bloomberg John.

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Speaker 2: Thanks Michael all time now for our Bloomberg Sports updating.

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Speaker 2: For that, we bring in John stash Hour.

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Speaker 1: Beans Year and wild World Cup game last night in

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Speaker 1: Mexico had an allout of goal through the first four games,

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Speaker 1: then England scored twice on them in two minutes. Mexico

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Speaker 1: scored four minutes later. England had to play the last

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Speaker 1: thirty six minutes with ten men after a red card,

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Speaker 1: still held on to win three to two. Norway upset

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Speaker 1: Brazil two to one. It's the US and Belgium tonight

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Speaker 1: and the US will have top score Florian Baligan despite

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Speaker 1: the red card in the previous game. Upset at Wimbledon

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Speaker 1: is Naomi Osaka top to Arena Sabolenka. That's a Bloomberg

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Speaker 1: Sports update.

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Speaker 2: Stay with us. More from Bloomberg day Break coming up

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Speaker 2: after this.

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Speaker 11: Coast to coast on Bloomberg Radio, nationwide on Sirius Exam,

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Speaker 11: and around the world on Bloomberg dot Com and the

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Speaker 11: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: And President Trump is headed to Turkey for this week

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Speaker 2: SHINATO SAMIT talks are expected to focus on the war

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Speaker 2: in Ukraine, but European defense spending, the Iran war, and

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Speaker 2: the president's views on Greenland could also come up. And

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Speaker 2: we want to get more now we've got them. Mukunda Bloomberg,

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Speaker 2: opinion columnist and lecturer at Yale School of Management, Countham,

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Speaker 2: thanks so much for being here this morning. Let's jump

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Speaker 2: right in. So, as we said, Trump is heading to Turkey,

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Speaker 2: what are his goals at this NATO summit.

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Speaker 13: So there's most likely his goals or domestic politics that

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Speaker 13: he's going to try and impress his base with his

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Speaker 13: ability to stand up to to NATO allies and sort

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Speaker 13: of bully them and gesture dramatically. He may also have

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Speaker 13: some larger intentions about trying to trying to increase NATO's spending,

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Speaker 13: although that battles largely over at this point. May be

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Speaker 13: trying to get NATO to decrease it to sort of

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Speaker 13: back off on its support for Ukraine in the hopes

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Speaker 13: of forcing a settlement there pretty quickly, but this seems

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Speaker 13: largely ceremonial at this point. The relations with NATO allies

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Speaker 13: are so catastrophically poor thanks to the series of choices

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Speaker 13: he's made, I'm not sure what he can get out

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Speaker 13: of it.

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Speaker 2: So you're really not seeing any big developments. Then it

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Speaker 2: sounds like, no.

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Speaker 13: There's always the possibility of big developments. What I'm not

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Speaker 13: seeing is the possibility of big positive developments. There's always

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Speaker 13: the chance that Trump will do something that will, you know,

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Speaker 13: further weaken the NATO alliance or get the allies to

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Speaker 13: the United States even more sort of even less dependable.

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Speaker 13: But at this point when NATO allies are running wargames

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Speaker 13: about how to defend a NATO country from an attack

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Speaker 13: by the United States, which what has actually happened in

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Speaker 13: Greenland that is not hypothetical. They actually made those plans.

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Speaker 13: We've reached a NATA in the Transatlantic relationship that it's

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Speaker 13: kind of hard to imagine even a few years ago.

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Speaker 2: All right, well, this is interesting too because this is

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Speaker 2: all being hosted by Turkey and President Trump is meeting

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Speaker 2: with Turkey's president before this all begins. What is Turkey's

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Speaker 2: position in all this?

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Speaker 13: So Turkey has always been you know, it has been

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Speaker 13: a NATO ally for a long time, but it has

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Speaker 13: always a little bit of a difficult situation for you know,

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Speaker 13: sort of a combination of reasons, both cultural and political,

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Speaker 13: and the President trump sort of attitude towards global Islam

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Speaker 13: and particularly you know, Turkey, which is led by an

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Speaker 13: Islamist government at the moment, is going to make that

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Speaker 13: particularly fraud. On the other hand, you know, there's always

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Speaker 13: a lot of incentive to paper these things over in

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Speaker 13: the course of a summit.

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Speaker 3: I would be.

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Speaker 13: Curious about Turkey. I'd be particularly curious of that actually,

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Speaker 13: about the relationship between Trump and Italy right now, where

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Speaker 13: even though the Italian government is also right wing and

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Speaker 13: aligned with Trump on basically all policy goals, for reasons

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Speaker 13: that kind of passive understanding, He's been making it a

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Speaker 13: point to continually insult the Prime Minister of Italy, who,

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Speaker 13: for obvious readings, is not taking it well.

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