1 00:00:03,080 --> 00:00:06,480 Speaker 1: My from the Bloomberg Interactive Burgers Studios. This is Bloomberg 2 00:00:06,559 --> 00:00:10,440 Speaker 1: day Break for Friday, August nine. Coming up this hour, 3 00:00:10,720 --> 00:00:14,440 Speaker 1: Beneficials sent mixed signals on September rate heights. A new 4 00:00:14,480 --> 00:00:17,720 Speaker 1: survey finds companies across the country are preparing for layoffs 5 00:00:17,760 --> 00:00:21,720 Speaker 1: at Amazon reportedly scrapping its COVID leave policy. And we 6 00:00:21,720 --> 00:00:24,520 Speaker 1: get more earnings today with John Deere set to report, 7 00:00:25,040 --> 00:00:27,520 Speaker 1: New York City cracks down on the end and outdoor 8 00:00:27,600 --> 00:00:30,920 Speaker 1: dining sheds. Plus the UN calls any military action at 9 00:00:30,920 --> 00:00:35,240 Speaker 1: a Ukrainian nuclear power plants suicide. I'm micloblower more Head, 10 00:00:35,960 --> 00:00:38,560 Speaker 1: I'm John Stashhower. And sports, The Yankees suffered a one 11 00:00:38,560 --> 00:00:41,200 Speaker 1: sided loss to the Blue Jays. The Braves beat Jacob 12 00:00:41,240 --> 00:00:45,720 Speaker 1: de Graham in the meth That's all trendy ahead on 13 00:00:45,840 --> 00:00:51,520 Speaker 1: Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg one, Washington, 14 00:00:51,600 --> 00:00:55,240 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 15 00:00:55,280 --> 00:00:59,600 Speaker 1: sixties and Francisco Syrius XM one nineteen and around the 16 00:00:59,640 --> 00:01:02,920 Speaker 1: world on Bloomberg Radio dot com and via the Bloomberg 17 00:01:03,000 --> 00:01:09,720 Speaker 1: Business App. Good morning, I'm John Tucker and I'm Karen 18 00:01:09,800 --> 00:01:12,960 Speaker 1: Moscow and US DOT Index futures are lower this morning. 19 00:01:12,959 --> 00:01:14,640 Speaker 1: We're coming up to six o one on Wall Street. 20 00:01:14,680 --> 00:01:16,920 Speaker 1: Let me check the markets every fifteen minutes throughout the 21 00:01:16,920 --> 00:01:20,160 Speaker 1: trading day. On Bloomberg, Guess and P futures down about 22 00:01:20,160 --> 00:01:22,720 Speaker 1: thirty five points this morning. DAL future is down two 23 00:01:22,800 --> 00:01:26,039 Speaker 1: hundred eight and NASDAG futures down one hundred thirty one. 24 00:01:26,120 --> 00:01:29,160 Speaker 1: The decks in Germany's down seven tenths of per cent ten. 25 00:01:29,240 --> 00:01:31,960 Speaker 1: Your Treasury down eleven thirty seconds, yield two point nine 26 00:01:32,000 --> 00:01:34,400 Speaker 1: two percent. They yield on the two year three point 27 00:01:34,440 --> 00:01:38,360 Speaker 1: to four percent. COMEXS. Gold is down three tens of percent, 28 00:01:38,400 --> 00:01:41,640 Speaker 1: down five dollars ten cents at seventeen sixty six ten announced, 29 00:01:41,840 --> 00:01:45,520 Speaker 1: and Bitcoin is down seven percent at one seven hundred 30 00:01:45,600 --> 00:01:48,920 Speaker 1: forty dollars. John and Karen Marcus this morning, reacting to 31 00:01:49,080 --> 00:01:51,400 Speaker 1: mix signals from the Federal Reserve when it comes to 32 00:01:51,440 --> 00:01:54,240 Speaker 1: the next move on the interest rates. St. Louis Fed 33 00:01:54,320 --> 00:01:58,080 Speaker 1: Governor Jim Bollard leaning hawkish, urging his seventy five bases 34 00:01:58,120 --> 00:02:01,520 Speaker 1: point move in September, while can the city's Esther George, 35 00:02:01,600 --> 00:02:05,000 Speaker 1: is sounding more cautious. San Francisco's Mary Daly is open 36 00:02:05,040 --> 00:02:09,440 Speaker 1: to fifty or seventy basis points, and Minneapolis Fed Chief 37 00:02:09,520 --> 00:02:13,200 Speaker 1: Neil cash Carry says the central Bank remains laser focused 38 00:02:13,200 --> 00:02:16,800 Speaker 1: on combating inflation. The question right now is can we 39 00:02:16,840 --> 00:02:21,200 Speaker 1: bring inflation down without triggering a recession? And my answer 40 00:02:21,240 --> 00:02:24,239 Speaker 1: that question is I don't know. Neil cash Carry making 41 00:02:24,240 --> 00:02:27,200 Speaker 1: the comments a day after the release of July's FED minutes, 42 00:02:27,560 --> 00:02:30,840 Speaker 1: which showed officials waing exactly when to slow the pace 43 00:02:30,880 --> 00:02:34,960 Speaker 1: of rate hikes well lowering inflation and avoiding a recession 44 00:02:35,000 --> 00:02:37,600 Speaker 1: as the best case scenario for the Federal Reserve. With 45 00:02:37,680 --> 00:02:41,080 Speaker 1: prices already read hot, former FED Governor Randy Krosner says 46 00:02:41,360 --> 00:02:44,200 Speaker 1: the central Bank will be lucky to meet this inflation target. 47 00:02:44,400 --> 00:02:48,080 Speaker 1: It's very difficult to know exactly where you are because, 48 00:02:48,120 --> 00:02:50,040 Speaker 1: as I said, the dataways coming with a leg, and 49 00:02:50,080 --> 00:02:51,919 Speaker 1: there could be a lot of shocks that that come in. 50 00:02:52,400 --> 00:02:54,760 Speaker 1: So I'm sure they're not going to get it exactly right. 51 00:02:54,919 --> 00:02:56,560 Speaker 1: I think if they're going to make a mistake, it's 52 00:02:56,560 --> 00:02:59,320 Speaker 1: going to be on tightening a little bit too much. 53 00:02:59,639 --> 00:03:02,200 Speaker 1: And for Murfed Governor Randy Krasner made the comments on 54 00:03:02,240 --> 00:03:05,480 Speaker 1: Bloomberg's balance of power catch the program weekdays at noon 55 00:03:05,600 --> 00:03:09,800 Speaker 1: Eastern on Bloomberg Radio and Television looks. Let's look at 56 00:03:09,840 --> 00:03:13,600 Speaker 1: the markets overseas now, stocks in Asia falling overnight to 57 00:03:13,680 --> 00:03:17,800 Speaker 1: post a weekly decline. Shina growth concerns continued away on sentiment, 58 00:03:18,120 --> 00:03:21,200 Speaker 1: and Bloomberg's Juliet Salay joins us from Singapore with the latest. 59 00:03:21,200 --> 00:03:23,799 Speaker 1: Good morning, Juliet, Good morning John, and Karena. Jump in 60 00:03:23,960 --> 00:03:27,600 Speaker 1: Chinese textures and energy stocks helped cap deeper losses on 61 00:03:27,639 --> 00:03:30,800 Speaker 1: the regional benchmark index. Nickel stocks in the region rose 62 00:03:30,840 --> 00:03:33,799 Speaker 1: after Indonesia, the world's biggest producer of the commodity, told 63 00:03:33,800 --> 00:03:36,760 Speaker 1: Bloomberg it plans to impose attacks on exports this year. 64 00:03:37,160 --> 00:03:39,720 Speaker 1: Investors now look ahead to the Jackson Whole Symposium and 65 00:03:39,760 --> 00:03:42,240 Speaker 1: close at a home and likely cut by Chinese lenders 66 00:03:42,280 --> 00:03:45,520 Speaker 1: to the loan prime rate concerns about China's slowing economy 67 00:03:45,600 --> 00:03:48,440 Speaker 1: sending the MSCI Asia Pacific Index down for the week. 68 00:03:48,680 --> 00:03:52,200 Speaker 1: In Singapore, Juliet Sale Bloomberg daybreak. All right, Juliette, thank 69 00:03:52,240 --> 00:03:54,200 Speaker 1: you for taking a look at oil now. Prices are 70 00:03:54,200 --> 00:03:56,920 Speaker 1: slumping this morning. When night make screwed oil down one 71 00:03:56,960 --> 00:03:59,280 Speaker 1: point six percent on a dollar forty at eighty nine 72 00:03:59,320 --> 00:04:02,080 Speaker 1: dollars tens. Sense of barrel oil is on track for 73 00:04:02,120 --> 00:04:05,520 Speaker 1: a weekly loss. With the lingering concerns over an economic slowdown. 74 00:04:05,760 --> 00:04:08,400 Speaker 1: Crewed has now given up all gains that followed Russia's 75 00:04:08,400 --> 00:04:11,440 Speaker 1: invasion of Ukraine. The most active stock of the pre 76 00:04:11,520 --> 00:04:15,400 Speaker 1: market bed Bathroom Beyond the shares down forty two percent. 77 00:04:15,920 --> 00:04:19,760 Speaker 1: The move comes after activist investor Ryan Cohen exited. He 78 00:04:19,839 --> 00:04:22,120 Speaker 1: is the entire stake in the company Cohen pocket at 79 00:04:22,120 --> 00:04:25,080 Speaker 1: sixty eight million dollars in profits after holding bid Bathroom 80 00:04:25,080 --> 00:04:28,000 Speaker 1: Beyond sears for seven months. It's setting out to be 81 00:04:28,040 --> 00:04:30,799 Speaker 1: a repeat of other meme stock moments, with the price 82 00:04:30,839 --> 00:04:34,040 Speaker 1: draw for retail investors who related to the trade being 83 00:04:34,120 --> 00:04:38,320 Speaker 1: just as dramatic as its ascent. Taking a look at 84 00:04:38,320 --> 00:04:40,520 Speaker 1: the labor market now, john a new survey from p 85 00:04:40,760 --> 00:04:44,400 Speaker 1: w C is painting a bleak picture. It says layoffs 86 00:04:44,440 --> 00:04:47,440 Speaker 1: are in the works at half of US companies. Bloomberg 87 00:04:47,520 --> 00:04:51,279 Speaker 1: Shirley Pillett has that story. Last month, PwC pulled more 88 00:04:51,279 --> 00:04:54,880 Speaker 1: than seven hundred US executives and board members across a 89 00:04:55,040 --> 00:04:59,080 Speaker 1: range of industries. Half of respondents said they are reducing 90 00:04:59,120 --> 00:05:03,760 Speaker 1: headcount or land to and fifty two of implemented hiring freezes, 91 00:05:04,120 --> 00:05:07,480 Speaker 1: more than four in ten are rescinding job offers, and 92 00:05:07,600 --> 00:05:11,200 Speaker 1: a similar amount are reducing or eliminating the sign on 93 00:05:11,240 --> 00:05:14,279 Speaker 1: bonuses that had become common to attract talent in a 94 00:05:14,400 --> 00:05:19,159 Speaker 1: tight job market in New York. Charlie Bloombird Daybreak. Nice Charlie, 95 00:05:19,160 --> 00:05:21,520 Speaker 1: turning to the pandemic. Now we're seeing more signs that 96 00:05:21,640 --> 00:05:25,640 Speaker 1: corporate America is turning away from prior policies. Days after 97 00:05:25,680 --> 00:05:30,480 Speaker 1: the CDC shifted its COVID quarantine guides, Amazon reportedly scrapping 98 00:05:30,480 --> 00:05:33,960 Speaker 1: its COVID leave policy, and Bloomberg's Really the Young Joins 99 00:05:34,080 --> 00:05:36,000 Speaker 1: is lie with that story. We need a good morning, 100 00:05:36,040 --> 00:05:38,520 Speaker 1: Good morning John. The two weeks of paid lead for 101 00:05:38,680 --> 00:05:43,920 Speaker 1: COVID nineteen cases that Amazon offered employees now gone. Amazon 102 00:05:44,040 --> 00:05:47,960 Speaker 1: is returning to standard sick leaf policies beginning today, and 103 00:05:48,080 --> 00:05:52,000 Speaker 1: an internal memo published by Business Insider shows the company 104 00:05:52,040 --> 00:05:55,479 Speaker 1: is also scrapping contact tracing across much of its network 105 00:05:55,520 --> 00:06:00,400 Speaker 1: of warehouses. This could affect hundreds of thousands employees at Amazon. 106 00:06:00,760 --> 00:06:04,119 Speaker 1: It applies to all US employees except for those living 107 00:06:04,120 --> 00:06:09,000 Speaker 1: in California, New York, Colorado. In Philadelphia, live in New York. 108 00:06:09,040 --> 00:06:11,280 Speaker 1: I'm gonna need a young Bloomberg day break. We need 109 00:06:11,279 --> 00:06:13,560 Speaker 1: to thank you. Ab Earning season is winding down, but 110 00:06:13,640 --> 00:06:16,920 Speaker 1: we get one more reportive note this morning. Farming machinery 111 00:06:16,960 --> 00:06:20,880 Speaker 1: maker Dear publishers results shortly. Bloomberg Intelligence says higher production 112 00:06:20,920 --> 00:06:24,919 Speaker 1: and supply chain easing should support accelerated growth for the company. 113 00:06:26,839 --> 00:06:31,760 Speaker 1: And right now, Karen, we're looking at uh. Finally, let's 114 00:06:31,800 --> 00:06:34,960 Speaker 1: talk politics. The legal trouble circling former President Trump. A 115 00:06:35,040 --> 00:06:37,920 Speaker 1: judge of the marra Longo FBI search warrant hearing indicating 116 00:06:38,440 --> 00:06:41,320 Speaker 1: he'll try to unseal at least parts of the search 117 00:06:41,320 --> 00:06:43,360 Speaker 1: warrant at the heart of the search. Let's get more 118 00:06:43,400 --> 00:06:46,000 Speaker 1: from Ed Baxter. The judges ordered the d o J 119 00:06:46,200 --> 00:06:49,400 Speaker 1: back to court next week with suggested redactions. One of 120 00:06:49,440 --> 00:06:52,279 Speaker 1: the attorneys for media groups seeking the release of the document, 121 00:06:52,320 --> 00:06:55,520 Speaker 1: Diana Schulman, says she feels good about the herring. He 122 00:06:55,640 --> 00:06:59,000 Speaker 1: understands that the public is going to likely be entitled 123 00:06:59,080 --> 00:07:03,120 Speaker 1: to some parts of this warrants application and it's affidavit. 124 00:07:03,320 --> 00:07:06,000 Speaker 1: So the next hearing is next Thursday, and it seems 125 00:07:06,120 --> 00:07:09,560 Speaker 1: most likely scenario is that something will be released in 126 00:07:09,760 --> 00:07:13,440 Speaker 1: very heavily redacted forum in San Francisco. I'm at Baxter 127 00:07:13,520 --> 00:07:16,040 Speaker 1: Bloomber daybreak. All right, thanks and ahead of the open 128 00:07:16,080 --> 00:07:19,360 Speaker 1: on Wall Street and SMP futures thirty six points lower 129 00:07:23,120 --> 00:07:25,280 Speaker 1: as now six seven up Wall Street. Let's bring it, 130 00:07:25,320 --> 00:07:27,200 Speaker 1: Michael barn down to find out what else is going 131 00:07:27,200 --> 00:07:29,440 Speaker 1: on in New York. Hand around the world, John, thank 132 00:07:29,440 --> 00:07:32,560 Speaker 1: you very much, Sarah. New York City Mayor Eric Adams says, well, 133 00:07:32,680 --> 00:07:35,720 Speaker 1: outdoor dining is here to stay. The city will remove 134 00:07:35,760 --> 00:07:40,400 Speaker 1: abandoned dining sheds. Adam says that abandoned or dangerous outdoor 135 00:07:40,440 --> 00:07:44,120 Speaker 1: dining structures must be torn down quickly. When a dining 136 00:07:44,240 --> 00:07:47,680 Speaker 1: shed is no longer in use and it's it's abandoned, 137 00:07:47,760 --> 00:07:50,480 Speaker 1: it's a safety has it, we have to turn it, 138 00:07:50,960 --> 00:07:54,600 Speaker 1: tear it down. It can't be a safe haven for rats, 139 00:07:55,080 --> 00:07:58,240 Speaker 1: it can't be a safe haven for illegal behavior. It 140 00:07:58,280 --> 00:08:01,760 Speaker 1: has to be a place to allow people to enjoy dining, 141 00:08:02,120 --> 00:08:05,640 Speaker 1: Mayor Adams. The United Nations is urging Russia to stand 142 00:08:05,680 --> 00:08:08,440 Speaker 1: down and not proceed with its mission to carry out 143 00:08:08,480 --> 00:08:12,480 Speaker 1: military action at a nuclear power plant in Ukraine. Secretary 144 00:08:12,560 --> 00:08:16,280 Speaker 1: General Antonio Guterres adjusted any action there would be in 145 00:08:16,400 --> 00:08:21,360 Speaker 1: his words, suicide posess must be any actions that might 146 00:08:21,600 --> 00:08:25,880 Speaker 1: make people the safety, your security and the Lucia plants, 147 00:08:26,480 --> 00:08:28,960 Speaker 1: and if the must not be used the spot with 148 00:08:29,040 --> 00:08:34,120 Speaker 1: any guilit inferation. UN Secretary General Antonio Guterras repeatedly urged 149 00:08:34,160 --> 00:08:37,679 Speaker 1: for the plan to be demilitarized. A former top executive 150 00:08:37,720 --> 00:08:40,960 Speaker 1: of the Trump organization has pleaded guilty to tax evasion. 151 00:08:41,360 --> 00:08:44,320 Speaker 1: Alan Weisselberg's guilty plea as part of a larger deal 152 00:08:44,400 --> 00:08:48,600 Speaker 1: to testify against former President Trump's real estate company. Weiselberg 153 00:08:48,600 --> 00:08:51,240 Speaker 1: will serve five months in jail and pay nearly two 154 00:08:51,240 --> 00:08:54,760 Speaker 1: million dollars in taxes, penalties, and interest. The number of 155 00:08:54,880 --> 00:08:58,360 Speaker 1: migrants apprehended entering the US could hit a record two 156 00:08:58,360 --> 00:09:01,680 Speaker 1: million this year, and they're least to await processing as 157 00:09:01,679 --> 00:09:05,160 Speaker 1: Texas Governor Greg Abbott sending bus loads of them to Washington, 158 00:09:05,240 --> 00:09:08,680 Speaker 1: d C. And New York City. The busload of migrants 159 00:09:08,800 --> 00:09:12,120 Speaker 1: is expected soon in the city. Climate change is being 160 00:09:12,160 --> 00:09:14,920 Speaker 1: considered a factor in the recent return of a brain 161 00:09:15,040 --> 00:09:18,960 Speaker 1: eating amiba, often found in fresh water sources, that's being 162 00:09:19,000 --> 00:09:21,280 Speaker 1: linked to the death of a child in eastern Nebraska. 163 00:09:21,760 --> 00:09:24,040 Speaker 1: It is the second such probable death in the bit 164 00:09:24,040 --> 00:09:27,000 Speaker 1: of last this summer. With another incident suspected in Missouri. 165 00:09:27,120 --> 00:09:30,720 Speaker 1: Last month in Nebraska, Douglas County Health Director Dr Lindsay 166 00:09:30,800 --> 00:09:35,600 Speaker 1: Hughes suggested being mindful of your exposure and freshwater sources. 167 00:09:35,800 --> 00:09:40,120 Speaker 1: We are urging the public to simply be aware and 168 00:09:40,200 --> 00:09:43,439 Speaker 1: to take precautions when they are being exposed to any 169 00:09:43,720 --> 00:09:49,640 Speaker 1: warm freshwater sources out in public so lakes, streams, ponds. 170 00:09:50,320 --> 00:09:53,760 Speaker 1: Dr Hughes says, though the illness is rare. Global news 171 00:09:53,760 --> 00:09:56,400 Speaker 1: twenty four hours a day on air end on Bloomberg Quicktick, 172 00:09:56,440 --> 00:09:59,360 Speaker 1: powered by more than hundred journalists and analysts more than 173 00:09:59,360 --> 00:10:02,199 Speaker 1: a y countries. I'm Michael Barr. This is Bloomberg. John, 174 00:10:02,360 --> 00:10:08,640 Speaker 1: Great Michael, thank you. That's how six ten of Wall Street, 175 00:10:08,679 --> 00:10:11,120 Speaker 1: this time with the Bloomberg Sports Update. Good morning John 176 00:10:11,160 --> 00:10:13,679 Speaker 1: stash Our, Morning John. The Mets and Braves just played 177 00:10:13,760 --> 00:10:16,360 Speaker 1: nine games in fifteen days. Mets won four or five 178 00:10:16,360 --> 00:10:18,640 Speaker 1: in New York, Graves one, three or four. In Atlanta. 179 00:10:18,679 --> 00:10:21,120 Speaker 1: They beat Jacob Graham storing seventh inning for a three 180 00:10:21,120 --> 00:10:22,959 Speaker 1: to victory that gets them back to three and a 181 00:10:23,000 --> 00:10:25,080 Speaker 1: half games behind the Mets in the n L East. 182 00:10:25,080 --> 00:10:27,560 Speaker 1: The Yankee lead a L he's a healthy nine games, 183 00:10:27,559 --> 00:10:30,400 Speaker 1: but at the stadium the night after that dramatic tenn 184 00:10:30,440 --> 00:10:32,880 Speaker 1: and he went over Tampa Bay. Toronto got to New 185 00:10:32,920 --> 00:10:36,120 Speaker 1: Yank starter Frankie Mantas with a five ron second and 186 00:10:36,160 --> 00:10:38,319 Speaker 1: in that included the three ro homber by Vladimir Guerrero 187 00:10:38,400 --> 00:10:39,960 Speaker 1: June to The Blue Jays went on to win nine 188 00:10:40,040 --> 00:10:42,440 Speaker 1: to two. George Springer had four hits for the Jays. 189 00:10:42,480 --> 00:10:45,560 Speaker 1: Manzas and three starts with the Yanks has pitched fourteen 190 00:10:45,600 --> 00:10:48,600 Speaker 1: innings and has allowed fourteen runs. The guy he replaced 191 00:10:48,600 --> 00:10:51,320 Speaker 1: in the Yankee rotation, Jordan Montgomery, now with St. Louis. 192 00:10:51,679 --> 00:10:54,439 Speaker 1: He's made three starts to the Cardinals and in seventeen 193 00:10:54,440 --> 00:10:57,160 Speaker 1: innings he's given up one run. Speaking of the Cardinals, 194 00:10:57,320 --> 00:11:00,079 Speaker 1: they beat Colorado thirteen to nothing. They pinch hit and 195 00:11:00,240 --> 00:11:03,000 Speaker 1: slam for forty two year old Albert Poohle's career home 196 00:11:03,040 --> 00:11:06,280 Speaker 1: run number six ninety. The big NFL story resolution on 197 00:11:06,320 --> 00:11:08,800 Speaker 1: how long does Shaun Watson suspension will be. The NFL 198 00:11:08,880 --> 00:11:11,600 Speaker 1: wanted it longer than the six games originally ruled by 199 00:11:11,600 --> 00:11:14,520 Speaker 1: an arbitrator. The two side settled on eleven games, a 200 00:11:14,640 --> 00:11:17,880 Speaker 1: record fine of five million. Watson apologize, but did not 201 00:11:18,000 --> 00:11:21,320 Speaker 1: admit they're committing any sexual misconduct. I'm moving on with 202 00:11:21,360 --> 00:11:23,560 Speaker 1: my career in my life, and I'll continue to stand 203 00:11:23,559 --> 00:11:26,880 Speaker 1: on my innessis. Just because you know, settlements and things 204 00:11:26,920 --> 00:11:29,400 Speaker 1: like that happened doesn't mean that a person is is 205 00:11:29,440 --> 00:11:32,840 Speaker 1: guilty for anything. I feel like person has the opportunity 206 00:11:32,840 --> 00:11:35,040 Speaker 1: to stend on his innessis and prove that, and we 207 00:11:35,200 --> 00:11:37,440 Speaker 1: proved that on the legal side, and we're just gonna 208 00:11:37,440 --> 00:11:39,520 Speaker 1: continue to push forward as an individual, as a person. 209 00:11:39,520 --> 00:11:41,600 Speaker 1: Watson's first game of this new team Cleveland, will be 210 00:11:41,600 --> 00:11:44,280 Speaker 1: week roteam against his old team, Houston Golf and Delaware. 211 00:11:44,320 --> 00:11:48,000 Speaker 1: Kegan Bradley shot seven under for a one shot Boobird. 212 00:11:48,760 --> 00:11:50,440 Speaker 1: Thanks John to head of the cast. Show. But on 213 00:11:50,440 --> 00:11:53,880 Speaker 1: Wall Street this morning, down theaters two hundred eleven points 214 00:11:53,880 --> 00:11:56,760 Speaker 1: slower and and p Emity futures there down thirty six 215 00:11:57,080 --> 00:12:00,560 Speaker 1: but ANSAC futures down one hundred thirty five points. You're 216 00:12:00,600 --> 00:12:08,600 Speaker 1: listening to Bloomberg Daybreak and Jui Hella Bloomberg Daybreak. We'll 217 00:12:08,640 --> 00:12:10,520 Speaker 1: get you set up for the training day ahead with 218 00:12:10,640 --> 00:12:14,480 Speaker 1: Jeffrey Yuugh, senior market strategist at b N wind ballad 219 00:12:15,000 --> 00:12:24,160 Speaker 1: This is Bloomberg day break, markets, headlines and breaking news 220 00:12:24,280 --> 00:12:26,920 Speaker 1: twenty four hours a day at Bloomberg dot Com, The 221 00:12:26,920 --> 00:12:31,040 Speaker 1: Bloomberg Business Outland at Bloomberg Quick Tape, He's a Bloomberg 222 00:12:31,120 --> 00:12:40,120 Speaker 1: Business Flash and I'm teren Moscow. You are. Stock Index 223 00:12:40,160 --> 00:12:43,240 Speaker 1: futures are falling along with treasuries after a chorus of 224 00:12:43,280 --> 00:12:46,679 Speaker 1: Federal Reserve officials reiterated their resolved to continue right hikes. 225 00:12:46,920 --> 00:12:49,360 Speaker 1: We checked the markets every fifteen minutes throughout the training 226 00:12:49,440 --> 00:12:51,760 Speaker 1: day on Bloomberg Guess and p Future is down thirty 227 00:12:51,800 --> 00:12:54,440 Speaker 1: four points this morning. Now Future is down two hundred 228 00:12:54,480 --> 00:12:57,600 Speaker 1: four NASDAG futures and add twenties seven and the decks 229 00:12:57,600 --> 00:12:59,920 Speaker 1: in Germany's down seven tenths of upper sent the ten 230 00:13:00,000 --> 00:13:02,440 Speaker 1: Your Treasury down twelve thirty seconds, yield two point nine 231 00:13:02,480 --> 00:13:05,120 Speaker 1: two percent, the yield on the two year three point 232 00:13:05,120 --> 00:13:08,319 Speaker 1: to five percent. Nimex Screwed oil is down one of 233 00:13:08,400 --> 00:13:10,680 Speaker 1: three quarters percent at a dollar fifty eight at eighty 234 00:13:10,679 --> 00:13:13,480 Speaker 1: eight dollars nine two cents. A barrel comes goll down 235 00:13:13,480 --> 00:13:15,600 Speaker 1: four tenths per cent or seven dollars ten cents at 236 00:13:15,640 --> 00:13:18,920 Speaker 1: seventeen sixty four. Ten announced the Euro one point zero 237 00:13:19,040 --> 00:13:22,160 Speaker 1: zero six three against the dollar, British found one five 238 00:13:22,240 --> 00:13:24,959 Speaker 1: five and the yen one thirty six point five nine, 239 00:13:25,240 --> 00:13:28,680 Speaker 1: and bitcoins down seven point three percent at twenty one thousand, 240 00:13:28,760 --> 00:13:31,840 Speaker 1: seven hundred dollars. As a Bloomberg Business Flash, now here's 241 00:13:31,840 --> 00:13:34,280 Speaker 1: Michael Barr with more on what's going on around the world. 242 00:13:34,360 --> 00:13:36,800 Speaker 1: Michael Karen, thank you very much. A federal judge has 243 00:13:36,920 --> 00:13:41,760 Speaker 1: ordered the Justice Department to put forward proposed redactions as 244 00:13:41,800 --> 00:13:44,800 Speaker 1: a judge committed to making public at least part of 245 00:13:44,840 --> 00:13:48,240 Speaker 1: the affidavit supporting the search warrant for former President Donald 246 00:13:48,280 --> 00:13:51,120 Speaker 1: Trump's the state in Florida. The judge dave prosecutors a 247 00:13:51,120 --> 00:13:54,319 Speaker 1: week to submit a copy of the affidavit. After being 248 00:13:54,360 --> 00:13:56,960 Speaker 1: accused by more than two dozen women of a sexual 249 00:13:57,000 --> 00:14:00,880 Speaker 1: misconduct Cleveland, Brown's quarterback to Shaun Watson will now serve 250 00:14:00,920 --> 00:14:04,400 Speaker 1: in eleven games suspension and pay a five million dollar fine. 251 00:14:05,240 --> 00:14:08,559 Speaker 1: In baseball, the Yankees and Mets lost the Red Sox. 252 00:14:08,679 --> 00:14:13,520 Speaker 1: Orioles A's and Giants also lost the Nationals. One Global 253 00:14:13,520 --> 00:14:16,160 Speaker 1: News twenty four hours a day on air and on 254 00:14:16,240 --> 00:14:19,480 Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred 255 00:14:19,520 --> 00:14:22,040 Speaker 1: journalists and analysts, more than a hundred twenty countries. H'm 256 00:14:22,080 --> 00:14:24,720 Speaker 1: Michael bar This is Bloomberg. Michael, thank you, coming up 257 00:14:24,760 --> 00:14:27,040 Speaker 1: on six twenty on Wall Street and we are live 258 00:14:27,080 --> 00:14:29,720 Speaker 1: from the Bloomberg into Rancor Broker Studios. This is East 259 00:14:29,720 --> 00:14:32,840 Speaker 1: Bloomberg Daybreak. There are those in the equity markets who 260 00:14:32,840 --> 00:14:36,200 Speaker 1: believe a string of weak economic data will encourage the 261 00:14:36,200 --> 00:14:39,760 Speaker 1: fatty into a devilish pivot. Are they right? Let's get 262 00:14:39,800 --> 00:14:41,320 Speaker 1: you set up for the trading day head now with 263 00:14:41,400 --> 00:14:44,600 Speaker 1: b and Y Melon, Senior market strategist Jeffrey. You always 264 00:14:44,600 --> 00:14:47,640 Speaker 1: a pleasure, jeff, Thanks for being with us our investors 265 00:14:47,720 --> 00:14:52,560 Speaker 1: foolishly dismissing the risk of a more aggressive federal reserve. UM. 266 00:14:52,880 --> 00:14:55,040 Speaker 1: I think if you had asked me this question a 267 00:14:55,040 --> 00:14:56,920 Speaker 1: couple of weeks ago, we would have been a bit concerned. 268 00:14:57,120 --> 00:15:00,280 Speaker 1: Then now I think some reality is coming back. Fair 269 00:15:00,640 --> 00:15:05,360 Speaker 1: has to their credit and it's successfully communicated that the 270 00:15:05,400 --> 00:15:07,800 Speaker 1: part up ahead is not going to be straightforward to 271 00:15:07,840 --> 00:15:11,280 Speaker 1: think that the world is undefined again, especially with the 272 00:15:11,280 --> 00:15:14,120 Speaker 1: supply bottlenecks and inflation that's going to come off from 273 00:15:14,160 --> 00:15:17,840 Speaker 1: ad best. Inflation is peaking, which in itself is certainly 274 00:15:17,800 --> 00:15:21,120 Speaker 1: a favorable development, but in terms of getting back to 275 00:15:21,200 --> 00:15:23,400 Speaker 1: where the good of economy needs to be with inflation. 276 00:15:23,440 --> 00:15:25,720 Speaker 1: We're a long long way away from that. Yeah, do 277 00:15:25,840 --> 00:15:30,840 Speaker 1: we have to derail even the economies? Is that inevitable 278 00:15:30,880 --> 00:15:34,320 Speaker 1: to control inflation? The US? Absolutely not. You know, the 279 00:15:34,400 --> 00:15:36,680 Speaker 1: US is in a very good position. Labor markets firm 280 00:15:36,680 --> 00:15:40,280 Speaker 1: and they consumer confidence is holding. So everything points to 281 00:15:41,240 --> 00:15:44,240 Speaker 1: reasonably good chance of a soft landing. If by look 282 00:15:44,280 --> 00:15:48,040 Speaker 1: at where I am right now in the UK um So, 283 00:15:48,280 --> 00:15:52,560 Speaker 1: the UK rates futures are pricing against higher terminal rates 284 00:15:52,880 --> 00:15:55,520 Speaker 1: we've had through the Federal Reserve. Now I find that 285 00:15:55,920 --> 00:15:58,840 Speaker 1: very very hard to countenance. Uh, the next a hundred 286 00:15:58,880 --> 00:16:00,720 Speaker 1: basis points. I think, by the something we've done as 287 00:16:00,760 --> 00:16:03,920 Speaker 1: quickly as possible, the markets after the speak's inflation numbers 288 00:16:03,960 --> 00:16:06,440 Speaker 1: are pricing in an additional under basis point on top 289 00:16:06,480 --> 00:16:08,520 Speaker 1: of that, I'm not sure you know how the British 290 00:16:08,560 --> 00:16:11,000 Speaker 1: consumer will be able to withstand the hit on that 291 00:16:11,120 --> 00:16:13,600 Speaker 1: scale already. So I think that that's where quite a 292 00:16:13,600 --> 00:16:15,960 Speaker 1: bit of adjustment is needed. And the BOV has been 293 00:16:16,000 --> 00:16:18,560 Speaker 1: a bit more open and saying six quarters of contraction, 294 00:16:18,640 --> 00:16:20,680 Speaker 1: that's a proper recession, right, that that's going to be 295 00:16:20,720 --> 00:16:23,120 Speaker 1: needed at the very least to bring down inflation. Yeah, 296 00:16:23,200 --> 00:16:26,400 Speaker 1: and what is the future for British pounds sterling at 297 00:16:26,440 --> 00:16:30,960 Speaker 1: this point given all this, So it's quite fascinating that 298 00:16:31,040 --> 00:16:34,200 Speaker 1: we've had an aggressive surge in pricing for the Bank 299 00:16:34,240 --> 00:16:36,560 Speaker 1: of England and that Sterling has not benefited from that 300 00:16:36,720 --> 00:16:40,280 Speaker 1: at all. So um, it really is a sign of 301 00:16:40,840 --> 00:16:43,160 Speaker 1: the lack of confidence in the direction of chravel for 302 00:16:43,200 --> 00:16:46,600 Speaker 1: the UK economy. We saw the very very weak consumer 303 00:16:46,600 --> 00:16:50,200 Speaker 1: confidence and figures released over nine and next week, and 304 00:16:50,320 --> 00:16:52,360 Speaker 1: the entire country is going to be braced for the 305 00:16:52,400 --> 00:16:55,520 Speaker 1: announcement of the new energy the highest cap which is 306 00:16:55,520 --> 00:16:58,400 Speaker 1: expected to go towards our four thousand, eight hundred pounds. 307 00:16:58,400 --> 00:17:04,440 Speaker 1: So um, the these are extremely distressing numbers. So if 308 00:17:04,440 --> 00:17:07,199 Speaker 1: you believe that Sterling is going to trade based on 309 00:17:07,400 --> 00:17:11,840 Speaker 1: UK growth expectations rather than inflation expectations and policy expectations, 310 00:17:12,040 --> 00:17:14,960 Speaker 1: these two have totally detachment from each other than grows, 311 00:17:15,000 --> 00:17:16,480 Speaker 1: it's going to be very stop. So Sterling in the 312 00:17:16,520 --> 00:17:19,080 Speaker 1: short gender's going to be under a bit depression. Explite 313 00:17:19,160 --> 00:17:22,520 Speaker 1: everybody the difference in inflation that the UK is facing 314 00:17:22,560 --> 00:17:26,040 Speaker 1: as opposed to the inflation that those of us in 315 00:17:26,080 --> 00:17:28,960 Speaker 1: the United States are facing. Can you control one and 316 00:17:29,040 --> 00:17:32,800 Speaker 1: not the other through policy. So for the UK, I 317 00:17:32,800 --> 00:17:35,320 Speaker 1: would say the energy angle is far more acute. You know, yes, 318 00:17:35,359 --> 00:17:37,840 Speaker 1: we are facing labor market issues and just general supply 319 00:17:37,920 --> 00:17:41,040 Speaker 1: issues in general, but as you can understand, in Europe, 320 00:17:41,320 --> 00:17:44,360 Speaker 1: much greater dependency on natural gas prices. You know, that's 321 00:17:44,400 --> 00:17:47,399 Speaker 1: where the pinch point is going to be. I just 322 00:17:47,400 --> 00:17:50,159 Speaker 1: looked at my own building for example, compared like like 323 00:17:50,320 --> 00:17:52,680 Speaker 1: this summer, you know versus last Summer've actually used a 324 00:17:52,720 --> 00:17:55,960 Speaker 1: lot less less gas, significantly less gas, and are might 325 00:17:56,000 --> 00:18:00,600 Speaker 1: add the prices actually marginally higher, and gas prices or 326 00:18:00,680 --> 00:18:03,879 Speaker 1: energy cap prices is going to be much much higher 327 00:18:04,000 --> 00:18:06,120 Speaker 1: from even current levels. So I think that that's where 328 00:18:06,600 --> 00:18:08,400 Speaker 1: the pain is going to come from. And general price 329 00:18:08,440 --> 00:18:10,800 Speaker 1: insvation few down the life as well, so probably less 330 00:18:10,800 --> 00:18:12,800 Speaker 1: of the labor component compared for the US. If I 331 00:18:12,840 --> 00:18:15,359 Speaker 1: could pivot back to the U s here. J Powell 332 00:18:15,440 --> 00:18:19,119 Speaker 1: lost credibility with his Jackson Hall speech last year. I 333 00:18:19,160 --> 00:18:21,639 Speaker 1: think I'm safe in saying that can he recapture that 334 00:18:21,760 --> 00:18:26,440 Speaker 1: credibility a week from today? I think it's a bit harsh, 335 00:18:26,480 --> 00:18:28,959 Speaker 1: and I think you can compare light for light, right, 336 00:18:29,000 --> 00:18:31,199 Speaker 1: So Jackson the Hall last year, was anyone predicting a 337 00:18:31,240 --> 00:18:33,840 Speaker 1: war um. I don't know. Half the year after that 338 00:18:34,160 --> 00:18:38,040 Speaker 1: probably not right, so nuclearly that the transitor issue despises 339 00:18:38,040 --> 00:18:40,880 Speaker 1: and then they've lost a lot longer relative to expectations. 340 00:18:40,960 --> 00:18:44,760 Speaker 1: The one was anticipating China to face these some COVID concerns. 341 00:18:44,840 --> 00:18:47,119 Speaker 1: So I'm not trying to just by global central bankers 342 00:18:47,200 --> 00:18:50,320 Speaker 1: in the missing inflation side of they're clearly looking back 343 00:18:50,480 --> 00:18:52,520 Speaker 1: and they wish some things could have been done differently. 344 00:18:52,960 --> 00:18:55,080 Speaker 1: But now there is a time to start to set 345 00:18:55,119 --> 00:18:58,560 Speaker 1: the record straight and properly guide markets up ahead. And 346 00:18:58,840 --> 00:19:02,040 Speaker 1: as I mentioned that the program um they're be a 347 00:19:02,160 --> 00:19:04,920 Speaker 1: general speech guidance from various septumbers. They've lost two or 348 00:19:04,960 --> 00:19:08,280 Speaker 1: three weeks successfully in a bringing back that expectation um 349 00:19:08,520 --> 00:19:11,239 Speaker 1: and just giving market to dose of reality. I think 350 00:19:11,280 --> 00:19:15,240 Speaker 1: that's been quite successful. So I just I guess Chennen 351 00:19:15,280 --> 00:19:17,640 Speaker 1: Powell just needs to do a bit more of the same. Jeff, 352 00:19:17,680 --> 00:19:21,240 Speaker 1: always a pleasure appreciated. B and Y Melon Senior's Market strategists. 353 00:19:21,240 --> 00:19:24,000 Speaker 1: Every you joining us this morning and ahead of the 354 00:19:24,040 --> 00:19:26,159 Speaker 1: cash of about Wall Street, we have futures in the 355 00:19:26,200 --> 00:19:28,640 Speaker 1: red this morning. Down future is two hundred four points lower. 356 00:19:28,680 --> 00:19:31,760 Speaker 1: That's down six tenths of a percent SMP evening futures 357 00:19:32,280 --> 00:19:35,280 Speaker 1: down thirty three points right now, down eight tenths of 358 00:19:35,320 --> 00:19:38,520 Speaker 1: a percent, and then as next futures one D one 359 00:19:38,560 --> 00:19:42,280 Speaker 1: points lower, a nine tenths of a percent declined. Footsie 360 00:19:42,359 --> 00:19:46,959 Speaker 1: in London is up just four points right now, relatively unchanged. 361 00:19:47,400 --> 00:19:50,440 Speaker 1: As you look at the Sterling one eighteen sixty that 362 00:19:50,600 --> 00:19:54,040 Speaker 1: is down six tenths of a percent this morning, and 363 00:19:54,560 --> 00:19:58,080 Speaker 1: you are listening to Bloomberg Daybreak. Just ahead, we'll have 364 00:19:58,200 --> 00:20:07,800 Speaker 1: a check of your top stories and Bloomberg weather for 365 00:20:07,880 --> 00:20:11,200 Speaker 1: it today from meteorologist Rob Carolin. Mainly sunny warm in 366 00:20:11,400 --> 00:20:14,840 Speaker 1: New York City, the Heights emperature ninety tomorrow, partly Sunday, 367 00:20:14,960 --> 00:20:17,159 Speaker 1: chance of the eight day shower, the Heights amperature topping 368 00:20:17,200 --> 00:20:23,440 Speaker 1: out at eight five to ninety degrees. Broadcasting live from 369 00:20:23,480 --> 00:20:27,280 Speaker 1: the Bloomberg Interactive Broker Studio in New York, Bloomberg E 370 00:20:27,359 --> 00:20:31,280 Speaker 1: living three on to Washington, d C, Bloomberg to Boston, 371 00:20:31,440 --> 00:20:34,840 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg M 372 00:20:34,920 --> 00:20:38,159 Speaker 1: sixty to the Country, Sirius XM Cho one nine and 373 00:20:38,240 --> 00:20:41,560 Speaker 1: around the globe. The Bloomberg Business app and Bloomberg Radio 374 00:20:41,720 --> 00:20:50,440 Speaker 1: dot Com This is Bloomberg Daybreak. It's six thirty on 375 00:20:50,560 --> 00:20:53,639 Speaker 1: Wall Street. Good morning. I'm John Tucker and I'm Karen Moscow. 376 00:20:53,760 --> 00:20:56,120 Speaker 1: We are just about three hours away from the open 377 00:20:56,160 --> 00:20:58,040 Speaker 1: of US trading. It's time to the five things that 378 00:20:58,200 --> 00:21:00,200 Speaker 1: you need to notice start your day. Bro to you 379 00:21:00,359 --> 00:21:04,840 Speaker 1: buy Interactive Brokers. Interactive Brokers charges margin loan rates from 380 00:21:04,880 --> 00:21:07,600 Speaker 1: two point three percent to three point three percent. Their 381 00:21:07,640 --> 00:21:09,959 Speaker 1: clients can also are an extra income by lending their 382 00:21:10,000 --> 00:21:12,920 Speaker 1: fully paid shares of stock. Rates subject to change. Learn 383 00:21:12,960 --> 00:21:16,440 Speaker 1: more at ib k r dot com. Slash compare up first. 384 00:21:16,720 --> 00:21:19,359 Speaker 1: US futures are lower this morning as traders react to 385 00:21:19,440 --> 00:21:22,320 Speaker 1: mixed signals from the Fed. It's unclear exactly how big 386 00:21:22,359 --> 00:21:25,160 Speaker 1: the central banks next move will be on interest rates. St. 387 00:21:25,240 --> 00:21:27,919 Speaker 1: Louis FED Governor James Bullard wants a seventy five basis 388 00:21:27,960 --> 00:21:32,080 Speaker 1: point move in September. Kansas Cities Esther George is more cautious. 389 00:21:32,320 --> 00:21:35,320 Speaker 1: San Francisco's Mary Daily has open to fifty or seventy 390 00:21:35,359 --> 00:21:38,600 Speaker 1: five basis points, and Minneapolis Fed Chief Neil cash Carry 391 00:21:38,720 --> 00:21:41,840 Speaker 1: warrants a recession could be on the horizon as we 392 00:21:41,960 --> 00:21:45,040 Speaker 1: continue to raise rates, As we continue to raise costs 393 00:21:45,240 --> 00:21:48,399 Speaker 1: to speak of borrowing across the economy, it should be 394 00:21:48,520 --> 00:21:51,159 Speaker 1: putting tappling the brakes on the US economy, and that 395 00:21:51,280 --> 00:21:53,560 Speaker 1: makes it more likely that we would end up in 396 00:21:53,680 --> 00:21:56,480 Speaker 1: a reception now. Cash Cary made the comments a day 397 00:21:56,640 --> 00:21:59,480 Speaker 1: after the release of julys FED minutes, which showed officials 398 00:21:59,520 --> 00:22:02,440 Speaker 1: wagging actually when to slow the pace of rate hikes. 399 00:22:02,640 --> 00:22:05,679 Speaker 1: A new p WC survey is painting a bleak picture 400 00:22:05,760 --> 00:22:08,640 Speaker 1: on the future of the US labor market. The results 401 00:22:08,680 --> 00:22:11,399 Speaker 1: showed layoffs in the works at about half of US 402 00:22:11,480 --> 00:22:14,800 Speaker 1: companies despite a tight labor market. The more than seven 403 00:22:14,880 --> 00:22:18,520 Speaker 1: hundred US executives and board members polled said the reducing 404 00:22:18,600 --> 00:22:22,800 Speaker 1: headcount or plan to and over half implemented hiring freezes 405 00:22:23,320 --> 00:22:25,680 Speaker 1: and taking a look at a major market mover this morning, 406 00:22:25,760 --> 00:22:28,040 Speaker 1: John Shares a bed Bath and beyond Or down almost 407 00:22:28,080 --> 00:22:32,320 Speaker 1: forty five percent. It follows news that activist investor Ryan 408 00:22:32,480 --> 00:22:35,600 Speaker 1: Cohen exited his entire stake in the company. He pocketed 409 00:22:35,680 --> 00:22:38,720 Speaker 1: sixty eight million dollars in profits from the sale and 410 00:22:38,880 --> 00:22:43,320 Speaker 1: to corporate newsdays after the CDC shifted its COVID quarantine guidance, 411 00:22:43,720 --> 00:22:48,720 Speaker 1: Amazon reportedly removing its COVID leave policy Bloomberg's Really the 412 00:22:48,800 --> 00:22:51,960 Speaker 1: Young joins us live with more. Good morning, Really, good morning, John. 413 00:22:52,080 --> 00:22:55,000 Speaker 1: Two weeks of paid leave for COVID nineteen cases that 414 00:22:55,080 --> 00:22:59,919 Speaker 1: Amazon offered employees now gone. Amazon is returning to standard 415 00:23:00,119 --> 00:23:04,040 Speaker 1: sick leaf policies beginning today. An internal memo published by 416 00:23:04,119 --> 00:23:08,639 Speaker 1: Business Insider shows the companies also scrapping contact tracing across 417 00:23:08,760 --> 00:23:12,359 Speaker 1: much of its network of warehouses. This affects all US 418 00:23:12,400 --> 00:23:17,600 Speaker 1: Amazon employees, except for those living in California, New York, Colorado, 419 00:23:18,000 --> 00:23:20,920 Speaker 1: and Philadelphia. Live in New York. I'm gonna need a 420 00:23:21,000 --> 00:23:23,920 Speaker 1: Young Bloomberg daybreak, all right, Renia, Thank you? Watching shares 421 00:23:23,960 --> 00:23:25,680 Speaker 1: a deer. They're down six and a half percent in 422 00:23:25,800 --> 00:23:28,800 Speaker 1: early trading at Narratives net income forecast for the full 423 00:23:28,920 --> 00:23:31,760 Speaker 1: year after reporting earnings this morning, and as the five 424 00:23:31,800 --> 00:23:33,639 Speaker 1: things you need to notice start your day, brought to 425 00:23:33,680 --> 00:23:40,200 Speaker 1: you by Interacted Brokers. Thanks Karen STIPs thirty three Old 426 00:23:40,240 --> 00:23:42,359 Speaker 1: Wall Street. Time to bring in Michael Barnett tell us 427 00:23:42,640 --> 00:23:45,159 Speaker 1: what else is going out of New York and around 428 00:23:45,200 --> 00:23:47,720 Speaker 1: the world. Thank you very much, John. New York City 429 00:23:47,800 --> 00:23:51,880 Speaker 1: Mayor Eric Adams says the new multi agency enforcement initiative 430 00:23:52,280 --> 00:23:55,600 Speaker 1: will focus on removing of and and outdoor dining sheds. 431 00:23:56,000 --> 00:23:58,879 Speaker 1: Adam says, though outdoor dining is here to stay and 432 00:23:58,960 --> 00:24:02,399 Speaker 1: New York is love dining out, and we need to 433 00:24:02,480 --> 00:24:05,080 Speaker 1: do it in the right way to make sure that 434 00:24:05,240 --> 00:24:10,040 Speaker 1: is safe, clean, and respectable to our neighbors and those 435 00:24:10,080 --> 00:24:12,600 Speaker 1: who live in the communities where we have these structures. 436 00:24:12,880 --> 00:24:15,480 Speaker 1: Mayor Adams made the announcement in front of an unused 437 00:24:15,600 --> 00:24:18,720 Speaker 1: shed in Midtown, before taking a sledge hammer to help 438 00:24:18,760 --> 00:24:22,200 Speaker 1: bring the structure down. The former chief financial officer of 439 00:24:22,240 --> 00:24:25,600 Speaker 1: the Trump organization pleaded guilty to not paying taxes on 440 00:24:25,760 --> 00:24:29,320 Speaker 1: almost two million dollars in compensation in the Manhattan Court. 441 00:24:29,760 --> 00:24:33,440 Speaker 1: Alan Weisselberg could be called to testify against the organization 442 00:24:33,840 --> 00:24:37,960 Speaker 1: as early as this fall. Weiselberg will spend five months 443 00:24:38,040 --> 00:24:41,520 Speaker 1: at Ranker's prison in exchange for the Plea deal. European 444 00:24:41,640 --> 00:24:46,320 Speaker 1: intelligence officials say Russia is likely using the Zampareza nuclear 445 00:24:46,480 --> 00:24:50,520 Speaker 1: power plant in southern Ukraine to shield its troops and equipment, 446 00:24:50,680 --> 00:24:54,440 Speaker 1: undermining the safety of the plants operations. U N Secretary 447 00:24:54,560 --> 00:24:59,520 Speaker 1: General Antonio Guterres repeatedly urged for the plant to be demilitarized, 448 00:25:00,040 --> 00:25:04,560 Speaker 1: potential vantage to be suicide to terror spoke in LVIV. 449 00:25:05,040 --> 00:25:08,439 Speaker 1: Monkeypox cases continue to climb in the US, now topping 450 00:25:08,520 --> 00:25:12,480 Speaker 1: fourteen thousand. The White House Monkeypox Response Team announced an 451 00:25:12,520 --> 00:25:15,880 Speaker 1: additional one point eight million vaccine doses will be available 452 00:25:15,960 --> 00:25:18,840 Speaker 1: starting early next week. The head of the World Health 453 00:25:18,960 --> 00:25:23,600 Speaker 1: Organization's monkeypox response Dr. Rosamund Lewis, said it's not clear 454 00:25:23,720 --> 00:25:26,160 Speaker 1: why the US has so many cases. There are other 455 00:25:26,200 --> 00:25:29,440 Speaker 1: countries in the Americas that are also seeing it's deep 456 00:25:29,480 --> 00:25:32,480 Speaker 1: increases in the number of cases. Part of that maybe, 457 00:25:32,680 --> 00:25:36,080 Speaker 1: of course, the spread of the virus, so another component maybe, 458 00:25:36,160 --> 00:25:39,639 Speaker 1: of course, increasing access to testing. The w H shows. 459 00:25:39,760 --> 00:25:42,160 Speaker 1: Dr Lewis says the US accounts were about a third 460 00:25:42,240 --> 00:25:46,280 Speaker 1: of all cases worldwide. Whether permitting the Tri State area 461 00:25:46,359 --> 00:25:48,920 Speaker 1: could get a light show in the sky tonight, the 462 00:25:49,040 --> 00:25:52,920 Speaker 1: National Oceanic and Atmospheric Administrations has several eruptions from the 463 00:25:53,000 --> 00:25:58,080 Speaker 1: Sun Sunday are headed towards Earth with strong geomagnetic storms. 464 00:25:58,119 --> 00:26:01,399 Speaker 1: In other words, the Northern Lights. Storms are said to 465 00:26:01,480 --> 00:26:04,520 Speaker 1: have the potential to disrupt the electric power grid, GPS 466 00:26:04,600 --> 00:26:08,000 Speaker 1: and satellite operations. Global News twenty four hours a day 467 00:26:08,160 --> 00:26:11,120 Speaker 1: on air and on Bloomberg quick Take, powered by more 468 00:26:11,200 --> 00:26:13,800 Speaker 1: than twenty seven hundred journalists, analysts more than a hundred 469 00:26:13,800 --> 00:26:16,520 Speaker 1: twenty countries. I'm Michael bar this is Bloomberg, John Michael, 470 00:26:16,600 --> 00:26:22,520 Speaker 1: thank you, and that brings us to six thirties six 471 00:26:22,600 --> 00:26:25,600 Speaker 1: on the Street Times for the Bloomberg Sports Update. And 472 00:26:25,760 --> 00:26:28,560 Speaker 1: here's John staff Shower. Yeah, that's lost those first two 473 00:26:28,600 --> 00:26:30,639 Speaker 1: games in Atlanta. Then add the one to punch on 474 00:26:30,720 --> 00:26:33,160 Speaker 1: the mountain. Max Nurs one hit start, but a rare 475 00:26:33,320 --> 00:26:35,720 Speaker 1: Jacob to Graham lost the Braves a couple of early 476 00:26:35,840 --> 00:26:38,480 Speaker 1: runs driven in by Dan's by Swanson, Austin Riley, Mark 477 00:26:38,560 --> 00:26:40,680 Speaker 1: Canna with a game time to run home at fifth inning, 478 00:26:41,000 --> 00:26:43,840 Speaker 1: but Atlanta scored in the seventh off to Graham and 479 00:26:43,920 --> 00:26:46,440 Speaker 1: the Brave one three to two. You know, early comes 480 00:26:46,480 --> 00:26:50,120 Speaker 1: down to two pitches. Um, the one that's uh Dansby 481 00:26:50,320 --> 00:26:53,119 Speaker 1: just a bad slider over over the middle, and then 482 00:26:53,640 --> 00:26:57,240 Speaker 1: the wonder Riley So um, you know that's those are 483 00:26:57,280 --> 00:27:03,120 Speaker 1: two mistakes I wish I had back, but you know it, Uh, 484 00:27:03,560 --> 00:27:06,440 Speaker 1: you know, it's frustrating, but that's lead. The Brad is 485 00:27:06,520 --> 00:27:08,160 Speaker 1: now by three and a half as the Mets start 486 00:27:08,200 --> 00:27:11,360 Speaker 1: a four game weekend series in Philadelphia tonight. Then it's 487 00:27:11,400 --> 00:27:14,000 Speaker 1: the Subway series in the Bronx Sarzer and de Gram 488 00:27:14,040 --> 00:27:16,120 Speaker 1: will be the Mets starters. The Yankees have not won 489 00:27:16,200 --> 00:27:18,800 Speaker 1: two games in a Rose since July at the Stadium 490 00:27:18,800 --> 00:27:21,200 Speaker 1: all Blue Jays of five runs second, and you know 491 00:27:21,359 --> 00:27:23,960 Speaker 1: Frankie Montas who his first home start with the Yanks 492 00:27:24,000 --> 00:27:26,360 Speaker 1: did not go well. Blue Jay's one, nine to two. 493 00:27:26,400 --> 00:27:28,600 Speaker 1: The Lone Yankee writes about the first two Major Day 494 00:27:28,720 --> 00:27:31,360 Speaker 1: hits for rookie as well. Though Cabrera, Yanks fall three 495 00:27:31,440 --> 00:27:34,520 Speaker 1: and a half games behind Houston for best records. American Lady, 496 00:27:34,520 --> 00:27:37,840 Speaker 1: the Astros one in Chicago one to five. Week to 497 00:27:37,960 --> 00:27:41,280 Speaker 1: the NFL preseason home games with the Giant Sunday in 498 00:27:41,359 --> 00:27:45,000 Speaker 1: Cincinnati and the Jets Monday Night versus Atlanta. Tom Brady 499 00:27:45,119 --> 00:27:47,400 Speaker 1: was not with Tampa Bay all week. Not known when 500 00:27:47,440 --> 00:27:50,040 Speaker 1: he's gonna return. Bucks coach Todd Boll said, we'll see. 501 00:27:50,400 --> 00:27:52,640 Speaker 1: It's not known why Brady left the team. A Bull 502 00:27:52,680 --> 00:27:54,800 Speaker 1: said he's not concerned. We do now know, but Shawn 503 00:27:54,880 --> 00:27:57,840 Speaker 1: Watson will start playing for Cleveland week thirteen against his 504 00:27:57,880 --> 00:28:00,760 Speaker 1: old team, Used and Watch. The suspension for Excellent's conduct 505 00:28:00,840 --> 00:28:03,080 Speaker 1: was raised when the original six games the way the 506 00:28:03,160 --> 00:28:07,640 Speaker 1: utually agreed to your levet, John all right, thanks John. 507 00:28:07,840 --> 00:28:10,600 Speaker 1: It is six thirty seven on Wall Street. Time to 508 00:28:10,680 --> 00:28:13,080 Speaker 1: take a look at starts some of the names that 509 00:28:13,119 --> 00:28:15,200 Speaker 1: are moving at the free market this morning. Ever that 510 00:28:15,359 --> 00:28:20,280 Speaker 1: we're joined by Bloomberg reporter Laura. Right, Laura, let's start 511 00:28:20,400 --> 00:28:23,640 Speaker 1: off this morning. What do you say, Applied Materials. What's 512 00:28:23,680 --> 00:28:27,320 Speaker 1: the story? Well, Time Materials fractionally higher ahead of the bell. 513 00:28:27,440 --> 00:28:31,080 Speaker 1: This company is the largest maker of machinery used to 514 00:28:31,160 --> 00:28:35,320 Speaker 1: manufacture semiconductors. The company came out with a bullish forecast 515 00:28:35,440 --> 00:28:38,320 Speaker 1: that their revenue will be around six point six billion 516 00:28:38,560 --> 00:28:41,240 Speaker 1: U S dollars in the fiscal fourth quarter. That came 517 00:28:41,280 --> 00:28:46,360 Speaker 1: in ahead of estimates. Now, their key customers include Samsung, T, S, M, C, Intel, 518 00:28:46,840 --> 00:28:49,360 Speaker 1: and these results are perhaps a sign that headwinds have 519 00:28:49,480 --> 00:28:52,920 Speaker 1: been overplayed. The CEO came out with a statement that 520 00:28:53,160 --> 00:28:56,600 Speaker 1: even with a softening economy, many customers are still investing 521 00:28:56,680 --> 00:29:00,840 Speaker 1: to improve their production technology further down the line. Therefore, 522 00:29:00,920 --> 00:29:05,080 Speaker 1: demand continues to outstrip supply. Semiconductors have now been used 523 00:29:05,120 --> 00:29:08,480 Speaker 1: in new types of devices, so the industry is less 524 00:29:08,520 --> 00:29:13,880 Speaker 1: reliant on personal computers and smartphones, and maybe fundamentals do matter. 525 00:29:14,280 --> 00:29:19,880 Speaker 1: After all, most actively traded this morning bed Bathroom Beyond. Yeah, 526 00:29:19,960 --> 00:29:23,440 Speaker 1: this really has become a poster child for meme stocks. 527 00:29:23,560 --> 00:29:27,160 Speaker 1: We've discussed it in In recent weeks, this stock has 528 00:29:27,280 --> 00:29:31,840 Speaker 1: lost fort ahead of the bell. This is all because 529 00:29:32,080 --> 00:29:35,600 Speaker 1: the billionaire Ryan Cohen. We learned this morning in a 530 00:29:35,680 --> 00:29:39,840 Speaker 1: regulatory filing he pocketed sixty eight million dollars in profit 531 00:29:39,960 --> 00:29:43,000 Speaker 1: from the sale of his Bed Bathroom Beyond shares, making 532 00:29:43,120 --> 00:29:45,880 Speaker 1: a fifty six percent gain. That was from an investment 533 00:29:45,920 --> 00:29:49,000 Speaker 1: he held for roughly seven months. And this is a 534 00:29:49,080 --> 00:29:52,640 Speaker 1: sign that retail traders are perhaps late to the trade. 535 00:29:53,320 --> 00:29:55,560 Speaker 1: Retail traders have been the wants to pump up the 536 00:29:55,840 --> 00:29:59,760 Speaker 1: company shares in recent weeks, even with a lack of fundamentals, 537 00:30:00,000 --> 00:30:03,200 Speaker 1: as you say. But that said, Bed bath and Beyond 538 00:30:03,360 --> 00:30:05,640 Speaker 1: executives have come up with a statement saying they are 539 00:30:05,720 --> 00:30:10,440 Speaker 1: working expeditiously over the next several weeks with external financial 540 00:30:10,480 --> 00:30:13,880 Speaker 1: advisors and lenders on strengthening the balance sheet. But perhaps 541 00:30:14,000 --> 00:30:16,280 Speaker 1: it's a little too late, alright. Can we wrap up 542 00:30:16,320 --> 00:30:22,120 Speaker 1: with the pre The Arnings continues this morning with John Vier. Yes, 543 00:30:22,240 --> 00:30:26,600 Speaker 1: so this is the largest maker of agricultural machinery. The 544 00:30:26,720 --> 00:30:29,920 Speaker 1: company cut its four year net income outlook, warning of 545 00:30:30,040 --> 00:30:34,400 Speaker 1: ongoing supply chain issues, high production costs throughout the year UM, 546 00:30:35,640 --> 00:30:38,040 Speaker 1: so not good news in the stock down around six 547 00:30:38,080 --> 00:30:40,480 Speaker 1: per cent in pre market trading. Real quote. What is 548 00:30:40,560 --> 00:30:45,960 Speaker 1: Marathon Digital do this well? This is linked to Bitcoin, 549 00:30:46,440 --> 00:30:49,080 Speaker 1: which has seen it is plummeted to a three week glow. 550 00:30:49,200 --> 00:30:52,200 Speaker 1: We've seen some big sell off from large positions UM 551 00:30:52,320 --> 00:30:56,240 Speaker 1: and just within the last hour crypto prices UM sliding 552 00:30:56,520 --> 00:30:59,400 Speaker 1: this morning in London, around two twenty million dollars worth 553 00:30:59,440 --> 00:31:02,840 Speaker 1: of positions are and liquidated UM and Hastita came from 554 00:31:02,880 --> 00:31:05,280 Speaker 1: positions in bitcoin, which is why we think Marathon Digital 555 00:31:05,560 --> 00:31:11,080 Speaker 1: leaving some Laura thanks a lot appreciated Bloomberg reporter Laura 556 00:31:11,240 --> 00:31:13,920 Speaker 1: right with us this morning as we look at the futures, 557 00:31:13,960 --> 00:31:18,000 Speaker 1: the down futures two fifty six points lower, smp emity 558 00:31:18,080 --> 00:31:22,840 Speaker 1: futures down forty and the Bloomberg weather for it today 559 00:31:22,920 --> 00:31:26,800 Speaker 1: from meteorologist Rob Caroline I and the city mainly Sunday warm, 560 00:31:27,080 --> 00:31:30,320 Speaker 1: high temperature topic out about ninety, partly cloudy tonight, Los 561 00:31:30,360 --> 00:31:33,120 Speaker 1: A bit seventies, partly Sunday, chance of late day showers 562 00:31:33,200 --> 00:31:39,840 Speaker 1: tomorrow to ninety. Markets headlines and breaking news twenty four 563 00:31:39,880 --> 00:31:42,880 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 564 00:31:42,960 --> 00:31:46,120 Speaker 1: at and at Bloomberg Quick Tape. This is a Bloomberg 565 00:31:46,200 --> 00:31:55,479 Speaker 1: Business flash and futures are falling this morning. We get 566 00:31:55,520 --> 00:31:57,880 Speaker 1: at the first Word breaking News dash for today's morning call. 567 00:31:58,000 --> 00:32:01,640 Speaker 1: Here's Bill Maloney, Bill, good morning and good morning, Karen. 568 00:32:01,680 --> 00:32:03,880 Speaker 1: That's right. US features are under pressure right now with 569 00:32:03,920 --> 00:32:06,440 Speaker 1: down features down two seventy five point says if you 570 00:32:06,560 --> 00:32:09,360 Speaker 1: dropped forty four, while NASDAK features are down by a 571 00:32:09,480 --> 00:32:12,320 Speaker 1: hundred and fifty nine. The US ten year old at 572 00:32:12,360 --> 00:32:15,200 Speaker 1: two point nine three percent, Gold is down eight oil 573 00:32:15,320 --> 00:32:18,560 Speaker 1: is in the red, and bitcoin is sinking by seven percent. 574 00:32:19,040 --> 00:32:21,800 Speaker 1: Japan was a little changed overnight, while your markets are 575 00:32:21,800 --> 00:32:24,160 Speaker 1: also in the red this morning, and back in the US, 576 00:32:24,320 --> 00:32:27,520 Speaker 1: nothing to report on the economic front after develop US night, 577 00:32:27,560 --> 00:32:31,560 Speaker 1: Apply Materials gave a bullish forecast and regarding earnings this morning, 578 00:32:31,720 --> 00:32:34,920 Speaker 1: dear Trimmnet's profit forecast. Shares are sinking eight percent pre 579 00:32:35,040 --> 00:32:38,720 Speaker 1: market and foot Locker EPs pad estimates. In other news, 580 00:32:38,840 --> 00:32:41,760 Speaker 1: Bed Bath and Beyond is plunging a forty percent pre 581 00:32:41,880 --> 00:32:45,840 Speaker 1: market and wrapping things up, Horseman was raised overweight over 582 00:32:45,920 --> 00:32:48,760 Speaker 1: a piper Live from the First to Breaking News descom 583 00:32:48,840 --> 00:32:51,040 Speaker 1: Bill Maloney. Karen, all right, Bill, thank you, and here 584 00:32:51,080 --> 00:32:53,440 Speaker 1: live breaking news of your Bloomberry type squawk on your 585 00:32:53,560 --> 00:32:56,160 Speaker 1: terminal s qu A w K. And just since you 586 00:32:56,240 --> 00:32:58,520 Speaker 1: met me, you mentioned foot Locker. Those shares are up 587 00:32:58,560 --> 00:33:00,560 Speaker 1: more than twelve and a half percent. Well now they're 588 00:33:00,600 --> 00:33:02,720 Speaker 1: up about fifteen percent. They just took a little jump. 589 00:33:03,000 --> 00:33:05,440 Speaker 1: And as a Bloomberg business flash, now here's Michael Barrow 590 00:33:05,480 --> 00:33:08,120 Speaker 1: with more on what's going on around the world. Unchael, Karen, 591 00:33:08,160 --> 00:33:10,640 Speaker 1: thank you very much. A federal magistrate judge is giving 592 00:33:10,720 --> 00:33:14,120 Speaker 1: the Justice Department one week to propose redactions to the 593 00:33:14,160 --> 00:33:17,320 Speaker 1: AFFID David, which led to the FBI search of President 594 00:33:17,360 --> 00:33:21,520 Speaker 1: Trump's home in Mari Lago. US Magistrate Judge Bruce Reinhardt 595 00:33:21,560 --> 00:33:25,040 Speaker 1: said the Justice Department hadn't met its burden for keeping 596 00:33:25,120 --> 00:33:29,880 Speaker 1: the entire documents sealed. The NFL and the Players Association 597 00:33:30,280 --> 00:33:34,320 Speaker 1: handed down an eleven game suspension to Cleveland Brown's quarterback 598 00:33:34,360 --> 00:33:37,480 Speaker 1: to Shaun Watson, he was accused by more than two 599 00:33:37,520 --> 00:33:41,040 Speaker 1: dozen women of sexual misconduct. In baseball, the Yankees and 600 00:33:41,320 --> 00:33:45,720 Speaker 1: Mets lost the Red Sox, Orioles A's and Giants also lost. 601 00:33:46,000 --> 00:33:49,320 Speaker 1: The Nationals won Globals twenty four hours a day on 602 00:33:49,560 --> 00:33:52,800 Speaker 1: air and on Bloomberg Quick Take, powered by more than 603 00:33:52,920 --> 00:33:55,400 Speaker 1: twenty seven hundred journalist and analysts, are more than one 604 00:33:55,760 --> 00:33:59,600 Speaker 1: twenty countries. H Michael Barr and this is Bloomberg, Karen, right, Michael, 605 00:33:59,640 --> 00:34:02,000 Speaker 1: thank you. It is sixty nine Hot Wall Street. And 606 00:34:02,040 --> 00:34:04,520 Speaker 1: we turned to news and science and technology now with 607 00:34:04,720 --> 00:34:07,600 Speaker 1: the Bloomberg and j I T STEM Report, brought to 608 00:34:07,680 --> 00:34:10,279 Speaker 1: you by New Jersey Institute of Technology n j i 609 00:34:10,400 --> 00:34:13,240 Speaker 1: T makes industry ready engineers in more than twenty fields. 610 00:34:13,440 --> 00:34:15,759 Speaker 1: If it's engineering, it's at n j I T. Learn 611 00:34:15,840 --> 00:34:17,520 Speaker 1: more at n j I T dot E d U. 612 00:34:18,000 --> 00:34:21,080 Speaker 1: And here's just making news and science, technology, engineering, and math. 613 00:34:21,520 --> 00:34:25,120 Speaker 1: The Spanish city of Seville is installing public fountains, planting trees, 614 00:34:25,440 --> 00:34:28,880 Speaker 1: and switching to construction materials that reflect heat to mitigate 615 00:34:28,920 --> 00:34:32,200 Speaker 1: temperatures that have scored Europe this year. Saville became the 616 00:34:32,239 --> 00:34:34,640 Speaker 1: first city in the world to name and categorize heat 617 00:34:34,680 --> 00:34:37,080 Speaker 1: waves in the same way the US or Asian nations 618 00:34:37,160 --> 00:34:41,440 Speaker 1: name hurricanes and typhoons. E V maker Ribvian eliminated the 619 00:34:41,600 --> 00:34:46,080 Speaker 1: least expensive trim of its R one T electric pickup truck, 620 00:34:46,160 --> 00:34:50,160 Speaker 1: effectively raising the price of its entry level model. Demand 621 00:34:50,200 --> 00:34:53,240 Speaker 1: for the Explorer model was smaller than anticipated in according 622 00:34:53,280 --> 00:34:56,200 Speaker 1: to the company, eliminating it will help the ev manufacturers 623 00:34:56,280 --> 00:35:01,759 Speaker 1: streamline decreased delivery times. And Space Sex's Starship has been 624 00:35:01,880 --> 00:35:05,080 Speaker 1: chosen as the launch vehicle for a Japanese satellite, one 625 00:35:05,120 --> 00:35:08,080 Speaker 1: of the first publicly disclosed commercial payloads for Elon musk 626 00:35:08,200 --> 00:35:11,360 Speaker 1: newest rocket. The rocket is designed to be a reusable, 627 00:35:11,480 --> 00:35:15,239 Speaker 1: multi purpose vehicle for carrying passengers, cargo, and fuel. It's 628 00:35:15,239 --> 00:35:19,120 Speaker 1: scheduled to be launched in That's the Bloomberg and J. I. T. 629 00:35:19,239 --> 00:35:22,160 Speaker 1: Stammer Report. John, thanks current. We are live for the 630 00:35:22,200 --> 00:35:25,640 Speaker 1: Bloomberg Interranto Broker Studios where it is now six fifty 631 00:35:25,719 --> 00:35:27,880 Speaker 1: one on Wall Street. Time to check what's going on 632 00:35:27,960 --> 00:35:30,480 Speaker 1: at d C and Some of the top stories that 633 00:35:30,600 --> 00:35:33,640 Speaker 1: were following this morning include the long time Trumps CFO 634 00:35:33,680 --> 00:35:38,080 Speaker 1: Weislberg pleading guilty to tax fraud and the Trump search 635 00:35:38,200 --> 00:35:41,960 Speaker 1: affid Davit at Marilaco could be partly unsealed according to 636 00:35:42,200 --> 00:35:45,680 Speaker 1: a judge. Let's take a deeper dive into these stories 637 00:35:45,800 --> 00:35:49,520 Speaker 1: this morning with Bloomberg Washington recorder Jack Fitzpatrick, who joins 638 00:35:49,600 --> 00:35:53,439 Speaker 1: US now. Jack added another person in Donald Trump's orbit 639 00:35:53,560 --> 00:35:59,040 Speaker 1: who's headed to jail, the elderly CFO, the Trump organization 640 00:35:59,520 --> 00:36:03,440 Speaker 1: what Natuh. Yeah, it raises a lot of questions about 641 00:36:03,520 --> 00:36:06,160 Speaker 1: what next. The next thing to look for is that 642 00:36:06,280 --> 00:36:11,440 Speaker 1: part of this plea deal is Alan Weisselberg testifying against 643 00:36:11,560 --> 00:36:16,080 Speaker 1: the Trump organization. Uh. That does raise questions about how 644 00:36:16,160 --> 00:36:20,920 Speaker 1: this would potentially affect former President Donald Trump specifically. He 645 00:36:21,080 --> 00:36:25,680 Speaker 1: has not been uh implicated directly in this. Necessarily we'll 646 00:36:25,719 --> 00:36:29,799 Speaker 1: see how this branches out, though, because the the CFO 647 00:36:30,360 --> 00:36:34,640 Speaker 1: testifying against the organization obviously raises the question of who 648 00:36:34,760 --> 00:36:39,640 Speaker 1: specifically else was responsible for these issues. These are tax 649 00:36:39,719 --> 00:36:44,000 Speaker 1: issues in which they they had essentially an established record 650 00:36:44,360 --> 00:36:47,359 Speaker 1: of uh not paying people with money that they had 651 00:36:47,360 --> 00:36:49,880 Speaker 1: to pay taxes on, but giving cars, housing and that 652 00:36:50,000 --> 00:36:52,000 Speaker 1: kind of thing to get around paying their taxes. Is 653 00:36:52,080 --> 00:36:55,560 Speaker 1: the the allegation and what he pleaded guilty too. So 654 00:36:55,880 --> 00:36:58,480 Speaker 1: the the part of the plea deal that requires him 655 00:36:58,520 --> 00:37:01,680 Speaker 1: to testify against the organist zation is a very significant 656 00:37:01,719 --> 00:37:06,320 Speaker 1: step that raises questions about who else is next, and 657 00:37:06,480 --> 00:37:09,440 Speaker 1: does it go to the former president as an individual? 658 00:37:10,640 --> 00:37:13,719 Speaker 1: Does it uh sort of imply that he's kind of 659 00:37:13,800 --> 00:37:19,279 Speaker 1: taken the fall, at least initially for Donald Trump. Initially 660 00:37:19,640 --> 00:37:23,759 Speaker 1: maybe UM, you know, it was an interesting issue. A 661 00:37:23,840 --> 00:37:28,480 Speaker 1: couple of our colleagues reported that Weiselberg as he saw 662 00:37:29,000 --> 00:37:33,920 Speaker 1: all of the other UH rising pressure legally around Trump, 663 00:37:34,080 --> 00:37:37,920 Speaker 1: even in other cases in the mar Lago UH search. 664 00:37:38,480 --> 00:37:43,120 Speaker 1: Um in Trump is separately pleading the fifth As someone 665 00:37:43,200 --> 00:37:45,440 Speaker 1: who had criticized people who pleaded the fifth, but he 666 00:37:45,520 --> 00:37:49,239 Speaker 1: pleaded the fifth, UH did it didn't look like a 667 00:37:49,400 --> 00:37:53,760 Speaker 1: good situation for Weiselberg, and so he after it, initially 668 00:37:53,840 --> 00:37:56,239 Speaker 1: insisting that he would not take a plea deal and 669 00:37:56,320 --> 00:38:01,000 Speaker 1: would not plead plead guilty, changed his mind. So there's 670 00:38:01,200 --> 00:38:07,200 Speaker 1: there's broadly pressure rising on people around the former president, 671 00:38:07,600 --> 00:38:11,760 Speaker 1: and Alan Weiselberg is is one person. But I again, 672 00:38:11,920 --> 00:38:15,480 Speaker 1: because he's going to be testifying, and it raises so 673 00:38:15,560 --> 00:38:19,239 Speaker 1: many questions about other people in the organization if he's 674 00:38:19,280 --> 00:38:21,719 Speaker 1: taking the fall. It really is just in an initial way, 675 00:38:22,280 --> 00:38:25,120 Speaker 1: there there's another shoe to drop their other people who 676 00:38:25,160 --> 00:38:28,399 Speaker 1: I'm sure are feeling pressure. UH. And this, I think, 677 00:38:28,680 --> 00:38:32,000 Speaker 1: from the perspective of the investigators and the prosecutors only 678 00:38:32,320 --> 00:38:35,960 Speaker 1: continues this. I was wondering about the financial pressures that 679 00:38:36,040 --> 00:38:39,800 Speaker 1: are brought upon Donald Trump and the Trump organization. But 680 00:38:39,880 --> 00:38:42,799 Speaker 1: then you think the more of this that you hear, 681 00:38:43,400 --> 00:38:48,520 Speaker 1: that could be potentially uh sink the organization or sink 682 00:38:48,560 --> 00:38:51,640 Speaker 1: anybody else. The number of donations that come in, I 683 00:38:51,760 --> 00:38:56,480 Speaker 1: just that's kind of kind of remarkable. Um. Let's move 684 00:38:56,560 --> 00:39:01,360 Speaker 1: on though, to the search at Marloge at the former 685 00:39:01,440 --> 00:39:04,840 Speaker 1: president's residents. What's happening on that front with the the 686 00:39:04,920 --> 00:39:09,120 Speaker 1: affid David So, a federal judge has said he is 687 00:39:09,280 --> 00:39:13,680 Speaker 1: not inclined to keep that affidavit entirely uh secret and 688 00:39:13,800 --> 00:39:17,520 Speaker 1: withheld from the public. There are several media organizations trying 689 00:39:17,600 --> 00:39:22,000 Speaker 1: to get the affidavit and the information that underpins the 690 00:39:22,440 --> 00:39:25,960 Speaker 1: search warrant that led to that moral lago search. So 691 00:39:26,080 --> 00:39:28,759 Speaker 1: the Justice Department has been told they have until next 692 00:39:28,880 --> 00:39:34,040 Speaker 1: Thursday to propose redactions and say what they think absolutely 693 00:39:34,120 --> 00:39:38,360 Speaker 1: has to be kept secret because otherwise, the Justice Department 694 00:39:38,440 --> 00:39:42,200 Speaker 1: has said that this would risk their ongoing investigations and 695 00:39:42,360 --> 00:39:46,560 Speaker 1: reveal how they're getting information. Uh. If they are very 696 00:39:46,920 --> 00:39:51,239 Speaker 1: very aggressive with their proposed redactions, there could be a 697 00:39:51,320 --> 00:39:53,680 Speaker 1: back and forth, a disagreement with the judge. Ultimately, the 698 00:39:53,719 --> 00:39:56,120 Speaker 1: judge could make the call and say here's the amount 699 00:39:56,160 --> 00:39:58,840 Speaker 1: of information we're going to put out, but this is 700 00:39:59,040 --> 00:40:02,960 Speaker 1: a strong indication Asian that at least something from that affidavit, 701 00:40:03,040 --> 00:40:05,920 Speaker 1: not the whole thing, but some information will come out publicly. 702 00:40:06,120 --> 00:40:09,280 Speaker 1: What is the former president saying along with his supporters 703 00:40:09,360 --> 00:40:13,160 Speaker 1: at this point, Uh wow, he's been very negative about 704 00:40:13,280 --> 00:40:19,080 Speaker 1: the search, saying it's unjustified. Um. The affidavit is potentially 705 00:40:19,120 --> 00:40:22,400 Speaker 1: a little bit of inside baseball because this is the 706 00:40:22,560 --> 00:40:27,040 Speaker 1: document that that justifies the search warrant itself. I think 707 00:40:27,040 --> 00:40:31,279 Speaker 1: a lot of his pushback has been on the substance 708 00:40:31,400 --> 00:40:34,839 Speaker 1: of the issue, but we we still have to see 709 00:40:34,880 --> 00:40:37,560 Speaker 1: exactly what they found. These are documents that they found 710 00:40:37,600 --> 00:40:40,719 Speaker 1: that were labeled top secret with the highest level of 711 00:40:40,800 --> 00:40:44,800 Speaker 1: top secret s CI clearance. UM. A lot of the 712 00:40:44,960 --> 00:40:48,760 Speaker 1: debate and and I think Trump's response has been focused 713 00:40:48,800 --> 00:40:51,200 Speaker 1: on that, and a number of Republican lawmakers even at 714 00:40:51,239 --> 00:40:53,840 Speaker 1: this point don't seem to know what to make of this. 715 00:40:54,400 --> 00:40:57,640 Speaker 1: Uh So, the the affidavit and any information from that 716 00:40:57,800 --> 00:41:01,080 Speaker 1: may shed more light, But trump response has been a 717 00:41:01,160 --> 00:41:05,800 Speaker 1: bit more broadly, uh defending himself on what what he 718 00:41:05,920 --> 00:41:09,480 Speaker 1: felt was was declassified. And it's the news media that's 719 00:41:09,560 --> 00:41:13,879 Speaker 1: requesting this to be uh. The the affidavita to be released. Right. Yes, 720 00:41:14,040 --> 00:41:16,680 Speaker 1: this is a debate over the public interest. It's news 721 00:41:16,760 --> 00:41:22,280 Speaker 1: media organizations, including the Associated Press. Uh So, the issue 722 00:41:22,360 --> 00:41:26,440 Speaker 1: here is how much should the public know about the 723 00:41:26,640 --> 00:41:31,760 Speaker 1: justification for the decision decision to search Mara Lago? Alright, 724 00:41:31,800 --> 00:41:35,640 Speaker 1: the news media are I should say my grammar correct. 725 00:41:35,680 --> 00:41:38,799 Speaker 1: Bloomberg's Jack Fittspatrick. That's a lot appreciated. You can read 726 00:41:38,840 --> 00:41:41,120 Speaker 1: more about these stories on Bloomberg dot com or on 727 00:41:41,200 --> 00:41:43,920 Speaker 1: the Bloomberg terminal. Reminder, you can follow all the latest 728 00:41:44,239 --> 00:41:47,680 Speaker 1: Bloomberg Radio in Washington, that's Bloomberg and one oh five 729 00:41:47,719 --> 00:41:52,279 Speaker 1: point seven FM HD two and ahead of the trading day, 730 00:41:52,840 --> 00:41:55,760 Speaker 1: we are seeing futures right now this Friday morning lower 731 00:41:56,000 --> 00:41:58,960 Speaker 1: the DAL futures two hundred seventy six points lower. That's 732 00:41:59,000 --> 00:42:01,200 Speaker 1: now the eight tense of overs and s andp EMUNI 733 00:42:01,320 --> 00:42:04,799 Speaker 1: futures down forty four one percent lower right now than 734 00:42:04,840 --> 00:42:08,520 Speaker 1: AZDAC futures down one fifty seven points. That's a decline 735 00:42:08,880 --> 00:42:11,520 Speaker 1: of one point two percent. As far as the Wall 736 00:42:11,560 --> 00:42:15,040 Speaker 1: Street fear gates still hovering just above twenty a slightly 737 00:42:15,120 --> 00:42:19,759 Speaker 1: elevated today, and the two year yield at three twenty five, 738 00:42:19,880 --> 00:42:22,840 Speaker 1: that is of five basis points. On the long end 739 00:42:22,880 --> 00:42:25,840 Speaker 1: of ten year right now to that also is of 740 00:42:25,960 --> 00:42:30,040 Speaker 1: five basis points. The the inversion continues a little less 741 00:42:30,080 --> 00:42:34,160 Speaker 1: pronounced this morning. That's a negative thirty one basis points 742 00:42:34,320 --> 00:42:38,440 Speaker 1: difference between the two's and the ten year. And I 743 00:42:38,560 --> 00:42:41,160 Speaker 1: make scrue days down a dollar seventy one of barrel 744 00:42:41,960 --> 00:42:45,799 Speaker 1: seventy nine barrel down almost two percent this morning. You're 745 00:42:45,840 --> 00:42:49,400 Speaker 1: listening to Bloomberg day Break. Just ahead Bloomberg surveillance