Speaker 1: My from the Bloomberg Interactive Burgers Studios. This is Bloomberg
Speaker 1: day Break for Friday, August nine. Coming up this hour,
Speaker 1: Beneficials sent mixed signals on September rate heights. A new
Speaker 1: survey finds companies across the country are preparing for layoffs
Speaker 1: at Amazon reportedly scrapping its COVID leave policy. And we
Speaker 1: get more earnings today with John Deere set to report,
Speaker 1: New York City cracks down on the end and outdoor
Speaker 1: dining sheds. Plus the UN calls any military action at
Speaker 1: a Ukrainian nuclear power plants suicide. I'm micloblower more Head,
Speaker 1: I'm John Stashhower. And sports, The Yankees suffered a one
Speaker 1: sided loss to the Blue Jays. The Braves beat Jacob
Speaker 1: de Graham in the meth That's all trendy ahead on
Speaker 1: Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Syrius XM one nineteen and around the
Speaker 1: world on Bloomberg Radio dot com and via the Bloomberg
Speaker 1: Business App. Good morning, I'm John Tucker and I'm Karen
Speaker 1: Moscow and US DOT Index futures are lower this morning.
Speaker 1: We're coming up to six o one on Wall Street.
Speaker 1: Let me check the markets every fifteen minutes throughout the
Speaker 1: trading day. On Bloomberg, Guess and P futures down about
Speaker 1: thirty five points this morning. DAL future is down two
Speaker 1: hundred eight and NASDAG futures down one hundred thirty one.
Speaker 1: The decks in Germany's down seven tenths of per cent ten.
Speaker 1: Your Treasury down eleven thirty seconds, yield two point nine
Speaker 1: two percent. They yield on the two year three point
Speaker 1: to four percent. COMEXS. Gold is down three tens of percent,
Speaker 1: down five dollars ten cents at seventeen sixty six ten announced,
Speaker 1: and Bitcoin is down seven percent at one seven hundred
Speaker 1: forty dollars. John and Karen Marcus this morning, reacting to
Speaker 1: mix signals from the Federal Reserve when it comes to
Speaker 1: the next move on the interest rates. St. Louis Fed
Speaker 1: Governor Jim Bollard leaning hawkish, urging his seventy five bases
Speaker 1: point move in September, while can the city's Esther George,
Speaker 1: is sounding more cautious. San Francisco's Mary Daly is open
Speaker 1: to fifty or seventy basis points, and Minneapolis Fed Chief
Speaker 1: Neil cash Carry says the central Bank remains laser focused
Speaker 1: on combating inflation. The question right now is can we
Speaker 1: bring inflation down without triggering a recession? And my answer
Speaker 1: that question is I don't know. Neil cash Carry making
Speaker 1: the comments a day after the release of July's FED minutes,
Speaker 1: which showed officials waing exactly when to slow the pace
Speaker 1: of rate hikes well lowering inflation and avoiding a recession
Speaker 1: as the best case scenario for the Federal Reserve. With
Speaker 1: prices already read hot, former FED Governor Randy Krosner says
Speaker 1: the central Bank will be lucky to meet this inflation target.
Speaker 1: It's very difficult to know exactly where you are because,
Speaker 1: as I said, the dataways coming with a leg, and
Speaker 1: there could be a lot of shocks that that come in.
Speaker 1: So I'm sure they're not going to get it exactly right.
Speaker 1: I think if they're going to make a mistake, it's
Speaker 1: going to be on tightening a little bit too much.
Speaker 1: And for Murfed Governor Randy Krasner made the comments on
Speaker 1: Bloomberg's balance of power catch the program weekdays at noon
Speaker 1: Eastern on Bloomberg Radio and Television looks. Let's look at
Speaker 1: the markets overseas now, stocks in Asia falling overnight to
Speaker 1: post a weekly decline. Shina growth concerns continued away on sentiment,
Speaker 1: and Bloomberg's Juliet Salay joins us from Singapore with the latest.
Speaker 1: Good morning, Juliet, Good morning John, and Karena. Jump in
Speaker 1: Chinese textures and energy stocks helped cap deeper losses on
Speaker 1: the regional benchmark index. Nickel stocks in the region rose
Speaker 1: after Indonesia, the world's biggest producer of the commodity, told
Speaker 1: Bloomberg it plans to impose attacks on exports this year.
Speaker 1: Investors now look ahead to the Jackson Whole Symposium and
Speaker 1: close at a home and likely cut by Chinese lenders
Speaker 1: to the loan prime rate concerns about China's slowing economy
Speaker 1: sending the MSCI Asia Pacific Index down for the week.
Speaker 1: In Singapore, Juliet Sale Bloomberg daybreak. All right, Juliette, thank
Speaker 1: you for taking a look at oil now. Prices are
Speaker 1: slumping this morning. When night make screwed oil down one
Speaker 1: point six percent on a dollar forty at eighty nine
Speaker 1: dollars tens. Sense of barrel oil is on track for
Speaker 1: a weekly loss. With the lingering concerns over an economic slowdown.
Speaker 1: Crewed has now given up all gains that followed Russia's
Speaker 1: invasion of Ukraine. The most active stock of the pre
Speaker 1: market bed Bathroom Beyond the shares down forty two percent.
Speaker 1: The move comes after activist investor Ryan Cohen exited. He
Speaker 1: is the entire stake in the company Cohen pocket at
Speaker 1: sixty eight million dollars in profits after holding bid Bathroom
Speaker 1: Beyond sears for seven months. It's setting out to be
Speaker 1: a repeat of other meme stock moments, with the price
Speaker 1: draw for retail investors who related to the trade being
Speaker 1: just as dramatic as its ascent. Taking a look at
Speaker 1: the labor market now, john a new survey from p
Speaker 1: w C is painting a bleak picture. It says layoffs
Speaker 1: are in the works at half of US companies. Bloomberg
Speaker 1: Shirley Pillett has that story. Last month, PwC pulled more
Speaker 1: than seven hundred US executives and board members across a
Speaker 1: range of industries. Half of respondents said they are reducing
Speaker 1: headcount or land to and fifty two of implemented hiring freezes,
Speaker 1: more than four in ten are rescinding job offers, and
Speaker 1: a similar amount are reducing or eliminating the sign on
Speaker 1: bonuses that had become common to attract talent in a
Speaker 1: tight job market in New York. Charlie Bloombird Daybreak. Nice Charlie,
Speaker 1: turning to the pandemic. Now we're seeing more signs that
Speaker 1: corporate America is turning away from prior policies. Days after
Speaker 1: the CDC shifted its COVID quarantine guides, Amazon reportedly scrapping
Speaker 1: its COVID leave policy, and Bloomberg's Really the Young Joins
Speaker 1: is lie with that story. We need a good morning,
Speaker 1: Good morning John. The two weeks of paid lead for
Speaker 1: COVID nineteen cases that Amazon offered employees now gone. Amazon
Speaker 1: is returning to standard sick leaf policies beginning today, and
Speaker 1: an internal memo published by Business Insider shows the company
Speaker 1: is also scrapping contact tracing across much of its network
Speaker 1: of warehouses. This could affect hundreds of thousands employees at Amazon.
Speaker 1: It applies to all US employees except for those living
Speaker 1: in California, New York, Colorado. In Philadelphia, live in New York.
Speaker 1: I'm gonna need a young Bloomberg day break. We need
Speaker 1: to thank you. Ab Earning season is winding down, but
Speaker 1: we get one more reportive note this morning. Farming machinery
Speaker 1: maker Dear publishers results shortly. Bloomberg Intelligence says higher production
Speaker 1: and supply chain easing should support accelerated growth for the company.
Speaker 1: And right now, Karen, we're looking at uh. Finally, let's
Speaker 1: talk politics. The legal trouble circling former President Trump. A
Speaker 1: judge of the marra Longo FBI search warrant hearing indicating
Speaker 1: he'll try to unseal at least parts of the search
Speaker 1: warrant at the heart of the search. Let's get more
Speaker 1: from Ed Baxter. The judges ordered the d o J
Speaker 1: back to court next week with suggested redactions. One of
Speaker 1: the attorneys for media groups seeking the release of the document,
Speaker 1: Diana Schulman, says she feels good about the herring. He
Speaker 1: understands that the public is going to likely be entitled
Speaker 1: to some parts of this warrants application and it's affidavit.
Speaker 1: So the next hearing is next Thursday, and it seems
Speaker 1: most likely scenario is that something will be released in
Speaker 1: very heavily redacted forum in San Francisco. I'm at Baxter
Speaker 1: Bloomber daybreak. All right, thanks and ahead of the open
Speaker 1: on Wall Street and SMP futures thirty six points lower
Speaker 1: as now six seven up Wall Street. Let's bring it,
Speaker 1: Michael barn down to find out what else is going
Speaker 1: on in New York. Hand around the world, John, thank
Speaker 1: you very much, Sarah. New York City Mayor Eric Adams says, well,
Speaker 1: outdoor dining is here to stay. The city will remove
Speaker 1: abandoned dining sheds. Adam says that abandoned or dangerous outdoor
Speaker 1: dining structures must be torn down quickly. When a dining
Speaker 1: shed is no longer in use and it's it's abandoned,
Speaker 1: it's a safety has it, we have to turn it,
Speaker 1: tear it down. It can't be a safe haven for rats,
Speaker 1: it can't be a safe haven for illegal behavior. It
Speaker 1: has to be a place to allow people to enjoy dining,
Speaker 1: Mayor Adams. The United Nations is urging Russia to stand
Speaker 1: down and not proceed with its mission to carry out
Speaker 1: military action at a nuclear power plant in Ukraine. Secretary
Speaker 1: General Antonio Guterres adjusted any action there would be in
Speaker 1: his words, suicide posess must be any actions that might
Speaker 1: make people the safety, your security and the Lucia plants,
Speaker 1: and if the must not be used the spot with
Speaker 1: any guilit inferation. UN Secretary General Antonio Guterras repeatedly urged
Speaker 1: for the plan to be demilitarized. A former top executive
Speaker 1: of the Trump organization has pleaded guilty to tax evasion.
Speaker 1: Alan Weisselberg's guilty plea as part of a larger deal
Speaker 1: to testify against former President Trump's real estate company. Weiselberg
Speaker 1: will serve five months in jail and pay nearly two
Speaker 1: million dollars in taxes, penalties, and interest. The number of
Speaker 1: migrants apprehended entering the US could hit a record two
Speaker 1: million this year, and they're least to await processing as
Speaker 1: Texas Governor Greg Abbott sending bus loads of them to Washington,
Speaker 1: d C. And New York City. The busload of migrants
Speaker 1: is expected soon in the city. Climate change is being
Speaker 1: considered a factor in the recent return of a brain
Speaker 1: eating amiba, often found in fresh water sources, that's being
Speaker 1: linked to the death of a child in eastern Nebraska.
Speaker 1: It is the second such probable death in the bit
Speaker 1: of last this summer. With another incident suspected in Missouri.
Speaker 1: Last month in Nebraska, Douglas County Health Director Dr Lindsay
Speaker 1: Hughes suggested being mindful of your exposure and freshwater sources.
Speaker 1: We are urging the public to simply be aware and
Speaker 1: to take precautions when they are being exposed to any
Speaker 1: warm freshwater sources out in public so lakes, streams, ponds.
Speaker 1: Dr Hughes says, though the illness is rare. Global news
Speaker 1: twenty four hours a day on air end on Bloomberg Quicktick,
Speaker 1: powered by more than hundred journalists and analysts more than
Speaker 1: a y countries. I'm Michael Barr. This is Bloomberg. John,
Speaker 1: Great Michael, thank you. That's how six ten of Wall Street,
Speaker 1: this time with the Bloomberg Sports Update. Good morning John
Speaker 1: stash Our, Morning John. The Mets and Braves just played
Speaker 1: nine games in fifteen days. Mets won four or five
Speaker 1: in New York, Graves one, three or four. In Atlanta.
Speaker 1: They beat Jacob Graham storing seventh inning for a three
Speaker 1: to victory that gets them back to three and a
Speaker 1: half games behind the Mets in the n L East.
Speaker 1: The Yankee lead a L he's a healthy nine games,
Speaker 1: but at the stadium the night after that dramatic tenn
Speaker 1: and he went over Tampa Bay. Toronto got to New
Speaker 1: Yank starter Frankie Mantas with a five ron second and
Speaker 1: in that included the three ro homber by Vladimir Guerrero
Speaker 1: June to The Blue Jays went on to win nine
Speaker 1: to two. George Springer had four hits for the Jays.
Speaker 1: Manzas and three starts with the Yanks has pitched fourteen
Speaker 1: innings and has allowed fourteen runs. The guy he replaced
Speaker 1: in the Yankee rotation, Jordan Montgomery, now with St. Louis.
Speaker 1: He's made three starts to the Cardinals and in seventeen
Speaker 1: innings he's given up one run. Speaking of the Cardinals,
Speaker 1: they beat Colorado thirteen to nothing. They pinch hit and
Speaker 1: slam for forty two year old Albert Poohle's career home
Speaker 1: run number six ninety. The big NFL story resolution on
Speaker 1: how long does Shaun Watson suspension will be. The NFL
Speaker 1: wanted it longer than the six games originally ruled by
Speaker 1: an arbitrator. The two side settled on eleven games, a
Speaker 1: record fine of five million. Watson apologize, but did not
Speaker 1: admit they're committing any sexual misconduct. I'm moving on with
Speaker 1: my career in my life, and I'll continue to stand
Speaker 1: on my innessis. Just because you know, settlements and things
Speaker 1: like that happened doesn't mean that a person is is
Speaker 1: guilty for anything. I feel like person has the opportunity
Speaker 1: to stend on his innessis and prove that, and we
Speaker 1: proved that on the legal side, and we're just gonna
Speaker 1: continue to push forward as an individual, as a person.
Speaker 1: Watson's first game of this new team Cleveland, will be
Speaker 1: week roteam against his old team, Houston Golf and Delaware.
Speaker 1: Kegan Bradley shot seven under for a one shot Boobird.
Speaker 1: Thanks John to head of the cast. Show. But on
Speaker 1: Wall Street this morning, down theaters two hundred eleven points
Speaker 1: slower and and p Emity futures there down thirty six
Speaker 1: but ANSAC futures down one hundred thirty five points. You're
Speaker 1: listening to Bloomberg Daybreak and Jui Hella Bloomberg Daybreak. We'll
Speaker 1: get you set up for the training day ahead with
Speaker 1: Jeffrey Yuugh, senior market strategist at b N wind ballad
Speaker 1: This is Bloomberg day break, markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, The
Speaker 1: Bloomberg Business Outland at Bloomberg Quick Tape, He's a Bloomberg
Speaker 1: Business Flash and I'm teren Moscow. You are. Stock Index
Speaker 1: futures are falling along with treasuries after a chorus of
Speaker 1: Federal Reserve officials reiterated their resolved to continue right hikes.
Speaker 1: We checked the markets every fifteen minutes throughout the training
Speaker 1: day on Bloomberg Guess and p Future is down thirty
Speaker 1: four points this morning. Now Future is down two hundred
Speaker 1: four NASDAG futures and add twenties seven and the decks
Speaker 1: in Germany's down seven tenths of upper sent the ten
Speaker 1: Your Treasury down twelve thirty seconds, yield two point nine
Speaker 1: two percent, the yield on the two year three point
Speaker 1: to five percent. Nimex Screwed oil is down one of
Speaker 1: three quarters percent at a dollar fifty eight at eighty
Speaker 1: eight dollars nine two cents. A barrel comes goll down
Speaker 1: four tenths per cent or seven dollars ten cents at
Speaker 1: seventeen sixty four. Ten announced the Euro one point zero
Speaker 1: zero six three against the dollar, British found one five
Speaker 1: five and the yen one thirty six point five nine,
Speaker 1: and bitcoins down seven point three percent at twenty one thousand,
Speaker 1: seven hundred dollars. As a Bloomberg Business Flash, now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. A federal judge has
Speaker 1: ordered the Justice Department to put forward proposed redactions as
Speaker 1: a judge committed to making public at least part of
Speaker 1: the affidavit supporting the search warrant for former President Donald
Speaker 1: Trump's the state in Florida. The judge dave prosecutors a
Speaker 1: week to submit a copy of the affidavit. After being
Speaker 1: accused by more than two dozen women of a sexual
Speaker 1: misconduct Cleveland, Brown's quarterback to Shaun Watson will now serve
Speaker 1: in eleven games suspension and pay a five million dollar fine.
Speaker 1: In baseball, the Yankees and Mets lost the Red Sox.
Speaker 1: Orioles A's and Giants also lost the Nationals. One Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred
Speaker 1: journalists and analysts, more than a hundred twenty countries. H'm
Speaker 1: Michael bar This is Bloomberg. Michael, thank you, coming up
Speaker 1: on six twenty on Wall Street and we are live
Speaker 1: from the Bloomberg into Rancor Broker Studios. This is East
Speaker 1: Bloomberg Daybreak. There are those in the equity markets who
Speaker 1: believe a string of weak economic data will encourage the
Speaker 1: fatty into a devilish pivot. Are they right? Let's get
Speaker 1: you set up for the trading day head now with
Speaker 1: b and Y Melon, Senior market strategist Jeffrey. You always
Speaker 1: a pleasure, jeff, Thanks for being with us our investors
Speaker 1: foolishly dismissing the risk of a more aggressive federal reserve. UM.
Speaker 1: I think if you had asked me this question a
Speaker 1: couple of weeks ago, we would have been a bit concerned.
Speaker 1: Then now I think some reality is coming back. Fair
Speaker 1: has to their credit and it's successfully communicated that the
Speaker 1: part up ahead is not going to be straightforward to
Speaker 1: think that the world is undefined again, especially with the
Speaker 1: supply bottlenecks and inflation that's going to come off from
Speaker 1: ad best. Inflation is peaking, which in itself is certainly
Speaker 1: a favorable development, but in terms of getting back to
Speaker 1: where the good of economy needs to be with inflation.
Speaker 1: We're a long long way away from that. Yeah, do
Speaker 1: we have to derail even the economies? Is that inevitable
Speaker 1: to control inflation? The US? Absolutely not. You know, the
Speaker 1: US is in a very good position. Labor markets firm
Speaker 1: and they consumer confidence is holding. So everything points to
Speaker 1: reasonably good chance of a soft landing. If by look
Speaker 1: at where I am right now in the UK um So,
Speaker 1: the UK rates futures are pricing against higher terminal rates
Speaker 1: we've had through the Federal Reserve. Now I find that
Speaker 1: very very hard to countenance. Uh, the next a hundred
Speaker 1: basis points. I think, by the something we've done as
Speaker 1: quickly as possible, the markets after the speak's inflation numbers
Speaker 1: are pricing in an additional under basis point on top
Speaker 1: of that, I'm not sure you know how the British
Speaker 1: consumer will be able to withstand the hit on that
Speaker 1: scale already. So I think that that's where quite a
Speaker 1: bit of adjustment is needed. And the BOV has been
Speaker 1: a bit more open and saying six quarters of contraction,
Speaker 1: that's a proper recession, right, that that's going to be
Speaker 1: needed at the very least to bring down inflation. Yeah,
Speaker 1: and what is the future for British pounds sterling at
Speaker 1: this point given all this, So it's quite fascinating that
Speaker 1: we've had an aggressive surge in pricing for the Bank
Speaker 1: of England and that Sterling has not benefited from that
Speaker 1: at all. So um, it really is a sign of
Speaker 1: the lack of confidence in the direction of chravel for
Speaker 1: the UK economy. We saw the very very weak consumer
Speaker 1: confidence and figures released over nine and next week, and
Speaker 1: the entire country is going to be braced for the
Speaker 1: announcement of the new energy the highest cap which is
Speaker 1: expected to go towards our four thousand, eight hundred pounds.
Speaker 1: So um, the these are extremely distressing numbers. So if
Speaker 1: you believe that Sterling is going to trade based on
Speaker 1: UK growth expectations rather than inflation expectations and policy expectations,
Speaker 1: these two have totally detachment from each other than grows,
Speaker 1: it's going to be very stop. So Sterling in the
Speaker 1: short gender's going to be under a bit depression. Explite
Speaker 1: everybody the difference in inflation that the UK is facing
Speaker 1: as opposed to the inflation that those of us in
Speaker 1: the United States are facing. Can you control one and
Speaker 1: not the other through policy. So for the UK, I
Speaker 1: would say the energy angle is far more acute. You know, yes,
Speaker 1: we are facing labor market issues and just general supply
Speaker 1: issues in general, but as you can understand, in Europe,
Speaker 1: much greater dependency on natural gas prices. You know, that's
Speaker 1: where the pinch point is going to be. I just
Speaker 1: looked at my own building for example, compared like like
Speaker 1: this summer, you know versus last Summer've actually used a
Speaker 1: lot less less gas, significantly less gas, and are might
Speaker 1: add the prices actually marginally higher, and gas prices or
Speaker 1: energy cap prices is going to be much much higher
Speaker 1: from even current levels. So I think that that's where
Speaker 1: the pain is going to come from. And general price
Speaker 1: insvation few down the life as well, so probably less
Speaker 1: of the labor component compared for the US. If I
Speaker 1: could pivot back to the U s here. J Powell
Speaker 1: lost credibility with his Jackson Hall speech last year. I
Speaker 1: think I'm safe in saying that can he recapture that
Speaker 1: credibility a week from today? I think it's a bit harsh,
Speaker 1: and I think you can compare light for light, right,
Speaker 1: So Jackson the Hall last year, was anyone predicting a
Speaker 1: war um. I don't know. Half the year after that
Speaker 1: probably not right, so nuclearly that the transitor issue despises
Speaker 1: and then they've lost a lot longer relative to expectations.
Speaker 1: The one was anticipating China to face these some COVID concerns.
Speaker 1: So I'm not trying to just by global central bankers
Speaker 1: in the missing inflation side of they're clearly looking back
Speaker 1: and they wish some things could have been done differently.
Speaker 1: But now there is a time to start to set
Speaker 1: the record straight and properly guide markets up ahead. And
Speaker 1: as I mentioned that the program um they're be a
Speaker 1: general speech guidance from various septumbers. They've lost two or
Speaker 1: three weeks successfully in a bringing back that expectation um
Speaker 1: and just giving market to dose of reality. I think
Speaker 1: that's been quite successful. So I just I guess Chennen
Speaker 1: Powell just needs to do a bit more of the same. Jeff,
Speaker 1: always a pleasure appreciated. B and Y Melon Senior's Market strategists.
Speaker 1: Every you joining us this morning and ahead of the
Speaker 1: cash of about Wall Street, we have futures in the
Speaker 1: red this morning. Down future is two hundred four points lower.
Speaker 1: That's down six tenths of a percent SMP evening futures
Speaker 1: down thirty three points right now, down eight tenths of
Speaker 1: a percent, and then as next futures one D one
Speaker 1: points lower, a nine tenths of a percent declined. Footsie
Speaker 1: in London is up just four points right now, relatively unchanged.
Speaker 1: As you look at the Sterling one eighteen sixty that
Speaker 1: is down six tenths of a percent this morning, and
Speaker 1: you are listening to Bloomberg Daybreak. Just ahead, we'll have
Speaker 1: a check of your top stories and Bloomberg weather for
Speaker 1: it today from meteorologist Rob Carolin. Mainly sunny warm in
Speaker 1: New York City, the Heights emperature ninety tomorrow, partly Sunday,
Speaker 1: chance of the eight day shower, the Heights amperature topping
Speaker 1: out at eight five to ninety degrees. Broadcasting live from
Speaker 1: the Bloomberg Interactive Broker Studio in New York, Bloomberg E
Speaker 1: living three on to Washington, d C, Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg M
Speaker 1: sixty to the Country, Sirius XM Cho one nine and
Speaker 1: around the globe. The Bloomberg Business app and Bloomberg Radio
Speaker 1: dot Com This is Bloomberg Daybreak. It's six thirty on
Speaker 1: Wall Street. Good morning. I'm John Tucker and I'm Karen Moscow.
Speaker 1: We are just about three hours away from the open
Speaker 1: of US trading. It's time to the five things that
Speaker 1: you need to notice start your day. Bro to you
Speaker 1: buy Interactive Brokers. Interactive Brokers charges margin loan rates from
Speaker 1: two point three percent to three point three percent. Their
Speaker 1: clients can also are an extra income by lending their
Speaker 1: fully paid shares of stock. Rates subject to change. Learn
Speaker 1: more at ib k r dot com. Slash compare up first.
Speaker 1: US futures are lower this morning as traders react to
Speaker 1: mixed signals from the Fed. It's unclear exactly how big
Speaker 1: the central banks next move will be on interest rates. St.
Speaker 1: Louis FED Governor James Bullard wants a seventy five basis
Speaker 1: point move in September. Kansas Cities Esther George is more cautious.
Speaker 1: San Francisco's Mary Daily has open to fifty or seventy
Speaker 1: five basis points, and Minneapolis Fed Chief Neil cash Carry
Speaker 1: warrants a recession could be on the horizon as we
Speaker 1: continue to raise rates, As we continue to raise costs
Speaker 1: to speak of borrowing across the economy, it should be
Speaker 1: putting tappling the brakes on the US economy, and that
Speaker 1: makes it more likely that we would end up in
Speaker 1: a reception now. Cash Cary made the comments a day
Speaker 1: after the release of julys FED minutes, which showed officials
Speaker 1: wagging actually when to slow the pace of rate hikes.
Speaker 1: A new p WC survey is painting a bleak picture
Speaker 1: on the future of the US labor market. The results
Speaker 1: showed layoffs in the works at about half of US
Speaker 1: companies despite a tight labor market. The more than seven
Speaker 1: hundred US executives and board members polled said the reducing
Speaker 1: headcount or plan to and over half implemented hiring freezes
Speaker 1: and taking a look at a major market mover this morning,
Speaker 1: John Shares a bed Bath and beyond Or down almost
Speaker 1: forty five percent. It follows news that activist investor Ryan
Speaker 1: Cohen exited his entire stake in the company. He pocketed
Speaker 1: sixty eight million dollars in profits from the sale and
Speaker 1: to corporate newsdays after the CDC shifted its COVID quarantine guidance,
Speaker 1: Amazon reportedly removing its COVID leave policy Bloomberg's Really the
Speaker 1: Young joins us live with more. Good morning, Really, good morning, John.
Speaker 1: Two weeks of paid leave for COVID nineteen cases that
Speaker 1: Amazon offered employees now gone. Amazon is returning to standard
Speaker 1: sick leaf policies beginning today. An internal memo published by
Speaker 1: Business Insider shows the companies also scrapping contact tracing across
Speaker 1: much of its network of warehouses. This affects all US
Speaker 1: Amazon employees, except for those living in California, New York, Colorado,
Speaker 1: and Philadelphia. Live in New York. I'm gonna need a
Speaker 1: Young Bloomberg daybreak, all right, Renia, Thank you? Watching shares
Speaker 1: a deer. They're down six and a half percent in
Speaker 1: early trading at Narratives net income forecast for the full
Speaker 1: year after reporting earnings this morning, and as the five
Speaker 1: things you need to notice start your day, brought to
Speaker 1: you by Interacted Brokers. Thanks Karen STIPs thirty three Old
Speaker 1: Wall Street. Time to bring in Michael Barnett tell us
Speaker 1: what else is going out of New York and around
Speaker 1: the world. Thank you very much, John. New York City
Speaker 1: Mayor Eric Adams says the new multi agency enforcement initiative
Speaker 1: will focus on removing of and and outdoor dining sheds.
Speaker 1: Adam says, though outdoor dining is here to stay and
Speaker 1: New York is love dining out, and we need to
Speaker 1: do it in the right way to make sure that
Speaker 1: is safe, clean, and respectable to our neighbors and those
Speaker 1: who live in the communities where we have these structures.
Speaker 1: Mayor Adams made the announcement in front of an unused
Speaker 1: shed in Midtown, before taking a sledge hammer to help
Speaker 1: bring the structure down. The former chief financial officer of
Speaker 1: the Trump organization pleaded guilty to not paying taxes on
Speaker 1: almost two million dollars in compensation in the Manhattan Court.
Speaker 1: Alan Weisselberg could be called to testify against the organization
Speaker 1: as early as this fall. Weiselberg will spend five months
Speaker 1: at Ranker's prison in exchange for the Plea deal. European
Speaker 1: intelligence officials say Russia is likely using the Zampareza nuclear
Speaker 1: power plant in southern Ukraine to shield its troops and equipment,
Speaker 1: undermining the safety of the plants operations. U N Secretary
Speaker 1: General Antonio Guterres repeatedly urged for the plant to be demilitarized,
Speaker 1: potential vantage to be suicide to terror spoke in LVIV.
Speaker 1: Monkeypox cases continue to climb in the US, now topping
Speaker 1: fourteen thousand. The White House Monkeypox Response Team announced an
Speaker 1: additional one point eight million vaccine doses will be available
Speaker 1: starting early next week. The head of the World Health
Speaker 1: Organization's monkeypox response Dr. Rosamund Lewis, said it's not clear
Speaker 1: why the US has so many cases. There are other
Speaker 1: countries in the Americas that are also seeing it's deep
Speaker 1: increases in the number of cases. Part of that maybe,
Speaker 1: of course, the spread of the virus, so another component maybe,
Speaker 1: of course, increasing access to testing. The w H shows.
Speaker 1: Dr Lewis says the US accounts were about a third
Speaker 1: of all cases worldwide. Whether permitting the Tri State area
Speaker 1: could get a light show in the sky tonight, the
Speaker 1: National Oceanic and Atmospheric Administrations has several eruptions from the
Speaker 1: Sun Sunday are headed towards Earth with strong geomagnetic storms.
Speaker 1: In other words, the Northern Lights. Storms are said to
Speaker 1: have the potential to disrupt the electric power grid, GPS
Speaker 1: and satellite operations. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg quick Take, powered by more
Speaker 1: than twenty seven hundred journalists, analysts more than a hundred
Speaker 1: twenty countries. I'm Michael bar this is Bloomberg, John Michael,
Speaker 1: thank you, and that brings us to six thirties six
Speaker 1: on the Street Times for the Bloomberg Sports Update. And
Speaker 1: here's John staff Shower. Yeah, that's lost those first two
Speaker 1: games in Atlanta. Then add the one to punch on
Speaker 1: the mountain. Max Nurs one hit start, but a rare
Speaker 1: Jacob to Graham lost the Braves a couple of early
Speaker 1: runs driven in by Dan's by Swanson, Austin Riley, Mark
Speaker 1: Canna with a game time to run home at fifth inning,
Speaker 1: but Atlanta scored in the seventh off to Graham and
Speaker 1: the Brave one three to two. You know, early comes
Speaker 1: down to two pitches. Um, the one that's uh Dansby
Speaker 1: just a bad slider over over the middle, and then
Speaker 1: the wonder Riley So um, you know that's those are
Speaker 1: two mistakes I wish I had back, but you know it, Uh,
Speaker 1: you know, it's frustrating, but that's lead. The Brad is
Speaker 1: now by three and a half as the Mets start
Speaker 1: a four game weekend series in Philadelphia tonight. Then it's
Speaker 1: the Subway series in the Bronx Sarzer and de Gram
Speaker 1: will be the Mets starters. The Yankees have not won
Speaker 1: two games in a Rose since July at the Stadium
Speaker 1: all Blue Jays of five runs second, and you know
Speaker 1: Frankie Montas who his first home start with the Yanks
Speaker 1: did not go well. Blue Jay's one, nine to two.
Speaker 1: The Lone Yankee writes about the first two Major Day
Speaker 1: hits for rookie as well. Though Cabrera, Yanks fall three
Speaker 1: and a half games behind Houston for best records. American Lady,
Speaker 1: the Astros one in Chicago one to five. Week to
Speaker 1: the NFL preseason home games with the Giant Sunday in
Speaker 1: Cincinnati and the Jets Monday Night versus Atlanta. Tom Brady
Speaker 1: was not with Tampa Bay all week. Not known when
Speaker 1: he's gonna return. Bucks coach Todd Boll said, we'll see.
Speaker 1: It's not known why Brady left the team. A Bull
Speaker 1: said he's not concerned. We do now know, but Shawn
Speaker 1: Watson will start playing for Cleveland week thirteen against his
Speaker 1: old team, Used and Watch. The suspension for Excellent's conduct
Speaker 1: was raised when the original six games the way the
Speaker 1: utually agreed to your levet, John all right, thanks John.
Speaker 1: It is six thirty seven on Wall Street. Time to
Speaker 1: take a look at starts some of the names that
Speaker 1: are moving at the free market this morning. Ever that
Speaker 1: we're joined by Bloomberg reporter Laura. Right, Laura, let's start
Speaker 1: off this morning. What do you say, Applied Materials. What's
Speaker 1: the story? Well, Time Materials fractionally higher ahead of the bell.
Speaker 1: This company is the largest maker of machinery used to
Speaker 1: manufacture semiconductors. The company came out with a bullish forecast
Speaker 1: that their revenue will be around six point six billion
Speaker 1: U S dollars in the fiscal fourth quarter. That came
Speaker 1: in ahead of estimates. Now, their key customers include Samsung, T, S, M, C, Intel,
Speaker 1: and these results are perhaps a sign that headwinds have
Speaker 1: been overplayed. The CEO came out with a statement that
Speaker 1: even with a softening economy, many customers are still investing
Speaker 1: to improve their production technology further down the line. Therefore,
Speaker 1: demand continues to outstrip supply. Semiconductors have now been used
Speaker 1: in new types of devices, so the industry is less
Speaker 1: reliant on personal computers and smartphones, and maybe fundamentals do matter.
Speaker 1: After all, most actively traded this morning bed Bathroom Beyond. Yeah,
Speaker 1: this really has become a poster child for meme stocks.
Speaker 1: We've discussed it in In recent weeks, this stock has
Speaker 1: lost fort ahead of the bell. This is all because
Speaker 1: the billionaire Ryan Cohen. We learned this morning in a
Speaker 1: regulatory filing he pocketed sixty eight million dollars in profit
Speaker 1: from the sale of his Bed Bathroom Beyond shares, making
Speaker 1: a fifty six percent gain. That was from an investment
Speaker 1: he held for roughly seven months. And this is a
Speaker 1: sign that retail traders are perhaps late to the trade.
Speaker 1: Retail traders have been the wants to pump up the
Speaker 1: company shares in recent weeks, even with a lack of fundamentals,
Speaker 1: as you say. But that said, Bed bath and Beyond
Speaker 1: executives have come up with a statement saying they are
Speaker 1: working expeditiously over the next several weeks with external financial
Speaker 1: advisors and lenders on strengthening the balance sheet. But perhaps
Speaker 1: it's a little too late, alright. Can we wrap up
Speaker 1: with the pre The Arnings continues this morning with John Vier. Yes,
Speaker 1: so this is the largest maker of agricultural machinery. The
Speaker 1: company cut its four year net income outlook, warning of
Speaker 1: ongoing supply chain issues, high production costs throughout the year UM,
Speaker 1: so not good news in the stock down around six
Speaker 1: per cent in pre market trading. Real quote. What is
Speaker 1: Marathon Digital do this well? This is linked to Bitcoin,
Speaker 1: which has seen it is plummeted to a three week glow.
Speaker 1: We've seen some big sell off from large positions UM
Speaker 1: and just within the last hour crypto prices UM sliding
Speaker 1: this morning in London, around two twenty million dollars worth
Speaker 1: of positions are and liquidated UM and Hastita came from
Speaker 1: positions in bitcoin, which is why we think Marathon Digital
Speaker 1: leaving some Laura thanks a lot appreciated Bloomberg reporter Laura
Speaker 1: right with us this morning as we look at the futures,
Speaker 1: the down futures two fifty six points lower, smp emity
Speaker 1: futures down forty and the Bloomberg weather for it today
Speaker 1: from meteorologist Rob Caroline I and the city mainly Sunday warm,
Speaker 1: high temperature topic out about ninety, partly cloudy tonight, Los
Speaker 1: A bit seventies, partly Sunday, chance of late day showers
Speaker 1: tomorrow to ninety. Markets headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: at and at Bloomberg Quick Tape. This is a Bloomberg
Speaker 1: Business flash and futures are falling this morning. We get
Speaker 1: at the first Word breaking News dash for today's morning call.
Speaker 1: Here's Bill Maloney, Bill, good morning and good morning, Karen.
Speaker 1: That's right. US features are under pressure right now with
Speaker 1: down features down two seventy five point says if you
Speaker 1: dropped forty four, while NASDAK features are down by a
Speaker 1: hundred and fifty nine. The US ten year old at
Speaker 1: two point nine three percent, Gold is down eight oil
Speaker 1: is in the red, and bitcoin is sinking by seven percent.
Speaker 1: Japan was a little changed overnight, while your markets are
Speaker 1: also in the red this morning, and back in the US,
Speaker 1: nothing to report on the economic front after develop US night,
Speaker 1: Apply Materials gave a bullish forecast and regarding earnings this morning,
Speaker 1: dear Trimmnet's profit forecast. Shares are sinking eight percent pre
Speaker 1: market and foot Locker EPs pad estimates. In other news,
Speaker 1: Bed Bath and Beyond is plunging a forty percent pre
Speaker 1: market and wrapping things up, Horseman was raised overweight over
Speaker 1: a piper Live from the First to Breaking News descom
Speaker 1: Bill Maloney. Karen, all right, Bill, thank you, and here
Speaker 1: live breaking news of your Bloomberry type squawk on your
Speaker 1: terminal s qu A w K. And just since you
Speaker 1: met me, you mentioned foot Locker. Those shares are up
Speaker 1: more than twelve and a half percent. Well now they're
Speaker 1: up about fifteen percent. They just took a little jump.
Speaker 1: And as a Bloomberg business flash, now here's Michael Barrow
Speaker 1: with more on what's going on around the world. Unchael, Karen,
Speaker 1: thank you very much. A federal magistrate judge is giving
Speaker 1: the Justice Department one week to propose redactions to the
Speaker 1: AFFID David, which led to the FBI search of President
Speaker 1: Trump's home in Mari Lago. US Magistrate Judge Bruce Reinhardt
Speaker 1: said the Justice Department hadn't met its burden for keeping
Speaker 1: the entire documents sealed. The NFL and the Players Association
Speaker 1: handed down an eleven game suspension to Cleveland Brown's quarterback
Speaker 1: to Shaun Watson, he was accused by more than two
Speaker 1: dozen women of sexual misconduct. In baseball, the Yankees and
Speaker 1: Mets lost the Red Sox, Orioles A's and Giants also lost.
Speaker 1: The Nationals won Globals twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalist and analysts, are more than one
Speaker 1: twenty countries. H Michael Barr and this is Bloomberg, Karen, right, Michael,
Speaker 1: thank you. It is sixty nine Hot Wall Street. And
Speaker 1: we turned to news and science and technology now with
Speaker 1: the Bloomberg and j I T STEM Report, brought to
Speaker 1: you by New Jersey Institute of Technology n j i
Speaker 1: T makes industry ready engineers in more than twenty fields.
Speaker 1: If it's engineering, it's at n j I T. Learn
Speaker 1: more at n j I T dot E d U.
Speaker 1: And here's just making news and science, technology, engineering, and math.
Speaker 1: The Spanish city of Seville is installing public fountains, planting trees,
Speaker 1: and switching to construction materials that reflect heat to mitigate
Speaker 1: temperatures that have scored Europe this year. Saville became the
Speaker 1: first city in the world to name and categorize heat
Speaker 1: waves in the same way the US or Asian nations
Speaker 1: name hurricanes and typhoons. E V maker Ribvian eliminated the
Speaker 1: least expensive trim of its R one T electric pickup truck,
Speaker 1: effectively raising the price of its entry level model. Demand
Speaker 1: for the Explorer model was smaller than anticipated in according
Speaker 1: to the company, eliminating it will help the ev manufacturers
Speaker 1: streamline decreased delivery times. And Space Sex's Starship has been
Speaker 1: chosen as the launch vehicle for a Japanese satellite, one
Speaker 1: of the first publicly disclosed commercial payloads for Elon musk
Speaker 1: newest rocket. The rocket is designed to be a reusable,
Speaker 1: multi purpose vehicle for carrying passengers, cargo, and fuel. It's
Speaker 1: scheduled to be launched in That's the Bloomberg and J. I. T.
Speaker 1: Stammer Report. John, thanks current. We are live for the
Speaker 1: Bloomberg Interranto Broker Studios where it is now six fifty
Speaker 1: one on Wall Street. Time to check what's going on
Speaker 1: at d C and Some of the top stories that
Speaker 1: were following this morning include the long time Trumps CFO
Speaker 1: Weislberg pleading guilty to tax fraud and the Trump search
Speaker 1: affid Davit at Marilaco could be partly unsealed according to
Speaker 1: a judge. Let's take a deeper dive into these stories
Speaker 1: this morning with Bloomberg Washington recorder Jack Fitzpatrick, who joins
Speaker 1: US now. Jack added another person in Donald Trump's orbit
Speaker 1: who's headed to jail, the elderly CFO, the Trump organization
Speaker 1: what Natuh. Yeah, it raises a lot of questions about
Speaker 1: what next. The next thing to look for is that
Speaker 1: part of this plea deal is Alan Weisselberg testifying against
Speaker 1: the Trump organization. Uh. That does raise questions about how
Speaker 1: this would potentially affect former President Donald Trump specifically. He
Speaker 1: has not been uh implicated directly in this. Necessarily we'll
Speaker 1: see how this branches out, though, because the the CFO
Speaker 1: testifying against the organization obviously raises the question of who
Speaker 1: specifically else was responsible for these issues. These are tax
Speaker 1: issues in which they they had essentially an established record
Speaker 1: of uh not paying people with money that they had
Speaker 1: to pay taxes on, but giving cars, housing and that
Speaker 1: kind of thing to get around paying their taxes. Is
Speaker 1: the the allegation and what he pleaded guilty too. So
Speaker 1: the the part of the plea deal that requires him
Speaker 1: to testify against the organist zation is a very significant
Speaker 1: step that raises questions about who else is next, and
Speaker 1: does it go to the former president as an individual?
Speaker 1: Does it uh sort of imply that he's kind of
Speaker 1: taken the fall, at least initially for Donald Trump. Initially
Speaker 1: maybe UM, you know, it was an interesting issue. A
Speaker 1: couple of our colleagues reported that Weiselberg as he saw
Speaker 1: all of the other UH rising pressure legally around Trump,
Speaker 1: even in other cases in the mar Lago UH search.
Speaker 1: Um in Trump is separately pleading the fifth As someone
Speaker 1: who had criticized people who pleaded the fifth, but he
Speaker 1: pleaded the fifth, UH did it didn't look like a
Speaker 1: good situation for Weiselberg, and so he after it, initially
Speaker 1: insisting that he would not take a plea deal and
Speaker 1: would not plead plead guilty, changed his mind. So there's
Speaker 1: there's broadly pressure rising on people around the former president,
Speaker 1: and Alan Weiselberg is is one person. But I again,
Speaker 1: because he's going to be testifying, and it raises so
Speaker 1: many questions about other people in the organization if he's
Speaker 1: taking the fall. It really is just in an initial way,
Speaker 1: there there's another shoe to drop their other people who
Speaker 1: I'm sure are feeling pressure. UH. And this, I think,
Speaker 1: from the perspective of the investigators and the prosecutors only
Speaker 1: continues this. I was wondering about the financial pressures that
Speaker 1: are brought upon Donald Trump and the Trump organization. But
Speaker 1: then you think the more of this that you hear,
Speaker 1: that could be potentially uh sink the organization or sink
Speaker 1: anybody else. The number of donations that come in, I
Speaker 1: just that's kind of kind of remarkable. Um. Let's move
Speaker 1: on though, to the search at Marloge at the former
Speaker 1: president's residents. What's happening on that front with the the
Speaker 1: affid David So, a federal judge has said he is
Speaker 1: not inclined to keep that affidavit entirely uh secret and
Speaker 1: withheld from the public. There are several media organizations trying
Speaker 1: to get the affidavit and the information that underpins the
Speaker 1: search warrant that led to that moral lago search. So
Speaker 1: the Justice Department has been told they have until next
Speaker 1: Thursday to propose redactions and say what they think absolutely
Speaker 1: has to be kept secret because otherwise, the Justice Department
Speaker 1: has said that this would risk their ongoing investigations and
Speaker 1: reveal how they're getting information. Uh. If they are very
Speaker 1: very aggressive with their proposed redactions, there could be a
Speaker 1: back and forth, a disagreement with the judge. Ultimately, the
Speaker 1: judge could make the call and say here's the amount
Speaker 1: of information we're going to put out, but this is
Speaker 1: a strong indication Asian that at least something from that affidavit,
Speaker 1: not the whole thing, but some information will come out publicly.
Speaker 1: What is the former president saying along with his supporters
Speaker 1: at this point, Uh wow, he's been very negative about
Speaker 1: the search, saying it's unjustified. Um. The affidavit is potentially
Speaker 1: a little bit of inside baseball because this is the
Speaker 1: document that that justifies the search warrant itself. I think
Speaker 1: a lot of his pushback has been on the substance
Speaker 1: of the issue, but we we still have to see
Speaker 1: exactly what they found. These are documents that they found
Speaker 1: that were labeled top secret with the highest level of
Speaker 1: top secret s CI clearance. UM. A lot of the
Speaker 1: debate and and I think Trump's response has been focused
Speaker 1: on that, and a number of Republican lawmakers even at
Speaker 1: this point don't seem to know what to make of this.
Speaker 1: Uh So, the the affidavit and any information from that
Speaker 1: may shed more light, But trump response has been a
Speaker 1: bit more broadly, uh defending himself on what what he
Speaker 1: felt was was declassified. And it's the news media that's
Speaker 1: requesting this to be uh. The the affidavita to be released. Right. Yes,
Speaker 1: this is a debate over the public interest. It's news
Speaker 1: media organizations, including the Associated Press. Uh So, the issue
Speaker 1: here is how much should the public know about the
Speaker 1: justification for the decision decision to search Mara Lago? Alright,
Speaker 1: the news media are I should say my grammar correct.
Speaker 1: Bloomberg's Jack Fittspatrick. That's a lot appreciated. You can read
Speaker 1: more about these stories on Bloomberg dot com or on
Speaker 1: the Bloomberg terminal. Reminder, you can follow all the latest
Speaker 1: Bloomberg Radio in Washington, that's Bloomberg and one oh five
Speaker 1: point seven FM HD two and ahead of the trading day,
Speaker 1: we are seeing futures right now this Friday morning lower
Speaker 1: the DAL futures two hundred seventy six points lower. That's
Speaker 1: now the eight tense of overs and s andp EMUNI
Speaker 1: futures down forty four one percent lower right now than
Speaker 1: AZDAC futures down one fifty seven points. That's a decline
Speaker 1: of one point two percent. As far as the Wall
Speaker 1: Street fear gates still hovering just above twenty a slightly
Speaker 1: elevated today, and the two year yield at three twenty five,
Speaker 1: that is of five basis points. On the long end
Speaker 1: of ten year right now to that also is of
Speaker 1: five basis points. The the inversion continues a little less
Speaker 1: pronounced this morning. That's a negative thirty one basis points
Speaker 1: difference between the two's and the ten year. And I
Speaker 1: make scrue days down a dollar seventy one of barrel
Speaker 1: seventy nine barrel down almost two percent this morning. You're
Speaker 1: listening to Bloomberg day Break. Just ahead Bloomberg surveillance