1 00:00:03,480 --> 00:00:06,960 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:07,040 --> 00:00:10,799 Speaker 1: day Break for Monday AUGUSTO. Coming up this hour, he 3 00:00:10,920 --> 00:00:14,120 Speaker 1: sent it passes a landmark tax, climate and healthcare bill. 4 00:00:14,280 --> 00:00:17,680 Speaker 1: Wall Street races for another key report on inflation. Morgan 5 00:00:17,760 --> 00:00:21,960 Speaker 1: Stanley Goldman Stratagists predict a dimming profit outlook for Corporate America, 6 00:00:22,320 --> 00:00:26,160 Speaker 1: and the CEO of Carlisle Grove unexpectedly steps down. New 7 00:00:26,239 --> 00:00:29,280 Speaker 1: York Mayor Adam says they're welcome, but it's criticizing Governor 8 00:00:29,320 --> 00:00:32,400 Speaker 1: Rabbit after sending a second bus load of migrants from Texas. 9 00:00:32,840 --> 00:00:36,000 Speaker 1: Michael Varner more an I'm John stadshowering forth. Jacob de 10 00:00:36,080 --> 00:00:38,199 Speaker 1: Grand pitched the Mets to victory over the Brave. They 11 00:00:38,200 --> 00:00:40,800 Speaker 1: won four or five of the series. The Yankees swept 12 00:00:40,920 --> 00:00:46,360 Speaker 1: in St. Louis. That's all s trended ahead on Bloomberg 13 00:00:46,440 --> 00:00:51,520 Speaker 1: day Break on Bloomberg Eliving three, on New York, Bloomberg one, Washington, 14 00:00:51,640 --> 00:00:55,240 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 15 00:00:55,320 --> 00:00:59,560 Speaker 1: sixties and Francisco, Syrias x AM one nineteen and around 16 00:00:59,560 --> 00:01:02,440 Speaker 1: the world on Bloomberg Radio dot Com and via the 17 00:01:02,440 --> 00:01:09,840 Speaker 1: Bloomberg Business app. Good morning, I'm John Tucker. I'm Nathan Hagar. 18 00:01:09,920 --> 00:01:12,679 Speaker 1: Futures are moving higher this Monday morning. They are coming 19 00:01:12,720 --> 00:01:14,440 Speaker 1: up to five oh one on Wall Street. We checked 20 00:01:14,440 --> 00:01:17,200 Speaker 1: the markets every fifteen minutes during the trading day. On Bloomberg, 21 00:01:17,680 --> 00:01:19,920 Speaker 1: SFP futures are up ten points right now, DWAL future 22 00:01:20,000 --> 00:01:23,240 Speaker 1: is up fifty eight sowar NASDACK futures. The tenure Treasury 23 00:01:23,280 --> 00:01:25,600 Speaker 1: is up nine thirty seconds. The yield two point seven 24 00:01:25,680 --> 00:01:28,000 Speaker 1: nine percent yield on the two year three point one 25 00:01:28,120 --> 00:01:31,080 Speaker 1: n I'm ex screwed down seven cents per cent, or 26 00:01:31,120 --> 00:01:34,080 Speaker 1: sixty four cents at eighty eight dollars thirty three cents 27 00:01:34,120 --> 00:01:36,560 Speaker 1: a barrel. Jonathan will have more on the markets in 28 00:01:36,640 --> 00:01:39,720 Speaker 1: a minute. First, we started in Washington. Over the weekend, 29 00:01:40,080 --> 00:01:43,480 Speaker 1: the Senate passed a landmark tax, climate, and healthcare bill. 30 00:01:43,920 --> 00:01:47,080 Speaker 1: Fifty one Democrats voted in favor of the measure, fifty 31 00:01:47,120 --> 00:01:50,960 Speaker 1: Republicans against it. Vice President Kamala Harris casting the tie 32 00:01:50,960 --> 00:01:53,440 Speaker 1: breaking vote. When it comes to what's of the bill, 33 00:01:53,520 --> 00:01:56,760 Speaker 1: we get more from Bloomberg's head Baxter. The top one 34 00:01:56,800 --> 00:02:00,680 Speaker 1: percent avoided the tax increases liberal Democrats had wanted at 35 00:02:00,720 --> 00:02:03,960 Speaker 1: the beginning. There will be a tax on stock buybacks. 36 00:02:04,280 --> 00:02:08,160 Speaker 1: The legislation also aims to prevent large corporations from exploiting 37 00:02:08,240 --> 00:02:11,840 Speaker 1: tax breaks, and there will be a fifteen percent minimum. 38 00:02:11,880 --> 00:02:15,720 Speaker 1: It did not raise the salt deduction on the climate side, 39 00:02:15,760 --> 00:02:18,160 Speaker 1: and sentived to cut greenhouse gases with a hope to 40 00:02:18,200 --> 00:02:22,560 Speaker 1: cut emissions by about from two thousand five levels by 41 00:02:22,560 --> 00:02:26,560 Speaker 1: the end of the decade. It will extend the tax 42 00:02:26,600 --> 00:02:29,720 Speaker 1: credit on e v s, but there'll be restrictions that 43 00:02:29,880 --> 00:02:34,160 Speaker 1: US electric car makers say will exclude seventy of vehicles, 44 00:02:34,320 --> 00:02:38,240 Speaker 1: and Medicare will be allowed to negotiate drug prices. In 45 00:02:38,280 --> 00:02:41,120 Speaker 1: San Francisco, I'm at Baxter Bloomberg Daybreak, All right, and 46 00:02:41,200 --> 00:02:43,280 Speaker 1: thank you. On Wall Street today, the FED is in 47 00:02:43,400 --> 00:02:46,959 Speaker 1: focus after friday strong jobs reports. Speculation is growing that 48 00:02:47,080 --> 00:02:49,919 Speaker 1: another seventy five basis point rate height could be coming. 49 00:02:50,160 --> 00:02:53,480 Speaker 1: San Francisco FED president Mary Daily tells CBS the Central 50 00:02:53,480 --> 00:02:55,919 Speaker 1: Bank has a lot of work ahead. We are far 51 00:02:56,000 --> 00:02:58,800 Speaker 1: from done yet. That's the promise of the American people. 52 00:02:58,840 --> 00:03:01,320 Speaker 1: We are far from done. We're committed to bringing inflation 53 00:03:01,400 --> 00:03:03,880 Speaker 1: down and will continue to work until that job is 54 00:03:03,919 --> 00:03:06,519 Speaker 1: fully done. So it would still be appropriate to raise 55 00:03:06,639 --> 00:03:10,880 Speaker 1: rates in September by half percent. Absolutely, and you know 56 00:03:10,919 --> 00:03:13,720 Speaker 1: we need to be data dependent. Mary Daily made those 57 00:03:13,720 --> 00:03:16,440 Speaker 1: comments to Margaret Brennan on CBSS Face the Nation and 58 00:03:16,480 --> 00:03:20,160 Speaker 1: catch the program Sunday afternoons on Bloomberg Radio. Mary Daily 59 00:03:20,200 --> 00:03:23,480 Speaker 1: and the Fed get another key report and inflation this Wednesday. 60 00:03:23,760 --> 00:03:26,440 Speaker 1: That's when the government releases the consumer price Index for 61 00:03:26,480 --> 00:03:29,480 Speaker 1: the month of July. I's gonna preview from Bloomberg's Vinny 62 00:03:29,560 --> 00:03:33,480 Speaker 1: Down Judas. We may see some moderation as energy prices retreat. 63 00:03:33,760 --> 00:03:37,640 Speaker 1: Economists say the US household inflation rate, as tracked by 64 00:03:37,680 --> 00:03:41,880 Speaker 1: the Consumer Price Index, probably slipped below nine in July. 65 00:03:42,480 --> 00:03:45,320 Speaker 1: June's on nine point one percent jump, the fastest since 66 00:03:46,560 --> 00:03:50,080 Speaker 1: the Bad Old days for inflation. Inflation remains far above 67 00:03:50,120 --> 00:03:53,120 Speaker 1: the Federal reserves two percent target. The after mathis supply 68 00:03:53,200 --> 00:03:56,840 Speaker 1: shortages and delays. This week's date on US producer prices 69 00:03:56,840 --> 00:04:00,839 Speaker 1: and import prices may also moderate. Benny Dell Judas, bloom Daybreak, Okay, 70 00:04:00,840 --> 00:04:02,680 Speaker 1: if any, thank you, And as we await that report 71 00:04:02,720 --> 00:04:06,040 Speaker 1: on inflation, the outlook from consumers is turning more gloomy. 72 00:04:06,200 --> 00:04:08,680 Speaker 1: When you ask most Americans, they say the economy is 73 00:04:08,720 --> 00:04:12,040 Speaker 1: getting worse and Bloomberg's Doug Krisner has the details. A 74 00:04:12,160 --> 00:04:16,000 Speaker 1: poll from ABC News IPSOS found about sixty of those 75 00:04:16,040 --> 00:04:19,840 Speaker 1: surveyed think the economy is deteriorating. That's the highest since 76 00:04:19,839 --> 00:04:22,760 Speaker 1: two thousand and eight. The poll also finds only thirty 77 00:04:22,800 --> 00:04:25,600 Speaker 1: seven percent saying they approve of how President Biden is 78 00:04:25,640 --> 00:04:29,120 Speaker 1: handling the recovery. That's unchanged from June. We're just three 79 00:04:29,200 --> 00:04:32,320 Speaker 1: months before the midterm elections. US employment is back to 80 00:04:32,400 --> 00:04:35,920 Speaker 1: pre pandemic levels, but inflation is the hottest in decades 81 00:04:36,200 --> 00:04:39,159 Speaker 1: and more stubborn than expected. Demand for gasoline in the 82 00:04:39,200 --> 00:04:42,440 Speaker 1: US is now nine percent below last year in New York. 83 00:04:42,440 --> 00:04:45,279 Speaker 1: On Duck Krisner Bloomberg Daybreak. Alright, thanks Juve. There's also 84 00:04:45,360 --> 00:04:47,760 Speaker 1: earnings to watch this week. We get results from nearly 85 00:04:47,800 --> 00:04:50,600 Speaker 1: two dozen companies in the SP five Hunter. Let's get 86 00:04:50,640 --> 00:04:54,479 Speaker 1: more from Bloomberg's Charlie Pellett. Traders will continue to parse 87 00:04:54,600 --> 00:04:58,520 Speaker 1: corporate earnings reports against a backdrop of aggressive rate hikes, 88 00:04:58,800 --> 00:05:02,720 Speaker 1: Kim Forest is to investment officer at Bouquet Capital Partners. 89 00:05:02,880 --> 00:05:06,599 Speaker 1: Companies are saying their visibility for the next six months 90 00:05:07,240 --> 00:05:11,560 Speaker 1: is whatever, and they're maintaining more or less maintaining their 91 00:05:11,640 --> 00:05:14,520 Speaker 1: their estimates. So I think that speaks well. These companies 92 00:05:14,560 --> 00:05:17,800 Speaker 1: know their business. They know they can't set the bar 93 00:05:17,880 --> 00:05:20,840 Speaker 1: too high for themselves, so it's probably kind of low. 94 00:05:21,000 --> 00:05:24,719 Speaker 1: Among the names reporting this week, Walt Disney, Coin Based Global, 95 00:05:24,920 --> 00:05:29,039 Speaker 1: a I G. Barrack Gold and Tyson Foods in New York, 96 00:05:29,120 --> 00:05:32,000 Speaker 1: Charlie Pellett Bloom Bird Day breaking all right, Charlie, thank you. 97 00:05:32,040 --> 00:05:34,640 Speaker 1: A dimming earnings outlook is at odds with the recent 98 00:05:34,680 --> 00:05:37,679 Speaker 1: rebound in stock markets. That's according to strategist of Morgan 99 00:05:37,760 --> 00:05:41,200 Speaker 1: Stanley and Goldman Sachs. Both Morgan's Mike Wilson and Goldman's 100 00:05:41,240 --> 00:05:44,760 Speaker 1: David Constant expect corporate profit margins to contract next year 101 00:05:44,800 --> 00:05:48,279 Speaker 1: given unrelenting cost pressures. In fact, Wilson says, quote, the 102 00:05:48,320 --> 00:05:52,040 Speaker 1: best part of the rally is over Warren Buffett, following 103 00:05:52,040 --> 00:05:55,720 Speaker 1: an age old strategy by the dip, but do it cautiously. 104 00:05:56,240 --> 00:05:58,600 Speaker 1: Buffett's Bertshire Hathaway stepped in as the S and P 105 00:05:58,680 --> 00:06:01,839 Speaker 1: five hunder ships sixteen percent. In the latest quarter. It 106 00:06:01,960 --> 00:06:04,520 Speaker 1: was a net buyer of equities, reporting three point eight 107 00:06:04,560 --> 00:06:07,920 Speaker 1: billion dollars in purchases. That's a different story than last year. 108 00:06:07,920 --> 00:06:10,080 Speaker 1: When it was a net seller. In the second quarter 109 00:06:10,200 --> 00:06:14,040 Speaker 1: of surprise changed John at the top of private equity 110 00:06:14,040 --> 00:06:17,880 Speaker 1: giant Carlisle Group. The CEO q Sung Lee has stepped down. 111 00:06:18,120 --> 00:06:20,840 Speaker 1: Lee's five year employment contract was due to expire at 112 00:06:20,839 --> 00:06:23,080 Speaker 1: the end of this year. Bloomberg News has learned Lee 113 00:06:23,120 --> 00:06:26,719 Speaker 1: and Carlisle's board had clashed over his contract in recent discussions. 114 00:06:26,760 --> 00:06:29,159 Speaker 1: The firm's co founder, Bill Conway will step in as 115 00:06:29,200 --> 00:06:32,359 Speaker 1: interim CEO and looking overseas, now, we have a major 116 00:06:32,400 --> 00:06:35,440 Speaker 1: development of the pandemic front in Hong Kong. The city 117 00:06:35,480 --> 00:06:39,640 Speaker 1: will shorten hotel quarantine times for arrivals starting on Friday. 118 00:06:39,920 --> 00:06:43,400 Speaker 1: Bloomberg day Break Asia anchor Brian Curtis has more from 119 00:06:43,400 --> 00:06:46,080 Speaker 1: Hong Kong. People will only need to spend three days 120 00:06:46,120 --> 00:06:49,640 Speaker 1: in quarantine now down from seven. Their movements will be 121 00:06:49,680 --> 00:06:52,520 Speaker 1: restricted for four additional days after that, but they can 122 00:06:52,600 --> 00:06:56,320 Speaker 1: leave their residents. This marks a fundamental break from China's 123 00:06:56,360 --> 00:07:00,200 Speaker 1: strict COVID zero policies. Business groups say it's just step 124 00:07:00,240 --> 00:07:02,680 Speaker 1: in the right direction, but they'd like to see quarantine 125 00:07:02,760 --> 00:07:06,720 Speaker 1: dropped altogether in Hong Kong. Brian Curtis Bloomberg day Break 126 00:07:06,960 --> 00:07:08,880 Speaker 1: Brian thanks a lot ahead of the cash show. Up 127 00:07:08,920 --> 00:07:12,160 Speaker 1: on Wall Street. Dow futures they're up seventy points right now, 128 00:07:12,400 --> 00:07:16,440 Speaker 1: SMP evening futures thirteen points higher, and the Nazak futures 129 00:07:16,680 --> 00:07:23,720 Speaker 1: they are up sixty six points. This is Bloomberg. There's 130 00:07:23,760 --> 00:07:25,600 Speaker 1: five o seven on Wall Street. Time to bring in 131 00:07:25,680 --> 00:07:27,760 Speaker 1: Michael Barr with more than what else is going on 132 00:07:27,880 --> 00:07:30,640 Speaker 1: in New York and around the world. John, Thank you 133 00:07:30,720 --> 00:07:33,520 Speaker 1: very much. There. The heat continues to cause air conditioners 134 00:07:33,520 --> 00:07:36,680 Speaker 1: to blast on high in the Tri State area Bloomberg 135 00:07:36,680 --> 00:07:40,320 Speaker 1: meeting religious Rob Carolin reports, Michael, the heat wave across 136 00:07:40,360 --> 00:07:43,360 Speaker 1: the Tristate area continues for a couple more days. National 137 00:07:43,360 --> 00:07:45,520 Speaker 1: Weather Service has a heat advisory in effect through eight 138 00:07:45,560 --> 00:07:48,360 Speaker 1: pm tomorrow evening, but we will be breaking the heat 139 00:07:48,360 --> 00:07:51,560 Speaker 1: wave on Wednesday. Frontal system be dropping down from the north. 140 00:07:51,560 --> 00:07:54,080 Speaker 1: Will see showers and thunderstorms Wednesday. It only gets to 141 00:07:54,120 --> 00:07:57,080 Speaker 1: eighty five, and it looks more comfortable for Thursday and Friday, 142 00:07:57,120 --> 00:07:59,000 Speaker 1: but it's gonna be tough today and tomorrow with highs 143 00:07:59,040 --> 00:08:03,120 Speaker 1: between ninety and nine. Michael, Thank you. Rob. A second 144 00:08:03,120 --> 00:08:05,760 Speaker 1: bus load of migrants from Texas arrived in New York 145 00:08:05,760 --> 00:08:09,000 Speaker 1: City yesterday as part of Governor Greg Abbott's plan to 146 00:08:09,080 --> 00:08:13,160 Speaker 1: send migrants from his state so called sanctuary cities. Abbot 147 00:08:13,160 --> 00:08:15,880 Speaker 1: claims that his state can handle the influx and that 148 00:08:16,040 --> 00:08:19,400 Speaker 1: cities that say they can should take the burden off 149 00:08:19,440 --> 00:08:22,360 Speaker 1: the border states who are getting inundated. But New York 150 00:08:22,400 --> 00:08:25,000 Speaker 1: City Mayor Eric Adams says the migrants who are coming 151 00:08:25,040 --> 00:08:28,840 Speaker 1: to his city are being forced onto the buses without 152 00:08:28,920 --> 00:08:31,880 Speaker 1: warning and that officials and volunteers are doing what they 153 00:08:31,880 --> 00:08:35,280 Speaker 1: can to help them. Mayor Adams also says Texas officials 154 00:08:35,440 --> 00:08:37,920 Speaker 1: aren't in touch with anyone in New York. Then I'll 155 00:08:37,960 --> 00:08:40,440 Speaker 1: let us know what time the buses are leaving. Then 156 00:08:40,440 --> 00:08:42,520 Speaker 1: I'll let us know or what it needs of the 157 00:08:42,559 --> 00:08:45,560 Speaker 1: people on the bus. They're giving us any information, so 158 00:08:45,720 --> 00:08:49,800 Speaker 1: we're unable to really provide the service of people en route, 159 00:08:50,000 --> 00:08:53,080 Speaker 1: and we would like to get that information. New York 160 00:08:53,120 --> 00:08:56,839 Speaker 1: Mayor Adams says the city welcomes them and will provide assistance, 161 00:08:57,000 --> 00:09:00,079 Speaker 1: but has asked for federal help. New York City, you 162 00:09:00,200 --> 00:09:02,600 Speaker 1: are looking for a suspect, they say, stabbed a man 163 00:09:02,679 --> 00:09:06,120 Speaker 1: in the back on the subway station outside Yankee Stadium 164 00:09:06,120 --> 00:09:09,440 Speaker 1: Sunday afternoon. The man was spotted in the subway system 165 00:09:09,480 --> 00:09:12,720 Speaker 1: after the attack, and has been estimated between seventeen and 166 00:09:12,760 --> 00:09:15,760 Speaker 1: twenty one years old. The victim, the Wolling by the 167 00:09:15,840 --> 00:09:19,199 Speaker 1: name of Leo, tells ABC he was waiting for the 168 00:09:19,280 --> 00:09:22,280 Speaker 1: D train when a stranger invaded his personal space. I 169 00:09:22,280 --> 00:09:24,640 Speaker 1: had to let him know, like, excuse me a little. 170 00:09:24,880 --> 00:09:28,000 Speaker 1: You know, young men, get out my personal face. I'm 171 00:09:28,040 --> 00:09:29,880 Speaker 1: not the one to be bothered today. You know, had 172 00:09:29,880 --> 00:09:32,000 Speaker 1: a long day. It's hot. I look back once. He 173 00:09:32,040 --> 00:09:34,760 Speaker 1: didn't move. I look back again. He's still not moving. 174 00:09:35,480 --> 00:09:38,520 Speaker 1: Leo says he believes he was targeted as a gay man. 175 00:09:39,000 --> 00:09:41,800 Speaker 1: He is expected to make a full recovery. A fragile 176 00:09:42,000 --> 00:09:45,000 Speaker 1: ceasefire deal to a nearly three days of fighting between 177 00:09:45,080 --> 00:09:49,120 Speaker 1: Israel and Palestinian militants has held throughout the night. Global 178 00:09:49,160 --> 00:09:51,400 Speaker 1: News twenty four hours a day on air and on 179 00:09:51,480 --> 00:09:55,199 Speaker 1: Bloomberg Quickdake, powered by more than twenty seven hundred journalists 180 00:09:55,200 --> 00:09:57,720 Speaker 1: and analysts more than a hundred twenty countries. High Michael 181 00:09:57,720 --> 00:10:05,040 Speaker 1: Barr and this is Bloomberg, John, Micah, thank you. I'll 182 00:10:05,040 --> 00:10:07,800 Speaker 1: find sim On Wall straight time for the Bloomberg Sports 183 00:10:07,840 --> 00:10:10,040 Speaker 1: Uptake and Morning John Stains Show. Alright and Morning John 184 00:10:10,080 --> 00:10:12,600 Speaker 1: Welcome back to City Field, Jacob Degraham on the mound 185 00:10:12,640 --> 00:10:14,679 Speaker 1: there first time in more than a year. All he 186 00:10:14,720 --> 00:10:17,679 Speaker 1: did was throw five perfect innings. In the sixth the 187 00:10:17,760 --> 00:10:19,360 Speaker 1: walk in a home run, his day was done. He 188 00:10:19,440 --> 00:10:22,839 Speaker 1: got seventeen outs, twelve by strikeout, and the Mets scored 189 00:10:22,880 --> 00:10:25,360 Speaker 1: four runs in the third inning to run doubles by 190 00:10:25,360 --> 00:10:27,800 Speaker 1: Peter Alonso and Markenna and de Graham, and the Mets 191 00:10:27,840 --> 00:10:29,839 Speaker 1: beat the Braves by it the two. That was a 192 00:10:29,880 --> 00:10:32,480 Speaker 1: long day yesterday and these guys came in and you know, 193 00:10:32,840 --> 00:10:35,480 Speaker 1: um put up runs early, and you know, my goal 194 00:10:35,600 --> 00:10:37,520 Speaker 1: was to try to keep it there, and you know, 195 00:10:37,920 --> 00:10:39,840 Speaker 1: Joylily did a great job. And then Das coming in 196 00:10:39,880 --> 00:10:43,240 Speaker 1: and and closing that game. So um, you know, it 197 00:10:43,320 --> 00:10:46,320 Speaker 1: just shows a lot this king grind to everything. You know, 198 00:10:46,640 --> 00:10:48,200 Speaker 1: that was a long day yesterday. And then they come 199 00:10:48,240 --> 00:10:50,880 Speaker 1: off the day and jump on him early and and 200 00:10:51,000 --> 00:10:53,200 Speaker 1: you know finished the series with huge What a series 201 00:10:53,240 --> 00:10:55,000 Speaker 1: of the Mets. They won four or five. They gained 202 00:10:55,040 --> 00:10:57,200 Speaker 1: three games on Atlanta that I leave the inn at 203 00:10:57,240 --> 00:10:58,959 Speaker 1: least by six and a half. And they have also 204 00:10:59,080 --> 00:11:02,000 Speaker 1: caught the Yankee for best record in New York. As 205 00:11:02,000 --> 00:11:03,679 Speaker 1: good a weekend as it was for the mess. That's 206 00:11:03,679 --> 00:11:05,800 Speaker 1: how bad it was for the Yankees in St. Louis. 207 00:11:05,800 --> 00:11:08,360 Speaker 1: The day after the Cardinals won one to nothing, they 208 00:11:08,400 --> 00:11:11,480 Speaker 1: won twelve to nine. Sixteen Yankee hits not enough, as 209 00:11:11,520 --> 00:11:14,680 Speaker 1: Frankie Montaz gave up six runs and his Yankee debut. 210 00:11:14,720 --> 00:11:17,480 Speaker 1: It's the Cardinals seventh grade win their first ever sweep 211 00:11:17,520 --> 00:11:19,839 Speaker 1: of the Yankees. First time all year, the Yankees have 212 00:11:19,880 --> 00:11:22,320 Speaker 1: been swept in a three game series. Over their last 213 00:11:22,320 --> 00:11:25,560 Speaker 1: twenty five games, the Yankees just nine and sixteen. Joe 214 00:11:25,600 --> 00:11:28,120 Speaker 1: Young King Kim, a twenty year old from South Korea, 215 00:11:28,160 --> 00:11:30,640 Speaker 1: won the Windham Golf in greensbro His first hole of 216 00:11:30,679 --> 00:11:34,360 Speaker 1: the tournament last Thursday was a quadruple bogey. Made up 217 00:11:34,360 --> 00:11:37,000 Speaker 1: for that with the final round sixty one Women's Open 218 00:11:37,080 --> 00:11:40,000 Speaker 1: in Scotland, a major one by South African Ashley Bouhi. 219 00:11:40,160 --> 00:11:44,400 Speaker 1: That's her first LPGA. John stash Boomberg Sports John. All right, 220 00:11:44,440 --> 00:11:46,880 Speaker 1: thanks John, and ahead of the open on Wall Streets, 221 00:11:46,920 --> 00:11:50,240 Speaker 1: we have futures in the green as follows Friday's Bang 222 00:11:50,320 --> 00:11:53,520 Speaker 1: Up Jobs report. The down futures right now sixty three 223 00:11:53,520 --> 00:11:56,080 Speaker 1: points center. That's up to tens of her percent. SMP 224 00:11:56,200 --> 00:12:01,200 Speaker 1: futures up ten these futures up fifties its points. You're 225 00:12:01,240 --> 00:12:07,160 Speaker 1: listening to Bloomberg Daybreak. Daybreak brought to you by the 226 00:12:07,160 --> 00:12:09,440 Speaker 1: New York Community Trust. Your name will live on as 227 00:12:09,440 --> 00:12:11,600 Speaker 1: a champion of the causes you care about for years 228 00:12:11,640 --> 00:12:14,280 Speaker 1: to come through a charitable bequest that the New York 229 00:12:14,320 --> 00:12:18,040 Speaker 1: Community Trust. Learn more at Philanthropists dot n y C, 230 00:12:22,000 --> 00:12:25,400 Speaker 1: markets headlines and breaking news twenty four hours a day, 231 00:12:25,520 --> 00:12:28,520 Speaker 1: at Bloomberg dot com, the Bloomberg Business apt and at 232 00:12:28,520 --> 00:12:38,240 Speaker 1: Bloomberg Bucktake. This is a Bloomberg Business Flash. I Nathan 233 00:12:38,240 --> 00:12:40,200 Speaker 1: Hagar's stock to Get in the week started on the 234 00:12:40,320 --> 00:12:43,640 Speaker 1: rise this morning as investors assess the prospects of aggressive 235 00:12:43,720 --> 00:12:48,360 Speaker 1: Federal Reserve interest rate hikes against reassuring earnings. We checked 236 00:12:48,400 --> 00:12:51,400 Speaker 1: the markets every fifteen minutes during the trading day on Bloomberg. 237 00:12:51,520 --> 00:12:54,560 Speaker 1: Right now, SMP futures are up eight points, STAFLE futures up, 238 00:12:55,440 --> 00:12:58,440 Speaker 1: NASZAC futures are higher by fifty points. The acts in 239 00:12:58,480 --> 00:13:00,839 Speaker 1: Germany up three tenths per cent. Attack in Paris is 240 00:13:00,920 --> 00:13:03,800 Speaker 1: higher by a half percent. Ten year Treasury is up 241 00:13:03,840 --> 00:13:06,440 Speaker 1: seven thirty seconds. The yield two point seven nine percent. 242 00:13:06,520 --> 00:13:09,000 Speaker 1: Yield on the two year three point two zero percent. 243 00:13:09,440 --> 00:13:12,040 Speaker 1: Nimex Screwed is down six tenths percent, down fifty four 244 00:13:12,080 --> 00:13:14,240 Speaker 1: cents at eighty eight dollars, forty four cents a barrel. 245 00:13:14,400 --> 00:13:18,360 Speaker 1: Comax Gold little change down forty cents at Sight announced 246 00:13:18,600 --> 00:13:21,080 Speaker 1: the euro one point zero one seven eight against the dollar, 247 00:13:21,160 --> 00:13:23,599 Speaker 1: the pound one point zero eight one. The end is 248 00:13:23,640 --> 00:13:26,280 Speaker 1: at one thirty five point one four and Bitcoin up 249 00:13:26,280 --> 00:13:29,400 Speaker 1: three point seven percent at twenty four thousand, one hundred dollars. 250 00:13:29,640 --> 00:13:32,160 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 251 00:13:32,240 --> 00:13:34,840 Speaker 1: more on what's going on around the world. Good morning, Michael, 252 00:13:35,040 --> 00:13:38,280 Speaker 1: Good morning Nathan. The Senate passed the landmark tax, climate 253 00:13:38,320 --> 00:13:41,000 Speaker 1: and Healthcare bill. The vote on the bill was fifty 254 00:13:41,000 --> 00:13:44,600 Speaker 1: one Democrats in favor the fifty Republicans against, with Vice 255 00:13:44,600 --> 00:13:47,600 Speaker 1: President Kambalay Harris casting the time breaking vote after an 256 00:13:47,600 --> 00:13:50,800 Speaker 1: overnight marathon of votes on amendments. It now goes to 257 00:13:50,840 --> 00:13:53,600 Speaker 1: the House, where it is expected to pass on Friday. 258 00:13:54,120 --> 00:13:58,319 Speaker 1: China's military announced the new exercise near Taiwan today, signaling 259 00:13:58,360 --> 00:14:00,800 Speaker 1: that Beijing wanted to keep up pressure. You're on the island. 260 00:14:01,040 --> 00:14:04,360 Speaker 1: After US House Speaker Nancy Pelosi's visit in baseball, the 261 00:14:04,440 --> 00:14:08,200 Speaker 1: Yankees lost to the Cardinals twelve nine. The Mets beat 262 00:14:08,200 --> 00:14:12,280 Speaker 1: the Braves five to the Red Sox, Orioles and Nationals 263 00:14:12,280 --> 00:14:15,880 Speaker 1: all lost. The Giants beat the A six four Global 264 00:14:15,920 --> 00:14:18,480 Speaker 1: News twenty four hours a day on air and on 265 00:14:18,520 --> 00:14:21,640 Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred 266 00:14:21,680 --> 00:14:24,880 Speaker 1: journalists and analyist more than a hundred twenty countries. Michael 267 00:14:24,880 --> 00:14:27,680 Speaker 1: Barr and this is Bloomberg, John, Michael, thank you, coming 268 00:14:27,760 --> 00:14:30,040 Speaker 1: up on five twenty on Wall Street. We are lying 269 00:14:30,080 --> 00:14:34,040 Speaker 1: from the Bloomberg Interact and broker studios. This is Bloomberg Daybreak. 270 00:14:34,320 --> 00:14:36,920 Speaker 1: Strong US job Stata on Friday that added to the 271 00:14:36,960 --> 00:14:40,880 Speaker 1: case for more fed tightening. You have the major averages 272 00:14:40,960 --> 00:14:44,960 Speaker 1: added mixed, little change on Friday. Futures they're higher this morning, 273 00:14:45,440 --> 00:14:47,680 Speaker 1: so it's driving stocks. Let's get your set up with 274 00:14:47,720 --> 00:14:50,040 Speaker 1: the trading day ahead now with Lori Kalvasin at the 275 00:14:50,040 --> 00:14:54,520 Speaker 1: head of US Equity Strategy at RBC Capital Markets. Laura, 276 00:14:54,520 --> 00:14:56,760 Speaker 1: happy Monday, thanks for being with us. What's in the 277 00:14:56,840 --> 00:14:59,880 Speaker 1: driver's seat for stocks? So look, I think that we 278 00:15:00,120 --> 00:15:02,920 Speaker 1: got an amazing number of cross currents right now between 279 00:15:02,920 --> 00:15:05,480 Speaker 1: the reporting season, which has turned out better than feared 280 00:15:05,520 --> 00:15:08,320 Speaker 1: investors are taking some comfort in that we've got the 281 00:15:08,360 --> 00:15:11,320 Speaker 1: jobs data from last week, We've got said watching. I 282 00:15:11,360 --> 00:15:13,960 Speaker 1: think in general, investors are breathing a bit of a 283 00:15:14,040 --> 00:15:18,200 Speaker 1: sigh of relief over those two que reporting season print. UM. 284 00:15:18,240 --> 00:15:19,960 Speaker 1: We would tell you we're not entirely out of the 285 00:15:19,960 --> 00:15:23,200 Speaker 1: woods from a market perspective in terms of earnings right now, 286 00:15:23,280 --> 00:15:25,320 Speaker 1: just because if there really is a big macro slow 287 00:15:25,360 --> 00:15:28,800 Speaker 1: downcoming economically, UM, numbers do still need to come down. 288 00:15:28,800 --> 00:15:31,440 Speaker 1: But I think for the moment, investors are you know, 289 00:15:31,520 --> 00:15:35,560 Speaker 1: just excited about the resilience that we're seeing. Yeah. I mean, 290 00:15:35,600 --> 00:15:41,280 Speaker 1: by our calculations, almost companies that have reported so far 291 00:15:41,400 --> 00:15:44,920 Speaker 1: delivered positive earnings surprises. You've got to wonder if that 292 00:15:45,040 --> 00:15:49,520 Speaker 1: pace is sustainable and what happens to the margins. Well, 293 00:15:49,600 --> 00:15:51,680 Speaker 1: what's interesting is that if you look at the percent 294 00:15:51,720 --> 00:15:55,640 Speaker 1: of companies beating consensus estimates, UM, we are very very strong. 295 00:15:55,680 --> 00:15:57,640 Speaker 1: We are still high relative to history. We did a 296 00:15:57,680 --> 00:16:00,040 Speaker 1: cut a little more than halfway through reporting season and 297 00:16:00,120 --> 00:16:03,000 Speaker 1: found that about seventies six percent we're beating on earnings 298 00:16:03,040 --> 00:16:05,960 Speaker 1: and the average over time was about sevent But we 299 00:16:06,040 --> 00:16:09,600 Speaker 1: also found that we were well above eight. UM. You know, 300 00:16:09,640 --> 00:16:12,320 Speaker 1: in recent quarters so that the pace is softening just 301 00:16:12,440 --> 00:16:14,920 Speaker 1: a little bit. UM. I'll tell you John, what's really 302 00:16:14,960 --> 00:16:16,320 Speaker 1: interesting to me is that if you look at the 303 00:16:16,360 --> 00:16:19,040 Speaker 1: small cap part of the market, the beat stats are 304 00:16:19,120 --> 00:16:21,720 Speaker 1: hitting all time highs UM, which is maybe one of 305 00:16:21,760 --> 00:16:24,320 Speaker 1: the untold stories in this recording season. So it's smart 306 00:16:24,360 --> 00:16:26,480 Speaker 1: that the small caps are really the star of the show, 307 00:16:26,880 --> 00:16:30,760 Speaker 1: the small tips also being the more domestic stocks. What 308 00:16:32,440 --> 00:16:36,360 Speaker 1: is the differentiation there with the way is that? So 309 00:16:36,440 --> 00:16:38,120 Speaker 1: I think that there are a few things going on. 310 00:16:38,240 --> 00:16:40,120 Speaker 1: We do know that small caps, you know, if you 311 00:16:40,160 --> 00:16:42,240 Speaker 1: look at operating margin trends, do tend to be a 312 00:16:42,280 --> 00:16:45,120 Speaker 1: little bit more sensitive to labor issues. UM. So I 313 00:16:45,200 --> 00:16:48,080 Speaker 1: think it'll be interesting to see if perhaps you know, 314 00:16:48,120 --> 00:16:50,520 Speaker 1: we we have heard companies in recent quarters allude to 315 00:16:50,520 --> 00:16:52,480 Speaker 1: the idea that the labor market is loosening up just 316 00:16:52,520 --> 00:16:54,560 Speaker 1: a little bit. That could be translating to the bottom 317 00:16:54,560 --> 00:16:56,800 Speaker 1: line in small caps in a bigger way. But I 318 00:16:56,840 --> 00:17:00,240 Speaker 1: do think in part it's that domestic revenue explos or 319 00:17:00,280 --> 00:17:03,520 Speaker 1: small caps had less of that international exposure, UM, tend 320 00:17:03,600 --> 00:17:05,439 Speaker 1: to be you know, sort of more resilient and a 321 00:17:05,480 --> 00:17:08,600 Speaker 1: stronger dollar type environment. Whereas when we look at you know, 322 00:17:08,640 --> 00:17:12,640 Speaker 1: the more international SMP five hundred type, because we are 323 00:17:12,720 --> 00:17:15,320 Speaker 1: hearing a lot of complaints about dollar strength, and we 324 00:17:15,359 --> 00:17:18,320 Speaker 1: are seeing a decent number of downward revisions that are 325 00:17:18,359 --> 00:17:21,399 Speaker 1: that are are based on just the currency itself. And 326 00:17:21,480 --> 00:17:24,720 Speaker 1: as the Fed continues to raise rates, the trajectory higher 327 00:17:24,840 --> 00:17:27,400 Speaker 1: the dollar also higher. How much higher do you suppose 328 00:17:27,440 --> 00:17:31,600 Speaker 1: it can go? Well, Luckily my forecasting is limited to 329 00:17:31,640 --> 00:17:33,840 Speaker 1: the S and P five hundred um. But but what 330 00:17:33,920 --> 00:17:36,960 Speaker 1: I will tell you is that UM a stronger dollar, 331 00:17:37,640 --> 00:17:39,040 Speaker 1: you know, at the end of the day, to the 332 00:17:39,080 --> 00:17:42,919 Speaker 1: extent that it's reflecting US economic strength relative to the 333 00:17:42,920 --> 00:17:45,080 Speaker 1: rest of the world, it does actually end up being 334 00:17:45,600 --> 00:17:47,280 Speaker 1: a little bit of a wash on our model. The 335 00:17:47,280 --> 00:17:51,080 Speaker 1: downward revisions do hurt UM from that currency translation, but 336 00:17:51,119 --> 00:17:52,760 Speaker 1: at the end of the day, the sort of relative 337 00:17:52,760 --> 00:17:55,840 Speaker 1: economic strength ends up being a good thing. So there's 338 00:17:55,880 --> 00:17:58,880 Speaker 1: good and bad in the stronger dollar. Another inflation report 339 00:17:58,960 --> 00:18:01,560 Speaker 1: this week, so I'm gonna ask, gonna forecast that have 340 00:18:01,680 --> 00:18:05,760 Speaker 1: we passed peak inflation? So our economists think that we 341 00:18:05,920 --> 00:18:08,639 Speaker 1: could see you know, some tough prints for a little 342 00:18:08,640 --> 00:18:11,720 Speaker 1: bit longer, And you know, they do think the job 343 00:18:11,800 --> 00:18:13,680 Speaker 1: stated that we saw last week will keep the Fed 344 00:18:13,720 --> 00:18:16,520 Speaker 1: aggressive for a little bit longer, um, But in general 345 00:18:16,560 --> 00:18:18,760 Speaker 1: they do think the trend on inflation is going to 346 00:18:18,840 --> 00:18:21,359 Speaker 1: start to moderate soon. We just haven't quite gotten to 347 00:18:21,359 --> 00:18:24,960 Speaker 1: the point where we're there just yet. Does they tell you, well, 348 00:18:24,960 --> 00:18:26,840 Speaker 1: I was just going to tell you, John, I personally, 349 00:18:26,920 --> 00:18:29,560 Speaker 1: as a strategist, I don't you know, I don't love 350 00:18:29,600 --> 00:18:31,840 Speaker 1: the high inflation prints, but I do worry what happens 351 00:18:31,840 --> 00:18:34,440 Speaker 1: to earnings when inflation moderates, because we do tend to 352 00:18:34,440 --> 00:18:37,640 Speaker 1: see a pretty strong correlation between CPI and revenues. Does 353 00:18:37,680 --> 00:18:40,720 Speaker 1: the Climate bill, what's known as the Inflation Reduction Act, 354 00:18:40,840 --> 00:18:43,240 Speaker 1: passed by the Senate over the weekend, does that move 355 00:18:43,240 --> 00:18:46,119 Speaker 1: the needle on stocks? You know? To me, it's not 356 00:18:46,160 --> 00:18:48,440 Speaker 1: a big game changer. We got some questions about the 357 00:18:48,480 --> 00:18:51,440 Speaker 1: stock by back tax um, you know, late last week 358 00:18:51,480 --> 00:18:53,280 Speaker 1: and when it became pretty clear that this bill was 359 00:18:53,320 --> 00:18:55,719 Speaker 1: going to pass. UM, when I talked to my analysts 360 00:18:55,760 --> 00:18:57,679 Speaker 1: and we just did some quick checks, we found that 361 00:18:57,720 --> 00:19:00,320 Speaker 1: most of them, you know, think that maybe they're companies 362 00:19:00,359 --> 00:19:03,359 Speaker 1: will grumble a little bit about this tax, that they 363 00:19:03,359 --> 00:19:06,560 Speaker 1: don't ultimately see it deterring behavior. We had one analyst 364 00:19:06,640 --> 00:19:08,719 Speaker 1: tell us that he thinks his companies are probably going 365 00:19:08,760 --> 00:19:11,600 Speaker 1: to accelerate buybacks in the short term um just to 366 00:19:11,640 --> 00:19:14,440 Speaker 1: sort of get ahead of the tax coming up later. 367 00:19:15,000 --> 00:19:17,199 Speaker 1: But in general, I don't think it's a big game changer. 368 00:19:17,240 --> 00:19:19,439 Speaker 1: We don't have any buy back impact based into our 369 00:19:19,480 --> 00:19:22,320 Speaker 1: earnings model for next year. Maybe it pushes a few 370 00:19:22,320 --> 00:19:25,719 Speaker 1: companies that the margins towards dimdends and benefit sectors like energy, 371 00:19:26,119 --> 00:19:28,520 Speaker 1: but I think it's you know, it's more interesting about 372 00:19:28,520 --> 00:19:30,879 Speaker 1: it what it's signifying politically for the mid terms, to 373 00:19:30,880 --> 00:19:33,920 Speaker 1: be honest, Okay, LORI always a pleasure. We appreciated Lori 374 00:19:34,040 --> 00:19:38,000 Speaker 1: Kalbassy and ahead of US Equity Strategy, RBC Capital Markets, 375 00:19:38,440 --> 00:19:40,760 Speaker 1: ahead of the cash open on Wallstree futures in the 376 00:19:40,800 --> 00:19:44,120 Speaker 1: green for now down futures there are forty points. That's 377 00:19:44,160 --> 00:19:47,240 Speaker 1: of a tenth of a percent. Smp euny futures seven 378 00:19:47,280 --> 00:19:50,360 Speaker 1: points higher, that's a two tents of a percent, Nanzac 379 00:19:50,440 --> 00:19:53,280 Speaker 1: futures three seven points higher. That is a three tense 380 00:19:53,320 --> 00:19:55,959 Speaker 1: of a percent right now, and right now, the ten 381 00:19:56,040 --> 00:19:59,760 Speaker 1: year yield to seventy nine, the two year at three twenty. 382 00:20:00,440 --> 00:20:08,640 Speaker 1: You're listening to Bloomberg day break and just ahead, what's 383 00:20:08,680 --> 00:20:11,199 Speaker 1: in the Climate bill passed by the Senate. What's not 384 00:20:11,400 --> 00:20:13,879 Speaker 1: in the climate bill? Dr Julie Norman will join us 385 00:20:13,920 --> 00:20:18,160 Speaker 1: from University College in London. You are listening good Bloomberg 386 00:20:18,240 --> 00:20:25,840 Speaker 1: day Break broadcasting live from the Bloomberg Interacted Broker Studio 387 00:20:25,920 --> 00:20:28,800 Speaker 1: in New York. Bloomberg E Living freed on to Washington, 388 00:20:28,880 --> 00:20:33,000 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one, 389 00:20:33,119 --> 00:20:36,520 Speaker 1: to San Francisco, Bloomberg N sixty to the country Sirius 390 00:20:36,720 --> 00:20:39,320 Speaker 1: XM H O one nineteen and around the globe the 391 00:20:39,359 --> 00:20:43,840 Speaker 1: Bloomberg business in Bloomberg Radio dot Com. This is Bloomberg 392 00:20:43,920 --> 00:20:52,280 Speaker 1: day Break. It's five thirty on Wall Street. Good morning. 393 00:20:52,280 --> 00:20:54,920 Speaker 1: I'm John Tucker. I'm Nathan Hager. We're about four hours 394 00:20:54,920 --> 00:20:56,800 Speaker 1: away from the open of US trading. Let's get you 395 00:20:56,880 --> 00:20:58,199 Speaker 1: up to date on the news you need to know 396 00:20:58,280 --> 00:21:00,720 Speaker 1: at this hour. Beginning in Washington, in where the Senate 397 00:21:00,760 --> 00:21:03,840 Speaker 1: has passed a landmark tax, climate and healthcare bill. The 398 00:21:03,880 --> 00:21:07,320 Speaker 1: move gives President Biden an apparent victory on his domestic agenda, 399 00:21:07,359 --> 00:21:09,600 Speaker 1: but the measure is a shadow of his original build 400 00:21:09,600 --> 00:21:12,280 Speaker 1: back Better plan. Here send a majority, Leader, Chuck Schumer. 401 00:21:12,800 --> 00:21:16,560 Speaker 1: He had many bumps in the road, many times when 402 00:21:16,600 --> 00:21:19,160 Speaker 1: it looked like it would never happen, but we never 403 00:21:19,200 --> 00:21:22,080 Speaker 1: gave up, and here we are. We got it done. 404 00:21:22,240 --> 00:21:24,520 Speaker 1: Sent a majority leader Chuck Schumer says, the bill now 405 00:21:24,560 --> 00:21:27,280 Speaker 1: goes to the House, where the Democratic Majority is expected 406 00:21:27,320 --> 00:21:29,880 Speaker 1: to pass it on Friday, and journey to the markets now. 407 00:21:29,920 --> 00:21:31,919 Speaker 1: Future is higher to start a week that will be 408 00:21:32,000 --> 00:21:35,960 Speaker 1: highlighted by a key inflation report, the July CPI forecast 409 00:21:36,000 --> 00:21:38,920 Speaker 1: to come at eight point seven percent on Wednesday. San 410 00:21:38,960 --> 00:21:42,480 Speaker 1: Francisco Fed President Mary Daily says fighting inflation does remain 411 00:21:42,560 --> 00:21:45,720 Speaker 1: the Fed's main focus. We are far from done yet. 412 00:21:45,800 --> 00:21:48,280 Speaker 1: That's the promise of the American people. We are far 413 00:21:48,359 --> 00:21:50,920 Speaker 1: from done. We're committed to bringing inflation down and we'll 414 00:21:50,920 --> 00:21:53,800 Speaker 1: continue to work until that job is fully done. Very 415 00:21:53,920 --> 00:21:56,639 Speaker 1: Daily making the comments on CPS is face the nation. 416 00:21:56,960 --> 00:22:00,399 Speaker 1: You can catch that program Sunday afternoons on Bloomberg Radio. 417 00:22:00,680 --> 00:22:02,760 Speaker 1: Earnings will also be in focus this week, john with 418 00:22:02,800 --> 00:22:07,760 Speaker 1: two dozen companies reporting. The highlight comes Wednesday with Disney's results. Meantime, 419 00:22:07,760 --> 00:22:10,200 Speaker 1: at dimming earnings outlook is at odds with the recent 420 00:22:10,240 --> 00:22:13,040 Speaker 1: rebound in stock markets. That's according to strategist of Morgan 421 00:22:13,119 --> 00:22:16,359 Speaker 1: Stanley and Goldman Sachs. Both Morgan Stanley's Mike Wilson and 422 00:22:16,440 --> 00:22:20,560 Speaker 1: Goldman's David Costan expect corporate profit margins to contract next year, 423 00:22:20,720 --> 00:22:23,800 Speaker 1: give an unrelenting cost pressures and a surprise in the 424 00:22:23,840 --> 00:22:27,280 Speaker 1: private equity space. This morning, Carlisle Groups CEO k song 425 00:22:27,400 --> 00:22:31,479 Speaker 1: Leah stepped down. Lee's five year employment contract was due 426 00:22:31,520 --> 00:22:33,880 Speaker 1: to expire at the end of the year. Bloomberg News 427 00:22:33,880 --> 00:22:36,720 Speaker 1: has learned that Lee and Carlisle's board clashed over the 428 00:22:36,840 --> 00:22:40,760 Speaker 1: contract at recent discussions. The firm's co founder, Bill Conway 429 00:22:40,800 --> 00:22:44,160 Speaker 1: will step in as the interim CEO, and shares of 430 00:22:44,200 --> 00:22:48,119 Speaker 1: Signify Health are up more than eighteen percent in early trading. 431 00:22:48,160 --> 00:22:51,399 Speaker 1: The Wall Street Journals reporting CVS plans to submit a 432 00:22:51,400 --> 00:22:55,040 Speaker 1: bid for the Norwalk, Connecticut based healthcare company. Right now, 433 00:22:55,160 --> 00:22:58,880 Speaker 1: SMP futures are up nine points, STOLE futures up fifty three. 434 00:22:59,240 --> 00:23:02,080 Speaker 1: NASTAC future are higher by forty six points. The decks 435 00:23:02,080 --> 00:23:04,399 Speaker 1: in Germany have three tenths percent. The CAC in Paris 436 00:23:04,480 --> 00:23:07,040 Speaker 1: is higher by a half percent. The tenure treasury is 437 00:23:07,080 --> 00:23:09,720 Speaker 1: up eight thirty seconds. The yield two point seven nine percent, 438 00:23:09,800 --> 00:23:12,560 Speaker 1: yield on the two year three point one nine percent, 439 00:23:12,920 --> 00:23:15,320 Speaker 1: nimex screwed is down six tenths per cent, or fifty 440 00:23:15,400 --> 00:23:17,879 Speaker 1: six cents at eighty eight dollars forty five cents a barrel. 441 00:23:18,040 --> 00:23:21,760 Speaker 1: Comics gold Little changed up a dollar sewenty for announce 442 00:23:21,960 --> 00:23:24,320 Speaker 1: the euro one point zero one eight one against the dollar, 443 00:23:24,440 --> 00:23:27,840 Speaker 1: the yen one thirty five point zero seven Bitcoin trading 444 00:23:27,840 --> 00:23:30,800 Speaker 1: at about twenty four thousand, one hundred dollars. Straight ahead 445 00:23:30,840 --> 00:23:33,600 Speaker 1: your latest local headlines and the check of sports. This 446 00:23:34,240 --> 00:23:40,720 Speaker 1: is Bloomberg. Thanks Nathan five three on Wall Street Time 447 00:23:40,720 --> 00:23:42,960 Speaker 1: to bring in Michael Barr with more on what else 448 00:23:43,040 --> 00:23:46,040 Speaker 1: is going on in New York and around the world. John, 449 00:23:46,119 --> 00:23:48,440 Speaker 1: thank you very much, sir. New York Mayor Eric Adams 450 00:23:48,440 --> 00:23:51,720 Speaker 1: on Sunday greeted another bus of migrants who arrived on 451 00:23:51,760 --> 00:23:55,240 Speaker 1: the East Coast send by Texas, saying their treatment by 452 00:23:55,280 --> 00:23:58,159 Speaker 1: the states governor has been horrific. The first bus of 453 00:23:58,200 --> 00:24:01,320 Speaker 1: about fifty migrants arrived on for today, with Texas Governor 454 00:24:01,320 --> 00:24:04,480 Speaker 1: Greg Abbott saying he was testing New York's smitment to 455 00:24:04,720 --> 00:24:08,560 Speaker 1: being a sanctuary city. Adam says while the migrants are welcome, 456 00:24:08,600 --> 00:24:12,040 Speaker 1: they're being forced onto buses. Some of the families are 457 00:24:12,160 --> 00:24:16,240 Speaker 1: on the bus that wanted to go to other locations 458 00:24:16,280 --> 00:24:18,400 Speaker 1: and they were not allowed to do so. They were 459 00:24:18,440 --> 00:24:23,040 Speaker 1: forced on the bus u with the understanding that they 460 00:24:23,040 --> 00:24:25,480 Speaker 1: were going to other locations that they wanted to go to, 461 00:24:26,080 --> 00:24:28,760 Speaker 1: and when they tried to explain, they were not allowed 462 00:24:28,800 --> 00:24:31,600 Speaker 1: to do so. Mayor Adams says Governor Abbitt is using 463 00:24:31,680 --> 00:24:35,640 Speaker 1: humans as political powns. The Trying State area remains under 464 00:24:35,680 --> 00:24:39,680 Speaker 1: a heat advisory. It's expected to aspire tomorrow night at 465 00:24:39,720 --> 00:24:44,560 Speaker 1: a PM. As for today, ninety degree plus temperatures will 466 00:24:44,720 --> 00:24:48,119 Speaker 1: feel like it's one hundred degrees. President Joe Biden and 467 00:24:48,160 --> 00:24:51,479 Speaker 1: First Lady Joe Biden are planning to visit Kentucky today 468 00:24:51,560 --> 00:24:54,680 Speaker 1: to meet with families who have suffered from historic flooding. 469 00:24:54,960 --> 00:24:58,320 Speaker 1: At least thirty seven people have died. When schools in 470 00:24:58,359 --> 00:25:01,960 Speaker 1: Madison County, North Carolina, head back into session later this month, 471 00:25:02,240 --> 00:25:06,080 Speaker 1: students will be greeted by school resource officers and their 472 00:25:06,240 --> 00:25:10,160 Speaker 1: new A R fifteen rifles. Both the Madison County Sheriff 473 00:25:10,200 --> 00:25:13,600 Speaker 1: and the school district superintendent have supported the measure, which 474 00:25:13,600 --> 00:25:18,120 Speaker 1: will have six semi automatic rifles inside the district's schools 475 00:25:18,160 --> 00:25:21,119 Speaker 1: behind a lock safe in the event of an active shooter. 476 00:25:21,600 --> 00:25:25,520 Speaker 1: Dr Dorothy Espalage is a UNC Chapel Hill professor in 477 00:25:25,560 --> 00:25:28,720 Speaker 1: the School of Education. It's what we call hardening in 478 00:25:28,760 --> 00:25:31,000 Speaker 1: the schools, and it's what's going to happen, is that 479 00:25:31,040 --> 00:25:34,880 Speaker 1: we're going to have um accidents with these guns. Dr 480 00:25:35,040 --> 00:25:37,399 Speaker 1: Espalage says when she first hearned of the measure, she 481 00:25:37,480 --> 00:25:40,639 Speaker 1: thought it was a joke. Can Fake News Global News 482 00:25:40,640 --> 00:25:43,760 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 483 00:25:44,040 --> 00:25:47,159 Speaker 1: powered by more than twenty seven hundred journalists analysts more 484 00:25:47,160 --> 00:25:49,600 Speaker 1: than a hundred twenty countries. H Michael Barr and this 485 00:25:49,640 --> 00:25:58,240 Speaker 1: is Bloomberg, John, Michael, thank you, thirty five on Wall Street. 486 00:25:58,240 --> 00:26:01,280 Speaker 1: That time at the Bloomberg Sports Update, here's John stash Hour. 487 00:26:08,520 --> 00:26:10,920 Speaker 1: And as we wait for John Stash in Sports, let's 488 00:26:10,920 --> 00:26:12,960 Speaker 1: get you up to date on the markets this morning. 489 00:26:13,240 --> 00:26:16,199 Speaker 1: The Dale futures right now fifty two points higher. S 490 00:26:16,280 --> 00:26:19,040 Speaker 1: and P futures there are eight points. And as they 491 00:26:19,160 --> 00:26:24,560 Speaker 1: Emity futures right now they are higher by forty four points. Yeah, 492 00:26:24,680 --> 00:26:27,199 Speaker 1: let's do the Tri State Business Report, and for that 493 00:26:27,359 --> 00:26:31,840 Speaker 1: this morning, we're joined by Bloomberg's and Query indeed is 494 00:26:31,840 --> 00:26:35,080 Speaker 1: set to remain one of Connecticut's biggest corporate employers for 495 00:26:35,119 --> 00:26:39,160 Speaker 1: the foreseeable future. The career services provider has renewed its 496 00:26:39,200 --> 00:26:42,840 Speaker 1: office leases in downtown Stamford, where has added several hundred 497 00:26:42,840 --> 00:26:46,679 Speaker 1: employees in the past few years. Vantage the Business Cloud 498 00:26:46,680 --> 00:26:50,160 Speaker 1: Communications Company, has moved its corporate headquarters a little over 499 00:26:50,240 --> 00:26:54,640 Speaker 1: three miles to Bell Works, the former historic Bell Labs 500 00:26:54,720 --> 00:26:58,000 Speaker 1: building in Home Deale, New Jersey. For more than a decade. 501 00:26:58,000 --> 00:27:00,960 Speaker 1: Advantages least twenty three Main Street. They're one of the 502 00:27:00,960 --> 00:27:04,560 Speaker 1: biggest office buildings at the Jersey Shore. Dom Pearre and 503 00:27:04,680 --> 00:27:07,600 Speaker 1: Yon has raised the bar on Yahn Charters. This summer, 504 00:27:07,880 --> 00:27:10,000 Speaker 1: you can hire the brands eighty eight foot yacht and 505 00:27:10,040 --> 00:27:14,000 Speaker 1: be treated to dinner from a three Michelin starred sushi restaurant. 506 00:27:14,200 --> 00:27:17,919 Speaker 1: The Experienced costs thirty thousand bucks for a four hour cruise. 507 00:27:18,040 --> 00:27:21,880 Speaker 1: It departs from sag Harbor Village Marina or Gurney Star 508 00:27:22,000 --> 00:27:24,840 Speaker 1: Island Marina in montuck eure up to date on bet 509 00:27:24,880 --> 00:27:28,240 Speaker 1: your Bloomberg Crying State Business Report. I'm ed Corey. Alright, 510 00:27:28,280 --> 00:27:31,359 Speaker 1: thanks said, it is five thirty seven on the Wall Street. 511 00:27:31,440 --> 00:27:34,320 Speaker 1: Let's get the sports up day now. Good morning, John Show. 512 00:27:34,400 --> 00:27:36,639 Speaker 1: All right, John, I think we're connected. A tale of 513 00:27:36,720 --> 00:27:39,320 Speaker 1: two weekends. Great for the Mets, not so hot for 514 00:27:39,359 --> 00:27:42,439 Speaker 1: the Yankees. Two teams now have identical records. Seventy and 515 00:27:42,480 --> 00:27:45,440 Speaker 1: thirty nine. Were really excites Mets fans the last two 516 00:27:45,480 --> 00:27:47,720 Speaker 1: games of this five game series of Atlanta, that one 517 00:27:47,800 --> 00:27:51,119 Speaker 1: two punch has arrived. Jacob Degram was hurt. Then so 518 00:27:51,280 --> 00:27:53,520 Speaker 1: was Max Serzer. They're both down healthy. The day after 519 00:27:53,600 --> 00:27:56,760 Speaker 1: shows were dominated, so did de Gram. His first five 520 00:27:56,800 --> 00:27:59,440 Speaker 1: innings were perfect. He got seventeen outs, all but five 521 00:27:59,480 --> 00:28:01,720 Speaker 1: were straight ats. He got his first win in thirteen 522 00:28:01,760 --> 00:28:04,680 Speaker 1: months to Ellie rod Reaguez and Edwin Diaz followed him. 523 00:28:04,680 --> 00:28:07,720 Speaker 1: The three combined for nineteen strikeouts. Mets beat the Raise 524 00:28:07,800 --> 00:28:10,399 Speaker 1: five to two, took four or five in the series. 525 00:28:10,440 --> 00:28:13,760 Speaker 1: Buck Showalter credits the city field crowd to pick me up. 526 00:28:13,960 --> 00:28:19,080 Speaker 1: It's from a tough tex And series, and the fans 527 00:28:19,080 --> 00:28:23,760 Speaker 1: have been huge for us emotionally too, because you know, 528 00:28:24,080 --> 00:28:25,440 Speaker 1: to come out and as hard as it is and 529 00:28:25,440 --> 00:28:27,840 Speaker 1: as uncomfortable as some of the games have been physically 530 00:28:28,119 --> 00:28:30,159 Speaker 1: for them to come out and support, uh, you know, 531 00:28:30,240 --> 00:28:32,879 Speaker 1: the team. The guys really fed off of it. That 532 00:28:32,960 --> 00:28:34,840 Speaker 1: Met saw the division lego from ten and a half 533 00:28:34,880 --> 00:28:36,440 Speaker 1: down to a half game. It's now back up the 534 00:28:36,600 --> 00:28:39,280 Speaker 1: six and a half. They host Cincinnati tonight. That's the Yankees. 535 00:28:39,320 --> 00:28:42,320 Speaker 1: Great pitching Saturday, but a one nothing lost in St. Louis, 536 00:28:42,360 --> 00:28:44,400 Speaker 1: and then nine runs yesterday, but they lost with the 537 00:28:44,400 --> 00:28:47,040 Speaker 1: Cardinals twelve to nine. And they're losing streakers read five 538 00:28:47,400 --> 00:28:49,920 Speaker 1: just nine wins over the last twenty five games. They 539 00:28:49,920 --> 00:28:53,120 Speaker 1: recently acquired. Frankie Mantas made his debut. It did not 540 00:28:53,280 --> 00:28:55,600 Speaker 1: go well and the loss. Aaron Judge did drive in 541 00:28:55,600 --> 00:28:58,040 Speaker 1: four runs, Labor torre As, Aaron Hicks, d J le 542 00:28:58,080 --> 00:29:00,080 Speaker 1: Menu all but three hits with the Yanks string and 543 00:29:00,200 --> 00:29:02,600 Speaker 1: it well gets swept in a three game series for 544 00:29:02,640 --> 00:29:06,400 Speaker 1: the first time all year. They take tonight. Bloomberg's work 545 00:29:06,840 --> 00:29:09,000 Speaker 1: all right, John, Thanks a lot Iti is now five 546 00:29:09,160 --> 00:29:12,880 Speaker 1: thirty eight on Wall Street. The following is an editorial 547 00:29:13,000 --> 00:29:17,080 Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg 548 00:29:17,240 --> 00:29:21,720 Speaker 1: Editorial Board. Sri Lanka's new president ra Neil Wick Ramasinga 549 00:29:22,000 --> 00:29:24,920 Speaker 1: needs all the help he can get. That's why he 550 00:29:25,000 --> 00:29:28,120 Speaker 1: should be trying to win over his many critics, not 551 00:29:28,560 --> 00:29:32,760 Speaker 1: suppress them. The scale of the crisis confronting Sri Lanka 552 00:29:33,040 --> 00:29:36,800 Speaker 1: is daunting. The country is effectively broke, and months of 553 00:29:36,840 --> 00:29:40,880 Speaker 1: demonstrations drove the previous president from power in mid July. 554 00:29:41,520 --> 00:29:46,000 Speaker 1: Many protesters are no less suspicious of his successor. The 555 00:29:46,080 --> 00:29:49,280 Speaker 1: new president didn't help his case by immediately ordering the 556 00:29:49,320 --> 00:29:53,560 Speaker 1: military to clear the main protest site by force. Seeking 557 00:29:53,600 --> 00:29:58,200 Speaker 1: to crush the opposition is a deeply short sighted strategy. 558 00:29:58,600 --> 00:30:03,239 Speaker 1: The new president instead must address protesters legitimate demands for 559 00:30:03,320 --> 00:30:07,600 Speaker 1: political reform. Trying to paper over this crisis will only 560 00:30:07,720 --> 00:30:11,440 Speaker 1: hasten the next one. This editorial was written by the 561 00:30:11,440 --> 00:30:14,920 Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to 562 00:30:14,960 --> 00:30:18,520 Speaker 1: Bloomberg dot com, slash opinion or ope I n go 563 00:30:18,840 --> 00:30:23,240 Speaker 1: on the Bloomberg terminal. This has been Bloomberg Opinion. Bloomberg 564 00:30:23,320 --> 00:30:25,880 Speaker 1: Opinion editorial is gonna be heard every weekday at this 565 00:30:26,000 --> 00:30:29,000 Speaker 1: time terminal customers, you can read more head O, p 566 00:30:29,440 --> 00:30:32,880 Speaker 1: I n go. Well, Friday is stronger than expected non 567 00:30:32,920 --> 00:30:35,920 Speaker 1: farm payrolls. That adding to the case for more fit 568 00:30:36,080 --> 00:30:39,840 Speaker 1: monetary tning traders. Also, we'll be looking to inflation numbers 569 00:30:39,880 --> 00:30:43,920 Speaker 1: do this week for clues on the policy path ahead 570 00:30:43,920 --> 00:30:45,800 Speaker 1: of the cash open on the Wall Street this morning, 571 00:30:45,840 --> 00:30:48,239 Speaker 1: we have futures in the green, the down futures there 572 00:30:48,240 --> 00:30:51,200 Speaker 1: are fifty six points two tents of a percent ryans 573 00:30:51,280 --> 00:30:54,320 Speaker 1: this morning smp emny futures up nine points. That's up 574 00:30:54,320 --> 00:30:57,080 Speaker 1: two tents of a percent. And then as the many 575 00:30:57,120 --> 00:31:00,720 Speaker 1: futures right now at forty five points a Ryan's three 576 00:31:00,760 --> 00:31:05,200 Speaker 1: tenths of a percent. And the inversion continues. With the treasuries, 577 00:31:05,360 --> 00:31:08,560 Speaker 1: the two tents spread negative forty one basis points, the 578 00:31:08,560 --> 00:31:11,400 Speaker 1: two year at three point two percent, the taine here 579 00:31:11,520 --> 00:31:16,680 Speaker 1: yield two points seven nine. And you're listening the Bloomberg 580 00:31:16,720 --> 00:31:23,320 Speaker 1: day Break. And just ahead on Bloomberg day Break, Dr 581 00:31:23,400 --> 00:31:26,720 Speaker 1: Julie Norman will join us from University College in London 582 00:31:27,120 --> 00:31:29,080 Speaker 1: to tell us what's in the big climate bill that 583 00:31:29,160 --> 00:31:31,920 Speaker 1: was passed by the Senate and what it leaves out. 584 00:31:32,400 --> 00:31:38,560 Speaker 1: That's all straight ahead. This is Bloomberg Markets, headlines and 585 00:31:38,680 --> 00:31:41,960 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 586 00:31:42,080 --> 00:31:45,600 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Take. He's 587 00:31:45,640 --> 00:31:55,040 Speaker 1: a Bloomberg Business Lash. I'm Nathan Hagar. Futures are advancing, 588 00:31:55,080 --> 00:31:58,800 Speaker 1: Treasury yields are falling as investors assess the path of 589 00:31:58,880 --> 00:32:02,960 Speaker 1: monetary policy. Before key inflation data later this week. We 590 00:32:03,080 --> 00:32:05,640 Speaker 1: check the markets every fifteen minutes during the trading day. 591 00:32:05,680 --> 00:32:08,320 Speaker 1: On Bloomberg SMP futures are up ten points right now, 592 00:32:08,400 --> 00:32:11,959 Speaker 1: DAL future is up sixty two NASDAC futures up forty 593 00:32:11,960 --> 00:32:14,840 Speaker 1: eight points. The ten year Treasury is up eight thirty seconds. 594 00:32:14,880 --> 00:32:18,040 Speaker 1: The yield two point seven nine percent yield on the 595 00:32:18,040 --> 00:32:21,240 Speaker 1: two year three point two zero percent. Nim X screwed 596 00:32:21,360 --> 00:32:23,480 Speaker 1: is down seven tenths per cent, or sixty three cents 597 00:32:23,480 --> 00:32:26,000 Speaker 1: at eighty eight dollars. Thirty eight cents in barrel comes. 598 00:32:26,080 --> 00:32:28,200 Speaker 1: Gold up about a tenth percent or a dollar sixty 599 00:32:28,280 --> 00:32:32,200 Speaker 1: eight seventeen eighty announce. The Euro one point zero one 600 00:32:32,240 --> 00:32:34,520 Speaker 1: eight zero against the dollar, British pound one point to 601 00:32:34,720 --> 00:32:38,240 Speaker 1: zero seven three the end one thirty five point zero four. 602 00:32:38,640 --> 00:32:41,720 Speaker 1: Bitcoin up three point eight percent, twenty four thousand on 603 00:32:42,520 --> 00:32:45,360 Speaker 1: five dollars. That's the Bloomberg Business Flash. And now here's 604 00:32:45,400 --> 00:32:47,800 Speaker 1: Michael Barr with more on what's going on around the world. 605 00:32:47,880 --> 00:32:50,640 Speaker 1: Good morning, Michael, Good morning Nathan. The Senate has approved 606 00:32:50,640 --> 00:32:54,800 Speaker 1: the Democrats Economic Package. The legislation is less ambitious than 607 00:32:54,880 --> 00:32:59,120 Speaker 1: President Joe Biden's original domestic goals, but it does embody, 608 00:32:59,240 --> 00:33:04,680 Speaker 1: deep rooted part dreams of slowing global warming, moderating pharmaceutical costs, 609 00:33:05,000 --> 00:33:09,680 Speaker 1: and taxing big corporations. Just out of COVID quarantine, President 610 00:33:09,720 --> 00:33:12,719 Speaker 1: Biden hands for Kentucky with the First Lady. Today they 611 00:33:12,760 --> 00:33:15,600 Speaker 1: would tour the very hard hit eastern part of the 612 00:33:15,600 --> 00:33:19,280 Speaker 1: state from deadly flooding. In baseball, the Yankees lost to 613 00:33:19,320 --> 00:33:23,520 Speaker 1: the Cardinals twelve nine. The Mats beat the Braves five two, 614 00:33:24,000 --> 00:33:28,160 Speaker 1: The Red Sox, Orioles and Nationals all lost. The Giants 615 00:33:28,200 --> 00:33:31,720 Speaker 1: beat the A's six four. Global News twenty four hours 616 00:33:31,720 --> 00:33:34,920 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 617 00:33:34,960 --> 00:33:37,720 Speaker 1: more than seven hundred journalists and analysts more than a 618 00:33:37,960 --> 00:33:41,360 Speaker 1: d twenty countries. Michael barn this is Bloomberg, John, Michael, 619 00:33:41,400 --> 00:33:44,400 Speaker 1: thank you. It is five forty nine on Walster. We 620 00:33:44,480 --> 00:33:48,120 Speaker 1: are live from the Bloomberg Interact of Brokers Studios. Well, 621 00:33:48,120 --> 00:33:51,960 Speaker 1: the Senate has passed the landmark tax, Climate and Healthcare Bill, 622 00:33:52,360 --> 00:33:54,360 Speaker 1: so let's take up a bit of a deeper dive 623 00:33:54,440 --> 00:33:57,440 Speaker 1: this morning with Dr Julie Norman lecture at the University 624 00:33:57,480 --> 00:34:00,640 Speaker 1: College in London. Dr thanks for being with us. Can 625 00:34:00,720 --> 00:34:05,800 Speaker 1: you give me your impression of the bill and its impact. Yeah. Sure, 626 00:34:05,880 --> 00:34:09,360 Speaker 1: So it's a very notable bill for climate change, first 627 00:34:09,400 --> 00:34:12,200 Speaker 1: and foremost, really the first major piece of legislation that 628 00:34:12,239 --> 00:34:16,279 Speaker 1: we've seen trying to address global warming, investing nearly four 629 00:34:16,360 --> 00:34:20,279 Speaker 1: hundred billion dollars over the next ten years that Democrats 630 00:34:20,280 --> 00:34:23,960 Speaker 1: say will cut greenhouse gas emissions by about forty of 631 00:34:24,000 --> 00:34:26,799 Speaker 1: the two thousand five levels, So getting close to meeting 632 00:34:26,840 --> 00:34:29,560 Speaker 1: some of Biden schools on that. And it's important to 633 00:34:29,600 --> 00:34:32,800 Speaker 1: note they're trying to do this mostly through tax credits 634 00:34:33,360 --> 00:34:35,919 Speaker 1: rather than through any kind of tax penalties, So really 635 00:34:35,920 --> 00:34:40,719 Speaker 1: trying to nudge consumers towards electric vehicles, electric appliances, and 636 00:34:40,800 --> 00:34:44,360 Speaker 1: moreover try and trying to nudge you know, utility companies 637 00:34:44,480 --> 00:34:48,840 Speaker 1: energy uh companies towards energy sources like wind and solar power. 638 00:34:49,320 --> 00:34:52,000 Speaker 1: So by going through this kind of approach, they're hoping 639 00:34:52,080 --> 00:34:54,640 Speaker 1: to at least start some traction on climate change, not 640 00:34:54,719 --> 00:34:57,399 Speaker 1: going as far as, of course, some progressives would want, 641 00:34:57,560 --> 00:34:59,960 Speaker 1: but trying to hit that sweet spot for this compromise 642 00:35:00,120 --> 00:35:03,040 Speaker 1: is so definitely a big deal in that area. Um 643 00:35:03,120 --> 00:35:06,880 Speaker 1: And secondly, of course, in terms of expanding the Affordable 644 00:35:06,880 --> 00:35:09,359 Speaker 1: Care Act subsidies, they're hoping we'll go a long way 645 00:35:09,360 --> 00:35:12,839 Speaker 1: with voters this year and finally meeting this long term 646 00:35:12,840 --> 00:35:17,040 Speaker 1: Democrat goal of allowing Medicare to negotiate with drugmakers for 647 00:35:17,080 --> 00:35:20,480 Speaker 1: prescription medicine prices. It's something that Democrats have been pushing 648 00:35:20,520 --> 00:35:22,680 Speaker 1: for for a while, So from a Democrat point of view, 649 00:35:22,719 --> 00:35:26,200 Speaker 1: it's a big win. Um, what's is there any significance 650 00:35:26,320 --> 00:35:30,120 Speaker 1: to what's not in this bill? Well, there certainly is. 651 00:35:30,400 --> 00:35:32,960 Speaker 1: You know, if we look back to the initial plans 652 00:35:33,000 --> 00:35:35,719 Speaker 1: for a build back Better a year ago, Democrats were 653 00:35:35,719 --> 00:35:39,719 Speaker 1: hoping for two trillion dollars worth of spending on not 654 00:35:39,800 --> 00:35:42,520 Speaker 1: only climate, but on different kinds of what they called 655 00:35:42,600 --> 00:35:46,240 Speaker 1: human infrastructure, pre K program programs, all these kinds of things. 656 00:35:46,520 --> 00:35:49,320 Speaker 1: None of those are there anymore, and even the climate 657 00:35:49,400 --> 00:35:53,280 Speaker 1: measures have been significantly scaled back. So again it's definitely 658 00:35:53,320 --> 00:35:56,120 Speaker 1: not as much as some would want. Bernie Sanders up 659 00:35:56,200 --> 00:35:58,800 Speaker 1: until the eleventh hour, was trying to push for even 660 00:35:58,840 --> 00:36:01,640 Speaker 1: some more measures to be included, but those did not 661 00:36:01,719 --> 00:36:04,960 Speaker 1: make the final bill. But again for Democrats, they're working 662 00:36:04,960 --> 00:36:07,400 Speaker 1: with the reality that they have not only the fifty 663 00:36:07,480 --> 00:36:10,880 Speaker 1: fifty Senate, but a really difficult situation with their own party, 664 00:36:10,880 --> 00:36:13,359 Speaker 1: with getting all fifty senators on board and they were 665 00:36:13,400 --> 00:36:16,840 Speaker 1: able to do that. Is this the Senate's accomplishment or 666 00:36:16,880 --> 00:36:20,680 Speaker 1: is it the White House and the administration's accomplishment. Who 667 00:36:20,680 --> 00:36:24,040 Speaker 1: gets the credit? It's a good question. I think we'll 668 00:36:24,280 --> 00:36:27,000 Speaker 1: we'll see all sides trying to to take a little 669 00:36:27,040 --> 00:36:30,040 Speaker 1: bit of the celebration here. I mean, we can definitely 670 00:36:30,080 --> 00:36:34,240 Speaker 1: say that this particular goal came out of ongoing negotiations 671 00:36:34,239 --> 00:36:38,920 Speaker 1: between Schumer, uh and a Mansion in particular, over months 672 00:36:38,960 --> 00:36:41,840 Speaker 1: of back and forth. So I think there's some credit 673 00:36:41,880 --> 00:36:44,160 Speaker 1: to be said for the Senate and really trying to 674 00:36:44,320 --> 00:36:46,439 Speaker 1: find something that was going to work for again, all 675 00:36:46,520 --> 00:36:50,320 Speaker 1: fifty senators there. With that said, again, you know Biden 676 00:36:50,440 --> 00:36:53,279 Speaker 1: has you know, kind of given that permission to the 677 00:36:53,320 --> 00:36:54,920 Speaker 1: Senate to do what they need to do to try 678 00:36:55,000 --> 00:36:57,399 Speaker 1: and get something through. It's going to be a win 679 00:36:57,480 --> 00:37:00,400 Speaker 1: for him. I don't think it'll change things to aradically 680 00:37:00,400 --> 00:37:03,000 Speaker 1: for the mid terms, but it does show Democrats for 681 00:37:03,080 --> 00:37:06,000 Speaker 1: Biden and as well as for congressional races, the sense 682 00:37:06,040 --> 00:37:08,879 Speaker 1: that Congress can occasionally do something and that was really 683 00:37:08,880 --> 00:37:11,359 Speaker 1: important message for them to get across going into this 684 00:37:11,800 --> 00:37:14,520 Speaker 1: next fall with the elections, and of course the opposition 685 00:37:14,600 --> 00:37:18,920 Speaker 1: was unified Mitch McConnell arguing it's a job killer because 686 00:37:19,080 --> 00:37:23,719 Speaker 1: of tax hikes. Any truth in that, well, certainly from 687 00:37:23,760 --> 00:37:27,000 Speaker 1: the Republican point of view. The other part of this 688 00:37:27,080 --> 00:37:31,720 Speaker 1: bill is the minimum fifteen percent tax on corporations earning 689 00:37:31,760 --> 00:37:35,600 Speaker 1: over one billion dollars. So from a Republican point of view, 690 00:37:36,239 --> 00:37:38,799 Speaker 1: that is seen as something that hurts businesses, that they 691 00:37:38,800 --> 00:37:42,000 Speaker 1: say will hurt job growth. From the Democrat point of view, 692 00:37:42,000 --> 00:37:45,719 Speaker 1: they were very targeted in that uh Senator cinema the 693 00:37:46,280 --> 00:37:48,760 Speaker 1: last couple of days really tried to tailor that piece 694 00:37:48,760 --> 00:37:50,560 Speaker 1: of it in particular to make sure that it was 695 00:37:50,600 --> 00:37:54,480 Speaker 1: hitting certain corporations and not others like private equity firms. 696 00:37:54,640 --> 00:37:56,680 Speaker 1: So they were quite intention on how they did that. 697 00:37:56,800 --> 00:37:59,640 Speaker 1: But the Republican talking point will be that will hurt nonetheless, 698 00:38:00,280 --> 00:38:03,880 Speaker 1: always a pleasure. Dr Julie Norman Leisher at University College 699 00:38:04,040 --> 00:38:07,959 Speaker 1: in London with us this morning. Thank you very much, Nathan, Okay, John, Thanks, 700 00:38:08,000 --> 00:38:10,160 Speaker 1: It's five fifty three on Wall Street. Time now for 701 00:38:10,239 --> 00:38:12,920 Speaker 1: our Bloomberg Law Report. Let's get to the legal stories 702 00:38:12,960 --> 00:38:18,839 Speaker 1: are watching this morning with Bloomberg's Jeff Balinger, the top 703 00:38:18,920 --> 00:38:21,680 Speaker 1: lawyer at the e p A, says the agency is 704 00:38:21,719 --> 00:38:24,839 Speaker 1: continuing to build up at Civil Rights Enforcement Office as 705 00:38:24,920 --> 00:38:28,040 Speaker 1: part of an ongoing effort to move to a proactive program. 706 00:38:28,239 --> 00:38:30,719 Speaker 1: The Southern District of New York rule that an all 707 00:38:30,760 --> 00:38:34,320 Speaker 1: state employee who claimed she was sexually assaulted and falsely 708 00:38:34,400 --> 00:38:38,319 Speaker 1: imprisoned by her supervisor must disclose her real name, and 709 00:38:38,400 --> 00:38:41,000 Speaker 1: audited by the New York State Controller's Office found that 710 00:38:41,080 --> 00:38:43,680 Speaker 1: the state made more than seven hundred million dollars in 711 00:38:43,760 --> 00:38:47,920 Speaker 1: medicaid payments for recipients who were ineligible for the program. 712 00:38:48,040 --> 00:38:52,920 Speaker 1: Bloomberg Law everything you need, all on one legal research platform, 713 00:38:53,040 --> 00:38:57,680 Speaker 1: including guidance analysis and Bloomberg market Intelligence. Find out more 714 00:38:57,719 --> 00:39:01,880 Speaker 1: at Bloomberg Law dot com. And now to another legal 715 00:39:01,880 --> 00:39:04,840 Speaker 1: story we're watching. Netflix is suing the creators of the 716 00:39:04,920 --> 00:39:09,000 Speaker 1: unofficial Bridge Retain musical for copyright and trademark infringement, saying 717 00:39:09,000 --> 00:39:13,240 Speaker 1: the musical rips off their original series. Bridgetin creator's Abigail 718 00:39:13,280 --> 00:39:16,320 Speaker 1: Barlow and Emily Bear won a Grammy for Best Musical 719 00:39:16,360 --> 00:39:19,000 Speaker 1: Album for the fifteen song album based on the Bridge 720 00:39:19,000 --> 00:39:21,520 Speaker 1: Retain series, but when the pair stage to sold out 721 00:39:21,520 --> 00:39:24,480 Speaker 1: performance at the Kennedy Center in Washington, d C, Netflix 722 00:39:24,520 --> 00:39:28,520 Speaker 1: decided enough was enough and sued for more. Bloomberg's June 723 00:39:28,520 --> 00:39:32,720 Speaker 1: Grosso speaks to intellectual property litigator Terrence Ross, a partner 724 00:39:32,840 --> 00:39:37,120 Speaker 1: at Captain Mutchen Rosenman. So, Terry, is this considered a parody? 725 00:39:37,320 --> 00:39:40,920 Speaker 1: I don't think so, not even in the broadest definition 726 00:39:41,080 --> 00:39:45,239 Speaker 1: of parody. It is clear that actual dialogue from the 727 00:39:45,239 --> 00:39:49,480 Speaker 1: Bridgetin Intellvision show is used as lyrics. The characters on 728 00:39:49,520 --> 00:39:53,440 Speaker 1: the stage were apparently dressed in costumes that were similar 729 00:39:53,480 --> 00:39:56,400 Speaker 1: to the ones used Intelligence show, the settings were similar 730 00:39:56,440 --> 00:39:59,960 Speaker 1: to the Intellivision show, and the parent intent and effect 731 00:40:00,080 --> 00:40:03,680 Speaker 1: upon the audience was to recreate the Bridger Tin television 732 00:40:03,719 --> 00:40:07,160 Speaker 1: experience in a live performance with music. So then does 733 00:40:07,160 --> 00:40:10,839 Speaker 1: it appear that Barlow and there are using the intellectual 734 00:40:10,880 --> 00:40:15,879 Speaker 1: property of Netflix without permission, constituting copyright infringement. So there's 735 00:40:15,880 --> 00:40:19,040 Speaker 1: no doubt in my mind whatsoever that the plainists here 736 00:40:19,440 --> 00:40:22,560 Speaker 1: Netflix have established, on the face of the completing of 737 00:40:22,600 --> 00:40:25,160 Speaker 1: Prime a fashion case of copyright infringement as well as 738 00:40:25,200 --> 00:40:28,120 Speaker 1: trademark infringement. The question we should be afking, well, what's 739 00:40:28,160 --> 00:40:31,160 Speaker 1: the defense that we're going to see from miss Barlow 740 00:40:31,200 --> 00:40:35,360 Speaker 1: and miss bear And based on path cases in which 741 00:40:35,480 --> 00:40:38,920 Speaker 1: fan fiction has been charged with copyright infringement, we typically 742 00:40:38,960 --> 00:40:43,000 Speaker 1: see two defenses, one that we had the implied authorization 743 00:40:43,080 --> 00:40:45,840 Speaker 1: to do this, or to that our use of the 744 00:40:45,840 --> 00:40:48,480 Speaker 1: original work was a fair use and therefore protected from 745 00:40:48,520 --> 00:40:51,680 Speaker 1: copyright infringement. Go through what a fair use analysis might 746 00:40:51,800 --> 00:40:54,600 Speaker 1: look like here. The approach that has to be taken 747 00:40:54,600 --> 00:40:57,080 Speaker 1: in these fan fiction cases with respect the fair use 748 00:40:57,160 --> 00:41:00,799 Speaker 1: defense is the work sufficiently transformed it if that it 749 00:41:00,840 --> 00:41:04,239 Speaker 1: accomplishes some sort of societal good is recognized in the 750 00:41:04,280 --> 00:41:06,600 Speaker 1: Copyright Act. And I think you're gonna be hard pressed 751 00:41:06,640 --> 00:41:08,719 Speaker 1: to see that here. This is not a parody. This 752 00:41:08,800 --> 00:41:13,000 Speaker 1: is very much taking advantage of the original Netflix television 753 00:41:13,040 --> 00:41:16,279 Speaker 1: series Britain and attempting to exploit it. It is very 754 00:41:16,320 --> 00:41:19,400 Speaker 1: different from the sort of transformative works that have been 755 00:41:19,400 --> 00:41:21,399 Speaker 1: approved by the courts in the past. And I think 756 00:41:21,400 --> 00:41:24,840 Speaker 1: this will be a very hard road for the defendants 757 00:41:24,880 --> 00:41:27,440 Speaker 1: to pursue a fair use defense here. I think it's 758 00:41:27,480 --> 00:41:30,400 Speaker 1: far more likely that they're going to have to pursue 759 00:41:30,520 --> 00:41:33,440 Speaker 1: some sort of implied licensed defense. So how would it 760 00:41:33,520 --> 00:41:38,480 Speaker 1: applied license defense were so you see the elements of 761 00:41:38,520 --> 00:41:42,000 Speaker 1: the implied license defense in this case. In the actual complaint, 762 00:41:42,120 --> 00:41:45,439 Speaker 1: the lawyers for Netflix have anticipated that that's the way 763 00:41:45,440 --> 00:41:49,359 Speaker 1: the defendants will attempt to go. They repeatedly point out that, yes, 764 00:41:49,600 --> 00:41:53,640 Speaker 1: there were discussion with Miss Farlow and Miss Bear about 765 00:41:53,719 --> 00:41:56,080 Speaker 1: the fans fiction that they were producing, but in each 766 00:41:56,120 --> 00:41:59,319 Speaker 1: instance they carefully preserve the right and thing, we're not 767 00:41:59,480 --> 00:42:02,120 Speaker 1: authorized sing this, We're not going to do anything about 768 00:42:02,160 --> 00:42:05,160 Speaker 1: it right now, and they always stopped short. So they 769 00:42:05,200 --> 00:42:08,000 Speaker 1: wanted a little bit of this brand fiction without it 770 00:42:08,200 --> 00:42:12,120 Speaker 1: going to the point of displacing their potential marketplace. And 771 00:42:12,200 --> 00:42:14,760 Speaker 1: that was Terence Ross, a partner at Captain muchin speaking 772 00:42:14,800 --> 00:42:17,560 Speaker 1: with Bloomberg's June Grosso. Catch more of that interview, plus 773 00:42:17,600 --> 00:42:20,160 Speaker 1: analysis of the latest legal news by listening to The 774 00:42:20,160 --> 00:42:23,360 Speaker 1: Bloomberg Law Show ten pm Eastern Time on Bloomberg Radio, 775 00:42:23,480 --> 00:42:27,040 Speaker 1: or by subscribing to the Bloomberg Law Podcast, and attorneys 776 00:42:27,080 --> 00:42:30,400 Speaker 1: can find exceptional legal research and business development tools at 777 00:42:30,480 --> 00:42:34,440 Speaker 1: Bloomberg Law dot com. SMP futures are up nine points 778 00:42:34,440 --> 00:42:37,000 Speaker 1: this morning. Down futures up fifty eight. Nan stack futures 779 00:42:37,000 --> 00:42:39,600 Speaker 1: are higher by forty four points. The tenure treasury is 780 00:42:39,680 --> 00:42:43,520 Speaker 1: up seven thirty seconds. They yield two point seven nine 781 00:42:43,719 --> 00:42:47,600 Speaker 1: per cent. You're listening to Bloomberg Gay Break