Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: day Break for Monday AUGUSTO. Coming up this hour, he
Speaker 1: sent it passes a landmark tax, climate and healthcare bill.
Speaker 1: Wall Street races for another key report on inflation. Morgan
Speaker 1: Stanley Goldman Stratagists predict a dimming profit outlook for Corporate America,
Speaker 1: and the CEO of Carlisle Grove unexpectedly steps down. New
Speaker 1: York Mayor Adam says they're welcome, but it's criticizing Governor
Speaker 1: Rabbit after sending a second bus load of migrants from Texas.
Speaker 1: Michael Varner more an I'm John stadshowering forth. Jacob de
Speaker 1: Grand pitched the Mets to victory over the Brave. They
Speaker 1: won four or five of the series. The Yankees swept
Speaker 1: in St. Louis. That's all s trended ahead on Bloomberg
Speaker 1: day Break on Bloomberg Eliving three, on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco, Syrias x AM one nineteen and around
Speaker 1: the world on Bloomberg Radio dot Com and via the
Speaker 1: Bloomberg Business app. Good morning, I'm John Tucker. I'm Nathan Hagar.
Speaker 1: Futures are moving higher this Monday morning. They are coming
Speaker 1: up to five oh one on Wall Street. We checked
Speaker 1: the markets every fifteen minutes during the trading day. On Bloomberg,
Speaker 1: SFP futures are up ten points right now, DWAL future
Speaker 1: is up fifty eight sowar NASDACK futures. The tenure Treasury
Speaker 1: is up nine thirty seconds. The yield two point seven
Speaker 1: nine percent yield on the two year three point one
Speaker 1: n I'm ex screwed down seven cents per cent, or
Speaker 1: sixty four cents at eighty eight dollars thirty three cents
Speaker 1: a barrel. Jonathan will have more on the markets in
Speaker 1: a minute. First, we started in Washington. Over the weekend,
Speaker 1: the Senate passed a landmark tax, climate, and healthcare bill.
Speaker 1: Fifty one Democrats voted in favor of the measure, fifty
Speaker 1: Republicans against it. Vice President Kamala Harris casting the tie
Speaker 1: breaking vote. When it comes to what's of the bill,
Speaker 1: we get more from Bloomberg's head Baxter. The top one
Speaker 1: percent avoided the tax increases liberal Democrats had wanted at
Speaker 1: the beginning. There will be a tax on stock buybacks.
Speaker 1: The legislation also aims to prevent large corporations from exploiting
Speaker 1: tax breaks, and there will be a fifteen percent minimum.
Speaker 1: It did not raise the salt deduction on the climate side,
Speaker 1: and sentived to cut greenhouse gases with a hope to
Speaker 1: cut emissions by about from two thousand five levels by
Speaker 1: the end of the decade. It will extend the tax
Speaker 1: credit on e v s, but there'll be restrictions that
Speaker 1: US electric car makers say will exclude seventy of vehicles,
Speaker 1: and Medicare will be allowed to negotiate drug prices. In
Speaker 1: San Francisco, I'm at Baxter Bloomberg Daybreak, All right, and
Speaker 1: thank you. On Wall Street today, the FED is in
Speaker 1: focus after friday strong jobs reports. Speculation is growing that
Speaker 1: another seventy five basis point rate height could be coming.
Speaker 1: San Francisco FED president Mary Daily tells CBS the Central
Speaker 1: Bank has a lot of work ahead. We are far
Speaker 1: from done yet. That's the promise of the American people.
Speaker 1: We are far from done. We're committed to bringing inflation
Speaker 1: down and will continue to work until that job is
Speaker 1: fully done. So it would still be appropriate to raise
Speaker 1: rates in September by half percent. Absolutely, and you know
Speaker 1: we need to be data dependent. Mary Daily made those
Speaker 1: comments to Margaret Brennan on CBSS Face the Nation and
Speaker 1: catch the program Sunday afternoons on Bloomberg Radio. Mary Daily
Speaker 1: and the Fed get another key report and inflation this Wednesday.
Speaker 1: That's when the government releases the consumer price Index for
Speaker 1: the month of July. I's gonna preview from Bloomberg's Vinny
Speaker 1: Down Judas. We may see some moderation as energy prices retreat.
Speaker 1: Economists say the US household inflation rate, as tracked by
Speaker 1: the Consumer Price Index, probably slipped below nine in July.
Speaker 1: June's on nine point one percent jump, the fastest since
Speaker 1: the Bad Old days for inflation. Inflation remains far above
Speaker 1: the Federal reserves two percent target. The after mathis supply
Speaker 1: shortages and delays. This week's date on US producer prices
Speaker 1: and import prices may also moderate. Benny Dell Judas, bloom Daybreak, Okay,
Speaker 1: if any, thank you, And as we await that report
Speaker 1: on inflation, the outlook from consumers is turning more gloomy.
Speaker 1: When you ask most Americans, they say the economy is
Speaker 1: getting worse and Bloomberg's Doug Krisner has the details. A
Speaker 1: poll from ABC News IPSOS found about sixty of those
Speaker 1: surveyed think the economy is deteriorating. That's the highest since
Speaker 1: two thousand and eight. The poll also finds only thirty
Speaker 1: seven percent saying they approve of how President Biden is
Speaker 1: handling the recovery. That's unchanged from June. We're just three
Speaker 1: months before the midterm elections. US employment is back to
Speaker 1: pre pandemic levels, but inflation is the hottest in decades
Speaker 1: and more stubborn than expected. Demand for gasoline in the
Speaker 1: US is now nine percent below last year in New York.
Speaker 1: On Duck Krisner Bloomberg Daybreak. Alright, thanks Juve. There's also
Speaker 1: earnings to watch this week. We get results from nearly
Speaker 1: two dozen companies in the SP five Hunter. Let's get
Speaker 1: more from Bloomberg's Charlie Pellett. Traders will continue to parse
Speaker 1: corporate earnings reports against a backdrop of aggressive rate hikes,
Speaker 1: Kim Forest is to investment officer at Bouquet Capital Partners.
Speaker 1: Companies are saying their visibility for the next six months
Speaker 1: is whatever, and they're maintaining more or less maintaining their
Speaker 1: their estimates. So I think that speaks well. These companies
Speaker 1: know their business. They know they can't set the bar
Speaker 1: too high for themselves, so it's probably kind of low.
Speaker 1: Among the names reporting this week, Walt Disney, Coin Based Global,
Speaker 1: a I G. Barrack Gold and Tyson Foods in New York,
Speaker 1: Charlie Pellett Bloom Bird Day breaking all right, Charlie, thank you.
Speaker 1: A dimming earnings outlook is at odds with the recent
Speaker 1: rebound in stock markets. That's according to strategist of Morgan
Speaker 1: Stanley and Goldman Sachs. Both Morgan's Mike Wilson and Goldman's
Speaker 1: David Constant expect corporate profit margins to contract next year
Speaker 1: given unrelenting cost pressures. In fact, Wilson says, quote, the
Speaker 1: best part of the rally is over Warren Buffett, following
Speaker 1: an age old strategy by the dip, but do it cautiously.
Speaker 1: Buffett's Bertshire Hathaway stepped in as the S and P
Speaker 1: five hunder ships sixteen percent. In the latest quarter. It
Speaker 1: was a net buyer of equities, reporting three point eight
Speaker 1: billion dollars in purchases. That's a different story than last year.
Speaker 1: When it was a net seller. In the second quarter
Speaker 1: of surprise changed John at the top of private equity
Speaker 1: giant Carlisle Group. The CEO q Sung Lee has stepped down.
Speaker 1: Lee's five year employment contract was due to expire at
Speaker 1: the end of this year. Bloomberg News has learned Lee
Speaker 1: and Carlisle's board had clashed over his contract in recent discussions.
Speaker 1: The firm's co founder, Bill Conway will step in as
Speaker 1: interim CEO and looking overseas, now, we have a major
Speaker 1: development of the pandemic front in Hong Kong. The city
Speaker 1: will shorten hotel quarantine times for arrivals starting on Friday.
Speaker 1: Bloomberg day Break Asia anchor Brian Curtis has more from
Speaker 1: Hong Kong. People will only need to spend three days
Speaker 1: in quarantine now down from seven. Their movements will be
Speaker 1: restricted for four additional days after that, but they can
Speaker 1: leave their residents. This marks a fundamental break from China's
Speaker 1: strict COVID zero policies. Business groups say it's just step
Speaker 1: in the right direction, but they'd like to see quarantine
Speaker 1: dropped altogether in Hong Kong. Brian Curtis Bloomberg day Break
Speaker 1: Brian thanks a lot ahead of the cash show. Up
Speaker 1: on Wall Street. Dow futures they're up seventy points right now,
Speaker 1: SMP evening futures thirteen points higher, and the Nazak futures
Speaker 1: they are up sixty six points. This is Bloomberg. There's
Speaker 1: five o seven on Wall Street. Time to bring in
Speaker 1: Michael Barr with more than what else is going on
Speaker 1: in New York and around the world. John, Thank you
Speaker 1: very much. There. The heat continues to cause air conditioners
Speaker 1: to blast on high in the Tri State area Bloomberg
Speaker 1: meeting religious Rob Carolin reports, Michael, the heat wave across
Speaker 1: the Tristate area continues for a couple more days. National
Speaker 1: Weather Service has a heat advisory in effect through eight
Speaker 1: pm tomorrow evening, but we will be breaking the heat
Speaker 1: wave on Wednesday. Frontal system be dropping down from the north.
Speaker 1: Will see showers and thunderstorms Wednesday. It only gets to
Speaker 1: eighty five, and it looks more comfortable for Thursday and Friday,
Speaker 1: but it's gonna be tough today and tomorrow with highs
Speaker 1: between ninety and nine. Michael, Thank you. Rob. A second
Speaker 1: bus load of migrants from Texas arrived in New York
Speaker 1: City yesterday as part of Governor Greg Abbott's plan to
Speaker 1: send migrants from his state so called sanctuary cities. Abbot
Speaker 1: claims that his state can handle the influx and that
Speaker 1: cities that say they can should take the burden off
Speaker 1: the border states who are getting inundated. But New York
Speaker 1: City Mayor Eric Adams says the migrants who are coming
Speaker 1: to his city are being forced onto the buses without
Speaker 1: warning and that officials and volunteers are doing what they
Speaker 1: can to help them. Mayor Adams also says Texas officials
Speaker 1: aren't in touch with anyone in New York. Then I'll
Speaker 1: let us know what time the buses are leaving. Then
Speaker 1: I'll let us know or what it needs of the
Speaker 1: people on the bus. They're giving us any information, so
Speaker 1: we're unable to really provide the service of people en route,
Speaker 1: and we would like to get that information. New York
Speaker 1: Mayor Adams says the city welcomes them and will provide assistance,
Speaker 1: but has asked for federal help. New York City, you
Speaker 1: are looking for a suspect, they say, stabbed a man
Speaker 1: in the back on the subway station outside Yankee Stadium
Speaker 1: Sunday afternoon. The man was spotted in the subway system
Speaker 1: after the attack, and has been estimated between seventeen and
Speaker 1: twenty one years old. The victim, the Wolling by the
Speaker 1: name of Leo, tells ABC he was waiting for the
Speaker 1: D train when a stranger invaded his personal space. I
Speaker 1: had to let him know, like, excuse me a little.
Speaker 1: You know, young men, get out my personal face. I'm
Speaker 1: not the one to be bothered today. You know, had
Speaker 1: a long day. It's hot. I look back once. He
Speaker 1: didn't move. I look back again. He's still not moving.
Speaker 1: Leo says he believes he was targeted as a gay man.
Speaker 1: He is expected to make a full recovery. A fragile
Speaker 1: ceasefire deal to a nearly three days of fighting between
Speaker 1: Israel and Palestinian militants has held throughout the night. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quickdake, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. High Michael
Speaker 1: Barr and this is Bloomberg, John, Micah, thank you. I'll
Speaker 1: find sim On Wall straight time for the Bloomberg Sports
Speaker 1: Uptake and Morning John Stains Show. Alright and Morning John
Speaker 1: Welcome back to City Field, Jacob Degraham on the mound
Speaker 1: there first time in more than a year. All he
Speaker 1: did was throw five perfect innings. In the sixth the
Speaker 1: walk in a home run, his day was done. He
Speaker 1: got seventeen outs, twelve by strikeout, and the Mets scored
Speaker 1: four runs in the third inning to run doubles by
Speaker 1: Peter Alonso and Markenna and de Graham, and the Mets
Speaker 1: beat the Braves by it the two. That was a
Speaker 1: long day yesterday and these guys came in and you know,
Speaker 1: um put up runs early, and you know, my goal
Speaker 1: was to try to keep it there, and you know,
Speaker 1: Joylily did a great job. And then Das coming in
Speaker 1: and and closing that game. So um, you know, it
Speaker 1: just shows a lot this king grind to everything. You know,
Speaker 1: that was a long day yesterday. And then they come
Speaker 1: off the day and jump on him early and and
Speaker 1: you know finished the series with huge What a series
Speaker 1: of the Mets. They won four or five. They gained
Speaker 1: three games on Atlanta that I leave the inn at
Speaker 1: least by six and a half. And they have also
Speaker 1: caught the Yankee for best record in New York. As
Speaker 1: good a weekend as it was for the mess. That's
Speaker 1: how bad it was for the Yankees in St. Louis.
Speaker 1: The day after the Cardinals won one to nothing, they
Speaker 1: won twelve to nine. Sixteen Yankee hits not enough, as
Speaker 1: Frankie Montaz gave up six runs and his Yankee debut.
Speaker 1: It's the Cardinals seventh grade win their first ever sweep
Speaker 1: of the Yankees. First time all year, the Yankees have
Speaker 1: been swept in a three game series. Over their last
Speaker 1: twenty five games, the Yankees just nine and sixteen. Joe
Speaker 1: Young King Kim, a twenty year old from South Korea,
Speaker 1: won the Windham Golf in greensbro His first hole of
Speaker 1: the tournament last Thursday was a quadruple bogey. Made up
Speaker 1: for that with the final round sixty one Women's Open
Speaker 1: in Scotland, a major one by South African Ashley Bouhi.
Speaker 1: That's her first LPGA. John stash Boomberg Sports John. All right,
Speaker 1: thanks John, and ahead of the open on Wall Streets,
Speaker 1: we have futures in the green as follows Friday's Bang
Speaker 1: Up Jobs report. The down futures right now sixty three
Speaker 1: points center. That's up to tens of her percent. SMP
Speaker 1: futures up ten these futures up fifties its points. You're
Speaker 1: listening to Bloomberg Daybreak. Daybreak brought to you by the
Speaker 1: New York Community Trust. Your name will live on as
Speaker 1: a champion of the causes you care about for years
Speaker 1: to come through a charitable bequest that the New York
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Speaker 1: markets headlines and breaking news twenty four hours a day,
Speaker 1: at Bloomberg dot com, the Bloomberg Business apt and at
Speaker 1: Bloomberg Bucktake. This is a Bloomberg Business Flash. I Nathan
Speaker 1: Hagar's stock to Get in the week started on the
Speaker 1: rise this morning as investors assess the prospects of aggressive
Speaker 1: Federal Reserve interest rate hikes against reassuring earnings. We checked
Speaker 1: the markets every fifteen minutes during the trading day on Bloomberg.
Speaker 1: Right now, SMP futures are up eight points, STAFLE futures up,
Speaker 1: NASZAC futures are higher by fifty points. The acts in
Speaker 1: Germany up three tenths per cent. Attack in Paris is
Speaker 1: higher by a half percent. Ten year Treasury is up
Speaker 1: seven thirty seconds. The yield two point seven nine percent.
Speaker 1: Yield on the two year three point two zero percent.
Speaker 1: Nimex Screwed is down six tenths percent, down fifty four
Speaker 1: cents at eighty eight dollars, forty four cents a barrel.
Speaker 1: Comax Gold little change down forty cents at Sight announced
Speaker 1: the euro one point zero one seven eight against the dollar,
Speaker 1: the pound one point zero eight one. The end is
Speaker 1: at one thirty five point one four and Bitcoin up
Speaker 1: three point seven percent at twenty four thousand, one hundred dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The Senate passed the landmark tax, climate
Speaker 1: and Healthcare bill. The vote on the bill was fifty
Speaker 1: one Democrats in favor the fifty Republicans against, with Vice
Speaker 1: President Kambalay Harris casting the time breaking vote after an
Speaker 1: overnight marathon of votes on amendments. It now goes to
Speaker 1: the House, where it is expected to pass on Friday.
Speaker 1: China's military announced the new exercise near Taiwan today, signaling
Speaker 1: that Beijing wanted to keep up pressure. You're on the island.
Speaker 1: After US House Speaker Nancy Pelosi's visit in baseball, the
Speaker 1: Yankees lost to the Cardinals twelve nine. The Mets beat
Speaker 1: the Braves five to the Red Sox, Orioles and Nationals
Speaker 1: all lost. The Giants beat the A six four 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 analyist more than a hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg, John, Michael, thank you, coming
Speaker 1: up on five twenty on Wall Street. We are lying
Speaker 1: from the Bloomberg Interact and broker studios. This is Bloomberg Daybreak.
Speaker 1: Strong US job Stata on Friday that added to the
Speaker 1: case for more fed tightening. You have the major averages
Speaker 1: added mixed, little change on Friday. Futures they're higher this morning,
Speaker 1: so it's driving stocks. Let's get your set up with
Speaker 1: the trading day ahead now with Lori Kalvasin at the
Speaker 1: head of US Equity Strategy at RBC Capital Markets. Laura,
Speaker 1: happy Monday, thanks for being with us. What's in the
Speaker 1: driver's seat for stocks? So look, I think that we
Speaker 1: got an amazing number of cross currents right now between
Speaker 1: the reporting season, which has turned out better than feared
Speaker 1: investors are taking some comfort in that we've got the
Speaker 1: jobs data from last week, We've got said watching. I
Speaker 1: think in general, investors are breathing a bit of a
Speaker 1: sigh of relief over those two que reporting season print. UM.
Speaker 1: We would tell you we're not entirely out of the
Speaker 1: woods from a market perspective in terms of earnings right now,
Speaker 1: just because if there really is a big macro slow
Speaker 1: downcoming economically, UM, numbers do still need to come down.
Speaker 1: But I think for the moment, investors are you know,
Speaker 1: just excited about the resilience that we're seeing. Yeah. I mean,
Speaker 1: by our calculations, almost companies that have reported so far
Speaker 1: delivered positive earnings surprises. You've got to wonder if that
Speaker 1: pace is sustainable and what happens to the margins. Well,
Speaker 1: what's interesting is that if you look at the percent
Speaker 1: of companies beating consensus estimates, UM, we are very very strong.
Speaker 1: We are still high relative to history. We did a
Speaker 1: cut a little more than halfway through reporting season and
Speaker 1: found that about seventies six percent we're beating on earnings
Speaker 1: and the average over time was about sevent But we
Speaker 1: also found that we were well above eight. UM. You know,
Speaker 1: in recent quarters so that the pace is softening just
Speaker 1: a little bit. UM. I'll tell you John, what's really
Speaker 1: interesting to me is that if you look at the
Speaker 1: small cap part of the market, the beat stats are
Speaker 1: hitting all time highs UM, which is maybe one of
Speaker 1: the untold stories in this recording season. So it's smart
Speaker 1: that the small caps are really the star of the show,
Speaker 1: the small tips also being the more domestic stocks. What
Speaker 1: is the differentiation there with the way is that? So
Speaker 1: I think that there are a few things going on.
Speaker 1: We do know that small caps, you know, if you
Speaker 1: look at operating margin trends, do tend to be a
Speaker 1: little bit more sensitive to labor issues. UM. So I
Speaker 1: think it'll be interesting to see if perhaps you know,
Speaker 1: we we have heard companies in recent quarters allude to
Speaker 1: the idea that the labor market is loosening up just
Speaker 1: a little bit. That could be translating to the bottom
Speaker 1: line in small caps in a bigger way. But I
Speaker 1: do think in part it's that domestic revenue explos or
Speaker 1: small caps had less of that international exposure, UM, tend
Speaker 1: to be you know, sort of more resilient and a
Speaker 1: stronger dollar type environment. Whereas when we look at you know,
Speaker 1: the more international SMP five hundred type, because we are
Speaker 1: hearing a lot of complaints about dollar strength, and we
Speaker 1: are seeing a decent number of downward revisions that are
Speaker 1: that are are based on just the currency itself. And
Speaker 1: as the Fed continues to raise rates, the trajectory higher
Speaker 1: the dollar also higher. How much higher do you suppose
Speaker 1: it can go? Well, Luckily my forecasting is limited to
Speaker 1: the S and P five hundred um. But but what
Speaker 1: I will tell you is that UM a stronger dollar,
Speaker 1: you know, at the end of the day, to the
Speaker 1: extent that it's reflecting US economic strength relative to the
Speaker 1: rest of the world, it does actually end up being
Speaker 1: a little bit of a wash on our model. The
Speaker 1: downward revisions do hurt UM from that currency translation, but
Speaker 1: at the end of the day, the sort of relative
Speaker 1: economic strength ends up being a good thing. So there's
Speaker 1: good and bad in the stronger dollar. Another inflation report
Speaker 1: this week, so I'm gonna ask, gonna forecast that have
Speaker 1: we passed peak inflation? So our economists think that we
Speaker 1: could see you know, some tough prints for a little
Speaker 1: bit longer, And you know, they do think the job
Speaker 1: stated that we saw last week will keep the Fed
Speaker 1: aggressive for a little bit longer, um, But in general
Speaker 1: they do think the trend on inflation is going to
Speaker 1: start to moderate soon. We just haven't quite gotten to
Speaker 1: the point where we're there just yet. Does they tell you, well,
Speaker 1: I was just going to tell you, John, I personally,
Speaker 1: as a strategist, I don't you know, I don't love
Speaker 1: the high inflation prints, but I do worry what happens
Speaker 1: to earnings when inflation moderates, because we do tend to
Speaker 1: see a pretty strong correlation between CPI and revenues. Does
Speaker 1: the Climate bill, what's known as the Inflation Reduction Act,
Speaker 1: passed by the Senate over the weekend, does that move
Speaker 1: the needle on stocks? You know? To me, it's not
Speaker 1: a big game changer. We got some questions about the
Speaker 1: stock by back tax um, you know, late last week
Speaker 1: and when it became pretty clear that this bill was
Speaker 1: going to pass. UM, when I talked to my analysts
Speaker 1: and we just did some quick checks, we found that
Speaker 1: most of them, you know, think that maybe they're companies
Speaker 1: will grumble a little bit about this tax, that they
Speaker 1: don't ultimately see it deterring behavior. We had one analyst
Speaker 1: tell us that he thinks his companies are probably going
Speaker 1: to accelerate buybacks in the short term um just to
Speaker 1: sort of get ahead of the tax coming up later.
Speaker 1: But in general, I don't think it's a big game changer.
Speaker 1: We don't have any buy back impact based into our
Speaker 1: earnings model for next year. Maybe it pushes a few
Speaker 1: companies that the margins towards dimdends and benefit sectors like energy,
Speaker 1: but I think it's you know, it's more interesting about
Speaker 1: it what it's signifying politically for the mid terms, to
Speaker 1: be honest, Okay, LORI always a pleasure. We appreciated Lori
Speaker 1: Kalbassy and ahead of US Equity Strategy, RBC Capital Markets,
Speaker 1: ahead of the cash open on Wallstree futures in the
Speaker 1: green for now down futures there are forty points. That's
Speaker 1: of a tenth of a percent. Smp euny futures seven
Speaker 1: points higher, that's a two tents of a percent, Nanzac
Speaker 1: futures three seven points higher. That is a three tense
Speaker 1: of a percent right now, and right now, the ten
Speaker 1: year yield to seventy nine, the two year at three twenty.
Speaker 1: You're listening to Bloomberg day break and just ahead, what's
Speaker 1: in the Climate bill passed by the Senate. What's not
Speaker 1: in the climate bill? Dr Julie Norman will join us
Speaker 1: from University College in London. You are listening good Bloomberg
Speaker 1: day Break broadcasting live from the Bloomberg Interacted Broker Studio
Speaker 1: in New York. Bloomberg E Living freed on to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one,
Speaker 1: to San Francisco, Bloomberg N sixty to the country Sirius
Speaker 1: XM H O one nineteen and around the globe the
Speaker 1: Bloomberg business in Bloomberg Radio dot Com. This is Bloomberg
Speaker 1: day Break. It's five thirty on Wall Street. Good morning.
Speaker 1: I'm John Tucker. I'm Nathan Hager. We're about four hours
Speaker 1: away from the open of US trading. Let's get you
Speaker 1: up to date on the news you need to know
Speaker 1: at this hour. Beginning in Washington, in where the Senate
Speaker 1: has passed a landmark tax, climate and healthcare bill. The
Speaker 1: move gives President Biden an apparent victory on his domestic agenda,
Speaker 1: but the measure is a shadow of his original build
Speaker 1: back Better plan. Here send a majority, Leader, Chuck Schumer.
Speaker 1: He had many bumps in the road, many times when
Speaker 1: it looked like it would never happen, but we never
Speaker 1: gave up, and here we are. We got it done.
Speaker 1: Sent a majority leader Chuck Schumer says, the bill now
Speaker 1: goes to the House, where the Democratic Majority is expected
Speaker 1: to pass it on Friday, and journey to the markets now.
Speaker 1: Future is higher to start a week that will be
Speaker 1: highlighted by a key inflation report, the July CPI forecast
Speaker 1: to come at eight point seven percent on Wednesday. San
Speaker 1: Francisco Fed President Mary Daily says fighting inflation does remain
Speaker 1: the Fed's main focus. We are far from done yet.
Speaker 1: That's the promise of the American people. We are far
Speaker 1: from done. We're committed to bringing inflation down and we'll
Speaker 1: continue to work until that job is fully done. Very
Speaker 1: Daily making the comments on CPS is face the nation.
Speaker 1: You can catch that program Sunday afternoons on Bloomberg Radio.
Speaker 1: Earnings will also be in focus this week, john with
Speaker 1: two dozen companies reporting. The highlight comes Wednesday with Disney's results. Meantime,
Speaker 1: at dimming earnings outlook is at odds with the recent
Speaker 1: rebound in stock markets. That's according to strategist of Morgan
Speaker 1: Stanley and Goldman Sachs. Both Morgan Stanley's Mike Wilson and
Speaker 1: Goldman's David Costan expect corporate profit margins to contract next year,
Speaker 1: give an unrelenting cost pressures and a surprise in the
Speaker 1: private equity space. This morning, Carlisle Groups CEO k song
Speaker 1: Leah stepped down. Lee's five year employment contract was due
Speaker 1: to expire at the end of the year. Bloomberg News
Speaker 1: has learned that Lee and Carlisle's board clashed over the
Speaker 1: contract at recent discussions. The firm's co founder, Bill Conway
Speaker 1: will step in as the interim CEO, and shares of
Speaker 1: Signify Health are up more than eighteen percent in early trading.
Speaker 1: The Wall Street Journals reporting CVS plans to submit a
Speaker 1: bid for the Norwalk, Connecticut based healthcare company. Right now,
Speaker 1: SMP futures are up nine points, STOLE futures up fifty three.
Speaker 1: NASTAC future are higher by forty six points. The decks
Speaker 1: in Germany have three tenths percent. The CAC in Paris
Speaker 1: is higher by a half percent. The tenure treasury is
Speaker 1: up eight thirty seconds. The yield two point seven nine percent,
Speaker 1: yield on the two year three point one nine percent,
Speaker 1: nimex screwed is down six tenths per cent, or fifty
Speaker 1: six cents at eighty eight dollars forty five cents a barrel.
Speaker 1: Comics gold Little changed up a dollar sewenty for announce
Speaker 1: the euro one point zero one eight one against the dollar,
Speaker 1: the yen one thirty five point zero seven Bitcoin trading
Speaker 1: at about twenty four thousand, one hundred dollars. Straight ahead
Speaker 1: your latest local headlines and the check of sports. This
Speaker 1: is Bloomberg. Thanks Nathan five three on Wall Street Time
Speaker 1: to bring in Michael Barr with more on what else
Speaker 1: is going on in New York and around the world. John,
Speaker 1: thank you very much, sir. New York Mayor Eric Adams
Speaker 1: on Sunday greeted another bus of migrants who arrived on
Speaker 1: the East Coast send by Texas, saying their treatment by
Speaker 1: the states governor has been horrific. The first bus of
Speaker 1: about fifty migrants arrived on for today, with Texas Governor
Speaker 1: Greg Abbott saying he was testing New York's smitment to
Speaker 1: being a sanctuary city. Adam says while the migrants are welcome,
Speaker 1: they're being forced onto buses. Some of the families are
Speaker 1: on the bus that wanted to go to other locations
Speaker 1: and they were not allowed to do so. They were
Speaker 1: forced on the bus u with the understanding that they
Speaker 1: were going to other locations that they wanted to go to,
Speaker 1: and when they tried to explain, they were not allowed
Speaker 1: to do so. Mayor Adams says Governor Abbitt is using
Speaker 1: humans as political powns. The Trying State area remains under
Speaker 1: a heat advisory. It's expected to aspire tomorrow night at
Speaker 1: a PM. As for today, ninety degree plus temperatures will
Speaker 1: feel like it's one hundred degrees. President Joe Biden and
Speaker 1: First Lady Joe Biden are planning to visit Kentucky today
Speaker 1: to meet with families who have suffered from historic flooding.
Speaker 1: At least thirty seven people have died. When schools in
Speaker 1: Madison County, North Carolina, head back into session later this month,
Speaker 1: students will be greeted by school resource officers and their
Speaker 1: new A R fifteen rifles. Both the Madison County Sheriff
Speaker 1: and the school district superintendent have supported the measure, which
Speaker 1: will have six semi automatic rifles inside the district's schools
Speaker 1: behind a lock safe in the event of an active shooter.
Speaker 1: Dr Dorothy Espalage is a UNC Chapel Hill professor in
Speaker 1: the School of Education. It's what we call hardening in
Speaker 1: the schools, and it's what's going to happen, is that
Speaker 1: we're going to have um accidents with these guns. Dr
Speaker 1: Espalage says when she first hearned of the measure, she
Speaker 1: thought it was a joke. Can Fake News Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists analysts more
Speaker 1: than a hundred twenty countries. H Michael Barr and this
Speaker 1: is Bloomberg, John, Michael, thank you, thirty five on Wall Street.
Speaker 1: That time at the Bloomberg Sports Update, here's John stash Hour.
Speaker 1: And as we wait for John Stash in Sports, let's
Speaker 1: get you up to date on the markets this morning.
Speaker 1: The Dale futures right now fifty two points higher. S
Speaker 1: and P futures there are eight points. And as they
Speaker 1: Emity futures right now they are higher by forty four points. Yeah,
Speaker 1: let's do the Tri State Business Report, and for that
Speaker 1: this morning, we're joined by Bloomberg's and Query indeed is
Speaker 1: set to remain one of Connecticut's biggest corporate employers for
Speaker 1: the foreseeable future. The career services provider has renewed its
Speaker 1: office leases in downtown Stamford, where has added several hundred
Speaker 1: employees in the past few years. Vantage the Business Cloud
Speaker 1: Communications Company, has moved its corporate headquarters a little over
Speaker 1: three miles to Bell Works, the former historic Bell Labs
Speaker 1: building in Home Deale, New Jersey. For more than a decade.
Speaker 1: Advantages least twenty three Main Street. They're one of the
Speaker 1: biggest office buildings at the Jersey Shore. Dom Pearre and
Speaker 1: Yon has raised the bar on Yahn Charters. This summer,
Speaker 1: you can hire the brands eighty eight foot yacht and
Speaker 1: be treated to dinner from a three Michelin starred sushi restaurant.
Speaker 1: The Experienced costs thirty thousand bucks for a four hour cruise.
Speaker 1: It departs from sag Harbor Village Marina or Gurney Star
Speaker 1: Island Marina in montuck eure up to date on bet
Speaker 1: your Bloomberg Crying State Business Report. I'm ed Corey. Alright,
Speaker 1: thanks said, it is five thirty seven on the Wall Street.
Speaker 1: Let's get the sports up day now. Good morning, John Show.
Speaker 1: All right, John, I think we're connected. A tale of
Speaker 1: two weekends. Great for the Mets, not so hot for
Speaker 1: the Yankees. Two teams now have identical records. Seventy and
Speaker 1: thirty nine. Were really excites Mets fans the last two
Speaker 1: games of this five game series of Atlanta, that one
Speaker 1: two punch has arrived. Jacob Degram was hurt. Then so
Speaker 1: was Max Serzer. They're both down healthy. The day after
Speaker 1: shows were dominated, so did de Gram. His first five
Speaker 1: innings were perfect. He got seventeen outs, all but five
Speaker 1: were straight ats. He got his first win in thirteen
Speaker 1: months to Ellie rod Reaguez and Edwin Diaz followed him.
Speaker 1: The three combined for nineteen strikeouts. Mets beat the Raise
Speaker 1: five to two, took four or five in the series.
Speaker 1: Buck Showalter credits the city field crowd to pick me up.
Speaker 1: It's from a tough tex And series, and the fans
Speaker 1: have been huge for us emotionally too, because you know,
Speaker 1: to come out and as hard as it is and
Speaker 1: as uncomfortable as some of the games have been physically
Speaker 1: for them to come out and support, uh, you know,
Speaker 1: the team. The guys really fed off of it. That
Speaker 1: Met saw the division lego from ten and a half
Speaker 1: down to a half game. It's now back up the
Speaker 1: six and a half. They host Cincinnati tonight. That's the Yankees.
Speaker 1: Great pitching Saturday, but a one nothing lost in St. Louis,
Speaker 1: and then nine runs yesterday, but they lost with the
Speaker 1: Cardinals twelve to nine. And they're losing streakers read five
Speaker 1: just nine wins over the last twenty five games. They
Speaker 1: recently acquired. Frankie Mantas made his debut. It did not
Speaker 1: go well and the loss. Aaron Judge did drive in
Speaker 1: four runs, Labor torre As, Aaron Hicks, d J le
Speaker 1: Menu all but three hits with the Yanks string and
Speaker 1: it well gets swept in a three game series for
Speaker 1: the first time all year. They take tonight. Bloomberg's work
Speaker 1: all right, John, Thanks a lot Iti is now five
Speaker 1: thirty eight on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. Sri Lanka's new president ra Neil Wick Ramasinga
Speaker 1: needs all the help he can get. That's why he
Speaker 1: should be trying to win over his many critics, not
Speaker 1: suppress them. The scale of the crisis confronting Sri Lanka
Speaker 1: is daunting. The country is effectively broke, and months of
Speaker 1: demonstrations drove the previous president from power in mid July.
Speaker 1: Many protesters are no less suspicious of his successor. The
Speaker 1: new president didn't help his case by immediately ordering the
Speaker 1: military to clear the main protest site by force. Seeking
Speaker 1: to crush the opposition is a deeply short sighted strategy.
Speaker 1: The new president instead must address protesters legitimate demands for
Speaker 1: political reform. Trying to paper over this crisis will only
Speaker 1: hasten the next one. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to
Speaker 1: Bloomberg dot com, slash opinion or ope I n go
Speaker 1: on the Bloomberg terminal. This has been Bloomberg Opinion. Bloomberg
Speaker 1: Opinion editorial is gonna be heard every weekday at this
Speaker 1: time terminal customers, you can read more head O, p
Speaker 1: I n go. Well, Friday is stronger than expected non
Speaker 1: farm payrolls. That adding to the case for more fit
Speaker 1: monetary tning traders. Also, we'll be looking to inflation numbers
Speaker 1: do this week for clues on the policy path ahead
Speaker 1: of the cash open on the Wall Street this morning,
Speaker 1: we have futures in the green, the down futures there
Speaker 1: are fifty six points two tents of a percent ryans
Speaker 1: this morning smp emny futures up nine points. That's up
Speaker 1: two tents of a percent. And then as the many
Speaker 1: futures right now at forty five points a Ryan's three
Speaker 1: tenths of a percent. And the inversion continues. With the treasuries,
Speaker 1: the two tents spread negative forty one basis points, the
Speaker 1: two year at three point two percent, the taine here
Speaker 1: yield two points seven nine. And you're listening the Bloomberg
Speaker 1: day Break. And just ahead on Bloomberg day Break, Dr
Speaker 1: Julie Norman will join us from University College in London
Speaker 1: to tell us what's in the big climate bill that
Speaker 1: was passed by the Senate and what it leaves out.
Speaker 1: That's all straight ahead. This is Bloomberg Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Take. He's
Speaker 1: a Bloomberg Business Lash. I'm Nathan Hagar. Futures are advancing,
Speaker 1: Treasury yields are falling as investors assess the path of
Speaker 1: monetary policy. Before key inflation data later this week. We
Speaker 1: check the markets every fifteen minutes during the trading day.
Speaker 1: On Bloomberg SMP futures are up ten points right now,
Speaker 1: DAL future is up sixty two NASDAC futures up forty
Speaker 1: eight points. The ten year Treasury is up eight thirty seconds.
Speaker 1: The yield two point seven nine percent yield on the
Speaker 1: two year three point two zero percent. Nim X screwed
Speaker 1: is down seven tenths per cent, or sixty three cents
Speaker 1: at eighty eight dollars. Thirty eight cents in barrel comes.
Speaker 1: Gold up about a tenth percent or a dollar sixty
Speaker 1: eight seventeen eighty announce. The Euro one point zero one
Speaker 1: eight zero against the dollar, British pound one point to
Speaker 1: zero seven three the end one thirty five point zero four.
Speaker 1: Bitcoin up three point eight percent, twenty four thousand on
Speaker 1: five dollars. That's the Bloomberg Business Flash. And now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. The Senate has approved
Speaker 1: the Democrats Economic Package. The legislation is less ambitious than
Speaker 1: President Joe Biden's original domestic goals, but it does embody,
Speaker 1: deep rooted part dreams of slowing global warming, moderating pharmaceutical costs,
Speaker 1: and taxing big corporations. Just out of COVID quarantine, President
Speaker 1: Biden hands for Kentucky with the First Lady. Today they
Speaker 1: would tour the very hard hit eastern part of the
Speaker 1: state from deadly flooding. In baseball, the Yankees lost to
Speaker 1: the Cardinals twelve nine. The Mats beat the Braves five two,
Speaker 1: The Red Sox, Orioles and Nationals all lost. The Giants
Speaker 1: beat the A's six four. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than seven hundred journalists and analysts more than a
Speaker 1: d twenty countries. Michael barn this is Bloomberg, John, Michael,
Speaker 1: thank you. It is five forty nine on Walster. We
Speaker 1: are live from the Bloomberg Interact of Brokers Studios. Well,
Speaker 1: the Senate has passed the landmark tax, Climate and Healthcare Bill,
Speaker 1: so let's take up a bit of a deeper dive
Speaker 1: this morning with Dr Julie Norman lecture at the University
Speaker 1: College in London. Dr thanks for being with us. Can
Speaker 1: you give me your impression of the bill and its impact. Yeah. Sure,
Speaker 1: So it's a very notable bill for climate change, first
Speaker 1: and foremost, really the first major piece of legislation that
Speaker 1: we've seen trying to address global warming, investing nearly four
Speaker 1: hundred billion dollars over the next ten years that Democrats
Speaker 1: say will cut greenhouse gas emissions by about forty of
Speaker 1: the two thousand five levels, So getting close to meeting
Speaker 1: some of Biden schools on that. And it's important to
Speaker 1: note they're trying to do this mostly through tax credits
Speaker 1: rather than through any kind of tax penalties, So really
Speaker 1: trying to nudge consumers towards electric vehicles, electric appliances, and
Speaker 1: moreover try and trying to nudge you know, utility companies
Speaker 1: energy uh companies towards energy sources like wind and solar power.
Speaker 1: So by going through this kind of approach, they're hoping
Speaker 1: to at least start some traction on climate change, not
Speaker 1: going as far as, of course, some progressives would want,
Speaker 1: but trying to hit that sweet spot for this compromise
Speaker 1: is so definitely a big deal in that area. Um
Speaker 1: And secondly, of course, in terms of expanding the Affordable
Speaker 1: Care Act subsidies, they're hoping we'll go a long way
Speaker 1: with voters this year and finally meeting this long term
Speaker 1: Democrat goal of allowing Medicare to negotiate with drugmakers for
Speaker 1: prescription medicine prices. It's something that Democrats have been pushing
Speaker 1: for for a while, So from a Democrat point of view,
Speaker 1: it's a big win. Um, what's is there any significance
Speaker 1: to what's not in this bill? Well, there certainly is.
Speaker 1: You know, if we look back to the initial plans
Speaker 1: for a build back Better a year ago, Democrats were
Speaker 1: hoping for two trillion dollars worth of spending on not
Speaker 1: only climate, but on different kinds of what they called
Speaker 1: human infrastructure, pre K program programs, all these kinds of things.
Speaker 1: None of those are there anymore, and even the climate
Speaker 1: measures have been significantly scaled back. So again it's definitely
Speaker 1: not as much as some would want. Bernie Sanders up
Speaker 1: until the eleventh hour, was trying to push for even
Speaker 1: some more measures to be included, but those did not
Speaker 1: make the final bill. But again for Democrats, they're working
Speaker 1: with the reality that they have not only the fifty
Speaker 1: fifty Senate, but a really difficult situation with their own party,
Speaker 1: with getting all fifty senators on board and they were
Speaker 1: able to do that. Is this the Senate's accomplishment or
Speaker 1: is it the White House and the administration's accomplishment. Who
Speaker 1: gets the credit? It's a good question. I think we'll
Speaker 1: we'll see all sides trying to to take a little
Speaker 1: bit of the celebration here. I mean, we can definitely
Speaker 1: say that this particular goal came out of ongoing negotiations
Speaker 1: between Schumer, uh and a Mansion in particular, over months
Speaker 1: of back and forth. So I think there's some credit
Speaker 1: to be said for the Senate and really trying to
Speaker 1: find something that was going to work for again, all
Speaker 1: fifty senators there. With that said, again, you know Biden
Speaker 1: has you know, kind of given that permission to the
Speaker 1: Senate to do what they need to do to try
Speaker 1: and get something through. It's going to be a win
Speaker 1: for him. I don't think it'll change things to aradically
Speaker 1: for the mid terms, but it does show Democrats for
Speaker 1: Biden and as well as for congressional races, the sense
Speaker 1: that Congress can occasionally do something and that was really
Speaker 1: important message for them to get across going into this
Speaker 1: next fall with the elections, and of course the opposition
Speaker 1: was unified Mitch McConnell arguing it's a job killer because
Speaker 1: of tax hikes. Any truth in that, well, certainly from
Speaker 1: the Republican point of view. The other part of this
Speaker 1: bill is the minimum fifteen percent tax on corporations earning
Speaker 1: over one billion dollars. So from a Republican point of view,
Speaker 1: that is seen as something that hurts businesses, that they
Speaker 1: say will hurt job growth. From the Democrat point of view,
Speaker 1: they were very targeted in that uh Senator cinema the
Speaker 1: last couple of days really tried to tailor that piece
Speaker 1: of it in particular to make sure that it was
Speaker 1: hitting certain corporations and not others like private equity firms.
Speaker 1: So they were quite intention on how they did that.
Speaker 1: But the Republican talking point will be that will hurt nonetheless,
Speaker 1: always a pleasure. Dr Julie Norman Leisher at University College
Speaker 1: in London with us this morning. Thank you very much, Nathan, Okay, John, Thanks,
Speaker 1: It's five fifty three on Wall Street. Time now for
Speaker 1: our Bloomberg Law Report. Let's get to the legal stories
Speaker 1: are watching this morning with Bloomberg's Jeff Balinger, the top
Speaker 1: lawyer at the e p A, says the agency is
Speaker 1: continuing to build up at Civil Rights Enforcement Office as
Speaker 1: part of an ongoing effort to move to a proactive program.
Speaker 1: The Southern District of New York rule that an all
Speaker 1: state employee who claimed she was sexually assaulted and falsely
Speaker 1: imprisoned by her supervisor must disclose her real name, and
Speaker 1: audited by the New York State Controller's Office found that
Speaker 1: the state made more than seven hundred million dollars in
Speaker 1: medicaid payments for recipients who were ineligible for the program.
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg market Intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. And now to another legal
Speaker 1: story we're watching. Netflix is suing the creators of the
Speaker 1: unofficial Bridge Retain musical for copyright and trademark infringement, saying
Speaker 1: the musical rips off their original series. Bridgetin creator's Abigail
Speaker 1: Barlow and Emily Bear won a Grammy for Best Musical
Speaker 1: Album for the fifteen song album based on the Bridge
Speaker 1: Retain series, but when the pair stage to sold out
Speaker 1: performance at the Kennedy Center in Washington, d C, Netflix
Speaker 1: decided enough was enough and sued for more. Bloomberg's June
Speaker 1: Grosso speaks to intellectual property litigator Terrence Ross, a partner
Speaker 1: at Captain Mutchen Rosenman. So, Terry, is this considered a parody?
Speaker 1: I don't think so, not even in the broadest definition
Speaker 1: of parody. It is clear that actual dialogue from the
Speaker 1: Bridgetin Intellvision show is used as lyrics. The characters on
Speaker 1: the stage were apparently dressed in costumes that were similar
Speaker 1: to the ones used Intelligence show, the settings were similar
Speaker 1: to the Intellivision show, and the parent intent and effect
Speaker 1: upon the audience was to recreate the Bridger Tin television
Speaker 1: experience in a live performance with music. So then does
Speaker 1: it appear that Barlow and there are using the intellectual
Speaker 1: property of Netflix without permission, constituting copyright infringement. So there's
Speaker 1: no doubt in my mind whatsoever that the plainists here
Speaker 1: Netflix have established, on the face of the completing of
Speaker 1: Prime a fashion case of copyright infringement as well as
Speaker 1: trademark infringement. The question we should be afking, well, what's
Speaker 1: the defense that we're going to see from miss Barlow
Speaker 1: and miss bear And based on path cases in which
Speaker 1: fan fiction has been charged with copyright infringement, we typically
Speaker 1: see two defenses, one that we had the implied authorization
Speaker 1: to do this, or to that our use of the
Speaker 1: original work was a fair use and therefore protected from
Speaker 1: copyright infringement. Go through what a fair use analysis might
Speaker 1: look like here. The approach that has to be taken
Speaker 1: in these fan fiction cases with respect the fair use
Speaker 1: defense is the work sufficiently transformed it if that it
Speaker 1: accomplishes some sort of societal good is recognized in the
Speaker 1: Copyright Act. And I think you're gonna be hard pressed
Speaker 1: to see that here. This is not a parody. This
Speaker 1: is very much taking advantage of the original Netflix television
Speaker 1: series Britain and attempting to exploit it. It is very
Speaker 1: different from the sort of transformative works that have been
Speaker 1: approved by the courts in the past. And I think
Speaker 1: this will be a very hard road for the defendants
Speaker 1: to pursue a fair use defense here. I think it's
Speaker 1: far more likely that they're going to have to pursue
Speaker 1: some sort of implied licensed defense. So how would it
Speaker 1: applied license defense were so you see the elements of
Speaker 1: the implied license defense in this case. In the actual complaint,
Speaker 1: the lawyers for Netflix have anticipated that that's the way
Speaker 1: the defendants will attempt to go. They repeatedly point out that, yes,
Speaker 1: there were discussion with Miss Farlow and Miss Bear about
Speaker 1: the fans fiction that they were producing, but in each
Speaker 1: instance they carefully preserve the right and thing, we're not
Speaker 1: authorized sing this, We're not going to do anything about
Speaker 1: it right now, and they always stopped short. So they
Speaker 1: wanted a little bit of this brand fiction without it
Speaker 1: going to the point of displacing their potential marketplace. And
Speaker 1: that was Terence Ross, a partner at Captain muchin speaking
Speaker 1: with Bloomberg's June Grosso. Catch more of that interview, plus
Speaker 1: analysis of the latest legal news by listening to The
Speaker 1: Bloomberg Law Show ten pm Eastern Time on Bloomberg Radio,
Speaker 1: or by subscribing to the Bloomberg Law Podcast, and attorneys
Speaker 1: can find exceptional legal research and business development tools at
Speaker 1: Bloomberg Law dot com. SMP futures are up nine points
Speaker 1: this morning. Down futures up fifty eight. Nan stack futures
Speaker 1: are higher by forty four points. The tenure treasury is
Speaker 1: up seven thirty seconds. They yield two point seven nine
Speaker 1: per cent. You're listening to Bloomberg Gay Break