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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: Karen, we begin with the latest on the presidential race,

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Speaker 2: now taking new shape with Kamala Harris at the top

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Speaker 2: of the Democratic ticket. The Vice President held her first

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Speaker 2: rally as a presidential candidate in Milwaukee. She said Americans

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Speaker 2: face two different visions for the country, one focused on

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Speaker 2: the future, the other on the past.

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Speaker 3: Do we want to live in a country of freedom, compassion,

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Speaker 3: and rule of law or a country of chaos, fear

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Speaker 3: and hate. And here's the.

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Speaker 4: Beauty of this moment.

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Speaker 3: We each have the power to answer that question.

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Speaker 2: Vice President Harris said she will proudly put her record

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Speaker 2: against former President Trump's and keep working to unite the

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Speaker 2: Democratic Party. Democrats will meet later today to finalize the

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Speaker 2: rule change that will make Harris's nomination official. In a

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Speaker 2: virtual role call next month. Former President Trump says he's

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Speaker 2: willing to debate Harris, though he says he's not thrilled

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Speaker 2: about doing it on ABC News. That's where the next

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Speaker 2: debate is scheduled in September, and Trump's campaign has filed

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Speaker 2: a complaint about President Biden transferring his ninety six million

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Speaker 2: dollar war chest to the Harris campaign.

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Speaker 1: Well, Nathan All eyes will be on President Biden tonight,

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Speaker 1: he set to address the nation from the Oval Office

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Speaker 1: to discuss his decision to give up his campaign. Adam

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Speaker 1: Hodge is a democratic strategist at the Bully Pulpit International.

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Speaker 1: He says he expects the President to tout his record

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Speaker 1: over the last three and a half years for.

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Speaker 5: One one of the final times with one of the

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Speaker 5: bigger audiences, to lay out what he's accomplished and is

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Speaker 5: truly remarkable first four years, and why he thought is

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Speaker 5: important to pass the torch to the Vice president.

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Speaker 1: Adam Hodge with Bully Pulpit International, was a guest on

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Speaker 1: bloom Burgh's Balance of Power. Former President Trump, meanwhile, is

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Speaker 1: demanding equal time. The New York Times reports he's sent

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Speaker 1: a letter to ABC, CBS and NBC arguing Biden's speech

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Speaker 1: will be a prime time campaign commercial for Kamala Harris.

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Speaker 1: Trump will hold a rally in Charlotte, North Carolina, this evening,

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Speaker 1: two hours before the President's address, which is set for

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Speaker 1: eight pm Wall Street Time. We'll bring it to you

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Speaker 1: live on Bloomberg Radio and Television.

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Speaker 2: And NBC News Karen is reporting that former President Trump

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Speaker 2: plans to stop holding outdoor rallies following the assassination attempt

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Speaker 2: earlier this month. NBC says the current plans are for

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Speaker 2: indoor rallies, but it is possible the former president will

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Speaker 2: participate in smaller outdoor events or larger rallies in facilities

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Speaker 2: where entrances are more fully controlled well.

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Speaker 1: When it comes to security. Nathan Anti's scale fences are

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Speaker 1: up at the US capital ahead of Israeli Prime Minister

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Speaker 1: Benjamin Netanyahoo's address to a joint meeting of Congress, and

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Speaker 1: Bloomberg's Amy Morris has a preview.

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Speaker 4: As Natanyahu arrived in Washington, EA indicated that conditions for

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Speaker 4: a ceasefire and hostage deal with Hamas are quote becoming ripe,

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Speaker 4: suggesting the two sides are getting closer to agreeing to

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Speaker 4: at least a temporary halt to their war in Gaza.

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Speaker 4: While he is addressing Congress, he'll attempt to shore up

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Speaker 4: you as support for Israel. However, many Democratic lawmakers have

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Speaker 4: indicated they will not attend. Protesters are also expected in

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Speaker 4: and around the capitol. Netanyahu is scheduled to meet with

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Speaker 4: President Biden on Thursday, and then we'll meet with former

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Speaker 4: President Trump in Florida on Friday. In Washington, Amy Morris,

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Speaker 4: Bloomberg Radio.

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Speaker 2: Right, Amy thanks Training to markets. Earnings are front and

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Speaker 2: center this morning. Shares of Tesla are down nearly seven

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Speaker 2: percent in early training following its latest report. Let's get

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Speaker 2: the details from Bloomberg's John Tucker John Nathan.

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Speaker 6: The second quarter earnings report shows disappointing profit as CEO

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Speaker 6: Elon Musk confirms an earlier Bloomberg report that a highly

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Speaker 6: anticipated unveiling of autonomous taxis is postponed.

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Speaker 7: I wanted to make some important changes that I think

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Speaker 7: would improve the big the.

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Speaker 8: ROBOTAXI think the thing that we're the main thing that

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Speaker 8: we're going to show well.

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Speaker 6: Tansle now unveiled Robotaxis on October tenth, and the car

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Speaker 6: has shown will only be prototypes and more affordable teslas

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Speaker 6: that could juice sales. They won't go into production until

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Speaker 6: the first half of next year at the earliest. Earnings

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Speaker 6: for the quarter slumped to fifty two cents per year,

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Speaker 6: missing estimates for the fourth consecutive quarter. On the bright side,

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Speaker 6: though revenue beat expectations rising to a record. The surprise

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Speaker 6: gain there was driven by growth in the company's energy,

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Speaker 6: generation and storage business. John Tucker Bloomberg.

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Speaker 1: Radio, All right, John, thank you well. Shares of Alphabet

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Speaker 1: are down almost three percent in early trading, this despite

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Speaker 1: the Google parent reporting second quarter revenue above analyst estimates.

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Speaker 1: Analysts say the drop in the stock price may be

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Speaker 1: attributed to weakness in YouTube and higher capex spending. We

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Speaker 1: get more in the quarter from Bloomberg Technology, host ed

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Speaker 1: Ludlow in San Francisco.

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Speaker 9: This is the first quarter where cloud revenues exceeded ten

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Speaker 9: b billion dollars, but also for the first time they

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Speaker 9: kind of had more to show around artificial intelligence, all

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Speaker 9: the investment and work in that field. The way that

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Speaker 9: Ruth Parrott described it on the call with me was that, look,

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Speaker 9: it's AI infrastructure solutions and generative AI. They're meaningful drivers

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Speaker 9: of growth for the cloud business. And on the analyst

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Speaker 9: call she kind of expanded and gave an almost granular

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Speaker 9: kind of run rate figure, which was that year to date,

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Speaker 9: the company's generating billions of dollars in the context of

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Speaker 9: cloud from generative AI and AI infrastructure.

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Speaker 1: Bloomberg ed Ludlow says Alphabet's capital expenditures in the second

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Speaker 1: quarter were higher in support of artificial intelligence and computing power.

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Speaker 1: The company spent thirteen point two billion dollars, and that's

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Speaker 1: a billion more than analysts expected.

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Speaker 2: In Europe, Karen shares of Deutsche Bank are down nearly

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Speaker 2: seven percent. Germany's largest lenders suffered its first quarterly loss

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Speaker 2: in four years as trading slowed, and it also booked

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Speaker 2: a charge tied to a legacy issue at one of

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Speaker 2: its retail units. Deutsche's chief financial officer, James vun Molca

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Speaker 2: says the bank is likely scrapping it's dividend this year.

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Speaker 10: I think prudence would would dictate that we step back

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Speaker 10: from seeking a second repurchase authorization. We've already returned, you know,

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Speaker 10: a one point three billion to one point five i'm

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Speaker 10: sorry billion to two investors so far this year, and

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Speaker 10: so we think we're demonstrating an ability to stay on track.

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Speaker 2: Deutche Bank's CFO James von Milka also says revenue at

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Speaker 2: both the corporate and private banks fell as the tailwind

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Speaker 2: from rising interest rates fades.

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Speaker 1: Nathan Shares, a French luxury retailer lvmh or down more

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Speaker 1: than four percent. Sales growth slow last quarter as well.

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Speaker 1: These shoppers reigned in spending on pricey items from Louis

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Speaker 1: Vuitton and Christian.

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Speaker 2: Do Yor and staying in France.

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Speaker 6: Karen.

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Speaker 2: Hotel prices for the summer Olympics in Paris are going down.

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Speaker 2: According to travel insights company Lighthouse Accommodations are now being

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Speaker 2: listed for an average three hundred and forty dollars a

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Speaker 2: night between July twenty sixth, when the opening ceremony happens

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Speaker 2: at August eleventh, when we get the closing ceremony. That

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Speaker 2: three forty a night is down forty one percent from

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Speaker 2: the peak rate of five hundred and seventy five dollars

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Speaker 2: around eleven months before the games.

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Speaker 1: When it's time now for a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the world. And for that we're joined by Bloomberg's Michael Barr.

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Speaker 8: Michael, Good Morning, Good morning, Karen. Senator Bob Menendez says

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Speaker 8: he will resign the fact of August twentieth. The New

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Speaker 8: Jersey Democrat will step down following his conviction on federal

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Speaker 8: corruption charges in New York last week. Menendez's political support

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Speaker 8: within his own party collapsed after a jury found that

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Speaker 8: he had received bribes of gold bars, hundreds of thousands

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Speaker 8: of dollars in cash, ana mercedes in return to official

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Speaker 8: favors extended to three businessmen and on behalf of the

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Speaker 8: Egyptian interests. His wife, Nadine, was also charged but has

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Speaker 8: not yet been tried. Secret Service Director Kim Cheadle announced

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Speaker 8: a resignation in the wake of her Hiring House hearing.

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Speaker 8: She was under intense pressure from Republicans and Democrats angered

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Speaker 8: by the agency's failure to prevent the assassination attempt against

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Speaker 8: Donald Trump. While on the Senate floor, Minority Leader Mitch

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Speaker 8: McConnell demanded further oversighted.

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Speaker 6: Democrats, who were so often expressed concern about threats to

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Speaker 6: democracy have yet to look seriously at the failures of

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Speaker 6: the Secret Service.

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Speaker 8: Meanwhile, former President Trump criticized the Secret Services investigation into

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Speaker 8: the motive of the shooter. Two fishermen off the coast

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Speaker 8: of New Hampshire say they're lucky to be alive. After

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Speaker 8: encountering a whale, the humpback exploded out of the water,

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Speaker 8: all forty tons of it, slammed down on the boat's

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Speaker 8: stern catapulting the two men into the water. Everything seemed

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Speaker 8: like in slow motion. It was really weird.

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Speaker 3: When I turned, the whale's head was already landing on

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Speaker 3: the engine.

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Speaker 8: It forced the boat to capsize. Two teams nearby scoop

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Speaker 8: the fishermen out of the water unharmed. Marine life experts

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Speaker 8: believe the whale was probably lunging at its prey and

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Speaker 8: the boat was just in its way. Representatives from large

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Speaker 8: US banks were before lawmakers on Capitol Hill answering questions

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Speaker 8: about the rising use of the Zell network by scammers.

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Speaker 8: The Zell app, praised for its speed and convenience, also

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Speaker 8: gives crooks easy access to the accounts of victims. The

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Speaker 8: company behind the Zel network is co owned by a

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Speaker 8: group of the largest US banks. Plissa Felcher is with

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Speaker 8: JP Morgan Chase.

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Speaker 7: Fraud and scams have long been a societal problem and

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Speaker 7: a consistent public and governmental concern in this country, and

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Speaker 7: while criminals have now fully embraced modern technology, their core

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Speaker 7: intent to exploit and deceive remains unchanged.

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Speaker 8: Felcher says many of the scams originate on social media

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Speaker 8: or dating apps. Global news twenty four hours a day

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Speaker 8: and whenever you want it with Bloomberg News Now. I'm

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Speaker 8: Michael Barr. This is Bloomberg Cameron.

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Speaker 1: All right, Michael Burr, thank you time now for the

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Speaker 1: Bloomberg Sports Update. But John stash Hour, John, good morning.

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Speaker 11: Good morning, Karen, bragging rights again to the Mets two

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Speaker 11: subway series wins last month in the city field and

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Speaker 11: at the Stadium, Mets and Yankees were tied sixth inning.

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Speaker 4: Tonkin sents.

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Speaker 6: Here's the pitch, swinging a high fly ball, well hit

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Speaker 6: right center Sodo, going back towards the track, towards the wall,

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Speaker 6: He's gone.

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Speaker 3: Jeff McNeil, what two run?

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Speaker 5: A hover into the Yankees bullpen and right center field.

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Speaker 8: He's had the power stroke this week.

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Speaker 11: Honey has just given the Mets a three to one

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Speaker 11: lead on WCBS. McNeil not known for hitting homers, but

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Speaker 11: he's hit four in the last five games. Yanks closed

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Speaker 11: within a run, had chances, but they stranded eleven runners,

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Speaker 11: went one for nine with runners in scoring position, and

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Speaker 11: the Mets held on to win three to two. Jose

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Speaker 11: Kintana worked the first five innings. Five relievers followed, not

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Speaker 11: Edwin Diaz. He had thrown twenty eight pitches. Mondays to

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Speaker 11: the Mets used Jake Diekman in the bottom of the ninth.

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Speaker 11: He struck out Aaron Judge, who walked in each of

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Speaker 11: his first four at bats, never once seeing a strike.

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Speaker 11: They're back in the Bronx tonight Sean and Ia versus

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Speaker 11: Garrett Cole, who against the Mets last month gave up

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Speaker 11: four home runs. Red Sox endo their four game losing

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Speaker 11: strenk six nothing to Colorado National shutout by San Diego

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Speaker 11: four nothing. The Dodgers moved twenty games over five hundred.

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Speaker 11: They beat the Giants five to two. Shoeotani drove in three.

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Speaker 11: NFL training camps are open. Jets and Giants are coming

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Speaker 11: off seven and six win seasons. They didn't have their

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Speaker 11: starting quarterbacks, Aaron Rodgers not at all. Daniel Jones played

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Speaker 11: only six games the Patriots first training camp since nineteen

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Speaker 11: ninety nine without Bill Belichick. New coach Gerrodmeos says veteran

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Speaker 11: Jacoby Brissett is his starting QB, not Drake May who

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Speaker 11: they drafted third overall. The NFL and the Players Association

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Speaker 11: reportedly in toughs to go from seventeen to an eighteen

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Speaker 11: game schedule and something the owners have long desired, the

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Speaker 11: players have always resisted. Lebron James will not be the

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Speaker 11: only NBA player carrying his country's flag at Friday's Olympic

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Speaker 11: opening ceremonies in Paris. Giannast of the Company will do

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Speaker 11: it for Greece. Dennis Shrew for Germany. John Stashley were

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Speaker 11: Bloomberg's Boys.

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Speaker 3: Karen Nick.

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Speaker 8: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 8: and around the world on Bloomberg dot Com and the

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Speaker 8: Bloomberg Business app.

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Speaker 2: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. A

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Speaker 2: brand new race is taking shape between former President Donald

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Speaker 2: Trump and now Vice President Kamala Harris. The Democrat's new

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Speaker 2: presumptive nominee, is promising to put her record against the

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Speaker 2: Republicans as she has just over one hundred days to

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Speaker 2: convince voters that she can step into the job at

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Speaker 2: the White House. Joining us for more, Bloomberg's Kevin Whitelaw Kevin,

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Speaker 2: Good Morning. We saw Vice President Harris at her first

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Speaker 2: presidential campaign rally, calling this now a race between the

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Speaker 2: future and the past. A much harder argument to make,

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Speaker 2: isn't it When President Biden was at the top of

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Speaker 2: the ticket.

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Speaker 12: Yeah, I mean, she certainly is able to reframe the

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Speaker 12: race in a couple of ways. Obviously, suddenly age becomes

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Speaker 12: a problem for the other side, but as you say,

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Speaker 12: she she can can try a newer, more dynamic message.

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Speaker 12: She also harnessed that her record as a as a

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Speaker 12: prosecutor in California, and I think that you're sort of

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Speaker 12: seeing the the the idea of the prosecutor versus the

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Speaker 12: felon being something you're going to hear I think a

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Speaker 12: lot in the months ahead, and.

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Speaker 2: We're hearing that the Democrats are moving pretty quickly to

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Speaker 2: finalize the rule change to make Vice President Harris the

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Speaker 2: nominee in a virtual role call vote. Does that make

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Speaker 2: things more difficult to have this scene potentially as a

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Speaker 2: fast track to get Vice President Harris to the top

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Speaker 2: of the ticket.

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Speaker 12: I suppose. Although it doesn't feel like there's a particular

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Speaker 12: outcry from from within the Democratic Party about this being

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Speaker 12: too fast or to to sort of closed, because I

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Speaker 12: think there's there does seem to be a broad recognition

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Speaker 12: that she's sort of got the inside track. She was

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Speaker 12: at least on the ballot on the primary ballot, with

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Speaker 12: with Biden, So it is sort of, I suppose, was

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Speaker 12: the most democratic option they have in some sense. But

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Speaker 12: obviously there just doesn't seem to be a huge hunger

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Speaker 12: for a truly open convention, nor has anyone emerged a

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Speaker 12: challenger yet, so I think that Democrats seem to be

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Speaker 12: pretty happy to rally around her as their last best

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Speaker 12: chance to beat Donald Trump.

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Speaker 2: No, there is going to be a challenge, I guess

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Speaker 2: from the Trump campaign filing a complaint with the FEC

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Speaker 2: about President Biden's war chest being transferred over to Vice

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Speaker 2: President Harris. Do you see that having any traction?

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Speaker 12: A little hard to sort of see how that one

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Speaker 12: is gonna going to stop them, And obviously it's sort

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Speaker 12: of interesting to watch the Trump campaign go to the end.

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Speaker 12: I mean, the FEC hasn't had much much of a

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Speaker 12: role in actually policing campaign finance for for a number

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Speaker 12: of years on either side, so a little hard to

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Speaker 12: imagine that one going anywhere. I think she's got a

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Speaker 12: pretty clear claim to it. Any other Democrat would have

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Speaker 12: a much more difficult problem. But so far the sort

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Speaker 12: of campaign tradition has transitioned seemed pretty seamless. Her fundraising

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Speaker 12: is off to a great start. She's able to mobilize

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Speaker 12: the sort of ground game that that he and his

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Speaker 12: team had developed, and uh, you know, I think that

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Speaker 12: that whole transition is working so far pretty well for

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Speaker 12: for for her. Obviously, all eyes are going to be

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Speaker 12: on the president tonight when when he addresses the nation,

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Speaker 12: So so that's going to be an interesting moment to

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Speaker 12: see how he handles the messaging going forward.

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Speaker 2: Yeah, let's talk about that in our last thirty seconds here.

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Speaker 2: How high is the bar for the president to convince

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Speaker 2: Americans that he's still up to the task of finishing

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Speaker 2: the final six months of his term.

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Speaker 12: Yeah, you know, I I think that issue is play

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Speaker 12: going to go away reasonably quickly. I think that as

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Speaker 12: long as he's able to show that he's recovered from

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Speaker 12: from COVID and is able to to to speak clearly

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Speaker 12: and and and make a clean message, my guess is

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Speaker 12: that one goes away and then this just turns into

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Speaker 12: a pretty nasty campaign in the months ahead.

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Speaker 13: This is Bloomberg Daybreak Today, your morning brief on the

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Speaker 4: And I'm Karen Moscow.

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