1 00:00:02,480 --> 00:00:05,880 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:05,920 --> 00:00:08,960 Speaker 1: dot com, the radio, plus mobil and on your radio. 3 00:00:09,280 --> 00:00:13,120 Speaker 1: This is a Bloomberg Business Flash and as Bloomberg Business 4 00:00:13,119 --> 00:00:14,920 Speaker 1: Flash this morning being brought to you by E t 5 00:00:15,080 --> 00:00:18,560 Speaker 1: F Exchange sixteen B and Y Melon's annual E t 6 00:00:18,720 --> 00:00:24,600 Speaker 1: F Symposium September ninety one in Data Point, California. Must 7 00:00:24,600 --> 00:00:27,720 Speaker 1: attend for r i A spaces limits, so register now 8 00:00:27,760 --> 00:00:30,800 Speaker 1: at b and y melon dot com. Slash e t 9 00:00:30,960 --> 00:00:34,680 Speaker 1: F risk aversion prevailing in the markets today and that 10 00:00:34,760 --> 00:00:38,160 Speaker 1: has been spurring slides in Asian and European stocks, all 11 00:00:38,200 --> 00:00:41,080 Speaker 1: because of the UK's upcoming vote on the European Union membership. 12 00:00:41,200 --> 00:00:44,560 Speaker 1: That is fueling anxiety ahead of central bank meetings here 13 00:00:44,640 --> 00:00:48,560 Speaker 1: in the US and Japan, the pound falling with oil 14 00:00:48,720 --> 00:00:52,280 Speaker 1: sovereign bonds. They're rallying to get some data today. This 15 00:00:52,400 --> 00:00:54,520 Speaker 1: is on small business from the n f I B 16 00:00:54,720 --> 00:00:58,160 Speaker 1: the Index of Small Business Optimism rising two tenths of 17 00:00:58,200 --> 00:01:02,040 Speaker 1: a point in May to ninety three point eight. SMP 18 00:01:02,200 --> 00:01:05,800 Speaker 1: futures three points lower, the down futures down forty as 19 00:01:05,840 --> 00:01:08,840 Speaker 1: taking mini futures thirteen points lower. That is down about 20 00:01:08,880 --> 00:01:12,640 Speaker 1: three tenths of a percent and at risk aversion scene 21 00:01:12,680 --> 00:01:16,600 Speaker 1: in the German tenure it is negative down at the 22 00:01:16,959 --> 00:01:21,560 Speaker 1: negative point zero one percent. The yen at one oh 23 00:01:21,600 --> 00:01:25,040 Speaker 1: five ninety that's the strengthening by about three tenths of 24 00:01:25,240 --> 00:01:28,680 Speaker 1: a percent. And Crew deon mimex crew down sixty six 25 00:01:28,680 --> 00:01:31,480 Speaker 1: cents a barrel. That's down about one point three percent 26 00:01:31,600 --> 00:01:34,560 Speaker 1: at forty eight twenty three. Which at the markets for 27 00:01:34,640 --> 00:01:37,319 Speaker 1: you every fifteen minutes during the trade a day right 28 00:01:37,319 --> 00:01:43,040 Speaker 1: here Bloomberg Radio and Michael and Tom John Tucker, thank 29 00:01:43,080 --> 00:01:47,120 Speaker 1: you very much. Um, Tom, it has been a Brexit 30 00:01:47,840 --> 00:01:51,600 Speaker 1: fear day in the markets, and is the betting markets 31 00:01:51,680 --> 00:01:57,000 Speaker 1: move towards the possibility of leaving likely to see more 32 00:01:57,000 --> 00:01:59,720 Speaker 1: of this. It has been exceptional. I thought your data 33 00:01:59,800 --> 00:02:01,840 Speaker 1: check at the top of the hour was was really 34 00:02:02,440 --> 00:02:06,120 Speaker 1: dead on, folks. You can use the Equity Market Futures 35 00:02:06,240 --> 00:02:10,239 Speaker 1: SMP futures is a proxy negative five down to negative 36 00:02:10,320 --> 00:02:13,800 Speaker 1: I think seven or eight now negative six point to five, 37 00:02:13,880 --> 00:02:17,359 Speaker 1: so a little bit better tone to the markets. But frankly, 38 00:02:17,440 --> 00:02:21,320 Speaker 1: Mike in particularly for global Wall Street listening, Um, you 39 00:02:21,440 --> 00:02:25,040 Speaker 1: gotta look at the yen a one oh five. It 40 00:02:25,240 --> 00:02:28,519 Speaker 1: was stunning where the yen was at five am this morning. 41 00:02:28,639 --> 00:02:31,800 Speaker 1: We've come back a little bit, but still one oh eight, 42 00:02:31,880 --> 00:02:36,000 Speaker 1: one oh seven, one oh six, one oh five is remarkable. 43 00:02:36,080 --> 00:02:40,160 Speaker 1: Yen Strength is a global litmus paper. It is a 44 00:02:40,600 --> 00:02:43,680 Speaker 1: crazy world, and no place crazier than the campaign trail, 45 00:02:43,760 --> 00:02:46,840 Speaker 1: because that would be Chuck Todd is the wagon master 46 00:02:46,960 --> 00:02:50,600 Speaker 1: for NBC's Meet the Press out on the trail quite often, 47 00:02:50,720 --> 00:02:52,919 Speaker 1: and you can here beat the press of course here 48 00:02:53,240 --> 00:02:58,560 Speaker 1: on Bloomberg Radio every Sunday eleven and three. Uh. Chuck. 49 00:02:58,840 --> 00:03:04,240 Speaker 1: David Remnick in The New Yorker yesterday about Donald Trump said, quote, 50 00:03:04,639 --> 00:03:09,400 Speaker 1: the mouth moves and the lies pour forth. Right after 51 00:03:09,480 --> 00:03:13,120 Speaker 1: his foreign policy speech yesterday, vox dot Com was out 52 00:03:13,160 --> 00:03:16,280 Speaker 1: with an article, here are the nine most egregious lies 53 00:03:16,360 --> 00:03:21,720 Speaker 1: Trump told in the speech. How I wonder do political 54 00:03:21,760 --> 00:03:29,000 Speaker 1: reporters cover this? I think you have to do both 55 00:03:29,000 --> 00:03:31,960 Speaker 1: things simultaneously. You have to obviously cover what he said, 56 00:03:32,240 --> 00:03:34,920 Speaker 1: and then you have to you have to point out 57 00:03:35,400 --> 00:03:38,240 Speaker 1: what's actually an asser uh, and you have to do 58 00:03:38,280 --> 00:03:42,560 Speaker 1: it simultaneously as he's fawn. But it's looked this has 59 00:03:42,560 --> 00:03:45,440 Speaker 1: been the challenge with him from the Gifts Show. Um. 60 00:03:45,560 --> 00:03:48,160 Speaker 1: But really this isn't about political reporters. I think it's 61 00:03:48,200 --> 00:03:51,240 Speaker 1: about the two things with that speech yesterday. Number one 62 00:03:52,160 --> 00:03:55,680 Speaker 1: really is presenting a stark contrast for us as a 63 00:03:55,800 --> 00:03:59,720 Speaker 1: nation in that we're gonna we're gonna send a signal 64 00:03:59,760 --> 00:04:02,880 Speaker 1: of the world about who we are based on this selection. Now, 65 00:04:02,960 --> 00:04:05,560 Speaker 1: this is that red versus blue. You know, this is 66 00:04:05,680 --> 00:04:10,000 Speaker 1: this is some you know he is he is he 67 00:04:10,200 --> 00:04:14,640 Speaker 1: is calling for some let's let's say what it is 68 00:04:14,680 --> 00:04:19,840 Speaker 1: some pretty radical proposal when it comes to dealing, um, 69 00:04:20,080 --> 00:04:26,480 Speaker 1: praying with the threat of ISIS, and it's smacking right 70 00:04:26,560 --> 00:04:30,040 Speaker 1: up against the Constitution in the United States of America. Chuck, 71 00:04:30,120 --> 00:04:32,680 Speaker 1: not to be narcissistic about this, but the playoff Kelsey 72 00:04:32,720 --> 00:04:36,400 Speaker 1: Sutton's headline in The Political This Morning, here's the next headline, 73 00:04:36,480 --> 00:04:39,760 Speaker 1: Chuck Todd bann is latest battle in Trump's war with 74 00:04:39,880 --> 00:04:42,640 Speaker 1: the press. He had the de Moines register. Now he's 75 00:04:42,640 --> 00:04:46,600 Speaker 1: going after Bezos, Mr Barron and the Washington Post. I 76 00:04:46,960 --> 00:04:50,760 Speaker 1: don't want to, you know, pry into the conversations you're 77 00:04:50,800 --> 00:04:54,359 Speaker 1: having with Mr Lack and others at NBC News, But 78 00:04:54,520 --> 00:04:59,880 Speaker 1: does there need to be a journalism slash judicial response 79 00:05:00,480 --> 00:05:07,600 Speaker 1: to any candidate limiting press access? I think you know, look, 80 00:05:07,640 --> 00:05:10,159 Speaker 1: I mean, we we fight these things. Sometimes we find 81 00:05:10,160 --> 00:05:12,880 Speaker 1: it publicly comtimes, the fight of biomacy, but we always fight. 82 00:05:12,920 --> 00:05:15,000 Speaker 1: We always fight with whoever has been banned. It doesn't 83 00:05:15,000 --> 00:05:18,800 Speaker 1: matter who it is. So but you know, this, this 84 00:05:18,880 --> 00:05:21,600 Speaker 1: needs this is you know, it's troubling about this. It's 85 00:05:21,640 --> 00:05:24,120 Speaker 1: how few Americans do. This is troubling right now. I mean, 86 00:05:24,120 --> 00:05:26,920 Speaker 1: this is what's happened with the evoted. You know, there's 87 00:05:26,920 --> 00:05:29,840 Speaker 1: been a concerted effort by partisans and the lesson right 88 00:05:29,920 --> 00:05:35,159 Speaker 1: and mostly on the right to um discredit um the 89 00:05:35,200 --> 00:05:38,480 Speaker 1: mainstream media to discredit the news media. Uh. And Trump 90 00:05:38,600 --> 00:05:40,400 Speaker 1: is just playing right into it. I mean, this is 91 00:05:40,839 --> 00:05:46,160 Speaker 1: this should be just as concerning to to to folks 92 00:05:46,240 --> 00:05:49,400 Speaker 1: as the Muslim van as as these other things. But 93 00:05:49,600 --> 00:05:51,960 Speaker 1: really the onus now, I think it's backed on the 94 00:05:51,960 --> 00:05:55,280 Speaker 1: Republican Party in rank and file leaders in the Republican Party, 95 00:05:55,320 --> 00:05:59,800 Speaker 1: the elected leaders. Are they you know, can they support 96 00:05:59,839 --> 00:06:02,720 Speaker 1: the Can they get behind me? Are they really going 97 00:06:02,760 --> 00:06:08,640 Speaker 1: to stick behind somebody who again is challenging norms that 98 00:06:08,720 --> 00:06:14,320 Speaker 1: are expressed in the Constitution, religious bands and press fans. 99 00:06:14,400 --> 00:06:17,320 Speaker 1: I mean, you know, it's the first Amendment. Mr Mike, 100 00:06:17,400 --> 00:06:20,120 Speaker 1: I would point out to the post as a commie rag. 101 00:06:20,640 --> 00:06:23,840 Speaker 1: They've got a guy like George Will who I would 102 00:06:23,880 --> 00:06:28,880 Speaker 1: suggest Mr Dione or Mr Will's next op ed, Tommy Rag, 103 00:06:30,200 --> 00:06:33,280 Speaker 1: the conservative rag. Who cares if it's the rooper, Who 104 00:06:33,360 --> 00:06:35,720 Speaker 1: cares if it's Roger Ailes making stuff up? They all 105 00:06:35,760 --> 00:06:37,520 Speaker 1: have the freedom to do it. The first Amendment is 106 00:06:37,560 --> 00:06:41,039 Speaker 1: allowing allowing it at the end of the day. And 107 00:06:41,040 --> 00:06:44,920 Speaker 1: and you know, again the troubling nature. And you sit 108 00:06:44,960 --> 00:06:47,279 Speaker 1: here and look at and he's by doing this press 109 00:06:47,320 --> 00:06:49,640 Speaker 1: band that he does, and he rotates him by the way. 110 00:06:49,640 --> 00:06:53,640 Speaker 1: He has targeted our our day to day correspondent multiple times. 111 00:06:53,640 --> 00:06:58,360 Speaker 1: He's targeted, he is and you know he is pulled 112 00:06:58,400 --> 00:07:01,440 Speaker 1: interviews from our network just because he isn't like something. 113 00:07:01,839 --> 00:07:04,599 Speaker 1: You know, this is what he's done. And he has 114 00:07:04,680 --> 00:07:07,520 Speaker 1: threatened us about different people, and we've produced. We've not 115 00:07:07,600 --> 00:07:11,200 Speaker 1: backed down on this guy. We wouldn't anybody, doesn't matter 116 00:07:11,200 --> 00:07:14,640 Speaker 1: who they are. But he's creating a situation that I'm 117 00:07:14,680 --> 00:07:17,240 Speaker 1: it's disconcerting, it's frustrating as all these things. But he's 118 00:07:17,280 --> 00:07:20,480 Speaker 1: trying to start a war with the press so then 119 00:07:20,520 --> 00:07:23,560 Speaker 1: he can just right off any bad press. I mean, 120 00:07:23,800 --> 00:07:28,840 Speaker 1: it's quite clever what he's doing. But I wonder now 121 00:07:29,120 --> 00:07:32,960 Speaker 1: it is it is it is again? Um, you know, 122 00:07:33,040 --> 00:07:35,880 Speaker 1: it's a it's a corrosive and devisive thing that he's doing. Well. 123 00:07:35,920 --> 00:07:38,960 Speaker 1: I wonder what you've said about the Republican leadership. I mean, 124 00:07:39,000 --> 00:07:43,160 Speaker 1: you did have Mitch McConnell last week telling Bloomberg that, um, 125 00:07:43,560 --> 00:07:46,280 Speaker 1: he didn't think Donald Trump knew much about any of 126 00:07:46,280 --> 00:07:49,240 Speaker 1: the issues. And yeah, you've got Paul Ryan trying to 127 00:07:49,600 --> 00:07:55,280 Speaker 1: introduce this Republican plan for the nation, and every time 128 00:07:55,280 --> 00:07:57,080 Speaker 1: he gets out and he's going out again today to 129 00:07:57,160 --> 00:08:00,600 Speaker 1: introduce another part of it, nobody listens, the reporters will 130 00:08:00,640 --> 00:08:03,360 Speaker 1: ask him about Donald Trump. He's he's got to be 131 00:08:03,360 --> 00:08:06,640 Speaker 1: getting sick of this. I'm sure he is. But again, 132 00:08:06,720 --> 00:08:08,680 Speaker 1: you know, the party, if they want to do something 133 00:08:08,720 --> 00:08:10,920 Speaker 1: about it, they can't. They just have to have the 134 00:08:10,960 --> 00:08:14,120 Speaker 1: guts to do it. It's not easy, it's hard. No 135 00:08:14,120 --> 00:08:16,120 Speaker 1: one's gonna say it's not hard. But this is this 136 00:08:16,160 --> 00:08:22,240 Speaker 1: is important. This is no longer I think party leaders 137 00:08:22,240 --> 00:08:24,600 Speaker 1: need to realize this is no longer the idea that 138 00:08:24,640 --> 00:08:27,960 Speaker 1: they're just going to wash this stain out on the 139 00:08:28,000 --> 00:08:30,280 Speaker 1: day after the election in November. This is a tattoo, 140 00:08:30,480 --> 00:08:34,559 Speaker 1: but this is critically for for all of our listeners 141 00:08:34,600 --> 00:08:38,320 Speaker 1: pro Trump, pro Clinton, those in the middle, etcetera. Do 142 00:08:38,480 --> 00:08:41,240 Speaker 1: you just assume Mr Trunk will Mr Trump will be 143 00:08:41,280 --> 00:08:45,840 Speaker 1: the candidate out of Cleveland. I never assume anything with Trump, 144 00:08:47,080 --> 00:08:52,280 Speaker 1: you can't um. I I don't you know until I 145 00:08:52,360 --> 00:08:56,200 Speaker 1: see him, except the nomination, I won't be a hunt 146 00:08:56,200 --> 00:08:58,760 Speaker 1: of percent confident he'll be the Canada coming out of Cleveland. 147 00:08:58,960 --> 00:09:00,959 Speaker 1: I think there's always a chance. So I think there's 148 00:09:01,160 --> 00:09:04,439 Speaker 1: you know, look, we've got new tracking poll out this morning. 149 00:09:05,400 --> 00:09:07,720 Speaker 1: She's up seven. It's our largest lead in our online 150 00:09:07,720 --> 00:09:11,320 Speaker 1: tracking poll. You know, none of this has helped. This 151 00:09:11,480 --> 00:09:13,800 Speaker 1: is what you know, what what the party is in. 152 00:09:14,320 --> 00:09:17,920 Speaker 1: You know they I don't think they realize how poorly 153 00:09:17,960 --> 00:09:21,679 Speaker 1: this complain. Now. I know that during times of terrorism 154 00:09:21,880 --> 00:09:25,720 Speaker 1: that we've seen spikes for him before. I don't know 155 00:09:26,559 --> 00:09:30,880 Speaker 1: it's the way he's handled this. I'll be surprised if 156 00:09:30,880 --> 00:09:32,920 Speaker 1: this has been a net positive for him this week, 157 00:09:33,120 --> 00:09:36,040 Speaker 1: the way he's handled the reaction to his response to 158 00:09:36,080 --> 00:09:40,040 Speaker 1: Ortlanta Um. Just before we let you go, how how 159 00:09:40,120 --> 00:09:43,480 Speaker 1: unified our Republicans leaders? I mean, how much do they 160 00:09:43,520 --> 00:09:45,760 Speaker 1: talk among themselves about this? Or is it just a 161 00:09:45,800 --> 00:09:48,199 Speaker 1: matter of picking them off, did I find at all? 162 00:09:48,480 --> 00:09:50,880 Speaker 1: They's all if they all took the truth, they took 163 00:09:50,920 --> 00:09:54,120 Speaker 1: truth sir, them would tell you, let's do whatever it 164 00:09:54,160 --> 00:09:57,280 Speaker 1: takes to stop them. But they feel powerless because at 165 00:09:57,320 --> 00:10:00,199 Speaker 1: the end of the day, the voters spoke um and 166 00:10:00,240 --> 00:10:02,800 Speaker 1: so they don't want to do there. They feel boxed 167 00:10:02,800 --> 00:10:05,400 Speaker 1: stand They feel as if this is one of these 168 00:10:05,440 --> 00:10:07,920 Speaker 1: cases where it's lose lose and they just haven't And 169 00:10:08,120 --> 00:10:12,800 Speaker 1: each Republican leader has got to decide what's what's in 170 00:10:13,040 --> 00:10:15,040 Speaker 1: their best and right now they've been doing it this 171 00:10:15,080 --> 00:10:16,640 Speaker 1: way and I think this is the wrong way to 172 00:10:16,640 --> 00:10:19,520 Speaker 1: think about this, but most Republican leaders have thought about 173 00:10:19,520 --> 00:10:23,840 Speaker 1: what's in their best interests, right what's politically it's you know, 174 00:10:24,160 --> 00:10:27,760 Speaker 1: so Paulines the elected leader of the two plus Republicans, 175 00:10:28,080 --> 00:10:31,560 Speaker 1: a lot of whom uh have constituents of a pro Trump, 176 00:10:31,640 --> 00:10:35,800 Speaker 1: So he's trying to stick with Trump. McConnell, who cares 177 00:10:35,840 --> 00:10:38,280 Speaker 1: about that, that's Scalia seat. So at the end of 178 00:10:38,320 --> 00:10:40,719 Speaker 1: the day, he feels like it's better to be with some. 179 00:10:41,040 --> 00:10:45,120 Speaker 1: But you know, they they need to look and decide, 180 00:10:45,160 --> 00:10:47,040 Speaker 1: you know that they were all saying last week, well, 181 00:10:47,080 --> 00:10:50,080 Speaker 1: hopefully they'll be more on script and hopefully yesterday was 182 00:10:50,120 --> 00:10:52,760 Speaker 1: not a demonstration. Chuck, We've gotta go, Chuck tile with 183 00:10:52,840 --> 00:10:54,640 Speaker 1: me the press. Thank you so much. Somehow I think 184 00:10:54,679 --> 00:10:58,240 Speaker 1: the conversation next week will be a change different and 185 00:10:58,520 --> 00:11:01,600 Speaker 1: uh well still it is interesting. It makes Meet the 186 00:11:01,600 --> 00:11:04,760 Speaker 1: Press on Sundays here on Bloomberg and on NBC even 187 00:11:04,920 --> 00:11:08,720 Speaker 1: more valuable to watch because Chuck cuts through all of us. 188 00:11:09,120 --> 00:11:12,040 Speaker 1: Coming up another hour of Bloomberg surveillance