WEBVTT - Trump-Harris Debate; Buffett Trims Big Bank Stock

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning.

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<v Speaker 1>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today.

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<v Speaker 3>Karen, let's start with the latest on the presidential race.

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<v Speaker 3>Former President Donald Trump has yet to commit to a

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<v Speaker 3>debate with Vice President Kambala Harris now that she's the

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<v Speaker 3>Democrat's presumptive nominee, but in an interview last night with

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<v Speaker 3>Fox News host Laura Ingram, Trump said he will probably

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<v Speaker 3>end up debating Harris eventually.

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<v Speaker 4>I want to do a debate, but I also can

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<v Speaker 4>say this. Everybody knows who I am, and now people

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<v Speaker 4>know who she is. She's a radical left lunatic. She'll

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<v Speaker 4>destroy our country. She once openboord.

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<v Speaker 5>Why not debater?

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<v Speaker 4>Well wait, but because they already know everything.

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<v Speaker 3>Former President Trump says if he does debate Harris, he

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<v Speaker 3>would like to do it before early votes are cast.

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<v Speaker 3>Harris has accused Trump of backpedaling on a debate set

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<v Speaker 3>for September tenth on ABC News. In the Fox interview,

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<v Speaker 3>Trump called a a a quote terrible outfit. He complained

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<v Speaker 3>about the network getting rich off the debate.

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<v Speaker 1>Meanwhile, Nathan Vice President Harris is honing in on her

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<v Speaker 1>search for a running mate, and now she has one

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<v Speaker 1>less candidate to consider. North Carolina Governor Roy Cooper is

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<v Speaker 1>pulling his name from consideration. In a post on x

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<v Speaker 1>he says it's not the right time for him or

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<v Speaker 1>his state to be on a national ticket. And Cooper

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<v Speaker 1>was campaigning for Harris last night.

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<v Speaker 4>If white males would vote one to two percent more

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<v Speaker 4>for Democrats than they usually do, then we win this race.

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<v Speaker 1>Governor Roy Cooper took part in a Zoom call dubbed

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<v Speaker 1>white Dudes for Harris. Today, Harris will be back out

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<v Speaker 1>on the campaign trail with a rally in Atlanta. The

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<v Speaker 1>vice president is looking to expand the electoral map into

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<v Speaker 1>the sun Belt states of Georgia, Arizona, and Neveda, along

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<v Speaker 1>with the democrats traditional blue wall of Michigan, Wisconsin, and Pennsylvania.

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<v Speaker 3>Less for President Biden Karen He's no longer on the

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<v Speaker 3>campaign trail, but he is is making a play for

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<v Speaker 3>major Supreme Court reform in an appearance at the Lynden

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<v Speaker 3>Bins Johnson Library in Austin, Texas. We get that story

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<v Speaker 3>from Bloomberg's Ed Baxter.

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<v Speaker 6>President Biden is calling for lawmakers to pass new binding

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<v Speaker 6>ethic rules and term limits for the justices.

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<v Speaker 5>This nation was founded on the principle there are no

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<v Speaker 5>kings in America.

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<v Speaker 7>Each of usn't equal before the law.

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<v Speaker 6>But Senate Minority Leader Mitch McConnell says it is not necessary.

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<v Speaker 8>President Biden has left as well as that don't like

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<v Speaker 8>the current composition of the Court, so they want to

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<v Speaker 8>shred the constitution to change it.

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<v Speaker 6>McConnell says they're already ethics rules in place. Biden attends

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<v Speaker 6>the current court is undermined long established civil rights principles

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<v Speaker 6>and protections. Ed Baxter Bloomberg Radio, All.

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<v Speaker 7>Right, and thank you.

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<v Speaker 1>Now to the latest developments in the presidential election in Venezuela.

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<v Speaker 1>The country's opposition says it can prove electoral fraud as

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<v Speaker 1>thousands took to the streets of the capital, Caracas to

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<v Speaker 1>protest what they say is Nicholas Maduro's fraudulent win. Opposition

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<v Speaker 1>leader Maria Colorina Machado, speaking through an interpreter, says her

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<v Speaker 1>candidate won more than double Maduro's votes.

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<v Speaker 7>Oda good today.

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<v Speaker 9>I want to tell all Venezuelans in the country and abroad,

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<v Speaker 9>to all the Democrats of the world, we now have

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<v Speaker 9>proof of the truth of what happened yesterday in Venezuela.

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<v Speaker 1>Yeah, the administration has accused Machado of being involved in

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<v Speaker 1>a plot to alter the voting results. That our national

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<v Speaker 1>pressure has been ramping up on Maduro to provide transparency

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<v Speaker 1>over the election tally.

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<v Speaker 3>Back to the US now, Karen with a focus on

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<v Speaker 3>the FED begins its two day meeting on interest rates today.

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<v Speaker 3>No change in monetary policy is expected tomorrow, but policymakers

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<v Speaker 3>are expected to set the stage for a rate cut

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<v Speaker 3>in September. Amanda Linum, head of macro credit research at Blackrock,

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<v Speaker 3>talked about the FED on Bloomberg surveillance.

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<v Speaker 10>The way it stands right now is we don't see

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<v Speaker 10>a lot of urgency for large or swift rate cuts.

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<v Speaker 10>So the base case that we have is twenty five

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<v Speaker 10>basis points every other meeting, So that means maybe two

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<v Speaker 10>cuts this year and then a handful of cuts next year.

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<v Speaker 10>Say we land at a terminal rate closer to four percent,

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<v Speaker 10>definitely less restrictive where we are now, but nowhere near

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<v Speaker 10>the zero lower bound of the post financial crisis era.

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<v Speaker 3>Black Rocks Amanda line them says swaps markets are fully

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<v Speaker 3>pricing a September move.

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<v Speaker 7>Well, Nathan.

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<v Speaker 1>The yen is weakening against the dollar as the Bank

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<v Speaker 1>of Japan also kicks off a two day policy meeting,

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<v Speaker 1>overnight index swaps price and a thirty four percent chance

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<v Speaker 1>of an interest rate increase of fifteen basis points in Europe.

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<v Speaker 3>Care in the euro Area economy grew more than expected

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<v Speaker 3>in the second quarter, as resilient expansion in key countries

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<v Speaker 3>allowed the region to shrug off Germany's surprise contraction. Gross

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<v Speaker 3>domestic product grows three tenths of one percent as both

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<v Speaker 3>France and Spain beat estimates and Italy kept growing as well.

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<v Speaker 3>That offset a tenth of one percent drop in Germany.

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<v Speaker 7>Nathan Earnings also in focus.

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<v Speaker 1>Shares Adagio down eight and a half percent in Europe,

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<v Speaker 1>A slotted Latin America, the Caribbean and the US pushed

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<v Speaker 1>the maker of Johnny Walker whiskey to its first annual

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<v Speaker 1>sales declines since the pandemic.

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<v Speaker 3>Shares a VP meanwhileer up about one and a half percent.

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<v Speaker 3>The British oil giant posted profit above analyst estimates. Strong

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<v Speaker 3>second quarter earnings from pumping crude offset weakness in other

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<v Speaker 3>parts of the business. BP also maintained the pace of

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<v Speaker 3>share buybacks, and increased its dividend.

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<v Speaker 1>Well here in the US, Nathan. Big tech earnings are

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<v Speaker 1>in focus as Microsoft reports after the closing bill, and

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<v Speaker 1>Bloomberry's Tom Busby has more on what to expect.

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<v Speaker 11>The big focus for investors whether Microsoft can continue to

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<v Speaker 11>post strong growth in its cloud unit, led by its

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<v Speaker 11>Azure Cloud infrastructure business. Also key, whether the billions of

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<v Speaker 11>dollars had spent on its generative AI chatbot Microsoft Copilot

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<v Speaker 11>will start to pay off. Consensus calls for revenue of

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<v Speaker 11>sixty four point five to two billion dollars adjusted earnings

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<v Speaker 11>per share of two dollars ninety four cents. Tom Busby,

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<v Speaker 11>Bloomberg Radio.

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<v Speaker 3>All right, Tom, thank you, And ahead of those earnings,

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<v Speaker 3>Microsoft is calling on Congress to crack down on so

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<v Speaker 3>called deep fakes. The company's urging lawmakers to pass a

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<v Speaker 3>comprehensive law aimed at images and sound made with artificial

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<v Speaker 3>intelligence to prevent election interference and malicious targeting of individuals.

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<v Speaker 3>Microsoft is calling for labels on AI generated content, as

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<v Speaker 3>well as federal and state laws that penalize creation and

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<v Speaker 3>distribution of sexually exploitative deep fakes.

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<v Speaker 1>Nathan Moren Buffett is unloading more shares of Bank of America.

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<v Speaker 1>Buffett's Berkshire Hathaway disclosed its third disposal this month of

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<v Speaker 1>BFA shares, pairing its massive profitable bet on the lender

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<v Speaker 1>by more than three billion dollars. Even with the reduction,

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<v Speaker 1>Berkshire still holds almost nine hundred to sixty two million

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<v Speaker 1>shares worth thirty nine and a half billion dollars.

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<v Speaker 3>Man Karen, Famed short seller Andrew Left has pleaded not

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<v Speaker 3>guilty to federal fraud charges. This sets the stage for

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<v Speaker 3>a high profile legal battle over his strategies. Prosecutors hughes

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<v Speaker 3>the Citron Research founder, of manipulating the market to benefit

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<v Speaker 3>his trading and making false statements to investigators. If convicted,

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<v Speaker 3>Left faces decades behind bars. His trial is set for

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<v Speaker 3>late September.

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<v Speaker 1>And it's time now for a look at some of

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<v Speaker 1>the other stories making news in New York and around

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<v Speaker 1>the world. And for that we're joined by Bloomberg's Michael Barr. Michael,

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<v Speaker 1>Good morning, Good morning, Karen.

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<v Speaker 12>There are fears over a broader regional war in the

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<v Speaker 12>Middle East after Israel promised retaliation for a missile strike

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<v Speaker 12>that killed twelve children on a soccer field in the

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<v Speaker 12>Israeli controlled Golan Heights over the weekend. Has Belah Is

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<v Speaker 12>denied being behind the attack. Some people in the community

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<v Speaker 12>where it struck have openly questioned the claim that the

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<v Speaker 12>civilian area was intentionally targeted. Prime Minister Benjamin NETANYAHUO visiting

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<v Speaker 12>the site of the attack, says this cannot be ignored,

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<v Speaker 12>and Illinois sheriff says his department quote failed. Sonya Massy.

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<v Speaker 12>She was the black woman shot to death by a

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<v Speaker 12>white deputy in her home after she called nine one

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<v Speaker 12>one about possible intruders. Sangamon County Sheriff Jack Campbell spoke

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<v Speaker 12>at a community meeting in response to outrage over the

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<v Speaker 12>shooting at protest nationwide.

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<v Speaker 11>I'm sorry, she Calfordhall and Fair.

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<v Speaker 12>The now fire Deputy Sean Grayson is charged with homicide

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<v Speaker 12>a horrible knife attack in Britain. Police say at the

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<v Speaker 12>stabbings at a children's dance class in northwest England yesterday

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<v Speaker 12>killed two children and injured nine others. The event was

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<v Speaker 12>a Taylor Swift themed dance and yoga event for children

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<v Speaker 12>aged about six to eleven years old. It took place

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<v Speaker 12>at a community center in Southport, near Liverpool. Chief Constable

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<v Speaker 12>Serena Kennedy.

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<v Speaker 9>When they arrived, they were shocked to find that multiple people,

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<v Speaker 9>many of whom were children, had been subjected to a

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<v Speaker 9>ferocious attack.

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<v Speaker 12>Chief Kennedy says officials ever Ran hosted a seventeen year

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<v Speaker 12>old boy in the incident. Today, New York's highest Court

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<v Speaker 12>will hear the latest GOP challenge to the state's mail

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<v Speaker 12>in Voting Act. They argue the Democrats violated the state

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<v Speaker 12>constitution when they passed the early voting law last year,

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<v Speaker 12>but New York state political expert Michael Krasner says that's

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<v Speaker 12>not what this is really all about.

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<v Speaker 5>What's really on their mind is winning and losing elections,

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<v Speaker 5>and in general, the easier it is for people to vote,

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<v Speaker 5>the better Democrats do, and the more likely Republicans are

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<v Speaker 5>to lose.

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<v Speaker 12>Krasner says, what the legislation is doing is protecting and

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<v Speaker 12>extending a basic right. Global news twenty four hours a

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<v Speaker 12>day and whenever you want it with the Bloomberg News Now,

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<v Speaker 12>I'm Michael Barr, and this is Bloomberg Karen.

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<v Speaker 7>All right, Michael Barr, thank you.

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<v Speaker 1>Time now for the Bloomberg Sports Update with John stash Hour.

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<v Speaker 13>John, Good morning, Good morning Karen, easy victories for the

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<v Speaker 13>Mets and Yankees. The only drama was in scene which

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<v Speaker 13>New York team would score the most runs.

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<v Speaker 12>It was the Mets.

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<v Speaker 13>They walloped the Twins at City Field fifteen to two.

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<v Speaker 13>Scored all their runs in three innings, six in the fourth,

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<v Speaker 13>five and the sixth four more on the eighth. Mets

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<v Speaker 13>had seventeen hits, only one homer, that from Pete Alonzo.

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<v Speaker 13>The Yankees hit six home runs in Philadelphia, and sure

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<v Speaker 13>enough for pair from the captain.

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<v Speaker 7>March's pitch to swim on.

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<v Speaker 12>Oh hit in the air to d blaff. There it

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<v Speaker 12>goes way back.

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<v Speaker 7>Oh hoy, useemy.

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<v Speaker 2>Go, Oh what a shot?

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<v Speaker 7>Sharon Judge his second.

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<v Speaker 1>Barb of the night.

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<v Speaker 13>Wfan had It's a Judge now thirty nine homers on

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<v Speaker 13>the season, and welcome to the Yankees. Jazz Chisholm his

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<v Speaker 13>second game of his new team, he homer twice. Ben

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<v Speaker 13>Rice and Anthony Volpe also left the Yard Yanks all

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<v Speaker 13>over the Major League leading Phillies fourteen to four. Yanks

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<v Speaker 13>have scored forty runs in their last four games, only

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<v Speaker 13>half game behind Baltimore, who' split a doublehead of with Toronto,

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<v Speaker 13>last place Blue Jays, waving the white flag in their season,

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<v Speaker 13>traded Justin Turner to Seattle. Pitcher use Kakuchi, the Houston

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<v Speaker 13>outfielder Lane Thomas going from Washington to Cleveland. Cincinnati traded

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<v Speaker 13>Frankie Montest in Milwaukee. The Giants del Jorge Solaiir to Atlanta.

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<v Speaker 13>The trade deadline six o'clock Today. At the Olympics, US

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<v Speaker 13>won a couple of silver medals five bronze. They still

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<v Speaker 13>have only three gold medals that could change today in

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<v Speaker 13>the women's gymnastics finals. Simone Biles will be in all

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<v Speaker 13>four events.

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<v Speaker 12>In the pool.

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<v Speaker 13>Yesterday, fifteen medals won by swimmers from ten different nations,

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<v Speaker 13>and three golds were won by swimmers under the age

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<v Speaker 13>of twenty one. Seventeen year old Canadian phenom Summer Macintosh

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<v Speaker 13>won the four hundred am. She's expected to win a

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<v Speaker 13>couple more goals. John Stashewer, Bloomberg Sports Kerry Newton.

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<v Speaker 8>Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 8>and around the world on Bloomberg dot Com and the

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<v Speaker 8>Bloomberg Business app. This is Bloomberg Daybreak. Good morning.

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<v Speaker 3>I'm Nathan Hager, watching political developments on a couple of

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<v Speaker 3>fronts this morning. In Venezuela, the opposition says it can

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<v Speaker 3>prove candidated. Mundo Gonzalez defeated President Nicholas Maduro on Sunday

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<v Speaker 3>in a landslide. While here in the US, former President

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<v Speaker 3>Donald Trump's going back and forth on whether he wants

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<v Speaker 3>to debate his new opponent in the twenty twenty four race.

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<v Speaker 3>Vice President Kamala Harris. For the latest on all the

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<v Speaker 3>politics were joined now by Bloomberg News Senior editor Bill Ferries. Bill,

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<v Speaker 3>good morning, What is the latest in this disputed election

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<v Speaker 3>result in Venezuela. Maduro The president has been declared the winner,

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<v Speaker 3>but the opposition apparently says it's got a pretty significant

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<v Speaker 3>tally of its own.

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<v Speaker 12>Right.

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<v Speaker 14>We saw thousands of people taking to the streets, not

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<v Speaker 14>just in Caracas, but in some other parts of the

0:12:40.160 --> 0:12:44.000
<v Speaker 14>country and within Caracas in neighborhoods that have in the

0:12:44.040 --> 0:12:47.479
<v Speaker 14>past been more pro Maduro. So it's a very tense situation.

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<v Speaker 14>The opposition says that it has seen detailed voter data

0:12:52.240 --> 0:12:56.200
<v Speaker 14>that shows they had an irreversible win with more than

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<v Speaker 14>double the vote count for their candidate at Mundo Gonzala

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<v Speaker 14>US than what Maduro got so we have to see

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<v Speaker 14>what happens as morning unfolds there in South America, the

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<v Speaker 14>opposition has called for what they're calling citizen assemblies to

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<v Speaker 14>begin taking place around eleven eleven thirty am, and other

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<v Speaker 14>news related to that. President Biden is expected to have

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<v Speaker 14>a call with Brazil's president today as well to discuss

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<v Speaker 14>the situation. And Venezuela's government, meanwhile, has said has accused

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<v Speaker 14>the opposition of trying to rig the election, and we

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<v Speaker 14>haven't seen arrest warrants go out for the opposition leaders,

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<v Speaker 14>but that's something that their supporters, opposition supporters are watching

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<v Speaker 14>out for.

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<v Speaker 3>Apart from those next steps, including that conversation between the

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<v Speaker 3>president and Brazil's leader, who's been a traditional ally I

0:13:46.280 --> 0:13:49.680
<v Speaker 3>believe of Maduro. Unless I'm mistaken, I guess the ball

0:13:49.760 --> 0:13:54.160
<v Speaker 3>is in now Maduro's court to show that the election

0:13:54.360 --> 0:13:58.720
<v Speaker 3>results as certified by the Electoral Center are indeed valid.

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<v Speaker 14>Maduro government and going back before him, his predecessor, Hugo Chavez,

0:14:05.320 --> 0:14:08.720
<v Speaker 14>I mean, all the major elections that they had were

0:14:08.760 --> 0:14:12.600
<v Speaker 14>tainted by accusations of fraud, but it definitely feels different

0:14:12.640 --> 0:14:15.480
<v Speaker 14>this time. The opposition was pretty buoyant heading into the

0:14:15.520 --> 0:14:20.400
<v Speaker 14>Sunday vote, there is widespread doubt even some of Maduro's

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<v Speaker 14>more traditional allies. You mentioned Brazil, but also the government

0:14:24.480 --> 0:14:28.680
<v Speaker 14>in Mexico, government in Colombia, a little more left leaning governments.

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<v Speaker 14>They have so far not really you know, stepped up

0:14:32.280 --> 0:14:35.240
<v Speaker 14>to congratulate Maduro. They say they want to see more

0:14:35.280 --> 0:14:38.920
<v Speaker 14>transparency about how these votes, how these votes played out,

0:14:38.960 --> 0:14:41.600
<v Speaker 14>and what the breakdown was.

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<v Speaker 3>Meanwhile, we've got a whole new race here in the

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<v Speaker 3>US with President former President Trump now facing Vice President

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<v Speaker 3>Harrison and kind of going back and forth on whether

0:14:51.760 --> 0:14:54.680
<v Speaker 3>he's going to commit to a debate with Harris or

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<v Speaker 3>even agree to a debate.

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<v Speaker 14>He certainly seems to be trying to keep his options open.

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<v Speaker 14>He says, yes, cell debate, but you know, I may

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<v Speaker 14>not he you know, the official line has been that

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<v Speaker 14>the Republicans are waiting for the Democrats to officially make

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<v Speaker 14>Kamala Harris their nominee. That should happen by I think

0:15:14.040 --> 0:15:17.280
<v Speaker 14>August seventh is the date for that. But yeah, there's

0:15:17.360 --> 0:15:21.160
<v Speaker 14>some hemming and hawing about whether it'll take place. Maybe

0:15:21.200 --> 0:15:24.200
<v Speaker 14>there'll be adjustments to the date. The September tenth date.

0:15:24.720 --> 0:15:26.920
<v Speaker 14>Trump has also said he'd like to see it hosted

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<v Speaker 14>by a different network than ABC. So those are some

0:15:30.160 --> 0:15:33.640
<v Speaker 14>of the tweaks. But I think, certainly, I think both

0:15:33.680 --> 0:15:36.600
<v Speaker 14>sides right now seem to be expecting a debate, but

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<v Speaker 14>whether it happens on the terms previously agreed remains to

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<v Speaker 14>be seen.

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