Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is is Bloomberg
Speaker 1: day Break for Tuesday, August thirty two. Coming up this hour,
Speaker 1: Futures Rise. Following the worst two days stock selloff since June.
Speaker 1: A top FED official says he was happy how the
Speaker 1: market reacted to j Powell's Jacksonhole speech and the Biden
Speaker 1: administration said to be preparing to sell a billion dollars
Speaker 1: in arms to Taiwan. New York Mayor Adams provides more
Speaker 1: resources for pregnant women. Plus Ukraine has launched a southern offensive.
Speaker 1: As inspector said to a nuclear plant, I like the bar.
Speaker 1: More ahead, I'm drying. Stature and sports, Aaron Judges fifty
Speaker 1: a film, Rod Game, and a Yankee Loss of the Angel.
Speaker 1: Serena Williams advances at the US Open. That's all trained
Speaker 1: ahead on Bloomberg day Break on Bloomberg Eliving, Free on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Syrius XM
Speaker 1: one nine Team and around the world. Old on Bloomberg
Speaker 1: Radio dot Com and via The Bloomberg Business. Good morning,
Speaker 1: I'm Nathan Hager and I'm Karen Moscow u S stock
Speaker 1: Index futures on the rise this morning. We're coming up
Speaker 1: to fundle one on Wall Street, and we check the
Speaker 1: markets every fifteen minutes through on the trading day. On Bloomberg,
Speaker 1: SNP futures up thirty five points down, futures of two
Speaker 1: hundred twenty and Nasdaq futures of one forty four ten
Speaker 1: year Treasury up thirteen thirty seconds three point oh five percent,
Speaker 1: and they yield on the two year three point four
Speaker 1: one percent. And NIMEX screwed oil is down three tenths
Speaker 1: of a percent Nathan Well, Karen. The rise in futures
Speaker 1: follows two straight days of losses on Wall Street. In fact,
Speaker 1: the SMP five hundred and NASDAC one hundred posted their
Speaker 1: worst two day tumble since mid June, following FIT chair J.
Speaker 1: Powell's hawk Is comments on Friday. Aaron Kennon is CEO
Speaker 1: at Clear Harbor Asset Management. There has been a belief
Speaker 1: since perhaps mid June, that the FIT, at some point,
Speaker 1: perhaps even by the end of the year, would be
Speaker 1: in a position where they are looking at data and
Speaker 1: decelerating inflation, and that they may in fact be in
Speaker 1: a position to pivot, and I think what we heard
Speaker 1: on Friday was that's not accurate. Do not fight the Fed.
Speaker 1: You know, if you're predicting a pivot soon, please do
Speaker 1: not bet on it. Naron Kennon with Clear Harbor Asset
Speaker 1: Management says equities could experience a rough patch as the
Speaker 1: FED continues battling inflation. Well. Investors may have been rattled
Speaker 1: by the stock market reaction to Powell's speech Nathan. Minneapolis
Speaker 1: FED President Neil Cash Cary says it was good bye him.
Speaker 1: I assumably it was not exciting to see the stock
Speaker 1: market rallying after our last photo Open Market Committee meeting,
Speaker 1: because I know how committed we all are to getting
Speaker 1: inflation down, and I somehow think the markets were misunderstanding that.
Speaker 1: And I was actually happy to see how share Powell's
Speaker 1: Jackson Hole speech was received. You know, people now understand
Speaker 1: the seriousness of our commitment to getting inflation back down
Speaker 1: to two. Cary said, the US Central Bank is determined
Speaker 1: to contain inflation. The most costly mistake we will make
Speaker 1: is if we get fooled thinking, oh, we've got inflation licked.
Speaker 1: Now let's go cut interest rates. Because the economy is
Speaker 1: showing signs of weakening easy. So the way to deal
Speaker 1: with the lags for me is just to get somewhere
Speaker 1: and sit there until we're really convinced that we've got
Speaker 1: inflation licked. Minneapolis Fed President Neil cash Cary made the
Speaker 1: comments on the Odd Lots podcast with The Bloomberg's Tracy
Speaker 1: Alloway and Joe Wassenthal. Listen to the entire interview wherever
Speaker 1: you get your podcasts well. Interest rates are also in
Speaker 1: focus in Europe here and ECB Chief Economist Philip Blane
Speaker 1: is urging a steady pace of rate hikes to fight
Speaker 1: record inflation. He thinks it will help minimize any negative consequences.
Speaker 1: Where we are now, where the polls fate is zero
Speaker 1: is below annie verse from off the terminal race, we
Speaker 1: said in July, and it's fairly obvious, and the market
Speaker 1: believes that the surveys anticipators is there will be a
Speaker 1: series of hikes coming off. But of course what the
Speaker 1: big debate is exactly how high should the accuminated increased
Speaker 1: fe ECB Chief Economist Philip Blaines comments seemed to push
Speaker 1: back against some of his colleagues who floated the idea
Speaker 1: of a seventy five basis point hike at next week's meeting.
Speaker 1: But the Corporate News now Nathan. Microsoft is outline plan
Speaker 1: changes to the terms of its software licensing agreements in Europe,
Speaker 1: and Bloomberg's Charlie Pellett has that story. It follows complaints
Speaker 1: to antitrust regulators from some European cloud computing service providers
Speaker 1: that the company's practices put rivals at a competitive disadvantage.
Speaker 1: Microsoft says the changes will make it simpler for customers
Speaker 1: of rival cloud service companies in Europe to move their
Speaker 1: existing software to these other networks. It says the new
Speaker 1: terms will also ensure that cloud partners quote have access
Speaker 1: to the products necessary to sell cost effective solutions that
Speaker 1: customers want. In New York, Charlie Pellett, Bloomberg Day Break,
Speaker 1: All right, Charlie, thanks on the earnings front, we get
Speaker 1: quarterly results later this morning from best Buy. Bloomberg's Tom
Speaker 1: Busby has a preview. After cutting its annual profit and
Speaker 1: sales forecast in July, It's expected to be a dismal
Speaker 1: second quarter earnings report from the Minnesota based retailer, as
Speaker 1: if contends with weakening demand for PCs laptops, and other
Speaker 1: consumer electronics u S COMP sales forecast to tumble more
Speaker 1: than eleven percent last quarter. The big focus though, for
Speaker 1: investors the chain's outlook for the all important holiday shopping season.
Speaker 1: Consensus calls for adjusted earnings per share of a dollar
Speaker 1: thirty eight revenue of ten point three five billion dollars.
Speaker 1: I'm Tom Busby, Bloomberg Daybreak. All right, Tom, thank you
Speaker 1: to politics. Now. Bloomberg News has learned the Biden administration
Speaker 1: is preparing to sell one point one billion dollars in
Speaker 1: missiles and ratear support to Taiwan. It would be the
Speaker 1: largest transfer of US weapons to Taiwan in almost two years.
Speaker 1: Although the sale does not offer Taiwan any new military capacity,
Speaker 1: it's still likely to lead to more protests from China.
Speaker 1: And we're watching for a primetime speech later this week
Speaker 1: from President Biden and Karen he'll escalate his criticism of
Speaker 1: what he calls extreme MAGA Republicans. Let's get a preview
Speaker 1: now from Amy Morris and our Bloomberg newsroom in Washington.
Speaker 1: White House officials tell Bloomberg News and in Biden will
Speaker 1: speak about the battle for the soul of the nation
Speaker 1: and will warn that the country's core values, including democracy itself,
Speaker 1: are at stake. Thursday's address from Philadelphia's Independence National Historical
Speaker 1: Park will condemn the GOP for what Biden regards is
Speaker 1: their threats to US rights and freedoms, and sharpen his
Speaker 1: attacks on Republicans as he works to reframe the mid
Speaker 1: term elections, which are traditionally punishing for first term presidents.
Speaker 1: In Washington, I'm Amy Morris Bloomberg Day break Right, Amy Thanks.
Speaker 1: President Biden's approval ratings have been on the rise. The
Speaker 1: poll tracking website five thirty eight now says Democrats are
Speaker 1: now slightly favored to keep control of the Senate in November. Republicans, meanwhile,
Speaker 1: are dealing with multiple investigations against former President Donald trumb
Speaker 1: Bloomberg political contributor Jeanie shehan Zano says the more the
Speaker 1: former president is in the news, the better it is
Speaker 1: for Democrats. Republicans know that they would like to turn
Speaker 1: their focus on Joe Biden. They'd like to talk about inflation.
Speaker 1: They'd like to talk about his age. They'd like to
Speaker 1: talk about a whole bunch of things. They haven't gotten
Speaker 1: oxygen in the room because Donald Trump takes it all up.
Speaker 1: Bloomberg Politics contributor Jeanie Sheehan Zeno spoke with our Washington
Speaker 1: corresponded Joe Matthew on Bloomberg Sound On. Catch the program
Speaker 1: weekdays at five pm Eastern on Bloomberg Radio Straight Ahead
Speaker 1: your latest local headlines plus a check of sports. And
Speaker 1: this is Bloomberg com Sparing. It's five oh seven on
Speaker 1: Wall Street where a seventy five degrees in Central Park
Speaker 1: got some late road work at Scott the northbound New
Speaker 1: Jersey turned quite car lanes closed between exit six and twelve.
Speaker 1: With the details Shortland traffic. First, Michael Bars here with
Speaker 1: what else is going on in New York and around
Speaker 1: the world. Good morning Michael, Good morning Nathan. New York
Speaker 1: City will get pregnant women more support and expanded access
Speaker 1: to resources. It's an effort to address health disparities and
Speaker 1: make pregnancy safer. New York City Mayor Eric Adams says
Speaker 1: that he is signing seven bills into law making pregnancy
Speaker 1: safer and bridged the gap for maternal healthcare for black
Speaker 1: women and the numbers of clear Black women are nine
Speaker 1: times more likely to die of pregnancy. Of your Lady
Speaker 1: coises than white women in New York City that is
Speaker 1: an alarming unacceptable number. Mayor Adams says the bills will
Speaker 1: do several things, including establishing a maternal Bill of Rights
Speaker 1: and for women to be free from discrimination. A team
Speaker 1: lost an arm after an impact in the New York
Speaker 1: City subway. The fifteen year old's arm was severed after
Speaker 1: he struck a north bound our train in Jackson Hides, Queens.
Speaker 1: He's currently in stable condition at Bellevue Hospital. Police at
Speaker 1: the team is not believed to have been the victim
Speaker 1: of a crime, and they're looking at surveillance footage. Ukraine's
Speaker 1: military says it is advancing in Russian held territory just
Speaker 1: north of the Crimea Peninsula. Ukrainian forces launched ground assaults
Speaker 1: in the Kershawon region. It comes as the International Atomic
Speaker 1: Energy Agency heads to the Russian occupied nuclear power plant
Speaker 1: to the northeast in Ukraine. There is no safe water
Speaker 1: to drink from the tap for up to a hundred
Speaker 1: eighty thousand people in Jackson, Mississippi. Flood waters from the
Speaker 1: Pearl River are going down, knocking out the main pumping station.
Speaker 1: Mississippi Governor Tate reeves we are drafting a state of
Speaker 1: emergency declaration with regards to Jackson's failure to produce running water,
Speaker 1: Governor Reeves says that also means there is less or
Speaker 1: no water to fight fires and flush toilets. Climate researchers
Speaker 1: are sounding the alarm morning that Greenland's melting ice sheet
Speaker 1: will eventually raise global sea levels by about ten inches.
Speaker 1: According to the report in the journal Nature, The fear
Speaker 1: now is that it may be inevitable. Author and science
Speaker 1: journalists Guy Events says, nations have to start planning now
Speaker 1: for future climate refugees and mass migration. People will not
Speaker 1: be able to adapt in certain places, they will have
Speaker 1: to move. Author Guy Events Global Needs twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than journalists now listen more than twenty countries. High
Speaker 1: Michael Barr and this is Bloomberg Maintain. Thanks Michael. Front
Speaker 1: to five ten on Wall Street. Time for the Bloomberg
Speaker 1: Sports Update. Good morning, John Stanshammer, Good morning Nathan Yankees.
Speaker 1: After a couple of losson's in Oakland, began a series
Speaker 1: in Anaheim and in the eighth inning, a milestone will
Speaker 1: be one one to judge the pitch swung on a
Speaker 1: hit deep center field twelve on the run judge number fifty,
Speaker 1: end of the rock pile in center field in Anaheim.
Speaker 1: It's four three angels after home run number fifty. Per
Speaker 1: Aaron John am to call, he's only the tenth player
Speaker 1: in baseball history to have two fifty home run seasons.
Speaker 1: And he gets there before even get into September. And
Speaker 1: the question now is if Judge Ken break Roger Marris's
Speaker 1: Yankee and American League record of sixty one homers angels
Speaker 1: one four three on the show, Ohtani two run homer
Speaker 1: his twenty nine that came off Frankie Mantash's record with
Speaker 1: the Yanks in the ages just four and eleven. The
Speaker 1: Dodgers with a tenant and win in Miami, they've got
Speaker 1: a record that's fifty one games over five hundred. Dodgers
Speaker 1: start a series tonight with the Mets at City Field,
Speaker 1: where across the parking lot at the US Open last
Speaker 1: night a hot ticket to see Serena Williams not the
Speaker 1: final match of her career. She beat Donka Covinet and
Speaker 1: straight says, so she'll be back tomorrow night for a
Speaker 1: second round match with a net count of right and
Speaker 1: she is the tournament's second seed. The Knicks are said
Speaker 1: to be close to an agreement with R. J. Barrett
Speaker 1: a four year, one hundred and twenty million dollar extensions,
Speaker 1: So if they are to make a trade with Utah
Speaker 1: for Donovan Mitchell, it will not include Barrett. NFL teams
Speaker 1: must cut their rosters today, and it's surprise the forty
Speaker 1: Niners are keeping Jimmy Garoppolo as a backup quarterback. John
Speaker 1: stash were Bloomberg Sports Nathan Okay, John, Thanks, futures moving
Speaker 1: back up. I got SMP futures up thirty points, South
Speaker 1: futures up a hundred ninety two. Nest At futures are
Speaker 1: higher by one d eight points, a gain of one percent.
Speaker 1: Let's in your treasury, you'll right now three point zero
Speaker 1: five percent. This is Bloomberg Bloomberg eleven three oh Weather
Speaker 1: mostly sunny, maybe a late day shower going up to
Speaker 1: near ninety degrees and he showers and early tomorrow clearing
Speaker 1: eyes in the upper eighties. Sunny, less humid for Thursday.
Speaker 1: With the eight five Right Now, markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg quicktape. He's a
Speaker 1: Bloomberg business flash, and I'm Karen. Moscow stops rising this morning,
Speaker 1: and US futures are as well as investor sentiments stabilizes
Speaker 1: following a route sparked by the Federal Reserve signal of
Speaker 1: a sustained period of restrictive monetary polictic qual inflation, Treasury
Speaker 1: yields in the dollar declining. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg SNP futures
Speaker 1: at twenty nine points, now futures up a hundred eighty
Speaker 1: nast egg futures up one hundred twenty. The decks in
Speaker 1: Germany's at one point three percent. The ten year treasury
Speaker 1: of eleven thirty seconds you have three point oh five percent.
Speaker 1: They yield on the two year three point four one percent.
Speaker 1: Nimex Scrude oil is down one point six percent on
Speaker 1: a dollar fifty and ninety five dollars fifty three cents
Speaker 1: of barrel comics gold down a quarter percent or four
Speaker 1: dollars thirty cents at seventeen forty five forty announce. The
Speaker 1: euro is at one point zero zero three three against
Speaker 1: the dollar. British found one point one seven four two
Speaker 1: and the end at one thirty eight point three one
Speaker 1: and bitcoin is at one point one percent at twenty
Speaker 1: thousand and three hundred ninety dollars. Today, we are watching
Speaker 1: for several reports on home prices at at nine a m.
Speaker 1: Wall Street time at tennis, a Jolts jobs report, and
Speaker 1: consumer confidence and best buy in Hewlett Packard Enterprise among
Speaker 1: companies scheduled to report earnings today. That's a Bloomberg business flash.
Speaker 1: Now here's Muchael Barr with more unless going on around
Speaker 1: the world. Muncle, Good morning, Good morning, Karen. Ukrainian Force
Speaker 1: has launched ground assaults in the Curson region of southern Ukraine.
Speaker 1: It comes as an inspector's add to the nuclear plant
Speaker 1: to the northeast from the latest defensive. President Joe Biden
Speaker 1: plans to deliver a prime time speech Thursday in Philadelphia,
Speaker 1: sailing Republicans for what he regards as their threats to
Speaker 1: US rights and freedom. Retirement will have to wait at
Speaker 1: the US Open. Serena Williams advanced after her first round
Speaker 1: win last night over Nanka Kovin. In baseball, the Yankees
Speaker 1: lost to the Angels for three, but Aaron Judge did
Speaker 1: his fiftieth home run of the season, Judge became one
Speaker 1: of ten players in Major League history with multiple fifty
Speaker 1: homer seasons. Alright, a run the Red Sox and Giants lost.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quit Take, powered by more journalists endlist, more
Speaker 1: than a hundred twenty countries. Michael barn this is Bloomberg, Nathan,
Speaker 1: the verdict is in. Thank you, Michael. We're coming up
Speaker 1: to five twenty on Wall Street Life in the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. We want to
Speaker 1: turn now to politics because, as Michael mentioned, we are
Speaker 1: expecting a rare primetime speech from President Biden later on
Speaker 1: this week that really could set the tone for the
Speaker 1: mid term elections. Bloomberg Government reporter Emily Wilkins joins us now, Emily,
Speaker 1: good morning. As Michael mentioned, the President is expected to
Speaker 1: blast Republicans in this address. What more do we know
Speaker 1: about what the president plans to say on Thursday night?
Speaker 1: So Biden is dusting off his playbook. He's going to
Speaker 1: come in and start talking again about the battle for
Speaker 1: the soul of the nation. He's going to slam Republicans
Speaker 1: for what he says is a threat to US rights
Speaker 1: and freedoms. I think abortion rights, think things that deal
Speaker 1: with elections, access to elections, access to the ballot box,
Speaker 1: and think as well the thought addressing the fact that
Speaker 1: there are still some Republican candidates out there as well
Speaker 1: as some Republicans who have continually pushed the false claim
Speaker 1: that the election was stolen. And so expect Biden to
Speaker 1: mention all of that. This is coming at a point
Speaker 1: where things are up for the Democrats. Um, it's still
Speaker 1: going to be a stretch for them to potentially hold
Speaker 1: the House, but things are looking much better for them
Speaker 1: to continue to hold the Senate. UM. Biden's poll numbers
Speaker 1: have ticked slightly up they were on the love of July.
Speaker 1: There's still only at pent so less than fifty, but
Speaker 1: once again better than they were. And so this is
Speaker 1: really a moment where Biden's trying to seize the momentum
Speaker 1: to get out there to be in front of the
Speaker 1: American people and the message that he's pushing. This isn't
Speaker 1: a new one. Democrats have been talking about the maga
Speaker 1: Republicans and the threat that Republicans posed really for months
Speaker 1: at this point, and I think that the fact the
Speaker 1: President is really getting out there on the campaign trail
Speaker 1: kind of shows that we're at the point where things
Speaker 1: are very much shifting from thoughts of legislating to thoughts
Speaker 1: of campaigning. We're really going to see things get underway
Speaker 1: after Labor Day. It is interesting, though, because, as you mentioned,
Speaker 1: the Democrats are sort of writing this wave of momentum
Speaker 1: that's driven in large part, one could argue by the
Speaker 1: legislative wins that Democrats have seen over the last several weeks. Uh,
Speaker 1: is there a risk for the president to sort of
Speaker 1: go back to this message of Republicans being anti democratic,
Speaker 1: the semi fascism line that a number of Republicans have
Speaker 1: seized on is going too far. I mean, certainly they're
Speaker 1: always going to be criticisms of the president after any
Speaker 1: sort of speech, and I think that, you know, there's
Speaker 1: definitely debate to be had over exactly how far there
Speaker 1: should it should go. Biden came in and really expressed
Speaker 1: himself as a president who was going to be bipartisan,
Speaker 1: who was going to work across the aisle. He does
Speaker 1: have some things he can point to, right He has
Speaker 1: that infrastructure bill, he has the semiconductor bill. Both of
Speaker 1: those were done with bipartisan support. At the same point,
Speaker 1: when Democrats look at their strategy and look at the playbook,
Speaker 1: what they see is that what they really need to
Speaker 1: do is kind of cast the Republican Party as just
Speaker 1: something that's not in the best interest of Americans. Republicans,
Speaker 1: of course, have pushed back, saying that if you look
Speaker 1: at high inflation prices, you look at gas prices that
Speaker 1: are still a way too high, this is the Democrats
Speaker 1: fall and they are going to rally behind a number
Speaker 1: of policies to really help the economy. Uh, They've been
Speaker 1: very focused on on the issues. When I've talked to
Speaker 1: Republican candidates and tried to get them to talk about
Speaker 1: the election or abortion, they're very quite quickly paid it
Speaker 1: back to the overall agenda. And that's what Republicans are
Speaker 1: really banking on in their messaging. In our last minute here, Emily,
Speaker 1: we've had a pretty significant geopolitical development word of a
Speaker 1: pretty sizeable arms sale coming from the US to Taiwan. Yeah,
Speaker 1: we are hearing that the State Department is prepared to
Speaker 1: sell one point one billion dollars and missiles and radar
Speaker 1: support to Taiwan. Now, Congress has to sign off on
Speaker 1: this package, but it's very likely that they're going to
Speaker 1: do so given the wide bipartisan support we've seen from Taiwan.
Speaker 1: I mean, we've seen a Democratic Senator at Market go there,
Speaker 1: We've seen Republicans Senator Marsha Blackburn go there just in
Speaker 1: the recent weeks, and of course there was a Speaker
Speaker 1: Pelosi's historic trip earlier this month. So you're really seeing
Speaker 1: this wide support. And this comes at a time where,
Speaker 1: you know, China and the relationship between Beijing and Washington
Speaker 1: has really ratcheted up in terms of tension. China has
Speaker 1: continued to send warships and aircraft to the Taiwan Strait
Speaker 1: on a daily basis, and you're seeing this willingness for
Speaker 1: Congress to continue to engage, even though tensions in the
Speaker 1: region have been particularly high, even before Speaker Pelosi's trapping
Speaker 1: and certainly afterwards. Thanks Emily good having on with us
Speaker 1: this morning. Bloomberg Government reporter Emily Wilkins keeping track of
Speaker 1: all the developments for US from the nation's capital, looking
Speaker 1: at developments on Wall Street. Futures are bouncing back. We've
Speaker 1: got SMP futures up thirty two points right now, DAL
Speaker 1: futures highed by two hundred nine NASTAC futures up a
Speaker 1: hundred thirty four points, and the tenure treasury is up
Speaker 1: eleven thirty seconds now the yield three point zero six
Speaker 1: per cent coming up. More on the market recovery and
Speaker 1: why one prominent fed voice is saying he's happy about
Speaker 1: the two day market slide. That's all straight ahead. On
Speaker 1: Bloomberg Daybreak, Bloomberg eleven three oh weather, sunshine, chance for
Speaker 1: a late day shower today going up to near ninety degrees,
Speaker 1: any showers and early tomorrow will have highs in the
Speaker 1: uper eighties once again, mid eighties, sunny and less humid
Speaker 1: for Thursday. Right now seventy five in Central Park, broadcasting
Speaker 1: live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg E Living frem to Washington, d C. Bloomberg on
Speaker 1: to Boston, Bloomberg one O six one does San Francisco,
Speaker 1: Bloomberg nine sixty to the country, Sirius XM to the
Speaker 1: one nineteen and around the globe, the Bloomberg Business and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five
Speaker 1: thirty on Wall Street. Good morning, I'm Nathan Hager and
Speaker 1: I'm Karen Moscow. We are just about four hours away
Speaker 1: from the open of US trading. Let's get you up
Speaker 1: to date on the news you need to know. At
Speaker 1: the sour futures are bouncing back after two straight days
Speaker 1: of losses. On Wall Street. The n P five NASDACK
Speaker 1: one hundred posted their worst two day tumbles since mid June.
Speaker 1: Following a FED chair J Powell's hawkish comments on Friday,
Speaker 1: Terry Spath, as chief investment officer, was Zumo Wealth, the
Speaker 1: markets are suits because they're afraid that the FED could
Speaker 1: create a hard landing. Looking forward into September, what we're
Speaker 1: gonna want to try and anticipate is if we see
Speaker 1: a seventy five bases rise, which I think is a
Speaker 1: very high probability and increasing probability, is that digested as
Speaker 1: bad news or as good news? Zuma Wealth ce IO
Speaker 1: Terry Spath says she expects continued market volatility in the
Speaker 1: short term. While the market may have been rattled by
Speaker 1: powell speech care and Minneapolis Fed President Neil cash Car,
Speaker 1: he says he was comforted by the sell off. I
Speaker 1: was actually happy to see how share Pell's Jackson Hole
Speaker 1: speech was received. People now understand the seriousness of our
Speaker 1: commitment to getting inflation back down to two. Minneapolis FED
Speaker 1: President Neil cash Cary spoke on The Odd Lots podcast
Speaker 1: with Bloomberg's Tracy Alway and Joe Wis and Thal. Listen
Speaker 1: to the entire interview wherever you get your podcasts well, Nathan.
Speaker 1: Interest rates are in focus in Europe. ECB Chief economist
Speaker 1: Philip Lane seemed to question the idea of a seventy
Speaker 1: five basis point hike at next week's meeting. We think
Speaker 1: about the next couple of years, We're not necessarily going
Speaker 1: to be the longer and study stace. We may have
Speaker 1: ciclical forces in either direction. Let's say that the policy
Speaker 1: rates should be evolved in neutual rates. We may have
Speaker 1: cixlical forces that may say, at the past rates should
Speaker 1: be below that race. ECB Chief Economist Philip Lane is
Speaker 1: urging a steady pace of rate hikes to fighting record inflation.
Speaker 1: To politics now, Karen Bloomberg News has learned the Biden
Speaker 1: administrations preparing to sell one point one billion dollars in
Speaker 1: missiles and radar support to Taiwan, which will likely increase
Speaker 1: tensions with China. Back at home, Nathan President Biden will
Speaker 1: deliver a prime time speech this week, escalating criticism of
Speaker 1: what he calls extreme Maga Republicans. It comes as the
Speaker 1: President is seeing his approval ratings improve ahead of a
Speaker 1: November midter arms. Bloomberg political contributor Genie shehan Zeno says,
Speaker 1: for Democrats, one strategy will be keeping former President Trump
Speaker 1: in the news. The political reality is the more Donald
Speaker 1: Trump is in the news, the better for Democrats. And
Speaker 1: that's been reality, So you know, the more Trump, the
Speaker 1: better for them. Bloomberg Politics, a contributor to Genie shehan Zeno,
Speaker 1: spoke to Joe Matthew on Bloomberg Sound on Catch the
Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio, Futures
Speaker 1: Higher This Morning, straight Ahead, your latest local headlines, plus
Speaker 1: a check of sports, and this is Bloomberg. Thank you.
Speaker 1: Caring on Wall Street seventy five degrees in Central Park,
Speaker 1: got some emergency work in Jersey City, Root for forties
Speaker 1: closed both ways at Dan Fourth Avenue. Details and traffic. First,
Speaker 1: Michael Barr with what else is going on in New
Speaker 1: York and around the world, Michael Nathan, thank you very much.
Speaker 1: New York Mayor Eric Adams says he is signing several
Speaker 1: bills to expand access and resources to pregnant women. Mayor
Speaker 1: Adams says these bills will promote and expand access to
Speaker 1: maternal healthcare. From the overturning of Road versus Wade to
Speaker 1: state efforts to criminalize those who seek abortions, reproductive healthcare
Speaker 1: is in danger. The health choices should be made by
Speaker 1: women and their bodies. They should make the decisions on
Speaker 1: these important medical moments. Me Or Adams says, one of
Speaker 1: the bills established as a maternal Bill of Rights. More
Speaker 1: bus loads of migrants are coming to New York City
Speaker 1: today from Texas. The city continues to try and find
Speaker 1: places for the asylum seekers. Authorities say of the twenty
Speaker 1: year old who opened fire in a band Oregon supermarket,
Speaker 1: killing two before he turned the gun on himself was
Speaker 1: a loner who was known for getting into fights at
Speaker 1: the high school where he graduated in Meanwhile, the vigil
Speaker 1: was held last nine for the victims who were shot
Speaker 1: at the Safeway store Sunday night. Flooding has caused a
Speaker 1: worst case scenario to hit the drinking water supply for Jackson, Mississippi.
Speaker 1: One of the main pumps at the city's main water
Speaker 1: treatment facility failed earlier than predicted. The city can no
Speaker 1: longer provide enough running water for everyone. Mississippi Governor Tate Reeves,
Speaker 1: Please stay safe, do not drink the water. In too
Speaker 1: many cases, it is raw water from the reservoir being
Speaker 1: pushed through the pipes. Governor Reeves says. Jackson's mayor declared
Speaker 1: a state of emergency. Ukraine's military says it is advancing
Speaker 1: in Russian held territory just north of the Crimea Peninsula.
Speaker 1: President Zelinski didn't talk specifically about the operation there in
Speaker 1: the region. He said Ukrainian forces were retaking this country's
Speaker 1: territory and he had a message for Russian forces. If
Speaker 1: you want to survive, it's time to flee. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. At Michael bar This is Bloomberg.
Speaker 1: Thanks Michael wall Street. Time for the Bloomberg Sports Update.
Speaker 1: Here's John Stesshower. Thanks Nathan Night of home runs, the
Speaker 1: Yankees and Angels and Anaheim. The Angels hit three won
Speaker 1: by x Yank Mike Ford and other by show Hey
Speaker 1: O Tony two runshot his twenty nine. Yankees got solo
Speaker 1: home runs from Anthony Rizzo fourth fitting his twenty nine
Speaker 1: and then in the eight patented Aaron Judge blast a
Speaker 1: straightaway centfield Judges fifty at home. Ron Wickhams, only the
Speaker 1: ten to have done it twice for the Angels won
Speaker 1: four three. The Yanks thirst day loss after winning five
Speaker 1: in a row. The Mets were off. They host the
Speaker 1: high flying Dodgers tonight. L as on the last thirty one.
Speaker 1: Serena Williams has never actually used the word Retiringngine missed
Speaker 1: it being vague, said last night she'll continue to be
Speaker 1: vague in her career. Definitely not over yet. You want
Speaker 1: her first round match the US Open, straight sets over
Speaker 1: Donka Ka Vintage, much to the delight of a big crowd.
Speaker 1: When I walked out the the reception was really overwhelming.
Speaker 1: Um it was, it was loud, and it was it
Speaker 1: was I could fill it in my chest and it
Speaker 1: was a really good or you'll be back tomorrow and
Speaker 1: I for figures would be a tougher match with second
Speaker 1: seed in net contivit opening day upsets. Dominic team who
Speaker 1: won the Open two years ago, lost, so did fourth
Speaker 1: seeded Stefano sits upast Taylor Fritz, the highest seed American,
Speaker 1: beaten by fellow American Brandon Holding, the son of one
Speaker 1: time US Open champ Tracy Austin. Simona hallup stunned by
Speaker 1: Darius snygera twenty year old from Ukraine. She's a qualifier.
Speaker 1: She had never before won a professional match. R J.
Speaker 1: Barnley twenty two years old, and yet on the verge
Speaker 1: of a contract extension with the Knicks four years, one
Speaker 1: hundred and twenty million dollars. John Stashdward Bloomberg Sports Nathan.
Speaker 1: Thanks John. It's five thirty seven on Wall Street time
Speaker 1: for the Tri State Business Report. Here's Bloomberg sad Cory.
Speaker 1: New York City continues to be the priziest place in
Speaker 1: the country to be a tenant. Median one bedroom rent
Speaker 1: for August is up forty percent here over here. That's
Speaker 1: according to the Zumper National Rent Index. Medium rent for
Speaker 1: two bedroom apartments was up about forty seven percent. Manhattan
Speaker 1: leads the Burrs with monthly rent climbing to hundred twelve dollars.
Speaker 1: New Jersey is cutting an automotive fuel tanks by one
Speaker 1: cent per gallant after consumer demand was higher than expected.
Speaker 1: Petroleum products gross receipt charge will drop to thirty point
Speaker 1: nine cents for gasoline thirty four point nine cents for diesel.
Speaker 1: In October, as tennis icon Serena Williams prepared for her
Speaker 1: final US Open tournament, she also readied herself for the
Speaker 1: next stage of her career away from the tennis court.
Speaker 1: William says she'll focus on her family and her venture
Speaker 1: capital firm after tennis. That your Bloomberg Trying State Business report.
Speaker 1: I'm in Corey, thanks said, It's on Wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. On
Speaker 1: wh F and Louisville, toyotas Global output Frank for a
Speaker 1: fourth straight month. On the semiconductor shortage, I'm Steves Podascan
Speaker 1: on K and X in Los Angeles. We're talking about California,
Speaker 1: not exporters turning to the Port of l A as
Speaker 1: an alternative to the backed up Port of Oakland. I'm
Speaker 1: callin head gom PIMPEG DAB digital radio in London. We're
Speaker 1: putting on British pubs on the brink of going bust
Speaker 1: without support for energy bills. Just the latest sector demanding
Speaker 1: more government help. I'm in Corey on w J in Detroit.
Speaker 1: I'm rewarding Michigan Red Durant who still having enough time
Speaker 1: finding workers. Those are some of the stories our twenty
Speaker 1: hundred Bloomberg journalist and analysts are working on this morning
Speaker 1: around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial
Speaker 1: was written by the Bloomberg Editorial Board. As Russia's war
Speaker 1: with Ukraine, plants on a pencer movement is advancing towards
Speaker 1: British households this winter. The price of natural gas so
Speaker 1: skyrocketed since the invasion, boosting electricity costs and pushing up
Speaker 1: prices from manu acturing inputs, food and pretty much everything else.
Speaker 1: With UK energy demands set to rise in the colder months,
Speaker 1: the financial pressure on millions of households could soon prove intolerable. Unfortunately,
Speaker 1: this looming emergency has gotten too little attention during the
Speaker 1: Conservative Party's leadership race. The winner of the election will
Speaker 1: need to deliver both short term relief and longer term
Speaker 1: reforms to bolster energy security. By any measure, Britain is
Speaker 1: likely to face a long hard winterer. The next Prime
Speaker 1: Minister will need foresight and ambition to forestall the worst.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash
Speaker 1: opinion or ope I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg opinion and you can hear Bloomberg
Speaker 1: opinion editorials every week at this time. Terminal customers can
Speaker 1: read more at op I n go Latin. Two days
Speaker 1: slide following Chairman Powell's comments, Futures are moving higher this morning.
Speaker 1: SMP futures are up thirty seven point, Staff futures up
Speaker 1: two one. NASTAC futures leading the games this morning, up
Speaker 1: a hundred fifty one points. Steed Wack, chief investment officer
Speaker 1: at Flow Bank, joins us next. This is Bloomberg Bloomberg
Speaker 1: eleventh three oh Weather sunny, chance for light day shower today,
Speaker 1: upper eighties for highs and he showers and early tomorrow
Speaker 1: clearing highs in the opper eighties once again, sunny, less, humid,
Speaker 1: mid eighties for Thursday. Right now seventy five in Central
Speaker 1: Park markets. Headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot Com and Bloomberg Business at and
Speaker 1: at Bloomberg Quicktape is a Bloomberg Business Flash and I'm
Speaker 1: Karen Moscow stops other rise this morning along with you
Speaker 1: as Stoock Index futures has investors sentiments stabilizes following our
Speaker 1: routes sparked by the Federal Reserve signal of a sustained
Speaker 1: period of restrictive monetary policy to quel inflation. Treasury yields
Speaker 1: and the dollar are declining. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg s and
Speaker 1: P futures are up thirty five points this morning, DEW
Speaker 1: futures up two hundred thirty two and NASDACK futures up
Speaker 1: a hundred forty four. The decks in Germany's at one
Speaker 1: point seven percent, the ten year treasury of eleven thirty seconds.
Speaker 1: You three point oh six percent. They yield on the
Speaker 1: two year three point four zero percent. Night mack screwed
Speaker 1: oil is down one point nine percent on a dollar
Speaker 1: eighty and ninety five dollars twenty two cents of barrel.
Speaker 1: Comic School that a quarter percent or four dollar sixty
Speaker 1: cents is seventeen forty five ten announced. The euro one
Speaker 1: point zero zero three five against the dollar, the British
Speaker 1: pound one point one seven three three and the yen
Speaker 1: one thirty eight point three seven and bitcoin is up
Speaker 1: one point two percent at twenty thousand, four hundred dollars.
Speaker 1: Now's at Bloomberg Business Flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael, thank
Speaker 1: you very much. Karen You. Military says it is advancing
Speaker 1: in Russian hell Territory just north of the Crimea Peninsula.
Speaker 1: It comes as the International Atomic Energy Agency heads to
Speaker 1: the Russian occupied nuclear power plant to the northeast in Ukraine.
Speaker 1: Tony Ronado, the senior Secret Service official whose name was
Speaker 1: at the center of controversy during the January six hearings,
Speaker 1: has retired at the US Open Hold on retirement. Serena
Speaker 1: Williams advanced after her first round win last night over
Speaker 1: Danka Kovinich. In baseball, the Yankees lost to the Angels
Speaker 1: four three, but Aaron Judge hit his fiftieth home run
Speaker 1: of the season. Judge became only one of ten players
Speaker 1: in MLB history to have multiple fifty homer seasons. The
Speaker 1: Red Sox and Giants lost. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than seven hundred journalists analysts more than a hundred
Speaker 1: twenty countries. Michael bar this is Bloomberg Naked and it's
Speaker 1: not even September yet. Thank you, Michael. It is on
Speaker 1: Wallst Live from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg day Break. Let's jump into these markets now. Sti
Speaker 1: Dwek joins, us chief investment officer at Flow Bank. St
Speaker 1: Good morning. We're seeing futures rise after the two days
Speaker 1: slide following Jackson Hole. Do you buy this step? Good morning? UM?
Speaker 1: I think I would. Um. You know, there's a lot
Speaker 1: of talk about this FED pivot that wasn't happening, but
Speaker 1: I don't think we were ever going to get an
Speaker 1: actual pivot. The market wasn't expecting the Fed to start
Speaker 1: cutting now or to stop hiking. The FED is clearly
Speaker 1: past the most aggressive part of his tightening cycle. We're
Speaker 1: probably going to get fifty basis points unless we get
Speaker 1: a really bad inflation number for August, which indicators don't
Speaker 1: seem to be pointing that way, and then we'll have
Speaker 1: a couple more basis points. But we're moving intour into
Speaker 1: the end of the tightening cycle, and I think the
Speaker 1: FED needed to re anchor those medium to long term
Speaker 1: expectation sins reaffirm it was going to keep fighting inflation
Speaker 1: because it felt the market maybe got a little too
Speaker 1: complacent over the summer. But I don't think this speech
Speaker 1: should be that much of a surprise and change the perspectives.
Speaker 1: And you can see you didn't see that much of
Speaker 1: a move in the bond market. You're getting right into
Speaker 1: the heart of the debate, aren't you. Whether the Fed
Speaker 1: is going to pivot I guess to slower rate hikes.
Speaker 1: Dig a little deeper into your call here, Why do
Speaker 1: you think the Fed is going to start slowing down
Speaker 1: next month? We saw in the July minutes that they
Speaker 1: know it takes three to six months for the rate
Speaker 1: hikes to feed through into the economy. We started to
Speaker 1: see a couple of data points showing that growth is
Speaker 1: gradually slowing, although not yet so much in the labor
Speaker 1: market of course. And we're continuing to get these disinflation indicators.
Speaker 1: Hopefully August comes in lower than July. And again, most
Speaker 1: of these indicators are pointing that way. One month doesn't
Speaker 1: make a trap, and but two, three, four months in
Speaker 1: a row. If this continues into the end of the year,
Speaker 1: that gives a little confidence that inflation is coming down,
Speaker 1: and they need to let the big, big rate hikes
Speaker 1: that they did in the second and third quarter have
Speaker 1: an impact on growth, bring demand down slowly, and let
Speaker 1: that feed through into next year. I'm sure by now
Speaker 1: you've heard the comments to our Odd Lots podcast here
Speaker 1: on Bloomberg News from Minneapolis FED President Neil cash Cary
Speaker 1: saying that he was pretty happy with the market reaction
Speaker 1: following Chairman pal speech on Friday. He says, it's a
Speaker 1: sign that the message from Powell on higher for longer
Speaker 1: rates was received by markets. Is the market sending a
Speaker 1: different message here, I don't think. Again, if you look
Speaker 1: at the bone market, you had more of a reaction
Speaker 1: before the speech, then after the terminal rate didn't change
Speaker 1: so much. The odds of seventy five basis points versus
Speaker 1: fifty for September went up, but they sort of retreated
Speaker 1: already since I think the Fed also wanted to send
Speaker 1: a message that the rate cut expectations that were coming
Speaker 1: in sort of earlier and earlier in three weren't going
Speaker 1: to happen. So I'm not sure it was so much
Speaker 1: about September or into the end of the year. I
Speaker 1: think it was a view that they are going to
Speaker 1: get restrictive, as we've already known, and they're going to
Speaker 1: stay restrictive for longer, and even if growth slows, it's
Speaker 1: kind of what they're hoping for. So they're not going
Speaker 1: to jump in at the first sign of a disappointing
Speaker 1: non farm peril's number or a softer p m I number.
Speaker 1: They're going to stay tighter for longer. So, given all
Speaker 1: that you're saying here, I see in our last minute
Speaker 1: or so, how are you advising your clients to add
Speaker 1: to risk? Are you making a certain recommendations on sectors
Speaker 1: or styles through the rest of this year. Well, we
Speaker 1: think that technology is going to resume its out performance
Speaker 1: in the coming months and lead the market higher into
Speaker 1: the end of the year. Now, it doesn't mean we
Speaker 1: don't get more speed bumps like we did just now,
Speaker 1: and September for sure can be tricky at least at
Speaker 1: some point uh during the month. So it's not there's
Speaker 1: certainly no all clear signal, but some of these more
Speaker 1: some of the cyclical sectors should start to recover if
Speaker 1: growth holds up. And again I think technology growth and
Speaker 1: earnings are going to continue to support the sector and
Speaker 1: that will help lead the market higher. Great to get
Speaker 1: your thoughts this morning, St. Thanks for this, really appreciate
Speaker 1: you joining us. That's St. Dwack, chief investment officer at
Speaker 1: Flow Bank. Karen. All right, Nathan, it is Stroctor three
Speaker 1: on Wall Straight time for the Bloomberg The Law Report.
Speaker 1: Let's get to the llegal stories we're watching this morning.
Speaker 1: From Bloomberg's Jeff Bellinger. A federal judge in Pennsylvania rejected
Speaker 1: Walmart's attempt to dismiss part of a lawsuit to ldging
Speaker 1: that employees were not paid for working through meal breaks.
Speaker 1: A former New York City police officer filed the federal lawsuit,
Speaker 1: charging that his dismissal over his personal relationships with Roger
Speaker 1: Stone and members of the Proud Boys by lated his rights.
Speaker 1: Kaeshiva University is asking the U. S. Supreme Court to
Speaker 1: intervene in a dispute over the establishment of a pied
Speaker 1: student group. It is the latest national legal clash over
Speaker 1: LGBTQ protections and the free exercise of religion. Bloomberg Law
Speaker 1: everything you need, all on one legal research platform, including
Speaker 1: guidance analysis and Bloomberg market Intelligence. Find out more at
Speaker 1: Bloomberg Law dot com. All right, Jeff, thank you. Now
Speaker 1: another legal story we're watching this morning. The US Department
Speaker 1: of Justice said it already screened documents seized from Donald
Speaker 1: Trump's Florida home for attorney client privilege, potentially counting doubt
Speaker 1: in the former president's lawsuits seeking third party review of
Speaker 1: the records. For more, Bloomberg News legal reporter Zoe Tilman
Speaker 1: joined Kimberly Robinson to discuss the new developments. You know,
Speaker 1: we learned a couple of key things, the first being
Speaker 1: that investigators are quite far along in going through the
Speaker 1: documents that received to the point that they could tell
Speaker 1: a judge in Florida their privileged team had gone through
Speaker 1: the documents that were seized had identified that some were
Speaker 1: potentially attorney client privileged material, and that they were already
Speaker 1: going through the process that they had previously laid out
Speaker 1: for what to do with that information. It was a
Speaker 1: strong suggestion to the judge perhaps that this is all
Speaker 1: moot and far too late in the game to bring
Speaker 1: in someone now to to unring the belt of giving
Speaker 1: investigators access to these documents. So, putting aside the special
Speaker 1: master issue, what's the normal procedure that the d o
Speaker 1: J goes through when dealing with privileged documents like this? Yeah,
Speaker 1: so it's pretty common for a federal investigation, especially one
Speaker 1: like this, to have what's known as a taint team
Speaker 1: or filter team or privileged team, which is a collection
Speaker 1: of usually FBI agents and prosecutors who are not the
Speaker 1: lead prosecutors in case, agents and an investigation. And the
Speaker 1: purpose of that is so that the folks were ultimately
Speaker 1: prosecuting the case, they don't see something that could get
Speaker 1: them disqualified or knocked out of the investigation at some
Speaker 1: later critical phase or i think, worst case scenario for
Speaker 1: the Justice Department, jeopardize the entire integrity of the investigation.
Speaker 1: Was less clear here is uh this the concept of
Speaker 1: executive privilege and whether that type of privilege is something
Speaker 1: that the Justice Department could or should filter for as
Speaker 1: they're going through these documents. That's not typically what a
Speaker 1: taint team would be looking for. So that's a big
Speaker 1: question mark, and the Justice Department did not address that issue,
Speaker 1: which Trump has raised in the filing today and as
Speaker 1: Bloomberg News legal reporter Zoe Tillman speaking to Kimberly Robinson.
Speaker 1: Catch more of that interview plus analysis of the latest
Speaker 1: legal news by subscribing to the Bloomberg Law Podcast or
Speaker 1: downloading the show at Bloomberg dot com slash podcast. Attorneys
Speaker 1: can find exceptional legal research and business development tools at
Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at
Speaker 1: b law Go. And we can look at the markets
Speaker 1: this morning. The futures on the rise. SNP futures up
Speaker 1: about thirty six points down futures have two hundred thirty
Speaker 1: one and NASTAG futures have a one hundred forty five
Speaker 1: or about one point two percent. Ten Your treasury is
Speaker 1: up ten thirty seconds. He had three point oh six percent.
Speaker 1: They yield on the two year three point four zero
Speaker 1: percent nine x screwed. Oil is falling down one point
Speaker 1: seven percent at a dollar sixty seven at ninety thirty
Speaker 1: four cents of barrel comes. Gold is down to ten
Speaker 1: percent or three dollars ten cents at seventeen forty six
Speaker 1: sixty an ounce. The euro one point zero zero three
Speaker 1: three against the dollar, the en one thirty eight point
Speaker 1: three four and still ahead on Bloomberg Daybreak and check
Speaker 1: on the business headlines and all the news you need
Speaker 1: to start your day. And this is Bloomberg