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Speaker 1: Live from the Bloomberg Interacted Burgers Studios. This is Bloomberg

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Speaker 1: day Break for Thursday July two. Coming up this hour,

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Speaker 1: Mario Draggy resigns as Italian Prime Minister. We are live

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Speaker 1: in Europe with the latest the e c D gets

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Speaker 1: ready to join central banks and raising rates. Tesla shares

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Speaker 1: rise after earnings top estimates, the growing number of companies

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Speaker 1: slam the brakes on hiring, and the January sixth hearing

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Speaker 1: scull Prime Time, the Heat Advisory extended to Sunday night,

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Speaker 1: and Donald Trump returns to New York for his ex

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Speaker 1: wife's funeral. I'm John Tuctor. Those stories straight ahead. I'm

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Speaker 1: John Spars. The Yankees returned for the All Star break.

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Speaker 1: They play at day night double header with the Astros

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Speaker 1: in Euston. That's all strained ahead on Bloomberg day Break

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Speaker 1: on Bloomberg e Living Freon New York, Bloomberg Ninete one, Washington,

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine

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Speaker 1: sixties and Francisco Sirius x M one nine team, and

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Speaker 1: around the world on Bloomberg Radio dot Com and via

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Speaker 1: the Bloomberg Business opp Good morning, I'm Nathan Hagar and

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Speaker 1: I'm Karen Moscow. US Dock Index futures are lower this morning.

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Speaker 1: We are coming up to five oh one on Wall Street,

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Speaker 1: and we check the markets every fifteen minutes throughout the

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Speaker 1: trading day. On bloomberg S and he futures are done

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Speaker 1: about ten points down. Futures down eighty four, Nastack futures

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Speaker 1: down about thirty. The decks in Germany's down seven tenths

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Speaker 1: of upper cent, the ten year treasury down five thirty seconds.

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Speaker 1: You on three point oh four percent, and the yield

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Speaker 1: on the two year three point to three percent. Nathan Karen,

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Speaker 1: We begin with turmoil in the Italian government. Prime Minister

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Speaker 1: Mario Droggy is resigning. The former European Central Bank chief

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Speaker 1: announced his decision to Italian President Sergio Montarella in a

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Speaker 1: meeting earlier this morning. Bloomberg News Senior editor at Italy,

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Speaker 1: Gerald Foulton says the resignation raises the prospect of snap elections.

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Speaker 1: Elections are almost certainly the next step. Traditionally near in Italy,

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Speaker 1: election state place in the ring to allow business to

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Speaker 1: go on in parliament, particularly the budget. In this case,

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Speaker 1: we'll probably have something unprecedent, will probably have elections in

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Speaker 1: the fall. Either the last weekend in September or the

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Speaker 1: first in October would be the most likely time. Bloomberg

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Speaker 1: News Senior editor in Italy, Gerald Colton, says the market

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Speaker 1: reaction has been swift. Italy's benchmark stock index right now

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Speaker 1: is down two point one percent. Benchmark tenure Italian bond

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Speaker 1: yields are surging well. Nathan. The Drugging resignation comes as

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Speaker 1: a European central bank gets ready to raise interest rates.

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Speaker 1: We go live to London and get the latest of

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Speaker 1: the Bloomberg's un POD's good morning you, Good morning Nathan

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Speaker 1: and Karen. Will it be twenty five or will it

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Speaker 1: be fifty? The European Center Bank today's set to raise

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Speaker 1: indust rates for the first time in eleven years, joining

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Speaker 1: payers around the world in confronting an historic spike in

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Speaker 1: inflation with starting prices across the line team nation Eurozone.

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Speaker 1: The ECB may even deviate from the guidance it sets

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Speaker 1: by considering a hike of double the planned quote of points.

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Speaker 1: Will find out later today in London, I'm Sploomberg day Break,

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Speaker 1: all right you and thank you well. In Asia, we've

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Speaker 1: already gotten a decision from the Bank of Japan. It's

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Speaker 1: left interest rates unchanged. We get that story from Bloomberg

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Speaker 1: Daybreak Asia anchor Brian Curtis. The b o J put

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Speaker 1: its concern about growth ahead of any potential implications for

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Speaker 1: the end. It locks in an outlier stance of the

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Speaker 1: b o J compared with other central banks desperately fighting inflation.

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Speaker 1: A downgrade in the growth forecast comes amid new COVID

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Speaker 1: cases at home and lockdowns in China. What the b

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Speaker 1: o J is saying is you need a solid recovery

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Speaker 1: to make inflation sustainable, and that means lower for longer.

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Speaker 1: Brian Curtis, Sloomberg Daybreak, Brian, thank you. Turning to a

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Speaker 1: corporate earning shares a Tesla or A two percent in

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Speaker 1: early trading, the e V market leader reported second quarter

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Speaker 1: earnings and beat Wall Street estimates. Tesla also sold a

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Speaker 1: significant chunk of its steak and bitcoin, converting roughly s

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Speaker 1: it's bitcoin into fiacre currency. CEO Elon Musk talked about

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Speaker 1: it and a conference call with analysts. We are certainly

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Speaker 1: open to increasing coin holdings in future um so that

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Speaker 1: should not be taken as some verdict on bitcoin. It's

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Speaker 1: just that we were concerned about overall liquidity for the

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Speaker 1: company given shutdowns in China and Tesla. CEO Elon must

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Speaker 1: said the company has been through quote supply chain hell

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Speaker 1: that he's signal optimism Testa can achieve record volume over

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Speaker 1: the rest of the year. We'll caring. A growing number

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Speaker 1: of companies are slamming the brakes on hiring. Bloomberg's Rnita

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Speaker 1: Young has been tracking the list and joins us Live

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Speaker 1: Good Morning, Good morning, Microsoft, Google and Lift are some

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Speaker 1: of the latest companies to freeze hiring as recession fears loom,

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Speaker 1: inflations mount, the war in Ukraine continues, and the lingering

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Speaker 1: pandemic takes a toll. Microsoft is eliminating many job openings.

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Speaker 1: Google is pausing hiring for the next two weeks, and

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Speaker 1: Lift is shutting down a division and trimming jobs. Meantime,

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Speaker 1: Blue Burk sources say Ford is preparing to cut as

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Speaker 1: many as eight thousand jobs in the coming weeks. The

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Speaker 1: automaker is trying to boost profits to fund its pushed

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Speaker 1: into the electric vehicle market. Live in New York. I'm

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Speaker 1: gonna need a Young Bloomberg daybreak, all right, we need

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Speaker 1: to thank you. In political news this morning, prisident. Biden

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Speaker 1: says he expects to speak with China's President Shi Jinping

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Speaker 1: within ten days. We get that story from Bloomberg, said Baxter.

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Speaker 1: The whole played full of issues, but this does come

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Speaker 1: as the US has said publicly there's thinking about rolling

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Speaker 1: back some of the tariffs and effort to possibly ease

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Speaker 1: inflation pressures. But White House sources have downplayed that issue now,

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Speaker 1: saying that Biden wants to talk Ukraine and China, seeming

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Speaker 1: support of Russia along with human rights issues in Hong

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Speaker 1: Kong and jin Jong, as well as relations with Taiwan

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Speaker 1: in San Francisco. I'm at Baxter Bloomberg Daybreak, All right, ed,

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Speaker 1: thank you, And on Capitol Hill tonight, the committee investigating

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Speaker 1: the assault on the US Capital plans to proceed with

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Speaker 1: a prime time hearing. It's got a preview now from

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Speaker 1: Amy Morris in our Bloomberg newsroom in Washington. The committee

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Speaker 1: is set to hold the televised hearing at eight pm Eastern.

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Speaker 1: It will be the eighth hearing since June and the

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Speaker 1: second in primetime. Republican Adam Kinzinger and Democrat Elaine Luria

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Speaker 1: will lead the hearing, aiming to show that the former

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Speaker 1: president deliberately chose not to intervene during the attack on

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Speaker 1: the Capitol. They'll walk through what was going on in

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Speaker 1: the West Wing during and after the attack, and what

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Speaker 1: happened the next day. Videotaped testimony of former White House

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Speaker 1: Council Pat Sippoloni will play a crucial role in tonight's

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Speaker 1: hearing in Washington. I'm Amy Morris Bloomberg, daybreak, All right, Amy,

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Speaker 1: thank you. Ahead of the market open this morning, futures

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Speaker 1: are moving lower. We have SMP futures right now down

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Speaker 1: ten points, Staff futures down nineties six, NASTAC futures are

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Speaker 1: lower by twenty six points. The docks in Germany is

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Speaker 1: down eight tenths of one percent, the cat in Paris

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Speaker 1: lower by three tenths percent, the Footsie mob in Italy

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Speaker 1: lower by two point two percent. On word, Prime Minister

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Speaker 1: Mario Draggy is resigning. The tenure treasury is down four

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Speaker 1: thirty seconds. The yield three point zero four percent, yield

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Speaker 1: on the two year right now three point to three percent.

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Speaker 1: NIMEX screwed down four percent, down four dollars three cents,

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Speaker 1: ninety five dollars eighty four cents of arrow straight ahead,

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Speaker 1: your latest local headlines, and a check of sports. This

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Speaker 1: is Bloomberg. It's south five oh seven on Wall Street.

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Speaker 1: We're at eighty degrees, already in Central Park and already

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Speaker 1: dealing with an accident northbound FDR Drive at sixty one.

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Speaker 1: Details coming up in traffic First. John Tucker's here with

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Speaker 1: us for more on what's going on in New York

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Speaker 1: and around the world. Good morning, John, Well, like I

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Speaker 1: had to tell you, the heat is on, Nathan the

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Speaker 1: advice he remains with effect. This one still Sunday night,

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Speaker 1: Bloomberg Media Rama. Just just Rob Caroline joins us with

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Speaker 1: more of this morning. Rob Seohn. It's the heat that's

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Speaker 1: been in the century United States that's had a chance

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Speaker 1: to move in over the area and it will hang

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Speaker 1: around that. We have a weak funnel system headed our

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Speaker 1: way that'll trigger some showers and thubderstorms this afternoon, some

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Speaker 1: of which could be strong. It leads to it not

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Speaker 1: being as human tomorrow, but it's still hot, and then

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Speaker 1: the heat pieces over the weekend, where a hundred by

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Speaker 1: the time we get to Sunday. John Bloomberg Meteorologists Robbed Caroline,

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Speaker 1: the operator of a major pipeline from Russia to Europe,

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Speaker 1: says natural gas has started flowing again. The pipeline is

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Speaker 1: Germany's main source of Russian gas. Bloomberg Stephen Stepinski says

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Speaker 1: they're now watching closely see just how much gas actually

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Speaker 1: comes through. There is this fear that, yes, we're at

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Speaker 1: right now, but how long will this last? Can you

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Speaker 1: trust putin gas from Grige, trust Russia to keep the

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Speaker 1: gas flowing through this vital transit point. You look at

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Speaker 1: what he's been saying, and he said that he doesn't

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Speaker 1: get this vital part. Then he's going to reduce flows

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Speaker 1: in his next week, and that causes more distress for

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Speaker 1: the European region. German officials that fear of the pipeline

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Speaker 1: might not reopen at all. Former President Donald Trump was

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Speaker 1: in Manhattan yesterday for the funeral of his ex wife,

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Speaker 1: Ivana Trump Or from Bloomberg's Charlie Pellett. John Trump joined

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Speaker 1: all his children, other relatives and friends at St. Vincent

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Speaker 1: for Our Roman Catholic Church on Manhattan's uper East Side

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Speaker 1: for Ivanna's funeral mass. Writing on his social media platform

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Speaker 1: Truth Social, Trump called it a very sad day, but

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Speaker 1: at the same time a celebration of a wonderful and

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Speaker 1: beautiful life. Ivanna and Donald Trump's three children, Donald Jr. Ivanka,

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Speaker 1: and Eric, stood with their father and their families as

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Speaker 1: the gold tone casket was carried from the church. John

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Speaker 1: Bloomberg's Charley Pillett, a judge in New York, has ordered

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Speaker 1: Rudy Julianni to appear next month before a special grand

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Speaker 1: jury in Atlanta that was investigating whether former President Trump

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Speaker 1: and others he illegally tried to interfere in the twenty

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Speaker 1: twenty general election in that state. The York Supreme Court

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Speaker 1: Justice Thomas Farber's issue the order directing Julianni, a Trump lawyer,

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Speaker 1: to appear before the special grand jury. Globe and its

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Speaker 1: twenty four hours a day on Aeron on Bloomberg Quicktake,

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Speaker 1: powered by more than twenty seven hundred journalists and analysts

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Speaker 1: in more than one d twenty country. I'm John Tucker,

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Speaker 1: DSc is Bloomberg. Nathan, Thank you John. Almost five ten

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Speaker 1: on Wall Street, time for the Bloomberg Sports Update. Good morning,

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Speaker 1: John stash Out, alright, Good morning to Nathan. The Yankees

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Speaker 1: and Astros have become a rivalry even though Houston has

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Speaker 1: only been an American League team for a decade, the

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Speaker 1: Astros have beating the Yanks in the postseason three times.

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Speaker 1: Accused of course, of banging trash cans and signed stealing.

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Speaker 1: This season, they are the two best in the a L.

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Speaker 1: They could very well be facing off in October again.

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Speaker 1: The two teams returned to they all start Breakflay at

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Speaker 1: day night doublehead or in Houston makeup from the lockout.

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Speaker 1: Yankees are sixty four and twenty eight, and Aaron Judge

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Speaker 1: was asked a reason for their success this consistency. I

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Speaker 1: think that's what it comes down to, h This is

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Speaker 1: team staying consistent. You know, that's one thing we'll be

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Speaker 1: able to do all year. You know, when it doesn't

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Speaker 1: matter who we're playing. You know, if it's a you know,

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Speaker 1: best team in the a L, or if it's you know,

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Speaker 1: the team in last place, we're gonna go out there

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Speaker 1: and you know, I try to win every single game,

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Speaker 1: win every single series. And I think that's one thing

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Speaker 1: that's helps uparate us this year from last year. Has

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Speaker 1: third three home runs. That's how many Roger Maris had

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Speaker 1: at this time when he finished nineteen sixty one with

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Speaker 1: sixty one homers. Match return of the Break tomorrow at

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Speaker 1: City Field versus San Diego. James Harden traded by Brooklyn

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Speaker 1: the Philadelphia. He had declined a forty seven million dollar option.

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Speaker 1: He's now resigned with the Sixers. He'll make less, but

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Speaker 1: could be a free agent again next year. But forty

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Speaker 1: Niners last year traded up to draft trade, Lands could

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Speaker 1: be their quarterback. The incumbent QB Jimmy Garoppolo, has recovered

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Speaker 1: from shoulder surgery. The Niners have told his agent try

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Speaker 1: and work out of trade. Seattle, Houston, Cleveland seem as

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Speaker 1: possible destinations. Giants begin training camp next week. The Giants

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Speaker 1: news is that for two home games this season, they

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Speaker 1: will wear the uniforms they wore back of the nineteen

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Speaker 1: Eightens and nine Lands. John Stash, bloom Group Sports, Nathan Okay, John,

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Speaker 1: thanks right now. SMP futures are down nine point, staff

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Speaker 1: futures down eighty six, dance de futures lower by twenty

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Speaker 1: two points. The euro at one point zero one seven

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Speaker 1: it be twenty five? Will it be fifty? What about

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Speaker 1: the new crisis tool? David Powell, senior Euro Area economist

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Speaker 1: for Bloomberg Economics joins us next Bloomberg eleven three oh

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Speaker 1: weather Heat Advisory till eight p m. Sunday tells you

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Speaker 1: everything you need to know. By Sunday we could hit

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Speaker 1: a hundred degrees. It's already eighty in Central Park. Markets,

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Speaker 1: headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot Com, The Bloomberg Business at and at Bloomberg

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Speaker 1: Quick Tape. She's a Bloomberg Business Flash and I'm Karen Moscow.

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Speaker 1: European socks are slipping as investors braced for the European

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Speaker 1: Central Bank's first interest rate hik in eleven years, while

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Speaker 1: Russia resumed sending gas to Europe through a key pipeline

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Speaker 1: to spelling investors worst fears. We checked the markets every

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Speaker 1: fifteen minutes throughout the trading day on Bloomberg Guess and

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Speaker 1: P Futures up down rather nine points down, Features down

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Speaker 1: ninety nows day features down twenty four. That acts in

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Speaker 1: Germany is down about seven tenths of a percent ten.

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Speaker 1: Your treasury down four thirty seconds. You have three point

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Speaker 1: oh four percent they yield on the two year three

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Speaker 1: point to three percent. NIMEX Screwed oil is down four percent.

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Speaker 1: Down four dollars at eight cents, and Barrel comic goal

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Speaker 1: down one point two percent on ninety ninety cents at

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Speaker 1: nine to four and the en one thirty eight point

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Speaker 1: eight zero. And Bitcoin this morning is down one point

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Speaker 1: one percent at twenty two nine dollars. That's a Bloomberg

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Speaker 1: Business Flash. Now here's John Tucker with more on what's

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Speaker 1: going on around the world. John, and good morning, Karen.

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Speaker 1: The committee investigating the assault on the US capital plans

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Speaker 1: to perceive with primetime hearrings tonight. President Biden today will

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Speaker 1: announce investments in new efforts to improve community policing and

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Speaker 1: crime prevention. Russia's biggest pipeline, the europe nord Stream one,

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Speaker 1: has restarted. Sports. Major League Baseball returns to action tonight

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Speaker 1: after the All Star break. Global News twenty four hours

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Speaker 1: a day on Areon on Bloomberg, Quick Take, Power Bond,

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Speaker 1: more than twenty seven hundred journalists and analysts more than

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Speaker 1: one hundred twenty countries. I'm John Tucker, This is Bloomberg.

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Speaker 1: Nathan all right, John, thank you. It's five nineteen on

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Speaker 1: Wall Street Live from the Bloomberg Interactive Broker studios. This

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Speaker 1: is Bloomberg Daybreak. Let's turn back to what's happening in Europe.

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Speaker 1: Lots of news coming out of the Eurozone this morning,

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Speaker 1: with Italian Prime Minister Mario Draggy offering his resignation for

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Speaker 1: the second time in a week as the body he

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Speaker 1: used to lead, the European Central Bank gets ready for

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Speaker 1: its first interest rate hikes in more than a decade

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Speaker 1: to tackle inflation. David Powell is with us this morning,

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Speaker 1: senior Euro Area economist for Bloomberg Economics. David, good morning.

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Speaker 1: We've seen some big moves in Italian stocks and bonds

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Speaker 1: this morning, but not much movement in the Euro on

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Speaker 1: this news of Mario drags resignation. What is the impact

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Speaker 1: Eurozone wide? Well, the impact of these developments Italy is

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Speaker 1: really tremendous. Uh to start out with, even before this

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Speaker 1: latest amount of political instability in Italy, the task of

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Speaker 1: the ECB today was going to be very complicated. Has

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Speaker 1: to decide whether it wants to kick off this rate

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Speaker 1: hiking cycle with a modest move of twenty five basis

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Speaker 1: points or more aggressive move of fifty basis points, which

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Speaker 1: is already going to be a contentious debate amongst members

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Speaker 1: of the Government Council. And on top of that, they

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Speaker 1: also have to come out with a credible UH crisis

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Speaker 1: management tool to prevent chaos in the peripheral bond markets.

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Speaker 1: And like I said, that was already going to be

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Speaker 1: complicated before Mario Draggy resigned as as as Prime Minister,

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Speaker 1: because this complicated situation, because it adds additional questions is

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Speaker 1: this spread widening actually justified? Because don't forget the ECB

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Speaker 1: only wants to prevent unjustified widening of sovereign spreads. Yeah,

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Speaker 1: what incredible timing for a new political crisis to emerge

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Speaker 1: in Italy just as this crisis prevention tool is getting

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Speaker 1: debated and potentially being unveiled at the e c B.

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Speaker 1: How could this tool work? What would it do in

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Speaker 1: in cases like this? Well, we don't know much about

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Speaker 1: the details yet, and that's largely because until very recently,

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Speaker 1: the the the Governing Council that I even decide on

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Speaker 1: the details, we had to leak from the c B

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Speaker 1: reported by Bloomberg News just about forty eight hours ago

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Speaker 1: that they still hadn't decided much and there are a

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Speaker 1: lot of questions to be answered. One is what will

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Speaker 1: trigger the use of the tool. One is what will

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Speaker 1: the conditions UH that will be attached to this aid?

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Speaker 1: What will they be and um? Another is how much

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Speaker 1: firepower will it have? Would be predetermined? Will it be

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Speaker 1: open ended? Um? All very difficult questions. And does the

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Speaker 1: situation in Italy make a stronger case for a stronger

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Speaker 1: rate hike move from the e c B or is

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Speaker 1: is that just one factor that that goes into this

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Speaker 1: decision that wouldn't necessarily move things at this point? Well,

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Speaker 1: it may actually UH temper the calls for a more

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Speaker 1: aggressive move, because probably the perfect storm for Italy would

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Speaker 1: be UH, no prime minister, no announcement on a tool,

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Speaker 1: and a very aggressive rate hike. It is expectations for

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Speaker 1: higher policy rates that has really put upward pressure on

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Speaker 1: Italian yields in recent months, and if those expectations were

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Speaker 1: to be surpassed, if ECB were to do more than

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Speaker 1: the financial markets have even priced in, it would undoubtedly

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Speaker 1: put more upward pressure on Italian yields and UH and

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Speaker 1: clearly the ECB doesn't want to UM create a crisis.

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Speaker 1: And on top of this, crisis in Italy. We just

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Speaker 1: got word this morning on the Bloomberg terminal that Russia

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Speaker 1: is racing to hold elections on annexing areas of Ukraine

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Speaker 1: that it's occupied as soon as mid September. I mean,

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Speaker 1: what kind of impact could that have as the war

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Speaker 1: in Ukraine goes on right? Well, Um, the war in

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Speaker 1: Ukraine has obviously had a major impact on the your

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Speaker 1: area economy, and the largest economic impact has been created

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Speaker 1: by rising commodity prices UM. And Russia today turned on

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Speaker 1: the taps after a routine UH maintenance, UH maintenance check

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Speaker 1: for the gas lines UM. But there were fears that

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Speaker 1: Russia would would would cut the EU off from gas.

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Speaker 1: And so with this newest announcement today about these about these,

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Speaker 1: about the referendums that are going to be held, um,

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Speaker 1: depending on how the EU reacts to that, Russia could

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Speaker 1: say We're going to cut off cut off the gas,

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Speaker 1: which would which would be another negative impact for ther

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Speaker 1: area economy and it would certainly be another consideration for

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Speaker 1: the e c B as well. But does the Central

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Speaker 1: Bank have the tools to tackle the inflationary impact of

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Speaker 1: gas supplies from Russia? These exogenous issues that uh, you know,

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Speaker 1: with rate policy might not necessarily have an impact, or

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Speaker 1: does it. Well, the ECB has very little control over

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Speaker 1: global energy prices, and so a decision to raise interest

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Speaker 1: rates and Frankfurt is not really going to change energy prices.

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Speaker 1: What it will do, though, is it will anchor inflation

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Speaker 1: expectations hopefully UM, because it will signal to two people

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Speaker 1: in the R area that in the face of rising

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Speaker 1: inflation UM, the ECB is going to do all it

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Speaker 1: can to uh to to keep inflation under control, even

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Speaker 1: if it camp control energy costs. Thanks for this, David,

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Speaker 1: great having you on as we await that ECB decision

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Speaker 1: in just a couple of hours. Here David Powell, Senior

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Speaker 1: Euro Area economist for Bloomberg Economics. Right now, SMP futures

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Speaker 1: are down seven points down, futures down seventy nine, NASDAC

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Speaker 1: futures are lower by thirteen points. The tenure Treasury is

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Speaker 1: down five thirty seconds, the yield three point zero four percent,

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Speaker 1: yield on the two year three point to three percent,

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Speaker 1: and the foot seamb in Italy down two percent. On

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Speaker 1: Mario drags resignation. You' listening to Bloomberg Daybreak Bloomberg eleven

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Speaker 1: three oh weather. With a heat advisory in effect through

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Speaker 1: the weekend. We could see strong storms this afternoon. Low

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Speaker 1: nineties today and tomorrow, mid nineties. Saturday could hit a

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Speaker 1: hundred by Sunday. Right now eighty degrees. Broadcasting live from

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Speaker 1: the Bloomberg Interactive Broker Studio in New York, Bloomberg Loving

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Speaker 1: Freedom to Washington, d C, Bloomberg nine to Boston, Bloomberg

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Speaker 1: one O six one to San Francisco, Bloomberg nine sixty

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Speaker 1: to the Country, Sirius XM chto one nine team, and

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Speaker 1: around the globe the Bloomberg Business and Bloomberg Radio dot Com.

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Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street.

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Speaker 1: Good morning, I'm Nathan Hager and I'm Kared Moscow. We

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Speaker 1: are just about four hours away from the open US trading.

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Speaker 1: Let's get you have to date on the news you

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Speaker 1: need to know at this hour. We begin with turmoil

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Speaker 1: and the Italian government. Prime Minister Mario Draggy has offered

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Speaker 1: his resignation to Italy's president. The move comes as a

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Speaker 1: European central Bank is set to raise interest rates today.

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Speaker 1: Bloomberg News Senior editor in Italy, Gerald Coulton, says it

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Speaker 1: makes the ECB meeting all the more important. It underscores

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Speaker 1: the fragility of countries like Italy. You can see that

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Speaker 1: the bond the bond market has closely tracked the stability

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Speaker 1: of the Draggi government. Joggy has been seen at the

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Speaker 1: sort of a guarant for of obstability for for Italy

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Speaker 1: and for you know, and for the weaker countries in

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Speaker 1: in the European Union at large. In reasones the stakes

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Speaker 1: for what's happening today, Bloomberg News Senior editor Gerald Colton

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Speaker 1: says elections are the next step in Italy, likely to

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Speaker 1: take place later this year, and the market reaction has

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Speaker 1: been swift. The country's main benchmark stock index is down

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Speaker 1: in benchmark ten year Italian bond yields are surging during

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Speaker 1: the corporate earnings in the US, Karen's shares of Tesla

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Speaker 1: are up two and a half percent in early trading.

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Speaker 1: The Evy leaders second quarter earnings feed Wall Street Estimates,

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Speaker 1: morning Star Energy and Resources equity analysts Goldstein has more

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Speaker 1: on the company's outlook this year. A few surprises, no

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Speaker 1: announcements of new vehicle delays or anything. The four six

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Speaker 1: eight cells are still ramping up, so All in all,

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Speaker 1: just another quarter where Tesla will continue to exec and

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Speaker 1: I expected things to improve throughout the rest of the year.

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Speaker 1: The Morning Star Seth Goldstein says for the lockdowns in

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Speaker 1: China do pose a threat to Tesla this year. Meanwhile,

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Speaker 1: a growing number of companies are slamming the brakes on hiring.

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Speaker 1: Bloomberg's Rneda Young joins US Live with more on the story.

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Speaker 1: Good morning, Ranida, Good morning Karen. Microsoft, Google and Lift

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Speaker 1: are some of the latest companies to freeze hiring. Gas

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Speaker 1: recession fears, loom inflation mounts, the war in Ukraine continues,

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Speaker 1: and the lingering pandemic takes a toll. Microsoft is eliminating

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Speaker 1: many job openings. Google is pausing hiring for the next

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Speaker 1: two weeks. Lift is shutting down a division and trimming

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Speaker 1: jobs means time. Bloomberg sources say Ford is preparing to

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Speaker 1: cut as many as eight thousand jobs in the coming weeks.

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Speaker 1: The automaker is trying to boost profits to fund its

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Speaker 1: push into the electric vehicle market. Live in New York.

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Speaker 1: I'm gonna to Young Bloomberg Daybreak, all right, rened to

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Speaker 1: thank you. SMP futures are down about nine points down

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Speaker 1: futures down ninety five and NASDAG futures down about nineteen.

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Speaker 1: The ten year treasury down five thirty seconds. You know,

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Speaker 1: three point oh four percent yield on the two year

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Speaker 1: three point to three percent. Try ahead your latest local

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Speaker 1: headlines plus a check of sports. And this is Bloomberg.

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Speaker 1: Thanks Caring. Three on Wall Street, eighty degrees in Central Park,

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Speaker 1: still hot, Still dealing with the accident northbound FDR at

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Speaker 1: sixty one. More coming up on that in traffic. First

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Speaker 1: John Tucker with what else is going on in New

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Speaker 1: York and around the world? John, And it's the heat.

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Speaker 1: If you were looking for a quick relief from shorting temperatures, Nathan,

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Speaker 1: forget about it. Bloomberg meteorologist Rob Carlins says we will

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Speaker 1: be approach triple digits. John. The Tristate area now under

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Speaker 1: heat advisory until eight p m. Sunday. It is going

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Speaker 1: to be very uncomfortable over the next couple of days.

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00:24:08,680 --> 00:24:10,840
Speaker 1: Tomorrow is the best day out of the next four

430
00:24:10,920 --> 00:24:13,000
Speaker 1: because the humidity falls a little bit, but it's still

431
00:24:13,119 --> 00:24:15,440
Speaker 1: very hot. Big issue today not only the heat, but

432
00:24:15,520 --> 00:24:18,080
Speaker 1: the potential for afternoon showers and thunderstorms, some of which

433
00:24:18,119 --> 00:24:22,040
Speaker 1: may be strong. With heavy rain, vivid lightning, and gusty winds,

434
00:24:22,080 --> 00:24:23,960
Speaker 1: and by Sunday we could see parts of the Tristate

435
00:24:24,040 --> 00:24:28,720
Speaker 1: area near hundred John Bloomberg meteorologist Rob Carolin. Meantime, civil

436
00:24:28,720 --> 00:24:32,440
Speaker 1: engineers and transit authorities say the heat is threatening rail networks.

437
00:24:32,840 --> 00:24:37,520
Speaker 1: Amtrack imposed heat related speed restrictions within its northeast corridor.

438
00:24:38,119 --> 00:24:41,640
Speaker 1: The pharmaceutical giant Visor expanding its facilities in New York

439
00:24:41,800 --> 00:24:45,520
Speaker 1: that story from Bloomberg's Jeff Bellinger. Visor will spend four

440
00:24:45,600 --> 00:24:49,639
Speaker 1: hundred seventy million dollars to expand its vaccine research facilities

441
00:24:49,680 --> 00:24:53,080
Speaker 1: twenty five miles northwest of the city. The drugmaker will

442
00:24:53,119 --> 00:24:56,520
Speaker 1: construct a new building and renovate existing facilities on its

443
00:24:56,560 --> 00:24:59,280
Speaker 1: campus in Pearl River that has been the nexus of

444
00:24:59,359 --> 00:25:04,080
Speaker 1: laboratory research driving its vaccine programs, including the one for COVID.

445
00:25:04,240 --> 00:25:07,680
Speaker 1: In partnership with Lion Tech, the company hopes to maintain

446
00:25:07,720 --> 00:25:11,520
Speaker 1: its edge in the booming field of Messenger RNA. Jeff

447
00:25:11,520 --> 00:25:15,719
Speaker 1: Bullinger Bloomberg debreak Russia is moving to an x occupied

448
00:25:15,840 --> 00:25:19,080
Speaker 1: Ukrainian territories the Kremlin. He's in a dash to hold

449
00:25:19,119 --> 00:25:22,920
Speaker 1: referendums in those areas occupied by his troops to give

450
00:25:23,000 --> 00:25:26,760
Speaker 1: grounds for Russian President Vladimir Putin to absorb them into Russia,

451
00:25:27,119 --> 00:25:31,479
Speaker 1: sources Dell Bloomberg. It could come as early as September. Meantime,

452
00:25:31,520 --> 00:25:34,520
Speaker 1: Russia started sending gas through its biggest pipeline to Europe.

453
00:25:34,720 --> 00:25:37,480
Speaker 1: The resumption of exports will provide some relief to the

454
00:25:37,480 --> 00:25:41,120
Speaker 1: continent that's raising to store the fuel before winter for now.

455
00:25:41,160 --> 00:25:44,320
Speaker 1: It may also ease fears about massive economic damage to

456
00:25:44,359 --> 00:25:47,920
Speaker 1: the European Union. And a healthy majority of Americans don't

457
00:25:47,960 --> 00:25:50,840
Speaker 1: want to see either Joe Biden or former President Donald

458
00:25:50,840 --> 00:25:56,240
Speaker 1: Trump run again in this According to a Quinnipiac University poll,

459
00:25:56,640 --> 00:26:01,080
Speaker 1: Biden's approval rating field to fully sixty percent of Americans

460
00:26:01,280 --> 00:26:04,160
Speaker 1: don't want to see Trump make another White House bid.

461
00:26:04,280 --> 00:26:07,000
Speaker 1: According to the Pole Global News twenty four hours a

462
00:26:07,080 --> 00:26:09,560
Speaker 1: day on air on Bloomberg Quick Say Power by more

463
00:26:09,600 --> 00:26:12,400
Speaker 1: than twenty seven hundred journalist and analysts. It more than

464
00:26:12,480 --> 00:26:16,160
Speaker 1: one twenty countries. I'm John Tucker. This is Bloomberg, Nathan,

465
00:26:16,280 --> 00:26:24,040
Speaker 1: Thank you, John Almost on Wall Street. John Stashower has

466
00:26:24,080 --> 00:26:26,760
Speaker 1: the Bloomberg Sports Update. Thanks Faith and the Yankees and Astros.

467
00:26:26,760 --> 00:26:29,119
Speaker 1: We're supposed to start the season and used in that

468
00:26:29,160 --> 00:26:31,360
Speaker 1: series put off due to the lockout. Gangs went there

469
00:26:31,400 --> 00:26:33,600
Speaker 1: for a few weeks ago for one game, back today

470
00:26:33,640 --> 00:26:35,840
Speaker 1: for a day night double. Ahead of these two are

471
00:26:36,000 --> 00:26:38,160
Speaker 1: far and away the two best teams in the American League.

472
00:26:38,160 --> 00:26:40,760
Speaker 1: Could certainly be meeting in October, and it would be

473
00:26:40,960 --> 00:26:44,120
Speaker 1: almost certainly for the pennant Astro's have ended the Yank

474
00:26:44,160 --> 00:26:46,360
Speaker 1: season three times in two thousand and fifteen. It's been

475
00:26:46,359 --> 00:26:49,560
Speaker 1: so far a storybook season for Aaron Judge. Thirty three

476
00:26:49,560 --> 00:26:52,200
Speaker 1: home runs and playing for a team that is sixty

477
00:26:52,240 --> 00:26:54,439
Speaker 1: four and still a long way to go. You know,

478
00:26:54,520 --> 00:26:56,679
Speaker 1: this team and you know myself, we set ourselves up

479
00:26:56,680 --> 00:26:59,080
Speaker 1: for a good position. Um, there's still a lot of

480
00:26:59,080 --> 00:27:01,080
Speaker 1: baseball players, still a lot of games to play, you know.

481
00:27:01,160 --> 00:27:03,399
Speaker 1: So the minute I sit back here and you know,

482
00:27:03,480 --> 00:27:05,639
Speaker 1: sit back in a company chair and day Wally. You know,

483
00:27:05,680 --> 00:27:07,560
Speaker 1: we got thirty homers, the ot this and that, then

484
00:27:08,240 --> 00:27:10,600
Speaker 1: someone's gonna pass to or next team is gonna, you know,

485
00:27:10,920 --> 00:27:12,760
Speaker 1: start creeping up on you in the standing. So I

486
00:27:12,840 --> 00:27:15,600
Speaker 1: just you gotta keep your you gotta keep the blinders on.

487
00:27:15,680 --> 00:27:17,760
Speaker 1: Mets returns to the All Star Break tomorrow at home

488
00:27:17,760 --> 00:27:20,680
Speaker 1: against San Diego. James Hard and staying in Philadelphia. Acquired

489
00:27:20,680 --> 00:27:23,000
Speaker 1: in a trade with the Natzy declined a forty seven

490
00:27:23,000 --> 00:27:25,000
Speaker 1: million dollar options, signed for less, but he can be

491
00:27:25,080 --> 00:27:27,520
Speaker 1: a free agent again next year. As for the Nets,

492
00:27:27,520 --> 00:27:29,520
Speaker 1: trying to decide what to duke, Kevin Durant wants to

493
00:27:29,560 --> 00:27:32,160
Speaker 1: be traded, will they keep Kyrie Irving? And the Nick

494
00:27:32,280 --> 00:27:35,119
Speaker 1: said to be attempting to acquire Donovan Mitchell from Utah,

495
00:27:35,160 --> 00:27:37,440
Speaker 1: but latest word on that is that the Jazz or

496
00:27:37,480 --> 00:27:41,040
Speaker 1: in no hurry. Miles Bridges, Charlotte's leading score last season,

497
00:27:41,080 --> 00:27:44,680
Speaker 1: was in court yesterday pleading not guilty to three felony

498
00:27:44,720 --> 00:27:48,040
Speaker 1: domestic violence. Chargers and golf. Hendrik Stenson joined the Saudi

499
00:27:48,080 --> 00:27:50,560
Speaker 1: Back Live Tour and he's had his job of European

500
00:27:50,680 --> 00:27:54,240
Speaker 1: Ryder Cup captain taken away. US Open tennis entry field

501
00:27:54,240 --> 00:27:57,959
Speaker 1: includes Serena Williams and Novak Djokovic, but it's unlikely he

502
00:27:58,000 --> 00:28:01,800
Speaker 1: will play since he remains on vaccinated. John Sward Bloomberg

503
00:28:01,840 --> 00:28:04,520
Speaker 1: sports na Okay. John. Thanks, It's five thirty seven on

504
00:28:04,600 --> 00:28:07,359
Speaker 1: Wall Street time for the Tri State Business Report. Here's

505
00:28:07,359 --> 00:28:11,840
Speaker 1: Bloomberg's when Di Gillette another effect of inflation overcrowding of

506
00:28:11,920 --> 00:28:15,399
Speaker 1: animal shelters in northern New Jersey. They Asbury Park Press

507
00:28:15,440 --> 00:28:18,720
Speaker 1: reports fewer people are able to afford pets these days,

508
00:28:18,960 --> 00:28:22,560
Speaker 1: which means shelters are getting overrun. Some people are giving

509
00:28:22,640 --> 00:28:25,240
Speaker 1: up their furry friends, unable to keep up with vet

510
00:28:25,240 --> 00:28:29,320
Speaker 1: and food costs, or they're moving into housing that prohibits animals.

511
00:28:29,600 --> 00:28:32,600
Speaker 1: The cost to care for one neglected dog is well

512
00:28:32,640 --> 00:28:36,560
Speaker 1: over a thousand dollars. Traveling through New York City's airports

513
00:28:36,560 --> 00:28:39,760
Speaker 1: will soon be nice. We're all used to complaining about

514
00:28:39,800 --> 00:28:43,120
Speaker 1: the sorry state of the region's airports, but LaGuardia just

515
00:28:43,280 --> 00:28:46,840
Speaker 1: underwent a massive overhaul in Newark, and JFK are also

516
00:28:46,920 --> 00:28:50,440
Speaker 1: getting improvements. If all goes as scheduled, the three airports

517
00:28:50,440 --> 00:28:54,360
Speaker 1: will have twenty five billion dollars worth of upgrades by

518
00:28:54,440 --> 00:28:57,680
Speaker 1: And there's finally a slowdown in the sky high housing market.

519
00:28:57,720 --> 00:29:01,560
Speaker 1: In Greenwich, Connecticut, single family home purchases closed at a

520
00:29:01,600 --> 00:29:05,160
Speaker 1: median of two point five million dollars, topping the previous

521
00:29:05,200 --> 00:29:08,000
Speaker 1: records at the quarter before by two percent. That's the

522
00:29:08,000 --> 00:29:11,560
Speaker 1: Bloomberg Tri State Business Report. I'm Wendy to let okay, Wendy. Thanks.

523
00:29:11,640 --> 00:29:14,480
Speaker 1: United Airlines is cutting its three growth plans of it

524
00:29:14,600 --> 00:29:17,280
Speaker 1: operational challenges for that industry. We get the story from

525
00:29:17,280 --> 00:29:20,360
Speaker 1: Bloomberg's Charlie Pellett. United's trying to get a handle on

526
00:29:20,520 --> 00:29:23,800
Speaker 1: flight disruptions that have royaled the industry even as it

527
00:29:23,840 --> 00:29:28,400
Speaker 1: continues to expect profits amid robust travel demand. The carrier

528
00:29:28,480 --> 00:29:31,760
Speaker 1: revealed the latest capacity outlook as it reported earnings that

529
00:29:31,880 --> 00:29:36,440
Speaker 1: fell short of Wall Streets expectations. Flight delays and cancelations

530
00:29:36,480 --> 00:29:40,040
Speaker 1: have battered the industry this year as consumers starved for

531
00:29:40,120 --> 00:29:43,800
Speaker 1: travel during the pandemic of forked over higher fares and

532
00:29:43,960 --> 00:29:48,520
Speaker 1: crammed onto aircraft in New York. Charlie Pellett, Bloomberg PayBreak,

533
00:29:48,560 --> 00:29:51,640
Speaker 1: Thanks Charlie, five thirty nine on Wall Street. The following

534
00:29:51,720 --> 00:29:56,000
Speaker 1: is an editorial from Bloomberg Opinion. This editorial was written

535
00:29:56,040 --> 00:30:00,880
Speaker 1: by the Bloomberg Editorial Board. Democrats and rop splicants alike

536
00:30:00,960 --> 00:30:04,960
Speaker 1: should be able to agree on a simple principle. Immigrants

537
00:30:04,960 --> 00:30:07,920
Speaker 1: who come to the US legally ought to be given

538
00:30:07,960 --> 00:30:12,720
Speaker 1: a fair chance to build lives in the country. It's perplexing, then,

539
00:30:12,840 --> 00:30:16,880
Speaker 1: that the government is denying this opportunity to thousands of

540
00:30:17,000 --> 00:30:20,320
Speaker 1: young immigrants whose parents came to the US legally for work,

541
00:30:20,640 --> 00:30:24,520
Speaker 1: but who have not yet been granted legal permanent residency.

542
00:30:24,960 --> 00:30:28,400
Speaker 1: Those young people now risk being forced to leave the

543
00:30:28,520 --> 00:30:33,680
Speaker 1: only country many have ever known. Fortunately, a bipartisan measure

544
00:30:33,760 --> 00:30:36,800
Speaker 1: passed in the House last week would help fix this problem.

545
00:30:37,160 --> 00:30:41,360
Speaker 1: The Senate should pass its own version quickly. America's long

546
00:30:41,480 --> 00:30:44,960
Speaker 1: term growth prospects require the country to bring in knowledge

547
00:30:44,960 --> 00:30:49,760
Speaker 1: workers from abroad. Ensuring those workers children can build lives

548
00:30:49,800 --> 00:30:53,200
Speaker 1: in the US is critical to winning the global war

549
00:30:53,480 --> 00:30:58,160
Speaker 1: for talent. This editorial was written by the Bloomberg Editorial Board.

550
00:30:58,360 --> 00:31:02,080
Speaker 1: For more Bloomberg opinions, go to Bloomberg dot com, slash

551
00:31:02,120 --> 00:31:06,000
Speaker 1: opinion or opie I n go on the Bloomberg terminal.

552
00:31:06,280 --> 00:31:09,560
Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg

553
00:31:09,600 --> 00:31:12,880
Speaker 1: opinion editorials every weekday. At this time, terminal customers can

554
00:31:12,960 --> 00:31:17,560
Speaker 1: read more at opie I n go. Futures moving lower.

555
00:31:17,680 --> 00:31:25,240
Speaker 1: This is Bloomberg Bloomber eleven three oh Weather temperatures moving higher.

556
00:31:25,320 --> 00:31:28,880
Speaker 1: We have a heat advisory till eight o'clock Sunday night today.

557
00:31:28,960 --> 00:31:31,680
Speaker 1: Look for strong thunderstorms by Sunday. Look for highs near

558
00:31:31,720 --> 00:31:38,440
Speaker 1: a hundred right now eight in Central Park Markets. Headlines

559
00:31:38,480 --> 00:31:41,440
Speaker 1: and breaking news twenty four hours a day at Bloomberg

560
00:31:41,520 --> 00:31:44,920
Speaker 1: dot Com, the Bloomberg Business Out, and at Bloomberg Quick Tape.

561
00:31:45,120 --> 00:31:54,440
Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.

562
00:31:54,520 --> 00:31:57,920
Speaker 1: European stocks are slipping as investors braced for the European

563
00:31:57,960 --> 00:32:00,520
Speaker 1: Central Bank's first interest rate hike at eleven years, while

564
00:32:00,600 --> 00:32:03,480
Speaker 1: Russia resumes sending gas to Europe through a key pipeline

565
00:32:03,480 --> 00:32:06,560
Speaker 1: to spelling investors worst fears. We check the markets every

566
00:32:06,560 --> 00:32:09,160
Speaker 1: fifteen minutes throughout the trading day on Bloomberg Right now,

567
00:32:09,320 --> 00:32:12,479
Speaker 1: S and P futures are down seven points down, futures

568
00:32:12,520 --> 00:32:15,320
Speaker 1: down eighty two nowasday features down six The decks in

569
00:32:15,360 --> 00:32:17,840
Speaker 1: Germany is down about six tenths of a percent, The

570
00:32:17,880 --> 00:32:20,480
Speaker 1: ten year treasury down five thirty seconds ye three point

571
00:32:20,480 --> 00:32:23,280
Speaker 1: oh four percent yield on the two year three point

572
00:32:23,280 --> 00:32:26,000
Speaker 1: to three percent. Nine X Screwed oil is down more

573
00:32:26,040 --> 00:32:28,480
Speaker 1: than four percent on four dollars thirteen cents and ninety

574
00:32:28,480 --> 00:32:31,320
Speaker 1: five dollars seventy seven cents of barrel collms goll down

575
00:32:31,360 --> 00:32:33,880
Speaker 1: one percent or sixteen dollars fifty cents at seventeen o

576
00:32:34,000 --> 00:32:37,000
Speaker 1: one twenty announced the euro one point one seven and

577
00:32:37,040 --> 00:32:40,120
Speaker 1: six against the dollar. British found one point one one

578
00:32:40,160 --> 00:32:42,400
Speaker 1: and the end one thirty eight point eight zero. And

579
00:32:42,520 --> 00:32:44,720
Speaker 1: looking at Bitcoin, it's down one at a quarter percent

580
00:32:44,760 --> 00:32:47,520
Speaker 1: at twenty two thousand, nine hundred sixty dollars. That's a

581
00:32:47,560 --> 00:32:50,200
Speaker 1: Bloomberg Business Flash. Now here's John Tucker with more on

582
00:32:50,320 --> 00:32:53,520
Speaker 1: what's going on around the world. John, and good morning, Karen.

583
00:32:53,560 --> 00:32:57,000
Speaker 1: The committee investigating the assault on the US capital plans

584
00:32:57,000 --> 00:33:00,400
Speaker 1: to proceed with a prime time hearing tonight. Mary Dragging

585
00:33:00,560 --> 00:33:04,240
Speaker 1: resigns as Italy's Prime Minister, throwing that country into turmoil.

586
00:33:04,600 --> 00:33:09,600
Speaker 1: And Russia's biggest pipeline to Europe, nord Stream One has restarted. Sports.

587
00:33:09,640 --> 00:33:13,000
Speaker 1: Major League Baseball returns to action tonight after the All

588
00:33:13,040 --> 00:33:16,000
Speaker 1: Star Break. Global News twenty four hours a day on

589
00:33:16,040 --> 00:33:18,520
Speaker 1: their get on Bloomberg Quick Take power by more than

590
00:33:18,560 --> 00:33:21,760
Speaker 1: twenty seven hundred journalists and analysts in more than one

591
00:33:21,800 --> 00:33:25,520
Speaker 1: hundred twenty countries. I'm John Tucker. This is Bloomberg. Nathan

592
00:33:25,560 --> 00:33:28,040
Speaker 1: all right, John, Thanks, It's eight on Wall Street Live

593
00:33:28,040 --> 00:33:31,400
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak

594
00:33:31,440 --> 00:33:33,720
Speaker 1: on the Morning, where lots happening in the nation's capital,

595
00:33:33,800 --> 00:33:36,000
Speaker 1: not just the house. January six commute getting ready for

596
00:33:36,080 --> 00:33:39,480
Speaker 1: that primetime hearing tonight. The President Biden is apparently getting

597
00:33:39,480 --> 00:33:42,960
Speaker 1: closer to a call with Chinese President she Jin Ping's

598
00:33:42,960 --> 00:33:46,120
Speaker 1: bringing Bloomberg Government Congressional reporter Jack Fitzpatrick for more on

599
00:33:46,200 --> 00:33:50,320
Speaker 1: all that's happening from our Bloomberg studios in Washington, d C.

600
00:33:51,000 --> 00:33:54,120
Speaker 1: Jack and Morning set us up for this primetime hearing tonight.

601
00:33:54,200 --> 00:33:56,080
Speaker 1: There had been I guess a little bit of question

602
00:33:56,080 --> 00:33:58,160
Speaker 1: about whether this was going to happen because the chairman's

603
00:33:58,200 --> 00:33:59,960
Speaker 1: sideline with COVID, But it does look like it is

604
00:34:00,080 --> 00:34:02,320
Speaker 1: moving forward. Right. They are going to have this. It's

605
00:34:02,360 --> 00:34:06,040
Speaker 1: another prime time hearing at eight o'clock tonight Eastern time.

606
00:34:06,600 --> 00:34:09,440
Speaker 1: Benny Thompson will not be there. He has COVID. But

607
00:34:09,760 --> 00:34:12,920
Speaker 1: you know, they've planned these hearings out pretty carefully, so

608
00:34:12,960 --> 00:34:16,160
Speaker 1: it's not as if it's a normal congressional hearing where

609
00:34:16,160 --> 00:34:18,719
Speaker 1: they might be confused if the chairman isn't there. They're

610
00:34:18,719 --> 00:34:23,400
Speaker 1: they're fairly scripted. Uh. This one, according to Congressman Elaine Lauria,

611
00:34:23,440 --> 00:34:25,640
Speaker 1: who's on the committee, is essentially gonna be a minute

612
00:34:25,640 --> 00:34:29,680
Speaker 1: by minute account of why the committee feels that Trump

613
00:34:30,120 --> 00:34:33,360
Speaker 1: was derelictive duty on January six. It's gonna be focused

614
00:34:33,400 --> 00:34:37,239
Speaker 1: on what he did and didn't do as things got

615
00:34:37,239 --> 00:34:40,279
Speaker 1: worse and worse at the Capitol on January six. Uh.

616
00:34:40,280 --> 00:34:43,520
Speaker 1: There are two then Trump aids who are there to

617
00:34:43,600 --> 00:34:47,920
Speaker 1: testify in person, Matt Pottinger and Sarah Matthews. Probably a

618
00:34:47,920 --> 00:34:51,800
Speaker 1: lot of video as well as we've seen in previous hearings.

619
00:34:52,320 --> 00:34:56,560
Speaker 1: Potentially some Pat Sepolone comments, the White House Chief Council

620
00:34:56,800 --> 00:35:00,359
Speaker 1: who was very frustrated with Trump's actions. But really this

621
00:35:00,440 --> 00:35:02,839
Speaker 1: is this is a big one because the committee has

622
00:35:02,840 --> 00:35:06,680
Speaker 1: tried to make the case that Trump violated the law,

623
00:35:06,760 --> 00:35:10,520
Speaker 1: he knew his actions were illegal. Uh. And this is

624
00:35:10,800 --> 00:35:13,880
Speaker 1: very very focused not on all the peripheral characters, but

625
00:35:14,040 --> 00:35:17,959
Speaker 1: on the then president himself. But in the periphery Jack

626
00:35:18,000 --> 00:35:19,680
Speaker 1: and the lead up to this hearing, there's been a

627
00:35:19,719 --> 00:35:22,680
Speaker 1: lot of question about these missing text messages from the

628
00:35:22,719 --> 00:35:26,680
Speaker 1: Secret Service on the day of and before the Capitol attack.

629
00:35:26,800 --> 00:35:28,880
Speaker 1: Is this going to play into the hearing today? That

630
00:35:29,080 --> 00:35:31,840
Speaker 1: is something to watch for. It's hard to predict exactly

631
00:35:31,880 --> 00:35:34,359
Speaker 1: how that will play into it because it's still such

632
00:35:34,400 --> 00:35:37,719
Speaker 1: an ongoing issue. Uh. And you know this, this is

633
00:35:37,920 --> 00:35:39,759
Speaker 1: I think the eighth hearing it's supposed to be one

634
00:35:39,760 --> 00:35:42,160
Speaker 1: of the last hearings, and yet there's still so much

635
00:35:42,200 --> 00:35:45,400
Speaker 1: that they're sorting through. I would not be surprised if

636
00:35:45,440 --> 00:35:51,120
Speaker 1: there is UH some conversation about the missing Secret Service texts. UH.

637
00:35:51,160 --> 00:35:54,560
Speaker 1: It may be relevant to what happened with UH then

638
00:35:54,640 --> 00:35:57,239
Speaker 1: President Trump at that time, but that's still one of

639
00:35:57,280 --> 00:36:00,440
Speaker 1: the sort of unpredictable facets of what the media is

640
00:36:00,480 --> 00:36:03,359
Speaker 1: working on now as we see what happens with that,

641
00:36:03,560 --> 00:36:06,800
Speaker 1: and if this is something of a culmination into President

642
00:36:06,840 --> 00:36:10,200
Speaker 1: Trump former President Trump's actions that day. Jack, Where does

643
00:36:10,239 --> 00:36:12,279
Speaker 1: the committee go from here? Is there going to be

644
00:36:12,320 --> 00:36:14,600
Speaker 1: a report? Is there going to be a criminal referral?

645
00:36:14,640 --> 00:36:16,839
Speaker 1: What are we expecting? Well, there was supposed to be

646
00:36:17,040 --> 00:36:21,080
Speaker 1: what they initially called a final report in September. After

647
00:36:21,120 --> 00:36:24,720
Speaker 1: all of this UH and Thompson has since said there's

648
00:36:24,800 --> 00:36:26,879
Speaker 1: going to be a report around them, but it will

649
00:36:26,920 --> 00:36:30,640
Speaker 1: be more of a midway point or something short of

650
00:36:30,680 --> 00:36:34,080
Speaker 1: a final report and interim report because we don't know

651
00:36:34,120 --> 00:36:36,800
Speaker 1: how many more. We don't know if they're going to

652
00:36:36,880 --> 00:36:39,919
Speaker 1: continue doing hearings or they have a lot of work

653
00:36:40,000 --> 00:36:42,480
Speaker 1: left to do because of the information that's come forward,

654
00:36:42,520 --> 00:36:45,520
Speaker 1: They've continued to try to interview people. Uh, there's not

655
00:36:45,600 --> 00:36:48,640
Speaker 1: really a set end date at this point for the

656
00:36:48,680 --> 00:36:52,880
Speaker 1: committee's work. Obviously, the idea of criminal referrals to the

657
00:36:53,000 --> 00:36:57,560
Speaker 1: Justice Department is a theoretical end goal. But you know,

658
00:36:57,760 --> 00:37:01,840
Speaker 1: in terms of continuing interview is getting the Secret Service

659
00:37:01,880 --> 00:37:06,600
Speaker 1: text messages, putting more information out the The idea that

660
00:37:06,640 --> 00:37:09,000
Speaker 1: there used to be about September sort of being the

661
00:37:09,120 --> 00:37:12,360
Speaker 1: end of this is no more. And and it's safe

662
00:37:12,400 --> 00:37:14,759
Speaker 1: to expect that something is going to continue with the

663
00:37:14,760 --> 00:37:17,680
Speaker 1: committee because they've really sort of stretched this out our

664
00:37:17,760 --> 00:37:20,200
Speaker 1: last minute here. Jackie got some news from President Biden

665
00:37:20,280 --> 00:37:24,080
Speaker 1: last night that he's getting closer potentially to a call

666
00:37:24,440 --> 00:37:27,359
Speaker 1: with Chinese President shi jin Ping. What do we know? Yeah,

667
00:37:27,440 --> 00:37:30,799
Speaker 1: the President said he would he plans to call Shi

668
00:37:30,880 --> 00:37:35,520
Speaker 1: Jinping in the next ten days. That raises the question

669
00:37:35,920 --> 00:37:38,960
Speaker 1: of tariffs, if there would be a discussion of tariffs

670
00:37:38,960 --> 00:37:41,360
Speaker 1: potentially and easing of tariffs that were put in place

671
00:37:41,840 --> 00:37:45,040
Speaker 1: under the Trump administration. Uh, the White House behind the

672
00:37:45,080 --> 00:37:47,880
Speaker 1: scenes officials have have kind of pumped the brakes on

673
00:37:47,960 --> 00:37:51,400
Speaker 1: that and said there's no uh schedule to discuss tariffs

674
00:37:51,440 --> 00:37:54,760
Speaker 1: this there would be a range of bilateral issues, climate

675
00:37:55,239 --> 00:37:58,480
Speaker 1: potentially Russia could be talked about, but it would be

676
00:37:58,520 --> 00:38:01,200
Speaker 1: a very significant call of that does in fact happen,

677
00:38:01,280 --> 00:38:04,640
Speaker 1: and President Joe Biden himself as says he expects that

678
00:38:04,680 --> 00:38:06,319
Speaker 1: call to happen in the next week and a half

679
00:38:06,440 --> 00:38:08,480
Speaker 1: or so, and there's certainly been a lot of groundwork

680
00:38:08,560 --> 00:38:11,600
Speaker 1: late in the run up to this expected call. Thanks

681
00:38:11,600 --> 00:38:13,919
Speaker 1: for this, Jack, great having on with us this morning.

682
00:38:14,000 --> 00:38:17,759
Speaker 1: Jack Fitzpatrick, Congressional reporter for Bloomberg Government with us from

683
00:38:17,800 --> 00:38:20,920
Speaker 1: the nation's capital. Karen, all right, Nathan, thank you. It

684
00:38:20,960 --> 00:38:24,040
Speaker 1: is fine on Wall Street. Time of the law report.

685
00:38:24,080 --> 00:38:26,719
Speaker 1: That's where the illegal stories were launching this morning from

686
00:38:26,760 --> 00:38:33,640
Speaker 1: Bloomberg's Jeff Deleger workers who are challenging the poultry industry's

687
00:38:33,680 --> 00:38:37,240
Speaker 1: pay practices. One of preliminary round in court, a federal

688
00:38:37,320 --> 00:38:40,480
Speaker 1: judge in Maryland advanced and expanded version of the case

689
00:38:40,520 --> 00:38:45,680
Speaker 1: against Tyson Purnu and others. Sony Interactive Entertainment hired Gregory

690
00:38:45,760 --> 00:38:49,120
Speaker 1: McCurdy as its top anti trust and public policy lawyer.

691
00:38:49,360 --> 00:38:53,400
Speaker 1: McCurdy held a similar position at Uber. Apple and Chicago

692
00:38:53,480 --> 00:38:56,400
Speaker 1: agreed to settle the iPhone maker's challenge to the city's

693
00:38:56,480 --> 00:39:00,680
Speaker 1: one of a kind tax on streaming entertainment services. Bloomberg

694
00:39:00,800 --> 00:39:04,920
Speaker 1: Law everything you need, all on one legal research platform,

695
00:39:05,040 --> 00:39:09,680
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more

696
00:39:09,719 --> 00:39:16,120
Speaker 1: at Bloomberg Law dot com. Thank you know. Another legal

697
00:39:16,160 --> 00:39:19,400
Speaker 1: story we're watching, Immigrants are going to accord and record

698
00:39:19,480 --> 00:39:23,480
Speaker 1: numbers because of attracted way times for action on their applications.

699
00:39:23,800 --> 00:39:27,399
Speaker 1: The number of immigration related lawsuits over administrative delays has

700
00:39:27,400 --> 00:39:29,800
Speaker 1: spiked in the past two years and is now projected

701
00:39:29,800 --> 00:39:32,480
Speaker 1: to reach more than six thousand, two hundred such cases

702
00:39:32,520 --> 00:39:35,160
Speaker 1: by the end of the year, according to the Transactional

703
00:39:35,239 --> 00:39:39,000
Speaker 1: Records Access Clearinghouse. For more of Bloomberg's Don Bronso speaks

704
00:39:39,000 --> 00:39:42,200
Speaker 1: to immigration law expertly on Fresco, a partner at Holland

705
00:39:42,239 --> 00:39:45,640
Speaker 1: and night Leon. What are some of the complaints being

706
00:39:45,719 --> 00:39:49,320
Speaker 1: raised in these lawsuits? The lasses that are being filed

707
00:39:49,320 --> 00:39:52,080
Speaker 1: are based on a number of factors. Yes, they are

708
00:39:52,120 --> 00:39:55,680
Speaker 1: being filed mostly because of delays in the agency, and

709
00:39:55,880 --> 00:39:58,080
Speaker 1: mostly because of the delays, and the issue is the

710
00:39:58,160 --> 00:40:02,320
Speaker 1: green card applications. But really they're being filed because there's

711
00:40:02,320 --> 00:40:06,279
Speaker 1: delays all over the system. There's delays and the issuances

712
00:40:06,320 --> 00:40:10,160
Speaker 1: of work permits, there's delays in the issuances of travel permits,

713
00:40:10,200 --> 00:40:14,720
Speaker 1: there's delays in the issuances emotions to reopen, there's delays

714
00:40:14,760 --> 00:40:17,319
Speaker 1: in the issuances of green cards, there's delays in the

715
00:40:17,360 --> 00:40:20,520
Speaker 1: issuance as a visas abroad by the state's department, and

716
00:40:20,680 --> 00:40:23,280
Speaker 1: so all of this is leading to a record amount

717
00:40:23,320 --> 00:40:27,360
Speaker 1: of litigation. Plus there's also people suing for review of

718
00:40:27,480 --> 00:40:32,360
Speaker 1: denials of cases because the adjudicatory framework is still pretty

719
00:40:32,440 --> 00:40:34,839
Speaker 1: much the one put in place by the Trump administration,

720
00:40:34,840 --> 00:40:38,400
Speaker 1: where the scrutiny being requested in any given case is

721
00:40:38,480 --> 00:40:41,400
Speaker 1: much much higher than it has previously been under the

722
00:40:41,440 --> 00:40:45,719
Speaker 1: Ababa administration. That scrutiny hasn't changed under the Biden administration,

723
00:40:45,760 --> 00:40:47,960
Speaker 1: and so there are still many cases that are being

724
00:40:48,000 --> 00:40:51,200
Speaker 1: denied that shouldn't have been denied, and so all of

725
00:40:51,239 --> 00:40:54,440
Speaker 1: that is leading to this record number of litigation that

726
00:40:54,520 --> 00:40:57,480
Speaker 1: you're seeing in the federal court. I don't ever remember

727
00:40:57,480 --> 00:41:00,239
Speaker 1: a time when people weren't complaining about the delay is

728
00:41:00,440 --> 00:41:05,439
Speaker 1: in processing, you know, immigration related requests. Is this much

729
00:41:05,520 --> 00:41:09,480
Speaker 1: worse than it was? Why? I would say that the

730
00:41:09,520 --> 00:41:12,640
Speaker 1: answer to that question is yes, it is materially worse

731
00:41:12,640 --> 00:41:16,719
Speaker 1: than it was, and it's basically a case of you

732
00:41:16,760 --> 00:41:18,759
Speaker 1: don't know what you have and so you don't have it.

733
00:41:19,239 --> 00:41:21,840
Speaker 1: So people, it is correct j to say, have always

734
00:41:21,840 --> 00:41:25,560
Speaker 1: complained that the immigration system is too slow. But they

735
00:41:25,560 --> 00:41:30,400
Speaker 1: were complaining back then on a state of affairs where

736
00:41:30,480 --> 00:41:33,520
Speaker 1: for a work permit it's took three months and for

737
00:41:33,600 --> 00:41:36,520
Speaker 1: a green card it took a year. Now we have

738
00:41:36,640 --> 00:41:39,160
Speaker 1: for a work permit it takes nine months and for

739
00:41:39,239 --> 00:41:42,120
Speaker 1: a green card it takes up to three years. And

740
00:41:42,200 --> 00:41:46,719
Speaker 1: so because of that delay, that is materially worse. And

741
00:41:46,800 --> 00:41:49,480
Speaker 1: the problem is we're now a year and a half

742
00:41:49,520 --> 00:41:53,279
Speaker 1: into the Biden administration, so it's hard to say, oh, well,

743
00:41:53,320 --> 00:41:56,840
Speaker 1: we've been felt this terrible and yes that may be true,

744
00:41:57,400 --> 00:41:59,720
Speaker 1: but a year and a half end, at this point,

745
00:42:00,160 --> 00:42:03,040
Speaker 1: one would have hoped that the delays we're starting to

746
00:42:03,120 --> 00:42:06,440
Speaker 1: peek on a downward scale, and we're not really seeing that.

747
00:42:08,040 --> 00:42:10,319
Speaker 1: And as Leon Fresco, a partner at Holland and Nights,

748
00:42:10,320 --> 00:42:13,240
Speaker 1: speaking with Bloomberg student Grosso. Catch more of that interview

749
00:42:13,320 --> 00:42:16,200
Speaker 1: plus analysis at the latest legal news by subscribing to

750
00:42:16,239 --> 00:42:19,320
Speaker 1: the Bloomberg Law Podcast or downloading the show at Bloomberg

751
00:42:19,400 --> 00:42:23,200
Speaker 1: dot com slash podcast. Attorneys can find exceptional legal research

752
00:42:23,200 --> 00:42:26,279
Speaker 1: and business development tools at Bloomberg law dot com and

753
00:42:26,280 --> 00:42:30,760
Speaker 1: on the Bloomberg terminal at blong Go. Futures this morning

754
00:42:30,920 --> 00:42:34,960
Speaker 1: are moving lower. SNP futures down, the six voids down futures, down,

755
00:42:35,040 --> 00:42:37,839
Speaker 1: seventy eight nasday futures that will change the ten year

756
00:42:37,880 --> 00:42:40,120
Speaker 1: Treasury down fourth or two seconds. You have three point

757
00:42:40,160 --> 00:42:43,600
Speaker 1: oh four percent, and our top stories are straight ahead.

758
00:42:43,840 --> 00:42:45,320
Speaker 1: This is Bloomberg