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Speaker 1: News when you wanted it with Bloomberg News. Now, I'm

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Speaker 1: Brian Curtis in Hong Kong. President Joe Biden made two

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Speaker 1: more major gaffes in his news appearances earlier in the day.

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Speaker 1: He misspoke during critical moments, drawing gasps from the audience.

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Speaker 2: Now, I want to hand it over to the President

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Speaker 2: of Ukraine, who has as much courage as he has determination.

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Speaker 2: Ladies and gentlemen, President Putin, President Putin. We've got to

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Speaker 2: beat President Putin. President Lensky. I'm so focused on beating Putin.

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Speaker 2: We gotta worry about it. Anyway. It's president you are all. Look,

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Speaker 2: I wouldn't have picked Vice President Trump to be vice president.

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Speaker 2: I think she was not qualified to be president. So

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Speaker 2: let's start there. Number one. The fact is that the

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Speaker 2: consideration is that I think I'm the most qualified person

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Speaker 2: to run for president. I beat him once and I

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Speaker 2: will beat him again. Yeah.

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Speaker 1: Biden's performance deepened concerns about his mental acuity, even so

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Speaker 1: Biden vowed he would remain in the presidential race. Bloulberg

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Speaker 1: political contributor Rick Davis spoke about how Biden addresses his

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Speaker 1: competency to run for president.

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Speaker 3: I think the key thing for me was there was

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Speaker 3: never one instance where he really addressed the issue that

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Speaker 3: was at stake tonight, and that was his age and

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Speaker 3: his competency. He kept talking about his experience. It's like

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Speaker 3: his resume, right, look at all the things I've done,

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Speaker 3: And every time he was asked about his age, he

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Speaker 3: talked about his experience, and he never really dealt with

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Speaker 3: the pressing issue. There was no moment of clarity where

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Speaker 3: he said, look, I understand I'm eighty one years old

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Speaker 3: and I can deal with it because and I think

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Speaker 3: that's what everybody was tuning in for and they did

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Speaker 3: not get it tonight.

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Speaker 1: That's Rick Davis. Separately, on the Russia Ukraine war, President

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Speaker 1: Biden said that European allies are prepared to cut in

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Speaker 1: investment to China if it keeps up support for Russia.

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Speaker 1: The warning comes after NATO accused Beijing of enabling the

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Speaker 1: invasion of Ukraine. Biden said that China would not benefit

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Speaker 1: financially if it is supplying Russia with information and capacity.

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Speaker 1: Saint Louis FED President Alberto Masalom said that recent data

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Speaker 1: suggests the FED is making progress for the progress toward

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Speaker 1: its two percent inflation goal.

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Speaker 4: This morning, CPI inflation for June points to encouraging further

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Speaker 4: progress towards lower inflation. Notably, the core CPI increased just

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Speaker 4: zero point one percent in June, with the declining goods

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Speaker 4: prices offsetting a modest increase in services prices.

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Speaker 1: Maslam also described the labor market as strong. He said

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Speaker 1: the Fed has time to evaluate more data before making

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Speaker 1: a decision about adjusting policy. Comments from FED officials, including

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Speaker 1: Mary Daily and Austin Goulesby echoed that of Musalom. San

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Speaker 1: Francisco FED President Mary Daily said that some adjustments who

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Speaker 1: interest rates will be warranted. Let's hear from Mary Daily.

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Speaker 5: I expect the economy to evolve and where it stands today,

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Speaker 5: and my expectation is it will continue to even come

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Speaker 5: to a more sustainable pace than inflation will continue to

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Speaker 5: come down gradually. Exactly when that happens and when it

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Speaker 5: would be appropriate to make an adjustment to policy is

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Speaker 5: still unclear.

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Speaker 1: Chicago FED President Austin Goolsby described the latest inflation data

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Speaker 1: as excellent. Investors are almost fully pricing in quarter point

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Speaker 1: rate cuts in September and December. Well. US officials are

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Speaker 1: sounding positive about Israel hamas ceasefire talks. Bloomberg's Nancy Lyons

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Speaker 1: has the latest from Washington.

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Speaker 6: National Security Advisor Jake Sullivan says there are still miles

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Speaker 6: to go before a deal is reached, but he is

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Speaker 6: sounding optimistic.

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Speaker 4: We see progress, we see the possibility of reaching agreement obvious.

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Speaker 5: I can't guarantee that because there's a lot of details

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Speaker 5: to be hampered through.

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Speaker 6: Sullivan says, US officials are in the region working through

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Speaker 6: those details, and he says signs are more positive than

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Speaker 6: they've been in months. Last week, a person familiar with

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Speaker 6: those talks said HAMAS had dropped its objections to a

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Speaker 6: US back proposal for a permanent and to the conflict

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Speaker 6: in Washington. Nancy Lyons Bloomberg Radio.

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Speaker 1: China has sent a record number of warplanes across a

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Speaker 1: US STRON boundary in the Taiwan Strait. The Ministry of

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Speaker 1: National Defense in Taipei says that Taiwan aircraft, naval vessels,

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Speaker 1: and also missile systems were used in response to the

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Speaker 1: flights by China's People's Liberation Army. The move comes as

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Speaker 1: Taiwan President Leiching dab Mull's a trip that could include

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Speaker 1: a stop in the United States In other news this morning,

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Speaker 1: China's exports rose for a third consecutive month in June.

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Speaker 1: It pushed the trade surplus to its highest level in

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Speaker 1: more than two decades. Exports up eight point six percent

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Speaker 1: from a year earlier, while imports dropped two point three percent.

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Speaker 1: That left a trade sp plus of ninety nine billion

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Speaker 1: dollars for the month. The strength in exports has been

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Speaker 1: a bright spot for the economy, but the gains are

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Speaker 1: raising alarm bells around the rest of the world, with US,

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Speaker 1: the EU, and South America agitating about China's over capacity.

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Speaker 1: That's news when you want it. With Bloomberg News Now,

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Speaker 1: I'm Brian Curtis. This is Bloomberg