Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, July two. Coming up, the shower stocks
Speaker 1: look to extend Wall Street's biggest rally in three weeks.
Speaker 1: Netflix shares gain after subscriber loss was not as bad
Speaker 1: as feared. Inflation in the UK surges to a forty
Speaker 1: year high, and President Biden plans to take executive action
Speaker 1: to tackle climate change. The Trying Steam bakes under the
Speaker 1: Summer Sizzle and Shark Sightings closed Rockaway Beaches. On John
Speaker 1: Tucker Bore Straight Ahead. I'm John stand and Sports making
Speaker 1: nine straight All Star Game victories with the American lad
Speaker 1: the Yankees. Dian Carlos Stanton was the m v P.
Speaker 1: That's All Train Ahead on Bloomberg day Break on Bloomberg
Speaker 1: eleven three, on New York Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, and
Speaker 1: Francisco Sirius XM one nineteen and around the world on
Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business App.
Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow. US
Speaker 1: Dock index futures are higher. This morning, we are coming
Speaker 1: up to five oh one on Wall Street, and we
Speaker 1: check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg right now, must In the futures up five
Speaker 1: points down, Future is up twenty three, and Nastack Future
Speaker 1: is up twenty nine. The decks in Germany is up
Speaker 1: a tenth of uppercent. Ten year Treasury up ten thirties seconds,
Speaker 1: yield two point nine eight percent, and the yield on
Speaker 1: the two year three point one eight percent. Nine Max
Speaker 1: Screwed oil is down eight tenths of uppercent. Nathan Well
Speaker 1: Karen futures are adding to yesterday's gains on Wall Street,
Speaker 1: which are the biggest in three weeks. It was a
Speaker 1: broad based rally, all eleven industry groups in the SMP
Speaker 1: five hundred advanced. John Baranko is Chief Investment Officer of
Speaker 1: Fundamental Investments at all Spring Global Investments. I think we're
Speaker 1: in a transition period here, and then the market really
Speaker 1: is in media evidence really and I think evidence that
Speaker 1: inflation is speaking, evidence that um, you know, we're moving
Speaker 1: down a path of hopefully towards a you know, a
Speaker 1: soft landing. John Baranko at all Spring Global Investment says
Speaker 1: he's looking for companies with strong balance sheets that are
Speaker 1: able to weather tough economic conditions. Well, Nathan, earnings optimism
Speaker 1: is helping fuel this morning's gains. Netflix shares her up
Speaker 1: six and a half percent in early trading after subscriber
Speaker 1: numbers came in better than estimates. To get this story
Speaker 1: from Bloomberg's Ternley Pellet, The leader in paid streaming TV,
Speaker 1: says it lost nine hundred seventy thousand subscribers in the
Speaker 1: second quarter, less than half what Wall Street feared, thanks
Speaker 1: in large part to a new season of Stranger Things,
Speaker 1: the services most popular English language series. This quarter, Netflix
Speaker 1: expects to sign up one million subscribers. While that is
Speaker 1: well short of the one point eight three million analysts
Speaker 1: forecasts this period, it reverses the losses of the first half.
Speaker 1: In New York Charlie Pellett Bloomberg Daybreak, Charlie, thank you,
Speaker 1: and earnings continue to roll in. With nearly seventeen companies
Speaker 1: on the SMP reporting today, we get results from Tesla
Speaker 1: after the closing bell here. The preview is Bloomberg Jeff
Speaker 1: Balinger Bloomberg Intelligence. As Tesla's fundamentals relative to its peers
Speaker 1: are strong, and the company's credit rating could be moved
Speaker 1: to investment grade. But lockdowns in China had an impact
Speaker 1: on vehicle production, and Tesla is heavily invested in bitcoin.
Speaker 1: Its bottom line may include a charge of nearly three
Speaker 1: quarters of a billion dollars related to the plunge and
Speaker 1: the price of the cryptocurrency. Jeff Bullinger, Bloomberg Daybreak. All right, Jeff,
Speaker 1: thank you well. Tesla has been a longtime favorite of
Speaker 1: investor Kathy Wood, and her funds have felt the pain
Speaker 1: as Tesla shares fail from their November peak. Now we're
Speaker 1: this morning Wood is closing down whatever exchange traded funds.
Speaker 1: We get the latest line from Bloomberg's Rainy to Young.
Speaker 1: Good morning, Rainy down, Good morning, Karen. A regulatory filing
Speaker 1: shows Kathie Wood is shutting down her ARC Transparency et F.
Speaker 1: The fund gained only twelve million dollars in assets since
Speaker 1: it launched at the end of last year. That's a
Speaker 1: fraction of the nine billion dollars in woods flagship fund.
Speaker 1: It contains holdings like Teal, Duck and Spotify, and was
Speaker 1: aimed at investing in companies that received high scores on transparency.
Speaker 1: Transparency Global which shaped the funds underlying portfolio, will stop
Speaker 1: calculating the index at the end of July. Live in
Speaker 1: New York. I'm gonna need a young Bloomberg daybreak. We
Speaker 1: need to thank you. Bitcoin is trading at a one
Speaker 1: month high this morning right now at about twenty three
Speaker 1: three hundred, but that's a far cry from November's peak
Speaker 1: of nearly sixty nine thousand. Billionaire investor Mike Nelvigrats weighed
Speaker 1: in on the sell off at the Bloomberg Crypto Summit
Speaker 1: in New York. What I don't think people expected was
Speaker 1: the magnitude of losses that would show up in you know,
Speaker 1: professional institutions balance sheets, and that caused the daisy chain
Speaker 1: of effects. It turned into a full fledged credit crisis.
Speaker 1: Mike Nelvigrat says regulators should do more to protect crypto
Speaker 1: investors and called for more transparency in the industry. Well,
Speaker 1: turning to the economy now, name then expect higher interest
Speaker 1: rates for the foreseeable future, and that's according to Blackstone.
Speaker 1: We come up with Joseph Zeidel, chief investment strategist at
Speaker 1: Blackstones Private Wealth Solutions Group. I think that inflation is
Speaker 1: more deeply entrenched in the U S economy, and it's
Speaker 1: going to require the Fed to take interest rates higher
Speaker 1: and the tightening cycle longer. So my own view is
Speaker 1: that Fed fund raids could exceed four percent. I think
Speaker 1: they could go above four and half percent. Make it close.
Speaker 1: Blackstone Private Wells Joseph Zeidel expects the Fed to hike
Speaker 1: by seventy five basis points at next week's meeting. Like
Speaker 1: the U S. Karen, inflation continues to be a major
Speaker 1: problem in Europe, and fresh data show the UK still
Speaker 1: struggling to tame prices. Let's go live to London and
Speaker 1: get the latest with Bloomberg's U and Potts. Good morning Human,
Speaker 1: Good morning Nathan and Karen. A fresh forty year high
Speaker 1: for UK inflation. Consumer prices rose nine point four percent
Speaker 1: in the eighth of June, driven by surging prices for
Speaker 1: motor fuel. The pain only sets get worse, with inflation
Speaker 1: forecast the top eleven percent in October, when another gas
Speaker 1: and electricity price hike is jew. The banking and has
Speaker 1: already increased rates five times since December and Today's day
Speaker 1: to Well, that's to calls for a jumbo hike at
Speaker 1: the bank's next meeting in London. I'm you and paults
Speaker 1: in back day break, are you and thank you all
Speaker 1: back here in the US, President Biden plans to take
Speaker 1: executive action to tackle climate change. With his clean energy
Speaker 1: agenda stalled on Capitol Hill. The President will outline his
Speaker 1: steps later today at a shuttered coal fire plant in Somerset, Massachusetts.
Speaker 1: He is not expected to clear a climate emergency bu
Speaker 1: Bloomberg Politics A contributor Rick Davis says he doesn't have to.
Speaker 1: There are many things he can do around pollution from cars,
Speaker 1: and and and and and put a little uh pressure
Speaker 1: on Joe Mansion by you know, talking about doing some
Speaker 1: things around coal and gas fired power plant regulation. So
Speaker 1: I think he could bring him along to the negotiating
Speaker 1: table if he wants to put some heat on Mansion
Speaker 1: and Bloomberg Politics contributor Rick Davis says, we'll have more
Speaker 1: on this presidential announcement in just a few minutes. Bloomberg's
Speaker 1: and Mastery is at the event and joins us a
Speaker 1: live in just a few moments. In the meantime, Karen
Speaker 1: futures are moving higher. We have SMP futures up seven points,
Speaker 1: down features up forty three, NASTACK futures higher by thirty
Speaker 1: six points. Straight ahead your latest local headlines and to
Speaker 1: check off sports. This is Bloomberg five oh seven on
Speaker 1: Wall Street, eighty degrees. Already in Central Park, tend to
Speaker 1: fifteen minute delays on the upper level George Washington Bridge
Speaker 1: after overnight construction. Saying more about that in traffic First.
Speaker 1: John Tucker's trying to stay cool in New York. Good morning, John.
Speaker 1: We'll forget about taking a swim as the heat wave
Speaker 1: grips the city. Everyone's been ordered out of the water
Speaker 1: on Rockaway Beaches. Sharks were seeing probably the area lit here.
Speaker 1: City Police department has been doing flyovers to look for
Speaker 1: any threats, and parks officials say they'll reopen the beach
Speaker 1: when it's safe to do so. A handful of recent
Speaker 1: shock attacts on Long Island beaches against a tourists, a surfer,
Speaker 1: a lifeguard. They've caught the attention of swimmers and officials.
Speaker 1: Trump endorsed candidate has when the closely watched Republican primary
Speaker 1: for governor in Maryland. That story this morning from Bloomberg's
Speaker 1: Amy Morris. Dan Cox won the Republican primary and the
Speaker 1: race to replace Governor Larry Hogan of Maryland, a race
Speaker 1: that became a proxy clash between former President Trump and Hogan,
Speaker 1: a potential GOP presidential candidate. Trump had endorsed Cox, while Hogan,
Speaker 1: who can't seek re election because of term limits, backed
Speaker 1: Kelly Schultz, who served in Hogan's administration. Cox will face
Speaker 1: the winner of the crowded Democratic primary. Cox organized bus
Speaker 1: loads of Trump supporters to attend the Stop the Steel
Speaker 1: rally before the assault on the US Capital in Washington.
Speaker 1: I'm Amy Moore as Bloomberg Daybreak, New York. Represent of Hockey,
Speaker 1: Jeffries says former President Trump announcing another run for the
Speaker 1: White House before the mid term elections would be a
Speaker 1: boon for Democrats and a disaster for Republicans. Jefferies is
Speaker 1: the Chairman of the House Democrat to concuss, former Secretary
Speaker 1: of State Henry Kissinger has the words of advice for
Speaker 1: President Biden regarding relations with China. That story from Bloomberg's
Speaker 1: and Baxter. Kissinger, of course, was Richard Nixon State Department
Speaker 1: later during the time of Ping Pong diplomacy with China.
Speaker 1: Kissinger tells Bloomberg's editor in chief John mickel Thwaite at
Speaker 1: the Intelligence Squared event it is important to prevent some
Speaker 1: of China's actions, that it's a permanent determent, that it's
Speaker 1: not something that can be a chief uh endless confrontations.
Speaker 1: Kissinger says today's world needs flexibility. In San Francisco, I'm
Speaker 1: at Baxter Bloomberg Daybreak and former New York City mayor
Speaker 1: built a Blase it was dropping out of the crowd
Speaker 1: of Democratic primary race for the open seat in the
Speaker 1: state's redrawn tenth congressional district. He says, it's clear people
Speaker 1: are looking for another option. Global News twenty four hours
Speaker 1: a day on here and Bloomberg Quick to Power by
Speaker 1: more than twenty seven hundred journalists and analysts and more
Speaker 1: than one who to twenty countries. I'm John Tucker. This
Speaker 1: is Bloomberg, Nathan. All right, John, thank you, coming up
Speaker 1: to five ten on Wall Street. Time for the Bloomberg
Speaker 1: Sports up. Take the morning, John Stash Morning, Nathan. There
Speaker 1: was a long period with the National League dominated the
Speaker 1: Baseball All Star Game one twenty of twenty one back
Speaker 1: in the nineteen sixties and seventies, but lately the American
Speaker 1: wig has at its way. Last night in l at
Speaker 1: the n L jumped in front two ones in the
Speaker 1: first inning, but failed to score again, and the y
Speaker 1: L did damage in the fourth swing. High fly ball, trill,
Speaker 1: forget it way back out to left center failed and
Speaker 1: that is tall. Oh my goodness, he crushed it. John
Speaker 1: Carlos Stanton deep into the pavilion and left center field
Speaker 1: at the American League. With one swing is tied it up.
Speaker 1: It's too two. As Stanton goes KEYSPN had to call
Speaker 1: the Stanton homer travel four hundred and seventy five ft
Speaker 1: longer than any home run hit at Dodgers Stadium this season.
Speaker 1: Next batter was the Twins Byron Buckston. He hit a
Speaker 1: solo shot that was it for the score. The a
Speaker 1: L one three to two has now one on nine
Speaker 1: All Star Games in a row, twenty one of the
Speaker 1: last twenty five. Stanton in l a native, was the
Speaker 1: m v P third Yankee to win Derek Jene in
Speaker 1: two thousand, Marianna Rivera in two thousand thirteen. Aaron Judge
Speaker 1: struck out twice. Jose Trevino had a base hit. Nestor
Speaker 1: Cortez pitched the sixth INNT. Clay Holmes got two out
Speaker 1: of the eighth for the Mets. Jeff McNeil o for
Speaker 1: one also got hit by a pitch. Peter Alonzo was
Speaker 1: up once into a walk. Miles Bridges was Charlotte's leading
Speaker 1: score this past season. It's clearly a free agent. He's
Speaker 1: now facing three felony counts of domestic violence, excused the
Speaker 1: assaulting his girlfriend. Still no no, no word on how
Speaker 1: long the suspension Cleveland quarterback to Shaun Watson will get.
Speaker 1: But there's now a report it's expected to be eight
Speaker 1: games for sexual misconduct. That was earlier reporting it would
Speaker 1: be the entire season. John stash Award Bloomberg Sports. Okay, John,
Speaker 1: thanks right now. SMP futures are up seven points. Stown
Speaker 1: futures up forty seven. NASTAC futures are highed by thirty
Speaker 1: seven points. The ten year treasury is up ten thirty seconds.
Speaker 1: Yield two point nine eight percent, yield on the two
Speaker 1: year three point one eight percent. You're listening to Bloomberg
Speaker 1: Gabri Bloomberg eleventh three O weather heat advisory from noon
Speaker 1: today till eight tomorrow nights. You could see an isolated
Speaker 1: shower storm today with esteer nine degrees right now eighty
Speaker 1: already in Central Park markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business Out and at Bloomberg Quicktake, This is a Bloomberg
Speaker 1: Business Flash and I'm Karen Moscow stocks are inching higher
Speaker 1: image speculation that the worst of this year's equity route
Speaker 1: maybe over, even as concern over the potential for a
Speaker 1: global downturn sparked by hawkish central banks lingers. We get
Speaker 1: the market. We get a check on the market's every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg s and
Speaker 1: P Future is higher this morning, up about eight points down.
Speaker 1: Future is at forty six. Snazdack futures up thirty six.
Speaker 1: The decks in Germany is up four tenths of a percent.
Speaker 1: The tender Your Treasury of nine thirty seconds held two
Speaker 1: point nine eight percent yield on a two year three
Speaker 1: point one eight percent. NIMEX Screwed oil is down one
Speaker 1: point one percent on a dollar nine at a hundred
Speaker 1: three dollars thirteen cents of arrol comics go down to
Speaker 1: ten percent or two dollars eighty cents at seventeen thirty announced.
Speaker 1: The euro one point two four six against the dollar.
Speaker 1: British found one point to zero one nine and again
Speaker 1: one thirty eight point one four and Bitcoin this morning
Speaker 1: it's higher, up nine tenths percent at twenty three thousand,
Speaker 1: five eighteen dollars. That's a Bloomberg Business Flash. Now here's
Speaker 1: John Tucker with more on what's going on around the world. John,
Speaker 1: Good morning, Karen. President Biden sent to announced executive action
Speaker 1: to confront climate change. Russian President Latimer Putin signaling Europe
Speaker 1: will start getting gas again through a key pipeline. And
Speaker 1: Dan Cox wins the Republican primary and the race to
Speaker 1: replace Governor Larry Hogan to Maryland, a race that became
Speaker 1: a proxy clash between former President Trump and Hogan. And
Speaker 1: it's sports. The Yankees Gin Carlos Stanton named the All
Speaker 1: Star Game m v P of the American League Beach
Speaker 1: the National League Global. It was twenty four hours a
Speaker 1: day on Aaron on Bloomberg Quicktake. We're powered by more
Speaker 1: than twenties of one hundre journalist and analysts in more
Speaker 1: than one hundred twenty countries. I'm John Sucker, and this
Speaker 1: is Bloomberg. Nathan John, Thank you. It is five nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactor Broker Studios.
Speaker 1: This is Bloomberg Daybreak and we are watching for President
Speaker 1: Biden to take executive action to tackle climate change. He
Speaker 1: is expected to do so later today in a visit
Speaker 1: to Somerset, Massachusetts, where we find Bloomberg's and Moss Do
Speaker 1: this morning, joining us live ahead of the President's announcement
Speaker 1: in Somerset, and good morning. Great to have you with
Speaker 1: us this morning. So what do we know so far
Speaker 1: about what the President plans to say where you are
Speaker 1: this morning? Well, Nathan, the President plans to talk about
Speaker 1: climate crisis, how a clean energy future might create jobs,
Speaker 1: lower costs for families. This is gas prices remain, how
Speaker 1: he's expected to announce some support in terms of heating
Speaker 1: for low income families, and his support for offshore wind. Now,
Speaker 1: the sight he is coming to in Somerset is far
Speaker 1: from the idyllic New England beachfront community you might be picturing.
Speaker 1: This is a small town just next to Rhode Island
Speaker 1: and they have an enormous vacant lot by the ocean
Speaker 1: called Brayton Point, which was a power plant plant. It
Speaker 1: was a coal power plant up until when it was
Speaker 1: completely demolished, and it's now three D seven acres of
Speaker 1: just rubble. Now, Biden's going to come and visit this,
Speaker 1: and there is in the works, but far from ready,
Speaker 1: a manufacturing facility for offshore wind here as there are
Speaker 1: three projects in Massachusetts that are under review right now.
Speaker 1: So interesting backdrop to sort of showcase the energy transition
Speaker 1: that the President says he would like to see here.
Speaker 1: But I guess a lot of the reason why he's
Speaker 1: making this of and is because he's had trouble getting
Speaker 1: his clean energy spending agenda moving forward on Capitol Hill.
Speaker 1: That's exactly right, Nathan. He is under a pressure to
Speaker 1: declare a climate emergency after his agenda stalled in the
Speaker 1: Senate again last week. Now, this is largely impart Democratic
Speaker 1: West Virginia Senator Joe Manchin saying he would not support
Speaker 1: additional measures to combat climate change. Now, the climate emergency declaration.
Speaker 1: There was talk that Biden would make that today in Massachusetts,
Speaker 1: but the White House has said he will not. It
Speaker 1: would empower him to be able to do more administratively
Speaker 1: to curb emissions. But there are a lot of politicians
Speaker 1: who say it's not the right tactic, that declaring a
Speaker 1: national emergency is not the right idea. Um, no one's
Speaker 1: ever done that before. No president has ever done that before,
Speaker 1: not in terms of a climate emergency, I guess. But
Speaker 1: we have seen to be fair executive actions taken many
Speaker 1: times on other issues in the past. So what's the
Speaker 1: thinking at the White House about why the President shouldn't
Speaker 1: make that step, at least not at this point. Well,
Speaker 1: that's a really good question, Nathan. I mean, you're right,
Speaker 1: there have been dozens of national emergencies declared by presidents
Speaker 1: since the seventies, but never for the purpose of climate change. UM.
Speaker 1: I think that there's still hoping, perhaps hopeful that Mansion
Speaker 1: will change his mind. Um. But there is a lot
Speaker 1: of pressure also coming from Senator Elizabeth Warren Um, the
Speaker 1: Democrat from Massachusetts. She's also been calling for this national emergency. Um.
Speaker 1: It's not clear why the White House is stalling on
Speaker 1: this if they're actually going to do it. And it's
Speaker 1: interesting that the President is making this announcement at a
Speaker 1: time when we are experiencing a pretty significant heat wave.
Speaker 1: I mean, it's hot here in Washington, d C. And
Speaker 1: in New York City, and no it's getting quite warm
Speaker 1: in Boston as well. It's going to bring even more
Speaker 1: of a fine point on the issue for the president.
Speaker 1: I would imagine, Yes, that's exactly right. We're in the
Speaker 1: middle of a major heatwave here. It's been in the
Speaker 1: nineties this week. I know that's not much compared to
Speaker 1: the rest of the country, but in Massachusetts that's pretty hot.
Speaker 1: And UM, I think that that again creates this visual
Speaker 1: backdrop for him. You know, you've got part of Biden's
Speaker 1: family on Nantucket right now, his wife Jill and UM
Speaker 1: other relatives, and then he's going to what really is
Speaker 1: sort of an apocalyptic looking stretch of land that is
Speaker 1: very slowly transitioning to renewable energy, and UM hoping that
Speaker 1: these developers do indeed follow through with their plans to
Speaker 1: create these offshore wind cables at this site and then
Speaker 1: put up these three offshore wind farms off the coast
Speaker 1: of Massachusetts. There's already one off the coast of Rhode Island,
Speaker 1: I should mention off of Block Island, UM. And so
Speaker 1: the deep water port, the hot weather, it's all very
Speaker 1: visual opportunity for Biden to show action when people really
Speaker 1: are still very much struggling with prices and and air
Speaker 1: conditioning prices at this point. Yes, certainly are and it's
Speaker 1: gonna be interesting to hear as well what the President
Speaker 1: has to say in terms of the kinds of projects
Speaker 1: that you're alluding to that could benefit from the announcement
Speaker 1: that we are expecting later today from the President that
Speaker 1: he will be taking executive action to tackle climate change,
Speaker 1: and as the White House terms it, to create clean
Speaker 1: energy jobs as part of the action that the President
Speaker 1: is expected to announce. And mos do Bloomberg News correspondent
Speaker 1: with us this morning from Somerset, Massachusetts, and our listeners
Speaker 1: in Boston can catch live coverage from and of the
Speaker 1: President's announcement. It's coming up on Bloomberg based State Business
Speaker 1: or three to six pm on Bloomberg one oh six
Speaker 1: one Boston, Newburyport and HD two. Looking ahead to the
Speaker 1: market open on Wall Street, SMP futures are up six points,
Speaker 1: Staff futures up thirty nine, Nasdaq futures higher by thirty
Speaker 1: one points, adding to yesterday's rally. Will tell you more
Speaker 1: about that just ahead, the biggest rally in three weeks
Speaker 1: for stocks actually, and we continue to watch Netflix after
Speaker 1: it could have been worse subscriber loss. Top stories of
Speaker 1: the morning just ahead on Bloomberg Daybreak Bloomberg eleven three
Speaker 1: oh weather heat advisory from noon today till eight tomorrow night,
Speaker 1: and we're not expecting much of a break god Friday
Speaker 1: highs for the rest of the week in the load
Speaker 1: of mid nineties. Right now eight in Central Park, broadcasting
Speaker 1: live from the Bloomberg Interactive Brokery Studio in New York.
Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg on
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nong sixteen to the country, Sirius XM Chad A
Speaker 1: one nineteen and around the globe the Bloomberg business in
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five
Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow, and we are just about four hours
Speaker 1: away from the open of US trading. Let's get you
Speaker 1: up to date on the news you need to know.
Speaker 1: At this hour, US futures are adding to yesterday's gains
Speaker 1: on Wall Street, which were the biggest in three weeks. Still,
Speaker 1: Sherry Paul, senior portfolio manager with Morgan Stanley Private Wealth,
Speaker 1: says the markets remain uncertain. Clients I think are feeling
Speaker 1: very data overwhelmed, and the greatest threat to portfolio returns
Speaker 1: is in decision. So right now, what we're advising clients
Speaker 1: is to go right down the middle of this market.
Speaker 1: Do you want to plan for inflation being structural and
Speaker 1: owned sectors of the market that actually benefit from the
Speaker 1: reflationary stories. So that would put you in financials and
Speaker 1: energy stocks. And Sherry Paul with Morgan Stanley Private Wealth
Speaker 1: says investors should remain active despite volatility. When we get
Speaker 1: more earnings today Karena, with seventeen companies in the SMP
Speaker 1: five reporting Tesla headlines the list, investors will look for
Speaker 1: how its bottom line is affected by lockdowns in China
Speaker 1: and the crypto plunge. Tesla is heavily invested in bitcoin
Speaker 1: al Turning to Netflix now Nathan shares her up more
Speaker 1: than seven percent and early trading after it lost less
Speaker 1: subscribers and initially feared and gave Ragnatha uncovers Netflix for
Speaker 1: Bloomberg Intelligence, there's really not a whole lot to cheer about.
Speaker 1: What the market is really looking for at this point
Speaker 1: of time is really some clarity, not just on the
Speaker 1: subscriber growth trajectory, but also on other metrics, so you know,
Speaker 1: how are they going to drive our poo? How are
Speaker 1: they going to drive margins? So there's pressure all around,
Speaker 1: and gave the Raganathan at Bloomberg Intelligence as Netflix still
Speaker 1: has positives working in its favor, including its size and reach. Okaren,
Speaker 1: we're learning this morning more about Kathy Wood closing down
Speaker 1: one of her exchange traded funds. Bloomberg. Ornina Young joins
Speaker 1: US Live with the latest. Good morning, Beneatha, Good morning Nathan.
Speaker 1: A regulatory filing shows Kathie Wood is shutting down her
Speaker 1: ARC Transparency et F. The fund gained only twelve million
Speaker 1: dollars in assets since it launched at the end of
Speaker 1: last year. That's a fraction of the nine billion dollars
Speaker 1: in woods flagship fund. It contains holdings like Teal, Duck
Speaker 1: and Spotify. It was aimed at investing in companies that
Speaker 1: received high scores on transparency. Transparency Global, which shaped the
Speaker 1: funds underlying portfolio, will stop calculating the index at the
Speaker 1: end of July. Live in New York. I'm gonna need
Speaker 1: a Young Bloomberg daybreak, all right, reneed to thank you,
Speaker 1: and overseas we got the latest reading on UK inflation. Today,
Speaker 1: consumer prices hit a fresh forty year high in Brittain
Speaker 1: as the country grapples with a cost of living in
Speaker 1: crea crisis. Inflation figures for June rose nine point four
Speaker 1: percent year over year. A nine point surging gas prices
Speaker 1: helped fuel the increase. Straight to had your latest local
Speaker 1: headlines plus a check of sports, And this is Bloomberg.
Speaker 1: Karen Thanks on Wall Street. Seventy degrees in Central Park,
Speaker 1: accident investigation eastbound Bruckner at the Shared An Expressway more
Speaker 1: common in traffic. First John Tucker with more on what's
Speaker 1: going on in New York and around the world. John Nathan.
Speaker 1: The summer swelter resumes today as the heat advisories an
Speaker 1: effects starting at noon. When can we expect some relief
Speaker 1: from Bloomberg? Meteorologist Rob Carolin hopefully has some answers. Good morning, Rob, John.
Speaker 1: The hot weather that's developed across the century United States,
Speaker 1: while a piece of it is broken off and is
Speaker 1: working its way through the eastern part of the country,
Speaker 1: and that's why we are going to be so warm
Speaker 1: between now and the end of the weekend. We're under
Speaker 1: a heat advisory from noon today through eight p m. Thursday.
Speaker 1: The only wrinkle in the forecast the next couple of
Speaker 1: days is the potential for a little bit of afternoon
Speaker 1: shower and thutterstorm activity. Those areas that do see the
Speaker 1: storms would see temperatures cool off quite a bit. I
Speaker 1: think the heat is going to peak Saturday. John Meteorologist
Speaker 1: Rob Carolin, Well, it's the end of the political road
Speaker 1: for former Mayor Bill de Blasio. It's clear to me
Speaker 1: that when it comes to this congressional district, people are
Speaker 1: looking for another option. He's dropping out of the crowded
Speaker 1: Democratic primary race for an open seat in the state's
Speaker 1: redrawn tenth congressional district. The Caper of Federal Record is
Speaker 1: asking Secret Service to determine whether any tax messages by
Speaker 1: agents around the time of the attack of the U.
Speaker 1: S Capital were improperly deleted that story from Bloomberg's Jeff Bellinger.
Speaker 1: The National Archives and Records Administrations said in a letter
Speaker 1: to the agency that it must submit a report within
Speaker 1: thirty days documenting what occurred. A spokesman for the Secret
Speaker 1: Service has previously said the text were inadvertently lost during
Speaker 1: an equipment upgrade. The House committee investigating the efforts by
Speaker 1: former President Trump and his allies to overturn the results
Speaker 1: of the twenty twenty election. Has also subpoenaed the agency
Speaker 1: for the texts Jeff Bellinger, Bloomberg Daybreak and Russian President
Speaker 1: Vladimir Putin signal Europe will start getting gas again through
Speaker 1: a key pipeline. But it's also warring that Lessa's fat
Speaker 1: over sanctions parts is resolved, flows will be totally curred.
Speaker 1: Global News twenty four hours a day on the air
Speaker 1: had a Bloomberg quick Take powered by more than twenty
Speaker 1: seven hundred journalist and analysts in more than one hundred
Speaker 1: twenty countries. I'm John Soccer. This is Bloomberg, Nathan. Thank
Speaker 1: you John on Wall Street time for the Bloomberg Sports
Speaker 1: Update with John Sashion. Thanks Nathan, and the win for
Speaker 1: the American League. In the baseball Altar game, that's nine
Speaker 1: in a row, one of the last twenty five in
Speaker 1: Los Angeles, the Yana L scored twice in the first
Speaker 1: It ain't Paul Goldschmid homer, but the rest of the game,
Speaker 1: ten a L pitchers, including the Yankees Nestor Cortez and
Speaker 1: Clay Holmes, combined to her eight scoreless innings. Allowing only
Speaker 1: one hit with ten strikeouts. Toronto's Alan Bunoa struck out
Speaker 1: the side in the second inning. He did so as
Speaker 1: he was talking to the Fox broadcasters. Cleveland's Emmanuel Chase
Speaker 1: struck out the side of the ninth on just ten pitchers.
Speaker 1: The Yale one three to two, scoring all three in
Speaker 1: the fourth inning. The game time long to on Homer
Speaker 1: by the Yankees Giant Carlos Stanton, in l A Native,
Speaker 1: his first career All Star Game hit. Next batter was
Speaker 1: the twins Byron Buxton, solo shots seventh time in All
Speaker 1: Star Game history back to back. Homer's both came off
Speaker 1: Tony Gonsolin. He took the loss, something he hasn't done
Speaker 1: all season. He's eleven and oh for the Dodgers. Stanton
Speaker 1: in his first All Star Game as a Yankee. Third
Speaker 1: Yank to win m v P. Derek Jeter did it
Speaker 1: in two thousand Marianna Rivera in two thousand thirteen. At
Speaker 1: SEC Media Day, Alabama coach Nick Saban asked about players
Speaker 1: now being a of the cash in on their name,
Speaker 1: image and likeness. Players that extremely well last year. I
Speaker 1: think they made over three million dollars in name, image
Speaker 1: and likeness and UM. But I do think that the
Speaker 1: concerns um are, you know, there there has to be something,
Speaker 1: some guidelines that sort of protect competitive balance. A lot
Speaker 1: of social media reaction to that comment, considering Sabing makes
Speaker 1: over nine million a year and there hasn't really been
Speaker 1: competitive balance in college football as Alabama has dominated every year.
Speaker 1: Johns Dashwer Bloomberg Sports. Nathan john thinks it's just about
Speaker 1: five thirty seven on Wall Street time for the Tri
Speaker 1: State Business Report. Here's Bloomberg Scott car. A measure of
Speaker 1: optimism among small businesses in New Jersey is pretty dismal.
Speaker 1: The National Federation of Independent Business Small Business Optimism Index
Speaker 1: dropped by three point six points last month to eighty
Speaker 1: nine point five. The survey found thirty four percent of
Speaker 1: business owners reported inflation was the single most important problem
Speaker 1: in operating their business. The Luxembourg based multinational firm A
Speaker 1: Rent and Metternock has inked a five year deal for
Speaker 1: office space in Rockefeller Plaza. The firm, which was previously
Speaker 1: in the building, is expanding its footprint there by one
Speaker 1: thousand square feet. Heads Up, hot dog Fans. Today is
Speaker 1: National Hot Dog Day and Coney Islands Nathan's Famous will
Speaker 1: be offering up five cent hot dogs with the purchase
Speaker 1: of a regular price dog at participating restaurants. Nathan's has
Speaker 1: restaurants and twenty four states, about forty in New York State.
Speaker 1: That's the Bloomberg Tri State Business Report. I'm Scott Carr
Speaker 1: and l Relation. Thank you, Scott. It's five thirty eight
Speaker 1: on Wall Street. Bloomberg Radio is on the air from
Speaker 1: San Francisco to New York, London to Hong Kong. Let's
Speaker 1: check in with our global news team for some of
Speaker 1: the top stories heard in our three hundred affiliate radio
Speaker 1: stations around the world. I'm Steve Podascant on ten ten
Speaker 1: Wins in New York. We're talking about members only clubs
Speaker 1: popping up around Manhattan offering remote workers a social hub
Speaker 1: com Corny Donahoe on ktr H in Houston. The summer
Speaker 1: driving season is showing signs of a two thousand eight
Speaker 1: like bus. I'm Gina Servetti and for Double Ubb, I'm
Speaker 1: in Chicago. We're looking at some of the things investors
Speaker 1: will be watching for when United Airlines opens its books
Speaker 1: after the closing bell. I'm Scott Carr on w d
Speaker 1: C H in Washington. I'm reporting on Maryland's novavacts, providing
Speaker 1: the nation with a fourth COVID vaccine, and those are
Speaker 1: some of the stories are twenty seven hundred Bloomberg journalist
Speaker 1: and analyst are working on this morning around the world.
Speaker 1: We're coming up to nine on Wall Street. The following
Speaker 1: is an editorial from Bloomberg Opinion. This editorial was written
Speaker 1: by the Bloomberg Editorial Board. The stock market does an
Speaker 1: excellent job of serving one group of retail customers, active
Speaker 1: traders who like to pick their own stocks. Wholesale brokers
Speaker 1: love to take their trades. In return, they offer better
Speaker 1: prices and even pay for the privilege of fulfilling the orders.
Speaker 1: The latter practice, known as payment for order flow, enables
Speaker 1: the commission free trading that has helped fuel the Meme
Speaker 1: stock craze. The security is an exchange commission is considering
Speaker 1: changing all this, a move that might curb the craziness
Speaker 1: and very slightly benefit other investors, but that is hardly
Speaker 1: worth the blowback it would generate. Given all the secs
Speaker 1: other priorities in areas such as crypto regulation, climate change risk,
Speaker 1: and derivatives disclosure, This battle is best left for another day.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash
Speaker 1: opinion or ope I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg opinion and you can hear Bloomberg
Speaker 1: opinion editorials every weekday at this time terminal customers. You
Speaker 1: can read more at O P I N go on
Speaker 1: the Bloomberg terminal. Right now, SMP futures are up nine points.
Speaker 1: Staff futures up fifty nine Now as that futures are
Speaker 1: hired by forty four points, adding to yesterday's gain, saw
Speaker 1: the SNPU mount it's biggest rallying about three weeks. Take
Speaker 1: a look at this market next to Tracy McMillian, head
Speaker 1: of Global Asset Allocation Strategy at Wells Fargo Investment Institute.
Speaker 1: Stay with us, you're listening to Bloomberg Table Bloomberg eleven
Speaker 1: three oh weather. I gotta find ways to stay cool
Speaker 1: for the rest of this week. Heat advisory from noon
Speaker 1: today till eight Tomorrow night, with highs for the rest
Speaker 1: of the week in the load of mid nineties. Right
Speaker 1: now seventy eight in central park markets. Headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot com
Speaker 1: for the Bloomberg Business at and at Bloomberg Quick Tape
Speaker 1: He's a Bloomberg Business Flash and I'm camerin Moscow. Songs
Speaker 1: are inching higher amid speculation that the worst of his
Speaker 1: year's equity route maybe over US. Futures are also higher
Speaker 1: as Netflix surges in early trading on a smaller than
Speaker 1: expected subscriber loss. We checked the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg U S and P
Speaker 1: Future is up about eight points now Future is up
Speaker 1: forty two Nasdack Future is up forty one. The decks
Speaker 1: in Germany's up a third of a percent. Pen Your
Speaker 1: treasury of eight thirty seconds held two point nine nine percent.
Speaker 1: They yield on the two year three point one eight
Speaker 1: percent nine mag Screwed oil is down one point one
Speaker 1: percent on a dollar nine at a hundred three dollars
Speaker 1: thirteen cents of barrel comic School little change is seventy
Speaker 1: seven eighty announce the euro one point oh two four
Speaker 1: or five against the dollar, British pound one point two
Speaker 1: zero two zero and the yen one thirty eight point
Speaker 1: one three and bitcoin this morning of more than one
Speaker 1: percent at twenty three thousand, five hundred fifty dollars. That's
Speaker 1: a Bloomberg Business Flash. Now here's John Tucker with more
Speaker 1: on what's going on around the world. John, and good morning, Karen.
Speaker 1: President Biden set to announced sixecutive action today to confront
Speaker 1: climate change. Russian President Ladimir Putin's signal in Europe will
Speaker 1: start getting gas again through a key pipeline. You're is
Speaker 1: waiting to see whether gas flows resumed tomorrow at Dan Cox,
Speaker 1: when's the Republican primary that race to replace Governor Larry
Speaker 1: Hogan of Maryland, a race that became a proxy clash
Speaker 1: between former President Trump and Hogan. Sports Yankees Gan Carlos
Speaker 1: Stantley has named the All Star Game m v P
Speaker 1: as the American League beats the National League. Global News
Speaker 1: twenty four hours a day on airin on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalist and analysts
Speaker 1: more than twenty countries. I'm John Tucker, and this is Bloomberg. Nathan.
Speaker 1: Thank you, John. It's five forty eight on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg daybreak,
Speaker 1: and we have Tracy McMillian with us this morning ahead
Speaker 1: of the market open, head of Global asset Allocation Strategy
Speaker 1: at Wells Fargo Investment Institute. Tracy, Good morning, sink some
Speaker 1: modest games in the futures contracts after the best rally
Speaker 1: yesterday for the SMPN about three weeks. Is there more
Speaker 1: room for stocks to run or is this a bear
Speaker 1: market rally? Good money, Nathan, thanks for having me. Um. So,
Speaker 1: we do think that this rally is premature. You know,
Speaker 1: some of the assumptions that are underlying the rally will
Speaker 1: eventually lead us out UM, and they're not necessarily incorrect.
Speaker 1: You know, we will see capitulation, we will see value
Speaker 1: coming back into the market, um, and we also will
Speaker 1: start to see the dollar ease at some point. But
Speaker 1: you know, we just think it's too early in this
Speaker 1: bear market really, you know, too early in the fads
Speaker 1: tightening cycle, the call the all clear. Um. You know,
Speaker 1: in some ways this seems to us like it's a
Speaker 1: classic case of fighting the fad. It's interesting because I'm
Speaker 1: sure you saw the note yesterday from Bank of America
Speaker 1: that they see full capitulation in this market. What are
Speaker 1: they getting wrong? Yeah, So, UM, they are seeing UH
Speaker 1: levels that are a kin or I guess they're seeing
Speaker 1: a UH investor sentiment that is akin to what they
Speaker 1: saw back in October of two thousand eight. And if
Speaker 1: you'll recall in October of two thousand eight, we still
Speaker 1: had five more months of a bear market before things
Speaker 1: started to turn in mid March. So you know, even
Speaker 1: though we are seeing these high levels of industor pessimism,
Speaker 1: it doesn't necessarily mean that we're through this. You know,
Speaker 1: the FED has just started tightening, so we've got always
Speaker 1: to go as they work to bring inflation lower. So
Speaker 1: you're thinking that the FED is going to tighten even
Speaker 1: further than it's projected at this point. It does seem
Speaker 1: like at least at the July meeting they're looking for
Speaker 1: a seventy five basis point move. Are you looking for
Speaker 1: even more significant moves for the rest of this year?
Speaker 1: So we are looking for seventy five basis points than July,
Speaker 1: another seventy five basis points in September, and potentially some
Speaker 1: additional tightening thereafter in two and into three UM. We
Speaker 1: are actually thinking that inflation UM could start to come
Speaker 1: off next month UM, and that could WITHSAW investors in
Speaker 1: the coming months. Some oils traded back above a hundred
Speaker 1: dollars of earrol yesterday. That's still well off the highs
Speaker 1: that we've seen in oil. Industrial medals have started to
Speaker 1: fall back UM. But we think that this, together with
Speaker 1: strong base effects in the in the coming July CPI report,
Speaker 1: could have us seeing a downside surprise and inflation come
Speaker 1: back to the Fed. What are they going to do
Speaker 1: with this? Well, they are going to continue to raise
Speaker 1: rates and continue to tighten quantitineously until they get closer
Speaker 1: to their targets. So even if we do come down
Speaker 1: to five or six percent inflation, we think they've got
Speaker 1: to keep going. So that's not necessarily again all clear.
Speaker 1: Is that an overshoot? In your view? Do you think
Speaker 1: the Fed's going to go too far with interest rates
Speaker 1: and bring the economy into recession? You know, they probably will. UM.
Speaker 1: They typically do because the tools that they're using work
Speaker 1: with a lag, and the the inflation rates are going
Speaker 1: to continue, in our opinion, to stay relatively high UM,
Speaker 1: and the Fed will have to keep tightening in order
Speaker 1: to restore its credibility and UH continue to bring inflation lower.
Speaker 1: But because of that six twelve month lag in UH
Speaker 1: the effects of their tightening policy. They're probably going to
Speaker 1: go too far. We do think we're probably going to
Speaker 1: even see a recession starting in the second half of
Speaker 1: this year. Interesting as we get closer to the fed's
Speaker 1: next meeting coming up in just about a week from now.
Speaker 1: Tracy McMillian, head of Global Asset Wells far Go Investment Institute,
Speaker 1: Thanks for this good having down with us, Karen and Nathan.
Speaker 1: It is five fifty three on Wall Street. It's time
Speaker 1: for the Bloomberg Law Report. We get to the legal
Speaker 1: stories we are watching this morning from Bloomberg Jeff Bellinger.
Speaker 1: The Sex Circuit ruled that Michigan officials are immune from
Speaker 1: a suit by Bowling Alley and Roller Ring operators. The
Speaker 1: plaintiffs claimed that orders to close their facilities during the
Speaker 1: pandemic ammounted to an unconstitutional taking of property. Toys r
Speaker 1: Us is accused of infringing the trademarks and copyrights of
Speaker 1: another toy maker's car and tracks that called Magic Track.
Speaker 1: Johnson and Johnson chose Matthew Orlando to be the legal
Speaker 1: chief for the consumer business. The company plans to spin
Speaker 1: out next year. Bloomberg Law Everything you need all on
Speaker 1: one legal research platform, including guidance analysis and Bloomberg market Intelligence.
Speaker 1: Find out more at Bloomberg law dot com. All right, Jeff,
Speaker 1: thank you. Now another legal story we're watching if you're
Speaker 1: almost a year and a half. It appears at the
Speaker 1: full thing any district Attorney's investigation into potential criminal interference
Speaker 1: in the election and Georgia may be escalating. The DA
Speaker 1: has sent so called target letters to sixteen Republicans who
Speaker 1: served as fake electors, informing them that they could face
Speaker 1: criminal churches for more of Bloomberg stun Gronso speaks to
Speaker 1: Unchael Moore, a partner with Moore Hall and the former
Speaker 1: U S. Attorney for the Middle District of Georgia. What
Speaker 1: does it indicate to you that she's telling these people
Speaker 1: that they could be indicted. I think there's some interest
Speaker 1: in this fake elector scheme, and she has been digging
Speaker 1: into matic. You wouldn't have to look very hard to
Speaker 1: feel like that she's in fact expanding the scoop of
Speaker 1: what could have been a very narrowly tailored case, a
Speaker 1: clean cut case against Trump. But it appears that she's
Speaker 1: broadening it out to other people. Maybe in that orbit
Speaker 1: or closer to the inner circle, and dealing with the
Speaker 1: efforts to basically avoid out the electors who were from
Speaker 1: Georgia and to avoid out the votes that have been
Speaker 1: cast here. So I'm not surprised to fear doing that.
Speaker 1: It's a little interesting that she would do it in
Speaker 1: such a public way, especially given some of the political
Speaker 1: alliances that she has, And I think that may come
Speaker 1: into play here, that she has actually set out such
Speaker 1: a notice in the middle of a heated campaign season,
Speaker 1: because typically you don't always see a prosecutor be quite
Speaker 1: as public about those types of things, and I think
Speaker 1: for a good reason. So I think she's clearly broad
Speaker 1: in the scoop. I think she may be fishing with
Speaker 1: a little bit too broad and met right Magda. Sometimes
Speaker 1: that's where you get caught tangled up in your own men.
Speaker 1: And I think some of the public comments about the
Speaker 1: target letters, who they went to, in the timing of them,
Speaker 1: may open right some questions down the road. Thinking about
Speaker 1: all the evidence that she basically started out with, all
Speaker 1: the phone calls, for example, and the testimony she's already
Speaker 1: taken from state officials, I'm wondering why it's taking her
Speaker 1: so long to decide whether or not to prosecute Trump. Sure,
Speaker 1: and I think that's a question is well placed. I
Speaker 1: don't think there's any questions she could have based on
Speaker 1: the type recording as she had, which is for two
Speaker 1: of us. I mean, how many times you get bostly
Speaker 1: recorded confession. She could have tried to bring charges forward
Speaker 1: in a Ragman ranger without beneath the special grander. She
Speaker 1: simply could have, you know, in between two regular alleged spellings.
Speaker 1: She could have stuck the truck indictment right in the
Speaker 1: middle of it, and the gruduury can decided with him
Speaker 1: out they're going to issue the indictment, And so he
Speaker 1: tells me that she's simply broadened it out. She's looking
Speaker 1: for other people who may have been involved in the
Speaker 1: planning or the efforts to overturn at least the vote
Speaker 1: totals in Georgia, and making it more of a guess,
Speaker 1: more of a spider web in which she can catch
Speaker 1: more flyf as opposed to just to sufficial of the
Speaker 1: clean cut case. At the end of the day, I
Speaker 1: don't know if that will have been the right call.
Speaker 1: I don't want to second guess everything she's doing. I
Speaker 1: mean she may and does have access to facts and
Speaker 1: evidence that I don't have and the public doesn't have.
Speaker 1: But as you look at it, I mean, one principle
Speaker 1: usually remains true, and that is that when you keep
Speaker 1: it simple, it often makes for a better case. It's
Speaker 1: easier to prove, it makes less confusing for a jury,
Speaker 1: It creates less defenses. That also creates less appellent issues.
Speaker 1: And that's Michael Moore, the former U S Attorney for
Speaker 1: the Middle District of Georgia, speaking with the Bloomberg Student Grosso.
Speaker 1: Catch more of that interview, plus analysis of the latest
Speaker 1: legal news, by subscribing to the Bloomberg Law podcast or
Speaker 1: downloading this show at Bloomberg dot com slash Podcasts. Attorneys
Speaker 1: can find exceptional legal research and business development tools at
Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at
Speaker 1: b Law Go again. Futures this morning are moving higher.
Speaker 1: SNP futures up eight points, now futures up fifty and
Speaker 1: NASDAG features up forty one, and the ten year Treasury
Speaker 1: up nine thirty seconds yield two point nine eight percent.
Speaker 1: They yield on the two year three point one eight percent,
Speaker 1: and nimack screwed oil is down one percent, Still ahead
Speaker 1: on Bloomberg day break and checked on the business headlines
Speaker 1: and all the news you need to start your day.
Speaker 1: This is Bloomberg.