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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 1: I'm John Tucker and I'm Karen Moscow. Here are the

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Speaker 1: stories we're following today.

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Speaker 2: Karen, we begin overseas where traders are following the political

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Speaker 2: landscape in France. City Group strategists downgraded the region to

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Speaker 2: neutral from overweight, citing risks of extreme parties gaining ground

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Speaker 2: in the upcoming parliamentary elections, and Bloomberg's Ewan Pots joins

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Speaker 2: us for the latest on what's happening in Europe. You

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Speaker 2: and good morning, John and Karen.

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Speaker 3: European stocks fairly flat this morning after in Vester's flocked

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Speaker 3: to haven assets at the end of last week. Political

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Speaker 3: volatility in France very much in focus, with latest polls

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Speaker 3: putting President at Manual Macron's party in third place out

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Speaker 3: of upcoming elections to the French Parliament. The party of

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Speaker 3: far right leader Marine Le penn currently has a polling lead,

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Speaker 3: with a left wing coalition in second place. They presented

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Speaker 3: plans to pick apart most of Macron's seven years of

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Speaker 3: economic reforms and set France on a collision course with

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Speaker 3: the European Union over fiscal policy. The first round of

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Speaker 3: voting takes place in just under two weeks time. In London,

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Speaker 3: immune potsplinback radio all.

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Speaker 1: Right you and Thanks, and the political upheaval in France

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Speaker 1: has led Paris to lose its title as Europe's largest

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Speaker 1: equity market. Billions of dollars are wiped off the market

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Speaker 1: cap of French firms after Emmanuel mccron called the surprise

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Speaker 1: snap election. Stocks in the country are now collectively worth

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Speaker 1: about three point one three trillion dollars, narrowly behind London's

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Speaker 1: three point one eight trillion. The CATC forty index has

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Speaker 1: erased all its gains for twenty twenty four.

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Speaker 2: And meanwhile, in the UK, Richie Sunac's Conservatives headed for

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Speaker 2: a wipeout in the July fourth general election. At least

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Speaker 2: that's according to new polling data. Servation survey sees the

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Speaker 2: Tories getting only seventy two seats, which would be their

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Speaker 2: worst election performance in two centuries. One of the reasons

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Speaker 2: for their slide in the polls has been the emergence

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Speaker 2: of the right wing Reform UK led by Nigel Farage,

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Speaker 2: the party launching its manifesto today well John.

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Speaker 1: As the political turmoil continues in Europe, new data show

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Speaker 1: the US mopped up almost one third of all the

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Speaker 1: global investment flows since COVID analysis by the International Monetary

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Speaker 1: Fund shows that the US's share of financial flows has

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Speaker 1: climbed with higher interest rates of major draw for overseas investors.

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Speaker 1: The pre pandemic US average share was just eighteen percent.

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Speaker 1: The US also pulled in a fresh wave of foreign

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Speaker 1: direct investment. However, FED rate policy and the presidential election

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Speaker 1: could affect the fiscal deficit.

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Speaker 2: And Karen the Markets Now Trader is going to be

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Speaker 2: digesting a lot of FED speak this week following last

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Speaker 2: week's CPI reading and FED decision. We're going to hear

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Speaker 2: from the New York FED President John Williams today as

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Speaker 2: well as Patrick Carker or Philadelphia and fedkevinor Lisa Cook.

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Speaker 2: Later this week, we'll hear from the Dallas FED President

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Speaker 2: Lorie Logan and the Chicago FED President Austin Goolsby. Over

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Speaker 2: the weekend, Minneapolis FED President Neil kesh Carey said on

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Speaker 2: CBS has faced the nation that rate cuts are still

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Speaker 2: a ways away.

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Speaker 4: We're in a very good position right now to take

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Speaker 4: our time, get more inflation data, get more data on

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Speaker 4: the economy, on the labor market, before we have to

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Speaker 4: make any decisions. So we're in a strong position. But

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Speaker 4: if you just said there's going to be one cut,

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Speaker 4: which is what the mediaan indicated that would likely be

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Speaker 4: toward the end of the year.

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Speaker 3: Well John.

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Speaker 1: Minneapolis FED President Neil Kashgari's comments are echoed by Cleveland

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Speaker 1: FED President Loreddamester, who spoke with our Michael McKee. Mester

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Speaker 1: says monetary policy is well positioned to ensure that inflation

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Speaker 1: moves back down to two percent over time.

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Speaker 5: It's going to take some time to get inflation back

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Speaker 5: to two percent all the way back. So my projection

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Speaker 5: is that we probably won't get there until twenty twenty six,

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Speaker 5: but we'll see progress continue in my modal view, and

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Speaker 5: that's enough right to then say, okay, it's time to

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Speaker 5: start the process of bringing rates down.

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Speaker 1: Cleveland FED president the REDDA Master says the central bank

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Speaker 1: is in a comfortable position to address inflation if data

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Speaker 1: comes in hotter than expected, or to address any potential

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Speaker 1: disinflationary trends that emerge.

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Speaker 2: And moving to politics now, with the November presidential election approaching,

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Speaker 2: the ranks of double hater voters have hit an all

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Speaker 2: time high. This according to new analysis from Pew Research,

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Speaker 2: double haters make up one quarter of the electorate. That's

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Speaker 2: nearly twice as many as at this point in twenty twenty.

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Speaker 2: Double haters are disaffected voters who say they don't like

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Speaker 2: either major party presidential candidate. Biden and Trump are taking

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Speaker 2: roughly equal measures of these voters in battleground states, with

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Speaker 2: a May Bloomberg News Morning Console pull showing President Biden

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Speaker 2: winning twenty five percent to Trump's twenty two percent.

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Speaker 1: Well John, As Donald Trump looks to return to the

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Speaker 1: White House, he's proposing a new idea of using tariff

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Speaker 1: hikes as a way to pay for some income tax cuts.

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Speaker 1: Former Treasury Secretary Larry Summers blasted Trump's plan, saying it'd

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Speaker 1: be damn imaging to both the US and the global economy.

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Speaker 1: Summers tells Bloomberg that Trump's plan to use tariffs in

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Speaker 1: his way is a quote prescription for the mother of

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Speaker 1: all stagflations.

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Speaker 4: Look, I don't think there's been a more inflationary.

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Speaker 3: Presidential economic policy platform in my lifetime.

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Speaker 1: And asked about Larry Summer's criticisms, a Trump campaign spokesperson said, quote,

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Speaker 1: Americans can expect President Trump's second term economic agenda will

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Speaker 1: end at Joe Biden's inflation crisis that continues to rob

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Speaker 1: working families of thousands of dollars every month.

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Speaker 2: Oils slipped following mixed economic data out of China, and

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Speaker 2: the pullback and oil came as the Biden administration reportedly

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Speaker 2: is ready to reopen the US stockpile. Prices jump in

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Speaker 2: the summer months ahead. Amos Hawkstain, the President Biden's closest

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Speaker 2: advisor on energy, telling the Financial Times the administration will

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Speaker 2: do everything it can to make sure the market is

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Speaker 2: supplied well enough to ensure low prices as low prices

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Speaker 2: as possible for American consumers, which includes releasing more oil

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Speaker 2: from these strategic petroleum reserves. He says he believes there's

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Speaker 2: enough oil in the stockpile if it becomes necessary to

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Speaker 2: draw from the reserves.

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Speaker 1: Well elsewhere on the energy front, here, John Bill Gates

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Speaker 1: said he's prepared to throw billions of dollars into a

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Speaker 1: next generation nuclear power plant project in Wyoming to make

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Speaker 1: growing US electricity needs. The billionaire tell Cbs has faced

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Speaker 1: the nation that his energy startup, Terra Power, relies on

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Speaker 1: sodium cooling rather than water, which is believed to both

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Speaker 1: simplify the process while also being safer, and can make

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Speaker 1: nuclear energy a source of a low cost electricity in.

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Speaker 6: Two big backers of this project are the terr power vesters,

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Speaker 6: of which I'm the largest. I put in over a

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Speaker 6: billion and I'll put in billions more. And then the

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Speaker 6: federal government, who is helping because of the strategic benefits

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Speaker 6: of having energy security and so we're not asking any

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Speaker 6: of the utility customers to take any risk and have

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Speaker 6: to pay high electricity prices. All of that risk is

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Speaker 6: on terror Power and the US.

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Speaker 1: Government Bill gates as Terror Powers plant is on track

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Speaker 1: to start producing power by twenty thirty.

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Speaker 2: And here it comes the season's first heat wave set

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Speaker 2: to hit the East Coast this week. Excessive heat watches

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Speaker 2: have been posted from Michigan to New Hampshire. Manhattan is

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Speaker 2: set to reach ninety one degrees tomorrow as steadily get

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Speaker 2: hotter throughout the week. Electric rids and wholesale prices will

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Speaker 2: be stressed as demand rises with the temperatures, which could

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Speaker 2: slow trains, tie it freight and passenger traffic, and can

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Speaker 2: also lead to increased heat illnesses.

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Speaker 1: And it's time now for a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the world. For that, we're joined by The Blottleberg's Michael

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Speaker 1: Barr Michael good Morning, Good.

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Speaker 7: Morning care In. The israelilitary says it is pausing fighting

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Speaker 7: during daytime hours along a route in southern Gaza to

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Speaker 7: free up a backlog of humanitarian aid deliveries for desperate Palestinians.

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Speaker 7: It should allow eight trucks to reach the Israel controlled

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Speaker 7: Karam Shalom crossing and travels safely to a highway to

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Speaker 7: deliver supplies to other parts of Gaza. The United Nations

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Speaker 7: says it welcomes the move, but adds that so far

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Speaker 7: no aid has left Karam Shalom. A peace conference to

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Speaker 7: end the warn Ukraine wrapped up Sunday, with eighty countries

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Speaker 7: jointly calling for any peace agreement between Russia and Ukraine.

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Speaker 7: EU Commission President Ursulavderlane says peace won't be achieved in

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Speaker 7: a single step.

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Speaker 8: I call on Russia to heed the message of the

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Speaker 8: international community, respect the territorial integrity and sovereignty of Ukraine,

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Speaker 8: put an end to imperialist violence, and bring back the children.

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Speaker 7: Russia was not invited to the conference in Switzerland. Several

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Speaker 7: mass shootings took place in the US over the weekend.

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Speaker 7: In the Detroit suburb of Rochester Hills, Michigan, a vigil

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Speaker 7: took place for nine people who were wounded at a

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Speaker 7: splash pad. The victims including two children and a pregnant woman.

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Speaker 7: Rochester Hills Mayor Brian Barnett spoke at the vigil.

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Speaker 9: Thank you for being for caring enough to be here today,

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Speaker 9: and if there's anything that the city can do, we.

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Speaker 10: Stand ready to do it.

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Speaker 9: We're stunned and hurt as well, but we know that

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Speaker 9: we have a role to play and we want to do.

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Speaker 10: It as best we can.

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Speaker 7: The gunman was found dead in his home from an

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Speaker 7: apparent self inflicted gunshot wound. In Texas, two people were

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Speaker 7: killed and several others injured during a June teenth celebration

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Speaker 7: over the weekend. In round Rock, police a shots were

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Speaker 7: fired during a fight near a concert stage. And in Methuen, Massachusetts,

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Speaker 7: officials say seven people were shot after a pop up

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Speaker 7: party organized over social media erupted in gunfire. A week

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Speaker 7: and a half before the first presidential debate, Former President

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Speaker 7: Donald Trump meets today with the House Speaker Mike Johnson

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Speaker 7: at Trump's resort in Mara Lago. Congressional Republicans are looking

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Speaker 7: at how to hold on to the slim majority they

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Speaker 7: have in the House. The Outsiders, based on the novel

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Speaker 7: of the same name by Susan Elouise Hinton, won the

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Speaker 7: Tony Award for Best Musical Producer. Matthew Rigo thanked the

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Speaker 7: author for sharing your story.

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Speaker 9: Susie.

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Speaker 11: I'm here to tell you that your story and his

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Speaker 11: eternal message of love and family and stain gold has

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Speaker 11: forever changed all of our lives.

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Speaker 10: We love you, Thank you.

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Speaker 7: I Stereophoni took home Best Play and Appropriate Best Play

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Speaker 7: Revival Global News twenty four hours a day and whenever

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Speaker 7: you want it with Bloomberg News Now. I'm Michael Barr.

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Speaker 7: This is Bloomberg Karen.

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Speaker 1: Yes, stay gold. Michael Barr, thank you time now for

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Speaker 1: the Bloomberg Spores Update with John Stanishauer. John, good morning,

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Speaker 1: Good morning care.

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Speaker 12: In the one hundred and twenty fourth US Open came

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Speaker 12: down the price of the Shambo and Rory McElroy down

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Speaker 12: the stretch at times tied both hell leads on the

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Speaker 12: back nine mcelroyal, but Theeah today three shots behind, led

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Speaker 12: by two with five holes to play and then had

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Speaker 12: a nightmare finish three Vogue. He's on sixteen and eighteen.

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Speaker 12: He missed a par put of no more than four

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Speaker 12: feet to Shamba took advantage a tremendous save for par

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Speaker 12: on the last hole gave him the one shot victory

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Speaker 12: the second Open title. On eighteen, his t shot landed

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Speaker 12: near a tree, his second shot in a bunker well

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Speaker 12: away from the green, but his sands shot got him

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Speaker 12: within four feet of the hole.

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Speaker 13: Thousands USGA Championship.

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Speaker 9: I mean, just stack him on top.

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Speaker 10: That bunker shot was the shot of my life.

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Speaker 9: And I'll forever be thankful that I've got longer wedges.

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Speaker 12: Shambo referenced to total number of USGA events that have

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Speaker 12: been played. Heartbreak for Mcelroyalo's guy gone a decade without

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Speaker 12: winning a major. Eleven times since then he's finished in

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Speaker 12: the top five. This was his fourth second place finish.

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Speaker 12: Yankees quick starting Boston Aaron Judge home run of the

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Speaker 12: first in his twenty sixth with the Red Sox won

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Speaker 12: nine to three and won the series. Boston pulled away

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Speaker 12: after the Yanks down four to three in the seventh,

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Speaker 12: had the bases loaded, no one out and didn't score

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Speaker 12: Mets with a city field sweep of the Padres, winning

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Speaker 12: eleven to six. Mets have won five in a row

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Speaker 12: nine of the last eleven. Rough weekend for the Dodgers.

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Speaker 12: They lost Yoshinovo Yamamoto to a strained rotator cuff, and

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Speaker 12: then Mookie Betts got hit with a pitch broke his hand.

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Speaker 12: They did win yesterday at show O Tony Homer twice.

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Speaker 12: Celtics tonight with a second chance to win the NBA Championship,

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Speaker 12: this time at home. They lead Dallas three games to one.

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Speaker 12: Another Caitlin Clark incident in the WNBA game against the

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Speaker 12: Chicago Sky. This time it was fellow rookie Angel Reese

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Speaker 12: who hit Clark in the head. Fever won the game.

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Speaker 12: Clark scored twenty three points, had eight rebounds nine assists.

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Speaker 12: John Stash, I want Bloomberg Sports Karen.

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Speaker 10: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 10: and around the world on Bloomberg dot Com and the

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Speaker 10: Bloomberg Business app. This is Bloomberg Daybreak at.

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Speaker 2: US Futures right now indicate a mixto open on Wall

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Speaker 2: Street this morning. No short of events for investors to

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Speaker 2: launch onto us. We start the new week from the

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Speaker 2: Bloomberg Interactive Brokers studios. I'm John Tucker along with Karen Moscow.

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Speaker 2: We have the escalating concern about political volatility in France.

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Speaker 2: We had fed to speak over the weekend. Neil kush

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Speaker 2: Karri is saying, the central Bank and tickets time before

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Speaker 2: cutting rates. Let's get you set up for the trading

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Speaker 2: day ahead. We're joined now by Bloomberg's Critty Gupta, host

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Speaker 2: of Markets today in the UK. Pleasure to talk to you, Againtty.

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Speaker 2: Politics do matter for markets. In fact, France's stock market

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Speaker 2: now falling behind the UK. Do I have that right?

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Speaker 3: And that you do?

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Speaker 13: And this is remember something that they kind of overtook

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Speaker 13: about two years ago, and this latest drop behind the

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Speaker 13: UK's market cap is coming off of, of course, the

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Speaker 13: electoral volatility that you were talking about, about five percent

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Speaker 13: correction that you saw in the stock market. We'll call

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Speaker 13: that a mini correction, if you will. For the equities

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Speaker 13: they're seeing a little bit of a rebound today. But

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Speaker 13: what you need to know over the weekend is not

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Speaker 13: only is there this risk from the far right to

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Speaker 13: Emmanuel mcran, a revamped perhaps of what we saw in

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Speaker 13: twenty seventeen from Marine la Penn. Now he's dealing with

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Speaker 13: it from the left to and this is significant when

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Speaker 13: we're talking about policies that impact the markets, because this

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Speaker 13: is a group that is not only now that he

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Speaker 13: has to contend with for the snap legislative elections, but

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Speaker 13: wants to reverse government pension reform, reinciate the right to

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Speaker 13: retire at just sixty and this is a really big deal.

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Speaker 13: A lot of French are very passionate about. It has

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Speaker 13: led to a lot of protests on the streets, big

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Speaker 13: trash bags, for example, across Paris as a sign of

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Speaker 13: protests for a lot of the people include a lot

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Speaker 13: of people who were protesting Emmanuel mccron increasing the potential

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Speaker 13: retirement age to sixty three even sixty four in a

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Speaker 13: way to kind of control the country's finances. Marine la

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Speaker 13: Penn on the far right on the other hand, then

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Speaker 13: talking about perhaps unleashing the spending caps. These are the

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Speaker 13: concerns that the markets are worried about when it comes

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Speaker 13: to what policies might be shaping France in the next

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Speaker 13: couple weeks.

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Speaker 2: Let's move on to the US. Oh, we've got the

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Speaker 2: FED and we've gotten the more hawkish despite some of

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Speaker 2: the data that we've seen. Give us an idea of

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Speaker 2: what's on this front, because it's a very delicate balancing

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Speaker 2: act for the Federal Reserve. At this point. You don't

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Speaker 2: want inflation to rise or rise any further. At the

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Speaker 2: same time, you don't want to trash the economy.

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Speaker 13: You definitely don't. And I think this is where you

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Speaker 13: put your J. Powell Powell thinking cap and say, look,

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Speaker 13: you're data dependent, right, And I hate to use that

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Speaker 13: word because it's so frustrating, But here's really where you

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Speaker 13: need to keep in mind is what the data told us.

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Speaker 13: Last week, you had CPI data that was prepped welcomed

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Speaker 13: by the Fed, PPI numbers that were again welcomed by

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Speaker 13: the Fed, showing that that disinflationary path is continuing. But

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Speaker 13: then on Friday, those consumer sentiment numbers hitting a seven

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Speaker 13: month low and really crashing even two thousand nine lows

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Speaker 13: in certain parts of the market. Now this is concerning

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Speaker 13: because if the economic data is showing that inflation is

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Speaker 13: coming down, and you have job growth that is still

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Speaker 13: picking up in still growing, why is consumer sentiment so

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Speaker 13: low and how does that affects spending? Ability, especially ahead

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Speaker 13: of the election. That really changed a little bit of

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Speaker 13: the market pricing. Whereas the Fed said, look, there could

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Speaker 13: be one cup this year, maybe even two, the marketers

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Speaker 13: are saying, well, actually, this could be more and more

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Speaker 13: of a twenty twenty five problem. And remember, the Fed

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Speaker 13: is going to likely be on the sidelines as we

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Speaker 13: get closer to the election. At least that's the assumption

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Speaker 13: from Global Wall Street.

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Speaker 2: Right now, you're listening to Bloomberg Daybreak today, your morning brief.

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Speaker 1: Tucker, and I'm Karen Moscow. Join us again tomorrow morning

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