Speaker 1: Live from the Bloomberg Interacted Burger Studios. This is Bloomberg
Speaker 1: day Break for Tuesday, September six two. Coming up this hour. Incoming,
Speaker 1: UK Prime Minister Liz trust is finalizing plants to lower
Speaker 1: energy bills for businesses and households. California's power grade faces
Speaker 1: a major test as a heatwave hits the state, and
Speaker 1: a legal victory for Donald Trump involving documents ceased from
Speaker 1: his Florida home. There are dangerous levels of arsenake in
Speaker 1: the taft water in the Manhattan Complex, BLUs Canadian police
Speaker 1: search for a suspect, and the stabbing deaths of ten
Speaker 1: people by Michael Blong. More Ahead, I'm John Stage and
Speaker 1: sports another errand judge on running the Yankees, went over
Speaker 1: the Twins, Rappier, the daw upset the US. That's all
Speaker 1: straight ahead on Bloomberg day Break on Bloomberg eleven, Freo
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one O
Speaker 1: six one, Boston, Bloomberg nine sixty, Francisco, Sirius x M
Speaker 1: one nine Team, and around the world on Bloomberg Radio
Speaker 1: dot Com and via the Bloomberg Business Act. Good Morning,
Speaker 1: I'm Nathan Hagar and I'm Karen. Moscow and US futures
Speaker 1: are higher this morning. Air Comar coming up to five
Speaker 1: o one on Wall Street, and we checked the markets
Speaker 1: every fifteen minutes throughout the trading day. On bloomberg S
Speaker 1: and P futures of twenty four points down, futures up
Speaker 1: one hundred sixty seven and nasday futures have one hundred one.
Speaker 1: The decks in Germany's up four tenths of upper set
Speaker 1: ten year treasury down seventeen thirty seconds. You have three
Speaker 1: point to five percent and the yield on the two
Speaker 1: year three point four six percent. Nine x Scrude oil
Speaker 1: is up one point two percent of a dollar four
Speaker 1: at eighty seven dollars ninety two cents, and barrel bitcoin
Speaker 1: is at twenty thousand dollars, up one point four percent. Nathan,
Speaker 1: Thanks Karen. We begin this morning with a changing of
Speaker 1: the guard in the UK. Outgoing Prime Minister Boris Johnson
Speaker 1: has delivered his final speech as his country's leader before
Speaker 1: he hands over the reins to his successor, Liz Trust.
Speaker 1: Let's go live to London get the very latest from
Speaker 1: Bloomberg's You and Parts. Good morning You, and good morning Nathan,
Speaker 1: and Karen. This is it, folks, The words of Boris
Speaker 1: Johnson outside Number ten, Downing Streets as he made his
Speaker 1: final speech as the British Prime Minister, a job he
Speaker 1: was forced to quit after pressure from his own Conservative
Speaker 1: Party colleagues. He pledged full support for his successor. This
Speaker 1: is a tough time for families up and down the country.
Speaker 1: We can and we will get through it, and we
Speaker 1: will come out stronger the other side. But I say
Speaker 1: to my fellow Conservatives, it's time for politics to be over, folks.
Speaker 1: It's time for us all to get behind Liz trust Well,
Speaker 1: the UK's new leader. Liz trust will formally become Prime
Speaker 1: Minister after meeting the Queen later today at her castle
Speaker 1: in Scotland and a bloomberg scoop on her first announcements
Speaker 1: a massive package of support for household energy bills, which
Speaker 1: are expected to be three times higher than last winter.
Speaker 1: We understand the bill for the policy could come in
Speaker 1: at as much as one hundred and fifty billion dollars
Speaker 1: in London, I'm you and part splin by daybreak, all
Speaker 1: right you and thank you all back here in the
Speaker 1: U S and major development in the Justice Department's investigation
Speaker 1: and to classified documents at Donald Trump's Florida home. A
Speaker 1: federal judge is granted the former president's request for a
Speaker 1: third party, known as a special Master, to review the records.
Speaker 1: Former Assistant U S Attorney Jeff Robbins says this means
Speaker 1: a significant delay for the DJ's investigation. By appointing a
Speaker 1: special master who can take weeks, months, who knows how
Speaker 1: long to review all eleven thousand or so items that
Speaker 1: were seized and make determinations on attorney client privilege and
Speaker 1: and here's a surprise, executive privilege. This is going to
Speaker 1: stop the Department of Justice in its tracks. Former federal
Speaker 1: prosecutor Jeff Robbins says that judge in the case was
Speaker 1: appointed by former President Trump in the final months of
Speaker 1: his administration. Karen, A major test is coming today for
Speaker 1: the energy grid in the country's most populous state. Power
Speaker 1: demand in California has hit a five year high, with
Speaker 1: much of the state under an excessive heat warning. Now
Speaker 1: as busy this is in schools reopen, that demand could
Speaker 1: reach an all time high. Alice Reynolds, as president of
Speaker 1: the California Public Utilities Commission, we're entering the heart of
Speaker 1: this heat event, and it is expected to last longer
Speaker 1: and reach higher temperatures than previously anticipated. California Utilities President
Speaker 1: Dallas Reynolds says the state narrowly avoided rolling blackouts yesterday,
Speaker 1: but temperatures could hit one hundred fifteen degrees in some
Speaker 1: parts of the state today. Well. Turning to the economy now, Nathan,
Speaker 1: the Federal Reserves Beige Book take center stage on this
Speaker 1: week's economic agenda, and we get more from Bloomberg's Viny
Speaker 1: Dell Judas. The FEDS Regional Survey the Beige Book is
Speaker 1: set for Wednesday, will help illustrate inflation's impact and American businesses.
Speaker 1: We know already wage growth moderated in August, evidence this
Speaker 1: year's FED rate ikes could be tempering inflation. Another report
Speaker 1: to keep an eye on this Today's I s M
Speaker 1: Service Industry Index in July at rose for the first
Speaker 1: time since March, recovering from a two year low in June.
Speaker 1: Jarobolos claims data Thursday should signal a po outlook and
Speaker 1: Bloomberg daybreak All right, Vinny, thank you. Wall Street returns
Speaker 1: from a holiday short and trading week and traders will
Speaker 1: get back to their desks amid questions about the economic
Speaker 1: outlook and what it means for corporate earnings. Bloomberg's Charlie
Speaker 1: Pellet has more September is historically a rocky month for
Speaker 1: US equity markets. Over the past twenty five years, the
Speaker 1: S and P five INDECKS has seen average declines of
Speaker 1: seven tenths of one percent. Concerned that rising rates will
Speaker 1: hurt growth has been weighing on corporate earnings. Lisa Erickson
Speaker 1: has head of Traditional Investments at US Bank Wealth Management.
Speaker 1: We do think it's going to be key to see
Speaker 1: how earnings evolved in the second half of the year.
Speaker 1: Our base case is that we are going to see
Speaker 1: continued to learn growth, not necessarily a full on route,
Speaker 1: but again there are risks to the earnings front. Among
Speaker 1: this week's earnings reports, the supermarket chain Kroger in New York.
Speaker 1: Charlie Pellett Bloomberg Daybreak, Charlie, thank you, We've a deal
Speaker 1: to tell you about. CDs Health has reached an agreement
Speaker 1: to buy home health and Technology sir as his provider,
Speaker 1: Signify Health. The price tag about eight billion dollars. CBS
Speaker 1: emerged as the winning bidder over potential suitors that Bloomberg
Speaker 1: News previously reported had included United Health Group, Option Care
Speaker 1: Health and Amazon shares of Digital World acquisition Karender down
Speaker 1: eighteen percent in early trading. Reuter says the blank Check
Speaker 1: acquisition from the plans to merge with former President Trump's
Speaker 1: social media group has failed to secure enough shareholder support
Speaker 1: for a one year extension to complete the deal, and
Speaker 1: shares a bed Bath and Beyond also lower, down about
Speaker 1: sixteen percent. This follows the apparent suicide of chief financial
Speaker 1: officer GUSTAVO. Arnell, who fell to his death from a
Speaker 1: New York City building on Friday. Arnal was one of
Speaker 1: several parties, including bed Bath and Beyond, named in a
Speaker 1: civil class action securities fraud suit filed last month and
Speaker 1: Europe Today Karen Luftansa says it's preparing an improved offer
Speaker 1: to pilots, threatening the stage a two day strike starting
Speaker 1: at midnight. Fresh strikes would add to the about eight
Speaker 1: thousand flights left Hans has already canceled during the lucrative
Speaker 1: summer travel season. Nathan futures are higher, with SNP futures
Speaker 1: of nineteen points down features of a hundred thirty six
Speaker 1: and nasdack futures of eighty three to tenure Treasury down
Speaker 1: sixteen thirty seconds. He had three point to five percent straight.
Speaker 1: I had your latest local headlines, plus a check of sports,
Speaker 1: and this is Bloomberg alright. Thanks hearing. It's five oh
Speaker 1: seven on Wall Street, Worth seventy three degrees in Central Park.
Speaker 1: We have an accident investigation. It's got the southbound New
Speaker 1: York State Thruway shut down at exit sixteen. Details coming
Speaker 1: up in traffic. First, Michael Barr with what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. New York's MTA is taking precautions for
Speaker 1: flooding from heavy brain. The New York City Office of
Speaker 1: Emergency Management issue to travel advisory through today due to
Speaker 1: the weather. The MTA has been sending cruise to clear
Speaker 1: drains and prepare equipment for any flooding. A federal monitor
Speaker 1: has told New York City to keep all documents related
Speaker 1: to his investigation into dangerous levels of our senic in
Speaker 1: the tap water at one of the city's largest public
Speaker 1: housing complexes. Thousands of tenants at the jacob Reeese Houses
Speaker 1: in Manhattan were forced to use water bottles and portable
Speaker 1: water stations after being told not to drink or cook
Speaker 1: with the water from their taps, Residents say the water
Speaker 1: is often cloudy with a metallic taste. Many residents believe
Speaker 1: Nitsya endangered them by not acknowledging the problem right away.
Speaker 1: Nightsie spokesperson Daniel Greene says the community will be kept informed.
Speaker 1: Our residents deserve to know about the hazards and the
Speaker 1: risk that they face at their in their in their
Speaker 1: in their apartments, and we want to make sure that
Speaker 1: they feel safe and at home like any any resident
Speaker 1: in New York. Nightshe spokesperson Daniel green Canadian police are
Speaker 1: hunting for the remaining suspect and the stabbing deaths of
Speaker 1: ten people in an Indigenous community and nearby town in
Speaker 1: the province of Saskatchewan. Canadian Prime Minister Justin Trudeau yesterday's
Speaker 1: attacks in Saskatchewan are shocking and heartbreaking. My thoughts and
Speaker 1: the thoughts of all Canadians are with those who have
Speaker 1: lost loved ones. Prime Minister Trueme. Authorities say Miles Sanderson
Speaker 1: is still on the loose. His brother, Damian Sanderson, was
Speaker 1: found dead near the stabbing sites. Authorities say the injuries
Speaker 1: were not self inflicted. Officials in Europe are using Russia
Speaker 1: weaponizing fuel after Russia cut off a major pipeline, saying
Speaker 1: it won't be turned back on until sanctions over its
Speaker 1: war in Ukraine are lifted. This comes as fighting threatens
Speaker 1: Europe's largest nuclear plant, which is in Ukraine. Meanwhile, President
Speaker 1: Voladimir Zelenski indicates that he is not interested in negotiating
Speaker 1: with Russia, saying that he quote cannot discuss anything with terrorists.
Speaker 1: There shouldn't be any military personnel, there shouldn't be any
Speaker 1: military equipment on the territory, and there shouldn't be the
Speaker 1: workers of nuclear pa plant who are surrounded by people
Speaker 1: was firearms. President Zelinski, through a translator, spoke with ABC
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick To powered by more than twenty seven
Speaker 1: hundred journalist fatalists more than a hundred twenty countries. I'm
Speaker 1: Michael Bard. This is Bloomberg Naked. Thank you, Michael. Coming
Speaker 1: up to five ten on Wall Street time for the
Speaker 1: Bloomberg Sports Update. Good morning, John Stas, Good morning Nathan.
Speaker 1: A wild holiday weekend at the US Open that it
Speaker 1: didn't end until about two and a half hours ago
Speaker 1: to twenty three am is when Carlos Alcarez finished a
Speaker 1: five set, nearly four hour victory over maur Inschillas, which
Speaker 1: means there are eight men left and none have won
Speaker 1: a Grand Slam tournament. When the third time that's happened
Speaker 1: in any Slam since the Open Air began nineteen sixty eight,
Speaker 1: the top two seeds lost in the span of less
Speaker 1: than twenty four hours. First it was de Bennie Chimp,
Speaker 1: Danil Medvedev fall into Nick Curriels, and yesterday rapped fire
Speaker 1: on the Dal who had not lost a Grand Slam
Speaker 1: match to an American since two thousand five, upset by
Speaker 1: the twenty four year old from the DC area, Francis Tifo. Yeah,
Speaker 1: I get something. Came out there, just believe I can
Speaker 1: do it some years and different personnel. I went out there.
Speaker 1: Kurios and Cocoa golfall play their quarter fine matches tonight
Speaker 1: at the stadium. A couple of unlikely Yankee home runs
Speaker 1: Isaiah kinder Philippa just a second of the season, Marwin Gonzalez,
Speaker 1: who hadn't had a hit of any kind in two months,
Speaker 1: and by the way, another erran Judge home run is
Speaker 1: fifty four. Yankees fight to twins five to two. Judges
Speaker 1: at twenty three, more home runs in anyone else in
Speaker 1: the American League. Mets Rainedown in Pittsburgh played tonight that
Speaker 1: has split doubleheader tomorrow. Jets co drops Sala has left
Speaker 1: the door open for quarterback Zack Wilson to perhaps play
Speaker 1: Sunday season opener against Baltimore. He could be back earlier
Speaker 1: than expected from the surgery. John Stash, We're Bloomberg Sports, Nathan,
Speaker 1: thank you, John SMP futures right now up sixteen points down,
Speaker 1: futures up a hundred nineteen. Neste futures are higher by
Speaker 1: seventy two points. The tigure treasury is down sixteen thirty seconds,
Speaker 1: the yield three point to five. Astina Hooper, chief global
Speaker 1: markets strategist that invest Go joins US next Bloomberg eleven
Speaker 1: three oh Weather. We got a flood watch and effect
Speaker 1: till five this afternoon, with heavy rain at times today,
Speaker 1: going up to near seventy five degrees, low seventies, mostly
Speaker 1: cloudy tomorrow, clearing a high near eighty on Thursday. Right
Speaker 1: now seventy three Markets headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: at and at Bloomberg Quick Take, this is a Bloomberg
Speaker 1: business clash and I'm kerin Moscow. European stocks edging higher
Speaker 1: as investors assessed responses by leaders to the region's who
Speaker 1: growing energy crisis ahead of the European Central Banks policy
Speaker 1: meeting later this week. US stock index futures, meanwhile, are
Speaker 1: on the rise, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg Guess and P
Speaker 1: futures are up nineteen points now, futures of A hundred
Speaker 1: twenty nine and NASDAG future US up seventy eight. The
Speaker 1: decks in Germany is of a quarter percent. Ten year
Speaker 1: treasury down sixteen thirty seconds. You have three point to
Speaker 1: five percent they yield on the two year three point
Speaker 1: four five percent. Nimex screwed oil is up two ten
Speaker 1: percent or twenty cents at eighty seven dollars eight cents
Speaker 1: in barrel Co mex School little change at seventeen twenty
Speaker 1: forty announced. The euro is at point nine four two
Speaker 1: against the dollar, British found one point one five six
Speaker 1: four and the yen one one point seven nine. Look
Speaker 1: at a bitcoin this morning at one point two percent
Speaker 1: at nineteen thousand, nine hundred seventy dollars, and that's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael, good morning, Good morning,
Speaker 1: Karen UK. Prime Minister Boris Johnson has left his Downing
Speaker 1: Street office for the last time as he heads to
Speaker 1: Scotland to formally offer his resignation to Queen Elizabeth the Second.
Speaker 1: The British leader meets with Queen and her balmoral state
Speaker 1: to begin to transfer of power to live trusts. The
Speaker 1: Federal Judge has granted a request by former President Donald
Speaker 1: Trump's legal team to appoint a special master to review
Speaker 1: documents sees by the FBI during a search of his
Speaker 1: Florida home last month. At the US Open, Raphael Nadal
Speaker 1: was knocked out by Francis Tfo. In baseball, the Yankees
Speaker 1: beat the Twins five to Aaron Judge it is home
Speaker 1: run Mets game postpone. The Red Sox lost the Nationals
Speaker 1: and Giants won. The Orioles lost both games of a
Speaker 1: double header with the Blue Jays. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than journalists and analysts more than a hundred
Speaker 1: twenty countries. I'm Michael barn This is Bloomberg, Nathan Okay, Michael. Thanks,
Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. And here to
Speaker 1: help get us set for the holiday shortened trading week
Speaker 1: is Christina Hooper, chief Global market strategist at in Fesco.
Speaker 1: Good morning, Christina, Thanks so much for joining us as
Speaker 1: we watch futures rise a bit after three straight weeks
Speaker 1: of losses for US stocks. Where do you see the
Speaker 1: trajectory at this point? Well, I think the trajectory is
Speaker 1: going to be volatility. Now, we could see some volatility up,
Speaker 1: although I think there's going to be a tug downward
Speaker 1: in the near term, just because there's so much uncertainty
Speaker 1: and hesitancy, particularly in the US markets, around the Fed's decision.
Speaker 1: Now it's a few weeks away, but we're likely to
Speaker 1: get hawkish commentary from f o MC members between now
Speaker 1: and then, which I think should should um play some
Speaker 1: downward pressure on stocks in incoming days. So it sounds
Speaker 1: like you're putting a lot of attention on the flood
Speaker 1: of Fed speak we're going to get this week before
Speaker 1: we get that CPI print next week. Yes, and I
Speaker 1: think we're going to hear an ongoing drum beat of
Speaker 1: of more hawkish rhetoric UH just over the next several weeks.
Speaker 1: So what does that mean in terms of the decision?
Speaker 1: What is the Fed to be looking at given the
Speaker 1: strong labor report we got last week, expectations potentially for
Speaker 1: a peek in inflation. Is that what you're looking for
Speaker 1: from the CPI next week? Definitely? But also keep in
Speaker 1: mind that an important consideration for the Fed is inflation expectations. UM.
Speaker 1: We got a good final August print from University of
Speaker 1: Michigan UH five year ahead inflation expectations continue to have
Speaker 1: a two handle, which I think is very very important.
Speaker 1: So I think they're going to be paying attention to
Speaker 1: expectations as well as what we're seeing in terms of
Speaker 1: the inflation data. What's the bigger concern for corporates right now?
Speaker 1: Is it the risk of tighter FED policy and inflation
Speaker 1: or is it earnings? We just got a no doubt
Speaker 1: from Mike Wilson over at Morgan Stanley and notable bear
Speaker 1: on stocks cutting his forecast for earnings growth even further
Speaker 1: next year. So I mean I think they need to
Speaker 1: concern is of course the sied. But yes, earnings are
Speaker 1: a concern as well and are going to come into
Speaker 1: focus as as we move into the next earnings reporting period.
Speaker 1: This is UM for you know, this is the other
Speaker 1: shoe that everyone is waiting to drop. And clearly we're
Speaker 1: going to see some some significant UH downward revisions to
Speaker 1: earnings forecasts for at least some stocks and UH AND
Speaker 1: that is is a concern that is is weighing on
Speaker 1: investors minds and certainly markets. Are there certain sectors or
Speaker 1: styles that are better insulated from earnings erosion than others, Well,
Speaker 1: certainly those companies UH and and some industries have have
Speaker 1: proven to be better at this than others in recent
Speaker 1: UH in recent months UM, some industries are better able
Speaker 1: to defend more margins, are better able to pass UM
Speaker 1: costs two consumers, and of course some industries, some sub
Speaker 1: segments of industries are are getting hit harder. UM. For example,
Speaker 1: if we look at the retail space, what we've seen
Speaker 1: is that it's been a sort of a tale of
Speaker 1: two consumers where higher end consumers have not been as
Speaker 1: impacted UM by inflationary pressures as lower income households, and
Speaker 1: that has played out. Got about a minute left here, Christina.
Speaker 1: We've got a change of the guard in the UK,
Speaker 1: List Trust taking over for Boris Johnson, with the country
Speaker 1: still under a cost of living crisis. What does the
Speaker 1: change in leadership mean for the investment landscape in the UK? Well,
Speaker 1: I think it presents some level of uncertainty and we've
Speaker 1: seen that. We've seen that in Sterling UM, which has
Speaker 1: has moved down relative to US dollar UM. But you know,
Speaker 1: hopefully there is more clarity as the Trust government UM
Speaker 1: starts to to share and Liz Trust starts to to
Speaker 1: share her views and our policies UM. But it has
Speaker 1: shifted a bit and and that has created some uncertainty
Speaker 1: in recent weeks. So I would expect that greater clarity
Speaker 1: to to hopefully put some upward pressure on Sterling. Thanks
Speaker 1: so much, Christina, great having on with us as always.
Speaker 1: Christina Hooper is the chief Global market strategist at investco
Speaker 1: with us this morning as we watch futures move higher.
Speaker 1: SMP futures right now up twenty points. That's a gain
Speaker 1: of a half percent. DAL futures up a hundred forty
Speaker 1: seven points and NASTAC futures are leading the gains right
Speaker 1: now of eighty six points for a gain of seven
Speaker 1: tenths of one percent. The ten year treasury right now
Speaker 1: down sixteen thirty seconds, the yield three point to five percent,
Speaker 1: and the yield on the two year three point four
Speaker 1: five Just ahead, U came incoming Prime Minister Liz Trust's
Speaker 1: plans to address her country's energy crisis, and a special
Speaker 1: master of pointed for Marlago. This is Bloomberg. Bloomberg eleven
Speaker 1: three oh Weather. We got a flood watch till five
Speaker 1: this afternoon, with heavy rain at times, going up to
Speaker 1: near seventy five degrees today, low seventies, mostly cloudy tomorrow,
Speaker 1: clearing a high near eighty on Thursday. Right now seventy
Speaker 1: three degrees. Broadcasting live from the Bloomberg Interacted Broker Studio
Speaker 1: in New York. Bloomberg E living in Freedom to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one six one to
Speaker 1: San Francisco, Bloomberg sixteen to the country Sirius XM Chado
Speaker 1: one nineteen and around the globe the Bloomberg Business app
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's
Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hager
Speaker 1: and I'm Karen Moscow. We're just about four hours away
Speaker 1: from the open of US trading. Let's get you up
Speaker 1: to day on the news you need to know at
Speaker 1: this show hour, we begin with it Changing of the
Speaker 1: Guard in the UK, outgoing Prime Minister Boris Johnson delivered
Speaker 1: his final speech before handing over to successor List Trust.
Speaker 1: Johnson leaves behind surging inflation, a potential recession, and an
Speaker 1: energy crisis. We have and will continue to have that
Speaker 1: economic strength to give people the cash they need to
Speaker 1: get through this energy crisis that has been caused by
Speaker 1: Putin's vicious war. And I know it lives. Truss and
Speaker 1: this compassionate Conservative government will do everything we can to
Speaker 1: get people through this crisis. Prime Minister Boris Johnson spoke
Speaker 1: from ten Downing Street today. Sources tell us List Trust
Speaker 1: has drafted a plan worth one hundred thirty billion pounds
Speaker 1: to avert a massive spike in energy bills. Well back
Speaker 1: here in the US, care and a federal judge has
Speaker 1: granted former President Trump's request for a third party known
Speaker 1: as a special Master to review record sees by the
Speaker 1: FBI at his Moral Logo home. Former Assistant U S
Speaker 1: Attorney Jeff Robins says, this means a significant delay for
Speaker 1: the d j's investigation. That special master, that individual is
Speaker 1: going to have to take a very long time reviewing
Speaker 1: documents and essentially doing what the Department of Justice has
Speaker 1: already done making its own report to the federal court.
Speaker 1: And then we may be in a Dickenzie and kind
Speaker 1: of a situation where litigation is spawned, which will keep
Speaker 1: this investigation on ice. Former federal prosecutor Jeff Robin says
Speaker 1: the judge in the case was appointed by former President Trump.
Speaker 1: Well to the economy now, Nathan, where we're watching a
Speaker 1: few economic ratings this week, including the I s M
Speaker 1: Service Industry Index today, the BEJE book tomorrow, and job
Speaker 1: dis claims Thursday. There's also the promise of more corporate
Speaker 1: earnings with Kroger reporting later this week. Now to a
Speaker 1: major acquisition here and CVS Health has reached an agreement
Speaker 1: to buy home health and technology services providers Signify Help
Speaker 1: for approximately eight billion dollars. CVS emerged as the winning
Speaker 1: bidder over other suitors, including United Health Group and Amazon.
Speaker 1: And I mean your chast is coming today for the
Speaker 1: energy grid in California. This needs under an excessive heat
Speaker 1: warning that's driving electricity used to its highest level in
Speaker 1: five years. Is a narrowly avoided rolling blackouts yesterday, but
Speaker 1: power demand could reach an all time high today with
Speaker 1: businesses and schools reopening, and futures this morning are higher.
Speaker 1: SNP futures have twenty three points and down futures of
Speaker 1: one sixty one and Nastaic futures are up and straight ahead.
Speaker 1: We have your latest local headlines, plus a check of sports,
Speaker 1: and this is Bloomberg. Thanks. Three on Wall Street, seventy
Speaker 1: three degrees in Central Park. Michael Bars here with more
Speaker 1: on what's going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan, a federal monitor has told
Speaker 1: New York City to keep all documents related to its
Speaker 1: investigation into dangerous levels of arsenic in the tap water
Speaker 1: at one of the city's largest public public housing complexes
Speaker 1: throughout the holiday weekend. Sense of tenants at the jacob
Speaker 1: Reee Houses in Manhattan were told not to drink or
Speaker 1: cook with the water. From their taps. Nita said that
Speaker 1: maybe that those earlier tests are wrong because later tests
Speaker 1: don't seem to show the arsenic However, the mayor's office
Speaker 1: is still advising residents not to drink or cook with
Speaker 1: the water while it awaits more results. This resident says
Speaker 1: she is not taking any chances. I never trusted the
Speaker 1: water because I was so itchy and I'm like, what
Speaker 1: is it? What is the tiling every wall, my products,
Speaker 1: and I'm like, it's the water. Nita says the community
Speaker 1: will be kept informed about the water. One of the
Speaker 1: suspects and the stabbing deaths of ten people in the
Speaker 1: Canadian province of Saskatchewan has been found dead. Police say
Speaker 1: his injuries are not self inflicted. Authorities continued to search
Speaker 1: for a second suspect. Regina Police Chief Evan Bray says
Speaker 1: thirty year old Miles Sanderson is still considered to be
Speaker 1: armed and dangerous but possibly injured. With tragedy like this
Speaker 1: and uh and you know, unknown whereabouts, there's a lot
Speaker 1: of anxiety in our province right now, in our communities
Speaker 1: and throughout the country. Chief braces. Anderson's brother, Damien Sanderson,
Speaker 1: was found dead near the stabbing sites it is the
Speaker 1: first day of school for residents in Newark, New Jersey.
Speaker 1: It is also a new school year today and Vold
Speaker 1: the Texas. There's high fencing around the city's public school
Speaker 1: campuses that still isn't finished, and a heavy police patrol
Speaker 1: that many families don't trust. After officers in May allow
Speaker 1: the gunmen to shoot inside a rob elementary school for
Speaker 1: more than seventy minutes, nineteen children and two teachers were killed.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Hi
Speaker 1: Michael bar And this is Bloomberg, Nathan. Thank you, Michael
Speaker 1: wall Street. Time for the Bloomberg Sports Update. Here's John Stash.
Speaker 1: Thanks Nathan. Another game, another Aaron Judge hombron. This one
Speaker 1: game six in the stadium of the man Aboard. It's
Speaker 1: snapped to two two tie. It's his fifty fourth. He's
Speaker 1: on pace now to finish the season with sixty five.
Speaker 1: Since going nine games without a homer, Judge has hit
Speaker 1: one and eight of the last thirteen games fifty four homers.
Speaker 1: Ties in with Alex Rodriguez, most by a Yankee right
Speaker 1: handed hit or Yankees bait the Twins five to two.
Speaker 1: They also got homers from two unlikely sources, Marwin Gonzalez
Speaker 1: and Isaiah Connor. For Leffa. The Mets were reined out
Speaker 1: in Pittsburgh at the US Open upsets long matches. Nothing
Speaker 1: lasted longer than the fourth rounder between Carlos Alcarez and
Speaker 1: Marin Schiltz. The fourth set took over an hour. The
Speaker 1: match took nearly four hours. It ended at two twenty
Speaker 1: three this morning. Alcarez prevailed in five sets, the third seed.
Speaker 1: He's the highest seed left with the stunning departure of
Speaker 1: Raphael the dal yesterday, upset by American Francis Tiafo. The
Speaker 1: Dalla had not lost a Grand Slam match this year.
Speaker 1: He won the first two tournaments, then he got injured
Speaker 1: at Wimbledon. Of the eight men left, none have won
Speaker 1: a Grand Slam. Attorney that does not have but than
Speaker 1: any and only two previous slams is the open air
Speaker 1: of again in n The women down to the final late.
Speaker 1: It does include the top seed, Higo Sliotec. She lost
Speaker 1: the first set, won the third sixth love Americans Cocoa
Speaker 1: Golf and Jess Pagoula still active, but another American, Daniel Collins,
Speaker 1: lost last night Golf plays her quarterfinal match tonight. NFL
Speaker 1: season kicks off Thursday Sunday the jetsos Baltimore. It was
Speaker 1: assumed ad quarterback by Joe Flaco, but coach Rob Sella
Speaker 1: now says Zach Wilson may be able to return from
Speaker 1: his knee injury. Decision will be made tomorrow. John Stashar
Speaker 1: Bloomberg Sports Nathan. Thank you John, coming up to five
Speaker 1: thirty seven on Wall Street Time for the Tri State
Speaker 1: Business Report. Here's Floomberg, said Corey. In mid August, Mayor
Speaker 1: Eric Adams announced that while abandoned dining sheds would be destroyed,
Speaker 1: outdoor dining in New York City is here to stay,
Speaker 1: but the time says what outdoor donning will look like
Speaker 1: is still up in the air. Some New Yorkers are suing,
Speaker 1: claiming the program has ruined their quality of life. A
Speaker 1: new multi brand boutique is coming to New York City,
Speaker 1: outlined an Airy Boot Peak in the boreham Hill neighborhood
Speaker 1: of Brooklyn, opens Thursday. Women's Where Daily says it's being
Speaker 1: spearheaded by opening ceremony and tote Kilo's former women's buyer,
Speaker 1: Margaret on Still, along with two childhood friends. New Milford
Speaker 1: will soon be feeling the luck of the Irish is
Speaker 1: the Greater Danbury Irish Festival return September tenth and eleven
Speaker 1: after a two year hiatus. Vendors will sell jewelry, art,
Speaker 1: food and other items from the Emerald Aisle at the
Speaker 1: festival's Irish Village. That your Bloomberg Trying State Business Report.
Speaker 1: I'm Ed Corey. Thank you at it on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve Potaskan on K and next to Los Angeles,
Speaker 1: We're talking about the retirement of the longtime Sony PlayStation
Speaker 1: hardware arch attack. I'm Gina Servetti and for Well do
Speaker 1: you Bb, I'm in Chicago. I'm reporting that several major cities,
Speaker 1: including Chicago, are starting to see a reversal in the
Speaker 1: pandemic era exodus of residents fleeing town, les Mateo, and
Speaker 1: on KYW in Philadelphia, I'll be reporting on more troubling
Speaker 1: news from a struggling retailer. I'm Calinet on bloombag d
Speaker 1: A B. Disado in London. We've been reporting on Boys
Speaker 1: Johnson's departure from downing Streets and Liz Chausi's plans to
Speaker 1: tackle energy bills as she takes power. IMD Corey on
Speaker 1: w w J in Detroit, I'm reporting OTTO lending could
Speaker 1: be part of the community reinvestment pack. Those are some
Speaker 1: of the stories our tred Bloomberg journalists and analysts are
Speaker 1: working on this morning. Around the world, It's thirty nine
Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. Apparently
Speaker 1: unhappy with the current pace of business migration out of
Speaker 1: their state, California's legislators have come up with a good
Speaker 1: way to accelerate it. They voted recently to create a
Speaker 1: council of political appointees to set wages in the fast
Speaker 1: food industry. The so called Fast Recovery Act now awaits
Speaker 1: Governor Gavin Newsom's signature. He can't squash this ill conceived
Speaker 1: initiative quickly enough. A statewide minimum wage for a subset
Speaker 1: of workers would arbitrarily fragment California's labor market, raise prices
Speaker 1: for consumers, and to press investment. Labor markets aren't perfect,
Speaker 1: and policymakers certainly need to address their flaws, but creating
Speaker 1: an unaccountable bureaucracy to set wages for a single industry
Speaker 1: isn't the right way to do it. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com, slash opinion or O
Speaker 1: P I N go on the Bloomberg terminal. This has
Speaker 1: been Bloomberg opinion. You can hear Bloomberg opinion editorials every
Speaker 1: weekday at this time, terminal customers can read more at
Speaker 1: O P I N go. As a futures moving higher
Speaker 1: by twenty three point, staff futures are up one hundred
Speaker 1: seventy NASTAC futures leading the games right now up ninety points.
Speaker 1: The tenure treasury is now down seventeen thirty seconds. The
Speaker 1: yield three point to five percent yield on the two
Speaker 1: year three point four six percent. This is Bloomberg Bloomberg
Speaker 1: eleven three oh weather rain heavy at times, flood watch
Speaker 1: until five this afternoon with a high near seventy five degrees,
Speaker 1: low seventies, mostly cloudy tomorrow, clearing with a high near
Speaker 1: eighty on Thursday. Right now seventy three in Central Park Markets.
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com and Bloomberg Business at and at Bloomberg
Speaker 1: Quicktape trus a Bloomberg Business Flash. Hi, good morning, I'm
Speaker 1: Karen Moscow. European stocks on the rise this morning as
Speaker 1: investors assess responses by leaders to the region growing energy
Speaker 1: crisis ahead of the European Central Banks policy meeting later
Speaker 1: this week. US stock index futures are on the rise.
Speaker 1: We check the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg Guess and p Future is up twenty
Speaker 1: three points. Deal futures up a hundred seventy three nasdack
Speaker 1: futures have eighties seven the decks in Germany's up eight
Speaker 1: tenths of uppercent ten year treasury down sixteen thirty seconds,
Speaker 1: held three point to five percent. They yield on the
Speaker 1: two year three point four or five percent. Nine x
Speaker 1: screwed oil is up to ten percent or thirteen cents
Speaker 1: at eighty seven dollars one cent to barrel comc School
Speaker 1: that will change at seventeen twenty two sixty announced. The
Speaker 1: euro is at pot three against the dollar, British pound
Speaker 1: one point one five nine five, the hands at one
Speaker 1: one point seven three and look at bitcoin this morning,
Speaker 1: it's up one percent in nineteen thousand and nine hundred dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Darren,
Speaker 1: thank you very much. British Prime Minister Boards Johnson gave
Speaker 1: his departure speech outside ten Downing Street this morning. This
Speaker 1: trucks take over as the next Prime Minister. At the
Speaker 1: US Open, Raphael Dodal was knocked out by Francis Tifo.
Speaker 1: In baseball, the Yankees beat the Twins five to Aaron
Speaker 1: Judge hit his fifty fourth home run of the season.
Speaker 1: The Mets game was postponed rain The Red Sox lost
Speaker 1: the Nationals and Giants won. The Orioles lost both games
Speaker 1: of a doubleheader with the Blue Jays. Global News twenty
Speaker 1: four hours a Day on here and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalist antalists more
Speaker 1: than a hundred twenty countries. Michael Barr And this is
Speaker 1: Bloomberg Nather. Okay, Michael, thank you. It's on Wall Street
Speaker 1: Line from the Bloomberg Interactive Brokers Studios. This is Bloomberg
Speaker 1: day Break. Former President Donald Trump has won his bid
Speaker 1: for a third party review of record scenes from his
Speaker 1: maral Lago home last month. From more on this and
Speaker 1: all the political news happening this morning, we welcome Joe
Speaker 1: Matthew Are, Washington correspondent, host of Sound on Here on
Speaker 1: Bloomberg Radio. Joe, good morning. The President got what he
Speaker 1: was looking for. What does this mean for the Justice
Speaker 1: Department's invest again to have a special master taking a
Speaker 1: look at the documents? Now, well, it looks like it's
Speaker 1: gonna slow things down for starters, and that could be
Speaker 1: a strategy in itself here. Uh and and you know
Speaker 1: we're talking about Donald Trump, so that's not a huge
Speaker 1: shocker here. Um, The judge says that d o J
Speaker 1: cannot continue reviewing documents for the case during this process,
Speaker 1: So that's going to come to a halt. Intelligence officials. However,
Speaker 1: Nathan will be allowed to continue looking for any possible
Speaker 1: risk to national security. Those are two sort of separate
Speaker 1: processes here, uh and and look, there's a redundancy in
Speaker 1: all of this. The Special Master. The reason why d
Speaker 1: o J pushed back on it is that it already
Speaker 1: has a filter team, as it's called. We've talked about
Speaker 1: this used for the very same purpose that a Special
Speaker 1: Master would be appointed for. It's it's it's supposed to
Speaker 1: be neutral. That team is made up of people specifically
Speaker 1: not part of the prosecution team handling the case. So
Speaker 1: the idea here is that Donald Trump is likely trying to,
Speaker 1: you know, hit the brakes. The judge was appointed by
Speaker 1: Donald Trump and says her just aation was probably justified
Speaker 1: by the DOJ's admission that some investigators had already seen
Speaker 1: some of the documents covered by attorney client privilege. But remember, Nathan,
Speaker 1: when those FBI agents went down tomorrow lago, they brought
Speaker 1: the documents back to Washington. The team's dealing with them
Speaker 1: had to get extra security clearances so they would be
Speaker 1: allowed to read such highly classified information. The same will
Speaker 1: have to happen for the Special Master. Now, if the
Speaker 1: national security review is going to be allowed to go
Speaker 1: forward here irrespective of the Justice Department investigation. What does
Speaker 1: that potentially mean for the former president's legal jeopardy here? Well,
Speaker 1: it's really hard to tell, because, of course we still
Speaker 1: don't know what they found, and this is likely going
Speaker 1: to be a long case. This is not something that
Speaker 1: they're about to announce charges on, and frankly, Uh, they
Speaker 1: wouldn't even if they were prepared to announce charges. Being
Speaker 1: as close as we are to the mid terms really
Speaker 1: kind of puts this thing, at least publicly on ice.
Speaker 1: The d o J could take months and even years
Speaker 1: to figure this case. So what they're looking at right
Speaker 1: now from a national security standpoint, uh, is different than
Speaker 1: the case against Donald Trump. There could be specific elements
Speaker 1: of the government that needs need to act on on
Speaker 1: whatever kind of document is there that may have posed
Speaker 1: a risk, but of course we don't know what that is. Nathan.
Speaker 1: There's so much of this that remains entirely speculative. And
Speaker 1: if we're looking at the possibility of this investigation dragging
Speaker 1: on for months or even years, as you say, Joe,
Speaker 1: that raises the possibility that it could be running up
Speaker 1: against isn't that expecting is going to be coming from
Speaker 1: former President Trump another presidential run in twenty four Yeah, look,
Speaker 1: I mean the next June, Nathan is the first presidential debate.
Speaker 1: I hate to drag you into this already, Yes, I
Speaker 1: mean this is coming quickly. So it is absolutely possible,
Speaker 1: if not likely, that this is gonna not be so
Speaker 1: much of a midterm issue. But we'll bump up against
Speaker 1: the presidential election in four d o j will have
Speaker 1: time in between. There. There's kind of an unspoken sixty
Speaker 1: day rule. That's why they're not likely to say anything
Speaker 1: between now and the mid terms. But next year could
Speaker 1: be open season. And just imagine document drops, you know,
Speaker 1: breaking news coming from this case on the eve of
Speaker 1: a presidential debate. This could be wild. Well in our
Speaker 1: less than a minute left here, Joe, what could this
Speaker 1: mean for a midterm election that's now just two months away?
Speaker 1: The specter of an investigation happening against a former president
Speaker 1: while the parties are trying to keep control of Congress. Well,
Speaker 1: it seems to be only helping Donald Trump with his
Speaker 1: base right now. Uh, and it may not rub off
Speaker 1: on Trump endorsed candidates. It's very difficult to quantify that
Speaker 1: in a real way right now, to sort of connect
Speaker 1: the dots when you have everything from inflation to two
Speaker 1: Roe v. Wade driving voters to the polls right now,
Speaker 1: I'm not sure that mar Lago is going to factor in.
Speaker 1: But again, we get through November and we're already going
Speaker 1: to be essentially in a presidential contest when this will
Speaker 1: be a very big deal. That's happening quickly. Joe Matthew,
Speaker 1: Washington correspondent. As always, thanks for joining us from Washington,
Speaker 1: d C. Right, Nathan, it is five fifty three on
Speaker 1: WALLU Straet. It's time for our Bloomberg Law Report. We
Speaker 1: get to the legal stories we are watching this morning
Speaker 1: from Bloomberg's Jeff Bellinger. A lawship filed in Seattle federal
Speaker 1: court accuses Amazon dot Com of violating consumers privacy by
Speaker 1: keeping detailed records of their Prime video rental history. A
Speaker 1: federal lawsuit accuses Edward Jones of discriminating against female home
Speaker 1: office financial advisers by paying them less than males who
Speaker 1: did the same jobs. A federal court in Pennsylvania ruled
Speaker 1: that a jury will hear a former Teva executives age
Speaker 1: discrimination complaint. The plaintiff says he was fired and replaced
Speaker 1: by someone who was twenty seven years younger. Bloomberg Law
Speaker 1: everything you need, all on one legal research platform, including
Speaker 1: guidance analysis and Bloomberg market Intelligence. Find out more at
Speaker 1: Bloomberg Law dot com. All right, Jeff, thank you. Now
Speaker 1: another legal story we're watching. William Haunt is part of
Speaker 1: the team at the Beck Fund for Religious Liberty, and
Speaker 1: he's part of a group representing Yeshiva University attempting to
Speaker 1: block a state court ruling requiring it to recognize an
Speaker 1: LGBTQ student group. It's the latest clash between gay rights
Speaker 1: and the exercise of free religion to come up to
Speaker 1: the High Court. He spoke with bloomberrys Lydia Wheeler, and
Speaker 1: Kimberly Robinson. The law that the trial court in volk
Speaker 1: is called the New York City Human Rights Law, But
Speaker 1: the laws that the trial court declined to seriously consider
Speaker 1: is the First Amendment to the U. S Constitution. Because
Speaker 1: that's really what's at the core of this case, which
Speaker 1: is about who gets to decide who gets to direct
Speaker 1: the religious mission on Yeshiva's campus, How does Yeshiva, Does
Speaker 1: Yeshiva get to make the decisions about how to form
Speaker 1: the next generation of students on its campus, or does
Speaker 1: the government to get to make those decisions. The trial
Speaker 1: court decided that Yeshiva is insufficiently religious to make those
Speaker 1: decisions and therefore can be forced to violate its tore
Speaker 1: values approve a campus club that senior rabbinical leadership determined
Speaker 1: it couldn't put its seal of approval on consistent with
Speaker 1: its Toura values, and this would open up the door
Speaker 1: to all kinds of crippling litigation against all aspects of
Speaker 1: Yeshiva's religious mission, because not only does it account for
Speaker 1: religion when it's reviewing clubs, there are up to five
Speaker 1: hours of tour study that's mandated by curriculum every single day.
Speaker 1: Their sex segregated housing and schooling that's religiously driven. Elevators
Speaker 1: are rewired on Shabbat to prevent electronic usage. You could
Speaker 1: even have electronics publicly confiscated on campus if you're on
Speaker 1: the Sabbath using them. There's kosher requirements throughout campus. This
Speaker 1: is a deeply religious university and no one in the
Speaker 1: case disputes that. But the trial court just decided that
Speaker 1: Yeshiva isn't religious enough because it also trains people in
Speaker 1: secular degrees. Now, the current Supreme Court um seems to
Speaker 1: be very protective of religious freedom and in particular the
Speaker 1: right of those to freely exercise the religion. You agree
Speaker 1: with that assessment, and if so, how does this petition
Speaker 1: from Yeshiva fit into the Court's religion docket here? Well,
Speaker 1: I think it's a commitment that goes beyond even strictly
Speaker 1: speaking religion cases. The Supreme Court decided in a case
Speaker 1: called Bostock, where it understood Title seven of the Civil
Speaker 1: Rights Act to cover protection for sexual orientation and gender
Speaker 1: identity discrimination. There a majority of the Court said that
Speaker 1: the free exercise of religion lies at the heart of
Speaker 1: a pluralistic society. So this is a why a widely
Speaker 1: acknowledged commitment across the Court. Some of the decisions that
Speaker 1: I mentioned previously, we're NINEO decisions or seven two decisions.
Speaker 1: There is a widespread consensus that at the core of
Speaker 1: our best traditions is one of a religious accommodation and
Speaker 1: a respect for pluralism. And that means that Yeshiva University,
Speaker 1: a school that everyone understands to be deeply pervasively religious,
Speaker 1: including the people that suited, they admit to that, and
Speaker 1: they went there for that reason. UM gets to be
Speaker 1: a religious university in terms of how it forms in
Speaker 1: shape its its campus environment. And that was William Han
Speaker 1: with the Beckett Fund for Religious Liberties being at the
Speaker 1: Bloomberg's Lydia Wheeler and Kimberly Robinson. It's more of that
Speaker 1: interview plus analysis of the latest legal news by subscribing
Speaker 1: to the Bloomberg Law Podcast or downloading the show at
Speaker 1: Bloomberg dot com slash podcast. Attorneys can find exceptional legal
Speaker 1: research and business development tools at Bloomberg Law dot com
Speaker 1: and on the Bloomberg terminal at b law Go. And
Speaker 1: futures this morning are on the rise, with SMP futures
Speaker 1: up almost twenty five points, DAL futures are up a
Speaker 1: hundred seventy eight and NASDACK futures up about ninety and
Speaker 1: the tenure treasury down fifteen thirty seconds. You have three
Speaker 1: point to four percent and our top stories straight ahead.
Speaker 1: This is Bloomberg