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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: We begin with the Group of twenty summit in India,

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Speaker 3: which wrapped this week and leaders reached compromises on Russia's

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Speaker 3: warn Ukraine and a new multilateral rail and sea root deal.

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Speaker 3: Chinese Premier Lee Chiong stood in place of President Shi Jinping,

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Speaker 3: but did meet with President Biden. A Chinese spokeswoman says

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Speaker 3: Lee told the President China's development is an opportunity for

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Speaker 3: the United States. Speaking in Vietnam on his way back

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Speaker 3: from the summit, President Biden said he thinks the US

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Speaker 3: and the world are better off if China does well,

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Speaker 3: but he did raise doubts on the chances China invades

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Speaker 3: Taiwan given China's economic woes.

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Speaker 4: China has a difficult economic problem right now for whole

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Speaker 4: range of reasons that relate to the international growth and

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Speaker 4: black thereof and the policies that China has followed, and

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Speaker 4: so I don't think this is going to cause China

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Speaker 4: to invade Taiwan. As a matter of fact, the oppos

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Speaker 4: are probably going to have the same capacity that it

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Speaker 4: had before.

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Speaker 3: And President Biden hasn't met with China's president since November

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Speaker 3: of last year. US China relations have stalled amid a

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Speaker 3: number of incidents, including export bands and the alleged Chinese

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Speaker 3: spy balloon incident.

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Speaker 2: And Today Nathan, on his way back from the G twenty,

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Speaker 2: President Biden will mark the twenty second anniversary of the

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Speaker 2: September eleventh terrorist attacks in Alaska. He'll visit one thousand

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Speaker 2: vers responders and their families at a military base and Anchorage.

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Speaker 2: Vice President Kamala Harris will visit the National September eleventh

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Speaker 2: Memorial and Museum in Lower Manhattan to honor lives lost

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Speaker 2: in the terror attack, and she'll be joined by US

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Speaker 2: Secretary of Homeland Security Alejandro Majorcis. First Lady Jill Biden

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Speaker 2: visits the National nine to eleven Pentingon Memorial in Arlington, Virginia.

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Speaker 3: Turning from politics to the economy now Karen Treasury Secretary

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Speaker 3: Janet Yellen joined President Biden at the G twenty. She's

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Speaker 3: expressing confidence the US will stick a soft landing. On

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Speaker 3: her way back from India, Yellen told reporters she confident

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Speaker 3: the US can contain inflation without damaging the job market.

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Speaker 3: She says she's feeling very good the US will avoid

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Speaker 3: a recession, but no one's declaring victory just yet. Bloomberg

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Speaker 3: opinion columnist Muhammad Larian says the Federal Reserve faces more

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Speaker 3: complications ahead of its next policy decision next week.

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Speaker 5: CPI next week and definitely change it not September, but

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Speaker 5: can change the next rate hike at the end of

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Speaker 5: October beginning of November. This is a very complicated time

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Speaker 5: for the Fed, and Marcus should not jump to conclusion

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Speaker 5: too easy as to what's going to happen beyond September.

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Speaker 3: Bloomberg Opinion columnist Muhammadlarian says we'll learn more on Wednesday

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Speaker 3: when we get the August Consumer Price Index.

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Speaker 2: Meanwhile, Nathan, a growing threat to the economy is emerging

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Speaker 2: in Detroit. New analysis says that even a brief United Autoworkers'

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Speaker 2: strike will cause billions in economic damage, and Bloomberg's add

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Speaker 2: Baxter reports that the strike could begin as soon as Thursday.

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Speaker 6: This is coming just when US automakers on the broader

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Speaker 6: are starting to recover from the effects of the pandemic

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Speaker 6: and then semiconductor shortages, and along with a thread of

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Speaker 6: even a brief strike, Anderson Economic Group, a consultancy in Lansing,

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Speaker 6: says if it went on longer, it could really dent

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Speaker 6: the economy. It says even a ten day strike would

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Speaker 6: reduce the US GDP by five point six billion dollars

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Speaker 6: and likely would push the Michigan economy into recession. It

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Speaker 6: also says it could make some models scarce and push

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Speaker 6: prices up just as they had started coming down. I'm

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Speaker 6: Ed Baxter, Bloomberg Radio.

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Speaker 4: Thanks Ed.

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Speaker 3: Meantime, traders will be watching for earnings growth whether this

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Speaker 3: year's rally can be sustained through this month. Bloomberg's Charlie Pellett.

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Speaker 7: Reports September has historically been a rocky month for US equities,

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Speaker 7: and now traders and investors are questioning the outlook for

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Speaker 7: earnings growth given rising bond yields. Jake Jolly is head

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Speaker 7: of Investment Analysis, Bank of New York Mellon.

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Speaker 8: I would describe earnings results so far this year is

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Speaker 8: basically being better than feared.

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Speaker 9: Right.

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Speaker 8: We marked down expectations quite a bit from kind of

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Speaker 8: mid last year, and so far this year earnings have

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Speaker 8: again been better than feared, so it hasn't derailed the rally.

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Speaker 7: Among the companies reporting earnings this week. Adobe on Thursday

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Speaker 7: in New York, Charlie Pellot Bloomberg Radio.

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Speaker 2: All right, Charlie, thanks, So we also have a couple

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Speaker 2: of key IPOs we're following this week. Online grocery store

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Speaker 2: delivery company Instacart is planning to start its investors show

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Speaker 2: as early as today and is weighing pricing its listing

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Speaker 2: next week. The Wall Street Journal says Instacart's targeting evaluation

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Speaker 2: of as much as nine point three billion dollars, and.

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Speaker 3: ARM Holdings is considering raising its IPO price range for

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Speaker 3: what looks like the largest listing in the world. This year,

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Speaker 3: ARM filed for its IPO at forty seven to fifty

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Speaker 3: one dollars a share, that would have valued the company

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Speaker 3: at fifty four and a half billion at the high

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Speaker 3: end of the range.

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Speaker 2: Well elsewhere in company news this morning, Nathan Sources say

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Speaker 2: UBS is set to cut hundreds of wealth jobs in

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Speaker 2: Asia as activity slows in the region. The move comes

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Speaker 2: months after UBS completed its takeover of rival Credits Swiss,

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Speaker 2: and the majority of roles being cut come are within

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Speaker 2: teams acquired from the Swiss Lander.

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Speaker 3: In Queens this weekend, Karen nineteen year old Coco Goff

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Speaker 3: became the first American teenager to win the US Open

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Speaker 3: since Serena Williams in two thousand and one.

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Speaker 2: I've been coming to this tournament.

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Speaker 9: My dad took me to this tournament, sitting right there

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Speaker 9: watching Venus as Serena compete.

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Speaker 10: So it's really incredible.

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Speaker 6: To be on this stage.

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Speaker 3: Coco Goff was interviewed after the game on the court.

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Speaker 3: That sound courtesy of ESPN marks the first major of

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Speaker 3: Goff's career. On the men's side, Novak Djokovic claimed his

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Speaker 3: twenty fourth major championship, matching Margaret Court for the most

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Speaker 3: Grand Slam singles titles in tennis history. Look at some

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Speaker 3: of the other stories making news around the world. We

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Speaker 3: are joined by Bloomberg's John Tuckery. Good morning, John and Nathan.

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Speaker 11: It's a race against time in Morocco to find survivors

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Speaker 11: under the rubble after Friday's devastating six point eight magnitude earthquake.

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Speaker 11: If we'll say more than twenty one hundred people have

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Speaker 11: been killed, over twenty four hundred injured. American tourist Mohammad

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Speaker 11: Attadi was visiting Marra Cash.

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Speaker 8: There is a lot of damage that happened to a

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Speaker 8: lot of buildings. Some of them are mosques, some of

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Speaker 8: them are houses.

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Speaker 2: A lot of communities got heard well.

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Speaker 11: President Beiines sending his condolences and offers of help. Twinking

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Speaker 11: on our hostess brands closing in a sale to j M. Smucker.

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Speaker 11: It's a move that would marry the two big names

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Speaker 11: and snacks. The Wall Street Journal reports a deal likely

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Speaker 11: worth something in the neighborhood of four billion dollars, could

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Speaker 11: be announced as early as today. After avoiding recession for

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Speaker 11: longer than many thought possible, the US consumer may finally

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Speaker 11: be about to crack. More of this report from Bloomberg's

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Speaker 11: Jeff Bellinger.

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Speaker 9: More than half of the five hundred and twenty six

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Speaker 9: respondents to Bloomberg's latest Markets Live Pulse survey said that

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Speaker 9: personal consumption, the most important driver of economic growth, will

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Speaker 9: shrink early next year. That would mark the first quarterly

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Speaker 9: decline since the one of the pandemic. Another twenty one

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Speaker 9: percent said the reversal will happen even sooner in the

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Speaker 9: last quarter of this year, as high borrowing costs eat

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Speaker 9: into household budgets while COVID era savings run down. Jeff

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Speaker 9: Bellinger Bloomberg Radio.

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Speaker 11: Hurricane Lee, barreling through the open waters northeast of the

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Speaker 11: Carabbean I have expected to cause rip currents a rough

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Speaker 11: surf along the entire US Eastern seaboard this week. As

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Speaker 11: it makes its way towards Nova Scotian. Along the whole

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Speaker 11: east coast, we may see danger swript currents starting today.

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Speaker 11: Authorities in Pennsylvania have released new images of escaped inmate

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Speaker 11: Danello Cavalcanti as the man Hut continues with the convicted killer.

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Speaker 11: The fugitive, now clean shaven and wearing a hoodie, enter

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Speaker 11: slipping through a perimeter that was manned by up to

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Speaker 11: four hundred officers. The thirty four year old was convicted

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Speaker 11: of killing his ex girlfriend in front of her two children,

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Speaker 11: and New Mexico gun owners op in arms over Governor

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Speaker 11: Michelle Grisham's recent actions. On Friday, the state's democratic governor

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Speaker 11: declared gun violence a public health emergency has suspended to

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Speaker 11: open and concealed carry laws in cities and counties based

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Speaker 11: on crime stats now. The National Association for Gun Rights

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Speaker 11: and the Gun to Owners of America have both filed lawsuits.

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Speaker 11: Global News twenty four hours a day, Power by more

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Speaker 11: than twenty seven hundred journalists and analysts in more than

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Speaker 11: one hundred and twenty countries. I'm John Tucker. This he

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Speaker 11: is Bloomberg, Nathan.

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Speaker 12: Thank you John.

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Speaker 3: Time now for the Bloomberg Sports Update. With that, here's

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Speaker 3: John Stenshawer.

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Speaker 13: Thanks Nathan.

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Speaker 14: The Giants have had plenty of lopsided losses of the

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Speaker 14: Cowboys over the years, but none this bad. Now when

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Speaker 14: getting shut out, Giants coach Brian Dabole not soon going

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Speaker 14: to forget last night's season opening final score.

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Speaker 8: We just got.

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Speaker 10: We got skonked here, forty to nothing. So there's you know,

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Speaker 10: when you play a game like that and coach a

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Speaker 10: game like that, there's nothing that's good enough. And then

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Speaker 10: you know look at it with a critical odge, just

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Speaker 10: like we would do in any game. But you know,

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Speaker 10: forty to nothing is not a good score. Obviously, a

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Speaker 10: lot to work on, and that's.

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Speaker 7: What we'll do.

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Speaker 14: Dallas had special teams and defensive touchdowns in the first quarter.

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Speaker 14: The halftime score of twenty six to zing the second

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Speaker 14: most lopsided in NFL history for a Week one game.

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Speaker 14: With the home team trailing and getting shut out, Giants

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Speaker 14: have a lot to work on, especially protecting the quarterback.

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Speaker 14: Andrew Jones has got sacked seven times and no one

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Speaker 14: in Week one, more impressive than the Cowboys. The forty

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Speaker 14: nine ers were closed. They won thirty to seven in Pittsburgh.

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Speaker 14: Eagles a quick start in New England, up sixteen nothing

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Speaker 14: first quarter, Philly held on beat the Patriots twenty five

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Speaker 14: to twenty. Mac Jones through fifty four passes in defeat.

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Speaker 14: That's with Tom Brady in attendance. That's how Brady spent

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Speaker 14: his first NFL Sunday of retirement. The Commanders first games,

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Speaker 14: it's the ownership change. They beat Arizona twenty to sixteen.

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Speaker 14: The Ravens beat Houston twenty five to nine. Week one

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Speaker 14: ends tonight, another prime time game at MetLife. It's the

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Speaker 14: Jets in Buffalo and the highly anticipated Jets debut.

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Speaker 3: Of Aaron Rodgers.

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Speaker 14: Bizarre win for the Yankees. They were two outs from

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Speaker 14: being the first team to ever get no hit in

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Speaker 14: an eleven inning game, and they end up beating Milwaukee

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Speaker 14: four to three and thirteen. That's with two of a

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Speaker 14: night one two nothing in Minnesota. Red Sox avoid getting swept.

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Speaker 14: They beat Baltimore seven to three. Giants last night beat

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Speaker 14: the Rockies sixty three. John Stashawen Bloomberg.

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Speaker 12: Sports from coast to coast, from New York to San Francisco,

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Speaker 12: Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg

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Speaker 12: Business app, and Bloomberg dot Com.

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Speaker 3: This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. We

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Speaker 3: are watching stocks climb in Europe. Futures are pointing to

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Speaker 3: a higher open on Wall Street this morning as well.

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Speaker 3: There is optimism in this market that China's economy may

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Speaker 3: be stabilizing and that the US will be able to

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Speaker 3: pull off a soft landing for the American economy. Let's

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Speaker 3: bring in Dennis Gartman to kickoff this trading week for UST.

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Speaker 3: Dennis Coursus, chairman of the University of Akron and Doowmined

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Speaker 3: Investment Committee, and the former publisher of the Gartman Letter. Dennis,

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Speaker 3: it's great to speak with you. As always, it has

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Speaker 3: been very interesting to see this continued strong US data

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Speaker 3: ahead of the Federal Reserve's next decision. Do you share

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Speaker 3: some of this optimism at least that we're seeing this morning.

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Speaker 13: I haven't shared optimism for quite some period of time,

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Speaker 13: and as the great American poet William Carlos Williams once said,

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Speaker 13: so much depends upon a red wheelbarrow, So much depends

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Speaker 13: upon the coming CPI and PPI numbers on Wednesday and

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Speaker 13: Thursday this week. I have my doubts as to whether

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Speaker 13: the Set is going to tighten monetary policy again this month.

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Speaker 13: Probably more likely, though they'll take some action in November.

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Speaker 13: But I think this is going to be a fairly

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Speaker 13: quiet week. It's been a month and a half since

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Speaker 13: they've seen highs in the DOW and the SMP and

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Speaker 13: the NASDAC, and you're actually seeing some trend lines being broken.

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Speaker 13: So I'm not optimistic, other as the vast majority of

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Speaker 13: people seem to be. I'm rather a tad more pessimistic,

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Speaker 13: not demonstrably, so, just a tad more.

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Speaker 3: How does that pessimism play out into the portfolio that

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Speaker 3: you're managing at the University of Akron.

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Speaker 13: We're all you universities have to be long an abundant

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Speaker 13: amount of stocks. I mean, it's just the nature of

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Speaker 13: the beast. We are less long than most universities are.

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Speaker 13: I took about ten percent. Well, actually it was a

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Speaker 13: committee decision two and a half years ago. We took

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Speaker 13: ten percent of the portfolio out to guarantee spending for

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Speaker 13: the next two or three years. And we've actually moved

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Speaker 13: a little bit of money out of China, We've moved

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Speaker 13: a little bit of money into gold, and we're doing

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Speaker 13: reasonably well. We're probably in the upper quartile, not leading

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Speaker 13: the attack, but doing quite well to be and we're

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Speaker 13: a tad more defensive than most other universities are.

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Speaker 3: We heard from a Treasury Secretary, Janet Yellen. She's been

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Speaker 3: saying for some time that she thinks that the US

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Speaker 3: can pull off a soft landing. It sounds as though

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Speaker 3: you don't think that's the case.

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Speaker 13: I tend not to think that's the case. If I

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Speaker 13: could only choose one leading one economic indicator to follow,

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Speaker 13: it's the relationship between the conference sports leading economic indicators

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Speaker 13: and their own coincidence and indicators when the leaders fall

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Speaker 13: below the coincidence. Since nineteen seventy, every time it's happened,

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Speaker 13: it's happened. I believe seventeen times we've had we've been

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Speaker 13: in recessionary circumstances. So it's an indication that things seem

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Speaker 13: to be slowing down. I would like to think that

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Speaker 13: we could have a soft landing. Certainly that's better for

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Speaker 13: everybody involved, but I have my doubts as to whether

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Speaker 13: that can occurs. And Miss Yellen has been not the

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Speaker 13: greatest economists of all time, and she's made some terrible,

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Speaker 13: terrible decisions over the past many years. I think she's

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Speaker 13: probably a little too optimistic. I'm a little more pessimistic,

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Speaker 13: but the operative wars here are a little more so.

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Speaker 3: Do you think that we could see some economic damage

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Speaker 3: then from the rate hiking cycle that we've already seen

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Speaker 3: from this Federal Reserve? Because, as I mentioned, the economic

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Speaker 3: data tend to say otherwise, at least at this point.

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Speaker 13: Yes, with long and and with long lags, rising interest

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Speaker 13: rates are always deliterious economic circumstances. I think the Feed

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Speaker 13: is probably done with raising of rates. As I said earlier,

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Speaker 13: we won't get an increase in the September meeting. We'll

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Speaker 13: probably get if we get any further increase in the

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Speaker 13: overnight set funds rate, it'll happen in November, but it'll

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Speaker 13: be a long time before the Fed begins the process

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Speaker 13: of the easing monetary policy, at least into late twenty

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Speaker 13: twenty four, maybe into early twenty twenty five. The feat

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Speaker 13: has made it abundantly clear and tend to fight inflation,

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Speaker 13: and they'll be very slow in allowing rates to come down.

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Speaker 13: So I think we're going to see a long period

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Speaker 13: of time before rates begin there, before policy shifts in

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Speaker 13: another direction. It'll be a long time.

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Speaker 3: So do you think that that means that we're going

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Speaker 3: to see a stock market breakout of its range to

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Speaker 3: the downside, And if so, by how much We've got

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Speaker 3: about a minute left?

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Speaker 13: Yes, I think we're in the process of breaking some

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Speaker 13: important trend lines in the NASDAK, some important trend lines

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Speaker 13: in the down, some important trend lines in the S

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Speaker 13: and P. We've broken an important trend line in the russell.

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Speaker 13: And what bothers me greatly is that volume seems to

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Speaker 13: be coming in on the exchanges on down days and

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Speaker 13: coming in and leading on updays, and that's not an

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Speaker 13: internally strong sign. So yes, I think we're going to

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Speaker 13: be a little bit lower, maybe five to ten percent

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Speaker 13: below where we are right now, before I turn bullish

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Speaker 13: again on share prices. That'll be sometime in the future.

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