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

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the latest on the effort to

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Speaker 3: end the war in Ukraine. President Vladimir Zelenski and European

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Speaker 3: leaders will hold a call with President Donald Trump later

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Speaker 3: today ahead of the President's Friday summit with Vladimir Putin

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Speaker 3: in Alaska. Here's Lenski speaking through an interpreter. Would it's

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Speaker 3: impossible to talk about Ukraine without Ukraine and no one

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Speaker 3: will accept that.

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Speaker 4: But they cannot agree on anything about Ukraine without us.

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Speaker 3: That was Ukrainian President Vladimir Zelensky ahead of his call

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Speaker 3: today with President Trump and European leaders. For more, let's

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Speaker 3: bring in Bloomberg's Ewan Pots in London. Ewan, what's the latest.

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Speaker 4: Nathan and Karen. President Putin is demanding that Ukraine give

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Speaker 4: up the two regions that form the Donbas as a

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Speaker 4: precondition to a CEASEFIA. That would mean Ukraine enforces withdrawing

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Speaker 4: from nearly three and a half thousand square miles of territory.

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Speaker 4: Ukraine's lot of Misslenski, who's in Berlin today says he

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Speaker 4: won't do that. European leaders who hold a call with

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Speaker 4: President Trump later today say that any piece agreement must

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Speaker 4: respect international law and that international borders must not be

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Speaker 4: changed by force. As Friday's Trump poot in summit gets

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Speaker 4: ever closer, there are a few signs of agreement between

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Speaker 4: the warring parties in London. I'm YOUW and pots Splinberg.

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Speaker 2: Radio, all right you and thank you. We turned now

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Speaker 2: to the markets where stocks begin the day in record territory. Yesterday,

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Speaker 2: the S and P five hundred rows one point one percent,

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Speaker 2: while the tech heavy Nasdaq one hundred gained one point

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Speaker 2: three percent. The rally came after the latest consumer price

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Speaker 2: index report. Stoke bets that the FED is virtually certain

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Speaker 2: to resume cutting interest rates next month. Jay Berry is

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Speaker 2: JP Morgan's head of Global rates Strategy.

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Speaker 5: We know the FED as an asymmetric reaction function and

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Speaker 5: seems to be more concerned about labor market weakness than

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Speaker 5: inflation being above its target. And with the slowing we've

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Speaker 5: seen in private pyrole growth, it kind of gives the

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Speaker 5: Green like to go back and think about the FED

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Speaker 5: cutting in September, even with inflation very far away from

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Speaker 5: the fed's target.

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Speaker 2: JP Morgan's J Barry FED fun futures are pricing in

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Speaker 2: a ninety percent chance of a rate cut in September.

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Speaker 3: Well, while most traders think a quarter point cut is

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Speaker 3: all but a lock Karen. Treasury Secretary Scott Besson says

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Speaker 3: he's open to a fifty basis point cut. He spoke

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Speaker 3: with Fox Business after the CPI report.

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Speaker 6: If we'd had the original number, if FED could have

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Speaker 6: been cutting in June July. So I think the real

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Speaker 6: thing now to think about is should we get a

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Speaker 6: fifty basis point ring cut in September to make up

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Speaker 6: for the delay and the lack of data.

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Speaker 3: As for the nominee to succeed FED Chair J. Powell,

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Speaker 3: Treasury Secretary Scott Besson says, there's a very wide net

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Speaker 3: being cast and the President Trump has a very open

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Speaker 3: mind on Nathan.

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Speaker 2: The White House pressure on the FED is not stopping there.

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Speaker 2: President Trump said he's considering a lawsuit against FED Chair J.

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Speaker 2: Powell over cost overruns at the Central Banks headquarters renovation.

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Speaker 2: The President made the comment on social media. We asked

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Speaker 2: White House Trade Advisor Peter Navarro whether the threat is serious.

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Speaker 3: Yes, yeah, yeah, I mean, look, you get your attention.

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Speaker 7: It's like, what is he doing there?

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Speaker 2: He's spending the taxpayer's money on a on a just

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Speaker 2: why not watching costs?

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Speaker 8: It's beautiful.

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Speaker 2: He contrasts with him the way Donald Trump does things

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Speaker 2: in the White House. He's undergoing a major renovation. He

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Speaker 2: watches every penny White how is Trade Advisor Peter Navarro

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Speaker 2: spoke with Joe Matthew on Bloomberg's balance of power. President

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Speaker 2: Trump has repeatedly called on Powell to resign, but he's

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Speaker 2: backed off threats to fire the chairman, while Secretary Bessen

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Speaker 2: to leads this search for his replacement.

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Speaker 3: Well Karen. Tariff revenue in this country did hit a

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Speaker 3: record last month, but it wasn't enough to prevent a

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Speaker 3: widening in the monthly budget deficit. Customs duties climbed to

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Speaker 3: twenty eight billion dollars in July, at two hundred and

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Speaker 3: seventy three percent surge over the same month last year,

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Speaker 3: but the monthly budget deficit came in at two hundred

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Speaker 3: ninety one billion, or ten percent more than the same

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Speaker 3: month a year before, after accounting for calendar differences.

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Speaker 2: A political fight in Texas could come to a head

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Speaker 2: this weekend in Nathan. Democratic lawmakers who left the state

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Speaker 2: to block a vote on a new congressional map now

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Speaker 2: say they're considering their options. ABC News is reporting they're

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Speaker 2: planning to return to Austin as soon as this weekend.

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Speaker 2: The Texas State House failed to reach a quorum again yesterday.

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Speaker 2: Speaker Dustin burrough says that's keeping lawmakers from addressing other

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Speaker 2: pressing issues.

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Speaker 6: We cannot take up the critical flood response legislation scheduled

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Speaker 6: for our floor.

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Speaker 2: Today, Texas Sounds Speaker Dustin Burroughs the Democrats could try

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Speaker 2: to demand that the legislature prioritize the flood response over redistricting,

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Speaker 2: but they hold little power in the GOP controlled House.

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Speaker 2: The special session ends on Friday. If lawmakers can't reach

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Speaker 2: a quorum by then, Governor Greg Abbott has said he'll

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Speaker 2: keep calling special sessions until the Democrats return well.

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Speaker 3: Karen Elon Musk has suffered a legal set back. A

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Speaker 3: federal judge has ruled the world's richest man must face

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Speaker 3: claims by Open AI that his attacks on the startup

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Speaker 3: in court and the media amount to a quote years

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Speaker 3: long harassment campaign. This is the latest twist in a

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Speaker 3: court fight that's played out since last year, when Musk

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Speaker 3: accused open ai of abandoning its founding purpose as a

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Speaker 3: charity by accepting billions of dollars in funding from Microsoft

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Speaker 3: starting in twenty nineteen. The year after Musk left open

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Speaker 3: AI's board, he launched Xai, a competitor to open Ai

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Speaker 3: in twenty twenty three.

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Speaker 2: Let's take a look at some stocks on the move

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Speaker 2: this morning. Nathan shares of Kava plunging twenty three percent.

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Speaker 2: The fast casual Mediterranean chain trimmed its annual sales out

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Speaker 2: look after a sharp deceleration in the second quarter. Core

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Speaker 2: Weave shares are down nine percent. The New Jersey based

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Speaker 2: company delivered a disappointing earnings outlook, reflecting margin pressures from

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Speaker 2: a rapid AI data center expansion and Venture Global shares

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Speaker 2: are up five percent. The natural gas export one a

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Speaker 2: major arbitration case over oil giant Shell. Time now for

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Speaker 2: a look at some of the other stories making news

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Speaker 2: in New York and around the world, and for that

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Speaker 2: we're joined by Bloomberg's Michael Maher. Michael, good morning.

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Speaker 8: Good morning Karen. Some of the eight hundred National Guard

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Speaker 8: members deployed by the Trump administration to assist with law enforcement.

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Speaker 8: Arrived in Washington, d C. President Donald Trump called DC,

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Speaker 8: without substantiation, a lawless city. Muriel Bowser pledged work alongside

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Speaker 8: the federal officials mister Trump has tasked with overseeing the

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Speaker 8: capital city's law enforcement.

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Speaker 9: The executive order is pretty clear, and so is the law.

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Speaker 9: The President has the authority by virtue of the statute

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Speaker 9: to request services.

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Speaker 8: Mayor Bowser insists the police chief will remain in charge

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Speaker 8: of the department and its officers. The mayor also points

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Speaker 8: to official statistics showing violent crime down twenty six percent

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Speaker 8: since last year, now at a thirty year low. New

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Speaker 8: York City Mayor Eric Adams rejected President Trump's suggestion that

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Speaker 8: the federal government could take over the city's police department.

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Speaker 8: Adams says crime in New York City is under control.

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Speaker 8: We don't need anyone to come in and take over

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Speaker 8: our law enforcement apparatus. They have to find this police

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Speaker 8: department on the globe. Mayor Adam says crime in the

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Speaker 8: city is at the lowest this year outside of the

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Speaker 8: two years of the pandemic. Harvard University has signaled it

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Speaker 8: is willing to pay five hundred million dollars for workforce

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Speaker 8: training programs as part of a settlement with the White House.

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Speaker 8: A deal between Harvard and the Trump administration would bring

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Speaker 8: the university closer to ending a month's long standoff that

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Speaker 8: began over accusations that Harvard failed to confront campus anti semitism.

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Speaker 8: United Launch Alliance launched its first national security mission Tuesday

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Speaker 8: with the newly developed Vulcan rocket put satellites into high

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Speaker 8: orbits above the Earth. ULA launched two military satellites into space.

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Speaker 8: ULA is one of just three companies allowed to launched

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Speaker 8: the most difficult and most sensitive missions for the Defense Department.

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Speaker 8: Global News twenty four hours a day and whenever you

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Speaker 8: want it with Bloomberg News Now. Michael Barn, This is Bloomberg. Karen.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Sports Update. It's brought to you by Flushing Bank

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Speaker 2: and here's John stash Hour.

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Speaker 10: John, Good morning, Good morning, Karen. It was nine years

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Speaker 10: ago that the Mets in the second round draft in

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Speaker 10: Pete Alonso out of the University of Florida, and three

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Speaker 10: years later a fifty three home run rookie season, still

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Speaker 10: the most ever. He's been slugging home runs ever since

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Speaker 10: at the point where Alonzo came to the plate, that

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Speaker 10: city field tied with Darryl Strawberry, a.

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Speaker 8: Ripple of anticipation. Who's through the ballpark?

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Speaker 4: With every Alonzo at bat, that put a cease of history.

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Speaker 9: And Pete drives won a deep right center field headed

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Speaker 9: back toward the wards. P Alonzo stands a lord for

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Speaker 9: poor bear, his home private Iceberg. Peter wants all the

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Speaker 9: most prolific.

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Speaker 8: Home run hittery in New York Met's history.

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Speaker 10: That's Gary Cohen on sn why home run number two

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Speaker 10: fifty three. He later hit another home run and a

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Speaker 10: thirteen to five Mets r out of Atlanta at the

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Speaker 10: end of their seven game loses in striek. Alonzo then

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Speaker 10: reacted to his big.

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Speaker 9: Night as a kid, you don't really think that it's

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Speaker 9: in the realm of the possibility to be a franchise

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Speaker 9: home run leader.

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Speaker 8: He just don't.

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Speaker 4: You just want to get to the big leagues and

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Speaker 4: give it your best.

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Speaker 10: Aaron Judge's sixth in Yankee history and moving closer to

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Speaker 10: both the Jogi Barra and Joe DiMaggio at the stadium,

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Speaker 10: Judge Homard first inning, Anthony Volpi had a three run shot.

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Speaker 10: John Colo. Stanton Homern had a two run single. Yanks

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Speaker 10: all over the Twins nine to one. Team staying hot

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Speaker 10: Milwaukee eleven wins in a row, and it was fourteen

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Speaker 10: to nothing over Pittsburgh. Eight straight for Seattle, a run

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Speaker 10: on the first inning, a one nothing win at Baltimore,

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Speaker 10: Cleveland on a Jose I'm here Asomer beat in Miami.

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Speaker 10: The Guardians of won ten at the last twelve. Redstats

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Speaker 10: won fourteen to one at Euston. The Nationals lost eight

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Speaker 10: five at Kansas City. The NBA schedule is out opening

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Speaker 10: night October twenty first, with a double letter on NBC

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Speaker 10: nix O for the next night at the Garden against Cleveland.

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Speaker 10: They'll also host the Cavs on Christmas. John stash Ewert,

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Speaker 10: Bloomberg Sports, Karen.

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Speaker 2: Nathan stay with us more from Bloomberg Daybreak coming up

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Speaker 2: after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager. President Donald Trump is preparing

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Speaker 3: to head to his Alaska summit with Vladimir Putin with

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Speaker 3: the Russian leader, sounding confident that he is dominating on

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Speaker 3: the battlefield against Ukraine. But before the President speaks with

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Speaker 3: Putin on Friday, he's due to hold a call with

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Speaker 3: Ukrainian President Vladimir Zelensky and European leaders today. Ukrainian lawmaker

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Speaker 3: Kira Rutik is looking ahead to Friday.

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Speaker 7: The best outcome would be that President Trump wouldn't take

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Speaker 7: yet another public humidiation from Russian President Putin, and that

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Speaker 7: he will get finally annoyed and will impose sanctions that

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Speaker 7: he has promised.

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Speaker 3: Ukrainian parliament member Kier Rudik spoke on Bloomberg Surveillance this morning.

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Speaker 3: We're joined by Bloomberg News Chief Asia correspondent Rosalind Mathieson Roz.

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Speaker 10: Good morning.

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Speaker 3: We know that Ukrainian President Zelenski has said his constitution

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Speaker 3: does not allow him to concede territory to Russia. What

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Speaker 3: can we expect when it comes to his call today

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Speaker 3: with President Trump? Good morning, Good morning.

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Speaker 11: Well, it's interesting that Zelensky is actually seemingly going to

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Speaker 11: be in Germany alongside the German Chancellor for this call today,

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Speaker 11: as you say, with the US President Donald Trump and

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Speaker 11: Vice President Jdi vance and this is really the last

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Speaker 11: opportunity for these European leaders, alongside Zelensky's this is Germany,

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Speaker 11: the uk Italy and more to really press Donald Trump

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Speaker 11: to make the case before he goes into this meeting

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Speaker 11: with Vladimir Putin to not over commit or pre commit

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Speaker 11: to too many things in the absence of Ukraine at

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Speaker 11: that meeting, and saying that there needs to be a

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Speaker 11: very slow and careful move towards any agreements or understandings

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Speaker 11: around land that preliminarily, this just needs to be an

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Speaker 11: initial conversation to perhaps feel each other out face to

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Speaker 11: face and to get a stronger sense of where the

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Speaker 11: redlines are for Russia, but also for Donald Trump not

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Speaker 11: to rush in in that minute and agree to whatever

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Speaker 11: Vladimir Putin may put on the table. And particularly the

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Speaker 11: concern there is that is there going to be an

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Speaker 11: early stage agreement between the two of them which requires

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Speaker 11: Ukraine indeed to see that land.

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Speaker 3: That mirror some of the rhetoric we've heard from President

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Speaker 3: Trump in recent days. There's been sort of downplaying expectations

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Speaker 3: for the summit on front, saying that he wants to

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Speaker 3: feel out President Putin. Could it be that Europe and

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Speaker 3: the president could be on the same page heading into Friday.

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Speaker 11: Well, certainly Donald Trump probably is aware that given the

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Speaker 11: last time he met with Vladimir Putin, it didn't necessarily

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Speaker 11: end up being so successful for him. For Trump, that

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Speaker 11: he maybe needs to be a bit more careful going

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Speaker 11: into this conversation. And he's shown some frustration with Vladimir

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Speaker 11: Putin in recent weeks, said that despite all their phone

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Speaker 11: calls and their conversations, that he felt in a way

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Speaker 11: that he was getting played a bit by Putin dragging

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Speaker 11: the chain on agreeing to a ceasefire. But that's one thing.

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Speaker 11: It's very different for the two of them to be

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Speaker 11: sitting down together and in the minute, you know, Vladimir

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Speaker 11: Putin is quite an astute operator, and who knows how

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Speaker 11: that meeting might go. And that again is the concern,

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Speaker 11: and that is why you're seeing these phone calls today

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Speaker 11: that yes, Donald Trump is casting this now as more

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Speaker 11: of a feeling out exercise, but there is still risk

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Speaker 11: in the minute that he does go ahead and agree

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Speaker 11: to things that Ukraine says that they cannot accept.

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Speaker 3: Some of that concern has been sounded out, with President

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Speaker 3: Zelenski even saying that Russia has made some surprise advances

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Speaker 3: on the ground in recent days and pushing deeper into

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Speaker 3: Ukrainian territory. How could that set up what we get

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Speaker 3: on Friday? What do we know about the situation on

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Speaker 3: the ground in eastern Ukraine at this moment.

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Speaker 11: Well, that's right, Zelensky is casting. This is Russia trying

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Speaker 11: to get into a positive position, the most advantageous position

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Speaker 11: for itself, going into this meeting and basically saying to

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Speaker 11: Donald Trump, this is Russia, you know, saying to Donald Trump, well,

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Speaker 11: we'd have this territory anyway, so you may as well

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Speaker 11: hand it over to us, rather than having us fight

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Speaker 11: for it for a few more months and getting there.

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Speaker 11: And certainly Russia has been making some gains on the

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Speaker 11: ground again, this is primarily in the Dombas region, and

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Speaker 11: you know, pushing forward, but not pushing forward massive. It's

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Speaker 11: been a real grinding wall now for quite some time.

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Speaker 11: They are making pockets of advances and certainly they seem

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Speaker 11: to have the advantage, but they're not gaining large amounts

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Speaker 11: of territory at Ukraine obviously is having very little success

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Speaker 11: pushing them back. But it seems to be that Ukraine

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Speaker 11: sees this as an effort by Russia to say we

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Speaker 11: do have the advantage, we would get this territory eventually,

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Speaker 11: and better just to agree to hand it to us

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Speaker 11: now versus having months and months of fighting to get there.

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