Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Amy
Speaker 1: Morris and I'm Karen Moscow. Here are the stories we're
Speaker 1: following today.
Speaker 2: Karen, we begin with the race for the White House
Speaker 2: and the growing pressure on President Biden to step away
Speaker 2: from the campaign. Axios reports Senate Majority Leader Chuck Schumer
Speaker 2: is privately signaling his concerns to donors, indicating that he
Speaker 2: may be open to replacing Biden as the Democrats nominee.
Speaker 2: Senator Peter Welch of Vermont is the first Democratic senator
Speaker 2: to call for Biden to exit the race. Welch wrote
Speaker 2: in a Washington Post op ed that while he has
Speaker 2: great respect for President Biden, it's time for him to
Speaker 2: step out of the race for the good of the country.
Speaker 2: This after former House Speaker Nancy Pelosi told MSNBC that
Speaker 2: only Biden could make that decision, but that the clock
Speaker 2: is ticking.
Speaker 3: We're all encouraging him to make that decision because time
Speaker 3: is running short.
Speaker 2: Top officials from the campaign are set to meet Senate
Speaker 2: Party members today, and now I made it a peerce.
Speaker 1: Hollywood has turned on Biden heavy hitters, including Netflix chairman
Speaker 1: Reed Hastings, superagent Ari Emmanuel Airis, Abigail Disney, and author
Speaker 1: Stephen king Of joined the chorus calling on Biden to
Speaker 1: drop his reelection bid. Actor and lifelong Democrat George Clooney
Speaker 1: weighed in with an opinion piece in The New York Times, saying, quote,
Speaker 1: the damn has broken after he helped raise thirty million
Speaker 1: dollars for Biden's re election campaign. Last month. Actor and
Speaker 1: director Rob Reiner chimed in on X saying that democracy
Speaker 1: faces an existential threat and Democrats need someone younger on
Speaker 1: the ticket to find back. We get inside from Henrietta Trace,
Speaker 1: a managing partner at Veda Partners.
Speaker 4: The rank and file Democrats across the country, Independence moderates
Speaker 4: and particularly female voters have said repeatedly all year long
Speaker 4: they do not want another term.
Speaker 1: For Joe Biden.
Speaker 4: They do not believe that he is up to the task.
Speaker 4: And it's been the elites who have said, you know what,
Speaker 4: We're going to stick with this guy. The senators are
Speaker 4: behind in the House, members behind him, and now both
Speaker 4: tides are shifting, and I'm really just watching which senators,
Speaker 4: you know, from an office or a chamber where Biden
Speaker 4: operated for thirty six years, is going to make the
Speaker 4: decision to say, hey, you know what, thank you so
Speaker 4: much for your service, It's time to move on.
Speaker 1: Henrietta Trece at Veda Partners thinks a final decision will
Speaker 1: be made on Biden in the next week.
Speaker 2: As for the presumptive Republican presidential nominee, Donald Trump is
Speaker 2: scheduled to speak at a bitcoin conference later this month.
Speaker 2: Event organizer BTC Media says Trump will deliver the speech
Speaker 2: on July twenty seventh on the main stage of the
Speaker 2: Bitcoin twenty twenty four event in Nashville. The former president
Speaker 2: has increasingly highlighted Bitcoin on his campaign trail well.
Speaker 1: Amy The NATO summit wraps up in Washington today. Last night,
Speaker 1: leaders use their strongest ever language to criticize China's military
Speaker 1: support for Russia in the Ukraine War. They called Beijing
Speaker 1: a decisive enabler that poses systemic challenges to euro Atlantic security.
Speaker 1: Again more from Bloomberg Managing editor Ben Sills.
Speaker 5: This is pretty much in line with what we heard
Speaker 5: from the G seven in Italy last month. I think
Speaker 5: it reflects the fact that the intelligence that the Western
Speaker 5: allies are getting now and exactly the way Chinese suppliers
Speaker 5: are helping to equip the Russian war machine. I think
Speaker 5: that intelligence has become a lot clearer, a lot firmer,
Speaker 5: and as a result, the allies are becoming much more
Speaker 5: direct in their criticism of Beijing.
Speaker 1: Bloomberg's Ben Sills or porest that a Chinese embassy spokesperson
Speaker 1: said China does not provide weapons to the parties in
Speaker 1: the conflict.
Speaker 2: Let's turn now to the markets. Another day, another record
Speaker 2: for stocks. In fact, the world's biggest tech companies fueled
Speaker 2: the S and P five hundred and above fifty six
Speaker 2: hundred for the first time ever. Amy Wu Silverman is
Speaker 2: head of Derivative Strategy at RBC Capital Markets.
Speaker 6: Historically, if you had said to investor, look where all
Speaker 6: time highs, this one secular theme is driving everything, and
Speaker 6: your cost of protection is at historical lows, that would
Speaker 6: certainly be compelling reasons to hedge. But what we're also
Speaker 6: not seeing is a lot of hedging, you know. So
Speaker 6: investors not only are not diversified in what they have
Speaker 6: in the market, they're also not using protection either.
Speaker 2: Capital MARKETSA Amy Wu Silverman notes the S and B
Speaker 2: five hundred rows for a seventh straight data not thirty
Speaker 2: seventh record this year well.
Speaker 1: I mean, the big event for markets comes later this morning,
Speaker 1: the release of a key inflation rapport. Economists are forecasting
Speaker 1: the core CPI to rise two tenths of a percent
Speaker 1: in June for a second month. Now would mark the
Speaker 1: smallest back to back gain since August. Feder Reserve Governor
Speaker 1: Lisa Cooke predictions inflation will cool with little damage to
Speaker 1: the labor market.
Speaker 7: My baseline forecast, and that of many outside observers is
Speaker 7: that inflation will continue to move toward target over time
Speaker 7: without much further rise and unemployment.
Speaker 1: Reserve Governor Lisa Cook made the comments. In Australia this morning.
Speaker 1: Swamps are pricing in two FED cuts this year, with
Speaker 1: a strong chance of the first coming in September.
Speaker 2: The economy is also in focus overseas. In fact, the
Speaker 2: UK economy grew at double the pace expected in the
Speaker 2: month of May. GDP expanded by four tenths of a
Speaker 2: percent for the month. The economy was boosted by stronger
Speaker 2: than expected performance in construction and services.
Speaker 1: On other news this morning, Amy Arcangos Capital Management founder
Speaker 1: Bill Huang has been found guilty of fraud and market manipulation.
Speaker 1: We get the details from Bloomberg Law host June Grosso.
Speaker 3: A jury found Arcago's Capital Management founder Bill Huang guilty
Speaker 3: of ten criminal counts stepping from his firm's twenty twenty
Speaker 3: one collapse. Concluding a two month trial that captivated Wall Street,
Speaker 3: Huang was convicted of securities and market manipulation fraud in
Speaker 3: a scheme that prosecutors say cost global investment banks billions
Speaker 3: of dollars. He'll be sentenced on October twenty eighth. In
Speaker 3: New York, June Grosso, Bloomberg Radio.
Speaker 2: Thank You June and in Company News City Group gets fined.
Speaker 2: The bank will pay one hundred and thirty six million
Speaker 2: dollars to US bank regulators over issues related to data
Speaker 2: quality management and risk controls. The Federal Reserve says the
Speaker 2: fines stem from back to back regulatory actions in October
Speaker 2: of twenty twenty.
Speaker 1: Well Amy, Apple's biggest new product in years, is not
Speaker 1: expected to shake off its slow sales start into the
Speaker 1: release of a cheaper model next year. According to market
Speaker 1: tracker IDC, the thirty five hundred dollars Vision Pro mixed
Speaker 1: reality headset has yet to sell ten one hundred thousand
Speaker 1: units in a quarter since its launch in the US
Speaker 1: and February. The IDC also says Apple faces US seventy
Speaker 1: five percent drop in domestic sales him the current quarter.
Speaker 1: And we are getting this headline crossing the Bloomberg on Apple,
Speaker 1: It's settled its EU antitrust probe over tap and pay technology.
Speaker 1: How we have a time now for a look at
Speaker 1: some of the other stories making news in New York
Speaker 1: and around the world. For that, we're joined by Bloomberg's
Speaker 1: Michael Barr Michael, good morning, Good.
Speaker 8: Morning, Karen. Democratic Representative Alexandria Ocassio Cortes has filed separate
Speaker 8: articles of impeachment against Supreme Court Justices Clarence Thomas and
Speaker 8: Samuel Alito. The separate articles refer to conflicts of interest.
Speaker 8: Ocassio Cortes says Thomas and Alito should have disclosed gifts
Speaker 8: from individuals with business before the Court, and she says
Speaker 8: they have failed to recuse themselves from cases where they
Speaker 8: or family members have ties which quote would be worthy
Speaker 8: of standard removal in any lower court.
Speaker 9: The Constitution rightfully and explicitly holds justices to even higher
Speaker 9: standards than members of Congress or even the President.
Speaker 8: The articles are not expected to advance in the Republican
Speaker 8: controlled House. Closing arguments will extend into a fourth day
Speaker 8: in the corruption trial of Senator Bob Menendez. Yesterday, a
Speaker 8: lawyer for the New Jersey Democrat told a federal jury
Speaker 8: in Manhattan that it would be a win for this
Speaker 8: country if it rejects the government's bribery case against his client.
Speaker 8: Attorney Adam Fee told the jury, this case it dies
Speaker 8: here today. Prosecutor say Menendez and his wife used his
Speaker 8: political influence to benefit foreign governments and assisted three New
Speaker 8: Jersey businessmen in return four bribes. Testimony resumed today in
Speaker 8: Alec Baldwin's involuntary manslaughter trial. Baldwin is charged in the
Speaker 8: death of cinematographer Helena Hutchins, who was killed during a
Speaker 8: rehearsal on the set of Rust when prosecutors say Baldwin
Speaker 8: fired a prop gun loaded with live ammunition. Prosecutor Alinda
Speaker 8: Johnson questioned crime scene technician Marissa Poppel, who was part
Speaker 8: of the investigation into the shooting and found live bullets
Speaker 8: at the movie set.
Speaker 1: How many rounds altogether did you discover that you thought
Speaker 1: were suspected live rounds on the set?
Speaker 10: Abreast five and the spent casing so.
Speaker 5: Six in total.
Speaker 8: Prosecutors argued Baldwin behaved recklessly, Baldwin's lawyer calling the deadly
Speaker 8: shooting a tragic accident, but arguing that Baldwin did not
Speaker 8: commit a crime, saying the actor never pulled the trigger.
Speaker 8: The current stretch of historic heat is doing more than
Speaker 8: just smashing records in the US. It is resulting in
Speaker 8: more Americans getting infected with dengay fever. States as far
Speaker 8: north as New York announcing cases of the tropical disease.
Speaker 8: Nearly two hundred infections now confirmed in New York and
Speaker 8: New Jersey alone, usually spread by infected mosquitoes. Global News
Speaker 8: twenty four hours a day and whenever you want it
Speaker 8: with Bloomberg News Now, Michael Barn, This is Bloomberg Karen.
Speaker 1: All right, Michael Barr, thank you time now for the
Speaker 1: Bloomberg Sports Update with John Stashauer.
Speaker 11: Jan Good morning, Give morning, Karen. Is the All Star
Speaker 11: break approaches, the Mets find themselves over five hundreds, very
Speaker 11: much in the race for a wildcard playoff spots. Since
Speaker 11: June second, the Mets are twenty two and ten. Beat
Speaker 11: the Nationals at City Field sixty two one up with
Speaker 11: a four runs, six didn't. That included the Jose I
Speaker 11: Glaciers two run single the Mets rookie manager Carlos Mendoza.
Speaker 12: We know where we at, you know, but still July,
Speaker 12: and I think the mindset here is, you know, okay,
Speaker 12: take care one day at a time, you know, take
Speaker 12: care of business today, take care business winning series, and
Speaker 12: let the team play out, you know, Let's continue to prepare,
Speaker 12: Let's continue to go out there and compete, Let's continue
Speaker 12: to have fun.
Speaker 6: And that's what they're doing.
Speaker 11: I mean, well, the Yankees a two to one win
Speaker 11: at Tampa Bay thanks to the bullpen. Four relievers Tim Hill,
Speaker 11: Luke Weaver, Tommy Cainley Clay Holmes combined for four and
Speaker 11: two thirds innings of scoreless relief with not only one hit.
Speaker 11: Just the Yanks seventh win in their last twenty four games.
Speaker 11: And now we'll see they can win two in a row,
Speaker 11: asn't happened since a four game wins streak ended On
Speaker 11: June twelve, Oakland cooled off the Red Size five to
Speaker 11: two of the Orioles were shut out by the Cubs
Speaker 11: four nothing, sixtieth win for the Phillies four to three
Speaker 11: over the Dodgers, and Wimbledon. No Americans remains. Taylor Fritz
Speaker 11: was hoping to get to his first Grand stam semifinal.
Speaker 11: He had upset Alex Zaverevin. Now Fritz was the favorite,
Speaker 11: but he lost in five sets to the Italian Lorenzo Mussetti.
Speaker 11: He'll now play Novak Djokovic or the Semis. Djokovic is
Speaker 11: fifteen years older and he'll be well rested. Didn't have
Speaker 11: to play his quarterfinal match. Alex de Minir had to
Speaker 11: pull out with a hip injury. They'll play the women's
Speaker 11: semifinals today in Las Vegas. First look at the US
Speaker 11: Olympic basketball team in eighty six to seventy two tune
Speaker 11: up win over Canada. The now off to Abu Dhabi
Speaker 11: for two more exhibition games. A change on the US
Speaker 11: roster Kawhi Leonard no longer on the squad, replaced by
Speaker 11: Derek White, joining his Celtic teammates Jason Tatum.
Speaker 8: And Drew Holliday.
Speaker 11: There's news with the new NBA media deal. Reportedly it
Speaker 11: will last eleven years. It'll bring in seventy six billion dollars.
Speaker 11: Copa America semifinals and Charlotte Columbia top Uruguay one nil
Speaker 11: will play Argentina in the final. John Stashedwar Bloomberg Sports Kennedy.
Speaker 8: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 8: and around the world on Bloomberg dot Com and the
Speaker 8: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2: Good morning, I'm Amy Morris. President Biden continues to face
Speaker 2: mounting opposition within his own party as a Senate Democrat
Speaker 2: has now joined a growing number of House lawmakers in
Speaker 2: calling on Biden to step aside from the campaign. And
Speaker 2: that's not all. We're joined now by the founder of
Speaker 2: Panjie Apology, Terry Haynes. Terry, good morning to you. Thanks
Speaker 2: for joining us. We know Vermont Senator Peter Welch has
Speaker 2: called for Biden to exit the race. He did that
Speaker 2: in an op ed, But now we're hearing Axios is
Speaker 2: reporting that Senator Schumer, the Senate majority leader, may also
Speaker 2: be having some doubts.
Speaker 10: Good morning, Amy. You know, I'm gonna take issue a
Speaker 10: little bit with the with the premise. You know, there's
Speaker 10: Biden certainly under some pressure from the party, But is
Speaker 10: he feeling a lot of pressure today? I doubt it.
Speaker 10: I mean, I'm sure they're all one, full alert and
Speaker 10: all that. But I doubt he's feeling a lot of
Speaker 10: pressure from one Senator and a handful of House members
Speaker 10: saying that he should go the and and a lot
Speaker 10: of the swirling around that's happening. I mean, you got
Speaker 10: to say, a gentleman here who's the President of the
Speaker 10: United States and the presumptive nominee of his party and
Speaker 10: has said a week ago he's not going anywhere. So
Speaker 10: this is not an easy task. It's not a quick task,
Speaker 10: it's not a clean task for Democrats, and they're doing this, frankly,
Speaker 10: at the worst possible time, and in a way that
Speaker 10: calls into their own credibility as a party.
Speaker 2: But the pressure is also coming from Hollywood, George Clooney,
Speaker 2: Rob Reiner and others. When you lose Hollywood, especially if
Speaker 2: you're a Democrat, that's not good.
Speaker 10: Well, they've got some problems with fundraisers. But you know,
Speaker 10: I think I want you to look at the how
Speaker 10: the White House might push back on that. Essentially, I'm
Speaker 10: the leader of the free world, and a bunch of
Speaker 10: guys who thought I was great two weeks ago now
Speaker 10: want me to go. Well, you know, you know, they'll
Speaker 10: get over this and I'll ride it out. And Biden's
Speaker 10: given every indication he is going to ride it out
Speaker 10: for a while, for good or ill.
Speaker 2: What are you looking for from the Democratic National Convention
Speaker 2: next month?
Speaker 10: Well, you know, it's interesting. My view most recently expressed
Speaker 10: to clients last night was that they did they'd be
Speaker 10: better off not worrying about so much about this kind
Speaker 10: of dog chasing the fire truck stuff that's going on
Speaker 10: with the National Democrats right now. And look at what's
Speaker 10: likely to happen in the convention in two ways. One,
Speaker 10: this virtual convention that originally was supposed to be held
Speaker 10: for later this month to pre nominate Biden and Harris.
Speaker 10: If delegates aided and abetted by by the National Party
Speaker 10: want to stop that, they can do it. And there
Speaker 10: are certainly lots of ways to stop Biden from being
Speaker 10: nominated at the real convention in August. And I'd be
Speaker 10: looking at both of those, because if Democrats are serious
Speaker 10: about stopping Biden, that's where they go, and that's probably
Speaker 10: where they can apply the greatest amount of pressure on Biden.
Speaker 2: Got about a minute left here, Terry Natal leaders in DC,
Speaker 2: how is this all bound to impact them?
Speaker 10: Well, you know, we're at a point where we're already
Speaker 10: at the highest geopolitical risk in over fifty years, and
Speaker 10: there was already bound to be increased US political risk. It's,
Speaker 10: you know, in the middle of the NATO seventy fifth
Speaker 10: anniversary celebration and at a time where they're ramping up
Speaker 10: security inside and outside the region. It's a bad look
Speaker 10: for the United States. It undermines Biden, it undermines the presidency,
Speaker 10: it undermines the United States seriousness in the world, and
Speaker 10: leaves NATO allies scratching their heads a little bit.
Speaker 2: Frankly, you're listening to Bloomberg Daybreak today, your morning brief
Speaker 2: on the stories making news from Wall Street to Washington
Speaker 2: and beyond.
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Speaker 1: And I'm Karen Moscow. Join us again tomorrow morning for
Speaker 1: all the news you need to start your day right
Speaker 1: here on Bloomberg Daybreak