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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today, Aaron.

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Speaker 2: Traders are gearing up for a week of political risks

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Speaker 2: and inflation data as we close out the first.

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Speaker 3: Half of twenty twenty four.

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Speaker 2: Investors will be closely monitoring the first US presidential debate,

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Speaker 2: while the first round of voting in the French legislative

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Speaker 2: election is set to take place this weekend. As for

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Speaker 2: the inflation data that comes Friday with the Federal Reserves

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Speaker 2: Preferred Gage of consumer prices, the PCE deflator. Nancy Tangler,

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Speaker 2: CEO at Laffertangler Investment still thinks earnings is.

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Speaker 3: The key, you know.

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Speaker 4: I think you ignore at this point what the Fed

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Speaker 4: is saying, what data they're depending on this next meeting,

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Speaker 4: because the trend line in corporate earnings is positive and

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Speaker 4: margins are expanding. Now not every company we saw it

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Speaker 4: last quarter. If you missed on any metric, you got clabbered.

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Speaker 2: Nancy Tangler of Laffertangler Investments notes the S and P

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Speaker 2: five hundred has risen three weeks in a row.

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Speaker 1: Well, Nathan, the stock bull run may have a very

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Speaker 1: little upside. That's the conclusion of our latest Bloomberg survey,

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Speaker 1: and we get the details from Bloomberg's Jeff Bellager.

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Speaker 5: The twenty twenty four rally has driven the S and

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Speaker 5: P five hundred to thirty one record closing highs, and

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Speaker 5: according to the latest Bloomberg Markets Live Pulse survey of

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Speaker 5: almost six hundred respondents, that has left the asset class

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Speaker 5: more overpriced than US credit or gold. Investors aren't looking

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Speaker 5: to hit the sell button just yet, but signs of

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Speaker 5: skittishness are evident, as about half of survey takers say

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Speaker 5: stocks will see the beginning of a correction of at

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Speaker 5: least percent this year. Thirty five percent say that will

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Speaker 5: happen in twenty twenty five. Artificial intelligence, a key driver

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Speaker 5: of the market's almost fifteen percent advanced this year, is

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Speaker 5: seen as the more most likely trigger for a sell off.

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Speaker 5: Jeff Beldinger, Bloomberg Radio.

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Speaker 2: All right, Jeff, thanks so ahead of inflation data at

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Speaker 2: the end of the week. The other key event for

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Speaker 2: investors and voters comes this Thursday night. That's when President

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Speaker 2: Biden and former President Trump meet for their first debate

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Speaker 2: hosted by CNN. Senator Elizabeth Warren is on the Biden

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Speaker 2: campaign's national Advisory Board. She says the debate will draw

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Speaker 2: a clear contrast.

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Speaker 6: If Donald Trump is elected to the presidency, he and

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Speaker 6: the extremist Republicans are coming after abortion, contraception, and IVF

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Speaker 6: in every single state in this country.

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Speaker 2: Senator Warren spoke on ABC's This Week. The ninety minute

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Speaker 2: debate will include no audience. The candidate's microphones will be

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Speaker 2: turned off when it's not their turn to speak. Republican

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Speaker 2: Governor Christy Nome of South Dakota was asked on NBC's

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Speaker 2: Meet the Press if former President Trump will be able

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Speaker 2: to back off personal insults.

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Speaker 4: You know, I don't think that he has to talk

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Speaker 4: about get personal in this debate at all, because he's

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Speaker 4: going to have so many good things to talk about

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Speaker 4: in contrast with Joe Biden's policies.

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Speaker 2: Meet the Press and This Week can be heard every

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Speaker 2: Sunday on Bloomberg Radio, and you can hear the CNN

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Speaker 2: debate on Bloomberg Radio or watch it on Bloomberg Television.

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Speaker 2: Our coverage starts Thursday night with a special edition of

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Speaker 2: Bloomberg Balance of Power with Joe Matthew and Kaylee lines

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Speaker 2: starts at eight pm Wall Street Time.

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Speaker 1: Well Nathan Now to the elections in France. Marine Le

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Speaker 1: Penn's far right National Rally has made further gains ahead

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Speaker 1: of the first round of France's snap legislative election on Sunday.

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Speaker 1: According to Bloomberg's poll of polls, the party has increased

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Speaker 1: its lead by zero point three points to thirty four

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Speaker 1: point two percent. President Emanuel Macron dissolved the lower House

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Speaker 1: of Parliament earlier this month and called the snap legislative

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Speaker 1: vote after his group was trounced in European Parliament elections.

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Speaker 2: It's Suir now Karen to the latest on the war

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Speaker 2: in the Middle East. Israeli Prime Minister Benjamin Netanyah who

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Speaker 2: says intense fighting in Gaza will come to an end shortly.

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Speaker 2: In his first major interview with an Israeli media outlet

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Speaker 2: since the October seventh Hamas attacks Netanya who also directly

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Speaker 2: rejected the prospect of a ceasefire deal with Hamas that

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Speaker 2: could eventually lead to the end of the war. Bloomberg

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Speaker 2: zed Baxter has the latest.

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Speaker 5: PM.

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Speaker 7: Benjamin NETANYAHUO is now saying that intense operations in Gaza

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Speaker 7: will end very soon. He says the next step will

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Speaker 7: be to get some troops into the North to counter

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Speaker 7: has Belah aggressions and to bring some students back from

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Speaker 7: where they were evacuated. He says he wants to do

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Speaker 7: it by diplomatic means, but if not, he'll go another way. Meanwhile,

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Speaker 7: he's sending Foreign Minister Job Gallant to the US to

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Speaker 7: talk about additional aid, which he says has been slowed down.

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Speaker 7: The US has consistently denied the allegation. Aed Baxter, Bloomberg

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Speaker 7: Radio all Right.

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Speaker 1: Ed Thanks and Company News. Federal prosecutors have, according to

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Speaker 1: Reuter's recommended Moeing face criminal charges, and shares are down

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Speaker 1: two thirds of a percent. This morning, we get details

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Speaker 1: from Bloomberg's dun Chrisner.

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Speaker 8: The charges would stem from violating a deferred prosecution agreement.

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Speaker 8: It was put in place in twenty twenty one after

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Speaker 8: two seven thirty seven MAX fatal crashes. In May, the

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Speaker 8: DOJ determined Boeing breach the agreement. The company disagreed. Now,

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Speaker 8: senior Justice Department officials have received a recommendation to bring

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Speaker 8: criminal charges. The question is will they and if so,

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Speaker 8: what type they could extend beyond the original twenty twenty

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Speaker 8: one fraud conspiracy charge. Alternatively, instead of prosecuting Boeing, the

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Speaker 8: DOJ could extend the twenty twenty one settlement by a

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Speaker 8: year or propose new stricter terms. In New York, I'm

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Speaker 8: Doug Prisoner, Bloomberg Radio.

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Speaker 3: All right ed Thanks.

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Speaker 2: Apple has been hit with a formal warning from European

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Speaker 2: Union antitrust enforcers for allegedly stifling competition on its app store.

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Speaker 2: The European Commission says Apple must allow app developers to

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Speaker 2: steer users to cheaper deals and offers.

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Speaker 3: Outside of the app store.

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Speaker 2: The new order comes under the EU's Digital Markets Act,

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Speaker 2: which lays out a raft of dues and don'ts for

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Speaker 2: some of the world's largest tech platforms.

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Speaker 3: Monday is.

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Speaker 2: Today's announcement is a preliminary step that follows similar move

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Speaker 2: the EU made against Apple in March, which came with

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Speaker 2: a one point nine billion dollar penalty.

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Speaker 1: Well Nathan Bloomberg News has learned by Dance and Broadcom

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Speaker 1: or in talks to develop an advanced artificial intelligence ship.

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Speaker 1: Sources say the US chip designer and Beijing based by

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Speaker 1: Dance have talked about a five nanometer purpose built ship.

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Speaker 1: No deal has yet been reached between the two companies,

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Speaker 1: and Broadcom already supplies an older generation processor for use

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Speaker 1: in Buytedance's data centers.

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Speaker 2: Finally, Karen, there were several arrests on the eighteenth Green

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Speaker 2: at the PGA's Travelers Championship yesterday. Six climate protesters stormed

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Speaker 2: the green with smoke bombs as the leaders lined up

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Speaker 2: to putt Each of those protesters was charged with first

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Speaker 2: degree mischief, first degree criminal trespass, and breach of peace.

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Speaker 2: The world's top golfer, Scottie Scheffler, says he was trying

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Speaker 2: not to lose focus.

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Speaker 9: When something like that happens, you don't really know what's happening,

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Speaker 9: so it can kind of rattle you a little bit,

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Speaker 9: just because there's people running around the green, and there's

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Speaker 9: police officers run around the green, and you don't know

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Speaker 9: if they're peaceful, you don't know what they're You have

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Speaker 9: no idea what's going on, and so it can be

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Speaker 9: a bit stressful. But fortunately I was out there and

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Speaker 9: you could kind of see me and actually talking to

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Speaker 9: each other for a Miney and Tom talking to each

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Speaker 9: other for a minute, just basically trying to calm down.

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Speaker 2: Man Scottie Scheffler did calm down. He shrugged off the

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Speaker 2: protest to win the Travelers Championship on the first whole

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Speaker 2: of sudden Death, narrowly edging out Tom Kim. Scheffler closed

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Speaker 2: the weekend at twenty two under two, secure his sixth

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Speaker 2: win of the year, the most in one season on

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Speaker 2: the PGA Tour since Tiger Woods's six victories in two

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Speaker 2: thousand and nine. It's also the most before July since

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Speaker 2: Arnold Palmer won six in nineteen sixty two.

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

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

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

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Speaker 5: Michael, good Morning, Good morning, Karen.

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Speaker 10: Officials Warren beachgoers beware that there is a high risk

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Speaker 10: of rip currents along the eastern end Gulf Coast, with

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Speaker 10: several drownings reported from Florida to New York. Beaches in

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Speaker 10: Long Island and New Jersey all the way down to

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Speaker 10: North Carolina and Florida at high risk. The height and

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Speaker 10: alerts coming as authorities called off the search for two

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Speaker 10: teenage boys ages sixteen and seventeen, who went missing near

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Speaker 10: jacob Riest Park in Queens on Friday. NYPD Deputy Commissioner

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Speaker 10: Kas Dauntry.

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Speaker 5: Away was extremely high and it went on top of

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Speaker 5: them and.

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Speaker 11: Sucked them over.

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Speaker 10: Witnesses say the teens were swept away shortly after lifeguards

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Speaker 10: went off duty. The NYPD is in high alert following

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Speaker 10: the latest attacks.

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Speaker 3: Abroad.

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Speaker 10: Russian authorities say more than fifteen police officers and several civilians,

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Speaker 10: including an Orthodox priest, have been killed by armed militants

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Speaker 10: in the southern Republic of Dakistan. They say the guvernment

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Speaker 10: opened fire on two Orthodox churches, a synagogue, and a

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Speaker 10: police post in two cities Sunday. Russia's National Anti Terrorists

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Speaker 10: Committee described the attacks in the predominantly Muslim region with

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Speaker 10: a history of armed militancy, as terrorist acts. Police say

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Speaker 10: they have killed at lee six of the attackers. Today,

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Speaker 10: Tuesday and Wednesday are declared days of morning in the region.

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Speaker 10: The death toll has climbed a fort and Friday is random.

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Speaker 10: Mass shooting at the grocery store in Arkansas, State police

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Speaker 10: say a twenty three year old who was a nurse

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Speaker 10: died Sunday. Kelly Weams was rendering aid when she was

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Speaker 10: fatally shot in Fordyce. Her mother, Helen Browning, she left God.

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Speaker 1: She loved her daughter, she loved her family, and.

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Speaker 10: Police said the suspect who was arrested was armed with

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Speaker 10: a twelve gage shot gun, epistol and extra shot gun rounds.

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Speaker 10: Her three days day, nut fired. The other three victims

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Speaker 10: killed eighty one year old Ellen Shrum, sixty two year

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Speaker 10: old Shirley Taylor, and fifty year old to Roy Sturgis.

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Speaker 10: Rochester Police say six people were shot at a city

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Speaker 10: park early Sunday morning, and one officer was injured responding

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Speaker 10: to the scene. Officers responded to the sound of gun

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Speaker 10: shots at MLK Park after the park had closed for

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Speaker 10: the night. Rochester Police Chief David Smith says an officer

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Speaker 10: injured in a fight with someone at the scene.

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Speaker 12: While continuing to work to disperse the crowd and provide

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Speaker 12: treatment to the victims, thirty eight year old Joshua Sanchez

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Speaker 12: actively blocked the officers and then began to fight with officers.

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Speaker 10: Chief Smith says it looks like they were all part

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Speaker 10: of the same gathering global news twenty four hours a

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Speaker 10: day and whenever you wanted with the Bloomberg News. Now,

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Speaker 10: I'm Michael Barr This is Bloomberg Carrot.

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Speaker 1: All right, Michael Barr, thank you time now for the

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Speaker 1: Bloomberg Sports Update with John Stanshawer, John Good.

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Speaker 5: Mornings, Good morning Carrot.

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Speaker 13: Mets and the Yankee started many two game Subway series

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Speaker 13: tomorrow night City Field. It's the Mets that are hot,

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Speaker 13: the Yanks or not. Mets have won nine at the

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Speaker 13: last eleven. Yanks have lost six of eight. They've lost

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Speaker 13: their last three series before which they had only dropped

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Speaker 13: three series all season. At the Stadium Atlanta one three

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Speaker 13: that one of the Yankees have acquired J. D. Davis

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Speaker 13: in a trade with Oakland.

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Speaker 3: So they added X.

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Speaker 13: Met the Mets at really last night had an ex

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Speaker 13: Yankee on the man and Luis Savarina was outstanding seven

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Speaker 13: scoreless inning, only three hit, struck out ten. Mets beat

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Speaker 13: the Cups five to two. Edmund Diaz came on to

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Speaker 13: pitch the ninth in in the umpires as they always do,

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Speaker 13: looked at his hand and the ump later said it

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Speaker 13: was extremely sticky. Diaz got tossed. He may be looking

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Speaker 13: at a ten game suspension. Red Sox won seven to four.

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Speaker 13: In Cincinnati, they won seven of eight. Nashville's won two

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Speaker 13: to one of Colorado. The Orioles got swept in Houston,

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Speaker 13: the Giants got swept by the Cardinals, and Omaha Tennessee

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Speaker 13: beat Texas A and M's the College World Series we

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Speaker 13: decided tonight as will the Stanley Cup.

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Speaker 3: Can Edmonton do something not.

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Speaker 13: Done in eighty two years win the final series after

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Speaker 13: losing the first three games.

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Speaker 5: Here's the Oilers, Leon Dreisidel.

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Speaker 11: It's been a hell of a story so far. But

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Speaker 11: at the end of the day, we play to win,

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Speaker 11: right and this is going to be the hardest game

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Speaker 11: for us, and they're gonna come ot hard, They're gonna

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Speaker 11: play at home. We have to bring our game again.

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Speaker 3: It would be the Oilers first Cups.

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Speaker 13: It's nineteen ninety, the first for any Canadian teams. It's

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Speaker 13: Montreal in ninety three. Florida with an now fourth chance

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Speaker 13: to win the Cup for the first time. Wnbah Shaba

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Speaker 13: came from fifteen down beat Indiana by a point in

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Speaker 13: the Battle of the Rookies. Gitlin Clark bested by Angel Reiche.

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Speaker 13: She had twenty five points sixteen to be bounds. Tennis

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Speaker 13: and England Tommy Paul won the Queen's Club Wimbledon tum up,

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Speaker 13: he becomes the highest ranked American player.

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Speaker 3: John stashe. We're Bloomberg Sports down.

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Speaker 14: Dam Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 14: and around the world on Bloomberg dot Com and the

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Speaker 14: Bloomberg Business app.

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Speaker 3: This is Bloomberg Daybreak. Good morning of Nathan Hager.

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Speaker 2: We are heading into the final trading week of the

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Speaker 2: first half of twenty twenty four with some of the

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Speaker 2: key catalysts stacked right at the end of it. Got

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Speaker 2: a presidential debate Thursday night, the Fed's preferred gage of

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Speaker 2: inflation on Friday, and that could inform the Central Bank's

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Speaker 2: next policy decision near the start of the second half

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Speaker 2: of twenty twenty four. Joining us for more, Bloomberg Radio

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Speaker 2: and television anchor Kritty Gupta, Critty, good Morning.

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Speaker 3: On top of all those catalysts, we have political risk.

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Speaker 2: In Europe, the French election starting this weekend, the UK

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Speaker 2: election the week after that. Is there a read through

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Speaker 2: from Europe's political volatility to what we could see in

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Speaker 2: the US market.

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Speaker 15: There is absolutely a read through, And I think the

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Speaker 15: mistake that a lot of folks make is a thing.

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Speaker 15: It's on the other side of the Atlantic. We don't care.

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Speaker 15: Let me explain to you why we do. There is

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Speaker 15: a read through specifically into the treasury market, into the dollar,

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Speaker 15: arguably into the stock market as well. Now, I think

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Speaker 15: a lot of eyes this week, in particular from a

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Speaker 15: political perspective, is going to be that highly anticipated debate

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Speaker 15: from President Biden and former President Trump as well, talking

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Speaker 15: about tariffs, talking about immigration, talking about things like how

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Speaker 15: they may be tackling this looming deficit. The first thing

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Speaker 15: on the new president's agenda will of course be the

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Speaker 15: budget ceiling. It comes up January twenty twenty five. That

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Speaker 15: being said, the read through from Europe is really important

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Speaker 15: because it's coming off of not just political turmoil in France,

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Speaker 15: simply this kind of rise of the far right, this

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Speaker 15: rise of the far left as well. That's going to

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Speaker 15: create a bigger deficit in France, but also creates a

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Speaker 15: lot of pressure on the bond market in Europe as well. Now,

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Speaker 15: the reason this matters to an American audience simply because

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Speaker 15: when we've seen iterations of this in the past. Take

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Speaker 15: a look at the twenty eleven twenty thirteen through twenty

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Speaker 15: thirteen sovereign debt crisis, in Europe. Take a look at

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Speaker 15: the mini budget coming out of Liz Trust as recently

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Speaker 15: as a couple of years ago, you do start to

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Speaker 15: see a read through into the US bond market. So

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Speaker 15: read through that contagion effect is what we're expecting to see.

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Speaker 2: You expect bond investors to position in some way around

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Speaker 2: the presidential debate. Does that have the potential to be

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Speaker 2: a market mover depending on the kinds of policy discussion

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Speaker 2: that we see on Thursday night.

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Speaker 15: You know, debates traditionally aren't tradable, and yet this morning

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Speaker 15: you hear a lot of folks out of Europe saying,

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Speaker 15: you know, I'm going to stay up and watch it.

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Speaker 15: It's about two am London time. I'll certainly be staying

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Speaker 15: up and watching it as well. It's important to keep

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Speaker 15: in mind that the tear off policy is important not

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Speaker 15: just because it's between the US and China, but between

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Speaker 15: US and China. The creates ASML, for example, based out

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Speaker 15: in the Netherlands, is stuck in the middle of the

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Speaker 15: sanctions talk EU terrors being put on Chinese evs being

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Speaker 15: accused of jumping on the market. That's really important as well.

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Speaker 15: When that all factors into what kind of lead the

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Speaker 15: next president, whether it's Biden or Trump. The takeaways that

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Speaker 15: they're going to be tough on China. Just how tough

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Speaker 15: is the real question.

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Speaker 2: And that toughness on China plays into a lot of

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Speaker 2: what we're seeing in the tech sector this rally around

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Speaker 2: the AI play. But we did have a drop in

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Speaker 2: tech shares at the end of last week and that

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Speaker 2: could feel debate and think about whether this tech rally's

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Speaker 2: topped out.

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Speaker 15: It does, and it also feels the debate excues me

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Speaker 15: of where the next AI leg is coming from. Remember,

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Speaker 15: this is something that China is also really investing on

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Speaker 15: when it comes to things like electrification as well applying

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Speaker 15: AI their own trip technology as well, I believe over

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Speaker 15: the weekends of headlines coming as well on Byteedance and

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Speaker 15: Broadcom working with TSMC when it comes to creating their

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Speaker 15: own trips. So there is really the story of what

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Speaker 15: kind of China read through is on Taiwan as well,

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Speaker 15: and that's all going to.

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Speaker 7: Come up in the debate.

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Speaker 2: Hager and I'm Karen Moscow.

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