Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning. I'm Lisa Matteo and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we begin with the latest efforts for a piece
Speaker 3: deal between Russia and Ukraine. President Trump called the Vladimir
Speaker 3: Putin and urged the Russian leader to begin making plans
Speaker 3: for a summit with Vladimir Zlynsky.
Speaker 4: The proposal, which.
Speaker 3: President Trump pitched as a one on one summit between
Speaker 3: Ukraine and Russia's leaders, would be followed by a tri
Speaker 3: later gathering involving all three. Here's Lensky, President Trump, UK
Speaker 3: Prime Minister kir Stormer, and French President Macrone at the
Speaker 3: White House. Is heard right here on Bloomberg Radio yesterday.
Speaker 5: We need to stove this word to stop Russia, and
Speaker 5: we need support American and European.
Speaker 6: Batist muld Awa best for this.
Speaker 7: If everything works out well today, we'll have a try, Lad,
Speaker 7: and I think there will be a reasonable chance of ending.
Speaker 8: The war when we do that.
Speaker 9: The Coalition of Willing Countries that's thirty countries already working
Speaker 9: together on security guarantees, will now work with the US
Speaker 9: on those guarantees.
Speaker 10: My hope is that the United States do the most
Speaker 10: possible because that's what will allow us to alleviate the
Speaker 10: burden on Europe, and that the United States also confirm
Speaker 10: its commitments because that was a big question mark.
Speaker 3: Well, that was French President Macron, UK Prime Minister Starmer,
Speaker 3: Presidents Trump and Zelensky speaking at the White House yesterday.
Speaker 2: Only so Secretary of State Marco Rubio is hopeful negotiations
Speaker 2: will begin between Russia and Ukraine. He spoke to Fox
Speaker 2: News after the White House gathering.
Speaker 11: Now, the President suggested that Zelensky and Putin meet, so
Speaker 11: we're working on that now to try to set that
Speaker 11: up for them to meet somewhere, which again would be unprecedented,
Speaker 11: and then if that goes well, hopefully the next meeting
Speaker 11: will be a meeting between Presidents Putin, Trump and Zelensky
Speaker 11: where we hope to finalize a deal. We're not there yet,
Speaker 11: but that's what we're aiming towards, and that's one of
Speaker 11: the things that was discussed today is how to get
Speaker 11: to that point.
Speaker 2: Marco Rubio, speaking of Fun News, European officials say they
Speaker 2: expect another virtual meeting with President Trump as soon as
Speaker 2: today to discuss what security guarantees they could collectively offered
Speaker 2: to Kiev.
Speaker 3: Okay, and it still remains to be seen if when
Speaker 3: Zelenski and Putin will meet. Stephanie Baker is a senior
Speaker 3: writer at Bloomberg News and also author of Punishing Putin
Speaker 3: Inside the Global Economic War to bring Down Russia.
Speaker 9: What Marco Rubio, the Secretary of State, has been saying
Speaker 9: is that that that talks to set that meeting up
Speaker 9: are actively in the works. Putin has tried to avoid
Speaker 9: this by saying certain conditions need to be met before
Speaker 9: they sit down together, and those conditions are really a
Speaker 9: buzzword for that Ukraine needs to give up territory or
Speaker 9: agree to give up territory, which Zelensky's not going to do.
Speaker 8: So I think that.
Speaker 9: There are hurdles to setting up that meeting, and it
Speaker 9: does look to me that Putin may be playing for
Speaker 9: time again. But you know, maybe under the pressure from Trump,
Speaker 9: you know, Putin will indeed agree to sit down, But
Speaker 9: I think he's going to demand an awful lot in
Speaker 9: the talks ahead of time Well Bloomberg.
Speaker 3: Stephanie Baker now German Chancellor Fridrick Meertzi said that a
Speaker 3: possible Putin's and Lensky summit. Well, that could take place
Speaker 3: within two weeks.
Speaker 2: Lisa, the Trump administration is weighing taking a ten percent
Speaker 2: steak in Intel, which would make the US government the
Speaker 2: chip maker's largest shareholder. Sources say the plan could involve
Speaker 2: converting Intel's ten point nine billion dollars in ships at
Speaker 2: grants into equity. Begin more from Bloomberg's Ryan Gould.
Speaker 5: I think this is as much about ensuring Intel's longevity
Speaker 5: in terms of what the United States government thinks of
Speaker 5: as national security. I think this is an evolving situation,
Speaker 5: and we should caution that these plans are still very
Speaker 5: much in flux. They're very fluid.
Speaker 2: Bloomberg's Ryan Gould. At Intel's current market value, a ten
Speaker 2: percent steak in the shipmaker would be worth about ten
Speaker 2: and a half billion dollars.
Speaker 3: Well, meanwhile, SoftBank has agreed to buy two billion dollars
Speaker 3: in Intel. Now, it's a move that extends a Japanese
Speaker 3: company's US investment effort and offers a vote of confidence
Speaker 3: in the struggling chip maker. Shares of Intel there up
Speaker 3: about six percent in early trading.
Speaker 2: And Lisa, there is more major news this morning involving
Speaker 2: the chip sector Routers is reporting in videos developing an
Speaker 2: AI chips specifically for China, which will be more powerful
Speaker 2: than the H twenty model. Reuters says in video hopes
Speaker 2: to deliver samples to Chinese clients for testing as early
Speaker 2: as next month. However, US regulatory approval is not guaranteed.
Speaker 3: And presidents from sweeping tariffs have royal markets, unnerved trade
Speaker 3: partners and provoke criticism from leading economists.
Speaker 4: But there is an upside.
Speaker 3: The levies will help the US maintain its fiscal health now.
Speaker 3: That's according to S and P Global Ratings. The credit
Speaker 3: rating company has affirmed it's a double A plus long
Speaker 3: term rating for the US, in part because it thinks
Speaker 3: tariff revenues will reduce the fiscal hit of a recent
Speaker 3: tax and spending bill on Lisa.
Speaker 2: Let's turn to the MA markets now, where futures are
Speaker 2: a little changed ahead of the day's session, and Morgan
Speaker 2: Stanley Chief US equity strategist Mike Wilson says he remains
Speaker 2: bullish on the markets.
Speaker 12: A sixty twelve month basis. I actually feel better today
Speaker 12: than I have in quite a while on the fundamentals. Now,
Speaker 12: the stock market is already dis kind of a lot
Speaker 12: of this. This is, you know, stocks trade ahead of
Speaker 12: the of the data, so you know we are going
Speaker 12: to have some sort of consolidation. We've been running about
Speaker 12: that too, probably in the third quarter at some point,
Speaker 12: but we'd be buyers to that. That's the main message
Speaker 12: is that we think we're sort of beginning a new
Speaker 12: bull market in April. We're not going anywhere near those lows.
Speaker 2: Morgan Stanley chief US equity strategist Mike Wilson has a
Speaker 2: year end price target of sixty five hundred for the
Speaker 2: yes and P five hundred. The index closed at sixty
Speaker 2: four forty nine yesterday.
Speaker 4: Well earnings remain in focus.
Speaker 3: This morning, Karen, we start to get the latest quarterly
Speaker 3: numbers from the country's biggest retailers. This morning, we'll hear
Speaker 3: from Home Depot. Bloomberg's Tom Busby has a preview.
Speaker 13: Home Depot expected to post a rise in comparable sales
Speaker 13: despite worries about lower spending on major home improvement projects
Speaker 13: and fears about tariff driven price hikes. A big discussion
Speaker 13: on the call would be a potential rate cut in
Speaker 13: September and what the implications are for the retailer. Bloomberg
Speaker 13: consensus calls for comp sales rise one point three nine percent,
Speaker 13: with total revenue a forty five point four to nine
Speaker 13: billion on adjusted earnings per share of four dollars seventy
Speaker 13: four cents. Tom buzzby Bloomberg Radio, All right.
Speaker 2: Tom, thank you. The big economic event this week takes
Speaker 2: place in Wyoming. The Kansas City Fed's Annual Economic Policy
Speaker 2: Symposium kicks off Thursday in Jackson Hole. Then Fed share J.
Speaker 2: Powell gives you remarks on Friday. Bloomberg's Michael McKee is
Speaker 2: in Jackson Hole covering Powell and the Fed.
Speaker 7: He can lay out the issues I think, the fact
Speaker 7: that they don't know whether it's inflation or jobs that
Speaker 7: are going to be a bigger problem, and he'll probably
Speaker 7: do that, and he may talk about the framework review.
Speaker 7: The idea that he would come out and give the
Speaker 7: markets the heads up that they are going to cut
Speaker 7: in September as he did last year is probably a
Speaker 7: bridge too far for them.
Speaker 2: Michael McKee is a key part of Bloomberg's Jackson Hole coverage.
Speaker 2: It all finishes up with a special edition of Bloomberg
Speaker 2: Surveillance on Friday at nine am Eastern with Mike Tom
Speaker 2: Keane and Lisa Bromowitz.
Speaker 4: Plus watch for special.
Speaker 2: Episodes of the Odd Loss Podcast. Joe Wisenthal and Tracy
Speaker 2: Alloway will be taping several conversations from the event as well.
Speaker 2: Time now for look at some of the other stories
Speaker 2: making news in New York and around the world, and
Speaker 2: for that we're joined by Bloomberg's Michael Barr Michael, good Morning.
Speaker 14: Good morning Karen. Hurricane Aeron is expected to impact the
Speaker 14: outer banks of North Carolina, sending massive waves crashing into
Speaker 14: the island. Bloomberg Medior religiust Craig Allen has.
Speaker 8: The latest Hurricane Aeron, still a major hurricane, wins running
Speaker 8: around one hundred and twenty to one hundred and thirty
Speaker 8: miles per hour now, still very dangerous as it sits
Speaker 8: out over the open waters. It will not make landfall.
Speaker 8: It will pass to the north of the Turks and
Speaker 8: Caicos as well as the Bahamas. It definitely has slowed down.
Speaker 8: It's only moving at about five to ten miles per
Speaker 8: hour now, but eventually we'll start on a northerly track
Speaker 8: as we get on into Wednesday, and by Thursday and
Speaker 8: Friday it accelerates off to the north and East.
Speaker 14: Bloomberg Media religious Craig Allen aerin his forecast, caused life
Speaker 14: threatening rip currents along the East Coast from Florida up
Speaker 14: to Maine. Hamas said it has agreed to a deal
Speaker 14: proposed by Cutter and Egypt to pause the militant group's
Speaker 14: war with Israel and Gaza. The proposal would see Hamas
Speaker 14: release half of the hostages it still holds in return
Speaker 14: for the freeing of Palestinian prisoners and a partial withdrawal
Speaker 14: of Israeli troops. After two weeks of fleeing in protest,
Speaker 14: Sexas House Democrats returned to the state Monday. Their homecoming
Speaker 14: allows the Republican Landhouse to pass a redrawn congressional map
Speaker 14: that could we have more seats to the GOP come
Speaker 14: the mid terms next year. Texas House Speaker Republican Dustin Burroughs.
Speaker 13: A QUORUMUS present, and it's time to resume the work
Speaker 13: of the people of Texas sent us here to do.
Speaker 14: Meanwhile, California is Democratic Governor Gavin Newsom has threatened to
Speaker 14: counter Texas's new maps with redrawn maps that would favor Democrats.
Speaker 14: Global News twenty four hours a day and whenever you
Speaker 14: want it with the Bloomberg News. Now, I'm Michael Barr,
Speaker 14: and this is Bloomberg.
Speaker 2: Hearen all right, Michael Barr, thank you.
Speaker 3: Time.
Speaker 2: Now for the Bloombergy scores update. Here's John Stashaur.
Speaker 1: John, Good morning, gim morning care. And the Yankees had
Speaker 1: a night off. I've got some good news elsewhere. Toronto
Speaker 1: lost in Pittsburgh five to two. The Yanks mood within
Speaker 1: five games of the first place Blue Jays. The Red
Speaker 1: Sox lost at Fenway to Baltimore six to three. Yanks
Speaker 1: now tied for second with Boston Wild Gardlet and Seattle
Speaker 1: loss to the Phillies twelve to seven. Yanks plates not
Speaker 1: at Tampa Bay. Aaron Boone's team comes off. We can
Speaker 1: sweep in Saint Louis.
Speaker 6: Felt a long way to go in this and you know,
Speaker 6: it's always always really good at obviously getting to sweep
Speaker 6: and heading into an off day, but they're just we
Speaker 6: got to keep going and we we're not a finished
Speaker 6: product yet, and you know, we we know we're capable
Speaker 6: of a lot, but we got a waste to go.
Speaker 1: Mets played tonight in Washington. Milwaukee's lead in the NL
Speaker 1: Central now up to nine games over the Cubs or
Speaker 1: the Brewers shutout nine nothing at Wrigley. Milwaukee's won fifteen
Speaker 1: of sixteen since the All Star Break. Colorado has a
Speaker 1: better record than the Dodgers. The Rockies scored bottom of ninth,
Speaker 1: won four to three. They had lost their last ten
Speaker 1: versus La. Tennis fans were looking forward to the fifteenth
Speaker 1: career meeting between Janick Cinner and Carlos Alcarez. They just
Speaker 1: met in the finals of the French Open and Wimbledon.
Speaker 1: We're doing it again in Cincinnati, but it was clear
Speaker 1: Cinner was off his game. He trailed five love when
Speaker 1: he retired due to illness. Ygas Ciontek won the women's title,
Speaker 1: and now everyone coming to New York for the US Open,
Speaker 1: which it begins Sunday, But there's also the new mixed
Speaker 1: doubles tourney today and tomorrow at Flushing Meadow, with Alcarez, Sinner,
Speaker 1: and Schiantech all expected.
Speaker 4: To take part.
Speaker 1: The Cleveland Browns named forty year old Joe Flacco their
Speaker 1: Week one starting quarterback. They also have Kenny Pickett and
Speaker 1: two rookies. They're expected to keep all four. The Rams
Speaker 1: QB thirty seven year old Matthew Stafford practiced for the
Speaker 1: first time he's been out with a back injury. Fairfield,
Speaker 1: Connecticut capes winning at the Little League World Series now
Speaker 1: three and zero. It was thirteen to one over Soup
Speaker 1: Falls South Dakota. John Stanshed with Bloomberg Sports Kenen.
Speaker 2: Lisa stay with us more from Bloomberg day Break coming
Speaker 2: up after this.
Speaker 10: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 10: and around the world on Bloomberg dot Com and the
Speaker 10: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 4: It is five twelve on Wall Street.
Speaker 3: We'll after meeting with Russia's President Vladimir Putin Ukraine Vladimir
Speaker 3: zelenskape Usident Trump is now moving to set up talks
Speaker 3: between the two leaders. So here with the very latest
Speaker 3: on the developments is Tina Fordham. She's found a r
Speaker 3: at Fordham Global Foresight. Tina, thanks for joining me this morning.
Speaker 3: You are the expert in the field of geopolitical risks,
Speaker 3: so I have to start right off the bat by
Speaker 3: asking you. You know Putin has been reluctant to meet
Speaker 3: with Zelensky. Is this meeting? Is it going to take place?
Speaker 15: Thanks Lisa, So Putin does not want to be caught
Speaker 15: dead in a trilateral construct between himself, President Trump and
Speaker 15: Ukrainian President Zelenski, and we'll like the stonewall to prevent
Speaker 15: this from happening. But he's going to find it challenging
Speaker 15: because President Trump is very keen to make this happen,
Speaker 15: and of course it is the logical next step in
Speaker 15: these negotiations.
Speaker 3: So what would be discussed during this is it mainly
Speaker 3: territorial issues.
Speaker 15: Well, we don't really have a lot of insight into
Speaker 15: how President Trump conducts these meetings. I mean, there is
Speaker 15: an argument that says, you know, his unconventional approach to diplomacy,
Speaker 15: which is much less constrained by diplomatic protocol for example,
Speaker 15: you know, could result in some kind of breakthroughs in
Speaker 15: just you know, knocking heads and getting things done. But
Speaker 15: as President Trump himself said during the televised bit of
Speaker 15: his conversation with European leaders, he thought that the Russia
Speaker 15: Ukraine conflict would be the easiest to solve the of
Speaker 15: the many that he's turned his attention to. And it's
Speaker 15: in fact really complex, and that gets to the heart
Speaker 15: of the disconnect really between his transactional approach and how
Speaker 15: The fact is that the seeds of any potential next
Speaker 15: crisis or alternatively to create a durable and lasting piece,
Speaker 15: are going to result from the terms of this deal.
Speaker 15: And if we continue to think in terms of you know,
Speaker 15: this liver of territory in eastern Ukraine, that the don
Speaker 15: Bass as being inconsequential, we're going to fail to miss
Speaker 15: the point, which is, how do you create a peace
Speaker 15: deal between Russia and Ukraine that isn't simply post postponing
Speaker 15: a Russian attack to go back and get what they
Speaker 15: failed in this latest incursion.
Speaker 3: Tina, I want to talk about the meeting yesterday. The
Speaker 3: tone between President Trump and Zelensky yesterday notably improved from
Speaker 3: the Ukrainian friends last visit to Washington.
Speaker 4: Can you talk more about what was different this time around?
Speaker 15: Well, Zilensky clearly learned lessons from that disastrous February meeting,
Speaker 15: which you know resulted in a in a shouting match
Speaker 15: between Vice President vance President Trump and President Zelenski. You
Speaker 15: could see, you know, Ukrainian reporters in the in the
Speaker 15: press conference in Tea years it was a spectacle for
Speaker 15: the ages Uh and Zelensky couldn't risk that happening again.
Speaker 15: Of course, he's had subsequent meetings with President Trump since
Speaker 15: the February Oval Office showdown, most notably on the sidelines
Speaker 15: of the Pope's funeral in the Vatican, and what was
Speaker 15: evident is a much improved, almost shockingly better rapport between
Speaker 15: Zielensky and Trump. Some minor details that that underscore the
Speaker 15: preparation and the thought that it went into this on
Speaker 15: Zelensky's part, you know, not just wearing the black jacket
Speaker 15: he wore to the Pope's funeral rather than the military
Speaker 15: fatigues which Silensky wears as a sign that his country
Speaker 15: is at war.
Speaker 6: You know.
Speaker 15: But he he joked with the same reporter who had
Speaker 15: dressed him down no pun intended for his attire, you know,
Speaker 15: on the last press conference, and he joked with him
Speaker 15: and said, yeah, you're wearing the same suit I changed
Speaker 15: and you didn't.
Speaker 4: And then you know.
Speaker 15: Which was which was really you know, added some much
Speaker 15: needed levity to the discussions.
Speaker 4: I was also touched.
Speaker 15: By, you know, the the gesture where, uh, first the
Speaker 15: First Lady of Ukraine returned Milania Trump's letter to President Trump.
Speaker 15: She the First Lady of Ukraine, responded with her own
Speaker 15: letter to Milania, and those kinds of things really work
Speaker 15: with President Trump, he appreciates these kinds of gestures.
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Speaker 2: Moscow and.
Speaker 4: I'm Lisa Matteo.
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