WEBVTT - Biden-Trump Face Off in First Debate; Micron Slips on Earnings Miss

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<v Speaker 1>Bloomberg Audio, Studios, Podcasts, Radio News. Good morning, I'm Nathan

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

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<v Speaker 1>following today.

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<v Speaker 2>Karen, we begin with the event political watchers have been

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<v Speaker 2>waiting for for weeks and the candidates have been preparing

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<v Speaker 2>for for days. The first debate between President Biden and

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<v Speaker 2>Donald Trump is just hours away. Trump is already setting expectations.

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<v Speaker 3>Am I going to get affair?

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<v Speaker 4>Probably not, but it would be very good for CNN.

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<v Speaker 5>They're having a lot of ratings problems.

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<v Speaker 6>I think it would be very good for CNN.

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<v Speaker 2>Actually, now, the former president phoned into a black owned

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<v Speaker 2>barber shop in Atlanta, the city where the debate is

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<v Speaker 2>being held. Tonight, at CNN Studios, we have team coverage

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<v Speaker 2>of the CNN presidential debate, beginning with Bloomberg's Joe Matthew,

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<v Speaker 2>who says, this event's happening much earlier than usual in

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<v Speaker 2>the election cycle.

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<v Speaker 7>There was clearly an effort here or thought by the

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<v Speaker 7>Biden campaign that we do this early. Old Donald Trump's

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<v Speaker 7>bluff on whether he even wanted to debate, and by

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<v Speaker 7>the way, who knows if everyone shows up still, I'll

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<v Speaker 7>believe it when I see it, but also to get

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<v Speaker 7>to the age issues. They want to knock this thing

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<v Speaker 7>down before we get into the throes of conventions.

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<v Speaker 2>Bloomberg's Joe Matthew says the debate could lead to missteps

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<v Speaker 2>for Biden or Trump. They are both the oldest major

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<v Speaker 2>party candidates to compete for the White House.

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<v Speaker 8>Well, Nathan.

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<v Speaker 1>The return to the debate stage for these two candidates

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<v Speaker 1>comes with new rules, and Bloomberg's Ed Baxter has that

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<v Speaker 1>part of the story.

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<v Speaker 9>The rules have been drafted by CNN and agreed to

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<v Speaker 9>by both campaigns. First, moderators Jake Tapper, Dana Bash and

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<v Speaker 9>their control room will have control of the mics, and

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<v Speaker 9>the mics will be muted unless it is the candidate's

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<v Speaker 9>turned to speak. Second, there will be no live studio

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<v Speaker 9>audience to react to what traditionally have been called moments

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<v Speaker 9>in the past debates. Biden won the coin flip, meaning

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<v Speaker 9>he will stand at the lectern to the speaker's right,

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<v Speaker 9>and Trump will get the closing statement minutes with two

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<v Speaker 9>commercial breaks. Ed Baxter Bloomberg.

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<v Speaker 1>Radio, All Righted, thanks, so, we invite you to join

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<v Speaker 1>us for our special coverage of the CNN presidential debate.

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<v Speaker 1>It begins at eight pm Wall Street Time with a

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<v Speaker 1>special edition of Balance of Power with Joe Matthew and

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<v Speaker 1>Kaylee Lines in Washington and David Gura in Atlanta. Listen

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<v Speaker 1>to the debate on Bloomberg Radio or watch it on

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<v Speaker 1>Bloomberg Television.

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<v Speaker 2>Karen, There's also a highly watched political showdown overseas. Keir

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<v Speaker 2>Starmer and Rieschee Sunak had their final televised leaders debate

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<v Speaker 2>of the UK general election campaign. Economic proposals featured heavily

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<v Speaker 2>during the BBC event, as Labor leader Starmer set out

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<v Speaker 2>his party's plans on taxes.

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<v Speaker 10>We have set out in our manifesto all of our plans,

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<v Speaker 10>but we will not be increasing income tax, national insurance

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<v Speaker 10>or VAT.

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<v Speaker 2>Kir Starmer also labeled the Prime Minister as out of

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<v Speaker 2>touch with voters, while Reeschi Sunak retorted by questioning the

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<v Speaker 2>clarity of Labour's own fiscal proposals.

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<v Speaker 9>I've set out my plans clearly and I appreciate actually

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<v Speaker 9>that everyone's going to agree with me. Kissed Arma is

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<v Speaker 9>not being straight with you about his plans to raise

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<v Speaker 9>your taxes.

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<v Speaker 5>I don't think that's leadership.

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<v Speaker 2>Prime Minister Sunak also repeated previous claims that a labor

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<v Speaker 2>government would raise the tax burden, which Starmer said was false.

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<v Speaker 1>MOI turned to the markets now, Nathan, and futures are

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<v Speaker 1>lower following disappointing earnings from a high tech flyer. We

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<v Speaker 1>get the latest from Bloomberg's John Tucker, John, good morning,

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<v Speaker 1>and Karen.

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<v Speaker 11>Micron Technology shares down six percent pre market, the largest

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<v Speaker 11>US maker of memory chips, delivering an outlook roughly in

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<v Speaker 11>line with the average analyst estimate. Whe they're being punished

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<v Speaker 11>for not outperforming the elevated expectations. The company says fourth

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<v Speaker 11>quarter sales going to be as high as seven point

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<v Speaker 11>eight billion dollars. Micron had rallied sixty seven percent this

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<v Speaker 11>year before yesterday's close, lifted by expectations, is going to

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<v Speaker 11>be one of the main beneficiaries of AI spending. Their

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<v Speaker 11>chips stand out for their memory capabilities for AI chips altogether.

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<v Speaker 11>Big jumps at market value been vulnerable to rapid correction

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<v Speaker 11>shown by Nvidia earlier this week, when it shares entered

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<v Speaker 11>correction territory on Monday before bouncing back. I'm in New York.

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<v Speaker 11>I'm John Tucker, Bloomberg Radio.

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<v Speaker 2>All right, John, thank you, were also watching shares of

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<v Speaker 2>International Paper. They are down fifteen percent in early trading.

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<v Speaker 2>Brazil's Susano says it is ending its takeover pursuit of IP.

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<v Speaker 2>Susano says it was never able to draw the company

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<v Speaker 2>into serious engagement and wasn't willing to increase its offer.

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<v Speaker 2>The decision removes a complication to International Papers plan to

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<v Speaker 2>acquire D. S.

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<v Speaker 12>Smith.

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<v Speaker 1>Funny Than shares of Levi also taking a big hit

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<v Speaker 1>this morning. They're down more than fifteen percent. The dena

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<v Speaker 1>maker reported sales in its latest quarter that slightly missed expectations,

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<v Speaker 1>underscoring Wall Street's high expectations for the company, and.

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<v Speaker 2>A big retailer overseas is taking it on the chin

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<v Speaker 2>as well. This morning, Karen's Shares of H and Them

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<v Speaker 2>are down thirteen percent. The fashion company reported weaker than

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<v Speaker 2>expected profit for the second quarter and also said sales

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<v Speaker 2>slumped at the start of June as poor weather kept

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<v Speaker 2>shoppers at home.

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<v Speaker 1>Well, we're also following bank stocks this morning, Nathan. This

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<v Speaker 1>after the country's biggest banks passed the Federal Reserve's annual

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<v Speaker 1>stress test, and we get the details with Bloomberg's Charlie Pellett.

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<v Speaker 3>It paves the way for higher shareholder payouts as the

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<v Speaker 3>industry awaits a water down version of a separate proposal

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<v Speaker 3>for stricter capital rules. The FED said each firm stayed

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<v Speaker 3>above its minimum capital requirements during a hypothetical recession. Altogether,

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<v Speaker 3>the group would take nearly six hundred and eighty five

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<v Speaker 3>billion dollars in losses, driving a larger drop in capital

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<v Speaker 3>than in last year's scenario, but quote within the range

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<v Speaker 3>of recent stress tests. This round of the annual exam,

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<v Speaker 3>a product of the two thousand and eight financial crisis,

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<v Speaker 3>included thirty one banks, each with at least one hundred

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<v Speaker 3>billion in assets. In New York, Charlie Pellett Bloomberg Radio.

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<v Speaker 13>All right, Charlie.

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<v Speaker 14>Thanks.

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<v Speaker 2>In New Jersey, budget committees in the state Senate and

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<v Speaker 2>Assembly have approved a tax hike on the largest companies

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<v Speaker 2>doing business in the Garden States, expected to get a

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<v Speaker 2>floor vote later this week. More on that from Bloomberg's

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<v Speaker 2>Doug Prisner.

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<v Speaker 13>Leaders in the Democratic controlled legislature agree to the so

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<v Speaker 13>called corporate Transit Fee. The aim is to help fund

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<v Speaker 13>New Jersey's financially stressed public transportation system. It was pitched

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<v Speaker 13>earlier this year in Governor Murphy's state budget, a two

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<v Speaker 13>and a half percent fee will be added to the

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<v Speaker 13>state's nine percent corporate tax rate on businesses with New

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<v Speaker 13>Jersey net taxable income above ten million dollars. Now, around

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<v Speaker 13>six hundred of the wealthiest companies names like Walmart and

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<v Speaker 13>Amazon are expected to pay the fee. It's forecast to

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<v Speaker 13>generate roughly a billion dollars in revenue annually in New York.

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<v Speaker 13>I'm Doug Prisner, Bloomberg Radio.

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<v Speaker 1>Right, Doug, thank you all. Turning to the economy. Now,

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<v Speaker 1>we are just one day away from the Fed's preferred

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<v Speaker 1>inflation rating, the PCEE de Flator. Despite the results, Dominque Constam,

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<v Speaker 1>the head of Macro Strategy and Mizoo Security, says the

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<v Speaker 1>Fed should start cutting interest rates.

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<v Speaker 15>I would definitely be in the camp of, you know,

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<v Speaker 15>cutting you know, two or three times this year and

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<v Speaker 15>then you know, and then and then sort of adding

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<v Speaker 15>another sort of hundred base point easing at least, you know,

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<v Speaker 15>in the sort of first half of next year. I mean,

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<v Speaker 15>policy is restrictive. Inflation does look some to me as

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<v Speaker 15>is under control, and it's you know, the last thing

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<v Speaker 15>you want is for to fall below target.

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<v Speaker 1>A zero security is dominant constant. Bloomberg Economics expects May's

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<v Speaker 1>monthly core PCE inflation reading to be the slowest yet

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<v Speaker 1>this year. And it's time now for a look at

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<v Speaker 1>some of the other stories making news in New York

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<v Speaker 1>and around the world. For that, we're joined by Bloomberg's

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<v Speaker 1>Michael Barr. Michael, good morning, Good.

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<v Speaker 14>Morning, Karen. It was a rough travel day at airports

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<v Speaker 14>in New York and Washington, d C. Several major airports

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<v Speaker 14>along the East Coast had to pause flights because of

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<v Speaker 14>severe weather. Departures to Newark, Kennedy and LaGuardia airports were

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<v Speaker 14>grounded until early this morning because of thunderstorms in the

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<v Speaker 14>Washington area. Departures to the Baltimore, Dulles and Reagan airports

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<v Speaker 14>were grounded. Last night, in Bolivia, chanting crowds led fireworks

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<v Speaker 14>outside the presidential Palace as rebel soldiers dispersed after a

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<v Speaker 14>failed coup attempt against the nation's socialist government. President Luis

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<v Speaker 14>Arse thanked supporters from the balcony of the same building,

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<v Speaker 14>into which an army unit had earlier driven a tank

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<v Speaker 14>in an attack. It is likely to bolster his embattled

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<v Speaker 14>administration as it grapples with shortages of fuel and hard currency.

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<v Speaker 14>The US Supreme Court is poised to allow abortions in

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<v Speaker 14>medical emergencies in Idaho, according to a copy of an

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<v Speaker 14>opinion that was briefly posted on the court's website. The

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<v Speaker 14>decision would reinstate a lower court order that insured hospitals

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<v Speaker 14>in the state could perform emergency abortions to protect the

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<v Speaker 14>health of the mother. First Lady, Doctor Joe Biden, hosted

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<v Speaker 14>a Pride Month celebration at the White House. The First

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<v Speaker 14>Lady says Pride is a celebration and a declaration to

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<v Speaker 14>not be silenced.

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<v Speaker 16>I'm so happy to be here with my daughter as

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<v Speaker 16>we celebrate your families, those families that you're born into,

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<v Speaker 16>the ones you build, and the ones you choose.

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<v Speaker 14>Hundreds of guests were on the South lawn for the

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<v Speaker 14>event that also included live music. Heading to the US

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<v Speaker 14>some VIPs very important pandas they are on their way

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<v Speaker 14>to the San Diego Zoo from China as part of

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<v Speaker 14>a thirty year alliance with the China Wildlife Conservation Association.

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<v Speaker 14>The two giant pandas were often a send off ceremony

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<v Speaker 14>Yesterday in the Chinese province of Shishwan, and it was

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<v Speaker 14>attended by a number of Chinese and American dignitaries, including

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<v Speaker 14>San Diego Mayor Todd Gloria.

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<v Speaker 8>On behalf of the San Diego Zoo Wildlife Alliance, and

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<v Speaker 8>every San Diego is a profound honor to be entrusted

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<v Speaker 8>with the care and conservation of these two giant handas

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<v Speaker 8>Jun Chuan in Singtow.

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<v Speaker 14>Global News twenty four hours a day and whenever you

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<v Speaker 14>want it with Bloomberg News. Now, I'm Michael Barr, and

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<v Speaker 14>this is Bloomberg Karen.

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<v Speaker 1>BP's all right, Michael Barr, thank you, and it is

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<v Speaker 1>time now for the Bloomberg Spores update. Here's John stash Hour.

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<v Speaker 3>John, Good morning, morning, Karen.

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<v Speaker 4>Pretty amazing how the tables have recently turned in New

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<v Speaker 4>York baseball. Mets are hot Yankees or not. It was

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<v Speaker 4>on full display in the two game Subway series at Cityfield,

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<v Speaker 4>Mets one and both getting the sweep with a twelve

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<v Speaker 4>to two route the night after hitting four.

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<v Speaker 14>Home runs, they hit three more.

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<v Speaker 4>Harrison Vader again homeward in both games against his old team,

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<v Speaker 4>Francisco Alvarez, three hits. He had a two run homer later,

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<v Speaker 4>Tyrone Taylor a three run shot. Mets had won fifteen

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<v Speaker 4>of their last nineteen. They are at five hundred for

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<v Speaker 4>the first time, is with May tenth. Their manager is

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<v Speaker 4>Carlos Mendoza.

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<v Speaker 17>We wear a few weeks ago, you know, to be

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<v Speaker 17>in this position now. He's important knowing that we still

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<v Speaker 17>got work to do, and we got long ways to go,

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<v Speaker 17>you know. But from theater, the same approach, one day

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<v Speaker 17>at a time, one game at a time, one series

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<v Speaker 17>out of time.

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<v Speaker 4>So the Yankees a little more than two weeks ago,

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<v Speaker 4>they had played twenty series and only lost two. Since then,

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<v Speaker 4>they played four series, lost them all three and nine

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<v Speaker 4>in their last twelve games, and only bright Spot continues

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<v Speaker 4>to be Aaron Judge. He hit his thirtieth home run.

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<v Speaker 4>He's ahead of his face from two years ago when

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<v Speaker 4>he hit sixty two. The Orioles ended a five game

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<v Speaker 4>losing straight four to two over Cleveland, and Baltimore's only

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<v Speaker 4>a game behind the Yanks. The NBA drafts first round

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<v Speaker 4>held in Brooklyn. They'll have Round two tonight. French teenagers

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<v Speaker 4>led the way the year after Victor Webbinyama went first overall.

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<v Speaker 4>Atlanta began the night taking Zachary Rezache Washington followed with

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<v Speaker 4>Alex starras seven foot or another youngster from France went

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<v Speaker 4>sixth overall, and the Knicks took an eighteen year old

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<v Speaker 4>from France, a Liot. The bigger story for the Knicks

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<v Speaker 4>the ESPN report that oj Nnobi is staying in New

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<v Speaker 4>York after opting out but coming to free agent. He'll

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<v Speaker 4>get five years, two hundred and twelve million. With Onanobi

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<v Speaker 4>in the lineup. Last season, the Knick's record was twenty

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<v Speaker 4>six and six. They named the roster for the US

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<v Speaker 4>Women's Olympic soccer squad and I'll long time start the team.

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<v Speaker 4>Alex Morgan, now thirty four, got cut. John Stashewert Bloomberg Sports.

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<v Speaker 13>Can I neither.

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<v Speaker 12>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

0:12:18.960 --> 0:12:21.840
<v Speaker 12>and around the world on Bloomberg dot Com and the

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<v Speaker 12>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning.

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<v Speaker 2>I'm Nathan Hager. Willing last minute preparation for the first

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<v Speaker 2>debate between President Biden and former President Trump's going to

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<v Speaker 2>have to happen in the next few hours. The rematch

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<v Speaker 2>begins tonight at nine pm Wall Street time of the

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<v Speaker 2>CNN presidential debate and ahead of it. We're joined by

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<v Speaker 2>Tina Fordham, the founder and geopolitical strategist at Fordham Global Foresight. Tina,

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<v Speaker 2>good morning. I don't think we've had any two better

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<v Speaker 2>known candidates heading into a debate than the tour they

0:12:48.880 --> 0:12:51.440
<v Speaker 2>were going to meet tonight. How much could this debate

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<v Speaker 2>really change voters' minds?

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<v Speaker 5>Well more than debates typically do.

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<v Speaker 6>Right, So, first of all, the timing US presidential debate

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<v Speaker 6>comes earlier in the cycle than normal, and there is

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<v Speaker 6>more writing on this contest where we have so many

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<v Speaker 6>registered independents and so many.

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<v Speaker 5>Voters who dislike both candidates.

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<v Speaker 2>When you have that level of dislike, though, I mean,

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<v Speaker 2>with the coming this early, I mean, can this debate

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<v Speaker 2>really have an impact on how voters come down in November?

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<v Speaker 5>Well, they definitely can.

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<v Speaker 6>This is the first time we'll see these two candidates

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<v Speaker 6>side by side.

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<v Speaker 5>Since twenty twenty.

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<v Speaker 6>I think the level of the narrative is such that

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<v Speaker 6>if Joe Biden manages to stand up and be sentient,

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<v Speaker 6>he's winning. You know, such has been the low expectations

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<v Speaker 6>for him, and the bar is lower for Trump. He's

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<v Speaker 6>a reality TV star, of course, and he will get

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<v Speaker 6>I think a huge points for making any kind of policy.

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<v Speaker 5>Discussion that's you know, that's that's.

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<v Speaker 6>Sane and credible, but it'll be a form of entertainment,

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<v Speaker 6>especially for political junkies like me.

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<v Speaker 2>Yeah, these debates tend to be that way. I mean,

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<v Speaker 2>we always look for the style points, But is there

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<v Speaker 2>a chance for substance to break through in a format

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<v Speaker 2>where the mics are going to be cut off when

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<v Speaker 2>they're not talking and there's not going to be an audience.

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<v Speaker 5>So those are two unprecedented changes.

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<v Speaker 6>Trump of course thrives on his studio audience, and that's

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<v Speaker 6>where there is room for, you know, surprises on the

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<v Speaker 6>upside and the downside the cutting off of mics.

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<v Speaker 5>They both need to keep their cool.

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<v Speaker 6>Remember in the last debate, Joe Biden was heard muttering

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<v Speaker 6>under his breath.

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<v Speaker 5>Shut up man.

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<v Speaker 6>You know. Will they get on each other's nerves or

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<v Speaker 6>will they talk about the issues that matter most to Americans,

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<v Speaker 6>which is the economy and.

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<v Speaker 2>Inflation and so on those issues in particular. Could we

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<v Speaker 2>see this as a market moving event depending on what

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<v Speaker 2>kinds of points the candidates make this evening.

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<v Speaker 6>I think one of them would have to suffer an

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<v Speaker 6>extreme physical event for it to be market moving, and

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<v Speaker 6>not that anyone wishes for that, but I think when

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<v Speaker 6>we have such high disapproval ratings for both candidates and

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<v Speaker 6>so many independents who dislike both, so called double haters,

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<v Speaker 6>it's important.

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<v Speaker 5>Also the fact that the debate is taking.

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<v Speaker 6>Place before the conventions for the parties of July for

0:15:47.600 --> 0:15:52.040
<v Speaker 6>Republicans in August for Democrats. There is some chance for

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<v Speaker 6>what I call the Democrats kind of fantasy outcome to transpire,

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<v Speaker 6>which is that if Biden looks like he's really not

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<v Speaker 6>up to the job, could he be somehow convinced to

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<v Speaker 6>stand down.

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<v Speaker 5>I consider that very low probability, but it's not zero.

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<v Speaker 10>This is Bloomberg day Break Today, your morning brief on

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<v Speaker 2>I'm Nathan Hager and.

0:16:54.200 --> 0:16:57.520
<v Speaker 1>I'm Karen Moscow. Join us again tomorrow morning for all

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<v Speaker 1>are on Bloomberg Daybreak