1 00:00:02,600 --> 00:00:05,840 Speaker 1: Line from the Bloomberg interactor Berger Studios. This is Bloomberg 2 00:00:05,880 --> 00:00:09,640 Speaker 1: day Break for Thursday to seven two. Coming up this hour, 3 00:00:09,960 --> 00:00:13,200 Speaker 1: Boris Johnson plans to resign as British Prime Minister. We 4 00:00:13,240 --> 00:00:15,880 Speaker 1: are live in London with the very latest. It founds 5 00:00:15,880 --> 00:00:19,640 Speaker 1: strengthens on the resignation news, as European stocks climb, Fed 6 00:00:19,680 --> 00:00:22,560 Speaker 1: officials stick to their rate hike plan to curb inflation, 7 00:00:22,840 --> 00:00:26,360 Speaker 1: and Samsung starks a rally in chip stocks. New York 8 00:00:26,400 --> 00:00:30,080 Speaker 1: Mayor Eric Adams holds a roundtable discussion on city issues. 9 00:00:30,160 --> 00:00:33,400 Speaker 1: Plus looking for a motive for the Island Park, Illinois shooter. 10 00:00:33,680 --> 00:00:36,000 Speaker 1: I'm Michael Barr. More ahead, I'm trying to stand shower 11 00:00:36,000 --> 00:00:38,559 Speaker 1: in sports, attending win for the Mets, a lopsided win 12 00:00:38,640 --> 00:00:40,680 Speaker 1: for the Yankees. They make their first visit to the 13 00:00:40,680 --> 00:00:46,400 Speaker 1: Red Sox tonight. That's all straded ahead on Bloomberg day 14 00:00:46,400 --> 00:00:51,080 Speaker 1: Break on Bloomberg eleven Free on New York, Bloomberg one, Washington, 15 00:00:51,200 --> 00:00:55,040 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, 16 00:00:55,040 --> 00:00:58,720 Speaker 1: San Francisco, Sirius XM one nine team, and around the 17 00:00:58,760 --> 00:01:02,040 Speaker 1: world on Bloomberger deal dot Com and via the Bloomberg 18 00:01:02,080 --> 00:01:09,399 Speaker 1: Business Actor, and good morning. I'm Nathan Hagar and I'm 19 00:01:09,440 --> 00:01:12,880 Speaker 1: Karen Moscow. US Dock Index futures on the rise this morning. 20 00:01:12,880 --> 00:01:14,640 Speaker 1: We're coming up to five the one on Wall Street, 21 00:01:14,680 --> 00:01:16,880 Speaker 1: and we checked the markets every fifteen minutes throughout the 22 00:01:16,920 --> 00:01:21,160 Speaker 1: trading day. On Bloomberg, SNP futures up thirteen points this morning, 23 00:01:21,200 --> 00:01:24,680 Speaker 1: Down futures up ninety six, and NASDAG futures up fifty five. 24 00:01:25,040 --> 00:01:28,039 Speaker 1: The decks in Germany's up one point six percent. Ten 25 00:01:28,120 --> 00:01:30,959 Speaker 1: year treasury down twelve thirty seconds, yield two point nine 26 00:01:31,120 --> 00:01:34,000 Speaker 1: seven percent, and they yield on the two year three 27 00:01:34,040 --> 00:01:37,200 Speaker 1: point oh three percent. Nine X screwed oil is up 28 00:01:37,240 --> 00:01:40,559 Speaker 1: four ten percent at ninety eight dollars ninety cents a barrel. Nathan, 29 00:01:40,640 --> 00:01:43,120 Speaker 1: all right, Karen, we begin this morning with breaking developments 30 00:01:43,120 --> 00:01:46,360 Speaker 1: out of the UK. Time is up for Boris Johnson 31 00:01:46,480 --> 00:01:49,000 Speaker 1: as we get where the prime minister is finally ready 32 00:01:49,080 --> 00:01:51,720 Speaker 1: to resign. Let's go live to London and get the 33 00:01:51,760 --> 00:01:54,120 Speaker 1: latest with Bloomberg's You and Potts. Good morning, you, and 34 00:01:54,560 --> 00:01:57,680 Speaker 1: good morning Nathan and Karen. Boris Johnson says he's quitting 35 00:01:57,720 --> 00:02:00,760 Speaker 1: as Britain's Prime minister even by we and standards has 36 00:02:00,800 --> 00:02:03,960 Speaker 1: been a dramatic day on Downing Street. A snowstorm of 37 00:02:04,000 --> 00:02:06,080 Speaker 1: resignations from the government at the beginning of the week 38 00:02:06,160 --> 00:02:10,360 Speaker 1: became an avalanche by yesterday. In total, more than fifty 39 00:02:10,520 --> 00:02:14,200 Speaker 1: ministers and aids leaving their jobs in protest. But perhaps 40 00:02:14,200 --> 00:02:16,520 Speaker 1: the final blow came today when the Chance that the 41 00:02:16,600 --> 00:02:19,080 Speaker 1: second most senior member of the government's only appointed to 42 00:02:19,080 --> 00:02:23,760 Speaker 1: the job on Tuesday, tweeted that Boris Johnson must go now. Well, 43 00:02:23,800 --> 00:02:26,000 Speaker 1: the PM is finally given into the pressure and is 44 00:02:26,040 --> 00:02:29,120 Speaker 1: now preparing his resignation speech. Nathan, all right, well you 45 00:02:29,200 --> 00:02:32,680 Speaker 1: and when is Boris Johnson expected to actually leave office? One? 46 00:02:32,680 --> 00:02:36,200 Speaker 1: Are the next steps for the UK government? Well, today's 47 00:02:36,200 --> 00:02:37,880 Speaker 1: news means that the UK is set to have its 48 00:02:38,000 --> 00:02:41,920 Speaker 1: fourth leader within just six years now. Remember, the Conservative 49 00:02:41,960 --> 00:02:44,600 Speaker 1: Party still has a majority in the British Parliament, so 50 00:02:44,639 --> 00:02:47,240 Speaker 1: it's up to the party to choose a new leader 51 00:02:47,400 --> 00:02:49,840 Speaker 1: who will then take over as the British Prime Minister. 52 00:02:50,240 --> 00:02:52,560 Speaker 1: And leadership contest is set to get underway in the 53 00:02:52,600 --> 00:02:54,880 Speaker 1: coming days, with the new PM likely to be in 54 00:02:54,919 --> 00:02:58,040 Speaker 1: place by October. Live in London, I'm you in port 55 00:02:58,080 --> 00:03:00,399 Speaker 1: spin by daybreak? How are you? And thank you? Of course, 56 00:03:00,400 --> 00:03:03,919 Speaker 1: will be following this story throughout the day checking market reaction. Now, 57 00:03:03,960 --> 00:03:07,600 Speaker 1: the pound strengthening on the news. It's at one point 58 00:03:07,919 --> 00:03:10,360 Speaker 1: one nine is six and nine against the dollar, and 59 00:03:10,400 --> 00:03:13,280 Speaker 1: stocks across Europe are rallying. The stock six hundred is 60 00:03:13,320 --> 00:03:15,640 Speaker 1: up one point three percent and the foot See one 61 00:03:15,720 --> 00:03:18,560 Speaker 1: hundred in London is up nine tenths per cent. Well, 62 00:03:18,560 --> 00:03:22,079 Speaker 1: Britain grapples with political turmoil Karen. The war in Ukraine 63 00:03:22,160 --> 00:03:24,720 Speaker 1: rages on, and now the US and its allies are 64 00:03:24,720 --> 00:03:26,720 Speaker 1: firming up plans for a cap on the price of 65 00:03:26,800 --> 00:03:29,840 Speaker 1: Russian oil. The goal is to limit the Kremlin's ability 66 00:03:29,880 --> 00:03:32,920 Speaker 1: to finance its war. Amy Morris has the details from 67 00:03:32,960 --> 00:03:37,360 Speaker 1: our Bloomberg newsroom in Washington. They're discussing a cap between 68 00:03:37,480 --> 00:03:40,200 Speaker 1: forty and sixty dollars a barrel. The aim is to 69 00:03:40,200 --> 00:03:43,200 Speaker 1: cut Moscow's revenue for its war in Ukraine, but the 70 00:03:43,320 --> 00:03:45,120 Speaker 1: risk is that it would lead to a spike in 71 00:03:45,160 --> 00:03:49,040 Speaker 1: oil prices. German Chancellor Olof Schultz accused Russia of using 72 00:03:49,120 --> 00:03:52,680 Speaker 1: natural gas deliveries as a political weapon. The invasion of 73 00:03:52,760 --> 00:03:56,240 Speaker 1: Ukraine has also forced several European countries to dial back 74 00:03:56,320 --> 00:04:00,000 Speaker 1: their plans for decarbonization so they can compensate for those 75 00:04:00,080 --> 00:04:03,560 Speaker 1: cuts and Russian fuel supplies. In Washington, I'm anymore at 76 00:04:03,560 --> 00:04:05,920 Speaker 1: Bloomberg Daybreak. All right, Amy, thank you, and turning to 77 00:04:05,920 --> 00:04:09,520 Speaker 1: the economy now. Investors are still reacting to yesterday's Fed minutes, 78 00:04:09,600 --> 00:04:12,480 Speaker 1: and they're also looking ahead to tomorrow's jobs report to 79 00:04:12,560 --> 00:04:15,280 Speaker 1: get the details. Live with the Bloomberg's John Tucker, John, 80 00:04:15,280 --> 00:04:18,039 Speaker 1: Good morning, Karen. Minutes from the Fed show central bank 81 00:04:18,080 --> 00:04:22,039 Speaker 1: officials solidified the resolved to keep raising interest rates for longer. 82 00:04:22,400 --> 00:04:25,760 Speaker 1: They viewed maintaining the central banks credibility to control inflation 83 00:04:25,839 --> 00:04:28,839 Speaker 1: as critical. That his investors still betting the Fed will 84 00:04:28,920 --> 00:04:32,120 Speaker 1: hike by seventy five basis points later this month. Meantime, 85 00:04:32,160 --> 00:04:35,640 Speaker 1: economists forecast US employers added the fewest jobs in over 86 00:04:35,680 --> 00:04:38,520 Speaker 1: a year in June, but they say that expended slowdown 87 00:04:38,600 --> 00:04:41,480 Speaker 1: isn't too concerning just yet. The jobs report from the 88 00:04:41,560 --> 00:04:44,840 Speaker 1: Labor Department expected to show the unemployment rate remaining at 89 00:04:44,880 --> 00:04:48,200 Speaker 1: an historically low level. Live in New York, I'm John Tucker, 90 00:04:48,279 --> 00:04:51,239 Speaker 1: Bloomberg Daybreak. All right, John, Thanks, talk about an economy 91 00:04:51,240 --> 00:04:54,440 Speaker 1: of a difference sort Now, billionaires and high fires from 92 00:04:54,480 --> 00:04:57,440 Speaker 1: the tech and media worlds are all in sun Valley, Idaho, 93 00:04:57,720 --> 00:05:01,320 Speaker 1: for the annual Allen and Company conference. Bloomberg's Ed Ludlow 94 00:05:01,440 --> 00:05:03,520 Speaker 1: is there too and found this report. A lot of 95 00:05:03,560 --> 00:05:06,400 Speaker 1: the big picture macro items are what a top of mind. 96 00:05:06,440 --> 00:05:10,760 Speaker 1: There are discussions around inflation, recession risk, the volatility that 97 00:05:10,880 --> 00:05:16,240 Speaker 1: we've seen in public equity markets, the rundown evaluations that 98 00:05:16,320 --> 00:05:19,400 Speaker 1: we've seen in both public and private markets. But behind 99 00:05:19,440 --> 00:05:22,600 Speaker 1: closed doors, all of these high fliers were also talking 100 00:05:22,600 --> 00:05:26,320 Speaker 1: about a number of societal issues, ranging from gun control 101 00:05:26,440 --> 00:05:29,960 Speaker 1: to recent decisions by the Supreme Court. They're also discussing 102 00:05:30,360 --> 00:05:34,119 Speaker 1: issues of climate change. No site yet of Elon Musk, 103 00:05:34,200 --> 00:05:37,080 Speaker 1: the world's richest man, is coming to some valley, according 104 00:05:37,120 --> 00:05:41,560 Speaker 1: to sources. Ed Ludlow for Bloomberg News in Sun Valley, Idaho, Alhead. 105 00:05:41,640 --> 00:05:44,600 Speaker 1: As you mentioned, we're learning now Elon Musk is expected 106 00:05:44,600 --> 00:05:47,560 Speaker 1: to speak at the conference. That's expected on the final 107 00:05:47,640 --> 00:05:50,400 Speaker 1: day this Saturday. Well, staying with tech, Nathan, we have 108 00:05:50,440 --> 00:05:53,479 Speaker 1: news on Apple. Bloomberg News has learned the company is 109 00:05:53,520 --> 00:05:57,080 Speaker 1: planning an extreme sports watch. They get the latest live 110 00:05:57,120 --> 00:05:59,680 Speaker 1: with the Bloomberg's Rnida Young. Good morning, Rinda, Good morning 111 00:05:59,720 --> 00:06:03,039 Speaker 1: carry Bloomberg. Sources say Apple's new smart watch will be 112 00:06:03,080 --> 00:06:06,120 Speaker 1: the largest display it's released to date, with a bigger 113 00:06:06,160 --> 00:06:09,200 Speaker 1: battery and a rugged metal casing, and it's geared toward 114 00:06:09,240 --> 00:06:13,200 Speaker 1: extreme sports athletes. Apple could use the largest green area 115 00:06:13,240 --> 00:06:16,520 Speaker 1: to show more fitness metrics or information on watch faces 116 00:06:16,560 --> 00:06:19,839 Speaker 1: at one time. The company plans to announce the new watch, 117 00:06:19,839 --> 00:06:22,839 Speaker 1: along with two other models later this year. Live in 118 00:06:22,880 --> 00:06:25,600 Speaker 1: New York. I'm gonna need a Young Bloomberg daybreak, all right, 119 00:06:25,640 --> 00:06:27,800 Speaker 1: we need to thank you. Chip stocks are higher this 120 00:06:27,839 --> 00:06:31,720 Speaker 1: morning thanks to Samsung Electronics, South Korea's largest company, reported 121 00:06:31,720 --> 00:06:34,800 Speaker 1: a better than anticipated twenty one percent jump in revenue. 122 00:06:34,800 --> 00:06:37,279 Speaker 1: In that report is soothing investors worst fears about the 123 00:06:37,279 --> 00:06:40,599 Speaker 1: impact of weakening consumer demand and soaring materials costs on 124 00:06:40,640 --> 00:06:44,240 Speaker 1: the billion dollar chip industry, and deal news Nathan the 125 00:06:44,240 --> 00:06:46,799 Speaker 1: Wall Street Journal are reporting Murcus and talks to acquire 126 00:06:46,880 --> 00:06:49,960 Speaker 1: biotech company Cgen. The papers said that del could be 127 00:06:50,000 --> 00:06:53,200 Speaker 1: worth about forty billion dollars. Cegen shares are up six 128 00:06:53,240 --> 00:06:56,080 Speaker 1: percent in early trading, and shoes of Game Stopper up 129 00:06:56,120 --> 00:06:58,520 Speaker 1: ten percent in the pre market. Care in that company 130 00:06:58,520 --> 00:07:01,760 Speaker 1: became the poster child for so called meme stocks, of course, 131 00:07:01,800 --> 00:07:04,600 Speaker 1: and now it's announced stay four to one stock split 132 00:07:04,720 --> 00:07:07,479 Speaker 1: in the form of a dividend. SMP futures are up 133 00:07:07,560 --> 00:07:10,480 Speaker 1: nine points, staff futures up seventy four nanstack futures up 134 00:07:10,520 --> 00:07:13,640 Speaker 1: forty five points. Send your treasuries down ten thirty seconds, 135 00:07:13,640 --> 00:07:16,760 Speaker 1: the yield two point nine six percent. Straight ahead, local 136 00:07:16,800 --> 00:07:23,200 Speaker 1: headlines and a check of sports. This is Bloomberg. Man. 137 00:07:23,280 --> 00:07:25,600 Speaker 1: It's now five oh seven on Wall Street, where it's 138 00:07:25,600 --> 00:07:28,160 Speaker 1: seventy two degrees in Central Park. Already got an accident 139 00:07:28,320 --> 00:07:31,240 Speaker 1: southbound New York State through A before exit fifteen A. 140 00:07:31,680 --> 00:07:34,200 Speaker 1: We'll get the details in traffic. First. Michael Barr with 141 00:07:34,280 --> 00:07:36,440 Speaker 1: what else is going on in New York and around 142 00:07:36,440 --> 00:07:38,880 Speaker 1: the world. Good morning, Michael, Good morning, Nathan. New York 143 00:07:38,920 --> 00:07:42,560 Speaker 1: Mayor Eric Adams held a brown table style meeting involving 144 00:07:42,560 --> 00:07:46,560 Speaker 1: community groups and the NYPD. Adams was asked about the 145 00:07:46,600 --> 00:07:50,040 Speaker 1: problem of abuse of landlords in the city. We're going 146 00:07:50,120 --> 00:07:54,080 Speaker 1: to go back and see how we use the Human 147 00:07:54,160 --> 00:07:58,440 Speaker 1: Rights Division, the Police Department of DA's office to target 148 00:07:58,480 --> 00:08:03,440 Speaker 1: those who arrests who are harassing older adults, because you know, 149 00:08:03,840 --> 00:08:06,800 Speaker 1: it's it's against the law to illegally vet, it's against 150 00:08:06,840 --> 00:08:09,680 Speaker 1: the law to harass, and I don't think there's enough 151 00:08:09,720 --> 00:08:13,160 Speaker 1: attention on zero and on those bad acting on landlords. 152 00:08:14,240 --> 00:08:16,760 Speaker 1: Hey Randams dealt with a range of issues from oversight 153 00:08:16,800 --> 00:08:20,640 Speaker 1: of homeless shelters and budget. Mayor Adams said the police 154 00:08:20,680 --> 00:08:23,520 Speaker 1: budget remained flat. Can't live in a city where young 155 00:08:23,560 --> 00:08:26,040 Speaker 1: people pick up a gun faster that they can get 156 00:08:26,080 --> 00:08:30,240 Speaker 1: an iPad. Days after a rooftop gunmen killed seven people 157 00:08:30,240 --> 00:08:33,839 Speaker 1: at the Chicago area Fourth of July parade, attention has 158 00:08:33,880 --> 00:08:37,839 Speaker 1: turned to how the assailant obtained multiple guns. Authorities say 159 00:08:37,960 --> 00:08:41,280 Speaker 1: Robert Kremo, the third confessed to the killings. Highland Park 160 00:08:41,320 --> 00:08:44,800 Speaker 1: Police Chief Lou Jugman says he's quote disappointed that more 161 00:08:44,880 --> 00:08:47,800 Speaker 1: couldn't have been done to prevent Cremo from getting his 162 00:08:47,920 --> 00:08:50,600 Speaker 1: hands on a gun, but he believes his department did 163 00:08:50,640 --> 00:08:53,000 Speaker 1: all it could. Given the constraints of what we have 164 00:08:53,080 --> 00:08:56,000 Speaker 1: in place, there is only so much the police department 165 00:08:56,080 --> 00:08:58,520 Speaker 1: can do. We have a social worker on board, you know, 166 00:08:58,559 --> 00:09:01,520 Speaker 1: we do what we can ve. Jogman says Cremo was 167 00:09:01,559 --> 00:09:04,640 Speaker 1: heading to Madison, Wisconsin to carry out another attack, but 168 00:09:04,760 --> 00:09:07,920 Speaker 1: changed his mind. W n B A Star Britney Grinder's 169 00:09:08,000 --> 00:09:11,240 Speaker 1: drug trial resumes today in Russia, where she's being held 170 00:09:11,320 --> 00:09:14,800 Speaker 1: since February. The White House says President Biden and Vice 171 00:09:14,840 --> 00:09:18,640 Speaker 1: President Harris have called Grinder's wife directly to reassure her 172 00:09:18,840 --> 00:09:22,840 Speaker 1: that he's working to secure Brittney's release as soon as possible. Memhile, 173 00:09:22,880 --> 00:09:26,760 Speaker 1: friends and family of Brittany Grinder held a rally and 174 00:09:26,760 --> 00:09:28,839 Speaker 1: Phoenix to show support for the w n B. A 175 00:09:28,960 --> 00:09:32,240 Speaker 1: star at the rally, Grinder's wife, sharel asked supporters to 176 00:09:32,320 --> 00:09:36,040 Speaker 1: keep pressure on the administration to get Brittney released. Let's 177 00:09:36,080 --> 00:09:39,240 Speaker 1: make sure this administration knows that they have our support 178 00:09:39,280 --> 00:09:43,000 Speaker 1: to do whatever is necessary, and that we are not 179 00:09:43,120 --> 00:09:47,360 Speaker 1: going to ever be quiet until she's home safely. Cherrelle 180 00:09:47,400 --> 00:09:50,240 Speaker 1: Grinder says she has frustrated that her wife is not 181 00:09:50,360 --> 00:09:53,280 Speaker 1: going to get justice. Global News twenty four hours a 182 00:09:53,360 --> 00:09:56,200 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 183 00:09:56,280 --> 00:09:59,240 Speaker 1: than seven hundred journalists and analysts in more than a 184 00:09:59,600 --> 00:10:03,600 Speaker 1: twenty countries. I'm Michael barn This is Bloomberg. Nathan. All right, Michael, 185 00:10:03,640 --> 00:10:10,080 Speaker 1: thank you, coming up to five ten on Wall Street 186 00:10:10,080 --> 00:10:13,640 Speaker 1: time for the Bloomberg Sports Update. Welcome back John Sasha Ranks, Nathan, 187 00:10:13,720 --> 00:10:16,280 Speaker 1: Matt's have to be encouraged about the return of Max 188 00:10:16,280 --> 00:10:18,800 Speaker 1: Scherz or Jacob Gra'm getting closer. But as they trailed 189 00:10:18,800 --> 00:10:20,760 Speaker 1: in Cincinnati, they might have taken a peek in the 190 00:10:20,760 --> 00:10:24,400 Speaker 1: scoreboard and scene Atlanta leading yet again. It was looking 191 00:10:24,440 --> 00:10:26,240 Speaker 1: like the red hot Braids when closed within a game 192 00:10:26,240 --> 00:10:28,439 Speaker 1: and a half of a mett rally a game sorry 193 00:10:28,480 --> 00:10:31,280 Speaker 1: no RBI double starling marked a ninth inning. They went 194 00:10:31,320 --> 00:10:34,800 Speaker 1: to the tent on one pitch demo trills it deep 195 00:10:34,800 --> 00:10:38,400 Speaker 1: to right field toward the seats. N went back at 196 00:10:38,440 --> 00:10:44,760 Speaker 1: defense here with a free run homer. But that's a 197 00:10:44,920 --> 00:10:47,719 Speaker 1: broken the game open in the top of the ten 198 00:10:48,080 --> 00:10:51,720 Speaker 1: y It's eight to three. It was the final WCBS 199 00:10:51,760 --> 00:10:54,040 Speaker 1: ad at the Braves blank the Cardinals three nothing there 200 00:10:54,080 --> 00:10:56,439 Speaker 1: twenty six and seven. In their last thirty three games. 201 00:10:56,480 --> 00:10:58,720 Speaker 1: The Met leaders two and a half. As they host 202 00:10:58,760 --> 00:11:02,280 Speaker 1: Miami tonight. Monday, the Mets visit Atlanta. Yankees tonight make 203 00:11:02,320 --> 00:11:04,640 Speaker 1: their first visit of the season to Boston. They'll seek 204 00:11:04,640 --> 00:11:07,839 Speaker 1: their sixty win in Fittzburg avoided what would have been 205 00:11:07,880 --> 00:11:10,760 Speaker 1: just their second three game losing speaking the season, wallop 206 00:11:10,840 --> 00:11:14,240 Speaker 1: the Pirates sixteen enough. In twenty two. Yankee had seven 207 00:11:14,240 --> 00:11:17,360 Speaker 1: home runs, including Aaron Judges thirty if it was a 208 00:11:17,400 --> 00:11:19,640 Speaker 1: grand stam and came off Many. Banuelos, who was a 209 00:11:19,720 --> 00:11:22,679 Speaker 1: Yankee until just a few days ago, ed Wimbledon one, 210 00:11:22,679 --> 00:11:25,080 Speaker 1: a match Raffield that al took off an abdominal injury, 211 00:11:25,120 --> 00:11:26,840 Speaker 1: came from two sets to one down one a fifth 212 00:11:26,840 --> 00:11:30,160 Speaker 1: set tiebreaker with American Taylor. Fritz d Dal says he's 213 00:11:30,160 --> 00:11:32,920 Speaker 1: not sure he'll be healthy enough to play his semifinal 214 00:11:33,000 --> 00:11:36,680 Speaker 1: match tomorrow with the Austine Nick Herrios women's semifinals. For today, 215 00:11:36,679 --> 00:11:39,840 Speaker 1: Baker Mayfield and Sam Donald were taking first and third 216 00:11:39,920 --> 00:11:42,400 Speaker 1: overall in the two thousand and eight teen draft didn't 217 00:11:42,400 --> 00:11:45,480 Speaker 1: work out for either one. The Browns have traded Mayfield 218 00:11:45,480 --> 00:11:48,520 Speaker 1: to Carolina, and he'll now be Donald's teammate. John stash 219 00:11:48,600 --> 00:11:52,160 Speaker 1: Award Bloomberg sports stad all right, John thank USMP futures 220 00:11:52,200 --> 00:11:55,360 Speaker 1: up thirteen points, steps up a hundred five Nanstack futures 221 00:11:55,440 --> 00:11:58,679 Speaker 1: up sixty. The British pound strengthening at a one point 222 00:11:58,679 --> 00:12:02,240 Speaker 1: one six eight against the dollar. Bloomberg's Lizzie Burden joins 223 00:12:02,360 --> 00:12:08,679 Speaker 1: US next on Boris Johnson resigning Bloomberg eleven three oh 224 00:12:08,679 --> 00:12:11,240 Speaker 1: Weather mostly cloudy if you afternoon showers possible to high 225 00:12:11,280 --> 00:12:14,760 Speaker 1: near eighty degrees. More showers likely tomorrow with low eighties 226 00:12:14,840 --> 00:12:17,440 Speaker 1: for highs. Will be in the sunshine by Saturday. Right 227 00:12:17,480 --> 00:12:23,840 Speaker 1: now seventy two in Central Park Markets, headlines and breaking 228 00:12:23,840 --> 00:12:26,760 Speaker 1: news twenty four hours a day at Bloomberg dot com 229 00:12:26,840 --> 00:12:29,880 Speaker 1: for the Bloomberg Business at and at Bloomberg Quicktake. This 230 00:12:30,360 --> 00:12:39,520 Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow. You 231 00:12:39,559 --> 00:12:41,440 Speaker 1: must not in next. Future is on the rise this 232 00:12:41,600 --> 00:12:44,480 Speaker 1: morning at softer oil prices and a weeker dollar signal. 233 00:12:44,559 --> 00:12:47,480 Speaker 1: Fears about inflation and the pace of monetary tightening or 234 00:12:47,559 --> 00:12:50,520 Speaker 1: fading the US to contend, your yield curve remains inverted 235 00:12:50,559 --> 00:12:53,000 Speaker 1: for a third day. We checked the markets every fifteen 236 00:12:53,000 --> 00:12:55,640 Speaker 1: minutes throughout the trading day. On Bloomberg s and T 237 00:12:55,800 --> 00:12:58,360 Speaker 1: futures up thirteen points this morning. Down futures have one 238 00:12:58,760 --> 00:13:02,120 Speaker 1: eleven and nowsday future is up sixty one. The decks 239 00:13:02,120 --> 00:13:04,679 Speaker 1: in Germany is up one point eight percent. In the 240 00:13:04,679 --> 00:13:07,319 Speaker 1: foot Sea one hundred up one point to percent ten. 241 00:13:07,400 --> 00:13:09,680 Speaker 1: Your treasury down twelve thirty seconds. He had two point 242 00:13:09,720 --> 00:13:11,880 Speaker 1: nine seven percent. They yield on a two year three 243 00:13:11,920 --> 00:13:14,840 Speaker 1: point oh two percent. Nimex screwed oils up tenth of 244 00:13:14,880 --> 00:13:17,440 Speaker 1: upper center fourteen cents and ninety eight dollars sixty five 245 00:13:17,440 --> 00:13:19,839 Speaker 1: cents of barrel comex Schold up three tenths per cent 246 00:13:19,920 --> 00:13:22,480 Speaker 1: or five dollars twenty cents at seventeen forty one sixty 247 00:13:22,480 --> 00:13:26,360 Speaker 1: announced the euro one point o one nine four against 248 00:13:26,360 --> 00:13:28,720 Speaker 1: the dollar. British found one point one nine seven three 249 00:13:29,000 --> 00:13:31,360 Speaker 1: and the end is at one thirty six point one four. 250 00:13:31,440 --> 00:13:34,520 Speaker 1: Look at it bitcoin this morning, it's up half percent 251 00:13:34,600 --> 00:13:37,720 Speaker 1: at twenty thousand, four hundred eighty dollars. That's a Bloomberg 252 00:13:37,720 --> 00:13:40,080 Speaker 1: business flash. Now here's Michael Barr with more and what's 253 00:13:40,080 --> 00:13:42,760 Speaker 1: going on around the world. Muchael, Thank you very much, Karen. 254 00:13:42,800 --> 00:13:46,720 Speaker 1: British Prime Minister Boris Johnson has agreed to resign. Johnson 255 00:13:46,760 --> 00:13:49,200 Speaker 1: and buff calls bias cabinet to step down in the 256 00:13:49,200 --> 00:13:52,280 Speaker 1: wake of ethics scandals. He gave in after more than 257 00:13:52,320 --> 00:13:55,120 Speaker 1: forty ministers quit his government and told him to go. 258 00:13:55,320 --> 00:13:58,480 Speaker 1: We'll have more on the Johnson story in a few moments. 259 00:13:58,720 --> 00:14:01,560 Speaker 1: In baseball, the Yankees know what for and why whipping 260 00:14:01,600 --> 00:14:04,640 Speaker 1: on the Pirates sixteen nothing. The Mets also won the 261 00:14:04,760 --> 00:14:07,880 Speaker 1: Nationals Orioles and Giants won. The Red Sox lost along 262 00:14:07,920 --> 00:14:10,800 Speaker 1: with the a's global news twenty four hours a day 263 00:14:10,840 --> 00:14:13,959 Speaker 1: on here and on Bloomberg Quittake, powered by more than 264 00:14:14,960 --> 00:14:18,240 Speaker 1: journalists and analysts more than twenty countries. I'm Michael Barr, 265 00:14:18,320 --> 00:14:21,160 Speaker 1: and this is Bloomberg. Nathan alright, Michael, thank you. It's 266 00:14:21,200 --> 00:14:23,760 Speaker 1: five nineteen on Wall Street, live from the Bloomberg Intteractive 267 00:14:23,760 --> 00:14:26,480 Speaker 1: Broker Studios. This is Bloomberg Daybreak, and speaking of what 268 00:14:26,600 --> 00:14:30,960 Speaker 1: for and why whippings, Boris Johnson is now finally planning 269 00:14:30,960 --> 00:14:34,320 Speaker 1: to resign after a wave of resignations that made the 270 00:14:34,400 --> 00:14:37,000 Speaker 1: last forty eight hours very tough to keep up with 271 00:14:37,040 --> 00:14:40,280 Speaker 1: in terms of UK politics. Luckily, we have Bloomberg's Lizzie 272 00:14:40,280 --> 00:14:43,920 Speaker 1: Burden back with us this morning outside number ten Downing Street, 273 00:14:43,920 --> 00:14:47,400 Speaker 1: where she's been keeping post over the last couple of 274 00:14:47,480 --> 00:14:51,400 Speaker 1: days here watching all that's been happening. Lizzie. I've got 275 00:14:51,400 --> 00:14:54,560 Speaker 1: to think it's been feeling like swimming against a flood, 276 00:14:55,040 --> 00:14:57,160 Speaker 1: just trying to keep up with all that's going on. 277 00:14:57,200 --> 00:15:00,240 Speaker 1: And now we have what looks like the then you 278 00:15:00,360 --> 00:15:04,240 Speaker 1: are here. Perhaps it has and let me tell you, 279 00:15:04,520 --> 00:15:07,440 Speaker 1: last night it seemed inevitable that Boris Johnson was going 280 00:15:07,480 --> 00:15:09,960 Speaker 1: to resign, and we waited and waited and nothing came. 281 00:15:10,280 --> 00:15:12,520 Speaker 1: Then when I arrived in Downing Street this morning, we 282 00:15:12,520 --> 00:15:14,840 Speaker 1: weren't sure if anything was going to happen. It was 283 00:15:14,960 --> 00:15:18,600 Speaker 1: very quiet, and then the staffers started arriving, and then 284 00:15:18,640 --> 00:15:22,120 Speaker 1: the cars started moving, and then now I could tell 285 00:15:22,160 --> 00:15:25,240 Speaker 1: you it's absolutely heaving in the press area with cameras 286 00:15:25,280 --> 00:15:28,160 Speaker 1: from all over the world. We're expecting to hear from 287 00:15:28,160 --> 00:15:31,840 Speaker 1: Boris Johnson by noon London time. There's no podium out 288 00:15:31,880 --> 00:15:34,960 Speaker 1: yet in front of Number ten, but the tone of 289 00:15:35,000 --> 00:15:39,440 Speaker 1: the speech will be fascinating. Remember his predecessor to reason 290 00:15:39,520 --> 00:15:43,360 Speaker 1: May was in tears when she resigned. There are twindows twitching, 291 00:15:43,840 --> 00:15:48,080 Speaker 1: curtains twitching across the street of people trying to buy 292 00:15:48,160 --> 00:15:50,680 Speaker 1: for the best spot to watch, because what's happened is 293 00:15:51,040 --> 00:15:53,800 Speaker 1: the usual Number ten meeting. This morning has resulted in 294 00:15:53,960 --> 00:15:56,560 Speaker 1: Johnson's core team telling him that he had to go. 295 00:15:56,840 --> 00:16:00,160 Speaker 1: There was a letter from his chancellor, Nadine Zahawi, who's 296 00:16:00,160 --> 00:16:02,960 Speaker 1: been appointed. He's been in posed less than twenty fourty 297 00:16:03,040 --> 00:16:06,640 Speaker 1: eight hours and he's told Johnson to resign. There's been 298 00:16:06,680 --> 00:16:10,200 Speaker 1: an unprecedented wave of resignations, almost a third of the government, 299 00:16:10,480 --> 00:16:15,320 Speaker 1: leaving it in para paralysis, and it just seemed increasingly inevitable. 300 00:16:15,400 --> 00:16:19,000 Speaker 1: After the pest Minster as it's called, sex scandals, the 301 00:16:19,160 --> 00:16:22,760 Speaker 1: party gate crisis, the cost of living crisis, it's all 302 00:16:22,800 --> 00:16:25,320 Speaker 1: mounted up and it now seems finally it's going to 303 00:16:25,360 --> 00:16:28,160 Speaker 1: be cursins for Boris Johnson. And as you mentioned, we 304 00:16:28,200 --> 00:16:32,320 Speaker 1: are expecting this resignation speech in less than two hours time. 305 00:16:32,520 --> 00:16:36,880 Speaker 1: Here we've been told Lizzie that Boris Johnson is planning 306 00:16:36,880 --> 00:16:40,880 Speaker 1: to stay on as a caretaker leader until the next 307 00:16:41,200 --> 00:16:44,840 Speaker 1: Prime Minister is chosen by the Conservative Party. Can he 308 00:16:45,000 --> 00:16:49,000 Speaker 1: stay on that long given that so many of his 309 00:16:49,080 --> 00:16:53,600 Speaker 1: own party members of jump ship. Well, we're hearing already 310 00:16:53,720 --> 00:16:57,520 Speaker 1: pushed back from MPs on that point breaking line that 311 00:16:57,640 --> 00:17:01,400 Speaker 1: Quasi Kuakeng is saying that we need to find a 312 00:17:01,400 --> 00:17:06,160 Speaker 1: new leader as soon as reasonably practicable. One MP said 313 00:17:06,200 --> 00:17:08,119 Speaker 1: that there needs to be an abrupt holt to the 314 00:17:08,200 --> 00:17:11,720 Speaker 1: Johnson's poison and that the Deputy Prime Minister, Dominic Robb 315 00:17:11,760 --> 00:17:15,200 Speaker 1: should step in. Remember, if you think about Boris Johnson's 316 00:17:15,240 --> 00:17:19,240 Speaker 1: time in office at the moment, it would be one thousand, 317 00:17:19,320 --> 00:17:22,119 Speaker 1: sev days. His predecessor, to reason May was in for 318 00:17:22,280 --> 00:17:25,000 Speaker 1: one thousand, one hundred and six days, so he'd have 319 00:17:25,000 --> 00:17:27,440 Speaker 1: a short tenure than May if he leaves now, but 320 00:17:27,520 --> 00:17:30,359 Speaker 1: not if he stays on as a caretaker. But in 321 00:17:30,400 --> 00:17:33,520 Speaker 1: any case, it's a humiliating end to a political career 322 00:17:33,880 --> 00:17:36,679 Speaker 1: of someone who only three years ago one of the 323 00:17:36,720 --> 00:17:42,360 Speaker 1: biggest landslide since Margaret Thatcher. As you mentioned, though, it's 324 00:17:42,400 --> 00:17:46,880 Speaker 1: a short tenure. But it's been like scandal after scandal 325 00:17:46,960 --> 00:17:51,399 Speaker 1: after scandal for this Prime minister. I'm curious why this 326 00:17:51,640 --> 00:17:55,720 Speaker 1: last scandal involving Chris Pincher seems to be the one 327 00:17:55,800 --> 00:18:00,280 Speaker 1: that was the final straw for so many MPs. Well, 328 00:18:00,359 --> 00:18:03,600 Speaker 1: it started with the resignation of Satage Other, the Health Secretary, 329 00:18:03,600 --> 00:18:06,160 Speaker 1: and that was quickly followed i think ten minutes later 330 00:18:06,280 --> 00:18:09,480 Speaker 1: by that of the Chancellor x now ex Chancel and 331 00:18:09,520 --> 00:18:13,280 Speaker 1: now Rischie Sunac, and in their resignation letters it's focused 332 00:18:13,320 --> 00:18:19,840 Speaker 1: on integrity that they couldn't defend this the government line 333 00:18:20,200 --> 00:18:24,360 Speaker 1: on the Chris Pincher affair any longer, and that has 334 00:18:24,400 --> 00:18:26,880 Speaker 1: been the case for other MPs as well. Rischie Sunac, 335 00:18:26,920 --> 00:18:30,480 Speaker 1: though in his letter, also pointed out his fundamental differences 336 00:18:30,520 --> 00:18:33,399 Speaker 1: from Boris Johnson on his handling of the economy. He 337 00:18:33,440 --> 00:18:36,600 Speaker 1: couldn't stay on board with Boris Johnson's boosts. He said 338 00:18:36,600 --> 00:18:38,920 Speaker 1: in the letter. If it sounds too good to be true, 339 00:18:38,960 --> 00:18:41,440 Speaker 1: it probably is. So it would be interesting to see 340 00:18:41,800 --> 00:18:44,600 Speaker 1: of the people put the MPs who put themselves forward 341 00:18:44,680 --> 00:18:50,280 Speaker 1: to replace Boris Johnson, what their economic offerings will be 342 00:18:50,280 --> 00:18:52,440 Speaker 1: because we're in the middle of a cost of living 343 00:18:52,440 --> 00:18:55,440 Speaker 1: crisis in the UK. Inflation set to hit double digits 344 00:18:55,440 --> 00:18:59,040 Speaker 1: in the fall, so economics is going to be crucial 345 00:19:00,000 --> 00:19:02,120 Speaker 1: on It's going to be very interesting to see who 346 00:19:02,160 --> 00:19:06,200 Speaker 1: continues to jockey for position. Now what comes next after 347 00:19:06,320 --> 00:19:09,760 Speaker 1: Boris Johnson. Lizzie Burden Bloomberg News corresponded with us this 348 00:19:09,840 --> 00:19:13,639 Speaker 1: morning once again outside number ten Downing Street. Will be 349 00:19:13,640 --> 00:19:15,679 Speaker 1: looking for more of your coverage throughout the day and 350 00:19:15,840 --> 00:19:19,480 Speaker 1: for Boris Johnson's resignation speech. As Lizzie mentioned, that's expected 351 00:19:19,520 --> 00:19:22,880 Speaker 1: around noon UK time, that's seven am Wall Street time. 352 00:19:22,880 --> 00:19:25,680 Speaker 1: We will of course bring you live coverage right here 353 00:19:25,800 --> 00:19:29,399 Speaker 1: on Bloomberg Radio. Looking ahead to the market open on 354 00:19:29,480 --> 00:19:33,119 Speaker 1: Wall Street, futures are moving a touch higher. SMP futures 355 00:19:33,200 --> 00:19:35,119 Speaker 1: right now, we're up twelve points down, futures up a 356 00:19:35,160 --> 00:19:38,320 Speaker 1: hundred nine. NESTACS futures are higher by fifty three points. 357 00:19:38,400 --> 00:19:41,960 Speaker 1: We are seeing some strong gains for European equities. The 358 00:19:42,080 --> 00:19:45,280 Speaker 1: German decks up one and three quarters percent, the foot 359 00:19:45,320 --> 00:19:49,400 Speaker 1: see in London up one point two percent. Tenure Treasury 360 00:19:49,440 --> 00:19:51,520 Speaker 1: back here in the US down twelve thirty seconds. The 361 00:19:51,520 --> 00:19:56,280 Speaker 1: deal two potent British pound strengthening this morning one point 362 00:19:56,320 --> 00:20:02,600 Speaker 1: one four against the dollar. You're listening to Bloomberg day Break. 363 00:20:02,600 --> 00:20:10,000 Speaker 1: Good morning, Bloomberg, eleven three oh weather mostly cloudy today, 364 00:20:10,040 --> 00:20:12,040 Speaker 1: maybe a few afternoon showers will get up to near 365 00:20:12,080 --> 00:20:15,800 Speaker 1: eighty degrees. More showers likely tomorrow, low eighties, mostly sunny 366 00:20:15,840 --> 00:20:19,400 Speaker 1: for Saturday. Right now seventy two and cloudy in Central Park. 367 00:20:25,200 --> 00:20:29,720 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York, 368 00:20:29,840 --> 00:20:34,480 Speaker 1: Bloomberg in Living Free to Washington, d C. Bloomberg to Boston, 369 00:20:34,600 --> 00:20:38,000 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg, N'm 370 00:20:38,080 --> 00:20:41,120 Speaker 1: sixty to the country, Sirius XM Gentle one nine ten, 371 00:20:41,280 --> 00:20:44,440 Speaker 1: and around the globe to the Bloomberg Business and Bloomberg 372 00:20:44,520 --> 00:20:54,119 Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty 373 00:20:54,119 --> 00:20:56,520 Speaker 1: on Wall Street. Good morning. I'm Nathan Haggert and I'm 374 00:20:56,600 --> 00:20:59,399 Speaker 1: Karen mons Gall we are just about four hours away 375 00:20:59,440 --> 00:21:01,399 Speaker 1: from the open the US trading. Let's get you up 376 00:21:01,440 --> 00:21:02,800 Speaker 1: to date on the news you need to know at 377 00:21:02,800 --> 00:21:05,400 Speaker 1: this hour. Beginning with breaking news out of the UK, 378 00:21:05,640 --> 00:21:10,000 Speaker 1: Boris Johnson will resign as Prime Minister following numerous scandals 379 00:21:10,200 --> 00:21:14,480 Speaker 1: and intense pushback from his government. Bloomberg's Lizzie Burden has 380 00:21:14,520 --> 00:21:19,560 Speaker 1: the latest from ten Downing Street resignations had mounds heads. 381 00:21:19,760 --> 00:21:22,160 Speaker 1: More than almost a third of the government quit their 382 00:21:22,240 --> 00:21:26,679 Speaker 1: jobs because of Johnson's integrity over the Chris Pincher affairs, humbling, 383 00:21:26,920 --> 00:21:29,399 Speaker 1: the cost on living crisis, the party Gate scandal. It 384 00:21:29,480 --> 00:21:33,760 Speaker 1: had all been building and government was paralyzed. So Johnson, 385 00:21:33,840 --> 00:21:36,800 Speaker 1: it seems, can do it no longer. And Bloomberg's Lizzie 386 00:21:36,800 --> 00:21:39,960 Speaker 1: Burden says Johnson plans to stay on as caretaker leader 387 00:21:40,040 --> 00:21:43,880 Speaker 1: until October where awaiting a formal statement from Johnson. Will 388 00:21:43,880 --> 00:21:46,359 Speaker 1: bring that to you live when it happens right here 389 00:21:46,600 --> 00:21:49,400 Speaker 1: on Bloomberg Radio. There. Thanks for that, Karen. We'll back 390 00:21:49,400 --> 00:21:51,440 Speaker 1: here in the US, the focus is on the economy 391 00:21:51,560 --> 00:21:55,359 Speaker 1: as investors react to yesterday's FED minutes. Bloomberg's John Tucker 392 00:21:55,400 --> 00:21:57,720 Speaker 1: joins the slide with that Good morning, John, Good morning Nathan. 393 00:21:57,760 --> 00:22:00,520 Speaker 1: The minute show policy makers will probably de were another 394 00:22:00,560 --> 00:22:03,480 Speaker 1: big interest rate hike later this month. Investors bet it 395 00:22:03,520 --> 00:22:07,440 Speaker 1: will be seventy five basis points. Inflation was referenced ninety 396 00:22:07,520 --> 00:22:10,280 Speaker 1: times in the meeting. Despite all the worry about an 397 00:22:10,320 --> 00:22:13,680 Speaker 1: economic downturn, there were no mentions of recession. Meantime, the 398 00:22:13,800 --> 00:22:16,920 Speaker 1: jobs report from the Labor Department tomorrow expected to show 399 00:22:16,920 --> 00:22:19,600 Speaker 1: employers and the fewest jobs in over a year. In 400 00:22:19,680 --> 00:22:22,520 Speaker 1: June Live in New York, I'm John Soccer Bloomberg Radio. 401 00:22:22,680 --> 00:22:24,639 Speaker 1: All right, John, thank you, And now an economy of 402 00:22:24,640 --> 00:22:27,440 Speaker 1: a different story. Billionaires and high flyers and tech and 403 00:22:27,560 --> 00:22:30,680 Speaker 1: media are discussing political and economic issues at the Allen 404 00:22:30,760 --> 00:22:34,040 Speaker 1: and Company conference in Sun Valley, Idaho. We're told test 405 00:22:34,080 --> 00:22:36,600 Speaker 1: La CEO Elon Maski is expected to speak on the 406 00:22:36,640 --> 00:22:39,199 Speaker 1: final day of the conference this Saturday. And sticking with 407 00:22:39,240 --> 00:22:41,920 Speaker 1: the tech them, Karen Bloomberg News has learned Apples planning 408 00:22:41,960 --> 00:22:45,520 Speaker 1: an extreme sports watch. Bloomberg's Radia Young joins US Live 409 00:22:45,600 --> 00:22:48,200 Speaker 1: with more on that. Good morning, Radina, Good morning, Nathan. Bloomberg. 410 00:22:48,240 --> 00:22:51,080 Speaker 1: Sources say Apple's new smart watch will be the largest 411 00:22:51,119 --> 00:22:54,080 Speaker 1: display it's released to date. With a bigger battery and 412 00:22:54,160 --> 00:22:58,640 Speaker 1: a rugged metal casing. And it's scared toward extreme sports athletes. Now, 413 00:22:58,680 --> 00:23:01,080 Speaker 1: Apple could use the large your screen area to show 414 00:23:01,160 --> 00:23:05,040 Speaker 1: more fitness metrics or information on watch faces at one time. 415 00:23:05,440 --> 00:23:08,040 Speaker 1: The company plans to announce the new watch, along with 416 00:23:08,119 --> 00:23:11,240 Speaker 1: two other models later this year. Live in New York, 417 00:23:11,280 --> 00:23:14,040 Speaker 1: I'm rened to Young Bloomberg daybreak, All right, reneded, thank you, 418 00:23:14,080 --> 00:23:16,719 Speaker 1: And futures are higher this morning. S ANDP futures up 419 00:23:16,720 --> 00:23:19,960 Speaker 1: eleven points and down futures up one nine NASTAGG futures 420 00:23:20,000 --> 00:23:22,359 Speaker 1: at forty five and a ten year treasury down twelve 421 00:23:22,440 --> 00:23:25,720 Speaker 1: thirty seconds held two point nine seven percent. They yield 422 00:23:25,720 --> 00:23:28,720 Speaker 1: on the two year three point oh three percent. Try 423 00:23:28,760 --> 00:23:31,960 Speaker 1: to hand your latest local headlines plus a check of sports. 424 00:23:32,000 --> 00:23:39,200 Speaker 1: And this is Bloomberg. All right, Kent, thank you. It's 425 00:23:39,200 --> 00:23:41,280 Speaker 1: five thirty three on Wall Street. We're at seventy two 426 00:23:41,320 --> 00:23:43,560 Speaker 1: degrees in Central Park. Still dealing with an accident on 427 00:23:43,560 --> 00:23:45,680 Speaker 1: the South Bend New York State three Wiggs at fifteen 428 00:23:45,680 --> 00:23:48,640 Speaker 1: A details coming up in traffic. First Michael Barr with 429 00:23:48,680 --> 00:23:50,520 Speaker 1: more on what's going on in New York and around 430 00:23:50,560 --> 00:23:52,880 Speaker 1: the world. Michael, thank you very much. Nathan. New York 431 00:23:52,960 --> 00:23:57,119 Speaker 1: Mayor Eric Adams held around table style discussion involving community 432 00:23:57,119 --> 00:24:00,520 Speaker 1: groups and the NYPD. Mayor Adam is dealt with a 433 00:24:00,640 --> 00:24:04,080 Speaker 1: range of issues from oversight of homeless shelters and the budget. 434 00:24:04,359 --> 00:24:08,000 Speaker 1: When you look at this budget and the amount of 435 00:24:08,000 --> 00:24:16,440 Speaker 1: money we allocated to unprecedented resources go into children and families, 436 00:24:17,080 --> 00:24:21,280 Speaker 1: uh the increase dollar amount in the reduced Fair Metro 437 00:24:21,400 --> 00:24:25,600 Speaker 1: Card program never before numbers were reached. Mayor Adams said 438 00:24:25,680 --> 00:24:28,480 Speaker 1: the police budget remained flat. We can't live in a 439 00:24:28,520 --> 00:24:31,080 Speaker 1: city where young people pick up a gun faster than 440 00:24:31,119 --> 00:24:34,520 Speaker 1: they can get an iPad. Prosecutors in Illinois say the 441 00:24:34,520 --> 00:24:37,000 Speaker 1: twenty one year old man accused of killing seven people 442 00:24:37,280 --> 00:24:39,680 Speaker 1: at the Fourth of July parade in Highland Park and 443 00:24:39,880 --> 00:24:43,520 Speaker 1: fast to the shooting. After being taken into custody, the 444 00:24:43,600 --> 00:24:47,119 Speaker 1: suspect made his first court appearance by video. The attorney 445 00:24:47,119 --> 00:24:50,959 Speaker 1: for the accused shooters mother and father says his clients 446 00:24:51,000 --> 00:24:54,800 Speaker 1: are hurting too. Steve Greenberg, representing Robert cream O, the 447 00:24:54,920 --> 00:24:58,720 Speaker 1: third's parents, spoke to w LSTV. They faced charges. They'll 448 00:24:58,760 --> 00:25:02,240 Speaker 1: deal with charges when it happens. Their concern is helping 449 00:25:02,240 --> 00:25:05,840 Speaker 1: the community to heal and helping everyone to figure out 450 00:25:06,200 --> 00:25:09,400 Speaker 1: how to keep this from happening again. Attorney Steve Greenberg. 451 00:25:09,600 --> 00:25:13,399 Speaker 1: Illinois State Police say there will be criminal investigations into 452 00:25:13,480 --> 00:25:17,120 Speaker 1: the culpability of the father because he sponsored the application 453 00:25:17,200 --> 00:25:21,720 Speaker 1: for his son's twenty twenty firearm permit. Friends and fans 454 00:25:21,720 --> 00:25:23,920 Speaker 1: of Britney Grinder held a rally and Phoenix to show 455 00:25:23,920 --> 00:25:26,359 Speaker 1: support for the w n B. A star who has 456 00:25:26,400 --> 00:25:29,760 Speaker 1: been detained in Russia since February. Day two of her 457 00:25:29,840 --> 00:25:33,360 Speaker 1: drug trail near Moscow, is today. Former White House Council 458 00:25:33,560 --> 00:25:37,960 Speaker 1: under President Trump Pat Sipaloni is expected to testify under 459 00:25:37,960 --> 00:25:42,200 Speaker 1: subpoena before the House January six Committee Tomorrow. Sipolonia will 460 00:25:42,240 --> 00:25:45,600 Speaker 1: speak to the panel behind closed doors. Global News twenty 461 00:25:45,640 --> 00:25:48,480 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 462 00:25:48,720 --> 00:25:51,800 Speaker 1: powered by more than twenty seven journalists and analysts more 463 00:25:51,840 --> 00:25:55,399 Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan, 464 00:25:55,400 --> 00:26:02,879 Speaker 1: all right, Michael, thank you on Wall Street. Time for 465 00:26:02,920 --> 00:26:06,320 Speaker 1: the Bloomberg Sports Update with John Sharon. Alright, Nathan Yankees 466 00:26:06,359 --> 00:26:08,920 Speaker 1: unaccusted or losing two games in a row, weren't about 467 00:26:08,920 --> 00:26:11,320 Speaker 1: to drop a third strate A sixteen to nothing round 468 00:26:11,359 --> 00:26:14,280 Speaker 1: in Pittsburgh. They scored eleven over their last two at 469 00:26:14,320 --> 00:26:17,399 Speaker 1: fact Yankee hits six home runs, Aaron Judge in his 470 00:26:17,480 --> 00:26:20,000 Speaker 1: thirty it was a Grand Slam in the eighth and 471 00:26:20,040 --> 00:26:22,120 Speaker 1: ain't Aaron Hicks at a Grand Slam of the ninth. 472 00:26:22,480 --> 00:26:24,159 Speaker 1: Yanks have not played the Red Sox in at the 473 00:26:24,200 --> 00:26:26,840 Speaker 1: opening series of the season that was in New York. Finally, 474 00:26:26,880 --> 00:26:29,920 Speaker 1: their first trip to Fenway tonight start the four game series. 475 00:26:29,920 --> 00:26:32,400 Speaker 1: How Steinbrenner met the media in Pittsburgh. He says there 476 00:26:32,440 --> 00:26:36,160 Speaker 1: will be no contract talks with Judge until after the season. 477 00:26:36,200 --> 00:26:39,000 Speaker 1: Says he has no regrets about the offer they've made 478 00:26:39,000 --> 00:26:42,560 Speaker 1: that Judd rejected Mets one in Cincinnati eight to three, tennings, 479 00:26:42,560 --> 00:26:44,680 Speaker 1: They tied the game of the ninth, didn't take their 480 00:26:44,680 --> 00:26:47,320 Speaker 1: first lead until the tenth. Brandon Nimbo put it away 481 00:26:47,320 --> 00:26:49,240 Speaker 1: with a three mon homer Atlanta one again the Brave 482 00:26:49,280 --> 00:26:51,640 Speaker 1: State two and a half game behind. Raphael and All 483 00:26:51,680 --> 00:26:54,520 Speaker 1: admits his family was trying to encourage him to quit 484 00:26:54,600 --> 00:26:57,240 Speaker 1: his quarter final match at Wimbledon with American Taylor Fritz. 485 00:26:57,280 --> 00:27:00,280 Speaker 1: He was battling and abdominantly injury. It at alst get 486 00:27:00,320 --> 00:27:02,280 Speaker 1: out and sure enough won the last two sets, the 487 00:27:02,320 --> 00:27:07,800 Speaker 1: fifth set in the tiebreaker to retired uh In the 488 00:27:07,880 --> 00:27:10,000 Speaker 1: me that loved the match. It's not easy even if 489 00:27:11,680 --> 00:27:18,840 Speaker 1: I had that idea or such a long time. But no, Hunt, 490 00:27:21,000 --> 00:27:23,080 Speaker 1: I do a couple of times in my tennis career 491 00:27:23,200 --> 00:27:25,800 Speaker 1: is something that I I hate to do it. He 492 00:27:25,800 --> 00:27:28,440 Speaker 1: hopes to recover for tomorrows semifinal. Matt with the aussee 493 00:27:28,840 --> 00:27:31,400 Speaker 1: Nick Kurios. The Cleveland Browns had already moved on from 494 00:27:31,440 --> 00:27:34,440 Speaker 1: Baker Mayfield, bringing in to Shawn Watson. They traded Mayfield 495 00:27:34,440 --> 00:27:36,800 Speaker 1: first overall pick of the twenty eighteen draft, to Carolina, 496 00:27:37,200 --> 00:27:39,600 Speaker 1: where will apparently battle Sam Donald. He was the third 497 00:27:39,600 --> 00:27:42,160 Speaker 1: pick of that same draft. John stash, they weren't Bloomberg 498 00:27:42,200 --> 00:27:44,960 Speaker 1: Sports all right, John. Thanks, It's five thirty seven on 499 00:27:45,000 --> 00:27:48,200 Speaker 1: Wall Street. Time for the Tri State Business Report. Here's Bloomberg, 500 00:27:48,240 --> 00:27:51,840 Speaker 1: said Corey. The U S Transportation Department is awarded sixteen 501 00:27:51,920 --> 00:27:56,520 Speaker 1: coveted flight slots at Newark International just Spirit Airlines, denying 502 00:27:56,600 --> 00:28:00,560 Speaker 1: requests by rival's Jet Blue in Alaska air The government 503 00:28:00,560 --> 00:28:03,479 Speaker 1: says Spirit is most likely to provide the lowest fares 504 00:28:03,520 --> 00:28:07,040 Speaker 1: to the most consumers. Construction of a new Hudson River 505 00:28:07,119 --> 00:28:10,240 Speaker 1: Rail tunnel connecting New York City and New Jersey has 506 00:28:10,280 --> 00:28:13,639 Speaker 1: taken another step forward. Both states governors have announced a 507 00:28:13,680 --> 00:28:17,240 Speaker 1: memorandum of understanding with the Port Authority of New York 508 00:28:17,240 --> 00:28:20,439 Speaker 1: and New Jersey on financing for the Gateway tunnel and 509 00:28:20,480 --> 00:28:23,919 Speaker 1: the Portal Bridge replacement. The m t A is selling 510 00:28:23,960 --> 00:28:26,840 Speaker 1: seven hundred million dollars in bonds backed by New York 511 00:28:26,880 --> 00:28:31,000 Speaker 1: City's sales tax revenue as the largest mass transit system 512 00:28:31,040 --> 00:28:34,120 Speaker 1: in the US looks to attract investors worried about low 513 00:28:34,320 --> 00:28:38,480 Speaker 1: ridership levels on subways, commuter trains, and buses. It's the 514 00:28:38,520 --> 00:28:42,240 Speaker 1: first time the agency is borrowing against sales tax receipts. 515 00:28:42,720 --> 00:28:45,880 Speaker 1: That's your Bloomberg Tries State Business Report. I'm Ed Corey. 516 00:28:46,080 --> 00:28:48,320 Speaker 1: Thanks that It's five thirty eight on Wall Street. Bloomberg 517 00:28:48,400 --> 00:28:50,720 Speaker 1: Radio is on the air from San Francisco to New York, 518 00:28:50,760 --> 00:28:53,240 Speaker 1: London to Hong Kong. Let's check in with our global 519 00:28:53,240 --> 00:28:55,080 Speaker 1: news team for some of the top stories heard on 520 00:28:55,120 --> 00:29:01,000 Speaker 1: our three hundred affiliate radio stations around the world. I'm 521 00:29:01,080 --> 00:29:04,400 Speaker 1: Corney Donahoe on ktr H in Houston. Chelsea is a 522 00:29:04,520 --> 00:29:07,080 Speaker 1: one billion dollar gain and it's We're finding business in 523 00:29:07,120 --> 00:29:10,080 Speaker 1: the most routsent quarter. On Gina Servetti and for w 524 00:29:10,320 --> 00:29:12,880 Speaker 1: c c O in Minneapolis. I'm reporting that three m 525 00:29:12,920 --> 00:29:15,480 Speaker 1: have reached an agreement in Belgium to clean up so 526 00:29:15,560 --> 00:29:18,720 Speaker 1: called Forever Chemicals, but the deal does not release the 527 00:29:18,760 --> 00:29:23,760 Speaker 1: company from future responsibility. I'm LISAMATHEO and on KMOX and St. Louis. 528 00:29:23,880 --> 00:29:27,280 Speaker 1: I'll be reporting on a new gadget for extreme sports fans. 529 00:29:27,480 --> 00:29:30,280 Speaker 1: I'm Stephen Carol on Bloomberg d A B Digital Radio 530 00:29:30,320 --> 00:29:33,240 Speaker 1: and London. We've been reporting on Boris Johnson's last hours 531 00:29:33,280 --> 00:29:36,320 Speaker 1: as Prime Minister. He'll now resign after an avalanche of 532 00:29:36,360 --> 00:29:39,520 Speaker 1: his minister's question I'm Ed Corey on w w J 533 00:29:39,640 --> 00:29:43,440 Speaker 1: in Detroit. I'm reporting Michigan gave General Motors pre point 534 00:29:43,480 --> 00:29:46,400 Speaker 1: eight billion dollars in tax credits in the wake of 535 00:29:46,440 --> 00:29:48,880 Speaker 1: its bankruptcy. And those are some of the stories our 536 00:29:48,920 --> 00:29:51,800 Speaker 1: twenty seven hundred Bloomberg journalists and analyst organ on this morning. 537 00:29:51,800 --> 00:29:54,560 Speaker 1: It's five thirty nine on Wall Street. The following is 538 00:29:54,600 --> 00:29:58,480 Speaker 1: an editorial from Bloomberg Opinion. With each passing day, the 539 00:29:58,560 --> 00:30:01,360 Speaker 1: brave new world of crypto currencies is looking more like 540 00:30:01,440 --> 00:30:05,880 Speaker 1: the perilous old world of Wall Street. Circa nine. Supposedly 541 00:30:05,960 --> 00:30:09,360 Speaker 1: stable investments are proving to be anything but tillions of 542 00:30:09,400 --> 00:30:14,000 Speaker 1: dollars in virtual wealth have vanished. Their right response is relief, 543 00:30:14,320 --> 00:30:17,960 Speaker 1: relief that things didn't get even worse. Rarely has a 544 00:30:18,000 --> 00:30:21,479 Speaker 1: crisis been so well timed. Crypto managed to boom and 545 00:30:21,520 --> 00:30:25,480 Speaker 1: crash before it became too connected to the broader financial system. 546 00:30:25,520 --> 00:30:29,040 Speaker 1: The damage has been limited mostly to those who, despite 547 00:30:29,080 --> 00:30:32,400 Speaker 1: ample warning, chose to get involved. There's no need for 548 00:30:32,440 --> 00:30:37,480 Speaker 1: emergency intervention. On the contrary, the bubble's deflation affords regulators 549 00:30:37,520 --> 00:30:42,280 Speaker 1: and investors a unique opportunity to reflect. Unlessons learned, Perhaps 550 00:30:42,280 --> 00:30:45,480 Speaker 1: the speculative frenzy surrounding crypto will give way to the 551 00:30:45,520 --> 00:30:49,760 Speaker 1: development of truly valuable applications. For the time being, though, 552 00:30:49,960 --> 00:30:52,640 Speaker 1: it's better to keep a safe distance. This editorial was 553 00:30:52,640 --> 00:30:55,800 Speaker 1: written by the Bloomberg Opinion Editorial Board. I'm David Shipley. 554 00:30:55,880 --> 00:30:58,360 Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com, 555 00:30:58,440 --> 00:31:01,800 Speaker 1: Slush Opinion or opion. Go on the Bloomberg terminal. This 556 00:31:02,080 --> 00:31:05,840 Speaker 1: has been Bloomberg Opinion. Listen for Bloomberg opinion editorials every 557 00:31:05,840 --> 00:31:08,560 Speaker 1: week at this time. Terminal customers can read more at 558 00:31:08,600 --> 00:31:11,720 Speaker 1: O P I n go SMP futures up eleven points, 559 00:31:11,720 --> 00:31:14,800 Speaker 1: Staff futures up a hundred eleven INSTECT futures up forty 560 00:31:14,840 --> 00:31:16,959 Speaker 1: seven points in the tenure treasury yield right now two 561 00:31:17,040 --> 00:31:23,520 Speaker 1: point nine seven. This is Bloomberg Bloomberg eleven three oh 562 00:31:23,520 --> 00:31:26,080 Speaker 1: Weather mostly cloudy, a few afternoon showers possible, going up 563 00:31:26,080 --> 00:31:29,200 Speaker 1: to near eighty degrees low eighties, with more showers likely tomorrow. 564 00:31:29,600 --> 00:31:32,880 Speaker 1: Sunshine low eighties for Saturday. Right now seventy two in 565 00:31:32,920 --> 00:31:40,080 Speaker 1: Central Park Markets. Headlines and breaking news twenty four hours 566 00:31:40,080 --> 00:31:42,840 Speaker 1: a day at Bloomberg dot com for the Bloomberg Business 567 00:31:42,880 --> 00:31:46,560 Speaker 1: at and at Bloomberg Quick Tape is a Bloomberg Business 568 00:31:46,560 --> 00:31:55,840 Speaker 1: blash and I'm Karen Moscow us on Index futures are 569 00:31:55,920 --> 00:31:59,360 Speaker 1: on the rise this morning as fears about inflation in 570 00:31:59,400 --> 00:32:01,880 Speaker 1: the face of mont a tightening or fading. The foot 571 00:32:01,880 --> 00:32:05,040 Speaker 1: see one hundred in London is higher following news Boris 572 00:32:05,120 --> 00:32:07,840 Speaker 1: Johnson plans to resign as UK Prime Minister and the 573 00:32:07,920 --> 00:32:10,360 Speaker 1: US to and ten Your yield curve remains inverted for 574 00:32:10,440 --> 00:32:12,600 Speaker 1: a third day. We checked the markets every fifteen minutes 575 00:32:12,640 --> 00:32:15,720 Speaker 1: throughout the trading day on Bloomberg s and p futures 576 00:32:15,760 --> 00:32:17,840 Speaker 1: up ten points this morning, down futures of a hundred 577 00:32:17,880 --> 00:32:20,600 Speaker 1: three now's day futures up thirty nine. The foot see 578 00:32:20,600 --> 00:32:22,440 Speaker 1: one hundred is up one point two percent, The ten 579 00:32:22,520 --> 00:32:25,080 Speaker 1: year Treasury down eleven thirty seconds, yield two point nine 580 00:32:25,120 --> 00:32:28,280 Speaker 1: six percent. Yield on a two year three point two percent. 581 00:32:28,640 --> 00:32:31,280 Speaker 1: Nine X Screwed oil is up about one point one percent, 582 00:32:31,320 --> 00:32:33,480 Speaker 1: up a dollar three at ninety nine dollars fifty five 583 00:32:33,480 --> 00:32:36,000 Speaker 1: cents in barrel comics school that four ten percent or 584 00:32:36,040 --> 00:32:38,960 Speaker 1: six dollars seventy cents is seventeen forty three twenty announced. 585 00:32:39,280 --> 00:32:41,680 Speaker 1: The euro one point two oh five against the dollar, 586 00:32:41,760 --> 00:32:44,240 Speaker 1: British round one point one nine nine three and the 587 00:32:44,360 --> 00:32:47,040 Speaker 1: end at one thirties six point oh seven. And Bitcoin 588 00:32:47,160 --> 00:32:50,280 Speaker 1: this morning is moving higher, up about one percent at 589 00:32:50,320 --> 00:32:54,280 Speaker 1: twenty thousand, five hundred seventy dollars. That's at Bloomberg Business Flash. Now, 590 00:32:54,280 --> 00:32:56,880 Speaker 1: here's Michael bar with Moore on what's going on around 591 00:32:56,960 --> 00:32:59,680 Speaker 1: the world. Michael Karen, thank you very much, as we've 592 00:32:59,680 --> 00:33:02,360 Speaker 1: been made eining all this morning. UK Prime Minister Boris 593 00:33:02,440 --> 00:33:06,520 Speaker 1: Johnson plans to resign, according to officials familiar with his thinking, 594 00:33:06,600 --> 00:33:10,360 Speaker 1: following an unprecedented wave of resignations from his government over 595 00:33:10,400 --> 00:33:14,560 Speaker 1: the past two days. Treasury Chief not him Zahabi told 596 00:33:14,600 --> 00:33:16,800 Speaker 1: the Prime Minister to resign for the good of the country. 597 00:33:17,000 --> 00:33:20,240 Speaker 1: Will have more on the Johnson resignation in a few moments. 598 00:33:20,560 --> 00:33:23,200 Speaker 1: In baseball, the Yankees put on What four and Why, 599 00:33:23,240 --> 00:33:26,880 Speaker 1: whipping on the Pirate sixteen nothing. The Mets also won 600 00:33:26,920 --> 00:33:29,560 Speaker 1: the Nationals Orioles and Giants won. The Red Sox lost. 601 00:33:29,600 --> 00:33:32,560 Speaker 1: Along with the a's Global News twenty four hours a 602 00:33:32,600 --> 00:33:35,360 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 603 00:33:35,400 --> 00:33:38,240 Speaker 1: than twenty seven under journalist analysts in more than a 604 00:33:38,280 --> 00:33:41,800 Speaker 1: hundred twenty countries, I'm Michael Barr, and this is Bloomberg. Nathan. Hi, Michael, 605 00:33:41,840 --> 00:33:44,360 Speaker 1: thank you for coming up to five on Wall Street 606 00:33:44,400 --> 00:33:47,800 Speaker 1: ten forty nine in London, live from the Bloomberg Interactive 607 00:33:47,840 --> 00:33:51,600 Speaker 1: Broker Studios. This is Bloomberg Daybreak and Bloomberg's Lizzie Burden 608 00:33:51,680 --> 00:33:54,320 Speaker 1: joins us once again from outside number ten Downing Street 609 00:33:54,320 --> 00:33:57,120 Speaker 1: as we continue our coverage of reports said Boris Johnson 610 00:33:57,440 --> 00:34:00,959 Speaker 1: will resign as UK Prime Minister and make that announcement 611 00:34:01,320 --> 00:34:04,000 Speaker 1: later today. Lizzie, thanks for being back with us. For 612 00:34:04,040 --> 00:34:06,160 Speaker 1: those who may have just joined us, can you get 613 00:34:06,240 --> 00:34:08,520 Speaker 1: us up to speed on what got us to this 614 00:34:08,560 --> 00:34:11,239 Speaker 1: point because there have been so many developments over just 615 00:34:11,280 --> 00:34:14,839 Speaker 1: the last couple of hours. Yeah. Well, in the last 616 00:34:14,840 --> 00:34:18,040 Speaker 1: couple of hours we've seen the cars arriving, the cameras 617 00:34:18,160 --> 00:34:20,560 Speaker 1: and now the clowds are developing beyond the gates of 618 00:34:20,719 --> 00:34:23,800 Speaker 1: Downing Street because we're expecting to hear from Boris Johnson 619 00:34:23,880 --> 00:34:26,480 Speaker 1: in the next few hours. There's no podium in front 620 00:34:26,520 --> 00:34:29,480 Speaker 1: of Number ten yet, but he'll be interesting to hear 621 00:34:29,520 --> 00:34:33,719 Speaker 1: the tone of his resignation speech. Remember Theresa May, his predecessor, 622 00:34:34,360 --> 00:34:38,680 Speaker 1: was teary. But finally we're at the point where Boris 623 00:34:38,760 --> 00:34:42,799 Speaker 1: Johnson is handing in his resignation after an unprecedented wave 624 00:34:42,880 --> 00:34:46,720 Speaker 1: of resignations from his government. It was in it was paralyzed. 625 00:34:46,960 --> 00:34:50,520 Speaker 1: About a third of the government had quit and those 626 00:34:50,560 --> 00:34:54,680 Speaker 1: resignations keep on coming. It seems that the lesson from 627 00:34:54,760 --> 00:34:58,960 Speaker 1: his chancellor, newly appointed Chancellor A. Deeza Harwe, was one 628 00:34:59,000 --> 00:35:01,439 Speaker 1: of the things that pushed Boris Johnson to the edge. 629 00:35:01,920 --> 00:35:05,279 Speaker 1: Uh just telling Boris Johnson to resign, but it had 630 00:35:05,280 --> 00:35:10,400 Speaker 1: seemed increasingly inevitable. We've had the recent Chris Pincher, a 631 00:35:10,480 --> 00:35:14,919 Speaker 1: bear the latest chapter in the Peasants sex scandal, Party Gate, 632 00:35:15,040 --> 00:35:17,839 Speaker 1: the crisis that saw Boris Johnson the first sitting prime 633 00:35:17,880 --> 00:35:20,080 Speaker 1: ministers to be found to have broken the law and 634 00:35:20,120 --> 00:35:22,360 Speaker 1: on top of that the cost of living crisis in 635 00:35:22,400 --> 00:35:25,280 Speaker 1: the UK were expecting to see inflation hitting double digits 636 00:35:25,280 --> 00:35:28,319 Speaker 1: in the four So this is finally the moment where 637 00:35:28,320 --> 00:35:31,239 Speaker 1: Boris Johnson is it seems to be decided to call 638 00:35:31,280 --> 00:35:33,439 Speaker 1: it Curtains. Yeah, and it looks as though this will 639 00:35:33,440 --> 00:35:37,200 Speaker 1: be the final resignation of this wave and it's going 640 00:35:37,280 --> 00:35:41,279 Speaker 1: to set up a new leadership election. Lizzie, how's that 641 00:35:41,320 --> 00:35:44,520 Speaker 1: going to work? Well, it's in two stages and it 642 00:35:44,600 --> 00:35:48,000 Speaker 1: takes several months. The first stage is the shortlisting stage 643 00:35:48,040 --> 00:35:50,680 Speaker 1: where mp put their own names into the hats and 644 00:35:50,760 --> 00:35:54,160 Speaker 1: over several rounds Tory MP for whittle that lifts down 645 00:35:54,200 --> 00:35:57,440 Speaker 1: to two the ideas to keep out the extreme names. 646 00:35:57,480 --> 00:35:59,680 Speaker 1: And then the second stage is it goes to the 647 00:35:59,680 --> 00:36:03,399 Speaker 1: grass troops members to move it down just to one 648 00:36:03,480 --> 00:36:06,560 Speaker 1: name on who gets picked. But the time scales breach 649 00:36:06,760 --> 00:36:09,280 Speaker 1: of those stages are set up by the nineteen twenty 650 00:36:09,360 --> 00:36:12,480 Speaker 1: two Committee of Conservatives Backbenches and if it takes till 651 00:36:12,480 --> 00:36:15,759 Speaker 1: October to find a new leader. That would only leave 652 00:36:15,840 --> 00:36:19,200 Speaker 1: them fourteen months to set a new agenda before a 653 00:36:19,239 --> 00:36:23,319 Speaker 1: general election. But whoever takes over doing so in a 654 00:36:23,320 --> 00:36:28,279 Speaker 1: time of absolute crisis, economic undue political. So I have 655 00:36:28,440 --> 00:36:31,800 Speaker 1: to think then that there's probably already some jockey and 656 00:36:31,960 --> 00:36:36,480 Speaker 1: going on behind the scenes members of the Conservative Party 657 00:36:36,640 --> 00:36:39,920 Speaker 1: looking to firm up support. Who are we hearing in 658 00:36:40,040 --> 00:36:43,400 Speaker 1: terms of names of people who are thinking of taking 659 00:36:43,440 --> 00:36:46,000 Speaker 1: over as prime minister now? Well, in a way you 660 00:36:46,000 --> 00:36:49,120 Speaker 1: could split the candidates into those who quit and those 661 00:36:49,160 --> 00:36:53,879 Speaker 1: who stayed till the end. Those who quit include a 662 00:36:54,000 --> 00:36:58,120 Speaker 1: Rishi Soon actss former Chancellor and Sage Javit, the former 663 00:36:58,160 --> 00:37:04,759 Speaker 1: Health secretary, strong hint around their statements and letters of resignation. Uh. 664 00:37:05,040 --> 00:37:06,799 Speaker 1: Then there are those who stayed to the end, like 665 00:37:06,880 --> 00:37:09,799 Speaker 1: Liz trust for Foreign Secretary here and she's coming back 666 00:37:09,840 --> 00:37:15,200 Speaker 1: from G twenty meeting in Indonesia. Also Ben Wallace Defense Secretary. 667 00:37:15,800 --> 00:37:18,560 Speaker 1: But they they're on the one hand, those who've stayed 668 00:37:18,719 --> 00:37:22,320 Speaker 1: seemed to be tarnished by the proximity to Boris Johnson. 669 00:37:22,640 --> 00:37:25,840 Speaker 1: But for lots of Tory Party members, those who've left 670 00:37:25,960 --> 00:37:28,640 Speaker 1: will seem to have betrayed Boris Johnson. So we'll see 671 00:37:28,680 --> 00:37:31,799 Speaker 1: how the grassroots vote, but their economics could be key, 672 00:37:31,840 --> 00:37:33,640 Speaker 1: as I say, were in the midst of a cost 673 00:37:33,719 --> 00:37:36,840 Speaker 1: of living crisis. But then those with military links military 674 00:37:36,880 --> 00:37:40,879 Speaker 1: backgrounds could also started a good chance because of course 675 00:37:40,920 --> 00:37:42,839 Speaker 1: we have the war in Ukraine going on as well. 676 00:37:43,480 --> 00:37:46,600 Speaker 1: Bloomberg's Lizzie Burton, thanks again for being with us this 677 00:37:46,680 --> 00:37:49,400 Speaker 1: morning from outside Number ten Downing Street, as we await 678 00:37:49,480 --> 00:37:53,040 Speaker 1: that resignation speech. We are expecting it later today from 679 00:37:53,520 --> 00:37:56,640 Speaker 1: UK Prime Minister Boris Johnson, and this headline just across 680 00:37:56,719 --> 00:37:59,520 Speaker 1: the Bloomberg terminal, Sky News is reporting that that speech 681 00:37:59,600 --> 00:38:02,759 Speaker 1: is expect did around mid day, so it could be 682 00:38:02,760 --> 00:38:04,560 Speaker 1: coming in the next couple of hours. Here, of course, 683 00:38:04,560 --> 00:38:07,920 Speaker 1: we will have it for you live here on Bloomberg Radio. 684 00:38:08,040 --> 00:38:09,960 Speaker 1: In the meantime, we want to get to look at 685 00:38:10,120 --> 00:38:13,400 Speaker 1: some of the market reaction here. For that, we're pleased 686 00:38:13,440 --> 00:38:16,800 Speaker 1: to be joined now by St. Dwack, chief investment officer 687 00:38:16,920 --> 00:38:19,719 Speaker 1: at Flow Bank. St. Good morning. I'm sure you saw 688 00:38:19,719 --> 00:38:23,200 Speaker 1: on your terminal the spike in the pound on the 689 00:38:23,239 --> 00:38:26,920 Speaker 1: news that Boris Johnson plans to resign. What are you 690 00:38:26,960 --> 00:38:30,440 Speaker 1: looking for in terms of market reaction to what's happening 691 00:38:30,480 --> 00:38:34,360 Speaker 1: in the UK. Good morning. Absolutely, we've seen a small 692 00:38:34,400 --> 00:38:38,160 Speaker 1: move in the pound, but clearly upwards. Uh. The pound 693 00:38:38,239 --> 00:38:41,359 Speaker 1: is usually the best barometer of what's happening in the 694 00:38:41,480 --> 00:38:45,280 Speaker 1: UK because UK stalks tend to react more with global 695 00:38:45,320 --> 00:38:48,799 Speaker 1: stocks and they'll react a little bit less to the politics, 696 00:38:48,880 --> 00:38:51,759 Speaker 1: so that the pound is really the good indicator to 697 00:38:51,840 --> 00:38:55,560 Speaker 1: keep an eye on. Still a lot of uncertainty, I think, Uh, 698 00:38:55,600 --> 00:38:57,360 Speaker 1: the speech that's coming up is going to be the 699 00:38:57,400 --> 00:39:00,920 Speaker 1: first step that he is actually resigned ing um, so 700 00:39:01,000 --> 00:39:03,960 Speaker 1: that'll be good for the markets. And then still a 701 00:39:04,000 --> 00:39:06,520 Speaker 1: bit of uncertainty because in the best case scenario it 702 00:39:06,600 --> 00:39:09,440 Speaker 1: looks like we're talking about October, so it's still a 703 00:39:09,480 --> 00:39:12,680 Speaker 1: few months with a lot of resignations. And of course 704 00:39:12,800 --> 00:39:16,440 Speaker 1: the backdrop in the UK isn't fantastic, right you have 705 00:39:16,520 --> 00:39:20,880 Speaker 1: this very high risk of recession, extremely high inflation, a 706 00:39:20,920 --> 00:39:24,439 Speaker 1: difficult conundrum for the central bank, possibly even worse than 707 00:39:24,520 --> 00:39:28,080 Speaker 1: in some of the other regions. So the view for 708 00:39:28,120 --> 00:39:31,319 Speaker 1: the pound is is certainly an improvement if you have 709 00:39:31,480 --> 00:39:34,120 Speaker 1: less uncertainty, if you have someone who might be a 710 00:39:34,120 --> 00:39:38,040 Speaker 1: little more euro friendly, but was still a lot of 711 00:39:38,040 --> 00:39:41,160 Speaker 1: work to go before it can recover significantly. Obviously, the 712 00:39:41,239 --> 00:39:43,560 Speaker 1: dynamics in the UK are are somewhat different from what 713 00:39:43,600 --> 00:39:45,480 Speaker 1: we see in the U S. But Lizzie mentioned a 714 00:39:45,520 --> 00:39:49,680 Speaker 1: housing crisis in the UK, and we have inflation concerns here, 715 00:39:50,040 --> 00:39:54,120 Speaker 1: possibility of recession. We heard from the Fed yesterday in 716 00:39:54,160 --> 00:39:57,880 Speaker 1: the Minutes the resolve to keep raising interest rates to 717 00:39:57,960 --> 00:40:02,399 Speaker 1: cool inflation. What does that mean for investors? I think 718 00:40:02,440 --> 00:40:05,439 Speaker 1: you have to take yesterday's minutes with a little bit 719 00:40:05,480 --> 00:40:09,080 Speaker 1: of a grain assault, just because, uh, there's a few 720 00:40:09,080 --> 00:40:12,240 Speaker 1: weeks old, right, and we know that at the FED meeting, 721 00:40:12,920 --> 00:40:15,480 Speaker 1: there was the May CPI that's surprised to the upside. 722 00:40:15,480 --> 00:40:18,480 Speaker 1: There was the University of Michigan inflation expectations that has 723 00:40:18,719 --> 00:40:22,040 Speaker 1: been revised down since. And we've seen a couple of 724 00:40:22,280 --> 00:40:25,359 Speaker 1: data points showing that a few maybe the beginning of 725 00:40:25,400 --> 00:40:29,480 Speaker 1: cracks in the economy and certainly some disinflationary pressures that 726 00:40:29,520 --> 00:40:33,719 Speaker 1: should be coming through relatively quickly, including commodity prices. So 727 00:40:34,239 --> 00:40:36,879 Speaker 1: we know the Fed is going to continue to talk tough, 728 00:40:37,200 --> 00:40:40,959 Speaker 1: They're probably going to continue to act tough. I think 729 00:40:41,120 --> 00:40:44,719 Speaker 1: you could have almost a dovish fifty basis points, uh, 730 00:40:44,920 --> 00:40:47,959 Speaker 1: depending on the June CPI that comes out next week. 731 00:40:48,760 --> 00:40:50,920 Speaker 1: But we'll still have to probably get through the summer 732 00:40:51,440 --> 00:40:54,480 Speaker 1: before you have enough data points both on inflation and 733 00:40:54,560 --> 00:40:59,120 Speaker 1: on growth for the FED to not be I'd say 734 00:40:59,160 --> 00:41:02,400 Speaker 1: only focus on inflation and to maybe realize that inflation 735 00:41:02,560 --> 00:41:06,000 Speaker 1: is coming down and they've already tight and quite significantly. 736 00:41:06,280 --> 00:41:08,520 Speaker 1: I'm not calling for a pause, but at least an 737 00:41:08,520 --> 00:41:12,680 Speaker 1: acknowledgement of an evolving situation compared to this spring. Are 738 00:41:12,719 --> 00:41:15,280 Speaker 1: going to get another big backward looking data point tomorrow 739 00:41:15,320 --> 00:41:18,120 Speaker 1: with the June jobs report. What's your expectation there and 740 00:41:18,160 --> 00:41:19,719 Speaker 1: what could that mean for the Fed? We've only got 741 00:41:19,719 --> 00:41:23,200 Speaker 1: about a minute left here. Well, it's one of those 742 00:41:23,680 --> 00:41:26,000 Speaker 1: you want it to be soft but not too soft. 743 00:41:26,120 --> 00:41:29,680 Speaker 1: You don't want to have recession fears with too bad 744 00:41:29,800 --> 00:41:31,440 Speaker 1: a print, but you don't want it to be too 745 00:41:31,520 --> 00:41:35,680 Speaker 1: high and then have those FED expectations rise again in 746 00:41:35,760 --> 00:41:38,800 Speaker 1: terms of tightening. So it's a fine line to thread, 747 00:41:38,840 --> 00:41:40,759 Speaker 1: but I do think it will be slightly on the 748 00:41:40,800 --> 00:41:43,200 Speaker 1: softer side, even though there is quite a bit of 749 00:41:43,200 --> 00:41:45,960 Speaker 1: a cushion before you start see really disappointing news in 750 00:41:46,040 --> 00:41:49,040 Speaker 1: terms of the US labor market. As always, thanks for 751 00:41:49,040 --> 00:41:52,319 Speaker 1: giving us your insights. SD really appreciated. St dwag is 752 00:41:52,440 --> 00:41:56,560 Speaker 1: chief investment officer at Flow Bank. As we take a 753 00:41:56,560 --> 00:41:59,719 Speaker 1: look at a market that's uh poised for gains for 754 00:42:00,000 --> 00:42:03,920 Speaker 1: equity investors, particularly in Europe. This morning, right now on 755 00:42:04,000 --> 00:42:06,719 Speaker 1: Wall Street, SMP futures are up seven points. That's a 756 00:42:06,719 --> 00:42:09,359 Speaker 1: game of about two tenths percent down futures are hired 757 00:42:09,400 --> 00:42:13,319 Speaker 1: by eighty points, NASTAC futures up thirty points. Look at 758 00:42:13,320 --> 00:42:15,319 Speaker 1: the docks in Germany, it's top about one and a 759 00:42:15,320 --> 00:42:17,239 Speaker 1: half percent. So it's the catc in Paris and the 760 00:42:17,239 --> 00:42:20,719 Speaker 1: foot scene London hired by one point two percent. Ten. 761 00:42:20,760 --> 00:42:23,680 Speaker 1: Your treasuries down ten thirty seconds, the yield two point 762 00:42:23,719 --> 00:42:27,640 Speaker 1: nine six percent. We have inversion between the two's and tens. 763 00:42:27,719 --> 00:42:30,800 Speaker 1: The two year yield is above three at three point 764 00:42:30,920 --> 00:42:34,440 Speaker 1: zero three percent. Nim X screws up three quarters per cent, 765 00:42:34,560 --> 00:42:37,600 Speaker 1: or seventy three cents, ninety nine dollars, twenty six cents 766 00:42:37,600 --> 00:42:40,080 Speaker 1: of barrel, just shy of a hundred, and the British 767 00:42:40,120 --> 00:42:44,360 Speaker 1: clown one point one nine nine zero against the dollar. 768 00:42:45,280 --> 00:42:48,359 Speaker 1: Bloomberg Day Break continues on this Thursday morning. This is 769 00:42:48,560 --> 00:42:49,120 Speaker 1: Bloomberg