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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 1: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 1: stories we're following today.

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Speaker 2: Karen, let's start with the latest from the Republican National Convention.

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Speaker 2: The second night of the event in Milwaukee saw a

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Speaker 2: full throated show of support for former President Donald Trump

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Speaker 2: from his former primary rivals, including Nicky Haley.

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Speaker 3: Donald Trump has my strong endorsement period.

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Speaker 2: The former South Carolina governor was not originally scheduled to

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Speaker 2: speak at this convention, but after the attempt on Trump's

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Speaker 2: life last weekend, Haley says she agreed to appear in

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Speaker 2: the name of unity. The delegates also heard from another

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Speaker 2: twenty twenty four primary candidate, Florida Governor Ron DeSantis.

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Speaker 1: We need a.

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Speaker 4: Commander in chief who can lead twenty four hours a

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Speaker 4: day and seven days a week. America cannot four more

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Speaker 4: years of a weekend at Bernie's presidency.

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Speaker 2: Governor DeSantis and other convention speakers focused on the theme

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Speaker 2: of the evening make America Safe Again. The accused President

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Speaker 2: Biden of letting the country be overrun by undocumented migrants

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Speaker 2: and fentanyl.

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Speaker 1: Well, Nathan Bloomberg News has learned security around Trump was

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Speaker 1: boosted by the Secret Service after they picked up intelligence

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Speaker 1: of an Iranian plot to assassinate him. Officials say there

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Speaker 1: is no indication that there's any link to Thomas Matthew Crooks,

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Speaker 1: who's accused of shooting at Trump at a rally on Saturday.

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Speaker 1: Begin More from Bloombergs senior editor Bill Ferries.

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Speaker 5: We've seen a threat against the number of former Trump

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Speaker 5: administration officials, a lot of that tied to the administration's

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Speaker 5: killing of the top Iranian general, case of Solimani in

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Speaker 5: early twenty twenty. We know that officials like former Secretary

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Speaker 5: of State Mike Pompeo, former National Security Advisor John Bolton,

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Speaker 5: those men all have added security, which is unusual for

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Speaker 5: a former official because of those threats. But this is

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Speaker 5: the first time we've learned about a direct threat against

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Speaker 5: Donald Trump himself.

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Speaker 1: Bloomberg's Bill Ferries Aarana said in a social media post

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Speaker 1: that the reports of its involvement in a plot against

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Speaker 1: Trump are baseless.

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Speaker 6: Well Karen.

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Speaker 2: Prior to last weekend's assassination attempt, and shortly before his

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Speaker 2: debate with President Biden, Donald Trump spoke to Bloomberg BusinessWeek

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Speaker 2: about his economic plans for a second term. Nancy Cook

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Speaker 2: was one of the Bloomberg journalists who conducted the ninety

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Speaker 2: minute interview. She says they asked Trump if he wants

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Speaker 2: to remove FED chair J Powell from his position.

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Speaker 7: He said, there's a lot of false information out there.

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Speaker 7: These were his words. And then we asked him if

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Speaker 7: he would allow j. Powell to serve out the term

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Speaker 7: that Biden appointed him to, and he said he would

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Speaker 7: allow him to serve. He did add the caveat like,

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Speaker 7: as long as I thought he was doing things right.

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Speaker 7: He said he did not think that they should cut

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Speaker 7: interest rates before the election, sort of again implying that

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Speaker 7: if they did, that would be like a political move

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Speaker 7: to sort of help Biden. And also he sort of

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Speaker 7: resisted several questions that we asked him about sort of

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Speaker 7: nudging the FED or what he would do.

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Speaker 2: Bloomberg's Nancy Cook says Trump also told her he wants

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Speaker 2: to bring the corporate tax rate to his lowest fifteen percent,

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Speaker 2: and that he'd even consider Jamie Dimon to be the

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Speaker 2: next Treasury secretary. Hear more from Nancy on who sit

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Speaker 2: down with Donald Trump on the latest edition of The

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Speaker 2: Big Take podcast with David Gura. You can get it

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Speaker 2: on Apple, Spotify or anywhere else you get your podcasts.

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Speaker 1: Well, Nathan. While the Republican Convention continues, President Biden is

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Speaker 1: back out on the campaign trail. He reached down to

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Speaker 1: black voters at the NAACP's convention in Las Vegas.

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Speaker 8: Just think about where the black community was and we

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Speaker 8: can you know, is when I came to office, think about

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Speaker 8: how far the.

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Speaker 6: Black community has come. We still got a lot way

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Speaker 6: to go.

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Speaker 1: And the President said the political temperature needs to come

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Speaker 1: down after the shooting at former President Trump's rally, but

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Speaker 1: he also says Americans should not ignore violence against Black

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Speaker 1: Americans and easy access to us on the streets.

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Speaker 2: Meantime, Karen, the Biden administration's considering a tougher chip crackdown

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Speaker 2: against China. The US has tolled allies. It's considering the

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Speaker 2: most severe trade restrictions against companies like Tokyo Electron and

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Speaker 2: ASML if they continue giving China access to advanced semiconductor technology.

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Speaker 2: We get more from Bloomberg's Oliver Krug.

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Speaker 9: This would be basically using a new instrument, which is

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Speaker 9: the Foreign Direct Product Rule, which is basically imposing that

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Speaker 9: any foreign made products that use even a little bit

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Speaker 9: of China of American technology within it would be legally

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Speaker 9: banned from doing so, right, and this is aimed really

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Speaker 9: at the service and repair of many of the chip

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Speaker 9: building equipment that is already in China, rather than new

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Speaker 9: stuff coming in which US firms are already banned from doing,

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Speaker 9: and there are already some restrictions there, but this would

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Speaker 9: be a sort of patent sort of ban on them.

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Speaker 2: Bloomberg's Aali Kruk shares of asml or down six and

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Speaker 2: a half percent. Tokyo Electron is down seven and a

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Speaker 2: half percent.

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Speaker 1: Turning to the markets now, Nathan stocks entering the day

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Speaker 1: at record highs, and they're not led by big tech.

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Speaker 1: Wall Street extent and did a pattern of money rotating

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Speaker 1: into small caps and out of megacap safety since last

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Speaker 1: week's soft inflation data. Over the past four sessions, the

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Speaker 1: Wrestle two thousand has beaten the Nasdaq one hundred by

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Speaker 1: almost twelve percentage points, which has not happened since twenty eleven.

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Speaker 2: Man Karen Shares a Bank of America closed it a

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Speaker 2: two year high following better than expected earnings. Bank's CEO

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Speaker 2: Brian moynihan tells Bloomberg's David Weston BAA's adding customers in

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Speaker 2: small and mid market business loans.

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Speaker 10: If you look across the loan categories, credit card growth

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Speaker 10: was decent. Homeworker growth is kind of bouncing along because

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Speaker 10: consumers aren't using their home ecre loans yet they may

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Speaker 10: morgas lending. The activity relatively flat.

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Speaker 2: There you go.

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Speaker 10: On the commercial side, the great news is we grew

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Speaker 10: small business and business banking, which is our fifty many

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Speaker 10: hire segment. It grew for small business for the twentieth

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Speaker 10: consecutive quarter with.

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Speaker 9: The number one small business lender.

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Speaker 10: Despite what you hear, we are the largest small business

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Speaker 10: lender in America and that grew, which it means there's activity.

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Speaker 2: Bank of America CEO Brian moynihan says the company also

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Speaker 2: notched its best second quarter ever for stock trading. And

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Speaker 2: hear his full conversation with David Weston on the Bloomberg

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Speaker 2: Talks podcast that's available anywhere you get your podcasts.

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Speaker 1: We have a bullish forecast on Tesla Nathan from a

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Speaker 1: top investor. ARC Investment's Kathy Woods says the ev maker

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Speaker 1: will search tenfold because of its move into the more

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Speaker 1: profitable autonomous taxi platform business. What has been bullish on

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Speaker 1: Tesla for a long time, making it a top holding

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Speaker 1: in our Arc Innovation ETF. The fund is lost nearly

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Speaker 1: nine percent this year.

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Speaker 2: Thank Caerry, We've got a change of the guard at HSBC.

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Speaker 2: The bank has named George L. Hedri its next chief

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Speaker 2: executive officer. This continues the lenders' tradition of picking insiders

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Speaker 2: to run the bank. The fifty year old is currently

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Speaker 2: HSBC's Chief Financial Officer. Al Henry takes over as CEO

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Speaker 2: in September, replacing Noel Quinn. In April, he announced a

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Speaker 2: surprise decision to retire from HSBC after a more than

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Speaker 2: three decade career.

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

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

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

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Speaker 1: Good Morning.

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Speaker 6: Good Morning, Karen, New Jersey. Senator Bob Menendez says he

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Speaker 6: plans to appeal Tuesday's conviction for taking bribes from Egypt.

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Speaker 6: The jury found the former Senate Foreign Relations Chair guilty

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Speaker 6: on all sixteen counts, accepting gold bars, lavish gifts and

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Speaker 6: other items in exchange for official favors. The calls rang

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Speaker 6: out from Menendez to resign, including from a Senate majority

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Speaker 6: leader Chuck Schumer, Junior, New Jersey Senator Corey Booker, and

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Speaker 6: New Jersey Governor Phil Murphy. Menendez spoke after.

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Speaker 11: The verdict, I have never ever been a foreign agent,

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Speaker 11: and the decision ridened it by the jury today would

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Speaker 11: put at risk every member of the United States Senate

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Speaker 11: in terms of what they think a foreign agent would be.

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Speaker 6: Meanwhile, the US Attorney Damian Williams said Menendez's years of

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Speaker 6: selling his office to the highest bidder finally come to

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Speaker 6: an end. Christine Curtis, acting Assistant Director of the FBI

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Speaker 6: New York Office.

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Speaker 7: Public corruption investigations are vital to our democracy because they

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Speaker 7: hold our leaders accountable and ensure they serve the public's interest,

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Speaker 7: not their own.

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Speaker 6: Menendez is due to be sentenced October twenty ninth. Newark

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Speaker 6: City Council President Lamonica mcgiver is the victor and Tuesday

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Speaker 6: Special House Democratic primary to succeed the late Donald Payne

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Speaker 6: in Congress. Mcguver at forty seven percent, beat her closest

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Speaker 6: challenger by more than thirty points. Payne died in April,

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Speaker 6: after serving in the House for over two decades. A

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Speaker 6: special general election will take place September eighteenth to fill

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Speaker 6: the remainder of Payne's term ending January twenty fifth. In

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Speaker 6: the heavily democratic tenth District. Republican Carmen Bucco was uncontested

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Speaker 6: in the GOP primary and is the nominee and the

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Speaker 6: regular election as well. A big boom made more than

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Speaker 6: a few people in the New York City area look

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Speaker 6: up and take notice yesterday afternoon. NASA now confirm I

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Speaker 6: a small medior flew over the New York City area.

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Speaker 6: This New Yorker was with his cat and dog.

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Speaker 12: There was the initial boom, and then like less than

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Speaker 12: a second after that, there was a tremble of the

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Speaker 12: house any a dog, Golden Retriever and a cat, both

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Speaker 12: of which the Golden tree jumps out of a skin,

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Speaker 12: and the cat and just darted under the sofa.

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Speaker 6: NASA says the media originated above New York City and

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Speaker 6: passed over the Statue of Liberty before disintegrating above New Jersey.

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Speaker 6: Global News twenty four hours a day and whenever you

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Speaker 6: wanted with Bloomberg News. Now, I'm Michael Barr and this

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Speaker 6: is Bloomberg. Karen.

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Speaker 1: All right, Michael Barr, thank you, and it's time now

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Speaker 1: for the Bloomberg Scores update with John stash Hour.

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Speaker 13: John, good morning, Good morning, Karen. The stars were out

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Speaker 13: in Texas, and there's no bigger star right now than

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Speaker 13: Shoe Aotani. In the third and in he had a

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Speaker 13: three run homer off the Red Sox tailor out to

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Speaker 13: National Lee took a three nothing All Star Game lead,

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Speaker 13: but didn't score again alside the game bottom of third

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Speaker 13: the Yankees Juan Soto two run double.

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Speaker 6: He later scored it was three to three in the fifth.

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Speaker 8: And this is the guy that will take the extra

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Speaker 8: base if he puts it in play, and this one maybe.

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Speaker 6: Out of play.

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Speaker 8: He smacks one dright can it is way out of here?

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Speaker 8: Sharon Durant on twenty five rows up great center field

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Speaker 8: a two run home run, and now the American League is.

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Speaker 13: On top of the ESPN Radio had a duranzomer coming

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Speaker 13: off the Giants Logan web Al one five to three,

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Speaker 13: a game that saw twenty pitchers used, although not the Yankees.

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Speaker 13: Clay Homes, Aaron Judge, a couple of groundouts, Pete Alonzo

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Speaker 13: the Mets came up once he struck out. Caleb Williams,

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Speaker 13: drafted first over all this past able, but the Chicago

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Speaker 13: Bears has his contract four years, thirty nine million fully guaranteed,

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Speaker 13: expected to be the Bears Week one starting QB. Only

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Speaker 13: four first round picks have not yet signed. Forty nine

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Speaker 13: Ers wide out Brandon Ayuk has seen top stall regarding

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Speaker 13: a new contract. He's asked for a trade. The Niners

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Speaker 13: say they have no intention, though well traveled thirty six

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Speaker 13: year old Patrick Beverly, who's played for an NBA team

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Speaker 13: just in the last six years, as a new team

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Speaker 13: Tel Aviv, but the Israeli League NBA Summer League in

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Speaker 13: Las Vegas. Alex Saar, who last month was the second

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Speaker 13: pick of the draft of Washington, had a night to forget.

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Speaker 13: The nineteen year old Frenchman shot zero for fifteen. Kobe

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Speaker 13: Bryant's father has passed away. Joe Bryant played in the

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Speaker 13: NBA many years in Italy, had recently suffered at stroke.

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Speaker 13: Joe Jellyban Bryant the sixteen nine John Stashedward Bloomberg Sports.

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Speaker 12: Can you.

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Speaker 6: Coast to Coast on Bloomberg Radio nationwide on Sirius XM

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Speaker 6: and around the world on Bloomberg dot Com and the

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Speaker 6: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning on Nathan Hager. A message of unity is

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Speaker 2: coming through at the Republican National Convention. One time rivals

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Speaker 2: of former President Donald Trump, including Nicki Haley, are getting

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Speaker 2: behind their nominee.

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Speaker 3: I'm here tonight because we have a country to save,

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Speaker 3: and a unified Republican Party is essential for saving her.

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Speaker 2: For more this morning, we were joined by Bloomberg News

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Speaker 2: Senior editor Bill Ferries spill. Good morning. We've heard a

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Speaker 2: lot of talk about unifying after the attempt on former

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Speaker 2: President Trump's life, but we just heard from Nicki Haley.

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Speaker 2: Unifying the Republican Party sounds a lot like the message

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Speaker 2: we're getting out of Milwaukee.

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Speaker 5: Yeah, Nathan, absolutely. It was a parade of former rivals

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Speaker 5: to President Trump taking the stage there at the Republican Convention.

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Speaker 5: But Nicky Haley was probably one of the biggest there.

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Speaker 5: You know, she led the longest primary fight against the

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Speaker 5: former president this year, and there were even doubts when

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Speaker 5: she withdrew whether she would really be behind Trump or

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Speaker 5: not heading into this election. But she was there saying that,

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Speaker 5: you know, Donald Trump is the best choice for the

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Speaker 5: next president. You you had former rivals like Ron DeSantis

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Speaker 5: taking the stage, and they also DeSantis and Trump had

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Speaker 5: a very bitter fight in the primaries, and for a

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Speaker 5: long time Desanta's had the money war chest that dwarfed

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Speaker 5: what President Trump had, but he was there as well.

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Speaker 5: You had Laura Trump take the stage just to enforce

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Speaker 5: the idea that this is really Trump's party. It's his

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Speaker 5: daughter a law and she is a co chair of

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Speaker 5: the RNC. So it was an impressive display of unity

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Speaker 5: at a time when the Democrats, of course, are still

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Speaker 5: facing a lot of disunity over whether Joe Biden should

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Speaker 5: be the candidate for them going forward into November.

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Speaker 2: So we're seeing the display of unity from the speakers.

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Speaker 2: Are we hearing a unified message in terms of the

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Speaker 2: themes the issues that the Republicans are going to put

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Speaker 2: forward as this campaign goes on.

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Speaker 5: Well, the platform this year is noticeably thin compared to

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Speaker 5: years past. This is really you know, I think people

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Speaker 5: are putting aside their public differences and getting on board.

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Speaker 5: And it's clear from the attendance at the RNC that

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Speaker 5: you know, there's a lot of people, there are a

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Speaker 5: lot of people who aren't there this year. There are

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Speaker 5: former presidents and vice presidents, and you talk about people

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Speaker 5: like George Bush or Dan Quayle. I mean, these kind

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Speaker 5: of people would be standard, you know, they would be

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Speaker 5: standard participants in a Republican Convention in any other year,

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Speaker 5: they are not there. You had Mitch McConnell getting on

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Speaker 5: stage and receiving a lot of booze at the RNC.

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Speaker 5: So I think what we've seen so far this week

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Speaker 5: shows that former President Trump has a very very tight

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Speaker 5: grip on the messaging of the RNC and the actual

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Speaker 5: control of it.

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Speaker 2: Well, we're certainly getting a lot of ideas about what

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Speaker 2: a second Trump term might mean in terms of policy.

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Speaker 2: In this wide ranging interview that's going to be on

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Speaker 2: the cover of Bloomberg Business Week, talk us through a

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Speaker 2: little bit of that in terms of what we could

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Speaker 2: get from the former president in terms of tax policy,

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Speaker 2: in terms of foreign policy.

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Speaker 5: Yeah, President Trump spoke with our reporters at length at

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Speaker 5: mar A Lago. This was in late June, just before

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Speaker 5: the primary debate with Joe Biden. He talked a lot

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Speaker 5: about the economy, who talked a lot about foreign policy

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Speaker 5: in terms of the specifics, you know, he talked about

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Speaker 5: tax policy. He said he'd like to see his signature

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Speaker 5: twenty seventeen tax cuts, which are due to expire, I

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Speaker 5: think at the end of next year extended. He'd maybe

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Speaker 5: even like to see an additional reduction in the corporate

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Speaker 5: tax rate, which his law lowered from thirty five percent

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Speaker 5: to twenty one percent. He talked about seeing it at

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Speaker 5: twenty percent or lower. He made some very interesting comments

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Speaker 5: about the Federal Reserve. You know, the markets have been

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Speaker 5: pricing in two rate cuts, possibly later this year. At

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Speaker 5: President Trump came in and said he doesn't think the

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Speaker 5: FED should make any cuts before the election, signaling that

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Speaker 5: he thinks that would only serve to help Joe Biden.

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Speaker 5: But on another point with the Fed that people are watching,

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Speaker 5: he said that he would likely keep j. Powell in

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Speaker 5: his position as chairman for the rest of his term.

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Speaker 5: There are a lot of questions about whether he would

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Speaker 5: try to pressure Power out if he got elected in November.

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Speaker 5: So that was another interesting development. If you look at

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Speaker 5: the foreign policy side, he reiterated his interest in maintaining

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Speaker 5: or raising tariffs on a whole range of imported goods.

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Speaker 5: He signaled that he's not really inclined to support Taiwan

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Speaker 5: or doesn't feel obligated to support Taiwan if there's a

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Speaker 5: conflict with China. So across the board, I think a

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Speaker 5: lot of interesting signals on economic policy and for American

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Speaker 5: allies and rivals abroad.

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Speaker 9: I'm Nathanhager and I'm Karen Moscow.

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Speaker 1: Join us again tomorrow morning for all the news you

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