1 00:00:01,680 --> 00:00:05,039 Speaker 1: By from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:05,160 --> 00:00:08,440 Speaker 1: day Break for a Monday, August twenty two two. Coming 3 00:00:08,520 --> 00:00:11,239 Speaker 1: up this hour, stock futures fall ahead of the key 4 00:00:11,320 --> 00:00:14,840 Speaker 1: FED symposium in Jackson Hall. Can your treasury yields approach 5 00:00:14,880 --> 00:00:17,480 Speaker 1: three percent? As traders met? J? Powell and the Fed 6 00:00:17,560 --> 00:00:20,959 Speaker 1: will continue their hawkish stance, and President Biden speaks with 7 00:00:21,040 --> 00:00:24,640 Speaker 1: European leaders about reviving a nuclear deal with Iran. New 8 00:00:24,720 --> 00:00:27,360 Speaker 1: York City confirms a case of monkey box and someone 9 00:00:27,480 --> 00:00:30,080 Speaker 1: under the age of eighteen plus. A car bomb has 10 00:00:30,160 --> 00:00:32,920 Speaker 1: killed the daughter of a prominent ally of Vladimir Putin. 11 00:00:32,960 --> 00:00:35,960 Speaker 1: I'm Michael Barber. More ahead, I'm John Stam showering sports. 12 00:00:35,960 --> 00:00:38,440 Speaker 1: An amazing win for the Mets, a much needed one 13 00:00:38,520 --> 00:00:41,040 Speaker 1: for the Yankees. The Subway Series begins tonight. The Giants 14 00:00:41,040 --> 00:00:46,440 Speaker 1: won their preseason game. That's all Train ahead on Bloomberg 15 00:00:46,479 --> 00:00:51,560 Speaker 1: Daybreak on Bloomberg eleven three, on New York, Bloomberg one, Washington, 16 00:00:51,680 --> 00:00:55,720 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty, 17 00:00:55,800 --> 00:00:59,640 Speaker 1: San Francisco, Sirius x M one nineteen and around the 18 00:00:59,680 --> 00:01:03,000 Speaker 1: world on Bloomberg Radio dot Com and via the Bloomberg 19 00:01:03,040 --> 00:01:10,280 Speaker 1: Business app. Good morning, I'm Nathan Hager and I'm Karen Moscow. 20 00:01:10,400 --> 00:01:13,200 Speaker 1: US DOT Index futures are lower this morning. We are 21 00:01:13,200 --> 00:01:14,800 Speaker 1: coming up to five o one on Wall Street, and 22 00:01:14,840 --> 00:01:17,319 Speaker 1: we check the markets every fifteen minutes throughout the trading 23 00:01:17,400 --> 00:01:20,200 Speaker 1: day on Bloomberg right now, S and P futures are 24 00:01:20,280 --> 00:01:23,040 Speaker 1: down forty eight points down, futures down three hundred and 25 00:01:23,120 --> 00:01:26,600 Speaker 1: nownsday futures down two hundred to the decks. In Germany 26 00:01:26,720 --> 00:01:29,560 Speaker 1: is down about one point eight percent. Ten year treasury 27 00:01:29,600 --> 00:01:32,160 Speaker 1: it'll change yeld two point nine seven percent, and the 28 00:01:32,319 --> 00:01:34,960 Speaker 1: yield on the two year three point to eight percent. 29 00:01:35,360 --> 00:01:39,319 Speaker 1: Nine x screwede oil is down one point seven percent, Nathan, Karen, 30 00:01:39,400 --> 00:01:41,880 Speaker 1: It is all about the FED this week. The annual 31 00:01:41,959 --> 00:01:46,160 Speaker 1: Jackson Hole Symposium begins on Thursday. FED Chair J Powell 32 00:01:46,240 --> 00:01:48,760 Speaker 1: may use his speech on Friday to push back on 33 00:01:48,880 --> 00:01:53,000 Speaker 1: speculation that interest rates will fall in three. Benchmark ten 34 00:01:53,040 --> 00:01:55,600 Speaker 1: year treasury yields came within a whisk or three percent, 35 00:01:55,720 --> 00:01:58,800 Speaker 1: with traders betting policymakers will double down on their hawk 36 00:01:58,880 --> 00:02:01,880 Speaker 1: is stance still. Jablonski is co founder of Defiant c 37 00:02:02,040 --> 00:02:04,559 Speaker 1: t FS. You know what I would expect is that 38 00:02:04,680 --> 00:02:06,960 Speaker 1: you know, he'll kind of follows to what he's sort 39 00:02:07,000 --> 00:02:09,480 Speaker 1: of been doing before, and you know, we'll probably hang 40 00:02:09,480 --> 00:02:11,200 Speaker 1: on every word and trying to determine whether or not 41 00:02:11,240 --> 00:02:13,120 Speaker 1: we thought he was he was devilish or whether he 42 00:02:13,200 --> 00:02:15,960 Speaker 1: was he was hawkish. But you know, the message we've 43 00:02:16,000 --> 00:02:19,280 Speaker 1: been getting is very much it depends on the data defiance. 44 00:02:19,280 --> 00:02:22,000 Speaker 1: Ct F. Silvia Jablonski does not think the market will 45 00:02:22,040 --> 00:02:24,799 Speaker 1: get a clear cut message from the Fed. We of course, 46 00:02:24,840 --> 00:02:28,519 Speaker 1: will have complete coverage of the Jackson Hoole Symposium. Bloomberg's 47 00:02:28,520 --> 00:02:32,200 Speaker 1: Surveillance will be there live beginning on Thursday, with Tom Keene, 48 00:02:32,320 --> 00:02:35,320 Speaker 1: Lisa Ramo Witz, and Jonathan Farrell. Well Nathan, The FED 49 00:02:35,480 --> 00:02:38,200 Speaker 1: is still on a collision course with financial markets. According 50 00:02:38,240 --> 00:02:40,720 Speaker 1: to the latest m L I V. Paul survey, stunks 51 00:02:40,720 --> 00:02:43,480 Speaker 1: and bonds are set to tumble once more, even though 52 00:02:43,520 --> 00:02:46,959 Speaker 1: inflation has likely peaked. Eight four percent of respondents in 53 00:02:47,040 --> 00:02:49,640 Speaker 1: the survey say it may take two years or longer 54 00:02:49,680 --> 00:02:51,920 Speaker 1: for the Fed to bring inflation down to its official 55 00:02:52,000 --> 00:02:55,280 Speaker 1: long term target of two Well. Wall Street's focus will 56 00:02:55,280 --> 00:02:57,040 Speaker 1: be on the Fed this week. Karen will still get 57 00:02:57,040 --> 00:02:59,799 Speaker 1: a number of earnings reports from tech companies, and we 58 00:03:00,080 --> 00:03:03,560 Speaker 1: a preview from Bloomberg's Charlie Pellett. Those tech names this 59 00:03:03,639 --> 00:03:07,720 Speaker 1: week will include Autodesk, Dell Into its sales force, Snowflake, 60 00:03:07,800 --> 00:03:11,320 Speaker 1: and vm Ware. Questions abound about the outlook for corporate 61 00:03:11,360 --> 00:03:15,040 Speaker 1: earnings given federal Reserve efforts to quell inflation with higher 62 00:03:15,040 --> 00:03:18,920 Speaker 1: interest rates. Alan zafron Is co CEO at I e 63 00:03:19,120 --> 00:03:22,880 Speaker 1: Q capital earnings aren't as bad as people fear. Inflation 64 00:03:22,960 --> 00:03:26,480 Speaker 1: is starting to come down. You have a remarkably over 65 00:03:26,560 --> 00:03:30,680 Speaker 1: sold short term technical condition and if you do read 66 00:03:30,760 --> 00:03:33,840 Speaker 1: the chartists and technical analysts are out there, they'll tell 67 00:03:33,880 --> 00:03:36,480 Speaker 1: you that the set up right now is for a 68 00:03:36,600 --> 00:03:41,040 Speaker 1: continuation of this rally. Also reporting this week, Dollar General, 69 00:03:41,160 --> 00:03:46,040 Speaker 1: Dollar Tree, and Zoom Video Communications in New York, Charlie Pellet, 70 00:03:46,040 --> 00:03:49,600 Speaker 1: Bloomberg day Break Charlie Thanks. In Asia, Chinese banks have 71 00:03:49,680 --> 00:03:52,800 Speaker 1: cut their loan of prim rates, and Bloomberg Daybreak Asia 72 00:03:52,840 --> 00:03:55,800 Speaker 1: anchor Bryan Kurdish has more from Hong Kong. The one 73 00:03:55,880 --> 00:03:58,600 Speaker 1: year rate was lowered just five basis points to three 74 00:03:58,600 --> 00:04:01,720 Speaker 1: point six five percent. The five year rate reference for 75 00:04:01,760 --> 00:04:05,360 Speaker 1: mortgages was cut fifteen basis points to four point three percent. 76 00:04:05,920 --> 00:04:08,920 Speaker 1: The rate cuts follow news on Friday of additional financing 77 00:04:08,960 --> 00:04:12,400 Speaker 1: to prop up the real estate sector. Chinese developer stocks 78 00:04:12,480 --> 00:04:15,560 Speaker 1: jumped in Hong Kong. It comes as the economy faces 79 00:04:15,600 --> 00:04:18,599 Speaker 1: pressure on a number of fronts. In the maintime, authorities 80 00:04:18,600 --> 00:04:22,480 Speaker 1: have extended power cuts in Sichuan Province. They have activated 81 00:04:22,520 --> 00:04:26,360 Speaker 1: the highest emergency response in Hong Kong. Brian Curtis Sloomberg 82 00:04:26,360 --> 00:04:29,479 Speaker 1: gabriak Okay Brian, thank you. Oil is following this morning. 83 00:04:29,480 --> 00:04:32,679 Speaker 1: West Texas Intermediates down one point seven percent to eighty 84 00:04:32,760 --> 00:04:35,680 Speaker 1: nine dollars one cents of barrel. The move comes as 85 00:04:35,720 --> 00:04:39,280 Speaker 1: negotiations move forward to revive a nuclear deal with Iran. 86 00:04:39,520 --> 00:04:43,200 Speaker 1: Details from Amy Morris in our Bloomberg newsroom. In Washington, 87 00:04:43,400 --> 00:04:46,159 Speaker 1: President Biden spoke with leaders from Germany, France, and the 88 00:04:46,279 --> 00:04:49,640 Speaker 1: UK for of the original signatories of the Iran nuclear deal, 89 00:04:49,680 --> 00:04:54,360 Speaker 1: which also include Russia and China. The four discussed ongoing negotiations. 90 00:04:54,400 --> 00:04:58,120 Speaker 1: Iran has released its response to the latest framework earlier 91 00:04:58,160 --> 00:05:01,159 Speaker 1: this month, and the US State tai lipped on its position. 92 00:05:01,360 --> 00:05:05,080 Speaker 1: The EU took it as constructive. One advisor to Iran's 93 00:05:05,120 --> 00:05:09,480 Speaker 1: nuclear negotiating team, says tron Once the US penalized if 94 00:05:09,520 --> 00:05:13,279 Speaker 1: it backs out again. In Washington, I'm anymore as Bloomberg Daybreak, 95 00:05:13,360 --> 00:05:15,960 Speaker 1: All right, Amy, thank you. Back in East Asia, the 96 00:05:16,040 --> 00:05:18,800 Speaker 1: US and South Korea are planning their biggest drills since 97 00:05:18,880 --> 00:05:22,679 Speaker 1: North Korean leader Kim Jonglen's summit with then President Donald Trump, 98 00:05:22,880 --> 00:05:25,760 Speaker 1: and Bloomberg said Baxter has that story the biggest in 99 00:05:25,800 --> 00:05:29,080 Speaker 1: about five years because the Trump Kim summit apparently did 100 00:05:29,160 --> 00:05:31,719 Speaker 1: not work in enticing Kim Jongon to cut back on 101 00:05:31,760 --> 00:05:35,880 Speaker 1: his nuclear programs. The drills are called Bullschief Freedom Shield 102 00:05:36,120 --> 00:05:39,800 Speaker 1: and are expected to involve thousands of military personnel. The 103 00:05:39,880 --> 00:05:43,440 Speaker 1: US and South Korea say they're defensive in nature and 104 00:05:43,520 --> 00:05:46,920 Speaker 1: will coordinate forces to respond to the possible invasion by 105 00:05:47,160 --> 00:05:51,680 Speaker 1: North Korea. An angry response from the Kim regime is expected. 106 00:05:52,080 --> 00:05:55,080 Speaker 1: In San Francisco, I'm at Baxter Bloomberg Daybreak, all right, 107 00:05:55,120 --> 00:05:57,760 Speaker 1: and thank you. In corporate news, the takeover battle for 108 00:05:57,880 --> 00:06:00,760 Speaker 1: Signify Health is heating up. To get the latest on 109 00:06:00,839 --> 00:06:03,200 Speaker 1: that live from Bloomberg, Jo need a Young, Good morning, Nita, 110 00:06:03,240 --> 00:06:06,960 Speaker 1: good morning, Nathan. Sources say Amazon dot Com, United Health, 111 00:06:07,080 --> 00:06:10,880 Speaker 1: CVS Health, and optioned care Health are all vying to 112 00:06:11,000 --> 00:06:15,080 Speaker 1: acquire signify Health now. United Health submitted the highest bid 113 00:06:15,160 --> 00:06:18,239 Speaker 1: at more than thirty dollars a share, while Amazon's offer 114 00:06:18,400 --> 00:06:22,840 Speaker 1: is close behind. Signify closed above twenty one dollars on Friday, 115 00:06:22,839 --> 00:06:26,720 Speaker 1: which values the company at nearly five billion dollars. None 116 00:06:26,760 --> 00:06:29,599 Speaker 1: of the plans are finalized yet, and the bidders plans 117 00:06:29,600 --> 00:06:34,320 Speaker 1: could still change. Also, Signify could always opt to remain independent. 118 00:06:34,680 --> 00:06:38,200 Speaker 1: Sources tell Bloomberg that Signifies holding a board meeting today 119 00:06:38,240 --> 00:06:41,120 Speaker 1: to discuss the bids. Live in New York. I'm real 120 00:06:41,200 --> 00:06:43,520 Speaker 1: need a young Bloomberg dabreak. I re need to thank you. 121 00:06:43,600 --> 00:06:46,440 Speaker 1: I get ready to pay more for Tesla's self driving system. 122 00:06:46,560 --> 00:06:49,960 Speaker 1: CEO Elon must tweeted the price will rise three thousand 123 00:06:50,000 --> 00:06:53,440 Speaker 1: dollars to fifteen thousand in North America. Ian grease will 124 00:06:53,440 --> 00:06:56,360 Speaker 1: take effect on September five. It's a second price hike 125 00:06:56,480 --> 00:06:59,320 Speaker 1: for Tesla's self driving this year. And finally, Karen was 126 00:06:59,360 --> 00:07:01,200 Speaker 1: tough for some Gay the Thrones fans to enter the 127 00:07:01,200 --> 00:07:04,719 Speaker 1: House of the Dragon through HBO Max. The Fantasy Prequels 128 00:07:04,800 --> 00:07:08,480 Speaker 1: debut episode overwhelmed the streaming service last night. More than 129 00:07:08,520 --> 00:07:11,320 Speaker 1: three thousand outages were reported as of nine pm Eastern. 130 00:07:11,680 --> 00:07:14,680 Speaker 1: HBO's parent company says some viewers had trouble connecting through 131 00:07:14,800 --> 00:07:23,200 Speaker 1: Amazon Fire TV devices. You're listening to Bloomberg Daybreak in 132 00:07:23,280 --> 00:07:25,480 Speaker 1: South five oh seven on Wall Street where seventy three 133 00:07:25,480 --> 00:07:28,560 Speaker 1: degrees in Central Park on an accident southbound West Side 134 00:07:28,600 --> 00:07:32,160 Speaker 1: Highway by a hut. Saying more about that in traffic shortly. First, 135 00:07:32,160 --> 00:07:34,640 Speaker 1: Michael Bars here with what else is going on in 136 00:07:34,640 --> 00:07:36,920 Speaker 1: New York and around the world. Good morning, Michael, Good 137 00:07:36,960 --> 00:07:40,200 Speaker 1: morning Nathan. New York has its first confirmed case of 138 00:07:40,240 --> 00:07:44,520 Speaker 1: monkeypox in someone under the age of eighteen. Officials from 139 00:07:44,520 --> 00:07:47,360 Speaker 1: the New York Department of Health say the virus was 140 00:07:47,440 --> 00:07:50,360 Speaker 1: detected in a child or teenager living outside of New 141 00:07:50,440 --> 00:07:53,840 Speaker 1: York City. The virus is primarily spread through skin to 142 00:07:54,000 --> 00:07:58,160 Speaker 1: skin contact, and the majority of the cases have affected 143 00:07:58,200 --> 00:08:01,760 Speaker 1: gay men, but it also has been detected into women 144 00:08:01,800 --> 00:08:05,200 Speaker 1: outside of New York City and sixteen women living in 145 00:08:05,200 --> 00:08:08,200 Speaker 1: the city. With the school year about to begin, New 146 00:08:08,240 --> 00:08:11,400 Speaker 1: York City schools saying they have not yet received any 147 00:08:11,440 --> 00:08:14,880 Speaker 1: official guidance about monkey pocks mean while starting today, an 148 00:08:14,880 --> 00:08:19,640 Speaker 1: additional three sixty thousand vials of monkeypox vaccine will be 149 00:08:19,680 --> 00:08:24,480 Speaker 1: available nationwide. That's potentially enough vaccine for one point eight 150 00:08:24,480 --> 00:08:27,800 Speaker 1: million shots and arms using the Biden administration's new approach 151 00:08:28,000 --> 00:08:32,640 Speaker 1: to stretch limited supplies. In Kansas City, Missouri, health official 152 00:08:32,720 --> 00:08:37,040 Speaker 1: Scott Clarity is addressing privacy concerns. The city now has 153 00:08:37,080 --> 00:08:40,160 Speaker 1: an online survey to help identify people who may qualify 154 00:08:40,320 --> 00:08:43,080 Speaker 1: for the vaccine. If you're concerned that you may have 155 00:08:43,160 --> 00:08:47,640 Speaker 1: been exposed to to to monkey pox, get online fill 156 00:08:47,679 --> 00:08:52,520 Speaker 1: out that form. Health official Scott Clarity says, according to data, 157 00:08:52,720 --> 00:08:56,600 Speaker 1: there are more than fourteen thousand monkey pox cases nationwide. 158 00:08:57,080 --> 00:09:00,680 Speaker 1: Republican Congresswoman Liz Cheney says that her focused al is 159 00:09:00,800 --> 00:09:04,000 Speaker 1: keeping former President Trump out of the White House. Following 160 00:09:04,000 --> 00:09:07,160 Speaker 1: her election loss, Cheney said that President Joe Biden Phoneder 161 00:09:07,600 --> 00:09:10,920 Speaker 1: and they had a very good talk. Cheney spoke to 162 00:09:10,960 --> 00:09:16,319 Speaker 1: ABC just days after her primary loss in Wyoming. No regrets, UM, 163 00:09:16,400 --> 00:09:19,840 Speaker 1: you know, I I feel. I feel sad about where 164 00:09:19,880 --> 00:09:22,480 Speaker 1: my party is. I feel sad about the way that 165 00:09:23,040 --> 00:09:25,880 Speaker 1: UM too many of my colleagues have responded to what 166 00:09:25,960 --> 00:09:29,200 Speaker 1: I think is a great moral test and challenge of 167 00:09:29,200 --> 00:09:32,760 Speaker 1: our time. Liz Cheney spoke on ABC's This Week, which 168 00:09:32,760 --> 00:09:36,400 Speaker 1: can be heard Sundays on Bloomberg. Ukrainian officials are denying 169 00:09:36,440 --> 00:09:40,000 Speaker 1: the country's Russian allegations that they were behind the car 170 00:09:40,040 --> 00:09:43,679 Speaker 1: bomb attack that killed the daughter of a prominent Vladimir 171 00:09:43,720 --> 00:09:47,400 Speaker 1: putin Alle in Russia. Daria Dugina, the daughter of a 172 00:09:47,440 --> 00:09:50,280 Speaker 1: staunch supporter of the war, killed by a car barb 173 00:09:50,520 --> 00:09:54,000 Speaker 1: near Moscow. Global News twenty four hours a day on 174 00:09:54,120 --> 00:09:58,640 Speaker 1: air and on Bloomberg Quick Take, powered by more than journalists, 175 00:09:58,640 --> 00:10:02,720 Speaker 1: an analyists, more than entrees. Michael barn This is Bloomberg, Nathan, Michael, 176 00:10:02,800 --> 00:10:09,400 Speaker 1: Thank you Almost five ten on Wall Street time for 177 00:10:09,400 --> 00:10:12,680 Speaker 1: the Bloomberg Sports updates. Good morning, John stanshown All, Good morning, Nathan. 178 00:10:12,760 --> 00:10:16,040 Speaker 1: Subway series tonight. The Mets won both games last month 179 00:10:16,080 --> 00:10:18,319 Speaker 1: at Citi Field. Now they played two in the Bronx 180 00:10:18,360 --> 00:10:20,760 Speaker 1: and no question who the hotter team is coming in. 181 00:10:20,840 --> 00:10:23,480 Speaker 1: The Yankees did win yesterday. It was just their fifth 182 00:10:23,520 --> 00:10:25,520 Speaker 1: win in the month of Angus. While the Mets, who 183 00:10:25,559 --> 00:10:28,200 Speaker 1: did lose three of four in Atlanta, one three or 184 00:10:28,200 --> 00:10:31,440 Speaker 1: four in Philadelphia and yesterday's win was amazing. They had 185 00:10:31,480 --> 00:10:34,200 Speaker 1: to start a rookie Jose Buddha. He served up two 186 00:10:34,760 --> 00:10:37,000 Speaker 1: three run homers with the Phillies Alec Bone and the 187 00:10:37,040 --> 00:10:39,800 Speaker 1: Mets traield for nothing and later seven to four Mark 188 00:10:39,920 --> 00:10:43,480 Speaker 1: Kenna to the rescue game time, three run omer seventh inning. 189 00:10:43,520 --> 00:10:45,640 Speaker 1: And then Canada came up in the night with the 190 00:10:45,720 --> 00:10:50,160 Speaker 1: Mets trailing by iron. Robertson delivers swinging and Crill left 191 00:10:50,400 --> 00:10:57,520 Speaker 1: Doc don't pay to leave this, and again they take 192 00:10:57,600 --> 00:11:00,600 Speaker 1: the lead. Mark Hanna with his arm, He's going to 193 00:11:00,679 --> 00:11:04,440 Speaker 1: his head between Harston second as he rounds the pass 194 00:11:05,040 --> 00:11:07,600 Speaker 1: to call them AT's one, ten to nine. Yankees been 195 00:11:07,679 --> 00:11:11,000 Speaker 1: while finally beat Toronto at the Stadium four to two 196 00:11:11,280 --> 00:11:13,840 Speaker 1: to avoid a Blue Jay's four games swing. Finally a 197 00:11:13,880 --> 00:11:16,600 Speaker 1: clutch hit. It came from Andrew Benn and Tandy has 198 00:11:16,600 --> 00:11:19,040 Speaker 1: been quiet since his arrival from Kansas City. His first 199 00:11:19,120 --> 00:11:21,480 Speaker 1: Yankee home run game winning two run shot seventh to 200 00:11:21,559 --> 00:11:24,679 Speaker 1: name the win to Lou Trevino. Another recent pickup he 201 00:11:24,760 --> 00:11:27,880 Speaker 1: got the last seven out Subway Series pitching matchups favorite 202 00:11:27,880 --> 00:11:30,240 Speaker 1: the Mets, Max Cheryser Ghost tonight, Mac Jacob to Graham 203 00:11:30,280 --> 00:11:33,800 Speaker 1: Tomorrow it MetLife. The Giants third string quarterback Davis Webb 204 00:11:33,880 --> 00:11:37,600 Speaker 1: rallied Big Blue two preseason win over Cincinnati, Webb through 205 00:11:37,640 --> 00:11:41,000 Speaker 1: to fourth quarter touchdown passes and another game that met 206 00:11:41,040 --> 00:11:44,040 Speaker 1: life Tonight, It's the Jets in the Atlanta Falcons, John 207 00:11:44,040 --> 00:11:47,720 Speaker 1: stash Were Bloomberg Sports Nathan Okay, John Thanks. Futures moving 208 00:11:47,760 --> 00:11:50,600 Speaker 1: lower to start the week. SMP futures down forty eight points, 209 00:11:50,600 --> 00:11:54,160 Speaker 1: STOUT futures down two undred ninety six. Nasdaq futures leading 210 00:11:54,200 --> 00:11:56,280 Speaker 1: the declines this morning, down two undred points. That is 211 00:11:56,320 --> 00:11:58,760 Speaker 1: a drop of one and a half percent. We check 212 00:11:58,840 --> 00:12:02,520 Speaker 1: in live next with recalvasin ahead of US equity strategy 213 00:12:02,559 --> 00:12:08,439 Speaker 1: at RBC Capital. This is Bloomberg Bloomberg eleven three oh weather. 214 00:12:08,520 --> 00:12:10,520 Speaker 1: Lots of cloud, scattered showers and storms today with a 215 00:12:10,559 --> 00:12:13,360 Speaker 1: high in your seventy five degrees. A few more scattered 216 00:12:13,360 --> 00:12:15,520 Speaker 1: showers and storms tomorrow with a high your eighty five, 217 00:12:16,080 --> 00:12:19,240 Speaker 1: sunny near ninety for Wednesday right now seventy three in 218 00:12:19,280 --> 00:12:25,079 Speaker 1: Central Park Markets. Headlines and breaking news twenty four hours 219 00:12:25,080 --> 00:12:28,200 Speaker 1: a day at Bloomberg dot Com, The Bloomberg Business Allan 220 00:12:28,360 --> 00:12:37,439 Speaker 1: at Bloomberg Quick Take. This is a Bloomberg Business flash 221 00:12:37,920 --> 00:12:40,600 Speaker 1: and I'm Karen Moscow. Stops in Europe are treating along 222 00:12:40,640 --> 00:12:43,439 Speaker 1: with US stock index futures is the Federal reserves commitment 223 00:12:43,480 --> 00:12:46,400 Speaker 1: to tighter monetary settings and worries about the effect on 224 00:12:46,440 --> 00:12:49,840 Speaker 1: economic growth way on investor sentiment. We check the markets 225 00:12:49,840 --> 00:12:53,000 Speaker 1: every fifteen minutes throughout the trading day. On bloomberg S 226 00:12:53,040 --> 00:12:55,600 Speaker 1: and P futures down forty eight points down, futures down 227 00:12:55,640 --> 00:12:59,880 Speaker 1: two four, NASTAG futures down one six and the decks 228 00:13:00,000 --> 00:13:02,160 Speaker 1: in Germany is down one point eight percent. The ten 229 00:13:02,240 --> 00:13:05,040 Speaker 1: year treasury that'll change you'ld two point nine seven percent 230 00:13:05,400 --> 00:13:07,760 Speaker 1: yield on the two year three point to eight percent 231 00:13:08,160 --> 00:13:10,720 Speaker 1: nine max Screwed oil is down one point seven percent 232 00:13:10,760 --> 00:13:13,040 Speaker 1: on a dollar fifty six at eighty nine dollars, twenty 233 00:13:13,040 --> 00:13:15,719 Speaker 1: one cents of barrel comics goll down nine tenth per 234 00:13:15,720 --> 00:13:18,560 Speaker 1: cent or sixteen dollars fifty cents at seventeen forty six 235 00:13:18,600 --> 00:13:21,720 Speaker 1: fifty an ounce. The Euro is at one point zero 236 00:13:21,800 --> 00:13:24,559 Speaker 1: zero one zero against the dollar, the N one thirty 237 00:13:24,640 --> 00:13:27,120 Speaker 1: six point eight U and Bitcoin is up a tenth 238 00:13:27,120 --> 00:13:29,320 Speaker 1: of uper It's well, actually it's down down one and 239 00:13:29,320 --> 00:13:32,240 Speaker 1: a half percent at twenty one thousand, one d sixty dollars. 240 00:13:32,640 --> 00:13:34,679 Speaker 1: Game Stop and had Beth and Beyond are leading to 241 00:13:34,760 --> 00:13:37,000 Speaker 1: clines and meme stocks is the latest frenzy and the 242 00:13:37,080 --> 00:13:40,120 Speaker 1: shares loses. Steam, Ben, Beth and Beyond is down nine 243 00:13:40,160 --> 00:13:42,480 Speaker 1: percent this morning. Game Stop is down five and a 244 00:13:42,520 --> 00:13:46,120 Speaker 1: half percent, and AMC Entertainment is falling down thirty five 245 00:13:46,160 --> 00:13:49,080 Speaker 1: p and as a Bloomberg Business Flash, now here's Michael 246 00:13:49,080 --> 00:13:51,600 Speaker 1: Barr with more on what's going on around the world. Minchael, 247 00:13:51,640 --> 00:13:54,959 Speaker 1: good morning, Good morning Karen. The White Owls saying during 248 00:13:55,040 --> 00:13:58,000 Speaker 1: a joint phone call the leaders so the U S, UK, 249 00:13:58,200 --> 00:14:01,760 Speaker 1: France and Germany the Sky how to revive the around 250 00:14:01,880 --> 00:14:06,319 Speaker 1: nuclear deal. Previously, Tehran had curbed its nuclear program in 251 00:14:06,400 --> 00:14:11,120 Speaker 1: exchange for relief from economic sunctions. Ukrainian officials are the 252 00:14:11,200 --> 00:14:14,400 Speaker 1: nine Russian allegations that they were behind the car bomb 253 00:14:14,440 --> 00:14:18,000 Speaker 1: attack that killed the daughter of a prominent Vladimir Putin. Ally. 254 00:14:18,480 --> 00:14:20,960 Speaker 1: In baseball, the Yankees beat the Blue Jays four to 255 00:14:21,160 --> 00:14:24,080 Speaker 1: The Mets beat the Phillies ten nine, The Orioles beat 256 00:14:24,120 --> 00:14:27,440 Speaker 1: the Red Sox five three, The Nationals lost, The A's 257 00:14:27,480 --> 00:14:31,800 Speaker 1: beat the Mariners five three, the Giants one. NFL preseason yesterday, 258 00:14:31,800 --> 00:14:35,120 Speaker 1: the Giants and Ravens won global news twenty four hours 259 00:14:35,120 --> 00:14:38,320 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 260 00:14:38,360 --> 00:14:41,600 Speaker 1: more than hundred journalists and antilists and more than a 261 00:14:41,680 --> 00:14:46,160 Speaker 1: hundred twenty countries. How Michael bar this is Bloomberg. Nathan, Okay, Michael, 262 00:14:46,200 --> 00:14:48,200 Speaker 1: thank you. It is coming up to five twenty on 263 00:14:48,240 --> 00:14:51,400 Speaker 1: Wall Street Live from the Bloomberg Interactive Brokers studios. This 264 00:14:51,560 --> 00:14:54,400 Speaker 1: is Bloomberg Daybreak as we get a new trading week 265 00:14:54,520 --> 00:14:57,040 Speaker 1: started with a focus on the FED. We are joined 266 00:14:57,040 --> 00:15:00,520 Speaker 1: this morning by Lori Calvacina, ahead of US Equity Strategy 267 00:15:00,560 --> 00:15:03,480 Speaker 1: at RBC Capital Markets. LORI great to speak with you 268 00:15:03,560 --> 00:15:06,640 Speaker 1: as always, So we are seeing a pretty strong dip 269 00:15:06,800 --> 00:15:10,280 Speaker 1: in futures contracts. Is this the case of a market 270 00:15:10,400 --> 00:15:13,200 Speaker 1: no longer fighting the Fed? As we get ready for 271 00:15:13,320 --> 00:15:16,720 Speaker 1: Jackson Hole, Well, thanks for having me as always, it's 272 00:15:16,720 --> 00:15:18,800 Speaker 1: always great to be here. Look, as I was talking 273 00:15:18,840 --> 00:15:21,920 Speaker 1: to investors last week, um, I was hearing less about 274 00:15:21,960 --> 00:15:24,240 Speaker 1: the FED, frankly, and I was hearing more about simply 275 00:15:24,280 --> 00:15:27,240 Speaker 1: the state of valuations, with investors telling me they simply thought, 276 00:15:27,240 --> 00:15:30,720 Speaker 1: if you if markets look cheap back in June's that 277 00:15:30,800 --> 00:15:33,760 Speaker 1: they were no longer looking cheap today and really questioning 278 00:15:33,800 --> 00:15:37,640 Speaker 1: whether or not for the uh challenging economic backdrop was 279 00:15:37,680 --> 00:15:39,840 Speaker 1: still baked into share prices at current level. So I 280 00:15:39,840 --> 00:15:42,440 Speaker 1: think the FED is always a source of volatility for markets, 281 00:15:42,440 --> 00:15:45,280 Speaker 1: but I think valuation is really what was concerning investors 282 00:15:45,280 --> 00:15:47,400 Speaker 1: as last week came to an end, Well, where do 283 00:15:47,480 --> 00:15:51,000 Speaker 1: you see valuations at this point? Looking at the SNP 284 00:15:51,400 --> 00:15:55,600 Speaker 1: right now, it's pretty close to your target around right. 285 00:15:55,600 --> 00:15:58,320 Speaker 1: We've gone a little bit above our target recently, and 286 00:15:58,640 --> 00:16:00,920 Speaker 1: you know our view, and remember we are trying to 287 00:16:00,920 --> 00:16:03,440 Speaker 1: guess where the market is going to be on December thirty. First, 288 00:16:03,440 --> 00:16:05,440 Speaker 1: we're not, you know, sort of marking the entry year, 289 00:16:05,560 --> 00:16:08,040 Speaker 1: you know, sort of ups and downs with that number. UM. 290 00:16:08,040 --> 00:16:10,240 Speaker 1: But what we found is that if you look at valuations, 291 00:16:10,280 --> 00:16:13,600 Speaker 1: there's still a tremendous amount of uncertainty around the earnings outlooks. 292 00:16:13,640 --> 00:16:16,200 Speaker 1: That makes it tricky to peg valuations UM. But we 293 00:16:16,280 --> 00:16:18,680 Speaker 1: do think things are getting close to around twenty times 294 00:16:18,720 --> 00:16:22,000 Speaker 1: around nineteen eight, nineteen nine, nineteen point nine, depending on 295 00:16:22,000 --> 00:16:24,640 Speaker 1: whether or not you're looking at our two or three 296 00:16:24,680 --> 00:16:27,320 Speaker 1: EPs forecasts. And while that is rich and that is 297 00:16:27,360 --> 00:16:29,960 Speaker 1: above average and definitely a big, you know, sort of 298 00:16:29,960 --> 00:16:33,080 Speaker 1: move off the recent loath, importantly, it's not back to 299 00:16:33,120 --> 00:16:35,560 Speaker 1: the peaks that we've seen over the last four or 300 00:16:35,560 --> 00:16:37,280 Speaker 1: five years. So I think if you're trying to use 301 00:16:37,360 --> 00:16:40,080 Speaker 1: valuation as a reason to say this value rally has 302 00:16:40,120 --> 00:16:42,680 Speaker 1: to end now, I really don't think that's sufficient evidence. 303 00:16:42,680 --> 00:16:45,360 Speaker 1: The concerning data point. Yes, um, sort of a silver 304 00:16:45,440 --> 00:16:47,840 Speaker 1: bullet for turning more bearish in the short term. Now 305 00:16:48,120 --> 00:16:50,600 Speaker 1: we're getting close to the end of earning season here, 306 00:16:50,600 --> 00:16:53,240 Speaker 1: where do you see earnings going at this point? Our 307 00:16:53,320 --> 00:16:56,280 Speaker 1: revision is going to need to keep being lowered. The 308 00:16:56,360 --> 00:16:58,400 Speaker 1: great question. It was something that was definitely coming up 309 00:16:58,440 --> 00:17:00,480 Speaker 1: a lot in our meetings last week, and we did 310 00:17:00,520 --> 00:17:02,720 Speaker 1: actually over the weekend just go back and do an 311 00:17:02,720 --> 00:17:05,639 Speaker 1: analysis and look at where major bottoms have happened in 312 00:17:05,680 --> 00:17:08,680 Speaker 1: big crises like the tech bubble, they een sell off, 313 00:17:09,000 --> 00:17:14,040 Speaker 1: the pandemic industrial recession, and we actually found that markets 314 00:17:14,040 --> 00:17:17,560 Speaker 1: tend to bottom well before earnings estimates start turning back 315 00:17:17,640 --> 00:17:20,000 Speaker 1: up again. Um. Usually there's the lead time varies, but 316 00:17:20,119 --> 00:17:22,639 Speaker 1: usually by a number of months. So you know, we 317 00:17:22,720 --> 00:17:25,640 Speaker 1: are concerns that earnings expectations will need to come down. 318 00:17:25,680 --> 00:17:27,800 Speaker 1: We are concerned it could be a source of volatility 319 00:17:27,800 --> 00:17:30,600 Speaker 1: for stocks in the months ahead, but we don't think 320 00:17:30,600 --> 00:17:33,359 Speaker 1: it necessarily precludes the idea that we saw the lows 321 00:17:33,400 --> 00:17:36,439 Speaker 1: back in June. Does that have you looking at different 322 00:17:36,520 --> 00:17:40,720 Speaker 1: styles of looking closer to small cap versus large cap? 323 00:17:41,480 --> 00:17:43,560 Speaker 1: You know that actually earning stack DRAFF is one of 324 00:17:43,560 --> 00:17:45,639 Speaker 1: the reasons why we like small over large. We do 325 00:17:45,680 --> 00:17:48,640 Speaker 1: think small caps have really baked in a short, shallow, 326 00:17:48,680 --> 00:17:52,160 Speaker 1: mild recession and perhaps something even more extreme than that. UM. 327 00:17:52,160 --> 00:17:53,879 Speaker 1: But we've also found that if you look at earning 328 00:17:53,920 --> 00:17:56,359 Speaker 1: sentiment recently, we're not getting as big a downgrades in 329 00:17:56,400 --> 00:17:59,399 Speaker 1: the small cap space as we are the large cap space. UM. 330 00:17:59,440 --> 00:18:02,000 Speaker 1: I think that really because small caps didn't enjoy the 331 00:18:02,000 --> 00:18:04,840 Speaker 1: same kind of melt up in expectations for large subsidity 332 00:18:04,880 --> 00:18:07,439 Speaker 1: and this last year early this year, but certainly in 333 00:18:07,480 --> 00:18:09,160 Speaker 1: an indirect way, it is a tail went for small 334 00:18:09,200 --> 00:18:11,560 Speaker 1: caps at the moment. Is that because you're thinking that 335 00:18:11,600 --> 00:18:15,800 Speaker 1: the there's a prospect of an economic slowdown providing more 336 00:18:15,880 --> 00:18:19,400 Speaker 1: of a lift for small caps. What's the impact potentially 337 00:18:19,520 --> 00:18:24,320 Speaker 1: of slow down in the economy on stocks more generally, Well, 338 00:18:24,359 --> 00:18:25,760 Speaker 1: I think that a lot of it is baked in 339 00:18:25,800 --> 00:18:27,879 Speaker 1: at this point in time. I mean, again, assuming that 340 00:18:27,920 --> 00:18:30,159 Speaker 1: it's something that plays out largely this year and is 341 00:18:30,160 --> 00:18:33,479 Speaker 1: of the short, shallow type variety. We've actually compared SMP 342 00:18:33,480 --> 00:18:36,359 Speaker 1: five hundred pricing and RUSTLE two thousand pricing against moves 343 00:18:36,359 --> 00:18:39,240 Speaker 1: and jobless claims, and they're already baking. They actually tend 344 00:18:39,280 --> 00:18:41,600 Speaker 1: to trend together pretty closely on your re year basis, 345 00:18:41,640 --> 00:18:44,639 Speaker 1: and they're already baking in a rather significant spike and 346 00:18:44,720 --> 00:18:47,360 Speaker 1: jobless claims when to go forward basis beyond what we've 347 00:18:47,400 --> 00:18:50,320 Speaker 1: already seen. Um So, what I've been telling investors is, 348 00:18:50,720 --> 00:18:52,680 Speaker 1: if you think this recession is going to happen largely 349 00:18:52,760 --> 00:18:54,440 Speaker 1: next year or the middle of or end this next year, 350 00:18:54,720 --> 00:18:56,639 Speaker 1: that's probably not in the market right now. But if 351 00:18:56,640 --> 00:18:59,480 Speaker 1: we really expect this downturn to play out in coming 352 00:18:59,560 --> 00:19:02,359 Speaker 1: months and quarders, we probably did pay for the price 353 00:19:02,440 --> 00:19:05,240 Speaker 1: for that back in June. Just thirty seconds left here, Lauria, 354 00:19:05,320 --> 00:19:08,479 Speaker 1: what kind of clarity are you expecting clarity from Chairman 355 00:19:08,480 --> 00:19:10,399 Speaker 1: Powell when it comes to rates or the path of 356 00:19:10,400 --> 00:19:14,240 Speaker 1: the economy when he speaks on Friday. Probably not the 357 00:19:14,320 --> 00:19:16,680 Speaker 1: kind of clarity that would allow me to just sort 358 00:19:16,720 --> 00:19:19,000 Speaker 1: of take next week off and really enjoy the end 359 00:19:19,000 --> 00:19:22,680 Speaker 1: of the summer. Um. I think there's always the potential 360 00:19:22,760 --> 00:19:24,919 Speaker 1: for the Fed to add to volatility and stocks. I 361 00:19:24,960 --> 00:19:27,399 Speaker 1: think markets have been trading up on the idea that 362 00:19:27,440 --> 00:19:29,960 Speaker 1: we've seen the peak and inflation and the FED can 363 00:19:30,000 --> 00:19:33,000 Speaker 1: start to ease up or move to the pause. Uh, 364 00:19:33,040 --> 00:19:35,680 Speaker 1: you know, sometime in the force sable future, and when 365 00:19:35,720 --> 00:19:38,600 Speaker 1: that's a consensus argument, that's always sort of room for 366 00:19:38,680 --> 00:19:40,680 Speaker 1: markets to just, you know, kind of move away from 367 00:19:40,680 --> 00:19:42,720 Speaker 1: that view and add from volatility. But we'll see what 368 00:19:42,760 --> 00:19:45,239 Speaker 1: he has to say. And indeed on Friday, coming up 369 00:19:45,280 --> 00:19:49,480 Speaker 1: here Lori Calvasin ahead of US Equity RBC Capital Markets 370 00:19:49,520 --> 00:19:52,600 Speaker 1: always great to get your thoughts. SP futures right now 371 00:19:52,680 --> 00:19:55,840 Speaker 1: down forty eight points. Staff futures down thereunder one Nastack 372 00:19:55,880 --> 00:19:59,960 Speaker 1: future is lower by one hundred ninety nine points your list. 373 00:20:00,040 --> 00:20:08,400 Speaker 1: Think to Bloomberg Daybreak, Good morning, Bloomberg eleven three oh weather. 374 00:20:08,440 --> 00:20:10,480 Speaker 1: Lots of clouds today, scattered showers and storms of the 375 00:20:10,520 --> 00:20:12,199 Speaker 1: high near seventy five, will get up to the mid 376 00:20:12,280 --> 00:20:15,320 Speaker 1: eighties tomorrow, with a few scattered showers and storms possible 377 00:20:15,560 --> 00:20:17,919 Speaker 1: by Wednesday. Sunshine at the high in your ninety right 378 00:20:17,920 --> 00:20:23,639 Speaker 1: now seventy three in Central Park, broadcasting live from the 379 00:20:23,680 --> 00:20:27,640 Speaker 1: Bloomberg Interactive Broker Studio in New York, Bloomberg in Living 380 00:20:27,720 --> 00:20:32,320 Speaker 1: Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one 381 00:20:32,320 --> 00:20:35,520 Speaker 1: O six one to San Francisco, Bloomberg nine sixteen to 382 00:20:35,560 --> 00:20:38,679 Speaker 1: the country, Sirius XM Chad A one nineteen and around 383 00:20:38,680 --> 00:20:42,600 Speaker 1: the globe the Bloomberg Business app in Bloomberg Radio dot Com. 384 00:20:42,640 --> 00:20:51,640 Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street. 385 00:20:51,640 --> 00:20:54,520 Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow. We 386 00:20:54,680 --> 00:20:57,320 Speaker 1: are just about four hours away from the open of 387 00:20:57,440 --> 00:20:58,960 Speaker 1: U West Trading. Let's get you up to date on 388 00:20:59,000 --> 00:21:00,960 Speaker 1: the news you need to know at this sohour. It's 389 00:21:00,960 --> 00:21:03,440 Speaker 1: all about the FED. This week the annual Jackson Hole 390 00:21:03,440 --> 00:21:06,840 Speaker 1: Symposium against Thursday, and we'll hear from FED share J 391 00:21:07,040 --> 00:21:10,280 Speaker 1: Powell in a speech there on Friday. Bloomberg's Vinnie down 392 00:21:10,359 --> 00:21:14,040 Speaker 1: Judas has a preview the FED chairs battling inflation after 393 00:21:14,119 --> 00:21:16,600 Speaker 1: the central bank fumbled at the onset of the worst 394 00:21:16,640 --> 00:21:20,680 Speaker 1: price surgeon decades bloombrig Economics as Powell attempt to steady 395 00:21:20,720 --> 00:21:23,960 Speaker 1: the message on interest rates and his talk at Jackson 396 00:21:24,000 --> 00:21:26,760 Speaker 1: Hall and dissuade Wall Street that the FED is made 397 00:21:26,760 --> 00:21:29,760 Speaker 1: of devish pivot by signaling the central Bank is far 398 00:21:29,840 --> 00:21:32,840 Speaker 1: from done in this year's tightening campaign. So far, the 399 00:21:32,840 --> 00:21:35,439 Speaker 1: Fed is lifted its benchmark rate from near zero to 400 00:21:35,480 --> 00:21:38,840 Speaker 1: two point five percent. Bene dryl Judais Bloomberg day Break. 401 00:21:38,960 --> 00:21:41,200 Speaker 1: Al right, Bennie, thank you, and we'll have complete coverage 402 00:21:41,240 --> 00:21:44,000 Speaker 1: of the Jackson Hole sympose on Bloomberg. Surveillance will be 403 00:21:44,080 --> 00:21:46,200 Speaker 1: there live well with Wall Street focus on the Fed 404 00:21:46,280 --> 00:21:49,040 Speaker 1: this week, Karen, we're also getting more earnings reports. Dell, 405 00:21:49,200 --> 00:21:52,520 Speaker 1: Salesforce and Zoom are among notable tech names reporting. We 406 00:21:52,600 --> 00:21:56,000 Speaker 1: also hear from Peloton later this week. Well overseas, Nathan, 407 00:21:56,080 --> 00:21:59,119 Speaker 1: Shinese banks have cut their loane prime rates as Beijing 408 00:21:59,200 --> 00:22:02,440 Speaker 1: pledges to offer developers more financing. Hid Chen is head 409 00:22:02,480 --> 00:22:05,680 Speaker 1: of investment strategy at Hi Tong International. I think we've 410 00:22:05,680 --> 00:22:07,840 Speaker 1: already reached a point that the central government really need 411 00:22:07,920 --> 00:22:09,840 Speaker 1: to step in and announcement over the weekend on the 412 00:22:09,920 --> 00:22:12,160 Speaker 1: potest things. This executive good star. I think that really 413 00:22:12,240 --> 00:22:15,000 Speaker 1: need to provide a backstop. And Hi Chan with High 414 00:22:15,000 --> 00:22:17,840 Speaker 1: Tong International says markets want to see how the Chinese 415 00:22:17,880 --> 00:22:21,879 Speaker 1: government will prop up it's struggling property space. Geopolitical note 416 00:22:21,960 --> 00:22:23,840 Speaker 1: in Asia as well this morning, Karen, the US and 417 00:22:23,960 --> 00:22:27,880 Speaker 1: South Korea are planning military drills, their biggest since North 418 00:22:27,960 --> 00:22:31,359 Speaker 1: Korean leader Kim Jong An's summit with then President Donald Trump. 419 00:22:31,640 --> 00:22:35,159 Speaker 1: Well incorporate news now, Nathan, The takeover battle for Signify 420 00:22:35,359 --> 00:22:37,400 Speaker 1: Health is heating up, and we get the latest life 421 00:22:37,400 --> 00:22:39,560 Speaker 1: from Bloomberg Shore. I need a young Good morning, Nina, 422 00:22:39,600 --> 00:22:43,120 Speaker 1: Good morning, Karen. Sources say Amazon dot Com, United Health, 423 00:22:43,280 --> 00:22:46,760 Speaker 1: CVS Health, and option Care Health are all vying to 424 00:22:46,920 --> 00:22:50,879 Speaker 1: acquire Signify Health. United submitted the highest bid at more 425 00:22:50,920 --> 00:22:54,240 Speaker 1: than thirty dollars a share, while Amazon's offer is closed behind. 426 00:22:54,760 --> 00:22:58,680 Speaker 1: Signify closed above twenty one dollars on Friday, valuing the 427 00:22:58,760 --> 00:23:02,080 Speaker 1: company at nearly five billion dollars. Now, no plans are 428 00:23:02,080 --> 00:23:05,359 Speaker 1: finalized yet, and the bidders plans could still change it. 429 00:23:05,480 --> 00:23:09,640 Speaker 1: Signified could always opt to remain independent. Sources till Bloomberg 430 00:23:09,680 --> 00:23:12,560 Speaker 1: that Signify is holding a board meeting today to discuss 431 00:23:12,600 --> 00:23:14,920 Speaker 1: the bids live in New York. I'm gonna need a 432 00:23:14,960 --> 00:23:16,920 Speaker 1: young Bloomberg day break, all right, we need to thanks 433 00:23:16,960 --> 00:23:20,800 Speaker 1: Oils following this morning, down nine tenths percent of barrel 434 00:23:20,920 --> 00:23:24,399 Speaker 1: as negotiations move forward to revive a nuclear deal with Iran, 435 00:23:24,840 --> 00:23:27,639 Speaker 1: and again futures are lower. S ANDP futures down fifty 436 00:23:27,680 --> 00:23:30,479 Speaker 1: two points down. Futures down three hundred twenty six, nasday 437 00:23:30,600 --> 00:23:32,840 Speaker 1: futures down two hundred ten straight A hand your latest 438 00:23:32,880 --> 00:23:39,439 Speaker 1: local headlines, and this is Bloomberg. Karen, thanks thirty three 439 00:23:39,440 --> 00:23:41,560 Speaker 1: on Wall Street, seventy three degrees in Central Park. Still 440 00:23:41,600 --> 00:23:43,840 Speaker 1: got that accident south found West Side Highway A hundred 441 00:23:43,880 --> 00:23:46,080 Speaker 1: fifty eight. Michael Bars here with Moar on what's going 442 00:23:46,119 --> 00:23:47,920 Speaker 1: on in New York and around the world. Michael, thank 443 00:23:47,960 --> 00:23:50,320 Speaker 1: you very much. Nathan. New York City schools say they 444 00:23:50,359 --> 00:23:53,560 Speaker 1: have not yet received any official guidance about monkey Box. 445 00:23:54,000 --> 00:23:56,960 Speaker 1: It comes as New York has its first confirmed case 446 00:23:57,040 --> 00:23:59,840 Speaker 1: of monkey box and someone under the age of eighteen. 447 00:24:00,359 --> 00:24:02,520 Speaker 1: The New York Department of Health says the virus was 448 00:24:02,600 --> 00:24:05,399 Speaker 1: detected and a child or teenager living outside in New 449 00:24:05,480 --> 00:24:08,760 Speaker 1: York City. The virus is primarily spread through skin to 450 00:24:08,920 --> 00:24:13,920 Speaker 1: skin contact. Ukrainian officials are denying the Russian allegations that 451 00:24:14,119 --> 00:24:16,359 Speaker 1: they were behind the car bomb attack that killed the 452 00:24:16,440 --> 00:24:21,680 Speaker 1: daughter of prominent Vladimir Putin ally Alexander Duggan Verriot. Do 453 00:24:21,800 --> 00:24:25,960 Speaker 1: Gina's family said she borrowed her father's car, suggesting he 454 00:24:26,200 --> 00:24:29,960 Speaker 1: was the target. House January six, Committee Vice chair List 455 00:24:30,040 --> 00:24:33,040 Speaker 1: Cheney has said she thinks former Vice President Mike Fence 456 00:24:33,240 --> 00:24:36,960 Speaker 1: should testify before the committee. Just days after her Republican 457 00:24:37,040 --> 00:24:40,680 Speaker 1: primary loss in Wyoming, Cheney says that her focus now 458 00:24:41,000 --> 00:24:43,760 Speaker 1: is keeping former President Trump out of the White House. 459 00:24:43,960 --> 00:24:49,080 Speaker 1: Our party has abandoned principle and abandoned value, and abandoned 460 00:24:49,119 --> 00:24:53,320 Speaker 1: fundamental fidelity to the Constitution in order to embrace a 461 00:24:53,400 --> 00:24:57,080 Speaker 1: cult of personality, and I think that's really dangerous for 462 00:24:57,119 --> 00:24:59,760 Speaker 1: a whole bunch of reasons. Liszt. Cheney spoke on ABC 463 00:25:00,119 --> 00:25:03,360 Speaker 1: This Week, which can be heard Sundays on Bloomberg Parental 464 00:25:03,520 --> 00:25:07,160 Speaker 1: Rights Front and Center in Florida as Republican governor around 465 00:25:07,200 --> 00:25:11,240 Speaker 1: the Santis campaign in Durrell, supporting school board candidates who 466 00:25:11,480 --> 00:25:15,040 Speaker 1: back his controversial educational agenda. We are not going to 467 00:25:15,200 --> 00:25:19,720 Speaker 1: surrender to woke. We are gonna prevail, and Florida is 468 00:25:19,840 --> 00:25:25,399 Speaker 1: the state where woke goes to die. Meanwhile, tomorrow is 469 00:25:25,480 --> 00:25:29,680 Speaker 1: Florida's primary. Former GOP Governor Charlie Christ is now running 470 00:25:29,720 --> 00:25:32,320 Speaker 1: as a Democrat for his old seat. My party left me. 471 00:25:32,480 --> 00:25:34,480 Speaker 1: I didn't leave. It started with the Tea Party and 472 00:25:34,560 --> 00:25:38,280 Speaker 1: it's only metastasized now. I'm very comfortable being a proud 473 00:25:38,359 --> 00:25:40,879 Speaker 1: Florida Democratic. It's where I should have been a long 474 00:25:40,960 --> 00:25:43,600 Speaker 1: time ago. I'm glad to be here now and thank 475 00:25:43,640 --> 00:25:46,800 Speaker 1: God for it all. Chris spoke to ABC Global News 476 00:25:46,840 --> 00:25:49,280 Speaker 1: twenty four hours a day on air and on Bloomberg 477 00:25:49,359 --> 00:25:52,080 Speaker 1: Quick Take, powered by more than twenty seven hundred journalists 478 00:25:52,080 --> 00:25:54,760 Speaker 1: analysts more than a hundred twenty countries. I'm Michael Barr, 479 00:25:54,840 --> 00:26:02,800 Speaker 1: and this is Bloomberg NACOLN. Thank you, Michael on Wall Street. 480 00:26:02,800 --> 00:26:04,920 Speaker 1: Time for the Bloomberg Sports seven Day with John Sepshaw. 481 00:26:05,000 --> 00:26:07,520 Speaker 1: All right, Nathan, much needed win for the Yankees and 482 00:26:07,720 --> 00:26:09,600 Speaker 1: an amazing win for the Mets, and have the two 483 00:26:09,640 --> 00:26:11,840 Speaker 1: teams meet tonight in the Bronx star of the two 484 00:26:11,920 --> 00:26:15,479 Speaker 1: game Subway series. The Yankees came into Paul O'Neill Day 485 00:26:15,480 --> 00:26:17,120 Speaker 1: at the Stadium of the worst record in the month 486 00:26:17,200 --> 00:26:19,600 Speaker 1: of August of any team in the Major's four and 487 00:26:19,800 --> 00:26:22,879 Speaker 1: fourteen a shirt of losing a sixth series in a 488 00:26:23,000 --> 00:26:25,280 Speaker 1: row for the first time in twenty seven years, just 489 00:26:25,359 --> 00:26:27,680 Speaker 1: trying to avoid getting swept Yanks in Blue Jays two 490 00:26:27,760 --> 00:26:30,600 Speaker 1: to seventh inning, and Andrew Bennett tendee at the plate. 491 00:26:30,760 --> 00:26:35,480 Speaker 1: Here's the oh one, it's going on. There comes keep 492 00:26:35,600 --> 00:26:41,560 Speaker 1: riding is hot? Fuck good? He hit his first home 493 00:26:41,720 --> 00:26:46,040 Speaker 1: Ronson Nick Putton have cut it up better. Time Benny 494 00:26:48,240 --> 00:26:51,920 Speaker 1: Bennett and the right deal scene and Yanks one for 495 00:26:52,080 --> 00:26:54,920 Speaker 1: to two Mets. Meanwhile one in Philadelphia ten to nine. 496 00:26:54,960 --> 00:26:58,439 Speaker 1: They trailed forward nothing later seven four. Mark Kenna had 497 00:26:58,480 --> 00:27:00,560 Speaker 1: a game time three run homer in the seventh, Then 498 00:27:00,600 --> 00:27:03,520 Speaker 1: of the ninth Canada again two run shot to put 499 00:27:03,600 --> 00:27:05,440 Speaker 1: the Mets ahead. And now the Mets come at the 500 00:27:05,520 --> 00:27:08,520 Speaker 1: Yankees with their one two punch match sers around the 501 00:27:08,560 --> 00:27:11,240 Speaker 1: Mount tonight. Jacob to Grom tomorrow, So what it's worth? 502 00:27:11,320 --> 00:27:13,520 Speaker 1: Giants or two and all the preseason to meet Cincinnati 503 00:27:13,560 --> 00:27:17,200 Speaker 1: at MetLife twenty two, a game with three fourth quarter 504 00:27:17,359 --> 00:27:20,280 Speaker 1: league changes. Davis Webb led the Giants to victory after 505 00:27:20,359 --> 00:27:22,959 Speaker 1: Daniel Jones started and looked good going sixteen of eighteen. 506 00:27:23,359 --> 00:27:26,280 Speaker 1: Rookie edge Russia Cavon Thibodeaux left with the knee injury 507 00:27:26,359 --> 00:27:28,320 Speaker 1: that did not appear to be serious. The Jets hos 508 00:27:28,400 --> 00:27:32,160 Speaker 1: the Falcons tonight. Patrick Cantley won the BMW Golf in Delaware. 509 00:27:32,280 --> 00:27:35,520 Speaker 1: Tom Weiskoff has died at seventy nine. He won sixteen 510 00:27:36,080 --> 00:27:38,399 Speaker 1: PGA events Between the British Open. He was the runner 511 00:27:38,480 --> 00:27:41,480 Speaker 1: up at the Masters four times. John stash Award Bloomberg 512 00:27:41,560 --> 00:27:44,240 Speaker 1: Sports NAPI okay, John, thank you. It's five thirty seven 513 00:27:44,320 --> 00:27:46,840 Speaker 1: on Wall Street. Time for the Trice State Business Report. 514 00:27:46,880 --> 00:27:50,240 Speaker 1: Here's Bloomberg's when Diy Gillette, It's dogg eat dog. In 515 00:27:50,320 --> 00:27:52,880 Speaker 1: the New York City apartment and rental world these days, 516 00:27:53,160 --> 00:27:56,320 Speaker 1: brokers tell The Guardian they're working insane hours to keep 517 00:27:56,400 --> 00:27:59,840 Speaker 1: up with the incredible demand. Many apartments rent site unseen. 518 00:28:00,280 --> 00:28:02,840 Speaker 1: The average price had a record high last month, five 519 00:28:02,960 --> 00:28:06,520 Speaker 1: thousand dollars, up twenty nine percent over last year. The 520 00:28:06,600 --> 00:28:09,920 Speaker 1: vacancy rate in Manhattan is just one nine percent, down 521 00:28:10,000 --> 00:28:14,440 Speaker 1: a staggering forty six percent from one. Virtual. Public hearing 522 00:28:14,520 --> 00:28:18,160 Speaker 1: start Thursday on the m t a's proposed congestion pricing program. 523 00:28:18,480 --> 00:28:21,120 Speaker 1: Six hearings will be held through September nine. The first 524 00:28:21,200 --> 00:28:24,119 Speaker 1: meeting runs from five to eight p m. Inflation and 525 00:28:24,280 --> 00:28:26,840 Speaker 1: gas prices are not keeping tourists away from the Jersey 526 00:28:26,920 --> 00:28:30,000 Speaker 1: Shore this summer. Many towns and cities tell NJ Spotlight 527 00:28:30,080 --> 00:28:33,399 Speaker 1: News this season is meeting or beating expectations. And in 528 00:28:33,480 --> 00:28:36,439 Speaker 1: Atlantic City casinos wins are up sixteen percent this here 529 00:28:36,480 --> 00:28:40,120 Speaker 1: in eight percent last month, in indication gamblers are spending money. 530 00:28:40,360 --> 00:28:42,800 Speaker 1: That's the Bloomberg Tri State Business Report. I'm Wendy to Let, 531 00:28:42,960 --> 00:28:46,120 Speaker 1: Thanks Wall Street. Bloomberg Radio is on the air from 532 00:28:46,160 --> 00:28:48,760 Speaker 1: San Francisco to New York, London to Hong Kong. Let's 533 00:28:48,840 --> 00:28:50,680 Speaker 1: check in with our global news team for some of 534 00:28:50,720 --> 00:28:53,360 Speaker 1: the top stories here in our three hundred affiliate radio 535 00:28:53,440 --> 00:28:58,920 Speaker 1: stations around the world. I Steve Potos got on ten 536 00:28:59,000 --> 00:29:01,320 Speaker 1: ten Wins in New York. We're talking about what could 537 00:29:01,360 --> 00:29:03,840 Speaker 1: be a tough day for that bath and beyond shares, 538 00:29:04,040 --> 00:29:07,880 Speaker 1: as some suppliers called shipments. I'm John Donnager telling k 539 00:29:08,080 --> 00:29:11,760 Speaker 1: f AV listeners in Ovaha Warren Buffett probably wollted for 540 00:29:11,840 --> 00:29:15,640 Speaker 1: control of Occidental Petroleum. I'm Jina Serbetti and for w 541 00:29:16,000 --> 00:29:19,000 Speaker 1: c c O in Minneapolis. I'm talking about United Health, 542 00:29:19,160 --> 00:29:21,920 Speaker 1: which is said to have submitted the highest bid among 543 00:29:22,040 --> 00:29:25,960 Speaker 1: companies buying to acquire Signify Health Frinley Simteo. And on 544 00:29:26,080 --> 00:29:29,440 Speaker 1: KYW and Philadelphia, I'll be reporting on how much more 545 00:29:29,600 --> 00:29:32,720 Speaker 1: you'll have to pay for Tesla's autopilot systems. I'm Jeff 546 00:29:32,720 --> 00:29:35,680 Speaker 1: Bullinger and on w y O D in Miami, I'm 547 00:29:35,720 --> 00:29:39,400 Speaker 1: reporting some Miami McDonald's will be serving the Chicken Big 548 00:29:39,560 --> 00:29:42,320 Speaker 1: Mac starting later this month. I'm Wendy to let on 549 00:29:42,480 --> 00:29:45,560 Speaker 1: w w J and Detroit. I'm reporting on Ford's intention 550 00:29:45,640 --> 00:29:49,160 Speaker 1: to appeal of billion dollars civil verdict against the auto company, 551 00:29:49,440 --> 00:29:51,160 Speaker 1: and those are some of the stories our twenty seven 552 00:29:51,240 --> 00:29:53,800 Speaker 1: hundred Bloomberg journalists and analysts are working on this morning 553 00:29:53,840 --> 00:29:56,160 Speaker 1: around the world. It's five thirty nine on Wall Street. 554 00:29:56,520 --> 00:30:01,120 Speaker 1: The following is an editorial from Bloomberg Opinion. Editorial was 555 00:30:01,320 --> 00:30:05,720 Speaker 1: written by the Bloomberg Editorial Board. Liz Trusts, who looks 556 00:30:05,880 --> 00:30:09,080 Speaker 1: likely to become the UK's new Prime Minister, has stirred 557 00:30:09,200 --> 00:30:13,160 Speaker 1: controversy with recent statements on the Bank of England. To 558 00:30:13,280 --> 00:30:17,720 Speaker 1: gather support in the Conservative Party's leadership contest. She's proposing 559 00:30:17,800 --> 00:30:22,560 Speaker 1: a departure from business as usual economic strategy and wants 560 00:30:22,680 --> 00:30:26,760 Speaker 1: to review the central banks mandate. Nobody would claim all's 561 00:30:26,840 --> 00:30:31,160 Speaker 1: well with Britain's military policy, but calling the bank's independence 562 00:30:31,240 --> 00:30:35,960 Speaker 1: into question will only dig the economy into a deeper hole. 563 00:30:36,480 --> 00:30:41,160 Speaker 1: Undermining its credibility is also likely to backfire politically. The 564 00:30:41,240 --> 00:30:44,080 Speaker 1: Bank of England is not above criticism. It was too 565 00:30:44,200 --> 00:30:47,440 Speaker 1: slow to raise interest rates and should learn from its mistakes, 566 00:30:47,800 --> 00:30:51,400 Speaker 1: but it has also been faced with enormous economic shocks 567 00:30:51,680 --> 00:30:55,880 Speaker 1: that have made its job exceptionally difficult. Trusts should not 568 00:30:56,040 --> 00:30:59,840 Speaker 1: make its job even harder by interfering with its independence. 569 00:31:00,320 --> 00:31:03,680 Speaker 1: This sedatorial was written by the Bloomberg editorial board. For 570 00:31:03,760 --> 00:31:06,800 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 571 00:31:06,880 --> 00:31:10,480 Speaker 1: Opinion or opie I n go on the Bloomberg terminal. 572 00:31:10,720 --> 00:31:14,000 Speaker 1: This has been Bloomberg opinion. You can hear Bloomberg opinion 573 00:31:14,120 --> 00:31:17,040 Speaker 1: editorials every weekday at this time. Terminal customers can read 574 00:31:17,080 --> 00:31:23,320 Speaker 1: more at opie I n Go Bloomberg. Eleven three oh 575 00:31:23,320 --> 00:31:25,840 Speaker 1: weather lots of cloud, scattered showers and storms behind her 576 00:31:25,880 --> 00:31:30,680 Speaker 1: seventy five today, mid eighties tomorrow with a few scattered showers, thundershowers, 577 00:31:31,000 --> 00:31:34,000 Speaker 1: sunshine near ninety by Wednesday. We're now seventy three in 578 00:31:34,120 --> 00:31:40,200 Speaker 1: Central Park markets. Headlines and breaking news twenty four hours 579 00:31:40,240 --> 00:31:43,240 Speaker 1: a day at Bloomberg dot com, blo Bloomberg Business at 580 00:31:43,320 --> 00:31:47,120 Speaker 1: and at Bloomberg Quicktape. This is your Bloomberg Business Flash 581 00:31:53,200 --> 00:31:56,280 Speaker 1: and I'm Karen Moscow. Stocks in Europe are retreading along 582 00:31:56,320 --> 00:31:59,080 Speaker 1: with US stock index futures is the Federal reserves commitment 583 00:31:59,120 --> 00:32:01,640 Speaker 1: to tighter monetary settings and worries about the effect on 584 00:32:01,720 --> 00:32:05,200 Speaker 1: economic growth. Way on investors sentiment. We checked the markets 585 00:32:05,200 --> 00:32:08,160 Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg right now, 586 00:32:08,320 --> 00:32:10,440 Speaker 1: S ANDP futures are down fifty four points and DOWN 587 00:32:10,480 --> 00:32:13,120 Speaker 1: futures down three hundred thirty nine and NASDAG futures down 588 00:32:13,160 --> 00:32:15,880 Speaker 1: two hundred eleven. The decks in Germany's down one point 589 00:32:16,000 --> 00:32:18,600 Speaker 1: nine percent. The ten year treasury of three thirties seconds 590 00:32:18,720 --> 00:32:21,160 Speaker 1: yield two point nine six percent yield on a two 591 00:32:21,240 --> 00:32:24,479 Speaker 1: year three point to seven percent. Nive X screwed oil 592 00:32:24,640 --> 00:32:26,440 Speaker 1: is down one point one percent on a dollar one 593 00:32:26,520 --> 00:32:29,200 Speaker 1: at eighty nine dollars seventy six cents a barrel. Comex 594 00:32:29,240 --> 00:32:31,800 Speaker 1: school down nine ten percent, or fifteen dollars seventy cents 595 00:32:31,880 --> 00:32:35,120 Speaker 1: is seventeen forty seven twenty announced. The euro is at 596 00:32:35,160 --> 00:32:37,640 Speaker 1: one point zero zero seven against the dollar, British found 597 00:32:37,680 --> 00:32:39,600 Speaker 1: one point one eight oh four, the n one thirty 598 00:32:39,640 --> 00:32:42,600 Speaker 1: six point eight four, and bitcoin is down what and 599 00:32:42,640 --> 00:32:45,640 Speaker 1: a half percent at twenty one thousand, one hundred forty dollars. 600 00:32:45,720 --> 00:32:48,120 Speaker 1: For watching theme socks this morning, Bed Bath and Beyond 601 00:32:48,240 --> 00:32:51,640 Speaker 1: is down about ten percent, an AMC entertainment falling down 602 00:32:51,680 --> 00:32:54,240 Speaker 1: thirty three percent ahead of the debut of its ape shares. 603 00:32:54,520 --> 00:32:57,000 Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barr 604 00:32:57,120 --> 00:33:00,640 Speaker 1: with more on what's going on around the world. Michael Karen, 605 00:33:00,680 --> 00:33:03,520 Speaker 1: thank you very much. President Joe Biden spoke yesterday with 606 00:33:03,640 --> 00:33:07,080 Speaker 1: fellow Western leaders looking to revive a nuclear deal with Ron. 607 00:33:07,520 --> 00:33:11,640 Speaker 1: Biden spoke with his counterparts in Germany, France, and the UK. 608 00:33:12,560 --> 00:33:15,360 Speaker 1: Basketball Hall of Famer Dennis Rodman says he intends to 609 00:33:15,440 --> 00:33:17,680 Speaker 1: visit Russia to try to help w n b A 610 00:33:17,800 --> 00:33:21,000 Speaker 1: star Britney Griner get back home. Brinder was sentenced to 611 00:33:21,080 --> 00:33:24,640 Speaker 1: nine years following her conviction on drug charges earlier this month. 612 00:33:25,200 --> 00:33:28,080 Speaker 1: In baseball, the Yankees beat the Blue Jays four two, 613 00:33:28,280 --> 00:33:31,480 Speaker 1: The Mets beat the Phillies ten nine, The Orioles beat 614 00:33:31,520 --> 00:33:35,040 Speaker 1: the Red Sox five three, The Nationals lost, The A's 615 00:33:35,080 --> 00:33:38,560 Speaker 1: beat the Mariners five three, the Giants one. In NFL 616 00:33:38,720 --> 00:33:42,680 Speaker 1: preseason yesterday, the Giants and Ravens one. Global news twenty 617 00:33:42,680 --> 00:33:45,360 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 618 00:33:45,400 --> 00:33:48,640 Speaker 1: powered by more than hundred journalists analysts more than a 619 00:33:48,720 --> 00:33:52,120 Speaker 1: hundred twenty countries. Michael Barr, and this is Bloomberg, Nathan. 620 00:33:52,240 --> 00:33:54,760 Speaker 1: Thanks Michael, It's five forty nine on Wall Street Live 621 00:33:54,800 --> 00:33:57,920 Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Day Breaking. 622 00:33:57,960 --> 00:34:01,680 Speaker 1: We're watching oil prices this morning, moving lower, as Karen mentioned, 623 00:34:01,720 --> 00:34:05,200 Speaker 1: down one point one percent on the prospect of potentially 624 00:34:05,520 --> 00:34:09,080 Speaker 1: more Iranian crude entering the market if that nuclear deal 625 00:34:09,160 --> 00:34:11,120 Speaker 1: with the West comes back to life. Joining us now 626 00:34:11,200 --> 00:34:14,880 Speaker 1: for more Bloomberg News Oil strategist Julian Lee. Julian, as 627 00:34:14,920 --> 00:34:17,280 Speaker 1: we heard, we did get that conversation over the weekend 628 00:34:17,320 --> 00:34:20,120 Speaker 1: between President Biden and the leaders of Germany, France and 629 00:34:20,200 --> 00:34:23,120 Speaker 1: the UK. But I mean the idea of a new 630 00:34:23,320 --> 00:34:26,719 Speaker 1: nuclear agreement is still very much up in the air, 631 00:34:26,800 --> 00:34:30,080 Speaker 1: isn't it? Yes, it is. I mean, there seems to 632 00:34:30,160 --> 00:34:34,120 Speaker 1: have been some progress. There was what the European Union 633 00:34:34,239 --> 00:34:38,320 Speaker 1: build as a final um proposal that they put to 634 00:34:39,280 --> 00:34:43,120 Speaker 1: everybody involved. The Iranians have responded to that. Their response 635 00:34:43,760 --> 00:34:47,160 Speaker 1: has been constructive, but we know very little more than 636 00:34:47,239 --> 00:34:51,120 Speaker 1: that about it. Um. It's being looked at by the 637 00:34:51,320 --> 00:34:55,279 Speaker 1: US and other parties to this this deal UM and 638 00:34:55,480 --> 00:34:59,359 Speaker 1: we're waiting for their response, and it seems as though 639 00:34:59,520 --> 00:35:01,640 Speaker 1: the way they could continue. I mean, I saw a 640 00:35:01,719 --> 00:35:06,080 Speaker 1: headline that Iran is accusing the US of stalling on 641 00:35:06,239 --> 00:35:09,880 Speaker 1: its response. So is this a matter of the market 642 00:35:10,000 --> 00:35:12,880 Speaker 1: sort of getting ahead of where negotiations are right now 643 00:35:13,000 --> 00:35:16,200 Speaker 1: given that we are seeing this, Uh, there's so much 644 00:35:16,200 --> 00:35:19,560 Speaker 1: significant driven oil risers this morning. Yeah, I mean, I'm 645 00:35:19,560 --> 00:35:24,040 Speaker 1: not sure how much that is due to hopes or 646 00:35:24,400 --> 00:35:26,800 Speaker 1: or fears, depending on which side of this you're on, 647 00:35:27,680 --> 00:35:31,399 Speaker 1: of a resumption of the deal, and how much it's 648 00:35:31,520 --> 00:35:34,279 Speaker 1: due to other things that the market is looking at. 649 00:35:34,360 --> 00:35:37,760 Speaker 1: Particularly I think a piece of news out of China 650 00:35:38,000 --> 00:35:42,080 Speaker 1: that they have have gone back from drawing oil stock 651 00:35:42,160 --> 00:35:45,719 Speaker 1: piles to rebuilding them. There are still very serious concerns 652 00:35:45,760 --> 00:35:51,360 Speaker 1: about demanding China going forwards, as there are about demanding 653 00:35:51,680 --> 00:35:53,680 Speaker 1: in Europe and some other parts of the world. And 654 00:35:53,760 --> 00:35:57,680 Speaker 1: it may be that, as much as um any sort 655 00:35:57,719 --> 00:36:01,399 Speaker 1: of perception of progress around the Iranian nuclear deal, that's 656 00:36:01,400 --> 00:36:04,520 Speaker 1: actually driving prices at the moment. All Right, an interesting 657 00:36:04,880 --> 00:36:08,120 Speaker 1: point there, But if we do see Iranian oil return 658 00:36:08,200 --> 00:36:10,000 Speaker 1: to the market, as we say, it is a pretty 659 00:36:10,040 --> 00:36:11,759 Speaker 1: big if. Is there going to be enough of a 660 00:36:11,880 --> 00:36:14,960 Speaker 1: backstop for the European market given all the Russian oil 661 00:36:15,000 --> 00:36:18,239 Speaker 1: that's been taken out? I think it would certainly help. 662 00:36:18,360 --> 00:36:21,680 Speaker 1: I mean, I I've wrote a column about this that 663 00:36:21,840 --> 00:36:26,040 Speaker 1: was published on Sunday, looking back at what Iran did 664 00:36:27,040 --> 00:36:31,320 Speaker 1: during that that period when this nuclear deal was in 665 00:36:31,440 --> 00:36:36,000 Speaker 1: operation before President Trump effectively tore it up. They were 666 00:36:36,080 --> 00:36:38,719 Speaker 1: sending at that time somewhere in the region of six 667 00:36:38,840 --> 00:36:43,200 Speaker 1: hundred thousand barrels a day of crude to European markets, 668 00:36:43,239 --> 00:36:48,959 Speaker 1: predominantly the Mediterranean. I think if if Iranian production comes back, 669 00:36:49,800 --> 00:36:52,759 Speaker 1: we can see or expect to see at least that 670 00:36:52,880 --> 00:36:56,719 Speaker 1: amount heading westwards to to Europe. They are going to 671 00:36:56,800 --> 00:37:01,880 Speaker 1: have to fight harder, I think to secure markets in 672 00:37:02,440 --> 00:37:06,400 Speaker 1: some of them more traditional um Asian customers. I mean, 673 00:37:06,880 --> 00:37:10,400 Speaker 1: they would be competing with subsidized Russian crewed in India, 674 00:37:11,040 --> 00:37:14,319 Speaker 1: um and perhaps in China as well. That may well 675 00:37:15,160 --> 00:37:19,880 Speaker 1: end up seeing more Iranian oil going westwards. If this 676 00:37:20,080 --> 00:37:22,439 Speaker 1: deal is revived, would it be able to get back 677 00:37:22,480 --> 00:37:25,200 Speaker 1: on the market in time for the European winter? I mean, 678 00:37:26,080 --> 00:37:29,120 Speaker 1: is that something that's even possible for for that amount 679 00:37:29,239 --> 00:37:31,759 Speaker 1: of Iranian crew to get back into the market. I 680 00:37:31,880 --> 00:37:35,880 Speaker 1: think it's certainly possible. UM much will depend on on 681 00:37:36,160 --> 00:37:39,640 Speaker 1: what kind of delays are built into any agreement. There's 682 00:37:39,680 --> 00:37:43,520 Speaker 1: been some suggestion that there would be a sort of, um, 683 00:37:45,640 --> 00:37:49,480 Speaker 1: a sort of proof of good intent period if you like, 684 00:37:49,680 --> 00:37:53,680 Speaker 1: where Iran is required to do certain things around it's 685 00:37:53,760 --> 00:37:58,240 Speaker 1: it's nuclear program before the sanctions on on oil exports 686 00:37:58,280 --> 00:38:01,440 Speaker 1: are fully lifted. But the estimate is that they have 687 00:38:01,719 --> 00:38:04,719 Speaker 1: somewhere in the region of a hundred million barrels of 688 00:38:04,800 --> 00:38:08,080 Speaker 1: oil already pumped out of the ground and in storage. 689 00:38:08,160 --> 00:38:11,160 Speaker 1: Some of that in in tanks on land, a lot 690 00:38:11,280 --> 00:38:14,239 Speaker 1: of it in in tankers off the Iranian coast. That 691 00:38:14,400 --> 00:38:17,359 Speaker 1: could move very very quickly. Um. And if you look 692 00:38:17,480 --> 00:38:21,399 Speaker 1: back at the last time that that Iran was sort 693 00:38:21,440 --> 00:38:24,680 Speaker 1: of freed from the shackles of sanctions, their production came 694 00:38:24,719 --> 00:38:28,400 Speaker 1: back much much more quickly than people had anticipated. UM. 695 00:38:28,600 --> 00:38:31,520 Speaker 1: They they'd added close to a million barrels a day 696 00:38:31,600 --> 00:38:35,200 Speaker 1: within twelve months, UM, and a good half of that 697 00:38:35,400 --> 00:38:38,160 Speaker 1: within six. Thanks for this, Julian, great having on with 698 00:38:38,280 --> 00:38:42,880 Speaker 1: us this morning. Bloomberg News oil strategist Julian Lee, Karen Pathan. 699 00:38:42,960 --> 00:38:45,440 Speaker 1: It is five ft three on Wall Street. It's time 700 00:38:45,440 --> 00:38:47,640 Speaker 1: for our Bloomberg lag rapport. Let's get to the legal 701 00:38:47,760 --> 00:38:50,920 Speaker 1: stories we are watching this morning. From Bloomberg's Jeff Bellinger 702 00:38:53,920 --> 00:38:57,560 Speaker 1: proposed class action filed in federal court in California accused 703 00:38:57,600 --> 00:39:01,359 Speaker 1: of Twitter of inducing users to disclose personal information under 704 00:39:01,400 --> 00:39:04,520 Speaker 1: the pretext of securing their accounts. The suit charges the 705 00:39:04,640 --> 00:39:07,560 Speaker 1: information was sold to marketers. State Farm will pay one 706 00:39:07,640 --> 00:39:10,040 Speaker 1: hundred million dollars to settle a suit that accused the 707 00:39:10,080 --> 00:39:13,760 Speaker 1: company of improperly submitting claims for flood damage to FEMA 708 00:39:14,040 --> 00:39:17,759 Speaker 1: following Hurricane Katrina. Federal court records in Louisiana show the 709 00:39:17,800 --> 00:39:20,840 Speaker 1: Postal Service and a black letter carrier reached a settlement. 710 00:39:20,960 --> 00:39:25,360 Speaker 1: The letter carrier accused her supervisors of racial harassment. Bloomberg 711 00:39:25,480 --> 00:39:29,600 Speaker 1: Law everything you need, all on one legal research platform, 712 00:39:29,760 --> 00:39:34,359 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 713 00:39:34,440 --> 00:39:37,600 Speaker 1: at Bloomberg Law dot com. All right, Jeff, thanks now 714 00:39:37,640 --> 00:39:40,320 Speaker 1: another legal story we're watching the John you approved the 715 00:39:40,400 --> 00:39:44,440 Speaker 1: unprecedented search of former President Donald Trump. Samarra Lago Estate 716 00:39:44,800 --> 00:39:47,760 Speaker 1: has decided that he will release portions of the sealed 717 00:39:47,840 --> 00:39:50,640 Speaker 1: FBI off A David used to secure the search. Warrant 718 00:39:50,960 --> 00:39:53,800 Speaker 1: has given the Justice Department until noon on Thursday to 719 00:39:53,840 --> 00:39:57,080 Speaker 1: propose what information in the affidavit should be kept secret. 720 00:39:57,360 --> 00:40:00,640 Speaker 1: For more, Bloomberg jun Grass Space to former federal prosecutor 721 00:40:00,719 --> 00:40:04,680 Speaker 1: Jennifer Rogers of Columbia Law School. The Justice Department argued 722 00:40:04,840 --> 00:40:09,600 Speaker 1: that releasing this information could jeopardize not only the investigation, 723 00:40:09,760 --> 00:40:13,759 Speaker 1: but FBI agents and witnesses. So what do you think 724 00:40:13,800 --> 00:40:16,719 Speaker 1: the redactions will look like? And that's why it's so 725 00:40:16,920 --> 00:40:20,560 Speaker 1: critical what the judge does with the request for redaction, 726 00:40:20,800 --> 00:40:23,600 Speaker 1: because you know, there's really no point in releasing a 727 00:40:23,719 --> 00:40:26,800 Speaker 1: document if virtually everything in it is redacted and you 728 00:40:26,920 --> 00:40:29,840 Speaker 1: can't learn anything. I mean, that doesn't assist the public 729 00:40:29,960 --> 00:40:33,680 Speaker 1: and this matter of great importance, as the judge has determined. 730 00:40:34,000 --> 00:40:36,359 Speaker 1: On the other hand, I think the judge should take 731 00:40:36,440 --> 00:40:40,800 Speaker 1: seriously the Justice departments concerns about its investigation and the 732 00:40:40,880 --> 00:40:44,080 Speaker 1: integrity of the investigation, and of course the safety of 733 00:40:44,360 --> 00:40:47,839 Speaker 1: most primarily witnesses, not just their safety, but that they 734 00:40:47,920 --> 00:40:50,600 Speaker 1: should not be tampered with, of course. So you know, 735 00:40:50,719 --> 00:40:53,319 Speaker 1: weighing all of that, the question is how extensive will 736 00:40:53,440 --> 00:40:56,360 Speaker 1: the redactions speak. You know, there's some information in the 737 00:40:56,400 --> 00:41:00,239 Speaker 1: public already about these negotiations between Trump's team and the 738 00:41:00,360 --> 00:41:04,080 Speaker 1: National Archives and then eventually the SBI. Some of that 739 00:41:04,320 --> 00:41:07,040 Speaker 1: seems like it could come out and not be redacted. 740 00:41:07,320 --> 00:41:09,280 Speaker 1: That would be safe. You know, the things I expect 741 00:41:09,320 --> 00:41:13,200 Speaker 1: to be redacted are whatever source information they received that 742 00:41:13,600 --> 00:41:17,200 Speaker 1: these documents are still at Moral Lago and exactly where 743 00:41:17,320 --> 00:41:19,600 Speaker 1: they are. That's the sort of information you would think 744 00:41:19,640 --> 00:41:22,799 Speaker 1: would be redacted. And then of course anything else sensitive 745 00:41:22,960 --> 00:41:25,880 Speaker 1: that they think would jeffordize the ongoing nature of the 746 00:41:26,080 --> 00:41:29,520 Speaker 1: investigation will likely be redacted to But I expect they 747 00:41:29,560 --> 00:41:32,080 Speaker 1: can release some of this, particularly about the back and 748 00:41:32,200 --> 00:41:34,800 Speaker 1: forth with Team Trump and his lawyers and the National 749 00:41:34,920 --> 00:41:37,319 Speaker 1: Archives and FBI. I think we'll see some of that now. 750 00:41:37,640 --> 00:41:40,920 Speaker 1: He said he'd allow the government time to appeal his ruling. 751 00:41:41,640 --> 00:41:44,800 Speaker 1: Is that something you think the Justice Department might actually 752 00:41:45,239 --> 00:41:48,320 Speaker 1: do appeal? I think they might appeal if in the 753 00:41:48,480 --> 00:41:51,920 Speaker 1: end they feel that the judges ruling releases too much information. 754 00:41:52,360 --> 00:41:54,600 Speaker 1: So we'll we'll have to wait and see what the 755 00:41:54,680 --> 00:41:57,560 Speaker 1: outcome of that is. But yet, certainly, if they think 756 00:41:57,680 --> 00:42:02,640 Speaker 1: that their investigation is uppardies or certainly any classified material 757 00:42:02,760 --> 00:42:05,000 Speaker 1: is jeopardized by what the judge wants to be released, 758 00:42:05,000 --> 00:42:08,400 Speaker 1: I think they will appeal. And as former federal prosecutor 759 00:42:08,520 --> 00:42:11,719 Speaker 1: Jennifer Rogers speaking at the Bloomberg Student Grosso catch more 760 00:42:11,760 --> 00:42:14,640 Speaker 1: in that interview plus analysis of the latest legal news 761 00:42:14,920 --> 00:42:17,920 Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading this 762 00:42:17,960 --> 00:42:21,520 Speaker 1: show at Bloomberg dot com slash podcast. Attorneys can find 763 00:42:21,560 --> 00:42:24,799 Speaker 1: exceptional legal research and business development tools at Bloomberg law 764 00:42:24,880 --> 00:42:27,960 Speaker 1: dot com and on the Bloomberg terminal at b law Go. 765 00:42:28,400 --> 00:42:31,840 Speaker 1: And futures this morning are on the decline, moving lower. 766 00:42:32,280 --> 00:42:35,359 Speaker 1: Tenure treasury is up three thirty seconds, the yel two 767 00:42:35,400 --> 00:42:37,719 Speaker 1: point nine five and the yield on the two year 768 00:42:37,880 --> 00:42:41,080 Speaker 1: three point to seven per cent. And we have our 769 00:42:41,200 --> 00:42:45,080 Speaker 1: top stories straight ahead as Bloomberg Daybreak continues. And this 770 00:42:45,680 --> 00:42:46,320 Speaker 1: is Bloomberg