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

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Speaker 2: Good morning, I'm John Tucker and I'm Amy Morris. Here

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Speaker 2: are the stories we're following today. We begin with the

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Speaker 2: latest on President Biden. The White House now pushing back

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Speaker 2: on questions of whether the President might have Parkinson's disease.

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Speaker 2: Bloomberg's Ed Baxter with those details log I.

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Speaker 3: Said Surface, showing that a neurologist specializing in Parkinson's disease

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Speaker 3: had visited the White House on several occasions. White House

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Speaker 3: spokeswoman Karine Sean Pierre saying that the President is fine.

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Speaker 2: Has the President been treated for Parkinson's No? Is he

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Speaker 2: being treated for Parkinson's No, he's not. Is he taking

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Speaker 2: medication for Parkinson's No.

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Speaker 3: Sean Pierre says the President had a full neurological work

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Speaker 3: up as part of his annual physical in February and

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Speaker 3: there were no signs of any problems.

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Speaker 4: Ed Baxter, Bloomberg.

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Speaker 5: Radio, and thanks said and a mid questions about his health.

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Speaker 5: President Biden now getting in unexpected boost from progressives and Congress,

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Speaker 5: the same members he once battled. Has more Democrats call

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Speaker 5: upon Biden to withdraw from the race for the White House.

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Speaker 5: Members like New York's Alexandra Acasio Cortes and Minnesota's Elon

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Speaker 5: Omar are signaling that Biden should stay at the top

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Speaker 5: of the ticket. Congresswoman Prevala Jaya Palell, a progressive Democrat

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Speaker 5: from Washington, said she's standing behind the party and the president.

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Speaker 1: At the end of the day, he is our nominee

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Speaker 1: right now until he's not our nominee. And I think

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Speaker 1: we shouldn't do Trump and Republicans dirty work for them.

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Speaker 5: Congresswoman Premola Jaya pal This is notable considering these are

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Speaker 5: the same progressive members of Congress who publicly criticize Biden

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Speaker 5: for negotiating with Republicans will abandoning some of his more

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Speaker 5: lofty campaign promises, and in the Senate, the Majority leader

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Speaker 5: Chuck Schumer also back to president, saying quote, I'm for.

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Speaker 2: Joe and as questions around the president's health. NATO leaders

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Speaker 2: are converging on Washington for their annual summit. Bloomberg's Nancy

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Speaker 2: Lyons reports from the nation's capital.

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Speaker 1: Biden is hosting the event that marks the seventy fifth

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Speaker 1: anniversary of the Alliance. White House National Security Advisor John

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Speaker 1: Kirby says the leaders are expected to share their thoughts

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Speaker 1: on Ukraine's future.

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Speaker 6: Some discussion about Ukraine's path to NATO and that and

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Speaker 6: what that can look like, and a reaffirmation of what

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Speaker 6: the President has long said that NATO is in Ukraine's future.

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Speaker 1: Kirby says President Biden has helped strengthen NATO with two

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Speaker 1: new members since Russia's invasion of Ukraine, Finland and Sweden,

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Speaker 1: bringing the total to thirty two. In Washington, Nancy lyons

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Speaker 1: Bloomberg Radio Right.

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Speaker 5: Thanks Nancy, Donald Trump is getting back on the campaign

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Speaker 5: Trio is rallying voters at his Flying Ship golf resort

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Speaker 5: in the Miami suburb of Darrell. Meanwhile, Trump has yet

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Speaker 5: to make a final decision on his Vince presidential pick. However,

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Speaker 5: he tails Fox's Sean Hannity believes he'll make an announcement

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Speaker 5: in the coming week.

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Speaker 7: I haven't made final decision, but I have some ideas

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Speaker 7: as to where we're going, and a little bit, you know,

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Speaker 7: we wanted to see what they're doing. To be honest,

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Speaker 7: I think probably within the next week, week and a half.

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Speaker 7: Probably Sometimes I'd love to do it during the convention.

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Speaker 7: My people say that's a little complicated.

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Speaker 5: Donald Trump, speaking on Fox the Republican National Convention begins

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Speaker 5: July fifteenth in Milwaukee.

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Speaker 2: Let's turn to the markets now. Futures are higher after

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Speaker 2: yet another record setting day on Wall Street, the S

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Speaker 2: and P five hundred registered it's thirty fifth high of

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Speaker 2: the year. Still, Morgan Stanley's Mike Wilson says traders should

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Speaker 2: brace for a pullback.

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Speaker 8: The chance of a ten percent correction is highly likely

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Speaker 8: sometime between now and the election, not just because of

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Speaker 8: the election, but because uncertainty is going to prevail for

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Speaker 8: a lot of different reasons. Earnings reasons, you know, election

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Speaker 8: outcome reasons, tarrors, potentially immigration. Fed policy still remains uncertain.

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Speaker 2: Morgan Stanley's Mike Wilson places the odds of stock prices

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Speaker 2: closing the year higher than they are now at twenty

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Speaker 2: to twenty five percent.

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Speaker 5: And today attention turns to j Powell the FED share

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Speaker 5: delivery testimony to Congress. Let's get a preview now from

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Speaker 5: Bloomberg's Michael McKee.

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Speaker 9: It's not really a question of what will he say,

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Speaker 9: but what can he say? Mister market wants to know

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Speaker 9: when the FED will start cutting rates. Neither the chairman

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Speaker 9: or his FED colleagues know the Consumer Price Index, which

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Speaker 9: might offer a clue, isn't out until Thursday after his testimony,

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Speaker 9: so expect Powell to repeat what he's already said. The

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Speaker 9: Fed is committed to its two percent inflation target. It

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Speaker 9: is also watching growth and unemployment, and policy is in

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Speaker 9: a good place to help with any of those problems.

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Speaker 9: You could also expect him to duck any questions about

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Speaker 9: politics or fiscal policy. Michael McKee, Bloomberg Radio.

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Speaker 2: Thank you, Mike. The Sun Valley Conference kicks off today

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Speaker 2: at the Sun Valley Resort in Idaho. We get a

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Speaker 2: preview from Bloomberg's Charlie Pellett.

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Speaker 10: The annual event is hosted by boutique investment bank Allen

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Speaker 10: and Company. It's also known as Summer Camp for Billionaires.

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Speaker 10: Over the years, it's been a breeding ground for media

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Speaker 10: deals as tech and media elites discuss the future of

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Speaker 10: their industries. This year, politics will be very much on

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Speaker 10: the agenda, amid calls from some Democrats for President Biden

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Speaker 10: to step aside. Three governors being floated as potential replacements

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Speaker 10: Michigan's Gretchen Whitmer, Pennsylvania's Josh Shapiro, and Maryland's Wes Moore

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Speaker 10: will be in attendance in New York, Charlie Bloomberg Radio.

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Speaker 5: And after eight weeks of testimony, the jury in the

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Speaker 5: fraud trial of Ourkego's Capital management founder Bill Wang is

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Speaker 5: sent to begin deliberations. Let's get more in this report

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Speaker 5: from Bloomberg's Dud Chrisoner.

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Speaker 11: The case of Archago's Capital Management and its inability to

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Speaker 11: meet billions of dollars in margin calls ensnared half of

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Speaker 11: Wall Street and it cost banks ten billion dollars. Wang

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Speaker 11: is charged with eleven counts, including fraud in market manipulation. Yesterday,

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Speaker 11: in closing remarks, Swang's lawyer said the government's case makes

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Speaker 11: no sense because prosecutors failed to show how Wang planned

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Speaker 11: to realize a windfall from the alleged ski In his closing,

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Speaker 11: the prosecutor peppered his arguments with metaphors to show how

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Speaker 11: WOG cared about moving stock prices, not acquiring stock. In

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Speaker 11: New York, I'm Doug Kristner, Bloomberg Radio.

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Speaker 2: All right, thank you, Doug and company News. Shares of

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Speaker 2: BP are down more than three percent in European trading.

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Speaker 2: The oil giant is warning of quote significantly lower refining margins.

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Speaker 2: It's also predicting a write down on the value of

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Speaker 2: a plant in Germany of one billion to two billion dollars.

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Speaker 5: All right, thanks Amy, and that brings us to five

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Speaker 5: those seven on the Wall Street time down for a

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Speaker 5: look at some of the other stories making news in

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Speaker 5: New York and around the world.

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Speaker 6: Yeah for that.

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Speaker 5: We're joined by Bloomberg's Michael Barr. Michael, good morning, Good

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Speaker 5: morning John. Prosecutors in the federal corruption trial of New

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Speaker 5: Jersey Democratic Senator Bob Menendez are expected to wrap up

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Speaker 5: their closing arguments today in Manhattan, followed by the defense

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Speaker 5: after more than seven weeks of testimony. Federal prosecutors tried

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Speaker 5: to persuade the jury that Menendez accept hundreds of thousands

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Speaker 5: of dollars in bribes. The prosecutor told the jury yesterday

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Speaker 5: it wasn't enough for him to be one of the

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Speaker 5: most powerful people in Washington. He also wanted to pile

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Speaker 5: up riches for himself and his wife. Menendez has been

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Speaker 5: charged with accepting gold bars, cash, a car, and mortgage

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Speaker 5: payments in exchange for his help getting billions of dollars

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Speaker 5: in military aid for Egypt. There are some good news

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Speaker 5: about the Gateway rail tunnels between New York and New

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Speaker 5: Jersey governors and senators took part in assigning ceremony yesterday

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Speaker 5: in building the tunnels under the Hudson River that would

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Speaker 5: upgrade the infrastructure between Penn Station and New Jersey and

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Speaker 5: involves a six point eight billion dollar federal grant approved

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Speaker 5: last week that allows the Gateway Development Commission to start

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Speaker 5: awarding construction contracts. New York Governor Kathy Hukle.

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Speaker 2: This is on the scale of the Erie Canal.

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Speaker 1: That's the scale of what we're doing here.

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Speaker 4: New Jersey Senator Corey Booker.

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Speaker 5: In fact, a dollar in our regional infrastructure bring back

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Speaker 5: four dollars of economic growth.

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Speaker 4: Audio courtesy of ABC seven. The federal grant completes the

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Speaker 4: eleven billion dollars in federal funding to build the sixteen

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Speaker 4: billion dollar Gateway Rail Tunnel. Construction is expected to begin

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Speaker 4: by early full This morning, jury selection begins in the

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Speaker 4: trial of Alec Baldwin. The actor is charged with felony

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Speaker 4: involuntary manslaughter over a deadly movie set shooting in Santa Fe,

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Speaker 4: New Mexico. Loyola Law School professor Jessica Levinson.

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Speaker 12: The key in jury selection is not to try and

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Speaker 12: find people who have never heard of Alec Baldwin or

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Speaker 12: have never heard about the tragedy on the rust set.

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Speaker 12: The key is to fine jurors who can do their job,

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Speaker 12: which is to look at the facts of the case

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Speaker 12: and apply the rules to the facts.

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Speaker 4: Baldwin was holding the gun when it fired, but maintains

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Speaker 4: his innocence, saying he did not pull the trigger. I

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Speaker 4: used twenty four hours a day and whenever you want

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Speaker 4: it with the Bloomberg News. Now, I'm Michael Barr, and

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Speaker 4: this is Bloomberg John.

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Speaker 5: Michael, thank you.

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Speaker 7: Y.

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Speaker 5: It's now five to ten Wall straight ahead. That's time

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Speaker 5: for the Bloomberg Sports Update. Good morning, John Steshawar.

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Speaker 13: All right, Good morning John. Still three rounds to go

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Speaker 13: at Wimbledon. Already this tournament has set a record for

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Speaker 13: most five set matches, and eleven winners have come back

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Speaker 13: from a two set deficit.

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Speaker 4: It happened yesterday on center court.

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Speaker 13: American Taylor Fritz rallied back to upset fourth seed and

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Speaker 13: Sasha Zavera. Fritz won four six sixty seven six four

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Speaker 13: seven six six two.

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Speaker 14: I feel like I was still playing really well for

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Speaker 14: being down two sets, so I was just thinking, like

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Speaker 14: you know, it'd be it sucked to be playing this

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Speaker 14: well and just losing three straights, so let's take the third.

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Speaker 14: And then I was like, all right, let's you know.

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Speaker 14: I took it one at a time, and I just

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Speaker 14: had that belief. Even though I lost the first two sets,

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Speaker 14: I really felt like I was playing playing really good tennis.

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Speaker 13: So Fritz into the quarterfinals of face Lorenzo Mussetti tomorrow.

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Speaker 13: He's one of three Italians still playing. And there are

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Speaker 13: two Americans in the round of eight, first time since

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Speaker 13: two thousand, Fritz and Tommy Paul, who today has to

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Speaker 13: face the defending champion, Carlos Alcarez, with a lost by

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Speaker 13: Danielle Collins. One American remains on the women's side. That's

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Speaker 13: Emma Navarro. She's already beaten Naomi Osaka and Coco Goffin.

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Speaker 13: Today in the quarters, Navarro takes on the French Open

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Speaker 13: finalist Jasmine Plini. Mets lost eight two in Pittsburgh. Christian

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Speaker 13: Scott gave up just one hit, but the Pirates pulled

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Speaker 13: away on the Mets bullpen, so a split of the

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Speaker 13: four game series. The two Pittsburgh wins were by a

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Speaker 13: combined twenty two to four. Yankees played tonight at Tampa Bay.

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Speaker 13: Carlos Dan could use a win. He was nine to

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Speaker 13: two of an ERA under three. He's now lost his

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Speaker 13: last four. His ERA is up to four and a half.

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Speaker 13: Former Big League adfield the rajul Mondes he sentenced to

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Speaker 13: six years in jail, convicted for embezzling five million dollars

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Speaker 13: while he was the mayor of a city in the

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Speaker 13: Dominican Republic. Mondassey of the National League Rooie of the

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Speaker 13: Year in nineteen ninety four with the Dodgers, later played

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Speaker 13: for the Yankees. Keegan Bradley named the captain the US

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Speaker 13: Ryder Cup team next year at Bethpage Black on Long Island.

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Speaker 13: He replaces Zach Johnson, whose US team was routed last

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Speaker 13: year in Rome. John stash Aware Bloomberg Sports, John and Amy.

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Speaker 4: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 4: and around the world on Bloomberg dot Com and the

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Speaker 4: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good Morning, I Made Morris. President Biden's physition doctor Kevin

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Speaker 2: O'Connor released a statement saying the President has not undergone

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Speaker 2: any special neurological tests since his annual physical in February.

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Speaker 2: This as world leaders in NATO are gathering in Washington,

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Speaker 2: d C. For their summit that begins today and lasts

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Speaker 2: through Thursday. We're joined now by Bloomberg's Kevin Whitelaw with

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Speaker 2: more about all of this, and Kevinet's the White House

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Speaker 2: visitor logs that raised some eyebrows, showing several visits from

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Speaker 2: a neurologist from Walter Reed, what's going on there?

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Speaker 15: Well, you know, I don't think we know, other than

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Speaker 15: the denials from the White House spokesman and the doctor

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Speaker 15: about any special consultations.

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Speaker 10: You know.

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Speaker 15: I think the problem for Biden is obviously every one

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Speaker 15: of these things is going to keep raising the questions

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Speaker 15: about his health and about his age, and people, really,

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Speaker 15: I think of lost trusted with the way white Houses

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Speaker 15: address these things. People. Most people remember the letters that

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Speaker 15: Donald Trump's physician wrote when he was president, and no

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Speaker 15: one really believed most of what was in there either.

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Speaker 15: So I think for Joe Biden, the struggle is how

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Speaker 15: do you break out of a news cycle where every day,

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Speaker 15: every moment, people are looking for signs of age, signs

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Speaker 15: of declining health or mental ability, and every stumble, every slip,

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Speaker 15: is going to be magnified a thousand times.

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Speaker 2: And this is playing out on the world stage as well.

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Speaker 2: And this week the world stage is in Biden's backyard.

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Speaker 2: DC is hosting the NATO Summit this week. World leaders

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Speaker 2: are gathering starting today. What are the optics there, I mean,

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Speaker 2: are they even paying attention?

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Speaker 15: Well, I think everyone's going to be pay paying attention

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Speaker 15: to Joe Biden in particular. And and you know, it's

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Speaker 15: sort of hard to disappear into the woodwork when you're

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Speaker 15: a the President of the United States and be hosting

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Speaker 15: the summit, and so he is going to be front

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Speaker 15: and center. There's going to be some big moments.

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Speaker 9: Uh.

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Speaker 15: And you know European leaders, a number of them saw

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Speaker 15: him somewhat recently in France for the D Day celebrations

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Speaker 15: and there was some concern about a handful of moments

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Speaker 15: during that. So people are gonna be watching this pretty

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Speaker 15: closely to see if if he's able to project strength

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Speaker 15: and dynamism. You won't be the only one on the

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Speaker 15: people are watching. There's a couple of other European leaders

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Speaker 15: that are also coming with somewhat damaged political standing, particularly

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Speaker 15: Francis Emmanuel McCraw after an election there. But but I

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Speaker 15: think most of the eyes are actually going to be

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Speaker 15: on Joe Biden.

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Speaker 2: Right, You're you're right about that. France and Germany facing

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Speaker 2: leadership optics, rather concerned about some of their domestic issues

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Speaker 2: that are going on. But at the same time, this

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Speaker 2: meeting was designed to sort of show this world unity

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Speaker 2: again against Russian and Vladimir Putin aggression and to send

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Speaker 2: a warning to China. Will they be able to accomplish that.

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Speaker 15: They're certainly going to try. They were hoping to come

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Speaker 15: out of the summit with a very strong, clear, specific

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Speaker 15: pledge of aid to Ukraine at least forty you know,

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Speaker 15: forty billion years.

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Speaker 4: A year.

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Speaker 15: That's not gonna it's going to be a slightly watered

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Speaker 15: down version of that because procedurally and politically they were

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Speaker 15: a handful of countries that weren't able to give a

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Speaker 15: super firm commitment. So there's going to be a little

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Speaker 15: bit of squiggliness around that one. But obviously I think

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Speaker 15: they are going to try to project all of that strength.

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Speaker 15: But with the US election looming and the possibility of

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Speaker 15: Donald Trump being president next year, it's pretty hard for

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Speaker 15: the United States in particular to make any promises to

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Speaker 15: Ukraine beyond beyond this counter year.

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Speaker 2: Got about a minute here, Kevin. What would be considered

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Speaker 2: a success out of this NATO meeting? You know?

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Speaker 15: I think if they're a able to make all of

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Speaker 15: those pledges sound as firm as they as they can

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Speaker 15: be and project strength, that's about all they can hope for.

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Speaker 15: But most everyone's going to be able to read between

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Speaker 15: the lines, and so I think for most people it's

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Speaker 15: really going to be a question of how is Joe

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Speaker 15: Biden doing, Is he looking strong, is he looking fit?

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Speaker 15: And is anybody at all able to get through to

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Speaker 15: him and change his mind about running for reelection.

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