Speaker 1: My from the Bloomberg interactor Berger Studios. This is Bloomberg
Speaker 1: day Break for Friday, July twenty nine two. Coming up
Speaker 1: this hour, Nazzac Future's rally thanks to earnings from Amazon
Speaker 1: and Dapple, Intel and Roku share sell off on disappointing
Speaker 1: quarterly results. Big Oil in the spotlight this morning, with
Speaker 1: Exxon and Chevron reporting, and Jannet Yellen says the US
Speaker 1: economy is slowing, but not in a recession. The former
Speaker 1: New York State Supreme Court justice has been sentenced for
Speaker 1: taking bribes. Plus flooding in eastern Kentucky has left at
Speaker 1: least eight people dead. I'm Mike Lablar. More Ahead, I'm
Speaker 1: John Stash, Aaron Sports. Aaron Judge strikes again a home
Speaker 1: run bottom of the ninth inning. Give me the Yankee
Speaker 1: the one Nothing went over Kansas City. That's All's trendy
Speaker 1: Ahead on Bloomberg Daybreak on Bloomberg eleven three, on New York,
Speaker 1: Bloomberg ninety one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nine team,
Speaker 1: and around the world on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business. Good morning, I'm Nathan Hagart and
Speaker 1: I'm Karen Moscow, and US stock index futures are rising
Speaker 1: this morning. We are coming up to six oh one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg. Right now, SNP
Speaker 1: futures are up thirty one points. Now Future is up
Speaker 1: eighty five and nasdack futures up one fifty four. That's
Speaker 1: up one point two percent. Ten year treasury down eleven
Speaker 1: thirty seconds. You two point seven one percent, and they
Speaker 1: yield on the two year two point eight nine percent,
Speaker 1: and nine mex screwed oil is of two point one
Speaker 1: percent Nathan, Karen. The big lift in nastack futures follows
Speaker 1: earnings from two tech giants. Let's begin with Amazon. Those
Speaker 1: shares are surging by twelve percent. The company reported revenue
Speaker 1: the top estimates and gave a strong sales forecast for
Speaker 1: the current quarter. Bloomberg Intelligence Senior retail analyst Punum Goyle says,
Speaker 1: it's quite a different story from another high profile retailer.
Speaker 1: We right now worried about what we saw earlier this
Speaker 1: week with Walpart taking down guidance as we had thought
Speaker 1: that Amazon has a different customer based. Amazon doesn't target
Speaker 1: the low income consumer, so we didn't think Walmart's rose
Speaker 1: would bleed into Amazon, and that's exactly what we saw today.
Speaker 1: Bloomberg Intelligence analists poom Goyle says Amazon added full and
Speaker 1: part time jobs at the slowest pace since tween, in
Speaker 1: an effort to cut costs well. Nathan Apple shares also higher.
Speaker 1: They're up more than two and a half percent. The
Speaker 1: company's revenue and profit narrowly topped estimates, with iPhone sales
Speaker 1: holding up better than expected. Tom Giles is an executive
Speaker 1: technology editor for Bloomberg News. The market took away that
Speaker 1: Apple so far is weathering the downturn relatively well um
Speaker 1: and they even though they missed on a couple of
Speaker 1: their different products, they did uh surpass wall streets projections
Speaker 1: on the iPhone, which is their biggest product, all important product.
Speaker 1: Bloomberg Tom Giles says the iPad also performed better than feared,
Speaker 1: though other products, including max and wearables, fell short of projections.
Speaker 1: On the flip side, carrying shares of Inteller down nine
Speaker 1: and a half percent in early trading. The chip maker's
Speaker 1: profit and sales missed estimates, and it's also slashing forecasts.
Speaker 1: More from Bloomberg's Charlie Pellett. The world's biggest maker of
Speaker 1: computer processors was weighed down by a steep drop in
Speaker 1: demand for data center chips and a steep decline in
Speaker 1: PC shipments after two years of growth. Spending on laptop
Speaker 1: and desktop machines is declining quickly as rising inflation is
Speaker 1: leading consumers to shy away from large purchases. The market
Speaker 1: for chips that power PCs is still Intel's biggest source
Speaker 1: of revenue and the cash needed to fund an ambitious
Speaker 1: attempt by CEO Pat Gelsinger to restore the company to
Speaker 1: semiconductor industry leadership in New York. Charlie Pellett, Bloomberg day Break.
Speaker 1: All right, Charlie, thank you. Even another stock getting hammered
Speaker 1: this morning. Roku shares are down more than twenty four percent.
Speaker 1: The maker of streaming TV devices reported disappointing second quarter results.
Speaker 1: Roku said advertisers are pulling back on spending due to
Speaker 1: economic concerns, and the earnings continue today. Karen with Big
Speaker 1: Oil in the spotlight. Bloomberg's Jeff Balinger reports X on
Speaker 1: Mobile and Chevron post quarterly results this morning. There could
Speaker 1: be a lot to like what X on Mobile reports.
Speaker 1: Bloomberg Intelligence says the company likely saw a substantial increase
Speaker 1: in net earnings from its refining unit. If that drove
Speaker 1: a major improvement and free cash flow, it could mean
Speaker 1: faster share by backs. Refinding improvements at Chevron likely lagged
Speaker 1: behind X on Mobile. The I says the company's balance
Speaker 1: sheet maybe in a net cash position before the end
Speaker 1: of the year if it continues to hold back on
Speaker 1: share repurchases. Jeff Bellinger, Bloomberg Day Break, Right, Jeff, thank
Speaker 1: you well. Turning to the economy. Now, there's a key
Speaker 1: report coming up before we wrap up the week. The
Speaker 1: University of Michigan issues it's National Consumer Sentiment Index for
Speaker 1: Law at ten am Wall Street Time and Bloomberg's Viney
Speaker 1: Down Judas has more. The Prairie report covering early July
Speaker 1: showed long term inflation expectations declined. At that time. At
Speaker 1: least the consumer surveyed anticipated prices would rise at an
Speaker 1: annual rate at two point eight percent over the next
Speaker 1: five to ten years. Today we're pushing nine percent inflation. Overall,
Speaker 1: consumer sentiment is suffering with the University of Michigan index
Speaker 1: at historic close and he dealt Jdicce Bloomberg day Break. Okay, Vinny, thanks.
Speaker 1: That sentiment report comes the day after the latest GDP
Speaker 1: data fired up the debate over whether the US has
Speaker 1: slipped into a recession. One top official says no. Let's
Speaker 1: get the latest line from Bloomberg's Riunita Young. Good morning, Rinita,
Speaker 1: Good morning Nathan. Treasury Secretary Janet Yellen is rejecting the
Speaker 1: notion that the US has entered a recession. She points
Speaker 1: to continued job creation, gains in consumer spending, strong household finances,
Speaker 1: and growth in business, Although she acknowledges a slowdown is
Speaker 1: needed to tame inflation. We knew they would. Challenge is
Speaker 1: ahead of US. Growth is slowing globally. Inflation remains unacceptably high,
Speaker 1: and it's this administration's top priority to bring it down.
Speaker 1: Treasury Secretary Janet Yellen says she remains optimistic about the
Speaker 1: country's ability to fight inflation. Live in New York, I'm
Speaker 1: ready to Young Bloomberg Daybreak, all right, ready to thank you.
Speaker 1: But we also have news on the geo political front
Speaker 1: this morning. Presidents Biden and she Jan Ping have now
Speaker 1: agreed to set up an in person meeting, and Bloomberg
Speaker 1: said Bachelor has the details. This could be interpreted as
Speaker 1: a positive sign the dialogue could remain open, but tensions
Speaker 1: remain high, with words like constructive left out of the readouts.
Speaker 1: White House Folks Women Karen Jean Pierre says Taiwan was
Speaker 1: a major issue. President Biden underscored that the United States
Speaker 1: policy has not changed and that the United States strongly
Speaker 1: opposes unilateral efforts to change the status. Also mentioned of
Speaker 1: the readouts efforts to fight climate change and protect the
Speaker 1: global macro economy. In San Francisco, I'm at Baxter Bloomberg
Speaker 1: day break, Okay and thanks SMP futures up thirty points now,
Speaker 1: DEALT futures up ninety Nastack futures up a hundred fifty
Speaker 1: one points. The tenure Treasury is down twelve thirty seconds
Speaker 1: yield two point seven to per cent. Local headlines and
Speaker 1: a check off sports up next. This is Bloomberg and
Speaker 1: at six oh seven on Wall Street, We're it's seventy
Speaker 1: five degrees in Central Park. Got an overturned tractor trailer
Speaker 1: on the southbound six eighty four off ramp to two
Speaker 1: eighty seven inheritson more coming up in Traffic First Michael
Speaker 1: Barr with what else is going on in New York
Speaker 1: and around the world Company Michael Good Morning. Nathan, a
Speaker 1: former New York State Supreme Court justice, was sentenced to
Speaker 1: a year and four months in jail. Attorney General Letitia
Speaker 1: James has former judge John mccallock accepted bribes from a
Speaker 1: Democratic Party political operative. James says mccallick took bribes from
Speaker 1: former Erie County Democratic Committee Chairman G. Stephen Pigeon in
Speaker 1: exchange for a political, judicial, and personal favors. In Kentucky,
Speaker 1: at least eight people are dead after more than ten
Speaker 1: inches of rain in twenty four hours. It submerged homes,
Speaker 1: washed away roads, and triggered mudslides. Governor Andy Butscher has
Speaker 1: declared a state of emergency. State police are fully active,
Speaker 1: have an extra helicopter that can be used in rescues.
Speaker 1: The Transportation Cabinet is actively working preparing for debris removal.
Speaker 1: Fish and wildlife is out with votes, working to make
Speaker 1: water rescues were safe for their personnel. Forestry is ready
Speaker 1: for any clean up. This is an all hands on deck.
Speaker 1: Governor Mascher says about twenty people are without power. Former
Speaker 1: President Donald Trump says the Saudi funded live golf circuit
Speaker 1: has created a gold rush for players. Trump played around
Speaker 1: yesterday on his home course at Trump National Deadminister. This
Speaker 1: one was the Live Golf Invitational pro am. The former
Speaker 1: president says what the Saludi Back League is doing is
Speaker 1: good for golf because it gives players an alternative. Trump
Speaker 1: also says nobody has gotten to the bottom of nine eleven.
Speaker 1: Three hostile foreign actors breached the federal courts document management
Speaker 1: system via an incredibly significant and sophisticated cyber attack more
Speaker 1: than eighteen months ago. The Chairman of the House Judiciary Committee,
Speaker 1: Gerald Nadler, said that the hack had a disturbing impact
Speaker 1: on both pending civil and criminal litigation and national security.
Speaker 1: The Mega Millions lottery drawing to night, the jackpot one
Speaker 1: point one billion dollars. What would you do with all
Speaker 1: that money as bills? Definitely bills. That's a number one
Speaker 1: priority for me. Knocks on bills down and I have
Speaker 1: to get uh see what I got there. It's the
Speaker 1: third largest prize in US lottery history. Global News twenty
Speaker 1: four hours a day on airand on Bloomberg Quick Take
Speaker 1: powered by more than twenty seven under journal to analysts
Speaker 1: more than a hundred twenty countries. I'm Michael Barb. This
Speaker 1: is Bloomberg Knight. You know one point one billion would
Speaker 1: take care of a lot of bills. Thank you, Michael.
Speaker 1: Almost six ten on Wall Street. Time for the Bloomberg
Speaker 1: Sports Update with John Stesshow all right, Nathan. The Yankees
Speaker 1: sixties seven win of the year, thirty eight at home,
Speaker 1: and twelve of the thirty eight nearly a third have
Speaker 1: been walk off wins, and three of the twelve have
Speaker 1: ended just like the one last night hit in the
Speaker 1: are pitting Glove Center. It is high Hello for hell God,
Speaker 1: I walk off or run to win the game, A
Speaker 1: judge and glad oh wow bottom by the nine all
Speaker 1: run by judge to win the ball game one nothing
Speaker 1: Sirlene fing and great pictures dokay in the City's Brady
Speaker 1: Singers seven and is only one hit struck at ten
Speaker 1: the Yanks Jameson tay On, We're on Marion at Joe
Speaker 1: Clait's Holmes. Together they gat of only four it no
Speaker 1: walks twelve strikehouse of scoreless until the Aaron Judge blast
Speaker 1: four hundred one feet off Scott Farlow judges thirty ninth
Speaker 1: home run of the year. He had never had a
Speaker 1: walk off homer before this season. He's had three in
Speaker 1: the last two and a half months. Andrew Benintendi made
Speaker 1: his Yankee debut faced the team that just traded him.
Speaker 1: Vatted leadoff went over four. The series continues tonight. The
Speaker 1: Mets tonight visit the Marlins. The Mets just sent two
Speaker 1: minor leaguers to Cincinnati for outfielder Tyler Nick when he
Speaker 1: was hitting two forty six to the Reds. Rangers drafted
Speaker 1: Kapo Kecko second overall a couple of years ago. They
Speaker 1: have given the twenty one year old the two year
Speaker 1: contract extension. The Jets signed linebacker Kwan Alexander. He had
Speaker 1: been with New Orleans before that the forty Niners, where
Speaker 1: he was coached by the Jets coach Robert Salah. White
Speaker 1: out dk Metcalfe new contract with Seattle and the Dallas
Speaker 1: Cowboys son kick returner Cavante Turpin. He was the USFL
Speaker 1: m v P with the New Jersey Generals. John stashwar
Speaker 1: Bloomberg Sports Nathan thank you, John SMP futures up twenty
Speaker 1: nine points now del futures fiveness at future is highed
Speaker 1: by one forty eight points. This is Bloomberg Bloomberg eleven
Speaker 1: three oh weather partly sunny, maybe an afternoon shower, thunderstorm
Speaker 1: going up to near ninety degrees, partly sunny Tomorrow uperds
Speaker 1: mix of sun and cloud Sunday operatings right now in
Speaker 1: Central Park Markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot com. The Bloomberg Business at
Speaker 1: and at Bloomberg Quicktape is a Bloomberg business flash and
Speaker 1: I'm Karen Moscow and earnings from Chevron crossing the Bloomberg.
Speaker 1: It did expand at shared by backs by as much
Speaker 1: as fifty percent after blowing past all forecasts with the
Speaker 1: strongest quarterly performance in company history, and shares jumping in
Speaker 1: early trading up three point two per cent. Stocks in
Speaker 1: Europe in the US are set for their biggest monthly
Speaker 1: advance in November twenty on positive earnings, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Right now, S and P futures are up about twenty
Speaker 1: nine points down futures of eighty seven and NASDAG futures
Speaker 1: have one hundred forty up one point one percent. The
Speaker 1: decks in Germany's of nine tens of a percent ten
Speaker 1: year treasury down nine thirty seconds yield two point seven
Speaker 1: one percent, the yield on the two year two point
Speaker 1: eight eight percent. Nine mex screwed oil of one point
Speaker 1: seven percent of a dollar sixty four at ninety eight dollars.
Speaker 1: Five cents of barrel comexs gold a half percent or
Speaker 1: eight dollars at seventeen seventy seven. Twenty announced the euro
Speaker 1: one point oh two one five against the dollar, British
Speaker 1: found one point to one six zero and the yen
Speaker 1: one thirty three point to two, and bitcoin is higher
Speaker 1: up a quarter percent at twenty four thousand, one hundred dollars.
Speaker 1: That's a bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Darren,
Speaker 1: thank you very much. President Chi Jinking warned against meddling
Speaker 1: in China's dealings with Taiwan during a phone call with
Speaker 1: his US counterpart Joe By. It comes among Beijing's opposition
Speaker 1: to HOW Speaker Nancy Pelosi's possible visit to Taiwan that
Speaker 1: China claims as its own. Flooding in eastern Kentucky has
Speaker 1: left at least eight people dead. Governor Andy Basher has
Speaker 1: declared a state of emergency. In baseball, the Yankees beat
Speaker 1: the Royals one zip. The Red Sox beat the Guardians
Speaker 1: for to The Orioles shut out the Rays three nothing.
Speaker 1: The Giants beat the Cubs for two. Global News twenty
Speaker 1: four hours a day on here and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than countries. I'm Michael bar This is Bloomberg, Nathan.
Speaker 1: Thank you, Michael. It is six nineteen on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.
Speaker 1: And even as we watch big oil earnings begin to
Speaker 1: cross the Bloomberg terminal, we keep our focus on big tech.
Speaker 1: After a very interesting week for the tech sector, capped
Speaker 1: off by Amazon and Apple both posting strong earnings despite
Speaker 1: economic headwinds, Let's bring in Matthew Blocksham, senior industry analyst
Speaker 1: of Bloomberg Intelligence, for more on what we learned from
Speaker 1: the two big tech giants. Matt, good morning. Let's start
Speaker 1: off with Amazon just because the shares are surging so much,
Speaker 1: still managing to eke out revenue even with inflation and
Speaker 1: cost cuts. Do you think that can continue as we
Speaker 1: get through the rest of this year and with the
Speaker 1: FED tightening policy. I mean that they're certainly very constant
Speaker 1: about the next course. I mean that they delivered temper
Speaker 1: and constant currency growth in course just reported and looking
Speaker 1: for as much as you know, maybe kind off in
Speaker 1: the quarter ahead. And I think that's coming from both
Speaker 1: resilience in the e commerce business, you know, which which
Speaker 1: is kind of more or less flat um constant currency,
Speaker 1: but really coming the cloud business Amazon Web services, so yeah,
Speaker 1: near um obviously some some weakness in the consumer, but
Speaker 1: not really kind of denting that business too much. And
Speaker 1: I think the other really positive thing, which I think
Speaker 1: is pretty more behind the Shampie's reaction, is what they
Speaker 1: have been able to deliver on costs um in the
Speaker 1: court just reported. That was a big concern for people
Speaker 1: as it came out the pandemic that there's perhaps overinvested
Speaker 1: in capacity for the e commerce business, and they're starting
Speaker 1: to show signs that they're getting that under control, and
Speaker 1: some positive messaging about the quarters ahead in terms of
Speaker 1: what they'll be doing on headcount and getting spending more
Speaker 1: online with the revenue they're expecting to get from from
Speaker 1: a course of different potsile business. So as Amazon navigates
Speaker 1: the rest of this year, Matt, where do you see
Speaker 1: the business really seeing signs of growth. Is it going
Speaker 1: to be more on the e commerce side or is
Speaker 1: it going to be more on cloud. I think it's
Speaker 1: more on cloud. And again we we saw them say
Speaker 1: yesterday that they're shifting the focus of their spending towards
Speaker 1: that part of the business because that's where the strength is.
Speaker 1: UM that that unit grew at something like thirty three
Speaker 1: percent you're over year and the course just gone. It's
Speaker 1: the dominant cloud provider in the world, put about thirty
Speaker 1: five percent share, and they were saying there's still a
Speaker 1: huge amount of opportunity in that marketplace. So I think
Speaker 1: that's going to continue to be both the driver of
Speaker 1: both revenues and profit for them. To give you a sense,
Speaker 1: in the first six months of the year, UM the
Speaker 1: cloud business delivered something like twelve billion dollars of operating
Speaker 1: income compared to about five billion dollars of losses across
Speaker 1: the other businesses. So it really is the revenue and
Speaker 1: profit engine of Amazon right now. When it comes to Apple,
Speaker 1: we saw pretty strong results for iPhone and iPad in particular.
Speaker 1: What about the rest of the business there was some
Speaker 1: weakness and some of the other parts of what Apple's out. Yeah,
Speaker 1: that's right. So a big miss on the wearable segment UM,
Speaker 1: so maybe they're kind of the Watch seven not rowing
Speaker 1: so well. That's about a ten percent miss against expectations
Speaker 1: UM and also a miss on max of the kind
Speaker 1: of PC division. I think that that the people are
Speaker 1: more comfortable about the map commiss because essentially it's about
Speaker 1: timing of new products or see some some of that's
Speaker 1: been down to shortage of chips and then prioritizing chips
Speaker 1: apply to the iPhone and the iPads. So I think
Speaker 1: it's confidence that when those new products come out in
Speaker 1: the next few months that will pep up demand. On
Speaker 1: the MAX side, I think the wearables is a little
Speaker 1: bit more of a head scratcher. I guess people will
Speaker 1: be hoping that the Watch eight, which should come out
Speaker 1: maybe in September, will be a bigger upgrade and people
Speaker 1: will get more excited about that as their next time piece.
Speaker 1: Now last minute here, Matt, is there any concern that
Speaker 1: Apple is going to manage to keep that product line
Speaker 1: going with the China exposure and the potential perhaps for
Speaker 1: supply chain disruptions. I think the the noises yesterday where
Speaker 1: maybe the supply chain issues were still there oh easing,
Speaker 1: So I think that there's more confidence, if you like,
Speaker 1: that there's going to be a better balance between supply
Speaker 1: and demand in the next couple of quarters. Clearly China
Speaker 1: um is a bit of an issue for them, but
Speaker 1: I'd say, certainly in in the commentary on what we
Speaker 1: saw in the numbers they released for the course just
Speaker 1: gone um that perhaps held up a bit better than
Speaker 1: people expected. And I think you know, they said it
Speaker 1: was the biggest course overseeing for people shifting from android
Speaker 1: to iOS. So I think you know that the the
Speaker 1: appetite for Apple products, certainly in the IP area, is
Speaker 1: still incredibly strong. Appreciate this man, thanks for coming on
Speaker 1: with us. Matthew Blacks, some senior industry analyst at Bloomberg Intelligence.
Speaker 1: On Amazon after earnings shares are up twelve percent in
Speaker 1: the pre market, and on Apple those shares higher by
Speaker 1: about two percent this morning, driving Nasdaq futures higher. They're
Speaker 1: up a hundred forty points again of one point one
Speaker 1: s and P futures up twenty nine. Dow Future is
Speaker 1: higher by nineties six points. You're listening to Bloomberg Daybreak
Speaker 1: Bloomberg eleventh, three oh weather partly sunny, maybe an afternoon
Speaker 1: shower storm to end the week. We'll get up to
Speaker 1: near ninety degrees. Will be probably the mostly sunny tomorrow
Speaker 1: all weekend long. We're looking for highs near ninety right
Speaker 1: now in Central Park. Broadcasting live from the Bloomberg Interacted
Speaker 1: Broker Studio in New York, Bloomberg Living Freedom to Washington,
Speaker 1: d C, Bloomberg to Boston, Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg N sixty to the Country, Sirius
Speaker 1: XM to A one nine, and around the globe the
Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is
Speaker 1: Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm
Speaker 1: Nathan Hager and I'm Karen Moscow. We are just about
Speaker 1: three hours away from the open of US trading. Time
Speaker 1: to the five things that you need to notice start
Speaker 1: your day to you buy Interactive Brokers Simple, ib KR
Speaker 1: Global Trader app deposit in your local currency and trade
Speaker 1: stocks in the US, Europe and Asia. Start your free
Speaker 1: trial at ibk r dot com Slash Global Trader. First
Speaker 1: futures are higher following earnings from two tech giants. Amazon
Speaker 1: shares are surging twelve percent after the company reported revenue
Speaker 1: that top estimates, and Apple shares are up two percent
Speaker 1: after it also beat estimates. Bloomberg Intelligence Senior analyst Matthew
Speaker 1: blocks Them has more keeping costs under control that's been
Speaker 1: a really big focus for Amazon shareholders recently, and optimistic
Speaker 1: about the next quarter. They issued a arrange for revenue
Speaker 1: guidance that was pretty much consistent with where alas you're
Speaker 1: expecting it to be. I think for Apple, iPhone sales
Speaker 1: held up better than expected. People expecting new mexicom on
Speaker 1: in the next course and that's going to really help
Speaker 1: sales and encouraging Tim Coots if they expect to see
Speaker 1: progress in revenue in next quarter. Matthew blocks Them with
Speaker 1: Bloomberg Intelligence says both Amazon and Apple are position for
Speaker 1: strong performances in the next quarter. Has gotten results from
Speaker 1: Chevron and x on mobile care in the big oil companies,
Speaker 1: both reporting earnings above analyst estimates. Shares of Intel are
Speaker 1: down nearly ten percent, the chip makers profit in sales
Speaker 1: miss projections, and Roku shares are plunging down more than
Speaker 1: twenty after it also missed estimates. Unathanic Key Economic Report
Speaker 1: is also due out today. The University of Michigan issues
Speaker 1: it's National Consumer Sentiment Index for July. It comes as
Speaker 1: experts debate whether the US has slipped into a recession.
Speaker 1: One top officials says no. We get the latest lie
Speaker 1: from Bloomberg's Rendi Young Good morning, Ready Down, Good morning, Karen.
Speaker 1: Treasury Secretary Janet Yellen is rejecting the notion that the
Speaker 1: US has entered a recession. She points to continued job creation,
Speaker 1: gains in consumer spending, strong healthhold finances, and growth in business,
Speaker 1: although she acknowledges a slowdown is needed to tame inflation.
Speaker 1: We know there are challenges ahead of US. Growth is
Speaker 1: slowing globally, Inflation remains unacceptably high, and it's this administration's
Speaker 1: top priority to bring it down. Treasury Secretary Janet Yellen
Speaker 1: says she remains optimistic about the country's ability to fight inflation.
Speaker 1: Live in New York, I'm gonna need a young Bloomberg daybreak.
Speaker 1: We need an note on geo politics this morning. President's
Speaker 1: Biden and Shi Jin Ping have agreed to set up
Speaker 1: an in person meeting after their loan long phone call yesterday.
Speaker 1: And futures this morning are on the rise. SMP futures
Speaker 1: up about thirty points down, features up a hundred, nastag
Speaker 1: features at four. That's the five things that you need
Speaker 1: to know to start your day, brought to you by
Speaker 1: Interacted brokers. And it's now six thirty three on Wall Street,
Speaker 1: seventy five degrees in Central Park. Got an accident on
Speaker 1: the southbound FDR Drive at sixty three Street that Peter
Speaker 1: Van is gonna tell you about in a few minutes. First,
Speaker 1: Michael Bars here with Roy else is going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. A former State Supreme Court justice and a
Speaker 1: former Democratic power broker from Western New York were sentenced
Speaker 1: to prison for their roles a bribery scheme which authorities
Speaker 1: say influenced judicial decisions and official appointments. G Stephen Pidgeon,
Speaker 1: the ex chairman of the Erie County Democratic Committee, received
Speaker 1: a one year sentence. Former Justice John mccallick received a
Speaker 1: year and four months. Heavy rains have caused flash flooding
Speaker 1: and mud slides as storms pound parts of eastern Kentucky.
Speaker 1: Kentucky Governor Andy Basher says that at least eight people
Speaker 1: have died from the flooding in the state. We have
Speaker 1: activated our National Guard. In fact, I just signed a
Speaker 1: state of emergency that will unlock the resources needed and
Speaker 1: also tell the people of eastern Kentucky that we are
Speaker 1: going to be there for them. Governor Brasier also says
Speaker 1: about twenty thou people are without power. New York City
Speaker 1: Mayor Eric Adams met with the newly confirmed director of
Speaker 1: the a t F, Steve Detleback, and the statement. Adams says,
Speaker 1: the a t F will be a partner in ending
Speaker 1: the flow of illegal guns to New York City and
Speaker 1: in taking down the violent offenders. We want a t
Speaker 1: F to double the number of ages here in New
Speaker 1: York City, and we need Congress to support the a
Speaker 1: t F with the resources to make that happy. Mayor
Speaker 1: Adams also called for revoking the license of the nation's
Speaker 1: largest supplier of ghost guns. Vice President Kamala Harris was
Speaker 1: in Brooklyn yesterday and to speak about the Biden administration's
Speaker 1: investments in underserved communities, financial institutions, and small businesses. Black
Speaker 1: and Latino homeowners are rejected by traditional financial institutions at
Speaker 1: a higher rate when applying for home owns, and this
Speaker 1: is the case even when they have credit profiles that
Speaker 1: are similar to other applicants. Vice President Harris made the
Speaker 1: trip with HUD Secretary Marcia Fudge. All right, let's see
Speaker 1: who's not at work on Monday. The Mega Millions lottery
Speaker 1: drawing is tonight. It is the third largest prize in
Speaker 1: US lottery history. The jackpot is worth one point one
Speaker 1: billion dollars. The odds of winning the jackpot are one
Speaker 1: in three hundred two point five million. I still got
Speaker 1: a chance. Global News twenty four hours a day on air,
Speaker 1: end on Bloomberg Quick Take, powered by more than twenty
Speaker 1: seven hundred journalists and analyst and more than a hundred
Speaker 1: twenty countries. Michael Barr, this is Bloomberg. Hey, you know
Speaker 1: what they say, can't win if you don't play. Thank you, Michael,
Speaker 1: Almost six thirty six on Wall Street on Stash Hours
Speaker 1: and Bloomberg Sports Update. All right, Nathan pictures dual in
Speaker 1: the bronze Kansas City, Brady Singer allowed only one hit
Speaker 1: struck out of ten. Jamison Ion works six scoreless as
Speaker 1: Ron Mernaccio two after that, and then Clay home the
Speaker 1: Yanks and Royal still scoreless with one out in the
Speaker 1: bottom of the ninth. Yeah, it was time for all
Speaker 1: to rise. Aaron Judge's thirty ninth poem run of the
Speaker 1: season night after he went over five with three strikeouts
Speaker 1: against the Mets four hundred thirty one feet off the
Speaker 1: Royal sky barlowis the Yanks second hit of the game
Speaker 1: and they won one to nothing. Is there twelve walk
Speaker 1: off win That's twelve of their thirty eight at home,
Speaker 1: so nearly a third. Judge has had four of those
Speaker 1: game winning heads, three of them home runs. You never
Speaker 1: had a walk off hit until this season. Only other
Speaker 1: Yankee they had three walk off home runs of the season.
Speaker 1: The nicky man over New Yankee Andrew Benintendi, bad at leadoff,
Speaker 1: went over four against the team that just traded him
Speaker 1: before going to the Royals. Ben Intendie played for the
Speaker 1: Red Sox. Playing for the Sox, that you get a little,
Speaker 1: you know, a bit of a smack talk, which is great.
Speaker 1: I mean it's all for the song, good fun um.
Speaker 1: But yeah, I mean, I've seen how this place can
Speaker 1: get and help help pumped up and how energize it
Speaker 1: can get. So I'm excited to be out there, you know,
Speaker 1: and be able to call this at the home stadiums.
Speaker 1: And Mets have a new outfielder themselves. They just sent
Speaker 1: two minor leaguers to Cincinnati for Tyler nake Win. The
Speaker 1: Mets visit for Marlin's tonight. Arizona Cardinals QB Kyler Murray
Speaker 1: just got that big contract, but unhappy with the uproar
Speaker 1: over the report of the so called homework clause, where
Speaker 1: Murray's required to work on the game plan each week.
Speaker 1: Murray called it a joke. The Cardinals have now taken
Speaker 1: the clause out of the contract. Bloomberg Sports David, all right, John,
Speaker 1: thank you sixty seven on Wall Street. Time to take
Speaker 1: a look at stock, some of the names moving in
Speaker 1: the pre market with Bloomberg Radio on TV. Markets correspondent
Speaker 1: pretty goofa joining us with the focus on the oil majors.
Speaker 1: Now that the earnings focuses are turned that way, so
Speaker 1: much to discuss, Nathan, I'm just looking through these earnings.
Speaker 1: I mean, they're literally to hitting the wire as as
Speaker 1: we speak. We are seeing x on mobile shows will
Speaker 1: start with big oil here and then we'll go to
Speaker 1: big tech. X on mobile x O M is your taker.
Speaker 1: Those shows are up two point six percent in the
Speaker 1: preme market. It's pretty fascinating. Here they posted their's best
Speaker 1: profit ever. Of course, it's coming off the back of
Speaker 1: commodity prices. The concern here though, is about their Russian business.
Speaker 1: How do they have to actually pull out of Russia
Speaker 1: some of the costs that are associated there also the
Speaker 1: question about recession fears. You know, Nathan, I was talking
Speaker 1: to a member of the financial community yesterday. We'll keep
Speaker 1: him anonymous, talking about what the actual kind of momentum
Speaker 1: trade in the modity hedging actually is. If you're talking
Speaker 1: about recession, the commodity trade is the first one that
Speaker 1: falls apart at any sign of recession. You've kind of
Speaker 1: already seen that with this pull back in the oil markets.
Speaker 1: But nevertheless, when it comes to Exons bottom line, that
Speaker 1: profit still soaring to an all time high. Nathan, But
Speaker 1: it's not just Exon. You gotta talk about Chevron as well.
Speaker 1: C v X is your taker up about three point
Speaker 1: seven percent in the pre market. They have record profit too,
Speaker 1: and here's what they're doing with it. They're increasing their
Speaker 1: share buy backs by get this, as much as fifty percent,
Speaker 1: blowing past all those profit forecasts. Enormously strong quarterly performance
Speaker 1: in company history. So you rearly can see that big oil,
Speaker 1: big oils thriving right now. Well, yeah, it certainly seems
Speaker 1: to be even despite the headwinds around the war in
Speaker 1: Russia and Ukraine. But we do have to talk as
Speaker 1: well about the big text story. We're still watching Amazon
Speaker 1: shares in particular surge this morning. We absolutely are, and
Speaker 1: I think a good way to frame this conversation is
Speaker 1: simply that, uh, this they had some really tough expectations
Speaker 1: to beat, or I should say, there was such a
Speaker 1: gloomy forecast going into these earnings. So a m z
Speaker 1: N is your taker. The shares are up about twelve percent.
Speaker 1: This is massive for Amazon, which by the way, has
Speaker 1: been beaten up in the last two years or so.
Speaker 1: And this comes as the fact they show that their
Speaker 1: cost story they can actually control, that they are able
Speaker 1: to generate more sales, they are able to slow that
Speaker 1: spending picture, and that was really the concern for Amazon,
Speaker 1: the fact that you do have these kind of higher
Speaker 1: pressures on the consumer. You have higher shipping costs, you
Speaker 1: have higher labor costs as well. I'd love to give
Speaker 1: the example I'm actually seeing commercials for Amazon, not advertising
Speaker 1: to the consumer, but advertising to workers to come work
Speaker 1: for their warehouses, which is significant. Speaks to the labor
Speaker 1: dynamics here, but they're actually showing that those margin concerns well,
Speaker 1: they're actually getting better. So that's something to keep in mind.
Speaker 1: And of course Apple shares we always have to talk
Speaker 1: about this. Shares are up in the pre market to
Speaker 1: the tune of about two and a half percent. Yeah,
Speaker 1: after the big beat on iPhone and iPad sales in
Speaker 1: particularly thanks Cretty as always for TV and radio markets
Speaker 1: corresponded pretty gupta. In the pre market, looking ahead to
Speaker 1: the open, SMP futures are higher by thirty two points.
Speaker 1: Staff futures up a two nastack future is still leading
Speaker 1: the games after the big Tech earnings up a hundred
Speaker 1: fifty five points, a gain of one point two percent.
Speaker 1: You're listening to Bloomberg day break Bloomberg eleven three oh
Speaker 1: weather highs near ninety degrees today, tomorrow and the next day,
Speaker 1: maybe an afternoon shower, a storm, but a really nice
Speaker 1: weekend on tap currently seventy in Central Park Markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business app, and at Bloomberg Quick Tape.
Speaker 1: This is a Bloomberg Business clash and I'm Karen Moscow.
Speaker 1: And futures on the rise this morning, especially nasdack futures,
Speaker 1: which you're jumping almost one two percent. We go to
Speaker 1: the First Word Breaking news desk for today's morning call.
Speaker 1: Here's Bell Maloney, Bell, good morning, Hey, good morning, Karen.
Speaker 1: That's right. US features are in the green right now,
Speaker 1: helped by earnings last night from Amazon and Apple. Douf
Speaker 1: you just currently up on hundred twenty one points. SUS
Speaker 1: gained thirty two. Well NAS that futures rise by seven,
Speaker 1: the US ten year old at two point seven percent,
Speaker 1: Gold is up five, Oil is climbing, but Bitcoin is
Speaker 1: little changed. Hong Kong fell two point three percent overnight,
Speaker 1: while up markets are trading higher this morning and back
Speaker 1: in the US on the economic Fronday, thirty pc E
Speaker 1: and ninety five Chicago p M I and at ten
Speaker 1: o'clock Michigan Sentiment after the bellost night, Amazon sales did
Speaker 1: top estimates. App Apple revenue beat estimates, but Intel cut
Speaker 1: its sales and profit forecasts for the rest of the year.
Speaker 1: Regarding earnings this morning, Chevron and Exxon Mobile both beat
Speaker 1: estimates and wrapping things up, Intel was cut to neutral
Speaker 1: at Robert Baird, Facebook cut to sell it, DC Bank,
Speaker 1: and Comcast was cut to neutral over at JP Morgan
Speaker 1: Live from the first to breaking news tests gone boom,
Speaker 1: Maloney care all right, Phil, thank you to hear live
Speaker 1: breaking news over your Bloomberg type squawk on your terminal
Speaker 1: squ a w K and us a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. President
Speaker 1: Joe Biden and Chinese President Chi Jing Bing told AIDS
Speaker 1: to plan and in person meeting. During yesterday's call, the
Speaker 1: fifth conversation between the leaders of the world's two largest
Speaker 1: economies centered on Taiwan, a long time flash point exacerbated
Speaker 1: by how Speaker Nancy Pelosi's possible visit to the island
Speaker 1: next month. Flooding in eastern Kentucky has left at least
Speaker 1: eight people dead. The area is bracing for more rain.
Speaker 1: In baseball, the Yankees beat the Royals one zip. The
Speaker 1: Red Sox beat the Guardians four two. The Orioles shut
Speaker 1: out the Rays three nothing. The Giants beat the Cubs
Speaker 1: four two. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than und
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael
Speaker 1: Barr and this is Bloomberg. Cameron, all right, Michael, thank you.
Speaker 1: Sixty nine on Wall Street returned to news and science
Speaker 1: and technology now with the Bloomberg and j I. T.
Speaker 1: Stammer fort BRONTI U buy New Jersey Institute of Technology,
Speaker 1: transforming computing professionals and to data scientists to meet the
Speaker 1: demand in this fast growing field. Learn more at n
Speaker 1: j I T dot E d U slash data science
Speaker 1: and here's US making news and science, technology, engineering, and mouth.
Speaker 1: The Biden administration reportedly will offer updated booster shots for
Speaker 1: the coronavirus in September. According to The New York Times,
Speaker 1: Fiser and Maderna have promised they can deliver the new
Speaker 1: vaccines by then. The Time says the new boosters are
Speaker 1: expected to offer more protection against the omicron subvariant b
Speaker 1: A five. The House has passed a package to support
Speaker 1: the domestic ship industry and includes fifty two billion dollars
Speaker 1: in grants and incentives for semiconductor manufacturing in the US.
Speaker 1: Now goes to President Biden for his signature. And a
Speaker 1: new study says human caused climate change made last week's
Speaker 1: deadly heat wave and Land and Wales at least ten
Speaker 1: times more likely and added a few degrees to how
Speaker 1: brutally hot had got. A team of international scientists found
Speaker 1: that the heat wave that set a new national record
Speaker 1: high and more than a hundred and four degrees fahrenheit
Speaker 1: was made stronger and more likely by the build up
Speaker 1: of height trapped gas from the burning of coal, oil,
Speaker 1: and natural gas. The study is by World Weather Attribution,
Speaker 1: a collection of scientists across the globe who do real
Speaker 1: time studies of extreme weather, and as the Bloomberg and j. I. T.
Speaker 1: Stem Report. Nathan all right, Karen, Thanks, We're live from
Speaker 1: the Bloomberg Interactive Brokers Studios, where it's almost six fifty
Speaker 1: one on Wall Street Time Now to check what's going
Speaker 1: on in DC. Some of the top stories in our
Speaker 1: nation's capital include presidents Biden and She planning to meet
Speaker 1: in person as intentions intensify, or Taiwan, the president encountering
Speaker 1: GOP talker recession by touting job gains, and the start
Speaker 1: of the congressional August recess. In the era Senate Democrats
Speaker 1: wait for ruling on their spending deal. Let's bring back
Speaker 1: Bloomberg Government reporter Emily Wilkins for more on all these stories. So, Emily,
Speaker 1: what's the latest on what we've heard about the President's
Speaker 1: call with China's Shijen paying yesterday? So we know that
Speaker 1: it was about a two hour call, and based on
Speaker 1: the readouts that we've seen, UH, the call is apparently
Speaker 1: well enough that the two of them are now talking
Speaker 1: about scheduling an in person meeting. This would be the
Speaker 1: first in person meeting of Biden and She since Biden
Speaker 1: became president. Um, there's not a lot of details yet
Speaker 1: about exactly when that would be, but we're of course
Speaker 1: keeping a very close eye out. And Taiwan was also discussed.
Speaker 1: Remember how Speaker Nancy Pelosi. It's been reported that she
Speaker 1: will be heading to the island uh in a trip
Speaker 1: that begins today. It's going to include several countries in
Speaker 1: the Asia Pacific region, but the Taiwan trips huge. She
Speaker 1: would be the highest ranking US official to visit Taiwan
Speaker 1: in over twenty five years. UH. The Pentagon and Department
Speaker 1: of Defense have been looking at security options, and even
Speaker 1: though they've kind of suggested that they're not super comfortable
Speaker 1: with this trip, a lot of lawmakers on both sides
Speaker 1: of the aisle have really backed Pelosi going and have
Speaker 1: kind of encouraged her to not back out now for
Speaker 1: any pressure reasons. The Taiwan trip did come up a
Speaker 1: little bit in the phone call yesterday with President Biden
Speaker 1: and President she She warned Biden he said, whoever plays
Speaker 1: with fire will get burned, and Biden re emphasized that
Speaker 1: the us UH opposes any change in the current status
Speaker 1: quo or any undermining of the peace and stability across
Speaker 1: the Taiwan straight. So it would be interesting to see
Speaker 1: if the Speaker goes, what and how does Beijing wind
Speaker 1: up retaliating. Yeah, it seems like we've really seen a
Speaker 1: build up of tensions, even with the Speaker Pelosi not
Speaker 1: even confirming whether she's going to go to Taiwan. If
Speaker 1: we do get an in person meeting between presidents Biden
Speaker 1: and She. Given the tensions that still exist between these
Speaker 1: two countries, what would the President hope to accomplish by
Speaker 1: going face to face with the Chinese leader? I mean,
Speaker 1: of the one thing that you hear from the White
Speaker 1: House a lot is that it's simply important to keep
Speaker 1: the line of communication open between Biden and She. They
Speaker 1: are two leaders of two giant powers to giant economies,
Speaker 1: and they do need to be having these communications. There's
Speaker 1: certain efforts that the U s And China of course
Speaker 1: work on things like climate change, things like trade agreement,
Speaker 1: but there's also a number of points of tension where
Speaker 1: the US is trying to put pressure on China in
Speaker 1: terms of human rights abuses, in terms of you know,
Speaker 1: what's happening with Taiwan in the Taiwan Straight So it's
Speaker 1: a very complex relationship overall. It would be interesting to
Speaker 1: hear what the White House would lay out for potential
Speaker 1: goals for a meeting ones one actually get scheduled. And
Speaker 1: of course, the other big source of tension here in
Speaker 1: the US is the economy still and now these latest
Speaker 1: GDP readings that seem to have given Republicans like on
Speaker 1: a silver platter, a new talking point against the White House.
Speaker 1: Oh absolutely. I mean, you saw Senator Ted Cruz yesterday
Speaker 1: trying to actually introduce legislation just suffir me that two
Speaker 1: quarters of negative GDP equals a recession. Because you're hearing,
Speaker 1: of course, abiding come out very strongly against that, really
Speaker 1: pushing back saying that, you know what, the jobs markets
Speaker 1: looking really good. We don't have the National Bureau of
Speaker 1: Economic Research way in yet on whether or not this
Speaker 1: is a recession. Um really trying to push hard against that,
Speaker 1: really trying to continue the narrative that the economy is
Speaker 1: doing well. But I mean, Nathan, you can message all
Speaker 1: you want when Americans go to the grocery store and
Speaker 1: they see the current levels of inflation, and I think
Speaker 1: that speaks more than any sort of messaging that the
Speaker 1: White House could be doing. So I'm really curious to
Speaker 1: see exactly how much being in a recession or not
Speaker 1: being in a recession ultimately impacts the political fortunes of Democrats. Certainly,
Speaker 1: it's not preventing them, didn't prevent them from passing that
Speaker 1: fifty two billion dollar chips bill this week, and it
Speaker 1: doesn't seem to be slowing anything down as they consider
Speaker 1: that very large climate and healthcare package. Yeah, and I
Speaker 1: mean that's something that the President has said is going
Speaker 1: to be important to tamp down inflation and to keep
Speaker 1: the economy from going into what he considers a recession.
Speaker 1: This new deal between Senator's Mansion and Schumer that had
Speaker 1: been left for dead just a couple of days ago. Yeah,
Speaker 1: this was a huge surprise for us in Washington that
Speaker 1: this deal was resurrected. We thought it was just down
Speaker 1: to a couple of healthcare provisions, but no, it's actually
Speaker 1: contains a substantial amount on climate as well as some
Speaker 1: things that lawmakers wanted to do on taxes. Really, the
Speaker 1: big question right now where the Senator Kristensen must stand
Speaker 1: because if she opposes this, and she might because there
Speaker 1: are taxes, uh, tax changes in here that she does
Speaker 1: not like. Uh, is she going to potentially sink this?
Speaker 1: You still need all fifty senators. Just because you have
Speaker 1: Joe Mansion on board doesn't mean it's a guess if
Speaker 1: you have one other Democratic senator being a know in
Speaker 1: our last minute here, Emily, are they going to be
Speaker 1: able to pass this without Republican votes? I mean, there's
Speaker 1: still a question about whether every provision in this really
Speaker 1: big bill, uh can pass under the reconciliation rules, right, Yeah,
Speaker 1: that's the other thing. The Democrats submitted the text to
Speaker 1: the Senate Parliamentarian. Remember, she's kind of the referee here
Speaker 1: looking through everything deciding if it can or cannot go
Speaker 1: through reconciliation. We're expecting to hear a ruling from her
Speaker 1: potentially next week. Um. That could lead to Senators passing
Speaker 1: the bill. But it's still a bit of a question
Speaker 1: up in the air on what the timeline exactly is
Speaker 1: going to be here. The Senate was already supposed to
Speaker 1: be in next week. The House is getting ready to
Speaker 1: come back at some point in August after the Senate
Speaker 1: passes the bill. UM. So lawmakers are certainly being prepared
Speaker 1: for that one. But yes, Nathan, I mean, if all
Speaker 1: fifty Democrats and all but three Democrats in the House
Speaker 1: are supportive of this, they can absolutely pass it without Republicans,
Speaker 1: all right. Bloomberg Government reporter Emily Wilkins keeping on top
Speaker 1: of everything in the nation's capital, even in the dog
Speaker 1: days of summer. There is a lot going on in
Speaker 1: d C. And you can read a lot more about
Speaker 1: it on Bloomberg dot Com or on the Bloomberg Terminal
Speaker 1: and follow all the latest Bloomberg Radio in Washington Bloomberg
Speaker 1: ninety nine one and one oh five point seven FM
Speaker 1: HD two Wall Street Big focuses earnings after Amazon and
Speaker 1: Apple came out with strong results. Nasdaq futures are on
Speaker 1: the rise by one point one percent, a gain of
Speaker 1: a hundred forty four points, SMP futures up thirty two points,
Speaker 1: and Dow futures are higher by a hundred nineteen points.
Speaker 1: That's a gain of four tenths percent. Exxon Mobile and
Speaker 1: Chevron both also came out with strong results. Those shares
Speaker 1: are climbing as well in the pre market, and the
Speaker 1: tenure Treasury is down six thirty seconds, yield two point
Speaker 1: six nine percent. The yield on the two year right
Speaker 1: now two point eight six percent. Bloomberg Surveillance is next
Speaker 1: with Tom Keene, Jonathan Farrow, and Lisa brahmoys for Karen Moscow.
Speaker 1: I'm Nathan Hager, Happy Friday. This is Bloomberg