1 00:00:03,400 --> 00:00:05,600 Speaker 1: Nathan. Thanks five o seven on Walls Free Time to 2 00:00:05,600 --> 00:00:07,880 Speaker 1: bring in Michael Barne out with more on what else 3 00:00:07,960 --> 00:00:10,600 Speaker 1: is going on in New York and around the world. John, 4 00:00:10,680 --> 00:00:12,720 Speaker 1: thank you very much, sir. The bad news the heat 5 00:00:12,760 --> 00:00:15,800 Speaker 1: wave continues in the Tri State area. The good news 6 00:00:15,800 --> 00:00:19,840 Speaker 1: it ends tonight. Bloomberg meteorologist Rob Caroline has the latest. 7 00:00:20,079 --> 00:00:22,160 Speaker 1: Good morning, Michael, we have a heated vistory and effect 8 00:00:22,160 --> 00:00:24,400 Speaker 1: for the Tri State area until eight pm this evening. 9 00:00:25,160 --> 00:00:27,000 Speaker 1: Heat advised me though the last one of the week. 10 00:00:27,080 --> 00:00:29,040 Speaker 1: It looks like temperatures are gonna cool off quite a 11 00:00:29,040 --> 00:00:30,600 Speaker 1: bit as we head to the remainder of the week. 12 00:00:30,880 --> 00:00:33,560 Speaker 1: Today we're up around ninety five Tomorrow, it's eighty five 13 00:00:33,600 --> 00:00:37,240 Speaker 1: and eighty five again on Thursday, than only five on Friday, 14 00:00:37,240 --> 00:00:39,760 Speaker 1: with much less humidity, so we're definitely gonna be breaking 15 00:00:39,760 --> 00:00:42,760 Speaker 1: the heat wave, Michael. Thanks for Rob. Con Ed is 16 00:00:42,840 --> 00:00:45,600 Speaker 1: asking residents and parts of Brooklyn and Queens to curb 17 00:00:45,680 --> 00:00:48,600 Speaker 1: their energy use as high heats herees New York City. 18 00:00:48,960 --> 00:00:52,159 Speaker 1: The utility asked homes and businesses and the affected areas 19 00:00:52,200 --> 00:00:56,960 Speaker 1: to refrain from using power hungry appliances, including washers, dryers, 20 00:00:57,040 --> 00:01:00,960 Speaker 1: and microwaves until the crew completes repair airs, and also 21 00:01:01,040 --> 00:01:05,119 Speaker 1: requested that presidents only use one air conditioner. President Biden 22 00:01:05,160 --> 00:01:08,520 Speaker 1: extended help and the FEMA check book to flood soaked 23 00:01:08,560 --> 00:01:12,600 Speaker 1: eastern Kentucky as he visited storm damaged areas. The president 24 00:01:12,680 --> 00:01:17,160 Speaker 1: toward water demolished neighborhoods, where he immediately issued federal disaster 25 00:01:17,280 --> 00:01:20,679 Speaker 1: declarations so they could rebuild from last week's deadly storms. 26 00:01:21,160 --> 00:01:23,880 Speaker 1: After meeting with families impacted by the flooding in the 27 00:01:23,880 --> 00:01:27,320 Speaker 1: town of Lost Creek, President Biden says he will be 28 00:01:27,400 --> 00:01:30,600 Speaker 1: back to help them rebuild from the flooding. All Americans, 29 00:01:30,600 --> 00:01:34,480 Speaker 1: everybody has an obligation to help. We have the capacity 30 00:01:34,600 --> 00:01:37,480 Speaker 1: to do this. It's not like it's beyond our control. 31 00:01:38,000 --> 00:01:41,600 Speaker 1: The President also preaching unity in the response to the disaster. 32 00:01:42,000 --> 00:01:45,399 Speaker 1: The Pentagon says it believed that as many as eighty 33 00:01:45,400 --> 00:01:48,120 Speaker 1: thousand Russian troops have been killed or wounded and under 34 00:01:48,160 --> 00:01:51,800 Speaker 1: six months of fighting in Ukraine. Under Secretary of Defense 35 00:01:51,800 --> 00:01:56,000 Speaker 1: from Policy Colin cull says, it's pretty remarkable considering that 36 00:01:56,040 --> 00:01:59,760 Speaker 1: the Russians have achieved none of Vladimir Putin's objectives at 37 00:01:59,800 --> 00:02:03,200 Speaker 1: the getting of the war. China has extended military drills 38 00:02:03,240 --> 00:02:08,040 Speaker 1: near Taiwan's airspace and sees today Taiwan says China is 39 00:02:08,160 --> 00:02:11,880 Speaker 1: using war drills to plan a future invasion. Beloved actress 40 00:02:12,040 --> 00:02:21,320 Speaker 1: and singer Olivia Newton John has died. She was famous 41 00:02:21,360 --> 00:02:23,560 Speaker 1: for her hits like letting Me Be There, Physical and 42 00:02:23,680 --> 00:02:27,200 Speaker 1: her breakout role in Greece. Olivia Newton John was seventy 43 00:02:27,200 --> 00:02:30,200 Speaker 1: three Global News twenty four hours a day on air 44 00:02:30,320 --> 00:02:33,639 Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven 45 00:02:33,720 --> 00:02:36,360 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 46 00:02:36,720 --> 00:02:43,160 Speaker 1: Michael barn this is Bloomberg, John Michael, thank you, guys. 47 00:02:43,160 --> 00:02:45,200 Speaker 1: I'll find Tanda all wall Street. That's time for the 48 00:02:45,200 --> 00:02:47,960 Speaker 1: Bloomberg Sports Update. And good morning, John Stash all Right, 49 00:02:47,960 --> 00:02:50,480 Speaker 1: good morning, John Tucker. When the Yankees were flying high 50 00:02:50,520 --> 00:02:52,840 Speaker 1: first half of the season, they were relatively healthy. That's 51 00:02:52,840 --> 00:02:55,399 Speaker 1: no longer the case, John Carla Stanton on the injured list, 52 00:02:55,400 --> 00:02:57,880 Speaker 1: those Luis sevareno, Michael King done for the year. And 53 00:02:58,000 --> 00:03:01,080 Speaker 1: last night in Seattle, Matt kar Finger foul the ball 54 00:03:01,080 --> 00:03:03,959 Speaker 1: off his foot. It's a fracture that might end what's 55 00:03:03,960 --> 00:03:06,440 Speaker 1: been a remarkable season for Carpenter. He had hit only 56 00:03:06,480 --> 00:03:08,880 Speaker 1: seven home runs over his previous two seasons. He joined 57 00:03:08,880 --> 00:03:12,000 Speaker 1: the Yankees in late May. His slugging percentage since then 58 00:03:12,360 --> 00:03:14,360 Speaker 1: is the best of the major leagues. Yankee beat the 59 00:03:14,360 --> 00:03:16,679 Speaker 1: Mariners nine to four to end a five game loving three. 60 00:03:16,919 --> 00:03:19,360 Speaker 1: Josh Donaldson was his best game of the season. Two doubles, 61 00:03:19,360 --> 00:03:21,120 Speaker 1: a home run. He drove in three, so did Andrew 62 00:03:21,200 --> 00:03:24,480 Speaker 1: Benn and Tendie, who had struggled since his acquisition. Jamison 63 00:03:24,480 --> 00:03:27,400 Speaker 1: Tyn won seventens, allowed only three hits. He's now eleven 64 00:03:27,400 --> 00:03:29,560 Speaker 1: and two. And City Field Mets beat the Reds. They 65 00:03:29,560 --> 00:03:32,520 Speaker 1: made a thirteen of their last fifteen to run homer 66 00:03:32,560 --> 00:03:34,720 Speaker 1: in the first anybody Darling Marte and the Mets put 67 00:03:34,720 --> 00:03:38,200 Speaker 1: it away in the eighth. The pitch sw'ar gonna drive 68 00:03:38,400 --> 00:03:41,160 Speaker 1: deep too, right back those at Kino under the track 69 00:03:41,360 --> 00:03:44,920 Speaker 1: here the fence reaches up. If bounces off his glove. 70 00:03:45,280 --> 00:03:48,119 Speaker 1: If the score from seconders tata here comes big deal 71 00:03:48,200 --> 00:03:50,640 Speaker 1: around third to score take it for third. A stink. 72 00:03:51,040 --> 00:03:53,720 Speaker 1: He's in with a triple. And that's how a five 73 00:03:53,800 --> 00:03:56,120 Speaker 1: to work play. And that was the final w CBS 74 00:03:56,200 --> 00:03:58,440 Speaker 1: to call the Tyler nake from triple. Chris Bassett worked 75 00:03:58,440 --> 00:04:00,240 Speaker 1: eight in did not allow an earned run. The Let's 76 00:04:00,240 --> 00:04:02,920 Speaker 1: now lead the Braves by seven games. That key Jet 77 00:04:03,280 --> 00:04:06,480 Speaker 1: has suffered an injury training game Tapla McKay Beckton heard 78 00:04:06,480 --> 00:04:08,600 Speaker 1: his knee, same one that kept him out last season. 79 00:04:08,880 --> 00:04:10,920 Speaker 1: He had an m R I now headed for further tests. 80 00:04:10,920 --> 00:04:13,440 Speaker 1: An eventful day for the Giants. Several fights broke out 81 00:04:13,880 --> 00:04:16,680 Speaker 1: that does sometimes happen at training camp. Linebacker Take Crowder 82 00:04:16,720 --> 00:04:19,719 Speaker 1: and center John Feliciano among those involved. Giants have their 83 00:04:19,839 --> 00:04:23,320 Speaker 1: preseason opener Thursday at New England. John stashually went Bloomberg 84 00:04:23,360 --> 00:04:26,039 Speaker 1: spots John, all right, thanks John, and just the cash 85 00:04:26,120 --> 00:04:29,040 Speaker 1: open Wall Street. Down futures right now, they're up sixty 86 00:04:29,040 --> 00:04:32,600 Speaker 1: seven points. He has to be evening futures up about 87 00:04:32,640 --> 00:04:37,120 Speaker 1: eight points and an asset features twelve points higher. And 88 00:04:37,160 --> 00:04:39,840 Speaker 1: as we look at the two year yield three twenty one, 89 00:04:39,960 --> 00:04:43,520 Speaker 1: the ten year to seventy eight, this is Bloomberg. Dame 90 00:04:43,600 --> 00:04:48,920 Speaker 1: Brad just a Hand will speak with Wendy Schiller to 91 00:04:49,080 --> 00:04:51,719 Speaker 1: enter the Talment Center for American Politics and Policy at 92 00:04:51,760 --> 00:04:56,120 Speaker 1: Around University for analysis and perspective on the FBI raid 93 00:04:56,520 --> 00:05:03,240 Speaker 1: At the former President's Maral longer was State Markets, headlines 94 00:05:03,279 --> 00:05:06,280 Speaker 1: and breaking news twenty four hours a day at Bloomberg 95 00:05:06,320 --> 00:05:09,640 Speaker 1: dot Com, The Bloomberg Business at and at Bloomberg Quicktake, 96 00:05:10,240 --> 00:05:19,360 Speaker 1: She's a Bloomberg Business Flash, Nathan Hagar. Futures are holding 97 00:05:19,400 --> 00:05:22,239 Speaker 1: steady this morning. The dollar is slipping as investors bet 98 00:05:22,320 --> 00:05:27,120 Speaker 1: strong earnings can continue despite recent disappointments. We check the 99 00:05:27,120 --> 00:05:29,919 Speaker 1: markets every fifteen minutes during the trading day on Bloomberg. 100 00:05:30,160 --> 00:05:32,880 Speaker 1: SMP futures right now have seven points. Stout futures are 101 00:05:32,920 --> 00:05:36,599 Speaker 1: hired by sixty nine NASDAC futures, a gain of eleven points. 102 00:05:36,600 --> 00:05:39,200 Speaker 1: The tenure Treasury is down seven thirty seconds. The yield 103 00:05:39,200 --> 00:05:41,600 Speaker 1: two point seven eight percent. Yield on the two year 104 00:05:41,760 --> 00:05:44,920 Speaker 1: is three point to one percent. Nimex Screwed is down 105 00:05:45,000 --> 00:05:47,360 Speaker 1: one point two percent, down a dollar eleven at eighty 106 00:05:47,440 --> 00:05:50,160 Speaker 1: nine dollar sixty five cents. A barrel. Comic Gold is 107 00:05:50,240 --> 00:05:52,400 Speaker 1: up one tenth percent or two dollars fifty cents at 108 00:05:52,400 --> 00:05:54,920 Speaker 1: eighteen o seven seventy an ounce. The euro one point 109 00:05:55,000 --> 00:05:57,360 Speaker 1: zero two four five against the dollar. The en is 110 00:05:57,360 --> 00:05:59,960 Speaker 1: at one thirty four point nine zero. That's a Bloomberg 111 00:06:00,080 --> 00:06:01,920 Speaker 1: is this flash? Now? Here's Michael Barr with more on 112 00:06:02,000 --> 00:06:03,800 Speaker 1: what's going on around the Girl Up the morning, Michael, 113 00:06:04,080 --> 00:06:07,240 Speaker 1: Good morning, Nathan. The FBI has searched former President Donald 114 00:06:07,279 --> 00:06:09,680 Speaker 1: Trump's from Mamara Lago with State as part of an 115 00:06:09,680 --> 00:06:13,279 Speaker 1: investigation into whether he took classified records from the White 116 00:06:13,279 --> 00:06:16,760 Speaker 1: House to his Florida residents. Trump says agents opened up 117 00:06:16,760 --> 00:06:19,760 Speaker 1: a safe at his home and describes their work as 118 00:06:20,120 --> 00:06:24,440 Speaker 1: an unannounced raid that he likened to prosecutorial misconduct. Will 119 00:06:24,480 --> 00:06:27,960 Speaker 1: have more on this straight Ahead. Teachers and staff returned 120 00:06:28,000 --> 00:06:30,719 Speaker 1: to work today at public schools in Yuvoldi, Texas. It 121 00:06:30,760 --> 00:06:33,920 Speaker 1: follows the deadly mass shooting in May at rob Elementary School. 122 00:06:34,240 --> 00:06:36,960 Speaker 1: In baseball, the Yankees beat the Mariners nine four, The 123 00:06:37,000 --> 00:06:40,760 Speaker 1: Mets beat the Reds five one, the Nationals and A's lost. 124 00:06:41,040 --> 00:06:44,880 Speaker 1: The Orioles and Giants won Global news twenty four hours 125 00:06:44,920 --> 00:06:47,679 Speaker 1: a day on air and on Bloomberg Quick Take, powered 126 00:06:47,680 --> 00:06:50,240 Speaker 1: by more than twenty seven hundred journalists and analysts and 127 00:06:50,320 --> 00:06:53,080 Speaker 1: more than a hundred twenty countries. Michael Barr and this 128 00:06:53,279 --> 00:06:56,320 Speaker 1: is Bloomberg, John and Michael, thank you, five nineteen at 129 00:06:56,360 --> 00:06:58,480 Speaker 1: Wall Street. We are in live from the Bloomberg into 130 00:06:58,560 --> 00:07:02,680 Speaker 1: Anto Broker Studios. This is Bloomberg Daybreak. As Michael mentioned, 131 00:07:02,760 --> 00:07:06,760 Speaker 1: stunning development and the ongoing legal battles involving former President Trump. 132 00:07:07,120 --> 00:07:10,120 Speaker 1: For the first time in history, a search warrant executed 133 00:07:10,160 --> 00:07:12,840 Speaker 1: at the home of a former president, and let's find 134 00:07:12,840 --> 00:07:15,320 Speaker 1: out more this morning, joined by Joe Matthew, the host 135 00:07:15,360 --> 00:07:17,840 Speaker 1: of Bloomberg's Sound On. Joe, thanks for me with us. 136 00:07:18,080 --> 00:07:20,280 Speaker 1: There are a couple of ways that the law enforcement 137 00:07:20,320 --> 00:07:24,160 Speaker 1: can get stuff that they want, either through a subpoena 138 00:07:24,640 --> 00:07:28,000 Speaker 1: or a search warrant, and the distinction is important here, 139 00:07:28,960 --> 00:07:30,920 Speaker 1: Well it is, and this is you know, we want 140 00:07:30,920 --> 00:07:33,760 Speaker 1: to be careful here in the way we're framing this. 141 00:07:33,920 --> 00:07:36,120 Speaker 1: People are using the word raid because that's what Donald 142 00:07:36,160 --> 00:07:39,520 Speaker 1: Trump called it in his statement to the media last night. 143 00:07:39,600 --> 00:07:43,160 Speaker 1: This was a search warrant facilitated by the Secret Service, 144 00:07:43,200 --> 00:07:45,400 Speaker 1: So I just want to be clear. They weren't knocking 145 00:07:45,400 --> 00:07:47,800 Speaker 1: down doors, there were no battering rams. People were not 146 00:07:47,840 --> 00:07:50,880 Speaker 1: taken into custody. And this brings us back to January 147 00:07:51,280 --> 00:07:55,640 Speaker 1: when the National Archives first went in to retrieve fifteen 148 00:07:55,720 --> 00:07:58,080 Speaker 1: boxes at that point of documents and items from our 149 00:07:58,120 --> 00:08:00,640 Speaker 1: a lago that should have been turned over when Trump 150 00:08:00,720 --> 00:08:03,320 Speaker 1: left the White House. At that time, they said they 151 00:08:03,320 --> 00:08:05,920 Speaker 1: were continuing to search for additional records, and they have 152 00:08:05,960 --> 00:08:11,160 Speaker 1: been asking the Trump former White House, the former administration 153 00:08:11,200 --> 00:08:15,040 Speaker 1: to hand these over ever since. So what we saw yesterday, 154 00:08:15,080 --> 00:08:17,880 Speaker 1: just to be clear, was was a very deliberate search 155 00:08:18,000 --> 00:08:20,920 Speaker 1: facilitated by the Secret Service, approved by a judge. And 156 00:08:20,960 --> 00:08:23,800 Speaker 1: you cannot get a search warrant like this unless you 157 00:08:23,880 --> 00:08:26,960 Speaker 1: not only make the case of probable cause, but you 158 00:08:27,080 --> 00:08:30,360 Speaker 1: also have to be specific about what you are looking for. Now, 159 00:08:30,400 --> 00:08:32,160 Speaker 1: granted they took a lot of boxes out of there, 160 00:08:32,200 --> 00:08:33,840 Speaker 1: they got into the safe, they could be looking for 161 00:08:33,880 --> 00:08:36,880 Speaker 1: as little as one document, as far as we know, 162 00:08:37,240 --> 00:08:39,240 Speaker 1: if it is top secret, that's all it would take 163 00:08:39,240 --> 00:08:42,440 Speaker 1: to trigger that search yesterday. Is it implicit that not 164 00:08:42,600 --> 00:08:45,720 Speaker 1: going the root of a subpoena, they thought that they 165 00:08:45,760 --> 00:08:49,439 Speaker 1: wouldn't get it. Otherwise that's possible. We don't know this. 166 00:08:49,880 --> 00:08:51,880 Speaker 1: We have to remember, of course, that there have been 167 00:08:51,920 --> 00:08:55,760 Speaker 1: a lot of reports about Donald Trump disposing of documents, 168 00:08:55,800 --> 00:08:58,600 Speaker 1: tearing them up, flushing them down the toilet, and in fact, 169 00:08:58,800 --> 00:09:01,480 Speaker 1: some of the documents that were provided to the National 170 00:09:01,600 --> 00:09:03,160 Speaker 1: Archives at the beginning of the year, as I mentioned 171 00:09:03,160 --> 00:09:06,559 Speaker 1: in January uh in fact had been taped back together, 172 00:09:06,760 --> 00:09:08,880 Speaker 1: they were torn up, thrown away, and they had to 173 00:09:08,880 --> 00:09:12,040 Speaker 1: be reconstructed at the White House. All of that violates 174 00:09:12,080 --> 00:09:14,920 Speaker 1: the Presidential Records Act. Do we know what the documents 175 00:09:15,000 --> 00:09:18,480 Speaker 1: they were looking for possibly relate to? We We really don't. 176 00:09:18,600 --> 00:09:20,559 Speaker 1: And this is where it gets interesting here, Like, look, 177 00:09:20,640 --> 00:09:23,840 Speaker 1: just about every administration people should also understand this have 178 00:09:23,960 --> 00:09:27,240 Speaker 1: had some violation of the Presidential Records Act. The Washington 179 00:09:27,240 --> 00:09:29,520 Speaker 1: Post reminds us this morning, Bill and Hillary Clinton had 180 00:09:29,559 --> 00:09:32,560 Speaker 1: to return twenty eight thousand dollars in furnishings that they 181 00:09:32,600 --> 00:09:35,240 Speaker 1: said we're gifts were actually property of the White House. 182 00:09:35,280 --> 00:09:38,360 Speaker 1: We've just never seen anything on this scale. So it 183 00:09:38,440 --> 00:09:41,520 Speaker 1: does imply that this is important. This is a top 184 00:09:41,559 --> 00:09:44,679 Speaker 1: secret memo, It could be a series of documents, and 185 00:09:44,679 --> 00:09:47,920 Speaker 1: it also John could be tied potentially to the Department 186 00:09:47,960 --> 00:09:52,320 Speaker 1: of Justices January six investigation. That remains completely unclear to us. 187 00:09:52,320 --> 00:09:54,920 Speaker 1: And we have to be honest about how little we know. Okay, 188 00:09:55,040 --> 00:09:57,800 Speaker 1: so what is the former president and what are his 189 00:09:57,840 --> 00:10:00,400 Speaker 1: supporters saying at this point? Well, it's know it's a 190 00:10:00,480 --> 00:10:04,720 Speaker 1: doom scroll. This morning on Twitter, Kevin McCarthy was quick 191 00:10:04,760 --> 00:10:07,800 Speaker 1: to tweet, this is the Minority leader that he promises 192 00:10:07,840 --> 00:10:12,000 Speaker 1: an investigation into this. He will be specifically investigating Merrick Garland. 193 00:10:12,000 --> 00:10:13,760 Speaker 1: He tweeted to him, he said, put the date on 194 00:10:13,800 --> 00:10:17,320 Speaker 1: your calendar, assuming that he becomes speaker after the mid terms. 195 00:10:17,640 --> 00:10:22,240 Speaker 1: New oversight to the FBI Marjorie Taylor Green among others. Uh, 196 00:10:22,559 --> 00:10:26,679 Speaker 1: in Trump's uh ecosphere, if you will, are calling for 197 00:10:26,840 --> 00:10:30,280 Speaker 1: defunding the FBI, not unlike defund the police. Now this 198 00:10:30,360 --> 00:10:33,400 Speaker 1: is the new defund the FBI. Uh. Matt Gates, another 199 00:10:33,440 --> 00:10:37,720 Speaker 1: Trump supporter congressman, refers to January six as the FED surrection. 200 00:10:38,240 --> 00:10:41,920 Speaker 1: So this really reinforces this allergy that Trump supporters have 201 00:10:42,080 --> 00:10:45,560 Speaker 1: to federal law enforcement. Well, can the former president metaphorically 202 00:10:45,640 --> 00:10:48,560 Speaker 1: set fire to the Justice Department with his supporters to 203 00:10:48,600 --> 00:10:52,360 Speaker 1: evade responsibility? Could I ask the question again, could he 204 00:10:52,400 --> 00:10:56,280 Speaker 1: do what? Could he metaphorically set fire to the Justice 205 00:10:56,320 --> 00:10:59,520 Speaker 1: Department at this point? Well, if he got reelected, I suppose, 206 00:10:59,559 --> 00:11:01,480 Speaker 1: but I'm not sure. If you mean Donald Trump, I'm 207 00:11:01,480 --> 00:11:03,199 Speaker 1: not sure what's way he would have over the Justice 208 00:11:03,200 --> 00:11:06,760 Speaker 1: Department right now. If Republicans take the majority in the House, 209 00:11:06,800 --> 00:11:09,040 Speaker 1: you're gonna see a lot of hearings. But that does 210 00:11:09,080 --> 00:11:12,600 Speaker 1: not necessarily do anything to change the case for Donald Trump. 211 00:11:12,720 --> 00:11:15,359 Speaker 1: And what does it do to change the case, possibly 212 00:11:15,440 --> 00:11:19,480 Speaker 1: for the general election. That's a great question, and it's 213 00:11:19,559 --> 00:11:22,160 Speaker 1: pretty difficult to roll out more than two years at 214 00:11:22,200 --> 00:11:25,079 Speaker 1: the moment. Here. I would remind you, though, that Christopher Ray, 215 00:11:25,120 --> 00:11:29,400 Speaker 1: the FBI director, was selected by President Trump after he 216 00:11:29,559 --> 00:11:35,280 Speaker 1: fired Director Comey. And uh, although you would not necessarily expect, 217 00:11:35,640 --> 00:11:37,800 Speaker 1: you know, such a bold move a hundred days before 218 00:11:38,040 --> 00:11:41,679 Speaker 1: the midterm elections for violating the Presidential Records Act, never 219 00:11:41,679 --> 00:11:45,319 Speaker 1: mind the elections. All right, Joe, thanks very much. Well, 220 00:11:45,360 --> 00:11:48,640 Speaker 1: before you go, what do we look for next? Well, gosh, 221 00:11:48,679 --> 00:11:51,520 Speaker 1: that's a great question. Look, Donald Trump would also it 222 00:11:51,559 --> 00:11:53,480 Speaker 1: strikes me have a copy of that warrant. I think 223 00:11:53,480 --> 00:11:55,040 Speaker 1: that we will. We will have to learn at some 224 00:11:55,080 --> 00:11:57,280 Speaker 1: point what it is they were looking for. But knowing 225 00:11:57,320 --> 00:12:00,319 Speaker 1: that they have laptops, hard drives, documents, and so fourth, 226 00:12:00,440 --> 00:12:02,679 Speaker 1: there's gonna be weeks, if not months of downloading and 227 00:12:02,840 --> 00:12:05,720 Speaker 1: ingesting data, could be some time before we understand, unless, 228 00:12:05,760 --> 00:12:07,960 Speaker 1: of course, the FBI is a little leaky, and then 229 00:12:08,000 --> 00:12:10,280 Speaker 1: we might know as soon as today. Joe, always a pleasure, 230 00:12:10,320 --> 00:12:14,000 Speaker 1: appreciate it, Joe Matthew host a Bloomberg Sound Dot. As 231 00:12:14,000 --> 00:12:16,120 Speaker 1: we look at markets right now ahead of the cash 232 00:12:16,160 --> 00:12:19,160 Speaker 1: open on Wall Street. The futures indicate the higher open 233 00:12:19,640 --> 00:12:22,520 Speaker 1: the dowl right now Dale futures of sixty one points, 234 00:12:22,520 --> 00:12:24,720 Speaker 1: that's a rise of two tents of a percent. Smp 235 00:12:24,920 --> 00:12:27,520 Speaker 1: E many futures there are up six points, that's up 236 00:12:27,559 --> 00:12:30,160 Speaker 1: to tens of a percent. And the tech heavy nazac 237 00:12:30,480 --> 00:12:33,679 Speaker 1: E many futures right now four points higher. And as 238 00:12:33,679 --> 00:12:35,800 Speaker 1: we look at treasuries, the two year you have three, 239 00:12:35,840 --> 00:12:39,679 Speaker 1: twenty two, the ten year year to seventy eight. You 240 00:12:39,720 --> 00:12:46,800 Speaker 1: are listening to Bloomberg Daybreak. Day Break brought to you 241 00:12:46,840 --> 00:12:50,320 Speaker 1: by Pepack Private Wealth Management. Pepack Private Wealth Management knows 242 00:12:50,320 --> 00:12:52,679 Speaker 1: that a portfoligo is more than a collection of assets. 243 00:12:52,720 --> 00:12:55,160 Speaker 1: It's a path to your future. Because the Pepack Private 244 00:12:55,200 --> 00:13:03,520 Speaker 1: dot Com begin your financial legacy today, broadcasting live from 245 00:13:03,520 --> 00:13:07,679 Speaker 1: the Bloomberg Interactive Broker Studio in New York, Bloomberg Loving 246 00:13:08,200 --> 00:13:12,360 Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one O 247 00:13:12,559 --> 00:13:16,040 Speaker 1: six one to San Francisco, Bloomberg No. Sixt to the Country, 248 00:13:16,160 --> 00:13:19,160 Speaker 1: Sirius XM Chado one nine team and around the globe, 249 00:13:19,240 --> 00:13:22,880 Speaker 1: the Bloomberg Business app and Bloomberg Radio dot Com. This 250 00:13:23,160 --> 00:13:31,280 Speaker 1: is Bloomberg Daybreak. He has five thirty on Wall Street. 251 00:13:31,320 --> 00:13:33,680 Speaker 1: Good morning, I'm John Tucker and I'm Nathan Hagar. We 252 00:13:33,679 --> 00:13:35,920 Speaker 1: are about four hours away from the open of US trading. 253 00:13:35,960 --> 00:13:37,320 Speaker 1: Let's get you have the data on the news you 254 00:13:37,320 --> 00:13:39,320 Speaker 1: need to know at this hour. Beginning with a stunning 255 00:13:39,360 --> 00:13:43,440 Speaker 1: political development overnight, former President Donald Trump says federal agents 256 00:13:43,559 --> 00:13:46,280 Speaker 1: rated his residence at Mara Lango. It's part of an 257 00:13:46,320 --> 00:13:49,920 Speaker 1: investigation into whether the former president took classified documents from 258 00:13:49,920 --> 00:13:52,840 Speaker 1: the White House. We get analysis from Robert Mints, partner 259 00:13:52,880 --> 00:13:59,040 Speaker 1: at mcarter and English. It's absolutely shocking and completely unprecedented. 260 00:13:59,600 --> 00:14:04,040 Speaker 1: This to require approval from the highest levels of the 261 00:14:04,080 --> 00:14:08,160 Speaker 1: Department of Justice. Merrick Garland, the Attorney General himself, would 262 00:14:08,200 --> 00:14:11,280 Speaker 1: certainly have had to have been a part of this decision, 263 00:14:11,679 --> 00:14:14,200 Speaker 1: and I've signed off on this before going to a 264 00:14:14,240 --> 00:14:17,520 Speaker 1: federal judge. Attorney Robert Mint says the search warrant has 265 00:14:17,600 --> 00:14:20,520 Speaker 1: quote the nuclear bomb in the arsenal of prosecutors. The 266 00:14:20,520 --> 00:14:23,600 Speaker 1: search stems from a National Archives request about the transfer 267 00:14:23,600 --> 00:14:26,400 Speaker 1: of presidential documents tomorrow lago and we get more from 268 00:14:26,440 --> 00:14:31,440 Speaker 1: Bloomberg political contributor former GOP strategist Rick Davis. There is 269 00:14:31,760 --> 00:14:36,400 Speaker 1: a penalty associated with violating this provision. It says that 270 00:14:36,480 --> 00:14:41,080 Speaker 1: if you're convicted of violating this rule of holding these documents, 271 00:14:41,200 --> 00:14:44,400 Speaker 1: especially top secret documents, you'll forfeit your office and be 272 00:14:44,520 --> 00:14:48,000 Speaker 1: disqualified from holding any other office under the United States. 273 00:14:48,600 --> 00:14:51,800 Speaker 1: Rick Davis sends this investigation adds to the former president's 274 00:14:51,920 --> 00:14:55,280 Speaker 1: legal worries, which include a separate grand jury probb efforts 275 00:14:55,280 --> 00:14:59,000 Speaker 1: to overturn the twenty election. Donald Trump anytimes says he's 276 00:14:59,040 --> 00:15:02,120 Speaker 1: being targeted to a rail another run for the White House. 277 00:15:02,520 --> 00:15:04,640 Speaker 1: More on this developing story throughout the morning here on 278 00:15:04,680 --> 00:15:07,360 Speaker 1: Bloomberg Radio. But first, let's turn to the markets for 279 00:15:07,400 --> 00:15:11,320 Speaker 1: a moment. Right now, we have futures. They are mixed, 280 00:15:11,400 --> 00:15:14,400 Speaker 1: amptery yesterday's session. What saw on the SMP five punder 281 00:15:14,480 --> 00:15:16,840 Speaker 1: give up a one percent game to close little change. 282 00:15:17,040 --> 00:15:20,320 Speaker 1: Treasury yields are higher, Stocks in Europe and Asia are mixed, 283 00:15:20,560 --> 00:15:24,200 Speaker 1: and the dollar weakening this morning. Shares of Novovas genre 284 00:15:24,280 --> 00:15:27,120 Speaker 1: down about thirty percent in early trading. That's after the 285 00:15:27,160 --> 00:15:30,920 Speaker 1: drugmaker slashed its revenue forecast. Bloomberg's Ornita Young joins its 286 00:15:30,960 --> 00:15:33,280 Speaker 1: live with the details. Good morning, Grenita, Good morning, Nathan. 287 00:15:33,400 --> 00:15:36,720 Speaker 1: Novavax expects sales this year to be between two billion 288 00:15:36,760 --> 00:15:39,920 Speaker 1: and two point three billion dollars. That's about half of 289 00:15:40,000 --> 00:15:43,360 Speaker 1: the earlier estimate of four billion to five billion dollars 290 00:15:43,360 --> 00:15:46,720 Speaker 1: for the year. And it's all because it's COVID nineteen vaccine, 291 00:15:46,880 --> 00:15:50,440 Speaker 1: which already trailed competitors getting to market, failed to live 292 00:15:50,520 --> 00:15:54,000 Speaker 1: up to expectations. Demand for its vaccine fell both in 293 00:15:54,080 --> 00:15:58,480 Speaker 1: the US and globally. Novovax also reports second quarter losses 294 00:15:58,560 --> 00:16:02,480 Speaker 1: wider than analyst xtations. Live in New York, I'm gonna 295 00:16:02,520 --> 00:16:04,840 Speaker 1: need a young Bloomberg daybreak. We need to thank you. 296 00:16:04,920 --> 00:16:07,720 Speaker 1: Futures are mixed this morning, SMP futures up three point, 297 00:16:07,760 --> 00:16:11,280 Speaker 1: staff futures of forty seven, nastack futures down five points. 298 00:16:11,560 --> 00:16:19,200 Speaker 1: Local headlines in a check of sports. Next, this is Bloomberg, alright, 299 00:16:19,200 --> 00:16:22,360 Speaker 1: Thanks on Wall Street. Time to bring in Michael Barr 300 00:16:22,400 --> 00:16:24,280 Speaker 1: with Moore of what else is going on in New 301 00:16:24,360 --> 00:16:27,080 Speaker 1: York and around the world, John, thank you very much. 302 00:16:27,120 --> 00:16:29,960 Speaker 1: Sarah Khan ed as asking residents and parts of Brooklyn 303 00:16:30,000 --> 00:16:32,800 Speaker 1: and Queens to curb their energy use as high heat 304 00:16:32,920 --> 00:16:36,920 Speaker 1: sears New York City. The utility reduced voltage by eight 305 00:16:36,920 --> 00:16:41,440 Speaker 1: percent protect equipment while crews make unspecified repairs and several 306 00:16:41,480 --> 00:16:44,680 Speaker 1: communities that are home to about a d nine thousand customers. 307 00:16:45,000 --> 00:16:47,840 Speaker 1: A heat advisory is in place for the area until 308 00:16:48,000 --> 00:16:52,600 Speaker 1: eight pm tonight. President Biden and First Lady Jill Biden 309 00:16:52,720 --> 00:16:56,720 Speaker 1: toured the devastation in eastern Kentucky where these thirty seven 310 00:16:56,760 --> 00:17:00,040 Speaker 1: people were killed during the flooding last week. After a 311 00:17:00,120 --> 00:17:02,840 Speaker 1: meeting with families impacted by the flooding and the town 312 00:17:02,880 --> 00:17:06,679 Speaker 1: of Lost Creek. President Biden vows to support Kentucky however 313 00:17:06,760 --> 00:17:09,520 Speaker 1: long it takes to recover from the flooding. I don't 314 00:17:09,560 --> 00:17:11,960 Speaker 1: want any Kentucky and telling me you don't. You don't 315 00:17:11,960 --> 00:17:14,119 Speaker 1: have to do this for me. Oh yeah, we do. 316 00:17:14,760 --> 00:17:18,560 Speaker 1: You're an American citizen. We never give up. We never stopped, 317 00:17:18,600 --> 00:17:21,320 Speaker 1: We never bow, we never bent. We just go forward. 318 00:17:21,800 --> 00:17:23,960 Speaker 1: And that's what we're going to do here. The President 319 00:17:24,040 --> 00:17:27,000 Speaker 1: is sending FEMA money for people to help rebuild. China 320 00:17:27,080 --> 00:17:30,720 Speaker 1: has extended a schedule of military drills around Taiwan. Bloomberg 321 00:17:30,720 --> 00:17:33,360 Speaker 1: has had backs to reports the US is, saying Beijing 322 00:17:33,560 --> 00:17:36,240 Speaker 1: needs to be careful. President Joe Biden says he is 323 00:17:36,280 --> 00:17:40,640 Speaker 1: not worried, but is concerned, while spokesman Karine Jean Pierre 324 00:17:40,680 --> 00:17:43,239 Speaker 1: says they can't continue the way they are. They are 325 00:17:43,280 --> 00:17:46,639 Speaker 1: provocative and irresponsible and raise the risk of miscalculation, and 326 00:17:46,800 --> 00:17:50,160 Speaker 1: Under Secretary of Defense for Policy Call and Calls says, 327 00:17:50,359 --> 00:17:52,600 Speaker 1: the US is not going to pull back. What's important 328 00:17:52,640 --> 00:17:55,439 Speaker 1: for US right now um is to make sure that 329 00:17:55,480 --> 00:17:58,840 Speaker 1: Beijing understands that our forces in the region will continue 330 00:17:58,880 --> 00:18:01,520 Speaker 1: to operate. Also as China should be very careful to 331 00:18:01,560 --> 00:18:05,800 Speaker 1: protect against any miscalculations. In San Francisco, I'm at Baxter, 332 00:18:05,880 --> 00:18:09,040 Speaker 1: Bloomberg Gay Break, voters would choose a Republican nominee for 333 00:18:09,080 --> 00:18:13,320 Speaker 1: Wisconsin governor today. Tim Michael's, backed by former President Trump, 334 00:18:13,359 --> 00:18:17,280 Speaker 1: is up against former Lieutenant Governor Rebecca Cleefish, backed by 335 00:18:17,480 --> 00:18:21,520 Speaker 1: former Vice President Mike Pence. The winner faces Democratic Governor 336 00:18:21,680 --> 00:18:24,720 Speaker 1: Tony Evers. Global News twenty four hours a day on 337 00:18:24,840 --> 00:18:28,080 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 338 00:18:28,080 --> 00:18:30,760 Speaker 1: seven hundred journalist and analyst more than a hundred twenty countries. 339 00:18:30,840 --> 00:18:33,200 Speaker 1: I'm Michael bar This is Bloomberg, John Michael, Thank you 340 00:18:38,320 --> 00:18:41,119 Speaker 1: on Wall Street. That's time for the Bloomberg Sports Update. 341 00:18:41,280 --> 00:18:43,480 Speaker 1: Good morning, John Stann Show. All right, John, much needed 342 00:18:43,520 --> 00:18:45,560 Speaker 1: win for the Yankees They've just gotten swept in St. 343 00:18:45,600 --> 00:18:47,719 Speaker 1: Louis had lost five and a row only nine wins 344 00:18:47,760 --> 00:18:50,480 Speaker 1: in twenty five games. They won in Seattle nine to four. 345 00:18:50,640 --> 00:18:53,359 Speaker 1: Josh Donaldson had a big game for it, two doubles, 346 00:18:53,359 --> 00:18:55,440 Speaker 1: a home run, drove in three, and Aaron Judge Homer 347 00:18:55,480 --> 00:18:58,560 Speaker 1: to the ninth. That's number forty four. Jamison tyone went 348 00:18:58,560 --> 00:19:00,960 Speaker 1: to eleven and two. But the win is costly. Matt 349 00:19:01,000 --> 00:19:04,280 Speaker 1: Carpenter broke his left foot fouling a pitch off. It's 350 00:19:04,280 --> 00:19:09,119 Speaker 1: obviously not ideal. I mean, you know, treaty pretty disappointing, 351 00:19:09,359 --> 00:19:13,320 Speaker 1: but uh, you know, I've my mindset is that this 352 00:19:13,440 --> 00:19:15,919 Speaker 1: won't be the end for me here this year. I mean, 353 00:19:15,960 --> 00:19:18,840 Speaker 1: I'm hopeful that I can come back and contribute, and 354 00:19:19,800 --> 00:19:21,800 Speaker 1: you know I haven't don't have a timeline yet, but 355 00:19:21,880 --> 00:19:25,800 Speaker 1: I'm hopeful for the best. Carpenter has been amazing since 356 00:19:25,840 --> 00:19:28,280 Speaker 1: his debut in late May, batting over three hundred fifteen 357 00:19:28,320 --> 00:19:30,960 Speaker 1: home runs. Speaking of amazing, Mets minute thirteen oh last 358 00:19:30,960 --> 00:19:34,240 Speaker 1: fifteen at City Field five one over Cincinnati before the 359 00:19:34,280 --> 00:19:36,119 Speaker 1: Reds got him out. That's led to nothing on the 360 00:19:36,119 --> 00:19:38,800 Speaker 1: Starley Marte Homer, Chris Bassett sharp and Eightian ings of 361 00:19:38,840 --> 00:19:41,399 Speaker 1: the Mets now leave the NL East by seven. At 362 00:19:41,480 --> 00:19:44,720 Speaker 1: Jets training camp, tackle McKay Beckton reinjrew the knee that 363 00:19:44,840 --> 00:19:47,560 Speaker 1: kept him that most of last season. Several reports that 364 00:19:47,680 --> 00:19:50,560 Speaker 1: Kevin Durant met with Josiah and told the Nets owner 365 00:19:50,640 --> 00:19:54,159 Speaker 1: either trade may or fire coach Steve Nash and general 366 00:19:54,160 --> 00:19:56,959 Speaker 1: manager Shawn Marks, and SI has already said he's not 367 00:19:57,000 --> 00:19:59,880 Speaker 1: firing them, so the trade talks continue. With Boston, Miami 368 00:19:59,880 --> 00:20:03,000 Speaker 1: and Toronto scene is the most likely destinations for Durant, 369 00:20:03,000 --> 00:20:05,239 Speaker 1: who has yet to start the four year, near two 370 00:20:05,320 --> 00:20:08,480 Speaker 1: hundred million dollar contract he agreed to a year ago. 371 00:20:08,560 --> 00:20:11,600 Speaker 1: It's not known why he wants Nash out. The feeling 372 00:20:11,640 --> 00:20:13,760 Speaker 1: had always been that Katie was the one who wanted 373 00:20:13,760 --> 00:20:16,879 Speaker 1: the Nets to hire him. John Stash a Bloomberg Sports 374 00:20:16,960 --> 00:20:19,760 Speaker 1: John all right, John, thanks very less. He's five thirty 375 00:20:19,760 --> 00:20:21,600 Speaker 1: seven old Wall Street. Time Now for the Dry and 376 00:20:21,600 --> 00:20:25,480 Speaker 1: State Business Report. Here's Ed Corey. New York City's hotel 377 00:20:25,560 --> 00:20:28,040 Speaker 1: industry is starting to come back from the dark days 378 00:20:28,040 --> 00:20:32,000 Speaker 1: of the pandemic. Hotel occupancy tax revenue more than quadrupled 379 00:20:32,160 --> 00:20:35,040 Speaker 1: to one forty million dollars from the second quarters of 380 00:20:35,080 --> 00:20:39,800 Speaker 1: twenty one. Second quarter of two total near levels seen 381 00:20:39,840 --> 00:20:42,880 Speaker 1: in the second quarter of two thousand nineteen, riders are 382 00:20:42,880 --> 00:20:46,120 Speaker 1: not returning to New York City subways and enough numbers 383 00:20:46,320 --> 00:20:49,680 Speaker 1: to stop a worsening cash crisis. Officials from the mt 384 00:20:49,840 --> 00:20:52,520 Speaker 1: A planned to sit down with lawmakers and labor groups 385 00:20:52,560 --> 00:20:56,199 Speaker 1: to begin negotiations on new sources of funding and cost cutting. 386 00:20:56,520 --> 00:20:59,520 Speaker 1: They say it's too early to talk about specific options. 387 00:21:00,000 --> 00:21:02,480 Speaker 1: In New Jersey, the governor has signed a law prohibiting 388 00:21:02,520 --> 00:21:07,920 Speaker 1: tax preparers from engaging in certain practices involving refund anticipation 389 00:21:08,000 --> 00:21:12,440 Speaker 1: checks and loans. It includes prohibiting preparers from requiring clients 390 00:21:12,720 --> 00:21:16,600 Speaker 1: to enter into a refund anticipation check agreement to complete 391 00:21:16,600 --> 00:21:19,880 Speaker 1: a tax return. At your Bloomberg Tri State Business Report, 392 00:21:19,960 --> 00:21:22,880 Speaker 1: I'm Ed Corey, Thanks, said five thirty eight on Wall Street. 393 00:21:22,880 --> 00:21:25,880 Speaker 1: Bloomberg Radios on the year from San Francisco to New York, 394 00:21:26,280 --> 00:21:28,679 Speaker 1: London to Hong Kong, and let's check in now with 395 00:21:28,720 --> 00:21:30,880 Speaker 1: their global news team for some of the top stories 396 00:21:30,960 --> 00:21:34,040 Speaker 1: heard on our three hundred affiliate of radio stations around 397 00:21:34,080 --> 00:21:40,360 Speaker 1: the world. I'm Steve Potaskan on k X in Los Angeles. 398 00:21:40,440 --> 00:21:43,320 Speaker 1: We're talking about the co founder of Whole Foods starting 399 00:21:43,320 --> 00:21:46,720 Speaker 1: a chain of vegetarian restaurants and a wellness centers, first 400 00:21:46,800 --> 00:21:51,080 Speaker 1: in southern California. Um corneys ho on ktr H in Houston. 401 00:21:51,200 --> 00:21:53,960 Speaker 1: Whole Foods co founder John Mackie is planning to open 402 00:21:54,000 --> 00:21:56,800 Speaker 1: a chain of plant based restaurants and wellness centers and 403 00:21:57,000 --> 00:22:00,400 Speaker 1: Gina Servetti and for Double Dum in Chicago. I'm reporting 404 00:22:00,400 --> 00:22:04,440 Speaker 1: that new deliveries of Boeing seven Dreamliner are finally set 405 00:22:04,480 --> 00:22:07,200 Speaker 1: to take off again. I'm Stephen Carol and Bloomberg d 406 00:22:07,280 --> 00:22:09,560 Speaker 1: a BJ to the radio in London. We've been reporting 407 00:22:09,600 --> 00:22:13,760 Speaker 1: on British retail sales rising in July, driven by higher prices. 408 00:22:13,760 --> 00:22:16,960 Speaker 1: Hadds hot Weather. I'm at Corey on w T A 409 00:22:17,119 --> 00:22:20,600 Speaker 1: M in Cleveland. I'm reporting Amazon has opened its Brooklyn, 410 00:22:20,640 --> 00:22:25,399 Speaker 1: Ohio delivery center. It's five thirty nine on Wall Street. 411 00:22:26,600 --> 00:22:30,760 Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial 412 00:22:31,040 --> 00:22:34,600 Speaker 1: was written by the Bloomberg Editorial Board. The Bank of 413 00:22:34,640 --> 00:22:38,879 Speaker 1: England as startled analysts last week with its unexpectedly bleak 414 00:22:38,960 --> 00:22:44,280 Speaker 1: assessment of the UK's medium term prospects. Its main projection 415 00:22:44,400 --> 00:22:49,479 Speaker 1: shows a shallow but protracted recession with essentially no growth 416 00:22:49,480 --> 00:22:53,240 Speaker 1: in output over the next three years and inflation peaking 417 00:22:53,280 --> 00:22:57,919 Speaker 1: at more than thirteen percent before the end of twenty two. 418 00:22:58,280 --> 00:23:03,440 Speaker 1: Officials rightly emph the size the uncertainty attached to such projections. 419 00:23:03,720 --> 00:23:06,359 Speaker 1: Yet when all is said and done, one thing stands out. 420 00:23:06,640 --> 00:23:10,600 Speaker 1: With Britain politically paralyzed and still awaiting the appointment of 421 00:23:10,640 --> 00:23:13,959 Speaker 1: its next prime minister. This could hardly have come at 422 00:23:13,960 --> 00:23:17,760 Speaker 1: a worse time. In recent weeks, the Tories contenders to 423 00:23:17,880 --> 00:23:21,800 Speaker 1: lead the country have been mostly debating their rival brands 424 00:23:21,880 --> 00:23:28,400 Speaker 1: of conservatism. But the UK's looming economic challenges demand practical solutions. 425 00:23:28,880 --> 00:23:35,160 Speaker 1: Whichever candidate prevails in September will need to start delivering them. 426 00:23:35,160 --> 00:23:38,720 Speaker 1: This editorial was written by the Bloomberg Editorial Board. For 427 00:23:38,800 --> 00:23:42,160 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 428 00:23:42,200 --> 00:23:46,199 Speaker 1: Opinion or O P I N go on the Bloomberg Terminal. 429 00:23:46,440 --> 00:23:50,359 Speaker 1: This has been Bloomberg Opinion and Bloomberg Opinion editorials can 430 00:23:50,400 --> 00:23:53,919 Speaker 1: be heard every week day at this time at terminal. Customers, 431 00:23:54,000 --> 00:23:57,359 Speaker 1: he can read more at OP I n go. This 432 00:23:57,760 --> 00:24:03,639 Speaker 1: is avery. They are futures. This morning turn mixed the 433 00:24:03,800 --> 00:24:08,720 Speaker 1: down futures of SMP futures of three futures right now 434 00:24:08,880 --> 00:24:12,440 Speaker 1: down seven points just ahead. Dan Morris from the begin 435 00:24:12,560 --> 00:24:19,920 Speaker 1: peint parrat Ball, Markets, headlines and breaking news twenty four 436 00:24:19,960 --> 00:24:23,000 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 437 00:24:23,000 --> 00:24:26,200 Speaker 1: apt and at Bloomberg Quick Tape. This He's a Bloomberg 438 00:24:26,280 --> 00:24:35,320 Speaker 1: Business Flash. I'm Nathan Hagar. Futures are holding steady this morning. 439 00:24:35,320 --> 00:24:38,160 Speaker 1: The dollar is slipping. His investors at a strong earnings 440 00:24:38,160 --> 00:24:42,320 Speaker 1: performance can continue despite recent disappointments. European stocks are falling 441 00:24:42,359 --> 00:24:45,320 Speaker 1: this morning. We check the markets every fifteen minutes during 442 00:24:45,320 --> 00:24:47,960 Speaker 1: the trading day. On Bloomberg SMP futures are up five 443 00:24:48,000 --> 00:24:51,200 Speaker 1: points down, futures up fifty nine. Nastack futures are lower 444 00:24:51,240 --> 00:24:53,800 Speaker 1: by two points. The decks in Germany's down six tenths 445 00:24:53,800 --> 00:24:55,720 Speaker 1: per cent. The cat in Paris is lower by two 446 00:24:55,720 --> 00:24:58,200 Speaker 1: tenths of one per cent. The tenure Treasury is down 447 00:24:58,200 --> 00:25:00,240 Speaker 1: eight thirty seconds. The yield two points set an eight 448 00:25:00,240 --> 00:25:02,760 Speaker 1: percent yield on the two year three point to two percent. 449 00:25:03,119 --> 00:25:05,199 Speaker 1: Nim X screwed is down eight tenths per cent, or 450 00:25:05,200 --> 00:25:09,440 Speaker 1: seventy seven cents. At barrel comex sold little changed that 451 00:25:09,520 --> 00:25:12,000 Speaker 1: thirty cents eighteen o five forty announced the euro one 452 00:25:12,000 --> 00:25:14,200 Speaker 1: point zero to three against the dollar, the pound one 453 00:25:14,240 --> 00:25:16,560 Speaker 1: point two one two two. The end is at one 454 00:25:16,600 --> 00:25:19,399 Speaker 1: thirty four point nine zero a bitcoin down two percent, 455 00:25:19,600 --> 00:25:22,720 Speaker 1: tree thousand, six hundred dollars. That's a Bloomberg Business Flash. 456 00:25:23,080 --> 00:25:25,440 Speaker 1: Now here's Michael Varr with on what's going on around 457 00:25:25,440 --> 00:25:28,879 Speaker 1: the world. Michael Nathan, thank you very much, and explosive development. 458 00:25:28,920 --> 00:25:32,560 Speaker 1: Federal investigators searched the Florida residents of Donald Trump as 459 00:25:32,600 --> 00:25:35,560 Speaker 1: part of an investigation and to whether he took classified 460 00:25:35,640 --> 00:25:38,840 Speaker 1: documents from the White House when he left office. Trump 461 00:25:38,960 --> 00:25:40,760 Speaker 1: was in New York City at the time at the search. 462 00:25:40,880 --> 00:25:44,040 Speaker 1: More on this story straight ahead. The US announced four 463 00:25:44,080 --> 00:25:47,960 Speaker 1: point five billion dollars in additional direct budgetary support to Ukraine. 464 00:25:48,320 --> 00:25:51,560 Speaker 1: You will also add one billion dollars more in military 465 00:25:51,600 --> 00:25:55,800 Speaker 1: aid drawn from existing Pentagon inventory. In baseball, the Yankees 466 00:25:55,800 --> 00:25:58,960 Speaker 1: beat the Mariners nine four, the Mets beat the Reds 467 00:25:59,000 --> 00:26:02,879 Speaker 1: five one, The Nationals and A's lost. The Orioles and 468 00:26:03,200 --> 00:26:06,520 Speaker 1: Giants won Global news twenty four hours a day on 469 00:26:06,720 --> 00:26:10,240 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 470 00:26:10,320 --> 00:26:13,200 Speaker 1: seven hundred journalists antilists. More than a hundred twenty countries. 471 00:26:13,560 --> 00:26:16,679 Speaker 1: Michael barn this is Bloomberg. Nathan. Okay, Michael, thank you. 472 00:26:16,720 --> 00:26:19,080 Speaker 1: We're coming up to five forty nine on Wall Street 473 00:26:19,119 --> 00:26:22,080 Speaker 1: Line from the Bloomberg Interactive Burger Studios. This is Bloomberg 474 00:26:22,160 --> 00:26:24,800 Speaker 1: Day Break time now for our daily Bloomberg Law Brief, 475 00:26:24,800 --> 00:26:27,720 Speaker 1: exploring legal issues in the news, and today we are 476 00:26:27,760 --> 00:26:30,840 Speaker 1: looking at the FBI search of former President Donald Trump's 477 00:26:30,880 --> 00:26:34,560 Speaker 1: Marrow Lago residents. Agents come through his Florida home as 478 00:26:34,600 --> 00:26:37,800 Speaker 1: part of an investigation into whether he took classified documents 479 00:26:37,800 --> 00:26:39,960 Speaker 1: from the White House. For more on the legal and 480 00:26:40,080 --> 00:26:44,399 Speaker 1: political implications, Bloomberg's June Grosso speaks with Robert Mints, partner 481 00:26:44,400 --> 00:26:48,280 Speaker 1: at McCarter in English, and Bloomberg political contributor Jeanie Schanzano. 482 00:26:48,440 --> 00:26:52,760 Speaker 1: Let's listen in. People have criticized Merrick Garland, the Attorney General, 483 00:26:52,840 --> 00:26:56,719 Speaker 1: for going too slow on this investigation. He keeps saying 484 00:26:56,760 --> 00:26:59,159 Speaker 1: that no one is above the law. Is this a 485 00:26:59,280 --> 00:27:02,080 Speaker 1: signal I think there's no turning back from this that 486 00:27:02,720 --> 00:27:05,960 Speaker 1: the gloves are off? Oh? Yes, this really raises the 487 00:27:06,040 --> 00:27:09,639 Speaker 1: bar for federal prosecutors, which is about to suggest that 488 00:27:09,720 --> 00:27:13,000 Speaker 1: every time a search warrant is executed that there will 489 00:27:13,040 --> 00:27:17,040 Speaker 1: necessarily be federal charges brought down the road. Remember that 490 00:27:17,160 --> 00:27:20,240 Speaker 1: this only means that there was probable cause of a 491 00:27:20,400 --> 00:27:24,200 Speaker 1: violation of federal law at a particular location. But probable 492 00:27:24,320 --> 00:27:27,720 Speaker 1: cause is a long way from beyond a reasonable doubt, 493 00:27:27,760 --> 00:27:31,040 Speaker 1: which is what prosecutors would have to satisfy in order 494 00:27:31,119 --> 00:27:34,320 Speaker 1: to charge the former president or frankly, anybody else with 495 00:27:34,440 --> 00:27:37,520 Speaker 1: a crime based upon this evidence. So it's a tool 496 00:27:37,640 --> 00:27:41,240 Speaker 1: that prosecutors used to gather evidence. But on the other hand, 497 00:27:41,400 --> 00:27:46,560 Speaker 1: it is the most intrusive and heavy handed tool that 498 00:27:46,640 --> 00:27:50,480 Speaker 1: prosecutors have in order to gather evidence. And again, it's 499 00:27:50,520 --> 00:27:53,200 Speaker 1: not something that a judge will sign off on lightly. 500 00:27:53,560 --> 00:27:55,959 Speaker 1: He or she would have to be satisfied that not 501 00:27:56,000 --> 00:27:59,399 Speaker 1: only the evidence was there, but there was some basis 502 00:27:59,680 --> 00:28:03,119 Speaker 1: to a too that a less intrusive means such as 503 00:28:03,119 --> 00:28:07,159 Speaker 1: as Satina, would not give the prosecutors the evidence they 504 00:28:07,200 --> 00:28:11,880 Speaker 1: are seeking. Jenny, I'm wondering, looking at the statement that 505 00:28:11,960 --> 00:28:15,680 Speaker 1: Trump has written, does he see this as a political 506 00:28:15,720 --> 00:28:19,200 Speaker 1: opportunity He does? I mean, I think this is part 507 00:28:19,200 --> 00:28:21,960 Speaker 1: of the sunny aspect of this is that this information 508 00:28:22,080 --> 00:28:26,640 Speaker 1: was released by Donald Trump via his pack and much 509 00:28:26,640 --> 00:28:29,840 Speaker 1: of what we're hearing, and we have heard for some 510 00:28:29,920 --> 00:28:33,679 Speaker 1: time is that if he decided to announce early that 511 00:28:33,760 --> 00:28:36,680 Speaker 1: he was going to run for the presidency in four 512 00:28:37,160 --> 00:28:39,760 Speaker 1: it was likely going to be for legal reasons and 513 00:28:39,920 --> 00:28:44,360 Speaker 1: not necessarily for political reasons. And you know, another aspect 514 00:28:44,440 --> 00:28:46,880 Speaker 1: of this, and again this is so early, we have 515 00:28:46,920 --> 00:28:49,840 Speaker 1: to be very careful here, is that if there was 516 00:28:49,880 --> 00:28:52,880 Speaker 1: a conviction as it pertained to what we think that 517 00:28:53,000 --> 00:28:57,200 Speaker 1: they are looking into regarding these records, the person who 518 00:28:57,320 --> 00:28:59,440 Speaker 1: was charged and if that was Donald Trump at the 519 00:28:59,480 --> 00:29:03,040 Speaker 1: big if would not be able to run for office 520 00:29:03,160 --> 00:29:07,480 Speaker 1: in the future. So that's another really really important aspect 521 00:29:07,520 --> 00:29:09,080 Speaker 1: of this story. And again I don't want to get 522 00:29:09,120 --> 00:29:11,800 Speaker 1: too far afield because of course we're still very early 523 00:29:11,880 --> 00:29:13,920 Speaker 1: and don't have a lot of information as to exactly 524 00:29:13,960 --> 00:29:16,840 Speaker 1: what they were looking for, and even if it pertained 525 00:29:16,880 --> 00:29:18,680 Speaker 1: to the president, if there was going to be, you know, 526 00:29:19,200 --> 00:29:22,680 Speaker 1: anything pertaining to him. But that's another aspect of this 527 00:29:22,840 --> 00:29:26,080 Speaker 1: record sort of charging. And that was Bloomberg political contributor 528 00:29:26,160 --> 00:29:29,640 Speaker 1: Jeanie Schanzano and McCarter and English partner Robert men speaking 529 00:29:29,640 --> 00:29:33,160 Speaker 1: with Bloomberg's June Gross catch More plus analysis of the 530 00:29:33,200 --> 00:29:36,200 Speaker 1: latest legal news by subscribing to the Bloomberg Law podcast 531 00:29:36,400 --> 00:29:39,440 Speaker 1: or downloading the show at Bloomberg dot com, Slash podcasts, 532 00:29:39,640 --> 00:29:42,960 Speaker 1: and attorneys can find exceptional legal research and business development 533 00:29:42,960 --> 00:29:45,680 Speaker 1: tools at Bloomberg Law dot com and on the Bloomberg 534 00:29:45,760 --> 00:29:49,360 Speaker 1: terminal at b Law. Go John, all right, Nathan, thanks 535 00:29:49,480 --> 00:29:52,640 Speaker 1: very much. It is five fifty two on Wall Street. 536 00:29:52,720 --> 00:29:56,240 Speaker 1: Let's shift our focus now to the markets futures. They 537 00:29:56,280 --> 00:29:59,880 Speaker 1: have turned mixed, too little change as traders to wait 538 00:30:00,000 --> 00:30:03,240 Speaker 1: Wednesday's inflation report, trying to gauge the path of the 539 00:30:03,240 --> 00:30:06,120 Speaker 1: federal reserve tightening ahead. Well, let's get you set up 540 00:30:06,120 --> 00:30:08,640 Speaker 1: this morning for the trading day ahead with Daniel Morris, 541 00:30:08,720 --> 00:30:12,479 Speaker 1: the chief market strategist at PMB Paraba. Good to talk 542 00:30:12,520 --> 00:30:15,800 Speaker 1: to you. Thanks for me with US. Rate expectations have jumped, 543 00:30:15,960 --> 00:30:22,240 Speaker 1: so why hasn't it resulted in the reversal inequities. Yeah, 544 00:30:22,280 --> 00:30:25,560 Speaker 1: that's what's interesting about what occurred so far. Certainly in 545 00:30:25,600 --> 00:30:28,000 Speaker 1: contrast to the pattern that we had at the beginning 546 00:30:28,080 --> 00:30:31,000 Speaker 1: of the year. Then the story was higher than expected inflation, 547 00:30:31,240 --> 00:30:34,800 Speaker 1: higher levels of FED fund raids, and then certainly a 548 00:30:34,880 --> 00:30:38,640 Speaker 1: compression in the multiples, notably for gross stalks. That's not 549 00:30:38,720 --> 00:30:42,480 Speaker 1: happening yet, but it seems to me still the clearest 550 00:30:42,640 --> 00:30:44,840 Speaker 1: risk out there. You know, it'd be great if we 551 00:30:44,920 --> 00:30:48,800 Speaker 1: got a pleasant inflation surprise on Wednesday, that the numbers 552 00:30:48,800 --> 00:30:51,320 Speaker 1: came in lower than expectations. That hasn't happened in a 553 00:30:51,400 --> 00:30:54,280 Speaker 1: very long time. But barring that, even if they come 554 00:30:54,320 --> 00:30:56,960 Speaker 1: in as expected, that number is still pretty high. It's 555 00:30:56,960 --> 00:31:00,160 Speaker 1: going to be over six percent for core uh core 556 00:31:00,200 --> 00:31:04,160 Speaker 1: inflation core CPI, which then suggests the Fed has got 557 00:31:04,200 --> 00:31:06,840 Speaker 1: to do more, and they've been signaling that anyway, and 558 00:31:06,840 --> 00:31:09,720 Speaker 1: the markets generally just seemed to ignore that. But that's 559 00:31:09,760 --> 00:31:12,120 Speaker 1: the key risk, and at the end of the day, 560 00:31:12,160 --> 00:31:15,920 Speaker 1: it's how much companies are making. As far as the 561 00:31:16,000 --> 00:31:19,600 Speaker 1: earnings analysis goes, it has not been a bad earning season. 562 00:31:19,680 --> 00:31:24,520 Speaker 1: What is your take, Well, it wasn't certainly not a 563 00:31:24,600 --> 00:31:27,000 Speaker 1: great season, but there were so many worries coming in. 564 00:31:27,360 --> 00:31:30,360 Speaker 1: You know, certainly a lot of people anticipating bigger margin 565 00:31:30,440 --> 00:31:33,120 Speaker 1: squeezes given how high inflation has been and all of 566 00:31:33,120 --> 00:31:35,280 Speaker 1: the problems. We know that you have still supply chains 567 00:31:35,320 --> 00:31:39,160 Speaker 1: and labor, but earnings, you know, still being expectations just 568 00:31:39,280 --> 00:31:42,000 Speaker 1: a parenthesis, though they were even better in Europe, and 569 00:31:42,040 --> 00:31:44,720 Speaker 1: that doesn't happen very often. So when a highlight the 570 00:31:44,760 --> 00:31:47,840 Speaker 1: fact that European corporates again even with the bigger head 571 00:31:47,880 --> 00:31:51,240 Speaker 1: winds arguably that they face, also did much better than expected. 572 00:31:51,280 --> 00:31:54,040 Speaker 1: And I think that's what supporting the markets now despite 573 00:31:54,040 --> 00:31:56,960 Speaker 1: the rate rise. It's just we'll see how long that 574 00:31:57,080 --> 00:32:00,479 Speaker 1: after effect from a good earning season last. When we're 575 00:32:00,520 --> 00:32:02,840 Speaker 1: gonna have otherwise what we think is going to be 576 00:32:02,920 --> 00:32:07,680 Speaker 1: kind of persistently rising expectations for policy rates, and expectations 577 00:32:07,720 --> 00:32:11,800 Speaker 1: for policy rate will also drive the dollar presumably higher 578 00:32:12,200 --> 00:32:15,000 Speaker 1: because it is about rate differentials. And what does that 579 00:32:15,080 --> 00:32:17,640 Speaker 1: do to the multinationals in the US. Does it mean 580 00:32:17,680 --> 00:32:23,720 Speaker 1: you favor more domestically oriented stocks. I mean that makes sense, 581 00:32:23,760 --> 00:32:26,080 Speaker 1: and I think it is also part of the explanation 582 00:32:26,120 --> 00:32:28,840 Speaker 1: for how well European companies did because with the week hero, 583 00:32:29,320 --> 00:32:32,960 Speaker 1: you know, certainly being able to export at better prices. 584 00:32:33,040 --> 00:32:35,880 Speaker 1: But then for US companies, it would argue for an 585 00:32:35,880 --> 00:32:39,800 Speaker 1: orientation towards domestic oriented perhaps small cap stocks, uh that 586 00:32:39,880 --> 00:32:42,400 Speaker 1: they're not going to be facing that currency headwind. Okay, 587 00:32:42,440 --> 00:32:44,120 Speaker 1: the c P I tomorrow, what is that going to 588 00:32:44,200 --> 00:32:46,320 Speaker 1: signal as to where the FED has to go? Are 589 00:32:46,360 --> 00:32:50,600 Speaker 1: we anywhere near peak inflation in the United States, Well, 590 00:32:50,720 --> 00:32:52,520 Speaker 1: we should be, but we also need to be careful 591 00:32:52,560 --> 00:32:55,920 Speaker 1: about focusing too much on the current monthly invation. I mean, 592 00:32:55,960 --> 00:32:59,280 Speaker 1: don't forget that monetary policy works with the twelve eighteen 593 00:32:59,400 --> 00:33:02,600 Speaker 1: month last. So what the head's already done, We're really 594 00:33:02,640 --> 00:33:04,160 Speaker 1: not going to see the full effect of that for 595 00:33:04,400 --> 00:33:06,800 Speaker 1: probably a year. So if and we don't think the 596 00:33:06,920 --> 00:33:09,160 Speaker 1: head is doing this, but we also don't want to 597 00:33:09,200 --> 00:33:11,320 Speaker 1: think that, you know, depending on the number we get 598 00:33:11,360 --> 00:33:14,480 Speaker 1: this month, that that should lead to a big change 599 00:33:14,480 --> 00:33:16,960 Speaker 1: in the policy. They've got to calibrate what they're doing 600 00:33:17,080 --> 00:33:20,000 Speaker 1: now and they affected that on inflation and a year 601 00:33:20,040 --> 00:33:22,520 Speaker 1: from now, and you know, just to acknowledge the challenges 602 00:33:22,560 --> 00:33:24,920 Speaker 1: that they face. That's not an easy thing to do. 603 00:33:25,200 --> 00:33:26,960 Speaker 1: Is there a pivot to head for starts that you 604 00:33:27,080 --> 00:33:31,160 Speaker 1: see what You've got to mention at some point, given 605 00:33:31,320 --> 00:33:33,800 Speaker 1: how far we think rates are going to continue to 606 00:33:33,880 --> 00:33:36,120 Speaker 1: go up, you know, the whole point to that is 607 00:33:36,200 --> 00:33:38,560 Speaker 1: to slow growth, because that's really the only way that 608 00:33:38,600 --> 00:33:40,320 Speaker 1: they're going to be able to get inflation back down 609 00:33:40,320 --> 00:33:43,360 Speaker 1: to target. You know, some of these transitory factors really 610 00:33:43,360 --> 00:33:46,000 Speaker 1: should prove to be transitory, but there's still well, there 611 00:33:46,080 --> 00:33:48,560 Speaker 1: is now a lot of entrenched inflation. The only way 612 00:33:48,600 --> 00:33:52,680 Speaker 1: to get that down, particularly wage growth, is through slower growth, 613 00:33:53,040 --> 00:33:55,080 Speaker 1: and that's got to hit profits at some point. So 614 00:33:55,200 --> 00:33:57,240 Speaker 1: it's just when is the market going to start paying 615 00:33:57,280 --> 00:33:59,720 Speaker 1: attention to that is really going to be the heat 616 00:33:59,760 --> 00:34:02,800 Speaker 1: question in terms of performance over arguably the next year. 617 00:34:03,000 --> 00:34:08,080 Speaker 1: Are there alternatives first stocks at this point? Well, yeah, 618 00:34:08,160 --> 00:34:12,960 Speaker 1: that's a good alternatives that worked well exactly. Yeah, alternatives, 619 00:34:12,960 --> 00:34:15,200 Speaker 1: whether they're going to go up or down? As the question, uh, 620 00:34:15,239 --> 00:34:18,239 Speaker 1: you know, we're still we're actually more short duration than 621 00:34:18,280 --> 00:34:22,320 Speaker 1: we were, so certainly don't see treasuries uh as as 622 00:34:22,400 --> 00:34:25,880 Speaker 1: an opportunity. Uh you know, basically in terms of our 623 00:34:25,920 --> 00:34:28,520 Speaker 1: equity allocations are actually outside the US. On one hand, 624 00:34:28,600 --> 00:34:30,719 Speaker 1: the opportunities outside the US that this is the market 625 00:34:30,760 --> 00:34:32,800 Speaker 1: where you're going to have the biggest increase in rates, 626 00:34:32,800 --> 00:34:34,720 Speaker 1: you probably want to live for markets where you don't 627 00:34:34,760 --> 00:34:38,040 Speaker 1: have such big increases in rates are overweights, are U T. E. 628 00:34:38,200 --> 00:34:41,680 Speaker 1: M A Your China specifically in Japan. We also like 629 00:34:42,000 --> 00:34:46,959 Speaker 1: Eurozone investment grade credit where you've got pretty good valuations, 630 00:34:46,960 --> 00:34:49,960 Speaker 1: are high spreads relative to the risk. But you're right, 631 00:34:50,040 --> 00:34:53,239 Speaker 1: it is selective at this point, perhaps having to wait 632 00:34:53,239 --> 00:34:56,560 Speaker 1: for a better entry in the months ahead. Dan always 633 00:34:56,560 --> 00:34:59,799 Speaker 1: a pleasure appreciated Daniel Moore's chief Market Strategies to be 634 00:34:59,880 --> 00:35:02,680 Speaker 1: a be paraba with us this morning as we look 635 00:35:02,719 --> 00:35:06,400 Speaker 1: ahead to the market open this morning. Futures Indicata mixed 636 00:35:06,440 --> 00:35:09,600 Speaker 1: open down futures right now there are thirty eight points 637 00:35:09,640 --> 00:35:12,800 Speaker 1: arisive about a tenth of a percent. The SMP Emitate 638 00:35:12,880 --> 00:35:16,280 Speaker 1: futures up only a point, and the tech heavy NANCA 639 00:35:16,440 --> 00:35:20,080 Speaker 1: futures right now they are down nineteen points. That's down 640 00:35:20,440 --> 00:35:23,400 Speaker 1: two tenths of a percent. Ten Ure yield to seventy 641 00:35:23,400 --> 00:35:27,640 Speaker 1: eight or two year at one. You're listening to Boomberg 642 00:35:27,680 --> 00:35:28,120 Speaker 1: Daybreak