WEBVTT - Bloomberg Daybreak: August 9, 2022 - Hour 1 (Radio) 0:00:03.400 --> 0:00:05.600 Nathan. Thanks five o seven on Walls Free Time to 0:00:05.600 --> 0:00:07.880 bring in Michael Barne out with more on what else 0:00:07.960 --> 0:00:10.600 is going on in New York and around the world. John, 0:00:10.680 --> 0:00:12.720 thank you very much, sir. The bad news the heat 0:00:12.760 --> 0:00:15.800 wave continues in the Tri State area. The good news 0:00:15.800 --> 0:00:19.840 it ends tonight. Bloomberg meteorologist Rob Caroline has the latest. 0:00:20.079 --> 0:00:22.160 Good morning, Michael, we have a heated vistory and effect 0:00:22.160 --> 0:00:24.400 for the Tri State area until eight pm this evening. 0:00:25.160 --> 0:00:27.000 Heat advised me though the last one of the week. 0:00:27.080 --> 0:00:29.040 It looks like temperatures are gonna cool off quite a 0:00:29.040 --> 0:00:30.600 bit as we head to the remainder of the week. 0:00:30.880 --> 0:00:33.560 Today we're up around ninety five Tomorrow, it's eighty five 0:00:33.600 --> 0:00:37.240 and eighty five again on Thursday, than only five on Friday, 0:00:37.240 --> 0:00:39.760 with much less humidity, so we're definitely gonna be breaking 0:00:39.760 --> 0:00:42.760 the heat wave, Michael. Thanks for Rob. Con Ed is 0:00:42.840 --> 0:00:45.600 asking residents and parts of Brooklyn and Queens to curb 0:00:45.680 --> 0:00:48.600 their energy use as high heats herees New York City. 0:00:48.960 --> 0:00:52.159 The utility asked homes and businesses and the affected areas 0:00:52.200 --> 0:00:56.960 to refrain from using power hungry appliances, including washers, dryers, 0:00:57.040 --> 0:01:00.960 and microwaves until the crew completes repair airs, and also 0:01:01.040 --> 0:01:05.119 requested that presidents only use one air conditioner. President Biden 0:01:05.160 --> 0:01:08.520 extended help and the FEMA check book to flood soaked 0:01:08.560 --> 0:01:12.600 eastern Kentucky as he visited storm damaged areas. The president 0:01:12.680 --> 0:01:17.160 toward water demolished neighborhoods, where he immediately issued federal disaster 0:01:17.280 --> 0:01:20.679 declarations so they could rebuild from last week's deadly storms. 0:01:21.160 --> 0:01:23.880 After meeting with families impacted by the flooding in the 0:01:23.880 --> 0:01:27.320 town of Lost Creek, President Biden says he will be 0:01:27.400 --> 0:01:30.600 back to help them rebuild from the flooding. All Americans, 0:01:30.600 --> 0:01:34.480 everybody has an obligation to help. We have the capacity 0:01:34.600 --> 0:01:37.480 to do this. It's not like it's beyond our control. 0:01:38.000 --> 0:01:41.600 The President also preaching unity in the response to the disaster. 0:01:42.000 --> 0:01:45.399 The Pentagon says it believed that as many as eighty 0:01:45.400 --> 0:01:48.120 thousand Russian troops have been killed or wounded and under 0:01:48.160 --> 0:01:51.800 six months of fighting in Ukraine. Under Secretary of Defense 0:01:51.800 --> 0:01:56.000 from Policy Colin cull says, it's pretty remarkable considering that 0:01:56.040 --> 0:01:59.760 the Russians have achieved none of Vladimir Putin's objectives at 0:01:59.800 --> 0:02:03.200 the getting of the war. China has extended military drills 0:02:03.240 --> 0:02:08.040 near Taiwan's airspace and sees today Taiwan says China is 0:02:08.160 --> 0:02:11.880 using war drills to plan a future invasion. Beloved actress 0:02:12.040 --> 0:02:21.320 and singer Olivia Newton John has died. She was famous 0:02:21.360 --> 0:02:23.560 for her hits like letting Me Be There, Physical and 0:02:23.680 --> 0:02:27.200 her breakout role in Greece. Olivia Newton John was seventy 0:02:27.200 --> 0:02:30.200 three Global News twenty four hours a day on air 0:02:30.320 --> 0:02:33.639 and on Bloomberg Quicktake, powered by more than twenty seven 0:02:33.720 --> 0:02:36.360 hundred journalists and analysts more than a hundred twenty countries. 0:02:36.720 --> 0:02:43.160 Michael barn this is Bloomberg, John Michael, thank you, guys. 0:02:43.160 --> 0:02:45.200 I'll find Tanda all wall Street. That's time for the 0:02:45.200 --> 0:02:47.960 Bloomberg Sports Update. And good morning, John Stash all Right, 0:02:47.960 --> 0:02:50.480 good morning, John Tucker. When the Yankees were flying high 0:02:50.520 --> 0:02:52.840 first half of the season, they were relatively healthy. That's 0:02:52.840 --> 0:02:55.399 no longer the case, John Carla Stanton on the injured list, 0:02:55.400 --> 0:02:57.880 those Luis sevareno, Michael King done for the year. And 0:02:58.000 --> 0:03:01.080 last night in Seattle, Matt kar Finger foul the ball 0:03:01.080 --> 0:03:03.959 off his foot. It's a fracture that might end what's 0:03:03.960 --> 0:03:06.440 been a remarkable season for Carpenter. He had hit only 0:03:06.480 --> 0:03:08.880 seven home runs over his previous two seasons. He joined 0:03:08.880 --> 0:03:12.000 the Yankees in late May. His slugging percentage since then 0:03:12.360 --> 0:03:14.360 is the best of the major leagues. Yankee beat the 0:03:14.360 --> 0:03:16.679 Mariners nine to four to end a five game loving three. 0:03:16.919 --> 0:03:19.360 Josh Donaldson was his best game of the season. Two doubles, 0:03:19.360 --> 0:03:21.120 a home run. He drove in three, so did Andrew 0:03:21.200 --> 0:03:24.480 Benn and Tendie, who had struggled since his acquisition. Jamison 0:03:24.480 --> 0:03:27.400 Tyn won seventens, allowed only three hits. He's now eleven 0:03:27.400 --> 0:03:29.560 and two. And City Field Mets beat the Reds. They 0:03:29.560 --> 0:03:32.520 made a thirteen of their last fifteen to run homer 0:03:32.560 --> 0:03:34.720 in the first anybody Darling Marte and the Mets put 0:03:34.720 --> 0:03:38.200 it away in the eighth. The pitch sw'ar gonna drive 0:03:38.400 --> 0:03:41.160 deep too, right back those at Kino under the track 0:03:41.360 --> 0:03:44.920 here the fence reaches up. If bounces off his glove. 0:03:45.280 --> 0:03:48.119 If the score from seconders tata here comes big deal 0:03:48.200 --> 0:03:50.640 around third to score take it for third. A stink. 0:03:51.040 --> 0:03:53.720 He's in with a triple. And that's how a five 0:03:53.800 --> 0:03:56.120 to work play. And that was the final w CBS 0:03:56.200 --> 0:03:58.440 to call the Tyler nake from triple. Chris Bassett worked 0:03:58.440 --> 0:04:00.240 eight in did not allow an earned run. The Let's 0:04:00.240 --> 0:04:02.920 now lead the Braves by seven games. That key Jet 0:04:03.280 --> 0:04:06.480 has suffered an injury training game Tapla McKay Beckton heard 0:04:06.480 --> 0:04:08.600 his knee, same one that kept him out last season. 0:04:08.880 --> 0:04:10.920 He had an m R I now headed for further tests. 0:04:10.920 --> 0:04:13.440 An eventful day for the Giants. Several fights broke out 0:04:13.880 --> 0:04:16.680 that does sometimes happen at training camp. Linebacker Take Crowder 0:04:16.720 --> 0:04:19.719 and center John Feliciano among those involved. Giants have their 0:04:19.839 --> 0:04:23.320 preseason opener Thursday at New England. John stashually went Bloomberg 0:04:23.360 --> 0:04:26.039 spots John, all right, thanks John, and just the cash 0:04:26.120 --> 0:04:29.040 open Wall Street. Down futures right now, they're up sixty 0:04:29.040 --> 0:04:32.600 seven points. He has to be evening futures up about 0:04:32.640 --> 0:04:37.120 eight points and an asset features twelve points higher. And 0:04:37.160 --> 0:04:39.840 as we look at the two year yield three twenty one, 0:04:39.960 --> 0:04:43.520 the ten year to seventy eight, this is Bloomberg. Dame 0:04:43.600 --> 0:04:48.920 Brad just a Hand will speak with Wendy Schiller to 0:04:49.080 --> 0:04:51.719 enter the Talment Center for American Politics and Policy at 0:04:51.760 --> 0:04:56.120 Around University for analysis and perspective on the FBI raid 0:04:56.520 --> 0:05:03.240 At the former President's Maral longer was State Markets, headlines 0:05:03.279 --> 0:05:06.280 and breaking news twenty four hours a day at Bloomberg 0:05:06.320 --> 0:05:09.640 dot Com, The Bloomberg Business at and at Bloomberg Quicktake, 0:05:10.240 --> 0:05:19.360 She's a Bloomberg Business Flash, Nathan Hagar. Futures are holding 0:05:19.400 --> 0:05:22.239 steady this morning. The dollar is slipping as investors bet 0:05:22.320 --> 0:05:27.120 strong earnings can continue despite recent disappointments. We check the 0:05:27.120 --> 0:05:29.919 markets every fifteen minutes during the trading day on Bloomberg. 0:05:30.160 --> 0:05:32.880 SMP futures right now have seven points. Stout futures are 0:05:32.920 --> 0:05:36.599 hired by sixty nine NASDAC futures, a gain of eleven points. 0:05:36.600 --> 0:05:39.200 The tenure Treasury is down seven thirty seconds. The yield 0:05:39.200 --> 0:05:41.600 two point seven eight percent. Yield on the two year 0:05:41.760 --> 0:05:44.920 is three point to one percent. Nimex Screwed is down 0:05:45.000 --> 0:05:47.360 one point two percent, down a dollar eleven at eighty 0:05:47.440 --> 0:05:50.160 nine dollar sixty five cents. A barrel. Comic Gold is 0:05:50.240 --> 0:05:52.400 up one tenth percent or two dollars fifty cents at 0:05:52.400 --> 0:05:54.920 eighteen o seven seventy an ounce. The euro one point 0:05:55.000 --> 0:05:57.360 zero two four five against the dollar. The en is 0:05:57.360 --> 0:05:59.960 at one thirty four point nine zero. That's a Bloomberg 0:06:00.080 --> 0:06:01.920 is this flash? Now? Here's Michael Barr with more on 0:06:02.000 --> 0:06:03.800 what's going on around the Girl Up the morning, Michael, 0:06:04.080 --> 0:06:07.240 Good morning, Nathan. The FBI has searched former President Donald 0:06:07.279 --> 0:06:09.680 Trump's from Mamara Lago with State as part of an 0:06:09.680 --> 0:06:13.279 investigation into whether he took classified records from the White 0:06:13.279 --> 0:06:16.760 House to his Florida residents. Trump says agents opened up 0:06:16.760 --> 0:06:19.760 a safe at his home and describes their work as 0:06:20.120 --> 0:06:24.440 an unannounced raid that he likened to prosecutorial misconduct. Will 0:06:24.480 --> 0:06:27.960 have more on this straight Ahead. Teachers and staff returned 0:06:28.000 --> 0:06:30.719 to work today at public schools in Yuvoldi, Texas. It 0:06:30.760 --> 0:06:33.920 follows the deadly mass shooting in May at rob Elementary School. 0:06:34.240 --> 0:06:36.960 In baseball, the Yankees beat the Mariners nine four, The 0:06:37.000 --> 0:06:40.760 Mets beat the Reds five one, the Nationals and A's lost. 0:06:41.040 --> 0:06:44.880 The Orioles and Giants won Global news twenty four hours 0:06:44.920 --> 0:06:47.679 a day on air and on Bloomberg Quick Take, powered 0:06:47.680 --> 0:06:50.240 by more than twenty seven hundred journalists and analysts and 0:06:50.320 --> 0:06:53.080 more than a hundred twenty countries. Michael Barr and this 0:06:53.279 --> 0:06:56.320 is Bloomberg, John and Michael, thank you, five nineteen at 0:06:56.360 --> 0:06:58.480 Wall Street. We are in live from the Bloomberg into 0:06:58.560 --> 0:07:02.680 Anto Broker Studios. This is Bloomberg Daybreak. As Michael mentioned, 0:07:02.760 --> 0:07:06.760 stunning development and the ongoing legal battles involving former President Trump. 0:07:07.120 --> 0:07:10.120 For the first time in history, a search warrant executed 0:07:10.160 --> 0:07:12.840 at the home of a former president, and let's find 0:07:12.840 --> 0:07:15.320 out more this morning, joined by Joe Matthew, the host 0:07:15.360 --> 0:07:17.840 of Bloomberg's Sound On. Joe, thanks for me with us. 0:07:18.080 --> 0:07:20.280 There are a couple of ways that the law enforcement 0:07:20.320 --> 0:07:24.160 can get stuff that they want, either through a subpoena 0:07:24.640 --> 0:07:28.000 or a search warrant, and the distinction is important here, 0:07:28.960 --> 0:07:30.920 Well it is, and this is you know, we want 0:07:30.920 --> 0:07:33.760 to be careful here in the way we're framing this. 0:07:33.920 --> 0:07:36.120 People are using the word raid because that's what Donald 0:07:36.160 --> 0:07:39.520 Trump called it in his statement to the media last night. 0:07:39.600 --> 0:07:43.160 This was a search warrant facilitated by the Secret Service, 0:07:43.200 --> 0:07:45.400 So I just want to be clear. They weren't knocking 0:07:45.400 --> 0:07:47.800 down doors, there were no battering rams. People were not 0:07:47.840 --> 0:07:50.880 taken into custody. And this brings us back to January 0:07:51.280 --> 0:07:55.640 when the National Archives first went in to retrieve fifteen 0:07:55.720 --> 0:07:58.080 boxes at that point of documents and items from our 0:07:58.120 --> 0:08:00.640 a lago that should have been turned over when Trump 0:08:00.720 --> 0:08:03.320 left the White House. At that time, they said they 0:08:03.320 --> 0:08:05.920 were continuing to search for additional records, and they have 0:08:05.960 --> 0:08:11.160 been asking the Trump former White House, the former administration 0:08:11.200 --> 0:08:15.040 to hand these over ever since. So what we saw yesterday, 0:08:15.080 --> 0:08:17.880 just to be clear, was was a very deliberate search 0:08:18.000 --> 0:08:20.920 facilitated by the Secret Service, approved by a judge. And 0:08:20.960 --> 0:08:23.800 you cannot get a search warrant like this unless you 0:08:23.880 --> 0:08:26.960 not only make the case of probable cause, but you 0:08:27.080 --> 0:08:30.360 also have to be specific about what you are looking for. Now, 0:08:30.400 --> 0:08:32.160 granted they took a lot of boxes out of there, 0:08:32.200 --> 0:08:33.840 they got into the safe, they could be looking for 0:08:33.880 --> 0:08:36.880 as little as one document, as far as we know, 0:08:37.240 --> 0:08:39.240 if it is top secret, that's all it would take 0:08:39.240 --> 0:08:42.440 to trigger that search yesterday. Is it implicit that not 0:08:42.600 --> 0:08:45.720 going the root of a subpoena, they thought that they 0:08:45.760 --> 0:08:49.439 wouldn't get it. Otherwise that's possible. We don't know this. 0:08:49.880 --> 0:08:51.880 We have to remember, of course, that there have been 0:08:51.920 --> 0:08:55.760 a lot of reports about Donald Trump disposing of documents, 0:08:55.800 --> 0:08:58.600 tearing them up, flushing them down the toilet, and in fact, 0:08:58.800 --> 0:09:01.480 some of the documents that were provided to the National 0:09:01.600 --> 0:09:03.160 Archives at the beginning of the year, as I mentioned 0:09:03.160 --> 0:09:06.559 in January uh in fact had been taped back together, 0:09:06.760 --> 0:09:08.880 they were torn up, thrown away, and they had to 0:09:08.880 --> 0:09:12.040 be reconstructed at the White House. All of that violates 0:09:12.080 --> 0:09:14.920 the Presidential Records Act. Do we know what the documents 0:09:15.000 --> 0:09:18.480 they were looking for possibly relate to? We We really don't. 0:09:18.600 --> 0:09:20.559 And this is where it gets interesting here, Like, look, 0:09:20.640 --> 0:09:23.840 just about every administration people should also understand this have 0:09:23.960 --> 0:09:27.240 had some violation of the Presidential Records Act. The Washington 0:09:27.240 --> 0:09:29.520 Post reminds us this morning, Bill and Hillary Clinton had 0:09:29.559 --> 0:09:32.560 to return twenty eight thousand dollars in furnishings that they 0:09:32.600 --> 0:09:35.240 said we're gifts were actually property of the White House. 0:09:35.280 --> 0:09:38.360 We've just never seen anything on this scale. So it 0:09:38.440 --> 0:09:41.520 does imply that this is important. This is a top 0:09:41.559 --> 0:09:44.679 secret memo, It could be a series of documents, and 0:09:44.679 --> 0:09:47.920 it also John could be tied potentially to the Department 0:09:47.960 --> 0:09:52.320 of Justices January six investigation. That remains completely unclear to us. 0:09:52.320 --> 0:09:54.920 And we have to be honest about how little we know. Okay, 0:09:55.040 --> 0:09:57.800 so what is the former president and what are his 0:09:57.840 --> 0:10:00.400 supporters saying at this point? Well, it's know it's a 0:10:00.480 --> 0:10:04.720 doom scroll. This morning on Twitter, Kevin McCarthy was quick 0:10:04.760 --> 0:10:07.800 to tweet, this is the Minority leader that he promises 0:10:07.840 --> 0:10:12.000 an investigation into this. He will be specifically investigating Merrick Garland. 0:10:12.000 --> 0:10:13.760 He tweeted to him, he said, put the date on 0:10:13.800 --> 0:10:17.320 your calendar, assuming that he becomes speaker after the mid terms. 0:10:17.640 --> 0:10:22.240 New oversight to the FBI Marjorie Taylor Green among others. Uh, 0:10:22.559 --> 0:10:26.679 in Trump's uh ecosphere, if you will, are calling for 0:10:26.840 --> 0:10:30.280 defunding the FBI, not unlike defund the police. Now this 0:10:30.360 --> 0:10:33.400 is the new defund the FBI. Uh. Matt Gates, another 0:10:33.440 --> 0:10:37.720 Trump supporter congressman, refers to January six as the FED surrection. 0:10:38.240 --> 0:10:41.920 So this really reinforces this allergy that Trump supporters have 0:10:42.080 --> 0:10:45.560 to federal law enforcement. Well, can the former president metaphorically 0:10:45.640 --> 0:10:48.560 set fire to the Justice Department with his supporters to 0:10:48.600 --> 0:10:52.360 evade responsibility? Could I ask the question again, could he 0:10:52.400 --> 0:10:56.280 do what? Could he metaphorically set fire to the Justice 0:10:56.320 --> 0:10:59.520 Department at this point? Well, if he got reelected, I suppose, 0:10:59.559 --> 0:11:01.480 but I'm not sure. If you mean Donald Trump, I'm 0:11:01.480 --> 0:11:03.199 not sure what's way he would have over the Justice 0:11:03.200 --> 0:11:06.760 Department right now. If Republicans take the majority in the House, 0:11:06.800 --> 0:11:09.040 you're gonna see a lot of hearings. But that does 0:11:09.080 --> 0:11:12.600 not necessarily do anything to change the case for Donald Trump. 0:11:12.720 --> 0:11:15.359 And what does it do to change the case, possibly 0:11:15.440 --> 0:11:19.480 for the general election. That's a great question, and it's 0:11:19.559 --> 0:11:22.160 pretty difficult to roll out more than two years at 0:11:22.200 --> 0:11:25.079 the moment. Here. I would remind you, though, that Christopher Ray, 0:11:25.120 --> 0:11:29.400 the FBI director, was selected by President Trump after he 0:11:29.559 --> 0:11:35.280 fired Director Comey. And uh, although you would not necessarily expect, 0:11:35.640 --> 0:11:37.800 you know, such a bold move a hundred days before 0:11:38.040 --> 0:11:41.679 the midterm elections for violating the Presidential Records Act, never 0:11:41.679 --> 0:11:45.319 mind the elections. All right, Joe, thanks very much. Well, 0:11:45.360 --> 0:11:48.640 before you go, what do we look for next? Well, gosh, 0:11:48.679 --> 0:11:51.520 that's a great question. Look, Donald Trump would also it 0:11:51.559 --> 0:11:53.480 strikes me have a copy of that warrant. I think 0:11:53.480 --> 0:11:55.040 that we will. We will have to learn at some 0:11:55.080 --> 0:11:57.280 point what it is they were looking for. But knowing 0:11:57.320 --> 0:12:00.319 that they have laptops, hard drives, documents, and so fourth, 0:12:00.440 --> 0:12:02.679 there's gonna be weeks, if not months of downloading and 0:12:02.840 --> 0:12:05.720 ingesting data, could be some time before we understand, unless, 0:12:05.760 --> 0:12:07.960 of course, the FBI is a little leaky, and then 0:12:08.000 --> 0:12:10.280 we might know as soon as today. Joe, always a pleasure, 0:12:10.320 --> 0:12:14.000 appreciate it, Joe Matthew host a Bloomberg Sound Dot. As 0:12:14.000 --> 0:12:16.120 we look at markets right now ahead of the cash 0:12:16.160 --> 0:12:19.160 open on Wall Street. The futures indicate the higher open 0:12:19.640 --> 0:12:22.520 the dowl right now Dale futures of sixty one points, 0:12:22.520 --> 0:12:24.720 that's a rise of two tents of a percent. Smp 0:12:24.920 --> 0:12:27.520 E many futures there are up six points, that's up 0:12:27.559 --> 0:12:30.160 to tens of a percent. And the tech heavy nazac 0:12:30.480 --> 0:12:33.679 E many futures right now four points higher. And as 0:12:33.679 --> 0:12:35.800 we look at treasuries, the two year you have three, 0:12:35.840 --> 0:12:39.679 twenty two, the ten year year to seventy eight. You 0:12:39.720 --> 0:12:46.800 are listening to Bloomberg Daybreak. Day Break brought to you 0:12:46.840 --> 0:12:50.320 by Pepack Private Wealth Management. Pepack Private Wealth Management knows 0:12:50.320 --> 0:12:52.679 that a portfoligo is more than a collection of assets. 0:12:52.720 --> 0:12:55.160 It's a path to your future. Because the Pepack Private 0:12:55.200 --> 0:13:03.520 dot Com begin your financial legacy today, broadcasting live from 0:13:03.520 --> 0:13:07.679 the Bloomberg Interactive Broker Studio in New York, Bloomberg Loving 0:13:08.200 --> 0:13:12.360 to Washington, d C. Bloomberg to Boston, Bloomberg one O 0:13:12.559 --> 0:13:16.040 six one to San Francisco, Bloomberg No. Sixt to the Country, 0:13:16.160 --> 0:13:19.160 Sirius XM Chado one nine team and around the globe, 0:13:19.240 --> 0:13:22.880 the Bloomberg Business app and Bloomberg Radio dot Com. This 0:13:23.160 --> 0:13:31.280 is Bloomberg Daybreak. He has five thirty on Wall Street. 0:13:31.320 --> 0:13:33.680 Good morning, I'm John Tucker and I'm Nathan Hagar. We 0:13:33.679 --> 0:13:35.920 are about four hours away from the open of US trading. 0:13:35.960 --> 0:13:37.320 Let's get you have the data on the news you 0:13:37.320 --> 0:13:39.320 need to know at this hour. Beginning with a stunning 0:13:39.360 --> 0:13:43.440 political development overnight, former President Donald Trump says federal agents 0:13:43.559 --> 0:13:46.280 rated his residence at Mara Lango. It's part of an 0:13:46.320 --> 0:13:49.920 investigation into whether the former president took classified documents from 0:13:49.920 --> 0:13:52.840 the White House. We get analysis from Robert Mints, partner 0:13:52.880 --> 0:13:59.040 at mcarter and English. It's absolutely shocking and completely unprecedented. 0:13:59.600 --> 0:14:04.040 This to require approval from the highest levels of the 0:14:04.080 --> 0:14:08.160 Department of Justice. Merrick Garland, the Attorney General himself, would 0:14:08.200 --> 0:14:11.280 certainly have had to have been a part of this decision, 0:14:11.679 --> 0:14:14.200 and I've signed off on this before going to a 0:14:14.240 --> 0:14:17.520 federal judge. Attorney Robert Mint says the search warrant has 0:14:17.600 --> 0:14:20.520 quote the nuclear bomb in the arsenal of prosecutors. The 0:14:20.520 --> 0:14:23.600 search stems from a National Archives request about the transfer 0:14:23.600 --> 0:14:26.400 of presidential documents tomorrow lago and we get more from 0:14:26.440 --> 0:14:31.440 Bloomberg political contributor former GOP strategist Rick Davis. There is 0:14:31.760 --> 0:14:36.400 a penalty associated with violating this provision. It says that 0:14:36.480 --> 0:14:41.080 if you're convicted of violating this rule of holding these documents, 0:14:41.200 --> 0:14:44.400 especially top secret documents, you'll forfeit your office and be 0:14:44.520 --> 0:14:48.000 disqualified from holding any other office under the United States. 0:14:48.600 --> 0:14:51.800 Rick Davis sends this investigation adds to the former president's 0:14:51.920 --> 0:14:55.280 legal worries, which include a separate grand jury probb efforts 0:14:55.280 --> 0:14:59.000 to overturn the twenty election. Donald Trump anytimes says he's 0:14:59.040 --> 0:15:02.120 being targeted to a rail another run for the White House. 0:15:02.520 --> 0:15:04.640 More on this developing story throughout the morning here on 0:15:04.680 --> 0:15:07.360 Bloomberg Radio. But first, let's turn to the markets for 0:15:07.400 --> 0:15:11.320 a moment. Right now, we have futures. They are mixed, 0:15:11.400 --> 0:15:14.400 amptery yesterday's session. What saw on the SMP five punder 0:15:14.480 --> 0:15:16.840 give up a one percent game to close little change. 0:15:17.040 --> 0:15:20.320 Treasury yields are higher, Stocks in Europe and Asia are mixed, 0:15:20.560 --> 0:15:24.200 and the dollar weakening this morning. Shares of Novovas genre 0:15:24.280 --> 0:15:27.120 down about thirty percent in early trading. That's after the 0:15:27.160 --> 0:15:30.920 drugmaker slashed its revenue forecast. Bloomberg's Ornita Young joins its 0:15:30.960 --> 0:15:33.280 live with the details. Good morning, Grenita, Good morning, Nathan. 0:15:33.400 --> 0:15:36.720 Novavax expects sales this year to be between two billion 0:15:36.760 --> 0:15:39.920 and two point three billion dollars. That's about half of 0:15:40.000 --> 0:15:43.360 the earlier estimate of four billion to five billion dollars 0:15:43.360 --> 0:15:46.720 for the year. And it's all because it's COVID nineteen vaccine, 0:15:46.880 --> 0:15:50.440 which already trailed competitors getting to market, failed to live 0:15:50.520 --> 0:15:54.000 up to expectations. Demand for its vaccine fell both in 0:15:54.080 --> 0:15:58.480 the US and globally. Novovax also reports second quarter losses 0:15:58.560 --> 0:16:02.480 wider than analyst xtations. Live in New York, I'm gonna 0:16:02.520 --> 0:16:04.840 need a young Bloomberg daybreak. We need to thank you. 0:16:04.920 --> 0:16:07.720 Futures are mixed this morning, SMP futures up three point, 0:16:07.760 --> 0:16:11.280 staff futures of forty seven, nastack futures down five points. 0:16:11.560 --> 0:16:19.200 Local headlines in a check of sports. Next, this is Bloomberg, alright, 0:16:19.200 --> 0:16:22.360 Thanks on Wall Street. Time to bring in Michael Barr 0:16:22.400 --> 0:16:24.280 with Moore of what else is going on in New 0:16:24.360 --> 0:16:27.080 York and around the world, John, thank you very much. 0:16:27.120 --> 0:16:29.960 Sarah Khan ed as asking residents and parts of Brooklyn 0:16:30.000 --> 0:16:32.800 and Queens to curb their energy use as high heat 0:16:32.920 --> 0:16:36.920 sears New York City. The utility reduced voltage by eight 0:16:36.920 --> 0:16:41.440 percent protect equipment while crews make unspecified repairs and several 0:16:41.480 --> 0:16:44.680 communities that are home to about a d nine thousand customers. 0:16:45.000 --> 0:16:47.840 A heat advisory is in place for the area until 0:16:48.000 --> 0:16:52.600 eight pm tonight. President Biden and First Lady Jill Biden 0:16:52.720 --> 0:16:56.720 toured the devastation in eastern Kentucky where these thirty seven 0:16:56.760 --> 0:17:00.040 people were killed during the flooding last week. After a 0:17:00.120 --> 0:17:02.840 meeting with families impacted by the flooding and the town 0:17:02.880 --> 0:17:06.679 of Lost Creek. President Biden vows to support Kentucky however 0:17:06.760 --> 0:17:09.520 long it takes to recover from the flooding. I don't 0:17:09.560 --> 0:17:11.960 want any Kentucky and telling me you don't. You don't 0:17:11.960 --> 0:17:14.119 have to do this for me. Oh yeah, we do. 0:17:14.760 --> 0:17:18.560 You're an American citizen. We never give up. We never stopped, 0:17:18.600 --> 0:17:21.320 We never bow, we never bent. We just go forward. 0:17:21.800 --> 0:17:23.960 And that's what we're going to do here. The President 0:17:24.040 --> 0:17:27.000 is sending FEMA money for people to help rebuild. China 0:17:27.080 --> 0:17:30.720 has extended a schedule of military drills around Taiwan. Bloomberg 0:17:30.720 --> 0:17:33.360 has had backs to reports the US is, saying Beijing 0:17:33.560 --> 0:17:36.240 needs to be careful. President Joe Biden says he is 0:17:36.280 --> 0:17:40.640 not worried, but is concerned, while spokesman Karine Jean Pierre 0:17:40.680 --> 0:17:43.239 says they can't continue the way they are. They are 0:17:43.280 --> 0:17:46.639 provocative and irresponsible and raise the risk of miscalculation, and 0:17:46.800 --> 0:17:50.160 Under Secretary of Defense for Policy Call and Calls says, 0:17:50.359 --> 0:17:52.600 the US is not going to pull back. What's important 0:17:52.640 --> 0:17:55.439 for US right now um is to make sure that 0:17:55.480 --> 0:17:58.840 Beijing understands that our forces in the region will continue 0:17:58.880 --> 0:18:01.520 to operate. Also as China should be very careful to 0:18:01.560 --> 0:18:05.800 protect against any miscalculations. In San Francisco, I'm at Baxter, 0:18:05.880 --> 0:18:09.040 Bloomberg Gay Break, voters would choose a Republican nominee for 0:18:09.080 --> 0:18:13.320 Wisconsin governor today. Tim Michael's, backed by former President Trump, 0:18:13.359 --> 0:18:17.280 is up against former Lieutenant Governor Rebecca Cleefish, backed by 0:18:17.480 --> 0:18:21.520 former Vice President Mike Pence. The winner faces Democratic Governor 0:18:21.680 --> 0:18:24.720 Tony Evers. Global News twenty four hours a day on 0:18:24.840 --> 0:18:28.080 air and on Bloomberg Quicktake, powered by more than twenty 0:18:28.080 --> 0:18:30.760 seven hundred journalist and analyst more than a hundred twenty countries. 0:18:30.840 --> 0:18:33.200 I'm Michael bar This is Bloomberg, John Michael, Thank you 0:18:38.320 --> 0:18:41.119 on Wall Street. That's time for the Bloomberg Sports Update. 0:18:41.280 --> 0:18:43.480 Good morning, John Stann Show. All right, John, much needed 0:18:43.520 --> 0:18:45.560 win for the Yankees They've just gotten swept in St. 0:18:45.600 --> 0:18:47.719 Louis had lost five and a row only nine wins 0:18:47.760 --> 0:18:50.480 in twenty five games. They won in Seattle nine to four. 0:18:50.640 --> 0:18:53.359 Josh Donaldson had a big game for it, two doubles, 0:18:53.359 --> 0:18:55.440 a home run, drove in three, and Aaron Judge Homer 0:18:55.480 --> 0:18:58.560 to the ninth. That's number forty four. Jamison tyone went 0:18:58.560 --> 0:19:00.960 to eleven and two. But the win is costly. Matt 0:19:01.000 --> 0:19:04.280 Carpenter broke his left foot fouling a pitch off. It's 0:19:04.280 --> 0:19:09.119 obviously not ideal. I mean, you know, treaty pretty disappointing, 0:19:09.359 --> 0:19:13.320 but uh, you know, I've my mindset is that this 0:19:13.440 --> 0:19:15.919 won't be the end for me here this year. I mean, 0:19:15.960 --> 0:19:18.840 I'm hopeful that I can come back and contribute, and 0:19:19.800 --> 0:19:21.800 you know I haven't don't have a timeline yet, but 0:19:21.880 --> 0:19:25.800 I'm hopeful for the best. Carpenter has been amazing since 0:19:25.840 --> 0:19:28.280 his debut in late May, batting over three hundred fifteen 0:19:28.320 --> 0:19:30.960 home runs. Speaking of amazing, Mets minute thirteen oh last 0:19:30.960 --> 0:19:34.240 fifteen at City Field five one over Cincinnati before the 0:19:34.280 --> 0:19:36.119 Reds got him out. That's led to nothing on the 0:19:36.119 --> 0:19:38.800 Starley Marte Homer, Chris Bassett sharp and Eightian ings of 0:19:38.840 --> 0:19:41.399 the Mets now leave the NL East by seven. At 0:19:41.480 --> 0:19:44.720 Jets training camp, tackle McKay Beckton reinjrew the knee that 0:19:44.840 --> 0:19:47.560 kept him that most of last season. Several reports that 0:19:47.680 --> 0:19:50.560 Kevin Durant met with Josiah and told the Nets owner 0:19:50.640 --> 0:19:54.159 either trade may or fire coach Steve Nash and general 0:19:54.160 --> 0:19:56.959 manager Shawn Marks, and SI has already said he's not 0:19:57.000 --> 0:19:59.880 firing them, so the trade talks continue. With Boston, Miami 0:19:59.880 --> 0:20:03.000 and Toronto scene is the most likely destinations for Durant, 0:20:03.000 --> 0:20:05.239 who has yet to start the four year, near two 0:20:05.320 --> 0:20:08.480 hundred million dollar contract he agreed to a year ago. 0:20:08.560 --> 0:20:11.600 It's not known why he wants Nash out. The feeling 0:20:11.640 --> 0:20:13.760 had always been that Katie was the one who wanted 0:20:13.760 --> 0:20:16.879 the Nets to hire him. John Stash a Bloomberg Sports 0:20:16.960 --> 0:20:19.760 John all right, John, thanks very less. He's five thirty 0:20:19.760 --> 0:20:21.600 seven old Wall Street. Time Now for the Dry and 0:20:21.600 --> 0:20:25.480 State Business Report. Here's Ed Corey. New York City's hotel 0:20:25.560 --> 0:20:28.040 industry is starting to come back from the dark days 0:20:28.040 --> 0:20:32.000 of the pandemic. Hotel occupancy tax revenue more than quadrupled 0:20:32.160 --> 0:20:35.040 to one forty million dollars from the second quarters of 0:20:35.080 --> 0:20:39.800 twenty one. Second quarter of two total near levels seen 0:20:39.840 --> 0:20:42.880 in the second quarter of two thousand nineteen, riders are 0:20:42.880 --> 0:20:46.120 not returning to New York City subways and enough numbers 0:20:46.320 --> 0:20:49.680 to stop a worsening cash crisis. Officials from the mt 0:20:49.840 --> 0:20:52.520 A planned to sit down with lawmakers and labor groups 0:20:52.560 --> 0:20:56.199 to begin negotiations on new sources of funding and cost cutting. 0:20:56.520 --> 0:20:59.520 They say it's too early to talk about specific options. 0:21:00.000 --> 0:21:02.480 In New Jersey, the governor has signed a law prohibiting 0:21:02.520 --> 0:21:07.920 tax preparers from engaging in certain practices involving refund anticipation 0:21:08.000 --> 0:21:12.440 checks and loans. It includes prohibiting preparers from requiring clients 0:21:12.720 --> 0:21:16.600 to enter into a refund anticipation check agreement to complete 0:21:16.600 --> 0:21:19.880 a tax return. At your Bloomberg Tri State Business Report, 0:21:19.960 --> 0:21:22.880 I'm Ed Corey, Thanks, said five thirty eight on Wall Street. 0:21:22.880 --> 0:21:25.880 Bloomberg Radios on the year from San Francisco to New York, 0:21:26.280 --> 0:21:28.679 London to Hong Kong, and let's check in now with 0:21:28.720 --> 0:21:30.880 their global news team for some of the top stories 0:21:30.960 --> 0:21:34.040 heard on our three hundred affiliate of radio stations around 0:21:34.080 --> 0:21:40.360 the world. I'm Steve Potaskan on k X in Los Angeles. 0:21:40.440 --> 0:21:43.320 We're talking about the co founder of Whole Foods starting 0:21:43.320 --> 0:21:46.720 a chain of vegetarian restaurants and a wellness centers, first 0:21:46.800 --> 0:21:51.080 in southern California. Um corneys ho on ktr H in Houston. 0:21:51.200 --> 0:21:53.960