1 00:00:01,600 --> 00:00:04,920 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:04,960 --> 00:00:08,760 Speaker 1: day Break for Wednesday, September seven. Coming up this hour, 3 00:00:08,920 --> 00:00:13,080 Speaker 1: global stock slump and the dollar strengthen. Says financial conditions tighten. 4 00:00:13,360 --> 00:00:16,279 Speaker 1: UK Prime Minister list Trust starts filling her cabinet and 5 00:00:16,320 --> 00:00:19,720 Speaker 1: takes her first questions from Parliament. Apple prepares to unveil 6 00:00:19,800 --> 00:00:24,040 Speaker 1: its latest iPhone, and California braces for potential blackhouse. Former 7 00:00:24,079 --> 00:00:27,280 Speaker 1: White House strategist Steve Bennett was surrendered at face criminal 8 00:00:27,360 --> 00:00:30,040 Speaker 1: churches in New York and new guidance from the White 9 00:00:30,040 --> 00:00:34,200 Speaker 1: House on COVID vaccines. I'm John Tucker. Those stories straight ahead. 10 00:00:34,560 --> 00:00:37,280 Speaker 1: I'm John stash Our. In sports, the Mets lost in Pittsburgh, 11 00:00:37,280 --> 00:00:40,480 Speaker 1: co Co Golf and Nick Carrios both lost their quarterfinal 12 00:00:40,520 --> 00:00:45,120 Speaker 1: matches last night at the US Open. That's all strain 13 00:00:45,200 --> 00:00:49,200 Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, 14 00:00:49,360 --> 00:00:54,040 Speaker 1: Bloomberg nine one, Washington, d C, Bloomberg one oh six one, Boston, 15 00:00:54,320 --> 00:00:58,960 Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nine team, 16 00:00:59,000 --> 00:01:01,880 Speaker 1: and around the world on Bloomberg Radio dot Com and 17 00:01:02,040 --> 00:01:09,039 Speaker 1: via the Bloomberg Business app Good morning. I'm Nathan Hagar 18 00:01:09,400 --> 00:01:12,160 Speaker 1: and I'm Karen Moscow in US stock index futures on 19 00:01:12,200 --> 00:01:14,600 Speaker 1: the rise this morning. We're coming up to five oh 20 00:01:14,600 --> 00:01:16,560 Speaker 1: one on Wall Street, and we checked the markets every 21 00:01:16,560 --> 00:01:19,200 Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, U S 22 00:01:19,240 --> 00:01:22,240 Speaker 1: and P futures of eight points down, futures have thirty 23 00:01:22,280 --> 00:01:26,000 Speaker 1: six NASDACK futures up thirty seven. The decks in Germany's 24 00:01:26,040 --> 00:01:28,720 Speaker 1: down a tenth of uppercent, CAC in Paris down three 25 00:01:28,720 --> 00:01:30,600 Speaker 1: tenths per cent, and the foot see one d is 26 00:01:30,640 --> 00:01:33,440 Speaker 1: down about eight tenths of upper set ten. Your treasury 27 00:01:33,480 --> 00:01:35,720 Speaker 1: up ten thirty seconds, you know, three point three one 28 00:01:35,760 --> 00:01:38,160 Speaker 1: percent they yield on the two year three point four 29 00:01:38,240 --> 00:01:41,120 Speaker 1: or five percent. Nimex screwed oil is up tenth of 30 00:01:41,200 --> 00:01:44,199 Speaker 1: upper cent or sixteen cents at eighty seven dollars seven 31 00:01:44,280 --> 00:01:46,600 Speaker 1: cents of barrel comex scold up two tenths per cent 32 00:01:46,720 --> 00:01:50,160 Speaker 1: or two dollars seventy cents is seventeen fifteen and ninety announced. 33 00:01:50,480 --> 00:01:54,720 Speaker 1: And the euro point one two against the dollar. Nathan, Karen, thanks, 34 00:01:54,760 --> 00:01:58,040 Speaker 1: Stocks in Europe are falling as the US dollar continues. 35 00:01:58,120 --> 00:02:01,360 Speaker 1: It's strong run. The Bloomberg Dollar Spot index hit another 36 00:02:01,400 --> 00:02:04,960 Speaker 1: record overnight. That's leading to tighter financial conditions weighing on 37 00:02:05,080 --> 00:02:08,160 Speaker 1: risk assets around the world. Janet Movie is head of 38 00:02:08,160 --> 00:02:12,359 Speaker 1: market analysis at Ruined Dolphin. There's just disinflationary impact from 39 00:02:12,440 --> 00:02:15,480 Speaker 1: strong New West older there are other disinflationary impacts for 40 00:02:15,600 --> 00:02:18,640 Speaker 1: some whole low Ecelin prices, So we do think that's 41 00:02:18,680 --> 00:02:23,040 Speaker 1: uh inflation is more likely to peek and slow will 42 00:02:23,120 --> 00:02:26,440 Speaker 1: rapidly compared to the other economies. Janet Movie with Bruined 43 00:02:26,480 --> 00:02:29,120 Speaker 1: Dolphin says she still expects the FED to raise interest 44 00:02:29,200 --> 00:02:32,520 Speaker 1: rates at this month's meeting. Meantime, Nathan gets some inside 45 00:02:32,520 --> 00:02:34,560 Speaker 1: from the Fed with the release of its Beige Book 46 00:02:34,600 --> 00:02:37,320 Speaker 1: today that comes at two pm Wall Street time, a 47 00:02:37,440 --> 00:02:40,360 Speaker 1: day before we hear from Fed share J Powell. He 48 00:02:40,440 --> 00:02:44,280 Speaker 1: speaks at the Cato Institutes Monetary Conference tomorrow to an 49 00:02:44,280 --> 00:02:46,920 Speaker 1: into Bloomberg radio and television for life coverage of his 50 00:02:47,000 --> 00:02:50,560 Speaker 1: comments around nine a m. Eastern. Turning to overseas now, Karen, 51 00:02:50,600 --> 00:02:53,120 Speaker 1: Markets in Europe are feeling the pain of the stronger dollar. 52 00:02:53,200 --> 00:02:55,800 Speaker 1: It comes at a precarious time for the UK. The 53 00:02:55,840 --> 00:02:58,800 Speaker 1: new Prime Minister, Liz Trust is filling her Cabinet and 54 00:02:58,919 --> 00:03:01,600 Speaker 1: is working on solution to address her country's cost of 55 00:03:01,720 --> 00:03:05,400 Speaker 1: living crisis. Bloomberg. Stephen Carroll joins us live from London 56 00:03:05,440 --> 00:03:08,480 Speaker 1: with the latest. Good morning, Stephen, Good morning, Nathan and Karen. 57 00:03:08,560 --> 00:03:10,880 Speaker 1: Liz DROs holding the first meeting of her new cabinet 58 00:03:11,000 --> 00:03:13,640 Speaker 1: as we speak, after a sweeping reshuffle that saw her 59 00:03:13,680 --> 00:03:17,200 Speaker 1: supporters elevated to the top jobs. Quasi quarteng as a 60 00:03:17,240 --> 00:03:20,760 Speaker 1: new Chancellor, while Jacob Riesmock takes over his business Secretary 61 00:03:21,080 --> 00:03:23,400 Speaker 1: Natural Space as the leader of the opposition Labor Party 62 00:03:23,400 --> 00:03:26,040 Speaker 1: in Parliament. Later, as we await details of her package 63 00:03:26,080 --> 00:03:29,320 Speaker 1: to tackle soaring energy costs, people familiar with the plan 64 00:03:29,400 --> 00:03:31,880 Speaker 1: telling Bloomberg that it could see the government spending as 65 00:03:31,919 --> 00:03:35,440 Speaker 1: much as two hundred billion pounds to cap prices, adding 66 00:03:35,480 --> 00:03:38,840 Speaker 1: ten percent to the UK's national debt. Live in London, 67 00:03:38,880 --> 00:03:41,960 Speaker 1: I'm Stephen Carroll, Bloomberg, daybreak. All right, Stephen, thank you. 68 00:03:42,000 --> 00:03:45,000 Speaker 1: While the strong dollar weight on ousets in Asia, over night, 69 00:03:45,080 --> 00:03:47,800 Speaker 1: stocks held it lows from May of twenty well, Asian 70 00:03:47,800 --> 00:03:51,440 Speaker 1: currencies weakened sharply, and Bloomberg. Juliet Sally joins us from 71 00:03:51,480 --> 00:03:54,600 Speaker 1: Singapore with the latest. Good Morning, Juliet Good morning, Nathan 72 00:03:54,600 --> 00:03:57,880 Speaker 1: and Karen. In Japan, the yen sank, with officials warning 73 00:03:57,920 --> 00:04:01,480 Speaker 1: they're concerned about rapid one sided moves. China meanwhile said 74 00:04:01,480 --> 00:04:04,360 Speaker 1: it's you on reference rate with the strongest bias on record, 75 00:04:04,400 --> 00:04:07,880 Speaker 1: a signal of discomfort with the swiming currency. South Korea's 76 00:04:07,920 --> 00:04:11,720 Speaker 1: one was the worst performing Asian currency, prompting speculation of intervention. 77 00:04:11,880 --> 00:04:15,000 Speaker 1: The Kiwi and Singapore dollars fell to two year lows, 78 00:04:15,040 --> 00:04:17,920 Speaker 1: adding to the downbeat sentiment. The latest China data showing 79 00:04:17,960 --> 00:04:21,080 Speaker 1: the nation's export growth slide more than expected in August, 80 00:04:21,120 --> 00:04:24,440 Speaker 1: adding to signs of a flagging world economy. In Singapore, 81 00:04:24,520 --> 00:04:28,000 Speaker 1: Juliette Sally Bloomberg Daybreak a right. Juliette thanks sticking with 82 00:04:28,080 --> 00:04:30,360 Speaker 1: again for a moment. That currency slumped to a level 83 00:04:30,400 --> 00:04:32,920 Speaker 1: that leaves it on track for its worst year on record, 84 00:04:32,960 --> 00:04:35,880 Speaker 1: and that is prompting signals from government officials Japan would 85 00:04:35,880 --> 00:04:38,920 Speaker 1: need to take action if the rapid one sided moves continue. 86 00:04:39,120 --> 00:04:41,880 Speaker 1: Bloomberg Facts reporter Ruth Carson says, at this point we 87 00:04:41,920 --> 00:04:45,680 Speaker 1: could see government intervention. Policymakers haven't changed their language to 88 00:04:45,720 --> 00:04:49,080 Speaker 1: indicate such a move could happen anytime soon, but lookout 89 00:04:49,160 --> 00:04:52,160 Speaker 1: for phrases like we won't rule out any options to 90 00:04:52,160 --> 00:04:55,839 Speaker 1: combat excessive movements, or we're ready to take decisive, bold 91 00:04:55,880 --> 00:04:59,920 Speaker 1: action to counter excessive or speculative moves. Bloomberg's Ruth cars 92 00:05:00,040 --> 00:05:02,720 Speaker 1: And says, the end could get even weaker from here 93 00:05:02,720 --> 00:05:05,120 Speaker 1: and checking it right now, it's weaker by nine tenths 94 00:05:05,120 --> 00:05:08,599 Speaker 1: per cent against the dollar at one point one zero. Well, 95 00:05:08,680 --> 00:05:11,080 Speaker 1: we move on to corporate news now, Nathan, where all 96 00:05:11,160 --> 00:05:13,360 Speaker 1: eyes are on Apple. The tech giant is holding a 97 00:05:13,440 --> 00:05:16,560 Speaker 1: launch event today to unveil the new iPhone fourteen. New 98 00:05:16,600 --> 00:05:19,680 Speaker 1: iPhones traditionally kick off a busy fall products season, which 99 00:05:19,720 --> 00:05:23,520 Speaker 1: also includes new max iPads and Apple Watch models. The 100 00:05:23,560 --> 00:05:25,719 Speaker 1: event kicks off at one pm Wall Street Time, and 101 00:05:25,760 --> 00:05:28,080 Speaker 1: we'll bring you live updates from Cooper Tino throughout the 102 00:05:28,160 --> 00:05:30,880 Speaker 1: day on Bloomberg Radio and television. And we've got more 103 00:05:30,920 --> 00:05:34,279 Speaker 1: earnings on the way today, Karen popular meme Stock Game 104 00:05:34,400 --> 00:05:37,120 Speaker 1: Stop is among companies out with results after the close. 105 00:05:37,240 --> 00:05:40,640 Speaker 1: Bloomberg's Charlie Pellett has a preview. The analysts surveyed by 106 00:05:40,680 --> 00:05:44,360 Speaker 1: Bloomberg see the video game retailer reporting on adjusted earnings 107 00:05:44,360 --> 00:05:47,520 Speaker 1: per share loss of thirty four cents on revenue of 108 00:05:47,600 --> 00:05:51,000 Speaker 1: one point to seven billion dollars. Analysts at Webb Bush 109 00:05:51,040 --> 00:05:56,000 Speaker 1: say game Stop may trail consensus expectations, siting ongoing hardware 110 00:05:56,040 --> 00:05:59,680 Speaker 1: constraints for gaming consoles. Game Stop has been among the 111 00:05:59,720 --> 00:06:03,000 Speaker 1: most popular retail trader favorites this year, but the stock 112 00:06:03,240 --> 00:06:07,000 Speaker 1: for all of two is down thirty two percent. In 113 00:06:07,120 --> 00:06:10,359 Speaker 1: New York, Charlie Pellett Bloomberg day Break, All right, Charlie, 114 00:06:10,400 --> 00:06:12,160 Speaker 1: thanks well. It's shaping up to be another rough day 115 00:06:12,200 --> 00:06:15,159 Speaker 1: in California. The state's electric grid will once again be 116 00:06:15,240 --> 00:06:18,960 Speaker 1: tested after a narrowly avoided blackouts for two consecutive days. 117 00:06:19,279 --> 00:06:23,520 Speaker 1: Blistering temperatures pushed electricity demand to record levels late yesterday 118 00:06:23,640 --> 00:06:27,800 Speaker 1: that prompted California to enact its highest level of energy emergency. 119 00:06:28,120 --> 00:06:30,880 Speaker 1: Much of the state remains under an excessive heat warning. 120 00:06:31,080 --> 00:06:33,440 Speaker 1: Taking a look at oil now, Karen Crude is trading 121 00:06:33,440 --> 00:06:36,520 Speaker 1: lower as the dollar surges. Concerns over global demand are 122 00:06:36,560 --> 00:06:38,880 Speaker 1: also weighing on sentiment. W t I is off to 123 00:06:38,920 --> 00:06:41,279 Speaker 1: a week starts to September, extending a round of three 124 00:06:41,320 --> 00:06:44,360 Speaker 1: monthly losses. That's the worst streak in more than two years. 125 00:06:44,680 --> 00:06:47,080 Speaker 1: Checking prices now, w t I is up a half 126 00:06:47,120 --> 00:06:49,799 Speaker 1: percent at eighty seven dollars twenty nine cents. Of Barrel 127 00:06:50,040 --> 00:06:53,000 Speaker 1: Brent is at ninety three dollars six cents. But we're 128 00:06:53,000 --> 00:06:56,479 Speaker 1: also watching cryptocurrencies this morning, Nathan, Bitcoin flirting with a 129 00:06:56,520 --> 00:06:58,880 Speaker 1: test of this year's lows, following again another sell off 130 00:06:58,920 --> 00:07:02,960 Speaker 1: that's pushed the sector's overall market value below one trillion dollars. 131 00:07:02,960 --> 00:07:05,640 Speaker 1: The largest digital token has shed more than six percent 132 00:07:05,760 --> 00:07:09,440 Speaker 1: so far this week as searching real interest rates cut 133 00:07:09,480 --> 00:07:13,640 Speaker 1: into risk assets. Checking bitcoin right now, it's at eighteen thousand, 134 00:07:13,720 --> 00:07:17,320 Speaker 1: seven hundred and nine dollars. Straight ahead your latest local headlines, 135 00:07:17,440 --> 00:07:24,600 Speaker 1: and this is Bloomberg. Thank you, Karen. Five oh seven 136 00:07:24,600 --> 00:07:26,920 Speaker 1: on Wall Street. We are at sixty six degrees in 137 00:07:27,000 --> 00:07:29,720 Speaker 1: Central Park. Can't get in on the Arizonto Bridge. It's 138 00:07:29,760 --> 00:07:33,080 Speaker 1: closed both ways on the lower deck for construction details 139 00:07:33,080 --> 00:07:35,920 Speaker 1: coming up in traffic. First, John Tucker with what else 140 00:07:36,000 --> 00:07:37,640 Speaker 1: is going on in New York and around the world. 141 00:07:37,680 --> 00:07:40,240 Speaker 1: Good morning, John and Nathan. Former White House strategy of 142 00:07:40,280 --> 00:07:43,560 Speaker 1: Steve Bannett will surrender to face criminal charges in New York. 143 00:07:43,840 --> 00:07:47,480 Speaker 1: Let's get the story from Bloomberg's Jeff Bellinger. Sources tell 144 00:07:47,520 --> 00:07:50,680 Speaker 1: Bloomberg that Bannon has been indicted and will be charged 145 00:07:50,720 --> 00:07:55,040 Speaker 1: by the Manhattan District Attorney's office. Manhattan prosecutors were working 146 00:07:55,160 --> 00:07:58,440 Speaker 1: early last year with New York Attorney General Letitia James, 147 00:07:58,520 --> 00:08:02,040 Speaker 1: New York's top law enforced officer to gather information for 148 00:08:02,080 --> 00:08:05,360 Speaker 1: a probe into weather bannoned defrauded contributors for that We 149 00:08:05,600 --> 00:08:08,960 Speaker 1: build the Wall. Bannon was charged with fraud and federal 150 00:08:09,040 --> 00:08:12,760 Speaker 1: court and over the alleged scheme, leading to a pardon 151 00:08:12,920 --> 00:08:16,240 Speaker 1: hours before Donald Trump left the White House. But Trump 152 00:08:16,280 --> 00:08:19,280 Speaker 1: could not shield his former raid from the state level probe. 153 00:08:19,680 --> 00:08:23,080 Speaker 1: Jeff Bullinger Bloomberg day Break, and we're hearing more surrounding 154 00:08:23,080 --> 00:08:26,480 Speaker 1: the documents discovered at the former president's Florida state The 155 00:08:26,520 --> 00:08:30,120 Speaker 1: Washington Post reports a document the FNBI agencies at mar 156 00:08:30,240 --> 00:08:35,040 Speaker 1: Lago describes a foreign government's military defenses and nuclear capabilities. 157 00:08:35,440 --> 00:08:38,040 Speaker 1: The Post ants some of the seized documents detail top 158 00:08:38,080 --> 00:08:42,400 Speaker 1: secret US operations so closely guarded that many senior national 159 00:08:42,480 --> 00:08:46,119 Speaker 1: security officials are captain the dark about them. A development 160 00:08:46,200 --> 00:08:48,800 Speaker 1: in the probe into the alleged effort by some Trump 161 00:08:48,880 --> 00:08:53,720 Speaker 1: supporters to overturn the twenty election results in Georgia. Investigators 162 00:08:53,760 --> 00:08:57,720 Speaker 1: say video shows a local Republican party leader allegedly allowing 163 00:08:57,800 --> 00:09:01,280 Speaker 1: two men into the Coffee County's election offices the day 164 00:09:01,360 --> 00:09:04,560 Speaker 1: after the January six insurrection. It's also the same day 165 00:09:04,559 --> 00:09:08,400 Speaker 1: authorities say the offices voting machines were breached, and the 166 00:09:08,400 --> 00:09:12,160 Speaker 1: Biden administrations has COVID nineteen vaccines will largely become an 167 00:09:12,200 --> 00:09:16,559 Speaker 1: annual vaccination akin to the flu shot. Dr Is She's jaws, 168 00:09:16,640 --> 00:09:20,800 Speaker 1: the Coronavirus Response Coordinator. We the administration will make sure 169 00:09:20,880 --> 00:09:24,920 Speaker 1: that vaccines are free, that they're widely available, and they 170 00:09:24,960 --> 00:09:29,440 Speaker 1: are easy to access for everybody. The administration urging Americans 171 00:09:29,480 --> 00:09:32,640 Speaker 1: to seek out newly authorized booster shots tailored to fight 172 00:09:32,720 --> 00:09:36,040 Speaker 1: the omicron sub variants that are now dominant. About half 173 00:09:36,120 --> 00:09:39,559 Speaker 1: u S workers could be described as quiet quitters. That's 174 00:09:39,600 --> 00:09:42,840 Speaker 1: according to new research by Gallup. It means they fulfill 175 00:09:42,880 --> 00:09:46,480 Speaker 1: their job description but are psychologically detached from their work. 176 00:09:46,880 --> 00:09:51,200 Speaker 1: According to Gallops survey, some fifty of respondents met the 177 00:09:51,240 --> 00:09:54,840 Speaker 1: definition of quiet quitting. Global News twenty four hours a 178 00:09:54,880 --> 00:09:57,640 Speaker 1: day on Erin on Bloomberg Quicktake power by more than 179 00:09:58,000 --> 00:10:01,600 Speaker 1: seven hundred journalists and analysts in more than one twenty countries. 180 00:10:01,800 --> 00:10:04,760 Speaker 1: I'm John Tucker and this is Bloomberg Nathan, Thank you John. 181 00:10:09,480 --> 00:10:11,520 Speaker 1: Almost five ten on Wall Street time for the Bloomberg 182 00:10:11,559 --> 00:10:14,280 Speaker 1: Sports Updake Morney, John Stanhown and Morning Nathan so much 183 00:10:14,320 --> 00:10:16,560 Speaker 1: with us being the easy part of the Mets schedule. 184 00:10:16,640 --> 00:10:19,320 Speaker 1: Back to back losses though lowly Washington and then an 185 00:10:19,320 --> 00:10:21,400 Speaker 1: eighth to two loss last night in Pittsburgh, and the 186 00:10:21,440 --> 00:10:23,719 Speaker 1: Mets have just their second three game losing figure of 187 00:10:23,720 --> 00:10:26,520 Speaker 1: the season. The other one came back in June. Tiwan 188 00:10:26,600 --> 00:10:28,719 Speaker 1: Walker gave up four runs and five in ins. The 189 00:10:28,760 --> 00:10:30,480 Speaker 1: Pirates put the game away with four runs in the 190 00:10:30,480 --> 00:10:33,360 Speaker 1: eighth day Brandon Nimmo homeward for the Mets. Two teams 191 00:10:33,360 --> 00:10:36,040 Speaker 1: have a double header today to make up Monday's rain out. 192 00:10:36,040 --> 00:10:38,640 Speaker 1: The Yankees and Twins have a twin bill on the 193 00:10:38,640 --> 00:10:41,280 Speaker 1: Bronx to make up last night's rain out. Yanksters put 194 00:10:41,320 --> 00:10:44,920 Speaker 1: Anthony Rizzo on their extremely crowded injured list. That's a 195 00:10:45,000 --> 00:10:47,800 Speaker 1: list with now fifteen names on a Rizzo had missed 196 00:10:47,840 --> 00:10:51,040 Speaker 1: time with a bad back. Now he's suffering from migraine headaches. 197 00:10:51,240 --> 00:10:53,680 Speaker 1: Another late night at the US Open, This one ended 198 00:10:53,720 --> 00:10:56,280 Speaker 1: at one am with Karen Ketch John I've winning the 199 00:10:56,360 --> 00:11:05,240 Speaker 1: fifth set from Nick Kirios. Um the old credit to Karen. 200 00:11:05,280 --> 00:11:07,600 Speaker 1: He just he's a foto. He's in. He's a warrior, 201 00:11:07,760 --> 00:11:11,680 Speaker 1: you know, he's he's authority said it really good today. Um, honestly, 202 00:11:11,679 --> 00:11:14,120 Speaker 1: probably the best server played this tournament, to be honest, 203 00:11:14,120 --> 00:11:16,120 Speaker 1: the way he was hitting his spots under pressure. A 204 00:11:16,160 --> 00:11:18,600 Speaker 1: lot of new names emerging that this year's Open Cat 205 00:11:18,679 --> 00:11:22,200 Speaker 1: Shauno will now play Norway's Casper Rude And unlike the 206 00:11:22,280 --> 00:11:26,400 Speaker 1: semifinal on Friday, the women's winners yesterday as Javier who 207 00:11:26,440 --> 00:11:29,800 Speaker 1: was from Tunisia, and then last night Caroline Garcia took 208 00:11:29,800 --> 00:11:33,200 Speaker 1: out the American teenage You're Coco got w NBA Playoffs 209 00:11:33,200 --> 00:11:35,920 Speaker 1: wins for Connecticut headed to a Game five with Chicago 210 00:11:35,960 --> 00:11:37,920 Speaker 1: and Las Vegas, who reached the finals last night, the 211 00:11:37,920 --> 00:11:41,559 Speaker 1: final game in the long career of Seattle's Suber the 212 00:11:41,600 --> 00:11:44,120 Speaker 1: Long Island native. Chicago Bears announced their attention to move 213 00:11:44,160 --> 00:11:46,480 Speaker 1: to an indoor stadium in the suburbs of them not 214 00:11:46,559 --> 00:11:50,600 Speaker 1: until two thousand thirty four. John Stashower, Bloomberg Sports, thank you, alright, 215 00:11:50,760 --> 00:11:53,840 Speaker 1: I guess there's time, Thank you, John. Sp Futures up 216 00:11:53,880 --> 00:11:57,360 Speaker 1: two points, South Futures up four Nastack futures up nineteen points. 217 00:11:57,440 --> 00:12:01,160 Speaker 1: Dollar strength pervading the market. We speak next with Kid 218 00:12:01,320 --> 00:12:07,800 Speaker 1: Juke's chief effect Strategistics, suck Chen. This is Bloomberg, Bloomberg 219 00:12:07,800 --> 00:12:10,600 Speaker 1: eleven three oh weather scattered showers today, low seventies for highs. 220 00:12:10,600 --> 00:12:13,360 Speaker 1: We'll clear out tomorrow upper seventies and end the week 221 00:12:13,400 --> 00:12:16,400 Speaker 1: with sunshine Friday and a high your eight right now, 222 00:12:16,400 --> 00:12:23,040 Speaker 1: cloudy sixty six degrees in Central Park. It continues markets, 223 00:12:23,120 --> 00:12:26,200 Speaker 1: headlines and breaking news twenty four hours a day at 224 00:12:26,240 --> 00:12:30,200 Speaker 1: Bloomberg dot Com, at Bloomberg Business Atland, at Bloomberg Quick Tape. 225 00:12:30,760 --> 00:12:40,240 Speaker 1: She's a Bloomberg Business flash, but I'm kerin Moscow. Stocks 226 00:12:40,240 --> 00:12:43,400 Speaker 1: and commodities. You're dropping is the prospect of aggressive Federal 227 00:12:43,400 --> 00:12:46,880 Speaker 1: Reserve monetary tightening lifts a dollar gags to another record. Meanwhile, 228 00:12:46,960 --> 00:12:50,040 Speaker 1: US stock index futures are mostly higher. We checked the 229 00:12:50,040 --> 00:12:53,360 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 230 00:12:53,440 --> 00:12:55,640 Speaker 1: Right now it's in p futures are up about three 231 00:12:55,640 --> 00:12:59,160 Speaker 1: points down. Futures are also well. They're little change now 232 00:12:59,200 --> 00:13:01,600 Speaker 1: nowesday at Future are up twenty four The decks in 233 00:13:01,640 --> 00:13:04,280 Speaker 1: Germany is down four tenths of upper cent. Can your 234 00:13:04,320 --> 00:13:06,720 Speaker 1: treasury up ten thirty seconds, you have three point three 235 00:13:06,720 --> 00:13:09,439 Speaker 1: one percent they yield on the two year three point 236 00:13:09,440 --> 00:13:12,680 Speaker 1: four or five percent. NIMEX screwed oil is up six 237 00:13:12,720 --> 00:13:15,400 Speaker 1: tenths percent of fifty cents at eighty seven dollars, thirty 238 00:13:15,400 --> 00:13:17,840 Speaker 1: six cents of barrel comex gold up two tens per 239 00:13:17,880 --> 00:13:20,839 Speaker 1: cent or three dollars fifty cents. A seventeen sixteen forty 240 00:13:20,840 --> 00:13:25,160 Speaker 1: announced the euro point nine nine oh four against the dollar, 241 00:13:25,240 --> 00:13:27,719 Speaker 1: British found one point one four nine zero and the 242 00:13:27,880 --> 00:13:31,560 Speaker 1: en one four point one zero. Bitcoin this morning lower 243 00:13:31,600 --> 00:13:34,920 Speaker 1: down one percent at eighteen thousand, seven hundred eighty dollars. 244 00:13:35,240 --> 00:13:38,040 Speaker 1: That's a Bloomberg business flash. Now here's John Tucker with 245 00:13:38,080 --> 00:13:40,760 Speaker 1: more on what's going on around the world. John, good morning, 246 00:13:40,840 --> 00:13:43,640 Speaker 1: and good morning, Karen. Former White House strategist Steve Bennet 247 00:13:43,760 --> 00:13:47,640 Speaker 1: will surrender to face criminal charges in New York. California 248 00:13:47,760 --> 00:13:51,120 Speaker 1: narrowly avoided blackouts for a second day, even as dangerous 249 00:13:51,120 --> 00:13:54,760 Speaker 1: temperatures pushed electricity demand to a record in that state. 250 00:13:55,200 --> 00:13:58,680 Speaker 1: And sing Pain will meet his Russian counterpart Vlackimir Putin 251 00:13:58,760 --> 00:14:02,400 Speaker 1: next week. It would mark the Chinese leaders first trip abroad. 252 00:14:02,760 --> 00:14:05,120 Speaker 1: In two and a half years. Sports last ninth, the 253 00:14:05,160 --> 00:14:08,119 Speaker 1: Mets lose to the Pirates, Red Sox lost to the Rays, 254 00:14:08,120 --> 00:14:11,319 Speaker 1: Orioles beat the Blue Jays, Nationals lost to the Cardinals, 255 00:14:11,520 --> 00:14:13,800 Speaker 1: the As fell to the Braves, the Giants lost to 256 00:14:13,880 --> 00:14:17,480 Speaker 1: the Dodgers, and the Yankees game against the Twins rained out. 257 00:14:17,480 --> 00:14:20,120 Speaker 1: They're set to make up that game today. Glomally was 258 00:14:20,160 --> 00:14:22,440 Speaker 1: twenty four hours a day on Aaron on Bloomberg Quicktake. 259 00:14:22,680 --> 00:14:25,200 Speaker 1: We're powered by more than twenty seven hundred journalists and 260 00:14:25,240 --> 00:14:28,520 Speaker 1: analysts and more than one twenty countries. I'm John Tucker. 261 00:14:28,640 --> 00:14:31,560 Speaker 1: The he is Bloomberg. Nathan Okay, John, thank you. It's 262 00:14:31,560 --> 00:14:34,400 Speaker 1: five nineteen on Wall Street Live from the Bloomberg Interactive 263 00:14:34,400 --> 00:14:37,280 Speaker 1: Broker Studios. This is Bloomberg Dave Break on a morning 264 00:14:37,280 --> 00:14:41,040 Speaker 1: where dollar strength seems to be rippling through markets and 265 00:14:41,440 --> 00:14:44,800 Speaker 1: driving risk assets lower. Let's bring in Kit Jukes for 266 00:14:44,920 --> 00:14:50,240 Speaker 1: more on this. Chief FX Strategist Associated General Kit, Good morning. 267 00:14:50,680 --> 00:14:54,480 Speaker 1: It seems like the prospect of higher for longer interest 268 00:14:54,560 --> 00:14:58,200 Speaker 1: rates is really on traders minds right now. Where do 269 00:14:58,240 --> 00:15:03,160 Speaker 1: you see the dollar going? Has King dollars stopped? King dollar? 270 00:15:03,320 --> 00:15:07,160 Speaker 1: Is King dollars wearing? Here's her crown very firmly not 271 00:15:07,160 --> 00:15:09,760 Speaker 1: going anywhere. I don't think this can really stop until 272 00:15:10,800 --> 00:15:13,240 Speaker 1: we get past the worst of the energy crisis, to 273 00:15:13,240 --> 00:15:15,960 Speaker 1: be quite honest, in the sense that, um, you know, 274 00:15:16,000 --> 00:15:18,400 Speaker 1: the I mean, the rate story is part of it, 275 00:15:18,440 --> 00:15:20,160 Speaker 1: but it's all related to the fact that that that 276 00:15:20,200 --> 00:15:22,600 Speaker 1: the terms of trade between most of the world in 277 00:15:22,640 --> 00:15:24,840 Speaker 1: the US, between Europe and the US and Japan and 278 00:15:24,880 --> 00:15:27,760 Speaker 1: the US is so favorable to the to the US 279 00:15:27,880 --> 00:15:32,000 Speaker 1: because it's the country's second biggest energy producer globally, whereas 280 00:15:32,000 --> 00:15:35,720 Speaker 1: we're all we're all trying to wean ourselves off Russian 281 00:15:35,960 --> 00:15:39,080 Speaker 1: energy as fast as we can, and that that contrast 282 00:15:39,160 --> 00:15:43,480 Speaker 1: is just enormous. So as growth slows with inflation in 283 00:15:43,520 --> 00:15:48,240 Speaker 1: Europe and growth just slows in Japan, the US has 284 00:15:48,280 --> 00:15:50,960 Speaker 1: a completely different set of needs in terms of monetary policy, 285 00:15:51,640 --> 00:15:55,800 Speaker 1: because you know, the economic data continually just persists in 286 00:15:56,000 --> 00:16:00,280 Speaker 1: outperforming expectations. So what's your expectation when it comes to 287 00:16:00,520 --> 00:16:02,520 Speaker 1: the ECB. That seems to be in a lot of 288 00:16:02,520 --> 00:16:06,840 Speaker 1: people's minds as well, given the risks around energy with 289 00:16:06,880 --> 00:16:09,320 Speaker 1: the war in Ukraine going on. Is a seventy five 290 00:16:09,400 --> 00:16:13,000 Speaker 1: basis point move from the e c B Uh, sealed 291 00:16:13,040 --> 00:16:17,480 Speaker 1: in here, it's getting more likely. Seems to be it 292 00:16:17,480 --> 00:16:19,160 Speaker 1: seems to be fashionable. I would have thought of that 293 00:16:19,280 --> 00:16:22,000 Speaker 1: sort of lost. That's the most likely outcome. Um, this 294 00:16:22,040 --> 00:16:26,680 Speaker 1: morning's GDP revisions upwards might be just the last little 295 00:16:26,680 --> 00:16:28,960 Speaker 1: bit to sort of, you know, put some dust on 296 00:16:29,000 --> 00:16:30,840 Speaker 1: top of it and make it, make it happen. I 297 00:16:30,880 --> 00:16:33,600 Speaker 1: think it's what they need to do to maintain their credibility, 298 00:16:33,680 --> 00:16:37,320 Speaker 1: is what they the kind of hinting at. Why would 299 00:16:37,360 --> 00:16:39,440 Speaker 1: they back down now? I think so, Yeah, that's probably 300 00:16:39,440 --> 00:16:43,120 Speaker 1: what we'll get. Yeah, you mentioned the revision we got 301 00:16:43,160 --> 00:16:48,200 Speaker 1: from the second quarter GDP in the euro Zone coming 302 00:16:48,200 --> 00:16:52,000 Speaker 1: in a little bit stronger than expected. Uh what does 303 00:16:52,040 --> 00:16:56,560 Speaker 1: that mean for Europe at this point, given that we've 304 00:16:56,600 --> 00:17:00,600 Speaker 1: seen so much weakness in this second half. Yeah, I 305 00:17:00,640 --> 00:17:02,840 Speaker 1: think that's the issue is is you know so, you know, 306 00:17:02,960 --> 00:17:05,280 Speaker 1: so the unro's own economy did better than people thought 307 00:17:05,800 --> 00:17:10,199 Speaker 1: going into an absolutely huge energy crisis. That will that 308 00:17:10,240 --> 00:17:12,840 Speaker 1: will result in in recession at least in Germany and 309 00:17:13,600 --> 00:17:17,159 Speaker 1: UM and significantly slower growth everwhere else. So what difference 310 00:17:17,160 --> 00:17:19,280 Speaker 1: does it make? I don't know. I just think it 311 00:17:19,280 --> 00:17:21,920 Speaker 1: it's enough to convince the CB that they've got room 312 00:17:22,000 --> 00:17:26,119 Speaker 1: to frontload rate hikes as much as possible. Beyond that, 313 00:17:26,560 --> 00:17:28,640 Speaker 1: I don't think it makes a great deal of great 314 00:17:28,640 --> 00:17:30,359 Speaker 1: deal of differences. It doesn't make a great deal of 315 00:17:30,359 --> 00:17:33,080 Speaker 1: difference to the foreign exchange market because um, you know, 316 00:17:33,200 --> 00:17:36,159 Speaker 1: I don't know that will be pricing in higher terminal 317 00:17:36,320 --> 00:17:39,520 Speaker 1: rates from the ECB or expecting anything wonderful after that. 318 00:17:39,920 --> 00:17:42,520 Speaker 1: We we are just we are just going to get 319 00:17:42,560 --> 00:17:45,719 Speaker 1: slower growth in Europe and um, and we'll get slower 320 00:17:45,720 --> 00:17:48,760 Speaker 1: growth faster or slower growth earlier than in the United States, 321 00:17:48,920 --> 00:17:51,560 Speaker 1: as we already had got to get your reaction to 322 00:17:51,600 --> 00:17:54,080 Speaker 1: what's happening in Asia as well. With the end trading 323 00:17:54,119 --> 00:17:57,560 Speaker 1: at a twenty four year low, right now, do you 324 00:17:57,600 --> 00:18:02,719 Speaker 1: see the possibility of intervention? And by the Bank of Japan, uh, 325 00:18:02,840 --> 00:18:05,000 Speaker 1: it must be coming close. I mean the obviously the 326 00:18:05,040 --> 00:18:07,480 Speaker 1: Korean authorities are being much more vocal about the need 327 00:18:07,520 --> 00:18:09,879 Speaker 1: to do it. You know, the one is week, the 328 00:18:09,920 --> 00:18:12,200 Speaker 1: Taiwan dollar is week, the Chinese un week is week, 329 00:18:12,560 --> 00:18:16,240 Speaker 1: the end is week. Um. The Japanese obviously have you know, 330 00:18:16,760 --> 00:18:19,240 Speaker 1: hugely lower interest rates than the US every time US 331 00:18:19,320 --> 00:18:22,560 Speaker 1: yields move higher the end weekends. But but the you know, 332 00:18:22,840 --> 00:18:27,000 Speaker 1: the housing market is sewing precipitously in China and so 333 00:18:27,160 --> 00:18:29,480 Speaker 1: the whole of that region is under pressure. At this 334 00:18:29,520 --> 00:18:32,840 Speaker 1: point in time, I think we will end up seeing intervention. 335 00:18:33,040 --> 00:18:34,720 Speaker 1: The only thing I would I would warn you know, 336 00:18:34,720 --> 00:18:37,240 Speaker 1: the last time we saw Dolly yen this high was 337 00:18:37,440 --> 00:18:41,359 Speaker 1: just before LTCM collapsed and run Russia defaulted and we 338 00:18:41,359 --> 00:18:43,040 Speaker 1: were back at a hundred and turn by the end 339 00:18:43,040 --> 00:18:46,120 Speaker 1: of the year. So um, we were at levels where 340 00:18:46,320 --> 00:18:50,520 Speaker 1: I wouldn't promise that it's going to be stable our 341 00:18:50,600 --> 00:18:53,439 Speaker 1: last minute here you kit, what's the path ahead for 342 00:18:53,480 --> 00:18:56,160 Speaker 1: the pound now with the change in leadership in the UK, 343 00:18:57,680 --> 00:19:01,159 Speaker 1: I study still weak. I still think study probably able 344 00:19:01,160 --> 00:19:04,240 Speaker 1: to be. You know, if anything slightly weaker than the euro. 345 00:19:04,520 --> 00:19:06,440 Speaker 1: The fundamental problem is the same for the UK is 346 00:19:06,480 --> 00:19:10,239 Speaker 1: for Europe dependence on what is now extremely expensive and 347 00:19:10,480 --> 00:19:14,919 Speaker 1: scarce um and energy. If it's a bad winter, sterling 348 00:19:14,960 --> 00:19:17,160 Speaker 1: has got more downside than if it's a good winter. 349 00:19:17,200 --> 00:19:19,280 Speaker 1: If it's a mild winter, we're lucky and we could 350 00:19:19,320 --> 00:19:20,840 Speaker 1: get away with it. But in the short term, as 351 00:19:20,840 --> 00:19:23,520 Speaker 1: we price in the downside risk that we'll end up 352 00:19:23,520 --> 00:19:27,200 Speaker 1: with power outages and things like that, we're pretty much already, 353 00:19:27,520 --> 00:19:29,119 Speaker 1: we could be in recession by the time we do 354 00:19:29,160 --> 00:19:32,560 Speaker 1: the mass backwards later on. We're going to get aggressive 355 00:19:32,640 --> 00:19:36,040 Speaker 1: rate hikes because of the inflation. Uh and and we 356 00:19:36,119 --> 00:19:38,600 Speaker 1: have a we have a balance of payments that's worse 357 00:19:38,600 --> 00:19:41,760 Speaker 1: than anybody else's in the UK, so of the major economies. 358 00:19:42,200 --> 00:19:43,600 Speaker 1: So there's not there's not a lot out of there. 359 00:19:43,680 --> 00:19:46,040 Speaker 1: The only the only piece that you can say it's favorable. 360 00:19:46,440 --> 00:19:49,760 Speaker 1: The sentiment is truly dire, and the letter is very low. 361 00:19:50,000 --> 00:19:51,800 Speaker 1: I still don't think we'll get We'll get the low 362 00:19:51,880 --> 00:19:54,720 Speaker 1: one time, but um, we're not going up any time. 363 00:19:54,800 --> 00:19:56,879 Speaker 1: So thanks for this, kid, good having you on with 364 00:19:56,920 --> 00:19:59,840 Speaker 1: us this morning. Kid Jukes, Chief effects strategist, as so 365 00:20:00,000 --> 00:20:03,200 Speaker 1: State in general. You're listening to Bloomberg Daybreak. Good morning, 366 00:20:07,440 --> 00:20:10,480 Speaker 1: Bloomberg eleven three oh weather. Scattered showers today with highs 367 00:20:10,480 --> 00:20:12,520 Speaker 1: in the low seventies, will clear out tomorrow, get into 368 00:20:12,560 --> 00:20:16,359 Speaker 1: the upper seventies and top out at eighty on Friday 369 00:20:16,440 --> 00:20:23,160 Speaker 1: under sunshine sixty six and cloudy. Right now, broadcasting live 370 00:20:23,320 --> 00:20:27,280 Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg 371 00:20:27,280 --> 00:20:31,360 Speaker 1: e Living Free on to Washington, d C. Bloomberg to Boston, 372 00:20:31,480 --> 00:20:34,920 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine 373 00:20:34,960 --> 00:20:38,040 Speaker 1: sixty to the country, Sirius XM Cho one nine team, 374 00:20:38,160 --> 00:20:41,640 Speaker 1: and around the globe, the Bloomberg Business and Bloomberg Radio 375 00:20:41,760 --> 00:20:51,080 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 376 00:20:51,119 --> 00:20:54,200 Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. 377 00:20:54,280 --> 00:20:56,639 Speaker 1: We're just about four hours away from the open of 378 00:20:56,760 --> 00:20:58,479 Speaker 1: US trading. Let's get you have to date on the 379 00:20:58,480 --> 00:21:00,520 Speaker 1: news you need to know at this shower. Stocks in 380 00:21:00,520 --> 00:21:03,720 Speaker 1: Europe are falling as the US dollar continues its strong run. 381 00:21:04,080 --> 00:21:07,600 Speaker 1: The Bloomberg Dollar Spot Index had another record overnight, and 382 00:21:07,640 --> 00:21:10,679 Speaker 1: that's leading to tighter financial conditions that are weighing on 383 00:21:10,880 --> 00:21:14,159 Speaker 1: risk assets around the world. Janet Mooe is head of 384 00:21:14,200 --> 00:21:18,159 Speaker 1: market analysis at Bruin Dolphin. There are increasing signs that 385 00:21:18,560 --> 00:21:22,000 Speaker 1: countries are worried about the dollar strength. I think government 386 00:21:22,040 --> 00:21:25,600 Speaker 1: officials they will have to come together to discuss what 387 00:21:25,880 --> 00:21:28,280 Speaker 1: they may do about it, but maybe they don't actually 388 00:21:28,320 --> 00:21:31,560 Speaker 1: have a lot of solutions. Janet Movie with Bruin Dolphins, 389 00:21:31,560 --> 00:21:34,680 Speaker 1: says the strong dollar could have a disinflationary effect on 390 00:21:34,720 --> 00:21:37,159 Speaker 1: the US economy, but she still expects the FED to 391 00:21:37,240 --> 00:21:40,080 Speaker 1: raise interest rates set September's meeting, and we'll get more 392 00:21:40,119 --> 00:21:42,119 Speaker 1: inside from the Fed today, Karen, with the release of 393 00:21:42,160 --> 00:21:44,800 Speaker 1: the Beige Book. That comes at two pm Wall Street Time, 394 00:21:44,840 --> 00:21:47,680 Speaker 1: a day before we hear from FED chair J Powell. 395 00:21:47,720 --> 00:21:51,280 Speaker 1: He speaks at the Cato Institute's Monetary Conference tomorrow. Tune 396 00:21:51,320 --> 00:21:53,879 Speaker 1: into Bloomberg Radio and Television for live coverage of that 397 00:21:53,960 --> 00:21:57,240 Speaker 1: around nine am Eastern. Well, Nathan, the strong dollar weighed 398 00:21:57,240 --> 00:22:00,160 Speaker 1: on assets in Asia. Overnight stocks held at low's from 399 00:22:00,200 --> 00:22:04,359 Speaker 1: May of twenty well, Asian currencies weekend sharply. We're taking 400 00:22:04,359 --> 00:22:06,879 Speaker 1: a close look at the yen, in particular, it's on 401 00:22:06,960 --> 00:22:09,960 Speaker 1: track for the worst year on record. That's prompting signals 402 00:22:09,960 --> 00:22:12,840 Speaker 1: from government officials that Japan would need to take action 403 00:22:12,880 --> 00:22:16,600 Speaker 1: if the rapid one sided move continues. With Carson's is 404 00:22:16,640 --> 00:22:19,600 Speaker 1: an f ex reporter with Bloomberg News at this stage, 405 00:22:19,640 --> 00:22:22,760 Speaker 1: with a Bank of Japan clinging to his ultravis monetary 406 00:22:22,800 --> 00:22:26,280 Speaker 1: policy stands and FED hiking aggressively to five inflation, that's 407 00:22:26,520 --> 00:22:28,680 Speaker 1: little stopping it from hitting levels last seen in the 408 00:22:28,760 --> 00:22:33,560 Speaker 1: early Bloomberg's Youth Curse, and says potential government intervention is 409 00:22:33,600 --> 00:22:36,200 Speaker 1: on trader's minds at the moment, and checking their yen 410 00:22:36,359 --> 00:22:39,320 Speaker 1: right now, it's at one four point one seven against 411 00:22:39,359 --> 00:22:41,720 Speaker 1: the dollar. Alright. Turning the corporate news now, Karen, all 412 00:22:41,760 --> 00:22:44,200 Speaker 1: eyes are on Apple. The tech giant holds an event 413 00:22:44,240 --> 00:22:48,040 Speaker 1: today to unveil its new iPhone fourteen. New iPhones traditionally 414 00:22:48,119 --> 00:22:50,879 Speaker 1: kick off a busy fall product season, which also includes 415 00:22:50,960 --> 00:22:54,800 Speaker 1: new max iPads and Apple Watch models. This event kicks 416 00:22:54,840 --> 00:22:57,200 Speaker 1: off at one pm Wall Street time today. We will 417 00:22:57,240 --> 00:22:59,840 Speaker 1: have live updates from Cupertino for you throughout the day 418 00:22:59,840 --> 00:23:02,480 Speaker 1: on Bloomberg Radio and television. And taking a look at 419 00:23:02,520 --> 00:23:05,840 Speaker 1: oil now, Nathan Crudes trading lower as the dollar surges. 420 00:23:05,960 --> 00:23:09,119 Speaker 1: Concerns over global demand are also wearing on sentiment. W 421 00:23:09,280 --> 00:23:11,679 Speaker 1: t I is off to a week start to September, 422 00:23:12,080 --> 00:23:14,920 Speaker 1: extending a run of three monthly losses as the worst 423 00:23:14,920 --> 00:23:17,960 Speaker 1: streak in more than two years. And checking prices right now, 424 00:23:18,160 --> 00:23:21,000 Speaker 1: w t I is up nine tenths of Upper center 425 00:23:21,240 --> 00:23:24,240 Speaker 1: up seventy six cents at eighty seven dollars sixty one cents, 426 00:23:24,240 --> 00:23:26,760 Speaker 1: and barrel looking at Brent it's at ninety three dollars 427 00:23:26,840 --> 00:23:30,040 Speaker 1: sixty three cents, and straight ahead, we have your latest 428 00:23:30,080 --> 00:23:34,240 Speaker 1: local headlines plus the check of Sports, and this is Bloomberg. 429 00:23:38,040 --> 00:23:41,520 Speaker 1: Thank you, Karen. Three on Wall Street at sixty six 430 00:23:41,560 --> 00:23:44,040 Speaker 1: degrees in Central Parker, got slow traffic of the local 431 00:23:44,119 --> 00:23:46,680 Speaker 1: lanes at seventies found between Eggs at fifty seven and 432 00:23:46,720 --> 00:23:49,359 Speaker 1: the turnpike. More coming up in traffic. First John Tucker 433 00:23:49,400 --> 00:23:50,800 Speaker 1: with what else is going on in New York and 434 00:23:50,840 --> 00:23:53,920 Speaker 1: around the world? John and Nathan. Former White House strategist 435 00:23:53,920 --> 00:23:56,560 Speaker 1: Steve Bannon, who was pardoned by Donald Trump on as 436 00:23:56,640 --> 00:23:59,960 Speaker 1: last day as president, will surrender tomorrow to face stay 437 00:24:00,119 --> 00:24:03,879 Speaker 1: criminal charges in New York. Manhattan prosecutors have been working 438 00:24:03,960 --> 00:24:07,600 Speaker 1: with New York's Attorney General, Letitia James to gather information 439 00:24:07,680 --> 00:24:10,560 Speaker 1: for a probe into whether banded the frauded contributors for 440 00:24:10,760 --> 00:24:13,600 Speaker 1: We Build the Wall that was a private sector effort 441 00:24:13,640 --> 00:24:17,480 Speaker 1: to sup where Trump's sixteen campaign promise to construct a 442 00:24:17,520 --> 00:24:21,479 Speaker 1: wall along the US Mexico border. Trump's pardon doesn't shield 443 00:24:21,520 --> 00:24:25,040 Speaker 1: Bannon from state charges. Add a threat by a major 444 00:24:25,200 --> 00:24:29,080 Speaker 1: airline to suspend service at JFK. Let's get more in 445 00:24:29,119 --> 00:24:33,200 Speaker 1: this report from Bloomberg's Lisa Mateo. United Airlines is threatening 446 00:24:33,200 --> 00:24:37,320 Speaker 1: to suspend service at Kennedy unless federal regulators review runway 447 00:24:37,440 --> 00:24:41,080 Speaker 1: use and allow the carrier to increase daily operations. United 448 00:24:41,119 --> 00:24:44,080 Speaker 1: told employees and a memo about its plan, saying the 449 00:24:44,080 --> 00:24:47,640 Speaker 1: airport's total flight capacity hasn't changed since two thousand eight, 450 00:24:47,720 --> 00:24:51,920 Speaker 1: despite a widening of runways and other infrastructure improvements. The airline, 451 00:24:51,960 --> 00:24:55,000 Speaker 1: which has two daily flights between Los Angeles and JFK 452 00:24:55,200 --> 00:24:57,760 Speaker 1: and to shuttling back and forth to San Francisco, that 453 00:24:57,800 --> 00:25:00,200 Speaker 1: it would suspend operations at the end of octob over 454 00:25:00,359 --> 00:25:05,280 Speaker 1: without more slots. Lisa Mateo Bloomberg Daybreak, California had narrowly 455 00:25:05,280 --> 00:25:09,200 Speaker 1: avoided blackouts for a second successive day, even as temperatures 456 00:25:09,240 --> 00:25:12,840 Speaker 1: pushed electricity demand to a record and stretched the state's 457 00:25:12,840 --> 00:25:16,119 Speaker 1: power grid close to its limits. Electricity uth had reached 458 00:25:16,119 --> 00:25:19,760 Speaker 1: fifty two giga watts yesterday, easily breaking a record that 459 00:25:19,880 --> 00:25:23,960 Speaker 1: still since two thousand and six. Is California Governor Gavin Newsom, 460 00:25:24,000 --> 00:25:28,480 Speaker 1: California and many other Western states are experiencing simply unprecedented temperatures. 461 00:25:28,520 --> 00:25:30,880 Speaker 1: In fact, this heatwave is on track to be both 462 00:25:30,880 --> 00:25:34,560 Speaker 1: the hottest and the longest on record for the state. 463 00:25:34,600 --> 00:25:37,400 Speaker 1: In many parts of the West for the month of September, 464 00:25:37,920 --> 00:25:40,760 Speaker 1: bosses are expecting workers to finally start showing up more 465 00:25:40,880 --> 00:25:44,399 Speaker 1: routinely at menton Happen offices that have been sparsely populated 466 00:25:44,440 --> 00:25:47,879 Speaker 1: for more than two years. Big banks, including Goldman, Sachs 467 00:25:47,960 --> 00:25:51,359 Speaker 1: and Morgan Stanley, had removed the final hurdles for full 468 00:25:51,359 --> 00:25:54,760 Speaker 1: time in person work, once again a reminding employees that 469 00:25:54,760 --> 00:25:57,919 Speaker 1: they're wanted back in the office. Global News twenty four 470 00:25:57,960 --> 00:25:59,840 Speaker 1: hours a day on the air end on Bloomberg Quicktake 471 00:26:00,080 --> 00:26:02,760 Speaker 1: power by more than twenty seven hundred journalists at analysts 472 00:26:02,960 --> 00:26:05,520 Speaker 1: it more than one hundred twenty countries. I'm John Tucker. 473 00:26:05,640 --> 00:26:12,800 Speaker 1: This is Bloomberg, Nathan. Thank you John by thirty five 474 00:26:12,840 --> 00:26:14,600 Speaker 1: on Wall Street Time for the Bloomberg Sports That Take 475 00:26:14,640 --> 00:26:16,560 Speaker 1: with John stanshowerd Nathan. The Mets have been the first 476 00:26:16,560 --> 00:26:19,119 Speaker 1: place team pretty much all season, but maybe not by 477 00:26:19,160 --> 00:26:21,720 Speaker 1: the end of tonight. Atlanta Braves one again ten to 478 00:26:21,880 --> 00:26:24,320 Speaker 1: nine in Oakland. They've won twenty six of their last 479 00:26:24,359 --> 00:26:27,200 Speaker 1: thirty one, and the Braves are eighty five and fifty one, 480 00:26:27,720 --> 00:26:29,800 Speaker 1: same record as the Mets, who lost in the Pittsburgh 481 00:26:29,800 --> 00:26:32,080 Speaker 1: Eights two Taiwan Walker gave up first four runs the 482 00:26:32,119 --> 00:26:34,960 Speaker 1: bullpen four more. Mets have just their second three game 483 00:26:35,000 --> 00:26:36,800 Speaker 1: will do threek of the season. They have a double 484 00:26:36,800 --> 00:26:39,560 Speaker 1: header in Pittsburgh today, Yankees and Twins will play two 485 00:26:39,560 --> 00:26:41,240 Speaker 1: in the Bronx to make that last night's rain. Now 486 00:26:41,320 --> 00:26:45,080 Speaker 1: the Yanks are banged up, fifteen players on the injured list. 487 00:26:45,119 --> 00:26:47,920 Speaker 1: Anthony Rizzo just went on with migraine headaches. D J 488 00:26:48,040 --> 00:26:50,600 Speaker 1: Lemah who's got a bad tow John Carlos Stanton had 489 00:26:50,600 --> 00:26:52,640 Speaker 1: to lead one day's game of injured fourth the Lex Rays, 490 00:26:52,640 --> 00:26:55,080 Speaker 1: where negative Tampa Bay beat the Red Sox. The Red 491 00:26:55,080 --> 00:26:58,040 Speaker 1: Hot Rays only four and a half games behind the Yanks. 492 00:26:58,040 --> 00:27:00,000 Speaker 1: They crowd at the US Open last night came out 493 00:27:00,080 --> 00:27:02,960 Speaker 1: to see the American teenager Coco goff and then the 494 00:27:03,160 --> 00:27:07,280 Speaker 1: entertaining ausee Nick Kurios, but they've both lost their quarterfinal matches. 495 00:27:07,359 --> 00:27:10,800 Speaker 1: Goffel the Caroline Garcia's freight sets and Carrios in a 496 00:27:10,880 --> 00:27:13,879 Speaker 1: match that ended at one am, lost the five center 497 00:27:13,920 --> 00:27:17,000 Speaker 1: to Russians. Rushas car and catch on Off. Giants getting 498 00:27:17,040 --> 00:27:20,439 Speaker 1: ready for Sunday season opener at Tennessee and the concern 499 00:27:20,520 --> 00:27:22,919 Speaker 1: for new Giants coach Brian dave ball Is Titans running 500 00:27:22,920 --> 00:27:28,200 Speaker 1: back documented his what he's done so far. He's he's 501 00:27:28,240 --> 00:27:30,119 Speaker 1: just a really good football player. I know him as 502 00:27:30,160 --> 00:27:32,480 Speaker 1: a person to uh have him, got a down a 503 00:27:32,560 --> 00:27:34,760 Speaker 1: few times in Alabama. Got a ton of respect for him. 504 00:27:34,800 --> 00:27:37,879 Speaker 1: And as a man, and and and certainly as a player. 505 00:27:37,920 --> 00:27:41,359 Speaker 1: He's uh, he's one heck of a player. Who's you 506 00:27:41,520 --> 00:27:42,959 Speaker 1: name it, he can do it. If the Giants can 507 00:27:43,040 --> 00:27:45,280 Speaker 1: upset the Titans, they'll have an over five hundred record 508 00:27:45,320 --> 00:27:47,680 Speaker 1: for the first line to two thousand and sixteen. Jets 509 00:27:47,680 --> 00:27:50,520 Speaker 1: open Sunday with Baltimore. The season kicks off tomorrow. John 510 00:27:50,560 --> 00:27:53,720 Speaker 1: stashually I were Bloomberg Sports. John thanks five thirty seven 511 00:27:53,720 --> 00:27:55,840 Speaker 1: on Wall Street Time for the Tri State Business Report 512 00:27:55,840 --> 00:27:58,920 Speaker 1: with Bloomberg's that Cory R XR has landed at one 513 00:27:58,920 --> 00:28:02,399 Speaker 1: point three billion dollars refinancing loan for a Time Square 514 00:28:02,440 --> 00:28:05,960 Speaker 1: office towers and ramps up building improvements. Backers for the 515 00:28:06,040 --> 00:28:09,720 Speaker 1: five times Square loan include Morgan Stanley, Apollo Global, and 516 00:28:09,800 --> 00:28:13,000 Speaker 1: a I G. R XR and its partners have invested 517 00:28:13,040 --> 00:28:15,879 Speaker 1: another three hundred million dollars to help renovate the site. 518 00:28:16,320 --> 00:28:19,080 Speaker 1: New York farms, orchards and dairies would be on the 519 00:28:19,080 --> 00:28:22,080 Speaker 1: hook for more overtime pay under a proposal being reviewed 520 00:28:22,080 --> 00:28:26,840 Speaker 1: by regulators. The Farm Laborers Wageboard recommends over time pay 521 00:28:26,960 --> 00:28:29,840 Speaker 1: be phased in for those working more than forty hours, 522 00:28:29,880 --> 00:28:33,919 Speaker 1: down from a current sixty hours. New Jersey pot companies 523 00:28:33,920 --> 00:28:37,480 Speaker 1: and state regulators are challenged by a hodgepodge of rules. 524 00:28:37,960 --> 00:28:42,160 Speaker 1: Documents obtained by Bloomberg show the State Cannabis Regulatory Commission 525 00:28:42,200 --> 00:28:47,800 Speaker 1: issued citations to seven companies January through mid April two, 526 00:28:47,880 --> 00:28:51,959 Speaker 1: and marijuana sales broadened from medical to recreational. That's your 527 00:28:51,960 --> 00:28:56,080 Speaker 1: Bloomberg Try State Business report. I'm ind Corey. Thanks on 528 00:28:56,080 --> 00:28:58,600 Speaker 1: Wall Street. Bloomberg Radios on the air from San Francisco 529 00:28:58,640 --> 00:29:00,880 Speaker 1: to New York, London to Han Kong. Let's check in 530 00:29:00,920 --> 00:29:02,520 Speaker 1: with our global news team for some of the top 531 00:29:02,520 --> 00:29:05,160 Speaker 1: stories heard on our three hundred affiliate radio stations around 532 00:29:05,160 --> 00:29:10,880 Speaker 1: the world. I'm Steve Podas and on ten ten Wins 533 00:29:10,920 --> 00:29:14,400 Speaker 1: in New York, we're talking about how Seattle based Nordstrom 534 00:29:14,480 --> 00:29:17,760 Speaker 1: is putting New York City Center state. I'm Cornets on 535 00:29:17,800 --> 00:29:21,040 Speaker 1: a hole on ktr H in Houston. Chesapeake Energy says 536 00:29:21,080 --> 00:29:24,200 Speaker 1: that there's lots of interests in it's Eglford Sail assets. 537 00:29:24,400 --> 00:29:27,880 Speaker 1: I'm Gina Servetti in for wfl A and Orlando. I'm 538 00:29:27,880 --> 00:29:30,720 Speaker 1: reporting that a new Gallant pole shows that about half 539 00:29:30,720 --> 00:29:34,760 Speaker 1: of US workers could be considered quiet quitters. I'm Stephen 540 00:29:34,840 --> 00:29:37,800 Speaker 1: Carol and Bloomberg DAB Digital Radio and London. We've been 541 00:29:37,840 --> 00:29:40,840 Speaker 1: reporting on the first meeting of Les Truss's cabinets after 542 00:29:40,880 --> 00:29:44,640 Speaker 1: she promoted her supporters into the top jobs. Bid Cory 543 00:29:44,680 --> 00:29:48,840 Speaker 1: on w W Jane Detroit. I'm reporting Eastern Michigan University 544 00:29:49,000 --> 00:29:51,840 Speaker 1: faculty have voted to dry. And those are some of 545 00:29:51,840 --> 00:29:54,520 Speaker 1: the stories our twenty seven Bloomberg journalists and analysts are 546 00:29:54,520 --> 00:29:57,120 Speaker 1: working on this morning. Around the world, It's nine on 547 00:29:57,200 --> 00:30:01,040 Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion. 548 00:30:01,280 --> 00:30:05,800 Speaker 1: This editorial was written by the Bloomberg Editorial Board. It's 549 00:30:05,800 --> 00:30:10,040 Speaker 1: not every day that the International Atomic Energy Agency dispatches 550 00:30:10,200 --> 00:30:14,760 Speaker 1: monitors looking like Hollywood action heroes, but that's an apt 551 00:30:14,880 --> 00:30:18,640 Speaker 1: description of the i a e. A team recently sent 552 00:30:18,720 --> 00:30:23,120 Speaker 1: to inspect the Zapparitzia nuclear power plant in Ukraine, which 553 00:30:23,200 --> 00:30:28,200 Speaker 1: Russia seized in March. It's Europe's largest nuclear reactor complex, 554 00:30:28,440 --> 00:30:30,800 Speaker 1: and it sits right on the front line between the 555 00:30:30,920 --> 00:30:35,720 Speaker 1: Ukrainian defenders and Russian invaders. The i a e a's 556 00:30:35,840 --> 00:30:40,520 Speaker 1: goal is to avert a radiation disaster. Putin will never 557 00:30:40,560 --> 00:30:44,320 Speaker 1: agree to unilaterally withdraw his troops and yield the plant 558 00:30:44,320 --> 00:30:48,080 Speaker 1: to the Ukrainians, which would amount to retreat. So the 559 00:30:48,160 --> 00:30:52,080 Speaker 1: goal of negotiations must be the creation of a demilitary 560 00:30:52,280 --> 00:30:56,800 Speaker 1: zone in and around the nuclear complex. Such a solution 561 00:30:56,880 --> 00:31:01,280 Speaker 1: will be extremely difficult to achieve, that anything less could 562 00:31:01,280 --> 00:31:06,640 Speaker 1: be disastrous. The senatorial was written by the Bloomberg editorial Board. 563 00:31:06,920 --> 00:31:09,720 Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com, 564 00:31:09,800 --> 00:31:14,080 Speaker 1: Slash Opinion or ope I n go on the Bloomberg terminal. 565 00:31:14,240 --> 00:31:17,720 Speaker 1: This has been Bloomberg opinion, and you are listening to 566 00:31:17,840 --> 00:31:24,320 Speaker 1: Bloomberg Daybreak. Listen for Bloomberg opinion editorials every weekday at 567 00:31:24,320 --> 00:31:26,760 Speaker 1: this time. Terminal customers can read more at O P 568 00:31:26,960 --> 00:31:30,520 Speaker 1: I n go Bloomberg eleven three oh weather rain, low 569 00:31:30,600 --> 00:31:32,880 Speaker 1: seventies today, will clear out, get into the upper seventies 570 00:31:32,920 --> 00:31:38,280 Speaker 1: tomorrow right now sixty six in Central Park Markets. Headlines 571 00:31:38,320 --> 00:31:41,320 Speaker 1: and breaking news twenty four hours a day at Bloomberg 572 00:31:41,360 --> 00:31:44,760 Speaker 1: dot com, the Bloomberg Business Out, and at Bloomberg Quick Tape. 573 00:31:44,960 --> 00:31:53,840 Speaker 1: This is a Bloomberg Business blash, and I'm Karen Moscow 574 00:31:53,880 --> 00:31:57,080 Speaker 1: s doctor commodities are dropping as the prospect of aggressive 575 00:31:57,160 --> 00:32:00,760 Speaker 1: Federal Reserve monetary tightening lifts a dollar gage to another record, 576 00:32:00,920 --> 00:32:04,200 Speaker 1: and futures meanwhile are moving higher. We checked the markets 577 00:32:04,200 --> 00:32:07,040 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right now, 578 00:32:07,120 --> 00:32:09,720 Speaker 1: usin P futures are up about five points down, future 579 00:32:09,760 --> 00:32:12,400 Speaker 1: is up twenty nast day features up thirty one and 580 00:32:12,440 --> 00:32:15,720 Speaker 1: the decks in Germany's down half percent. Ten year treasury 581 00:32:15,760 --> 00:32:18,360 Speaker 1: up ten thirty seconds l three point three one percent. 582 00:32:18,440 --> 00:32:21,080 Speaker 1: They yield on the two year three point four six percent. 583 00:32:21,520 --> 00:32:23,800 Speaker 1: Nine max screwed oil is up seven tenths percent or 584 00:32:23,840 --> 00:32:26,320 Speaker 1: sixty four cents at eighty seven dollars fifty two cents 585 00:32:26,320 --> 00:32:28,920 Speaker 1: a barrel. Comex s foold is up a quarter of 586 00:32:28,920 --> 00:32:31,800 Speaker 1: a percent of three dollars eighty cents a seventeen sixteen 587 00:32:31,880 --> 00:32:35,320 Speaker 1: seventy announced. The euro at point nine o nine against 588 00:32:35,360 --> 00:32:38,000 Speaker 1: the dollar, British found one point one eight zero and 589 00:32:38,040 --> 00:32:41,160 Speaker 1: the yen one forty four point one five, and bitcoin 590 00:32:41,360 --> 00:32:44,960 Speaker 1: is down one percent at eighteen thousand, seven hundred eighty dollars. 591 00:32:45,240 --> 00:32:47,840 Speaker 1: That's a Bloomberg business flash. Now here's John Tucker with 592 00:32:47,880 --> 00:32:50,440 Speaker 1: more on what's going on around the world. John and 593 00:32:50,600 --> 00:32:53,880 Speaker 1: Karen Steve Van of the one time Trump adviser expected 594 00:32:53,920 --> 00:32:56,960 Speaker 1: to surrender tomorrow to New York authorities to face state 595 00:32:57,080 --> 00:33:00,960 Speaker 1: criminal charges. California narrowly of it at blackouts for a 596 00:33:01,040 --> 00:33:04,640 Speaker 1: second successive day, even as the blistering temperatures there pushed 597 00:33:04,720 --> 00:33:08,360 Speaker 1: electricity demand to a record at Chinese leader Shooing Ping 598 00:33:08,520 --> 00:33:11,760 Speaker 1: planning his first trip abroad into and a half years. 599 00:33:11,800 --> 00:33:14,400 Speaker 1: According to Tas, he's going to meet with the Russian counterpart, 600 00:33:14,480 --> 00:33:18,880 Speaker 1: Vladimir Putin in Uzbekistan next week. Sports last night, Mets 601 00:33:18,880 --> 00:33:21,440 Speaker 1: lost to the Pirates, Red Sox lost to the Rays, 602 00:33:21,520 --> 00:33:24,600 Speaker 1: the Odes beat the Blue Jays, Nationals lost to the Cardinals, 603 00:33:24,920 --> 00:33:28,000 Speaker 1: the A's filled to the Braves, Giants lost to the Dodgers, 604 00:33:28,120 --> 00:33:30,680 Speaker 1: and the Yankees game against the Twins that was rained out. 605 00:33:30,800 --> 00:33:33,320 Speaker 1: They're gonna make that at game up today. Global News 606 00:33:33,360 --> 00:33:35,920 Speaker 1: twenty four hours a day on air and a Bloomberg 607 00:33:36,000 --> 00:33:38,720 Speaker 1: Quick Take power by more than twenty seven hundred journalists 608 00:33:38,720 --> 00:33:41,800 Speaker 1: and analysts. It more than one hundred twenty countries. I'm 609 00:33:41,880 --> 00:33:44,840 Speaker 1: John Tucker. This is Bloomberg. Nathan Okay, John, thank you. 610 00:33:44,840 --> 00:33:47,840 Speaker 1: We're coming up to five nine on Wall Street Live 611 00:33:47,920 --> 00:33:52,320 Speaker 1: from the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak 612 00:33:52,360 --> 00:33:55,160 Speaker 1: on a morning where we are continuing to see dollar 613 00:33:55,320 --> 00:34:00,400 Speaker 1: strength ripple through markets, global stocks moving lower, futures touch higher. 614 00:34:00,440 --> 00:34:03,080 Speaker 1: They've been kind of fluctuating this morning, but right now 615 00:34:03,080 --> 00:34:06,320 Speaker 1: we have SMP futures up six points. That's again of 616 00:34:06,360 --> 00:34:09,080 Speaker 1: about two tenths of one percent. But the number of 617 00:34:09,080 --> 00:34:14,440 Speaker 1: the day this day is fourteen. That's the next edition 618 00:34:14,440 --> 00:34:17,640 Speaker 1: iPhone Apple is expected to unveil at its latest launch event, 619 00:34:17,760 --> 00:34:21,920 Speaker 1: dubbed far Out. For more on what to expect from Coopertino, 620 00:34:22,080 --> 00:34:24,560 Speaker 1: we are joined this morning by Alex Web, Bloomberg Quick 621 00:34:24,600 --> 00:34:28,080 Speaker 1: Take anchor tech columnists for Bloomberg Opinion. Alex, how far 622 00:34:28,120 --> 00:34:31,040 Speaker 1: out is this product launch going to be? Well? Actually, 623 00:34:31,080 --> 00:34:32,920 Speaker 1: the title is always a bit of a puzzle that 624 00:34:32,920 --> 00:34:34,960 Speaker 1: people try to get their heads around, and the suspicion 625 00:34:35,080 --> 00:34:37,560 Speaker 1: is that it's something to do with satellite communications, that 626 00:34:38,200 --> 00:34:40,279 Speaker 1: there might be a feature which if you don't have 627 00:34:40,680 --> 00:34:44,240 Speaker 1: a cell phone signal, that you can text emergency service 628 00:34:44,280 --> 00:34:46,920 Speaker 1: or something using these sort of low earth orbit satellites 629 00:34:46,960 --> 00:34:49,120 Speaker 1: such as Starlink. You know, the the Elon must thine, 630 00:34:49,160 --> 00:34:52,440 Speaker 1: But really that's not going to be the headline product 631 00:34:52,480 --> 00:34:55,560 Speaker 1: launches here. We're going to see two new um iPhones 632 00:34:55,760 --> 00:34:58,439 Speaker 1: so well a new two new pro iPhones, and two 633 00:34:58,480 --> 00:35:02,719 Speaker 1: new standard iPhones as well as a pro version of 634 00:35:02,840 --> 00:35:04,560 Speaker 1: the Watch and that probably is going to be a 635 00:35:04,560 --> 00:35:07,680 Speaker 1: bigg takeaway. Yeah, our Mark German was reporting that the 636 00:35:07,719 --> 00:35:11,319 Speaker 1: pro versions we're going to be the devices that saw 637 00:35:11,400 --> 00:35:13,319 Speaker 1: more of the bells and whistles that a lot of 638 00:35:13,360 --> 00:35:18,319 Speaker 1: analysts expect to see from the newest Apple products. How 639 00:35:18,480 --> 00:35:23,520 Speaker 1: significant could we see in terms of changes of design, 640 00:35:23,719 --> 00:35:27,640 Speaker 1: changes of hardware in in some of these higher end 641 00:35:28,000 --> 00:35:30,520 Speaker 1: Apple products. So the thing we know every new lineup 642 00:35:30,560 --> 00:35:34,360 Speaker 1: of of iPhones has an improved processor and improved camera 643 00:35:34,480 --> 00:35:36,280 Speaker 1: and it's going to be no different this time around. 644 00:35:36,320 --> 00:35:39,400 Speaker 1: The the big camera update is gonna is it likely 645 00:35:39,440 --> 00:35:42,240 Speaker 1: to be? This is also you know marks reporting forty 646 00:35:42,280 --> 00:35:44,799 Speaker 1: eight megapixel rear facing camera on the on the pro 647 00:35:45,480 --> 00:35:50,000 Speaker 1: version of of the iPhone. Ah, the main form factor 648 00:35:50,080 --> 00:35:52,640 Speaker 1: change is it's like to be a smaller notch. That's 649 00:35:52,640 --> 00:35:55,560 Speaker 1: what the enthusiasts called that. The little dent at the 650 00:35:55,640 --> 00:35:58,840 Speaker 1: top of your display which houses the front facing camera 651 00:35:58,960 --> 00:36:01,839 Speaker 1: face I d things like that So that's really going 652 00:36:01,880 --> 00:36:05,719 Speaker 1: to be the the change here. Yeah, I guess the 653 00:36:05,719 --> 00:36:09,480 Speaker 1: the question that always tends to come up with product 654 00:36:09,480 --> 00:36:12,319 Speaker 1: bunches like this, especially when we get closer to the 655 00:36:12,400 --> 00:36:14,560 Speaker 1: holiday shopping season, is whether we're going to see a 656 00:36:14,600 --> 00:36:18,160 Speaker 1: market for higher end products from Apple. I mean, they're 657 00:36:18,200 --> 00:36:23,480 Speaker 1: always higher priced products, but given the economic environment we 658 00:36:23,520 --> 00:36:26,720 Speaker 1: find ourselves in right now, can Apple count on people 659 00:36:26,760 --> 00:36:30,600 Speaker 1: being willing to plunk down upper three maybe four figures 660 00:36:31,200 --> 00:36:34,880 Speaker 1: for for a new iPhone. So actually, some of the 661 00:36:34,920 --> 00:36:37,120 Speaker 1: interesting reporting we've seen from o Qualities, particularly de w 662 00:36:37,200 --> 00:36:40,400 Speaker 1: Wu and Taiwan is to do with how many devices 663 00:36:40,440 --> 00:36:45,319 Speaker 1: Apple has ordered from its suppliers, and the suggestion is 664 00:36:45,320 --> 00:36:47,919 Speaker 1: they've all died about the same as last year. Now, 665 00:36:48,040 --> 00:36:50,440 Speaker 1: you could say that's good news, but given it's like 666 00:36:50,520 --> 00:36:53,279 Speaker 1: could be a slightly bigger upgrade to the iPhone than 667 00:36:53,320 --> 00:36:56,080 Speaker 1: it was a year earlier, that often would drive more 668 00:36:56,120 --> 00:36:58,600 Speaker 1: of a sales uplifts. So the fact that all the 669 00:36:58,800 --> 00:37:02,400 Speaker 1: reporting that suggests that sales perhaps might be flat compared 670 00:37:02,440 --> 00:37:06,279 Speaker 1: to last year, you can maybe infer from that that, yes, 671 00:37:06,280 --> 00:37:08,799 Speaker 1: there is an impact from you know, the inflation which 672 00:37:08,840 --> 00:37:13,480 Speaker 1: is squeezing so many people's you know, wallets at the moment, 673 00:37:13,560 --> 00:37:17,920 Speaker 1: and Apple also obviously has the ability to squeeze more 674 00:37:17,920 --> 00:37:21,279 Speaker 1: money out of its customers through you know, the services 675 00:37:21,360 --> 00:37:23,960 Speaker 1: that subscriptions that people have, but in terms of device 676 00:37:24,040 --> 00:37:26,000 Speaker 1: sales it may not be as many. Now. The final 677 00:37:26,960 --> 00:37:29,439 Speaker 1: wrinkled to that is, of course, that the price point 678 00:37:29,520 --> 00:37:31,920 Speaker 1: is likely to be higher still to offset some of 679 00:37:31,960 --> 00:37:35,160 Speaker 1: those declines. So from an invest perspective, there's not a 680 00:37:35,360 --> 00:37:38,960 Speaker 1: huge concern. Now. We know a lot of investors, analysts, 681 00:37:39,040 --> 00:37:41,840 Speaker 1: and buyers gonna be watching what comes out of Cooper 682 00:37:41,880 --> 00:37:45,040 Speaker 1: Tino this afternoon one pm Wall Street time. We're gonna 683 00:37:45,040 --> 00:37:49,560 Speaker 1: have frequent updates for you on this far out Apple day. 684 00:37:49,600 --> 00:37:51,799 Speaker 1: Thanks for this, alex Web. Good having on with us, 685 00:37:51,800 --> 00:37:55,720 Speaker 1: Alex Web. Bloomberg Quick Take anchor Tech columnists from Bloomberg Opinion, 686 00:37:55,880 --> 00:37:59,120 Speaker 1: Karen Nathan. It is five three on Wall Street time 687 00:37:59,120 --> 00:38:01,880 Speaker 1: for the Bloomberg Report. Let's get to the legal stories 688 00:38:01,880 --> 00:38:08,840 Speaker 1: we're watching this morning with Bloomberg's Jeff Bellinger. Infringement suits 689 00:38:08,840 --> 00:38:11,960 Speaker 1: filed in New York and Texas federal courts charge that A. 690 00:38:12,120 --> 00:38:15,360 Speaker 1: T and T and Verizon failed to terminate the internet 691 00:38:15,400 --> 00:38:19,240 Speaker 1: services of users who engaged in online piracy. New York's 692 00:38:19,280 --> 00:38:22,759 Speaker 1: Farm Laborer's Wageboard recommends that the state phase in a 693 00:38:22,800 --> 00:38:26,120 Speaker 1: forty hour work week for farm, orchard and dairy workers, 694 00:38:26,320 --> 00:38:29,640 Speaker 1: down from the current sixty hours. The University of Delaware 695 00:38:29,640 --> 00:38:32,480 Speaker 1: went to court seeking an order allowing it to confiscate 696 00:38:32,600 --> 00:38:37,240 Speaker 1: knockoffs of university branded merchandise sold on school property during 697 00:38:37,280 --> 00:38:42,080 Speaker 1: home football games. Bloomberg Law everything you need, all on 698 00:38:42,080 --> 00:38:47,560 Speaker 1: one legal research platform, including guidance analysis and Bloomberg market Intelligence. 699 00:38:47,760 --> 00:38:51,479 Speaker 1: Find out more at Bloomberg law dot com. Right, Jeff, 700 00:38:51,520 --> 00:38:53,759 Speaker 1: thank you now. Another legal story we're watching. In a 701 00:38:53,840 --> 00:38:57,200 Speaker 1: legal victory for former President Donald Trump, a federal judge 702 00:38:57,280 --> 00:39:00,440 Speaker 1: on Monday granted his request for a special stare to 703 00:39:00,480 --> 00:39:03,680 Speaker 1: review documents seized by the FBI from his Florida home, 704 00:39:04,080 --> 00:39:06,920 Speaker 1: and also stopped the Justice Department from using the records 705 00:39:06,960 --> 00:39:10,120 Speaker 1: in its investigation into the presence of top secret information 706 00:39:10,160 --> 00:39:13,480 Speaker 1: at Mara Logo. The Justice Department has not announced yet 707 00:39:13,520 --> 00:39:16,560 Speaker 1: whether it will appeal the judge's order. For more, Bloomberg 708 00:39:16,600 --> 00:39:20,120 Speaker 1: student Grosso speaks to former federal prosecutor Jimmy Garouli, or 709 00:39:20,160 --> 00:39:23,319 Speaker 1: professor at Notre Dame Law School. When I first heard 710 00:39:23,320 --> 00:39:26,839 Speaker 1: about this motion by Trump, frankly, I thought it was 711 00:39:27,239 --> 00:39:31,440 Speaker 1: a little bizarre and had no chance at all. What 712 00:39:31,640 --> 00:39:34,760 Speaker 1: was your reaction when you heard the judge had decided 713 00:39:34,800 --> 00:39:38,439 Speaker 1: to appoint a special master. Well, I was surprised by 714 00:39:38,560 --> 00:39:42,560 Speaker 1: the decision, and then when I read the decision, I 715 00:39:42,600 --> 00:39:47,840 Speaker 1: was even more concerned by the lack of really thoughtful 716 00:39:48,239 --> 00:39:51,799 Speaker 1: legal reasoning. It's a deeply flawed ruling an opinion. And 717 00:39:51,840 --> 00:39:54,759 Speaker 1: I would say this as a law professor. Had this 718 00:39:54,920 --> 00:39:58,000 Speaker 1: been the quality product that one of my students had 719 00:39:58,000 --> 00:40:00,560 Speaker 1: submitted for a grade, I'm not or that it would 720 00:40:00,560 --> 00:40:02,640 Speaker 1: received a passing grade. What do you think about the 721 00:40:02,719 --> 00:40:08,440 Speaker 1: judge basically accepting Trump's claims of executive privilege here? The 722 00:40:08,520 --> 00:40:12,240 Speaker 1: problem with that claim is that there's no legal authority 723 00:40:12,280 --> 00:40:16,719 Speaker 1: whatsoever for the proposition that a former president of the 724 00:40:16,800 --> 00:40:21,760 Speaker 1: United States may properly invoke executive privilege. And more so, 725 00:40:21,800 --> 00:40:25,799 Speaker 1: it's problematic because executive privilege has been raised in the 726 00:40:25,920 --> 00:40:31,400 Speaker 1: context of whether or not Congress the legislature can access 727 00:40:31,840 --> 00:40:37,480 Speaker 1: presidential documents, not whether the executive branch itself can access 728 00:40:37,600 --> 00:40:40,920 Speaker 1: such documents. And that's the case here, and there's no 729 00:40:41,000 --> 00:40:44,080 Speaker 1: authority for that proposition whatsoever. And by the way, Judge 730 00:40:44,120 --> 00:40:47,279 Speaker 1: Cannon admits that this is an open issue, does not 731 00:40:47,600 --> 00:40:53,000 Speaker 1: cite any authority for the proposition that executive privilege applies here, 732 00:40:53,120 --> 00:40:57,600 Speaker 1: and he grants a restraining order on the Department of 733 00:40:57,680 --> 00:41:02,440 Speaker 1: Justice the FBI from continuing to investigate the matter while 734 00:41:02,480 --> 00:41:06,720 Speaker 1: these eleven thousand documents are being reviewed by the Special Master. 735 00:41:07,160 --> 00:41:11,640 Speaker 1: And the legal standard for an injunction is first and 736 00:41:11,719 --> 00:41:16,320 Speaker 1: foremost number one, a substantial likelihood of success on the merits. 737 00:41:16,360 --> 00:41:19,400 Speaker 1: And then you find that there is a substantial likelihood 738 00:41:19,440 --> 00:41:22,200 Speaker 1: of success on the merits. But the merits here involved 739 00:41:22,360 --> 00:41:25,920 Speaker 1: whether the executive privilege applies to a former president with 740 00:41:25,920 --> 00:41:30,000 Speaker 1: respect to request from the executive branch. That's an open question. 741 00:41:30,080 --> 00:41:34,359 Speaker 1: How can there be a substantial likelihood of success that 742 00:41:34,440 --> 00:41:37,719 Speaker 1: there's this executive privilege that applies here when there's no 743 00:41:37,840 --> 00:41:41,480 Speaker 1: authority to support it whatsoever. So that just is an 744 00:41:41,520 --> 00:41:45,400 Speaker 1: absurd conclusion. Is it unheard of for a district judge 745 00:41:45,480 --> 00:41:51,040 Speaker 1: to enjoin a federal criminal investigation. I'm unaware of any precedent. 746 00:41:51,280 --> 00:41:55,920 Speaker 1: If there is precedent, it is extremely, extremely rare for 747 00:41:56,000 --> 00:42:01,920 Speaker 1: the judiciary to intervene in an executive ranch criminal investigation 748 00:42:02,200 --> 00:42:07,400 Speaker 1: and order that that investigation be halted. And that's Jimmy Garolier, 749 00:42:07,480 --> 00:42:10,920 Speaker 1: professor at Notre Dame Law School, speaking with Bloomberg June Grass. 750 00:42:10,920 --> 00:42:13,560 Speaker 1: So catch more of that interview plus analysis of the 751 00:42:13,640 --> 00:42:17,120 Speaker 1: latest legal news by subscribing to the Bloomberg Law Podcast 752 00:42:17,239 --> 00:42:20,400 Speaker 1: or downloading the show at Bloomberg dot com slash podcast. 753 00:42:20,760 --> 00:42:24,000 Speaker 1: Attorneys can find exceptional legal research and business development tools 754 00:42:24,000 --> 00:42:27,080 Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal 755 00:42:27,239 --> 00:42:31,560 Speaker 1: at b law Go. Futures this morning are on the rise, 756 00:42:31,719 --> 00:42:34,879 Speaker 1: SMP futures up, Abody points down, futures up thirty nine, 757 00:42:34,880 --> 00:42:38,160 Speaker 1: and nasday futures up about thirty seven and the tenure 758 00:42:38,200 --> 00:42:42,160 Speaker 1: Treasury up ten thirty seconds CL three point three zero 759 00:42:42,360 --> 00:42:45,440 Speaker 1: per cent. Our top stories are straight ahead, and this 760 00:42:45,680 --> 00:42:46,360 Speaker 1: is Bloomberg