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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Good morning, I'm Nathan Hager.

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Speaker 1: And I'm Karen Moscow. Here are the stories we're following today, Karen.

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Speaker 3: Stocks are continuing their recovery from Monday's massive selloff, with

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Speaker 3: futures higher following yesterday's one percent gain for the S

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Speaker 3: and P five hundred. All major groups in the index

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Speaker 3: rows still. Stefold chief economist Lindsay PEGSA says there is

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Speaker 3: major concern about the health of the US economy.

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Speaker 4: Well, I think the risk of recession is still very real.

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Speaker 4: I would put it in double digit territory, around twenty

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Speaker 4: five to thirty percent when we look out to twenty

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Speaker 4: twenty five and beyond. But my bigger concern is not

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Speaker 4: that the US economy falls into negative territory or an

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Speaker 4: outright recession, but the notion that we allow the economy

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Speaker 4: to slow but the FED continues to tolerate above target inflation.

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Speaker 3: Steve Fold, chief economists Lindsay Pegs and traders are moderating

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Speaker 3: expectations of deep FED rate cuts this year, SWAP's point

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Speaker 3: to around one hundred and five basis points of easing.

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Speaker 3: That compares to as much as one hundred and fifty

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Speaker 3: basis points on Monday.

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Speaker 1: Well Nathan Goldman Sachs CEO David Solomon says market should

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Speaker 1: not count on the FED stepping in with an emergency

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Speaker 1: right cut. In an upcoming episode of the David Rubinstein

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Speaker 1: Show peer to peer Conversation, Solomon said he doubts the

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Speaker 1: Fed would act before September.

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Speaker 5: The market expectation is certainly for cuts in the fall.

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Speaker 5: I've been more cautious around inter straight cuts all year.

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Speaker 5: As you remember, the market expectation early in the year

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Speaker 5: was for six of seven cuts based on the economic

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Speaker 5: data we're seen now in the messaging from the Fed.

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Speaker 5: You know, I think it's likely that we'll see a

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Speaker 5: cut or two in the fall, but I think you've

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Speaker 5: still got to wait and see as things unfold.

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Speaker 1: And Goldman Sachs CEO David Solomon added the stock market

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Speaker 1: correction might be healthy, and he forecasts more volatility to come.

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Speaker 6: In Asia.

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Speaker 3: Karen, Japanese stocks rose more than one percent. A Bank

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Speaker 3: of Japan officials sent a strong duffish signal by pledging

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Speaker 3: to refrain from hiking interest rates when markets are unstable.

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Speaker 3: Those words follow major moves in the end in record

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Speaker 3: breaking swings in Japanese stocks following last week's rate hike.

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Speaker 3: Nimura's executive officer and head of wholesale, Christopher Wilcox, defended

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Speaker 3: the BOJ.

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Speaker 7: I would say that the BOJ has been completely vindicated.

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Speaker 7: They always knew that this unwind was going to be

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Speaker 7: very difficult. That's why they've been so slow and so cautious.

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Speaker 7: And yes, that puts some pressure on the end for

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Speaker 7: a little while. And think about the carry trade. The

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Speaker 7: point of the carry trade is that if they didn't

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Speaker 7: start to move, the carry trade would only have got bigger.

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Speaker 7: The end disruption of the unwinding of the carry trade

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Speaker 7: would have been even bigger. So I think the BOJ

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Speaker 7: is playing it extremely smartly.

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Speaker 3: Namura' Christopher Wilcock says the three day meltdown in Japan's

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Speaker 3: stocks adds up to one point one trillion dollars wiped out.

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Speaker 3: That is the equivalent of Sweden's entire stock market.

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Speaker 1: Well, Nathan, we'll have more on the markets than just

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Speaker 1: a moment. But now let's get to the latest in

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Speaker 1: the presidential race. Democratic nominee Kamala Harris has introduced her

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Speaker 1: new running made Minnesota Governor Tim Waaltz set a rally

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Speaker 1: in a swing state Pennsylvania. A leader who will.

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Speaker 8: Help unite our nation and move us.

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Speaker 1: Forward, a fighter for the middle class, and Governor Waltz

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Speaker 1: came out fighting against former President Donald Trump.

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Speaker 9: He froze in the face of the COVID crisis.

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Speaker 10: He drove our economy into the ground. And make no mistake,

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Speaker 10: violent crime was up under Donald Trump.

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Speaker 11: That's not even counting the crimes he committed.

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Speaker 3: Governor Waltz is a favorite of progressives and organized labor,

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Speaker 3: but former Democratic National Committee CEO Amy Dacy says the

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Speaker 3: party is rallying behind him.

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Speaker 12: You saw a sense of energy and optimism that you

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Speaker 12: haven't seen you for a while with the Democratic ticket.

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Speaker 12: If you're going to advise them, is that keep thought, authenticity,

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Speaker 12: listen as well as speak. Make sure that you're out

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Speaker 12: there and understanding people's pain.

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Speaker 3: Former DNC chief Amy Dacy notes both progressive Alexandria Casio

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Speaker 3: Cortez and centrist Joe Manchin are backing Waltz. The Harris

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Speaker 3: campaign says it raised twenty million dollars after she announced

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Speaker 3: her running mate, and a new poll from NPR PBS

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Speaker 3: News in Merist College now has Harris leading Trump nationally

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Speaker 3: fifty one percent to forty eight percent.

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Speaker 8: Well.

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Speaker 1: One other political note this morning, Nathan Corey Bush lost

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Speaker 1: a bitter primary battle for their shrinking this squad of

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Speaker 1: House progressives. The Missouri Democrat is an outspoken critic of

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Speaker 1: Israel's handling of the war in Gaza. She lost to

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Speaker 1: Saint Louis County prosecuting attorney Wesley Bell. According to the

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Speaker 1: Associated Press, with ninety four percent of votes counted, Bell

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Speaker 1: had fifty one percent support, compare with about forty six

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Speaker 1: percent for Bush.

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Speaker 3: All right, let's return to markets now, Karen, where shares

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Speaker 3: of the maker of a blockbuster weight loss drug are

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Speaker 3: slimming down and trading Novan Nordisk is down more than

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Speaker 3: three percent. For more, Let's go to Europe and check

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Speaker 3: in with Bloomberg's ew and Potts in London.

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Speaker 13: Ewan, Nathan, and Karen. It's Europe's most valuable company. But

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Speaker 13: Novo Nordisk has disappointed investors this morning. Revenue from weight

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Speaker 13: loss treatment week of He's being hit by high unexpected

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Speaker 13: price concessions in the US, It's most important market. Novo

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Speaker 13: called it a one off factor, but the size of

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Speaker 13: the shortfall is raising concerns among investors about growing competition

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Speaker 13: from American rival Eli Lilly. The market for BST drugs

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Speaker 13: is expected to reach one hundred and thirty billion dollars

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Speaker 13: by the end of the decade, but it's clear nov

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Speaker 13: Nordisk willing to fight for market share. In London, I'm

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Speaker 13: youn pots Bloomberg Radio, all right, ew.

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Speaker 1: And thank you well. Here in the US, Airbnb investors

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Speaker 1: are checking out this morning. Shares are down about sixteen percent.

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Speaker 1: The company gave a disappointing outlook for a third consecutive quarter.

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Speaker 1: It's also a warning of slowing demand from US vacationers,

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Speaker 1: assigned that travel momentum is tapering off despite the peak

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Speaker 1: summer season and.

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Speaker 3: Karen Shares of super Micro Computer are down more than

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Speaker 3: twelve percent. That company reported quarterly revenue and profit that

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Speaker 3: miss analyst estimates. We get the numbers from Bloomberg's Charlie Pellett.

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Speaker 6: It outweighs an annual sales outlook that was billions above

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Speaker 6: Wall Street projections, profit excluding some items six twenty five

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Speaker 6: a share short of super Micro's previous forecast, and the

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Speaker 6: eight dollars twenty five cent average analysts estimate a jump

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Speaker 6: in demand for the equipment that powers artificial intelligence training

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Speaker 6: and applications has helped drive sales at super Micro, which

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Speaker 6: makes data center servers in New York. Charlie Pellett Bloomberg.

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Speaker 1: Radio Right, Charlie, thank you. On the flip side, shares

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Speaker 1: of Luman Technologies are searing more than forty two percent.

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Speaker 1: The company, which provides fiber networks for artificial intelligence data processing,

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Speaker 1: says a surge in demand is leading to a surge

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Speaker 1: in sales. Luhmann also boosted its full year free cash

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Speaker 1: flow forecast a one to one point two billion dollars.

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Speaker 1: It previously saw one hundred to three hundred million. Time

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Speaker 1: to off for a look at some of the other

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Speaker 1: stories making news in New York and around the world,

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Speaker 1: and for that we're joined by Bloomberg's John Tucker, John,

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Speaker 1: good Morning.

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Speaker 14: And Karen. A floodwatch has now been lifted for the

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Speaker 14: city after as much as five inches of rain in

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Speaker 14: just several hours. Le Mini streets, homes and businesses in

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Speaker 14: the Tri State inundated last night at cold front triggered

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Speaker 14: severe storms. New York City officials for the first time,

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Speaker 14: we're using a drone to transmit emergency weather alerts to

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Speaker 14: residents were Bloomberg meteorologist Rob Carolyn tells us, we'll get

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Speaker 14: just a temporary break.

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Speaker 9: Well, we saw anywhere from an inch and a half

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Speaker 9: of rain over portions of the city to as much

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Speaker 9: as five inches in parts of Connecticut and New Jersey.

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Speaker 9: The good news is that system is pulling out this morning.

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Speaker 9: Rain moves out of the region very early on and

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Speaker 9: we'll see drier conditions. Unfortunately, though, Oyster from Debbie's going

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Speaker 9: to bring rain back into the tri state area later tonight,

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Speaker 9: and we'll see it again tomorrow and into Friday.

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Speaker 14: John the New York Posts a handful of people had

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Speaker 14: to be rescued from their cars at Aarhizi water trapped

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Speaker 14: them on the Henry Hudson Parkway and the major Diggon Expressway.

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Speaker 14: Hamas is named the alleged mastermind of the group's October

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Speaker 14: seven attack on Israel. As its new political leader. He

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Speaker 14: succeeds a key mediator who's assassination last week has set

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Speaker 14: back to cease fire talks. New York state voters support

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Speaker 14: banning smartphones and classrooms by a wide margin. More from Bloomberg'

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Speaker 14: Jeff Bellinger.

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Speaker 10: According to a poll from Siena College. Voters back a

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Speaker 10: school smartphone ban by sixty percent to thirty two percent.

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Speaker 10: There is growing nationwide concern that the devices distract from learning.

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Speaker 10: New York City School's Chancellor David Banks said heat plans

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Speaker 10: and across the board ban on mobile phones. Governor Kathy

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Speaker 10: Hockel said she intends to propose a state wide ban

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Speaker 10: in schools during the twenty twenty five legislative session. Some

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Speaker 10: New York schools that already have bans in place have

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Speaker 10: seen positive results, including increased grades. Jeff Bellinger, Bloomberg Radio.

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Speaker 14: Global News twenty four hours a day and whatever he

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Speaker 14: wanted with Bloomberg News Now, I'm John Tucker. Yeah, this

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Speaker 14: is Bloomberg Nathan and Karen.

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Speaker 1: All right, John, thank you time now for the Bloomberg

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Speaker 1: Sports Update with John Stafshawer. John, good morning, Good.

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Speaker 11: Morning, Karen. The Mets signed a couple of the free

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Speaker 11: agents starting pitchers and the offseason Sean and I has

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Speaker 11: been really good. Luis Severino the x Yankee, not so

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Speaker 11: much specially lately. Sevarinos Era in July was near six.

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Speaker 11: First start of August, took the loss in Denver. The

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Speaker 11: Rockies won six to three. Yankees reigned out at the

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Speaker 11: stadium straight double letter with the Angels today starting at

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Speaker 11: four when Baltimore lost in Toronto, had put the Yanks

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Speaker 11: into sole possession of first by a half game, though

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Speaker 11: White Sox had not one of James since July tenth.

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Speaker 11: The twenty one game losing streak ended in Oakland. Chicago

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Speaker 11: won five to one, raising its season record to twenty

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Speaker 11: eight and eighty eight. Houston Astros got a no hitter

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Speaker 11: early this season from Renel Blanco. They got one last

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Speaker 11: season from Fraanburg Valdez. Valdez in Texas was one out

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Speaker 11: from another no hitter the Rangers. Kyle Seger broke it

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Speaker 11: up for the home three gold medals won by US athletes.

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Speaker 11: A neat Elore only twenty years old, she's the youngest

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Speaker 11: American to win Golden Women's wrestling. She outscored her opponents

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Speaker 11: by a combined thirty four to two. Track and field

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Speaker 11: Cole Hawker upset win in the fifteen hundred meters. Gabby

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Speaker 11: Thomas took the two hundred. She had competed in Tokyo

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Speaker 11: when there were no fans, not the case in Paris.

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Speaker 8: There is nothing like walking into a stadium of eighty

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Speaker 8: thousand people and they're screaming and they're right on top

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Speaker 8: of you. That is a lot of pressure to put

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Speaker 8: on someone and a lot of pressure for us to

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Speaker 8: kind of deal with. So it was definitely very different.

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Speaker 8: But it's also it made it a lot more special

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Speaker 8: when I crossed the line as a champion because I

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Speaker 8: got to share that experience with everyone. I got to

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Speaker 8: hear the crowd roar.

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Speaker 11: Men's basketball easy quarterfinal route went over Brazil one twenty

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Speaker 11: two to eighty seven. Next up Serbia tomorrow in the semifinals.

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Speaker 11: Next up for the US women's soccer gold medal Games

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Speaker 11: senturdaygainst Brazil and both the quarterfinals and the semis against Germany.

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Speaker 11: The US won one nil time, scoring the only goal

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Speaker 11: in extra time. John stash Allett, Bloomberg Sports.

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Speaker 10: County, Nape Coast to Coast on Bloomberg Radio, nationwide on

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Speaker 10: Sirius XM, and around the world on Bloomberg dot Com

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Speaker 10: and the Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager.

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Speaker 10: Vice President.

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Speaker 3: Kamala Harris is kicking off a crucial stage of her

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Speaker 3: presidential campaign with her new running mate in tow and Minnesota.

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Speaker 3: Governor Tim Waltz is already coming out swinging against Republicans

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Speaker 3: Donald Trump and Jade Vance and his first appearance as

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Speaker 3: running mate in Philadelphia. Joining us now is Tina Fordham,

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Speaker 3: founder and geopolitical strategist at Fordham Global Foresight. Tina, it's

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Speaker 3: great to speak with you again. This morning. Vice President

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Speaker 3: Harris introduced Governor Waltz as a fighter for the middle class.

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Speaker 3: Of course, he's been credited with coining the term weird

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Speaker 3: that seems to be resonating among Democrats when it comes

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Speaker 3: to messaging against the Republican ticket. What's your reaction to

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Speaker 3: his introduction out to a national audience.

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Speaker 15: You know, it was fascinating to watch the scenes at

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Speaker 15: the rally in Philadelphia. There was a lot of energy,

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Speaker 15: there was a very very interesting, i think, very positive

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Speaker 15: chemistry between Harris and Waltz. And you know, like a

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Speaker 15: lot of people, I didn't know much about him until

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Speaker 15: his name got on the short list, but he's got

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Speaker 15: an interesting story. But more than anything, his way of

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Speaker 15: framing the issues I think is really landing. The weird

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Speaker 15: idea is just one of those mechanisms. But also his

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Speaker 15: plain spokenness is.

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Speaker 3: That going to be enough, the weird messaging to go

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Speaker 3: after Trump and the Republicans.

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Speaker 15: You know, speaking from a political science point of view,

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Speaker 15: it can be a very effective tool for marginalizing your opponent.

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Speaker 15: You know, there are those who would say that using

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Speaker 15: humor or satire is childish. I don't agree. And also

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Speaker 15: it works a lot better than Biden's apocalyptic rhetoric, which

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Speaker 15: really didn't move people well.

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Speaker 3: As a governor, as a former congressman, he does have

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Speaker 3: a record. He supported free school meals, paid family leave

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Speaker 3: as governor Pennsylvania. He has kind of a nuanced stance

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Speaker 3: when it comes to China. He's got a long history

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Speaker 3: as a former teacher. There could those be vulnerabilities for

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Speaker 3: Governor Waltz anything.

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Speaker 15: It can be a vulnerability in this day and age

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Speaker 15: where you know, people can dredge up something that was

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Speaker 15: said decades ago. He's he's a vice president, he's not

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Speaker 15: running as a president. He's not there to bring foreign

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Speaker 15: policy cred to the ticket. This is a very unusual race.

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Speaker 15: It doesn't necessarily need to be said. They're starting late

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Speaker 15: in the game, and I think what Waltz brings to

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Speaker 15: the ticket is a lot of energy. You know, his

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Speaker 15: kind of football coach approached to going on offense. And

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Speaker 15: let's see how it resonates with voters. They if they

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Speaker 15: want to be part of this, And it's also a

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Speaker 15: generational changing of the guard. You know, they're both sixty,

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Speaker 15: which is young in this race as it has been

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Speaker 15: so far.

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Speaker 3: Yeah, interesting to think of sixty as young now considering

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Speaker 3: where presidential races have been in the past, other than

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Speaker 3: Trump and Biden, I suppose, But of course Governor Waltz

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Speaker 3: has already come out as a favorite of progressives and

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Speaker 3: blue collar workers. Was Vice President Harris really at risk

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Speaker 3: of losing that part of the Biden coalition without bringing

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Speaker 3: in someone like Waltz? Did she miss an opportunity? Why

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Speaker 3: not picking someone with more centrist appeal like Josh Shapiro

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Speaker 3: or Mark Kelly.

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Speaker 15: I mean, if you look at the data the Electoral College,

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Speaker 15: you know, power of a vice presidential candidate hasn't amounted

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Speaker 15: to much since you know, probably Al Gore and the

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Speaker 15: state of Tennessee. And so we're talking about about point

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Speaker 15: oh four percent. And what's more, this whole political beauty

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Speaker 15: pageant that the Democrats have been through have really put

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Speaker 15: people like Josh Shapiro, obviously, Pete Buddhajetz who already was

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Speaker 15: in the cabinet, Kelly and others much more prominently. So

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Speaker 15: there's a sense that, you know, there's a lot of

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Speaker 15: talent on the Democratic side to be mobilized for this.

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Speaker 15: I don't think that the fact that Josh Shapiro isn't

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Speaker 15: on the ticket means that Harris is less likely to

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Speaker 15: get Pennsylvania. The other thing that's interesting about Waltz, of

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Speaker 15: course it's less quantitative, is that he has one in

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Speaker 15: in red districts and in formerly red state. So that

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Speaker 15: is powerful too when it comes to the idea of persuasion,

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Speaker 15: and that's what the Harris Waltz ticket has to do

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Speaker 15: fast to not only rebuild, you know, as much of

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Speaker 15: the and maybe even the Obama coalition, but to persuade

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Speaker 15: the disgruntled, independence and undecided.

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