WEBVTT - Market Rebound; Harris VP Pick

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Good morning, I'm Nathan Hager.

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

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<v Speaker 3>Stocks are continuing their recovery from Monday's massive selloff, with

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<v Speaker 3>futures higher following yesterday's one percent gain for the S

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<v Speaker 3>and P five hundred. All major groups in the index

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<v Speaker 3>rows still. Stefold chief economist Lindsay PEGSA says there is

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<v Speaker 3>major concern about the health of the US economy.

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<v Speaker 4>Well, I think the risk of recession is still very real.

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<v Speaker 4>I would put it in double digit territory, around twenty

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<v Speaker 4>five to thirty percent when we look out to twenty

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<v Speaker 4>twenty five and beyond. But my bigger concern is not

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<v Speaker 4>that the US economy falls into negative territory or an

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<v Speaker 4>outright recession, but the notion that we allow the economy

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<v Speaker 4>to slow but the FED continues to tolerate above target inflation.

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<v Speaker 3>Steve Fold, chief economists Lindsay Pegs and traders are moderating

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<v Speaker 3>expectations of deep FED rate cuts this year, SWAP's point

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<v Speaker 3>to around one hundred and five basis points of easing.

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<v Speaker 3>That compares to as much as one hundred and fifty

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<v Speaker 3>basis points on Monday.

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<v Speaker 1>Well Nathan Goldman Sachs CEO David Solomon says market should

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<v Speaker 1>not count on the FED stepping in with an emergency

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<v Speaker 1>right cut. In an upcoming episode of the David Rubinstein

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<v Speaker 1>Show peer to peer Conversation, Solomon said he doubts the

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<v Speaker 1>Fed would act before September.

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<v Speaker 5>The market expectation is certainly for cuts in the fall.

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<v Speaker 5>I've been more cautious around inter straight cuts all year.

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<v Speaker 5>As you remember, the market expectation early in the year

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<v Speaker 5>was for six of seven cuts based on the economic

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<v Speaker 5>data we're seen now in the messaging from the Fed.

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

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<v Speaker 5>cut or two in the fall, but I think you've

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<v Speaker 5>still got to wait and see as things unfold.

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<v Speaker 1>And Goldman Sachs CEO David Solomon added the stock market

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<v Speaker 1>correction might be healthy, and he forecasts more volatility to come.

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<v Speaker 6>In Asia.

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<v Speaker 3>Karen, Japanese stocks rose more than one percent. A Bank

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<v Speaker 3>of Japan officials sent a strong duffish signal by pledging

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<v Speaker 3>to refrain from hiking interest rates when markets are unstable.

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<v Speaker 3>Those words follow major moves in the end in record

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<v Speaker 3>breaking swings in Japanese stocks following last week's rate hike.

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<v Speaker 3>Nimura's executive officer and head of wholesale, Christopher Wilcox, defended

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<v Speaker 3>the BOJ.

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<v Speaker 7>I would say that the BOJ has been completely vindicated.

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<v Speaker 7>They always knew that this unwind was going to be

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

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<v Speaker 7>And yes, that puts some pressure on the end for

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<v Speaker 7>a little while. And think about the carry trade. The

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<v Speaker 7>point of the carry trade is that if they didn't

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<v Speaker 7>start to move, the carry trade would only have got bigger.

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<v Speaker 7>The end disruption of the unwinding of the carry trade

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<v Speaker 7>would have been even bigger. So I think the BOJ

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<v Speaker 7>is playing it extremely smartly.

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<v Speaker 3>Namura' Christopher Wilcock says the three day meltdown in Japan's

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<v Speaker 3>stocks adds up to one point one trillion dollars wiped out.

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<v Speaker 3>That is the equivalent of Sweden's entire stock market.

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<v Speaker 1>Well, Nathan, we'll have more on the markets than just

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<v Speaker 1>a moment. But now let's get to the latest in

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<v Speaker 1>the presidential race. Democratic nominee Kamala Harris has introduced her

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<v Speaker 1>new running made Minnesota Governor Tim Waaltz set a rally

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<v Speaker 1>in a swing state Pennsylvania. A leader who will.

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<v Speaker 8>Help unite our nation and move us.

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<v Speaker 1>Forward, a fighter for the middle class, and Governor Waltz

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<v Speaker 1>came out fighting against former President Donald Trump.

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<v Speaker 9>He froze in the face of the COVID crisis.

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<v Speaker 10>He drove our economy into the ground. And make no mistake,

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<v Speaker 10>violent crime was up under Donald Trump.

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<v Speaker 11>That's not even counting the crimes he committed.

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<v Speaker 3>Governor Waltz is a favorite of progressives and organized labor,

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<v Speaker 3>but former Democratic National Committee CEO Amy Dacy says the

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<v Speaker 3>party is rallying behind him.

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<v Speaker 12>You saw a sense of energy and optimism that you

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<v Speaker 12>haven't seen you for a while with the Democratic ticket.

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

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<v Speaker 12>listen as well as speak. Make sure that you're out

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<v Speaker 12>there and understanding people's pain.

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<v Speaker 3>Former DNC chief Amy Dacy notes both progressive Alexandria Casio

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<v Speaker 3>Cortez and centrist Joe Manchin are backing Waltz. The Harris

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<v Speaker 3>campaign says it raised twenty million dollars after she announced

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<v Speaker 3>her running mate, and a new poll from NPR PBS

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<v Speaker 3>News in Merist College now has Harris leading Trump nationally

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<v Speaker 3>fifty one percent to forty eight percent.

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<v Speaker 8>Well.

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<v Speaker 1>One other political note this morning, Nathan Corey Bush lost

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<v Speaker 1>a bitter primary battle for their shrinking this squad of

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<v Speaker 1>House progressives. The Missouri Democrat is an outspoken critic of

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<v Speaker 1>Israel's handling of the war in Gaza. She lost to

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<v Speaker 1>Saint Louis County prosecuting attorney Wesley Bell. According to the

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<v Speaker 1>Associated Press, with ninety four percent of votes counted, Bell

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<v Speaker 1>had fifty one percent support, compare with about forty six

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<v Speaker 1>percent for Bush.

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<v Speaker 3>All right, let's return to markets now, Karen, where shares

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<v Speaker 3>of the maker of a blockbuster weight loss drug are

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<v Speaker 3>slimming down and trading Novan Nordisk is down more than

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

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<v Speaker 3>in with Bloomberg's ew and Potts in London.

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

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<v Speaker 13>Novo Nordisk has disappointed investors this morning. Revenue from weight

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<v Speaker 13>loss treatment week of He's being hit by high unexpected

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

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<v Speaker 13>called it a one off factor, but the size of

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<v Speaker 13>the shortfall is raising concerns among investors about growing competition

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<v Speaker 13>from American rival Eli Lilly. The market for BST drugs

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<v Speaker 13>is expected to reach one hundred and thirty billion dollars

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<v Speaker 13>by the end of the decade, but it's clear nov

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

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<v Speaker 13>youn pots Bloomberg Radio, all right, ew.

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<v Speaker 1>And thank you well. Here in the US, Airbnb investors

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<v Speaker 1>are checking out this morning. Shares are down about sixteen percent.

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<v Speaker 1>The company gave a disappointing outlook for a third consecutive quarter.

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<v Speaker 1>It's also a warning of slowing demand from US vacationers,

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<v Speaker 1>assigned that travel momentum is tapering off despite the peak

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<v Speaker 1>summer season and.

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<v Speaker 3>Karen Shares of super Micro Computer are down more than

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<v Speaker 3>twelve percent. That company reported quarterly revenue and profit that

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

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<v Speaker 6>It outweighs an annual sales outlook that was billions above

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<v Speaker 6>Wall Street projections, profit excluding some items six twenty five

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<v Speaker 6>a share short of super Micro's previous forecast, and the

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<v Speaker 6>eight dollars twenty five cent average analysts estimate a jump

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<v Speaker 6>in demand for the equipment that powers artificial intelligence training

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<v Speaker 6>and applications has helped drive sales at super Micro, which

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<v Speaker 6>makes data center servers in New York. Charlie Pellett Bloomberg.

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<v Speaker 1>Radio Right, Charlie, thank you. On the flip side, shares

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<v Speaker 1>of Luman Technologies are searing more than forty two percent.

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<v Speaker 1>The company, which provides fiber networks for artificial intelligence data processing,

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<v Speaker 1>says a surge in demand is leading to a surge

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<v Speaker 1>in sales. Luhmann also boosted its full year free cash

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<v Speaker 1>flow forecast a one to one point two billion dollars.

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<v Speaker 1>It previously saw one hundred to three hundred million. Time

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<v Speaker 1>to off for a look at some of the other

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<v Speaker 1>stories making news in New York and around the world,

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<v Speaker 1>and for that we're joined by Bloomberg's John Tucker, John,

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<v Speaker 1>good Morning.

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<v Speaker 14>And Karen. A floodwatch has now been lifted for the

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<v Speaker 14>city after as much as five inches of rain in

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<v Speaker 14>just several hours. Le Mini streets, homes and businesses in

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<v Speaker 14>the Tri State inundated last night at cold front triggered

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<v Speaker 14>severe storms. New York City officials for the first time,

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<v Speaker 14>we're using a drone to transmit emergency weather alerts to

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<v Speaker 14>residents were Bloomberg meteorologist Rob Carolyn tells us, we'll get

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<v Speaker 14>just a temporary break.

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<v Speaker 9>Well, we saw anywhere from an inch and a half

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<v Speaker 9>of rain over portions of the city to as much

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<v Speaker 9>as five inches in parts of Connecticut and New Jersey.

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<v Speaker 9>The good news is that system is pulling out this morning.

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<v Speaker 9>Rain moves out of the region very early on and

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

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<v Speaker 9>to bring rain back into the tri state area later tonight,

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<v Speaker 9>and we'll see it again tomorrow and into Friday.

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<v Speaker 14>John the New York Posts a handful of people had

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<v Speaker 14>to be rescued from their cars at Aarhizi water trapped

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<v Speaker 14>them on the Henry Hudson Parkway and the major Diggon Expressway.

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<v Speaker 14>Hamas is named the alleged mastermind of the group's October

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<v Speaker 14>seven attack on Israel. As its new political leader. He

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<v Speaker 14>succeeds a key mediator who's assassination last week has set

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<v Speaker 14>back to cease fire talks. New York state voters support

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<v Speaker 14>banning smartphones and classrooms by a wide margin. More from Bloomberg'

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<v Speaker 14>Jeff Bellinger.

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<v Speaker 10>According to a poll from Siena College. Voters back a

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<v Speaker 10>school smartphone ban by sixty percent to thirty two percent.

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<v Speaker 10>There is growing nationwide concern that the devices distract from learning.

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<v Speaker 10>New York City School's Chancellor David Banks said heat plans

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<v Speaker 10>and across the board ban on mobile phones. Governor Kathy

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<v Speaker 10>Hockel said she intends to propose a state wide ban

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<v Speaker 10>in schools during the twenty twenty five legislative session. Some

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<v Speaker 10>New York schools that already have bans in place have

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<v Speaker 10>seen positive results, including increased grades. Jeff Bellinger, Bloomberg Radio.

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<v Speaker 14>Global News twenty four hours a day and whatever he

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

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<v Speaker 14>is Bloomberg Nathan and Karen.

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<v Speaker 1>All right, John, thank you time now for the Bloomberg

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<v Speaker 1>Sports Update with John Stafshawer. John, good morning, Good.

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<v Speaker 11>Morning, Karen. The Mets signed a couple of the free

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<v Speaker 11>agents starting pitchers and the offseason Sean and I has

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<v Speaker 11>been really good. Luis Severino the x Yankee, not so

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<v Speaker 11>much specially lately. Sevarinos Era in July was near six.

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<v Speaker 11>First start of August, took the loss in Denver. The

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<v Speaker 11>Rockies won six to three. Yankees reigned out at the

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<v Speaker 11>stadium straight double letter with the Angels today starting at

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<v Speaker 11>four when Baltimore lost in Toronto, had put the Yanks

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<v Speaker 11>into sole possession of first by a half game, though

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<v Speaker 11>White Sox had not one of James since July tenth.

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<v Speaker 11>The twenty one game losing streak ended in Oakland. Chicago

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<v Speaker 11>won five to one, raising its season record to twenty

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<v Speaker 11>eight and eighty eight. Houston Astros got a no hitter

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<v Speaker 11>early this season from Renel Blanco. They got one last

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<v Speaker 11>season from Fraanburg Valdez. Valdez in Texas was one out

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<v Speaker 11>from another no hitter the Rangers. Kyle Seger broke it

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<v Speaker 11>up for the home three gold medals won by US athletes.

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<v Speaker 11>A neat Elore only twenty years old, she's the youngest

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<v Speaker 11>American to win Golden Women's wrestling. She outscored her opponents

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<v Speaker 11>by a combined thirty four to two. Track and field

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<v Speaker 11>Cole Hawker upset win in the fifteen hundred meters. Gabby

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<v Speaker 11>Thomas took the two hundred. She had competed in Tokyo

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<v Speaker 11>when there were no fans, not the case in Paris.

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<v Speaker 8>There is nothing like walking into a stadium of eighty

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<v Speaker 8>thousand people and they're screaming and they're right on top

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<v Speaker 8>of you. That is a lot of pressure to put

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<v Speaker 8>on someone and a lot of pressure for us to

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<v Speaker 8>kind of deal with. So it was definitely very different.

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<v Speaker 8>But it's also it made it a lot more special

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<v Speaker 8>when I crossed the line as a champion because I

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<v Speaker 8>got to share that experience with everyone. I got to

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<v Speaker 8>hear the crowd roar.

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<v Speaker 11>Men's basketball easy quarterfinal route went over Brazil one twenty

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<v Speaker 11>two to eighty seven. Next up Serbia tomorrow in the semifinals.

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<v Speaker 11>Next up for the US women's soccer gold medal Games

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<v Speaker 11>senturdaygainst Brazil and both the quarterfinals and the semis against Germany.

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<v Speaker 11>The US won one nil time, scoring the only goal

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<v Speaker 11>in extra time. John stash Allett, Bloomberg Sports.

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<v Speaker 10>County, Nape Coast to Coast on Bloomberg Radio, nationwide on

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<v Speaker 10>Sirius XM, and around the world on Bloomberg dot Com

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<v Speaker 10>and the Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager.

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<v Speaker 10>Vice President.

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<v Speaker 3>Kamala Harris is kicking off a crucial stage of her

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<v Speaker 3>presidential campaign with her new running mate in tow and Minnesota.

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<v Speaker 3>Governor Tim Waltz is already coming out swinging against Republicans

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<v Speaker 3>Donald Trump and Jade Vance and his first appearance as

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<v Speaker 3>running mate in Philadelphia. Joining us now is Tina Fordham,

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

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<v Speaker 3>great to speak with you again. This morning. Vice President

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<v Speaker 3>Harris introduced Governor Waltz as a fighter for the middle class.

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<v Speaker 3>Of course, he's been credited with coining the term weird

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<v Speaker 3>that seems to be resonating among Democrats when it comes

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<v Speaker 3>to messaging against the Republican ticket. What's your reaction to

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<v Speaker 3>his introduction out to a national audience.

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<v Speaker 15>You know, it was fascinating to watch the scenes at

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<v Speaker 15>the rally in Philadelphia. There was a lot of energy,

0:12:09.679 --> 0:12:13.959
<v Speaker 15>there was a very very interesting, i think, very positive

0:12:14.080 --> 0:12:18.200
<v Speaker 15>chemistry between Harris and Waltz. And you know, like a

0:12:18.240 --> 0:12:21.920
<v Speaker 15>lot of people, I didn't know much about him until

0:12:21.920 --> 0:12:25.000
<v Speaker 15>his name got on the short list, but he's got

0:12:25.040 --> 0:12:28.320
<v Speaker 15>an interesting story. But more than anything, his way of

0:12:28.679 --> 0:12:32.840
<v Speaker 15>framing the issues I think is really landing. The weird

0:12:33.000 --> 0:12:37.920
<v Speaker 15>idea is just one of those mechanisms. But also his

0:12:38.080 --> 0:12:40.120
<v Speaker 15>plain spokenness is.

0:12:40.080 --> 0:12:43.640
<v Speaker 3>That going to be enough, the weird messaging to go

0:12:43.720 --> 0:12:45.160
<v Speaker 3>after Trump and the Republicans.

0:12:45.600 --> 0:12:48.160
<v Speaker 15>You know, speaking from a political science point of view,

0:12:48.200 --> 0:12:53.120
<v Speaker 15>it can be a very effective tool for marginalizing your opponent.

0:12:54.600 --> 0:12:56.480
<v Speaker 15>You know, there are those who would say that using

0:12:56.760 --> 0:13:00.720
<v Speaker 15>humor or satire is childish. I don't agree. And also

0:13:00.800 --> 0:13:05.000
<v Speaker 15>it works a lot better than Biden's apocalyptic rhetoric, which

0:13:05.080 --> 0:13:08.000
<v Speaker 15>really didn't move people well.

0:13:08.120 --> 0:13:11.320
<v Speaker 3>As a governor, as a former congressman, he does have

0:13:11.400 --> 0:13:15.200
<v Speaker 3>a record. He supported free school meals, paid family leave

0:13:15.400 --> 0:13:18.600
<v Speaker 3>as governor Pennsylvania. He has kind of a nuanced stance

0:13:18.640 --> 0:13:21.280
<v Speaker 3>when it comes to China. He's got a long history

0:13:21.320 --> 0:13:25.160
<v Speaker 3>as a former teacher. There could those be vulnerabilities for

0:13:25.320 --> 0:13:26.959
<v Speaker 3>Governor Waltz anything.

0:13:27.240 --> 0:13:29.839
<v Speaker 15>It can be a vulnerability in this day and age

0:13:29.880 --> 0:13:32.439
<v Speaker 15>where you know, people can dredge up something that was

0:13:32.480 --> 0:13:37.200
<v Speaker 15>said decades ago. He's he's a vice president, he's not

0:13:37.280 --> 0:13:40.319
<v Speaker 15>running as a president. He's not there to bring foreign

0:13:40.400 --> 0:13:45.840
<v Speaker 15>policy cred to the ticket. This is a very unusual race.

0:13:45.920 --> 0:13:49.520
<v Speaker 15>It doesn't necessarily need to be said. They're starting late

0:13:49.559 --> 0:13:52.440
<v Speaker 15>in the game, and I think what Waltz brings to

0:13:52.520 --> 0:13:55.599
<v Speaker 15>the ticket is a lot of energy. You know, his

0:13:55.760 --> 0:14:00.240
<v Speaker 15>kind of football coach approached to going on offense. And

0:14:00.440 --> 0:14:04.079
<v Speaker 15>let's see how it resonates with voters. They if they

0:14:04.120 --> 0:14:06.880
<v Speaker 15>want to be part of this, And it's also a

0:14:06.920 --> 0:14:10.760
<v Speaker 15>generational changing of the guard. You know, they're both sixty,

0:14:10.840 --> 0:14:14.439
<v Speaker 15>which is young in this race as it has been

0:14:14.480 --> 0:14:14.880
<v Speaker 15>so far.

0:14:15.360 --> 0:14:19.560
<v Speaker 3>Yeah, interesting to think of sixty as young now considering

0:14:19.600 --> 0:14:22.040
<v Speaker 3>where presidential races have been in the past, other than

0:14:22.280 --> 0:14:26.240
<v Speaker 3>Trump and Biden, I suppose, But of course Governor Waltz

0:14:26.720 --> 0:14:29.760
<v Speaker 3>has already come out as a favorite of progressives and

0:14:29.880 --> 0:14:33.560
<v Speaker 3>blue collar workers. Was Vice President Harris really at risk

0:14:33.720 --> 0:14:37.760
<v Speaker 3>of losing that part of the Biden coalition without bringing

0:14:37.800 --> 0:14:40.240
<v Speaker 3>in someone like Waltz? Did she miss an opportunity? Why

0:14:40.400 --> 0:14:43.160
<v Speaker 3>not picking someone with more centrist appeal like Josh Shapiro

0:14:43.240 --> 0:14:43.880
<v Speaker 3>or Mark Kelly.

0:14:44.760 --> 0:14:48.800
<v Speaker 15>I mean, if you look at the data the Electoral College,

0:14:49.680 --> 0:14:54.200
<v Speaker 15>you know, power of a vice presidential candidate hasn't amounted

0:14:54.240 --> 0:14:58.320
<v Speaker 15>to much since you know, probably Al Gore and the

0:14:58.360 --> 0:15:02.480
<v Speaker 15>state of Tennessee. And so we're talking about about point

0:15:02.600 --> 0:15:07.480
<v Speaker 15>oh four percent. And what's more, this whole political beauty

0:15:07.520 --> 0:15:11.280
<v Speaker 15>pageant that the Democrats have been through have really put

0:15:11.400 --> 0:15:15.800
<v Speaker 15>people like Josh Shapiro, obviously, Pete Buddhajetz who already was

0:15:16.160 --> 0:15:20.800
<v Speaker 15>in the cabinet, Kelly and others much more prominently. So

0:15:20.880 --> 0:15:24.800
<v Speaker 15>there's a sense that, you know, there's a lot of

0:15:25.040 --> 0:15:28.040
<v Speaker 15>talent on the Democratic side to be mobilized for this.

0:15:28.160 --> 0:15:31.120
<v Speaker 15>I don't think that the fact that Josh Shapiro isn't

0:15:31.160 --> 0:15:34.400
<v Speaker 15>on the ticket means that Harris is less likely to

0:15:34.760 --> 0:15:38.360
<v Speaker 15>get Pennsylvania. The other thing that's interesting about Waltz, of

0:15:38.400 --> 0:15:42.400
<v Speaker 15>course it's less quantitative, is that he has one in

0:15:42.680 --> 0:15:48.080
<v Speaker 15>in red districts and in formerly red state. So that

0:15:48.360 --> 0:15:51.880
<v Speaker 15>is powerful too when it comes to the idea of persuasion,

0:15:52.000 --> 0:15:55.120
<v Speaker 15>and that's what the Harris Waltz ticket has to do

0:15:55.720 --> 0:15:59.720
<v Speaker 15>fast to not only rebuild, you know, as much of

0:15:59.760 --> 0:16:03.680
<v Speaker 15>the and maybe even the Obama coalition, but to persuade

0:16:03.720 --> 0:16:08.400
<v Speaker 15>the disgruntled, independence and undecided.

0:16:08.680 --> 0:16:11.600
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