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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 4: Karen, we begin with a major political development this morning

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Speaker 4: in the United Kingdom. Prime Minister Keir Starmer has announced

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Speaker 4: he is stepping down. Let's go to London and get

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Speaker 4: the very latest with Bloomberg's Ewen Parts.

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Speaker 2: Good Morning, Ewan, Karen and Nathan.

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Speaker 5: Less than two years after his Landslide election victory, Kisarmer

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Speaker 5: says he's standing down as Prime Minister of the United Kingdom.

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Speaker 5: He made the announcement outside Number ten, Downing Street less

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Speaker 5: than half an hour ago.

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Speaker 6: The question my party is asking now is whether I

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Speaker 6: am best placed to lead us into the next general election.

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Speaker 6: I have heard the answer of my parliamentary party to

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Speaker 6: that question, and I accept that answer with good grace.

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Speaker 6: Very decision I've taken has been about putting the country

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Speaker 6: I love first. That is why I will resign as

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Speaker 6: Leader of the Labor Party.

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Speaker 5: Starmer went on to say that nominations for a new

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Speaker 5: leader of the Labor Party and hence Prime Minister, will

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Speaker 5: open on July ninth, with the new Prime Minister in

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Speaker 5: place by September. Starmer's exit opens the door to Britain's

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Speaker 5: fifth premiere since twenty twenty two. Quite the milestone for

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Speaker 5: a polittle system once prized for its stability in London,

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Speaker 5: I'm you in pots Sploomberg.

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Speaker 3: Radio, right you and thank you. Now we want to

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Speaker 3: get the latest on peace negotiations between the US and Iran.

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Speaker 3: Both sides began technical discussions over the weekend in the

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Speaker 3: Swiss resort of Bergenstock, and Iranian officials saying major progress

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Speaker 3: has been made. Vice President jd Vance is sounding optimistic

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Speaker 3: as well.

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Speaker 7: What today really represents is the beginning of a technical

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Speaker 7: negotiation that's not going to solve every disagreement, but it's

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Speaker 7: going to allow us to sit together as team for

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Speaker 7: the first time really in history, to figure out what

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Speaker 7: matters most to the respective parties, to settle those issues,

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Speaker 7: to solve those issues and get to a better tomorrow.

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Speaker 3: Vice President JD Vance spoke at the start of the

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Speaker 3: talks in Switzerland and we get the very latest around

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Speaker 3: Bloomberg Middle East correspondent Abir abu Omar.

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Speaker 8: After the meetings concluded. Later today, we heard by the

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Speaker 8: Joint Pakistani Guitar Body that they're supposed to go on

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Speaker 8: until the end of this week, and some of the

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Speaker 8: things that had been discussed, according to the Foreign Minister

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Speaker 8: of Iran, Ambas Areshi, were the waivers on oil sanctions.

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Speaker 8: He said some of those are lifted. He also said

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Speaker 8: some of the frozen assets have been unblocked. He also

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Speaker 8: said there is some major progress when it comes to

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Speaker 8: the Lebanon issue, which seems to be the lasting sticking

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Speaker 8: point in those negotiations, and.

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Speaker 3: Bloomber Zabir abu Omar reports the US and Iran have

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Speaker 3: set up a communication line to avoid incidents in miscommunication

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Speaker 3: around the Strait of Hormones and Karen.

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Speaker 4: Action is continuing to pour into the latest developments. Former

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Speaker 4: Defense Secretary Mark Esper says the next sixty days could

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Speaker 4: be a challenge.

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Speaker 9: We have a long road ahead of us with regard

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Speaker 9: to sustaining the current MoU the agreement.

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Speaker 2: With Lebanon as a spoiler, and.

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Speaker 9: Then secondly, I think big picture is getting to the

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Speaker 9: nitty gritty on the details of the nuclear deal, if

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Speaker 9: you will, and what that eventually looks like.

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Speaker 4: Former Defense Secretary Mark Esper appeared on Bloomberg this weekend.

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Speaker 4: Heard each Saturday and Sunday at seven am Wall Street

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Speaker 4: Time on Bloomberg Radio and Television, and the Bloomberg Business app.

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Speaker 3: Nathan, and ally of President Trump, has won the election

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Speaker 3: in Colombia and one of the closest results in the

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Speaker 3: nation's history. Albalardo de l'es brie garnered forty nine point

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Speaker 3: seven percent of the votes, with ninety nine point nine

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Speaker 3: percent of results released by electoral authorities. Senator Evan Cepeda

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Speaker 3: earned forty eight points seven percent support. The final result

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Speaker 3: is expected toward the end of the week after a

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Speaker 3: review processes. Briea is a business owner and lawyer who

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Speaker 3: earned President Trump's endorsement despite never having run for office.

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Speaker 4: Karin Us China Relations earned the spotlight as well. This morning,

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Speaker 4: China has announced sanctions on ten American military related companies.

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Speaker 4: This is in response to a recent US move that

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Speaker 4: bar some leading Chinese tech firms from defense contracts. China's

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Speaker 4: also imposed export controls against two US rare earth producers

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Speaker 4: that are part of the Washington's effort to reduce dependence

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Speaker 4: on China by establishing an alternative supply chain for those

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Speaker 4: critical minerals.

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Speaker 3: From geopolitics, Nathan to the world of Sports, an exciting

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Speaker 3: finish at the US Open on Long Island, and Bloomberg

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Speaker 3: Sports anchor John stash Hour joins us with more John,

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Speaker 3: good Morning.

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Speaker 2: Good Morning, care and Wyndham.

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Speaker 10: Clark rab the Open lead back on Thursday with his

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Speaker 10: opening round sixty four. He held that lead throughout the weekend,

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Speaker 10: but in the final round yesterday, his six shot lead

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Speaker 10: was cut to one over fellow American Sam Burns. He

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Speaker 10: survived on the seventy second hole. God this put on

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Speaker 10: the way up the hill, left of the hole, turning

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Speaker 10: back to the rock.

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Speaker 2: This has a chance.

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Speaker 11: It's gonna get We've been a fun of the and

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Speaker 11: a fifth pluck from Wyndham Park.

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Speaker 2: He's going to win the US Open.

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Speaker 10: US Opened Radio with the calls. Clark won the Open

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Speaker 10: for the second time in four years. John Stashiewer, Bloomberg Radio. Okay, John,

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Speaker 10: thank you? What was all fun and games?

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Speaker 4: At the box office for Disney, Toy Story five scored

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Speaker 4: Hollywood's best opening weekend this year so far.

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Speaker 2: In Bloomberg's Monica Ricks.

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Speaker 12: Has More, Toy Story five debuted as the highest grossing

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Speaker 12: movie at the domestic box office this weekend, raking in

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Speaker 12: one hundred and sixty million dollars in ticket sales, easily

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Speaker 12: surpassing Universal Super Mario Galaxy Movie, which made one hundred

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Speaker 12: and thirty one million back in April.

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Speaker 2: We're going to even back up.

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Speaker 12: It also had the most successful opening weekend in the

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Speaker 12: entire Toy Story franchise that started in nineteen ninety five.

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Speaker 12: The animated flick got strong reviews heading into the long

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Speaker 12: holiday weekend, and a big boost from Taylor Swift, whose

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Speaker 12: latest chart topping hit is in the soundtrack.

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Speaker 1: Monica.

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Speaker 2: Rick Bloomberg Radio.

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Speaker 3: All right, Monica, thank you. Let's turn to the markets now,

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Speaker 3: SMP futures. They're down to tenth of a percent this morning.

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Speaker 3: As you begin a new trading week, Morgan Stanley strategist

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Speaker 3: Mike Wilson says equity markets are facing a bigger risk

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Speaker 3: from thinning liquidity than potential interest rate hikes. Wilson says

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Speaker 3: liquidity conditions are tightening and may remain a headwind for

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Speaker 3: stocks into July.

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Speaker 4: Well, let's check out some stocks in the early trading

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Speaker 4: this morning. Karen shares of Intel are at another record

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Speaker 4: high in the pre market, up about four and a

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Speaker 4: third percent. The chip maker closed out last week with

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Speaker 4: a ten percent gain on News that's working with Apple

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Speaker 4: to design and produce semiconductors domestically.

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Speaker 3: And Nathan shares a SpaceX They're coming down to Earth.

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Speaker 3: They're now down three point four percent this morning. The

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Speaker 3: Elon muss led company has now dropped more than ten

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Speaker 3: percent following its successful IPO. Time now for a look

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Speaker 3: at some of the other stories making news in New

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Speaker 3: York and around the world. And for that we're joined

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Speaker 3: by Bloomberg's Michael Barr.

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Speaker 2: Michael, good morning, Good morning here.

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Speaker 13: Bola cases have surpassed one thousand in the Democratic Republic

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Speaker 13: of the Congo, where health workers are becoming infected. Almost

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Speaker 13: eighty nurses, doctors, and other healthcare workers have become ill.

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Speaker 13: Many infections occurred in ordinary clinics and hospitals. At least

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Speaker 13: eighteen of them have died during the epidemic. They were

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Speaker 13: protests at Sunday's World Cup soccer match in Englewood, California.

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Speaker 13: Protesters gathered outside the Iran Belgium match to call out

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Speaker 13: the regime and pressure President Trump to remember his promise

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Speaker 13: to the Iranian people back in March.

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Speaker 14: He said help is on the way, and that cost

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Speaker 14: the lives of forty thousand Irunis. He told them to

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Speaker 14: go onto the streets to protest, and they did exactly

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Speaker 14: that with hope of freedom. And so we need him

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Speaker 14: to stick to that because if he doesn't, he's not

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Speaker 14: different than any other US birthday.

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Speaker 13: Some protesters ripped Iranian flags. President Trump says the Lincoln

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Speaker 13: Memorial reflecting pool would likely need to be drained for repairs.

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Speaker 13: Has been plagued by algae, and the recent applied blue

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Speaker 13: paint coating is peeling off after a recently completed fourteen

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Speaker 13: point seven million dollar renovation. The President blamed the problems

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Speaker 13: on vandals. Last week, National Park Service workers poured hydrogen peroxide,

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Speaker 13: which can strip or peel paint, into the water, attempting

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Speaker 13: to clean the algae. The administration officials confirmed that at

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Speaker 13: least five people have been arrested, including a former three

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Speaker 13: time Olympian, on vandalism charges. The ex Olympian, sixty seven

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Speaker 13: year old David Hearn, strongly denies the charge. A wildfire

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Speaker 13: exploding over the weekend in central Utah forcing evacuations. Officiill

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Speaker 13: say the Iron Fighter near Eureka has grown to nearly

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Speaker 13: twenty two thousand acres. This resident lives in the fire zone.

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Speaker 2: This is real, sad.

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Speaker 15: They road and off roaded in these mountains in a

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Speaker 15: lot of memories and they're all famous.

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Speaker 2: Just gone burned up.

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Speaker 13: So far, the wildfire is zero percent contained. Global News

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Speaker 13: twenty four hours a day and whenever you wanted with

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Speaker 13: Bloomberg News. Now, Michael barn this is Bloomberg Herron.

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Speaker 2: Stay with us.

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Speaker 3: More from Bloomberg Day Break coming up after this. I'm

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Speaker 3: Karen Moscow. We bring you this special report with NBC reporting.

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Speaker 3: Former Federal Reserve Chairman Alan Greenspan has died at the

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Speaker 3: age of one hundred. We take a look at his

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Speaker 3: life and legacy with Bloomberg's John Tucker.

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Speaker 11: Greenspan was born in New York in nineteen twenty six.

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Speaker 11: He studied clarinets at New York's Juilliard School and went

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Speaker 11: on the road with a Henry Jerome orchestra. Between gigs,

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Speaker 11: he started reading books on stocks and eventually quit the

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Speaker 11: band to study business and economics at NYU. He met

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Speaker 11: libertarian icon Iron Rand in the early fifties and joined

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Speaker 11: her inner circle. She nicknamed him the Undertaker, and he

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Speaker 11: soaked up her notions about free markets. Greenspan first entered

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Speaker 11: the political scene in the late nineteen sixties, worn in

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Speaker 11: as chairman of the Council of Economic Advisors under President Ford,

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Speaker 11: and in nineteen eighty seven, Ronald Reagan appointed Greenspan to

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Speaker 11: head up the Federal Reserve.

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Speaker 2: It's my pleasure to welcome Alan Greenspan.

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Speaker 11: He'd go on to serve an unprecedented five terms. Greenspan

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Speaker 11: cultivated a wizard like aura, with markets holding their collective

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Speaker 11: breadth ahead of his often cryptic comments. His mention of

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Speaker 11: interrational exuberance in the markets briefly sends stocks tumbling around

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Speaker 11: the world. His legacy would be challenged when the financial

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Speaker 11: crisis erupted less than two years after he stepped down.

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Speaker 11: He wouldn't be spared in the blame game that followed.

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Speaker 11: The chairman of the Financial Crisis Inquiry Commission was Phil Angelid's.

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Speaker 2: My view is you could have, you should have, and

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Speaker 2: you didn't. And I do think this is one area

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Speaker 2: we have to explore the.

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Speaker 15: Issue of retrospective and figuring out what you should have

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Speaker 15: done differently. It's a really feutile activity because you can't,

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Speaker 15: in fact, in the real world do it. I was

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Speaker 15: seventy percent of the time, but I was wrong for

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Speaker 15: thirty percent of the time.

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Speaker 11: He later insisted to Bloomberg the meltdown was of once

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Speaker 11: in a century event that no one could see coming.

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Speaker 15: Everybody missed it. Academia, the Federal Reserve, all.

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Speaker 11: Regulators late in retirement, and other crisis would emerge. Green

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Speaker 11: Span spoke again to Bloomberg during the height of the pandemic.

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Speaker 16: Virus is creating a major element of uncertainty, and so

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Speaker 16: we have to deal with it forecasting it is very precarious.

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Speaker 11: The thing he loved most was as doctor Greenspan to

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Speaker 11: diagnose the patient, which was the economy. John Tucker, Bloomberg Radio.

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Speaker 3: All right, John, thank you, and again NBC reporting former

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Speaker 3: Federal Reserve Chairman Allan Greenspan has died at the age

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Speaker 3: of one hundred. The cause was said to be complications

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Speaker 3: of Parkinson's disease.

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Speaker 1: Coast to Coast on Bloomberg Radio, nationwide, on Serious Exam

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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

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Speaker 4: The UK is about to get its seventh Prime minister

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Speaker 4: in just ten years, after just two years in the job.

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Speaker 2: Keir Starmer is out.

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Speaker 6: Every decision I've taken has been about putting the country

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Speaker 6: I love first. That is why I will resign as

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Speaker 6: leader of the Labor Party UK.

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Speaker 4: Prime Minister Keir Starmer made that announcement just this morning

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Speaker 4: outside number ten Downing Street and joining us for London

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Speaker 4: from London is Bloomberg Daybreak Europe banker Caroline Hepger. I

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Speaker 4: don't think we can call this announcement unexpected, Caroline. It

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Speaker 4: seems like Prime Minister Starmer has been bleeding support from

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Speaker 4: within his own Labor Party for quite some time, but

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Speaker 4: still quite an emotional announcement from the soon to be

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Speaker 4: former PM.

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Speaker 2: Good morning, Good morning, Nathan.

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Speaker 17: Absolutely prime Minister kis Starmer's downing outside number ten Downa

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Speaker 17: Street on a blazing hot day. He was actually drowned

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Speaker 17: at the start of his speech from a perma protester

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Speaker 17: outside of Number ten, and that to me, Nathan seemed

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Speaker 17: to say at all. A UGOV poll says that sixty

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Speaker 17: six percent of Britons don't know what Starmer stood for.

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Speaker 17: His message did not get through. He came in elected

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Speaker 17: on a promise of change, but he couldn't convert that

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Speaker 17: despite the huge number of Labor MPs that he had

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Speaker 17: couldn't also convert it swiftly enough. So in this speech,

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Speaker 17: which as you say, was not unexpected, he said that

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Speaker 17: he took with good grace the idea that he was

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Speaker 17: not going to take the government forwards or into the

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Speaker 17: next general election, that he was proud of what the

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Speaker 17: Labor government had achieved so far on things like reforming workers'

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Speaker 17: rights and renter's rights. He talked about there being an

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Speaker 17: orderly handover of power. So, given all the pressure that

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Speaker 17: he's been under, who is going to take over next

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Speaker 17: and what is the process going to look like? It

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Speaker 17: may well stretch over the summer. The handover will happen

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Speaker 17: probably in September. Andy Burnham is still the favorite to

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Speaker 17: take over a prime minister. The question is whether there'll

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Speaker 17: be other challenges. We're thinking west Streeting, who resigned as

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Speaker 17: Health Secretary. That was one of the pressures on Starmer.

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Speaker 17: He announced that resignation after Labour's disasters performance in the

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Speaker 17: May local elections. Would there be a deal between west

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Speaker 17: Streeting and Andy Burnham, maybe that he comes in to

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Speaker 17: Burnham's cabinet. Would that sort of short circuit any bigger

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Speaker 17: leadership contest over the summer, so we still really don't

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Speaker 17: know whether it's going to be a contest or a

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Speaker 17: coronation for Andy Burnham.

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Speaker 4: Well, what's the thinking as far as our understanding Caroline

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Speaker 4: within the Labor Party about what would be better, Whether

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Speaker 4: it could be just handing Andy Burnham the premiership or

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Speaker 4: going through a leadership challenge.

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Speaker 17: I mean, that is a question of huge debate and

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Speaker 17: there are a lot of different opinions on it. Look

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Speaker 17: speaking to the Institute for Government's CEO Hannah White earlier

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Speaker 17: this morning, she has written a lot about the transition

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Speaker 17: and they look at the mechanics that think tank of

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Speaker 17: power in Britain and she was saying that she was

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Speaker 17: hoping for sort of more time so that whoever does

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Speaker 17: come in next actually has time to flesh out policy,

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Speaker 17: because that is one of the key criticisms of Starmer

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Speaker 17: that despite fourteen years of a Conservative government, the Labor

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Speaker 17: Party didn't have an effective plan for policy and didn't

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Speaker 17: deliver it quickly enough. Markets haven't reacted particularly strongly either

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Speaker 17: in terms of sterling or guilty eells today, so and

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Speaker 17: there have been various thoughts coming out of different advisors.

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Speaker 17: It would seem different whisperers out of the Andy Burnham

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Speaker 17: camp about how much time they would like. Some see

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Speaker 17: it as an advantage to sort of strike whilst the

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Speaker 17: iron's hot and to get into government quickly. Others, though,

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Speaker 17: you know, worn that maybe more time is needed to

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Speaker 17: coalesce around policies that will actually be delivered. And that

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Speaker 17: is also the bottom line on Burnham. We still really

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Speaker 17: don't know what the former Mayor of Manchester would actually

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Speaker 17: deliver as PM. You know, he's talks about a number

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Speaker 17: of policies, rode back on a number of policies. He's

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Speaker 17: a well known quantity in some senses. He's been an

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Speaker 17: MP before, Mayor of Greater Manchester, has tried twice before

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Speaker 17: and failed to get the labor leadership. This is a

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Speaker 17: third run on it, run at it, So what would

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Speaker 17: he actually deliver?

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Speaker 2: That still a big question mark.

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Speaker 3: This is Bloomberg Daybreak, your morning podcast on the stories

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Speaker 2: And I'm Nathan Hager.

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Speaker 4: Join us again tomorrow morning for all the news you

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