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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 the High Stake Summit, now just

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Speaker 4: hours away. This afternoon, President Donald Trump is set to

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Speaker 4: arrive in Anchorage, Alaska for a face to face meeting

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Speaker 4: with Russian President Vladimir Putin. The President's hoping to broker

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Speaker 4: a ceasefire between Russia and Ukraine, but he's tamping down

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Speaker 4: expectations ahead of the meeting.

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Speaker 5: I think it's going to be a good meeting, But

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Speaker 5: the more important meeting will be the second meeting that

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Speaker 5: we're having. We're going to have a meeting with President Putin,

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Speaker 5: President Zelenski, myself, and maybe we'll bring some of the

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Speaker 5: European leaders all maybe not. It's I don't know that

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Speaker 5: it's going to be very important. We're going to see

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Speaker 5: what happens.

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Speaker 2: President Trump spoke from the Oval Office.

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Speaker 4: In an interview with Fox News, he said there's a

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Speaker 4: twenty five percent chance the summit won't be successful. As

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Speaker 4: for Putin, he's praising President Trump for his efforts to

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Speaker 4: stop the fighting and dangling the prospects of economic cooperation

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Speaker 4: and a new nuclear arms.

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Speaker 2: Treaty with the US. More on that from Bloomberg New

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Speaker 2: senior writer Stephanie Baker.

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Speaker 6: Putin is trying to appeal to Trump's instinct to cast

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Speaker 6: himself as this great peace loving leader, striking deals all

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Speaker 6: around the world, seeking a nobel peace prize, which everyone

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Speaker 6: knows he wants. I also think it's part of Putin's

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Speaker 6: strategy to try to broaden the stakes of this meeting

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Speaker 6: beyond just Ukraine.

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Speaker 2: That's Bloomberg Stephanie Baker.

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Speaker 4: The White House says President Trump will meet with Putin

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Speaker 4: at eleven am, Alaska time. That's three pm on Wall Street.

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Speaker 4: Stay with Bloomberg for complete coverage of the Trump Putin

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Speaker 4: Alaska summit throughout the day.

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Speaker 2: Nathan.

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Speaker 3: The Trump administration is considering taking a stake in Intel.

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Speaker 3: Sources say the plan stems from a meeting this week

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Speaker 3: between President Trump and Intel CEO Lit Bhutan. The government's

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Speaker 3: potential steak could support expansion of Intel's domestic manufacturing, especially

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Speaker 3: as planned factory hub in Ohio. Tom Giles is Bloomberg's

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Speaker 3: executive editor for Tech.

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Speaker 7: This is really early days, but it would be a

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Speaker 7: pretty momentous event and development in terms of new ways

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Speaker 7: that the Trump administration is inserting itself into US industries.

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Speaker 7: We saw with the steel industry previously and now with chips.

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Speaker 3: And Bloomberg's Tom Giles says Intel to kind of comment

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Speaker 3: on the discussions, Intel, which rose more than seven percent

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Speaker 3: yesterday on the news, is up another two point six

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Speaker 3: percent this morning.

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Speaker 4: Well, Karen the Oracle of Omaha is moving markets this morning.

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Speaker 4: Shares of United Health Group are up thirteen percent. Warren

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Speaker 4: Buffett's Berkshire Hathway bought shares of the healthcare company in

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Speaker 4: the second quarter. According to a filing, Berkshire acquired five

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Speaker 4: million shares in United Health, giving the conglomerate a stake

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Speaker 4: worth one point six billion dollars. We get more from

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Speaker 4: Bloomberg Market's reporter Christina.

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Speaker 8: Quinolasuck has gotten so much cheaper over the past. Of course,

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Speaker 8: we know a lot of the idiosyncratic issues that United

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Speaker 8: Health has encountered, a lot of terminal in their management

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Speaker 8: group following the incidents of last year, and so a

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Speaker 8: lot of kind of headwinds for the company. They missed

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Speaker 8: their earnest for the first time in more than a decade,

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Speaker 8: and that has led to a much deeper valuation for

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Speaker 8: the company. But you know, we know Berkshire really like

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Speaker 8: these blue chip companies. They like companies that can deliver stable,

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Speaker 8: long term returns, and United Health before the terminal of

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Speaker 8: last year, was one of those companies.

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Speaker 4: Bloombergs Christina Quino says Berkshire also sold at steak in

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Speaker 4: T Mobile and trimmed its holdings in Apple and Bank

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Speaker 4: of America.

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Speaker 3: So Nathan Warren Buffett is not the only one betting

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Speaker 3: on United Health. Billionaire David Tepper's Apple LUSA Management boosted

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Speaker 3: its holdings to the healthcare company by two point three

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Speaker 3: million shares that values his steak at seven hundred and

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Speaker 3: sixty four million dollars. Tepper's firm cut holdings in Chinese companies,

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Speaker 3: including Ali, Baba and JD dot Com.

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Speaker 4: Well, Karen, we're seeing a theme emerge from the latest

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Speaker 4: thirteen f regulatory filings. Hedge funds added exposure to tech giants,

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Speaker 4: including Microsoft and Netflix in the second quarter. That's during

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Speaker 4: a stretch that saw an initial surge in volatility due

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Speaker 4: to President Trump's trade policies, but ultimately ended with major

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Speaker 4: benchmarks posting significant gains. Bloomberg analyzed thirteen f's and more

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Speaker 4: than seven hundred hedge funds. Tech accounted for their biggest

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Speaker 4: ratings at twenty three percent, followed by financials at seventeen percent.

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Speaker 3: Let's look at the economy now. Nathan and Wall Street

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Speaker 3: traders are dialing back expectations for a ratecot next month.

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Speaker 3: This is after the higher than expected increase in the

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Speaker 3: producer price ind XI yesterday, which suggested companies are passing

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Speaker 3: along elevated import cost tied to tariffs. The odds of

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Speaker 3: a September cut fell to around eighty five percent from

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Speaker 3: more than one hundred percent before the PPI report.

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Speaker 2: Well, we'll see if the betting shifts today.

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Speaker 4: Karen his investors get another key economic report to close

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Speaker 4: out the week. Retail sales for the month of July.

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Speaker 4: Bloomberg's Tom Busby has more on what to expect.

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Speaker 9: Overall retail sales for July expected to rise by point

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Speaker 9: six percent, the same increase we saw on June. According

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Speaker 9: to economists surveyed by Bloomberg, lower gasoline prices likely led

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Speaker 9: to lower sales and gas stations, and that's expected to

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Speaker 9: be offset by higher sales of new and used vehicles,

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Speaker 9: while prices of newly built cars were flat. Used car

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Speaker 9: prices up half a percent in July. Now, excluding motor vehicles,

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Speaker 9: retail sales are expected to rise zero point three percent.

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Speaker 2: Tom Busby Bloomberg Radio.

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Speaker 3: Tom, thank you, and we will have complete analysis of

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Speaker 3: the retail sales report at eight thirty am Wall Street Time,

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Speaker 3: and we invite you to join us next week for

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Speaker 3: Bloomberg's live coverage at Jackson Hole. We will be on

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Speaker 3: the ground in Wyoming to cover the Kansas City Fed

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Speaker 3: To annual meeting and remarks from Chair J.

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Speaker 2: Powell.

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Speaker 3: It all begins Wednesday and finishes up with a special

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Speaker 3: edition of Bloomberg Surveillance. Tom Keen, Lisa Abramowitz, and Michael

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Speaker 3: McKee will all be part of that special beginning at

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Speaker 3: nine am Eastern on Friday. Plus watch for special episodes

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Speaker 3: of the Odd Lots podcast Joe Riisenthal and Tracy Alloway.

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Speaker 3: They'll be taping several conversations from the event as well. Well.

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Speaker 4: Let's to look forward to next week, but this morning, Karen,

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Speaker 4: the economy is also in focus in Asia. China's economy

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Speaker 4: slowed across the board in July, with factory activity, investment,

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Speaker 4: and retail sales disappointing analysts say the disruption from President

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Speaker 4: Trump's tariffs is.

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Speaker 2: Beginning to ripple through the wider Chinese economy.

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Speaker 3: Well, Nathan, we might be seeing an impact on President

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Speaker 3: Trump's tariffs on its chocolate market. Switch Chocolate heer Lynt

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Speaker 3: says it may shift production of its world famous gold

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Speaker 3: wrapped Easter Bunnies to the US to sidestep impoor tariffs.

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Speaker 3: Sources say the plan would involve spending as much as

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Speaker 3: ten million dollars to also make bunnies, Santas, and other

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Speaker 3: hollow chocolate figures in the US, and they are currently

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Speaker 3: all made in Germany.

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Speaker 4: And a sad note this morning, Karen, the woman who

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Speaker 4: helped make one of the world's richest men into who

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Speaker 4: he is today, has died. Bloomberg's Gina Cervetti has more

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Speaker 4: on the life of Jackie Bezos, the mother of Amazon

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Speaker 4: founder Jeff Bezos.

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Speaker 10: Jackie Bezos and her husband Mike were the first to

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Speaker 10: invest in their son's startup that became an e commerce juggernaut.

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Speaker 10: Those first two checks of about two hundred and forty

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Speaker 10: five thousand dollars have netted them a fortune worth about

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Speaker 10: thirty billion dollars as of twenty eighteen. They poured much

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Speaker 10: of it into educational programs through the Bezos Family Foundation.

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Speaker 10: Its largest gift came last year nearly one hundred and

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Speaker 10: eighty six million dollars to fund a center for young

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Speaker 10: people at the Aspen Institute. Jeff Bezos says his mother

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Speaker 10: died at her home in Miami after a long fight

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Speaker 10: with louis body dementia. She was seventy eight years old.

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Speaker 10: Gina Cervetti Bloomberg Radio.

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Speaker 3: Time Now for look at some of their stories making

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Speaker 3: news in New York and around the world, and for

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Speaker 3: that were joined by Bloomberg's Michael Barr Michael, Good Morning.

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Speaker 11: Good Morning Karen. Police and New York werecalled to a

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Speaker 11: federal building after envelopes containing an unidentified white powder were discovered.

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Speaker 11: It forced the evacuation of twenty six Federal Plaza in

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Speaker 11: Manhattan that houses an ICE office and processing center for

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Speaker 11: detained migrants. The suspicious letters were found in a mail

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Speaker 11: room used by ICE. The FBI's Christopher Raya the letters.

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Speaker 12: Will be sent to the FBI lab in Quantico for

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Speaker 12: additional testing. We have opened up an investigation and will

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Speaker 12: provide additional details as soon as we can.

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Speaker 11: There are no known injuries. A rally was held Thursday

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Speaker 11: in New York City for a twenty year old student

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Speaker 11: who's been detained by immigration authorities. Mamadou Diallo was detained

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Speaker 11: following a routine court appearance in Manhattan earlier this month.

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Speaker 11: The West African native was seeking a special immigration juvenile

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Speaker 11: disgust status when he was detained. One of the protesters

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Speaker 11: says she fears what's happening to immigrants is becoming normalized.

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Speaker 3: People should be very, very alarmed about what's going on

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Speaker 3: in this country right now.

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Speaker 11: Homeland Security defends the detention, saying Diallo was released into

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Speaker 11: the country by the Biden administration and will remain in

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Speaker 11: ice custody. Oppical Storm Aarin will likely become the first

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Speaker 11: official hurricane of the twenty twenty five Atlantic season today.

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Speaker 11: The storm is slowly gaining strength east of Puerto Rico.

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Speaker 11: Bloomberg Meeting relogius Craig Allen has the.

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Speaker 13: Latest maximum sustained winds will increase to about eighty miles

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Speaker 13: per hour by the end of today and could very

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Speaker 13: well become a major Category three with winds over one

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Speaker 13: hundred and fifteen miles per hour as it goes into

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Speaker 13: hotter waters over the weekend.

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Speaker 11: Bloomberg Meeting religius, Craig Allen says, for now, the track

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Speaker 11: of the storm appears to take it north of the

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Speaker 11: Leeward Islands and Puerto Rico. Global News twenty four hours

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Speaker 11: a day and whenever you want it with the Bloomberg News.

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Speaker 3: Now.

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Speaker 11: I'm Michael Barran. This is Bloomberg Herron.

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Speaker 3: All right, Michael Barr, thank you time now for the

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Speaker 3: Bloomberg Sports Update. It's brount to you by Flushing Bank

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Speaker 3: and here's John stash Hour. John, good morning, Good.

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Speaker 2: Morning, Karen.

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Speaker 14: The Mets have historically struggled against division rival Atlanta, and

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Speaker 14: even this season with the Braves having a very down year,

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Speaker 14: Met's got swept in Atlanta and failed the in either

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Speaker 14: of the series at City Field. They won the opener easily,

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Speaker 14: but Blue leads in the last two games. They were

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Speaker 14: up three two eighth inning, Atlanta tied it and on

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Speaker 14: Michael Harris double, the next batter was longtime Met nemesis.

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Speaker 2: Ozzie Albe's one O.

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Speaker 15: Pitch and he swings and it's one deep down the

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Speaker 15: right field line, towards the corner and that is off

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Speaker 15: of the wall. On the fly that's gonna give the

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Speaker 15: Braves the lead. It's a double by an Ozzie. That's

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Speaker 15: his third Big Bays hit tonight and it gives the

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Speaker 15: Braves a lead. Here in the eighth inning has its

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Speaker 15: four to three Atlanta, and at.

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Speaker 14: The final Braves Radio had it you could hear the

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Speaker 14: booz Alby's eighty one career RBIs against the Mets cub

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Speaker 14: the losing pitcher, New Met reliever Ryan Helsley. He also

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Speaker 14: couldn't hold an eighth inning lead. Last Sunday, the Phillies

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Speaker 14: lost three two in Washington. The Mets remained five games

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Speaker 14: behind the Fields, but the Mets lead over the Reds

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Speaker 14: the last wildcard spot only half a game. Yankee start

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Speaker 14: a road tript tonight in Saint Louis Paul Goldsmith against

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Speaker 14: his old team, and he's gonna.

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Speaker 2: Knee injury, could miss some time.

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Speaker 14: BMW Golf in Maryland and one at opening round for

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Speaker 14: Robert and McIntyre and eight under sixty two. He needed

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Speaker 14: only seventeen shots to play the last six holes. Leeds

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Speaker 14: by three over Tommy Fleetwood, Scottie shefferd Trails by four.

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Speaker 14: Tennis and Cincinnati a quarterfinal win for Jonnick Sinner. He

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Speaker 14: lost only two games. American Ben Shelton has reached the quarterfinals,

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Speaker 14: and so.

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Speaker 11: Has Coco Goff.

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Speaker 2: John Stashawa, Bloomberg Sports, Karen on Navin. Stay with us.

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Speaker 3: More from Bloomberg day Break coming up after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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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: President Donald Trump is setting expectations ahead of his Alaska

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Speaker 4: summit with Russian President Vladimir Putin, now just hours away.

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Speaker 5: I think President Putin will make peace. I think President

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Speaker 5: Zelenski will make peace. We'll see if they can get along.

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Speaker 4: The President spoke from the Oval Office the day before

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Speaker 4: he departs the White House for Anchorage. At the same time,

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Speaker 4: he is saying today's meeting won't be as important as

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Speaker 4: the second meeting he helps to set up between Putin

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Speaker 4: and Zelenski. For more, we're joined by Terry Haynes, founder

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Speaker 4: of Pangaea Policy. Terry, Good morning. We've heard the President

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Speaker 4: say there's a twenty five percent chance his meeting with

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Speaker 4: Putin doesn't go well. From what I read, you're putting

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Speaker 4: the chances of success at sixty percent.

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Speaker 16: Why, Good morning, Hi, Good morning, Nathan. Yeah. I wrote

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Speaker 16: yesterday morning that I thought the chances of success on

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Speaker 16: establishing a process for negotiating peace was about sixty forty

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Speaker 16: the president's advent seventy five twenty five. I take that

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Speaker 16: two ways. One is that if I were the president,

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Speaker 16: I'd be a little more optimistic than I am about

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Speaker 16: going in and trying to get something done. But at

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Speaker 16: the same time, I think it's an affirmation of my

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Speaker 16: view that there's a non trivial chance that what ends

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Speaker 16: up happening is not agreeing even on the process. It

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Speaker 16: is in the president's to the president's credit that he's

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Speaker 16: trying to establish a process. Putin probably needs a process,

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Speaker 16: whether he's sincere, whether he's rope doping. So I'll give

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Speaker 16: it a positive chance of that. But beyond that, that's

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Speaker 16: where things get tricky.

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Speaker 2: Well, where do you see it?

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Speaker 4: And as far as where Putin is coming into this,

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Speaker 4: is he stringing the president along with what he's been

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Speaker 4: saying about boosting economic cooperation, bringing in an arms treaty,

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Speaker 4: talk that sort of thing.

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Speaker 16: No one can know. I think we will after We'll

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Speaker 16: have some idea certainly after this meeting, and in about

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Speaker 16: you know, in the days and weeks to come, you know,

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Speaker 16: But Russia is you know, this is a short answer

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Speaker 16: to a very long the litany. But you know, Russia's

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Speaker 16: got a great deal of problems. Is running out of economic,

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Speaker 16: economic time and money. The more the President impresses that

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Speaker 16: upon him, and impresses upon him that the United States

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Speaker 16: and in the broader West are are committed to pressing

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Speaker 16: that advantage, the more likely the president is to have

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Speaker 16: some success. Number one. Number two, I think the arms

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Speaker 16: control agreements, the rar Earth, the things that are mooted around,

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Speaker 16: I think are diversions. Frankly, I would I would urge

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Speaker 16: markets not to not to think of them as any

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Speaker 16: more than conditional candy. At this point, you know, there's

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Speaker 16: there's a broader lens here where the United States and

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Speaker 16: the West want to wo Russia back into the Community

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Speaker 16: of Nations more fully instead of being a satellite country

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Speaker 16: a client state of China. And I think that's what's

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Speaker 16: going on here. But we're a very long way from

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Speaker 16: making any of that sort of thing a reality.

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Speaker 4: Now we know that the President is putting himself at

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Speaker 4: the center of this conflict now going into this meeting

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Speaker 4: with Putin. Does he need to bring Europe more directly

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Speaker 4: into this They had the call earlier this week, but

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Speaker 4: it seems as though the Europeans are somewhat sidelined.

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Speaker 16: Well, he absolutely does, and he has said a couple

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Speaker 16: of times this week that he intends to do that.

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Speaker 16: One thing I met I said to markets yesterday was

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Speaker 16: that initial success on establishing a process is up to Trump,

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Speaker 16: is up to Russia. But if there's going to be

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Speaker 16: peace in Ukraine that sticks, it's much more up to

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Speaker 16: the European Union, and it's much more up to China

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Speaker 16: than it is to Trump and Russia. The European Union

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Speaker 16: countries have to be willing to do two things. One,

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Speaker 16: they have to be willing to squeeze Russia much harder

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Speaker 16: than they have if this meeting does not succeed, and

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Speaker 16: if it does succeed, they have to be willing to

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Speaker 16: step up in terms of defending Ukraine and providing a

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Speaker 16: first line of defense. So they're going to have to

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Speaker 16: get a whole lot more serious than they have been.

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Speaker 16: And that's something that Secretary Besnt mentioned specifically on your

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Speaker 16: interview with him on Wednesday, where he said when he

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Speaker 16: put that to the Europeans not long ago, they started

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Speaker 16: looking at their shoes, so that's not positive, but they

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Speaker 16: need to change that around.

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Speaker 2: And I'm Nathan Hager.

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