Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we begin with the lead up to a crucial meeting,
Speaker 3: now just a day away. President Trump is set to
Speaker 3: appear face to face with Russian President Vladimir Putin tomorrow
Speaker 3: in Anchorage, Alaska. The President is warning a very severe
Speaker 3: consequences if Putin does not agree to a cease fire
Speaker 3: with Ukraine. He says he hopes to set up a
Speaker 3: second meeting with Ukrainian President Vladimir Zlensky after the summit.
Speaker 4: It was always going to be I was going to
Speaker 4: meet with President Putin, and then after that, I'm going
Speaker 4: to call the leaders and Presidents Olenski. I'm going to
Speaker 4: call Presidents Olenski, and then I'll call probably in that
Speaker 4: order of the leaders. There's a very good chance that
Speaker 4: we're going to have a second meeting, which will be
Speaker 4: more productive than the first.
Speaker 3: President Trump spoke at the Kennedy Center and comments heard
Speaker 3: live on Bloomberg Radio. Bloomberg's rosalind Of Mathieson says the
Speaker 3: President appears to be shifting his tone.
Speaker 5: We had a lot of conversation between Donald Trump and
Speaker 5: Vladimir Putin, where Donald Trump seemed quite effusive about the
Speaker 5: relationship and sent me about his ability to create a
Speaker 5: ceasefire in Ukraine sooner than later. Then he seemed to
Speaker 5: get quite exasperated with Vladimir Putin to the point he
Speaker 5: was already threatening him with severe consequences, including potentially tightening
Speaker 5: the news even further on exports of Russian oil, especially
Speaker 5: to countries in Europe. And then he swung back a
Speaker 5: bit towards optimism on these talks, and now again he's
Speaker 5: talking about severe consequences.
Speaker 3: Bloomberg's Ros Mathison reports the President assured European allies in
Speaker 3: a call yesterday that he would not negotiate territories with Putin,
Speaker 3: but would instead push him to meet with Zelenski Nathan.
Speaker 2: President Trump also says he will name a replacement for
Speaker 2: FED chair Jerome Powell a little bit early.
Speaker 6: He made the.
Speaker 2: Comments during the Kennedy Center news conference.
Speaker 4: I'll be naming a new chairman sometime within the next
Speaker 4: I think i'll name it a little bit earlier. The
Speaker 4: new chairman. I'm down to three or four names. All good,
Speaker 4: all great. The problem is you name him and then
Speaker 4: they turn out to be not good.
Speaker 3: And while the President's maintained his list for the position
Speaker 3: is relatively short, Treasury Secretary Scott Besson is telling Bloomberg
Speaker 3: the administration plans to consider as many as eleven candidates.
Speaker 3: Bessett also says interest rates would be one and a
Speaker 3: half to one in three quarters percent lower by now
Speaker 3: if the Fed had gotten revised jobs data sooner.
Speaker 6: If we'd seen those numbers in May in June, I
Speaker 6: suspect we could have had rate cuts in June and July.
Speaker 6: So that tells me that there's a very good chance
Speaker 6: of a fifty basis point rate cut.
Speaker 3: That was Treasury Secretary Scott Besson speaking with Bloomberg. For
Speaker 3: the full conversation, head to the Bloomberg Podcast channel on YouTube.
Speaker 2: Navin, a former Saint Louis fan president and current candidate
Speaker 2: to become the next FED share Jim Bullard, tells Bloomberg
Speaker 2: that he expects the FED to cut rates in September,
Speaker 2: but he does not expect a half point cut.
Speaker 7: I think fifty sounds panick. He sounds like the administration
Speaker 7: wouldn't be that confident in their economic program, which I
Speaker 7: don't think is the right stance to take here. I
Speaker 7: think they've got a pro business program that will fire
Speaker 7: up the economy after we get through the initial phase
Speaker 7: of the new tariff policies.
Speaker 2: Former Saint Louis FED president Jim Bullard says if he
Speaker 2: has chosen to succeed j Powell as FED sherman, he
Speaker 2: would seek to break down quote group think inside the
Speaker 2: Central Bank on Nathan Over in Europe, the UK economy
Speaker 2: did better than expected in the second quarter. GDP rows
Speaker 2: three ten percent, beating the one to ten percent forecast
Speaker 2: by both private sector economists and the Bank of England.
Speaker 2: Again more from Bloomberg's Lizzie Burden in London, it is.
Speaker 8: A positive surprise and that it's not as bad as expected,
Speaker 8: but still growth slowed. Second quote, you're coming down from
Speaker 8: zero point seven percent to zero point three percent, which
Speaker 8: still understores the stock in stockflation.
Speaker 2: Bloomber's Lizzie Burden says, the latest figures mean the UK
Speaker 2: recorded the fastest growth of the Group of seven nations
Speaker 2: during the first half of the year.
Speaker 3: Well back in this nation, Karen President Trump's tariffs of
Speaker 3: for having an impact at America's busiest port, the port
Speaker 3: of Los Angeles moved more than a million containers last month.
Speaker 3: That was an eight and a half percent increase from
Speaker 3: the year before and the most container volume in the
Speaker 3: port's one hundred and seventeen year history. Ports Executive director
Speaker 3: Jean Soroca says traders front loaded cargo to reach stores
Speaker 3: before President Trump's new duties took effect.
Speaker 2: Let's turn to the markets now, Nathan, in futures, they
Speaker 2: are a little changed after stocks notched another record closed.
Speaker 2: The big winner was the Dow, it gained one percent.
Speaker 2: Pn C Chief Investment Officer Amanda Gotti says, there are
Speaker 2: a lot of bullish signs in the market.
Speaker 9: If you look at the hard data that's been tracked
Speaker 9: all year, even in the most recent GDP report, a
Speaker 9: three handle in terms of growth. We're closing out on
Speaker 9: Q two earning season for the SMP it's almost twelve
Speaker 9: percent year over year growth. So the hard data is
Speaker 9: looking really strong. And then when you layer on top
Speaker 9: of that a potential fed rate cut, well, what else
Speaker 9: could the equity market ask for.
Speaker 2: PNC Chief investment Officer Amanda Agatti traders are fully pricing
Speaker 2: in a quarter point rate cut next month.
Speaker 3: Let's check some prices of stocks on the move this morning, Karen.
Speaker 3: Shares of Bullish are up twelve and a half percent.
Speaker 3: The digital asset exchange operator and owner of media outlet
Speaker 3: Coin Desk rose eighty four percent in its Wall Street
Speaker 3: debut yesterday. On the flip side, shares of Coherent are
Speaker 3: down more than eighteen percent. The semiconductor device company sales
Speaker 3: forecast came in below estimates. Cisco shares are down more
Speaker 3: than one percent. The largest maker of machines that run
Speaker 3: computer networks and the Internet, gave a lukewarm forecast for
Speaker 3: the current fiscal year.
Speaker 2: And it's time now for a look at some of
Speaker 2: the other stories making news in New York and around
Speaker 2: the world. And for that we're joined by Bloombergy's Michael Barr.
Speaker 10: Michael, good morning, Good morning, Karen. President Trump says he
Speaker 10: is considering extending the federal government's control of the DC
Speaker 10: police force. The President has claimed that crime in Washington
Speaker 10: is at an all time high, but recent data shows
Speaker 10: the opposite, that crime is the lowest it has been
Speaker 10: in decades. Still, the President told reporters that he plans
Speaker 10: to extend federal control. Passed the thirty days allotted to
Speaker 10: him by law by proposing a law to Congress. He
Speaker 10: also pushed back on efforts to make Washington d C.
Speaker 6: Estate statehood is ridiculous.
Speaker 4: We want to straighten the place out. Statehood's ridiculous, it's unacceptable.
Speaker 10: Meanwhile, DC Councilwoman Brooke Pinto said the district needs more
Speaker 10: police officers, not federal troops.
Speaker 3: There are a lot of elements of federal support that
Speaker 3: we would welcome to support public safety, but the action
Speaker 3: that the President has taken this week is not the answer.
Speaker 10: Residents in one Washington d C. Neighborhood lined up to
Speaker 10: protest the increased police presence. Republican leaders in Texas say
Speaker 10: they planned to end the stalemated special session and begin
Speaker 10: a new one tomorrow. Some Texas House Democrats who left
Speaker 10: the state to prevent a vote on new congressional maps
Speaker 10: said they would return to vote on flood relief. Texas
Speaker 10: State Representative Linda Garcia, while.
Speaker 6: This is absolutely about redistricting and jerry mandering, we also
Speaker 6: have to understand the impact that this is going to
Speaker 6: have across the United States.
Speaker 10: Texas State Representative Linda Garcia spoke to ABC. Manhattan Apartment
Speaker 10: of Rents hit our record high for the fifth time
Speaker 10: in the past six months, with new Lease's sign at
Speaker 10: a median of forty seven hundred dollars in July, according
Speaker 10: to appraiser Miller Samuel and brokerage Douglas Element, that is
Speaker 10: up seventy five dollars from June, rent surge nine point
Speaker 10: three percent from a year earlier, the second biggest annual
Speaker 10: jump in the firm's data going back to two thousand
Speaker 10: and eight. Global News twenty four hours a day and
Speaker 10: whenever you want it with the Bloomberg News. Now, I'm
Speaker 10: Michael Barr, and this is Bloomberg Karen.
Speaker 2: All right, Michael Barr, thank you time now for the
Speaker 2: Bloomberg scores update. It's brought to you by Flushing Bank.
Speaker 2: And here's John stash Hour.
Speaker 11: John, good morning, Good morning Karen at rare time. And
Speaker 11: both the Mets and Yankees are at home. So they
Speaker 11: both sat through rain delays about two hours and then
Speaker 11: both blue leads and lost. The Mets had a six
Speaker 11: nothing lead once so Tho with a home run, but
Speaker 11: Atlanta had a big fourth inning against David Peterson who
Speaker 11: had control issues. He came out, Read.
Speaker 10: Garrett came in.
Speaker 12: Michael Harris singled earlier this evening. He gets a bas
Speaker 12: hit right here the Braves at least high the game,
Speaker 12: smacked in the air, deep center field, flying.
Speaker 10: Back to the wall.
Speaker 1: It's a great.
Speaker 12: Swam Michael Harris to the deepest part of the yard
Speaker 12: with a big set a bomb and the Braves take
Speaker 12: the lead on the grand slam by Harris.
Speaker 11: Craise radio nine run in Atlanta one eleven to six.
Speaker 11: Yankees got an early Cody Bellinger home run, but only
Speaker 11: four other hits. The Twins won four to one. Good
Speaker 11: news for the Yanks that almost all of the other
Speaker 11: American League playoff contenders lost. Toronto only two hits and
Speaker 11: a four to one loss of the Cubs. Red Sox
Speaker 11: lost at Houston four to one. Seattle's eight game wins
Speaker 11: streak ended a four to three loss in Baltimore, Cleveland, Texas,
Speaker 11: Kansas City, all just behind the Yankees the last wildcard
Speaker 11: they all lost as well. The Brewers won again. That's
Speaker 11: twelve wins in a row. It was twelve to five
Speaker 11: of our Pittsburgh Milwaukee with a series suite by a
Speaker 11: combined thirty three to six. Brewers have won twenty seven
Speaker 11: of their last thirty one. Minnesota Twins owned by the
Speaker 11: Polad family since nineteen eighty four.
Speaker 10: They had plans to sell the team.
Speaker 11: They've changed their mind. The Portland Trailblazers bought by the
Speaker 11: late Paul Allen in nineteen eighty eight for seventy million,
Speaker 11: his estate, selling to Tom Dundo, who also owns the
Speaker 11: Carolina Hurricanes STAG four billion. The proceeds to go to
Speaker 11: philanthropic efforts and the sale of the Celtics. What Grosbeck
Speaker 11: that built Chisholm for a record six billion unanimously approved.
Speaker 10: By the NBA.
Speaker 11: Grosbeck was going to continue to oversee operations. That is
Speaker 11: now no longer the case. John stash Out with Bloomberg
Speaker 11: Sports carry Nathan.
Speaker 2: Stay with us. More from Bloomberg Daybreak coming up after this.
Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business opp This is Bloomberg Daybreak.
Speaker 3: Good morning, I'm Nathan Hager. President Donald Trump is setting
Speaker 3: expectations ahead of his Alaska summit with Russian President Vladimir Putin,
Speaker 3: now just one day away. The President says the meeting
Speaker 3: to try to end the war in Ukraine might not
Speaker 3: be the last.
Speaker 4: Certain great things can be gained in the Firson. It's
Speaker 4: going to be a very important meeting, but it's setting
Speaker 4: the table for the second meeting.
Speaker 3: President Trump's spoke at the Kennedy Center after a pre
Speaker 3: meeting call with European allies and Ukrainian President Vladimir Zelenski.
Speaker 3: We're joined now by Bloomberg News Chief Asia correspondent Rosalind
Speaker 3: Matheson and Roz As we continue to set the table
Speaker 3: for this summit. We're getting some headlines from Russia's Task
Speaker 3: news service, with the Kremlin saying that the agenda for
Speaker 3: the meeting between Trump and Putin has been set and
Speaker 3: the two leaders planned to hold a joint news conference
Speaker 3: after their talks. How is Russia setting the table for
Speaker 3: what could come tomorrow at Anchorage?
Speaker 5: Good morning, Good morning. Well, certainly Vladimir Putin has been
Speaker 5: clear about some of his goals from the summit, and
Speaker 5: as you say, part of it is just see optics
Speaker 5: of having the sit down with Donald Trump, who we're
Speaker 5: now seeing those reports is going to be a joint
Speaker 5: press briefing afterwards. So the two leaders standing side by
Speaker 5: side on Russian soil, I sorry on US soil and
Speaker 5: the Russian leader being hosted by Donald Trump as part
Speaker 5: of that. So optically that's got to be at least
Speaker 5: as part of the goal of having the meetings. Also
Speaker 5: about obviously setting some parameters on Ukraine. Donald Trump is
Speaker 5: very keen to have a conversation about how to get
Speaker 5: towards a ceasefire in the conflict in Ukraine. But also
Speaker 5: for Vladimir Putin, it's about trying to get sanctions relief
Speaker 5: from the US. Of course, the threat to panalize Russian
Speaker 5: oil that's being exported to countries in Asia, you know,
Speaker 5: China and India, particularly India of late, has been squeezing
Speaker 5: the Russian economy, and Vladimir Putin is very keen to
Speaker 5: get some sort of sense of sanctions relief from the
Speaker 5: US on it, and to pivot the conversation in a
Speaker 5: way probably to talk more about the bilateral economic relationship,
Speaker 5: to try and get a sense of understanding from Donald
Speaker 5: Trump about where he's taking those sanctions as of tilting
Speaker 5: the opportunities in a way of greater economic ties as
Speaker 5: time goes on between the US and Russia. So obviously
Speaker 5: the overarching element here is Ukraine. But Vladimir Putin probably
Speaker 5: has some domestic to Do's also that he wants to
Speaker 5: get on the table with the US leader.
Speaker 3: And to the point about the idea of economic cooperation,
Speaker 3: we heard the President yesterday say that there could be
Speaker 3: very severe consequences for President Putin if he doesn't agree
Speaker 3: to a cease fire tomorrow. We've not seen direct sanctions
Speaker 3: from the US in recent months. Could sanctions be back
Speaker 3: on the table.
Speaker 5: Well, Donald Trump has certainly flowed to that, and he's
Speaker 5: looked particularly at secondary sanctions and panealizing India above all
Speaker 5: for importing and continuing to import Russian energy, but he's
Speaker 5: not been looking to penalize China, which of course is
Speaker 5: a very big buyer of Russian energy, and also talking
Speaker 5: about the possibility of further direct sanctions on Russia. Although
Speaker 5: the economy is so sanctioned, it's hard to see what
Speaker 5: else is really on the table from a domestic perspective.
Speaker 5: But certainly, you know, Vladimir Putin is aware of the
Speaker 5: pressure that his economy is under. Despite being on a
Speaker 5: war footing and war production, there are underlying cracks in
Speaker 5: his economy that are just starting to emerge. Is a
Speaker 5: big part of the puzzle for him there. So he's
Speaker 5: going to be trying to really couch this conversation about
Speaker 5: the US Russia economic relationship, the opportunity they're lifting sanctions,
Speaker 5: talking about sort of business ties possibly developing. Of course,
Speaker 5: all of this is possibly many years down the track,
Speaker 5: and the return of US business to Russia, well, that's
Speaker 5: going to be something very slow the way. But certainly
Speaker 5: Vladimir Putin's got a broader church here and the conversation
Speaker 5: in his mind than just for him. The question of Ukraine.
Speaker 3: Following the call between the President and European allies, it
Speaker 3: seems as though the President's focus is on ceasefire as
Speaker 3: opposed to territorial negotiations. Is there a sense now that
Speaker 3: the President and European Allies are on the same page here,
Speaker 3: is there still a risk that there could be some
Speaker 3: kind of agreement here that puts Ukraine at a disadvantage.
Speaker 3: You have about a minute left.
Speaker 5: Well, certainly with little Trump in the way he operates,
Speaker 5: there's always the something happening that's not expected in the
Speaker 5: minute or has not been prepped for, and that is
Speaker 5: still the concern obviously for Ukraine and Europe, is that
Speaker 5: out of this meeting, the two leaders sitting down together
Speaker 5: one on one, Putin being a very astute political operator,
Speaker 5: that somehow in the minute Donald Trump agrees to something
Speaker 5: or the conversation does move very heavily in the area
Speaker 5: of territorial concessions from Ukraine without Ukraine being at the conversation,
Speaker 5: and the parameters for a ceasefire from Russian Ukraine are
Speaker 5: very different. But the lease, perhaps by Tom Putin, will
Speaker 5: give Donald Trump a sense so he's willing to move
Speaker 5: the conversation towards a ceasefire and perhaps even a conversation
Speaker 5: at some point that involves the Ukrainian leader as well.
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 2: Ray