WEBVTT - Trump Issues Warning to Putin; Traders Price in September Rate Cut

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Karen, we begin with the lead up to a crucial meeting,

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<v Speaker 3>now just a day away. President Trump is set to

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<v Speaker 3>appear face to face with Russian President Vladimir Putin tomorrow

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<v Speaker 3>in Anchorage, Alaska. The President is warning a very severe

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<v Speaker 3>consequences if Putin does not agree to a cease fire

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<v Speaker 3>with Ukraine. He says he hopes to set up a

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<v Speaker 3>second meeting with Ukrainian President Vladimir Zlensky after the summit.

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<v Speaker 4>It was always going to be I was going to

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<v Speaker 4>meet with President Putin, and then after that, I'm going

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<v Speaker 4>to call the leaders and Presidents Olenski. I'm going to

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<v Speaker 4>call Presidents Olenski, and then I'll call probably in that

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<v Speaker 4>order of the leaders. There's a very good chance that

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<v Speaker 4>we're going to have a second meeting, which will be

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<v Speaker 4>more productive than the first.

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<v Speaker 3>President Trump spoke at the Kennedy Center and comments heard

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<v Speaker 3>live on Bloomberg Radio. Bloomberg's rosalind Of Mathieson says the

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<v Speaker 3>President appears to be shifting his tone.

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<v Speaker 5>We had a lot of conversation between Donald Trump and

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<v Speaker 5>Vladimir Putin, where Donald Trump seemed quite effusive about the

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<v Speaker 5>relationship and sent me about his ability to create a

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<v Speaker 5>ceasefire in Ukraine sooner than later. Then he seemed to

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<v Speaker 5>get quite exasperated with Vladimir Putin to the point he

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<v Speaker 5>was already threatening him with severe consequences, including potentially tightening

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<v Speaker 5>the news even further on exports of Russian oil, especially

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<v Speaker 5>to countries in Europe. And then he swung back a

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<v Speaker 5>bit towards optimism on these talks, and now again he's

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<v Speaker 5>talking about severe consequences.

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<v Speaker 3>Bloomberg's Ros Mathison reports the President assured European allies in

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<v Speaker 3>a call yesterday that he would not negotiate territories with Putin,

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<v Speaker 3>but would instead push him to meet with Zelenski Nathan.

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<v Speaker 2>President Trump also says he will name a replacement for

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<v Speaker 2>FED chair Jerome Powell a little bit early.

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<v Speaker 6>He made the.

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<v Speaker 2>Comments during the Kennedy Center news conference.

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<v Speaker 4>I'll be naming a new chairman sometime within the next

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<v Speaker 4>I think i'll name it a little bit earlier. The

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<v Speaker 4>new chairman. I'm down to three or four names. All good,

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<v Speaker 4>all great. The problem is you name him and then

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<v Speaker 4>they turn out to be not good.

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<v Speaker 3>And while the President's maintained his list for the position

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<v Speaker 3>is relatively short, Treasury Secretary Scott Besson is telling Bloomberg

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<v Speaker 3>the administration plans to consider as many as eleven candidates.

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<v Speaker 3>Bessett also says interest rates would be one and a

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<v Speaker 3>half to one in three quarters percent lower by now

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<v Speaker 3>if the Fed had gotten revised jobs data sooner.

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<v Speaker 6>If we'd seen those numbers in May in June, I

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<v Speaker 6>suspect we could have had rate cuts in June and July.

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<v Speaker 6>So that tells me that there's a very good chance

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<v Speaker 6>of a fifty basis point rate cut.

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<v Speaker 3>That was Treasury Secretary Scott Besson speaking with Bloomberg. For

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<v Speaker 3>the full conversation, head to the Bloomberg Podcast channel on YouTube.

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<v Speaker 2>Navin, a former Saint Louis fan president and current candidate

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<v Speaker 2>to become the next FED share Jim Bullard, tells Bloomberg

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<v Speaker 2>that he expects the FED to cut rates in September,

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<v Speaker 2>but he does not expect a half point cut.

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<v Speaker 7>I think fifty sounds panick. He sounds like the administration

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<v Speaker 7>wouldn't be that confident in their economic program, which I

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<v Speaker 7>don't think is the right stance to take here. I

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<v Speaker 7>think they've got a pro business program that will fire

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<v Speaker 7>up the economy after we get through the initial phase

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<v Speaker 7>of the new tariff policies.

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<v Speaker 2>Former Saint Louis FED president Jim Bullard says if he

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<v Speaker 2>has chosen to succeed j Powell as FED sherman, he

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<v Speaker 2>would seek to break down quote group think inside the

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<v Speaker 2>Central Bank on Nathan Over in Europe, the UK economy

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<v Speaker 2>did better than expected in the second quarter. GDP rows

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<v Speaker 2>three ten percent, beating the one to ten percent forecast

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<v Speaker 2>by both private sector economists and the Bank of England.

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<v Speaker 2>Again more from Bloomberg's Lizzie Burden in London, it is.

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<v Speaker 8>A positive surprise and that it's not as bad as expected,

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<v Speaker 8>but still growth slowed. Second quote, you're coming down from

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<v Speaker 8>zero point seven percent to zero point three percent, which

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<v Speaker 8>still understores the stock in stockflation.

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<v Speaker 2>Bloomber's Lizzie Burden says, the latest figures mean the UK

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<v Speaker 2>recorded the fastest growth of the Group of seven nations

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<v Speaker 2>during the first half of the year.

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<v Speaker 3>Well back in this nation, Karen President Trump's tariffs of

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<v Speaker 3>for having an impact at America's busiest port, the port

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<v Speaker 3>of Los Angeles moved more than a million containers last month.

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<v Speaker 3>That was an eight and a half percent increase from

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<v Speaker 3>the year before and the most container volume in the

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<v Speaker 3>port's one hundred and seventeen year history. Ports Executive director

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<v Speaker 3>Jean Soroca says traders front loaded cargo to reach stores

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<v Speaker 3>before President Trump's new duties took effect.

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<v Speaker 2>Let's turn to the markets now, Nathan, in futures, they

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<v Speaker 2>are a little changed after stocks notched another record closed.

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<v Speaker 2>The big winner was the Dow, it gained one percent.

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<v Speaker 2>Pn C Chief Investment Officer Amanda Gotti says, there are

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<v Speaker 2>a lot of bullish signs in the market.

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<v Speaker 9>If you look at the hard data that's been tracked

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<v Speaker 9>all year, even in the most recent GDP report, a

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<v Speaker 9>three handle in terms of growth. We're closing out on

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<v Speaker 9>Q two earning season for the SMP it's almost twelve

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<v Speaker 9>percent year over year growth. So the hard data is

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<v Speaker 9>looking really strong. And then when you layer on top

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<v Speaker 9>of that a potential fed rate cut, well, what else

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<v Speaker 9>could the equity market ask for.

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<v Speaker 2>PNC Chief investment Officer Amanda Agatti traders are fully pricing

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<v Speaker 2>in a quarter point rate cut next month.

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<v Speaker 3>Let's check some prices of stocks on the move this morning, Karen.

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<v Speaker 3>Shares of Bullish are up twelve and a half percent.

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<v Speaker 3>The digital asset exchange operator and owner of media outlet

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<v Speaker 3>Coin Desk rose eighty four percent in its Wall Street

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<v Speaker 3>debut yesterday. On the flip side, shares of Coherent are

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<v Speaker 3>down more than eighteen percent. The semiconductor device company sales

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<v Speaker 3>forecast came in below estimates. Cisco shares are down more

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<v Speaker 3>than one percent. The largest maker of machines that run

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<v Speaker 3>computer networks and the Internet, gave a lukewarm forecast for

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<v Speaker 3>the current fiscal year.

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<v Speaker 2>And it's time now for a look at some of

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<v Speaker 2>the other stories making news in New York and around

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<v Speaker 2>the world. And for that we're joined by Bloombergy's Michael Barr.

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<v Speaker 10>Michael, good morning, Good morning, Karen. President Trump says he

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<v Speaker 10>is considering extending the federal government's control of the DC

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<v Speaker 10>police force. The President has claimed that crime in Washington

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<v Speaker 10>is at an all time high, but recent data shows

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<v Speaker 10>the opposite, that crime is the lowest it has been

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<v Speaker 10>in decades. Still, the President told reporters that he plans

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<v Speaker 10>to extend federal control. Passed the thirty days allotted to

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<v Speaker 10>him by law by proposing a law to Congress. He

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<v Speaker 10>also pushed back on efforts to make Washington d C.

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<v Speaker 6>Estate statehood is ridiculous.

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<v Speaker 4>We want to straighten the place out. Statehood's ridiculous, it's unacceptable.

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<v Speaker 10>Meanwhile, DC Councilwoman Brooke Pinto said the district needs more

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<v Speaker 10>police officers, not federal troops.

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<v Speaker 3>There are a lot of elements of federal support that

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<v Speaker 3>we would welcome to support public safety, but the action

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<v Speaker 3>that the President has taken this week is not the answer.

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<v Speaker 10>Residents in one Washington d C. Neighborhood lined up to

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<v Speaker 10>protest the increased police presence. Republican leaders in Texas say

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<v Speaker 10>they planned to end the stalemated special session and begin

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<v Speaker 10>a new one tomorrow. Some Texas House Democrats who left

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<v Speaker 10>the state to prevent a vote on new congressional maps

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<v Speaker 10>said they would return to vote on flood relief. Texas

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<v Speaker 10>State Representative Linda Garcia, while.

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<v Speaker 6>This is absolutely about redistricting and jerry mandering, we also

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<v Speaker 6>have to understand the impact that this is going to

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<v Speaker 6>have across the United States.

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<v Speaker 10>Texas State Representative Linda Garcia spoke to ABC. Manhattan Apartment

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<v Speaker 10>of Rents hit our record high for the fifth time

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<v Speaker 10>in the past six months, with new Lease's sign at

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<v Speaker 10>a median of forty seven hundred dollars in July, according

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<v Speaker 10>to appraiser Miller Samuel and brokerage Douglas Element, that is

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<v Speaker 10>up seventy five dollars from June, rent surge nine point

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<v Speaker 10>three percent from a year earlier, the second biggest annual

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<v Speaker 10>jump in the firm's data going back to two thousand

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<v Speaker 10>and eight. Global News twenty four hours a day and

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<v Speaker 10>whenever you want it with the Bloomberg News. Now, I'm

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<v Speaker 10>Michael Barr, and this is Bloomberg Karen.

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<v Speaker 2>All right, Michael Barr, thank you time now for the

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<v Speaker 2>Bloomberg scores update. It's brought to you by Flushing Bank.

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<v Speaker 2>And here's John stash Hour.

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<v Speaker 11>John, good morning, Good morning Karen at rare time. And

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<v Speaker 11>both the Mets and Yankees are at home. So they

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<v Speaker 11>both sat through rain delays about two hours and then

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<v Speaker 11>both blue leads and lost. The Mets had a six

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<v Speaker 11>nothing lead once so Tho with a home run, but

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<v Speaker 11>Atlanta had a big fourth inning against David Peterson who

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<v Speaker 11>had control issues. He came out, Read.

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<v Speaker 10>Garrett came in.

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<v Speaker 12>Michael Harris singled earlier this evening. He gets a bas

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<v Speaker 12>hit right here the Braves at least high the game,

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<v Speaker 12>smacked in the air, deep center field, flying.

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<v Speaker 10>Back to the wall.

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<v Speaker 1>It's a great.

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<v Speaker 12>Swam Michael Harris to the deepest part of the yard

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<v Speaker 12>with a big set a bomb and the Braves take

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<v Speaker 12>the lead on the grand slam by Harris.

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<v Speaker 11>Craise radio nine run in Atlanta one eleven to six.

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<v Speaker 11>Yankees got an early Cody Bellinger home run, but only

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<v Speaker 11>four other hits. The Twins won four to one. Good

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<v Speaker 11>news for the Yanks that almost all of the other

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<v Speaker 11>American League playoff contenders lost. Toronto only two hits and

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<v Speaker 11>a four to one loss of the Cubs. Red Sox

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<v Speaker 11>lost at Houston four to one. Seattle's eight game wins

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<v Speaker 11>streak ended a four to three loss in Baltimore, Cleveland, Texas,

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<v Speaker 11>Kansas City, all just behind the Yankees the last wildcard

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<v Speaker 11>they all lost as well. The Brewers won again. That's

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<v Speaker 11>twelve wins in a row. It was twelve to five

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<v Speaker 11>of our Pittsburgh Milwaukee with a series suite by a

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<v Speaker 11>combined thirty three to six. Brewers have won twenty seven

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<v Speaker 11>of their last thirty one. Minnesota Twins owned by the

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<v Speaker 11>Polad family since nineteen eighty four.

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<v Speaker 10>They had plans to sell the team.

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<v Speaker 11>They've changed their mind. The Portland Trailblazers bought by the

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<v Speaker 11>late Paul Allen in nineteen eighty eight for seventy million,

0:09:55.320 --> 0:09:58.760
<v Speaker 11>his estate, selling to Tom Dundo, who also owns the

0:09:58.800 --> 0:10:02.640
<v Speaker 11>Carolina Hurricanes STAG four billion. The proceeds to go to

0:10:02.760 --> 0:10:06.360
<v Speaker 11>philanthropic efforts and the sale of the Celtics. What Grosbeck

0:10:06.440 --> 0:10:10.320
<v Speaker 11>that built Chisholm for a record six billion unanimously approved.

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<v Speaker 10>By the NBA.

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<v Speaker 11>Grosbeck was going to continue to oversee operations. That is

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<v Speaker 11>now no longer the case. John stash Out with Bloomberg

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<v Speaker 11>Sports carry Nathan.

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<v Speaker 2>Stay with us. More from Bloomberg Daybreak coming up after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business opp This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager. President Donald Trump is setting

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<v Speaker 3>expectations ahead of his Alaska summit with Russian President Vladimir Putin,

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<v Speaker 3>now just one day away. The President says the meeting

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<v Speaker 3>to try to end the war in Ukraine might not

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<v Speaker 3>be the last.

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<v Speaker 4>Certain great things can be gained in the Firson. It's

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<v Speaker 4>going to be a very important meeting, but it's setting

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<v Speaker 4>the table for the second meeting.

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<v Speaker 3>President Trump's spoke at the Kennedy Center after a pre

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<v Speaker 3>meeting call with European allies and Ukrainian President Vladimir Zelenski.

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<v Speaker 3>We're joined now by Bloomberg News Chief Asia correspondent Rosalind

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<v Speaker 3>Matheson and Roz As we continue to set the table

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<v Speaker 3>for this summit. We're getting some headlines from Russia's Task

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<v Speaker 3>news service, with the Kremlin saying that the agenda for

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<v Speaker 3>the meeting between Trump and Putin has been set and

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<v Speaker 3>the two leaders planned to hold a joint news conference

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<v Speaker 3>after their talks. How is Russia setting the table for

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<v Speaker 3>what could come tomorrow at Anchorage?

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<v Speaker 5>Good morning, Good morning. Well, certainly Vladimir Putin has been

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<v Speaker 5>clear about some of his goals from the summit, and

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<v Speaker 5>as you say, part of it is just see optics

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<v Speaker 5>of having the sit down with Donald Trump, who we're

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<v Speaker 5>now seeing those reports is going to be a joint

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<v Speaker 5>press briefing afterwards. So the two leaders standing side by

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<v Speaker 5>side on Russian soil, I sorry on US soil and

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<v Speaker 5>the Russian leader being hosted by Donald Trump as part

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<v Speaker 5>of that. So optically that's got to be at least

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<v Speaker 5>as part of the goal of having the meetings. Also

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<v Speaker 5>about obviously setting some parameters on Ukraine. Donald Trump is

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<v Speaker 5>very keen to have a conversation about how to get

0:12:07.320 --> 0:12:10.760
<v Speaker 5>towards a ceasefire in the conflict in Ukraine. But also

0:12:10.840 --> 0:12:14.080
<v Speaker 5>for Vladimir Putin, it's about trying to get sanctions relief

0:12:14.440 --> 0:12:17.360
<v Speaker 5>from the US. Of course, the threat to panalize Russian

0:12:17.440 --> 0:12:20.640
<v Speaker 5>oil that's being exported to countries in Asia, you know,

0:12:20.760 --> 0:12:24.319
<v Speaker 5>China and India, particularly India of late, has been squeezing

0:12:24.320 --> 0:12:27.640
<v Speaker 5>the Russian economy, and Vladimir Putin is very keen to

0:12:27.640 --> 0:12:30.120
<v Speaker 5>get some sort of sense of sanctions relief from the

0:12:30.240 --> 0:12:32.960
<v Speaker 5>US on it, and to pivot the conversation in a

0:12:32.960 --> 0:12:37.079
<v Speaker 5>way probably to talk more about the bilateral economic relationship,

0:12:37.200 --> 0:12:39.960
<v Speaker 5>to try and get a sense of understanding from Donald

0:12:40.000 --> 0:12:43.319
<v Speaker 5>Trump about where he's taking those sanctions as of tilting

0:12:43.360 --> 0:12:47.360
<v Speaker 5>the opportunities in a way of greater economic ties as

0:12:47.400 --> 0:12:50.240
<v Speaker 5>time goes on between the US and Russia. So obviously

0:12:50.240 --> 0:12:54.080
<v Speaker 5>the overarching element here is Ukraine. But Vladimir Putin probably

0:12:54.080 --> 0:12:56.280
<v Speaker 5>has some domestic to Do's also that he wants to

0:12:56.320 --> 0:12:58.280
<v Speaker 5>get on the table with the US leader.

0:12:58.640 --> 0:13:01.040
<v Speaker 3>And to the point about the idea of economic cooperation,

0:13:01.120 --> 0:13:03.760
<v Speaker 3>we heard the President yesterday say that there could be

0:13:03.920 --> 0:13:07.880
<v Speaker 3>very severe consequences for President Putin if he doesn't agree

0:13:07.920 --> 0:13:12.400
<v Speaker 3>to a cease fire tomorrow. We've not seen direct sanctions

0:13:12.480 --> 0:13:17.000
<v Speaker 3>from the US in recent months. Could sanctions be back

0:13:17.040 --> 0:13:17.640
<v Speaker 3>on the table.

0:13:18.880 --> 0:13:21.480
<v Speaker 5>Well, Donald Trump has certainly flowed to that, and he's

0:13:21.520 --> 0:13:26.000
<v Speaker 5>looked particularly at secondary sanctions and panealizing India above all

0:13:26.320 --> 0:13:29.839
<v Speaker 5>for importing and continuing to import Russian energy, but he's

0:13:29.880 --> 0:13:32.160
<v Speaker 5>not been looking to penalize China, which of course is

0:13:32.200 --> 0:13:35.840
<v Speaker 5>a very big buyer of Russian energy, and also talking

0:13:35.880 --> 0:13:39.520
<v Speaker 5>about the possibility of further direct sanctions on Russia. Although

0:13:39.520 --> 0:13:42.080
<v Speaker 5>the economy is so sanctioned, it's hard to see what

0:13:42.160 --> 0:13:45.520
<v Speaker 5>else is really on the table from a domestic perspective.

0:13:46.160 --> 0:13:49.600
<v Speaker 5>But certainly, you know, Vladimir Putin is aware of the

0:13:49.600 --> 0:13:53.040
<v Speaker 5>pressure that his economy is under. Despite being on a

0:13:53.080 --> 0:13:56.520
<v Speaker 5>war footing and war production, there are underlying cracks in

0:13:56.520 --> 0:14:00.560
<v Speaker 5>his economy that are just starting to emerge. Is a

0:14:00.559 --> 0:14:03.320
<v Speaker 5>big part of the puzzle for him there. So he's

0:14:03.360 --> 0:14:06.600
<v Speaker 5>going to be trying to really couch this conversation about

0:14:06.640 --> 0:14:11.800
<v Speaker 5>the US Russia economic relationship, the opportunity they're lifting sanctions,

0:14:12.160 --> 0:14:15.040
<v Speaker 5>talking about sort of business ties possibly developing. Of course,

0:14:15.080 --> 0:14:17.360
<v Speaker 5>all of this is possibly many years down the track,

0:14:17.679 --> 0:14:19.920
<v Speaker 5>and the return of US business to Russia, well, that's

0:14:19.960 --> 0:14:23.480
<v Speaker 5>going to be something very slow the way. But certainly

0:14:23.600 --> 0:14:26.680
<v Speaker 5>Vladimir Putin's got a broader church here and the conversation

0:14:26.840 --> 0:14:30.160
<v Speaker 5>in his mind than just for him. The question of Ukraine.

0:14:31.480 --> 0:14:36.160
<v Speaker 3>Following the call between the President and European allies, it

0:14:36.240 --> 0:14:40.520
<v Speaker 3>seems as though the President's focus is on ceasefire as

0:14:40.520 --> 0:14:45.800
<v Speaker 3>opposed to territorial negotiations. Is there a sense now that

0:14:45.840 --> 0:14:48.680
<v Speaker 3>the President and European Allies are on the same page here,

0:14:48.760 --> 0:14:52.160
<v Speaker 3>is there still a risk that there could be some

0:14:52.240 --> 0:14:55.800
<v Speaker 3>kind of agreement here that puts Ukraine at a disadvantage.

0:14:55.800 --> 0:14:56.840
<v Speaker 3>You have about a minute left.

0:14:57.240 --> 0:14:59.080
<v Speaker 5>Well, certainly with little Trump in the way he operates,

0:14:59.120 --> 0:15:02.920
<v Speaker 5>there's always the something happening that's not expected in the

0:15:02.960 --> 0:15:05.720
<v Speaker 5>minute or has not been prepped for, and that is

0:15:05.720 --> 0:15:08.800
<v Speaker 5>still the concern obviously for Ukraine and Europe, is that

0:15:08.880 --> 0:15:11.120
<v Speaker 5>out of this meeting, the two leaders sitting down together

0:15:11.600 --> 0:15:14.800
<v Speaker 5>one on one, Putin being a very astute political operator,

0:15:14.880 --> 0:15:18.240
<v Speaker 5>that somehow in the minute Donald Trump agrees to something

0:15:18.400 --> 0:15:21.520
<v Speaker 5>or the conversation does move very heavily in the area

0:15:21.560 --> 0:15:25.960
<v Speaker 5>of territorial concessions from Ukraine without Ukraine being at the conversation,

0:15:26.600 --> 0:15:29.240
<v Speaker 5>and the parameters for a ceasefire from Russian Ukraine are

0:15:29.320 --> 0:15:32.520
<v Speaker 5>very different. But the lease, perhaps by Tom Putin, will

0:15:32.560 --> 0:15:34.640
<v Speaker 5>give Donald Trump a sense so he's willing to move

0:15:34.680 --> 0:15:38.640
<v Speaker 5>the conversation towards a ceasefire and perhaps even a conversation

0:15:38.720 --> 0:15:41.040
<v Speaker 5>at some point that involves the Ukrainian leader as well.

0:15:43.000 --> 0:15:46.440
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<v Speaker 2>Ray