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 an important development in the Middle
Speaker 3: East this morning. Iran says it has reached an agreement
Speaker 3: with Oman on a proposed shipping route through the Strait
Speaker 3: of Horror Moves. Both countries have been in talks on
Speaker 3: this for several days, though an Iranian Foreign Ministry spokesman
Speaker 3: has not mentioned any role for the US in the discussions.
Speaker 3: We get the latest from Bloomberg Middle East correspondent to
Speaker 3: Birabu Omar in Dubai.
Speaker 4: There's a lot of details to be armned out here
Speaker 4: about just how exactly ships that are outbound and inbound
Speaker 4: would make their way through the Strait of Removes. We'll
Speaker 4: await more details once that draft is publicized. But what
Speaker 4: we know from the Iranian side, and you mentioned the
Speaker 4: spokesperson for the Foreign Ministry.
Speaker 5: Smid Bahai, that said.
Speaker 4: That negotiations are forward moving and the deal would be
Speaker 4: struck if certain third parties not obstruct the process. Obviously
Speaker 4: they're referring to the United States, perhaps Israel as well.
Speaker 5: Bloomberg.
Speaker 3: Sabirobo Omar reports this latest announcement follows months of deadlock
Speaker 3: between the US and Iran and how to end their war.
Speaker 3: President Trump has claimed breakthroughs repeatedly before, but a lasting
Speaker 3: agreement has remained elusive.
Speaker 2: Meanwhile, Nathan, President Trump is denying that the US is
Speaker 2: running low on munitions. That's after The Washington Post reported
Speaker 2: he clashed with Defense Secretary Pete Hegseth at Camp David
Speaker 2: last week about shortages of long range guided missiles and
Speaker 2: air defense interceptors. In a truth social post, the President
Speaker 2: said the US has massive amounts of munitions and the
Speaker 2: quote leakers of these trees in his statements are being
Speaker 2: hunted down the Karin.
Speaker 3: President Trump's also speaking out after progressive Democrat Abdul l
Speaker 3: Sayed's victory in the Michigan Senate primary.
Speaker 5: Abdullah say lovely, gentlemen. It's a man of hate. And
Speaker 5: now he's going around saying, no, I love everybody.
Speaker 2: I love.
Speaker 5: He does love everybody. Put him in office.
Speaker 6: You're gonna find out what he loved.
Speaker 3: The President called Abdullahsaiat a communist who hates Jews and
Speaker 3: Israel at an event in Las Vegas, aim at touting
Speaker 3: his economic agenda.
Speaker 5: Elsayad responded on CNN, look at.
Speaker 7: The background, it says no tax on tips. The man
Speaker 7: can't stay on focus. That's like the one thing that
Speaker 7: he did to offer any economic relief, but instead of that,
Speaker 7: he's more focused on me.
Speaker 3: Abdulah Saiad says he is a capitalist who condemns anti Semitism,
Speaker 3: though he has accused Israel of genocide and it's Warren Gaza.
Speaker 3: Elsaiad defeated Establishment back to Congressman Haley Stevens in the
Speaker 3: primary and will now face Republican Mike Rodgers in a
Speaker 3: high profile general election race that could determine control of
Speaker 3: the Senate.
Speaker 5: Well Nathan.
Speaker 2: President Trump has reportedly spoken repeatedly with Kevin Worsh since
Speaker 2: he became chairman of the Federal Reserve. The Wall Street
Speaker 2: Journal reports the President has sought Worsh's council on a
Speaker 2: range of matters, including how the war in Iran and
Speaker 2: the rapid rise of artificial intelligence are affecting the economy.
Speaker 2: The paper says it isn't clear if Trump and Worsh
Speaker 2: have discussed monetary policy over their communications, sparks concerns about
Speaker 2: the independence of the FED.
Speaker 3: Well Karen, FED Governor Lisa Cook says she's ready to
Speaker 3: raise interest rates if inflation doesn't slow.
Speaker 5: She spoke at an event in Alaska.
Speaker 8: If I do not see signs of continued disinflation soon,
Speaker 8: I am.
Speaker 5: Prepared to act.
Speaker 8: With five years of above target inflation, the risk grows
Speaker 8: that higher inflation may become entrenched and priced and wage
Speaker 8: setting behavior, leading to persistence that would be much harder
Speaker 8: for us to attack. The longer inflation is above target,
Speaker 8: the more likely this scenario becomes.
Speaker 3: And FED Governor Lisa Cook went on to say her
Speaker 3: priority remains getting inflation back to the Fed's two percent target.
Speaker 3: She says she is firmly committed to restoring price stability.
Speaker 2: Well Nathany now turn it to the markets. Global stocks
Speaker 2: are retreating from record highs on weakness in chip stocks.
Speaker 2: Memory maker sand Disk down more than nine percent in
Speaker 2: early trading, while rival Western Digital is lower by almost
Speaker 2: fifteen percent. After book companies reported earnings.
Speaker 3: In Asia care in a second flash crash in sk
Speaker 3: Heinez shares has raised fresh questions about South Korea's new
Speaker 3: alternative stock exchange. The chip maker briefly fell thirty percent
Speaker 3: in pre market trading on next trade before ending the
Speaker 3: fifty minute session down about two percent. Sk Heinex then
Speaker 3: dropped another six and a half percent in regular trading
Speaker 3: on South Korea's mainstock exchange as the company tracked a
Speaker 3: broader chip sell off Nathan.
Speaker 2: Today could be another critical day for SpaceX. We get
Speaker 2: details with Bloomberg's Charlie Billett.
Speaker 9: Just over one hundred billion dollars worth of SpaceX shares
Speaker 9: become available for trading. Insiders, should they choose, can start
Speaker 9: unloading shares when a lock up agreement ends. Stephen Wesley
Speaker 9: is a former board member at Tesla. He's now the
Speaker 9: co founder of the Wesley Group.
Speaker 10: This is a bit of a different IPO where shareholders
Speaker 10: can sell twenty percent of their holdings within ninety days,
Speaker 10: and so one of the questions out here is going
Speaker 10: to be how many people are going to hit the
Speaker 10: access early.
Speaker 9: The traditional one hundred and eighty day lock up for
Speaker 9: other shares ends December eighth. Elon Musk's shares remain locked
Speaker 9: until June of next year.
Speaker 5: In New York.
Speaker 9: Charlie Pellock Bloomberg Radio.
Speaker 5: Thank you.
Speaker 11: Charlie.
Speaker 3: Bloomberg News has learned hackers have launched a major cyber
Speaker 3: campaign against some of Wall Street's biggest money managers. Sources
Speaker 3: say the attacks featured voice fishing in an effort to
Speaker 3: trick employees into revealing sensitive information or grant access to
Speaker 3: internal systems. Hamma Palmer is one of the Bloomberg reporters
Speaker 3: who broke this story.
Speaker 12: We're seeing some of the world's biggest hedge funds attacked
Speaker 12: in this attempt to end We're talking Citadel, Millennium, Point
Speaker 12: seventy two, two Sigma, and you know these firms collectively
Speaker 12: manage hundreds of billions of dollars. We do know that
Speaker 12: Point seventy two sent a letter to investors telling them
Speaker 12: that initial indicators aware that there were no client information stolen,
Speaker 12: and then to Sigma also said in a statement that
Speaker 12: they have no indication of any impact to its systems.
Speaker 3: Bloomberg Sema Parmer says Wall Street's financial regulator Finra has
Speaker 3: in touch with member firms following the attempted breaches.
Speaker 2: NIG and open AI is asking a federal judge to
Speaker 2: dismiss a lawsuit filed by Apple accusing the artificial intelligence
Speaker 2: company of stealing trade secrets that chat GPT makers as
Speaker 2: the iPhone maker's allegations are meritless. The filing came a
Speaker 2: day after Apple asked the judge to order open Ai
Speaker 2: to stop using what it calls stolen trade secrets and
Speaker 2: to force the company to return any confidential information.
Speaker 5: To Apple and Karin.
Speaker 3: Amazon founder Jeff Bezos unloaded almost three hundred and fifty
Speaker 3: million dollars in company stock as it hit a record
Speaker 3: on Monday. The transaction was disclosed after yesterday's market close.
Speaker 3: It represents only a fraction of the up to fifteen
Speaker 3: million shares worth more than four billion dollars that Bezos
Speaker 3: said he'd proposed to sell in a separate filing release
Speaker 3: two days earlier. Bezos's wealth has climbed almost thirty nine
Speaker 3: billion dollars this year to two hundred and ninety two billion.
Speaker 3: That's according to the Bloomberg Billionaire's Index, and Amazon recently
Speaker 3: became the fifth firm to surpass three trillion dollars in
Speaker 3: market value.
Speaker 2: And we do have a program note here, Nathan Bloomberg
Speaker 2: Radio is introducing a new feature exclusively for Bloomberg dot
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Speaker 2: That's Bloomberg dot Com slash Ask Radio. Time now for
Speaker 2: look at some of the other stories making news in
Speaker 2: New York and around the world. And for that we're
Speaker 2: joined by Bloomberg's Michael Barr. Michael, Good morning, Good morning Karen.
Speaker 11: Several New York City families are homeless this morning after
Speaker 11: a big explosion and fire at an apartment building in
Speaker 11: the Bronx. One person was found dead and at least
Speaker 11: fifteen people were heard after Wednesday's fire reached five alarms
Speaker 11: in the Bronx Norwood section. The FDN Y says six
Speaker 11: firefighters were among the injured. Several residents had to be rescued.
Speaker 11: Fire Chief johns Posito says the cause of the blast
Speaker 11: is under investigation.
Speaker 13: As the commissioners said, there was some sort of explosion.
Speaker 13: It blew out window frames, It blew some of them
Speaker 13: across the street, and when our members got up to
Speaker 13: the second floor, some of the apartment doors had been
Speaker 13: blown off. The hinges as well.
Speaker 11: Fire chief John Sposito says that allowed the fire to
Speaker 11: spread down the hallways and into stairwells. In battle, Republican
Speaker 11: Congressman Max Miller doubles down, saying he will not get
Speaker 11: out of his re election race. Miller continues to deny
Speaker 11: domestic abuse allegations brought against him by his ex wife,
Speaker 11: the daughter of a fellow Ohio lawmaker, Senator Bernie Marino.
Speaker 11: The House Ethics Committee announced they have opened an investigation
Speaker 11: in the Miller Former House Ethics Committee Chairman Charlie Dent
Speaker 11: says he expects Miller is facing pressure from major party
Speaker 11: leaders like Speaker Mike Johnson behind closed doors.
Speaker 14: I suspect, behind the scenes and behind closed doors, I
Speaker 14: would expect that the Speaker would likely be putting pressure
Speaker 14: on Congress and Miller rese's not only to get out
Speaker 14: of the race, but to resign.
Speaker 11: Former Congressman Dent spoke to ABC. Speaker Johnson publicly said
Speaker 11: earlier to let the investigation into Miller run its course.
Speaker 11: A Senate committee is set to vote today on whether
Speaker 11: to hold doctor Anthony Fauci in the contempt of Congress
Speaker 11: for refusing to answer questions at a hearing Fauci invoked
Speaker 11: his Fifth Amendment right against self incrimination more than one
Speaker 11: hundred times. Global news twenty four hours a day and
Speaker 11: whenever you want it with Bloomberg News Now Michael Barr
Speaker 11: and this is Bloomberg Heron.
Speaker 2: Thanks Michael all the time. Now for our Bloomberg Sports Update,
Speaker 2: and for that we bring in John stash Hour.
Speaker 6: Thanks hearing the Red Sox on June twenty fourth at
Speaker 6: a record of thirty two and forty six. Since then
Speaker 6: they are thirty and seven. They shut out the White
Speaker 6: Sox for nothing at Fenway's Sunny Gray, improving to fourteen
Speaker 6: to two on the season. At Wrigley, the Cubs top
Speaker 6: the Dodgers seven to six, la sixth loss in a row.
Speaker 6: He Crow Armstrong howert twice in the win, Showy O
Speaker 6: Tommy Homer twice in the loss. The Washington Commanders have
Speaker 6: signed veteran free agent wide receiver Stefan Diges.
Speaker 5: That's a Bloomberg Sports update. Stay with us.
Speaker 2: More from Bloomberg Day Break 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 Appum. This is Bloomberg Daybreak.
Speaker 5: Good morning. I'm Nathan Hager.
Speaker 3: The wait continues into this morning for a deal between
Speaker 3: Iran and Olman that could partially reopen the Strait of
Speaker 3: Horror Moves. That's after the Islamic Republic set an agreement
Speaker 3: on propost shipping lanes was in its final stages. Joining
Speaker 3: us this morning is Mark Champion, who covers the Middle
Speaker 3: East for Bloomberg Opinion. Mark, it's great to speak with
Speaker 3: you again this morning. Of course, we know that Iran
Speaker 3: and Oman have been discussing this for several weeks. If
Speaker 3: a deal is announced, what would it entail.
Speaker 15: Good morning, Good morning, So to the best of our knowledge,
Speaker 15: in other words, this mainly comes from the Iranians. But
Speaker 15: to the best of our knowledge, it will identify a
Speaker 15: temporary channel for a period perhaps forty days, in which
Speaker 15: shipping traffic will be able to go back and forth
Speaker 15: through Homers and you know, sort of more or less
Speaker 15: opening up the straight and there'll be an agreement in
Speaker 15: principle on the collection of fees and on control where
Speaker 15: the Iranians would control traffic going into the strait close
Speaker 15: to their shores. The omanis on the other side would
Speaker 15: control traffic going out. That seems to be the kind
Speaker 15: of framework for the for the a deal from the
Speaker 15: reporting or the sort of news comments and leaks that
Speaker 15: there have been on the Iranian side. The American officials
Speaker 15: off the record have been saying that, you know, that's
Speaker 15: not accurate.
Speaker 5: There won't be any fees.
Speaker 15: We'll see, but the Americans seem to be at one
Speaker 15: removed from these.
Speaker 3: Talks now to that point, I mean, President Trump has
Speaker 3: said that Iran wants to talk, is begging to talk,
Speaker 3: in his words, and Iran has been denying that where
Speaker 3: is the US and all this and if it's being
Speaker 3: left out of the talks, where does that leave things
Speaker 3: when it comes to the broader issues that the US
Speaker 3: says it wants to get resolved in this war, but
Speaker 3: particularly the nuclear program.
Speaker 15: Right absolutely, so, you know, the Iranians have also said, look,
Speaker 15: if we get to this deal with Oman, that doesn't
Speaker 15: mean that the strait opens. Whether it opens and we
Speaker 15: have free flowing traffic, that will depend on the US
Speaker 15: and changes in its behavior. You know, it's not really
Speaker 15: clear exactly what they mean by that, but you know,
Speaker 15: almost certainly it's about you know, the unblocking of Iranian ports.
Speaker 15: So the Iranians, you know, quite clearly don't want to
Speaker 15: open up the straight and if it means that they
Speaker 15: still can't benefit from that fully. So you know, the
Speaker 15: Americans will have to decide, you know, whether they are
Speaker 15: willing to accept this, which will be somewhat humiliating.
Speaker 5: It will not be a victory.
Speaker 15: It will be, you know, something that Iran has power
Speaker 15: over that it did not have before the war. And
Speaker 15: it does not include any of the issues that the
Speaker 15: US went and Israel went to war to resolve. Those
Speaker 15: will all have to come later. But it does seem
Speaker 15: that Donald Trump is very keen to get the straits open.
Speaker 15: He's got midterm elections coming up. He does want, you know,
Speaker 15: some kind of stability in the ore markets, and so
Speaker 15: you know, he's created a space for these talks to happen.
Speaker 15: Whether he can swallow the outcome, that's a different matter.
Speaker 3: Just thirty seconds left here, Mark, But the President is
Speaker 3: denying this report in the Washington Post that he confronted
Speaker 3: Defense Secretary Pete Hegseth about being misled about US munition stockpiles.
Speaker 5: Where does munitions play into all this?
Speaker 15: Well, I mean, again, to the best of our knowledge,
Speaker 15: it does look as though in the course of this war,
Speaker 15: since February, American stocks of critical weapons, both Patriot anti
Speaker 15: ballistic missile defense interceptors and then the offense long range
Speaker 15: precision strike offense offensive weapons.
Speaker 5: These are kind of land based.
Speaker 15: They're called attack ems or sea launched tomahawks, and they're very,
Speaker 15: very much reduced at this point.
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 5: I'm Karen Moscow and I'm Nathan Hager.
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