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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 1: I'm John Tucker and I'm Karen Moscow. Here are the

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Speaker 1: stories we're following today.

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Speaker 2: Karen Stacks begin the last trading day of the week

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Speaker 2: near record territory. Yesterday, the downgelends of dust leverage hit

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Speaker 2: the forty thousand mark before pulling back. Investors this morning

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Speaker 2: reprising US rate cut expectations to only one reduction this year,

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Speaker 2: and several Fed officials, including Cleveland Fed President of the Redemester,

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Speaker 2: say the central Bank should keep borrowing costs higher for

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Speaker 2: longer as policymakers wait more evidence inflation is easing.

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Speaker 3: Incoming economic information indicates that it's going to take longer

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Speaker 3: to gain that confidence, So holding our restrictive stance for

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Speaker 3: longer is prudent at this point as we gain clarity

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Speaker 3: about the path of inflation.

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Speaker 2: Cleveland Fed President of the Redemester, New York FED President

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Speaker 2: John Williams at Richmond FED President Thomas Barkin, all speaking separately,

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Speaker 2: argued it may take longer for inflation to reach their

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Speaker 2: two percent target.

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Speaker 4: Well John.

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Speaker 1: The economy also in focus in Asia, China has announced

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Speaker 1: its most forceful attempt yet to shore up the belieguer

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Speaker 1: in property market. It's easy mortgage rules and encouraging local

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Speaker 1: governments to buy unsold homes from developers for a conversion

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Speaker 1: into affordable housing.

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Speaker 2: And meanwhile, China's economy has become even more lopsided, has

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Speaker 2: factories some while shoppers lag A. Bloomberg Daybreak Asia anchor

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Speaker 2: Brian Curtis has more from Hong Kong.

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Speaker 4: China's consumer spending slowed significantly, but industrial production accelerated. It's

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Speaker 4: another indication of the country's uneven recovery. Retail sales expanding

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Speaker 4: two point three percent, well below the estimate of three

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Speaker 4: point seven percent. Auto sales actually contracted. On the other hand,

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Speaker 4: industrial output jumping six point seven percent from a year ago,

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Speaker 4: a handy beat of the five point five percent forecast.

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Speaker 4: An investment in property development plunging nine point eight percent.

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Speaker 4: In On Kong, Brian Curtis, Bloomberg.

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Speaker 1: Radio, All right, Brian, thanks well. On the political front,

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Speaker 1: China and Russia are promising to intensify cooperation against what

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Speaker 1: they see as US containment. This is President Chishin paying

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Speaker 1: welcome to Russian President Vladimir Putin to Beijing for a

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Speaker 1: state visit. JP Morgan Chase CEO Jamie diamond says, do

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Speaker 1: you have political tensions are high, but the US needs

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Speaker 1: to engage fully and deeply, which China.

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Speaker 5: China is not a natural end of the United States.

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Speaker 5: They have a lot of their own problems.

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Speaker 6: So you know, to me, we could work together as

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Speaker 6: best we can and then we have common interest climate, anti.

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Speaker 1: Nuclear perforation and still given the heightened tentions, JP morganst

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Speaker 1: Jamie diamond says he's moving with Kashin in China. He

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Speaker 1: spoke with Bloomberg's Francy and Illaqua from the Banks Global

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Speaker 1: Markets Conference in Paris. Catch their full conversation on the

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Speaker 1: Bloomberg Talks podcast.

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Speaker 2: And President Joe Biden's top economic advisor, Leel Brainerd is

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Speaker 2: defending new terriffs on Chinese imports. She says the terraces

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Speaker 2: are necessary to avoid economic turbulence from unfair trade practices.

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Speaker 7: China's using the same playbook it has before to power

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Speaker 7: its growth at the expense of others by investing in

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Speaker 7: significant industrial over capacity and flooding global markets with artificially

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Speaker 7: cheap exports.

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Speaker 2: The White House Economic Council Director Brainer's remarks come after

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Speaker 2: Biden announced a sweeping set of tariffs on a range

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Speaker 2: of goods he said was necessary to protect American businesses.

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Speaker 1: Well, John, it's an off day in the hush money

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Speaker 1: trial of Donald Trump. Yesterday his attorneys grilled the prosecution

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Speaker 1: star witness Michael Cohen, and we get the latest from

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Speaker 1: Bloomberg Law host June Grasso.

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Speaker 8: Trump's lawyer Todd Blanche grilled Michael Cohen for hours yesterday

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Speaker 8: about possible inconsistencies in his trial testimony and his well

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Speaker 8: documented history of lying under oath, questioning whether he really

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Speaker 8: got approval from Trump for the hush money payment. Blanche

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Speaker 8: made some inroads in undercutting Cohen's creditability and even undercutting

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Speaker 8: some of Cohen's testimony at the trial. Cohen will be

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Speaker 8: back on the stand for more cross examination on Monday

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Speaker 8: when trial resumes in New York. June Grosso Bloomberg Radio.

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Speaker 2: Thanks Ju, and now back to the markets and checking

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Speaker 2: some stocks on the move this morning. Shares of Reddits

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Speaker 2: of more than twelve percent, the social media company forging

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Speaker 2: a partnership with open Ai that'll bring its content to

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Speaker 2: the chatbot chat GPT and other products.

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Speaker 1: And Johnny stick with his artificial intelligence theme Snowflake and

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Speaker 1: talks to acquire an AI startup, and Bloomberg's Doug Krisner

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Speaker 1: has that story.

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Speaker 9: It's Raca AI, and we're told the price being discussed

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Speaker 9: is greater than a billion dollars. Reyka ai makes large

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Speaker 9: language models, the software trained on data from the Internet.

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Speaker 5: These llms can be used.

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Speaker 9: For things like captioning images or chatbots. Reykaai was founded

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Speaker 9: in twenty twenty two by former researchers from Google and

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Speaker 9: Meta Platforms. In a funding round last year, reyka ai

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Speaker 9: was valued at about three hhundred million dollars now that

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Speaker 9: round reportedly including funding from Snowflake's venture arm. Snowflake makes

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Speaker 9: tools to organize and analyze data in the cloud, and

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Speaker 9: it sees generative AI as a growth driver. Last month,

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Speaker 9: Snowflake released its own LLM Arctic in New York Time

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Speaker 9: Doug Prisoner Bloomberg Radio.

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Speaker 2: Thanks Doug and the mame. Stocks on the move once again.

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Speaker 2: Game Stop shares of nine percent, while AMC is gaining

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Speaker 2: four percent pre market. These gains coming after the two

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Speaker 2: stocks slumped for a second day. About seven billion dollars

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Speaker 2: of the roughly eleven billion dollars of market value gains

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Speaker 2: have been wiped out and John.

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Speaker 1: The World super Rich Club now has fifteen members, its

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Speaker 1: fortunes over one hundred billion dollars, the most on record.

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Speaker 1: We get more with the Bloomberg's Charlie Pillett.

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Speaker 5: They are riding the waves of artificial intelligence, luxury goods,

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Speaker 5: and geopolitical shifts. According to the Bloomberg Billionaires Index, the

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Speaker 5: combined net worth of these people is up thirteen per

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Speaker 5: sent this year to two point two trillion dollars, beating

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Speaker 5: the pace of inflation and the broader stock market. Between them,

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Speaker 5: they hold nearly a quarter of the wealth of the

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Speaker 5: world's five hundred richest people in New York. Charlie Pellett,

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Speaker 5: Bloomberg Radio.

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Speaker 1: All right, Charlie, thank you, and it's time now for

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Speaker 1: a look at some of the other stories making news

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Speaker 1: in New York and around the world. And for that

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Speaker 1: we're joined by Bloomberg Michael Barr Michael, Good Morning, Good.

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Speaker 10: Morning, Care and severe thunderstorms have hit southeastern Texas for

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Speaker 10: the second time this month. Houston's mayor says at least

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Speaker 10: four people are dead. There have also been windows blown

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Speaker 10: out of high rise buildings, down trees, and power outages

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Speaker 10: for more than eight hundred and forty thousand customers. Houston

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Speaker 10: Fire Chief Samuel Pina, the majority.

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Speaker 11: Of our calls have been gas leaks and down wires,

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Speaker 11: and if you smell gas inside your home, please leave

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Speaker 11: the area and dial nine one one from the outside,

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Speaker 11: especially of the powers down when that comes up. If

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Speaker 11: you're smelling gas inside your home, it could be potentially hazardous.

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Speaker 10: Flights were briefly grounded at Houston's two major airports. The

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Speaker 10: suspected gunman in the shooting of Slovak Prime Minister Robert

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Speaker 10: Fico has been charged with attempted murder. Fico was in

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Speaker 10: serious but stable condition. The suspect has not been formally named,

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Speaker 10: but reports have widely identified him as a seventy one

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Speaker 10: year old. The Republican led House Overside Committee voted last

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Speaker 10: night to recommend a contempt of Congress resolution against Attorney

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Speaker 10: General Merrick Garland for his failure to turnover audio recordings

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Speaker 10: of the Special Counsul Robert Herr interview with President Joe Biden.

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Speaker 10: The vote came after an ugly session as members traded

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Speaker 10: personal attacks. Democrats came to Texas representative of Jasmine Crockett's

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Speaker 10: defense after this comment from Georgia Republican Marjorie Taylor Green.

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Speaker 5: Do you know who we're here for?

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Speaker 8: You know we're here. I don't you know what you're

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Speaker 8: here for?

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Speaker 1: Well, you don't want to talking about I think your

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Speaker 1: fake eyelashes are messing up nothing.

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Speaker 10: Order Later, Crockett fired back after Green's words remained in

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Speaker 10: the record.

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Speaker 8: If someone on this committee then starts talking about somebody's bleach, blind,

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Speaker 8: bad built, butsh body, that would not be engaging in personalities.

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Speaker 4: Correct what now?

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Speaker 10: Crockett later posted, this is what happens when mentally divisioned

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Speaker 10: people who can't read and follow rules, or just don't

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Speaker 10: give a damn somehow end up in Congress. Senator Bob

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Speaker 10: Menendez says that his wife will undergo mistectomy after she

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Speaker 10: was diagnosed with breast cancer. That a Jersey Democrats bribery

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Speaker 10: trial is underway in Manhattan. The process continues toward reclassifying

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Speaker 10: marijuana as a less dangerous drug took a big step

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Speaker 10: from the Justice Department. President Biden, in an online video,

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Speaker 10: called it a major move.

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Speaker 7: Far too many lives and been upended because of failed

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Speaker 7: approach to my and I'm committed to writing those wrongs.

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Speaker 8: You have my word on it.

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Speaker 10: A sixty day public comment period will soon begin. Global

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Speaker 10: news twenty four hours a day and whenever you want

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Speaker 10: it with the Bloomberg News Now, I'm Michael Barr, and

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Speaker 10: this is Bloomberg Karen.

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Speaker 1: All right, Michael Barr, thank you time now for the

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Speaker 1: Bloomberg Sports Update with John stash Hour.

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Speaker 4: John, good morning, Good morning care.

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Speaker 12: And it was certainly looking like the Rangers we're gonna

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Speaker 12: be the tenth team in Stanley Cut playoff history to

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Speaker 12: win the first three games of a series and lose

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Speaker 12: the next three. Carolina led three to one in the

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Speaker 12: third period to the rescue. The longest tenured Ranger, Chris

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Speaker 12: Crider has the most playoff goals in team history. He

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Speaker 12: knocked one in. Five minutes later he tipped in another

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Speaker 12: on the power play, and four minutes after that he's

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Speaker 12: struck again.

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Speaker 5: Rangers seven. And here Trepp takes tank.

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Speaker 12: God, the Ragers lead it four day.

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Speaker 5: Oh my goodness, Gratus.

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Speaker 10: With a hat trick. He's the third period.

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Speaker 12: They were happy on WVPN. Rangers added ft ntter one

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Speaker 12: five to three, take the series four to two. They're

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Speaker 12: off to the Eastern Conference Finals. So the Rangers win

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Speaker 12: a series clinching game six on the row, and we'll

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Speaker 12: see if the Knicks can do likewise tonight at Indiana.

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Speaker 12: For the Knicks in zero to four on the season,

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Speaker 12: they've lost those four by an average of seventeen points.

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Speaker 12: Minnesota dismantled the Nuggets by forty five, so they'll play

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Speaker 12: games seven in Denver. Back in the NHL, Vancouver scored

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Speaker 12: final minute, beat Edmonton three to two, leads the series

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Speaker 12: three to two. At the US Open, last year's Anders,

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Speaker 12: Shopley shot an opening round sixty two. He did the

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Speaker 12: same thing yesterday at the PGA in Louisville. Shopley broke

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Speaker 12: the course record at Valhalla. He's got a three shot lead.

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Speaker 12: He's had twelve top ten finishes in majors, He's never

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Speaker 12: won one. Bloomberg Radio with Round two covered today. After

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Speaker 12: the US Markets closing, Philadelphia Mets blew two leads, including

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Speaker 12: another ninth inning blown saved by Edwin Diaz with the

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Speaker 12: Mets one, six, five and eleven, and the Yankees finished

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Speaker 12: a dominant sweep in Minnesota five enough, and the Twins

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Speaker 12: at a home run first at bat of the series opener.

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Speaker 12: They never scored again. The Yanks out scored them in

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Speaker 12: the series. Fourteen to one. Kitlin Clark struggling in the

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Speaker 12: WNBA only nine points. Indiana lost the Liberty by thirty six.

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Speaker 12: John Stashing of Bloomberg Sports.

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Speaker 10: Coast to Coast on Bloomberg Radio nationwide on Sirius XM, and.

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Speaker 5: Around the world on Bloomberg dot Com and the Bloomberg

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Speaker 5: Business app. This is Bloomberg Daybreak.

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Speaker 2: From the Bloomberg Interactive Brokers Studios. I'm John Tucker five

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Speaker 2: twelve on Wall Street. We're seeing some caution in risk

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Speaker 2: Marxists this morning after lackluster close on Wall Street. Let's

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Speaker 2: get you set up for the trading day you hit

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Speaker 2: now with our first guests, Ben Laidler, global market strategist

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Speaker 2: for e Turo. Nice to talk to you, Ben, Thanks

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Speaker 2: for being with us. Let me get your impression first

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Speaker 2: of the Dow crossing over forty thousand yesterday. Just another number,

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Speaker 2: but new all time highs.

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Speaker 6: Typically forgets new all time highs, and the Dow's sitting

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Speaker 6: on one. We've had twenty three from the S and

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Speaker 6: P five hundred this year. Similarly, you know nansdak's all

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Speaker 6: three major US indices at all time highs. Price momentum

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Speaker 6: is the most powerful factor in markets, and I think

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Speaker 6: this is very fundamentally supported. We have an earnings recovery,

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Speaker 6: and we have interest rate cuts still on the horizon,

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Speaker 6: so I think it's all pretty positive.

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Speaker 2: Yeah, at this point, is it momentum that's in the

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Speaker 2: driver's seat or the combination of everything that you just

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Speaker 2: mentioned there.

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Speaker 6: Yeah, I think it's the combination. I mean, fundamentals obviously lead,

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Speaker 6: and we've just come off a very good first quarter

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Speaker 6: earning season. We had to have Nvidia next week, which

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Speaker 6: is the sort of last hurrah, but so far it's

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Speaker 6: been very strong, and the fact kept the door open

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Speaker 6: to interest rate cuts. You know, those are the fundamentals,

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Speaker 6: but I also think, you know, the technicals are important.

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Speaker 6: New all time highs typically leads to new all time highs.

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Speaker 6: There's a lot of cash citty on the sidelines, and

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Speaker 6: we saw what that meant with the last recent sort

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Speaker 6: of pullback, which we've rebounded pretty strongly from, because I

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Speaker 6: think some of that cash, you know, saw that as

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Speaker 6: an opportunity and came off the sidelines. So I think

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Speaker 6: it's the fundamentals lead, but the technicals are also important.

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Speaker 2: Is it a time to be fully invested in risk assets?

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Speaker 10: I think so.

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Speaker 6: I think this is the early innings of a ball market.

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Speaker 6: I think those twin pillars of earnings and interest rate

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Speaker 6: cuts are in place. I guess, you know. The caveat

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Speaker 6: is that we've basically made an annual return in five

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Speaker 6: months given them. We're up about eleven percent for the

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Speaker 6: S and P five hundred this year, so you know,

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Speaker 6: everything in moderation. There will be pullbacks, there will be

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Speaker 6: volatility along the way, but I think the message of

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Speaker 6: the last month is that those dips will be bought

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Speaker 6: and that the fundamentals remain pretty strong.

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Speaker 2: Do you buy in from your respective into the US

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Speaker 2: exceptionalism story.

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Speaker 6: Yes and no. Yes in the sense that I think

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Speaker 6: you just look at the data and it's there, whether

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Speaker 6: it's the economy, whether it's the stock market. But I

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Speaker 6: do think what's interesting right now is the rally is

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Speaker 6: broadening out out of aside from big tech in the US,

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Speaker 6: into other sectors and especially globally. China's back in a

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Speaker 6: bull market. Even the UK, which is where I'm sitting,

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Speaker 6: which everyone likes to be depressed on, is having a

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Speaker 6: mini rally here.

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Speaker 10: And it's not just stocks.

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Speaker 6: Commodities are also having a sort of bit of a

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Speaker 6: stealth rally, and I think this is very very healthy.

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Speaker 6: We're less reliant on one sector which is doing very well,

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Speaker 6: but you know, makes it somewhat vulnerable to a stumble there.

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Speaker 6: And it's a reminder I think that the rest of

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Speaker 6: the world is in a slightly different place where growth

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Speaker 6: will reaccelerate, where interest rate cuts will come early. So, yes,

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Speaker 6: US exceptionalism is a fact. I think some of these

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Speaker 6: investments opportunities lie elsewhere at this point.

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Speaker 2: Yeah, there's some regulatory filings. They gave us insight what

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Speaker 2: high profile investors are doing with their money. Do you

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Speaker 2: find any value in that?

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Speaker 6: Yes, and no. I think it's a good, great source

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Speaker 6: of new ideas. And to your points, they are asked

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Speaker 6: to are broadening their views. I mean, if there's a generalization,

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Speaker 6: they're truing back on big tech and they're looking to

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Speaker 6: take a little bit more risk and a bit more diversification.

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Speaker 6: They're looking at small caps, they're looking at financials, they're

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Speaker 6: looking at China. But I guess the caveat a lot

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Speaker 6: of those managers haven't performed very well so far this year.

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Speaker 6: If I look at what retail investors have owned, they've

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Speaker 6: actually performed much better. Again, small picture in time, so

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Speaker 6: take it with a prince of salt. But I think

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Speaker 6: it's very interesting just to see what they're thinking and

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Speaker 6: what they're doing. And I guess it melts right now

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Speaker 6: with our views that people should be sort of broadening

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Speaker 6: out from big tech and looking at other parts of

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Speaker 6: the world.

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