Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Good morning, I'm Nathan Hager and I'm John Tucker. Here
Speaker 2: are these stories we're following today.
Speaker 1: John, We are seeing stocks rise around the world on
Speaker 1: growing optimism the US will avoid a recession. The latest
Speaker 1: data from inflation to jobless claims and retail sales have
Speaker 1: reassured investors that the world's biggest economy is headed for
Speaker 1: a Goldilock scenario of contained inflation accompanied by resilient growth.
Speaker 1: It's got traders lowering their expectations for aggressive FED rate
Speaker 1: cuts this year. Ian Lincoln is head of US rates
Speaker 1: strategy at Demo Capital Markets.
Speaker 3: I think that what they want to do is they
Speaker 3: want to prepare the market for a series of rate
Speaker 3: cuts that are twenty five basis points each spread out
Speaker 3: over the course of the next eighteen to twenty four months,
Speaker 3: and they are not going to accomplish that by going fifty.
Speaker 3: So we think that twenty five should be the baseline
Speaker 3: assumption unless something goes very awry in the real economy
Speaker 3: between now and the eighteenth of September, which it doesn't
Speaker 3: appear to you, especially given the recent.
Speaker 1: Dataan lingolned bing Mo notes that ninety basis points the
Speaker 1: vising are expected by the end of the year.
Speaker 4: Yeah.
Speaker 2: The economy also in focus in Europe. Yeah, let's get
Speaker 2: the very latest data point with Bloomberg's ew on Pots
Speaker 2: in London here on good morning, Good.
Speaker 5: Morning, John and Nathan. After retail sales came in hot
Speaker 5: in the US, signs of an uptick in consumer spending.
Speaker 5: Here in the UK, retail sales bounced back in July,
Speaker 5: help by summer discounts, the euro Soccer Championship and at
Speaker 5: last some decent weather. Sales climbed zero point five percent
Speaker 5: with June's drop revised shallower. The macro backdrop is one
Speaker 5: of rising real wages and lower inflation, lifting confidence. And
Speaker 5: I can report the sun is still shining as we
Speaker 5: head through August in London. I'm you in Pots Bloomberg Radio, and.
Speaker 1: It gives us something to look forward to here in
Speaker 1: the East Coast. Thank you Ewan. Well. The carry trade
Speaker 1: is making a calmback the MUA holding set as a
Speaker 1: variety of investors have started borrowing the Japanese yen again
Speaker 1: to invest the proceeds elsewhere in higher yielding assets. The
Speaker 1: enkerry trade blew up in spectacular fashion two weeks ago,
Speaker 1: sending global markets tumbling. Traders wagered billions of dollars that
Speaker 1: the end would weaken before the currency jumped.
Speaker 6: Last month.
Speaker 1: One portfolio manager summed up the Kerry trade comeback, saying,
Speaker 1: people have pretty short memories.
Speaker 2: Yeah, and now to the latest time of Middle East
Speaker 2: Nathan International mediators holding a second day of negotiations with
Speaker 2: Israel to pause the war with Hamas and Ganza. Let's
Speaker 2: get more from Bloomberg's Ronsalin Matheson.
Speaker 7: We know the sticking points are significant. It's a bit
Speaker 7: hard to know what to make of the fact that
Speaker 7: talks are going on today and they're were scheduled to
Speaker 7: potentially do so. That could either mean that things are
Speaker 7: really really stuck but they're trying really hard to find
Speaker 7: a way through. Could also mean that they are seeing
Speaker 7: little signs a progress. But we do know about those
Speaker 7: fundamental sticking points. I mean, most broadly, the biggest one
Speaker 7: is what does the ceasefire aim to achieve? Is it
Speaker 7: a pathway to end the war?
Speaker 2: Bloomberg's Ronsolin Matheson reports some months representatives are not expected
Speaker 2: to be president of the talks, but mediators will briefly
Speaker 2: r inback group on the latest developments.
Speaker 1: And out of politics here in the US. John Vice
Speaker 1: President Kamala Harris will give voters a better idea of
Speaker 1: her economic policy during his speech later today in North Carolina.
Speaker 1: Bloomberg Zamy Morris brings us a preview from Washington.
Speaker 8: The Harris campaign is zeroing in on high food prices,
Speaker 8: as inflation remains a big issue in the presidential race,
Speaker 8: and she's expected to push for a federal ban on
Speaker 8: price gouging on groceries. Harris is putting particular emphasis on
Speaker 8: rising meat prices, which she says account for a large
Speaker 8: part of rising grocery bills. Harris says she would aim
Speaker 8: to enact the ban within her first one hundred days,
Speaker 8: in part by directing the Federal Trade Commission to impose
Speaker 8: harsh penalties on any firms that break new limits on
Speaker 8: price gouging. In Washington, Amy Morris Bloomberg Radio, all.
Speaker 1: Right, Amy, thank you. In the Harris campaign also says
Speaker 1: the vice president will propose a benefit for first time
Speaker 1: home buyers up to twenty five thousand dollars in down
Speaker 1: payment support that builds on a proposal from President Biden
Speaker 1: in his State of the Union address for a ten
Speaker 1: thousand dollars tax credit for first time buyers.
Speaker 2: And on the Republican side. Former President Donald Trump held
Speaker 2: another news conference at his golf club in Bedminster, New Jersey,
Speaker 2: trying to counter Harris's momentum. He says his strategy of
Speaker 2: personal attacks against the vice president is working.
Speaker 1: I think I'm entitled to personal attacks. I don't have
Speaker 1: a lot of respect for I don't have a lot
Speaker 1: of respect for her intelligence, and I think she'll be
Speaker 1: a terrible president. And I think it's very important that
Speaker 1: we win.
Speaker 2: The former president to find critics in some allies who
Speaker 2: say his rhetoric delves into racist and sexist sift stereotypes.
Speaker 2: Trump supporters have urged him to focus on policy and
Speaker 2: ty Harris to President Biden's unpocket record on the economy.
Speaker 1: Meantime, John the former President's opening his records on his finances.
Speaker 1: A two hundred and sixty five page financial disclosure includes
Speaker 1: more than a half billion dollars in income from his
Speaker 1: resorts and residential properties, and tens of millions in debts
Speaker 1: and liabilities from his legal challenges. The document also lists
Speaker 1: more than fifty million dollars from Trump's social media company,
Speaker 1: more than seven million from licensing his image on non
Speaker 1: fungible tokens and more than five million dollars in book sales.
Speaker 2: And the White Houses walk back President Biden's comment on
Speaker 2: the potential of a new Venezuelan election. That story this
Speaker 2: morning from Bloomberg's Ed Baxter.
Speaker 9: The president asked by reporters as he walked to board
Speaker 9: his Marine Juan helicopter whether he supported new elections in Venezuela,
Speaker 9: and he responded, I do well. There have been charges,
Speaker 9: of course, that the Nicholas Madua election was rigged, but
Speaker 9: now a spokesman for the National Security Council said Biden
Speaker 9: intended to speak on the absurdity of Maduro failing to
Speaker 9: come clean after claiming victory, spokesman of Sean Sabat saying
Speaker 9: it is clear Maduro did not win. Maduro responded, the
Speaker 9: US should not interfere that Venezuelans are in charge in
Speaker 9: their home head. Baxter Bloomberg Radio, All.
Speaker 1: Right, Ed, thanks, you've just gotten word. The Biden administration
Speaker 1: is awarding Texas instruments, one point six billion dollars in
Speaker 1: Chipack grants and three billion in loans. It's the latest
Speaker 1: major award from a program designed to boost. American semiconductor
Speaker 1: manufacturing and Texas Instruments stock is up one percent in
Speaker 1: early trading, and on.
Speaker 2: The flip side, shares of applied Materials down three percent
Speaker 2: in early trading. The largest US maker of chip manufacturing
Speaker 2: equipment delivered an inline sales for a cast. But that's
Speaker 2: disappointing investors who've been looking for a bigger payoff from
Speaker 2: AI spending. Yeah, that brings us to five h seven
Speaker 2: All Wall Street toimedown for a look at some of
Speaker 2: the other stories making news in New York and around
Speaker 2: the world. For that, we're joined by Bloomberg's Michael Barr. Michael,
Speaker 2: good morning, Good morning John.
Speaker 4: We're learning New York City Mayor Eric Adams has been
Speaker 4: hit with more federal subpoenas in a corruption probe. The
Speaker 4: mayor telling ABC seven he is vowing to cooperate.
Speaker 10: I hold myself beyond a reproach and when you receive
Speaker 10: a subpoena, you respond.
Speaker 4: Last November, the FBI served search warrants, including at the
Speaker 4: Brooklyn home of Adam's fundraiser, Brianna Suggs, and agents also
Speaker 4: approached the mayor on the streets using his electronic devices.
Speaker 4: It is unclear what prompted the new subpoenas, which were
Speaker 4: actually served last month, and Adam's attorney repeated the mayor
Speaker 4: had done nothing wrong. Ernesto strengthened to a Category two
Speaker 4: hurricane as implowed northward toward Bermuda, threatening to drench the
Speaker 4: territory with heavy rain and unleashed flash floods. Its top
Speaker 4: winds reached one hundred miles per hour. Ernesto is expected
Speaker 4: to become a major Category three hurricane later today as
Speaker 4: it approaches Bermuda. The track currently shows the storm passing
Speaker 4: to the west of the island. Two California doctors are
Speaker 4: among the five people charged in the overdose death of
Speaker 4: actor Matthew Perry last year. Prosecutors at the center of
Speaker 4: the case our doctor Salvador Placentia and Jazzvin Sega, An,
Speaker 4: a leed prathicker known as the Ketamine Queen. US attorney
Speaker 4: Martina Strata.
Speaker 11: Defendant Placentia saw this as an opportunity to profit off
Speaker 11: of mister Perry. He wrote in a text message in
Speaker 11: September twenty twenty three, quote, I wonder how much this
Speaker 11: moron will pay.
Speaker 4: US attorney Martina Strata says if convicted Both Senga and
Speaker 4: Placentia could spend the rest of their lives in prison.
Speaker 4: Perry's assistant and two other suspects have pleaded guilty. The
Speaker 4: New York City Council has approved a plan to allocate
Speaker 4: five hundred million dollars to rezone parts of the Bronx
Speaker 4: to facilitate construction of thousands of new homes as the
Speaker 4: city struggles to address a shortage of affordable housing. The
Speaker 4: decision will allow for approximately seven thousand new units across
Speaker 4: dozens of blocks around new Metro North rail stations coming
Speaker 4: to the East Bronx, including seventeen hundred that will have
Speaker 4: income limits in place to keep them permanently affordable. Global
Speaker 4: News twenty four hours a day and whenever you want
Speaker 4: it with the Bloomberg News. Now, I'm Michael Barr, and
Speaker 4: this is Bloomberg John Michael.
Speaker 2: Thanks.
Speaker 3: Yeah.
Speaker 2: That brings us to five tenth off Bolsleet tests. Time
Speaker 2: for the Bloomberg Sports Sunday man managers Don Stshower.
Speaker 10: I'm mets of Ben streaky all season lately, not so
Speaker 10: good A five losses the last six games. Thirty eight
Speaker 10: runs allowed in those five losses at Cityfield, Mets had
Speaker 10: a five to nothing lead before Oakland's JJ Bledet hit
Speaker 10: a grand slam of Jose Quinton, and the A's went
Speaker 10: on to win seven six to take the series. Mets
Speaker 10: home tonight from Miami. Yankees will play the Tigers tonight
Speaker 10: and tomorrow in Detroit and then Sunday night in Williamsport, Pennsylvania,
Speaker 10: where the Little League World Series is going on. Yanks
Speaker 10: tied for first with Baltimore. The Orioles beat the Red
Speaker 10: Sox five to one. The Phillies crushed the Nationals thirteen
Speaker 10: to three, as rookie Weston Wilson became the ninth Phil's
Speaker 10: history to hit for the cycle and what would be
Speaker 10: quite a rule change. MLB is reportedly at least discussing
Speaker 10: the idea of making a starting pitcher go at least
Speaker 10: six innings unless they get hurt, throw one hundred pitchers,
Speaker 10: or allow four and more earned runs. The goal is
Speaker 10: to make the starting picture more important like it used
Speaker 10: to be. This is said to not be something that
Speaker 10: would happen anytime soon. Giants play a preseason game tomorrow
Speaker 10: afternoon in Houston and Daniel Jones will be the starting quarterback.
Speaker 10: Went down last year with a torn acl update on
Speaker 10: his training camp from Giants coach Bryan Dabo.
Speaker 12: I think he's made he's made strides every day and
Speaker 12: again it's some new guys that were thrown to It's
Speaker 12: its first time he's been in team, so it's a
Speaker 12: it's been a steady at stay, steady improvement from when
Speaker 12: we started, when he had first go through team and
Speaker 12: have people around his legs. You know, there's new things,
Speaker 12: new pieces, new tight ends, new receiver, so that's always
Speaker 12: that's always a work in progress.
Speaker 10: Yet's played tomorrow night at Carolina. Last by in Foxborough
Speaker 10: Patriots with the second straight game Who's four quarterbacks Drake
Speaker 10: May who they took with the third pick of the draft,
Speaker 10: win six for eleven to TD run. The Pats lost
Speaker 10: to the Eagles fourteen thirteen. Jalen Herds and Sakuon Barkley
Speaker 10: did not play.
Speaker 3: WNBA.
Speaker 10: The liberty back of the Olympic Break went to LA
Speaker 10: one by thirty five and now twenty two and four.
Speaker 10: Chris Kirk had a whole in one shot sixty four
Speaker 10: Leeds West shot in Memphis. John Stashaway Bloomberg Sport.
Speaker 6: Coast to Coast on Bloomberg Radio nationwide on Sirius XM
Speaker 6: and around the world on Bloomberg dot Com and the
Speaker 6: Bloomberg Business app. This is Bloomberg day Break.
Speaker 4: Good morning.
Speaker 1: I'm Nathan Hager, and the presidential race is really off
Speaker 1: and running now, but not before one last symbolic passing
Speaker 1: of the torch from President Biden to Vice President Kamala Harris.
Speaker 6: I'm an incredible partner the progress we've made.
Speaker 13: She's gonna make one hell of a president.
Speaker 1: And the President shared a stage for the first time
Speaker 1: with the new Democratic nominee since he ended his reelection
Speaker 1: bid last month. Now Harris heads to swing state North
Speaker 1: Carolina to talk about her plans to make her own
Speaker 1: progress and joining us now for more in the is
Speaker 1: Jennifer Wallace, Professor and chair of the Politics Department at
Speaker 1: the University of Virginia. Jennifer, Good Morning. Is there a
Speaker 1: challenge for Vice President Harris to sort of strike out
Speaker 1: on her own, make her own economic policies without being
Speaker 1: tied too much to some of the more unpopular policies
Speaker 1: under President Biden?
Speaker 13: Good morning, Good morning.
Speaker 14: While that's certainly going to be what she tries to
Speaker 14: do over the course of the next couple of months,
Speaker 14: it's difficult because she wants to take credit for the
Speaker 14: successes of the Biden administration but not be saddled by
Speaker 14: the failures or the challenges. And I think that's why
Speaker 14: it was before her economic speech that we saw her
Speaker 14: with the current president on the campaign trail. At this point,
Speaker 14: she'll begin to demonstrate that she's her own person.
Speaker 1: And from what we've heard so far from the Harris campaign,
Speaker 1: that demonstration will include ideas like a federal ban on
Speaker 1: food price gounging twenty five thousand dollars in first time
Speaker 1: home buyer assistance. Is that enough to assuage voters who
Speaker 1: may still be feeling some pain from elevated rices over
Speaker 1: the last several years.
Speaker 14: It's something For those voters that are really going to
Speaker 14: be voting exclusively on the economy and who feel like
Speaker 14: the Biden administration failed, it's going to be difficult for
Speaker 14: her to win them back anyway. It's not Those are
Speaker 14: not the suburban voters with whom she's going to have sway.
Speaker 13: So I think she just needs to put something out there.
Speaker 14: She has to demonstrate some level of specificity, but she
Speaker 14: doesn't have to do the impossible.
Speaker 1: So what is the challenge then for Vice President Harris
Speaker 1: to show that she, I guess, sort of feels the
Speaker 1: pain of many voters still while still touting some of
Speaker 1: the successes that President Biden has had. I mean, the
Speaker 1: White House just put out a notice that it's been
Speaker 1: two years since they passed the Inflation Reduction Act.
Speaker 14: This is what's really difficult, because the Biden administration has
Speaker 14: done quite a bit for the economy, and their messaging
Speaker 14: just hasn't caught up with their actions, and so the
Speaker 14: American people aren't feeling the broader macroeconomic improvement that the
Speaker 14: country's experiencing. So what Kamala Harris needs to do first
Speaker 14: is highlight that she grew up middle class, that she
Speaker 14: understands the average pain that a typical family is experiencing,
Speaker 14: and that she wants to put into policy. She wants
Speaker 14: to put into effect policies that will help grow the
Speaker 14: middle class.
Speaker 13: But this is a really challenging time.
Speaker 14: If people feel like they're not doing well, there's little
Speaker 14: she can do to tell them that they are.
Speaker 1: And of course, former President Trump held another news conference
Speaker 1: that is Bedminster Golf Club yesterday sort of hammering Harris
Speaker 1: and Biden over high prices. At the same time sort
Speaker 1: of doubling down on the personal attacks, saying he's entitled
Speaker 1: to make personal attacks. What do you make of the
Speaker 1: evolving Trump's strategy against the vice president.
Speaker 14: The idea that he was going to give an economic
Speaker 14: policy speech yesterday seemed like the right idea for the
Speaker 14: Republicans because he was going to preempt anything she would
Speaker 14: say today. He was going to lay out a clear
Speaker 14: plan and tell people what a Trump administration would mean
Speaker 14: for them. The first couple of minutes of the speech
Speaker 14: seemed to go in that direction, but when he doubled
Speaker 14: down on the attacks, when he made it personal, when
Speaker 14: he started talking about all of his grievances again, he
Speaker 14: basically inoculated her from not having specific economic policies because
Speaker 14: no one was talking about his economic plan. They were
Speaker 14: talking about the fact that she's sort of making him
Speaker 14: come undone.
Speaker 1: Just thirty seconds left, Jennifer, how could today's event for
Speaker 1: Vice President Harrison North Carolina set us up for what
Speaker 1: we see at the convention next week?
Speaker 14: My sense is that she will lay out broad contours
Speaker 14: of an economic plan, and then the economy will be
Speaker 14: one of the key themes at the convention next week.
Speaker 14: So She doesn't want to test anything among an audience
Speaker 14: of delegates next week.
Speaker 13: She wants to begin speaking about these issues now.
Speaker 14: She wants to get some coverage of these issues now,
Speaker 14: so there are no surprises next Monday, Tuesday, or Wednesday.
Speaker 1: This is Bloomberg Daybreak Today, your morning brief on the
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Speaker 2: on Bloomberg day Break