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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the latest developments in the Middle East.

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Speaker 3: A senior administration official says US negotiators have had positive

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Speaker 3: discussions with regional leaders in Katar and technical talks where

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Speaker 3: Ron are moving ahead. We get more from Bloomberg Middle

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Speaker 3: East correspondent of Birabu Omar.

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Speaker 4: What we've heard from our own sources is that the

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Speaker 4: meeting between Jared Kushner and Steve Whitcoff, those are President

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Speaker 4: Trump's two top negotiators with the Iranian side in Qatar,

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Speaker 4: had went positively.

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Speaker 5: We don't have a lot of details yet.

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Speaker 4: What we have from the American side was that some

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Speaker 4: concessions were reached. What we have from the Iranian side

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Speaker 4: through the top negotiator in Iran and the speaker of

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Speaker 4: the parliament there, Kladibav he said that twelve billion dollars

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Speaker 4: in frozen assets are in the process of being relieved.

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Speaker 5: We don't have American confirmation of.

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Speaker 4: That, and then he said that the oil sanctions on

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Speaker 4: Iran have been lifted.

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Speaker 5: We also don't have confirmation on.

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Speaker 3: That, Bloomberg Sabirabu Almar reports the indirect talks will continue today. Meanwhile,

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Speaker 3: Iranian state television is reporting a foreign container vessel ran

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Speaker 3: aground in the Strait of Horror Moves today. The report

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Speaker 3: says the ship did not follow Iran's approved route through

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Speaker 3: the waterway and shippers need to follow the Islamic Revolutionary

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Speaker 3: Guard Corps instructions in the Strait.

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Speaker 2: Now, let's get to domestic politics. Nathan Colorado held its

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Speaker 2: mid term primary elections last night, and in several key races,

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Speaker 2: progressive insurgents took down establishment incumbents in the Mile High state.

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Speaker 2: In the first district, twenty nine year old Democratic socialist

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Speaker 2: Maylack Heiros unseated nearly thirty year Congressoman Diane to get

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Speaker 2: fifty one to forty two percent.

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Speaker 6: Then for voters of all ages, of all races, of all.

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Speaker 1: Religions, that's a clear message.

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Speaker 7: Wait, well, not right.

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Speaker 2: That was mail At Kiro sent her victory speech last night.

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Speaker 2: She'll face Republican Christy Peterson in November. She ran unopposed.

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Speaker 3: Well, it was a bit of a different story in

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Speaker 3: Colorado Senate primary, Karen incumbent John Hickenlooper held off a

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Speaker 3: challenge for him self described insurgent progressive Julie Gonzalez fifty

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Speaker 3: five to forty five percent. Hicken Looper will face on

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Speaker 3: opposed Republican Mark Baisley in the general election, but in

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Speaker 3: the closely watched eighth District, the more progressive Democrat in

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Speaker 3: that race, Manny Routinel, beat Shannon Byrd in a landslide

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Speaker 3: sixty one and a half to thirty four percent. Rudnell

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Speaker 3: will now try to unseat Republican Gabe Evans in a

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Speaker 3: district that has changed hands since it was created five

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Speaker 3: years ago.

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Speaker 2: And in Colorado's Democratic governor's race, Nathan State Attorney General

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Speaker 2: Phil Wiser defeated Senator Michael Bennett fifty six to forty

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Speaker 2: four percent.

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Speaker 7: And Colorado in the face of a lawless, bullying Trump

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Speaker 7: administration trying to intimidate us whipperay w rip away our

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Speaker 7: rights and freedoms, You made it clear that we need

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Speaker 7: a leader will fight back.

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Speaker 8: Never been the knee.

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Speaker 2: Phil Weiser will face the winner of the Republican primary

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Speaker 2: to replace term limited Governor Jared Polis. The race is

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Speaker 2: still too close to call, with eighty eight percent of

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Speaker 2: votes counted. State Senator Barb Kirkmeyer has forty percent, and

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Speaker 2: pastor and Marine Corps veteran Victor Marx is at thirty

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Speaker 2: nine point six percent.

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Speaker 3: In Washington, Karen House Speaker Mike Johnson's latest attempt to

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Speaker 3: advance the Save America Act as failed. That's caused a

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Speaker 3: delay for a must pass defense bill. Bloomberg Zamy Morris

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Speaker 3: reports from the nation's capital.

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Speaker 9: Thirteen Republicans voted against the measure that would have set

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Speaker 9: rules for debate, with GOP hardliners arguing it would make

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Speaker 9: it too easy for the Senate to remove provisions of

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Speaker 9: the Save America Act. Senate leaders have said they can't

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Speaker 9: pass it as a standalone measure, so Johnson moved to

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Speaker 9: attach it to the must pass Defense bill, but that failed.

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Speaker 9: Now Republicans are weighing their options, including amending the Defense

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Speaker 9: bill with provisions from the Elections bill or using a

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Speaker 9: fast track process to bypass the filibuster. In Washington, Amy

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Speaker 9: Moore as Bloomberg Radio.

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Speaker 2: All right, Amy, thank you. Let's turn now to the

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Speaker 2: Supreme Court. The Justices use the final day of their

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Speaker 2: term to reject a central plank of President Trump's immigration agenda,

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Speaker 2: finding that his executive order to limit birthright citizenship to

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Speaker 2: children with at least one US citizen parent does not

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Speaker 2: square with the Fourteenth Amendment. Begin more from Bloomberg News

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Speaker 2: senior reporter Miles Miller.

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Speaker 10: It now throws the president's immigration agenda sort of into

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Speaker 10: a flurry. What is left to figure out is what

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Speaker 10: happens with USCIS. Is there further litigation risk. There's a

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Speaker 10: lot of questions still unanswered, but a big win for

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Speaker 10: people in the immigration community who were saying that this

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Speaker 10: was fundamentally going to change the way that the US

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Speaker 10: has operated for one hundred fifty years.

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Speaker 2: And Bloomberg's Miles Miller reports the Supreme Court six conservative

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Speaker 2: justices spend much of the term issuing decisions to expand

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Speaker 2: presidential power, hands gun rights, eliminate campaign finance restrictions, and

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Speaker 2: blunt the Voting Rights Act, But they took a more

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Speaker 2: cautious tack on President Trump's tariffs, his bid to fire

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Speaker 2: Fed Governor Lisa Cook, and a birthright citizenship. President Trump

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Speaker 2: may try to get the Supreme Court on his side

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Speaker 2: one more time. His lawyers say he may ask the

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Speaker 2: High Court to reconsider its decision to turn away his

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Speaker 2: appeal of e Gene Carroll's five million dollars sexual abuse lawsuit.

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Speaker 3: Well, Karen, President Trump has issued his latest annual financial disclosures,

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Speaker 3: and he reported a big return on some of his businesses.

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Speaker 3: Bloomberg's John Tucker is here with the look John. Good morning, Yeah,

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Speaker 3: good morning.

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Speaker 11: Nathan.

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Speaker 12: Trump reported earning at least one point four billion yeah,

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Speaker 12: that's billion with a bee last year from crypto and

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Speaker 12: meme coin related businesses. Now, this disclosure is reigniting concerns

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Speaker 12: that Trump is using the presidency to churn out personal profit.

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Speaker 12: Critics accused him of mixing his official duties with his

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Speaker 12: financial interests. With a crypto Hall was by far the

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Speaker 12: largest source of the present cident's income. The disclosure lists

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Speaker 12: more than six hundred and eighty pages of transactions. Nvidia, Microsoft, Netflix,

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Speaker 12: and Exon Mobile among the most frequently traded stocks in

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Speaker 12: his portfolio. Trump's networth is now an estimated seven point

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Speaker 12: six billion dollars, according to the Bloomberg Billionaires he Index.

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Speaker 12: And with all that money, Trump isn't paying for his

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Speaker 12: own tickets. The disclosure show he received about one hundred

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Speaker 12: and twenty thousand dollars in tickets to high profile sporting events.

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Speaker 12: Most recently watched the next during the NBA Finals at

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Speaker 12: MSG in New York. Coom John Tucker Bloomberg Radio, all right.

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Speaker 13: John, thank you.

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Speaker 2: The US government has lifted foreign access restrictions on Anthropics

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Speaker 2: Fable five AI model. The move comes after Bloomberg reported

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Speaker 2: that Anthropic executives held private talk with Commerce Secretary Howard

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Speaker 2: Lutnik about the model's safety parameters. The reversal comes three

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Speaker 2: weeks after Washington blocked overseas access and what was its

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Speaker 2: biggest intervention yet in the EI industry's.

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Speaker 3: Talk about the weather, Now, Karen, because extreme heat is

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Speaker 3: expected across much of the Northeast and mid Atlantic, we

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Speaker 3: get the very latest from Bloomberg meteorologists Craig Allen.

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Speaker 14: The sweltering heat begins today and it will last into

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Speaker 14: the July fourth weekend. Alerts for the heat, mostly extreme

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Speaker 14: heat warnings, are in effect, with temperatures reaching the upper

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Speaker 14: nineties in DC today, middle nineties in New York City,

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Speaker 14: Boston and nearby urban areas. The humidity will be stifling

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Speaker 14: two so from DC up through Philly to New York

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Speaker 14: City Boston, the heat index will make it feel like

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Speaker 14: one hundred to one hundred ten degrees today, perhaps higher tomorrow,

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Speaker 14: and knights may not drop a low eighty in the

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Speaker 14: urban areas, and this is dangerous if there is no

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Speaker 14: way to cool off the body. Please adhere to the

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Speaker 14: protocols if you are feeling any type of heat illness.

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Speaker 2: Right Bloomberg Meteorologists, Craig Allen, thank you, and of course

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Speaker 2: we'll be checking in with Craig throughout the morning. The

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Speaker 2: weather not the only thing that's red hot. The first

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Speaker 2: half of twenty twenty six is in the books, and

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Speaker 2: it was the best quarter for stocks in six years.

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Speaker 2: Traders are now looking for the third quarter and beyond,

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Speaker 2: and we get more with Bloomberg Stirlipellett.

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Speaker 8: For the quarter of the S and P five hundred

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Speaker 8: index was up fourteen point nine percent, fueled by optimism

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Speaker 8: over AI spending. A rally in chip stock signs of

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Speaker 8: economic resilience as well as the outlook for corporate earnings.

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Speaker 8: Sima Shaw is chief Global Strategist at Principal Global Investors.

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Speaker 4: So we're very clear that the direction of travel is

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Speaker 4: still up with for markets, but you're unlikely to see

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Speaker 4: the same kind.

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Speaker 5: Of matitude of games. If we've had in the last

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Speaker 5: three months.

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Speaker 8: Chip stocks were the standout during the quarter, with the

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Speaker 8: Philadelphia Stock Exchange Semiconductor Index having its best quarter ever,

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Speaker 8: up eighty eight percent. In New York. Charlie Pellet, Bloomberg Radio.

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Speaker 3: All right, Charlie, thanks Today, investor attention turns to Portugal,

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Speaker 3: where central bankers, including FED Shair Kevin Warrish, you're speaking

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Speaker 3: at the European Central Bank Forum in CenTra. Paul Dobson

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Speaker 3: is executive market seditor for Bloomberg.

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Speaker 13: What they're hoping to hear, I think we can talk

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Speaker 13: about what they're worried they're going to here, which is

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Speaker 13: the idea that the new f ED chairman is going

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Speaker 13: to double down on his sort of stance on inflation,

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Speaker 13: which is the FED wants to get it back down

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Speaker 13: to target to gain credibility. What that's been doing recently

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Speaker 13: has been pushing up our short term interest rates in

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Speaker 13: the US, and that in turn has been buoying the

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Speaker 13: dollar and weighing on currencies all around the world.

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Speaker 3: That's Bloomberg Executive Market Senator Paul Dobbs, and you can

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Speaker 3: catch Kevin Warsh's remarks live starting at nine am Wall

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Speaker 3: Street Time on Bloomberg Radio and the Bloomberg Business app.

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Speaker 2: Only then the dollar is edging higher ahead of the

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Speaker 2: FED Chairman's speech. In fact, that yen remains sner a

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Speaker 2: forty year low. And when then the chief economist at

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Speaker 2: Bank of NASA says, the Bank of Japan needs to

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Speaker 2: take action, They need.

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Speaker 5: To hike rate.

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Speaker 6: I think they're reluctant to you because the economy is

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Speaker 6: sort of vulnerable with the Iran conflict. But I think

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Speaker 6: when comes to shove, you'll have to intervene, and I

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Speaker 6: think you'll have to higrates a little more aggressively.

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Speaker 5: And back of downside.

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Speaker 2: Chief economists Whin Thinn checking the yen right now, has

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Speaker 2: said one sixty two point sixty eight against the dollar.

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Speaker 3: We're watching shares of Nike in the pre market, Karen.

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Speaker 3: They're down nearly four percent. The sportsware makers expecting a

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Speaker 3: slow down in the coming quarter. Nike blames the timing

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Speaker 3: of wholesale shipments in North America, among other factors, and

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Speaker 3: says its customers are under pressure around the world. Nike

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Speaker 3: stock is down thirty six percent this year.

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Speaker 2: And Nathan Microsoft is reportedly planning job cuts. The Insider

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Speaker 2: reports the cuts will impact thousands of roles, including sales

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Speaker 2: and consulting. Microsoft is rating and costs as it ramps

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Speaker 2: up spending on AI. The software giant raised about six

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Speaker 2: hundred billion dollars in market value in June time. Now

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Speaker 2: for look at some of the other stories making news

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Speaker 2: in New York and around the world, and for that

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Speaker 2: we're joined by Bloomberg's and Michael Barr and Michael, good morning.

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Speaker 11: Good morning, Karen. The death troll from the earthquakes that

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Speaker 11: struck Venezuela rose to nearly two thousand as authorities expanded

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Speaker 11: recovery efforts. About twenty thousand people survived the disaster in

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Speaker 11: the hardest hit coastal state of Laguira, and the earthquakes

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Speaker 11: left more than ten thousand people injured in fifteen thousand displaced.

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Speaker 11: But almost a week after the twin quakes, there are

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Speaker 11: moments of hope and joy. Survivors are still being pulled

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Speaker 11: from the brubble, and rescue squads from all over the

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Speaker 11: world have not given up. Rescue squad officer Sean Butler

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Speaker 11: says that is why he and his team from Los

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Speaker 11: Angeles are staying. Butler says they were on the roof

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Speaker 11: of a collapsed building and heard sounds.

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Speaker 10: We believe there's somebody alive right now. When we use

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Speaker 10: our listening devices, we can hear tapping on the concrete

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Speaker 10: when we call to them.

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Speaker 11: One rescue included a three year old boy discovered by

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Speaker 11: searchers from Jordan, using cameras to monitor him until they

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Speaker 11: could finally get him out. He is said to be

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Speaker 11: in good shape. New Jersey Representative Tom Kane Junior revealed

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Speaker 11: that he has been treated for depression as he returned

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Speaker 11: to the US House to vote for the first time

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Speaker 11: in nearly four months. Cain said he was diagnosed while

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Speaker 11: undergoing testing for undisclosed health concerns and initially did not

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Speaker 11: expect the treatment to involve such a long absence from Congress.

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Speaker 11: Cain spoke on the House floor Tuesday.

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Speaker 15: To my constituents. Thank you, thank you for your patience,

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Speaker 15: thank you for your understanding, thank you for your prayers,

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Speaker 15: and thank you for allowing me the honor of serving you.

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Speaker 11: Cain's Democratic opponent, Rebecca Bennett, said she is relieved that

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Speaker 11: Cain is well, but criticized him for making stock trades

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Speaker 11: while missing votes and failing to serve the community. Cain

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Speaker 11: and Bennett will face off against each other. In the fall.

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Speaker 11: Thousands of demonstrators have gathered in South Africa to protest

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Speaker 11: to illegal immigration. This marks the largest migration related protests

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Speaker 11: since two thousand and eight. Activists blame migrants for unemployment

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Speaker 11: and crime and gave the government a deadline that ended

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Speaker 11: yesterday to remove all migrants in the country illegally. The

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Speaker 11: government has rejected the deadline, stating only authorities can enforce

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Speaker 11: immigration laws. Global News twenty four hours a day and

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Speaker 11: whenever you want it with Bloomberg News Now Michael Barr

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Speaker 11: and this is Bloomberg Karen.

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Speaker 1: Thanks Michael.

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Speaker 2: A time now for our Bloomberg Sports Update, and for

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Speaker 2: that we bring in John Stashauer.

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Speaker 11: Thanks Darren.

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Speaker 16: On the day that forty four year old Serena Williams

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Speaker 16: came out of her retirement, forty one year old Lebron

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Speaker 16: James gave word that he's not retiring. He'll come back

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Speaker 16: for a twenty fourth NBA season, but it won't be

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Speaker 16: with the Lakers. He'll be a free agent. The word

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Speaker 16: is he could be hooking up with Steph Curry at

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Speaker 16: Golden State or maybe returns to Miami or Cleveland. As

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Speaker 16: for Serena, she lost her first round match at Wimbledon

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Speaker 16: to twenty year old Maya Joint that came in three sets.

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Speaker 16: It's the US against Bosnia Herzegovinia tonight in the World Cup.

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Speaker 16: That's a Bloomberg Sports update.

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Speaker 17: Cool.

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Speaker 9: Stay with us.

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Speaker 2: More from Bloomberg day Break coming up after this.

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Speaker 1: Coast on Bloomberg Radio nationwide on Sirius XM, and around

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Speaker 1: the world on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 5: This is Bloomberg Daybreak.

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Speaker 8: Good morning.

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Speaker 3: I'm Nathan Hager. Positive Discussions is how a senior Trump

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Speaker 3: administration officials describing the latest indirect talks with Iran for

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Speaker 3: US envoys Steve Whitcoff and Jared Kushner. Discussions are expected

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Speaker 3: to continue today in Qatar's capital. For the very latest

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Speaker 3: and for more on the politics of the moment, we

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Speaker 3: are joined by Terry Haynes, the founder of Pangaea Policy.

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Speaker 3: Great to have you on with us this morning. Terry,

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Speaker 3: positive tone coming out of Katar. What's your read on

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Speaker 3: the discussions such as we've heard about them so far

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Speaker 3: out of Doha? Good morning, Good morning, Nathan.

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Speaker 17: A couple of things. One is that what we have

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Speaker 17: here is a process of gradually kind of surrounding Iran

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Speaker 17: and been kind of denying it, negotiating freedom of movement

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Speaker 17: as much as anything else. Marked the will always prefer,

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Speaker 17: as Churchill said, jaw jaw rather than a war war.

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Speaker 17: So that's certainly a market positive. And more broadly, if

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Speaker 17: Iran's endgame is straight of hor moves as controls as

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Speaker 17: widely thought, I think there are four reasons why they

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Speaker 17: don't get that. First, the UN law the Sea Treaty,

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Speaker 17: which would deny them that any final deal has to

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Speaker 17: be approved by the UN. UN is not going to

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Speaker 17: blow up its own treaty over the straight of Horm moves.

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Speaker 17: And I say Congress would not approve any deal. The

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Speaker 17: Gulf States wouldn't agree to any deal. They're not interested

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Speaker 17: in giving up sovereignty over what hereof has been international waters.

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Speaker 17: Iran and Oman know all this. So the idea of

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Speaker 17: maximum leverage over the straight of Horm moves I think

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Speaker 17: is a little bit overblown. So, you know, after the

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Speaker 17: press reports today, including Bloomberg's which I've read, the direction

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Speaker 17: of travels positive, that's a good thing for markets.

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Speaker 3: Report from Iranian state television this morning that a foreign

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Speaker 3: container ship ran aground because it didn't follow Iran's approved

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Speaker 3: route through the strait, saying that vessels need to follow

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Speaker 3: IRGC instructions. Could Iron be reasserting its influence over the

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Speaker 3: strait this morning.

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Speaker 17: It could be reasserting its influence. It could also be

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Speaker 17: reasserting its influence over its own airwaves and putting out

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Speaker 17: a lot of reports that have questionable credibility. We don't know, obviously,

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Speaker 17: you know, not only that the situation I think is

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Speaker 17: best is confused, which is leading to shipping, you know,

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Speaker 17: not just deciding everything's open and everything's okay. This is

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Speaker 17: going to be a gradual process. And so where we are,

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Speaker 17: I think is the gradualness of the straight reopening continues.

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Speaker 17: But again I think the direction of travel is good.

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Speaker 3: You got to get your take on the direction of

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Speaker 3: travel for the Democratic Party after last night's Colorado primary.

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Speaker 3: Is a long time incumbent in the first district lost

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Speaker 3: to a twenty nine year old Democratic Socialist in the

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Speaker 3: first congressional district. Is a progressive wave moving through the

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Speaker 3: Democratic Party.

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Speaker 17: I think the you know, there's been a lot of

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Speaker 17: debate about whether or not the you know how, the

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Speaker 17: progressive wing and the centrist wing or fighting with each other.

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Speaker 17: My view has been for a few months now that

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Speaker 17: that battle is over and the Centrists of largely lost

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Speaker 17: the energy and the money, and the party, including you know,

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Speaker 17: non elected people and fundraisers, has long been with the

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Speaker 17: progressive wing. They frankly kind of outstripped their kick, their

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Speaker 17: coverage in that regard. And you know what you're seeing

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Speaker 17: here in primaries, we're only the kind of the hardcore

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Speaker 17: come out. Uh is that they're good at turning out

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Speaker 17: their people. Now will that turn into results in a

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Speaker 17: general election. I'm very skeptical of that. I think. I

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Speaker 17: think what ends up happening is that Trump and Republicans

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Speaker 17: are going to brand the Democrats as the crazy party.

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Speaker 17: I think so a lot of that sticks in places

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Speaker 17: that aren't full blue states, and you're already seeing the

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Speaker 17: air come out of the balloon a little bit in

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Speaker 17: the generals where prominent candidates like Platner in Maine, tell

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Speaker 17: Rico in Texas can't get the fifty percent of any polls.

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Speaker 17: Polls aren't definitive, but generally speaking, if you're seeing a

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Speaker 17: way of support, you're seeing one candidate go over fifty,

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Speaker 17: they're not there. Not only that, at least one pole

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Speaker 17: as Collins leading Platner in Maine. Right now, if the

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Speaker 17: progressive progressives seem to prefer purism over electability, that trend

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Speaker 17: seems to be continuing. It might even continue in Michigan,

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Speaker 17: where LSI ed is leading Stevens and McMorrow. If that continues,

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Speaker 17: Republicans continue to be sixty percent likely to take November.

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Speaker 17: As I've said for about a plunk.

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Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories

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Speaker 2: making news from Wall Street to Washington and beyond.

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Speaker 2: You can also listen live each morning starting at five

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Speaker 2: Bloomberg ninety two nine in Boston, and nationwide on serious

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Speaker 3: Listen coast to coast on the Bloomberg Business app now

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Speaker 3: And I'm Nathan Hager. Join us again tomorrow morning for

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Speaker 3: all the news you need to start your day right

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Speaker 3: here on Bloomberg Daybreak

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Speaker 17: And