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Speaker 1: From the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak

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Speaker 1: for Monday, June twelfth.

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Speaker 2: Coming up today, political lines are drawn as Donald Trump

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Speaker 2: faces the first ever federal charges against a former president.

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Speaker 1: The FED decision and a pair of inflation reports highlight

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Speaker 1: a busy week for the economy.

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Speaker 2: Goldwo Sachs says, this equity rally has room to run,

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Speaker 2: and UBS completes.

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Speaker 1: Its historic acquisition of credit suee, The.

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Speaker 3: Man charge and the choke old death of a Manhattan

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Speaker 3: subway writer is talking. Plus Ukraine's counteroffensive is officially underway.

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Speaker 3: I'm Michael var More Ahead.

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Speaker 2: I'm John stash Eward Sports.

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Speaker 4: The Yankees lost in tenements to the Red Sox, the

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Speaker 4: Mets lost in Pittsburgh. The Denver Nuggets can win the

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Speaker 4: NBA Championship tonight.

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Speaker 5: That's all straight Ahead on Bloomberg day Break, The Business

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Speaker 5: news you need to sturn your day in just one

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Speaker 5: fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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Speaker 5: Business app, and everywhere you get your podcasts.

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Speaker 2: Good morning, I'm Nathan.

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Speaker 1: Hager and I'm Amy Morris. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: The latest on Donald Trump. He is getting ready to

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Speaker 2: appear in federal court in Miami tomorrow to face the

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Speaker 2: first ever federal charges against a former president. Trump was

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Speaker 2: defiant on the campaign trail over the weekend.

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Speaker 6: This vicious persecution is a travesty of justice.

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Speaker 3: You're watching Joe Briden job by think of it.

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Speaker 2: Biden is trying to.

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Speaker 6: Jail his leading political opponent, an opponent that's beeding him

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Speaker 6: by a lot in the polls.

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Speaker 2: Former President Trump spoke at the Republican State Convention in Georgia,

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Speaker 2: where he remains under investigation over efforts to overturn the

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Speaker 2: twenty twenty election and Nathan.

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Speaker 1: In the face of the indictment, Donald Trump is still

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Speaker 1: finding support. It looks like his base is holding strong.

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Speaker 1: Bloomberg's Ed Baxter has that part of the story.

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Speaker 6: A couple of polls are out now. A CBS News

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Speaker 6: poll says three quarters of likely Republican primary voters view

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Speaker 6: the accusations as politically motivated and within the party, an

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Speaker 6: ABC poll says his lead over Rondacentus increasing at least

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Speaker 6: ten points from April to after the indictment, now thirty

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Speaker 6: plus point lead within the party. Meanwhile, there's concern about

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Speaker 6: the potential of large crowds and possible violence in Miami

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Speaker 6: tomorrow when Trump surrenders to authorities. Trump has addressed supporters

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Speaker 6: with see you in Miami Tuesday. In San Francisco, I'm

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Speaker 6: at Baxter Bloomberg Daybreak.

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Speaker 2: All right and thanks. So the political lines are being

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Speaker 2: drawn as the former president to waits his day in court.

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Speaker 2: Republican Senator Lindsey Graham is standing by the former president.

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Speaker 7: Most Republicans believe we live in a country where Hillary

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Speaker 7: Clinton did very similar things and nothing happened to her.

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Speaker 7: President Trump will have his day in court, but espionage

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Speaker 7: charges are absolutely ridiculous.

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Speaker 2: What do you like Trump or not?

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Speaker 7: He did not commit espionage.

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Speaker 2: Senator Graham was on ABC's This Week, but Trump's former

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Speaker 2: Attorney General Bill Barr tells Fox News Sunday there wouldn't

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Speaker 2: be any charge just if the former president had handed

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Speaker 2: the documents over.

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Speaker 8: Those documents are among the most sensitive secrets that the

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Speaker 8: country has. He had no right to retain them in

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Speaker 8: a way at maur Lago that anyone who really cares

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Speaker 8: about national security but their stomach would churn.

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Speaker 2: And Republican New Hampshire Governor Chris Sanunu tell CBS has

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Speaker 2: faced the nation. This will inevitably affect the presidential race.

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Speaker 9: He could win the nomination, but cannot mathematically cannot win

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Speaker 9: in November of twenty four, which is why the Republican

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Speaker 9: Party needs to look to another candidate. And they've got

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Speaker 9: a lot of great options.

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Speaker 2: Before Governor Sinunuo thinks former President Trump will likely be

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Speaker 2: found guilty on at least one of the thirty seven

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Speaker 2: charges he faces and.

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Speaker 1: Politics will play big this week. But it's also a

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Speaker 1: busy few days for the markets. We get a policy

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Speaker 1: decision from the Fed plus a slew of economic data.

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Speaker 1: Here with more is Bloomberg's Doug Prisner.

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Speaker 10: Markets are expecting the Fed to pause its tightening cycle

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Speaker 10: and signal it's prepared to tighten in July. Here's Bloomberg

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Speaker 10: opinion columnist Mohammad Alarian.

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Speaker 11: The press conference is gone. Absolutely the most interesting element.

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Speaker 11: How they describe that the skip, which the market expects,

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Speaker 11: is going to be critical. Now if they don't get

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Speaker 11: favorable inflation numbers, they're in a really hard situation because

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Speaker 11: they will have to surprise the market before.

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Speaker 10: The Fed decision. Markets will get two readings on US

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Speaker 10: inflation CPI on Tuesday. PPI on Wednesday, then on Thursday,

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Speaker 10: US retail sales. Friday brings consumer sentiment data from the

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Speaker 10: University of Michigan.

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Speaker 3: In New York.

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Speaker 10: I'm Doug Prisoner, Bloomberg Daybreak.

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Speaker 2: Thanks Douging against that economic backdrop, we're getting a bullish

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Speaker 2: call on stocks from Goldman Sachs. This morning. We get

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Speaker 2: that story from Bloomberg's John Tucker, John and Nathan.

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Speaker 12: With the S and P five hundred now twenty percent

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Speaker 12: above it's October low, Goldman's strategists are comfortable raising their

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Speaker 12: year end target. They say the index will end twenty

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Speaker 12: twenty three at forty five hundred, and that would be

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Speaker 12: a four point seven percent increase from Friday's close. They say, well,

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Speaker 12: market breath has been a worry. This current rally will

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Speaker 12: broaden out GO One's recession out look is lower than consensus,

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Speaker 12: while their forecasts for S and P five hundred earnings

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Speaker 12: is higher than most on Wall Street.

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Speaker 3: In New York.

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Speaker 12: I'm John Tucker, Bloomberg day Break.

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Speaker 1: All right, thank you, John. In Europe this morning, we're

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Speaker 1: learning UBS has completed its acquisition of Credit Suisse. Bloomberg's

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Speaker 1: Mary and after Meyer says, the closing of that deal

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Speaker 1: was announced in an open letter in local and international newspapers.

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Speaker 13: This huge merger has been a huge contention here locally

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Speaker 13: in Switzerland, and they've had to do a lot of

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Speaker 13: convincing of the population that this is a good thing

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Speaker 13: for Switzerland, and a lot of questions I've been asked

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Speaker 13: around whether this is too big for Switzerland, whether the

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Speaker 13: government and the regulators will be able to handle such

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Speaker 13: a giant merger, and the implications for jobs branches. I mean,

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Speaker 13: it's a highly politicized thing here, so I think this

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Speaker 13: was really geared towards them.

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Speaker 1: Bloomberg's Mary and Half to Meyer reminds us the tie

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Speaker 1: up between UBS and Credit Suisse is the biggest in

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Speaker 1: banking since the two thousand and eight financial crisis.

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Speaker 2: And Amy there's more on today's official takeover. The Financial

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Speaker 2: Times is hoarding. UBS will impost strict restrictions on bankers

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Speaker 2: coming over from Credit Sueese that reportedly includes a ban

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Speaker 2: on taking new clients from high risk countries staying in Europe.

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Speaker 1: We're learning more about the fallout from assault and harrisment

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Speaker 1: allegations against chrispin Ode. He's being removed from the firm's

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Speaker 1: partnership and it's naming new managers to take control of

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Speaker 1: his funds. ODI's main hedge fund now will be run

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Speaker 1: by co manager Freddy Neve. According to The Financial Times,

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Speaker 1: the firm is also trying to contain the fallout by

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Speaker 1: discussing restrictions on investor withdrawals from its EU funds.

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Speaker 2: Time out to take a look at some of the

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Speaker 2: other stories making news in New York and around the world.

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Speaker 14: And for that we are joined by Bloombergs. Michael Barer.

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Speaker 14: Good morning, Michael, Good morning, Nathan. There's late word. Former

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Speaker 14: Italian Premier Silvio Berlusconi has died. Berlusconi was admitted to

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Speaker 14: a hospital in Milan late last week. Last month, he

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Speaker 14: was released from a hospital for a lung infection. Silvio

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Speaker 14: Berlusconi was eighty six. Ukraine said its forces liberated at

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Speaker 14: least two villages in the east of the country. It's

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Speaker 14: part of its counter offensive against Russia. North Korean leader

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Speaker 14: Kim Joan un as reiterated his support for Russia's invasion

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Speaker 14: of Ukraine. Kim vowed to hold hands firmly with Russian

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Speaker 14: President Vladimir Putin. Daniel Penny, the marine facing manslaughter charges

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Speaker 14: and the chokehold death of a homeless man on a

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Speaker 14: Manhattan subway. Is defending his actions. His attorneys released video

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Speaker 14: statements which Penny says he was protecting himself and other

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Speaker 14: passengers from an erratic Jordan Neely. Penny says he acted

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Speaker 14: because Neely was threatening passengers and it had nothing to

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Speaker 14: do with race.

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Speaker 2: I knew I had to act, and I acted in

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Speaker 2: a way that would protect the other passengers, protect myself,

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Speaker 2: and protect mister Neely.

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Speaker 3: The case is now before a grand jury in Manhattan.

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Speaker 3: A section of a vital highway in the Northeast Corridor

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Speaker 3: has been cut off after a massive tanker truck fire

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Speaker 3: erupted underneath Interstate ninety five in philadelph causing a part

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Speaker 3: of the highway to collapse. Governor Josh Shapiro, with.

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Speaker 4: Regards to the complete rebuild of I ninety five roadway,

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Speaker 4: we expect that to take some number of months.

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Speaker 3: Governor Shapiro says. Heavy machinery is now particulously removing tons

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Speaker 3: of debris, careful not to reignite whatever fuel remains. Police

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Speaker 3: say a bus carrying wedding guests rolled over on a

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Speaker 3: foggy night in Australia's Wine country, killing ten people and

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Speaker 3: injuring twenty five. New South Wales Police Commissioner carying Webb

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Speaker 3: said the fifty eight year old driver has been arrested

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Speaker 3: and is being charged, but that it is still not

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Speaker 3: clear what caused the crash.

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Speaker 9: The cause may not be known for some time.

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Speaker 3: It will require scientific examination and that takes time. Commissioner

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Speaker 3: web Kimberly Akimbo won for Best New Musical at last

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Speaker 3: night's Tony Awards. Victoria Clark also won for Best Leading

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Speaker 3: Actress in the musical. Meanwhile, history was made when Alex

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Speaker 3: Newall and Jay Harrison Ghee became the first non bindary

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Speaker 3: people to win Tony's for acting. Global News twenty four

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Speaker 3: hours a day, powered by more Ban twenty seven hundred

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Speaker 3: journalists and analysts and over one hundred and twenty countries.

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Speaker 3: I'm Michael Barr. This is Bloomberg. Nathan.

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Speaker 2: Okay, Michael, thanks time now for the Bloomberg sports updates. Bryant,

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Speaker 2: you like tri State Outy, Good morning, John stash Out,

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Speaker 2: Good morning, Nathan.

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Speaker 4: First Yankees Red Sox series of the season at the Stadium.

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Speaker 4: Yanks lost three two on Friday, one three to one

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Speaker 4: Saturday last night. That had a two to one lead

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Speaker 4: eighth inning of Labor Tours, Air led to the Socks

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Speaker 4: tye in the game, and Boston scored in the tenth

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Speaker 4: to win three to two. Only three Yankee hits in

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Speaker 4: the lineup that clearly missus Aaron Judge. Yanks lost four

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Speaker 4: of six on the home stand and they now start

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Speaker 4: the first Subway Series tomorrow night at Cityfield. The Mets,

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Speaker 4: with plenty of their own problems, losers of eight of

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Speaker 4: the last nine, liked the Yanks. They had only three

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Speaker 4: hits and a two to one loss in Pittsburgh. The

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Speaker 4: Mets have a record payroll of three hundred and forty

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Speaker 4: mi million dollars, and yet right now only four teams

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Speaker 4: in the National League have a worse record. In Denver, tonight,

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Speaker 4: Game five of the NBA Finals, Nuggets lead they hate

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Speaker 4: three to one. They did lose their last home game,

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Speaker 4: but that was their first loss at home since March,

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Speaker 4: and they just won twice in Miami. In Paris, Novak

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Speaker 4: Djokovic won the French Open finals straight sets over Casper Rude.

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Speaker 4: So he's won twenty three Grand Slams, the most ever.

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Speaker 2: Been very fortunate that most of the matches and tournaments

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Speaker 2: I played in the last few years, or there's history

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Speaker 2: in the line, So I like the feeling.

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Speaker 1: It's it's a privilege.

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Speaker 13: It's incredible privilege to.

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Speaker 1: Be able to make history of the sport that I

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Speaker 1: truly love and that has given me so much.

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Speaker 4: Jokovic is thirty six, hardly slowing down. He's won six

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Speaker 4: of his last eight Grand Slams. He's now won all

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Speaker 4: four at least three times. What a finish to the

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Speaker 4: golf in Toronto. Nick Taylor rolled in a seventy two

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Speaker 4: foot putt on the fourth playoff hole, longest putt he's

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Speaker 4: ever made in fourteen years on the tour. He's the

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Speaker 4: first Native Canadian to win the Canadian Open since nineteen

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Speaker 4: fifty four. John Stashley, We're Bloomberg's Court.

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Speaker 15: From coast to coast, from New York to San Francisco,

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Speaker 15: Boston to Washington, DC, nationwide on SYRIASXAM, the Bloomberg Business

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Speaker 15: app in Bloomberg dot Com.

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Speaker 2: This is Bloomberg Daybreak.

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Speaker 3: Good morning.

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Speaker 2: I'm Nathan Hager. Donald Trump is remaining defiant and holding

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Speaker 2: onto his lead in the Republican primary race as he

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Speaker 2: prepares to enter a plea tomorrow. In Miami Federal Court

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Speaker 2: to the first ever federal criminal charges against a former

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Speaker 2: president of the United States over his handling of classified

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Speaker 2: documents at Marrow Lago. Ahead of that, we're joined by

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Speaker 2: Bloomberg News Senior editor Bill Ferries. Bill, it's good to

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Speaker 2: speak with you this morning, and it has been just

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Speaker 2: remarkable over the course of former President Trump's career to

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Speaker 2: see him hold on to this base of support within

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Speaker 2: the Republican Party and over the weekend back on the

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Speaker 2: campaign trail. What are you going to be watching for

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Speaker 2: as we get ready for this appearance in Miami tomorrow.

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Speaker 9: Well, thanks for having me, Nathan. I think on sort

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Speaker 9: of a more immediate front, we've already seen security getting

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Speaker 9: beefed up in Miami, and there is some concern about

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Speaker 9: whether the former president's supporters and whether his opponents will

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Speaker 9: be gathered there, uh and in what numbers, and whether

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Speaker 9: things will remain peaceful. People on all sides of the debate,

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Speaker 9: whether they are supporters or opponents, have have called for

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Speaker 9: peaceful gathering. But I think, you know, the January sixth

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Speaker 9: violence at the Capitol in Washington overhangs all of these things,

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Speaker 9: and so there's always a degree of unpredictability, and then

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Speaker 9: I think will be you know, besides, besides that, I

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Speaker 9: think we'll be looking for, you know, how the how

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Speaker 9: the former president addresses the charges that he's already made

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Speaker 9: it clear in his public comments over the weekend that

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Speaker 9: he thinks that he says he's innocent, that he's called it,

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Speaker 9: he's called the charge of the travesty of justice. So

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Speaker 9: I don't think there's any doubt about how he'll plead,

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Speaker 9: but I think there'll be a lot of interest in

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Speaker 9: whether he speaks to his supporters or the press on

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Speaker 9: his way in or out of the courthouse, and then

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Speaker 9: sort of what the timeline becomes as this case moves

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Speaker 9: forward in the coming months, which is exactly when the

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Speaker 9: president is expected to be or the former president expected

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Speaker 9: to be ramping up his campaign for twenty twenty four.

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Speaker 2: The remarkable thing about this, as well, Bill, is that

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Speaker 2: we have a precedent for how the president could act tomorrow,

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Speaker 2: because we've had the appearance in court just a couple

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Speaker 2: of months ago in the hush money case in Manhattan

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Speaker 2: and some of the protests outside there as well. Does

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Speaker 2: that inform what we could see this week?

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Speaker 9: It's you know, I think it does. I think there's

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Speaker 9: a big question about the size of the support, though.

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Speaker 9: I think when he's that previous case you mentioned up

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Speaker 9: in New York was a little more hostile territory for

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Speaker 9: the president. South Florida is a little typically friendly territory

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Speaker 9: for him, and and you know, a place a lot

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Speaker 9: of his supporters already live or we'll easily get to.

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Speaker 9: So I think he, you know, he's more on his

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Speaker 9: home turf and and may perhaps feel emboldened to to

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Speaker 9: talk a little bit more and to share more of

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Speaker 9: his thoughts about where this is headed. You know, it's

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Speaker 9: just just happening all a little bit south of the

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Speaker 9: Mar A Lago resort, where these documents that he's charged

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Speaker 9: with mishandling and keeping from investigators were all stored.

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Speaker 2: How do you see this affecting the presidential race going forward,

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Speaker 2: given that there's a possibility that we might not see

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Speaker 2: a trial wrap up potentially until after the presidential race

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Speaker 2: is over.

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Speaker 9: Yeah, we've we've never seen anything like this in US

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Speaker 9: politics before the first federal charges against the former president,

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Speaker 9: but much less, you know, someone who's actively running for

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Speaker 9: president again. How it you know, there's always two elections

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Speaker 9: in any presidential racers, the primary race, and then there's

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Speaker 9: the general elections. So in the primary race, the president

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Speaker 9: is still in a commanding position. He has, you know,

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Speaker 9: somewhere over a third of Republican primary voters, or a

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Speaker 9: gap of more than about thirty percent over his nearest opponents,

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Speaker 9: and that that kind of support seems to be holding.

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Speaker 9: From the polls we've seen the quick polls over the weekend,

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Speaker 9: a large number of Republicans believe or are concerned that

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Speaker 9: these charges are politically motivated. Even you know, we're talking

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Speaker 9: about something like almost sixty percent of Republican sy it's

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Speaker 9: that way. Those are you know, those are the voters

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Speaker 9: Trump has to be thinking about heading into a primary,

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Speaker 9: and if he can sort of keep them on his side,

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Speaker 9: he very well could be in the position of winning primaries,

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Speaker 9: facing charges, and being a leading candidate for president twenty

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Speaker 9: twenty four. It's it's not it's a scenario. I don't

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Speaker 9: think anyone would have foretold just even a year or

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Speaker 9: two ago.

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