1 00:00:01,960 --> 00:00:05,280 Speaker 1: Markets, headlines and breaking news twenty four hours a day 2 00:00:05,440 --> 00:00:08,440 Speaker 1: at Bloomberg dot Com, the Bloomberg Business apt and at 3 00:00:08,440 --> 00:00:18,120 Speaker 1: Bloomberg Quicktake. This is a Bloomberg Business Flash and I'm 4 00:00:18,160 --> 00:00:20,599 Speaker 1: Karen Moscow future is on the rise. This morning, we 5 00:00:20,640 --> 00:00:22,720 Speaker 1: go to the First Word Breaking news desk for today's 6 00:00:22,760 --> 00:00:27,200 Speaker 1: morning call. Here's Bill Maloney. Bill, good morning, and good morning, Karen. 7 00:00:27,240 --> 00:00:29,600 Speaker 1: That's right, US futures with a bid right now without 8 00:00:29,640 --> 00:00:32,440 Speaker 1: futures up two points. As if he's gained thirty three 9 00:00:32,479 --> 00:00:35,680 Speaker 1: one nest that futures are up by one two he 10 00:00:35,920 --> 00:00:38,440 Speaker 1: was ten year old. At three point oh six percent, 11 00:00:38,520 --> 00:00:41,000 Speaker 1: Gold is little changed, oil is in the red, and 12 00:00:41,040 --> 00:00:44,400 Speaker 1: bitcoin is traded higher by one point four percent. Japan 13 00:00:44,479 --> 00:00:47,040 Speaker 1: rose one point one percent overnight, while European markets are 14 00:00:47,080 --> 00:00:49,400 Speaker 1: also in the green this morning, and back in the US. 15 00:00:49,479 --> 00:00:51,680 Speaker 1: On the economic front, at nine o'clock, the House price 16 00:00:51,720 --> 00:00:55,400 Speaker 1: Index and at ten o'clock, consumer confidence in dean lows. 17 00:00:55,440 --> 00:00:58,080 Speaker 1: Elon Musk sent a letter to Twitter, adding to reasons 18 00:00:58,120 --> 00:01:01,000 Speaker 1: to terminate the deal, and you have politics. The U 19 00:01:01,040 --> 00:01:03,120 Speaker 1: S is for Parent to sell one point one billion 20 00:01:03,160 --> 00:01:07,040 Speaker 1: in missiles and radar support to Taiwan. In other news, 21 00:01:07,040 --> 00:01:09,360 Speaker 1: Goldman Sachs said the downturn in the US housing market 22 00:01:09,400 --> 00:01:12,480 Speaker 1: has further to run and wrapping things up still there 23 00:01:12,560 --> 00:01:15,880 Speaker 1: was raised to neutral. Well read Hip Morgan Live from 24 00:01:15,880 --> 00:01:18,920 Speaker 1: the First to Breaking News descom Bill Maloney. Karen, all right, Bill, 25 00:01:19,000 --> 00:01:21,119 Speaker 1: thank you while you mentioned that letter from Elon Musk 26 00:01:21,160 --> 00:01:23,480 Speaker 1: to Twitter. Twitter shares or down one point two percent 27 00:01:23,600 --> 00:01:25,720 Speaker 1: in early trading right now, and we continue to watch 28 00:01:25,760 --> 00:01:29,440 Speaker 1: Tesla up two point three first cent. And here live 29 00:01:29,480 --> 00:01:32,200 Speaker 1: breaking news over your Bloombergy type squawk on your terminal 30 00:01:32,440 --> 00:01:35,080 Speaker 1: scue you a w u K. That's a Bloomberg business flash. 31 00:01:35,120 --> 00:01:37,320 Speaker 1: Now here's Minchel Barr with more on what's going on 32 00:01:37,319 --> 00:01:40,240 Speaker 1: around the world. Michael, Karen, thank you very much. Ukrain's 33 00:01:40,319 --> 00:01:43,840 Speaker 1: military says it is advancing in Russian held territory just 34 00:01:44,040 --> 00:01:47,680 Speaker 1: north of the Crimea Peninsula. It comes as the International 35 00:01:47,720 --> 00:01:51,760 Speaker 1: Atomic Energy Agency heads to the Russian occupied nuclear power 36 00:01:51,800 --> 00:01:56,240 Speaker 1: plant to the northeast in Ukraine. Tony Ornado, the senior 37 00:01:56,360 --> 00:01:59,200 Speaker 1: Secret Service official whose name was at the center of 38 00:01:59,240 --> 00:02:03,480 Speaker 1: controversy during the January sixth hearings, has retired at the 39 00:02:03,600 --> 00:02:06,600 Speaker 1: US Open Serena Williams, who announced this will likely be 40 00:02:06,760 --> 00:02:11,040 Speaker 1: her last open Advanced after her first round win last 41 00:02:11,160 --> 00:02:15,840 Speaker 1: night over Donavin. In baseball, the Yankees lost to the 42 00:02:15,880 --> 00:02:20,200 Speaker 1: Angels for three, but Aaron Judge hit his fiftieth home 43 00:02:20,280 --> 00:02:22,880 Speaker 1: run of the season. Judge became one of ten MLB 44 00:02:23,000 --> 00:02:26,320 Speaker 1: players to have multiple fifty homer seasons. The Red Sox 45 00:02:26,320 --> 00:02:29,280 Speaker 1: and Giants lost. Global Needs twenty four hours a day 46 00:02:29,320 --> 00:02:32,280 Speaker 1: on here and on Bloomberg Quick Takes, powered by more 47 00:02:32,360 --> 00:02:36,079 Speaker 1: than hundred journalists and analysts more than a hundred twenty countries. 48 00:02:36,440 --> 00:02:39,639 Speaker 1: Michael Barn, This is Bloomberg, Karen Orry, Michael Barr, thank 49 00:02:39,680 --> 00:02:42,000 Speaker 1: you at a sixte on Wall Street, and we turned 50 00:02:42,000 --> 00:02:44,680 Speaker 1: to news and science and technology now with the Bloomberg 51 00:02:44,720 --> 00:02:47,040 Speaker 1: and j I T Stem Report. It has brought to 52 00:02:47,080 --> 00:02:50,239 Speaker 1: you by New Jersey Institute of Technology and j i 53 00:02:50,360 --> 00:02:53,440 Speaker 1: T is dedicated to bolstering support for female and minority 54 00:02:53,520 --> 00:02:57,320 Speaker 1: students pursuing careers in high paying STEM industries. Learn more 55 00:02:57,360 --> 00:02:59,680 Speaker 1: at n j I T. Dont e d U and 56 00:02:59,720 --> 00:03:03,040 Speaker 1: here's it's making news and science, technology, engineering, and math. 57 00:03:03,639 --> 00:03:07,160 Speaker 1: China's battling COVID in every province, despite its use of 58 00:03:07,240 --> 00:03:10,079 Speaker 1: the world's strictest measures to keep the virus out, all 59 00:03:10,240 --> 00:03:13,880 Speaker 1: thirty one mainland provinces recorded at least one local COVID 60 00:03:13,960 --> 00:03:16,919 Speaker 1: case over the past ten days. That's the broadest exposure 61 00:03:16,960 --> 00:03:21,440 Speaker 1: to the virus since early. Restrictions have been increasing around 62 00:03:21,440 --> 00:03:26,280 Speaker 1: Beijing and in Shenzen, China's southern technology hub. The European 63 00:03:26,360 --> 00:03:29,400 Speaker 1: Union is set to meet its gas storage filling goal 64 00:03:29,520 --> 00:03:32,120 Speaker 1: two months ahead of target. The block is bracing for 65 00:03:32,120 --> 00:03:35,360 Speaker 1: a tough winter with Russia limiting supplies and energy prices. 66 00:03:35,400 --> 00:03:39,320 Speaker 1: Soaring gas storage helps absorb supply shocks and provides up 67 00:03:39,320 --> 00:03:43,200 Speaker 1: to of the fuel consumed in winter and South Korean 68 00:03:43,360 --> 00:03:47,800 Speaker 1: battery maker l G and Japanese automaker Honda are investing 69 00:03:47,800 --> 00:03:50,200 Speaker 1: four point four billion dollars and a joint venture in 70 00:03:50,200 --> 00:03:53,360 Speaker 1: the US to produce batteries for Honda electric vehicles in 71 00:03:53,400 --> 00:03:56,560 Speaker 1: the North American market. The planned side is still undecided, 72 00:03:56,680 --> 00:04:00,000 Speaker 1: but construction will begin in early three with mass produce. 73 00:04:00,000 --> 00:04:02,200 Speaker 1: Should not have advanced lithium I on battery sales to 74 00:04:02,280 --> 00:04:05,720 Speaker 1: start by the end of and as the Bloomberg n 75 00:04:05,760 --> 00:04:08,920 Speaker 1: j I t STEM report Nathan, thank you, Karen. We 76 00:04:08,960 --> 00:04:11,600 Speaker 1: are live from the Bloomberg Interactive Brokers studios where it's 77 00:04:11,640 --> 00:04:14,080 Speaker 1: just about six fifty one on Wall Street now it's 78 00:04:14,080 --> 00:04:16,279 Speaker 1: time to check what's going on in VC, where some 79 00:04:16,360 --> 00:04:19,080 Speaker 1: of the top stories include President Biden preparing a rare 80 00:04:19,160 --> 00:04:21,320 Speaker 1: prime time speech on the threat he sees from the 81 00:04:21,320 --> 00:04:25,280 Speaker 1: Republican Party, the Biden administration getting set to give one 82 00:04:25,279 --> 00:04:28,479 Speaker 1: point one billion dollars in arms sales to Taiwan, the 83 00:04:28,560 --> 00:04:32,599 Speaker 1: Justice Department raising doubts on former President Trump's Special Master request, 84 00:04:32,640 --> 00:04:36,120 Speaker 1: and the Secret Service agent at the center of January 85 00:04:36,160 --> 00:04:40,840 Speaker 1: sixth testimony resigning Bloomberg. Government reporter Emily Wilkins is back 86 00:04:40,839 --> 00:04:43,520 Speaker 1: with US now for more on some of these stories. Emily, 87 00:04:43,640 --> 00:04:45,760 Speaker 1: the President is going to be spending a lot of 88 00:04:45,800 --> 00:04:48,760 Speaker 1: time in Pennsylvania over the next two days. He is, 89 00:04:48,800 --> 00:04:51,320 Speaker 1: He's gonna go back to uh, back to his roots. 90 00:04:51,880 --> 00:04:54,159 Speaker 1: He'll be in Wilkes Bar today. He's also gonna have 91 00:04:54,200 --> 00:04:58,000 Speaker 1: Pittsburgh and then of course his big prime time speech 92 00:04:58,120 --> 00:05:03,160 Speaker 1: this Thursday in Philadelphia. Pennsylvania, Nathan really really critical state 93 00:05:03,240 --> 00:05:05,880 Speaker 1: for the upcoming midterms. And not only is there a 94 00:05:05,880 --> 00:05:09,000 Speaker 1: competitive governor race there, which of course really doesn't decide 95 00:05:09,040 --> 00:05:12,080 Speaker 1: the balance of Congress, but could meet a lot to Pennsylvanians. UH, 96 00:05:12,120 --> 00:05:16,360 Speaker 1: there's also a competitive Senate race and numerous competitive House races. 97 00:05:16,400 --> 00:05:19,159 Speaker 1: He's headed up to Congressman Matt Cartwright's district today. He's 98 00:05:19,200 --> 00:05:22,000 Speaker 1: a Democrat who has got elected several times in a 99 00:05:22,040 --> 00:05:25,080 Speaker 1: Trump district, but of course this year as they're not 100 00:05:25,160 --> 00:05:28,440 Speaker 1: in democrats favor. So this is really part of Biden 101 00:05:28,640 --> 00:05:30,840 Speaker 1: get trying to get out more on the campaign trail. 102 00:05:30,880 --> 00:05:32,479 Speaker 1: He said he was going to do this at the 103 00:05:32,520 --> 00:05:35,000 Speaker 1: beginning of the year, to get out more, to talk 104 00:05:35,040 --> 00:05:37,919 Speaker 1: to the public more. There's a sense that Biden does 105 00:05:38,080 --> 00:05:41,039 Speaker 1: better when he is away from the bubble that is Washington, 106 00:05:41,120 --> 00:05:43,520 Speaker 1: d c. And is actually kind of able to get 107 00:05:43,520 --> 00:05:46,280 Speaker 1: out and talk with folks one on one. So definitely 108 00:05:46,279 --> 00:05:48,279 Speaker 1: expect to see more of that as we get closer 109 00:05:48,320 --> 00:05:50,600 Speaker 1: to the election, and it will be very interesting to 110 00:05:50,920 --> 00:05:53,040 Speaker 1: hear his speech tonight. You know, Biden kind of presented 111 00:05:53,120 --> 00:05:56,440 Speaker 1: himself as a candidate, the Democratic candidate who could work 112 00:05:56,480 --> 00:05:59,640 Speaker 1: with Republicans, who could build bridges, make things happen, and 113 00:05:59,640 --> 00:06:02,760 Speaker 1: to an extent he has. But he's also trying to 114 00:06:03,000 --> 00:06:06,039 Speaker 1: at the same time push this message that Republicans have 115 00:06:06,160 --> 00:06:09,599 Speaker 1: become too radical and that they are now a threat 116 00:06:09,600 --> 00:06:13,599 Speaker 1: to democracy. He's dusting off that playbook and expect to 117 00:06:13,680 --> 00:06:17,000 Speaker 1: kind of hear more about him sort of pitching Democrats 118 00:06:17,160 --> 00:06:19,880 Speaker 1: as as the party that you know, would would save 119 00:06:19,920 --> 00:06:24,000 Speaker 1: Americans and continue democracy and set that at odds with Republicans. 120 00:06:24,240 --> 00:06:27,960 Speaker 1: It is the playbook, as you mentioned, Emily, I guess 121 00:06:28,000 --> 00:06:30,400 Speaker 1: the question is whether that kind of playbook is gonna 122 00:06:30,480 --> 00:06:36,159 Speaker 1: work for congressional candidates on the Democratic Party looking to 123 00:06:36,200 --> 00:06:40,880 Speaker 1: take or keep control of Congress in two Well, certainly 124 00:06:40,920 --> 00:06:43,400 Speaker 1: a number of them are leaning in that direction. Wouldn't 125 00:06:43,400 --> 00:06:46,560 Speaker 1: you talk with the head of the Democrats campaign arm, 126 00:06:46,839 --> 00:06:50,320 Speaker 1: Congressman Sean Patrick Maloney. I mean, every time I've talked 127 00:06:50,320 --> 00:06:52,279 Speaker 1: with him, it's it's almost like you can like count 128 00:06:52,279 --> 00:06:54,680 Speaker 1: the number of times that he says mega Republicans, Like 129 00:06:54,720 --> 00:06:57,320 Speaker 1: that's just become a part of his speech now. And 130 00:06:57,360 --> 00:06:59,679 Speaker 1: even when I went up to Congressman mac Cartwright's district 131 00:06:59,720 --> 00:07:01,680 Speaker 1: in the last couple of days and spoke with him, 132 00:07:02,160 --> 00:07:05,479 Speaker 1: you know, he very much tied his Republican opponent to 133 00:07:05,640 --> 00:07:10,160 Speaker 1: more extreme policies, particularly those on abortion. That's really something 134 00:07:10,200 --> 00:07:14,200 Speaker 1: that Democrats see as a winning issue for them, especially 135 00:07:14,240 --> 00:07:17,400 Speaker 1: if they can paint Republicans as being pretty radical on 136 00:07:17,480 --> 00:07:20,400 Speaker 1: that and not having any sort of exceptions. Uh So, 137 00:07:20,480 --> 00:07:23,360 Speaker 1: that's something that that Democrats are really focused on right now, 138 00:07:23,440 --> 00:07:25,480 Speaker 1: and it's something that they do believe could make a 139 00:07:25,480 --> 00:07:28,400 Speaker 1: difference for them when it comes to keeping the House 140 00:07:28,440 --> 00:07:31,400 Speaker 1: and keeping the Senate. Let's turn to geo politics. There's 141 00:07:31,440 --> 00:07:35,520 Speaker 1: a lot of focus right now still on Taiwan. Emily, Yes, 142 00:07:36,040 --> 00:07:39,920 Speaker 1: we've got since speak House speaking, Nancy Pelosi went on 143 00:07:39,960 --> 00:07:43,520 Speaker 1: that trip. We've seen other lawmakers from both sides of 144 00:07:43,560 --> 00:07:47,000 Speaker 1: the aisles. Senator Ed Markey a Democrat, Senator Marshall Blackburn 145 00:07:47,040 --> 00:07:50,000 Speaker 1: a Republican, go ahead and visit the island. We also 146 00:07:50,160 --> 00:07:52,760 Speaker 1: just have a new alert crossing the terminal that Arizona's 147 00:07:52,760 --> 00:07:56,160 Speaker 1: governor uh Doocy is going to be visiting Taiwan and 148 00:07:56,200 --> 00:07:59,120 Speaker 1: meet shipmakers there. And this also comes as the White 149 00:07:59,160 --> 00:08:02,040 Speaker 1: House is planning a one point one billion dollar in 150 00:08:02,080 --> 00:08:05,600 Speaker 1: missiles and surveillance radar to Taiwan. This is the largest 151 00:08:05,600 --> 00:08:08,880 Speaker 1: sense Spliden took office. These aren't any sort of new weapons, 152 00:08:08,920 --> 00:08:12,680 Speaker 1: that doesn't really change Taiwan's capabilities as far as military 153 00:08:12,760 --> 00:08:15,600 Speaker 1: is concerned, but it really continues to kind of send 154 00:08:15,600 --> 00:08:19,000 Speaker 1: a strong message to Beijing that the US is supportive 155 00:08:19,160 --> 00:08:21,200 Speaker 1: of Taiwan. And it comes, you know, as there are 156 00:08:21,600 --> 00:08:25,000 Speaker 1: height intentions. China's has continued to send warships and aircraft 157 00:08:25,080 --> 00:08:28,480 Speaker 1: into the Taiwan straight. Remember there were those missile launches 158 00:08:28,520 --> 00:08:32,560 Speaker 1: and flyovers after Pelosi's trip. Uh, So certainly the there's 159 00:08:32,600 --> 00:08:36,160 Speaker 1: there's been no sort of de escalation from from Washington. 160 00:08:36,240 --> 00:08:40,079 Speaker 1: They have you know, continued to show their support for Taiwan. Uh, 161 00:08:40,200 --> 00:08:43,040 Speaker 1: with this missile sale of course being being the latest. Yeah, 162 00:08:43,080 --> 00:08:46,160 Speaker 1: we've had some developments as well in the FBI search 163 00:08:46,280 --> 00:08:49,920 Speaker 1: at Mara Lago, former President Donald Trump's home and the 164 00:08:50,240 --> 00:08:55,040 Speaker 1: classified material found there. What's the latest when it comes 165 00:08:55,080 --> 00:08:58,480 Speaker 1: to the former president's request for an independent review of 166 00:08:58,520 --> 00:09:02,040 Speaker 1: the documents. So there was a federal the federal judge 167 00:09:02,040 --> 00:09:04,120 Speaker 1: has kind of been open to his request to have 168 00:09:04,200 --> 00:09:07,679 Speaker 1: this third party, the special Master, reviews some of the documents. 169 00:09:08,040 --> 00:09:10,360 Speaker 1: But the Justice Department came out and said that it's 170 00:09:10,360 --> 00:09:15,439 Speaker 1: actually already screened the documents that they got from mar Lago. Uh. Potentially, 171 00:09:16,000 --> 00:09:18,200 Speaker 1: you know that that might sort of eliminate the need 172 00:09:18,400 --> 00:09:20,520 Speaker 1: for a third party to sort of look over and say, 173 00:09:20,520 --> 00:09:22,680 Speaker 1: you know, this is something that the FBI should have 174 00:09:22,720 --> 00:09:25,640 Speaker 1: and this is something that they shouldn't. Frump's really kind 175 00:09:25,640 --> 00:09:28,360 Speaker 1: of pushed back on the documents that that were taken 176 00:09:28,400 --> 00:09:30,560 Speaker 1: from his home. We still don't have a good sense 177 00:09:31,000 --> 00:09:34,360 Speaker 1: of exactly what they contain, but it is clear that 178 00:09:34,400 --> 00:09:36,560 Speaker 1: you know, this is certainly a part of a wider 179 00:09:37,080 --> 00:09:40,800 Speaker 1: Department of Justice investigation. UM, and this was something that 180 00:09:40,840 --> 00:09:44,199 Speaker 1: will probably continue to play out in the news. UM. 181 00:09:44,440 --> 00:09:47,800 Speaker 1: Certainly just just a huge story, lots of unprecedented parts 182 00:09:47,840 --> 00:09:51,240 Speaker 1: in here, all right, Bloomberg Government reporter Emily Wilkins keeping 183 00:09:51,280 --> 00:09:54,360 Speaker 1: on all the developments in the nation's capital for US. Emily, 184 00:09:54,440 --> 00:09:57,559 Speaker 1: Thanks as always. Read more about these stories on Bloomberg 185 00:09:57,559 --> 00:09:59,960 Speaker 1: dot com or on the Bloomberg terminal. And a reminder, 186 00:10:00,080 --> 00:10:02,240 Speaker 1: you can follow all the latest on Bloomberg Radio in 187 00:10:02,360 --> 00:10:07,520 Speaker 1: Washington Bloomberg and one oh five point seven fm h 188 00:10:07,760 --> 00:10:11,040 Speaker 1: D two a red headline just across the Bloomberg terminal. 189 00:10:11,160 --> 00:10:15,160 Speaker 1: The National Congress of the Communist Party of China is 190 00:10:15,200 --> 00:10:22,640 Speaker 1: going to hold its leadership selection meeting October sixte Chinese 191 00:10:22,640 --> 00:10:26,199 Speaker 1: President Shi Jinping is expected to his extent his decade 192 00:10:26,240 --> 00:10:30,760 Speaker 1: in power at that event, with an unprecedented third presidential term. 193 00:10:30,800 --> 00:10:33,880 Speaker 1: This was all according to the shin Watt News Agency. 194 00:10:33,960 --> 00:10:37,040 Speaker 1: And we're still keeping an eye on Twitter and Tesla shares, 195 00:10:37,080 --> 00:10:39,600 Speaker 1: with Elon Musk putting in that new filing sitting a 196 00:10:39,600 --> 00:10:43,400 Speaker 1: whistleblower claim as another reason why he should be allowed 197 00:10:43,440 --> 00:10:46,200 Speaker 1: to back out of his forty four billion dollar takeover offered. 198 00:10:46,240 --> 00:10:48,880 Speaker 1: Twitter shares right now down one in the third percent. 199 00:10:48,920 --> 00:10:52,320 Speaker 1: In pre market trading, Tesla is moving higher by a 200 00:10:52,400 --> 00:10:55,800 Speaker 1: bit more than two percent. Futures moving higher as well. 201 00:10:56,000 --> 00:10:58,840 Speaker 1: SMP futures up thirty four points, Staff futures up two 202 00:10:59,120 --> 00:11:02,600 Speaker 1: twenty two. Nastack futures are higher by one hundred forty 203 00:11:02,720 --> 00:11:06,880 Speaker 1: three points. Bloomberg Surveillance is next with Tom Keene, Jonathan Farrell, 204 00:11:06,960 --> 00:11:10,600 Speaker 1: and Lisa Abramowitz for Karen Moscow. I'm Nathan Hager, and 205 00:11:10,720 --> 00:11:20,400 Speaker 1: this is Bloomberg broadcasting live from the Bloomberg Interactive Brokers 206 00:11:20,400 --> 00:11:23,840 Speaker 1: Studio in New York. Bloomberg and Loving Free to Washington, 207 00:11:23,880 --> 00:11:28,000 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one 208 00:11:28,120 --> 00:11:31,560 Speaker 1: to San Francisco Bloomberg No. Sixteen to the Country Sirius 209 00:11:31,679 --> 00:11:34,880 Speaker 1: XM Chado one nineteen and around the globe the Bloomberg 210 00:11:34,920 --> 00:11:39,360 Speaker 1: Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. 211 00:11:45,040 --> 00:11:46,880 Speaker 1: It is six thirty on Wall Street. Good morning, I'm 212 00:11:46,960 --> 00:11:49,800 Speaker 1: Nathan Hager and I'm Karen Moscow. We are just about 213 00:11:49,880 --> 00:11:52,280 Speaker 1: three hours away from the open of US trading. Time 214 00:11:52,320 --> 00:11:54,160 Speaker 1: to the five things that you need to notice start 215 00:11:54,200 --> 00:11:58,079 Speaker 1: your day. Brought to you by Interactive Brokers. Interactive Broker's 216 00:11:58,160 --> 00:12:00,800 Speaker 1: charges Martin loan rates from two point three percent at 217 00:12:00,800 --> 00:12:03,360 Speaker 1: three point eight three percent. Their clients can also wear 218 00:12:03,400 --> 00:12:06,320 Speaker 1: an extra income by lending their fully paid shares of stock. 219 00:12:06,640 --> 00:12:09,000 Speaker 1: Rates subject to change. Learn more at ib k r 220 00:12:09,080 --> 00:12:13,120 Speaker 1: dot com. Slash compare well at first. Twitter shares are 221 00:12:13,160 --> 00:12:16,480 Speaker 1: down one percent in early trading after Elon Musk sent 222 00:12:16,559 --> 00:12:19,520 Speaker 1: a termination letter to Twitter, as the test La founder 223 00:12:19,600 --> 00:12:21,440 Speaker 1: tries to back out of his deal for the social 224 00:12:21,440 --> 00:12:24,960 Speaker 1: media giant. Meanwhile, Tesla shares are higher, up two point 225 00:12:24,960 --> 00:12:27,640 Speaker 1: two percent in early trading. As for the broader market, 226 00:12:27,679 --> 00:12:30,280 Speaker 1: Karen futures are bouncing back following two straight days of 227 00:12:30,320 --> 00:12:33,120 Speaker 1: losses on Wall Street following Fed Chair J Powell's hawk 228 00:12:33,200 --> 00:12:36,720 Speaker 1: ish comments Friday. Terry Spath is chief investment officer at 229 00:12:36,800 --> 00:12:40,360 Speaker 1: Zooma Wealth. The marketer as spooks because they're afraid that 230 00:12:40,400 --> 00:12:44,800 Speaker 1: the FED could create a hard landing. Looking forward into September, 231 00:12:44,840 --> 00:12:47,439 Speaker 1: what we're gonna want to try and anticipate is if 232 00:12:47,520 --> 00:12:50,520 Speaker 1: we see seventy five bases rise, which I think is 233 00:12:50,559 --> 00:12:54,400 Speaker 1: a very high probability and increasing probability. Is that digested 234 00:12:54,480 --> 00:12:57,360 Speaker 1: as bad news or as good news? ZOOMA Wealth ce 235 00:12:57,360 --> 00:13:00,680 Speaker 1: io Terry Spath says she expects continued market volatility in 236 00:13:00,679 --> 00:13:03,520 Speaker 1: the short term. Well, the market may have been rattled 237 00:13:03,559 --> 00:13:07,120 Speaker 1: by Powell's speech Nathan. Minneapolis Fed President Neil cash Cary 238 00:13:07,240 --> 00:13:09,840 Speaker 1: says he was comforted by the sell off. I was 239 00:13:10,000 --> 00:13:13,320 Speaker 1: actually happy to see how share Powell's Jackson Hole speech 240 00:13:13,360 --> 00:13:16,600 Speaker 1: was received. People now understand the seriousness of our commitment 241 00:13:16,600 --> 00:13:19,880 Speaker 1: to getting inflation back down to two. Minneapolis Fed President 242 00:13:19,920 --> 00:13:22,320 Speaker 1: Neil cash Cary made the comments on the Odd Lots 243 00:13:22,400 --> 00:13:25,800 Speaker 1: podcast with Bloomberg's Tracy Alloway and Joe Washenthal. Listen to 244 00:13:25,840 --> 00:13:29,319 Speaker 1: the entire interview wherever you get your podcast. Interest rates 245 00:13:29,320 --> 00:13:32,040 Speaker 1: are in focus in Europe here and ECB chief economist 246 00:13:32,040 --> 00:13:34,600 Speaker 1: Philip Blaine seems to question the idea of a seventy 247 00:13:34,600 --> 00:13:37,679 Speaker 1: five basis point hike next week, He's urging a steady 248 00:13:37,760 --> 00:13:41,680 Speaker 1: pace of increases to fight record inflation. To politics now, Nathan, 249 00:13:41,720 --> 00:13:44,480 Speaker 1: President Biden will deliver a prime time speech this week, 250 00:13:44,640 --> 00:13:48,280 Speaker 1: escalating criticism of what he calls extreme mega Republicans. It 251 00:13:48,360 --> 00:13:51,560 Speaker 1: comes as the president is seeing his approval ratings improve 252 00:13:51,640 --> 00:13:55,640 Speaker 1: ahead of the November midterms. Bloomberg Political contributor Jeanie sheehan 253 00:13:55,800 --> 00:13:59,000 Speaker 1: Zeno says, for Democrats, one strategy will be keeping former 254 00:13:59,000 --> 00:14:02,240 Speaker 1: President Trump and the news. The political reality is the 255 00:14:02,280 --> 00:14:05,640 Speaker 1: more Donald Trump is in the news, the better for Democrats. 256 00:14:05,679 --> 00:14:08,600 Speaker 1: And that's been reality. So you know, the more Trump, 257 00:14:08,720 --> 00:14:12,760 Speaker 1: the better for them. And Bloomberg Politics contributor Jennie Sheehan 258 00:14:12,920 --> 00:14:15,800 Speaker 1: Zeno spoke to Joe Matthew on Bloomberg Sound On Catch 259 00:14:15,840 --> 00:14:19,040 Speaker 1: the program weekdays at five pm Eastern on Bloomberg Radio. 260 00:14:19,400 --> 00:14:21,200 Speaker 1: And that's the five things that you need to know 261 00:14:21,320 --> 00:14:24,440 Speaker 1: to start your day, brought to you by Interactive Brokers, 262 00:14:24,480 --> 00:14:27,520 Speaker 1: straight ahead, your latest local headlines, plus a check of sports. 263 00:14:27,560 --> 00:14:34,320 Speaker 1: And this is Bloomberg. Thank you. Karen sixty three on 264 00:14:34,360 --> 00:14:36,520 Speaker 1: Wall Street, seventy five degrees in Central Park. Kind of 265 00:14:36,560 --> 00:14:38,920 Speaker 1: broken down vehicle headed the JFK Airport. It's on the 266 00:14:38,960 --> 00:14:42,680 Speaker 1: southbound van wake at Linden Boulevard. More coming up in traffic. First, 267 00:14:42,760 --> 00:14:44,640 Speaker 1: Michael Barr with what else is going on in New 268 00:14:44,720 --> 00:14:47,800 Speaker 1: York and around the world. Good morning Michael, Good morning Nathan. 269 00:14:47,840 --> 00:14:50,920 Speaker 1: New York Mayor Eric Adam says he is signing several 270 00:14:50,960 --> 00:14:55,080 Speaker 1: bills to expand access and resources to pregnant women. Mayor 271 00:14:55,120 --> 00:14:58,600 Speaker 1: Adams says these bills will promote annex fan access to 272 00:14:58,960 --> 00:15:03,720 Speaker 1: maternal healthcare from the Overturnyi Road vertss wade to state 273 00:15:03,840 --> 00:15:09,680 Speaker 1: efforts to criminalize those who seek abortions. Reproductive healthcare is 274 00:15:09,800 --> 00:15:14,320 Speaker 1: in danger. The health choices should be made by women 275 00:15:14,680 --> 00:15:18,520 Speaker 1: and their bodies. They should make the decisions on these 276 00:15:18,560 --> 00:15:22,560 Speaker 1: important medical moments. Mayor Adams says one of the bills 277 00:15:22,680 --> 00:15:26,400 Speaker 1: establishes a maternal Bill of Rights. More bus loads of 278 00:15:26,400 --> 00:15:29,360 Speaker 1: migrants are coming to New York City today from Texas. 279 00:15:29,520 --> 00:15:31,960 Speaker 1: The city continues to try and find places for the 280 00:15:31,960 --> 00:15:35,960 Speaker 1: asylum seekers. Mayor Adams says more than seventy migrants have 281 00:15:36,080 --> 00:15:39,560 Speaker 1: arrived in New York from Texas. Authorities say the twenty 282 00:15:39,640 --> 00:15:43,120 Speaker 1: year old who opened fire in a Bend, Oregon supermarket, 283 00:15:43,440 --> 00:15:45,920 Speaker 1: killing two before he turned the gun on himself, was 284 00:15:45,960 --> 00:15:48,680 Speaker 1: a loner who was known for getting into fights at 285 00:15:48,720 --> 00:15:52,200 Speaker 1: the high school where he graduated in me And. While 286 00:15:52,240 --> 00:15:54,480 Speaker 1: a vigil was held last night for the victims who 287 00:15:54,480 --> 00:15:57,400 Speaker 1: were shot at the Safe Waste store Sunday night. Reverend 288 00:15:57,720 --> 00:16:02,600 Speaker 1: Erica's Spade attended the vigil. Is stead growing um dissatisfaction 289 00:16:02,640 --> 00:16:04,440 Speaker 1: with why should we be afraid to go to the 290 00:16:04,440 --> 00:16:06,720 Speaker 1: grocery store? Why should be afraid to send our children 291 00:16:06,760 --> 00:16:10,720 Speaker 1: to school? And so um deep grief but also deep anger. 292 00:16:11,240 --> 00:16:14,840 Speaker 1: Two others were wounded in Sunday shooting. Flooding has caused 293 00:16:14,920 --> 00:16:18,200 Speaker 1: a worst case scenarioto to hit the drinking water supply 294 00:16:18,320 --> 00:16:21,000 Speaker 1: for Jackson, Mississippi. One of the main pumps at the 295 00:16:21,040 --> 00:16:25,120 Speaker 1: city's main water treatment facility failed earlier than predicted. The 296 00:16:25,160 --> 00:16:27,840 Speaker 1: city can no longer provide enough running water for everyone. 297 00:16:27,920 --> 00:16:32,360 Speaker 1: Mississippi Governor Tate Reeves, Please stay safe, do not drink 298 00:16:32,680 --> 00:16:35,760 Speaker 1: the water. In too many cases, it is raw water 299 00:16:35,840 --> 00:16:40,000 Speaker 1: from the reservoir being pushed through the pipes. Governor Reeves says. 300 00:16:40,120 --> 00:16:44,560 Speaker 1: Jackson's mayor declared a state of emergency. Ukraine's military says 301 00:16:44,600 --> 00:16:48,200 Speaker 1: it is advancing in Russian held territory just north of 302 00:16:48,240 --> 00:16:52,360 Speaker 1: the Crimea Peninsula. President Zelenski didn't talk specifically about the 303 00:16:52,400 --> 00:16:55,600 Speaker 1: operation there. In the region, he said Ukrainian forces were 304 00:16:55,680 --> 00:16:58,680 Speaker 1: retaking this country's territory, and he had a message for 305 00:16:58,760 --> 00:17:01,920 Speaker 1: Russian forces. If you want to survive, it's time to flee. 306 00:17:02,560 --> 00:17:05,119 Speaker 1: Global News twenty four hours a day on air and 307 00:17:05,320 --> 00:17:08,400 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 308 00:17:08,480 --> 00:17:11,040 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 309 00:17:11,240 --> 00:17:14,359 Speaker 1: I'm Michael Barr, and this is Bloomberg. Nathan. Thanks Michael. 310 00:17:18,920 --> 00:17:21,520 Speaker 1: Almost six thirty six on Wall Street, John stash hours 311 00:17:21,520 --> 00:17:23,720 Speaker 1: got the Bloomberg Sports updates thanks to day Than. It 312 00:17:23,800 --> 00:17:25,600 Speaker 1: was a night of home run so the Yankees and 313 00:17:25,640 --> 00:17:27,960 Speaker 1: Angels and Annahan. The Angels had three, won by x 314 00:17:28,119 --> 00:17:30,720 Speaker 1: Yank Mike Ford, another by show Hey Otani two run 315 00:17:30,760 --> 00:17:32,919 Speaker 1: shot his twenty nine. Yankees got solo home runs from 316 00:17:32,960 --> 00:17:35,800 Speaker 1: Anthony Rizzo fourth inning, his twenty ninth, and then in 317 00:17:35,840 --> 00:17:39,639 Speaker 1: the eighth a patented errand Judge blast is straightaway center 318 00:17:39,680 --> 00:17:42,240 Speaker 1: field judges fifty f home run. He becomes only the 319 00:17:42,320 --> 00:17:44,479 Speaker 1: ten to have done it twice. For the Angels one 320 00:17:44,520 --> 00:17:46,480 Speaker 1: four to three, and it's the Yanks third straight loss 321 00:17:46,480 --> 00:17:48,760 Speaker 1: after winning five and row. The Mets were off. They 322 00:17:48,800 --> 00:17:51,280 Speaker 1: host the high flying Dodgers tonight. L A comes in 323 00:17:51,359 --> 00:17:54,639 Speaker 1: having won in the last thirty one Serena Williams has 324 00:17:54,680 --> 00:17:58,399 Speaker 1: never actually used the word for retirement. She admits to 325 00:17:58,440 --> 00:18:00,919 Speaker 1: being vague. Said last night k to me to be vague, 326 00:18:01,160 --> 00:18:03,359 Speaker 1: and her career is definitely not over yet. She won 327 00:18:03,400 --> 00:18:05,560 Speaker 1: her first round match with the US Open straight sets 328 00:18:05,560 --> 00:18:08,360 Speaker 1: over Donka Covinage much to the light of the Big 329 00:18:08,359 --> 00:18:13,639 Speaker 1: Craft and I walked out the the reception was really overwhelming. 330 00:18:14,720 --> 00:18:19,199 Speaker 1: Um it was. It was loud, and it was it 331 00:18:19,359 --> 00:18:22,119 Speaker 1: was I could fill it in my chest and it 332 00:18:22,240 --> 00:18:24,280 Speaker 1: was a really good filling. Very We'll be back to 333 00:18:24,359 --> 00:18:25,840 Speaker 1: mar and I went for what figure would be a 334 00:18:25,840 --> 00:18:28,040 Speaker 1: tougher match in the second round with second seed, and 335 00:18:28,119 --> 00:18:31,960 Speaker 1: that count divide opening day upsets, plenty of them. Dominic team, 336 00:18:31,960 --> 00:18:34,600 Speaker 1: who won the Open two years ago, lost, so did 337 00:18:34,680 --> 00:18:38,560 Speaker 1: fourth seeded Stefano sits Upon Taylor Fritz, the tenth seed, 338 00:18:38,640 --> 00:18:41,840 Speaker 1: highest American seed. He was beaten by another American, Brandon Halt. 339 00:18:41,880 --> 00:18:44,600 Speaker 1: He's the son of one time US Open champ Tracy Austin. 340 00:18:44,600 --> 00:18:49,160 Speaker 1: Simona Hallet stunned by Darius Snygora, twenty year old from Ukraine. 341 00:18:49,480 --> 00:18:52,199 Speaker 1: She's a qualifier. She had never won a professional match before. 342 00:18:52,640 --> 00:18:54,640 Speaker 1: R J Barrett on the verge of a big contract 343 00:18:54,680 --> 00:18:56,879 Speaker 1: extensions with the next four years a hundred and twenty 344 00:18:56,920 --> 00:19:00,600 Speaker 1: million dollars. Don Stashar Boomberg Sports, Nathan all Right, John, 345 00:19:00,640 --> 00:19:03,280 Speaker 1: thanks six seven on Wall Street. Time to take a 346 00:19:03,280 --> 00:19:05,199 Speaker 1: look at stock. Some of the names moving in the 347 00:19:05,200 --> 00:19:08,520 Speaker 1: pre market with Bloomberg Radio and TV Markets correspondent created 348 00:19:08,560 --> 00:19:12,320 Speaker 1: Gupta and all of a sudden createy Tesla and Twitter 349 00:19:12,400 --> 00:19:15,280 Speaker 1: shares are on the move. They are, They're back in 350 00:19:15,359 --> 00:19:18,040 Speaker 1: the news, back in focus. Really, just moments ago you 351 00:19:18,119 --> 00:19:21,680 Speaker 1: had Elon Musk sending a letter to Twitter adding reasons 352 00:19:21,720 --> 00:19:24,600 Speaker 1: to terminate the deal. Now, remember this is the other 353 00:19:24,640 --> 00:19:27,600 Speaker 1: two companies that are starting to deal with the legal fallout. 354 00:19:27,880 --> 00:19:30,399 Speaker 1: A lot of this has is expected, I should say, 355 00:19:30,520 --> 00:19:33,040 Speaker 1: to end by October a five day trial, I believe, 356 00:19:33,040 --> 00:19:35,720 Speaker 1: which is what Twitter had advocated for Elon Musk, Gett 357 00:19:35,720 --> 00:19:39,040 Speaker 1: advocated for more time. Ultimately, the judge had favored in 358 00:19:39,080 --> 00:19:41,359 Speaker 1: Twitter's favor. So as we start to see some of 359 00:19:41,400 --> 00:19:44,800 Speaker 1: these developments in the court case, uh, the stock is 360 00:19:44,840 --> 00:19:46,960 Speaker 1: likely to move and that such development is coming out 361 00:19:47,000 --> 00:19:48,800 Speaker 1: this morning. Elon Musk, like I said, sending a letter 362 00:19:48,840 --> 00:19:53,320 Speaker 1: to Twitter, adding recent allegations from a Twitter whistleblower on 363 00:19:53,480 --> 00:19:56,159 Speaker 1: further reasons why he believes he can cancel his forty 364 00:19:56,240 --> 00:19:59,520 Speaker 1: four billion dollar deal with the social media company. Musk 365 00:19:59,600 --> 00:20:02,879 Speaker 1: lawyer so that they wrote the additional termination notice in 366 00:20:02,920 --> 00:20:06,120 Speaker 1: the event that the July eight termination notice was determined 367 00:20:06,160 --> 00:20:08,040 Speaker 1: to be invalid for any reason. So here's what he 368 00:20:08,080 --> 00:20:11,040 Speaker 1: added on Nathan. He said there's no alleged violation of 369 00:20:11,040 --> 00:20:14,040 Speaker 1: a consent degree with the FTC. He says that they're 370 00:20:14,240 --> 00:20:19,520 Speaker 1: sec filing containing alleged untrue statements around privacy and data protection, 371 00:20:20,520 --> 00:20:23,600 Speaker 1: failure to discuss conduct from the CEO Parague Auger Wall, 372 00:20:23,720 --> 00:20:27,040 Speaker 1: as well around statements he had made to his Twitter's board. 373 00:20:27,320 --> 00:20:30,760 Speaker 1: He's also talking about resulting lawsuits from the whistleblower complaint 374 00:20:30,960 --> 00:20:34,440 Speaker 1: and alleged intellectual property infringements. That's a lot of legal 375 00:20:34,480 --> 00:20:37,800 Speaker 1: talk for saying there is way way more that Elon 376 00:20:37,880 --> 00:20:40,520 Speaker 1: Musk has in his toolbox here to throw a Twitter 377 00:20:40,880 --> 00:20:43,240 Speaker 1: to really to to end this deal. And really, after 378 00:20:43,320 --> 00:20:46,280 Speaker 1: we saw those headlines, Twitter shares actually dropped there down 379 00:20:46,320 --> 00:20:48,800 Speaker 1: at one point four percent. And this is interesting because 380 00:20:48,800 --> 00:20:51,440 Speaker 1: that negative correlation between Twitter and Tesla it is still 381 00:20:51,480 --> 00:20:54,480 Speaker 1: there because though when Twitter shares drop, Tesla shares rise, 382 00:20:54,480 --> 00:20:57,120 Speaker 1: and Tesla shares are indeed up two point three percent. Yeah, 383 00:20:57,119 --> 00:20:59,000 Speaker 1: it's interesting to watch as well, and it's going to 384 00:20:59,080 --> 00:21:01,600 Speaker 1: make that dell we're hearing all the more interesting to 385 00:21:01,680 --> 00:21:03,439 Speaker 1: keep an eye on as well. And I know you're 386 00:21:03,520 --> 00:21:06,760 Speaker 1: keeping an eye on Meme stocks again this morning, creating. 387 00:21:06,960 --> 00:21:09,119 Speaker 1: I mean, it's kind of wild where I'm having a 388 00:21:09,240 --> 00:21:12,000 Speaker 1: really severe bat of deja vu here, Nathan, because Bed 389 00:21:12,040 --> 00:21:14,160 Speaker 1: Bath and Beyond once again, it is up, and it's 390 00:21:14,240 --> 00:21:15,879 Speaker 1: up by a lot. Remember it is in line with 391 00:21:15,920 --> 00:21:18,480 Speaker 1: the broader market. You are seeing the entire market rebound. 392 00:21:18,640 --> 00:21:21,000 Speaker 1: The Bed Bathroom Beyond is going the extra mile here, 393 00:21:21,080 --> 00:21:23,760 Speaker 1: up about ten percent in pre market trading b b B. 394 00:21:23,960 --> 00:21:26,919 Speaker 1: Why is your taker once again no real newspack, So 395 00:21:27,040 --> 00:21:29,679 Speaker 1: that really screams retail trader to you. And they are 396 00:21:29,760 --> 00:21:32,320 Speaker 1: showing up in lines of Bed Bath and Beyond. The 397 00:21:32,359 --> 00:21:35,119 Speaker 1: question is doesn't show up on the macro front all right? 398 00:21:35,160 --> 00:21:38,959 Speaker 1: Bloomberg Radio and TV Markets correspondent Crety Gupta keeping an 399 00:21:39,000 --> 00:21:43,159 Speaker 1: eye on a lot of name by name volatility this morning, 400 00:21:43,200 --> 00:21:46,000 Speaker 1: for sure. Looking at the broader market. We're seeing that 401 00:21:46,119 --> 00:21:50,240 Speaker 1: bounce back following the two days slide from FED chair 402 00:21:50,440 --> 00:21:53,840 Speaker 1: j Pal's comments at Jackson whole SMP futures on the 403 00:21:53,920 --> 00:21:56,479 Speaker 1: rise now by thirty four points. Staff futures up two 404 00:21:56,680 --> 00:22:00,320 Speaker 1: or twenty NASTAC futures leading those gains up a hundred 405 00:22:00,480 --> 00:22:04,400 Speaker 1: forty five points. The tenure treasury is up ten thirty seconds. 406 00:22:04,680 --> 00:22:07,159 Speaker 1: The yield three point zero six percent. Yield on the 407 00:22:07,200 --> 00:22:10,600 Speaker 1: two year right now three point four zero percent. And 408 00:22:10,640 --> 00:22:18,440 Speaker 1: you're listening to Bloomberg Daybreak Bloomberg eleven three oh weather, 409 00:22:18,560 --> 00:22:21,600 Speaker 1: mostly sunny, chance for late they shower, upper eighties. Showers 410 00:22:21,680 --> 00:22:25,400 Speaker 1: lend early tomorrow, clearing, hides in the opper eighties once again, sunny, less, 411 00:22:25,480 --> 00:22:28,280 Speaker 1: humid Thursday, high near eighty five right now seventy five 412 00:22:28,320 --> 00:22:34,680 Speaker 1: in Central Park Markets. Headlines and breaking news twenty four 413 00:22:34,680 --> 00:22:37,720 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 414 00:22:37,760 --> 00:22:47,360 Speaker 1: at and at Bloomberg Quicktake. This is a Bloomberg Business Flash. 415 00:22:47,960 --> 00:22:50,359 Speaker 1: And I'm Karen Moscow, and we continue to watch shares 416 00:22:50,400 --> 00:22:52,960 Speaker 1: of Twitter this morning. They're down almost two and a 417 00:22:53,000 --> 00:22:56,199 Speaker 1: half percent in early trading. Ys Elon Musk sent a 418 00:22:56,280 --> 00:23:00,080 Speaker 1: letter to the social media company highlighting additional reasons to 419 00:23:00,200 --> 00:23:04,280 Speaker 1: terminate a merger agreement. Test Las shares meanwhile, are rising 420 00:23:04,320 --> 00:23:07,159 Speaker 1: this morning, up more than two percent. Future is on 421 00:23:07,200 --> 00:23:08,800 Speaker 1: the rise of this morning as well. S and P 422 00:23:09,000 --> 00:23:11,240 Speaker 1: future is up thirty five points down. Futures have two 423 00:23:11,280 --> 00:23:14,720 Speaker 1: hundred twenty four nasday futures have one hundred forty six 424 00:23:14,720 --> 00:23:16,879 Speaker 1: and we check the markets every fifteen minutes throughout the 425 00:23:16,880 --> 00:23:20,439 Speaker 1: trading day. On Bloomberg ten, your treasury up ten thirty seconds. 426 00:23:20,440 --> 00:23:22,320 Speaker 1: You have three point oh six percent. They yield on 427 00:23:22,400 --> 00:23:25,280 Speaker 1: the two year three point four zero percent. Nine Mack 428 00:23:25,320 --> 00:23:27,640 Speaker 1: screwed oils down one point six percent on a dollar 429 00:23:27,720 --> 00:23:30,040 Speaker 1: fifty five at ninety five dollars forty six cents of 430 00:23:30,119 --> 00:23:32,440 Speaker 1: barrel call make schooled at a quarter percent, or four 431 00:23:32,480 --> 00:23:35,639 Speaker 1: dollars thirty cents at seventeen forty five forty announced. The 432 00:23:35,680 --> 00:23:38,399 Speaker 1: euro is at one point zero zero four two against 433 00:23:38,440 --> 00:23:40,760 Speaker 1: the dollar, British found one point one seven to eight 434 00:23:40,960 --> 00:23:43,520 Speaker 1: and the yen one thirty eight point three one. And 435 00:23:43,600 --> 00:23:46,399 Speaker 1: bitcoin is up one point three percent at twenty thousand, 436 00:23:46,480 --> 00:23:49,600 Speaker 1: four hundred fifty dollars. That's a Bloomberg business flows. Now 437 00:23:49,640 --> 00:23:51,920 Speaker 1: here's Michael bar with more on what's going on around 438 00:23:51,920 --> 00:23:55,360 Speaker 1: the world. Michael Karen, thank you very much. Ukrainian forces 439 00:23:55,440 --> 00:23:59,320 Speaker 1: launched round assaults in the Curson region of southern Ukraine. 440 00:23:59,560 --> 00:24:02,399 Speaker 1: It comes as inspector's head to the nuclear plant to 441 00:24:02,440 --> 00:24:06,320 Speaker 1: the northeast from the latest offensive. President Joe Biden plans 442 00:24:06,359 --> 00:24:09,800 Speaker 1: to deliver a prime time speech Thursday in Philadelphia the 443 00:24:09,840 --> 00:24:13,159 Speaker 1: sailing Republicans for what he regards as their threats to 444 00:24:13,400 --> 00:24:17,000 Speaker 1: US rights and freedom. Retirement will have to wait at 445 00:24:17,040 --> 00:24:20,560 Speaker 1: the US Open. Serena Williams advanced after her first round 446 00:24:20,640 --> 00:24:24,720 Speaker 1: win last night over Nanka Kovin. In baseball, the Yankees 447 00:24:24,760 --> 00:24:27,320 Speaker 1: lost to the Angels for three, but Aaron Judge hit 448 00:24:27,400 --> 00:24:30,000 Speaker 1: his fiftieth home run of the season. Judge became one 449 00:24:30,040 --> 00:24:33,199 Speaker 1: of ten players in Major League history with multiple fifty 450 00:24:33,320 --> 00:24:37,200 Speaker 1: homer seasons. The Red Sox and Giants lost. Global news 451 00:24:37,200 --> 00:24:40,480 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 452 00:24:40,760 --> 00:24:43,639 Speaker 1: powered by more than twenty seven hundred journalists analysts more 453 00:24:43,640 --> 00:24:46,800 Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg, Nathan. 454 00:24:46,960 --> 00:24:49,600 Speaker 1: Thanks Michael. It is six nineteen on Wall Street Live 455 00:24:49,680 --> 00:24:53,920 Speaker 1: from the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak 456 00:24:54,000 --> 00:24:56,240 Speaker 1: or pleased to be joined this morning by Mark Vitner's 457 00:24:56,240 --> 00:25:00,440 Speaker 1: senior economist at Wells fargo as we continue to kind 458 00:25:00,440 --> 00:25:04,440 Speaker 1: of assess the market reaction to FED chair j Pale's 459 00:25:04,440 --> 00:25:07,159 Speaker 1: hawky ish tone at the end of last week at 460 00:25:07,160 --> 00:25:10,320 Speaker 1: the Jackson Hoole Economic Symposium, Mark, good morning. Do you 461 00:25:10,359 --> 00:25:13,320 Speaker 1: think the market has fully priced in what FED chair 462 00:25:13,400 --> 00:25:18,360 Speaker 1: pal had to say about higher for longer interest rates? Well, 463 00:25:18,400 --> 00:25:22,800 Speaker 1: I think we're getting there. It's um, we probably still 464 00:25:22,840 --> 00:25:26,639 Speaker 1: have a little ways to go. I think the folks 465 00:25:26,680 --> 00:25:29,359 Speaker 1: who are underestimating how much more the FED is going 466 00:25:29,400 --> 00:25:33,560 Speaker 1: to have to do to bring inflation down, they don't 467 00:25:33,560 --> 00:25:35,720 Speaker 1: have to do it all at once. And I think 468 00:25:35,760 --> 00:25:38,359 Speaker 1: that everybody's gotten hugging upon whether they're gonna go fifty 469 00:25:38,440 --> 00:25:41,760 Speaker 1: or seventy five in September. And the real question is 470 00:25:41,920 --> 00:25:45,280 Speaker 1: do they go to four or are they gonna have 471 00:25:45,320 --> 00:25:47,960 Speaker 1: to go higher than four percent? And how long are 472 00:25:48,000 --> 00:25:51,920 Speaker 1: they going to have to hold interest rates that high? 473 00:25:52,160 --> 00:25:54,359 Speaker 1: And I think the message from from Jackson all was, 474 00:25:54,800 --> 00:25:57,040 Speaker 1: you know, we're not quite sure ourselves, but it's probably 475 00:25:57,040 --> 00:26:00,280 Speaker 1: gonna be for a little bit higher than four and 476 00:26:00,400 --> 00:26:02,640 Speaker 1: don't count the rate cuts next year, and so rates 477 00:26:02,680 --> 00:26:05,720 Speaker 1: are going to be a little higher for a little longer. 478 00:26:05,760 --> 00:26:08,600 Speaker 1: And I don't think that's fully priced it. What do 479 00:26:08,640 --> 00:26:12,080 Speaker 1: you think the Fed has to see to get to 480 00:26:12,119 --> 00:26:15,359 Speaker 1: a point where it can say that we can at 481 00:26:15,440 --> 00:26:20,000 Speaker 1: least start slowing down the pace of rate hiks, Well, 482 00:26:20,040 --> 00:26:21,960 Speaker 1: I think they have to have a better idea that 483 00:26:22,000 --> 00:26:26,480 Speaker 1: the that the economy's momentum has slowed away, that aggregate 484 00:26:26,560 --> 00:26:30,120 Speaker 1: demand is going to cool off inflation, and I think 485 00:26:30,119 --> 00:26:33,240 Speaker 1: we're making progress on that. And a lot of people 486 00:26:33,280 --> 00:26:34,920 Speaker 1: are probably scratching their heads and say, wait a minute, 487 00:26:34,960 --> 00:26:37,600 Speaker 1: we had two declines in GDP in the first quarter 488 00:26:37,640 --> 00:26:42,080 Speaker 1: and second quarter. Isn't that enough And those declines are 489 00:26:42,119 --> 00:26:44,840 Speaker 1: a little lousory. I think that we're going to see 490 00:26:45,320 --> 00:26:47,840 Speaker 1: later in September and September twenty nine we get the 491 00:26:47,880 --> 00:26:51,480 Speaker 1: benchmark revisions. The g D gigros was actually positive in 492 00:26:51,520 --> 00:26:53,439 Speaker 1: the first two quarters of the year, so that we 493 00:26:53,480 --> 00:26:56,400 Speaker 1: are losing momentum, but we're coming from a little bit 494 00:26:56,600 --> 00:27:00,960 Speaker 1: more strength than people accounted for. Counta on the employment 495 00:27:01,000 --> 00:27:02,719 Speaker 1: numbers have been real strong. We still see a lot 496 00:27:02,720 --> 00:27:04,840 Speaker 1: of pressure on wages, so we probably need to see 497 00:27:04,840 --> 00:27:09,200 Speaker 1: a definitive rollover in wages before the FET is going 498 00:27:09,240 --> 00:27:12,080 Speaker 1: to feel that they can at the at the at 499 00:27:12,080 --> 00:27:14,440 Speaker 1: the end and their eight heights is is in sight, 500 00:27:15,359 --> 00:27:17,639 Speaker 1: and then we need to see some improven on the 501 00:27:17,640 --> 00:27:21,040 Speaker 1: supply side, which the set has less control over um 502 00:27:21,760 --> 00:27:24,879 Speaker 1: in terms of the supply chain bottlenecks and and and 503 00:27:24,960 --> 00:27:28,760 Speaker 1: seeing agget production pick up in the US, and that 504 00:27:28,760 --> 00:27:31,000 Speaker 1: that's going to be longer that that imbalanced thems like 505 00:27:31,040 --> 00:27:35,560 Speaker 1: it's going to carry well over into three fed. Chapel 506 00:27:35,640 --> 00:27:38,080 Speaker 1: did put a lot of emphasis on the tightness of 507 00:27:38,080 --> 00:27:40,080 Speaker 1: the labor market in his speech on Friday. Do you 508 00:27:40,119 --> 00:27:42,719 Speaker 1: think we're going to start to see some signs of 509 00:27:42,720 --> 00:27:44,960 Speaker 1: that rollover and wage price pressure in the print that 510 00:27:45,000 --> 00:27:49,840 Speaker 1: we get on Friday. We're not looking for for it there, 511 00:27:50,480 --> 00:27:52,840 Speaker 1: although I do think that that there that we were 512 00:27:52,920 --> 00:27:55,880 Speaker 1: topping out. We're looking for about a half a percentage 513 00:27:55,920 --> 00:28:00,119 Speaker 1: quite increase in average early earnings and should be up 514 00:28:00,119 --> 00:28:04,400 Speaker 1: about five three percent year to year UM. It's probably 515 00:28:04,440 --> 00:28:07,840 Speaker 1: too soon, although we are seeing some improvement. You know, 516 00:28:07,960 --> 00:28:11,800 Speaker 1: anybody who's taken over or or lift, we'll see that 517 00:28:11,840 --> 00:28:14,480 Speaker 1: there's been a notable increase in drivers coming back, and 518 00:28:14,560 --> 00:28:17,160 Speaker 1: so I think that's a that's one of those real 519 00:28:17,200 --> 00:28:19,520 Speaker 1: life things that you can that I think handsome carry 520 00:28:19,520 --> 00:28:21,880 Speaker 1: over to the broader economy. And you think people are 521 00:28:21,920 --> 00:28:25,159 Speaker 1: coming back in the workforce. It may be though, that 522 00:28:25,160 --> 00:28:27,760 Speaker 1: they're coming back because they're getting squeezed by by higher 523 00:28:27,760 --> 00:28:30,120 Speaker 1: food dinner two prices and they they need a little 524 00:28:30,119 --> 00:28:33,080 Speaker 1: bit more bit more income. We got about a minute 525 00:28:33,119 --> 00:28:35,840 Speaker 1: left here, Mark, what kind of economic impact are you 526 00:28:35,920 --> 00:28:38,959 Speaker 1: looking for from the Fed? Beginning it's balance sheet online 527 00:28:39,000 --> 00:28:45,680 Speaker 1: this week? Well, they in terms of their their balance 528 00:28:45,720 --> 00:28:48,560 Speaker 1: sheet online, and this is uh at an ongoing impact 529 00:28:48,600 --> 00:28:51,560 Speaker 1: on the market. And we've seen that the spread on 530 00:28:51,920 --> 00:28:55,640 Speaker 1: mortgage rates relative to the tenure treasury as has wide 531 00:28:55,680 --> 00:28:58,280 Speaker 1: and considerably. And I don't know that all of that 532 00:28:58,440 --> 00:29:01,600 Speaker 1: is because of me, just a patient of the FED 533 00:29:02,040 --> 00:29:08,360 Speaker 1: reducing their mortgage holdings um in the but but I 534 00:29:08,480 --> 00:29:12,640 Speaker 1: know some of it is. And the mortgage market and 535 00:29:13,000 --> 00:29:16,400 Speaker 1: housing is the biggest transmission mechanism for one of the 536 00:29:16,400 --> 00:29:20,520 Speaker 1: biggest picture transmission mechanisms for monetary policy, and that's one 537 00:29:20,520 --> 00:29:22,800 Speaker 1: part of the accounty that has clearly slowed. And I 538 00:29:22,800 --> 00:29:25,080 Speaker 1: think what we'll see some evidence of that in the 539 00:29:25,120 --> 00:29:27,640 Speaker 1: case showing numbers that come out this morning that home 540 00:29:27,720 --> 00:29:30,760 Speaker 1: prices have clearly rolled over and most of the country 541 00:29:31,440 --> 00:29:33,240 Speaker 1: is now seeing a great kill of discounting in the 542 00:29:33,280 --> 00:29:38,280 Speaker 1: housing markets. So so the balancing runoff is having an impact. Mean, 543 00:29:38,280 --> 00:29:40,160 Speaker 1: it's one of the one of the things that drove 544 00:29:40,240 --> 00:29:42,920 Speaker 1: asset prices up, and we've clearly see that asset prices 545 00:29:44,000 --> 00:29:47,480 Speaker 1: are reversing. The real question going forward is when they 546 00:29:47,600 --> 00:29:49,840 Speaker 1: ramp up as they're they're doing now, as they ramp 547 00:29:50,000 --> 00:29:54,719 Speaker 1: up the run the runoff of securities that have an 548 00:29:54,760 --> 00:29:58,160 Speaker 1: increasing the impact on asset prices. And I certainly hope 549 00:29:58,160 --> 00:29:59,800 Speaker 1: not that I think that we're liking to see that. 550 00:29:59,880 --> 00:30:03,400 Speaker 1: This Mary's all. As always, Thanks Mark for your thoughts. 551 00:30:03,400 --> 00:30:06,479 Speaker 1: Mark Vitner, senior economist at Wells Fargo with us this 552 00:30:06,560 --> 00:30:09,840 Speaker 1: morning as we continue to watch futures move higher. Right now, 553 00:30:09,920 --> 00:30:17,640 Speaker 1: SMP futures up thirty four points. This is Bloomberg Bloomberg 554 00:30:17,680 --> 00:30:20,800 Speaker 1: eleven three oh weather, mostly sunny, late day shower possible tonight. 555 00:30:20,840 --> 00:30:22,959 Speaker 1: We'll get to the upper eighties and he showers end 556 00:30:23,000 --> 00:30:25,720 Speaker 1: early tomorrow, hides in the upper eighties once again. We'll 557 00:30:25,760 --> 00:30:28,480 Speaker 1: be sunny, less, humid, mid eighties for Thursday. Right now, 558 00:30:28,560 --> 00:30:36,320 Speaker 1: seventy five degrees Live from the Bloomberg Interactive Berger Studios. 559 00:30:36,400 --> 00:30:39,120 Speaker 1: This is Bloomberg day Break for Tuesday, August thirty. It's 560 00:30:39,880 --> 00:30:43,040 Speaker 1: two coming up this hour. Futures rise following the worst 561 00:30:43,080 --> 00:30:46,520 Speaker 1: two day stock selloff since June. A top FED official 562 00:30:46,600 --> 00:30:48,600 Speaker 1: says he was happy how the market reacted to j. 563 00:30:48,760 --> 00:30:52,480 Speaker 1: Powell's Jackson Hoole speech and the Biden administration said to 564 00:30:52,520 --> 00:30:55,720 Speaker 1: be preparing to sell a billion dollars in arms to Taiwan. 565 00:30:55,920 --> 00:30:59,120 Speaker 1: New York Mayor Adams provides more resources for pregnant women, 566 00:30:59,200 --> 00:31:02,480 Speaker 1: Blush grained launched Southern Offensive. As inspector said to a 567 00:31:02,560 --> 00:31:05,600 Speaker 1: nuclear plant, I'd like the bar more ahead, I'm down 568 00:31:05,640 --> 00:31:08,480 Speaker 1: Stats and sports. Aaron Judges fifty ft film, Ron game 569 00:31:08,480 --> 00:31:11,320 Speaker 1: in a Yankee loss of the Angel. Serena Williams advances 570 00:31:11,400 --> 00:31:16,720 Speaker 1: at the US Open. That's all Trading ahead on Bloomberg 571 00:31:16,760 --> 00:31:21,840 Speaker 1: day Break on Bloomberg eleven Free on New York, Bloomberg one, Washington, 572 00:31:21,960 --> 00:31:25,560 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 573 00:31:25,640 --> 00:31:29,880 Speaker 1: sixties and Francisco Sirius XM one nine team and around 574 00:31:29,880 --> 00:31:32,720 Speaker 1: the world on Bloomberg Radio dot com and via the 575 00:31:32,760 --> 00:31:39,480 Speaker 1: Bloomberg Business App. Good morning, I'm Nathan Hager and I'm 576 00:31:39,560 --> 00:31:43,040 Speaker 1: Karen Moscow and ust Index Futures on the rise this morning. 577 00:31:43,080 --> 00:31:44,840 Speaker 1: We are coming up to six o one on Wall Street. 578 00:31:44,880 --> 00:31:47,200 Speaker 1: I mean check the markets every fifteen minutes throughout the 579 00:31:47,200 --> 00:31:50,960 Speaker 1: trading day. On Bloomberg, SNP futures at thirty four points, 580 00:31:50,960 --> 00:31:53,760 Speaker 1: Staff futures have two hundred twenty two and nownesday futures 581 00:31:53,800 --> 00:31:56,640 Speaker 1: up one hundred thirty six ten. Your treasury up nine 582 00:31:56,680 --> 00:31:59,360 Speaker 1: thirty seconds, you have three point six percent, that yield 583 00:31:59,400 --> 00:32:01,920 Speaker 1: on the two years at three point four zero percent, 584 00:32:02,320 --> 00:32:05,360 Speaker 1: and NIMEX screwed oil is down one point seven percent 585 00:32:05,560 --> 00:32:08,600 Speaker 1: Nathan Karen. The rise in futures follows two straight days 586 00:32:08,600 --> 00:32:11,320 Speaker 1: of losses on Wall Street. In fact, the SMP five 587 00:32:11,400 --> 00:32:14,400 Speaker 1: hundred and NASTAC one hundred posted their worst to day 588 00:32:14,440 --> 00:32:17,600 Speaker 1: tumble since mid June, following FIT Share J. Powell's hawk 589 00:32:17,680 --> 00:32:20,800 Speaker 1: ish comments on Friday. Aaron Kennan is CEO at Clear 590 00:32:20,800 --> 00:32:25,160 Speaker 1: Harborsset Management. There has been a belief since perhaps mid June, 591 00:32:25,320 --> 00:32:27,719 Speaker 1: that the FIT at some point, perhaps by the end 592 00:32:27,720 --> 00:32:30,160 Speaker 1: of the year, would be in a position where they're 593 00:32:30,200 --> 00:32:33,120 Speaker 1: looking at data and decelerating inflation, and that they may 594 00:32:33,160 --> 00:32:35,360 Speaker 1: in fact be in a position to pivot. And I 595 00:32:35,360 --> 00:32:37,880 Speaker 1: think what we heard on Friday was that's not accurate. 596 00:32:38,480 --> 00:32:41,160 Speaker 1: Do not fight the FED. You know, if you're predicting 597 00:32:41,160 --> 00:32:44,400 Speaker 1: a pivot soon, please do not bet on it. Darin 598 00:32:44,520 --> 00:32:47,720 Speaker 1: Kennon with Clear Harborasset Management says equities could experience a 599 00:32:47,800 --> 00:32:51,440 Speaker 1: rough patch as the FED continues battling inflation. Well, Nathan, 600 00:32:51,480 --> 00:32:54,080 Speaker 1: and while investors may have been rattled by the stock 601 00:32:54,120 --> 00:32:57,440 Speaker 1: market reaction to Powell's speech, Minneapolis Fed President Neil cash 602 00:32:57,480 --> 00:33:00,520 Speaker 1: Cary says it was good by him. I from me 603 00:33:00,640 --> 00:33:03,520 Speaker 1: was not excited to see the stock market rallying after 604 00:33:03,560 --> 00:33:06,160 Speaker 1: our last photo Open Market Committee meeting, because I know 605 00:33:06,240 --> 00:33:09,320 Speaker 1: how committed we all are to getting inflation down, and 606 00:33:09,360 --> 00:33:12,440 Speaker 1: I somehow think the markets were misunderstanding that. And I 607 00:33:12,520 --> 00:33:15,959 Speaker 1: was actually happy to see how Cheri Pal's Jackson Hole 608 00:33:16,000 --> 00:33:19,080 Speaker 1: speech was received. You know, people now understand the seriousness 609 00:33:19,080 --> 00:33:21,880 Speaker 1: of our commitment to getting inflation back down to two percent. 610 00:33:22,200 --> 00:33:25,160 Speaker 1: Cash Curry said, the US Central Bank is determined to 611 00:33:25,200 --> 00:33:29,080 Speaker 1: contain inflation. The most costly mistake we will make is 612 00:33:29,120 --> 00:33:32,320 Speaker 1: if we get fooled thinking, oh, we've got inflation licked, 613 00:33:32,360 --> 00:33:35,480 Speaker 1: now let's go cut interest rates. Because the economy is 614 00:33:35,520 --> 00:33:37,560 Speaker 1: showing signs of weakendings, and so the way to deal 615 00:33:37,600 --> 00:33:40,120 Speaker 1: with the lags for me is just to get somewhere 616 00:33:40,160 --> 00:33:42,760 Speaker 1: and sit there until we're really convinced that we've got 617 00:33:42,800 --> 00:33:46,120 Speaker 1: inflation licked. Anapolis Fed President Neil cash Carey made the 618 00:33:46,160 --> 00:33:49,640 Speaker 1: comments on the Odd Lots podcast with Bloomberg's Tracy Alloway 619 00:33:49,720 --> 00:33:52,880 Speaker 1: and Joe Rosenthal. Listen to the entire interview wherever you 620 00:33:52,960 --> 00:33:56,000 Speaker 1: get your podcasts. Interest rates are also in focus in Europe. 621 00:33:56,040 --> 00:33:59,000 Speaker 1: Parent E c V chief economist Philip Lane is urging 622 00:33:59,040 --> 00:34:01,600 Speaker 1: a steady pace of eight hikes to fight record inflation. 623 00:34:01,680 --> 00:34:04,760 Speaker 1: He thinks that will help minimize any negative consequences. Where 624 00:34:04,760 --> 00:34:07,400 Speaker 1: we are now, where the poti fate is zero, is 625 00:34:07,440 --> 00:34:10,359 Speaker 1: below Annie verse and off the terminal race we said 626 00:34:10,360 --> 00:34:12,960 Speaker 1: in July, and it's fairly obvious, and the market believe 627 00:34:13,040 --> 00:34:16,520 Speaker 1: at the surveys anticipators is there will be a series 628 00:34:16,520 --> 00:34:19,080 Speaker 1: of hikes coming off. But of course what the big 629 00:34:19,120 --> 00:34:25,160 Speaker 1: debate is exactly how high should the accuminated increased ECB 630 00:34:25,320 --> 00:34:28,160 Speaker 1: Chief economist Philip Blaines comments seemed to push back against 631 00:34:28,239 --> 00:34:30,279 Speaker 1: some of his colleagues who floated the idea of a 632 00:34:30,360 --> 00:34:33,279 Speaker 1: seventy five basis point hike at next week's meeting. But 633 00:34:33,400 --> 00:34:36,600 Speaker 1: the Corporate News now Nathan Microsoft is outlined plan changes 634 00:34:36,640 --> 00:34:39,640 Speaker 1: to the terms of its software licensing agreements in Europe, 635 00:34:39,680 --> 00:34:43,120 Speaker 1: and Bloomberry Shirley Pellant has the story. It follows complaints 636 00:34:43,120 --> 00:34:48,040 Speaker 1: to antitrust regulators from some European cloud computing service providers 637 00:34:48,080 --> 00:34:52,240 Speaker 1: that the company's practices put rivals out of competitive disadvantage. 638 00:34:52,640 --> 00:34:56,239 Speaker 1: Microsoft says the changes will make it simpler for customers 639 00:34:56,280 --> 00:34:59,480 Speaker 1: of rival cloud service companies in Europe to move their 640 00:34:59,520 --> 00:35:03,440 Speaker 1: exist software to these other networks. It says the new 641 00:35:03,600 --> 00:35:07,560 Speaker 1: terms will also ensure the cloud partners quote have access 642 00:35:07,600 --> 00:35:11,320 Speaker 1: to the products necessary to sell cost effective solutions that 643 00:35:11,480 --> 00:35:16,240 Speaker 1: customers want. In New York, Charlie Pellett, Bloomberg Daybreak, All right, Charlie, 644 00:35:16,320 --> 00:35:18,640 Speaker 1: thank you on the earning stront We get quarterly results 645 00:35:18,640 --> 00:35:21,880 Speaker 1: this morning from best Buy. Bloomberg's Tom Busby has a preview. 646 00:35:22,000 --> 00:35:24,799 Speaker 1: After cutting its annual profit and sales forecast in July. 647 00:35:24,920 --> 00:35:28,320 Speaker 1: It's expected to be a dismal second quarter earnings report 648 00:35:28,360 --> 00:35:31,480 Speaker 1: from the Minnesota based retailer as it contends with weakening 649 00:35:31,520 --> 00:35:35,440 Speaker 1: demand for PCs, laptops and other consumer electronics u S 650 00:35:35,480 --> 00:35:39,160 Speaker 1: COMP sales forecast to tumble more than eleven percent last quarter. 651 00:35:39,280 --> 00:35:41,840 Speaker 1: The big focus though, for investors the chain's outlook for 652 00:35:41,880 --> 00:35:44,759 Speaker 1: the all important holiday shopping season consess. This calls for 653 00:35:44,800 --> 00:35:47,600 Speaker 1: adjusted earnings per share of a dollar thirty eight revenue 654 00:35:47,640 --> 00:35:51,480 Speaker 1: of ten point three five billion dollars. I'm Tom Busby, 655 00:35:51,680 --> 00:35:55,480 Speaker 1: Bloomberg Daybreak. All right, Tom, thank you to politics Now. 656 00:35:55,520 --> 00:35:58,520 Speaker 1: Bloomberg News has learned the budding administration is preparing to 657 00:35:58,560 --> 00:36:01,439 Speaker 1: sell one point one billion dollars in missiles and radar 658 00:36:01,480 --> 00:36:04,279 Speaker 1: support to Taiwan. It would be the largest transfer of 659 00:36:04,360 --> 00:36:07,120 Speaker 1: US weapons to Taiwan, and almost two years of the 660 00:36:07,360 --> 00:36:10,919 Speaker 1: sale does not offer Taiwan any new military capacity, still 661 00:36:11,000 --> 00:36:13,919 Speaker 1: likely to lead to more protests from China to meantime, Karen. 662 00:36:13,920 --> 00:36:17,360 Speaker 1: President Biden will deliver a primetime speech this week, escalating 663 00:36:17,400 --> 00:36:20,960 Speaker 1: his criticism of what he calls extreme MAGA Republicans. A 664 00:36:21,000 --> 00:36:24,840 Speaker 1: preview now from Amy Morris and our Bloomberg newsroom in Washington. 665 00:36:25,080 --> 00:36:28,280 Speaker 1: White House officials tell Bloomberg News President Biden will speak 666 00:36:28,320 --> 00:36:30,480 Speaker 1: about the battle for the soul of the nation and 667 00:36:30,480 --> 00:36:34,240 Speaker 1: will warn that the country's core values, including democracy itself, 668 00:36:34,280 --> 00:36:38,600 Speaker 1: are at stake. Thursday's address from Philadelphia's Independence National Historical 669 00:36:38,600 --> 00:36:41,680 Speaker 1: Park will condemn the GOP for what Biden regards is 670 00:36:41,719 --> 00:36:44,799 Speaker 1: their threats to US rights and freedoms, and sharpen his 671 00:36:44,840 --> 00:36:47,680 Speaker 1: attacks on Republicans as he works to reframe the mid 672 00:36:47,840 --> 00:36:51,520 Speaker 1: term elections, which are traditionally punishing for first term presidents. 673 00:36:51,680 --> 00:36:54,879 Speaker 1: In Washington, I'm Amy Morris, Bloomberg Daybreak. All right, Amy, thanks, 674 00:36:54,920 --> 00:36:57,640 Speaker 1: and President Biden's approval ratings have been on the rise. 675 00:36:57,800 --> 00:37:00,920 Speaker 1: The poll tracking website five thirty eight now says Democrats 676 00:37:00,920 --> 00:37:03,480 Speaker 1: are now slightly favored to keep control of the Senate 677 00:37:03,480 --> 00:37:07,560 Speaker 1: in November. Republicans, meanwhile, are dealing with multiple investigations against 678 00:37:07,640 --> 00:37:12,640 Speaker 1: former President Donald Shrump. Bloomberg political contributor Jeanie shehan Zeno says, 679 00:37:12,680 --> 00:37:14,840 Speaker 1: the more the former president is in the news, the 680 00:37:14,920 --> 00:37:18,319 Speaker 1: better it is for Democrats. Republicans know that they would 681 00:37:18,400 --> 00:37:20,880 Speaker 1: like to turn their focus on Joe Biden. They'd like 682 00:37:20,920 --> 00:37:23,840 Speaker 1: to talk about inflation. They'd like to talk about his age, 683 00:37:23,880 --> 00:37:25,880 Speaker 1: They'd like to talk about a whole bunch of things. 684 00:37:26,080 --> 00:37:29,240 Speaker 1: They haven't gotten the oxygen in the room because Donald 685 00:37:29,239 --> 00:37:33,440 Speaker 1: Trump takes it all up. Bloomberg Politic politics contributor Genie 686 00:37:33,480 --> 00:37:36,560 Speaker 1: shehan Zeno spoke at Our Washington corresponded Joe Matthew on 687 00:37:36,600 --> 00:37:39,560 Speaker 1: Bloomberg Sound on Catch the program weekdays at five pm 688 00:37:39,560 --> 00:37:43,080 Speaker 1: Eastern on Bloomberg Radio. Again, Future is on the rise 689 00:37:43,120 --> 00:37:45,560 Speaker 1: this morning, straight ahead, your latest local headlines, plus a 690 00:37:45,640 --> 00:37:53,879 Speaker 1: check of sports. And this is Bloomberg. All right, Karen, 691 00:37:53,920 --> 00:37:56,520 Speaker 1: thank you. It is uh six oh seven on Wall Street. Now. 692 00:37:56,560 --> 00:37:59,360 Speaker 1: We's seventy five degrees in Central Park, getting heavy on 693 00:37:59,400 --> 00:38:01,279 Speaker 1: the westbound l I E from the Van Wick through 694 00:38:01,280 --> 00:38:04,640 Speaker 1: Woodhaven Boulevard. Details coming up in traffic. First Michael Barr 695 00:38:04,680 --> 00:38:06,160 Speaker 1: with what else is going on in New York and 696 00:38:06,200 --> 00:38:08,480 Speaker 1: around the world. Good morning, Michael, Good morning Nathan. New 697 00:38:08,520 --> 00:38:11,600 Speaker 1: York City will give pregnant women more support and expanded 698 00:38:11,640 --> 00:38:15,319 Speaker 1: access to resources. It's an effort to address health disparities. 699 00:38:15,560 --> 00:38:18,080 Speaker 1: New York City Mayor Eric Adam says that he is 700 00:38:18,120 --> 00:38:22,320 Speaker 1: signing seven bills into law making pregnancy safer and bridge 701 00:38:22,360 --> 00:38:25,319 Speaker 1: the gap for maternal healthcare for black women and the 702 00:38:25,400 --> 00:38:30,120 Speaker 1: numbers of clear. Black women are nine times more likely 703 00:38:30,160 --> 00:38:34,080 Speaker 1: to die of pregnancy re lady causes than white women 704 00:38:34,200 --> 00:38:38,560 Speaker 1: in New York City. That is an alarming, unacceptable number. 705 00:38:39,160 --> 00:38:42,160 Speaker 1: Mayor Adam says the bills will do several things, including 706 00:38:42,360 --> 00:38:45,680 Speaker 1: established a maternal Bill of Rights and for women to 707 00:38:45,719 --> 00:38:49,080 Speaker 1: be free from discrimination. A team lost an arm after 708 00:38:49,120 --> 00:38:51,880 Speaker 1: an impact in the New York City subway. The fifteen 709 00:38:51,920 --> 00:38:54,920 Speaker 1: year old's arm was severed after being struck by a 710 00:38:54,960 --> 00:38:58,759 Speaker 1: northbound our train in Jackson Heights, Queens. He's currently in 711 00:38:58,800 --> 00:39:01,480 Speaker 1: stable condition at bell of View Hospital that set the 712 00:39:01,480 --> 00:39:05,640 Speaker 1: team was trying to subway serve. Ukraine's military says it 713 00:39:05,760 --> 00:39:09,400 Speaker 1: is advancing in Russian hell Territory just north of the 714 00:39:09,520 --> 00:39:14,320 Speaker 1: Crimea Peninsula. Ukrainian forces launched ground assaults in the Kirchhean region. 715 00:39:14,640 --> 00:39:18,360 Speaker 1: It comes as the International Atomic Energy Agency heads to 716 00:39:18,640 --> 00:39:23,160 Speaker 1: the Russian occupied nuclear power plant to the northeast. In Ukraine. 717 00:39:23,520 --> 00:39:26,120 Speaker 1: There is no safe water to drink from the tap 718 00:39:26,280 --> 00:39:29,880 Speaker 1: for up to a hundred eighty thousand people. In Jackson, Mississippi, 719 00:39:30,040 --> 00:39:33,080 Speaker 1: flood waters from the Pearl River are going down, knocking 720 00:39:33,160 --> 00:39:37,040 Speaker 1: out the main pumping station. Mississippi Governor Tate reeves we 721 00:39:37,120 --> 00:39:40,640 Speaker 1: are drafting a state of emergency declaration with regards to 722 00:39:40,760 --> 00:39:44,920 Speaker 1: Jackson's failure to produce running water. Governor Reeves says that 723 00:39:45,040 --> 00:39:47,600 Speaker 1: also means there is less or no water to fight 724 00:39:47,680 --> 00:39:51,680 Speaker 1: fires and flush toilets. Climate researchers are sounding the alarm 725 00:39:51,800 --> 00:39:55,480 Speaker 1: that Greenland's melting ice sheet will eventually raised global sea 726 00:39:55,600 --> 00:39:58,400 Speaker 1: levels by about ten inches. According to the report in 727 00:39:58,440 --> 00:40:00,719 Speaker 1: the journal Nature. The fear now oh is that it 728 00:40:00,800 --> 00:40:05,080 Speaker 1: may be inevitable. Author and science journalists Guy Events says, 729 00:40:05,200 --> 00:40:08,600 Speaker 1: nations have to start planning now for future climate refugees 730 00:40:08,640 --> 00:40:12,200 Speaker 1: and mass migration. People will not be able to adapt 731 00:40:12,200 --> 00:40:16,000 Speaker 1: in certain places. They will have to move. Author Guy Events, 732 00:40:16,200 --> 00:40:18,880 Speaker 1: Global News twenty four hours a day on air and 733 00:40:19,040 --> 00:40:21,880 Speaker 1: on Bloomberg Quick Take, powered by more than seven hundred 734 00:40:21,920 --> 00:40:25,120 Speaker 1: journalists analysts more than a hundred twenty countries. Michael Barn 735 00:40:25,200 --> 00:40:32,440 Speaker 1: this is Bloomberg, Nathan. Thank you, Michael. Almost six cent 736 00:40:32,480 --> 00:40:34,560 Speaker 1: on Wall Street time for the Bloomberg Sports Update. Here's 737 00:40:34,600 --> 00:40:37,000 Speaker 1: John Stashower back to Nathan Yankees after a couple of 738 00:40:37,000 --> 00:40:39,759 Speaker 1: lossons in Oakland, YA series in Anaheim and in the 739 00:40:39,840 --> 00:40:44,319 Speaker 1: eighth in eight Milestone, the pitch swung on it hit 740 00:40:44,640 --> 00:40:53,319 Speaker 1: deep center field, trouvel the run John number fifty, end 741 00:40:53,320 --> 00:40:58,359 Speaker 1: of the war file in center field in Anaheim. It's 742 00:40:58,400 --> 00:41:03,279 Speaker 1: four play angels after the whole run number fifty. John 743 00:41:03,440 --> 00:41:05,000 Speaker 1: at the f an at the call. He's only the 744 00:41:05,080 --> 00:41:07,960 Speaker 1: tenth player in baseball history to have had two fifty 745 00:41:08,000 --> 00:41:10,640 Speaker 1: home run seasons, and he gets there before even getting 746 00:41:10,640 --> 00:41:13,560 Speaker 1: to September. The question now is if Judge can break 747 00:41:13,640 --> 00:41:16,759 Speaker 1: Roger Marris's Yankee and American League record of sixty one 748 00:41:16,760 --> 00:41:19,600 Speaker 1: homers angels one three on a show Heyo Tani two 749 00:41:19,680 --> 00:41:21,960 Speaker 1: run homers. It's twenty night that came up Frankie Mantas, 750 00:41:22,000 --> 00:41:25,960 Speaker 1: who has four and eleven record between the Yankees and Oakland. 751 00:41:25,960 --> 00:41:29,160 Speaker 1: The Dodgers, with a Tenny Winman Miami, are now fifty 752 00:41:29,200 --> 00:41:31,600 Speaker 1: one games over five hundred as they started series tonight 753 00:41:31,640 --> 00:41:34,200 Speaker 1: with the Mets at City Field across the parking lot 754 00:41:34,280 --> 00:41:36,680 Speaker 1: for the US Open. Last night hot ticket to see 755 00:41:36,719 --> 00:41:39,759 Speaker 1: Serena Williams not the final match of her career. She 756 00:41:39,840 --> 00:41:42,600 Speaker 1: beat Duncan Covinett straight Sesslo. She would be back tomorrow 757 00:41:42,719 --> 00:41:44,640 Speaker 1: night for a second round match for the net count 758 00:41:44,680 --> 00:41:47,759 Speaker 1: of Night and g is the tournament's second seed. The 759 00:41:47,840 --> 00:41:49,920 Speaker 1: next said to be close to an agreement with R. J. 760 00:41:50,080 --> 00:41:52,400 Speaker 1: Barrett only twenty two years old and he's getting a 761 00:41:52,440 --> 00:41:55,839 Speaker 1: four year, one hundred and twenty million dollar extension, So 762 00:41:55,960 --> 00:41:58,279 Speaker 1: if they are to make a trade with Utah for 763 00:41:58,400 --> 00:42:02,520 Speaker 1: Donovan Mitchell, it will not include Barrett. NFL teams including 764 00:42:02,600 --> 00:42:04,759 Speaker 1: Jackson Giants, have to cut their rosters down today. In 765 00:42:04,800 --> 00:42:08,120 Speaker 1: a surprise, the forty Niners who are starting Trey Lands 766 00:42:08,160 --> 00:42:11,719 Speaker 1: are keeping Jimmy Garoppolo is the backup quarterback. John Stashar 767 00:42:11,760 --> 00:42:14,360 Speaker 1: Bloomberg Sports. All right, John, thanks for red headline just 768 00:42:14,360 --> 00:42:17,080 Speaker 1: causing the Bloomberg terminal. Elon Musk has sent a letter 769 00:42:17,120 --> 00:42:20,720 Speaker 1: to Twitter adding reasons to terminate his forty four billion 770 00:42:20,719 --> 00:42:24,600 Speaker 1: dollar buyout offer. Twitter shares right now are down almost 771 00:42:24,640 --> 00:42:29,480 Speaker 1: three percent. Tesla shares are up more than two percent. 772 00:42:30,120 --> 00:42:38,239 Speaker 1: Futures are higher. This is Bloomberg. Good morning, Bloomberg, eleven 773 00:42:38,280 --> 00:42:40,200 Speaker 1: three oh Weather, mostly sunny, chance for a late day 774 00:42:40,200 --> 00:42:43,160 Speaker 1: shower today, upper eighties, any showers and early tomorrow Clearing. 775 00:42:43,239 --> 00:42:46,440 Speaker 1: Hides in the upper eighties for Wednesday, sunny, less humid, 776 00:42:46,520 --> 00:42:49,440 Speaker 1: mid eighties for Thursday. Right now seventy five in Central 777 00:42:49,440 --> 00:42:49,680 Speaker 1: Park