WEBVTT - Bloomberg Daybreak: August 30, 2022 - Hour 2 (Radio) 0:00:01.960 --> 0:00:05.280 Markets, headlines and breaking news twenty four hours a day 0:00:05.440 --> 0:00:08.440 at Bloomberg dot Com, the Bloomberg Business apt and at 0:00:08.440 --> 0:00:18.120 Bloomberg Quicktake. This is a Bloomberg Business Flash and I'm 0:00:18.160 --> 0:00:20.599 Karen Moscow future is on the rise. This morning, we 0:00:20.640 --> 0:00:22.720 go to the First Word Breaking news desk for today's 0:00:22.760 --> 0:00:27.200 morning call. Here's Bill Maloney. Bill, good morning, and good morning, Karen. 0:00:27.240 --> 0:00:29.600 That's right, US futures with a bid right now without 0:00:29.640 --> 0:00:32.440 futures up two points. As if he's gained thirty three 0:00:32.479 --> 0:00:35.680 one nest that futures are up by one two he 0:00:35.920 --> 0:00:38.440 was ten year old. At three point oh six percent, 0:00:38.520 --> 0:00:41.000 Gold is little changed, oil is in the red, and 0:00:41.040 --> 0:00:44.400 bitcoin is traded higher by one point four percent. Japan 0:00:44.479 --> 0:00:47.040 rose one point one percent overnight, while European markets are 0:00:47.080 --> 0:00:49.400 also in the green this morning, and back in the US. 0:00:49.479 --> 0:00:51.680 On the economic front, at nine o'clock, the House price 0:00:51.720 --> 0:00:55.400 Index and at ten o'clock, consumer confidence in dean lows. 0:00:55.440 --> 0:00:58.080 Elon Musk sent a letter to Twitter, adding to reasons 0:00:58.120 --> 0:01:01.000 to terminate the deal, and you have politics. The U 0:01:01.040 --> 0:01:03.120 S is for Parent to sell one point one billion 0:01:03.160 --> 0:01:07.040 in missiles and radar support to Taiwan. In other news, 0:01:07.040 --> 0:01:09.360 Goldman Sachs said the downturn in the US housing market 0:01:09.400 --> 0:01:12.480 has further to run and wrapping things up still there 0:01:12.560 --> 0:01:15.880 was raised to neutral. Well read Hip Morgan Live from 0:01:15.880 --> 0:01:18.920 the First to Breaking News descom Bill Maloney. Karen, all right, Bill, 0:01:19.000 --> 0:01:21.119 thank you while you mentioned that letter from Elon Musk 0:01:21.160 --> 0:01:23.480 to Twitter. Twitter shares or down one point two percent 0:01:23.600 --> 0:01:25.720 in early trading right now, and we continue to watch 0:01:25.760 --> 0:01:29.440 Tesla up two point three first cent. And here live 0:01:29.480 --> 0:01:32.200 breaking news over your Bloombergy type squawk on your terminal 0:01:32.440 --> 0:01:35.080 scue you a w u K. That's a Bloomberg business flash. 0:01:35.120 --> 0:01:37.320 Now here's Minchel Barr with more on what's going on 0:01:37.319 --> 0:01:40.240 around the world. Michael, Karen, thank you very much. Ukrain's 0:01:40.319 --> 0:01:43.840 military says it is advancing in Russian held territory just 0:01:44.040 --> 0:01:47.680 north of the Crimea Peninsula. It comes as the International 0:01:47.720 --> 0:01:51.760 Atomic Energy Agency heads to the Russian occupied nuclear power 0:01:51.800 --> 0:01:56.240 plant to the northeast in Ukraine. Tony Ornado, the senior 0:01:56.360 --> 0:01:59.200 Secret Service official whose name was at the center of 0:01:59.240 --> 0:02:03.480 controversy during the January sixth hearings, has retired at the 0:02:03.600 --> 0:02:06.600 US Open Serena Williams, who announced this will likely be 0:02:06.760 --> 0:02:11.040 her last open Advanced after her first round win last 0:02:11.160 --> 0:02:15.840 night over Donavin. In baseball, the Yankees lost to the 0:02:15.880 --> 0:02:20.200 Angels for three, but Aaron Judge hit his fiftieth home 0:02:20.280 --> 0:02:22.880 run of the season. Judge became one of ten MLB 0:02:23.000 --> 0:02:26.320 players to have multiple fifty homer seasons. The Red Sox 0:02:26.320 --> 0:02:29.280 and Giants lost. Global Needs twenty four hours a day 0:02:29.320 --> 0:02:32.280 on here and on Bloomberg Quick Takes, powered by more 0:02:32.360 --> 0:02:36.079 than hundred journalists and analysts more than a hundred twenty countries. 0:02:36.440 --> 0:02:39.639 Michael Barn, This is Bloomberg, Karen Orry, Michael Barr, thank 0:02:39.680 --> 0:02:42.000 you at a sixte on Wall Street, and we turned 0:02:42.000 --> 0:02:44.680 to news and science and technology now with the Bloomberg 0:02:44.720 --> 0:02:47.040 and j I T Stem Report. It has brought to 0:02:47.080 --> 0:02:50.239 you by New Jersey Institute of Technology and j i 0:02:50.360 --> 0:02:53.440 T is dedicated to bolstering support for female and minority 0:02:53.520 --> 0:02:57.320 students pursuing careers in high paying STEM industries. Learn more 0:02:57.360 --> 0:02:59.680 at n j I T. Dont e d U and 0:02:59.720 --> 0:03:03.040 here's it's making news and science, technology, engineering, and math. 0:03:03.639 --> 0:03:07.160 China's battling COVID in every province, despite its use of 0:03:07.240 --> 0:03:10.079 the world's strictest measures to keep the virus out, all 0:03:10.240 --> 0:03:13.880 thirty one mainland provinces recorded at least one local COVID 0:03:13.960 --> 0:03:16.919 case over the past ten days. That's the broadest exposure 0:03:16.960 --> 0:03:21.440 to the virus since early. Restrictions have been increasing around 0:03:21.440 --> 0:03:26.280 Beijing and in Shenzen, China's southern technology hub. The European 0:03:26.360 --> 0:03:29.400 Union is set to meet its gas storage filling goal 0:03:29.520 --> 0:03:32.120 two months ahead of target. The block is bracing for 0:03:32.120 --> 0:03:35.360 a tough winter with Russia limiting supplies and energy prices. 0:03:35.400 --> 0:03:39.320 Soaring gas storage helps absorb supply shocks and provides up 0:03:39.320 --> 0:03:43.200 to of the fuel consumed in winter and South Korean 0:03:43.360 --> 0:03:47.800 battery maker l G and Japanese automaker Honda are investing 0:03:47.800 --> 0:03:50.200 four point four billion dollars and a joint venture in 0:03:50.200 --> 0:03:53.360 the US to produce batteries for Honda electric vehicles in 0:03:53.400 --> 0:03:56.560 the North American market. The planned side is still undecided, 0:03:56.680 --> 0:04:00.000 but construction will begin in early three with mass produce. 0:04:00.000 --> 0:04:02.200 Should not have advanced lithium I on battery sales to 0:04:02.280 --> 0:04:05.720 start by the end of and as the Bloomberg n 0:04:05.760 --> 0:04:08.920 j I t STEM report Nathan, thank you, Karen. We 0:04:08.960 --> 0:04:11.600 are live from the Bloomberg Interactive Brokers studios where it's 0:04:11.640 --> 0:04:14.080 just about six fifty one on Wall Street now it's 0:04:14.080 --> 0:04:16.279 time to check what's going on in VC, where some 0:04:16.360 --> 0:04:19.080 of the top stories include President Biden preparing a rare 0:04:19.160 --> 0:04:21.320 prime time speech on the threat he sees from the 0:04:21.320 --> 0:04:25.280 Republican Party, the Biden administration getting set to give one 0:04:25.279 --> 0:04:28.479 point one billion dollars in arms sales to Taiwan, the 0:04:28.560 --> 0:04:32.599 Justice Department raising doubts on former President Trump's Special Master request, 0:04:32.640 --> 0:04:36.120 and the Secret Service agent at the center of January 0:04:36.160 --> 0:04:40.840 sixth testimony resigning Bloomberg. Government reporter Emily Wilkins is back 0:04:40.839 --> 0:04:43.520 with US now for more on some of these stories. Emily, 0:04:43.640 --> 0:04:45.760 the President is going to be spending a lot of 0:04:45.800 --> 0:04:48.760 time in Pennsylvania over the next two days. He is, 0:04:48.800 --> 0:04:51.320 He's gonna go back to uh, back to his roots. 0:04:51.880 --> 0:04:54.159 He'll be in Wilkes Bar today. He's also gonna have 0:04:54.200 --> 0:04:58.000 Pittsburgh and then of course his big prime time speech 0:04:58.120 --> 0:05:03.160 this Thursday in Philadelphia. Pennsylvania, Nathan really really critical state 0:05:03.240 --> 0:05:05.880 for the upcoming midterms. And not only is there a 0:05:05.880 --> 0:05:09.000 competitive governor race there, which of course really doesn't decide 0:05:09.040 --> 0:05:12.080 the balance of Congress, but could meet a lot to Pennsylvanians. UH, 0:05:12.120 --> 0:05:16.360 there's also a competitive Senate race and numerous competitive House races. 0:05:16.400 --> 0:05:19.159 He's headed up to Congressman Matt Cartwright's district today. He's 0:05:19.200 --> 0:05:22.000 a Democrat who has got elected several times in a 0:05:22.040 --> 0:05:25.080 Trump district, but of course this year as they're not 0:05:25.160 --> 0:05:28.440 in democrats favor. So this is really part of Biden 0:05:28.640 --> 0:05:30.840 get trying to get out more on the campaign trail. 0:05:30.880 --> 0:05:32.479 He said he was going to do this at the 0:05:32.520 --> 0:05:35.000 beginning of the year, to get out more, to talk 0:05:35.040 --> 0:05:37.919 to the public more. There's a sense that Biden does 0:05:38.080 --> 0:05:41.039 better when he is away from the bubble that is Washington, 0:05:41.120 --> 0:05:43.520 d c. And is actually kind of able to get 0:05:43.520 --> 0:05:46.280 out and talk with folks one on one. So definitely 0:05:46.279 --> 0:05:48.279 expect to see more of that as we get closer 0:05:48.320 --> 0:05:50.600 to the election, and it will be very interesting to 0:05:50.920 --> 0:05:53.040 hear his speech tonight. You know, Biden kind of presented 0:05:53.120 --> 0:05:56.440 himself as a candidate, the Democratic candidate who could work 0:05:56.480 --> 0:05:59.640 with Republicans, who could build bridges, make things happen, and 0:05:59.640 --> 0:06:02.760 to an extent he has. But he's also trying to 0:06:03.000 --> 0:06:06.039 at the same time push this message that Republicans have 0:06:06.160 --> 0:06:09.599 become too radical and that they are now a threat 0:06:09.600 --> 0:06:13.599 to democracy. He's dusting off that playbook and expect to 0:06:13.680 --> 0:06:17.000 kind of hear more about him sort of pitching Democrats 0:06:17.160 --> 0:06:19.880 as as the party that you know, would would save 0:06:19.920 --> 0:06:24.000 Americans and continue democracy and set that at odds with Republicans. 0:06:24.240 --> 0:06:27.960 It is the playbook, as you mentioned, Emily, I guess 0:06:28.000 --> 0:06:30.400 the question is whether that kind of playbook is gonna 0:06:30.480 --> 0:06:36.159 work for congressional candidates on the Democratic Party looking to 0:06:36.200 --> 0:06:40.880 take or keep control of Congress in two Well, certainly 0:06:40.920 --> 0:06:43.400 a number of them are leaning in that direction. Wouldn't 0:06:43.400 --> 0:06:46.560 you talk with the head of the Democrats campaign arm, 0:06:46.839 --> 0:06:50.320 Congressman Sean Patrick Maloney. I mean, every time I've talked 0:06:50.320 --> 0:06:52.279 with him, it's it's almost like you can like count 0:06:52.279 --> 0:06:54.680 the number of times that he says mega Republicans, Like 0:06:54.720 --> 0:06:57.320 that's just become a part of his speech now. And 0:06:57.360 --> 0:06:59.679 even when I went up to Congressman mac Cartwright's district 0:06:59.720 --> 0:07:01.680 in the last couple of days and spoke with him, 0:07:02.160 --> 0:07:05.479 you know, he very much tied his Republican opponent to 0:07:05.640 --> 0:07:10.160 more extreme policies, particularly those on abortion. That's really something 0:07:10.200 --> 0:07:14.200 that Democrats see as a winning issue for them, especially 0:07:14.240 --> 0:07:17.400 if they can paint Republicans as being pretty radical on 0:07:17.480 --> 0:07:20.400 that and not having any sort of exceptions. Uh So, 0:07:20.480 --> 0:07:23.360 that's something that that Democrats are really focused on right now, 0:07:23.440 --> 0:07:25.480 and it's something that they do believe could make a 0:07:25.480 --> 0:07:28.400 difference for them when it comes to keeping the House 0:07:28.440 --> 0:07:31.400 and keeping the Senate. Let's turn to geo politics. There's 0:07:31.440 --> 0:07:35.520 a lot of focus right now still on Taiwan. Emily, Yes, 0:07:36.040 --> 0:07:39.920 we've got since speak House speaking, Nancy Pelosi went on 0:07:39.960 --> 0:07:43.520 that trip. We've seen other lawmakers from both sides of 0:07:43.560 --> 0:07:47.000 the aisles. Senator Ed Markey a Democrat, Senator Marshall Blackburn 0:07:47.040 --> 0:07:50.000 a Republican, go ahead and visit the island. We also 0:07:50.160 --> 0:07:52.760 just have a new alert crossing the terminal that Arizona's 0:07:52.760 --> 0:07:56.160 governor uh Doocy is going to be visiting Taiwan and 0:07:56.200 --> 0:07:59.120 meet shipmakers there. And this also comes as the White 0:07:59.160 --> 0:08:02.040 House is planning a one point one billion dollar in 0:08:02.080 --> 0:08:05.600 missiles and surveillance radar to Taiwan. This is the largest 0:08:05.600 --> 0:08:08.880 sense Spliden took office. These aren't any sort of new weapons, 0:08:08.920 --> 0:08:12.680 that doesn't really change Taiwan's capabilities as far as military 0:08:12.760 --> 0:08:15.600 is concerned, but it really continues to kind of send 0:08:15.600 --> 0:08:19.000 a strong message to Beijing that the US is supportive 0:08:19.160 --> 0:08:21.200 of Taiwan. And it comes, you know, as there are 0:08:21.600 --> 0:08:25.000 height intentions. China's has continued to send warships and aircraft 0:08:25.080 --> 0:08:28.480 into the Taiwan straight. Remember there were those missile launches 0:08:28.520 --> 0:08:32.560 and flyovers after Pelosi's trip. Uh, So certainly the there's 0:08:32.600 --> 0:08:36.160 there's been no sort of de escalation from from Washington. 0:08:36.240 --> 0:08:40.079 They have you know, continued to show their support for Taiwan. Uh, 0:08:40.200 --> 0:08:43.040 with this missile sale of course being being the latest. Yeah, 0:08:43.080 --> 0:08:46.160 we've had some developments as well in the FBI search 0:08:46.280 --> 0:08:49.920 at Mara Lago, former President Donald Trump's home and the 0:08:50.240 --> 0:08:55.040 classified material found there. What's the latest when it comes 0:08:55.080 --> 0:08:58.480 to the former president's request for an independent review of 0:08:58.520 --> 0:09:02.040 the documents. So there was a federal the federal judge 0:09:02.040 --> 0:09:04.120 has kind of been open to his request to have 0:09:04.200 --> 0:09:07.679 this third party, the special Master, reviews some of the documents. 0:09:08.040 --> 0:09:10.360 But the Justice Department came out and said that it's 0:09:10.360 --> 0:09:15.439 actually already screened the documents that they got from mar Lago. Uh. Potentially, 0:09:16.000 --> 0:09:18.200 you know that that might sort of eliminate the need 0:09:18.400 --> 0:09:20.520 for a third party to sort of look over and say, 0:09:20.520 --> 0:09:22.680 you know, this is something that the FBI should have 0:09:22.720 --> 0:09:25.640 and this is something that they shouldn't. Frump's really kind 0:09:25.640 --> 0:09:28.360 of pushed back on the documents that that were taken 0:09:28.400 --> 0:09:30.560 from his home. We still don't have a good sense 0:09:31.000 --> 0:09:34.360 of exactly what they contain, but it is clear that 0:09:34.400 --> 0:09:36.560 you know, this is certainly a part of a wider 0:09:37.080 --> 0:09:40.800 Department of Justice investigation. UM, and this was something that 0:09:40.840 --> 0:09:44.199 will probably continue to play out in the news. UM. 0:09:44.440 --> 0:09:47.800 Certainly just just a huge story, lots of unprecedented parts 0:09:47.840 --> 0:09:51.240 in here, all right, Bloomberg Government reporter Emily Wilkins keeping 0:09:51.280 --> 0:09:54.360 on all the developments in the nation's capital for US. Emily, 0:09:54.440 --> 0:09:57.559 Thanks as always. Read more about these stories on Bloomberg 0:09:57.559 --> 0:09:59.960 dot com or on the Bloomberg terminal. And a reminder, 0:10:00.080 --> 0:10:02.240 you can follow all the latest on Bloomberg Radio in 0:10:02.360 --> 0:10:07.520 Washington Bloomberg and one oh five point seven fm h 0:10:07.760 --> 0:10:11.040 D two a red headline just across the Bloomberg terminal. 0:10:11.160 --> 0:10:15.160 The National Congress of the Communist Party of China is 0:10:15.200 --> 0:10:22.640 going to hold its leadership selection meeting October sixte Chinese 0:10:22.640 --> 0:10:26.199 President Shi Jinping is expected to his extent his decade 0:10:26.240 --> 0:10:30.760 in power at that event, with an unprecedented third presidential term. 0:10:30.800 --> 0:10:33.880 This was all according to the shin Watt News Agency. 0:10:33.960 --> 0:10:37.040 And we're still keeping an eye on Twitter and Tesla shares, 0:10:37.080 --> 0:10:39.600 with Elon Musk putting in that new filing sitting a 0:10:39.600 --> 0:10:43.400 whistleblower claim as another reason why he should be allowed 0:10:43.440 --> 0:10:46.200 to back out of his forty four billion dollar takeover offered. 0:10:46.240 --> 0:10:48.880 Twitter shares right now down one in the third percent. 0:10:48.920 --> 0:10:52.320 In pre market trading, Tesla is moving higher by a 0:10:52.400 --> 0:10:55.800 bit more than two percent. Futures moving higher as well. 0:10:56.000 --> 0:10:58.840 SMP futures up thirty four points, Staff futures up two 0:10:59.120 --> 0:11:02.600 twenty two. Nastack futures are higher by one hundred forty 0:11:02.720 --> 0:11:06.880 three points. Bloomberg Surveillance is next with Tom Keene, Jonathan Farrell, 0:11:06.960 --> 0:11:10.600 and Lisa Abramowitz for Karen Moscow. I'm Nathan Hager, and 0:11:10.720 --> 0:11:20.400 this is Bloomberg broadcasting live from the Bloomberg Interactive Brokers 0:11:20.400 --> 0:11:23.840 Studio in New York. Bloomberg and Loving Free to Washington, 0:11:23.880 --> 0:11:28.000 d C. Bloomberg to Boston, Bloomberg one O six one 0:11:28.120 --> 0:11:31.560 to San Francisco Bloomberg No. Sixteen to the Country Sirius 0:11:31.679 --> 0:11:34.880 XM Chado one nineteen and around the globe the Bloomberg 0:11:34.920 --> 0:11:39.360 Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. 0:11:45.040 --> 0:11:46.880 It is six thirty on Wall Street. Good morning, I'm 0:11:46.960 --> 0:11:49.800 Nathan Hager and I'm Karen Moscow. We are just about 0:11:49.880 --> 0:11:52.280 three hours away from the open of US trading. Time 0:11:52.320 --> 0:11:54.160 to the five things that you need to notice start 0:11:54.200 --> 0:11:58.079 your day. Brought to you by Interactive Brokers. Interactive Broker's 0:11:58.160 --> 0:12:00.800 charges Martin loan rates from two point three percent at 0:12:00.800 --> 0:12:03.360 three point eight three percent. Their clients can also wear 0:12:03.400 --> 0:12:06.320 an extra income by lending their fully paid shares of stock. 0:12:06.640 --> 0:12:09.000 Rates subject to change. Learn more at ib k r 0:12:09.080 --> 0:12:13.120 dot com. Slash compare well at first. Twitter shares are 0:12:13.160 --> 0:12:16.480 down one percent in early trading after Elon Musk sent 0:12:16.559 --> 0:12:19.520 a termination letter to Twitter, as the test La founder 0:12:19.600 --> 0:12:21.440 tries to back out of his deal for the social 0:12:21.440 --> 0:12:24.960 media giant. Meanwhile, Tesla shares are higher, up two point 0:12:24.960 --> 0:12:27.640 two percent in early trading. As for the broader market, 0:12:27.679 --> 0:12:30.280 Karen futures are bouncing back following two straight days of 0:12:30.320 --> 0:12:33.120 losses on Wall Street following Fed Chair J Powell's hawk 0:12:33.200 --> 0:12:36.720 ish comments Friday. Terry Spath is chief investment officer at 0:12:36.800 --> 0:12:40.360 Zooma Wealth. The marketer as spooks because they're afraid that 0:12:40.400 --> 0:12:44.800 the FED could create a hard landing. Looking forward into September, 0:12:44.840 --> 0:12:47.439 what we're gonna want to try and anticipate is if 0:12:47.520 --> 0:12:50.520 we see seventy five bases rise, which I think is 0:12:50.559 --> 0:12:54.400 a very high probability and increasing probability. Is that digested 0:12:54.480 --> 0:12:57.360 as bad news or as good news? ZOOMA Wealth ce 0:12:57.360 --> 0:13:00.680 io Terry Spath says she expects continued market volatility in 0:13:00.679 --> 0:13:03.520 the short term. Well, the market may have been rattled 0:13:03.559 --> 0:13:07.120 by Powell's speech Nathan. Minneapolis Fed President Neil cash Cary 0:13:07.240 --> 0:13:09.840 says he was comforted by the sell off. I was 0:13:10.000 --> 0:13:13.320 actually happy to see how share Powell's Jackson Hole speech 0:13:13.360 --> 0:13:16.600 was received. People now understand the seriousness of our commitment 0:13:16.600 --> 0:13:19.880 to getting inflation back down to two. Minneapolis Fed President 0:13:19.920 --> 0:13:22.320 Neil cash Cary made the comments on the Odd Lots 0:13:22.400 --> 0:13:25.800 podcast with Bloomberg's Tracy Alloway and Joe Washenthal. Listen to 0:13:25.840 --> 0:13:29.319 the entire interview wherever you get your podcast. Interest rates 0:13:29.320 --> 0:13:32.040 are in focus in Europe here and ECB chief economist 0:13:32.040 --> 0:13:34.600 Philip Blaine seems to question the idea of a seventy 0:13:34.600 --> 0:13:37.679 five basis point hike next week, He's urging a steady 0:13:37.760 --> 0:13:41.680 pace of increases to fight record inflation. To politics now, Nathan, 0:13:41.720 --> 0:13:44.480 President Biden will deliver a prime time speech this week, 0:13:44.640 --> 0:13:48.280 escalating criticism of what he calls extreme mega Republicans. It 0:13:48.360 --> 0:13:51.560 comes as the president is seeing his approval ratings improve 0:13:51.640 --> 0:13:55.640 ahead of the November midterms. Bloomberg Political contributor Jeanie sheehan 0:13:55.800 --> 0:13:59.000 Zeno says, for Democrats, one strategy will be keeping former 0:13:59.000 --> 0:14:02.240 President Trump and the news. The political reality is the 0:14:02.280 --> 0:14:05.640 more Donald Trump is in the news, the better for Democrats. 0:14:05.679 --> 0:14:08.600 And that's been reality. So you know, the more Trump, 0:14:08.720 --> 0:14:12.760 the better for them. And Bloomberg Politics contributor Jennie Sheehan 0:14:12.920 --> 0:14:15.800 Zeno spoke to Joe Matthew on Bloomberg Sound On Catch 0:14:15.840 --> 0:14:19.040 the program weekdays at five pm Eastern on Bloomberg Radio. 0:14:19.400 --> 0:14:21.200 And that's the five things that you need to know 0:14:21.320 --> 0:14:24.440 to start your day, brought to you by Interactive Brokers, 0:14:24.480 --> 0:14:27.520 straight ahead, your latest local headlines, plus a check of sports. 0:14:27.560 --> 0:14:34.320 And this is Bloomberg. Thank you. Karen sixty three on 0:14:34.360 --> 0:14:36.520 Wall Street, seventy five degrees in Central Park. Kind of 0:14:36.560 --> 0:14:38.920 broken down vehicle headed the JFK Airport. It's on the 0:14:38.960 --> 0:14:42.680 southbound van wake at Linden Boulevard. More coming up in traffic. First, 0:14:42.760 --> 0:14:44.640 Michael Barr with what else is going on in New 0:14:44.720 --> 0:14:47.800 York and around the world. Good morning Michael, Good morning Nathan. 0:14:47.840 --> 0:14:50.920 New York Mayor Eric Adam says he is signing several 0:14:50.960 --> 0:14:55.080 bills to expand access and resources to pregnant women. Mayor 0:14:55.120 --> 0:14:58.600 Adams says these bills will promote annex fan access to 0:14:58.960 --> 0:15:03.720 maternal healthcare from the Overturnyi Road vertss wade to state 0:15:03.840 --> 0:15:09.680 efforts to criminalize those who seek abortions. Reproductive healthcare is 0:15:09.800 --> 0:15:14.320 in danger. The health choices should be made by women 0:15:14.680 --> 0:15:18.520 and their bodies. They should make the decisions on these 0:15:18.560 --> 0:15:22.560 important medical moments. Mayor Adams says one of the bills 0:15:22.680 --> 0:15:26.400 establishes a maternal Bill of Rights. More bus loads of 0:15:26.400 --> 0:15:29.360 migrants are coming to New York City today from Texas. 0:15:29.520 --> 0:15:31.960 The city continues to try and find places for the 0:15:31.960 --> 0:15:35.960 asylum seekers. Mayor Adams says more than seventy migrants have 0:15:36.080 --> 0:15:39.560 arrived in New York from Texas. Authorities say the twenty 0:15:39.640 --> 0:15:43.120 year old who opened fire in a Bend, Oregon supermarket, 0:15:43.440 --> 0:15:45.920 killing two before he turned the gun on himself, was 0:15:45.960 --> 0:15:48.680 a loner who was known for getting into fights at 0:15:48.720 --> 0:15:52.200 the high school where he graduated in me And. While 0:15:52.240 --> 0:15:54.480 a vigil was held last night for the victims who 0:15:54.480 --> 0:15:57.400 were shot at the Safe Waste store Sunday night. Reverend 0:15:57.720 --> 0:16:02.600 Erica's Spade attended the vigil. Is stead growing um dissatisfaction 0:16:02.640 --> 0:16:04.440 with why should we be afraid to go to the 0:16:04.440 --> 0:16:06.720 grocery store? Why should be afraid to send our children 0:16:06.760 --> 0:16:10.720 to school? And so um deep grief but also deep anger. 0:16:11.240 --> 0:16:14.840 Two others were wounded in Sunday shooting. Flooding has caused 0:16:14.920 --> 0:16:18.200 a worst case scenarioto to hit the drinking water supply 0:16:18.320 --> 0:16:21.000 for Jackson, Mississippi. One of the main pumps at the 0:16:21.040 --> 0:16:25.120 city's main water treatment facility failed earlier than predicted. The 0:16:25.160 --> 0:16:27.840 city can no longer provide enough running water for everyone. 0:16:27.920 --> 0:16:32.360 Mississippi Governor Tate Reeves, Please stay safe, do not drink 0:16:32.680 --> 0:16:35.760 the water. In too many cases, it is raw water 0:16:35.840 --> 0:16:40.000 from the reservoir being pushed through the pipes. Governor Reeves says. 0:16:40.120 --> 0:16:44.560 Jackson's mayor declared a state of emergency. Ukraine's military says 0:16:44.600 --> 0:16:48.200 it is advancing in Russian held territory just north of 0:16:48.240 --> 0:16:52.360 the Crimea Peninsula. President Zelenski didn't talk specifically about the 0:16:52.400 --> 0:16:55.600 operation there. In the region, he said Ukrainian forces were 0:16:55.680 --> 0:16:58.680 retaking this country's territory, and he had a message for 0:16:58.760 --> 0:17:01.920 Russian forces. If you want to survive, it's time to flee. 0:17:02.560 --> 0:17:05.119 Global News twenty four hours a day on air and 0:17:05.320 --> 0:17:08.400 on Bloomberg Quick Take, powered by more than twenty seven 0:17:08.480 --> 0:17:11.040 hundred journalists and analysts more than a hundred twenty countries. 0:17:11.240 --> 0:17:14.359 I'm Michael Barr, and this is Bloomberg. Nathan. Thanks Michael. 0:17:18.920 --> 0:17:21.520 Almost six thirty six on Wall Street, John stash hours 0:17:21.520 --> 0:17:23.720 got the Bloomberg Sports updates thanks to day Than. It 0:17:23.800 --> 0:17:25.600 was a night of home run so the Yankees and 0:17:25.640 --> 0:17:27.960 Angels and Annahan. The Angels had three, won by x 0:17:28.119 --> 0:17:30.720 Yank Mike Ford, another by show Hey Otani two run 0:17:30.760 --> 0:17:32.919 shot his twenty nine. Yankees got solo home runs from 0:17:32.960 --> 0:17:35.800 Anthony Rizzo fourth inning, his twenty ninth, and then in 0:17:35.840 --> 0:17:39.639 the eighth a patented errand Judge blast is straightaway center 0:17:39.680 --> 0:17:42.240 field judges fifty f home run. He becomes only the 0:17:42.320 --> 0:17:44.479 ten to have done it twice. For the Angels one 0:17:44.520 --> 0:17:46.480 four to three, and it's the Yanks third straight loss 0:17:46.480 --> 0:17:48.760 after winning five and row. The Mets were off. They 0:17:48.800 --> 0:17:51.280 host the high flying Dodgers tonight. L A comes in 0:17:51.359 --> 0:17:54.639 having won in the last thirty one Serena Williams has 0:17:54.680 --> 0:17:58.399 never actually used the word for retirement. She admits to 0:17:58.440 --> 0:18:00.919 being vague. Said last night k to me to be vague, 0:18:01.160 --> 0:18:03.359 and her career is definitely not over yet. She won 0:18:03.400 --> 0:18:05.560 her first round match with the US Open straight sets 0:18:05.560 --> 0:18:08.360 over Donka Covinage much to the light of the Big 0:18:08.359 --> 0:18:13.639 Craft and I walked out the the reception was really overwhelming. 0:18:14.720 --> 0:18:19.199 Um it was. It was loud, and it was it 0:18:19.359 --> 0:18:22.119 was I could fill it in my chest and it 0:18:22.240 --> 0:18:24.280 was a really good filling. Very We'll be back to 0:18:24.359 --> 0:18:25.840 mar and I went for what figure would be a 0:18:25.840 --> 0:18:28.040 tougher match in the second round with second seed, and 0:18:28.119 --> 0:18:31.960 that count divide opening day upsets, plenty of them. Dominic team, 0:18:31.960 --> 0:18:34.600 who won the Open two years ago, lost, so did 0:18:34.680 --> 0:18:38.560 fourth seeded Stefano sits Upon Taylor Fritz, the tenth seed, 0:18:38.640 --> 0:18:41.840 highest American seed. He was beaten by another American, Brandon Halt. 0:18:41.880 --> 0:18:44.600 He's the son of one time US Open champ Tracy Austin. 0:18:44.600 --> 0:18:49.160 Simona Hallet stunned by Darius Snygora, twenty year old from Ukraine. 0:18:49.480 --> 0:18:52.199 She's a qualifier. She had never won a professional match before. 0:18:52.640 --> 0:18:54.640 R J Barrett on the verge of a big contract 0:18:54.680 --> 0:18:56.879 extensions with the next four years a hundred and twenty 0:18:56.920 --> 0:19:00.600 million dollars. Don Stashar Boomberg Sports, Nathan all Right, John, 0:19:00.640 --> 0:19:03.280 thanks six seven on Wall Street. Time to take a 0:19:03.280 --> 0:19:05.199 look at stock. Some of the names moving in the 0:19:05.200 --> 0:19:08.520 pre market with Bloomberg Radio and TV Markets correspondent created 0:19:08.560 --> 0:19:12.320 Gupta and all of a sudden createy Tesla and Twitter 0:19:12.400 --> 0:19:15.280 shares are on the move. They are, They're back in 0:19:15.359 --> 0:19:18.040 the news, back in focus. Really, just moments ago you 0:19:18.119 --> 0:19:21.680 had Elon Musk sending a letter to Twitter adding reasons 0:19:21.720 --> 0:19:24.600 to terminate the deal. Now, remember this is the other 0:19:24.640 --> 0:19:27.600 two companies that are starting to deal with the legal fallout. 0:19:27.880 --> 0:19:30.399 A lot of this has is expected, I should say, 0:19:30.520 --> 0:19:33.040 to end by October a five day trial, I believe, 0:19:33.040 --> 0:19:35.720 which is what Twitter had advocated for Elon Musk, Gett 0:19:35.720 --> 0:19:39.040 advocated for more time. Ultimately, the judge had favored in 0:19:39.080 --> 0:19:41.359 Twitter's favor. So as we start to see some of 0:19:41.400 --> 0:19:44.800 these developments in the court case, uh, the stock is 0:19:44.840 --> 0:19:46.960 likely to move and that such development is coming out 0:19:47.000 --> 0:19:48.800 this morning. Elon Musk, like I said, sending a letter 0:19:48.840 --> 0:19:53.320 to Twitter, adding recent allegations from a Twitter whistleblower on 0:19:53.480 --> 0:19:56.159 further reasons why he believes he can cancel his forty 0:19:56.240 --> 0:19:59.520 four billion dollar deal with the social media company. Musk 0:19:59.600 --> 0:20:02.879 lawyer so that they wrote the additional termination notice in 0:20:02.920 --> 0:20:06.120 the event that the July eight termination notice was determined 0:20:06.160 --> 0:20:08.040 to be invalid for any reason. So here's what he 0:20:08.080 --> 0:20:11.040 added on Nathan. He said there's no alleged violation of 0:20:11.040 --> 0:20:14.040 a consent degree with the FTC. He says that they're 0:20:14.240 --> 0:20:19.520 sec filing containing alleged untrue statements around privacy and data protection, 0:20:20.520 --> 0:20:23.600 failure to discuss conduct from the CEO Parague Auger Wall, 0:20:23.720 --> 0:20:27.040 as well around statements he had made to his Twitter's board. 0:20:27.320 --> 0:20:30.760 He's also talking about resulting lawsuits from the whistleblower complaint 0:20:30.960 --> 0:20:34.440 and alleged intellectual property infringements. That's a lot of legal 0:20:34.480 --> 0:20:37.800 talk for saying there is way way more that Elon 0:20:37.880 --> 0:20:40.520 Musk has in his toolbox here to throw a Twitter 0:20:40.880 --> 0:20:43.240 to really to to end this deal. And really, after 0:20:43.320 --> 0:20:46.280 we saw those headlines, Twitter shares actually dropped there down 0:20:46.320 --> 0:20:48.800 at one point four percent. And this is interesting because 0:20:48.800 --> 0:20:51.440 that negative correlation between Twitter and Tesla it is still 0:20:51.480 --> 0:20:54.480 there because though when Twitter shares drop, Tesla shares rise, 0:20:54.480 --> 0:20:57.120 and Tesla shares are indeed up two point three percent. Yeah, 0:20:57.119 --> 0:20:59.000 it's interesting to watch as well, and it's going to 0:20:59.080 --> 0:21:01.600 make that dell we're hearing all the more interesting to 0:21:01.680 --> 0:21:03.439 keep an eye on as well. And I know you're 0:21:03.520 --> 0:21:06.760 keeping an eye on Meme stocks again this morning, creating. 0:21:06.960 --> 0:21:09.119 I mean, it's kind of wild where I'm having a 0:21:09.240 --> 0:21:12.000 really severe bat of deja vu here, Nathan, because Bed 0:21:12.040 --> 0:21:14.160 Bath and Beyond once again, it is up, and it's 0:21:14.240 --> 0:21:15.879 up by a lot. Remember it is in line with 0:21:15.920 --> 0:21:18.480 the broader market. You are seeing the entire market rebound. 0:21:18.640 --> 0:21:21.000 The Bed Bathroom Beyond is going the extra mile here, 0:21:21.080 --> 0:21:23.760 up about ten percent in pre market trading b b B. 0:21:23.960 --> 0:21:26.919 Why is your taker once again no real newspack, So 0:21:27.040 --> 0:21:29.679 that really screams retail trader to you. And they are 0:21:29.760 --> 0:21:32.320 showing up in lines of Bed Bath and Beyond. The 0:21:32.359 --> 0:21:35.119 question is doesn't show up on the macro front all right? 0:21:35.160 --> 0:21:38.959 Bloomberg Radio and TV Markets correspondent Crety Gupta keeping an 0:21:39.000 --> 0:21:43.159 eye on a lot of name by name volatility this morning, 0:21:43.200 --> 0:21:46.000 for sure. Looking at the broader market. We're seeing that 0:21:46.119 --> 0:21:50.240