Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is Bloomberg
Speaker 1: Daybreak for Friday, July fifteen two. Coming up this shower,
Speaker 1: China's economy grows at the slowest pace since the onset
Speaker 1: of COVID Bank. Ernie's continue with City Group and while
Speaker 1: Spargo reporting key economic data. This morning is the debate
Speaker 1: over fed policy continues, and President Biden's Midda East trip
Speaker 1: takes center stage in Saudi Arabia. New York City Council
Speaker 1: approves abortion rights measures. Plus Governor hokel allows millions of
Speaker 1: dollars to fight gun violence. I'm Michael bar more than head,
Speaker 1: I'm John Stage Down and sports. Easy win for the Mets,
Speaker 1: extra any loss for the Yankees, and they're playing the
Speaker 1: second round of the Open Championship in Scotland. That's all
Speaker 1: trended ahead on Bloomberg Daybreak on Bloomberg Eliven Free on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one O
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Syrius XM
Speaker 1: one nineteen and around the world on Bloomberg Radio dot
Speaker 1: Com and the Bloomberg Business app. Good morning, I'm Nathan
Speaker 1: Hagar and I'm Karen mostal u s stock index futures
Speaker 1: are higher this morning. We are coming up to six
Speaker 1: o one on Wall Street, and we check the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg, SNP
Speaker 1: Future is up six points this morning. Down Future is
Speaker 1: up seventy two and Nastack Future is up fourteen. The
Speaker 1: decks in Germany's up one point four percent. Can your
Speaker 1: treasury up six thirty seconds? Here'll two point nine three percent.
Speaker 1: They yield on the two year three point one two percent,
Speaker 1: and non max Screwede oil is little change at ninety
Speaker 1: three cents of barrel, the euro one point zero zero
Speaker 1: three nine against the dollar. Nathan, Thank you, Karen. We
Speaker 1: begin this morning with economic news across the globe. Our
Speaker 1: first stop is Asia, where data show China's economic growth
Speaker 1: slowed sharply in the second quarter. Let's begin our team
Speaker 1: coverage this morning with Bloomberg day Break Asia anchor Brian
Speaker 1: Curtis in Hong Kong. It's the slowest pace since the
Speaker 1: pandemic began back in twenty The economy actually contracted two
Speaker 1: point six percent quarter on quarter. It chose the price
Speaker 1: of China's dynamic zero COVID policies, but trends are improving.
Speaker 1: Retail sales recovered somewhat in June, gaining three point one
Speaker 1: percent year on year, industrial production up three point nine percent,
Speaker 1: mostly in line, and fixed asset investment jumping six point
Speaker 1: one percent. That said, property prices fell for a tenth
Speaker 1: consecutive month, slipping zero point one percent from May in
Speaker 1: Hong Kong. Brian Curtis Sploomberg Day Break. All right, Brian,
Speaker 1: thank you. In Europe today, our focus is political turmoil
Speaker 1: in Italy. Prime Minister Mario drags offer to resign has
Speaker 1: been rejected by the country's president. That leaves the door
Speaker 1: open for a solution that would have Dragging leading the
Speaker 1: government until elections next year begin More from a Bloomberg
Speaker 1: euro Area economist David Powell. The drama is probably going
Speaker 1: to be prolonged in the sense that even if we
Speaker 1: get beyond next week and Drug is able to uh
Speaker 1: command adequate support in Parliament, Italians have to go to
Speaker 1: the polls the end before next June, and Drug authorready
Speaker 1: said he won't stand um. So this isn't going to
Speaker 1: be going away, even if there is a kind of
Speaker 1: short term fix it's something we're gonna have to be
Speaker 1: watching for quite a while. Bloomer's David Powell says the
Speaker 1: chaos was triggered when a five star movement, the second
Speaker 1: largest party and drugs Alliance boycotted a confidence vote in
Speaker 1: the Italian Senate. Back here in the U. S care
Speaker 1: and the debate continues on whether the Federal Reserve will
Speaker 1: high rates by seventy five basis points or one percent
Speaker 1: later this month. FED Governor Christopher Waller addressed the issue
Speaker 1: at an event yesterday in Idaho. I fully support another
Speaker 1: seventy five basis point increase. However, my base case for
Speaker 1: July depends on incoming data. We have important data releases
Speaker 1: on retail sales, housing inflation expectations coming in before the
Speaker 1: next meeting. FED Governor Waller says economic ratings will be key,
Speaker 1: and there's more on the way today. The FED will
Speaker 1: be looking to two ratings in particular when it comes
Speaker 1: to setting police, at least as the case for Cleveland
Speaker 1: FED President the Redemester. There's more data coming out that
Speaker 1: I'm going to be very attuned to. We have retail
Speaker 1: sales coming out, and we have very important University of
Speaker 1: Michigan report, and of course that's important because it has
Speaker 1: them placed Expectations measure UM, a consumer measure in there.
Speaker 1: And Cleveland Fed President Master spoke with Bloomberg. We get
Speaker 1: the retail sales figure today at eight thirty am Wall
Speaker 1: Street Time, followed by University of Michigan sentiment at ten. Okay,
Speaker 1: let's turn from the economy now to corporate earnings, Karen,
Speaker 1: because banks are front and center again today after yesterday's
Speaker 1: disappointing results from JP, Morgan Chase, and Morgan Stanley. Bloomberg's
Speaker 1: Jeff Bellinger has more The results from City Group and
Speaker 1: Wells Fargo will be the highlights this morning. Bloomberg Intelligence
Speaker 1: a City Group likely benefited from fixed income trading strength,
Speaker 1: but a slide in banking fees may have offset the games.
Speaker 1: Consumers were still generally healthy and that should have helped
Speaker 1: cities credit card business. Wells Fargo is still dealing with
Speaker 1: the fallout of the saga that started in twenty sixteen,
Speaker 1: when the bank was fine for its sales practices. B
Speaker 1: I s, as well as Vargo's profit and returns could
Speaker 1: move higher. The Fed's constraint on its balance sheet remains
Speaker 1: a key hurdle, Jeff Bullinger Bloomberg Day brink Right, Jeff,
Speaker 1: thank you. Meantime, banks are on the hook for a
Speaker 1: big bill from the government. Financial regulators are poised to
Speaker 1: extract a total of about one billion dollars in fines
Speaker 1: from the five biggest US investment banks. Be the story
Speaker 1: from Bloomberg's Doug Prisoner. It's the price for failing to
Speaker 1: monitor employee use of unauthorized messaging apps for communications involving
Speaker 1: bank business. In its earnings report, Morgan Stanley said it
Speaker 1: expects to pay a two hundred million dollar fine that's
Speaker 1: identical to what JP Morgan Chase paid, and it appears
Speaker 1: to be the figure being used as a benchmark. We
Speaker 1: are told City Group, Goldman, Sachs, and Bank of America
Speaker 1: are all in advanced talks with regulators and each may
Speaker 1: pay a similar amount. These discussions have not yet been
Speaker 1: concluded in the penalties could still change in New York
Speaker 1: On Duck Prisoner Bloomberg Daybreak, Doug, thank you. Let's turn
Speaker 1: to politics now, where foreign relations are in focus. This
Speaker 1: is an important day on President Biden's agenda in the
Speaker 1: Middle East. He makes his way to Saudi Arabia, tonight
Speaker 1: and Bloomberg's and Marie Hordern is there. She brings us
Speaker 1: the latest from Jedda. President Biden will be meeting with
Speaker 1: Palestinian Authority Mahmood of Boss today before he had over
Speaker 1: to the Saudi Arabia. This is really going to be
Speaker 1: the pivotal moment of the trip and a controversial one,
Speaker 1: especially for many within the Democratic Party. President Biden is
Speaker 1: trying to bring the price of gasoline down. He need
Speaker 1: the Kingdom's help to get more barrels on the market.
Speaker 1: But of course when he was campaigning, he had vowed
Speaker 1: to make the Kingdom of Maria his administrations, that he
Speaker 1: would only deal directly with the king, and now we
Speaker 1: know he'll be meeting this evening with Crown Prince. Mom
Speaker 1: had been summons in Jedda, Saudi Arabia and Marie Hordern Boomberg,
Speaker 1: Gabrie sor right, Marie, thank you. Meantime, back in Washington,
Speaker 1: Senator Joe Manshin has delivered a huge blow to President
Speaker 1: Biden's economic agenda. The Democrat told party leaders he would
Speaker 1: not support new spending on climate measures or tax increases.
Speaker 1: Manson says he will back proposals on healthcare and drug prices,
Speaker 1: and again futures are on the rise this morning, and
Speaker 1: a straight ahead. We have a check of your local headlines,
Speaker 1: plus a check of sports, and this is Bloomberg. Thanks Karen.
Speaker 1: Six oh seven on Wall Street, seventy two degrees in
Speaker 1: Central Park. We've got a tractor trailer fire at the
Speaker 1: southbound eastern spur the New Jersey Turnpike. Details coming up
Speaker 1: in traffic. First Michael Barr with what else is going
Speaker 1: on in New York and around the world. Come morning, Michael,
Speaker 1: Good morning, Nathan. The New York City Council has taken
Speaker 1: steps to expand abortion and reproductive care rides. The council
Speaker 1: passed package bills, including providing free abortion pills at clinics.
Speaker 1: The New York City Abortion Rights Act also allows people
Speaker 1: seeking abortions from out of state to safely do so.
Speaker 1: New York Governor Kathy Hokel talked about shootings during an
Speaker 1: event in Brooklyn. Hocal announced a new budget allowance of
Speaker 1: over twenty million dollars to find gun violence in the state.
Speaker 1: Hocal says it would invest in several things, including crime
Speaker 1: labs investigating shooting statewide. We will continue devoting everything we
Speaker 1: have at our disposal to stop this crisis, because we
Speaker 1: are seeing a difference. Last month, Governor Hocal signed a
Speaker 1: new gun safety bill that banned carrying any firearms into
Speaker 1: sensitive places, including schools and mass transit stations. The Buffalo
Speaker 1: supermarket that was the scene of a deadly mass shooting
Speaker 1: reopens today. There was some debate about possibly shuttering the
Speaker 1: Top supermarket, but this man who lives in the community
Speaker 1: says he's glad it is reopening because it's the only
Speaker 1: grocery store the community has. We was excited about getting
Speaker 1: it in. Now um have that just taken away from
Speaker 1: us will be more devastations and you know then what
Speaker 1: we've already been through. Yesterday at federal grand jury and
Speaker 1: Buffalo returned to twenty seven account indictment charging Peyton Gendren
Speaker 1: with hate crimes. He's accused of shooting thirteen people, killing
Speaker 1: ten inside the supermarket. Prosecuted to say he targeted them
Speaker 1: because he wanted to kill black people. Concern is growing
Speaker 1: about monkey poks among some health experts. About four hundred
Speaker 1: cases have been identified in New York City alone. This week,
Speaker 1: the CDC announced several efforts to increase access to testing.
Speaker 1: White House Chief Medical Advisor, Dr Anthony Faunci told a
Speaker 1: d C the disease is easily treated but should not
Speaker 1: be ignored. There are vaccines that are available to prevent
Speaker 1: and respond to monkey poks. There are anti virals that
Speaker 1: are available, so we're not in the dark about this,
Speaker 1: although we really must take it seriously. Dr Fauci will
Speaker 1: be on Bloomberg later today at noon. Ivana Trump, the
Speaker 1: first wife of Donald Trump, has died in New York City.
Speaker 1: Ivana Trump was seventy three Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicksac, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan.
Speaker 1: Thanks Michael. Coming up to six ten on Wall Street
Speaker 1: on Stanshower has the Bloomberg Sports all right, Nathan. Second
Speaker 1: night in the rowhere the Yankees and Reds played a game.
Speaker 1: They won ten innings and finished seven to six. Last
Speaker 1: night was one to one. In the eighth innings, Sincinnati
Speaker 1: scored three off Jonathan Loaisiga. Yanks tied the game on
Speaker 1: eighthenning home runs by Aaron Judge and Glabor Torres Reds
Speaker 1: then with three in the tenth off Lucas Litkey. Yanks
Speaker 1: got two back Matt Carpenter's eleventh home run, but the
Speaker 1: Reds held on and they won the series. Yanks and
Speaker 1: lost four the last five. They host the Red Sox
Speaker 1: tonight and regularly easy win for the Mats eight nothing
Speaker 1: over the Cubs Carlos Carrasco and Trevor Williams. The combined
Speaker 1: shutout home runs for Brandon Nimbo and Pete Alonzo. Cameron
Speaker 1: Youngs a twenty five year old golfer from Westchester. His
Speaker 1: father is the pro with the Sleepy Hollow Club, and
Speaker 1: Young's first ever round in an Open Championship was at
Speaker 1: eight under sixty four at St. Andrews. Anytime fot on
Speaker 1: that first teen year, eighteenth greener anywhere, especially on that
Speaker 1: kind of part of the course, UM, there's just no
Speaker 1: hiding how special the place it is. UM. And it's
Speaker 1: certainly been a goal to get to an Open Championship,
Speaker 1: and for my first one to be here, UM is
Speaker 1: a little bit extra special. Home still's got a two
Speaker 1: shot lead in today's second round. Dustin Johnson and Taylor
Speaker 1: Goops have moved to six under, tied for second with
Speaker 1: Rory McElroy. Tiger Woods is on the course. He's six over,
Speaker 1: had that seventy eight yesterday only seven Dolphers had a
Speaker 1: higher store Utah Jazz say all start guard Donovan Mitchell
Speaker 1: is available in the trade. The Knicks are interested, but
Speaker 1: reportedly the Jazz wanted in return four players and six
Speaker 1: first round picks, and the Knicks said no. John Sta
Speaker 1: actually wear Bloomberg Sports Nathan John Thank you. SMP features
Speaker 1: up six point, Staff Features up seventy nine, NaSTA features
Speaker 1: up fifteen points. Nimex crudes up a tenth per cent
Speaker 1: nine two cents of barrel as President Biden sets his
Speaker 1: sights on Saudi Arabia tonight, which check in with Bloomberg's
Speaker 1: use of Kamal l Dean next in Jetta. This is
Speaker 1: Bloomberg Bloomberg eleven three oh weather. Sunshine in the city
Speaker 1: today going up to near eighty five degrees eighty five
Speaker 1: for high tomorrow as well, could it ninety by Sunday
Speaker 1: with a chance of late afternoon showers and storms. Right
Speaker 1: now seventy two degrees. Markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business out and at Bloomberg Quick Tape is a Bloomberg
Speaker 1: Business Flash. And I'm Karen Moscow and we are watching
Speaker 1: Earning's crossing the Bloomberg this morning. United Health Group racing
Speaker 1: it's full Your Profit outlook as expanded enrollment in the
Speaker 1: health insurers plans helped it beat Wall Street analysts forecast
Speaker 1: for the second quarter, and IT shares are up one
Speaker 1: percent in early trading. Black Rock clients slow the amount
Speaker 1: of money they poured into the firm's long term funds
Speaker 1: as markets cratered and inflation searched. Net inflows for the
Speaker 1: most products total sixty nine billion dollars for the three
Speaker 1: months ending Junet, forty billion dollars less than analysts were
Speaker 1: looking for. We hear from Most Fargo and City Group
Speaker 1: later today, among others. US DOT index futures are higher
Speaker 1: right now, the dollars surge stalling at the end of
Speaker 1: a week in which markets have been whipsawed by shifting
Speaker 1: expectations for a monetary tightening by the Federal Reserve and
Speaker 1: worries over global economic growth. We check the markets every
Speaker 1: fifteen minutes throughout the trading day. On bloomberg s ANDP
Speaker 1: futures a five points at DOW futures of seventy two
Speaker 1: NASDAG futures up twelve the decks in Germany's at one
Speaker 1: point four percent, the ten year treasury up seven thirty seconds,
Speaker 1: yild two point nine three percent. They yield on the
Speaker 1: two year three point one two per cent. Nine max
Speaker 1: screwed oil is up two tens per cent er nineteen
Speaker 1: cents at ninety five dollars, ninety seven cents of barrel
Speaker 1: comex schooled down four ten percent or six dollars sixty
Speaker 1: cents at sixteen twenty announced the Euro one point zero
Speaker 1: zero three eight against the dollar, British pound one point
Speaker 1: one eight two nine, the end one thirty eight point
Speaker 1: six nine, and look at a big coin of nine
Speaker 1: tenths for said at twenty eight hundred fifty dollars. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barrow with more
Speaker 1: on what's going on around the world. Michael Karen, thank
Speaker 1: you very much. President Joe Biden will announce three hundred
Speaker 1: sixteen million dollars in USA for the Palestinians today as
Speaker 1: he seeks to revive US ties with the Palestinian authority.
Speaker 1: He visited a hospital and then he will meet with
Speaker 1: the authorities President mak Muda bas Biden will later travel
Speaker 1: to Saudi Arabia. Ukrainian officials say Russian missiles that struck
Speaker 1: a city in central Ukraine killed at least twenty three
Speaker 1: people and wounded more than one hundred others, including children.
Speaker 1: Dozens are missing. In baseball, the Yankees lost to the Royals,
Speaker 1: the Mets beat the Cubs, the Red Sox lost to
Speaker 1: the Raise, the Nationals lost to the Braves, the Giants
Speaker 1: lost to Brewers Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalists and analyst more than one hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg. Nathan, all right, Michael,
Speaker 1: thank you for coming up to six twenty on Wall
Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak, and what we expect will be a pivotal
Speaker 1: day for President Biden is his tripped through the Middle
Speaker 1: East continues. Tonight, the President heads to Saudi Arabia for
Speaker 1: that much anticipated face to face with the Crown Prince
Speaker 1: Mohammed been Salmon. Let's go live to Jetta down check
Speaker 1: in ahead of that with Bloomberg's Yusef Kamal l Dean Yusuf.
Speaker 1: Great to speak with you this morning. We've already gotten
Speaker 1: some news ahead of President Biden's arrival your way. No
Speaker 1: announcement expected on increased oil supply. That probably would have
Speaker 1: been bigger news if we actually did get an announcement
Speaker 1: like that, right absolutely. I mean, this is the first
Speaker 1: visit by a US president to Saudi Arabia in the
Speaker 1: month of July, and there's a very good reason for that.
Speaker 1: It is hot, it is sticky, and this is not
Speaker 1: the right time of year to be going to the kingdom.
Speaker 1: And it shows you how important this trip is for
Speaker 1: the U S side to at least reset the conversation
Speaker 1: in some form or another. There's no doubt that it's
Speaker 1: a little bit awkward, given that the administration's played the
Speaker 1: human rights carl can Pain trail. Now they have to
Speaker 1: manage it. Are they gonna shake hands with the Saudi
Speaker 1: Crown Prince and the bilaterals later this afternoon? The Crownference
Speaker 1: has denied ordering the killing, but he has taken responsibility
Speaker 1: for it, and it's gonna build on what you just
Speaker 1: said about the crude oil. Look, the Saudis are already
Speaker 1: almost at Max's capacity. RBC Capital talk about a soft
Speaker 1: seeming of eleven point five million barrels per day. The
Speaker 1: target for August for the Saudis is just a little
Speaker 1: bit above eleven. Together with the u E looking at
Speaker 1: spirit capacity about three million barrels per day. Point being
Speaker 1: is that spirit capacity before the world. That's not spirit
Speaker 1: capacity for a visit from the US president and they've
Speaker 1: got a safeguard this for potential turmoil down the line.
Speaker 1: They can't tap this today. Well, what potential gains, if
Speaker 1: any could the president see When it comes to the
Speaker 1: energy picture, yusef, is there a possibility that the president
Speaker 1: might be looking to drive something of a wedge between
Speaker 1: Saudi Arabia and Russia? For sure, Yes, definitely. It is
Speaker 1: a way to try and get the saaludiast to steer
Speaker 1: OPEC plus to be as accommodating as they can be,
Speaker 1: and so the way rapid and energy they described it
Speaker 1: in a note this morning, they could get a generic
Speaker 1: pledge to do what they can to keep the powder
Speaker 1: drying kind of thing but at the same time it's
Speaker 1: also to get the Russians to be on guard because
Speaker 1: the reality is here in the Middle East, and one
Speaker 1: of the conversations I've had over the last six months,
Speaker 1: there is a sense that this part of the world
Speaker 1: has not featured very highly in the current administration's agenda,
Speaker 1: and so this trip is at least away and we've
Speaker 1: seen this with the meetings with you know, with some
Speaker 1: of the other factions over the last twenty four hours
Speaker 1: in Palestine. Basically this comes to be the more more priority. Still,
Speaker 1: Saudi Arabia is the only stop actually in the Arab world,
Speaker 1: and the Saalies are selling this as kind of you know,
Speaker 1: look at us, We're really important, and we manner to
Speaker 1: a global economy that's struggling for oil barrels. As you mentioned,
Speaker 1: use if the human rights issue is going to be
Speaker 1: a major focus as well. The President has been asked
Speaker 1: about this whether he's going to directly bring up the
Speaker 1: Jamal ka show Ji's murder. He says he wants to
Speaker 1: project American values, but it seems like he's kind of
Speaker 1: hedging a little bit when it comes to being really
Speaker 1: direct with NBS. Yeah, this has been a very difficult
Speaker 1: one to to navigate for the White House and for
Speaker 1: the saudiast I mean, it is important for this leadership
Speaker 1: here in the Kingdom to get the ties in order.
Speaker 1: It's a long relationship they've had with Saudi Arabia. It's
Speaker 1: not the first time that they haven't seen iid I
Speaker 1: I think back to I mean, look, it's almost fifty
Speaker 1: years to the day since the former President Richard Mixon
Speaker 1: came to Saudi Arabia and asked for more barrels at
Speaker 1: a time when there was an inflationary wave as well.
Speaker 1: So a little bit parallels throughout history. But at the
Speaker 1: end of the day, what are we gonna get? You
Speaker 1: know what I mean? Are we gonna get a handshake?
Speaker 1: Are we're gonna get, you know, a bit of a meeting?
Speaker 1: Probably we're gonna manatee the optics. It's a tough one.
Speaker 1: There's no doubt that I don't envy. I don't envy
Speaker 1: anybody trying to set up the meetings or the trip.
Speaker 1: I'll just be watching and uh and observing and taking
Speaker 1: some notes. Yeah, no matter what the potential photo op
Speaker 1: looks like, it is definitely going to be one for
Speaker 1: the history books. Whether it's awkward or all smiles. Very
Speaker 1: interesting to watch. Thanks for this use of again great
Speaker 1: have you go on with us use of Gamal L
Speaker 1: Dean Bloomberg television anchor with us this morning from Jetta,
Speaker 1: Saudi Arabia ahead of President Biden's arrival for that face
Speaker 1: to face something we hadn't thought we'd see just a
Speaker 1: few months ago with the Crown Prince Mohammed been Salmon.
Speaker 1: Right now, SMP future is up eight points, Staff futures
Speaker 1: up ninety one, and that is that future is up
Speaker 1: twenty one points ten. Your treasury up seven thirty seconds,
Speaker 1: the yield on the benchmark ten year note to point
Speaker 1: nine three percent. Are listening to Bloomberg day Break Bloomberg
Speaker 1: eleven three oh weather sunshine mid eighties today, sunshine tomorrow
Speaker 1: mid eighties as well could at ninety on Sunday with
Speaker 1: some late afternoon showers and storm stand the weekend right
Speaker 1: now seventy two in Central Park, broadcasting live from the
Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E Living
Speaker 1: Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one
Speaker 1: oh six one to San Francisco. Bloomberg nine sixty to
Speaker 1: the country, Sirius XM to the one nine team, and
Speaker 1: around the globe, the Bloomberg Business at and Bloomberg Radio
Speaker 1: dot com. This is Bloomberg Daybreak six thirty on Wall Street.
Speaker 1: Good morning, I'm Nathan Higger and I'm Karen Moscow. We
Speaker 1: are just about three hours away from the open of
Speaker 1: US trading. Time for the fine things that you need
Speaker 1: to notice start your day. Brought to you by Interactive
Speaker 1: Broker's Global Analyst. It helps you find new global investment
Speaker 1: opportunities to diversify your portfolio and discover undervalued companies that
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Speaker 1: Global Analyst today at IBKR dot com. Slash g A
Speaker 1: first returned to China, where the economy grew just four
Speaker 1: tents of upper cent last quarter. That's the slowest pace
Speaker 1: since has started the pandemic, But Bloomberg macro strategist Mark
Speaker 1: Hudmore says it's not the g d P miss that
Speaker 1: worries him. The data, I think at the moment is
Speaker 1: first of all, a little bit backward looking, and there's
Speaker 1: a bit of a dynamic here where we're kind of going, Hey,
Speaker 1: bad news is good news for markets because it means
Speaker 1: more policy eason to come through the data this morning
Speaker 1: to not worry me. But the property sector story is
Speaker 1: getting worse at a quicker rate than I think many
Speaker 1: of us anticipated a month or two ago. The credit
Speaker 1: problems are spreading beyond the property sector into the biking center,
Speaker 1: and that is a concern for China, and Bloomberg's Mark
Speaker 1: Cudmore says China's second half performance will be important well
Speaker 1: when Europe here and Italian Prime Minister Mario drags offered
Speaker 1: to resign has been rejected by the country's president. Bloomberg's
Speaker 1: Kira Albanesi says if Droggy leaves government, it will negatively
Speaker 1: impact markets that he had started on a very ambitious
Speaker 1: pup of reforms to free up the market, to pick
Speaker 1: up competition, to change up the justice system, to cutrect
Speaker 1: This is all on the question if he walks away.
Speaker 1: Bloomberg Skira Albanesi in Rome says concerns over energy and
Speaker 1: inflation could hamper Italy's economy later this year well. Nathan
Speaker 1: Back in the US, the debate continues over whether the
Speaker 1: federal hike rates by seventy basis points or one percent
Speaker 1: later this month. Coming up today, we get more economic
Speaker 1: data for the Central Bank to digest. June retail sales
Speaker 1: would be released around eight thirty am Wall Street Time,
Speaker 1: followed by University of Michigan Sentiment at ten and banks
Speaker 1: are in focus again today care and after yesterday's disappointing
Speaker 1: results from JP Morgan, Chase and Morgan Stanley, we get
Speaker 1: more from Bloomberg Shinelli Vassek More worried about the U
Speaker 1: S consumer started to rise after JP Morgan started reporting
Speaker 1: provisions for loan losses. The bank also said that charge
Speaker 1: as were starting to slowly rise. City Group and Wall
Speaker 1: Fargo will also give another glimpse into the consumer when
Speaker 1: they report earnings on Friday. M Shinnali Bassk Bloomberg Daybreak
Speaker 1: Sally thanks those reports this morning from Wells Fargo in
Speaker 1: City Group do out at seven and eight a m.
Speaker 1: All Street Time. Well. At the same time, Nathan financial
Speaker 1: regulators are poised to extract about one billion dollars in
Speaker 1: fines from the five biggest US investment banks. That's for
Speaker 1: failing to monitor employee use of unauthorized messaging apps for
Speaker 1: bank communications. That's the five things you need to notice
Speaker 1: start your day. Brought to you by Interact you Brokers
Speaker 1: and straight ahead your latest local headlines plus the check
Speaker 1: of sports. This is Bloomberg. Thanks Staring sixty three on
Speaker 1: Wall Street, seventy two degrees in Central Park. Still dealing
Speaker 1: with a tractor trailer fire by the western merge of
Speaker 1: the eastern spur of the New Jersey Turnpike. Details coming
Speaker 1: up in traffic. First Michael Barr with what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. New York Governor Kathy Hocal announced a
Speaker 1: new budget allowance of over twenty million dollars to find
Speaker 1: gun violence in the state. Vocal, speaking during an van
Speaker 1: in Brooklyn, says it would invest in several things, including
Speaker 1: community outreach programs and crime labs investigating shooting statewide. We
Speaker 1: have a gun violence epidemic here in the state of
Speaker 1: New York. Full stop. There's a statement effect. The governor's
Speaker 1: announcement comes one month after Wholecal signed a new gun
Speaker 1: safety bill that band carrying any firearms into sensitive places,
Speaker 1: including schools and mass transit stations. A federal grandjury and
Speaker 1: Buffalo returned to twenty seven account indictment charging the suspected
Speaker 1: gunmen in the Top supermarket shooting with hate crimes. Meanwhile,
Speaker 1: the supermarket is set to reopen today. There was some
Speaker 1: debate about possibly closing the supermarket for good, but this
Speaker 1: man who lives in the community tells a d C.
Speaker 1: He's glad Tops is reopening because it's the only grocery
Speaker 1: store the community has. At first, I said to myself, well,
Speaker 1: maybe they should just put those are down, you know,
Speaker 1: closing and make a make a more more you out
Speaker 1: of it. And then I thought about it again. You know,
Speaker 1: how long would it take was to get a new Tops.
Speaker 1: The suspected gunman, Peyton Gendren, is accused of shooting thirteen people,
Speaker 1: Killington inside the supermarket, which prosecutors say he targeted because
Speaker 1: he wanted to kill black people. The New York City
Speaker 1: Council has taken steps to expand abortion and reproductive care rights.
Speaker 1: The council passed a package of bills, including providing free
Speaker 1: abortion pills at clinics. The New York City Abortion Rights
Speaker 1: Act also allows people seeking abortions from out of state
Speaker 1: to safely do so. The legislation passed forty one to seven.
Speaker 1: The January six Committee says secret Service. Texts made as
Speaker 1: the assault on the Capitol unfolded are missing. Bluebergs at
Speaker 1: Baxter Reports, Committee chair Bennie Thompson says they have been
Speaker 1: deleted or erased. He says they are important because they
Speaker 1: could shed some light on Donald Trump's movements leading up
Speaker 1: to and during the insurrection. Thompson says, if there's any
Speaker 1: way that they can be reconstructed, they will do it.
Speaker 1: Remember the testimony from aid Cassidy Hutchinson, who said that
Speaker 1: Trump wanted to join the marchers to the capital but
Speaker 1: was blocked by security. Well. Thompson says they could also
Speaker 1: shed light on Trump's activities regarding Vice President Mike Pence
Speaker 1: in San Francisco. I'm met Backster Bloomberg Gay Break Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than seven hundred journalist
Speaker 1: and analysts more than a hundred twenty countries. I'm Michael Barr.
Speaker 1: This is Bloomberg, Nathan, Thank you, Michael. Almost six thirty
Speaker 1: six on Wall Street. John stash Hour has a Bloomberg
Speaker 1: Sports update, Nathan. Great night for the Mats. Not only
Speaker 1: there eight nothing went over the Cubs at regular strong
Speaker 1: pitching from Carlos Carrasco, Brandon Nemo three hits with a
Speaker 1: home run. Pete Alonzo is twenty four homer but I
Speaker 1: sell out crowd in Syracuse to see Jacob de Ground
Speaker 1: faced Triple A batterers for the first time when Fortings
Speaker 1: did not allow an earned run, just two hits, four
Speaker 1: strike ats, and all indications are to Gram will make
Speaker 1: his highly anticipated season debut for the Mats sometime after
Speaker 1: the All Star Break. Yankees and Reds a pictures due
Speaker 1: at the stadium. Though it ended seven to six, it
Speaker 1: was won one on the eighth Today Esther Cortez and
Speaker 1: Luis Castillo in the Battle of All Stars Cincinnati with
Speaker 1: three runs in the eighth inning off Jonathan Loaisaga, just
Speaker 1: back from injury, and then three more in the tenth
Speaker 1: of Lucas Litckey. Joey Vado had big hits in both rallies.
Speaker 1: The Reds won seven six in ten Yankee home runs
Speaker 1: and defeat for Aaron Judge is thirty first, also Glabor
Speaker 1: Torres and Matt Carpenter Yanks. It's the Red Sox tonight
Speaker 1: Seattle Mariners one again. Last night that's in Levin wins
Speaker 1: in a row for them. They're playing the second round
Speaker 1: of the Open Championship at St. Andrews. The leader at
Speaker 1: eight under remains Cameron Young. The Westchester native went to
Speaker 1: high school at Fordham Prep and the bronze he teas off.
Speaker 1: In a a couple of hours, Taylor Gooch has moved to
Speaker 1: seven under par and Dustin Johnson and world number one
Speaker 1: Scottie Scheffler are on the course at six under, and
Speaker 1: Rory McElroy will start today at six under. Reported the
Speaker 1: Knicks have rejected a trade offer from the Utah Jazz
Speaker 1: Donovan Mitchell for four players and six first round draft picks.
Speaker 1: Big free agent signing by the Devils getting Tampa Bays
Speaker 1: Andre Polott for five years thirty million. Ryan Strom leaving
Speaker 1: the Rangers signed with Anaheim. John Stash were Bloomberg Sports.
Speaker 1: All right, John, thanks sixty seven on Wall Street. Time
Speaker 1: to take a look at stock some of the names
Speaker 1: moving in the pre market on this Friday morning. We're
Speaker 1: joined by Bloomberg Radio and TV Markets correspondent Crety Gupta.
Speaker 1: Pretty interesting to see a stock go up when an
Speaker 1: activist investor takes a steake at it. Absolutely, Nathan, are
Speaker 1: you a scrap booker. No, yeah, I mean either. But
Speaker 1: there's a massive audience for it, and that brings us
Speaker 1: to pinterest here. P I N as the online scrap booker.
Speaker 1: Any any bride will know um the value of interest.
Speaker 1: I'm in bride'smaid and I've recently learned the value of
Speaker 1: it in the context of planning a wedding product on there. Yeah, exactly.
Speaker 1: P I N s A is your taker. Up fourteen
Speaker 1: percent in the pre market. This does come after Elliott
Speaker 1: Management has acquired a steak in the company about over
Speaker 1: nine percent. Now. They've been doing this slowly, They've been
Speaker 1: building up their steak there now the largest investor in
Speaker 1: the company. Remember this comes as social media companies broadly
Speaker 1: are struggling. We of course know the entire Twitter Tesla debacle.
Speaker 1: We also know that Snapchat, Alphabet, even YouTube. Some of
Speaker 1: revenues within Alphabet, well, they're all slumping. And a lot
Speaker 1: of this has to do with the growth story. If
Speaker 1: you're worried about recession, you're also gonna be worried about
Speaker 1: business investment. Pinterest has the same problems. So a lot
Speaker 1: of those stocks, in addition to having that tech exposure
Speaker 1: exposure excuse me, have actually taken a hit because of that,
Speaker 1: so um, this is gonna be an interesting one to
Speaker 1: see if they actually do something to change the business. This,
Speaker 1: of course falls shake up at pinterest last month. The
Speaker 1: co founder and CEO Ben Silberman actually handed the reins
Speaker 1: to Google and PayPal veteran bill ready, so we'll see
Speaker 1: if there's perhaps some new things in store for pinterest. Well,
Speaker 1: speaking of stocks taking a hit, this morning, we've got
Speaker 1: some earnings news outside of the big bank earnings that
Speaker 1: we're waiting for just a few minutes here, Yeah, we
Speaker 1: really do um And this is perhaps a company that
Speaker 1: not that many people have heard of, code Excess c
Speaker 1: d x S that shares are down twenty four percent
Speaker 1: this morning. Comes is an enzyme engineering company. They cut
Speaker 1: their sales guidance for the year and reported preliminary quarterly
Speaker 1: revenue that trailed estimates. So once again they cut their guidance,
Speaker 1: they missed their estimates. Not good when you're once again
Speaker 1: looking at something that's sort of um in the engineering space. Here.
Speaker 1: The other one I want to point out to you,
Speaker 1: Nathan very quickly is Vontage VG is your taker is
Speaker 1: actually up in the pre markets. Comes after Ericson's the
Speaker 1: Swedish telecom company received all the necessary approvals from regulators
Speaker 1: to buy Vontage and Vantage. For those of you who
Speaker 1: are not familiar, it's a cloud based communications company. UM
Speaker 1: very big when it comes, a very big player when
Speaker 1: it comes to to telecom broadly. I always think of
Speaker 1: it in India, for example, Vantage is everywhere. VG is
Speaker 1: your taker and those shares are up past six and
Speaker 1: a half percent. Nathan Okay, Bloomberg Radio and TV Markets
Speaker 1: correspondent created grouped WI joining us again later on this
Speaker 1: morning nine am Wall Street time for Bloomberg Surveillance co
Speaker 1: hosting the show today. And I should note that President
Speaker 1: Biden is speaking right now as he meets with Palestinian
Speaker 1: leaders in Jerusalem. We will be checking back bringing you
Speaker 1: headlines as he meets with the President of the Palestinian Authority,
Speaker 1: Mock mood Abas right now. More to come here on
Speaker 1: Bloomberg Daybreak. Right now, SMP futures are up eight points,
Speaker 1: staff Future is up eighty nine, NASAC futures up nineteen points.
Speaker 1: You're listening to Bloomberg Daybreak, Bloomberg eleven three oh other
Speaker 1: Sunshine mid eighties today and tomorrow. I could see some
Speaker 1: late afternoon showers and storms on Sunday, as we had
Speaker 1: a near ninety degrees to end the weekend. Right now
Speaker 1: seventy two degrees in Central Park markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow and it's
Speaker 1: another morning, busy morning for Ernie's watching Wells Fargo, crossing
Speaker 1: the Bloomberg second quarter revenue missing analysts estimates. They get
Speaker 1: to the first word, breaking news. Dask for today's morning call,
Speaker 1: and here's Bill Maloney. Bill, good morning, Yeah, good morning, Karen.
Speaker 1: You as futures are in the green right now down
Speaker 1: features up a hundred and nine points, as if he's
Speaker 1: gained ten well nasdeck features are up by seven. The
Speaker 1: US ten year at two point nine four percent, Gold
Speaker 1: is down seven, oil is a little changed, and bitcoin
Speaker 1: is trading higher by one percent. Japan rose half percent overnight,
Speaker 1: while European markets are in the green, led by games
Speaker 1: in Germany. Back in the US on the economic front
Speaker 1: at a thirty, Empire manufacturing and retail sales at ten
Speaker 1: o'clock Commissigan sentiment at the develops to night, it was
Speaker 1: reported that Elliott took a stake in Pinterest shares are
Speaker 1: up fourteen percent in the pre market and regarding earnings
Speaker 1: this morning, you mentioned Wells Fargo, n H raised its
Speaker 1: guidance Black Rocky ps, missestmates and look for city groups
Speaker 1: to report around eight wrapping things up, Norfolk Southern was
Speaker 1: raised to buy over at Steeple Live from the first
Speaker 1: breaking News desc Bill Maloney, Karen, all right, Bill, thank
Speaker 1: you all. You mentioned United Health grew up. It is
Speaker 1: a one point two percent in early trading this morning
Speaker 1: to hear life breaking news over here of Bloomberg type
Speaker 1: squawk on your terminal scue you a w K and
Speaker 1: that's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael, Karen,
Speaker 1: thank you very much. Before leaving for Saudi Arabia for
Speaker 1: the much anticipated second leg of his Middle East tour,
Speaker 1: President Biden visited the West Bank and East Jerusalem. Today.
Speaker 1: The President visited a hospital and praised nurses for the
Speaker 1: work they do. The Secret Services again in the crosshairs
Speaker 1: of the Congressional Committee looking into the Capitol Hill, Royant
Speaker 1: and internal watchdogs, says the agency and that protects the president.
Speaker 1: Deleted messages from January five and sixth of last year.
Speaker 1: In baseball, the Yankees lost to the Royals, the Mets
Speaker 1: beat the Cubs, the Red Sox lost to the Rays,
Speaker 1: the Nationals lost to the Braves, Giants lost to the Brewers.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael barr
Speaker 1: and this is Romberg. All right, Michael Barry, thank you,
Speaker 1: and we'll have much more on these breaking earnings in
Speaker 1: just a moment. We're watching Wells Fargo shares down more
Speaker 1: than three percent right now in early trading. It is
Speaker 1: sixty nine on Wall Street. And we turned to news
Speaker 1: and science and technology now at the Bloomberg n j
Speaker 1: I T STEM Report brought to you by New Jersey
Speaker 1: Institute of Technology, ranking top fifty national public university by
Speaker 1: u S News and World's Report, and number fourteen in
Speaker 1: the nation on Money's Best Colleges List. Learn more at
Speaker 1: n j I T dot E d U and here's
Speaker 1: what's making news and science, Technology, Engineering, and math. Senate
Speaker 1: majority leader Chuck Schumer is telling senators to expect an
Speaker 1: initial vote as early as Tuesday on scaled back legislation
Speaker 1: that would provide financial incentives for companies that build semiconductor
Speaker 1: manufacturing plants. In the US, both the House and Senator
Speaker 1: passed sweeping bills that call for the development of regional
Speaker 1: technology hubs across the country, but lawmakers have struggled to
Speaker 1: reach a final compromise that could generate sixty votes in
Speaker 1: the Senate, the number needed to overcome procedural hurdles Pacific
Speaker 1: Island now national leaders have declared a climate emergency. Australia,
Speaker 1: the wealthiest and most populous of the Forum Nations, has
Speaker 1: committed to reduce greenhouse gas emissions by forty three percent
Speaker 1: below two thousand five levels by the end of the
Speaker 1: decade under a new government elected in May. And Amazon
Speaker 1: is slowing down its hiring in Europe. The company is
Speaker 1: saying it will create more than four thousand new permanent
Speaker 1: jobs in the UK this year. That's the smallest number
Speaker 1: it's announced in at least the three years, despite planning
Speaker 1: to open two more fulfillment centers in the north of England,
Speaker 1: and that's the Bloomberg and J. A. T. Stem Report.
Speaker 1: Nathan alright, Karen, thank you. We are live from the
Speaker 1: Bloomberg Interractor broker studios where it's coming up to six
Speaker 1: fifty one on Wall Street as we continue to watch
Speaker 1: earnings from Wells Fargo the results across the Bloomberg terminal.
Speaker 1: Bloomberg Intelligence Senior Global Banks analyst Allison Williams is with
Speaker 1: a Santa help break down these numbers. Obviously, Alan the A,
Speaker 1: I'm sorry, Allison, the red headline from these results. Second
Speaker 1: quarter revenue came in pretty short of estimates. What else
Speaker 1: stands out for you? So just looking there's there's a few, um,
Speaker 1: there's a few items that might have driven the revenue.
Speaker 1: The headline revenue miss or a couple of things I
Speaker 1: would call out. Um, it does look like um, you know,
Speaker 1: equities securities gains which were a huge booze to the
Speaker 1: quarter a year ago, and it looks like there could
Speaker 1: be some losses this quarter. That's a little bit more
Speaker 1: negative than people thought. Again, that's not core, so I
Speaker 1: don't think people will be too upset about that. They
Speaker 1: did have a right down due to market spread winding again.
Speaker 1: We've seen this across the banks and that's uh to
Speaker 1: be expected. Mortgage banking income down significantly. That is a
Speaker 1: big one to watch. Although you know, we all know
Speaker 1: that mortgage rates have skyrocketed and volumes are are very depressed. UM.
Speaker 1: The expectation was for the for that income to be
Speaker 1: down about it just looks like it's it's a little
Speaker 1: bit worse. The net interest margin better than expected. So
Speaker 1: that's a core number to watch for Whiles Fargo UM,
Speaker 1: and we're looking for the net interest income and the
Speaker 1: provision building numbers now. Yeah, and some interesting lines as
Speaker 1: well coming in with Wells Fargo saying it expects credit
Speaker 1: losses to increase from low levels and a hundred seven
Speaker 1: million dollar right down in investment banking. Yeah. So that
Speaker 1: so the write down and investment banking is UM is
Speaker 1: the number that I that I had one of the
Speaker 1: numbers I referred to earlier. This is something we've seen
Speaker 1: across the banks to the two areas. I think that
Speaker 1: we're seeing some stress in the leverage loan books and
Speaker 1: bridge financing at the investment banks UM just because of
Speaker 1: the spread widening UM, but significantly lower UM than the
Speaker 1: types of marks that we saw on the global financial crisis,
Speaker 1: and certainly uh that these marks are manageable, so I
Speaker 1: don't think people will be too much upset about that.
Speaker 1: The credit rising from low levels should be something that
Speaker 1: is expected. We have really strong credit quality across all
Speaker 1: the banks, and we do expect some normalization there. The
Speaker 1: one thing that we're watching is what's happening with reserves
Speaker 1: this quarter because of the accounting, the reserves tell you
Speaker 1: that about today, which as I said, is very strong,
Speaker 1: but about the future, and that's what investors are worried about.
Speaker 1: They're worried about a coming recession. And it does look
Speaker 1: like there was a little bit of a reserve build
Speaker 1: there that could be due to long growth like what
Speaker 1: we saw JP Morgan Um. So we'll be looking to
Speaker 1: dig into that a little bit more and we'll be
Speaker 1: watching for more headlines. As a continued to cross, the
Speaker 1: shares of Wells Fargo right now down two point seven percent.
Speaker 1: They had been in as low as three point four
Speaker 1: percent in the pre market. Alison Williams of Bloomberg Intelligence,
Speaker 1: lets you get back to crunching those numbers. In the meantime,
Speaker 1: we want to take you to what's going on in
Speaker 1: d C. Lots happening in the nation's capital, not the
Speaker 1: least of which is President Biden's continue to trip through
Speaker 1: the Middle East. He's meeting right now giving a joint
Speaker 1: statement with Palestinian Primate or Palestinian President mak Buddha bass
Speaker 1: Lets bringing Bloomberg Government reporter Emily Wilkins from the nation's capital. Emily,
Speaker 1: just quickly, let's get some of the details on what
Speaker 1: the President is saying alongside President of Boston. Yes, we
Speaker 1: have a number of different things. I mean Biden, first
Speaker 1: of all, I'm talking about Jerusalem, saying that it's got
Speaker 1: to be a city for all its people and saying
Speaker 1: the US is really working to improve the lives of
Speaker 1: Palestinian folks. He also announced that he would be uh
Speaker 1: that he would be putting forward Um, I think it's
Speaker 1: over a three d million towards Palestine. This is really
Speaker 1: Biden's way of trying to renew ties with the region
Speaker 1: after the Trump administration really ended a lot of the contact.
Speaker 1: And of course we're waiting for the President to head
Speaker 1: to Saudi Arabia later today, but in the meantime, we
Speaker 1: wanted to what's happening on Capitol Hill as well, because
Speaker 1: there's been a lot of developments, including Joe Mansion once
Speaker 1: again putting a big hurdle in front of the slim
Speaker 1: down economic package that he's been negotiating with the Senate
Speaker 1: Majority Leader. Yeah, Joe Mansion told Democratic leader is that
Speaker 1: he wouldn't be supporting new climate measures or tax increases,
Speaker 1: particularly climate. That's something that Biden really wanted to see happen.
Speaker 1: It's something that he was very much pushing for, very
Speaker 1: you know, really togging um and Manson has said that
Speaker 1: he does not want that in a final bill. He
Speaker 1: wants the bill to really be focused on reducing the
Speaker 1: deficit and potentially a number of healthcare measures as well
Speaker 1: as things like bringing down drug prices, which have already
Speaker 1: been agreed to. And this comes as we're seeing inflation
Speaker 1: hit nine point one percent. Mansion has been consistently concerned
Speaker 1: about inflation, consistently warned, uh, you know, that inflation was
Speaker 1: sort of tempering his desire to see some of this
Speaker 1: new spending and the reconciliation go through. And this has
Speaker 1: really been very frustrating for a lot of Democrats just
Speaker 1: to see this big package that they have get whittled
Speaker 1: and whittled down further, but knowing really there's nothing can
Speaker 1: they can do about it as Mansion is not going
Speaker 1: to support something they don't have fifty votes, they don't
Speaker 1: have the means to pass it. Uh So I expect
Speaker 1: to see this. This is a Asian brokelate last night.
Speaker 1: Expecting to see a lot of continued frustration around Capital
Speaker 1: Hell today on that and even with the difficulties around
Speaker 1: an economic package. Emily, it's very interesting to see this
Speaker 1: breaking news this morning that House Democrats are going to
Speaker 1: try to move forward on an assault weapons band vote.
Speaker 1: This is really interesting. Yes, so the Hose Judiciary Committee
Speaker 1: has announced that they'll be taking steps basically to start
Speaker 1: the process of moving this assault weapons ban built forward.
Speaker 1: Now at this point, I've spoken with a couple of
Speaker 1: senior Democratic aids who have said that, you know, there
Speaker 1: hasn't really been any sort of announcement yet about whether
Speaker 1: this bill will come to the floor. The issue is that, methank,
Speaker 1: there there might not be enough votes to get it
Speaker 1: to pass. There are a number of Democrats who are
Speaker 1: from pretty conservative areas and have said that they do
Speaker 1: not support an assault weapons fan. Uh. If you remember
Speaker 1: there was um Lola maker from Buffalo, Chris Jacobs, who
Speaker 1: came out as uh anti assault weapons after the mass
Speaker 1: shooting in the Buffalo grocery store. He's a public in
Speaker 1: in A week later, he had to announce that he
Speaker 1: would not be running for re election because the backlash
Speaker 1: to that announcement was so negative. So this is a
Speaker 1: pretty controversial area. I think the fact that you've seen
Speaker 1: leadership go and address it right now really speaks to
Speaker 1: how public sentiment is turning after some of the most
Speaker 1: recent mass shootings. We've seen Emily Wilkins of Bloomberg Government
Speaker 1: keeping any everything happening in the nation's capital. So can
Speaker 1: you read all these stories at Bloomberg dot com or
Speaker 1: on the Bloomberg terminal and listen to Bloomberg Radio in Washington,
Speaker 1: d C Bloomberg and one oh five point seven FM
Speaker 1: HD two. Continuing to watch shares of Wells Fargo in
Speaker 1: early trading after reporting disappointing earnings there down three and
Speaker 1: a half percent in the pre market. Much more to
Speaker 1: come on Bloomberg Surveillance Next for Karen Moscow. I'm Nathan Hagar.
Speaker 1: This is Bloomberg