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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today, Dared.

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Speaker 2: We begin with the rebound in markets, and we're joined

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Speaker 2: by Bloomberg's Critty goup to quite the bounce back in

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Speaker 2: Asia overnight.

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Speaker 3: Critty a massive bounce back go start on the Japanese

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Speaker 3: stock market. There the top x a wopping nine point

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Speaker 3: three percent to do even better than ni K two

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Speaker 3: to twenty five, closing over ten percent hired. This of

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Speaker 3: course compared to the twelve percent drop yesterday, So in

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Speaker 3: about twenty four hours, in two sessions time, you did

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Speaker 3: not see a complete pairing back of the losses, but

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Speaker 3: pretty close, some pretty good volatility that is likely to

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Speaker 3: sustain throughout the week. You're also going to see a

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Speaker 3: similar story, Nathan, over in the South Korea index member

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Speaker 3: chips is still very much the story. So any index

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Speaker 3: with exposure there was saking a lot of the extra turmoil.

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Speaker 3: Today they are seeing extra gain. So the COSTPI over

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Speaker 3: in South Korea hired by three point three percent, COSDAK

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Speaker 3: closing up over six percent.

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Speaker 2: And what are we seeing as far as European trading

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Speaker 2: goes critty, so.

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Speaker 3: A little bit of a mixed picture when it comes

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Speaker 3: to Europe. You would think some of the positivity would

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Speaker 3: kind of feed on over and it's doing the exact opposite. Actually,

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Speaker 3: So when you do look at say the Eurostock fifty,

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Speaker 3: it's actually down by two tens of one percent. You're

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Speaker 3: not seeing that same optimism. To be fair, you also

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Speaker 3: didn't see that same drop to that extent yesterday, but

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Speaker 3: still a two percent drop yesterday. About on average across

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Speaker 3: from the indexes today you are seeing most of these

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Speaker 3: indexes about flat. The French index, however, down about half percent,

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Speaker 3: taking the biggest hit off all the major indices.

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Speaker 1: All right, Bloomberry's Cretti, Gupta and Credie will be checking

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Speaker 1: in with you throughout the morning, of course. And as

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Speaker 1: we said earlier, we are seeing a bit of a

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Speaker 1: bounce back in US futures following yesterday's sell off. The

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Speaker 1: SNP five hundred lost three percent, extending a tumble from

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Speaker 1: its peak to eight and a half percent. The tech

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Speaker 1: heavy Nasdaq one hundred also lost three percent. It is

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Speaker 1: now after its worst start to a month since two

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Speaker 1: thousand and eight. Lindsay Rosner is head of a multi

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Speaker 1: sector investing at Goldman's Sacces asset manage.

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Speaker 4: The market is getting into a healthier zone and markets

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Speaker 4: don't move, even though I think we've been pretty used

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Speaker 4: to it recently in a straight lineup. We have to

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Speaker 4: understand that these kind of drawdowns and replacements happen, and

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Speaker 4: this is why from an active management seat where we are,

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Speaker 4: we want to have the steady hands in the market

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Speaker 4: to add where it makes.

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Speaker 1: Sense, golmans I said. Management s Lindsay Rosner. Wall Street's

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Speaker 1: fear gauge, the VIS was above sixty five at one

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Speaker 1: point yesterday. Today it's recouping and is around thirty three.

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Speaker 2: Karen is. Speculation grows on whether the Federal Reserve will

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Speaker 2: cut rates ahead of its September meeting. Some are throwing

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Speaker 2: cold water on the idea, including Bloomberg opinion contributor Mohammad

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Speaker 2: al Aarian.

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Speaker 5: I am of the view.

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Speaker 6: That this will We will look back on this and

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Speaker 6: say it was an overreaction in certain parts of the

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Speaker 6: markets and the market got carried away by demanding into

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Speaker 6: meeting cuts, by demanding seventy five basis points in September.

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Speaker 2: It's not going to happen. That's Bloomberg opinion columnist muhammadel Arian.

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Speaker 1: Nathan FED officials are also dousing hopes of a rate

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Speaker 1: cut before September. San Francisco FED president Mary Daily is

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Speaker 1: indicating that cuts should begin in coming quarters.

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Speaker 7: You know, from my mind, we've now confirmed that the

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Speaker 7: labor market is slowing, and it's extremely important that we

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Speaker 7: not let it slow so much that it tips the

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Speaker 7: that tips itself into a downturn.

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Speaker 1: San Francisco FED president Mary Daily added she still sees

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Speaker 1: the labor market as reasonably solid, as most employers are

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Speaker 1: not cutting jobs.

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Speaker 8: Well, Karen.

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Speaker 2: One of the hardest hit tech stocks during the recent

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Speaker 2: sell off was in Vidia. It is down about twenty

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Speaker 2: five percent from its recent high, and we've learned in

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Speaker 2: Vidia CEO Jensen Wang has been unloading shares. He sold

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Speaker 2: nearly three hundred and twenty three million dollars worth in July.

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Speaker 2: Combined with shares sold in June, Jensen Wang is unwound

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Speaker 2: almost a half billion dollars in his in Vidia steak

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Speaker 2: since the stock hit its peak amid the AI fueled rally.

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Speaker 1: Nathan investor Kathy Wood is defending her sale of Nvidia

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Speaker 1: shares before the company's huge rally, we cut up with

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Speaker 1: the Arc Investment ceo.

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Speaker 9: We wrote it up one hundredfold. Would we have liked

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Speaker 9: another triple? Sure, But here is the most important question

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Speaker 9: for Nvidia to be. To deserve where it is right

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Speaker 9: now from a valuation point of view, other companies out

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Speaker 9: there must be having phenomenal results.

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Speaker 1: Our investment CEO Kapy Wood made the comments on the

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Speaker 1: Bloomberg Tiger Money podcast.

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Speaker 2: Now, Karen's the latest on the presidential race. It is

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Speaker 2: officially a race now. Vice President Kamala Harris has clinched

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Speaker 2: the Democratic nomination for president. We get the very latest

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Speaker 2: from Bloomberg Steve Potisk in Washington.

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Speaker 8: The virtual roll call vote wrapped up last night and

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Speaker 8: the Democratic National Committee says the Vice president won ninety

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Speaker 8: nine percent of the delegates votes. The process was a formality.

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Speaker 8: No one else was on the ballot. Now the question

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Speaker 8: is who will join Harris on the ticket. She's expected

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Speaker 8: to announce her running mate today. Over the weekend, she

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Speaker 8: met with at least three contenders, Mark Kelly of Arizona,

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Speaker 8: Pennsylvania's Josh Shapiro, and Tim Walls from Minnesota. Harris is

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Speaker 8: kicking off a seven battleground state tour this afternoon in

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Speaker 8: Shapiro's home state in Philadelphia. She'll formerly accept the nomination

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Speaker 8: later this month at the Democratic National Convention in Washington.

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Speaker 8: Steve Potisk Bloomberg Radio.

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Speaker 1: All right, Steve, thanks well. Back in Washington. It's going

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Speaker 1: to be a very long couple of days for Boeing.

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Speaker 1: The planemaker is facing its most extensive hearing yet into

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Speaker 1: the fuselage blowout back in January that exposed multiple quality

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Speaker 1: lapses at its factories. The National Transportation Safety Board is

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Speaker 1: spreading the questioning over twenty hours today and tomorrow since

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Speaker 1: the accident. Boeing is named a new CEO, has agreed

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Speaker 1: to buy back its supplier, Spirit Aerosystems, and it's pleaded

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Speaker 1: guilty to a conspiracy charge from two previous seven thirty

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Speaker 1: seven MAX crashes in Karen.

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Speaker 2: Illegal loss for Alphabet. This morning, a federal judge has

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Speaker 2: ruled Google illegally monopolized the search market through exclusive deals.

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Speaker 2: Google made twenty six billion dollars in payments to be

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Speaker 2: the default search engine on smartphones and web browsers. The

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Speaker 2: judge ruled those payments effectively blocked any other competitor from

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Speaker 2: succeeding in the search market. This is the government's first

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Speaker 2: major antitrust victory against a tech giant in more than

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Speaker 2: two decades.

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Speaker 1: And it's time now for a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the world. And for that we're joined by Bloomberg's John Tucker. John,

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Speaker 1: Good morning, and good morning, Karen.

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Speaker 5: Debbie is now a killer downgraded from hurricane to tropical storm.

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Speaker 5: It damaged homes of businesses, sent floodwaters rising across sweeping

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Speaker 5: power outages across Florida and Georgia. It led to several

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Speaker 5: fatalities in Georgia. The mayor of Savannah issue to curfew.

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Speaker 3: It's going to catch a whole lot of people by surprise.

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Speaker 5: Bloomberg meteorologist Rob Carolyn is tracking the storm.

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Speaker 10: John Trockle, Storm Debbie is located on the coast of

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Speaker 10: Georgia this morning, and this system is going to be

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Speaker 10: responsible for some very heavy rainfall over the Eastern Carolinas

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Speaker 10: in Georgia over the next several days. Some places are

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Speaker 10: going to receive an excessive two feet of rain from

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Speaker 10: this system.

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Speaker 5: Bloomberg Meteorologist Rob Carolyn. Several US personnel were injured in

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Speaker 5: a suspected rocket attack at a military base in Iraq.

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Speaker 5: The attack comes its Tensions across the Mideast are spiking

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Speaker 5: following the killings last week of a senior hensbela commander

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Speaker 5: at Lebanon and Hamas's top political leader in Iran. The

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Speaker 5: US and its allies are working to head off a

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Speaker 5: wider conflict. On Bloomberg's Nancy Allons is more from.

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Speaker 11: Washington, Secretary of State Anthony Lincoln says he's been speaking

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Speaker 11: with leaders from Cutter and Egypt, the two countries who've

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Speaker 11: been helping lead negotiations for a ceasefire.

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Speaker 10: It is a critical moment. We are engaged in intense

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Speaker 10: diplomacy pretty much round the clock with a very simple message.

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Speaker 11: All parties must refrain from escalation. Iran has said it

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Speaker 11: wants to avoid an all out war, but to create

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Speaker 11: deterrence against Israel. Israel says its forces are on a

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Speaker 11: hair trigger alert to carry out defensive and offensive missions.

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Speaker 11: In Washington, Nancy Lyons Bloomberg Radio.

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Speaker 5: Most New York City restaurants taking part in the city's

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Speaker 5: pandemic here outdoor dining program haven't sought permits to make

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Speaker 5: their sheds permanent, meaning they'll have to be dismantled. The

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Speaker 5: critics called the outdoor structure's eye sores that attracted rats

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Speaker 5: and took up parking spaces, while proponents say they inject

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Speaker 5: life into the urban landscape. Michigan voters today will decide

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Speaker 5: which Republicated Democratic candidates will compete in November for the

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Speaker 5: state's highly coveted open US Senate seat. In addition to

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Speaker 5: several of the nation's most competitive US House races, many

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Speaker 5: Democrats have coalesced around REPRESENTATIVELYSSA slot Giny, and the Senate race,

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Speaker 5: while Republicans have united behind former Congressman Mike Rodgers, who

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Speaker 5: received an endorsement from Donald Trump earlier this year. Both

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Speaker 5: candidates vying for the seat left open by longtime Democratic

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Speaker 5: Senator Debbie Stabenhaw's retirement, but they must first defeat underdog challengers.

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Speaker 5: In today's voting, Global News twenty four hours a day

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Speaker 5: and whatever you wanted with Bloomberg News Now, I'm John Tucker.

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Speaker 5: This is Bloomberg, Nathan and Karen.

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Speaker 1: All right, John, thank you any time now for the

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Speaker 1: Bloomberg Scores update with John Stashauer.

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Speaker 2: John, Good morning, Yah morning.

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Speaker 4: Karen.

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Speaker 12: Was already going to be a long road trip for

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Speaker 12: the Mets, with games in Anaheim, Denver, Cy, Adam. Then

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Speaker 12: they had a rainout in Saint Louis. Had to make

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Speaker 12: it up yesterday. They stopped in, got great pitching from

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Speaker 12: Sean Menia, broke the game open in the fifth inning.

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Speaker 5: Is one two line down the right field lie.

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Speaker 8: That's a face hit by Taylor.

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Speaker 2: Going into the corner.

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Speaker 12: Alvarez is in, Peter is in never getting waved around

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Speaker 12: toward the plate.

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Speaker 2: The throat of the plate is not in time.

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Speaker 12: Three run doubled all right for Tyrone Taylor WCBS. The

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Speaker 12: Met's won six to nothing. What a free age and

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Speaker 12: signing man I has been his last two starts. He's

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Speaker 12: pitched fourteen scoreless innings, allowing only eight hits with one

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Speaker 12: walk twenty one strikeaffs. Yankees were off home tonight for

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Speaker 12: the Angels. Yanks tied for first with Baltimore Red Sox

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Speaker 12: eighteen hits, one, nine to five at Kansas City. The

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Speaker 12: Giants got to five hundred with a four to one

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Speaker 12: win in Washington. Then there are the White Sox, a

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Speaker 12: model of consistency. They just keep losing five to one

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Speaker 12: in Oakland, the thirty second time this season. Chicago has

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Speaker 12: failed to score even two onns in a game. Losing

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Speaker 12: streak is at twenty one, going back to July tenth.

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Speaker 12: It's tied to the longest skid in modern American League history.

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Speaker 12: The Major League record is twenty three. Two gold medals

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Speaker 12: for the US gives them twenty one, tied with China,

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Speaker 12: US way ahead and overall medals won. Valerie Allman won

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Speaker 12: the women's discus, just as she did three years ago,

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Speaker 12: and Caroline Marks one gold in the surfing that's taking

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Speaker 12: place in Tahiti. In Paris today, h's the US and

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Speaker 12: Brazil men's basketball quarterfinals. US takes on Germany in the

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Speaker 12: women's soccer. That means the men's soccer gold medal game

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Speaker 12: will be Friday, Spain against France. Post Nation won at

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Speaker 12: semifinal game with Egypt and extra time, so were world

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Speaker 12: champion Chiefs have woped up in all pro kicker Harrison

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Speaker 12: Bucker will make six and a half million a year.

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Speaker 12: Bucker this past spring made news with a controversial commencement

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Speaker 12: speech johns Dashawa Bloomberg Sports carry.

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Speaker 13: Maybe coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 13: and around the world. On Bloomberg dot Com and the

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Speaker 13: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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Speaker 13: Nathan Hager. It's a better morning.

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Speaker 2: Some calm may be settling back into the market after

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Speaker 2: yesterday's plunge for stocks around the world. A whole host

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Speaker 2: of factors came together to send investors fleeing to safety.

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Speaker 2: This morning, we are seeing a bit of recovery. But

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Speaker 2: is this a calm before another storm joining us now?

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Speaker 2: Janet Mooey, head of Market analysis at RBC, brewin Dolphin, Janet,

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Speaker 2: good morning is the worst over?

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Speaker 9: Hi?

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Speaker 14: I'm Money and Nathan, thanks for having me well. It

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Speaker 14: is hard to say, to be honest, I think the

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Speaker 14: market narrative has shifted from focus on inflation to concern

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Speaker 14: on growth. So unless we have the clarity on the

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Speaker 14: growth side of things, I don't think we can be

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Speaker 14: sure or you know, when is this end or volatility? Physically,

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Speaker 14: we still have geopolitical atention and of course the US

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Speaker 14: election where the race is pretty tight at the moment. Though,

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Speaker 14: I having said that, we do feel that valuations have

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Speaker 14: become more attractive, so certainly paving the way for a

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Speaker 14: better entry point for investors.

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Speaker 2: More attractive valuations. Where specifically, where are you advising clients

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Speaker 2: to buy in at this point?

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Speaker 14: Yeah, so currently we are not, you know, exactly advising

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Speaker 14: clients to buy in at this particular point. But overall,

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Speaker 14: our portfolio strategy has been overweighted in US and also

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Speaker 14: with favor semiconductor stocks. Now those areas of the market

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Speaker 14: has obviously seen a correction and particularly some of those

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Speaker 14: semiconductor stocks have slummed. I think irrespective of fundamentals, it's

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Speaker 14: more sentiment and position drivening. So we feel that that

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Speaker 14: could open up opportunities because we still view those sectors

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Speaker 14: as you know, very good long term prospects.

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Speaker 2: Are you looking for the market to test further lows?

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Speaker 2: What other catalysts should we be looking at in terms

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Speaker 2: of where this volatility could go from here?

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Speaker 14: I think there is a real possibility. So our base

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Speaker 14: case is still a stock blending even though that recession

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Speaker 14: risk admittedly has risen. I think the key risk here

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Speaker 14: is I think it's oil prices. We have seen actually

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Speaker 14: all prices falling because of those recession risks, But don't

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Speaker 14: forget we still have geopolitical rests on the background. The

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Speaker 14: tension between Israel and Iran is still high, so if

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Speaker 14: our prices rise from here, that could be a pretty

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Speaker 14: bad scenario for market is because that would mean staculation.

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Speaker 2: Does your soft landing thesis rely on the FED delivering

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Speaker 2: more aggressive rate cuts than it's been telegraphing.

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Speaker 14: I think yes at this stage it does. So I

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Speaker 14: think if the fat were to cut a couple of

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Speaker 14: times this year and more next year, I think we

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Speaker 14: are we have the pathway to avoid our recessions. So yes,

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Speaker 14: it is conditioned on the fat cutting, and the fact

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Speaker 14: is we're I think the thing is the fat does

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Speaker 14: have the leeway to cut. I think that's pretty clear

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Speaker 14: because first of all, the rates are at five and

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Speaker 14: a half percent and inflation is heading in the right direction.

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Speaker 14: I think those are the very important assumption in inflation reaccelerates,

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Speaker 14: which is not what we're expecting, by the way, I

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Speaker 14: think that would be more difficult.

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Speaker 2: Backdrop, Does the FED need to cut before September? I

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Speaker 2: know a number of FED officials have been pushing back

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Speaker 2: at that idea, But is that something that the FED

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Speaker 2: needs to consider?

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Speaker 14: I think it could be risky mode. Actually, I think

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Speaker 14: so far, as you mentioned at the beginning, we're actually

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Speaker 14: having a bit of a normality, and I think it's

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Speaker 14: a bit it's a bit of a best signaling. If

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Speaker 14: they were to cut in between meetings, it shows a

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Speaker 14: bit of desperation in my view, and I think, you know,

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Speaker 14: we have just we just need to wait one month's time.

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Speaker 14: I think nothing major is likely to happen in between.

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Speaker 14: We I like to get some more economic data that

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Speaker 14: could induce the polity, but I think it's worked out

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Speaker 14: to wait until September eighteen.

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Speaker 2: Hager and I'm Karen Moscow.

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