WEBVTT - Global Markets Stabilize; Harris Clinches Democratic Nomination

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

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

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<v Speaker 1>following today, Dared.

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<v Speaker 2>We begin with the rebound in markets, and we're joined

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<v Speaker 2>by Bloomberg's Critty goup to quite the bounce back in

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<v Speaker 2>Asia overnight.

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<v Speaker 3>Critty a massive bounce back go start on the Japanese

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<v Speaker 3>stock market. There the top x a wopping nine point

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<v Speaker 3>three percent to do even better than ni K two

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<v Speaker 3>to twenty five, closing over ten percent hired. This of

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<v Speaker 3>course compared to the twelve percent drop yesterday, So in

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<v Speaker 3>about twenty four hours, in two sessions time, you did

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<v Speaker 3>not see a complete pairing back of the losses, but

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<v Speaker 3>pretty close, some pretty good volatility that is likely to

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<v Speaker 3>sustain throughout the week. You're also going to see a

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<v Speaker 3>similar story, Nathan, over in the South Korea index member

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<v Speaker 3>chips is still very much the story. So any index

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<v Speaker 3>with exposure there was saking a lot of the extra turmoil.

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<v Speaker 3>Today they are seeing extra gain. So the COSTPI over

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<v Speaker 3>in South Korea hired by three point three percent, COSDAK

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<v Speaker 3>closing up over six percent.

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<v Speaker 2>And what are we seeing as far as European trading

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<v Speaker 2>goes critty, so.

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<v Speaker 3>A little bit of a mixed picture when it comes

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<v Speaker 3>to Europe. You would think some of the positivity would

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

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<v Speaker 3>So when you do look at say the Eurostock fifty,

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

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<v Speaker 3>not seeing that same optimism. To be fair, you also

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<v Speaker 3>didn't see that same drop to that extent yesterday, but

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<v Speaker 3>still a two percent drop yesterday. About on average across

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<v Speaker 3>from the indexes today you are seeing most of these

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<v Speaker 3>indexes about flat. The French index, however, down about half percent,

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<v Speaker 3>taking the biggest hit off all the major indices.

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<v Speaker 1>All right, Bloomberry's Cretti, Gupta and Credie will be checking

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<v Speaker 1>in with you throughout the morning, of course. And as

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<v Speaker 1>we said earlier, we are seeing a bit of a

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<v Speaker 1>bounce back in US futures following yesterday's sell off. The

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<v Speaker 1>SNP five hundred lost three percent, extending a tumble from

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<v Speaker 1>its peak to eight and a half percent. The tech

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<v Speaker 1>heavy Nasdaq one hundred also lost three percent. It is

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<v Speaker 1>now after its worst start to a month since two

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<v Speaker 1>thousand and eight. Lindsay Rosner is head of a multi

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<v Speaker 1>sector investing at Goldman's Sacces asset manage.

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<v Speaker 4>The market is getting into a healthier zone and markets

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

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<v Speaker 4>to it recently in a straight lineup. We have to

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<v Speaker 4>understand that these kind of drawdowns and replacements happen, and

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<v Speaker 4>this is why from an active management seat where we are,

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<v Speaker 4>we want to have the steady hands in the market

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<v Speaker 4>to add where it makes.

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<v Speaker 1>Sense, golmans I said. Management s Lindsay Rosner. Wall Street's

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<v Speaker 1>fear gauge, the VIS was above sixty five at one

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<v Speaker 1>point yesterday. Today it's recouping and is around thirty three.

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<v Speaker 2>Karen is. Speculation grows on whether the Federal Reserve will

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<v Speaker 2>cut rates ahead of its September meeting. Some are throwing

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<v Speaker 2>cold water on the idea, including Bloomberg opinion contributor Mohammad

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<v Speaker 2>al Aarian.

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<v Speaker 5>I am of the view.

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<v Speaker 6>That this will We will look back on this and

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<v Speaker 6>say it was an overreaction in certain parts of the

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<v Speaker 6>markets and the market got carried away by demanding into

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<v Speaker 6>meeting cuts, by demanding seventy five basis points in September.

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

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<v Speaker 1>Nathan FED officials are also dousing hopes of a rate

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<v Speaker 1>cut before September. San Francisco FED president Mary Daily is

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<v Speaker 1>indicating that cuts should begin in coming quarters.

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<v Speaker 7>You know, from my mind, we've now confirmed that the

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<v Speaker 7>labor market is slowing, and it's extremely important that we

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<v Speaker 7>not let it slow so much that it tips the

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<v Speaker 7>that tips itself into a downturn.

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<v Speaker 1>San Francisco FED president Mary Daily added she still sees

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<v Speaker 1>the labor market as reasonably solid, as most employers are

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<v Speaker 1>not cutting jobs.

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<v Speaker 8>Well, Karen.

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<v Speaker 2>One of the hardest hit tech stocks during the recent

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<v Speaker 2>sell off was in Vidia. It is down about twenty

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<v Speaker 2>five percent from its recent high, and we've learned in

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<v Speaker 2>Vidia CEO Jensen Wang has been unloading shares. He sold

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<v Speaker 2>nearly three hundred and twenty three million dollars worth in July.

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<v Speaker 2>Combined with shares sold in June, Jensen Wang is unwound

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<v Speaker 2>almost a half billion dollars in his in Vidia steak

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<v Speaker 2>since the stock hit its peak amid the AI fueled rally.

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<v Speaker 1>Nathan investor Kathy Wood is defending her sale of Nvidia

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<v Speaker 1>shares before the company's huge rally, we cut up with

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<v Speaker 1>the Arc Investment ceo.

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<v Speaker 9>We wrote it up one hundredfold. Would we have liked

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<v Speaker 9>another triple? Sure, But here is the most important question

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<v Speaker 9>for Nvidia to be. To deserve where it is right

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<v Speaker 9>now from a valuation point of view, other companies out

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<v Speaker 9>there must be having phenomenal results.

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<v Speaker 1>Our investment CEO Kapy Wood made the comments on the

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<v Speaker 1>Bloomberg Tiger Money podcast.

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<v Speaker 2>Now, Karen's the latest on the presidential race. It is

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<v Speaker 2>officially a race now. Vice President Kamala Harris has clinched

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<v Speaker 2>the Democratic nomination for president. We get the very latest

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<v Speaker 2>from Bloomberg Steve Potisk in Washington.

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<v Speaker 8>The virtual roll call vote wrapped up last night and

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<v Speaker 8>the Democratic National Committee says the Vice president won ninety

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<v Speaker 8>nine percent of the delegates votes. The process was a formality.

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<v Speaker 8>No one else was on the ballot. Now the question

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<v Speaker 8>is who will join Harris on the ticket. She's expected

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<v Speaker 8>to announce her running mate today. Over the weekend, she

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<v Speaker 8>met with at least three contenders, Mark Kelly of Arizona,

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

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<v Speaker 8>kicking off a seven battleground state tour this afternoon in

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

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<v Speaker 8>later this month at the Democratic National Convention in Washington.

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<v Speaker 8>Steve Potisk Bloomberg Radio.

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

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<v Speaker 1>to be a very long couple of days for Boeing.

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<v Speaker 1>The planemaker is facing its most extensive hearing yet into

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<v Speaker 1>the fuselage blowout back in January that exposed multiple quality

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<v Speaker 1>lapses at its factories. The National Transportation Safety Board is

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<v Speaker 1>spreading the questioning over twenty hours today and tomorrow since

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<v Speaker 1>the accident. Boeing is named a new CEO, has agreed

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<v Speaker 1>to buy back its supplier, Spirit Aerosystems, and it's pleaded

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<v Speaker 1>guilty to a conspiracy charge from two previous seven thirty

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<v Speaker 1>seven MAX crashes in Karen.

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<v Speaker 2>Illegal loss for Alphabet. This morning, a federal judge has

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<v Speaker 2>ruled Google illegally monopolized the search market through exclusive deals.

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<v Speaker 2>Google made twenty six billion dollars in payments to be

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<v Speaker 2>the default search engine on smartphones and web browsers. The

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<v Speaker 2>judge ruled those payments effectively blocked any other competitor from

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<v Speaker 2>succeeding in the search market. This is the government's first

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<v Speaker 2>major antitrust victory against a tech giant in more than

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<v Speaker 2>two decades.

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<v Speaker 1>And it's time now for a look at some of

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<v Speaker 1>the other stories making news in New York and around

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

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<v Speaker 1>Good morning, and good morning, Karen.

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<v Speaker 5>Debbie is now a killer downgraded from hurricane to tropical storm.

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<v Speaker 5>It damaged homes of businesses, sent floodwaters rising across sweeping

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<v Speaker 5>power outages across Florida and Georgia. It led to several

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<v Speaker 5>fatalities in Georgia. The mayor of Savannah issue to curfew.

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

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<v Speaker 5>Bloomberg meteorologist Rob Carolyn is tracking the storm.

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<v Speaker 10>John Trockle, Storm Debbie is located on the coast of

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<v Speaker 10>Georgia this morning, and this system is going to be

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<v Speaker 10>responsible for some very heavy rainfall over the Eastern Carolinas

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<v Speaker 10>in Georgia over the next several days. Some places are

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<v Speaker 10>going to receive an excessive two feet of rain from

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<v Speaker 10>this system.

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<v Speaker 5>Bloomberg Meteorologist Rob Carolyn. Several US personnel were injured in

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<v Speaker 5>a suspected rocket attack at a military base in Iraq.

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<v Speaker 5>The attack comes its Tensions across the Mideast are spiking

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<v Speaker 5>following the killings last week of a senior hensbela commander

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<v Speaker 5>at Lebanon and Hamas's top political leader in Iran. The

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<v Speaker 5>US and its allies are working to head off a

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<v Speaker 5>wider conflict. On Bloomberg's Nancy Allons is more from.

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<v Speaker 11>Washington, Secretary of State Anthony Lincoln says he's been speaking

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<v Speaker 11>with leaders from Cutter and Egypt, the two countries who've

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<v Speaker 11>been helping lead negotiations for a ceasefire.

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<v Speaker 10>It is a critical moment. We are engaged in intense

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<v Speaker 10>diplomacy pretty much round the clock with a very simple message.

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<v Speaker 11>All parties must refrain from escalation. Iran has said it

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<v Speaker 11>wants to avoid an all out war, but to create

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<v Speaker 11>deterrence against Israel. Israel says its forces are on a

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<v Speaker 11>hair trigger alert to carry out defensive and offensive missions.

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<v Speaker 11>In Washington, Nancy Lyons Bloomberg Radio.

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<v Speaker 5>Most New York City restaurants taking part in the city's

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<v Speaker 5>pandemic here outdoor dining program haven't sought permits to make

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

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<v Speaker 5>critics called the outdoor structure's eye sores that attracted rats

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<v Speaker 5>and took up parking spaces, while proponents say they inject

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<v Speaker 5>life into the urban landscape. Michigan voters today will decide

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<v Speaker 5>which Republicated Democratic candidates will compete in November for the

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<v Speaker 5>state's highly coveted open US Senate seat. In addition to

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<v Speaker 5>several of the nation's most competitive US House races, many

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<v Speaker 5>Democrats have coalesced around REPRESENTATIVELYSSA slot Giny, and the Senate race,

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<v Speaker 5>while Republicans have united behind former Congressman Mike Rodgers, who

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<v Speaker 5>received an endorsement from Donald Trump earlier this year. Both

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<v Speaker 5>candidates vying for the seat left open by longtime Democratic

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

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<v Speaker 5>In today's voting, Global News twenty four hours a day

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

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<v Speaker 5>This is Bloomberg, Nathan and Karen.

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<v Speaker 1>All right, John, thank you any time now for the

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<v Speaker 1>Bloomberg Scores update with John Stashauer.

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<v Speaker 2>John, Good morning, Yah morning.

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<v Speaker 4>Karen.

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<v Speaker 12>Was already going to be a long road trip for

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<v Speaker 12>the Mets, with games in Anaheim, Denver, Cy, Adam. Then

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<v Speaker 12>they had a rainout in Saint Louis. Had to make

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<v Speaker 12>it up yesterday. They stopped in, got great pitching from

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<v Speaker 12>Sean Menia, broke the game open in the fifth inning.

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<v Speaker 5>Is one two line down the right field lie.

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<v Speaker 8>That's a face hit by Taylor.

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<v Speaker 2>Going into the corner.

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<v Speaker 12>Alvarez is in, Peter is in never getting waved around

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<v Speaker 12>toward the plate.

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<v Speaker 2>The throat of the plate is not in time.

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<v Speaker 12>Three run doubled all right for Tyrone Taylor WCBS. The

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<v Speaker 12>Met's won six to nothing. What a free age and

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<v Speaker 12>signing man I has been his last two starts. He's

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<v Speaker 12>pitched fourteen scoreless innings, allowing only eight hits with one

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<v Speaker 12>walk twenty one strikeaffs. Yankees were off home tonight for

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<v Speaker 12>the Angels. Yanks tied for first with Baltimore Red Sox

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<v Speaker 12>eighteen hits, one, nine to five at Kansas City. The

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<v Speaker 12>Giants got to five hundred with a four to one

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<v Speaker 12>win in Washington. Then there are the White Sox, a

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<v Speaker 12>model of consistency. They just keep losing five to one

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<v Speaker 12>in Oakland, the thirty second time this season. Chicago has

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<v Speaker 12>failed to score even two onns in a game. Losing

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<v Speaker 12>streak is at twenty one, going back to July tenth.

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

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<v Speaker 12>The Major League record is twenty three. Two gold medals

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<v Speaker 12>for the US gives them twenty one, tied with China,

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<v Speaker 12>US way ahead and overall medals won. Valerie Allman won

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<v Speaker 12>the women's discus, just as she did three years ago,

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<v Speaker 12>and Caroline Marks one gold in the surfing that's taking

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

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<v Speaker 12>Brazil men's basketball quarterfinals. US takes on Germany in the

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<v Speaker 12>women's soccer. That means the men's soccer gold medal game

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<v Speaker 12>will be Friday, Spain against France. Post Nation won at

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<v Speaker 12>semifinal game with Egypt and extra time, so were world

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<v Speaker 12>champion Chiefs have woped up in all pro kicker Harrison

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<v Speaker 12>Bucker will make six and a half million a year.

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<v Speaker 12>Bucker this past spring made news with a controversial commencement

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<v Speaker 12>speech johns Dashawa Bloomberg Sports carry.

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<v Speaker 13>Maybe coast to coast on Bloomberg Radio, nationwide on Sirius XM,

0:11:25.880 --> 0:11:28.760
<v Speaker 13>and around the world. On Bloomberg dot Com and the

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<v Speaker 13>Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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<v Speaker 13>Nathan Hager. It's a better morning.

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<v Speaker 2>Some calm may be settling back into the market after

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<v Speaker 2>yesterday's plunge for stocks around the world. A whole host

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<v Speaker 2>of factors came together to send investors fleeing to safety.

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<v Speaker 2>This morning, we are seeing a bit of recovery. But

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<v Speaker 2>is this a calm before another storm joining us now?

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<v Speaker 2>Janet Mooey, head of Market analysis at RBC, brewin Dolphin, Janet,

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<v Speaker 2>good morning is the worst over?

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<v Speaker 9>Hi?

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

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<v Speaker 14>is hard to say, to be honest, I think the

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<v Speaker 14>market narrative has shifted from focus on inflation to concern

0:12:07.720 --> 0:12:11.160
<v Speaker 14>on growth. So unless we have the clarity on the

0:12:11.200 --> 0:12:13.240
<v Speaker 14>growth side of things, I don't think we can be

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<v Speaker 14>sure or you know, when is this end or volatility? Physically,

0:12:17.559 --> 0:12:20.440
<v Speaker 14>we still have geopolitical atention and of course the US

0:12:20.559 --> 0:12:24.080
<v Speaker 14>election where the race is pretty tight at the moment. Though,

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<v Speaker 14>I having said that, we do feel that valuations have

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<v Speaker 14>become more attractive, so certainly paving the way for a

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<v Speaker 14>better entry point for investors.

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<v Speaker 2>More attractive valuations. Where specifically, where are you advising clients

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<v Speaker 2>to buy in at this point?

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<v Speaker 14>Yeah, so currently we are not, you know, exactly advising

0:12:48.160 --> 0:12:51.520
<v Speaker 14>clients to buy in at this particular point. But overall,

0:12:51.559 --> 0:12:55.839
<v Speaker 14>our portfolio strategy has been overweighted in US and also

0:12:55.880 --> 0:12:59.800
<v Speaker 14>with favor semiconductor stocks. Now those areas of the market

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<v Speaker 14>has obviously seen a correction and particularly some of those

0:13:04.760 --> 0:13:09.760
<v Speaker 14>semiconductor stocks have slummed. I think irrespective of fundamentals, it's

0:13:09.760 --> 0:13:13.079
<v Speaker 14>more sentiment and position drivening. So we feel that that

0:13:13.200 --> 0:13:16.920
<v Speaker 14>could open up opportunities because we still view those sectors

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<v Speaker 14>as you know, very good long term prospects.

0:13:20.960 --> 0:13:23.720
<v Speaker 2>Are you looking for the market to test further lows?

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<v Speaker 2>What other catalysts should we be looking at in terms

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<v Speaker 2>of where this volatility could go from here?

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<v Speaker 14>I think there is a real possibility. So our base

0:13:33.600 --> 0:13:36.640
<v Speaker 14>case is still a stock blending even though that recession

0:13:36.720 --> 0:13:40.400
<v Speaker 14>risk admittedly has risen. I think the key risk here

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<v Speaker 14>is I think it's oil prices. We have seen actually

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<v Speaker 14>all prices falling because of those recession risks, But don't

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<v Speaker 14>forget we still have geopolitical rests on the background. The

0:13:51.240 --> 0:13:54.959
<v Speaker 14>tension between Israel and Iran is still high, so if

0:13:55.080 --> 0:13:58.920
<v Speaker 14>our prices rise from here, that could be a pretty

0:13:58.920 --> 0:14:01.719
<v Speaker 14>bad scenario for market is because that would mean staculation.

0:14:02.360 --> 0:14:05.920
<v Speaker 2>Does your soft landing thesis rely on the FED delivering

0:14:05.960 --> 0:14:09.079
<v Speaker 2>more aggressive rate cuts than it's been telegraphing.

0:14:10.960 --> 0:14:13.640
<v Speaker 14>I think yes at this stage it does. So I

0:14:13.679 --> 0:14:17.560
<v Speaker 14>think if the fat were to cut a couple of

0:14:17.559 --> 0:14:21.800
<v Speaker 14>times this year and more next year, I think we

0:14:21.960 --> 0:14:25.200
<v Speaker 14>are we have the pathway to avoid our recessions. So yes,

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<v Speaker 14>it is conditioned on the fat cutting, and the fact

0:14:28.040 --> 0:14:31.320
<v Speaker 14>is we're I think the thing is the fat does

0:14:31.440 --> 0:14:34.200
<v Speaker 14>have the leeway to cut. I think that's pretty clear

0:14:34.240 --> 0:14:36.200
<v Speaker 14>because first of all, the rates are at five and

0:14:36.240 --> 0:14:39.320
<v Speaker 14>a half percent and inflation is heading in the right direction.

0:14:39.400 --> 0:14:44.960
<v Speaker 14>I think those are the very important assumption in inflation reaccelerates,

0:14:45.040 --> 0:14:47.960
<v Speaker 14>which is not what we're expecting, by the way, I

0:14:48.000 --> 0:14:49.320
<v Speaker 14>think that would be more difficult.

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<v Speaker 2>Backdrop, Does the FED need to cut before September? I

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<v Speaker 2>know a number of FED officials have been pushing back

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<v Speaker 2>at that idea, But is that something that the FED

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<v Speaker 2>needs to consider?

0:14:59.400 --> 0:15:02.680
<v Speaker 14>I think it could be risky mode. Actually, I think

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<v Speaker 14>so far, as you mentioned at the beginning, we're actually

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<v Speaker 14>having a bit of a normality, and I think it's

0:15:08.760 --> 0:15:12.240
<v Speaker 14>a bit it's a bit of a best signaling. If

0:15:12.280 --> 0:15:14.800
<v Speaker 14>they were to cut in between meetings, it shows a

0:15:14.800 --> 0:15:18.440
<v Speaker 14>bit of desperation in my view, and I think, you know,

0:15:18.560 --> 0:15:22.240
<v Speaker 14>we have just we just need to wait one month's time.

0:15:22.280 --> 0:15:25.440
<v Speaker 14>I think nothing major is likely to happen in between.

0:15:25.960 --> 0:15:29.280
<v Speaker 14>We I like to get some more economic data that

0:15:29.600 --> 0:15:32.440
<v Speaker 14>could induce the polity, but I think it's worked out

0:15:32.480 --> 0:15:34.400
<v Speaker 14>to wait until September eighteen.

0:15:34.800 --> 0:15:37.680
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<v Speaker 2>Hager and I'm Karen Moscow.

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