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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 2: Karen, we begin with the latest on the trade front.

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Speaker 2: This morning, the US and China have wrapped up two

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Speaker 2: days of talks in Stockholm, Sweden. The Chinese trade negotiator

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Speaker 2: says they agreed to extend their ninety day tariff truce,

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Speaker 2: but the US side says China may have jumped the

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Speaker 2: gun on that. Here's Treasury Secretary Scott Bessant.

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Speaker 4: The Chinese deputy minister did say that we had agreed

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Speaker 4: on a pause.

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Speaker 5: We have not.

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Speaker 4: Nothing is agreed until we speak with President Trump.

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Speaker 2: Treasury Secretary Scott Besson says extending the pause another ninety

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Speaker 2: days could be an option, and that could clear the

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Speaker 2: way for President Trump to visit China in late October

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Speaker 2: and meet with President Shijinping.

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Speaker 3: Meanwhile, Nathan, the US and India are racing to negotiate

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Speaker 3: a trade before this Friday's deadline. President Trump says he

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Speaker 3: may settle on a twenty to twenty five percent tariff

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Speaker 3: rate on India, though that isn't final.

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Speaker 6: India has been a good friend, but India has charged

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Speaker 6: basically more tariffs and almost any other country.

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Speaker 3: President Trump spoke with reporters on board Air Force One

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Speaker 3: on his way back from Scotland. Even if the President

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Speaker 3: follows through on higher tariffs, sources tell Bloomberg News, India

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Speaker 3: plans to keep negotiating on a bilateral trade deal by

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Speaker 3: the fall.

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Speaker 2: Karen, We're monitoring a dangerous situation out west. A massive

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Speaker 2: earthquake off rush as far east as sparked tsunami warnings

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Speaker 2: across the Pacific. Hawaii has already seen four foot waves.

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Speaker 2: Parts of California and Washington State have started to record

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Speaker 2: tsunami waves as well. Honolulu Mayor Rick Blenngiardi's warning residents

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Speaker 2: to stay alert.

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Speaker 6: Pay attention. This is real and it's most serious.

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Speaker 3: They happen to be watching.

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Speaker 6: We don't have these events very often, but when we do,

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Speaker 6: they are they're real in this area. So we're just

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Speaker 6: asking you to pay attention and do what you've been

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Speaker 6: asked to do, and we're all going to hope for

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Speaker 6: the best.

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Speaker 2: Funnololu Mayor Rick Landiardi's telling people to stay off the

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Speaker 2: beaches and head for higher ground. This quake was a

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Speaker 2: magnitude eight point eight off the Russian coast. That's the

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Speaker 2: strongest since twenty eleven, when a magnitude nine earthquake off

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Speaker 2: Japan's east coast sparked the tsunami that led to the

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Speaker 2: Fukushima nuclear disaster.

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Speaker 3: To Manhattan now, Nathan and tighter security and grief are

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Speaker 3: still gripping the financial industry following that deadly shooting in midtown.

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Speaker 3: Bloomberg's John Tucker joins us with more. John, Good morning,

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Speaker 3: Good morning Karen.

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Speaker 4: At three forty five Park Avenue, a shattered plate glass window,

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Speaker 4: now boarded up and bouquets of flowers marked the spot

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Speaker 4: of the worst mass shooting in New York City in

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Speaker 4: a quarter of a century. Mayor Eric Adams surveyed the

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Speaker 4: carnage since.

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Speaker 7: This act of violence as the police commissioner and I

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Speaker 7: walked through the building and saw the blood trails in

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Speaker 7: the videos and the level of violence that I have

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Speaker 7: not witnessed at.

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Speaker 8: That level before.

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Speaker 4: Many employees praised how their bosses handled the initial report

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Speaker 4: of a gunman. Kathleen Bennati is one of them.

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Speaker 3: Our fire and safety director for the building immediately came

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Speaker 3: on and said to shelter in place.

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Speaker 4: Well sawbware two petrified to leave their hiding spots at first.

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Speaker 4: Others would only leave the building at ten pm as

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Speaker 4: police continue to sweep each floor. Blackstone's offices will remain

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Speaker 4: closed this week. It's unclear whin they'll reopen. Authorities still

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Speaker 4: trying to find out how the shooter obtained the gun

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Speaker 4: used in the attack and m for style rifle. They

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Speaker 4: say as coworker at a Las Vegas casino purchased the

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Speaker 4: lower receiver. A note from the gunman found in Las

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Speaker 4: Vegas reportedly includes an apology to his parents. According to ABC,

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Speaker 4: the gunman's father is a retired Los Angeles police officer

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Speaker 4: in New York. I'm John Tucker Bloomberg Radio.

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Speaker 2: Okay, John, thank you. Let's turn out to markets and

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Speaker 2: the economy. Federal Reserve policymakers are not likely to change

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Speaker 2: their benchmark interest rate today as they wait for more

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Speaker 2: details on how President Trump's tariffs will affect the economy.

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Speaker 2: Bloomberg's Michael McKee has a preview.

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Speaker 5: The outlook for you US inflation and growth is murky

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Speaker 5: at best, But just days before the Trump import tax

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Speaker 5: increase goes into effect, companies are offering support for the

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Speaker 5: idea of no FED rate cut. Today, UPS is offering

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Speaker 5: no earnings guidance, and Procter and Gamble says they will

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Speaker 5: be raising prices to account for tariffs. So the question

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Speaker 5: today is what will Jay say we may see the

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Speaker 5: first double descent by FED governor since nineteen ninety three.

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Speaker 5: Will that suggest or will the Fed chair offer support

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Speaker 5: for a September cut or explain what the central bankers

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Speaker 5: would have to see to entertain the possibility. Michael McKee,

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Speaker 5: Bloomberg Radio.

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Speaker 2: Okay, Mike, thank you, and join us for our complete

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Speaker 2: coverage of the FED decision and Jay Powell's news conference

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Speaker 2: on a special edition of Bloomberg Surveillance. It all begins

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Speaker 2: at one thirty pm Wall Street Time on Bloomberg Radio

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Speaker 2: and the Bloomberg Podcast channel on YouTube.

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Speaker 3: Nathan, it's another big day for earning. So with more

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Speaker 3: than fifty combination the S and P five hundred reporting,

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Speaker 3: MAGS seven will once again lead the With both Microsoft

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Speaker 3: and Meta on the docket, we get a Microsoft preview

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Speaker 3: now with Bloomberg's tom busby.

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Speaker 9: Microsoft expected to post a fourteen percent rise in sales

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Speaker 9: thanks to its cash cow Azure cloud computing unit, which

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Speaker 9: is expected to show a thirty four percent spike in

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Speaker 9: revenue in just the last three months. Also helping earnings

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Speaker 9: it's partnership with chat GPT maker open Ai, which is

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Speaker 9: helping Microsoft emerge as a leader in commercializing artificial intelligence.

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Speaker 9: Investors also eager for an update on his planned capex,

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Speaker 9: estimated to be a record twenty three billion last quarter.

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Speaker 9: To keep up with rivals, Bloomberg consensus calls for total

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Speaker 9: revenue of seventy three point eighty nine billion and earnings

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Speaker 9: per share of three dollars ninety seven cents. Tom Busby

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Speaker 9: Bloomberg Radio, All.

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Speaker 2: Right, Tom, thank you all big text in the spotlight

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Speaker 2: here in the US, banks have center stage in Europe

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Speaker 2: when it comes to earnings. Let's go to London get

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Speaker 2: the latest of Bloomberg's Ewen Potts Ewen.

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Speaker 10: Nathan and Karen. Let's kick off with Europe's most valuable bank,

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Speaker 10: HSBC disappointing investors today as pre tax profit missed estimates,

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Speaker 10: London based lender flagging rising expenses and a two billion

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Speaker 10: dollar charge linked to a stake in a Chinese bank.

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Speaker 10: Over in Switzerland's UBS posting a higher than expected profit

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Speaker 10: in the second quarter. Speaking to Bloomberg. The company's CEO

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Speaker 10: said that he won't make the bank smaller to mitigate

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Speaker 10: the impact of future Swiss capital requirements, and shares in

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Speaker 10: Spain's biggest bank lower today after Santander reported an unexpected

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Speaker 10: charge at its Brazilian business that's overshadowing record profits and

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Speaker 10: a new share buyback in London. I'm you in pots

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Speaker 10: Bloomberg Radio.

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Speaker 3: A R you and thanks for a couple of European

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Speaker 3: carmakers are feeling the pinch of tariffs, both Mercedes Benz

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Speaker 3: and Porsche scaling back their profit expectations for the year.

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Speaker 3: The two German manufacturers flagged the twin pressures of new

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Speaker 3: US tariffs and intensifying competition in China.

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Speaker 2: Back here in the US, Karen Shares of Visa are

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Speaker 2: down almost two percent in early training, the world's biggest

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Speaker 2: payments network left its earnings outlook for the rest of

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Speaker 2: the fiscal year unchanged. Meanwhile, shares of Starbucks are up

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Speaker 2: four and a half percent. The coffee chain registered its

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Speaker 2: first sales gain in China since the end of twenty

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Speaker 2: twenty three.

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Speaker 3: Time now for look at some of the other stories

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Speaker 3: making news in New York and around the world, and

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Speaker 3: for that we're joined by Bloomberg's Michael Barr Michael, good Morning.

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Speaker 11: Good Morning, Karin. One hundred and seventy million Americans are

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Speaker 11: on alert for life threatening heat. Some of New York

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Speaker 11: subways are overcome by the one hundred degree heat index,

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Speaker 11: with passengers faltering on platforms. Unrelenting heat is straining the

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Speaker 11: power grid. Yesterday, the New York City Subway was hit

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Speaker 11: with massive delays from the power outage. In Pennsylvania, Near

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Speaker 11: Birth Ambulance Deputy Chief Patrick Glenn says his EMTs are

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Speaker 11: seeing an increase in calls for heat related illnesses.

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Speaker 5: I'm just really kind of knowing yourself, making sure you

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Speaker 5: feel right.

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Speaker 12: If you start to feel busy, week tired, right, get

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Speaker 12: in a cool place, get some fluids, and relax.

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Speaker 11: EMT Patrick Glenn. President Trump says Jeffrey Epstein stole young

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Speaker 11: women who worked at Maer Lago, including Virginia at Juprey,

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Speaker 11: one of the disgraced financier's most well known accusers. President

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Speaker 11: Trump claims he banned Epstein from Mara Lago after the incidents.

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Speaker 11: The White House initially said Epstein was banned for acting

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Speaker 11: like a creep, and the.

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Speaker 6: Same thing, you know, sort of a little bit of

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Speaker 6: the same thing, but no, he took people that worked

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Speaker 6: for me, and I told him, don't do it.

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Speaker 5: Anymore, and he did it.

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Speaker 6: Said I said, stay the hell out of here.

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Speaker 11: Glenne Maxwell Epstein's former girlfriend is willing to answer more

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Speaker 11: questions from Congress if granted immunity. She is serving a

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Speaker 11: twenty year sentence in a federal prison. New York City's

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Speaker 11: Public Transportation agency will delay a planned fare and toll

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Speaker 11: increase to January, just as the bus, train and subway

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Speaker 11: operator terminates its long standing Metro card for a tap

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Speaker 11: and go payment system. The MTA board is set to

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Speaker 11: vote today on postponing the fair and toll hike. The

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Speaker 11: move comes as some writers recently reported snags where they

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Speaker 11: believe they've been overcharged when using a phone, credit card

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Speaker 11: or omni card to enter Return Style Global News twenty

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Speaker 11: four hours a day and whenever you wanted, with Bloomberg

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Speaker 11: News Now Michael Barr, and this is Bloomberg Careen.

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Speaker 3: All right, Michael Barr, thank you time now for the

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Speaker 3: Bloomberg Sports Update, brought to you by Flushing Bank. And

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Speaker 3: here's John Stashauer.

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Speaker 13: John, Good morning, NORNA kared Yankees off Mondays lost to

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Speaker 13: Tampa Bay at the Stadium, fell behind three to nothing,

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Speaker 13: came back. Cody Bellinger tied the game of the three

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Speaker 13: run homer, and the Yanks went on to win seven

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Speaker 13: to five. A mixed result night for Anthony Volpe. A

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Speaker 13: first inning error led to two Tampa Bay runs, and

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Speaker 13: when Volpi struck out in his first at bat, he

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Speaker 13: heard booze from Yankee fans, but his base hit fourth

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Speaker 13: inning snapped to three off Tigh and in the eighth

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Speaker 13: Volpi beult at a long four hundred and fifty foot

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Speaker 13: home run, then with two outs of the ninth inning,

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Speaker 13: another Volpi air. He leads all of baseball with fifteen.

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Speaker 13: His manager Zaron.

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Speaker 8: Boone, There's there's been some plays where he's probably felt

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Speaker 8: it a little bit, you know, believe it or not.

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Speaker 8: A lot of us have been in those defensive slump places,

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Speaker 8: and you know, you kind of got to get through it,

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Speaker 8: especially when you're when you're as capable and talented as

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Speaker 8: he is out there.

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Speaker 11: You know.

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Speaker 8: He's going to grow from this, learn from it, and

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Speaker 8: come out on the other side. And we got to

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Speaker 8: get him, help him get it there.

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Speaker 13: Now, the Yankee win coupled with two losses by Toronto.

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Speaker 13: The Blue Jays were so hot they had won nineteen

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Speaker 13: of twenty three, but that fourth straight losses swept in

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Speaker 13: a doubleheader in Baltimore, and the Yanks are now four

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Speaker 13: games behind and the Red Sox trailed by five. Boston

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Speaker 13: won at Minnesota eight to five. The Mets in San

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Speaker 13: Diego lost seven to one, had only four hits. The

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Speaker 13: five Drains pulled away with a five or on seventh

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Speaker 13: I ain't cap by a manny matchadow three run homers,

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Speaker 13: So back to back Met losses since that seven game

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Speaker 13: win streak, and the Phillies beat the White Sox styles

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Speaker 13: Schwarber in his thirty seventh homer in the Phils half

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Speaker 13: game behind the Mets. Trey Dricksson does not avenue contract

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Speaker 13: he's looking for, but last year's NFL sack leader did

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Speaker 13: end his holdout. Reported to Bengals training camp of Breescarett

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Speaker 13: Giants camp, top white em Lak neighbors left practice with

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Speaker 13: an injured shoulder.

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Speaker 11: But it's not considered serious.

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Speaker 13: Johns Da actually were Bloomberg Sports.

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Speaker 1: Karen Nathan Coast to Coast on Bloomberg Radio nationwide on

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Speaker 1: Sirius XM and around the world on Bloomberg dot Com

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Speaker 1: and the Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager. Two days to go till

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Speaker 2: President Trump's tariff deadline. The US and China are on

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Speaker 2: a different track than the rest of the world, but

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Speaker 2: the President says it's up to him whether it stays

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Speaker 2: on track. After Treasury Secretary Scott Besson's meetings this week

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Speaker 2: with Chinese officials in Sweden that.

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Speaker 6: A very good meeting with China, and Steep said, I mean,

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Speaker 6: they're going to brief me tomorrow will either approve it

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Speaker 6: or not. But he felt very good about the meeting.

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Speaker 2: That was President Trump on his way back to Washington

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Speaker 2: from Scotland to board Air Force one for more. We're

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Speaker 2: joined by Bloomberg News Senior editor Bill Ferries. So, Bill,

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Speaker 2: we heard the President say it was a good meeting.

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Speaker 2: Do we have a sense of what came out of

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Speaker 2: that meeting other than some disagreement over whether the tariff

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Speaker 2: pause is going to be extended?

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Speaker 4: Good morning, Yeah, good morning.

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Speaker 12: I mean it seems like the main agreement is to

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Speaker 12: keep talking. This was the third round of talks between

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Speaker 12: the US and China, and you're right, there was a

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Speaker 12: little bit of confusion. As the meeting wrapped up, the

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Speaker 12: Chinese officials came out and said that the truce that's

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Speaker 12: been in place since basically about April or May would

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Speaker 12: be extended, and then Scott Bessant in his news conference afterwards,

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Speaker 12: said that the Chinese may have gotten ahead of themselves,

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Speaker 12: that there was no decision on the truce until they

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Speaker 12: got a chance to brief the president expected on Wednesday,

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Speaker 12: but the mood was overall fairly positive. Scott bessen even

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Speaker 12: said it was a productive meeting. So the signals seemed

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Speaker 12: to be that there's not going to be a snap

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Speaker 12: back to higher tariffs and that the two sides will

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Speaker 12: keep talking. So no decisions final till Trump announces it,

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Speaker 12: but it did seem like that's where things were headed.

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Speaker 2: Do we have a sense of whether the President would

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Speaker 2: agree to extend the truce just to secure a meeting

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Speaker 2: with Chinese President Shi Jinping. He's said that he's not

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Speaker 2: seeking it, but it seems like he wants to go there.

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Speaker 12: Yeah, that was an interesting post from the president. He

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Speaker 12: said he's not seeking it, but that he would go

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Speaker 12: if invited, and in fact, he already had been invited.

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Speaker 12: That's certainly playing into the calculus here. I think we've

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Speaker 12: also seen, alongside the trade talks, we've seen the US

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Speaker 12: basically block Taiwan's president from routing through the United States

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Speaker 12: on his way to Central America. That Taiwanese president typically

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Speaker 12: does a stopover. This time it was scheduled for New

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Speaker 12: York and the White House or the State Department blocked,

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Speaker 12: So the trip is now That trip is now off.

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Speaker 12: But there is a lot of speculation that President Trump

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Speaker 12: and President Chigi and Ping of China will try to

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Speaker 12: meet before the end of the year, perhaps October November

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Speaker 12: time period.

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Speaker 2: And of course with two days to go for the

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Speaker 2: rest of the world, there's a lot of focus now

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Speaker 2: on India, whether they can reach a trade deal. Very

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Speaker 2: interesting to hear the President say that India could face

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Speaker 2: higher tariff rates than he's agreed to with much of

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Speaker 2: the rest of the world in the frameworks we've seen

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Speaker 2: so far.

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Speaker 12: Yeah, on his way back from Scotland on Air Force one,

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Speaker 12: he said, you know, India has been a good friend,

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Speaker 12: but they charge more tariffs than almost any other country,

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Speaker 12: and throughout figures of twenty percent to twenty five percent

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Speaker 12: as potential final tariffs for India. It did just a

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Speaker 12: day ago, where the US trade representative Jamison Greer was

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Speaker 12: saying that both sides needed more time to work on this.

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Speaker 12: India seems to be targeting some sort of an agreement

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Speaker 12: later in the fall. It's clear from what we've seen

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Speaker 12: in the recent weeks that those talks have been very

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Speaker 12: complicated and very in depth. But twenty to twenty five

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Speaker 12: percent maybe more than what India is looking for, So

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Speaker 12: I think they're still going to be pushing for a

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Speaker 12: lower figure that other countries have gotten.

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Speaker 2: In our last minute bill, I know you're monitoring the

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Speaker 2: earthquake situation after what happened in Russia overnight. What's the

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Speaker 2: latest on that.

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Speaker 12: Well, just in the last couple hours, some of the

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Speaker 12: tsunami waves, the multiple waves have started rolling in to

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Speaker 12: the west coast of the United States overnight. That's going

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Speaker 12: to continue. This was a huge earthquake eight point eight

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Speaker 12: off the coast of the Champcot champ Katka Peninsula, and

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Speaker 12: that's the biggest earthquake recorded since twenty eleven. So far,

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Speaker 12: no major damage being reported in places like Hawaii and Alaska.

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Speaker 12: Officials have been warning people to get away from the

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Speaker 12: coastline and stay there until it's a there's an all

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Speaker 12: clear signal sent out.

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Speaker 3: This is Bloomberg Daybreak, your morning podcast on the stories

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