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

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

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Speaker 1: following today.

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Speaker 2: Karen, we begin with the latest in the race for

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Speaker 2: the White House. Democrats on Capitol Hill are starting to

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Speaker 2: close ranks in support of President Biden, trying to shift

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Speaker 2: the focus away from his mental acuity to Donald Trump's

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Speaker 2: policy goals. We get those details from Bloomberg's Ed Baxter.

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Speaker 3: A two hour closed door meeting of the caucus, with

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Speaker 3: congressmen emerging saying in vast majority they have reached a

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Speaker 3: turning point and need to line up behind Biden. Harris.

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Speaker 3: Congressman Jerry Nadler, who over the weekend said Biden should

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Speaker 3: step aside, is done on one to eighty.

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Speaker 4: I'm fully supportive of him.

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Speaker 5: I planned to campaign for him, and it's essentially anyway.

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Speaker 3: And even if they were less enthusiastic, they say the

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Speaker 3: job is to make sure Donald Trump doesn't win. Congressman

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Speaker 3: Pete Aguilar.

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Speaker 6: Every single member of the House Democratic Caucus is clear

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Speaker 6: eye about what the stakes of this election are. Donald

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Speaker 6: Trump cannot be allowed near the Oval office.

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Speaker 3: Biden does have a news conference tomorrow. Ed Baxter Bloomberg Radio.

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Speaker 1: All right, ed, thanks, so we might have a better

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Speaker 1: idea now of who might be Donald Trump's running mate.

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Speaker 1: During a campaign stop in Miami, Trump teased but did

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Speaker 1: not officially announce that Florida Senator Marco Rubio could be

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Speaker 1: Trump's choice as candidate for vice president, referring to the

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Speaker 1: number of reporters and news outlets covering the rally, I think.

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Speaker 7: They probably think I'm going to be announcing that Marco

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Speaker 7: is going to be vice president at because that's a

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Speaker 7: lot of press.

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Speaker 1: But Trump did not announce his pick, instead saying that

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Speaker 1: he was officially challenging President Biden to another debate, this

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Speaker 1: time without moderators.

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Speaker 2: Meanwhile, in Washington, NATO allies are offering Ukraine more help

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Speaker 2: to bolster its air defenses. The US, Germany, and Romania

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Speaker 2: will each send Ukraine a Patriot missile system, while a

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Speaker 2: fourth will be assembled using parts from the Netherlands and others.

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Speaker 2: Italy will send a ground based air defense system. President

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Speaker 2: Biden promised to prioritize Ukrainian aid nine of states.

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Speaker 7: We'll make sure that when we export critical air defense interceptors,

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Speaker 7: Ukraine goes to the front of the line. So we'll

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Speaker 7: get this assistance before anyone else gets it. All told,

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Speaker 7: Ukraine will receive hundreds of additionals over the next year.

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Speaker 7: Help me protect Ukrainian cities against Russian missiles.

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Speaker 2: President Biden, speaking there at an event marking NATO's seventy

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Speaker 2: fifth anniversary. Despite the commitment, the group's leaders resisted offering

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Speaker 2: the country a path to membership well.

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Speaker 1: Turning to the markets now, amy the S and P

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Speaker 1: five hundred begins the day, once again in record territory,

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Speaker 1: and a head of day two of congressional testimony by J.

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Speaker 1: Powell yesterday, the Fed shear said officials are increasingly wary

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Speaker 1: of potential risk to the labor market from high borrowing

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Speaker 1: costs as they seek more evidence inflation is slowing down.

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Speaker 8: Elevated inflation is not the only risk we face. Reducing

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Speaker 8: policy restraint too late or too little could unduly weaken

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Speaker 8: economic activity and employment. In considering adjustments to the target

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Speaker 8: range for the Federal funds rate, the Committee will continue

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Speaker 8: its practice of carefully assessing incoming data and their implications

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Speaker 8: for the evolving outlook, the balance of risks, and the

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Speaker 8: appropriate path of monetary policy.

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Speaker 9: And J.

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Speaker 1: Powell concludes his semi annual monetary policy testimony before the

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Speaker 1: House Financial Services Committee this morning.

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Speaker 2: And in Asia, China's consumer prices hovered near zero for

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Speaker 2: a fifth month. In June, Bloomberg Daybreak Asia anchor Brian

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Speaker 2: Curtis has more from Hong Kong.

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Speaker 5: Yet another sign that deflation is stalking the Chinese economy.

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Speaker 5: The CPI rowse zero point two percent from a year earlier,

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Speaker 5: weaker than the estimate of zero point four percent. In

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Speaker 5: the meantime, factory gate prices declined to zero point eight percent,

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Speaker 5: in line with estimates. The PPI has been in deflation

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Speaker 5: since late twenty twenty two. China's economy is uneven, some

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Speaker 5: strength and manufacturing, some weakness in consumption. Investors are hoping

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Speaker 5: for a fix from the Third Plenum next week. In

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Speaker 5: on Brian Curtis Sloomberg.

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Speaker 1: Radio, All right, Brian, thanks so well. A new poll

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Speaker 1: says the US has a largely more favorable image than China.

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Speaker 1: A few research surveyed thirty five high and middle income countries.

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Speaker 1: More than twice as many people saw the US positively

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Speaker 1: than they viewed China across eighteen high income countries, with

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Speaker 1: a gap most stark in poll in Japan, the US

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Speaker 1: and South Korea at contrasted views and the seventeen middle

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Speaker 1: income countries polled, which favor both countries.

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Speaker 2: Similarly, in Company news, Microsoft and Apple have given up

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Speaker 2: its observer seat on open AI's board. The move comes

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Speaker 2: as global antitrust regulators step up scrutiny of big tech's

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Speaker 2: influence on artificial intelligence data. Bass covers Microsoft for Bloomberg,

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Speaker 2: this position of.

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Speaker 10: Having someone not a board member but still a board

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Speaker 10: of server was becoming a bit of a flashpoint. A

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Speaker 10: regulators for should interested in it and wondering what that

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Speaker 10: meant and whether that played into the concerns about Microsoft's

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Speaker 10: control as it relates to open ay. So this removes

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Speaker 10: that issue from the table, and I'm sure Microsoft will

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Speaker 10: be hoping that that makes some of the regulatory scrutiny

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Speaker 10: go away.

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Speaker 2: Bloomberg Steena Bess says Microsoft, which has invested thirteen billion

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Speaker 2: dollars in the creator of Chad GPT, send a letter

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Speaker 2: to the startup announcing its withdrawal from the board.

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Speaker 1: Well, I mean, four unions representing fourteen thousand workers at

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Speaker 1: Walt Disney's resort in Anaheim, California, will hold a strike

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Speaker 1: authorization vote on July nineteenth. Then we get more from

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Speaker 1: Bloomberg's Charlie Pellett.

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Speaker 11: The results will be announced the next day. The employees

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Speaker 11: include food service workers and other staffers of the company's

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Speaker 11: theme parks, stores and hotels. They have been negotiating a

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Speaker 11: new contract since April. They're seeking higher pay and changes

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Speaker 11: to their work rules. Even if the employees do give

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Speaker 11: their approval, union leadership would need to call a strike.

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Speaker 11: Just authorizing a work stoppage can be a tactic that

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Speaker 11: helps spur management to make bigger concessions at the bargaining

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Speaker 11: table in New York. Charlie Pellett, Bloomberg Radio.

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Speaker 2: Thank you, Charlie. Court victory for Elon Musk, the billionaire,

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Speaker 2: defeated one of the lawsuits filed over the firing of

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Speaker 2: thousands employees after his takeover of Twitter in twenty twenty two.

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Speaker 2: The suit alleged Musk owed at least five hundred million

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Speaker 2: dollars in severance pay to about six thousand laid off

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Speaker 2: employees under provisions of the Federal Employee Retirement Income Security Act.

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Speaker 2: The plaintiffs said workers got severance equal to only one

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Speaker 2: month's pay. A district judge in San Francisco ruled the

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Speaker 2: employee's claims weren't covered because the company told employees after

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Speaker 2: Musk's takeover that any who were let go would only

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Speaker 2: get cash payouts.

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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 Michael Barr.

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Speaker 4: Michael, good morning, Good morning Karen.

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Speaker 12: The return of sarring heat in Houston is deepening the

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Speaker 12: misery for people still without power after Hurricane Barrel crashed

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Speaker 12: into Texas. Many residents have no place to cool off

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Speaker 12: and fuel up as the extended outages strain one of

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Speaker 12: the nation's largest cities. Officials say restoring power is the

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Speaker 12: number one priority. Texas Acting Governor Dan Patrick says the

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Speaker 12: utility Cedar Point Energy is bringing in an additional eleven

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Speaker 12: five hundred workers to.

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Speaker 13: Help workers linemen tree trimmers to add to their force

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Speaker 13: of sixteen hundred and seventy five that they have on

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Speaker 13: the ground, and so we expect to see about a

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Speaker 13: million customers get power by tomorrow.

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Speaker 12: Acting Governor Dan Patrick. Opening statements in Alec Baldwin's manslaughter

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Speaker 12: trial are set for today. The trial over the death

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Speaker 12: of cinematographer Helena Hutchins on the Rust film set. A

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Speaker 12: court in Santa Fe, New Mexico, selected eleven women and

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Speaker 12: five men for the jury yesterday. They were asked about

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Speaker 12: their thoughts on Baldwin's work as an actor, their opinions

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Speaker 12: on gun ownership, and more. Jurors are instructed not to

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Speaker 12: watch any news about the case or talk about it

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Speaker 12: with friends or family. The Civil Rights Act was the

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Speaker 12: defining moment of President Lyndon Johnson's administration in nineteen sixty four.

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Speaker 12: Six decades later, Attorney General Merrick Garland recognized the federal

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Speaker 12: law has not been a cure all for the country's problems.

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Speaker 14: The sixtieth anniversary of the Civil Rights Act in nineteen

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Speaker 14: sixty four presents an important moment to reflect on why

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Speaker 14: we needed this law in nineteen sixty four and why

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Speaker 14: we still need it today.

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Speaker 12: Garland was emotional at times during this address yesterday about

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Speaker 12: his choice to leave the bench and return to the

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Speaker 12: DOJ and when he recited the names of George Floyd,

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Speaker 12: Breonna Taylor, and Amand Aubrey. The Department of Justice says

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Speaker 12: they've disrupted a new Russian disinformation campaign the DOJ is

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Speaker 12: he's nearly one thousand social media accounts and two Internet domains.

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Speaker 12: Official say those accounts for Max formerly Twitter used artificial

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Speaker 12: intelligence to create disinformation aimed at furthering pro Russian narratives.

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Speaker 12: Global news twenty four hours a day and whenever you

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Speaker 12: want it with the Bloomberg News.

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Speaker 9: Now.

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Speaker 12: I'm Michael Barr, and this.

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Speaker 4: Is Bloomberg Heron Ray.

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Speaker 1: Michael Barr, thank you. It's time now for the Bloomberg

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Speaker 1: Sports Update with John Stanshauer.

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Speaker 4: John, good morning, Arey morning. Care of the Yankees at

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Speaker 4: Tampa Bay.

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Speaker 15: Carlos Redan, I'm the mound out to end of personal

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Speaker 15: four game losing streak.

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Speaker 4: First four batter.

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Speaker 15: Single, double, single, three run homer by Isaac Paradis. The

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Speaker 15: raise led four nothing before Renan had gotten it out.

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Speaker 15: He did settle down Ben Race at two on home

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Speaker 15: for the Yankees, but the raise one five to three.

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Speaker 4: Nan was nine and two. He's now nine and seven.

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Speaker 15: He's not the only picture to struggle during this tailspin

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Speaker 15: that has seen the Yanks lose sixteen out of twenty one.

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Speaker 4: Yankee Jim managers Brian Cashman.

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Speaker 16: You can have that avalanche of positive stuff happen, and

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Speaker 16: and it kind of wears on everybody in a positive way.

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Speaker 16: But then you know, one one little thing can add

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Speaker 16: up to a whole bunch of stuff, and next you

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Speaker 16: know you're on the other side of it, where you know,

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Speaker 16: an avalanche negative stuff starts to happen.

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Speaker 15: The Orioles lost to the Cubs nine to two, so

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Speaker 15: the Anks are still three games behind Baltimore, but they're

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Speaker 15: not only three and a half ahead of the red

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Speaker 15: hot Red Sox, who've won seven of eight to twelve

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Speaker 15: to nine win over Oakland Mets back to five hundred

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Speaker 15: and city field, great outing from Jose Quintana, seven scoreless sittings,

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Speaker 15: allowed only one hit.

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Speaker 4: Washington did get to the Mets.

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Speaker 15: Bullpen home runs in the eighth and ninth innings, with

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Speaker 15: the Mets held on beat the Nationals seven to five.

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Speaker 15: Marquee National League Series underway in Philly, the Fills all

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Speaker 15: over the Dodgers in the Battle of Division leaders ten

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Speaker 15: to one. Trey Turner hit a Grand Slam. Janick Center

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Speaker 15: and Carlos Alcarez have one Grand slams this year. They

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Speaker 15: were expected to meet in the Wimbledon semifinals, but Center

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Speaker 15: in the quarters lost in five sets to Neil Medvedev

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Speaker 15: Alcarez one in four sets over American Tommy Paul. Last

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Speaker 15: America on the women's side was Emma Navarro. She got

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Speaker 15: trounced sixty two sixty one by Jasmine Paolini. She's the

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Speaker 15: first evit from Italy to reach the Wimbledon women's semifinals.

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Speaker 15: Will now take on Donna Beckett from Croatia. Quarterfinals wrap

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Speaker 15: up today, matches for both Novak Djokovic and Taylor Fitz.

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Speaker 15: Detroit Pistons just out of scenes when they want only

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Speaker 15: fourteen games, when they do have a budding star and

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Speaker 15: twenty two year old Kaid Cunningham, they've locked him up

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Speaker 15: five years, two hundred and twenty four million.

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Speaker 4: John Stashedward, Bloomberg Sports Karen.

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Speaker 9: Ny Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 9: and around the world on Bloomberg dot Com and the

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Speaker 9: Bloomberg Business app.

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Speaker 4: This is Bloomberg Daybreak. Good morning.

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Speaker 2: I'm Amy Morris, and world leaders are gathered in Washington,

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Speaker 2: d C. For the NATO Summit, as Democrats are closing

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Speaker 2: ranks around President Biden for the most part. We're joined

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Speaker 2: now by Bloomberg Managing editor Derek Wallbank to break it

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Speaker 2: all down for us. Derek, let's start with President Biden.

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Speaker 2: More Democrats coming out to bored him, staying on the ticket.

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Speaker 2: There's still some questions though, and more pushback within the party.

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Speaker 2: What are you hearing now from Capitol Hill?

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Speaker 17: Well, Amy, you haven't heard a ton of Democratic leaders,

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Speaker 17: certainly some, but not a ton who have come out

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Speaker 17: and said that Biden needs to go. You do hear

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Speaker 17: people saying increasingly, you know, we're worried about Biden. We're

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Speaker 17: not sure that he's done enough to convince us that

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Speaker 17: he can go out and win this thing. Michael Bennett,

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Speaker 17: the Democratic Senator from Colorado said last night, and I'm

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Speaker 17: going to quote here in a CNN interview a quote

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Speaker 17: Donald Trump is on track, I think, to win this

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Speaker 17: election and maybe win it by a landslide and take

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Speaker 17: with him and the House. You do hear that sort

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Speaker 17: of thing being said again and again. I'm really interested

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Speaker 17: to hear what Nancy Pelosi has to say. She's going

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Speaker 17: to be on a morning television show, and so let's

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Speaker 17: see what she has to say. So far, she has

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Speaker 17: kept her powder a little bit dry, but been generally

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Speaker 17: supported the president, people like her, people like Jim Clyburn,

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Speaker 17: Chuck Schumer, Hakim Jeffreys. Those are the ones I think

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Speaker 17: that Biden is in with a chance of listening to.

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Speaker 17: If they were all to break, that would be a

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Speaker 17: red headline worthy occurrence.

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Speaker 2: Do you see this becoming an issue at the Democratic

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Speaker 2: National Convention next month?

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Speaker 17: It's certainly possible, but I would think it has to

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Speaker 17: be solved earlier than that. And I've sort of got

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Speaker 17: two reasons for that. One of them is that the

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Speaker 17: simple it's math times too. The first bit of math

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Speaker 17: is that Joe Biden has an overwhelming lead in the

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Speaker 17: delegate count, and those delegates are pro Biden delegates. So

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Speaker 17: you would think if something's going to break, it'll break

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Speaker 17: among a different sort of set than that. Right, if

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Speaker 17: it hasn't broken before, is that going to be the

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Speaker 17: place where it breaks. The second thing is that there

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Speaker 17: are some ballot deadlines that may may conflict and may

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Speaker 17: actually come a little bit earlier, and so there has

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Speaker 17: been a move among Democrats to want to formalize this

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Speaker 17: process earlier, and that was in place before for the debate.

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Speaker 2: Now all of this is playing out on an international stage,

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Speaker 2: that has been brought to the back door of President

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Speaker 2: Biden world leaders in Washington, d C.

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Speaker 4: For the NATO Summit.

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Speaker 2: Is there an impact being felt there or is this

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Speaker 2: more wallpaper?

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Speaker 17: Well? No, I do think there is going to be

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Speaker 17: some impact, right you know there the goal of the

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Speaker 17: NATO Summit is to is to triumph an alliance that

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Speaker 17: has stood strong for what seventy five odd years, as

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Speaker 17: well as to continue to provide support for Ukraine and

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Speaker 17: then maybe also focus on the challenges that China presents

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Speaker 17: in the world, you know, Visavia NATO Group. I do

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Speaker 17: think that this becomes a question mark. You know, someone

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Speaker 17: like Sir Kia Starmer, the new Prime Minister of the

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Speaker 17: United Kingdom coming in, He's going to be asked an

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Speaker 17: awful lot about about how he found Joe Biden. Is

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Speaker 17: that the messaging he wants to have, So it does

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Speaker 17: complicate things. I also think that it raises the It

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Speaker 17: raises the stakes for every time that Biden is me

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Speaker 17: with one of these world leaders having a public interaction,

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Speaker 17: certainly the press conference he's planning to hold. All of

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Speaker 17: those things I think are going to be very carefully

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Speaker 17: watched and maybe maybe the headlines out of that aren't

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Speaker 17: about Ukraine, and that's not necessarily what NATO wants.

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Speaker 2: All Right, We've got less than a minute here, really quick.

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Speaker 2: What else are you watching to come out of this

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Speaker 2: NATO summit? What makes it successful?

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Speaker 17: I'm watching for concrete talks about Ukraine. I'm watching to

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Speaker 17: see whether or not Russia's attack on a hospital in

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Speaker 17: Ukraine that shocked the conscience of many in the alliance,

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Speaker 17: whether that is an escalatory thing. I'm particularly watching amy

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Speaker 17: with an eye to November and the uncertainty that a

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Speaker 17: possible Trump administration would bring. What Europeans are going to

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Speaker 17: do in the NATO Alliance don't It's not going to

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Speaker 17: be a situation where they're going to be able to

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Speaker 17: count on the US to do all of the things

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Speaker 17: if Trump wins, right, all of those contingencies that come

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Speaker 17: out and the question marks that come out, So there

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Speaker 17: really is a question right now, what does Germany do do?

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Speaker 17: What does France do? That's what I'm really watching.

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