1 00:00:02,520 --> 00:00:06,320 Speaker 1: By from the Bloomberg Interacted Burger's Studios is Bloomberg Daybreak 2 00:00:06,360 --> 00:00:10,360 Speaker 1: for Monday, August fifteen two. Coming up the shower, China's 3 00:00:10,360 --> 00:00:14,520 Speaker 1: Central Bank unexpectedly cuts the interest rates US China relations 4 00:00:14,520 --> 00:00:18,160 Speaker 1: and focused as a congressional delegation visits Taiwan. The Fed 5 00:00:18,280 --> 00:00:21,840 Speaker 1: releases minutes of its July policy meeting, and Walmart Home 6 00:00:21,920 --> 00:00:24,960 Speaker 1: Depot and Target lead a busy week for retail earnings. 7 00:00:25,320 --> 00:00:28,520 Speaker 1: New York Governor Hocol speaks from where author Salman Rushdie 8 00:00:28,560 --> 00:00:32,120 Speaker 1: was attacked. Plus New York State is cracking down on speeders, 9 00:00:32,240 --> 00:00:36,080 Speaker 1: especially this week. I'm Michael Vaughan. More ahead, I'm John Stage. 10 00:00:36,280 --> 00:00:38,600 Speaker 1: In sports, the Mets stay hot, they shut out the Phillies, 11 00:00:38,640 --> 00:00:41,839 Speaker 1: The Yankees slump continue to shut out loss in Boston. 12 00:00:44,440 --> 00:00:48,360 Speaker 1: That's all Strading ahead on Bloomberg Daybreak on Bloomberg eleven, 13 00:00:48,400 --> 00:00:53,080 Speaker 1: FREEO New York, Bloomberg one, Washington, d C, Bloomberg one 14 00:00:53,080 --> 00:00:57,600 Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco, Syria's 15 00:00:57,640 --> 00:01:00,840 Speaker 1: Exam one nine team, and around the world on Bloomberg 16 00:01:00,880 --> 00:01:07,640 Speaker 1: Radio dot Com and via The Bloomberg Business Apple and 17 00:01:07,760 --> 00:01:10,440 Speaker 1: Good Morning, I'm John Tucker and I'm Karen Moscow and 18 00:01:10,520 --> 00:01:13,320 Speaker 1: US Dock Index futures are lower this morning. We are 19 00:01:13,360 --> 00:01:15,319 Speaker 1: coming up to five oh one on Wall Street, and 20 00:01:15,360 --> 00:01:18,120 Speaker 1: we check the markets every fifteen minutes throughout the trading day. 21 00:01:18,200 --> 00:01:20,399 Speaker 1: On Bloomberg, I guess in P future is down about 22 00:01:20,400 --> 00:01:23,200 Speaker 1: twenty points down, futures down a hundred thirty three and 23 00:01:23,280 --> 00:01:26,640 Speaker 1: NASDAG futures down sixty one. The decks in Germany as 24 00:01:26,680 --> 00:01:29,360 Speaker 1: it will changed, and your treasury up one thirty second 25 00:01:29,480 --> 00:01:32,039 Speaker 1: yell two point two percent and they yield on the 26 00:01:32,080 --> 00:01:35,400 Speaker 1: two year three point to five percent. Cheleng and Caareda. 27 00:01:35,480 --> 00:01:38,320 Speaker 1: We begin with a surprise out of Asia. China's Central 28 00:01:38,319 --> 00:01:41,680 Speaker 1: Bank is unexpectedly cut it's key interest rate. That's this 29 00:01:41,800 --> 00:01:45,640 Speaker 1: fresh data out of China shows its economic slowdown getting worse. 30 00:01:46,160 --> 00:01:48,960 Speaker 1: Bloomberg Day Break Asia anchor Bryant Curtis has more from 31 00:01:49,040 --> 00:01:51,840 Speaker 1: Hong Kong. The PBOC cut it's one year rate by 32 00:01:51,880 --> 00:01:55,240 Speaker 1: ten basis points to two point seven five. None of 33 00:01:55,280 --> 00:01:58,320 Speaker 1: the twenty economy is pulled by Bloomberg expected to change. 34 00:01:58,680 --> 00:02:01,440 Speaker 1: The move comes as China's the economy weakened in July, 35 00:02:01,960 --> 00:02:05,640 Speaker 1: COVID outbreaks and the property crisis taking a toll factory 36 00:02:05,680 --> 00:02:08,280 Speaker 1: output up three point eight percent from a year ago, 37 00:02:08,600 --> 00:02:12,240 Speaker 1: retail sales growing two point seven percent, while fixed asset 38 00:02:12,280 --> 00:02:15,480 Speaker 1: investment grew five point seven percent in the first seven 39 00:02:15,520 --> 00:02:18,600 Speaker 1: months of the year. All of those missing estimates and 40 00:02:18,720 --> 00:02:21,600 Speaker 1: China's home prices dropped on eleventh month in a row 41 00:02:22,240 --> 00:02:25,120 Speaker 1: in on Kong Brian Curtis Bloomberg Day Break A Right, Brian, 42 00:02:25,200 --> 00:02:28,360 Speaker 1: thank you All. Stocks in Asia meantime finished mixed after 43 00:02:28,400 --> 00:02:30,959 Speaker 1: that surprise rate cut from the PDOC. We get the 44 00:02:31,000 --> 00:02:34,600 Speaker 1: recount from Bloomberg's Juliette, Sally and Singapore Good Morning, Juliette, 45 00:02:34,600 --> 00:02:36,640 Speaker 1: Good Morning, John and Karen. Markets in Hong Kong and 46 00:02:36,720 --> 00:02:40,120 Speaker 1: China's struggled for direction after the July activity data was released, 47 00:02:40,120 --> 00:02:43,359 Speaker 1: While bonds rallied, the yield on China's tenure note, dropping 48 00:02:43,360 --> 00:02:45,800 Speaker 1: as much as seven basis points, one of its steepest 49 00:02:45,880 --> 00:02:48,519 Speaker 1: drops since the onset of the pandemic. The off show 50 00:02:48,560 --> 00:02:51,919 Speaker 1: Yuan fell along with the Kiwi and Ozzi dolas Japanese 51 00:02:52,040 --> 00:02:54,120 Speaker 1: has theo rallied the neck to to five, close to 52 00:02:54,120 --> 00:02:57,440 Speaker 1: erasing its losses for the year. Markets in South Korea 53 00:02:57,480 --> 00:03:01,600 Speaker 1: and India were closed. In Singapore Julie Sally Bloomberg Daybreak, 54 00:03:01,720 --> 00:03:05,080 Speaker 1: Thanks Julian. Relations between the US and China in focus 55 00:03:05,160 --> 00:03:08,880 Speaker 1: once again this morning. The US congressional delegation landed in 56 00:03:09,000 --> 00:03:11,960 Speaker 1: Taiwan over the weekend, and Bloomberg say Amy Morris has 57 00:03:11,960 --> 00:03:16,799 Speaker 1: details from our newsroom in Washington. This delegation is led 58 00:03:16,840 --> 00:03:20,400 Speaker 1: by Democratic Senator Ed Markey of Massachusetts and tests whether 59 00:03:20,480 --> 00:03:24,080 Speaker 1: China will react more forcefully after how Speaker Nancy Pelosi 60 00:03:24,120 --> 00:03:27,119 Speaker 1: went to Taiwan earlier this month. The delegation is set 61 00:03:27,160 --> 00:03:30,239 Speaker 1: to meet with Taiwan's president and Minister of Foreign Affairs 62 00:03:30,400 --> 00:03:34,960 Speaker 1: to discuss bilateral relations, security, trade, and investment. The delegation 63 00:03:35,000 --> 00:03:38,880 Speaker 1: will reaffirm US support for Taiwan. Reuters sided China's embassy 64 00:03:39,120 --> 00:03:42,360 Speaker 1: saying this latest visit shows the US quote does not 65 00:03:42,480 --> 00:03:45,720 Speaker 1: want to see stability in the region. In Washington, I'm 66 00:03:45,720 --> 00:03:48,520 Speaker 1: anymore as Bloomberg Daybreak, Amy, thank you. Well. Back here 67 00:03:48,560 --> 00:03:51,119 Speaker 1: in the U S a senior Democrat says he has 68 00:03:51,200 --> 00:03:54,680 Speaker 1: not seen any evidence that materials the FBI sees from 69 00:03:54,680 --> 00:03:58,960 Speaker 1: Donald Trump's home were properly declassified. The former president has 70 00:03:58,960 --> 00:04:02,040 Speaker 1: said the documents were declassified, and his supporters claim he 71 00:04:02,040 --> 00:04:05,680 Speaker 1: has the power to declassify documents on his own. Adam Schiff, 72 00:04:05,720 --> 00:04:08,720 Speaker 1: as Chair of the House Intelligence Committee, the former president 73 00:04:08,760 --> 00:04:12,160 Speaker 1: has no declassification authority, and the idea that eighteen months 74 00:04:12,200 --> 00:04:15,400 Speaker 1: after the fact, DONALDA. Trump Trump could simply announced, well, 75 00:04:15,480 --> 00:04:19,840 Speaker 1: I'm you know, retroactively declassifying or whatever I took home 76 00:04:19,920 --> 00:04:23,880 Speaker 1: had the effect of declassifying them is absurd. Adam Schiff 77 00:04:23,920 --> 00:04:26,480 Speaker 1: made the comments on CDs his face the nation heard 78 00:04:26,560 --> 00:04:29,680 Speaker 1: Sundays on Bloomberg Radio, and turning to the economy, now, 79 00:04:29,760 --> 00:04:32,559 Speaker 1: the focus this week comes Wednesday. That's when the Federal 80 00:04:32,600 --> 00:04:37,200 Speaker 1: Reserve issues minutes of its July policy meeting. Bloomberg's Vineydale 81 00:04:37,279 --> 00:04:40,120 Speaker 1: Judai says more the minutes could indicate whether Fed Chair 82 00:04:40,240 --> 00:04:43,120 Speaker 1: Jerome Pale intended to send a dovish signal what July's 83 00:04:43,160 --> 00:04:46,520 Speaker 1: post meeting news conference. Bloombrig Economics is betting he didn't, 84 00:04:46,560 --> 00:04:49,840 Speaker 1: and its full speed ahead on lifting interest rates, underpinned 85 00:04:49,880 --> 00:04:52,800 Speaker 1: by ed roid sans among officials that the upside risk 86 00:04:52,880 --> 00:04:56,760 Speaker 1: to inflation is material. Turning to this week's key economic data, 87 00:04:56,960 --> 00:05:00,480 Speaker 1: US retail sales may show falling gasolene prices. Freed up 88 00:05:00,520 --> 00:05:03,839 Speaker 1: cash for such things as Amazon Prime Day were rising 89 00:05:03,839 --> 00:05:07,479 Speaker 1: mortgage traits put a dent, and housing starts any Jude Ice, 90 00:05:07,520 --> 00:05:10,080 Speaker 1: Bloomberg day Break, All right, Denny, thank you all. Retail 91 00:05:10,120 --> 00:05:12,600 Speaker 1: will also be in focus when it comes to earnings 92 00:05:12,600 --> 00:05:15,320 Speaker 1: this week, and we get the story from Bloombergys Shirley Pillett. 93 00:05:15,600 --> 00:05:19,040 Speaker 1: Walmart and Target let a list of retailers issuing profit 94 00:05:19,080 --> 00:05:24,200 Speaker 1: warnings last month. This week they report, along with Home Depot, Lows, Cole's, Macy's, 95 00:05:24,279 --> 00:05:27,600 Speaker 1: and t j X. Laur Calvacina is out of US 96 00:05:27,640 --> 00:05:30,960 Speaker 1: equity strategy at RBC Capital Markets. We would tell you 97 00:05:30,960 --> 00:05:32,960 Speaker 1: we're not entirely out of the woods from a market 98 00:05:33,000 --> 00:05:36,000 Speaker 1: perspective in terms of earnings right now, just because if 99 00:05:36,000 --> 00:05:39,360 Speaker 1: there really is a big macro slow downcoming economically, UM 100 00:05:39,440 --> 00:05:41,320 Speaker 1: numbers do still need to come down. But I think 101 00:05:41,360 --> 00:05:45,000 Speaker 1: for the moment, investors are and you're just excited about 102 00:05:45,160 --> 00:05:48,160 Speaker 1: the resilience that we're seeing. Also reporting this week, Agile 103 00:05:48,240 --> 00:05:53,400 Speaker 1: and Technologies, Analog Devices, Applied Materials, Cisco Systems, and Deer 104 00:05:54,040 --> 00:05:57,239 Speaker 1: in New York. Charlie Pellet, Bloomberg day Break, Thanks Charlie. 105 00:05:57,320 --> 00:06:00,560 Speaker 1: We had earnings overseas out this weekend. South a Ramco 106 00:06:00,720 --> 00:06:05,160 Speaker 1: posted the biggest quarterly profit of any listed company anywhere. 107 00:06:05,760 --> 00:06:08,800 Speaker 1: Net income at the Saudi Oil Giant rose to forty 108 00:06:08,839 --> 00:06:12,680 Speaker 1: eight point four billion dollars in the second quarters from 109 00:06:12,760 --> 00:06:15,719 Speaker 1: twenty five and a half billion a year earlier. Well 110 00:06:15,760 --> 00:06:18,560 Speaker 1: searging oil prices give a boost to energy companies. John 111 00:06:18,600 --> 00:06:22,120 Speaker 1: Both oil and gas have come down since their June highs, 112 00:06:22,120 --> 00:06:25,720 Speaker 1: and US Energy Secretary Jennifer Granholm says they may fall 113 00:06:25,800 --> 00:06:29,200 Speaker 1: even further. Bloomberg said Baxter has the details. The caveat, 114 00:06:29,320 --> 00:06:32,080 Speaker 1: as always is the instability of the globe. But grand 115 00:06:32,120 --> 00:06:34,719 Speaker 1: Holmes says, given the four dollars, depending on the region 116 00:06:34,760 --> 00:06:37,600 Speaker 1: we're seeing now, it should go down even further. We'll 117 00:06:37,640 --> 00:06:41,480 Speaker 1: probably drop to about three dollars and seventy eight cents. 118 00:06:41,520 --> 00:06:44,000 Speaker 1: So we hope that that's true, but again it can 119 00:06:44,040 --> 00:06:47,920 Speaker 1: be impacted by what's happening globally. Grandholme on CNN says 120 00:06:47,960 --> 00:06:51,040 Speaker 1: the President is monitoring very closely and we'll do everything 121 00:06:51,040 --> 00:06:54,480 Speaker 1: within his power to help. In San Francisco, I'm at Baxter, 122 00:06:54,520 --> 00:06:57,640 Speaker 1: Bloomberg Gabriak, thanks said some news on finances out of 123 00:06:57,720 --> 00:07:01,040 Speaker 1: Russia now. Major Wall Street banks include JPMorgan chas In 124 00:07:01,120 --> 00:07:05,120 Speaker 1: City Group are reportedly offering to facilitate trades in Russian 125 00:07:05,160 --> 00:07:09,039 Speaker 1: corporate debt and government bonds. Writer's reports. The move took 126 00:07:09,040 --> 00:07:11,280 Speaker 1: place in recent days after guidelines for the U. S. 127 00:07:11,320 --> 00:07:15,080 Speaker 1: Treasury that allowed US holders to wind down their positions 128 00:07:15,680 --> 00:07:19,040 Speaker 1: ahead of the market opened. Al futures down one five points. 129 00:07:23,360 --> 00:07:26,520 Speaker 1: You're listening to Bloomberg daybreak time now all for check 130 00:07:26,640 --> 00:07:28,720 Speaker 1: on news and New York and around the world. And 131 00:07:28,840 --> 00:07:31,320 Speaker 1: for that we say good morning to Bloomberg's Michael Barr. 132 00:07:31,640 --> 00:07:34,160 Speaker 1: Thank you very much, Sarah and Rainy and government official 133 00:07:34,280 --> 00:07:37,520 Speaker 1: denied today that Tehran was involved in the assault on 134 00:07:37,560 --> 00:07:41,560 Speaker 1: author Salmon Rushtia. The comments from around Foreign Ministry come 135 00:07:41,640 --> 00:07:45,120 Speaker 1: after Friday's attack on Rushti in Western New York. New 136 00:07:45,160 --> 00:07:47,600 Speaker 1: York Governor Kathy Oco spoke at the side where Rustie 137 00:07:47,640 --> 00:07:51,080 Speaker 1: survived last week's NiFe attack. New York State will always 138 00:07:51,200 --> 00:07:55,960 Speaker 1: stand up to protect freedom of expression, freedom of speech, 139 00:07:56,560 --> 00:08:01,840 Speaker 1: and we condemned the cowardly attack on Salomon. Governor Hokel 140 00:08:01,920 --> 00:08:05,720 Speaker 1: at the Chautauqua Institution promised freedom will always eclipse hatred 141 00:08:05,760 --> 00:08:10,239 Speaker 1: and oppression. Rushdie suffered a damaged liver and severed nerves 142 00:08:10,240 --> 00:08:12,760 Speaker 1: in an arm and and I, however, He is off 143 00:08:12,800 --> 00:08:14,680 Speaker 1: a ventilator and is said to be on the road 144 00:08:14,720 --> 00:08:18,200 Speaker 1: to recover. It is assailant, twenty four year old Hattie 145 00:08:18,280 --> 00:08:22,680 Speaker 1: Matar of New Jersey has pleaded not guilty. More details 146 00:08:22,720 --> 00:08:26,040 Speaker 1: have been disclosed and yesterday's shooting in Jerusalem's Old City. 147 00:08:26,440 --> 00:08:29,760 Speaker 1: Authorities in Israel say a Palestinian gunmen opened fire at 148 00:08:29,760 --> 00:08:32,960 Speaker 1: a bus, wounding several passengers, among them a New York 149 00:08:33,000 --> 00:08:36,760 Speaker 1: family visiting the country. Three were from Brooklyn, where Senate 150 00:08:36,800 --> 00:08:40,560 Speaker 1: Majority Leader Chuck Schumer represents. During a briefing, Schumers shared 151 00:08:40,600 --> 00:08:43,920 Speaker 1: details he learned about one of the victims. He was 152 00:08:44,040 --> 00:08:49,000 Speaker 1: very brave. He bent down over his family to protect them. 153 00:08:49,040 --> 00:08:52,320 Speaker 1: He was shot in the neck, but and they had 154 00:08:52,400 --> 00:08:55,400 Speaker 1: him on a respirator, but it looks like he will 155 00:08:55,600 --> 00:08:59,439 Speaker 1: His condition is improving. Senator Schumer says this incident in 156 00:08:59,520 --> 00:09:03,360 Speaker 1: Jerusalem follows a tense week between Israel and the Palestinians. 157 00:09:03,840 --> 00:09:06,920 Speaker 1: Don't speed in New York State, especially this week, a 158 00:09:07,040 --> 00:09:11,120 Speaker 1: weeklong crackdown to start it, and according to Governor Kathy Hokel, 159 00:09:11,600 --> 00:09:15,680 Speaker 1: there are countless risks and tragic consequences to speeding, and 160 00:09:15,679 --> 00:09:17,800 Speaker 1: I want all New Yorkers to be mindful of the 161 00:09:17,880 --> 00:09:21,680 Speaker 1: speed limits in your area. During last year's crackdown, police 162 00:09:21,679 --> 00:09:25,640 Speaker 1: gave out twenty three thousand speeding tickets. Russian President Vladimir 163 00:09:25,640 --> 00:09:29,160 Speaker 1: Putin offered to expand relations with North Korea, reaching out 164 00:09:29,200 --> 00:09:32,080 Speaker 1: to his neighbor as the Krumlin scours the globe for 165 00:09:32,120 --> 00:09:35,560 Speaker 1: weapons for its war in Ukraine. Amy winning film and 166 00:09:35,679 --> 00:09:39,160 Speaker 1: television actor and Haitians died of injuries from a fiery crash. 167 00:09:39,600 --> 00:09:42,920 Speaker 1: Spokeswoman says Haiti was peacefully taken off life support and 168 00:09:43,040 --> 00:09:46,160 Speaker 1: hash was fifty three Global News twenty four hours a 169 00:09:46,280 --> 00:09:49,240 Speaker 1: day on air and on Bloomberg Quick Take, powered by 170 00:09:49,240 --> 00:09:52,199 Speaker 1: more than hundred journalists and analysts more than a hundred 171 00:09:52,240 --> 00:09:55,719 Speaker 1: twenty countries. Michael barn this is Bloomberg, John, Michael, thank you, 172 00:09:58,640 --> 00:10:01,160 Speaker 1: and it brings us to Town of Wall Street. Timed 173 00:10:01,160 --> 00:10:04,320 Speaker 1: after the Floberg Sports update and good morning John stown 174 00:10:04,360 --> 00:10:06,560 Speaker 1: S all right, Good morning John. Shutout win for the Mets, 175 00:10:06,559 --> 00:10:09,880 Speaker 1: shutout loss for the Yankees. Mets of now one seventeen 176 00:10:09,880 --> 00:10:12,280 Speaker 1: of their last twenty games. The Yankees have lost nine 177 00:10:12,280 --> 00:10:14,480 Speaker 1: of eleven At Fenway, they had just two hits, struck 178 00:10:14,520 --> 00:10:17,480 Speaker 1: out eleven times Feld the Red Sox three upping the 179 00:10:17,520 --> 00:10:19,840 Speaker 1: Socks win a series, was in the division for the 180 00:10:19,840 --> 00:10:22,960 Speaker 1: first time all year. Michael Waka, who had been Outstince 181 00:10:23,040 --> 00:10:25,920 Speaker 1: June with injured shoulder, was dominant. Jamison Tyone took the 182 00:10:26,000 --> 00:10:29,719 Speaker 1: lost ending a two and seven Yankee road trip to 183 00:10:29,920 --> 00:10:31,920 Speaker 1: jarn Judge. It's baseball. You know you're gonna go through 184 00:10:31,920 --> 00:10:36,079 Speaker 1: shutters like this. Um everything every team does, so it's 185 00:10:36,120 --> 00:10:39,360 Speaker 1: just about us. I'm staying consistent, you know. I don't 186 00:10:39,600 --> 00:10:41,560 Speaker 1: sit on our woes here on our head. You know, 187 00:10:41,760 --> 00:10:43,800 Speaker 1: we're not happy about it. But still a lot of 188 00:10:43,840 --> 00:10:45,160 Speaker 1: work to be done. Still a lot of things I 189 00:10:45,200 --> 00:10:47,079 Speaker 1: need to improve on and keep working on. Come home 190 00:10:47,120 --> 00:10:49,439 Speaker 1: for a nine game homestand three with Tampa Bay, four 191 00:10:49,480 --> 00:10:51,559 Speaker 1: with Toronto, and then two of the Mets, who now 192 00:10:51,600 --> 00:10:54,160 Speaker 1: hit the road for the next ten games, four in Atlanta, 193 00:10:54,640 --> 00:10:57,040 Speaker 1: four in Philadelphia. The Mets just threw back to back 194 00:10:57,080 --> 00:10:59,720 Speaker 1: shutouts at the Phillies. Chris Bassett got his tent win 195 00:11:00,080 --> 00:11:02,480 Speaker 1: bourning to the bullpen Mets one six and nothing. They 196 00:11:02,480 --> 00:11:05,520 Speaker 1: are seventy five and forty. It's first time the Mets 197 00:11:05,520 --> 00:11:09,280 Speaker 1: have been thirty five games over five hundred eight. Jets 198 00:11:09,320 --> 00:11:11,720 Speaker 1: quarterback Zack Wilson headed to l a for a knee 199 00:11:11,720 --> 00:11:14,680 Speaker 1: procedure tomorrow that will determine how long he'll be out. 200 00:11:14,679 --> 00:11:16,960 Speaker 1: Suffered a bone bruise and a torn meniscus in the 201 00:11:16,960 --> 00:11:20,840 Speaker 1: preseason opener. Will's Alatorus nearly won the US Open, nearly 202 00:11:20,840 --> 00:11:23,840 Speaker 1: won the PG Championship, loss in the playoff in Memphis. 203 00:11:23,880 --> 00:11:26,200 Speaker 1: His first career victory came in a playoff, and in 204 00:11:26,240 --> 00:11:29,520 Speaker 1: the start of the FedEx Cup playoffs, NBA announcedince Christmas 205 00:11:29,600 --> 00:11:31,760 Speaker 1: Day schedule. The next who did not make the playoffs 206 00:11:31,840 --> 00:11:34,640 Speaker 1: last year will play on Christmas. The whole Philadelphia, the 207 00:11:34,760 --> 00:11:37,440 Speaker 1: Nets who might trade Kevin Durant did not make the 208 00:11:37,520 --> 00:11:41,680 Speaker 1: Christophers Days l John Stash Allard, Bloomberg's Sports John all Right, John, 209 00:11:41,720 --> 00:11:44,679 Speaker 1: thanks very much. At ahead of the market open this 210 00:11:44,720 --> 00:11:47,520 Speaker 1: Monday morning, we have down futures right now down one 211 00:11:47,920 --> 00:11:49,679 Speaker 1: twenty seven points, so that set a climb of four 212 00:11:49,720 --> 00:11:52,640 Speaker 1: tenths of a percent. The s would be many futures 213 00:11:52,679 --> 00:11:55,800 Speaker 1: down twenty points, down half a percent. Mazzack futures right 214 00:11:55,840 --> 00:11:59,280 Speaker 1: now sixty one point slower, that ease down half a percent. 215 00:12:00,040 --> 00:12:02,319 Speaker 1: End at London the footsie, you have two tents of 216 00:12:02,400 --> 00:12:07,679 Speaker 1: a percent. This is Bloomberg, just the head was it 217 00:12:07,840 --> 00:12:10,680 Speaker 1: a bear market rally. We'll get you set up for 218 00:12:10,720 --> 00:12:13,760 Speaker 1: the training day head with economist Dennis Gartment, Chair of 219 00:12:13,800 --> 00:12:22,240 Speaker 1: the University of acron in down the Fund. This is Daybreak, Markets, 220 00:12:22,320 --> 00:12:25,400 Speaker 1: headlines and breaking news twenty four hours a day at 221 00:12:25,440 --> 00:12:29,400 Speaker 1: Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Tape. 222 00:12:29,559 --> 00:12:38,800 Speaker 1: She's a Bloomberg Business lash and I'm Karen Moscow and 223 00:12:38,920 --> 00:12:42,280 Speaker 1: US knock Index futures are slipping this morning and commodities 224 00:12:42,320 --> 00:12:45,320 Speaker 1: from oil to iron ore are falling. Is disappointing data 225 00:12:45,400 --> 00:12:48,520 Speaker 1: from China further clousy outlook for the global economy. We 226 00:12:48,679 --> 00:12:51,160 Speaker 1: check the markets every fifteen minutes throughout the trading day 227 00:12:51,240 --> 00:12:54,319 Speaker 1: on Bloomberg guess in P futures down nineteen points now 228 00:12:54,440 --> 00:12:57,200 Speaker 1: futures down a hundred twenty nine and nasday features down 229 00:12:57,200 --> 00:13:00,440 Speaker 1: sixty two. The decks in Germany as little change ten. 230 00:13:00,480 --> 00:13:03,559 Speaker 1: Your treasury up to thirty seconds l two point two percent. 231 00:13:03,880 --> 00:13:06,480 Speaker 1: They yield on the two year three point to five percent. 232 00:13:06,920 --> 00:13:09,959 Speaker 1: NIMEX screwed oil is down three percent, down two dollars 233 00:13:10,040 --> 00:13:12,320 Speaker 1: seventy eight cents at eighty nine dollars twenty eight cents 234 00:13:12,360 --> 00:13:14,760 Speaker 1: a barrel comex school down nine tenths per cent or 235 00:13:14,840 --> 00:13:18,840 Speaker 1: sixteen dollars seventy cents is seventy eighty announce the euro 236 00:13:19,000 --> 00:13:21,240 Speaker 1: one point oh two oh three against the dollar British 237 00:13:21,240 --> 00:13:23,640 Speaker 1: found one point two zero six two and the end 238 00:13:23,679 --> 00:13:26,360 Speaker 1: one thirty three point three one. And looking at bitcoin 239 00:13:26,440 --> 00:13:29,080 Speaker 1: this morning down one at a quarter percent at twenty 240 00:13:29,120 --> 00:13:32,800 Speaker 1: four thousand, sixteen dollars as a Bloomberg business flash. Now 241 00:13:32,800 --> 00:13:35,439 Speaker 1: here's Michael Barrow with Moore on what's going on around 242 00:13:35,440 --> 00:13:37,920 Speaker 1: the world. Michael, good morning, Good morning, Karen. A U 243 00:13:38,000 --> 00:13:41,440 Speaker 1: S congressional delegation led by Senator Ed Markeen landed and 244 00:13:41,520 --> 00:13:45,199 Speaker 1: Taiwan Sunday for a two day visit with Taiwan's president 245 00:13:45,280 --> 00:13:49,400 Speaker 1: sighing win angering China. They are expected to discuss BI 246 00:13:49,480 --> 00:13:54,440 Speaker 1: lateral relations, regional security, trade and investment, climate change, and 247 00:13:54,559 --> 00:13:58,280 Speaker 1: other issues. The FBI is facing an unprecedented number of 248 00:13:58,320 --> 00:14:03,000 Speaker 1: threats after searching for President trump'smer Lago estate and seizing 249 00:14:03,080 --> 00:14:06,560 Speaker 1: boxes of White House documents that included some classified material. 250 00:14:07,120 --> 00:14:10,080 Speaker 1: In baseball, the Red Sox beat the Yankees three nothing. 251 00:14:10,360 --> 00:14:13,439 Speaker 1: The match shut out the Phillies six zip. The Nationals 252 00:14:13,559 --> 00:14:18,040 Speaker 1: and Orioles lost the A's lost to the Astros six three. 253 00:14:18,440 --> 00:14:21,720 Speaker 1: The Giants won global news twenty four hours a day 254 00:14:21,760 --> 00:14:24,800 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 255 00:14:24,840 --> 00:14:28,080 Speaker 1: twenty journalists and analysts more than a hundred twenty countries. 256 00:14:28,200 --> 00:14:30,880 Speaker 1: I'm Michael Barr, and this is Bloomberg, John, Michael, Thank you, 257 00:14:30,960 --> 00:14:33,560 Speaker 1: five twenty on Wall Street. We're lying for the Bloomberg 258 00:14:33,600 --> 00:14:37,560 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak with the contracts 259 00:14:37,600 --> 00:14:41,200 Speaker 1: on the SMP five hundred NASDAC futures right now learn 260 00:14:41,320 --> 00:14:45,520 Speaker 1: lower suggesting last week's stocks rally. Make cool. Let's get 261 00:14:45,560 --> 00:14:47,440 Speaker 1: you set up for the training day ahead. Now we're 262 00:14:47,520 --> 00:14:50,760 Speaker 1: joined by economist Dennis Garban, chairman of the University of 263 00:14:50,800 --> 00:14:54,480 Speaker 1: acron En Dowmond Fund, former publisher of the garment letter 264 00:14:54,960 --> 00:14:58,680 Speaker 1: Happy Monday. Dennis, we learned this morning of the surprise 265 00:14:58,800 --> 00:15:01,720 Speaker 1: rate cut in the world se and largest economy. Does 266 00:15:01,760 --> 00:15:04,680 Speaker 1: that indicate things are worse than thought in China? And 267 00:15:04,800 --> 00:15:07,400 Speaker 1: maybe more importantly for those listening, does it result in 268 00:15:07,880 --> 00:15:11,840 Speaker 1: significant spillover? It's a markets elsewhere, Well, it's spilling over 269 00:15:11,880 --> 00:15:13,920 Speaker 1: as we as we speak, no question about it. And 270 00:15:13,920 --> 00:15:16,760 Speaker 1: the numbers were up for month on month and in 271 00:15:16,920 --> 00:15:20,800 Speaker 1: quarter on quarter but well below expectations, and the the 272 00:15:20,800 --> 00:15:24,680 Speaker 1: the Central Bank of China surprise everybody by cutting the 273 00:15:24,760 --> 00:15:27,640 Speaker 1: seven day and one year over the funds rates by 274 00:15:27,680 --> 00:15:30,760 Speaker 1: ten basis points, which indicate that the economy is doing 275 00:15:31,360 --> 00:15:35,880 Speaker 1: a good deal less surprisingly well than people had anticipated. 276 00:15:35,960 --> 00:15:39,280 Speaker 1: So you've got the central bank having to move already, 277 00:15:39,560 --> 00:15:41,680 Speaker 1: it's taken the rim and be down with it. It's 278 00:15:41,720 --> 00:15:44,320 Speaker 1: taken stock prices down with it, and you've had a 279 00:15:44,440 --> 00:15:47,560 Speaker 1: huge rally rather surprising than need to be quite honest, 280 00:15:47,560 --> 00:15:49,840 Speaker 1: that we've had a stronger rally in the United States 281 00:15:49,880 --> 00:15:52,320 Speaker 1: stock market as we've had or in the global stock 282 00:15:52,320 --> 00:15:55,840 Speaker 1: markets generally. As the chairman of the University of Akron's endowment, 283 00:15:55,880 --> 00:15:58,440 Speaker 1: I had us move about twelve of our our portfolio 284 00:15:58,480 --> 00:16:00,480 Speaker 1: out at the end of the year, and we've got 285 00:16:00,480 --> 00:16:02,720 Speaker 1: a quarterly meeting coming this week, and I'm actually gonna 286 00:16:02,720 --> 00:16:06,880 Speaker 1: think about moving the committee or recommending to the committee 287 00:16:06,880 --> 00:16:08,480 Speaker 1: that we cut another two or three percent out of 288 00:16:08,480 --> 00:16:11,600 Speaker 1: our portfolio on this rally. So I think that we've 289 00:16:11,600 --> 00:16:13,960 Speaker 1: probably I think this has been a bull market or 290 00:16:13,960 --> 00:16:16,760 Speaker 1: a bear market rally, nothing more than that. Uh, And 291 00:16:16,800 --> 00:16:18,400 Speaker 1: I think that we're probably going to test the loads 292 00:16:18,440 --> 00:16:21,160 Speaker 1: that we made back in June or July before the 293 00:16:21,560 --> 00:16:24,760 Speaker 1: before the year is over. So I'm I'm embarrassed on 294 00:16:24,800 --> 00:16:26,800 Speaker 1: this rally that we've had in in equity here in 295 00:16:26,840 --> 00:16:29,960 Speaker 1: the United States. What about the foundations? Are there shallow 296 00:16:30,000 --> 00:16:35,160 Speaker 1: foundations for that that rally? Well, clearly, the the the 297 00:16:35,240 --> 00:16:39,360 Speaker 1: seed has been expansionary thus far, and one of the 298 00:16:40,280 --> 00:16:43,960 Speaker 1: one of the concerns has been, excuse me, one of 299 00:16:43,960 --> 00:16:46,000 Speaker 1: the concerns has been that the FED will be cutting 300 00:16:46,040 --> 00:16:49,360 Speaker 1: its assets from nine trillion, nine point two trillion dollars 301 00:16:49,360 --> 00:16:55,800 Speaker 1: to something billion dollars less each month. Just get a 302 00:16:55,840 --> 00:16:57,480 Speaker 1: get a glass of water. I'm just gonna do the 303 00:16:57,520 --> 00:17:00,640 Speaker 1: futures real quick. Uh, while you could drink of water, 304 00:17:00,680 --> 00:17:04,080 Speaker 1: their down futures right now down the S and P 305 00:17:04,200 --> 00:17:07,480 Speaker 1: emnity futures twenty two points slower than as their futures 306 00:17:07,480 --> 00:17:11,640 Speaker 1: sixty six points slower. So again, if you just want 307 00:17:11,680 --> 00:17:13,560 Speaker 1: to pick up on the thoughts that they do, you 308 00:17:13,640 --> 00:17:18,200 Speaker 1: have there. The problem has been that the set has 309 00:17:18,200 --> 00:17:21,560 Speaker 1: been expansionary with its asset base for a long period 310 00:17:21,560 --> 00:17:23,639 Speaker 1: of time and has promised that it would be cutting 311 00:17:24,480 --> 00:17:27,000 Speaker 1: dollars out of its asset base over the course of 312 00:17:27,040 --> 00:17:29,639 Speaker 1: the next several years. Actually, what they've been doing is 313 00:17:29,640 --> 00:17:32,600 Speaker 1: cutting demonstrably less than that. So there's been more fuel 314 00:17:32,640 --> 00:17:36,000 Speaker 1: to the fire that that I had anticipated, less uh 315 00:17:36,560 --> 00:17:39,760 Speaker 1: less qute than we had then then had been let 316 00:17:40,000 --> 00:17:42,120 Speaker 1: we have been led to believe, and that has been 317 00:17:42,119 --> 00:17:43,920 Speaker 1: the fuel for the fire. Now and now with the 318 00:17:44,240 --> 00:17:48,600 Speaker 1: said having no choice but to become less expansionary, become contractionary, 319 00:17:48,720 --> 00:17:51,240 Speaker 1: that's going to be deltarious to share prices. And I 320 00:17:51,280 --> 00:17:53,480 Speaker 1: think that this has been a bear market rally, nothing 321 00:17:53,480 --> 00:17:55,600 Speaker 1: more than that. Watch what the volume has been like. 322 00:17:56,080 --> 00:17:59,280 Speaker 1: Volume has tended to be down on up dates and 323 00:17:59,440 --> 00:18:02,399 Speaker 1: up on days. That tends to be bearish in from 324 00:18:02,440 --> 00:18:06,719 Speaker 1: a technical circumstance. So I'm gonna be becoming less involved 325 00:18:06,760 --> 00:18:09,400 Speaker 1: in stocks over the course the next several months, believing 326 00:18:09,440 --> 00:18:13,040 Speaker 1: that this has been really nothing more than a good, strong, volatile, 327 00:18:13,440 --> 00:18:16,639 Speaker 1: and surprising, let's be blunt bull market or bear market 328 00:18:16,720 --> 00:18:19,040 Speaker 1: rally and nothing more than that. Okay, where you gonna 329 00:18:19,040 --> 00:18:22,239 Speaker 1: go then to cash? Cash is probably the great thing 330 00:18:22,240 --> 00:18:24,560 Speaker 1: to be in right now. Two year to me, two 331 00:18:24,640 --> 00:18:27,600 Speaker 1: year notes is the equivalent to cash. Yeah. The other 332 00:18:27,600 --> 00:18:29,199 Speaker 1: thing to be concerned about is the fact that the 333 00:18:29,240 --> 00:18:33,800 Speaker 1: over the that the Uh, the inversion in the bond 334 00:18:33,840 --> 00:18:36,679 Speaker 1: market has been we're back over forty two basis points. 335 00:18:36,920 --> 00:18:38,560 Speaker 1: I think they're going to take the inversion two is 336 00:18:38,600 --> 00:18:40,880 Speaker 1: to tends to a basis points before this is done. 337 00:18:41,359 --> 00:18:45,760 Speaker 1: As the FED becomes as the FED embraces QT rather 338 00:18:45,800 --> 00:18:48,000 Speaker 1: than QUE and if they have no choice but to 339 00:18:48,040 --> 00:18:51,320 Speaker 1: do so so, inflationary pressures remain. The set has to 340 00:18:51,480 --> 00:18:54,000 Speaker 1: remain contractionary over the course in the next several years, 341 00:18:54,440 --> 00:18:57,439 Speaker 1: the the yield curve is gonna become inverted. In stock prices, 342 00:18:57,440 --> 00:19:00,440 Speaker 1: I think are gonna have had a nice, good, strong rally, 343 00:19:00,520 --> 00:19:01,840 Speaker 1: but I think that's the end of it. So go 344 00:19:01,920 --> 00:19:04,879 Speaker 1: to cash two your notes to the above three percent 345 00:19:05,359 --> 00:19:07,560 Speaker 1: is a great place to be right now, no question 346 00:19:07,560 --> 00:19:09,600 Speaker 1: about that. When will it be safe to dip your 347 00:19:09,600 --> 00:19:12,560 Speaker 1: tone the water again? Got thirty seconds when we test 348 00:19:12,600 --> 00:19:14,479 Speaker 1: the lows that we're made in June and July, and 349 00:19:14,520 --> 00:19:16,240 Speaker 1: I think that that's going to be before the year end. 350 00:19:16,920 --> 00:19:20,240 Speaker 1: Dennis always a pleasure to appreciated. Ecnnabis downis Gartment, Chairman 351 00:19:20,280 --> 00:19:23,320 Speaker 1: of the University of Acrony and Downmud Fund, former publisher 352 00:19:23,359 --> 00:19:26,320 Speaker 1: of the Gartment Letter. As we speak right now, again, 353 00:19:26,359 --> 00:19:31,480 Speaker 1: the futures are lower. This morning, Dennis mentioned the two tans. 354 00:19:31,600 --> 00:19:35,560 Speaker 1: The inversion there down forty three basis points. You have 355 00:19:35,600 --> 00:19:38,120 Speaker 1: the two is at three. The tenure yield right now, 356 00:19:38,119 --> 00:19:42,280 Speaker 1: the benchmark at two eighty two and again down futures 357 00:19:42,359 --> 00:19:45,280 Speaker 1: one hundred fifty three points lower. That's down half a percent, 358 00:19:45,400 --> 00:19:49,200 Speaker 1: empty surprise rate cut from the People's Bank of China 359 00:19:49,400 --> 00:19:51,760 Speaker 1: and S and P futures right now twenty two points lower, 360 00:19:52,080 --> 00:19:54,800 Speaker 1: that's down a half a percent, and the nassetic futures 361 00:19:55,040 --> 00:19:59,399 Speaker 1: down sixty seven points. That is down half percent. Just 362 00:19:59,520 --> 00:20:02,680 Speaker 1: to had our top headlines. You're listening to Bloomberg Daybreak 363 00:20:06,720 --> 00:20:09,840 Speaker 1: and the Bloomberg Weather from Rob Caroline partly Sunday today, 364 00:20:09,880 --> 00:20:16,040 Speaker 1: the high temperature five mostly cloudy tonight, seventy tomorrow mostly 365 00:20:16,080 --> 00:20:23,640 Speaker 1: Sunday hies again in the mid eighties, broadcasting live from 366 00:20:23,640 --> 00:20:27,760 Speaker 1: the Bloomberg Interactive Broker's studio in New York, Bloomberg Elving 367 00:20:27,840 --> 00:20:32,440 Speaker 1: Freed to Washington, d C. Bloomberg to Boston, Bloomberg one 368 00:20:32,440 --> 00:20:35,639 Speaker 1: O six one to San Francisco, Bloomberg Name sixty to 369 00:20:35,680 --> 00:20:38,800 Speaker 1: the country, Sirius xm ch A one nine and around 370 00:20:38,800 --> 00:20:42,760 Speaker 1: the globe. The Bloomberg Business at and Bloomberg Radio dot Com. 371 00:20:42,760 --> 00:20:51,280 Speaker 1: This is Bloomberg Daybreak is five thirty on Wall Street. 372 00:20:51,320 --> 00:20:54,000 Speaker 1: Good morning, I'm John Tucker and I'm Karen Moscow. We 373 00:20:54,040 --> 00:20:56,399 Speaker 1: are just about four hours away from the open of 374 00:20:56,520 --> 00:20:58,199 Speaker 1: US trading. Let's get you have to day in the 375 00:20:58,200 --> 00:20:59,959 Speaker 1: news you need to know at this hour, We've been 376 00:21:00,040 --> 00:21:03,560 Speaker 1: in with a surprise out of Asia, China's Central Bank 377 00:21:03,640 --> 00:21:07,200 Speaker 1: unexpectedly cut its key interest rate ten basis points after 378 00:21:07,280 --> 00:21:12,440 Speaker 1: data show July retail sales, investment, and industrial output missing estimates. 379 00:21:12,560 --> 00:21:15,399 Speaker 1: Bloomberg's end of Current says it all signals trouble for 380 00:21:15,480 --> 00:21:18,080 Speaker 1: the Chinese economy. All of his thought it was weak. 381 00:21:18,440 --> 00:21:21,360 Speaker 1: But the reasons especially concerning is because July was meant 382 00:21:21,359 --> 00:21:23,040 Speaker 1: to be the good month. July was meant to be 383 00:21:23,080 --> 00:21:24,959 Speaker 1: the think, the month when things pick up a bit 384 00:21:24,960 --> 00:21:27,600 Speaker 1: of momentum again. The third quarter was supposed to be be 385 00:21:27,640 --> 00:21:29,639 Speaker 1: better than the second quarter and all the rest of it. 386 00:21:29,760 --> 00:21:32,440 Speaker 1: But of course it's now underscores just how much pressure 387 00:21:32,480 --> 00:21:35,879 Speaker 1: China's economy is actually under. Bloomberg's end a Current says 388 00:21:35,960 --> 00:21:39,119 Speaker 1: the rate cut shows how concerned Chinese officials are about 389 00:21:39,160 --> 00:21:42,120 Speaker 1: the deepening economic slowdown. And back here in the US. 390 00:21:42,160 --> 00:21:44,600 Speaker 1: We get a couple of key data points about the 391 00:21:44,640 --> 00:21:48,680 Speaker 1: economy this week, July's FED minutes and retail sales. They're 392 00:21:48,680 --> 00:21:51,400 Speaker 1: going to be released on Wednesday. John China and US 393 00:21:51,480 --> 00:21:54,639 Speaker 1: relations are in focus once again this morning, as another U. 394 00:21:54,720 --> 00:21:58,520 Speaker 1: S congressional delegation has landed in Taiwan. It's led by 395 00:21:58,600 --> 00:22:02,520 Speaker 1: Democratic Senator At Arkey of Massachusetts. The delegation is said 396 00:22:02,520 --> 00:22:05,360 Speaker 1: to me what Taiwan's president and Minister of Foreign Affairs 397 00:22:05,400 --> 00:22:09,200 Speaker 1: and will reaffirm US support for Taiwan. Becky in Washington, 398 00:22:09,200 --> 00:22:12,040 Speaker 1: the senior Democrats says he hasn't seen any evidence that 399 00:22:12,119 --> 00:22:14,359 Speaker 1: materials the n B I C S from Donald Trump's 400 00:22:14,359 --> 00:22:18,240 Speaker 1: home were properly declassified. Last week, the former presidents of 401 00:22:18,280 --> 00:22:21,920 Speaker 1: the documents were all declassified. Adam Schiff, is the chair 402 00:22:21,920 --> 00:22:25,080 Speaker 1: of the House Intelligence Committee, says it's absurd the president 403 00:22:25,080 --> 00:22:29,600 Speaker 1: could retroactively declassify materials anyone in the Intelligence commuity that 404 00:22:29,680 --> 00:22:33,760 Speaker 1: had documents like that, or they would be under serious investigation. 405 00:22:33,800 --> 00:22:36,440 Speaker 1: Adam Schiff made the comments on CBS's face the nation 406 00:22:36,720 --> 00:22:40,679 Speaker 1: heard Sunday's Bloomberg Radio Well to Oil Now, John first 407 00:22:40,720 --> 00:22:44,600 Speaker 1: Overseas Sonnia Ramco posted the biggest quarterly profit of any 408 00:22:44,640 --> 00:22:47,920 Speaker 1: listed company anywhere when that income rising to forty eight 409 00:22:47,960 --> 00:22:51,280 Speaker 1: point four billion dollars in the second quarter. While searching 410 00:22:51,320 --> 00:22:54,720 Speaker 1: oil prices propelled to Ramco results last quarter. Both oil 411 00:22:54,760 --> 00:22:57,520 Speaker 1: and gas have come down since their June highs, and 412 00:22:57,640 --> 00:23:00,560 Speaker 1: Energy Secretary Jennifer Granholm tells C and then they may 413 00:23:00,680 --> 00:23:04,000 Speaker 1: fall even further. The price in the fourth quarter of 414 00:23:04,040 --> 00:23:06,920 Speaker 1: this year per Dallen will probably drop to about three 415 00:23:06,920 --> 00:23:10,080 Speaker 1: dollars and seventy eight cents. We hope that that's true. 416 00:23:10,640 --> 00:23:14,520 Speaker 1: Energy Secretary Granholme says gas prices could still be volatile 417 00:23:14,560 --> 00:23:18,800 Speaker 1: though if they are impacted by geopolitical events. Right now, 418 00:23:18,920 --> 00:23:22,520 Speaker 1: futures are lower, SNP future is down twenty two points down, 419 00:23:22,560 --> 00:23:25,600 Speaker 1: futures down a hundred fifty three, and nasday futures are 420 00:23:25,640 --> 00:23:29,600 Speaker 1: done about seventy two and a straight ahead. We have 421 00:23:29,800 --> 00:23:33,359 Speaker 1: your latest local headlines, plus a check of sports, and 422 00:23:33,600 --> 00:23:40,879 Speaker 1: this is Bloomberg. Thanks Karen f three on Wall Street. 423 00:23:40,920 --> 00:23:43,080 Speaker 1: Time to bring in Michael Barr with more on what 424 00:23:43,160 --> 00:23:46,080 Speaker 1: else is going on New York and around the world. John, 425 00:23:46,080 --> 00:23:48,600 Speaker 1: thank you very much, sir. Author Selman Rushdie is off 426 00:23:48,640 --> 00:23:50,680 Speaker 1: eventil later and is said to be on the road 427 00:23:50,720 --> 00:23:53,960 Speaker 1: to recovery. New York's Governor Kathy whole Cool called the 428 00:23:53,960 --> 00:23:56,840 Speaker 1: stabbing of Rushti, allegedly carried out by a twenty four 429 00:23:56,920 --> 00:24:00,879 Speaker 1: year old New Jersey man quote cowardly. Hocol in Western 430 00:24:00,880 --> 00:24:03,240 Speaker 1: New York spoke at the site where rushed. He survived 431 00:24:03,240 --> 00:24:06,040 Speaker 1: the knife attack on Fronday. We can damn any individual 432 00:24:06,680 --> 00:24:10,439 Speaker 1: or any group that dare violates the safety of a 433 00:24:10,480 --> 00:24:14,240 Speaker 1: place like the Tako or to an attempt an assassination 434 00:24:14,800 --> 00:24:17,920 Speaker 1: on a world leader that cannot happen in New York. 435 00:24:18,600 --> 00:24:23,560 Speaker 1: You're standing up, hoocol At the Chautauko Institution says, we 436 00:24:23,640 --> 00:24:27,359 Speaker 1: will always defend a quote, freedom of expression and freedom 437 00:24:27,400 --> 00:24:30,800 Speaker 1: of speech. We're learning more details about yesterday's shooting in 438 00:24:30,880 --> 00:24:35,560 Speaker 1: Jerusalem's Old City. Authorities in Israel's saying a Palestinian gunmen 439 00:24:35,600 --> 00:24:39,200 Speaker 1: opened fire at a bus, wounding several passengers. Among them, 440 00:24:39,200 --> 00:24:43,359 Speaker 1: three people were Senate Majority Leader Chuck Schumer represents it 441 00:24:43,440 --> 00:24:47,280 Speaker 1: hits close to club home. Three of the families three 442 00:24:47,320 --> 00:24:51,480 Speaker 1: of those who were shot were American and from Brooklyn 443 00:24:51,560 --> 00:24:55,320 Speaker 1: from Williamsburg. Senator Schumer says one of the victims wounded 444 00:24:55,600 --> 00:24:59,159 Speaker 1: is improven. Russian President Vladimir Putin has vowed to expand 445 00:24:59,160 --> 00:25:02,200 Speaker 1: relations with North Korea. Is Kim John Un. The move 446 00:25:02,280 --> 00:25:05,720 Speaker 1: may complicate President Joe Biden's pushed to isolate North Korea. 447 00:25:05,960 --> 00:25:09,200 Speaker 1: Putin sent a congratulatory message to North Korea for its 448 00:25:09,240 --> 00:25:13,359 Speaker 1: Liberation Day holiday today, marking the end of Japan's nineteen 449 00:25:13,440 --> 00:25:18,520 Speaker 1: ten to nineteen forty five colonial rule over the Korean Peninsula. 450 00:25:18,880 --> 00:25:22,200 Speaker 1: New York State is cracking down on speeders. Governor Kathy 451 00:25:22,200 --> 00:25:25,280 Speaker 1: Oakel says this enforcement campaign will be crucial not only 452 00:25:25,320 --> 00:25:28,240 Speaker 1: to catch speeders, but also to encourage all drivers to 453 00:25:28,320 --> 00:25:32,639 Speaker 1: maintain safe speeds on our roadways. And I encourage all 454 00:25:32,720 --> 00:25:35,000 Speaker 1: New Yorkers to take your time and get to your 455 00:25:35,040 --> 00:25:38,520 Speaker 1: destination safely. Last year, about twenty three thousand tickets were 456 00:25:38,560 --> 00:25:41,760 Speaker 1: handed out during the crackdown period. Global News twenty four 457 00:25:41,840 --> 00:25:45,080 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 458 00:25:45,080 --> 00:25:48,119 Speaker 1: by more than dred journalists and analysts more than hundred 459 00:25:48,119 --> 00:25:51,159 Speaker 1: twenty countries. I'm Michael bar this is Bloomberg, John Michael, 460 00:25:51,160 --> 00:25:57,040 Speaker 1: thank you, and it's not in Wall Street. That is 461 00:25:57,080 --> 00:26:00,480 Speaker 1: time for the Bloomberg Sports Update. And he's John stash Ranks, 462 00:26:00,520 --> 00:26:03,360 Speaker 1: John Yankee. Red Sox games usually tend to drag on, 463 00:26:03,480 --> 00:26:05,920 Speaker 1: sometimes for over four hours. Last night at Fenway, a 464 00:26:06,119 --> 00:26:09,880 Speaker 1: Chris two hours fifteen minutes tied for the shortest game 465 00:26:09,920 --> 00:26:13,040 Speaker 1: between the two teams. In nine four stops, won three nothing. 466 00:26:13,119 --> 00:26:16,320 Speaker 1: Yanks managed just two hits against Michael Waka, who hadn't 467 00:26:16,320 --> 00:26:19,439 Speaker 1: pitchons June to a shoulder injury. Tommy fam who had 468 00:26:19,440 --> 00:26:22,080 Speaker 1: the walkoff hit on Friday, out hit the Yanks by himself. 469 00:26:22,119 --> 00:26:24,680 Speaker 1: He had three hits Rappid Devers, two run homer off 470 00:26:24,720 --> 00:26:28,560 Speaker 1: loser Jamison Tyana. So the Yankee tailspin continues. Two and 471 00:26:28,640 --> 00:26:31,520 Speaker 1: seven road trip, nine losses the last eleven games, no 472 00:26:31,640 --> 00:26:35,000 Speaker 1: back to back wins since July. Still a ten game 473 00:26:35,040 --> 00:26:37,359 Speaker 1: division lead, but now two and a half games behind 474 00:26:37,440 --> 00:26:39,719 Speaker 1: Houston for best record in America lead. The Yankees are 475 00:26:39,720 --> 00:26:42,440 Speaker 1: home tonight for Tampa Bay. The Mets are in Atlanta. 476 00:26:42,520 --> 00:26:44,240 Speaker 1: They lead the Braves by five and a half to 477 00:26:44,280 --> 00:26:46,520 Speaker 1: mess with a second straight shut out of the Phillies 478 00:26:46,840 --> 00:26:50,359 Speaker 1: six to nothink Chris Bassett and four relievers combined to 479 00:26:50,480 --> 00:26:52,840 Speaker 1: be nex met Zack Wheeler home run for Daniel vogel 480 00:26:52,840 --> 00:26:56,040 Speaker 1: Back and Francisco Lindoor pro kose Reys is record for 481 00:26:56,119 --> 00:26:58,560 Speaker 1: r bis By, a Mets shortstop. Mets have won seventeen 482 00:26:58,600 --> 00:27:01,439 Speaker 1: out of twenty. They have forty home wins. That's as 483 00:27:01,480 --> 00:27:04,840 Speaker 1: many as overall losses thirty five games over five hundred 484 00:27:05,080 --> 00:27:08,640 Speaker 1: for the first time since Jets quarterback Zach Wilson, who 485 00:27:08,640 --> 00:27:11,160 Speaker 1: went down to the preseason opener, will have minor knee 486 00:27:11,160 --> 00:27:14,360 Speaker 1: surgery tomorrow. The feeling is out two to four weeks. 487 00:27:14,680 --> 00:27:17,320 Speaker 1: Coach Rob Staddle has asked about not rushing him back 488 00:27:17,400 --> 00:27:19,359 Speaker 1: for the season opener. I think that's all going to 489 00:27:19,400 --> 00:27:22,240 Speaker 1: depend on what happens here with the surgery and in 490 00:27:22,320 --> 00:27:24,480 Speaker 1: the feedback we get from the doctors working with stuff 491 00:27:24,480 --> 00:27:26,600 Speaker 1: and all and gathering all the information before we even 492 00:27:26,680 --> 00:27:29,600 Speaker 1: come remotely close to making that decision. But uh but yeah, 493 00:27:29,600 --> 00:27:32,680 Speaker 1: that that's that's that's all valid and something that we'll 494 00:27:32,680 --> 00:27:34,560 Speaker 1: all talk about once we get all the information we 495 00:27:34,600 --> 00:27:36,760 Speaker 1: need to Jets at veterman Joe Flaco as well as 496 00:27:36,840 --> 00:27:39,639 Speaker 1: David White, John Stash, Howard Bloomberg Sports John All right, 497 00:27:39,640 --> 00:27:42,440 Speaker 1: thanks John seven on Wall Street and that's signed for 498 00:27:42,480 --> 00:27:45,199 Speaker 1: the Tri State Business Report. For that, we're joined by 499 00:27:45,359 --> 00:27:49,360 Speaker 1: Bloomberg's ed Cery st John's University will close at Staten 500 00:27:49,359 --> 00:27:53,600 Speaker 1: Island campus in the spring of Spectrum News one since 501 00:27:53,680 --> 00:27:56,840 Speaker 1: Frenchmen will not be admitted in the fallow of twenty three. 502 00:27:57,359 --> 00:28:00,160 Speaker 1: The follow two thousand, there were twenty three hundred students 503 00:28:00,600 --> 00:28:04,240 Speaker 1: enrolled on the Staten Island campus. In the falling one 504 00:28:04,280 --> 00:28:08,400 Speaker 1: that were only eight hundred sixty one. Jolliby Filipino fried 505 00:28:08,480 --> 00:28:12,280 Speaker 1: chicken restaurant chain owned by Jolliby Foods says it's new 506 00:28:12,359 --> 00:28:15,680 Speaker 1: Time Square restaurant opens this week. It's located at fift 507 00:28:15,840 --> 00:28:18,760 Speaker 1: hundred Broadway. It will open on Thursday. It will feature 508 00:28:18,800 --> 00:28:21,359 Speaker 1: some items available only in New York ahead of a 509 00:28:21,480 --> 00:28:25,640 Speaker 1: nationwide rollout later this year. Federal investigators are looking into 510 00:28:25,680 --> 00:28:28,320 Speaker 1: the death of an Amazon worker and an injury that 511 00:28:28,440 --> 00:28:31,879 Speaker 1: potentially led to the death of another employee. Probe is 512 00:28:31,920 --> 00:28:35,560 Speaker 1: already underway following a fatality during the company's annual Prime 513 00:28:35,680 --> 00:28:39,280 Speaker 1: Day shopping event in mid July. Insurance Journal says the 514 00:28:39,320 --> 00:28:42,480 Speaker 1: deaths occurred in New Jersey. That's your Bloomberg Tries Day 515 00:28:42,520 --> 00:28:47,080 Speaker 1: Business Report. I'm Ed Corey and it's now on Wall Street. 516 00:28:47,280 --> 00:28:49,800 Speaker 1: Bloomberg Radio is on the air from San Francisco to 517 00:28:49,880 --> 00:28:52,720 Speaker 1: New York, London to Hong Kong head let's check in 518 00:28:52,760 --> 00:28:54,760 Speaker 1: now with our global news team for some of the 519 00:28:54,880 --> 00:28:58,280 Speaker 1: top stories heard on our three hundred affiliate radio stations 520 00:28:58,320 --> 00:29:04,720 Speaker 1: around the world. UM Courtney Donahawan ktr H in Houston, 521 00:29:04,880 --> 00:29:08,040 Speaker 1: meat packers are signaling an end to record beat prices 522 00:29:08,040 --> 00:29:11,400 Speaker 1: with smaller hurts him Gina Servetti And for w c 523 00:29:11,560 --> 00:29:15,400 Speaker 1: CEO in Minneapolis, I'm reporting that Trader Joe's employees at 524 00:29:15,400 --> 00:29:19,080 Speaker 1: a local store have voted to unionized. Henry's Matteo and 525 00:29:19,280 --> 00:29:21,520 Speaker 1: k M o X and St. Louis, I'll be reporting 526 00:29:21,520 --> 00:29:24,800 Speaker 1: on door Dash delivering more than just food. I'm Stephen 527 00:29:24,880 --> 00:29:27,719 Speaker 1: carl and Bloomberg D A B Digital Radio and London, 528 00:29:27,800 --> 00:29:30,840 Speaker 1: We've been reporting on the Opposition Labor Party's plans to 529 00:29:30,920 --> 00:29:35,000 Speaker 1: freeze energy prices for UK households. I'm dead Corey on 530 00:29:35,320 --> 00:29:39,080 Speaker 1: w w J in Detroit. I'm reporting cannabis businesses that 531 00:29:39,160 --> 00:29:41,920 Speaker 1: want to set up recreational use shops in the city 532 00:29:42,040 --> 00:29:45,640 Speaker 1: are basically more delays, and those are some of these 533 00:29:45,680 --> 00:29:48,640 Speaker 1: stories are twenty seven hundred Bloomberg journalists and analysts are 534 00:29:48,640 --> 00:29:51,880 Speaker 1: working on this morning around the world. It's Fine thirty 535 00:29:51,960 --> 00:29:55,080 Speaker 1: nine on Wall Street. The following is an editorial from 536 00:29:55,160 --> 00:30:00,280 Speaker 1: Bloomberg Opinion List. Editorial was written by the Bloomberg Editorial Board. 537 00:30:00,840 --> 00:30:04,880 Speaker 1: One year ago, Afghanistan fell to the Taliban, in part 538 00:30:04,960 --> 00:30:08,040 Speaker 1: because the US had hoped for the best without preparing 539 00:30:08,240 --> 00:30:11,960 Speaker 1: for the worst in dealing with the Taliban. Today, President 540 00:30:12,040 --> 00:30:16,520 Speaker 1: Joe Biden can afford no such illusions. The US needs 541 00:30:16,560 --> 00:30:20,600 Speaker 1: to take a pragmatic approach to further engagement. Its top 542 00:30:20,600 --> 00:30:25,000 Speaker 1: priority should be preventing Afghanistan from again becoming a base 543 00:30:25,240 --> 00:30:28,880 Speaker 1: for terrorist attacks. It's also in u s interests to 544 00:30:29,000 --> 00:30:33,720 Speaker 1: avert a humanitarian disaster in Afghanistan and to bring Afghans 545 00:30:33,720 --> 00:30:37,640 Speaker 1: who qualify for so called special immigrant visas to the 546 00:30:37,720 --> 00:30:42,960 Speaker 1: US as quickly as possible. Such an agenda is admittedly limited, 547 00:30:42,960 --> 00:30:47,640 Speaker 1: but simply forestalling the worst would be no small achievement. 548 00:30:47,920 --> 00:30:51,480 Speaker 1: This editorial was written by the Bloomberg Editorial Board. For 549 00:30:51,560 --> 00:30:54,640 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, Slash 550 00:30:54,720 --> 00:30:58,360 Speaker 1: Opinion or O P I N go on the Bloomberg terminal. 551 00:30:58,680 --> 00:31:02,760 Speaker 1: This has been Bloomberg Opinion and Bloomberg Opinion editorials can 552 00:31:02,840 --> 00:31:05,520 Speaker 1: be heard every week day at this time. Terminal customers 553 00:31:05,680 --> 00:31:08,360 Speaker 1: you can read more at O P I N go. 554 00:31:09,040 --> 00:31:13,040 Speaker 1: Well it's a risk off. Monday DAL futures nine points lower, 555 00:31:13,480 --> 00:31:16,400 Speaker 1: the mp EMUNI futures are down twenty four and the 556 00:31:16,480 --> 00:31:22,320 Speaker 1: NASTAIC futures right now down seventy eight points. The Bloomberg 557 00:31:22,360 --> 00:31:25,560 Speaker 1: weather for meteorologist Rob Caroline partly Sunday today, the high 558 00:31:25,600 --> 00:31:30,440 Speaker 1: temperature to eighty five clouds roll in tonight low seventy 559 00:31:30,560 --> 00:31:33,960 Speaker 1: partly mostly Sunday Tomorrow hies again in the mid eighties. 560 00:31:37,240 --> 00:31:40,640 Speaker 1: Markets headlines and breaking news twenty four hours a day 561 00:31:40,760 --> 00:31:43,760 Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at 562 00:31:43,760 --> 00:31:53,600 Speaker 1: Bloomberg Cricktape. This is a Bloomberg Business flash and I'm 563 00:31:53,640 --> 00:31:57,160 Speaker 1: Karen Moscow and US stock index futures are slippingness morning, 564 00:31:57,160 --> 00:32:00,640 Speaker 1: and commodities from oil to iron ore falling is disappointing. 565 00:32:00,680 --> 00:32:03,960 Speaker 1: Data from China further clouds the outlook for the global economy. 566 00:32:04,200 --> 00:32:06,520 Speaker 1: We checked the markets every fifteen minutes throughout the trading 567 00:32:06,600 --> 00:32:08,600 Speaker 1: day on Bloomberg U S and P Future is down 568 00:32:08,640 --> 00:32:11,240 Speaker 1: about twenty two points down Future is down a hundred 569 00:32:11,240 --> 00:32:13,760 Speaker 1: forty one and as DAG futures down sixty eight. The 570 00:32:13,880 --> 00:32:16,440 Speaker 1: DAKS in Germany is a little change ten. Your treasury 571 00:32:16,480 --> 00:32:18,800 Speaker 1: up one thirty second deal two point eight two percent 572 00:32:19,160 --> 00:32:21,720 Speaker 1: yield on the two year three point to five per cent. 573 00:32:22,120 --> 00:32:25,600 Speaker 1: NIMEX Screwed oil is down three point seven percent, down 574 00:32:25,720 --> 00:32:28,200 Speaker 1: three dollars forty four cents at eighty eight dollars sixty 575 00:32:28,200 --> 00:32:30,800 Speaker 1: four cents of Barrel comc School is down one point 576 00:32:30,800 --> 00:32:34,560 Speaker 1: one percent or twenty dollars sixty cents at sevent ninety announced. 577 00:32:34,920 --> 00:32:37,400 Speaker 1: The euro one point one nine seven against the dollar, 578 00:32:37,480 --> 00:32:39,840 Speaker 1: British found one point two zero six eight and the 579 00:32:40,000 --> 00:32:42,680 Speaker 1: end one thirty three point three nine and Bitcoin is 580 00:32:42,720 --> 00:32:46,440 Speaker 1: down nine ten percent at twenty four thousand, ninety dollars 581 00:32:46,880 --> 00:32:49,400 Speaker 1: as of Bloomberg Business Flash. Now here's Michael bar with 582 00:32:49,480 --> 00:32:52,320 Speaker 1: more unless going on around the world. Michael Karen, thank 583 00:32:52,320 --> 00:32:55,360 Speaker 1: you very much. China has announced more military drills around 584 00:32:55,360 --> 00:32:58,920 Speaker 1: Taiwan as the island's president met with members of a 585 00:32:58,960 --> 00:33:02,320 Speaker 1: new US Congression old delegation. The visit came less than 586 00:33:02,360 --> 00:33:05,360 Speaker 1: two weeks after HOW Speaker Nancy Pelosi's trip to Taiwan. 587 00:33:05,920 --> 00:33:10,360 Speaker 1: China regards formal contacts between US politicians and the island's 588 00:33:10,400 --> 00:33:14,120 Speaker 1: government as support for its independence from Beijing. The Taliban 589 00:33:14,240 --> 00:33:18,800 Speaker 1: is declaring today victory Day in Afghanistan, marking one year 590 00:33:18,880 --> 00:33:21,720 Speaker 1: since their return to power. In baseball, the Red Sox 591 00:33:21,760 --> 00:33:24,800 Speaker 1: beat the Yankees three nothing. The Mets shut out the 592 00:33:24,800 --> 00:33:29,200 Speaker 1: Phillies six sip. The Nationals and Orioles lost. The A's 593 00:33:29,360 --> 00:33:33,040 Speaker 1: lost to the Astros six three. The Giants won global 594 00:33:33,080 --> 00:33:35,800 Speaker 1: news twenty four hours a day on air and on 595 00:33:35,880 --> 00:33:39,600 Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists 596 00:33:39,600 --> 00:33:42,840 Speaker 1: and analysts more than a hundred twenty countries. Michael barn 597 00:33:42,920 --> 00:33:45,760 Speaker 1: this is Bloomberg. Michael, thank you. We are live from 598 00:33:45,760 --> 00:33:48,520 Speaker 1: the Bloomberg Intry and to Broker Studios where E is 599 00:33:48,560 --> 00:33:52,560 Speaker 1: fin forty nine on Wall Street. Senate Intelligence Committee leaders 600 00:33:52,560 --> 00:33:56,080 Speaker 1: made a bipartisan request to the US government for classified 601 00:33:56,120 --> 00:33:59,280 Speaker 1: documents that the FBI sees from former President Trump. Saulm 602 00:33:59,840 --> 00:34:03,040 Speaker 1: the saw signals growing pressure from lawmakers for details on 603 00:34:03,080 --> 00:34:07,000 Speaker 1: the materials. It's just the latest reverberation from the August 604 00:34:07,120 --> 00:34:09,640 Speaker 1: nine at the I search at Trump's resort. Let's take 605 00:34:09,680 --> 00:34:13,120 Speaker 1: a deeper dive into the implications here. We are joined 606 00:34:13,120 --> 00:34:16,160 Speaker 1: by Professor Wendy Schiller, the director of the Talman Center 607 00:34:16,239 --> 00:34:21,000 Speaker 1: for American Politics and Policy at Brown University. H Does 608 00:34:21,040 --> 00:34:24,760 Speaker 1: this open a new political front for the mid terms. Wendy, 609 00:34:25,800 --> 00:34:29,640 Speaker 1: I think it does. I think Republicans uh understand that 610 00:34:29,719 --> 00:34:32,359 Speaker 1: they had a really good picture, you know, a couple 611 00:34:32,400 --> 00:34:34,800 Speaker 1: of months ago the intendent terms. The pictures still pretty 612 00:34:34,800 --> 00:34:36,840 Speaker 1: good on the House side, But on the Senate side, 613 00:34:36,840 --> 00:34:40,040 Speaker 1: I think it's much tougher, much closer, and anything on 614 00:34:40,080 --> 00:34:42,359 Speaker 1: the margin that can make sure to get their base out, 615 00:34:42,560 --> 00:34:45,240 Speaker 1: they're going to try to take advantage of. So, you know, really, 616 00:34:45,280 --> 00:34:48,359 Speaker 1: and it's true, you're you're reading at former president's home. 617 00:34:48,840 --> 00:34:52,040 Speaker 1: We haven't really seen that before. UH. And people want 618 00:34:52,080 --> 00:34:55,200 Speaker 1: to know why what was so important about these particular documents, 619 00:34:55,239 --> 00:34:59,040 Speaker 1: Why was it so wrong for uh former President Trump 620 00:34:59,280 --> 00:35:02,320 Speaker 1: and or his have to remove them from the White House. 621 00:35:02,360 --> 00:35:05,799 Speaker 1: This does require additional explanation. UM, you don't have to 622 00:35:05,840 --> 00:35:08,120 Speaker 1: really detail all the things you have they are doing. 623 00:35:08,160 --> 00:35:11,400 Speaker 1: But you know, if this threatened national security, then you know, 624 00:35:11,440 --> 00:35:14,480 Speaker 1: the Senate, the House, they have to know. Uh. And 625 00:35:14,800 --> 00:35:18,520 Speaker 1: but the Republican senators will use this really in every 626 00:35:18,560 --> 00:35:21,880 Speaker 1: way to say it's an overreach, this political, this is 627 00:35:21,960 --> 00:35:24,960 Speaker 1: Biden going after Trump. Of course they're going to do that, 628 00:35:25,000 --> 00:35:27,279 Speaker 1: particularly now we're getting closer to Labor Day and we 629 00:35:27,320 --> 00:35:29,560 Speaker 1: all know once Labor Day hits, you know, the election 630 00:35:29,680 --> 00:35:33,040 Speaker 1: really begins in earnest. It doesn't make any difference to 631 00:35:33,560 --> 00:35:35,920 Speaker 1: the decision by the former president whether or not to 632 00:35:36,000 --> 00:35:40,000 Speaker 1: run again. Uh No, I don't think anything really stops 633 00:35:40,080 --> 00:35:43,960 Speaker 1: Donald Trump for money. Even if he's arrested in indicted, 634 00:35:44,440 --> 00:35:46,680 Speaker 1: he'll you know, he'll find ways to delay, and he'll 635 00:35:46,719 --> 00:35:49,120 Speaker 1: find ways to run. You know, he lives on the 636 00:35:49,160 --> 00:35:52,480 Speaker 1: oxygen that attention gives him. He also is raising a 637 00:35:52,480 --> 00:35:55,919 Speaker 1: tremendous not of money that's partially helps support his activities 638 00:35:56,120 --> 00:35:58,520 Speaker 1: and his lifestyle. So he's not going to give that 639 00:35:58,640 --> 00:36:01,799 Speaker 1: up unless somebody else pushes him out of you know, 640 00:36:01,880 --> 00:36:05,320 Speaker 1: the arena. And that's going to happen ultimately in the 641 00:36:05,320 --> 00:36:08,719 Speaker 1: early spring or winter, early spring of twenty as Republicans 642 00:36:08,719 --> 00:36:11,320 Speaker 1: gear up to figure out who's gonna run for president. 643 00:36:11,600 --> 00:36:14,760 Speaker 1: But it's not gonna happen yet. So I don't think anything, 644 00:36:14,920 --> 00:36:16,880 Speaker 1: you know, makes him go away. The problem for the 645 00:36:17,000 --> 00:36:22,080 Speaker 1: Republicans is that suburban independent voters and suburban Republicans rejected 646 00:36:22,120 --> 00:36:25,120 Speaker 1: Donald Trump in and some of them rejected him in eighteen. 647 00:36:25,320 --> 00:36:27,320 Speaker 1: There's no reason not to think that reject him again. 648 00:36:27,640 --> 00:36:30,120 Speaker 1: And in factors, we're seeing signs that this is starting 649 00:36:30,120 --> 00:36:32,879 Speaker 1: to mobilize Democratic voters who might have been a little 650 00:36:32,920 --> 00:36:36,960 Speaker 1: more apathetic, more discouraged. But the prospect of the Republican 651 00:36:37,000 --> 00:36:40,319 Speaker 1: Party dominated by Donald Trump running the Congress, I think 652 00:36:40,400 --> 00:36:43,920 Speaker 1: can also motivate Democrats on the margin and make these 653 00:36:44,000 --> 00:36:47,399 Speaker 1: races more competitive, particularly at the Senate level. Because these 654 00:36:47,440 --> 00:36:50,759 Speaker 1: Senate candidates were anointed by Trump J D. Vans for 655 00:36:50,800 --> 00:36:54,360 Speaker 1: example in Ohio, um then at Oz in Pennsylvania, and 656 00:36:54,400 --> 00:36:57,399 Speaker 1: because they're so associated with Trump, Democrats see a big 657 00:36:57,400 --> 00:37:02,279 Speaker 1: opportunity there. Democrats are requesting a damage assessment. Are they 658 00:37:02,320 --> 00:37:04,640 Speaker 1: trying to make political hay out of this? Maybe that's 659 00:37:04,640 --> 00:37:08,920 Speaker 1: a cynical question, or is the truly damaged to be assessed. 660 00:37:10,400 --> 00:37:13,799 Speaker 1: I think there is a genuine fear that Trump will 661 00:37:13,880 --> 00:37:16,680 Speaker 1: gain so much momentum along the base in the Polican 662 00:37:16,719 --> 00:37:19,600 Speaker 1: Party that he could be the nominee in and that 663 00:37:19,640 --> 00:37:22,920 Speaker 1: would be extraordinary destabilizing for the democracy in terms of 664 00:37:22,960 --> 00:37:27,160 Speaker 1: election security, in terms of elections, faith in systems. I mean, 665 00:37:27,360 --> 00:37:29,000 Speaker 1: I think there's a journals here. I think we saw 666 00:37:29,120 --> 00:37:32,000 Speaker 1: with January six, Commission and Committee in the House, and 667 00:37:32,120 --> 00:37:34,680 Speaker 1: with Janey, who may very well lose her seat over this, 668 00:37:34,880 --> 00:37:37,560 Speaker 1: like a lot of other Republicans who opposed Trump uh 669 00:37:37,600 --> 00:37:40,560 Speaker 1: this year in primaries that you know, the fear is 670 00:37:40,800 --> 00:37:43,239 Speaker 1: as even conservative media had said that he's not fit 671 00:37:43,400 --> 00:37:45,799 Speaker 1: to serve an elected office again. So I don't think 672 00:37:45,840 --> 00:37:49,280 Speaker 1: it's just parts in politics, but it does benefit both 673 00:37:49,360 --> 00:37:53,479 Speaker 1: parties to have him in the spotlight, and he knows 674 00:37:53,560 --> 00:37:58,359 Speaker 1: that himself. Tomorrow we have primary races Wyoming and Alaska. 675 00:37:58,480 --> 00:38:00,759 Speaker 1: I believe can you give me in a fessment from 676 00:38:00,960 --> 00:38:04,040 Speaker 1: from your view of what we've learned from the primaries 677 00:38:04,080 --> 00:38:07,719 Speaker 1: so far. I think we've learned that some of us, 678 00:38:07,760 --> 00:38:11,279 Speaker 1: including myself, the underestimated the grip that Donald Trump would 679 00:38:11,320 --> 00:38:14,200 Speaker 1: have on the Republican Party long after he left office. Um, 680 00:38:14,280 --> 00:38:16,880 Speaker 1: you know, to have the forem president influenced the Mitchell 681 00:38:16,920 --> 00:38:20,719 Speaker 1: elections is unprecedented in the last twenty five years really 682 00:38:20,760 --> 00:38:24,880 Speaker 1: in this way, particularly in commanding a base that votes 683 00:38:24,920 --> 00:38:28,200 Speaker 1: in primaries. The problem is now the images of his 684 00:38:28,280 --> 00:38:32,000 Speaker 1: supporters armed to the teeth, you know, surrounding FBI offices, 685 00:38:32,040 --> 00:38:36,719 Speaker 1: are attacking FBI offices. That image is it might possibly 686 00:38:36,760 --> 00:38:40,440 Speaker 1: be the thing that breaks the Trump holled on elections 687 00:38:40,600 --> 00:38:42,480 Speaker 1: if enough people get out and say that's not the 688 00:38:42,560 --> 00:38:44,520 Speaker 1: kind of country you want to live in. We don't 689 00:38:44,520 --> 00:38:47,480 Speaker 1: want this, We don't want you. If some of his candidates, 690 00:38:47,480 --> 00:38:51,120 Speaker 1: particularly presentate, lose in two, then I think his chance 691 00:38:51,200 --> 00:38:53,960 Speaker 1: is going to four really diminished. So it's a gamble, 692 00:38:54,160 --> 00:38:56,080 Speaker 1: but I think it's it's a gamble he's certainly willing 693 00:38:56,080 --> 00:38:58,200 Speaker 1: to take because he has nothing to lose. What are 694 00:38:58,200 --> 00:39:01,080 Speaker 1: you going some pleasure appreciated this and Professor Wendy Shiller, 695 00:39:01,160 --> 00:39:03,719 Speaker 1: joint or at the Town Center for American Politics and 696 00:39:03,840 --> 00:39:08,920 Speaker 1: Policy at Brown University, Karen Tom thank you. Ative fifty 697 00:39:09,040 --> 00:39:11,360 Speaker 1: four on Wall Street, we turned out to a legal 698 00:39:11,440 --> 00:39:15,480 Speaker 1: story where watching This Morning, musician Callie claims that she 699 00:39:15,640 --> 00:39:19,399 Speaker 1: was not properly credited on one track of Beyonce's new 700 00:39:19,480 --> 00:39:24,920 Speaker 1: album Renaissance. The track Energy included an interpolation, a piece 701 00:39:26,040 --> 00:39:29,040 Speaker 1: included a piece of an existing composition that's borrowed and 702 00:39:29,120 --> 00:39:31,400 Speaker 1: re recorded of the two thousand three R and B 703 00:39:31,600 --> 00:39:34,840 Speaker 1: dance hit Milkshake, and Kellie was credited for being the 704 00:39:34,880 --> 00:39:37,919 Speaker 1: performer of Milkshake, but not for being one of the songwriters. 705 00:39:38,000 --> 00:39:41,360 Speaker 1: After the controversy, Beyonce removed that interpolation from the track, 706 00:39:41,719 --> 00:39:44,480 Speaker 1: and the situation is a warning to emerging artists who 707 00:39:44,480 --> 00:39:47,120 Speaker 1: could find they're locked out of lucrative royalties if they 708 00:39:47,120 --> 00:39:50,440 Speaker 1: don't secure the credit for their contributions upfront. For more 709 00:39:50,480 --> 00:39:53,640 Speaker 1: Bloomberg's doing. Grosso speaks to Robert Clarata, who heads the 710 00:39:53,680 --> 00:39:58,840 Speaker 1: intellectual property practice at Witler, Kalis and Rosenblad. It doesn't 711 00:39:58,840 --> 00:40:01,399 Speaker 1: seem like Beyonce did an anything wrong here. I mean, 712 00:40:01,400 --> 00:40:04,879 Speaker 1: I can certainly imagine that if the song on the 713 00:40:04,960 --> 00:40:08,879 Speaker 1: Plice record was credited to for All Williams and Chad 714 00:40:08,960 --> 00:40:12,680 Speaker 1: Hugo and they say to Beyonce, sure you can use it. 715 00:40:13,040 --> 00:40:15,640 Speaker 1: If I were on Beyonce's team, I would say, okay, 716 00:40:15,680 --> 00:40:18,440 Speaker 1: we've got the writer's permission here, We're fine, and they 717 00:40:18,440 --> 00:40:21,319 Speaker 1: would put the credit on the record accordingly. I mean, 718 00:40:21,400 --> 00:40:24,480 Speaker 1: if there is some kind of backstory that the credits 719 00:40:24,560 --> 00:40:27,840 Speaker 1: on the Calice track we're not accurate, how is Beyonce 720 00:40:28,000 --> 00:40:29,879 Speaker 1: going to know that? I mean, you know, for All 721 00:40:29,920 --> 00:40:32,719 Speaker 1: Williams and Chad Hugo presumably would know that if that 722 00:40:32,760 --> 00:40:36,120 Speaker 1: were the case, but Beyonce wouldn't know that necessarily. So 723 00:40:36,160 --> 00:40:38,680 Speaker 1: I'm not sure that Beyonce did anything wrong here other 724 00:40:38,719 --> 00:40:41,120 Speaker 1: than taking somebody's word for something and to the exempt 725 00:40:41,160 --> 00:40:43,600 Speaker 1: that someone on her team had looked up the credits 726 00:40:43,640 --> 00:40:46,000 Speaker 1: on the police record, they would have seen those two 727 00:40:46,120 --> 00:40:48,640 Speaker 1: names on it, and they would have had no reason 728 00:40:48,680 --> 00:40:51,040 Speaker 1: to think there was a red flag there about anything. 729 00:40:51,320 --> 00:40:53,480 Speaker 1: Plice said she took part in the writing it was 730 00:40:53,480 --> 00:40:56,400 Speaker 1: supposed to be thirty three thirty three thirty three? Do 731 00:40:56,560 --> 00:40:59,640 Speaker 1: young artists have to get a lawyer to make sure 732 00:40:59,719 --> 00:41:03,960 Speaker 1: their rights are protected when they're involved in projects like this. 733 00:41:04,560 --> 00:41:07,520 Speaker 1: They need to have someone with some industry experience, whether 734 00:41:07,600 --> 00:41:10,320 Speaker 1: it's a manager or a lawyer. You know, the actual 735 00:41:10,400 --> 00:41:13,120 Speaker 1: title doesn't much matter, but it has to be somebody 736 00:41:13,120 --> 00:41:16,359 Speaker 1: with some industry experience who can know sort of what 737 00:41:16,400 --> 00:41:20,080 Speaker 1: the pitfalls are, and that's often not the case, particularly 738 00:41:20,080 --> 00:41:22,640 Speaker 1: when artists are first starting out. I'm not familiar with 739 00:41:22,680 --> 00:41:25,200 Speaker 1: Callie's career. I don't know how many records she had 740 00:41:25,239 --> 00:41:27,520 Speaker 1: made previously. Maybe she had a lot of experience in 741 00:41:27,520 --> 00:41:30,279 Speaker 1: the industry, But it seems in that case that if 742 00:41:30,320 --> 00:41:33,279 Speaker 1: she did participate in the writing of this song, and 743 00:41:33,360 --> 00:41:35,960 Speaker 1: it was her understanding that it would be one third 744 00:41:36,120 --> 00:41:38,600 Speaker 1: splits all around, there should have been a piece of 745 00:41:38,640 --> 00:41:42,000 Speaker 1: paper somewhere, and someone representing her should have made sure 746 00:41:42,080 --> 00:41:44,479 Speaker 1: that there was a piece of paper somewhere that set 747 00:41:44,520 --> 00:41:47,239 Speaker 1: that out that that's what the splits would be. Oftentimes 748 00:41:47,440 --> 00:41:49,759 Speaker 1: that's handled in a very kind of, you know, quick 749 00:41:49,760 --> 00:41:51,800 Speaker 1: and dirty way with what they call a split sheet. 750 00:41:51,920 --> 00:41:55,080 Speaker 1: At the recording session, somebody will just memorialize what the 751 00:41:55,120 --> 00:41:58,160 Speaker 1: splits are for a particular song. And maybe that was done, 752 00:41:58,200 --> 00:42:01,000 Speaker 1: maybe it wasn't done, but there should be a piece 753 00:42:01,040 --> 00:42:03,560 Speaker 1: of paper that's actually got signatures on it and had 754 00:42:03,680 --> 00:42:07,480 Speaker 1: some legal enforceability in order to prevent this sort of 755 00:42:07,520 --> 00:42:11,239 Speaker 1: thing happening. And that's Robert Clarenda right, lair Kalis and 756 00:42:11,320 --> 00:42:14,600 Speaker 1: rosenblasts because with Bloomberg dun Grosso. Catch more of that interview, 757 00:42:14,640 --> 00:42:17,440 Speaker 1: plus analysis of the latest legal news by subscribing to 758 00:42:17,440 --> 00:42:20,759 Speaker 1: the Bloomberg Law Podcast. Are downloading this show at Bloomberg 759 00:42:20,880 --> 00:42:24,720 Speaker 1: dot com slash podcast. Attorneys can find exceptional legal research 760 00:42:24,760 --> 00:42:27,840 Speaker 1: and business development tools at Bloomberg Law dot com and 761 00:42:27,880 --> 00:42:31,759 Speaker 1: on the Bloomberg terminal at blow go again. Futures this 762 00:42:31,840 --> 00:42:35,080 Speaker 1: morning are moving lower s ANDP futures are done about 763 00:42:35,080 --> 00:42:37,920 Speaker 1: twenty one points down, futures down a hundred forty and 764 00:42:38,000 --> 00:42:41,960 Speaker 1: nasdack futures are down fifty five and still ahead of 765 00:42:42,000 --> 00:42:44,440 Speaker 1: Bloomberg Daybreak and check on the business headlines and all 766 00:42:44,440 --> 00:42:47,600 Speaker 1: the news you need to start your day. This is Bloomberg.