Speaker 1: By from the Bloomberg Interacted Burger's Studios is Bloomberg Daybreak
Speaker 1: for Monday, August fifteen two. Coming up the shower, China's
Speaker 1: Central Bank unexpectedly cuts the interest rates US China relations
Speaker 1: and focused as a congressional delegation visits Taiwan. The Fed
Speaker 1: releases minutes of its July policy meeting, and Walmart Home
Speaker 1: Depot and Target lead a busy week for retail earnings.
Speaker 1: New York Governor Hocol speaks from where author Salman Rushdie
Speaker 1: was attacked. Plus New York State is cracking down on speeders,
Speaker 1: especially this week. I'm Michael Vaughan. More ahead, I'm John Stage.
Speaker 1: In sports, the Mets stay hot, they shut out the Phillies,
Speaker 1: The Yankees slump continue to shut out loss in Boston.
Speaker 1: That's all Strading ahead on Bloomberg Daybreak on Bloomberg eleven,
Speaker 1: FREEO New York, Bloomberg one, Washington, d C, Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco, Syria's
Speaker 1: Exam one nine team, and around the world on Bloomberg
Speaker 1: Radio dot Com and via The Bloomberg Business Apple and
Speaker 1: Good Morning, I'm John Tucker and I'm Karen Moscow and
Speaker 1: US Dock Index futures are lower this morning. We are
Speaker 1: coming up to five oh one on Wall Street, and
Speaker 1: we check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, I guess in P future is down about
Speaker 1: twenty points down, futures down a hundred thirty three and
Speaker 1: NASDAG futures down sixty one. The decks in Germany as
Speaker 1: it will changed, and your treasury up one thirty second
Speaker 1: yell two point two percent and they yield on the
Speaker 1: two year three point to five percent. Cheleng and Caareda.
Speaker 1: We begin with a surprise out of Asia. China's Central
Speaker 1: Bank is unexpectedly cut it's key interest rate. That's this
Speaker 1: fresh data out of China shows its economic slowdown getting worse.
Speaker 1: Bloomberg Day Break Asia anchor Bryant Curtis has more from
Speaker 1: Hong Kong. The PBOC cut it's one year rate by
Speaker 1: ten basis points to two point seven five. None of
Speaker 1: the twenty economy is pulled by Bloomberg expected to change.
Speaker 1: The move comes as China's the economy weakened in July,
Speaker 1: COVID outbreaks and the property crisis taking a toll factory
Speaker 1: output up three point eight percent from a year ago,
Speaker 1: retail sales growing two point seven percent, while fixed asset
Speaker 1: investment grew five point seven percent in the first seven
Speaker 1: months of the year. All of those missing estimates and
Speaker 1: China's home prices dropped on eleventh month in a row
Speaker 1: in on Kong Brian Curtis Bloomberg Day Break A Right, Brian,
Speaker 1: thank you All. Stocks in Asia meantime finished mixed after
Speaker 1: that surprise rate cut from the PDOC. We get the
Speaker 1: recount from Bloomberg's Juliette, Sally and Singapore Good Morning, Juliette,
Speaker 1: Good Morning, John and Karen. Markets in Hong Kong and
Speaker 1: China's struggled for direction after the July activity data was released,
Speaker 1: While bonds rallied, the yield on China's tenure note, dropping
Speaker 1: as much as seven basis points, one of its steepest
Speaker 1: drops since the onset of the pandemic. The off show
Speaker 1: Yuan fell along with the Kiwi and Ozzi dolas Japanese
Speaker 1: has theo rallied the neck to to five, close to
Speaker 1: erasing its losses for the year. Markets in South Korea
Speaker 1: and India were closed. In Singapore Julie Sally Bloomberg Daybreak,
Speaker 1: Thanks Julian. Relations between the US and China in focus
Speaker 1: once again this morning. The US congressional delegation landed in
Speaker 1: Taiwan over the weekend, and Bloomberg say Amy Morris has
Speaker 1: details from our newsroom in Washington. This delegation is led
Speaker 1: by Democratic Senator Ed Markey of Massachusetts and tests whether
Speaker 1: China will react more forcefully after how Speaker Nancy Pelosi
Speaker 1: went to Taiwan earlier this month. The delegation is set
Speaker 1: to meet with Taiwan's president and Minister of Foreign Affairs
Speaker 1: to discuss bilateral relations, security, trade, and investment. The delegation
Speaker 1: will reaffirm US support for Taiwan. Reuters sided China's embassy
Speaker 1: saying this latest visit shows the US quote does not
Speaker 1: want to see stability in the region. In Washington, I'm
Speaker 1: anymore as Bloomberg Daybreak, Amy, thank you. Well. Back here
Speaker 1: in the U S a senior Democrat says he has
Speaker 1: not seen any evidence that materials the FBI sees from
Speaker 1: Donald Trump's home were properly declassified. The former president has
Speaker 1: said the documents were declassified, and his supporters claim he
Speaker 1: has the power to declassify documents on his own. Adam Schiff,
Speaker 1: as Chair of the House Intelligence Committee, the former president
Speaker 1: has no declassification authority, and the idea that eighteen months
Speaker 1: after the fact, DONALDA. Trump Trump could simply announced, well,
Speaker 1: I'm you know, retroactively declassifying or whatever I took home
Speaker 1: had the effect of declassifying them is absurd. Adam Schiff
Speaker 1: made the comments on CDs his face the nation heard
Speaker 1: Sundays on Bloomberg Radio, and turning to the economy, now,
Speaker 1: the focus this week comes Wednesday. That's when the Federal
Speaker 1: Reserve issues minutes of its July policy meeting. Bloomberg's Vineydale
Speaker 1: Judai says more the minutes could indicate whether Fed Chair
Speaker 1: Jerome Pale intended to send a dovish signal what July's
Speaker 1: post meeting news conference. Bloombrig Economics is betting he didn't,
Speaker 1: and its full speed ahead on lifting interest rates, underpinned
Speaker 1: by ed roid sans among officials that the upside risk
Speaker 1: to inflation is material. Turning to this week's key economic data,
Speaker 1: US retail sales may show falling gasolene prices. Freed up
Speaker 1: cash for such things as Amazon Prime Day were rising
Speaker 1: mortgage traits put a dent, and housing starts any Jude Ice,
Speaker 1: Bloomberg day Break, All right, Denny, thank you all. Retail
Speaker 1: will also be in focus when it comes to earnings
Speaker 1: this week, and we get the story from Bloombergys Shirley Pillett.
Speaker 1: Walmart and Target let a list of retailers issuing profit
Speaker 1: warnings last month. This week they report, along with Home Depot, Lows, Cole's, Macy's,
Speaker 1: and t j X. Laur Calvacina is out of US
Speaker 1: equity strategy at RBC Capital Markets. We would tell you
Speaker 1: we're not entirely out of the woods from a market
Speaker 1: perspective in terms of earnings right now, just because if
Speaker 1: there really is a big macro slow downcoming economically, UM
Speaker 1: numbers do still need to come down. But I think
Speaker 1: for the moment, investors are and you're just excited about
Speaker 1: the resilience that we're seeing. Also reporting this week, Agile
Speaker 1: and Technologies, Analog Devices, Applied Materials, Cisco Systems, and Deer
Speaker 1: in New York. Charlie Pellet, Bloomberg day Break, Thanks Charlie.
Speaker 1: We had earnings overseas out this weekend. South a Ramco
Speaker 1: posted the biggest quarterly profit of any listed company anywhere.
Speaker 1: Net income at the Saudi Oil Giant rose to forty
Speaker 1: eight point four billion dollars in the second quarters from
Speaker 1: twenty five and a half billion a year earlier. Well
Speaker 1: searging oil prices give a boost to energy companies. John
Speaker 1: Both oil and gas have come down since their June highs,
Speaker 1: and US Energy Secretary Jennifer Granholm says they may fall
Speaker 1: even further. Bloomberg said Baxter has the details. The caveat,
Speaker 1: as always is the instability of the globe. But grand
Speaker 1: Holmes says, given the four dollars, depending on the region
Speaker 1: we're seeing now, it should go down even further. We'll
Speaker 1: probably drop to about three dollars and seventy eight cents.
Speaker 1: So we hope that that's true, but again it can
Speaker 1: be impacted by what's happening globally. Grandholme on CNN says
Speaker 1: the President is monitoring very closely and we'll do everything
Speaker 1: within his power to help. In San Francisco, I'm at Baxter,
Speaker 1: Bloomberg Gabriak, thanks said some news on finances out of
Speaker 1: Russia now. Major Wall Street banks include JPMorgan chas In
Speaker 1: City Group are reportedly offering to facilitate trades in Russian
Speaker 1: corporate debt and government bonds. Writer's reports. The move took
Speaker 1: place in recent days after guidelines for the U. S.
Speaker 1: Treasury that allowed US holders to wind down their positions
Speaker 1: ahead of the market opened. Al futures down one five points.
Speaker 1: You're listening to Bloomberg daybreak time now all for check
Speaker 1: on news and New York and around the world. And
Speaker 1: for that we say good morning to Bloomberg's Michael Barr.
Speaker 1: Thank you very much, Sarah and Rainy and government official
Speaker 1: denied today that Tehran was involved in the assault on
Speaker 1: author Salmon Rushtia. The comments from around Foreign Ministry come
Speaker 1: after Friday's attack on Rushti in Western New York. New
Speaker 1: York Governor Kathy Oco spoke at the side where Rustie
Speaker 1: survived last week's NiFe attack. New York State will always
Speaker 1: stand up to protect freedom of expression, freedom of speech,
Speaker 1: and we condemned the cowardly attack on Salomon. Governor Hokel
Speaker 1: at the Chautauqua Institution promised freedom will always eclipse hatred
Speaker 1: and oppression. Rushdie suffered a damaged liver and severed nerves
Speaker 1: in an arm and and I, however, He is off
Speaker 1: a ventilator and is said to be on the road
Speaker 1: to recover. It is assailant, twenty four year old Hattie
Speaker 1: Matar of New Jersey has pleaded not guilty. More details
Speaker 1: have been disclosed and yesterday's shooting in Jerusalem's Old City.
Speaker 1: Authorities in Israel say a Palestinian gunmen opened fire at
Speaker 1: a bus, wounding several passengers, among them a New York
Speaker 1: family visiting the country. Three were from Brooklyn, where Senate
Speaker 1: Majority Leader Chuck Schumer represents. During a briefing, Schumers shared
Speaker 1: details he learned about one of the victims. He was
Speaker 1: very brave. He bent down over his family to protect them.
Speaker 1: He was shot in the neck, but and they had
Speaker 1: him on a respirator, but it looks like he will
Speaker 1: His condition is improving. Senator Schumer says this incident in
Speaker 1: Jerusalem follows a tense week between Israel and the Palestinians.
Speaker 1: Don't speed in New York State, especially this week, a
Speaker 1: weeklong crackdown to start it, and according to Governor Kathy Hokel,
Speaker 1: there are countless risks and tragic consequences to speeding, and
Speaker 1: I want all New Yorkers to be mindful of the
Speaker 1: speed limits in your area. During last year's crackdown, police
Speaker 1: gave out twenty three thousand speeding tickets. Russian President Vladimir
Speaker 1: Putin offered to expand relations with North Korea, reaching out
Speaker 1: to his neighbor as the Krumlin scours the globe for
Speaker 1: weapons for its war in Ukraine. Amy winning film and
Speaker 1: television actor and Haitians died of injuries from a fiery crash.
Speaker 1: Spokeswoman says Haiti was peacefully taken off life support and
Speaker 1: hash was fifty three Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael barn this is Bloomberg, John, Michael, thank you,
Speaker 1: and it brings us to Town of Wall Street. Timed
Speaker 1: after the Floberg Sports update and good morning John stown
Speaker 1: S all right, Good morning John. Shutout win for the Mets,
Speaker 1: shutout loss for the Yankees. Mets of now one seventeen
Speaker 1: of their last twenty games. The Yankees have lost nine
Speaker 1: of eleven At Fenway, they had just two hits, struck
Speaker 1: out eleven times Feld the Red Sox three upping the
Speaker 1: Socks win a series, was in the division for the
Speaker 1: first time all year. Michael Waka, who had been Outstince
Speaker 1: June with injured shoulder, was dominant. Jamison Tyone took the
Speaker 1: lost ending a two and seven Yankee road trip to
Speaker 1: jarn Judge. It's baseball. You know you're gonna go through
Speaker 1: shutters like this. Um everything every team does, so it's
Speaker 1: just about us. I'm staying consistent, you know. I don't
Speaker 1: sit on our woes here on our head. You know,
Speaker 1: we're not happy about it. But still a lot of
Speaker 1: work to be done. Still a lot of things I
Speaker 1: need to improve on and keep working on. Come home
Speaker 1: for a nine game homestand three with Tampa Bay, four
Speaker 1: with Toronto, and then two of the Mets, who now
Speaker 1: hit the road for the next ten games, four in Atlanta,
Speaker 1: four in Philadelphia. The Mets just threw back to back
Speaker 1: shutouts at the Phillies. Chris Bassett got his tent win
Speaker 1: bourning to the bullpen Mets one six and nothing. They
Speaker 1: are seventy five and forty. It's first time the Mets
Speaker 1: have been thirty five games over five hundred eight. Jets
Speaker 1: quarterback Zack Wilson headed to l a for a knee
Speaker 1: procedure tomorrow that will determine how long he'll be out.
Speaker 1: Suffered a bone bruise and a torn meniscus in the
Speaker 1: preseason opener. Will's Alatorus nearly won the US Open, nearly
Speaker 1: won the PG Championship, loss in the playoff in Memphis.
Speaker 1: His first career victory came in a playoff, and in
Speaker 1: the start of the FedEx Cup playoffs, NBA announcedince Christmas
Speaker 1: Day schedule. The next who did not make the playoffs
Speaker 1: last year will play on Christmas. The whole Philadelphia, the
Speaker 1: Nets who might trade Kevin Durant did not make the
Speaker 1: Christophers Days l John Stash Allard, Bloomberg's Sports John all Right, John,
Speaker 1: thanks very much. At ahead of the market open this
Speaker 1: Monday morning, we have down futures right now down one
Speaker 1: twenty seven points, so that set a climb of four
Speaker 1: tenths of a percent. The s would be many futures
Speaker 1: down twenty points, down half a percent. Mazzack futures right
Speaker 1: now sixty one point slower, that ease down half a percent.
Speaker 1: End at London the footsie, you have two tents of
Speaker 1: a percent. This is Bloomberg, just the head was it
Speaker 1: a bear market rally. We'll get you set up for
Speaker 1: the training day head with economist Dennis Gartment, Chair of
Speaker 1: the University of acron in down the Fund. This is Daybreak, Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Tape.
Speaker 1: She's a Bloomberg Business lash and I'm Karen Moscow and
Speaker 1: US knock Index futures are slipping this morning and commodities
Speaker 1: from oil to iron ore are falling. Is disappointing data
Speaker 1: from China further clousy outlook for the global economy. We
Speaker 1: check the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg guess in P futures down nineteen points now
Speaker 1: futures down a hundred twenty nine and nasday features down
Speaker 1: sixty two. The decks in Germany as little change ten.
Speaker 1: Your treasury up to thirty seconds l two point two percent.
Speaker 1: They yield on the two year three point to five percent.
Speaker 1: NIMEX screwed oil is down three percent, down two dollars
Speaker 1: seventy eight cents at eighty nine dollars twenty eight cents
Speaker 1: a barrel comex school down nine tenths per cent or
Speaker 1: sixteen dollars seventy cents is seventy eighty announce the euro
Speaker 1: one point oh two oh three against the dollar British
Speaker 1: found one point two zero six two and the end
Speaker 1: one thirty three point three one. And looking at bitcoin
Speaker 1: this morning down one at a quarter percent at twenty
Speaker 1: four thousand, sixteen dollars as a Bloomberg business flash. Now
Speaker 1: here's Michael Barrow with Moore on what's going on around
Speaker 1: the world. Michael, good morning, Good morning, Karen. A U
Speaker 1: S congressional delegation led by Senator Ed Markeen landed and
Speaker 1: Taiwan Sunday for a two day visit with Taiwan's president
Speaker 1: sighing win angering China. They are expected to discuss BI
Speaker 1: lateral relations, regional security, trade and investment, climate change, and
Speaker 1: other issues. The FBI is facing an unprecedented number of
Speaker 1: threats after searching for President trump'smer Lago estate and seizing
Speaker 1: boxes of White House documents that included some classified material.
Speaker 1: In baseball, the Red Sox beat the Yankees three nothing.
Speaker 1: The match shut out the Phillies six zip. The Nationals
Speaker 1: and Orioles lost the A's lost to the Astros six three.
Speaker 1: The Giants won global news twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty journalists and analysts more than a hundred twenty countries.
Speaker 1: I'm Michael Barr, and this is Bloomberg, John, Michael, Thank you,
Speaker 1: five twenty on Wall Street. We're lying for the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak with the contracts
Speaker 1: on the SMP five hundred NASDAC futures right now learn
Speaker 1: lower suggesting last week's stocks rally. Make cool. Let's get
Speaker 1: you set up for the training day ahead. Now we're
Speaker 1: joined by economist Dennis Garban, chairman of the University of
Speaker 1: acron En Dowmond Fund, former publisher of the garment letter
Speaker 1: Happy Monday. Dennis, we learned this morning of the surprise
Speaker 1: rate cut in the world se and largest economy. Does
Speaker 1: that indicate things are worse than thought in China? And
Speaker 1: maybe more importantly for those listening, does it result in
Speaker 1: significant spillover? It's a markets elsewhere, Well, it's spilling over
Speaker 1: as we as we speak, no question about it. And
Speaker 1: the numbers were up for month on month and in
Speaker 1: quarter on quarter but well below expectations, and the the
Speaker 1: the Central Bank of China surprise everybody by cutting the
Speaker 1: seven day and one year over the funds rates by
Speaker 1: ten basis points, which indicate that the economy is doing
Speaker 1: a good deal less surprisingly well than people had anticipated.
Speaker 1: So you've got the central bank having to move already,
Speaker 1: it's taken the rim and be down with it. It's
Speaker 1: taken stock prices down with it, and you've had a
Speaker 1: huge rally rather surprising than need to be quite honest,
Speaker 1: that we've had a stronger rally in the United States
Speaker 1: stock market as we've had or in the global stock
Speaker 1: markets generally. As the chairman of the University of Akron's endowment,
Speaker 1: I had us move about twelve of our our portfolio
Speaker 1: out at the end of the year, and we've got
Speaker 1: a quarterly meeting coming this week, and I'm actually gonna
Speaker 1: think about moving the committee or recommending to the committee
Speaker 1: that we cut another two or three percent out of
Speaker 1: our portfolio on this rally. So I think that we've
Speaker 1: probably I think this has been a bull market or
Speaker 1: a bear market rally, nothing more than that. Uh, And
Speaker 1: I think that we're probably going to test the loads
Speaker 1: that we made back in June or July before the
Speaker 1: before the year is over. So I'm I'm embarrassed on
Speaker 1: this rally that we've had in in equity here in
Speaker 1: the United States. What about the foundations? Are there shallow
Speaker 1: foundations for that that rally? Well, clearly, the the the
Speaker 1: seed has been expansionary thus far, and one of the
Speaker 1: one of the concerns has been, excuse me, one of
Speaker 1: the concerns has been that the FED will be cutting
Speaker 1: its assets from nine trillion, nine point two trillion dollars
Speaker 1: to something billion dollars less each month. Just get a
Speaker 1: get a glass of water. I'm just gonna do the
Speaker 1: futures real quick. Uh, while you could drink of water,
Speaker 1: their down futures right now down the S and P
Speaker 1: emnity futures twenty two points slower than as their futures
Speaker 1: sixty six points slower. So again, if you just want
Speaker 1: to pick up on the thoughts that they do, you
Speaker 1: have there. The problem has been that the set has
Speaker 1: been expansionary with its asset base for a long period
Speaker 1: of time and has promised that it would be cutting
Speaker 1: dollars out of its asset base over the course of
Speaker 1: the next several years. Actually, what they've been doing is
Speaker 1: cutting demonstrably less than that. So there's been more fuel
Speaker 1: to the fire that that I had anticipated, less uh
Speaker 1: less qute than we had then then had been let
Speaker 1: we have been led to believe, and that has been
Speaker 1: the fuel for the fire. Now and now with the
Speaker 1: said having no choice but to become less expansionary, become contractionary,
Speaker 1: that's going to be deltarious to share prices. And I
Speaker 1: think that this has been a bear market rally, nothing
Speaker 1: more than that. Watch what the volume has been like.
Speaker 1: Volume has tended to be down on up dates and
Speaker 1: up on days. That tends to be bearish in from
Speaker 1: a technical circumstance. So I'm gonna be becoming less involved
Speaker 1: in stocks over the course the next several months, believing
Speaker 1: that this has been really nothing more than a good, strong, volatile,
Speaker 1: and surprising, let's be blunt bull market or bear market
Speaker 1: rally and nothing more than that. Okay, where you gonna
Speaker 1: go then to cash? Cash is probably the great thing
Speaker 1: to be in right now. Two year to me, two
Speaker 1: year notes is the equivalent to cash. Yeah. The other
Speaker 1: thing to be concerned about is the fact that the
Speaker 1: over the that the Uh, the inversion in the bond
Speaker 1: market has been we're back over forty two basis points.
Speaker 1: I think they're going to take the inversion two is
Speaker 1: to tends to a basis points before this is done.
Speaker 1: As the FED becomes as the FED embraces QT rather
Speaker 1: than QUE and if they have no choice but to
Speaker 1: do so so, inflationary pressures remain. The set has to
Speaker 1: remain contractionary over the course in the next several years,
Speaker 1: the the yield curve is gonna become inverted. In stock prices,
Speaker 1: I think are gonna have had a nice, good, strong rally,
Speaker 1: but I think that's the end of it. So go
Speaker 1: to cash two your notes to the above three percent
Speaker 1: is a great place to be right now, no question
Speaker 1: about that. When will it be safe to dip your
Speaker 1: tone the water again? Got thirty seconds when we test
Speaker 1: the lows that we're made in June and July, and
Speaker 1: I think that that's going to be before the year end.
Speaker 1: Dennis always a pleasure to appreciated. Ecnnabis downis Gartment, Chairman
Speaker 1: of the University of Acrony and Downmud Fund, former publisher
Speaker 1: of the Gartment Letter. As we speak right now, again,
Speaker 1: the futures are lower. This morning, Dennis mentioned the two tans.
Speaker 1: The inversion there down forty three basis points. You have
Speaker 1: the two is at three. The tenure yield right now,
Speaker 1: the benchmark at two eighty two and again down futures
Speaker 1: one hundred fifty three points lower. That's down half a percent,
Speaker 1: empty surprise rate cut from the People's Bank of China
Speaker 1: and S and P futures right now twenty two points lower,
Speaker 1: that's down a half a percent, and the nassetic futures
Speaker 1: down sixty seven points. That is down half percent. Just
Speaker 1: to had our top headlines. You're listening to Bloomberg Daybreak
Speaker 1: and the Bloomberg Weather from Rob Caroline partly Sunday today,
Speaker 1: the high temperature five mostly cloudy tonight, seventy tomorrow mostly
Speaker 1: Sunday hies again in the mid eighties, broadcasting live from
Speaker 1: the Bloomberg Interactive Broker's studio in New York, Bloomberg Elving
Speaker 1: Freed to Washington, d C. Bloomberg to Boston, Bloomberg one
Speaker 1: O six one to San Francisco, Bloomberg Name sixty to
Speaker 1: the country, Sirius xm ch A one nine and around
Speaker 1: the globe. The Bloomberg Business at and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Daybreak is five thirty on Wall Street.
Speaker 1: Good morning, I'm John Tucker and I'm Karen Moscow. We
Speaker 1: are just about four hours away from the open of
Speaker 1: US trading. Let's get you have to day in the
Speaker 1: news you need to know at this hour, We've been
Speaker 1: in with a surprise out of Asia, China's Central Bank
Speaker 1: unexpectedly cut its key interest rate ten basis points after
Speaker 1: data show July retail sales, investment, and industrial output missing estimates.
Speaker 1: Bloomberg's end of Current says it all signals trouble for
Speaker 1: the Chinese economy. All of his thought it was weak.
Speaker 1: But the reasons especially concerning is because July was meant
Speaker 1: to be the good month. July was meant to be
Speaker 1: the think, the month when things pick up a bit
Speaker 1: of momentum again. The third quarter was supposed to be be
Speaker 1: better than the second quarter and all the rest of it.
Speaker 1: But of course it's now underscores just how much pressure
Speaker 1: China's economy is actually under. Bloomberg's end a Current says
Speaker 1: the rate cut shows how concerned Chinese officials are about
Speaker 1: the deepening economic slowdown. And back here in the US.
Speaker 1: We get a couple of key data points about the
Speaker 1: economy this week, July's FED minutes and retail sales. They're
Speaker 1: going to be released on Wednesday. John China and US
Speaker 1: relations are in focus once again this morning, as another U.
Speaker 1: S congressional delegation has landed in Taiwan. It's led by
Speaker 1: Democratic Senator At Arkey of Massachusetts. The delegation is said
Speaker 1: to me what Taiwan's president and Minister of Foreign Affairs
Speaker 1: and will reaffirm US support for Taiwan. Becky in Washington,
Speaker 1: the senior Democrats says he hasn't seen any evidence that
Speaker 1: materials the n B I C S from Donald Trump's
Speaker 1: home were properly declassified. Last week, the former presidents of
Speaker 1: the documents were all declassified. Adam Schiff, is the chair
Speaker 1: of the House Intelligence Committee, says it's absurd the president
Speaker 1: could retroactively declassify materials anyone in the Intelligence commuity that
Speaker 1: had documents like that, or they would be under serious investigation.
Speaker 1: Adam Schiff made the comments on CBS's face the nation
Speaker 1: heard Sunday's Bloomberg Radio Well to Oil Now, John first
Speaker 1: Overseas Sonnia Ramco posted the biggest quarterly profit of any
Speaker 1: listed company anywhere when that income rising to forty eight
Speaker 1: point four billion dollars in the second quarter. While searching
Speaker 1: oil prices propelled to Ramco results last quarter. Both oil
Speaker 1: and gas have come down since their June highs, and
Speaker 1: Energy Secretary Jennifer Granholm tells C and then they may
Speaker 1: fall even further. The price in the fourth quarter of
Speaker 1: this year per Dallen will probably drop to about three
Speaker 1: dollars and seventy eight cents. We hope that that's true.
Speaker 1: Energy Secretary Granholme says gas prices could still be volatile
Speaker 1: though if they are impacted by geopolitical events. Right now,
Speaker 1: futures are lower, SNP future is down twenty two points down,
Speaker 1: futures down a hundred fifty three, and nasday futures are
Speaker 1: done about seventy two and a straight ahead. We have
Speaker 1: your latest local headlines, plus a check of sports, and
Speaker 1: this is Bloomberg. Thanks Karen f three on Wall Street.
Speaker 1: Time to bring in Michael Barr with more on what
Speaker 1: else is going on New York and around the world. John,
Speaker 1: thank you very much, sir. Author Selman Rushdie is off
Speaker 1: eventil later and is said to be on the road
Speaker 1: to recovery. New York's Governor Kathy whole Cool called the
Speaker 1: stabbing of Rushti, allegedly carried out by a twenty four
Speaker 1: year old New Jersey man quote cowardly. Hocol in Western
Speaker 1: New York spoke at the site where rushed. He survived
Speaker 1: the knife attack on Fronday. We can damn any individual
Speaker 1: or any group that dare violates the safety of a
Speaker 1: place like the Tako or to an attempt an assassination
Speaker 1: on a world leader that cannot happen in New York.
Speaker 1: You're standing up, hoocol At the Chautauko Institution says, we
Speaker 1: will always defend a quote, freedom of expression and freedom
Speaker 1: of speech. We're learning more details about yesterday's shooting in
Speaker 1: Jerusalem's Old City. Authorities in Israel's saying a Palestinian gunmen
Speaker 1: opened fire at a bus, wounding several passengers. Among them,
Speaker 1: three people were Senate Majority Leader Chuck Schumer represents it
Speaker 1: hits close to club home. Three of the families three
Speaker 1: of those who were shot were American and from Brooklyn
Speaker 1: from Williamsburg. Senator Schumer says one of the victims wounded
Speaker 1: is improven. Russian President Vladimir Putin has vowed to expand
Speaker 1: relations with North Korea. Is Kim John Un. The move
Speaker 1: may complicate President Joe Biden's pushed to isolate North Korea.
Speaker 1: Putin sent a congratulatory message to North Korea for its
Speaker 1: Liberation Day holiday today, marking the end of Japan's nineteen
Speaker 1: ten to nineteen forty five colonial rule over the Korean Peninsula.
Speaker 1: New York State is cracking down on speeders. Governor Kathy
Speaker 1: Oakel says this enforcement campaign will be crucial not only
Speaker 1: to catch speeders, but also to encourage all drivers to
Speaker 1: maintain safe speeds on our roadways. And I encourage all
Speaker 1: New Yorkers to take your time and get to your
Speaker 1: destination safely. Last year, about twenty three thousand tickets were
Speaker 1: handed out during the crackdown period. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than dred journalists and analysts more than hundred
Speaker 1: twenty countries. I'm Michael bar this is Bloomberg, John Michael,
Speaker 1: thank you, and it's not in Wall Street. That is
Speaker 1: time for the Bloomberg Sports Update. And he's John stash Ranks,
Speaker 1: John Yankee. Red Sox games usually tend to drag on,
Speaker 1: sometimes for over four hours. Last night at Fenway, a
Speaker 1: Chris two hours fifteen minutes tied for the shortest game
Speaker 1: between the two teams. In nine four stops, won three nothing.
Speaker 1: Yanks managed just two hits against Michael Waka, who hadn't
Speaker 1: pitchons June to a shoulder injury. Tommy fam who had
Speaker 1: the walkoff hit on Friday, out hit the Yanks by himself.
Speaker 1: He had three hits Rappid Devers, two run homer off
Speaker 1: loser Jamison Tyana. So the Yankee tailspin continues. Two and
Speaker 1: seven road trip, nine losses the last eleven games, no
Speaker 1: back to back wins since July. Still a ten game
Speaker 1: division lead, but now two and a half games behind
Speaker 1: Houston for best record in America lead. The Yankees are
Speaker 1: home tonight for Tampa Bay. The Mets are in Atlanta.
Speaker 1: They lead the Braves by five and a half to
Speaker 1: mess with a second straight shut out of the Phillies
Speaker 1: six to nothink Chris Bassett and four relievers combined to
Speaker 1: be nex met Zack Wheeler home run for Daniel vogel
Speaker 1: Back and Francisco Lindoor pro kose Reys is record for
Speaker 1: r bis By, a Mets shortstop. Mets have won seventeen
Speaker 1: out of twenty. They have forty home wins. That's as
Speaker 1: many as overall losses thirty five games over five hundred
Speaker 1: for the first time since Jets quarterback Zach Wilson, who
Speaker 1: went down to the preseason opener, will have minor knee
Speaker 1: surgery tomorrow. The feeling is out two to four weeks.
Speaker 1: Coach Rob Staddle has asked about not rushing him back
Speaker 1: for the season opener. I think that's all going to
Speaker 1: depend on what happens here with the surgery and in
Speaker 1: the feedback we get from the doctors working with stuff
Speaker 1: and all and gathering all the information before we even
Speaker 1: come remotely close to making that decision. But uh but yeah,
Speaker 1: that that's that's that's all valid and something that we'll
Speaker 1: all talk about once we get all the information we
Speaker 1: need to Jets at veterman Joe Flaco as well as
Speaker 1: David White, John Stash, Howard Bloomberg Sports John All right,
Speaker 1: thanks John seven on Wall Street and that's signed for
Speaker 1: the Tri State Business Report. For that, we're joined by
Speaker 1: Bloomberg's ed Cery st John's University will close at Staten
Speaker 1: Island campus in the spring of Spectrum News one since
Speaker 1: Frenchmen will not be admitted in the fallow of twenty three.
Speaker 1: The follow two thousand, there were twenty three hundred students
Speaker 1: enrolled on the Staten Island campus. In the falling one
Speaker 1: that were only eight hundred sixty one. Jolliby Filipino fried
Speaker 1: chicken restaurant chain owned by Jolliby Foods says it's new
Speaker 1: Time Square restaurant opens this week. It's located at fift
Speaker 1: hundred Broadway. It will open on Thursday. It will feature
Speaker 1: some items available only in New York ahead of a
Speaker 1: nationwide rollout later this year. Federal investigators are looking into
Speaker 1: the death of an Amazon worker and an injury that
Speaker 1: potentially led to the death of another employee. Probe is
Speaker 1: already underway following a fatality during the company's annual Prime
Speaker 1: Day shopping event in mid July. Insurance Journal says the
Speaker 1: deaths occurred in New Jersey. That's your Bloomberg Tries Day
Speaker 1: Business Report. I'm Ed Corey and it's now on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong head let's check in
Speaker 1: now with our global news team for some of the
Speaker 1: top stories heard on our three hundred affiliate radio stations
Speaker 1: around the world. UM Courtney Donahawan ktr H in Houston,
Speaker 1: meat packers are signaling an end to record beat prices
Speaker 1: with smaller hurts him Gina Servetti And for w c
Speaker 1: CEO in Minneapolis, I'm reporting that Trader Joe's employees at
Speaker 1: a local store have voted to unionized. Henry's Matteo and
Speaker 1: k M o X and St. Louis, I'll be reporting
Speaker 1: on door Dash delivering more than just food. I'm Stephen
Speaker 1: carl and Bloomberg D A B Digital Radio and London,
Speaker 1: We've been reporting on the Opposition Labor Party's plans to
Speaker 1: freeze energy prices for UK households. I'm dead Corey on
Speaker 1: w w J in Detroit. I'm reporting cannabis businesses that
Speaker 1: want to set up recreational use shops in the city
Speaker 1: are basically more delays, and those are some of these
Speaker 1: stories are twenty seven hundred Bloomberg journalists and analysts are
Speaker 1: working on this morning around the world. It's Fine thirty
Speaker 1: nine on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion List. Editorial was written by the Bloomberg Editorial Board.
Speaker 1: One year ago, Afghanistan fell to the Taliban, in part
Speaker 1: because the US had hoped for the best without preparing
Speaker 1: for the worst in dealing with the Taliban. Today, President
Speaker 1: Joe Biden can afford no such illusions. The US needs
Speaker 1: to take a pragmatic approach to further engagement. Its top
Speaker 1: priority should be preventing Afghanistan from again becoming a base
Speaker 1: for terrorist attacks. It's also in u s interests to
Speaker 1: avert a humanitarian disaster in Afghanistan and to bring Afghans
Speaker 1: who qualify for so called special immigrant visas to the
Speaker 1: US as quickly as possible. Such an agenda is admittedly limited,
Speaker 1: but simply forestalling the worst would be no small achievement.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, Slash
Speaker 1: Opinion or O P I N go on the Bloomberg terminal.
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Speaker 1: you can read more at O P I N go.
Speaker 1: Well it's a risk off. Monday DAL futures nine points lower,
Speaker 1: the mp EMUNI futures are down twenty four and the
Speaker 1: NASTAIC futures right now down seventy eight points. The Bloomberg
Speaker 1: weather for meteorologist Rob Caroline partly Sunday today, the high
Speaker 1: temperature to eighty five clouds roll in tonight low seventy
Speaker 1: partly mostly Sunday Tomorrow hies again in the mid eighties.
Speaker 1: Markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at
Speaker 1: Bloomberg Cricktape. This is a Bloomberg Business flash and I'm
Speaker 1: Karen Moscow and US stock index futures are slippingness morning,
Speaker 1: and commodities from oil to iron ore falling is disappointing.
Speaker 1: Data from China further clouds the outlook for the global economy.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg U S and P Future is down
Speaker 1: about twenty two points down Future is down a hundred
Speaker 1: forty one and as DAG futures down sixty eight. The
Speaker 1: DAKS in Germany is a little change ten. Your treasury
Speaker 1: up one thirty second deal two point eight two percent
Speaker 1: yield on the two year three point to five per cent.
Speaker 1: NIMEX Screwed oil is down three point seven percent, down
Speaker 1: three dollars forty four cents at eighty eight dollars sixty
Speaker 1: four cents of Barrel comc School is down one point
Speaker 1: one percent or twenty dollars sixty cents at sevent ninety announced.
Speaker 1: The euro one point one nine seven against the dollar,
Speaker 1: British found one point two zero six eight and the
Speaker 1: end one thirty three point three nine and Bitcoin is
Speaker 1: down nine ten percent at twenty four thousand, ninety dollars
Speaker 1: as of Bloomberg Business Flash. Now here's Michael bar with
Speaker 1: more unless going on around the world. Michael Karen, thank
Speaker 1: you very much. China has announced more military drills around
Speaker 1: Taiwan as the island's president met with members of a
Speaker 1: new US Congression old delegation. The visit came less than
Speaker 1: two weeks after HOW Speaker Nancy Pelosi's trip to Taiwan.
Speaker 1: China regards formal contacts between US politicians and the island's
Speaker 1: government as support for its independence from Beijing. The Taliban
Speaker 1: is declaring today victory Day in Afghanistan, marking one year
Speaker 1: since their return to power. In baseball, the Red Sox
Speaker 1: beat the Yankees three nothing. The Mets shut out the
Speaker 1: Phillies six sip. The Nationals and Orioles lost. The A's
Speaker 1: lost to the Astros six three. The Giants won global
Speaker 1: news twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael barn
Speaker 1: this is Bloomberg. Michael, thank you. We are live from
Speaker 1: the Bloomberg Intry and to Broker Studios where E is
Speaker 1: fin forty nine on Wall Street. Senate Intelligence Committee leaders
Speaker 1: made a bipartisan request to the US government for classified
Speaker 1: documents that the FBI sees from former President Trump. Saulm
Speaker 1: the saw signals growing pressure from lawmakers for details on
Speaker 1: the materials. It's just the latest reverberation from the August
Speaker 1: nine at the I search at Trump's resort. Let's take
Speaker 1: a deeper dive into the implications here. We are joined
Speaker 1: by Professor Wendy Schiller, the director of the Talman Center
Speaker 1: for American Politics and Policy at Brown University. H Does
Speaker 1: this open a new political front for the mid terms. Wendy,
Speaker 1: I think it does. I think Republicans uh understand that
Speaker 1: they had a really good picture, you know, a couple
Speaker 1: of months ago the intendent terms. The pictures still pretty
Speaker 1: good on the House side, But on the Senate side,
Speaker 1: I think it's much tougher, much closer, and anything on
Speaker 1: the margin that can make sure to get their base out,
Speaker 1: they're going to try to take advantage of. So, you know, really,
Speaker 1: and it's true, you're you're reading at former president's home.
Speaker 1: We haven't really seen that before. UH. And people want
Speaker 1: to know why what was so important about these particular documents,
Speaker 1: Why was it so wrong for uh former President Trump
Speaker 1: and or his have to remove them from the White House.
Speaker 1: This does require additional explanation. UM, you don't have to
Speaker 1: really detail all the things you have they are doing.
Speaker 1: But you know, if this threatened national security, then you know,
Speaker 1: the Senate, the House, they have to know. Uh. And
Speaker 1: but the Republican senators will use this really in every
Speaker 1: way to say it's an overreach, this political, this is
Speaker 1: Biden going after Trump. Of course they're going to do that,
Speaker 1: particularly now we're getting closer to Labor Day and we
Speaker 1: all know once Labor Day hits, you know, the election
Speaker 1: really begins in earnest. It doesn't make any difference to
Speaker 1: the decision by the former president whether or not to
Speaker 1: run again. Uh No, I don't think anything really stops
Speaker 1: Donald Trump for money. Even if he's arrested in indicted,
Speaker 1: he'll you know, he'll find ways to delay, and he'll
Speaker 1: find ways to run. You know, he lives on the
Speaker 1: oxygen that attention gives him. He also is raising a
Speaker 1: tremendous not of money that's partially helps support his activities
Speaker 1: and his lifestyle. So he's not going to give that
Speaker 1: up unless somebody else pushes him out of you know,
Speaker 1: the arena. And that's going to happen ultimately in the
Speaker 1: early spring or winter, early spring of twenty as Republicans
Speaker 1: gear up to figure out who's gonna run for president.
Speaker 1: But it's not gonna happen yet. So I don't think anything,
Speaker 1: you know, makes him go away. The problem for the
Speaker 1: Republicans is that suburban independent voters and suburban Republicans rejected
Speaker 1: Donald Trump in and some of them rejected him in eighteen.
Speaker 1: There's no reason not to think that reject him again.
Speaker 1: And in factors, we're seeing signs that this is starting
Speaker 1: to mobilize Democratic voters who might have been a little
Speaker 1: more apathetic, more discouraged. But the prospect of the Republican
Speaker 1: Party dominated by Donald Trump running the Congress, I think
Speaker 1: can also motivate Democrats on the margin and make these
Speaker 1: races more competitive, particularly at the Senate level. Because these
Speaker 1: Senate candidates were anointed by Trump J D. Vans for
Speaker 1: example in Ohio, um then at Oz in Pennsylvania, and
Speaker 1: because they're so associated with Trump, Democrats see a big
Speaker 1: opportunity there. Democrats are requesting a damage assessment. Are they
Speaker 1: trying to make political hay out of this? Maybe that's
Speaker 1: a cynical question, or is the truly damaged to be assessed.
Speaker 1: I think there is a genuine fear that Trump will
Speaker 1: gain so much momentum along the base in the Polican
Speaker 1: Party that he could be the nominee in and that
Speaker 1: would be extraordinary destabilizing for the democracy in terms of
Speaker 1: election security, in terms of elections, faith in systems. I mean,
Speaker 1: I think there's a journals here. I think we saw
Speaker 1: with January six, Commission and Committee in the House, and
Speaker 1: with Janey, who may very well lose her seat over this,
Speaker 1: like a lot of other Republicans who opposed Trump uh
Speaker 1: this year in primaries that you know, the fear is
Speaker 1: as even conservative media had said that he's not fit
Speaker 1: to serve an elected office again. So I don't think
Speaker 1: it's just parts in politics, but it does benefit both
Speaker 1: parties to have him in the spotlight, and he knows
Speaker 1: that himself. Tomorrow we have primary races Wyoming and Alaska.
Speaker 1: I believe can you give me in a fessment from
Speaker 1: from your view of what we've learned from the primaries
Speaker 1: so far. I think we've learned that some of us,
Speaker 1: including myself, the underestimated the grip that Donald Trump would
Speaker 1: have on the Republican Party long after he left office. Um,
Speaker 1: you know, to have the forem president influenced the Mitchell
Speaker 1: elections is unprecedented in the last twenty five years really
Speaker 1: in this way, particularly in commanding a base that votes
Speaker 1: in primaries. The problem is now the images of his
Speaker 1: supporters armed to the teeth, you know, surrounding FBI offices,
Speaker 1: are attacking FBI offices. That image is it might possibly
Speaker 1: be the thing that breaks the Trump holled on elections
Speaker 1: if enough people get out and say that's not the
Speaker 1: kind of country you want to live in. We don't
Speaker 1: want this, We don't want you. If some of his candidates,
Speaker 1: particularly presentate, lose in two, then I think his chance
Speaker 1: is going to four really diminished. So it's a gamble,
Speaker 1: but I think it's it's a gamble he's certainly willing
Speaker 1: to take because he has nothing to lose. What are
Speaker 1: you going some pleasure appreciated this and Professor Wendy Shiller,
Speaker 1: joint or at the Town Center for American Politics and
Speaker 1: Policy at Brown University, Karen Tom thank you. Ative fifty
Speaker 1: four on Wall Street, we turned out to a legal
Speaker 1: story where watching This Morning, musician Callie claims that she
Speaker 1: was not properly credited on one track of Beyonce's new
Speaker 1: album Renaissance. The track Energy included an interpolation, a piece
Speaker 1: included a piece of an existing composition that's borrowed and
Speaker 1: re recorded of the two thousand three R and B
Speaker 1: dance hit Milkshake, and Kellie was credited for being the
Speaker 1: performer of Milkshake, but not for being one of the songwriters.
Speaker 1: After the controversy, Beyonce removed that interpolation from the track,
Speaker 1: and the situation is a warning to emerging artists who
Speaker 1: could find they're locked out of lucrative royalties if they
Speaker 1: don't secure the credit for their contributions upfront. For more
Speaker 1: Bloomberg's doing. Grosso speaks to Robert Clarata, who heads the
Speaker 1: intellectual property practice at Witler, Kalis and Rosenblad. It doesn't
Speaker 1: seem like Beyonce did an anything wrong here. I mean,
Speaker 1: I can certainly imagine that if the song on the
Speaker 1: Plice record was credited to for All Williams and Chad
Speaker 1: Hugo and they say to Beyonce, sure you can use it.
Speaker 1: If I were on Beyonce's team, I would say, okay,
Speaker 1: we've got the writer's permission here, We're fine, and they
Speaker 1: would put the credit on the record accordingly. I mean,
Speaker 1: if there is some kind of backstory that the credits
Speaker 1: on the Calice track we're not accurate, how is Beyonce
Speaker 1: going to know that? I mean, you know, for All
Speaker 1: Williams and Chad Hugo presumably would know that if that
Speaker 1: were the case, but Beyonce wouldn't know that necessarily. So
Speaker 1: I'm not sure that Beyonce did anything wrong here other
Speaker 1: than taking somebody's word for something and to the exempt
Speaker 1: that someone on her team had looked up the credits
Speaker 1: on the police record, they would have seen those two
Speaker 1: names on it, and they would have had no reason
Speaker 1: to think there was a red flag there about anything.
Speaker 1: Plice said she took part in the writing it was
Speaker 1: supposed to be thirty three thirty three thirty three? Do
Speaker 1: young artists have to get a lawyer to make sure
Speaker 1: their rights are protected when they're involved in projects like this.
Speaker 1: They need to have someone with some industry experience, whether
Speaker 1: it's a manager or a lawyer. You know, the actual
Speaker 1: title doesn't much matter, but it has to be somebody
Speaker 1: with some industry experience who can know sort of what
Speaker 1: the pitfalls are, and that's often not the case, particularly
Speaker 1: when artists are first starting out. I'm not familiar with
Speaker 1: Callie's career. I don't know how many records she had
Speaker 1: made previously. Maybe she had a lot of experience in
Speaker 1: the industry, But it seems in that case that if
Speaker 1: she did participate in the writing of this song, and
Speaker 1: it was her understanding that it would be one third
Speaker 1: splits all around, there should have been a piece of
Speaker 1: paper somewhere, and someone representing her should have made sure
Speaker 1: that there was a piece of paper somewhere that set
Speaker 1: that out that that's what the splits would be. Oftentimes
Speaker 1: that's handled in a very kind of, you know, quick
Speaker 1: and dirty way with what they call a split sheet.
Speaker 1: At the recording session, somebody will just memorialize what the
Speaker 1: splits are for a particular song. And maybe that was done,
Speaker 1: maybe it wasn't done, but there should be a piece
Speaker 1: of paper that's actually got signatures on it and had
Speaker 1: some legal enforceability in order to prevent this sort of
Speaker 1: thing happening. And that's Robert Clarenda right, lair Kalis and
Speaker 1: rosenblasts because with Bloomberg dun Grosso. Catch more of that interview,
Speaker 1: plus analysis of the latest legal news by subscribing to
Speaker 1: the Bloomberg Law Podcast. Are downloading this show at Bloomberg
Speaker 1: dot com slash podcast. Attorneys can find exceptional legal research
Speaker 1: and business development tools at Bloomberg Law dot com and
Speaker 1: on the Bloomberg terminal at blow go again. Futures this
Speaker 1: morning are moving lower s ANDP futures are done about
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