WEBVTT - Bloomberg Daybreak: August 16, 2022 - Hour 1 (Radio) 0:00:03.040 --> 0:00:06.240 My from the Bloomberg Interactive Booker Studios is a Bloomberg 0:00:06.320 --> 0:00:10.080 Daybreak for Tuesday, August sixteen, two coming up this hour. 0:00:10.400 --> 0:00:13.680 Stocks begin the day at three month highs apples. That's 0:00:13.720 --> 0:00:16.360 another date for workers to return to the office. Its 0:00:16.360 --> 0:00:19.800 primary day with key races involving Liz Channion Wyoming and 0:00:19.920 --> 0:00:22.759 Sarah Palin in Alaska. And the d o J opposes 0:00:22.800 --> 0:00:25.240 the release of an affidavit in the search of Donald 0:00:25.320 --> 0:00:29.280 Trump's home stabbing issues, gauze headaches at New York City airports, 0:00:29.280 --> 0:00:32.559 plus former Trump attorney Rudy Giuliani is the target of 0:00:32.560 --> 0:00:36.559 a criminal pro On Michael barn More Ahead, I'm John Standstown. 0:00:36.560 --> 0:00:38.879 A sports rough night for New York baseball. The Yankees 0:00:38.880 --> 0:00:41.559 were shut out again. The Mets lost in Atlanta thirteen 0:00:41.600 --> 0:00:48.040 to one. That's alls training head on Bloomberg Daybreak on Bloomberg. 0:00:48.040 --> 0:00:51.800 He liveing Free on New York Bloomberg one, Washington, d 0:00:51.880 --> 0:00:55.840 C Bloomberg one oh six one, Boston Bloomberg nine sixties 0:00:55.920 --> 0:00:59.920 and Francisco Sirius XM one nineteen and around the world 0:01:00.160 --> 0:01:03.640 on Bloomberg Radio dot Com and via the Bloomberg Business app. 0:01:07.480 --> 0:01:10.679 Good Morning, I'm John Tucker and I'm Karen Moscow. US 0:01:10.760 --> 0:01:13.520 futures are little change this morning. We are coming up 0:01:13.560 --> 0:01:15.399 to five oh one on Wall Street, and we checked 0:01:15.440 --> 0:01:18.320 the markets every fifteen minutes throughout the trading day. On 0:01:18.440 --> 0:01:21.240 Bloomberg right now it's in p futures are little change 0:01:21.240 --> 0:01:23.800 and so are down a nownsday features the decks in 0:01:23.880 --> 0:01:27.440 Germany is up eight ten seven percent. Ten Your treasury 0:01:27.520 --> 0:01:30.200 little change, yell two point seven eight percent. They yield 0:01:30.200 --> 0:01:33.039 on the two year three point one nine percent. Nine 0:01:33.040 --> 0:01:35.440 Max screwed oils down one point one percent on a 0:01:35.480 --> 0:01:37.720 dollar one at eighty eight dollars thirty eight cents of 0:01:37.800 --> 0:01:40.640 barrel Comics gold is down four tenths percent, or seven 0:01:40.680 --> 0:01:44.800 dollars seventy cents at seventeen ninety announced and Bitcoin this 0:01:44.880 --> 0:01:46.960 morning is lower, down a third of a percent at 0:01:46.959 --> 0:01:50.200 twenty three thousand, nine hundred dollars. John and Karen, we 0:01:50.320 --> 0:01:53.160 begin today's session with US stocks at a three month high. 0:01:53.640 --> 0:01:57.400 Spire his game for four straight weeks, its longest winning 0:01:57.440 --> 0:02:00.680 streak this year. Hanks Math is chief invest an Officer 0:02:00.960 --> 0:02:04.920 at Haverford Trust. Now, I think it's anticipating that we 0:02:04.960 --> 0:02:10.280 are beyond peak inflation um and that a lot of factors, 0:02:10.600 --> 0:02:15.840 including the federal reserves policy, is starting to unwind inflation 0:02:16.400 --> 0:02:21.320 and and perhaps perhaps the said might get lucky and 0:02:21.520 --> 0:02:25.280 engineer is somewhat soft landing have for trust. Hank Smith 0:02:25.320 --> 0:02:27.880 says the next batch of retail earnings could be key 0:02:28.000 --> 0:02:30.680 for the markets, and John, we start hearing from some 0:02:30.720 --> 0:02:33.880 of those retailers today. Walmart reports less than two hours 0:02:33.880 --> 0:02:37.160 from now. We get a preview from Bloomberg's Jeff Bellinger. 0:02:37.639 --> 0:02:40.360 The giant retailer issued a business update less than a 0:02:40.400 --> 0:02:43.120 month ago in which it lowered its profit outlook, so 0:02:43.200 --> 0:02:48.320 Bloomberg Intelligence says today's really should hold few surprises. Inflation 0:02:48.400 --> 0:02:52.000 has been a significant headwind for Walmart, causing customers to 0:02:52.040 --> 0:02:55.840 spend more on food and less on discretionary items. B 0:02:56.040 --> 0:02:58.680 I says a sales event in June may have helped 0:02:58.680 --> 0:03:02.280 to reduce some inventory, but Walmart will likely need further 0:03:02.480 --> 0:03:06.600 markdowns to move over stocks of clothing. Jeff Bullinger, bloom 0:03:06.639 --> 0:03:09.240 Bird Day Break. Thanks Jeff on Wall Street, we're learning 0:03:09.240 --> 0:03:11.959 what some of the world's biggest money managers doing with 0:03:12.080 --> 0:03:14.880 their stock portfolios. Let's get the very latest lie from 0:03:14.880 --> 0:03:17.960 Bloomberg's Renva Good morning Reneita, Good morning John. During the 0:03:18.040 --> 0:03:22.360 latest quarter, Stanley drugcon Miller's family office offloaded Big Tech, 0:03:22.760 --> 0:03:27.120 selling its entire one million dollar position in Amazon and 0:03:27.200 --> 0:03:31.640 scaling back at steak in Microsoft. Sorel's fund management boosted 0:03:31.680 --> 0:03:36.200 its steaks in Amazon Salesforce and Alphabet. Berkshire Hathaway eliminated 0:03:36.240 --> 0:03:40.680 a Verizon steak and boosted other bets, including Occidental Petroleum, 0:03:40.960 --> 0:03:43.760 increasing its investment there more than it did in any 0:03:43.800 --> 0:03:47.800 other firm. But Apple remains Perkshire's largest holding, and Michael 0:03:47.800 --> 0:03:52.880 Berry's Scion Asset Management exited all equity positions except one. 0:03:53.280 --> 0:03:58.080 It added, private prison operator Geo Group, Scion's only stockholding 0:03:58.160 --> 0:04:00.600 as of the end of June. Live in New York, 0:04:00.640 --> 0:04:03.120 I'm rened a young Gimberg daybreak, I really need to 0:04:03.160 --> 0:04:06.360 thank you. While Apple is making news this morning, Bloomberg 0:04:06.400 --> 0:04:08.560 News has learned the company has laid off many of 0:04:08.600 --> 0:04:11.680 its contract based recruiters in the past week. It's part 0:04:11.720 --> 0:04:13.880 of a push to rain in the tech giants hiring 0:04:13.920 --> 0:04:17.360 and spending, and in another development, Apple has said a 0:04:17.400 --> 0:04:20.240 September five deadline for corporate employees to be in the 0:04:20.320 --> 0:04:23.560 office at least three days a week COVID spikes disrupted 0:04:23.560 --> 0:04:26.400 Apple's previous attempts to have workers back in the office, 0:04:27.000 --> 0:04:29.440 and let's turn to politics now where it's primary thing. 0:04:29.520 --> 0:04:33.640 In Wyoming and Alaska, Representative Liz Cheney is racing for 0:04:33.680 --> 0:04:36.719 a loss, while the former vice presidential Candida Sarah Palin 0:04:37.120 --> 0:04:40.359 looks the stage of political comeback, and Bloomberg's Amy Morris 0:04:40.400 --> 0:04:44.680 has more from our news room. In Washington, Cheney is 0:04:44.720 --> 0:04:47.520 all but certain to lose to challenger Harriet Hageman, who 0:04:47.560 --> 0:04:50.479 has former President Trump's support and leads by nearly thirty 0:04:50.480 --> 0:04:53.440 percentage points in the polls. The Cheney supporters say she's 0:04:53.480 --> 0:04:57.279 already charting a rebound. In Alaska, former Governor Sarah Palin 0:04:57.400 --> 0:04:59.360 is trying for a comeback in the open race for 0:04:59.400 --> 0:05:02.480 the states sole seat in Congress. Her critics say she's 0:05:02.520 --> 0:05:04.839 been more visible on right wing TV in the lower 0:05:04.880 --> 0:05:07.120 forty eight than in her own home state, but she 0:05:07.240 --> 0:05:11.280 has Trump's endorsement. Also in Alaska, Senator Lisa Murkowski is 0:05:11.320 --> 0:05:15.159 in a re election fight against Trump supported candidate Kelly Shabaka. 0:05:15.520 --> 0:05:18.919 In Washington, I'm any more, as Bloomberg Daybreak remy, thank you, 0:05:19.000 --> 0:05:21.440 we also have news about Donald Trump's battle with the 0:05:21.560 --> 0:05:24.159 Justice Department. The d o J says it's against the 0:05:24.200 --> 0:05:27.839 release of an affidavit justifying a search warrant for documents 0:05:27.839 --> 0:05:31.800 at the former president's Florida home. The search warrant itself 0:05:31.880 --> 0:05:34.840 has been released, but the Justice Department says that affidavit 0:05:34.920 --> 0:05:39.520 includes sensitive information about the investigation. St. John's University law 0:05:39.560 --> 0:05:42.279 professor John Barrett says it's a standard move by the 0:05:42.360 --> 0:05:46.839 d J. It's the details of what surveillance information, what 0:05:47.000 --> 0:05:51.480 informant information, what choer course and dealings led the government 0:05:51.560 --> 0:05:55.240 to believe that there were classified documents in mar Laga, 0:05:55.760 --> 0:06:00.760 and that's all highly confidential and actively part of an investigation. St. 0:06:00.839 --> 0:06:03.560 John's University law professor John Barrett was a guest on 0:06:03.560 --> 0:06:06.520 Bloomberg Sound on Catch the program weekdays at five pm 0:06:06.520 --> 0:06:10.080 Eastern on Bloomberg Radio and Geo Politics. Also in focus 0:06:10.080 --> 0:06:12.440 this morning, China says it's going to fight back against 0:06:12.520 --> 0:06:16.480 the latest congressional visits at Taiwan. That story from Bloomberg's 0:06:16.520 --> 0:06:19.720 and Baxter. It says it will increase patrols both air 0:06:19.800 --> 0:06:23.280 and c to provide a resolute response. In an exclusive 0:06:23.320 --> 0:06:27.159 interview with Bloomberg editor in Chief John Micklethwaite. Singapore Deputy 0:06:27.160 --> 0:06:30.640 Prime Minister Lawrence Whang says China and the US mistakenly 0:06:31.080 --> 0:06:35.080 could sleepwalk into a conflict. We are starting to see 0:06:36.600 --> 0:06:39.880 a series of decisions being taken by both countries that 0:06:39.960 --> 0:06:44.159 will lead us into more and more dangerous territory. Wang says, 0:06:44.240 --> 0:06:47.919 neither side wants open conflict, but it's very concerned a 0:06:48.000 --> 0:06:52.679 mistake could happen. In San Francisco. I'm at Baxter Bloomberg daybreak, 0:06:52.800 --> 0:06:55.000 all right, and thank you. N S and P Futures 0:06:55.000 --> 0:06:57.479 are starting to extend their declines. They're done about six 0:06:57.520 --> 0:07:00.479 points now down, futures down fourteen and as a future 0:07:00.560 --> 0:07:03.039 is down about eighteen. The decks in Germany is up 0:07:03.080 --> 0:07:06.280 about seven tenths of upper cent and the tenure treasury 0:07:06.320 --> 0:07:09.400 down one thirty second yeld two point seven nine percent, 0:07:09.440 --> 0:07:12.200 the yield on the two year three point to zero percent. 0:07:12.640 --> 0:07:15.600 Straight to had your latest local headlines plus the check 0:07:15.640 --> 0:07:26.080 of sports, and this is Bloomberg. Thanks Wall Street. Time 0:07:26.120 --> 0:07:28.200 to bring in Michael Barr with more on what else 0:07:28.280 --> 0:07:30.840 is going on in New York and around the world. John, 0:07:30.880 --> 0:07:34.080 thank you very much. Travelers at New York City area airports, 0:07:34.120 --> 0:07:37.160 were told by the FAA to expect delays because of 0:07:37.240 --> 0:07:41.480 airline staffing shortages. Staffing at a facility that manages the 0:07:41.480 --> 0:07:44.600 air space for all three major New York airports is 0:07:44.640 --> 0:07:47.280 said to be the problem. The f A later tweeted 0:07:47.320 --> 0:07:50.160 that the problem had been solved and things at the 0:07:50.160 --> 0:07:52.640 big airports in the New York City area we're getting 0:07:52.640 --> 0:07:55.640 back to normal. Not soon enough for these people they 0:07:55.640 --> 0:07:59.160 were grounded. Maybe we'll start driving, Maybe that'll be better, 0:07:59.600 --> 0:08:03.040 and maybe we'll see. With the industry struggling with pent 0:08:03.160 --> 0:08:06.640 up demand for travel and a system that's understaff, post 0:08:06.720 --> 0:08:10.120 COVID airports, blame the airlines, and the airlines blame the 0:08:10.200 --> 0:08:13.960 f A. A. Prosecutors in Atlanta have told Rudy Giuliani's 0:08:14.040 --> 0:08:17.040 lawyers that he is a target of their criminal investigation 0:08:17.440 --> 0:08:21.280 and possible illegal attempts by then President Donald Trump and 0:08:21.320 --> 0:08:26.400 others to interfere in the general election in Georgia. Juliani says, 0:08:26.520 --> 0:08:29.600 you do this to a lawyer, we don't have America anymore. 0:08:30.360 --> 0:08:33.360 Russia and Ukraine blame each other for the renewed shelling 0:08:33.720 --> 0:08:37.240 near a nuclear power plant in western Ukraine. State Department 0:08:37.280 --> 0:08:40.920 spokesperson ned Price says the US is closely monitoring the 0:08:40.960 --> 0:08:43.840 activity at the plant. We believe that the fighting there 0:08:44.520 --> 0:08:48.800 is dangerous, it's irresponsible, and we do continue to urge 0:08:49.240 --> 0:08:53.800 into all military operations out of near Ukraine's facilities in 0:08:53.840 --> 0:08:57.720 the return of full control of those facilities. Ukraine State 0:08:57.720 --> 0:09:01.480 Department spokesperson ned Price. The efforts to continue to bring 0:09:01.720 --> 0:09:04.520 w n B A star Britney Grinder and fellow American 0:09:04.559 --> 0:09:09.400 detaining Paul Wheeland back from Russia but continues. Grinder's attorneys 0:09:09.440 --> 0:09:12.160 have filed an appeal who was recently sentenced to nine 0:09:12.240 --> 0:09:16.160 years in prison in Russia. Bill Richardson, who has worked 0:09:16.200 --> 0:09:20.000 in hostage negotiations through his position at the Richardson Center 0:09:20.080 --> 0:09:23.760 for Global Engagement, says he has talked to both sides. 0:09:24.280 --> 0:09:29.439 It basically says the legal process is over except for 0:09:29.520 --> 0:09:32.720 the appeal, and it's reasonable to have this appeal nine 0:09:32.840 --> 0:09:35.920 years sentence in a penal Connolly. Now there can be 0:09:36.040 --> 0:09:41.120 negotiations between the United States and Russia. Bill Richardson believes 0:09:41.160 --> 0:09:44.679 Grinder's legal team has been effective. Global News twenty four 0:09:44.720 --> 0:09:47.400 hours a day on air and on Bloomberg Quicktake, powered 0:09:47.400 --> 0:09:50.400 by more than twenty seven journalists and analysts in more 0:09:50.400 --> 0:09:52.959 than a hundred twenty countries. I'm Michael Barr, and this 0:09:53.080 --> 0:09:59.559 is Bloomberg. John. Michael, thank you as a five cent 0:09:59.640 --> 0:10:02.520 of wal previous time for the Bluebird Sports Update. And 0:10:02.679 --> 0:10:05.360 good morning John. All right, good morning John. It's more 0:10:05.360 --> 0:10:08.200 than just a little slump now for the Yankees. This 0:10:08.280 --> 0:10:10.600 has been going on since the All Star break when 0:10:10.600 --> 0:10:14.000 the Yanks were flying high at sixty four and eight. 0:10:14.160 --> 0:10:17.600 But since then, twelve games, only two wins and shut 0:10:17.600 --> 0:10:20.360 out four times, including each of the last two nights 0:10:20.360 --> 0:10:22.760 they were back at the stadium. They lost four nothing 0:10:22.840 --> 0:10:25.160 to Tampa Bay. The Rays used five pitchers, They took 0:10:25.200 --> 0:10:28.600 advantage of a misplaying center field by Aaron Hicks for 0:10:28.679 --> 0:10:30.839 one run, and they got three more with two outs 0:10:30.840 --> 0:10:33.360 in the ninth in a not a good situation. And yet, 0:10:33.400 --> 0:10:36.160 as always Aaron Boone looks on the bright st there's 0:10:36.160 --> 0:10:39.120 some good things happening. Our starters continue to really throw 0:10:39.160 --> 0:10:40.880 the ball well. A number of guys out of the 0:10:40.880 --> 0:10:43.880 pen um, you know, even though loose struggle tonight, are 0:10:44.120 --> 0:10:47.040 are throwing the ball well. Um, we just gotta get 0:10:47.040 --> 0:10:50.440 some guys on tracked offensively right now, and and get 0:10:50.480 --> 0:10:53.680 guys that should be key contributors. Contributing like they're capable 0:10:53.720 --> 0:10:56.280 of Hicks in particular has been a real problem five 0:10:56.320 --> 0:10:58.920 for his last fifty three. Yanks had one story threat 0:10:59.000 --> 0:11:00.600 last night and then Hicks in and with double play. 0:11:00.640 --> 0:11:02.320 The Mets had not at a game like last night 0:11:02.320 --> 0:11:04.800 almost all year. They lost in Atlanta thirteen to one, 0:11:05.200 --> 0:11:08.000 Braves with an eight run sixth inning. They hit three 0:11:08.000 --> 0:11:09.559 home runs, the top two in the Atlanta or to 0:11:09.640 --> 0:11:12.760 Ronald Lacuni and Dansby Swanson combined for six hits, six rbi. 0:11:12.920 --> 0:11:15.640 Seventh straight win for Atlantis, They'll end it. Pras are 0:11:15.679 --> 0:11:18.200 only four and a half games behind the Mets. Eightieth 0:11:18.240 --> 0:11:20.600 win of the year for the Dodgers. They've won thirteen 0:11:20.600 --> 0:11:23.200 and fourteen, and this after learning that Walker Bueller, was 0:11:23.240 --> 0:11:25.800 fourth of the Cy Young voting last season, is out 0:11:25.840 --> 0:11:29.160 with an elbow injury. The Texas Rangers have fired their manager, 0:11:29.400 --> 0:11:33.000 Chris Woodward. Pete Carrill has died at nine two. He 0:11:33.080 --> 0:11:36.120 coached basketball at Princeton for twenty nine years, one thirteen 0:11:36.160 --> 0:11:39.640 IVY League championships. John Stashward Bloomberg Sports, John all Right, Thanks, 0:11:39.679 --> 0:11:41.480 John had ahead of the Cash Show called on Wall 0:11:41.520 --> 0:11:44.400 Street futurest right now, they are in the red. The 0:11:44.520 --> 0:11:48.520 down futures down twenty six points at thirty three towns 0:11:48.520 --> 0:11:51.640 at eight hundred forty seven smp E Mini futures eight 0:11:51.640 --> 0:11:54.080 points lower, down about two tenths of a percent right now, 0:11:54.400 --> 0:11:57.160 and that as Tech futures twenty five points lower, that 0:11:57.520 --> 0:12:00.679 he is down two tenths of April Sat ten year 0:12:00.720 --> 0:12:03.760 yield to seventy nine two year three twenty. This is 0:12:03.760 --> 0:12:10.480 Bloomberg just ahead on Bloomberg Daybreak, followed the Smart Money 0:12:10.559 --> 0:12:14.439 with something called the thirteen f Bloomberg's Alex what will 0:12:14.480 --> 0:12:23.240 be here to explain You're listening to Bloomberg markets, headlines 0:12:23.280 --> 0:12:26.280 and breaking news twenty four hours a day at Bloomberg 0:12:26.320 --> 0:12:29.400 dot com, the Bloomberg Business at and at Bloomberg Quick 0:12:29.440 --> 0:12:38.880 Tape is a Bloomberg Business Flash, and I'm camerin Moscow. 0:12:39.000 --> 0:12:41.800 US Dock Index futures are lower this morning. The dollar 0:12:42.000 --> 0:12:44.880 is rising as investors are concerned about signs of a 0:12:44.960 --> 0:12:47.880 sharp economic slowdown, even as the Federal Reserve stays in 0:12:47.920 --> 0:12:51.000 the path of monetary tightening. Check the markets every fifteen 0:12:51.000 --> 0:12:53.400 minutes throughout the trading day on Bloomberg Guess and p 0:12:53.600 --> 0:12:57.160 Futures down almost seven points down, futures little change and 0:12:57.240 --> 0:13:00.080 now stack futures down about twenty one. The jacks in 0:13:00.120 --> 0:13:02.840 Germany's up six tensive up percent. The ten year treasury 0:13:02.880 --> 0:13:06.079 down three thirty seconds l two point seven nine percent. 0:13:06.160 --> 0:13:08.640 They yield on the two year three point to one percent. 0:13:09.120 --> 0:13:11.720 Nimex screwed oil is downe about three tents of upper 0:13:11.720 --> 0:13:14.160 cent or twenty seven cents at eighty nine dollars, sixteen 0:13:14.200 --> 0:13:16.360 cents of barrel co mix school is down a third 0:13:16.360 --> 0:13:19.080 of per cent or six dollar sixty cents at sevente 0:13:19.440 --> 0:13:22.880 fifty announce the euro one point one three eight against 0:13:22.880 --> 0:13:25.360 the dollar, British found one point to zero four nine 0:13:25.640 --> 0:13:28.280 and the end one three point nine nine. And looking 0:13:28.320 --> 0:13:31.840 at bitcoin, it's down about about a tenth of a percent. 0:13:31.920 --> 0:13:35.400 It's at twenty four thousand dollars. Today, we'll still get 0:13:35.440 --> 0:13:37.560 a look at housing stars and building permits out at 0:13:37.600 --> 0:13:41.160 a thirty Wall Street time, Industrial production capacity utilization around 0:13:41.160 --> 0:13:43.959 at nine fifteen, and home Depot and Walmarter among companies 0:13:44.240 --> 0:13:47.439 schedule to report earnings today. That's a Bloomberg business flash. 0:13:47.520 --> 0:13:49.880 Now here's Michael Barrow with more on what's going on 0:13:50.000 --> 0:13:52.840 around the world. Uncle good morning, Good morning, Karen. The 0:13:52.920 --> 0:13:56.360 Justice Department said it opposes the release of an FBI 0:13:56.520 --> 0:13:59.840 f A David justifying the search for it used removed 0:14:00.000 --> 0:14:04.000 documents from former President Donald Trump's Mara Lago home in Florida. 0:14:04.120 --> 0:14:06.720 Last week. The d o J asked the judge to 0:14:06.800 --> 0:14:10.240 keep the filing sealed due to the investigation that implicates 0:14:10.320 --> 0:14:14.319 national security. It is primary day in Wyoming and Alaska. 0:14:14.480 --> 0:14:18.000 Republican Congresswomenalist Cheney is fighting to keep her seat after 0:14:18.080 --> 0:14:22.080 voting to impeach Trump. In baseball, the slumping Yankees lost 0:14:22.120 --> 0:14:25.320 to the Raise for Zip. The Braves put on What 0:14:25.640 --> 0:14:29.160 For and Why? Whipping on the Mets thirteen one, The 0:14:29.280 --> 0:14:32.760 Nationals Orioles and Giants won the A's lost. Global news 0:14:32.760 --> 0:14:35.200 twenty four hours a day on here and on Bloomberg 0:14:35.280 --> 0:14:38.280 Quick Tank, powered by more than twenty seven hundred journalists 0:14:38.280 --> 0:14:41.000 and analysts more than a hundred twenty countries. Hi, Michael Barr, 0:14:41.040 --> 0:14:44.160 and this is Bloomberg's thank you. I think Michael. It 0:14:44.360 --> 0:14:47.000 is now five twenty on Wall Street. We are lying 0:14:47.080 --> 0:14:50.480 from the Bloomberg Interactor Broker Studios. This is Bloomberg Daybreak. 0:14:51.160 --> 0:14:54.640 Regulations require institutional investors who manage more than a hundred 0:14:54.640 --> 0:14:58.320 million dollars to file something called a thirteen F forum. Uh. 0:14:58.400 --> 0:15:00.840 They lay out the firm's equity holdings as at the 0:15:00.920 --> 0:15:04.040 end of the most recent quarter. You can actually follow 0:15:04.120 --> 0:15:06.680 the smart money. Now we're joined by Alex Webber, a 0:15:06.760 --> 0:15:10.120 Bloomberg quick take, So give me the highlights. Were the 0:15:10.400 --> 0:15:13.440 big names? Where are they holding or not holding? Alex? 0:15:14.240 --> 0:15:17.280 The two big I think takeaways were big names that 0:15:17.320 --> 0:15:20.800 we should be watching a really Berkshire Hathaway Michael Burry 0:15:20.800 --> 0:15:24.560 Berkshire Hathway. Of course, we're in Buffett had made significant 0:15:24.760 --> 0:15:29.600 investments in the prior quarter, buying up forty one billion 0:15:29.680 --> 0:15:34.080 in net stock purchases this quarter, in the second quarter 0:15:34.120 --> 0:15:37.680 he made just three point eight billion dollars in purchases, 0:15:37.720 --> 0:15:40.560 which seems to suggest something about the direction of travel 0:15:40.640 --> 0:15:43.640 in his mind that maybe he thought the bottom was 0:15:43.680 --> 0:15:46.120 there he bought it previously. That's maybe an influence you 0:15:46.120 --> 0:15:48.760 can take. Michael Burry meanwhile, of course, famously from the 0:15:48.800 --> 0:15:51.840 Big short, has cut all of his long stock holdings 0:15:51.880 --> 0:15:56.440 to just one this one. He has bought a company 0:15:56.440 --> 0:15:59.480 called the Geo Group, which runs prisons. It's a private 0:15:59.520 --> 0:16:01.600 prison for it, I would love to get a read 0:16:01.640 --> 0:16:04.440 from that on the logic behind that deal. But he's 0:16:04.680 --> 0:16:08.080 been getting a lot of attention on social media recently 0:16:08.080 --> 0:16:11.240 for his bearish calls saying that the situation could be 0:16:11.280 --> 0:16:13.520 as direst the two thousand and eight financial crisis. So 0:16:13.560 --> 0:16:15.320 those are the two big names I think getting the 0:16:15.360 --> 0:16:18.280 headlines all right, Uh, dive a little deeper. You have 0:16:18.440 --> 0:16:23.320 Tiger Global Management and the Soros Fund Management. Um, what 0:16:23.400 --> 0:16:26.120 are they buying? They seem to have made quite a 0:16:26.120 --> 0:16:29.400 shrewd call. They piled into the some of the big 0:16:29.400 --> 0:16:33.320 text stocks and did so just before the big spike 0:16:34.200 --> 0:16:38.040 that occurred as the fed UM signal, or on the 0:16:38.080 --> 0:16:40.960 optimism that the FEDS tightening wouldn't be as aggressive as 0:16:41.000 --> 0:16:47.880 previously thought. Tiger Global buying into Alphabet Docu, signed Zoom 0:16:47.920 --> 0:16:53.800 amongst others, and Sauros was I was checking my data here. 0:16:54.120 --> 0:16:57.440 I think getting into Amazon which others had not been doing. 0:16:57.440 --> 0:16:59.640 Others have been getting out of Amazon now. Obviously with 0:16:59.680 --> 0:17:01.440 the Amazon and stock, it depends whether you're playing it 0:17:01.520 --> 0:17:04.960 on its e commerce prospects or on its cloud opportunities, 0:17:05.000 --> 0:17:07.960 and the senses that maybe the cloud opportunities are slowed down. 0:17:08.000 --> 0:17:13.400 But if if people's are turning to the more spendthrift 0:17:13.880 --> 0:17:16.719 opportunities for for commerce and maybe Amazon with maybe it's 0:17:16.760 --> 0:17:18.320 cheaper offerings, it is a good place to do that. 0:17:18.600 --> 0:17:21.399 You don't know why they are some exident or added 0:17:21.480 --> 0:17:24.919 these holdings and is this essentially a look in the 0:17:25.080 --> 0:17:29.080 rear view mirror. I mean, what as an individual adverse ture? 0:17:29.560 --> 0:17:32.520 How valuable is all this stuff? And it is almost 0:17:32.560 --> 0:17:35.600 in a sense, it's almost like the gossip pages of 0:17:35.720 --> 0:17:38.119 what's of the what's happening at these hedge funds. You 0:17:38.160 --> 0:17:39.920 get a sense of, oh, they're doing this. Then it's 0:17:39.920 --> 0:17:42.879 almost like this person is dating that person, right. You 0:17:42.920 --> 0:17:45.359 get a little bit of insight into what they're doing. 0:17:45.520 --> 0:17:48.000 You don't necessarily hear the logic behind it unless they 0:17:48.000 --> 0:17:50.439 decided to come out and make a public statement. And 0:17:50.520 --> 0:17:54.760 of course, for every company that goes into one particular stock, 0:17:54.800 --> 0:17:57.320 there might be another that leaves that particular stock. But 0:17:57.720 --> 0:18:00.200 for the direction of travel, you can sometimes get some 0:18:00.320 --> 0:18:03.080 useful insights, which is why I high I highlighted Berkshire 0:18:03.119 --> 0:18:06.680 Hathaway and Michael Burry, these two big names seen as 0:18:07.000 --> 0:18:11.560 you know, almost Bellweathers or certainly strong views on the 0:18:11.600 --> 0:18:14.159 market sense of direction and visa names that people are 0:18:14.200 --> 0:18:17.240 keen to follow. Also, it's find an interesting with Ray Dalio. 0:18:17.440 --> 0:18:20.440 He's one of the he's been a long time ball 0:18:20.520 --> 0:18:24.760 on China, yet his recent positions reflect maybe a little 0:18:24.760 --> 0:18:27.840 different thinking when it comes to the world's second biggest 0:18:27.840 --> 0:18:31.880 economy and the companies he's held there. Yeah, he's got 0:18:31.880 --> 0:18:34.160 out of both Ali Baba and j D dot Com, 0:18:34.400 --> 0:18:39.639 huge e commerce sites in China. We've obviously seen a 0:18:39.640 --> 0:18:41.760 lot of confusion coming out of China on the way, 0:18:41.800 --> 0:18:45.440 particularly the way they are addressing their big text stocks, 0:18:45.480 --> 0:18:49.480 and there has been a crackdown which doesn't quite seem 0:18:49.520 --> 0:18:52.360 as though it's over. We you know news recently on 0:18:52.359 --> 0:18:55.760 on ten Cent exiting some of its its portfolio companies, 0:18:55.760 --> 0:18:59.840 not least Matuan. The assumption for some is that is 0:18:59.880 --> 0:19:02.679 a response to the ongoing pressure these companies are facing 0:19:02.680 --> 0:19:05.480 as China tries to rain in the size of its 0:19:05.520 --> 0:19:09.840 of its tech giants. Alex, always a pleasure. We appreciate 0:19:09.960 --> 0:19:13.680 you being with us this morning, Alex Webb Bloomberg quick take, 0:19:13.720 --> 0:19:16.400 and of course you could read more about these thirteen 0:19:16.560 --> 0:19:20.160 F filings. Who's buying, who's selling at, what are they 0:19:20.160 --> 0:19:23.399 buying and what are they selling on Bloomberg and ahead 0:19:23.400 --> 0:19:25.920 of the cash open on walstreef down futures right now 0:19:25.920 --> 0:19:29.520 twenty two points lower. Smp E mini futures they're down 0:19:29.600 --> 0:19:33.240 seven points, and the nast day features twenty five points lower. 0:19:33.640 --> 0:19:36.440 As we look at the treasuries right now, the inversion 0:19:36.440 --> 0:19:40.600 between two's and tans out forty one basis points negative 0:19:40.640 --> 0:19:43.160 forty one basis points, the two year yield at three 0:19:43.160 --> 0:19:47.200 point to zero percent, the tenure at two seventy nine. 0:19:47.480 --> 0:19:50.359 And as we'll look at the commodities this morning, we 0:19:50.400 --> 0:19:54.080 have NAMEX cruded down thirty six cents right now at 0:19:54.200 --> 0:19:57.840 eighty nine oh five of barrel. And you are listening 0:19:58.040 --> 0:20:07.760 the Bloomberg's Game break and the Bloomberg Weather fort today 0:20:07.800 --> 0:20:09.960 from Rob Carolin. Mostly Sunday. The high temperature in the 0:20:09.960 --> 0:20:13.439 mid eighties, so I partly cloudy, sixty to seventy. Tomorrow's 0:20:13.440 --> 0:20:17.240 outlook partly mostly Sunday, chance of some afternoon showers be 0:20:17.320 --> 0:20:24.959 high about eighty degrees. Broadcasting live from the Bloomberg Interactive 0:20:25.000 --> 0:20:28.840 Broker Studio in New York. Bloomberg e Living Freedland to Washington, 0:20:28.920 --> 0:20:33.040 d C. Bloomberg to Boston Bloomberg one O six one 0:20:33.119 --> 0:20:36.560 to San Francisco, Bloomberg now sixteen to the country, Sirius 0:20:36.720 --> 0:20:39.359 XM Chad A one nineteen and around the globe, the 0:20:39.359 --> 0:20:43.240 Bloomberg Business app and Bloomberg Radio dot Com. This is 0:20:43.280 --> 0:20:51.600 Bloomberg Daybreak. It's by thirty on Wall Street. Good morning. 0:20:51.600 --> 0:20:54.439 I'm John Tucker and I'm Cameron Moscow. We are just 0:20:54.480 --> 0:20:57.080 about four hours away from the open of US trading. 0:20:57.119 --> 0:20:58.520 Let's get you have to date on the news you 0:20:58.560 --> 0:21:00.720 need to know at this hour, and we begin today's 0:21:00.720 --> 0:21:03.560 session with US stocked at a three month high as 0:21:03.600 --> 0:21:08.240 despite concerns over inflation, potential recession and tightening from the Fed. 0:21:08.600 --> 0:21:12.560 Julie Bill is portfolio manager at Kane Anderson Redneck. The 0:21:12.600 --> 0:21:14.600 worries that you can kind of stay out of trouble, 0:21:14.720 --> 0:21:17.880 I think is investing in businesses that typically just serve 0:21:17.920 --> 0:21:20.760 other businesses. And I like software because they have high 0:21:20.840 --> 0:21:23.840 levels of recurring revenue and very good profitability. I think 0:21:23.880 --> 0:21:26.880 that makes them more durable. Julie bl with Kane Anderson 0:21:26.920 --> 0:21:30.959 Redneck says it's crucial for the FED to reign in inflation. Now, well, 0:21:31.000 --> 0:21:33.720 those concerns linger on Wall Street. We're also watching earnings 0:21:33.760 --> 0:21:36.720 we hear from retail giant Walmart this morning. Bloomberg's Charlie 0:21:36.760 --> 0:21:40.320 Pellett has a preview analyst survey by Bloomberg. See Walmart 0:21:40.400 --> 0:21:43.639 reporting second quarter adjusted earnings per share of a dollar 0:21:43.760 --> 0:21:47.040 sixty three on revenue of one hundred fifty one point 0:21:47.080 --> 0:21:51.240 one billion dollars. Walmart's insights into shopper behavior will be 0:21:51.320 --> 0:21:54.920 under scrutiny. Was analysts clues about how soaring inflation will 0:21:54.960 --> 0:21:57.840 affect spending during the rest of the year. The retail 0:21:57.920 --> 0:22:01.280 giant cut at earnings outlook three weeks ago. In New York, 0:22:01.359 --> 0:22:03.960 Charlie bloom Bird day break. All right, Charley, thank you 0:22:03.960 --> 0:22:06.919 about sticking with corporate news. Apple is turming its head count. 0:22:06.920 --> 0:22:10.119 The company laid off many contract based recruiters in the 0:22:10.160 --> 0:22:13.280 past week, and it's also set a September five deadline 0:22:13.280 --> 0:22:15.320 for corporate employee used to be in the office at 0:22:15.359 --> 0:22:17.800 least three days a week. Stocks sold off in the 0:22:17.800 --> 0:22:20.119 second quarter. We're learning what some of the world's biggest 0:22:20.119 --> 0:22:23.399 money managers did with their portfolios. Bloomberg's We Need a 0:22:23.440 --> 0:22:26.240 Young Joints is live with more We need a good morning, 0:22:26.280 --> 0:22:29.680 Good Morning John. During the latest quarter Stanley Drugon. Miller's 0:22:29.720 --> 0:22:34.280 family office sold its entire one million dollar position in 0:22:34.400 --> 0:22:38.600 Amazon and scaled back at steak in Microsoft. Sorel's Fund 0:22:38.640 --> 0:22:43.520 Management meanwhile boosted its steaks in Amazon Salesforce and Alphabet 0:22:43.760 --> 0:22:46.880 berks Are Hathaway eliminated a Verizon steak and boosted its 0:22:46.920 --> 0:22:52.120 other bets, including Occidental Petroleum and Michael Burry's Scion. Asset 0:22:52.200 --> 0:22:57.399 Management exited all equity positions except private prison operator Geo Group. 0:22:57.760 --> 0:22:59.840 It's only stock holding as at the end of Gin 0:23:00.560 --> 0:23:03.320