1
00:00:00,680 --> 00:00:03,360
Speaker 1: News when you want it with Bloomberg News Now, I'm

2
00:00:03,440 --> 00:00:04,760
Speaker 1: Valerie Titel.

3
00:00:04,440 --> 00:00:05,680
Speaker 2: And I'm Caroline Hepke.

4
00:00:06,040 --> 00:00:10,119
Speaker 1: Bond and currency traders are bracing for today's US employment report,

5
00:00:10,240 --> 00:00:12,879
Speaker 1: which is now seen as pivotal to the Federal Reserve's

6
00:00:12,920 --> 00:00:16,680
Speaker 1: coming rate decision. Markets are currently pricing in a quarter

7
00:00:16,720 --> 00:00:20,320
Speaker 1: point cut in two weeks time, almost four more by

8
00:00:20,320 --> 00:00:23,840
Speaker 1: the end of the year. Chicago Fed President Austin Golesby

9
00:00:23,960 --> 00:00:27,720
Speaker 1: says policymakers will be watching today's data very closely.

10
00:00:28,400 --> 00:00:31,600
Speaker 3: The job market is in the dual mandate, so if

11
00:00:31,600 --> 00:00:34,879
Speaker 3: we feel like the job market is deteriorating, that's going

12
00:00:34,960 --> 00:00:38,040
Speaker 3: to be a thing arguing for maybe we should losen.

13
00:00:39,159 --> 00:00:43,120
Speaker 1: Golesby has also stressed his independence from partisan politics. The

14
00:00:43,159 --> 00:00:46,640
Speaker 1: gap between short term yields and longer term treasuries has

15
00:00:46,760 --> 00:00:50,960
Speaker 1: grown as investors are weighing a slowing economy against fiscal worries.

16
00:00:51,520 --> 00:00:54,600
Speaker 2: Well, the jobs pull today will land US. Concerns over

17
00:00:54,640 --> 00:00:58,720
Speaker 2: the political influence on the Fed continue. FED nominee Stephen

18
00:00:58,800 --> 00:01:01,760
Speaker 2: Myrvin says that he win will act independently if he

19
00:01:01,800 --> 00:01:04,880
Speaker 2: gets the job at the Central Bank. Myron pushed back

20
00:01:04,920 --> 00:01:08,920
Speaker 2: on Democrat critics who said that he was President Trump's

21
00:01:09,040 --> 00:01:10,399
Speaker 2: lackey look.

22
00:01:10,440 --> 00:01:15,320
Speaker 3: The President nominated me because I have policy views that

23
00:01:15,880 --> 00:01:19,200
Speaker 3: I suppose that he liked. If I'm confirmed to this role,

24
00:01:19,600 --> 00:01:22,839
Speaker 3: I will act independently as the Federal Reserve always does,

25
00:01:23,000 --> 00:01:25,920
Speaker 3: based on my own personal analysis of economic data, my

26
00:01:25,959 --> 00:01:29,880
Speaker 3: own personal analysis of the effects of economic policies upon

27
00:01:29,920 --> 00:01:33,760
Speaker 3: the economy, and act based on my judgment of my

28
00:01:33,880 --> 00:01:36,480
Speaker 3: judgment of the best economic policy possible.

29
00:01:37,200 --> 00:01:41,520
Speaker 2: Stephen mara And, speaking at yesterday's Senate hearing, his potential

30
00:01:41,560 --> 00:01:44,520
Speaker 2: nomination is part of a broader White House campaign to

31
00:01:44,680 --> 00:01:48,840
Speaker 2: change FED leadership. Yesterday, the US Justice Department opened a

32
00:01:48,880 --> 00:01:52,880
Speaker 2: criminal investigation into where the Federal Reserve Governor Lisa Cook

33
00:01:53,160 --> 00:01:54,480
Speaker 2: committed mortgage fraud.

34
00:01:55,000 --> 00:01:58,440
Speaker 1: Opening I is partnering with Broadcom to design and produce

35
00:01:58,600 --> 00:02:03,160
Speaker 1: artificial intelligence and a direct challenge to Navidia's market dominance.

36
00:02:03,560 --> 00:02:07,360
Speaker 1: Bloomberg understands that the first accelerator chips will begin shipping

37
00:02:07,480 --> 00:02:11,359
Speaker 1: next year. Broadcom CEO Hoc Tan made a veiled reference

38
00:02:11,440 --> 00:02:14,920
Speaker 1: to the partnership and a ten billion dollar amount in

39
00:02:15,120 --> 00:02:18,240
Speaker 1: orders from a new customer during the company's earnings call

40
00:02:18,360 --> 00:02:21,840
Speaker 1: on Thursday, which is taken as broadly positive by the market,

41
00:02:21,880 --> 00:02:25,000
Speaker 1: and we're seeing stock of Broadcom jump over six percent

42
00:02:25,360 --> 00:02:28,840
Speaker 1: in US pre market trade. Tan also told investors that

43
00:02:28,919 --> 00:02:33,240
Speaker 1: Broadcom's AI outlook will improve significantly next quarter, with the

44
00:02:33,280 --> 00:02:37,040
Speaker 1: company expecting revenue from AI semiconductors to reach six point

45
00:02:37,040 --> 00:02:41,040
Speaker 1: two billion dollars in the fourth quarter. Bloomberg's Charlie Pellett

46
00:02:41,080 --> 00:02:41,840
Speaker 1: has more.

47
00:02:42,520 --> 00:02:46,000
Speaker 4: His comments on the conference call helped ease concerns about

48
00:02:46,040 --> 00:02:50,320
Speaker 4: slowing growth. Ton says the company's working with prospective customers

49
00:02:50,360 --> 00:02:55,200
Speaker 4: to develop AI accelerators, a market currently dominated by Nvidia.

50
00:02:55,720 --> 00:02:59,080
Speaker 4: Jay Goldberg is an analyst at Seaport Research Partners.

51
00:02:59,240 --> 00:03:01,480
Speaker 5: I think the the truth of it is, anytime in

52
00:03:01,600 --> 00:03:04,840
Speaker 5: video losers share today, it's not to AMD, it's to

53
00:03:05,400 --> 00:03:09,040
Speaker 5: somebody who's doing their internal silicon, and Broadcom is helping

54
00:03:09,040 --> 00:03:09,480
Speaker 5: them do that.

55
00:03:09,520 --> 00:03:12,480
Speaker 4: Tom says he'll stay on his Broadcom CEO until at

56
00:03:12,560 --> 00:03:16,480
Speaker 4: least twenty thirty. In New York, Charlie Pellett Bloomberg Radio.

57
00:03:17,639 --> 00:03:21,559
Speaker 2: President Trump says that he will impose tariffs on semiconductor

58
00:03:21,680 --> 00:03:25,760
Speaker 2: imports very shortly. He said the levies could spare goods

59
00:03:25,760 --> 00:03:28,120
Speaker 2: from companies like Apple that have pledged to boost their

60
00:03:28,120 --> 00:03:31,079
Speaker 2: investments into the US Trumspert during a dinner at the

61
00:03:31,120 --> 00:03:33,200
Speaker 2: White House with a rare gathering of some of the

62
00:03:33,200 --> 00:03:34,960
Speaker 2: world's biggest tech leaders.

63
00:03:35,440 --> 00:03:38,200
Speaker 6: Chips and semi conductors, and will be putting tariffs on

64
00:03:39,960 --> 00:03:43,840
Speaker 6: companies that aren't coming in. Will be putting a tariff

65
00:03:44,000 --> 00:03:47,680
Speaker 6: very shortly, probably a hearing. Will be putting a fairly

66
00:03:47,720 --> 00:03:51,800
Speaker 6: substantial teriff. Were not that high, but fairly substantial tariff.

67
00:03:52,360 --> 00:03:55,400
Speaker 2: The US President has previously suggested the tariff rate on

68
00:03:55,440 --> 00:03:59,240
Speaker 2: semiconductors could well be above one hundred percent, reaching potentially

69
00:03:59,280 --> 00:04:02,320
Speaker 2: as high as two hundred or three hundred percent.

70
00:04:03,040 --> 00:04:07,240
Speaker 1: UK retail sales declined with sharp downward revisions, undermining the

71
00:04:07,280 --> 00:04:11,040
Speaker 1: economic picture. The Office for National Statistics says the volume

72
00:04:11,080 --> 00:04:13,560
Speaker 1: of sales rose one point one percent in the first

73
00:04:13,560 --> 00:04:16,040
Speaker 1: six months of the year. That's less than one point

74
00:04:16,200 --> 00:04:20,039
Speaker 1: seven percent increase that had previously been estimated. The revisions

75
00:04:20,120 --> 00:04:23,120
Speaker 1: hamsterring the narrative that the British consumer is starting to

76
00:04:23,160 --> 00:04:26,800
Speaker 1: spend more and is another dent in the ONS's reputation.

77
00:04:27,640 --> 00:04:30,320
Speaker 2: Also in the UK, per Minister Kid Starmer says that

78
00:04:30,400 --> 00:04:34,200
Speaker 2: he will act on the outcome of an independent investigation

79
00:04:34,279 --> 00:04:37,719
Speaker 2: into his deputy Angelo Vena Reyna has admitted under paying

80
00:04:37,800 --> 00:04:41,600
Speaker 2: tax on a flat that she bought, blaming incorrect legal advice,

81
00:04:41,839 --> 00:04:45,640
Speaker 2: Stalma told BBC News and Ethics probe needs to establish

82
00:04:45,720 --> 00:04:46,560
Speaker 2: the facts.

83
00:04:47,080 --> 00:04:51,400
Speaker 7: There's a clear procedure. I strengthened that procedure. It is

84
00:04:51,440 --> 00:04:56,960
Speaker 7: now taking place by aspecting a result pretty quickly. I

85
00:04:57,000 --> 00:04:58,920
Speaker 7: do want it to be comprehensive as you would expect.

86
00:04:59,240 --> 00:05:00,800
Speaker 7: And then of course time of Latom.

87
00:05:01,240 --> 00:05:03,120
Speaker 2: Whatever the report is, let's put in front of day

88
00:05:04,480 --> 00:05:07,120
Speaker 2: kiss Sarma, speaking there in the vein, a government's official

89
00:05:07,160 --> 00:05:10,600
Speaker 2: said that the report could be presented to Salma later today.

90
00:05:11,279 --> 00:05:14,600
Speaker 2: And also today we mark the start of the form

91
00:05:14,680 --> 00:05:18,440
Speaker 2: UK's party conference. Lobbyists and journalists are headed to the

92
00:05:18,480 --> 00:05:20,960
Speaker 2: event to see if the party's lead in the polls

93
00:05:21,279 --> 00:05:24,560
Speaker 2: is matched by its professionalism. Those are some of our

94
00:05:24,680 --> 00:05:26,080
Speaker 2: top news stories this morning.

95
00:05:26,200 --> 00:05:28,280
Speaker 1: On the market, zero Stack six hundred is up three

96
00:05:28,320 --> 00:05:30,600
Speaker 1: tenths of one percent over on Wall Street. S and

97
00:05:30,640 --> 00:05:33,720
Speaker 1: p futures adding to yesterday's record high. Clothes up two

98
00:05:33,800 --> 00:05:37,039
Speaker 1: tenths of one percent, Nastak futures out performing up four

99
00:05:37,080 --> 00:05:39,560
Speaker 1: tenths of one percent, as we're seeing shares of Broadcom

100
00:05:39,640 --> 00:05:42,200
Speaker 1: rise over six percent in pre market after a strong

101
00:05:42,240 --> 00:05:45,440
Speaker 1: outlook and their announcement of a packed with open Ai

102
00:05:45,920 --> 00:05:48,960
Speaker 1: n FX. The Bloomberg Dollars Spot Index is two tenths weaker,

103
00:05:49,279 --> 00:05:52,239
Speaker 1: and you've got your US Treasury yields holding a steady

104
00:05:52,279 --> 00:05:54,640
Speaker 1: at four spot one six and the tenure sector ahead

105
00:05:54,640 --> 00:05:56,000
Speaker 1: of non farm payrolls today.

106
00:05:56,240 --> 00:05:58,800
Speaker 2: That's news when you want it. With Bloomberg News Now.

107
00:05:58,839 --> 00:05:59,880
Speaker 2: I'm Caroline Hepka

108
00:06:00,040 --> 00:06:02,360
Speaker 1: I'm Valerie Titel, and this is Bloomberg