Speaker 1: News when you want it with Bloomberg News Now, I'm
Speaker 1: Valerie Titel.
Speaker 2: And I'm Caroline Hepke.
Speaker 1: Bond and currency traders are bracing for today's US employment report,
Speaker 1: which is now seen as pivotal to the Federal Reserve's
Speaker 1: coming rate decision. Markets are currently pricing in a quarter
Speaker 1: point cut in two weeks time, almost four more by
Speaker 1: the end of the year. Chicago Fed President Austin Golesby
Speaker 1: says policymakers will be watching today's data very closely.
Speaker 3: The job market is in the dual mandate, so if
Speaker 3: we feel like the job market is deteriorating, that's going
Speaker 3: to be a thing arguing for maybe we should losen.
Speaker 1: Golesby has also stressed his independence from partisan politics. The
Speaker 1: gap between short term yields and longer term treasuries has
Speaker 1: grown as investors are weighing a slowing economy against fiscal worries.
Speaker 2: Well, the jobs pull today will land US. Concerns over
Speaker 2: the political influence on the Fed continue. FED nominee Stephen
Speaker 2: Myrvin says that he win will act independently if he
Speaker 2: gets the job at the Central Bank. Myron pushed back
Speaker 2: on Democrat critics who said that he was President Trump's
Speaker 2: lackey look.
Speaker 3: The President nominated me because I have policy views that
Speaker 3: I suppose that he liked. If I'm confirmed to this role,
Speaker 3: I will act independently as the Federal Reserve always does,
Speaker 3: based on my own personal analysis of economic data, my
Speaker 3: own personal analysis of the effects of economic policies upon
Speaker 3: the economy, and act based on my judgment of my
Speaker 3: judgment of the best economic policy possible.
Speaker 2: Stephen mara And, speaking at yesterday's Senate hearing, his potential
Speaker 2: nomination is part of a broader White House campaign to
Speaker 2: change FED leadership. Yesterday, the US Justice Department opened a
Speaker 2: criminal investigation into where the Federal Reserve Governor Lisa Cook
Speaker 2: committed mortgage fraud.
Speaker 1: Opening I is partnering with Broadcom to design and produce
Speaker 1: artificial intelligence and a direct challenge to Navidia's market dominance.
Speaker 1: Bloomberg understands that the first accelerator chips will begin shipping
Speaker 1: next year. Broadcom CEO Hoc Tan made a veiled reference
Speaker 1: to the partnership and a ten billion dollar amount in
Speaker 1: orders from a new customer during the company's earnings call
Speaker 1: on Thursday, which is taken as broadly positive by the market,
Speaker 1: and we're seeing stock of Broadcom jump over six percent
Speaker 1: in US pre market trade. Tan also told investors that
Speaker 1: Broadcom's AI outlook will improve significantly next quarter, with the
Speaker 1: company expecting revenue from AI semiconductors to reach six point
Speaker 1: two billion dollars in the fourth quarter. Bloomberg's Charlie Pellett
Speaker 1: has more.
Speaker 4: His comments on the conference call helped ease concerns about
Speaker 4: slowing growth. Ton says the company's working with prospective customers
Speaker 4: to develop AI accelerators, a market currently dominated by Nvidia.
Speaker 4: Jay Goldberg is an analyst at Seaport Research Partners.
Speaker 5: I think the the truth of it is, anytime in
Speaker 5: video losers share today, it's not to AMD, it's to
Speaker 5: somebody who's doing their internal silicon, and Broadcom is helping
Speaker 5: them do that.
Speaker 4: Tom says he'll stay on his Broadcom CEO until at
Speaker 4: least twenty thirty. In New York, Charlie Pellett Bloomberg Radio.
Speaker 2: President Trump says that he will impose tariffs on semiconductor
Speaker 2: imports very shortly. He said the levies could spare goods
Speaker 2: from companies like Apple that have pledged to boost their
Speaker 2: investments into the US Trumspert during a dinner at the
Speaker 2: White House with a rare gathering of some of the
Speaker 2: world's biggest tech leaders.
Speaker 6: Chips and semi conductors, and will be putting tariffs on
Speaker 6: companies that aren't coming in. Will be putting a tariff
Speaker 6: very shortly, probably a hearing. Will be putting a fairly
Speaker 6: substantial teriff. Were not that high, but fairly substantial tariff.
Speaker 2: The US President has previously suggested the tariff rate on
Speaker 2: semiconductors could well be above one hundred percent, reaching potentially
Speaker 2: as high as two hundred or three hundred percent.
Speaker 1: UK retail sales declined with sharp downward revisions, undermining the
Speaker 1: economic picture. The Office for National Statistics says the volume
Speaker 1: of sales rose one point one percent in the first
Speaker 1: six months of the year. That's less than one point
Speaker 1: seven percent increase that had previously been estimated. The revisions
Speaker 1: hamsterring the narrative that the British consumer is starting to
Speaker 1: spend more and is another dent in the ONS's reputation.
Speaker 2: Also in the UK, per Minister Kid Starmer says that
Speaker 2: he will act on the outcome of an independent investigation
Speaker 2: into his deputy Angelo Vena Reyna has admitted under paying
Speaker 2: tax on a flat that she bought, blaming incorrect legal advice,
Speaker 2: Stalma told BBC News and Ethics probe needs to establish
Speaker 2: the facts.
Speaker 7: There's a clear procedure. I strengthened that procedure. It is
Speaker 7: now taking place by aspecting a result pretty quickly. I
Speaker 7: do want it to be comprehensive as you would expect.
Speaker 7: And then of course time of Latom.
Speaker 2: Whatever the report is, let's put in front of day
Speaker 2: kiss Sarma, speaking there in the vein, a government's official
Speaker 2: said that the report could be presented to Salma later today.
Speaker 2: And also today we mark the start of the form
Speaker 2: UK's party conference. Lobbyists and journalists are headed to the
Speaker 2: event to see if the party's lead in the polls
Speaker 2: is matched by its professionalism. Those are some of our
Speaker 2: top news stories this morning.
Speaker 1: On the market, zero Stack six hundred is up three
Speaker 1: tenths of one percent over on Wall Street. S and
Speaker 1: p futures adding to yesterday's record high. Clothes up two
Speaker 1: tenths of one percent, Nastak futures out performing up four
Speaker 1: tenths of one percent, as we're seeing shares of Broadcom
Speaker 1: rise over six percent in pre market after a strong
Speaker 1: outlook and their announcement of a packed with open Ai
Speaker 1: n FX. The Bloomberg Dollars Spot Index is two tenths weaker,
Speaker 1: and you've got your US Treasury yields holding a steady
Speaker 1: at four spot one six and the tenure sector ahead
Speaker 1: of non farm payrolls today.
Speaker 2: That's news when you want it. With Bloomberg News Now.
Speaker 2: I'm Caroline Hepka
Speaker 1: I'm Valerie Titel, and this is Bloomberg