1 00:00:01,680 --> 00:00:05,040 Speaker 1: Markets, headlines and breaking news twenty four hours a day 2 00:00:05,160 --> 00:00:08,720 Speaker 1: at Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg 3 00:00:08,800 --> 00:00:18,560 Speaker 1: Quick Take, This is a Bloomberg business lash and I'm Karen. 4 00:00:18,640 --> 00:00:22,959 Speaker 1: Moscow and European stocks are taking higher. U S Stock 5 00:00:23,040 --> 00:00:26,720 Speaker 1: Index futures are lower this morning, this after last week 6 00:00:26,840 --> 00:00:28,680 Speaker 1: was the best for the U S stock market and 7 00:00:28,720 --> 00:00:31,680 Speaker 1: more than two years. It's also the first trading day 8 00:00:31,720 --> 00:00:34,840 Speaker 1: of the month. Last month, SMP five d gamed nine 9 00:00:34,880 --> 00:00:37,760 Speaker 1: point two percent and we checked the markets every fifteen 10 00:00:37,800 --> 00:00:40,040 Speaker 1: minutes throughout the trading day on Bloomberg S and P 11 00:00:40,240 --> 00:00:43,800 Speaker 1: futures again lower down nine points down, futures down twenty eight. 12 00:00:43,880 --> 00:00:46,919 Speaker 1: NASDAG futures down thirty one. The decks in Germany's up 13 00:00:46,920 --> 00:00:49,199 Speaker 1: four tenths of upper cent ten. Your treasury down to 14 00:00:49,360 --> 00:00:52,240 Speaker 1: thirty seconds, you know, two point six five percent yield 15 00:00:52,320 --> 00:00:55,080 Speaker 1: on the two year two point nine zero percent. Nine 16 00:00:55,160 --> 00:00:57,280 Speaker 1: vex herd oil is down one point nine percent on 17 00:00:57,360 --> 00:00:59,720 Speaker 1: a dollar eighty two and ninety six dollars eighty cents 18 00:00:59,720 --> 00:01:02,480 Speaker 1: of Earl comic schooled at half percent or eight dollars 19 00:01:02,520 --> 00:01:06,840 Speaker 1: forty tents seventy announced the euro one point two five 20 00:01:06,959 --> 00:01:09,200 Speaker 1: seven against the dollar, British pound one point two to 21 00:01:09,400 --> 00:01:11,800 Speaker 1: five six and the yen at one thirty two point 22 00:01:11,800 --> 00:01:14,000 Speaker 1: oh one. And looking at bitcoin, it's down two point 23 00:01:14,560 --> 00:01:17,280 Speaker 1: at twenty three thousand, two hundred ninety dollars. That's a 24 00:01:17,319 --> 00:01:20,240 Speaker 1: Bloomberg business flashdown. Here's Michael Barrow with Moore on what's 25 00:01:20,280 --> 00:01:22,880 Speaker 1: going on around the world. Michael Karen, thank you very much. 26 00:01:22,920 --> 00:01:26,760 Speaker 1: No public events are on president by schedule today. He 27 00:01:26,840 --> 00:01:30,440 Speaker 1: remains in isolation following his rebound with COVID nineteen after 28 00:01:30,480 --> 00:01:33,880 Speaker 1: treatment with the anti viral drug pax almit. Bill Russell, 29 00:01:33,959 --> 00:01:37,160 Speaker 1: who was the cornerstone of the Boston Celtics basketball dynasty 30 00:01:37,440 --> 00:01:40,640 Speaker 1: in the nineteen fifties and sixties, has died. He was eight. 31 00:01:41,200 --> 00:01:44,000 Speaker 1: And Rick Stenson took home four million dollars from winning 32 00:01:44,040 --> 00:01:48,880 Speaker 1: the controversial live golf Bedminster Invitational. Saudi Arabian funded league 33 00:01:48,880 --> 00:01:52,880 Speaker 1: has drawn criticism. Tickets that former President Trump's Bedminster course 34 00:01:53,320 --> 00:01:55,520 Speaker 1: we're being sold for as little as a dollar among 35 00:01:55,640 --> 00:01:59,040 Speaker 1: light crowds. In baseball, the Yankees lost to the Royals, 36 00:01:59,160 --> 00:02:02,080 Speaker 1: the Mets won the sixth rate beating the Marlins. The 37 00:02:02,120 --> 00:02:05,400 Speaker 1: Red Sox down the Brewers, the Cardinals shut out the Nationals, 38 00:02:05,440 --> 00:02:08,120 Speaker 1: five Zip, the Red Sox beat the oriole or the 39 00:02:08,160 --> 00:02:11,280 Speaker 1: Reds Brother beat the Orioles, The White Sox beat the A's, 40 00:02:11,360 --> 00:02:14,520 Speaker 1: the Giants down the Cubs. Global News twenty four hours 41 00:02:14,520 --> 00:02:17,760 Speaker 1: a day on air and on Bloomberg Quickdake, powered by 42 00:02:17,800 --> 00:02:20,760 Speaker 1: more than seven journalists and analysts more than a hundred 43 00:02:20,760 --> 00:02:24,000 Speaker 1: twenty countries. Michael bar This is Bloomberg, Nathan, Thanks Michael. 44 00:02:24,000 --> 00:02:26,520 Speaker 1: At six nineteen on Wall Street Live from the Bloomberg 45 00:02:26,520 --> 00:02:30,160 Speaker 1: Interactive Brokers studios. This is Bloomberg Daybreak and Jeffrey You 46 00:02:30,520 --> 00:02:32,679 Speaker 1: is with US now senior strategist for e m EA 47 00:02:32,760 --> 00:02:35,320 Speaker 1: Markets at b n Y Melon. As we get ready 48 00:02:35,360 --> 00:02:37,680 Speaker 1: to kick off this new trading month following one of 49 00:02:37,720 --> 00:02:39,880 Speaker 1: the best months for stocks in about a year and 50 00:02:39,919 --> 00:02:42,600 Speaker 1: a half, at least in the US. Jeff, good morning. 51 00:02:42,600 --> 00:02:46,160 Speaker 1: Where do you see the momentum for US risk assets? 52 00:02:46,160 --> 00:02:49,040 Speaker 1: As we get this new month started well to be 53 00:02:49,160 --> 00:02:53,440 Speaker 1: Franca was still somewhat hesitant about chasing risk appetite at 54 00:02:53,440 --> 00:02:57,519 Speaker 1: this point in some sudden view which may be not 55 00:02:57,600 --> 00:02:59,280 Speaker 1: as prevalent as it may feel. A cross market and 56 00:02:59,360 --> 00:03:01,280 Speaker 1: the fed stuff, you know, calling it a day, and 57 00:03:01,400 --> 00:03:04,520 Speaker 1: you know, just moving towards a comfortable level, maybe slightly 58 00:03:04,560 --> 00:03:07,840 Speaker 1: above neutral um to be frank, thinking that that's a 59 00:03:07,880 --> 00:03:09,960 Speaker 1: bit of wishful thinking on the part of markets right 60 00:03:09,960 --> 00:03:13,560 Speaker 1: now inflation expectations and not really being anchored yet, and 61 00:03:13,639 --> 00:03:15,560 Speaker 1: not just for the FED, but globally, more needs to 62 00:03:15,560 --> 00:03:18,280 Speaker 1: be done on tightening, So I think that could derail 63 00:03:18,680 --> 00:03:22,399 Speaker 1: some of the sentiment coming through. So we're still relatively 64 00:03:22,400 --> 00:03:24,720 Speaker 1: cautious and heading into the new trading month. Can you 65 00:03:24,760 --> 00:03:26,919 Speaker 1: be a little bit specific on where you think the 66 00:03:26,960 --> 00:03:30,120 Speaker 1: FED is going to go in terms of the tightening um. 67 00:03:30,160 --> 00:03:32,800 Speaker 1: So overall, if we really want to talk about said 68 00:03:32,960 --> 00:03:36,680 Speaker 1: moving towards a rescriptive and then the prior pricing you know, 69 00:03:37,440 --> 00:03:41,600 Speaker 1: close to four percent, and even if I'm higher for example, 70 00:03:41,880 --> 00:03:45,080 Speaker 1: that is absolutely necessary, but we're not seeing that, to 71 00:03:45,120 --> 00:03:47,600 Speaker 1: be frank notes throughout the year um it really you know, 72 00:03:47,680 --> 00:03:49,520 Speaker 1: has been a case and they're trying to touch those 73 00:03:49,600 --> 00:03:52,240 Speaker 1: levels and before the data start to derail the process. 74 00:03:52,640 --> 00:03:54,440 Speaker 1: If I look at the one year one year in 75 00:03:54,480 --> 00:03:56,640 Speaker 1: the US, so we've got to three point nine in 76 00:03:56,720 --> 00:03:59,240 Speaker 1: the June, but now it's some collapsed to about two 77 00:03:59,240 --> 00:04:02,200 Speaker 1: point seven. The market seems very hesitant, and that's where 78 00:04:02,200 --> 00:04:04,720 Speaker 1: the rude awakening and may becomes so that four percent 79 00:04:04,800 --> 00:04:07,080 Speaker 1: in the golden level perhaps still needs to be touched again. 80 00:04:07,760 --> 00:04:10,080 Speaker 1: What data are you going to be looking at in 81 00:04:10,120 --> 00:04:15,240 Speaker 1: the weeks to come as you further navigate this forecast? 82 00:04:16,000 --> 00:04:19,640 Speaker 1: What what's what's got your eye? Well, the first thing 83 00:04:19,680 --> 00:04:22,159 Speaker 1: this week complearly is going to be pay rolls. You know, 84 00:04:22,160 --> 00:04:25,200 Speaker 1: there's always the headline. Pay rolls numbers are a bit noisy. 85 00:04:25,720 --> 00:04:29,279 Speaker 1: So it's more about the average maale earnings those figures 86 00:04:29,400 --> 00:04:33,360 Speaker 1: and you know, any other indication of the labor market tightness. 87 00:04:33,640 --> 00:04:36,960 Speaker 1: Uh So, you know that's where I wouldn't say it's 88 00:04:36,960 --> 00:04:40,920 Speaker 1: going to change market expectations, but you know, any major 89 00:04:41,000 --> 00:04:44,360 Speaker 1: surprise you know coming through saying well abut five percent 90 00:04:44,400 --> 00:04:47,200 Speaker 1: and average early earnings on an annualized basis above point 91 00:04:47,240 --> 00:04:49,800 Speaker 1: five percent, you know, a sequential level. You know, these 92 00:04:49,800 --> 00:04:51,840 Speaker 1: are numbers which will make the market things again because 93 00:04:51,839 --> 00:04:55,000 Speaker 1: some momentum we need to say much. Even though the 94 00:04:55,120 --> 00:04:58,080 Speaker 1: GDP numbers may suggest otherwise that the US economy is 95 00:04:58,080 --> 00:05:00,160 Speaker 1: in relatively better shape and it compared to the to 96 00:05:00,200 --> 00:05:02,880 Speaker 1: the world, um, it's far less exposed to say, energy 97 00:05:02,960 --> 00:05:05,760 Speaker 1: supply shocks and the use of the Russia, Ukraine. Also 98 00:05:05,839 --> 00:05:07,680 Speaker 1: in all of that put together, it means there is 99 00:05:07,839 --> 00:05:10,360 Speaker 1: greater upside risk of the US economy and that's something 100 00:05:10,400 --> 00:05:12,640 Speaker 1: that markets need to take in mind now. And it's 101 00:05:12,680 --> 00:05:15,960 Speaker 1: interesting just this morning looking at the markets are seeing 102 00:05:16,000 --> 00:05:21,440 Speaker 1: this sort of divergence between European risk assets and US futures, 103 00:05:21,440 --> 00:05:25,480 Speaker 1: some pretty decent gains for European stocks. What's behind that? 104 00:05:26,680 --> 00:05:29,559 Speaker 1: So now that is there's somewhat protecting them. They're given 105 00:05:29,760 --> 00:05:32,839 Speaker 1: how the p m I numbers are not just a 106 00:05:32,880 --> 00:05:35,039 Speaker 1: before Europe and that if you look at the Czech 107 00:05:35,080 --> 00:05:37,679 Speaker 1: Republic for from Poland for example, that these are countries 108 00:05:37,720 --> 00:05:41,000 Speaker 1: which are heavily integrated into the Eurozone supply chain and 109 00:05:41,040 --> 00:05:45,640 Speaker 1: then manufacturing pm MY numbers are just absolutely collapsing. Right. So, um, 110 00:05:45,760 --> 00:05:47,960 Speaker 1: I think the evaluations are coming through, you know, euro 111 00:05:48,080 --> 00:05:51,839 Speaker 1: at these levels and social well above parity now but 112 00:05:51,920 --> 00:05:54,680 Speaker 1: still maybe creating a bit of a possibility and tail wind. 113 00:05:54,920 --> 00:05:57,760 Speaker 1: Um So the broader risk environment that is I'm playing 114 00:05:57,760 --> 00:06:00,560 Speaker 1: a role. Um. But ultimately if you expect the worst 115 00:06:00,600 --> 00:06:03,159 Speaker 1: may be over, then gently people and maybe putting money 116 00:06:03,200 --> 00:06:06,320 Speaker 1: back to work. The ECB probably will have a narrow 117 00:06:06,400 --> 00:06:09,240 Speaker 1: window of tightening compared to the FED, especially if gas 118 00:06:09,279 --> 00:06:11,640 Speaker 1: supplies are going to be disrupted at the winter months 119 00:06:11,600 --> 00:06:15,760 Speaker 1: and into next year. But in the net net, global 120 00:06:15,839 --> 00:06:19,600 Speaker 1: risk appetite every reason to remain cautious. The FED there's 121 00:06:19,640 --> 00:06:22,640 Speaker 1: still the main stumbling block. But also you know China 122 00:06:22,720 --> 00:06:25,040 Speaker 1: growth it still stops start obvious, still have the war 123 00:06:25,120 --> 00:06:27,039 Speaker 1: to contend with, so a lot of issues out there 124 00:06:27,080 --> 00:06:30,080 Speaker 1: which need to be resolved in our last thirty seconds here, Jeff, 125 00:06:30,080 --> 00:06:33,040 Speaker 1: we're the bulk of earning season here. What's your read 126 00:06:33,080 --> 00:06:35,640 Speaker 1: on where earnings go from here? Um, I think go 127 00:06:35,640 --> 00:06:38,240 Speaker 1: earnings now you're starting to see, you knows some divergence 128 00:06:38,880 --> 00:06:41,920 Speaker 1: between on a global basis of those which are exposed 129 00:06:41,920 --> 00:06:44,800 Speaker 1: to the global cycle and those you know which are not. 130 00:06:44,920 --> 00:06:47,000 Speaker 1: And again this is where the US really is in 131 00:06:47,120 --> 00:06:50,279 Speaker 1: better shape. But compared to Europe all the cixical names, 132 00:06:50,279 --> 00:06:52,160 Speaker 1: if we look at where the flows are going, Um, 133 00:06:52,400 --> 00:06:54,880 Speaker 1: these are the current these are the sectors, and these 134 00:06:54,880 --> 00:06:58,080 Speaker 1: are the economies which are underperforming. So this is where 135 00:06:58,080 --> 00:07:01,240 Speaker 1: the divergence will continue to from. You could argue that 136 00:07:01,480 --> 00:07:03,839 Speaker 1: if there's more flow application going to the US and 137 00:07:03,880 --> 00:07:06,560 Speaker 1: that's tightening financial conditions and by the dollar, it helps 138 00:07:06,560 --> 00:07:09,200 Speaker 1: equity markets that it's all going to make life difficult 139 00:07:09,200 --> 00:07:11,040 Speaker 1: for the rest of the bulb. Great to have you 140 00:07:11,080 --> 00:07:13,560 Speaker 1: with us again, jeff Thanks for this, Jeffrey, you senior 141 00:07:13,600 --> 00:07:16,600 Speaker 1: strategist E M. E A at b N Y Melon. 142 00:07:16,840 --> 00:07:20,040 Speaker 1: Right now, SMP futures are down eight points, Stown futures 143 00:07:20,040 --> 00:07:23,480 Speaker 1: down twenty nine sword ANASTACK futures. As we mentioned European 144 00:07:23,480 --> 00:07:25,920 Speaker 1: stocks moving higher. We have the decks in Germany up 145 00:07:25,960 --> 00:07:28,040 Speaker 1: almost four tenths per cent, to CAC in Paris is 146 00:07:28,120 --> 00:07:31,440 Speaker 1: higher by three tenths per cent. Ten your treasury little 147 00:07:31,520 --> 00:07:33,840 Speaker 1: change the yield two point six four on the tenure 148 00:07:33,880 --> 00:07:35,600 Speaker 1: note and the yield on the two year right now 149 00:07:35,640 --> 00:07:39,760 Speaker 1: two point eight nine per cent. You're listening to Bloomberg 150 00:07:40,000 --> 00:07:49,440 Speaker 1: Daybreak Bloomberg eleven three oh weather. These morning showers a 151 00:07:49,480 --> 00:07:51,640 Speaker 1: give way to clouds and the high near eighty today, 152 00:07:51,680 --> 00:07:55,400 Speaker 1: afternoon shower thundershower possible tomorrow with a high back near ninety, 153 00:07:55,800 --> 00:07:58,760 Speaker 1: sunny near ninety for Wednesday. Right now sixty nine in 154 00:07:58,800 --> 00:08:05,000 Speaker 1: Central Park, live from the Bloomberg Interactive Brooker Studios. This 155 00:08:05,120 --> 00:08:09,000 Speaker 1: is Bloomberg day Break for a Monday, August one coming 156 00:08:09,040 --> 00:08:11,320 Speaker 1: up this shour. Traders begin a new month with a 157 00:08:11,440 --> 00:08:14,480 Speaker 1: slew of earnings in focus. One FED president said there's 158 00:08:14,520 --> 00:08:16,880 Speaker 1: a long way to go to hit two percent. Inflation, 159 00:08:17,120 --> 00:08:20,520 Speaker 1: concerned in China grows amid worse than expected economic data, 160 00:08:20,680 --> 00:08:23,360 Speaker 1: and Senator Joe Manchin makes his pitch in favor of 161 00:08:23,400 --> 00:08:26,440 Speaker 1: the climate tax. Film speeding cameras in New York City 162 00:08:26,480 --> 00:08:30,360 Speaker 1: togain operating two seven starting today Blossom. The death toll 163 00:08:30,480 --> 00:08:33,440 Speaker 1: rises from last week's flooding in Kentucky. I'm Michael larn 164 00:08:33,559 --> 00:08:36,080 Speaker 1: four a half, I'm John Stafshower and fourth sixth raight 165 00:08:36,120 --> 00:08:38,240 Speaker 1: win for the Mets, the Yankees blost to the ninth 166 00:08:38,280 --> 00:08:41,360 Speaker 1: inning and widespread reaction to the passing of NBA legend 167 00:08:41,400 --> 00:08:46,439 Speaker 1: and Bill Russell. That's all straight ahead on Bloomberg day 168 00:08:46,440 --> 00:08:51,160 Speaker 1: Break on Bloomberg. He liveing free on New York Bloomberg one, Washington, 169 00:08:51,280 --> 00:08:54,600 Speaker 1: d C Bloomberg one oh six one, Boston Bloomberg nine 170 00:08:54,640 --> 00:08:58,800 Speaker 1: sixties and Francisco syrius XM one nineteen and around the 171 00:08:58,800 --> 00:09:02,079 Speaker 1: world on Bloomberg Radio dot Com and via the Bloomberg 172 00:09:02,160 --> 00:09:09,400 Speaker 1: Business A good morning, I'm Nathan Hagar and I'm Karen 173 00:09:09,480 --> 00:09:12,800 Speaker 1: Moscow and US DO index futures are lower this morning. 174 00:09:12,800 --> 00:09:14,560 Speaker 1: We are coming up to six one on Wall Street, 175 00:09:14,559 --> 00:09:16,640 Speaker 1: and we check the markets every fifteen minutes throughout the 176 00:09:16,679 --> 00:09:20,040 Speaker 1: trading day. On Bloomberg SMP futures down about nine points, 177 00:09:20,320 --> 00:09:22,839 Speaker 1: DWAL future is down twenty six and NASDAG futures down 178 00:09:22,880 --> 00:09:26,080 Speaker 1: twenty eight. The decks in Germany is up a third 179 00:09:26,160 --> 00:09:29,160 Speaker 1: of upper set ten. Your treasury down to thirty seconds. 180 00:09:29,160 --> 00:09:31,720 Speaker 1: Heal two point six five percent. They yield on the 181 00:09:31,720 --> 00:09:35,000 Speaker 1: two year two point eight nine percent. Di mack screwed 182 00:09:35,040 --> 00:09:37,320 Speaker 1: oil is down one point eight percent on a dollar 183 00:09:37,440 --> 00:09:39,920 Speaker 1: seventy five and ninety six dollars eighty seven a cent 184 00:09:40,080 --> 00:09:42,880 Speaker 1: of barrel, and bitcoin this morning down two percent at 185 00:09:43,920 --> 00:09:47,000 Speaker 1: three twenty dollars. Nathan no Well fuadtures are on the 186 00:09:47,000 --> 00:09:48,760 Speaker 1: back foot of it this morning, Karen, as we kick 187 00:09:48,800 --> 00:09:51,760 Speaker 1: off a new trading month, looking ahead to Friday's jobs report. 188 00:09:51,800 --> 00:09:54,920 Speaker 1: Than the debate continues on the health of the US economy. 189 00:09:55,000 --> 00:09:58,600 Speaker 1: Regent Atlantic Capital Chief investment Officer Andy Kapern says, the 190 00:09:58,679 --> 00:10:02,720 Speaker 1: environment's uncertain, but still sticking with value. You should continue 191 00:10:02,760 --> 00:10:04,439 Speaker 1: to stick with what has worked for you so far 192 00:10:04,520 --> 00:10:07,440 Speaker 1: this year, and that is precisely sticking with value, which 193 00:10:07,520 --> 00:10:09,920 Speaker 1: is heaving on energy and heavy on materials and industrials. 194 00:10:10,040 --> 00:10:14,000 Speaker 1: The underlying price of those commodities, they're fundamentally undersupplied. Andy 195 00:10:14,080 --> 00:10:17,360 Speaker 1: Kapern with Regent Atlantic Capital says focusing on value and 196 00:10:17,440 --> 00:10:20,559 Speaker 1: quality can still generate returns in a volatile market. Well 197 00:10:20,600 --> 00:10:23,360 Speaker 1: over the weekend, Nathan, we've got more comments on FED policy. 198 00:10:23,400 --> 00:10:26,720 Speaker 1: Minneapolis Fed President Neil cash Cary said he's not worried 199 00:10:26,760 --> 00:10:29,800 Speaker 1: about whether the US is in a technical recession. He says, 200 00:10:29,800 --> 00:10:32,880 Speaker 1: a central bank is focused squarely on inflation. We're gonna 201 00:10:32,880 --> 00:10:35,280 Speaker 1: do everything we can to try to avoid a recession, 202 00:10:35,559 --> 00:10:38,120 Speaker 1: but we are committed to bringing inflation down and we're 203 00:10:38,120 --> 00:10:39,840 Speaker 1: going to do what we need to do, and we 204 00:10:39,880 --> 00:10:42,600 Speaker 1: are a long way away from achieving an economy that 205 00:10:42,720 --> 00:10:44,760 Speaker 1: is back at two percent inflation, and that's where we 206 00:10:44,800 --> 00:10:47,160 Speaker 1: need to get to. Neil cash Cary said he does 207 00:10:47,200 --> 00:10:50,240 Speaker 1: not see evidence of a US wage price spiral. He 208 00:10:50,320 --> 00:10:53,160 Speaker 1: made the comments on CBSS Face the Nation heard Sundays 209 00:10:53,200 --> 00:10:56,480 Speaker 1: on Bloomberg Radio. Well, stocks are coming off a banner month, Karen, 210 00:10:56,520 --> 00:10:59,560 Speaker 1: but that trend may not continue, according to too high 211 00:10:59,559 --> 00:11:02,199 Speaker 1: profile analysts. Let's get more in this live report from 212 00:11:02,200 --> 00:11:05,960 Speaker 1: Bloomberg's John Tucker. John Nathan earnings results are holding up 213 00:11:05,960 --> 00:11:08,520 Speaker 1: better than feared. Of the fifty percent of the S 214 00:11:08,559 --> 00:11:11,920 Speaker 1: and P five companies that have reported, more than half 215 00:11:11,960 --> 00:11:16,080 Speaker 1: have beaten estimates. Still, Goldman Sack strategist David Constance says 216 00:11:16,400 --> 00:11:19,600 Speaker 1: the rate of earning speeds is trailing the average pace 217 00:11:19,720 --> 00:11:22,800 Speaker 1: that's been set in the last five quarters and Morgan Standards. 218 00:11:22,800 --> 00:11:25,480 Speaker 1: Mike Wilson says the rebounding stocks is likely to be 219 00:11:25,520 --> 00:11:28,959 Speaker 1: short lived as estimates are cut further in the economy 220 00:11:29,200 --> 00:11:32,080 Speaker 1: heads into contraction and a note this morning, Wilson also 221 00:11:32,120 --> 00:11:34,480 Speaker 1: says the bomb market he's assuming the Fed is gonna 222 00:11:34,640 --> 00:11:37,720 Speaker 1: get inflation under control, which is good for fixed income, 223 00:11:37,840 --> 00:11:40,600 Speaker 1: but not stocks. Live in New York on John Tucker 224 00:11:40,640 --> 00:11:43,280 Speaker 1: Bloomberg Daybreak. All right, John, thank you. Another big week 225 00:11:43,320 --> 00:11:45,680 Speaker 1: on Wall Street with economic data and earning is set 226 00:11:45,720 --> 00:11:47,920 Speaker 1: to be the main drivers. Once again, we get more 227 00:11:48,000 --> 00:11:51,440 Speaker 1: from Bloomberg's Turley Pillett. While investors keep an eye on 228 00:11:51,520 --> 00:11:55,120 Speaker 1: the economic data, including a Job's report, they're also focused 229 00:11:55,160 --> 00:11:58,880 Speaker 1: on what corporations are saying about the second half. Solita 230 00:11:58,920 --> 00:12:02,600 Speaker 1: Marceli is chief investment officer for the America's at UBS 231 00:12:02,679 --> 00:12:05,880 Speaker 1: Global Wealth Management. This earning season. We heard a lot 232 00:12:05,920 --> 00:12:08,760 Speaker 1: of talk of recession, but we haven't seen any indication 233 00:12:09,000 --> 00:12:11,760 Speaker 1: and the results Lots of earnings this week across a 234 00:12:11,840 --> 00:12:15,080 Speaker 1: broad swath of industries. Amongst some of the names A 235 00:12:15,280 --> 00:12:20,880 Speaker 1: M D, Airbnb, Caterpillar, Lift, Uber, Marriott, Occidental, Petroleum, Starbucks, 236 00:12:20,880 --> 00:12:25,720 Speaker 1: and Young Brands in New York Charlie Pellett Bloombird Day Break, OK, Charlie, 237 00:12:25,720 --> 00:12:28,600 Speaker 1: thank you. US shail drillers are expected to post accord 238 00:12:28,640 --> 00:12:31,400 Speaker 1: profits this week, and after a decade of Steve losses, 239 00:12:31,440 --> 00:12:34,920 Speaker 1: it looks like shale is finally blossoming. Bloomberg's Rnita Young 240 00:12:35,000 --> 00:12:37,800 Speaker 1: joins US Live with that. Good morning, Rinita, Good morning Nathan. 241 00:12:38,000 --> 00:12:41,480 Speaker 1: Estimates compiled by Bloomberg show the top twenty eight publicly 242 00:12:41,520 --> 00:12:45,880 Speaker 1: traded US independent oil producers generated twenty five point five 243 00:12:45,920 --> 00:12:48,720 Speaker 1: billion dollars in free cash flow in the second quarter. 244 00:12:49,120 --> 00:12:51,400 Speaker 1: That's about a quarter of what they lost over the 245 00:12:51,400 --> 00:12:56,640 Speaker 1: past decade. Fracking revolutionized global energy markets by enabling American 246 00:12:56,720 --> 00:13:01,160 Speaker 1: drillers to harvest shield resources that had previously been untouchable. 247 00:13:01,520 --> 00:13:04,640 Speaker 1: The US went from a declining crew producer to the 248 00:13:04,640 --> 00:13:09,000 Speaker 1: world's dominant oil and gas source, but at an astronomical cost. 249 00:13:09,320 --> 00:13:13,000 Speaker 1: The twenty eight companies lost about one fifteen billion dollars 250 00:13:13,000 --> 00:13:16,280 Speaker 1: in the decade leading up to the COVID nineteen pandemic. 251 00:13:16,800 --> 00:13:19,440 Speaker 1: Live in New York. I'm reneeding young, Bloomberg day Break, 252 00:13:19,640 --> 00:13:21,839 Speaker 1: all right, reneed to thank you about turning over seas Now. 253 00:13:22,040 --> 00:13:25,280 Speaker 1: HSBC shares are at five point nine percent in London 254 00:13:25,320 --> 00:13:28,360 Speaker 1: after the bank turned in a strong earning support. It 255 00:13:28,440 --> 00:13:31,959 Speaker 1: beat profit estimates, vound to restore quarterly dividends and fed 256 00:13:32,040 --> 00:13:35,200 Speaker 1: it off a call to split up. HSBC. CFO You 257 00:13:35,360 --> 00:13:38,800 Speaker 1: and Stevenson spoke to Bloomberg from Hong Kong. Rising rights 258 00:13:38,880 --> 00:13:42,000 Speaker 1: is certainly beneficial to us. Interesting gum was up t 259 00:13:42,720 --> 00:13:45,000 Speaker 1: Q two on Q two, revenues were up twelve for 260 00:13:45,080 --> 00:13:47,800 Speaker 1: st overall, we also kept cost flat, so we had 261 00:13:48,000 --> 00:13:50,760 Speaker 1: an enormous amount of operating leverage. We also had a 262 00:13:50,840 --> 00:13:53,360 Speaker 1: one off tax benefit too, so we're very pleased with 263 00:13:53,400 --> 00:13:57,119 Speaker 1: these results. Chief financial Officer You and Stevenson says HSBC 264 00:13:57,360 --> 00:13:59,920 Speaker 1: is paying close attention to its China real estate ex 265 00:14:00,520 --> 00:14:02,920 Speaker 1: pilot said the eurobe now Karen, where the economic focus 266 00:14:03,040 --> 00:14:05,280 Speaker 1: this week is on the Bank of England. Bloomberg Daybreak, 267 00:14:05,280 --> 00:14:08,440 Speaker 1: europpost Stephen Carroll joins us from London with details. Good morning, Stephen, 268 00:14:08,760 --> 00:14:11,080 Speaker 1: Good morning Nathan and Karen. The Bank of England was 269 00:14:11,120 --> 00:14:13,640 Speaker 1: the first of the major central banks to high rates 270 00:14:13,679 --> 00:14:17,120 Speaker 1: after the pandemic, but now it's playing catch up. Governor 271 00:14:17,160 --> 00:14:20,080 Speaker 1: Andrew Bailey has promised to act forcefully to tackle inflation 272 00:14:20,120 --> 00:14:22,160 Speaker 1: that's running at a forty year high in the UK. 273 00:14:22,720 --> 00:14:25,600 Speaker 1: Markets now see a seventy chance of a fifty basis 274 00:14:25,600 --> 00:14:28,200 Speaker 1: point hike on Thursday. That would be the largest by 275 00:14:28,200 --> 00:14:31,520 Speaker 1: the bank in twenty seven years. This as it's warning 276 00:14:31,520 --> 00:14:35,280 Speaker 1: that inflation cut it eleven percent this year. Live in London, 277 00:14:35,320 --> 00:14:38,240 Speaker 1: I'm Stephen Carroll Bloomberg. Daybreak, Stephen, Thank you Back here 278 00:14:38,240 --> 00:14:40,800 Speaker 1: in the US, we're focused on politics, Bloomberg said. Baxter 279 00:14:40,840 --> 00:14:44,280 Speaker 1: has the story. Senator Mansion says, it all just makes sense. 280 00:14:44,320 --> 00:14:46,880 Speaker 1: We've taken three point five troy and of spending down 281 00:14:46,920 --> 00:14:51,120 Speaker 1: to four dred million of investing without raising any taxes whatsoever. 282 00:14:51,240 --> 00:14:53,240 Speaker 1: And he says he doesn't know now what all the 283 00:14:53,360 --> 00:14:55,560 Speaker 1: dramas about. I didn't know if we could get a deal. 284 00:14:55,680 --> 00:14:57,560 Speaker 1: I did not know if we could come to an agreement, 285 00:14:57,680 --> 00:14:59,640 Speaker 1: So why would I put people through this all this 286 00:14:59,760 --> 00:15:02,240 Speaker 1: draw And he's also making a public pitch to get 287 00:15:02,320 --> 00:15:05,800 Speaker 1: Senator Kirsten's cinema on board. The vote expected this week 288 00:15:06,080 --> 00:15:09,680 Speaker 1: in San Francisco. I'm at Baxter Bloomberg, Gay Break alright, thanks, 289 00:15:09,800 --> 00:15:12,760 Speaker 1: SMP futures down five point, staff features down ten, danste 290 00:15:12,920 --> 00:15:16,440 Speaker 1: futures down eighteen straight ahead, your latest local headlines plus 291 00:15:16,440 --> 00:15:23,920 Speaker 1: a check of sports. This is Bloomberg six oh seven 292 00:15:23,920 --> 00:15:25,960 Speaker 1: on Wall Street where at sixty nine degrees with the 293 00:15:26,120 --> 00:15:29,840 Speaker 1: rain continuing in Central Park westbound seventy eight is closed 294 00:15:29,840 --> 00:15:32,480 Speaker 1: in Warren Township between eggs. It's thirty six and thirty three. 295 00:15:32,720 --> 00:15:35,120 Speaker 1: Details coming up in traffic first, Michael Barr with what 296 00:15:35,200 --> 00:15:38,480 Speaker 1: else is going on for your ride? Michael, thank you 297 00:15:38,560 --> 00:15:41,920 Speaker 1: very much. Nathan smile. You're on traffic camera. Starting today, 298 00:15:41,920 --> 00:15:45,360 Speaker 1: about two thousand speed cameras begin running twenty four hours 299 00:15:45,360 --> 00:15:48,080 Speaker 1: a day every day across New York City. If you're 300 00:15:48,120 --> 00:15:50,600 Speaker 1: caught speeding by the camera, you'll get a fifty dollar 301 00:15:50,720 --> 00:15:54,040 Speaker 1: fine in the mail. However, experts say it usually when 302 00:15:54,080 --> 00:15:57,600 Speaker 1: out result with points on your license. Kentucky Governor Andy 303 00:15:57,600 --> 00:16:00,760 Speaker 1: but Sheer says housing, water, and cell phones service are 304 00:16:00,760 --> 00:16:04,160 Speaker 1: among the priorities the state is focused on bringing back 305 00:16:04,160 --> 00:16:06,840 Speaker 1: to people who have lost everything and last week's deadly 306 00:16:06,840 --> 00:16:11,240 Speaker 1: flooding in eastern Kentucky are confirmed. Count of Kentuckians we've 307 00:16:11,280 --> 00:16:14,720 Speaker 1: lost is now reached twenty eight and we expect that 308 00:16:14,800 --> 00:16:18,520 Speaker 1: there will be more and that that number will grow. 309 00:16:18,800 --> 00:16:21,840 Speaker 1: Governor but Sheer. There are stepped up efforts to slow 310 00:16:21,880 --> 00:16:24,200 Speaker 1: the spread of the monkey pox virus in the US 311 00:16:24,280 --> 00:16:28,880 Speaker 1: despite rising case numbers and limited vaccines applies. There are 312 00:16:29,000 --> 00:16:32,440 Speaker 1: now more than five thousand confirmed cases of monkeypox across 313 00:16:32,480 --> 00:16:36,000 Speaker 1: the US. Officials state cases are concentrated among men who 314 00:16:36,000 --> 00:16:38,880 Speaker 1: have had sex with other men, but because monkey pox 315 00:16:39,000 --> 00:16:42,880 Speaker 1: is spread by skin to skin contact, Dr Alack Patel 316 00:16:42,960 --> 00:16:45,680 Speaker 1: says anyone could catch it. Individuals were in an at 317 00:16:45,760 --> 00:16:48,760 Speaker 1: risk community, will have come in contact with others who 318 00:16:48,800 --> 00:16:51,400 Speaker 1: have symptoms of monkey pox. Are encouraged to go get 319 00:16:51,400 --> 00:16:54,880 Speaker 1: a vaccine, but right now we're seeing long lines in 320 00:16:54,960 --> 00:16:57,960 Speaker 1: order to get the vaccine. Dr Patel spoke to ABC. 321 00:16:58,280 --> 00:17:01,040 Speaker 1: It comes as the New York City Health Department declared 322 00:17:01,080 --> 00:17:04,920 Speaker 1: monkeypox of public health emergency over the weekend. President Biden 323 00:17:04,920 --> 00:17:09,280 Speaker 1: remains in isolation following his rebound with COVID nineteen after 324 00:17:09,359 --> 00:17:13,000 Speaker 1: treatment with an anti viral drug. Dr Darien Sutton says, 325 00:17:13,000 --> 00:17:16,879 Speaker 1: Pat Slovitt is still preventing severe disease and depths even 326 00:17:17,000 --> 00:17:20,120 Speaker 1: when there's a rebound case. Given that what we've seen 327 00:17:20,160 --> 00:17:22,000 Speaker 1: and what we don't know in this pandemic and how 328 00:17:22,040 --> 00:17:24,080 Speaker 1: this virus can change, especially in the setting of the 329 00:17:24,080 --> 00:17:27,360 Speaker 1: omicron variant, I'd recommend that within the ten to even 330 00:17:27,400 --> 00:17:30,400 Speaker 1: fourteen days of your diagnosis of COVID nineteen, you continue 331 00:17:30,400 --> 00:17:32,679 Speaker 1: to wear that well fitting mass around others to decrease 332 00:17:32,680 --> 00:17:36,160 Speaker 1: your risk of transmission. Dr Sutton spoke to ABC. We've 333 00:17:36,200 --> 00:17:39,359 Speaker 1: lost some greats. NBA legend Bill Russell has died at 334 00:17:39,400 --> 00:17:43,440 Speaker 1: eighty eight, more in Sports Ahead, star Treck, actress Nachelle Nichols, 335 00:17:43,440 --> 00:17:46,440 Speaker 1: who broke ground for blacks playing Lieutenant or Hera, has 336 00:17:46,480 --> 00:17:49,440 Speaker 1: died at age eighty nine. And Pat Carroll, the voice 337 00:17:49,440 --> 00:17:51,840 Speaker 1: of Ursula in the Disney classic The Little Mermaid, has 338 00:17:51,920 --> 00:17:55,520 Speaker 1: noted at age. Global News twenty four hours a day 339 00:17:55,600 --> 00:17:58,680 Speaker 1: on air and on Bloomberg Quicktake powered by more than 340 00:17:59,640 --> 00:18:03,120 Speaker 1: journalist sinantalist more than twenty countries. Michael Barr and this 341 00:18:03,200 --> 00:18:10,080 Speaker 1: is Bloomberg name, all right, thank you, Michael. Just about 342 00:18:10,080 --> 00:18:11,920 Speaker 1: six cent on Wall Street this time for the Bloomberg 343 00:18:11,920 --> 00:18:15,159 Speaker 1: Sports Update with John and Nathan. Indeed, NBA legend Bill 344 00:18:15,240 --> 00:18:17,600 Speaker 1: Russell dying peacefully yesterday in his whole at the age 345 00:18:17,600 --> 00:18:20,320 Speaker 1: of eighty eight. You could argue where Russell ranks among 346 00:18:20,359 --> 00:18:22,720 Speaker 1: the greatest players NBA history. He certainly in the conversation 347 00:18:22,760 --> 00:18:25,920 Speaker 1: from a defensive standpoint, he may well have been the best. 348 00:18:25,920 --> 00:18:28,640 Speaker 1: As a rebounder. He averaged twenty three rebounds a game 349 00:18:28,640 --> 00:18:30,840 Speaker 1: he once had fifty one and what is not up 350 00:18:30,840 --> 00:18:33,960 Speaker 1: for debate because it was the greatest winner in NBA history. 351 00:18:34,040 --> 00:18:37,440 Speaker 1: Russell won eleven championships with the Celtics, eight in a row. 352 00:18:38,000 --> 00:18:39,960 Speaker 1: In the last two. He not only played, he was 353 00:18:40,000 --> 00:18:42,680 Speaker 1: the head coach. He played in ten game sevens. He 354 00:18:42,800 --> 00:18:45,720 Speaker 1: won all ten during his career and after Russell often 355 00:18:45,800 --> 00:18:48,439 Speaker 1: a voice against racial and social injustice. Billy Jene King 356 00:18:48,520 --> 00:18:51,960 Speaker 1: yesterday called him a once in a generation activist athlete. 357 00:18:51,960 --> 00:18:55,520 Speaker 1: Barack Obama statement yesterday read as tall as Russell stood, 358 00:18:55,600 --> 00:18:59,280 Speaker 1: his legacy as a player in person rises higher. At stadium, 359 00:18:59,320 --> 00:19:01,800 Speaker 1: Yankees trail the Royals for nothing. That led six for 360 00:19:02,000 --> 00:19:04,159 Speaker 1: after d J will Mayhu two run Homer and Anthony 361 00:19:04,200 --> 00:19:06,880 Speaker 1: Rizzo three run Schapa with one out in the ninth, 362 00:19:06,880 --> 00:19:10,159 Speaker 1: the three run homer by Kansas City Salvador Perez v. 363 00:19:10,240 --> 00:19:12,600 Speaker 1: Clay Holmes, who had not given up a homer all 364 00:19:12,680 --> 00:19:14,200 Speaker 1: year in the Royals at the Yanks eight to six 365 00:19:14,280 --> 00:19:17,239 Speaker 1: in Miami season I nineteen hits for them, at three, 366 00:19:17,280 --> 00:19:20,720 Speaker 1: eight for Jeff McNeil, Marc Kenna, Francisco Lindor a nine 367 00:19:20,800 --> 00:19:22,879 Speaker 1: to three route. So after a two game sweep of 368 00:19:22,880 --> 00:19:25,440 Speaker 1: the Yankees, a three game sweep of the Marlins, the 369 00:19:25,520 --> 00:19:27,359 Speaker 1: Mets manager A Buck show Walt, how hard it is 370 00:19:27,400 --> 00:19:29,720 Speaker 1: to win three games in a row on the road 371 00:19:29,760 --> 00:19:33,119 Speaker 1: and Swain Ballpark in the Major League. That's suppressives. Our 372 00:19:33,160 --> 00:19:35,399 Speaker 1: guys came out without the top of the intensity you 373 00:19:35,480 --> 00:19:40,200 Speaker 1: need to facing a Lopez. Uh, that's you know, he 374 00:19:40,280 --> 00:19:42,440 Speaker 1: face you good pitching here from speaking, a good pitcher 375 00:19:42,480 --> 00:19:44,800 Speaker 1: in the Metro. Now in Washington with Max Sherz are 376 00:19:44,840 --> 00:19:46,920 Speaker 1: on the mount tonight facing his old team, and then 377 00:19:46,960 --> 00:19:50,239 Speaker 1: tomorrow the season debut of Jacob Grim John Stashal War 378 00:19:50,280 --> 00:19:53,280 Speaker 1: Bloomberg Sports Nathan all Right, John, thank you. SMP future 379 00:19:53,359 --> 00:19:55,800 Speaker 1: is now down eight point. Stout futures down twenty six. 380 00:19:55,920 --> 00:19:58,959 Speaker 1: Nastack futures are lower by thirty one points. Ten your 381 00:19:58,960 --> 00:20:02,160 Speaker 1: treasuries down fourth thirty seconds, the yield two point six six. 382 00:20:02,840 --> 00:20:08,840 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather morning showers 383 00:20:08,840 --> 00:20:10,680 Speaker 1: to give away to mostly cloudy skies today and ahn 384 00:20:10,760 --> 00:20:13,440 Speaker 1: your eighty degrees will be back near ninety tomorrow with 385 00:20:13,520 --> 00:20:17,800 Speaker 1: an afternoon shower thundershower possible sunny near ninety for Wednesday. 386 00:20:17,920 --> 00:20:23,240 Speaker 1: Right now sixty nine in Central Park, broadcasting live from 387 00:20:23,240 --> 00:20:27,080 Speaker 1: the Bloomberg Interactive Broker Studio in New York. Bloomberg E 388 00:20:27,119 --> 00:20:30,360 Speaker 1: living free to Washington, d C, Bloomberg ninety nine one 389 00:20:30,520 --> 00:20:33,720 Speaker 1: to Boston, Bloomberg one O six one to San Francisco, 390 00:20:33,800 --> 00:20:37,280 Speaker 1: Bloomberg n sixty to the Country Sirius XM H one 391 00:20:37,320 --> 00:20:40,240 Speaker 1: nine tea, and around the globe to Bloomberg Business app 392 00:20:40,400 --> 00:20:50,000 Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak six 393 00:20:50,040 --> 00:20:52,760 Speaker 1: thirty on Wall Street. Good morning, I'm Nathan Hagar and 394 00:20:52,800 --> 00:20:55,600 Speaker 1: I'm Karen Moscow, and we are just about three hours 395 00:20:55,640 --> 00:20:57,600 Speaker 1: away from the open of you West trading time for 396 00:20:57,640 --> 00:20:59,400 Speaker 1: the five things that you need to know to start 397 00:20:59,440 --> 00:21:03,720 Speaker 1: your day on See you by Interactive Brokers. Interactive Brokers 398 00:21:03,720 --> 00:21:07,120 Speaker 1: Global Analysts helps you find new global investment opportunities today. 399 00:21:07,200 --> 00:21:11,159 Speaker 1: Versify your portfolio and discover undervalued companies that may have 400 00:21:11,280 --> 00:21:14,280 Speaker 1: greater growth potential. Try i v k our Global Analysts 401 00:21:14,280 --> 00:21:16,359 Speaker 1: today at i v k R dot com slash g 402 00:21:16,640 --> 00:21:19,680 Speaker 1: A first. US future is lower this morning as we 403 00:21:19,760 --> 00:21:22,000 Speaker 1: kick off a new month. Looking ahead to Friday's job 404 00:21:22,040 --> 00:21:24,880 Speaker 1: support tobate continues on the health of the US economy. 405 00:21:25,160 --> 00:21:29,440 Speaker 1: Regent Atlantic Capital Chief investment officer Andy Kappern says there 406 00:21:29,440 --> 00:21:32,520 Speaker 1: are still returns to be had, focusing on companies that 407 00:21:32,560 --> 00:21:34,879 Speaker 1: are good at generating free cash flow and have the 408 00:21:34,920 --> 00:21:37,840 Speaker 1: financial discipline to be able to deliver on it. But 409 00:21:38,040 --> 00:21:39,880 Speaker 1: seven of the market that stands up the best here 410 00:21:40,000 --> 00:21:43,360 Speaker 1: is divid impairs, and Andy Kapern with Region Atlantic Capital 411 00:21:43,440 --> 00:21:46,919 Speaker 1: says he's not only sticking with quality stocks, but also value. 412 00:21:47,080 --> 00:21:49,760 Speaker 1: Over the weekend, Karen we got more comments on FED policy. 413 00:21:49,800 --> 00:21:52,919 Speaker 1: Minneapolis President Neil cash Car. He said he's not worried 414 00:21:52,960 --> 00:21:55,720 Speaker 1: about whether the US is in a technical recession, but 415 00:21:55,760 --> 00:21:58,239 Speaker 1: we are committed to bringing inflation down and we're going 416 00:21:58,280 --> 00:22:00,119 Speaker 1: to do what we need to do, and we're a 417 00:22:00,200 --> 00:22:03,000 Speaker 1: long way away from achieving an economy that is back 418 00:22:03,040 --> 00:22:05,480 Speaker 1: at two percent inflation. Neil cash Carry was a guest 419 00:22:05,480 --> 00:22:09,800 Speaker 1: on CBS says the nation heard Sundays on Bloomberg Radio Meantime, Nathan, 420 00:22:09,840 --> 00:22:13,440 Speaker 1: Two notable equity strategists say recession fears may camp further 421 00:22:13,560 --> 00:22:16,040 Speaker 1: gains in stocks and more. In this live report from 422 00:22:16,040 --> 00:22:19,240 Speaker 1: Bloomberg's John Tucker, John and Karen You Know note two clients. 423 00:22:19,280 --> 00:22:22,240 Speaker 1: This morning, Morgan Stanley's Mike Wilson warns the US economy 424 00:22:22,280 --> 00:22:25,480 Speaker 1: could be headed for recession. He says risk reward is 425 00:22:25,600 --> 00:22:28,960 Speaker 1: poor after the recent rally, and strategist of Goldman Sacks, 426 00:22:28,960 --> 00:22:32,080 Speaker 1: including David Costan, say the rate of earnings beats is 427 00:22:32,160 --> 00:22:35,040 Speaker 1: trailing the sixty two percent of average pace that was 428 00:22:35,080 --> 00:22:38,200 Speaker 1: set in the last five quarters. They suggest that stocks 429 00:22:38,240 --> 00:22:41,040 Speaker 1: are not out of the woods yet, after posting their 430 00:22:41,080 --> 00:22:44,880 Speaker 1: strongest months since November of twenty Live in New York, 431 00:22:44,880 --> 00:22:47,880 Speaker 1: I'm John Tucker, Bloomberg Daybreak. Thanks John turning the big 432 00:22:47,880 --> 00:22:50,360 Speaker 1: oil now looks like shale could be blossoming again after 433 00:22:50,400 --> 00:22:53,040 Speaker 1: a decade of steep losses. Bloomberg's We Need Young joins 434 00:22:53,119 --> 00:22:55,080 Speaker 1: us live with that. Good morning, Na, Good morning Nathan. 435 00:22:55,200 --> 00:22:57,880 Speaker 1: Several shale companies are set to report earnings this week. 436 00:22:58,240 --> 00:23:02,480 Speaker 1: Estimates compiled by Bloomberg Show, the top twenty eight publicly 437 00:23:02,480 --> 00:23:05,760 Speaker 1: traded US independent oil producers generated twenty five point five 438 00:23:05,800 --> 00:23:08,320 Speaker 1: billion dollars in free cash flow in the second quarter. 439 00:23:08,680 --> 00:23:11,320 Speaker 1: Compare that to the last ten to fifteen years, when 440 00:23:11,320 --> 00:23:15,000 Speaker 1: the companies lost about fifteen billion dollars leading up to 441 00:23:15,000 --> 00:23:18,120 Speaker 1: the COVID nineteen pandemic. Live in New York. I'm gonna 442 00:23:18,160 --> 00:23:20,080 Speaker 1: need a young Bloomberg day break. All right, we need 443 00:23:20,119 --> 00:23:21,720 Speaker 1: to thank you. That's the five things that you need 444 00:23:21,760 --> 00:23:25,000 Speaker 1: to notice start your day. Brought to you by Interactive Brokers. 445 00:23:25,040 --> 00:23:28,560 Speaker 1: And again, futures are moving lower this morning, and as 446 00:23:28,640 --> 00:23:32,720 Speaker 1: straight ahead your latest local headlines plus the check of sports, 447 00:23:33,119 --> 00:23:39,520 Speaker 1: and this is Bloomberg. Thanks Scaring six thirty free on 448 00:23:39,520 --> 00:23:41,920 Speaker 1: Wall Street. Rain in sixty nine degrees in Central Park. 449 00:23:42,000 --> 00:23:44,840 Speaker 1: Still got the closure in Warren Township westbound seventy eight 450 00:23:44,880 --> 00:23:47,800 Speaker 1: between exits thirty six and thirty three. Details coming up 451 00:23:47,800 --> 00:23:50,400 Speaker 1: in traffic. First, Michael Barr with what else is going 452 00:23:50,440 --> 00:23:52,520 Speaker 1: on in New York and around the world. Michael, good morning, 453 00:23:52,560 --> 00:23:56,160 Speaker 1: Good morning, Nathan drivers, slow your role. In New York City. 454 00:23:56,240 --> 00:24:00,000 Speaker 1: About two thousand speed cameras are now operating twenty four 455 00:24:00,000 --> 00:24:02,720 Speaker 1: hours a day, seven days a week across the city 456 00:24:02,880 --> 00:24:04,879 Speaker 1: and he want to run up speeding by the camera, 457 00:24:04,960 --> 00:24:08,160 Speaker 1: can expect a fifty dollar ticket in the mail. Until now, 458 00:24:08,240 --> 00:24:12,439 Speaker 1: the cameras were only running between six am and ten pm. However, 459 00:24:12,520 --> 00:24:15,600 Speaker 1: experts say more than half of traffic depths happen overnight. 460 00:24:16,200 --> 00:24:19,400 Speaker 1: Rescue crews continued to dig through piles of debris from 461 00:24:19,440 --> 00:24:22,760 Speaker 1: deadly flooding last week in Kentucky. At least twenty eight 462 00:24:22,800 --> 00:24:26,119 Speaker 1: people are now dead. Kentucky Governor Andy Basher warns they 463 00:24:26,119 --> 00:24:29,120 Speaker 1: expect to find more bodies in the weeks ahead. Every day, 464 00:24:29,160 --> 00:24:31,920 Speaker 1: every week, every month, and every year it takes to rebuild. 465 00:24:32,400 --> 00:24:36,399 Speaker 1: We are committed to the people of eastern Kentucky. Governor 466 00:24:36,440 --> 00:24:39,840 Speaker 1: Basher says search dogs are being used. No public events 467 00:24:39,880 --> 00:24:43,920 Speaker 1: on President Biden's schedule today. He remains in isolation following 468 00:24:43,960 --> 00:24:46,679 Speaker 1: his rebound with COVID nineteen. After treatment with an anti 469 00:24:46,800 --> 00:24:50,440 Speaker 1: viral drug. Medical experts say pax Lovit is still preventing 470 00:24:50,440 --> 00:24:54,119 Speaker 1: severe disease and depths even when there's a rebound case. 471 00:24:54,520 --> 00:24:57,880 Speaker 1: Dr Derry and Sutton. The theory is that dead Merston 472 00:24:57,960 --> 00:25:02,240 Speaker 1: replicates and causes re down symptoms, as we saw over 473 00:25:02,280 --> 00:25:04,760 Speaker 1: the weekend. As reported by the case of the President. 474 00:25:04,880 --> 00:25:07,600 Speaker 1: Sometimes it doesn't involve symptoms at all. Sometimes it's just 475 00:25:07,640 --> 00:25:10,840 Speaker 1: simply a positive test, which is what we saw. Dr 476 00:25:10,880 --> 00:25:14,360 Speaker 1: Sutton spoke to ABC in Washington today and judge can 477 00:25:14,400 --> 00:25:16,879 Speaker 1: hand down the longest prison term so far. In the 478 00:25:16,960 --> 00:25:21,040 Speaker 1: January six Capitol riot case, prosecutor said Guy Reffit of 479 00:25:21,119 --> 00:25:24,119 Speaker 1: Texas carried a gun on his waist while confronting police 480 00:25:24,160 --> 00:25:27,640 Speaker 1: had the Capitol. His own son testified against him. Prosecutors 481 00:25:27,640 --> 00:25:31,320 Speaker 1: are seeking fifteen years in prison. The very lucky winner 482 00:25:31,359 --> 00:25:34,880 Speaker 1: of Friday's Meganillion's drawing as yet to claim the one 483 00:25:34,880 --> 00:25:38,320 Speaker 1: point thirty four billion dollar prize, the third largest jackpot 484 00:25:38,560 --> 00:25:41,760 Speaker 1: in US history. The winning tickets sold at a speedway 485 00:25:41,840 --> 00:25:45,280 Speaker 1: gas station in Illinois, near Chicago. Once the winner does 486 00:25:45,359 --> 00:25:49,680 Speaker 1: come forward, financial expert Carter Codfield recommends saving some of 487 00:25:49,720 --> 00:25:53,879 Speaker 1: the cash for tax payments. On average, of people that 488 00:25:53,960 --> 00:25:57,440 Speaker 1: win the lattery are broke within the threes of five years. 489 00:25:57,840 --> 00:26:00,880 Speaker 1: Se of people are broke with the three D five years, 490 00:26:00,880 --> 00:26:04,399 Speaker 1: and those people say, if the life is actually worse 491 00:26:04,640 --> 00:26:07,400 Speaker 1: at the one in the latter reach. Financial expert Carter 492 00:26:07,480 --> 00:26:10,120 Speaker 1: Goldfield Global News twenty four hours a day on air 493 00:26:10,240 --> 00:26:13,600 Speaker 1: and on Bloomberg Quick Take powered by more than hundred 494 00:26:13,640 --> 00:26:16,840 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr, 495 00:26:16,920 --> 00:26:24,840 Speaker 1: this is Bloomberg, Nathan, Thank you, Michael. Almost six thirty six. 496 00:26:24,840 --> 00:26:27,160 Speaker 1: On Wall Street, John stash Our has the Bloomberg Sports 497 00:26:27,200 --> 00:26:30,400 Speaker 1: Update Nights. Nathan Bill Russell, of course, NBA legend, Boston 498 00:26:30,560 --> 00:26:32,879 Speaker 1: sports Icon. He passed away yesterday at the age of 499 00:26:32,880 --> 00:26:36,360 Speaker 1: eighty eight. Russell arrived in Boston in ninety six immediately 500 00:26:36,400 --> 00:26:39,200 Speaker 1: began leading the Celtics to NBA championships. By the time 501 00:26:39,240 --> 00:26:42,880 Speaker 1: he was finished, he had more championship rings than fingers. 502 00:26:42,880 --> 00:26:45,160 Speaker 1: Don't wear them on eleven and all. This came after 503 00:26:45,160 --> 00:26:47,119 Speaker 1: two n C Double A Championships at the University of 504 00:26:47,119 --> 00:26:49,480 Speaker 1: San Francisco, where he once won fifty five games in 505 00:26:49,480 --> 00:26:53,119 Speaker 1: a row, also to California high school state titles and 506 00:26:53,280 --> 00:26:56,399 Speaker 1: an Olympic gold medal. In arguably the greatest winner in 507 00:26:56,520 --> 00:26:59,440 Speaker 1: team sports history. But as NBA Commissioner Adam Silver said, 508 00:26:59,480 --> 00:27:01,919 Speaker 1: Russell stood for something more than sports. He was a 509 00:27:01,960 --> 00:27:05,520 Speaker 1: tireless activist against racial and social injustice. At the stadium, 510 00:27:05,600 --> 00:27:07,680 Speaker 1: Yankees trail the Royals for nothing, then led six to 511 00:27:07,800 --> 00:27:10,040 Speaker 1: four e j the Mayo who to run homer? Anthony 512 00:27:10,119 --> 00:27:12,440 Speaker 1: Rizzo a three run shot is twenty five. Kansas City 513 00:27:12,480 --> 00:27:15,120 Speaker 1: got a run in the eightheity no. Rob Marinaccio had 514 00:27:15,119 --> 00:27:17,760 Speaker 1: been unhitable against. And then with one out in the ninth, 515 00:27:19,240 --> 00:27:22,399 Speaker 1: Schwing had a drive to center field and that ball 516 00:27:22,560 --> 00:27:25,520 Speaker 1: is gonna be carrying and it is out of here. 517 00:27:26,560 --> 00:27:30,240 Speaker 1: Home run Salvador Perez. He puts the Royals in the 518 00:27:30,320 --> 00:27:33,960 Speaker 1: lead in the top of the night. How about that 519 00:27:34,160 --> 00:27:36,600 Speaker 1: we run homer case csp. They called the homer the 520 00:27:36,600 --> 00:27:38,880 Speaker 1: first that Clay Holmes had allowed this season. The Yanks 521 00:27:38,920 --> 00:27:41,640 Speaker 1: had been six and up against the Royals K six. 522 00:27:41,720 --> 00:27:44,600 Speaker 1: Yankees host Seattle tonight. The Mets are in Washington. Max 523 00:27:44,640 --> 00:27:47,520 Speaker 1: Jerser goes tonight and Jacob to Graham tomorrow. Mets have 524 00:27:47,600 --> 00:27:49,640 Speaker 1: won six and row beat the Marlins nine to three 525 00:27:50,040 --> 00:27:52,320 Speaker 1: for the nineteen hit attacked. The remain three games ahead 526 00:27:52,320 --> 00:27:54,879 Speaker 1: of Atlanta on the PG eight Tour. Second straight win 527 00:27:54,960 --> 00:27:58,040 Speaker 1: for Tony Finelle in Detroit. He's at under par in 528 00:27:58,119 --> 00:28:03,119 Speaker 1: New Jersey to Live Tour winner and rixtensive Bloomberg Sports 529 00:28:03,200 --> 00:28:05,600 Speaker 1: Thank you John six thirty seven on Wall Street. Time 530 00:28:05,640 --> 00:28:07,600 Speaker 1: to take a look at stocks, some of the names 531 00:28:07,640 --> 00:28:09,879 Speaker 1: moving in the pre market and apparently the box office 532 00:28:09,920 --> 00:28:13,320 Speaker 1: with Bloomberg Radio and TV markets correspondent Crety GOOFDA based 533 00:28:13,320 --> 00:28:16,000 Speaker 1: on what's on your early morning list. Good morning Creaty, 534 00:28:16,200 --> 00:28:18,480 Speaker 1: Good morning Nathan. Let's start off with the question, have 535 00:28:18,600 --> 00:28:22,400 Speaker 1: you seen the DC League of super Pets? I don't 536 00:28:22,400 --> 00:28:24,639 Speaker 1: know what the DC League of super Pets is? You know, 537 00:28:24,760 --> 00:28:27,879 Speaker 1: I didn't either until I looked at Warner Brothers Discovery 538 00:28:27,920 --> 00:28:31,560 Speaker 1: stock w b D of one percent. Don't worry, it 539 00:28:31,560 --> 00:28:34,600 Speaker 1: all comes full circle. It wasn't a random question. This 540 00:28:34,640 --> 00:28:37,440 Speaker 1: is a movie. It's an animated family film from Warner Brothers. 541 00:28:37,520 --> 00:28:40,640 Speaker 1: It did top a weaker North American box office this weekend, 542 00:28:40,640 --> 00:28:44,280 Speaker 1: twenty three million dollars in its opening weekend across four 543 00:28:44,320 --> 00:28:47,320 Speaker 1: thousand domestic cinemas. This is huge for Warner Brothers. Is 544 00:28:47,320 --> 00:28:49,680 Speaker 1: this looks like it got quite a bit. And of course, 545 00:28:49,680 --> 00:28:51,280 Speaker 1: as we know, we've talked about this a MC a 546 00:28:51,320 --> 00:28:54,080 Speaker 1: lot when they have a big movie release, for example 547 00:28:54,160 --> 00:28:56,560 Speaker 1: Spider Man No Way Home and you saw AMC stock rally. 548 00:28:56,600 --> 00:28:59,160 Speaker 1: It's a similar story here with Warner Brothers at Discovery. 549 00:28:59,200 --> 00:29:01,240 Speaker 1: So nevertheless, del you b D is one of your 550 00:29:01,280 --> 00:29:05,520 Speaker 1: pre market movers up here up about one percent this morning, Nathan. Alright, 551 00:29:05,600 --> 00:29:08,800 Speaker 1: so it's a movie, I guess, is what we're from 552 00:29:08,840 --> 00:29:11,600 Speaker 1: that all right? So what else is high flying this morning? 553 00:29:12,160 --> 00:29:15,760 Speaker 1: High flying? What a clever, clever word play. Boeing is 554 00:29:15,760 --> 00:29:17,520 Speaker 1: the one we're gonna look at next. But b A 555 00:29:17,800 --> 00:29:20,520 Speaker 1: is your ticker. The shares are up at this four 556 00:29:20,640 --> 00:29:22,880 Speaker 1: percent and the climbing. So some good news, you know, 557 00:29:22,880 --> 00:29:25,360 Speaker 1: it's usually not something you see from Boeing shares that 558 00:29:25,360 --> 00:29:27,520 Speaker 1: they have been under quite a lot of pressure lately. 559 00:29:27,760 --> 00:29:30,240 Speaker 1: Two bits of good news here. The first part they 560 00:29:30,240 --> 00:29:32,400 Speaker 1: have averted for a few days at least in August 561 00:29:32,400 --> 00:29:35,640 Speaker 1: first strike by twenty five hundred machinists that would have 562 00:29:35,640 --> 00:29:39,640 Speaker 1: crippled it's St. Louis area fighter jet plans. Use regulars 563 00:29:39,680 --> 00:29:42,040 Speaker 1: had to prove the plan to inspect and repair these 564 00:29:42,080 --> 00:29:45,040 Speaker 1: tiny structural flaws in Bowing seven seven dreamliners. That's the 565 00:29:45,080 --> 00:29:48,400 Speaker 1: second part of the good news. That's a major milestone 566 00:29:48,640 --> 00:29:53,360 Speaker 1: towards resuming deliveries that really haven't gone anywhere since late 567 00:29:54,120 --> 00:29:57,480 Speaker 1: So bonus number one is that August first strike it 568 00:29:57,480 --> 00:29:59,920 Speaker 1: looks like it is delayed. And the bonus number two 569 00:30:00,280 --> 00:30:02,680 Speaker 1: is that those U s regulators did approve the plans 570 00:30:02,720 --> 00:30:05,320 Speaker 1: to inspect a little bit of regulatory help from there 571 00:30:05,360 --> 00:30:07,480 Speaker 1: as well. Nevertheless, be a is your Taker up about 572 00:30:07,520 --> 00:30:10,040 Speaker 1: four percent this morning, and also keep in mind that 573 00:30:10,040 --> 00:30:12,640 Speaker 1: those deliveries are really important when it comes to bowing 574 00:30:12,920 --> 00:30:15,560 Speaker 1: kind of building back up their backlog. Remember, they've had 575 00:30:15,560 --> 00:30:17,480 Speaker 1: a lot of tensions with this kind of covid era, 576 00:30:17,800 --> 00:30:20,120 Speaker 1: so to have those shares higher is once again a 577 00:30:20,240 --> 00:30:22,400 Speaker 1: very big deal. Nathan, I'm gonna end here with some 578 00:30:22,480 --> 00:30:25,000 Speaker 1: crypto as we all love to talk about it. You 579 00:30:25,040 --> 00:30:27,840 Speaker 1: do have a Bitcoin dropping under pressure once again, probably 580 00:30:27,880 --> 00:30:29,480 Speaker 1: in line with on the risk sentiment you're seeing in 581 00:30:29,520 --> 00:30:32,080 Speaker 1: stocks that are you commodities as well, but as taking 582 00:30:32,120 --> 00:30:34,880 Speaker 1: with it down. Some of these crypto stocks ride blockchain, 583 00:30:34,920 --> 00:30:37,800 Speaker 1: for example, the minor r IoT down three point seven. 584 00:30:38,760 --> 00:30:40,520 Speaker 1: He also had the likes of coin based c o 585 00:30:40,680 --> 00:30:43,960 Speaker 1: I n is Your Taker down one percent, Nathan, that's 586 00:30:44,000 --> 00:30:47,200 Speaker 1: something you're seeing across the crypto complex this morning. All right, 587 00:30:47,200 --> 00:30:50,080 Speaker 1: Bloomberg Radio and TV Markets correspondent pretty gooped up with 588 00:30:50,200 --> 00:30:52,200 Speaker 1: us as we get ready to kick off a new 589 00:30:52,200 --> 00:30:55,200 Speaker 1: trading month, or watching futures move a touch lower. We 590 00:30:55,240 --> 00:30:58,960 Speaker 1: have SMP futures right now down eight points down, Futures down, 591 00:30:59,640 --> 00:31:03,320 Speaker 1: that's the will changed. Nasdaq futures down thirty points to 592 00:31:03,400 --> 00:31:05,880 Speaker 1: drop about a quarter of one percent. Ten. Your treasury 593 00:31:05,960 --> 00:31:08,920 Speaker 1: is down to thirty seconds, the yield two point six 594 00:31:09,080 --> 00:31:11,480 Speaker 1: five and the yield on the two year right now 595 00:31:11,960 --> 00:31:17,200 Speaker 1: two point eight nine percent. You're listening to Bloomberg Daybreak 596 00:31:22,520 --> 00:31:25,400 Speaker 1: Bloomberg eleventh three Weather. We're expecting mostly cloudy afternoon with 597 00:31:25,440 --> 00:31:27,560 Speaker 1: a high near eighty, but we'll be back near nine 598 00:31:27,760 --> 00:31:31,320 Speaker 1: tomorrow with a risk crafting new showers, thundershowers, sunny near 599 00:31:31,440 --> 00:31:37,760 Speaker 1: ninety for Wednesday. Right now sixty nine in Central Park markets. 600 00:31:37,880 --> 00:31:40,959 Speaker 1: Headlines and breaking news twenty four hours a day at 601 00:31:40,960 --> 00:31:44,880 Speaker 1: Bloomberg dot Com, the Bloomberg Business and at Bloomberg Quicktake. 602 00:31:45,160 --> 00:31:54,480 Speaker 1: This is a Bloomberg Business lash. Hey, good morning, I'm 603 00:31:54,560 --> 00:31:57,760 Speaker 1: kared Moscow futures are lower this morning. We go to 604 00:31:57,800 --> 00:32:00,400 Speaker 1: the first word breaking news, dask for today's morning and call, 605 00:32:00,520 --> 00:32:05,160 Speaker 1: and here's Tatiana darry A, Tatiana, good morning, Good morning, Karen. 606 00:32:05,200 --> 00:32:07,560 Speaker 1: Like you said, Futures in the red today, with Dove 607 00:32:07,600 --> 00:32:10,680 Speaker 1: futures off by twenty eight points, their SMPS down nine 608 00:32:10,760 --> 00:32:13,920 Speaker 1: and nas Jack down thirty three days tenure yield up 609 00:32:13,960 --> 00:32:16,760 Speaker 1: about a basis point to two spot sixty six percent, 610 00:32:17,080 --> 00:32:19,920 Speaker 1: Oil is down to and Bitcoin is lower for a 611 00:32:20,040 --> 00:32:23,120 Speaker 1: second session. On the economic front, today, the final reading 612 00:32:23,120 --> 00:32:26,560 Speaker 1: for S and P Global Manufacturing p m A and 613 00:32:26,680 --> 00:32:30,680 Speaker 1: July's I SAM Manufacturing at ten in early trading. Warner 614 00:32:30,720 --> 00:32:33,760 Speaker 1: Brothers up one percent after its new movies Super Pets, 615 00:32:33,840 --> 00:32:36,840 Speaker 1: topped the box office this weekend, and Boeing is up 616 00:32:36,880 --> 00:32:40,160 Speaker 1: three after regulators approved some tweaks to its seven eighties 617 00:32:40,160 --> 00:32:43,600 Speaker 1: seven Dreamliner and the company managed to avoid a strike. Today. 618 00:32:44,320 --> 00:32:48,560 Speaker 1: Regarding earnings, diagnostics provider Perking Elmer boosted as guidance beating 619 00:32:48,720 --> 00:32:52,240 Speaker 1: estimates and wrapping things up. Target was raised to overweight 620 00:32:52,280 --> 00:32:55,080 Speaker 1: at Wells Fargo, and the startup price was boosted at 621 00:32:55,160 --> 00:32:58,640 Speaker 1: Jeffreys Live from the First Breaking News Desk. I'm Tatiana 622 00:32:58,720 --> 00:33:01,640 Speaker 1: Daria Karen alright, Danna, thank you, and here live breaking 623 00:33:01,640 --> 00:33:04,800 Speaker 1: news over a Bloomberg catch squawk on your terminal squ 624 00:33:04,960 --> 00:33:07,320 Speaker 1: a w K and that's a Bloomberg business flash. Now 625 00:33:07,360 --> 00:33:09,600 Speaker 1: here's Michael Barr with more on what's going on around 626 00:33:09,600 --> 00:33:12,240 Speaker 1: the world. Michael, Karen, thank you very much. How Speaker 627 00:33:12,320 --> 00:33:15,680 Speaker 1: Nancy Pelosi is in Singapore, kicking off er Asian tour, 628 00:33:16,040 --> 00:33:19,320 Speaker 1: has questions swirled over a possible stop in Taiwan that 629 00:33:19,400 --> 00:33:24,400 Speaker 1: has fueled tension with Beijing. Foreign Ministry spokespersons said Pelosi 630 00:33:24,600 --> 00:33:28,600 Speaker 1: will call on Singapore's President and Prime Minister. Bill Russell, 631 00:33:28,720 --> 00:33:31,960 Speaker 1: who was the cornerstone of the Boston Celtics basketball dynasty 632 00:33:32,200 --> 00:33:34,640 Speaker 1: in the nineteen fifties and sixties, has died. He was 633 00:33:34,720 --> 00:33:38,360 Speaker 1: eight and Rick Senson won the controversial Saudi Back Lived 634 00:33:38,400 --> 00:33:43,280 Speaker 1: Golf's Bedminster Invitational at former President Trump's golf course. In baseball, 635 00:33:43,320 --> 00:33:46,600 Speaker 1: the Yankees lost to the Royals eight six. The Mets 636 00:33:46,640 --> 00:33:50,000 Speaker 1: won their sixth right, beating the Marlins nine three. The 637 00:33:50,120 --> 00:33:53,360 Speaker 1: Red Sox down the Brewers. The Cardinals shut out the 638 00:33:53,440 --> 00:33:57,800 Speaker 1: Nationals five zip. The Reds beat the Orioles, the White 639 00:33:57,840 --> 00:34:01,320 Speaker 1: Sox beat the A's, the Giants on the Cups. Global 640 00:34:01,360 --> 00:34:03,840 Speaker 1: News twenty four hours a day on air and on 641 00:34:03,920 --> 00:34:07,680 Speaker 1: Bloomberg Quick Tank, powered by more than seven under journalist 642 00:34:07,760 --> 00:34:10,440 Speaker 1: and analysts more than twenty countries. I'm Michael bar this 643 00:34:10,440 --> 00:34:13,280 Speaker 1: is Bloomberg Careing. Alright, Michael, thank you. At A sixty 644 00:34:13,360 --> 00:34:15,719 Speaker 1: nine on Wall Street returned to news and Science and 645 00:34:15,760 --> 00:34:19,120 Speaker 1: Technology Now with the Bloomberg n j I T STEM Report. 646 00:34:19,480 --> 00:34:22,120 Speaker 1: It is brought to you by New Jersey Institute of Technology, 647 00:34:22,200 --> 00:34:25,279 Speaker 1: ranked top fifty national public university by US News and 648 00:34:25,320 --> 00:34:28,480 Speaker 1: World Report, and top ten in the nation for engineering 649 00:34:28,520 --> 00:34:30,759 Speaker 1: by Money dot Com. Learn more at n j I 650 00:34:30,840 --> 00:34:33,359 Speaker 1: T dot E d U and Here's just making news 651 00:34:33,360 --> 00:34:37,319 Speaker 1: in science, Technology, engineering and math. Tesla has signed new 652 00:34:37,360 --> 00:34:40,640 Speaker 1: long term deals with two of its existing Chinese battery 653 00:34:40,680 --> 00:34:44,480 Speaker 1: materials suppliers, the latest move by automakers to secure supplies 654 00:34:44,480 --> 00:34:48,480 Speaker 1: amid intensifying competition. The deals are for chemical cocktails that 655 00:34:48,520 --> 00:34:52,000 Speaker 1: are key to storing energy and lithium ion batteries. And 656 00:34:52,040 --> 00:34:57,400 Speaker 1: Indonesia has tasked its state telecom conglomerate pt Telecom with 657 00:34:57,560 --> 00:35:01,279 Speaker 1: creating a metaverse to promote local firms that compete with 658 00:35:01,320 --> 00:35:05,680 Speaker 1: foreign services. It launched Medanesia, a virtual world meant to 659 00:35:05,719 --> 00:35:09,400 Speaker 1: help Southeast Asia's the largest economy, adapted the fast changing 660 00:35:09,440 --> 00:35:12,799 Speaker 1: online landscape. It's the nation's the latest effort to take 661 00:35:12,840 --> 00:35:15,920 Speaker 1: back control of the Internet from Google and Facebook. And 662 00:35:15,960 --> 00:35:18,919 Speaker 1: remnants of a massive Chinese rocket fell back to Earth 663 00:35:18,960 --> 00:35:22,000 Speaker 1: over the Indian Ocean on Saturday, leading US space officials 664 00:35:22,000 --> 00:35:25,680 Speaker 1: to again criticize China's lack of information sharing about its 665 00:35:25,680 --> 00:35:29,040 Speaker 1: boosters reentering the atmosphere, and as the Bloomberg and j 666 00:35:29,160 --> 00:35:31,920 Speaker 1: I t Stem report Nathan, all right, Karen, thank you. 667 00:35:31,960 --> 00:35:34,480 Speaker 1: We are live from the Bloomberg Interactive Broker Studios, where 668 00:35:34,480 --> 00:35:36,520 Speaker 1: it's six fifty on Wall Street and ounce. Time to 669 00:35:36,600 --> 00:35:39,560 Speaker 1: check what's going on in d C. Where Democratic Senator 670 00:35:39,640 --> 00:35:43,040 Speaker 1: Joe Manchin made the rounds on every Sunday political show 671 00:35:43,440 --> 00:35:46,239 Speaker 1: to pitch his tax and energy deal with Majority leader 672 00:35:46,320 --> 00:35:49,160 Speaker 1: Chuck Schumer. If I had a chance to fix the 673 00:35:49,280 --> 00:35:52,680 Speaker 1: energy policy of the United States of America and I 674 00:35:52,719 --> 00:35:54,719 Speaker 1: didn't do it, shame on me. If I had the 675 00:35:54,800 --> 00:35:57,080 Speaker 1: chance to reduce the amount of inflation in people in 676 00:35:57,080 --> 00:35:59,920 Speaker 1: West Virginia and across the country or enduring right now, 677 00:36:00,040 --> 00:36:02,719 Speaker 1: shame on me. That was Senator Mansion on CBSS Face 678 00:36:02,800 --> 00:36:05,560 Speaker 1: the Nation, But a Wharton School analysis suggests the bill 679 00:36:05,560 --> 00:36:09,320 Speaker 1: would have little impact on inflation. Mentioned tells Fox News Sunday, 680 00:36:09,400 --> 00:36:12,520 Speaker 1: he respectfully disagrees. We paid down three hundred billion dollars 681 00:36:12,520 --> 00:36:15,560 Speaker 1: of taxes and to debt reduction. Okay, three hundred We've 682 00:36:15,560 --> 00:36:18,239 Speaker 1: never done that. In twenty five years. We basically have 683 00:36:18,920 --> 00:36:22,399 Speaker 1: taken two billion dollars in savings that reduced the drug 684 00:36:22,440 --> 00:36:25,120 Speaker 1: prices for Americans across the board, and asked whether Democrat 685 00:36:25,239 --> 00:36:28,759 Speaker 1: Kirsten Cinemas on board. Mansion told ABC's This Week, she 686 00:36:28,800 --> 00:36:30,840 Speaker 1: has an awful lot in this piece of legislation, the 687 00:36:30,840 --> 00:36:33,840 Speaker 1: way it's been designed, as far as the reduction of Medicare, 688 00:36:33,960 --> 00:36:37,759 Speaker 1: letting Medicare go ahead and negotiate for lower drug prices, 689 00:36:37,800 --> 00:36:40,960 Speaker 1: She's very involved in that. Also making news, roadblocks in 690 00:36:40,960 --> 00:36:43,319 Speaker 1: the Senate over a bill that would expand benefits for 691 00:36:43,400 --> 00:36:47,279 Speaker 1: war veterans exposed to toxic burn pits. Republicans pulled their 692 00:36:47,320 --> 00:36:50,560 Speaker 1: support over what they say is a budgetary gimmick. Comedian 693 00:36:50,680 --> 00:36:54,200 Speaker 1: John Stewart advocated for the bill on NBC's Meet the Press. 694 00:36:54,200 --> 00:36:58,080 Speaker 1: The bill that Ted Cruise voted yes had the exact 695 00:36:58,120 --> 00:37:02,600 Speaker 1: same funding provisions as the bill he voted no. It's 696 00:37:02,640 --> 00:37:06,720 Speaker 1: the exact same bill. None of this makes any sense. 697 00:37:07,080 --> 00:37:10,040 Speaker 1: Meet the Press this Week, Fox News Sunday, and Face 698 00:37:10,080 --> 00:37:12,959 Speaker 1: the Nation can all be heard every Sunday right here 699 00:37:13,000 --> 00:37:15,880 Speaker 1: on Bloomberg Radio. And now we're joined by Bloomberg Government 700 00:37:15,880 --> 00:37:20,480 Speaker 1: reporter Emily Wilkins. After Senator Mansion made the rounds on 701 00:37:20,560 --> 00:37:25,799 Speaker 1: the Show's Emily what's next for the Inflation Reduction bill? 702 00:37:27,120 --> 00:37:30,080 Speaker 1: So I think what everyone is now all eyes are 703 00:37:30,239 --> 00:37:33,880 Speaker 1: on Kirsten Sema and Manson's comments really hit home the 704 00:37:33,920 --> 00:37:36,719 Speaker 1: fact that she has not yet decided. Her office said 705 00:37:36,760 --> 00:37:39,319 Speaker 1: that she's still looking at the bill, that she's not 706 00:37:39,400 --> 00:37:41,520 Speaker 1: going to be able to make any sort of call 707 00:37:41,640 --> 00:37:44,239 Speaker 1: on what she will or will not support until this 708 00:37:44,280 --> 00:37:48,200 Speaker 1: week at the earliest. And this could really mean, I mean, 709 00:37:48,239 --> 00:37:50,280 Speaker 1: this is the thing, Nathan. I mean, we've all talked about, 710 00:37:50,320 --> 00:37:54,200 Speaker 1: you know, President Joe Mansion moved about that, but really 711 00:37:54,200 --> 00:37:56,600 Speaker 1: in this Senate, it's anyone who could wind up sinking 712 00:37:56,600 --> 00:37:59,880 Speaker 1: a piece of legislation. And certainly we could see Kristen's 713 00:38:00,560 --> 00:38:04,360 Speaker 1: completely and democratic hopes of getting anything in this package done. 714 00:38:04,719 --> 00:38:06,920 Speaker 1: If she decides that she's not going to be able 715 00:38:06,960 --> 00:38:09,759 Speaker 1: to vote for it and there's not able to compromise, well, 716 00:38:09,800 --> 00:38:14,319 Speaker 1: what's the indication on where Senator Cinema could land on this? 717 00:38:14,560 --> 00:38:18,000 Speaker 1: Where has she stood when it comes to the kinds 718 00:38:18,000 --> 00:38:21,320 Speaker 1: of tax provisions that are in this bill, the closing 719 00:38:21,440 --> 00:38:25,560 Speaker 1: of loopholes, right, So, I mean that's sort of always 720 00:38:25,560 --> 00:38:29,399 Speaker 1: been her big concern, and that's where we saw that 721 00:38:29,480 --> 00:38:34,560 Speaker 1: she had concerns previously. There's that carried the interest tax break. 722 00:38:34,680 --> 00:38:37,319 Speaker 1: It does tend to benefit hedge funds a lot of 723 00:38:37,360 --> 00:38:40,319 Speaker 1: Wall Street folks, and in the past she has been 724 00:38:40,360 --> 00:38:44,200 Speaker 1: opposed to closing that loophole. Um and so that's something 725 00:38:44,239 --> 00:38:46,640 Speaker 1: that is currently in the bill. It's something that Mansion 726 00:38:46,680 --> 00:38:48,520 Speaker 1: has said that he wants in the bill because it 727 00:38:48,560 --> 00:38:52,239 Speaker 1: does help raise revenue UM And we don't yet know 728 00:38:52,480 --> 00:38:56,680 Speaker 1: where Senator Cinema stands on this. Mansion uh noted on 729 00:38:57,360 --> 00:39:00,279 Speaker 1: the TV shows the Sunday that there are lot of 730 00:39:00,320 --> 00:39:02,160 Speaker 1: things in this bill that would help out her and 731 00:39:02,200 --> 00:39:05,240 Speaker 1: help out her constituents, I particularly when you look at Medicare, 732 00:39:05,280 --> 00:39:08,359 Speaker 1: when you look at lowering drug pricing UM. But at 733 00:39:08,360 --> 00:39:10,280 Speaker 1: this point, I think it really just is a giant 734 00:39:10,360 --> 00:39:12,600 Speaker 1: question mark exactly how she's going to come down on this. 735 00:39:13,040 --> 00:39:15,640 Speaker 1: Are there question marks as well, Emily about whether every 736 00:39:15,719 --> 00:39:17,919 Speaker 1: provision that's in this bill is going to stand muster 737 00:39:18,040 --> 00:39:20,239 Speaker 1: with the Senate Parliamentary and that everything is going to 738 00:39:20,320 --> 00:39:23,839 Speaker 1: be able to pass with just fifty votes from the Democrats. 739 00:39:24,800 --> 00:39:27,600 Speaker 1: There are definitely, I mean, with the parliamentary and you 740 00:39:27,640 --> 00:39:30,200 Speaker 1: never quite know. I think for this one, there were 741 00:39:30,200 --> 00:39:33,120 Speaker 1: certainly some provisions that raise a lot of question marks, 742 00:39:33,160 --> 00:39:35,399 Speaker 1: and you know, people are like, well, I'm not sure 743 00:39:35,440 --> 00:39:37,239 Speaker 1: that that's actually going to go through. I'm thinking of 744 00:39:37,320 --> 00:39:40,600 Speaker 1: some of the immigration provisions they initially tried. But I 745 00:39:40,640 --> 00:39:42,880 Speaker 1: think this time around, a lot of the stuff that 746 00:39:42,920 --> 00:39:47,400 Speaker 1: they're proposing it does have that clear budgetary impact. Um. 747 00:39:47,440 --> 00:39:49,960 Speaker 1: It was a lot of this stuff was kind of 748 00:39:50,000 --> 00:39:52,840 Speaker 1: clearing hurdles the last time around that we were looking 749 00:39:52,960 --> 00:39:55,759 Speaker 1: at a major spending package, and so I think there's 750 00:39:55,760 --> 00:39:58,279 Speaker 1: a lot of confidences that stuff will go through. But 751 00:39:58,400 --> 00:40:01,360 Speaker 1: of course, you know, things it written differently on the 752 00:40:01,360 --> 00:40:04,439 Speaker 1: parliamentarian does have the final say, and speaking of things 753 00:40:04,440 --> 00:40:07,280 Speaker 1: getting written differently, I guess that's part of what happened 754 00:40:07,280 --> 00:40:10,239 Speaker 1: with this burn pit bill that looked like it was 755 00:40:10,239 --> 00:40:12,399 Speaker 1: going to sail through the Senate now has run into 756 00:40:12,440 --> 00:40:15,160 Speaker 1: some issues. Can you tell us more about that. Yeah, 757 00:40:15,200 --> 00:40:17,200 Speaker 1: So there are two kinds of different things going on 758 00:40:17,280 --> 00:40:20,560 Speaker 1: with this bill. Number one, there are some Republicans who 759 00:40:20,560 --> 00:40:24,160 Speaker 1: are concerned about the language um because it does create 760 00:40:24,239 --> 00:40:28,000 Speaker 1: an additional four hundred billion dollars in discretionary spending that's 761 00:40:28,040 --> 00:40:31,520 Speaker 1: not related to veterans, and Republicans say they have a 762 00:40:31,520 --> 00:40:35,880 Speaker 1: problem with that. That's in Nathan eighty four senators total. 763 00:40:35,960 --> 00:40:38,960 Speaker 1: So a number of Republicans voted for this bill just 764 00:40:39,000 --> 00:40:41,160 Speaker 1: a couple of weeks ago, and then a number of 765 00:40:41,200 --> 00:40:44,239 Speaker 1: senators changed their mind, not because of anything within the 766 00:40:44,239 --> 00:40:49,279 Speaker 1: bill specifically, but because um Democrats announced that they were 767 00:40:49,280 --> 00:40:53,200 Speaker 1: moving forward with their reconciliation plan, and that's certainly something 768 00:40:53,200 --> 00:40:55,840 Speaker 1: Republicans did not want to see happening. At one point, 769 00:40:55,840 --> 00:41:00,720 Speaker 1: Senator Mitch McConnell was leveraging his this republic plicant support 770 00:41:00,800 --> 00:41:04,000 Speaker 1: of the Chips Bill, and it was very interesting timing. 771 00:41:04,120 --> 00:41:07,759 Speaker 1: You saw, you know, McConnell back off say, okay, Republicans 772 00:41:07,760 --> 00:41:10,239 Speaker 1: will help Democrats with Chips because it doesn't seem like 773 00:41:10,239 --> 00:41:13,560 Speaker 1: you're going to get a reconciliation package. The Chips Bill 774 00:41:13,640 --> 00:41:16,319 Speaker 1: passes the Senate, and then just a few hours later, 775 00:41:16,760 --> 00:41:19,000 Speaker 1: Schumer and Anson are like, actually, we do have a 776 00:41:19,000 --> 00:41:21,640 Speaker 1: deal on reconciliation. And then so this vote took place 777 00:41:21,719 --> 00:41:24,439 Speaker 1: shortly after Sure says he's gonna be bringing it back 778 00:41:24,480 --> 00:41:27,080 Speaker 1: to the floor. We're going to see an amendment being 779 00:41:27,120 --> 00:41:30,360 Speaker 1: offered to address some of that of four hundred billion 780 00:41:30,480 --> 00:41:34,560 Speaker 1: in discretionaries spending, and the bill is expecting to pass 781 00:41:34,719 --> 00:41:37,000 Speaker 1: this week when it comes back to the floor. You've 782 00:41:37,040 --> 00:41:39,120 Speaker 1: actually had a group of veterans that have camped out 783 00:41:39,200 --> 00:41:42,799 Speaker 1: on the Senate steps, failing to stay there in protests 784 00:41:43,080 --> 00:41:47,200 Speaker 1: until this bill addressing burn pits passes just thirty seconds left. Emily, 785 00:41:47,239 --> 00:41:49,759 Speaker 1: I know you're watching Speaker Pelosi's trip through Asia. Do 786 00:41:49,800 --> 00:41:52,440 Speaker 1: we have any further indication on whether she is planning 787 00:41:52,440 --> 00:41:55,799 Speaker 1: to go to Taiwan? So we did report last week 788 00:41:55,800 --> 00:41:59,120 Speaker 1: that Speaker Pelosi was planning to go to Taiwan. We've 789 00:41:59,160 --> 00:42:01,759 Speaker 1: now seen similar are reporting from a number of other 790 00:42:01,880 --> 00:42:04,080 Speaker 1: outlets saying that she's planned on going there, But at 791 00:42:04,080 --> 00:42:06,959 Speaker 1: this point her trip of Tenerary does not include any 792 00:42:06,960 --> 00:42:10,839 Speaker 1: specific mention of Taiwan. Of course, the Speaker has emphasized 793 00:42:10,880 --> 00:42:13,160 Speaker 1: that she does not talk about trips before she goes 794 00:42:13,200 --> 00:42:17,239 Speaker 1: on them because of security and safety concerns. Certainly those 795 00:42:17,280 --> 00:42:21,160 Speaker 1: concerns must be heightened for something like Taiwan, where there 796 00:42:21,239 --> 00:42:26,200 Speaker 1: has where Beijing has promised a strong and immediate retribution 797 00:42:26,320 --> 00:42:28,799 Speaker 1: should she go. Thanks, Emily, always good to have you 798 00:42:28,800 --> 00:42:31,480 Speaker 1: with us. Bloomberg Government reporter Emily Wilkins with us from 799 00:42:31,520 --> 00:42:34,720 Speaker 1: the nation's capital. SMP Future is now down nine points 800 00:42:34,719 --> 00:42:38,080 Speaker 1: down futures down twenty four Nasdaq futures lower by twenty 801 00:42:38,160 --> 00:42:41,720 Speaker 1: seven points. Bloomberg Surveillance is next, with Tom Keene, Jonathan Farrell, 802 00:42:41,719 --> 00:42:45,560 Speaker 1: and Lisa Abramowitz for Karen Moscow. I'm Nathan Hagar, and 803 00:42:45,760 --> 00:42:47,560 Speaker 1: this is Bloomberg