Speaker 1: Live from the Bloomberg and directed Burger Studios. Is Bloomberg
Speaker 1: Daybreak for Friday, July two. Coming up the shower. China's
Speaker 1: economy grows at the slowest pace since the onset of
Speaker 1: COVID bank Ernies continue with City Group and while Spargo
Speaker 1: reporting key economic data. This morning is the debate over
Speaker 1: fed policy continues, and President Biden's Nitaly's trip takes center
Speaker 1: stage in Saudi Arabia. New York City Council approves abortion
Speaker 1: rights measures. Plus Governor Hawkel allows millions of dollars to
Speaker 1: fight gun violence. On Michael bar More Ahead, I'm John
Speaker 1: Stash and sports easy win for the Mets, extra any
Speaker 1: loss for the Yankees, and they're playing the second round
Speaker 1: of the Open Championship in Scotland. That's all trained ahead
Speaker 1: on Bloomberg Daybreak on Bloomberg eleven, Free on New York,
Speaker 1: Bloomberg N one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nine
Speaker 1: team and around the world on Bloomberg Radio dot com
Speaker 1: and via the Bloomberg Business App. Good morning, I'm Nathan Hagar,
Speaker 1: and I'm Karen, Moscow and US DOT Index futures are
Speaker 1: rising this morning. We are coming up to five o
Speaker 1: one on Wall Street, and we check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SNP future
Speaker 1: is up about ten points down, futures up sixty eight,
Speaker 1: and nasday futures up thirties six. The decks in Germany's
Speaker 1: up one point seven percent. Ten year treasury up ten
Speaker 1: thirty seconds, held two point nine two percent. They yield
Speaker 1: on the two year three point one zero percent. Nine
Speaker 1: X screwed oil is up a quarter per cent, or
Speaker 1: twenty four cents at ninety six dollars two cents a barrel,
Speaker 1: and the euro one point zero zero three zero against
Speaker 1: the dollar. Nathan Karen, we begin this morning with economic
Speaker 1: news across the globe. Our first stop is Asia, where
Speaker 1: data show China's economic growth slowed sharply in the second quarter.
Speaker 1: Let's begin our team coverage with Bloomberg Daybreak Asia anchor
Speaker 1: Brian Curtis in Hong Kong. It's the slowest pace since
Speaker 1: the pandemic began back in the economy actually contracted two
Speaker 1: point six percent quarter on quarter. It shows the price
Speaker 1: of China's dynamic zero COVID policies, but trends are improving.
Speaker 1: Retail sales recovered somewhat in June, gaining three point one
Speaker 1: percent year on year, industrial production of three point nine percent,
Speaker 1: mostly in line, and fixed asset investment jumping six point
Speaker 1: one percent. That said, property prices fell for a tenth
Speaker 1: consecutive month, slipping zero point one percent from May in
Speaker 1: Hong Kong, Brand Curtis Bloomberg Day Break A right, Brian,
Speaker 1: thank you well. In Europe today, our focus is political
Speaker 1: turmoil in Italy. Prime Minister Mario drags offer to resign
Speaker 1: has been rejected by the country's president. That leaves the
Speaker 1: door open for a solution that would have Draggy leading
Speaker 1: the government until elections next year begin More from Bloomberg
Speaker 1: Euro Area economist David Powell. The drama is probably going
Speaker 1: to be prolonged in the sense that even if we
Speaker 1: get beyond next week and is able to uh command
Speaker 1: to quit support in parliament, Italians have to go to
Speaker 1: the polls again before next June, and drug has already
Speaker 1: said he won't stand um. So this isn't going to
Speaker 1: be going away. Even if there is a kind of
Speaker 1: short term fix something we're gonna have to be watching
Speaker 1: for quite a while. Plumbers David Powell says the chaos
Speaker 1: was triggered when the Five Star Movement, the second largest party,
Speaker 1: and Druggish Alliance boycott it a confidence vote in the
Speaker 1: Italian Senate. Well back here in the US care and
Speaker 1: the debate continues on whether the FED will high rates
Speaker 1: by seventy five basis points or one percent later this month.
Speaker 1: FED Governor Christopher Waller addressed the issue at an event
Speaker 1: yesterday in Idaho. I fully support another seventy five basis
Speaker 1: for an increase. However, my base case for July depends
Speaker 1: on incoming data. We have important data releases on retail sales,
Speaker 1: housing inflation expectations coming in before the next meet. FED
Speaker 1: Governor Waller says economic ratings will be key, and there's
Speaker 1: more on the way today. The FED will be looking
Speaker 1: at two ratings in particular when it comes to setting policy,
Speaker 1: at least as a case for Cleveland FED President Lorettamester.
Speaker 1: There's more data coming out than I'm going to be
Speaker 1: very attuned to. We have retail sales coming out and
Speaker 1: we have a very important University of Michigan report and
Speaker 1: of course that's important because it has placed Expectations measure UM,
Speaker 1: a consumer measure in there. And Cleveland Fed Presidentmester speaking
Speaker 1: with the Bloomberg We get the retail sales figure today
Speaker 1: at eight thirty am Well Street Time, followed by University
Speaker 1: of Michigan Sentiment at ten oh. Let's turn from the
Speaker 1: economy and out of corporate earnings, Karen, because banks are
Speaker 1: front and center once again after yesterday's disappointing results from JP,
Speaker 1: Morgan Chase and Morgan Stanley. Bloomberg's Jeff Bellinger has more.
Speaker 1: The results from City Group and Wells Fargo will be
Speaker 1: the highlights this morning. Bloomberg Intelligence a City Group likely
Speaker 1: benefited from fixed income trading strength, but a slide in
Speaker 1: banking fees may have offset the gains. Consumers were still
Speaker 1: generally healthy, and that should have helped city's credit card business.
Speaker 1: Wells Fargo is still dealing with the fallout of the
Speaker 1: saga that started in twenty sixteen. When the bank was
Speaker 1: fine for its sales practices. B I s, as well
Speaker 1: as Fargo's profit and returns, could move higher. The feds
Speaker 1: constraint on its balance sheet remains a key hurdle. Jeff
Speaker 1: Bullinger Bloomberg Day Break, Right, Jeff, thank you. Meantime, banks
Speaker 1: are on the hook for a big bill from the government.
Speaker 1: Financial regulators are poised to extract a total of about
Speaker 1: one billion dollars in fines from the five biggest US
Speaker 1: investment banks. Have the story from Bloomberg's Doug Christener, it's
Speaker 1: the price for failing to monitor employee use of unauthorized
Speaker 1: messaging apps for communications involving bank business. In its earnings report,
Speaker 1: Morgan Stanley said it expects to pay a two hundred
Speaker 1: million dollar fine that's identical to what JP Morgan Chase paid,
Speaker 1: and it appears to be the figure being used as
Speaker 1: a benchmark. We are told City Group, Goldman Sachs, and
Speaker 1: Bank of America are all in advanced talks with regulators
Speaker 1: and each may pay a similar amount. These discussions have
Speaker 1: not yet been concluded in the penalties could still change.
Speaker 1: In New York On Christener Bloomberg Gay Break, Doug, Thanks,
Speaker 1: Let's turn to politics now, where foreign relations are in focus.
Speaker 1: It's an important day on President Biden's trip to the
Speaker 1: Middle East as he makes his way to Saudi Arabia Tonight,
Speaker 1: Bloomberg's and Marie Hordern is there and brings us the
Speaker 1: latest from Jedda. President Biden will be meeting with Palestinian
Speaker 1: Authority mood of Boss today before he had over to
Speaker 1: Saudi Arabia. This is really going to be the pivotal
Speaker 1: moment of the trip and a controversial one, especially for
Speaker 1: many within the Democratic Party. President Biden is trying to
Speaker 1: bring the price of gasoline down and need the Kingdom's
Speaker 1: help to get more barrels on the market. But of
Speaker 1: course when he was campaigning, he had vowed to make
Speaker 1: the Kingdom of Briah his administrations, that he would only
Speaker 1: deal directly with the king, and now we know he'll
Speaker 1: be meeting this evening with clown Frience. Mom had been
Speaker 1: Sammon in Jedda, Saudi Arabia and Marie Hordern Boomberg, Gay
Speaker 1: break and Marie thank you. Meantime, back in Washington, Senator
Speaker 1: Joe Mansion's delivered a huge blow the President Biden's economic
Speaker 1: a j and the Democrat told party leaders he would
Speaker 1: not support new spending on climate measures or tax increases.
Speaker 1: Mansion says he will back proposals on healthcare and drug prices.
Speaker 1: SMP futures right now up twelve point, Staff futures up
Speaker 1: ninety three, nastack futures up forty three points. Straight ahead
Speaker 1: your latest local headlines in the check of sports. This
Speaker 1: is Bloomberg five oh seven on Wall Street, seventy four
Speaker 1: degrees in Central Park on an accident on the westbound
Speaker 1: l I E at the Grand Central Parkway. Details coming
Speaker 1: up in traffic. First Michael Barr with war on what's
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The New York City Council has taken
Speaker 1: steps to expand abortion and reproductive care rights. The Council
Speaker 1: passed the package bills, including providing free abortion pills at clinics.
Speaker 1: The New York City Abortion Rights Act also allows people
Speaker 1: seeking abortions from out of state to safely do so.
Speaker 1: New York Governor Kathy Hokel talked about shootings during an
Speaker 1: event in Brooklyn. HOCl announced a new budget allowance of
Speaker 1: over twe million dollars to fight gun violence in the state.
Speaker 1: HOCAL says it would invest in several things, including community
Speaker 1: outreach programs and crime labs investigating shooting statewide. We will
Speaker 1: continue devoting everything we have at our disposal to stop
Speaker 1: this crisis because we are seeing a difference. The governor's
Speaker 1: announcement comes one month after Hocal signed a new gun
Speaker 1: safety bill that banned carrying any firearms into sensitive places,
Speaker 1: including schools and mass transit stations. The Buffalo supermarket that
Speaker 1: was the scene of a deadly mass shooting reopens today.
Speaker 1: There was some debate about possibly shuttering the Top supermarket,
Speaker 1: but this man who lives in the community says he's
Speaker 1: glad that it is reopening because it's the only grocery
Speaker 1: store the community has. We was excited about getting it in.
Speaker 1: Now um have that just taken away from us will
Speaker 1: be more devastations and you know than what we've already
Speaker 1: been through. Yesterday, a federal grand jury and Buffalo returned
Speaker 1: to twenty seven count indictment charge Peyton Gendron with hate
Speaker 1: crimes the suspected shooter. Concern is growing about monkey poks
Speaker 1: in some health experts. About four cases have been identified
Speaker 1: in New York City. This week, the CDC announced several
Speaker 1: efforts to increase access to testing. White House Chief Medical
Speaker 1: Advisor Dr Anthony Founci told ABC the disease is easily treated,
Speaker 1: but should not be ignored. There are vaccines that are
Speaker 1: available to prevent and respond to monkey parks. There are
Speaker 1: anti virals that are available, so we're not in the
Speaker 1: dark about this, although we really must take it seriously.
Speaker 1: Dr Fauci will be on Bloomberg later today at noon.
Speaker 1: Ivana Trump, the first wife of Donald Trump, has died
Speaker 1: in New York City. The police are investigating whether Ms
Speaker 1: Trump fell down the stairs at our Manhattan town house
Speaker 1: on the Upper East Side. Ivana Trump was seventy three
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty dred
Speaker 1: journal list and analyist more than twenty countries. Michael Barne,
Speaker 1: this is Bloomberg, Nathan. Thank you, Michael. Coming up to
Speaker 1: five ten on Wall Street time for the Bloomberg Sports Update.
Speaker 1: Good morning, John Stash, Our morning, Nathan. Second Night in
Speaker 1: the Row or the Yankees and Red's played a game.
Speaker 1: They went ten innings and finished seven six. Last night
Speaker 1: was won one. In the eighth inning, Cincinnati scored three
Speaker 1: off Jonathan low Issaca Yanks tie the game on Eighthenny
Speaker 1: home runs by Aaron Judge and Labor Torres. Reds then
Speaker 1: with three in the tenth off Lucas Littkey and the
Speaker 1: Yanks got two back. Matt Carpenter is eleventh oh run
Speaker 1: in just his sixty eight That fat for the reds
Speaker 1: held on won the series. Yanks have lost four the
Speaker 1: last five. They host the Red Sox tonight. The Socks
Speaker 1: just got swept four straight at Tampa Bay at regularly
Speaker 1: easy win for the Mats eight nothing over the Cubs
Speaker 1: Carlos Carrasco and Trevor Williams. The combined shutout home runs
Speaker 1: for Brandon Nemo and Pete Alonso. Cameron Young is a
Speaker 1: twenty five year old golfer from Westchester. His father is
Speaker 1: the pro at the Sleepy Hollow Club. Young's first of
Speaker 1: a round at an Open Championship was an eight under
Speaker 1: sixty four. At anytime you set foot on that first
Speaker 1: teen year eighteenth greener anywhere, especially on that kind of
Speaker 1: part of the course, UM, there's just no hiding how
Speaker 1: special of the place it is. Um. And it's certainly
Speaker 1: been a goal to get to an Open Championship. Pen
Speaker 1: for my first one to be here, um, it's a
Speaker 1: little bit extra special for me. Lead and today's second around,
Speaker 1: Tiger was on the course now brutal seventy eight yesterday,
Speaker 1: only seven golfers at a higher score. The Utah Jazza
Speaker 1: All Star guard Donovan Mitchell is available in a trade
Speaker 1: that Knicks are interested, but reportedly the Jazz wanted and
Speaker 1: returned four players and six first round draft picks, and
Speaker 1: the Knicks signal John Stashar Bloomberg Sports Okay, John, Thanks.
Speaker 1: Right now, SMP Future is up fourteen points down, Futures
Speaker 1: up a nastac features up forty eight points now. The
Speaker 1: tenure Treasury is up seven thirty seconds yield two point
Speaker 1: nine down. The two year three point one one. This
Speaker 1: is Bloomberg Bloomberg eleven three oh weather. Sunshine in a
Speaker 1: high near eighty five today and tomorrow. Could see some
Speaker 1: late afternoon showers and storms by Sunday, with higher ninety
Speaker 1: by then. Right now seventy four degrees in Central Park. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg
Speaker 1: Quick Tape is a Bloomberg Business Flash, and I'm Karen Moscow.
Speaker 1: Stocks in Europe are gaining. US stock Index Future is
Speaker 1: edging higher, and bonds advancing at the end of a
Speaker 1: week in which markets have been whipp sawed by shifting
Speaker 1: expectations for monetary tightening by the Federal Reserve and worries
Speaker 1: over global economic growth. We check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg U S and
Speaker 1: P futures up about twelve points down futures of eighty
Speaker 1: eight Nasty futures have thirty eight the decks in Germany's
Speaker 1: at one point seven percent. Ten year treasury have eight
Speaker 1: thirty seconds held two point nine two percent. The yield
Speaker 1: on the two year three point one zero percent NIMEX
Speaker 1: screwed oil is a three tens per cent or twenty
Speaker 1: nine cents and ninety six dollars seven cents a barrel
Speaker 1: call max school down to tens per cent or three
Speaker 1: dollars ten cents at seventeen o two seventy announce the
Speaker 1: euro one point zero zero three nine against the dollar
Speaker 1: British pound one point one eight four three and the
Speaker 1: end at one thirty eight point seven six. Looking at
Speaker 1: Bitcoin this morning, I've wanted a third percent is at
Speaker 1: twenty thousand, nine hundred forty six dollars. That's a Bloomberg
Speaker 1: business flash now here's Michael Barr with more on what's
Speaker 1: going on around the world. Michael, good morning, Good morning, Karen.
Speaker 1: President Joe Biden will announce three hundred sixteen million dollars
Speaker 1: in USA for the Palestinians today as he seeks to
Speaker 1: revive US ties with the Palestinian authority. Hospital visit and
Speaker 1: a meeting with the authorities President mak Mudabas. Biden will
Speaker 1: later travel to Saudi Arabia. Ukrainian officials say rush and
Speaker 1: missiles that struck a city in central Ukraine killed at
Speaker 1: least twenty three people and wounded more than a hundred others,
Speaker 1: including children. Dozens are missing. In baseball, the Yankees lost
Speaker 1: to the Royals, the Mets beat the Cubs. The Red
Speaker 1: Sox lost to the Raise, the Nationals lost to the Braves,
Speaker 1: the Giants lost to the Brewers. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than seven hundred journalists analyst more than
Speaker 1: twenty countries. Michael Barr and this is Bloomberg. Nathan. All right, Michael,
Speaker 1: thank you. It is five nineteen on Wall Street Live
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak
Speaker 1: with a lot of economic and political news for investors
Speaker 1: to digest on this Friday morning. So let's bring in
Speaker 1: Simon French to talk more about it all. Chief economists
Speaker 1: at PAM your Gordon, Simon, It's great to speak with you.
Speaker 1: Let's start off with the latest economic data we got
Speaker 1: out of China showing a pretty big slow down in growth,
Speaker 1: in fact, the slowest since the pandemic began. Is this
Speaker 1: much of a surprise given all the lockdowns the China
Speaker 1: has been imposing on its citizens over the last several months.
Speaker 1: Good morning, Nathan, Yes, it was a it's surprise markets
Speaker 1: the scale of the slowdown. So two point six percent
Speaker 1: quarterly contraction in Q two take the annual rate down
Speaker 1: to almost EREI. It's more point four percent year on year. Now,
Speaker 1: the if you like, the bright spot for the global
Speaker 1: economy is not is the fact that this is mainly
Speaker 1: domestic activity because of social distancing associated with the ongoing
Speaker 1: zero COVID policy. And actually there are, if you like,
Speaker 1: encouraging signs on the industrial output side, which was pretty
Speaker 1: steady it around just under four percent year on year.
Speaker 1: That the pass through to global trade volumes is going
Speaker 1: to be less affected than some of the consumer service
Speaker 1: as side on the Chinese economy, so you don't see
Speaker 1: as much of a risk of spillover, perhaps as the
Speaker 1: markets might give in all those lockdowns and supply chain
Speaker 1: issues that have been associated with those lockdowns in China. Um.
Speaker 1: I think it's a very different set of circumstances to
Speaker 1: previous lockdowns, because, of course the global economy had huge
Speaker 1: demand because of its synchronous lockdowns and pivot towards consumer
Speaker 1: durables consumer good demand, it was putting huge strain on
Speaker 1: supply chains during the early phase the pandemic. You have
Speaker 1: to say now that demand picture, particularly from US consumers,
Speaker 1: is a far lower than it was back in those
Speaker 1: early iterations. So I think that therefore the spillover in
Speaker 1: global supply chains will be commensurately less acute. And I
Speaker 1: think that is one of the reasons why despite this
Speaker 1: data which won't do any favors for global GDP growth,
Speaker 1: I think it's been quite readily absorbed by investors without
Speaker 1: too much indigestion. When I turn to the political situation
Speaker 1: in Italy, as if the Eurozone weren't dealing with enough,
Speaker 1: given the problems with the more in Ukraine and the supply,
Speaker 1: the supply of energy there. Now we have this political
Speaker 1: situation where Mario drag tried to resign as prime minister.
Speaker 1: Now he's trying to keep a government together. Where do
Speaker 1: you see this going Simon? Yes, So it's important first
Speaker 1: and foremost to say that Mario drag has been a
Speaker 1: prime ministers in February one is the sixth prime minister
Speaker 1: that Italy have had in a decade. So political turbulence
Speaker 1: is not unusual, not neither in the last decade or
Speaker 1: in the last seventy five years in Italy. So I
Speaker 1: don't think investors are going to look at that aspect
Speaker 1: as being particularly worrisome. It's more ahead of next week's
Speaker 1: European Central Bank meeting, where they're going to almost certainly
Speaker 1: deliver the first interest rate increase in eleven years. But
Speaker 1: also to say more about the anti fragmentation policy, which
Speaker 1: is to try and stop spreads of peripheral countries like
Speaker 1: Italy from blowing out versus the spreads of German buns.
Speaker 1: And of course Italian political backdrop is an uncomfortable one
Speaker 1: to you know, backdrop to that meeting, because what pressure
Speaker 1: is going to be born to brought on Christian the
Speaker 1: Guard to say, well, if the Italian political situation changes,
Speaker 1: does that change your readiness to intervene and buy a
Speaker 1: disproportioned amount of Italian death. That's the uncertainty of the market.
Speaker 1: And then our last minute here Simon, ahead of that
Speaker 1: ECV decision, of course, the debate continues here in the
Speaker 1: US over whether we're going to see a seventy five
Speaker 1: or one hundred basis point rate HIG from the Fed
Speaker 1: later on this month. How do you think Chris Waller
Speaker 1: did to try to potentially tamp down that speculation of
Speaker 1: a super supersize rate high. I think he did a
Speaker 1: good job. I think the market is very sensitive, isn't
Speaker 1: it at the moment to the idea that the Federal
Speaker 1: Reserve may, through a variety of communication vehicles, push out
Speaker 1: and outside the increased like they did with fifty million
Speaker 1: bits uh the last rate decision. I think the bits
Speaker 1: was a little bit of an overinterpretation of the heat
Speaker 1: in the CPI prints. I think fm C chat suggest
Speaker 1: it's still the key expectation. It's certainly my expectation, but
Speaker 1: it's more the path, isn't it's the residual three meetings
Speaker 1: in twenty twenty two, which I think markets are more
Speaker 1: sens to two and then certainly to see whether these
Speaker 1: rate hikes actually do have an impact on forty plus
Speaker 1: year inflation. Thanks for this, Simon, great having you on
Speaker 1: with us. Simon French, chief economist at PAN. Mr Gordon.
Speaker 1: Right now, SMP futures are up eight points, STAFF futures
Speaker 1: up sixty two and NASAC futures are higher by twenty
Speaker 1: four points ten. Your treasury is up nine thirty seconds.
Speaker 1: The yield two point nine two percent, yield on the
Speaker 1: two year right now three point one zero percent, nime
Speaker 1: ex screwdes hire a bit by two tenths per center,
Speaker 1: twenty cents ninety cents a barrel. The euro right now
Speaker 1: one point zero zero three eight against the dollar. You're
Speaker 1: listening to Bomberg Daybreak on this Friday morning. Bloomberg eleven
Speaker 1: three oh weather, sunshine mid eighties today and tomorrow mix
Speaker 1: of sun and cloud Sunday could see some late afternoon
Speaker 1: showers and storms. Trend the weekend going up near ninety
Speaker 1: degrees right now seventy four in Central Park, broadcasting live
Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg
Speaker 1: e Living Freedom to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine
Speaker 1: six to the country, Sirius XM to the one nine team,
Speaker 1: and around the globe the Bloomberg Business and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak, five thirty on Wall Street.
Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow. We're
Speaker 1: just about four hours away from the open of US trading.
Speaker 1: Let's get you up to day to the news you
Speaker 1: need to know at this hour. We begin in shine Over.
Speaker 1: The economy grew just four tens of uppers and last
Speaker 1: quarter that's the slowest patients has started the pandemic. But
Speaker 1: Bloomberg macro strategist Mark Hudmore says it's not the g
Speaker 1: d P miss that worries him. The data, I think
Speaker 1: at the moment is first of all, a little bit
Speaker 1: backward looking, and there's a bit of a dynamic here
Speaker 1: where we're kind of going, Hey, bad news is good
Speaker 1: news for markets because it means more policy eason to
Speaker 1: come through. The data this morning did not worry me.
Speaker 1: But the property sector story is getting worse at a
Speaker 1: quicker rate than I think many of us anticipated a
Speaker 1: month or two ago. The credit problems are spreading beyond
Speaker 1: the property sector into the banking sector, and that is
Speaker 1: a concern for China, and Bloomberg's Mark Hudmore says it'll
Speaker 1: be important to see how China performs in their second
Speaker 1: half of the year. In Europe, care and Italian Prime
Speaker 1: Minister Mario drags offered to resign has been rejected by
Speaker 1: the country's president. Bloomberg Shia Albanesi says if Droggy leaves government,
Speaker 1: it will negatively affect markets that he had started on
Speaker 1: a very ambitious pop of reforms to free up the market,
Speaker 1: to beat up competition, to change up the justice system,
Speaker 1: to cut rect tape. These is all on the question
Speaker 1: if he walks away. Bloomberg. Albanesi in Rome says concerns
Speaker 1: over energy and inflation could hamper Italy's economy later this year.
Speaker 1: Back here in the US, Nathan, the debate continues over
Speaker 1: whether the federal hike rates by seventy five basis points
Speaker 1: or one percent later this month. Coming up today, we
Speaker 1: get more economic data for the Central Bank to digest
Speaker 1: du in retail sales will be released around eight thirty
Speaker 1: am Wall Street Time, followed by University of Michigan Sentiment
Speaker 1: at ten. And banks are in focus again today, Karen.
Speaker 1: After yesterday's disappointing results from JP Morgan, Chase and Morgan Stanley,
Speaker 1: we get more from Bloomberg Shinali Bassek. More worries about
Speaker 1: the U S consumer started to rise after JP Morgan
Speaker 1: started reporting provisions for loan losses. The bank also said
Speaker 1: that charge draws were starting to slowly rise. City Group
Speaker 1: and Walls Fargo will also give another glimpse into the
Speaker 1: consumer when they report earnings on Friday. M Shnali Bassek
Speaker 1: Bloomberg Daybreak aarent Sinali thanks and those reports and do
Speaker 1: out this morning from Wells Fargo at seven am Wall
Speaker 1: Street Time, followed by City Group at eight. At the
Speaker 1: same time, Nathan bakes around the hook for big bill
Speaker 1: from the government. Financial regulators are poised to extract about
Speaker 1: one billion dollars and fives from the fine biggest US
Speaker 1: investment banks. That's her failing to monitor employee use of
Speaker 1: unauthorized messaging apps for bank communications. And in politics today, Karen,
Speaker 1: President Biden visits Saudi Arabia. Sources tell Bloomberg the President
Speaker 1: will leave his Middle Eastern trip with no public announcements
Speaker 1: on increasing oil supply. Futures this morning are higher. SNP
Speaker 1: futures up about eleven points down futures up eighty five,
Speaker 1: nastday futures up thirty two straight and hand your latest
Speaker 1: local headlines plus a check of sports. And this is Bloomberg.
Speaker 1: Thanks Karen. Three on Wall Street, seventy three degrees in
Speaker 1: Central Park, dealing with thirty minute delays on the upper
Speaker 1: level of the George Washington Bridge. This is the morning
Speaker 1: to go downstairs. I'll tell you why in traffic in
Speaker 1: a few minutes. First, Michael Barr is here with more
Speaker 1: on what else is going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. New
Speaker 1: York Governor Kathy Hokel talked about shootings during an event
Speaker 1: in Brooklyn. Hocal announced a new budget allowance of over
Speaker 1: twenty million dollars to find gun violence in the state.
Speaker 1: Vocal says it would invest in several things, including community
Speaker 1: outreach programs and crime labs investigating shooting state wide. We
Speaker 1: have a gun violence epidemic here in the state of
Speaker 1: New York full stop as a statement effect. The governor's
Speaker 1: announcement comes one month after Hocal signed a new gun
Speaker 1: safety bill that banned carrying any firearms into sensitive places,
Speaker 1: including schools and mass transit stations. A federal grand jury
Speaker 1: in Buffalo returned to twenty seven account indictment charging the
Speaker 1: suspected gunmen in the Tops supermarket shooting with hate crimes. Meanwhile,
Speaker 1: today Tops is set to reopen. There was some debate
Speaker 1: about possibly shuttering the supermarket, but this man who lives
Speaker 1: in the community, tells ABC that he's glad that Tops
Speaker 1: is reopening because it is the only grocery store the
Speaker 1: community has. At first, I said to myself, well, maybe
Speaker 1: they should just put those are out, you know, closed,
Speaker 1: and make a make a momre you out of it.
Speaker 1: And then I thought about it again. You know, how
Speaker 1: long would it take was to get a new Tops.
Speaker 1: The suspected gunman, Peyton Gendern, is accused of shooting thirteen people,
Speaker 1: killing ten inside the supermarket, which prosecutors say he targeted
Speaker 1: because he wanted to kill black people. The New York
Speaker 1: City Council has taken steps to expand abortion and reproductive
Speaker 1: care rights. The Council passed a package of bills, including
Speaker 1: providing free abortion pills at clinics. The January six Committee
Speaker 1: says secret service text made as the assault on the
Speaker 1: Capitol unfolded are missing. Bloomberg's said Baxter as the Story.
Speaker 1: Committee chair Bennie Thompson says they have been deleted or erased.
Speaker 1: He says they are important because they could shed some
Speaker 1: light on Donald Trump's movements leading up to and during
Speaker 1: the insurrection. Thompson says, if there's any way that they
Speaker 1: can be reconstructed, they will do it. Remember the testimony
Speaker 1: from aid Cassidy Hutchinson, who said that Trump wanted to
Speaker 1: join the marchers of the Capital but was blocked by security. Well.
Speaker 1: Thompson says they could also shed light on Trump's activities
Speaker 1: regarding Vice President Mike Pence in San Francisco. I'm at
Speaker 1: Baxter Bloomberg Daybreak. Ivana Trump, the first wife to Donald Trump,
Speaker 1: has died at her home in Manhattan. Havannah Trump was
Speaker 1: seventy three Global News twenty four hours a day on
Speaker 1: air and on Bloomberg quick Take, powered by more than
Speaker 1: twenty seven hundred journalists and analysts, and more than one
Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan. Okay, Michael,
Speaker 1: thank you. HiT's five thirty six on Wall Street. Time
Speaker 1: for the Bloomberg Sports Update. Here's John Sanshaw. All right, Nathan.
Speaker 1: Great night for the Mets. Not only there eight nothing
Speaker 1: went over the Cubs at regularly strung pitching from Carlos
Speaker 1: Carrasco granted Nimo three hits with the home run Pete
Speaker 1: alonzo is twenty four homer, Edward Ostibar and Patrick Mzek
Speaker 1: with two run singles, but also sellout crowd in Syracuse
Speaker 1: to see Jacob de Ground faced Triple A batterers, but
Speaker 1: the first time four and Anzy did not allow on
Speaker 1: earn Ron gave up just two hits, struck out four
Speaker 1: third straight rehab start where de Graham hit a hundred
Speaker 1: on the gun, and all indications are he will make
Speaker 1: his highly anticipated season debut for the Mets. Sometime after
Speaker 1: the All Star Break, Yankees and Red's had a pictures
Speaker 1: duel at the stadium. The game still ended up seven
Speaker 1: to six. It was one one in the eighth inning
Speaker 1: Ester Cortez against Luis Castillo in the Battle of All
Speaker 1: Stars Cincinnati, where three runs of the eighth inning off
Speaker 1: Jonathan Loaisa, just back from injury, and then three more
Speaker 1: in the tenth off Lucas Litkey. Joey Vado had big
Speaker 1: hits in both rallies. The Reds won seven, six and
Speaker 1: ten Yankee home runs in defeat for Aaron Judge his
Speaker 1: thirty first. Also Glaver Torres and Matt Carpenter. Yanks host
Speaker 1: the Red Sox tonight. Socks just lost four straight at
Speaker 1: Tampa Bay. Seattle Maritors one again last night. That's eleven
Speaker 1: wins in a row for them. They're playing the second
Speaker 1: round of the Open Championship at St. Andrews. Taylor Gooch
Speaker 1: has moved into a tie for second with Rory McElroy
Speaker 1: at six under. The leader at eight under remains Cameron Young.
Speaker 1: Westchester native went to high school at Fordham Up in
Speaker 1: the Bronx, he shot sixty four. They'll see off today
Speaker 1: about eight thirty Eastern. Reportedly, the Knicks have rejected a
Speaker 1: trade offer from the Utah Jazz Donovan Mitchell for four
Speaker 1: players and six first round draft picks. John Dashwork Bloomberg Sports,
Speaker 1: thanks Sean seven on Wall Street Time now for the
Speaker 1: Tri State Business report. Here's Bloomberg's Ed Corey. After a
Speaker 1: victory in an Amazon warehouse in New York this year,
Speaker 1: the Amazon labor union vowed to unionize three more company
Speaker 1: facilities nearby, but things have not gone according to plan.
Speaker 1: The group lost an election at a warehouse across the
Speaker 1: street from the first and has paused efforts to organize
Speaker 1: the other two. Monsio Ortega, billionaire founder of the Tzara
Speaker 1: clothing chain, has agreed to buy New York's nineteen Dutch
Speaker 1: apartment building or Tega's holding firm will pay about five
Speaker 1: hundred million dollars, according to details published by the Real
Speaker 1: Deal and confirmed by a spokesperson for Ortega. The building
Speaker 1: was sold by Carmel Partners. New York City Mayor Eric
Speaker 1: Adams has unveiled to plan to draw are writers to
Speaker 1: NYC Ferry, effective in September. Adams NYC Ferry Forward plan
Speaker 1: will let at least a million low income New Yorkers,
Speaker 1: seniors and people with disabilities to ride one way for
Speaker 1: a buck. Thirty five. That's your Bloomberg Dry State Business Report.
Speaker 1: I'm Ed Corey. Thanks At five thirty eight on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve Potaskan on Tension Wins in New York. We're
Speaker 1: talking about how unauthorized texting will cost Wall Street Banks
Speaker 1: a billion dollars five um. Courney Donahe on kt r
Speaker 1: H in Houston. The number of homes for sale rises
Speaker 1: for the first time in three years. I'm Jinas Servetti
Speaker 1: in for w c c O in Minneapolis. Were digging
Speaker 1: into earnings from United Hill. I'm Stephen Carol on Bloomberg
Speaker 1: DAB Digital Radio in London. We've been looking ahead to
Speaker 1: the first TV debate for into its to replace Baris
Speaker 1: Johnson as Prime Minister. My mid Corey on w w
Speaker 1: J and Detroit, I'm reporting General motors, self driving startup cruise,
Speaker 1: is faith that increased scrutiny. And those are some of
Speaker 1: the stories our twenty hundred Bloomberg journalist and analysts are
Speaker 1: working on this morning around the world. And here's another one.
Speaker 1: Meta Platforms is going to start letting more users create
Speaker 1: multiple profiles within their Facebook accounts. We get that story
Speaker 1: from Bloomberg's Charlie Pellett. It's the company's latest attempt to
Speaker 1: encourage posting and sharing on its social network. As part
Speaker 1: of a test, certain Facebook members will be able to
Speaker 1: create as many as four additional profiles, and each one
Speaker 1: will not need to include a person's real name or identity.
Speaker 1: Users could have one for friends and another for coworkers,
Speaker 1: for example, each with its own feed. Meta is stepping
Speaker 1: up efforts to drive engagement on the world's biggest social network,
Speaker 1: which has seen growth slow, especially among younger users. In
Speaker 1: New York, Arlie Pellet Bloomberg day break. Okay, Charlie, thank
Speaker 1: you right now. SMP futures are up ten points down
Speaker 1: futures up seventy six. Dance Act futures are higher by
Speaker 1: thirty five points the ten Your treasury is up seven
Speaker 1: thirty seconds yield two point nine three yield on the
Speaker 1: two year, three point one one. This is Bloomberg. Bloomberg
Speaker 1: eleven three oh weather, sunshine in the high and your
Speaker 1: eighty five degrees today and tomorrow. We'll call it a
Speaker 1: mix of sun and clouds for Sunday with some late
Speaker 1: afternoon showers and storms developing highsteer ninety degrees right now
Speaker 1: seventy three in Central Park Markets. Headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, The
Speaker 1: Bloomberg Business at and at Bloomberg Quicktake, this is a
Speaker 1: Bloomberg Business lash, But I'm Karen Moscow. Stocks in your
Speaker 1: upper gaining, US Knock Index futures edging higher, and Vaughn's
Speaker 1: advancing at the end of a week in which markets
Speaker 1: have been whipped on by shifting expectations for monetary tightening
Speaker 1: by the Federal Reserve and worries over global economic growth.
Speaker 1: If we checked the markets every fifteen minutes throughout the
Speaker 1: trading day, on Bloomberg s and P futures up about
Speaker 1: nine points now, Future is up sixty four NAS day
Speaker 1: futures up about twenty seven The decks in Germany's up
Speaker 1: one and a half percent. The ten year treasury of
Speaker 1: five thirty seconds held two point nine three percent yield
Speaker 1: on the two year three point one two percent nine
Speaker 1: makes screwed oil is up a third of Upper Center
Speaker 1: thirty one cents at ninety six dollars nine cents of
Speaker 1: barrel coll make school down three ten percent or five
Speaker 1: dollars thirty cents at one thousand, seven hundred dollars fifty
Speaker 1: cents announced, the euro one point zero zero four four
Speaker 1: against the dollar, British found one point one eight three
Speaker 1: five and the yen one thirty eight point eight zero
Speaker 1: bitcoins higher, up about one percent at twenty thousand, eight
Speaker 1: hundred to sixty dollars. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael, thank you very much, Karen. Before leaving
Speaker 1: for Saudi Arabia for the much anticipated second leg of
Speaker 1: his Middle East tour, President Biden visited the West Bank
Speaker 1: and East Jerusalem. Today, the President visited a hospital and
Speaker 1: praised nurses for the work they do. The Secret Services
Speaker 1: again in the cross areas of the Congressional Committee looking
Speaker 1: into the Capitol Hill riot and Internal Watchdogs, says the
Speaker 1: agency that protects the president deleted messages from January five
Speaker 1: and sixth of last year. In baseball, the Yankees lost
Speaker 1: to the Royals, the Mets beat the Cubs, the Red
Speaker 1: Sox lost to the Raise, the Nationals lost to the Braves,
Speaker 1: the Giants lost to the Brewers. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than seven hundred journalists and analysts more than
Speaker 1: one countries. Michael Barr and this is Bloomberg nath Al Right, Michael,
Speaker 1: thank you for coming up to forty nine on Wall
Speaker 1: Street Live from the Bloomberg Interacted Brooker Studios. This is
Speaker 1: Bloomberg Daybreak. As we continue to watch the parade of
Speaker 1: bank earnings for the second quarter, We've heard from JP
Speaker 1: Morgan Chase, and Morgan Stanley. Up next this morning, Wells
Speaker 1: Fargo and City Group. So let's bring in Bloomberg Global
Speaker 1: Finance correspondent Shanali Bassk as we wait for these numbers. Shanali,
Speaker 1: good morning. Before we get to what's to come, I
Speaker 1: wonder what you made of the comments we heard yesterday
Speaker 1: from the CEOs of JPM and Morgan Stanley about sort
Speaker 1: of the resiliency of the U S consumer despite the
Speaker 1: pretty disappointing numbers we got from both those banks yesterday. Yeah,
Speaker 1: they did try to strike a real note of confidence
Speaker 1: here because for JP Morgan, what they were saying is
Speaker 1: spending is holding up discretionary and non discretionary spending in
Speaker 1: the face of extreme inflation. But at Morgan Stanley you're
Speaker 1: hearing James Gorman, the CEO, say, while he expects the recession,
Speaker 1: he doesn't expect it to be deep or drastic. So
Speaker 1: that is the small bright spot, I suppose, and kind
Speaker 1: of the preparing for the tougher times ahead. Yeah, so
Speaker 1: that sets us up for what we could see from
Speaker 1: Wells Fargo in City Group today. Let's start off with Wells.
Speaker 1: They have a pretty big mortgage business. I mean, that
Speaker 1: could be tricky given where rates are right now. It
Speaker 1: sure can, and you have to wonder whether that's kind
Speaker 1: of the worst of it. They've already described a significant
Speaker 1: drop off in mortgage income given that rise and interest
Speaker 1: rates and you know, the less demand of consumers to
Speaker 1: really take out a mortgage right now. But are there
Speaker 1: other issues? Are they going to face higher charge offs?
Speaker 1: We started seeing charge offs rise over at JP Morgan,
Speaker 1: so are they going to rise more than expects it
Speaker 1: over at Wells Fargo too? I wonder if we're gonna
Speaker 1: see more money as well. Set aside for the possibility
Speaker 1: of loan losses here given where rates are I mean
Speaker 1: Morgan Standard, Sorry, Wells Fargo and City Group could both
Speaker 1: be looking potentially to to do more set asides. Yeah,
Speaker 1: and that's I think the pivotal question here when you
Speaker 1: look at Wall Street's expectations, Really the provisioning lies in
Speaker 1: the hundreds of millions of dollars. It's nothing too crazy,
Speaker 1: but it is a reversal. Remember, people were not necessarily
Speaker 1: provisioning for souring loans. They were actually doing the opposite
Speaker 1: for the last couple of quarters because of reduced in
Speaker 1: certainty around COVID. But now we might return to an
Speaker 1: era where people are starting to get cautious again and
Speaker 1: the outlook for lending moving forward is going to be
Speaker 1: equally important in terms of caution. What about the credit
Speaker 1: card business for City Group, We've heard from JP Morgan,
Speaker 1: they said that consumers are spending more on credit cards.
Speaker 1: It's a sign of resiliency. But you have to wonder,
Speaker 1: I mean, if people are spending more money on credit cards,
Speaker 1: what that says about the fragility potentially of the consumer economy.
Speaker 1: That is the big fear. What are they buying on
Speaker 1: those credit cards? Are they buying a trip that they
Speaker 1: haven't been able to take in a while, or are
Speaker 1: they paying for their groceries that way? That all the
Speaker 1: color around that, the safety and the soundness of the consumer.
Speaker 1: We're going to want to hear that not just from
Speaker 1: City Group, but on Bank of America on Monday. On
Speaker 1: City Groups front, they are also huge their international and
Speaker 1: a lot of the troubles abroad are a lot more
Speaker 1: drastic than what you see in the United States. So
Speaker 1: that global picture is also important when you think about
Speaker 1: City Group. Only about thirty seconds left here, Snelle, But
Speaker 1: I wonder if we're going to hear more from some
Speaker 1: of these other banks about what we heard from Morgan
Speaker 1: Stanley yesterday about getting fined big time for these unauthorized
Speaker 1: messaging apps. Yeah, it's certainly possible. Two million dollars worth
Speaker 1: of fines. We saw it out for a JP Morgan,
Speaker 1: we saw more than Stanley getting ready for it. City
Speaker 1: Group is another one to watch for a Goleman on
Speaker 1: Monday in Bank of America on Monday, thanks for the sale.
Speaker 1: Good having you on as we wait for those numbers
Speaker 1: from Wells Fargo right around seven am Wall Street time,
Speaker 1: followed by City Group at eight am. As we continue
Speaker 1: following bank earnings for the second quarter. Of course, we
Speaker 1: will have full coverage for you throughout the day here
Speaker 1: on Bloomberg Radio. Karen, all right, Nathan, it is tally
Speaker 1: fifty three on Wall Street. Time for our Bloomberg Law Report,
Speaker 1: brought to you buy American Arbitration Association. Business disputes are
Speaker 1: inevitable resolved faster with the American Arbitration Association, the global
Speaker 1: leader in alternative dispute resolution for over ninety years. More
Speaker 1: at a d R dot org. Let's get to the
Speaker 1: legal stories we're watching this morning. From Bloomberg's Jeff Bellinger,
Speaker 1: more than thirty House and Senate members told the Environmental
Speaker 1: Protection Agency they have concerns over chemical recycling technology contributing
Speaker 1: to the climate crisis. A suit against Tesla will remain
Speaker 1: in federal court. A man claims Tesla's autopilot system caused
Speaker 1: an accident that resulted in his wife's death. The plaintiff
Speaker 1: sought to have the suit moved to a California state court.
Speaker 1: BOSHA is considering increased penalties against construction companies that ignore
Speaker 1: safety requirements. Twenty two workers have died in trench collapses
Speaker 1: so far this year. Bloomberg Law everything you need, all
Speaker 1: on one legal research platform, including guidance analysis and Bloomberg
Speaker 1: Market Intelligence. Find out more at Bloomberg Law dot com.
Speaker 1: All right, Jeff, thanks know another legal story we're watching.
Speaker 1: Twitter is suing Elon Musk over his abandoned forty four
Speaker 1: billion dollar takeover bid, accusing the billionaire of having buyer's
Speaker 1: remorse after his fortune declined. The merger agreement includes a
Speaker 1: specific performance provision that allows Twitter to force must to
Speaker 1: consummate the deal. And that is just what Twitter is
Speaker 1: asking the Delaware courts to do. For more Bloomberg's doing,
Speaker 1: Gross speaks to Eric Talley, a professor at Columbia Law School.
Speaker 1: Delaware courts, including this judge, have granted specific performance before.
Speaker 1: Matthew Shettenhelm, a litigation analyst for Bloomberg Intelligence, gives Twitter
Speaker 1: a sixty chance to win specific performance. What do you
Speaker 1: think the chances are? I think the chances are at
Speaker 1: least that And I would say that the types of
Speaker 1: situations that could do rails specific performance I think are
Speaker 1: fairly remote here. The one issue that could cloud things
Speaker 1: up a little bit is how does that injunction get administered?
Speaker 1: Even when a core is inclined to issue a specific
Speaker 1: performance decree, it doesn't necessarily want to sign itself up
Speaker 1: for a year's long babysitting service of the parties themselves
Speaker 1: to try to superintend and oversee the process of closing
Speaker 1: the deal. And so that can sometimes be a reason
Speaker 1: not to grant specific performance. And you know, in this instance,
Speaker 1: it's conceivable that a judge might say, well, you know, boy,
Speaker 1: if I compel performance, do I then have to be
Speaker 1: the person who then wrangles all the banks into court
Speaker 1: and tells them that they have to lend on this deal.
Speaker 1: Maybe maybe not, Gentle McCormick didn't even bother doing that.
Speaker 1: In the other case, you just said you gotta go
Speaker 1: out and get your financing. So that's one potential obstacle.
Speaker 1: There's been some speculation that must might just ignore an
Speaker 1: order for specific performance. I doubt that that is going
Speaker 1: to happen. It would be absolutely on a fraud to
Speaker 1: this reputational stake that the Delaware Chords have in being
Speaker 1: serious about enforcing contracts. And because Musk owns so many
Speaker 1: assets that are within the jurisdiction of Delaware, largely in
Speaker 1: the form of stock of other companies that he owns
Speaker 1: that are Delaware companies, it would be not terribly hard
Speaker 1: for Chancellor McCormick to say Okay, Look, if you don't
Speaker 1: want to comply with that, then we will start a
Speaker 1: civil contempt proceeding and I can fashion any remedy I want,
Speaker 1: including the seizure of your stock of other companies that
Speaker 1: you might own. Now, that is definitely the nuclear option,
Speaker 1: but I think most people understand that nuclear option is there,
Speaker 1: hardly ever gets used because most people basically believe the
Speaker 1: Delaware Chancery Corps. So, you know, I think that there
Speaker 1: are some folks who are kind of discounting the likelihood
Speaker 1: of specific performance because they just think Musk is gonna
Speaker 1: ignore a specific performance decree. I don't really share that concerns.
Speaker 1: I think that if the decree comes forward, he's going
Speaker 1: to comply I with it, and it'll be pretty clear
Speaker 1: that it's going to be in his best interest to
Speaker 1: comply with it. Aszeri Talley, a professor at Columbia Law School,
Speaker 1: speaking with the Bloomberg June Grosso. Catch more of that interview,
Speaker 1: plus analysis of the latest legal news, by subscribing to
Speaker 1: the Bloomberg Law Podcast or downloading this show at Bloomberg
Speaker 1: dot com slash podcast. Attorneys can find exceptional legal research
Speaker 1: and business development tools at Bloomberg law dot com and
Speaker 1: on the Bloomberg terminal at b law Go. Headlines crossing
Speaker 1: the Bloomberg. We're hearing from United Health. Second quarter profit
Speaker 1: beating analysts estimated, also boosted its forecast for the year,
Speaker 1: while Black ross assets under management were lower than analysts
Speaker 1: were looking for. And straight ahead, we have our tough stories.
Speaker 1: This is Bloomberg