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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: We begin with major political news this morning, and our

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Speaker 3: first stop is Ohio, where voters have rejected him measure

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Speaker 3: seen as a test on abortion rights.

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Speaker 2: We get the details from Bloomberg zed Baxter.

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Speaker 4: The proposition, known as Issue one, would have made it

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Speaker 4: harder to pass constitutional changes. It would have mandated a

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Speaker 4: supermajority sixty percent, where it is now a simple majority. Now,

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Speaker 4: this was put on the ballot in an effort to

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Speaker 4: short circuit a proposition on the November ballot to change

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Speaker 4: the Constitution to codify abortion rights. Abortion, of course, has

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Speaker 4: been a state by state issue since the Supreme Court's

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Speaker 4: Roe v. Wade ruling. The vote margin wide the initiative

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Speaker 4: failing fifty six to forty three percent. I'm at Baxter

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Speaker 4: Bloomberg Daybreak.

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Speaker 2: All right, thank you, Ed.

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Speaker 5: We also have a new development in the latest criminal

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Speaker 5: case against Donald Trump. It is a previous the undisclosed

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Speaker 5: memo that prosecutors could use to bolster their argument of

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Speaker 5: a conspiracy to overturn the election. Joan Donagher has details

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Speaker 5: from our Bloomberg ninety nine to one newsroom in Washington.

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Speaker 6: The New York Times says it's obtained a copy of

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Speaker 6: the memo dated December sixth, twenty twenty, that first came

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Speaker 6: to light in last week's indictment from Special Counsel Jack Smith.

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Speaker 6: It outlines a strategy from Trump lawyer Kenneth Cheesebro to

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Speaker 6: have pro Trump electors meet in states that Joe Biden

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Speaker 6: had won, and portray it as a routine measure to

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Speaker 6: ensure the correct electors were counted if courts or legislatures

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Speaker 6: determined Trump actually won those states. Cheesebro's memo says the

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Speaker 6: Supreme Court would likely reject the strategy in the end,

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Speaker 6: but it would achieve two goals, putting attention on claims

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Speaker 6: of voter fraud and buying the Trump campaign more time

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Speaker 6: to deny Biden electoral votes in court in Washington. I'm

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Speaker 6: Joan Donagher, Bloomberg Daybreak.

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Speaker 2: Okay, Joan, thank you.

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Speaker 3: One other note on the political front, former Arizona Republican

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Speaker 3: nominee for governor Carry Lake maybe on the verge of

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Speaker 3: running for office again. According to Axius, Lake will spend

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Speaker 3: next month interviewing potential staff for a run for the Senate.

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Speaker 2: She is then expected to launch that effort in November.

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Speaker 5: Meantime, tensions between the US and China remain in focus.

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Speaker 5: We're learning Washington as close to unveiling a plan to

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Speaker 5: limit investment in China. Sources say the plan could apply

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Speaker 5: only to Chinese companies that get at least half of

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Speaker 5: their revenue from cutting edge sectors such as quantum computing

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Speaker 5: and artificial intelligence. We're told the order will take about

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Speaker 5: a year to go into effect. In China's economies and

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Speaker 5: focus as well. This morning, amy as prices in the

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Speaker 5: country fall into deflation territory. The data showed China's consumer

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Speaker 5: and producer prices both posted a year over year decline

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Speaker 5: in July. Consumer prices fell three tenths of one percent,

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Speaker 5: while producer prices slumped four point four percent. Robin Shing

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Speaker 5: is chief China economist at Morgan Stanley China.

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Speaker 1: I think deflation for sure. The question is how long, and.

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Speaker 2: I think it's up to the policy.

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Speaker 7: Mike, Well, we will they react with accordingly to the

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Speaker 7: fifth co on mon Crida.

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Speaker 3: And Sheng at Morgan Stanley says it's the first time

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Speaker 3: in almost three years that both consumer and producer prices

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Speaker 3: in China, registered contractions in Europe.

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Speaker 5: This morning, we're seeing a rebound from yesterday's losses. Italian

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Speaker 5: banks had fallen after word of new tax on profits.

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Speaker 5: Now Italy's government is backtracking on part of that plan.

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Speaker 5: It says there will be a cap to limit the

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Speaker 5: impact for many lenders. That has banks outperforming in Italy,

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Speaker 5: with shares climbing as high as five percent this morning.

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Speaker 3: Well back here in the US, Amy, there's plenty of

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Speaker 3: corporate news to get you caught up on. Let's start

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Speaker 3: with we Work. The shares are down seventeen percent in

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Speaker 3: early trading. The company is raising doubt about its ability

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Speaker 3: to stay in business. We Work is bleeding cash, and

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Speaker 3: customers of its office rentals are canceling their memberships in droves.

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Speaker 5: And a couple of gaming stocks also on the move.

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Speaker 5: Shares of Pen Entertainment are up eleven percent, rival draft

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Speaker 5: kings down now more than four percent. That's after ESPN

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Speaker 5: signed a partnership for sports betting with Penn. We get

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Speaker 5: that story from Bloomberg's Charlie Pellett.

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Speaker 1: Penn Well have of a ten year exclusive right to

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Speaker 1: use the ESPN bet name for sports betting in the US. Meanwhile,

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Speaker 1: Penn says it is selling all of its Barstool Sports

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Speaker 1: subsidiary to Dave Portnoy, who founded the sports and pop

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Speaker 1: culture media company, in exchange for a non compete and

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Speaker 1: other agreements. Penn also has the right to get half

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Speaker 1: of the proceeds received by Portnoy in any subsequent sale

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Speaker 1: of Barstool in New York. Charlie Pellett Bloomberg Daybreak.

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Speaker 5: Thank you, Charlie. And we should note Walt Disney, which

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Speaker 5: owns ESPN, reports earnings today and those shares are currently

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Speaker 5: up nearly one percent in early trading.

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Speaker 2: Wellyby.

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Speaker 3: It has been a summer of labor disputes and industries

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Speaker 3: from Hollywood to Detroit, and now we're getting a glimpse

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Speaker 3: of how contract demands in the auto industry could affect

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Speaker 3: corporate earnings. Estimates from the big US car makers show

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Speaker 3: a proposed contract with the United Autoworkers Union could wipe

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Speaker 3: out their profits. In Bloomberg's Doug Prisner has the story.

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Speaker 8: We're told the calculations are based on the uaw's reques

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Speaker 8: quest in current negotiations. They include a forty six percent

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Speaker 8: wage increase, restoration of traditional pensions, cost of living increases,

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Speaker 8: reduction in the work week to thirty two hours from forty,

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Speaker 8: and an increase in retiree benefits. It's estimated these demands

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Speaker 8: will add more than eighty billion dollars to labor cost

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Speaker 8: for each of the big US automakers over the contract's

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Speaker 8: four year term. Previously, UAW president Shawn Fain said record

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Speaker 8: profits mean record contracts in New York. I'm Doug Kristner,

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Speaker 8: Bloomberg Daybreak.

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Speaker 5: All right, thank you, Nathan, time NOLVA. Look at some

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Speaker 5: of the other stories making news around the world. For that,

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Speaker 5: we are joined by Bloomberg's John Tucker.

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Speaker 2: Good morning, John and Amy.

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Speaker 9: You're here this morning, so we know it's not you.

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Speaker 9: What somebody, somebody in Florida what a one point five

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Speaker 9: eight billion dollar Mega Million's jackpot last night? And that

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Speaker 9: ends a stretch of nearly four months when there was

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Speaker 9: no winner. This is the third largest in US history.

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Speaker 9: A chance of winning, by the way, was one and

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Speaker 9: three hundred and two million. A grocery store at Neptune

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Speaker 9: Beach sold that winning ticket. President Joe Biden says he

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Speaker 9: plans to travel to Vietnam soon. Let's get that story

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Speaker 9: from Bloomberg's Jeff Bellinger.

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Speaker 10: Mister Biden did not provide a timeline for the Vietnam visit,

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Speaker 10: but other senior administration officials have already visited the country.

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Speaker 10: The United States considers Vietnam a key partner in advancing

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Speaker 10: a free and open Indo Pacific. The US normalized trade

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Speaker 10: relations with Vietnam in two thousand and seven, and those

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Speaker 10: links have deepened since former President Donald Trump imposed tariffs

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Speaker 10: on China. Vietnam is crucial for the US as it

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Speaker 10: seeks to reduce its reliance on a handful of nations

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Speaker 10: for the supply of critical technologies, as well as counter

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Speaker 10: Chinese influence. Jeff Bellinger, Bloomberg Radio Well.

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Speaker 9: Even before they pummeled the East Coast on Monday, thunderstorms

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Speaker 9: have demonstrated a vast destructive power in the US. A

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Speaker 9: report from insurance giant Swiss Ree says severe thunderstorms of

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Speaker 9: the US accounted for nearly seventy percent of all insured

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Speaker 9: natural catastrophic losses in the first half of this year.

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Speaker 9: Police in Montgomery, Alabama, say at least three white people

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Speaker 9: have been charged after a weekend five between a riverboat worker,

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Speaker 9: the Harriot and a group of private voters. Montgomery Police

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Speaker 9: Chief Darreal Albert says the private boat was illegally docked.

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Speaker 11: The captain of the Harriet remained away from the dock

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Speaker 11: for nearly forty to forty five minutes as they attempted

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Speaker 11: to contact the operators of the private boat via PA system.

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Speaker 11: They will only responded to without seen gestures, curse words.

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Speaker 1: And taunting.

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Speaker 9: Investigators so far have not found any indication this attack

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Speaker 9: was racially motivated, and Massachusetts Captinal more Heilly as they

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Speaker 9: cleared a state of emergency citing an influx of migrants.

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Speaker 9: There are more than twenty thousand people, many of whom

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Speaker 9: are migrants, currently living in state shelters, including infants, young children,

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Speaker 9: and pregnant women. That's up from around just thirty one

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Speaker 9: hundred families a year ago. Global News twenty four hours

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Speaker 9: a day, powered by more than twenty seven hundred journalists

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Speaker 9: and analysts in more than one hundred and twenty countries.

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Speaker 9: I'm John Tucker. This he is Bloomberg. Amy.

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Speaker 5: All right, John, thank you Tom now for our Bloomberg

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Speaker 5: Sports update, and for that we bring in John stash Hour.

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Speaker 12: Aim of the Houston Astros won the World Series last

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Speaker 12: year just trying to get back to the postseason this season.

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Speaker 12: They've trailed Texas in the AL West most of the season,

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Speaker 12: and the Rangers are currently three games ahead, but the

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Speaker 12: Astros do have a slim lead for an AL wildcard spot,

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Speaker 12: and last night in Baltimore against the Orioles, who have

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Speaker 12: the best record in the America League, Houston trailed six

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Speaker 12: to three in the nineteen eighty two.

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Speaker 10: Two again and Tucker hits it in a year pretty

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Speaker 10: eat to right field that sends back with Tenna.

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Speaker 5: Appleway looking up stay light out.

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Speaker 6: Til Tucker gives the Astros a league with a grand slam.

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Speaker 9: Seven to six, Houston.

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Speaker 12: One hundred miles per hour from Bautista and more.

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Speaker 3: Than that from Tucker to right film.

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Speaker 2: Kbnb had the calls.

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Speaker 12: The Astros win seven to six Tampa Bay Rays with

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Speaker 12: three runs of the eighth inning to beat Saint Louis

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Speaker 12: four to two. The Rays have the lead for the

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Speaker 12: first day L wildcard spot, but they have suffered a loss.

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Speaker 12: Shane McClanahan, likely done for the year with an arm injuries,

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Speaker 12: got an eleven to two records, started the season great,

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Speaker 12: although he's actually winless in his last six starts. Red

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Speaker 12: Sox gave up three home runs, lost in home to

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Speaker 12: Kansas City nine to three. It was the SOPs debut

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Speaker 12: this season for Trevor's story. Nationals in Philly split a

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Speaker 12: doubleheader in Philly.

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Speaker 2: Phil's won the opener eight.

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Speaker 12: Four, Kyle schwarberhomer twice. NAT scored in the ninth inning,

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Speaker 12: whin the nightcap five to four. Giants lost to the

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Speaker 12: Angels seven to five. A's lost to Texas six to one.

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Speaker 12: John Stash Edward Bloomberg's.

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Speaker 13: Fourth from coast to coast, from New York to San Francisco,

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Speaker 13: Boston to Washington, DC, nationwide on SIRISXAM, the Bloomberg Business app,

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Speaker 13: and Bloomberg dot Com.

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Speaker 3: This is Bloomberg Daybreak, Good Morning. I'm Nathan Hager. A

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Speaker 3: special election in Ohio and a previously undisclosed memo could

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Speaker 3: have major implications on US politics heading into next year. First,

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Speaker 3: voters in the key battleground state rejected a ballot measure

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Speaker 3: that is seen as a test of abortion rights, and

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Speaker 3: the memo reported in The New York Times, may highlight

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Speaker 3: special counsel Jack Smith's case that former President Donald Trump's

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Speaker 3: bid to overturn his twenty twenty election loss was a

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Speaker 3: criminal conspiracy.

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Speaker 2: Let's get more on both these stories. This morning.

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Speaker 3: We're joined by Greg Valier, chief US policy strategist at

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Speaker 3: AGF Investments.

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Speaker 2: Greg. Good morning.

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Speaker 3: Normally one special election might not get a lot of attention,

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Speaker 3: but we know that this one in Ohio is getting

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Speaker 3: noticed at the White House this morning. What is the

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Speaker 3: impact of Ohio rejecting this effort to raise the bar

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Speaker 3: when it comes to amending that state's constitution.

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Speaker 14: Well, good morning, Nathan. This is a big deal for

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Speaker 14: the Democrats. It makes it, I think even more likely

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Speaker 14: that pro reproductive rights candidates will do well. You know,

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Speaker 14: there were some other races earlier this year Kansas and

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Speaker 14: elsewhere that showed there is strong support for abortion rights. This,

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Speaker 14: I think just confirms that.

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Speaker 3: Does this then have bigger implications for the race for

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Speaker 3: control of Congress next year as opposed to potentially President

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Speaker 3: Biden's effort to get re elected in twenty twenty four.

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Speaker 14: I do think Democrats next year are well positioned on

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Speaker 14: this issue. I mean, there are a lot of other issues,

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Speaker 14: the economy being the number one, and of course all

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Speaker 14: of the scandals coming out of what happened on January sixth,

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Speaker 14: But I do think this is a big deal for

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Speaker 14: the Democrats. I think that it shows that the Republicans

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Speaker 14: on this issue are not in touch with a public.

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Speaker 3: It is interesting to see some of the reporting about

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Speaker 3: this ballot measure that a lot of business interests to

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Speaker 3: come out in favor of this idea of making it

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Speaker 3: more difficult to amend the constitution in Ohio, including that

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Speaker 3: state's Chamber of Commerce the National Federation of Independent Business.

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Speaker 2: Is there a potential business impact for this measure failing.

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Speaker 14: Maybe it could be easier to pass anti business regulations

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Speaker 14: a bit, But the big story is abortion.

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Speaker 2: Absolutely.

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Speaker 3: That does seem to be what the implications are, given

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Speaker 3: that a lot of the people who are voted against

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Speaker 3: this amendment said that it wouldn't necessarily have even gotten

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Speaker 3: on the ballot had not the Supreme Court overturned abortion

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Speaker 3: rights last year. So what is the potential read through

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Speaker 3: into the presidential race for this over whelming support for

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Speaker 3: the idea of abortion rights being codified in state constitutions.

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Speaker 14: Well, I think that a lot of Republicans who are

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Speaker 14: moderate on this issue are going to have to stay

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Speaker 14: that way, and I think that for the Democrats this

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Speaker 14: will be interpreted in the next few weeks as a

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Speaker 14: significant victory in.

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Speaker 2: The time we have left.

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Speaker 3: Greg, I want to get your take as well on

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Speaker 3: this memo reported in the New York Times that apparently

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Speaker 3: hadn't been uncovered by the House January sixth Committee, but

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Speaker 3: was part of Special Council Jack Smith's latest indictment pointing.

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Speaker 2: To what he calls the fake elector scheme.

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Speaker 3: How crucial is this memo as reported do you think

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Speaker 3: to a Special Counsel Smith's case.

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Speaker 14: Well, we'll see in reading the story in the New

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Speaker 14: York Times a few minutes ago, you can make a

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Speaker 14: case for a conspiracy that one of these six alleged

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Speaker 14: co conspirators had a big role in this. And I

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Speaker 14: think if a conspiracy case looks more likely, you have

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Speaker 14: to ask the question, could one or two of those

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Speaker 14: six cop a plea? Could they seek a plea bargain?

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Speaker 14: And I think that's no longer out of the question.

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Speaker 2: Who are you looking at specifically that my cop a

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Speaker 2: plea here?

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Speaker 14: Juliani, I think he'd be high on the list. There

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Speaker 14: are others though as well, who know where all the

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Speaker 14: bodies were buried? This story in the Times this morning

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Speaker 14: is going to have legs. I think it'll be a

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Speaker 14: dominant factor for weeks to come as a conspiracy case

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Speaker 14: become stronger.

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Speaker 3: Does it rise to the level of a smoking gun

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Speaker 3: for you? Does it go that far?

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Speaker 2: Do you think?

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Speaker 12: Yeah?

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Speaker 14: I thought that, Nathan, that maybe you would be a

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Speaker 14: smoking gun too early to say. I'm sure that Trump

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Speaker 14: people are going to say that this is not relevant,

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Speaker 14: that it doesn't make any strong case. But you look

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Speaker 14: at this. The people who put this fake electric scheme

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Speaker 14: together had a plan and they coordinated it, and to me,

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Speaker 14: barraseat charge looks a lot more likely.

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