WEBVTT - Ohio Voters Back Abortion Rights; China Slides Into Deflation

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 3>We begin with major political news this morning, and our

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<v Speaker 3>first stop is Ohio, where voters have rejected him measure

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<v Speaker 3>seen as a test on abortion rights.

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<v Speaker 2>We get the details from Bloomberg zed Baxter.

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<v Speaker 4>The proposition, known as Issue one, would have made it

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<v Speaker 4>harder to pass constitutional changes. It would have mandated a

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<v Speaker 4>supermajority sixty percent, where it is now a simple majority. Now,

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<v Speaker 4>this was put on the ballot in an effort to

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<v Speaker 4>short circuit a proposition on the November ballot to change

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<v Speaker 4>the Constitution to codify abortion rights. Abortion, of course, has

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<v Speaker 4>been a state by state issue since the Supreme Court's

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

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<v Speaker 4>failing fifty six to forty three percent. I'm at Baxter

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<v Speaker 4>Bloomberg Daybreak.

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<v Speaker 2>All right, thank you, Ed.

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<v Speaker 5>We also have a new development in the latest criminal

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<v Speaker 5>case against Donald Trump. It is a previous the undisclosed

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<v Speaker 5>memo that prosecutors could use to bolster their argument of

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<v Speaker 5>a conspiracy to overturn the election. Joan Donagher has details

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<v Speaker 5>from our Bloomberg ninety nine to one newsroom in Washington.

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<v Speaker 6>The New York Times says it's obtained a copy of

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<v Speaker 6>the memo dated December sixth, twenty twenty, that first came

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

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<v Speaker 6>It outlines a strategy from Trump lawyer Kenneth Cheesebro to

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<v Speaker 6>have pro Trump electors meet in states that Joe Biden

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<v Speaker 6>had won, and portray it as a routine measure to

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<v Speaker 6>ensure the correct electors were counted if courts or legislatures

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<v Speaker 6>determined Trump actually won those states. Cheesebro's memo says the

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<v Speaker 6>Supreme Court would likely reject the strategy in the end,

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<v Speaker 6>but it would achieve two goals, putting attention on claims

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<v Speaker 6>of voter fraud and buying the Trump campaign more time

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<v Speaker 6>to deny Biden electoral votes in court in Washington. I'm

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<v Speaker 6>Joan Donagher, Bloomberg Daybreak.

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<v Speaker 2>Okay, Joan, thank you.

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<v Speaker 3>One other note on the political front, former Arizona Republican

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<v Speaker 3>nominee for governor Carry Lake maybe on the verge of

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<v Speaker 3>running for office again. According to Axius, Lake will spend

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<v Speaker 3>next month interviewing potential staff for a run for the Senate.

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<v Speaker 2>She is then expected to launch that effort in November.

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<v Speaker 5>Meantime, tensions between the US and China remain in focus.

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<v Speaker 5>We're learning Washington as close to unveiling a plan to

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<v Speaker 5>limit investment in China. Sources say the plan could apply

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<v Speaker 5>only to Chinese companies that get at least half of

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<v Speaker 5>their revenue from cutting edge sectors such as quantum computing

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<v Speaker 5>and artificial intelligence. We're told the order will take about

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<v Speaker 5>a year to go into effect. In China's economies and

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<v Speaker 5>focus as well. This morning, amy as prices in the

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<v Speaker 5>country fall into deflation territory. The data showed China's consumer

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<v Speaker 5>and producer prices both posted a year over year decline

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<v Speaker 5>in July. Consumer prices fell three tenths of one percent,

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<v Speaker 5>while producer prices slumped four point four percent. Robin Shing

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<v Speaker 5>is chief China economist at Morgan Stanley China.

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<v Speaker 1>I think deflation for sure. The question is how long, and.

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<v Speaker 2>I think it's up to the policy.

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<v Speaker 7>Mike, Well, we will they react with accordingly to the

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<v Speaker 7>fifth co on mon Crida.

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<v Speaker 3>And Sheng at Morgan Stanley says it's the first time

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<v Speaker 3>in almost three years that both consumer and producer prices

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<v Speaker 3>in China, registered contractions in Europe.

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

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<v Speaker 5>banks had fallen after word of new tax on profits.

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<v Speaker 5>Now Italy's government is backtracking on part of that plan.

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<v Speaker 5>It says there will be a cap to limit the

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<v Speaker 5>impact for many lenders. That has banks outperforming in Italy,

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<v Speaker 5>with shares climbing as high as five percent this morning.

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<v Speaker 3>Well back here in the US, Amy, there's plenty of

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<v Speaker 3>corporate news to get you caught up on. Let's start

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<v Speaker 3>with we Work. The shares are down seventeen percent in

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<v Speaker 3>early trading. The company is raising doubt about its ability

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<v Speaker 3>to stay in business. We Work is bleeding cash, and

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<v Speaker 3>customers of its office rentals are canceling their memberships in droves.

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<v Speaker 5>And a couple of gaming stocks also on the move.

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<v Speaker 5>Shares of Pen Entertainment are up eleven percent, rival draft

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<v Speaker 5>kings down now more than four percent. That's after ESPN

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<v Speaker 5>signed a partnership for sports betting with Penn. We get

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<v Speaker 5>that story from Bloomberg's Charlie Pellett.

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<v Speaker 1>Penn Well have of a ten year exclusive right to

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<v Speaker 1>use the ESPN bet name for sports betting in the US. Meanwhile,

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<v Speaker 1>Penn says it is selling all of its Barstool Sports

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<v Speaker 1>subsidiary to Dave Portnoy, who founded the sports and pop

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<v Speaker 1>culture media company, in exchange for a non compete and

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<v Speaker 1>other agreements. Penn also has the right to get half

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<v Speaker 1>of the proceeds received by Portnoy in any subsequent sale

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<v Speaker 1>of Barstool in New York. Charlie Pellett Bloomberg Daybreak.

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<v Speaker 5>Thank you, Charlie. And we should note Walt Disney, which

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<v Speaker 5>owns ESPN, reports earnings today and those shares are currently

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<v Speaker 5>up nearly one percent in early trading.

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<v Speaker 2>Wellyby.

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<v Speaker 3>It has been a summer of labor disputes and industries

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<v Speaker 3>from Hollywood to Detroit, and now we're getting a glimpse

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<v Speaker 3>of how contract demands in the auto industry could affect

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<v Speaker 3>corporate earnings. Estimates from the big US car makers show

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<v Speaker 3>a proposed contract with the United Autoworkers Union could wipe

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<v Speaker 3>out their profits. In Bloomberg's Doug Prisner has the story.

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<v Speaker 8>We're told the calculations are based on the uaw's reques

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<v Speaker 8>quest in current negotiations. They include a forty six percent

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<v Speaker 8>wage increase, restoration of traditional pensions, cost of living increases,

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<v Speaker 8>reduction in the work week to thirty two hours from forty,

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<v Speaker 8>and an increase in retiree benefits. It's estimated these demands

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<v Speaker 8>will add more than eighty billion dollars to labor cost

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<v Speaker 8>for each of the big US automakers over the contract's

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<v Speaker 8>four year term. Previously, UAW president Shawn Fain said record

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

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<v Speaker 8>Bloomberg Daybreak.

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<v Speaker 5>All right, thank you, Nathan, time NOLVA. Look at some

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<v Speaker 5>of the other stories making news around the world. For that,

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<v Speaker 5>we are joined by Bloomberg's John Tucker.

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<v Speaker 2>Good morning, John and Amy.

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

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<v Speaker 9>What somebody, somebody in Florida what a one point five

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<v Speaker 9>eight billion dollar Mega Million's jackpot last night? And that

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<v Speaker 9>ends a stretch of nearly four months when there was

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<v Speaker 9>no winner. This is the third largest in US history.

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<v Speaker 9>A chance of winning, by the way, was one and

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<v Speaker 9>three hundred and two million. A grocery store at Neptune

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<v Speaker 9>Beach sold that winning ticket. President Joe Biden says he

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<v Speaker 9>plans to travel to Vietnam soon. Let's get that story

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<v Speaker 9>from Bloomberg's Jeff Bellinger.

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<v Speaker 10>Mister Biden did not provide a timeline for the Vietnam visit,

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<v Speaker 10>but other senior administration officials have already visited the country.

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<v Speaker 10>The United States considers Vietnam a key partner in advancing

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<v Speaker 10>a free and open Indo Pacific. The US normalized trade

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<v Speaker 10>relations with Vietnam in two thousand and seven, and those

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<v Speaker 10>links have deepened since former President Donald Trump imposed tariffs

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<v Speaker 10>on China. Vietnam is crucial for the US as it

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<v Speaker 10>seeks to reduce its reliance on a handful of nations

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<v Speaker 10>for the supply of critical technologies, as well as counter

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<v Speaker 10>Chinese influence. Jeff Bellinger, Bloomberg Radio Well.

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<v Speaker 9>Even before they pummeled the East Coast on Monday, thunderstorms

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<v Speaker 9>have demonstrated a vast destructive power in the US. A

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<v Speaker 9>report from insurance giant Swiss Ree says severe thunderstorms of

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<v Speaker 9>the US accounted for nearly seventy percent of all insured

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<v Speaker 9>natural catastrophic losses in the first half of this year.

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<v Speaker 9>Police in Montgomery, Alabama, say at least three white people

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<v Speaker 9>have been charged after a weekend five between a riverboat worker,

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<v Speaker 9>the Harriot and a group of private voters. Montgomery Police

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<v Speaker 9>Chief Darreal Albert says the private boat was illegally docked.

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<v Speaker 11>The captain of the Harriet remained away from the dock

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<v Speaker 11>for nearly forty to forty five minutes as they attempted

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<v Speaker 11>to contact the operators of the private boat via PA system.

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<v Speaker 11>They will only responded to without seen gestures, curse words.

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<v Speaker 1>And taunting.

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<v Speaker 9>Investigators so far have not found any indication this attack

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<v Speaker 9>was racially motivated, and Massachusetts Captinal more Heilly as they

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<v Speaker 9>cleared a state of emergency citing an influx of migrants.

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<v Speaker 9>There are more than twenty thousand people, many of whom

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<v Speaker 9>are migrants, currently living in state shelters, including infants, young children,

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<v Speaker 9>and pregnant women. That's up from around just thirty one

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<v Speaker 9>hundred families a year ago. Global News twenty four hours

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<v Speaker 9>a day, powered by more than twenty seven hundred journalists

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<v Speaker 9>and analysts in more than one hundred and twenty countries.

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<v Speaker 9>I'm John Tucker. This he is Bloomberg. Amy.

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<v Speaker 5>All right, John, thank you Tom now for our Bloomberg

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<v Speaker 5>Sports update, and for that we bring in John stash Hour.

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<v Speaker 12>Aim of the Houston Astros won the World Series last

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<v Speaker 12>year just trying to get back to the postseason this season.

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<v Speaker 12>They've trailed Texas in the AL West most of the season,

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<v Speaker 12>and the Rangers are currently three games ahead, but the

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<v Speaker 12>Astros do have a slim lead for an AL wildcard spot,

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<v Speaker 12>and last night in Baltimore against the Orioles, who have

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<v Speaker 12>the best record in the America League, Houston trailed six

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<v Speaker 12>to three in the nineteen eighty two.

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<v Speaker 10>Two again and Tucker hits it in a year pretty

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<v Speaker 10>eat to right field that sends back with Tenna.

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<v Speaker 5>Appleway looking up stay light out.

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<v Speaker 6>Til Tucker gives the Astros a league with a grand slam.

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<v Speaker 9>Seven to six, Houston.

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<v Speaker 12>One hundred miles per hour from Bautista and more.

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<v Speaker 3>Than that from Tucker to right film.

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<v Speaker 2>Kbnb had the calls.

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<v Speaker 12>The Astros win seven to six Tampa Bay Rays with

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<v Speaker 12>three runs of the eighth inning to beat Saint Louis

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<v Speaker 12>four to two. The Rays have the lead for the

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<v Speaker 12>first day L wildcard spot, but they have suffered a loss.

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<v Speaker 12>Shane McClanahan, likely done for the year with an arm injuries,

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<v Speaker 12>got an eleven to two records, started the season great,

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<v Speaker 12>although he's actually winless in his last six starts. Red

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<v Speaker 12>Sox gave up three home runs, lost in home to

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<v Speaker 12>Kansas City nine to three. It was the SOPs debut

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<v Speaker 12>this season for Trevor's story. Nationals in Philly split a

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<v Speaker 12>doubleheader in Philly.

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<v Speaker 2>Phil's won the opener eight.

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<v Speaker 12>Four, Kyle schwarberhomer twice. NAT scored in the ninth inning,

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<v Speaker 12>whin the nightcap five to four. Giants lost to the

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<v Speaker 12>Angels seven to five. A's lost to Texas six to one.

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<v Speaker 12>John Stash Edward Bloomberg's.

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<v Speaker 13>Fourth from coast to coast, from New York to San Francisco,

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<v Speaker 13>Boston to Washington, DC, nationwide on SIRISXAM, the Bloomberg Business app,

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<v Speaker 13>and Bloomberg dot Com.

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

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<v Speaker 3>special election in Ohio and a previously undisclosed memo could

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<v Speaker 3>have major implications on US politics heading into next year. First,

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<v Speaker 3>voters in the key battleground state rejected a ballot measure

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<v Speaker 3>that is seen as a test of abortion rights, and

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<v Speaker 3>the memo reported in The New York Times, may highlight

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<v Speaker 3>special counsel Jack Smith's case that former President Donald Trump's

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<v Speaker 3>bid to overturn his twenty twenty election loss was a

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<v Speaker 3>criminal conspiracy.

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<v Speaker 2>Let's get more on both these stories. This morning.

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<v Speaker 3>We're joined by Greg Valier, chief US policy strategist at

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<v Speaker 3>AGF Investments.

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<v Speaker 2>Greg. Good morning.

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<v Speaker 3>Normally one special election might not get a lot of attention,

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<v Speaker 3>but we know that this one in Ohio is getting

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<v Speaker 3>noticed at the White House this morning. What is the

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<v Speaker 3>impact of Ohio rejecting this effort to raise the bar

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<v Speaker 3>when it comes to amending that state's constitution.

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<v Speaker 14>Well, good morning, Nathan. This is a big deal for

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<v Speaker 14>the Democrats. It makes it, I think even more likely

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<v Speaker 14>that pro reproductive rights candidates will do well. You know,

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<v Speaker 14>there were some other races earlier this year Kansas and

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<v Speaker 14>elsewhere that showed there is strong support for abortion rights. This,

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<v Speaker 14>I think just confirms that.

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<v Speaker 3>Does this then have bigger implications for the race for

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<v Speaker 3>control of Congress next year as opposed to potentially President

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<v Speaker 3>Biden's effort to get re elected in twenty twenty four.

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<v Speaker 14>I do think Democrats next year are well positioned on

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<v Speaker 14>this issue. I mean, there are a lot of other issues,

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<v Speaker 14>the economy being the number one, and of course all

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<v Speaker 14>of the scandals coming out of what happened on January sixth,

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<v Speaker 14>But I do think this is a big deal for

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<v Speaker 14>the Democrats. I think that it shows that the Republicans

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<v Speaker 14>on this issue are not in touch with a public.

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<v Speaker 3>It is interesting to see some of the reporting about

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<v Speaker 3>this ballot measure that a lot of business interests to

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<v Speaker 3>come out in favor of this idea of making it

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<v Speaker 3>more difficult to amend the constitution in Ohio, including that

0:12:16.640 --> 0:12:20.040
<v Speaker 3>state's Chamber of Commerce the National Federation of Independent Business.

0:12:20.160 --> 0:12:24.080
<v Speaker 2>Is there a potential business impact for this measure failing.

0:12:26.160 --> 0:12:31.120
<v Speaker 14>Maybe it could be easier to pass anti business regulations

0:12:31.160 --> 0:12:33.400
<v Speaker 14>a bit, But the big story is abortion.

0:12:34.000 --> 0:12:34.679
<v Speaker 2>Absolutely.

0:12:35.480 --> 0:12:38.679
<v Speaker 3>That does seem to be what the implications are, given

0:12:38.760 --> 0:12:43.240
<v Speaker 3>that a lot of the people who are voted against

0:12:43.320 --> 0:12:47.720
<v Speaker 3>this amendment said that it wouldn't necessarily have even gotten

0:12:47.720 --> 0:12:52.040
<v Speaker 3>on the ballot had not the Supreme Court overturned abortion

0:12:52.160 --> 0:12:55.000
<v Speaker 3>rights last year. So what is the potential read through

0:12:55.679 --> 0:13:01.280
<v Speaker 3>into the presidential race for this over whelming support for

0:13:01.320 --> 0:13:06.000
<v Speaker 3>the idea of abortion rights being codified in state constitutions.

0:13:07.080 --> 0:13:09.280
<v Speaker 14>Well, I think that a lot of Republicans who are

0:13:09.320 --> 0:13:12.280
<v Speaker 14>moderate on this issue are going to have to stay

0:13:12.280 --> 0:13:16.440
<v Speaker 14>that way, and I think that for the Democrats this

0:13:16.480 --> 0:13:19.480
<v Speaker 14>will be interpreted in the next few weeks as a

0:13:19.520 --> 0:13:21.439
<v Speaker 14>significant victory in.

0:13:21.400 --> 0:13:22.360
<v Speaker 2>The time we have left.

0:13:22.400 --> 0:13:24.439
<v Speaker 3>Greg, I want to get your take as well on

0:13:24.600 --> 0:13:27.360
<v Speaker 3>this memo reported in the New York Times that apparently

0:13:27.400 --> 0:13:30.000
<v Speaker 3>hadn't been uncovered by the House January sixth Committee, but

0:13:30.200 --> 0:13:35.200
<v Speaker 3>was part of Special Council Jack Smith's latest indictment pointing.

0:13:34.920 --> 0:13:38.000
<v Speaker 2>To what he calls the fake elector scheme.

0:13:38.640 --> 0:13:41.680
<v Speaker 3>How crucial is this memo as reported do you think

0:13:41.800 --> 0:13:43.720
<v Speaker 3>to a Special Counsel Smith's case.

0:13:44.600 --> 0:13:47.320
<v Speaker 14>Well, we'll see in reading the story in the New

0:13:47.400 --> 0:13:49.840
<v Speaker 14>York Times a few minutes ago, you can make a

0:13:49.920 --> 0:13:54.480
<v Speaker 14>case for a conspiracy that one of these six alleged

0:13:54.480 --> 0:13:58.440
<v Speaker 14>co conspirators had a big role in this. And I

0:13:58.520 --> 0:14:01.600
<v Speaker 14>think if a conspiracy case looks more likely, you have

0:14:01.679 --> 0:14:04.480
<v Speaker 14>to ask the question, could one or two of those

0:14:04.559 --> 0:14:07.960
<v Speaker 14>six cop a plea? Could they seek a plea bargain?

0:14:08.200 --> 0:14:10.360
<v Speaker 14>And I think that's no longer out of the question.

0:14:10.760 --> 0:14:13.240
<v Speaker 2>Who are you looking at specifically that my cop a

0:14:13.240 --> 0:14:13.760
<v Speaker 2>plea here?

0:14:14.760 --> 0:14:18.520
<v Speaker 14>Juliani, I think he'd be high on the list. There

0:14:18.600 --> 0:14:21.080
<v Speaker 14>are others though as well, who know where all the

0:14:21.120 --> 0:14:25.040
<v Speaker 14>bodies were buried? This story in the Times this morning

0:14:25.120 --> 0:14:27.120
<v Speaker 14>is going to have legs. I think it'll be a

0:14:27.160 --> 0:14:32.600
<v Speaker 14>dominant factor for weeks to come as a conspiracy case

0:14:32.680 --> 0:14:33.600
<v Speaker 14>become stronger.

0:14:34.320 --> 0:14:36.640
<v Speaker 3>Does it rise to the level of a smoking gun

0:14:36.800 --> 0:14:38.880
<v Speaker 3>for you? Does it go that far?

0:14:38.960 --> 0:14:39.400
<v Speaker 2>Do you think?

0:14:40.000 --> 0:14:40.240
<v Speaker 12>Yeah?

0:14:40.280 --> 0:14:42.080
<v Speaker 14>I thought that, Nathan, that maybe you would be a

0:14:42.120 --> 0:14:45.400
<v Speaker 14>smoking gun too early to say. I'm sure that Trump

0:14:45.480 --> 0:14:48.520
<v Speaker 14>people are going to say that this is not relevant,

0:14:49.520 --> 0:14:52.640
<v Speaker 14>that it doesn't make any strong case. But you look

0:14:52.680 --> 0:14:55.560
<v Speaker 14>at this. The people who put this fake electric scheme

0:14:55.640 --> 0:14:59.320
<v Speaker 14>together had a plan and they coordinated it, and to me,

0:15:00.040 --> 0:15:02.600
<v Speaker 14>barraseat charge looks a lot more likely.

0:15:05.880 --> 0:15:08.800
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