WEBVTT - Labour's Landslide Win, Biden's Make-or-Break Weekend

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good Morning.

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<v Speaker 1>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today.

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<v Speaker 2>Karen, we begin in the UK, where stocks are on

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<v Speaker 2>the rise after the Labor Party won a landslide victory

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<v Speaker 2>in the general election, as the party of outgoing Conservative

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<v Speaker 2>Prime Minister Rishi Sunac suffers a historic defeat. Let's get

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<v Speaker 2>the latest from London with Bloomberg Daybreak. You're Banker, Stephen Carroll.

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<v Speaker 3>Good morning, Stephen, Good morning, Nathan, and Karen. Kerstarmer says

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<v Speaker 3>the Labor Party will start the next chapter for the UK.

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<v Speaker 3>His party trunts the Conservatives, winning a majority of around

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<v Speaker 3>one hundred and sixty seats in a vote that's been

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<v Speaker 3>seen as a referendum on fourteen years of Tory rule.

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<v Speaker 3>A record number of outgoing ministers lost their seats, as

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<v Speaker 3>well as former Prime Minister Liz truss Kaer. Starmer brings

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<v Speaker 3>his Labor Party back to power with a huge mandate

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<v Speaker 3>and now must deliver on his promises to boost growth,

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<v Speaker 3>build more homes, and transition the UK to green power.

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<v Speaker 3>In his words, change begins now in London. Stephen Carrol

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<v Speaker 3>Bloomberg Radio.

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<v Speaker 1>All right, Stephen, thank you well. According to the latest results,

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<v Speaker 1>Labor won four hundred of six hundred and fifty seats

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<v Speaker 1>up for grabs, the most since Tony Blair's nineteen ninety

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<v Speaker 1>seven landslide victory. In Coming Prime Minister Keir Starmer declared

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<v Speaker 1>victory in an address to supporters.

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<v Speaker 4>We did it.

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<v Speaker 5>You campaign for it, you've fought for it, you've voted

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<v Speaker 5>for it, and now it has arrived. Change begins now

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<v Speaker 5>and it feels good. I have to be honest.

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<v Speaker 1>Afterwards, Kiir Starmer spoke with the man he will soon replace,

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<v Speaker 1>Rishis Sunac soon. Next says he called the Labor leader

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<v Speaker 1>to concede.

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<v Speaker 3>The British people have delivered a sobering verdict tonight.

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<v Speaker 5>There is much to learn and reflect on and I

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<v Speaker 5>take responsibility.

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<v Speaker 6>For the loss.

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<v Speaker 1>Henrichisunac still comfortably one in his constituency, but will be

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<v Speaker 1>replaced by Starmer as Prime Minister. Today. Let's take a

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<v Speaker 1>look at the pound now, which Notch's longest winning streak

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<v Speaker 1>in four years as a Labor Party swept at power.

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<v Speaker 1>Currently it's higher against the dollar. It's at one point

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<v Speaker 1>two seven seventy nine.

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<v Speaker 2>Well, the other major part of this story Karen is

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<v Speaker 2>the rise of the right wing Reform UK Party. It's leader,

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<v Speaker 2>Nigel Farage, won his constituency from the Conservatives. He is

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<v Speaker 2>becoming a member of Parliament after seven previous failed attempts.

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<v Speaker 2>Farage is seen as one of the driving forces behind

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<v Speaker 2>the Brexit movement. Meanwhile, a former prime minister lost her seat,

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<v Speaker 2>Liz Trust failed to win her constituency. Her premiership was

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<v Speaker 2>the shortest in UK history. Chancellor of the Exchequer Jeremy

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<v Speaker 2>Hunt was able to hold on to his seat.

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<v Speaker 1>We want to turn out a politics in the US,

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<v Speaker 1>Nathan and a make or break weekend for President Biden.

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<v Speaker 1>The President's aiming to restore faith in voters and donors

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<v Speaker 1>who are wary he can defeat Donald Trump in November.

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<v Speaker 1>Pulls from The Wall Street Journal at New York Times

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<v Speaker 1>released after the debate showed that Donald Trump has increased

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<v Speaker 1>as lead over President Biden. The President will have a

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<v Speaker 1>crucial interview with ABC News heading into the weekend, in

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<v Speaker 1>his first unscripted interview since his debate performance last week.

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<v Speaker 1>He'll also address a rally in Madison, Wisconsin today. President

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<v Speaker 1>Biden spoke yesterday morning with the Earl Ingram Show on

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<v Speaker 1>Civic Media, admitting he made some missteps with the debate.

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<v Speaker 7>Had a bad night, and the fact of the matter

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<v Speaker 7>is that you know it was I.

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<v Speaker 1>I screwed up and made a mistake. After speaking on

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<v Speaker 1>the Earl Ingram Show on Civic Media, we later heard

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<v Speaker 1>from the President at July fourth event, where he assured

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<v Speaker 1>a crowd outside the White House that he was staying

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<v Speaker 1>in the race.

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<v Speaker 2>You got me, man, I'm not going anywhere.

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<v Speaker 1>President Biden and First Lady Jill Biden were hosting military

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<v Speaker 1>families at the White House yesterday.

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<v Speaker 8>Well Karen.

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<v Speaker 2>Most Democratic Party elders and prominent governors so far have

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<v Speaker 2>resisted publicly calling on President Biden to drop out of

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<v Speaker 2>the race, but they have also bluntly acknowledged they are worried.

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<v Speaker 2>They say, questions about his ability to handle the job

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<v Speaker 2>are legitimate. Democrats dispatched California Governor Gavin Newsom to the

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<v Speaker 2>swing state of Michigan to reassure voters there that President

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<v Speaker 2>Biden can win a second term.

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<v Speaker 6>I believe in his character.

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<v Speaker 7>I believe that he has.

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<v Speaker 9>Been one of the most transformative presidents in our collective lifetime.

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<v Speaker 2>Despite comments from the likes of California's Governor Gavin Newsom.

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<v Speaker 2>Top Democratic donors have said they would withhold or redirect

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<v Speaker 2>their money unless Biden does step aside, while lawmakers continued

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<v Speaker 2>discussing whether to band together and call for a change

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<v Speaker 2>atop the ticket.

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<v Speaker 1>Well, we're turning now to the latest in the Middle East, Nathan.

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<v Speaker 1>There appears to be movement on a kind of truce

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<v Speaker 1>between Israel and Hamas, and Bloomberg's and Baxter joins us

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<v Speaker 1>with that story.

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<v Speaker 7>President Joe Biden has spoken with Israeli Prime Minister Benjamin

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<v Speaker 7>at Yahoo for about half an hour, and after the call,

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<v Speaker 7>a senior US official is saying that Hamas has broadly

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<v Speaker 7>agreed to the framework of a Ceaz fire proposal with Israel.

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<v Speaker 7>The Hamas responss through Katari officials who have served as

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<v Speaker 7>a key intermediary between Israel and Hamas. The official says

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<v Speaker 7>it's an encouraging development that could initially lead to the

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<v Speaker 7>release from the Gaza strip sick, wounded female and older

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<v Speaker 7>male hostages taken on October seventh. It appears to be

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<v Speaker 7>significant enough that Israel is sending a delegation to negotiate

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<v Speaker 7>in cutter ed Baxter Bloomberg Radio.

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<v Speaker 1>All right, and thanks, And we're learning this morning that

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<v Speaker 1>the head of Israel's intelligence agency is traveling to cutter

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<v Speaker 1>today to meet with the nation's prime minister to try

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<v Speaker 1>to finalize the deal with Amas. And that's according to

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<v Speaker 1>Israeli media.

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<v Speaker 2>Also happening overseas this weekend, Karen will be the second

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<v Speaker 2>round of voting in France's election marine. The pass far

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<v Speaker 2>right National Rally party is set to fall well short

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<v Speaker 2>of an absolute majority in that vote on Sunday. That's

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<v Speaker 2>based on surveys released over the past couple days. The

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<v Speaker 2>second round of the snap election is on Sunday. Five

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<v Speaker 2>hundred one districts are up for grabs. The National Rally

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<v Speaker 2>has secured at thirty nine races outright in the first round.

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<v Speaker 2>The election comes after French President Emmanuel mccron dissolved the

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<v Speaker 2>lower House of Parliament nearly a month ago and called

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<v Speaker 2>for that snap vote.

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<v Speaker 1>Now to the market, Snathan, investors resume a normal trading

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<v Speaker 1>day after a shortened day Wednesday. We'll get a critical

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<v Speaker 1>data point at eight thirty am Wall Street time. But

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<v Speaker 1>the June jobs report on Bloomberg's Michael McKee has a preview.

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<v Speaker 10>It's hard to characterize the consensus for June employment. While

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<v Speaker 10>other labor market indicators such as jobless claims, adp and ism,

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<v Speaker 10>manufacturing and services suggest a cooling labor market, economists are

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<v Speaker 10>reluctant to bet against the non farm payrolls trend. The

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<v Speaker 10>forecast is almost the same as the May forecast, but

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<v Speaker 10>hiring last month rose two hundred and seventy two thousand,

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<v Speaker 10>almost one hundred thousand more. Fed officials, meanwhile, have put

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<v Speaker 10>unemployment in the spotlight as a measure of the economy's strength.

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<v Speaker 10>Any rise would push investors to pull forward bets on

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<v Speaker 10>a rate cut, possibly in September. The consensus, however, sees

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<v Speaker 10>no change. Michael McKee, Bloomberg Radio Sori, Michael, thank you.

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<v Speaker 1>Time now for a look at some of the other

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<v Speaker 1>stories making news in New York and around the world.

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<v Speaker 1>And for that we're joined by Bloomberg's Michael Barr. Michael,

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<v Speaker 1>Good morning, Good morning, Karen.

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<v Speaker 8>A fourth of July park tragedy in New York City,

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<v Speaker 8>police say three people were killed and seven others were

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<v Speaker 8>injured when a suspected drunk driver plowed a vehicle into

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<v Speaker 8>a park on the Lower East side of Manhattan. It

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<v Speaker 8>happened just before nine pm last night. In my PD

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<v Speaker 8>Chief Jeffrey Madre says, many families were in the park

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<v Speaker 8>celebrating the holiday. Right now, we do not feel that

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<v Speaker 8>this is a terrorism related event. We do believe that

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<v Speaker 8>alcohol had played a role in this, but we are

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<v Speaker 8>investigating and we will look further into it. Chief Madre

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<v Speaker 8>says at least one victim remains in critical condition. Hurricane

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<v Speaker 8>Beryl is heading for Mexico's Yucatan Peninsula as a strengthened

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<v Speaker 8>Category three storm. Beryl damaged Jamaica as more than half

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<v Speaker 8>of the island is now without electricity. To the crisis

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<v Speaker 8>is a lack of water, limited telecommunications, and a closed airport.

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<v Speaker 8>This Florida resident told ABC outside of Montego Bay Airport,

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<v Speaker 8>her dream vacation to the Caribbean has become a nightmare.

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<v Speaker 6>I've got to get back to work.

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<v Speaker 1>Funds are running out and it's time to go home.

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<v Speaker 1>Vacation's over, so we've got to spend more money to

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<v Speaker 1>stay when we don't.

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<v Speaker 4>Want to stay.

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<v Speaker 8>A total of nine deaths have been blamed on burrel.

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<v Speaker 8>The National Weather Service is calling a heat wave hitting

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<v Speaker 8>the West extreme and is telling people to limit time outdoors,

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<v Speaker 8>and it has been well over one hundred degrees in

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<v Speaker 8>many areas. Firefighters battling California's wildfires, however, are having to

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<v Speaker 8>deal with the temperatures. Cities around the nation shot off

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<v Speaker 8>Fourth of July fireworks last night. In New York City.

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<v Speaker 8>The may Sea's Fourth of July Fireworks show returned to

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<v Speaker 8>the Hudson River this year for the first time since

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<v Speaker 8>twenty thirteen. The past few years it was on the

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<v Speaker 8>East River. Macy says this year's show featured sixty thousand

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<v Speaker 8>shells as millions gathered for Fourth of July cookouts. Many

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<v Speaker 8>of the world's top eaters gathered on Coney Island from

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<v Speaker 8>the annual Nathan's Famous Fourth of July Hot dog eating contest.

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<v Speaker 8>This year's winner, Patrick Bertilletti won the men's contest with

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<v Speaker 8>an impressive fifty eight hot dogs in ten minutes. Bertiletti

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<v Speaker 8>talking with ESPN on his method to go for the

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<v Speaker 8>gold this year.

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<v Speaker 4>It was all focused today in Nomahawk, just hot water,

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<v Speaker 4>and I wasn't gonna stop eating til the job was done.

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<v Speaker 8>Meanwhile, last year's winning Joey Test and that was barred

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<v Speaker 8>from the Nathan's contest because of a sponsorship conflict, he

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<v Speaker 8>participated at an impossible foods event with soldiers at Fort

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<v Speaker 8>Blisson in Opaso, Texas. Global News twenty four hours a

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<v Speaker 8>day and whenever you want it with Bloomberg News Now.

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<v Speaker 8>I'm Michael Barr. This is Bloomberg Karen.

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<v Speaker 1>All right, Michael Barr, thank you time now for the

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<v Speaker 1>Bloombergy scores update with John Stashaury John, Good morning, Good.

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<v Speaker 4>Morning, Nathan and Karen. The Mets loose to the Nationals.

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<v Speaker 4>Won nothing in Washington. On this blast swing by winker

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<v Speaker 4>a tribe to deep right center field.

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<v Speaker 8>This is way back, it's going going. Let's good good bye.

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<v Speaker 4>That's courtesy of WJFK Radio. Jesse Winkers eighth inning home

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<v Speaker 4>run off reliever Adrian Hauser was the only run of

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<v Speaker 4>the game, Mets offense mustering just one hit as the

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<v Speaker 4>Nats get eight shot out innings from Jake Irvin. With

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<v Speaker 4>the loss, Mets falling one game under five hundred. The

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<v Speaker 4>Mets take on the Pirates tonight as they open a

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<v Speaker 4>four game set in Pittsburgh with Luis Severino facing the

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<v Speaker 4>rookie Paul Skeins. The Yankees, meanwhile, have now lost thirty

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<v Speaker 4>other past seventeen games. As the Cincinnati Reds finish off

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<v Speaker 4>a three game sweep of an eight to four win

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<v Speaker 4>in the Bronx, Marcy Strouman picking up the loss, giving

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<v Speaker 4>up five runs in five innings. With the loss, Yankees

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<v Speaker 4>falling two and a half games behind Baltimore in the

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<v Speaker 4>American League East. Yankees opening up a weekend series at

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<v Speaker 4>home against the Red Sox. Tonight, Nester Cortez on the Mount,

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<v Speaker 4>facing Boston's ten or Hawk, Patrick Bertolletti wins the Mustard

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<v Speaker 4>out to the Nathan's Famous Hot Dog Eating contest in

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<v Speaker 4>Coney Island, downing fifty eight dogs, beating Jeffrey Esper by five.

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<v Speaker 4>The sixteen time champion Joey Chestnutt did not compete due

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<v Speaker 4>to dispute over a sponsorship deal. Meanwhile, Mickey Pudo becomes

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<v Speaker 4>at ten time women's champion, eating a record fifty one

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<v Speaker 4>hot dogs. The Golden State Warriors have acquired guard Buddy

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<v Speaker 4>Healed and assigned in trade with the Philadelphia seventy six ers.

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<v Speaker 4>Held gets a contract that guarantees two years and twenty

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<v Speaker 4>one million dollars. Last season, the thirty one year old

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<v Speaker 4>averaged just over twelve points a game for the Sixers

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<v Speaker 4>and the Indiana Pacers. Two Big Euro twenty twenty four

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<v Speaker 4>quarter final matchups coming up later today as Spain faces

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<v Speaker 4>host country Germany, with France taken on Portugal. Big upstate

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<v Speaker 4>at Wimbledon as fifth seeded American Jessica Pagula loses in

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<v Speaker 4>three sets to Wang Shin Yu in the second round.

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<v Speaker 4>That's your Bloomberg Sports update on Dan Schwartzman, Nathan and Karen.

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<v Speaker 8>Coast to coast on Bloomberg Radio nationwide on Sirius XM,

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<v Speaker 8>and around the world on Bloomberg dot Com and the

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<v Speaker 8>Bloomberg Business app. This is bloom Burg Daybreak.

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<v Speaker 2>Good Morning of Nathan Hager. Change is coming to the UK.

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<v Speaker 2>Labor leader Keir Starmer is set to become the next

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<v Speaker 2>Prime Minister after winning a landslide victory an outright majority

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<v Speaker 2>in the House of Commons, handing Rishi Sunac's Conservatives their

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<v Speaker 2>worst showing ever after his decision to call a surprise

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<v Speaker 2>election in the summer. For more on this result, we

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<v Speaker 2>are joined by Bloomberg Daybreak euro banker Caroline Hepger, who has

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<v Speaker 2>been following the reaction from Westminster. Caroline good morning. This

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<v Speaker 2>is a historic result, but not really a surprise, is it,

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<v Speaker 2>given that the polls were pointing to a massive Labor lead.

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<v Speaker 6>No, but it is a damning verdict, isn't it on

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<v Speaker 6>Prime Minister Rishi Sunac and indeed the five Conservative prime

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<v Speaker 6>ministers that we've had over a fourteen year period here

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<v Speaker 6>in the UK. Rischie Sunac will give his final feat

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<v Speaker 6>as Prime Minister in about twenty minutes time, after the

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<v Speaker 6>worst defeat for the Conservative Party in one hundred years.

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<v Speaker 6>In the end, they only managed to muster one hundred

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<v Speaker 6>and twenty seats in the House of Common six hundred

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<v Speaker 6>and fifty seats overall. It was Labor who managed to

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<v Speaker 6>secure four hundred and twelve new MPs. The other story, though,

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<v Speaker 6>that I would pull out of what has happened in

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<v Speaker 6>the UK is very unusual, Nathan. Normally we are basically

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<v Speaker 6>a two party parliamentary system, but we've seen the resurgence

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<v Speaker 6>of the Liberal Democrats, traditionary the third party in politics

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<v Speaker 6>here in the UK. Also a big loss for the

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<v Speaker 6>SNP up in Scotland, and then Nigel four Trump's ally

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<v Speaker 6>of reform UK. He's been voted in along with a

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<v Speaker 6>number of other colleagues for Reform UK. So this is

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<v Speaker 6>a much more divided Britain in terms of the MPs

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<v Speaker 6>that they have voted for, perhaps a confused Britain. Also

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<v Speaker 6>because the turnout was very low, one hundred years low

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<v Speaker 6>in terms of the number of people who actually went

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<v Speaker 6>out to.

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<v Speaker 2>Vote, So the turnout could belie then the huge majority

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<v Speaker 2>that we do see four or the Labor Party. What

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<v Speaker 2>does that say about the convincing that Keir Starmer needs

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<v Speaker 2>to do for that sizable majority of voters that did

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<v Speaker 2>not turn out in this election.

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<v Speaker 6>Caroline, Well, this is absolutely going to be the question

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<v Speaker 6>how much of a mandate does the Labor leader have

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<v Speaker 6>for perhaps going further than a very limited manifesto. So

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<v Speaker 6>all the parties presented their manifestos in this very brief

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<v Speaker 6>campaigns only last six weeks here in the UK. Labour's

0:14:30.080 --> 0:14:33.800
<v Speaker 6>manifesto had very little, less than ten billion pounds in

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<v Speaker 6>terms of tax and spending changes. Blueberg Economics reported on

0:14:39.840 --> 0:14:41.560
<v Speaker 6>it that actually they thought it would only add zero

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<v Speaker 6>point one percent of economic growth to the UK in

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<v Speaker 6>the shortter medium term, so it was really a very

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<v Speaker 6>thin manifesto, not promising a huge amount. Now the question

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<v Speaker 6>is does the Labor Party go forward and have to

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<v Speaker 6>deliver more. They have promised to do things like increase

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<v Speaker 6>economic growth, you know, deal with the backlog in in

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<v Speaker 6>NHS waiting list, deliver one and a half million new homes,

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<v Speaker 6>whilst at the same time not increasing any of the

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<v Speaker 6>major taxes. That was a firm pledge from them not

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<v Speaker 6>to increase taxes on working people. So how are they

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<v Speaker 6>going to do that? And, as you say, because a

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<v Speaker 6>lot of people did not turn out, the criticism this

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<v Speaker 6>morning from some of the other leaders like Nigel Fararche

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<v Speaker 6>has sen actually there's no great enthusiasm for Labor. It

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<v Speaker 6>is simply that voters were so utterly sick and frustrated

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<v Speaker 6>by the Conservative government that after fourteen years, delivered actually

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<v Speaker 6>a drop in UK living standards.

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<v Speaker 2>So, given that we have sort of a thin manifesto

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<v Speaker 2>from Labor in our last minute, Caroline, what's the reaction

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<v Speaker 2>from the business community. I know you've been gathering a

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<v Speaker 2>lot of that as well from Westminster, absolutely.

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<v Speaker 6>And speaking to the key business constituents, for example of

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<v Speaker 6>the Confederation British Industry, the Institute of Directors here in

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<v Speaker 6>the UK. Look, they are hopeful the CBI's Ray Newton

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<v Speaker 6>Smith told me that she wanted the Labor governm to

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<v Speaker 6>hit the ground running and they want details. They want

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<v Speaker 6>details of how the Labor government is going to learn

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<v Speaker 6>the lessons of the last fourteen years and try to

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<v Speaker 6>deliver economic growth. There's been a big bit of outreach

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<v Speaker 6>to business which has convinced a lot of businesses. From

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<v Speaker 6>Kirstarma and Rachel Reeves that Labor is truly a change

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<v Speaker 6>party in that they are pro business. They want to

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<v Speaker 6>combine with business to deliver on growth. But now it's

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<v Speaker 6>about how quickly that comes. And I was speaking to

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<v Speaker 6>a newly elected Labor MP just a few minutes ago.

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<v Speaker 6>He was saying, firstly, there needs to be a complete

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<v Speaker 6>audit of where the UK actually is and what fiscal rooms.

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<v Speaker 6>You know, the incoming government is going to have.

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