Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good Morning.
Speaker 1: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 1: stories we're following today.
Speaker 2: Karen, we begin in the UK, where stocks are on
Speaker 2: the rise after the Labor Party won a landslide victory
Speaker 2: in the general election, as the party of outgoing Conservative
Speaker 2: Prime Minister Rishi Sunac suffers a historic defeat. Let's get
Speaker 2: the latest from London with Bloomberg Daybreak. You're Banker, Stephen Carroll.
Speaker 3: Good morning, Stephen, Good morning, Nathan, and Karen. Kerstarmer says
Speaker 3: the Labor Party will start the next chapter for the UK.
Speaker 3: His party trunts the Conservatives, winning a majority of around
Speaker 3: one hundred and sixty seats in a vote that's been
Speaker 3: seen as a referendum on fourteen years of Tory rule.
Speaker 3: A record number of outgoing ministers lost their seats, as
Speaker 3: well as former Prime Minister Liz truss Kaer. Starmer brings
Speaker 3: his Labor Party back to power with a huge mandate
Speaker 3: and now must deliver on his promises to boost growth,
Speaker 3: build more homes, and transition the UK to green power.
Speaker 3: In his words, change begins now in London. Stephen Carrol
Speaker 3: Bloomberg Radio.
Speaker 1: All right, Stephen, thank you well. According to the latest results,
Speaker 1: Labor won four hundred of six hundred and fifty seats
Speaker 1: up for grabs, the most since Tony Blair's nineteen ninety
Speaker 1: seven landslide victory. In Coming Prime Minister Keir Starmer declared
Speaker 1: victory in an address to supporters.
Speaker 4: We did it.
Speaker 5: You campaign for it, you've fought for it, you've voted
Speaker 5: for it, and now it has arrived. Change begins now
Speaker 5: and it feels good. I have to be honest.
Speaker 1: Afterwards, Kiir Starmer spoke with the man he will soon replace,
Speaker 1: Rishis Sunac soon. Next says he called the Labor leader
Speaker 1: to concede.
Speaker 3: The British people have delivered a sobering verdict tonight.
Speaker 5: There is much to learn and reflect on and I
Speaker 5: take responsibility.
Speaker 6: For the loss.
Speaker 1: Henrichisunac still comfortably one in his constituency, but will be
Speaker 1: replaced by Starmer as Prime Minister. Today. Let's take a
Speaker 1: look at the pound now, which Notch's longest winning streak
Speaker 1: in four years as a Labor Party swept at power.
Speaker 1: Currently it's higher against the dollar. It's at one point
Speaker 1: two seven seventy nine.
Speaker 2: Well, the other major part of this story Karen is
Speaker 2: the rise of the right wing Reform UK Party. It's leader,
Speaker 2: Nigel Farage, won his constituency from the Conservatives. He is
Speaker 2: becoming a member of Parliament after seven previous failed attempts.
Speaker 2: Farage is seen as one of the driving forces behind
Speaker 2: the Brexit movement. Meanwhile, a former prime minister lost her seat,
Speaker 2: Liz Trust failed to win her constituency. Her premiership was
Speaker 2: the shortest in UK history. Chancellor of the Exchequer Jeremy
Speaker 2: Hunt was able to hold on to his seat.
Speaker 1: We want to turn out a politics in the US,
Speaker 1: Nathan and a make or break weekend for President Biden.
Speaker 1: The President's aiming to restore faith in voters and donors
Speaker 1: who are wary he can defeat Donald Trump in November.
Speaker 1: Pulls from The Wall Street Journal at New York Times
Speaker 1: released after the debate showed that Donald Trump has increased
Speaker 1: as lead over President Biden. The President will have a
Speaker 1: crucial interview with ABC News heading into the weekend, in
Speaker 1: his first unscripted interview since his debate performance last week.
Speaker 1: He'll also address a rally in Madison, Wisconsin today. President
Speaker 1: Biden spoke yesterday morning with the Earl Ingram Show on
Speaker 1: Civic Media, admitting he made some missteps with the debate.
Speaker 7: Had a bad night, and the fact of the matter
Speaker 7: is that you know it was I.
Speaker 1: I screwed up and made a mistake. After speaking on
Speaker 1: the Earl Ingram Show on Civic Media, we later heard
Speaker 1: from the President at July fourth event, where he assured
Speaker 1: a crowd outside the White House that he was staying
Speaker 1: in the race.
Speaker 2: You got me, man, I'm not going anywhere.
Speaker 1: President Biden and First Lady Jill Biden were hosting military
Speaker 1: families at the White House yesterday.
Speaker 8: Well Karen.
Speaker 2: Most Democratic Party elders and prominent governors so far have
Speaker 2: resisted publicly calling on President Biden to drop out of
Speaker 2: the race, but they have also bluntly acknowledged they are worried.
Speaker 2: They say, questions about his ability to handle the job
Speaker 2: are legitimate. Democrats dispatched California Governor Gavin Newsom to the
Speaker 2: swing state of Michigan to reassure voters there that President
Speaker 2: Biden can win a second term.
Speaker 6: I believe in his character.
Speaker 7: I believe that he has.
Speaker 9: Been one of the most transformative presidents in our collective lifetime.
Speaker 2: Despite comments from the likes of California's Governor Gavin Newsom.
Speaker 2: Top Democratic donors have said they would withhold or redirect
Speaker 2: their money unless Biden does step aside, while lawmakers continued
Speaker 2: discussing whether to band together and call for a change
Speaker 2: atop the ticket.
Speaker 1: Well, we're turning now to the latest in the Middle East, Nathan.
Speaker 1: There appears to be movement on a kind of truce
Speaker 1: between Israel and Hamas, and Bloomberg's and Baxter joins us
Speaker 1: with that story.
Speaker 7: President Joe Biden has spoken with Israeli Prime Minister Benjamin
Speaker 7: at Yahoo for about half an hour, and after the call,
Speaker 7: a senior US official is saying that Hamas has broadly
Speaker 7: agreed to the framework of a Ceaz fire proposal with Israel.
Speaker 7: The Hamas responss through Katari officials who have served as
Speaker 7: a key intermediary between Israel and Hamas. The official says
Speaker 7: it's an encouraging development that could initially lead to the
Speaker 7: release from the Gaza strip sick, wounded female and older
Speaker 7: male hostages taken on October seventh. It appears to be
Speaker 7: significant enough that Israel is sending a delegation to negotiate
Speaker 7: in cutter ed Baxter Bloomberg Radio.
Speaker 1: All right, and thanks, And we're learning this morning that
Speaker 1: the head of Israel's intelligence agency is traveling to cutter
Speaker 1: today to meet with the nation's prime minister to try
Speaker 1: to finalize the deal with Amas. And that's according to
Speaker 1: Israeli media.
Speaker 2: Also happening overseas this weekend, Karen will be the second
Speaker 2: round of voting in France's election marine. The pass far
Speaker 2: right National Rally party is set to fall well short
Speaker 2: of an absolute majority in that vote on Sunday. That's
Speaker 2: based on surveys released over the past couple days. The
Speaker 2: second round of the snap election is on Sunday. Five
Speaker 2: hundred one districts are up for grabs. The National Rally
Speaker 2: has secured at thirty nine races outright in the first round.
Speaker 2: The election comes after French President Emmanuel mccron dissolved the
Speaker 2: lower House of Parliament nearly a month ago and called
Speaker 2: for that snap vote.
Speaker 1: Now to the market, Snathan, investors resume a normal trading
Speaker 1: day after a shortened day Wednesday. We'll get a critical
Speaker 1: data point at eight thirty am Wall Street time. But
Speaker 1: the June jobs report on Bloomberg's Michael McKee has a preview.
Speaker 10: It's hard to characterize the consensus for June employment. While
Speaker 10: other labor market indicators such as jobless claims, adp and ism,
Speaker 10: manufacturing and services suggest a cooling labor market, economists are
Speaker 10: reluctant to bet against the non farm payrolls trend. The
Speaker 10: forecast is almost the same as the May forecast, but
Speaker 10: hiring last month rose two hundred and seventy two thousand,
Speaker 10: almost one hundred thousand more. Fed officials, meanwhile, have put
Speaker 10: unemployment in the spotlight as a measure of the economy's strength.
Speaker 10: Any rise would push investors to pull forward bets on
Speaker 10: a rate cut, possibly in September. The consensus, however, sees
Speaker 10: no change. Michael McKee, Bloomberg Radio Sori, Michael, thank you.
Speaker 1: Time now for a look at some of the other
Speaker 1: stories making news in New York and around the world.
Speaker 1: And for that we're joined by Bloomberg's Michael Barr. Michael,
Speaker 1: Good morning, Good morning, Karen.
Speaker 8: A fourth of July park tragedy in New York City,
Speaker 8: police say three people were killed and seven others were
Speaker 8: injured when a suspected drunk driver plowed a vehicle into
Speaker 8: a park on the Lower East side of Manhattan. It
Speaker 8: happened just before nine pm last night. In my PD
Speaker 8: Chief Jeffrey Madre says, many families were in the park
Speaker 8: celebrating the holiday. Right now, we do not feel that
Speaker 8: this is a terrorism related event. We do believe that
Speaker 8: alcohol had played a role in this, but we are
Speaker 8: investigating and we will look further into it. Chief Madre
Speaker 8: says at least one victim remains in critical condition. Hurricane
Speaker 8: Beryl is heading for Mexico's Yucatan Peninsula as a strengthened
Speaker 8: Category three storm. Beryl damaged Jamaica as more than half
Speaker 8: of the island is now without electricity. To the crisis
Speaker 8: is a lack of water, limited telecommunications, and a closed airport.
Speaker 8: This Florida resident told ABC outside of Montego Bay Airport,
Speaker 8: her dream vacation to the Caribbean has become a nightmare.
Speaker 6: I've got to get back to work.
Speaker 1: Funds are running out and it's time to go home.
Speaker 1: Vacation's over, so we've got to spend more money to
Speaker 1: stay when we don't.
Speaker 4: Want to stay.
Speaker 8: A total of nine deaths have been blamed on burrel.
Speaker 8: The National Weather Service is calling a heat wave hitting
Speaker 8: the West extreme and is telling people to limit time outdoors,
Speaker 8: and it has been well over one hundred degrees in
Speaker 8: many areas. Firefighters battling California's wildfires, however, are having to
Speaker 8: deal with the temperatures. Cities around the nation shot off
Speaker 8: Fourth of July fireworks last night. In New York City.
Speaker 8: The may Sea's Fourth of July Fireworks show returned to
Speaker 8: the Hudson River this year for the first time since
Speaker 8: twenty thirteen. The past few years it was on the
Speaker 8: East River. Macy says this year's show featured sixty thousand
Speaker 8: shells as millions gathered for Fourth of July cookouts. Many
Speaker 8: of the world's top eaters gathered on Coney Island from
Speaker 8: the annual Nathan's Famous Fourth of July Hot dog eating contest.
Speaker 8: This year's winner, Patrick Bertilletti won the men's contest with
Speaker 8: an impressive fifty eight hot dogs in ten minutes. Bertiletti
Speaker 8: talking with ESPN on his method to go for the
Speaker 8: gold this year.
Speaker 4: It was all focused today in Nomahawk, just hot water,
Speaker 4: and I wasn't gonna stop eating til the job was done.
Speaker 8: Meanwhile, last year's winning Joey Test and that was barred
Speaker 8: from the Nathan's contest because of a sponsorship conflict, he
Speaker 8: participated at an impossible foods event with soldiers at Fort
Speaker 8: Blisson in Opaso, Texas. Global News twenty four hours a
Speaker 8: day and whenever you want it with Bloomberg News Now.
Speaker 8: I'm Michael Barr. This is Bloomberg Karen.
Speaker 1: All right, Michael Barr, thank you time now for the
Speaker 1: Bloombergy scores update with John Stashaury John, Good morning, Good.
Speaker 4: Morning, Nathan and Karen. The Mets loose to the Nationals.
Speaker 4: Won nothing in Washington. On this blast swing by winker
Speaker 4: a tribe to deep right center field.
Speaker 8: This is way back, it's going going. Let's good good bye.
Speaker 4: That's courtesy of WJFK Radio. Jesse Winkers eighth inning home
Speaker 4: run off reliever Adrian Hauser was the only run of
Speaker 4: the game, Mets offense mustering just one hit as the
Speaker 4: Nats get eight shot out innings from Jake Irvin. With
Speaker 4: the loss, Mets falling one game under five hundred. The
Speaker 4: Mets take on the Pirates tonight as they open a
Speaker 4: four game set in Pittsburgh with Luis Severino facing the
Speaker 4: rookie Paul Skeins. The Yankees, meanwhile, have now lost thirty
Speaker 4: other past seventeen games. As the Cincinnati Reds finish off
Speaker 4: a three game sweep of an eight to four win
Speaker 4: in the Bronx, Marcy Strouman picking up the loss, giving
Speaker 4: up five runs in five innings. With the loss, Yankees
Speaker 4: falling two and a half games behind Baltimore in the
Speaker 4: American League East. Yankees opening up a weekend series at
Speaker 4: home against the Red Sox. Tonight, Nester Cortez on the Mount,
Speaker 4: facing Boston's ten or Hawk, Patrick Bertolletti wins the Mustard
Speaker 4: out to the Nathan's Famous Hot Dog Eating contest in
Speaker 4: Coney Island, downing fifty eight dogs, beating Jeffrey Esper by five.
Speaker 4: The sixteen time champion Joey Chestnutt did not compete due
Speaker 4: to dispute over a sponsorship deal. Meanwhile, Mickey Pudo becomes
Speaker 4: at ten time women's champion, eating a record fifty one
Speaker 4: hot dogs. The Golden State Warriors have acquired guard Buddy
Speaker 4: Healed and assigned in trade with the Philadelphia seventy six ers.
Speaker 4: Held gets a contract that guarantees two years and twenty
Speaker 4: one million dollars. Last season, the thirty one year old
Speaker 4: averaged just over twelve points a game for the Sixers
Speaker 4: and the Indiana Pacers. Two Big Euro twenty twenty four
Speaker 4: quarter final matchups coming up later today as Spain faces
Speaker 4: host country Germany, with France taken on Portugal. Big upstate
Speaker 4: at Wimbledon as fifth seeded American Jessica Pagula loses in
Speaker 4: three sets to Wang Shin Yu in the second round.
Speaker 4: That's your Bloomberg Sports update on Dan Schwartzman, Nathan and Karen.
Speaker 8: Coast to coast on Bloomberg Radio nationwide on Sirius XM,
Speaker 8: and around the world on Bloomberg dot Com and the
Speaker 8: Bloomberg Business app. This is bloom Burg Daybreak.
Speaker 2: Good Morning of Nathan Hager. Change is coming to the UK.
Speaker 2: Labor leader Keir Starmer is set to become the next
Speaker 2: Prime Minister after winning a landslide victory an outright majority
Speaker 2: in the House of Commons, handing Rishi Sunac's Conservatives their
Speaker 2: worst showing ever after his decision to call a surprise
Speaker 2: election in the summer. For more on this result, we
Speaker 2: are joined by Bloomberg Daybreak euro banker Caroline Hepger, who has
Speaker 2: been following the reaction from Westminster. Caroline good morning. This
Speaker 2: is a historic result, but not really a surprise, is it,
Speaker 2: given that the polls were pointing to a massive Labor lead.
Speaker 6: No, but it is a damning verdict, isn't it on
Speaker 6: Prime Minister Rishi Sunac and indeed the five Conservative prime
Speaker 6: ministers that we've had over a fourteen year period here
Speaker 6: in the UK. Rischie Sunac will give his final feat
Speaker 6: as Prime Minister in about twenty minutes time, after the
Speaker 6: worst defeat for the Conservative Party in one hundred years.
Speaker 6: In the end, they only managed to muster one hundred
Speaker 6: and twenty seats in the House of Common six hundred
Speaker 6: and fifty seats overall. It was Labor who managed to
Speaker 6: secure four hundred and twelve new MPs. The other story, though,
Speaker 6: that I would pull out of what has happened in
Speaker 6: the UK is very unusual, Nathan. Normally we are basically
Speaker 6: a two party parliamentary system, but we've seen the resurgence
Speaker 6: of the Liberal Democrats, traditionary the third party in politics
Speaker 6: here in the UK. Also a big loss for the
Speaker 6: SNP up in Scotland, and then Nigel four Trump's ally
Speaker 6: of reform UK. He's been voted in along with a
Speaker 6: number of other colleagues for Reform UK. So this is
Speaker 6: a much more divided Britain in terms of the MPs
Speaker 6: that they have voted for, perhaps a confused Britain. Also
Speaker 6: because the turnout was very low, one hundred years low
Speaker 6: in terms of the number of people who actually went
Speaker 6: out to.
Speaker 2: Vote, So the turnout could belie then the huge majority
Speaker 2: that we do see four or the Labor Party. What
Speaker 2: does that say about the convincing that Keir Starmer needs
Speaker 2: to do for that sizable majority of voters that did
Speaker 2: not turn out in this election.
Speaker 6: Caroline, Well, this is absolutely going to be the question
Speaker 6: how much of a mandate does the Labor leader have
Speaker 6: for perhaps going further than a very limited manifesto. So
Speaker 6: all the parties presented their manifestos in this very brief
Speaker 6: campaigns only last six weeks here in the UK. Labour's
Speaker 6: manifesto had very little, less than ten billion pounds in
Speaker 6: terms of tax and spending changes. Blueberg Economics reported on
Speaker 6: it that actually they thought it would only add zero
Speaker 6: point one percent of economic growth to the UK in
Speaker 6: the shortter medium term, so it was really a very
Speaker 6: thin manifesto, not promising a huge amount. Now the question
Speaker 6: is does the Labor Party go forward and have to
Speaker 6: deliver more. They have promised to do things like increase
Speaker 6: economic growth, you know, deal with the backlog in in
Speaker 6: NHS waiting list, deliver one and a half million new homes,
Speaker 6: whilst at the same time not increasing any of the
Speaker 6: major taxes. That was a firm pledge from them not
Speaker 6: to increase taxes on working people. So how are they
Speaker 6: going to do that? And, as you say, because a
Speaker 6: lot of people did not turn out, the criticism this
Speaker 6: morning from some of the other leaders like Nigel Fararche
Speaker 6: has sen actually there's no great enthusiasm for Labor. It
Speaker 6: is simply that voters were so utterly sick and frustrated
Speaker 6: by the Conservative government that after fourteen years, delivered actually
Speaker 6: a drop in UK living standards.
Speaker 2: So, given that we have sort of a thin manifesto
Speaker 2: from Labor in our last minute, Caroline, what's the reaction
Speaker 2: from the business community. I know you've been gathering a
Speaker 2: lot of that as well from Westminster, absolutely.
Speaker 6: And speaking to the key business constituents, for example of
Speaker 6: the Confederation British Industry, the Institute of Directors here in
Speaker 6: the UK. Look, they are hopeful the CBI's Ray Newton
Speaker 6: Smith told me that she wanted the Labor governm to
Speaker 6: hit the ground running and they want details. They want
Speaker 6: details of how the Labor government is going to learn
Speaker 6: the lessons of the last fourteen years and try to
Speaker 6: deliver economic growth. There's been a big bit of outreach
Speaker 6: to business which has convinced a lot of businesses. From
Speaker 6: Kirstarma and Rachel Reeves that Labor is truly a change
Speaker 6: party in that they are pro business. They want to
Speaker 6: combine with business to deliver on growth. But now it's
Speaker 6: about how quickly that comes. And I was speaking to
Speaker 6: a newly elected Labor MP just a few minutes ago.
Speaker 6: He was saying, firstly, there needs to be a complete
Speaker 6: audit of where the UK actually is and what fiscal rooms.
Speaker 6: You know, the incoming government is going to have.
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