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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the latest from the Middle East.

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Speaker 4: The US and Iran have agreed to stop attacking each

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Speaker 4: other before talks resumed this week over the Strait of

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Speaker 4: hormones and other issues. The latest strikes began Thursday, when

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Speaker 4: Iran hit a container ship in the Strait that led

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Speaker 4: to back and forth attacks that ended last night with

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Speaker 4: Kuwait and Bahrain intercepting drones and missiles from Iran's Islamic

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Speaker 4: Revolutionary Guard Corps. US Ambassador to the United Nations Mike

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Speaker 4: Waltz says the US will continue to respond militarily if necessary.

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Speaker 5: Last few nights where we'll continue to militarily, if needed,

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Speaker 5: take down their infrastructure that they're trying to use to

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Speaker 5: illegally control an international waterway.

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Speaker 4: You An Ambassador Mike Waltz appeared on Fox News Sunday,

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Speaker 4: Heard Every Sunday on Bloomberg Radio. Bloomberg's You're a Middle

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Speaker 4: East and Africa News Director Well Kennedy says, all this

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Speaker 4: is put the sixty day ceasefire to the test.

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Speaker 6: It is fragile, and clearly what happened over the last

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Speaker 6: few days will be a woey to everyone and to

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Speaker 6: people trying to get oil and other goods in and

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Speaker 6: out of the Strait of Horn moves. I think though,

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Speaker 6: that both sides probably want an opportunity for the talks

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Speaker 6: to continue and to build on what was agreed in

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Speaker 6: their memorandum of understanding, So it is a true but

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Speaker 6: extremelyat fragile one, I think.

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Speaker 4: Bloomberg's Well Kennedy reports both sides continue to tussle over

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Speaker 4: whether Iran will be able to impose tolls or other

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Speaker 4: costs for ships to move through the strait. Talks on

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Speaker 4: that and other technical issues are expected to resume this

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Speaker 4: week in Doha, Qatar.

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Speaker 2: Well Nathan. Russia expects US negotiator Steve Wikoff and Jared

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Speaker 2: Kushner to travel to Moscow to continue talks on ending

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Speaker 2: the war in Ukraine once Washington is no longer preoccupied

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Speaker 2: with the conflict with Iran. In an interview with State television,

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Speaker 2: Russian President Vladimir Putin said Moscow received new proposals to

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Speaker 2: limit fighting in Ukraine, but he rejected them.

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Speaker 3: Back in this country. Karen gasoline prices continue to fall.

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Speaker 4: In Bloomberg's John Tucker's keeping an eye on that Good morning, John, I.

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Speaker 7: Had, good morning, Nathan. The latest national survey from tripa

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Speaker 7: A shows the average price for unleaded has now fallen

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Speaker 7: to three point eighty six a gallon, represents just over

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Speaker 7: a twelve percent decline over the last month. The average

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Speaker 7: price a year ago. You'll recall this stood at three

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Speaker 7: dollars and nineteen cents.

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Speaker 8: Now.

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Speaker 7: The decline comes on hopes of some sort of lasting

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Speaker 7: ceasefire with irant Well. Bloomberg intelligence analysts caution that oil

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Speaker 7: markets may be pricing too smooth a transition from the

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Speaker 7: Gulf War. They point out that intermittent security incidents and

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Speaker 7: cautious shipowner behavior could keep the path back to normal

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Speaker 7: slower than the prices imply, especially with strategic inventories at

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Speaker 7: a forty three year low. In New York Ime, John Tucker,

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Speaker 7: Bloomberg Radio, Right, John.

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Speaker 2: Thank you well. Back in Washington, House Speaker Mike Johnson

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Speaker 2: says he'll send the bipurtisan housing bill that passed Congress

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Speaker 2: last week. Did President Trump designed today?

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Speaker 9: The housing bill really is a Republican priority because it

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Speaker 9: will lower housing costs. We made a lot of promises

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Speaker 9: to the voters, and we're fulfilling those every single day

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Speaker 9: of this Congress. And this is a big part of

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Speaker 9: that because it will increase the availability, the access to

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Speaker 9: more housing, bring down cost, cut regulations, do the things

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Speaker 9: that we know are very important for that market.

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Speaker 2: Speaker Mike Johnson appeared on Fox's Sunday Morning Futures, and

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Speaker 2: President Trump abruptly canceled a signing ceremony for the housing

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Speaker 2: bill last week to pressure the Senate to pass a

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Speaker 2: nationwide voter ID law that he's been pushing for months.

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Speaker 3: Well, Karen.

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Speaker 4: The Supreme Court is expected to issue its final decisions

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Speaker 4: of its term this week, and we get more on

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Speaker 4: that from Bloomberg's Amy Morris.

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Speaker 8: In Washington, justices are preparing to release opinions on some

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Speaker 8: of the biggest issues of the term. Those include President

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Speaker 8: Trump's push to restrict birthright citizenship and expand the president's

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Speaker 8: power to fire board members at independent agencies, whether the

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Speaker 8: president can oust Federal Reserve Governor Lisa Cook.

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Speaker 2: Now.

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Speaker 8: The Supreme Court heard oral arguments earlier this year in

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Speaker 8: Cook's case and appeared skeptical of the administration's removal attempt.

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Speaker 8: The justices are weighing whether the four cause removal provision

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Speaker 8: permits a president to bypass due process. In Washington, Amy

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Speaker 8: Morris Bloomberg Radio.

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Speaker 2: All right, Amy, thank you. Let's turn to the marcuts now,

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Speaker 2: where futures are higher as we take off the holidays

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Speaker 2: shortened trading week. Right now, SNP futures are up seven

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Speaker 2: tenths of up percent, Now futures up a third of

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Speaker 2: up percent, and nasday futures up one percent. Last week,

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Speaker 2: the S and P five hundred closed below its fifty

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Speaker 2: day moving average for the first time since April. On Thursday,

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Speaker 2: we get the monthly jobs report for the month of June.

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Speaker 4: Then, ahead of that report, Karen the Federal Reserves new

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Speaker 4: chairman grabs the spotlight. In Europe, Bloomberg's Monica Ricks reports.

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Speaker 10: FED cher Kevin Warsh will make his debut on the

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Speaker 10: global stage this week at the European Central Banks Annual

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Speaker 10: Symposium in Portugal, along with three other veterans of the

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Speaker 10: two thousand and eight global financial crisis. Over financial stability,

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Speaker 10: including links to the artificial intelligence boom, will likely loom

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Speaker 10: large at this event, as well as any hints on

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Speaker 10: interest rates and the Policy Panel's chemistry. Last year, former

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Speaker 10: FED chair Jerome Powell got a standing ovation and tons

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Speaker 10: of praise for standing firm against attacks from President Trump,

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Speaker 10: Monica Ricks, Bloomberg Radio, all.

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Speaker 2: Right, Monica, thank you. In company news, Verizon and the

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Speaker 2: UK's BT Group have a great to create a joint

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Speaker 2: venture for their international businesses that will have a combined

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Speaker 2: yearly revenue of about four billion dollars. Verizon agreed to

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Speaker 2: an equalization payment of six hundred and twenty five million

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Speaker 2: to BT, and the companies will hold equal voting rights

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Speaker 2: in the venture.

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Speaker 4: In Asia, Karen, South Korea is orchestrating investments of at

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Speaker 4: least eight hundred and eighty billion dollars from companies including

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Speaker 4: Samsung Electronics and des Kheinez into chips and data centers.

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Speaker 4: The scale of Korean tech spending underscores the government's urgent

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Speaker 4: desire to maintain its lead in memory chips that are

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Speaker 4: crucial to AI.

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Speaker 3: Nathan us list did.

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Speaker 2: Bitcoin exchange traded funds are on pace for their worst

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Speaker 2: month of withdrawals since launching two years ago. Investors have

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Speaker 2: pulled more than four billion dollars from the thirteen funds

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Speaker 2: in June. Bitcoin is down more than eighteen percent this month.

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Speaker 2: This morning, it is up not a third of up percent,

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Speaker 2: is at about fifty nine eight hundred dollars.

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Speaker 3: Not so sweet news here, Karen.

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Speaker 4: One of the world's biggest chocolate makers, is headed for

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Speaker 4: its worst quarter in seventeen years. Lint, known for its

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Speaker 4: golden fall wrapped easter bunnies, has seen its sales volumes

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Speaker 4: eroad after raising prices last year by nearly twenty percent

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Speaker 4: on the back of surging cocoa prices. The chocolates heer

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Speaker 4: is set for its worst quarterly showing since two thousand

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Speaker 4: and nine, when it grappled from with the fallout from

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Speaker 4: the global financial crisis.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news in New York and around the world.

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Speaker 2: And for that we're joined by A. Bloombery's Michael Barr. Michael,

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Speaker 2: Good morning, Good.

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Speaker 11: Morning, Karen. The Northeast, including New York, is in for

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Speaker 11: some high temperatures and humidities starting Tuesday and lasting through Friday.

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Speaker 11: With more here's Bloomberg medeaurologist Craig Allen.

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Speaker 12: An extreme heat watch has been posted. Temperatures will likely

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Speaker 12: run fifteen to twenty degrees above normal, with highs in

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Speaker 12: the upper nineties to low one hundreds, and the humidity

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Speaker 12: will be stifling too. So from DC up through Philly

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Speaker 12: to New York City and up to Boston, the heat

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Speaker 12: indeck some measure of what the combination of heat and

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Speaker 12: humidity will make it feel like. Expect some cities and

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Speaker 12: towns to approach one hundred ten degrees or higher, and

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Speaker 12: worse yet, urban areas.

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Speaker 3: May not cool down below eighty at night.

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Speaker 12: And don't be surprised if late day thunderstorms pop up,

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Speaker 12: but they will offer little relief.

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Speaker 11: Bloomberg meteorrologists Craig Allen rescued teams race against the clock

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Speaker 11: to pull survivors from the rubble in Venezuela, days after

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Speaker 11: two powerful earthquakes shook the northern state of Laguira. The

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Speaker 11: government reported fourteen hundred and fifty dead from Wednesday's quakes.

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Speaker 11: Thousands have been reported missing. New York City mayors are on,

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Speaker 11: Mamdani said last time. Tuesday state primaries show that American

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Speaker 11: voters are looking for a new kind of politics, and

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Speaker 11: Donnie backed left wing candidates running on democratic socialist platforms

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Speaker 11: defeated incumbents, and the Democratic primary results, and Donnie says

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Speaker 11: he believes a democratic Socialist can get elected anywhere across

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Speaker 11: this country for any position.

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Speaker 5: We need a party that's able to recognize the strengths

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Speaker 5: of this economy and understand that it hasn't reached enough people.

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Speaker 11: Mayor Mum. Donnie spoke on ABC's This Week, which can

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Speaker 11: be heard Sundays on Bloomberg Global News twenty four hours

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Speaker 11: a day and whenever you want it with the Bloomberg News.

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Speaker 11: Now Michael Barr and this is Bloomberg Karen.

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Speaker 2: Thanks Michael all the time. Now for our Bloomberg Sports updating.

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Speaker 2: For that we bring in John stash.

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Speaker 13: Hour sins down in the Red Sox and the Yankees

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Speaker 13: began a four game series in Boston. With the Socks

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Speaker 13: only twelve and twenty five all year at home, they

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Speaker 13: lost to eleven of the last sixteen games. Hadn't had

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Speaker 13: a four game win streat golf season. They swept the

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Speaker 13: Yankees in the four game series. They won a wild

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Speaker 13: game last night, five to four in Timmy's at the

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Speaker 13: Travelers Golf near Hartford. Scottie Scheffler and Victor Hoblin finished

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Speaker 13: twenty one under para was too dark to finish because

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Speaker 13: they had a rain delay. They'll be back this morning

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Speaker 13: for the playoff. Canada with a one nil win over

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Speaker 13: South Africa at the World Cup. That's the Bloomberg Sports Update.

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Speaker 3: Stay with us.

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Speaker 2: More from Bloomberg Daybreak coming up after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager.

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Speaker 4: Both the US and Deran said they planned to start

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Speaker 4: talking again after several days of attacks and counterattacks centered

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Speaker 4: on the Strait of Hormuz. Ben Road served as Deputy

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Speaker 4: National Security Advisor in the Obama administration. He says diplomacy

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Speaker 4: still has a chance.

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Speaker 14: It's not gonna be easy, but less and until the

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Speaker 14: Trump administration, the President himself can kind of stay off

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Speaker 14: truth social here, I think you might have these kinds

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Speaker 14: of flare ups.

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Speaker 4: It's Hardberg, Deputy Nowational Security Advisor, Ben Rhoades. He was

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Speaker 4: a guest on Bloomberg This Weekend, heard each Saturday and

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Speaker 4: Sunday morning on Bloomberg Radio. Joining us this morning is

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Speaker 4: Mark Champion, who covers the Middle East for Bloomberg Opinion.

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Speaker 4: Market's great to speak with you this morning. How seriously

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Speaker 4: was the ceasefire tested over the last few days and

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Speaker 4: can diplomacy get back on track?

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Speaker 3: Good morning, good morning.

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Speaker 14: Yes, it was a serious test, a predictable one. Essentially,

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Speaker 14: what you have in the Memoran of understanding is a

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Speaker 14: document that was vague enough that both sides could walk

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Speaker 14: away from it saying, well, that enables us to con

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Speaker 14: use the document in order to try and get the

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Speaker 14: goals that we would also try to get through the war.

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Speaker 14: And so it makes it inherently instable, unstable, and you

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Speaker 14: know you have various places where that's going to show.

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Speaker 3: Holl moves.

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Speaker 14: The straight of horror moves is you know, the most prominent.

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Speaker 14: And you know clearly the Iranians they looked at what

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Speaker 14: the Americans were doing. They'd opened a channel off the

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Speaker 14: coast of Oman and you know, shipping was going through.

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Speaker 14: The Iranians are insisting that they are going to exit

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Speaker 14: this war in full control of the Strait, able to

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Speaker 14: charge fees from the Strait, which you know some of

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Speaker 14: their officials have been talking about as much as forty

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Speaker 14: billion dollars a year in revenue. So those are their goals,

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Speaker 14: and they were affronted, you know, by the US sending

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Speaker 14: ships through without you know, registering with the new Iranian authority,

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Speaker 14: and so this is where you had the kind of

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Speaker 14: confrontation come up. The Iranians said, you know, if you continue,

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Speaker 14: we will we will blow things up, and they did.

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Speaker 14: So we're kind of back, but those things have not

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Speaker 14: been resolved. Do you have similar things going on in Lebanon?

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Speaker 12: Were you?

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Speaker 3: Also? The deal covered Lebanon?

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Speaker 14: But both sides are you know, I have completely different

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Speaker 14: ideas of how that's supposed to end up.

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Speaker 4: So we do still have very different ideas, it seems,

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Speaker 4: about how the Strait of horror Moves is going to

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Speaker 4: end up as well, with the US pushing back at

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Speaker 4: this idea of Iran charging tolls or insurance or whatever

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Speaker 4: you want to call it through the Strait of horr moves.

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Speaker 4: Is sixty days enough to resolve that issue above and

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Speaker 4: beyond the nuclear issue for Iran?

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Speaker 3: It's unlikely.

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Speaker 14: I mean, it's almost impossible to imagine a full, meaningful

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Speaker 14: nuclear deal being struck within sixty days. That's an extraordinarily

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Speaker 14: technical issue. And the same really goes for hor moves

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Speaker 14: in the end, there's going to have to be something

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Speaker 14: worked out, something like you know, you have the Treaty

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Speaker 14: of Montreux, which covers the data straits the Bostorus, and

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Speaker 14: that allows very limited described fees to be charged by

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Speaker 14: Turkey in order to you know, service for piloting and

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Speaker 14: for environmental costs and so on. But there you're talking

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Speaker 14: about at the moment around two hundred and fifty million

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Speaker 14: dollars a year being taken from around fifty thousand ships

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Speaker 14: going back and forth through these straits. You know, the

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Speaker 14: range is obviously have a very different idea. Also, they

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Speaker 14: share the strait with Oman, so you know it's going

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Speaker 14: to be that much more complicated and you might want

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Speaker 14: you know, an international body being involved, like the Straits

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Speaker 14: of Malaca. So a lot of things to work through

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Speaker 14: and very very different ideas of what the purpose is.

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Speaker 4: So in our last thirty seconds mark what kind of progress,

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Speaker 4: if any, can we expect from the talks that we're

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Speaker 4: expecting to resume in.

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Speaker 3: Doha this week.

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Speaker 14: Well, progress is not war and not returning to war,

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Speaker 14: and then I think you'll just there'll be a very

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Speaker 14: kind of long, slow stop start process with plenty of

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Speaker 14: interruptions like the ones that we've just seen this weekend.

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