1 00:00:03,120 --> 00:00:04,960 Speaker 1: All right, Karen, thank you. It's five oh seven on 2 00:00:05,000 --> 00:00:07,440 Speaker 1: Wall Street where it's seventy three degrees in Central Park 3 00:00:07,520 --> 00:00:10,080 Speaker 1: already dealing with an accident will affect the ride to 4 00:00:10,360 --> 00:00:14,200 Speaker 1: JFK southbound Van Wick at Hillside Avenue. We'll tell you 5 00:00:14,240 --> 00:00:16,919 Speaker 1: more in traffic. First, Michael bars back with what else 6 00:00:17,000 --> 00:00:18,840 Speaker 1: is going on in New York and around the world. 7 00:00:18,920 --> 00:00:21,680 Speaker 1: Good morning, Michael, Good morning Nathan. More people are being 8 00:00:21,720 --> 00:00:24,880 Speaker 1: infected by the monkey pox virus in the US. So far, 9 00:00:25,040 --> 00:00:28,880 Speaker 1: there are almost twenty nine known cases and no depths. 10 00:00:29,280 --> 00:00:32,000 Speaker 1: During an event at Harlem Hospital, New York City Mayor 11 00:00:32,159 --> 00:00:35,000 Speaker 1: Eric Adams notes that most of the state's current nine 12 00:00:35,080 --> 00:00:38,680 Speaker 1: hundred cases come from New York City and they need 13 00:00:38,720 --> 00:00:42,320 Speaker 1: additional resources from the federal government to help slow the spread. 14 00:00:42,560 --> 00:00:46,239 Speaker 1: Almost cases in the state is in New York City 15 00:00:46,560 --> 00:00:50,360 Speaker 1: and so this is once the game we would would again. 16 00:00:51,120 --> 00:00:53,800 Speaker 1: Last week, the w h O proclaimed the spread of 17 00:00:53,800 --> 00:00:58,120 Speaker 1: monkey pox of global emergency. The disease spreads primarily through 18 00:00:58,200 --> 00:01:01,920 Speaker 1: skin to skin contact or direct contact with the virus. 19 00:01:02,320 --> 00:01:05,880 Speaker 1: Officials say New York's MTA may not regain one of 20 00:01:05,920 --> 00:01:10,840 Speaker 1: pre pandemic ridership until about twenty thirty five. Ridership on 21 00:01:10,959 --> 00:01:15,200 Speaker 1: New York City subways, buses, and communityrail lines is projected 22 00:01:15,200 --> 00:01:21,240 Speaker 1: to reach levels in late that's down from a prior 23 00:01:21,319 --> 00:01:24,720 Speaker 1: forecast of eighty six. The authority needs writers to return 24 00:01:24,800 --> 00:01:27,319 Speaker 1: to bolts through its finances. The back and forth on 25 00:01:27,400 --> 00:01:31,000 Speaker 1: the whether US Congresswoman Nanci Pelosi is going to visit 26 00:01:31,040 --> 00:01:36,120 Speaker 1: Taiwan has China angry. Bloomberg's and Baxter reports Beiji has 27 00:01:36,120 --> 00:01:39,520 Speaker 1: issued its strongest statement yet regarding the proposed visit, saying 28 00:01:39,560 --> 00:01:42,720 Speaker 1: the U s should be ready to face the consequences. 29 00:01:42,959 --> 00:01:45,520 Speaker 1: So Richard Hass of the Council on Foreign Relations on 30 00:01:45,560 --> 00:01:48,360 Speaker 1: Bloomberg says, it is time for the globe to figure 31 00:01:48,360 --> 00:01:52,480 Speaker 1: out plans and responses, which means taking military preparations, ourselves 32 00:01:52,680 --> 00:01:56,400 Speaker 1: strengthened in Taiwan, continuing to work more closely with Japan, 33 00:01:57,000 --> 00:01:59,960 Speaker 1: organizing Europe about what sanctions would put it and put 34 00:02:00,000 --> 00:02:02,920 Speaker 1: in place of China ever moved against Tilan Has says 35 00:02:03,000 --> 00:02:05,920 Speaker 1: at some point there will be a confrontation between China 36 00:02:05,920 --> 00:02:09,640 Speaker 1: and the US regarding Taiwan. In San Francisco, I'm at 37 00:02:09,680 --> 00:02:13,040 Speaker 1: Baxter Bloomberg Daybreak, there is another development in the investigation 38 00:02:13,040 --> 00:02:17,080 Speaker 1: into the January six rioting on Capitol Hill. Mark Short, 39 00:02:17,080 --> 00:02:19,800 Speaker 1: the former chief of staff device President Mike Pence, has 40 00:02:19,840 --> 00:02:23,360 Speaker 1: been subpoenaed by d o J prosecutors. Short has also 41 00:02:23,400 --> 00:02:26,600 Speaker 1: appeared before a federal grand jury. Global News twenty four 42 00:02:26,639 --> 00:02:29,040 Speaker 1: hours a day on air and on Bloomberg Quick Take, 43 00:02:29,080 --> 00:02:32,280 Speaker 1: powered by more than twenty seven hundred journalists and analysts 44 00:02:32,320 --> 00:02:35,600 Speaker 1: more than hundred twenty countries. Michael Barr and this is Bloomberg, Nathan. 45 00:02:35,639 --> 00:02:42,240 Speaker 1: All right, Michael, thank you, five o nine on Wall 46 00:02:42,280 --> 00:02:44,560 Speaker 1: Street time for the Bloomberg Sports Upday. Good morning, John 47 00:02:44,560 --> 00:02:46,640 Speaker 1: stan Shown all right, Good morning, Nathan. The Subway series 48 00:02:46,680 --> 00:02:49,200 Speaker 1: always about bragging rights, with the one that starts tonight 49 00:02:49,200 --> 00:02:52,880 Speaker 1: at the City Field as another billing possible World Series preview. 50 00:02:52,960 --> 00:02:55,280 Speaker 1: Both teams have been in first place basically all season. 51 00:02:55,360 --> 00:02:57,720 Speaker 1: All of the Mets lead once ten and a half 52 00:02:57,760 --> 00:02:59,880 Speaker 1: games is down to two. The Mets did get some 53 00:03:00,000 --> 00:03:03,480 Speaker 1: help last night from the Phillies. Bryson stopped in particular 54 00:03:03,520 --> 00:03:05,880 Speaker 1: history one home. He gave the Phills six four win 55 00:03:05,960 --> 00:03:08,480 Speaker 1: over Atlanta. Yankees lea the Alliast by twelve and a 56 00:03:08,520 --> 00:03:11,160 Speaker 1: half games. They're concerned as finishing ahead of Houston for 57 00:03:11,240 --> 00:03:14,160 Speaker 1: best overall record. Astros had their five game winning speaks 58 00:03:14,160 --> 00:03:17,079 Speaker 1: stopped in Oakland, so the Yankster two games ahead. Starting 59 00:03:17,080 --> 00:03:19,720 Speaker 1: pitchers Tonight, Jordan Montgomery for the Yankst, Taiwan Walker for 60 00:03:19,760 --> 00:03:22,560 Speaker 1: the Mets, and Aaron Judge is excited. Just the fans 61 00:03:22,560 --> 00:03:26,280 Speaker 1: getting into it. It's always a pack in playoff atmosphere, um, 62 00:03:26,560 --> 00:03:30,240 Speaker 1: always back and forth. You never know what's gonna happen. Um. 63 00:03:30,280 --> 00:03:32,040 Speaker 1: And it's a competition here. They got a great pitching 64 00:03:32,080 --> 00:03:33,799 Speaker 1: seth great offenseive over there, you know, so do we, 65 00:03:34,040 --> 00:03:37,640 Speaker 1: so you know, looking forward to see what happens. That's dirty. 66 00:03:37,680 --> 00:03:40,200 Speaker 1: Seven home runs, seven more than anyone in baseball. He 67 00:03:40,240 --> 00:03:42,160 Speaker 1: has eighty one r B. I is the only player 68 00:03:42,200 --> 00:03:45,200 Speaker 1: with more is Pete Alonzo. He has eighty two. Details 69 00:03:45,200 --> 00:03:48,560 Speaker 1: emerging about trade talks between the Nets and Celtics, involving 70 00:03:48,680 --> 00:03:51,520 Speaker 1: Kevin Durand reported the Celts offered to Brooklyn, Jalen Brown, 71 00:03:51,640 --> 00:03:53,720 Speaker 1: Derek White and the first round pick, and the Nets 72 00:03:53,720 --> 00:03:56,960 Speaker 1: wanted Brown and Marcus Smart and multiple picks, and the 73 00:03:56,960 --> 00:04:00,080 Speaker 1: Celtics said no, no, sacred. The next trying to acquire 74 00:04:00,120 --> 00:04:03,560 Speaker 1: Donovan Mitchell from Utah. Now there's word that Washington, Charlotte 75 00:04:03,600 --> 00:04:05,920 Speaker 1: and Sacramento are all talking to the Jazz as well. 76 00:04:06,280 --> 00:04:08,120 Speaker 1: Nicks also said to be one of a few teams 77 00:04:08,120 --> 00:04:11,520 Speaker 1: that have spoken with the Lakers about Acquarie Russell Westbrook, 78 00:04:11,800 --> 00:04:14,720 Speaker 1: John dash Award Bloomberg Sports. All right, John, thank you. 79 00:04:14,960 --> 00:04:17,960 Speaker 1: SMP futures down eight points now, Deal futures down a 80 00:04:18,040 --> 00:04:21,760 Speaker 1: hundred ten NASTAC futures lower by thirty one points. Ahead 81 00:04:21,800 --> 00:04:25,680 Speaker 1: of the start of the two day Federal Reserve July 82 00:04:25,960 --> 00:04:30,440 Speaker 1: policy meeting. Tenure Treasury up six thirty seconds, the yield 83 00:04:30,480 --> 00:04:33,240 Speaker 1: two point seven seven percent yield on the two year 84 00:04:33,360 --> 00:04:37,760 Speaker 1: three point zero one. Just ahead former President Trump's return 85 00:04:37,960 --> 00:04:40,680 Speaker 1: to Washington, d C. We check in with Bloomberg Washington 86 00:04:40,800 --> 00:04:48,400 Speaker 1: correspondent Joe Matthew. This is Bloomberg Bloomberg eleven three oh 87 00:04:48,440 --> 00:04:50,920 Speaker 1: weather partly sunny, less humid for a change today, highs 88 00:04:50,920 --> 00:04:54,240 Speaker 1: in the mid eighties, chance to afternoon showers at thunderstorms tomorrow, though. 89 00:04:54,360 --> 00:04:57,320 Speaker 1: We get back to your ninety tomorrow and the next day. 90 00:04:57,440 --> 00:05:03,400 Speaker 1: Right now seventy three in Central Park Markets, headlines and 91 00:05:03,520 --> 00:05:06,800 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 92 00:05:06,920 --> 00:05:10,000 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Take. This 93 00:05:10,400 --> 00:05:19,400 Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow. European 94 00:05:19,480 --> 00:05:23,080 Speaker 1: stocks are higher, US Stock Index futures are lower amid caution, 95 00:05:23,120 --> 00:05:26,120 Speaker 1: and global markets ahead of the Federal Reserve interest rate high. 96 00:05:26,160 --> 00:05:29,640 Speaker 1: European energy and mining stocks are rallying with oil and metals, 97 00:05:29,960 --> 00:05:33,600 Speaker 1: while retailers and banks fall after disappointing reports from Walmart 98 00:05:33,600 --> 00:05:36,320 Speaker 1: and UBS Group. We check the markets every fifteen minutes 99 00:05:36,360 --> 00:05:38,440 Speaker 1: throughout the trading day on Bloomberg. Right now, U S 100 00:05:38,480 --> 00:05:40,960 Speaker 1: and P futures are down ten points down features down 101 00:05:40,960 --> 00:05:44,480 Speaker 1: a hundred nineteen NASDACK futures down thirty six. The decks 102 00:05:44,480 --> 00:05:47,120 Speaker 1: in Germany's down three tenths of upper sent ten. Your 103 00:05:47,160 --> 00:05:49,880 Speaker 1: treasury of four thirty seconds yell two point seven seven 104 00:05:49,920 --> 00:05:52,240 Speaker 1: percent a yield on a two year three point one 105 00:05:52,279 --> 00:05:55,640 Speaker 1: percent NIMEX screwed oil is at one point eight percent 106 00:05:55,680 --> 00:05:58,160 Speaker 1: of a dollar seventy seven and ninety eight dollars forty 107 00:05:58,440 --> 00:06:01,040 Speaker 1: cents of barrel comex school of this up ten percent 108 00:06:01,120 --> 00:06:03,880 Speaker 1: of a dollar fifty at seventeen thirty eight sixty announce. 109 00:06:04,279 --> 00:06:07,240 Speaker 1: The euro is at one point oh two against the dollar, 110 00:06:07,279 --> 00:06:10,000 Speaker 1: British found one point two zero two four, and the 111 00:06:10,080 --> 00:06:12,320 Speaker 1: UN is at one thirty six point five seven. Looking 112 00:06:12,360 --> 00:06:16,520 Speaker 1: at bitcoin, it's down almost five percent at eighty dollars. 113 00:06:16,640 --> 00:06:19,240 Speaker 1: That's a Bloomberg business flop show. Here's Michael Barr with 114 00:06:19,320 --> 00:06:22,279 Speaker 1: more on what's going on around the world. Michael, good morning, 115 00:06:22,400 --> 00:06:25,520 Speaker 1: Good morning Karen. Former President Donald Trump will returned to 116 00:06:25,560 --> 00:06:29,159 Speaker 1: Washington today for the first time since leaving office. Trump 117 00:06:29,200 --> 00:06:33,400 Speaker 1: will address the America First Policy Institutes today summit. He's 118 00:06:33,440 --> 00:06:37,159 Speaker 1: expected to announce a four White House campaign. How Speaker 119 00:06:37,240 --> 00:06:40,600 Speaker 1: Nancy Pelosi's staff and security officials aren't ruling out plans 120 00:06:40,839 --> 00:06:43,799 Speaker 1: for her to visit Taiwan in early August. The possible 121 00:06:43,839 --> 00:06:47,360 Speaker 1: trip has already stoked more US China tensions. In baseball, 122 00:06:47,400 --> 00:06:50,240 Speaker 1: the Red Sox beat the Guardians three one, The Orioles 123 00:06:50,279 --> 00:06:53,680 Speaker 1: down the Rays five one, The Nationals beat the Dodgers 124 00:06:53,760 --> 00:06:57,800 Speaker 1: for one, The A's down the Astros seven five. Global 125 00:06:57,839 --> 00:07:00,080 Speaker 1: News twenty four hours a day on air and on 126 00:07:00,120 --> 00:07:03,679 Speaker 1: Bloomberg Quick Take, powered by more than seven hundred journalists 127 00:07:03,680 --> 00:07:06,839 Speaker 1: and mantalist more than twenty countries. Michael Barn, this is 128 00:07:06,839 --> 00:07:09,440 Speaker 1: Bloomberg Nather. Alright, Michael, thank you. It's five nineteen on 129 00:07:09,440 --> 00:07:12,320 Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This 130 00:07:12,440 --> 00:07:14,760 Speaker 1: is Bloomberg day Break. Let's pick up on Michael's top 131 00:07:14,800 --> 00:07:18,240 Speaker 1: story their former President Donald Trump returning to Washington, d C. 132 00:07:18,480 --> 00:07:22,400 Speaker 1: For the first time since the chaotic end to his presidency. 133 00:07:22,520 --> 00:07:25,600 Speaker 1: Let's bring in Joe matthew Are, Washington correspondent, host of 134 00:07:25,680 --> 00:07:29,560 Speaker 1: Sound on Here on Bloomberg Radio. Joe, good morning. Let's 135 00:07:29,600 --> 00:07:33,680 Speaker 1: set this thing up. Are we expecting announcement from the 136 00:07:33,680 --> 00:07:36,960 Speaker 1: former president today, Well, no, we're not. That you know 137 00:07:37,040 --> 00:07:39,360 Speaker 1: has been floated as an idea that he just say, 138 00:07:39,440 --> 00:07:41,560 Speaker 1: you know, I'm going forward. We're gonna announce here, but 139 00:07:42,040 --> 00:07:44,680 Speaker 1: it's not expected to happen, and we will likely get 140 00:07:44,760 --> 00:07:47,800 Speaker 1: the same Trump speech that we tend to get was 141 00:07:47,880 --> 00:07:51,840 Speaker 1: in Arizona last weekend, in South Carolina and so forth 142 00:07:51,880 --> 00:07:54,600 Speaker 1: before that. But the fact of the matter is if 143 00:07:54,600 --> 00:07:57,600 Speaker 1: he announced his campaign right now, it would not only 144 00:07:57,640 --> 00:08:00,240 Speaker 1: telegraph his plans to a lot of other Republicans who 145 00:08:00,320 --> 00:08:02,200 Speaker 1: are thinking about running, give them a chance to kind 146 00:08:02,240 --> 00:08:04,800 Speaker 1: of organize, but it would also trigger federal election laws, 147 00:08:04,840 --> 00:08:07,000 Speaker 1: would make his life a lot more difficult when it 148 00:08:07,000 --> 00:08:09,280 Speaker 1: comes to raising money, so there's really little incentive to 149 00:08:09,280 --> 00:08:13,120 Speaker 1: do so. And it would also potentially affect the mid 150 00:08:13,240 --> 00:08:17,440 Speaker 1: term races as well as the Republican Party is trying. 151 00:08:17,520 --> 00:08:21,320 Speaker 1: And you talk to most analysts expected to take over 152 00:08:21,360 --> 00:08:24,120 Speaker 1: control of at least one House of Congress. Yeah, that's 153 00:08:24,120 --> 00:08:26,840 Speaker 1: why we're hearing from a lot of Republicans. You know, hey, 154 00:08:27,080 --> 00:08:29,280 Speaker 1: just give it a couple of months. What we need 155 00:08:29,320 --> 00:08:31,480 Speaker 1: to get through the midterm election cycle. Here, you've got 156 00:08:31,480 --> 00:08:34,400 Speaker 1: the January six hearing still percolating or not even done yet, 157 00:08:34,400 --> 00:08:38,160 Speaker 1: and you know, come September we expect likely more. Also, 158 00:08:38,440 --> 00:08:42,040 Speaker 1: you know, Donald Trump's endorsements have been mixed. He hasn't 159 00:08:42,080 --> 00:08:44,840 Speaker 1: had the perfect record that that he would hope to 160 00:08:44,880 --> 00:08:47,679 Speaker 1: have had in the midterm elections, and some Republican candidates 161 00:08:47,720 --> 00:08:50,080 Speaker 1: will not appear with him on stage, as we saw 162 00:08:50,160 --> 00:08:52,120 Speaker 1: with Glenn Youngcan for instance, when he was running for 163 00:08:52,200 --> 00:08:56,160 Speaker 1: governor in Virginia. That became kind of a recipe for success, 164 00:08:56,240 --> 00:08:59,480 Speaker 1: you know, to out the Trump policies, but don't have 165 00:08:59,559 --> 00:09:01,720 Speaker 1: him make ads where you don't do rallies with him. 166 00:09:01,720 --> 00:09:04,359 Speaker 1: And that's gonna be the case for at least some Republicans. 167 00:09:04,600 --> 00:09:08,560 Speaker 1: So waiting until we get through November would certainly keep 168 00:09:08,600 --> 00:09:10,520 Speaker 1: things a little more simple for the party and to 169 00:09:10,720 --> 00:09:15,080 Speaker 1: that point, Joe about keeping the talk toward policy. The 170 00:09:15,120 --> 00:09:17,640 Speaker 1: president or the former president is going to be speaking 171 00:09:17,679 --> 00:09:22,199 Speaker 1: today to the America First Policy Institute. So are we 172 00:09:22,320 --> 00:09:26,280 Speaker 1: expecting a policy speech from the former president? Well, and 173 00:09:26,360 --> 00:09:29,680 Speaker 1: it's so, what kind of policy could he be putting forwards? Well, 174 00:09:29,679 --> 00:09:32,679 Speaker 1: you'll hear about the border. He's been saying recently in 175 00:09:32,840 --> 00:09:35,520 Speaker 1: his stump speech that he completed the wall, and I 176 00:09:35,559 --> 00:09:38,000 Speaker 1: suspect that we'll hear that again, even though the wall 177 00:09:38,120 --> 00:09:40,719 Speaker 1: was never finished. Uh, he says that, you know, they 178 00:09:40,720 --> 00:09:42,360 Speaker 1: tried to add to it and so forth. But we'll 179 00:09:42,360 --> 00:09:45,640 Speaker 1: hear about that. We'll hear about I'm sure trade policies, 180 00:09:46,200 --> 00:09:49,079 Speaker 1: will hear about the war in Afghanistan, the withdrawal. These 181 00:09:49,120 --> 00:09:51,360 Speaker 1: are typically the things that he hits on with regard 182 00:09:51,400 --> 00:09:54,160 Speaker 1: to policy when we talk about uh, kind of his 183 00:09:54,280 --> 00:09:57,680 Speaker 1: standard speech that that he's been crafting lately. But look, 184 00:09:57,720 --> 00:10:00,600 Speaker 1: this is gonna be a room full of support orders here. 185 00:10:01,160 --> 00:10:03,720 Speaker 1: And when the president the former president gets in an 186 00:10:03,800 --> 00:10:06,320 Speaker 1: environment like that, he's known to stray off off the 187 00:10:06,360 --> 00:10:08,440 Speaker 1: copy here. You know, he'll he'll be looking left and 188 00:10:08,520 --> 00:10:11,160 Speaker 1: right at the paddles, looking at the teleprompter. But then 189 00:10:11,160 --> 00:10:13,560 Speaker 1: when he looks straight out there and he starts telling jokes, 190 00:10:13,559 --> 00:10:15,760 Speaker 1: maybe drops an F bomb, as he's also been doing 191 00:10:15,800 --> 00:10:18,160 Speaker 1: and most of his speeches recently. I don't think that 192 00:10:18,200 --> 00:10:21,520 Speaker 1: will necessarily happen today. That's when the news tends to 193 00:10:21,559 --> 00:10:23,400 Speaker 1: be made. Let's see what he says off the script, 194 00:10:23,480 --> 00:10:26,040 Speaker 1: Nathan and uh. In the lead up to this speech, 195 00:10:26,080 --> 00:10:28,559 Speaker 1: of course, we were expecting that there was gonna be 196 00:10:28,679 --> 00:10:32,720 Speaker 1: a potential for upstaging by former Vice President Mike Pence, 197 00:10:32,760 --> 00:10:35,760 Speaker 1: but I guess weather kept him from making his scheduled 198 00:10:35,800 --> 00:10:39,520 Speaker 1: speech last night. Does that potentially change the dynamic for 199 00:10:39,640 --> 00:10:42,840 Speaker 1: what we're expecting from former President Trump later today, Well, 200 00:10:42,880 --> 00:10:45,079 Speaker 1: he certainly won't be able to react to what Mike 201 00:10:45,120 --> 00:10:47,559 Speaker 1: Pence was gonna say, and he's you know, certainly doesn't 202 00:10:47,559 --> 00:10:50,480 Speaker 1: have any qualms about mentioning Mike Pence in his speech. 203 00:10:50,520 --> 00:10:52,719 Speaker 1: But I don't think Donald Trump was looking at this, 204 00:10:52,960 --> 00:10:55,920 Speaker 1: you know, as the dueling speeches that that that we 205 00:10:55,920 --> 00:10:57,960 Speaker 1: were all kind of framing it to be in the media. 206 00:10:58,040 --> 00:10:59,840 Speaker 1: He's living in his own universe here. But I have 207 00:10:59,880 --> 00:11:01,440 Speaker 1: to admit a lot of us were more curious to 208 00:11:01,480 --> 00:11:04,559 Speaker 1: hear what Mike Pence was gonna say, whether, in fact 209 00:11:04,679 --> 00:11:07,080 Speaker 1: he would try to to to go to greater lengths 210 00:11:07,120 --> 00:11:10,839 Speaker 1: to separate himself from Donald Trump or the opposite. In 211 00:11:10,880 --> 00:11:13,920 Speaker 1: a speech just last week before an evangelical crowd in 212 00:11:13,920 --> 00:11:16,520 Speaker 1: South Carolina, you know, Mike Pence said it was the 213 00:11:16,559 --> 00:11:19,640 Speaker 1: honor of his career to serve in what he called 214 00:11:19,960 --> 00:11:23,920 Speaker 1: the most pro life administration in American history. He's got 215 00:11:23,960 --> 00:11:27,240 Speaker 1: issues with Donald Trump. He's he's he's already talked about 216 00:11:27,280 --> 00:11:30,000 Speaker 1: that publicly, but there are things that he has to 217 00:11:30,080 --> 00:11:32,720 Speaker 1: say that that are actually not negative at all. In 218 00:11:32,800 --> 00:11:35,000 Speaker 1: fact that if he enjoyed working with Donald Trump on 219 00:11:35,080 --> 00:11:38,800 Speaker 1: issues like abortion. So it's gonna be interesting to see 220 00:11:38,840 --> 00:11:41,520 Speaker 1: how Mike Pence frames this and whether he's looking for 221 00:11:41,559 --> 00:11:45,520 Speaker 1: a run himself. A Trump Pence campaign, not on the 222 00:11:45,559 --> 00:11:47,719 Speaker 1: same ticket, but against each other would be a heck 223 00:11:47,720 --> 00:11:49,800 Speaker 1: of a race to watch, Nathan. Yeah, and it was 224 00:11:49,920 --> 00:11:52,720 Speaker 1: gonna add even more of a dynamic as we are expecting, 225 00:11:52,880 --> 00:11:55,600 Speaker 1: potentially a pretty wide open field when you think about 226 00:11:55,640 --> 00:11:58,480 Speaker 1: Rohn De Santis as well, potentially in the mix as well. 227 00:11:58,840 --> 00:12:02,040 Speaker 1: We'll leave it there for now, unfortunately for time. Thanks Joe, 228 00:12:02,120 --> 00:12:03,960 Speaker 1: always great having you on with us, Joe, Pa Matthews. 229 00:12:04,000 --> 00:12:06,320 Speaker 1: In fact, is gonna be backwound with us later on 230 00:12:06,400 --> 00:12:08,560 Speaker 1: in this program as well, And of course you can 231 00:12:08,640 --> 00:12:12,000 Speaker 1: catch Joe Oh Gosh every weekday five pm. Wall Street 232 00:12:12,040 --> 00:12:16,319 Speaker 1: Time Bloomberg sound on here on Bloomberg Radio, Washington. Correspondent 233 00:12:16,440 --> 00:12:18,880 Speaker 1: Joe Matthew with us this morning, looking ahead to the 234 00:12:18,880 --> 00:12:21,679 Speaker 1: market open ahead of the start of the FEDS two 235 00:12:21,720 --> 00:12:24,360 Speaker 1: day policy meeting. Futures are moving a touch lower, with 236 00:12:24,480 --> 00:12:28,000 Speaker 1: SMP futures now down ten points, Staff futures down a four, 237 00:12:28,559 --> 00:12:31,760 Speaker 1: NAZAC futures are lower by thirty four points, Tenure treasury 238 00:12:31,800 --> 00:12:34,840 Speaker 1: up five thirty seconds. The yield two point seven seven 239 00:12:34,960 --> 00:12:38,200 Speaker 1: per cent. Just ahead, we have more on the FEDS 240 00:12:38,320 --> 00:12:41,280 Speaker 1: July meeting as it gets underway. Walmart sinking after cutting 241 00:12:41,280 --> 00:12:47,960 Speaker 1: its forecast. You're listening to Bloomberg day Break Bloomberg eleven 242 00:12:48,000 --> 00:12:50,440 Speaker 1: three oh weather partly sunny, less human today, mid eighties 243 00:12:50,440 --> 00:12:52,880 Speaker 1: for highs. We'll have a chance for after news showers 244 00:12:52,880 --> 00:12:56,400 Speaker 1: and thunderstorms tomorrow and Thursday, both days near ninety Right 245 00:12:56,440 --> 00:13:02,760 Speaker 1: now seventy two in Central Park by from the Bloomberg 246 00:13:02,760 --> 00:13:06,360 Speaker 1: Interactive Burger Studios. This is Bloomberg Daybreak for Tuesday, July 247 00:13:06,400 --> 00:13:10,360 Speaker 1: twenty six two. Coming up this hour former President Trump 248 00:13:10,360 --> 00:13:12,920 Speaker 1: returns to d C as talks of another run for 249 00:13:13,000 --> 00:13:15,520 Speaker 1: office heat off. The FED prepares another rate hunk as 250 00:13:15,520 --> 00:13:19,240 Speaker 1: the Central Banks policy meeting gets underway. Walmart chairs sank 251 00:13:19,320 --> 00:13:22,360 Speaker 1: after the company lowers its forecast, and candidates in the 252 00:13:22,480 --> 00:13:25,640 Speaker 1: UK make their case to replace Boris Johnson. New York's 253 00:13:25,720 --> 00:13:28,240 Speaker 1: MTA says it may take thirteen years to match pre 254 00:13:28,360 --> 00:13:31,640 Speaker 1: COVID ridership. Colt's talk of Speaker Pelosi possibly heading to 255 00:13:31,640 --> 00:13:35,360 Speaker 1: Taiwan has made China furious. I'm Michael varn More, I'm 256 00:13:35,400 --> 00:13:37,360 Speaker 1: John Stave, Darren Sports. The Mets and the yank You 257 00:13:37,480 --> 00:13:40,559 Speaker 1: both in first place begin a two game Subway series 258 00:13:40,559 --> 00:13:46,520 Speaker 1: tonight at City Field. That's all's training ahead on Bloomberg 259 00:13:46,600 --> 00:13:51,679 Speaker 1: Daybreak on Bloomberg eleven, FREEO New York, Bloomberg one, Washington, 260 00:13:51,800 --> 00:13:55,400 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 261 00:13:55,480 --> 00:13:59,640 Speaker 1: sixties and Francisco Sirius XAM one nine Team and around 262 00:13:59,679 --> 00:14:02,440 Speaker 1: the world Old on Bloomberg Radio, dot Com and via 263 00:14:02,520 --> 00:14:09,600 Speaker 1: the Bloomberg Business App. Good morning, I'm Nathan Hager and 264 00:14:09,640 --> 00:14:12,720 Speaker 1: I'm Karen Moscow and US Dot Index futures are lower 265 00:14:12,840 --> 00:14:14,640 Speaker 1: this morning. We are coming up to five o one 266 00:14:14,679 --> 00:14:16,680 Speaker 1: on Wall Street, and we check the markets every fifteen 267 00:14:16,679 --> 00:14:19,320 Speaker 1: minutes throughout the trading day on Bloomberg. Right now, S 268 00:14:19,360 --> 00:14:22,360 Speaker 1: and P futures are down nine points, dal future is 269 00:14:22,400 --> 00:14:25,120 Speaker 1: down a hundred eight and NASDAG futures down thirty eight. 270 00:14:25,200 --> 00:14:27,480 Speaker 1: The decks in Germany's down three towns of upper cent 271 00:14:27,800 --> 00:14:30,360 Speaker 1: and the tenure treasury up five thirty seconds held two 272 00:14:30,360 --> 00:14:32,840 Speaker 1: points seven seven percent. They yield on the two year 273 00:14:33,120 --> 00:14:36,240 Speaker 1: three point one percent. Nathan Karen, We'll get back to 274 00:14:36,280 --> 00:14:38,400 Speaker 1: the markets in a moment, but we begin this morning 275 00:14:38,440 --> 00:14:41,840 Speaker 1: in the nation's capital. That's where former President Donald Trump 276 00:14:41,920 --> 00:14:44,640 Speaker 1: is returning for the first time since he left office. 277 00:14:44,920 --> 00:14:48,720 Speaker 1: Amy Morris has details from our Bloomberg newsroom in Washington. 278 00:14:49,200 --> 00:14:52,080 Speaker 1: Donald Trump will be back inside the Beltway as Republican 279 00:14:52,160 --> 00:14:56,000 Speaker 1: rivals maneuver for a possible primary challenge and lawmakers probe 280 00:14:56,040 --> 00:14:59,560 Speaker 1: his culpability for the January six insurrection. He'll deliver the 281 00:14:59,600 --> 00:15:02,360 Speaker 1: keynote to dress at the America First Agenda summit held 282 00:15:02,360 --> 00:15:05,960 Speaker 1: by the conservative think tank the America First Policy Institute, 283 00:15:06,080 --> 00:15:09,240 Speaker 1: launched by some former Trump One House advisers. He's not 284 00:15:09,320 --> 00:15:11,320 Speaker 1: expected to announce a run for the White House during 285 00:15:11,360 --> 00:15:14,880 Speaker 1: today's speech, which will be his highest profile speech since 286 00:15:14,960 --> 00:15:18,400 Speaker 1: leaving office in Washington, I'm anymore is Bloomberg Day Break? 287 00:15:18,440 --> 00:15:20,680 Speaker 1: All right, Amy, thank you, well, let's stay in Washington 288 00:15:20,680 --> 00:15:23,160 Speaker 1: where the Federal Reserves two day meeting kicks off today. 289 00:15:23,240 --> 00:15:25,480 Speaker 1: The Central Bank is set to raise rates again. That's 290 00:15:25,480 --> 00:15:28,640 Speaker 1: despite GDP numbers due out Thursday, which could show the 291 00:15:28,720 --> 00:15:32,880 Speaker 1: US contracted and back to back quarters, signaling a recession. However, 292 00:15:32,920 --> 00:15:35,800 Speaker 1: moody Is Chief economist Mark Xandy tells us there are 293 00:15:35,960 --> 00:15:38,720 Speaker 1: not recession signs at the moment. When you have a 294 00:15:38,720 --> 00:15:40,560 Speaker 1: lot of jobs, you have low layoffs, and a lot 295 00:15:40,560 --> 00:15:43,640 Speaker 1: of consumer spending. Income growth is strong. That's not consistent 296 00:15:43,960 --> 00:15:47,240 Speaker 1: with a recession. This is not a recession. Moody Chief 297 00:15:47,240 --> 00:15:50,800 Speaker 1: Economist Mark Sandy says. If the economy does contract, it's 298 00:15:50,840 --> 00:15:53,360 Speaker 1: likely to be in the next six months. He spoke 299 00:15:53,360 --> 00:15:56,520 Speaker 1: of our Washington correspondent Joe Matthew on Bloomberg Sound on 300 00:15:56,680 --> 00:15:59,960 Speaker 1: Catch the program weekday, said five pm Eastern on Bloomberg Radio, 301 00:16:00,000 --> 00:16:02,000 Speaker 1: all right, let's get back to markets now, Karen, where 302 00:16:02,080 --> 00:16:04,800 Speaker 1: US futures are moving lower ahead of the Fed meeting. 303 00:16:04,920 --> 00:16:08,040 Speaker 1: Lisa Erickson, Senior Vice President with US Bank says she's 304 00:16:08,080 --> 00:16:12,280 Speaker 1: preaching caution. We are modestly cautious advising our clients to 305 00:16:12,800 --> 00:16:16,360 Speaker 1: move all other things being equal, away from equity and 306 00:16:16,400 --> 00:16:20,480 Speaker 1: more to quality fixed income, where again historically they've been 307 00:16:20,520 --> 00:16:23,720 Speaker 1: able to hold up in times of market volatility. Lisa 308 00:16:23,840 --> 00:16:26,720 Speaker 1: Ericson with US Bank thinks the US will narrowly avoid 309 00:16:26,720 --> 00:16:29,880 Speaker 1: a recession as inflation begins to recede. Well. Turning to 310 00:16:29,920 --> 00:16:33,000 Speaker 1: oil now, Nathan Crewde is advancing for a second session, 311 00:16:33,120 --> 00:16:36,160 Speaker 1: signs of a tight marketer, offsetting concerns about an economic 312 00:16:36,240 --> 00:16:39,480 Speaker 1: slowdown and checking prices now nine x screwed oil is 313 00:16:39,560 --> 00:16:41,800 Speaker 1: up two point two, up two dollars seven cents and 314 00:16:41,920 --> 00:16:44,640 Speaker 1: ninety eight dollars seventy nine cents of barrel Brent is 315 00:16:44,680 --> 00:16:48,000 Speaker 1: at one point nine and a hundred seven dollars nineteen cents. 316 00:16:48,080 --> 00:16:52,080 Speaker 1: And we're also seeing volatility and overseas energy markets. Russia 317 00:16:52,080 --> 00:16:55,680 Speaker 1: plans to curb natural gas flows on the North Stream pipeline, 318 00:16:55,960 --> 00:16:58,760 Speaker 1: and that's jolting energy markets in Europe well meantime in 319 00:16:58,800 --> 00:17:01,600 Speaker 1: the UK, care in Canada, it's for Prime Minister Face Staff. 320 00:17:01,600 --> 00:17:04,840 Speaker 1: In another primetime debate last night, Liz Trust and Rishi 321 00:17:05,000 --> 00:17:07,879 Speaker 1: Sunac are vying to replace Boris Johnson and bloombergs You 322 00:17:07,920 --> 00:17:10,760 Speaker 1: and Putts joins us live in London with more good Morning, 323 00:17:11,359 --> 00:17:14,080 Speaker 1: good Morning, Nathan and Karen strong stuff from the final 324 00:17:14,119 --> 00:17:17,679 Speaker 1: two candidates in the Conservative Party leadership race. In a 325 00:17:17,720 --> 00:17:21,080 Speaker 1: TV debate, Foreign Secretary Liz trust warn that tax rises 326 00:17:21,119 --> 00:17:24,720 Speaker 1: would send the UK into a recession. Everybody thinks the 327 00:17:24,840 --> 00:17:28,560 Speaker 1: putting up taxes at this moment is going to hurt 328 00:17:28,600 --> 00:17:32,199 Speaker 1: the economy. You can't put up taxes and get growth 329 00:17:32,760 --> 00:17:35,760 Speaker 1: if we follow Riscie's plans, can we are headed for? 330 00:17:37,320 --> 00:17:40,520 Speaker 1: That was Foreign Secretary Liz Trust. There. Meanwhile, former Chancellor 331 00:17:40,600 --> 00:17:43,480 Speaker 1: Riscie Sunac came that his opponent's tax plans would push 332 00:17:43,520 --> 00:17:47,480 Speaker 1: up inflation and mortgages. Proposals would mean that we get 333 00:17:47,480 --> 00:17:51,440 Speaker 1: the short term sugar rush of unfunded borrow tax cards, 334 00:17:51,480 --> 00:17:54,280 Speaker 1: but that would be followed by the crash of higher 335 00:17:54,320 --> 00:17:58,520 Speaker 1: prices and higher mortgage rates. That was former Chancellor Riscie Sunac. 336 00:17:58,800 --> 00:18:01,239 Speaker 1: Whoever wins the six week on contest end up as 337 00:18:01,280 --> 00:18:04,320 Speaker 1: the next British Prime minister. But with a tax like these, 338 00:18:04,400 --> 00:18:06,640 Speaker 1: it's easy to forget that both members of the same 339 00:18:06,640 --> 00:18:09,960 Speaker 1: political party in London I'm you and part break a 340 00:18:10,040 --> 00:18:11,680 Speaker 1: right you and thank you all back here in the US, 341 00:18:11,760 --> 00:18:15,000 Speaker 1: corporate earnings are in focus today. Shares of Walmart are 342 00:18:15,200 --> 00:18:17,800 Speaker 1: down eight and a half percent in early training after 343 00:18:17,840 --> 00:18:20,960 Speaker 1: the company lowered its forecast for the second quarter. Plumbergs 344 00:18:21,000 --> 00:18:23,000 Speaker 1: or need a young joint Us Live with the details, 345 00:18:23,080 --> 00:18:25,320 Speaker 1: or need a good morning, Good morning Karen Ana. Let's 346 00:18:25,359 --> 00:18:28,520 Speaker 1: say Walmart's warning gives more insight into the health of 347 00:18:28,520 --> 00:18:31,760 Speaker 1: the U. S consumer that's likely to signal more pain 348 00:18:31,800 --> 00:18:34,480 Speaker 1: ahead for retail stocks as they take on food and 349 00:18:34,600 --> 00:18:38,600 Speaker 1: gas inflation. Morgan Stanley cut its price target for Walmart. 350 00:18:38,880 --> 00:18:42,000 Speaker 1: It says it's challenges the broker's view of the retail 351 00:18:42,040 --> 00:18:45,160 Speaker 1: giant as a safe haven play. City analysts didn't think 352 00:18:45,160 --> 00:18:47,919 Speaker 1: Walmart would be hit as much as others say. The 353 00:18:47,960 --> 00:18:51,440 Speaker 1: news is a signed that marginally higher income consumers are 354 00:18:51,440 --> 00:18:54,880 Speaker 1: starting to feel the pinch from inflation. But Piper Sandler 355 00:18:54,960 --> 00:18:57,800 Speaker 1: says it's too early to take a more constructive view 356 00:18:57,840 --> 00:19:00,679 Speaker 1: on Walmart, so analysts there are eating one a more 357 00:19:00,720 --> 00:19:04,600 Speaker 1: broad earnings reset industry wide Live in New York. I'm 358 00:19:04,640 --> 00:19:06,960 Speaker 1: rened a young Bloomberg Daybreak, I re need a thanks. 359 00:19:07,000 --> 00:19:10,320 Speaker 1: Turning to earnings in Europe. This morning, UBS reported weaker 360 00:19:10,320 --> 00:19:13,160 Speaker 1: than expected profit for the second quarter. The global market 361 00:19:13,200 --> 00:19:15,639 Speaker 1: so off kept wealthy clients on the sidelines as the 362 00:19:15,680 --> 00:19:19,600 Speaker 1: Swiss Bank saw outflows of twelve billion dollars. Surging prices 363 00:19:19,600 --> 00:19:22,399 Speaker 1: and slowing growth also hit UBS results. We spoke of 364 00:19:22,480 --> 00:19:25,280 Speaker 1: the CEO, Ralph Hammers about his outlook for inflation and 365 00:19:25,280 --> 00:19:29,359 Speaker 1: how it's affecting businesses and some businesses there's still quite 366 00:19:29,400 --> 00:19:31,600 Speaker 1: some tension in the labor markets, so that has not 367 00:19:31,720 --> 00:19:34,880 Speaker 1: gone completely away yet. So it's the mixt of inflations 368 00:19:35,119 --> 00:19:39,280 Speaker 1: and the labor market circumstances. If inflation continues to be here, 369 00:19:39,440 --> 00:19:42,560 Speaker 1: of course, it will be reflected ultra inlying. UBS CEO 370 00:19:42,640 --> 00:19:44,440 Speaker 1: Ralph Hammers called the second quarter one of the most 371 00:19:44,560 --> 00:19:46,800 Speaker 1: challenging periods in the last ten years. Right now, the 372 00:19:46,800 --> 00:19:49,400 Speaker 1: shares are down more than five and a half percent. Well. 373 00:19:49,480 --> 00:19:52,600 Speaker 1: Unilever also out with earnings. Nathan results are mostly in 374 00:19:52,680 --> 00:19:55,879 Speaker 1: line with estimates. The company is raising prices to battle inflation. 375 00:19:55,920 --> 00:19:59,239 Speaker 1: That's helping to offset certain costs, and shares are up 376 00:19:59,280 --> 00:20:02,920 Speaker 1: two point eight percent In London. Futurists this morning or 377 00:20:03,000 --> 00:20:06,080 Speaker 1: lower s and P futures down seven points this morning down, 378 00:20:06,080 --> 00:20:09,280 Speaker 1: Futures down a hundred and nowsday, Futures down thirty tenure 379 00:20:09,320 --> 00:20:12,760 Speaker 1: Treasury up seven thirty seconds here two point seven seven percent, 380 00:20:13,119 --> 00:20:16,639 Speaker 1: straight ahead, your latest local headlines, plus a check of sports. 381 00:20:17,160 --> 00:20:27,720 Speaker 1: And This is Bloomberg broadcasting live from the Bloomberg Interactive 382 00:20:27,760 --> 00:20:31,640 Speaker 1: Broker Studio in New York. Bloomberg E Living Freedland to Washington, 383 00:20:31,720 --> 00:20:35,760 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one 384 00:20:35,920 --> 00:20:39,360 Speaker 1: to San Francisco, Bloomberg N sixty to the country, Sirius 385 00:20:39,520 --> 00:20:42,680 Speaker 1: XM Cho one nineteen and around the globe, the Bloomberg 386 00:20:42,720 --> 00:20:48,080 Speaker 1: Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. 387 00:20:53,080 --> 00:20:55,240 Speaker 1: It's by thirty on Wall Street. Good morning. I'm Nathan 388 00:20:55,280 --> 00:20:58,120 Speaker 1: Hagar and I'm Ferard Moscow. We are just about four 389 00:20:58,200 --> 00:21:00,760 Speaker 1: hours away from the open of US rating. Let's hit 390 00:21:00,760 --> 00:21:02,199 Speaker 1: you up to date on the news you need to 391 00:21:02,240 --> 00:21:04,440 Speaker 1: know at this hour or begin in the nation's capital, 392 00:21:04,480 --> 00:21:07,600 Speaker 1: where much of the focus will be today on former 393 00:21:07,640 --> 00:21:10,719 Speaker 1: President Trump is returning for the first time since leaving office, 394 00:21:10,960 --> 00:21:13,320 Speaker 1: and the Federal Reserves two day meetings kick off today. 395 00:21:13,400 --> 00:21:15,320 Speaker 1: The Central Bank is set to raise rates as it 396 00:21:15,359 --> 00:21:19,359 Speaker 1: looks to tamp down inflation. US features are lower this morning, Karen, 397 00:21:19,359 --> 00:21:22,439 Speaker 1: as markets get ready for the feds next move. Lisa Ericson, 398 00:21:22,560 --> 00:21:25,360 Speaker 1: senior vice president with US Banks, says she's preaching caution 399 00:21:25,400 --> 00:21:29,240 Speaker 1: on stocks. We are more defensive right now again, while 400 00:21:29,280 --> 00:21:31,800 Speaker 1: in the near term we see some of that underlying 401 00:21:31,840 --> 00:21:35,560 Speaker 1: fundamental strength that we came into the year as preventing 402 00:21:35,800 --> 00:21:40,160 Speaker 1: the worst case scenarios. Lisa Erickson with US Banks says 403 00:21:40,240 --> 00:21:43,760 Speaker 1: the US will narrowly avoid recession as inflation begins to receive. 404 00:21:44,000 --> 00:21:46,520 Speaker 1: I's reading to oil now Nathan Crewd is advancing for 405 00:21:46,560 --> 00:21:49,720 Speaker 1: a second session, signs of a tight marketer offsetting concerns 406 00:21:49,720 --> 00:21:52,440 Speaker 1: about an economic slowdown, and checking prices right now not 407 00:21:52,600 --> 00:21:55,440 Speaker 1: max screwed oil at one point seven of a dollar 408 00:21:55,520 --> 00:21:58,199 Speaker 1: sixty three at ninety eight dollars thirty cents of barrel 409 00:21:58,240 --> 00:22:00,399 Speaker 1: Brent is at one point four percent of a hundred 410 00:22:00,400 --> 00:22:03,000 Speaker 1: and six dollars sixty three cents. My corporate earnings are 411 00:22:03,000 --> 00:22:05,560 Speaker 1: in focus as well. Karen. Shares of Walmart are down 412 00:22:05,640 --> 00:22:08,480 Speaker 1: almost nine percent this morning after the company lowered its 413 00:22:08,480 --> 00:22:11,239 Speaker 1: forecast for the second quarter. Bloomberg Rnita Young joins US 414 00:22:11,240 --> 00:22:13,920 Speaker 1: Live at details. Good morning, Ranita, Good morning, Nathan. Analysts 415 00:22:13,960 --> 00:22:17,000 Speaker 1: say Walmart's warning gives more insight into the health of 416 00:22:17,040 --> 00:22:20,440 Speaker 1: the US consumer that's likely to signal more pain a 417 00:22:20,520 --> 00:22:23,159 Speaker 1: hit for retail stocks as they take on food and 418 00:22:23,240 --> 00:22:27,200 Speaker 1: gas inflation. Morgan Stanley cut its price target for Walmart 419 00:22:27,440 --> 00:22:30,359 Speaker 1: and says it challenges the broker's view of the retail 420 00:22:30,400 --> 00:22:33,840 Speaker 1: giant as a safe haven play. City analysts didn't think 421 00:22:33,880 --> 00:22:37,000 Speaker 1: Walmart would be hit as hard as others and say 422 00:22:37,040 --> 00:22:40,280 Speaker 1: the news is a sign that marginally higher income consumers 423 00:22:40,480 --> 00:22:43,840 Speaker 1: are feeling the pinch from inflation, but Piper Sandler says 424 00:22:43,880 --> 00:22:46,879 Speaker 1: it's too early to take a more constructive view on Walmart, 425 00:22:47,160 --> 00:22:50,000 Speaker 1: so analysts they are waiting on a more broad earnings 426 00:22:50,040 --> 00:22:53,760 Speaker 1: reset industry wide. Live in New York. I'm Ranita Young, 427 00:22:53,800 --> 00:22:56,600 Speaker 1: Bloomberg daybreak. All right, Rania, thank you. Over in Europe, 428 00:22:56,600 --> 00:22:59,119 Speaker 1: you b As reported weaker than expected profit for the 429 00:22:59,200 --> 00:23:01,879 Speaker 1: second quarter of the global market sell off kept wealthy 430 00:23:01,920 --> 00:23:04,800 Speaker 1: clients on the sidelines. As a Swiss banks alflows of 431 00:23:04,880 --> 00:23:07,960 Speaker 1: twelve billion dollars and you be As shares are down 432 00:23:08,000 --> 00:23:10,240 Speaker 1: more than five and a half percent, and we get 433 00:23:10,240 --> 00:23:14,120 Speaker 1: earnings from Microsoft today. Here's Bloomberg's Jeff Balinger Bloomberg Intelligence 434 00:23:14,160 --> 00:23:17,960 Speaker 1: notes that half of Microsoft's total sales come from outside 435 00:23:17,960 --> 00:23:21,639 Speaker 1: the US. That makes the software giant more susceptible to 436 00:23:21,720 --> 00:23:24,879 Speaker 1: foreign exchange movements, and the stronger dollar may have weighed 437 00:23:24,880 --> 00:23:28,320 Speaker 1: on the company's bottom line. Sales of consumer PCs may 438 00:23:28,359 --> 00:23:31,320 Speaker 1: have slowed, but b I expects to hear that overall 439 00:23:31,400 --> 00:23:39,320 Speaker 1: sales increased fourteen percent. Jeff Bellinger, Bloomberg Day Break. All right, Jeff, 440 00:23:39,359 --> 00:23:41,280 Speaker 1: thanks five thirty three on Wall Street where at seventy 441 00:23:41,280 --> 00:23:43,960 Speaker 1: two degrees in Central Park got a downtree southbound run 442 00:23:44,040 --> 00:23:46,600 Speaker 1: twenty three R thirty five in Westchester. And Michael Barr 443 00:23:46,600 --> 00:23:48,159 Speaker 1: has more on what's going on in New York and 444 00:23:48,200 --> 00:23:50,639 Speaker 1: around the world. Michael, thank you very much. Nathan. Monkey 445 00:23:50,640 --> 00:23:53,959 Speaker 1: box cases in the US continue to grow. There are 446 00:23:54,000 --> 00:23:57,200 Speaker 1: almost twenty nine hundred cases so far. Close to eight 447 00:23:57,240 --> 00:24:00,640 Speaker 1: hundred forty cases are identified in New York's City alone, 448 00:24:01,000 --> 00:24:04,280 Speaker 1: Mayor Eric Adams. They always come up with new ways 449 00:24:04,359 --> 00:24:08,159 Speaker 1: of solving the problems that we face in monkey pox 450 00:24:08,640 --> 00:24:12,199 Speaker 1: is a problem. The disease spreads primarily through skin to 451 00:24:12,320 --> 00:24:15,920 Speaker 1: skin contact or direct contact with the virus. Officials say 452 00:24:15,960 --> 00:24:18,720 Speaker 1: high risk people are those who have been in contact 453 00:24:18,800 --> 00:24:22,160 Speaker 1: with a known monkeypox patient, which right now mostly includes 454 00:24:22,240 --> 00:24:26,000 Speaker 1: men who have had sex with men or have multiple partners. 455 00:24:26,240 --> 00:24:30,399 Speaker 1: White House Coronavirus Response Coordinator Dr Hi's John it's really 456 00:24:30,440 --> 00:24:33,840 Speaker 1: important that we do not use this moment to propagate 457 00:24:34,000 --> 00:24:37,880 Speaker 1: homophobic or transphobic messaging, and and I think it's really 458 00:24:37,920 --> 00:24:40,200 Speaker 1: important that we stick to the science, stick to the evidence, 459 00:24:40,400 --> 00:24:42,800 Speaker 1: and doing a way that's respectable on people. The World 460 00:24:42,800 --> 00:24:46,040 Speaker 1: Health Organization declared the ongoing monkey pox outbreak to be 461 00:24:46,080 --> 00:24:49,480 Speaker 1: a global public health emergency. A senior m t A 462 00:24:49,560 --> 00:24:54,720 Speaker 1: official says New York may not regain a pre pandemic 463 00:24:54,760 --> 00:24:59,720 Speaker 1: writership until about Writership on New York City subways, busses 464 00:24:59,760 --> 00:25:02,520 Speaker 1: and Muta Real lines is now projected to reach seventy 465 00:25:02,560 --> 00:25:08,120 Speaker 1: four percent of nineteen levels. In late President Biden made 466 00:25:08,240 --> 00:25:11,440 Speaker 1: rare comments about his White House predecessor and his lack 467 00:25:11,520 --> 00:25:15,600 Speaker 1: of action on the January sixth riot. The President remotely 468 00:25:15,640 --> 00:25:21,200 Speaker 1: addressed black police officials for three hours. The defeated former 469 00:25:21,280 --> 00:25:24,879 Speaker 1: president of United States watched it all happen as he 470 00:25:25,000 --> 00:25:27,040 Speaker 1: sat in the comfort of the private dining room next 471 00:25:27,080 --> 00:25:30,320 Speaker 1: to the Oval office. While he was doing that, brave 472 00:25:30,400 --> 00:25:34,960 Speaker 1: law enforcement officer subject to the medieval hell. President Biden 473 00:25:34,960 --> 00:25:38,520 Speaker 1: telling the nation that Americans can't be pro insurrection and 474 00:25:38,640 --> 00:25:42,640 Speaker 1: pro cop or pro democracy. There is more fallout from 475 00:25:42,640 --> 00:25:46,120 Speaker 1: House Speaker Nancy Pelosi's possible visit to Taiwan next month. 476 00:25:46,480 --> 00:25:48,960 Speaker 1: China has more than any visit to the island nation 477 00:25:49,480 --> 00:25:52,280 Speaker 1: that it considers part of China would be met with 478 00:25:52,359 --> 00:25:55,879 Speaker 1: serious consequences. Global nemes twenty four hours a day on 479 00:25:56,000 --> 00:25:58,879 Speaker 1: air and on Bloomberg Quicktake power by more than twenty 480 00:25:58,920 --> 00:26:02,240 Speaker 1: seven hundred journalists to listen more than countries. I'm Michael Barr. 481 00:26:02,359 --> 00:26:10,640 Speaker 1: This is Bloomberg, Nathan, Michael. Thanks on Wall Street. John 482 00:26:10,640 --> 00:26:13,280 Speaker 1: Stanshire has a Bloomberg Sports update. All right, Nathan. First 483 00:26:13,320 --> 00:26:15,960 Speaker 1: Subway Series game of the season, usually not this late, 484 00:26:16,000 --> 00:26:18,320 Speaker 1: and normally not with both teams in first place. The 485 00:26:18,400 --> 00:26:21,280 Speaker 1: Mets and Yankees played tonight and tomorrow at City Field, 486 00:26:21,520 --> 00:26:23,800 Speaker 1: then twice next month in the Bronx Tonight at Jordan 487 00:26:23,880 --> 00:26:27,399 Speaker 1: Dumbery against Taiwan Walker. Last night, the Phillies, down three nothing, 488 00:26:27,440 --> 00:26:30,320 Speaker 1: came back beat Atlanta six for Bryson Stock game winning 489 00:26:30,320 --> 00:26:32,400 Speaker 1: three run homer the eighth inning to the Mets lead 490 00:26:32,440 --> 00:26:34,840 Speaker 1: the Braves by two. The Yankees lead the Astros by 491 00:26:34,840 --> 00:26:37,520 Speaker 1: two in the race for best overall record. Houston lost 492 00:26:37,920 --> 00:26:40,040 Speaker 1: in Oakland much they didn't win. For the Red Sox. 493 00:26:40,080 --> 00:26:42,520 Speaker 1: They lost five in a row, had allowed sixties seven 494 00:26:42,600 --> 00:26:45,159 Speaker 1: runs in those five. They beat Cleveland three to one 495 00:26:45,200 --> 00:26:47,920 Speaker 1: at Fenway. The baseball trade deadline in one week. Both 496 00:26:47,960 --> 00:26:49,879 Speaker 1: the Mets and Yankees believed to be in talks with 497 00:26:49,960 --> 00:26:52,960 Speaker 1: Washington about aquari In Juan Soto that would certainly be 498 00:26:52,960 --> 00:26:55,919 Speaker 1: a blockbuster. Yankees g M. Brian Cashman told the Yes 499 00:26:56,040 --> 00:27:00,439 Speaker 1: Network He's always looking to make any move necessary, every piece, 500 00:27:00,480 --> 00:27:05,440 Speaker 1: every decision, every promotion or in for it's all designed 501 00:27:05,440 --> 00:27:10,080 Speaker 1: to to improve your shot and your team's abilities and 502 00:27:10,119 --> 00:27:14,919 Speaker 1: your managers UH maneuver ability UH and choices that he 503 00:27:14,960 --> 00:27:17,520 Speaker 1: has to play with. Yanks also said of interest in 504 00:27:17,520 --> 00:27:21,520 Speaker 1: Cincinnati pictro of Luis Castillo, Kansas City outfielder Andrew benn 505 00:27:21,560 --> 00:27:24,639 Speaker 1: And Tendi to concern with him. He's unvaccinated, so we 506 00:27:24,680 --> 00:27:28,520 Speaker 1: can't play games in Toronto. The Cardinals play in Toronto tonight. St. 507 00:27:28,560 --> 00:27:31,880 Speaker 1: Louis will be without stop two hitters Paul Goldsmith Nolan Aronado, 508 00:27:32,000 --> 00:27:35,200 Speaker 1: both on backs. The doors open at all thirty two 509 00:27:35,320 --> 00:27:38,600 Speaker 1: NFL training camps today Jets and Giants, both coming off 510 00:27:38,640 --> 00:27:42,399 Speaker 1: seasons where they went four and thirteen. John Stashward, bloombrog Sports, 511 00:27:42,480 --> 00:27:44,560 Speaker 1: Nathan all Right, John, thank you, five thirty seven on 512 00:27:44,560 --> 00:27:46,879 Speaker 1: Wall Street Time for the Tri State Business Report with 513 00:27:46,880 --> 00:27:50,960 Speaker 1: Bloombergs Dead Cory. About forty four percent of available apartment 514 00:27:51,080 --> 00:27:54,760 Speaker 1: units in Manhattan come from tenants priced out of apartments 515 00:27:54,800 --> 00:27:59,840 Speaker 1: they leased. In one Street Easy reports in the second quarter, 516 00:28:00,200 --> 00:28:04,240 Speaker 1: about fourteen thousand Manhattan apartments became available because the former 517 00:28:04,280 --> 00:28:09,440 Speaker 1: occupants were handed renewals with significant increases. New Jersey landscaping 518 00:28:09,480 --> 00:28:12,200 Speaker 1: companies are being hit hard by rising costs and a 519 00:28:12,320 --> 00:28:15,960 Speaker 1: labor shortage. The head of the New Jersey Landscaping Contractors 520 00:28:16,000 --> 00:28:19,920 Speaker 1: Association tells the Herald companies cannot find people to work 521 00:28:20,200 --> 00:28:24,080 Speaker 1: associations as members have expressed concerns about high fuel costs 522 00:28:24,119 --> 00:28:27,600 Speaker 1: as well. Sherry and Joel Mallin, two of the world's 523 00:28:27,600 --> 00:28:30,840 Speaker 1: top art collectors, are selling a pound Ridge New York estate. 524 00:28:31,280 --> 00:28:34,480 Speaker 1: It's been a showcase for their huge collection. The nearly 525 00:28:34,520 --> 00:28:37,680 Speaker 1: fourteen acre property, known as the buck Horns Sculpture Park, 526 00:28:38,000 --> 00:28:41,120 Speaker 1: contains eight structures. It's priced at eight and a half 527 00:28:41,160 --> 00:28:45,280 Speaker 1: million dollars. That's your Bloomberg tri Skate business report. I'm 528 00:28:45,440 --> 00:28:48,640 Speaker 1: d Corey, thanks that on Wall Street. Bloomberg Radio is 529 00:28:48,680 --> 00:28:50,880 Speaker 1: on the air from San Francisco to New York, London 530 00:28:50,920 --> 00:28:53,040 Speaker 1: to Hong Kong. Let's check in with our global news 531 00:28:53,080 --> 00:28:54,840 Speaker 1: team for some of the top stories heard on our 532 00:28:54,880 --> 00:29:01,360 Speaker 1: three hundred affiliate radio stations around the world. Steve podas 533 00:29:01,440 --> 00:29:03,960 Speaker 1: Can on Chenchen Wins in New York. We're talking about 534 00:29:03,960 --> 00:29:07,960 Speaker 1: how changing jobs can really pay off com pay day. 535 00:29:08,000 --> 00:29:11,600 Speaker 1: I'm Corney Donaho on kfeban Omaha relief for shoppers of 536 00:29:11,680 --> 00:29:14,520 Speaker 1: the U S. D Aces food inflation will east next year. 537 00:29:14,760 --> 00:29:16,600 Speaker 1: I'm Stephen Carol on D A B T to the 538 00:29:16,680 --> 00:29:19,320 Speaker 1: radio in London. We've been reporting on a Swiss miss 539 00:29:19,480 --> 00:29:22,800 Speaker 1: as ubs these eye flows at twelve billion dollars from 540 00:29:22,800 --> 00:29:25,960 Speaker 1: its asset management. I'm Lise Matteo and on Cameo X 541 00:29:25,960 --> 00:29:28,280 Speaker 1: and St. Louis. I'll be reporting on a recall of 542 00:29:28,400 --> 00:29:31,480 Speaker 1: hundreds of health and beauty products. I'm in Corey on 543 00:29:31,760 --> 00:29:35,240 Speaker 1: w w J and Detroit. I'm reporting General Motors report 544 00:29:35,320 --> 00:29:38,400 Speaker 1: second quarter results before the market opens, and those are 545 00:29:38,480 --> 00:29:41,080 Speaker 1: some of the stories are twenty seven hundred Bloomberg journalists 546 00:29:41,080 --> 00:29:43,280 Speaker 1: and analysts are working on this morning around the world. 547 00:29:43,400 --> 00:29:46,000 Speaker 1: It's five thirty nine on Wall Street. The following is 548 00:29:46,040 --> 00:29:50,400 Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by 549 00:29:50,440 --> 00:29:55,280 Speaker 1: the Bloomberg Editorial Board. President Joe Biden's administration has been 550 00:29:55,320 --> 00:29:59,080 Speaker 1: discussing changes to U S tariffs on China for weeks. 551 00:29:59,520 --> 00:30:03,040 Speaker 1: People familiar with the discussions say a decision will come 552 00:30:03,160 --> 00:30:06,760 Speaker 1: soon and that the result will be tweaks. Two measures 553 00:30:06,760 --> 00:30:10,800 Speaker 1: put in place by the Trump administration not a comprehensive 554 00:30:10,800 --> 00:30:15,680 Speaker 1: effort to roll back import restrictions. That would be disappointing. 555 00:30:16,040 --> 00:30:20,800 Speaker 1: Biden should start by completely dismantling Trump's Chinese tariffs and 556 00:30:20,840 --> 00:30:25,680 Speaker 1: then go further. Trade liberalization would reduce inflation and, by 557 00:30:25,760 --> 00:30:31,120 Speaker 1: injecting fresh competition into US markets, raise longer term productivity 558 00:30:31,280 --> 00:30:34,880 Speaker 1: and living standards. One of the most disappointing aspects of 559 00:30:34,960 --> 00:30:39,440 Speaker 1: Biden's presidency is that he has not decisively broken from 560 00:30:39,480 --> 00:30:46,160 Speaker 1: his predecessors misguided protectionism. This error can't be fixed too soon. 561 00:30:46,880 --> 00:30:50,280 Speaker 1: The senatorial was written by the Bloomberg Editorial Board. For 562 00:30:50,360 --> 00:30:53,680 Speaker 1: more Bloomberg Opinion, please go to Bloomberg dot com. Slash 563 00:30:53,720 --> 00:30:57,600 Speaker 1: opinion or O P I n go on the Bloomberg terminal. 564 00:30:57,840 --> 00:31:01,000 Speaker 1: This has been Bloomberg Opinion. You can hear Bloomberg opinion 565 00:31:01,080 --> 00:31:04,640 Speaker 1: editorials every weekday at this time. Terminal customers can read 566 00:31:04,720 --> 00:31:08,000 Speaker 1: more at O P I n go. SMP Future is 567 00:31:08,040 --> 00:31:11,000 Speaker 1: now down eleven points down, futures down a hundred forty four, 568 00:31:11,080 --> 00:31:14,080 Speaker 1: and Nastack futures are lower by thirty six points. Tenure 569 00:31:14,120 --> 00:31:16,680 Speaker 1: treasury is up six thirty seconds, the yield two point 570 00:31:16,760 --> 00:31:23,200 Speaker 1: seven seven per cent. This is Bloomberg Bloomberg eleven three 571 00:31:23,200 --> 00:31:25,920 Speaker 1: oh weather sunny, less humid today, mid eighties for highs 572 00:31:25,920 --> 00:31:28,880 Speaker 1: will bring back chances for afternoon showers and storms Tomorrow 573 00:31:28,960 --> 00:31:32,520 Speaker 1: and Thursday, both days near ninety right now seventy two 574 00:31:32,520 --> 00:31:39,960 Speaker 1: in Central Park markets. Headlines and breaking news twenty four 575 00:31:40,000 --> 00:31:43,040 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 576 00:31:43,040 --> 00:31:46,680 Speaker 1: at and at Bloomberg Quick Tape. He's a Bloomberg Business 577 00:31:46,760 --> 00:31:55,360 Speaker 1: Flash and I'm Karen Moscow. When you mus knock. Index 578 00:31:55,440 --> 00:31:58,560 Speaker 1: futures are lower this morning, with SMP futures down town 579 00:31:58,600 --> 00:32:02,120 Speaker 1: points down, futures down hug thirty, Nasty futures down thirty three, 580 00:32:02,160 --> 00:32:04,280 Speaker 1: and the decks in Germany down a third of uppercent 581 00:32:04,600 --> 00:32:07,120 Speaker 1: ten year treasury up five thirty seconds, heel two point 582 00:32:07,160 --> 00:32:09,400 Speaker 1: seven seven percent, the yield on a two year three 583 00:32:09,400 --> 00:32:12,520 Speaker 1: point one percent. Nimex screwed oil up one point nine 584 00:32:12,520 --> 00:32:14,800 Speaker 1: percent of a dollar eighties seven and ninety eight dollars 585 00:32:14,840 --> 00:32:17,520 Speaker 1: fifty seven cents. A barrel comic school that will change. 586 00:32:17,520 --> 00:32:20,600 Speaker 1: At seventeen thirty six twenty announced the euro one point 587 00:32:20,800 --> 00:32:23,080 Speaker 1: one seven eight against the dollar, British found one point 588 00:32:23,080 --> 00:32:25,360 Speaker 1: to zero zero nine and the N one thirty six 589 00:32:25,400 --> 00:32:28,520 Speaker 1: point six two bitcoins down four point six percent at 590 00:32:28,520 --> 00:32:32,280 Speaker 1: twenty one one fifty dollars. That's a Bloomberg business flash. 591 00:32:32,280 --> 00:32:34,520 Speaker 1: Now here's Michael Barr with more on what's going on 592 00:32:34,560 --> 00:32:37,000 Speaker 1: around the world. Michael Hearin, thank you very much. It 593 00:32:37,080 --> 00:32:40,000 Speaker 1: will be the first time President Trump returns to Washington 594 00:32:40,120 --> 00:32:43,640 Speaker 1: sends leaving office. Today, the former president will deliver a 595 00:32:43,720 --> 00:32:48,080 Speaker 1: policy speech before an ally think tank crafting a possible 596 00:32:48,120 --> 00:32:51,280 Speaker 1: second Trump term. W n B A star Britney Grinder 597 00:32:51,280 --> 00:32:54,080 Speaker 1: has returned to a Russian court room for her drawn 598 00:32:54,120 --> 00:32:56,720 Speaker 1: out trial on drug charges that could bring her ten 599 00:32:56,800 --> 00:33:00,240 Speaker 1: years in prison if convicted. The trial of the Nique 600 00:33:00,280 --> 00:33:03,680 Speaker 1: Mercury standout the gan July one, but only four sessions 601 00:33:03,680 --> 00:33:06,160 Speaker 1: have been held, some of them lasting only a few hours. 602 00:33:06,640 --> 00:33:09,080 Speaker 1: In baseball, the Red Sox beat the Guardians three one, 603 00:33:09,280 --> 00:33:12,520 Speaker 1: The Orioles down the Rays five one, The Nationals beat 604 00:33:12,560 --> 00:33:17,040 Speaker 1: the Dodgers for one, The A's down the Astros seven five, 605 00:33:17,440 --> 00:33:21,600 Speaker 1: the Diamondbacks blank the Giants seven. Zip. Global nemes twenty 606 00:33:21,600 --> 00:33:24,360 Speaker 1: four hours a day on airand on Bloomberg Quick Take, 607 00:33:24,640 --> 00:33:27,440 Speaker 1: powered by more than twenty seven hundred journalists and antalists 608 00:33:27,520 --> 00:33:30,000 Speaker 1: more than a hundred twenty countries at Michael Barr and 609 00:33:30,080 --> 00:33:32,920 Speaker 1: this is Bloomberg, Nathan. Thank you, Michael. We're coming up 610 00:33:32,960 --> 00:33:35,240 Speaker 1: to five forty nine on Wall Street Live from the 611 00:33:35,240 --> 00:33:38,920 Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg day Break. Let's 612 00:33:38,960 --> 00:33:41,440 Speaker 1: turn to earnings now and bank results out of Europe. 613 00:33:41,600 --> 00:33:44,880 Speaker 1: UBS is out with numbers that missed estimates. The profit 614 00:33:44,960 --> 00:33:47,440 Speaker 1: came in weaker than expected as the global market sell 615 00:33:47,440 --> 00:33:50,440 Speaker 1: off kept wealthy clients on the sidelines. The Swiss bank 616 00:33:50,480 --> 00:33:53,400 Speaker 1: also saw outflows that its asset management business of twelve 617 00:33:53,400 --> 00:33:56,080 Speaker 1: billion dollars. Let's get more on these results and the 618 00:33:56,120 --> 00:33:59,520 Speaker 1: path ahead now from the CEO of UBS, Ralph Hammers 619 00:33:59,560 --> 00:34:02,480 Speaker 1: sat down this morning for an interview with Bloomberg's Manus Cranny. 620 00:34:02,560 --> 00:34:05,520 Speaker 1: Let's hear some of that conversation. Now, you described the 621 00:34:05,680 --> 00:34:11,240 Speaker 1: second quarter as muted, where were the most pressure points? 622 00:34:11,239 --> 00:34:14,200 Speaker 1: Are the deepest pressure points in a music quarter. So 623 00:34:14,280 --> 00:34:18,960 Speaker 1: indeed it was a quarter with different challenges, neverthe last, 624 00:34:18,960 --> 00:34:22,359 Speaker 1: we continue to focus on executing our strategy, making sure 625 00:34:22,400 --> 00:34:25,680 Speaker 1: that we could grow the econsistent for investing their where 626 00:34:25,680 --> 00:34:29,640 Speaker 1: we saw flow flows through in in private markets at 627 00:34:29,680 --> 00:34:33,200 Speaker 1: three point nine billion as a Maze four billion as well, 628 00:34:33,480 --> 00:34:37,719 Speaker 1: we released two new digital applications as well. On the 629 00:34:37,719 --> 00:34:40,560 Speaker 1: other side, and that's where this this remark comes from, 630 00:34:40,880 --> 00:34:44,319 Speaker 1: we saw on one side, private clients, given all the incertainties, 631 00:34:44,360 --> 00:34:47,520 Speaker 1: sidelining their money and waiting for things to clear up, 632 00:34:47,719 --> 00:34:49,799 Speaker 1: whereas on the institutional side we saw a lot of 633 00:34:49,840 --> 00:34:52,600 Speaker 1: activity and that's what you see in our investment banking 634 00:34:53,719 --> 00:34:58,000 Speaker 1: results as well. So all of this basically delivered a 635 00:34:58,040 --> 00:35:01,560 Speaker 1: flat revenue line reported rep in your line cost down 636 00:35:01,560 --> 00:35:04,200 Speaker 1: by one percent from this last year, and the profit 637 00:35:04,239 --> 00:35:07,040 Speaker 1: before tax of two point six billion. I look at 638 00:35:07,040 --> 00:35:09,640 Speaker 1: the transactions and the landing in the wealth management business, 639 00:35:09,719 --> 00:35:11,919 Speaker 1: I would say that it looks quite grim, transactions down 640 00:35:12,080 --> 00:35:16,239 Speaker 1: seventeen percent, lending down twelve percent. Do you think we're 641 00:35:16,239 --> 00:35:20,080 Speaker 1: still in fear mode on the client side. So if 642 00:35:20,080 --> 00:35:23,560 Speaker 1: you look at the at the wealth management business, you 643 00:35:23,600 --> 00:35:27,400 Speaker 1: see a couple of elements here impacting our revenues. So 644 00:35:27,440 --> 00:35:30,360 Speaker 1: on one side you see that just the level of 645 00:35:30,360 --> 00:35:35,480 Speaker 1: the market generally is less recurring fees, the sidelining, so 646 00:35:35,640 --> 00:35:38,600 Speaker 1: that the wait and seed pattern of our clients basically 647 00:35:38,680 --> 00:35:41,960 Speaker 1: gives pressure on the transaction revenues. On the other side, 648 00:35:42,040 --> 00:35:46,120 Speaker 1: because the rate environments we saw interesting increasing by two 649 00:35:46,600 --> 00:35:50,440 Speaker 1: and as a consequence of that almost compensating for the 650 00:35:50,520 --> 00:35:54,120 Speaker 1: pressure on the on the fees side. So with that 651 00:35:54,280 --> 00:35:59,600 Speaker 1: still a good quarter in the lying effects though is different. 652 00:36:00,080 --> 00:36:03,200 Speaker 1: So on the in the net new fix generating assets, 653 00:36:04,280 --> 00:36:08,560 Speaker 1: we saw still money coming in four a million, and 654 00:36:08,600 --> 00:36:11,279 Speaker 1: you saw actually a very darker area, very small where 655 00:36:11,280 --> 00:36:13,719 Speaker 1: where does the money come from? It's small and it's 656 00:36:13,760 --> 00:36:16,680 Speaker 1: a very diverse picture. So we see outflows in the 657 00:36:16,800 --> 00:36:21,520 Speaker 1: US generally driven by tax payments which were higher than 658 00:36:21,719 --> 00:36:24,160 Speaker 1: than we expected. But we saw actually three from three 659 00:36:24,200 --> 00:36:27,480 Speaker 1: billion coming in in Asia Pacific, where we actually now 660 00:36:27,520 --> 00:36:31,320 Speaker 1: see as the three quarters of lower transaction ravigue. You 661 00:36:31,320 --> 00:36:34,200 Speaker 1: should see that clients are turning to mandates and they're 662 00:36:34,200 --> 00:36:37,399 Speaker 1: really turning out to us to get their advice on 663 00:36:37,520 --> 00:36:39,520 Speaker 1: what investments to do. And that's where the three point 664 00:36:39,560 --> 00:36:42,360 Speaker 1: three building inflow on Asia Pacific comes in. But on 665 00:36:42,400 --> 00:36:44,160 Speaker 1: the Asia and the last time we caught up, you said, Manas, 666 00:36:44,200 --> 00:36:46,719 Speaker 1: it's de leveraging again. This is the fourth quarter in 667 00:36:46,760 --> 00:36:49,880 Speaker 1: a row of the leveraging in Asia. Any sign of 668 00:36:49,960 --> 00:36:53,640 Speaker 1: that bottoming nut um at this moment, No, I don't see. 669 00:36:53,640 --> 00:36:58,120 Speaker 1: It's the bottoming out. So we we we just report 670 00:36:59,000 --> 00:37:02,120 Speaker 1: what we see. We depending on the level of the 671 00:37:02,160 --> 00:37:05,959 Speaker 1: market we see there was more empethite or less eppetite. UM. 672 00:37:06,000 --> 00:37:09,560 Speaker 1: I don't expect too much further the leveraging m but 673 00:37:09,640 --> 00:37:11,799 Speaker 1: it really depends on where markets are going. On the 674 00:37:11,840 --> 00:37:15,040 Speaker 1: other side, we see in the US leverage is still 675 00:37:15,080 --> 00:37:18,239 Speaker 1: going up. We were successful in the mortgage business, were 676 00:37:18,280 --> 00:37:22,080 Speaker 1: successful in the security based lending business as well, supporting there. 677 00:37:22,440 --> 00:37:25,960 Speaker 1: So overall we still saw almost one billion of net 678 00:37:26,000 --> 00:37:30,479 Speaker 1: new loans in in the wealth business. Since you sat 679 00:37:30,520 --> 00:37:33,359 Speaker 1: into the chair, CEO, the headwinds in Asia and China 680 00:37:33,440 --> 00:37:39,040 Speaker 1: just keep smacking you. He's still full bull on China 681 00:37:39,120 --> 00:37:45,200 Speaker 1: and Asia's strategy. Well, you can't. You you can't turn 682 00:37:45,239 --> 00:37:48,200 Speaker 1: away from Asia if you just look at the underlying 683 00:37:48,600 --> 00:37:53,120 Speaker 1: trends there and at the future. So the demographics speak 684 00:37:53,400 --> 00:37:57,680 Speaker 1: for Asia, the demographics speak for China. Clearly, there was 685 00:37:57,719 --> 00:38:01,000 Speaker 1: a couple of clarities there and I expected towards the 686 00:38:00,960 --> 00:38:04,520 Speaker 1: youngest the third quarter and the fourth quarter that more 687 00:38:04,640 --> 00:38:07,600 Speaker 1: optimism and positive from made come back. And that was 688 00:38:07,760 --> 00:38:11,000 Speaker 1: UBS CEO Ralph Hammers speaking with Bloomberg's Mannace Cranny about 689 00:38:11,040 --> 00:38:13,800 Speaker 1: the Swiss Bank's latest earnings that came in far short 690 00:38:13,880 --> 00:38:17,640 Speaker 1: of estimates. Right now, shares of UBS are down six percent. 691 00:38:18,040 --> 00:38:20,680 Speaker 1: Karen Nathan, it is five fifty three on Wall Street. 692 00:38:20,680 --> 00:38:22,879 Speaker 1: Time to the Bloomberg Law Report, brought to you by 693 00:38:22,960 --> 00:38:27,160 Speaker 1: American Arbitration Association. Business disputes are inevitable. Here's al Faster 694 00:38:27,280 --> 00:38:30,799 Speaker 1: with the American Arbitration Association, the global leader in alternative 695 00:38:30,800 --> 00:38:34,040 Speaker 1: dispute resolution for over ninety years. More at a dr 696 00:38:34,200 --> 00:38:36,799 Speaker 1: dot org. Now let's get to the legal stories we're 697 00:38:36,800 --> 00:38:43,320 Speaker 1: watching this morning from Bloomberg's Jeff Bellinger. Federal judge in 698 00:38:43,360 --> 00:38:47,480 Speaker 1: Philadelphia says Walmart's firing of an employee with fibromyalgia and 699 00:38:47,560 --> 00:38:51,239 Speaker 1: depression may have been discrimination, even though Walmart says she 700 00:38:51,360 --> 00:38:54,719 Speaker 1: was fired for stealing. The Michigan Supreme Court ruled the 701 00:38:54,760 --> 00:38:59,200 Speaker 1: fingerprinting someone without a warrant or probable cause is unconstitutional. 702 00:38:59,480 --> 00:39:01,759 Speaker 1: Theis and came in the case of two black men 703 00:39:01,800 --> 00:39:04,880 Speaker 1: who were stopped by police but never charged with any crime. 704 00:39:05,560 --> 00:39:08,720 Speaker 1: Bill signed into law by New York's governor makes diapers 705 00:39:08,719 --> 00:39:13,479 Speaker 1: exempt from the state sales tax. Bloomberg Law everything you need, 706 00:39:13,760 --> 00:39:18,120 Speaker 1: all on one legal research platform, including guidance analysis and 707 00:39:18,200 --> 00:39:24,200 Speaker 1: Bloomberg market intelligence. Find out more at Bloomberg law dot com. 708 00:39:24,239 --> 00:39:26,640 Speaker 1: All right, Jeff, thank you. Now another legal story where 709 00:39:26,640 --> 00:39:30,000 Speaker 1: watching takes us to the Supreme Court. Since August, justices 710 00:39:30,000 --> 00:39:33,400 Speaker 1: have issued more emergency orders than opinions on issues affecting 711 00:39:33,440 --> 00:39:37,400 Speaker 1: millions of Americans, from abortion to voting rights. These orders, 712 00:39:37,400 --> 00:39:40,040 Speaker 1: on the so called shadow docket are short and unsigned, 713 00:39:40,080 --> 00:39:44,000 Speaker 1: issued without a full briefing or arguments, and without explanation. 714 00:39:44,440 --> 00:39:48,640 Speaker 1: Several justices have expressed misgivings about the practice, but the 715 00:39:48,640 --> 00:39:51,560 Speaker 1: three most conservative justices have signaled that they want to 716 00:39:51,640 --> 00:39:54,440 Speaker 1: use the shadow docket even more aggressively. For more in 717 00:39:54,480 --> 00:39:57,880 Speaker 1: the matter, Bloomberg stoom Grosso speaks to constitutional law experts. 718 00:39:57,880 --> 00:40:02,000 Speaker 1: Steven Vladika, Professor at the University of Texas Law School. Steve, 719 00:40:02,120 --> 00:40:05,640 Speaker 1: why are we hearing so much about the shadow docket lately? Well, 720 00:40:05,719 --> 00:40:07,520 Speaker 1: I mean, I think part of it is that the 721 00:40:07,640 --> 00:40:10,560 Speaker 1: Court is doing more and more significant stuff on the 722 00:40:10,600 --> 00:40:12,880 Speaker 1: shadow docted. I think more of it is that, you know, 723 00:40:13,040 --> 00:40:15,399 Speaker 1: folks are paying attention to it to a better degree 724 00:40:15,400 --> 00:40:18,560 Speaker 1: than ever before, and the Court, for all the headlines 725 00:40:18,600 --> 00:40:21,520 Speaker 1: and drama surround him the most recent term, is actually 726 00:40:21,560 --> 00:40:24,600 Speaker 1: deciding fewer cases on the merits docket at any point 727 00:40:24,640 --> 00:40:26,680 Speaker 1: since the Civil War. So you know, when you have 728 00:40:26,960 --> 00:40:30,520 Speaker 1: a flurry of significant rulings coming down through these unsigned, 729 00:40:30,800 --> 00:40:34,399 Speaker 1: often unexplained orders, it's no surprise that folks are paying 730 00:40:34,440 --> 00:40:36,080 Speaker 1: a lot more attention to that part of the Supreme 731 00:40:36,120 --> 00:40:40,880 Speaker 1: Court's work the courts. Liberal justices Stephen Bryer, Sonya Soto Mayor, 732 00:40:41,120 --> 00:40:44,640 Speaker 1: and Atlanta Kagan dissented the most in emergency orders that 733 00:40:44,719 --> 00:40:50,320 Speaker 1: were granted, but conservative justices Clarence Thomas, Samuel Alito, and 734 00:40:50,400 --> 00:40:53,600 Speaker 1: Neil Gorshich did so the most when the Court refused 735 00:40:53,640 --> 00:40:56,560 Speaker 1: to act on appeal. So what does that tell you? 736 00:40:56,960 --> 00:40:59,200 Speaker 1: One of the many interesting things about the shadow doctors 737 00:40:59,239 --> 00:41:02,800 Speaker 1: that considers in some respects more interesting data about the 738 00:41:02,960 --> 00:41:06,080 Speaker 1: justices voting patterns than there is on the merits docket. 739 00:41:06,280 --> 00:41:09,400 Speaker 1: So there was this remarkable moment last October. There was 740 00:41:09,400 --> 00:41:11,719 Speaker 1: a case out of made and there was like a 741 00:41:11,920 --> 00:41:15,839 Speaker 1: one paragraph concurring opinion by Justice Barrett joined by Justice 742 00:41:15,920 --> 00:41:19,600 Speaker 1: Kavanaugh that basically said, just because we're sympathetic here claims 743 00:41:19,640 --> 00:41:21,919 Speaker 1: on the merit doesn't mean we're automatically going to vote 744 00:41:21,960 --> 00:41:24,400 Speaker 1: to grant emergency relief. You know, we're going to exercise 745 00:41:24,480 --> 00:41:27,719 Speaker 1: some modicum of discretion in deciding when emergency relief isn't 746 00:41:27,719 --> 00:41:30,120 Speaker 1: as an oorent. It basically Barrett and Kavanaugh laying down 747 00:41:30,160 --> 00:41:32,759 Speaker 1: a marker that they were going to not vote to 748 00:41:32,840 --> 00:41:35,000 Speaker 1: grant emergency relief as aten as they had to say 749 00:41:35,000 --> 00:41:37,319 Speaker 1: as recently as the previous term and June, we've seen 750 00:41:37,400 --> 00:41:38,960 Speaker 1: that play out. I mean, we've seen a number of 751 00:41:39,040 --> 00:41:42,719 Speaker 1: cases since October where the only public dissenters from a 752 00:41:42,800 --> 00:41:46,080 Speaker 1: denial of relief were Thomas Alito and Gorsta. And so 753 00:41:46,280 --> 00:41:49,160 Speaker 1: the assumption is that Barrett and Kavanaugh did not join them. 754 00:41:49,320 --> 00:41:51,800 Speaker 1: Some of these have been vaccine mandate cases, and so 755 00:41:51,880 --> 00:41:53,399 Speaker 1: I do think that you know, one of the things 756 00:41:53,400 --> 00:41:55,680 Speaker 1: we're seeing on the Shadow Doctor is that Thomas Ledo 757 00:41:55,719 --> 00:41:59,960 Speaker 1: and Gorst would go even further than the other conservative 758 00:42:00,040 --> 00:42:03,040 Speaker 1: of Justice at least Kavanaugh are willing to go. And 759 00:42:03,120 --> 00:42:05,960 Speaker 1: the fact that Thomas the Leado enforces grant emergency released 760 00:42:06,040 --> 00:42:08,520 Speaker 1: even more often, I think, because you know, a sign 761 00:42:08,560 --> 00:42:10,759 Speaker 1: of how close we are to this being even more 762 00:42:10,800 --> 00:42:13,400 Speaker 1: of a problem than already did. And that's Stephen Vladika, 763 00:42:13,480 --> 00:42:16,239 Speaker 1: professor at the University of Texas Law School, speaking at 764 00:42:16,239 --> 00:42:18,520 Speaker 1: the Bloomberg Stu in Grasso. Catch more of that interview, 765 00:42:18,600 --> 00:42:21,440 Speaker 1: plus analysis of the latest legal news by subscribing to 766 00:42:21,440 --> 00:42:24,160 Speaker 1: the Bloomberg Law Podcast or downloading the show at Bloomberg 767 00:42:24,239 --> 00:42:27,720 Speaker 1: dot com slash podcast. Attorneys can find exceptional legal research 768 00:42:27,760 --> 00:42:30,759 Speaker 1: and business development tools at Bloomberg Law dot com and 769 00:42:30,800 --> 00:42:34,880 Speaker 1: on the Bloomberg terminal at b Law. Go again. Futures 770 00:42:34,960 --> 00:42:39,160 Speaker 1: are moving lower this morning, nimex scrude oil higher still ahead. 771 00:42:39,160 --> 00:42:41,600 Speaker 1: On Bloomberg Daybreak, I check on the business headlines and 772 00:42:41,680 --> 00:42:44,279 Speaker 1: all the news you need to start your day, and 773 00:42:44,560 --> 00:42:46,000 Speaker 1: this is Bloomberg