Speaker 1: All right, Karen, thank you. It's five oh seven on
Speaker 1: Wall Street where it's seventy three degrees in Central Park
Speaker 1: already dealing with an accident will affect the ride to
Speaker 1: JFK southbound Van Wick at Hillside Avenue. We'll tell you
Speaker 1: more in traffic. First, Michael bars back with what else
Speaker 1: is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. More people are being
Speaker 1: infected by the monkey pox virus in the US. So far,
Speaker 1: there are almost twenty nine known cases and no depths.
Speaker 1: During an event at Harlem Hospital, New York City Mayor
Speaker 1: Eric Adams notes that most of the state's current nine
Speaker 1: hundred cases come from New York City and they need
Speaker 1: additional resources from the federal government to help slow the spread.
Speaker 1: Almost cases in the state is in New York City
Speaker 1: and so this is once the game we would would again.
Speaker 1: Last week, the w h O proclaimed the spread of
Speaker 1: monkey pox of global emergency. The disease spreads primarily through
Speaker 1: skin to skin contact or direct contact with the virus.
Speaker 1: Officials say New York's MTA may not regain one of
Speaker 1: pre pandemic ridership until about twenty thirty five. Ridership on
Speaker 1: New York City subways, buses, and communityrail lines is projected
Speaker 1: to reach levels in late that's down from a prior
Speaker 1: forecast of eighty six. The authority needs writers to return
Speaker 1: to bolts through its finances. The back and forth on
Speaker 1: the whether US Congresswoman Nanci Pelosi is going to visit
Speaker 1: Taiwan has China angry. Bloomberg's and Baxter reports Beiji has
Speaker 1: issued its strongest statement yet regarding the proposed visit, saying
Speaker 1: the U s should be ready to face the consequences.
Speaker 1: So Richard Hass of the Council on Foreign Relations on
Speaker 1: Bloomberg says, it is time for the globe to figure
Speaker 1: out plans and responses, which means taking military preparations, ourselves
Speaker 1: strengthened in Taiwan, continuing to work more closely with Japan,
Speaker 1: organizing Europe about what sanctions would put it and put
Speaker 1: in place of China ever moved against Tilan Has says
Speaker 1: at some point there will be a confrontation between China
Speaker 1: and the US regarding Taiwan. In San Francisco, I'm at
Speaker 1: Baxter Bloomberg Daybreak, there is another development in the investigation
Speaker 1: into the January six rioting on Capitol Hill. Mark Short,
Speaker 1: the former chief of staff device President Mike Pence, has
Speaker 1: been subpoenaed by d o J prosecutors. Short has also
Speaker 1: appeared before a federal grand jury. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than hundred twenty countries. Michael Barr and this is Bloomberg, Nathan.
Speaker 1: All right, Michael, thank you, five o nine on Wall
Speaker 1: Street time for the Bloomberg Sports Upday. Good morning, John
Speaker 1: stan Shown all right, Good morning, Nathan. The Subway series
Speaker 1: always about bragging rights, with the one that starts tonight
Speaker 1: at the City Field as another billing possible World Series preview.
Speaker 1: Both teams have been in first place basically all season.
Speaker 1: All of the Mets lead once ten and a half
Speaker 1: games is down to two. The Mets did get some
Speaker 1: help last night from the Phillies. Bryson stopped in particular
Speaker 1: history one home. He gave the Phills six four win
Speaker 1: over Atlanta. Yankees lea the Alliast by twelve and a
Speaker 1: half games. They're concerned as finishing ahead of Houston for
Speaker 1: best overall record. Astros had their five game winning speaks
Speaker 1: stopped in Oakland, so the Yankster two games ahead. Starting
Speaker 1: pitchers Tonight, Jordan Montgomery for the Yankst, Taiwan Walker for
Speaker 1: the Mets, and Aaron Judge is excited. Just the fans
Speaker 1: getting into it. It's always a pack in playoff atmosphere, um,
Speaker 1: always back and forth. You never know what's gonna happen. Um.
Speaker 1: And it's a competition here. They got a great pitching
Speaker 1: seth great offenseive over there, you know, so do we,
Speaker 1: so you know, looking forward to see what happens. That's dirty.
Speaker 1: Seven home runs, seven more than anyone in baseball. He
Speaker 1: has eighty one r B. I is the only player
Speaker 1: with more is Pete Alonzo. He has eighty two. Details
Speaker 1: emerging about trade talks between the Nets and Celtics, involving
Speaker 1: Kevin Durand reported the Celts offered to Brooklyn, Jalen Brown,
Speaker 1: Derek White and the first round pick, and the Nets
Speaker 1: wanted Brown and Marcus Smart and multiple picks, and the
Speaker 1: Celtics said no, no, sacred. The next trying to acquire
Speaker 1: Donovan Mitchell from Utah. Now there's word that Washington, Charlotte
Speaker 1: and Sacramento are all talking to the Jazz as well.
Speaker 1: Nicks also said to be one of a few teams
Speaker 1: that have spoken with the Lakers about Acquarie Russell Westbrook,
Speaker 1: John dash Award Bloomberg Sports. All right, John, thank you.
Speaker 1: SMP futures down eight points now, Deal futures down a
Speaker 1: hundred ten NASTAC futures lower by thirty one points. Ahead
Speaker 1: of the start of the two day Federal Reserve July
Speaker 1: policy meeting. Tenure Treasury up six thirty seconds, the yield
Speaker 1: two point seven seven percent yield on the two year
Speaker 1: three point zero one. Just ahead former President Trump's return
Speaker 1: to Washington, d C. We check in with Bloomberg Washington
Speaker 1: correspondent Joe Matthew. This is Bloomberg Bloomberg eleven three oh
Speaker 1: weather partly sunny, less humid for a change today, highs
Speaker 1: in the mid eighties, chance to afternoon showers at thunderstorms tomorrow, though.
Speaker 1: We get back to your ninety tomorrow and the next day.
Speaker 1: Right now seventy three in Central Park Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Take. This
Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow. European
Speaker 1: stocks are higher, US Stock Index futures are lower amid caution,
Speaker 1: and global markets ahead of the Federal Reserve interest rate high.
Speaker 1: European energy and mining stocks are rallying with oil and metals,
Speaker 1: while retailers and banks fall after disappointing reports from Walmart
Speaker 1: and UBS Group. We check the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg. Right now, U S
Speaker 1: and P futures are down ten points down features down
Speaker 1: a hundred nineteen NASDACK futures down thirty six. The decks
Speaker 1: in Germany's down three tenths of upper sent ten. Your
Speaker 1: treasury of four thirty seconds yell two point seven seven
Speaker 1: percent a yield on a two year three point one
Speaker 1: percent NIMEX screwed oil is at one point eight percent
Speaker 1: of a dollar seventy seven and ninety eight dollars forty
Speaker 1: cents of barrel comex school of this up ten percent
Speaker 1: of a dollar fifty at seventeen thirty eight sixty announce.
Speaker 1: The euro is at one point oh two against the dollar,
Speaker 1: British found one point two zero two four, and the
Speaker 1: UN is at one thirty six point five seven. Looking
Speaker 1: at bitcoin, it's down almost five percent at eighty dollars.
Speaker 1: That's a Bloomberg business flop show. Here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael, good morning,
Speaker 1: Good morning Karen. Former President Donald Trump will returned to
Speaker 1: Washington today for the first time since leaving office. Trump
Speaker 1: will address the America First Policy Institutes today summit. He's
Speaker 1: expected to announce a four White House campaign. How Speaker
Speaker 1: Nancy Pelosi's staff and security officials aren't ruling out plans
Speaker 1: for her to visit Taiwan in early August. The possible
Speaker 1: trip has already stoked more US China tensions. In baseball,
Speaker 1: the Red Sox beat the Guardians three one, The Orioles
Speaker 1: down the Rays five one, The Nationals beat the Dodgers
Speaker 1: for one, The A's down the Astros seven five. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than seven hundred journalists
Speaker 1: and mantalist more than twenty countries. Michael Barn, this is
Speaker 1: Bloomberg Nather. Alright, Michael, thank you. It's five nineteen on
Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This
Speaker 1: is Bloomberg day Break. Let's pick up on Michael's top
Speaker 1: story their former President Donald Trump returning to Washington, d C.
Speaker 1: For the first time since the chaotic end to his presidency.
Speaker 1: Let's bring in Joe matthew Are, Washington correspondent, host of
Speaker 1: Sound on Here on Bloomberg Radio. Joe, good morning. Let's
Speaker 1: set this thing up. Are we expecting announcement from the
Speaker 1: former president today, Well, no, we're not. That you know
Speaker 1: has been floated as an idea that he just say,
Speaker 1: you know, I'm going forward. We're gonna announce here, but
Speaker 1: it's not expected to happen, and we will likely get
Speaker 1: the same Trump speech that we tend to get was
Speaker 1: in Arizona last weekend, in South Carolina and so forth
Speaker 1: before that. But the fact of the matter is if
Speaker 1: he announced his campaign right now, it would not only
Speaker 1: telegraph his plans to a lot of other Republicans who
Speaker 1: are thinking about running, give them a chance to kind
Speaker 1: of organize, but it would also trigger federal election laws,
Speaker 1: would make his life a lot more difficult when it
Speaker 1: comes to raising money, so there's really little incentive to
Speaker 1: do so. And it would also potentially affect the mid
Speaker 1: term races as well as the Republican Party is trying.
Speaker 1: And you talk to most analysts expected to take over
Speaker 1: control of at least one House of Congress. Yeah, that's
Speaker 1: why we're hearing from a lot of Republicans. You know, hey,
Speaker 1: just give it a couple of months. What we need
Speaker 1: to get through the midterm election cycle. Here, you've got
Speaker 1: the January six hearing still percolating or not even done yet,
Speaker 1: and you know, come September we expect likely more. Also,
Speaker 1: you know, Donald Trump's endorsements have been mixed. He hasn't
Speaker 1: had the perfect record that that he would hope to
Speaker 1: have had in the midterm elections, and some Republican candidates
Speaker 1: will not appear with him on stage, as we saw
Speaker 1: with Glenn Youngcan for instance, when he was running for
Speaker 1: governor in Virginia. That became kind of a recipe for success,
Speaker 1: you know, to out the Trump policies, but don't have
Speaker 1: him make ads where you don't do rallies with him.
Speaker 1: And that's gonna be the case for at least some Republicans.
Speaker 1: So waiting until we get through November would certainly keep
Speaker 1: things a little more simple for the party and to
Speaker 1: that point, Joe about keeping the talk toward policy. The
Speaker 1: president or the former president is going to be speaking
Speaker 1: today to the America First Policy Institute. So are we
Speaker 1: expecting a policy speech from the former president? Well, and
Speaker 1: it's so, what kind of policy could he be putting forwards? Well,
Speaker 1: you'll hear about the border. He's been saying recently in
Speaker 1: his stump speech that he completed the wall, and I
Speaker 1: suspect that we'll hear that again, even though the wall
Speaker 1: was never finished. Uh, he says that, you know, they
Speaker 1: tried to add to it and so forth. But we'll
Speaker 1: hear about that. We'll hear about I'm sure trade policies,
Speaker 1: will hear about the war in Afghanistan, the withdrawal. These
Speaker 1: are typically the things that he hits on with regard
Speaker 1: to policy when we talk about uh, kind of his
Speaker 1: standard speech that that he's been crafting lately. But look,
Speaker 1: this is gonna be a room full of support orders here.
Speaker 1: And when the president the former president gets in an
Speaker 1: environment like that, he's known to stray off off the
Speaker 1: copy here. You know, he'll he'll be looking left and
Speaker 1: right at the paddles, looking at the teleprompter. But then
Speaker 1: when he looks straight out there and he starts telling jokes,
Speaker 1: maybe drops an F bomb, as he's also been doing
Speaker 1: and most of his speeches recently. I don't think that
Speaker 1: will necessarily happen today. That's when the news tends to
Speaker 1: be made. Let's see what he says off the script,
Speaker 1: Nathan and uh. In the lead up to this speech,
Speaker 1: of course, we were expecting that there was gonna be
Speaker 1: a potential for upstaging by former Vice President Mike Pence,
Speaker 1: but I guess weather kept him from making his scheduled
Speaker 1: speech last night. Does that potentially change the dynamic for
Speaker 1: what we're expecting from former President Trump later today, Well,
Speaker 1: he certainly won't be able to react to what Mike
Speaker 1: Pence was gonna say, and he's you know, certainly doesn't
Speaker 1: have any qualms about mentioning Mike Pence in his speech.
Speaker 1: But I don't think Donald Trump was looking at this,
Speaker 1: you know, as the dueling speeches that that that we
Speaker 1: were all kind of framing it to be in the media.
Speaker 1: He's living in his own universe here. But I have
Speaker 1: to admit a lot of us were more curious to
Speaker 1: hear what Mike Pence was gonna say, whether, in fact
Speaker 1: he would try to to to go to greater lengths
Speaker 1: to separate himself from Donald Trump or the opposite. In
Speaker 1: a speech just last week before an evangelical crowd in
Speaker 1: South Carolina, you know, Mike Pence said it was the
Speaker 1: honor of his career to serve in what he called
Speaker 1: the most pro life administration in American history. He's got
Speaker 1: issues with Donald Trump. He's he's he's already talked about
Speaker 1: that publicly, but there are things that he has to
Speaker 1: say that that are actually not negative at all. In
Speaker 1: fact that if he enjoyed working with Donald Trump on
Speaker 1: issues like abortion. So it's gonna be interesting to see
Speaker 1: how Mike Pence frames this and whether he's looking for
Speaker 1: a run himself. A Trump Pence campaign, not on the
Speaker 1: same ticket, but against each other would be a heck
Speaker 1: of a race to watch, Nathan. Yeah, and it was
Speaker 1: gonna add even more of a dynamic as we are expecting,
Speaker 1: potentially a pretty wide open field when you think about
Speaker 1: Rohn De Santis as well, potentially in the mix as well.
Speaker 1: We'll leave it there for now, unfortunately for time. Thanks Joe,
Speaker 1: always great having you on with us, Joe, Pa Matthews.
Speaker 1: In fact, is gonna be backwound with us later on
Speaker 1: in this program as well, And of course you can
Speaker 1: catch Joe Oh Gosh every weekday five pm. Wall Street
Speaker 1: Time Bloomberg sound on here on Bloomberg Radio, Washington. Correspondent
Speaker 1: Joe Matthew with us this morning, looking ahead to the
Speaker 1: market open ahead of the start of the FEDS two
Speaker 1: day policy meeting. Futures are moving a touch lower, with
Speaker 1: SMP futures now down ten points, Staff futures down a four,
Speaker 1: NAZAC futures are lower by thirty four points, Tenure treasury
Speaker 1: up five thirty seconds. The yield two point seven seven
Speaker 1: per cent. Just ahead, we have more on the FEDS
Speaker 1: July meeting as it gets underway. Walmart sinking after cutting
Speaker 1: its forecast. You're listening to Bloomberg day Break Bloomberg eleven
Speaker 1: three oh weather partly sunny, less human today, mid eighties
Speaker 1: for highs. We'll have a chance for after news showers
Speaker 1: and thunderstorms tomorrow and Thursday, both days near ninety Right
Speaker 1: now seventy two in Central Park by from the Bloomberg
Speaker 1: Interactive Burger Studios. This is Bloomberg Daybreak for Tuesday, July
Speaker 1: twenty six two. Coming up this hour former President Trump
Speaker 1: returns to d C as talks of another run for
Speaker 1: office heat off. The FED prepares another rate hunk as
Speaker 1: the Central Banks policy meeting gets underway. Walmart chairs sank
Speaker 1: after the company lowers its forecast, and candidates in the
Speaker 1: UK make their case to replace Boris Johnson. New York's
Speaker 1: MTA says it may take thirteen years to match pre
Speaker 1: COVID ridership. Colt's talk of Speaker Pelosi possibly heading to
Speaker 1: Taiwan has made China furious. I'm Michael varn More, I'm
Speaker 1: John Stave, Darren Sports. The Mets and the yank You
Speaker 1: both in first place begin a two game Subway series
Speaker 1: tonight at City Field. That's all's training ahead on Bloomberg
Speaker 1: Daybreak on Bloomberg eleven, FREEO New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius XAM one nine Team and around
Speaker 1: the world Old on Bloomberg Radio, dot Com and via
Speaker 1: the Bloomberg Business App. Good morning, I'm Nathan Hager and
Speaker 1: I'm Karen Moscow and US Dot Index futures are lower
Speaker 1: this morning. We are coming up to five o one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Right now, S
Speaker 1: and P futures are down nine points, dal future is
Speaker 1: down a hundred eight and NASDAG futures down thirty eight.
Speaker 1: The decks in Germany's down three towns of upper cent
Speaker 1: and the tenure treasury up five thirty seconds held two
Speaker 1: points seven seven percent. They yield on the two year
Speaker 1: three point one percent. Nathan Karen, We'll get back to
Speaker 1: the markets in a moment, but we begin this morning
Speaker 1: in the nation's capital. That's where former President Donald Trump
Speaker 1: is returning for the first time since he left office.
Speaker 1: Amy Morris has details from our Bloomberg newsroom in Washington.
Speaker 1: Donald Trump will be back inside the Beltway as Republican
Speaker 1: rivals maneuver for a possible primary challenge and lawmakers probe
Speaker 1: his culpability for the January six insurrection. He'll deliver the
Speaker 1: keynote to dress at the America First Agenda summit held
Speaker 1: by the conservative think tank the America First Policy Institute,
Speaker 1: launched by some former Trump One House advisers. He's not
Speaker 1: expected to announce a run for the White House during
Speaker 1: today's speech, which will be his highest profile speech since
Speaker 1: leaving office in Washington, I'm anymore is Bloomberg Day Break?
Speaker 1: All right, Amy, thank you, well, let's stay in Washington
Speaker 1: where the Federal Reserves two day meeting kicks off today.
Speaker 1: The Central Bank is set to raise rates again. That's
Speaker 1: despite GDP numbers due out Thursday, which could show the
Speaker 1: US contracted and back to back quarters, signaling a recession. However,
Speaker 1: moody Is Chief economist Mark Xandy tells us there are
Speaker 1: not recession signs at the moment. When you have a
Speaker 1: lot of jobs, you have low layoffs, and a lot
Speaker 1: of consumer spending. Income growth is strong. That's not consistent
Speaker 1: with a recession. This is not a recession. Moody Chief
Speaker 1: Economist Mark Sandy says. If the economy does contract, it's
Speaker 1: likely to be in the next six months. He spoke
Speaker 1: of our Washington correspondent Joe Matthew on Bloomberg Sound on
Speaker 1: Catch the program weekday, said five pm Eastern on Bloomberg Radio,
Speaker 1: all right, let's get back to markets now, Karen, where
Speaker 1: US futures are moving lower ahead of the Fed meeting.
Speaker 1: Lisa Erickson, Senior Vice President with US Bank says she's
Speaker 1: preaching caution. We are modestly cautious advising our clients to
Speaker 1: move all other things being equal, away from equity and
Speaker 1: more to quality fixed income, where again historically they've been
Speaker 1: able to hold up in times of market volatility. Lisa
Speaker 1: Ericson with US Bank thinks the US will narrowly avoid
Speaker 1: a recession as inflation begins to recede. Well. Turning to
Speaker 1: oil now, Nathan Crewde is advancing for a second session,
Speaker 1: signs of a tight marketer, offsetting concerns about an economic
Speaker 1: slowdown and checking prices now nine x screwed oil is
Speaker 1: up two point two, up two dollars seven cents and
Speaker 1: ninety eight dollars seventy nine cents of barrel Brent is
Speaker 1: at one point nine and a hundred seven dollars nineteen cents.
Speaker 1: And we're also seeing volatility and overseas energy markets. Russia
Speaker 1: plans to curb natural gas flows on the North Stream pipeline,
Speaker 1: and that's jolting energy markets in Europe well meantime in
Speaker 1: the UK, care in Canada, it's for Prime Minister Face Staff.
Speaker 1: In another primetime debate last night, Liz Trust and Rishi
Speaker 1: Sunac are vying to replace Boris Johnson and bloombergs You
Speaker 1: and Putts joins us live in London with more good Morning,
Speaker 1: good Morning, Nathan and Karen strong stuff from the final
Speaker 1: two candidates in the Conservative Party leadership race. In a
Speaker 1: TV debate, Foreign Secretary Liz trust warn that tax rises
Speaker 1: would send the UK into a recession. Everybody thinks the
Speaker 1: putting up taxes at this moment is going to hurt
Speaker 1: the economy. You can't put up taxes and get growth
Speaker 1: if we follow Riscie's plans, can we are headed for?
Speaker 1: That was Foreign Secretary Liz Trust. There. Meanwhile, former Chancellor
Speaker 1: Riscie Sunac came that his opponent's tax plans would push
Speaker 1: up inflation and mortgages. Proposals would mean that we get
Speaker 1: the short term sugar rush of unfunded borrow tax cards,
Speaker 1: but that would be followed by the crash of higher
Speaker 1: prices and higher mortgage rates. That was former Chancellor Riscie Sunac.
Speaker 1: Whoever wins the six week on contest end up as
Speaker 1: the next British Prime minister. But with a tax like these,
Speaker 1: it's easy to forget that both members of the same
Speaker 1: political party in London I'm you and part break a
Speaker 1: right you and thank you all back here in the US,
Speaker 1: corporate earnings are in focus today. Shares of Walmart are
Speaker 1: down eight and a half percent in early training after
Speaker 1: the company lowered its forecast for the second quarter. Plumbergs
Speaker 1: or need a young joint Us Live with the details,
Speaker 1: or need a good morning, Good morning Karen Ana. Let's
Speaker 1: say Walmart's warning gives more insight into the health of
Speaker 1: the U. S consumer that's likely to signal more pain
Speaker 1: ahead for retail stocks as they take on food and
Speaker 1: gas inflation. Morgan Stanley cut its price target for Walmart.
Speaker 1: It says it's challenges the broker's view of the retail
Speaker 1: giant as a safe haven play. City analysts didn't think
Speaker 1: Walmart would be hit as much as others say. The
Speaker 1: news is a signed that marginally higher income consumers are
Speaker 1: starting to feel the pinch from inflation. But Piper Sandler
Speaker 1: says it's too early to take a more constructive view
Speaker 1: on Walmart, so analysts there are eating one a more
Speaker 1: broad earnings reset industry wide Live in New York. I'm
Speaker 1: rened a young Bloomberg Daybreak, I re need a thanks.
Speaker 1: Turning to earnings in Europe. This morning, UBS reported weaker
Speaker 1: than expected profit for the second quarter. The global market
Speaker 1: so off kept wealthy clients on the sidelines as the
Speaker 1: Swiss Bank saw outflows of twelve billion dollars. Surging prices
Speaker 1: and slowing growth also hit UBS results. We spoke of
Speaker 1: the CEO, Ralph Hammers about his outlook for inflation and
Speaker 1: how it's affecting businesses and some businesses there's still quite
Speaker 1: some tension in the labor markets, so that has not
Speaker 1: gone completely away yet. So it's the mixt of inflations
Speaker 1: and the labor market circumstances. If inflation continues to be here,
Speaker 1: of course, it will be reflected ultra inlying. UBS CEO
Speaker 1: Ralph Hammers called the second quarter one of the most
Speaker 1: challenging periods in the last ten years. Right now, the
Speaker 1: shares are down more than five and a half percent. Well.
Speaker 1: Unilever also out with earnings. Nathan results are mostly in
Speaker 1: line with estimates. The company is raising prices to battle inflation.
Speaker 1: That's helping to offset certain costs, and shares are up
Speaker 1: two point eight percent In London. Futurists this morning or
Speaker 1: lower s and P futures down seven points this morning down,
Speaker 1: Futures down a hundred and nowsday, Futures down thirty tenure
Speaker 1: Treasury up seven thirty seconds here two point seven seven percent,
Speaker 1: straight ahead, your latest local headlines, plus a check of sports.
Speaker 1: And This is Bloomberg broadcasting live from the Bloomberg Interactive
Speaker 1: Broker Studio in New York. Bloomberg E Living Freedland to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg N sixty to the country, Sirius
Speaker 1: XM Cho one nineteen and around the globe, the Bloomberg
Speaker 1: Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak.
Speaker 1: It's by thirty on Wall Street. Good morning. I'm Nathan
Speaker 1: Hagar and I'm Ferard Moscow. We are just about four
Speaker 1: hours away from the open of US rating. Let's hit
Speaker 1: you up to date on the news you need to
Speaker 1: know at this hour or begin in the nation's capital,
Speaker 1: where much of the focus will be today on former
Speaker 1: President Trump is returning for the first time since leaving office,
Speaker 1: and the Federal Reserves two day meetings kick off today.
Speaker 1: The Central Bank is set to raise rates as it
Speaker 1: looks to tamp down inflation. US features are lower this morning, Karen,
Speaker 1: as markets get ready for the feds next move. Lisa Ericson,
Speaker 1: senior vice president with US Banks, says she's preaching caution
Speaker 1: on stocks. We are more defensive right now again, while
Speaker 1: in the near term we see some of that underlying
Speaker 1: fundamental strength that we came into the year as preventing
Speaker 1: the worst case scenarios. Lisa Erickson with US Banks says
Speaker 1: the US will narrowly avoid recession as inflation begins to receive.
Speaker 1: I's reading to oil now Nathan Crewd is advancing for
Speaker 1: a second session, signs of a tight marketer offsetting concerns
Speaker 1: about an economic slowdown, and checking prices right now not
Speaker 1: max screwed oil at one point seven of a dollar
Speaker 1: sixty three at ninety eight dollars thirty cents of barrel
Speaker 1: Brent is at one point four percent of a hundred
Speaker 1: and six dollars sixty three cents. My corporate earnings are
Speaker 1: in focus as well. Karen. Shares of Walmart are down
Speaker 1: almost nine percent this morning after the company lowered its
Speaker 1: forecast for the second quarter. Bloomberg Rnita Young joins US
Speaker 1: Live at details. Good morning, Ranita, Good morning, Nathan. Analysts
Speaker 1: say Walmart's warning gives more insight into the health of
Speaker 1: the US consumer that's likely to signal more pain a
Speaker 1: hit for retail stocks as they take on food and
Speaker 1: gas inflation. Morgan Stanley cut its price target for Walmart
Speaker 1: and says it challenges the broker's view of the retail
Speaker 1: giant as a safe haven play. City analysts didn't think
Speaker 1: Walmart would be hit as hard as others and say
Speaker 1: the news is a sign that marginally higher income consumers
Speaker 1: are feeling the pinch from inflation, but Piper Sandler says
Speaker 1: it's too early to take a more constructive view on Walmart,
Speaker 1: so analysts they are waiting on a more broad earnings
Speaker 1: reset industry wide. Live in New York. I'm Ranita Young,
Speaker 1: Bloomberg daybreak. All right, Rania, thank you. Over in Europe,
Speaker 1: you b As reported weaker than expected profit for the
Speaker 1: second quarter of the global market sell off kept wealthy
Speaker 1: clients on the sidelines. As a Swiss banks alflows of
Speaker 1: twelve billion dollars and you be As shares are down
Speaker 1: more than five and a half percent, and we get
Speaker 1: earnings from Microsoft today. Here's Bloomberg's Jeff Balinger Bloomberg Intelligence
Speaker 1: notes that half of Microsoft's total sales come from outside
Speaker 1: the US. That makes the software giant more susceptible to
Speaker 1: foreign exchange movements, and the stronger dollar may have weighed
Speaker 1: on the company's bottom line. Sales of consumer PCs may
Speaker 1: have slowed, but b I expects to hear that overall
Speaker 1: sales increased fourteen percent. Jeff Bellinger, Bloomberg Day Break. All right, Jeff,
Speaker 1: thanks five thirty three on Wall Street where at seventy
Speaker 1: two degrees in Central Park got a downtree southbound run
Speaker 1: twenty three R thirty five in Westchester. And Michael Barr
Speaker 1: has more on what's going on in New York and
Speaker 1: around the world. Michael, thank you very much. Nathan. Monkey
Speaker 1: box cases in the US continue to grow. There are
Speaker 1: almost twenty nine hundred cases so far. Close to eight
Speaker 1: hundred forty cases are identified in New York's City alone,
Speaker 1: Mayor Eric Adams. They always come up with new ways
Speaker 1: of solving the problems that we face in monkey pox
Speaker 1: is a problem. The disease spreads primarily through skin to
Speaker 1: skin contact or direct contact with the virus. Officials say
Speaker 1: high risk people are those who have been in contact
Speaker 1: with a known monkeypox patient, which right now mostly includes
Speaker 1: men who have had sex with men or have multiple partners.
Speaker 1: White House Coronavirus Response Coordinator Dr Hi's John it's really
Speaker 1: important that we do not use this moment to propagate
Speaker 1: homophobic or transphobic messaging, and and I think it's really
Speaker 1: important that we stick to the science, stick to the evidence,
Speaker 1: and doing a way that's respectable on people. The World
Speaker 1: Health Organization declared the ongoing monkey pox outbreak to be
Speaker 1: a global public health emergency. A senior m t A
Speaker 1: official says New York may not regain a pre pandemic
Speaker 1: writership until about Writership on New York City subways, busses
Speaker 1: and Muta Real lines is now projected to reach seventy
Speaker 1: four percent of nineteen levels. In late President Biden made
Speaker 1: rare comments about his White House predecessor and his lack
Speaker 1: of action on the January sixth riot. The President remotely
Speaker 1: addressed black police officials for three hours. The defeated former
Speaker 1: president of United States watched it all happen as he
Speaker 1: sat in the comfort of the private dining room next
Speaker 1: to the Oval office. While he was doing that, brave
Speaker 1: law enforcement officer subject to the medieval hell. President Biden
Speaker 1: telling the nation that Americans can't be pro insurrection and
Speaker 1: pro cop or pro democracy. There is more fallout from
Speaker 1: House Speaker Nancy Pelosi's possible visit to Taiwan next month.
Speaker 1: China has more than any visit to the island nation
Speaker 1: that it considers part of China would be met with
Speaker 1: serious consequences. Global nemes twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake power by more than twenty
Speaker 1: seven hundred journalists to listen more than countries. I'm Michael Barr.
Speaker 1: This is Bloomberg, Nathan, Michael. Thanks on Wall Street. John
Speaker 1: Stanshire has a Bloomberg Sports update. All right, Nathan. First
Speaker 1: Subway Series game of the season, usually not this late,
Speaker 1: and normally not with both teams in first place. The
Speaker 1: Mets and Yankees played tonight and tomorrow at City Field,
Speaker 1: then twice next month in the Bronx Tonight at Jordan
Speaker 1: Dumbery against Taiwan Walker. Last night, the Phillies, down three nothing,
Speaker 1: came back beat Atlanta six for Bryson Stock game winning
Speaker 1: three run homer the eighth inning to the Mets lead
Speaker 1: the Braves by two. The Yankees lead the Astros by
Speaker 1: two in the race for best overall record. Houston lost
Speaker 1: in Oakland much they didn't win. For the Red Sox.
Speaker 1: They lost five in a row, had allowed sixties seven
Speaker 1: runs in those five. They beat Cleveland three to one
Speaker 1: at Fenway. The baseball trade deadline in one week. Both
Speaker 1: the Mets and Yankees believed to be in talks with
Speaker 1: Washington about aquari In Juan Soto that would certainly be
Speaker 1: a blockbuster. Yankees g M. Brian Cashman told the Yes
Speaker 1: Network He's always looking to make any move necessary, every piece,
Speaker 1: every decision, every promotion or in for it's all designed
Speaker 1: to to improve your shot and your team's abilities and
Speaker 1: your managers UH maneuver ability UH and choices that he
Speaker 1: has to play with. Yanks also said of interest in
Speaker 1: Cincinnati pictro of Luis Castillo, Kansas City outfielder Andrew benn
Speaker 1: And Tendi to concern with him. He's unvaccinated, so we
Speaker 1: can't play games in Toronto. The Cardinals play in Toronto tonight. St.
Speaker 1: Louis will be without stop two hitters Paul Goldsmith Nolan Aronado,
Speaker 1: both on backs. The doors open at all thirty two
Speaker 1: NFL training camps today Jets and Giants, both coming off
Speaker 1: seasons where they went four and thirteen. John Stashward, bloombrog Sports,
Speaker 1: Nathan all Right, John, thank you, five thirty seven on
Speaker 1: Wall Street Time for the Tri State Business Report with
Speaker 1: Bloombergs Dead Cory. About forty four percent of available apartment
Speaker 1: units in Manhattan come from tenants priced out of apartments
Speaker 1: they leased. In one Street Easy reports in the second quarter,
Speaker 1: about fourteen thousand Manhattan apartments became available because the former
Speaker 1: occupants were handed renewals with significant increases. New Jersey landscaping
Speaker 1: companies are being hit hard by rising costs and a
Speaker 1: labor shortage. The head of the New Jersey Landscaping Contractors
Speaker 1: Association tells the Herald companies cannot find people to work
Speaker 1: associations as members have expressed concerns about high fuel costs
Speaker 1: as well. Sherry and Joel Mallin, two of the world's
Speaker 1: top art collectors, are selling a pound Ridge New York estate.
Speaker 1: It's been a showcase for their huge collection. The nearly
Speaker 1: fourteen acre property, known as the buck Horns Sculpture Park,
Speaker 1: contains eight structures. It's priced at eight and a half
Speaker 1: million dollars. That's your Bloomberg tri Skate business report. I'm
Speaker 1: d Corey, thanks that on Wall Street. Bloomberg Radio is
Speaker 1: on the air from San Francisco to New York, London
Speaker 1: to Hong Kong. Let's check in with our global news
Speaker 1: team for some of the top stories heard on our
Speaker 1: three hundred affiliate radio stations around the world. Steve podas
Speaker 1: Can on Chenchen Wins in New York. We're talking about
Speaker 1: how changing jobs can really pay off com pay day.
Speaker 1: I'm Corney Donaho on kfeban Omaha relief for shoppers of
Speaker 1: the U S. D Aces food inflation will east next year.
Speaker 1: I'm Stephen Carol on D A B T to the
Speaker 1: radio in London. We've been reporting on a Swiss miss
Speaker 1: as ubs these eye flows at twelve billion dollars from
Speaker 1: its asset management. I'm Lise Matteo and on Cameo X
Speaker 1: and St. Louis. I'll be reporting on a recall of
Speaker 1: hundreds of health and beauty products. I'm in Corey on
Speaker 1: w w J and Detroit. I'm reporting General Motors report
Speaker 1: second quarter results before the market opens, and those are
Speaker 1: some of the stories are twenty seven hundred Bloomberg journalists
Speaker 1: and analysts are working on this morning around the world.
Speaker 1: It's five thirty nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. President Joe Biden's administration has been
Speaker 1: discussing changes to U S tariffs on China for weeks.
Speaker 1: People familiar with the discussions say a decision will come
Speaker 1: soon and that the result will be tweaks. Two measures
Speaker 1: put in place by the Trump administration not a comprehensive
Speaker 1: effort to roll back import restrictions. That would be disappointing.
Speaker 1: Biden should start by completely dismantling Trump's Chinese tariffs and
Speaker 1: then go further. Trade liberalization would reduce inflation and, by
Speaker 1: injecting fresh competition into US markets, raise longer term productivity
Speaker 1: and living standards. One of the most disappointing aspects of
Speaker 1: Biden's presidency is that he has not decisively broken from
Speaker 1: his predecessors misguided protectionism. This error can't be fixed too soon.
Speaker 1: The senatorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg Opinion, please go to Bloomberg dot com. Slash
Speaker 1: opinion or O P I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Opinion. You can hear Bloomberg opinion
Speaker 1: editorials every weekday at this time. Terminal customers can read
Speaker 1: more at O P I n go. SMP Future is
Speaker 1: now down eleven points down, futures down a hundred forty four,
Speaker 1: and Nastack futures are lower by thirty six points. Tenure
Speaker 1: treasury is up six thirty seconds, the yield two point
Speaker 1: seven seven per cent. This is Bloomberg Bloomberg eleven three
Speaker 1: oh weather sunny, less humid today, mid eighties for highs
Speaker 1: will bring back chances for afternoon showers and storms Tomorrow
Speaker 1: and Thursday, both days near ninety right now seventy two
Speaker 1: in Central Park markets. Headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: at and at Bloomberg Quick Tape. He's a Bloomberg Business
Speaker 1: Flash and I'm Karen Moscow. When you mus knock. Index
Speaker 1: futures are lower this morning, with SMP futures down town
Speaker 1: points down, futures down hug thirty, Nasty futures down thirty three,
Speaker 1: and the decks in Germany down a third of uppercent
Speaker 1: ten year treasury up five thirty seconds, heel two point
Speaker 1: seven seven percent, the yield on a two year three
Speaker 1: point one percent. Nimex screwed oil up one point nine
Speaker 1: percent of a dollar eighties seven and ninety eight dollars
Speaker 1: fifty seven cents. A barrel comic school that will change.
Speaker 1: At seventeen thirty six twenty announced the euro one point
Speaker 1: one seven eight against the dollar, British found one point
Speaker 1: to zero zero nine and the N one thirty six
Speaker 1: point six two bitcoins down four point six percent at
Speaker 1: twenty one one fifty dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael Hearin, thank you very much. It
Speaker 1: will be the first time President Trump returns to Washington
Speaker 1: sends leaving office. Today, the former president will deliver a
Speaker 1: policy speech before an ally think tank crafting a possible
Speaker 1: second Trump term. W n B A star Britney Grinder
Speaker 1: has returned to a Russian court room for her drawn
Speaker 1: out trial on drug charges that could bring her ten
Speaker 1: years in prison if convicted. The trial of the Nique
Speaker 1: Mercury standout the gan July one, but only four sessions
Speaker 1: have been held, some of them lasting only a few hours.
Speaker 1: In baseball, the Red Sox beat the Guardians three one,
Speaker 1: The Orioles down the Rays five one, The Nationals beat
Speaker 1: the Dodgers for one, The A's down the Astros seven five,
Speaker 1: the Diamondbacks blank the Giants seven. Zip. Global nemes twenty
Speaker 1: four hours a day on airand on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and antalists
Speaker 1: more than a hundred twenty countries at Michael Barr and
Speaker 1: this is Bloomberg, Nathan. Thank you, Michael. We're coming up
Speaker 1: to five forty nine on Wall Street Live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg day Break. Let's
Speaker 1: turn to earnings now and bank results out of Europe.
Speaker 1: UBS is out with numbers that missed estimates. The profit
Speaker 1: came in weaker than expected as the global market sell
Speaker 1: off kept wealthy clients on the sidelines. The Swiss bank
Speaker 1: also saw outflows that its asset management business of twelve
Speaker 1: billion dollars. Let's get more on these results and the
Speaker 1: path ahead now from the CEO of UBS, Ralph Hammers
Speaker 1: sat down this morning for an interview with Bloomberg's Manus Cranny.
Speaker 1: Let's hear some of that conversation. Now, you described the
Speaker 1: second quarter as muted, where were the most pressure points?
Speaker 1: Are the deepest pressure points in a music quarter. So
Speaker 1: indeed it was a quarter with different challenges, neverthe last,
Speaker 1: we continue to focus on executing our strategy, making sure
Speaker 1: that we could grow the econsistent for investing their where
Speaker 1: we saw flow flows through in in private markets at
Speaker 1: three point nine billion as a Maze four billion as well,
Speaker 1: we released two new digital applications as well. On the
Speaker 1: other side, and that's where this this remark comes from,
Speaker 1: we saw on one side, private clients, given all the incertainties,
Speaker 1: sidelining their money and waiting for things to clear up,
Speaker 1: whereas on the institutional side we saw a lot of
Speaker 1: activity and that's what you see in our investment banking
Speaker 1: results as well. So all of this basically delivered a
Speaker 1: flat revenue line reported rep in your line cost down
Speaker 1: by one percent from this last year, and the profit
Speaker 1: before tax of two point six billion. I look at
Speaker 1: the transactions and the landing in the wealth management business,
Speaker 1: I would say that it looks quite grim, transactions down
Speaker 1: seventeen percent, lending down twelve percent. Do you think we're
Speaker 1: still in fear mode on the client side. So if
Speaker 1: you look at the at the wealth management business, you
Speaker 1: see a couple of elements here impacting our revenues. So
Speaker 1: on one side you see that just the level of
Speaker 1: the market generally is less recurring fees, the sidelining, so
Speaker 1: that the wait and seed pattern of our clients basically
Speaker 1: gives pressure on the transaction revenues. On the other side,
Speaker 1: because the rate environments we saw interesting increasing by two
Speaker 1: and as a consequence of that almost compensating for the
Speaker 1: pressure on the on the fees side. So with that
Speaker 1: still a good quarter in the lying effects though is different.
Speaker 1: So on the in the net new fix generating assets,
Speaker 1: we saw still money coming in four a million, and
Speaker 1: you saw actually a very darker area, very small where
Speaker 1: where does the money come from? It's small and it's
Speaker 1: a very diverse picture. So we see outflows in the
Speaker 1: US generally driven by tax payments which were higher than
Speaker 1: than we expected. But we saw actually three from three
Speaker 1: billion coming in in Asia Pacific, where we actually now
Speaker 1: see as the three quarters of lower transaction ravigue. You
Speaker 1: should see that clients are turning to mandates and they're
Speaker 1: really turning out to us to get their advice on
Speaker 1: what investments to do. And that's where the three point
Speaker 1: three building inflow on Asia Pacific comes in. But on
Speaker 1: the Asia and the last time we caught up, you said, Manas,
Speaker 1: it's de leveraging again. This is the fourth quarter in
Speaker 1: a row of the leveraging in Asia. Any sign of
Speaker 1: that bottoming nut um at this moment, No, I don't see.
Speaker 1: It's the bottoming out. So we we we just report
Speaker 1: what we see. We depending on the level of the
Speaker 1: market we see there was more empethite or less eppetite. UM.
Speaker 1: I don't expect too much further the leveraging m but
Speaker 1: it really depends on where markets are going. On the
Speaker 1: other side, we see in the US leverage is still
Speaker 1: going up. We were successful in the mortgage business, were
Speaker 1: successful in the security based lending business as well, supporting there.
Speaker 1: So overall we still saw almost one billion of net
Speaker 1: new loans in in the wealth business. Since you sat
Speaker 1: into the chair, CEO, the headwinds in Asia and China
Speaker 1: just keep smacking you. He's still full bull on China
Speaker 1: and Asia's strategy. Well, you can't. You you can't turn
Speaker 1: away from Asia if you just look at the underlying
Speaker 1: trends there and at the future. So the demographics speak
Speaker 1: for Asia, the demographics speak for China. Clearly, there was
Speaker 1: a couple of clarities there and I expected towards the
Speaker 1: youngest the third quarter and the fourth quarter that more
Speaker 1: optimism and positive from made come back. And that was
Speaker 1: UBS CEO Ralph Hammers speaking with Bloomberg's Mannace Cranny about
Speaker 1: the Swiss Bank's latest earnings that came in far short
Speaker 1: of estimates. Right now, shares of UBS are down six percent.
Speaker 1: Karen Nathan, it is five fifty three on Wall Street.
Speaker 1: Time to the Bloomberg Law Report, brought to you by
Speaker 1: American Arbitration Association. Business disputes are inevitable. Here's al Faster
Speaker 1: with the American Arbitration Association, the global leader in alternative
Speaker 1: dispute resolution for over ninety years. More at a dr
Speaker 1: dot org. Now let's get to the legal stories we're
Speaker 1: watching this morning from Bloomberg's Jeff Bellinger. Federal judge in
Speaker 1: Philadelphia says Walmart's firing of an employee with fibromyalgia and
Speaker 1: depression may have been discrimination, even though Walmart says she
Speaker 1: was fired for stealing. The Michigan Supreme Court ruled the
Speaker 1: fingerprinting someone without a warrant or probable cause is unconstitutional.
Speaker 1: Theis and came in the case of two black men
Speaker 1: who were stopped by police but never charged with any crime.
Speaker 1: Bill signed into law by New York's governor makes diapers
Speaker 1: exempt from the state sales tax. Bloomberg Law everything you need,
Speaker 1: all on one legal research platform, including guidance analysis and
Speaker 1: Bloomberg market intelligence. Find out more at Bloomberg law dot com.
Speaker 1: All right, Jeff, thank you. Now another legal story where
Speaker 1: watching takes us to the Supreme Court. Since August, justices
Speaker 1: have issued more emergency orders than opinions on issues affecting
Speaker 1: millions of Americans, from abortion to voting rights. These orders,
Speaker 1: on the so called shadow docket are short and unsigned,
Speaker 1: issued without a full briefing or arguments, and without explanation.
Speaker 1: Several justices have expressed misgivings about the practice, but the
Speaker 1: three most conservative justices have signaled that they want to
Speaker 1: use the shadow docket even more aggressively. For more in
Speaker 1: the matter, Bloomberg stoom Grosso speaks to constitutional law experts.
Speaker 1: Steven Vladika, Professor at the University of Texas Law School. Steve,
Speaker 1: why are we hearing so much about the shadow docket lately? Well,
Speaker 1: I mean, I think part of it is that the
Speaker 1: Court is doing more and more significant stuff on the
Speaker 1: shadow docted. I think more of it is that, you know,
Speaker 1: folks are paying attention to it to a better degree
Speaker 1: than ever before, and the Court, for all the headlines
Speaker 1: and drama surround him the most recent term, is actually
Speaker 1: deciding fewer cases on the merits docket at any point
Speaker 1: since the Civil War. So you know, when you have
Speaker 1: a flurry of significant rulings coming down through these unsigned,
Speaker 1: often unexplained orders, it's no surprise that folks are paying
Speaker 1: a lot more attention to that part of the Supreme
Speaker 1: Court's work the courts. Liberal justices Stephen Bryer, Sonya Soto Mayor,
Speaker 1: and Atlanta Kagan dissented the most in emergency orders that
Speaker 1: were granted, but conservative justices Clarence Thomas, Samuel Alito, and
Speaker 1: Neil Gorshich did so the most when the Court refused
Speaker 1: to act on appeal. So what does that tell you?
Speaker 1: One of the many interesting things about the shadow doctors
Speaker 1: that considers in some respects more interesting data about the
Speaker 1: justices voting patterns than there is on the merits docket.
Speaker 1: So there was this remarkable moment last October. There was
Speaker 1: a case out of made and there was like a
Speaker 1: one paragraph concurring opinion by Justice Barrett joined by Justice
Speaker 1: Kavanaugh that basically said, just because we're sympathetic here claims
Speaker 1: on the merit doesn't mean we're automatically going to vote
Speaker 1: to grant emergency relief. You know, we're going to exercise
Speaker 1: some modicum of discretion in deciding when emergency relief isn't
Speaker 1: as an oorent. It basically Barrett and Kavanaugh laying down
Speaker 1: a marker that they were going to not vote to
Speaker 1: grant emergency relief as aten as they had to say
Speaker 1: as recently as the previous term and June, we've seen
Speaker 1: that play out. I mean, we've seen a number of
Speaker 1: cases since October where the only public dissenters from a
Speaker 1: denial of relief were Thomas Alito and Gorsta. And so
Speaker 1: the assumption is that Barrett and Kavanaugh did not join them.
Speaker 1: Some of these have been vaccine mandate cases, and so
Speaker 1: I do think that you know, one of the things
Speaker 1: we're seeing on the Shadow Doctor is that Thomas Ledo
Speaker 1: and Gorst would go even further than the other conservative
Speaker 1: of Justice at least Kavanaugh are willing to go. And
Speaker 1: the fact that Thomas the Leado enforces grant emergency released
Speaker 1: even more often, I think, because you know, a sign
Speaker 1: of how close we are to this being even more
Speaker 1: of a problem than already did. And that's Stephen Vladika,
Speaker 1: professor at the University of Texas Law School, speaking at
Speaker 1: the Bloomberg Stu in Grasso. Catch more of that interview,
Speaker 1: plus analysis of the latest legal news by subscribing to
Speaker 1: the Bloomberg Law Podcast or downloading the show at Bloomberg
Speaker 1: dot com slash podcast. Attorneys can find exceptional legal research
Speaker 1: and business development tools at Bloomberg Law dot com and
Speaker 1: on the Bloomberg terminal at b Law. Go again. Futures
Speaker 1: are moving lower this morning, nimex scrude oil higher still ahead.
Speaker 1: On Bloomberg Daybreak, I check on the business headlines and
Speaker 1: all the news you need to start your day, and
Speaker 1: this is Bloomberg