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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today chreing.

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Speaker 2: We begin with an update on the political landscape in India.

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Speaker 2: Narendra Modi has vowed to continue as Prime minister despite

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Speaker 2: his party losing its majority in parliament. Modi will now

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Speaker 2: need to rely on allies to form a government for

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Speaker 2: the first time in a decade. Former Governor of the

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Speaker 2: Indian Central Bank, rogram rajohn says the situation will be

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Speaker 2: more positive for Indian citizens.

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Speaker 3: It forces India to choose a different course from the

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Speaker 3: one it has been on, a course which has led

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Speaker 3: to much wider unemployment and distress than needed in the country.

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Speaker 2: Rograam Raja, now professor at the University of Chicago's Booth

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Speaker 2: School of Business, spoke to Bloomberg's Surveillance. Stocks in India

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Speaker 2: fell almost percent yesterday. This morning, they are up two

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Speaker 2: and a half percent.

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Speaker 1: Well. In the UK, Nathan British Prime Minister Rishi's Sunnak

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Speaker 1: in opposition of Labor Party leader kir Starmer smart over taxes,

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Speaker 1: the cost of living and the country's health system, and

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Speaker 1: a televised debate ahead of the July fourth election.

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Speaker 4: You gov Paul.

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Speaker 1: Found that Sunnak narrowly came out on top by fifty

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Speaker 1: one percent of forty nine. Patrick English is their director

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Speaker 1: of political analytics.

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Speaker 5: The public are very clearly split on who won this debate.

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Speaker 5: And if you're rich Sunak, I think that that's quite

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Speaker 5: a good thing considering the point of my people we

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Speaker 5: put out yesterday. So just a liberal course for a landslide,

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Speaker 5: I think you look at that and say, well, this

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Speaker 5: is quite good for me. However, perhaps not quite a

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Speaker 5: knockout blow that he might be looking for to really

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Speaker 5: turn this campaign around.

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Speaker 1: Both contenders said they would maintain Written's close ties with

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Speaker 1: the United States if Donald Trump wins in November.

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Speaker 2: Before that, Karen, there are primary races. We've had more

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Speaker 2: of those in five states plus the district of Columbia.

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Speaker 2: The biggest race from Tuesday night, though, was in New Jersey.

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Speaker 2: Democrats are looking to hold on to umbattled Senator Bob

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Speaker 2: Menendez's seat, and their candidate will be Congressman Andy Kim.

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Speaker 2: He won his race in a landslide with seventy five

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Speaker 2: percent of the vote.

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Speaker 6: What I always wanted to do with this race.

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Speaker 7: When I jumped in the day after the indictment of

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Speaker 7: Senate Menendez was about giving the people in.

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Speaker 4: New Jersey a choice.

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Speaker 2: And Andy Kim will face Republican real estate developer Curtis Bashaw.

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Speaker 2: He defeated a Trump endorsed candidate, Christine Serano Glasner by

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Speaker 2: seven percentage points with forty five point six percent of

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Speaker 2: the Republican vote. Menendez has filed for reelection as an independent,

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Speaker 2: but Kim is heavily favored to win.

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Speaker 4: In November.

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Speaker 1: Well Nathan in another rage that could tip the balance

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Speaker 1: of power in the Senate, Montana Democrat John Tester will

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Speaker 1: face Republican newcomber Tim Sheehey in a fight to hold

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Speaker 1: onto his seat. The Trump back former Navy seal won

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Speaker 1: his primary in a landslide with the seventy three point

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Speaker 1: six percent of the vote. Tester cruz to victory with

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Speaker 1: ninety seven point one percent in the Democratic primary.

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Speaker 2: Well President Biden Karen has signed a series of executive

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Speaker 2: actions aimed at curbing the number of asylum seekers at

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Speaker 2: the US southern border. Bloomberg Zamy Morris reports from Washington.

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Speaker 8: Under the executive actions, at the number of migrants who

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Speaker 8: reached the southern border hit twenty five hundred over seven

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Speaker 8: consecutive days. The president has the authority to shut down

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Speaker 8: border entry, but President Biden says that does not apply

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Speaker 8: to those seeking asylum through legal ports of entry.

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Speaker 9: If individual chooses not to use our legal pathways, if

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Speaker 9: they choose to come without permission and against the law,

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Speaker 9: they'll be restricted from receiving an asylum and staying in

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Speaker 9: the United States.

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Speaker 1: Well.

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Speaker 8: Because the numbers are already so high, the rule is

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Speaker 8: in effect and migrants are being turned away. Republicans call

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Speaker 8: the order too little, too late. Progressives call the move draconian.

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Speaker 8: In Washington, Amy Morris Bloomberg Radio.

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Speaker 1: All right, Amy, thanks now. President Biden is shifting his

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Speaker 1: focus from immigration to international relations. The President has arrived

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Speaker 1: in France for a four day visit that will include

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Speaker 1: a serum he's marking eighty years since the D Day

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Speaker 1: invasion in Normandy during World War II, and a state

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Speaker 1: visit with President at Manuel mccron on Saturday. The president

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Speaker 1: also plans to meet with Ukrainian President Vladimir Zelenski on

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Speaker 1: the sidelines of the D Day event tomorrow. He's skipping

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Speaker 1: a Ukraine piece summit in Switzerland later this month to

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Speaker 1: attend a previously scheduled fundraiser in Los Angeles.

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Speaker 2: As for former President Trump, Karen his defense team is

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Speaker 2: asking New York Justice One Vershan to lift his gag

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Speaker 2: order in the hush money case.

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Speaker 4: Bloomberg's Ed Baxter reports.

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Speaker 10: Trump's team is arguing that the limits on speech are

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Speaker 10: no longer needed with the trial over, saying the reasons

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Speaker 10: for it no longer exist. Lead Attorney Todd Blanche argues

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Speaker 10: that it is very important in light of President Joe

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Speaker 10: Biden's comments about the conviction after the verdict, as well

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Speaker 10: as social media posts by witnesses Stormy Daniels and Michael Cohen.

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Speaker 10: There's been no response from the Manhattan District Attorney's Office.

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Speaker 10: Ed Baxter Bloomberg Radio, all.

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Speaker 4: Right, thank you.

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Speaker 1: Sticking with politics. Ray Dalio said internal conflicts will be

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Speaker 1: the highlight of this year. The founder of Bridgewater Associates

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Speaker 1: made the comments during a video speech at the Greenwich

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Speaker 1: Economic Forum in Hong Kong today.

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Speaker 11: How will particularly the elections in the United States go,

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Speaker 11: You know, there are two questions related to that. Will

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Speaker 11: the elections be accepted by both sides? And what are

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Speaker 11: the consequences of that, we honestly don't know the answer.

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Speaker 11: There are reasons for concern.

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Speaker 1: Ray Dalio added the policies from an administration run by

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Speaker 1: Donald Trump would be very different from a Democratic one.

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Speaker 2: Turin the markets, Karen Fed raid cuts remain in focus

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Speaker 2: as treasury yields come off their largest two day drop

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Speaker 2: of the year. For more, let's bring in Bloomberg's John Tucker, John.

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Speaker 12: And Nathan is happening because of signs of the US

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Speaker 12: economy is cooling off. So far this week, we've seen

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Speaker 12: weak now in a manufacturer engage and a bigger than

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Speaker 12: extent to drop in US job openings. They in fact

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Speaker 12: show the lowest level in over three years, a slide

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Speaker 12: of at least fifteen basis points since Monday. That was

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Speaker 12: the story for five, ten, and thirty year treasury yields.

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Speaker 12: The data also prompting traders to price in higher odds

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Speaker 12: of Federal Reserve indust rate cuts beginning as soon as November.

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Speaker 12: The Fed may offer some hints of their next move

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Speaker 12: when they meet next week. Ahead of that meeting, the

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Speaker 12: US employment report for May that's going to be released

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Speaker 12: this Friday, and May inflation data is do for release

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Speaker 12: a week from today two year yields right now four

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Speaker 12: seventy eight. That's actually up one basis point. The ten

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Speaker 12: year up one basis point at four thirty four. I'm

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Speaker 12: John Tucker, Bloomberg Radio.

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Speaker 1: All right, John, thank you well on the equity front.

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Speaker 1: Shares of Hewlett Packard Enterprise up about fifteen percent in

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Speaker 1: early trading. The company are reported revenue that meet at

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Speaker 1: LS estimates. We get the story from Bloomberg's Charlie Pellett.

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Speaker 13: HPE saw a big jump in sales of servers built

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Speaker 13: to handle artificial intelligence work. The company's server business generated

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Speaker 13: sales of three point eight seven billion dollars. Analysts on

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Speaker 13: average estimated three point four to five billion. Sales of

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Speaker 13: AI oriented systems doubled to more than nine hundred million

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Speaker 13: dollars compared with the first quarter. CEO Antonio Neri said

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Speaker 13: increased demand and better availability of high powered semiconductors from

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Speaker 13: Nvidia led to the jump in AI system sales in

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Speaker 13: New York. Charliet Bloomberg Radio, Thanks Charlie.

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Speaker 2: And Intel has agreed to sell a stake and adventure

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Speaker 2: that controls a plant in Ireland to Apollo Global Management.

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Speaker 4: The price tag eleven billion dollars.

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Speaker 2: The sale will help Intel bring in more external funding

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Speaker 2: for a massive expansion of its factory network.

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Speaker 4: And it's time to offer.

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Speaker 1: Look at some of the other stories making news in

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Speaker 1: New York and around the world. For that, we're joined

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Speaker 1: by Bloomberg's Michael Barr Michael, good Morning.

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Speaker 14: Good Morning, Karen. Witness testimony is expected to continue today

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Speaker 14: in Hunter Biden's gun truple. Federal prosecutors spent hours showing

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Speaker 14: juror's evidence of his drug problem. There, seeking to show

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Speaker 14: his addiction was still going on when he bought a

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Speaker 14: firearm and lied on a form to purchase it. Hunter

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Speaker 14: Biden's ex wife is expected to be among the witnesses

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Speaker 14: to take the stand. She was married to President Joe

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Speaker 14: Biden's son for twenty years. Hunter Biden is pleaded not guilty.

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Speaker 14: We're learning more about a potential disaster avoided on the

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Speaker 14: ground at one of the busiest airports in the country.

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Speaker 14: Two airlines came within hundreds of feet of one another

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Speaker 14: at New York's Kennedy Airport in January of last year.

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Speaker 14: NTSB investigators say air traffic controllers cleared a Delta seven

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Speaker 14: point thirty seven for takeoff However, twenty seconds after the

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Speaker 14: Delta plane the gan it's takeoff, an American Airlines Triple

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Speaker 14: seven destined for London, crossed the same runway without a clearance.

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Speaker 14: Stephen Abram is a retired JFK air traffic controller. Luckily,

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Speaker 14: his reaction time was rapid, and White cruise reaction time

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Speaker 14: was also rapid, which prevented something worse from happening. The

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Speaker 14: NTSB said numerous factors contributed to the American Airlines captain's mistake,

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Speaker 14: including interruptions and multitasking during critical moments of ground navigation.

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Speaker 14: The captain later, they're told investigators, I lose sleep over

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Speaker 14: this one because I can't figure out why I missed

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Speaker 14: the turn. Republicans on the House Judiciary Committee fired questions

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Speaker 14: at Attorney General Merrick Garland over certain claims about how

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Speaker 14: the Department of Justice operates. Garland rebuked Republican claims that

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Speaker 14: the DOJ is being weaponized. Garland says law enforcement officials

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Speaker 14: are facing increased threats in part due to Republicans accusations

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Speaker 14: and rhetoric about DOJ investigations and trials.

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Speaker 15: It worked to combat a worrying spike of threats of

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Speaker 15: violence against those who serve the public. Those threats have

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Speaker 15: included targeting of members of Congress, police officers, judges, jurors,

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Speaker 15: election workers, and the Justice Department's own employees.

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Speaker 14: Garland faces the threat of being held in contempt by

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Speaker 14: House Republicans for refusing to release the audio of President

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Speaker 14: Biden's interview with the Special Consul over Biden's handling of

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Speaker 14: classified documents. The written interview was released earlier Global News

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Speaker 14: twenty four hours a day and whenever you want it

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Speaker 14: with Bloomberg News Now. I'm Michael Barr, and this is

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Speaker 14: Bloomberg Karen.

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Speaker 1: All right, Michael Barr, thank you time now for the

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Speaker 1: Bloomberg Sports Update. Here's Don stash Hour, John, good morning.

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Speaker 16: Good morning. Caring about enough of the Minnesota Twins. They

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Speaker 16: can never seem to beat the Yankees. That's been going

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Speaker 16: on for a couple of decades now, and this season

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Speaker 16: the Yanks four and oh versus Minnesota by a combined

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Speaker 16: score of nineteen to two.

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Speaker 4: But also the Twins had Luis Heel in their.

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Speaker 16: Organization and they treated under the Yankees, and Heel has

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Speaker 16: been the best picture in baseball the past month at

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Speaker 16: the stadium went six in in is allowed only won

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Speaker 16: it the Yanks five to one victory.

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Speaker 4: Heels manager is Aaron Boom.

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Speaker 6: It's just hard to get a hit off of him.

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Speaker 6: It's just his stuff really plays. You know, the fastball

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Speaker 6: is real. The hitters show you that every time and then,

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Speaker 6: but you see just how good his changeup is and

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Speaker 6: the change up's been, you know, a genuine a second

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Speaker 6: pitch factor for him.

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Speaker 4: Pretty much every start.

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Speaker 16: Yanks got home runs in Flavor Torres, Johnny Carlos, Stan

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Speaker 16: Aaron Judge, two on double. Yanks have won six in

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Speaker 16: a row, Mets one in Washington six to three, they

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Speaker 16: let five to one. Nothing easy for the Mets. Nationals

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Speaker 16: have the sign run out the play of the Ninthenny

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Speaker 16: and home runs for Harrison Vader, a long one for

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Speaker 16: Pete a Lonzo Wnba the Liberty after beating Caitlin Clark

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Speaker 16: and the Fever by thirty six, being Angel Reese and

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Speaker 16: the Sky eighty eight seventy five. Rianna Stewart scored thirty

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Speaker 16: three and Reese was ejective in the fourth quarter, so

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Speaker 16: you got two technicals. The NBA Finals begins tomorrow night

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Speaker 16: in Boston, Celtics and maz and Boston's christophs Ferzinga says

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Speaker 16: he is going to play first time since early in

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Speaker 16: the playoffs when he heard his CAF he used to

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Speaker 16: play for dall us only one men's quarterfinal at the

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Speaker 16: French Open today because Novak Djokovic withdrew with a knee injury,

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Speaker 16: so Casper Rude moves on. It means none of the

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Speaker 16: players still in the men's field. They've ever won the

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Speaker 16: French Open before.

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Speaker 4: John stash that we're Bloomberg's points.

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Speaker 13: Karen d.

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Speaker 7: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 7: and around the world on Bloomberg dot Com and the

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Speaker 7: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning on Nathan Hagar on a busy morning for

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Speaker 2: global politics, with coalition talks underway in India as Prime

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Speaker 2: Minister Narendra Modi fights to hold onto power. UK Prime

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Speaker 2: Minister Rishi Sunak and labor leader kir Starmer holding their

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Speaker 2: first debate ahead of the next month's election, and President

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Speaker 2: Biden now in Paris for D Day observances and talks

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Speaker 2: with the President of Ukraine. Let's bring in Bloomberg Europe,

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Speaker 2: Middle East and Africa. News Director Roslin mathieson for more

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Speaker 2: on these stories. Roscim Mordy get us up to speed

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Speaker 2: on what's happening in India, because we've seen headlines crossing

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Speaker 2: the Bloomberg terminal that Narendra Modi could be sworn in

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Speaker 2: for a third term as soon as this weekend.

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Speaker 4: Where do coalition talks stand. Well, that's right.

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Speaker 17: They're trying to hurry things up to reassure markets and

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Speaker 17: people in general that Modi is still in charge and

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Speaker 17: will soon be back in the chair. But he does

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Speaker 17: have these difficult negotiations going on today in New Delhi

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Speaker 17: with two of his key alliance partners. And these are

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Speaker 17: veteran politicians of big states who have pulled out of

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Speaker 17: his alliance before and come back. So they're a bit fickle,

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Speaker 17: one could say, and no doubt they're going to be

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Speaker 17: ready to drive a hard bargain in order to promise

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Speaker 17: their loyalty to him. They are saying publicly their intent

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Speaker 17: is to work with him to form a government, but

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Speaker 17: no doubt behind the scenes they'll be negotiating heavily to

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Speaker 17: do so. So if they do stick, that means that

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Speaker 17: Mody does have enough seats in total in his alliance

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Speaker 17: to form that government, although either way it'll be a

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Speaker 17: pretty tricky, pretty unstable administration potentially, and that's a change

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Speaker 17: for Mody, who's used to being very much in the

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Speaker 17: driver's seat. This government will be fractious potentially, and you're

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Speaker 17: going to see a lot of horse training that will

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Speaker 17: go on well beyond the formation of the government and

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Speaker 17: that will probably keep markets at least on their toes

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Speaker 17: for a while. So there'll be question marks about the

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Speaker 17: durability of it either way. But certainly what we're waiting

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Speaker 17: to see is the outcome of those negotiations that are

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Speaker 17: currently underway New Delhi as we speak.

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Speaker 4: What do you think the outcome is.

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Speaker 2: Following last night's first debate in the UK for Sunak

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Speaker 2: and Starmer.

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Speaker 17: What was interesting to watch the debate because obviously Richie Sennet,

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Speaker 17: the Prime Minister, is very much on the back foot

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Speaker 17: here into this election. His Conservative Party is trailing quite

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Speaker 17: badly in the polls and all the opinion polls appointing

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Speaker 17: by a big surprise to a Labor victory. The question

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Speaker 17: is the margin potentially of that Labor victory. So it's

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Speaker 17: really for Suna to try and make up this ground

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Speaker 17: in these debates, and it does seem as though he

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Speaker 17: landed some blows, particularly talking about what he said was

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Speaker 17: going to be a tax hit to households of two

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Speaker 17: thousand pounds if Labor is a and in fact he

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Speaker 17: said two thousand pounds about a dozen times at least

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Speaker 17: that we counted in the debate. I mean, Labor says

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Speaker 17: that that figure is false, of course, but it does

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Speaker 17: seem to be resonating a bit with voters. The question

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Speaker 17: is did he do enough in that debate to really

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Speaker 17: move the needle. It doesn't seem so. Most of the

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Speaker 17: polls done afterwards show that maybe Sinak had a slight

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Speaker 17: edge in the debate, but not a significant one, and

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Speaker 17: some scored when it came, you know, coming across as

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Speaker 17: credible as empathic with voters in the debate so soon.

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Speaker 17: It probably needed to do more than that to move

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Speaker 17: the needle. We've still got about a month out into

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Speaker 17: the election, We've got more debates to come, but it

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Speaker 17: seems like what they're really going to be fighting over

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Speaker 17: a two key topics. One is the economy and taxes,

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Speaker 17: and the other one's going to be migration.

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Speaker 2: Thirty seconds left ros what shall we be?

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Speaker 4: Were watching for as President Biden arrives in Paris.

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Speaker 17: Well, he's actually got not much, i think on the

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Speaker 17: schedule until tomorrow when he's going to join other leaders

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Speaker 17: for the anniversary of the D Day landings at Norman Dy.

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Speaker 17: You've got leaders from other going there also, and then

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Speaker 17: he's set to it seems to have a separate conversation

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Speaker 17: with mccron and also he's going to meet the Ukrainian

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Speaker 17: leader of Lonimi Zelinsky a couple of times, both in

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Speaker 17: France and then at the G seven meeting in Italy

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Speaker 17: that's coming soon. So it's going to be probably again

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Speaker 17: about trying to shore up that sense of global support

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Speaker 17: for Ukraine. Probably some delicate conversations with the Europeans about

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Speaker 17: aid including weapons on that front, and no doubt some

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Speaker 17: conversations also about the situation in the Middle East. So

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Speaker 17: there'll be a number of broad topics on the agenda

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Speaker 17: for those conversations Ukraine, the Middle East, and China.

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Speaker 2: This is Bloomberg day Break Today, your morning brief on

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Speaker 4: I'm Nathan Hager and I'm Karen Moscow.

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Speaker 1: Join us again tomorrow morning for all the news you

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Speaker 1: need to start your day right here on Bloomberg Daybreak