WEBVTT - India Election in Focus; UK Debate Reaction

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

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

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<v Speaker 1>following today chreing.

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<v Speaker 2>We begin with an update on the political landscape in India.

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<v Speaker 2>Narendra Modi has vowed to continue as Prime minister despite

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<v Speaker 2>his party losing its majority in parliament. Modi will now

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<v Speaker 2>need to rely on allies to form a government for

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<v Speaker 2>the first time in a decade. Former Governor of the

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<v Speaker 2>Indian Central Bank, rogram rajohn says the situation will be

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<v Speaker 2>more positive for Indian citizens.

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<v Speaker 3>It forces India to choose a different course from the

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<v Speaker 3>one it has been on, a course which has led

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<v Speaker 3>to much wider unemployment and distress than needed in the country.

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<v Speaker 2>Rograam Raja, now professor at the University of Chicago's Booth

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

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<v Speaker 2>fell almost percent yesterday. This morning, they are up two

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<v Speaker 2>and a half percent.

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

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<v Speaker 1>in opposition of Labor Party leader kir Starmer smart over taxes,

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<v Speaker 1>the cost of living and the country's health system, and

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<v Speaker 1>a televised debate ahead of the July fourth election.

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<v Speaker 4>You gov Paul.

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<v Speaker 1>Found that Sunnak narrowly came out on top by fifty

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<v Speaker 1>one percent of forty nine. Patrick English is their director

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<v Speaker 1>of political analytics.

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<v Speaker 5>The public are very clearly split on who won this debate.

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<v Speaker 5>And if you're rich Sunak, I think that that's quite

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<v Speaker 5>a good thing considering the point of my people we

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<v Speaker 5>put out yesterday. So just a liberal course for a landslide,

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<v Speaker 5>I think you look at that and say, well, this

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<v Speaker 5>is quite good for me. However, perhaps not quite a

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<v Speaker 5>knockout blow that he might be looking for to really

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<v Speaker 5>turn this campaign around.

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<v Speaker 1>Both contenders said they would maintain Written's close ties with

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<v Speaker 1>the United States if Donald Trump wins in November.

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

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<v Speaker 2>of those in five states plus the district of Columbia.

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<v Speaker 2>The biggest race from Tuesday night, though, was in New Jersey.

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<v Speaker 2>Democrats are looking to hold on to umbattled Senator Bob

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

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<v Speaker 2>He won his race in a landslide with seventy five

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<v Speaker 2>percent of the vote.

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<v Speaker 6>What I always wanted to do with this race.

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<v Speaker 7>When I jumped in the day after the indictment of

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<v Speaker 7>Senate Menendez was about giving the people in.

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<v Speaker 4>New Jersey a choice.

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<v Speaker 2>And Andy Kim will face Republican real estate developer Curtis Bashaw.

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<v Speaker 2>He defeated a Trump endorsed candidate, Christine Serano Glasner by

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<v Speaker 2>seven percentage points with forty five point six percent of

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<v Speaker 2>the Republican vote. Menendez has filed for reelection as an independent,

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<v Speaker 2>but Kim is heavily favored to win.

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<v Speaker 4>In November.

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<v Speaker 1>Well Nathan in another rage that could tip the balance

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<v Speaker 1>of power in the Senate, Montana Democrat John Tester will

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<v Speaker 1>face Republican newcomber Tim Sheehey in a fight to hold

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<v Speaker 1>onto his seat. The Trump back former Navy seal won

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<v Speaker 1>his primary in a landslide with the seventy three point

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<v Speaker 1>six percent of the vote. Tester cruz to victory with

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<v Speaker 1>ninety seven point one percent in the Democratic primary.

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<v Speaker 2>Well President Biden Karen has signed a series of executive

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<v Speaker 2>actions aimed at curbing the number of asylum seekers at

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<v Speaker 2>the US southern border. Bloomberg Zamy Morris reports from Washington.

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<v Speaker 8>Under the executive actions, at the number of migrants who

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<v Speaker 8>reached the southern border hit twenty five hundred over seven

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<v Speaker 8>consecutive days. The president has the authority to shut down

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<v Speaker 8>border entry, but President Biden says that does not apply

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<v Speaker 8>to those seeking asylum through legal ports of entry.

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<v Speaker 9>If individual chooses not to use our legal pathways, if

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<v Speaker 9>they choose to come without permission and against the law,

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<v Speaker 9>they'll be restricted from receiving an asylum and staying in

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<v Speaker 9>the United States.

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<v Speaker 1>Well.

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<v Speaker 8>Because the numbers are already so high, the rule is

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<v Speaker 8>in effect and migrants are being turned away. Republicans call

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<v Speaker 8>the order too little, too late. Progressives call the move draconian.

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<v Speaker 8>In Washington, Amy Morris Bloomberg Radio.

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<v Speaker 1>All right, Amy, thanks now. President Biden is shifting his

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<v Speaker 1>focus from immigration to international relations. The President has arrived

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<v Speaker 1>in France for a four day visit that will include

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<v Speaker 1>a serum he's marking eighty years since the D Day

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<v Speaker 1>invasion in Normandy during World War II, and a state

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<v Speaker 1>visit with President at Manuel mccron on Saturday. The president

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<v Speaker 1>also plans to meet with Ukrainian President Vladimir Zelenski on

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<v Speaker 1>the sidelines of the D Day event tomorrow. He's skipping

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<v Speaker 1>a Ukraine piece summit in Switzerland later this month to

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<v Speaker 1>attend a previously scheduled fundraiser in Los Angeles.

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<v Speaker 2>As for former President Trump, Karen his defense team is

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<v Speaker 2>asking New York Justice One Vershan to lift his gag

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<v Speaker 2>order in the hush money case.

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<v Speaker 4>Bloomberg's Ed Baxter reports.

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<v Speaker 10>Trump's team is arguing that the limits on speech are

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<v Speaker 10>no longer needed with the trial over, saying the reasons

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<v Speaker 10>for it no longer exist. Lead Attorney Todd Blanche argues

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<v Speaker 10>that it is very important in light of President Joe

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<v Speaker 10>Biden's comments about the conviction after the verdict, as well

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<v Speaker 10>as social media posts by witnesses Stormy Daniels and Michael Cohen.

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<v Speaker 10>There's been no response from the Manhattan District Attorney's Office.

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<v Speaker 10>Ed Baxter Bloomberg Radio, all.

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<v Speaker 4>Right, thank you.

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<v Speaker 1>Sticking with politics. Ray Dalio said internal conflicts will be

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<v Speaker 1>the highlight of this year. The founder of Bridgewater Associates

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<v Speaker 1>made the comments during a video speech at the Greenwich

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<v Speaker 1>Economic Forum in Hong Kong today.

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<v Speaker 11>How will particularly the elections in the United States go,

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<v Speaker 11>You know, there are two questions related to that. Will

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<v Speaker 11>the elections be accepted by both sides? And what are

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<v Speaker 11>the consequences of that, we honestly don't know the answer.

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<v Speaker 11>There are reasons for concern.

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<v Speaker 1>Ray Dalio added the policies from an administration run by

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<v Speaker 1>Donald Trump would be very different from a Democratic one.

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<v Speaker 2>Turin the markets, Karen Fed raid cuts remain in focus

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<v Speaker 2>as treasury yields come off their largest two day drop

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

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<v Speaker 12>And Nathan is happening because of signs of the US

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

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<v Speaker 12>weak now in a manufacturer engage and a bigger than

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<v Speaker 12>extent to drop in US job openings. They in fact

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<v Speaker 12>show the lowest level in over three years, a slide

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<v Speaker 12>of at least fifteen basis points since Monday. That was

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<v Speaker 12>the story for five, ten, and thirty year treasury yields.

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<v Speaker 12>The data also prompting traders to price in higher odds

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<v Speaker 12>of Federal Reserve indust rate cuts beginning as soon as November.

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<v Speaker 12>The Fed may offer some hints of their next move

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<v Speaker 12>when they meet next week. Ahead of that meeting, the

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<v Speaker 12>US employment report for May that's going to be released

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<v Speaker 12>this Friday, and May inflation data is do for release

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<v Speaker 12>a week from today two year yields right now four

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<v Speaker 12>seventy eight. That's actually up one basis point. The ten

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<v Speaker 12>year up one basis point at four thirty four. I'm

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<v Speaker 12>John Tucker, Bloomberg Radio.

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<v Speaker 1>All right, John, thank you well on the equity front.

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<v Speaker 1>Shares of Hewlett Packard Enterprise up about fifteen percent in

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<v Speaker 1>early trading. The company are reported revenue that meet at

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<v Speaker 1>LS estimates. We get the story from Bloomberg's Charlie Pellett.

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<v Speaker 13>HPE saw a big jump in sales of servers built

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<v Speaker 13>to handle artificial intelligence work. The company's server business generated

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<v Speaker 13>sales of three point eight seven billion dollars. Analysts on

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<v Speaker 13>average estimated three point four to five billion. Sales of

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<v Speaker 13>AI oriented systems doubled to more than nine hundred million

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<v Speaker 13>dollars compared with the first quarter. CEO Antonio Neri said

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<v Speaker 13>increased demand and better availability of high powered semiconductors from

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<v Speaker 13>Nvidia led to the jump in AI system sales in

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<v Speaker 13>New York. Charliet Bloomberg Radio, Thanks Charlie.

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<v Speaker 2>And Intel has agreed to sell a stake and adventure

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<v Speaker 2>that controls a plant in Ireland to Apollo Global Management.

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<v Speaker 4>The price tag eleven billion dollars.

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<v Speaker 2>The sale will help Intel bring in more external funding

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<v Speaker 2>for a massive expansion of its factory network.

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<v Speaker 4>And it's time to offer.

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<v Speaker 1>Look at some of the other stories making news in

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

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<v Speaker 1>by Bloomberg's Michael Barr Michael, good Morning.

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<v Speaker 14>Good Morning, Karen. Witness testimony is expected to continue today

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<v Speaker 14>in Hunter Biden's gun truple. Federal prosecutors spent hours showing

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

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<v Speaker 14>his addiction was still going on when he bought a

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<v Speaker 14>firearm and lied on a form to purchase it. Hunter

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<v Speaker 14>Biden's ex wife is expected to be among the witnesses

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<v Speaker 14>to take the stand. She was married to President Joe

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<v Speaker 14>Biden's son for twenty years. Hunter Biden is pleaded not guilty.

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<v Speaker 14>We're learning more about a potential disaster avoided on the

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<v Speaker 14>ground at one of the busiest airports in the country.

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<v Speaker 14>Two airlines came within hundreds of feet of one another

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<v Speaker 14>at New York's Kennedy Airport in January of last year.

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<v Speaker 14>NTSB investigators say air traffic controllers cleared a Delta seven

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<v Speaker 14>point thirty seven for takeoff However, twenty seconds after the

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<v Speaker 14>Delta plane the gan it's takeoff, an American Airlines Triple

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<v Speaker 14>seven destined for London, crossed the same runway without a clearance.

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<v Speaker 14>Stephen Abram is a retired JFK air traffic controller. Luckily,

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<v Speaker 14>his reaction time was rapid, and White cruise reaction time

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<v Speaker 14>was also rapid, which prevented something worse from happening. The

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

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<v Speaker 14>including interruptions and multitasking during critical moments of ground navigation.

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<v Speaker 14>The captain later, they're told investigators, I lose sleep over

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<v Speaker 14>this one because I can't figure out why I missed

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<v Speaker 14>the turn. Republicans on the House Judiciary Committee fired questions

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<v Speaker 14>at Attorney General Merrick Garland over certain claims about how

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<v Speaker 14>the Department of Justice operates. Garland rebuked Republican claims that

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<v Speaker 14>the DOJ is being weaponized. Garland says law enforcement officials

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<v Speaker 14>are facing increased threats in part due to Republicans accusations

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<v Speaker 14>and rhetoric about DOJ investigations and trials.

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<v Speaker 15>It worked to combat a worrying spike of threats of

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<v Speaker 15>violence against those who serve the public. Those threats have

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<v Speaker 15>included targeting of members of Congress, police officers, judges, jurors,

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<v Speaker 15>election workers, and the Justice Department's own employees.

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<v Speaker 14>Garland faces the threat of being held in contempt by

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<v Speaker 14>House Republicans for refusing to release the audio of President

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<v Speaker 14>Biden's interview with the Special Consul over Biden's handling of

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<v Speaker 14>classified documents. The written interview was released earlier Global News

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<v Speaker 14>twenty four hours a day and whenever you want it

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

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<v Speaker 14>Bloomberg Karen.

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<v Speaker 1>All right, Michael Barr, thank you time now for the

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

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<v Speaker 16>Good morning. Caring about enough of the Minnesota Twins. They

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<v Speaker 16>can never seem to beat the Yankees. That's been going

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<v Speaker 16>on for a couple of decades now, and this season

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<v Speaker 16>the Yanks four and oh versus Minnesota by a combined

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<v Speaker 16>score of nineteen to two.

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<v Speaker 4>But also the Twins had Luis Heel in their.

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<v Speaker 16>Organization and they treated under the Yankees, and Heel has

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<v Speaker 16>been the best picture in baseball the past month at

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<v Speaker 16>the stadium went six in in is allowed only won

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<v Speaker 16>it the Yanks five to one victory.

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<v Speaker 4>Heels manager is Aaron Boom.

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<v Speaker 6>It's just hard to get a hit off of him.

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

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<v Speaker 6>is real. The hitters show you that every time and then,

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<v Speaker 6>but you see just how good his changeup is and

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<v Speaker 6>the change up's been, you know, a genuine a second

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<v Speaker 6>pitch factor for him.

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<v Speaker 4>Pretty much every start.

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<v Speaker 16>Yanks got home runs in Flavor Torres, Johnny Carlos, Stan

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<v Speaker 16>Aaron Judge, two on double. Yanks have won six in

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<v Speaker 16>a row, Mets one in Washington six to three, they

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<v Speaker 16>let five to one. Nothing easy for the Mets. Nationals

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<v Speaker 16>have the sign run out the play of the Ninthenny

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<v Speaker 16>and home runs for Harrison Vader, a long one for

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<v Speaker 16>Pete a Lonzo Wnba the Liberty after beating Caitlin Clark

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<v Speaker 16>and the Fever by thirty six, being Angel Reese and

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<v Speaker 16>the Sky eighty eight seventy five. Rianna Stewart scored thirty

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<v Speaker 16>three and Reese was ejective in the fourth quarter, so

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<v Speaker 16>you got two technicals. The NBA Finals begins tomorrow night

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<v Speaker 16>in Boston, Celtics and maz and Boston's christophs Ferzinga says

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<v Speaker 16>he is going to play first time since early in

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<v Speaker 16>the playoffs when he heard his CAF he used to

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<v Speaker 16>play for dall us only one men's quarterfinal at the

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<v Speaker 16>French Open today because Novak Djokovic withdrew with a knee injury,

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<v Speaker 16>so Casper Rude moves on. It means none of the

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<v Speaker 16>players still in the men's field. They've ever won the

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<v Speaker 16>French Open before.

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<v Speaker 4>John stash that we're Bloomberg's points.

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<v Speaker 13>Karen d.

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<v Speaker 7>Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

0:12:20.440 --> 0:12:23.320
<v Speaker 7>and around the world on Bloomberg dot Com and the

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<v Speaker 7>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 2>Good morning on Nathan Hagar on a busy morning for

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<v Speaker 2>global politics, with coalition talks underway in India as Prime

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<v Speaker 2>Minister Narendra Modi fights to hold onto power. UK Prime

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<v Speaker 2>Minister Rishi Sunak and labor leader kir Starmer holding their

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<v Speaker 2>first debate ahead of the next month's election, and President

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<v Speaker 2>Biden now in Paris for D Day observances and talks

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

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<v Speaker 2>Middle East and Africa. News Director Roslin mathieson for more

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<v Speaker 2>on these stories. Roscim Mordy get us up to speed

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

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<v Speaker 2>the Bloomberg terminal that Narendra Modi could be sworn in

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<v Speaker 2>for a third term as soon as this weekend.

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<v Speaker 4>Where do coalition talks stand. Well, that's right.

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<v Speaker 17>They're trying to hurry things up to reassure markets and

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<v Speaker 17>people in general that Modi is still in charge and

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<v Speaker 17>will soon be back in the chair. But he does

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<v Speaker 17>have these difficult negotiations going on today in New Delhi

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<v Speaker 17>with two of his key alliance partners. And these are

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<v Speaker 17>veteran politicians of big states who have pulled out of

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

0:13:27.360 --> 0:13:29.079
<v Speaker 17>one could say, and no doubt they're going to be

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<v Speaker 17>ready to drive a hard bargain in order to promise

0:13:32.559 --> 0:13:36.040
<v Speaker 17>their loyalty to him. They are saying publicly their intent

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<v Speaker 17>is to work with him to form a government, but

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<v Speaker 17>no doubt behind the scenes they'll be negotiating heavily to

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<v Speaker 17>do so. So if they do stick, that means that

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<v Speaker 17>Mody does have enough seats in total in his alliance

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<v Speaker 17>to form that government, although either way it'll be a

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<v Speaker 17>pretty tricky, pretty unstable administration potentially, and that's a change

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<v Speaker 17>for Mody, who's used to being very much in the

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

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<v Speaker 17>going to see a lot of horse training that will

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<v Speaker 17>go on well beyond the formation of the government and

0:14:06.880 --> 0:14:09.679
<v Speaker 17>that will probably keep markets at least on their toes

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<v Speaker 17>for a while. So there'll be question marks about the

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<v Speaker 17>durability of it either way. But certainly what we're waiting

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<v Speaker 17>to see is the outcome of those negotiations that are

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<v Speaker 17>currently underway New Delhi as we speak.

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<v Speaker 4>What do you think the outcome is.

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<v Speaker 2>Following last night's first debate in the UK for Sunak

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<v Speaker 2>and Starmer.

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<v Speaker 17>What was interesting to watch the debate because obviously Richie Sennet,

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<v Speaker 17>the Prime Minister, is very much on the back foot

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<v Speaker 17>here into this election. His Conservative Party is trailing quite

0:14:37.120 --> 0:14:39.960
<v Speaker 17>badly in the polls and all the opinion polls appointing

0:14:40.920 --> 0:14:43.760
<v Speaker 17>by a big surprise to a Labor victory. The question

0:14:43.880 --> 0:14:46.920
<v Speaker 17>is the margin potentially of that Labor victory. So it's

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<v Speaker 17>really for Suna to try and make up this ground

0:14:49.320 --> 0:14:52.000
<v Speaker 17>in these debates, and it does seem as though he

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<v Speaker 17>landed some blows, particularly talking about what he said was

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<v Speaker 17>going to be a tax hit to households of two

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<v Speaker 17>thousand pounds if Labor is a and in fact he

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<v Speaker 17>said two thousand pounds about a dozen times at least

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<v Speaker 17>that we counted in the debate. I mean, Labor says

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<v Speaker 17>that that figure is false, of course, but it does

0:15:08.840 --> 0:15:11.720
<v Speaker 17>seem to be resonating a bit with voters. The question

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<v Speaker 17>is did he do enough in that debate to really

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<v Speaker 17>move the needle. It doesn't seem so. Most of the

0:15:16.600 --> 0:15:19.480
<v Speaker 17>polls done afterwards show that maybe Sinak had a slight

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<v Speaker 17>edge in the debate, but not a significant one, and

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<v Speaker 17>some scored when it came, you know, coming across as

0:15:26.320 --> 0:15:30.280
<v Speaker 17>credible as empathic with voters in the debate so soon.

0:15:30.320 --> 0:15:32.720
<v Speaker 17>It probably needed to do more than that to move

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<v Speaker 17>the needle. We've still got about a month out into

0:15:35.680 --> 0:15:38.200
<v Speaker 17>the election, We've got more debates to come, but it

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<v Speaker 17>seems like what they're really going to be fighting over

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<v Speaker 17>a two key topics. One is the economy and taxes,

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<v Speaker 17>and the other one's going to be migration.

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<v Speaker 2>Thirty seconds left ros what shall we be?

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<v Speaker 4>Were watching for as President Biden arrives in Paris.

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<v Speaker 17>Well, he's actually got not much, i think on the

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<v Speaker 17>schedule until tomorrow when he's going to join other leaders

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<v Speaker 17>for the anniversary of the D Day landings at Norman Dy.

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<v Speaker 17>You've got leaders from other going there also, and then

0:16:01.800 --> 0:16:04.359
<v Speaker 17>he's set to it seems to have a separate conversation

0:16:05.480 --> 0:16:08.400
<v Speaker 17>with mccron and also he's going to meet the Ukrainian

0:16:09.240 --> 0:16:12.360
<v Speaker 17>leader of Lonimi Zelinsky a couple of times, both in

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<v Speaker 17>France and then at the G seven meeting in Italy

0:16:15.440 --> 0:16:18.360
<v Speaker 17>that's coming soon. So it's going to be probably again

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<v Speaker 17>about trying to shore up that sense of global support

0:16:21.880 --> 0:16:25.840
<v Speaker 17>for Ukraine. Probably some delicate conversations with the Europeans about

0:16:26.280 --> 0:16:30.080
<v Speaker 17>aid including weapons on that front, and no doubt some

0:16:30.120 --> 0:16:33.760
<v Speaker 17>conversations also about the situation in the Middle East. So

0:16:33.840 --> 0:16:36.040
<v Speaker 17>there'll be a number of broad topics on the agenda

0:16:36.080 --> 0:16:38.920
<v Speaker 17>for those conversations Ukraine, the Middle East, and China.

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<v Speaker 2>This is Bloomberg day Break Today, your morning brief on

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<v Speaker 2>am Wall Street Time, on Bloomberg eleven three to zero

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<v Speaker 4>I'm Nathan Hager and I'm Karen Moscow.

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<v Speaker 1>Join us again tomorrow morning for all the news you

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<v Speaker 1>need to start your day right here on Bloomberg Daybreak