1 00:00:02,520 --> 00:00:05,880 Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg 2 00:00:05,920 --> 00:00:09,720 Speaker 1: day Break for Wednesday, July six two. Coming up this hour, 3 00:00:10,000 --> 00:00:13,399 Speaker 1: UK Prime Minister Boris Johnson clings to power Or at 4 00:00:13,440 --> 00:00:16,040 Speaker 1: ten Downing Street with the latest the US and China 5 00:00:16,079 --> 00:00:19,680 Speaker 1: holds talks on the war in Ukraine. Oil stabilizes after 6 00:00:19,840 --> 00:00:23,240 Speaker 1: yesterday's eight percent So long, and Amazon takes a steak 7 00:00:23,320 --> 00:00:27,400 Speaker 1: in grab hung New Jersey Governor Murphy signs new gun legislation. 8 00:00:27,560 --> 00:00:30,400 Speaker 1: Plus New York Mayor Adams announces a plan to get 9 00:00:30,520 --> 00:00:35,040 Speaker 1: ghost cars off the streets. I'm Michael laren Ord and 10 00:00:35,080 --> 00:00:38,360 Speaker 1: I'm Scott Sedinberg. Both the Yankees ended, Mets blues, plus 11 00:00:38,360 --> 00:00:40,880 Speaker 1: an update on Wimbledon. I'll have that and more coming 12 00:00:40,960 --> 00:00:46,400 Speaker 1: up in sports. That's all straight ahead on Bloomberg day 13 00:00:46,400 --> 00:00:51,120 Speaker 1: Break on Bloomberg he Living three on New York, Bloomberg one, Washington, 14 00:00:51,240 --> 00:00:55,040 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, 15 00:00:55,040 --> 00:00:58,760 Speaker 1: San Francisco, Syrias, x M one nineteen and around the 16 00:00:58,760 --> 00:01:02,040 Speaker 1: world on Bloomberg Radio dot Com and via the Bloomberg 17 00:01:02,120 --> 00:01:09,759 Speaker 1: Business Actor. Good morning, I'm John Tucker and I'm Karen 18 00:01:09,840 --> 00:01:13,280 Speaker 1: Moscow and US DOCK Index futures are lower this morning. 19 00:01:13,280 --> 00:01:15,240 Speaker 1: We are coming up to five oh one on Wall Street, 20 00:01:15,280 --> 00:01:17,560 Speaker 1: and we check the markets every fifteen minutes throughout the 21 00:01:17,560 --> 00:01:20,440 Speaker 1: trading day. On Bloomberg U S and P futures down 22 00:01:20,480 --> 00:01:23,800 Speaker 1: eleven points this morning, down Features down eighties six and 23 00:01:23,920 --> 00:01:27,039 Speaker 1: as dack features down thirties seven. The decks in Germany 24 00:01:27,120 --> 00:01:30,080 Speaker 1: higher up about one point two percent. CAC in Paris 25 00:01:30,080 --> 00:01:31,920 Speaker 1: at one point one percent of the foot see one 26 00:01:31,959 --> 00:01:35,000 Speaker 1: hundred up one point three percent. Ten year treasury down 27 00:01:35,000 --> 00:01:37,640 Speaker 1: one thirty second yeal two point eight zero percent. They 28 00:01:37,720 --> 00:01:40,080 Speaker 1: yield on the two year two point eight two percent. 29 00:01:40,440 --> 00:01:44,040 Speaker 1: Comic School this it'll change at seventeen sixty four sixty 30 00:01:44,080 --> 00:01:47,680 Speaker 1: announced the euro one point two four three against the 31 00:01:47,720 --> 00:01:52,080 Speaker 1: dollar and bitcoin this morning as is at twenty thousand, 32 00:01:52,080 --> 00:01:55,240 Speaker 1: one hundred fifty dollars. John and Karen will have more 33 00:01:55,240 --> 00:01:57,360 Speaker 1: of the markets in just a minute, but first we 34 00:01:57,520 --> 00:01:59,960 Speaker 1: begin with the latest on the future a Boris Johns 35 00:02:00,080 --> 00:02:03,280 Speaker 1: him the British Prime Minister clinging to power following the 36 00:02:03,280 --> 00:02:06,840 Speaker 1: resignations to the senior members of his government. Let's get 37 00:02:06,840 --> 00:02:10,600 Speaker 1: more from Bloomberg's Lizzie Burden outside Number ten, downing Street 38 00:02:11,120 --> 00:02:14,880 Speaker 1: started with a surprise apology from Boris Johnson about his 39 00:02:14,919 --> 00:02:17,560 Speaker 1: handling of the Chris Pincher affair, which of course is 40 00:02:17,600 --> 00:02:20,960 Speaker 1: just the latest chapter of the Pestminster story, all these 41 00:02:21,200 --> 00:02:25,280 Speaker 1: alleged sexual misconduct scandals. But that was quickly followed by 42 00:02:25,320 --> 00:02:28,120 Speaker 1: the resignations. But two of his most senior team started 43 00:02:28,160 --> 00:02:30,760 Speaker 1: jab at, the Health Secretary and the Chancellor Isshi Sunat. 44 00:02:31,400 --> 00:02:35,320 Speaker 1: Both their resignation letters attacked his integrity, and then it 45 00:02:35,440 --> 00:02:38,799 Speaker 1: was the Attorney General and a string of junior government members. 46 00:02:38,919 --> 00:02:41,360 Speaker 1: So it does seem that the tide is finally started 47 00:02:41,440 --> 00:02:44,560 Speaker 1: turn against Boris Johnson. He came back with an emergency 48 00:02:44,600 --> 00:02:48,800 Speaker 1: we shuffle, trying to show his fighting back. Bloom Virgil 49 00:02:48,800 --> 00:02:52,040 Speaker 1: Lizzie Burden, reporting outside ten Downing Street, says Johnson will 50 00:02:52,080 --> 00:02:55,280 Speaker 1: be facing questions in the House of Commons today and 51 00:02:55,320 --> 00:02:59,520 Speaker 1: also before a pure before a Parliamentary committee. Well another 52 00:02:59,520 --> 00:03:02,280 Speaker 1: political news this Morain john Foreign ministers from the Group 53 00:03:02,280 --> 00:03:05,680 Speaker 1: of Twenty Nations are gathering in Bali, Indonesia, and Russia's 54 00:03:05,680 --> 00:03:08,560 Speaker 1: invasion of Ukraine will top the agenda at the meeting. 55 00:03:08,840 --> 00:03:12,600 Speaker 1: Nathan Hagar has more from our Bloomberg newsroom in Washington, 56 00:03:12,960 --> 00:03:15,280 Speaker 1: Secretary of State Anthony B. Lincoln heads to the G 57 00:03:15,480 --> 00:03:18,359 Speaker 1: twenty summit today. The top US official says he will 58 00:03:18,360 --> 00:03:21,320 Speaker 1: meet this weekend with his Chinese counterpart Wang Ye for 59 00:03:21,360 --> 00:03:24,200 Speaker 1: a quote candid exchange about the war and what the U. 60 00:03:24,320 --> 00:03:27,400 Speaker 1: S Expects not just from China, but from all responsible 61 00:03:27,400 --> 00:03:30,160 Speaker 1: members of the international community. This will be B. Lincoln's 62 00:03:30,200 --> 00:03:33,520 Speaker 1: first face to face encounter with Wong since October. The 63 00:03:33,560 --> 00:03:36,080 Speaker 1: State Department says B. Lincoln is not expected to meet 64 00:03:36,120 --> 00:03:39,800 Speaker 1: with Russian Foreign Minister Sergei Lavrov. He is also planning 65 00:03:39,840 --> 00:03:42,840 Speaker 1: to attend the G twenty summit in Washington. I'm Nathan 66 00:03:42,840 --> 00:03:46,080 Speaker 1: Hagar Bloomberg day break. All right, thanks Nathan. The Secretary 67 00:03:46,120 --> 00:03:49,680 Speaker 1: General of OPEC has died. Mohammed Barkindo was in the 68 00:03:49,680 --> 00:03:51,880 Speaker 1: final weeks of his six year tenure as the head 69 00:03:51,920 --> 00:03:55,360 Speaker 1: of the oil cartel when he died in his native Nigeria. 70 00:03:55,720 --> 00:03:59,760 Speaker 1: Barkindo oversaw one of the most turbulent periods in OPEC's history. 71 00:04:00,000 --> 00:04:03,120 Speaker 1: He was sixty three, and meantime, in the markets, John 72 00:04:03,120 --> 00:04:06,720 Speaker 1: Oil recovering some of yesterday's eight percent lost checking prices 73 00:04:06,800 --> 00:04:09,280 Speaker 1: right now now makes Screwed Oil is up one percent 74 00:04:09,360 --> 00:04:11,560 Speaker 1: it's at a hundred dollars forty eight cents of barrel. 75 00:04:11,840 --> 00:04:14,240 Speaker 1: Brent is up one point six percent at a hundred 76 00:04:14,240 --> 00:04:17,560 Speaker 1: four dollars thirty eight cents. Banks including Goldman's, actually the 77 00:04:17,600 --> 00:04:20,960 Speaker 1: recent plunge on recession fears is overdone and the outlook 78 00:04:20,960 --> 00:04:24,520 Speaker 1: for energy consumption in China is improving. In Asia, overnight 79 00:04:24,560 --> 00:04:27,800 Speaker 1: stocks dipped as fears of an economic downturn lingered over 80 00:04:27,880 --> 00:04:31,120 Speaker 1: financial markets, and that has the dollar hovering at the 81 00:04:31,200 --> 00:04:33,680 Speaker 1: highest level in more than two years. Let's get the 82 00:04:33,720 --> 00:04:38,400 Speaker 1: recap from Bloomberg's Juliet Sally in Singapore. China chipmakers were 83 00:04:38,400 --> 00:04:40,520 Speaker 1: one of the few bright spots in the markets Wednesday, 84 00:04:40,520 --> 00:04:43,400 Speaker 1: after Bloomberg News reported the US is pushing the Netherlands 85 00:04:43,440 --> 00:04:47,000 Speaker 1: to ban a SML holding from selling to China, technology 86 00:04:47,200 --> 00:04:50,520 Speaker 1: essential in making a large chunk of the world's chips. 87 00:04:50,520 --> 00:04:53,360 Speaker 1: But Asian Energy stokes lost all this year's gains as 88 00:04:53,360 --> 00:04:56,760 Speaker 1: crude oil struggled to regain Tuesday's state losses made and 89 00:04:56,800 --> 00:04:59,719 Speaker 1: new program of virus testing in Shanghai has raised the 90 00:04:59,760 --> 00:05:02,120 Speaker 1: like would have another lookdown and that way to own 91 00:05:02,200 --> 00:05:07,799 Speaker 1: invest a sentiment. During Wednesday session in Singapore, Juliette Sally Bloomberg. Daybreak, right, Julie, 92 00:05:07,920 --> 00:05:10,680 Speaker 1: thank you. Well here in the US, futures are lower 93 00:05:10,760 --> 00:05:13,479 Speaker 1: following yesterday's late day rally. At one point, the S 94 00:05:13,520 --> 00:05:15,800 Speaker 1: and P five hundred goes down more than two percent 95 00:05:15,920 --> 00:05:19,760 Speaker 1: before ending the day higher. Sylvia Jablonsky, as chief investment 96 00:05:19,800 --> 00:05:22,200 Speaker 1: officer at Defiance E t F s, you know, I 97 00:05:22,240 --> 00:05:24,760 Speaker 1: think in the near term we get that range found volatility. 98 00:05:24,880 --> 00:05:29,080 Speaker 1: But investors that you have been waiting for something might 99 00:05:29,120 --> 00:05:31,640 Speaker 1: be thinking, you know, we can't call the bottom here, 100 00:05:31,880 --> 00:05:34,560 Speaker 1: but is it possible that the market has done some 101 00:05:34,600 --> 00:05:37,080 Speaker 1: of the work for the Fed? And is it possible 102 00:05:37,200 --> 00:05:39,719 Speaker 1: that putting that first dollar to work makes sense here? 103 00:05:40,120 --> 00:05:43,520 Speaker 1: And Sylvia Jablonsky at Defiance et F says the markets 104 00:05:43,600 --> 00:05:47,280 Speaker 1: are already pricing in a recession. And on the economic 105 00:05:47,320 --> 00:05:49,760 Speaker 1: calendar today we get minutes from the FEDS of June 106 00:05:49,800 --> 00:05:54,920 Speaker 1: meeting which saw in central bankers raised rates by basis points. Meantime, 107 00:05:54,920 --> 00:05:58,520 Speaker 1: accountists say a broad index of inflation expectations that the 108 00:05:58,560 --> 00:06:00,920 Speaker 1: FED watches is a said it to show a big 109 00:06:01,040 --> 00:06:04,080 Speaker 1: rise when it's published later this month. Well, in corporate 110 00:06:04,080 --> 00:06:06,320 Speaker 1: news this morning, John, it looks like Amazon is on 111 00:06:06,360 --> 00:06:08,920 Speaker 1: the acquisition trail, and let's get the latest life from 112 00:06:08,960 --> 00:06:11,839 Speaker 1: Bloomberg's reed a young good morning renown, Good morning, Karen. 113 00:06:11,880 --> 00:06:14,680 Speaker 1: Amazon will get options for a two percent steak in 114 00:06:14,760 --> 00:06:17,279 Speaker 1: grub Hub, and we'll have the chance to increase that 115 00:06:17,400 --> 00:06:21,320 Speaker 1: holding to Amazon. Steak will be in the form of warrants, 116 00:06:21,520 --> 00:06:24,600 Speaker 1: and they'll invest depending on how well the partnership performs 117 00:06:24,640 --> 00:06:27,720 Speaker 1: and how many new customers come as a result. It's 118 00:06:27,760 --> 00:06:30,279 Speaker 1: a relief for the struggling grub Hub, which an April 119 00:06:30,320 --> 00:06:33,719 Speaker 1: announced plans to find an investor or. Bitter Shares for 120 00:06:33,800 --> 00:06:36,920 Speaker 1: parent company just Eat jumped as much as sixteen percent 121 00:06:37,080 --> 00:06:40,800 Speaker 1: in Amsterdam today. The stock had fallen close to seventy 122 00:06:40,880 --> 00:06:43,880 Speaker 1: percent this year. On the consumer side, the deal gives 123 00:06:43,920 --> 00:06:47,080 Speaker 1: Amazon Prime members in the US access to grub Hub 124 00:06:47,160 --> 00:06:49,880 Speaker 1: for one year. Live in New York. I'm gonna need 125 00:06:49,920 --> 00:06:52,080 Speaker 1: a Young Bloomberg day break, all right, thanks for Anita. 126 00:06:52,120 --> 00:06:56,440 Speaker 1: The crypto crash claiming another victim, broker Voyager Digital, has 127 00:06:56,480 --> 00:07:00,280 Speaker 1: filed for Chapter eleven bankruptcy protection. Little York based firm 128 00:07:00,320 --> 00:07:03,679 Speaker 1: Science market volatility and the collapse of a hedge fund 129 00:07:03,920 --> 00:07:07,040 Speaker 1: to which it had lent money. Right now this morning, 130 00:07:07,080 --> 00:07:10,240 Speaker 1: Bitcoin down about one and a half percent twenty thousand 131 00:07:10,320 --> 00:07:13,960 Speaker 1: one three per token and ahead of the cash open 132 00:07:14,000 --> 00:07:17,680 Speaker 1: down futures right now nine seven points lowered s andp 133 00:07:17,720 --> 00:07:25,520 Speaker 1: futures down and it brings us to five oh seven 134 00:07:25,520 --> 00:07:27,560 Speaker 1: on Wall Street. Time to bring in Michael Barne with 135 00:07:27,680 --> 00:07:29,600 Speaker 1: more of what else is going on in New York 136 00:07:29,720 --> 00:07:32,320 Speaker 1: and around the world. John, thank you very much, sir. 137 00:07:32,360 --> 00:07:35,320 Speaker 1: The gun been accused of attacking an Independence Day parade 138 00:07:35,360 --> 00:07:39,280 Speaker 1: in suburban Chicago. Has been charged now with seven counts 139 00:07:39,320 --> 00:07:42,720 Speaker 1: of first degree murder and more charges are expected. Lake 140 00:07:42,760 --> 00:07:46,640 Speaker 1: County State's Attorney Eric Reinhardt, the loss of life and 141 00:07:46,680 --> 00:07:51,400 Speaker 1: these devastating injuries and the overwhelming psychological trauma demand we 142 00:07:51,480 --> 00:07:56,000 Speaker 1: seek justice and then we take broader action to protect life. 143 00:07:56,320 --> 00:07:59,920 Speaker 1: State Attorney Eric Reinhard says that the suspect Eric Cream 144 00:08:00,960 --> 00:08:03,960 Speaker 1: is convicted of murder and he would receive a mandatory 145 00:08:04,000 --> 00:08:08,600 Speaker 1: life sentence without the possibility of parole. Robert Cremo could 146 00:08:08,640 --> 00:08:12,520 Speaker 1: also face other charges as well. New Jersey Governor Phil 147 00:08:12,600 --> 00:08:15,240 Speaker 1: Murphy signed a package of bills touted to increase gun 148 00:08:15,320 --> 00:08:17,960 Speaker 1: safety less than two weeks after the U. S. Supreme 149 00:08:18,040 --> 00:08:23,680 Speaker 1: Court weekend. State's abilities to restrict carrying concealed firearms. Murphy 150 00:08:23,800 --> 00:08:27,040 Speaker 1: signed seven bills and promised more action. There are those 151 00:08:27,120 --> 00:08:30,600 Speaker 1: who take seriously the words of the satirical website The Onion, 152 00:08:31,120 --> 00:08:34,559 Speaker 1: and this was the headline, No way to prevent this, says, 153 00:08:34,640 --> 00:08:39,920 Speaker 1: only nation where this regularly happens, and sadly it appears 154 00:08:40,120 --> 00:08:44,319 Speaker 1: six of these mistaken people sit on the Supreme Court 155 00:08:44,400 --> 00:08:47,480 Speaker 1: of the United States of America. Governor Murphy says the 156 00:08:47,520 --> 00:08:51,400 Speaker 1: new laws include mandatory training prior to a gun purchase, 157 00:08:51,760 --> 00:08:56,120 Speaker 1: tracking of ammunition sales, and micro stamping technology so bullets 158 00:08:56,120 --> 00:08:59,920 Speaker 1: can be traced to particular weapons. New York City Mayor 159 00:09:00,080 --> 00:09:03,320 Speaker 1: Eric Adams says drivers of vehicles caught with illegal fake 160 00:09:03,440 --> 00:09:07,280 Speaker 1: paper license plates will be told and could potentially be 161 00:09:07,440 --> 00:09:11,080 Speaker 1: auctioned off. Mayor Adams says that they're cracking down on 162 00:09:11,200 --> 00:09:15,000 Speaker 1: ghost cars because we know the drivers of these cars 163 00:09:15,040 --> 00:09:17,640 Speaker 1: are quote up to no good. And I said over 164 00:09:17,679 --> 00:09:20,360 Speaker 1: and over again, there are many rivers that feed the 165 00:09:20,400 --> 00:09:25,600 Speaker 1: sea of violence. We're damning each river and paper place. 166 00:09:25,720 --> 00:09:28,760 Speaker 1: As some you'll say, well, what does that have to 167 00:09:28,800 --> 00:09:31,560 Speaker 1: do with damn in the river? It damns the river 168 00:09:31,720 --> 00:09:37,120 Speaker 1: of people using their vehicles for illegal behavior. Mayor Adams 169 00:09:37,120 --> 00:09:40,440 Speaker 1: says the laws coming after anyone who tries to make 170 00:09:40,480 --> 00:09:44,520 Speaker 1: their car untraceable. Rudy Giuliani, Senator Lindsey Graham, and five 171 00:09:44,559 --> 00:09:46,840 Speaker 1: others have been called to test five before a special 172 00:09:46,880 --> 00:09:50,079 Speaker 1: grand jury in Atlanta. According to court filings. It's part 173 00:09:50,120 --> 00:09:53,560 Speaker 1: of an investigation into alleged attempts by former President Trump 174 00:09:53,840 --> 00:09:56,800 Speaker 1: and his supporters to change the result of the election 175 00:09:56,840 --> 00:09:59,480 Speaker 1: in Georgia. Global News twenty four hours a day on 176 00:09:59,559 --> 00:10:02,040 Speaker 1: air and Don Bloomberg Quick Take, powered by more than 177 00:10:02,080 --> 00:10:04,319 Speaker 1: twenty seven hundred journalists and analysts more than a hundred 178 00:10:04,320 --> 00:10:11,360 Speaker 1: twenty countries. Michael Barr, This is Bloomberg, John Michael. Thanks, Yeah, 179 00:10:11,360 --> 00:10:14,000 Speaker 1: that's out five Sound of Wall Street and it's time 180 00:10:14,040 --> 00:10:17,840 Speaker 1: but the Bluebird Sports Update. Here's Scott Sidenberg. Thanks John. Max. 181 00:10:17,880 --> 00:10:21,400 Speaker 1: Scherzer returned from the I L and was absolutely dominant 182 00:10:21,559 --> 00:10:24,920 Speaker 1: season high eleven strikeouts and six shutout innings, allowing just 183 00:10:25,080 --> 00:10:27,960 Speaker 1: two hits and that's however, could not muster up any 184 00:10:28,000 --> 00:10:30,360 Speaker 1: offense and would lose in the bottom of the ninth 185 00:10:30,400 --> 00:10:33,600 Speaker 1: to the Reds one. Nothing here where sheres are on 186 00:10:33,679 --> 00:10:38,000 Speaker 1: his outing, um you know issues whatsoever? Today felt strong 187 00:10:39,040 --> 00:10:41,280 Speaker 1: all the way through, never tighten up on me. So 188 00:10:41,440 --> 00:10:44,199 Speaker 1: that's that's a good thing. David Peterson gets the start tonight. 189 00:10:44,559 --> 00:10:47,560 Speaker 1: The Yankees meanwhile, felt to the Pirates five to Jamison. 190 00:10:47,600 --> 00:10:50,800 Speaker 1: Tyone's returned to Pittsburgh was spoiled early when he allowed 191 00:10:50,840 --> 00:10:53,120 Speaker 1: a Dan Vogel back home run in the second and 192 00:10:53,120 --> 00:10:55,640 Speaker 1: then a two run shot the rookie Jackson Winski in 193 00:10:55,720 --> 00:10:58,679 Speaker 1: the fourth. It was the first loss for Tyone since 194 00:10:58,760 --> 00:11:02,200 Speaker 1: April eleven. The Yankees, losing back to back games for 195 00:11:02,280 --> 00:11:05,520 Speaker 1: just the fifth time this season, will be seven. Reno 196 00:11:05,960 --> 00:11:09,640 Speaker 1: will start tonight Tennessee. Willill didn't Novak Djokovic rally from 197 00:11:09,640 --> 00:11:12,160 Speaker 1: two steps down to defeat Yonick Center and advanced to 198 00:11:12,200 --> 00:11:15,400 Speaker 1: the semi finals. Prop on the dull faces American tailor 199 00:11:15,440 --> 00:11:20,600 Speaker 1: Fritz in today's quarterfinal. I'm Scott Seginberg with Bloomberg Sports. Jared, 200 00:11:20,920 --> 00:11:23,200 Speaker 1: thanks a lot, Scott. Ahead of the cash Open on 201 00:11:23,240 --> 00:11:26,960 Speaker 1: Wall Street, futures have turned into the red down futures 202 00:11:27,040 --> 00:11:29,439 Speaker 1: right now down ninety one point three tenths of a 203 00:11:29,520 --> 00:11:33,280 Speaker 1: percent lower, and smp emity futures they're down twelve. That's 204 00:11:33,320 --> 00:11:35,720 Speaker 1: down three tenths and then had to act futures right 205 00:11:35,720 --> 00:11:38,720 Speaker 1: now thirty six points lower, down three tenths of a 206 00:11:38,840 --> 00:11:42,680 Speaker 1: percent in London, the Footsie at one point two percent, 207 00:11:43,600 --> 00:11:46,800 Speaker 1: and as we look at the volatility index that is 208 00:11:46,840 --> 00:11:52,000 Speaker 1: slightly elevated, still below thirty at seven ten year yield 209 00:11:52,080 --> 00:11:56,040 Speaker 1: two point seven nine percent, the two year at two 210 00:11:56,040 --> 00:12:00,000 Speaker 1: point eight one percent, an adversion with twos and tens 211 00:12:00,240 --> 00:12:03,480 Speaker 1: in the transh reed market. You're listening to Bloomberg Day 212 00:12:03,480 --> 00:12:09,720 Speaker 1: Break still ahead, political instability one of the last things 213 00:12:09,760 --> 00:12:13,280 Speaker 1: the UK economy needs. Bloomberg's Lizzie Burden joins us from 214 00:12:13,320 --> 00:12:18,120 Speaker 1: number ten Downing Street to explain the turmoil surrounding Boris 215 00:12:18,200 --> 00:12:25,080 Speaker 1: Johnson markets headlines and breaking news twenty four hours a 216 00:12:25,160 --> 00:12:28,000 Speaker 1: day at Bloomberg dot Com, for the Bloomberg Business at 217 00:12:28,080 --> 00:12:37,360 Speaker 1: and at Bloomberg Quick Tape. He's a Bloombern Business Flash 218 00:12:37,760 --> 00:12:40,480 Speaker 1: and I'm Karen Moscow. US stock index futures are lower. 219 00:12:40,559 --> 00:12:43,720 Speaker 1: I mean concerns over a global economic slowdown. The twin 220 00:12:43,760 --> 00:12:47,960 Speaker 1: tenure US yield curve remain inverted as investors await the minute, 221 00:12:48,000 --> 00:12:51,440 Speaker 1: so the Federal reserves last meeting to gauge its policy priorities. 222 00:12:51,640 --> 00:12:55,320 Speaker 1: The British pound is rising, shrugging off political drama in London, 223 00:12:55,559 --> 00:12:57,920 Speaker 1: or it was anyway. We checked the markets every fifteen 224 00:12:57,920 --> 00:13:00,319 Speaker 1: minutes throughout the trading day on Bloomberg. Now U s 225 00:13:00,360 --> 00:13:02,840 Speaker 1: and P futures are down fourteen points and down futures 226 00:13:02,880 --> 00:13:05,800 Speaker 1: down a hundred eleven NASDAG futures down forty five and 227 00:13:05,840 --> 00:13:08,120 Speaker 1: the decks in Germany's up nine tenths of upper cent 228 00:13:08,480 --> 00:13:11,000 Speaker 1: ten year treasury up to thirty seconds held two point 229 00:13:11,040 --> 00:13:13,160 Speaker 1: seven nine percent, the yield on the two year two 230 00:13:13,200 --> 00:13:15,920 Speaker 1: point eight two percent. Nine mex screwed oil is up 231 00:13:15,960 --> 00:13:18,199 Speaker 1: eight ten percent, or seventy seven cents and a hundred 232 00:13:18,200 --> 00:13:20,920 Speaker 1: dollars twenty seven cents of barrel comics gold up a 233 00:13:20,960 --> 00:13:23,280 Speaker 1: tenth of upper cent of a dollar sixty at seventeen 234 00:13:23,360 --> 00:13:27,120 Speaker 1: sixty five fifty announced. The euro is at one point 235 00:13:27,200 --> 00:13:29,920 Speaker 1: oh two three three against the dollar. The British found 236 00:13:30,000 --> 00:13:32,720 Speaker 1: now at one point one nine three nine and again 237 00:13:32,800 --> 00:13:35,480 Speaker 1: one thirty five point to three, and looking at Big 238 00:13:35,559 --> 00:13:38,240 Speaker 1: Coin this morning, down wanted a third percent at twenty thousand, 239 00:13:38,360 --> 00:13:41,480 Speaker 1: one hundred eighty dollars. That's a Bloomberg business flash. Now 240 00:13:41,559 --> 00:13:44,000 Speaker 1: here's Michael Barrow with more on what's going on around 241 00:13:44,080 --> 00:13:46,560 Speaker 1: the world. Michael, good morning, Good morning, care and at 242 00:13:46,640 --> 00:13:49,840 Speaker 1: least seven people are now dead after Monday's mass shooting 243 00:13:49,880 --> 00:13:53,280 Speaker 1: in the Chicago area Fourth of July Parade, with over 244 00:13:53,400 --> 00:13:57,800 Speaker 1: two dozen others hospitalized. The suspect now faces seven charges 245 00:13:57,880 --> 00:14:02,600 Speaker 1: of first degree murder. Former Attorney Rudy Giuliani, Senator Lindsey Graham, 246 00:14:02,679 --> 00:14:05,079 Speaker 1: and five others have been called to testify before his 247 00:14:05,160 --> 00:14:08,000 Speaker 1: Special Grand Jury in Atlanta. It is part of an 248 00:14:08,040 --> 00:14:12,040 Speaker 1: investigation into alleged attempts by former President Trump and his 249 00:14:12,160 --> 00:14:16,040 Speaker 1: supporters to change the result of the election in Georgia. 250 00:14:16,440 --> 00:14:19,480 Speaker 1: In baseball, the Yankees and Mets lost. The Nationals, Red 251 00:14:19,600 --> 00:14:23,040 Speaker 1: Sox and Giants also lost the Orioles. In A's One 252 00:14:23,520 --> 00:14:26,200 Speaker 1: Global News twenty four hours a day on air and 253 00:14:26,440 --> 00:14:29,880 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 254 00:14:29,960 --> 00:14:33,160 Speaker 1: journalist and analysts more than a hundred twenty countries, Michael 255 00:14:33,200 --> 00:14:36,200 Speaker 1: Barr and this is Bloomberg Jump Michael, thank you, Coming 256 00:14:36,280 --> 00:14:38,440 Speaker 1: up on five twenty on Wall Street. We're line for 257 00:14:38,440 --> 00:14:42,680 Speaker 1: the Bloomberg Interact or Broker Studios. This is Bloomberg Daybreak. 258 00:14:43,280 --> 00:14:46,160 Speaker 1: The UK Prime Minister seems to be hanging by a 259 00:14:46,360 --> 00:14:50,240 Speaker 1: thread this morning at her high profile resignations of several 260 00:14:50,360 --> 00:14:53,280 Speaker 1: members of his government. And let's head to number ten 261 00:14:53,400 --> 00:14:57,680 Speaker 1: Downing Street. Now Bloomberg's Lizzie Borden there with more on 262 00:14:57,960 --> 00:15:03,000 Speaker 1: Boris Johnson and the Lizzie Burden. Boris Johnson, if nothing 263 00:15:03,080 --> 00:15:09,840 Speaker 1: else is a survivor. How precurious is his position this morning? Yes, 264 00:15:10,000 --> 00:15:12,920 Speaker 1: john on the cover of the UK newspapers this morning, 265 00:15:13,520 --> 00:15:16,240 Speaker 1: You've got them just describing his situation as on the 266 00:15:16,320 --> 00:15:20,320 Speaker 1: brink and another refers to him as the greased piglet 267 00:15:20,480 --> 00:15:24,880 Speaker 1: Remember that, Monika, that he manages to vise these situations 268 00:15:25,400 --> 00:15:29,240 Speaker 1: the historically put his predecessors, putting his predecessors into so 269 00:15:29,400 --> 00:15:32,200 Speaker 1: much pressure that they resigned. Well, it doesn't look likely 270 00:15:32,480 --> 00:15:36,520 Speaker 1: that he will do that. Last night his Health Secretary 271 00:15:36,560 --> 00:15:39,280 Speaker 1: Sagi Javid, who was also a former Chancellor, and the 272 00:15:39,720 --> 00:15:44,840 Speaker 1: Chancellor Rishie Snach quit. They said they couldn't handle having 273 00:15:44,920 --> 00:15:48,520 Speaker 1: to stand up in public and defend his handling of 274 00:15:48,720 --> 00:15:52,760 Speaker 1: the Chris Pincher affair. This MP, who was alleged to 275 00:15:53,040 --> 00:15:56,760 Speaker 1: have been involved in sexual misconduct but was then rehired 276 00:15:57,080 --> 00:16:00,720 Speaker 1: into the government as Deputy Chief Whip. Both of their 277 00:16:01,160 --> 00:16:07,440 Speaker 1: resignation letters going hard with the venomous language about Johnson's integrity, 278 00:16:07,960 --> 00:16:12,240 Speaker 1: and yet overnight we've had even more junior resignation nations, 279 00:16:12,320 --> 00:16:16,560 Speaker 1: even into the past few minutes. So our reporter Alex 280 00:16:16,600 --> 00:16:20,640 Speaker 1: Wickham is this morning reporting that Johnson's on regular the 281 00:16:20,720 --> 00:16:23,720 Speaker 1: signs of a coordinated clot from his ministers to bring 282 00:16:23,880 --> 00:16:26,760 Speaker 1: him down, because if six or eight of the cabinet quit, 283 00:16:27,000 --> 00:16:30,040 Speaker 1: it would leave him struggling even to form a cabinet. Yeah, 284 00:16:30,840 --> 00:16:35,120 Speaker 1: the resignations, are they an act of conscience or are 285 00:16:35,200 --> 00:16:41,800 Speaker 1: these people after his job? Well, both started David and 286 00:16:42,600 --> 00:16:47,680 Speaker 1: Richie Sunac have I thought to have leadership ambitions charge 287 00:16:47,720 --> 00:16:50,280 Speaker 1: that David has stood before, and they're going to be 288 00:16:50,320 --> 00:16:52,880 Speaker 1: even more dangerous. If they're on the back benches, they'll 289 00:16:52,880 --> 00:16:56,640 Speaker 1: be able to more easily organize other MPs around them. 290 00:16:57,280 --> 00:16:59,920 Speaker 1: Richie Sunach and his resignation letters said that he accepts 291 00:17:00,040 --> 00:17:04,920 Speaker 1: this may be his last ministerial position, but you know, 292 00:17:05,080 --> 00:17:07,800 Speaker 1: well perhaps he'll have a position in his own government, 293 00:17:07,880 --> 00:17:13,119 Speaker 1: who knows. But it wasn't all about this Pestminster as 294 00:17:13,160 --> 00:17:18,320 Speaker 1: it's called scandal, but Richie snat it was also about 295 00:17:18,480 --> 00:17:22,840 Speaker 1: Johnson's handling of the post COVID economic recovery. He has 296 00:17:22,920 --> 00:17:26,639 Speaker 1: said that he had to take difficult decisions. If something 297 00:17:26,720 --> 00:17:28,960 Speaker 1: is too good to be true, it probably is. He 298 00:17:29,080 --> 00:17:33,520 Speaker 1: said his approach was fundamentally different from Johnson on the economy, 299 00:17:33,960 --> 00:17:36,840 Speaker 1: so clearly he couldn't get on board with the fiscal 300 00:17:36,920 --> 00:17:41,159 Speaker 1: boosterism that Johnson Johnson wanted of him. Explain to us 301 00:17:41,240 --> 00:17:43,840 Speaker 1: what the Prime minister faces now with the there's a 302 00:17:44,119 --> 00:17:48,080 Speaker 1: cult where there's a question session in Parliament, and explain 303 00:17:48,160 --> 00:17:52,159 Speaker 1: to us also what the Liaison Committee is. Yes, so 304 00:17:52,359 --> 00:17:55,400 Speaker 1: first of all, we'll have Prime Minister's questions weekly session 305 00:17:55,720 --> 00:17:59,080 Speaker 1: where Johnson's first of all grilled by the Leader of 306 00:17:59,160 --> 00:18:03,560 Speaker 1: the Opposition, Keir Starmer, and then other MP's in the chamber. 307 00:18:04,600 --> 00:18:07,320 Speaker 1: In previous weeks Kir Starmer seems to have missed an 308 00:18:07,359 --> 00:18:11,840 Speaker 1: open goal so because too much on policy rather than personality. 309 00:18:12,880 --> 00:18:16,879 Speaker 1: When Boris Johnson has been at his weakest, then Johnson 310 00:18:17,000 --> 00:18:21,240 Speaker 1: faces more questions from the Liaison Committee. That's the heads 311 00:18:21,280 --> 00:18:25,040 Speaker 1: of all the parliamentary select committees. So he'll be getting 312 00:18:25,119 --> 00:18:27,239 Speaker 1: questions from all different angles and it'll be a very 313 00:18:27,320 --> 00:18:31,639 Speaker 1: tough crowd to please. If Boris Johnson goes, is that 314 00:18:31,800 --> 00:18:34,399 Speaker 1: it for the Conservative government in the UK? How does 315 00:18:34,440 --> 00:18:37,680 Speaker 1: that work? Well? So it's all a matter of process, 316 00:18:37,880 --> 00:18:40,720 Speaker 1: so he could resign, but as I say, that looks 317 00:18:40,800 --> 00:18:45,560 Speaker 1: highly unlikely. Another option would be for the ninety two 318 00:18:45,640 --> 00:18:50,680 Speaker 1: Committee of Conservatives backbenchers to change its rules so that, 319 00:18:51,160 --> 00:18:55,479 Speaker 1: uh well, currently they Johnson hasn't a year's great period 320 00:18:55,640 --> 00:18:59,399 Speaker 1: after his confidence vote that he just narrowly won until 321 00:18:59,480 --> 00:19:02,040 Speaker 1: there can be another confidence vote that could take him 322 00:19:02,040 --> 00:19:06,320 Speaker 1: out of leadership. They could reduce the grace period to 323 00:19:06,440 --> 00:19:08,480 Speaker 1: less than a year, but lots of MPs will be 324 00:19:08,560 --> 00:19:11,359 Speaker 1: worried that that could create a dangerous precedent for future 325 00:19:11,400 --> 00:19:14,480 Speaker 1: prime ministers by making it impossible for them to govern 326 00:19:14,560 --> 00:19:16,960 Speaker 1: if they constantly face the vote that's around the corner. 327 00:19:17,359 --> 00:19:21,800 Speaker 1: Other MPs will be saying, is there really a viable 328 00:19:21,880 --> 00:19:25,840 Speaker 1: replacement for Boris Johnson at the moment? And then if 329 00:19:25,880 --> 00:19:30,000 Speaker 1: there is someone taking over from Johnson, will they even 330 00:19:30,080 --> 00:19:33,080 Speaker 1: really have a mandate to government given that Johnson had 331 00:19:33,119 --> 00:19:37,359 Speaker 1: this landslide election victory in ten and they would have 332 00:19:37,480 --> 00:19:40,160 Speaker 1: to wait to get their own mandate at general election. 333 00:19:40,600 --> 00:19:43,960 Speaker 1: Leslie always a pleasure appreciated. Bloomberge Lezzlie Byrden outside Number 334 00:19:44,000 --> 00:19:47,880 Speaker 1: ten Downing Street. Of the future of the British Prime 335 00:19:47,960 --> 00:19:51,600 Speaker 1: Minister Boris Johnson out of the cash upen on Wallsbury 336 00:19:51,800 --> 00:19:55,480 Speaker 1: Dow Future is SMP futures down the AID and then 337 00:19:55,480 --> 00:19:59,399 Speaker 1: as the futures right now four points lower. You're listening 338 00:19:59,440 --> 00:20:09,760 Speaker 1: to Bloomberg Daybreak and the Bloomberg Weather from Lidrondo Scary Beast. 339 00:20:09,960 --> 00:20:14,720 Speaker 1: Sunshine today to ninety tomorrow, mostly cloudy, chance of shommers 340 00:20:14,760 --> 00:20:19,200 Speaker 1: in the afterno by temperature seven five. This is Bloomberg 341 00:20:24,960 --> 00:20:29,440 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York. 342 00:20:29,600 --> 00:20:33,520 Speaker 1: Bloomberg eleven three on to Washington, d C, Bloomberg one 343 00:20:33,640 --> 00:20:36,879 Speaker 1: to Boston, Bloomberg one, O six one to San Francisco, 344 00:20:36,960 --> 00:20:40,200 Speaker 1: Bloomberg nine sixty to the country Sirius XM chand on 345 00:20:40,280 --> 00:20:43,560 Speaker 1: one and around the globe the Bloomberg Business app and 346 00:20:43,680 --> 00:20:53,280 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's by 347 00:20:53,440 --> 00:20:56,000 Speaker 1: thirty on Wall Street. Good morning, I'm John Tucker and 348 00:20:56,080 --> 00:20:58,920 Speaker 1: I'm Karen Moscow. Just about four hours away from the 349 00:20:59,000 --> 00:21:00,959 Speaker 1: open of US trade. Let's get you up to date 350 00:21:01,000 --> 00:21:02,560 Speaker 1: on the news you need to know at this hour. 351 00:21:02,680 --> 00:21:05,320 Speaker 1: We begin with the latest on the future of Boris Johnson, 352 00:21:05,680 --> 00:21:09,080 Speaker 1: the Prime the British Prime minister is claimed power following 353 00:21:09,080 --> 00:21:12,639 Speaker 1: the resignations of two senior members of his government. Bloomberg's 354 00:21:12,680 --> 00:21:16,040 Speaker 1: Lizzie Burden has the latest from outside ten Downing Street. 355 00:21:16,480 --> 00:21:19,880 Speaker 1: Boris Johnson is hanging by a thread. Hit. It started 356 00:21:19,920 --> 00:21:24,080 Speaker 1: off with that surprise, stern public apology over his handling 357 00:21:24,119 --> 00:21:26,840 Speaker 1: of the Chris Pincher affair, but it was followed quickly 358 00:21:26,880 --> 00:21:30,399 Speaker 1: by the resignation of his Health Secretary Sajet Javit and 359 00:21:30,480 --> 00:21:33,679 Speaker 1: then his Chancellor Rishi Sunac. Then it was followed by 360 00:21:33,680 --> 00:21:35,960 Speaker 1: the resignation as the Attorney General and a string of 361 00:21:36,080 --> 00:21:39,520 Speaker 1: junior ministers, suggesting perhaps that the tide has now turned 362 00:21:39,920 --> 00:21:43,720 Speaker 1: on Boris Johnson. Bloomberg's Lizzie Burden says Johnson will face 363 00:21:43,880 --> 00:21:46,800 Speaker 1: questions in the House of Commons today and also appear 364 00:21:46,880 --> 00:21:50,280 Speaker 1: before a Parliamentary committee. And back here in the US futures, 365 00:21:50,320 --> 00:21:53,359 Speaker 1: coming off a late day rally, SMP five hundred was 366 00:21:53,400 --> 00:21:56,280 Speaker 1: downboard than two percent at one point before ending the 367 00:21:56,400 --> 00:22:00,200 Speaker 1: day higher. Sylvia Jablonskia's chief investment officer at the Fine 368 00:22:00,280 --> 00:22:03,640 Speaker 1: C t Amson, says markets are already pricing, you know, recession. 369 00:22:03,880 --> 00:22:05,479 Speaker 1: The market has done a lot of work, and if 370 00:22:05,520 --> 00:22:07,760 Speaker 1: you think about recessions to come, a lot of that 371 00:22:08,200 --> 00:22:10,600 Speaker 1: is froth taken off the market before we sort of 372 00:22:10,720 --> 00:22:12,840 Speaker 1: hit that point. So I do think that we're seeing 373 00:22:13,160 --> 00:22:15,639 Speaker 1: sort of hope that we're nearing some bottoms here. That 374 00:22:15,680 --> 00:22:17,520 Speaker 1: doesn't mean that we can't go lower a little bit, 375 00:22:17,600 --> 00:22:20,920 Speaker 1: but I think we're more than halfway there. Sylvia Jablonsky 376 00:22:20,960 --> 00:22:23,280 Speaker 1: of Defiance CTM says markets have done a lot of 377 00:22:23,320 --> 00:22:26,760 Speaker 1: the fans work at rate hikes could become less aggressive 378 00:22:26,960 --> 00:22:29,159 Speaker 1: from here. When we look at oil now, John is 379 00:22:29,200 --> 00:22:32,000 Speaker 1: recovering some of yesterday's eight percent sell off. Right now, 380 00:22:32,200 --> 00:22:36,440 Speaker 1: crude is higher. It is up at a hundred dollars 381 00:22:36,520 --> 00:22:39,160 Speaker 1: forty four cents of barrel. That's Niemex scrude oil. Brent 382 00:22:39,400 --> 00:22:41,080 Speaker 1: is up one and a half percent at a hundred 383 00:22:41,119 --> 00:22:43,680 Speaker 1: four dollars thirty two cents. And a sad note to 384 00:22:43,720 --> 00:22:47,320 Speaker 1: pass along, Mohammed Barkindo, the Secretary General of OPEC, has 385 00:22:47,400 --> 00:22:50,640 Speaker 1: died in his native country of Nigeria. He was sixty three, 386 00:22:50,880 --> 00:22:53,119 Speaker 1: and that the corporate news where Amazon is on the 387 00:22:53,160 --> 00:22:56,760 Speaker 1: acquisition trail this morning at Bloomberg's really young joins us 388 00:22:56,840 --> 00:22:59,480 Speaker 1: live with more. We need a good morning. Good morning John, 389 00:22:59,600 --> 00:23:02,240 Speaker 1: Amazon on we'll get options for a two percent Steak 390 00:23:02,320 --> 00:23:06,920 Speaker 1: and grub Hub and could increase that holding to Amazon 391 00:23:07,040 --> 00:23:09,400 Speaker 1: Steak will be in the form of warrants and they'll 392 00:23:09,440 --> 00:23:12,280 Speaker 1: vest depending on how well the partnership performs and how 393 00:23:12,359 --> 00:23:15,200 Speaker 1: many new customers come as a result. The deal also 394 00:23:15,320 --> 00:23:18,680 Speaker 1: gives Amazon Prime members in the US access to Grubhub 395 00:23:18,800 --> 00:23:21,800 Speaker 1: for one year. Shares for a parent company, just Eat 396 00:23:21,880 --> 00:23:25,240 Speaker 1: jumped as much as six percent in Amsterdam today, the 397 00:23:25,359 --> 00:23:29,760 Speaker 1: stocks falling close to seventy this year. Live in New York, 398 00:23:29,800 --> 00:23:34,000 Speaker 1: I'm gonna need a Young Bloomberg daybreak down. Futures down 399 00:23:34,160 --> 00:23:41,359 Speaker 1: forty six points three on Wall streets. I had to 400 00:23:41,359 --> 00:23:43,200 Speaker 1: bring in Michael barn with more on what else is 401 00:23:43,240 --> 00:23:46,120 Speaker 1: going on to New York and around the world, John, 402 00:23:46,160 --> 00:23:48,280 Speaker 1: Thank you, sir. The man accused of opening fire and 403 00:23:48,320 --> 00:23:51,880 Speaker 1: an Independence Day parade in Subourbon, Chicago is charged now 404 00:23:52,040 --> 00:23:56,720 Speaker 1: with seven counts of murder. Lake County State's Attorney Eric Reinhart, 405 00:23:56,880 --> 00:24:00,400 Speaker 1: we anticipate dozens of more charges centering around out each 406 00:24:00,480 --> 00:24:06,800 Speaker 1: of the victims, psychological victims, physical victims, attempt murder charges, 407 00:24:06,880 --> 00:24:13,280 Speaker 1: aggravated discharge charges, aggravated battery charges. State Attorney Reinhardt says 408 00:24:13,440 --> 00:24:16,480 Speaker 1: Robert Creemo allegedly sprayed more than seventy rounds from a 409 00:24:16,560 --> 00:24:20,359 Speaker 1: rooftop into a crowd in Highland Park. New Jersey Governor 410 00:24:20,400 --> 00:24:23,040 Speaker 1: Phil Murphy signed a package of bills talented to increase 411 00:24:23,119 --> 00:24:26,919 Speaker 1: gun safety. Murphy signed seven bills and promised more action. 412 00:24:27,600 --> 00:24:30,200 Speaker 1: We believe, or I should say no. We know that 413 00:24:30,359 --> 00:24:33,440 Speaker 1: we can take on the epidemic of gun violence and win. 414 00:24:33,880 --> 00:24:37,600 Speaker 1: Governor Murphy says. The new laws include mandatory training prior 415 00:24:37,760 --> 00:24:41,400 Speaker 1: to gun purchases and tracking m O sales. New York 416 00:24:41,440 --> 00:24:44,240 Speaker 1: City officials have announced plans to crack down on so 417 00:24:44,480 --> 00:24:48,159 Speaker 1: called ghost cars. New York Mayor Eric Adams says they 418 00:24:48,200 --> 00:24:52,159 Speaker 1: are vehicles with illegal, fake paper license plates. When you 419 00:24:52,280 --> 00:24:56,280 Speaker 1: see people using these paper plates, many times they are 420 00:24:56,760 --> 00:25:00,399 Speaker 1: doing something illegal. Mayor Adams says the ours will be 421 00:25:00,520 --> 00:25:04,680 Speaker 1: towed and could potentially be auctioned off. Seven Trump allies 422 00:25:04,760 --> 00:25:07,520 Speaker 1: have now been subpoena and the Georgia Criminal Investigation of 423 00:25:07,600 --> 00:25:13,080 Speaker 1: Election Interference Bloomberg's at Baxter reports these are grand jury 424 00:25:13,160 --> 00:25:16,240 Speaker 1: summons and the names include Rudy Giuliani, Lindsay Graham, and 425 00:25:16,359 --> 00:25:19,720 Speaker 1: John Eastman. The move underscores the breadth of the investigation 426 00:25:19,840 --> 00:25:22,480 Speaker 1: being conducted by the District Attorney of Fulton County, which 427 00:25:22,560 --> 00:25:26,680 Speaker 1: is a suburb of Atlanta. She's weighing a range of charges, 428 00:25:26,720 --> 00:25:30,840 Speaker 1: including racketeering and conspiracy. This is the closest a criminal 429 00:25:30,920 --> 00:25:34,600 Speaker 1: investigation has gotten to Trump's inner circle. Now, the subpoenas 430 00:25:34,640 --> 00:25:37,880 Speaker 1: do not automatically mean that those involved are a target 431 00:25:38,240 --> 00:25:42,320 Speaker 1: of any investigation. In San Francisco, I'm at Baxter Bloomberg 432 00:25:42,320 --> 00:25:45,000 Speaker 1: Gaybreak Global News twenty four hours a day on air 433 00:25:45,160 --> 00:25:47,879 Speaker 1: and on Bloomberg Quick Take, powered by more than twenty 434 00:25:47,920 --> 00:25:50,719 Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries. 435 00:25:51,080 --> 00:25:56,399 Speaker 1: Michael Barr, This is Bloomberg, John, Michael. Thanks at C 436 00:25:56,600 --> 00:25:59,320 Speaker 1: five thirty five Felled Wall Street. Time for the Bloomberg 437 00:25:59,359 --> 00:26:02,760 Speaker 1: Sports Up to Giscon Sedinberg. Good morning John. For just 438 00:26:02,880 --> 00:26:06,879 Speaker 1: a fifth time this season, the Yankees have lost consecutive games, 439 00:26:07,040 --> 00:26:09,840 Speaker 1: falling to the Pirates in Pittsburgh last night five to two, 440 00:26:10,000 --> 00:26:15,159 Speaker 1: spoiling Jamison Tyon's returned to his former team. Tyon allowed 441 00:26:15,320 --> 00:26:18,360 Speaker 1: five runs on six hits and five and a third innings, 442 00:26:18,400 --> 00:26:22,200 Speaker 1: picking up his first loss since April eleven. Here was 443 00:26:22,280 --> 00:26:24,280 Speaker 1: Aaron Judge after the game. You know they made it, 444 00:26:24,440 --> 00:26:26,520 Speaker 1: you know a couple of time with double plays. Um, 445 00:26:27,080 --> 00:26:28,920 Speaker 1: I couldn't really get that big hit to kind of 446 00:26:29,800 --> 00:26:31,359 Speaker 1: get the moment. I'm going on our side. They kind 447 00:26:31,400 --> 00:26:32,920 Speaker 1: of get there wrong. You know, they started off with 448 00:26:32,960 --> 00:26:35,359 Speaker 1: a couple um home runs then kind of put us 449 00:26:35,359 --> 00:26:37,240 Speaker 1: in a deficit. But you know, like we've done before. 450 00:26:37,240 --> 00:26:39,440 Speaker 1: We we're we're worried about that and thought we'd come back, 451 00:26:39,560 --> 00:26:42,159 Speaker 1: but um, they're going to hold us down there, alloway 452 00:26:42,200 --> 00:26:44,960 Speaker 1: till the end. Luis Severena will get the start tonight. 453 00:26:45,480 --> 00:26:47,920 Speaker 1: Max Scherzer returned from the i L last night. He 454 00:26:48,000 --> 00:26:51,480 Speaker 1: struck out of season high eleven in six shutout innings, 455 00:26:51,520 --> 00:26:54,120 Speaker 1: allowed him just two hits, but the Mets would fall 456 00:26:54,160 --> 00:26:56,200 Speaker 1: to the Reds one nothing in the bottom of the 457 00:26:56,359 --> 00:27:00,080 Speaker 1: ninth inning. David Peterson gets the start tonight. Kenn that 458 00:27:00,160 --> 00:27:03,040 Speaker 1: Wimbledon Novak Djokovic rallied from two sets down to defeat 459 00:27:03,080 --> 00:27:06,879 Speaker 1: Yonick center In advanced to the semifinals. Rafael the Dalfass 460 00:27:06,920 --> 00:27:11,119 Speaker 1: American tailor Fritz in today's quarterfinal. I'm Scott Seginberg with 461 00:27:11,160 --> 00:27:15,920 Speaker 1: Bloomberg Sports. John Alright Scott. Thanks he settled on Wall 462 00:27:15,960 --> 00:27:18,600 Speaker 1: Street time down for the Tri State Business Report, and 463 00:27:18,760 --> 00:27:23,119 Speaker 1: for that we're joined by Bloomberg's and Quarry. Manhattan homesale 464 00:27:23,200 --> 00:27:27,240 Speaker 1: showed continued strengthen the second quarter. Burgesses of condos and 465 00:27:27,320 --> 00:27:29,240 Speaker 1: co ops closed at a median of one and a 466 00:27:29,320 --> 00:27:33,000 Speaker 1: quarter million dollars, a record high. The deals going into 467 00:27:33,080 --> 00:27:36,080 Speaker 1: contract fell through the period, and that signals a decrease 468 00:27:36,160 --> 00:27:40,800 Speaker 1: in buyer demand. New Jersey will soften restrictions unemployment of miners. 469 00:27:40,880 --> 00:27:44,240 Speaker 1: According to a new law, it will permanently allow sixteen 470 00:27:44,359 --> 00:27:47,159 Speaker 1: and seventeen year olds to work up to fifty hours 471 00:27:47,240 --> 00:27:50,399 Speaker 1: per week and ten hour days during their summer breaks. 472 00:27:50,880 --> 00:27:53,639 Speaker 1: That's up from the previous camps of forty hours weekly 473 00:27:53,720 --> 00:27:56,840 Speaker 1: and eight hours per day. More than two years after 474 00:27:56,920 --> 00:28:00,680 Speaker 1: Connecticut struggled with handling requests for unemployed him in benefits 475 00:28:00,720 --> 00:28:04,399 Speaker 1: from furload workers, the Connecticut Department of Labour's new re 476 00:28:04,640 --> 00:28:08,800 Speaker 1: employee ct went live on Tuesday. The New Haven Register 477 00:28:08,960 --> 00:28:11,479 Speaker 1: says there was a sprinkling of complaints from people who 478 00:28:11,520 --> 00:28:14,719 Speaker 1: were having issues with a new computer system. That's your 479 00:28:14,720 --> 00:28:18,359 Speaker 1: Bloomberg Try State Business Report. I'm ed Corey A right, thanks, 480 00:28:18,400 --> 00:28:21,680 Speaker 1: it it is Fine thirty seven on Wall Street. Bloomberg 481 00:28:21,800 --> 00:28:24,520 Speaker 1: Radio is on the year from San Francisco to New York, 482 00:28:24,920 --> 00:28:27,600 Speaker 1: London to Hong Kong. And let's check in now with 483 00:28:27,680 --> 00:28:29,679 Speaker 1: our global news team for some of the top stories 484 00:28:29,720 --> 00:28:33,639 Speaker 1: heard on our three hundred affiliate radio stations around the world. 485 00:28:37,000 --> 00:28:40,320 Speaker 1: Con Donahoe on wh A S and Loulver cole prices 486 00:28:40,480 --> 00:28:43,720 Speaker 1: soaring to the highest on record onlmited supply. I'm Joan 487 00:28:43,800 --> 00:28:47,240 Speaker 1: donatorlling w f L A listeners in Tampa about the 488 00:28:47,320 --> 00:28:51,720 Speaker 1: deadly listeria outbreak linked to a Sarasta ice cream company, 489 00:28:52,080 --> 00:28:55,760 Speaker 1: Gina Servetti. And for w BBM in Chicago, I'm reporting 490 00:28:55,800 --> 00:28:58,240 Speaker 1: that Amazon has a deal to take as much as 491 00:28:58,280 --> 00:29:01,400 Speaker 1: a fift stake. And I'm home I mis Mateo, and 492 00:29:01,440 --> 00:29:03,920 Speaker 1: I'm w Bezy in Boston. I'll be reporting on the 493 00:29:04,040 --> 00:29:07,880 Speaker 1: automaker nipping at Testlas fields in the EV market. I'm 494 00:29:07,920 --> 00:29:12,280 Speaker 1: Caroline he complb Dishevedo in London, moveport combois Johnson clinging 495 00:29:12,320 --> 00:29:15,520 Speaker 1: to power despite a string of ministers quitting that jobs. 496 00:29:15,760 --> 00:29:18,720 Speaker 1: I'm Ed Corey on w w J in Detroit and 497 00:29:18,760 --> 00:29:21,959 Speaker 1: I'm reporting auto stocks were about the biggest decliners. I'll 498 00:29:22,000 --> 00:29:26,280 Speaker 1: be get to compete Tuesday. Yeah, those are some of 499 00:29:26,320 --> 00:29:29,360 Speaker 1: the stories are twenty seven hundred Bloomberg journalists and analysts 500 00:29:29,400 --> 00:29:32,760 Speaker 1: are working on this morning around the world. It is 501 00:29:32,880 --> 00:29:35,920 Speaker 1: five thirty nine on Wall Street. The following is an 502 00:29:36,040 --> 00:29:40,120 Speaker 1: editorial from Bloomberg Opinion. With Russia showing little sign of 503 00:29:40,200 --> 00:29:44,520 Speaker 1: easiness assault on Ukraine, providing military support to Kieva remains 504 00:29:44,600 --> 00:29:48,840 Speaker 1: the West's top priority. Yet to land civilian reconstruction until 505 00:29:48,880 --> 00:29:51,920 Speaker 1: the war is over would be a mistake. Significant areas 506 00:29:51,960 --> 00:29:55,440 Speaker 1: of Ukraine are largely free from fighting. Leaving them depressed 507 00:29:55,520 --> 00:29:59,040 Speaker 1: would only prolong Ukraine's dependence on aid. Western support for 508 00:29:59,120 --> 00:30:02,200 Speaker 1: reconstruction would also help the war effort by allowing the 509 00:30:02,320 --> 00:30:06,360 Speaker 1: Ukrainian government to focus on keeping its troops supplied. And 510 00:30:06,400 --> 00:30:09,000 Speaker 1: there's plenty of Western allies can do now, For example, 511 00:30:09,080 --> 00:30:13,120 Speaker 1: in areas where violence has subsided, outside experts could help 512 00:30:13,240 --> 00:30:16,720 Speaker 1: d mine farmland. Rebuilding Ukraine would serve at the potent 513 00:30:16,800 --> 00:30:20,160 Speaker 1: symbol of unity within the democratic world and a message 514 00:30:20,280 --> 00:30:23,600 Speaker 1: for future aggressors. Getting network underway as soon as possible 515 00:30:23,840 --> 00:30:27,720 Speaker 1: is critical to holding down costs, limited waste, and helping 516 00:30:27,840 --> 00:30:31,680 Speaker 1: Ukraine's people realize a brighter future. This editorial was written 517 00:30:31,680 --> 00:30:34,800 Speaker 1: by the Bloomberg Opinion Editorial Board. I'm David Shipley. For 518 00:30:34,920 --> 00:30:37,800 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 519 00:30:37,840 --> 00:30:41,120 Speaker 1: opinion or ope and go on the Bloomberg Terminal. This 520 00:30:41,360 --> 00:30:45,280 Speaker 1: has been Bloomberg Opinion and Bloomberg Opinion editorials can be 521 00:30:45,360 --> 00:30:48,320 Speaker 1: heard every weekday at this time. Terminal Customers can read 522 00:30:48,360 --> 00:30:52,000 Speaker 1: more at opie, I n Go Markets this morning and 523 00:30:52,160 --> 00:30:55,960 Speaker 1: adversion and Treasuries. The tenure yield at two eighty one, 524 00:30:56,200 --> 00:31:00,479 Speaker 1: the two year yield higher at two point eight three percent. 525 00:31:01,200 --> 00:31:03,800 Speaker 1: As we look to stock futures right now, down futures 526 00:31:03,800 --> 00:31:08,280 Speaker 1: down fifty four points, SMP emitting futures eight points lower, 527 00:31:08,640 --> 00:31:13,200 Speaker 1: and the nasday futures are twenty three points lower. You're 528 00:31:13,280 --> 00:31:23,800 Speaker 1: listening the Bloomberg day Break. The weather from Gary Vass 529 00:31:24,040 --> 00:31:27,400 Speaker 1: mostly some today high eight five to ninety increasing pounds, 530 00:31:27,440 --> 00:31:31,320 Speaker 1: Tonight blows about seventy degrees and tomorrow cloudy, chance of 531 00:31:31,400 --> 00:31:39,760 Speaker 1: showers during the afternoon. Markets headlines and breaking news twenty 532 00:31:39,800 --> 00:31:42,640 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 533 00:31:42,680 --> 00:31:45,640 Speaker 1: Business at and at Bloomberg Quick Tape. This is a 534 00:31:45,680 --> 00:31:54,680 Speaker 1: Bloomberg Business Flash and I'm Karen Moscow. You are stock 535 00:31:54,720 --> 00:31:57,280 Speaker 1: index futures are lower this morning and a concern of 536 00:31:57,320 --> 00:32:00,600 Speaker 1: our global economic slowdown. We checked the market every fifteen 537 00:32:00,640 --> 00:32:03,280 Speaker 1: minutes throughout the trading day on Bloomberg. Right now it's 538 00:32:03,280 --> 00:32:06,240 Speaker 1: in p futures are down seven points now futures down 539 00:32:06,280 --> 00:32:09,040 Speaker 1: forty eight, NASDAIC futures down twenty two. The decks in 540 00:32:09,120 --> 00:32:12,360 Speaker 1: Germany's up one point one per cent. Ten. Your treasury 541 00:32:12,440 --> 00:32:15,080 Speaker 1: little change yield two point eight zero percent. They yield 542 00:32:15,160 --> 00:32:18,000 Speaker 1: on the two year two point eight three percent. Nine 543 00:32:18,080 --> 00:32:20,160 Speaker 1: max screwed oil is of a third of a percent 544 00:32:20,240 --> 00:32:22,760 Speaker 1: of thirty four cents. It's at ninety nine eighty four 545 00:32:22,840 --> 00:32:25,840 Speaker 1: cents of barrel comic school that will changed at one thousand, 546 00:32:25,920 --> 00:32:29,120 Speaker 1: seven hundred sixty three dollars fifty cents announced, The euro 547 00:32:29,280 --> 00:32:31,800 Speaker 1: one point two two eight against the dollar British found 548 00:32:31,840 --> 00:32:34,320 Speaker 1: one point one nine three eight, and the yen one 549 00:32:34,360 --> 00:32:37,320 Speaker 1: thirty five point to seven and bitcoin lower down what 550 00:32:37,440 --> 00:32:40,680 Speaker 1: in a quarter percent at twenty thousand, one eighty one dollars. 551 00:32:41,120 --> 00:32:43,680 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 552 00:32:43,800 --> 00:32:46,320 Speaker 1: more on what's going on around the world. Michael, Karen 553 00:32:46,360 --> 00:32:48,840 Speaker 1: thank you very much. Man charged with seven counts of 554 00:32:48,960 --> 00:32:51,920 Speaker 1: murder after firing off more than seventy rounds and an 555 00:32:51,960 --> 00:32:56,840 Speaker 1: Independence Day parade in suburban Chicago legally bought five weapons. 556 00:32:56,920 --> 00:33:00,120 Speaker 1: Please say that includes the high powered rifle you in 557 00:33:00,160 --> 00:33:03,400 Speaker 1: the shooting. Seven Trump allies have now been subpoena and 558 00:33:03,440 --> 00:33:07,800 Speaker 1: then the Georgia Criminal Investigation of election interference. According to 559 00:33:07,920 --> 00:33:11,920 Speaker 1: court filings, Rudy Giuliani, Senator Lindsey Graham, and five others 560 00:33:12,000 --> 00:33:14,680 Speaker 1: have been called to testify before a special grand jury 561 00:33:14,720 --> 00:33:18,160 Speaker 1: in Atlanta as part of an investigation into alleged attempts 562 00:33:18,200 --> 00:33:21,360 Speaker 1: to change the result of the election in the state. 563 00:33:21,760 --> 00:33:24,880 Speaker 1: In baseball, the Yankees and Mets lost. The Nationals, Red 564 00:33:24,920 --> 00:33:28,560 Speaker 1: Sox and Giants also lost. The Orioles and A's one 565 00:33:29,040 --> 00:33:31,520 Speaker 1: Global News twenty four hours a day on air and 566 00:33:31,720 --> 00:33:35,040 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 567 00:33:35,080 --> 00:33:38,240 Speaker 1: journalist and analyst more than a hundred twenty countries. Michael 568 00:33:38,280 --> 00:33:40,920 Speaker 1: Barr and this is Bloomberg, John, Michael, thank you. We 569 00:33:41,080 --> 00:33:43,760 Speaker 1: aren't live for the Bloomberg inter at Broker's Studios, where 570 00:33:43,880 --> 00:33:46,920 Speaker 1: it is now five forty nine on Wall Street. British 571 00:33:46,960 --> 00:33:49,440 Speaker 1: Prime Minister of Force. Johnson seems to be hanging by 572 00:33:49,560 --> 00:33:52,800 Speaker 1: a thread this morning after his chancellor and Health secretary 573 00:33:52,960 --> 00:33:55,760 Speaker 1: resigned last night. Let's find out more this morning. We're 574 00:33:55,800 --> 00:33:59,680 Speaker 1: joined by David Merritt Bloomberg Senior Executive Editor, joining us 575 00:33:59,840 --> 00:34:02,280 Speaker 1: for in London. David, you know there was a mob 576 00:34:02,320 --> 00:34:05,560 Speaker 1: boss in New York some time ago. Charges didn't seem 577 00:34:05,600 --> 00:34:09,520 Speaker 1: to stick. They called him the teflon done is Boris Johnson, 578 00:34:09,600 --> 00:34:13,239 Speaker 1: the teflon prime Minister. Yeah, He's been called many things 579 00:34:13,520 --> 00:34:16,919 Speaker 1: in his time, including versions of that. Maybe the grease 580 00:34:16,960 --> 00:34:19,239 Speaker 1: piglet who always escapes is another one that's that does 581 00:34:19,280 --> 00:34:21,480 Speaker 1: the round. But you know, as you said, hanging by 582 00:34:21,480 --> 00:34:24,960 Speaker 1: a thread really does describe his situation. A slew of 583 00:34:25,000 --> 00:34:27,480 Speaker 1: minister of resignations both last night you mentioned the chance 584 00:34:27,560 --> 00:34:31,080 Speaker 1: in the Health Sectuary more this morning, are deserting his government, 585 00:34:31,120 --> 00:34:34,440 Speaker 1: and some of his staunches supporters now saying he's got 586 00:34:34,520 --> 00:34:37,960 Speaker 1: to go. He is, however, not resigning, and the technique 587 00:34:38,000 --> 00:34:39,360 Speaker 1: to actually get him out of down in street's a 588 00:34:39,400 --> 00:34:41,920 Speaker 1: little bit complicated because he survived the competence folk recently, 589 00:34:42,280 --> 00:34:44,800 Speaker 1: so the party is going to change their rules in 590 00:34:45,000 --> 00:34:47,759 Speaker 1: order to dislodge him. But you know, we'll see if 591 00:34:47,880 --> 00:34:51,160 Speaker 1: this trickle of resignations this morning turns into another flood. 592 00:34:51,600 --> 00:34:54,760 Speaker 1: Maybe this will accelerate the day gone and his position 593 00:34:54,800 --> 00:34:59,040 Speaker 1: will become even more untenable. These resignations are the resignations 594 00:34:59,080 --> 00:35:01,799 Speaker 1: of conscience or are these folks who want his job? 595 00:35:02,560 --> 00:35:06,840 Speaker 1: Well politicians of course, um, you know, not many of 596 00:35:06,880 --> 00:35:11,200 Speaker 1: them go into Parliament without wanting the top job. But 597 00:35:11,440 --> 00:35:13,600 Speaker 1: you know, the letters that they're publishing this morning talk 598 00:35:13,640 --> 00:35:16,400 Speaker 1: about the lack of moral authority at the top. They 599 00:35:16,480 --> 00:35:19,920 Speaker 1: talk about really the need for a government with some 600 00:35:20,040 --> 00:35:22,560 Speaker 1: more integrity. And it all comes down to the Prime 601 00:35:22,600 --> 00:35:28,080 Speaker 1: Minister's character, um, and his decision making over the past months, 602 00:35:28,360 --> 00:35:31,120 Speaker 1: and really the sense that people in his government have 603 00:35:31,200 --> 00:35:33,560 Speaker 1: had enough and the popularity of this government is sinking 604 00:35:33,680 --> 00:35:37,879 Speaker 1: fast and the opposition are riding high. And of course 605 00:35:37,920 --> 00:35:41,560 Speaker 1: these MPs are worried about their seats whenever the next 606 00:35:41,600 --> 00:35:45,520 Speaker 1: election comes. Um, well, just how many ministress does it 607 00:35:45,680 --> 00:35:49,120 Speaker 1: take for that's actually a good question. How many are 608 00:35:49,200 --> 00:35:51,840 Speaker 1: in the cabinet? And uh, I mean, is there a 609 00:35:52,040 --> 00:35:55,320 Speaker 1: point at which is just inevitable? Well, so far, I 610 00:35:55,360 --> 00:35:57,160 Speaker 1: think the latest count and I haven't been checking the 611 00:35:57,239 --> 00:35:59,120 Speaker 1: last few minutes we're in about sort of fourteen or 612 00:35:59,160 --> 00:36:03,520 Speaker 1: so members of his moment um, some senior, but many 613 00:36:03,600 --> 00:36:06,200 Speaker 1: junior ones as well who have left. Um, there are 614 00:36:06,239 --> 00:36:08,840 Speaker 1: about fifty or so people on the on the government peril. 615 00:36:08,920 --> 00:36:10,839 Speaker 1: So here's a way to go before there's nobody left 616 00:36:10,880 --> 00:36:14,400 Speaker 1: at all. Um. But you know, it is really important 617 00:36:14,480 --> 00:36:16,440 Speaker 1: to note that the Chancellor, who is the second most 618 00:36:16,480 --> 00:36:20,640 Speaker 1: important person in the British government, he resigned dramatically last night, 619 00:36:20,840 --> 00:36:23,440 Speaker 1: and another very senior member said Diaby, these are the 620 00:36:23,480 --> 00:36:27,080 Speaker 1: ones that really dealt the very damaging blows. If another 621 00:36:27,239 --> 00:36:30,759 Speaker 1: very senior cabinet member were to walk today, I think 622 00:36:31,040 --> 00:36:33,520 Speaker 1: that could then prompt a bit more of a flood 623 00:36:33,600 --> 00:36:36,920 Speaker 1: and his position really would look very difficult. Okay. Political 624 00:36:36,960 --> 00:36:40,319 Speaker 1: instability never good for an economy, and probably the last 625 00:36:40,400 --> 00:36:44,640 Speaker 1: thing the UK economy needs right now is political instability. 626 00:36:44,760 --> 00:36:48,319 Speaker 1: If Johnson goals, what's the course ahead for the UK 627 00:36:48,760 --> 00:36:52,640 Speaker 1: do there's the fundamental change and the particies. Yeah, it's 628 00:36:52,640 --> 00:36:55,239 Speaker 1: a really good question. We know that his chancellor who 629 00:36:55,320 --> 00:36:57,920 Speaker 1: quit last night, and the Prime Minister had a difference 630 00:36:57,920 --> 00:37:00,120 Speaker 1: of opinion on how to steer Britain through the It's 631 00:37:00,200 --> 00:37:05,080 Speaker 1: very difficult in high inflationary, low growth period and Britain's 632 00:37:05,120 --> 00:37:07,960 Speaker 1: prospects are looking worse than most of the G seven 633 00:37:08,040 --> 00:37:12,080 Speaker 1: at the moment, Inflation surging to near eleven percent and 634 00:37:12,200 --> 00:37:16,160 Speaker 1: growth flatlining. And the Chancellor who quit last night wanted 635 00:37:16,200 --> 00:37:19,760 Speaker 1: to rain in um some of the spending. Johnson's instinct 636 00:37:19,960 --> 00:37:22,160 Speaker 1: is to ramp it up, try to stimulate the economy. 637 00:37:22,200 --> 00:37:23,800 Speaker 1: But what does that mean for inflation? The Bank of 638 00:37:23,840 --> 00:37:25,920 Speaker 1: England will be watching that very carefully. We don't know 639 00:37:26,080 --> 00:37:27,919 Speaker 1: much about the new Chancellor and it deems a hardy 640 00:37:28,000 --> 00:37:29,920 Speaker 1: what he might do. He's been on the airwaves this 641 00:37:30,040 --> 00:37:32,560 Speaker 1: morning saying everything is on the table. He's talking about 642 00:37:32,560 --> 00:37:35,320 Speaker 1: things like a corporation tax cut to try to boost 643 00:37:35,320 --> 00:37:39,120 Speaker 1: the economy and some public sector pay wages to try 644 00:37:39,200 --> 00:37:42,080 Speaker 1: to get people spending again. We may have an emergency 645 00:37:42,120 --> 00:37:45,120 Speaker 1: budget before too long as well. But again, what does 646 00:37:45,160 --> 00:37:47,879 Speaker 1: that mean for that high inflation rate? Will the Bank 647 00:37:47,920 --> 00:37:51,240 Speaker 1: of England have to act even faster to increase interest 648 00:37:51,360 --> 00:37:53,760 Speaker 1: rates to bring that under control? David always a pleasure. 649 00:37:53,840 --> 00:37:57,640 Speaker 1: David Baron Blomberg, Senior Executive and joining us from London 650 00:37:57,760 --> 00:38:00,719 Speaker 1: this morning, Karen, and it is live at day three 651 00:38:00,800 --> 00:38:03,640 Speaker 1: on Wall Street Time for our Bloomberg Law report. Let's 652 00:38:03,640 --> 00:38:06,040 Speaker 1: get to the legal stories we're watching this morning. From 653 00:38:06,080 --> 00:38:12,279 Speaker 1: Bloomberg's Jeff Bellinger, flederal court in New York rule that 654 00:38:12,400 --> 00:38:16,279 Speaker 1: IBM must face age discrimination claims filed by thirty four 655 00:38:16,400 --> 00:38:19,239 Speaker 1: former employees who allege they were fired as part of 656 00:38:19,280 --> 00:38:22,960 Speaker 1: an effort to oust older workers. Jet Blue settled arrest 657 00:38:23,080 --> 00:38:26,680 Speaker 1: break case in California. Flight attendants had charged they were 658 00:38:26,719 --> 00:38:30,120 Speaker 1: not paid for all hours worked and missed breaks, and 659 00:38:30,280 --> 00:38:33,560 Speaker 1: violation of state law. A new law in New Jersey 660 00:38:33,600 --> 00:38:36,520 Speaker 1: allows sixteen and seventeen year olds to work up to 661 00:38:36,680 --> 00:38:39,640 Speaker 1: ten hours a day and fifty hours a week during 662 00:38:39,680 --> 00:38:44,160 Speaker 1: their summer break. Bloomberg Law everything you need, all on 663 00:38:44,360 --> 00:38:49,839 Speaker 1: one legal research platform, including guidance analysis and Bloomberg Market Intelligence. 664 00:38:50,080 --> 00:38:53,600 Speaker 1: Find out more at Bloomberg Law dot com. Right, Jeff, 665 00:38:53,640 --> 00:38:56,120 Speaker 1: thank you Now. Another legal story we're watching. Looking to 666 00:38:56,280 --> 00:38:58,840 Speaker 1: next term of the Supreme Court, The Court has agreed 667 00:38:58,880 --> 00:39:01,719 Speaker 1: to use a North Carolina on a redistricting case to 668 00:39:01,800 --> 00:39:05,239 Speaker 1: consider adopting a far reaching legal doctrine that would shift 669 00:39:05,400 --> 00:39:08,960 Speaker 1: more federal election power to the state legislatures that are 670 00:39:09,000 --> 00:39:13,200 Speaker 1: now disproportionately controlled by Republicans. The appeal as the justices 671 00:39:13,239 --> 00:39:16,440 Speaker 1: to embrace what scholars call the independent state legislature theory, 672 00:39:17,040 --> 00:39:21,080 Speaker 1: which three conservative justices suggested they agreed with last March. 673 00:39:21,400 --> 00:39:24,400 Speaker 1: For Mark Bloomberg, JOm Grosso speaks to elections. Law expert 674 00:39:24,520 --> 00:39:28,560 Speaker 1: Richard Berthau, a professor at Columbia Law School, explain the 675 00:39:28,960 --> 00:39:33,560 Speaker 1: independent state legislature doctrine that seems to be picking up 676 00:39:33,640 --> 00:39:37,440 Speaker 1: steam lately. Well. The provision of the Constitution that deals 677 00:39:37,560 --> 00:39:41,600 Speaker 1: with elections for Congress. Article one basically says that the 678 00:39:41,680 --> 00:39:45,279 Speaker 1: state legislatures shall determine the time, place, and manner of 679 00:39:45,360 --> 00:39:48,640 Speaker 1: elections for Congress. Congress can override that, but in the 680 00:39:48,719 --> 00:39:52,120 Speaker 1: first instance, it's the state legislature. The word is legislature. Now, 681 00:39:52,200 --> 00:39:55,320 Speaker 1: until fairly recently, no one thought that meant a legislature 682 00:39:55,360 --> 00:39:57,680 Speaker 1: in particular, as opposed to kind of let's call it 683 00:39:57,760 --> 00:40:00,480 Speaker 1: the state legislative process. But the question has come up 684 00:40:00,640 --> 00:40:03,160 Speaker 1: as to whether or not the legislature in some sense 685 00:40:03,280 --> 00:40:06,520 Speaker 1: is independent of its state constitution, independent of the state 686 00:40:06,560 --> 00:40:10,560 Speaker 1: Supreme Court, so that when the state Supreme Court interprets 687 00:40:10,560 --> 00:40:14,160 Speaker 1: the state Constitution to set aside what the state legislature 688 00:40:14,200 --> 00:40:18,799 Speaker 1: has done, that triggers an Article one question and maybe 689 00:40:18,840 --> 00:40:21,359 Speaker 1: it's an Article one violation, and that's what's picked up 690 00:40:21,360 --> 00:40:23,880 Speaker 1: this idea of the independent state legislature doction, that's to 691 00:40:23,960 --> 00:40:27,239 Speaker 1: have the state legislature is actually independent of its own constitution, 692 00:40:27,440 --> 00:40:30,239 Speaker 1: independent of its own state Supreme Court. This doctrine has 693 00:40:30,280 --> 00:40:33,279 Speaker 1: been kicking around for about twenty years, and a number 694 00:40:33,280 --> 00:40:36,120 Speaker 1: of Supreme Court justices have indicated some support for it, 695 00:40:36,400 --> 00:40:40,120 Speaker 1: primarily in the context of presidential elections. But does it 696 00:40:40,239 --> 00:40:46,680 Speaker 1: seem as if adopting this independent state legislature doctrine would 697 00:40:46,880 --> 00:40:51,239 Speaker 1: upbend elections across the country. It would certainly do that 698 00:40:51,360 --> 00:40:55,640 Speaker 1: in situations where state courts have made some decisions well, 699 00:40:55,719 --> 00:40:58,880 Speaker 1: especially really interpreting state laws, let alone striking down. I 700 00:40:58,920 --> 00:41:02,760 Speaker 1: mean it would apply also not just to these gerrymandering decisions, 701 00:41:02,840 --> 00:41:05,520 Speaker 1: but he could conceivably apply to like a state Supreme 702 00:41:05,560 --> 00:41:09,520 Speaker 1: court interpreting the state's mail in ballot law in a 703 00:41:09,680 --> 00:41:13,959 Speaker 1: generous way, which says some members they legally toure a post. 704 00:41:14,200 --> 00:41:17,000 Speaker 1: It could also lead to the really odd result that 705 00:41:17,160 --> 00:41:21,200 Speaker 1: you would have different laws applying to different elections held 706 00:41:21,239 --> 00:41:23,400 Speaker 1: at the same time. I mean, there would be no 707 00:41:23,480 --> 00:41:26,520 Speaker 1: basis for using this doctrine for striking down the state 708 00:41:26,600 --> 00:41:30,480 Speaker 1: Supreme Court's interpretation or an application of the state mail 709 00:41:30,560 --> 00:41:33,640 Speaker 1: in ballot law or some other locate election law applied 710 00:41:33,680 --> 00:41:37,040 Speaker 1: to state elections. So you could conceivably have two different 711 00:41:37,160 --> 00:41:41,080 Speaker 1: rules applying to, say, voter registration or mail in ballot, 712 00:41:41,560 --> 00:41:44,280 Speaker 1: one applying to federal elections, one applying to state elections. 713 00:41:44,560 --> 00:41:46,960 Speaker 1: When both elections are held at the same time. It 714 00:41:47,000 --> 00:41:49,680 Speaker 1: could be quite chaotic. I mean, this could apply to 715 00:41:49,800 --> 00:41:54,960 Speaker 1: all kinds of voting measures, then absentee voting voter I D. Curbside, 716 00:41:55,239 --> 00:41:59,440 Speaker 1: we could apply to anything involving the election of Congress 717 00:41:59,680 --> 00:42:03,240 Speaker 1: and the Electoral College. And that's Richard Berfo, a professor 718 00:42:03,280 --> 00:42:06,799 Speaker 1: at Columbia Law School, speaking with Bloomberg June Grosso. Catch 719 00:42:06,840 --> 00:42:09,879 Speaker 1: more of that interview, plus analysis of the latest legal news, 720 00:42:09,960 --> 00:42:12,840 Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading the 721 00:42:12,920 --> 00:42:16,799 Speaker 1: show at Bloomberg dot com slash podcast. Attorneys can find 722 00:42:16,840 --> 00:42:20,080 Speaker 1: exceptional legal research and business development tools at Bloomberg Law 723 00:42:20,200 --> 00:42:23,400 Speaker 1: dot com and on the Bloomberg terminal at b Law Go. 724 00:42:24,320 --> 00:42:29,120 Speaker 1: Futures are now Little changed s and P futures now'sdack 725 00:42:29,200 --> 00:42:32,000 Speaker 1: future staff Futures again all little changed and your treasury 726 00:42:32,080 --> 00:42:34,480 Speaker 1: down one thirties second yeld two point eight one per 727 00:42:34,520 --> 00:42:36,799 Speaker 1: cent and the yield on the two year is at 728 00:42:36,840 --> 00:42:40,120 Speaker 1: two point eight three per cent and still ahead on 729 00:42:40,160 --> 00:42:42,640 Speaker 1: Bloomberg daybreak and check on the business headlines and all 730 00:42:42,640 --> 00:42:45,239 Speaker 1: the news you need to start your day. And this 731 00:42:45,719 --> 00:42:46,400 Speaker 1: is Bloomberg