Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're
Speaker 1: following today.
Speaker 2: Karen, we begin with a major move at the southern
Speaker 2: border with political implications. Later today, President Biden will sign
Speaker 2: an executive order that would effectively prevent new asylum claims
Speaker 2: until migrant crossings drop by about two thirds from where
Speaker 2: they are right now. As of last April, border agents
Speaker 2: encountered about forty three hundred undocumented migrants per day. White
Speaker 2: House spokeswoman Karin Jean Pierre says Congress had a chance
Speaker 2: to act on border policy last week.
Speaker 3: You saw Republicans in the Senate vote against against an
Speaker 3: opportunity to have the toughest farris piece of legislation that
Speaker 3: he wanted to sign into law to deal with the
Speaker 3: brooken system.
Speaker 2: White How spokesman Karin Jehan Pierre spoke aboard Air Force One. Now,
Speaker 2: the order does come with political risks for or the president.
Speaker 2: Progressive say ramping up deportations is an inhumane way to
Speaker 2: handle the border, but polls show immigration is a critical
Speaker 2: issue for voters. In a tight race between President Biden
Speaker 2: and former President Trump.
Speaker 1: Well Nathan, turning to politics, over sees early election results
Speaker 1: in India indicate the race is much closer than any
Speaker 1: of the exit polls estimated. Narendra Modi and his VJP
Speaker 1: party are seeking a third term running the world's fastest
Speaker 1: growing major economy. Bloomberg's Mary Nicola says markets are watching
Speaker 1: the results closely.
Speaker 4: The key thing here is just about what happens in
Speaker 4: terms of the formation of the government. If you get
Speaker 4: let's say, a supermajority. What happens if the government then
Speaker 4: focuses more on its political agenda rather than the economic agenda.
Speaker 4: And that's absolutely crucial and could actually put a little
Speaker 4: bit of a stop into the rally in Indian equities
Speaker 4: if we see that.
Speaker 1: Bloomberg's Mary and Nicola are referring there to the supermajority
Speaker 1: of two thirds of the seats in India's lower House
Speaker 1: that Mody is seeking and it allow us pretty to
Speaker 1: amend the constitution. Stocks in India are down more than
Speaker 1: five percent.
Speaker 2: During the markets in the US, Karen a glitch during
Speaker 2: a software update at the New York Stock Exchange. That
Speaker 2: is what's getting the blame for sparking trading halts and
Speaker 2: falsely displaying ninety nine percent drops in companies including Warren
Speaker 2: Buffett's Berkshire Hathaway. The disruption is one of multiple trading
Speaker 2: kiccups in recent days. It was resolved after forty five
Speaker 2: minutes when the exchange reverted to running a different software system.
Speaker 2: Bloomberg Financier reporter Catherine Doherty says the frequency likely is
Speaker 2: not a coincidence.
Speaker 5: We have seen three incidents in the last week or
Speaker 5: so since T plus one was implemented, and every time
Speaker 5: that there's been incidents like this, the answer has been, oh,
Speaker 5: it's not tied to T plus one. But again, if
Speaker 5: you have the third time, I think the questions are
Speaker 5: still going to be asked and hopefully we'll get more answers.
Speaker 2: Bloomberg's Catherine Doherty says NYSE will cancel the bad trades
Speaker 2: and review the erroneous halts to determine whether to cancel
Speaker 2: any of those.
Speaker 1: Well. Nathan, the retail stock trader who drove the game
Speaker 1: stop craze, is apparently worth as much as two hundred
Speaker 1: and ninety million dollars. Keith gil who goes by Roaring
Speaker 1: Kitty on Reddit, posted a screenshot of his portfolio showing
Speaker 1: a huge bet on Game Stop. Bloomberg's Bailey Lipshaltz says
Speaker 1: it's impossible to verify if it's real.
Speaker 6: The last time he posted an update on that portfolio.
Speaker 6: Last time checking in on the portfolio was worth about
Speaker 6: thirty four million dollars, so a humongous jump in terms
Speaker 6: of the actual value underlying that position, in addition to
Speaker 6: the fact that there's some forty five million dollars potentially
Speaker 6: in cash. But nonetheless it drove a flory of trading activity.
Speaker 1: In Bloomberg's Biley lip Schultz adds there are questions about
Speaker 1: how far the game Stop rally can go, given them
Speaker 1: many changes since the meme rally in twenty twenty one,
Speaker 1: game Stop shares, which jump twenty one percent yesterday, are
Speaker 1: down well, actually now they're up again, up about one
Speaker 1: percent in early trading.
Speaker 2: Yeah, we'll have to be keeping an eye on that
Speaker 2: throughout the morning. Karen and can see to follow the
Speaker 2: chip wars as well, because the CEO of Intel is
Speaker 2: now firing back at Nvidia. Pad Gelsinger took the stage
Speaker 2: at the computext show in Taiwan to talk about new
Speaker 2: products you expect to help turn back the tide if
Speaker 2: share losses to peers like the AI chip Darling in Vidia,
Speaker 2: he did take a direct shot at Nvidia CEO Jensen
Speaker 2: Wong and his claim that traditional processors like Intel's are
Speaker 2: running out of steam in the age of artificial intelligence.
Speaker 7: Were looking out to have a billion transistors on a
Speaker 7: single chip and even looking to a trillion transistors in
Speaker 7: a single package by the end of the jet of
Speaker 7: the decade. And unlike what Jensen might have you believe
Speaker 7: Moore's law is alive and well.
Speaker 2: Intel CEO Pat Gelsinger, he was brought back to the
Speaker 2: company three years ago to turn its fortunes around and
Speaker 2: has spent heavily to revitalize Intel's offerings, building out a
Speaker 2: factory network. He has said, well, reclaim leadership in chip
Speaker 2: design and manufacturing.
Speaker 1: Well, let's stay in Asia. Than China is taking its
Speaker 1: domestic problems and exporting them to the rest of the world.
Speaker 1: That's what the US Ambassador to Japan, Rama Manuel is
Speaker 1: saying in an interview with Bloomberg Television.
Speaker 8: China is not going to win the Good Neighbor Award.
Speaker 8: They have a problem with India, they have a problem
Speaker 8: with the Philippines, they have a problem. They're right now
Speaker 8: creating economic coersion against Japan on Phish even though they're
Speaker 8: still fishing that area.
Speaker 1: RAMA Manual is accusing China of over manufacturing its subsidized prices.
Speaker 1: China denies that. President Xijianping says his country's exports are
Speaker 1: helping to ease global inflation and support the clean energy transition.
Speaker 2: Let's get to some more company news now. Karen Airbus
Speaker 2: maybe closing in on a deal with China. Bloomberg News
Speaker 2: has learned the planemakers negotiating a major sale of more
Speaker 2: than one hundred aircraft to the Asian nation. Talks have
Speaker 2: gained momentum since President Shi Jinping visited his French counterparty
Speaker 2: Manuel mccrawl last month.
Speaker 9: Well Nathan.
Speaker 1: Bank of America is changing its parental leave protocol in Asia.
Speaker 1: According to an internal memo, permanent employees will now be
Speaker 1: allowed twenty six weeks, of which sixteen weeks will be paid.
Speaker 1: Lenders across the region have been boosting parental leave. While
Speaker 1: Bank of America's new leave program offers more options for parents,
Speaker 1: the paid leave benefit falls short of what's offered in
Speaker 1: other banks. And it's time now for a look at
Speaker 1: some of the other stories making news in New York
Speaker 1: and around the world.
Speaker 10: For that, we're joined by Bloomberg's Michael Barr. Michael, good Morning,
Speaker 10: Good morning Karen. Today's primary day in New Jersey. It
Speaker 10: comes as Senator Bob Menendez has filed a petition to
Speaker 10: get on the US Senate ballot in New Jersey as
Speaker 10: an independent candidate in the November election. Menendez is standing
Speaker 10: trial on federal corruption charges. In a statement posting on
Speaker 10: social media, Menendez, who won his Senate seat as a Democrat,
Speaker 10: says he's more confident than ever that New Jersey ins
Speaker 10: and the rest of the American public will see me
Speaker 10: exonerated of what I am being accused of, and I
Speaker 10: will be realized to the Senate once again. Doctor Anthony
Speaker 10: Fauci returned to Capitol Hill to face questions from members
Speaker 10: of the House Select Subcommittee on the coronavirus pandemic. House
Speaker 10: Republicans grilled Fauci, who served as President Biden's chief medical advisor,
Speaker 10: on a number of pandemic era allegations. During the hearing,
Speaker 10: Fauci denied any cover ups, which he said have resulted
Speaker 10: in threats against him and his family.
Speaker 11: It is very troublesome to me.
Speaker 3: It is much more troublesome because they've involved my wife
Speaker 3: and my three daughters.
Speaker 12: During the nearly four hour hearing, Fauci defended his record
Speaker 12: as the face of the nation's pandemic response, facing hostile
Speaker 12: questions over policies like social distancing and masks. A crackdown
Speaker 12: on social media push by New York Governor Caathy Hokel
Speaker 12: appears to be gaining support among state lawmakers. The bill
Speaker 12: would ban social media companies from using algorithms on what
Speaker 12: miners see. The governor shared her concerns about kids' mental
Speaker 12: health last month.
Speaker 3: They're dealing with the negative effects on mental health that
Speaker 3: is driven by social media.
Speaker 12: The measure would ban apps from sending alerts to children
Speaker 12: between midnight and six am, and it would prohibit selling
Speaker 12: their data. The proposal is likely to face legal challenges.
Speaker 12: Amid free speech concerns, New York Mayor Eric Adams is
Speaker 12: sounding the alarm about unlicensed street vendors accompanied by minors.
Speaker 12: Adams says migrants should be allowed to work, and he
Speaker 12: once again slammed the federal response to the migrant crisis.
Speaker 12: Let them brok, not illegal.
Speaker 10: Bending is not broking it's illegal.
Speaker 12: I'm Michael Barr Kron.
Speaker 1: All right, Michael, thank you, Tae. Time now for the
Speaker 1: Bloomberg Sports Update with John Stanshawer.
Speaker 11: John, Good morning, Good morning, Karen. Was only two years
Speaker 11: ago that the Mets finished the season forty six games
Speaker 11: ahead of the Nationals. This season, Washington as the better record.
Speaker 11: Two teams begin a series of d Mets hung on
Speaker 11: at the end one eight to seven, and that scored
Speaker 11: twice in the ninth at the sign run a third,
Speaker 11: just the Mets sixth win in the last twenty one games.
Speaker 11: The Orioles won in Toronto seven to two. As hon
Speaker 11: as the Yankees have been. Baldom were only two and
Speaker 11: a half games behind in only one game in the
Speaker 11: lost column. Yanks back home from the seven to two
Speaker 11: road chip, they host Minnesota, who they swept in mid May.
Speaker 11: They took those three games by a combined fourteen to one.
Speaker 11: Quarterfinals against eighth the French Open Coco Golf takes on
Speaker 11: Hans Javor, Carlos Alcaraz meets Stefano sits Apasta and Neil
Speaker 11: Medmane have lost his fourth round match. No Bak Djokovic
Speaker 11: won his in his last two matches, Djokovic has played
Speaker 11: ten sets, been on the court for nine hours. A
Speaker 11: lot of attention still being paid to what happened in
Speaker 11: the WNBA game There's passed Saturday. Caitlyn Clark the recipient
Speaker 11: of a cheap shot hip check from Chicago's Kennedy Carter,
Speaker 11: who seemed to target Clark. She refused to talk about
Speaker 11: it after the game, but did speak yesterday.
Speaker 3: I'm a competitor, and I'm gonna compete no matter who
Speaker 3: you are and no matter who's in front of me.
Speaker 13: That's just what it was.
Speaker 11: Heated the moment play.
Speaker 3: We're getting at it. We're going back and forth a
Speaker 3: basketball to saw hooks.
Speaker 4: After we finished the game.
Speaker 13: It's all loved.
Speaker 11: Porter said she has no regrets. Clark and Indiana won
Speaker 11: the game by one point, but then lost Sunday to
Speaker 11: the Liberty by thirty six when Clark scored only three
Speaker 11: points in the Fevers record two and nine. NBA Hall
Speaker 11: of Famer Alonzo Morning, now fifty four, revealed he battled
Speaker 11: prostate cancer is now cancer free. NFL Hall of Famer
Speaker 11: Larry Allen died suddenly while on vacation in Mexico. He
Speaker 11: was fifty two. Allen an eleven time Pro Bowl alignment
Speaker 11: on the Dallas Cowboy teams that won three Super Bowls.
Speaker 11: Two days after Real Madrid won the Champions League, the
Speaker 11: team announced the sonning of the French star Chillian and
Speaker 11: Buppy Johns Stas Shawer Bloomberg Sports canadon.
Speaker 12: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 12: and around the world on Bloomberg dot Com and the
Speaker 12: Bloomberg Business app. This is Bloomberg.
Speaker 2: Daybreak, Good Morning on Nathan Hager. Immigration and border security.
Speaker 2: They are the main issues for voters, at least some
Speaker 2: of them heading into the November election, and one of
Speaker 2: President Biden's biggest political liabilities as well. But now the
Speaker 2: President plans to tackle it later today with an executive
Speaker 2: order that would sharply curtail asylum claims at the US
Speaker 2: Mexico border. And for more on this, we're joined by
Speaker 2: Bloomberg New Senior editor Bill Ferries. Bill, Good morning. How
Speaker 2: sharply would this order curtail asylum claims?
Speaker 9: Well, what we're hearing right now, Nathan, is that you know,
Speaker 9: we've seen levels of about forty three hundred encounters per
Speaker 9: day at the border in April with undocumented migrants. This
Speaker 9: would kick This would kick in once this document that
Speaker 9: the President aside, we kick in when it hits twenty
Speaker 9: five hundred. You're talking about, you know, almost more than
Speaker 9: half of the asylum seekers at the April levels. But
Speaker 9: we've had levels of ten thousand per day at some
Speaker 9: points in this crisis. So it would be a real
Speaker 9: sharp curtailment from what we've seen a kind of the
Speaker 9: peak periods of the immigration flow across the border.
Speaker 2: Bill, Let's talk about the politics of this, because it
Speaker 2: seems like the pendulum has really swung when it comes
Speaker 2: to how Democrats and Republicans are encountering this issue. And
Speaker 2: you know, for I would order like this to come
Speaker 2: nearly five months to the day before the election. I mean,
Speaker 2: is there a question around the timing of this, whether
Speaker 2: the President is playing this for politics?
Speaker 9: Oh, there's absolutely no doubt about the timing. I mean,
Speaker 9: you know, we're more than three years into President Biden's
Speaker 9: term in office. You know, when he took office, there
Speaker 9: was a lot of frustration in both parties. I think
Speaker 9: about President Trump's previous policies, but the real focus when
Speaker 9: Biden took office was you know, the COVID crisis in
Speaker 9: getting vack scenes out. But to come around to immigration
Speaker 9: at you know, three and a half years later, I think, well,
Speaker 9: it does have a very strong appearance of being all
Speaker 9: about the politics. And I think that's the criticism you're
Speaker 9: going to hear from Republicans on this from the get go.
Speaker 9: It's going to be, hey, you know, where have you
Speaker 9: been on this? In that time, We've had hundreds of
Speaker 9: thousands of people come across the border, straining a lot
Speaker 9: of social services and cities, not just in the South,
Speaker 9: but you know, Texas has busted and flown more than
Speaker 9: one hundred and five thousand immigrants to other areas, including
Speaker 9: the northeast California, places like that. So I think the
Speaker 9: President's opponents will say it's been a long time coming.
Speaker 2: I guess the President and his supporters could say, well,
Speaker 2: we had a bipartisan deal in the Senate and Republicans
Speaker 2: spiked that.
Speaker 9: Yeah, And I think if you remember at the time, though,
Speaker 9: the White House's argument was that they wanted some authorities
Speaker 9: that they didn't think the President had. Assigning this executive
Speaker 9: order is going to raise questions about that. Now, this
Speaker 9: order is probably going to face some legal challenges. So
Speaker 9: whether it stands up in court after people go take
Speaker 9: that route with it remains to be seen. But I
Speaker 9: think the president's opponents on the Republican side at least
Speaker 9: will say he should have tried this earlier. And of
Speaker 9: course there's going to be a lot of politics on
Speaker 9: the Democratic side of this too, particularly on the President's left,
Speaker 9: from people who are not going to be supportive of
Speaker 9: this initiative.
Speaker 13: This is Bloomberg Daybreak Today, your morning brief on the
Speaker 13: stories making news from Wall Street to Washington and beyond.
Speaker 1: Look for us on your podcast feed at six am
Speaker 1: Eastern each morning, on Apple, Spotify, and anywhere else you
Speaker 1: get your podcasts.
Speaker 13: You can also listen live each morning starting at five
Speaker 13: am Wall Street time on Bloomberg eleven three to zero
Speaker 13: in New York, Bloomberg ninety nine to one in Washington,
Speaker 13: Bloomberg one oh six to one in Boston, and Bloomberg
Speaker 13: ninety sixty in San Francisco.
Speaker 1: Our flagship New York station is also available on your
Speaker 1: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
Speaker 13: Plus listen coast to coast on the Bloomberg Business app. SERRIUSXM.
Speaker 13: The iHeartRadio app and on Bloomberg dot Com. I'm Nathan
Speaker 13: Hager and I'm Karen Moss.
Speaker 1: Join us again tomorrow morning for all the news you
Speaker 1: need to start your day, right here on Bloomberg Daybreak