WEBVTT - Biden's Border Move; India Election Sends Markets Tumbling

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Nathan

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

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<v Speaker 1>following today.

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<v Speaker 2>Karen, we begin with a major move at the southern

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<v Speaker 2>border with political implications. Later today, President Biden will sign

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<v Speaker 2>an executive order that would effectively prevent new asylum claims

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<v Speaker 2>until migrant crossings drop by about two thirds from where

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<v Speaker 2>they are right now. As of last April, border agents

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<v Speaker 2>encountered about forty three hundred undocumented migrants per day. White

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<v Speaker 2>House spokeswoman Karin Jean Pierre says Congress had a chance

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<v Speaker 2>to act on border policy last week.

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<v Speaker 3>You saw Republicans in the Senate vote against against an

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<v Speaker 3>opportunity to have the toughest farris piece of legislation that

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<v Speaker 3>he wanted to sign into law to deal with the

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<v Speaker 3>brooken system.

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<v Speaker 2>White How spokesman Karin Jehan Pierre spoke aboard Air Force One. Now,

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<v Speaker 2>the order does come with political risks for or the president.

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<v Speaker 2>Progressive say ramping up deportations is an inhumane way to

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<v Speaker 2>handle the border, but polls show immigration is a critical

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<v Speaker 2>issue for voters. In a tight race between President Biden

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<v Speaker 2>and former President Trump.

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<v Speaker 1>Well Nathan, turning to politics, over sees early election results

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<v Speaker 1>in India indicate the race is much closer than any

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<v Speaker 1>of the exit polls estimated. Narendra Modi and his VJP

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<v Speaker 1>party are seeking a third term running the world's fastest

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<v Speaker 1>growing major economy. Bloomberg's Mary Nicola says markets are watching

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<v Speaker 1>the results closely.

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<v Speaker 4>The key thing here is just about what happens in

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<v Speaker 4>terms of the formation of the government. If you get

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<v Speaker 4>let's say, a supermajority. What happens if the government then

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<v Speaker 4>focuses more on its political agenda rather than the economic agenda.

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<v Speaker 4>And that's absolutely crucial and could actually put a little

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<v Speaker 4>bit of a stop into the rally in Indian equities

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<v Speaker 4>if we see that.

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<v Speaker 1>Bloomberg's Mary and Nicola are referring there to the supermajority

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<v Speaker 1>of two thirds of the seats in India's lower House

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<v Speaker 1>that Mody is seeking and it allow us pretty to

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<v Speaker 1>amend the constitution. Stocks in India are down more than

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<v Speaker 1>five percent.

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<v Speaker 2>During the markets in the US, Karen a glitch during

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<v Speaker 2>a software update at the New York Stock Exchange. That

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<v Speaker 2>is what's getting the blame for sparking trading halts and

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<v Speaker 2>falsely displaying ninety nine percent drops in companies including Warren

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<v Speaker 2>Buffett's Berkshire Hathaway. The disruption is one of multiple trading

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<v Speaker 2>kiccups in recent days. It was resolved after forty five

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<v Speaker 2>minutes when the exchange reverted to running a different software system.

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<v Speaker 2>Bloomberg Financier reporter Catherine Doherty says the frequency likely is

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<v Speaker 2>not a coincidence.

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<v Speaker 5>We have seen three incidents in the last week or

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<v Speaker 5>so since T plus one was implemented, and every time

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<v Speaker 5>that there's been incidents like this, the answer has been, oh,

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<v Speaker 5>it's not tied to T plus one. But again, if

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<v Speaker 5>you have the third time, I think the questions are

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<v Speaker 5>still going to be asked and hopefully we'll get more answers.

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<v Speaker 2>Bloomberg's Catherine Doherty says NYSE will cancel the bad trades

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<v Speaker 2>and review the erroneous halts to determine whether to cancel

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<v Speaker 2>any of those.

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<v Speaker 1>Well. Nathan, the retail stock trader who drove the game

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<v Speaker 1>stop craze, is apparently worth as much as two hundred

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<v Speaker 1>and ninety million dollars. Keith gil who goes by Roaring

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<v Speaker 1>Kitty on Reddit, posted a screenshot of his portfolio showing

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<v Speaker 1>a huge bet on Game Stop. Bloomberg's Bailey Lipshaltz says

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<v Speaker 1>it's impossible to verify if it's real.

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<v Speaker 6>The last time he posted an update on that portfolio.

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<v Speaker 6>Last time checking in on the portfolio was worth about

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<v Speaker 6>thirty four million dollars, so a humongous jump in terms

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<v Speaker 6>of the actual value underlying that position, in addition to

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<v Speaker 6>the fact that there's some forty five million dollars potentially

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<v Speaker 6>in cash. But nonetheless it drove a flory of trading activity.

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<v Speaker 1>In Bloomberg's Biley lip Schultz adds there are questions about

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<v Speaker 1>how far the game Stop rally can go, given them

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<v Speaker 1>many changes since the meme rally in twenty twenty one,

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<v Speaker 1>game Stop shares, which jump twenty one percent yesterday, are

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<v Speaker 1>down well, actually now they're up again, up about one

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<v Speaker 1>percent in early trading.

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<v Speaker 2>Yeah, we'll have to be keeping an eye on that

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<v Speaker 2>throughout the morning. Karen and can see to follow the

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<v Speaker 2>chip wars as well, because the CEO of Intel is

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<v Speaker 2>now firing back at Nvidia. Pad Gelsinger took the stage

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<v Speaker 2>at the computext show in Taiwan to talk about new

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<v Speaker 2>products you expect to help turn back the tide if

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<v Speaker 2>share losses to peers like the AI chip Darling in Vidia,

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<v Speaker 2>he did take a direct shot at Nvidia CEO Jensen

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<v Speaker 2>Wong and his claim that traditional processors like Intel's are

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<v Speaker 2>running out of steam in the age of artificial intelligence.

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<v Speaker 7>Were looking out to have a billion transistors on a

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<v Speaker 7>single chip and even looking to a trillion transistors in

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<v Speaker 7>a single package by the end of the jet of

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<v Speaker 7>the decade. And unlike what Jensen might have you believe

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<v Speaker 7>Moore's law is alive and well.

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<v Speaker 2>Intel CEO Pat Gelsinger, he was brought back to the

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<v Speaker 2>company three years ago to turn its fortunes around and

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<v Speaker 2>has spent heavily to revitalize Intel's offerings, building out a

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<v Speaker 2>factory network. He has said, well, reclaim leadership in chip

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<v Speaker 2>design and manufacturing.

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<v Speaker 1>Well, let's stay in Asia. Than China is taking its

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<v Speaker 1>domestic problems and exporting them to the rest of the world.

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<v Speaker 1>That's what the US Ambassador to Japan, Rama Manuel is

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<v Speaker 1>saying in an interview with Bloomberg Television.

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<v Speaker 8>China is not going to win the Good Neighbor Award.

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<v Speaker 8>They have a problem with India, they have a problem

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<v Speaker 8>with the Philippines, they have a problem. They're right now

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<v Speaker 8>creating economic coersion against Japan on Phish even though they're

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<v Speaker 8>still fishing that area.

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<v Speaker 1>RAMA Manual is accusing China of over manufacturing its subsidized prices.

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<v Speaker 1>China denies that. President Xijianping says his country's exports are

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<v Speaker 1>helping to ease global inflation and support the clean energy transition.

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<v Speaker 2>Let's get to some more company news now. Karen Airbus

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<v Speaker 2>maybe closing in on a deal with China. Bloomberg News

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<v Speaker 2>has learned the planemakers negotiating a major sale of more

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<v Speaker 2>than one hundred aircraft to the Asian nation. Talks have

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<v Speaker 2>gained momentum since President Shi Jinping visited his French counterparty

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<v Speaker 2>Manuel mccrawl last month.

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<v Speaker 9>Well Nathan.

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<v Speaker 1>Bank of America is changing its parental leave protocol in Asia.

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<v Speaker 1>According to an internal memo, permanent employees will now be

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<v Speaker 1>allowed twenty six weeks, of which sixteen weeks will be paid.

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<v Speaker 1>Lenders across the region have been boosting parental leave. While

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<v Speaker 1>Bank of America's new leave program offers more options for parents,

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<v Speaker 1>the paid leave benefit falls short of what's offered in

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<v Speaker 1>other banks. And it's time now for a look at

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<v Speaker 1>some of the other stories making news in New York

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<v Speaker 1>and around the world.

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<v Speaker 10>For that, we're joined by Bloomberg's Michael Barr. Michael, good Morning,

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<v Speaker 10>Good morning Karen. Today's primary day in New Jersey. It

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<v Speaker 10>comes as Senator Bob Menendez has filed a petition to

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<v Speaker 10>get on the US Senate ballot in New Jersey as

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<v Speaker 10>an independent candidate in the November election. Menendez is standing

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<v Speaker 10>trial on federal corruption charges. In a statement posting on

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<v Speaker 10>social media, Menendez, who won his Senate seat as a Democrat,

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<v Speaker 10>says he's more confident than ever that New Jersey ins

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<v Speaker 10>and the rest of the American public will see me

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<v Speaker 10>exonerated of what I am being accused of, and I

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<v Speaker 10>will be realized to the Senate once again. Doctor Anthony

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<v Speaker 10>Fauci returned to Capitol Hill to face questions from members

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<v Speaker 10>of the House Select Subcommittee on the coronavirus pandemic. House

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<v Speaker 10>Republicans grilled Fauci, who served as President Biden's chief medical advisor,

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<v Speaker 10>on a number of pandemic era allegations. During the hearing,

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<v Speaker 10>Fauci denied any cover ups, which he said have resulted

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<v Speaker 10>in threats against him and his family.

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<v Speaker 11>It is very troublesome to me.

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<v Speaker 3>It is much more troublesome because they've involved my wife

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<v Speaker 3>and my three daughters.

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<v Speaker 12>During the nearly four hour hearing, Fauci defended his record

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<v Speaker 12>as the face of the nation's pandemic response, facing hostile

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<v Speaker 12>questions over policies like social distancing and masks. A crackdown

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<v Speaker 12>on social media push by New York Governor Caathy Hokel

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<v Speaker 12>appears to be gaining support among state lawmakers. The bill

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<v Speaker 12>would ban social media companies from using algorithms on what

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<v Speaker 12>miners see. The governor shared her concerns about kids' mental

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<v Speaker 12>health last month.

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<v Speaker 3>They're dealing with the negative effects on mental health that

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<v Speaker 3>is driven by social media.

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<v Speaker 12>The measure would ban apps from sending alerts to children

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<v Speaker 12>between midnight and six am, and it would prohibit selling

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<v Speaker 12>their data. The proposal is likely to face legal challenges.

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<v Speaker 12>Amid free speech concerns, New York Mayor Eric Adams is

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<v Speaker 12>sounding the alarm about unlicensed street vendors accompanied by minors.

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<v Speaker 12>Adams says migrants should be allowed to work, and he

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<v Speaker 12>once again slammed the federal response to the migrant crisis.

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<v Speaker 12>Let them brok, not illegal.

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<v Speaker 10>Bending is not broking it's illegal.

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<v Speaker 12>I'm Michael Barr Kron.

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<v Speaker 1>All right, Michael, thank you, Tae. Time now for the

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<v Speaker 1>Bloomberg Sports Update with John Stanshawer.

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<v Speaker 11>John, Good morning, Good morning, Karen. Was only two years

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<v Speaker 11>ago that the Mets finished the season forty six games

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<v Speaker 11>ahead of the Nationals. This season, Washington as the better record.

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<v Speaker 11>Two teams begin a series of d Mets hung on

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<v Speaker 11>at the end one eight to seven, and that scored

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<v Speaker 11>twice in the ninth at the sign run a third,

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<v Speaker 11>just the Mets sixth win in the last twenty one games.

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<v Speaker 11>The Orioles won in Toronto seven to two. As hon

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<v Speaker 11>as the Yankees have been. Baldom were only two and

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<v Speaker 11>a half games behind in only one game in the

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<v Speaker 11>lost column. Yanks back home from the seven to two

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<v Speaker 11>road chip, they host Minnesota, who they swept in mid May.

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<v Speaker 11>They took those three games by a combined fourteen to one.

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<v Speaker 11>Quarterfinals against eighth the French Open Coco Golf takes on

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<v Speaker 11>Hans Javor, Carlos Alcaraz meets Stefano sits Apasta and Neil

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<v Speaker 11>Medmane have lost his fourth round match. No Bak Djokovic

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<v Speaker 11>won his in his last two matches, Djokovic has played

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<v Speaker 11>ten sets, been on the court for nine hours. A

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<v Speaker 11>lot of attention still being paid to what happened in

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<v Speaker 11>the WNBA game There's passed Saturday. Caitlyn Clark the recipient

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<v Speaker 11>of a cheap shot hip check from Chicago's Kennedy Carter,

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<v Speaker 11>who seemed to target Clark. She refused to talk about

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<v Speaker 11>it after the game, but did speak yesterday.

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<v Speaker 3>I'm a competitor, and I'm gonna compete no matter who

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<v Speaker 3>you are and no matter who's in front of me.

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<v Speaker 13>That's just what it was.

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<v Speaker 11>Heated the moment play.

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<v Speaker 3>We're getting at it. We're going back and forth a

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<v Speaker 3>basketball to saw hooks.

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<v Speaker 4>After we finished the game.

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<v Speaker 13>It's all loved.

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<v Speaker 11>Porter said she has no regrets. Clark and Indiana won

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<v Speaker 11>the game by one point, but then lost Sunday to

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<v Speaker 11>the Liberty by thirty six when Clark scored only three

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<v Speaker 11>points in the Fevers record two and nine. NBA Hall

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<v Speaker 11>of Famer Alonzo Morning, now fifty four, revealed he battled

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<v Speaker 11>prostate cancer is now cancer free. NFL Hall of Famer

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<v Speaker 11>Larry Allen died suddenly while on vacation in Mexico. He

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<v Speaker 11>was fifty two. Allen an eleven time Pro Bowl alignment

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<v Speaker 11>on the Dallas Cowboy teams that won three Super Bowls.

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<v Speaker 11>Two days after Real Madrid won the Champions League, the

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<v Speaker 11>team announced the sonning of the French star Chillian and

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<v Speaker 11>Buppy Johns Stas Shawer Bloomberg Sports canadon.

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<v Speaker 12>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 12>and around the world on Bloomberg dot Com and the

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<v Speaker 12>Bloomberg Business app. This is Bloomberg.

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<v Speaker 2>Daybreak, Good Morning on Nathan Hager. Immigration and border security.

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<v Speaker 2>They are the main issues for voters, at least some

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<v Speaker 2>of them heading into the November election, and one of

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<v Speaker 2>President Biden's biggest political liabilities as well. But now the

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<v Speaker 2>President plans to tackle it later today with an executive

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<v Speaker 2>order that would sharply curtail asylum claims at the US

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<v Speaker 2>Mexico border. And for more on this, we're joined by

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<v Speaker 2>Bloomberg New Senior editor Bill Ferries. Bill, Good morning. How

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<v Speaker 2>sharply would this order curtail asylum claims?

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<v Speaker 9>Well, what we're hearing right now, Nathan, is that you know,

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<v Speaker 9>we've seen levels of about forty three hundred encounters per

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<v Speaker 9>day at the border in April with undocumented migrants. This

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<v Speaker 9>would kick This would kick in once this document that

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<v Speaker 9>the President aside, we kick in when it hits twenty

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<v Speaker 9>five hundred. You're talking about, you know, almost more than

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<v Speaker 9>half of the asylum seekers at the April levels. But

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<v Speaker 9>we've had levels of ten thousand per day at some

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<v Speaker 9>points in this crisis. So it would be a real

0:11:57.600 --> 0:12:00.360
<v Speaker 9>sharp curtailment from what we've seen a kind of the

0:12:00.360 --> 0:12:03.880
<v Speaker 9>peak periods of the immigration flow across the border.

0:12:03.920 --> 0:12:06.680
<v Speaker 2>Bill, Let's talk about the politics of this, because it

0:12:06.760 --> 0:12:09.760
<v Speaker 2>seems like the pendulum has really swung when it comes

0:12:09.800 --> 0:12:15.120
<v Speaker 2>to how Democrats and Republicans are encountering this issue. And

0:12:15.440 --> 0:12:17.320
<v Speaker 2>you know, for I would order like this to come

0:12:17.640 --> 0:12:20.800
<v Speaker 2>nearly five months to the day before the election. I mean,

0:12:20.880 --> 0:12:23.000
<v Speaker 2>is there a question around the timing of this, whether

0:12:23.040 --> 0:12:24.920
<v Speaker 2>the President is playing this for politics?

0:12:25.480 --> 0:12:28.079
<v Speaker 9>Oh, there's absolutely no doubt about the timing. I mean,

0:12:28.160 --> 0:12:32.280
<v Speaker 9>you know, we're more than three years into President Biden's

0:12:32.520 --> 0:12:36.360
<v Speaker 9>term in office. You know, when he took office, there

0:12:36.480 --> 0:12:39.280
<v Speaker 9>was a lot of frustration in both parties. I think

0:12:39.320 --> 0:12:43.000
<v Speaker 9>about President Trump's previous policies, but the real focus when

0:12:43.040 --> 0:12:45.360
<v Speaker 9>Biden took office was you know, the COVID crisis in

0:12:45.400 --> 0:12:49.280
<v Speaker 9>getting vack scenes out. But to come around to immigration

0:12:50.440 --> 0:12:53.040
<v Speaker 9>at you know, three and a half years later, I think, well,

0:12:53.520 --> 0:12:55.960
<v Speaker 9>it does have a very strong appearance of being all

0:12:56.000 --> 0:12:58.719
<v Speaker 9>about the politics. And I think that's the criticism you're

0:12:58.760 --> 0:13:02.560
<v Speaker 9>going to hear from Republicans on this from the get go.

0:13:02.679 --> 0:13:04.199
<v Speaker 9>It's going to be, hey, you know, where have you

0:13:04.320 --> 0:13:07.280
<v Speaker 9>been on this? In that time, We've had hundreds of

0:13:07.320 --> 0:13:11.080
<v Speaker 9>thousands of people come across the border, straining a lot

0:13:11.120 --> 0:13:13.640
<v Speaker 9>of social services and cities, not just in the South,

0:13:13.720 --> 0:13:18.120
<v Speaker 9>but you know, Texas has busted and flown more than

0:13:18.160 --> 0:13:22.360
<v Speaker 9>one hundred and five thousand immigrants to other areas, including

0:13:22.400 --> 0:13:26.200
<v Speaker 9>the northeast California, places like that. So I think the

0:13:26.240 --> 0:13:28.600
<v Speaker 9>President's opponents will say it's been a long time coming.

0:13:29.120 --> 0:13:32.840
<v Speaker 2>I guess the President and his supporters could say, well,

0:13:32.920 --> 0:13:35.920
<v Speaker 2>we had a bipartisan deal in the Senate and Republicans

0:13:35.960 --> 0:13:36.400
<v Speaker 2>spiked that.

0:13:38.000 --> 0:13:39.959
<v Speaker 9>Yeah, And I think if you remember at the time, though,

0:13:40.000 --> 0:13:43.560
<v Speaker 9>the White House's argument was that they wanted some authorities

0:13:43.600 --> 0:13:47.320
<v Speaker 9>that they didn't think the President had. Assigning this executive

0:13:47.440 --> 0:13:49.760
<v Speaker 9>order is going to raise questions about that. Now, this

0:13:49.920 --> 0:13:53.160
<v Speaker 9>order is probably going to face some legal challenges. So

0:13:53.559 --> 0:13:57.640
<v Speaker 9>whether it stands up in court after people go take

0:13:57.679 --> 0:14:00.560
<v Speaker 9>that route with it remains to be seen. But I

0:14:00.559 --> 0:14:03.240
<v Speaker 9>think the president's opponents on the Republican side at least

0:14:03.280 --> 0:14:05.560
<v Speaker 9>will say he should have tried this earlier. And of

0:14:05.559 --> 0:14:07.760
<v Speaker 9>course there's going to be a lot of politics on

0:14:07.800 --> 0:14:11.240
<v Speaker 9>the Democratic side of this too, particularly on the President's left,

0:14:11.640 --> 0:14:13.800
<v Speaker 9>from people who are not going to be supportive of

0:14:13.840 --> 0:14:14.599
<v Speaker 9>this initiative.

0:14:14.840 --> 0:14:17.880
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