1 00:00:02,520 --> 00:00:05,920 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:05,960 --> 00:00:10,080 Speaker 1: Daybreak for Tuesday, July two. Coming up this hour, Good 3 00:00:10,160 --> 00:00:13,520 Speaker 1: Nation grapples with gun violence, get again about the holiday weekend. 4 00:00:13,880 --> 00:00:16,760 Speaker 1: There are forts of tariff talks between the US and China. 5 00:00:16,880 --> 00:00:20,040 Speaker 1: It's a big band strategists warned of a continued growth 6 00:00:20,040 --> 00:00:22,560 Speaker 1: slow down, and city groups says oil could be in 7 00:00:22,600 --> 00:00:26,000 Speaker 1: for a major decline in event of a recession. U 8 00:00:26,120 --> 00:00:28,680 Speaker 1: n B A star Britney grinder pleads with the president 9 00:00:28,720 --> 00:00:32,120 Speaker 1: bike to get around in Russia. Plus fireworks lit up 10 00:00:32,159 --> 00:00:35,000 Speaker 1: the sky in New York. I'm Michael bar More ahead 11 00:00:35,120 --> 00:00:37,479 Speaker 1: and I Scott Zachberg and the bets when the Yankees 12 00:00:37,479 --> 00:00:39,960 Speaker 1: were off. Plus enough there on Wimbledon. I'll have that 13 00:00:40,080 --> 00:00:45,519 Speaker 1: more coming up in sports. That's all straight Ahead on 14 00:00:45,600 --> 00:00:51,080 Speaker 1: Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington, 15 00:00:51,200 --> 00:00:54,520 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 16 00:00:54,560 --> 00:00:58,720 Speaker 1: sixties and Francisco Syrius XM one nineteen and around the 17 00:00:58,720 --> 00:01:09,440 Speaker 1: world on Bloomberger dot Com and via the Bloomberg Business Act. 18 00:01:11,360 --> 00:01:14,959 Speaker 1: Good Morning on John Tucker in Moscow and US Dock 19 00:01:15,000 --> 00:01:18,039 Speaker 1: Index futures are lower this morning. We are coming up 20 00:01:18,040 --> 00:01:19,680 Speaker 1: to five oh one on Wall Street, and we check 21 00:01:19,720 --> 00:01:22,200 Speaker 1: the markets every fifteen minutes throughout the trading day. On 22 00:01:22,280 --> 00:01:25,759 Speaker 1: Bloomberg SMP Future is down twenty two points down Future 23 00:01:25,840 --> 00:01:28,240 Speaker 1: is down a hundred fifty nine and now Sday Future 24 00:01:28,280 --> 00:01:30,920 Speaker 1: is down eighty four. The decks in Germany's down nine 25 00:01:30,920 --> 00:01:33,800 Speaker 1: tenths of a percent. Ten year treasury down to thirty 26 00:01:33,880 --> 00:01:36,280 Speaker 1: seconds yeld two point eight eight percent. They yield on 27 00:01:36,360 --> 00:01:39,200 Speaker 1: the two year two point eight six percent. NIMEX s 28 00:01:39,280 --> 00:01:41,600 Speaker 1: crude oil is up one point one percent of a 29 00:01:41,640 --> 00:01:43,840 Speaker 1: dollar twenty one at a hundred nine dollars sixty four 30 00:01:43,920 --> 00:01:46,600 Speaker 1: cents of barrel comex school that'll change at eighteen o 31 00:01:46,680 --> 00:01:49,440 Speaker 1: one forty announced and the euro one point oh three 32 00:01:49,440 --> 00:01:51,760 Speaker 1: oh six against the dollar, the n one thirty five 33 00:01:51,800 --> 00:01:54,040 Speaker 1: point eight three, John, and we'll have more on the 34 00:01:54,040 --> 00:01:56,040 Speaker 1: markets in a moment. Care and the first we begin 35 00:01:56,120 --> 00:01:59,360 Speaker 1: in Highland Park, Illinois. We're a gunman opened fire on 36 00:01:59,440 --> 00:02:03,840 Speaker 1: a rooftop up at an Independence Day parade yesterday, killing 37 00:02:03,880 --> 00:02:06,880 Speaker 1: at least six people, wounding at least thirty others. Illinois 38 00:02:06,880 --> 00:02:10,519 Speaker 1: Governor JB. Pritsker addressed the violence and in his carference, 39 00:02:11,040 --> 00:02:15,520 Speaker 1: I'm furious. I'm furious that yet more innocent lives were 40 00:02:15,560 --> 00:02:19,200 Speaker 1: taken by gun violence. I'm furious that their loved ones 41 00:02:19,240 --> 00:02:23,119 Speaker 1: are forever broken by what took place today. I'm furious 42 00:02:23,160 --> 00:02:28,359 Speaker 1: that children and their families have been traumatized. Illinois Governor JB. 43 00:02:28,480 --> 00:02:31,840 Speaker 1: Pritsker speaking to President Biden after the incident as well. 44 00:02:31,880 --> 00:02:35,280 Speaker 1: All The President also addressed the tragedy, saying more it 45 00:02:35,400 --> 00:02:40,240 Speaker 1: needs to be done to curb gun violence. We got 46 00:02:40,240 --> 00:02:42,320 Speaker 1: a lot more work to do. We gotta get this 47 00:02:42,440 --> 00:02:45,520 Speaker 1: under control. A person of interest in the shooting was 48 00:02:45,560 --> 00:02:48,960 Speaker 1: taken into custody late yesterday after a lengthy man hunt 49 00:02:49,160 --> 00:02:51,720 Speaker 1: in the affluent community of Highland Park. There was also 50 00:02:51,800 --> 00:02:55,240 Speaker 1: gun violence in Pennsylvania last night. Two police officers were 51 00:02:55,320 --> 00:02:59,120 Speaker 1: shot in Philadelphia during festivities held near the city's Museum 52 00:02:59,120 --> 00:03:03,360 Speaker 1: of Art. Philadelphia Police Commissioner Daniel Outlaws as the shooters 53 00:03:03,400 --> 00:03:07,560 Speaker 1: motives were unclear. We don't know if this was ricochet 54 00:03:07,600 --> 00:03:10,680 Speaker 1: from celebratory gunfire. We don't know if this was intentional. 55 00:03:11,320 --> 00:03:13,320 Speaker 1: We don't know if this was someone taking a shot 56 00:03:13,360 --> 00:03:17,280 Speaker 1: intentionally at these officers. Philadelphia Police Commissioner Daniel outlaws. As 57 00:03:17,360 --> 00:03:20,639 Speaker 1: the officers have been treated and released, all right, Johnny 58 00:03:20,680 --> 00:03:23,800 Speaker 1: turned out to Washington and the Biden administration could roll 59 00:03:23,840 --> 00:03:27,200 Speaker 1: back some tariffs imposed by former President Trump. Senior U, 60 00:03:27,280 --> 00:03:29,679 Speaker 1: s and Chinese officials discussed the matter last night, and 61 00:03:29,760 --> 00:03:33,799 Speaker 1: what the White House calls candidate substantive discussions. There are 62 00:03:33,880 --> 00:03:37,160 Speaker 1: expectations that the administration could remove levies to help these 63 00:03:37,240 --> 00:03:40,080 Speaker 1: price increases on consumers, and we get more in this 64 00:03:40,200 --> 00:03:43,760 Speaker 1: story from Bloomberg's Roof sin Horn. People familiar say that 65 00:03:43,800 --> 00:03:46,840 Speaker 1: the White House has actually asked companies to make a 66 00:03:46,840 --> 00:03:50,160 Speaker 1: commitment that if the US agrees to ease some of 67 00:03:50,200 --> 00:03:53,680 Speaker 1: these tariffs, that companies will then pass those savings through 68 00:03:53,720 --> 00:03:58,000 Speaker 1: two consumers. But people familiar say that executives of these 69 00:03:58,000 --> 00:03:59,640 Speaker 1: companies said, well, no, we're not going to make that 70 00:03:59,720 --> 00:04:02,800 Speaker 1: kind of commitment, and Bloomer's design Horner forts there are 71 00:04:02,840 --> 00:04:05,360 Speaker 1: currently US tariffs on hundreds of billions of dollars in 72 00:04:05,480 --> 00:04:09,360 Speaker 1: Chinese goods. However, senior members of the Biden administration appeared 73 00:04:09,400 --> 00:04:12,920 Speaker 1: divided about the need to lift levies and US futures. 74 00:04:13,000 --> 00:04:17,640 Speaker 1: Reacting positively initially to news of the US potentially lifting towers, 75 00:04:18,240 --> 00:04:20,840 Speaker 1: they have since erased those gains. Still, the news is 76 00:04:20,880 --> 00:04:23,839 Speaker 1: good for satiment. According to Dpac Mira, whose head of 77 00:04:23,880 --> 00:04:28,680 Speaker 1: investments at Commercial Bank of Dubai, it's the recognition that 78 00:04:28,760 --> 00:04:31,520 Speaker 1: the government is very conscious that they need to act 79 00:04:31,600 --> 00:04:36,000 Speaker 1: on the supply side of the inflation issue because the 80 00:04:36,040 --> 00:04:39,120 Speaker 1: FED has been slamming the brakes on the demand side, 81 00:04:39,200 --> 00:04:42,040 Speaker 1: whereas the real issue is the supply. So I think 82 00:04:42,120 --> 00:04:46,200 Speaker 1: trying to fix that issue is giving the markets a 83 00:04:46,279 --> 00:04:50,120 Speaker 1: bit of ease and comfort that you know we are 84 00:04:50,120 --> 00:04:53,719 Speaker 1: finally addressing the problem where where it is. Commercial Bank 85 00:04:53,760 --> 00:04:56,640 Speaker 1: of Dubai's Dpac Mirrors says he expects the FED to 86 00:04:56,760 --> 00:05:00,440 Speaker 1: keep hiking rates and slam the brakes on demand well. John. 87 00:05:00,440 --> 00:05:03,719 Speaker 1: Turning to the economic outlook, one Goldman Sack strategist says 88 00:05:03,720 --> 00:05:07,120 Speaker 1: the base case expectation is not for a US recession. 89 00:05:07,440 --> 00:05:10,680 Speaker 1: God Pray gil Is, macro strategists for Global fixed Income 90 00:05:10,720 --> 00:05:13,840 Speaker 1: at Goldman Sax, said management. She says, we may get 91 00:05:13,880 --> 00:05:17,760 Speaker 1: a recession, but opportunity for investment will depend on its magnitude. 92 00:05:18,120 --> 00:05:21,400 Speaker 1: We do expect continued monitory tightening. You may well see 93 00:05:21,400 --> 00:05:24,880 Speaker 1: a technical recession, but what really matters when you're thinking 94 00:05:24,920 --> 00:05:28,560 Speaker 1: about the investment landscape and opportunities and fixing consectus is 95 00:05:28,640 --> 00:05:33,080 Speaker 1: the magnitude and instead of the characteristics of that recession. 96 00:05:33,400 --> 00:05:36,680 Speaker 1: Goldman sacks macro strategistic or preate gil like expects growth 97 00:05:36,760 --> 00:05:40,040 Speaker 1: to level off as rates had higher, and another major 98 00:05:40,120 --> 00:05:44,039 Speaker 1: bank painting a grim picture for the economy. Boombergs really 99 00:05:44,080 --> 00:05:46,280 Speaker 1: be young, joins us live with that story. We need 100 00:05:46,320 --> 00:05:48,760 Speaker 1: the good morning, Good morning John. With the recent drop 101 00:05:48,800 --> 00:05:51,480 Speaker 1: in bond yields, investors are betting the FIT makes are 102 00:05:51,640 --> 00:05:54,240 Speaker 1: less hawkish if inflation peaks in the second half of 103 00:05:54,279 --> 00:05:57,520 Speaker 1: the year, but Morgan Stanley says any drop in interest 104 00:05:57,600 --> 00:05:59,880 Speaker 1: rates should be interpreted as more of a growth con 105 00:06:00,040 --> 00:06:03,800 Speaker 1: stern rather than the FIT giving relief strategists. They say, 106 00:06:03,839 --> 00:06:07,600 Speaker 1: if macroeconomic data do not confirm a recession, then equity 107 00:06:07,600 --> 00:06:10,679 Speaker 1: markets could rally further. But if growth were to pull back, 108 00:06:10,760 --> 00:06:12,880 Speaker 1: they say the S and P five may sink to 109 00:06:13,000 --> 00:06:16,520 Speaker 1: three thousand points. That's about twenty two percent below its 110 00:06:16,600 --> 00:06:19,479 Speaker 1: latest close. Live in New York, I'm really need a 111 00:06:19,480 --> 00:06:21,520 Speaker 1: young Bloomberg daybreak. All right, we need to thank you 112 00:06:21,520 --> 00:06:23,760 Speaker 1: for looking at oil now. City Group is worrying that 113 00:06:23,839 --> 00:06:26,280 Speaker 1: crewe could collapse to sixty five dollars a barrel by 114 00:06:26,279 --> 00:06:28,599 Speaker 1: the end of this year and slumped to forty five 115 00:06:28,640 --> 00:06:30,760 Speaker 1: dollars by the end of next year. That's if we 116 00:06:30,800 --> 00:06:33,680 Speaker 1: get hit by a demand crippling recession. The outlook is 117 00:06:33,680 --> 00:06:36,240 Speaker 1: based on the absence of any intervention by OPEC and 118 00:06:36,320 --> 00:06:39,680 Speaker 1: checking prices now, Ninemex screwed oil higher, up seven tenths 119 00:06:39,720 --> 00:06:42,160 Speaker 1: percent at a hundred nine dollars fifteen cents of barrel. 120 00:06:42,400 --> 00:06:44,600 Speaker 1: Brent is down half per cent of a a hundred twelve 121 00:06:44,680 --> 00:06:48,479 Speaker 1: dollars ninety two cents, and overseas European equities they've turned 122 00:06:48,520 --> 00:06:52,640 Speaker 1: lower after some initial optimism. Euro this morning weakening to 123 00:06:52,760 --> 00:06:56,719 Speaker 1: the lowest level against the dollars is two thousand three 124 00:06:57,000 --> 00:07:00,279 Speaker 1: and mean time in Asia stocks climbed overnight, and the 125 00:07:00,320 --> 00:07:03,120 Speaker 1: futures this morning, as we said, moving lower. John SMP 126 00:07:03,320 --> 00:07:06,839 Speaker 1: futures down twenty points right now, DAL futures down one forty, 127 00:07:07,160 --> 00:07:10,200 Speaker 1: NASTACK futures down seventy nine, and Bitcoin is up four 128 00:07:10,240 --> 00:07:13,520 Speaker 1: ten percent at nineteen thousand, eight hundred dollars. Straight and 129 00:07:13,560 --> 00:07:16,560 Speaker 1: hand your latest local headlines plus a check of sports, 130 00:07:16,960 --> 00:07:25,240 Speaker 1: and this is Bloomberg. Thanks Karen, five O seven Wall 131 00:07:25,280 --> 00:07:27,800 Speaker 1: Street can't time to bring in Michael Barr with Bora. 132 00:07:27,920 --> 00:07:30,560 Speaker 1: What else is going on to New York end around 133 00:07:30,560 --> 00:07:32,960 Speaker 1: the world, John, Thank you very much, Sarah. It was 134 00:07:33,040 --> 00:07:40,680 Speaker 1: a fireworks show that did not disappoint. About three million 135 00:07:40,720 --> 00:07:44,160 Speaker 1: people watched the Macy's fireworks show over the East River 136 00:07:44,240 --> 00:07:47,239 Speaker 1: in New York City last night. One man from Queen's 137 00:07:47,320 --> 00:07:50,800 Speaker 1: watching the show told a v C seven that we 138 00:07:51,080 --> 00:07:56,080 Speaker 1: are resilient because we have survived a lot. W NBA 139 00:07:56,200 --> 00:07:59,280 Speaker 1: player Britney Griner wrote the President Joe Biden, pleading with 140 00:07:59,360 --> 00:08:02,480 Speaker 1: him to bring her and other Americans detained in Russia 141 00:08:02,560 --> 00:08:06,680 Speaker 1: back home. According to the Associated Press, Grinder told Biden 142 00:08:07,120 --> 00:08:09,800 Speaker 1: in the letter that she is terrified that I might 143 00:08:09,840 --> 00:08:13,480 Speaker 1: be here forever. Representative for Grinder delivered the letter to 144 00:08:13,520 --> 00:08:17,160 Speaker 1: the White House. Another step closer to joining NATO, Finland 145 00:08:17,200 --> 00:08:20,480 Speaker 1: and Sweden foreign ministers are in Brussels today for the 146 00:08:20,520 --> 00:08:25,920 Speaker 1: signing of the NATO accession protocols. NATO Secretary General Yen 147 00:08:26,080 --> 00:08:29,640 Speaker 1: Stoltenberg open the meeting in Brussels today and we will 148 00:08:29,680 --> 00:08:34,520 Speaker 1: formerly sign the protocols of accession. This marks the start 149 00:08:34,600 --> 00:08:40,800 Speaker 1: of the ratification coursis. NATO's Yen Stoltenberg called today historic 150 00:08:40,880 --> 00:08:44,440 Speaker 1: for Finland, Sweden, and NATO. The federal judges ruled in 151 00:08:44,480 --> 00:08:48,480 Speaker 1: favor of three major US drug distributors in a two 152 00:08:48,559 --> 00:08:51,920 Speaker 1: and a half billion dollar lawsuit, which had accused them 153 00:08:52,120 --> 00:08:56,040 Speaker 1: of causing an opioid crisis in West Virginia County. The 154 00:08:56,120 --> 00:09:02,319 Speaker 1: suit said Mckeeson, Maris, Source Bergen, and Cardinal Health distributed 155 00:09:02,400 --> 00:09:05,760 Speaker 1: eighty one million pills over eight years in Cabell County 156 00:09:06,120 --> 00:09:10,000 Speaker 1: ravaged by opie weight addiction. President Biden awards the Medal 157 00:09:10,000 --> 00:09:13,360 Speaker 1: of Honored for Army soldiers today. They're being honored for 158 00:09:13,400 --> 00:09:17,960 Speaker 1: their heroism in Vietnam. They include retired Major John Duffy, 159 00:09:18,040 --> 00:09:21,000 Speaker 1: who was wounded twice during an ambush but refused to 160 00:09:21,040 --> 00:09:26,760 Speaker 1: evacuate until the enemy could be subdued. Intudos awards are appreciated. 161 00:09:26,800 --> 00:09:33,000 Speaker 1: They're recognizing your endeavors, your duty that you've done, and 162 00:09:33,120 --> 00:09:37,000 Speaker 1: the the pride you have in your uniform that you've 163 00:09:37,040 --> 00:09:42,600 Speaker 1: earned in combat. Along with retired Major Duffy, retired Specialist 164 00:09:42,679 --> 00:09:45,120 Speaker 1: to white Birdwell will be honored and will be the 165 00:09:45,160 --> 00:09:48,360 Speaker 1: first Native American awarded for service in any conflict since 166 00:09:48,440 --> 00:09:52,520 Speaker 1: nineteen Global News twenty four hours a day on air 167 00:09:52,640 --> 00:09:55,960 Speaker 1: and on Bloomberg Quick Tank powered by more than twenty 168 00:09:56,000 --> 00:09:59,240 Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries. 169 00:09:59,679 --> 00:10:03,199 Speaker 1: Mike bar In, this is Bloomberg, John Michael, thank you. 170 00:10:07,240 --> 00:10:10,440 Speaker 1: It's on Wall Street. Time for the Bloomberg Sports Update. 171 00:10:10,600 --> 00:10:14,400 Speaker 1: Good morning, Scott Seidenberg. Thanks John Tyawana Walker struck out 172 00:10:14,520 --> 00:10:17,000 Speaker 1: nine in at six innings as the Mets beat the 173 00:10:17,000 --> 00:10:21,320 Speaker 1: Reds yesterday seven four. Brandon Nimo and Francisco Lindor pulled 174 00:10:21,360 --> 00:10:24,360 Speaker 1: homeward off Red starter Hunter Green, who has now allowed 175 00:10:24,400 --> 00:10:27,640 Speaker 1: a Major League leading twenty two home runs this season. 176 00:10:27,840 --> 00:10:31,120 Speaker 1: The Mets are the first n L team to fifty wings. 177 00:10:31,280 --> 00:10:34,520 Speaker 1: Brandon Nimo on the team's first half success been a 178 00:10:34,520 --> 00:10:36,840 Speaker 1: good first half. I don't think anybody would complain about it, 179 00:10:37,400 --> 00:10:39,120 Speaker 1: but we also know that we have places that we 180 00:10:39,720 --> 00:10:42,640 Speaker 1: can get better and that, you know, opportunities that um, 181 00:10:42,720 --> 00:10:45,200 Speaker 1: we haven't taken advantage of. So to know that there's 182 00:10:45,280 --> 00:10:48,560 Speaker 1: more in the tank, especially with Jake and Max coming 183 00:10:48,559 --> 00:10:50,920 Speaker 1: back and Max Scherzer comes off the i L to 184 00:10:51,120 --> 00:10:54,080 Speaker 1: make the start tonight his first since leaving the game 185 00:10:54,120 --> 00:10:57,520 Speaker 1: back on May eight. Team the Yankees were off yesterday 186 00:10:57,559 --> 00:11:01,640 Speaker 1: Tonight Jamison Tyone faces his former team the Pirates Tennis 187 00:11:01,640 --> 00:11:04,760 Speaker 1: at Wimbledon. Rafa Nadal and Nick Curios advanced to the 188 00:11:04,800 --> 00:11:09,160 Speaker 1: men's quarterfinals and a fourth of July tradition, as Joey 189 00:11:09,240 --> 00:11:13,600 Speaker 1: Chestnut wins his fifteenth Nathan's Hot Dog Eating contest despite 190 00:11:13,640 --> 00:11:18,360 Speaker 1: being interrupted by a protester midway through. Chestnut down sixty 191 00:11:18,480 --> 00:11:21,800 Speaker 1: three dogs to win his fifteenth title in the last 192 00:11:21,800 --> 00:11:27,000 Speaker 1: sixteen years. I'm Scott Zeedinberg with Boomberg Sports. John all right, 193 00:11:27,280 --> 00:11:29,800 Speaker 1: thanks Scott, and ahead of the market open, we did 194 00:11:29,840 --> 00:11:32,120 Speaker 1: to see some green on the screen initially with US 195 00:11:32,240 --> 00:11:35,840 Speaker 1: futures right now they are lower down futures turning down 196 00:11:35,880 --> 00:11:39,200 Speaker 1: one dred ninety points. That's a decline of six tenths 197 00:11:39,200 --> 00:11:42,640 Speaker 1: of per percent. SMP E many futures they're down twenty 198 00:11:42,679 --> 00:11:45,839 Speaker 1: six points, that's down seven tenths per percent. And then 199 00:11:45,840 --> 00:11:48,720 Speaker 1: as eighty many futures one points glory that is down 200 00:11:49,160 --> 00:11:53,720 Speaker 1: nine tenths of a percent. The Euro one oh three 201 00:11:54,040 --> 00:11:57,640 Speaker 1: eleven that is down a four percent against the dollar. 202 00:11:58,000 --> 00:12:00,360 Speaker 1: His dollar d x y seems strength, and of dollar 203 00:12:00,640 --> 00:12:03,280 Speaker 1: that's up eight tens of a percent. You're listening to 204 00:12:03,320 --> 00:12:12,240 Speaker 1: Bloomberg Day day Break brought to you by New York 205 00:12:12,240 --> 00:12:14,920 Speaker 1: Community Trust. Your name will live on as a champion 206 00:12:14,960 --> 00:12:17,040 Speaker 1: of the causes you care about for years to come. 207 00:12:17,320 --> 00:12:20,120 Speaker 1: To a chantable bequest to the New York Community Trust. 208 00:12:23,240 --> 00:12:26,600 Speaker 1: Markets headlines and breaking news twenty four hours a day 209 00:12:26,720 --> 00:12:29,720 Speaker 1: at Bloomberg dot Com, the Bloomberg Business Out, and at 210 00:12:29,720 --> 00:12:39,040 Speaker 1: Bloomberg Quick Tape. This is a Bloombern business lash and 211 00:12:39,080 --> 00:12:42,360 Speaker 1: I'm Karen Moscow. US dot Index futures and European equities 212 00:12:42,400 --> 00:12:45,359 Speaker 1: are falling. It is concerned over the possibility of a recession. 213 00:12:45,400 --> 00:12:49,160 Speaker 1: Outweighs optimism over US China talk saimed at tariff reductions, 214 00:12:49,440 --> 00:12:51,480 Speaker 1: the Euro at a twenty year low. We checked the 215 00:12:51,480 --> 00:12:54,400 Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg 216 00:12:54,800 --> 00:12:57,520 Speaker 1: SMP future is down nineteen points down, futures down a 217 00:12:57,600 --> 00:13:01,160 Speaker 1: hundred thirty six nasday futures down seventy five the decks 218 00:13:01,160 --> 00:13:03,760 Speaker 1: in Germany's down nine tenths of upper cent and your 219 00:13:03,800 --> 00:13:06,840 Speaker 1: treasury up one thirty second yield two point eight seven percent, 220 00:13:06,920 --> 00:13:09,320 Speaker 1: a yield on the two year two point eight five percent. 221 00:13:09,840 --> 00:13:12,120 Speaker 1: Nine max screwed oil is up seven tenths percent or 222 00:13:12,120 --> 00:13:14,520 Speaker 1: seventy two cents at a hundred nine dollars. Thirteen cents 223 00:13:14,520 --> 00:13:16,840 Speaker 1: of barrel co Max school is up tenth of upper 224 00:13:16,840 --> 00:13:19,400 Speaker 1: cent or two dollars at eighteen o three fifty. Announce 225 00:13:19,840 --> 00:13:23,120 Speaker 1: the euro one point oh three one three against the 226 00:13:23,160 --> 00:13:25,719 Speaker 1: dollar again one thirty five point seven too at a 227 00:13:25,760 --> 00:13:28,600 Speaker 1: British pound is at one point to zero four nine. 228 00:13:28,840 --> 00:13:32,240 Speaker 1: Looking at bitcoin, it's up seven ten percent at nineteen thousand, 229 00:13:32,640 --> 00:13:35,920 Speaker 1: nine hundred dollars. That's a Bloomberg business flash. Now here's 230 00:13:36,000 --> 00:13:38,959 Speaker 1: Muchael Barr with more on what's going on around the world. Muchael, 231 00:13:39,000 --> 00:13:41,680 Speaker 1: Good morning, Good morning, Karen. Police. A gunman on the 232 00:13:41,720 --> 00:13:45,840 Speaker 1: rooftop opened fire on an Independence Day parade in suburban Chicago, 233 00:13:46,320 --> 00:13:49,480 Speaker 1: killing at least six people, wounding at least thirty, and 234 00:13:49,640 --> 00:13:53,199 Speaker 1: sending hundreds of marchers, parents with strollers and children on 235 00:13:53,360 --> 00:13:57,040 Speaker 1: bikes fleeing in terror. Police and Island Park say a 236 00:13:57,120 --> 00:14:00,079 Speaker 1: person of interest, twenty two year old Robert Bobby cree Know, 237 00:14:00,840 --> 00:14:04,640 Speaker 1: is now in custody in connection to the shooting. In Philadelphia, 238 00:14:04,679 --> 00:14:07,559 Speaker 1: two police officers were shout and wounded during Fourth of 239 00:14:07,679 --> 00:14:11,760 Speaker 1: July festivities held near the city's Museum of Art. So far, 240 00:14:11,880 --> 00:14:15,080 Speaker 1: new arrests have been made in baseball, the Mets one, 241 00:14:15,160 --> 00:14:18,920 Speaker 1: the Red Sox, Orioles and A's also one. The Nationals 242 00:14:18,960 --> 00:14:22,560 Speaker 1: lost along with the Giants. Global News twenty four hours 243 00:14:22,560 --> 00:14:25,920 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 244 00:14:25,920 --> 00:14:28,880 Speaker 1: more than twenty seven hundred journalists and analysts more than 245 00:14:28,920 --> 00:14:33,360 Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael, 246 00:14:33,400 --> 00:14:35,920 Speaker 1: thank you. It is five nineteen on Well Straight. We 247 00:14:36,000 --> 00:14:39,360 Speaker 1: are live for the Bloomberg Injuranto Broker Studios. This is 248 00:14:39,400 --> 00:14:44,080 Speaker 1: Bloomberg Daybreak. US markets reopening this morning after camping at 249 00:14:44,160 --> 00:14:47,480 Speaker 1: Lemon declines in the past thirteen weeks. Let's get you 250 00:14:47,520 --> 00:14:50,000 Speaker 1: set up for the trading day head this morning. I'm 251 00:14:50,000 --> 00:14:53,000 Speaker 1: happy to say we're joined now by Dennis Gartman, economists 252 00:14:53,000 --> 00:14:56,600 Speaker 1: the University of acron and Downmand Chair, former publisher of 253 00:14:56,640 --> 00:14:59,800 Speaker 1: The Garment Letter. Dennis, I hope he had a great 254 00:14:59,800 --> 00:15:02,840 Speaker 1: four ear good Tuesday morning to you. Have we shifted 255 00:15:03,000 --> 00:15:07,960 Speaker 1: from inflation fears now to recession fears for investors? I 256 00:15:08,000 --> 00:15:10,000 Speaker 1: don't think there's any question about that. We are. We 257 00:15:10,040 --> 00:15:13,400 Speaker 1: are clearly shifting to recessionary concerns, and well we should. 258 00:15:13,640 --> 00:15:16,440 Speaker 1: Inflation seems to be a baiting. Take a look at 259 00:15:16,440 --> 00:15:18,600 Speaker 1: the green markets, they've turned lower. Take a look at 260 00:15:19,600 --> 00:15:22,360 Speaker 1: at crude oil and as it's trading a hundred nine 261 00:15:22,360 --> 00:15:24,320 Speaker 1: dollars a barrel instead of a hunting twenty two dollars 262 00:15:24,360 --> 00:15:26,160 Speaker 1: a barrel. Take a look at the lumber it's down 263 00:15:26,200 --> 00:15:29,360 Speaker 1: a rather substantially. Take a look at livestock prices, they're 264 00:15:29,400 --> 00:15:32,320 Speaker 1: down over over time, things seem to be changing. And 265 00:15:32,720 --> 00:15:34,360 Speaker 1: I pay a lot of attention to what happens in 266 00:15:34,400 --> 00:15:37,160 Speaker 1: the grain markets, more than perhaps most other people do 267 00:15:37,560 --> 00:15:40,640 Speaker 1: because they are so international in scope. But the news 268 00:15:40,680 --> 00:15:43,400 Speaker 1: had been because of the war in uh in Ukraine, 269 00:15:43,520 --> 00:15:45,960 Speaker 1: everybody wanted to be bullish of of the grain markets, 270 00:15:45,960 --> 00:15:49,080 Speaker 1: and they've clearly topped out and gone to a lower concern. 271 00:15:49,200 --> 00:15:52,280 Speaker 1: So I think recession is a far greater concern at 272 00:15:52,280 --> 00:15:55,360 Speaker 1: this point. The Fed has begun the process of quantitative 273 00:15:55,440 --> 00:15:58,800 Speaker 1: tightening rather than quantitative easing. The SAID clearly wants to 274 00:15:59,560 --> 00:16:02,960 Speaker 1: raise the overnight SAID funds rate another seventy five five 275 00:16:02,960 --> 00:16:05,800 Speaker 1: basis points, But far more important is what's going on 276 00:16:05,840 --> 00:16:08,440 Speaker 1: in their quantitative tightening circumstances where they're gonna have to 277 00:16:08,520 --> 00:16:12,120 Speaker 1: be either selling or rolling off sixty five billion dollars 278 00:16:12,160 --> 00:16:15,160 Speaker 1: worth of the treasury securities on a monthly basis. That 279 00:16:15,320 --> 00:16:18,600 Speaker 1: was the fuel that that that fueled the bull market 280 00:16:18,640 --> 00:16:21,400 Speaker 1: in stocks, that was the fuel that fueled the bull 281 00:16:21,440 --> 00:16:23,760 Speaker 1: market in the economy, and that is the fuel that's 282 00:16:23,760 --> 00:16:25,280 Speaker 1: being taken away. So I think you have to be 283 00:16:25,360 --> 00:16:28,320 Speaker 1: very careful. As the chairman of the University of ackmansendowmant 284 00:16:29,200 --> 00:16:33,040 Speaker 1: I pushed the university to to sell about twelve of 285 00:16:33,040 --> 00:16:35,720 Speaker 1: its portfolio of equities out of its endowment at the 286 00:16:35,840 --> 00:16:37,960 Speaker 1: end of the last year. And I see no reason 287 00:16:37,960 --> 00:16:40,600 Speaker 1: to change my opinion on that point. As I've always said, 288 00:16:40,600 --> 00:16:43,040 Speaker 1: in the bearer market, here, she who loses the least 289 00:16:43,040 --> 00:16:45,000 Speaker 1: will be the winner. And right now, that's the that's 290 00:16:45,080 --> 00:16:48,880 Speaker 1: the operative opportunity, that's the operative circumstance. Here, she who 291 00:16:48,880 --> 00:16:51,520 Speaker 1: loses the least will be the winner. Jumping in in 292 00:16:51,680 --> 00:16:55,960 Speaker 1: any rally in the bearer market, is that fool's errant? Yes, 293 00:16:56,000 --> 00:16:57,400 Speaker 1: So I think it's a fool's errand I think that 294 00:16:57,520 --> 00:17:00,720 Speaker 1: you have to instead of For for long period of time, 295 00:17:00,760 --> 00:17:04,160 Speaker 1: while Tina was the answer, there was no alternative. Tina 296 00:17:04,240 --> 00:17:06,800 Speaker 1: has now become she's moved to the sidelines. Now there 297 00:17:06,840 --> 00:17:09,400 Speaker 1: is an alternative. Higher interest rates are are are going 298 00:17:09,440 --> 00:17:12,120 Speaker 1: to stap money out of the stock market. I think, 299 00:17:12,359 --> 00:17:16,040 Speaker 1: as I said, the Fed is tightening monetary tightening monetary policy, 300 00:17:16,600 --> 00:17:19,240 Speaker 1: and and so rallies and equities are to be sold 301 00:17:19,240 --> 00:17:22,359 Speaker 1: into weaknesses, not to be bought. That's that may change 302 00:17:22,359 --> 00:17:24,320 Speaker 1: in another three, four or five six months or so. 303 00:17:24,480 --> 00:17:26,399 Speaker 1: The average duration of a bear market tends to be 304 00:17:26,520 --> 00:17:29,680 Speaker 1: postal a year in duration. We started this on January five. 305 00:17:29,800 --> 00:17:31,439 Speaker 1: We have another five or six months to go on 306 00:17:31,440 --> 00:17:34,439 Speaker 1: the downside. How far much the lower stocks can go 307 00:17:34,520 --> 00:17:36,320 Speaker 1: as anybody's guest, but I think the trend is from 308 00:17:36,320 --> 00:17:38,879 Speaker 1: the upper left of the lower right well with slowing growth. 309 00:17:38,920 --> 00:17:41,920 Speaker 1: I mean, does this alter the federal reserves trajectory at 310 00:17:41,920 --> 00:17:47,320 Speaker 1: all over time? It shall, no question about it. But 311 00:17:47,400 --> 00:17:49,960 Speaker 1: they they've told us, they made it a bundantly clear 312 00:17:49,960 --> 00:17:51,600 Speaker 1: that they intend to raised the overnight said funds right 313 00:17:51,640 --> 00:17:53,920 Speaker 1: at least seventy five basis points of the July meeting. 314 00:17:54,359 --> 00:17:56,760 Speaker 1: They made it I think reasonably clear that they intend 315 00:17:56,800 --> 00:17:59,400 Speaker 1: to raise another fifty basis points at the meeting. After that, 316 00:18:00,040 --> 00:18:03,520 Speaker 1: they have to remain consistent and not back down from 317 00:18:03,520 --> 00:18:05,360 Speaker 1: what they said in the past. So I think that 318 00:18:05,440 --> 00:18:08,920 Speaker 1: the said funds rate goes another seventy and maybe a 319 00:18:08,960 --> 00:18:12,200 Speaker 1: hundred twenty five basis points from here, then maybe later 320 00:18:12,240 --> 00:18:14,160 Speaker 1: in the in the autumn, maybe later in the winter, 321 00:18:14,640 --> 00:18:16,440 Speaker 1: the SAD can change his policies. But right now that 322 00:18:16,680 --> 00:18:19,320 Speaker 1: has made it abundantly clear that it intends to raise 323 00:18:19,320 --> 00:18:21,600 Speaker 1: the overnight said funds right, and it really has to 324 00:18:21,640 --> 00:18:26,960 Speaker 1: do so, otherwise it loses credibility. Can you deliver probability 325 00:18:26,960 --> 00:18:31,200 Speaker 1: of recession? If so, how long, how deep? Well, I've 326 00:18:31,200 --> 00:18:33,120 Speaker 1: always said, since for the last three months, I said 327 00:18:33,119 --> 00:18:36,320 Speaker 1: the odds of a recession in two or sixty seventy 328 00:18:37,000 --> 00:18:40,160 Speaker 1: as long as if the overnight said sounds rate moved 329 00:18:40,200 --> 00:18:43,960 Speaker 1: to an inversion and if the spot rate of w 330 00:18:44,119 --> 00:18:45,960 Speaker 1: T I got above a hundred nine dollars a barrel 331 00:18:46,040 --> 00:18:48,560 Speaker 1: were both. Clearly, we've been about above a hundred nine 332 00:18:48,600 --> 00:18:50,760 Speaker 1: dollars a barrel. We have not gone to an aversion yet. 333 00:18:51,400 --> 00:18:53,439 Speaker 1: So I'll continue to hold the fact that we've got 334 00:18:53,480 --> 00:18:56,520 Speaker 1: a sixty to seventy percent probability of recession in two 335 00:18:57,040 --> 00:19:01,640 Speaker 1: al raised at the greet because of the classical definition 336 00:19:01,720 --> 00:19:05,960 Speaker 1: that a recession requires two consecutive declines in GDP for 337 00:19:07,040 --> 00:19:10,680 Speaker 1: quarter over quarter, the second quarter GDP will probably be 338 00:19:10,920 --> 00:19:14,920 Speaker 1: marginally higher. So given the fact that the first quarter 339 00:19:15,040 --> 00:19:18,880 Speaker 1: GDP was negative, second quarter GDP will probably modestly positive. 340 00:19:19,359 --> 00:19:22,720 Speaker 1: So it means that in order to justify the classical definition, 341 00:19:22,800 --> 00:19:24,400 Speaker 1: we have to wait till the second, third or fourth 342 00:19:24,440 --> 00:19:26,720 Speaker 1: quarter this year, and I think both those quarters will 343 00:19:26,720 --> 00:19:29,800 Speaker 1: be negative GDP growth. Dennis, always a pleasure. Thanks for 344 00:19:29,880 --> 00:19:32,520 Speaker 1: being with us this morning. Dennis Garment, University of Acronym 345 00:19:32,560 --> 00:19:36,119 Speaker 1: downmand Chairman, former publisher of the Garpment Letter. Ahead of 346 00:19:36,160 --> 00:19:38,920 Speaker 1: the cash elten on Wall Street futures right now in 347 00:19:39,040 --> 00:19:42,520 Speaker 1: the red. The down futures down half a percent, one 348 00:19:42,960 --> 00:19:46,480 Speaker 1: sixty five points lower, SMP evening futures down twenty two. 349 00:19:46,640 --> 00:19:51,119 Speaker 1: That's down six tenths percent. Nancant futures eighty four points slower. 350 00:19:51,200 --> 00:19:54,879 Speaker 1: That is down seven tenths of eight percent. Dollar d 351 00:19:55,240 --> 00:19:58,119 Speaker 1: x Y that is of eight tenths of a percent 352 00:19:58,240 --> 00:20:02,200 Speaker 1: continued dollar strength. Do y're all one oh three? That's 353 00:20:02,240 --> 00:20:06,800 Speaker 1: down one percent. This is Bloomberg Bloomberg Daybreak, brought to 354 00:20:06,800 --> 00:20:08,439 Speaker 1: you by the New York community. To trust your name 355 00:20:08,480 --> 00:20:10,280 Speaker 1: will live on as a champion of the crosses you 356 00:20:10,359 --> 00:20:12,960 Speaker 1: care about for years to come through a charitable bequest 357 00:20:13,280 --> 00:20:16,760 Speaker 1: to the New York Community Trust. Learn more at Philanthropist 358 00:20:16,920 --> 00:20:27,840 Speaker 1: dot n y C criadcasting live from the Bloomberg Interactive 359 00:20:27,880 --> 00:20:31,760 Speaker 1: Broker Studio in New York, Bloomberg vom Freedom to Washington, 360 00:20:31,840 --> 00:20:35,920 Speaker 1: d C, Bloomberg to Boston, Bloomberg one O six one 361 00:20:36,040 --> 00:20:39,480 Speaker 1: does San Francisco, Bloomberg NUN sixty to the Country, Sirius 362 00:20:39,640 --> 00:20:42,800 Speaker 1: XM Cho one nine and around the globe, the Bloomberg 363 00:20:42,840 --> 00:20:53,040 Speaker 1: Business apt and Bloomberg Radio dot Com. This is Bloomberg Daybreak. Yeah, 364 00:20:53,080 --> 00:20:55,360 Speaker 1: it's finally thirty on Wall Street. Good morning. I'm John 365 00:20:55,400 --> 00:20:58,760 Speaker 1: Tucker and I'm Karen Moscower. Just about four hours away 366 00:20:58,840 --> 00:21:00,560 Speaker 1: from the open of you West Tray Daying. Let's get 367 00:21:00,560 --> 00:21:01,840 Speaker 1: you have to day on the news you need to 368 00:21:01,920 --> 00:21:04,680 Speaker 1: know at this hour. We begin in Highland Park, Illinois, 369 00:21:05,000 --> 00:21:07,679 Speaker 1: where a gunman opened fire on a rooftop at an 370 00:21:07,760 --> 00:21:11,600 Speaker 1: Independence Day parade yesterday, killing at least six people and 371 00:21:11,720 --> 00:21:16,040 Speaker 1: wounding at least thirty others. Illinois Governor JB. Pritsker addressed 372 00:21:16,080 --> 00:21:18,840 Speaker 1: the violence in a news conference. A little while ago, 373 00:21:18,960 --> 00:21:22,600 Speaker 1: I spoke with President Biden, who pledged all support. The 374 00:21:22,680 --> 00:21:26,920 Speaker 1: White House can provide the President agrees with me, this 375 00:21:27,240 --> 00:21:31,960 Speaker 1: madness must stop. Illinois Governor JB. Pritsker, a person of 376 00:21:32,080 --> 00:21:35,200 Speaker 1: interest in the shooting, was taken into custody late yesterday 377 00:21:35,359 --> 00:21:37,879 Speaker 1: after a lengthy man hunt in the affluent community of 378 00:21:38,000 --> 00:21:41,040 Speaker 1: Highland Park and now turning to Washington, this were the 379 00:21:41,160 --> 00:21:44,800 Speaker 1: Biden administration could roll back some tariffs imposed by former 380 00:21:44,840 --> 00:21:48,560 Speaker 1: President Trump. Senior US and Chinese officials discuss the matter 381 00:21:48,680 --> 00:21:52,840 Speaker 1: last night and what the Lighthouse calls candidate and substantive discussions. 382 00:21:53,200 --> 00:21:56,040 Speaker 1: There are expectations from the White House that removing levies 383 00:21:56,440 --> 00:22:00,639 Speaker 1: could help ease inflation pressures on consumers. John turning the 384 00:22:00,720 --> 00:22:04,040 Speaker 1: economy now, we may get a recession, but opportunity for 385 00:22:04,160 --> 00:22:07,480 Speaker 1: investment could still be positive, depending on the magnitude of 386 00:22:07,520 --> 00:22:10,879 Speaker 1: the slowdown. That's according to Goldman Sacks, macro strategist for 387 00:22:10,960 --> 00:22:14,280 Speaker 1: Global Fitioned Income g freat GIL. Either way, she says, 388 00:22:14,320 --> 00:22:17,119 Speaker 1: the labor market will feel a pinch. We'd say that 389 00:22:17,200 --> 00:22:19,280 Speaker 1: the sandwich in sastety. We're going to have to monitor 390 00:22:19,320 --> 00:22:22,200 Speaker 1: the data closely. The expectations for this show is for 391 00:22:22,240 --> 00:22:24,879 Speaker 1: the unemployment rate to I mean stable, but both the 392 00:22:24,960 --> 00:22:28,080 Speaker 1: pace of job games to motivate and Goldman sax macro 393 00:22:28,200 --> 00:22:31,280 Speaker 1: Strategistic your preate Gil expects growth to level off as 394 00:22:31,400 --> 00:22:34,440 Speaker 1: rate head higher. Meantime, another major bank painting a grim 395 00:22:34,560 --> 00:22:37,640 Speaker 1: picture for the economy and Bloombergs were neither young joins 396 00:22:37,720 --> 00:22:39,560 Speaker 1: us Live with that story. We need the good morning, 397 00:22:39,600 --> 00:22:42,320 Speaker 1: Good morning John. With the recent drop in bond yields, 398 00:22:42,440 --> 00:22:45,280 Speaker 1: investors are betting the fit may turn less Hawkis if 399 00:22:45,359 --> 00:22:48,040 Speaker 1: inflation peaks in the second half of the year, but 400 00:22:48,240 --> 00:22:51,720 Speaker 1: Morgan Stanley says if any drop in interest rates happened, 401 00:22:51,760 --> 00:22:54,480 Speaker 1: it should be interpreted as more of a growth concern 402 00:22:54,680 --> 00:22:58,680 Speaker 1: rather than the Fed giving relief. Strategists there say if 403 00:22:59,240 --> 00:23:03,200 Speaker 1: growth were to pull back, the may sink to three 404 00:23:03,280 --> 00:23:08,080 Speaker 1: thousand points, that's about below its latest clothes Live in 405 00:23:08,160 --> 00:23:10,440 Speaker 1: New York. I'm gonna need a young Bloomberg day break. 406 00:23:10,760 --> 00:23:12,760 Speaker 1: We need to thank you. And looking at oil this morning, 407 00:23:12,840 --> 00:23:15,639 Speaker 1: City groups warning crewde could collapse to sixty five dollars 408 00:23:15,680 --> 00:23:17,560 Speaker 1: a barrel by the end of this year and slumped 409 00:23:17,600 --> 00:23:20,160 Speaker 1: to forty five dollars by the end of next year 410 00:23:20,400 --> 00:23:23,720 Speaker 1: should a demand crippling recession hit. Checking prices right now 411 00:23:23,760 --> 00:23:25,800 Speaker 1: and now I'm x screwed oil love about half percent 412 00:23:25,880 --> 00:23:28,000 Speaker 1: at a hundred eight dollars ninety three cents of barrel 413 00:23:28,359 --> 00:23:31,040 Speaker 1: Brent is lower and a hundred twelve dollars seventy four 414 00:23:31,160 --> 00:23:34,600 Speaker 1: cents your local headlines straight ahead and this is Bloomberg, 415 00:23:38,160 --> 00:23:41,080 Speaker 1: all right. Thanks Carty three on Wall Street. Time to 416 00:23:41,119 --> 00:23:43,480 Speaker 1: bring in Michael bar with more on what else is 417 00:23:43,520 --> 00:23:46,359 Speaker 1: going out of New York and around the world. John, 418 00:23:46,440 --> 00:23:48,760 Speaker 1: thank you very much. It was a fireworks show that 419 00:23:48,920 --> 00:23:57,080 Speaker 1: did not disappoint. The May Seas fireworks show lit up 420 00:23:57,119 --> 00:23:59,720 Speaker 1: the sky over the East River in New York City 421 00:23:59,800 --> 00:24:02,840 Speaker 1: Line US night. About three million people watched the show. 422 00:24:03,640 --> 00:24:07,280 Speaker 1: After more than four months of ferocious fighting, Russia claimed 423 00:24:07,320 --> 00:24:10,520 Speaker 1: full of control over one of two provinces in Ukraine's 424 00:24:10,560 --> 00:24:15,560 Speaker 1: eastern industrial heartland. However, there are signs Russia is sustaining 425 00:24:15,600 --> 00:24:19,440 Speaker 1: heavy losses. Another step closer to joining NATO. Finland and 426 00:24:19,600 --> 00:24:22,840 Speaker 1: Sweden foreign ministers are in Brussels today to start the 427 00:24:22,960 --> 00:24:27,640 Speaker 1: ratification process. NATO Secretary General Yen Stoldenberg open the meeting 428 00:24:27,680 --> 00:24:33,760 Speaker 1: in Brussels. This is truly unhistoric moments for Finland, for 429 00:24:33,920 --> 00:24:39,040 Speaker 1: Sweden and Fort NATO. NATO, Jen Stoltenberg w NBA Star 430 00:24:39,160 --> 00:24:42,760 Speaker 1: Britney Grinder sent a letter to President Biden. Grinder, who 431 00:24:42,920 --> 00:24:46,640 Speaker 1: is being detained in a Moscow prison, told the President, 432 00:24:46,720 --> 00:24:50,680 Speaker 1: I'm terrified I might be here forever. Grinder adds she 433 00:24:50,920 --> 00:24:54,000 Speaker 1: misses her wife, her family, and her teammates, while making 434 00:24:54,040 --> 00:24:57,600 Speaker 1: a direct plead to the President, writing I realize you 435 00:24:57,840 --> 00:25:00,960 Speaker 1: are dealing with so much, but lease don't forget about 436 00:25:01,040 --> 00:25:05,159 Speaker 1: me and the other American detainees. President Biden awards the 437 00:25:05,200 --> 00:25:08,080 Speaker 1: Medal of Honor to four Army soldiers today for their 438 00:25:08,160 --> 00:25:13,040 Speaker 1: heroism in Vietnam. They include retired Specialist to White Birdwell, 439 00:25:13,320 --> 00:25:16,600 Speaker 1: who took enemy fire to his face and torso but 440 00:25:16,760 --> 00:25:19,560 Speaker 1: still managed to get his commander to safety and disrupt 441 00:25:19,640 --> 00:25:22,800 Speaker 1: the enemy assault. Quite a way to celebrate the fourth 442 00:25:23,280 --> 00:25:26,600 Speaker 1: saved my fellow serviceman. I did it twice. Went into 443 00:25:26,640 --> 00:25:30,440 Speaker 1: an enemy hell bellis at night, couldn't see. The only 444 00:25:30,640 --> 00:25:34,440 Speaker 1: light was elimination from the enemy fire at our fire. 445 00:25:35,240 --> 00:25:38,000 Speaker 1: Retired Specialist to Wade Birdwell will be the first Native 446 00:25:38,000 --> 00:25:42,000 Speaker 1: American awarded for service in any conflict since ninety three. 447 00:25:42,560 --> 00:25:45,159 Speaker 1: Global News twenty four hours a day on air and 448 00:25:45,400 --> 00:25:48,800 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven under 449 00:25:48,880 --> 00:25:52,240 Speaker 1: journalist and analysts more than twenty countries. Michael Barr And 450 00:25:52,320 --> 00:25:59,160 Speaker 1: this is Bloomberg Own, Michael, Thank you, Yes how five 451 00:25:59,320 --> 00:26:01,680 Speaker 1: thirty five on Wall Street Tips. Time for the Bloomberg 452 00:26:01,720 --> 00:26:06,280 Speaker 1: Sports Update, and you're Scott Seidenberg. Good morning, John. Another 453 00:26:06,440 --> 00:26:09,600 Speaker 1: solid outing from Taiwan Walker as he struck out nine 454 00:26:09,680 --> 00:26:12,479 Speaker 1: in six innings as the Mets beat the Reds yesterday 455 00:26:12,640 --> 00:26:15,520 Speaker 1: seven to four. Dom Smith, who had a two run 456 00:26:15,600 --> 00:26:18,840 Speaker 1: double in the game, talked about Walker afterwards. I think 457 00:26:18,880 --> 00:26:22,800 Speaker 1: it's been awful. He's just selling like uh what he 458 00:26:22,840 --> 00:26:24,400 Speaker 1: said his last year when he was an All Star, 459 00:26:24,920 --> 00:26:27,520 Speaker 1: So it's something that he's capable of doing. Brandon Nemo 460 00:26:27,640 --> 00:26:31,320 Speaker 1: and Francisco Adore both homered in the win. The Mets 461 00:26:31,400 --> 00:26:34,840 Speaker 1: are the first n L team to fifty wins this season. 462 00:26:35,000 --> 00:26:38,400 Speaker 1: And tonight, welcome back Max Scherzer, making his first start 463 00:26:38,480 --> 00:26:42,840 Speaker 1: since leaving the game back on May eight. Team the Yankees. Meanwhile, 464 00:26:42,880 --> 00:26:46,399 Speaker 1: we're off yesterday Tonight, Jamison Tyone faces the Pirates, his 465 00:26:46,520 --> 00:26:49,920 Speaker 1: former team. Tennis at Wimbledon, Rafa Nadal and Nick Kurios 466 00:26:49,960 --> 00:26:54,280 Speaker 1: advanced to the quarterfinals and a fourth of July tradition 467 00:26:54,400 --> 00:26:58,040 Speaker 1: as Joey Chestnut wins his fifteenth Nathan's Hot Dog Eating 468 00:26:58,080 --> 00:27:01,800 Speaker 1: contest despite being in a opted by a protester midway 469 00:27:01,920 --> 00:27:06,639 Speaker 1: through Chestnut down sixty three dogs. When his fifteenth title 470 00:27:06,680 --> 00:27:10,879 Speaker 1: in the last sixteen years. I'm Scott Seedinberg with Bloomberg Sports. 471 00:27:11,320 --> 00:27:14,760 Speaker 1: John all Right, Scott, thanks a lot. It's five thirty 472 00:27:14,800 --> 00:27:17,479 Speaker 1: seven on Wall Street. Time down for the Bloomberg Tri 473 00:27:17,640 --> 00:27:21,119 Speaker 1: State Business Report. For that We're joined by ed Query. 474 00:27:21,720 --> 00:27:24,639 Speaker 1: The Hampton's COVID era buying frenzy is the thing of 475 00:27:24,680 --> 00:27:27,960 Speaker 1: the past. May sales numbers were lackluster, according to a 476 00:27:28,040 --> 00:27:32,000 Speaker 1: Douglas Element report, with new signed contract for single family 477 00:27:32,080 --> 00:27:34,920 Speaker 1: homes down thirty eight percent from last May. Even his 478 00:27:35,040 --> 00:27:38,800 Speaker 1: fourteen percent more listings came onto the market. Sales at 479 00:27:38,840 --> 00:27:41,640 Speaker 1: Prent de mon J cafes near Wall Street are still 480 00:27:41,680 --> 00:27:44,199 Speaker 1: only half of what they were before the pandemic. As 481 00:27:44,280 --> 00:27:47,240 Speaker 1: COVID cases increase in New York City, the new wave 482 00:27:47,400 --> 00:27:51,040 Speaker 1: is curbing bags ambitions to bring workers back. Bloomberg's Prett 483 00:27:51,119 --> 00:27:54,520 Speaker 1: Index shows that transactions in New York's financial center have 484 00:27:54,640 --> 00:27:58,080 Speaker 1: hovered around the fifty percent mark for weeks. Givon She 485 00:27:58,359 --> 00:28:02,119 Speaker 1: has opened its first location town to New York's Soho neighborhood, 486 00:28:02,640 --> 00:28:06,600 Speaker 1: Located at nine Green Street, The thirty square foot boutique 487 00:28:06,680 --> 00:28:10,280 Speaker 1: is the brand's sixth freestanding location in the Americas and 488 00:28:10,359 --> 00:28:12,879 Speaker 1: the first to open in four years. It's also givon 489 00:28:13,000 --> 00:28:17,359 Speaker 1: She's second Manhattan location. That your Bloomberg Dry State Business Report. 490 00:28:17,480 --> 00:28:20,480 Speaker 1: I med Corey. Alright, thanks said. It is five thirty 491 00:28:20,520 --> 00:28:23,119 Speaker 1: seven on Wall Street, and Bloomberg Radio is on the 492 00:28:23,200 --> 00:28:26,600 Speaker 1: year from San Francisco to New York, London to Hong Kong. 493 00:28:27,119 --> 00:28:29,200 Speaker 1: Let's check in now with our global news team for 494 00:28:29,520 --> 00:28:31,720 Speaker 1: some of the top stories heard on our three hundred 495 00:28:31,760 --> 00:28:38,800 Speaker 1: at Philligate radio stations around the world. Corney Donaho on 496 00:28:38,960 --> 00:28:41,959 Speaker 1: ktr H in Houston City Bank is warning oil may 497 00:28:42,000 --> 00:28:46,040 Speaker 1: collapse to sixty dollars for recession heads. I'm Gina Servetti 498 00:28:46,160 --> 00:28:49,240 Speaker 1: and for wfl A in Orlando. We're looking ahead to 499 00:28:49,360 --> 00:28:52,480 Speaker 1: Friday and the June jobs report. IM mace Mateo and 500 00:28:52,560 --> 00:28:55,920 Speaker 1: on KYW in Philadelphia, I'll be reporting on how Hollywood 501 00:28:55,960 --> 00:28:59,280 Speaker 1: cutbacks could affect your viewing pleasure. I'm Stephen carl and 502 00:28:59,320 --> 00:29:02,280 Speaker 1: Bloomberg d A Begical Radio in London. We've been reporting 503 00:29:02,360 --> 00:29:05,400 Speaker 1: on shares surging for the German gas giant Unipower after 504 00:29:05,480 --> 00:29:08,640 Speaker 1: Bloomberg report it talks over a government failu. I'm in 505 00:29:08,760 --> 00:29:12,400 Speaker 1: gory on w w J in Detroit. I'm reporting Kellogg 506 00:29:12,480 --> 00:29:15,480 Speaker 1: he's lost a bit to block the UK's new curbs 507 00:29:15,600 --> 00:29:20,560 Speaker 1: on the promotion of unhealthy food and those are some 508 00:29:20,800 --> 00:29:24,080 Speaker 1: of these stories are twenty seven Bloomberg journalists and analysts 509 00:29:24,120 --> 00:29:27,600 Speaker 1: are working on this morning around the world. It's five 510 00:29:27,720 --> 00:29:31,240 Speaker 1: thirty nine on Wall Street. The following is an editorial 511 00:29:31,440 --> 00:29:35,000 Speaker 1: from Bloomberg Opinion. Later in July, the U s public 512 00:29:35,080 --> 00:29:38,560 Speaker 1: health emergency that's been in place since early is scheduled 513 00:29:38,600 --> 00:29:43,080 Speaker 1: to end. One unanticipated consequence, millions of Americans could lose 514 00:29:43,120 --> 00:29:46,320 Speaker 1: their health insurance. Here's why. In the early days of 515 00:29:46,400 --> 00:29:50,520 Speaker 1: COVID nineteen, the government offered states extra Medicaid funding so 516 00:29:50,680 --> 00:29:53,280 Speaker 1: long as they didn't boot anyone off the program during 517 00:29:53,320 --> 00:29:56,880 Speaker 1: the public health emergency. Whenever the emergency ends, and it 518 00:29:56,960 --> 00:30:00,680 Speaker 1: could be extended further, states will need to restart eligibility 519 00:30:00,760 --> 00:30:05,600 Speaker 1: assessments for more than eighty million Medicaid beneficiaries. Millions could 520 00:30:05,640 --> 00:30:08,880 Speaker 1: lose their coverage in the process. Federal and state officials 521 00:30:09,040 --> 00:30:11,680 Speaker 1: will need to work closely to prevent this from happening. 522 00:30:11,960 --> 00:30:15,320 Speaker 1: For example, the federal government could phase down its extra 523 00:30:15,440 --> 00:30:20,200 Speaker 1: medicaid payments slowly, encouraging states to reassess their rosters more methodically, 524 00:30:20,360 --> 00:30:24,560 Speaker 1: and reducing the risk of administrative errors. Pandemic error spending 525 00:30:24,600 --> 00:30:28,000 Speaker 1: won't last forever, but lawmakers can smooth the transition to 526 00:30:28,120 --> 00:30:30,960 Speaker 1: avoid a crisis. This editorial was written by the Bloomberg 527 00:30:31,040 --> 00:30:34,440 Speaker 1: Opinion Editorial Board. I'm David Shipley. For more Bloomberg Opinion, 528 00:30:34,440 --> 00:30:37,120 Speaker 1: please go to Bloomberg dot com, slash Opinion or ope 529 00:30:37,240 --> 00:30:40,320 Speaker 1: and go on the Bloomberg terminal. These has been Bloomberg 530 00:30:40,360 --> 00:30:43,280 Speaker 1: Opinion and Bloomberg Opinion Editorial is going to be heard 531 00:30:43,440 --> 00:30:46,280 Speaker 1: every week day at this time. Terminal customers can read 532 00:30:46,320 --> 00:30:49,840 Speaker 1: more at op I an go ahead of the cash 533 00:30:49,960 --> 00:30:53,320 Speaker 1: open on Wall Street. The dawn of futures on four 534 00:30:53,400 --> 00:30:56,200 Speaker 1: point slower. That's down half a percent, as and p 535 00:30:56,320 --> 00:31:00,600 Speaker 1: E many futures down twenty points. That's down half of percent. Yeah, 536 00:31:00,640 --> 00:31:04,000 Speaker 1: the domesday futures seventy six points lower, that is down 537 00:31:04,160 --> 00:31:07,440 Speaker 1: seven tenths of a percent. Euro at one oh three 538 00:31:07,520 --> 00:31:10,480 Speaker 1: down one percent against the dollar. Dollar d x Y 539 00:31:11,480 --> 00:31:14,160 Speaker 1: showing strength this morning up nine tenths of a percent. 540 00:31:14,880 --> 00:31:22,000 Speaker 1: You're listening to Bloomberg team break still ahead of the 541 00:31:22,120 --> 00:31:25,240 Speaker 1: US rolls back terrafs on Chinese goods, we'll have much 542 00:31:25,320 --> 00:31:28,440 Speaker 1: of an impact on inflation. We'll put that question to 543 00:31:28,640 --> 00:31:37,720 Speaker 1: end occurring the chief the ancient economics correspondent for Bloomberg News, Markets, 544 00:31:37,800 --> 00:31:40,840 Speaker 1: headlines and breaking news twenty four hours a day at 545 00:31:40,880 --> 00:31:44,280 Speaker 1: Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg 546 00:31:44,400 --> 00:31:53,240 Speaker 1: Quick Tape. This is a Bloomberg business lash, and I'm 547 00:31:53,280 --> 00:31:57,080 Speaker 1: kerin Moscow and yous Dock. Index futures and European equities 548 00:31:57,280 --> 00:32:00,520 Speaker 1: are falling as concerned over the possibility of or accession 549 00:32:00,560 --> 00:32:04,840 Speaker 1: outweighs optimism over US China talks aimed at tariff reductions. 550 00:32:04,880 --> 00:32:07,120 Speaker 1: The Euro around at twenty year low. We checked the 551 00:32:07,160 --> 00:32:10,120 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg 552 00:32:10,160 --> 00:32:12,640 Speaker 1: Guess and p future is down twenty two points down, 553 00:32:12,720 --> 00:32:15,840 Speaker 1: futures down one hundred sixty two and NASDAG futures down 554 00:32:15,920 --> 00:32:18,880 Speaker 1: eighty eight. The decks in Germany's down one point two percent, 555 00:32:18,960 --> 00:32:21,360 Speaker 1: The ten year treasury down three thirties seconds, yield two 556 00:32:21,400 --> 00:32:24,200 Speaker 1: point eight nine percent yield on the two year two 557 00:32:24,240 --> 00:32:27,520 Speaker 1: point eight eight percent Nimex screw oil little change at 558 00:32:27,520 --> 00:32:30,360 Speaker 1: a hundred eight dollars thirty seven cents of barrel comics 559 00:32:30,400 --> 00:32:32,240 Speaker 1: gold is a tenth of a percent or two dollars 560 00:32:32,320 --> 00:32:35,239 Speaker 1: fifty cents. At eighteen o four announced the euro one 561 00:32:35,280 --> 00:32:37,600 Speaker 1: point oh two nine one against the dollar, the British 562 00:32:37,600 --> 00:32:40,200 Speaker 1: found one point two zero three seven and the end 563 00:32:40,240 --> 00:32:43,720 Speaker 1: of one thirty five point seven three bitcoin. It's lower 564 00:32:43,800 --> 00:32:46,880 Speaker 1: down four ten percent at nineteen thousand and six hundred 565 00:32:46,960 --> 00:32:50,080 Speaker 1: seventy dollars. That's a bloomberg business flash. Now here's Muchael 566 00:32:50,120 --> 00:32:52,320 Speaker 1: Barr with more on what's going on around the world. 567 00:32:52,440 --> 00:32:54,880 Speaker 1: Muncale Karen, thank you very much. A gunman on the 568 00:32:54,960 --> 00:32:59,360 Speaker 1: rooftop opened fire on an Independence Day parade in suburban Chicago, 569 00:32:59,560 --> 00:33:02,800 Speaker 1: killing at least six people, wounding at least thirty others. 570 00:33:03,240 --> 00:33:06,280 Speaker 1: Police and Island Park said. The man, named as a 571 00:33:06,360 --> 00:33:08,920 Speaker 1: person of interest and the shooting, was taken into police 572 00:33:08,960 --> 00:33:13,760 Speaker 1: custody last night after an hour's long manhunt. To Philadelphia 573 00:33:13,800 --> 00:33:16,880 Speaker 1: Police officers have been released from the hospital after they 574 00:33:17,040 --> 00:33:19,640 Speaker 1: was shot during the Fourth of July celebration where they 575 00:33:19,680 --> 00:33:23,840 Speaker 1: were working security. It is unclear whether the shootings were intentional, 576 00:33:24,280 --> 00:33:27,520 Speaker 1: and there have been no arrest so far. In baseball, 577 00:33:27,600 --> 00:33:30,600 Speaker 1: the Met's one, the Red Sox Orioles and A's also one. 578 00:33:30,960 --> 00:33:34,600 Speaker 1: The Nationals lost along with the giants. Global News twenty 579 00:33:34,640 --> 00:33:37,880 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 580 00:33:38,160 --> 00:33:41,160 Speaker 1: powered by more than journalists and analysts more than a 581 00:33:41,240 --> 00:33:45,160 Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael, 582 00:33:45,200 --> 00:33:48,080 Speaker 1: thank you. It is five forty nine on Wall Street. 583 00:33:48,280 --> 00:33:51,000 Speaker 1: We are live for the Bloomberg interrant to Broker Studios, 584 00:33:51,560 --> 00:33:54,280 Speaker 1: Well investors sentiment was getting a bit of a lift 585 00:33:54,320 --> 00:33:56,800 Speaker 1: this morning on where the Biden administration may be close 586 00:33:56,880 --> 00:34:00,240 Speaker 1: to cutting tariffs on Chinese goods and a current is 587 00:34:00,280 --> 00:34:03,800 Speaker 1: our achieved Asia Economics correspondent joining us this morning with 588 00:34:04,000 --> 00:34:07,000 Speaker 1: the tails, So what do we do at this point? 589 00:34:07,200 --> 00:34:10,919 Speaker 1: And so John, there are a couple of things going 590 00:34:10,960 --> 00:34:13,320 Speaker 1: on this morning. We had a read out of the 591 00:34:13,480 --> 00:34:17,560 Speaker 1: coal between top of US and Chinese economic officials. On 592 00:34:17,640 --> 00:34:19,440 Speaker 1: the Chinese side led by the Vice Premier and the 593 00:34:19,520 --> 00:34:22,600 Speaker 1: U s I led by the Treasury Secretary. They discussed 594 00:34:22,880 --> 00:34:27,359 Speaker 1: tariffs on goods, They discuse functions, and they discussed every 595 00:34:27,480 --> 00:34:30,720 Speaker 1: where there could be perhaps corporation around ensuring global supply 596 00:34:30,880 --> 00:34:34,880 Speaker 1: chains are functioning smoothly. And they're like, we didn't get 597 00:34:34,960 --> 00:34:38,680 Speaker 1: much more details and that, but that call was the 598 00:34:38,760 --> 00:34:42,200 Speaker 1: first such calls in October, and it does add momentum 599 00:34:42,280 --> 00:34:44,560 Speaker 1: to this idea that our colleagues are reporting out of 600 00:34:44,600 --> 00:34:49,120 Speaker 1: Washington that the Biden administration moving towards listening tariffs off 601 00:34:49,120 --> 00:34:51,800 Speaker 1: at least some Chinese goods. Now, we don't yet have 602 00:34:51,960 --> 00:34:54,279 Speaker 1: the exact details on what's coming down the pipe there 603 00:34:54,280 --> 00:34:56,000 Speaker 1: in terms of what good it will be, will it 604 00:34:56,080 --> 00:34:59,600 Speaker 1: be industrial or consumer, and by how much of those 605 00:34:59,680 --> 00:35:01,839 Speaker 1: tarr will be reduced, and what kind of time frame 606 00:35:01,920 --> 00:35:05,080 Speaker 1: it will be unindeed whether or not China will reciprocate. 607 00:35:05,160 --> 00:35:07,800 Speaker 1: But you know, as you say, on a headline basis, 608 00:35:08,160 --> 00:35:12,440 Speaker 1: it looks like some progress on China US trade talks, 609 00:35:12,520 --> 00:35:15,320 Speaker 1: but fairly incremental, and I would I wouldn't say it 610 00:35:15,440 --> 00:35:18,880 Speaker 1: changes the overall back drop of tension between both governments. 611 00:35:19,680 --> 00:35:22,120 Speaker 1: Would this be unilateral or do we have to wait 612 00:35:22,200 --> 00:35:26,680 Speaker 1: for China move to move We don't have a sense 613 00:35:26,760 --> 00:35:30,879 Speaker 1: on that from more reporting, Yes, John, I mean you'd 614 00:35:30,920 --> 00:35:32,840 Speaker 1: have to think on the U S side, for example, 615 00:35:32,960 --> 00:35:36,480 Speaker 1: this is being driven by the inflation story. Is there? However, 616 00:35:36,640 --> 00:35:39,359 Speaker 1: economists this morning we're actually reacting that if you were 617 00:35:39,400 --> 00:35:41,520 Speaker 1: to roll back these twers, the impact would be fairly 618 00:35:41,960 --> 00:35:43,560 Speaker 1: music in terms of what it would do to bring 619 00:35:43,640 --> 00:35:47,239 Speaker 1: down US inflation, in which case you got to have 620 00:35:47,320 --> 00:35:49,120 Speaker 1: you have to have ben how much of very political 621 00:35:49,239 --> 00:35:51,600 Speaker 1: hit with President Bible will take go into the own 622 00:35:51,960 --> 00:35:54,759 Speaker 1: mid term elections over there. So there's a lot that 623 00:35:54,880 --> 00:35:56,480 Speaker 1: he has to consider about in terms of US. He 624 00:35:56,480 --> 00:35:58,840 Speaker 1: doesn't want to be seems being soft each on it, 625 00:35:59,120 --> 00:36:01,239 Speaker 1: in which case are very the question what would trying 626 00:36:01,280 --> 00:36:04,480 Speaker 1: to do in return? Would they do anything in return? 627 00:36:04,560 --> 00:36:06,200 Speaker 1: I think that's going to become one of the talking 628 00:36:06,239 --> 00:36:09,759 Speaker 1: parts we have reported out of Washington before that they 629 00:36:10,320 --> 00:36:13,040 Speaker 1: there might be a call between she and Biden over 630 00:36:13,080 --> 00:36:15,400 Speaker 1: the summer months, or perhaps we might get detailed closer 631 00:36:15,440 --> 00:36:18,680 Speaker 1: to them. Hey remind everybody when the terrorists were imposed 632 00:36:18,760 --> 00:36:23,719 Speaker 1: in the first place. The broad back DUP was complaints 633 00:36:23,760 --> 00:36:27,120 Speaker 1: of unfair trade against China by the US government under 634 00:36:27,160 --> 00:36:31,719 Speaker 1: the then President Trump. Be thinking was that China undervalues 635 00:36:31,840 --> 00:36:35,280 Speaker 1: its currency, that they don't allow fair access to its markets, 636 00:36:35,600 --> 00:36:39,120 Speaker 1: and of course they were accused of staff drive intellectual 637 00:36:39,239 --> 00:36:43,239 Speaker 1: property China, of course pushes back on those charges, but 638 00:36:43,360 --> 00:36:46,600 Speaker 1: nonetheless the U S push ahead with tariffs on merchandise, 639 00:36:46,760 --> 00:36:50,800 Speaker 1: goods and good divorce under building US dollars. It didn't 640 00:36:50,880 --> 00:36:53,839 Speaker 1: do much about to slow Chinese exports to the US. 641 00:36:53,920 --> 00:36:56,920 Speaker 1: In fact, Chinese exports and trade circlets grew during the 642 00:36:57,000 --> 00:36:59,839 Speaker 1: pandemic given the appetite for the US consumers to bide 643 00:37:00,040 --> 00:37:02,640 Speaker 1: on goods. I should say, by the way, on the 644 00:37:02,680 --> 00:37:05,440 Speaker 1: flip side, if the cars do come down, neither are 645 00:37:05,480 --> 00:37:08,560 Speaker 1: they expected to do much for shiny manufacturers this time. 646 00:37:08,680 --> 00:37:11,160 Speaker 1: They are suffering now from slowing demand and in the 647 00:37:11,320 --> 00:37:13,719 Speaker 1: U S T T inflation. And again this morning most 648 00:37:13,719 --> 00:37:15,839 Speaker 1: people were saying that the stars from down that won't 649 00:37:15,840 --> 00:37:18,920 Speaker 1: really change our story either, all right, and will leave 650 00:37:18,960 --> 00:37:21,240 Speaker 1: it there. Thanks very much for the up They appreciate 651 00:37:21,320 --> 00:37:24,920 Speaker 1: it and the current Bloomberg Chief Asia Economics correspondent Karen, 652 00:37:26,080 --> 00:37:28,239 Speaker 1: thank you and Bluebirg. Daybreak brought to you by in 653 00:37:28,320 --> 00:37:30,439 Speaker 1: for Emnica and the Cloud. Your data has the power 654 00:37:30,520 --> 00:37:33,600 Speaker 1: to do the extraordinary. Managed data across any location in 655 00:37:33,640 --> 00:37:37,600 Speaker 1: the cloud for accurate and actionable insights. More at Informatica 656 00:37:37,880 --> 00:37:40,440 Speaker 1: dot com. It is five fifty two on Wall Street. 657 00:37:40,480 --> 00:37:42,759 Speaker 1: Time for our Bloomberg the Law Report. Let's get to 658 00:37:42,800 --> 00:37:49,759 Speaker 1: the legal stories we're watching this morning. From Bloomberg's Jeff Bellinger, co. 659 00:37:50,000 --> 00:37:53,080 Speaker 1: Settlement filed in a New York state court indicates Google 660 00:37:53,160 --> 00:37:56,280 Speaker 1: agreed to pay twenty two million dollars to resolve claims 661 00:37:56,320 --> 00:37:59,640 Speaker 1: of gender and racial bias in job assignments. A former 662 00:37:59,719 --> 00:38:03,160 Speaker 1: North Eastern University employee accuses the Boston based school of 663 00:38:03,239 --> 00:38:07,400 Speaker 1: filling its retirement plan with high costs, underperforming investments, and 664 00:38:07,600 --> 00:38:11,240 Speaker 1: allowing the plan to pay excessive administrative fees. A music 665 00:38:11,320 --> 00:38:15,080 Speaker 1: industry used release as the Copyright Royalty Board restored an 666 00:38:15,120 --> 00:38:18,120 Speaker 1: increase in the royalty rate to be paid to songwriters 667 00:38:18,239 --> 00:38:22,640 Speaker 1: by streamers such as Spotify. Bloomberg Law everything you need, 668 00:38:22,960 --> 00:38:27,279 Speaker 1: all on one legal research platform, including guidance analysis and 669 00:38:27,400 --> 00:38:31,600 Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. 670 00:38:32,480 --> 00:38:35,240 Speaker 1: All right, Jeff, thank you. Now. Another legal story we're watching. 671 00:38:35,440 --> 00:38:37,399 Speaker 1: On the last day of the term, the Supreme Court 672 00:38:37,440 --> 00:38:41,680 Speaker 1: issued a blockbuster decision limiting the environment O Protection Agencies 673 00:38:41,719 --> 00:38:46,040 Speaker 1: authority to reduce greenhouse gas emissions from power plants, handcuffing 674 00:38:46,080 --> 00:38:49,200 Speaker 1: the Bonden administration and its efforts to tackle climate change. 675 00:38:49,520 --> 00:38:53,239 Speaker 1: The decision was six to three down ideological lines, and 676 00:38:53,320 --> 00:38:56,080 Speaker 1: the theory the court used to justify the ruling could 677 00:38:56,160 --> 00:38:59,920 Speaker 1: have serious ramifications for federal agencies. For more of the 678 00:39:00,120 --> 00:39:03,240 Speaker 1: rstud in Grosso speaks to environmental law professor Pat Parento 679 00:39:03,520 --> 00:39:07,120 Speaker 1: at the Vermont Law School. Pat President Biden called this 680 00:39:07,560 --> 00:39:12,200 Speaker 1: another devastating decision that aims to take our country backwards? 681 00:39:12,719 --> 00:39:15,600 Speaker 1: Is it that ruinous? Yeah, I don't think it's that bad. 682 00:39:16,000 --> 00:39:17,880 Speaker 1: I understand why he's saying that. I mean, you know, 683 00:39:18,239 --> 00:39:20,640 Speaker 1: the sheer fact that the Supreme Court did not take 684 00:39:20,719 --> 00:39:24,200 Speaker 1: into account the reason that e p A was adopting 685 00:39:24,520 --> 00:39:27,480 Speaker 1: this rule, which was to deal with the existential threat 686 00:39:27,520 --> 00:39:30,400 Speaker 1: of climate change, is jaw dropping. I mean, how can 687 00:39:30,440 --> 00:39:33,320 Speaker 1: the court not take account of what the agency is 688 00:39:33,360 --> 00:39:35,680 Speaker 1: trying to do in the face of the threat? Right, So, 689 00:39:36,000 --> 00:39:39,359 Speaker 1: Biden is right to say it's devastating in the sense 690 00:39:39,440 --> 00:39:42,719 Speaker 1: that we don't have a court that is willing to 691 00:39:43,200 --> 00:39:47,960 Speaker 1: seriously engage with the nature of the problem that regulations 692 00:39:48,000 --> 00:39:51,480 Speaker 1: are trying to deal with. That is devastating, But the 693 00:39:51,600 --> 00:39:55,080 Speaker 1: effect of the decision itself, that's not devastating. For example, 694 00:39:55,520 --> 00:39:58,160 Speaker 1: e p A has right now in the works four 695 00:39:58,480 --> 00:40:01,720 Speaker 1: other rules that are aim that coal fired power plants. 696 00:40:01,960 --> 00:40:04,920 Speaker 1: What I'm saying is, yes, e p A lost a 697 00:40:05,080 --> 00:40:09,560 Speaker 1: major tool with the West Virginia decision, but they're not helpless. 698 00:40:09,840 --> 00:40:13,440 Speaker 1: They have other ways of hastening the end of the 699 00:40:13,560 --> 00:40:17,120 Speaker 1: coal era. And I do think Cole is the walking dead. 700 00:40:17,520 --> 00:40:20,000 Speaker 1: I think we're going to be done with Cole within 701 00:40:20,080 --> 00:40:24,759 Speaker 1: a decade. Even without this rule, the marketplace is already 702 00:40:24,880 --> 00:40:28,200 Speaker 1: moving our energy system in the right direction. The Chief 703 00:40:28,480 --> 00:40:32,320 Speaker 1: uses the so called major questions doctrine. This is the 704 00:40:32,400 --> 00:40:36,600 Speaker 1: first time a majority opinion has explicitly used that doctrine 705 00:40:36,960 --> 00:40:41,160 Speaker 1: to justify a ruling. Yes, this new version of major 706 00:40:41,280 --> 00:40:44,120 Speaker 1: question is problematic because you know, we don't know what 707 00:40:44,520 --> 00:40:48,840 Speaker 1: major means. You know, a rule can have major effects 708 00:40:48,880 --> 00:40:52,120 Speaker 1: that could be beneficial. You know they're big, but they're good. 709 00:40:52,360 --> 00:40:55,279 Speaker 1: The Court doesn't distinguish between something that's big and good 710 00:40:55,400 --> 00:40:58,040 Speaker 1: or big and bad. It just sort of says, if 711 00:40:58,120 --> 00:41:01,160 Speaker 1: an agency comes up with the confused anyway as a 712 00:41:01,280 --> 00:41:04,960 Speaker 1: new interpretation of an old statue. And by the way, 713 00:41:05,040 --> 00:41:07,680 Speaker 1: in the West Virginia case, Roberts goes out of his 714 00:41:07,920 --> 00:41:12,000 Speaker 1: way to make fun of this provision that EPA is 715 00:41:12,040 --> 00:41:15,520 Speaker 1: relying on He called it the backwater provision. It's like 716 00:41:15,880 --> 00:41:19,760 Speaker 1: what I mean, it's the law Congress doesn't write statutes 717 00:41:19,800 --> 00:41:22,879 Speaker 1: and say here are the really important provisions. The rest 718 00:41:22,960 --> 00:41:25,239 Speaker 1: of them don't worry about it. So this is a 719 00:41:25,320 --> 00:41:27,840 Speaker 1: matter of convenience for the court if it doesn't like 720 00:41:28,280 --> 00:41:31,480 Speaker 1: the rule the agency has adopted. If the Court majority 721 00:41:31,680 --> 00:41:35,920 Speaker 1: thinks an agency is quote driving outside its lane or 722 00:41:36,239 --> 00:41:39,520 Speaker 1: arrogating new authority to itself, then it's going to say, 723 00:41:40,040 --> 00:41:43,319 Speaker 1: that's a major question. We give you no difference. We're 724 00:41:43,320 --> 00:41:45,440 Speaker 1: going to rule as a matter of law, you just 725 00:41:45,560 --> 00:41:49,440 Speaker 1: simply can't do it. And as Professor Pat Parento at 726 00:41:49,480 --> 00:41:52,240 Speaker 1: the Vermont Law School speaking with the Bloomberg Student grounds, 727 00:41:52,239 --> 00:41:55,160 Speaker 1: So catch more of that interview plus analysis of the 728 00:41:55,239 --> 00:41:58,440 Speaker 1: latest legal news by subscribing to the Bloomberg Law Podcast 729 00:41:58,600 --> 00:42:02,279 Speaker 1: or downloading the show at Bloomberg dot com slash podcasts. 730 00:42:02,480 --> 00:42:05,720 Speaker 1: Attorneys can find exceptional legal research and business development tools 731 00:42:05,760 --> 00:42:08,800 Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal 732 00:42:08,960 --> 00:42:12,800 Speaker 1: at b Law. Go s ANDP futures lower this morning, 733 00:42:12,960 --> 00:42:17,439 Speaker 1: down about eighteen points down. Futures are down one every 734 00:42:17,560 --> 00:42:20,880 Speaker 1: thirty one, and NASDAG futures down as seventy two. The 735 00:42:21,000 --> 00:42:24,239 Speaker 1: ten year Treasury down four thirty seconds, yield two point 736 00:42:24,280 --> 00:42:26,640 Speaker 1: eight nine percent. A yield on a two year is 737 00:42:26,719 --> 00:42:29,840 Speaker 1: at two point eight nine percent as well. Not an 738 00:42:29,880 --> 00:42:32,000 Speaker 1: ex screwed oil up tenth of upper cent or fifteen 739 00:42:32,080 --> 00:42:34,360 Speaker 1: cents at a hundred eight dollars fifty seven cents of 740 00:42:34,440 --> 00:42:36,840 Speaker 1: barrel and comex school the tenth of upper cent at 741 00:42:36,880 --> 00:42:40,359 Speaker 1: eighteen oh three thirty announce Still ahead on Bloomberg day 742 00:42:40,360 --> 00:42:42,400 Speaker 1: break and check on the business headlines and all the 743 00:42:42,440 --> 00:42:45,680 Speaker 1: news you need to start your day. And this is 744 00:42:45,719 --> 00:42:46,279 Speaker 1: Bloomberg