Speaker 1: Life from the Bloomberg Interactive Burger Studios. This is is Bloomberg
Speaker 1: Daybreak for Tuesday, July twenty six two. Coming up this hour,
Speaker 1: Former President Trump returns to d C as talks of
Speaker 1: another run for office heat up. The FED prepares another
Speaker 1: rate high as the Central Banks policy meeting gets underway.
Speaker 1: Walmart shares sank after the company lowers its forecast, and
Speaker 1: candidates in the UK make their case to replace Boris Johnson.
Speaker 1: New York's mt A says it may take thirteen years
Speaker 1: to match pre COVID ridership. Let's talk of speaker Belosi
Speaker 1: possibly heading to Taiwan has made China furious. I'm Michael
Speaker 1: barn More, I'm Jim Stagower. In sports, the Mets and
Speaker 1: Yank You both in first place, begin a two game
Speaker 1: Subway series tonight at City Field. That's All's train ahead
Speaker 1: on Bloomberg day Break on Bloomberg eleven three on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius XM one nine team
Speaker 1: and around the world long Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business app. Good morning. I'm Nathan Hagger
Speaker 1: and I'm Karen Moscow and US DOT index futures are
Speaker 1: lower this morning. We are coming up to a six
Speaker 1: oh one on Wall Street. I'm mean check the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg, U
Speaker 1: S and P Future is down about ten points down
Speaker 1: Future is down a hundred twenty nine and NASDAG Future
Speaker 1: is down about thirty. The ten year treasury up six
Speaker 1: thirty seconds. He had two points seven seven percent, and
Speaker 1: they yield on the two year at three point one
Speaker 1: percent and the euro one point zero one seven three
Speaker 1: against the dollar. Nathan, Karen, We'll get back to markets
Speaker 1: in a moment, but we begin in the nation's capital,
Speaker 1: where former President Donald Trump returns for the first time
Speaker 1: since leaving office. Amy Morris has details from our Bloomberg
Speaker 1: newsroom in Washington. Donald Trump will be back inside the
Speaker 1: Beltway as Republican rivals maneuver for a possible primary challenge
Speaker 1: and lawmakers probe his culpability for the January six insurrection.
Speaker 1: He'll deliver the keynote address at the America First Agenda
Speaker 1: Summit held by the conservative think tank The America First
Speaker 1: Policy institute launched by some former Trump One House advisers.
Speaker 1: He's not expected to announce a run for the White
Speaker 1: House during today's speech, which will be his highest profile
Speaker 1: speech since leaving office in Washington. I'm anymore as Bloomberg daybreak.
Speaker 1: All right, Amy, thank you, but we stay in Washington,
Speaker 1: where the Federal Reserves two day meeting kicks off today.
Speaker 1: The Central Bank is set to raise rates again. That's
Speaker 1: just by GDP numbers due out Thursday, which could show
Speaker 1: the US contracted and back to back quarters, signaling a recession. However,
Speaker 1: Moody Chief economist Marksandy tells us there are not recession
Speaker 1: signs at the moment. When you have a lot of jobs,
Speaker 1: you have low lay offering, a lot of consumer spending.
Speaker 1: Income growth is strong. That's not consistent with a recession.
Speaker 1: This is not a recession. Moody Chief Economist Marksany says
Speaker 1: if the economy does contract, it will likely be in
Speaker 1: the next six months. He spoke at our Washington corresponded
Speaker 1: Joe Matthew on Bloomberg's sound on Catch the Program weekdays
Speaker 1: at five pm Eastern on Bloomberg Radio, Karen Futures and
Speaker 1: Laura ahead of the Fed meeting. Lisa Ericson, senior vice
Speaker 1: president with US Bank, is preaching caution. We are modestly
Speaker 1: cautious advising our clients to move all other things being equal,
Speaker 1: away from equity and more to quality fixed income, where
Speaker 1: again historically they've been able to hold up in times
Speaker 1: of market volatility. US Banks Lisa Rickson says the US
Speaker 1: will narrowly avoid a recession as inflation begins to receive well.
Speaker 1: Nathan turning to oil now, crude is advancing for a
Speaker 1: second session. Signs of a tide market are offsetting concerns
Speaker 1: about an economic slowdown. And checking prices now nim Ex
Speaker 1: screwed oil is up two percent of a dollar ninety
Speaker 1: and ninety eight dollars sixty two cents and barrel brent
Speaker 1: at one point seven a hundred six dollars nine six cents.
Speaker 1: We're also seeing volatility and overseas energy markets. Russia plans
Speaker 1: to curb natural gas flows on the Nordstream pipeline, and
Speaker 1: that's joelding energy markets in Europe and the UK. Karen
Speaker 1: candidates her Prime minister, faced off in another primetime debate
Speaker 1: last night. Liz Trust and Rischi soon actrifying to replace
Speaker 1: Boris Johnson. Bloomberg's You and Potts joins us from London
Speaker 1: with more good Morning You and give warning Nathan and
Speaker 1: Karen strong stuff from the final two candidates in the
Speaker 1: Conservative Party leadership race. In a TV debate, Foreign Secretary
Speaker 1: Liz Trust warn that tax rises would send the UK
Speaker 1: into a recession. Everybody thinks the putting up taxes at
Speaker 1: this moment is going to hurt the economy. You can't
Speaker 1: put up taxes and get gross If we follow Riscie's plans,
Speaker 1: we are headed for. That was Foreign Sectuary Liz Trust. There. Meanwhile,
Speaker 1: former Chancellor Riscie Sunac calam that his opponent's tax plans
Speaker 1: would push up inflation and mortgages. The proposals would mean
Speaker 1: that we get the short term sugar rush of unfunded
Speaker 1: borrowed tax cars, but that would be followed by the
Speaker 1: crash of higher prices and higher mortgage rates. That was
Speaker 1: former Chancellor Rishi Sunach. Whoever wins the six week long
Speaker 1: contest will end up as the next British Prime minister.
Speaker 1: But with a tax like these, it's easy to forget
Speaker 1: they're both members of the same political party in London.
Speaker 1: I'm you in parts in both Daybreak You and thank
Speaker 1: you Beck. Here in the US, corporate earnings are in
Speaker 1: focus today and shares of Walmart are down made and
Speaker 1: a half percent in early training after the company lowered
Speaker 1: its forecast for the second quarter. Bloomberg's you need a
Speaker 1: Young joins us Live with the details or we need
Speaker 1: a good morning, Good Morning care in analysts say Walmart's
Speaker 1: warning gives more insight into the health of the U.
Speaker 1: S consumer that's likely to signal more pain ahead for
Speaker 1: retail stocks as they take on food and gas inflation.
Speaker 1: Morgan Stanley cut its price target for Walmart and says
Speaker 1: it challenges the broker's view of the retail giant as
Speaker 1: a safe haven play. City analysts didn't think Walmart would
Speaker 1: be hit as much as others, and say the news
Speaker 1: is as signed that marginally higher income consumers are feeling
Speaker 1: the pitch from inflation, But Piper Sandler says it's too
Speaker 1: early to take a more constructive view on Walmart, so
Speaker 1: analysts there are waiting on a more broad earnings reset
Speaker 1: industry wide Live in New York, I'm really need a
Speaker 1: young Bloomberg, Daybreak need a thanks Back. In Europe, UBS
Speaker 1: reported week er than expected profit for the second quarter.
Speaker 1: The global market sell off kept wealthy clients on the sidelines,
Speaker 1: as the Swiss Bank saw outflows of twelve billion dollars.
Speaker 1: Surging prices and slowing growth also hit the results. We
Speaker 1: spoke with you Ubs CEO Ralph Hammers about his outlook
Speaker 1: for inflation and how it's impacting businesses and some businesses
Speaker 1: there are still quite some tension in the labor markets,
Speaker 1: so that has not gone completely away yet. So it's
Speaker 1: a mix of inflations and the labor market circumstances. If
Speaker 1: inflation continues to be here, of course, it will be
Speaker 1: reflected ultra in thing. Ubs CEO Ralph Hammers called the
Speaker 1: second quarter one of the most challenging periods in the
Speaker 1: last ten years. Shares of the bank are down more
Speaker 1: than six percent. Well, Nathan, you to leave are also
Speaker 1: out with earnings. Results are mostly in line with estimates.
Speaker 1: The company is raising prices to battle inflation. That's helping
Speaker 1: to offset certain costs, and shares her up two percent
Speaker 1: in London. In Asia, overnight, Karen Stock's got a boost
Speaker 1: from China's tech sector. The c s I three and
Speaker 1: the Hang Sang climbed after reports that Ali Bomba will
Speaker 1: seek a primary listing in Hong Kong. The move could
Speaker 1: provide a template for Chinese companies to exit exchanges in
Speaker 1: New York and cryptocurrencies are also under pressure this morning.
Speaker 1: Nathan Nazas sources to ls coin based Global is facing
Speaker 1: an investigation from the Securities and Exchange Commission. We're told
Speaker 1: the SEC is probing weather coin base and properly led
Speaker 1: Americans or let Americans trade digital assets that should have
Speaker 1: been registered as securities. Again, futures are lower this morning.
Speaker 1: Straight ahead of your latest local headlines plus the check
Speaker 1: of sports and this is Bloomberg. Thanks Karen. Six oh
Speaker 1: seven on Wall Street in Central Park, problems on the
Speaker 1: east side, gotta crash southbound FDR Drive at seventy ninth Street.
Speaker 1: More coming up in traffic. First, Michael Bars here with
Speaker 1: more on what else is going on in New York
Speaker 1: and around the world. Michael, thank you very much, Nathan.
Speaker 1: More people are being infected by the monkey pox virus
Speaker 1: in the US. So far, there are almost twenty nine
Speaker 1: hundred known cases and no depths. During an event at
Speaker 1: Harlem Hospital, New York City Mayor Eric Adams notes that
Speaker 1: most of the state's current nine hundred cases come from
Speaker 1: New York City and they need additional resources from the
Speaker 1: federal government to help slow the spread. Almost nine he
Speaker 1: presented the cases in the States in New York City,
Speaker 1: and so this is once the game we would would again.
Speaker 1: Last week, the w h O proclaimed the spread of
Speaker 1: monkey pox a global emergency. Officials say New York's m
Speaker 1: t A may not regain on of pre pandemic writership
Speaker 1: until about twenty thirty five. Writership on New York City subways, buses,
Speaker 1: and commuter rail lines is now projected to reach nineteen
Speaker 1: doubles in late the back and forth on weather House
Speaker 1: speaker Nancy Pelosi is going to visit Taiwan as China angry,
Speaker 1: Bloomberg said. Backster reports Beijingia has issued his strongest statement
Speaker 1: yet regarding the proposed visit, saying the U s should
Speaker 1: be ready to face the consequences. So. Richard Hass of
Speaker 1: the Council on Foreign Relations on Bloomberg says, it is
Speaker 1: time for the globe to figure out plans and responses,
Speaker 1: which means taking military preparations ourselves, strengthen in Taiwan, continuing
Speaker 1: to work more closely with Japan, organizing Europe about what
Speaker 1: sanctions would put you put in place of China ever
Speaker 1: moved against Tailan process. At some point there will be
Speaker 1: a confrontation between China and the US regarding Taiwan. In
Speaker 1: San Francisco, I'm at Baxter Bloomberg Gabrie, New York Republican
Speaker 1: Congressman Lee Zelden is reacting to a man who tried
Speaker 1: to attack him last week. Forty three year old David
Speaker 1: Jacobanus was re arrested and federally charged after he jumped
Speaker 1: on stage during a political rally on Thursday. He tried
Speaker 1: stamming Zelda was not hurt. Zelden is calling on the
Speaker 1: New York State legislature to get rid of cash less bail.
Speaker 1: The good news is the attacker as of Saturday, was
Speaker 1: re arrested, and as far as anything else that the
Speaker 1: federal government wants to charge him with, or anything else
Speaker 1: that the District Attorney's office want to charge him with,
Speaker 1: they have that opportunity working with each other to decide
Speaker 1: what that is. If convicted, Jacobanus could spend up to
Speaker 1: ten years in prison. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take Power by
Speaker 1: more than seven hundred journalists and analyst in a hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg, Nathan, Michael,
Speaker 1: thank you kind. Up to six ten on Wall Street.
Speaker 1: John Stashower has a Bloombridge Sports update thanks to Nathan.
Speaker 1: The Subway series always about bragging rights, but the one
Speaker 1: that starts tonight at City Field as another billing possible
Speaker 1: World Series preview. Both teams have been in first place
Speaker 1: basically all season. All of the Mets lead once ten
Speaker 1: and a half games is down to two. The Mets
Speaker 1: did get some help last night from the Phillies. Bryson
Speaker 1: stopped in particular, three run homer eighth inning gave the
Speaker 1: Fields a six four win over Atlanta. Yankees lee the
Speaker 1: Al East by twelve and a half games. They're concerned
Speaker 1: is finishing ahead of Euston for best overall record the Astros,
Speaker 1: so their five game win Street come to an end
Speaker 1: in Oakland, so the Yanks two games ahead. Starting pitchers
Speaker 1: tonight Jordan Montgomery for the Yanks, Taiwan Walker for the Mats,
Speaker 1: and Aaron Judge is excited. The fans getting into it.
Speaker 1: It's always the packs playoff atmosphere um always back and forth.
Speaker 1: You never know what's gonna happen. Um, and that's a
Speaker 1: competition here. They got a great pitching, seve, great offense
Speaker 1: over there. You know, we so looking forward to let's
Speaker 1: see what happens. Just thirty seven home runs, seven more
Speaker 1: than anyone in baseball. He has eighty one r V
Speaker 1: I is the only player with more Pete Alonso, he
Speaker 1: has eighty two. Details emerging about trade talks between the
Speaker 1: Nets and Celtics involving Kevin Durant. Reportedly, the Celts offered
Speaker 1: to Brooklyn, Jalen Brown Derek White in the first round
Speaker 1: pick and the Nets wanted Brown and Marcus Smart and
Speaker 1: multiple picks, and the Celtics said no, no secret. Nick's
Speaker 1: trying to acquire Donovan Mitchell from Utah. Now there's where
Speaker 1: they're Washington's, Charlotte and Sacramento are all talking to the
Speaker 1: Jazz as well. Nix also said to be one of
Speaker 1: a few teams that I've spoken with the Lakers about
Speaker 1: acquiring Russell Westbrook. John stash Award, Bloombrook Sports Nathan, thank you, Johns.
Speaker 1: Some red headlines across the Bloomberg terminal ups out with
Speaker 1: second quarter earnings a beat analyst estimates. GM's results missed,
Speaker 1: the carmaker reaffirmed its view for the year, and European
Speaker 1: Union countries reach a deal to cut gas use for
Speaker 1: next winter. A few chers moving lower this morning. This
Speaker 1: is Bloomberg Bloomberg eleven three. Weather partly sunny, less humid today,
Speaker 1: mid eighties for highs. We'll bring back chances crafting in
Speaker 1: showers and thunderstorms tomorrow and Thursday, both days near ninety
Speaker 1: degrees right now in Central Park Markets. Headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business At and at Bloomberg Quicktap. This is
Speaker 1: a Bloomberg Business Flash, and I'm Karen Moscow, and we've
Speaker 1: been watching earnings cross the Bloomberg this morning, with the
Speaker 1: UPS reporting second quarter profit at beat analysts estimates and
Speaker 1: no share higher in early trading, up one point nine percent.
Speaker 1: GM second quarter profit missed analysts estimates, and shares her
Speaker 1: down about a third of percent this morning. Futures are
Speaker 1: also lower. S and P futures down thirteen points down,
Speaker 1: futures in A hundred fifty two and NASTAG futures down
Speaker 1: forty three. The decks in Germany is down half per cent.
Speaker 1: The ten year treasury of eleven thirty seconds yield two
Speaker 1: point seven five percent, yield on the two year three
Speaker 1: point zero zero two percent. No make screwed oil is
Speaker 1: at one point seven percent of a dollar sixty and
Speaker 1: ninety eight dollars twenty seven cents a barrel. Co make
Speaker 1: school at a quarter percent or four dollars at seventeen
Speaker 1: thirty three ten announced the euro one point one four
Speaker 1: two against the dollar, British found one point one eight
Speaker 1: and the En one thirties six point eight zero and
Speaker 1: bitcoin this morning down four point nine percent at twenty
Speaker 1: one thousand, ninety dollars. Sets up a Lottomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. Former
Speaker 1: President Donald Trump will return to Washington today for the
Speaker 1: first time since leaving office. Trump will address the America
Speaker 1: First Policy Institutes Today summit. Sometime in the future, Trump
Speaker 1: could announce it two White House campaign. How Speaker Nancy Pelosi,
Speaker 1: staff and security officials aren't ruling out plans for her
Speaker 1: to to time on in early August. The possible trip
Speaker 1: has already stoked more US China tensions. In baseball, the
Speaker 1: Red Sox beat the Guardians three one, the Orioles down
Speaker 1: the Raise five one, The Nationals beat the Dodgers for one,
Speaker 1: the A's beat the Astros seven five, and the Diamondbacks
Speaker 1: blank the Giants seven zip. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktech, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan, Okay, Michael,
Speaker 1: thank you. It is six nineteen on Wall Street Live
Speaker 1: from the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak.
Speaker 1: And Pria Misras with us now global head of rate
Speaker 1: Strategy at t D Securities, as the Federal Reserve and
Speaker 1: really all the rest of us get ready for the
Speaker 1: two day July policy meeting in that hotly anticipated decision
Speaker 1: coming up tomorrow. Priya, it's great to speak with you
Speaker 1: this morning. The markets have pretty much priced in seventy
Speaker 1: five basis points. What are the chances we get something else?
Speaker 1: Maybe an upside surprise from the Fed tomorrow? Moring uh
Speaker 1: and thanks for having me, Um, you know, I think
Speaker 1: the market was pricing in a decent chance of a
Speaker 1: hundred basis points after the very high CPR report. But
Speaker 1: then since then, you know, I think growth is slowing.
Speaker 1: The Fed may want to start to slow down. That
Speaker 1: that base of rate hikes we heard from a bunch
Speaker 1: of Fed officials talking about seventy five is still very large.
Speaker 1: So you know, our view is that they go seventy five.
Speaker 1: I would say the chance of a higher amount is
Speaker 1: is low. I mean the markets pricing in ten percent chance,
Speaker 1: I would say that's fair. I think the big question
Speaker 1: is what is the downship? Does chep? I'll commit to
Speaker 1: that downship going forward. It's all about that that terminal rate,
Speaker 1: which has actually gone down significantly. I think the market
Speaker 1: is a little bit too pessimistic on growth here and
Speaker 1: optimistic on inflation because the market has taken the end
Speaker 1: point of the hiking cycle from four percent two now
Speaker 1: as low as three point three. I think the Fed
Speaker 1: may be forced to keep going here. His inflation is
Speaker 1: still very high and the unemployment rate is still low.
Speaker 1: So I don't think they're going to signal that they're
Speaker 1: very close to being done with the hiking cycle. I
Speaker 1: think that's the that's it's really the forward guidance or
Speaker 1: the messaging about future hikes that will be focused on.
Speaker 1: I think this seventy, as you said, is essentially all priceton. Well,
Speaker 1: where do you see the terminal rate going? And how
Speaker 1: do you see the FED potentially moving into this hiking cycle? Here?
Speaker 1: Are are Are you forecasting a slow down from the Fed?
Speaker 1: We are so, you know, our view is that they
Speaker 1: really wanted to front load to get to neutral with
Speaker 1: this one seventy five basis points. They'll get to neutral
Speaker 1: at this point. They can then start to go a
Speaker 1: little bit slower, you know, but it's still fifty basis points.
Speaker 1: So we've got fifty basis point hikes really September, November, December,
Speaker 1: and that's when the hiking cycle ends. You know. I
Speaker 1: think they have to go into restrictive territory. They really
Speaker 1: have to control the inflation narrative and and and inflation
Speaker 1: expectations and so, you know, I don't think they can
Speaker 1: sound too concerned about growth. The problem is growth is
Speaker 1: also slowing, So we think, you know, when you get
Speaker 1: close to that three seventy So our view and terminalists
Speaker 1: three seventy five maybe as high as four if inflation
Speaker 1: doesn't really slow down core inflation. I think headline is
Speaker 1: likely to slow down, but they're going to also look
Speaker 1: at core. That shelter number is very high, and that
Speaker 1: tends to be very trending. So if that doesn't slow down,
Speaker 1: I think they can go as high as four percent
Speaker 1: and then slow down. And I think what I struggled
Speaker 1: with is the markets pricing and cuts right away, and
Speaker 1: you know, I really I think there's a different threshold
Speaker 1: for the FED to stop hiking. I think slowing in inflation,
Speaker 1: slowing in growth. Once they get to three seventy five
Speaker 1: or four, they stop the market saying, oh, next meeting,
Speaker 1: they start to cut, and I think that's where we're
Speaker 1: going to struggle. I think we'll all look at slowing
Speaker 1: growth and wait for the FED to to start to ease.
Speaker 1: I don't think they'll be able to ease with inflation,
Speaker 1: you know, at five percent or six percent early next year.
Speaker 1: I think that's the surprise of negative surprise for for
Speaker 1: risk assets that could be ahead. Do you think this
Speaker 1: economy is slowing into a recession. We've heard from the
Speaker 1: White House saying that the technical recession too straight quarters
Speaker 1: of negative growth isn't necessarily a broad based recession. What's
Speaker 1: your view on that? Sure, So, I think what we've
Speaker 1: seen in the first quarter in the second quarter is
Speaker 1: sort of negative for you know, technical reasons, meaning that
Speaker 1: it's not a broad based slowdown. I would agree with
Speaker 1: the White House there. NBR is the one that actually
Speaker 1: announces whether we're in a recession. I don't think we're
Speaker 1: in a recession right now, despite the negative GDP. It
Speaker 1: was net expots related and and and it's an inventory
Speaker 1: drag in the second quarter. But we do think we're slowing.
Speaker 1: We're slowing from very strong levels. The labor market's very hot.
Speaker 1: I mean we're well through what the fact believes the
Speaker 1: natural rate of unemployment is. So I think the unemployment
Speaker 1: rate is going to go up. The economy is going
Speaker 1: to slow. It is odd that the FED is hiking
Speaker 1: into a slow down, but I think we've got an
Speaker 1: inflation problem. Um. So you know where I'm more concerned
Speaker 1: about a recession. I delete this year, fourth quarter, early
Speaker 1: next year. That's where I think there is so much
Speaker 1: child that would be a more broad based slowdown because
Speaker 1: the labor market by that point starts to you know,
Speaker 1: the unemployment rate starts to rise, and then it's hard
Speaker 1: to see how the ft can finesse it perfectly. Where
Speaker 1: the unemployment rate only increases by a couple of you know,
Speaker 1: a couple of tenths of a percentage point, that's where
Speaker 1: I think there is a higher But I think right
Speaker 1: now we're slowing from strong levels, so I don't think
Speaker 1: we're in a recession right now. Great to have you
Speaker 1: on with us. Thanks for these insights this morning, Prea
Speaker 1: really appreciate it. Prea Misra, Global head of Rates Strategy
Speaker 1: at t D Securities with us this morning. Getting more
Speaker 1: earnings crossing the Bloomberg terminal this morning, ge with a
Speaker 1: big earning speed seventy eight cents adjusted EPs. The estimate
Speaker 1: was thirty seven cents, so earnings coming in more than
Speaker 1: double analyst estimates. Right now. SMP futures down seventeen points down,
Speaker 1: Futures down A five, NaSTA features down sixty. You're listening
Speaker 1: to Bloomberg Daybreak, Bloomberg eleven three oh weather partly sunny,
Speaker 1: less humid today, mid eighties for highs. We'll bring back
Speaker 1: the humidity tomorrow and Thursday, both days with that afternoon
Speaker 1: chance for it showers and thunderstorms on a high near
Speaker 1: ninety degrees right now seventy one in Central Park, broadcasting
Speaker 1: live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living free to Washington, d C, Bloomberg ninety
Speaker 1: nine one to Boston, Bloomberg one O six one to
Speaker 1: San Francisco, Bloomberg nine sixty to the country, Sirius XM
Speaker 1: to the one nine team, and around the globe the
Speaker 1: Bloomberg Business at and Bloomberg Radio dot com. This is
Speaker 1: Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm
Speaker 1: Nathan Hagar and I'm Karen Moscow. We are just about
Speaker 1: three hours away from the open of US trading. Time
Speaker 1: for the five Things that you need to know to
Speaker 1: start your day. Brought to you by Interactive Brokers Global Analysts.
Speaker 1: It helps you find new global investment opportunities to diversify
Speaker 1: your portfolio and discover undervalued companies that may have greater
Speaker 1: growth potential. Try i v k R Global Lenos today
Speaker 1: at IBKR dot com. Slash G A first to begin
Speaker 1: of the nation's capital. Former President Donald Trump is returning
Speaker 1: to d C for the first time since leaving office,
Speaker 1: and the Federal Reserves two day meeting cakes off today
Speaker 1: in Washington. The Central Bank is set to raise rates
Speaker 1: as it looks to tamp down inflation, and futures are
Speaker 1: lower as markets get ready for that next move. Karen
Speaker 1: Lisa Ericson, senior vice president at US Bank, is preaching
Speaker 1: caution on stocks. We are more defensive right now again,
Speaker 1: while in the near term we see some of that
Speaker 1: underlying fundamental strength that we came into the year as
Speaker 1: preventing the worst case scenarios. Lisa Ericson with US Bank
Speaker 1: also thinks the US will narrowly avoid a recession. Nathan
Speaker 1: Corporate Earnings in focus today shares of Walmart down more
Speaker 1: than nine percent of the company lowered a second quarter forecast.
Speaker 1: Bloombergs Jurneda Young joins us live the details or need
Speaker 1: a good morning Good Morning Care and analysts say Walmart's
Speaker 1: warning gives more insight into the health of the U.
Speaker 1: S consumer. That's likely to signal more pain ahead for
Speaker 1: retail stocks as they take on food and gas inflation.
Speaker 1: Morgan Stanley cut its price target for Walmart and says
Speaker 1: it challenges the broker's view of the retail giant as
Speaker 1: a safe haven play. City analysts didn't think Walmart would
Speaker 1: be hit as much as others, and say the news
Speaker 1: is a sign that marginally higher income consumers are feeling
Speaker 1: the inflation pinch. But Piper Sandler says it's too early
Speaker 1: to take a more constructive view on Walmart, so analysts
Speaker 1: there are waiting on a more broad earnings reset industry wide.
Speaker 1: Live in New York, I'm gonna need a young Bloomberg Daybreak,
Speaker 1: all right, we need to thank you over and you're ap.
Speaker 1: Ubs reported weaker than expected second quarter profit and the
Speaker 1: Swiss banks shares are now down nearly seven percent. And
Speaker 1: in the US, Nathan, it's a big week for Big
Speaker 1: Check Bloomberg. Jeff Bellinger reports on Microsoft earnings to do
Speaker 1: out today. Bloomberg Intelligence notes that half of Microsoft's totals
Speaker 1: sales come from outside the US. That makes the software
Speaker 1: giant more susceptible to foreign exchange movements, and the stronger
Speaker 1: dollar may have weighed on the company's bottom line. Sales
Speaker 1: of consumer PCs may have slowed, but b I expects
Speaker 1: to hear that overall sales increased fourteen percent. Jeff Bullinger,
Speaker 1: Bloomberg day Break, all right, Jeff, thank you. That's the
Speaker 1: five things that you need to notice start your day.
Speaker 1: Brought to you by Interactive Brokers and Futures this morning
Speaker 1: are moving lower. Straight ahead, we have your latest local headlines,
Speaker 1: plus the check of sports, and this is Bloomberg. Thank you.
Speaker 1: Karen six thirty three on Wall Street, seventy two degrees
Speaker 1: in Central Park got an accident in Queen's northbound Cross
Speaker 1: Island Parkway at Belle Boulevard. We'll get to the details
Speaker 1: in traffic first. Michael Bars here with what else is
Speaker 1: going on in New York and around the world. Good morning, Mike, Call,
Speaker 1: Good morning Nathan. Monkeypox cases in the US continue to grow.
Speaker 1: There are almost twenty cases so far. Close to eight
Speaker 1: d party cases are identified in New York City alone.
Speaker 1: Mayor Eric Adams. They always come up with new ways
Speaker 1: of solving the problems that we face, and monkey pox
Speaker 1: is a problem. The disease spreads primarily through skin to
Speaker 1: skin contact or direct contact with the virus. Officials say.
Speaker 1: High risk people are those who have been in contact
Speaker 1: with a known monkey pox patient, which right now mostly
Speaker 1: includes men who have sex with men who have multiple partners.
Speaker 1: White House coronavirus Response Coordinator Dr ishi'sh John, it's really
Speaker 1: important that we do not use this moment to propagate
Speaker 1: homophobic or transphobic messaging, and and I think it's really
Speaker 1: important that we stick to the science, stick to the evidence,
Speaker 1: and do in a way that's respectable of people. The
Speaker 1: World Health Organization declared the ongoing monkey pox I'll break
Speaker 1: to be a global public health emergency. A senior MTA
Speaker 1: officials says New York may not regain on of pre
Speaker 1: pandemic writership until about twenty thirty five. Writership on New
Speaker 1: York's city subways, buses, and commuter rail lines is now
Speaker 1: projected to reach nineteen levels. In late President Biden made
Speaker 1: rare comments about his White House predecessor and his lack
Speaker 1: of action on the January sixth riot. The President remotely
Speaker 1: addressed black police officials about President Trump for three hours.
Speaker 1: The defeated former president of United States wat's it all
Speaker 1: happen as he sat in the comfort of the private
Speaker 1: dining room next to the Oval office. While he was
Speaker 1: doing that, brave law enforcement officer subject to the medieval hell.
Speaker 1: President Biden telling the nation that Americans can't be pro
Speaker 1: insurrection and pro cop or pro democracy. There is more
Speaker 1: fall out from out speaker Nancy Pelosi's possible visit to
Speaker 1: Taiwan next month. China has moren that any visit to
Speaker 1: the island nation that it considers part of China will
Speaker 1: be met with serious consequences. State Department spokesman Dead Price
Speaker 1: were committed to maintaining Cross Street peace and stability UH
Speaker 1: and our One China policy. There has been no official
Speaker 1: announcement from spokesman net Price or any senior officials about
Speaker 1: a Pelosi trip. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take Power by more
Speaker 1: than hundred journalists and anatolists more than a twenty countries.
Speaker 1: Michael Barr and this is Bloomberg. Nathan, Thanks Michael. Almost
Speaker 1: six thirty six on Wall Street, John stash Ower has
Speaker 1: the Bloomberg Sports Update. All right, Nathan. First Subway Series
Speaker 1: game of the season, usually not this late, and normally
Speaker 1: not with both teams in first place. The Mets and
Speaker 1: Yankees plate tonight in tomorrow at City Field, then twice
Speaker 1: next month in the Bronx. Tonight it's Jordan Montgomery against
Speaker 1: Taiwan Walker. Last night, the Phillies down three nothing came
Speaker 1: back beat Atlanta six to four. Bryson stopped game winning
Speaker 1: through on homer and the eighth inning. That helps the Mets.
Speaker 1: They leave the Braves now by two. The Yankees lead
Speaker 1: the Astros by two in the race for best overall
Speaker 1: record used and lost last night in Oakland much they
Speaker 1: didn't win. For the Red Sox. They had lost five
Speaker 1: in a row. They had a out sixty seven runs
Speaker 1: in those five. They beat Cleveland at Fenway three to one.
Speaker 1: Baseball trade deadline in one week. Both the Mets and
Speaker 1: Yankees believed to be in talks with Washington about acquiring
Speaker 1: Juan Sot that would certainly be a blockbuster. Yankees GM
Speaker 1: Brian Cashman told the y S Network He's always looking
Speaker 1: to make any move necessary. Every chess piece, every decision,
Speaker 1: every promotion or in court, it's all designed to to
Speaker 1: improve your shot and your team's stabilities and your managers
Speaker 1: UH maneuver ability UH and choices that he has to
Speaker 1: play with. The Yanks also said to be interested in
Speaker 1: Cincinnati petrol Luis Castillo and Kansas City outfielder Andrew Benintenni
Speaker 1: to concern with him, he's unvaccinated, so he can't play
Speaker 1: games in Toronto. The Cardinals play in Toronto tonight and St.
Speaker 1: Louis will be without it's top two hither as Paul
Speaker 1: Goldsmith Nolan Arronado, both on facts. The doors open at
Speaker 1: all thirty two NFL training camps today for the Jets
Speaker 1: and Giants that come off seasons where they both went
Speaker 1: four and thirteen. John stactually our Bloomberg Sports, Nathan, thank you,
Speaker 1: John sixty seven on Wall Street Time to take a
Speaker 1: look at stocks, some of the names moving in the
Speaker 1: pre market. Bloomberg Radio and TV Markets correspondent Pretty Gupta
Speaker 1: is very busy this morning because there has already been
Speaker 1: a lot of earnings acrossing the tape in the pre market.
Speaker 1: Where do you want to start. Let's start with General
Speaker 1: Motors here, because this is I think almost the old
Speaker 1: story is the new story. General moters missing their profit
Speaker 1: estimates is of course coming after the chip shorters. They're saying, well, look,
Speaker 1: the chips are issue is still a major issue. We've
Speaker 1: been talking about this for almost a year and a
Speaker 1: half now, Nathan, and it's enormous and they're saying basically,
Speaker 1: without all the chips, they can't increase their output. Therefore,
Speaker 1: when people buy cars. There's just no supply for them.
Speaker 1: That being said, the way they're making it up is
Speaker 1: by having higher sticker prices on their SUVs and their trucks,
Speaker 1: so their production volume remains constrained, but ultimately the kind
Speaker 1: of sticker price makes up for it. That being said
Speaker 1: Mary Barra, the chief executive officer of GM. She does
Speaker 1: say that they expect those deliveries to be up sharply
Speaker 1: in the second half, so basically the first half is
Speaker 1: not representative of the back half of the year is
Speaker 1: going to be like still, that is not helping the
Speaker 1: shares regardless. GM is also the taker as well as
Speaker 1: the company's name down one point four percent in the
Speaker 1: pre market. So it really is the old stories the
Speaker 1: news story. And while we're talking about some of those industrials,
Speaker 1: I would argue UM three M is another one. We
Speaker 1: want to keep an eye on those earnings coming out
Speaker 1: as well. M M M is your ticker. The shares
Speaker 1: are about two percent this morning. This comes after they
Speaker 1: announced a spinoff of their healthcare unit, a huge project
Speaker 1: that they're saying is going to help monetize their healthcare
Speaker 1: business in the long term. And Nathan, this is a
Speaker 1: theme we just heard Amazon getting into the healthcare business.
Speaker 1: It looks like healthcare is the place to be at
Speaker 1: the moment. Yeah, it certainly does. And we also got
Speaker 1: that big news yesterday from Walmart cutting its Outlook. Are
Speaker 1: we seeing some spill over into other big box retailers, Oh,
Speaker 1: we absolutely are. The pain is back when it comes
Speaker 1: to the retailers. Down about nine point three percent for
Speaker 1: Walmart sharees w M T is your taker. And to
Speaker 1: your point, they did talk about that that massive myth
Speaker 1: they they're they're cut on their full year forecast, Nathan,
Speaker 1: is huge. They had previously forecasted a drop about one
Speaker 1: percent on their full year forecast. Now they're saying it's
Speaker 1: going to be eleven to. That is enormous. In addition
Speaker 1: to talking about this, of course, the inventory build up
Speaker 1: that we've seen across the board. Really when we have
Speaker 1: Target come out that big warning. Um. More recently t
Speaker 1: g T s the other taker, down about five percent
Speaker 1: on Target shares. And the issue with Walmart, Nathan, Um
Speaker 1: for for the folks who are not New Yorkers and
Speaker 1: are familiar with Walmart, you'll know that everyday low prices
Speaker 1: is their thing. UM and price much guarantees they target
Speaker 1: a lower income audience, but that of course is the
Speaker 1: part that is most hit by inflation as well, so
Speaker 1: you can't pass on the higher input costs and that's
Speaker 1: what's really hitting their bottom line there. Yeah, big part
Speaker 1: of the economics stories. We continue to watch these earnings
Speaker 1: come through. Creaty group to Bloomberg Radio TV Markets correspondent
Speaker 1: with us in the pre market as we say, we're
Speaker 1: gonna be very busy for the next several days, if not.
Speaker 1: We here looking ahead to the market open this morning.
Speaker 1: Future is moving lower. SMP futures down eighteen point, STOW
Speaker 1: futures down a hundred sixty three, NASTACK futures lower by
Speaker 1: sixty nine points, the tenure treasury up eleven thirty seconds,
Speaker 1: yield two point seven five ahead of the feds July
Speaker 1: decision tomorrow. You're listening to Bloomberg day Break Bloomberg eleven
Speaker 1: three oh weather partly sunny, less humid today, mid eighties
Speaker 1: for high so we've been back near ninety Tomorrow and Thursday,
Speaker 1: both days of chances for afting noon showers and thunderstorms.
Speaker 1: Right now seventy two in Central Park Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow and it's
Speaker 1: been a busy morning for earnings and futures are lower.
Speaker 1: We got to the first word breaking news dash for
Speaker 1: day's morning call, and here's Bill Maloney. Bill, good morning, Yeah,
Speaker 1: and good morning, Karen. Walmart is setting the tone today,
Speaker 1: dropping ten percent. Pre market Future is currently down a
Speaker 1: hundred and fifty points, sabs drop fifteen well, the nastic
Speaker 1: futures are off by sixty one. US ten year old
Speaker 1: sinks to two point seven six percent, Gold is little chained,
Speaker 1: Oil is climbing, and Bitcoin is down by five percent.
Speaker 1: Hong Kong rose one point seven percent overnight, while up
Speaker 1: markets are in the red this morning and back in
Speaker 1: the US. On the economic front, it's on o'clock consumer
Speaker 1: confidence and new home sales after the bells night. Walmart
Speaker 1: cut its profit outlook again and regarding some of the
Speaker 1: earnings this morning, g and upspat estimates and also look
Speaker 1: for Coca Cola and McDonald's report in the pre market.
Speaker 1: Indian News three im plans to spin off its healthcare
Speaker 1: business and wrapping things up. Micro Strategy was put to
Speaker 1: underperform over Red Jeffreys Live from the First Record newsscom
Speaker 1: Bill Maloney, Karen, alright, Bill, thank you to here live
Speaker 1: breaking news over your Bloombery Times, Squawk on your terminal
Speaker 1: SQ you a w K, that's a Bloomberg business flash.
Speaker 1: Now here's Michael Barrow with more on what's going on
Speaker 1: around the world. Michael, Karen, thank you very much. It
Speaker 1: will be the first time President Trump returns to Washington
Speaker 1: since leaving office. Today, the former president will deliver a
Speaker 1: policy speech before an allied think tank crafting a possible
Speaker 1: second Trump term. W NBA star Britney Grinder has returned
Speaker 1: to a Russian court room for her drawn out trial
Speaker 1: on drug charges. They could bring her ten years in
Speaker 1: prison if convicted. The trial of the Phoenix Mercury Standout
Speaker 1: began July first, but only four sessions have been held,
Speaker 1: some of them lasting only a few hours. In baseball,
Speaker 1: the Red Sox beat the Guardians three one, The Orioles
Speaker 1: down the Raise five one, The Nationals beat the Dodgers
Speaker 1: for one. The A's beat the Astros seven five, the
Speaker 1: Diamondbacks blank the Giants seven. Zip Global news twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take
Speaker 1: Power by more than hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. And Michael Barn this is Boomberg.
Speaker 1: Here Ry Michael bar thank you, and it is six
Speaker 1: forty nine on Wall Street. Return to news and science
Speaker 1: and technology now with the Bloomberg and j I T
Speaker 1: Stem Report, brought to you by New Jersey Institute of Technology,
Speaker 1: transforming computing professionals into data scientists to meet the demand
Speaker 1: in this fast growing field. Learn more at n j
Speaker 1: I T dot E d U slash Data Science Now.
Speaker 1: Here's It's making news and science, technology, engineering, and math.
Speaker 1: Environmental groups are asking Tesla to reconsider its plans for
Speaker 1: nickel investment in Indonesia. Dozens of organizations ask the e
Speaker 1: V Giant determinate plans, siting the country's history of environmental
Speaker 1: damage and anti democratic governance. Indonesia is the world's top
Speaker 1: producer of nickel. J D dot Com and bay Do
Speaker 1: are among Chinese tech firms that may follow Ali Baba
Speaker 1: and applying for a Hong Kong primary listing as the
Speaker 1: financial hub seeks to attract mainland investors and hedge against
Speaker 1: the risk of being kicked off US exchanges. Over the
Speaker 1: past year, Chinese companies have increasingly opted for a dual
Speaker 1: primary listing in both the US and Hong Kong, and
Speaker 1: crypto owners would not have to report small transactions under
Speaker 1: a bipartisan bill sponsored by Republican Senator Pat Toomey and
Speaker 1: Democratic Kirston Cinema that's aimed at simplifying the use of
Speaker 1: virtual currencies. It's unclear if the bill could be considered
Speaker 1: this year. That's the Bloomberg and jat Stem report. Nathan
Speaker 1: interesting note out of Washington. There, thank you, Karen. We
Speaker 1: are live from the Bloomberg Interactive Broker Studios where at
Speaker 1: six fifty on Wall Street, and it is time to
Speaker 1: check what's going on in d C. Some of the
Speaker 1: top stories in our nation's capital include former President Donald
Speaker 1: Trump returning to Washington to make a policy speech, China
Speaker 1: fuming over how Speaker Nancy Pelosi potentially heading to Taiwan,
Speaker 1: and the Biden teams take on a technical recession. It's
Speaker 1: not real. Let's bring back Joe Matthew, our Washington correspondent,
Speaker 1: host of Sound on Here on Bloomberg Radio. Joe, what
Speaker 1: is the level of anticipation from where you sit for
Speaker 1: the former president's return later today, Well, it's very high.
Speaker 1: We've been, you know, anticipating this speech, and we now
Speaker 1: understand that we will have dueling speeches as we first thought. Yesterday.
Speaker 1: You might have heard that Mike Pence's speech at the
Speaker 1: Heritage Foundation here in d C. Last evening had to
Speaker 1: be postponed because of weather. Couldn't get the plane here.
Speaker 1: But he's said to speak at a separate event this
Speaker 1: morning in Washington. So this becomes a bigger story when
Speaker 1: you consider the two of them talking within hours of
Speaker 1: each other here. As far as Donald Trump is concerned, Look,
Speaker 1: it's not his first speech since he left the White House,
Speaker 1: so his messaging, the points that he plans to hit
Speaker 1: and the people will be surrounding himself with, will look
Speaker 1: very familiar. It's billed as a speech to the America
Speaker 1: First Policy Institute. Are we expecting a policy speech from
Speaker 1: the President? Well, to the extent that Donald Trump delivers
Speaker 1: policy speeches, and I'm sure there will be. We'll talk
Speaker 1: about border policy. I suspect we'll hear about trade policy.
Speaker 1: Maybe military policy is well, foreign policy. The way we're
Speaker 1: dealing with Vladimir Putin and so forth. That's opposed to,
Speaker 1: you know, a laundry list of proposals here. But the
Speaker 1: fact of the matter is the President has not announced
Speaker 1: a run for the White House. He's not expected to
Speaker 1: do so today, at least in in in a formal sense.
Speaker 1: He likes to say, you know, we won twice and
Speaker 1: we might just have to do it again. That's kind
Speaker 1: of a stock line in his speech that gets a
Speaker 1: big round of applause. But as far as today goes,
Speaker 1: you know, it's gonna be kind of warming back up
Speaker 1: to the crowd. Kevin McCarthy, the minority leader in the House,
Speaker 1: is going to be speaking before the President, surrounding himself
Speaker 1: again by members of the Republican Party here in Washington
Speaker 1: that are on board with Trump. A lot of House
Speaker 1: leadership will be there, as opposed to Senate leadership. Mitch
Speaker 1: McConnell will not be in the room. And as you
Speaker 1: point out, we are going to get now dueling speeches
Speaker 1: from the President and the former vice president, potentially setting
Speaker 1: up at least the dynamic for possible opposition here is
Speaker 1: that part of what we could be expecting, certainly anything
Speaker 1: as possible. It's pretty clear that Mike Pence would like
Speaker 1: to run. It's not clear whether we're gonna have a
Speaker 1: Trump versus Pence race, although that would be a heck
Speaker 1: of a spectacle. The thing is, it's really unclear right now.
Speaker 1: As we've watched Donald Trump endorsed a lot of candidates
Speaker 1: in the primary trail. Uh. Some call him, including our
Speaker 1: own political analyst Rick Davis, Mr thirty because that's really
Speaker 1: been the threshold for his victories on the campaign trail.
Speaker 1: Could he actually beat Mike Pence? Could Mike Pence bring
Speaker 1: a real base of support here? It's very difficult to
Speaker 1: tell in a couple of years, uh that that we've
Speaker 1: gone through here, certainly after January six, because a lot
Speaker 1: of Republicans tend uh not to say that they don't
Speaker 1: want to support Trump. So, you know, does Mike Pence
Speaker 1: have a sort of silent base out there? That's what
Speaker 1: he's trying to figure out as the establishment Republicans like
Speaker 1: Mitch McConnell go a little bit further over to that side.
Speaker 1: And speaking of January six, Joe, it has to be
Speaker 1: noted that this appearances coming as the House January six
Speaker 1: Committee and even other bodies outside Washington are still investigating
Speaker 1: the former completely. That's true. And you know, we talk
Speaker 1: a lot about Joe Biden's approval ratings. Here take a
Speaker 1: look at Donald Trump's approval ratings. Joe Biden is in
Speaker 1: the load and mid thirties, which is historically low. It's
Speaker 1: a major problem. But you know what, Donald Trump is
Speaker 1: in the low forties, not that far ahead. To be
Speaker 1: perfectly honest with you, in a majority of voters on
Speaker 1: both the Democratic and Republican sides have said to posters
Speaker 1: very recently, including one by The New York Times in
Speaker 1: Siena College over the last couple of weeks, that they
Speaker 1: don't they don't prefer either in front of their party.
Speaker 1: They want new faces. Democrats would prefer somebody other than
Speaker 1: Joe Biden. Republicans at least a majority tell posters they
Speaker 1: prefer somebody other than Donald Trump. All right, well, let's
Speaker 1: turn while we wait for that speech from the former
Speaker 1: president later this afternoon, and to what's happening in this
Speaker 1: current White House under President Biden. And it seems like
Speaker 1: they're still mounting pressure from China over this reported trip
Speaker 1: to Taiwan. By how Speaker Nancy Pelosi were getting more
Speaker 1: comments from the China. Chinese government just this morning. Yeah,
Speaker 1: this is true. We've you know, we heard yesterday about
Speaker 1: how they were going to be making special preparations if
Speaker 1: she were to come. The question becomes now, which looks
Speaker 1: worse showing up when President Biden says she should not
Speaker 1: or the Pentagon says she should not, or canceling the
Speaker 1: trip and looking like we cow tow to the Chinese.
Speaker 1: A lot of Republicans are saying that she should go
Speaker 1: for that reason. We keep in mind that we have
Speaker 1: seen other high ranking US officials visit Taiwan, uh Mike Pompeo,
Speaker 1: when the former Secretary of State, the former Defense Secretary
Speaker 1: Mark Esper, the Speaker of the House is apparently a
Speaker 1: little too far up the food chain for the Chinese
Speaker 1: to stomach here. But it is another scenario that reminds
Speaker 1: us of our separate branches of government. Nancy Pelosi does
Speaker 1: not want to be told where or when to travel
Speaker 1: by the White House. But you also have to keep
Speaker 1: in mind that she would need the Administration and by
Speaker 1: that I mean again the Pentagon, to provide transportation for
Speaker 1: a coodel like this. That's an Air Force jet she'd
Speaker 1: be flying on, so at some point they'll need to
Speaker 1: get their heads together on it. The idea would be,
Speaker 1: though did not have her on the ground in Taiwan
Speaker 1: within days of President Biden speaking with President She and
Speaker 1: I suspect they'll figure that out. Yeah, that's right, Just
Speaker 1: what I wanted to get to Joe, because the President
Speaker 1: said that he could be speaking with the Chinese leader
Speaker 1: as soon as this week. How does this back and
Speaker 1: forth about the speaker Pelosi affect those preparations for that call?
Speaker 1: Kind of hard to tell if if it does affect
Speaker 1: them at all. You know, this just could be kind
Speaker 1: of noise in the background by the time these two
Speaker 1: get on the phone. I think the concern would be
Speaker 1: if Nancy Pelosi were taking pictures, uh, you know, if
Speaker 1: there were photo ops in Taiwan leading up to or
Speaker 1: just after that meeting, that that might make things a
Speaker 1: little bit more complicated. But Taiwan is going to be
Speaker 1: something that's discussed in this hall, and after Joe Biden
Speaker 1: said and the White House went back to clarify what
Speaker 1: he said that we would in fact support Taiwan if
Speaker 1: it were invaded by China. A lot of questions about
Speaker 1: what exactly the policy is at this point with this
Speaker 1: White House. All right, when Berg Washington correspondent Joe Matthew
Speaker 1: catch him on sound on this afternoon five pm Wall
Speaker 1: Street time on Bloomberg Radio, will get certainly more reaction
Speaker 1: to former President Donald Trump's speech before the America First
Speaker 1: Policy Institute. You can read more about all these stories
Speaker 1: as well on Bloomberg dot com or on the Bloomberg terminal,
Speaker 1: and listen to Bloomberg Radio in Washington Bloomberg and one
Speaker 1: oh five point seven FM HD two. As we continue
Speaker 1: to watch earnings cross the Bloomberg terminal. Coca Cola out
Speaker 1: with second quarter results of beat analysts estimates and boosting
Speaker 1: their guidance for the fiscal year. Futures moving lower. SMP
Speaker 1: futures down fourteen points, Staff futures down a hundred forty three,
Speaker 1: Nasdaq futures down fifty seven points. Much more to come
Speaker 1: on Bloomberg Surveillance with Tom Keene, Jonathan Farrell, and Lisa
Speaker 1: Abrahm woids for Karen Moscow. I'm Nathan Hager. This is
Speaker 1: Bloomberg