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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning, I'm Karen Moscow and I'm Alexis Christophers. Here

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Speaker 2: are the stories we're following today, Alexis.

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Speaker 3: We began with the latest on the war in Iran.

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Speaker 3: President Trump said the US and Iran are holding talks

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Speaker 3: to end their conflict, but warned military strikes will resume.

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Speaker 4: If negotiations fail.

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Speaker 3: It follows the US holding off attacks on Iran for

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Speaker 3: three straight days. Meanwhile, Iran suspended retaliatory strikes on golf countries.

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Speaker 3: Speaking to reporters on board Air Force One, the President

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Speaker 3: claims talks are only happening because the US has been

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Speaker 3: hitting them very hard.

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Speaker 5: They want to meet, and we're meeting. We'll see what happens.

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Speaker 5: Is the chance we could make a deal. Without what

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Speaker 5: we did, they wouldn't be talking to us. They requested

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Speaker 5: a meeting through their surrogates and directly, and we're meeting,

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Speaker 5: and you know, good things can happen. I guess.

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Speaker 3: Despite President Trump's optimism, Around's Foreign Ministry says messages maybe

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Speaker 3: passed through mediators, but then no formal talks with the

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Speaker 3: US are currently taking place. Meanwhile, sources tell Bloomberg that

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Speaker 3: Oman and Iran are trying to reach an agreement to

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Speaker 3: restart shipping through the Strait of Hormoz and Karen.

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Speaker 2: President Trump's comments come as Israeli Prime Minister Benjamin Netanyahu

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Speaker 2: readies to visit the nation's capital today. Netanyah, who spoke

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Speaker 2: to reporters through an interpreter before his departure to the US.

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Speaker 6: We will discuss all the issues on the agenda, foremost

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Speaker 6: among them Iran. Of course, our goal is to preserve

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Speaker 6: our security and also to expand the circle of peace

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Speaker 6: around US.

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Speaker 2: Is really Prime Minister of Benjamin Netanyaho. We'll meet with

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Speaker 2: President Trump at eleven am Wall Street time, according to

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Speaker 2: the White House schedule, and he plans to press the

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Speaker 2: President to keep a quote constant watch on Iran's nuclear

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Speaker 2: program and Alexis.

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Speaker 3: With the war extending into its fifth month and the

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Speaker 3: midterm elections less than one hundred days away, Democrats continue

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Speaker 3: to hammer their president and on the war in the

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Speaker 3: Middle East. Democratic House Minority Leader HOCKEYM. Jeffries told Bloomberg

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Speaker 3: yesterday that the president has no exit strategy in Iran.

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Speaker 7: Well, we're going to continue to aggressively push the effort

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Speaker 7: to push back against this reckless war of choice. It's

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Speaker 7: deeply unpopular with the American people, and we have to

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Speaker 7: sustain the intensity. Donald Trump has unfortunately got us involved

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Speaker 7: in this situation without any plan, any objective, any clear

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Speaker 7: exit strategy, and now the American people are clearly paying

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Speaker 7: the price.

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Speaker 3: Democratic House Minority Leader HOCKEM Jeffrey speaking with our Joe

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Speaker 3: Matthew on Bloomberg's Balance of Power. Get the full conversation

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Speaker 3: on the Bloomberg Video Hub at Bloomberg dot com and

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Speaker 3: on the Bloomberg Business app and elsewhere.

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Speaker 2: In politics, a special election today and Georgia will decide

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Speaker 2: who replaces the late Democratic Representative David Scott in Georgia's

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Speaker 2: thirteenth district. Bloomberg's Amy Morris reports from Washington.

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Speaker 8: Six candidates are competing for the seat, and the winner

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Speaker 8: will serve out the remaining few months of the late

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Speaker 8: Senator David Scott's current term. That could have an immediate

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Speaker 8: impact on the ballots of power in the US House,

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Speaker 8: where Republicans have a thin majority. Under Georgia law, the

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Speaker 8: four Democrats and two Republicans will appear on the same ballot,

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Speaker 8: and any of them could secure the seat. But if

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Speaker 8: no candidate wins a majority, there will be a special

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Speaker 8: runoff election on August twenty fifth with the top two

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Speaker 8: vote getters. In Washington, Amy Morris Bloomberg Radio.

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Speaker 4: Heard Amy thank you.

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Speaker 3: While South Dakota is also holding elections today, Republicans will

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Speaker 3: decide in a primary runoff whether to nominate Governor Larry

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Speaker 3: Rodin for a full term or to instead tap businessman

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Speaker 3: Toby Dodin to represent the party on the ballot in November.

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Speaker 3: The winner of the runoff will under the general election

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Speaker 3: against a Democratic former state Senator Dan Ahlers, with a

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Speaker 3: significant advantage in the reliably republican state that has not

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Speaker 3: had a democratic governor since the nineteen seventies.

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Speaker 2: Well Karen, from politics to the chip sell off. Weighing

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Speaker 2: down markets this morning, just as some of the Mags

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Speaker 2: seven are getting ready to report earnings, Bloomberg's John Tucker

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Speaker 2: joins US now with the very latest.

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Speaker 4: Good morning, John and Alexis you can.

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Speaker 9: beIN the pin of sell off for now. On competition

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Speaker 9: from China, it looks like they're making progress and developing

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Speaker 9: advanced chips. Skittish investors have dumped many of this year's

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Speaker 9: biggest AI winners. Toss into the mix. The fears over

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Speaker 9: circular spending in vidios seven hundred and fifty billion dollars

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Speaker 9: in AI infrastructure deals. That is, investors worrying about debt levels.

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Speaker 9: For anybody thinking about buying the dip, a word of

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Speaker 9: caution from Steve Sosnik at Interactive Brokers.

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Speaker 7: Even though that strategy has worked more or less perfectly

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Speaker 7: for the better part of several years, it doesn't always work,

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Speaker 7: and it doesn't work in every stock.

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Speaker 9: Every time Asia's benchmark headed for a correction, traders rotating

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Speaker 9: into consumer stocks and other sectors. All this happening as

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Speaker 9: we get earnings this week from Microsoft, Meta, Apple, and

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Speaker 9: Amazon in New York. Come John Tucker, Bloomberg Radio, Ry.

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Speaker 4: John, thank you. All the selloff comes.

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Speaker 3: With Skhiineks poised for a profit surge. It's expected to

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Speaker 3: report a nearly sevenfold leap in operating income in the

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Speaker 3: June quarter, help by soaring demand and prices for its

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Speaker 3: high bandwidth memory chips used inside AI data centers. Still,

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Speaker 3: the South Korean shipmaker will announce its results as questions

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Speaker 3: persist around the massive spending and debt raised to build

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Speaker 3: data centers across the globe.

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Speaker 4: To support AI services.

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Speaker 3: The company joined elon Musk SpaceX in being among the

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Speaker 3: year's largest US offerings to trade below, where shares were

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Speaker 3: sold for the first time publicly and Karen.

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Speaker 2: In Taiwan, prosecutors have detained an Nvidia employee as part

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Speaker 2: of a probe into the alleged smuggling of AI chips

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Speaker 2: into China. Local investigators search the home and office of

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Speaker 2: the staffer, and the courts granted prosecutor's request to detain

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Speaker 2: the person on allegations of forgery and breach of trust.

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Speaker 2: The case is one of at least eight probes into

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Speaker 2: Nvidia chips smuggling across four urisdictions as officials cracked down

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Speaker 2: on a black market problem.

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Speaker 3: Well Le says the markets are also following a slew

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Speaker 3: of central bank news this week. We get rat decisions

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Speaker 3: late in the week from the Bank of England and

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Speaker 3: the Bank of Japan, but before that here in the

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Speaker 3: US we get the key decision from the Federal Reserve tomorrow.

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Speaker 3: Stefeld chief economist Lindsay Peg told Bloomberg yesterday that if

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Speaker 3: Chairman Kevin Warsh and the FOMC raise rates at the

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Speaker 3: July meeting, it might not be their less move higher.

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Speaker 10: If there's a lack of communication and the FED simply

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Speaker 10: comes out makes that aggressive move higher without any guidance,

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Speaker 10: any forward guidance for what we can expect going forward.

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Speaker 10: I think the market would anticipate that the Fed has

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Speaker 10: shifted their line of thinking to the prospect that inflation

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Speaker 10: is rising, it's not under control, and if that's the case,

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Speaker 10: it would be unlikely that one rate hike would quell

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Speaker 10: that concern.

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Speaker 3: Stepheil's Lindsay Pea says that she expects policy to remain

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Speaker 3: on hold for the next several meetings. Stay with Bloomberg

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Speaker 3: for full coverage of the meeting and Sharewash's news conference

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Speaker 3: on a special edition of Bloomberg Surveillance that Fed decides,

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Speaker 3: That's tomorrow one thirty pm Wall Street Time on Bloomberg Radio,

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Speaker 3: Bloomberg Television, and the Bloomberg Business app.

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Speaker 2: And Karen Over In Europe, Berkley's shares fell at the

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Speaker 2: open despite reporting better than expected second quarter earnings. The

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Speaker 2: British lenders equities traders beat analyst estimates, and the bank

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Speaker 2: raised its full year income outlook. The CEO told Bloomberg

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Speaker 2: the bank is seeing strong performance across its businesses.

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Speaker 11: Equities on our thirty percent of Barclays. And remember this

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Speaker 11: was the house that fixed and come built, and so

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Speaker 11: the diversification we're seeing in the business, the strength we

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Speaker 11: are seeing in our business is something that we are

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Speaker 11: truly happy about.

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Speaker 2: The comments from Barkley CEO not enough to reassure investors.

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Speaker 2: Markets appear to be looking for an even stronger performance

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Speaker 2: from Berkleys, following blockbuster trading results from Wall Street Banks

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Speaker 2: earlier this month.

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Speaker 4: And finally in sports Alexis.

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Speaker 3: Sources tell Bloomberg federal agencies the mobile phone and computer

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Speaker 3: of laws Than Angeles Dodgers owner Mark Walter last September

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Speaker 3: as part of a wide ranging prom and at the

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Speaker 3: financial dealing to the billionaire's businesses. The FBI reportedly carried

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Speaker 3: a search warrant on board a private plane at a

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Speaker 3: Chicago airport where Walter was traveling. The FBI Chicago Field

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Speaker 3: Office confirmed that it executed a court authorized search for

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Speaker 3: a mobile phone and laptop on an aircraft at Midway

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Speaker 3: International Airport on September eighteenth, last year, but declined to

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Speaker 3: comment further. Bloomberg was reported that federal prosecutors in Manhattan

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Speaker 3: have been investigating potential financial improprieties at two of Walter's

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Speaker 3: insurance companies and at Guggenheim Partner's, the financial firm that

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Speaker 3: Walters leads.

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Speaker 2: Five point ten on Wall Street Time Now for a

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Speaker 2: look at some of the other stories making news in

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Speaker 2: New York and around the world. For that were joined

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Speaker 2: by Bloomberg's Michael Bark Good morning, Michael.

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Speaker 12: Good morning, Alexis. A floodwatch starts this morning for several

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Speaker 12: parts of the Northeast, including New York and New Jersey.

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Speaker 12: Bloomberg Meeting Religius Craigall has the latest.

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Speaker 13: Yesterday, we had major flooding in a few areas across

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Speaker 13: New Jersey. Again today, flash flooding is likely over a

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Speaker 13: larger swath of the New York City tri state region,

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Speaker 13: and actually showers and heavy thunderstorms are possible anywhere up

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Speaker 13: and down I ninety five from Washington to Boston. But

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Speaker 13: I'm thinking the greatest threat and most challenging whether will

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Speaker 13: run from about the Philadelphia Wilmington area up past New

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Speaker 13: York City and then over western sections of Connecticut and Massachusetts,

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Speaker 13: in other words, mainly west of I ninety one in

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Speaker 13: the Connecticut River.

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Speaker 12: Bloomberg Media Religious Craig Allen. Emotional opening statements began in

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Speaker 12: the trial of the Massachusetts woman accused of killing her

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Speaker 12: young children. Lindsey Clancy, pleaded not guilty through an insanity defense.

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Speaker 12: Her lawyer argues she was experiencing postpartum depression. Her husband,

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Speaker 12: Patrick Clancy, took the stand Monday about his three children

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Speaker 12: found dead in the basement of their Duxbury home in

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Speaker 12: twenty twenty three. The children were aged five, three and

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Speaker 12: eight months. It has been about six months since the

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Speaker 12: mother of Savannah Guthrie was believe kidnapped from her Arizona home.

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Speaker 12: The Today Show host released a new video pleading for

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Speaker 12: information about her mother, eighty four year old Nancy Guthrie.

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Speaker 1: I truly believe it is never too late to do

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Speaker 1: the right thing.

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Speaker 4: Help us bring this situation to an end.

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Speaker 12: The Pima County Sheriff's office said that the investigation remains

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Speaker 12: active and ongoing. New York mayors around memm Donnie says

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Speaker 12: five city owned grocery stores will provide a discount on produce, meat, bread,

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Speaker 12: and milk once a month.

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Speaker 14: Our five city run grocery stores will set prices for

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Speaker 14: this core set of goods at thirty percent below typical

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Speaker 14: retail prices, no exceptions, no gimmicks. The savings will last

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Speaker 14: for the entire month.

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Speaker 12: Speaking in Brooklyn Monday, Mayor mem Donnie and the city's

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Speaker 12: Economic Development Corporation say the move could save shoppers about

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Speaker 12: ninety dollars a month, but not everyone thinks ma'm donnie's

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Speaker 12: plan is a good idea. Shark tankster Kevin O'Leary said

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Speaker 12: it would guarantee that the stories will lose money on

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Speaker 12: every sale and that taxpayers would ultimately bear the cost.

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Speaker 12: Global News twenty four hours a day and whenever you

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Speaker 12: want it with the Bloomberg News. Now, I'm Michael Barr,

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Speaker 12: and this is Bloomberg.

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Speaker 4: Thanks Michael.

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Speaker 3: Time now for our Bloomberg Sports update, and for that

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Speaker 3: we bring in John stash Hour.

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Speaker 15: NFL training camps are opening up, and the Indianapolis Cols

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Speaker 15: proclaimed their starting quarterback Daniel Jones to be fully cleared

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Speaker 15: from last year's achilles injury. Seemed as true of Patrick

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Speaker 15: Mahomes as he returns for the Chiefs from a torn

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Speaker 15: acl Washington fired assistant coach Ben Steele after a recent DUI.

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Speaker 15: University of North Carolina general manager Mike Lombardi, who has

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Speaker 15: a long relationship with head coach Bill Belichick put on

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Speaker 15: paid leave after a human resources complaint. The Cubs have

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Speaker 15: released veteran pitcher Jamison Tayone. That's to Bloomberg Sports Update.

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Speaker 2: Stay with us. More from Bloomberg Daybreak coming up after this.

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Speaker 1: Coast to coast on Bloomberg Radio nationwide on Serious Exam

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app.

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Speaker 4: This is Bloomberg Daybreak, and good morning.

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Speaker 3: I'm Karen Moscow alongside Alexis CHRISTOPHERUS President Trump is saying

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Speaker 3: the US and I run are engaged in diplomatic talks

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Speaker 3: to end the Middle East conflict, but we're on the

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Speaker 3: two sides to return to fighting if negotiations did not

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Speaker 3: yield a deal, and the presidents spoke in Detroit yesterday.

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Speaker 16: We destroyed most of their drone manufacturing capability, their missile

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Speaker 16: manufacturing capability, and right now they're talking to us about

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Speaker 16: making a deal. But if we didn't do it tough,

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Speaker 16: there would be no talk.

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Speaker 3: Well for the latest now on the war, We're joined

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Speaker 3: now by Stuart Livingston Wallace, head of Bloomberg's Middle East coverage,

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Speaker 3: and Stuart, good morning again.

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Speaker 4: So what do we know about these talks?

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Speaker 17: Yeah, good morning, Karen. I mean, the churce of it is,

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Speaker 17: we don't entirely sure what he's talking about, so it

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Speaker 17: could be any one of a number of things. We

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Speaker 17: know that there are some sort of established mediators that

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Speaker 17: have been going back and forth, so specifically Pakistan and Katar,

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Speaker 17: and of course there are others as well because so

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Speaker 17: many countries have been involved in this conflict. Or alternatively,

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Speaker 17: he may be referring to at least one leg of

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Speaker 17: these negotiations, which is over the control overhaor moves. So

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Speaker 17: that is a series of talks that we know is

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Speaker 17: going on between Iran and Iman, the two countries on

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Speaker 17: either side of the strait. We're not quite sure what

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Speaker 17: exactly is being discussed. You know, there are various permutations here.

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Speaker 17: I think for it to be acceptable to a wider

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Speaker 17: community has to hit to two main points, which is

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Speaker 17: number one, Iran can't have sole control in otherwise it

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Speaker 17: has to be either a joint authority with Oman or

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Speaker 17: some sort of dual track system of approvals. And secondly

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Speaker 17: that it can't be used as a means of extracting

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Speaker 17: vast amounts of money from the shipping community, So maybe

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Speaker 17: something a little closer to what we see in the

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Speaker 17: Strait of Malaca or the Darta Neils and Bosorus in Turkey,

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Speaker 17: where there are fees of sorts, but they're reasonably low

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Speaker 17: and they're sort of tied to things like environmental maintenance,

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Speaker 17: you know, pilot that kind of thing. So that's what

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Speaker 17: seems to be happening at the moment. But again, most

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Speaker 17: of this is taking place behind closed doors, and we

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Speaker 17: don't have a great deal of visibility over the progress.

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Speaker 3: And it's actually really interesting because there does seem to

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Speaker 3: be a lot of focus on the Strait of Horror

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Speaker 3: moves and those discussions. But we know that President Trump

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Speaker 3: is meeting today with Israeli Prime Minister Benjamin Netanyahu and

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Speaker 3: he really reiterated the fact that Iran should never have

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Speaker 3: the capability to build a nuclear weapon when speaking the

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Speaker 3: other day. So what does this mean, What is AD's

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Speaker 3: stake for their discussions today And while that will he

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Speaker 3: try to get a more focused discussion on this when

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Speaker 3: it comes to the war with Iran.

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Speaker 17: Yeah, I mean, again, we don't know exactly what's going

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Speaker 17: to be discussed. We can make some presumptions though, which

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Speaker 17: you know, again it's not used to anyone that Israel,

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Speaker 17: amongst others, is very concerned about Iran developing a nuclear

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Speaker 17: weapon or having the capability to do so at runs

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Speaker 17: of short notis you know that. I think that's been

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Speaker 17: front and center of what certainly there is Verny Prime

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Speaker 17: Minister has been saying publicly for many, many years, so

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Speaker 17: you would imagine that would be part of it. You

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Speaker 17: would also think though, that there'll be some sort of

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Speaker 17: discussion around Iran's missile program, which again is perceived certainly

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Speaker 17: by Israel and obviously now many other countries in the region,

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Speaker 17: has an ongoing threat to safety. And then finally at

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Speaker 17: support for proxy forces, which you know you're seeing today

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Speaker 17: disrupting traffic on the other side of the peninsula and

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Speaker 17: Baba Mendem and there I'm referring to the hooties that

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Speaker 17: do receive support in one form or another from Iran,

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Speaker 17: but they're not the only ones. You have militias in Iraq,

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Speaker 17: you have as below, you have a mass and others,

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Speaker 17: so you would imagine those will be the sort of

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Speaker 17: the main topic that they'll be discussing. But again we'll

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Speaker 17: see what comes out after those talks. As you said

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Speaker 17: later today.

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Speaker 4: I'm Karen Moscow.

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Speaker 2: And I'm Alexis Christophers. Join us again tomorrow morning for

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