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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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

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Speaker 1: following today.

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Speaker 2: Jaron, we begin with the latest of the criminal hush

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Speaker 2: money trial of Donald Trump. Jury deliberations will resume this

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Speaker 2: morning in Manhattan. We get the latest from Bloomberg Law

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Speaker 2: host June Grosso.

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Speaker 3: Before resuming their deliberations, the jury, we'll hear a readback

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Speaker 3: of testimony of Michael Cohen, the prosecution star witness, and

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Speaker 3: David Pecker, the former publisher of The National Inquirer. The

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Speaker 3: testimony concerns at Trump Tower meeting in twenty fifteen that

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Speaker 3: prosecutors say was central to a criminal conspiracy to Boosttrump's

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Speaker 3: twenty sixteen presidential campaign. The jury has also asked to

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Speaker 3: hear the judge's instructions again in New York. June Grosso,

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Speaker 3: Bloomberg Radio.

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Speaker 1: All Right, June, Thanks Willing. Overseas political news this morning,

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Speaker 1: South Africa's ruling party looks set to lose its parliamentary majority.

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Speaker 1: According to projections from the Council for Scientific and Industrial Research,

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Speaker 1: the African National Congress or ANC, is on course to

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Speaker 1: win forty two percent of the votes cast in yesterday's

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Speaker 1: national election. The calculations are based on early tallies released

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Speaker 1: by the South African Electoral Commission. Bloomberg's Gen Zabasaja says

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Speaker 1: it points to a possible coalition.

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Speaker 4: There's a lot of uncertainty right now. The worst case scenario,

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Speaker 4: in what some people were calling the doomsday scenario, is

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Speaker 4: potentially the ANC, the ruling party, having to be in

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Speaker 4: partnership with the Populist EFF which is very left leaning party,

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Speaker 4: wanting to nationalize banks and also mine.

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Speaker 1: And that's Bloomberg's zen Zabazaja, who knows that the ANC

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Speaker 1: has held on to power since the end of apartheid

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Speaker 1: three decades ago.

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Speaker 2: Well, Karen, let's turn back to markets now. Treasury yields

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Speaker 2: are in the driver's seat for investors, near their highest

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Speaker 2: levels this year. Bloomberg's John Tucker joins us with more, John.

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Speaker 5: Nathan, the government's selling its debt and you don't want

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Speaker 5: the demand. Isn't all that great. Treasury's final auction of

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Speaker 5: the week a forty four billion dollar sale of seven

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Speaker 5: year securities that reinforced a trend of lackluster demand that's

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Speaker 5: pushing bond prices lower and the yields higher. Those higher

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Speaker 5: yields weighing on stocks in fassitors can also throw some

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Speaker 5: FED speak in the mix. The Atlanta FED chief Rafae

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Speaker 5: Albostik says he looks at the end of the year

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Speaker 5: as the time when the FED might actually be prepared

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Speaker 5: to reduce interest rates. He was speaking at a conference

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Speaker 5: in Atlanta, and we're going to end the week with

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Speaker 5: an important piece of economic data. The Fed's preferred the

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Speaker 5: inflation gage. Tomorrow's core PCEE deflator expected to show an

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Speaker 5: improving trend for for inflation at a two year yield

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Speaker 5: right now, down a basis point at Ford to ninety six.

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Speaker 5: I'm John Tucker, Bloomberg Radio.

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Speaker 1: All right, John, thank you well. Plenty of banking news

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Speaker 1: this morning. Management changes coming at UBS, and we go

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Speaker 1: to London and get the latest with Bloomberg's U n POS.

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Speaker 1: Good morning, Karen and Nathan.

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Speaker 6: A management shake up at Switzerland's biggest bank, UBS is

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Speaker 6: moving its investment bank head Rob Kurowski to run its

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Speaker 6: US operation and with igbow Kahn Hill jointly oversee the

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Speaker 6: wealth business. Cohn will also become presidents of the Asia

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Speaker 6: Pacific region. The moves reinforced the bank's goal of expanding

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Speaker 6: in the United States, and it paves the way for

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Speaker 6: an interesting succession race for the UBS top job in London.

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Speaker 6: I'm un in pots Bloomberg Radio.

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Speaker 2: Thanks you and well the guy who has the top

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Speaker 2: job at Wall Street's biggest bank, Jamie Diamond, says he

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Speaker 2: anticipates problems emerging in private credit that could lead to

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Speaker 2: a political backlash. The warning comes as JP Morgan Chase

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Speaker 2: and other lenders look to make increasing inroads into the

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Speaker 2: one point seven trillion dollar private credit sector. Speaking in

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Speaker 2: the industry conference, Diamond said he is particularly concerned about

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Speaker 2: the risk to retail clients as they gain access to

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Speaker 2: the booming asset class.

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Speaker 7: They have not been stress tested. People really fully understand

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Speaker 7: what he said about interest rates affecting what these things

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Speaker 7: are worth. Do they And little old lady finds out

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Speaker 7: that she can't get her money back and there may

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Speaker 7: have been disclosure. They're saying, you know, this money's locked

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Speaker 7: up for five years. But you know what, retail clients

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Speaker 7: that circle the block and call their centers and congressmen

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Speaker 7: and they could be held to pay.

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Speaker 2: Those comments from JP Morgan Chase CEO Jamie Diamond come

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Speaker 2: after He wrote in his annual shareholder letter that the

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Speaker 2: private credit industry has yet to be tested by bad markets.

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Speaker 1: Well, Nathan, some of the country's biggest banks may have

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Speaker 1: a blind spot when it comes to their exposure to

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Speaker 1: commercial real estate. A new study shows the risk to

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Speaker 1: their balance sheets grows by about forty percent when you

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Speaker 1: include credit lines and term loans to real estate Investment trusts.

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Speaker 1: Reads have faced challenges since the pandemic, with high borrowing

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Speaker 1: costs and work from home threatening the long term value

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Speaker 1: of office buildings. The trusts are obligated to make large

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Speaker 1: dividend payments each year, and they tend to draw down

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Speaker 1: credit from banks when they're worried about redemptions. That's a

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Speaker 1: concern for the researchers.

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Speaker 2: In company news, Karen, we're watching shares of Salesforce. They

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Speaker 2: are plummeting by six teen percent in early trading. The

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Speaker 2: company gave a sales outlook for the current quarter that

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Speaker 2: missed estimates. More from Bloomberg's Charlie Pellett.

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Speaker 8: The quarter fueled concerns of a growth slowed down of

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Speaker 8: the software giant. Salesforce said revenue will increase about eight

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Speaker 8: percent to as much as nine point twenty five billion

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Speaker 8: in the period ending in July. Analysts, on average estimated

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Speaker 8: nine point three to five billion, according to data compiled

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Speaker 8: by Bloomberg. Investors have been concerned about Salesforce's sliding sales

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Speaker 8: growth over the past year as the company turned its

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Speaker 8: attention to improving profit in New York. Charlie Pellett Bloomberg.

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Speaker 1: Radio, all Right, Charlie, thank you. On the flip side

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Speaker 1: shares a Pellenteer at more than two and a half

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Speaker 1: percent this morning. The Army has awarded a four hundred

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Speaker 1: and eighty million dollars contract to the company for work

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Speaker 1: on a project called the maven A Smart System through

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Speaker 1: twenty twenty nine. The deal further extends Pellenteer's relationship with

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Speaker 1: the military and makes use of the company's growing suite

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Speaker 1: of artificial intelligence offerings.

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Speaker 2: In another move, Aaron, the Biden administration's antitrust enforcers are

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Speaker 2: hosting a major event on competition in artificial intelligence, but

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Speaker 2: some of the biggest names in the industry aren't invited.

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Speaker 2: We get the details from Bloomberg's Jeff Bellinger.

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Speaker 9: Google, Amazon, Meta, and Microsoft have raced to partner with

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Speaker 9: leading AI startups, but they are absent from the workshop,

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Speaker 9: so is Nvidia. Its centrality to the global AI supply

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Speaker 9: chain has sent its stock soaring Instead, the workshop will

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Speaker 9: bring together top venture capital firms along with enforcers from

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Speaker 9: the US, the UK, and European Union. Assistant Attorney General

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Speaker 9: for Anti Trust Jonathan Canter says the speaker list was

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Speaker 9: intentional and the workshop's goal is for a thoughtful conversation

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Speaker 9: on AI antitrust. Enforcers across the world have become concerned

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Speaker 9: that many of the most promising AI startups depend heavily

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Speaker 9: on the dominant tech companies for their financing and infrastructure needs.

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Speaker 9: Jeff Bellinger, Bloomberg Radio.

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Speaker 1: All right, Jeff, thank you, and it's time now for

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Speaker 1: a look at some of the other stories making news

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Speaker 1: in New York and around the world. And for that

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Speaker 1: we're joined by Bloomberg's Michael Barr.

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Speaker 9: Michael, Good Morning, Good morning, Karen Harvey.

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Speaker 10: Weinstein may face new allegations of rape and sexual assault

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Speaker 10: when the former Hollywood movie Mogul is tried again in

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Speaker 10: New York. It comes after a state appeals court tossed

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Speaker 10: his twenty twenty conviction last month. The Manhattan District Attorney's

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Speaker 10: office says, since the last trial, other women have disclosed

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Speaker 10: being sexually assaulted by the defendant. Conservative Supreme Court Justice

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Speaker 10: Samuel Alito says he can't and won't refuse himself from

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Speaker 10: January sixth related cases. It comes after reports about the

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Speaker 10: flags that have been seen flying outside his homes. Alito

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Speaker 10: so congressional lawmakers his wife is solely responsible for flying

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Speaker 10: two flags associated with the baseless Stop the Steel movement

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Speaker 10: on two of the family's properties. Loyola Law School professor

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Speaker 10: Jessica Levinson.

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Speaker 11: These ethics codes are asking whether or not it might

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Speaker 11: appear to the public like a judge possesses actual bias.

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Speaker 11: You don't need to, in the words of the Supreme

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Speaker 11: Court opinions, actually possess the bias, but it has to

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Speaker 11: look like you might, just as Alito is saying, that's

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Speaker 11: not going to happen.

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Speaker 10: Loyola Law School Professor Jessica Levinson. The NYPD arrested and

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Speaker 10: charged demand with a slew of hate crimes, including attempted murder,

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Speaker 10: after allegedly trying to hit a group of Jewish teens

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Speaker 10: with a car outside a yeshiva in Brooklyn. Several of

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Speaker 10: them ran inside the yeshiva for safety. Police arrested fifty

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Speaker 10: eight year old Ashgar Ali from Brooklyn. A study by

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Speaker 10: a group which ranks US metro areas based on pedestrian

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Speaker 10: deaths finds that it is at a forty year high.

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Speaker 10: The nonprofit Smart Group America blames Rhodes designed to prioritize

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Speaker 10: vehicle speed over pedestrian safety. Beth Osborne is the group's

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Speaker 10: vice president of Transportation.

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Speaker 12: We spent many years trying to speed up automobile traffic.

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Speaker 12: The way departments of transportation have tried to do that

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Speaker 12: is to make roads ever wider, and that alone creates

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Speaker 12: safety challenges.

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Speaker 10: Beth Osborne with the SGA also says people of color

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Speaker 10: are disproportionately impacted. COVID's after effects may reverberate for more

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Speaker 10: than three years, often causing lingering pulmonary and gastro intestinal symptoms.

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Speaker 10: That is according to a study of US veterans. It

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Speaker 10: is in the journal Nature Medicine. Global News twenty four

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Speaker 10: hours a day and whenever you want it with Bloomberg

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Speaker 10: News Now. I'm Michael Barn.

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Speaker 1: This is Bloomberg Karen right, Michael Barr, thank you, but

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Speaker 1: it's time now for the Bloomberg Scores update with John Stanshauer,

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Speaker 1: John good morning.

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Speaker 13: Morning care of the Yankees are in first place and

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Speaker 13: a Cy Young winning pictures yet to take the mound.

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Speaker 13: Part of that is because the guy who replaced karrot

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Speaker 13: Cole in the rotation. This might be this year, say winner.

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Speaker 13: Louis Heel superb again against the Angels. He went eight

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Speaker 13: in inings, allowed only two hit, struck out nine. Didn't

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Speaker 13: get a lot of support, but gotten off and Alex

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Speaker 13: Forgogo home run on the fourth inning, and Anthony Volpi

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Speaker 13: came up in the seventh the six.

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Speaker 9: Line down the right field line. That's a sair ball.

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Speaker 2: He's gonna go all the way to the curved wall

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Speaker 2: down the right field line.

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Speaker 14: Goopy motors around at a second He's going for three.

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Speaker 8: Here comes to throw to third gol pie slide. They

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Speaker 8: gets past third pace.

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Speaker 1: The throw goes into the camerawells and Boopie is.

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Speaker 13: Going to be awarded hole play for Wfan. Yanks tope

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Speaker 13: Angels two to one. He is now seven and one.

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Speaker 13: His era is under two. At Cityfield, Mets and Dodgers

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Speaker 13: were three to three.

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Speaker 15: In the eighth inning.

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Speaker 9: LA scored six.

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Speaker 13: Times, including the show how Tony home run Dodgers finished

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Speaker 13: the Swinge ten to three. Mets the Bosts fifteen of

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Speaker 13: their last nineteen oils at the Red Sox six to one.

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Speaker 13: Grand Slam for Gunner. Henderson Nationals won seven to two.

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Speaker 13: In Atlanta, the Phillies get the Giant six to one.

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Speaker 13: Salley got playoffs Dallas one game three after Trilling two

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Speaker 13: to nothing, Edmonton one game four for Trillion two nothinge

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Speaker 13: Oilers won five to two, and the series is tied

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Speaker 13: to two. As is the case in the East, set

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Speaker 13: in the stage for a big Game five tonight at

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Speaker 13: the Garden Rangers and Panthers, the first conference final in twenty.

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Speaker 10: Three years that have had three.

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Speaker 13: Straight overtime games. O Venegas sion Tics, the top seed

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Speaker 13: the two times Defenny Champ, had to play four time

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Speaker 13: Grand Slam winner Naomi Osaka in the second round. Osaka

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Speaker 13: just background Toura for giving birth. She had a match

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Speaker 13: point which Shiontech won seven six one six seven.

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Speaker 9: Pops Johns Dash went Bloomberg Sports count of niggas.

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Speaker 15: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 15: and around the world on Bloomberg dot Com and the

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Speaker 15: Bloomberg Business app. This is Bloomberg Daybreak. Good morning on

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Speaker 15: Nathan Hager.

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Speaker 2: We're headed to day two of jury deliberations and former

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Speaker 2: President Donald Trump's hush money trial in New York accounts.

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Speaker 2: Anybody's guess when the jury is going to come out

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Speaker 2: with a verdict. But no matter how it turns out,

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Speaker 2: this case is having a political enact and for more.

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Speaker 2: We are joined by Bloomberg News Senior editor Bill Ferries. Bill,

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Speaker 2: Good morning. We did see some developments as the jury

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Speaker 2: headed into the deliberation room asking to review testimony about

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Speaker 2: the August twenty fifteen Trump Tower meeting with Michael Cohen

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Speaker 2: and National Acquirer publisher, the former publisher David Pecker. What

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Speaker 2: does that tell you about where these deliberations could go.

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Speaker 14: Yeah, Nathan, it's very interesting that that was really the

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Speaker 14: first thing that the jury came back to the judge

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Speaker 14: asking for a little bit more of a kind of

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Speaker 14: a refresher on in terms of what happened. I mean,

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Speaker 14: this was the meeting where David Pecker National, the publisher

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Speaker 14: of the National Inquirer, said that he agreed to help

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Speaker 14: the Trump campaign by boosting Trump and his newspaper criticizing

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Speaker 14: his rivals and basically buying and barying accounts of extramarital

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Speaker 14: affairs as they came up. So this gets right into

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Speaker 14: the heart of the payment to Stormy Daniels and also

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Speaker 14: the earlier payment to Karen McDougall, another Playboy playmate. So

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Speaker 14: very interesting it was. You know, that was some of

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Speaker 14: the earliest testimony in this case. So there's been speculation

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Speaker 14: that maybe the jury just kind of wanted to get

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Speaker 14: a reminder of what that testimony, what the details of

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Speaker 14: that testimony are. But it's also, as the prosecutor said,

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Speaker 14: a key event in their case against former President Donald Trump.

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Speaker 2: So we could have several more hours, if not several

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Speaker 2: more days of jury deliberations. But we did hear something

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Speaker 2: of a summation from the former president after the first day.

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Speaker 2: Here's a little bit of what he had to say

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Speaker 2: to reporters.

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Speaker 15: Mothers could not be these judges.

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Speaker 12: These charges are reggage to the all.

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Speaker 8: The thing is reggage.

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Speaker 2: Mother Teresa could not beat the charges. What's the former

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Speaker 2: president setting up for?

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Speaker 14: Well, you know, he's he on the one hand, will

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Speaker 14: say that he thinks he thinks he's doing well. On

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Speaker 14: the other hand that he thinks it's a rigged process.

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Speaker 14: He has definitely, you know, made the case to his

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Speaker 14: core supporters particularly that he thinks not just this case,

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Speaker 14: but all of the all of the cases against him

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Speaker 14: are part of the you know, a political process. That's

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Speaker 14: where the where the Democrats and his opponents have weaponized

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Speaker 14: the judicial system. And that's going to be the message

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Speaker 14: he takes if he's found guilty on any of these

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Speaker 14: charges or if things don't go his way, and it's

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Speaker 14: something that quite a few, you know, many people in

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Speaker 14: his camp will will agree with and they'll rally around.

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Speaker 14: So that's going to be the case. Now if he

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Speaker 14: is found guilty of this or any other case, you know,

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Speaker 14: there's going to be a big question of how much

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Speaker 14: damage that does or doesn't do to him. He's got,

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Speaker 14: he's got a strong base that's there. It's with him

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Speaker 14: through thick and thin. So the question will be, you know,

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Speaker 14: what happens to those independent voters, what happens to those

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Speaker 14: people who maybe don't like Joe Biden. Will they you know,

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Speaker 14: do they avoid the election or do they do they

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Speaker 14: just do they vote for someone else? But yeah, this

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Speaker 14: is this is the case that Trump has made throughout

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Speaker 14: this process that he is being unfairly targeted.

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Speaker 2: And I wonder what the president himself, President Biden, how

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Speaker 2: he could react depending on how things go. I mean,

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Speaker 2: he's towed a really fine line in really trying to

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Speaker 2: avoid speaking pretty directly about what's going on in New York.

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Speaker 14: Yeah, it sounds like it's something that he has spoken

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Speaker 14: more about in some of these less covered, you know,

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Speaker 14: fundraiser events where he's been more openly critical of the

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Speaker 14: of the president. I think, you know, from the White

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Speaker 14: House perspective, they they don't want to be seen as

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Speaker 14: they don't want to play into that argument that Trump

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Speaker 14: has made that it's a it's a political process, a

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Speaker 14: political persecution. So I think they just want to let

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Speaker 14: the court speak for themselves. But on the campaign trail,

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Speaker 14: you know, you definitely, you definitely see a president who's

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Speaker 14: more interested in raising some of these issues before an

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Speaker 14: electorate that is, you know, still seems frustrated with the

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Speaker 14: choices it has before it.

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Speaker 2: This is Bloomberg Daybreak Today, your morning brief on the

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Speaker 2: Hager and I'm Karen Moscow.

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