Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: Daybreak for Monday, July two. Coming up, The shower stocks
Speaker 1: face another test this week as more earnings roll in
Speaker 1: oil jones following President Biden's trip to the Middle East.
Speaker 1: China rolls out mass testing as COVID cases rise, and
Speaker 1: the January six Committee prepares to receive texts from the
Speaker 1: Secret Service. Another deadly shooting, this time that the all
Speaker 1: in Indiana, and a damning report in the police response
Speaker 1: to the school shooting in Texas. I'm John Tucker. Those
Speaker 1: stories straight ahead. I'm John Dasher's fourth second straight game
Speaker 1: with the Yankees clustered the Red Sox. The Mets lost
Speaker 1: in Chicago. Cameron Smith won the Open Championship Golf. That's
Speaker 1: all straight ahead on Bloomberg day Break on Bloomberg Eleving
Speaker 1: freon New York, Bloomberg one, Washington, d C, Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius
Speaker 1: XM one nineteen and around the world on Bloomberg Radio
Speaker 1: dot Com and via the Bloomberg Business Act. Good Morning,
Speaker 1: I'm Nathan Hagar, and I'm Karen Moscow US Dock Index
Speaker 1: futures movie higher this morning. We're coming up to five
Speaker 1: o one on Wall Street, and we checked the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg SMP
Speaker 1: futures up forty three points, at OWN futures up three
Speaker 1: hundred ten and NASDACK futures have one hundred sixty two.
Speaker 1: Ten year Treasury down seven thirty seconds, yield two point
Speaker 1: nine four percent, and a yield on the two year
Speaker 1: three point one four percent. Nathan Karen. Markets are gearing
Speaker 1: up for a slew of earnings this week. Investors are
Speaker 1: watching how business is weathering inflation and tightening from the FED.
Speaker 1: The major banks finish reporting today following some disappointments from
Speaker 1: results last week. Bloomberg's Jeff Bellinger has a preview. The
Speaker 1: investors may not be pleased with the numbers from Goldman
Speaker 1: Sachs Bloomberg Intelligence, as Goldman's second quarter prophet may have
Speaker 1: declined sharply versus a year ago because of outsized investment
Speaker 1: aims that turned to losses and the slide in banking
Speaker 1: fees that exceeded trading revenue growth. We also hear from
Speaker 1: Bank of America this morning, the outlook isn't entirely rosy.
Speaker 1: What b I is more upbeat, saying be of A
Speaker 1: likely benefited from flat costs, net income that expanded with rates,
Speaker 1: and healthy industry loan growth. Jeff Bellinger Bloomberg day Break,
Speaker 1: All right, Jeff, thank you. And some other notable names
Speaker 1: reporting this week include Tesla, Netflix, United Airlines, and IBM
Speaker 1: and Nathan. This week's earnings coming the heels of June's
Speaker 1: hot CPI report. Clara Advisers founder and managing principal Ryan
Speaker 1: Blander says, even if there are earnings misses, big US
Speaker 1: companies are still a good place for investors in the
Speaker 1: sub environment. You gotta stay large cap. We think as
Speaker 1: an overweight, we love the dividend paying stocks that provide
Speaker 1: some cash flow. I would say you don't want to
Speaker 1: abandon large cap technology. I mean, some of these companies
Speaker 1: are extremely profitable, have huge business modes, and are trading
Speaker 1: at really nice discounts to their historic multiples. And Ryan
Speaker 1: Blander and Clara Advisor says we're still likely to see
Speaker 1: a prolonged period of volatility, and one of Wall Street's
Speaker 1: biggest bears, Karen says, US stocks are likely to face
Speaker 1: more declines even if the economy managed to manages to
Speaker 1: avoid a recession. Morgan Stanley strategist Mike Wilson says he
Speaker 1: expects the bear market to continue, and he also sees
Speaker 1: the odds of recession continuing to rise will turning to
Speaker 1: commodities now. Nathan Oil is advancing this morning after last
Speaker 1: week's almost seven percent drop. The jump follows President Biden's
Speaker 1: landmark visit to the Middle East that wrapped up without
Speaker 1: a firm commitment from Saudi Arabia to boost crewed supplies
Speaker 1: and checking prices. Now Nimex screwed oil is at one
Speaker 1: point eight percent of a dollar eighty four and forty
Speaker 1: three cents a barrel Brent is that more than two
Speaker 1: percent at a hundred three dollars thirty one cents in Europe.
Speaker 1: This morning, candidates aiming to succeed UK Prime Minister Boris
Speaker 1: Johnson are weighing in on the economy and the cost
Speaker 1: of living crisis in the country. Bloomberg's You and Potts
Speaker 1: joins us Live with the latest from London. Good Morning,
Speaker 1: Good Morning, Nathan and Karen. A second at TV debate
Speaker 1: for the five remaining candidates to take over as the
Speaker 1: next British Prime minister. Clear dividing lines starting to emerge
Speaker 1: over taxes and the economy as lawmakers vote and narrow
Speaker 1: the field. Here's former Chancellor Rishi Senac and for Foreign
Speaker 1: Secretary Liz Trust, this is something for nothing. Economics isn't
Speaker 1: conservative socialism Under your plans, we are predicted to have
Speaker 1: a recession because you have raised tax It is cutting
Speaker 1: back on growth, it is preventing companies from investing, and
Speaker 1: it's taking money out of people's pockets. That is no
Speaker 1: way to get the economy going during a recession. Richie
Speaker 1: Seon I you've seen as the front run or Penny
Speaker 1: Mordans runs second list. Trust is third, but a recent
Speaker 1: poll shows that she would beat all contenders in the
Speaker 1: final run off between toury members. Live in London, I'm
Speaker 1: you in parts of bog Daybreak, are you? And thank you?
Speaker 1: We moved to Italy now wre Prime Minister Mario drags
Speaker 1: and a mounting pressure to reverse his pledge to resign.
Speaker 1: Draggy appears determined to leave our for but Summer pushing
Speaker 1: for him to stay. Bloomberg's tomaso Ebb Heart is more
Speaker 1: from a lawn the pression is not coming from political parties,
Speaker 1: but is coming from the country, from a business leader,
Speaker 1: from professor, from major of more than four hundred cities.
Speaker 1: So there is growing impression. But at the moment Mario
Speaker 1: Dagi seems determined to live because of the National Unity
Speaker 1: government that used to run is not there anymore. The
Speaker 1: collision is essentially broken. Bloomer Tomasso Ebb heard in Milan,
Speaker 1: says Mario Dragon will address lawmakers when stay to declare
Speaker 1: whether or not he'll quit the government. Turning the Asia now, Karen,
Speaker 1: it was a good day for equity thanks to softer
Speaker 1: signs from the FED and pledges from China to shore
Speaker 1: up economic growth. Bloomberg's Juliette Sally joins us with the
Speaker 1: details from Singapore. Good morning, Juliet, Good morning, Nathan, and Karen.
Speaker 1: The ms CI Asia Pacific Index excluding Japan, which was
Speaker 1: closed for a holiday, gained more than one percent, boosted
Speaker 1: by a jump in Chinese textures. Sentiment across mainland equities
Speaker 1: and in Hong Kong was boosted after the p POC
Speaker 1: indicated it will step up implementation of prudent monitory policy.
Speaker 1: Shares of Chinese developers jumped by the most in nearly
Speaker 1: a month, following a report that the nation's banking regulator
Speaker 1: has urged lenders to support the sector amid a growing
Speaker 1: mortgage Boycosh in Singapore, Juliet Sally Bloomberg, daybreak Right, Juliette,
Speaker 1: thank you meantime. In China, cases of COVID nineteen remain elevated.
Speaker 1: Shanghai is rolling out mass testing at nine districts to
Speaker 1: stamp out infections. The country reported five cases for Sunday
Speaker 1: after new infections jumped to five eight on Saturday. Turning
Speaker 1: to politics now, the House January six Committee says it
Speaker 1: expects to get Secret Service texts before tomorrow's deadline. Bloomberg said,
Speaker 1: Baxter has that story. These are texts that it was
Speaker 1: first said were deleted in a system upgrade text that
Speaker 1: we're not backed up now. Committee member Zoe Lofgren says,
Speaker 1: a change in tune, and there was a statement made
Speaker 1: by the spokesperson for the Department saying that you know
Speaker 1: it wasn't true, was fair and that they in fact
Speaker 1: had pertinent texts. And remember Adam Kissinger says he hopes
Speaker 1: to get good information. It is quite crazy that the
Speaker 1: Secret Service would actually end up deleting anything related to
Speaker 1: one of the more infamous days in American history, and
Speaker 1: he says he doesn't know exactly what they'll get. In
Speaker 1: San Francisco, I'm at Baxter Bloomberg Daybreak. All right, ed,
Speaker 1: thank you straight ahead. We have your latest local headlines,
Speaker 1: plus a check of sports. You're listening to Bloomberg Daybreak
Speaker 1: us at five oh seven on Wall Street where it's
Speaker 1: seventy seven degrees in Central Park and dealing with an
Speaker 1: accident on the westbounds Cross, Bronx said, Third Avenue. Details
Speaker 1: coming up in traffic. First, John Tucker's here with more
Speaker 1: on what's going on in New York and around the world.
Speaker 1: Good morning, John and Nathan. Another deadly man shooting, this
Speaker 1: one he signed Shopping mullin Greenwood, Indiana. Please say they
Speaker 1: still unidentified adult male enter the mall's food court shortly
Speaker 1: after six pm local time, apparently with a long gun
Speaker 1: and several magazines of ammunition, and started shooting. Five people
Speaker 1: were shot, Three of them died. Please say, Good samaritan
Speaker 1: to his arm shot the attacker, killing him. The real
Speaker 1: hero of the day is the citizen that was lawfully
Speaker 1: carrying a firearm in that food court and was able
Speaker 1: to stop the shooter almost as soon as he began.
Speaker 1: That Screenwood Police Chief Jim Ice and Damna investigative report
Speaker 1: about the mass shooting in Texas. That report finds nearly
Speaker 1: four hundred law enforcement officials rushed to the mass shooting
Speaker 1: at Vivandi Elementary School, but egragiously poor decision making resulted
Speaker 1: in more than an hour of chaos before the government
Speaker 1: who took twenty one lives was finally confronted and killed.
Speaker 1: With manting, New York is frustrated with crime. Mayor Eric
Speaker 1: Adams has been on the road raising money. That story
Speaker 1: in this report this morning from Bloomberge Lisa Matteo. The
Speaker 1: mayor raised more than eight hundred and fifty thousand dollars
Speaker 1: for his re election campaign barely six months after taking office.
Speaker 1: The figure comes from filings with the city's campaign finance Board.
Speaker 1: According to The Times, the campaign hall is a result
Speaker 1: of Mr Adams this traveling across the country to raise
Speaker 1: money for a second term. Nearly half of Mayor Addams's
Speaker 1: campaign donations, more than four hundred thousand dollars, came from
Speaker 1: outside New York City. The donors include leaders from real
Speaker 1: estate casino and sports betting businesses Liice Mateo, Bloomberg Daybreak
Speaker 1: and President Vladimir Zelinski removed his national security head in
Speaker 1: Ukraine's top prosecutor, alleging that some employees collaborated with Russian intelligence.
Speaker 1: The firings, which targets sensitive polls for a country at war,
Speaker 1: include the Security Service Chief Personal Friend, whose agency's tasks
Speaker 1: include counter intelligence, and former Trump White House advisor Steve Bannon,
Speaker 1: scheduled to go on trial today for contempt of Congress.
Speaker 1: Bannon spent nearly two months to find a subpoena from
Speaker 1: the January six committee before he was indubted on contempt
Speaker 1: of Congress charges in November. As his trial Jake neared,
Speaker 1: Bennon offered to testify the public, hering an offer that
Speaker 1: federal prosecutors called not an actual effort at compliance. Global
Speaker 1: News twenty four hours a day on air and a
Speaker 1: Bloomberg Quick Take Power bog for the twenties seven hundred
Speaker 1: journalists and analysts and more than one hundred twenty countries.
Speaker 1: I'm John Tucker, and this is Bloomberg, Nathan. Thank you.
Speaker 1: John five ten on Wall Street Time for the Bloomberg
Speaker 1: Sports Update with John Stonshower Thanks Nathan Rory, McElroy has
Speaker 1: to be wondering what he has to do to win
Speaker 1: that elusive fifth career major, the Open Championship at St. Andrew's.
Speaker 1: He had the full support of the crowd, shot eighteen
Speaker 1: under far only had four bogees the entire tournament, none
Speaker 1: in yesterday's final round. He still blew up fourth shot lead.
Speaker 1: Dam Smith, the twenty eight year old Ausse's, simply outputted
Speaker 1: and ran off five straight birdies to start the back nine.
Speaker 1: Smith twenty under, tie the record for major. Cam Young,
Speaker 1: the Westchester native, who began the Open with a sixty four,
Speaker 1: finished with a sixty five and an eagle on the
Speaker 1: par four eighteen poll. He been a second. McElroy was
Speaker 1: third County two, despondent because it hid this year's gent
Speaker 1: and this year is going and and I'm I'm playing
Speaker 1: some of the best golf had a play in a
Speaker 1: long time, so it's just a matter of keep, you know,
Speaker 1: knocking on the door, and eventually won the Locan. McRoy
Speaker 1: still has not one of major since two thousand fourteen.
Speaker 1: Yankees hit the All Star Rak sixty four and twenty eight,
Speaker 1: even with a bad week where they lost five out
Speaker 1: of six. They won the last two of the Red
Speaker 1: Sox by combined seven to three. Hit was thirteen and
Speaker 1: two yesterday as Tim Locastro the unlikely hitting star three
Speaker 1: hits at the home run even Joey Gallo amored. Garret
Speaker 1: Cole struck out twelve or his ninth win. Mets seemed
Speaker 1: on their way to a four game sweep in Chicago.
Speaker 1: Cubs scored twice in the eighth and one three to two.
Speaker 1: Mets are fifty eight and thirty five, two and a
Speaker 1: half games ahead of Atlanta. Year ago, the Mets, with
Speaker 1: the tenth pick in the draft, took Kumar Rocker, a
Speaker 1: picture from Vanderbilt. Then they had injury concerns and never
Speaker 1: signed him. He went back into the draft in a surprise.
Speaker 1: He was taken third overall by Texas. Sons of former
Speaker 1: Rachel Leakers went one to Matt Holliday's son Jackson by Baltimore,
Speaker 1: Andrew Jones and son Drew taken by Arizona. John Stashward
Speaker 1: Bloomberg Sports, Nathan, thank you, john S and p. Futures
Speaker 1: of forty points right now. Deaf futures up T nine,
Speaker 1: NASTAC futures up a hundred fifty three. This is Bloomberg
Speaker 1: The Bloomberg day Break brought to you by Pepack Private
Speaker 1: Wealth Management. Pepack Private Wealth Management knows that a portfolio
Speaker 1: is more than a collection of assets. It's a path
Speaker 1: to your future. Visit Pepack Private dot com and begin
Speaker 1: your financial legacy Today, Markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot com. The Bloomberg
Speaker 1: Business at and at Bloomberg Quick Tape is a Bloomberg
Speaker 1: Business Flash and I'm Karen Moscow. European stocks in US
Speaker 1: stock index futures are on the rises morning when the
Speaker 1: dollar weekends, as investors scale back bets on how aggressively
Speaker 1: the Federal reserve titan policy. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Right now,
Speaker 1: Western p futures or up about forty points, Down futures
Speaker 1: up two two and Nastack futures up a hundred forty eight.
Speaker 1: The decks in Germany is at one point three percent,
Speaker 1: so as the cat in Paris and the foot see
Speaker 1: one hundred ten year treasury down eleven thirty seconds held
Speaker 1: two point nine five percent. They yield on the two
Speaker 1: year three point one four percent. Ni Max Screwed oil
Speaker 1: is up two point two percent of two dollars thirteen
Speaker 1: cents and ninety nine dollars eighty six cents a barrel
Speaker 1: comes gold up nine tenths percent or fourteen dollars eighty cents.
Speaker 1: At seventeen eighteen thirty announced the euro one point zero
Speaker 1: one four zero against the dollar, British found one point
Speaker 1: one nine eight and the yen is at one thirty
Speaker 1: eight point to six. And look at it Bitcoin, it's
Speaker 1: up more than six percent at twenty two thousand, two
Speaker 1: hundred forty five dollars. And we are watching for earnings today.
Speaker 1: Angleman Saxon, Bank of America among those reporting that's a
Speaker 1: Bloomberg business flash. Now here's John Tucker with more on
Speaker 1: what's going on around the world. John, Good morning, and
Speaker 1: good morning, Karen. Three people killed at a mall in Greenwood, Indiana,
Speaker 1: in a shooting that ended when an arm man fatally
Speaker 1: shout the government, demming investigative reports. His poor decision making
Speaker 1: resulted in more than an hour of chao us before
Speaker 1: the government to twenty one lives was finally confronted and
Speaker 1: killed by police at a Texas elementary school, and the
Speaker 1: Russian Defense Minister has ordered his forces to focus on
Speaker 1: destroying Ukraine's long range missile and artillery systems during a
Speaker 1: visit to troops and occupied territory. Bloomberg sports Yankees at
Speaker 1: the All Star Break with a thirteen to two win
Speaker 1: over the Red Sox, The Mets lows and Cam Smith
Speaker 1: wins the British Open. Global News twenty four hours a
Speaker 1: day on air on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalists and analysts more than one
Speaker 1: d twenty countries on John Tucker and this is Bloomberg.
Speaker 1: Nathan John, Thank you. It's five nineteen on Wall Street
Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak.
Speaker 1: As we get set for another trading week focused on
Speaker 1: earnings and what the Fed's gonna do at the end
Speaker 1: of this month, Let's bring in Dennis Gartman, chairman of
Speaker 1: the University of Akron Endowment Investment Committee for of course,
Speaker 1: former publisher of the Gartment Letter. Dennis, it's great to
Speaker 1: speak with you this morning. As we see green on
Speaker 1: the screen following last week's end of week rally, it
Speaker 1: seems like markets are sort of dialing back the idea
Speaker 1: of a hundred basis point move by the FED at
Speaker 1: the end of this month. What are you pricing in
Speaker 1: in terms of what the Fed could do? And I
Speaker 1: think that the market got a little bit silly last
Speaker 1: week thinking that FED was going to move a hundred
Speaker 1: basis points. That made it abundantly clear through comments from
Speaker 1: various regional presidents and the governors of the FED, that
Speaker 1: seventy five basis points was as far as they were
Speaker 1: willing to go. Uh and and so the fact that
Speaker 1: they're dialing it back a little bit given the benefits
Speaker 1: of better than expected retail sales number on Friday, surprised me.
Speaker 1: I must admit that the stock market has been as
Speaker 1: strong as it has been. As the chairman of the
Speaker 1: University of Akrons Endowment, I got us to move almost
Speaker 1: fifty of our portfolio out at the end of the
Speaker 1: last year, and I've been officially barish of stocks since
Speaker 1: January this year. So maybe I'm wrong. It is possible
Speaker 1: that we've seen a low I have my doubts at
Speaker 1: this point. I think the FED is going to continue
Speaker 1: to be uh less exp eactionary than they had been.
Speaker 1: They're going to be exactly actually contractionary as far as
Speaker 1: monetary policy is concerned. I'm far more interested in what
Speaker 1: they're doing with their balance sheet than they have than
Speaker 1: what they're doing with the overnight said funds, right, and
Speaker 1: the balance sheet, which have gone from nine billion dollars
Speaker 1: to nine trillion dollars in the course of the last
Speaker 1: several years, has to be drawn down. That that has
Speaker 1: bunnily has full as time and time again they intend
Speaker 1: to take sixty five billion dollars out of the balance
Speaker 1: sheet over the course of the next several years. That
Speaker 1: I think is far more important than far ore deltarious
Speaker 1: to stock prices. But nonetheless share prices need to be
Speaker 1: going up, and I must admit I'm surprised you say
Speaker 1: you could be wrong about being barished on this market.
Speaker 1: What are you looking at? What would have to change
Speaker 1: in the market for you to turn bullish. The most
Speaker 1: important thing is how the internals of the market respond,
Speaker 1: and thus far rallies have been on lesser volume and
Speaker 1: the climbs have been on larger volume. That's how bear
Speaker 1: markets act, and thus far I have to say that
Speaker 1: every rally has been a bear market rally, a bounce
Speaker 1: rather than a rather than a bullish move. We to
Speaker 1: see volumes started to come in on the upside and
Speaker 1: it's not doing so, so I'll continue to err upon
Speaker 1: the side of being modestly barished at this point. But
Speaker 1: that's the thing that I have to see to see change.
Speaker 1: I have to see the internals of the market change,
Speaker 1: and I have to see the FED become expansionary again
Speaker 1: rather than contractionary. I have to see lessening of the
Speaker 1: yield curve which has gone to an inversion, which is
Speaker 1: always barish of stock prices. So a change in the
Speaker 1: inversion of the yield curve and a in a movement
Speaker 1: on the on stock prices to rise on stronger volume
Speaker 1: than fall and lesser volume before I'll have to change
Speaker 1: my opinion. Do you think that inversion of the yield
Speaker 1: curve could change anytime soon? What's your outlook on where
Speaker 1: yields could go from here? I think the overnight PID
Speaker 1: funds really wants to go another seventy five basis points higher.
Speaker 1: At the same time, at the back end of the curve,
Speaker 1: I think grates want to come down a little bit.
Speaker 1: I'm actually modestly bullish with the long end of the
Speaker 1: curve thinking that the inflationary pressures are beginning to abate.
Speaker 1: The the decline and crude oil prices of the client
Speaker 1: and wheak prices of the declient, and grain prices generally,
Speaker 1: the decline and base metals prices tells me that inflationary
Speaker 1: pressures are probably peaked. So that I think that is,
Speaker 1: I think the FED wants to continue to tighten at
Speaker 1: the short end of the curve, but the long end
Speaker 1: of the curve wants two yields once to probably go
Speaker 1: a little bit lower. So the long of the tenure,
Speaker 1: which is what now two nine two or something two
Speaker 1: n three, you can go down to two seventy five,
Speaker 1: and the short end of the curve you can take
Speaker 1: the overnight said funds right another seventy five basis points higher.
Speaker 1: So it'll be at least six months to a year
Speaker 1: before the Yel curve becomes non inverted, it goes to
Speaker 1: a more positive slope. Again, that about a minute left here, Dennis,
Speaker 1: what's your read on how earnings have gone so far,
Speaker 1: particularly from the banks, and what's your outlook as we
Speaker 1: go forward further into the earning season. Bank earnings and
Speaker 1: an inverted YEL curve will always be detrimental. It's it's
Speaker 1: just as I've always said positively. So youel curves make
Speaker 1: banking geniuses out of idiots, and then inverted youel curves
Speaker 1: make idiots out of idiots. So I think that the
Speaker 1: the banking system is going to have problems of the
Speaker 1: deal curve and some stays in droted for a long
Speaker 1: period of time. Thanks for this, Dennis, as always good
Speaker 1: to get your thoughts. Dennis Gartman, the former publisher of
Speaker 1: the Gartman Letter, now chairman of the University of Akron
Speaker 1: Endowment Investment Committee, with us this morning here on Bloomberg
Speaker 1: Daybreak as we watch equities continue to rise around the world.
Speaker 1: SMP futures right now up forty three points, that's again
Speaker 1: one point one percent. Dow futures are up through to
Speaker 1: twelve points. NASTAC futures leading gains this morning, up a
Speaker 1: hundred fifty nine points. That's a gain of one and
Speaker 1: a third percent. Germany's decks the cat in Paris both
Speaker 1: up one and a half percent this morning. The tenure
Speaker 1: treasury is down eleven thirty seconds. The yield two point
Speaker 1: nine five percent yield on the two year again, the
Speaker 1: twos and tens in inversion with a two year yield
Speaker 1: at three point one four percent. Watching a crude oil
Speaker 1: prices on the rise this morning. Nime X screwed is
Speaker 1: up two point two percent, up two dollars thirteen cents
Speaker 1: seventy two cents a barrel. The euro right now one
Speaker 1: point zero one for seven against the dollar. You're listening
Speaker 1: to Bloomberg Day right Bloomberg eleven three oh weather Cloudye,
Speaker 1: some showers and storms developing. My midday low eighties for
Speaker 1: highs will be near ninety in the sunshine tomorrow hot
Speaker 1: Wednesday highs near right now seventy seven in Central Park.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg E Loving free to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg Homes
Speaker 1: sixty to the country, Sirius XM Chando one nine, and
Speaker 1: around the globe the Bloomberg Business at in Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on
Speaker 1: Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow.
Speaker 1: We are just about four hours away from the open
Speaker 1: of US trading. Let's catch you up to date of
Speaker 1: the news you need to know at this hour. Market
Speaker 1: steering up for a slew of earnings this week, investors
Speaker 1: are watching how business is weathering inflation and tightening from
Speaker 1: the Fed, Goldman Saxon, Bank of America rapp up reporting
Speaker 1: from the major banks today. Other notable names this week
Speaker 1: include Tesla, Netflix, United Airlines, and IBM. Well, all these results,
Speaker 1: Karen come on the heels of June's hot CPI report.
Speaker 1: Clara Advisor's founder and managing principal Ryan Bolanger says, even
Speaker 1: if there are earnings, mrs, big US companies are still
Speaker 1: a good place to invest. You've got consumer spending still
Speaker 1: on the rise, so you've still got a very attractive
Speaker 1: consumer balance sheet. Household finances are in great shape still,
Speaker 1: so that's one of the reasons why we still like
Speaker 1: the domestic companies more than the international counterparts. Ryan Blanger
Speaker 1: with Clara Advisor says we're still likely to see a
Speaker 1: prolonged period of volatility meantime on a Wall Street's biggest spars,
Speaker 1: as US stocks are likely to face more declines. That's
Speaker 1: even if the economy manages to avoid a recession. Morgan
Speaker 1: Stanley strategist Mike Wilson says, you expect actual the bear
Speaker 1: market to continue. He also sees the odds of a
Speaker 1: recession continuing to rise. Turning two commodities now Karen oil
Speaker 1: is on the rise this morning after last week's nearly
Speaker 1: seven percent drop. Jumps follow President Biden's landmark visits to
Speaker 1: the Middle East that wrapped up without a firm commitment
Speaker 1: from Saudi Arabia to boost crude supplies. Checking prices now
Speaker 1: Name excrudes up one pot nine percent of a dollar
Speaker 1: eighty three at ninety ninety two cents of barrel. Brent
Speaker 1: is hired by two point one percent at a hundred
Speaker 1: three dollars thirty cents. I moved to Italy now Nathan,
Speaker 1: where Prime Minister Mario drag is under mounting pressure to
Speaker 1: reverse his pledge to resign. Draggy appears determined to leave
Speaker 1: his office, but some are pushing for him to stay. Bloomberg,
Speaker 1: Tomaso and Heart has more from Milan. If Druggie resigned,
Speaker 1: then he will resign. He had off of the President Mazzarella.
Speaker 1: We are expecting at this point Mazzarella or to have
Speaker 1: a consultation with political leader, but that's almost no possibility
Speaker 1: to form a new government. In that case, he will
Speaker 1: call anappalation. Bloomberg's Tomasso eb heard Milan says Mario drag
Speaker 1: you will address lawmakers Wednesday to declare whether or not
Speaker 1: he'll quit the government. And in corporate news this morning,
Speaker 1: Karen's Starbucks is weighing whether to sell its operations in
Speaker 1: the UK. That's according to a reward for the from
Speaker 1: the Financial Times, which says the coffee chain has yet
Speaker 1: to initiate a formal sales process. The UK is starbucks
Speaker 1: largest market in Europe, the Middle East and Africa. And
Speaker 1: futures this morning on the rise. SNP futures up thirty
Speaker 1: eight points now futures of two hundred seventy nowsday futures
Speaker 1: have one five straight ahead, your latest local headlines, plus
Speaker 1: a check of sports. And this is Bloomberg. Thank you, Karen.
Speaker 1: Three on Wall Street seventy seven degrees in Central Park
Speaker 1: in an accident of westbound cross Bronx still has two
Speaker 1: lanes blocked at Third Avenue. More coming up in traffic.
Speaker 1: First John Tucker with more on what's going on in
Speaker 1: New York and around the world. John and Nathan. The
Speaker 1: first draft of an investigative report of the Vans shooting
Speaker 1: at a South Texas elementary school in May finds plenty
Speaker 1: of blame to go around for the stubtle response to
Speaker 1: the attack. Let's get more in this report from Bloomberg's
Speaker 1: Jeff Bellinger. The report finds nearly four hundred law enforcement
Speaker 1: officials rushed to a mass shooting at a Uvaldi Elementary school,
Speaker 1: but egregiously poor decision making resulted in more than an
Speaker 1: hour of chaos before the gunman who took twenty one
Speaker 1: lives was finally confronted and killed. The nearly eighty page
Speaker 1: report was the first to criticize both state and federal
Speaker 1: law enforcement, and not just local authorities in the South
Speaker 1: Texas town, for the bewildering in action. The report also
Speaker 1: finds no one assumed command despite scores of officers being
Speaker 1: on the scene. Some families blasted police as cowards and
Speaker 1: demanded resignations. Jeff Bellinger, Bloomberg, Deybreak Time. Three people were
Speaker 1: killed at of All in Greenwood, Indiana, in a shooting
Speaker 1: that ended when an armed land fatally shopped the gunman
Speaker 1: I mean with a rifle. In several magazines of ammunition,
Speaker 1: ded All's food court and started firing. They set on
Speaker 1: Facebook they were seeking witnesses to the shooting, which took
Speaker 1: place about fifteen miles south of Indianapolis. A New York
Speaker 1: City firefighter was seriously her Sunday after responding to a
Speaker 1: car crash on Manhattan's West Side. He was responding to
Speaker 1: a two car crash when one of the cars shifted
Speaker 1: and falling his leg. According to New York City's Medical Examiner,
Speaker 1: Vanna Trump, the ex wife of the former president, died
Speaker 1: accidentally a blunt impact injuries to her torso She reportedly
Speaker 1: had fallen down the stairs at her Upper East Side home.
Speaker 1: Her death has led the office of New York's Attorney General,
Speaker 1: Letitia James, to postpon a deposition of the former president
Speaker 1: scheduled for next week, and the House Committee investigating the U.
Speaker 1: S Capital Solvas Facts to receive text messages its subpoena
Speaker 1: from the Secret Service by tomorrow. A former Raid Cassidy Hutchinson,
Speaker 1: said she was told Trump wanted to join the mob
Speaker 1: then marching at the Capitol, but was blocked by a
Speaker 1: security detail, and a physical alternational altercation took place. What
Speaker 1: text messages could provide insight into that episode. Global News
Speaker 1: twenty four hours a day on air and the Bloomberg Quicktake.
Speaker 1: We're powered by more than twenty seven hundred journalists and
Speaker 1: analysts and more than one hundred twenty countries. I'm John Tuckery. Yeah,
Speaker 1: this is Bloomberg, Nathan. Thank you. John. Five on Wall Street,
Speaker 1: Time for the Bloomberg Sports Update with John sash out.
Speaker 1: All right, Nathan. The Yankees with a two game Boston massacre.
Speaker 1: They had lost three straight to the Red Sox, but
Speaker 1: then wins fourteen to one and thirteen to two and
Speaker 1: eight run fourth inning later on runs for Tim of Pastro,
Speaker 1: Joey Gallo. Garry Cole struck out twy twelve twice. He
Speaker 1: fanned his nemesis, Rape Devers, who's homard off call eight times.
Speaker 1: Chris Sale started for the sockss back from injury, and
Speaker 1: Aaron hits liner in the first inning broke Sales Pinky.
Speaker 1: Yankees at the All Star break sixty four and thirteen
Speaker 1: game lead me's the fifty eight and thirty five up
Speaker 1: two and a half on Atlanta. They were four outs
Speaker 1: of a four game swite from Chicago. Cubs scored twice
Speaker 1: in the eighth inn and one three to two Starling
Speaker 1: and Marte has taken himself out of Tomorrow's All Star Game.
Speaker 1: Ten night in l A, Peter Lonzo goes for a
Speaker 1: home run derby three. Pete held the MLB draft and
Speaker 1: the sons of former Big leaguers Matt Holliday and Andrew
Speaker 1: Jones went one to to Baltimore and Arizona. The Mets
Speaker 1: took Kevin Parata captured from Georgia Tech, and then Jeff
Speaker 1: Williams high school shortstop from Texas. Yankees drafted Spencer Jones
Speaker 1: and outfielder from Vanderbilt at St. Andrew's. Cam Smith came
Speaker 1: from behind, had five straight birdies to start the back nine,
Speaker 1: and that twenty eight year old Austin won the Open championship.
Speaker 1: It's the poor fools, uh on asy around here, especially
Speaker 1: with that window, you know off the left, and um
Speaker 1: yeah this stuck to what I was doing and um yeah,
Speaker 1: just really crowd of how I how I kna knuckle down? Today?
Speaker 1: Smith tied the record for a major with twenty under
Speaker 1: party beat the Westchester native Cam Young by one shot,
Speaker 1: in Rory McElroy by two. John Stash Award Bloomberg Sports. Nathan,
Speaker 1: Thank you John. It's five thirty seven on Wall Street
Speaker 1: Time now for the Tri State Business Report. Former President
Speaker 1: Donald Trump's golf course in Bedminster set to play host
Speaker 1: to the Saudi Back Live Golf tournament at the end
Speaker 1: of this month. Families of nine eleven victims wanted to reconsider,
Speaker 1: the New York Times reports. Members of the group Nine
Speaker 1: eleven Justice sent a letter to the former president yesterday
Speaker 1: asking him to rethink his business relationship with the Saudi
Speaker 1: Golf League. The families note that the former president has
Speaker 1: blamed the Kingdom for the attack on the World Trade Center.
Speaker 1: Workers at Amazon Showdack warehouse. They're hoping to become the
Speaker 1: second in the state to form a union. About forty
Speaker 1: people turned out yesterday for a rally at Albany's Townsend Park.
Speaker 1: Supporters till the Times union. They're hoping to build on
Speaker 1: Christian small success. He is the interim president of the
Speaker 1: Amazon Labor Union, which one on Staten Island over the summer,
Speaker 1: and NYC Restaurant Week kicks off today across the five boroughs.
Speaker 1: They might be better off calling it NYC Restaurant Month
Speaker 1: Plus because it's actually gonna be five weeks marking the
Speaker 1: thirtieth anniversity event, about six hundred restaurants in eighty five
Speaker 1: neighborhoods are offering two course lunches and three coursetn ers
Speaker 1: for thirty, forty five or sixty dollars. And that is
Speaker 1: the Bloomberg Try State Business Reports thirty eight on Wall Street.
Speaker 1: Bloomberg Radios on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. I'm
Speaker 1: Steve Podascan on K and X in Los Angeles. We're
Speaker 1: talking about Stranger Things offering a glimmer of hope during
Speaker 1: the Netflix slamp. Corn Donaho on ktr H in Houston.
Speaker 1: Elon Musk's lawyer say Twitter is unfairly pushing for a
Speaker 1: fast trial of canceled buy out. I'm Gina Servetti and
Speaker 1: for w BB, I'm in Chicago. I'm reporting that Delta
Speaker 1: Airlines is expected to kick off a big air show
Speaker 1: outside of London with orders for Boeing and Airbus jets,
Speaker 1: but the rivals wrapping up deals worth at least twenty
Speaker 1: one billion. I'm carrying head killed boom Bag d A
Speaker 1: B dishow Ado and onto Moverport. And on the potential
Speaker 1: for London to fake in forty degrees Celsius breaking the
Speaker 1: twenty nineteen record he played at laem and cam o
Speaker 1: X and St. Louis. I'll be reporting on how stranger
Speaker 1: things could dave Hollywood summer. Those are some of the
Speaker 1: stories are Bloomberg journalists analysts to working on this morning.
Speaker 1: It's five thirty nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. Some five miles off the coast
Speaker 1: of war torn Yemen floats a rusting oil tanker named
Speaker 1: the Sofferer. A skeleton crew maintains the ship, which is
Speaker 1: steadily corroding and could break apart at any moment. If
Speaker 1: that happened, it could release more than a million barrels
Speaker 1: of crude oil into the sea. The United Nations has
Speaker 1: a plan to keep that from happening, but it's struggling
Speaker 1: to raise twenty million dollars for the first stage of
Speaker 1: the operation. There's little time to waste the sea in
Speaker 1: the area will grow rougher and even more dangerous in
Speaker 1: a matter of months. In a world awash with looming disasters,
Speaker 1: it's hard to think of one simpler to avert. The
Speaker 1: global community cannot afford to miss this opportunity. This editorial
Speaker 1: was written by the Bloomberg Editorial Board. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com Slash Opinion or O
Speaker 1: P I N go on the Bloomberg terminal trials every weekday.
Speaker 1: At this time, terminal customers can read more at O
Speaker 1: P I n go. Showers and storms today go up
Speaker 1: to the low eighties right now seventies seven degree use
Speaker 1: in Central Park markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, a Bloomberg Business
Speaker 1: at and at Bloomberg Quick Jape, He's a Bloomberg Business
Speaker 1: slash and I'm Karen Moscow. European stocks in US stock
Speaker 1: index futures are rising this morning with the dollar weekends
Speaker 1: as investors scale back best and have aggressively. The Federal
Speaker 1: Reserve a titan policy easing recession fears, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day. On
Speaker 1: Bloomberg s and P futures up thirty seven points and
Speaker 1: down futures of two hundred fifty nine. Nowsday futures have
Speaker 1: one hundred forty two The decks in Germany's have wanted
Speaker 1: a quarter percent ten year treasury down eleven thirty seconds,
Speaker 1: held two point nine five percent. The yield on a
Speaker 1: two year is at three point one four percent. Nine
Speaker 1: x screwt oil of one and three quarters percent of
Speaker 1: a dollar seventy one and ninety nine dollars thirty cents
Speaker 1: of barrel. Go Max schooled that one percent or seventeen
Speaker 1: dollars thirty cents at seventeen twenty ninety announced the euro
Speaker 1: one point on eight against the dollar, British bound one
Speaker 1: point one nine eight one and again one thirty eight
Speaker 1: point one nine and bitcoin this morning is up more
Speaker 1: than six percent at twenty two thousand, two hundred twenty
Speaker 1: five dollars, and again we're watching for earnings today from
Speaker 1: companies including Goldman, Saxon, Bank of America, and as a
Speaker 1: Bloomberg business flash. Now here's John Tucker with more on
Speaker 1: what's going on around the world. John Karen Good more
Speaker 1: in three people killed in them all in Greenwood, Indiana,
Speaker 1: in a shooting that ended when an armed man fatally
Speaker 1: shot the gunman. A new report finds egregiously poor decision
Speaker 1: making on the part of law enforcement responding to the
Speaker 1: mass shooting at the Vivaldi Elementary School in Texas, and
Speaker 1: President Vladimer Zelinski removed his national security head at Ukraine's
Speaker 1: top prosecutor, alleging that some employees collaborated with Russian intelligence.
Speaker 1: Sports Camp Smith wins Golf's British Open. Yankees beat the
Speaker 1: Red Sox thirteen to two, match los to the Cobs
Speaker 1: three to two. The Nationals beat the Braves, the Orioles
Speaker 1: loses to the Rays, and the A's beat the Astros.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take power by more than journalists and
Speaker 1: analysis more than one and twenty countries. I'm John Tucker
Speaker 1: at bass Is Bloomberg. This is the Big Take, the
Speaker 1: best of Bloomberg's in depth original reporting from around the globe.
Speaker 1: This is a really fast moving story, close to the
Speaker 1: outrage among investors. This is so fascinating. The market shutdown
Speaker 1: in a way it's never done before. That's gonna have
Speaker 1: consequences for years to come. The Big Take on Bloomberg Radio.
Speaker 1: It's on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. In our Big Take, this morning
Speaker 1: brings us to look at the next big risk for investors.
Speaker 1: We have predictions from three of the biggest names on
Speaker 1: Wall Street, and Bloomberg Global Finance correspondent Shinali Bassek spoke
Speaker 1: with them all and joins us live with some of
Speaker 1: what she's learned is bringing us this morning on the
Speaker 1: Bloomberg terminal. Shinnally, great to have you back with us
Speaker 1: this morning. Let's start with what you had to say
Speaker 1: with former Goldman sach senior investment strategist Abby Joseph Cohen,
Speaker 1: of course, a very familiar name to Bloomberg listeners now
Speaker 1: with the Columbia Business School. She's got a pretty big
Speaker 1: idea that you fleshed out from her. Yeah, she really does.
Speaker 1: And she was actually the hardest edit for that reason,
Speaker 1: getting all the layers. And she's worried very simply about
Speaker 1: a fading American dream. But there are a lot of
Speaker 1: components that lead to that, and that includes the lack
Speaker 1: of US investment in its own economy. The worry about
Speaker 1: the institutions that protect workers and the economy at large,
Speaker 1: and the idea that immigration is not taking up and
Speaker 1: there are a lot of forces against it. Let's know
Speaker 1: what she had to say. I think that the promise
Speaker 1: of the American dream has to be defined, and that is,
Speaker 1: is every generation doing better than the previous generation? Do
Speaker 1: they have the opportunity to do better than their parents did?
Speaker 1: And what we have seen over the last thirty years
Speaker 1: or so, maybe forty, is that median household income in
Speaker 1: the United States adjusted for inflation, has not risen. But
Speaker 1: that is a problem. I think it creates a sense
Speaker 1: of political discord, It creates a sense of ease among
Speaker 1: people in the United States. Uh. And it is worrisome
Speaker 1: because we have to think about how do we get
Speaker 1: out of this. Well, one way we get out of
Speaker 1: it and is to focus in on the industries that
Speaker 1: we think can create jobs, that can create good paying jobs,
Speaker 1: uh and and to protect our workers in that way.
Speaker 1: So when we think about what she said at large,
Speaker 1: and I want to bring up the immigration point in
Speaker 1: particular because she's worried that we're not going to have
Speaker 1: a workforce that has made for the future to advance
Speaker 1: the American economy forward. She's also worried that the US
Speaker 1: is not investing enough in critical infrastructure, things as simple
Speaker 1: as internet access and communities that could help people get
Speaker 1: off the ground and get the educations they need, and
Speaker 1: the education system at large, which, by the way, is
Speaker 1: a very common theme in this next Big Risk project.
Speaker 1: When we've talked to people in the past, including Eileen Murray,
Speaker 1: the former co cy O Bridge Water, that investment in
Speaker 1: education was one of her biggest worries, along with what
Speaker 1: it meant for the job force. Well, let's turn to
Speaker 1: the next big risk in this project, as we come
Speaker 1: out of this once in a century pandemic. Maybe it's
Speaker 1: not necessarily once in a century, because the next person
Speaker 1: you talked to season even worse pandemic on the horizon.
Speaker 1: So Sam Bankman Freed, the CEO of act X, obviously
Speaker 1: has made a lot of headlines this year for really
Speaker 1: bailing out a lot of the cryptocurrency industry. I mean,
Speaker 1: he is a billionaire in his own right, He's been
Speaker 1: able to navigate the market stress. But when you look
Speaker 1: at how he's spending his own political dollars and charitable dollars,
Speaker 1: what he's doing is putting it towards prevention for the
Speaker 1: next pandemic. He's so worried that we have learned nothing
Speaker 1: when all is said and done, from this current pandemic,
Speaker 1: really from the COVID nineteen pandemic, and he's worried that
Speaker 1: we are going to just put crippling economies into a
Speaker 1: worse spot as well as lose many lives moving forward,
Speaker 1: if we don't do more to prevent the next one.
Speaker 1: Listen to what he had to say. A lot of
Speaker 1: the discourse around you know, COVID and pandemics in general,
Speaker 1: has you know, as you served reference, focused on things
Speaker 1: like masks. By the time that's the debate, we've already
Speaker 1: failed um at the much more important goal, which is
Speaker 1: avoiding ending up there in the first place, by having
Speaker 1: counter measures ready beforehand, by having early detection systems, by
Speaker 1: having good ventilation and buildings. The goals to get to
Speaker 1: a place where outbreaks still become pandemics in the first place,
Speaker 1: and where we don't have to shut down, uh, you know,
Speaker 1: the economy where people don't have to die, where we
Speaker 1: don't have to make trade offs, and hopefully we can
Speaker 1: you know, I think spend you know tens of billions
Speaker 1: of dollars today to save tens of trillions of dollars
Speaker 1: and think about what they have in common. Here. The
Speaker 1: two points that sam Bank and Free and Avages of
Speaker 1: Cohen make is about investing now to prevent that outcomes later.
Speaker 1: For Sam Bank and Free, you know, what he's really
Speaker 1: worried about is that if we just focused on things
Speaker 1: like ventilation and buildings, then we wouldn't have this political
Speaker 1: outcome at the end where people are talking about masks
Speaker 1: and lockdowns. He's saying that the bipartisan effort here is
Speaker 1: really done in the prevention side of things to prevent
Speaker 1: further string not just on the economy later on, but
Speaker 1: also on political systems. And by the way, he does
Speaker 1: talk about this as a global problem and if we
Speaker 1: don't invest in prevention methods, then we really could be
Speaker 1: in the US, for example, subject to a pandemic starting
Speaker 1: elsewhere and traveling across the globe pretty quickly and sort
Speaker 1: of picking up on these ideas of another new pandemic
Speaker 1: and UH lack of infrastructure spending. The next big idea
Speaker 1: here UH focuses on deglobalization. I guess sort of the
Speaker 1: idea that the countries are sort of nationalizing more. This
Speaker 1: is coming from Ken Molis, of course, the f founder
Speaker 1: and CEO of Molus and Company. How's he characterizing the
Speaker 1: risk of the globalization And what's fascinating about Ken Mulis is,
Speaker 1: remember people, many people don't remember this about him. He's
Speaker 1: him and his firm are massive, massive advisors to firms
Speaker 1: around the world, not only in the United States. So
Speaker 1: he's advised companies in Saudi Arabia, in Hong Kong, and
Speaker 1: so he has a really global view of the issue here.
Speaker 1: And he's not the only one to bring that globalization.
Speaker 1: What he is the first one to really do is
Speaker 1: talk about the effects of it and the effects coming
Speaker 1: out of not just the war in Ukraine, but also
Speaker 1: Brexit and also the pandemic. Take a quick listen of
Speaker 1: what he had to say. For a few decades, we
Speaker 1: were able to outsource to the cheapest labor markets. We
Speaker 1: were able to rely on each other for goods that
Speaker 1: that really throughout history, and I do think part of
Speaker 1: this is going back and reading history. Most countries would
Speaker 1: not outsource items that were very important to their well being,
Speaker 1: food being one of them, and I think energy being
Speaker 1: one that's showing up is to be extremely important. What's
Speaker 1: going to happen now is I think each society is
Speaker 1: going to have to think about did I did I
Speaker 1: outsource something that that I'm not comfortable with. He's very
Speaker 1: specific and where he sees issues. He says Germany, for example,
Speaker 1: is an extreme trouble after outsourcing their energy supply to Russia,
Speaker 1: their end market to China, their military to the United States.
Speaker 1: He also talks about other nations across the world, uses
Speaker 1: Sri Lanka as an example. He says, where you're nine
Speaker 1: meals away from having a very unhappy citizenship willing to
Speaker 1: take extraordinary action to keep their families safe. He really
Speaker 1: talks about this in the light of food and energy
Speaker 1: costs around the world, and he says that there's a
Speaker 1: possibility that this leads to revolution and populations that don't
Speaker 1: have control over food and energy. And you know, he says,
Speaker 1: the US is in good shape. We have food resources,
Speaker 1: we have energy resources. But what happens if oil and
Speaker 1: gas gets to two hundred dollars a barrel and food
Speaker 1: supply gets disintermediated. He says that could have catastrophic impacts,
Speaker 1: not just in different countries around the world, but in
Speaker 1: the relationship between the US and other countries UH and
Speaker 1: vice versa. Well, really fascinating and really important to get
Speaker 1: these vague ideas brought together with these three very important
Speaker 1: voices on Wall Street, Bloomberg Shinali Bassk with the Big
Speaker 1: Take this morning, a Goldman legend, crypto star, and top
Speaker 1: banker Warren of the next Big Risk. You can read
Speaker 1: it on NI Big Take Go on the Bloomberg Terminal
Speaker 1: and Bloomberg dot com slash Big Take. Shenally, thanks again
Speaker 1: for bringing this to US. SFP futures right now up
Speaker 1: thirty six points down futures of two hundred fifty four.
Speaker 1: NASTAC futures are higher by one forty points. This is
Speaker 1: Bloomberg