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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Nathan.

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Speaker 2: Hager and I'm John Tucker. Here are these stories we're

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Speaker 2: following today.

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Speaker 3: John, what a difference a week makes. Last Monday, you'll

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Speaker 3: recall global markets sold off, unleashed by a small policy

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Speaker 3: shift from the Bank of Japan and resurgent fears of

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Speaker 3: a recession in the US. Well, since then, calm has

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Speaker 3: been restored to markets. Stocks are once again stabilizing this morning.

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Speaker 3: Julian Emmanuel, Senior managing director at Evercore ISI, thinks the

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Speaker 3: worst is behind us.

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Speaker 4: With the VIX in the twenties.

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Speaker 5: Still, you can never be confident of the calm, and

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Speaker 5: we've certainly got some very important inflation numbers, but we

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Speaker 5: do think that the violence of what we've seen indicates that,

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Speaker 5: in all likelihood.

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Speaker 4: The worst of it is over.

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Speaker 3: Never, of course, Julian Emmanuel, the S and P five

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Speaker 3: hundred has closed down for four straight weeks, its longest

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Speaker 3: losing streak in almost a year.

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Speaker 2: Yeah, the big market catalysts this week may come out Wednesday.

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Speaker 2: That's when we get a new reading on inflation. The

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Speaker 2: consumer price index for July expected to have risen two

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Speaker 2: tenths percent. From June for both the headline figure and

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Speaker 2: the so called core gauge that strips out food and energy.

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Speaker 2: Alan Andrew Holland Horst is chief US economist at City.

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Speaker 3: I think it's going to be softer, and that is

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Speaker 3: why the focus has really shifted to the labor market

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Speaker 3: and to growth, and that data is getting more attention.

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Speaker 1: We have zero point one eight percent month on month.

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Speaker 6: I think the number to look for is that is

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Speaker 6: that core CPI number is going to be less than

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Speaker 6: zero point two five percent month on month.

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Speaker 2: Andrew Holland Horst at City Group. According to the Bank,

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Speaker 2: traders are positioning for the S and P five hundred

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Speaker 2: to move one point two percent in either direction when

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Speaker 2: the Consumer Price Index report is released.

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Speaker 7: Well.

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Speaker 3: Meanwhile, John another FED officials cautioning investors not to expect

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Speaker 3: a definite rate. FED Governor Michelle Bowman says she still

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Speaker 3: sees upside risks for inflation and continued strength in the

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Speaker 3: labor market. Money markets have fully priced a rate cut

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Speaker 3: in September and about one hundred basis points of easing

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Speaker 3: for the year.

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Speaker 2: Got to expect more rate cuts overseas. In fact of

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Speaker 2: Bloomberg's survey of forecasters expects the European Central Bank to

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Speaker 2: cut rates six times by the end of the year.

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Speaker 2: The survey sees the benchmark rate hitting two and a

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Speaker 2: quarter percent in December twenty twenty five, following six consecutive

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Speaker 2: quarter point reductions.

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Speaker 3: Let's get to the latest in the presidential race now,

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Speaker 3: John President Biden is giving his fullest explanation yet for

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Speaker 3: why he decided to end his reelection campaign. In an

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Speaker 3: interview on CBS Sunday Morning, the President described the pressure

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Speaker 3: within his own party to step aside.

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Speaker 8: Foth we had showed that it was neck and neck

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Speaker 8: race would have been down on the wire. But what

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Speaker 8: happened was a number of my Democratic colleagues in the

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Speaker 8: House of Senates thought that I was hurt him in

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Speaker 8: the racis.

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Speaker 3: And he named Checked, the former Speaker of the House,

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Speaker 3: as one of the Democrats who applied that pressure.

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Speaker 8: I was concerned if I stayed in the race, that

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Speaker 8: would be the topic you'd be interviewing about. Why did

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Speaker 8: Nancy Pelosi say? Why did so on it? And I

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Speaker 8: thought it would be a real distraction.

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Speaker 3: President Biden said, it's most important that Democrats defeat former

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Speaker 3: President Trump. CBS Sunday Morning can be heard Sunday mornings

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Speaker 3: at ten on Bloomberg Radio in New York, Boston, and Washington,

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Speaker 3: d C.

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Speaker 2: Vince President Kamala Harris has followed up her swing state

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Speaker 2: tour with a fundraiser in San Francisco. That story this

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Speaker 2: morning from Bloomberg's Ed Bangster.

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Speaker 9: Harris returned to her home base, raising more than twelve

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Speaker 9: million dollars on an event attended by top California Democrats.

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Speaker 9: Guests at the event included Tom Steyer, San Francisco Giant

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Speaker 9: CEO Larry Bear, Hollywood mogul Jeffrey Katzenberg, along with former

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Speaker 9: Housepeaker Nancy Pelosi and Governor Gaven Newsom. Her campaign also

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Speaker 9: is reporting she raised three hundred and ten million dollars

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Speaker 9: in July. Now, the New New York Times and Sienna

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Speaker 9: College Pole shows her running six points ahead in Wisconsin, Pennsylvania,

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Speaker 9: and Michigan outside the two point five percent margin of error,

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Speaker 9: and the latest Bloomberg Morning Console poll says even with

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Speaker 9: Donald Trump in the aggregate swing states. Ad Baxter, Bloomberg.

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Speaker 3: Radio, all right and thank you now. Former President Trump's

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Speaker 3: next bid to stall. Vice President Harris's momentum will be

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Speaker 3: on social media. Trump plans to sit for an interview

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Speaker 3: tonight on X with its owner Elon Musk. The billionaire

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Speaker 3: is promising an unscripted conversation with no limits on subject

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Speaker 3: matter bus Musk often butted heads with Trump when he

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Speaker 3: was in the White House, but he did endorse the

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Speaker 3: former president after the attempt on his life last month.

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Speaker 3: Elon Musk's interview with former President Trump on X is

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Speaker 3: set for eight pm Wall Street Time, and you can

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Speaker 3: listen live on Bloomberg.

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Speaker 2: Radio and now see the latest developments in the Middle East.

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Speaker 2: The leaders of France, Germany and Britain have endorsed calls

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Speaker 2: for a ceasefire Gonza, the return of scores of hostages

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Speaker 2: held by Hamas, and the unfettered delivery of humanitarian aid

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Speaker 2: you know. A joint statement released today, they endorsed the latest

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Speaker 2: push by the United States cutter in Egypt to broker

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Speaker 2: in agreement to end the tenth month old Israel Hamas war.

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Speaker 4: Well those hopes fair truth.

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Speaker 3: Follow a weekend bombing at a school in Gaza, Israel

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Speaker 3: says the airstrike, which has drawn international condemnation, targeted approximately

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Speaker 3: two dozen members of Hamas and Islamic Jahad Stuart Livingston

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Speaker 3: Wallace heads up Bloomberg News Middle East coverage.

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Speaker 7: Within Gaza, we have had multiple instances of I suppose

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Speaker 7: civilian areas being hit because as far as Israel was concerned,

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Speaker 7: you know, you had mass fighters or her mass leadership

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Speaker 7: or her mass command centers within those populations. So does

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Speaker 7: it fundamentally change the narrative of what been seeing building

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Speaker 7: up over the last week? Probably not know, Yes, lots

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Speaker 7: of condemnation, but we still appear to be on for

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Speaker 7: ceasefire talks on Thursday.

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Speaker 6: Now.

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Speaker 7: The location of a little bit up in there is

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Speaker 7: probably going to be Doho or Cairo, but nothing confirmed yet.

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Speaker 3: Bloomberg Stewart Livingston Walla says there is still major concern

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Speaker 3: that Iran will retaliate against Israel following the killing of

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Speaker 3: two senior militants last month in Beirut and Tehran.

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Speaker 2: And finally, the Olympics have drawn to a close, but

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Speaker 2: a gold medal to those fortunate enough to win one

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Speaker 2: now worth more than ever they could fetch, about nine

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Speaker 2: hundred dollars each. The medals contain six grams of gold,

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Speaker 2: the price of which soared to a record in mid July.

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Speaker 2: Prices also substantially hired this year for silver, which makes

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Speaker 2: up at least ninety two percent of the weight of

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Speaker 2: gold medals, and that brings us to five seven. The

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Speaker 2: Old Wall Street timed out for a look at some

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Speaker 2: of the other stories making news in New York and

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Speaker 2: around the world. We say good morning to Bloomberg's Michael Barr.

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Speaker 10: Thank you very much, John. Russia is still trying to

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Speaker 10: regain control of several villages. Today mark six days since

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Speaker 10: Ukraine sent a large number of true hoops onto Russian soil.

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Speaker 10: Moscow says about seventy six thousand Russian civilians have now

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Speaker 10: fled and are housed in shelters. Dozens of Russian soldiers surrendering.

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Speaker 10: State TV shows Russia racing to send reinforcements to the region,

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Speaker 10: trying to gain the upper hand. Ukrainian President Lenski, for

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Speaker 10: the first time over the weekend, confirmed his operation. Senate

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Speaker 10: majority leader Chuck Schumer blasted a plan he says came

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Speaker 10: from far right Republicans that would significantly cut the proposed

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Speaker 10: budget of the Centers for Disease Control and Prevention by

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Speaker 10: twenty two percent. Speaking in New York, Schumer warns that

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Speaker 10: these kinds of cuts would ultimately endanger the public.

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Speaker 4: That is outrageous.

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Speaker 10: That is outrageous, twenty two percent cut in the CDC

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Speaker 10: budget at a time of a food safety crisis. Schumer

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Speaker 10: citing the ongoing Lasteria outbreak with the Deli meat that

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Speaker 10: have killed several Americans and sick and dozens of others

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Speaker 10: as one reason why the public needs the CDC. Jury

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Speaker 10: selection is scheduled to begin today in Las Vegas and

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Speaker 10: the murdered trial of a former Clark County Public administrator.

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Speaker 10: Prosecutors alleged Robert tell Us killed Las Vegas Reviewed Journal

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Speaker 10: reporter Jeff Jerman in September of twenty twenty two. The

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Speaker 10: Las Vegas Reviewed Journal's attorneys say they planned to hand

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Speaker 10: over thousands of electronic files belonging to the victim that

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Speaker 10: could delay the start of the trial. Finally, as we've

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Speaker 10: been talking about, the twenty twenty four Summer Games come

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Speaker 10: to a close in Paris, all ready to countdown begins

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Speaker 10: for the games in Los Angeles. Athletes like USA soccer

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Speaker 10: star Sophia Smith tell us twenty twenty eight is.

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Speaker 11: Not that far off.

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Speaker 1: Some of our games here fall like home games, and

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Speaker 1: that's people traveling fans here playing at home is going

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Speaker 1: to just be like insane.

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Speaker 10: Tom Cruise made a Hollywood style entrance at the closing ceremony,

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Speaker 10: repelling down onto the stadium, riding off with the Olympic

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Speaker 10: flag on a motorcycle bound fore La. John Stashower will

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Speaker 10: have more on the games just a moment. Global News

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Speaker 10: twenty four hours a day, whenever you want it with

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Speaker 10: Bloomberg News Now. I'm Michael Barret.

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Speaker 4: This is Bloomberg.

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Speaker 2: John, Michael, thank you. And that brings us to five

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Speaker 2: to ten on twell straight. Yeah, it's a time put

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Speaker 2: the Bloomberg Sports updates. Hem wee SI, Good morning to

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Speaker 2: John Stashower.

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Speaker 4: All right, good morning, John Zucker.

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Speaker 12: Pretty hard to have a worst weekend than what the

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Speaker 12: Mets just had in Seattle. They lost six to not

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Speaker 12: they and then four not they did last night they

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Speaker 12: lost twelve to one. In the series, only seventeen hit

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Speaker 12: struck out twenty eight times. Thirteen of those came last night.

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Speaker 12: The Mariners got two home runs from cal Raley. They

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Speaker 12: sent Louis Seventino to another loss. He's given up fourteen

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Speaker 12: earned runs in his last three starts. Met's still only

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Speaker 12: a half game out for the third National League wildcard spot.

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Speaker 12: That's due to Atlanta losing seven in the last eight.

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Speaker 12: The Brave's in an eight to two eighth inning lead

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Speaker 12: of Colorado and lost nine to eight. Yankees nearly blew

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Speaker 12: a big lead. They were up six to one on Texas.

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Speaker 12: They led eight to three in the eighth inning. They

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Speaker 12: held beat the Rangers eight seven, two home runs for one.

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Speaker 12: Soto his fifth multi home run game. John Carlos Stanton

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Speaker 12: had a three run shot and Aaron Judge he had

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Speaker 12: home run number forty two. The Orioles lost to to

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Speaker 12: one at Tampa Bay Baltimore and the Yanks tied for first.

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Speaker 12: Houston Astros finished a sweep for the Red Sox ten

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Speaker 12: to two. The Olympics did end. They ended with the

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Speaker 12: gold medal game in women's basketball. The US able to

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Speaker 12: win it's eighth gold in a row, literally by inches.

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Speaker 12: France made a shot at the end with a foot

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Speaker 12: on the line, so a two point shot, not a three,

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Speaker 12: and the US one by one.

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Speaker 4: Aga Wilson scored twenty one points.

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Speaker 6: When the buzzer went off and then backboard turned red,

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Speaker 6: I was like, oh my god, it was a two,

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Speaker 6: and then it hit me. I was like, wait, no,

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Speaker 6: we won, and so it was just a surreal moment.

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Speaker 6: But it was just a I love the environment, I

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Speaker 6: love the atmosphere. Piers was great, just having a lot

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Speaker 6: of fun. We went, we battled, we based some adversity,

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Speaker 6: but we came out on top and kept the maintaing.

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Speaker 12: The main thing it was the fortieth gold medal won

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Speaker 12: by the US, which tied them with China. Giants practice

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Speaker 12: rookie Wane Apta Lake Neighbors, the first round pick who's

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Speaker 12: had an impressive training camp, suffered with the Giants a

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Speaker 12: as a minor ankles. Brandon Giants also say Daniel Jones

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Speaker 12: with the starting quarterback of the preseason game Saturday, and

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Speaker 12: Houston hasn't played since the ACL last season.

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Speaker 4: John Stashet were Bloomberg Sports johonn Nathan.

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Speaker 11: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 11: and around the world on Bloomberg dot Com and the

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Speaker 11: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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Speaker 11: Nathan Hager.

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Speaker 3: Less than three months until the November election, President Biden

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Speaker 3: is offering his most detailed explanation yet for why he

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Speaker 3: decided to drop out of the race three weeks ago.

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Speaker 3: He did it in an interview on CBS Sunday morning.

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Speaker 7: When I ran the.

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Speaker 8: First time, I thought of myself as being a transition president.

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Speaker 8: I can't even say how old I am. It's hard

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Speaker 8: for me to get out of my mouth. And but

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Speaker 8: things got moving so quickly. It didn't happen.

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Speaker 3: But now, after hearing from down ballot Democrats that he

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Speaker 3: could hurt their chances in November, President Biden says he

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Speaker 3: did not want to be seen as a distraction. Joining

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Speaker 3: us for more on where the race stands now is

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Speaker 3: Bloomberg News Senior editor Bill Ferries, Bill, Good morning. Do

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Speaker 3: you get the sense from that interview with President Biden

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Speaker 3: that it was a mutual decision between him and congressional

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Speaker 3: Democrats to step aside, or that the President still holds

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Speaker 3: out the idea that he could have won if he

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Speaker 3: had stayed in.

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Speaker 13: Well, he went on in that interview to say that,

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Speaker 13: you know, the polls showed it was going to be

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Speaker 13: neck and neck right down to the wire at the end.

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Speaker 13: I think, you know, people looking back at that would say,

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Speaker 13: you know, the polls, the momentum seem to certainly be

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Speaker 13: with Donald Trump, And we know now that a lot

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Speaker 13: of the money, a lot of the donations that are

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Speaker 13: so key to running the campaign had really dropped off,

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Speaker 13: and you've seen that rebound really quickly with Kamala Harris's candidacy.

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Speaker 13: But yeah, it does sound like the you know, the

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Speaker 13: president trying to you know, find a way to explain

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Speaker 13: what happened without kind of admitting to a lot of

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Speaker 13: the pressure that came down on him in those waning days.

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Speaker 3: Now to that point, Bill, we're certainly seeing the evidence

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Speaker 3: of the momentum shift since Harris took the baton with

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Speaker 3: this latest fundraiser in her home turf of San Francisco,

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Speaker 3: and a new New York Times Santa College poll that

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Speaker 3: shows a bump for her in some key swing states.

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Speaker 13: Yeah, Kamala Harris holding a four point lead over Donald

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Speaker 13: Trump outside the margin vera in three of those key

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Speaker 13: swing states. And then going back to her you know

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Speaker 13: where she started in politics in San Francisco, picking up

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Speaker 13: a cool twelve million dollars at one event with you know,

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Speaker 13: investor Tom Steyer, the CEO of the San Francisco Giants,

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Speaker 13: Larry Bear, Jeffrey Katzenberg, Governor Newsom a real kind of

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Speaker 13: outpouring of support for her there, and so just kind

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Speaker 13: of keying that money train rolling that we've seen since

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Speaker 13: she got into the race on July twenty first.

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Speaker 3: Now we are expecting President Biden and Vice President Harris

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Speaker 3: to appear together for the first time since he bowed

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Speaker 3: out and she came in. How important is it for

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Speaker 3: the president to get back on the trail with Vice

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Speaker 3: President Harris and sort of flesh out her economic message

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Speaker 3: this week?

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Speaker 13: I mean, I think there's certainly symbolic importance of having

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Speaker 13: them out there to show that he is really with her.

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Speaker 13: It will be interesting to see how much he is

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Speaker 13: really out there on the campaign trail in the weeks

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Speaker 13: and months ahead, whether that's something that really helps Harris

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Speaker 13: or you know, and where he is deployed. Is he

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Speaker 13: deployed to battleground states or is he deployed to more

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Speaker 13: safe havens for the Democrats. So that's something I think

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Speaker 13: we're going to watch. But it is certainly symbolically important

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Speaker 13: to have them together at a campaign event and kind

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Speaker 13: of put to put to bed some of the some

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Speaker 13: of the you know, I think maybe some of the

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Speaker 13: talk on the fringe about how how this was kind

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Speaker 13: of the Democrats ousted him, and that as Donald Trump

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Speaker 13: has repeatedly tried to say that, you know, Biden wants

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Speaker 13: back in. I think we're gonna see that put to rest.

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Speaker 13: But it will be. It will be an interesting moment,

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Speaker 13: and we'll be watching to see how often they appear together.

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Speaker 3: How interesting a moment do you think it's going to

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Speaker 3: be tonight when former President Trump is expected to sit

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Speaker 3: down with Elon Musk on X this evening.

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Speaker 13: Get your popcorn out. It's gonna be. It could be

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Speaker 13: a free for all. We have no idea what kind

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Speaker 13: of tangents that direct that that interview, as they're calling

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Speaker 13: it will go. And you know, when Ron DeSantis announced

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Speaker 13: his candidacy on X, there were it was plagued by

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Speaker 13: a lot of technical issues. So Elon Musk has been

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Speaker 13: out there saying that they're testing the cypism to make

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Speaker 13: sure nothing nothing like that happens.

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Speaker 4: Again.

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Speaker 13: If you go to Elon's tweet about this whole thing happening,

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Speaker 13: a lot of his kind of the hardcore supporters are

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Speaker 13: asking questions about you know, they want to see questions

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Speaker 13: asked about a lot of conspiracy theories. So I don't

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Speaker 13: know where this is going to go, but certainly it's

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Speaker 13: going to be an interesting moment.

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