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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: Karen of Volatile week in equity markets comes to an

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Speaker 2: end with futures higher. The week started with a three

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Speaker 2: percent drop for the S and P five hundred. The

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Speaker 2: index then gained in two of its next three sessions,

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Speaker 2: including yesterday's two point three percent advance, its best session

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Speaker 2: since November of twenty twenty two. Lori Calvacina, head of

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Speaker 2: US equity strategy at OURBC Capital Market, says, a lot

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Speaker 2: of negative catalysts converged this week.

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Speaker 3: We were vulnerable for a lot of different reasons. I

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Speaker 3: think that's all come to play this week, and obviously

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Speaker 3: the end carry trade, what happened with the economic data

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Speaker 3: last week, that's all front and center. But we also

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Speaker 3: had stretched sentiment on a variety of indicators that were

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Speaker 3: basically telling me for a while, regardless of what the

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Speaker 3: issue was, we were vulnerable to some downside.

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Speaker 2: RBC's Lori Calvacina attributed yesterday's gains to the labor market.

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Speaker 2: Fewer people applied for unemployment benefits than expected.

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Speaker 4: Well at one point. Nathan interest rates swaps applied a

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Speaker 4: sixty percent chance of an emergency rate cut by the

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Speaker 4: Fed in the coming week, well before it's next scheduled

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Speaker 4: meeting in September. Current pricing suggests about forty basis points

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Speaker 4: of cuts for September, but Richmond FED President Thomas Markin

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Speaker 4: says policymakers will be in a good position to assess

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Speaker 4: the economy over the coming months.

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Speaker 5: I think you've got some time in a healthy economy

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Speaker 5: to figure out whether this is an economy that's gently

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Speaker 5: moving into a normalizing state that will allow you to

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Speaker 5: you know, in a steady, deliberate way normalized rates, you know,

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Speaker 5: and hit the stick the landing. If I could use

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Speaker 5: another balance beam analogy, or you know, is this one

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Speaker 5: where you really do have to lean into it.

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Speaker 4: As for the labor market, Richmond Feds Thomas Markin says

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Speaker 4: he does not see widespread layoffs as imminent.

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Speaker 2: And Karen another FED official signaling he's not ready to

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Speaker 2: cut rates just jet. Kansas City FED president Jeffrey Schmid says, quote,

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Speaker 2: we are not quite there in cooling inflation. Schmid is

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Speaker 2: among the more hawkish FED.

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Speaker 6: Officials well in Asia.

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Speaker 4: Nathan China's consumer prices rose more than expected in July,

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Speaker 4: and that's boosting the case for more central bank support.

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Speaker 4: CPI came in at half percent, beating estimates. Bloomberg. John

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Speaker 4: lew says a lot of that rise came from bad weather.

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Speaker 6: This data characterizes this economy as having as being one

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Speaker 6: with very little demand and one in which a companies

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Speaker 6: business is a very weak pricing power.

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Speaker 4: In Bloomberg, John lou As at China's Politburo has voud

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Speaker 4: to make boosting consumer spending a greater policy focus.

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Speaker 2: All right, let's chick some stocks on the move this morning.

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Speaker 2: Karen Shares of Taiwan's Semiconductor are up more than four percent.

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Speaker 2: Revenue rows forty five percent in July, accelerating its pace

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Speaker 2: of growth from the June quarter. TSMC is also bolstering

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Speaker 2: hopes for sustained strong demand for artificial intelligence chips from

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Speaker 2: the likes of Nvidia. Also keeping an eye on shares

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Speaker 2: of Expedia, there nearly eleven percent. The travel company posted

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Speaker 2: earnings above estimates, and Pidney bows is surging twenty two percent.

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Speaker 2: The shipping firm also topped earnings estimates.

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Speaker 4: Well. Now to the latest on the presidential race Nathan.

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Speaker 4: Former President Donald Trump is looking to reclaim the spotlight

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Speaker 4: after the weave of democratic enthusiasm for a vice president

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Speaker 4: Kamala Harris. In an hour long news conference at ismar

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Speaker 4: a Lago estate in Florida, challenged Harris to three debates

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Speaker 4: next month on Fox, ABC and NBC, and he went

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Speaker 4: after the vice president for not answering reporters questions herself.

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Speaker 7: She hasn't done an interview.

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Speaker 8: She can't do an interview.

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Speaker 9: She's barely competent and she can't do an interview.

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Speaker 7: But I look forward to the debates because.

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Speaker 6: I think we have to set the record straight.

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Speaker 4: Till now, Trump had suggested he didn't see and need

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Speaker 4: to debate Harris because he was ahead in the polls

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Speaker 4: well Karin.

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Speaker 2: The former president also put his record against the Federal Reserve,

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Speaker 2: saying presidents should have some say over monetary policy.

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Speaker 8: In my case, I've made a lot of mine. I

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Speaker 8: was very successful, and.

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Speaker 7: I think I have a better instinct than in many

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Speaker 7: cases people that would be on the Federal Reserve or

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Speaker 7: the chairman.

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Speaker 2: Trump also dismissed the idea there wouldn't be a peaceful

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Speaker 2: transfer of power if he's not elected. He also said

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Speaker 2: he does not think abortion rights will be a big

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Speaker 2: issue in the campaign. As for the debates, Vice President

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Speaker 2: Harris says she looks forward to debating Trump on ABC

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Speaker 2: News September tenth, but she will not appear with him

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Speaker 2: on Fox Before that. She will appear with President Biden

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Speaker 2: next week in their first joint appearance since the President

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Speaker 2: dropped his reelection bid. The White House says Biden and

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Speaker 2: Harris will head to Maryland next Thursday to discuss how

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Speaker 2: they're lowering costs for Americans Well Nathan.

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Speaker 4: Vice President Harris has received some major support from Silicon Valley.

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Speaker 4: Bloomberg's Ed Baxter has that story.

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Speaker 7: A group of about twelve hundred technology workers has pledged

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Speaker 7: to back her ticket Tech for Kamala, in a public letter,

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Speaker 7: calling Harris an archetypical innovator and champion of technology who

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Speaker 7: worked to access STEM education, remote entrepreneurship, and close the

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Speaker 7: digital equity gap. People who signed the letter did so

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Speaker 7: on personal capacities, not representing companies, but they come from

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Speaker 7: companies including Apple, Meta, and Salesforce. It says it wants

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Speaker 7: to mobilize the community of over seven million workers in

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Speaker 7: San Francisco, add Baxter, Bloomberg Radio.

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Speaker 2: Thank you, ed Now to the latest from the Middle East.

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Speaker 2: The US, Katar and Egypt are calling for a new

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Speaker 2: round of ceasefire talks to be held August fifteenth. It

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Speaker 2: would be the latest attempt by the Biden administration to

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Speaker 2: end the war in Gaza as the Middle East braces

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Speaker 2: for an expected Iranian attack on Israel. Bloomberg's Rosalind Mathieson says,

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Speaker 2: negotiations have been in the works for a while.

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Speaker 10: This has been, as you know, these very long running

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Speaker 10: discussions around how to get a ceasefire for Gaza and

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Speaker 10: to stop the war at least for now between Israel

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Speaker 10: and Hamas, and all these efforts to be going on

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Speaker 10: around the clock for months from the US, Katar in

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Speaker 10: Egypt and others to try and get everybody over the line.

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Speaker 10: But the sticking point that really remains is that what

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Speaker 10: is this ceaspar going to be a pathway too.

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Speaker 2: Bloomberg's Ros Matheson says. Israeli Prime Minister Netanyahu's office posted

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Speaker 2: on x that Israel will send a delegation to the

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Speaker 2: planned discussions. There's no immediate comment from Hamas.

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Speaker 4: And it's time now for a look at some of

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Speaker 4: the other stories making news in New York and around

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Speaker 4: the world. And for that we're joined by Bloomberg's John Tucker. John,

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Speaker 4: Good morning, Yeah, Good morning, Karen.

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Speaker 11: Bring an umbrella to work today and hold on tight.

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Speaker 11: The remnants of Debbie will be with us soon. Rob

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Speaker 11: carolind is tracking the storm for us this morning.

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Speaker 7: John.

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Speaker 12: The remnants of Debbie pass well to the west of

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Speaker 12: the Tristate area. That means we miss out on the

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Speaker 12: heavy rain, but we will see some gusty winds. That's

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Speaker 12: why the National Weather Service has the region under a

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Speaker 12: wind advisory from noon today till over eleven pm tonight.

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Speaker 12: Could see some gusts up over thirty five miles nowur

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Speaker 12: in some of the thunderstorms associated with the east side

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Speaker 12: of what was Debbie. There will be some heavy downpours

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Speaker 12: from time to time. John Bloomberg meteorologist Rob Carolyn. Police

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Speaker 12: in Vienna this morning and seeing a third teenager has

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Speaker 12: been arrested in connection with a foiled attack on now

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Speaker 12: canceled Taylor Swift concerts. The eighteen year old was taken

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Speaker 12: into custody and were allegedly being contact with the main suspect.

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Speaker 12: Investigators found bomb making materials at one of the suspects homes.

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Speaker 12: Officials say a.

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Speaker 11: Suspect has confessed to planning to kill as many people

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Speaker 11: as possible outside the concert venue in Vienna. After two

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Speaker 11: lackluster years, Wall Street bonuses they're poised to jump in

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Speaker 11: virtually every sector of the industry. Let's get details from

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Speaker 11: Bloomberg's Charlie Pellett.

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Speaker 6: Debt underwriting is likely to be the biggest winner. According

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Speaker 6: to a report from compensation consultant Johnson Associates, Bankers who

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Speaker 6: help companies sell debt may see payouts well as much

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Speaker 6: as thirty five percent as deals pick up and capital

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Speaker 6: markets rebound from multi year lows. The forecast follows strong

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Speaker 6: second quarter performances from American and European banks after rising

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Speaker 6: stock prices around the world, fuel demands and on trading

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Speaker 6: desks in New York. Charlie Pellett Bloomberg.

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Speaker 11: Radio freed last week in the largest East West prisoner

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Speaker 11: swap since the Cold War. Seventy one year old egg

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Speaker 11: Orloff is speaking out and describing wide scale repression in

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Speaker 11: Russia under Vladimir Putin. He tells the AP people are

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Speaker 11: in prison for merely criticizing authorities, something unseen since the

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Speaker 11: days of Dictator Joseph Stalin Global News twenty four hours

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Speaker 11: a day, whenever you want it with Bloomberg News. Now,

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Speaker 11: I'm John Tucker. This is Bloomberg Nathan and.

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Speaker 4: Karen ll Right, John, thank you time out for the

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Speaker 4: Bloomberg score something but John stash hour, John, Good.

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Speaker 13: Morning, Good morning, Karen. A lot of people calling it

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Speaker 13: the most exciting game in Olympic basketball history, semifinals against Serbia,

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Speaker 13: who the US had blown out twice previously. This time,

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Speaker 13: the US found itself down by seventeen, by thirteen entering

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Speaker 13: in the fourth quarter of a furious rally and a

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Speaker 13: ninety five to ninety one US victory. Plenty of heroes done,

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Speaker 13: more so than Sef Curry, who poured in thirty six points.

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Speaker 13: His coach, both in the NBA and the Olympics is

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Speaker 13: Steve Kerr.

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Speaker 14: It's impossible to rank Steph's performances because there have been

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Speaker 14: so many of them, so many big games.

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Speaker 6: But it's different.

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Speaker 14: Playing for USA Basketball than it is playing for your

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Speaker 14: NBA team. You know, you're literally playing for your country,

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Speaker 14: and so it didn't surprise me at all that Steph

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Speaker 14: had the game that he did.

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Speaker 13: So it's the US against France tomorrow for the gold.

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Speaker 13: As it was three years ago, this time the French

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Speaker 13: will have home court advantage. Noah Lyles did not win

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Speaker 13: the gold medal in the two hundred meters, settled for bronze,

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Speaker 13: and then came a bigger surprise. He has COVID. He's

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Speaker 13: added since Tuesday was allowed to run. The gold won

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Speaker 13: by Letsial Tobogo from Botswana. There were three US gold

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Speaker 13: medals in track and field. Grand Holloway the one hundred

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Speaker 13: and ten meter hurdle. Sidney McLachlin Levarn won her second

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Speaker 13: straight goal in the four hundred meter hurdles. Tara Davis

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Speaker 13: Woodhall the women's long jump. Yankees in the rain in

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Speaker 13: the Bronx lost to the Angels nine to four, LA

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Speaker 13: with a six run fifth INNY, knocking out Nester Cortez,

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Speaker 13: who suffered his tenth loss. Yankees are twenty over five hundred,

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Speaker 13: but at home only thirty and twenty six, still time

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Speaker 13: for first with Baltimore, who lost in Toronto, Me's one

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Speaker 13: nine to one at Colorado pe A Lonzo Homer twice.

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Speaker 13: Mets move ahead of Atlanta in both the NL East

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Speaker 13: and for the third NL wildcard preseason football on a

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Speaker 13: rainy night at Medlife. The Giants got two second quarter

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Speaker 13: touchdowns from Eric Ray. The first one was a forty

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Speaker 13: eight yard run. They beat the Lions fourteen to three.

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Speaker 13: Hall of Fame golfer Chichi Rodriguez has passed away at

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Speaker 13: eighty eight.

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Speaker 6: John stashawerre Bloomberg Sports Down.

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Speaker 13: And Nathan.

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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. I'm

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Speaker 15: Nathan Hager.

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Speaker 2: Former President Donald Trump is looking to reclaim the momentum

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Speaker 2: in the twenty twenty four presidential race.

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Speaker 14: Our country is right now in the most dangerous position

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Speaker 14: it's ever been in, from an economic standpoint, from a

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Speaker 14: safety standpoint.

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Speaker 2: And in an hour long news conference from his mar

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Speaker 2: A Lago resort, the Republican presidential nominee challenged his new

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Speaker 2: Democratic opponent, Vice President Kamala Harris, to three debates next month,

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Speaker 2: after earlier suggesting he didn't see a need for them

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Speaker 2: to do any debates at all. Joining us for more.

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Speaker 2: Jennifer Lawless, professor and chair of the Politics Department at

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Speaker 2: the University of Virginia. Jennifer, good morning. So we've gone

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Speaker 2: from zero to three from the former president when it

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Speaker 2: comes to debates. What do you make of this whipsaw

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Speaker 2: from the former president and his attempt to reclaim the

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Speaker 2: spotlight from mar A Laco, good morning.

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Speaker 9: I think it demonstrates that he feels far more vulnerable

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Speaker 9: now running against Kamalin Harris than he did against Joe Biden.

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Speaker 9: And he also realizes that she's gaining momentum and he

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Speaker 9: can't duck the debates. If he's going to win this race,

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Speaker 9: it has to be a real contest and people have

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Speaker 9: to hear from him going to be an automatic win.

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Speaker 2: We've seen the enthusiasm on the Democratic side, the kinds

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Speaker 2: of rallies that we used to see for former President

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Speaker 2: Trump with Vice President Harris filling stadiums. Now, is this

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Speaker 2: just a sugar rush or is this where the momentum

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Speaker 2: is going.

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Speaker 9: It might have started out as a sugar rush, but

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Speaker 9: it seems like it's now a substantively excited electorate. And

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Speaker 9: the thing that Harris has going for her is she

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Speaker 9: only needs to keep this up for ninety days. This

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Speaker 9: is not a fifteen or sixteen month campaign where she

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Speaker 9: needs to sustain the excitement. So if I were Donald

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Speaker 9: Trump right now, I would also be nervous because the

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Speaker 9: Democrats had been pretty lackluster for several months, and now

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Speaker 9: the excitement is certainly on their side now.

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Speaker 2: The former president did criticize Vice President Harris during that

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Speaker 2: news conference for not doing very many interviews herself, not

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Speaker 2: of hearing at any news conferences since she announced her campaign.

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Speaker 2: Is there a risk there for Vice President Harris to

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Speaker 2: be perceived as ducking the media.

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Speaker 9: I think if she continues this way, there's a risk.

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Speaker 9: But it's only been a couple of weeks, and it's

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Speaker 9: actually only been a couple of days since she received

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Speaker 9: the delegate support that she needed to become the presumptive nominee.

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Speaker 9: So my sense is that over the course of the

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Speaker 9: next ninety days, she will engage with the media, she

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Speaker 9: will do these interviews, but right now she's introducing herself

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Speaker 9: and her running mates to the American people.

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Speaker 2: And Vice President Harris does say that she looks forward

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Speaker 2: to debating former President Trump on the encounter that he

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Speaker 2: did agree to with President Biden on September tenth, but

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Speaker 2: isn't going to appear with him on Fox before that?

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Speaker 2: Should she agree to all three that the former president

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Speaker 2: put out there.

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Speaker 8: Of her to participate in three debates?

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Speaker 9: But I don't think that she has to agree to

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Speaker 9: the three that he put out there.

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Speaker 8: She's running just like he is.

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Speaker 9: She has say an agency over which networks she debates on,

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Speaker 9: what the rules are. And frankly, Fox News has been

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Speaker 9: denying the twenty twenty election.

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Speaker 8: They've been fined for it.

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Speaker 9: I can see why Kamala Harrison Demok in general would

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Speaker 9: be very reluctant to use them as a venue.

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Speaker 2: So do you think that they actually are going to

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Speaker 2: debate if Harris does not agree to the Fox debate,

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Speaker 2: that they will at least have that one encounter or

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Speaker 2: more beyond that.

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Speaker 8: I do.

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Speaker 9: I think that the September tenth ABC debate is now

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Speaker 9: basically said.

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Speaker 8: They've both agreed to those terms.

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Speaker 9: Donald Trump already backed out once and then went against

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Speaker 9: what he said and joined the debate again. If he

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Speaker 9: backs out again, it'll just look too wishy washy. I

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Speaker 9: can't imagine that he's.

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Speaker 8: Going to do that now.

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Speaker 2: We just got word this morning from the White House

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Speaker 2: moments ago, in fact, that President Biden is going to

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Speaker 2: join Vice President Harris on the campaign trail for the

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Speaker 2: first time since he ended his bid last month. What

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Speaker 2: can we expect from the president now to share a

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Speaker 2: stage with his vice president for the first time since

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Speaker 2: she started her campaign now nearly three weeks ago.

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Speaker 9: I think it sends a really important message about democratic unity.

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Speaker 9: It'll also highlight that he has completely supported her in

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Speaker 9: this move. Donald Trump yesterday during the press conference, tried

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Speaker 9: to suggest that Joe Biden was pushed out, that Kamala

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Speaker 9: Harris had something to do about it, that he's very angry,

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Speaker 9: and by appearing on the campaign trail with Harris, Biden

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Speaker 9: is going to put all of those rumors to rest.

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Speaker 2: So in our last minute here, professor, what are you

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Speaker 2: expecting as we get closer to the Democratic Convention and

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Speaker 2: potentially these debates next month.

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Speaker 9: Well, for Donald Trump, the goal is going to be

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Speaker 9: to paint Kamala Harris and Tim Walls as completely out

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Speaker 9: of touch as radical extremists from the liberal left. He

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Speaker 9: tried a lot of that messaging yesterday at the press conference.

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Speaker 9: I think we'll see a major focus on immigration and

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Speaker 9: crime and what the Harris campaign has going to emphasize

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Speaker 9: for the next ninety days for.

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Speaker 8: Freedom and the future.

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Speaker 9: The decision is going to be very, very clear to

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Speaker 9: the American public. It's just going to be about which

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Speaker 9: side is able to mobilize its base more and right

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Speaker 9: now the Democrats look like they have that momentum on

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Speaker 9: their side.

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