Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 3: Karen, we begin with the latest legal and political development
Speaker 3: for Donald Trump. The former president turned himself in last
Speaker 3: night in Atlanta. He was booked on state charges that
Speaker 3: he conspired to overturn George's twenty twenty election, But unlike
Speaker 3: appearances for his other three indictments, this time the former
Speaker 3: president was given an inmate number and a mug shot.
Speaker 3: He addressed reporters after his twenty minute stay in the jail, So,
Speaker 3: what has.
Speaker 4: Taken place here is a travesty of justice.
Speaker 5: We did nothing wrong.
Speaker 6: I did nothing wrong, and everybody knows that I've never
Speaker 6: had such support.
Speaker 7: And that goes with the other ones too.
Speaker 4: What they're doing is election interference. They tried to interfere
Speaker 4: with an election.
Speaker 3: And Bloomberg's Joe Matthew says, this is a moment we
Speaker 3: haven't seen before, even for the former president. This is
Speaker 3: absolutely remarkable and we have to remind ourselves of how
Speaker 3: unique this moment is. We're growing used to this on
Speaker 3: the fourth indictment, but this has never happened before, and
Speaker 3: we are seeing the reaction that you might expect from Republicans. Look,
Speaker 3: we had a lot of Republican candidates defending him even
Speaker 3: though he didn't show up for the debate. In Bloomberg's
Speaker 3: Joe Matthew reports, former President Trump is using this moment
Speaker 3: to re emerge on x the site formerly known as Twitter.
Speaker 3: Trump posted his mugshot on his real Donald Trump account
Speaker 3: along with a link to his campaign website.
Speaker 2: Well, Nathan, we continue to follow the latest political developments
Speaker 2: out of Russia. After the death of Wagner, founder of
Speaker 2: Guiney Progoshin. Early assessments out of the US indicate the
Speaker 2: military leader was likely assassinated, and we get the details
Speaker 2: from Bloomberg's Ed Baxter.
Speaker 5: The Pentagon says that assessment has Progotion on board and killed.
Speaker 5: Brigadier General pat Ryder says it does not appear to
Speaker 5: be a surface to air missile that took it down.
Speaker 5: He says it definitely will change Wagner moving forward.
Speaker 6: For all intents and purposes, they have their combat effectiveness
Speaker 6: has been diminished and they are no longer a significant
Speaker 6: factor when it comes to the conflict inside Ukraine.
Speaker 5: Now, uk is also working on the assumption that it
Speaker 5: was brought down deliberately. Russian President of Vladimir Putin has
Speaker 5: expressed his condolences. I'm at Baxter Bloomberg daybreak.
Speaker 3: Okay, ed, thanks, Let's stat turn to the markets now.
Speaker 3: Futures are a little bit higher as we prepare to
Speaker 3: close out the week. Yesterday's Nvidia earnings a fuel to rally,
Speaker 3: petered out as the Nasdaq ended the day down nearly
Speaker 3: two percent. Bank of America says more trouble may be
Speaker 3: ahead for the tech sector. Strategist Michael Hartnett says high
Speaker 3: interest rates will eventually eat into the rally. He predicts
Speaker 3: a four percent drop for the S and P five
Speaker 3: hundred from its current level, but he also says today's
Speaker 3: remarks in Jackson Hole could flip that script for September.
Speaker 2: Well, Nathan, Jackson Hole is the big event for markets today.
Speaker 2: We're all waiting for that highly anticipated speech from Feeder
Speaker 2: Reserve chair j Powell. Bloomberg's Tom Keen is at the
Speaker 2: event in Wyoming and leads our team coverage.
Speaker 8: Not the first time, but I would say, and an
Speaker 8: un usual Friday in Wyoming at Jackson Hole. First, Jerome
Speaker 8: Powell speaking on America pretty relaxed, I would say, We've
Speaker 8: seen him a lot here On Thursday, a more relaxed
Speaker 8: Jerome Powell, a less relaxed Christine Leguard. In the afternoon,
Speaker 8: the President of the European Central Bank will speak about
Speaker 8: a troubled Europe. Huge anticipation for the Leguard speech, the
Speaker 8: choices she has forward with the September meeting and beyond,
Speaker 8: about a Europe in transformation, a Europe in war. I'm
Speaker 8: Tom Keen in Jackson Hall, Wyoming, Bloomberg Daybreak.
Speaker 3: All right, Tom, thank you. Tune in for Tom, John
Speaker 3: and Lisa with complete and comprehensive coverage from Jackson Hole
Speaker 3: on a special four hour edition of Bloomberg Surveillance. It
Speaker 3: all starts today at eight am Eastern, and later this afternoon,
Speaker 3: Tom will sit down for an exclusive interview with the
Speaker 3: ECB President, Christine Laguard. You can catch that conversation at
Speaker 3: the close of US markets at four PM Wall Street Time.
Speaker 2: Well, Nathan, ahead of Powell's speech, You've been hearing rate
Speaker 2: calls from both current and former Fed officials. Philadelphia Fed
Speaker 2: President Patrick Harker and Boston Fed chief Susan Collins say
Speaker 2: the Central Bank is nearing the end of its hiking cycle,
Speaker 2: but former Saint Louis FED president Jim Bullard tells us
Speaker 2: that markets may have to wait for a signal that
Speaker 2: interest rates are coming down thanks to strengthen the US economy.
Speaker 9: Reacceleration could put upward pressure on inflation, stem the disinflation
Speaker 9: that we're seeing, and instead delay plans for the FED
Speaker 9: to change policy.
Speaker 2: And Jim Bullard, formerly with the Saint Louis FED, is
Speaker 2: now dean of Purdue University's Business School.
Speaker 3: Well, there's plenty of other global economic news this morning, Karen,
Speaker 3: let's talk China. The government there has unveiled a further
Speaker 3: easing of its mortgage policies intended to halt a slump
Speaker 3: in the residential property market and revive growth in the
Speaker 3: world's second largest economy.
Speaker 2: Nathan In Europe, Germany's economy exited recession by the slimmest
Speaker 2: margin in the second quarter, but it's sluggish performance continues
Speaker 2: to drag down growth across the whole Eurozone. German GDP
Speaker 2: for the second quarter came in unchanged this morning.
Speaker 3: And in corporate news, Karen td Bank says it's cooperating
Speaker 3: with a Justice Department probe bor on that from Bloomberg's
Speaker 3: Doug Prisoner.
Speaker 10: The inquiries are related to TD's compliance with rules aimed
Speaker 10: at fighting money laundering, and the US Department of Justice
Speaker 10: is among those making requests. TD said its cooperating with
Speaker 10: authorities and is pursuing efforts to enhance its Bank Secrecy
Speaker 10: Act Anti money Laundering compliance program. TD is Canada's second
Speaker 10: largest bank. It made the disclosure in its third quarter
Speaker 10: financial results on Thursday. TD also said it may face
Speaker 10: penalties as a result of the probe. In New York,
Speaker 10: I'm Doug Prisner, Bloomberg Daybreak.
Speaker 3: All right, Doug, Thanks, This is Bloomberg.
Speaker 2: Thanks Nathan five seven on Wall Street Time for a
Speaker 2: look now at some of their stories making news around
Speaker 2: the world. For that were joined by Bloomberg's Amy Morris, Amy,
Speaker 2: good morning.
Speaker 11: Good morning, Karen. Getting some pre poll numbers after Wednesday
Speaker 11: night's Republican presidential primary debate. On big finding in the
Speaker 11: New Washington Post five thirty eight if So survey is
Speaker 11: that former President Donald Trump, who skipped that debate, has
Speaker 11: lost just a bit of support, and it shows some
Speaker 11: big surprises for some of his rivals, including Florida Governor
Speaker 11: Ronda Santis. Now Republican primary voters thought it was Rond
Speaker 11: de Santis who had the best debate performance on Wednesday night,
Speaker 11: but the survey of Republican voters also found Nikki Hayley
Speaker 11: gained the most potential supporters, going from thirty percent saying
Speaker 11: they might support her to forty seven percent, and businessman
Speaker 11: Vivek Ramaswami boosted his favorability rating by about ten points
Speaker 11: that brought him up to sixty percent, but his unfavorability
Speaker 11: also jumped by nineteen points up to thirty two percent.
Speaker 11: Ukrainian pilots will soon be training in the US on
Speaker 11: F sixteen fighter jets. Bloomberg's Nancy Lyons has an update.
Speaker 12: Ukraine has long requested access to F sixteen, saying they
Speaker 12: could make a real difference in the war against the Russians.
Speaker 12: Pentagon spokesman Brigadier General Pat Ryder says the training could
Speaker 12: begin very soon once pilots receive English language classes.
Speaker 6: The training provided by the United States will complement the
Speaker 6: F sixteen pilot and maintenance training that's already underway in
Speaker 6: Europe and further deepens our support for the F sixteen
Speaker 6: training coalition led by Denmark and the Netherlands.
Speaker 12: Well, the training may happen soon, it's expected to take
Speaker 12: months before the jets actually make it into battle. In Washington,
Speaker 12: Nancy Lyons Bloomberg Daybreak.
Speaker 11: Turning to Chicago, which is blaming automakers as thieves are
Speaker 11: live streaming thefts on TikTok. That story now from Bloomberg's
Speaker 11: Charlie Pellett.
Speaker 7: The city has filed US civil suit against Kia and
Speaker 7: Hyundai Motor for failing to include engine immobilizers in various models,
Speaker 7: causing quota steep rise in vehicle thefts, reckless driving, property damage,
Speaker 7: and a wide array of related violent crimes in Chicago.
Speaker 7: Thefts of Kia and Hyundai cars have surged across the
Speaker 7: country after social media users expose security flaws, sparking what
Speaker 7: has been termed the Kia Challenge, where people live stream
Speaker 7: their larceny in New York. Charlie Pellett Bloomberg Daybreak.
Speaker 11: Global News twenty four hours a day, powered by more
Speaker 11: than twenty seven hundred journalists and analysts and more than
Speaker 11: one hundred twenty countries. I'm Amy Morris, and this is Bloomberg.
Speaker 2: Karen all right, Amy, thank you, And it's currently five
Speaker 2: h nine on Wall Street. Time now for the Bloomberg
Speaker 2: Spores update, and here's Dan Schwartzman.
Speaker 1: Dan, Good morning, Good morning, Karen.
Speaker 13: Starting out in Major League Baseball, the Nationals beat the
Speaker 13: Yankees in the rubber game of their three game set,
Speaker 13: six to five. In the Bronx, there's a Red Sox
Speaker 13: dominating the Astros seventeen to one, as Boston set season
Speaker 13: his and runs and hits with twenty four I Meanwhile,
Speaker 13: the a is getting past the White Sox eight to five,
Speaker 13: Orioles knocking off the Blue Jays five to three, while
Speaker 13: the Twins beat the Rangers in a battle of division leaders.
Speaker 10: A drop don't need to lug at it agall when
Speaker 10: he hit the ball into the second.
Speaker 2: Down, which.
Speaker 13: That's courtesy of Valley Sports North Minnesota, outlasting the Rangers
Speaker 13: seven to five to open up a six game lead.
Speaker 13: In the AL Central Angels two way Star Showyo Tommy
Speaker 13: will continue to hit the rest of the year despite
Speaker 13: tearing a ligment in his right elbow that may require
Speaker 13: Tommy John surgery. The front runner for al MVP, will
Speaker 13: not take the mound the rest of the season. The
Speaker 13: twenty nine year old, who will be a free agent
Speaker 13: this offseason, leaves the majors in home runs with forty four,
Speaker 13: while also winning ten games on the mound. One time
Speaker 13: Washington Nationals A Stephen Trosburg has announced his retirement. The
Speaker 13: first overall pick of the two thousand and nine draft,
Speaker 13: signed a seven year, two hundred and forty five million
Speaker 13: dollar contract in December of twenty nineteen, has thrown just
Speaker 13: five hundred and twenty eight pitches since then. The final
Speaker 13: week of the NFL preseason schedule getting underway, with the
Speaker 13: Steelers finishing three to zero after shutting out the Falcons
Speaker 13: twenty four to nothing. In the other game, it was
Speaker 13: a Colts beating Eagles twenty seven oh thirteen. As Indigos
Speaker 13: two have won this preseason. That's your Bloomberg Sports update
Speaker 13: on Dan Schwartzman.
Speaker 4: From coast to coast, from New York to San Francisco,
Speaker 4: Boston to Washington, DC, nationwide on Syrias Exam the Bloomberg
Speaker 4: Business Appen Bloomberg dot Com.
Speaker 3: This is Bloomberg Day Break. Good morning, I'm Nathan Hager.
Speaker 3: It is another remarkable moment in the president shattering political
Speaker 3: career of Donald Trump. The former president has turned himself
Speaker 3: in for the fourth time on criminal charges, this time
Speaker 3: in Fulton County, Georgia, over the effort to overturn the
Speaker 3: twenty twenty election there. But this time Trump's been given
Speaker 3: an inmate number and a mug shot, something we have
Speaker 3: never seen before. And for more on this, we're joined
Speaker 3: by Bloomberg Senior editor Bill Ferries. Bill, good morning. We
Speaker 3: have gotten used to saying that former President Trump breaks norms,
Speaker 3: but you really do have to step back and take
Speaker 3: note of just how norm breaking this is.
Speaker 14: Right, We've never seen anything like this. The President had
Speaker 14: a very brief appearance that this jail in Fulton County, Georgia,
Speaker 14: you know, went in, had the photo taken, left and
Speaker 14: made some remarks at the airport, and flew back to
Speaker 14: his resort in New Jersey. But this is one of
Speaker 14: those things that you have to wonder whether it's going
Speaker 14: to linger in the collective memory, and when we see
Speaker 14: the primaries unfolding, it'll be something that voters will likely
Speaker 14: have in their mind when they go in to decide
Speaker 14: who the Republican challenger to President Joe Biden should be.
Speaker 3: Well, in some ways, it seems as though the former
Speaker 3: president wants this moment to linger in the public memory.
Speaker 3: I mean, it's amazing that he's been off Twitter I
Speaker 3: guess we call it X now for more than a
Speaker 3: year now, and he uses this moment to get back
Speaker 3: on X and post his mugshot.
Speaker 14: Right, you know, so far he really has been made
Speaker 14: of teflon when it comes to these cases against him.
Speaker 14: I think this is the fourth time he's face charges
Speaker 14: and had to go into a courthouse for this kind
Speaker 14: of a thing, and so far it has not dented
Speaker 14: his approval rating within the party really at all. His
Speaker 14: core base of supporters is still there. We saw earlier
Speaker 14: this week he was able to skip the Republican primary
Speaker 14: debate and really not suffer any consequence for it. He
Speaker 14: is he is leading the field by as much as
Speaker 14: forty points in some of these polls, So until there's
Speaker 14: another dynamic in this race, or until one of the
Speaker 14: other candidates is able to show more traction, he is
Speaker 14: able to use these events as basically fundraising opportunities. And
Speaker 14: we know from the campaign filings now that many of
Speaker 14: the funds that he's raising, many of the dollars he's
Speaker 14: raising are actually going to pay the legal team to
Speaker 14: help keep fighting these charges.
Speaker 3: Now, I understand most of this funding as well as
Speaker 3: coming from small dollar donors. You mentioned the fact that
Speaker 3: he hasn't seen much erosion of support from the base.
Speaker 3: What about the more established wings of the Republican Party.
Speaker 3: I mean, even on the debate stage, the candidates were
Speaker 3: asked whether they would support Trump even if he were
Speaker 3: convicted of a crime, and most of them raised their hands.
Speaker 14: Right, You have seen some of really the larger donors
Speaker 14: still kind of holding off, and some who had gone
Speaker 14: in early to support candidates like Florida Governor Ron DeSantis,
Speaker 14: started to withhold their support once they saw DeSantis kind
Speaker 14: of eroding in the polls. And that's really been kind
Speaker 14: of the story of this year. As Donald Trump faces
Speaker 14: increasingly risky legal cases against him, his support has been
Speaker 14: steady or climbed. And while you know, the people who
Speaker 14: have come closest to being the successor to the throne,
Speaker 14: the heir to Trump, the people who are really going
Speaker 14: after that hardcore of MAGA voters, they have largely either
Speaker 14: stayed flat or seen their support decline. So it's been
Speaker 14: an interesting dynamic and a very tough one for those
Speaker 14: who see themselves as President Trump's successor.
Speaker 3: Does it become more difficult for the former president to
Speaker 3: maintain that support. When we do expect that he's going
Speaker 3: to start seeing more and more court appearances alongside the
Speaker 3: campaign calendar. For him, he's going to be juggling a
Speaker 3: lot of different scheduling conflicts. Just to put it in
Speaker 3: really mild terms there.
Speaker 14: Yeah, right now, really he doesn't have to do much campaigning.
Speaker 14: He's the leader in the Republican race. But as you mentioned,
Speaker 14: some of these cases they've been building up all year.
Speaker 14: The court appearances are going to start increasing when we
Speaker 14: get into twenty twenty four. He has a hearing in
Speaker 14: a New York case at the end of March, just
Speaker 14: I think a couple of weeks after the Super Tuesday primary.
Speaker 14: He may even have more cases later this year. That's
Speaker 14: going to start to become a very difficult dynamic. I
Speaker 14: think for the president to manage. He will have to
Speaker 14: be out on the road campaigning, and he's going to
Speaker 14: have to be cutting some of those travels short to
Speaker 14: get back to appear in a courtroom. How that plays
Speaker 14: with the Republican base is really anybody's guests. They've stuck
Speaker 14: stuck with them so far, but it could be kind
Speaker 14: of a strange split screen moment that again we've never
Speaker 14: seen in modern US politics where you know, he's leaving
Speaker 14: the campaign trail to stand in a courtroom and deal
Speaker 14: with some of these cases. That's, you know, we we
Speaker 14: don't know how that will play out and whether also
Speaker 14: some of the other candidates in this race find a
Speaker 14: way to break through and build a little bit more support.
Speaker 1: This is Bloomberg day Break Today, your morning brief on
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