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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today, Karen.

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Speaker 3: The Beijing summit between Presidents Trump and Shijin Ping of

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Speaker 3: China is in the books. The President is on his

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Speaker 3: way back to Washington now after a whirl win thirty

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Speaker 3: six hours that ended with a visit to jong nan Hi,

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Speaker 3: the secretive headquarters of China's Communist Party. The President is

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Speaker 3: touting his trip as a success.

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Speaker 2: This has been an incredible visit.

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Speaker 4: I think a lot of a lot of good has

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Speaker 4: come over and we've made some fantastic trade deals, great

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Speaker 4: for both countries.

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Speaker 3: And President Trump spoke alongside President she inside the heavily

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Speaker 3: guarded compound. Bloomberg's mid Menlow reports the details on some

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Speaker 3: of those deals have been wanting.

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Speaker 5: Boeing a two hundred jet deal that was less than expected.

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Speaker 5: Many people were expecting as much as five hundred. Yet

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Speaker 5: so we saw the stock of Boeing fall on the

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Speaker 5: back of that, but still quite a significant one, just

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Speaker 5: given that it puts an end to a near decade

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Speaker 5: long feeze in orders from China.

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Speaker 6: The last time we saw such.

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Speaker 5: A big deal was when President Trump last visited back

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Speaker 5: in twenty seventeen.

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Speaker 3: Bloomberg's Minmnlow reports to the US and China are also

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Speaker 3: discussing a mechanism to fast track some investment deals, as

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Speaker 3: well as reducing tariffs on non critical goods.

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Speaker 2: Nathan, there is another key pledge coming out of the summit.

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Speaker 2: US Trade Representative Jamison Greer told Bloomberg's and Marie hord

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Speaker 2: Dern about a new agricultural pact with China.

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Speaker 7: We expect to also see an agreement for double digit

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Speaker 7: billion purchases of ags over the next three years per

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Speaker 7: year coming out of this visit. And that's more general.

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Speaker 7: That's aggregate. That's not just soybeans, that's everything else.

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Speaker 2: US Trade rep Jamison Greer told our ane Marie hord

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Speaker 2: Dern that China has kept up on existing soybean pledges

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Speaker 2: and expects them to fulfill further pledges. Greer mentioned in

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Speaker 2: China re up US beef plant export registration as part

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Speaker 2: of that progress, and so iban futures fail, however, and

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Speaker 2: corn futures paired gains, with farmers and traders searching for

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Speaker 2: more concrete details on talks well.

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Speaker 3: Karen, President Trump also says he discussed the war in

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Speaker 3: Iran with President She and he says they both have

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Speaker 3: common goals in trying to end it.

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Speaker 6: We don't want them to have a nuclear weapon.

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Speaker 8: We want the straits open.

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Speaker 6: We're closing it now, and they closed it, and we

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Speaker 6: closed it.

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Speaker 4: On top of them.

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Speaker 8: Well.

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Speaker 3: Earlier, the President told Fox News that she offered to

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Speaker 3: help with negotiations, but China has not confirmed that. President

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Speaker 3: Trump also said the US doesn't need the Strait of

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Speaker 3: Horror moves opened as much as China and Gulf allies do,

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Speaker 3: before saying he wants the straight reopen. President also told

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Speaker 3: Fox the goal of recovering Iran's highly enriched geranium is,

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Speaker 3: in his words, more for public relations. He says the

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Speaker 3: US has round the clock surveillance on the material, which

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Speaker 3: is thought to be buried in Iran's bombed nuclear sides Nathan.

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Speaker 2: As President Trump departs China, another world leader is coming.

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Speaker 2: The South China Morning Post is reporting Russian President Vladimir

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Speaker 2: Putin will visit Beijing next Wednesday. This will be Putin's

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Speaker 2: first trip abroad this year, underscoring the close ties between

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Speaker 2: Beijing and Moscow.

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Speaker 3: Back to the Middle East, Karen. The United Arab Emirate

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Speaker 3: says it's building a new pipeline bypassing the Strait of

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Speaker 3: Hormus and plans to have it in operation by next year.

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Speaker 3: According to a social media post, Abu Dhabi National Ol

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Speaker 3: Company will double its oil export capacity through the port

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Speaker 3: of Fujira once it completes the project, helping meet global demand.

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Speaker 2: Let's head to the UK now, Nathan, where the future

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Speaker 2: of Prime Minister Keir Starmer remains in question. We go

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Speaker 2: to London get the very latest at Bloomberg's. James Wilcock, James,

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Speaker 2: good Morning.

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Speaker 9: Good morning, Karen and Nathan. The starting gun on the

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Speaker 9: race to replace kissed Armer five three times Yesterday six

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Speaker 9: a m. London Time, BANG, Former Deputy Prime Minister Azraina

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Speaker 9: says she is open to standing. One pm BANG Health

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Speaker 9: sexety West Streeting resigns and six pm last night BANG

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Speaker 9: Greater Manchester Mayor Andy Burnham, the most popular labor politician

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Speaker 9: in the country, says he wants to take a job

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Speaker 9: in Parliament, the first step to a formal challenge. All

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Speaker 9: that political volatility has guilts set for their biggest weekly

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Speaker 9: increase since March. In London, James Wilcock Bloomberg Radio.

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Speaker 3: All right, James, thank you. Back here in the US,

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Speaker 3: workers at the nation's biggest commuter railroad are threatening to

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Speaker 3: walk off the job tomorrow. For the latest, Let's bring

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Speaker 3: in Bloomberg's John Tucker in New York, John and Nathan.

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Speaker 10: The contract tosks between New York City's transit system and

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Speaker 10: the Long Island Railroad workers have hit a snag. The

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Speaker 10: union free to strike after today when a cooling off

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Speaker 10: period runs out. Rob Free, as president of the Long

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Speaker 10: Island Railroad.

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Speaker 3: Let's just say, first and foremost, we do not want

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Speaker 3: to strike. That is the last thing we want.

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Speaker 6: We're trying to negotiate in good faith.

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Speaker 10: While both sides agree on a retroactive nine and a

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Speaker 10: half percent pay increase over three years, the impasse is

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Speaker 10: on the wage hikes for this year. Nearly three hundred

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Speaker 10: thousand weekday riders use the leduble R. A strike would

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Speaker 10: force thousands of commuters onto the island's already congested roadways

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Speaker 10: by at least one estimate of the economic impact of

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Speaker 10: suspending service would amount to seventy million dollars per day.

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Speaker 10: The agency has a contingency plan for buses that would

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Speaker 10: just make a dan barely. Commuters are being urged to

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Speaker 10: work from home if there is a walkout in New York.

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Speaker 10: I'm John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you all. President Trump's latest financial

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Speaker 2: disclosures show that he made a slew of stock and

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Speaker 2: bond purchases in the first.

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Speaker 6: Quarter of the year.

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Speaker 2: Do we want to get the very latest of Bloombergy's

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Speaker 2: Alexis christoffers, Alexis, good morning.

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Speaker 11: Good morning, Karen. The president bond as much as five

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Speaker 11: million dollars each in companies including Nvidia, Oracle, Boeing, and Costco.

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Speaker 11: Six of the president's trades involved Intel. His administration hammered

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Speaker 11: out an agreement to take a ten percent stake in

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Speaker 11: the chip maker in August. Trump made investments related to

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Speaker 11: companies including Netflix, Paramount, Skydance, and Warner Brothers, and sold

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Speaker 11: holdings and technology firms Microsoft, Meta Platforms and Amazon. Unlike

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Speaker 11: his predecessors, President Trump didn't divest or move his assets

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Speaker 11: into a blind trust with an independent overseas. His business

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Speaker 11: Empire is managed by two of his sons and operates

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Speaker 11: in several areas that intersect with presidential policy. The White

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Speaker 11: House has said on previous occasions that neither Trump nor

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Speaker 11: his family members are making investment decisions for him. Alexis

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Speaker 11: Christophers Bloomberg Radio.

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Speaker 3: Alexis, thank you. Jay Powell's term as Federal Reserve chairman

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Speaker 3: ends today. He's being replaced by Kevin Walsh. FED Governor

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Speaker 3: Stephen Myron says he'll resign from the Central Bank once

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Speaker 3: worsh Ha is sworn in, and he says Powell could

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Speaker 3: help create a smooth transition.

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Speaker 12: Look, transitions are important, and I think that, you know,

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Speaker 12: it is maybe helpful to have someone there to give advice.

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Speaker 12: Here's how to be an effective chairman. Here's how to

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Speaker 12: lead the committee. You know, here's how the building works.

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Speaker 12: It maybe a little bit different than it was twenty

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Speaker 12: years ago, right. I think that can be helpful. But

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Speaker 12: I still think it's important that it be a transition

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Speaker 12: because you want to have people's loyalties undivided. You want

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Speaker 12: to have there be very clearly one chairman. You want

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Speaker 12: to have a place where there's no question about, no

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Speaker 12: question about who's in charge.

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Speaker 3: FED Governor Stephen Myron made those comments on Bloomberg's Surveillance.

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Speaker 3: Jay Powell says, although his term is ending, his FED

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Speaker 3: chair after eight years, he is staying on the Fed's board.

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Speaker 2: Well, we turn to the markets now, Nathan, where futures

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Speaker 2: are lower following another tech led record close on Wall Street.

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Speaker 2: The now closed above fifty thousand. Well, the SNP five

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Speaker 2: hundred closed above these seventy five hundred level. However, nowsday

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Speaker 2: futures are leading the losses this morning. They are currently

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Speaker 2: down one and a half percent. The global bond sell

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Speaker 2: off is intensifying in the rise in oil prices and

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Speaker 2: signs of rising inflation around the world. The yield on

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Speaker 2: two year treasuries are trading at a fifteen month high.

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Speaker 2: Japan's thirty year yelled rows to four percent for the

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Speaker 2: first time since its debut in nineteen ninety nine.

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Speaker 3: Well, Karen, it was quite the Wall Street debut for

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Speaker 3: Cerebras Systems. The AI chip maker and data center firm

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Speaker 3: swored sixty eight percent, giving it a market value of

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Speaker 3: nearly sixty seven billion dollars. Bailey lip Schultz covers the

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Speaker 3: company for Bloomberg.

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Speaker 6: A lot of.

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Speaker 13: Froth in the market, a lot of exciting around anything AI.

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Speaker 13: You throw out Nvidia competitor and people just get jacked up.

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Speaker 13: It'll be interesting to see where the stock is traded

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Speaker 13: three days, five days after their first earnings, in more importantly,

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Speaker 13: six months from now when insiders are unlocked.

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Speaker 3: Bloomberg's Bailey Lipscholdt says this was the year's biggest initial

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Speaker 3: public offering. Following yesterday's gains three were CEO Andrew Feldman's

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Speaker 3: Steak is now valued at three point two billion dollars Nathan.

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Speaker 2: Bloomberg News has learned Apple's two year old partnership with

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Speaker 2: open Ai has become strained. Sources say the ai startup

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Speaker 2: is not seeing the expected benefits from the d L

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Speaker 2: and is now preparing possible legal action, and Mark German

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Speaker 2: wrote the story for Bloomberg.

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Speaker 14: The reality is that this has been a dud financially.

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Speaker 14: Open Ai believes that the vast majority of people don't

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Speaker 14: want to use the serie.

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Speaker 6: Integration with Apple.

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Speaker 14: They'd rather use the chad gpt app, and they believe

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Speaker 14: that the poor integration of chat gpt into iOS has

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Speaker 14: resulted in open Ay's brand being damaged. So for that reason,

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Speaker 14: they're looking at a slew of different legal options to

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Speaker 14: go after Apple in the near future.

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Speaker 2: And Bloomer's Mark German says open Ai still hopes to

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Speaker 2: reside all of its issues with ample outside of.

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Speaker 3: Court, of course, Karen, one case that did go to

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Speaker 3: trial involving open Ai is nearing a conclusion. Lawyers have

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Speaker 3: made final arguments following out two weeks of testimony in

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Speaker 3: the high stakes showdown between Elon Musk and Sam Altman.

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Speaker 3: Musk claims Altman and open ai president Greg Brockman quote

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Speaker 3: stole a charity by exploiting his early support for an

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Speaker 3: altruistic research project to get rich by turning the company

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Speaker 3: into a profit driven enterprise. Musk is seeking as much

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Speaker 3: as one hundred and thirty four billion dollars in damages

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Speaker 3: to be awarded to open AI's nonprofit arm, as well

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Speaker 3: as an order unwinding open AI's conversion to a for

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Speaker 3: profit in today, it's.

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Speaker 2: Time off for look at some of the their stories

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Speaker 2: making news in New York and around the world, and

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Speaker 2: for that we're joined by A Bloomberg's Michael Barr. Michael,

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Speaker 2: good morning, Good.

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Speaker 8: Morning, Karen. The Centers for Disease Control and Prevention is

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Speaker 8: monitoring forty one people in the US who were exposed

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Speaker 8: to the hantavirus either abort the ship or from contact

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Speaker 8: with one of the passengers after they disembarked. European health

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Speaker 8: officials said the respiratory virus that killed three Hondias passengers

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Speaker 8: is showing no sign of mutating to become more contagious.

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Speaker 8: CDC spokesperson doctor David Fitter says that there are twelve

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Speaker 8: states with people under monitoring for potential Hunter virus infections,

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Speaker 8: including New Jersey.

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Speaker 10: We're working very.

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Speaker 15: Closely with all the state and local health departments to

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Speaker 15: monitor everybody, all the contacts that are coming back again.

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Speaker 15: We would defer to the jurisdictions or the states about

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Speaker 15: announcements that they would make about their residence, but we

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Speaker 15: are tracking everything very closely.

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Speaker 8: The CDC's doctor David Fitter says the outbreak has now

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Speaker 8: been linked to ten cases. The Supreme Court allows abortion

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Speaker 8: pill mif of pristone to continue to be available by

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Speaker 8: mail while the lawsuit unfolds. Drug companies ask the justices

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Speaker 8: for an emergency order to put the lower courts ruling

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Speaker 8: on hold. The abortion pill is the most common method

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Speaker 8: of abortion. People are hopeful about out an experimental drug

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Speaker 8: that has shown promising results to give some pacreatic cancer

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Speaker 8: patients more time. It's not FDA approved, but more doctors

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Speaker 8: around the country can now use the drug to help

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Speaker 8: eligible patients after the FDA granted it expanded access. Doctor

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Speaker 8: Brandon Hufman, a medical oncologist at Dana Farber Cancer Institute,

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Speaker 8: helped carry out the clinical trial. He told ABC the

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Speaker 8: drug could replace chemotherapy as a pancreatic cancer treatment.

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Speaker 4: It's a targeted therapy and the early trial data that

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Speaker 4: were just published in the New England Journal of Medicine

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Speaker 4: showed that it's well tolerated, it's a once a day

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Speaker 4: pill and it really works.

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Speaker 8: Doctor Huffman says the drug helped shrink the cancer, helping

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Speaker 8: the patients live better and longer. Global news twenty four

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Speaker 8: hours a day and whenever you want it with Bloomberg

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Speaker 8: News Now. I'm Michael Barr and this is Bloomberg Carot.

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Speaker 2: Thanks Michael. All time now for our Bloomberg Sports Updated,

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Speaker 2: and for that we bring in John Stashauer.

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Speaker 1: Thanks Ny for the first time since nineteen sixty nine,

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Speaker 1: a seven way time for the lead after the opening

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Speaker 1: round of the PGA Championship in Pennsylvania. The group includes

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Speaker 1: Scotnie Scheffler, the world number one and defending champion. The

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Speaker 1: full NFL schedule is out. The first game is Wednesday,

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Speaker 1: September ninth, and it's a rematch of last year's Super Bowl.

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Speaker 1: It'll be New England at Seattle. Stanley Cup Playoffs. Monk

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Speaker 1: drew on one sixty three at Buffalo, goes home with

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Speaker 1: a three to two series lead. Vegas won five one

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Speaker 1: at Anaheim. The Golden Knights advance. That's a Bloomberg Sports Update.

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Speaker 2: Stay with us. More from Bloomberg day Break coming up

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Speaker 2: after this.

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Speaker 6: Coast to coast.

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Speaker 3: I'm Bloomberg Radio nationwide on Sirius XM and around the

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Speaker 3: world on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 3: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. President

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Speaker 3: Donald Trump is on his way back from what China's

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Speaker 3: calling a historic and landmark visit to Beijing. President says

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Speaker 3: he may a lot of trade deals during his two

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Speaker 3: days visiting Chinese leader Shi Jinping. He says he's looking

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Speaker 3: forward to reciprocating when President she comes to Washington in September.

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Speaker 8: Very impress with.

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Speaker 4: China, and I just want to end by saying thank

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Speaker 4: you very much.

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Speaker 9: It's been really a great a couple.

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Speaker 3: Of days, and that was the President wrapping up his

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Speaker 3: visit in the rarely visited Jiang Non High headquarters of

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Speaker 3: the Chinese Communist Party. Joining us from Beijing is Bloomberg

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Speaker 3: Chief political correspondent an Marie Horden, who's been leading our

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Speaker 3: team coverage of the President's visit to Beijing, and Marie

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Speaker 3: amid Ama all the pomp and circumstance, what of substance

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Speaker 3: came out of the President's two days from where you stand?

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Speaker 6: Good morning, Good morning.

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Speaker 16: It's a great question, because it's been very vague in

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Speaker 16: terms of some of the deliverables that we've received out

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Speaker 16: of this trip between President Trump and Chijiping, the bilateral meetings. Clearly,

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Speaker 16: trade has been one of the biggest wins. I spoke

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Speaker 16: to US trade representative Jameis and Greer earlier this morning

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Speaker 16: in Beijing. He said they expect double digit billion purchase

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Speaker 16: of agriculture over the next three years, So that's soybean's.

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Speaker 6: Plus everything else.

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Speaker 16: The President spoke about Boeings to Fox News, but he

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Speaker 16: said that the deal was going to be for two

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Speaker 16: hundred boeings. Leading up to this trip, everyone thought it

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Speaker 16: was going to be five hundred. So it does feel

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Speaker 16: like potentially that fell short. On top of all of that,

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Speaker 16: we do not have the confirmation on the Chinese side

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Speaker 16: about exactly what was agreed upon in some of these

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Speaker 16: trade deals, so.

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Speaker 6: It's very vague. There's going to be need.

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Speaker 16: For more details farm volumes, energy deals, expanded market access.

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Speaker 6: What exactly was agreed upon.

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Speaker 16: And finally, something that really caught my eye and attention

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Speaker 16: was in this conversation with Ambassador Greer. There's been all

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Speaker 16: this speculation about semiconductors, whether or not chips would back

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Speaker 16: on the table because of the fact that Jensen Wang

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Speaker 16: was a last minute addition as part of the dozens

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Speaker 16: of executives that flanked the President on this trip, and

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Speaker 16: he said that it wasn't a major topic in the

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Speaker 16: bilateral meeting between She jingg and Donald Trump.

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Speaker 6: And he also said.

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Speaker 16: That approval of Nvidia's H two hundred chip purchases will

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Speaker 16: be determined by China, even though the United States has

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Speaker 16: given that green light.

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Speaker 3: Yeah, it was interesting to see Jensen Wong added as

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Speaker 3: a last minute addition to this pretty sizable contingent of

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Speaker 3: business leaders that accompanied President Trump on this trip. Given

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Speaker 3: how many American corporate titans came to the Chinese capital.

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Speaker 3: Do the deliverables from what we understand match the size

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Speaker 3: of the delegation can we tell at this point Emory, Well, no.

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Speaker 16: We don't know that yet, but again it's still early days.

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Speaker 16: Potentially these executives, which did have time a number of

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Speaker 16: them with Chijingpang as well as the Chinese premiere, will

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Speaker 16: see the fruit of this trip later in the year,

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Speaker 16: you know, ones squarely focused on our individuals like Alumina,

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Speaker 16: which is on the entity list META.

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Speaker 6: Of course Dina Powell was here.

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Speaker 16: I think that was fascinating given the fact that at

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Speaker 16: the very end of them having this acquisition two billion

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Speaker 16: dollars of Manus, the AI company in China, did Chinese

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Speaker 16: government ended up blocking it. This came after Manus employees

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Speaker 16: started actually migrating and moving into the META building in Singapore.

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Speaker 16: So potentially these executives are here and able to massage

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Speaker 16: some of the issues they are having in terms of

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Speaker 16: access to China or individuals like Elon Musk, which later

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Speaker 16: on this year we know he's going to want to

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Speaker 16: seek Chinese regulatory approval to have autonomous driving when it

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Speaker 16: comes to Tesla cars. So potentially this is an opening

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Speaker 16: for a lot of these executives. But if you're looking

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Speaker 16: for hard and firm deliverables today as we wrap up

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Speaker 16: this summit, they're not here.

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Speaker 3: We also heard the President tell Fox News that President

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Speaker 3: she offered to help with Iran negotiations. How much of

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Speaker 3: a shadow did the Iran war cast over this trip

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Speaker 3: and do we even have confirmation on the Chinese side

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Speaker 3: that there is going to be that kind of help

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Speaker 3: that the President is suggesting?

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Speaker 16: Well, this is something the White House has really focused

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Speaker 16: on less so on the Chinese side, Trump, you know,

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Speaker 16: suggesting that they really signal their willingness to help diplomatically

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Speaker 16: and said that both sides want the straight up from

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Speaker 16: moves to open. China urged for the waterway to open.

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Speaker 16: These are familiar lines though we've already heard from Beijing. Really,

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Speaker 16: the White House readout focused a lot on Iran, how

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Speaker 16: China wants to see the waterway open, not want wants

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Speaker 16: to demilitarized, and doesn't want to see the regime be

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Speaker 16: willing to charge a toll. But what China is willing

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Speaker 16: to say publicly on Iran has been what they've been

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Speaker 16: willing to say publicly on the Iran for the past

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Speaker 16: weeks as the war has continued.

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Speaker 6: So really that's been more of an.

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Speaker 16: Issue that the United States has been willing to highlight

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Speaker 16: and has wanted to highlight and push out, and not

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Speaker 16: something the Chinese Ministry of Foreign Affairs or Changing Ping's

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Speaker 16: readout and grorgious state media has wanted to push forward.

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Speaker 6: For China.

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Speaker 16: The real issue that they wanted to make a red

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Speaker 16: line during the summit. Even though they try to have

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Speaker 16: stability with the United States in terms of trade, they

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Speaker 16: wanted to make it very clear that their red line

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Speaker 16: is and continues to be Taiwan.

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Speaker 3: Absolutely, with a very early warning from the Chinese leader

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Speaker 3: about the potential for clashes if the US doesn't handle

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Speaker 3: the Taiwan situation the way it would like to see

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Speaker 3: in our last minute or so, Anne Marie, how contentious

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Speaker 3: is that issue still now between the US and China.

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Speaker 3: Given what we've seen from the Chinese readout is praise

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Speaker 3: for this new bilateral relationship that President She's talking about, Well.

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Speaker 16: It definitely remains the top risk between this relationship. And

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Speaker 16: what was so interesting is that the readouts are always

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Speaker 16: going to be different between Beijing and Washington. But the

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Speaker 16: Chinese readout came while the two leaders were still speaking.

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Speaker 16: What I found interesting was my conversation with Ambassador Jamison.

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Speaker 16: And remember he was chief of staff to USTRS Robert

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Speaker 16: Leithheiser in twenty seventeen, so he was on that trip

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Speaker 16: and he was in these meetings, and he didn't think

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Speaker 16: that this time around the Chinese delegation Shijinping were sharper

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Speaker 16: in regards to Taiwan. He says that this was expected,

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Speaker 16: this is always expected when dealing with their Chinese counterparts.

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Speaker 16: And he said that the coverage or the readout of

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Speaker 16: it was sharper than actually what was taken away in

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Speaker 16: the meetings, and the meeting was very candid.

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Speaker 6: So that's one view of what is going on.

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Speaker 16: But it is telling that the president, who loves to

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Speaker 16: talk to the press, was asked about it and ignored

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Speaker 16: that question. Potentially, you know, on his way back to Washington,

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Speaker 16: he will gaggle with reporters and I imagine for the

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Speaker 16: press pool, this is going.

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Speaker 6: To be the top ask.

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Speaker 2: This is Bloomberry Daybreak, your morning podcast on the stories

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