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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.

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Speaker 3: Karen, we begin this morning in China, where President Shi

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Speaker 3: Jinping is asserting his country's power and growing influence with

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Speaker 3: a once a decade military parade. The event marks the

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Speaker 3: first public appearance among She, Russian President Vladimir Putin, and

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Speaker 3: North Koreas Kim Jong un. Speaking through an interpreter, President

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Speaker 3: she said China aims to stand self reliant, that his

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Speaker 3: country remains unshaken by threats.

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Speaker 4: The Chinese nation is the great nation that is never

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Speaker 4: intimidated by any bullies, sang, and always values any parents

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Speaker 4: ahead in a past'm faced with critical struggles, pitching bud

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Speaker 4: and evil, light and darkness, progress and reaction to Chinese

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Speaker 4: people together to defy the enemy.

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Speaker 3: Chinese President Shi Jinping spoke through an interpreter thereafter. Russia's

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Speaker 3: energy giant gaz Prom said it signed a legally binding

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Speaker 3: agreement to build a major gas pipeline to China through Mongolia.

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Speaker 2: On social media, Nathan, President Trump is responding to China's

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Speaker 2: military demonstration, writing quote, please give my warmest regards to

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Speaker 2: Vladimir Putin and Kim Jong Un, as you conspire against

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Speaker 2: the United States of America. The President did not elaborate

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Speaker 2: on his accusation. President Trump recently told her reporters in

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Speaker 2: the Oval Office that the parade did not pose a

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Speaker 2: threat to the US power and publicly expressed confidence China

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Speaker 2: would not aim its military at the US. But Bloomberg

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Speaker 2: Stephen Engel is in Beijing and says the message from

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Speaker 2: China is clear.

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Speaker 5: This is the eightieth anniversary of the victory of World

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Speaker 5: War Two that China really wants to tell the West

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Speaker 5: that yes, China contributed to that victory over the Japanese

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Speaker 5: as well as the Nazis in Europe to probably a

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Speaker 5: lesser extent. But again, it's also a great chance for

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Speaker 5: China to roll out its latest modern weaponry.

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Speaker 2: Bloomberg Stephen Engel is reporting from Tiannemun Square, where the

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Speaker 2: parade took place.

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Speaker 3: Well back here in the US, Karen, the focus is

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Speaker 3: on tariffs. President Trump says he's going to ask the

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Speaker 3: Supreme Court for an expedited ruling to overturn a federal

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Speaker 3: court decision that many of his tariffs were illegally imposed.

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Speaker 3: President says it's essential to keep his trade policy in tact,

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Speaker 3: saying it would be a devastation for our country. In

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Speaker 3: his words, if the appeals court rulings left in place.

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Speaker 3: The US Court of Appeals for the Federal Circuit ruled

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Speaker 3: President Trump wrongfully invoked an emergency law for the tariffs

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Speaker 3: he imposed on imports from dozens of trading partners.

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Speaker 2: Let's turn to the FED now, Nathan and Treasury Secretary

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Speaker 2: Scot Besson is planning to interview candidates this Friday to

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Speaker 2: replace j. Powell as Federal Reserve chair The Wall Street Journal,

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Speaker 2: says Bess, and we'll talk to candidates either in person

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Speaker 2: or by video conference, with eleven people in the running.

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Speaker 1: For the role.

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Speaker 2: Robert Kaplan, vice chairman at Goldman Sachs and former Dallas

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Speaker 2: FED president, says it's to be expected.

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Speaker 6: Jay Pal's term as chairman ends in May, and so

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Speaker 6: it makes sense that they should start the interview process.

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Speaker 6: I think the main thing for the leader, the next

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Speaker 6: leader of the Fed has to be somebody who has

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Speaker 6: strong grounding and economics and can make independent judgments about

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Speaker 6: the economy.

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Speaker 2: Robert Kaplan was speaking exclusively to Bloomberg from the Goldman

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Speaker 2: sax Asia Leaders Conference in Hong Kong, and we.

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Speaker 3: Have an update Karen on President Trump's moved to oust

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Speaker 3: FED Governor Lisa Cook. Her lawyer says the President's actions

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Speaker 3: are based on nothing more than cut and paced allegations

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Speaker 3: of mortgage fraud in social media posts. The lawyer argues

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Speaker 3: the president lacks valid grounds to fire Cook for cause

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Speaker 3: that she did not commit fraud. Cook's lawyers are seeking

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Speaker 3: a temporary ruling to preserve the status quo and allow

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Speaker 3: her to continue performing her.

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Speaker 7: Duties while the legal fight goes forward.

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Speaker 2: Let's turn to the markets now. When the global bond

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Speaker 2: is sell off, Nathan, the yield on thirty US treasuries

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Speaker 2: rose close to five percent, and long dated European and

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Speaker 2: Japanese bond yields also rose, which appans twenty year note

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Speaker 2: climbing to its highest level since nineteen ninety nine. Eric Lanergen,

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Speaker 2: discretionary macro headed Calibrat Partners, tells Bloomberg he's concerned about

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Speaker 2: the slump in long bonds.

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Speaker 8: We're starting to get something approximating panic. A lot of

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Speaker 8: this has got to do with bomb markets breaking through

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Speaker 8: levels and the market being de anchored in terms of

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Speaker 8: how to price them.

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Speaker 7: I think there's two things to be aware of.

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Speaker 8: One is that the prevailing narratives really don't add ups right.

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Speaker 8: So most of the narrative is about public sector debt

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Speaker 8: levels and debt issuance, and that really doesn't stack up

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Speaker 8: because if you look at this, it's a global phenomenon,

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Speaker 8: and yet the public sector debt issues is into global phenomenon.

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Speaker 2: Now.

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Speaker 8: Something has changed in Japan, however, and I think that

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Speaker 8: has kind of been the catalyst for very considerable levels

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Speaker 8: of contagion. What's changed in Japan has been inflation.

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Speaker 2: Eric Lanergin with Calibrat Partners as traders are also contending

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Speaker 2: with the range of concerns from public debt, inflation, tariffs,

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Speaker 2: and an assault on federal reserve independence.

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Speaker 3: In Hong Kong, Karen Bloomberg News is reporting that authorities

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Speaker 3: are probing allegations of insider trading involving at least two

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Speaker 3: individuals at the Stock exchange and the city's financial regulator,

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Speaker 3: as well as brokers and social media influencers. Authorities are

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Speaker 3: investigating if regulatory staff tipped off traders and others upcoming

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Speaker 3: announcements involving dozens of listed companies. Sources tell us the

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Speaker 3: probes have been ongoing for months, with unexplained price spikes

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Speaker 3: having long been a source of concern in Hong Kong.

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Speaker 2: In Company News, Nathan a major win for tech giant Google.

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Speaker 2: My federal judge ruled yesterday Google does not have to

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Speaker 2: sell its popular Chrome web browser. Mandeep seeing a Bloomberg Intelligence,

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Speaker 2: says the decision was surprising.

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Speaker 9: Jod Matta was in favor of divesting Chrome, which is

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Speaker 9: the key asset here that everyone is looking at, and

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Speaker 9: in this case, I think the ruling clearly states that

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Speaker 9: they're not required to diverse Schrome. At the same time,

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Speaker 9: there won't be any exclusive contracts, so that means the

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Speaker 9: Google Apple thing won't be at least allowed anymore.

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Speaker 2: Bloomers mand Deep saying says Google is required to share

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Speaker 2: online search data with rivals and cannot dictate that device

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Speaker 2: makers take all its apps to access the Google Play

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Speaker 2: Store on Android. In a statement, Google praise the judgment

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Speaker 2: for recognizing how AI has changed this search industry, but

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Speaker 2: so the company continues to disagree with an earlier ruling

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Speaker 2: that it monopolizes online search and checking shares of Google

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Speaker 2: this morning, they are up almost six percent.

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Speaker 3: Elsewhere in big tech, Karen, Meta Platforms has poached more

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Speaker 3: AI talent from Apple. The Iphonemaker's lead AI researcher, John Jong,

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Speaker 3: has departed the company to join Meta's competing effort, the

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Speaker 3: Meta Robotics studio. Bloomberg News has learned that three more

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Speaker 3: AI researchers are also leaving the Iphonemaker's Large Language Models team.

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Speaker 3: Apple shares in the pre market are higher by two

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Speaker 3: point eight percent.

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Speaker 2: Well back on Wall Street, Nathan and James's Street made

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Speaker 2: more trading revenue in the second quarter than any Wall

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Speaker 2: Street bank in history. Bloomberg has learned the firm netted

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Speaker 2: ten ten point one billion dollars in trading, more then

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Speaker 2: double that figure from a year earlier. It pushes Jane

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Speaker 2: Street's first half trading revenue to an all time high

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Speaker 2: of seventeen point three billion dollars. Time now for look

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Speaker 2: at some of the other stories making news in New

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Speaker 2: York and around the world, and for that we're joined

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Speaker 2: by Bloomberg's Michael Maher.

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Speaker 10: Michael, good morning, Good morning, Karen. The White House has

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Speaker 10: its eye on Chicago for its next deployment of federal

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Speaker 10: law enforcement. Even though a federal judge just ruled the

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Speaker 10: Los Angeles deployment back in June was illegal. President Trump

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Speaker 10: says he is expanding his crime crackdown and will soon

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Speaker 10: send the National Guard into Chicago.

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Speaker 2: Well, we're going in.

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Speaker 7: I didn't say when we're going in.

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Speaker 10: Illinois Governor JB. Pritzkers says, though Chicago does not want

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Speaker 10: troops on our streets and says President Trump just wants power.

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Speaker 10: Shifting fact from fiction has been increasingly difficult because Donald

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Speaker 10: Trump's administration is not working in coordination with the City

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Speaker 10: of Chicago. This comes after a violent Labor Day weekend

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Speaker 10: in Chicago, at least fifty eight people shot, eight people killed. Still,

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Speaker 10: local officials say violent crime is down nearly twenty two

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Speaker 10: percent this year. President Trump says that US Space Command

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Speaker 10: will be located in Alabama. It reverses a decision by

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Speaker 10: former President Joe Biden's administration to keep it in Colorado.

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Speaker 10: The House Oversight Committee says thousands of records from the

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Speaker 10: Justice Department on the Jeffrey Epstein case have been released.

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Speaker 10: Hours before the release, the committee met with some of

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Speaker 10: Epstein's victims. Republican Congressman Thomas Massey says things will change

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Speaker 10: this morning when.

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Speaker 11: We have the survivors testifying in public, some of whom

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Speaker 11: have never spoken publicly, and they've already met with the

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Speaker 11: oversight committee in owners allegedly a very emotional meeting. And

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Speaker 11: that's all behind closed stores. But it's going to be

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Speaker 11: open to the public.

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Speaker 10: However, House Speaker Mike Johnson is still blocking a vote

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Speaker 10: on any full release of the Epstein file, citing victim privacy.

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Speaker 10: Jim Walden, an independent candidate in New York City's mayoral race,

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Speaker 10: announced that he was suspending his campaign. Walden is urging

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Speaker 10: his fellow candidates to unite against the Democratic primary winner,

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Speaker 10: so around Memdani. According to Walden, Memdannie, a Democratic Socialist,

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Speaker 10: would represent a trojan horse taking over city Hall, adding

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Speaker 10: that time was slipping away for an alternative option to

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Speaker 10: gain momentum in the crowded field. Global News twenty four

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Speaker 10: hours a day and whenever you want it with the

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Speaker 10: Bloomberg News. Now, I'm Michael Barn. This is Bloomberg Heart.

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Speaker 2: Thanks Michael all time now for our Bloomberg Sports updating.

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Speaker 2: We how do we bring in John Stanchoward.

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Speaker 12: As Darren at the three team race in the Al

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Speaker 12: East in All three one last night Toronto, twelve to

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Speaker 12: nine in Cincinnati, George Bringer Homer t twice, the Yankees

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Speaker 12: seven to one at Houston Jazz Chisholm Homer twice, and

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Speaker 12: the Red Sox with eighteen hits eleven to seven over Cleveland.

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Speaker 12: The Blue Jays lead the Yankees and Red Sox by

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Speaker 12: two and a half games. The US Open, Novak Djokovic

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Speaker 12: a four stead victory over the American Taylor Fritz Djokovic

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Speaker 12: into the Grand Slam semifinal for the fifty third time.

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Speaker 12: He'll play Carlos al KaAZ. 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 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business opp This is Bloomberg Daybreak.

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Speaker 3: Good morning on Nathan Hager. China has reasserted itself on

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Speaker 3: the global stage with a massive display of firepower, with

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Speaker 3: the leaders of Russia and North Korea by his side.

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Speaker 3: President Shijin Pink said his country does not fear power

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Speaker 3: or intimidation, as he oversaw a once in a decade

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Speaker 3: military parade through Tininman Square for more. Joined by Bloomberg

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Speaker 3: News Chief Asia correspondent Rosalind Mathieson joining us this morning

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Speaker 3: from Singapore and roz to see the image of a

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Speaker 3: president she side by side with Vladimir Putin and Kim

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Speaker 3: Jong onun. What is the message that she is sending

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Speaker 3: to the world. Good morning, Good morning.

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Speaker 13: Well, certainly these parades are always about optics and projection,

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Speaker 13: and this one was no different.

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Speaker 7: A large military presence, quite.

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Speaker 13: A few interesting weapons on display, some more modern versions

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Speaker 13: of weapons. Nothing to startling, but it's all about the

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Speaker 13: pageantry and who's attending.

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Speaker 7: And see jimping in the minute, as.

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Speaker 13: You say, projecting power both internally and externally. So sending

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Speaker 13: a message at home that he's very much a strong leader.

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Speaker 7: He's in charge.

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Speaker 13: Of course, that's important for his standing at home at

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Speaker 13: a time the economy has still got some challenges domestically,

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Speaker 13: but also sending a message abroad that China, alongside other countries,

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Speaker 13: are increasingly looking to form these alternate power blocks to

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Speaker 13: the Western led global order. And certainly you've saw that

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Speaker 13: early in the week with the meeting of the Shanghai

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Speaker 13: Cooperation Organization. You've seen it with bricks and so on

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Speaker 13: and with the leaders who were there alongside him, particularly

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Speaker 13: the leaders of Russia and North Korea, but you also

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Speaker 13: had newcomers who were attending Iran, Cuba and others, and

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Speaker 13: some South Asia and Southeast Asian leaders who were there,

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Speaker 13: so certainly demonstrating to the world that Cgping is very

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Speaker 13: much in charge at home and abroad.

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Speaker 3: Well, we certainly saw a pointed reaction from President Trump.

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Speaker 3: Though he wasn't mentioned by name during President G's speech,

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Speaker 3: the President said on social media that he basically accused

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Speaker 3: the three of conspiring against the US. Where does this

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Speaker 3: position China when it comes to the United States?

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Speaker 13: Now, Yeah, it was interesting to see that Donald Trump

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Speaker 13: making that slightly pointed remark about giving warm regards even

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Speaker 13: as you conspire against the United States of America.

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Speaker 7: He didn't really elaborate on that.

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Speaker 13: But also, you know, he was saying earlier in the

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Speaker 13: day that China doesn't pose any kind of serious threat

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Speaker 13: to the US from where he from where he sits,

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Speaker 13: and perhaps, you know, having had his own military parade

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Speaker 13: dealing in the year, he might be looking with a

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Speaker 13: little bit of envy at just exactly what was on

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Speaker 13: display in China today. But it's a message that even

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Speaker 13: as the US and China both have an incentive to

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Speaker 13: try and keep you know, their ties on a better footing,

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Speaker 13: and certainly the question of whether there's going to be

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Speaker 13: a meeting between their leaders this year, that there are

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Speaker 13: a lot of underlying tensions between these two big powers,

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Speaker 13: China and the US, not just on the trade side

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Speaker 13: and the investment and business side, but also on the

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Speaker 13: geopolitical and power side. And you know, that was very

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Speaker 13: much an unwritten message coming from this parade. And certainly

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Speaker 13: you know, as you say, Sydney Ping didn't name check

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Speaker 13: Donald Trump with the US in his comments, but it

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Speaker 13: was clear.

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Speaker 7: That there was a nod there in some of the

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Speaker 7: things he was saying.

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Speaker 3: Just thirty seconds left, Rose, But where does this leave

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Speaker 3: matters like the trade pause between the US and China

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Speaker 3: and the war in Ukraine. To see Putin and She

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Speaker 3: once again together with this strong friendship that they've talked

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Speaker 3: about in the past, Well, it's a lot.

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Speaker 13: That's very uncertain about where Ukraine goes from here. I mean,

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Speaker 13: Donald Trump seemed to be thinking that he'd managed to

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Speaker 13: get the leaders of Russian and Ukraine to meet, sometimes

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Speaker 13: seen to discuss directly a solution to Russia's war there,

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Speaker 13: and that doesn't seem to be happening. Vladimir Putin doesn't

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Speaker 13: seem particularly inclined to go there, and so the questions

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Speaker 13: is Donald Trump try and turn the screws on Russia

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Speaker 13: further on energy, for example, to try and get that

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Speaker 13: to happen. But a real message obviously that North Korea,

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Speaker 13: which has supported Russia heavily in the war China to

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Speaker 13: some extent, perhaps tacitly or not, that there's not a

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Speaker 13: lot of energy necessarily in all of that to be

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Speaker 13: finding a solution to Russia's war in Ukraine, and a

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Speaker 13: message to Donald Trump perhaps.

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Speaker 7: And all of that.

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Speaker 13: So it feels in a way like all of this

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Speaker 13: is back in Donald Trump's court in terms of whether

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Speaker 13: he will be willing to pressure let me put in directly.

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