WEBVTT - Bloomberg Daybreak: August 5, 2022 - Hour 1 (Radio) 0:00:03.520 --> 0:00:06.360 Live from the Bloomberg Interact at Brooker Studios. This is 0:00:06.440 --> 0:00:10.440 Bloomberg day Break for Friday, August five, twenty two. Coming up, 0:00:10.440 --> 0:00:13.400 the shower. Investors a weight the July jobs report for 0:00:13.520 --> 0:00:17.200 signs of a slowing or strong labor market. Democrats agree 0:00:17.200 --> 0:00:19.680 on a revised version of their tax in climate bill, 0:00:19.960 --> 0:00:23.080 Tesla shareholders agree on a three for one stock split, 0:00:23.239 --> 0:00:26.400 and US health officials to clare monkey poks a public 0:00:26.400 --> 0:00:30.200 health emergency conspiracy. Theorist Alex Jones has been ordered to 0:00:30.240 --> 0:00:32.960 pay four point one billion dollars in the Sandy Hook case. 0:00:33.200 --> 0:00:36.160 I'm Michael lar More Ahead, I'm John Stash and sports 0:00:36.159 --> 0:00:38.320 the Mets at four home Runs, beat the Braves and 0:00:38.400 --> 0:00:40.440 the start of the Big Five Game series. The Yankees 0:00:40.479 --> 0:00:45.519 plea tonight in St. Louis. That's all straight Ahead on 0:00:45.640 --> 0:00:49.040 Bloomberg day Break on Bloomberg eleven three on New York, 0:00:49.200 --> 0:00:53.880 Bloomberg one, Washington, d C, Bloomberg one oh six one Boston, 0:00:54.160 --> 0:00:58.800 Bloomberg nine sixties, San Francisco, Sirius x AM one nine Team, 0:00:58.840 --> 0:01:02.080 and around the world Bloomberg Radio dot Com and via 0:01:02.120 --> 0:01:09.360 the Bloomberg business Side. Good Friday morning. I'm Nathan Hagar 0:01:09.680 --> 0:01:12.520 and I'm Karen Moscow and US DOT Index futures are 0:01:12.600 --> 0:01:14.720 little change this morning. We are coming up to five 0:01:14.760 --> 0:01:16.479 out one on Wall Street and we check the markets 0:01:16.480 --> 0:01:19.720 every fifteen minutes throughout the trading day on bloomberg S 0:01:19.720 --> 0:01:22.520 and P futures again are little change, so are NASDACK 0:01:22.600 --> 0:01:25.160 and Dow futures. The decks in Germany has done about 0:01:25.160 --> 0:01:27.399 two tenths of upper sent the ten year treasury up 0:01:27.440 --> 0:01:30.319 to thirties seconds yield two point six eight percent. They 0:01:30.360 --> 0:01:33.000 yield on a two year three point oh four percent. 0:01:33.200 --> 0:01:36.080 Nathan Karen Global stocks are trading near a two month 0:01:36.160 --> 0:01:39.440 high ahead of the July jobs report. Economists are looking 0:01:39.480 --> 0:01:42.039 for a slowdown in the labor market. The median forecast 0:01:42.120 --> 0:01:44.319 is for a gain of two hundred fifty thousand jobs. 0:01:44.520 --> 0:01:47.960 We get more from Bloomberg's Michael McKee. Since it's backward 0:01:48.000 --> 0:01:50.560 looking July is change in US payrolls won't have much 0:01:50.600 --> 0:01:54.120 value for forecasters trying to predict recession. Companies are also 0:01:54.160 --> 0:01:56.560 reluctant to let go of workers even if business is 0:01:56.560 --> 0:01:59.560 starting to slow given the current labor shortage. While a 0:01:59.600 --> 0:02:02.240 consider this print would be the lowest since the economy 0:02:02.400 --> 0:02:06.160 lost jobs in December, it would still be above the 0:02:06.200 --> 0:02:09.760 average of one thousand jobs created per month in the 0:02:09.840 --> 0:02:12.920 five years before the pandemic, and it would continue to 0:02:13.000 --> 0:02:16.320 reassure Fed officials that rising interest rates aren't taking the 0:02:16.360 --> 0:02:20.240 economy yet. Michael McKey, Bloomberg Daybreak. All right, Michael, thank 0:02:20.280 --> 0:02:23.359 you all. Another major story out of Washington. Senate Democrats 0:02:23.440 --> 0:02:26.799 are closer to passing their tax and Energy bill. Arizona's 0:02:26.840 --> 0:02:29.640 Kirsten Cinema, one of the last holdouts in the deal, 0:02:29.760 --> 0:02:32.720 now says she's on board. That's after Democrats took out 0:02:32.720 --> 0:02:35.880 a provision that would have narrowed attacks loophole for fund 0:02:35.880 --> 0:02:40.000 managers and added a new one percent tax on stock buybacks. 0:02:40.400 --> 0:02:43.079 But there's still one hurdle left. That's according to Jim Kessler, 0:02:43.160 --> 0:02:46.240 co founder of Third Way and former legislative policy director 0:02:46.280 --> 0:02:50.320 for Majority leader Chuck Schumer. The parliamentarian is looking at 0:02:50.320 --> 0:02:54.000 this bill. There's always things that don't pass, what's called 0:02:54.040 --> 0:02:57.800 the bird bath. Some of the procedural rules would reconciliation, 0:02:57.880 --> 0:03:00.440 which means language will need to be tweeked. Third Way 0:03:00.480 --> 0:03:03.359 co founder Jim Kessler spoke with our Washington correspondent Joe 0:03:03.400 --> 0:03:06.799 Matthew on Bloomberg's sound on the parliamentary and should rule 0:03:06.800 --> 0:03:09.600 on the bill today. Democrats could work into the weekend 0:03:09.600 --> 0:03:12.079 to vote on the measure tomorrow. Now, we're seeing new 0:03:12.080 --> 0:03:14.680 tensions between the US and China this morning. Karen over 0:03:14.680 --> 0:03:18.280 how Speaker Nancy Pelosi's tripped to Taiwan. Beijing has announced 0:03:18.320 --> 0:03:21.760 sanctions against the speaker and her immediate family. That's according 0:03:21.800 --> 0:03:23.840 to a statement from the Chinese Foreign Ministry, though it 0:03:23.840 --> 0:03:27.320 does not give specifics. Well, Nathan, there's major news on 0:03:27.360 --> 0:03:30.160 the health front this morning, with the US declaring a 0:03:30.200 --> 0:03:34.200 federal emergency because of the monkey Because of monkeypox, researchers 0:03:34.200 --> 0:03:36.200 are trying to get some answers on how to combat 0:03:36.200 --> 0:03:39.800 the disease, and Bloomberg's said Baxter has the story. Health 0:03:39.800 --> 0:03:43.880 and Human Services says about sixty SID cases nationwide, with 0:03:44.040 --> 0:03:46.920 researchers now asking questions like does a person who had 0:03:46.960 --> 0:03:50.400 a smallpox vaccine as a child have immunity? The head 0:03:50.440 --> 0:03:53.000 of the White House COVID Task Forces, dr Ash's jaques 0:03:53.200 --> 0:03:56.400 smallpox monkey box very related to each other as viruses go. 0:03:56.920 --> 0:03:58.840 You would think that if you got vaccinated as a 0:03:58.880 --> 0:04:02.320 kid against smallpox would have protection We don't know yet. 0:04:02.360 --> 0:04:04.360 We're still looking at the data. We are seeing some 0:04:04.400 --> 0:04:06.960 older people still get infected. Meanwhile, as well as a 0:04:07.040 --> 0:04:09.920 federal government, more and more states are declaring states of 0:04:09.960 --> 0:04:13.520 emergency as well. In San Francisco, I'm at Baxter Bloomberg 0:04:13.520 --> 0:04:15.600 Gay break all right, Ed, thanks training to corporate news 0:04:15.640 --> 0:04:18.039 this morning, shares of Tesla are up almost a half 0:04:18.040 --> 0:04:20.880 percent in early trading. Shareholders have approved a three for 0:04:21.000 --> 0:04:23.960 one stock split. Ed Ludlow has more from our Bloomberg 0:04:24.040 --> 0:04:27.320 nine sixty Years room in San Francisco. This stock split 0:04:27.560 --> 0:04:30.159 takes the shares to around three hundred dollars a share. 0:04:30.640 --> 0:04:34.279 Was first tweeted by Tesla in March, and then when 0:04:34.320 --> 0:04:37.400 this meeting was confirmed and scheduled with the agenda a 0:04:37.400 --> 0:04:39.200 month ago, we knew it was coming. And the thing 0:04:39.240 --> 0:04:41.599 that's missing for investors out there is we do not 0:04:41.839 --> 0:04:45.119 know more details about the date that this stock split 0:04:45.160 --> 0:04:47.719 becomes effective. Of you've seen this before. There was a 0:04:47.760 --> 0:04:50.640 five for one stock split in August twenty really boosted 0:04:50.680 --> 0:04:53.440 the stock. The logic bring the price down, make it 0:04:53.480 --> 0:04:56.360 more accessible, and Tesla has a massive retail investor base, 0:04:56.520 --> 0:04:59.240 bloombergs Ed Ludlow says the stock displit could give a 0:04:59.240 --> 0:05:02.080 lift to Tesla's chairs, which are up nearly fifty from 0:05:02.120 --> 0:05:06.000 a late May low. On Nathan one another one other 0:05:06.040 --> 0:05:09.080 note from Tesla's shareholder meeting has Elon Musk giving his 0:05:09.160 --> 0:05:12.240 anecdotal view on the economy. The Tesla CEO says he 0:05:12.279 --> 0:05:14.920 thinks the worst may be over when it comes to inflation. 0:05:15.920 --> 0:05:18.040 Most of our commodities, most of the things that go 0:05:18.120 --> 0:05:21.160 into a Tesla, not all, But I don't know more 0:05:21.200 --> 0:05:25.000 than half the prices of trending down in six months 0:05:25.360 --> 0:05:27.719 six months from now. That this could change, obviously, but 0:05:27.720 --> 0:05:32.640 but the trend is down, which suggests that's uh well 0:05:32.720 --> 0:05:37.080 past peak inflation. Must also reiterates that he expects a 0:05:37.120 --> 0:05:39.520 mild recession in the US and that could last about 0:05:39.560 --> 0:05:41.520 eighteen months. Well, we got plenty of stocks on the 0:05:41.520 --> 0:05:44.480 move this morning, Karen. After a slew of earnings late yesterday. 0:05:44.600 --> 0:05:46.440 Look at shares of Lift. They're up about nine and 0:05:46.560 --> 0:05:49.719 a half percent. The company says ridesharing volumes are on 0:05:49.760 --> 0:05:52.560 track to exceed pre COVID levels, as it reported the 0:05:52.600 --> 0:05:55.160 highest earnings in its history. We get the story from 0:05:55.160 --> 0:05:59.039 Bloomberg's Charlie Pellett it's a sign that investment to stem 0:05:59.120 --> 0:06:02.159 a shortage of draw Iver's is paying off. Revenue rose 0:06:03.080 --> 0:06:06.360 from a year earlier to nine ninety one million dollars, 0:06:06.400 --> 0:06:10.000 beating the nine hundred eighty six point seven million dollars 0:06:10.080 --> 0:06:13.479 street estimate. The quarter shows lift as approaching a full 0:06:13.560 --> 0:06:16.880 recovery from the pandemic, amid a broad based rebound in 0:06:17.000 --> 0:06:21.359 right hailing that also boosted rival Uber in the period. 0:06:21.920 --> 0:06:25.400 In New York, Charlie Pell Bloomberg Daybreak. All right, Joerley, 0:06:25.480 --> 0:06:27.080 thank you. Now, let's get a look at some other 0:06:27.160 --> 0:06:30.400 stocks on our radar this morning. Bloomberdge. John Tucker joins 0:06:30.480 --> 0:06:32.720 us live with the latest. John, Good morning, Karen. The 0:06:32.760 --> 0:06:36.120 quarterly Lawson DoorDash was worse than what an analysts expected, 0:06:36.120 --> 0:06:39.520 but the company says its food delivery business remains healthy 0:06:39.560 --> 0:06:43.320 and growth continued. That's what investors lashed onto. Door Dash 0:06:43.360 --> 0:06:47.720 shares jumped thirteen percent. Yelp reporting a profit in the 0:06:47.800 --> 0:06:51.159 last quarter, boosting its full year earnings guidance. The online 0:06:51.160 --> 0:06:55.359 directories a strong advertiser demand drove record net revenue. Those 0:06:55.400 --> 0:06:59.320 shares jumped eighteen percent, and beyond me slashing its revenue 0:06:59.360 --> 0:07:02.240 outlook for the bull. You're saying shoppers are trading down 0:07:02.279 --> 0:07:05.680 from its plant based food to cheaper adible proteins. That 0:07:05.800 --> 0:07:08.320 share US fell over one percent. Live in New York. 0:07:08.320 --> 0:07:11.320 I'm John Tucker, Bloomberg Daybreak. All right, John, Thanks, future 0:07:11.360 --> 0:07:14.320 is a little changed ahead of July. Jobs, straight ahead, 0:07:14.360 --> 0:07:18.239 your latest local headlines, and a check of sports. This 0:07:18.600 --> 0:07:24.920 is Bloomberg and it's sound five oh seven on Wall Street, 0:07:25.000 --> 0:07:27.520 seventy nine degrees in Central Park. Out of broken down 0:07:27.600 --> 0:07:31.280 vehicle westbound cross Bronx at Third Avenue. Details coming up 0:07:31.280 --> 0:07:34.040 in traffic. First, Michael Barr with what else is going 0:07:34.040 --> 0:07:36.920 on in New York and around the world. Happy Friday, Michael, 0:07:37.040 --> 0:07:40.360 Happy Friday to you, Nathan. Stay cool the Tri State 0:07:40.400 --> 0:07:43.720 area and we'll have another hot day. Bloomberg Meteorologist Rob 0:07:43.760 --> 0:07:47.080 Caroline has the latest Michael Head Advisory remains in the 0:07:47.120 --> 0:07:49.520 fact for the Tri State area until eight pm this evening. 0:07:49.520 --> 0:07:51.960 We're back up into the nineties today with the humidity 0:07:51.960 --> 0:07:54.440 of feel like it's around the hundred. Only different today 0:07:54.480 --> 0:07:56.880 over yesterday is the potential for some cooling showers and 0:07:56.920 --> 0:08:00.000 thunderstorms this afternoon. Not everyone will see them, but those 0:08:00.000 --> 0:08:02.560 folks who do could see some very heavy downpours. It 0:08:02.600 --> 0:08:06.040 will remain warmed through the upcoming weekend. Michael rob thanks 0:08:06.160 --> 0:08:09.800 Donald Trump's lawyers are in talks with federal prosecutors over 0:08:09.840 --> 0:08:14.040 conversations the former president had with advisors and whether he'd 0:08:14.080 --> 0:08:17.360 be able to shield them from investigators of the January 0:08:17.440 --> 0:08:20.920 sixth assault on the Capitol. CNN reports it's the first 0:08:20.960 --> 0:08:24.400 indication the two sides are indirect talks as the federal 0:08:24.440 --> 0:08:29.720 probe accelerates. Texas jury ruled conspiracy theorist Alex Jones must 0:08:29.800 --> 0:08:33.680 pay more than four million dollars in defamation damages for 0:08:33.800 --> 0:08:37.240 falsely claiming the twelve Sandy Hooks school shooting was a hoax, 0:08:37.640 --> 0:08:40.560 while it was less than the one fifty million dollars 0:08:40.600 --> 0:08:43.920 being sought. Counseled Mark Bangston was happy with a verdict. 0:08:44.240 --> 0:08:45.960 It was my goal when I started on this case 0:08:45.960 --> 0:08:48.560 to get this family a multimillion dollar verdict for their 0:08:48.600 --> 0:08:51.640 pain and suffering, and I've already done that, plus additional 0:08:51.640 --> 0:08:54.040 money for the million dollars and sanction Jones, said. US 0:08:54.720 --> 0:08:57.959 council Mark Bangston says the jury returns today to hear 0:08:57.960 --> 0:09:01.920 more evidence about Jones and his company's finances. The parent 0:09:02.000 --> 0:09:05.720 company of info Wars Free Speech Systems filed for bankruptcy 0:09:05.720 --> 0:09:09.839 protection during the trial. Meanwhile, the January six Committee has 0:09:09.960 --> 0:09:13.120 asked for text from the info Wars host. A face 0:09:13.200 --> 0:09:16.720 off in Florida over abortion. Govern Around the Santis says 0:09:16.840 --> 0:09:21.080 he has suspended Tampa's top prosecutor, but Hillsborough County State 0:09:21.080 --> 0:09:25.040 Attorney Andrew Warren says he is an elected official just 0:09:25.160 --> 0:09:28.120 like the governor and is not going anywhere. At issue 0:09:28.400 --> 0:09:31.840 is Warren's decision not to criminalize abortions, which a new 0:09:31.920 --> 0:09:35.280 state law bands after fifteen weeks with some exceptions. Warren 0:09:35.360 --> 0:09:38.320 says the courd already has ruled the band violates Florida's 0:09:38.360 --> 0:09:42.520 constitutional right to privacy. However, the Santis said prosecutors cannot 0:09:42.559 --> 0:09:46.239 pick and choose which laws to enforce. You can exercise 0:09:46.360 --> 0:09:50.240 discretion and individual case, but that discretion has to be 0:09:50.320 --> 0:09:54.120 individualized in case specific. You can't just say you're not 0:09:54.160 --> 0:09:58.800 gonna do a certain offenses. Governor de Santis globally was 0:09:58.800 --> 0:10:01.360 twenty four hours a day on rand on Bloomberg quick Take, 0:10:01.360 --> 0:10:04.000 powered by more than twenty seven hundred journalists and analysts 0:10:04.160 --> 0:10:06.079 and more than a hundred twenty countries and Michael Barr. 0:10:06.120 --> 0:10:13.040 This is Bloomberg, Nathan. Thank you Michael. Almost five ten 0:10:13.080 --> 0:10:15.520 on Wall Street time for the Bloomberg Sports Update. Good morning, 0:10:15.600 --> 0:10:17.600 John Stashower and our good morning, Nathan. Big crowd at 0:10:17.679 --> 0:10:19.959 City Field, a bit of a playoff atmosphere for the 0:10:20.000 --> 0:10:23.240 start of Mets braves of five games in four days 0:10:23.240 --> 0:10:24.880 series between the top two and the NL e's. The 0:10:24.920 --> 0:10:27.200 Mets led five that nothing. They won six to four 0:10:27.240 --> 0:10:29.840 the Alle Atlanta by four and a half games, four 0:10:29.880 --> 0:10:32.760 met home runs, Peter Alonzo is twenty nine, Daniel Vogel 0:10:32.800 --> 0:10:35.360 back his second in as many days, and another new 0:10:35.400 --> 0:10:37.800 Met tyler Nike Win played his first home game with 0:10:37.880 --> 0:10:41.960 his new team, Homer twice. It's awesome. I mean, heck, 0:10:42.000 --> 0:10:45.120 even you know, I've been playing here for four years. 0:10:45.120 --> 0:10:47.800 That's the good night. But um no, man, it's it's 0:10:47.920 --> 0:10:50.640 very enjoyable to fans, you know, even from you know, 0:10:50.640 --> 0:10:52.880 warming up on the line made me feel um right 0:10:52.920 --> 0:10:55.440 at home. So even going off to left just just 0:10:55.480 --> 0:10:57.559 to made me feel good. So it's it's nice to 0:10:57.559 --> 0:11:00.319 feel that way and step into the box comfortable. Rasco 0:11:00.440 --> 0:11:02.480 got to win. Edwin Diaz to say the first of 0:11:02.559 --> 0:11:05.440 his twenty four saves where he pitched two innings, an 0:11:05.480 --> 0:11:08.040 indication of how big this series is. It continues tonight, 0:11:08.240 --> 0:11:11.080 Doubleheaded Tomorrow. Yankees are in St. Louis tonight, and then 0:11:11.120 --> 0:11:14.640 tomorrow they'll face Jordan Montgomery will make his Cardinals debut 0:11:14.679 --> 0:11:17.440 against the team that just traded him. The A's visited 0:11:17.480 --> 0:11:19.840 the Angels. The Angels hit seven home runs. They were 0:11:19.880 --> 0:11:22.880 all solo shots, only seven runs they score. They hit 0:11:22.960 --> 0:11:25.240 seven home runs and lost to Oakland eight to seven. 0:11:25.280 --> 0:11:28.920 The NFL appealing the decision to suspend Deshaun Watson only 0:11:29.000 --> 0:11:31.400 six games for his sexual misconduct in the NFL named 0:11:31.400 --> 0:11:35.199 former New Jersey Attorney General Peter Harvey to hear that appeal. Reportedly, 0:11:35.240 --> 0:11:37.760 Watson turned down an offer that had the suspension to 0:11:37.760 --> 0:11:40.960 be twelve games. Preseason Football Hall of Fame game can't Ohio, 0:11:41.000 --> 0:11:44.440 where Josh McDaniels grew up, a long time Patriots assistant 0:11:44.440 --> 0:11:47.160 now head coach of the Raiders who beat Jacksonville. Very 0:11:47.240 --> 0:11:51.079 few starters played in the game. John Stash went Bloombrook Sports, 0:11:51.120 --> 0:11:53.839 All right, John, thank you, SMP futures little change, staff 0:11:53.880 --> 0:11:57.280 futures up seven teen points, Nanstack futures down four. The 0:11:57.360 --> 0:12:01.000 tenure Treasury up one thirty second yield two point six 0:12:01.040 --> 0:12:08.240 eight percent. This is Bloomberg Bloomberg eleven three oh weather 0:12:08.320 --> 0:12:10.280 Heat Advisory till eight tonight. We'll get up to new 0:12:10.360 --> 0:12:13.079 ninety five degrees upper eighties tomorrow with a chance for 0:12:13.120 --> 0:12:15.000 a shower of thunderstorm. We'll be back in the low 0:12:15.120 --> 0:12:18.640 nineties again on Sunday. Right now seventy nine in Central 0:12:18.640 --> 0:12:25.199 Park Markets, headlines and breaking news twenty four hours a 0:12:25.280 --> 0:12:28.280 day at Bloomberg dot Com, at Bloomberg Business at and 0:12:28.440 --> 0:12:38.000 at Bloomberg Quick Tape is a Bloomberg Business Flash and 0:12:38.040 --> 0:12:41.120 I'm Karen Moscow. And US stock index futures are little 0:12:41.200 --> 0:12:44.480 change this morning, as investors braced for the monthly US 0:12:44.600 --> 0:12:47.560 jobs report that's likely to add fuel to the recession debate. 0:12:48.000 --> 0:12:51.120 Stocks in Europe are moving lower, and we checked the 0:12:51.120 --> 0:12:54.040 markets every fifteen minutes throughout the trading day on Bloomberg 0:12:54.080 --> 0:12:57.120 Guess and P futures again little change this morning. DWAL 0:12:57.240 --> 0:13:00.320 futures are now of thirty two points a nasday. Tuchers 0:13:00.320 --> 0:13:03.600 are little changed. The decks in Germany little changed as well. 0:13:03.640 --> 0:13:05.800 The ten your treasury up one thirty second yield two 0:13:05.840 --> 0:13:08.440 point six eight percent yield on the two year three 0:13:08.440 --> 0:13:12.160 point oh four percent. Nimex screwed oil is up about 0:13:12.160 --> 0:13:14.080 a tenth of upper cent or eight cents at eighty 0:13:14.120 --> 0:13:17.000 eight dollars sixty cents of barrel comex schold is down 0:13:17.040 --> 0:13:19.160 to tenths per cent or three dollars nineties cents at 0:13:19.160 --> 0:13:22.079 eighteen o three an ounce. The euro one point two 0:13:22.160 --> 0:13:24.439 to eight against the dollar British found one point two 0:13:24.480 --> 0:13:26.800 one four zero and the yen at one thirty two 0:13:26.800 --> 0:13:29.840 point nine one, and bitcoin is higher, up two point 0:13:29.880 --> 0:13:32.920 nine percent at twenty three thousand, one hundred sixty dollars. 0:13:33.120 --> 0:13:35.040 The July jobs are for it out at eight thirty 0:13:35.040 --> 0:13:38.160 Wall Street Time, consumer credit is out at three, and 0:13:38.240 --> 0:13:41.679 DraftKings is among companies schedule to report earnings today. That's 0:13:41.679 --> 0:13:44.520 a Bloomberg business flash. Now here's Michael Barr with Moore. 0:13:44.600 --> 0:13:46.839 I'm what's going on around the world, Michael, Good morning, 0:13:46.880 --> 0:13:50.160 Good morning, Cameron. China has announced sentitions on US out 0:13:50.160 --> 0:13:53.640 speaker Nancy Pelosi and her immediate family members. It's over 0:13:53.679 --> 0:13:57.520 her recent trip to Taiwan. Three more grain ships are 0:13:57.600 --> 0:14:01.040 expected to leave Ukraine sports asked country tries to ramp 0:14:01.120 --> 0:14:03.840 up exports of food that have been blocked since the 0:14:03.840 --> 0:14:07.560 start of Russia's invasion almost a half a year earlier. 0:14:07.840 --> 0:14:10.800 In baseball, the Mets beat the Brave six four. The 0:14:10.840 --> 0:14:14.320 Red Sox lost to the Royal seven three. The Nationals 0:14:14.360 --> 0:14:17.959 and Giants also lost. The A's beat the Angels eight 0:14:18.080 --> 0:14:21.520 seven in the NFL Hall of Fame game last night. 0:14:21.560 --> 0:14:24.320 That's right, you heard me. NFL the rate over the 0:14:24.400 --> 0:14:29.040 Jaguars eleven. Global News twenty four hours a day on 0:14:29.120 --> 0:14:31.760 air and on Bloomberg Quick Take power by more than 0:14:31.840 --> 0:14:34.440 twenty seven hundred journalists and analysts more than a hundred 0:14:34.440 --> 0:14:38.000 twenty countries. Michael Barr, this is Bloomberg name that still here. 0:14:38.040 --> 0:14:39.960 Weird to hear the word football when it's gonna be 0:14:39.960 --> 0:14:43.040 like a hundred degrees. Thank you, Michael. It is five 0:14:43.120 --> 0:14:46.960 nineteen on Wall Street Life from the Bloomberg Interactive Broker Studios. 0:14:47.000 --> 0:14:50.640 This is Bloomberg Daybreak on the morning after pretty significant 0:14:50.720 --> 0:14:55.600 development in Washington. Looks like every Senate Democrat now maybe 0:14:55.640 --> 0:14:59.880 on board with that surprise tax and energy spending bill. 0:15:00.440 --> 0:15:03.280 Uh The deal reached earlier this week between Senator's mansion 0:15:03.280 --> 0:15:06.400 and Schumer. Bloomberg government reporter Emily Wilkins joins us now 0:15:06.440 --> 0:15:10.080 from our Bloomberg ninety nine one studios in Washington, d C. 0:15:10.400 --> 0:15:14.840 With the very latest so Emily Senator Cinemas on board. 0:15:15.080 --> 0:15:18.000 How did she get there? So we knew from the 0:15:18.120 --> 0:15:20.440 very start when we first saw this plan come out, 0:15:20.840 --> 0:15:24.320 that there was a carried interest loophole and there was 0:15:24.360 --> 0:15:26.680 a provision in the bill to end that, and we 0:15:26.760 --> 0:15:29.480 knew that Senator Kristen Cinema would not be quite happy. 0:15:29.480 --> 0:15:31.280 And Nathan, we say this all the time that it 0:15:31.320 --> 0:15:33.600 takes really all fifty Democrats, all of them have the 0:15:33.640 --> 0:15:35.720 power to to step out, to veto to say no, 0:15:35.840 --> 0:15:38.640 to block things. And so all eyes have been on 0:15:38.680 --> 0:15:41.120 her this last week. Would she come to an agreement? 0:15:41.360 --> 0:15:43.440 And we do know now yes, she did find a 0:15:43.480 --> 0:15:47.560 path forward. They are going to keep that carried interest 0:15:47.680 --> 0:15:52.200 loophole um the benefits of course wealthy investors, but as 0:15:52.200 --> 0:15:54.280 a way to raise revenue, they're going to add a 0:15:54.360 --> 0:15:57.640 one percent new tax on corporate stock buybacks, and there 0:15:57.640 --> 0:16:00.200 will also be some additional tweets that minimum fifth team 0:16:00.240 --> 0:16:04.240 percent tax on corporations that's meant to benefit manufacturers. Now, 0:16:04.320 --> 0:16:06.440 Majority Leader Chuck Schumer said the bill is still going 0:16:06.480 --> 0:16:09.560 to reduce the deficit by three billion. Note that this 0:16:09.600 --> 0:16:11.760 was all pretty late breaking news last night, so we 0:16:11.800 --> 0:16:14.480 haven't seen all the exact details on it yet. But 0:16:14.560 --> 0:16:17.200 the Senate is scheduled to begin a procedural vote on 0:16:17.240 --> 0:16:20.400 the motion on Saturday. They're expected to be in this weekend. 0:16:20.760 --> 0:16:23.040 Um that should tell you something right there. If senators 0:16:23.040 --> 0:16:25.040 aren't on a weekend, it means that they really really 0:16:25.080 --> 0:16:27.560 want to get something done and feel like they're going 0:16:27.600 --> 0:16:30.800 to be able to get done in the near future. Yes, 0:16:30.880 --> 0:16:33.600 certainly before they head out of town for the August recess. 0:16:33.840 --> 0:16:37.960 We also are waiting to hear from the Senate rulemaker, right, 0:16:38.040 --> 0:16:43.000 the parliamentarian who decides whether budget provisions can actually pass 0:16:43.160 --> 0:16:48.240 muster and get passed without a supermajority. Right, Because remember, 0:16:48.400 --> 0:16:51.280 not just anything can go through this privileged process. It's 0:16:51.280 --> 0:16:53.240 the only things that are going to have a direct 0:16:53.320 --> 0:16:55.320 impact on the budget. That's why you see so much 0:16:55.360 --> 0:16:58.400 tax stuff being discussed on these types of things. I mean, 0:16:58.720 --> 0:17:01.360 lawmakers have been talked with the Parliamentary and throughout the 0:17:01.400 --> 0:17:03.680 week on various provisions. Of course, now we got a 0:17:03.680 --> 0:17:05.720 couple of new ones. She's going to have to review those. 0:17:06.280 --> 0:17:09.320 But again, there's confidence that she can finish the job 0:17:09.480 --> 0:17:12.080 and that she can give everything the green light in 0:17:12.200 --> 0:17:15.840 time for Senators to vote on Saturday. In terms of politics, Emily, 0:17:15.920 --> 0:17:19.840 how significant is this for Democrats and for President Biden. 0:17:19.880 --> 0:17:22.480 I mean, this is much much smaller than the build 0:17:22.520 --> 0:17:26.119 back Better plan, right, but they're still getting this done. 0:17:26.359 --> 0:17:28.959 They still got the Chips bill as well. I mean, 0:17:29.080 --> 0:17:32.159 much much smaller, is better than nothing, And just a 0:17:32.200 --> 0:17:34.720 couple of weeks ago we assume that Democrats were going 0:17:34.760 --> 0:17:38.240 to get nothing from this particular deal. So far, we've 0:17:38.280 --> 0:17:41.760 seen a lot of really strong positive response. We saw 0:17:41.880 --> 0:17:45.040 Democratic Senator Brian Shots of Hawaii tweet that the climate 0:17:45.080 --> 0:17:47.919 deal is equal to the moment. Uh says, you know, 0:17:47.960 --> 0:17:51.359 obviously this is an ambitious start. Uh in that he 0:17:51.400 --> 0:17:55.600 feels very optimistic. Certainly, there are a lot of lawmakers who, 0:17:55.720 --> 0:17:58.359 you know, while internally they might be bemoaning the loss 0:17:58.359 --> 0:18:02.600 of various things like pre pre kindergarten, um, you know, 0:18:02.680 --> 0:18:07.400 assistance to help children and mothers on the front, this 0:18:07.480 --> 0:18:10.200 is more, again than they thought they would get even 0:18:10.240 --> 0:18:12.840 a month ago. And I think most of them, even 0:18:12.920 --> 0:18:15.840 those who were raising concerns about it before, are now 0:18:15.960 --> 0:18:18.119 very eager to be able to get to yes and 0:18:18.200 --> 0:18:20.639 to have something like this when they're going back to 0:18:20.680 --> 0:18:23.480 their constituents and talking to them before the med terms. 0:18:23.640 --> 0:18:25.640 Only about a minute left here, but we just heard 0:18:25.680 --> 0:18:29.200 from the Chinese Foreign Ministry about sanctions now against how 0:18:29.240 --> 0:18:32.359 Speaker Nancy Pelosi following the visit to Taiwan. What's the 0:18:32.359 --> 0:18:36.520 reaction in Washington. Yeah, China has levied these unspecified sanctions 0:18:36.560 --> 0:18:39.560 on Pelosi and her immediate family members. I mean what 0:18:39.600 --> 0:18:42.560 we've seen from Washington. Secretary of State Anthony B. Lincoln 0:18:42.600 --> 0:18:46.560 accused China of trying to change the status quo with Taiwan. 0:18:46.720 --> 0:18:48.960 And that was even more of just a reference to 0:18:49.000 --> 0:18:51.639 the fact um that they've done all these missile tests, 0:18:51.680 --> 0:18:55.000 some that have landed in Japan's Exclusive Economic Zone, that 0:18:55.040 --> 0:18:58.760 they've sent these warships across the Taiwan straight and so 0:18:58.880 --> 0:19:01.640 there is some concern about what sort of blow back 0:19:02.000 --> 0:19:04.080 the US is going to the US and Taiwan are 0:19:04.119 --> 0:19:08.120 going to experience from Spigger Pelosi's trip. Um. So we'll 0:19:08.119 --> 0:19:09.840 just sort of have to be keeping an eye on 0:19:10.000 --> 0:19:12.520 next steps here. Uh. The White House did some in 0:19:12.600 --> 0:19:17.560 China's ambassador on Thursday to condemn Beijing's escalating actions against Taiwan, 0:19:17.880 --> 0:19:20.160 and really just try to reiterate again, as we heard 0:19:20.160 --> 0:19:22.600 Pelosi say, as we heard Biden say, the US was 0:19:22.640 --> 0:19:24.680 not trying to do a change in the status quo 0:19:24.760 --> 0:19:27.879 from Pelosi's visit, but certainly the highest ranking US official 0:19:27.960 --> 0:19:30.399 to visit the island in twenty five years, it was 0:19:30.440 --> 0:19:33.560 going to have some sort of response from Beijing. Thanks, Emily, 0:19:33.640 --> 0:19:36.400 good having you on with us this morning. Emily Wilkins, Bloomberg, 0:19:36.440 --> 0:19:40.560 Government reporter with us from our studios in Washington, d C. 0:19:41.440 --> 0:19:45.840 SMP futures now up two points down, futures up thirty nine, 0:19:45.920 --> 0:19:49.040 Nasdaq futures highed by five points as we look ahead 0:19:49.080 --> 0:19:54.120 to July jobs report. Throughout eight thirty Wall Street Time ten. 0:19:54.160 --> 0:19:57.159 Your Treasury little change yield two point six eight percent, 0:19:57.280 --> 0:20:00.840 and the yield on the two year three point zero five. 0:20:01.640 --> 0:20:08.600 This is Bloomberg Bloomberg eleven three. Or whether the heat 0:20:08.640 --> 0:20:10.960 advisory continues till eight tonight, we'll get up to your 0:20:11.040 --> 0:20:14.480 ninety five degrees upper eighties chancefer a showers storm tomorrow 0:20:14.920 --> 0:20:18.320 back in the low nineties by Sunday, Right now seventy 0:20:18.400 --> 0:20:25.200 nine in Central Park, broadcasting live from the Bloomberg Interactive 0:20:25.240 --> 0:20:29.080 Broker Studio in New York, Bloomberg E Living Freedom to Washington, 0:20:29.160 --> 0:20:33.040 d C, Bloomberg one to Boston, Bloomberg one O six 0:20:33.080 --> 0:20:36.320 one to San Francisco, Bloomberg NOM sixty to the Country, 0:20:36.400 --> 0:20:39.600 Sirius xm Chado one ninet and around the globe the 0:20:39.600 --> 0:20:43.480 Bloomberg Business app in Bloomberg Radio dot Com. This is 0:20:43.520 --> 0:20:52.080 Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. 0:20:52.119 --> 0:20:54.879 I'm Nathan Hager and I'm Karen Moscow. We are just 0:20:54.960 --> 0:20:57.760 about four hours away from the open of US trading. 0:20:57.800 --> 0:20:59.320 Let's get you up to date on the news. You 0:20:59.359 --> 0:21:02.040 need to know what this hour. US futures are little 0:21:02.119 --> 0:21:04.919 changed ahead of the July jobs report. The needy and 0:21:05.000 --> 0:21:08.359 forecast is for a gain of two hundred fifty thousand jobs, 0:21:08.359 --> 0:21:10.439 and that would be down from three hundred seventy two 0:21:10.520 --> 0:21:14.280 thousand in a prior month. Begin more from Bloomberg's Michael McKie. 0:21:14.680 --> 0:21:17.879 The consensus forecast for job growth anticipates a bit of 0:21:17.920 --> 0:21:21.679 a labor market slowdown, but not necessarily because the economy 0:21:21.800 --> 0:21:25.360 is slowing. Companies are still reporting it's difficult to find workers, 0:21:25.520 --> 0:21:28.639 and economist surveyed by Bloomberg don't see any change in 0:21:28.680 --> 0:21:31.280 the unemployment rate. If that's the case, the Fed can 0:21:31.320 --> 0:21:35.639 continue to prioritize the fight against inflation first, continuing raising 0:21:35.640 --> 0:21:39.040 interest rates. Michael McKee, Bloomberg Daybreak. All right, Mike, thanks 0:21:39.040 --> 0:21:41.639 for following another major story this morning out of Washington. 0:21:41.760 --> 0:21:44.359