1 00:00:01,240 --> 00:00:04,760 Speaker 1: Live from the Bloomberg Interacted Burgers Studios. This is Bloomberg 2 00:00:04,800 --> 00:00:08,680 Speaker 1: day Break for Thursday, August eleven. Coming up this hour, 3 00:00:09,039 --> 00:00:12,680 Speaker 1: US futures look to add to yesterday's rally. Softening inflation 4 00:00:12,800 --> 00:00:15,760 Speaker 1: isn't swaying FETE officials when it comes to policy. Gas 5 00:00:15,800 --> 00:00:18,800 Speaker 1: prices continue to fall, dipping below four dollars a gallon, 6 00:00:18,920 --> 00:00:21,599 Speaker 1: and Disney shares search as it eats prophet estimates that 7 00:00:21,680 --> 00:00:24,640 Speaker 1: it announces a price hite for streaming. New York Mayor 8 00:00:24,680 --> 00:00:28,240 Speaker 1: Adams and Texas Governor Rabbit continue to spa over bus 9 00:00:28,280 --> 00:00:31,600 Speaker 1: loads of migrants to the city. Plus former President Trump 10 00:00:31,680 --> 00:00:35,400 Speaker 1: leads the fifth Michael Blair more ahead, I'm John stash Our. 11 00:00:35,440 --> 00:00:37,400 Speaker 1: In sports, another win for the red hot Mets. The 12 00:00:37,479 --> 00:00:40,760 Speaker 1: Yankees lost in Seattle. The Giants had their preseason opener 13 00:00:40,800 --> 00:00:45,720 Speaker 1: tonight at New England. That's all s. Trady Ahead on 14 00:00:45,840 --> 00:00:49,240 Speaker 1: Bloomberg day Break on Bloomberg eleven, Free on New York, 15 00:00:49,440 --> 00:00:54,080 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 16 00:00:54,360 --> 00:00:58,800 Speaker 1: Bloomberg nine sixties and Francisco Syrius x AM one nineteen 17 00:00:59,040 --> 00:01:02,200 Speaker 1: and around the world on Bloomberg Radio Dot. Carmen By 18 00:01:02,360 --> 00:01:09,240 Speaker 1: the Bloomberg Business app. Good morning, I'm Nathan Hager and 19 00:01:09,319 --> 00:01:12,240 Speaker 1: I'm Karen Moscow and US Dock index futures are on 20 00:01:12,280 --> 00:01:14,440 Speaker 1: the rise this morning. We are coming up to five 21 00:01:14,480 --> 00:01:16,199 Speaker 1: oh one on Wall Street, and we check the markets 22 00:01:16,200 --> 00:01:19,160 Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg. S 23 00:01:19,200 --> 00:01:22,440 Speaker 1: and P futures up nine voice this morning. Down futures 24 00:01:22,480 --> 00:01:25,480 Speaker 1: up one hundred four and nasday features are up nineteen 25 00:01:25,800 --> 00:01:28,120 Speaker 1: and the tenure treasury up one thirty second. You have 26 00:01:28,200 --> 00:01:30,960 Speaker 1: two point seven seven percent. They yield on the two 27 00:01:31,040 --> 00:01:34,920 Speaker 1: year three point one seven percent. Nathan, all right, Karen. Thanks. 28 00:01:35,000 --> 00:01:37,920 Speaker 1: This rise in futures this morning is building on yesterday's 29 00:01:37,959 --> 00:01:40,800 Speaker 1: powerful rally. The S and P five hundred closed at 30 00:01:40,800 --> 00:01:43,480 Speaker 1: a three month high, while the Nasdaq one hundred is 31 00:01:43,520 --> 00:01:46,360 Speaker 1: now up more than twenty percent from its June bottom, 32 00:01:46,440 --> 00:01:50,120 Speaker 1: all fueled by softer than expected inflation data. Alan Lands, 33 00:01:50,120 --> 00:01:53,360 Speaker 1: director of research at Lands Global, This skeptical, all of 34 00:01:53,440 --> 00:01:57,640 Speaker 1: a sudden, now should one CPI report, and now inflation 35 00:01:57,760 --> 00:02:01,000 Speaker 1: is is calm and taking care of etcetera. So for 36 00:02:01,000 --> 00:02:04,800 Speaker 1: some reason, investors, you know, memes stop sucks her back, 37 00:02:04,960 --> 00:02:10,639 Speaker 1: and you know it's just it's just a total exaggeration now, 38 00:02:10,680 --> 00:02:12,920 Speaker 1: and Land says he still remains cautious. He was a 39 00:02:12,919 --> 00:02:16,240 Speaker 1: guest on Bloomberg Business Week her weekday afternoons on Bloomberg 40 00:02:16,320 --> 00:02:19,440 Speaker 1: Radio and streaming live on YouTube on Nathan, the Wall 41 00:02:19,480 --> 00:02:22,600 Speaker 1: Street rally is now spilled overseas. Stocks in Hong Kong 42 00:02:22,639 --> 00:02:25,280 Speaker 1: and China surged more than two percent overnight, and we 43 00:02:25,320 --> 00:02:29,239 Speaker 1: get the recount from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, 44 00:02:29,280 --> 00:02:31,600 Speaker 1: Good morning, Nathan, and Karen Tex shares bird gains in 45 00:02:31,600 --> 00:02:34,639 Speaker 1: the regional index excluding Japan, which was closed for a holiday. 46 00:02:34,919 --> 00:02:38,280 Speaker 1: China's bullis has advanced even as investors digested a warning 47 00:02:38,360 --> 00:02:41,280 Speaker 1: from the PBOC about inflation threats and a pledge to 48 00:02:41,320 --> 00:02:44,560 Speaker 1: avoid massive stimulus. South Korea has one gained as much 49 00:02:44,560 --> 00:02:47,040 Speaker 1: as one percent against the dollar as the nation's trade 50 00:02:47,080 --> 00:02:49,960 Speaker 1: deficit one and while the Singapore dollar retreated as the 51 00:02:49,960 --> 00:02:52,839 Speaker 1: Ministry of Trade and Industry lowered its twenty twenty two 52 00:02:52,840 --> 00:02:55,880 Speaker 1: growth forecast following a contraction in the economy in the 53 00:02:55,919 --> 00:02:59,800 Speaker 1: second quarter. In Singapore, Juliette Sally Bloomberg Daybreak, all right, 54 00:03:00,080 --> 00:03:03,120 Speaker 1: lead thanks all. Softening inflation data may be exciting markets, 55 00:03:03,120 --> 00:03:05,919 Speaker 1: but it's not changing minds at the FED. Let's get 56 00:03:05,960 --> 00:03:09,080 Speaker 1: that story live from Bloomberg's John Tucker, John and Nathan 57 00:03:09,080 --> 00:03:12,040 Speaker 1: Minneapolis FED President Neil cash car he wants the benchmark 58 00:03:12,120 --> 00:03:14,800 Speaker 1: insist rate at three point nine percent by the end 59 00:03:14,840 --> 00:03:17,480 Speaker 1: of this year and four point four percent by the 60 00:03:17,600 --> 00:03:21,040 Speaker 1: end of three The idea that we're going to start 61 00:03:21,040 --> 00:03:24,960 Speaker 1: cutting rates early next year when inflation is very likely 62 00:03:25,000 --> 00:03:27,640 Speaker 1: going to be well, well, well in excess of our target, 63 00:03:27,840 --> 00:03:31,480 Speaker 1: I just think it's not realistic, carries. Counterpart Charles Evans 64 00:03:31,480 --> 00:03:34,800 Speaker 1: of Chicago welcome the lower CPI print, but says the 65 00:03:34,840 --> 00:03:39,560 Speaker 1: inflation remains unacceptably high. He wants to continue raising rates 66 00:03:39,600 --> 00:03:42,280 Speaker 1: into next year. I think it'll be three and three 67 00:03:42,320 --> 00:03:44,760 Speaker 1: quarters to four percent, So sort of a four percent 68 00:03:44,920 --> 00:03:47,680 Speaker 1: top funds rate at the end of next year is 69 00:03:47,720 --> 00:03:50,640 Speaker 1: what I'm thinking about. Mary Daily, also adding to that call, 70 00:03:50,720 --> 00:03:53,880 Speaker 1: the San Francisco FED president tells the Financial Times it's 71 00:03:53,960 --> 00:03:57,560 Speaker 1: far too early to declare victory over the inflation. She's 72 00:03:57,600 --> 00:04:01,240 Speaker 1: not ruling out a third consecutive seventy basis point increase. 73 00:04:01,320 --> 00:04:04,240 Speaker 1: In September Live in New York, I'm John Tucker, Bloomberg 74 00:04:04,320 --> 00:04:06,839 Speaker 1: Daybreak all right, John, thanks for that. Sentiment from FED 75 00:04:06,880 --> 00:04:10,000 Speaker 1: officials was being echoed by the US Commerce Secretary Jenna 76 00:04:10,080 --> 00:04:13,400 Speaker 1: Romando spoke of the Bloomberg's David Weston it is good news, 77 00:04:13,400 --> 00:04:16,400 Speaker 1: although I do think we have to be cautious. A 78 00:04:16,480 --> 00:04:20,440 Speaker 1: big reason for the good news gas prices are leveling off, 79 00:04:21,120 --> 00:04:25,120 Speaker 1: and that's certainly helpful to consumers. But as you point out, 80 00:04:25,680 --> 00:04:28,240 Speaker 1: there are other issues wait like in housing, that we 81 00:04:28,279 --> 00:04:30,960 Speaker 1: have to still keep our eye on the ball. As 82 00:04:31,000 --> 00:04:34,040 Speaker 1: we've set all along, there's no silver bullet here. Commerce 83 00:04:34,040 --> 00:04:38,000 Speaker 1: Secretary Jenna A. Mondo mentioned falling gasoline prices, and we 84 00:04:38,120 --> 00:04:40,599 Speaker 1: have more news on that front this morning. Triple A 85 00:04:40,680 --> 00:04:42,680 Speaker 1: is reporting that the average price of gas in the 86 00:04:42,760 --> 00:04:45,960 Speaker 1: US has now fallen below four dollars a gallon, and 87 00:04:46,000 --> 00:04:48,679 Speaker 1: we'll get another read on US inflation this morning, Karen. 88 00:04:48,720 --> 00:04:53,120 Speaker 1: Economists predict July's producer price index rose ten point four 89 00:04:53,160 --> 00:04:55,880 Speaker 1: percent on a year over year basis. That's less than 90 00:04:56,000 --> 00:04:59,960 Speaker 1: June's historic eleven percent increase. Bloomberg's Viny Delle Judas had 91 00:05:00,080 --> 00:05:03,320 Speaker 1: more gasoline prices could be the theme of today's report. 92 00:05:03,440 --> 00:05:07,120 Speaker 1: Following gasoline prices they've been slashing around for two months 93 00:05:07,160 --> 00:05:09,640 Speaker 1: and encountered for almost all of June's in grease and 94 00:05:09,760 --> 00:05:13,800 Speaker 1: US wholesale prices outside of fuel, Bloomberg Economics as costs 95 00:05:13,839 --> 00:05:17,279 Speaker 1: remain elevated, though the peak is probably behind us. We 96 00:05:17,360 --> 00:05:21,280 Speaker 1: saw a similar pattern and Wednesday's data on July consumer prices. 97 00:05:21,520 --> 00:05:24,359 Speaker 1: But there's a long way to go, Benney, Deryl Judae, 98 00:05:24,440 --> 00:05:26,920 Speaker 1: Bloomberg Deprit All right, Thenny, thank you all. Back now 99 00:05:26,960 --> 00:05:29,599 Speaker 1: to the equity market. Shares of Disney Or up almost 100 00:05:29,640 --> 00:05:32,279 Speaker 1: seven and a half percent in early trading. The media 101 00:05:32,360 --> 00:05:35,719 Speaker 1: giants third quarter results beat estimates for sales, profit and 102 00:05:35,760 --> 00:05:39,400 Speaker 1: subscriber growth. It's also raising the price of its flagship 103 00:05:39,400 --> 00:05:42,880 Speaker 1: at Disney Plus streaming service by thirty eight percent. Begin 104 00:05:42,920 --> 00:05:46,440 Speaker 1: more from Bloomberg's Lucas Shaw. The thing that really Disney 105 00:05:46,440 --> 00:05:49,720 Speaker 1: announced today is not only stronger growth than anybody expected 106 00:05:50,000 --> 00:05:51,960 Speaker 1: in streaming, which kind of bucks the trend we saw 107 00:05:52,000 --> 00:05:56,080 Speaker 1: everywhere else, whether its Netflix, HBO, Max, Paramount, UH Peacock, 108 00:05:56,279 --> 00:05:59,239 Speaker 1: but but perhaps most importantly that it's raising prices across 109 00:05:59,279 --> 00:06:01,800 Speaker 1: the board for all of its services. And it feels 110 00:06:01,839 --> 00:06:04,480 Speaker 1: like it's now, you know, established itself enough with the 111 00:06:04,480 --> 00:06:06,880 Speaker 1: customers that it is able to do that and Bloomberg's 112 00:06:06,880 --> 00:06:10,039 Speaker 1: Look at Shaw says Disney will introduce an AD supported 113 00:06:10,120 --> 00:06:13,200 Speaker 1: version of its flagship streaming service and raise the price 114 00:06:13,240 --> 00:06:15,760 Speaker 1: of the AD free option to eleven dollars a month. 115 00:06:16,160 --> 00:06:18,240 Speaker 1: It's not just Disney on the move. This morning, shares 116 00:06:18,320 --> 00:06:22,120 Speaker 1: of so No Nos are down twenty percent in early trading. 117 00:06:22,200 --> 00:06:24,880 Speaker 1: Let's get the details on that life from Bloomberg's Ornia Young. 118 00:06:24,920 --> 00:06:28,200 Speaker 1: Good morning, Ronina, Good morning, Nathan. Audio products maker son 119 00:06:28,240 --> 00:06:32,120 Speaker 1: Nos cut its annual revenue view. Company executives are citing 120 00:06:32,120 --> 00:06:36,880 Speaker 1: a more challenging macroeconomic backdrop against an appreciating dollar and 121 00:06:36,960 --> 00:06:41,599 Speaker 1: high inflation, and that's all pressuring consumer sentiment. As a result, 122 00:06:41,640 --> 00:06:45,120 Speaker 1: the company extended its timeline to achieve its previously issue 123 00:06:45,200 --> 00:06:50,440 Speaker 1: targets to beyond fiscal year four. Sons also says CFO 124 00:06:50,560 --> 00:06:54,440 Speaker 1: Brittany Bagley is stepping down to pursue another opportunity and 125 00:06:54,560 --> 00:06:58,160 Speaker 1: names Eddie Lazarus in term CFO live in New York. 126 00:06:58,160 --> 00:07:00,640 Speaker 1: I'm gonned a Young Bloomberg daybreak, All right, we needed 127 00:07:00,720 --> 00:07:03,440 Speaker 1: thanks well. Shares a bumble are also following this morning. 128 00:07:03,440 --> 00:07:05,600 Speaker 1: They're down more than seven per cent, and that's after 129 00:07:05,600 --> 00:07:09,360 Speaker 1: the online dating company trimmed its revenue forecast for the year. 130 00:07:09,760 --> 00:07:12,400 Speaker 1: Futures this morning on the rise, S and P futures 131 00:07:12,440 --> 00:07:15,280 Speaker 1: up nine points and straight to hand, your latest local headlines, 132 00:07:15,360 --> 00:07:23,520 Speaker 1: plus the check of sports. And this is Bloomberg. All right, Karen, 133 00:07:23,520 --> 00:07:25,400 Speaker 1: thank you. This five oh seven on Wall Street, Words, 134 00:07:25,440 --> 00:07:27,960 Speaker 1: seventy six degrees in Central Park and dealing with an 135 00:07:27,960 --> 00:07:30,320 Speaker 1: accident South and New York State through a exit twelve. 136 00:07:30,360 --> 00:07:33,920 Speaker 1: Details coming up in traffic. First, Michael Barr with more 137 00:07:33,920 --> 00:07:36,320 Speaker 1: on what's going on in New York and around the world, 138 00:07:36,400 --> 00:07:41,160 Speaker 1: including the ongoing spat between the mayor and the Texas governor. Michael, Yes, 139 00:07:41,280 --> 00:07:44,120 Speaker 1: you are correct, Nathan. Another bus load of migrants have 140 00:07:44,200 --> 00:07:46,800 Speaker 1: been shipped to New York City by Texas Governor Greg 141 00:07:46,840 --> 00:07:50,240 Speaker 1: Abbott as a political message to the Biden administration and 142 00:07:50,440 --> 00:07:54,480 Speaker 1: the city's leaders. Other bus loads to so called sanctuary 143 00:07:54,600 --> 00:07:57,560 Speaker 1: cities have been sent to Washington. It is fueling a 144 00:07:57,560 --> 00:08:01,080 Speaker 1: political battle between the Republican governor and the Democratic mayors 145 00:08:01,120 --> 00:08:04,560 Speaker 1: in the cities. Yesterday, nearly one hundred migrants arrived in 146 00:08:04,680 --> 00:08:08,040 Speaker 1: New York City from Texas. New York Mayor Eric Adams 147 00:08:08,040 --> 00:08:10,480 Speaker 1: says he might send a bus load of New Yorkers 148 00:08:10,480 --> 00:08:14,560 Speaker 1: to Texas to help Democratic gubernatorial candidate better Or Rourke 149 00:08:14,800 --> 00:08:18,960 Speaker 1: ounced Abbott from office. Abbott responded on Fox go ahead, Mayor, 150 00:08:19,440 --> 00:08:22,680 Speaker 1: make my day. However, the mayor shot back on CBS two. 151 00:08:23,200 --> 00:08:27,440 Speaker 1: I know he thinks he's Clint Eastwood, but he's not. 152 00:08:28,520 --> 00:08:34,160 Speaker 1: He is a anti American governant. Mayor Adam says there's 153 00:08:34,200 --> 00:08:37,480 Speaker 1: nothing successful about treating people with this lack of dignity. 154 00:08:37,920 --> 00:08:40,880 Speaker 1: Donald Trump says he invoked the Fifth Amendment and wouldn't 155 00:08:40,920 --> 00:08:43,840 Speaker 1: answer questions under oath in the long running New York 156 00:08:43,920 --> 00:08:47,720 Speaker 1: civil investigation into his business dealings. Trump was at New 157 00:08:47,800 --> 00:08:51,679 Speaker 1: York Attorney General Letitia James's office yesterday. He sent out 158 00:08:51,679 --> 00:08:54,079 Speaker 1: a statement saying he declined to answer the questions under 159 00:08:54,120 --> 00:08:57,240 Speaker 1: the rights and privileges afforded to every citizen under the 160 00:08:57,360 --> 00:09:01,160 Speaker 1: United States Constitution. And Randy and Official is at large 161 00:09:01,160 --> 00:09:04,320 Speaker 1: one and for the plot to allegedly assassinate former National 162 00:09:04,400 --> 00:09:08,400 Speaker 1: Security Advisor John Bolton. Bolton says Iran cannot be trusted, 163 00:09:08,520 --> 00:09:11,920 Speaker 1: especially when it comes to the nuclear arms deal. I 164 00:09:11,960 --> 00:09:15,080 Speaker 1: think it's a totally untrustworthy government. I think there is 165 00:09:15,160 --> 00:09:19,000 Speaker 1: no possibility they will comply with commitments that they make. 166 00:09:19,360 --> 00:09:22,160 Speaker 1: They are enemies of America. They hate US as the 167 00:09:22,240 --> 00:09:25,520 Speaker 1: great Satan, as they hate Israel as the little Satan. 168 00:09:26,000 --> 00:09:28,720 Speaker 1: The Department of Justice says forty five year old Iranian 169 00:09:28,760 --> 00:09:33,079 Speaker 1: operative Shahram Borsafi offered three hundred thousand dollars to assassinate 170 00:09:33,120 --> 00:09:36,839 Speaker 1: former National Security Advisor Bolton and retaliation for the killing 171 00:09:36,880 --> 00:09:40,240 Speaker 1: of a top Iranian general in Kim John UN's sister 172 00:09:40,320 --> 00:09:44,080 Speaker 1: revealed that North Korean leader Kim joan un suffered from 173 00:09:44,080 --> 00:09:47,439 Speaker 1: a high fever and was seriously ill during a recent 174 00:09:47,480 --> 00:09:51,319 Speaker 1: covid U break. She vowed to eradicate South Korean authorities 175 00:09:51,320 --> 00:09:55,079 Speaker 1: if they continued to tolerate propaganda leaflets the regime blames 176 00:09:55,080 --> 00:09:58,080 Speaker 1: for spreading the virus. Global News twenty four hours a 177 00:09:58,160 --> 00:10:01,240 Speaker 1: day on airand on Bloomberg Quick powered by more than 178 00:10:01,320 --> 00:10:03,640 Speaker 1: twenty seven hundred journalist and analysts more than a hundred 179 00:10:03,640 --> 00:10:06,440 Speaker 1: twenty countries. On Michael bar this is Bloomberg, Nathan, Thank you, Michael. 180 00:10:11,280 --> 00:10:13,199 Speaker 1: Coming up to five cent on Wall Street. Time for 181 00:10:13,200 --> 00:10:16,319 Speaker 1: the Bloomberg Sports Up. Thanko morning, John Stash alright, your morning, Nathan. 182 00:10:16,320 --> 00:10:18,800 Speaker 1: That's still on fire. Another easy win. They led the 183 00:10:18,840 --> 00:10:20,520 Speaker 1: Red six ductor in the third and Tham they won 184 00:10:20,600 --> 00:10:22,439 Speaker 1: ten to two. They've won six in a row and 185 00:10:22,480 --> 00:10:25,319 Speaker 1: the last five they've only allowed a total of nine runs. 186 00:10:25,320 --> 00:10:28,280 Speaker 1: They've won fifteen of their last seventeen. All but two 187 00:10:28,280 --> 00:10:30,880 Speaker 1: of those fifteen wins have been by three runs or more. 188 00:10:31,200 --> 00:10:33,760 Speaker 1: The schedule does get tough for Phillies. Come into City 189 00:10:33,760 --> 00:10:35,800 Speaker 1: Field tomorrow. The Phills rally to win last night. They've 190 00:10:35,840 --> 00:10:38,679 Speaker 1: won seven in a row, twelve of thirteen. Mets then 191 00:10:38,760 --> 00:10:41,720 Speaker 1: go to Atlanta for four games. The Braves won in Boston, 192 00:10:42,120 --> 00:10:44,360 Speaker 1: still thrill the Mets by seven. After that series, the 193 00:10:44,400 --> 00:10:46,760 Speaker 1: Mets go to Philly for four. The Yankees off tonight 194 00:10:46,800 --> 00:10:49,640 Speaker 1: and then in Boston. They'll try to salvage something out 195 00:10:49,679 --> 00:10:52,079 Speaker 1: of this road trip that's been so far a disaster. 196 00:10:52,280 --> 00:10:54,960 Speaker 1: Swept in St. Louis and in Seattle they win nineteen 197 00:10:54,960 --> 00:10:57,880 Speaker 1: innings without a run. Came alive in the seventh home 198 00:10:57,960 --> 00:11:01,320 Speaker 1: runs by Kyle Agashioka and Aaron's judge hit number forty five, 199 00:11:01,640 --> 00:11:04,439 Speaker 1: but Seattle came right back the bottom of the seventies. 200 00:11:06,000 --> 00:11:15,400 Speaker 1: That ball is going back up. Carlos Santana a four 201 00:11:15,640 --> 00:11:19,880 Speaker 1: three league. Carlos breaks it over for seventeen with whole 202 00:11:20,240 --> 00:11:24,560 Speaker 1: number eleven and the Mariners. They happen en up here. 203 00:11:24,880 --> 00:11:27,319 Speaker 1: T Mobile Parks I wrote the call. The homer came 204 00:11:27,360 --> 00:11:30,040 Speaker 1: off Alberta Brios for three of the final the Yankster 205 00:11:30,200 --> 00:11:33,400 Speaker 1: ten and eighteen their last twenty eight games in Dyersville, Iowa. 206 00:11:33,480 --> 00:11:36,240 Speaker 1: Tonight Field of Dreams game, the one the Yankees played 207 00:11:36,280 --> 00:11:38,120 Speaker 1: in last year. Tonight it's the Cubs and Reds. Also 208 00:11:38,160 --> 00:11:41,120 Speaker 1: tonight the Giants preseason opener at New England and the 209 00:11:41,200 --> 00:11:43,880 Speaker 1: new coaching staff and only three preseason games now new 210 00:11:43,920 --> 00:11:47,040 Speaker 1: coach Briant Dable wants to play. His daughters Daniel Jones, 211 00:11:47,040 --> 00:11:49,280 Speaker 1: say Kwan Barkley expected to play in the early going. 212 00:11:49,600 --> 00:11:52,680 Speaker 1: John Stash warning Bloomberg Sports, Nathan Okay, John, thank you. 213 00:11:52,840 --> 00:11:55,440 Speaker 1: SMP futures right now up seven points, South futures up 214 00:11:55,520 --> 00:11:58,959 Speaker 1: ninety six. Insect futures are highed by eleven points ten. 215 00:11:59,040 --> 00:12:01,360 Speaker 1: Your treasuries up on thirty second, the yield two point 216 00:12:01,440 --> 00:12:08,480 Speaker 1: seven seven per cent. This is Bloomberg Bloomberg eleventh three 217 00:12:08,480 --> 00:12:10,760 Speaker 1: oh weather. Chance for a shower this morning, otherwise becoming 218 00:12:10,800 --> 00:12:13,880 Speaker 1: partly sunny with high near eighty five degrees, low eighties, 219 00:12:13,960 --> 00:12:17,920 Speaker 1: mostly sunny Tomorrow, sunshine high near eighty on Saturday, right 220 00:12:17,960 --> 00:12:23,840 Speaker 1: now seventy six in Central Park markets, headlines and breaking 221 00:12:23,880 --> 00:12:26,800 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 222 00:12:26,880 --> 00:12:29,959 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. This 223 00:12:30,400 --> 00:12:39,360 Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow. And 224 00:12:39,440 --> 00:12:42,320 Speaker 1: stocks are trimming a rally spurred by software than expected 225 00:12:42,400 --> 00:12:45,720 Speaker 1: US inflation data as investors, I guess comments from Federal 226 00:12:45,760 --> 00:12:48,679 Speaker 1: Reserve officials who remain resolute on the need for further 227 00:12:48,760 --> 00:12:51,120 Speaker 1: interest rate hikes. We check the markets every fifteen minutes 228 00:12:51,160 --> 00:12:53,880 Speaker 1: throughout the trading day on Bloomberg and right now westn 229 00:12:53,880 --> 00:12:57,080 Speaker 1: P futures they're up nine points down futures of nineties 230 00:12:57,120 --> 00:13:00,080 Speaker 1: seven and nowsday futures of twenty one. The Dacks in 231 00:13:00,160 --> 00:13:03,000 Speaker 1: Germany is down about two tenths of upper cent ten 232 00:13:03,080 --> 00:13:05,600 Speaker 1: year treasury up one thirty second deal two point seven 233 00:13:05,679 --> 00:13:08,600 Speaker 1: six percent yield on the two year three point one 234 00:13:08,720 --> 00:13:11,880 Speaker 1: seven percent. Nine X. Screwed oil is up about nine 235 00:13:11,920 --> 00:13:14,040 Speaker 1: tenths per cent, up eighty two cents and ninety two 236 00:13:14,360 --> 00:13:17,640 Speaker 1: seventy four cents of barrel. Comic Schold is down half percent, 237 00:13:17,720 --> 00:13:19,679 Speaker 1: or eight dollars eighty cents at eight ten o four 238 00:13:19,720 --> 00:13:22,599 Speaker 1: and ninety announce the Euro one point oh three to 239 00:13:22,840 --> 00:13:25,120 Speaker 1: eight against the dollar, British pound one point two to 240 00:13:25,320 --> 00:13:28,040 Speaker 1: two zero, the yen is at one thirty two point 241 00:13:28,120 --> 00:13:30,160 Speaker 1: six four and look at it, big coin, It's up 242 00:13:30,160 --> 00:13:32,440 Speaker 1: two and a half percent to twenty four thousand, five 243 00:13:32,520 --> 00:13:35,200 Speaker 1: hundred dollars. And today we are watching for the weekly 244 00:13:35,240 --> 00:13:38,400 Speaker 1: report on initial jobless claims at a thirty Wall Street time, 245 00:13:38,440 --> 00:13:41,880 Speaker 1: along with the Producer Price Index as a Bloomberg business flash. 246 00:13:41,880 --> 00:13:44,240 Speaker 1: Now here's Michael Barr with Moore on what's going on 247 00:13:44,280 --> 00:13:47,199 Speaker 1: around the world. Michael, good morning, Good morning Karen. Former 248 00:13:47,240 --> 00:13:50,839 Speaker 1: President Trump appeared before New York's Attorney General Force Warren 249 00:13:50,880 --> 00:13:54,480 Speaker 1: deposition as part of a civil investigation into his family 250 00:13:54,640 --> 00:13:58,080 Speaker 1: real estate business. Trump sided the fifth, declining to answer 251 00:13:58,080 --> 00:14:01,679 Speaker 1: any questions. North Korean to Kim John Un declared victory 252 00:14:01,800 --> 00:14:05,560 Speaker 1: over COVID nineteen at a national meeting his sister, and 253 00:14:05,640 --> 00:14:09,520 Speaker 1: an especially combative speech said Kim had suffered a fever 254 00:14:09,640 --> 00:14:14,760 Speaker 1: himself and laid dubious blame against South Korea, vowing deadly retaliation. 255 00:14:15,320 --> 00:14:18,280 Speaker 1: In baseball, the Yankees lost to the Mariners for three. 256 00:14:18,480 --> 00:14:22,520 Speaker 1: The Mets beat the Reds ten to the Red Sox, Nationals, 257 00:14:22,560 --> 00:14:26,200 Speaker 1: Hayes and giants all lost. Global news twenty four hours 258 00:14:26,200 --> 00:14:29,400 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 259 00:14:29,440 --> 00:14:32,160 Speaker 1: more than twenty seven hundred journalists and analysts are more 260 00:14:32,160 --> 00:14:34,760 Speaker 1: than a hundred twenty countries. I'm Michael Barr, and this 261 00:14:35,040 --> 00:14:38,000 Speaker 1: is Bloomberg. Nathan him Michael, thank you. It's five nineteen 262 00:14:38,040 --> 00:14:41,320 Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers studios. 263 00:14:41,360 --> 00:14:44,080 Speaker 1: This is Bloomberg a daybreak. Let's get right into this 264 00:14:44,200 --> 00:14:47,000 Speaker 1: market this morning. We're joined down by St. Dwack, chief 265 00:14:47,040 --> 00:14:50,200 Speaker 1: investment officer at Flow Bank ste It's great to speak 266 00:14:50,200 --> 00:14:52,200 Speaker 1: with you this morning. I'd love to get your take 267 00:14:52,280 --> 00:14:55,600 Speaker 1: on the rally off the back of yesterday's cooling consumer 268 00:14:55,640 --> 00:15:00,600 Speaker 1: price print. Well, good morning. You know, I think we've 269 00:15:00,640 --> 00:15:04,000 Speaker 1: had upside surprises for the last few months, and then 270 00:15:04,040 --> 00:15:06,880 Speaker 1: we had that big upside surprise and the non farm payrolls, 271 00:15:07,120 --> 00:15:12,000 Speaker 1: so to finally get an indicator that this inflation is 272 00:15:12,320 --> 00:15:15,320 Speaker 1: on its way. We've had a number of other smaller 273 00:15:15,360 --> 00:15:18,480 Speaker 1: indicators with the i M prices paid and then the 274 00:15:18,520 --> 00:15:21,480 Speaker 1: price index and the p M I S, so we're 275 00:15:21,480 --> 00:15:24,400 Speaker 1: starting to get those signals, but we needed one sort 276 00:15:24,440 --> 00:15:27,440 Speaker 1: of official data point to come in lower and to 277 00:15:27,480 --> 00:15:30,160 Speaker 1: come in lower than expectations, both on the headline and 278 00:15:30,280 --> 00:15:33,600 Speaker 1: on core. So it is something of a relief for markets, 279 00:15:34,240 --> 00:15:36,200 Speaker 1: even if the FED is still saying that they're going 280 00:15:36,240 --> 00:15:39,040 Speaker 1: to keep hiking. I don't think the market saying we're 281 00:15:39,040 --> 00:15:41,440 Speaker 1: at the end. I think they're saying, we might not 282 00:15:41,560 --> 00:15:45,080 Speaker 1: need seventy five basis points at the next few meetings, 283 00:15:45,560 --> 00:15:48,160 Speaker 1: and we're going to give it a little time to see. 284 00:15:48,760 --> 00:15:50,640 Speaker 1: We have six weeks till the next FED meeting. We're 285 00:15:50,640 --> 00:15:52,520 Speaker 1: gonna start to see some of those first hikes filter 286 00:15:52,600 --> 00:15:55,160 Speaker 1: through into the economy as well. Well, what do you 287 00:15:55,200 --> 00:15:57,280 Speaker 1: think there's going to be needed? As you mentioned, a 288 00:15:57,320 --> 00:15:59,680 Speaker 1: lot of FED speakers are saying they're not done yet. 289 00:15:59,760 --> 00:16:03,400 Speaker 1: It's sounds like even some of the what people used 290 00:16:03,400 --> 00:16:06,120 Speaker 1: to be doves like Neil cash Cary are still keeping 291 00:16:06,200 --> 00:16:08,720 Speaker 1: seventy five basis points on the table in the next meeting. 292 00:16:10,480 --> 00:16:12,960 Speaker 1: I think they don't want to, you know, say there 293 00:16:13,000 --> 00:16:16,680 Speaker 1: they've they've got that inflation is beaten too soon, and 294 00:16:16,720 --> 00:16:20,200 Speaker 1: they certainly don't want inflation and expectations to become an 295 00:16:20,240 --> 00:16:23,720 Speaker 1: anchored again or to start lifting because the FED is 296 00:16:23,720 --> 00:16:25,800 Speaker 1: lifting its foot off the pedals, so they're gonna keep 297 00:16:25,840 --> 00:16:29,160 Speaker 1: talking hawk ish. Um we again, we have six weeks 298 00:16:29,160 --> 00:16:31,680 Speaker 1: till the next said meeting. It feels more probably like 299 00:16:31,720 --> 00:16:34,360 Speaker 1: we should get fifty basis points, and that will depend 300 00:16:34,400 --> 00:16:36,880 Speaker 1: on the non farm payrolls and the next inflation number, 301 00:16:37,320 --> 00:16:40,520 Speaker 1: and then maybe a couple more basis points. But I'm 302 00:16:40,560 --> 00:16:43,920 Speaker 1: not sure we're going to get those outside rate hikes anymore. 303 00:16:45,080 --> 00:16:48,000 Speaker 1: In terms of the rally that we saw yesterday, do 304 00:16:48,120 --> 00:16:50,920 Speaker 1: you see this as the start of a new bull 305 00:16:50,960 --> 00:16:55,120 Speaker 1: market or is it just a bear market bounce? It's 306 00:16:55,120 --> 00:16:58,320 Speaker 1: always difficult to judge that. It does feel like we've 307 00:16:58,480 --> 00:17:02,840 Speaker 1: we've passed some of those resistance levels and that June 308 00:17:02,960 --> 00:17:06,200 Speaker 1: should prove to be the lows. Now. I don't think 309 00:17:06,280 --> 00:17:09,119 Speaker 1: yesterday is going to be the you know, the start 310 00:17:09,200 --> 00:17:12,040 Speaker 1: of the next straight line up. We're probably going to 311 00:17:12,119 --> 00:17:14,560 Speaker 1: have some kind of headline that scares us a little more. 312 00:17:15,440 --> 00:17:17,560 Speaker 1: Jackson Hole I think will prove to be something of 313 00:17:17,600 --> 00:17:19,680 Speaker 1: a non event. But I don't think we get any 314 00:17:19,760 --> 00:17:22,320 Speaker 1: change of tone from the Fed then, so we have 315 00:17:22,400 --> 00:17:25,160 Speaker 1: to wait a little more for those those headlines. Make 316 00:17:25,160 --> 00:17:28,200 Speaker 1: sure we don't get another few more big scares from 317 00:17:28,240 --> 00:17:32,000 Speaker 1: some of those those chip companies or from the retailers 318 00:17:32,040 --> 00:17:33,959 Speaker 1: that are coming up in the next couple of weeks. 319 00:17:34,720 --> 00:17:38,600 Speaker 1: So I think bumpy ride, but it's starting to feel 320 00:17:39,600 --> 00:17:43,159 Speaker 1: more like the June was the bottom. How bumpy do 321 00:17:43,200 --> 00:17:45,080 Speaker 1: you think? I mean, it seems like we've seen some 322 00:17:45,160 --> 00:17:48,280 Speaker 1: pretty strong moves one way or the other, depending on 323 00:17:48,440 --> 00:17:52,200 Speaker 1: what kind of headlines we get from the data. We're 324 00:17:52,240 --> 00:17:55,879 Speaker 1: definitely getting big knee jerk reactions. And let's not forget 325 00:17:55,920 --> 00:17:59,720 Speaker 1: that we're in August, so volumes are always lower. We're 326 00:17:59,760 --> 00:18:05,280 Speaker 1: geting sort of fewer data points, uh for now, at least, 327 00:18:05,359 --> 00:18:08,760 Speaker 1: especially because the bulk of the earning season is behind us. 328 00:18:09,240 --> 00:18:13,000 Speaker 1: Um it can move, you know, a couple of percentage 329 00:18:13,000 --> 00:18:16,080 Speaker 1: points in either direction on a given day. We had 330 00:18:16,119 --> 00:18:18,280 Speaker 1: a big bounce in July, so a little bit of 331 00:18:18,280 --> 00:18:21,480 Speaker 1: consolidation now makes sense. But I think as we move 332 00:18:21,560 --> 00:18:24,440 Speaker 1: into September and the end of the year, the direction 333 00:18:24,520 --> 00:18:27,520 Speaker 1: should be upward, just to keep it on the idea 334 00:18:27,560 --> 00:18:30,320 Speaker 1: of a medium term outlook here in our last minute 335 00:18:30,400 --> 00:18:33,720 Speaker 1: as the If the FED does stay aggressive and keeps 336 00:18:33,760 --> 00:18:35,560 Speaker 1: with the talk that they've been putting out there, what 337 00:18:35,800 --> 00:18:38,920 Speaker 1: is the market impact? Can stocks continue to power through 338 00:18:38,920 --> 00:18:42,719 Speaker 1: on earnings. That's going to be a big question, and 339 00:18:42,760 --> 00:18:45,920 Speaker 1: it will depend how much or how aggressive the Fed 340 00:18:46,000 --> 00:18:49,200 Speaker 1: wants to continue to be. We we've seen a peek 341 00:18:49,240 --> 00:18:51,879 Speaker 1: at around three point six three point seven of a 342 00:18:52,000 --> 00:18:55,560 Speaker 1: terminal rate expectations from the market, So if we go 343 00:18:55,640 --> 00:18:58,480 Speaker 1: back towards that from where we are today, I don't 344 00:18:58,480 --> 00:19:01,720 Speaker 1: think it's that big of a move. Um So I 345 00:19:01,760 --> 00:19:04,520 Speaker 1: think markets can weather it. But would you have short 346 00:19:04,640 --> 00:19:06,800 Speaker 1: term corrections or we'd have a little more of those 347 00:19:06,840 --> 00:19:10,400 Speaker 1: growth fears coming back because we're really gone between inflation 348 00:19:10,440 --> 00:19:12,960 Speaker 1: and growth fears back and forth. I think that can 349 00:19:13,040 --> 00:19:15,679 Speaker 1: last a little bit longer. Really great to get your thoughts, 350 00:19:15,720 --> 00:19:17,920 Speaker 1: ste thanks again for being with us. S D. Dwack, 351 00:19:18,119 --> 00:19:23,399 Speaker 1: chief investment Officer at Flow Bank. Right now, after yesterday's rally, 352 00:19:23,440 --> 00:19:26,760 Speaker 1: SMP futures are pointing a little bit higher, up eight points, 353 00:19:26,840 --> 00:19:31,639 Speaker 1: Stal futures up, NASDAC futures pairing some of their gains 354 00:19:31,640 --> 00:19:34,880 Speaker 1: are up twenty points UH. The tech heavy NASDAC had 355 00:19:35,240 --> 00:19:37,919 Speaker 1: led the rally UH that we saw yesterday off the 356 00:19:37,960 --> 00:19:41,360 Speaker 1: back of July c p I tenure Treasury right now 357 00:19:41,480 --> 00:19:43,880 Speaker 1: is up one thirty second. The yield two point seven 358 00:19:43,960 --> 00:19:46,720 Speaker 1: six percent yield on the two year three point one 359 00:19:46,800 --> 00:19:49,399 Speaker 1: seven percent, nim X s crewde is higher up nine 360 00:19:49,440 --> 00:19:52,359 Speaker 1: cents percent of seventy nine cents, ninety two dollars seventy 361 00:19:52,400 --> 00:19:55,639 Speaker 1: two cents a barrel, and Comics goal down a half percent, 362 00:19:55,680 --> 00:19:58,680 Speaker 1: down eight dollars fifty cents. At eighteen oh five twenty 363 00:19:58,800 --> 00:20:02,800 Speaker 1: announce Stay with us. You're listening to Bloomberg Day Right 364 00:20:07,280 --> 00:20:09,439 Speaker 1: Bloomberg eleven three oh weather. We could see a shower 365 00:20:09,480 --> 00:20:12,560 Speaker 1: this morning. Otherwise partly sunny, mid eighties for highs low 366 00:20:12,600 --> 00:20:16,439 Speaker 1: eighties to end the week, Tomorrow, sunshine eighty for Saturday. 367 00:20:17,119 --> 00:20:23,840 Speaker 1: Right now seventy six in Central Park. Broadcasting live from 368 00:20:23,840 --> 00:20:27,679 Speaker 1: the Bloomberg Interactive Broker Studio in New York, Bloomberg E 369 00:20:27,720 --> 00:20:32,359 Speaker 1: Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg 370 00:20:32,440 --> 00:20:35,520 Speaker 1: one O six one to San Francisco, Bloomberg nine six 371 00:20:35,720 --> 00:20:39,080 Speaker 1: to the country, Sirius XM to one, and around the 372 00:20:39,080 --> 00:20:43,160 Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot Com. This 373 00:20:43,480 --> 00:20:52,320 Speaker 1: is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. 374 00:20:52,320 --> 00:20:55,520 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We're just about 375 00:20:55,560 --> 00:20:58,520 Speaker 1: four hours away. From the open of US trading. Let's 376 00:20:58,520 --> 00:20:59,880 Speaker 1: get you up to date on the news you need 377 00:20:59,880 --> 00:21:02,119 Speaker 1: to know. At this shower, US Future is adding to 378 00:21:02,240 --> 00:21:04,960 Speaker 1: yesterday's rally. I do present search in the S and 379 00:21:05,000 --> 00:21:08,560 Speaker 1: P five hundred was fueled by softer than expected inflation data, 380 00:21:08,800 --> 00:21:12,480 Speaker 1: and Stacey m Rosso, chief investment strategist at Capital, says 381 00:21:12,760 --> 00:21:15,960 Speaker 1: it might be time to add equity exposure. The time 382 00:21:16,000 --> 00:21:18,480 Speaker 1: to do this was not in February and retrospect, when 383 00:21:18,520 --> 00:21:20,520 Speaker 1: we still had three hundred basis points or more of 384 00:21:20,600 --> 00:21:22,840 Speaker 1: rate hikes to go. But if we have seventy five 385 00:21:23,040 --> 00:21:25,800 Speaker 1: or a hundred, that should not pressure the multiples as 386 00:21:25,880 --> 00:21:29,520 Speaker 1: much anymore. So I would be selectively looking to add 387 00:21:29,640 --> 00:21:31,879 Speaker 1: to some of the thematic stocks, to high growth stocks 388 00:21:31,920 --> 00:21:34,000 Speaker 1: that have not worked in the last six months. My 389 00:21:34,160 --> 00:21:37,520 Speaker 1: capitals and a Statia Murosso's as positioning will be important 390 00:21:37,520 --> 00:21:41,240 Speaker 1: for buyers and current market conditions well. Softening inflation data 391 00:21:41,280 --> 00:21:44,040 Speaker 1: makes site markets, Karen, but it's not changing minds at 392 00:21:44,080 --> 00:21:47,160 Speaker 1: the FED. Bloomberg's John Tucker joins US Live at that story. 393 00:21:47,240 --> 00:21:50,280 Speaker 1: John Minip was FED President Neil cosh Car says the 394 00:21:50,320 --> 00:21:52,320 Speaker 1: idea that FED is going to start cutting rates early 395 00:21:52,359 --> 00:21:55,400 Speaker 1: next year is unrealistic. I think much more likely scenario 396 00:21:55,720 --> 00:21:58,120 Speaker 1: if we will raise rates to some point and then 397 00:21:58,160 --> 00:22:01,879 Speaker 1: we will sit there until you get convinced that inflation 398 00:22:02,000 --> 00:22:04,240 Speaker 1: is well on its way back down to two. At 399 00:22:04,240 --> 00:22:07,560 Speaker 1: the separate events, Chicago Fed President Charles Evans that inflation 400 00:22:07,600 --> 00:22:11,000 Speaker 1: remains unacceptably high. He expects the Central Bank to be 401 00:22:11,080 --> 00:22:14,600 Speaker 1: increasing rates into next year, and San Francisco president Mary 402 00:22:14,680 --> 00:22:18,040 Speaker 1: Daily didn't rule out at third consecutive bases point the 403 00:22:18,040 --> 00:22:20,600 Speaker 1: increase in September. Daily, by the way, it's going to 404 00:22:20,640 --> 00:22:23,439 Speaker 1: be on Bloomberg Radio and TV tonight at seven thirty 405 00:22:23,440 --> 00:22:26,600 Speaker 1: Eastern live in New York on John Tucker Bloomberg Daybreak. 406 00:22:26,760 --> 00:22:29,040 Speaker 1: All right, John, thank you well. We get more inflation 407 00:22:29,119 --> 00:22:31,960 Speaker 1: data today with the producer price ind Actually at eight 408 00:22:32,000 --> 00:22:35,240 Speaker 1: thirty am Wall Street time. We're also seeing pressure ease 409 00:22:35,280 --> 00:22:38,000 Speaker 1: at the pump. Triple A reports the average price of 410 00:22:38,080 --> 00:22:40,760 Speaker 1: gas in the US has fallen below four dollars a 411 00:22:40,800 --> 00:22:43,480 Speaker 1: Gallon the Corporate News Now, Karen Shares of Disney or 412 00:22:43,520 --> 00:22:45,800 Speaker 1: up after it beat third quarter estimates and announced it's 413 00:22:45,840 --> 00:22:49,000 Speaker 1: introducing an ad supported version of its flagship streaming service, 414 00:22:49,040 --> 00:22:52,320 Speaker 1: Disney Plus. There will also be a price increase if 415 00:22:52,359 --> 00:22:55,520 Speaker 1: you don't want ads. Disney shares up almost seven and 416 00:22:55,520 --> 00:22:58,640 Speaker 1: a half percent. All shares A Sons also moving this morning, 417 00:22:58,720 --> 00:23:01,280 Speaker 1: Nathan down more than twenty percent. I'm Bloomberg's real need 418 00:23:01,320 --> 00:23:03,440 Speaker 1: a young joins us live with that story. Ready to 419 00:23:03,440 --> 00:23:06,560 Speaker 1: good morning, Good morning, Karen. Audio products maker so NOS 420 00:23:06,600 --> 00:23:10,000 Speaker 1: cut its annual revenue view. Company executives are signing a 421 00:23:10,000 --> 00:23:14,040 Speaker 1: more challenging macroeconomic backdrop, and as a result, the company 422 00:23:14,040 --> 00:23:17,760 Speaker 1: extended its timeline to achieve its previously issued targets to 423 00:23:17,880 --> 00:23:22,760 Speaker 1: beyond fiscal year four. SOS is also undergoing a leadership change, 424 00:23:22,760 --> 00:23:27,000 Speaker 1: with its CFO stepping down to pursue another opportunity. Live 425 00:23:27,040 --> 00:23:29,360 Speaker 1: in New York, I'm really need a young Bloomberg day 426 00:23:29,359 --> 00:23:31,320 Speaker 1: break all. I ready to thank you and your latest 427 00:23:31,359 --> 00:23:33,800 Speaker 1: local headlines plus a check of sports, all straight ahead. 428 00:23:33,840 --> 00:23:40,679 Speaker 1: This is Bloomberg. Thanks on Wall Street seventy five degrees. 429 00:23:40,720 --> 00:23:42,640 Speaker 1: Still dealing with the accident south on New York State 430 00:23:42,680 --> 00:23:44,760 Speaker 1: three w Eggs at twelve. Michael Barr has more on 431 00:23:44,800 --> 00:23:47,399 Speaker 1: what's going on in New York and around the world. Michael, Nathan, 432 00:23:47,440 --> 00:23:50,359 Speaker 1: thank you very much. The spat continues between New York 433 00:23:50,400 --> 00:23:54,280 Speaker 1: Mayor Eric Adams and Texas Governor Greg Abbott. Yesterday, another 434 00:23:54,320 --> 00:23:57,360 Speaker 1: bus slow to migrants arrived in New York City from Texas. 435 00:23:57,720 --> 00:23:59,920 Speaker 1: Abbott says it's a message to the Biden of and 436 00:24:00,000 --> 00:24:03,240 Speaker 1: illustration and the city's leaders about stopping the flow of 437 00:24:03,280 --> 00:24:08,240 Speaker 1: migrants at the border. Mayor Adams responded, there's nothing successfulful 438 00:24:08,280 --> 00:24:11,960 Speaker 1: about treating people with his lack of dignity. Along with 439 00:24:12,040 --> 00:24:16,000 Speaker 1: Mayor Adams, City Abbot is also sending migrants to Washington, 440 00:24:16,119 --> 00:24:21,639 Speaker 1: d C. Mayor Muriel Bowser. We have a growing humanitarian 441 00:24:21,920 --> 00:24:26,159 Speaker 1: crisis that we expect that the federal government expects is 442 00:24:26,160 --> 00:24:30,280 Speaker 1: going to only worsen. Washington D C. Mayor Muriel Bowser. 443 00:24:30,359 --> 00:24:32,880 Speaker 1: More than a hundred sixty five buses have left Texas 444 00:24:32,880 --> 00:24:36,280 Speaker 1: since April. Donald Trump says he invoked the Fifth Amendment 445 00:24:36,359 --> 00:24:38,960 Speaker 1: and would not answer questions under oath in the long 446 00:24:39,080 --> 00:24:43,040 Speaker 1: running New York civil investigation into his business dealings. Trump 447 00:24:43,160 --> 00:24:46,480 Speaker 1: was at New York Attorney General Letitia James's office. He 448 00:24:46,560 --> 00:24:48,760 Speaker 1: sent out a statement saying he declined to answer the 449 00:24:48,840 --> 00:24:52,600 Speaker 1: questions under the rights and privileges afforded to every citizen 450 00:24:52,760 --> 00:24:56,840 Speaker 1: under the U S Constitution. FBI Director Christopher Ray says 451 00:24:56,880 --> 00:25:00,440 Speaker 1: he could not talk about FBI agents searching my a Lago, 452 00:25:00,600 --> 00:25:03,719 Speaker 1: the home of former President Trump. Ray did say that 453 00:25:03,760 --> 00:25:06,840 Speaker 1: he is concerned about the threats to law enforcement that 454 00:25:06,920 --> 00:25:10,680 Speaker 1: have been voiced since then. Any threats made against law enforcement, 455 00:25:10,800 --> 00:25:13,320 Speaker 1: including the men and women of the FBI, as with 456 00:25:13,400 --> 00:25:18,240 Speaker 1: any law enforcement agency, are are deplorable and dangerous. FBI 457 00:25:18,320 --> 00:25:22,000 Speaker 1: Director Christopher Ray spoke from his field office in Omaha, Nebraska. 458 00:25:22,480 --> 00:25:25,800 Speaker 1: The Justice Department has charged a member of Iran's Revolutionary 459 00:25:25,880 --> 00:25:29,760 Speaker 1: Guard Corps with planning to assassinate John Bolton, Donald Trump's 460 00:25:29,760 --> 00:25:33,480 Speaker 1: former national security adviser. The alleged plot against Bolton was 461 00:25:33,640 --> 00:25:36,760 Speaker 1: likely revenge for the killing of a top Iranian general. 462 00:25:36,800 --> 00:25:40,440 Speaker 1: Win Trump was president Global News twenty four hours a 463 00:25:40,560 --> 00:25:44,040 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 464 00:25:44,080 --> 00:25:47,040 Speaker 1: than twenty seven hundred journalist and analyst in more than 465 00:25:47,080 --> 00:25:50,520 Speaker 1: a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. 466 00:25:50,600 --> 00:25:57,880 Speaker 1: Nathan Okay, Michael, Thanks by thirty five on Wall Street. 467 00:25:57,960 --> 00:26:00,800 Speaker 1: John Stashire has a Bloomberg Sports Sunday Right. Nathan Mets 468 00:26:00,800 --> 00:26:03,240 Speaker 1: made it six in a row, fifteen of the last seven. 469 00:26:03,280 --> 00:26:06,240 Speaker 1: Team Meat the Reds easily ten to two. Francisco Indoor 470 00:26:06,359 --> 00:26:08,800 Speaker 1: had another big day. He's already tied Jose Reys his 471 00:26:08,880 --> 00:26:12,040 Speaker 1: record for most RBIs in a season by a mex shortstop. 472 00:26:12,080 --> 00:26:15,359 Speaker 1: Mets move thirty four games over five hundred, the Dodgers 473 00:26:15,400 --> 00:26:17,600 Speaker 1: the only MLB team of a better record. After a 474 00:26:17,680 --> 00:26:19,640 Speaker 1: day off, the Mets will now take on the Phillies 475 00:26:19,920 --> 00:26:23,200 Speaker 1: with the one to punch. Max Scherzer starts tomorrow. Jacob 476 00:26:23,240 --> 00:26:27,480 Speaker 1: mcrom Saturday. Yankees sleeping in Seattle, nineteen straight hittings without 477 00:26:27,520 --> 00:26:29,960 Speaker 1: a run. Finally in the seventh home runs by Kyle 478 00:26:30,000 --> 00:26:32,280 Speaker 1: he gosh Yoka and Aaron Judge of this forty five, 479 00:26:32,359 --> 00:26:35,959 Speaker 1: but Carlos Santana homer off Albert Debreo bottom of the seventh. 480 00:26:35,960 --> 00:26:38,480 Speaker 1: Amritors won for three Yanks, wasting a good outing by 481 00:26:38,520 --> 00:26:40,879 Speaker 1: Nestor Cortez. He had a no hitter going in the 482 00:26:40,880 --> 00:26:42,840 Speaker 1: sixth and the Yanks just one in five on this 483 00:26:43,000 --> 00:26:46,000 Speaker 1: road trip, then now takes them to Boston starting tomorrow. 484 00:26:46,040 --> 00:26:49,520 Speaker 1: The Giants tonight hit New England the preseason opener. Because 485 00:26:49,560 --> 00:26:52,400 Speaker 1: Brian dave Ball asked about using his starters, at least 486 00:26:52,400 --> 00:26:54,399 Speaker 1: in the early going, some guys have played a lot 487 00:26:54,400 --> 00:26:58,360 Speaker 1: of football, some have played less. Everybody's in new systems 488 00:26:58,400 --> 00:27:01,720 Speaker 1: here with our him on offense or system on defense. 489 00:27:01,800 --> 00:27:04,880 Speaker 1: The kicking game is similar, but I think that's important 490 00:27:04,920 --> 00:27:08,160 Speaker 1: for you know, to play football, to have live reps 491 00:27:08,440 --> 00:27:10,639 Speaker 1: all at one time. New England assistant. The Jets have 492 00:27:10,720 --> 00:27:14,000 Speaker 1: their preseason opener tomorrow night in Philadelphia and also tomorrow 493 00:27:14,040 --> 00:27:17,840 Speaker 1: Cleveland at Jacksonville, and Deshaun Watson expected to play for 494 00:27:17,920 --> 00:27:20,520 Speaker 1: the Browns, his new team, even though he'll be suspended 495 00:27:20,760 --> 00:27:23,280 Speaker 1: for the start of the regular season. Tennis in Toronto, 496 00:27:23,359 --> 00:27:26,359 Speaker 1: Serena Williams lost. She's gonna play the tournament in Cincinnati 497 00:27:26,400 --> 00:27:28,920 Speaker 1: and then come to New York for apparently her swan 498 00:27:29,000 --> 00:27:31,879 Speaker 1: song at the US Open. John Stashward Bloomberg Sports than 499 00:27:32,400 --> 00:27:34,720 Speaker 1: all right, thank you, John. It's almost five thirty seven 500 00:27:34,760 --> 00:27:37,159 Speaker 1: on Wall Street. Time for the Tri State Business Report. 501 00:27:37,200 --> 00:27:40,159 Speaker 1: Here's Bloomberg's ed Corey In New York City, the m 502 00:27:40,240 --> 00:27:42,399 Speaker 1: t A is one step closer to rolling out a 503 00:27:42,480 --> 00:27:46,400 Speaker 1: congestion pricing plan. It would charge some motorists as much 504 00:27:46,440 --> 00:27:49,600 Speaker 1: as twenty three bucks to enter Manhattan Central Business District. 505 00:27:50,240 --> 00:27:53,480 Speaker 1: The tolling scenarios for a plan of first for US 506 00:27:53,520 --> 00:27:57,680 Speaker 1: City were outlined in an environmental assessment report released Wednesday. 507 00:27:57,880 --> 00:28:01,720 Speaker 1: Gasolene inventories in the Central Atlantic, which includes New York 508 00:28:01,760 --> 00:28:05,360 Speaker 1: Harbor home to NIMES, physical deliveries have following to their 509 00:28:05,359 --> 00:28:09,200 Speaker 1: lowest absolute level since November twelve. Aside from that year, 510 00:28:09,320 --> 00:28:12,960 Speaker 1: Central Atlantic stockpiles are at their lowest seasonal level ever 511 00:28:13,080 --> 00:28:17,480 Speaker 1: since record keeping began. In a popular in New York 512 00:28:17,480 --> 00:28:19,639 Speaker 1: City based ice cream chain is coming to d C. 513 00:28:20,240 --> 00:28:22,359 Speaker 1: Van lew And Ice Cream says it plans at least 514 00:28:22,400 --> 00:28:24,840 Speaker 1: two locations there, a little more than two and a 515 00:28:24,880 --> 00:28:28,280 Speaker 1: half years after the Brooklyn based business retained advisers to 516 00:28:28,320 --> 00:28:32,359 Speaker 1: begin a national expansion. As your Bloomberg Trying State Business Report, 517 00:28:32,440 --> 00:28:34,880 Speaker 1: I'm Ed Corey. Thanks said, It's almost five thirty eight 518 00:28:34,880 --> 00:28:37,000 Speaker 1: on Wall Street. Bloomberg Radio is on the air from 519 00:28:37,040 --> 00:28:39,680 Speaker 1: San Francisco to New York, London to Hong Kong. Let's 520 00:28:39,720 --> 00:28:41,440 Speaker 1: check in with our global news team for some of 521 00:28:41,440 --> 00:28:43,920 Speaker 1: the top stories heard on our three hundred affiliate radio 522 00:28:44,000 --> 00:28:50,360 Speaker 1: stations around the world. I'm Steve Potis chen Chen Wins 523 00:28:50,360 --> 00:28:53,480 Speaker 1: in New York. We're talking about another record high for 524 00:28:53,600 --> 00:28:58,600 Speaker 1: average Manhattan's Department rent on k r H in Houston, 525 00:28:58,720 --> 00:29:01,120 Speaker 1: the price at the pump Nationally, it's now below four 526 00:29:01,160 --> 00:29:04,120 Speaker 1: bucks a gallon. I'm Gina Servetti and for w c 527 00:29:04,280 --> 00:29:08,160 Speaker 1: CEO in Minneapolis, I'm reporting that Cargill said annual revenues 528 00:29:08,240 --> 00:29:11,200 Speaker 1: surge twenty three percent to a record one hundred sixty 529 00:29:11,280 --> 00:29:14,840 Speaker 1: five billion in its latest fiscal year. Hanley's Matteo and 530 00:29:14,880 --> 00:29:17,640 Speaker 1: I'm w Beazy in Boston. I'll be reporting on why 531 00:29:17,720 --> 00:29:20,920 Speaker 1: You're Disney BLUs subscription is about to get more expensive. 532 00:29:21,160 --> 00:29:24,600 Speaker 1: I'm Stephen Carroll on Bloomberg DAB Digital Radio in London. 533 00:29:24,680 --> 00:29:27,760 Speaker 1: We've been speaking to the UK's biggest water supplier about 534 00:29:27,760 --> 00:29:30,280 Speaker 1: how it plans to cope as the country heads into 535 00:29:30,320 --> 00:29:34,480 Speaker 1: another heat wave. Mid Chloring on w w J in Detroit. 536 00:29:34,560 --> 00:29:37,959 Speaker 1: I'm reporting a Michigan distillery is closing its third northern 537 00:29:38,000 --> 00:29:41,280 Speaker 1: Michigan location in the pan year. And those are some 538 00:29:41,360 --> 00:29:43,960 Speaker 1: of the stories are twenty seven hundred Bloomberg journalists and 539 00:29:44,000 --> 00:29:46,520 Speaker 1: analysts are working on this morning around the world. It's 540 00:29:46,560 --> 00:29:49,360 Speaker 1: five thirty nine on Wall Street. The following is an 541 00:29:49,480 --> 00:29:53,720 Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the 542 00:29:53,760 --> 00:29:59,040 Speaker 1: Bloomberg Editorial Board. More than eight hundred thousand Americans suffer 543 00:29:59,160 --> 00:30:05,360 Speaker 1: from end stage renal disease Without dialysis or a kidney transplant. 544 00:30:05,480 --> 00:30:09,600 Speaker 1: The condition is fatal, but paying for treatment costs the 545 00:30:09,680 --> 00:30:13,960 Speaker 1: government more than fifty billion dollars a year, in large 546 00:30:14,040 --> 00:30:19,520 Speaker 1: part due to policy decisions and concentration in the dialysis industry. 547 00:30:19,920 --> 00:30:24,440 Speaker 1: A recent Supreme Court decision risks driving the price even higher. 548 00:30:24,880 --> 00:30:29,280 Speaker 1: Congress should take steps to control costs, support innovation, and 549 00:30:29,400 --> 00:30:35,040 Speaker 1: promote competition among dialysis providers. Expanding efforts to improve the 550 00:30:35,200 --> 00:30:39,840 Speaker 1: supply of kidneys donated for transplant would be valuable as well. 551 00:30:40,120 --> 00:30:44,480 Speaker 1: The wide availability of dialysis has provided life saving treatments 552 00:30:44,640 --> 00:30:49,760 Speaker 1: to countless Americans, but at considerable public expense. Making the 553 00:30:49,840 --> 00:30:54,480 Speaker 1: industry more competitive would benefit patients and taxpayers alike. This 554 00:30:54,680 --> 00:30:58,280 Speaker 1: editorial was written by the Bloomberg Editorial Board. For more 555 00:30:58,280 --> 00:31:02,000 Speaker 1: Bloomberg opinion, please go Tooomberg dot com, slash opinion or 556 00:31:02,360 --> 00:31:05,560 Speaker 1: O P I n go on the Bloomberg terminal. These 557 00:31:05,560 --> 00:31:09,120 Speaker 1: has been Bloomberg Opinion. You can hear Bloomberg opinion editorials 558 00:31:09,160 --> 00:31:11,880 Speaker 1: every weekday. At this time, terminal customers can read more 559 00:31:12,040 --> 00:31:15,720 Speaker 1: at O P I n go. Futures moving higher this 560 00:31:15,880 --> 00:31:23,360 Speaker 1: Thursday morning, You're listening to Bloomberg Daybreak Bloomberg eleven three 561 00:31:23,360 --> 00:31:25,600 Speaker 1: oh weather partly sunny, but I can't roll out a 562 00:31:25,600 --> 00:31:27,440 Speaker 1: shower this morning. We'll get up to your eighty five 563 00:31:27,440 --> 00:31:32,400 Speaker 1: degrees sunshine, low eighties tomorrow, sunny near eighty on Saturday. 564 00:31:32,480 --> 00:31:38,560 Speaker 1: Right now seventy five in Central Park markets. Headlines and 565 00:31:38,680 --> 00:31:41,960 Speaker 1: breaking news twenty four hours a day at Bloomberg dot com, 566 00:31:42,080 --> 00:31:46,280 Speaker 1: the Bloomberg Business at and at Bloomberg Dictape's a Bloomberg 567 00:31:46,400 --> 00:31:55,280 Speaker 1: Business Flash, and I'm kar in Moscow. U stock Index 568 00:31:55,360 --> 00:31:57,720 Speaker 1: futures on the rise this morning after the S and 569 00:31:57,760 --> 00:32:00,200 Speaker 1: P five hundred hit a three month high, which the 570 00:32:00,200 --> 00:32:03,200 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 571 00:32:03,240 --> 00:32:05,600 Speaker 1: U S and P future is up fifteen points down. 572 00:32:05,640 --> 00:32:08,239 Speaker 1: Futures have a hundred thirty seven nash DAG futures up 573 00:32:08,280 --> 00:32:11,360 Speaker 1: forty six and the decks in Germany is that will changed. 574 00:32:11,400 --> 00:32:13,800 Speaker 1: And your treasury up to thirty seconds held two point 575 00:32:13,840 --> 00:32:16,920 Speaker 1: seven six percent yield on the two year three point 576 00:32:16,920 --> 00:32:20,200 Speaker 1: one seven percent. NIMEX screwed oil up one point one 577 00:32:20,200 --> 00:32:22,480 Speaker 1: percent of ninety eight cents and ninety two dollars eighty 578 00:32:22,560 --> 00:32:25,080 Speaker 1: nine cents of barrel. Comex schooled on a half percent 579 00:32:25,240 --> 00:32:27,680 Speaker 1: or nine dollars twenty cents at eighteen o four fifty 580 00:32:27,680 --> 00:32:30,440 Speaker 1: an ounce, the Euro one point oh three three five 581 00:32:30,480 --> 00:32:33,120 Speaker 1: against the dollar British found one point to two zero, 582 00:32:33,240 --> 00:32:36,120 Speaker 1: the yen one thirty two point six one, and Bitcoin 583 00:32:36,240 --> 00:32:38,360 Speaker 1: this morning up two and a half percent at twenty 584 00:32:38,440 --> 00:32:41,520 Speaker 1: four thousand, five d twenty five dollars. That's a Bloomberg 585 00:32:41,600 --> 00:32:44,080 Speaker 1: business flash. Now here's Michael Barr with more on what's 586 00:32:44,120 --> 00:32:47,320 Speaker 1: going on around the world. Muchael Karen, thank you very much. 587 00:32:47,440 --> 00:32:50,320 Speaker 1: Jim jan un sister revealed that the North Korean leaders 588 00:32:50,360 --> 00:32:53,480 Speaker 1: suffered from a high fever during a recent COVID outbreak. 589 00:32:53,960 --> 00:32:57,880 Speaker 1: She vowed to eradicate South Korean authorities if they continued 590 00:32:57,920 --> 00:33:01,880 Speaker 1: to drop propaganda leaflets the regime blames for spreading the virus. 591 00:33:02,600 --> 00:33:05,840 Speaker 1: Ukrainian officials says the attack on a Russian air base 592 00:33:05,920 --> 00:33:10,320 Speaker 1: and occupied Crimea was the work of Ukrainian special forces. 593 00:33:10,800 --> 00:33:13,720 Speaker 1: The Washington Post reports the Ukrainian Air Force said that 594 00:33:13,960 --> 00:33:18,200 Speaker 1: nine Russian military planes were destroyed at the base. In baseball, 595 00:33:18,240 --> 00:33:21,360 Speaker 1: the Yankees lost to the Mariners four three. The Mets 596 00:33:21,560 --> 00:33:25,280 Speaker 1: beat the Reds tend to the Red SOX, Nationals, A's 597 00:33:25,440 --> 00:33:29,000 Speaker 1: and giants all lost. Global news twenty four hours a 598 00:33:29,120 --> 00:33:32,560 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 599 00:33:32,640 --> 00:33:35,080 Speaker 1: than twenty seven hundred journalist and analysts more than a 600 00:33:35,280 --> 00:33:39,160 Speaker 1: dred twenty countries. Michael barn this is Bloomberg. Nathan Okay, Michael, 601 00:33:39,200 --> 00:33:41,240 Speaker 1: thank you are close to five forty nine on Wall 602 00:33:41,280 --> 00:33:44,440 Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is 603 00:33:44,480 --> 00:33:46,880 Speaker 1: a Bloomberg daybreak, and we continue to watch shares of 604 00:33:47,000 --> 00:33:50,440 Speaker 1: Walt Disney in the pre market. They're up nearly eight percent, 605 00:33:50,640 --> 00:33:55,479 Speaker 1: adding to yesterday's UH post market gains following better than 606 00:33:55,520 --> 00:34:00,640 Speaker 1: expected sales, profit and subscriber growth for the Disney Street lineup, 607 00:34:01,120 --> 00:34:03,960 Speaker 1: and now the entertainment giants coming out with a plan 608 00:34:04,080 --> 00:34:06,960 Speaker 1: to charge those subscribers even more at the end of 609 00:34:06,960 --> 00:34:09,000 Speaker 1: the year. Let's get more on these Disney earnings. Can 610 00:34:09,040 --> 00:34:11,360 Speaker 1: the owners with us this morning? Director of Equity Research 611 00:34:11,520 --> 00:34:13,920 Speaker 1: at c f R A Ken, Good morning. So I 612 00:34:13,960 --> 00:34:15,759 Speaker 1: guess the plan is if you want to pay what 613 00:34:15,880 --> 00:34:18,839 Speaker 1: you are paying now, you're going to have to deal 614 00:34:18,920 --> 00:34:24,000 Speaker 1: with ads? Is that just the way now? In streaming? Well, 615 00:34:24,040 --> 00:34:27,680 Speaker 1: there's UH, but you know Disney offers something for everyone, 616 00:34:27,760 --> 00:34:31,440 Speaker 1: But they raised prices for the free Disney Plus thirty 617 00:34:31,480 --> 00:34:36,520 Speaker 1: eight percent, and also for the Precious Life Sports ESPN 618 00:34:36,560 --> 00:34:41,160 Speaker 1: Plus they raised that as well. So I think Disney 619 00:34:41,239 --> 00:34:44,279 Speaker 1: and its competitors are just getting their footing in terms 620 00:34:44,320 --> 00:34:46,560 Speaker 1: of what do they want to offer, how much can 621 00:34:46,640 --> 00:34:49,359 Speaker 1: they charge? And what we really didn't see is how 622 00:34:49,480 --> 00:34:52,560 Speaker 1: much monthly turned there is in this new part of 623 00:34:52,719 --> 00:34:55,960 Speaker 1: media call streaming. And I think it was interesting to 624 00:34:56,040 --> 00:34:59,280 Speaker 1: me that was that Disney says that it has basically 625 00:34:59,600 --> 00:35:02,919 Speaker 1: a little bit more subscribers than Netflix, but it didn't 626 00:35:02,920 --> 00:35:06,600 Speaker 1: really parse out whether those subscribers are all Disney Plus 627 00:35:06,960 --> 00:35:09,880 Speaker 1: or whether some people might be getting more than one service. 628 00:35:10,040 --> 00:35:14,840 Speaker 1: How do you read that? Um So Disney, it's very diverse, 629 00:35:15,160 --> 00:35:20,200 Speaker 1: and about the subscribers pay going forward only a dollar 630 00:35:20,320 --> 00:35:24,000 Speaker 1: twenty a month, and that's Disney Plus hot Star in India, 631 00:35:24,440 --> 00:35:28,520 Speaker 1: So not every subscriber is the same uh for their 632 00:35:28,920 --> 00:35:32,879 Speaker 1: Disney Plus for North America and also for the rest 633 00:35:32,960 --> 00:35:35,920 Speaker 1: of the world. They still expect growth, but they ratcheted 634 00:35:36,000 --> 00:35:40,360 Speaker 1: down their target to two fifteen the two thirty million 635 00:35:40,880 --> 00:35:44,239 Speaker 1: by twenty four. I'm not sure investors care about the 636 00:35:44,320 --> 00:35:47,880 Speaker 1: total subscriber account as to whether you can make money 637 00:35:47,960 --> 00:35:51,560 Speaker 1: and keep this as a stable business with recurring revenue, 638 00:35:51,880 --> 00:35:55,719 Speaker 1: and that's a narrative probably as we go into what 639 00:35:55,800 --> 00:35:58,759 Speaker 1: do investors care about? Do you think does this sort 640 00:35:58,760 --> 00:36:03,279 Speaker 1: of change the subscriber growth story after some of the 641 00:36:03,560 --> 00:36:06,359 Speaker 1: lackluster growth numbers that we've seen over the last couple 642 00:36:06,400 --> 00:36:10,120 Speaker 1: of quarters from Netflix. I think it is, And coming 643 00:36:10,160 --> 00:36:12,920 Speaker 1: out of the earning seasons and media companies, we found 644 00:36:13,000 --> 00:36:17,000 Speaker 1: that if you're also on the creation side of programming 645 00:36:17,600 --> 00:36:19,960 Speaker 1: and producing movies, you're going to put them in the 646 00:36:20,080 --> 00:36:24,640 Speaker 1: theaters first and then put them in the premium higher plans, 647 00:36:24,800 --> 00:36:29,400 Speaker 1: the ad free streaming plans first. Unlike Netflix, it's just 648 00:36:29,640 --> 00:36:33,680 Speaker 1: good business because the duration of getting more banks for 649 00:36:33,800 --> 00:36:36,360 Speaker 1: your buckets there, and I think that's a lesson learned 650 00:36:36,880 --> 00:36:40,480 Speaker 1: and streaming. You know, it's still something that's evolving, but 651 00:36:40,680 --> 00:36:45,520 Speaker 1: the traditional linear networks, broadcasts and pay TV are still 652 00:36:45,600 --> 00:36:48,920 Speaker 1: paying the rent for these companies um and for Disney 653 00:36:48,960 --> 00:36:52,880 Speaker 1: of course, not that we should ignore it. The Parks 654 00:36:53,040 --> 00:36:56,600 Speaker 1: was a blowout quarter, but it's likely that recession in 655 00:36:58,080 --> 00:37:02,120 Speaker 1: three could put a damper and Parks attendant. As you say, 656 00:37:02,120 --> 00:37:04,040 Speaker 1: it does seem like that Disney does have that sort 657 00:37:04,040 --> 00:37:07,719 Speaker 1: of diversified base that it can build from, unlike some 658 00:37:07,880 --> 00:37:11,160 Speaker 1: of the other mainly streaming players here. But on our 659 00:37:11,280 --> 00:37:13,800 Speaker 1: last minute here, do you think Disney is making a 660 00:37:13,880 --> 00:37:17,400 Speaker 1: play to be the streaming leader? Now? I mean, as 661 00:37:17,480 --> 00:37:23,279 Speaker 1: you mentioned, it's got quite the content library. It's not 662 00:37:23,480 --> 00:37:28,880 Speaker 1: a total substitution from the other distributions that they have, 663 00:37:29,360 --> 00:37:32,319 Speaker 1: and I'm not sure it's something you want to stout 664 00:37:32,960 --> 00:37:36,080 Speaker 1: the most that you're a streaming leader simply because it's 665 00:37:36,160 --> 00:37:39,040 Speaker 1: going to be a very high turned business and one 666 00:37:39,120 --> 00:37:42,480 Speaker 1: that everyone is still trying to figure out. Disney is 667 00:37:42,560 --> 00:37:47,360 Speaker 1: Disney because of its blockbuster movies, um, it's ESPN Sports, 668 00:37:47,920 --> 00:37:52,160 Speaker 1: and also it's networks like ABC. You know, so it's 669 00:37:52,200 --> 00:37:55,120 Speaker 1: a leader because it has just a great portfolio of 670 00:37:55,280 --> 00:37:58,759 Speaker 1: media assets. Thanks Ken, good having you on with us 671 00:37:58,800 --> 00:38:01,600 Speaker 1: this morning. Ken ley On, director of Equity Research at 672 00:38:01,680 --> 00:38:04,680 Speaker 1: c f R A. Karen Nathan, Thank you. It is 673 00:38:04,760 --> 00:38:06,719 Speaker 1: five fifty three on Wall Street. It's time for the 674 00:38:06,760 --> 00:38:09,440 Speaker 1: Bloomberg Law Report. Let's get to the legal stories we 675 00:38:09,520 --> 00:38:16,080 Speaker 1: are watching this morning from Bloomberg Jeff Billinger. Sources say 676 00:38:16,120 --> 00:38:18,799 Speaker 1: the Federal Trade Commission is set to take its first 677 00:38:18,840 --> 00:38:23,160 Speaker 1: step toward consumer data protection rules that would govern businesses 678 00:38:23,280 --> 00:38:27,800 Speaker 1: like alphabet meta platforms. Oprah Winfrey's company is suing to 679 00:38:28,000 --> 00:38:31,840 Speaker 1: college professors over the title of a podcast. The professors 680 00:38:31,880 --> 00:38:34,799 Speaker 1: say they're fans of Winfrey and they call their podcast 681 00:38:35,000 --> 00:38:39,640 Speaker 1: Oprah Demis. Hooters of America has hired a Lisa Pittman Cleek, 682 00:38:39,920 --> 00:38:43,480 Speaker 1: a labor and entertainment lawyer, as its new chief legal officer. 683 00:38:43,600 --> 00:38:48,440 Speaker 1: Bloomberg Law everything you need, all on one legal research platform, 684 00:38:48,640 --> 00:38:53,200 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 685 00:38:53,280 --> 00:38:58,120 Speaker 1: at Bloomberg Law dot com. All right, Jeff, thank you. 686 00:38:58,200 --> 00:39:01,480 Speaker 1: Now another legal story we're watching. Former President Donald Trump 687 00:39:01,600 --> 00:39:05,440 Speaker 1: is now suggesting the FBI planted evidence when agents searched 688 00:39:05,480 --> 00:39:08,800 Speaker 1: as Mara Lago home, while other Republicans are demanding a 689 00:39:09,000 --> 00:39:12,160 Speaker 1: full accounting from the Justice Department about why the search 690 00:39:12,239 --> 00:39:14,800 Speaker 1: warrant was carried out. Not much is known about what 691 00:39:14,920 --> 00:39:17,759 Speaker 1: evidence was gathered in the unprecedented search, which was part 692 00:39:17,800 --> 00:39:21,280 Speaker 1: of an investigation into whether Trump and properly took documents 693 00:39:21,320 --> 00:39:24,000 Speaker 1: from the White House, But the critical question appears to 694 00:39:24,080 --> 00:39:27,800 Speaker 1: be whether classified documents were seized. For more of Bloomberg 695 00:39:27,840 --> 00:39:31,040 Speaker 1: student Grosso's feased, a national security law expert Brad Moss, 696 00:39:31,120 --> 00:39:33,759 Speaker 1: a partner at Mark Zaide. Brad tell us a little 697 00:39:33,800 --> 00:39:38,040 Speaker 1: about the Presidential Records Act. The Presidential Records Act, which 698 00:39:38,160 --> 00:39:42,600 Speaker 1: was created in the aftermath of Watergate, provides the outline 699 00:39:42,640 --> 00:39:45,840 Speaker 1: the mechanism by which presidential records, everything created during the 700 00:39:45,960 --> 00:39:51,520 Speaker 1: course of any president's tenure, are documented, logs, stored, and 701 00:39:51,640 --> 00:39:54,399 Speaker 1: ultimately released to the public over of course of time. 702 00:39:54,760 --> 00:39:57,560 Speaker 1: But it's the property of the National Archives. What the 703 00:39:57,600 --> 00:40:00,520 Speaker 1: Presidential Records Acts made clear, and this was fight that 704 00:40:00,840 --> 00:40:04,200 Speaker 1: Congress had with Richard Nixon during Watergate, was that a 705 00:40:04,280 --> 00:40:07,640 Speaker 1: president's records are not his, they are the public's record. 706 00:40:08,000 --> 00:40:12,120 Speaker 1: So Rett. Earlier this year, the National Archives retrieved fifteen 707 00:40:12,239 --> 00:40:16,400 Speaker 1: boxes of documents from Moral Lago and it was reported 708 00:40:16,440 --> 00:40:21,000 Speaker 1: that they contained classified documents. So how serious is it 709 00:40:21,160 --> 00:40:26,200 Speaker 1: if the FBI finds more classified documents in this latest search. 710 00:40:27,080 --> 00:40:29,440 Speaker 1: Very serious. And so here's how this works is a 711 00:40:29,480 --> 00:40:31,719 Speaker 1: lot of people are getting confused because when Donald Trump 712 00:40:31,800 --> 00:40:33,279 Speaker 1: was president, there's a lot of things he could do 713 00:40:33,400 --> 00:40:36,040 Speaker 1: with classified information you can't do as a private citizen. 714 00:40:36,360 --> 00:40:39,200 Speaker 1: The moment Joe Biden took the oath of office and 715 00:40:39,320 --> 00:40:43,920 Speaker 1: became the next president, Donald Trump's authority to classify or 716 00:40:44,040 --> 00:40:48,880 Speaker 1: declassified information was gone. Any document that was still labeled 717 00:40:49,000 --> 00:40:53,520 Speaker 1: as classified and had not been properly declassified in accordance 718 00:40:53,560 --> 00:40:57,320 Speaker 1: with procedure and protocol had to still be treated as classified, 719 00:40:57,360 --> 00:41:00,480 Speaker 1: had to be still be maintained in classified spaces, secured 720 00:41:00,600 --> 00:41:04,680 Speaker 1: and classified containers. When Donald Trump took all these boxes 721 00:41:04,719 --> 00:41:08,640 Speaker 1: to Marra Lago haphazardly didn't ensure that class of information 722 00:41:08,760 --> 00:41:11,880 Speaker 1: was removed from them. He took classified documents out of 723 00:41:11,920 --> 00:41:14,320 Speaker 1: a secure space at the White House and put it 724 00:41:14,440 --> 00:41:17,479 Speaker 1: in an unsecure space at Mara Lago and it's sat 725 00:41:17,560 --> 00:41:20,480 Speaker 1: there for months. That is a violation of multiple different 726 00:41:20,520 --> 00:41:24,040 Speaker 1: provisions of the Espionage Act. That is a very serious 727 00:41:24,160 --> 00:41:26,640 Speaker 1: threat to Donald Trump right now. And what the FBI 728 00:41:26,800 --> 00:41:29,359 Speaker 1: is most likely looking into is one, if there's any 729 00:41:29,400 --> 00:41:32,600 Speaker 1: information left and to how it was held and how 730 00:41:32,680 --> 00:41:35,320 Speaker 1: it was ever brought to Morrow Lago in the first place. 731 00:41:35,600 --> 00:41:38,320 Speaker 1: So then this is not just a record keeping problem. 732 00:41:38,640 --> 00:41:41,960 Speaker 1: It's criminal charges, yes. And I have no reason to 733 00:41:42,040 --> 00:41:45,319 Speaker 1: believe necessarily that there will be a Presidential Records Act 734 00:41:45,400 --> 00:41:48,279 Speaker 1: type criminal charge, even if they could find a way 735 00:41:48,320 --> 00:41:50,120 Speaker 1: to make that, because that sectually doesn't definitely have a 736 00:41:50,160 --> 00:41:52,919 Speaker 1: criminal provisions that would not imagine a criminal charge based 737 00:41:53,000 --> 00:41:55,480 Speaker 1: off simply the issue of documents. If all the documents 738 00:41:55,560 --> 00:41:58,560 Speaker 1: have been unclassified, there'd be no criminal issues. In my view, 739 00:41:58,920 --> 00:42:01,320 Speaker 1: this is a problem for Donald Trump because they found 740 00:42:01,440 --> 00:42:05,080 Speaker 1: classified documents at Mara Lago. He was no longer authorized 741 00:42:05,120 --> 00:42:07,680 Speaker 1: to have them there. They had not been properly transported 742 00:42:07,800 --> 00:42:11,920 Speaker 1: or stored. That is his problem. And as Brad Morris Moss, 743 00:42:12,000 --> 00:42:14,720 Speaker 1: a partner at Mark Zad, speaking at the Bloomberg Student Grosso, 744 00:42:14,800 --> 00:42:17,200 Speaker 1: catch more in that interview plus analysis of the latest 745 00:42:17,320 --> 00:42:20,400 Speaker 1: legal news by subscribing to the Bloomberg Law Podcast or 746 00:42:20,440 --> 00:42:24,240 Speaker 1: downloading this show at Bloomberg dot com Slash podcast. Attorneys 747 00:42:24,280 --> 00:42:27,160 Speaker 1: can find exceptional legal research and business development tools at 748 00:42:27,200 --> 00:42:30,600 Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at 749 00:42:30,719 --> 00:42:34,880 Speaker 1: b Law go. SMP future is moving higher up fourteen 750 00:42:34,960 --> 00:42:38,120 Speaker 1: points down. Futures have one D thirty two and nasday 751 00:42:38,280 --> 00:42:42,279 Speaker 1: futures of thirty nine. Still ahead of Bloomberg daybreak and 752 00:42:42,360 --> 00:42:44,320 Speaker 1: check on the business headlines and all the news you 753 00:42:44,440 --> 00:42:47,040 Speaker 1: need to start your day. This as Bloomberg