1 00:00:02,960 --> 00:00:06,240 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:06,280 --> 00:00:09,880 Speaker 1: Daybreak for Monday, July eleven two. Coming up this shour, 3 00:00:10,119 --> 00:00:13,800 Speaker 1: Twitter shares plunge after Elon Musk ends his takeover bid. 4 00:00:13,960 --> 00:00:16,000 Speaker 1: Now the future of Twitter appears to be headed for 5 00:00:16,079 --> 00:00:19,200 Speaker 1: a courtroom. Bank earnings and a key inflation report grabbed 6 00:00:19,200 --> 00:00:21,160 Speaker 1: the spotlight on Wall Street this week, and the race 7 00:00:21,239 --> 00:00:24,520 Speaker 1: to succeed Boris Johnson as UK Prime Minister heats up. 8 00:00:24,640 --> 00:00:27,800 Speaker 1: Steve Bennon's attorneys saying he is now willing to testify 9 00:00:28,000 --> 00:00:31,480 Speaker 1: before the January sixth House Committee plus Senate Majority Leader 10 00:00:31,560 --> 00:00:35,880 Speaker 1: Schumer asked COVID, I'm Michael blom More ahead stashon sports 11 00:00:35,880 --> 00:00:37,880 Speaker 1: the Yankees for a second night in the Roade. Bloom 12 00:00:37,920 --> 00:00:39,960 Speaker 1: Lee lost to the Red Sox in Boston, the Mets 13 00:00:39,960 --> 00:00:44,720 Speaker 1: were shut out. They visit the Braves tonight. That's all 14 00:00:44,800 --> 00:00:48,400 Speaker 1: straight Ahead on Bloomberg day Break on Bloomberg eleven three 15 00:00:48,400 --> 00:00:52,640 Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one 16 00:00:52,680 --> 00:00:56,880 Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius 17 00:00:57,040 --> 00:01:00,360 Speaker 1: XM one nineteen and around the world on Bloomberg Radio 18 00:01:00,440 --> 00:01:08,000 Speaker 1: Dot com and via the Bloomberg Business App. Good morning, 19 00:01:08,000 --> 00:01:11,120 Speaker 1: I'm Nathan Hager and I'm Karen Moscow. US DOT Index 20 00:01:11,240 --> 00:01:13,920 Speaker 1: futures are lower this morning. We are coming up to 21 00:01:14,000 --> 00:01:15,800 Speaker 1: six oh one on Wall Street. I mean check the 22 00:01:15,800 --> 00:01:18,760 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 23 00:01:18,920 --> 00:01:21,640 Speaker 1: S and P futures down twenty four points now, Future's 24 00:01:21,640 --> 00:01:24,600 Speaker 1: down a hundred fifty five and nownsday futures down one hundred. 25 00:01:24,800 --> 00:01:27,600 Speaker 1: Chew ten year treasury up to thirty seconds, you know, 26 00:01:27,640 --> 00:01:29,760 Speaker 1: three point oh seven percent and a yield on the 27 00:01:29,800 --> 00:01:33,000 Speaker 1: two year three point oh eight percent and nine x 28 00:01:33,040 --> 00:01:35,240 Speaker 1: screwde oil is down two and a quarter percent on 29 00:01:35,360 --> 00:01:38,000 Speaker 1: two dollars thirty eight cents at a hundred two dollars 30 00:01:38,040 --> 00:01:40,680 Speaker 1: forty cents of barrel. Nathan and Karen, We continue to 31 00:01:40,680 --> 00:01:43,200 Speaker 1: watch shares of Twitter this morning. They are down seven 32 00:01:43,200 --> 00:01:46,520 Speaker 1: percent in early trading as the show down between Elon 33 00:01:46,640 --> 00:01:50,080 Speaker 1: Musk and the social media company appears headed for court. 34 00:01:50,360 --> 00:01:53,320 Speaker 1: Let's get the latest live from Bloomberg's Rnita Young. Good morning, Grenita, 35 00:01:53,360 --> 00:01:56,320 Speaker 1: Good morning Nathan. Even though Elon Musk is backing out 36 00:01:56,320 --> 00:01:58,800 Speaker 1: of the forty four billion dollar deal to buy Twitter 37 00:01:58,880 --> 00:02:02,440 Speaker 1: after all, he can't just walk away without a court case, 38 00:02:02,840 --> 00:02:05,320 Speaker 1: and Twitter has lawyered up in a race to sue 39 00:02:05,440 --> 00:02:08,160 Speaker 1: Musk to follow through on his end of the agreement. 40 00:02:08,520 --> 00:02:11,280 Speaker 1: Bloomberg sources say a filing could come as soon as 41 00:02:11,280 --> 00:02:14,400 Speaker 1: early this week. Now. If the judge rules against Musk, 42 00:02:14,480 --> 00:02:17,520 Speaker 1: he could be forced to pay Twitter shareholders fifty four 43 00:02:17,560 --> 00:02:20,160 Speaker 1: dollars and twenty cents of share, But a ruling in 44 00:02:20,280 --> 00:02:23,480 Speaker 1: his favor would let Musk walk, although he'd probably have 45 00:02:23,600 --> 00:02:26,399 Speaker 1: to pay a one billion dollar breakup fee. And there's 46 00:02:26,440 --> 00:02:29,320 Speaker 1: also the prospect that both sides could reach a settlement 47 00:02:29,400 --> 00:02:32,520 Speaker 1: where Musk still makes the acquisition, but potentially at a 48 00:02:32,520 --> 00:02:35,440 Speaker 1: lower price. Live in New York, I'm renned a young 49 00:02:35,520 --> 00:02:37,760 Speaker 1: Bloomberg daybreak a right need to thank you about the 50 00:02:37,760 --> 00:02:41,320 Speaker 1: Twitter news is also impacting another stock this morning, Shares 51 00:02:41,360 --> 00:02:43,840 Speaker 1: of Digital World Acquisition or up more than twenty four 52 00:02:43,919 --> 00:02:47,239 Speaker 1: percent on heavy volume in early trading. Digital World is 53 00:02:47,280 --> 00:02:50,440 Speaker 1: the company merging with former President Trump's Trump Media and 54 00:02:50,440 --> 00:02:54,280 Speaker 1: Technology Group, which owns his Truth social platform. Well stocks 55 00:02:54,320 --> 00:02:57,000 Speaker 1: overall Karen are lower as we begin this new trading week. 56 00:02:57,080 --> 00:02:59,920 Speaker 1: In Asia, overnight, a resurgence of COVID flare ups led 57 00:03:00,000 --> 00:03:02,480 Speaker 1: to a drop of almost three percent for Hong Kong's 58 00:03:02,480 --> 00:03:05,480 Speaker 1: Hang Sang index. Let's get the recap from Bloomberg day Break, 59 00:03:05,520 --> 00:03:10,000 Speaker 1: Asia anchor Bran Curtis. Most Asian benchmark slid COVID cases 60 00:03:10,040 --> 00:03:13,680 Speaker 1: in Shanghai arising as the city faces more mass testing. 61 00:03:14,120 --> 00:03:17,720 Speaker 1: In Macau, authorities shut down casinos and other businesses for 62 00:03:17,800 --> 00:03:21,880 Speaker 1: a week. As a result, casino shares took a big hit. Tokyo, though, 63 00:03:22,000 --> 00:03:24,160 Speaker 1: was a bright spot after the ruling coalition won a 64 00:03:24,200 --> 00:03:27,720 Speaker 1: stronger majority in the upper House election. The end was 65 00:03:27,760 --> 00:03:31,400 Speaker 1: the weakest. Major currency treators see the election result as 66 00:03:31,440 --> 00:03:35,960 Speaker 1: an endorsement of Japan's ultra easy monetary policy in Hong Kong. 67 00:03:36,000 --> 00:03:38,720 Speaker 1: Brian Curtis, Bloomberg day Break, All right, Brian, thank you all. 68 00:03:38,760 --> 00:03:41,120 Speaker 1: Back here in the US, we have conflicting calls this 69 00:03:41,200 --> 00:03:44,360 Speaker 1: morning on whether the recent stock rally will continue. Morgan 70 00:03:44,440 --> 00:03:47,800 Speaker 1: Stanley Chief US equity strategist Mike Wilson says it won't. 71 00:03:48,160 --> 00:03:50,160 Speaker 1: He thinks that surge in the dollar will be a 72 00:03:50,240 --> 00:03:53,440 Speaker 1: headwind for corporate profits. On the flip side, city grip 73 00:03:53,480 --> 00:03:56,240 Speaker 1: strategists say stocks are likely to rally in the second 74 00:03:56,240 --> 00:03:59,720 Speaker 1: half as corporate earnings remain resilient to surging inflation and 75 00:03:59,760 --> 00:04:03,120 Speaker 1: slow going economic growth. The SMP five hunturdays up about 76 00:04:03,160 --> 00:04:06,560 Speaker 1: six percent since it's mid June low Well. Speaking of earnings, Karen, 77 00:04:06,640 --> 00:04:09,200 Speaker 1: reporting season gets underway this week as we hear from 78 00:04:09,200 --> 00:04:11,040 Speaker 1: the country's biggest banks, and we get more on that 79 00:04:11,080 --> 00:04:15,360 Speaker 1: from Bloomberg's Charlie Pellett. The question on everyone's mind is 80 00:04:15,360 --> 00:04:18,719 Speaker 1: is a recession coming and what clues will the latest 81 00:04:18,760 --> 00:04:22,240 Speaker 1: batch of earnings reports provide. Scott croner To is a 82 00:04:22,279 --> 00:04:25,599 Speaker 1: strategist at City Group Global Markets. What we're expecting to 83 00:04:25,640 --> 00:04:27,760 Speaker 1: see is a follow through of the earnings the nurse 84 00:04:27,960 --> 00:04:29,960 Speaker 1: we got in Q one, so we're looking for mid 85 00:04:30,000 --> 00:04:32,960 Speaker 1: single digit earnie shorts for the SMP in total we 86 00:04:33,040 --> 00:04:37,520 Speaker 1: think will make the Q two expectations. Certainly C suites 87 00:04:37,560 --> 00:04:41,680 Speaker 1: will express caution regarding the second half outlook. Wall Street 88 00:04:41,680 --> 00:04:45,200 Speaker 1: Banks leadoff second quarter earnings JP. Morgan Chase and Morgan 89 00:04:45,320 --> 00:04:50,120 Speaker 1: Stanley report Thursday, City Group and Wells Fargo on Friday 90 00:04:50,160 --> 00:04:53,600 Speaker 1: in New York. Charlie Pellett bloom Bird Day Break. All right, Charlie, 91 00:04:53,600 --> 00:04:55,560 Speaker 1: thank you all. On the economic front this week, it's 92 00:04:55,560 --> 00:04:59,799 Speaker 1: all about inflation with readings coming on consumer and producer prices. 93 00:04:59,839 --> 00:05:03,120 Speaker 1: We a preview from Bloomberg's Vinnie Down judea Ice. June's 94 00:05:03,160 --> 00:05:06,400 Speaker 1: household inflation rate probably ran close to nine percent based 95 00:05:06,400 --> 00:05:10,320 Speaker 1: on Wall Street forecast. That's taking a toll, Bloomberg Economics 96 00:05:10,440 --> 00:05:13,000 Speaker 1: is average hourly earnings have been shrinking for more than 97 00:05:13,040 --> 00:05:16,160 Speaker 1: a year when taking inflation into account. Look for that 98 00:05:16,200 --> 00:05:19,040 Speaker 1: trying to drag on with the household inflation rate projected 99 00:05:19,080 --> 00:05:21,760 Speaker 1: to run at or above seven percent through year end. 100 00:05:22,160 --> 00:05:25,000 Speaker 1: We'll get the consumer price index Wednesday, as well as 101 00:05:25,120 --> 00:05:28,720 Speaker 1: data on producer prices Thursday and import prices Friday. Vinny 102 00:05:28,800 --> 00:05:31,160 Speaker 1: del Judace bloom birthday break. All right, Vinny. Thanks So. 103 00:05:31,200 --> 00:05:34,320 Speaker 1: When it comes to tackling inflation, the Biden administration's thinking 104 00:05:34,320 --> 00:05:37,240 Speaker 1: about lowering tariffs on some Chinese imports is one way 105 00:05:37,240 --> 00:05:40,080 Speaker 1: to provide relief. President Biden says he is still holding 106 00:05:40,080 --> 00:05:43,919 Speaker 1: discussions on the idea. Commerce Secretary Gina Rimando expects a 107 00:05:43,960 --> 00:05:47,560 Speaker 1: decision from the President shortly. If he decides to lift 108 00:05:47,600 --> 00:05:50,800 Speaker 1: certain tariffs, it will be because he knows he has 109 00:05:50,839 --> 00:05:54,039 Speaker 1: to think about doing everything he possibly can to provide 110 00:05:54,080 --> 00:05:57,440 Speaker 1: any relief to consumers. Secretary Rimando made that comment on 111 00:05:57,560 --> 00:06:00,520 Speaker 1: NBC's Meet the Press, heard Sundays on bloom Burg Radio. 112 00:06:00,720 --> 00:06:03,880 Speaker 1: Stay tuned for more from the Commerce Secretary. Today, Gina 113 00:06:03,960 --> 00:06:06,560 Speaker 1: Raimondo sits down with Bloomberg Radio and Television for an 114 00:06:06,560 --> 00:06:09,360 Speaker 1: interview coming up in the eleven am Eastern hour. Well 115 00:06:09,360 --> 00:06:11,760 Speaker 1: in Europe this week, Nathan the races heating up to 116 00:06:11,800 --> 00:06:15,000 Speaker 1: succeed Boris Johnson as British Prime Minister. We got to 117 00:06:15,080 --> 00:06:17,040 Speaker 1: London and get the latest with the Bloomberg's You and 118 00:06:17,160 --> 00:06:19,880 Speaker 1: Pat's good Morning You and good Morning Carden Nathan. Just 119 00:06:20,040 --> 00:06:22,880 Speaker 1: days after Bois Johnson was pushed into resigning, there are 120 00:06:22,920 --> 00:06:27,000 Speaker 1: now eleven candidates to succeed him as Conservative Party leader. 121 00:06:27,360 --> 00:06:29,800 Speaker 1: This trust the Foreign Secretary is the latest end of 122 00:06:29,800 --> 00:06:33,039 Speaker 1: the race. She's making tax cuts the hearts of her campaign. 123 00:06:33,360 --> 00:06:36,160 Speaker 1: Lomakers were expected to begin voting later this week as 124 00:06:36,200 --> 00:06:39,640 Speaker 1: the field is narrow to the final two candidates, one 125 00:06:39,680 --> 00:06:42,599 Speaker 1: of them will become the UK's next Prime minister. In London, 126 00:06:42,600 --> 00:06:44,359 Speaker 1: I'm you in parts between Boat Daybreak, all are you 127 00:06:44,400 --> 00:06:46,479 Speaker 1: and thank you? Let's stay in Europe or natural gas 128 00:06:46,480 --> 00:06:49,320 Speaker 1: prices are falling. The move comes after Canada said it 129 00:06:49,360 --> 00:06:52,200 Speaker 1: would return a stranded turbine from the nord Stream pipeline 130 00:06:52,240 --> 00:06:55,680 Speaker 1: between Russia and Germany. That could potentially increase flows which 131 00:06:55,680 --> 00:06:58,640 Speaker 1: have been limited since last month. The Nord Stream pipeline 132 00:06:58,640 --> 00:07:02,360 Speaker 1: between Russia and Germany's currently undergoing routine maintenance. At the 133 00:07:02,400 --> 00:07:05,040 Speaker 1: same time, the war in Ukraine is sparking concerned that 134 00:07:05,080 --> 00:07:08,359 Speaker 1: maybe Moscow will not open the pipeline back up after 135 00:07:08,400 --> 00:07:11,360 Speaker 1: the work. S andp futures are down twenty one point, 136 00:07:11,400 --> 00:07:14,119 Speaker 1: Staff futures down a hundred thirty eight. Nasdaq futures lowered 137 00:07:14,120 --> 00:07:17,120 Speaker 1: by eighty eight points. Straight ahead your latest local headlines 138 00:07:17,160 --> 00:07:23,440 Speaker 1: and a check of sports. This is Bloomberg at six 139 00:07:23,480 --> 00:07:25,760 Speaker 1: o seven on Wall Streets, still sixty seven degrees in 140 00:07:25,760 --> 00:07:28,480 Speaker 1: Central Park. Still dealing with that crash on northbound FDR 141 00:07:28,560 --> 00:07:31,360 Speaker 1: Drive at seventy nine. Details coming up in traffic First 142 00:07:31,440 --> 00:07:33,720 Speaker 1: Michael Barr with details on what else is happening in 143 00:07:33,760 --> 00:07:36,120 Speaker 1: New York and around the world. Michael, thank you very much. 144 00:07:36,200 --> 00:07:39,400 Speaker 1: Nathan Donald Trump's one time adviser, Steve Bennan, has agreed 145 00:07:39,440 --> 00:07:42,600 Speaker 1: to testify to the House committee investigating last year's storming 146 00:07:42,640 --> 00:07:46,000 Speaker 1: of the US Capitol. It comes after former President Trump 147 00:07:46,040 --> 00:07:49,280 Speaker 1: says he waived executive privilege even though Bannon was a 148 00:07:49,280 --> 00:07:52,360 Speaker 1: private citizen at the time of the Capitol riot, Trump 149 00:07:52,400 --> 00:07:56,480 Speaker 1: portrays the inquiry as biased and one sided. Loyola Law 150 00:07:56,600 --> 00:08:00,360 Speaker 1: University professor Lori Levinson says, though the value of Bannon's 151 00:08:00,400 --> 00:08:03,680 Speaker 1: testimony remains to be determined, the real problem is that 152 00:08:03,760 --> 00:08:06,360 Speaker 1: I'm not sure that they can trust Bannon at all. 153 00:08:07,000 --> 00:08:11,240 Speaker 1: It is clear that he and Trump still considered themselves 154 00:08:11,320 --> 00:08:14,320 Speaker 1: best friends, and that if Banning comes in front of 155 00:08:14,320 --> 00:08:17,960 Speaker 1: the committee, it is very unclear what he would say 156 00:08:18,000 --> 00:08:21,520 Speaker 1: that would help their investigation. But isn't just designed to 157 00:08:21,640 --> 00:08:25,920 Speaker 1: help Trump? Loyola Law professor Laurie Levinson. The car pooling 158 00:08:25,960 --> 00:08:29,000 Speaker 1: discount is over at the George Washington Bridge. The d 159 00:08:29,240 --> 00:08:33,360 Speaker 1: WB went cashless tolls over the weekend. Normally, it's the 160 00:08:33,440 --> 00:08:35,880 Speaker 1: sixteen dollar fee one way to get across the bridge 161 00:08:36,080 --> 00:08:39,000 Speaker 1: from New Jersey to New York, but drivers who had 162 00:08:39,000 --> 00:08:42,840 Speaker 1: a car pool discount plan on their easy passes paid 163 00:08:42,920 --> 00:08:45,800 Speaker 1: only seven dollars shifty cents with three or more people 164 00:08:45,800 --> 00:08:48,840 Speaker 1: in the vehicle. Officials hope going cash less at the 165 00:08:48,880 --> 00:08:51,880 Speaker 1: g WB will meet a faster commute into the city. 166 00:08:52,000 --> 00:08:54,360 Speaker 1: New York City is debuting a fleet of cars mounted 167 00:08:54,400 --> 00:08:57,200 Speaker 1: with air quality sensors in the Bronx in Manhattan this week. 168 00:08:57,520 --> 00:09:00,280 Speaker 1: The plan is to address air pollution. A try Magic 169 00:09:00,360 --> 00:09:04,360 Speaker 1: car accident stat Niland has left three teenagers dead. They 170 00:09:04,400 --> 00:09:06,880 Speaker 1: were in a red Ford Mustang when their car collided 171 00:09:06,920 --> 00:09:10,360 Speaker 1: with a turning SUV in Tottonville last night. The Mustang 172 00:09:10,400 --> 00:09:13,160 Speaker 1: was split and half. New York City Mayor Eric Adams 173 00:09:13,280 --> 00:09:16,199 Speaker 1: was on the scene of the crash. Overnight, Japanese Prime 174 00:09:16,200 --> 00:09:19,079 Speaker 1: Minister fumi Yo Kashita has met with U S Secretary 175 00:09:19,080 --> 00:09:22,680 Speaker 1: of State Anthony Lincoln. He delivered condolences from President Biden 176 00:09:22,720 --> 00:09:26,040 Speaker 1: and the United States over the assassination of former leader 177 00:09:26,120 --> 00:09:29,880 Speaker 1: Shinzo Abe and reassurances of a strong bide lateral alliance. 178 00:09:30,080 --> 00:09:32,960 Speaker 1: I thought it was just important to show our solidarity 179 00:09:33,080 --> 00:09:36,839 Speaker 1: with our friend Japan and the Japanese people in this 180 00:09:36,920 --> 00:09:41,560 Speaker 1: difficult time. Secretary b Lincoln. Senate Majority leader Chuck Schumer's 181 00:09:41,600 --> 00:09:44,679 Speaker 1: office says that he has tested positive for COVID nineteen. 182 00:09:45,120 --> 00:09:49,520 Speaker 1: Schumer spokesman says the Senator is experiencing mild symptoms. Global 183 00:09:49,559 --> 00:09:51,920 Speaker 1: News twenty four hours a day on air and on 184 00:09:51,960 --> 00:09:55,440 Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalist 185 00:09:55,480 --> 00:09:58,120 Speaker 1: and analysts more than a hundred twenty countries. Michael bar 186 00:09:58,320 --> 00:10:05,480 Speaker 1: this is Bloomberg, Nathan, Thanks Nael. Has it come up 187 00:10:05,520 --> 00:10:07,640 Speaker 1: to six ten on Wall Street? We check Bloomberg Sports 188 00:10:07,640 --> 00:10:10,240 Speaker 1: of John Sesshire. Thanks Nathan. Twenty four hours after the 189 00:10:10,360 --> 00:10:13,240 Speaker 1: rare occurrence of a Yankees blown lane, it happened again. 190 00:10:13,400 --> 00:10:16,040 Speaker 1: Yanks lad the Red Sox for nothing later six to two. 191 00:10:16,080 --> 00:10:19,319 Speaker 1: The Socks scored the last nine runs and one eleven 192 00:10:19,360 --> 00:10:21,040 Speaker 1: six to game a split of the four game series 193 00:10:21,040 --> 00:10:23,760 Speaker 1: in Boston. A J. D. Martinez home run fifteningen off 194 00:10:23,840 --> 00:10:26,600 Speaker 1: Jamison Tai untied the game at six. A Trevor's story 195 00:10:27,040 --> 00:10:29,719 Speaker 1: three run double off Miguel Castro and the seventh put 196 00:10:29,720 --> 00:10:31,960 Speaker 1: it away. Yanks got home runs in defeat from John 197 00:10:32,000 --> 00:10:34,560 Speaker 1: Fellow Stanton, yet another one from Matt Carpenter, but they 198 00:10:34,559 --> 00:10:36,840 Speaker 1: were here by a couple of airs plus two catchable 199 00:10:36,920 --> 00:10:39,360 Speaker 1: pop ups that d J Lemy who failed the drab. 200 00:10:39,440 --> 00:10:42,760 Speaker 1: Yanks are off tonight. Mets tonight again their biggest series 201 00:10:42,760 --> 00:10:45,480 Speaker 1: of the season. They are in Atlanta. It's Max Scherzer 202 00:10:45,559 --> 00:10:49,160 Speaker 1: against the Braves, Max Freed. Mets couldn't score over ten innings, 203 00:10:49,240 --> 00:10:51,320 Speaker 1: lost to the Marlins to to nothing. While Atlanta won 204 00:10:51,360 --> 00:10:53,640 Speaker 1: in the twelfth inning, and the Mets lead, which was 205 00:10:53,679 --> 00:10:55,840 Speaker 1: once ten and a half games, is now one and 206 00:10:55,880 --> 00:10:58,320 Speaker 1: a half. Four Mets named to play next week's All 207 00:10:58,320 --> 00:11:01,040 Speaker 1: Star Game in l a Edwin Diaz, Peter Alonzo, Jeff McNeil, 208 00:11:01,360 --> 00:11:04,040 Speaker 1: and Starley Marked, and four Yankees were named Garrett Cole, 209 00:11:04,480 --> 00:11:07,559 Speaker 1: Lefter Cortez, Clay Holmes, and Jose Dravino. Aaron Judge and 210 00:11:07,600 --> 00:11:10,400 Speaker 1: John Carlos Stanton have already been named as starters. The 211 00:11:10,520 --> 00:11:13,199 Speaker 1: year began for Novak Djokovic when he went to Australia 212 00:11:13,280 --> 00:11:16,320 Speaker 1: and wasn't allowed to play due to being unvaccinated. He 213 00:11:16,400 --> 00:11:18,760 Speaker 1: lost at the friend but he just won Wimbledon for 214 00:11:18,880 --> 00:11:21,240 Speaker 1: the fourth grade term. I don't take anything for granted. 215 00:11:21,280 --> 00:11:24,040 Speaker 1: I'm very blessed to be in this position, especially considering 216 00:11:24,040 --> 00:11:26,800 Speaker 1: everything that that happened this year. At the beginning of 217 00:11:26,800 --> 00:11:29,959 Speaker 1: the year, I just didn't feel emotionally. It's a good 218 00:11:29,960 --> 00:11:32,720 Speaker 1: place for for several months, and it's kind of trying 219 00:11:32,760 --> 00:11:36,880 Speaker 1: to find the serenity and uh, you know, the balance 220 00:11:36,920 --> 00:11:39,320 Speaker 1: on and off the court and and and get get 221 00:11:39,320 --> 00:11:41,839 Speaker 1: myself in a position to fight for big trop now 222 00:11:41,880 --> 00:11:44,480 Speaker 1: twenty one career Grand Slam titles. That's one more than 223 00:11:44,600 --> 00:11:47,800 Speaker 1: Roger Federer, one fewer than Raphael the Dap, John Dash Are, 224 00:11:47,800 --> 00:11:51,480 Speaker 1: Bloomberg Sports, Nathan Greats All thank you, John SMP futures 225 00:11:51,480 --> 00:11:54,400 Speaker 1: down twenty points, Staff futures down a twenty seven. NASDAC 226 00:11:54,480 --> 00:11:57,959 Speaker 1: futures are lower by eighty five points. Twitter shares down 227 00:11:58,040 --> 00:12:02,120 Speaker 1: almost seven percent in the re market, with Elon Musk's 228 00:12:02,160 --> 00:12:08,320 Speaker 1: buyout deal potentially headed to court. Bloomberg eleven three oh 229 00:12:08,320 --> 00:12:11,560 Speaker 1: weather sunshine today has eighty five degrees camber at an 230 00:12:11,559 --> 00:12:15,520 Speaker 1: afternoon shower, thundershower tomorrow with a high near ninety sunshine 231 00:12:15,520 --> 00:12:18,600 Speaker 1: and a high near ninety Wednesday. Right now sixty seven 232 00:12:18,600 --> 00:12:24,800 Speaker 1: in Central Park markets. Headlines and breaking news twenty four 233 00:12:24,800 --> 00:12:27,800 Speaker 1: hours a day at Bloomberg dot com, the Bloomberg Business 234 00:12:27,840 --> 00:12:31,520 Speaker 1: Out and at Bloomberg Quick Tape, She's a Bloomberg business 235 00:12:31,600 --> 00:12:40,120 Speaker 1: lash and I'm kart Moscow US stock index future is 236 00:12:40,280 --> 00:12:43,400 Speaker 1: dropping this morning a lot with European shares as traders 237 00:12:43,400 --> 00:12:46,200 Speaker 1: await the key second quarter earning season for indications and 238 00:12:46,240 --> 00:12:50,400 Speaker 1: how companies are weathering. The inflation storem the dollar is higher, 239 00:12:50,520 --> 00:12:53,560 Speaker 1: bonds gaining. We checked the markets every fifteen minutes Throughout 240 00:12:53,559 --> 00:12:56,160 Speaker 1: the trading day on Bloomberg, Guess and p Future is 241 00:12:56,200 --> 00:12:58,600 Speaker 1: down nineteen points and down futures at a hundred eighteen 242 00:12:58,679 --> 00:13:01,360 Speaker 1: as day futures down eighty one the decks in Germany's 243 00:13:01,400 --> 00:13:04,320 Speaker 1: down about seven tenths of a percent. Ten year treasury 244 00:13:04,360 --> 00:13:06,400 Speaker 1: of three thirty seconds, you know, three point oh six 245 00:13:06,480 --> 00:13:09,880 Speaker 1: percent yield on the two year three point oh seven percent. 246 00:13:10,280 --> 00:13:12,600 Speaker 1: Ni Max screwed oil age down two point two percent, 247 00:13:12,640 --> 00:13:14,760 Speaker 1: down two dollars twenty seven cents at a hundred two 248 00:13:14,760 --> 00:13:17,320 Speaker 1: dollars fifty two cents of Barrel Co makes gold down 249 00:13:17,400 --> 00:13:20,320 Speaker 1: half percent, or nine dollars at seventeen thirty three thirty 250 00:13:20,320 --> 00:13:23,320 Speaker 1: announced the euro one point oh one oh six against 251 00:13:23,320 --> 00:13:25,680 Speaker 1: the dollar, British found one point one nine four four 252 00:13:25,760 --> 00:13:28,320 Speaker 1: and the En one thirty seven point oh seven, and 253 00:13:28,440 --> 00:13:31,160 Speaker 1: bitcoin is down one point nine percent at twenty thousand, 254 00:13:31,240 --> 00:13:34,760 Speaker 1: five hundred seventy dollars. Also watching Twitter shares down about 255 00:13:34,800 --> 00:13:38,040 Speaker 1: seven percent after Elon must terminated his forty four billion 256 00:13:38,040 --> 00:13:41,120 Speaker 1: dollar takeover approach. But the social media company, that's a 257 00:13:41,160 --> 00:13:43,800 Speaker 1: Bloomberg business flash. Now here's Michael bar with more on 258 00:13:43,880 --> 00:13:46,600 Speaker 1: what's going on around the world. Michael, thank you very 259 00:13:46,679 --> 00:13:49,599 Speaker 1: much Cameron. Dozens of Ukrainian emergency workers are trying to 260 00:13:49,640 --> 00:13:52,480 Speaker 1: pull people out of the rubble after a Russian rocket 261 00:13:52,520 --> 00:13:56,400 Speaker 1: attack smashed into three apartment buildings in eastern Ukraine. At 262 00:13:56,480 --> 00:13:59,679 Speaker 1: least eighteen people were killed. Former Trump White House try 263 00:13:59,760 --> 00:14:01,880 Speaker 1: to just Steve Bennon says he is now willing to 264 00:14:01,880 --> 00:14:05,880 Speaker 1: testify before the House committee investigating the January sixth assault 265 00:14:05,920 --> 00:14:09,439 Speaker 1: on the Capitol. Bannon's attorneys says his client is willing 266 00:14:09,440 --> 00:14:13,600 Speaker 1: to cooperate because the former president has rescinded his claim 267 00:14:13,640 --> 00:14:16,920 Speaker 1: of executive privilege, even though Bannon was a private citizen 268 00:14:16,960 --> 00:14:19,600 Speaker 1: at the time of the riot. In baseball, the Yankees 269 00:14:19,640 --> 00:14:22,040 Speaker 1: lost to the Red Sox eleven six. The Mets lost 270 00:14:22,080 --> 00:14:25,080 Speaker 1: along with the Nationals and A's. The Orioles won their 271 00:14:25,080 --> 00:14:28,520 Speaker 1: eighth straight. The Giants won Global news twenty four hours 272 00:14:28,520 --> 00:14:31,800 Speaker 1: a day on air and on Bloomberg Quick Take, powered 273 00:14:31,800 --> 00:14:34,480 Speaker 1: by more than twenty seven hundred journalists and analysts more 274 00:14:34,480 --> 00:14:37,800 Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. 275 00:14:37,880 --> 00:14:40,440 Speaker 1: Nathan Alright, Michael, thank you his six nineteen on Wall 276 00:14:40,480 --> 00:14:43,120 Speaker 1: Street Life from the Bloomberg Interactive Broker Studios. This is 277 00:14:43,240 --> 00:14:46,520 Speaker 1: Bloomberg Daybreak and his Karen mentioned Twitter shares are plunging 278 00:14:46,600 --> 00:14:49,920 Speaker 1: in the pre market after testleas CEO Elon Musk pulled 279 00:14:49,960 --> 00:14:53,040 Speaker 1: away from his forty four billion dollar bid to buy 280 00:14:53,120 --> 00:14:57,120 Speaker 1: the social media network, but Twitter is threatening to pull 281 00:14:57,320 --> 00:15:00,720 Speaker 1: him back in the form of a court battle. Let's 282 00:15:00,760 --> 00:15:03,720 Speaker 1: get the latest on where this saga's headed. Bloomberg Tech 283 00:15:03,760 --> 00:15:07,720 Speaker 1: reporter Aggie can Trill joins us this morning. Aggie, I 284 00:15:07,800 --> 00:15:10,480 Speaker 1: know you've been following this for months now, ever since 285 00:15:10,880 --> 00:15:14,880 Speaker 1: Elon Musk announced his bid back in April. Let's talk 286 00:15:14,920 --> 00:15:18,880 Speaker 1: about where we're how we got from there, Elon Musk 287 00:15:18,960 --> 00:15:25,560 Speaker 1: making this deal to here now in a dispute over bots. Yes, 288 00:15:25,680 --> 00:15:30,200 Speaker 1: so essentially the twenty that he the deal was originally 289 00:15:30,320 --> 00:15:34,960 Speaker 1: prices share that was back in April, and from then 290 00:15:35,400 --> 00:15:38,560 Speaker 1: we've seen a lot of back and forth um with 291 00:15:38,920 --> 00:15:43,479 Speaker 1: Elon Musk essentially pointing out that Twitter has not provided 292 00:15:43,680 --> 00:15:47,680 Speaker 1: enough evidence of the amount of bots and spam accounts 293 00:15:47,800 --> 00:15:50,840 Speaker 1: on the platform, and that he's under the impression that 294 00:15:50,920 --> 00:15:55,080 Speaker 1: it's much higher than the percentage that Twitter says it is. Um. 295 00:15:55,280 --> 00:15:57,760 Speaker 1: But then we're also looking at the fact that as 296 00:15:57,840 --> 00:16:02,600 Speaker 1: this deal was struck, Musk has created this deal with 297 00:16:02,640 --> 00:16:05,600 Speaker 1: Twitter very rapidly, much quicker than these sort of deals 298 00:16:05,760 --> 00:16:10,520 Speaker 1: usually happen. Um, and he waived the due diligence that 299 00:16:10,560 --> 00:16:13,360 Speaker 1: could have taken place um in which he could have 300 00:16:13,440 --> 00:16:16,240 Speaker 1: asked for all of this information. And now he's backing 301 00:16:16,320 --> 00:16:20,160 Speaker 1: out of the deal um in what has been described 302 00:16:20,200 --> 00:16:23,720 Speaker 1: by quite a few commentators as buyas remorse. Well, what 303 00:16:23,840 --> 00:16:26,520 Speaker 1: could this mean for Elon Musk? The fact that he 304 00:16:26,640 --> 00:16:30,760 Speaker 1: didn't do this due diligence and now Twitter is threatening 305 00:16:30,920 --> 00:16:35,680 Speaker 1: and potentially likely to bring him to Delaware Chancery Court 306 00:16:35,800 --> 00:16:40,080 Speaker 1: to force him to consummate the deal. Yes, so essentially 307 00:16:40,360 --> 00:16:44,200 Speaker 1: there is a reverse termination fee of a billion dollars 308 00:16:44,320 --> 00:16:49,920 Speaker 1: that's baked into this agreement. UM. So that is expected. 309 00:16:50,040 --> 00:16:54,480 Speaker 1: But it seems from what Twitter executives have been saying 310 00:16:54,880 --> 00:16:58,080 Speaker 1: that their concern is essentially um that they will be 311 00:16:58,960 --> 00:17:01,200 Speaker 1: wanting to either bring him back into the deal or 312 00:17:01,240 --> 00:17:04,040 Speaker 1: be paying the full amount the forty four billion UM. 313 00:17:04,320 --> 00:17:07,640 Speaker 1: And so it may be that um as that now 314 00:17:07,800 --> 00:17:11,399 Speaker 1: we're seeing that Twitter is going to be engaging a 315 00:17:12,359 --> 00:17:15,919 Speaker 1: very strong m and a team in order to force 316 00:17:16,680 --> 00:17:19,520 Speaker 1: Elon Musk to pay a great deal more than that 317 00:17:19,640 --> 00:17:23,480 Speaker 1: original termination fee. Or even be forced to buy the company. 318 00:17:23,960 --> 00:17:26,600 Speaker 1: Is there a possibility, Aggie, that we could see some 319 00:17:26,760 --> 00:17:29,359 Speaker 1: kind of settlement come out of this, or could Twitter 320 00:17:29,480 --> 00:17:34,760 Speaker 1: be satisfied with Elon Musk taking the deal but potentially 321 00:17:34,800 --> 00:17:37,879 Speaker 1: at somewhat of a lower rate. There seems to be 322 00:17:37,960 --> 00:17:41,840 Speaker 1: speculation that there might be as a settlement that or 323 00:17:41,880 --> 00:17:44,760 Speaker 1: at least discussions that are going on outside the court, 324 00:17:45,160 --> 00:17:49,719 Speaker 1: while also UM the Twitter Twitter is looking at filing 325 00:17:50,119 --> 00:17:53,199 Speaker 1: this agreement, this UM, this legal case in Delaware at 326 00:17:53,280 --> 00:17:55,680 Speaker 1: the same time, UM, It's difficult to say at this 327 00:17:55,760 --> 00:17:58,560 Speaker 1: point whether or not UM something can be settled out 328 00:17:58,600 --> 00:18:02,120 Speaker 1: of court. But the different between the billion euros settlement, 329 00:18:02,440 --> 00:18:05,080 Speaker 1: the billion euro termination fee, and the forty four billion 330 00:18:05,800 --> 00:18:08,679 Speaker 1: billion dollars sorry, and the forty four billion dollar price 331 00:18:09,200 --> 00:18:12,760 Speaker 1: UM that he originally plans to buy it for. There's 332 00:18:12,840 --> 00:18:15,800 Speaker 1: something quite significant there. And there's also a potential that 333 00:18:16,040 --> 00:18:19,880 Speaker 1: this is Elon must playing hardball. UM. He's gone back 334 00:18:19,920 --> 00:18:22,760 Speaker 1: on agreement, the agreements in the past, and it could 335 00:18:22,800 --> 00:18:25,720 Speaker 1: be that he going forward, he might actually be doing 336 00:18:25,800 --> 00:18:28,520 Speaker 1: this in order to pressure the company to lower the price. 337 00:18:29,000 --> 00:18:32,720 Speaker 1: From the analysts that you've been speaking to, Ague, where's 338 00:18:32,800 --> 00:18:35,800 Speaker 1: the bigger burden of proof if this does go into 339 00:18:35,880 --> 00:18:39,400 Speaker 1: a court battle in Delaware, Twitter proving that it's given 340 00:18:39,480 --> 00:18:42,720 Speaker 1: the information, or Elon Must proving that there are more 341 00:18:42,840 --> 00:18:46,520 Speaker 1: bots than Twitter has said it has. From what we've 342 00:18:46,560 --> 00:18:51,240 Speaker 1: been seeing, it seems that um that Twitter is potentially 343 00:18:51,320 --> 00:18:54,320 Speaker 1: well obviously not happy about what is happening. At the 344 00:18:54,400 --> 00:18:57,360 Speaker 1: same time, it's potentially in a better legal position when 345 00:18:57,400 --> 00:19:02,320 Speaker 1: it comes to taking Must to court because UMU. It 346 00:19:02,480 --> 00:19:05,760 Speaker 1: seems that having waived the due diligence and also um 347 00:19:06,000 --> 00:19:10,000 Speaker 1: having set the price beforehand and now pointing to issues 348 00:19:10,080 --> 00:19:12,399 Speaker 1: such as the bots, um which seemed to be a 349 00:19:12,520 --> 00:19:14,680 Speaker 1: reason in the first place that he was interested in 350 00:19:14,800 --> 00:19:17,200 Speaker 1: taking on Twitter because it was something that he was 351 00:19:17,320 --> 00:19:20,600 Speaker 1: keen to to get rid of on the platform, which 352 00:19:20,720 --> 00:19:23,560 Speaker 1: was part of his original reasoning, it seems that maybe 353 00:19:24,359 --> 00:19:27,120 Speaker 1: Twitter might be in a better legal position to push 354 00:19:27,160 --> 00:19:30,680 Speaker 1: back on put Elon Musk pulling out of the deal. 355 00:19:31,320 --> 00:19:33,119 Speaker 1: Thanks for this, Aggy, great having you on with us 356 00:19:33,200 --> 00:19:36,560 Speaker 1: this morning. Aggie Cantrill, Bloomberg News Tech reporter with us 357 00:19:36,680 --> 00:19:40,160 Speaker 1: as we continue to watch the Elon Musk Twitter buy 358 00:19:40,200 --> 00:19:44,320 Speaker 1: out saga. On the news that Elon Musk is trying 359 00:19:44,359 --> 00:19:46,760 Speaker 1: to pull out of the deal, Twitter shares this morning 360 00:19:46,840 --> 00:19:50,439 Speaker 1: are down more than six percent at close to thirty 361 00:19:50,560 --> 00:19:53,800 Speaker 1: four fifty a share. Right now, SMP futures are down 362 00:19:53,920 --> 00:19:57,320 Speaker 1: sixteen points Down futures are down nineties six and Aztec 363 00:19:57,400 --> 00:20:01,119 Speaker 1: futures leading the declines this morning, down seventy four points. 364 00:20:01,200 --> 00:20:08,320 Speaker 1: You're listening to Bloomberg Day Brain Bloomberg eleven three O 365 00:20:08,400 --> 00:20:10,200 Speaker 1: weather sunshine to start the week. We'll get up to 366 00:20:10,280 --> 00:20:13,600 Speaker 1: eighty five degrees highs near ninety tomorrow and the next 367 00:20:13,720 --> 00:20:17,040 Speaker 1: day with the possibility of afternoon showers of thundershowers tomorrow. 368 00:20:17,359 --> 00:20:23,479 Speaker 1: Right now sixty seven in Central Park, broadcasting live from 369 00:20:23,720 --> 00:20:27,680 Speaker 1: Bloomberg Interactive Broker's studio in New York, Bloomberg E Living 370 00:20:27,720 --> 00:20:32,200 Speaker 1: Freedom to Washington, d C. Bloomberg to Boston, Bloomberg What 371 00:20:32,359 --> 00:20:35,480 Speaker 1: Oh six one to San Francisco, Bloomberg Home sixty to 372 00:20:35,560 --> 00:20:38,760 Speaker 1: the country, Sirius XM Cho one nineteen and around the 373 00:20:38,800 --> 00:20:42,720 Speaker 1: globe the Bloomberg business in Bloomberg Radio dot Com. This 374 00:20:43,200 --> 00:20:51,960 Speaker 1: is Bloomberg Daybreak six thirty on Wall Street. Good morning, 375 00:20:51,960 --> 00:20:54,720 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just 376 00:20:54,800 --> 00:20:57,560 Speaker 1: about three hours away from the open of US trading time. 377 00:20:57,600 --> 00:20:59,400 Speaker 1: For the five things that you need to notice Start 378 00:20:59,480 --> 00:21:03,399 Speaker 1: your day. Onto You by Interactive Brokers. Interactive Brokers at 379 00:21:03,400 --> 00:21:06,520 Speaker 1: the Global Analysts helps you find new global investment opportunities 380 00:21:06,720 --> 00:21:10,280 Speaker 1: to diversify your portfolio and discover undervalued companies that may 381 00:21:10,359 --> 00:21:13,680 Speaker 1: have a greater growth potential. Try ib k R Global 382 00:21:13,720 --> 00:21:16,760 Speaker 1: Analysts Today at ibk R dot com. Slash g a 383 00:21:17,760 --> 00:21:20,399 Speaker 1: first you began at the Latest on Twitter shares her 384 00:21:20,440 --> 00:21:22,760 Speaker 1: down more than six percent in early trading as a 385 00:21:22,760 --> 00:21:25,600 Speaker 1: show down between Elon Musk and a social media company 386 00:21:25,840 --> 00:21:28,320 Speaker 1: appears to be headed a court. Bloomberg's you need a 387 00:21:28,359 --> 00:21:30,320 Speaker 1: young joins us Live with the Latest or need a 388 00:21:30,320 --> 00:21:33,080 Speaker 1: good morning, Good Morning Karen. Elon Musk is backing out 389 00:21:33,119 --> 00:21:35,639 Speaker 1: of the forty four billion dollar deal to buy Twitter 390 00:21:35,720 --> 00:21:38,800 Speaker 1: after all, but he can't just walk away without a 391 00:21:38,880 --> 00:21:41,560 Speaker 1: court case, and Twitter has lawyered up in a race 392 00:21:41,680 --> 00:21:44,879 Speaker 1: to sue Musk to follow through. Bloomberg sources say a 393 00:21:44,960 --> 00:21:48,040 Speaker 1: filing could come as soon as early this week. Now. 394 00:21:48,119 --> 00:21:50,720 Speaker 1: If the judge rules against Musk, he could be forced 395 00:21:50,760 --> 00:21:53,840 Speaker 1: to pay Twitter shareholders fifty four dollars and twenty cents 396 00:21:53,880 --> 00:21:56,520 Speaker 1: a share, but a ruling in his favor would let 397 00:21:56,640 --> 00:21:59,399 Speaker 1: musk Walk. Although he probably have to pay a one 398 00:21:59,480 --> 00:22:02,960 Speaker 1: billion all the breakup fee, there's always the prospect that 399 00:22:03,240 --> 00:22:06,600 Speaker 1: both sides could reach a settlement. Live in New York, 400 00:22:06,720 --> 00:22:08,840 Speaker 1: I'm rened a young Bloomberg Day Break. All right, we 401 00:22:08,920 --> 00:22:10,600 Speaker 1: need to thank you. Know. Stocks are lower to begin 402 00:22:10,640 --> 00:22:12,600 Speaker 1: a new trading week. It's a big week for big 403 00:22:12,680 --> 00:22:16,280 Speaker 1: banks and corporate earnings. JP Morgan Morgan, Stanley, City Group, 404 00:22:16,320 --> 00:22:18,760 Speaker 1: and Wells Fargo all reports second quarter earnings late in 405 00:22:18,760 --> 00:22:22,000 Speaker 1: the week. We also get important inflation data. The latest 406 00:22:22,040 --> 00:22:25,800 Speaker 1: Consumer Price Index comes out Wednesday, Producer prices on Thursday. 407 00:22:26,200 --> 00:22:28,879 Speaker 1: Well Nathan. When it comes to tackling inflation, the Biden 408 00:22:28,920 --> 00:22:34,040 Speaker 1: administration is considering lowering tariffs on Chinese imports to provide relief. 409 00:22:34,359 --> 00:22:38,400 Speaker 1: Commerce Secretary Gena Romando expects a decision from the President shortly. 410 00:22:38,840 --> 00:22:41,480 Speaker 1: It's gonna do it a thoughtful way that is strategic 411 00:22:41,720 --> 00:22:44,560 Speaker 1: and also most important, most important to him and to 412 00:22:44,680 --> 00:22:48,680 Speaker 1: all of us, is without hurting American workers. And Secretary 413 00:22:48,800 --> 00:22:51,399 Speaker 1: Ramando made the comments on NBC's Meet the presser and 414 00:22:51,480 --> 00:22:54,520 Speaker 1: Sundays on Bloomberg Radio. Will speak live with Commerce Secretary 415 00:22:54,640 --> 00:22:58,440 Speaker 1: Raimondo today on Bloomberg Radio and TV. Catch the conversation 416 00:22:58,520 --> 00:23:01,520 Speaker 1: and eleven am Eastern our well. President Biden plans to 417 00:23:01,520 --> 00:23:04,440 Speaker 1: speak with Chinese leader Shi jin Ping in the coming weeks. Karen, 418 00:23:04,560 --> 00:23:06,840 Speaker 1: Secretary of State Anthony blink and laid the groundwork for 419 00:23:06,920 --> 00:23:09,240 Speaker 1: the call over the weekend in a conversation with the 420 00:23:09,359 --> 00:23:12,760 Speaker 1: Chinese Foreign Minister. And finally in Asia, Nathan, Chinese stock 421 00:23:12,840 --> 00:23:14,920 Speaker 1: said their worst day in about a month. The slew 422 00:23:15,000 --> 00:23:17,840 Speaker 1: of issues, including COVID flare ups, led to a drop 423 00:23:17,920 --> 00:23:21,480 Speaker 1: of almost three percent for Hong Kong's Hang Sang Index. 424 00:23:21,960 --> 00:23:23,520 Speaker 1: And that's the five things that you need to notice 425 00:23:23,560 --> 00:23:27,280 Speaker 1: start your day. Brought to you by Interactive Brokers Again, 426 00:23:27,359 --> 00:23:29,840 Speaker 1: futures are lower this morning, and straight to hand your 427 00:23:29,880 --> 00:23:34,240 Speaker 1: latest local headlines plus a check of sports. This is Bloomberg, 428 00:23:38,119 --> 00:23:40,280 Speaker 1: Thanks Karen. At six thirty three on Wall Street, sixty 429 00:23:40,280 --> 00:23:43,120 Speaker 1: eight degrees in Central Park of big problems on FDR 430 00:23:43,240 --> 00:23:45,960 Speaker 1: Drive with a crash on the northbound side at seventy nine. 431 00:23:46,040 --> 00:23:48,639 Speaker 1: Details coming up in traffic. First Michael Barr with what 432 00:23:48,760 --> 00:23:50,880 Speaker 1: else is going on in New York and around the world. 433 00:23:50,960 --> 00:23:53,760 Speaker 1: Good morning, Michael, Good morning Nathan. How should commute going 434 00:23:53,840 --> 00:23:56,840 Speaker 1: so far this morning? Over the Georgia Washington Bridge. The 435 00:23:56,960 --> 00:23:59,439 Speaker 1: g WB when to cash lest tolls over the weekend. 436 00:23:59,520 --> 00:24:01,800 Speaker 1: The good news is that officials hope that will mean 437 00:24:01,880 --> 00:24:04,840 Speaker 1: a smoother commute from New Jersey into New York. The 438 00:24:04,960 --> 00:24:08,679 Speaker 1: bad news it means the end of the car pooling fee. Normally, 439 00:24:08,760 --> 00:24:12,679 Speaker 1: it costs sixteen dollars one way to get across the bridge. However, 440 00:24:13,040 --> 00:24:15,920 Speaker 1: drivers who had a car pool discount plan on the 441 00:24:16,040 --> 00:24:19,280 Speaker 1: easy passes paid about half that if they had three 442 00:24:19,359 --> 00:24:22,800 Speaker 1: or more people in the vehicle. Former advisor to former 443 00:24:22,840 --> 00:24:26,040 Speaker 1: President Trump, Steve Bennon, it's change course and will cooperate 444 00:24:26,119 --> 00:24:29,800 Speaker 1: with the January six committee. Bennon had earlier been arrested 445 00:24:29,960 --> 00:24:33,880 Speaker 1: for ignoring a congressional subpoena to testify former President Trump, 446 00:24:33,960 --> 00:24:37,080 Speaker 1: and Bennon at first claimed executive privilege, even though Bennon 447 00:24:37,400 --> 00:24:41,200 Speaker 1: was a private citizen that day. Loyola Law University professor 448 00:24:41,280 --> 00:24:44,879 Speaker 1: Lorie Levinson says the value of Bannon's testimony remains to 449 00:24:44,920 --> 00:24:47,720 Speaker 1: be determined in terms of what he would say to 450 00:24:47,840 --> 00:24:50,639 Speaker 1: the committee. I think the only thing that is clear 451 00:24:51,119 --> 00:24:54,439 Speaker 1: is that he continues to be allied with Donald Trump, 452 00:24:54,960 --> 00:24:57,560 Speaker 1: and so I'm not sure the committee would particularly trust 453 00:24:57,640 --> 00:25:00,320 Speaker 1: what he's going to have to say even if Bannon 454 00:25:00,359 --> 00:25:03,840 Speaker 1: it's willing now to appear before the committee Loyola Law 455 00:25:03,960 --> 00:25:08,680 Speaker 1: University professor Lorie Levinson. Meanwhile, Republican Committee member Adam Kinzinger 456 00:25:08,800 --> 00:25:12,280 Speaker 1: says this week's hearing will likely focus on the president's 457 00:25:12,280 --> 00:25:15,840 Speaker 1: action the day of January six. What we want to 458 00:25:15,880 --> 00:25:18,040 Speaker 1: show the American people is what was the president doing 459 00:25:18,119 --> 00:25:20,720 Speaker 1: during that time The rest of the country knew that 460 00:25:20,760 --> 00:25:23,800 Speaker 1: there was an insurrection. The president obviously had to have 461 00:25:23,880 --> 00:25:25,639 Speaker 1: known there was an insurrection, So where was he? What 462 00:25:25,800 --> 00:25:29,240 Speaker 1: was he doing? Representative Kinzinger spoke on ABC's This Week, 463 00:25:29,600 --> 00:25:33,000 Speaker 1: which can be heard Sundays on Bloomberg. Japanese Prime Minister 464 00:25:33,119 --> 00:25:36,359 Speaker 1: Fumio Kashita has met with the U S. S tob diplomat, 465 00:25:36,600 --> 00:25:40,040 Speaker 1: who delivered condolences over the assassination of former leader Shinzo 466 00:25:40,160 --> 00:25:44,600 Speaker 1: Abe and reassurances of a strong bidan lateral alliance. U S. 467 00:25:44,680 --> 00:25:48,000 Speaker 1: Secretary of State Anthony B. Lincoln in Japan gave Kashita 468 00:25:48,040 --> 00:25:50,840 Speaker 1: a letter from President Joe Biden to Abe's family. I 469 00:25:50,960 --> 00:25:56,320 Speaker 1: shared with our Japanese colleagues the sense of lost, the 470 00:25:56,359 --> 00:25:59,480 Speaker 1: sense of shock that we all feel, the American people 471 00:25:59,520 --> 00:26:05,440 Speaker 1: feel at this horrific tragedy and killing Secretary Lincoln. Senate 472 00:26:05,520 --> 00:26:08,600 Speaker 1: majority leader Chuck Schumer's tested positive for COVID nineteen. A 473 00:26:08,680 --> 00:26:13,480 Speaker 1: spokesman says Schumer is experiencing very mild symptoms. Global News 474 00:26:13,520 --> 00:26:16,359 Speaker 1: twenty four hours a day on airand on Bloomberg Quick Take, 475 00:26:16,400 --> 00:26:19,320 Speaker 1: powered by more than twenty seven hundred journalists and analysts, 476 00:26:19,320 --> 00:26:21,680 Speaker 1: are more than a hundred twenty countries. Michael Barr, this 477 00:26:22,000 --> 00:26:29,720 Speaker 1: is Bloomberg, Nathan, Thank you, Michael. Almost six thirty six 478 00:26:29,760 --> 00:26:31,880 Speaker 1: on Wall Street. Here's John stash Are with the Bloomberg 479 00:26:31,920 --> 00:26:34,560 Speaker 1: Sports updates. All right, Nathan, Yankees first visit of the season. 480 00:26:34,640 --> 00:26:37,440 Speaker 1: The Boston had started well. They won the first two games. Saturday, 481 00:26:37,480 --> 00:26:39,760 Speaker 1: they had leads in the eighth and ten thinnings, and 482 00:26:39,840 --> 00:26:42,119 Speaker 1: last night they twice had a four run lead the 483 00:26:42,200 --> 00:26:44,719 Speaker 1: Red Sox, with two come from behind victories, they get 484 00:26:44,760 --> 00:26:47,159 Speaker 1: a split of the four game series. The Sox went 485 00:26:47,240 --> 00:26:49,879 Speaker 1: from down six to to an eleven six victory, and 486 00:26:49,880 --> 00:26:53,040 Speaker 1: while the Yankees still have that sizeable fourteen game lead, 487 00:26:53,119 --> 00:26:56,520 Speaker 1: there is concern over Jamison Taiani's allowed twenty runs in 488 00:26:56,640 --> 00:26:59,320 Speaker 1: his last four starts. As managers are in bloom the 489 00:26:59,440 --> 00:27:02,960 Speaker 1: mistakes are hurting him. Um, you know, we gotta you know, 490 00:27:03,080 --> 00:27:05,320 Speaker 1: that's what we gotta work to correct, you know, making 491 00:27:05,359 --> 00:27:08,119 Speaker 1: sure when we do make a mistake that it's you know, 492 00:27:08,240 --> 00:27:11,040 Speaker 1: not into an area where it's getting slug that's really 493 00:27:11,119 --> 00:27:13,160 Speaker 1: hurting him. Because I thought tonight is stuff. I thought 494 00:27:13,200 --> 00:27:15,400 Speaker 1: tonight threw the ball really well. Not the only problem 495 00:27:15,520 --> 00:27:18,440 Speaker 1: last night, some sketchy defense. Yanks failed to score over 496 00:27:18,480 --> 00:27:20,840 Speaker 1: the last five plus innings. The Mets didn't score at 497 00:27:20,840 --> 00:27:23,040 Speaker 1: all in a game without a single extra base hit 498 00:27:23,119 --> 00:27:25,280 Speaker 1: by either team. In ten and names the Marlins one 499 00:27:25,359 --> 00:27:28,680 Speaker 1: to nothing pictures duel between Sandy all Contra and Taiwan 500 00:27:28,760 --> 00:27:31,320 Speaker 1: waperl Contract was named an All Star. Walker was not, 501 00:27:31,520 --> 00:27:35,359 Speaker 1: but four Mets were named Edwin Dz, Peter Alonzo, Jeff McNeil, 502 00:27:35,400 --> 00:27:38,960 Speaker 1: and Sterling Marte. Four Yankees named Grett Cole, Nestor Cortez, 503 00:27:39,040 --> 00:27:41,440 Speaker 1: Clay Holmes, and Jose Ravino. Aaron Judge and John Cullo. 504 00:27:41,480 --> 00:27:44,280 Speaker 1: Stanton had already been named as starters. The National League 505 00:27:44,280 --> 00:27:45,920 Speaker 1: team for next week's game in l A will have 506 00:27:46,080 --> 00:27:49,520 Speaker 1: brothers in the starting lineup. Cubs catcher Wilson co and Treris, 507 00:27:49,560 --> 00:27:51,960 Speaker 1: and his brother William plays with the Braves and will 508 00:27:52,000 --> 00:27:54,040 Speaker 1: be the G eight. Novak Djokovic, just after winning the 509 00:27:54,040 --> 00:27:56,479 Speaker 1: Wimbledon for the seven time, said he does not expect 510 00:27:56,520 --> 00:27:58,520 Speaker 1: to be allowed to come to New York for the 511 00:27:58,600 --> 00:28:00,800 Speaker 1: US Open since he's on back senative. He said it 512 00:28:00,840 --> 00:28:04,240 Speaker 1: would take in easy, no restrictions or a medical example. 513 00:28:04,320 --> 00:28:08,639 Speaker 1: John scares want Bloomberg Sports Okay? John, thanks sixty seven 514 00:28:08,760 --> 00:28:10,520 Speaker 1: on Wall Street Time now to take a look at 515 00:28:10,560 --> 00:28:12,520 Speaker 1: stock some of the names moving in the pre market 516 00:28:12,600 --> 00:28:16,160 Speaker 1: with Bloomberg, Radio and TV markets correspondent Crety grouped, all right, Creedy, 517 00:28:16,200 --> 00:28:19,120 Speaker 1: how's Twitter doing now? Well, shares are down six point 518 00:28:19,200 --> 00:28:21,919 Speaker 1: eight percent. I'man surprised we're hitting this once again as 519 00:28:21,960 --> 00:28:24,480 Speaker 1: our top mover. Huge of course, as we talk about 520 00:28:24,560 --> 00:28:26,960 Speaker 1: this deal really following through, falling through, And let me 521 00:28:27,000 --> 00:28:28,600 Speaker 1: give you the price action on Tesla as well, because 522 00:28:28,600 --> 00:28:31,400 Speaker 1: we know there's that inverse relationship. Tessel shares down about 523 00:28:31,400 --> 00:28:33,040 Speaker 1: three tenths of one percent. Remember this comes to the 524 00:28:33,119 --> 00:28:36,359 Speaker 1: context of an entire market that's lower. But remember a 525 00:28:36,600 --> 00:28:39,240 Speaker 1: wave of analyst notes coming out over the weekend about 526 00:28:39,320 --> 00:28:42,640 Speaker 1: simply how much pain Twitter the shares are going to 527 00:28:42,720 --> 00:28:45,360 Speaker 1: go through. Dan Eyes, for example, who's a major tech 528 00:28:45,360 --> 00:28:47,720 Speaker 1: will at least it's built his reputation on that is 529 00:28:47,800 --> 00:28:51,400 Speaker 1: starting to say that while the price where the shares 530 00:28:51,480 --> 00:28:53,920 Speaker 1: of Twitter could drop us those twenty five dollars, the 531 00:28:54,000 --> 00:28:56,000 Speaker 1: idea here being that a lot of this is going 532 00:28:56,040 --> 00:28:58,400 Speaker 1: to be caught up in legal hassle, even that one 533 00:28:58,400 --> 00:29:01,120 Speaker 1: billion dollar termination fee isn't really going to rescue it. 534 00:29:01,160 --> 00:29:03,960 Speaker 1: And even if Twitter is once again on the deal block, 535 00:29:04,280 --> 00:29:06,640 Speaker 1: who's going to buy it? A question of not just 536 00:29:07,120 --> 00:29:10,320 Speaker 1: simply this particular deal, but brand value for the future. 537 00:29:10,360 --> 00:29:12,120 Speaker 1: And of course, as we talked about Tesla as well, 538 00:29:12,440 --> 00:29:14,800 Speaker 1: what does this neu to Elon Musk's own brand value? 539 00:29:14,960 --> 00:29:16,720 Speaker 1: And those are all gonna be questions that we're going 540 00:29:16,760 --> 00:29:19,120 Speaker 1: to explore throughout the day. Yeah, certainly will be. And 541 00:29:19,280 --> 00:29:22,200 Speaker 1: I see a lot of moves in casino stocks this 542 00:29:22,360 --> 00:29:24,440 Speaker 1: morning as well. What's going on there. Well, it's almost 543 00:29:24,520 --> 00:29:27,360 Speaker 1: like the old story is the new story all over again, 544 00:29:27,400 --> 00:29:30,080 Speaker 1: except this time those COVID outbreaks while they're hitting the 545 00:29:30,160 --> 00:29:32,840 Speaker 1: gambling hub of Macau. This is huge as we talk 546 00:29:32,880 --> 00:29:36,000 Speaker 1: about COVID lockdowns Shanghai in particular Beijing, a lot of 547 00:29:36,080 --> 00:29:38,560 Speaker 1: those restrictions theories, but then you go to Macau where 548 00:29:38,840 --> 00:29:42,000 Speaker 1: a lot of American businesses have some pretty good standing there. 549 00:29:42,040 --> 00:29:45,200 Speaker 1: Think about it when Resorts Las Vegas stands, for example, 550 00:29:45,280 --> 00:29:48,200 Speaker 1: all of their international businesses are based in Macau, and 551 00:29:48,240 --> 00:29:51,160 Speaker 1: now Macau saying they're going to shut almost all business premises, 552 00:29:51,440 --> 00:29:54,320 Speaker 1: including casinos for a week from Monday as a COVID 553 00:29:54,400 --> 00:29:57,440 Speaker 1: nineteen outbreak in the gambling hug hub excuse me, shows 554 00:29:57,440 --> 00:30:00,400 Speaker 1: a few signs of abating. So once again, this is well, 555 00:30:00,440 --> 00:30:01,920 Speaker 1: the scare here is that this is not just a 556 00:30:02,000 --> 00:30:04,480 Speaker 1: one week thing. Perhaps it lasts longer, and of course 557 00:30:04,520 --> 00:30:06,360 Speaker 1: it's going to hit the bottom lines of some of 558 00:30:06,400 --> 00:30:09,280 Speaker 1: those stocks as well. So win Resorts, for example, w 559 00:30:09,760 --> 00:30:13,240 Speaker 1: y n N is your takers down about five point 560 00:30:13,520 --> 00:30:15,800 Speaker 1: six percent. Las Vegas Sam's is another one. You want 561 00:30:15,800 --> 00:30:18,840 Speaker 1: to keep your eye on. LVS down five point three 562 00:30:18,960 --> 00:30:21,160 Speaker 1: percent as well. So, Nathan, as we talked simply about 563 00:30:21,160 --> 00:30:23,720 Speaker 1: those China stocks, these casino stocks are wants that you 564 00:30:23,800 --> 00:30:26,000 Speaker 1: really want to keep an eye on, especially in big 565 00:30:26,080 --> 00:30:29,320 Speaker 1: emphasis here when you talk about the volatility picture, because Nathan, 566 00:30:29,400 --> 00:30:31,280 Speaker 1: this is also we talked about air wants to talk 567 00:30:31,280 --> 00:30:33,760 Speaker 1: about cruise lines a kind of these volatility proxies. Well, 568 00:30:33,800 --> 00:30:36,520 Speaker 1: these casino stocks are one as well. Yeah, certainly, all right, 569 00:30:36,520 --> 00:30:38,480 Speaker 1: it's interesting to think about that in the context of 570 00:30:38,560 --> 00:30:41,360 Speaker 1: COVID shutdowns as well. Thanks for this as always. Boomberg 571 00:30:41,440 --> 00:30:44,920 Speaker 1: Radio and TV Markets corresponded, Creety gooped up and as 572 00:30:44,960 --> 00:30:46,480 Speaker 1: we take a look at stocks as a whole ahead 573 00:30:46,520 --> 00:30:50,200 Speaker 1: of this Monday morning open, futures are moving lower. SMP 574 00:30:50,360 --> 00:30:52,960 Speaker 1: futures right now down twenty one points down, futures down, 575 00:30:54,200 --> 00:30:58,280 Speaker 1: NASDAC futures, the tech heavy UH index leading the declines 576 00:30:58,360 --> 00:31:01,320 Speaker 1: this morning, down two points. That's a drop of about 577 00:31:01,360 --> 00:31:04,320 Speaker 1: three quarters of one percent. Ten year Treasury is up 578 00:31:04,560 --> 00:31:07,520 Speaker 1: for thirty seconds, the yield three point zero six percent, 579 00:31:07,960 --> 00:31:10,920 Speaker 1: still an inversion between the twos and tens. Two year 580 00:31:11,000 --> 00:31:13,800 Speaker 1: yield right now just a basis point higher than the 581 00:31:13,880 --> 00:31:17,600 Speaker 1: tenure at three point zero seven per cent. You're listening 582 00:31:17,680 --> 00:31:24,240 Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh weather. Sunshine in 583 00:31:24,280 --> 00:31:26,800 Speaker 1: a high near eighty five today, mostly sunny tomorrow, but 584 00:31:26,840 --> 00:31:30,000 Speaker 1: could see an afternoon shower a thundershower. Highs near ninety degrees, 585 00:31:30,160 --> 00:31:32,480 Speaker 1: will be back to near ninety mostly sunny on Wednesday. 586 00:31:32,600 --> 00:31:38,600 Speaker 1: Right now six eight in Central Park Markets, headlines and 587 00:31:38,800 --> 00:31:41,760 Speaker 1: breaking news twenty four hours a day at Bloomberg dot 588 00:31:41,800 --> 00:31:44,920 Speaker 1: com for the Bloomberg Business apt and at Bloomberg Quick Take. 589 00:31:45,200 --> 00:31:54,360 Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow 590 00:31:54,480 --> 00:31:56,440 Speaker 1: Future is following this morning. We go to the First 591 00:31:56,480 --> 00:31:58,920 Speaker 1: Word Breaking news desk for today's morning call, and here's 592 00:31:58,920 --> 00:32:02,600 Speaker 1: Phil Maloney. Bill, good morning, Hey, good morning. Can that's right. 593 00:32:02,680 --> 00:32:04,480 Speaker 1: US futures are in the red right now at Death 594 00:32:04,520 --> 00:32:06,920 Speaker 1: futures down a hundred points, says if you's drop eighteen 595 00:32:07,000 --> 00:32:10,480 Speaker 1: and NASDIC futures are lower by seventy eight. The US 596 00:32:10,640 --> 00:32:13,400 Speaker 1: ten ye yield at three point oh seven percent, Gold 597 00:32:13,520 --> 00:32:16,360 Speaker 1: is down six oil is trading lower, and Bitcoin is 598 00:32:16,440 --> 00:32:20,360 Speaker 1: down by two percent. Shanghai dropped one point three percent overnight, 599 00:32:20,560 --> 00:32:23,320 Speaker 1: while up markets are also in the red this morning. 600 00:32:23,680 --> 00:32:26,520 Speaker 1: Back in the US on the economic front, nothing to report, 601 00:32:26,880 --> 00:32:29,200 Speaker 1: and in deal news, Twitter is down seven percent in 602 00:32:29,240 --> 00:32:32,000 Speaker 1: the pre market after Elon Musk backed out of his deal. 603 00:32:32,400 --> 00:32:34,680 Speaker 1: And in other news, Uber shares a down pre market 604 00:32:34,720 --> 00:32:38,080 Speaker 1: on report so It's lobbying practices wrapping things up. Bank 605 00:32:38,120 --> 00:32:40,360 Speaker 1: of America was raised to buy over at Soction, lu 606 00:32:40,520 --> 00:32:43,880 Speaker 1: Lemon was cut to underperform at Jefferies, and Occidental was 607 00:32:43,960 --> 00:32:47,280 Speaker 1: put to neutral O Break Oldman Sachs live from the 608 00:32:47,280 --> 00:32:50,600 Speaker 1: first breaking news task on the Maloney Care All right, Bill, 609 00:32:50,640 --> 00:32:52,400 Speaker 1: thank you, and to hear live breaking news over here. 610 00:32:52,440 --> 00:32:55,840 Speaker 1: Bloombergy type squawk on your terminal SCU A w u K. 611 00:32:56,080 --> 00:32:58,640 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 612 00:32:58,760 --> 00:33:02,640 Speaker 1: more on what's going on in the world. Michael Karen, 613 00:33:02,680 --> 00:33:05,719 Speaker 1: thank you very much. Japanese from Minister Fumio Kashita has 614 00:33:05,800 --> 00:33:09,640 Speaker 1: called for party unity to achieve the unfinished goals of 615 00:33:09,720 --> 00:33:14,400 Speaker 1: assassinated former Leadershian Zohabe, including strengthening the military as comes 616 00:33:14,520 --> 00:33:18,240 Speaker 1: as Kashita's ruling blocks cured more seats in parliaments up 617 00:33:18,280 --> 00:33:22,120 Speaker 1: our House and elections yesterday. Also today, U S Secretary 618 00:33:22,200 --> 00:33:24,800 Speaker 1: of St. Anthony B. Lincoln met with Kashita to offer 619 00:33:24,920 --> 00:33:28,520 Speaker 1: his condolences. President Biden says he is considering declaring the 620 00:33:28,560 --> 00:33:32,040 Speaker 1: public Health Emergency the free up federal resources to promote 621 00:33:32,040 --> 00:33:35,280 Speaker 1: abortion access. In baseball, the Yankees lost to the Red 622 00:33:35,360 --> 00:33:38,600 Speaker 1: Sox eleven six. The Mets lost along with the Nationals 623 00:33:38,680 --> 00:33:41,640 Speaker 1: and A's the Orioles. They won their eighth straight game. 624 00:33:41,800 --> 00:33:44,680 Speaker 1: The Giants won Global News twenty four hours a day 625 00:33:44,760 --> 00:33:47,640 Speaker 1: on air and on Bloomberg Quick Take powered by more 626 00:33:47,720 --> 00:33:50,040 Speaker 1: than twenty seven hundred journalists and analysts more than a 627 00:33:50,120 --> 00:33:54,360 Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg killing alright, Michael, 628 00:33:54,440 --> 00:33:56,720 Speaker 1: thank you well. It's sixty nine on Wall Street and 629 00:33:56,800 --> 00:33:59,080 Speaker 1: we turned to news in science and Technology Now with 630 00:33:59,120 --> 00:34:01,920 Speaker 1: the Bloomberg against a I T. Stemmer report, brought to 631 00:34:02,000 --> 00:34:04,840 Speaker 1: you by New Jersey Institute of Technology, ranked to top 632 00:34:04,920 --> 00:34:07,440 Speaker 1: fifty national Public University of my u S News and 633 00:34:07,560 --> 00:34:10,720 Speaker 1: World Report and number fourteen in the nation on Money's 634 00:34:10,800 --> 00:34:13,440 Speaker 1: Best Colleges List. Learn more at n J I T 635 00:34:13,680 --> 00:34:15,960 Speaker 1: dot E d U and now here's It's making news 636 00:34:16,040 --> 00:34:19,600 Speaker 1: and science, Technology, engineering and math. The latest COVID outbreak 637 00:34:19,640 --> 00:34:22,919 Speaker 1: in Shanghai is getting larger. The city recorded sixty nine 638 00:34:22,960 --> 00:34:26,399 Speaker 1: new infections on Sunday, the most since late May. There 639 00:34:26,400 --> 00:34:29,319 Speaker 1: will be more mass testing in parts of Shanghai. New 640 00:34:29,400 --> 00:34:32,360 Speaker 1: sub variants of the virus are proving a constant challenge 641 00:34:32,640 --> 00:34:36,600 Speaker 1: to the country's zero tolerance approach. The European Union is 642 00:34:36,680 --> 00:34:39,040 Speaker 1: warning that the continent is facing one of its toughest 643 00:34:39,120 --> 00:34:41,480 Speaker 1: years when it comes to natural disasters like droughts and 644 00:34:41,640 --> 00:34:45,719 Speaker 1: wildfires because of increasing climate change, extended drought conditions if 645 00:34:45,800 --> 00:34:48,759 Speaker 1: hits several member states like Greece and Italy, and a 646 00:34:48,840 --> 00:34:52,040 Speaker 1: heat wave last month went as far up as northern Germany. 647 00:34:52,400 --> 00:34:55,360 Speaker 1: It heightened concerns across Europe for more disasters for the 648 00:34:55,440 --> 00:34:59,000 Speaker 1: rest of the summer, and Wall Street expects the cryptocurrencies 649 00:34:59,120 --> 00:35:02,200 Speaker 1: crashed he get a whole lot worse. According to sixty 650 00:35:02,280 --> 00:35:05,400 Speaker 1: percent of investors in the latest Bloomberg m l I V. 651 00:35:05,600 --> 00:35:08,520 Speaker 1: Paulse survey, the token is more likely to tumble to 652 00:35:08,640 --> 00:35:11,840 Speaker 1: ten thousand dollars than rally back to thirty thousand. Some 653 00:35:12,040 --> 00:35:14,560 Speaker 1: two trillion dollars has vanished from the market value of 654 00:35:14,600 --> 00:35:18,640 Speaker 1: cryptocurrency since late last year, according to data compiled by 655 00:35:18,760 --> 00:35:22,880 Speaker 1: coin get Go. That's a Bloomberg and j I. T. Stammerport. Nathan, 656 00:35:23,080 --> 00:35:25,000 Speaker 1: all right, Karen, thank you. We are live from the 657 00:35:25,040 --> 00:35:28,120 Speaker 1: Bloomberg Interactive Brokers Studios or at six fifty on Wall 658 00:35:28,160 --> 00:35:30,120 Speaker 1: Street Time Now to check what's going on in d C. 659 00:35:30,760 --> 00:35:33,160 Speaker 1: Some of the top stories in our nation's capital include 660 00:35:33,200 --> 00:35:36,840 Speaker 1: President Biden still thinking about taking action on Chinese imports 661 00:35:36,880 --> 00:35:40,160 Speaker 1: harriffs to try to lower consumer prices. Commerce Secretary Gina 662 00:35:40,280 --> 00:35:42,800 Speaker 1: Ramando was asked about it on NBC's Meet the Press. 663 00:35:43,320 --> 00:35:46,800 Speaker 1: The President is being thoughtful about this, Unlike President Trump. 664 00:35:46,880 --> 00:35:49,880 Speaker 1: Those tariffs that he opposed made no sense, and so 665 00:35:50,040 --> 00:35:52,040 Speaker 1: we are briefing him and I expect to make a 666 00:35:52,120 --> 00:35:56,080 Speaker 1: decision shortly. And Secretary Romando is blasting Senate Minority Leader 667 00:35:56,120 --> 00:35:58,640 Speaker 1: Mitch McConnell for threatening to block a bill boosting the 668 00:35:58,760 --> 00:36:01,560 Speaker 1: US chip sector if Democrats go ahead with a new 669 00:36:01,640 --> 00:36:04,319 Speaker 1: spending bill on their own, it's a false choice. He's 670 00:36:04,360 --> 00:36:07,400 Speaker 1: playing politics with our national security and it's time for 671 00:36:07,520 --> 00:36:10,400 Speaker 1: Congress to do its job on both of those dimensions. 672 00:36:10,520 --> 00:36:14,799 Speaker 1: Commerce Secretary Romando there on ABC's This Week, also making news, 673 00:36:14,920 --> 00:36:18,040 Speaker 1: President Biden keeping a public health emergency on the table 674 00:36:18,120 --> 00:36:21,680 Speaker 1: to protect abortion rights. Vice President Kamala Harris tells CBS 675 00:36:21,680 --> 00:36:24,759 Speaker 1: has Face the Nation. We also need Congress to act 676 00:36:24,880 --> 00:36:28,440 Speaker 1: because that branch of government is where we actually codify, 677 00:36:28,600 --> 00:36:33,640 Speaker 1: which means put into law the rights that again we 678 00:36:33,760 --> 00:36:37,680 Speaker 1: took for granted but clearly have now been taken from 679 00:36:37,719 --> 00:36:40,400 Speaker 1: the women of America and the House January six committees 680 00:36:40,440 --> 00:36:43,239 Speaker 1: getting ready for its next public hearing tomorrow after hearing 681 00:36:43,280 --> 00:36:46,520 Speaker 1: from former White House Council Patsy Boloney last week, Committee 682 00:36:46,560 --> 00:36:49,040 Speaker 1: member Jamie Raskin was also on Face the Nation. He 683 00:36:49,200 --> 00:36:52,000 Speaker 1: was aware of every major move I think that Donald 684 00:36:52,040 --> 00:36:55,719 Speaker 1: Trump was making to try to overthrow the election and 685 00:36:55,880 --> 00:36:59,960 Speaker 1: essentially sees the presidency, and so I considered his testament 686 00:37:00,000 --> 00:37:02,680 Speaker 1: any valuable. Face the Nation this week and Meet the 687 00:37:02,719 --> 00:37:05,200 Speaker 1: Press can be heard every Sunday right here on Bloomberg 688 00:37:05,280 --> 00:37:06,839 Speaker 1: Radio and then for more on all these stories were 689 00:37:06,880 --> 00:37:10,520 Speaker 1: joined this morning by Bloomberg Government reporter Emily Wilkins. Emily, 690 00:37:10,680 --> 00:37:13,840 Speaker 1: let's start off with the latest around President Biden's thinking 691 00:37:14,239 --> 00:37:18,200 Speaker 1: about whether to take action on Chinese import tariffs. It 692 00:37:18,320 --> 00:37:22,560 Speaker 1: seems like this decision has turned into a pretty heavy 693 00:37:22,600 --> 00:37:24,920 Speaker 1: one for the president. Yeah, this is something that the 694 00:37:24,960 --> 00:37:28,880 Speaker 1: President has definitely taking this time deciding on talking about. 695 00:37:29,320 --> 00:37:31,359 Speaker 1: We know that he met with officials at the White 696 00:37:31,440 --> 00:37:35,280 Speaker 1: House on Friday, um over the weekend, he told reporters 697 00:37:35,360 --> 00:37:37,320 Speaker 1: that he had still not made a decision on it, 698 00:37:37,480 --> 00:37:40,600 Speaker 1: although Commerce Secretary Gina Romando said that she expects a 699 00:37:40,680 --> 00:37:43,520 Speaker 1: decision shortly. Part of the problem Nathan could be that 700 00:37:44,040 --> 00:37:47,360 Speaker 1: his own advisors are split on this one. Romando and 701 00:37:47,480 --> 00:37:50,799 Speaker 1: Treasury Secretary Janny Yellen have been plushing for a reductions 702 00:37:50,960 --> 00:37:53,040 Speaker 1: and some of the tariffs, saying that while it's not 703 00:37:53,120 --> 00:37:55,680 Speaker 1: going to bring down inflation, it could lower the price 704 00:37:55,840 --> 00:37:59,319 Speaker 1: on some goods that Americans by daily. Uh. And then 705 00:37:59,360 --> 00:38:03,560 Speaker 1: you've got his trade representative Catherine Tie who's argued for 706 00:38:03,719 --> 00:38:06,160 Speaker 1: keeping the tariffs in play, saying it gives the US 707 00:38:06,280 --> 00:38:10,400 Speaker 1: leverage and negotiations that are going on between Washington and Beijing. 708 00:38:11,000 --> 00:38:13,480 Speaker 1: So you've kind of got these these dual arguments here 709 00:38:13,600 --> 00:38:17,080 Speaker 1: for keeping and reducing the tariffs. Um. And certainly there's 710 00:38:17,280 --> 00:38:21,359 Speaker 1: a wider relationship to consider with China, especially in light 711 00:38:21,600 --> 00:38:23,800 Speaker 1: um that Biden is preparing for a call with Chinese 712 00:38:23,840 --> 00:38:26,920 Speaker 1: President she Jinping in the coming weeks, according to Secretary 713 00:38:26,960 --> 00:38:29,720 Speaker 1: of State Anthony Lincoln. And it's gonna be very interesting 714 00:38:29,800 --> 00:38:32,680 Speaker 1: to hear more from Commerce Secretary Romando when she sits 715 00:38:32,719 --> 00:38:35,120 Speaker 1: down with Bloomberg Radio and Television coming up later this 716 00:38:35,280 --> 00:38:38,439 Speaker 1: morning in the eleven o'clock hour. So definitely looking forward 717 00:38:38,480 --> 00:38:42,200 Speaker 1: to hearing more from her. Uh. Speaking of splits within 718 00:38:42,320 --> 00:38:45,319 Speaker 1: the Democratic Party, Emily, are we starting to see one 719 00:38:45,440 --> 00:38:48,800 Speaker 1: now when it comes to how Democrats how the president 720 00:38:48,840 --> 00:38:52,120 Speaker 1: should take further action when it comes to protecting abortion 721 00:38:52,280 --> 00:38:55,399 Speaker 1: rights after the Supreme Courts overturning of Row. Yeah, there's 722 00:38:55,440 --> 00:38:58,400 Speaker 1: absolutely a split right now within the Democratic Party. There 723 00:38:58,520 --> 00:39:02,080 Speaker 1: is frustration among some that Biden has not responded as 724 00:39:02,160 --> 00:39:05,600 Speaker 1: strongly as they were hoping, as fiercely and aggressively as 725 00:39:05,680 --> 00:39:08,120 Speaker 1: they were hoping. At this point. The White House, for 726 00:39:08,200 --> 00:39:11,399 Speaker 1: their part, has cut basically. You know, we saw one 727 00:39:11,440 --> 00:39:15,040 Speaker 1: of the communications directors come out and basically say that 728 00:39:15,239 --> 00:39:18,239 Speaker 1: Biden is doing his job and that you know, some 729 00:39:18,360 --> 00:39:22,560 Speaker 1: of these progressive left to the left, far left side 730 00:39:22,600 --> 00:39:24,960 Speaker 1: of the party, um, you know, they're not in touch 731 00:39:25,080 --> 00:39:28,439 Speaker 1: with what the mainstream Democrats want. So certainly some tensions there. 732 00:39:28,760 --> 00:39:31,040 Speaker 1: One thing we do know is that Biden has asked 733 00:39:31,080 --> 00:39:34,480 Speaker 1: his team to look into an emergency national health declaration 734 00:39:35,200 --> 00:39:39,080 Speaker 1: that could sort of uphold the national ability for a 735 00:39:39,239 --> 00:39:42,279 Speaker 1: woman to be able to receive abortions. Um, kind of 736 00:39:42,320 --> 00:39:44,839 Speaker 1: in the idea that you know, with Roby Wade being 737 00:39:44,880 --> 00:39:48,520 Speaker 1: struck down. This could potentially be a temporary measure given 738 00:39:48,560 --> 00:39:51,399 Speaker 1: that so many states at this point have already um 739 00:39:51,800 --> 00:39:56,000 Speaker 1: you know, made abortions, banned abortions completely or in most cases. 740 00:39:56,960 --> 00:40:00,680 Speaker 1: And finally, Emily, we're getting ready for more hearing from 741 00:40:00,719 --> 00:40:03,480 Speaker 1: the House January six committee at least two of them 742 00:40:03,760 --> 00:40:08,320 Speaker 1: this week, and now word that former White House advisor 743 00:40:08,440 --> 00:40:13,880 Speaker 1: Steve Bannon is thinking about testifying himself. Yeah, so Bannon 744 00:40:14,080 --> 00:40:19,000 Speaker 1: actually got a letter from former President Trump basically saying 745 00:40:19,080 --> 00:40:22,560 Speaker 1: that Trump was releasing him from any executive privilege and 746 00:40:22,680 --> 00:40:25,719 Speaker 1: that Bannon could go ahead and testify if he wanted to. 747 00:40:26,320 --> 00:40:31,040 Speaker 1: This also follows after White House lawyer Pat Slone sat 748 00:40:31,120 --> 00:40:34,040 Speaker 1: down with the committee in private uh and testified for 749 00:40:34,440 --> 00:40:37,879 Speaker 1: numerous hours on Friday, And so we're expecting to hear 750 00:40:38,000 --> 00:40:41,040 Speaker 1: perhaps a little more of that private testimony played out 751 00:40:41,080 --> 00:40:44,359 Speaker 1: in videos and the hearings tomorrow and on Thursday. Who knows. 752 00:40:44,400 --> 00:40:47,880 Speaker 1: Tomorrow's hearing is very specifically looking at the ties between 753 00:40:47,920 --> 00:40:51,200 Speaker 1: the Proud Boys, the Oathkeepers, and President Trump. A lot 754 00:40:51,239 --> 00:40:53,960 Speaker 1: of its centers around the tweet he sent in mid 755 00:40:54,080 --> 00:40:57,640 Speaker 1: December basically saying, you know, calling on folks to come 756 00:40:57,880 --> 00:41:00,640 Speaker 1: to the Capitol on January six, say that it will 757 00:41:00,680 --> 00:41:03,160 Speaker 1: be wild. The Committee's really going to sort of paint 758 00:41:03,200 --> 00:41:06,560 Speaker 1: the narrative that after that tweet, and even before, in 759 00:41:06,600 --> 00:41:09,200 Speaker 1: the hours before that tweet was said that there was 760 00:41:09,360 --> 00:41:13,680 Speaker 1: an intention uh to for Trump to try and overturn 761 00:41:13,760 --> 00:41:17,680 Speaker 1: the election by by confronting Congress directly as they counted 762 00:41:17,840 --> 00:41:20,680 Speaker 1: did the accounting of the Electoral College votes. Only about 763 00:41:20,680 --> 00:41:22,680 Speaker 1: a minute left here, Emily. But what's behind this apparent 764 00:41:22,800 --> 00:41:25,040 Speaker 1: change of heart by the president because there have been 765 00:41:25,040 --> 00:41:27,640 Speaker 1: a lot of people in his inner circle who are 766 00:41:27,880 --> 00:41:31,320 Speaker 1: fighting contempt charges to try to avoid speaking to the 767 00:41:31,400 --> 00:41:33,719 Speaker 1: January six committee. So one thing we know is that 768 00:41:33,840 --> 00:41:37,800 Speaker 1: president former President Trump has been watching the January six hearings. 769 00:41:37,960 --> 00:41:40,160 Speaker 1: And these hearings, you know, normally when you watch a 770 00:41:40,200 --> 00:41:43,359 Speaker 1: congressional hearing, you kind of had this one side sort 771 00:41:43,360 --> 00:41:46,680 Speaker 1: of pushing one narrative, another side's pushing a different narrative. Nathan, 772 00:41:46,719 --> 00:41:49,480 Speaker 1: there's only really one side with this committee, and they're 773 00:41:49,480 --> 00:41:52,319 Speaker 1: all pushing the same narrative. And so Trump really wants 774 00:41:52,360 --> 00:41:55,120 Speaker 1: someone to get in there and defend him. That is 775 00:41:55,200 --> 00:41:58,080 Speaker 1: what in his letter to Bannon, he really implied that 776 00:41:58,160 --> 00:42:01,040 Speaker 1: Bannon needs to be able to do. We'll be interesting 777 00:42:01,080 --> 00:42:03,319 Speaker 1: to see exactly how the committee takes this. They've said 778 00:42:03,360 --> 00:42:06,399 Speaker 1: that they will not be interviewing Bannon in public at first, 779 00:42:06,440 --> 00:42:09,600 Speaker 1: They'll be doing a deposition behind closed doors, and then 780 00:42:09,719 --> 00:42:12,279 Speaker 1: potentially deciding whether or not they want to make any 781 00:42:12,320 --> 00:42:14,600 Speaker 1: of that testimony public. So it's still a ways to 782 00:42:14,640 --> 00:42:17,920 Speaker 1: go before we might actually hear from Bannon himself about 783 00:42:17,920 --> 00:42:20,440 Speaker 1: the events of January six. All right, thanks for all this, 784 00:42:20,480 --> 00:42:23,440 Speaker 1: Bloomberg Government reporter Emily Wilkins, and you can read more 785 00:42:23,560 --> 00:42:25,800 Speaker 1: on these stories at Bloomberg dot com or on the 786 00:42:25,840 --> 00:42:30,160 Speaker 1: Bloomberg terminal. Listen to Bloomberg Radio in Washington Bloomberg one 787 00:42:30,200 --> 00:42:32,520 Speaker 1: and one oh five point seven FM HD two, where 788 00:42:32,520 --> 00:42:35,719 Speaker 1: again we'll be speaking with Commerce Secretary Gina Raimondo in 789 00:42:35,800 --> 00:42:38,319 Speaker 1: the eleven am Wall Street Time hour, So to back 790 00:42:38,400 --> 00:42:42,520 Speaker 1: in for that here on Bloomberg Radio. Bloomberg Surveillance is 791 00:42:42,719 --> 00:42:46,400 Speaker 1: up next for Karen Moscow. I'm Nathan Hagar, and this 792 00:42:46,960 --> 00:42:47,680 Speaker 1: is Bloomberg