Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: Daybreak for Monday, July eleven two. Coming up this shour,
Speaker 1: Twitter shares plunge after Elon Musk ends his takeover bid.
Speaker 1: Now the future of Twitter appears to be headed for
Speaker 1: a courtroom. Bank earnings and a key inflation report grabbed
Speaker 1: the spotlight on Wall Street this week, and the race
Speaker 1: to succeed Boris Johnson as UK Prime Minister heats up.
Speaker 1: Steve Bennon's attorneys saying he is now willing to testify
Speaker 1: before the January sixth House Committee plus Senate Majority Leader
Speaker 1: Schumer asked COVID, I'm Michael blom More ahead stashon sports
Speaker 1: the Yankees for a second night in the Roade. Bloom
Speaker 1: Lee lost to the Red Sox in Boston, the Mets
Speaker 1: were shut out. They visit the Braves tonight. That's all
Speaker 1: straight Ahead on Bloomberg day Break on Bloomberg eleven three
Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius
Speaker 1: XM one nineteen and around the world on Bloomberg Radio
Speaker 1: Dot com and via the Bloomberg Business App. Good morning,
Speaker 1: I'm Nathan Hager and I'm Karen Moscow. US DOT Index
Speaker 1: futures are lower this morning. We are coming up to
Speaker 1: six oh one on Wall Street. I mean check the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: S and P futures down twenty four points now, Future's
Speaker 1: down a hundred fifty five and nownsday futures down one hundred.
Speaker 1: Chew ten year treasury up to thirty seconds, you know,
Speaker 1: three point oh seven percent and a yield on the
Speaker 1: two year three point oh eight percent and nine x
Speaker 1: screwde oil is down two and a quarter percent on
Speaker 1: two dollars thirty eight cents at a hundred two dollars
Speaker 1: forty cents of barrel. Nathan and Karen, We continue to
Speaker 1: watch shares of Twitter this morning. They are down seven
Speaker 1: percent in early trading as the show down between Elon
Speaker 1: Musk and the social media company appears headed for court.
Speaker 1: Let's get the latest live from Bloomberg's Rnita Young. Good morning, Grenita,
Speaker 1: Good morning Nathan. Even though Elon Musk is backing out
Speaker 1: of the forty four billion dollar deal to buy Twitter
Speaker 1: after all, he can't just walk away without a court case,
Speaker 1: and Twitter has lawyered up in a race to sue
Speaker 1: Musk to follow through on his end of the agreement.
Speaker 1: Bloomberg sources say a filing could come as soon as
Speaker 1: early this week. Now. If the judge rules against Musk,
Speaker 1: he could be forced to pay Twitter shareholders fifty four
Speaker 1: dollars and twenty cents of share, But a ruling in
Speaker 1: his favor would let Musk walk, although he'd probably have
Speaker 1: to pay a one billion dollar breakup fee. And there's
Speaker 1: also the prospect that both sides could reach a settlement
Speaker 1: where Musk still makes the acquisition, but potentially at a
Speaker 1: lower price. Live in New York, I'm renned a young
Speaker 1: Bloomberg daybreak a right need to thank you about the
Speaker 1: Twitter news is also impacting another stock this morning, Shares
Speaker 1: of Digital World Acquisition or up more than twenty four
Speaker 1: percent on heavy volume in early trading. Digital World is
Speaker 1: the company merging with former President Trump's Trump Media and
Speaker 1: Technology Group, which owns his Truth social platform. Well stocks
Speaker 1: overall Karen are lower as we begin this new trading week.
Speaker 1: In Asia, overnight, a resurgence of COVID flare ups led
Speaker 1: to a drop of almost three percent for Hong Kong's
Speaker 1: Hang Sang index. Let's get the recap from Bloomberg day Break,
Speaker 1: Asia anchor Bran Curtis. Most Asian benchmark slid COVID cases
Speaker 1: in Shanghai arising as the city faces more mass testing.
Speaker 1: In Macau, authorities shut down casinos and other businesses for
Speaker 1: a week. As a result, casino shares took a big hit. Tokyo, though,
Speaker 1: was a bright spot after the ruling coalition won a
Speaker 1: stronger majority in the upper House election. The end was
Speaker 1: the weakest. Major currency treators see the election result as
Speaker 1: an endorsement of Japan's ultra easy monetary policy in Hong Kong.
Speaker 1: Brian Curtis, Bloomberg day Break, All right, Brian, thank you all.
Speaker 1: Back here in the US, we have conflicting calls this
Speaker 1: morning on whether the recent stock rally will continue. Morgan
Speaker 1: Stanley Chief US equity strategist Mike Wilson says it won't.
Speaker 1: He thinks that surge in the dollar will be a
Speaker 1: headwind for corporate profits. On the flip side, city grip
Speaker 1: strategists say stocks are likely to rally in the second
Speaker 1: half as corporate earnings remain resilient to surging inflation and
Speaker 1: slow going economic growth. The SMP five hunturdays up about
Speaker 1: six percent since it's mid June low Well. Speaking of earnings, Karen,
Speaker 1: reporting season gets underway this week as we hear from
Speaker 1: the country's biggest banks, and we get more on that
Speaker 1: from Bloomberg's Charlie Pellett. The question on everyone's mind is
Speaker 1: is a recession coming and what clues will the latest
Speaker 1: batch of earnings reports provide. Scott croner To is a
Speaker 1: strategist at City Group Global Markets. What we're expecting to
Speaker 1: see is a follow through of the earnings the nurse
Speaker 1: we got in Q one, so we're looking for mid
Speaker 1: single digit earnie shorts for the SMP in total we
Speaker 1: think will make the Q two expectations. Certainly C suites
Speaker 1: will express caution regarding the second half outlook. Wall Street
Speaker 1: Banks leadoff second quarter earnings JP. Morgan Chase and Morgan
Speaker 1: Stanley report Thursday, City Group and Wells Fargo on Friday
Speaker 1: in New York. Charlie Pellett bloom Bird Day Break. All right, Charlie,
Speaker 1: thank you all. On the economic front this week, it's
Speaker 1: all about inflation with readings coming on consumer and producer prices.
Speaker 1: We a preview from Bloomberg's Vinnie Down judea Ice. June's
Speaker 1: household inflation rate probably ran close to nine percent based
Speaker 1: on Wall Street forecast. That's taking a toll, Bloomberg Economics
Speaker 1: is average hourly earnings have been shrinking for more than
Speaker 1: a year when taking inflation into account. Look for that
Speaker 1: trying to drag on with the household inflation rate projected
Speaker 1: to run at or above seven percent through year end.
Speaker 1: We'll get the consumer price index Wednesday, as well as
Speaker 1: data on producer prices Thursday and import prices Friday. Vinny
Speaker 1: del Judace bloom birthday break. All right, Vinny. Thanks So.
Speaker 1: When it comes to tackling inflation, the Biden administration's thinking
Speaker 1: about lowering tariffs on some Chinese imports is one way
Speaker 1: to provide relief. President Biden says he is still holding
Speaker 1: discussions on the idea. Commerce Secretary Gina Rimando expects a
Speaker 1: decision from the President shortly. If he decides to lift
Speaker 1: certain tariffs, it will be because he knows he has
Speaker 1: to think about doing everything he possibly can to provide
Speaker 1: any relief to consumers. Secretary Rimando made that comment on
Speaker 1: NBC's Meet the Press, heard Sundays on bloom Burg Radio.
Speaker 1: Stay tuned for more from the Commerce Secretary. Today, Gina
Speaker 1: Raimondo sits down with Bloomberg Radio and Television for an
Speaker 1: interview coming up in the eleven am Eastern hour. Well
Speaker 1: in Europe this week, Nathan the races heating up to
Speaker 1: succeed Boris Johnson as British Prime Minister. We got to
Speaker 1: London and get the latest with the Bloomberg's You and
Speaker 1: Pat's good Morning You and good Morning Carden Nathan. Just
Speaker 1: days after Bois Johnson was pushed into resigning, there are
Speaker 1: now eleven candidates to succeed him as Conservative Party leader.
Speaker 1: This trust the Foreign Secretary is the latest end of
Speaker 1: the race. She's making tax cuts the hearts of her campaign.
Speaker 1: Lomakers were expected to begin voting later this week as
Speaker 1: the field is narrow to the final two candidates, one
Speaker 1: of them will become the UK's next Prime minister. In London,
Speaker 1: I'm you in parts between Boat Daybreak, all are you
Speaker 1: and thank you? Let's stay in Europe or natural gas
Speaker 1: prices are falling. The move comes after Canada said it
Speaker 1: would return a stranded turbine from the nord Stream pipeline
Speaker 1: between Russia and Germany. That could potentially increase flows which
Speaker 1: have been limited since last month. The Nord Stream pipeline
Speaker 1: between Russia and Germany's currently undergoing routine maintenance. At the
Speaker 1: same time, the war in Ukraine is sparking concerned that
Speaker 1: maybe Moscow will not open the pipeline back up after
Speaker 1: the work. S andp futures are down twenty one point,
Speaker 1: Staff futures down a hundred thirty eight. Nasdaq futures lowered
Speaker 1: by eighty eight points. Straight ahead your latest local headlines
Speaker 1: and a check of sports. This is Bloomberg at six
Speaker 1: o seven on Wall Streets, still sixty seven degrees in
Speaker 1: Central Park. Still dealing with that crash on northbound FDR
Speaker 1: Drive at seventy nine. Details coming up in traffic First
Speaker 1: Michael Barr with details on what else is happening in
Speaker 1: New York and around the world. Michael, thank you very much.
Speaker 1: Nathan Donald Trump's one time adviser, Steve Bennan, has agreed
Speaker 1: to testify to the House committee investigating last year's storming
Speaker 1: of the US Capitol. It comes after former President Trump
Speaker 1: says he waived executive privilege even though Bannon was a
Speaker 1: private citizen at the time of the Capitol riot, Trump
Speaker 1: portrays the inquiry as biased and one sided. Loyola Law
Speaker 1: University professor Lori Levinson says, though the value of Bannon's
Speaker 1: testimony remains to be determined, the real problem is that
Speaker 1: I'm not sure that they can trust Bannon at all.
Speaker 1: It is clear that he and Trump still considered themselves
Speaker 1: best friends, and that if Banning comes in front of
Speaker 1: the committee, it is very unclear what he would say
Speaker 1: that would help their investigation. But isn't just designed to
Speaker 1: help Trump? Loyola Law professor Laurie Levinson. The car pooling
Speaker 1: discount is over at the George Washington Bridge. The d
Speaker 1: WB went cashless tolls over the weekend. Normally, it's the
Speaker 1: sixteen dollar fee one way to get across the bridge
Speaker 1: from New Jersey to New York, but drivers who had
Speaker 1: a car pool discount plan on their easy passes paid
Speaker 1: only seven dollars shifty cents with three or more people
Speaker 1: in the vehicle. Officials hope going cash less at the
Speaker 1: g WB will meet a faster commute into the city.
Speaker 1: New York City is debuting a fleet of cars mounted
Speaker 1: with air quality sensors in the Bronx in Manhattan this week.
Speaker 1: The plan is to address air pollution. A try Magic
Speaker 1: car accident stat Niland has left three teenagers dead. They
Speaker 1: were in a red Ford Mustang when their car collided
Speaker 1: with a turning SUV in Tottonville last night. The Mustang
Speaker 1: was split and half. New York City Mayor Eric Adams
Speaker 1: was on the scene of the crash. Overnight, Japanese Prime
Speaker 1: Minister fumi Yo Kashita has met with U S Secretary
Speaker 1: of State Anthony Lincoln. He delivered condolences from President Biden
Speaker 1: and the United States over the assassination of former leader
Speaker 1: Shinzo Abe and reassurances of a strong bide lateral alliance.
Speaker 1: I thought it was just important to show our solidarity
Speaker 1: with our friend Japan and the Japanese people in this
Speaker 1: difficult time. Secretary b Lincoln. Senate Majority leader Chuck Schumer's
Speaker 1: office says that he has tested positive for COVID nineteen.
Speaker 1: Schumer spokesman says the Senator is experiencing mild symptoms. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalist
Speaker 1: and analysts more than a hundred twenty countries. Michael bar
Speaker 1: this is Bloomberg, Nathan, Thanks Nael. Has it come up
Speaker 1: to six ten on Wall Street? We check Bloomberg Sports
Speaker 1: of John Sesshire. Thanks Nathan. Twenty four hours after the
Speaker 1: rare occurrence of a Yankees blown lane, it happened again.
Speaker 1: Yanks lad the Red Sox for nothing later six to two.
Speaker 1: The Socks scored the last nine runs and one eleven
Speaker 1: six to game a split of the four game series
Speaker 1: in Boston. A J. D. Martinez home run fifteningen off
Speaker 1: Jamison Tai untied the game at six. A Trevor's story
Speaker 1: three run double off Miguel Castro and the seventh put
Speaker 1: it away. Yanks got home runs in defeat from John
Speaker 1: Fellow Stanton, yet another one from Matt Carpenter, but they
Speaker 1: were here by a couple of airs plus two catchable
Speaker 1: pop ups that d J Lemy who failed the drab.
Speaker 1: Yanks are off tonight. Mets tonight again their biggest series
Speaker 1: of the season. They are in Atlanta. It's Max Scherzer
Speaker 1: against the Braves, Max Freed. Mets couldn't score over ten innings,
Speaker 1: lost to the Marlins to to nothing. While Atlanta won
Speaker 1: in the twelfth inning, and the Mets lead, which was
Speaker 1: once ten and a half games, is now one and
Speaker 1: a half. Four Mets named to play next week's All
Speaker 1: Star Game in l a Edwin Diaz, Peter Alonzo, Jeff McNeil,
Speaker 1: and Starley Marked, and four Yankees were named Garrett Cole,
Speaker 1: Lefter Cortez, Clay Holmes, and Jose Dravino. Aaron Judge and
Speaker 1: John Carlos Stanton have already been named as starters. The
Speaker 1: year began for Novak Djokovic when he went to Australia
Speaker 1: and wasn't allowed to play due to being unvaccinated. He
Speaker 1: lost at the friend but he just won Wimbledon for
Speaker 1: the fourth grade term. I don't take anything for granted.
Speaker 1: I'm very blessed to be in this position, especially considering
Speaker 1: everything that that happened this year. At the beginning of
Speaker 1: the year, I just didn't feel emotionally. It's a good
Speaker 1: place for for several months, and it's kind of trying
Speaker 1: to find the serenity and uh, you know, the balance
Speaker 1: on and off the court and and and get get
Speaker 1: myself in a position to fight for big trop now
Speaker 1: twenty one career Grand Slam titles. That's one more than
Speaker 1: Roger Federer, one fewer than Raphael the Dap, John Dash Are,
Speaker 1: Bloomberg Sports, Nathan Greats All thank you, John SMP futures
Speaker 1: down twenty points, Staff futures down a twenty seven. NASDAC
Speaker 1: futures are lower by eighty five points. Twitter shares down
Speaker 1: almost seven percent in the re market, with Elon Musk's
Speaker 1: buyout deal potentially headed to court. Bloomberg eleven three oh
Speaker 1: weather sunshine today has eighty five degrees camber at an
Speaker 1: afternoon shower, thundershower tomorrow with a high near ninety sunshine
Speaker 1: and a high near ninety Wednesday. Right now sixty seven
Speaker 1: in Central Park markets. Headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot com, the Bloomberg Business
Speaker 1: Out and at Bloomberg Quick Tape, She's a Bloomberg business
Speaker 1: lash and I'm kart Moscow US stock index future is
Speaker 1: dropping this morning a lot with European shares as traders
Speaker 1: await the key second quarter earning season for indications and
Speaker 1: how companies are weathering. The inflation storem the dollar is higher,
Speaker 1: bonds gaining. We checked the markets every fifteen minutes Throughout
Speaker 1: the trading day on Bloomberg, Guess and p Future is
Speaker 1: down nineteen points and down futures at a hundred eighteen
Speaker 1: as day futures down eighty one the decks in Germany's
Speaker 1: down about seven tenths of a percent. Ten year treasury
Speaker 1: of three thirty seconds, you know, three point oh six
Speaker 1: percent yield on the two year three point oh seven percent.
Speaker 1: Ni Max screwed oil age down two point two percent,
Speaker 1: down two dollars twenty seven cents at a hundred two
Speaker 1: dollars fifty two cents of Barrel Co makes gold down
Speaker 1: half percent, or nine dollars at seventeen thirty three thirty
Speaker 1: announced the euro one point oh one oh six against
Speaker 1: the dollar, British found one point one nine four four
Speaker 1: and the En one thirty seven point oh seven, and
Speaker 1: bitcoin is down one point nine percent at twenty thousand,
Speaker 1: five hundred seventy dollars. Also watching Twitter shares down about
Speaker 1: seven percent after Elon must terminated his forty four billion
Speaker 1: dollar takeover approach. But the social media company, that's a
Speaker 1: Bloomberg business flash. Now here's Michael bar with more on
Speaker 1: what's going on around the world. Michael, thank you very
Speaker 1: much Cameron. Dozens of Ukrainian emergency workers are trying to
Speaker 1: pull people out of the rubble after a Russian rocket
Speaker 1: attack smashed into three apartment buildings in eastern Ukraine. At
Speaker 1: least eighteen people were killed. Former Trump White House try
Speaker 1: to just Steve Bennon says he is now willing to
Speaker 1: testify before the House committee investigating the January sixth assault
Speaker 1: on the Capitol. Bannon's attorneys says his client is willing
Speaker 1: to cooperate because the former president has rescinded his claim
Speaker 1: of executive privilege, even though Bannon was a private citizen
Speaker 1: at the time of the riot. In baseball, the Yankees
Speaker 1: lost to the Red Sox eleven six. The Mets lost
Speaker 1: along with the Nationals and A's. The Orioles won their
Speaker 1: eighth straight. The Giants won Global news twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take, powered
Speaker 1: by more than twenty seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg.
Speaker 1: Nathan Alright, Michael, thank you his six nineteen on Wall
Speaker 1: Street Life from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak and his Karen mentioned Twitter shares are plunging
Speaker 1: in the pre market after testleas CEO Elon Musk pulled
Speaker 1: away from his forty four billion dollar bid to buy
Speaker 1: the social media network, but Twitter is threatening to pull
Speaker 1: him back in the form of a court battle. Let's
Speaker 1: get the latest on where this saga's headed. Bloomberg Tech
Speaker 1: reporter Aggie can Trill joins us this morning. Aggie, I
Speaker 1: know you've been following this for months now, ever since
Speaker 1: Elon Musk announced his bid back in April. Let's talk
Speaker 1: about where we're how we got from there, Elon Musk
Speaker 1: making this deal to here now in a dispute over bots. Yes,
Speaker 1: so essentially the twenty that he the deal was originally
Speaker 1: prices share that was back in April, and from then
Speaker 1: we've seen a lot of back and forth um with
Speaker 1: Elon Musk essentially pointing out that Twitter has not provided
Speaker 1: enough evidence of the amount of bots and spam accounts
Speaker 1: on the platform, and that he's under the impression that
Speaker 1: it's much higher than the percentage that Twitter says it is. Um.
Speaker 1: But then we're also looking at the fact that as
Speaker 1: this deal was struck, Musk has created this deal with
Speaker 1: Twitter very rapidly, much quicker than these sort of deals
Speaker 1: usually happen. Um, and he waived the due diligence that
Speaker 1: could have taken place um in which he could have
Speaker 1: asked for all of this information. And now he's backing
Speaker 1: out of the deal um in what has been described
Speaker 1: by quite a few commentators as buyas remorse. Well, what
Speaker 1: could this mean for Elon Musk? The fact that he
Speaker 1: didn't do this due diligence and now Twitter is threatening
Speaker 1: and potentially likely to bring him to Delaware Chancery Court
Speaker 1: to force him to consummate the deal. Yes, so essentially
Speaker 1: there is a reverse termination fee of a billion dollars
Speaker 1: that's baked into this agreement. UM. So that is expected.
Speaker 1: But it seems from what Twitter executives have been saying
Speaker 1: that their concern is essentially um that they will be
Speaker 1: wanting to either bring him back into the deal or
Speaker 1: be paying the full amount the forty four billion UM.
Speaker 1: And so it may be that um as that now
Speaker 1: we're seeing that Twitter is going to be engaging a
Speaker 1: very strong m and a team in order to force
Speaker 1: Elon Musk to pay a great deal more than that
Speaker 1: original termination fee. Or even be forced to buy the company.
Speaker 1: Is there a possibility, Aggie, that we could see some
Speaker 1: kind of settlement come out of this, or could Twitter
Speaker 1: be satisfied with Elon Musk taking the deal but potentially
Speaker 1: at somewhat of a lower rate. There seems to be
Speaker 1: speculation that there might be as a settlement that or
Speaker 1: at least discussions that are going on outside the court,
Speaker 1: while also UM the Twitter Twitter is looking at filing
Speaker 1: this agreement, this UM, this legal case in Delaware at
Speaker 1: the same time, UM, It's difficult to say at this
Speaker 1: point whether or not UM something can be settled out
Speaker 1: of court. But the different between the billion euros settlement,
Speaker 1: the billion euro termination fee, and the forty four billion
Speaker 1: billion dollars sorry, and the forty four billion dollar price
Speaker 1: UM that he originally plans to buy it for. There's
Speaker 1: something quite significant there. And there's also a potential that
Speaker 1: this is Elon must playing hardball. UM. He's gone back
Speaker 1: on agreement, the agreements in the past, and it could
Speaker 1: be that he going forward, he might actually be doing
Speaker 1: this in order to pressure the company to lower the price.
Speaker 1: From the analysts that you've been speaking to, Ague, where's
Speaker 1: the bigger burden of proof if this does go into
Speaker 1: a court battle in Delaware, Twitter proving that it's given
Speaker 1: the information, or Elon Must proving that there are more
Speaker 1: bots than Twitter has said it has. From what we've
Speaker 1: been seeing, it seems that um that Twitter is potentially
Speaker 1: well obviously not happy about what is happening. At the
Speaker 1: same time, it's potentially in a better legal position when
Speaker 1: it comes to taking Must to court because UMU. It
Speaker 1: seems that having waived the due diligence and also um
Speaker 1: having set the price beforehand and now pointing to issues
Speaker 1: such as the bots, um which seemed to be a
Speaker 1: reason in the first place that he was interested in
Speaker 1: taking on Twitter because it was something that he was
Speaker 1: keen to to get rid of on the platform, which
Speaker 1: was part of his original reasoning, it seems that maybe
Speaker 1: Twitter might be in a better legal position to push
Speaker 1: back on put Elon Musk pulling out of the deal.
Speaker 1: Thanks for this, Aggy, great having you on with us
Speaker 1: this morning. Aggie Cantrill, Bloomberg News Tech reporter with us
Speaker 1: as we continue to watch the Elon Musk Twitter buy
Speaker 1: out saga. On the news that Elon Musk is trying
Speaker 1: to pull out of the deal, Twitter shares this morning
Speaker 1: are down more than six percent at close to thirty
Speaker 1: four fifty a share. Right now, SMP futures are down
Speaker 1: sixteen points Down futures are down nineties six and Aztec
Speaker 1: futures leading the declines this morning, down seventy four points.
Speaker 1: You're listening to Bloomberg Day Brain Bloomberg eleven three O
Speaker 1: weather sunshine to start the week. We'll get up to
Speaker 1: eighty five degrees highs near ninety tomorrow and the next
Speaker 1: day with the possibility of afternoon showers of thundershowers tomorrow.
Speaker 1: Right now sixty seven in Central Park, broadcasting live from
Speaker 1: Bloomberg Interactive Broker's studio in New York, Bloomberg E Living
Speaker 1: Freedom to Washington, d C. Bloomberg to Boston, Bloomberg What
Speaker 1: Oh six one to San Francisco, Bloomberg Home sixty to
Speaker 1: the country, Sirius XM Cho one nineteen and around the
Speaker 1: globe the Bloomberg business in Bloomberg Radio dot Com. This
Speaker 1: is Bloomberg Daybreak six thirty on Wall Street. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just
Speaker 1: about three hours away from the open of US trading time.
Speaker 1: For the five things that you need to notice Start
Speaker 1: your day. Onto You by Interactive Brokers. Interactive Brokers at
Speaker 1: the Global Analysts helps you find new global investment opportunities
Speaker 1: to diversify your portfolio and discover undervalued companies that may
Speaker 1: have a greater growth potential. Try ib k R Global
Speaker 1: Analysts Today at ibk R dot com. Slash g a
Speaker 1: first you began at the Latest on Twitter shares her
Speaker 1: down more than six percent in early trading as a
Speaker 1: show down between Elon Musk and a social media company
Speaker 1: appears to be headed a court. Bloomberg's you need a
Speaker 1: young joins us Live with the Latest or need a
Speaker 1: good morning, Good Morning Karen. Elon Musk is backing out
Speaker 1: of the forty four billion dollar deal to buy Twitter
Speaker 1: after all, but he can't just walk away without a
Speaker 1: court case, and Twitter has lawyered up in a race
Speaker 1: to sue Musk to follow through. Bloomberg sources say a
Speaker 1: filing could come as soon as early this week. Now.
Speaker 1: If the judge rules against Musk, he could be forced
Speaker 1: to pay Twitter shareholders fifty four dollars and twenty cents
Speaker 1: a share, but a ruling in his favor would let
Speaker 1: musk Walk. Although he probably have to pay a one
Speaker 1: billion all the breakup fee, there's always the prospect that
Speaker 1: both sides could reach a settlement. Live in New York,
Speaker 1: I'm rened a young Bloomberg Day Break. All right, we
Speaker 1: need to thank you. Know. Stocks are lower to begin
Speaker 1: a new trading week. It's a big week for big
Speaker 1: banks and corporate earnings. JP Morgan Morgan, Stanley, City Group,
Speaker 1: and Wells Fargo all reports second quarter earnings late in
Speaker 1: the week. We also get important inflation data. The latest
Speaker 1: Consumer Price Index comes out Wednesday, Producer prices on Thursday.
Speaker 1: Well Nathan. When it comes to tackling inflation, the Biden
Speaker 1: administration is considering lowering tariffs on Chinese imports to provide relief.
Speaker 1: Commerce Secretary Gena Romando expects a decision from the President shortly.
Speaker 1: It's gonna do it a thoughtful way that is strategic
Speaker 1: and also most important, most important to him and to
Speaker 1: all of us, is without hurting American workers. And Secretary
Speaker 1: Ramando made the comments on NBC's Meet the presser and
Speaker 1: Sundays on Bloomberg Radio. Will speak live with Commerce Secretary
Speaker 1: Raimondo today on Bloomberg Radio and TV. Catch the conversation
Speaker 1: and eleven am Eastern our well. President Biden plans to
Speaker 1: speak with Chinese leader Shi jin Ping in the coming weeks. Karen,
Speaker 1: Secretary of State Anthony blink and laid the groundwork for
Speaker 1: the call over the weekend in a conversation with the
Speaker 1: Chinese Foreign Minister. And finally in Asia, Nathan, Chinese stock
Speaker 1: said their worst day in about a month. The slew
Speaker 1: of issues, including COVID flare ups, led to a drop
Speaker 1: of almost three percent for Hong Kong's Hang Sang Index.
Speaker 1: And that's the five things that you need to notice
Speaker 1: start your day. Brought to you by Interactive Brokers Again,
Speaker 1: futures are lower this morning, and straight to hand your
Speaker 1: latest local headlines plus a check of sports. This is Bloomberg,
Speaker 1: Thanks Karen. At six thirty three on Wall Street, sixty
Speaker 1: eight degrees in Central Park of big problems on FDR
Speaker 1: Drive with a crash on the northbound side at seventy nine.
Speaker 1: Details coming up in traffic. First Michael Barr with what
Speaker 1: else is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. How should commute going
Speaker 1: so far this morning? Over the Georgia Washington Bridge. The
Speaker 1: g WB when to cash lest tolls over the weekend.
Speaker 1: The good news is that officials hope that will mean
Speaker 1: a smoother commute from New Jersey into New York. The
Speaker 1: bad news it means the end of the car pooling fee. Normally,
Speaker 1: it costs sixteen dollars one way to get across the bridge. However,
Speaker 1: drivers who had a car pool discount plan on the
Speaker 1: easy passes paid about half that if they had three
Speaker 1: or more people in the vehicle. Former advisor to former
Speaker 1: President Trump, Steve Bennon, it's change course and will cooperate
Speaker 1: with the January six committee. Bennon had earlier been arrested
Speaker 1: for ignoring a congressional subpoena to testify former President Trump,
Speaker 1: and Bennon at first claimed executive privilege, even though Bennon
Speaker 1: was a private citizen that day. Loyola Law University professor
Speaker 1: Lorie Levinson says the value of Bannon's testimony remains to
Speaker 1: be determined in terms of what he would say to
Speaker 1: the committee. I think the only thing that is clear
Speaker 1: is that he continues to be allied with Donald Trump,
Speaker 1: and so I'm not sure the committee would particularly trust
Speaker 1: what he's going to have to say even if Bannon
Speaker 1: it's willing now to appear before the committee Loyola Law
Speaker 1: University professor Lorie Levinson. Meanwhile, Republican Committee member Adam Kinzinger
Speaker 1: says this week's hearing will likely focus on the president's
Speaker 1: action the day of January six. What we want to
Speaker 1: show the American people is what was the president doing
Speaker 1: during that time The rest of the country knew that
Speaker 1: there was an insurrection. The president obviously had to have
Speaker 1: known there was an insurrection, So where was he? What
Speaker 1: was he doing? Representative Kinzinger spoke on ABC's This Week,
Speaker 1: which can be heard Sundays on Bloomberg. Japanese Prime Minister
Speaker 1: Fumio Kashita has met with the U S. S tob diplomat,
Speaker 1: who delivered condolences over the assassination of former leader Shinzo
Speaker 1: Abe and reassurances of a strong bidan lateral alliance. U S.
Speaker 1: Secretary of State Anthony B. Lincoln in Japan gave Kashita
Speaker 1: a letter from President Joe Biden to Abe's family. I
Speaker 1: shared with our Japanese colleagues the sense of lost, the
Speaker 1: sense of shock that we all feel, the American people
Speaker 1: feel at this horrific tragedy and killing Secretary Lincoln. Senate
Speaker 1: majority leader Chuck Schumer's tested positive for COVID nineteen. A
Speaker 1: spokesman says Schumer is experiencing very mild symptoms. Global News
Speaker 1: twenty four hours a day on airand on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysts,
Speaker 1: are more than a hundred twenty countries. Michael Barr, this
Speaker 1: is Bloomberg, Nathan, Thank you, Michael. Almost six thirty six
Speaker 1: on Wall Street. Here's John stash Are with the Bloomberg
Speaker 1: Sports updates. All right, Nathan, Yankees first visit of the season.
Speaker 1: The Boston had started well. They won the first two games. Saturday,
Speaker 1: they had leads in the eighth and ten thinnings, and
Speaker 1: last night they twice had a four run lead the
Speaker 1: Red Sox, with two come from behind victories, they get
Speaker 1: a split of the four game series. The Sox went
Speaker 1: from down six to to an eleven six victory, and
Speaker 1: while the Yankees still have that sizeable fourteen game lead,
Speaker 1: there is concern over Jamison Taiani's allowed twenty runs in
Speaker 1: his last four starts. As managers are in bloom the
Speaker 1: mistakes are hurting him. Um, you know, we gotta you know,
Speaker 1: that's what we gotta work to correct, you know, making
Speaker 1: sure when we do make a mistake that it's you know,
Speaker 1: not into an area where it's getting slug that's really
Speaker 1: hurting him. Because I thought tonight is stuff. I thought
Speaker 1: tonight threw the ball really well. Not the only problem
Speaker 1: last night, some sketchy defense. Yanks failed to score over
Speaker 1: the last five plus innings. The Mets didn't score at
Speaker 1: all in a game without a single extra base hit
Speaker 1: by either team. In ten and names the Marlins one
Speaker 1: to nothing pictures duel between Sandy all Contra and Taiwan
Speaker 1: waperl Contract was named an All Star. Walker was not,
Speaker 1: but four Mets were named Edwin Dz, Peter Alonzo, Jeff McNeil,
Speaker 1: and Sterling Marte. Four Yankees named Grett Cole, Nestor Cortez,
Speaker 1: Clay Holmes, and Jose Ravino. Aaron Judge and John Cullo.
Speaker 1: Stanton had already been named as starters. The National League
Speaker 1: team for next week's game in l A will have
Speaker 1: brothers in the starting lineup. Cubs catcher Wilson co and Treris,
Speaker 1: and his brother William plays with the Braves and will
Speaker 1: be the G eight. Novak Djokovic, just after winning the
Speaker 1: Wimbledon for the seven time, said he does not expect
Speaker 1: to be allowed to come to New York for the
Speaker 1: US Open since he's on back senative. He said it
Speaker 1: would take in easy, no restrictions or a medical example.
Speaker 1: John scares want Bloomberg Sports Okay? John, thanks sixty seven
Speaker 1: on Wall Street Time now to take a look at
Speaker 1: stock some of the names moving in the pre market
Speaker 1: with Bloomberg, Radio and TV markets correspondent Crety grouped, all right, Creedy,
Speaker 1: how's Twitter doing now? Well, shares are down six point
Speaker 1: eight percent. I'man surprised we're hitting this once again as
Speaker 1: our top mover. Huge of course, as we talk about
Speaker 1: this deal really following through, falling through, And let me
Speaker 1: give you the price action on Tesla as well, because
Speaker 1: we know there's that inverse relationship. Tessel shares down about
Speaker 1: three tenths of one percent. Remember this comes to the
Speaker 1: context of an entire market that's lower. But remember a
Speaker 1: wave of analyst notes coming out over the weekend about
Speaker 1: simply how much pain Twitter the shares are going to
Speaker 1: go through. Dan Eyes, for example, who's a major tech
Speaker 1: will at least it's built his reputation on that is
Speaker 1: starting to say that while the price where the shares
Speaker 1: of Twitter could drop us those twenty five dollars, the
Speaker 1: idea here being that a lot of this is going
Speaker 1: to be caught up in legal hassle, even that one
Speaker 1: billion dollar termination fee isn't really going to rescue it.
Speaker 1: And even if Twitter is once again on the deal block,
Speaker 1: who's going to buy it? A question of not just
Speaker 1: simply this particular deal, but brand value for the future.
Speaker 1: And of course, as we talked about Tesla as well,
Speaker 1: what does this neu to Elon Musk's own brand value?
Speaker 1: And those are all gonna be questions that we're going
Speaker 1: to explore throughout the day. Yeah, certainly will be. And
Speaker 1: I see a lot of moves in casino stocks this
Speaker 1: morning as well. What's going on there. Well, it's almost
Speaker 1: like the old story is the new story all over again,
Speaker 1: except this time those COVID outbreaks while they're hitting the
Speaker 1: gambling hub of Macau. This is huge as we talk
Speaker 1: about COVID lockdowns Shanghai in particular Beijing, a lot of
Speaker 1: those restrictions theories, but then you go to Macau where
Speaker 1: a lot of American businesses have some pretty good standing there.
Speaker 1: Think about it when Resorts Las Vegas stands, for example,
Speaker 1: all of their international businesses are based in Macau, and
Speaker 1: now Macau saying they're going to shut almost all business premises,
Speaker 1: including casinos for a week from Monday as a COVID
Speaker 1: nineteen outbreak in the gambling hug hub excuse me, shows
Speaker 1: a few signs of abating. So once again, this is well,
Speaker 1: the scare here is that this is not just a
Speaker 1: one week thing. Perhaps it lasts longer, and of course
Speaker 1: it's going to hit the bottom lines of some of
Speaker 1: those stocks as well. So win Resorts, for example, w
Speaker 1: y n N is your takers down about five point
Speaker 1: six percent. Las Vegas Sam's is another one. You want
Speaker 1: to keep your eye on. LVS down five point three
Speaker 1: percent as well. So, Nathan, as we talked simply about
Speaker 1: those China stocks, these casino stocks are wants that you
Speaker 1: really want to keep an eye on, especially in big
Speaker 1: emphasis here when you talk about the volatility picture, because Nathan,
Speaker 1: this is also we talked about air wants to talk
Speaker 1: about cruise lines a kind of these volatility proxies. Well,
Speaker 1: these casino stocks are one as well. Yeah, certainly, all right,
Speaker 1: it's interesting to think about that in the context of
Speaker 1: COVID shutdowns as well. Thanks for this as always. Boomberg
Speaker 1: Radio and TV Markets corresponded, Creety gooped up and as
Speaker 1: we take a look at stocks as a whole ahead
Speaker 1: of this Monday morning open, futures are moving lower. SMP
Speaker 1: futures right now down twenty one points down, futures down,
Speaker 1: NASDAC futures, the tech heavy UH index leading the declines
Speaker 1: this morning, down two points. That's a drop of about
Speaker 1: three quarters of one percent. Ten year Treasury is up
Speaker 1: for thirty seconds, the yield three point zero six percent,
Speaker 1: still an inversion between the twos and tens. Two year
Speaker 1: yield right now just a basis point higher than the
Speaker 1: tenure at three point zero seven per cent. You're listening
Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh weather. Sunshine in
Speaker 1: a high near eighty five today, mostly sunny tomorrow, but
Speaker 1: could see an afternoon shower a thundershower. Highs near ninety degrees,
Speaker 1: will be back to near ninety mostly sunny on Wednesday.
Speaker 1: Right now six eight in Central Park Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot
Speaker 1: com for the Bloomberg Business apt and at Bloomberg Quick Take.
Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow
Speaker 1: Future is following this morning. We go to the First
Speaker 1: Word Breaking news desk for today's morning call, and here's
Speaker 1: Phil Maloney. Bill, good morning, Hey, good morning. Can that's right.
Speaker 1: US futures are in the red right now at Death
Speaker 1: futures down a hundred points, says if you's drop eighteen
Speaker 1: and NASDIC futures are lower by seventy eight. The US
Speaker 1: ten ye yield at three point oh seven percent, Gold
Speaker 1: is down six oil is trading lower, and Bitcoin is
Speaker 1: down by two percent. Shanghai dropped one point three percent overnight,
Speaker 1: while up markets are also in the red this morning.
Speaker 1: Back in the US on the economic front, nothing to report,
Speaker 1: and in deal news, Twitter is down seven percent in
Speaker 1: the pre market after Elon Musk backed out of his deal.
Speaker 1: And in other news, Uber shares a down pre market
Speaker 1: on report so It's lobbying practices wrapping things up. Bank
Speaker 1: of America was raised to buy over at Soction, lu
Speaker 1: Lemon was cut to underperform at Jefferies, and Occidental was
Speaker 1: put to neutral O Break Oldman Sachs live from the
Speaker 1: first breaking news task on the Maloney Care All right, Bill,
Speaker 1: thank you, and to hear live breaking news over here.
Speaker 1: Bloombergy type squawk on your terminal SCU A w u K.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on in the world. Michael Karen,
Speaker 1: thank you very much. Japanese from Minister Fumio Kashita has
Speaker 1: called for party unity to achieve the unfinished goals of
Speaker 1: assassinated former Leadershian Zohabe, including strengthening the military as comes
Speaker 1: as Kashita's ruling blocks cured more seats in parliaments up
Speaker 1: our House and elections yesterday. Also today, U S Secretary
Speaker 1: of St. Anthony B. Lincoln met with Kashita to offer
Speaker 1: his condolences. President Biden says he is considering declaring the
Speaker 1: public Health Emergency the free up federal resources to promote
Speaker 1: abortion access. In baseball, the Yankees lost to the Red
Speaker 1: Sox eleven six. The Mets lost along with the Nationals
Speaker 1: and A's the Orioles. They won their eighth straight game.
Speaker 1: The Giants won Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take powered by more
Speaker 1: than twenty seven hundred journalists and analysts more than a
Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg killing alright, Michael,
Speaker 1: thank you well. It's sixty nine on Wall Street and
Speaker 1: we turned to news in science and Technology Now with
Speaker 1: the Bloomberg against a I T. Stemmer report, brought to
Speaker 1: you by New Jersey Institute of Technology, ranked to top
Speaker 1: fifty national Public University of my u S News and
Speaker 1: World Report and number fourteen in the nation on Money's
Speaker 1: Best Colleges List. Learn more at n J I T
Speaker 1: dot E d U and now here's It's making news
Speaker 1: and science, Technology, engineering and math. The latest COVID outbreak
Speaker 1: in Shanghai is getting larger. The city recorded sixty nine
Speaker 1: new infections on Sunday, the most since late May. There
Speaker 1: will be more mass testing in parts of Shanghai. New
Speaker 1: sub variants of the virus are proving a constant challenge
Speaker 1: to the country's zero tolerance approach. The European Union is
Speaker 1: warning that the continent is facing one of its toughest
Speaker 1: years when it comes to natural disasters like droughts and
Speaker 1: wildfires because of increasing climate change, extended drought conditions if
Speaker 1: hits several member states like Greece and Italy, and a
Speaker 1: heat wave last month went as far up as northern Germany.
Speaker 1: It heightened concerns across Europe for more disasters for the
Speaker 1: rest of the summer, and Wall Street expects the cryptocurrencies
Speaker 1: crashed he get a whole lot worse. According to sixty
Speaker 1: percent of investors in the latest Bloomberg m l I V.
Speaker 1: Paulse survey, the token is more likely to tumble to
Speaker 1: ten thousand dollars than rally back to thirty thousand. Some
Speaker 1: two trillion dollars has vanished from the market value of
Speaker 1: cryptocurrency since late last year, according to data compiled by
Speaker 1: coin get Go. That's a Bloomberg and j I. T. Stammerport. Nathan,
Speaker 1: all right, Karen, thank you. We are live from the
Speaker 1: Bloomberg Interactive Brokers Studios or at six fifty on Wall
Speaker 1: Street Time Now to check what's going on in d C.
Speaker 1: Some of the top stories in our nation's capital include
Speaker 1: President Biden still thinking about taking action on Chinese imports
Speaker 1: harriffs to try to lower consumer prices. Commerce Secretary Gina
Speaker 1: Ramando was asked about it on NBC's Meet the Press.
Speaker 1: The President is being thoughtful about this, Unlike President Trump.
Speaker 1: Those tariffs that he opposed made no sense, and so
Speaker 1: we are briefing him and I expect to make a
Speaker 1: decision shortly. And Secretary Romando is blasting Senate Minority Leader
Speaker 1: Mitch McConnell for threatening to block a bill boosting the
Speaker 1: US chip sector if Democrats go ahead with a new
Speaker 1: spending bill on their own, it's a false choice. He's
Speaker 1: playing politics with our national security and it's time for
Speaker 1: Congress to do its job on both of those dimensions.
Speaker 1: Commerce Secretary Romando there on ABC's This Week, also making news,
Speaker 1: President Biden keeping a public health emergency on the table
Speaker 1: to protect abortion rights. Vice President Kamala Harris tells CBS
Speaker 1: has Face the Nation. We also need Congress to act
Speaker 1: because that branch of government is where we actually codify,
Speaker 1: which means put into law the rights that again we
Speaker 1: took for granted but clearly have now been taken from
Speaker 1: the women of America and the House January six committees
Speaker 1: getting ready for its next public hearing tomorrow after hearing
Speaker 1: from former White House Council Patsy Boloney last week, Committee
Speaker 1: member Jamie Raskin was also on Face the Nation. He
Speaker 1: was aware of every major move I think that Donald
Speaker 1: Trump was making to try to overthrow the election and
Speaker 1: essentially sees the presidency, and so I considered his testament
Speaker 1: any valuable. Face the Nation this week and Meet the
Speaker 1: Press can be heard every Sunday right here on Bloomberg
Speaker 1: Radio and then for more on all these stories were
Speaker 1: joined this morning by Bloomberg Government reporter Emily Wilkins. Emily,
Speaker 1: let's start off with the latest around President Biden's thinking
Speaker 1: about whether to take action on Chinese import tariffs. It
Speaker 1: seems like this decision has turned into a pretty heavy
Speaker 1: one for the president. Yeah, this is something that the
Speaker 1: President has definitely taking this time deciding on talking about.
Speaker 1: We know that he met with officials at the White
Speaker 1: House on Friday, um over the weekend, he told reporters
Speaker 1: that he had still not made a decision on it,
Speaker 1: although Commerce Secretary Gina Romando said that she expects a
Speaker 1: decision shortly. Part of the problem Nathan could be that
Speaker 1: his own advisors are split on this one. Romando and
Speaker 1: Treasury Secretary Janny Yellen have been plushing for a reductions
Speaker 1: and some of the tariffs, saying that while it's not
Speaker 1: going to bring down inflation, it could lower the price
Speaker 1: on some goods that Americans by daily. Uh. And then
Speaker 1: you've got his trade representative Catherine Tie who's argued for
Speaker 1: keeping the tariffs in play, saying it gives the US
Speaker 1: leverage and negotiations that are going on between Washington and Beijing.
Speaker 1: So you've kind of got these these dual arguments here
Speaker 1: for keeping and reducing the tariffs. Um. And certainly there's
Speaker 1: a wider relationship to consider with China, especially in light
Speaker 1: um that Biden is preparing for a call with Chinese
Speaker 1: President she Jinping in the coming weeks, according to Secretary
Speaker 1: of State Anthony Lincoln. And it's gonna be very interesting
Speaker 1: to hear more from Commerce Secretary Romando when she sits
Speaker 1: down with Bloomberg Radio and Television coming up later this
Speaker 1: morning in the eleven o'clock hour. So definitely looking forward
Speaker 1: to hearing more from her. Uh. Speaking of splits within
Speaker 1: the Democratic Party, Emily, are we starting to see one
Speaker 1: now when it comes to how Democrats how the president
Speaker 1: should take further action when it comes to protecting abortion
Speaker 1: rights after the Supreme Courts overturning of Row. Yeah, there's
Speaker 1: absolutely a split right now within the Democratic Party. There
Speaker 1: is frustration among some that Biden has not responded as
Speaker 1: strongly as they were hoping, as fiercely and aggressively as
Speaker 1: they were hoping. At this point. The White House, for
Speaker 1: their part, has cut basically. You know, we saw one
Speaker 1: of the communications directors come out and basically say that
Speaker 1: Biden is doing his job and that you know, some
Speaker 1: of these progressive left to the left, far left side
Speaker 1: of the party, um, you know, they're not in touch
Speaker 1: with what the mainstream Democrats want. So certainly some tensions there.
Speaker 1: One thing we do know is that Biden has asked
Speaker 1: his team to look into an emergency national health declaration
Speaker 1: that could sort of uphold the national ability for a
Speaker 1: woman to be able to receive abortions. Um, kind of
Speaker 1: in the idea that you know, with Roby Wade being
Speaker 1: struck down. This could potentially be a temporary measure given
Speaker 1: that so many states at this point have already um
Speaker 1: you know, made abortions, banned abortions completely or in most cases.
Speaker 1: And finally, Emily, we're getting ready for more hearing from
Speaker 1: the House January six committee at least two of them
Speaker 1: this week, and now word that former White House advisor
Speaker 1: Steve Bannon is thinking about testifying himself. Yeah, so Bannon
Speaker 1: actually got a letter from former President Trump basically saying
Speaker 1: that Trump was releasing him from any executive privilege and
Speaker 1: that Bannon could go ahead and testify if he wanted to.
Speaker 1: This also follows after White House lawyer Pat Slone sat
Speaker 1: down with the committee in private uh and testified for
Speaker 1: numerous hours on Friday, And so we're expecting to hear
Speaker 1: perhaps a little more of that private testimony played out
Speaker 1: in videos and the hearings tomorrow and on Thursday. Who knows.
Speaker 1: Tomorrow's hearing is very specifically looking at the ties between
Speaker 1: the Proud Boys, the Oathkeepers, and President Trump. A lot
Speaker 1: of its centers around the tweet he sent in mid
Speaker 1: December basically saying, you know, calling on folks to come
Speaker 1: to the Capitol on January six, say that it will
Speaker 1: be wild. The Committee's really going to sort of paint
Speaker 1: the narrative that after that tweet, and even before, in
Speaker 1: the hours before that tweet was said that there was
Speaker 1: an intention uh to for Trump to try and overturn
Speaker 1: the election by by confronting Congress directly as they counted
Speaker 1: did the accounting of the Electoral College votes. Only about
Speaker 1: a minute left here, Emily. But what's behind this apparent
Speaker 1: change of heart by the president because there have been
Speaker 1: a lot of people in his inner circle who are
Speaker 1: fighting contempt charges to try to avoid speaking to the
Speaker 1: January six committee. So one thing we know is that
Speaker 1: president former President Trump has been watching the January six hearings.
Speaker 1: And these hearings, you know, normally when you watch a
Speaker 1: congressional hearing, you kind of had this one side sort
Speaker 1: of pushing one narrative, another side's pushing a different narrative. Nathan,
Speaker 1: there's only really one side with this committee, and they're
Speaker 1: all pushing the same narrative. And so Trump really wants
Speaker 1: someone to get in there and defend him. That is
Speaker 1: what in his letter to Bannon, he really implied that
Speaker 1: Bannon needs to be able to do. We'll be interesting
Speaker 1: to see exactly how the committee takes this. They've said
Speaker 1: that they will not be interviewing Bannon in public at first,
Speaker 1: They'll be doing a deposition behind closed doors, and then
Speaker 1: potentially deciding whether or not they want to make any
Speaker 1: of that testimony public. So it's still a ways to
Speaker 1: go before we might actually hear from Bannon himself about
Speaker 1: the events of January six. All right, thanks for all this,
Speaker 1: Bloomberg Government reporter Emily Wilkins, and you can read more
Speaker 1: on these stories at Bloomberg dot com or on the
Speaker 1: Bloomberg terminal. Listen to Bloomberg Radio in Washington Bloomberg one
Speaker 1: and one oh five point seven FM HD two, where
Speaker 1: again we'll be speaking with Commerce Secretary Gina Raimondo in
Speaker 1: the eleven am Wall Street Time hour, So to back
Speaker 1: in for that here on Bloomberg Radio. Bloomberg Surveillance is
Speaker 1: up next for Karen Moscow. I'm Nathan Hagar, and this
Speaker 1: is Bloomberg