1 00:00:02,880 --> 00:00:06,039 Speaker 1: Live from the Bloomberg Interactive Burger Studios. Is this Bloomberg 2 00:00:06,120 --> 00:00:09,280 Speaker 1: day Break for a Wednesday, August three, two Coming up 3 00:00:09,280 --> 00:00:13,040 Speaker 1: this hour, Nancy Pelosi vows the US will not abandon Taiwan. 4 00:00:13,119 --> 00:00:15,800 Speaker 1: Will have the latest from the House Speaker's controversial frame. 5 00:00:15,920 --> 00:00:19,040 Speaker 1: He also have key results from five state primaries, Plus 6 00:00:19,079 --> 00:00:22,159 Speaker 1: feed officials double down on plants to tighten policy, and 7 00:00:22,200 --> 00:00:24,279 Speaker 1: shares of chip maker a m D slump on a 8 00:00:24,360 --> 00:00:27,920 Speaker 1: lackluster forecast. The Senate has passed the burn Pit Bill 9 00:00:28,000 --> 00:00:31,160 Speaker 1: after an outcry from Vetteran's Plus the January six missing 10 00:00:31,200 --> 00:00:34,599 Speaker 1: text case widens. I'm Michael Barner. More ahead, I'm John 11 00:00:34,640 --> 00:00:36,640 Speaker 1: stash Our in sports, more trains to the Mets and 12 00:00:36,720 --> 00:00:40,000 Speaker 1: Yankees they both lost their games, and Dodgers broadcasting legend 13 00:00:40,080 --> 00:00:45,519 Speaker 1: Vince Gully has passed away. That's all. Strad Ahead on 14 00:00:45,640 --> 00:00:48,880 Speaker 1: Bloomberg day Break on Bloomberg eleven three on New York, 15 00:00:49,000 --> 00:00:53,559 Speaker 1: Bloomberg on Washington, d C, Bloomberg one oh six one, Boston, 16 00:00:53,680 --> 00:00:58,200 Speaker 1: Bloomberg nine sixties and Francisco Syrius XM one nineteen and 17 00:00:58,280 --> 00:01:01,360 Speaker 1: around the world on Bloomberg deal dot com and via 18 00:01:01,440 --> 00:01:09,319 Speaker 1: the Bloomberg Business add Good morning, I'm Nathan Hagard and 19 00:01:09,319 --> 00:01:12,760 Speaker 1: I'm Karen mouscal at US DOT Index futures are higher 20 00:01:12,800 --> 00:01:14,560 Speaker 1: this morning. We are coming up to five o one 21 00:01:14,560 --> 00:01:16,600 Speaker 1: on Wall Street, and we checked the markets every fifteen 22 00:01:16,640 --> 00:01:19,440 Speaker 1: minutes throughout the trading day on bloomberg S and P 23 00:01:19,640 --> 00:01:22,840 Speaker 1: futures up about eight points down, futures up eighty four. 24 00:01:23,240 --> 00:01:25,880 Speaker 1: Nasdack futures are a little changed, and a ten year 25 00:01:25,880 --> 00:01:28,920 Speaker 1: treasury little change yield two point seven four percent. They 26 00:01:29,000 --> 00:01:32,080 Speaker 1: yield on the two year three point oh six percent. 27 00:01:32,160 --> 00:01:36,360 Speaker 1: The euro one point eight against the dollar, and bitcoin 28 00:01:36,760 --> 00:01:38,920 Speaker 1: is at one point two percent to twenty three thousand, 29 00:01:38,920 --> 00:01:41,760 Speaker 1: three hundred dollars. Nathan well Karen investors will be keeping 30 00:01:41,760 --> 00:01:45,000 Speaker 1: an eye on what's happening in Taiwan. Nancy Pelosi's visit 31 00:01:45,080 --> 00:01:48,400 Speaker 1: is making major waves. The House Speaker is pledging continued 32 00:01:48,520 --> 00:01:51,760 Speaker 1: US support for the island despite new threats from China. 33 00:01:52,440 --> 00:01:57,360 Speaker 1: Now more than ever, America's solidarity with Tom Taiwan is crucial, 34 00:01:57,800 --> 00:02:00,920 Speaker 1: and that is the message we are bringing here today. 35 00:02:01,160 --> 00:02:04,320 Speaker 1: Speaking at a meeting with Taiwanese President sighing when Speaker 36 00:02:04,320 --> 00:02:07,360 Speaker 1: Pelosi talked about the recently past bill to boost American 37 00:02:07,400 --> 00:02:12,200 Speaker 1: made semiconductors the CHIPS Bill. All of these members were 38 00:02:12,240 --> 00:02:17,320 Speaker 1: instrumental in passing that important legislation, which we think offers 39 00:02:17,440 --> 00:02:23,520 Speaker 1: great greater opportunity for US Taiwan economic cooperation. Speaker Pelosi 40 00:02:23,600 --> 00:02:26,400 Speaker 1: is the highest ranking elected US official to visit Taiwan 41 00:02:26,440 --> 00:02:29,840 Speaker 1: in a quarter century. China is responding with new military 42 00:02:29,919 --> 00:02:33,239 Speaker 1: drills surrounding the island and fresh trade curbs on fish, 43 00:02:33,280 --> 00:02:36,760 Speaker 1: fruit and sand for construction Well, Nathan, The timing of 44 00:02:36,800 --> 00:02:40,240 Speaker 1: how Speaker Pelosi's trip is being questioned by some, including 45 00:02:40,280 --> 00:02:43,760 Speaker 1: Douglas Lute, a former US Ambassador to NATO. I'm not 46 00:02:43,880 --> 00:02:47,400 Speaker 1: sure exactly what benefit we're getting from the trip, and 47 00:02:47,520 --> 00:02:50,200 Speaker 1: it comes to the comes to a sensitive time, just 48 00:02:50,480 --> 00:02:56,120 Speaker 1: as the three senior Executive Branch officials have regained contact 49 00:02:56,120 --> 00:02:59,959 Speaker 1: with their Chinese counterparts have begun to discuss the ram 50 00:03:00,000 --> 00:03:03,280 Speaker 1: aifications of the war in Ukraine. So it sort of 51 00:03:03,320 --> 00:03:05,880 Speaker 1: sets us back, I think, from some momentum that's been 52 00:03:05,960 --> 00:03:08,880 Speaker 1: established in the last several weeks. And former US Ambassador 53 00:03:08,919 --> 00:03:11,839 Speaker 1: to NATO Douglas Lewt spoke with our Washington correspondent Joe 54 00:03:11,880 --> 00:03:14,880 Speaker 1: Matthew on Bloomberg Sound on Catch the Program weekdays at 55 00:03:14,880 --> 00:03:18,399 Speaker 1: five PM Easter on Bloomberg Radio. Another major political story 56 00:03:18,440 --> 00:03:21,400 Speaker 1: we're following this morning. Karen involves some key primary races 57 00:03:21,440 --> 00:03:23,680 Speaker 1: across the country, and we get the results from Amy 58 00:03:23,760 --> 00:03:28,120 Speaker 1: Morris in our Bloomberg newsroom in Washington. We begin in Michigan, 59 00:03:28,120 --> 00:03:32,120 Speaker 1: where Trump back Republican commentator Tutor Dixon faces Democratic comment 60 00:03:32,160 --> 00:03:35,120 Speaker 1: Gretchen Whitmer and the race for governor in November. Dixon 61 00:03:35,120 --> 00:03:38,400 Speaker 1: won the nomination with of the vote. Three House Republicans 62 00:03:38,440 --> 00:03:41,560 Speaker 1: who voted to impeach Donald Trump, Michigan's Peter Meyer and 63 00:03:41,640 --> 00:03:44,920 Speaker 1: Washington's Jamie Herrera Butler and Dan new House all lost 64 00:03:44,960 --> 00:03:48,920 Speaker 1: their primaries to Trump endorsed candidates. In Missouri, Republican Eric 65 00:03:48,920 --> 00:03:51,800 Speaker 1: Schmidt won the nomination with nearly forty six percent of 66 00:03:51,840 --> 00:03:56,120 Speaker 1: the vote, derailing former Governor Eric Gryden's political comeback. In Arizona, 67 00:03:56,160 --> 00:03:59,120 Speaker 1: Blake Masters won the GOP primary with seven percent of 68 00:03:59,160 --> 00:04:02,760 Speaker 1: the vote, and he'll face incumbent Senator Mark Kelly in November. 69 00:04:02,800 --> 00:04:05,960 Speaker 1: In Kansas, fifty nine percent of voters rejected a proposal 70 00:04:06,000 --> 00:04:09,680 Speaker 1: to outlaw abortion. In Washington, I maybe Morris Bloomberg daybreak, 71 00:04:09,680 --> 00:04:11,360 Speaker 1: All right, Amy, thank you well, a little more on 72 00:04:11,400 --> 00:04:14,720 Speaker 1: that abortion vote. Out of Kansas, fifty of voters chose 73 00:04:14,760 --> 00:04:17,359 Speaker 1: to maintain abortion rights in the state. Turn Out in 74 00:04:17,440 --> 00:04:21,320 Speaker 1: Kansas far exceeded other contests in recent years, totally nearly 75 00:04:21,400 --> 00:04:24,960 Speaker 1: twice as many ballots as in twenty eighteens primary election. 76 00:04:25,240 --> 00:04:27,880 Speaker 1: Let's turn back to markets now, Karen. They are stabilizing 77 00:04:27,920 --> 00:04:31,360 Speaker 1: this morning after yesterday's declines fueled by anxiety over US 78 00:04:31,440 --> 00:04:34,880 Speaker 1: China relations and hawkish comments from the Fed. In fact, 79 00:04:34,920 --> 00:04:37,240 Speaker 1: four FED officials pushed back at the idea that the 80 00:04:37,240 --> 00:04:40,120 Speaker 1: central bank may pivot away from tightening. They say there 81 00:04:40,200 --> 00:04:43,800 Speaker 1: is no sign inflation is easing. Here's Cleveland's Lorettamester. You 82 00:04:43,880 --> 00:04:48,279 Speaker 1: don't talk about recession per se, it's are we growing 83 00:04:48,360 --> 00:04:52,359 Speaker 1: below or above trend? And you know my forecast for 84 00:04:52,400 --> 00:04:54,719 Speaker 1: this year is that will be growing below trend. But 85 00:04:54,839 --> 00:05:02,200 Speaker 1: that's necessary in order to get price increases inflation under control. 86 00:05:02,360 --> 00:05:06,320 Speaker 1: Cleveland's or At Semester helped trigger a surgeon treasury yields yesterday. St. 87 00:05:06,360 --> 00:05:09,000 Speaker 1: Louis Fed President James Bullard says the FED is up 88 00:05:09,040 --> 00:05:12,719 Speaker 1: to the task of tackling inflation. So modern central banks, 89 00:05:12,839 --> 00:05:16,000 Speaker 1: I will try to convince you have more credibility than 90 00:05:16,040 --> 00:05:19,919 Speaker 1: their counterparts in the nineteen seventies. Because of this, it 91 00:05:20,000 --> 00:05:22,320 Speaker 1: seems like the FED and the ECB may be able 92 00:05:22,400 --> 00:05:25,600 Speaker 1: to disinflate in an orderly manner and we'll get a 93 00:05:25,640 --> 00:05:28,720 Speaker 1: relatively soft landing. St. Louis FED President Jim Bull had 94 00:05:28,760 --> 00:05:31,800 Speaker 1: reiterated the Central Bank should probably increase its benchmark rates 95 00:05:31,800 --> 00:05:33,440 Speaker 1: to as high as four percent by the end of 96 00:05:33,440 --> 00:05:36,119 Speaker 1: the year. Nathan several stocks in the move this morning. 97 00:05:36,120 --> 00:05:39,080 Speaker 1: Shares have Advanced micro Devices down five and a half percent. 98 00:05:39,160 --> 00:05:42,080 Speaker 1: That's after the ship maker gave a lukewarm sales four cast. 99 00:05:42,120 --> 00:05:45,520 Speaker 1: The story from Bloomberg Shirley Pillett. It indicates that market 100 00:05:45,520 --> 00:05:48,240 Speaker 1: share gains against Intel will not make up for a 101 00:05:48,320 --> 00:05:51,720 Speaker 1: decline in PC demand, and he said revenue in the 102 00:05:51,760 --> 00:05:54,880 Speaker 1: period will be about six point seven billion dollars. That 103 00:05:55,000 --> 00:05:57,880 Speaker 1: compares with an average annalists estimate of six point eight 104 00:05:57,920 --> 00:06:01,520 Speaker 1: one billion. Under CEO les So Sue am D have 105 00:06:01,640 --> 00:06:05,240 Speaker 1: been taking market share from Intel and benefiting from demand 106 00:06:05,279 --> 00:06:08,520 Speaker 1: for its new powerful server chips, but the outlook shows 107 00:06:08,560 --> 00:06:11,960 Speaker 1: that the company is not insulated from the slowing PC industry, 108 00:06:12,240 --> 00:06:15,400 Speaker 1: which is still the biggest market for its products. In 109 00:06:15,520 --> 00:06:19,120 Speaker 1: New York, Charlie Pellett, Bloombird, debreak. Alright, Charlie. Thanks. Let's 110 00:06:19,120 --> 00:06:21,040 Speaker 1: take an look at some other stocks in the spotlight 111 00:06:21,080 --> 00:06:23,719 Speaker 1: this morning, Live with Bloomberg's John Tucker, Hey John, and 112 00:06:23,839 --> 00:06:26,840 Speaker 1: the arab NB shares slumping in the pre market, down 113 00:06:26,839 --> 00:06:30,400 Speaker 1: over seven percent, Nathan the company missing estimates on bookings 114 00:06:30,400 --> 00:06:33,080 Speaker 1: shares a match plunging this morning, the parent company of 115 00:06:33,160 --> 00:06:35,960 Speaker 1: dating apps like Tender, giving a forecast for revenue of 116 00:06:36,000 --> 00:06:39,160 Speaker 1: the current quarter that falls short of estimates, growth being 117 00:06:39,160 --> 00:06:42,320 Speaker 1: slowed by the fallout from COVID nineteen. PayPal shares there 118 00:06:42,320 --> 00:06:45,880 Speaker 1: are up ten percent pre market after saying activist investor 119 00:06:45,920 --> 00:06:49,400 Speaker 1: Elliott Investment Management now one of the largest shareholders, and 120 00:06:49,440 --> 00:06:52,800 Speaker 1: that cost cutting will save nine million this year. And 121 00:06:52,960 --> 00:06:56,440 Speaker 1: Robert hood market shares little changed. They announced they're eliminating 122 00:06:56,480 --> 00:06:59,200 Speaker 1: almost a quarter of their workforce. Live in New York. 123 00:06:59,200 --> 00:07:02,080 Speaker 1: I'm John Tucker, Bloomberg, Debreak, Tom, thank you. Oil also 124 00:07:02,120 --> 00:07:04,320 Speaker 1: and focus this morning. Traders waiting to see whe they're 125 00:07:04,320 --> 00:07:07,120 Speaker 1: OPEC will heat at US call to increase oil supplies. 126 00:07:07,120 --> 00:07:10,120 Speaker 1: The OPEC plus coalition meeting virtually today, and a Bloomberg 127 00:07:10,200 --> 00:07:12,840 Speaker 1: survey suggests the alliance is more likely to keep output 128 00:07:12,960 --> 00:07:17,160 Speaker 1: steady in September. Straight ahead, your latest local headlines, plus 129 00:07:17,360 --> 00:07:23,640 Speaker 1: a check of sports. This is Bloomberg, Thanks Haring. It's 130 00:07:23,680 --> 00:07:25,840 Speaker 1: five oh seven on Wall Street. We're seventy four degrees 131 00:07:25,920 --> 00:07:29,200 Speaker 1: in Central Park. Pretty decent start on the roads. Will 132 00:07:29,240 --> 00:07:32,040 Speaker 1: fill you in on that in traffic shortly. First, Michael 133 00:07:32,040 --> 00:07:34,240 Speaker 1: Barr is here with what's going on in New York 134 00:07:34,280 --> 00:07:36,720 Speaker 1: and around the world. Good morning, Michael, Good morning Nathan. 135 00:07:36,760 --> 00:07:40,240 Speaker 1: The Senate passed the Packed Act aimed at helping veterans 136 00:07:40,240 --> 00:07:43,080 Speaker 1: who have been exposed to toxic burn pits. The bill 137 00:07:43,160 --> 00:07:46,440 Speaker 1: passed and an eight six to eleven vote, overcoming Republican 138 00:07:46,480 --> 00:07:51,000 Speaker 1: claims it contains loopholes that would allow indiscriminate spending. Senate 139 00:07:51,040 --> 00:07:54,840 Speaker 1: Democratic Leader Chuck Schumer spoke after the bill passed finally, 140 00:07:55,480 --> 00:08:00,440 Speaker 1: at long last, America lived up to its ideals by saying, 141 00:08:00,720 --> 00:08:04,840 Speaker 1: to our veterans who have been exposed to toxic chemicals 142 00:08:04,880 --> 00:08:09,520 Speaker 1: from burn pitts, we have your back. Senator Schumer says 143 00:08:09,520 --> 00:08:12,880 Speaker 1: the bill will help thousands of sick US veterans. New 144 00:08:12,960 --> 00:08:16,160 Speaker 1: York Congresswoman Carol and Maloney said she didn't believe that 145 00:08:16,240 --> 00:08:20,560 Speaker 1: President Joe Biden would run for re election in Maloney 146 00:08:20,640 --> 00:08:24,120 Speaker 1: is the latest Democratic official to question whether their party's 147 00:08:24,200 --> 00:08:27,000 Speaker 1: leader will seek a second term. The comments came during 148 00:08:27,040 --> 00:08:30,120 Speaker 1: a New York One debate last evening among candidates vine 149 00:08:30,200 --> 00:08:34,480 Speaker 1: for the Democratic primary nomination in New York's twelfth congressional district. 150 00:08:34,840 --> 00:08:38,360 Speaker 1: Because of redistricting, Maloney is running against fellow New York 151 00:08:38,360 --> 00:08:43,280 Speaker 1: House heavyweight Gerald Nadler and lawyer Saras Ptel. The Defense 152 00:08:43,320 --> 00:08:47,199 Speaker 1: Department electronically wiped the phones of some former top officials 153 00:08:47,320 --> 00:08:52,120 Speaker 1: who served under then President Donald Trump. Bloomberg's d Baxter reports, 154 00:08:52,280 --> 00:08:54,520 Speaker 1: and the Department of Defense is confirming that a d 155 00:08:54,600 --> 00:08:57,640 Speaker 1: o J investigation of the missing January six tax is 156 00:08:57,679 --> 00:09:02,600 Speaker 1: now confirmed that, along with accidentally deleting some texts, some 157 00:09:02,880 --> 00:09:08,640 Speaker 1: phones were purposefully wiped after January six. Government lawyers made 158 00:09:08,640 --> 00:09:11,480 Speaker 1: that admission in court filings tied to the Freedom of 159 00:09:11,520 --> 00:09:15,600 Speaker 1: Information Act lawsuit, and the Oversight Group is urging Attorney 160 00:09:15,600 --> 00:09:19,520 Speaker 1: General Merritt Garland to investigate DODS actions in allowing the 161 00:09:19,559 --> 00:09:23,680 Speaker 1: destruction of records potentially relevant to a significant matter of 162 00:09:23,800 --> 00:09:28,000 Speaker 1: national attention and historical importance. In San Francisco, I'm at 163 00:09:28,000 --> 00:09:30,960 Speaker 1: Baxter Bloomberg Daybreak. The State Department of War an American 164 00:09:31,000 --> 00:09:35,040 Speaker 1: citizens traveling overseas of possible retaliation by Al Qaina and 165 00:09:35,040 --> 00:09:38,480 Speaker 1: its supporters after the organization's leader was killed in a 166 00:09:38,600 --> 00:09:41,760 Speaker 1: US drone strike. Global News twenty four hours a day 167 00:09:41,760 --> 00:09:44,640 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 168 00:09:45,080 --> 00:09:47,640 Speaker 1: seven hundred journalists and analysts in more than a hundred 169 00:09:47,679 --> 00:09:50,760 Speaker 1: twenty countries. I'm Michael Barr, and this is Bloomberg, Nathan. 170 00:09:50,800 --> 00:09:57,520 Speaker 1: Thank you, Michael five O nine on Wall Street time 171 00:09:57,559 --> 00:10:00,800 Speaker 1: for the Bloomberg Sports Update. Good morning, John Stanh, Good morning, Nathan. 172 00:10:00,880 --> 00:10:03,720 Speaker 1: Vince Scully has passed away. The New York native began 173 00:10:03,800 --> 00:10:07,720 Speaker 1: calling Brooklyn Dodgers game shortly after he graduated from Fordham, 174 00:10:07,720 --> 00:10:10,640 Speaker 1: and he kept the job for sixty seven years. The 175 00:10:10,679 --> 00:10:14,160 Speaker 1: owner of that soothing voice with an unparalleled ability to 176 00:10:14,240 --> 00:10:16,560 Speaker 1: tell stories while calling the game, Vince Scully was a 177 00:10:16,600 --> 00:10:20,720 Speaker 1: true broadcasting legend. Was ninety four Mets and Yankees both 178 00:10:20,720 --> 00:10:23,400 Speaker 1: lost Mets and Washington five to one and their seven 179 00:10:23,400 --> 00:10:25,800 Speaker 1: game win. Stream of Mets fans happy to see Jacob 180 00:10:25,800 --> 00:10:28,400 Speaker 1: Agraham on the mound. Five solid at things. He allowed 181 00:10:28,400 --> 00:10:30,719 Speaker 1: just one run in his season debut. Yankees battled back 182 00:10:30,720 --> 00:10:32,800 Speaker 1: from deficits a couple of times, but in the end 183 00:10:32,800 --> 00:10:35,480 Speaker 1: lost in Seattle at the Stadium eight to six. Yankees 184 00:10:35,520 --> 00:10:37,880 Speaker 1: made a couple more trades before the deadline. They found 185 00:10:37,880 --> 00:10:40,800 Speaker 1: a Joey Gallo taker and the Dodgers. Gallow was a 186 00:10:40,800 --> 00:10:43,800 Speaker 1: complete bust in his time in Pinstripes, betting just one 187 00:10:43,920 --> 00:10:46,120 Speaker 1: fifty nine. The Dodgers gave the Yanks of top pitching 188 00:10:46,160 --> 00:10:49,440 Speaker 1: prospect Clayton Beater in return. Yankees then made a more 189 00:10:49,480 --> 00:10:52,200 Speaker 1: surprising move because George Montgomery has been a solid starting 190 00:10:52,240 --> 00:10:55,000 Speaker 1: pitcher for them, but they did just acquire another starter 191 00:10:55,040 --> 00:10:57,840 Speaker 1: and Frankie Montes, so they ship Montgomery to St. Louis 192 00:10:57,840 --> 00:11:01,960 Speaker 1: for an outfielders Yankees GM and cashman Harrison Vader is 193 00:11:02,360 --> 00:11:07,920 Speaker 1: you know, one of the elite center field UH defenders 194 00:11:07,920 --> 00:11:12,040 Speaker 1: in the game, UM and so he provides a lot 195 00:11:12,080 --> 00:11:16,400 Speaker 1: of lanes for us, I think for our manager when 196 00:11:16,400 --> 00:11:18,959 Speaker 1: he's when he's health in. Vader currently has a foot injury. 197 00:11:18,960 --> 00:11:20,480 Speaker 1: He's a New York native, went to high school at 198 00:11:20,520 --> 00:11:23,640 Speaker 1: Horace Mann and the Bronx. Matt's acquired two players yesterday 199 00:11:23,640 --> 00:11:26,360 Speaker 1: outfielder Darren Rof. They sent J. D. Davis to the 200 00:11:26,400 --> 00:11:29,480 Speaker 1: Giants for him Mets also picked up reliever Michael Gibbons 201 00:11:29,520 --> 00:11:31,400 Speaker 1: from the Cubs. Of course, the big trade yesterday with 202 00:11:31,480 --> 00:11:35,319 Speaker 1: Juan Soto going from Washington to Same Diego. John Skashwar 203 00:11:35,360 --> 00:11:39,200 Speaker 1: Bloomberg Sports. Okay, John, thank you. Right now. SMP futures 204 00:11:39,320 --> 00:11:42,240 Speaker 1: are up eleven points, Staff futures up a hundred nine, 205 00:11:42,320 --> 00:11:45,720 Speaker 1: Nastack futures are higher by twenty three points, the tenure 206 00:11:45,760 --> 00:11:48,400 Speaker 1: treasury is up three thirty seconds, the yield two point 207 00:11:48,480 --> 00:11:51,760 Speaker 1: seven three percent, yield on the two year three point 208 00:11:51,880 --> 00:11:55,000 Speaker 1: zero six percent, and nimex crew down one point two 209 00:11:55,040 --> 00:11:59,120 Speaker 1: percent or dollar fifteen six of barrel. Ahead of the 210 00:11:59,160 --> 00:12:07,800 Speaker 1: OPEC plus meeting. You're listening to Bloomberg Daybreak. Bloomberg Daybreak 211 00:12:07,840 --> 00:12:10,600 Speaker 1: brought to you by Peepack Private Wealth Management. Peapack Private 212 00:12:10,640 --> 00:12:13,040 Speaker 1: Wealth Management knows that a portfolio is more than a 213 00:12:13,120 --> 00:12:15,480 Speaker 1: collection of assets. It's a path to your future. Visit 214 00:12:15,559 --> 00:12:22,480 Speaker 1: Peapack Private dot com and begin your financial legacy today, Markets, 215 00:12:22,600 --> 00:12:25,679 Speaker 1: headlines and breaking news twenty four hours a day at 216 00:12:25,720 --> 00:12:28,520 Speaker 1: Bloomberg dot Com, at the Bloomberg Business at and at 217 00:12:28,559 --> 00:12:37,880 Speaker 1: Bloomberg Quick Tape. This is a Bloomberg Business Flash and 218 00:12:37,960 --> 00:12:40,760 Speaker 1: I'm Cara in Moscow stocks are studying as some of 219 00:12:40,880 --> 00:12:45,680 Speaker 1: investor anxiety over tense US China ties eases, while treasury 220 00:12:45,760 --> 00:12:48,240 Speaker 1: yields and are fluctuating a bit after a slide is 221 00:12:48,240 --> 00:12:51,360 Speaker 1: sparked by hawkish Federal Reserve comments. We checked the markets 222 00:12:51,360 --> 00:12:54,200 Speaker 1: over fifteen minutes throughout the trading day on Bloomberg Right now, 223 00:12:54,320 --> 00:12:56,800 Speaker 1: S and P futures are up nineteen points down, futures 224 00:12:56,880 --> 00:13:00,679 Speaker 1: up on two NASDACK futures up sixty the decks in 225 00:13:00,760 --> 00:13:03,559 Speaker 1: Germany's up three tenths of upper set ten. Your treasury 226 00:13:03,600 --> 00:13:06,120 Speaker 1: little change a two point seven four percent They yield 227 00:13:06,200 --> 00:13:09,240 Speaker 1: on the two year three point six percent NIMEX Scrude 228 00:13:09,240 --> 00:13:11,720 Speaker 1: oil is down one point one percent on ninety seven 229 00:13:11,800 --> 00:13:14,120 Speaker 1: cents at ninety three dollars forty six cents of barrel. 230 00:13:14,360 --> 00:13:16,520 Speaker 1: Comic School is down four tenths per cent or seven 231 00:13:16,559 --> 00:13:19,719 Speaker 1: dollars fifty cents. A seventeen eighty two ten announced the 232 00:13:19,800 --> 00:13:22,840 Speaker 1: euro one point o one nine zero against the dollar, 233 00:13:22,920 --> 00:13:25,280 Speaker 1: British found one point two one eight seven, the yen 234 00:13:25,360 --> 00:13:28,599 Speaker 1: at one thirty three point one four and Bitcoin of 235 00:13:28,720 --> 00:13:30,800 Speaker 1: one and a half percent at twenty three thousand, three 236 00:13:30,920 --> 00:13:34,280 Speaker 1: hundred sixty dollars Today, We're watching for reports on durable 237 00:13:34,320 --> 00:13:37,320 Speaker 1: goods orders and factory orders at at ten o'clock Wall Street, Time, 238 00:13:37,640 --> 00:13:40,640 Speaker 1: CBS and Maderna are among the company's scheduled to report 239 00:13:40,720 --> 00:13:43,880 Speaker 1: earnings today. That's a Bloomberg Business Flash. Now here's Michael 240 00:13:43,920 --> 00:13:46,520 Speaker 1: Barr with Moore on what's going on around the world. Buckle, 241 00:13:46,559 --> 00:13:49,800 Speaker 1: Good morning, Good morning, Karen. Kansas voters refused to change 242 00:13:49,880 --> 00:13:52,599 Speaker 1: the state constitution to declare there is no right to 243 00:13:52,760 --> 00:13:56,160 Speaker 1: an abortion on a fifty nine to forty one percent vote. 244 00:13:56,160 --> 00:13:59,520 Speaker 1: The state Supreme Court decision in twenty nine that grantede 245 00:13:59,559 --> 00:14:04,599 Speaker 1: state constitutional abortion rights remains intact. Hall of Fame broadcaster 246 00:14:04,760 --> 00:14:07,920 Speaker 1: Vin Scully has died. Scully with those beautiful delcent tones, 247 00:14:08,000 --> 00:14:11,880 Speaker 1: broadcast baseball games for the Dodgers for sixties seven years. 248 00:14:12,320 --> 00:14:14,839 Speaker 1: Vin Scully was nine four asked for the games. The 249 00:14:14,920 --> 00:14:17,840 Speaker 1: Yankees lost to the Mariners eight six, The Mets lost 250 00:14:17,920 --> 00:14:21,960 Speaker 1: to the Nationals five one, the Orioles and Red Sox one, 251 00:14:22,360 --> 00:14:26,240 Speaker 1: the A's and Giants lost. Global news twenty four hours 252 00:14:26,280 --> 00:14:29,040 Speaker 1: a day on here and on Bloomberg quick Take, powered 253 00:14:29,080 --> 00:14:31,680 Speaker 1: by more than twenty seven hundred journalists and analysts. More 254 00:14:31,680 --> 00:14:34,520 Speaker 1: than a hundred twenty countries. Michael Barr, and this is 255 00:14:34,600 --> 00:14:37,080 Speaker 1: Bloomberg Naken. All right, Michael, thank you. It is five 256 00:14:37,240 --> 00:14:41,000 Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. 257 00:14:41,120 --> 00:14:43,960 Speaker 1: This is Bloomberg Daybreak as we continue to follow House 258 00:14:43,960 --> 00:14:48,280 Speaker 1: Speaker Nancy Pelosi's trip through Asia, getting ready to leave Taiwan. 259 00:14:48,440 --> 00:14:52,280 Speaker 1: Now a controversial visit given the tensions between the U 260 00:14:52,480 --> 00:14:54,640 Speaker 1: S and China at the moment, and the current is 261 00:14:54,760 --> 00:14:58,320 Speaker 1: with us this morning, Chief Asia Economics correspondent for Bloomberg 262 00:14:58,400 --> 00:15:02,280 Speaker 1: News joining us Li from Hong Kong, and good morning. 263 00:15:02,360 --> 00:15:05,160 Speaker 1: We've heard all the threats from China. We've seen the 264 00:15:05,520 --> 00:15:08,120 Speaker 1: military drills that are about to begin in the next 265 00:15:08,280 --> 00:15:11,440 Speaker 1: day or so. What is the lasting impact or is 266 00:15:11,560 --> 00:15:14,960 Speaker 1: there a lasting impact from how Speaker Nancy Pelosi's trip 267 00:15:15,120 --> 00:15:18,920 Speaker 1: to Taiwan. Well, the impact will start to become clear 268 00:15:19,040 --> 00:15:21,760 Speaker 1: over queen days and perhaps once she leaves. Like you mentioned, 269 00:15:22,480 --> 00:15:25,320 Speaker 1: there have already been some hints or some signs of 270 00:15:25,360 --> 00:15:28,920 Speaker 1: a trade embargo on some Taiwanese goods. So, for example, 271 00:15:29,920 --> 00:15:33,960 Speaker 1: fruits that China imports in Taiwan are now banned. China, 272 00:15:34,000 --> 00:15:36,640 Speaker 1: of course, is existly saying it linked to speaker closest 273 00:15:36,720 --> 00:15:39,800 Speaker 1: with it, but that's obviously the intention of it. There 274 00:15:40,040 --> 00:15:42,960 Speaker 1: there are other restrictions on two way trades come into place. 275 00:15:43,040 --> 00:15:46,360 Speaker 1: For example, China will not export fine SAMs to Taiwan. 276 00:15:46,400 --> 00:15:49,600 Speaker 1: So there's some measures happening on the economical and trade 277 00:15:49,640 --> 00:15:51,840 Speaker 1: tye of things. Now. Of course, I want to move 278 00:15:51,880 --> 00:15:55,000 Speaker 1: forward to the next three days of military drills and 279 00:15:55,120 --> 00:15:59,040 Speaker 1: exercises that we really ring the island of Taiwan and 280 00:15:59,320 --> 00:16:01,800 Speaker 1: go beyond what happened back in the last strange crisis, 281 00:16:01,840 --> 00:16:04,920 Speaker 1: which is back in They're going to have to monitor 282 00:16:05,000 --> 00:16:08,480 Speaker 1: how that happened. There's already been destruction to supply chains. 283 00:16:09,280 --> 00:16:13,280 Speaker 1: The of course TI want strade. It's so crucial an 284 00:16:13,400 --> 00:16:16,240 Speaker 1: artery for global trade, and there's already our colleagues reporting 285 00:16:16,520 --> 00:16:18,880 Speaker 1: from shipping companies and the like having to make the versions. 286 00:16:19,160 --> 00:16:22,440 Speaker 1: China put out a warning to airlines today that they're 287 00:16:22,480 --> 00:16:25,480 Speaker 1: going to have to avoid dangerous owns around Taiwan. There's 288 00:16:25,480 --> 00:16:28,840 Speaker 1: get notification where they should not fly and airlines are 289 00:16:29,000 --> 00:16:32,560 Speaker 1: just in accordingly. For example Pacific, the Hong Kong Airline 290 00:16:32,600 --> 00:16:35,080 Speaker 1: here have to stock up on it on its fuel 291 00:16:35,960 --> 00:16:40,160 Speaker 1: to to make its trips. So these are near term 292 00:16:40,640 --> 00:16:44,560 Speaker 1: tangible response that are happening here and now. Of course, 293 00:16:44,760 --> 00:16:47,040 Speaker 1: as for what it douilds for the broader spectrum of 294 00:16:47,400 --> 00:16:50,920 Speaker 1: the US and ENNE relations will take longer fume clear, 295 00:16:50,960 --> 00:16:52,960 Speaker 1: But you have to feel at early it's not exactly 296 00:16:53,000 --> 00:16:55,560 Speaker 1: going to be positive for those relations either. Yeah, there 297 00:16:55,720 --> 00:17:00,240 Speaker 1: was some expectations, some groundwork laid for presidents need to 298 00:17:00,280 --> 00:17:03,160 Speaker 1: speak with President Biden from the US and the next 299 00:17:04,440 --> 00:17:07,800 Speaker 1: upcoming weeks, if not months. How does this visit by 300 00:17:07,840 --> 00:17:13,120 Speaker 1: Pelosi potentially complicate that? Well, it raises all manner of questions. 301 00:17:13,280 --> 00:17:17,840 Speaker 1: Can these two governments under one hand, reached the brink 302 00:17:17,880 --> 00:17:20,280 Speaker 1: of a crisis that we apparently are with seeing today 303 00:17:20,440 --> 00:17:22,080 Speaker 1: and yet on the other hand go ahead of a 304 00:17:22,160 --> 00:17:24,840 Speaker 1: sort of a parallel stream of talks where the two 305 00:17:24,960 --> 00:17:27,440 Speaker 1: leaders do plan to meet at some point overcoming months. 306 00:17:27,440 --> 00:17:29,200 Speaker 1: I mean, it would have to assume it is a 307 00:17:29,280 --> 00:17:33,200 Speaker 1: negative for those for those prospects. Nonetheless, we'll have to 308 00:17:33,280 --> 00:17:36,040 Speaker 1: see what kind of language competed a Beating and Washington 309 00:17:36,160 --> 00:17:39,520 Speaker 1: overcoming days. Once this trip wraps up, we've already had 310 00:17:39,560 --> 00:17:41,680 Speaker 1: the four minutes of wine. Whine need talking to me 311 00:17:41,720 --> 00:17:44,800 Speaker 1: about how to cupples the complete force. We know that 312 00:17:45,200 --> 00:17:49,200 Speaker 1: China has been eating very hopeish language, and indeed so 313 00:17:49,320 --> 00:17:52,200 Speaker 1: much in fact that some with Don medicines are said 314 00:17:52,200 --> 00:17:54,800 Speaker 1: to be disappointed by the steps that China has taken 315 00:17:54,840 --> 00:17:57,439 Speaker 1: today will be under pressure to continue with their hopeage 316 00:17:57,480 --> 00:17:59,359 Speaker 1: approaching this. But we'll have to see whether or not 317 00:17:59,440 --> 00:18:00,720 Speaker 1: it can be the to you to a point of 318 00:18:00,720 --> 00:18:03,240 Speaker 1: where two leaders believe that they have the face that 319 00:18:03,400 --> 00:18:07,159 Speaker 1: they can leave again without of course either side being 320 00:18:07,200 --> 00:18:10,240 Speaker 1: seen as have a lost out listed. And of course 321 00:18:10,320 --> 00:18:13,160 Speaker 1: this is coming just a few months before Chinese President 322 00:18:13,280 --> 00:18:15,359 Speaker 1: Hi Jin Ping stands for a third term at the 323 00:18:15,440 --> 00:18:19,720 Speaker 1: Party congress later this year. How does his response to 324 00:18:19,840 --> 00:18:24,520 Speaker 1: what's happening in Taiwan feed into that, Yes, if this 325 00:18:24,600 --> 00:18:27,919 Speaker 1: is where politics really does come into it, because there 326 00:18:28,000 --> 00:18:31,359 Speaker 1: was a UNIL money analysts about this trip that regardless 327 00:18:31,359 --> 00:18:34,040 Speaker 1: President she would have to be seen to respond strongly. 328 00:18:34,400 --> 00:18:36,440 Speaker 1: He he would have to be seen to send hope. 329 00:18:36,560 --> 00:18:38,840 Speaker 1: Should know you as over this. But you know, despite 330 00:18:38,880 --> 00:18:41,120 Speaker 1: all the language in the run up to the visit, 331 00:18:41,680 --> 00:18:44,600 Speaker 1: speaker cloths who went ahead with it, And there is 332 00:18:44,640 --> 00:18:47,520 Speaker 1: is now kind of sub thread coming out of China 333 00:18:47,840 --> 00:18:51,280 Speaker 1: that we reported on that people used the social media 334 00:18:51,320 --> 00:18:54,040 Speaker 1: and the lier disappointed that the China response has been 335 00:18:54,240 --> 00:18:58,480 Speaker 1: robust enough, and there are some prominent accusis in the 336 00:18:58,560 --> 00:19:01,520 Speaker 1: former editor of Global Time Stay back to newspaper. He's 337 00:19:02,240 --> 00:19:05,040 Speaker 1: expressing it agrieved to deployment in terms of what has happened, 338 00:19:05,640 --> 00:19:08,119 Speaker 1: But of course we haven't yet seen the full response. 339 00:19:08,280 --> 00:19:11,080 Speaker 1: Like I said earlier, we're now really into military end 340 00:19:11,119 --> 00:19:14,920 Speaker 1: of this response, and over the next three days, China's 341 00:19:15,000 --> 00:19:17,639 Speaker 1: like they're going to ring that island and they're going 342 00:19:17,720 --> 00:19:22,119 Speaker 1: to let off their live rounds and conduct their exercises 343 00:19:22,240 --> 00:19:24,560 Speaker 1: in on scale much bigger than what happened to you 344 00:19:24,680 --> 00:19:27,280 Speaker 1: that ninety nine crisis. So, as I said, due to 345 00:19:27,320 --> 00:19:29,720 Speaker 1: the kind of substory clean China, that the response so 346 00:19:29,840 --> 00:19:32,159 Speaker 1: far has been somewhat muted, we could argue we have 347 00:19:32,320 --> 00:19:35,320 Speaker 1: yet stiful response and we will do overcoming days. Yeah, 348 00:19:35,400 --> 00:19:38,480 Speaker 1: potentially heading into an even more tense weekend. Thanks for 349 00:19:38,560 --> 00:19:41,400 Speaker 1: this end of course, we'll continue following developments and occurring 350 00:19:41,440 --> 00:19:44,880 Speaker 1: with us. This morning, Chief Asia Economics correspondent for Bloomberg 351 00:19:44,960 --> 00:19:48,840 Speaker 1: News with us from Hong Kong. Right now, SMP futures 352 00:19:48,880 --> 00:19:51,560 Speaker 1: are up eighteen points now, futures up a hundred forty two. 353 00:19:51,640 --> 00:19:54,440 Speaker 1: Nastack futures higher by fifty nine points. Tend your treasury 354 00:19:54,520 --> 00:19:57,320 Speaker 1: up one thirty second deal two point seven four percent, 355 00:19:57,359 --> 00:20:00,080 Speaker 1: and I'm ex screwed down almost one percent. Ninety three All, 356 00:20:00,080 --> 00:20:03,600 Speaker 1: there's fifty two cents of barrel. You're listening to. Bloomberg Daybreak, 357 00:20:07,760 --> 00:20:09,960 Speaker 1: Bloomberg eleven three oh weather, lots of sunshine today, a 358 00:20:10,040 --> 00:20:12,840 Speaker 1: high in your ninety degrees. The heat advisory kicks in 359 00:20:12,960 --> 00:20:17,560 Speaker 1: and tomorrow last till Friday hides both days near right 360 00:20:17,600 --> 00:20:23,600 Speaker 1: now seventy four in Central Park, broadcasting live from the 361 00:20:23,720 --> 00:20:27,960 Speaker 1: Bloomberg Interactive Broker Studio in New York, Bloomberg Living freed 362 00:20:28,280 --> 00:20:32,320 Speaker 1: to Washington, d C. Bloomberg nine to Boston, Bloomberg one 363 00:20:32,359 --> 00:20:36,040 Speaker 1: O six one does San Francisco, Bloomberg sixty to the country, 364 00:20:36,200 --> 00:20:39,320 Speaker 1: Sirius XM chto one nineteen and around the globe the 365 00:20:39,400 --> 00:20:44,440 Speaker 1: Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. 366 00:20:50,359 --> 00:20:52,480 Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan 367 00:20:52,520 --> 00:20:55,640 Speaker 1: Hagar and I'm Karen Moscow. We are just about four 368 00:20:55,760 --> 00:20:58,280 Speaker 1: hours away from the open of US trading. Let's get 369 00:20:58,359 --> 00:20:59,680 Speaker 1: you up to date in the news you need to 370 00:20:59,760 --> 00:21:03,000 Speaker 1: know at this hour, we begin overseas with investors keeping 371 00:21:03,000 --> 00:21:05,920 Speaker 1: an eye on what's happening in Taiwan, Housepiger and Nancy 372 00:21:05,960 --> 00:21:08,879 Speaker 1: Pelosi is planting a continued to US commitment to the island. 373 00:21:08,960 --> 00:21:13,840 Speaker 1: Despite new threats from China, America's determination to preserve democrats. 374 00:21:13,880 --> 00:21:18,080 Speaker 1: The here in Taiwan and around the world remains iron clad. 375 00:21:18,400 --> 00:21:20,879 Speaker 1: Houspiger and Nancy Pelosi was speaking at a meeting with 376 00:21:20,960 --> 00:21:24,480 Speaker 1: Taiwan's president. China is responding to Pelosi's visit with new 377 00:21:24,560 --> 00:21:28,200 Speaker 1: military drills and fresh trade curbs. Or also following key 378 00:21:28,240 --> 00:21:31,439 Speaker 1: primary races across the country, Karen Tutor Dixon, backed by 379 00:21:31,560 --> 00:21:34,840 Speaker 1: Donald Trump, won of the vote for the Republican nomination 380 00:21:34,960 --> 00:21:38,679 Speaker 1: in Michigan's governor's race. He will face Democratic incumbent Gretchen Whitmer. 381 00:21:38,680 --> 00:21:41,639 Speaker 1: In the fall, three House Republicans who voted to impeach 382 00:21:41,720 --> 00:21:44,920 Speaker 1: the former president lost primaries to Trump endorsed candidates in 383 00:21:45,000 --> 00:21:49,000 Speaker 1: Michigan and Washington State, Republican Eric Schmidt secured nearly forty 384 00:21:49,640 --> 00:21:52,440 Speaker 1: of the vote from Missouri's open Senate seat, derailing former 385 00:21:52,480 --> 00:21:55,920 Speaker 1: Governor Eric Brighten's and in Arizona, Blake Masters will face 386 00:21:55,960 --> 00:21:59,040 Speaker 1: incumbent Senator Mark Kelly after winning the GOP primary with 387 00:21:59,160 --> 00:22:01,480 Speaker 1: thirty seven per cent of the vote. All turning to 388 00:22:01,560 --> 00:22:05,240 Speaker 1: markets now, Nathan, they're stabilizing after yesterday's declines fueled by 389 00:22:05,280 --> 00:22:09,200 Speaker 1: geopolitical tensions and hawkish comments from the FED. Four officials 390 00:22:09,320 --> 00:22:11,760 Speaker 1: pushed back against the narrative that the FED may pivot 391 00:22:11,800 --> 00:22:16,040 Speaker 1: away from tightening. Cleveland President Loretta Mester says officials are 392 00:22:16,119 --> 00:22:19,600 Speaker 1: not necessarily talking about a recession, but an outlook for growth. 393 00:22:20,200 --> 00:22:22,320 Speaker 1: My forecast for this year is that will be growing 394 00:22:22,400 --> 00:22:26,960 Speaker 1: below trend, but that's necessary in order to get price 395 00:22:27,080 --> 00:22:31,600 Speaker 1: increases inflation under control. The comments from Cleveland FED President 396 00:22:31,680 --> 00:22:35,400 Speaker 1: Loretta Mester helped trigger a surgeon treasury yields yesterday. Incorporate 397 00:22:35,480 --> 00:22:38,360 Speaker 1: news this morning. Shares of Advanced micro Devices are down 398 00:22:38,400 --> 00:22:41,080 Speaker 1: about five per cent after the company gave a lukewarm 399 00:22:41,160 --> 00:22:44,200 Speaker 1: sales forecast. Other stocks are in the spotlight this morning 400 00:22:44,240 --> 00:22:46,639 Speaker 1: as well, and Bloomberg's John Tucker joins US Live with 401 00:22:46,720 --> 00:22:48,520 Speaker 1: some of those. Good Morning, John, and Nathan. Among the 402 00:22:48,600 --> 00:22:51,840 Speaker 1: most active, Airbnb, issuing a weaker than expected to outlook 403 00:22:52,000 --> 00:22:56,600 Speaker 1: overshadowing otherwise strong results. Shares down over seven percent. Covid 404 00:22:56,680 --> 00:23:00,720 Speaker 1: putting a vamper on dating still dating apparent, hatch projecting 405 00:23:00,760 --> 00:23:04,240 Speaker 1: week revenue for the third quarter. PayPal Holdings confirming that 406 00:23:04,400 --> 00:23:06,840 Speaker 1: Elliott Management took a state hit in the company and 407 00:23:06,960 --> 00:23:09,840 Speaker 1: also announced a cost cutting plan and shares a robin 408 00:23:09,880 --> 00:23:14,920 Speaker 1: Hood Markets little change. The app based brokerage dismissed seven people. 409 00:23:15,280 --> 00:23:18,400 Speaker 1: That's about pent of their staff live in New York. 410 00:23:18,440 --> 00:23:21,680 Speaker 1: I'm John Tucker Bloomberg, debreak. All right, John, Thanks, And 411 00:23:21,840 --> 00:23:24,879 Speaker 1: futures are higher S and P futures have about eighteen 412 00:23:24,960 --> 00:23:28,119 Speaker 1: points down. Futures have one thirty four nast day futures 413 00:23:28,160 --> 00:23:31,440 Speaker 1: of fifty nine straight ahead, your latest local headlines plus 414 00:23:31,520 --> 00:23:38,720 Speaker 1: the check of sports. And this is Bloomberg. Thanks. Hearing 415 00:23:39,000 --> 00:23:41,560 Speaker 1: three on Wall Street, seventy three degrees in Central Park, 416 00:23:41,680 --> 00:23:43,800 Speaker 1: starting to see volume build on the westbound l I E. 417 00:23:43,920 --> 00:23:46,360 Speaker 1: We'll get to the details in traffic first. Michael Barr 418 00:23:46,480 --> 00:23:48,040 Speaker 1: with what else is going on in New York and 419 00:23:48,119 --> 00:23:50,639 Speaker 1: around the world. Michael, thank you very much. Nathan, Kansas 420 00:23:50,760 --> 00:23:53,560 Speaker 1: voters have sent a resounding message about their desire to 421 00:23:53,680 --> 00:23:57,080 Speaker 1: protect abortion rights by rejecting a measure that would have 422 00:23:57,240 --> 00:24:00,640 Speaker 1: allowed the Republican and controlled legislature to right and abortion 423 00:24:00,720 --> 00:24:03,840 Speaker 1: restrictions or banned the procedure out right. The vote in 424 00:24:03,880 --> 00:24:06,359 Speaker 1: the red state was the first test of voters feelings 425 00:24:06,400 --> 00:24:10,600 Speaker 1: about abortion since the Supreme Court overturned Roe v. Wade. Meanwhile, 426 00:24:10,680 --> 00:24:14,760 Speaker 1: President Biden today will sign a second executive order intended 427 00:24:14,800 --> 00:24:18,399 Speaker 1: to improve access to abortion services. The order will direct 428 00:24:18,440 --> 00:24:21,639 Speaker 1: the Secretary of Health and Human Services to consider actions 429 00:24:21,720 --> 00:24:25,640 Speaker 1: to help patients travel outside their states for abortions using 430 00:24:25,720 --> 00:24:30,000 Speaker 1: funds from Medicaid. The Senate last night passed the Packed Act, 431 00:24:30,440 --> 00:24:33,440 Speaker 1: aimed at helping veterans who have been exposed to toxic 432 00:24:33,600 --> 00:24:37,360 Speaker 1: burn pits. Senate Democratic lead to Chuck Schumer credited veterans 433 00:24:37,400 --> 00:24:40,399 Speaker 1: who protested for days outside the Capitol for helping to 434 00:24:40,440 --> 00:24:42,879 Speaker 1: get the bill passed. They were there as a beacon 435 00:24:43,000 --> 00:24:45,760 Speaker 1: to all of America. They said, you're not We're not 436 00:24:45,840 --> 00:24:48,399 Speaker 1: gonna let you forget us. We're not gonna let you 437 00:24:48,520 --> 00:24:53,399 Speaker 1: walk all over us. Comedian John Stewart also campaigned for 438 00:24:53,640 --> 00:24:56,879 Speaker 1: the Toxic burn pits bill. Senator Schumer says it passed 439 00:24:56,920 --> 00:24:59,719 Speaker 1: in an eight six to eleven vote. High ranking New 440 00:24:59,800 --> 00:25:03,200 Speaker 1: York Democratic congresswoman speculates on whether President Biden will run 441 00:25:03,280 --> 00:25:06,080 Speaker 1: for office again. President Biden was a major topic in 442 00:25:06,119 --> 00:25:09,080 Speaker 1: a debate leading up to the Democratic primary for New 443 00:25:09,200 --> 00:25:12,760 Speaker 1: York's twelfth district. When asked if Biden should run again, 444 00:25:12,840 --> 00:25:17,120 Speaker 1: Representative Caroline Maloney told New York's one moderators, I don't 445 00:25:17,160 --> 00:25:21,520 Speaker 1: believe he's running for re election. Districting maps pitting Maloney 446 00:25:21,800 --> 00:25:26,800 Speaker 1: against other Democratic veterans against Representative Jerry Nadler coo early 447 00:25:26,880 --> 00:25:29,800 Speaker 1: to say doesn't serve the purpose of Democratic Party to 448 00:25:30,920 --> 00:25:33,800 Speaker 1: to deal with that until after the mid terms. Maloney 449 00:25:33,800 --> 00:25:38,160 Speaker 1: and Natler face off August. The Defense Department electronically wipe 450 00:25:38,200 --> 00:25:40,960 Speaker 1: the phones of some former top officials who served under 451 00:25:41,000 --> 00:25:45,040 Speaker 1: then President Donald Trump, including the leting text messages related 452 00:25:45,080 --> 00:25:48,360 Speaker 1: to last year's attack on the US Capitol. Global News 453 00:25:48,440 --> 00:25:51,000 Speaker 1: twenty four hours a day on airand on Bloomberg Quick 454 00:25:51,000 --> 00:25:53,639 Speaker 1: Take Power got more than twenty seven under journalist and 455 00:25:53,640 --> 00:25:57,240 Speaker 1: analysts more than twenty countries. How Michael bar this is Bloomberg, Nathan, 456 00:25:57,359 --> 00:26:04,640 Speaker 1: thank you, Michael. On Wall Street, we get the Bloomberg 457 00:26:04,680 --> 00:26:07,520 Speaker 1: Sports Update with John Stasha. All right, Nathan Vince Scully, 458 00:26:07,600 --> 00:26:10,840 Speaker 1: the legendary Dodgers announcer, has passed away. Imagine having the 459 00:26:10,960 --> 00:26:14,280 Speaker 1: same job for sixty seven years and imagine witnessing so 460 00:26:14,400 --> 00:26:17,560 Speaker 1: much baseball history from Brooklyn winning the nineteen fifty five 461 00:26:17,640 --> 00:26:20,720 Speaker 1: World Series of the ball going through Bill Buckner's legs 462 00:26:20,760 --> 00:26:23,000 Speaker 1: at Chase Stadium. Here was Scully on a night in 463 00:26:23,080 --> 00:26:29,080 Speaker 1: Atlanta four for the country in the world, A black 464 00:26:29,160 --> 00:26:32,439 Speaker 1: man is getting a standing ovation in the Deep South 465 00:26:33,040 --> 00:26:36,959 Speaker 1: for breaking a record of an all time big bottle. 466 00:26:37,600 --> 00:26:39,960 Speaker 1: And it is a great moment for all of it, 467 00:26:40,480 --> 00:26:44,359 Speaker 1: and particularly for Henry and Scully. Was ninety four Jacob 468 00:26:44,400 --> 00:26:45,960 Speaker 1: to Graham on the man for the match, first time 469 00:26:46,000 --> 00:26:48,160 Speaker 1: in more than a year in Washington. Pitch five innings, 470 00:26:48,160 --> 00:26:51,000 Speaker 1: allowed just one run, three hit, struck out six. Nothing's changed. 471 00:26:51,080 --> 00:26:54,240 Speaker 1: The Mets struggled to score for him, just a Francisco 472 00:26:54,359 --> 00:26:57,600 Speaker 1: lindoor home run. Stephen Nouga sec replaced the Graham gave 473 00:26:57,680 --> 00:26:59,919 Speaker 1: up back to back Homer's Washington end of the met 474 00:27:00,040 --> 00:27:02,040 Speaker 1: seven game winnings big five to one. On the day 475 00:27:02,040 --> 00:27:05,000 Speaker 1: of the Nationals traded their twenty three year old star 476 00:27:05,119 --> 00:27:07,960 Speaker 1: Juan Soto to San Diego. The mess traded j. D. 477 00:27:08,119 --> 00:27:10,760 Speaker 1: Davis to the Giants for outfielder Darren Rough. The Yankees 478 00:27:10,800 --> 00:27:14,600 Speaker 1: traded Jordan Montgomery to St. Louis for outfielder Harrison Bader, 479 00:27:14,680 --> 00:27:16,800 Speaker 1: a New York native, is currently out with a foot injury. 480 00:27:16,800 --> 00:27:19,960 Speaker 1: The Yanks also sent the unproductive Joey Gallo to the 481 00:27:20,040 --> 00:27:22,520 Speaker 1: Dodgers at the Stadium. Yankees still behind for nothing. Later 482 00:27:22,600 --> 00:27:24,520 Speaker 1: six three, they tied the game, but a pinch hit 483 00:27:24,600 --> 00:27:27,639 Speaker 1: home run by Seattle Sam Haggarty seventh I mean the 484 00:27:27,680 --> 00:27:30,399 Speaker 1: Mariners one eighth to six in defeat. Yanks got home 485 00:27:30,480 --> 00:27:33,639 Speaker 1: runs from Jose Hvino, Anthony Rizzo, and Josh Donaldson. The 486 00:27:33,760 --> 00:27:36,880 Speaker 1: NFL took away the Miami Dolphins first round draft pick 487 00:27:36,960 --> 00:27:40,119 Speaker 1: next year for tampering with trying to hire Sean Payton 488 00:27:40,400 --> 00:27:43,920 Speaker 1: and the choir Tom Brady, Tom Stashward, Bloomberg Sports Nathan 489 00:27:44,000 --> 00:27:46,560 Speaker 1: Thanks John seven on Wall Street Time for the Tri 490 00:27:46,720 --> 00:27:50,440 Speaker 1: State Business Report with Bloomberg's head Cory Attorney General to 491 00:27:50,520 --> 00:27:54,080 Speaker 1: Teacher James has issued an investor alert for New Yorkers 492 00:27:54,160 --> 00:27:57,160 Speaker 1: affected by the cryptocurrency crash. It's part of its own 493 00:27:57,240 --> 00:28:00,920 Speaker 1: going investigative work. The O a G is interested in 494 00:28:01,040 --> 00:28:04,000 Speaker 1: hearing from New York investors who are unable to access 495 00:28:04,160 --> 00:28:08,080 Speaker 1: their investments or who have been deceived about cryptocurrency. The 496 00:28:08,160 --> 00:28:10,320 Speaker 1: Board of New York and New Jersey has announced new 497 00:28:10,440 --> 00:28:14,639 Speaker 1: terraffs on Tuesday related to empty containers and export volume 498 00:28:14,720 --> 00:28:18,560 Speaker 1: and its battle to decrease container congestion. Both loaded and 499 00:28:18,680 --> 00:28:22,240 Speaker 1: empty containers that are considered long dwelling will be subjected 500 00:28:22,280 --> 00:28:26,679 Speaker 1: to a quarterly container imbalanced fee. Three Long Island hospitals 501 00:28:26,760 --> 00:28:30,160 Speaker 1: are among the top performing medical centers. The US Centers 502 00:28:30,240 --> 00:28:33,560 Speaker 1: for Medicare and Medicaid Services gave its highest rating to 503 00:28:33,680 --> 00:28:38,080 Speaker 1: north Well Health Huntington's Hospital, Catholic Health St. Francis Hospital 504 00:28:38,120 --> 00:28:41,080 Speaker 1: and Heart Center in Rosslyn, and n y U langgn 505 00:28:41,240 --> 00:28:45,280 Speaker 1: Health Hospitals. That your Bloomberg Trying State Business Report. I'm 506 00:28:45,400 --> 00:28:47,520 Speaker 1: Ed Corey, alright and thank you, five thirty eight on 507 00:28:47,600 --> 00:28:49,719 Speaker 1: Wall Street. Bloomberg Radio is on the air from San 508 00:28:49,800 --> 00:28:52,640 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 509 00:28:52,680 --> 00:28:54,160 Speaker 1: in with our global news team for some of the 510 00:28:54,240 --> 00:28:56,959 Speaker 1: top stories heard on our three hundred affiliate radio stations 511 00:28:57,040 --> 00:29:03,040 Speaker 1: around the world. I'm Steve Potaskan on ten Chen Wins 512 00:29:03,080 --> 00:29:06,000 Speaker 1: in New York. We're talking about the National Retail Federation 513 00:29:06,120 --> 00:29:09,200 Speaker 1: that that there won't be a recession this year. Um 514 00:29:09,280 --> 00:29:12,719 Speaker 1: Corney Donahollan ktr H in Houston, Shell is handing out 515 00:29:12,760 --> 00:29:16,360 Speaker 1: bonuses to employees as earning search to record high. I'm 516 00:29:16,440 --> 00:29:19,760 Speaker 1: Gina Servetti in for w BBM in Chicago. I'm reporting 517 00:29:19,800 --> 00:29:22,360 Speaker 1: that grub Hub's parent has had to record an impairment 518 00:29:22,520 --> 00:29:25,600 Speaker 1: charge on its u S food delivery business, saying orders 519 00:29:25,840 --> 00:29:28,680 Speaker 1: slowed in the year's first half. I'm Stephen Carl on 520 00:29:28,800 --> 00:29:31,360 Speaker 1: d AB Digital Radio in London. We've been speaking to 521 00:29:31,440 --> 00:29:34,480 Speaker 1: Lord Peter Hayne about the UK government banning Bain and 522 00:29:34,600 --> 00:29:38,360 Speaker 1: Company from bidding for public contracts. It Cory on w 523 00:29:38,680 --> 00:29:41,880 Speaker 1: b a M in Cleveland. I'm reporting ge Lighting will 524 00:29:41,960 --> 00:29:46,040 Speaker 1: close to Ohio lightbulb Player. And those are some of 525 00:29:46,080 --> 00:29:48,840 Speaker 1: the stories our twenty seven under Bloomberg journalists and analyst 526 00:29:48,880 --> 00:29:50,760 Speaker 1: are working on this morning around the world. It's five 527 00:29:50,880 --> 00:29:54,200 Speaker 1: thirty nine on Wall Street. The following is an editorial 528 00:29:54,400 --> 00:29:58,520 Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg 529 00:29:58,720 --> 00:30:03,840 Speaker 1: Editorial Board. Like Osama bin Laden his predecessor as leader 530 00:30:04,000 --> 00:30:07,720 Speaker 1: of al Qaeda, i'man al Zawahiri had the blood of 531 00:30:07,960 --> 00:30:11,320 Speaker 1: thousands on his hands. In addition to helping plot the 532 00:30:11,360 --> 00:30:15,440 Speaker 1: September eleventh terrorist attacks, Zawahery played a role in the 533 00:30:15,560 --> 00:30:19,400 Speaker 1: two thousand five London transit bombings and the bombings of 534 00:30:19,520 --> 00:30:24,160 Speaker 1: two US embassies in nineteen ninety eight. His demise, announced 535 00:30:24,280 --> 00:30:27,280 Speaker 1: by the White House on Monday, was a feat of patient, 536 00:30:27,560 --> 00:30:32,880 Speaker 1: effective intelligence work. US spies tracked the long sought terrorists 537 00:30:32,920 --> 00:30:37,120 Speaker 1: to Afghanistan earlier this year, then spent months observing him. 538 00:30:37,560 --> 00:30:41,440 Speaker 1: The information they gathered allowed an American drone to target 539 00:30:41,560 --> 00:30:44,640 Speaker 1: him this past weekend, killing him on the balcony of 540 00:30:44,760 --> 00:30:49,480 Speaker 1: his house. Few terrorists of Zawahiri's generation were responsible for 541 00:30:49,600 --> 00:30:53,480 Speaker 1: more bloodshed. For now, it's enough to say that justice 542 00:30:53,840 --> 00:30:57,480 Speaker 1: has been served. This editorial was written by the Bloomberg 543 00:30:57,640 --> 00:31:00,920 Speaker 1: editorial Board. For more Bloomberg opinion, please go to Bloomberg 544 00:31:01,000 --> 00:31:04,000 Speaker 1: dot com, slash opinion or O P I n go 545 00:31:04,320 --> 00:31:08,080 Speaker 1: on the Bloomberg terminal. This has been Bloomberg opinion, and 546 00:31:08,280 --> 00:31:11,840 Speaker 1: you can hear Bloomberg opinion editorials every weekday at this time. 547 00:31:12,400 --> 00:31:15,920 Speaker 1: Terminal customers can read more at O P I n go. 548 00:31:16,360 --> 00:31:23,720 Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather 549 00:31:23,760 --> 00:31:27,880 Speaker 1: sunny near ninety today, heat advisory and effect tomorrow into Friday. 550 00:31:28,040 --> 00:31:32,080 Speaker 1: Both days near nine five hot, humid for the rest 551 00:31:32,120 --> 00:31:37,600 Speaker 1: of the week right now seventy four in Central Park Markets, 552 00:31:37,720 --> 00:31:40,800 Speaker 1: headlines and breaking news twenty four hours a day at 553 00:31:40,840 --> 00:31:44,200 Speaker 1: Bloomberg dot Com, the Bloomberg Business Out, and at Bloomberg 554 00:31:44,320 --> 00:31:53,680 Speaker 1: Quick Jape. This is a Bloomberg Business Flash and I'm Karen. 555 00:31:53,760 --> 00:31:57,200 Speaker 1: Moscow stocks are studying as some of the investor anxiety 556 00:31:57,280 --> 00:32:00,719 Speaker 1: over tense US China ties eases, while treasury yields are 557 00:32:00,720 --> 00:32:04,400 Speaker 1: fluctuating after a slide sparked by hawkish Federal Reserve comments. 558 00:32:04,720 --> 00:32:07,080 Speaker 1: We checked the markets every fifteen minutes throughout the trading 559 00:32:07,160 --> 00:32:10,160 Speaker 1: day on Bloomberg s and P futures up sixteen points 560 00:32:10,280 --> 00:32:12,880 Speaker 1: down futures have a hundred twenty five NASDAG futures of 561 00:32:13,000 --> 00:32:16,320 Speaker 1: fifty one The decks in Germany's up to tenth se percent. 562 00:32:16,760 --> 00:32:19,240 Speaker 1: Ten year treasury down one thirty second yield two point 563 00:32:19,280 --> 00:32:21,440 Speaker 1: seven five percent. The yield on a two year three 564 00:32:21,480 --> 00:32:24,479 Speaker 1: point oh six percent. Nimex screwed oil is down one 565 00:32:24,560 --> 00:32:27,000 Speaker 1: percent on ninety three cents at ninety three dollars forty 566 00:32:27,040 --> 00:32:29,720 Speaker 1: eight cents a barrel. Comex School down half percent or 567 00:32:29,760 --> 00:32:32,640 Speaker 1: eight dollars ten cents at seventeen eighty one. Sixty announced 568 00:32:32,960 --> 00:32:35,760 Speaker 1: the euro one point eight five against the dollar British 569 00:32:35,760 --> 00:32:37,880 Speaker 1: found one point two one six eight and the yen 570 00:32:38,000 --> 00:32:41,120 Speaker 1: one thirty three point one six and bitcoin this morning 571 00:32:41,160 --> 00:32:43,400 Speaker 1: of one point four percent at twenty three thousand, three 572 00:32:43,480 --> 00:32:46,600 Speaker 1: hundred fifty dollars. That's a Bloomberg business flash. Now here's 573 00:32:46,600 --> 00:32:49,040 Speaker 1: Michael Barr with more on what's going on around the world. 574 00:32:49,160 --> 00:32:51,520 Speaker 1: Michael Karen, thank you very much. A major victory four 575 00:32:51,560 --> 00:32:56,240 Speaker 1: abortion rights advocates. Voters in Kansas overwhelmingly rejected an amendment 576 00:32:56,600 --> 00:32:59,280 Speaker 1: it would have eliminated the constitutional right to an abortion 577 00:32:59,360 --> 00:33:01,800 Speaker 1: and placed the issue in the hands of state lawmakers. 578 00:33:02,280 --> 00:33:05,040 Speaker 1: President Joe Biden to day will sign a second executive 579 00:33:05,120 --> 00:33:08,920 Speaker 1: order intended to improve access to abortion services, more than 580 00:33:09,000 --> 00:33:11,600 Speaker 1: five weeks after the U. S. Supreme Court allowed states 581 00:33:11,680 --> 00:33:15,120 Speaker 1: to largely put them off limits. A sad day in 582 00:33:15,200 --> 00:33:19,480 Speaker 1: Baseball Hall of Fame broadcaster Vince Scully has Dined. Scully 583 00:33:19,600 --> 00:33:22,880 Speaker 1: broadcast games for the Dodgers for sixties seven years. Vince 584 00:33:22,920 --> 00:33:26,160 Speaker 1: Scully was ninety four. As for the games, the Yankees 585 00:33:26,240 --> 00:33:28,480 Speaker 1: lost to the Mariners eight six, the Mets lost to 586 00:33:28,560 --> 00:33:32,200 Speaker 1: the Nationals five one, the Orioles and Red Sox one, 587 00:33:32,640 --> 00:33:36,520 Speaker 1: the A's and giants lost global news twenty four hours 588 00:33:36,600 --> 00:33:39,520 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 589 00:33:39,600 --> 00:33:42,680 Speaker 1: more than twenty seven hundred journalists and analysts and more 590 00:33:42,720 --> 00:33:47,560 Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan, okay, Michael, 591 00:33:47,600 --> 00:33:49,800 Speaker 1: thank you. It's five forty nine on Wall Street Live 592 00:33:49,840 --> 00:33:53,440 Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak 593 00:33:53,520 --> 00:33:57,240 Speaker 1: on a morning where geopolitics and electoral politics are front 594 00:33:57,280 --> 00:34:00,680 Speaker 1: and center. It's a very appropriate that we have Wendy 595 00:34:00,760 --> 00:34:03,520 Speaker 1: Schiller with us this morning, director the Tobman Center for 596 00:34:03,600 --> 00:34:07,400 Speaker 1: American Politics and Policy at Brown University. Wendy, it's always 597 00:34:07,480 --> 00:34:11,040 Speaker 1: great to speak with you, particularly now when investors are 598 00:34:11,080 --> 00:34:14,000 Speaker 1: trying to wrap their heads around what House Speaker Nancy 599 00:34:14,040 --> 00:34:18,680 Speaker 1: Pelosi's visit to Taiwan means for US China relations. How 600 00:34:18,719 --> 00:34:20,800 Speaker 1: do you see it now that this trip is pretty 601 00:34:20,840 --> 00:34:25,839 Speaker 1: close to wrapping up. Good morning, Nathan um. I think 602 00:34:25,880 --> 00:34:29,919 Speaker 1: Pelosi was trying to do two things at once. One 603 00:34:30,320 --> 00:34:34,160 Speaker 1: was to showcase the power of the Congress per se 604 00:34:34,440 --> 00:34:37,680 Speaker 1: and her role as speaker, and a particularly the area 605 00:34:37,719 --> 00:34:40,200 Speaker 1: of trade. As we know, you know, the House has 606 00:34:40,239 --> 00:34:43,400 Speaker 1: to originated all taxing revenue bills, Texas spending bills. And 607 00:34:43,680 --> 00:34:45,200 Speaker 1: you know, if we're gonna do anything big on trade 608 00:34:45,280 --> 00:34:47,000 Speaker 1: or things are gonna have to get to Congress dealing 609 00:34:47,080 --> 00:34:49,960 Speaker 1: with China on trade, then the House is a very 610 00:34:50,000 --> 00:34:52,759 Speaker 1: important pitch stop for that legislation. And I think she 611 00:34:52,920 --> 00:34:55,680 Speaker 1: was reminding not only China but the world that that 612 00:34:56,120 --> 00:34:59,480 Speaker 1: is the fact, and so that Congress has to be recognized. Second, 613 00:34:59,560 --> 00:35:02,600 Speaker 1: is a break with Biden really just showing that the 614 00:35:02,680 --> 00:35:06,080 Speaker 1: Democrat Party has independence from the Biden administration. I mean, 615 00:35:06,120 --> 00:35:08,560 Speaker 1: she did this on purpose, and she's a very strategic 616 00:35:08,680 --> 00:35:11,759 Speaker 1: political leader, she has been her whole career. Uh, And 617 00:35:11,880 --> 00:35:14,560 Speaker 1: this was to say, look, even if you don't like Biden, 618 00:35:14,800 --> 00:35:17,239 Speaker 1: there are things that a Democratic Congress could try to 619 00:35:17,360 --> 00:35:20,319 Speaker 1: do that will be in contrast to the Biden administration. 620 00:35:20,600 --> 00:35:21,920 Speaker 1: And that's one of the reasons why you want to 621 00:35:21,960 --> 00:35:25,240 Speaker 1: still keep us in office. Well, why would Speaker Pelosi 622 00:35:25,440 --> 00:35:28,920 Speaker 1: want to exhibit this kind of break with President Biden? 623 00:35:29,080 --> 00:35:33,000 Speaker 1: What's what? What's the upside? Well, the upside is that 624 00:35:33,120 --> 00:35:34,960 Speaker 1: when you are you know, the junior poll is not 625 00:35:35,120 --> 00:35:37,080 Speaker 1: that bad. So the Democrats right now, I mean, the 626 00:35:37,160 --> 00:35:39,680 Speaker 1: Republicans are a little bit ahead, depending on whose poll 627 00:35:39,719 --> 00:35:42,800 Speaker 1: you look at. But the Democrats need something. Uh. You know, 628 00:35:42,880 --> 00:35:45,600 Speaker 1: gas prices are slowly dropping, or the price of oil, 629 00:35:45,800 --> 00:35:48,160 Speaker 1: you know, for Bow right now is dropping. We don't 630 00:35:48,200 --> 00:35:50,400 Speaker 1: know how that will be in November, but right now 631 00:35:50,760 --> 00:35:52,800 Speaker 1: most of the primaries are over, and now the general 632 00:35:52,840 --> 00:35:56,440 Speaker 1: election essentially begins as soon as Congress goes home. Uh. 633 00:35:56,520 --> 00:35:58,839 Speaker 1: And so that is something where you have to grab 634 00:35:58,920 --> 00:36:01,200 Speaker 1: onto anything you can do. And one of those things 635 00:36:01,239 --> 00:36:03,120 Speaker 1: you can do is to say we know how to 636 00:36:03,200 --> 00:36:06,000 Speaker 1: run the country. We're not just good domestically. If you 637 00:36:06,000 --> 00:36:08,360 Speaker 1: don't like what we do domestically, we will pressure the 638 00:36:08,400 --> 00:36:12,320 Speaker 1: Biden administration to be stronger against China internationally. And so, 639 00:36:12,560 --> 00:36:14,440 Speaker 1: for those members that might be asked about this in 640 00:36:14,480 --> 00:36:17,439 Speaker 1: particular districts, making point to this visit as a sign 641 00:36:17,520 --> 00:36:20,279 Speaker 1: that the Congressional Democrats will stand up to Biden when 642 00:36:20,320 --> 00:36:22,719 Speaker 1: they need to. Well, let's turn to the primaries that 643 00:36:22,760 --> 00:36:25,440 Speaker 1: we've just gone through in five states. Last night, it 644 00:36:25,560 --> 00:36:28,360 Speaker 1: looks as though, was for the most part, a pretty 645 00:36:28,400 --> 00:36:31,120 Speaker 1: good night if you were a Republican candidate backed by 646 00:36:31,200 --> 00:36:34,759 Speaker 1: former President Trump. Yeah, it was an excellent night for 647 00:36:35,160 --> 00:36:38,120 Speaker 1: Donald Trump, particularly in Michigan and Arizona, and I think 648 00:36:38,160 --> 00:36:40,640 Speaker 1: it's got to be extremely worrisome for the Democrats in 649 00:36:40,719 --> 00:36:43,960 Speaker 1: the Senate race in Arizona, Mark Kelly is running for 650 00:36:44,080 --> 00:36:47,520 Speaker 1: re election, and you know, not only had most of 651 00:36:47,600 --> 00:36:51,080 Speaker 1: the Trump people win, but you had the turnout was higher. 652 00:36:51,080 --> 00:36:53,360 Speaker 1: And now some of those reasons as that the primary 653 00:36:53,440 --> 00:36:57,400 Speaker 1: was more contested, but Republican enthusiasm in Arizona seems to 654 00:36:57,440 --> 00:37:00,560 Speaker 1: be very high. And you're you're putting an office multiple 655 00:37:00,600 --> 00:37:02,000 Speaker 1: people who are running for all of us not in 656 00:37:02,120 --> 00:37:06,800 Speaker 1: office yet, who deny the legitimacy and that and that 657 00:37:06,880 --> 00:37:09,120 Speaker 1: there's a lot of contestation in Arizona, as we know, 658 00:37:09,200 --> 00:37:12,000 Speaker 1: in terms of recounting the vote, and that's got to 659 00:37:12,000 --> 00:37:13,879 Speaker 1: be a great concern to the Democrats. So I think 660 00:37:13,920 --> 00:37:16,759 Speaker 1: progressives want to celebrate the victory in Kansas on abortion, 661 00:37:17,160 --> 00:37:19,359 Speaker 1: but when you really look at sort of the map 662 00:37:19,520 --> 00:37:22,120 Speaker 1: as it's it may lay out for twenty four, you're 663 00:37:22,120 --> 00:37:25,800 Speaker 1: seeing strong warning signs, I think in Arizona and in Michigan. 664 00:37:26,120 --> 00:37:28,480 Speaker 1: Even though Gregen Widmer has saw the proval readings and 665 00:37:28,600 --> 00:37:31,799 Speaker 1: she's doing well, the Republicans nominated somebody who could turn 666 00:37:31,840 --> 00:37:33,880 Speaker 1: out to be a very attractive candidate to people in 667 00:37:33,920 --> 00:37:36,320 Speaker 1: Michigan in a bad year for Democrats. So for the 668 00:37:36,360 --> 00:37:39,359 Speaker 1: most part, do you think that the Republicans, who sort 669 00:37:39,400 --> 00:37:42,759 Speaker 1: of share the former president's view that the election was 670 00:37:42,840 --> 00:37:46,200 Speaker 1: stolen could have a pretty good chance against the Democratic 671 00:37:46,280 --> 00:37:50,839 Speaker 1: candidates in the November election. I do think that they 672 00:37:51,040 --> 00:37:53,440 Speaker 1: can get elected, yes, And I think it may not 673 00:37:53,560 --> 00:37:55,880 Speaker 1: be because of their stance on the election. That's the 674 00:37:56,200 --> 00:37:58,120 Speaker 1: that's the question mark for Trump. He you know, he 675 00:37:58,200 --> 00:38:00,520 Speaker 1: had a good night, But is this really in the 676 00:38:00,600 --> 00:38:03,840 Speaker 1: general election going to be about Trump and restoring Trump 677 00:38:04,040 --> 00:38:07,440 Speaker 1: or um, you know, denying election or is it going 678 00:38:07,480 --> 00:38:10,320 Speaker 1: to be about inflation and guest prices and voters just 679 00:38:10,440 --> 00:38:14,040 Speaker 1: wanting to change and not wanting to elect incumbents. And 680 00:38:14,120 --> 00:38:15,640 Speaker 1: I think that's going to be how to read those 681 00:38:15,719 --> 00:38:18,520 Speaker 1: t v's, uh, which all observers are gonna have to 682 00:38:18,560 --> 00:38:21,640 Speaker 1: figure that out. But I think that's the warning signs 683 00:38:21,680 --> 00:38:24,120 Speaker 1: are structural in terms of accepting elections and even the 684 00:38:24,360 --> 00:38:28,080 Speaker 1: results of the two mid terms. In Arizona, for example, uh, 685 00:38:28,160 --> 00:38:30,920 Speaker 1: and in Missouri, Greens was rejected. He was sort of 686 00:38:30,920 --> 00:38:33,920 Speaker 1: an unattractive personal candidate, but Eric Fitz not really all 687 00:38:34,000 --> 00:38:37,040 Speaker 1: that different in terms of policy. And in Kansas, for example, 688 00:38:37,160 --> 00:38:39,880 Speaker 1: Chris Koback is back. People remember him. He was on 689 00:38:39,960 --> 00:38:44,239 Speaker 1: the voting Certification Commission that Trump established after one so 690 00:38:44,600 --> 00:38:48,720 Speaker 1: in team, so you know, Kansas is sending mixed signals 691 00:38:48,800 --> 00:38:51,600 Speaker 1: to Thanks Wendy, great having on with us this morning. 692 00:38:51,640 --> 00:38:55,000 Speaker 1: Wendy Schiller, director of the Topman Center for American Politics 693 00:38:55,080 --> 00:38:58,440 Speaker 1: and Policy at Brown University, Karen, Sorry, Nathan, thank you 694 00:38:58,560 --> 00:39:01,040 Speaker 1: at it's five and fifty four or on Wall Street. 695 00:39:01,080 --> 00:39:03,680 Speaker 1: Now to a legal story we're watching this morning. Best 696 00:39:03,719 --> 00:39:07,680 Speaker 1: Selling author Stephen King testified for the government yesterday and 697 00:39:07,760 --> 00:39:11,320 Speaker 1: an antitrust trial to stop Penguin and Random Houses proposed 698 00:39:11,360 --> 00:39:15,160 Speaker 1: two billion dollar acquisition of Simon and Schuster, his own publisher. 699 00:39:15,480 --> 00:39:18,080 Speaker 1: The Justice Department is suing to block the largest US 700 00:39:18,160 --> 00:39:21,480 Speaker 1: book publisher from buying the fourth largest, contending the merger 701 00:39:21,600 --> 00:39:26,520 Speaker 1: with sword competition hurt authors and ultimately readers. King testified 702 00:39:26,640 --> 00:39:30,000 Speaker 1: that the five biggest publishers have largely squeezed out independent shops, 703 00:39:30,200 --> 00:39:33,160 Speaker 1: making it harder for fledgling authors to make it into print. 704 00:39:33,520 --> 00:39:36,399 Speaker 1: For more of Bloomberg's June Grosso speaks to Jennifer Ree, 705 00:39:36,480 --> 00:39:41,920 Speaker 1: Bloomberg Intelligence senior litigation analyst. The government says this merger 706 00:39:42,320 --> 00:39:46,719 Speaker 1: would affect the book publishing industry detrimentally. House sold. You know, 707 00:39:46,800 --> 00:39:48,920 Speaker 1: it's a very interesting argument because it is a bit 708 00:39:49,040 --> 00:39:52,520 Speaker 1: different than a typical antitrust argument made to try to 709 00:39:52,560 --> 00:39:54,920 Speaker 1: block a merger. So what they say here is that 710 00:39:55,040 --> 00:39:57,760 Speaker 1: there will be an impact on labor, in other words, 711 00:39:57,840 --> 00:40:00,920 Speaker 1: authors of anticipated top selling books. So these are the 712 00:40:01,000 --> 00:40:03,040 Speaker 1: authors that come along you expect the book to be 713 00:40:03,239 --> 00:40:06,000 Speaker 1: really big, and these publishers are bidding for the rights 714 00:40:06,080 --> 00:40:08,080 Speaker 1: to that book, and you know, they bid against each 715 00:40:08,080 --> 00:40:10,200 Speaker 1: other and the price goes up and the authors are 716 00:40:10,239 --> 00:40:12,520 Speaker 1: paid more. So they're saying that that kind of head 717 00:40:12,560 --> 00:40:15,640 Speaker 1: to head competition boost these authors pay, you know, and 718 00:40:15,719 --> 00:40:19,120 Speaker 1: spurs the publishers to give better editorial and marketing services 719 00:40:19,160 --> 00:40:22,520 Speaker 1: to get those book rights. They aren't arguing that people 720 00:40:22,800 --> 00:40:24,440 Speaker 1: like me or like you that go out and buy 721 00:40:24,480 --> 00:40:26,479 Speaker 1: a book are actually going to pay more for a book. 722 00:40:26,600 --> 00:40:30,120 Speaker 1: That's a more traditional antitrust theory. This theory is about 723 00:40:30,239 --> 00:40:33,640 Speaker 1: labor and what it's called as a monopsony theory too 724 00:40:33,719 --> 00:40:36,759 Speaker 1: few buyers rather than too few sellers. This is an 725 00:40:36,800 --> 00:40:42,120 Speaker 1: industry that's already undergone consolidation. Penguin Random House that name 726 00:40:42,760 --> 00:40:45,840 Speaker 1: shows consolidation, right, you know, I think that's one of 727 00:40:45,920 --> 00:40:50,279 Speaker 1: the most important points here. In particular, the Department of 728 00:40:50,400 --> 00:40:52,760 Speaker 1: Justice has said, you know, they really want to broaden 729 00:40:52,880 --> 00:40:55,280 Speaker 1: out the kinds of deals that they challenge and broaden 730 00:40:55,360 --> 00:40:57,520 Speaker 1: out the antitrust approach to mergers, and one of the 731 00:40:57,600 --> 00:41:00,480 Speaker 1: things they want to think about more are just industries 732 00:41:00,560 --> 00:41:03,840 Speaker 1: that have trended toward consolidation. That as you see a 733 00:41:03,920 --> 00:41:06,200 Speaker 1: trend toward consolidation, you kind of want to nip it 734 00:41:06,239 --> 00:41:08,560 Speaker 1: in the bud before it gets too far and too 735 00:41:08,680 --> 00:41:12,560 Speaker 1: consolidated under your nose. And you're exactly right. This is 736 00:41:12,600 --> 00:41:15,080 Speaker 1: an industry that's had loads of consolidation in the last 737 00:41:15,120 --> 00:41:18,160 Speaker 1: couple of years. And not only that, this top five 738 00:41:18,440 --> 00:41:21,560 Speaker 1: companies that the DJ is talking about have been accused 739 00:41:21,640 --> 00:41:24,560 Speaker 1: of colluding in the past, and that's another theory the 740 00:41:24,640 --> 00:41:27,239 Speaker 1: DJ will have. Hey, the fewer you have, the more 741 00:41:27,360 --> 00:41:30,040 Speaker 1: likely it is that they can collude in the future. Now, 742 00:41:30,280 --> 00:41:33,759 Speaker 1: this has been described as a key test for the 743 00:41:33,880 --> 00:41:39,439 Speaker 1: Biden administrations pushed to expand antitrust enforcement. Do you see 744 00:41:39,440 --> 00:41:42,320 Speaker 1: it that way? You know, I do, because this concept 745 00:41:42,560 --> 00:41:44,680 Speaker 1: that we're going to look at the merger's impact on 746 00:41:44,840 --> 00:41:48,279 Speaker 1: labor is barely untested and new in court to rest 747 00:41:48,400 --> 00:41:51,680 Speaker 1: the entire theory of harm just on that theory and 748 00:41:51,760 --> 00:41:54,600 Speaker 1: go to court with it is fairly new and untested, 749 00:41:54,719 --> 00:41:57,719 Speaker 1: So we'll see how they can prove that and how 750 00:41:57,840 --> 00:42:00,200 Speaker 1: the district court judge views that, and it could lay 751 00:42:00,239 --> 00:42:03,480 Speaker 1: the groundwork for future challenges to mergers that are based 752 00:42:03,560 --> 00:42:06,239 Speaker 1: on the impact on labor. So it is very new 753 00:42:06,320 --> 00:42:08,960 Speaker 1: in that way, and I think also with respect to 754 00:42:09,080 --> 00:42:11,759 Speaker 1: what you just talked about, that it's an effort to 755 00:42:11,920 --> 00:42:14,960 Speaker 1: sort of stem the tide of consolidation in an industry 756 00:42:15,000 --> 00:42:17,839 Speaker 1: that's been trending in that direction. And as Jennifer Ree, 757 00:42:17,920 --> 00:42:21,879 Speaker 1: Bloomberg Intelligence senior litigation analysts, speaking with Bloomberg juon Grass 758 00:42:21,920 --> 00:42:24,000 Speaker 1: So catch more of that interview plus analysis of the 759 00:42:24,080 --> 00:42:27,400 Speaker 1: latest legal news by subscribing to the Bloomberg Law podcast 760 00:42:27,560 --> 00:42:31,200 Speaker 1: or downloading the show at Bloomberg dot com slash podcast Attorneys. 761 00:42:31,200 --> 00:42:33,880 Speaker 1: You can find exceptional legal research and business development tools 762 00:42:33,920 --> 00:42:36,680 Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal 763 00:42:36,840 --> 00:42:40,080 Speaker 1: at blong Go. And it's headline with how speaker Nancy 764 00:42:40,120 --> 00:42:43,439 Speaker 1: Pelosi is playing leaving Taiwan this after her historic visit 765 00:42:43,480 --> 00:42:46,680 Speaker 1: where she pledged the US would not abandon Taiwan, and 766 00:42:46,920 --> 00:42:48,320 Speaker 1: this is Bloomberg