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Speaker 1: From the Bloomberg Interactive Broker Studios. This is Bloomberg day

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Speaker 1: Break for Tuesday, June thirteenth.

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Speaker 2: Coming up today, Arrangement Day in Miami. Former President Trump

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Speaker 2: prepares to face charges in the classified Documents probe.

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Speaker 1: Wall Street braces for the latest inflation report. Has the

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Speaker 1: Fed meets on interest.

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Speaker 2: Rates, Apple and Oracle hit all time highs, and New.

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Speaker 1: York City offices hit a post pandemic milestone.

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Speaker 3: Ukraine says it has liberated several villages from the Russians

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Speaker 3: in recent days. Plus New York City is looking for

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Speaker 3: a new police commissioner. I'm Michael Barr Ahead.

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Speaker 4: I'm John Stansharon Sports.

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Speaker 5: The Denver Nuggets have won their first NBA championship. The

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Speaker 5: Subway Series begins tonight at City Fields.

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Speaker 6: That's all straight Ahead on Bloomberg day Break, The business

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Speaker 6: news You need to starn your day in just one

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Speaker 6: fifteen minute podcast each morning on Apple, Spotify, The Bloomberg

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Speaker 6: Business Appen everywhere you get your podcasts.

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Speaker 2: Good morning, I'm Nathan Hager.

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Speaker 1: And I'm Amy Morris. Here are the stories we're following today.

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Speaker 2: It could be a tense day in Miami. Up to

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Speaker 2: fifty thousand people are expected to turn out at the

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Speaker 2: city's federal courthouse. That is where former President Donald Trump

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Speaker 2: will enter a pleet of federal charges over his handling

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Speaker 2: of classifying documents. House Speaker Kevin McCarthy says the former

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Speaker 2: president is being treated unfairly when compared to the current president.

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Speaker 7: When you're looking now at a current president that has

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Speaker 7: documents sitting behind his automobile in a garage, the date

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Speaker 7: all the way back to a senator that raises a lot.

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Speaker 7: If you're charging one and not charging the other, you

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Speaker 7: raid one house, but you don't raid the other.

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Speaker 2: But Trump's former acting chief of Staff mc mulvaney says,

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Speaker 2: this case is different. How often have we seen you

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Speaker 2: throughout our political history, throughout business history.

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Speaker 7: It's really not the crime, right, it's the cover up

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Speaker 7: that gets people in trouble. Watergate was not about the

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Speaker 7: break in.

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Speaker 6: It was about the cover up of the break in.

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Speaker 2: Former Acting White House Chief of Staff mcmlveney spoke with

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Speaker 2: oh Matthew on Bloomberg's Sound On. Catch the program weekdays

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Speaker 2: at one pm Eastern on Bloomberg Radio or listen on

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Speaker 2: demand where you get your podcasts. Former President Trump's arraignment

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Speaker 2: is set for three this afternoon in Miami, and.

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Speaker 1: We'll have much more on Donald Trump's day in court

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Speaker 1: coming up shortly. But first we turn to the markets.

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Speaker 1: Both the S and P five hundred and Nasdaq one

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Speaker 1: hundred are trading at their highest level since April of

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Speaker 1: twenty twenty two. There's optimism the Fed will pause rate hikes.

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Speaker 1: The Central Bank kicks off its two day meeting today.

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Speaker 1: Also today we get the May reading on US inflation.

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Speaker 1: Let's get more on that from Bloomberg's Michael McKee.

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Speaker 8: The economists say consumer price inflation slowed in May, led

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Speaker 8: lower by falling energy and automobile prices. This inflation in

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Speaker 8: rent may finally show up, holding down the core rate. Meanwhile,

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Speaker 8: base effects high inflation a year ago mean a big

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Speaker 8: drop in overall inflation this year. At least that's the forecast.

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Speaker 8: If analysts are wrong, however, watch out. Higher than anticipated

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Speaker 8: inflation will change expectations for the Fed pol decision due Wednesday,

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Speaker 8: with officials divided over whether to raise rates or make

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Speaker 8: no change. An inflation surprise would lead to big market moves.

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Speaker 8: Michael McKee, Bloomberg Daybreak.

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Speaker 2: Okay, Mike, thank you. And rates are also in focus

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Speaker 2: in Asia, Bloomberg News has learned China is considering a

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Speaker 2: broad package of stimulus measures, including interst rate cuts, to

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Speaker 2: boost the world's second largest economy. Sources say that stimulus

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Speaker 2: would include at least a dozen measures designed to support

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Speaker 2: areas like real estate and domestic demand.

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Speaker 1: And speaking of real estate, New York City has achieved

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Speaker 1: a major post pandemic Milesstone. We get those details from

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Speaker 1: Bloomberg's Jeff Bellinger.

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Speaker 9: Office occupancy in the city top fifty percent for the

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Speaker 9: first time since workplaces emptied out at the start of

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Speaker 9: the pandemic. The security company Castle Systems provided the data.

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Speaker 9: Castle calculates the number of workers entering buildings by tracking

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Speaker 9: security card swipes. More workers returned to offices despite the

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Speaker 9: city being engulfed in smoked from wildfires burning in Canada.

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Speaker 9: Jeff bell Bloomberg Daybreak.

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Speaker 2: All right, Jeff, thank you. Back to markets.

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Speaker 6: Now.

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Speaker 2: We're watching a couple of stocks trading at all time

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Speaker 2: highs this morning. Apples at its highest level in more

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Speaker 2: than a year, the latest sign of big tech reclaiming

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Speaker 2: leadership inequities. The latest rally comes after Apple unveiled its

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Speaker 2: Vision Pro mixed reality headset and shares of Oracle also

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Speaker 2: hitting records. They're up more than four percent and early

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Speaker 2: trading after the company reported quarterly revenue that topped estimates.

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Speaker 2: Bloomberg's Charlie Pellett has those details.

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Speaker 4: It signals the software maker's cloud business is benefiting from

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Speaker 4: heightened demand for artificial intelligence workloads. Sales increase seventeen percent

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Speaker 4: to thirteen point eight billion dollars in the fiscal fourth quarter. Analysts,

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Speaker 4: on average estimated thirteen point seven billion, according to data

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Speaker 4: compiled by Bloomberg. Oracle has focused on expanding its cloud

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Speaker 4: infrastructure business to more forcefully compete with Amazon, Microsoft and

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Speaker 4: Alphabet's Google, all of which have seen recent slowdowns in

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Speaker 4: New York. Charlie Pellett, Bloomberg Daybreak.

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Speaker 2: Charlie Thanks. Shares of Intel are also on the rise.

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Speaker 2: They are up more than one percent. Bloomberg News has

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Speaker 2: learned Intel is among companies British chip designer ARM has

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Speaker 2: been talking with about anchoring its IPO this year. Arm

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Speaker 2: is looking to raise as much as ten billion dollars

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Speaker 2: in its New York listing.

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Speaker 1: On the flip side, Microsoft is under fire from US regulators.

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Speaker 1: They're suing the tech giant to stop it from completing

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Speaker 1: its acquisition of Activision Blizzard. The Federal Trade Commission wants

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Speaker 1: a court order to block the deal from going through

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Speaker 1: until the agency's in house court can review the sixty

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Speaker 1: nine billion dollar deal.

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Speaker 2: Over in Eurobaby, the boss at Barkley says a reshuffle

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Speaker 2: and its investment bank has top deal makers leaving cs

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Speaker 2: Vencotta Christians replaced the heads of his investment arm earlier

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Speaker 2: this year as part of a shift to focus on Europe.

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Speaker 2: He tells Bloomberg's David Weston the move is about looking

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Speaker 2: ahead to the next decade of banking.

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Speaker 1: It's not a shift so much as an expansion.

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Speaker 6: It is to try to give more attention to Europe.

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Speaker 1: Relatively speaking, the US remains critically important to.

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Speaker 2: US Darkly CEO of and Kotta Christian is head of

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Speaker 2: the world's largest non US investment bank and.

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Speaker 1: One note on the airline industry. This morning, United is

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Speaker 1: offering its pilots the biggest deal ever for a mainland

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Speaker 1: US carrier. The airline is making a contract offer to

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Speaker 1: pilots with incremental value in excess of eight billion dollars

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Speaker 1: over four years.

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Speaker 2: Time now to take a look at some of the

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Speaker 2: other stories making news in New York and around the world.

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Speaker 2: For that, we're joined by Bloomberg's Michael Barr. Good morning, Michael,

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Speaker 2: Good morning.

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Speaker 3: Nathan, New York City's police commissioner, has abruptly resigned. Keitch

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Speaker 3: and Seoul, the first woman ever to lead the New

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Speaker 3: York City Police Department, announced their resignation by surprise and

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Speaker 3: a letter addressed to the rank and file and it.

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Speaker 3: Sewell wrote she has witnessed their compassion, heroics, and selflessness

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Speaker 3: on a daily basis, calling them hard working public servants.

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Speaker 3: Former NYPD Chief of Detectives Robert Boyce credit Seool for

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Speaker 3: working to reduce the city's crime rate on her watch.

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Speaker 10: If you look at the numbers, the bio stumbers, they've

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Speaker 10: come down dramatically, you know, twenty four percent reduction in shootings,

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Speaker 10: forty percent reduction in homicide. Thinks that she's done the

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Speaker 10: way she's carried herself with a lot of duty families,

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Speaker 10: a big loss that we're going to talk about for

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Speaker 10: quite some time.

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Speaker 3: Mayor Eric Adams issued a statement thanking her for her work.

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Speaker 3: Officials in Lockport, New York, say one person died and

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Speaker 3: multiple people are in the hospital after a boat capsized

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Speaker 3: during a tour of an underground cavern system built to

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Speaker 3: carry water from the Erie Canal. Police and fire crews

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Speaker 3: were called to the Lockport Cave tours after. Authorities say

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Speaker 3: twenty nine people were aboard the boat when it flipped,

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Speaker 3: sending them into the water up to six feet deep.

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Speaker 3: Fire Chief Luca Quagliano.

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Speaker 11: The boat can safely handle up to forty people. There

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Speaker 11: was twenty nine on it at the time. Somehow, at

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Speaker 11: the end of the cave or the destination at three

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Speaker 11: hundred feet section there, the boat became unbalanced and capsized.

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Speaker 3: Chief Quagliano says eleven people were sent to local hospitals

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Speaker 3: with minor injuries. Secretary of State Anthony Blincoln says he

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Speaker 3: hopes the Ukrainian offensive now underway will force Russian President

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Speaker 3: Vladimir Putin into talks to end his invasion. Ukraine says

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Speaker 3: it has liberated several villages from the Russians in recent days. However,

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Speaker 3: a regional governor says at least three people have been

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Speaker 3: killed and twenty five wounded after missiles hit civilian buildings

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Speaker 3: in an overnight attack in President Zelenski's hometown. The governor

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Speaker 3: of Illinois signed into law a bill that would prevent

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Speaker 3: book bands in the state, the first legislation of its kind.

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Speaker 3: Pat Sajack, who has hosted the hit game show Wheel

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Speaker 3: of Fortune since nineteen eighty one, says he will retire

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Speaker 3: next year. Say Jack, who is seventy six, says it

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Speaker 3: has been a wonderful ride. Global News twenty four hours

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Speaker 3: a day, powered by more than twenty seven hundred journalists

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Speaker 3: nanialists in over one hundred and twenty countries. Michael Barr,

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Speaker 3: this is Bloomberg.

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Speaker 2: Nathan Man sold a lot of vowels. Thank you, Michael.

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Speaker 2: Time for the Bloomberg Sports ut they brought to you

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Speaker 2: by Tri State out Ay. Good morning, John stansh.

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Speaker 5: Out, Good morning, Nathan. The NBA season is over with

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Speaker 5: a first time champion.

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Speaker 8: It's over.

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Speaker 7: It lets, the long.

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Speaker 2: Wait is over for forty seven years, but Denver Nuggas

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Speaker 2: can finally call themselves NBA champion.

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Speaker 5: Their call on ABC. Denver beating Miami in Game five,

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Speaker 5: ninety four to eighty nine. That's a score you used

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Speaker 5: to see back in the nineteen nineties. It was that

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Speaker 5: kind of a game. Rugged defense. Both teams struggled to score.

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Speaker 5: They combined to make only fourteen out of sixty three

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Speaker 5: three pointers. The Heat led for most of the night.

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Speaker 5: Denver made a run fourth quarter, then Jimmy Butler got

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Speaker 5: hot put Miami back ahead, but Butler would commit a

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Speaker 5: costly turnover in the final minute. Nikola Jokis Finals MVP

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Speaker 5: led everyone in the playoffs in scoring, rebounding, and assist.

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Speaker 5: First ever do that the second June in a row,

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Speaker 5: or they are celebrating in Denver. The Avalanche last year

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Speaker 5: won the Stanley Cup and the Cup will be in

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Speaker 5: the house tonight in Las Vegas. Golden Knights up three

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Speaker 5: one on Florida also tonight, start of a two game

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Speaker 5: Subway series at Cityfield. Luis Sevarino for the Yankees, who

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Speaker 5: just had a two to four homestand Max Scherzer for

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Speaker 5: the Mets, who lost eight of their last nine. The

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Speaker 5: Mets have signed to former Yankee Luke Voit, just released

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Speaker 5: by Milwaukee, will report to Triple A. Sakwan Barkley not

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Speaker 5: reporting of the Giants mini camp this week. All eyes

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Speaker 5: on July seventeenth, that's the deadline for the Giants to

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Speaker 5: sign Barkley long term. If they don't, he'll either play

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Speaker 5: for the ten million dollar franchise tag Ars sit out

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Speaker 5: this season. The US Open tees off Thursday in LA

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Speaker 5: and two former champions will play together, Brooks Keepka, who

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Speaker 5: left the PGA Tour for Live and Rory McElroy, who

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Speaker 5: was outspoken in his criticism John Stashewer Bloomberg Sports.

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Speaker 6: From coast to coast, from New York to San Francisco,

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Speaker 6: Boston to Washington nationwide on SiriusXM, the Bloomberg Business Appened

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Speaker 6: Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm

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Speaker 6: Nathan Hager.

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Speaker 2: The city of Miami is bracing for potentially big crowds

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Speaker 2: and the possibility of protest as former President Donald Trump

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Speaker 2: gets ready to enter a plea two dozens of counts

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Speaker 2: later today at the city's federal courthouse. For more, we

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Speaker 2: are joined by Bloomberg News Senior editor Bill Ferries, who,

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Speaker 2: as it happens, used to lead Bloomberg's bureau in Miami.

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Speaker 2: It's good to speak with you again, Bill. Is the

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Speaker 2: city you used to know ready for what's coming this afternoon?

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Speaker 12: Thanks Nathan. Listen to mayor and the police chief for

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Speaker 12: Miami Dade and the City Miami have all said that

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Speaker 12: they're prepared. They don't. They admit they don't really know

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Speaker 12: what to expect. They estimated crowds could be anywhere from

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Speaker 12: a few thousand to fifty thousand, depending on how many

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Speaker 12: of the former president's supporters and his opponents all convene

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Speaker 12: at that courthouse where the former president is expected to

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Speaker 12: appear at three pm today.

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Speaker 2: Let's talk about a little bit what we do know

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Speaker 2: is going to happen. Walk us through what is expected

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Speaker 2: when the president faces those charges this afternoon.

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Speaker 12: Well, the first thing we'll be looking for, really is

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Speaker 12: who's with him. As you know and your listeners know,

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Speaker 12: a couple of his key lawyers who have been guiding

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Speaker 12: him through this process quit in the last week or so.

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Speaker 12: So I think the first thing we'll be looking for

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Speaker 12: when the president makes his appearances, who is alongside him,

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Speaker 12: who is representing him? He needs to he needs to

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Speaker 12: have lawyers who are authorized at the Florida Bar. So

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Speaker 12: that's been I think a focus of the President and

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Speaker 12: his allies over the last few days as he prepares

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Speaker 12: for this. When he gets into the courtroom, he's going

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Speaker 12: to have to presumably plead innocent. He said he's innocent

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Speaker 12: to all thirty seven counts across seven charges, all relating

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Speaker 12: to his his storage of classified alleged storage of classified

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Speaker 12: material at the mar A Lago resort.

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Speaker 4: So uh, and we you.

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Speaker 12: Know, after after that, after that ends, will will get

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Speaker 12: a better sense. I think of the timeline of this

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Speaker 12: court case, we do expect it to bleed well into

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Speaker 12: next year's presidential primaries and possibly the election. And we're

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Speaker 12: not expecting right now the president to necessarily address his

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Speaker 12: supporters outside the courthouse. There's been talk that he will

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Speaker 12: go back to his his club in New Jersey and

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Speaker 12: perhaps give a speech there. But everything, you know, we've

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Speaker 12: never seen anything like this and and anything as possible.

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Speaker 12: So we'll be we'll be watching closely to see how

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Speaker 12: the president moves forward.

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Speaker 2: Apart from entering a plea today, Bill, are we expecting

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Speaker 2: that we're going to get any glimpses either from the

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Speaker 2: Special Council, the federal prosecutors for amounting this case, or

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Speaker 2: from Trump's defense attorneys, whoever they may be, as to

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Speaker 2: how this case could go forward in terms of the

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Speaker 2: arguments that they might pursue.

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Speaker 12: Yeah, I think, you know, in the case of former

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Speaker 12: President Trump, there's always two sides to this. He obviously

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Speaker 12: has always made a lot of his arguments against these

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Speaker 12: kind of things public. It's not clear that that will

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Speaker 12: carry as much weight in the courtroom, but we will,

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Speaker 12: I think, from he and his lawyers get a sense of,

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Speaker 12: you know, whether they're going to contest some of these

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Speaker 12: some of the some of the means, some of the

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Speaker 12: evidence that the federal government is saying that they built

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Speaker 12: up against him. We may get a sense of their

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Speaker 12: strategy in terms of trying to drag the timeline, timeline

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Speaker 12: of this of this case out, whether by calling for

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Speaker 12: some of the classified material to be to be made

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Speaker 12: public in the courtroom or other procedures. I mean, the

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Speaker 12: former president has a history of trying to delay and

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Speaker 12: drag out court proceedings, so I would expect we'll start

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Speaker 12: to get a sense of that perhaps in the courtroom

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Speaker 12: or when his lawyers leave and they issue some statements

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Speaker 12: about how they feel the day has gone.

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Speaker 2: Of course, we've seen the political impact already. Bill in

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Speaker 2: our last minute here, we've heard Republicans defend the former

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Speaker 2: president saying there's a double standard. At the same time

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Speaker 2: we're hearing from pretty powerful Republicans questioning the former president's electability.

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Speaker 2: Now that he's facing these charges. How significant is that

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Speaker 2: that we're hearing from the likes of John Cornyn questioning

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Speaker 2: the former president.

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Speaker 12: Yeah, I think there are some Republicans who are in

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Speaker 12: Trump's corner as presidents, who want to move on, who

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Speaker 12: think that maybe even if this is rallying the traditional base,

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Speaker 12: the primary voters who backed Trump, that it's really going

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Speaker 12: to do the Republican Party damage in the general election

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Speaker 12: next year. That's I think they're looking ahead to that

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Speaker 12: with a big question mark. And you've seen a couple

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Speaker 12: of Donald Trump's opponents in the primaries now, Nikki Haley

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Speaker 12: and Tim Scott. I believe both kind of come out

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Speaker 12: with some cautious words, cautious criticism of what they read

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Speaker 12: in that indictment against the former president. So the tide

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Speaker 12: has turned a little, but obviously he still has that

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Speaker 12: big base of support to back to back them up.

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