WEBVTT - Trump Heads to Court; Apple, Oracle Hit Record Highs

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<v Speaker 1>From the Bloomberg Interactive Broker Studios. This is Bloomberg day

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<v Speaker 1>Break for Tuesday, June thirteenth.

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<v Speaker 2>Coming up today, Arrangement Day in Miami. Former President Trump

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<v Speaker 2>prepares to face charges in the classified Documents probe.

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<v Speaker 1>Wall Street braces for the latest inflation report. Has the

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<v Speaker 1>Fed meets on interest.

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<v Speaker 2>Rates, Apple and Oracle hit all time highs, and New.

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<v Speaker 1>York City offices hit a post pandemic milestone.

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<v Speaker 3>Ukraine says it has liberated several villages from the Russians

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<v Speaker 3>in recent days. Plus New York City is looking for

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<v Speaker 3>a new police commissioner. I'm Michael Barr Ahead.

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<v Speaker 4>I'm John Stansharon Sports.

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<v Speaker 5>The Denver Nuggets have won their first NBA championship. The

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<v Speaker 5>Subway Series begins tonight at City Fields.

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<v Speaker 6>That's all straight Ahead on Bloomberg day Break, The business

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<v Speaker 6>news You need to starn your day in just one

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<v Speaker 6>fifteen minute podcast each morning on Apple, Spotify, The Bloomberg

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<v Speaker 6>Business Appen everywhere you get your podcasts.

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<v Speaker 2>Good morning, I'm Nathan Hager.

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

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<v Speaker 2>It could be a tense day in Miami. Up to

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<v Speaker 2>fifty thousand people are expected to turn out at the

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<v Speaker 2>city's federal courthouse. That is where former President Donald Trump

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<v Speaker 2>will enter a pleet of federal charges over his handling

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<v Speaker 2>of classifying documents. House Speaker Kevin McCarthy says the former

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<v Speaker 2>president is being treated unfairly when compared to the current president.

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<v Speaker 7>When you're looking now at a current president that has

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<v Speaker 7>documents sitting behind his automobile in a garage, the date

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<v Speaker 7>all the way back to a senator that raises a lot.

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<v Speaker 7>If you're charging one and not charging the other, you

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<v Speaker 7>raid one house, but you don't raid the other.

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<v Speaker 2>But Trump's former acting chief of Staff mc mulvaney says,

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<v Speaker 2>this case is different. How often have we seen you

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<v Speaker 2>throughout our political history, throughout business history.

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<v Speaker 7>It's really not the crime, right, it's the cover up

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<v Speaker 7>that gets people in trouble. Watergate was not about the

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<v Speaker 7>break in.

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<v Speaker 6>It was about the cover up of the break in.

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<v Speaker 2>Former Acting White House Chief of Staff mcmlveney spoke with

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<v Speaker 2>oh Matthew on Bloomberg's Sound On. Catch the program weekdays

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<v Speaker 2>at one pm Eastern on Bloomberg Radio or listen on

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<v Speaker 2>demand where you get your podcasts. Former President Trump's arraignment

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<v Speaker 2>is set for three this afternoon in Miami, and.

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<v Speaker 1>We'll have much more on Donald Trump's day in court

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<v Speaker 1>coming up shortly. But first we turn to the markets.

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<v Speaker 1>Both the S and P five hundred and Nasdaq one

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<v Speaker 1>hundred are trading at their highest level since April of

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<v Speaker 1>twenty twenty two. There's optimism the Fed will pause rate hikes.

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<v Speaker 1>The Central Bank kicks off its two day meeting today.

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<v Speaker 1>Also today we get the May reading on US inflation.

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<v Speaker 1>Let's get more on that from Bloomberg's Michael McKee.

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<v Speaker 8>The economists say consumer price inflation slowed in May, led

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<v Speaker 8>lower by falling energy and automobile prices. This inflation in

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<v Speaker 8>rent may finally show up, holding down the core rate. Meanwhile,

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<v Speaker 8>base effects high inflation a year ago mean a big

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

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<v Speaker 8>If analysts are wrong, however, watch out. Higher than anticipated

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<v Speaker 8>inflation will change expectations for the Fed pol decision due Wednesday,

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<v Speaker 8>with officials divided over whether to raise rates or make

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<v Speaker 8>no change. An inflation surprise would lead to big market moves.

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<v Speaker 8>Michael McKee, Bloomberg Daybreak.

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<v Speaker 2>Okay, Mike, thank you. And rates are also in focus

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<v Speaker 2>in Asia, Bloomberg News has learned China is considering a

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<v Speaker 2>broad package of stimulus measures, including interst rate cuts, to

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<v Speaker 2>boost the world's second largest economy. Sources say that stimulus

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<v Speaker 2>would include at least a dozen measures designed to support

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<v Speaker 2>areas like real estate and domestic demand.

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<v Speaker 1>And speaking of real estate, New York City has achieved

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<v Speaker 1>a major post pandemic Milesstone. We get those details from

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<v Speaker 1>Bloomberg's Jeff Bellinger.

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<v Speaker 9>Office occupancy in the city top fifty percent for the

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<v Speaker 9>first time since workplaces emptied out at the start of

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<v Speaker 9>the pandemic. The security company Castle Systems provided the data.

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<v Speaker 9>Castle calculates the number of workers entering buildings by tracking

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<v Speaker 9>security card swipes. More workers returned to offices despite the

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<v Speaker 9>city being engulfed in smoked from wildfires burning in Canada.

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<v Speaker 9>Jeff bell Bloomberg Daybreak.

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<v Speaker 2>All right, Jeff, thank you. Back to markets.

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<v Speaker 6>Now.

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<v Speaker 2>We're watching a couple of stocks trading at all time

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<v Speaker 2>highs this morning. Apples at its highest level in more

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<v Speaker 2>than a year, the latest sign of big tech reclaiming

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<v Speaker 2>leadership inequities. The latest rally comes after Apple unveiled its

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<v Speaker 2>Vision Pro mixed reality headset and shares of Oracle also

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<v Speaker 2>hitting records. They're up more than four percent and early

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<v Speaker 2>trading after the company reported quarterly revenue that topped estimates.

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<v Speaker 2>Bloomberg's Charlie Pellett has those details.

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<v Speaker 4>It signals the software maker's cloud business is benefiting from

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<v Speaker 4>heightened demand for artificial intelligence workloads. Sales increase seventeen percent

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

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<v Speaker 4>on average estimated thirteen point seven billion, according to data

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<v Speaker 4>compiled by Bloomberg. Oracle has focused on expanding its cloud

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<v Speaker 4>infrastructure business to more forcefully compete with Amazon, Microsoft and

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<v Speaker 4>Alphabet's Google, all of which have seen recent slowdowns in

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<v Speaker 4>New York. Charlie Pellett, Bloomberg Daybreak.

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<v Speaker 2>Charlie Thanks. Shares of Intel are also on the rise.

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<v Speaker 2>They are up more than one percent. Bloomberg News has

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<v Speaker 2>learned Intel is among companies British chip designer ARM has

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<v Speaker 2>been talking with about anchoring its IPO this year. Arm

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<v Speaker 2>is looking to raise as much as ten billion dollars

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<v Speaker 2>in its New York listing.

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<v Speaker 1>On the flip side, Microsoft is under fire from US regulators.

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<v Speaker 1>They're suing the tech giant to stop it from completing

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<v Speaker 1>its acquisition of Activision Blizzard. The Federal Trade Commission wants

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<v Speaker 1>a court order to block the deal from going through

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<v Speaker 1>until the agency's in house court can review the sixty

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<v Speaker 1>nine billion dollar deal.

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<v Speaker 2>Over in Eurobaby, the boss at Barkley says a reshuffle

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<v Speaker 2>and its investment bank has top deal makers leaving cs

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<v Speaker 2>Vencotta Christians replaced the heads of his investment arm earlier

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<v Speaker 2>this year as part of a shift to focus on Europe.

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<v Speaker 2>He tells Bloomberg's David Weston the move is about looking

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<v Speaker 2>ahead to the next decade of banking.

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<v Speaker 1>It's not a shift so much as an expansion.

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<v Speaker 6>It is to try to give more attention to Europe.

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<v Speaker 1>Relatively speaking, the US remains critically important to.

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<v Speaker 2>US Darkly CEO of and Kotta Christian is head of

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<v Speaker 2>the world's largest non US investment bank and.

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<v Speaker 1>One note on the airline industry. This morning, United is

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<v Speaker 1>offering its pilots the biggest deal ever for a mainland

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<v Speaker 1>US carrier. The airline is making a contract offer to

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<v Speaker 1>pilots with incremental value in excess of eight billion dollars

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<v Speaker 1>over four years.

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<v Speaker 2>Time now to take a look at some of the

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<v Speaker 2>other stories making news in New York and around the world.

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

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<v Speaker 2>Good morning.

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

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<v Speaker 3>and Seoul, the first woman ever to lead the New

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<v Speaker 3>York City Police Department, announced their resignation by surprise and

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<v Speaker 3>a letter addressed to the rank and file and it.

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<v Speaker 3>Sewell wrote she has witnessed their compassion, heroics, and selflessness

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<v Speaker 3>on a daily basis, calling them hard working public servants.

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<v Speaker 3>Former NYPD Chief of Detectives Robert Boyce credit Seool for

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<v Speaker 3>working to reduce the city's crime rate on her watch.

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<v Speaker 10>If you look at the numbers, the bio stumbers, they've

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<v Speaker 10>come down dramatically, you know, twenty four percent reduction in shootings,

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<v Speaker 10>forty percent reduction in homicide. Thinks that she's done the

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<v Speaker 10>way she's carried herself with a lot of duty families,

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<v Speaker 10>a big loss that we're going to talk about for

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<v Speaker 10>quite some time.

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<v Speaker 3>Mayor Eric Adams issued a statement thanking her for her work.

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<v Speaker 3>Officials in Lockport, New York, say one person died and

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<v Speaker 3>multiple people are in the hospital after a boat capsized

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<v Speaker 3>during a tour of an underground cavern system built to

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<v Speaker 3>carry water from the Erie Canal. Police and fire crews

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<v Speaker 3>were called to the Lockport Cave tours after. Authorities say

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<v Speaker 3>twenty nine people were aboard the boat when it flipped,

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<v Speaker 3>sending them into the water up to six feet deep.

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<v Speaker 3>Fire Chief Luca Quagliano.

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<v Speaker 11>The boat can safely handle up to forty people. There

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<v Speaker 11>was twenty nine on it at the time. Somehow, at

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<v Speaker 11>the end of the cave or the destination at three

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<v Speaker 11>hundred feet section there, the boat became unbalanced and capsized.

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<v Speaker 3>Chief Quagliano says eleven people were sent to local hospitals

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<v Speaker 3>with minor injuries. Secretary of State Anthony Blincoln says he

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<v Speaker 3>hopes the Ukrainian offensive now underway will force Russian President

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<v Speaker 3>Vladimir Putin into talks to end his invasion. Ukraine says

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

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<v Speaker 3>a regional governor says at least three people have been

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<v Speaker 3>killed and twenty five wounded after missiles hit civilian buildings

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<v Speaker 3>in an overnight attack in President Zelenski's hometown. The governor

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<v Speaker 3>of Illinois signed into law a bill that would prevent

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<v Speaker 3>book bands in the state, the first legislation of its kind.

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<v Speaker 3>Pat Sajack, who has hosted the hit game show Wheel

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<v Speaker 3>of Fortune since nineteen eighty one, says he will retire

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<v Speaker 3>next year. Say Jack, who is seventy six, says it

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<v Speaker 3>has been a wonderful ride. Global News twenty four hours

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<v Speaker 3>a day, powered by more than twenty seven hundred journalists

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<v Speaker 3>nanialists in over one hundred and twenty countries. Michael Barr,

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<v Speaker 3>this is Bloomberg.

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<v Speaker 2>Nathan Man sold a lot of vowels. Thank you, Michael.

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<v Speaker 2>Time for the Bloomberg Sports ut they brought to you

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<v Speaker 2>by Tri State out Ay. Good morning, John stansh.

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<v Speaker 5>Out, Good morning, Nathan. The NBA season is over with

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<v Speaker 5>a first time champion.

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<v Speaker 8>It's over.

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<v Speaker 7>It lets, the long.

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<v Speaker 2>Wait is over for forty seven years, but Denver Nuggas

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<v Speaker 2>can finally call themselves NBA champion.

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<v Speaker 5>Their call on ABC. Denver beating Miami in Game five,

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<v Speaker 5>ninety four to eighty nine. That's a score you used

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<v Speaker 5>to see back in the nineteen nineties. It was that

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<v Speaker 5>kind of a game. Rugged defense. Both teams struggled to score.

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<v Speaker 5>They combined to make only fourteen out of sixty three

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<v Speaker 5>three pointers. The Heat led for most of the night.

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<v Speaker 5>Denver made a run fourth quarter, then Jimmy Butler got

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<v Speaker 5>hot put Miami back ahead, but Butler would commit a

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<v Speaker 5>costly turnover in the final minute. Nikola Jokis Finals MVP

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<v Speaker 5>led everyone in the playoffs in scoring, rebounding, and assist.

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<v Speaker 5>First ever do that the second June in a row,

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<v Speaker 5>or they are celebrating in Denver. The Avalanche last year

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<v Speaker 5>won the Stanley Cup and the Cup will be in

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<v Speaker 5>the house tonight in Las Vegas. Golden Knights up three

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<v Speaker 5>one on Florida also tonight, start of a two game

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<v Speaker 5>Subway series at Cityfield. Luis Sevarino for the Yankees, who

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<v Speaker 5>just had a two to four homestand Max Scherzer for

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<v Speaker 5>the Mets, who lost eight of their last nine. The

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<v Speaker 5>Mets have signed to former Yankee Luke Voit, just released

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<v Speaker 5>by Milwaukee, will report to Triple A. Sakwan Barkley not

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<v Speaker 5>reporting of the Giants mini camp this week. All eyes

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<v Speaker 5>on July seventeenth, that's the deadline for the Giants to

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

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<v Speaker 5>for the ten million dollar franchise tag Ars sit out

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<v Speaker 5>this season. The US Open tees off Thursday in LA

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<v Speaker 5>and two former champions will play together, Brooks Keepka, who

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<v Speaker 5>left the PGA Tour for Live and Rory McElroy, who

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<v Speaker 5>was outspoken in his criticism John Stashewer Bloomberg Sports.

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<v Speaker 6>From coast to coast, from New York to San Francisco,

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<v Speaker 6>Boston to Washington nationwide on SiriusXM, the Bloomberg Business Appened

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<v Speaker 6>Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm

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<v Speaker 6>Nathan Hager.

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<v Speaker 2>The city of Miami is bracing for potentially big crowds

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<v Speaker 2>and the possibility of protest as former President Donald Trump

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<v Speaker 2>gets ready to enter a plea two dozens of counts

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

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<v Speaker 2>are joined by Bloomberg News Senior editor Bill Ferries, who,

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

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

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

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<v Speaker 12>Thanks Nathan. Listen to mayor and the police chief for

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<v Speaker 12>Miami Dade and the City Miami have all said that

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<v Speaker 12>they're prepared. They don't. They admit they don't really know

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<v Speaker 12>what to expect. They estimated crowds could be anywhere from

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<v Speaker 12>a few thousand to fifty thousand, depending on how many

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<v Speaker 12>of the former president's supporters and his opponents all convene

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<v Speaker 12>at that courthouse where the former president is expected to

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<v Speaker 12>appear at three pm today.

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<v Speaker 2>Let's talk about a little bit what we do know

0:12:10.000 --> 0:12:13.360
<v Speaker 2>is going to happen. Walk us through what is expected

0:12:13.400 --> 0:12:16.960
<v Speaker 2>when the president faces those charges this afternoon.

0:12:18.480 --> 0:12:21.600
<v Speaker 12>Well, the first thing we'll be looking for, really is

0:12:21.640 --> 0:12:24.240
<v Speaker 12>who's with him. As you know and your listeners know,

0:12:24.600 --> 0:12:27.160
<v Speaker 12>a couple of his key lawyers who have been guiding

0:12:27.200 --> 0:12:31.120
<v Speaker 12>him through this process quit in the last week or so.

0:12:31.120 --> 0:12:33.240
<v Speaker 12>So I think the first thing we'll be looking for

0:12:33.320 --> 0:12:36.880
<v Speaker 12>when the president makes his appearances, who is alongside him,

0:12:36.880 --> 0:12:39.440
<v Speaker 12>who is representing him? He needs to he needs to

0:12:39.440 --> 0:12:43.600
<v Speaker 12>have lawyers who are authorized at the Florida Bar. So

0:12:43.679 --> 0:12:46.240
<v Speaker 12>that's been I think a focus of the President and

0:12:46.280 --> 0:12:48.840
<v Speaker 12>his allies over the last few days as he prepares

0:12:48.920 --> 0:12:51.880
<v Speaker 12>for this. When he gets into the courtroom, he's going

0:12:51.920 --> 0:12:56.640
<v Speaker 12>to have to presumably plead innocent. He said he's innocent

0:12:56.720 --> 0:13:02.320
<v Speaker 12>to all thirty seven counts across seven charges, all relating

0:13:02.400 --> 0:13:07.240
<v Speaker 12>to his his storage of classified alleged storage of classified

0:13:07.280 --> 0:13:09.280
<v Speaker 12>material at the mar A Lago resort.

0:13:09.400 --> 0:13:12.000
<v Speaker 4>So uh, and we you.

0:13:11.920 --> 0:13:15.719
<v Speaker 12>Know, after after that, after that ends, will will get

0:13:15.720 --> 0:13:17.960
<v Speaker 12>a better sense. I think of the timeline of this

0:13:18.080 --> 0:13:21.680
<v Speaker 12>court case, we do expect it to bleed well into

0:13:22.040 --> 0:13:26.680
<v Speaker 12>next year's presidential primaries and possibly the election. And we're

0:13:26.760 --> 0:13:30.720
<v Speaker 12>not expecting right now the president to necessarily address his

0:13:30.840 --> 0:13:34.640
<v Speaker 12>supporters outside the courthouse. There's been talk that he will

0:13:35.320 --> 0:13:39.520
<v Speaker 12>go back to his his club in New Jersey and

0:13:39.840 --> 0:13:44.880
<v Speaker 12>perhaps give a speech there. But everything, you know, we've

0:13:44.920 --> 0:13:48.400
<v Speaker 12>never seen anything like this and and anything as possible.

0:13:48.480 --> 0:13:50.959
<v Speaker 12>So we'll be we'll be watching closely to see how

0:13:51.000 --> 0:13:52.560
<v Speaker 12>the president moves forward.

0:13:52.960 --> 0:13:56.440
<v Speaker 2>Apart from entering a plea today, Bill, are we expecting

0:13:56.440 --> 0:13:58.920
<v Speaker 2>that we're going to get any glimpses either from the

0:13:58.960 --> 0:14:02.120
<v Speaker 2>Special Council, the federal prosecutors for amounting this case, or

0:14:02.160 --> 0:14:05.480
<v Speaker 2>from Trump's defense attorneys, whoever they may be, as to

0:14:06.200 --> 0:14:08.680
<v Speaker 2>how this case could go forward in terms of the

0:14:08.840 --> 0:14:10.679
<v Speaker 2>arguments that they might pursue.

0:14:12.120 --> 0:14:14.760
<v Speaker 12>Yeah, I think, you know, in the case of former

0:14:14.800 --> 0:14:18.920
<v Speaker 12>President Trump, there's always two sides to this. He obviously

0:14:19.160 --> 0:14:22.840
<v Speaker 12>has always made a lot of his arguments against these

0:14:22.920 --> 0:14:26.760
<v Speaker 12>kind of things public. It's not clear that that will

0:14:26.760 --> 0:14:30.040
<v Speaker 12>carry as much weight in the courtroom, but we will,

0:14:30.080 --> 0:14:32.640
<v Speaker 12>I think, from he and his lawyers get a sense of,

0:14:33.040 --> 0:14:36.400
<v Speaker 12>you know, whether they're going to contest some of these

0:14:36.680 --> 0:14:38.800
<v Speaker 12>some of the some of the means, some of the

0:14:38.840 --> 0:14:43.640
<v Speaker 12>evidence that the federal government is saying that they built

0:14:43.720 --> 0:14:46.240
<v Speaker 12>up against him. We may get a sense of their

0:14:46.280 --> 0:14:50.000
<v Speaker 12>strategy in terms of trying to drag the timeline, timeline

0:14:50.040 --> 0:14:53.760
<v Speaker 12>of this of this case out, whether by calling for

0:14:53.840 --> 0:14:56.840
<v Speaker 12>some of the classified material to be to be made

0:14:56.880 --> 0:15:00.520
<v Speaker 12>public in the courtroom or other procedures. I mean, the

0:15:00.600 --> 0:15:04.560
<v Speaker 12>former president has a history of trying to delay and

0:15:04.640 --> 0:15:07.560
<v Speaker 12>drag out court proceedings, so I would expect we'll start

0:15:07.600 --> 0:15:10.920
<v Speaker 12>to get a sense of that perhaps in the courtroom

0:15:11.080 --> 0:15:14.200
<v Speaker 12>or when his lawyers leave and they issue some statements

0:15:14.280 --> 0:15:16.080
<v Speaker 12>about how they feel the day has gone.

0:15:16.680 --> 0:15:19.000
<v Speaker 2>Of course, we've seen the political impact already. Bill in

0:15:19.040 --> 0:15:22.880
<v Speaker 2>our last minute here, we've heard Republicans defend the former

0:15:22.920 --> 0:15:25.760
<v Speaker 2>president saying there's a double standard. At the same time

0:15:25.760 --> 0:15:31.040
<v Speaker 2>we're hearing from pretty powerful Republicans questioning the former president's electability.

0:15:31.400 --> 0:15:34.800
<v Speaker 2>Now that he's facing these charges. How significant is that

0:15:34.800 --> 0:15:37.800
<v Speaker 2>that we're hearing from the likes of John Cornyn questioning

0:15:37.960 --> 0:15:38.880
<v Speaker 2>the former president.

0:15:40.280 --> 0:15:43.120
<v Speaker 12>Yeah, I think there are some Republicans who are in

0:15:43.240 --> 0:15:47.960
<v Speaker 12>Trump's corner as presidents, who want to move on, who

0:15:48.000 --> 0:15:52.800
<v Speaker 12>think that maybe even if this is rallying the traditional base,

0:15:52.840 --> 0:15:55.520
<v Speaker 12>the primary voters who backed Trump, that it's really going

0:15:55.600 --> 0:15:59.080
<v Speaker 12>to do the Republican Party damage in the general election

0:15:59.200 --> 0:16:02.920
<v Speaker 12>next year. That's I think they're looking ahead to that

0:16:03.080 --> 0:16:05.520
<v Speaker 12>with a big question mark. And you've seen a couple

0:16:05.600 --> 0:16:09.800
<v Speaker 12>of Donald Trump's opponents in the primaries now, Nikki Haley

0:16:09.920 --> 0:16:14.600
<v Speaker 12>and Tim Scott. I believe both kind of come out

0:16:14.640 --> 0:16:19.200
<v Speaker 12>with some cautious words, cautious criticism of what they read

0:16:19.200 --> 0:16:22.680
<v Speaker 12>in that indictment against the former president. So the tide

0:16:22.720 --> 0:16:24.800
<v Speaker 12>has turned a little, but obviously he still has that

0:16:24.880 --> 0:16:27.280
<v Speaker 12>big base of support to back to back them up.

0:16:30.680 --> 0:16:33.600
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