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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Here in the Lift in Futures comes on optimism. Trade

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Speaker 3: tensions may be easing between the US and China. Treasury

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Speaker 3: Secretary Scott Bessant and US Trade Representative Jamison Greer will

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Speaker 3: hold trade talks with China's Vice Premier Halifang this weekend.

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Speaker 3: The officials are due to meet in Switzerland Saturday and Sunday.

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Speaker 3: These will be the first confirmed talk since President Trump

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Speaker 3: announced tariffs of up to one hundred and forty five

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Speaker 3: percent on Chinese imports and Beijing retaliated with its own levies.

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Speaker 3: Here's Secretary Besson speaking on Fox News.

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Speaker 4: I think that this is what we're going to do

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Speaker 4: in Switzerland is we've agreed to talk. Then on Saturday

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Speaker 4: and Sunday we will agree what we're going to talk about.

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Speaker 4: My sense is that this will be about de escalation,

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Speaker 4: not about the the big trade deal. But we've got

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Speaker 4: to de escalate before we can move forward.

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Speaker 3: Treasury Secretary Scott bessen says current teriff rates are not

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Speaker 3: sustainable and amount to a trade embargo Nathan.

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Speaker 2: Just hours after the talks were announced, China took steps

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Speaker 2: to boost its economy. The country central Bank cut its

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Speaker 2: policy rate and lower the amount of cash lenders must

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Speaker 2: keep in reserve. Economists say the decisions demonstrate policymakers are

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Speaker 2: acting with urgency to support the world's second largest economy

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Speaker 2: in the face of the US China trade war.

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Speaker 3: Now Karen we turned to a tense situation in South

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Speaker 3: Asia between two nuclear armed powers. India and Pakistan traded

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Speaker 3: military strikes overnight, weeks after a militant attack in the

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Speaker 3: disputed Kashmir region that killed twenty six people. India says

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Speaker 3: it hit nine targets, calling them known terror camps. Pakistan's

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Speaker 3: military says the strikes killed twenty six civilians. It responded

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Speaker 3: by shooting down five Indian jets. We get more from

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Speaker 3: Bloomberg New Delhi Bureau chief Debjit Chakrabouti.

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Speaker 5: Both the sites are saying that these were de escalatory

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Speaker 5: kind of moves. India has said that it only had

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Speaker 5: one thing in their mind, just to target the militants

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Speaker 5: which were trying to distabilize the customer region the economic

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Speaker 5: development of that path. Pakistan has always said that we

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Speaker 5: won't do anything unless India attacks.

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Speaker 3: Bloomberg's deb Jit Chakerboard. He says the last time India

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Speaker 3: and Pakistan came close to all out war was twenty nineteen,

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Speaker 3: when a suicide bomber killed forty members of India's security forces.

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Speaker 2: Now if in Former President Joe Biden has described the

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Speaker 2: White House's approach to Russia as modern day appeasement. Biden

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Speaker 2: was asked by the BBC what he thought of President

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Speaker 2: Trump's peace plans for Ukraine.

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Speaker 6: It is modernday a payment.

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Speaker 7: Look.

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Speaker 6: Listen to what Putin said when he talked about going

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Speaker 6: from Kiev into Ukraine, and why he can't stand the

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Speaker 6: fact that the Russian dictatorship that he runs, that the

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Speaker 6: Soviet Union has collapsed, and anybody thinks he's going to

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Speaker 6: stop is as foolish.

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Speaker 2: Joe Biden's interview with a British broadcaster is his first

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Speaker 2: since leaving office.

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Speaker 3: Karen Senate majority Leader Chuck Schumer is looking for answers

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Speaker 3: after last month's incident at New Jersey's Newark Airport that

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Speaker 3: left air traffic controllers out of contact with planes for

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Speaker 3: ninety seconds. Transportation Secretary Sean Duffy says the air traffic

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Speaker 3: control system is safe, but MINARDI leader Schumer says he

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Speaker 3: has plenty of concerns.

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Speaker 8: First, the firing of so many employees under Doge has

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Speaker 8: weakened the FAA. Second, a good number of top level

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Speaker 8: people who are concerned with air safety in flight flight

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Speaker 8: safety have left out of exasperation because they think the

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Speaker 8: people who have been put in charge don't know what

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Speaker 8: they're doing.

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Speaker 3: Senate MINORTI leader Chuck Schumer spoke on Bloomberg's balance of power.

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Speaker 3: You can catch the full conversation on the Bloomberg Podcasts

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Speaker 3: page on YouTube. Transportation Secretary Duffy says a bill out

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Speaker 3: of a new air traffic control system should be completed

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Speaker 3: by the summer, but the current one, he says, has

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Speaker 3: backups for pilots and controllers.

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Speaker 2: Nathan President Trump met with Canadian Prime Minister Mark Kearney

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Speaker 2: in the Oval Office. The leaders showed no signs of

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Speaker 2: retreating from their differences in the ongoing trade war and

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Speaker 2: Bloomberg's Amy Morris supports from Washington.

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Speaker 9: After the meeting, Prime Minister Carney says there will be

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Speaker 9: more talk.

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Speaker 10: We agreed to have further conversations in the coming weeks,

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Speaker 10: and we are looking forward to meeting in person at

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Speaker 10: the G seven summit in Kanamascus and Alberta.

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Speaker 9: President Trump told reporters there are no firm trade deals

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Speaker 9: with Canada and China or any other country.

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Speaker 8: I have to sign deal.

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Speaker 4: They have to sign deals with us.

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Speaker 11: They want a piece of our market.

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Speaker 7: We don't want a piece of their market.

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Speaker 8: We don't care about their market.

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Speaker 7: They want a piece of our market.

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Speaker 9: As for Canada becoming the fifty first state, Carney says

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Speaker 9: it'll never be for sale, but Trump told Carney never

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Speaker 9: say never. In Washington, Amy Moore as Bloomberg Radio.

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Speaker 3: All right, Amy, thank you. Training the markets now as

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Speaker 3: investors and the Federal Reserve awight clarity on the Trump

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Speaker 3: administration's trade policies, the FED is expected to leave interest

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Speaker 3: rates unchanged this afternoon. We get a preview of the

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Speaker 3: decision today from Bloomberg's Michael McKee.

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Speaker 7: There's still no suspense at the FED without any clear

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Speaker 7: idea of who will be taxed, how much and when.

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Speaker 7: The Central Bank waits like everyone else for some idea

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Speaker 7: of what the Trump tariffs will do to the economy,

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Speaker 7: so there's little point in changing interest rates. Fed officials

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Speaker 7: also don't provide new economic forecasts or a new dot

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Speaker 7: plot at this meeting, which pretty much leaves Chairman Powell

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Speaker 7: and his press conference as the only opportunity for headlines, which,

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Speaker 7: given the circumstances, he will likely avoid as much as possible.

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Speaker 7: Michael McKee, Bloomberg Radio.

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Speaker 3: Okay, Mike, thanks and stay with Bloomberg for full FED

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Speaker 3: coverage on a special edition of Bloomberg Surveillance, the FED decides.

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Speaker 3: It begins at one thirty pm Wall Street Time on

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Speaker 3: Bloomberg Radio, Bloomberg Television, and the Bloomberg Podcasts YouTube page.

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Speaker 2: After nine straight days of gains Nathan's stocks coming off

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Speaker 2: two consecutive losing sessions, Cameron Dawson, the chief investment officer

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Speaker 2: at New Edge Wealth, this cautious.

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Speaker 12: The worst of tariff and trade headlines may be behind us.

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Speaker 12: It's hard to imagine a worse day than the couple

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Speaker 12: days posts the Rose Garden announcement. However, we do not

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Speaker 12: think the worst is behind us when it comes to

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Speaker 12: real economic data weakening the fundamentals showing the signs of

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Speaker 12: the weight of these tariffs on them, which just means

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Speaker 12: that yes, we're getting this relief rally, but we haven't

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Speaker 12: even begun to see the fundamental impact new Edge.

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Speaker 2: Welds, Cam Dawson. What other market note. US companies are

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Speaker 2: planning to buy back their own shares at historic clip.

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Speaker 2: The value of announced buybacks in the US reached almost

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Speaker 2: two hundred and thirty four billion dollars in April. Barni

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Speaker 2: associate says that's the second highest monthly tally in records

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Speaker 2: going back to nineteen eighty four.

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Speaker 3: Well, with that in mind, Karen, let's take a look

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Speaker 3: at some stocks on the move this morning. For that,

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Speaker 3: we're joined by Bloomberg's John Tucker. John, good morning, Good.

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Speaker 13: Morning, Nathan. Let's start with the advanced micro devices they

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Speaker 13: delivered in upbeat outlook. In Vidia's closest competitor in the

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Speaker 13: area of artificial intelligence processors, predicts strong growth in the

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Speaker 13: second half of this year. The first quarter sales rose

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Speaker 13: thirty six percent that topped estimates. At the same time,

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Speaker 13: though the company warned that US restrictions on sales to

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Speaker 13: China will cost it one and a half billion dollars

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Speaker 13: in revenue this year. The share is up two percent.

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Speaker 13: Pre market super microcomputer shares falling over four percent. The

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Speaker 13: beleaguer chip maker cutting its net sales guidance for the

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Speaker 13: full year, and finally, novel nordis trimming its financial forecast.

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Speaker 13: But investors looking past that, they're focused on expectations that

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Speaker 13: competition for its blockbuster obesity shot with GOVI will subside

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Speaker 13: later this year. In New York, I'm John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you, and weight loss drugs like

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Speaker 2: ozem Bickham taken their toll on WeightWatchers. The company, which

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Speaker 2: was endorsed by many celebrities, including Oprah Winfrey, has foiled

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Speaker 2: for bankruptcy, with Watchers recently rebranded as ww International. Time

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Speaker 2: now for a look at some of the other stories

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Speaker 2: making news in New York and around the world, and

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Speaker 2: for that we're joined by Bloomberg's Michael Barr.

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Speaker 7: Michael, Good morning, Good morning, Karen.

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Speaker 14: The papal conclave to elect the new Pope begins today

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Speaker 14: at the Vatican. Cardinals will participate in mass with the

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Speaker 14: public before secluding themselves for possibly days of voting. Pope

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Speaker 14: Francis had been considered comparatively progressive in his views on migrants,

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Speaker 14: the LGBTQ community, climate change, and more. Bond signor Liam Burgett.

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Speaker 15: Everybody involved in the conclave takes an oath of secrecy

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Speaker 15: everybody and they are bound by what's called the Apostolic secret.

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Speaker 15: So if you betray the Apostolic secret, if you break it,

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Speaker 15: excommunication is the penalty.

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Speaker 14: A CBS poll of US Catholics find a majority want

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Speaker 14: Francis's successor to continue his teachings or move in a

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Speaker 14: more progressive direction, while thirty seven percent want the next

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Speaker 14: pope to be more conservative. There have been lawlines at

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Speaker 14: DMV offices around the country. Starting today, travelers flying domestically

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Speaker 14: will be required to have a real ID license or

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Speaker 14: a state identification card or a passport. For those who don't,

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Speaker 14: they will face extra screening and questioning at the security checkpoint.

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Speaker 14: There is mixed passenger reaction at Newark.

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Speaker 6: People have had plenty of time to get prepared for it.

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Speaker 15: I've had it for five years at least, so back

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Speaker 15: when they first started talking about it.

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Speaker 3: It feels like a tax on everyday people having to

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Speaker 3: upgrade their licenses and all their identification.

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Speaker 14: In New York City, jury selection and the sex trafficking

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Speaker 14: trial of hip hop mogul Sean Diddycombs is expected to

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Speaker 14: wrap up today. Lawyers for the fifty five year old

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Speaker 14: entertainer and prosecutors have worked for two days to assemble

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Speaker 14: thirty five individuals for a pool of forty five people

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Speaker 14: from whom the jury will be picked. Global News twenty

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Speaker 14: four hours a day and whenever you want it with

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Speaker 14: Bloomberg News Now. Michael Barrn.

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Speaker 2: This is Bloomberg karrot rymachelbarr Thank you time now for

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Speaker 2: the Bloomberg Sports Update. Here's John stash Hour. John, Good morning,

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Speaker 2: morning Karen.

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Speaker 11: There's been a lot of heartbreak over the years in Cleveland.

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Speaker 11: Their teams have won one championship in the last seventy

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Speaker 11: seven years. High hopes with the Cavaliers had a brilliant

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Speaker 11: sixty four win regular season, but they're in big trouble

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Speaker 11: in the second round lost the opener, had to play

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Speaker 11: Game two without three key injured players. Still had a

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Speaker 11: twenty point lead on Indiana. Cavs were up by seven

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Speaker 11: with fifty seconds to go back. Came the Pacers down

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Speaker 11: to and at the free throw.

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Speaker 3: Line, Missus Halliburton the rebound nine seconds.

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Speaker 7: If they do have a timeout, Carlisle's gonna let them play.

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Speaker 3: Halliburton steps back, hats.

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Speaker 6: Tyrese Halliburton try to take.

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Speaker 11: Cleveland's heart on TNT. Pacers won by a point, go

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Speaker 11: home up to nothing in the series. Golden State won

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Speaker 11: ninety nine eighty eight Minnesota. The road teams so far

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Speaker 11: in the second round of the playoffs are five and oh.

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Speaker 11: That includes the Knicks, who've got Game two in Boston tonight.

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Speaker 11: Sounds like Christoph's Porzingis will play for the celt They's

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Speaker 11: played only thirteen minutes Monday due to an illness, didn't

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Speaker 11: score a point. Road teams also won on the ice

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Speaker 11: Paras Series openers Carolina top Washington two to one in overtime.

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Speaker 11: Edmonton a four to two win in Vegas. The Yankees

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Speaker 11: went to the seventh day at the Stadium trailing San

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Speaker 11: Diego three to two, and then they scored ten runs,

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Speaker 11: including an Austin Wells Grand slam of the Yanks one

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Speaker 11: twelve to three. Mets held the four hits in a

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Speaker 11: five to one loss at Arizona. John Stashed were Bloomberg

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Speaker 11: Sports Caroen Nathan.

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Speaker 1: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager. The US and China are

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Speaker 3: about to start talking after weeks of rising trade tensions

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Speaker 3: and rising tariff rates. Treasury Secretary Scott Besson says both

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Speaker 3: he and the US Trade representative we'll meet with Chinese

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Speaker 3: officials while they all happen to be in neutral territory Switzerland.

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Speaker 4: We will meet on Saturday and Sunday, and look, we

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Speaker 4: have shared interest that this isn't sustainable.

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Speaker 3: Treasury Secretary Scott Besson discussed these upcoming talks on Fox

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Speaker 3: News and This Morning, where you're joined by Bloomberg News

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Speaker 3: Senior editor Bill Ferries. So, Bill, after weeks of questions

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Speaker 3: about whether there were talks happening, they're talking about talking

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Speaker 3: about talking, and I guess that's enough to give the

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Speaker 3: market some reason for optimism. This morning, Good morning.

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Speaker 10: Good morning. For sure, you know, this is a fairly

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Speaker 10: high level meeting after we haven't really seen any high

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Speaker 10: level meetings between the US and China so far. We

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Speaker 10: still don't have any knowledge of any public conversation between

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Speaker 10: Donald Trump and Chijinping. So this does seem to show

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Speaker 10: that maybe both sides have reached a bit of a

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Speaker 10: pain point and are willing to talk. I mean, we

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Speaker 10: know we've seen data on the Chinese side showing that

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Speaker 10: cargo ships headed to the US, the number of cargo

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Speaker 10: ships headed to the US is down. We've seen that

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Speaker 10: the trade deficit the US has really ballooned in the

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Speaker 10: last report because of so many people, so many businesses

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Speaker 10: trying to bring in goods ahead of those reciprocal tariffs

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Speaker 10: and some of the other trade barriers that went up.

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Speaker 10: So both sides with a strong incentive to talk here,

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Speaker 10: it is seen on the Chinese side is important that

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Speaker 10: it's the Vice Premier Hillafeing who is meeting with Scott

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Speaker 10: Bessen and Jamison Greer, So you have people at the

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Speaker 10: table who can make decisions. And I think there's going

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Speaker 10: to be a lot of interest, certainly a lot of

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Speaker 10: expectations about what might come out of these two days

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Speaker 10: of meetings this weekend.

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Speaker 3: And ahead of those two days bill we've seen the

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Speaker 3: Chinese government lower its policy rate and loosent bank reserve requirements.

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Speaker 3: Of course, President Trump has been talking about maybe little

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Speaker 3: girls don't need as many dolls under the tree this Christmas.

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Speaker 3: What kind of prolonged discussion could both sides potentially be

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Speaker 3: bracing for here.

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Speaker 10: Yeah, I think the you know, I don't think there's

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Speaker 10: an expectation that there's going to be a huge breakthrough

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Speaker 10: this weekend in terms of a major trade deal, but

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Speaker 10: you certainly could have some de escalation. And that's what

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Speaker 10: Treasury Secretary Scott Beson was talking about. He says, what

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Speaker 10: we you know, he said, what this current situation is

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Speaker 10: not sustainable and a de escalation what is that? You know,

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Speaker 10: there's some speculation that that could mean just at least

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Speaker 10: trimming back these you know, one hundred and forty five

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Speaker 10: percent tariffs that the US has on China and the

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Speaker 10: one hundred and twenty five percent tariffs China has on

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Speaker 10: the US. Both sides have exempted a lot of goods

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Speaker 10: from those tariffs, but still the trade is falling very quickly,

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Speaker 10: and you know, you're talking about you're talking about trade

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Speaker 10: that take could take months to recover. So even if

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Speaker 10: even if there was a big agreement this weekend, it

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Speaker 10: would be months before you kind of make up for

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Speaker 10: the shortfalls that are that occurring over the past several weeks.

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Speaker 3: Well, Bill, it seems like we're far from de escalation

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Speaker 3: when it comes to what's happening in South Asia. After

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Speaker 3: that deadly militant attack in Kashmir, there have been tit

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Speaker 3: for tat strikes between India and Pakistan. What's the latest, Yeah.

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Speaker 10: Still very tense situation. India conducted a series of military

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Speaker 10: strikes just after midnight, hitting nine targets in Pakistan and

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Speaker 10: in the Kashmir area. Pakistan saying twenty six people were killed,

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Speaker 10: twenty six civilians. India saying that did not hit any civilians.

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Speaker 10: Pakistan also saying that five Indian jets were shot down.

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Speaker 10: I was listening to the Indian news conference about that earlier.

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Speaker 10: They did not take questions and they would not address

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Speaker 10: They did not address whether any jets were shot down.

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Speaker 10: So still very much of developing situation. Obviously, two nuclear

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Speaker 10: powers in a conflict here, and it is seen as

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Speaker 10: the biggest escalation between the two in almost almost six decades.

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Speaker 10: So a very tense situation. It's still unfolding. We're waiting

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Speaker 10: to see if Pakistan responds again to these latest strikes.

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