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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: Karen, we begin with escalation in the war between the

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Speaker 3: US and Iran. The US military says it intercepted a

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Speaker 3: surprise Iranian ballistic missile attack on its bases in the

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Speaker 3: Middle East. The US and Saudi Arabia struck back, hitting

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Speaker 3: tearunback militias in Iraq. That's after the US says Iran

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Speaker 3: directed thirty drone attacks against its forces over the past

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Speaker 3: few days. Bloomberg White House correspondent Jeff Mason says, all

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Speaker 3: this has brought a relative calm in the region to

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Speaker 3: an end.

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Speaker 4: President Trump setting a much more positive tone, or at

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Speaker 4: least a sort of cautious weight and see tone over

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Speaker 4: the last few days, and that would seem to have

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Speaker 4: now changed and if passed his prologue. President Trump does

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Speaker 4: not react well to attacks from Iran, particularly when he

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Speaker 4: believes that there was some kind of an agreement or

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Speaker 4: on a pause or on a ceasefire, which there wasn't

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Speaker 4: necessarily over the last few days, but it did seem

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Speaker 4: like both sides were at least tacitly agreeing to hold back.

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Speaker 3: In Bloomberg's Jeff Mason ads, talks between Iran and almand

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Speaker 3: to get traffic or more of it through the Strait

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Speaker 3: of Hormus seem to have faltered, and.

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Speaker 2: Oil Nathan is surging on the latest developments in Iran

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Speaker 2: rent It is up more than three and a half

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Speaker 2: percent at eighty seven dollars six cents a bear. All

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Speaker 2: this after as big as three day decline since April

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Speaker 2: of twenty twenty. Iran's Islamic Revolutionary GUARDCOREP claims to have

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Speaker 2: hit and halted its three tankers, without saying where those

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Speaker 2: strikes took.

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Speaker 5: Place and Karen.

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Speaker 3: The escalation follows a meeting between President Trump and Israeli

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Speaker 3: Prime Minister Benjamin Natanyahu at the White House. Naton Yahoo

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Speaker 3: called it, quote one of the best meetings that we've had. Still,

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Speaker 3: the Israeli leader told Fox News he remained skeptical of

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Speaker 3: any potential deal with Iran.

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Speaker 6: Skeptical about the deal, and I said openly, but the

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Speaker 6: only way it would be achieved, As if you're on

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Speaker 6: understood these various factions.

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Speaker 5: I think they're not not ideological factions as much as

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Speaker 5: they differ on the assessment of how tough.

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Speaker 3: We are, and along with Israeli Prime Minister Benjamin Natanyahu,

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Speaker 3: President Trump also met with Ukrainian President Vladimir Zelenski. The

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Speaker 3: White House called both discussions positive and productive.

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Speaker 7: Nathan.

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Speaker 2: We also heard from a former Vice President Mike Pence.

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Speaker 2: He spoke with Bloomberg's Balance of Power about the prospect

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Speaker 2: for diplomacy with Iran.

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Speaker 8: Whoever it is that's in charge of Iran on any

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Speaker 8: given day to finally come to the table and be

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Speaker 8: willing to accept our conditions which is abandoned and dismantle

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Speaker 8: layer nuclear weapons program, ballistic missiles, and support for terrorism,

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Speaker 8: and restore freedom and navigation industry.

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Speaker 2: Former Vice President Mike Pence also praise the life and

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Speaker 2: foreign policy legacy of former Senator Lindsay Graham in discussion

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Speaker 2: with our Joe Matthew and Kaylee Lines on Bloomberg's Balance.

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Speaker 2: Get the full conversation on our video hub at Bloombergy

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Speaker 2: dot com and the Bloomberg Business app.

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Speaker 3: On Capitol Hillcare and legislation that would allow President Trump

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Speaker 3: to impose more restrictions on major buyers of Russian energy

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Speaker 3: and Iran has received overwhelming bipartisan support in the Senate.

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Speaker 3: The bill would extend penalties on Iran and empower the

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Speaker 3: president to target the top five buyers of Russian crewd

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Speaker 3: and natural gas with tariffs. Connecticut Democratic Senator Richard Blumenthal

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Speaker 3: spoke in support of the bill.

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Speaker 2: This bill says to Baibner, putin your days of war

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Speaker 2: are number.

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Speaker 5: You are on the losing side. Better to come to

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Speaker 5: the table now.

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Speaker 3: While Connecticut Democrat Richard Blumenthal was supportive, some other Democratic

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Speaker 3: lawmakers are warning that the legislation could be used by

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Speaker 3: the President as a legal justification for broad new tariffs.

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Speaker 2: Well Also happening in the Senate, Nathan Jake Clayton was

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Speaker 2: confirmed as Director of National Intelligence by a vote of

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Speaker 2: fifty one to forty seven, replacing interim Director Bill Poulti.

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Speaker 2: The former top federal prosecuta in Manhattan, will lead DNI,

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Speaker 2: which has seen staff reductions under Polti. At his confirmation

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Speaker 2: here in Clayton repeatedly declined to say if Joe Biden

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Speaker 2: won the twenty twenty election, reising concerns over whether he

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Speaker 2: would contradict the president in his new position.

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Speaker 3: And today on Capitol Hill, Karen doctor Anthony Fauci returns.

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Speaker 3: He's set to appear before the Senate Homeland Security Committee

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Speaker 3: after Senator Ran Paul released Fauci's pandemic diary.

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Speaker 5: We get more from Bloomberg Zamy Morris In Washington.

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Speaker 7: Homeland Security Chairman Rand Paul has publicly clashed with Fauci

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Speaker 7: over whether Fauci's agency could have funded research that could

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Speaker 7: produce a pandemic pathogen. This past weekend, The New York

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Speaker 7: Times reports Senator Paul released Fauci's diary entries in which

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Speaker 7: Fauci mused about the virus' origins. Paul claims Fauci lied

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Speaker 7: to Congress about whether the virus leaked from a laboratory.

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Speaker 7: Fauci has said he is open to the idea of

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Speaker 7: a lab leak, but he believes the virus was natural

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Speaker 7: in origin. In Washington, Amy Moore as Bloomberg Radio, Thank You.

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Speaker 2: We turned to the economy now, and traders are watching

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Speaker 2: whether the Fed or Reserve will change interest rates in

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Speaker 2: response to recent inflation data and geopolitical activity. On Bloomberg's

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Speaker 2: Michael McKee has a preview.

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Speaker 9: For the first time this year, a FED meeting is live,

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Speaker 9: which means there is a chance they might change the

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Speaker 9: nation's benchmark lending rate. Investors see about a forty percent

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Speaker 9: chance of a rate increase. The argument is inflation has

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Speaker 9: been above the fed's two percent target for five years,

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Speaker 9: and the resumption of fighting in Iran is pushing up

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Speaker 9: energy prices again. Proponents say a hike would build credibility

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Speaker 9: for new chairman Kevin Walsh and at the same time

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Speaker 9: lower long term rates. Economists, however, are almost unanimous in

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Speaker 9: saying it won't happen. They point to the benign CPI

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Speaker 9: and PPI readings for June and the move lower and

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Speaker 9: oil prices in the past few days. No matter which

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Speaker 9: way they vote, Worsh's news conference today will be very

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Speaker 9: closely watched. Michael McKee, Bloomberg Radio.

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Speaker 2: All right, Michael, thank you, and stay with Bloomberg for

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Speaker 2: a full coverage of the decision and share worshs and

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Speaker 2: news conference on a special edition of Bloomberg Surveillance. The

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Speaker 2: Fed decides, I said, one thirty pm Wall Street Time

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Speaker 2: on Bloomberg Radio, Bloomberg Television, and the Bloomberg Business app.

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Speaker 3: And along with all that, Karen, we get earnings later

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Speaker 3: today from some of the world's biggest spenders. On artificial intelligence.

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Speaker 3: But now we get a preview from Bloomberg's John Tucker.

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Speaker 5: Good morning, John, Good morning Nathan.

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Speaker 10: Well, after the close of regular trading, we're going to

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Speaker 10: hear from Meta Platforms and Microsoft.

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Speaker 5: They open their books.

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Speaker 10: Just as the selloff and chip makers has left the

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Speaker 10: Nasdaq one hundred on the brink of a correction, investors

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Speaker 10: are going to be looking to see how much they're

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Speaker 10: spending on AI and whether there's any return on that investment.

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Speaker 10: At the Starn School of Business, Ashwath Dema Doorn doesn't

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Speaker 10: sound too hopeful.

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Speaker 3: Maybe maybe these companies have collectively over invested. Doesn't mean

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Speaker 3: all of them are going to walk away as losers,

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Speaker 3: but collectively I think that they've overinvested in tens of

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Speaker 3: billions of dollars.

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Speaker 10: In April, Microsoft projected one hundred and ninety billion dollars

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Speaker 10: worth of capex and finance leases for the year of

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Speaker 10: Microsoft's free cash flow may actually go negative later this year. Meta,

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Speaker 10: which doesn't have an established cloud business, they're expected to

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Speaker 10: record capex this year of close to one hundred and

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Speaker 10: thirty nine billion dollars. Apple on Amazon they report tomorrow,

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Speaker 10: You New York, I'm John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you and for those earnings. This afternoon,

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Speaker 2: Bloomberg Radio is introducing a new feature exclusively for Bloomberg

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Speaker 2: dot Com subscribers and terminal clients. Participate in our wall

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Speaker 2: to wall coverage of earnings today at four pm Eastern

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Speaker 2: buy submitting questions for our analysts and experts to answer

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Speaker 2: live on air. Subscribers can go to Bloomberg dot com

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Speaker 2: slash Ask Radio to send in questions, then listen on

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Speaker 2: Bloomberg Radio and watch on Bloomberg Originals and YouTube at

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Speaker 2: four pm Eastern.

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Speaker 3: We're already seeing action in the tech space this morning.

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Speaker 3: Karen shares in South Korean chip giant sk Heinez have plunged,

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Speaker 3: despite the company reporting profits rose more than five hundred

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Speaker 3: and fifty percent compared to last year. Record margins and

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Speaker 3: plans for thirty one billion dollars of capital spending weren't

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Speaker 3: enough to meet sky high expectations for one of the

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Speaker 3: AI industry's lynch pins. Sk led another day of sell

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Speaker 3: offs in chip stocks in Asia. The Costpy index in

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Speaker 3: South Korea has now seen one of its most volatile

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Speaker 3: quarters ever for a major market.

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Speaker 2: Another AI news Nathan A. Rogue OpenAI agent has breached

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Speaker 2: a second testing environment, raising fresh questions about the safety

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Speaker 2: of advanced AI systems. The AI broke into a customer's

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Speaker 2: isolated testing environment hosted by cloud Computing for a modal,

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Speaker 2: which says its own platform was not compromised. Last week,

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Speaker 2: Open Ai revealed the same experimental AI agent it also

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Speaker 2: hacked developer platform hugging face after escaping a test area.

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Speaker 3: And finally, in Europe, care and firefighters in Spain and

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Speaker 3: France eracing to contain wildfires threatening Madrid and Bordeaux before

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Speaker 3: a fourth heat wave over these last few weeks.

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Speaker 5: Officials say the spread of these major fire.

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Speaker 3: Has slowed, but crews are racing to cool burned areas

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Speaker 3: before conditions deteriorate again. These wildfires are destroying crops and

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Speaker 3: disrupting transport.

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Speaker 2: It's time now for 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: and for that we're joined by Bloomberg's Michael Barr.

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Speaker 5: Michael, Good morning, Good morning, Karen.

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Speaker 6: The Northeast is still dealing with heavy rain and flooding.

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Speaker 6: Bloomberg Meeting religist Craig Allen has the latest.

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Speaker 11: Good Morning, traveling and commuting will be hectic and challenging

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Speaker 11: again today, especially from New York City and suburbs up

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Speaker 11: into New England. Boston and suburbs will see downpours, But

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Speaker 11: on the other hand, some good news down towards Washington

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Speaker 11: as thunderstorm chances diminish. So for today, I'm focusing in

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Speaker 11: on the area between Trenton, New York City to Hartford

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Speaker 11: for the greatest threat of flash flooding and possible stream

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Speaker 11: and river overflows as well.

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Speaker 6: Bloomberg Media religist Craig Allen. Rescuers in Japan continued the

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Speaker 6: hunt for survivors in the ruins of a shopping mall

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Speaker 6: on the southwestern island of Cayushu after a major earthquake

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Speaker 6: in which thirteen people had been confirmed dead so far.

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Speaker 6: An explosion rocked a mall shortly after the magnitude seven

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Speaker 6: point one quake hit. Today. Senator Lindsey Graham will be buried.

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Speaker 6: Senator Graham's body was transferred back to Columbia, South Carolina yesterday.

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Speaker 6: Graham was eulogized during a memorial service in Washington. President

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Speaker 6: Donald Trump, during his remark, said Graham would be remembered

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Speaker 6: as a Titan of the Senate.

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Speaker 2: He was a man who gave America the full measure

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Speaker 2: of his good and mighty heart until that heart itself

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Speaker 2: just gave out.

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Speaker 6: Graham died suddenly July eleventh, at the age of seventy

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Speaker 6: one of a likely aortic tear. New York State is

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Speaker 6: taking aim at tech companies who use algorithms targeting children

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Speaker 6: on social media platforms. It's part of the Stop Addictive

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Speaker 6: Feeds Exploitation for Kids Act. Governor Kathy Oakle says the

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Speaker 6: kids did not ask for the algorithms.

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Speaker 3: That are just constantly thrawing their attention away from being

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Speaker 3: a student or someone who can communicate in person with others.

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Speaker 5: The human connectivity has been lost in schools.

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Speaker 6: Governor Helckel, along with State Attorney General Letitia James, say

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Speaker 6: companies that don't comply face possible lawsuits from the state

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Speaker 6: and fines. Companies have until January to comply. Global News

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Speaker 6: twenty four hours a day and whenever you want it

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Speaker 6: with Bloomberg News Now, Michae Lbarr and this is Bloomberg.

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Speaker 2: Karen, thanks Michael a time now for our Bloomberg Sports update,

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Speaker 2: and for that you bring in John Stash.

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Speaker 12: Hour more details on the car accident that involved forty

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Speaker 12: nine Ers coach Kyle Shanahan. Original reporting was that it

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Speaker 12: was the fault of the other woman that was involved

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Speaker 12: in the accident. Shanahan spoke to reporters yesterday and said

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Speaker 12: it was his fault that took his eye off the

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Speaker 12: road when his phone fell between his seats that he

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Speaker 12: crossed into oncoming traffic. Draymond Green has played fourteen seasons,

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Speaker 12: all with the Golden State Wars. He had opted out

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Speaker 12: so that the Warriors could try and sign Lebron James.

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Speaker 12: That didn't happen. He signed a new deal with Golden State.

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Speaker 12: That's Bloomberg Sports Update.

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Speaker 2: Stay with us. More from Bloomberg day Break coming up after.

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Speaker 1: This Coast to coast on Bloomberg Radio, nationwide on Sirius Exam,

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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.

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Speaker 5: This is Bloomberg day Break. Good morning, I'm Nathan Hager.

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Speaker 3: After several days of relative calm in the Middle East,

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Speaker 3: the US now says it has intercepted a surprise Iranian

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Speaker 3: attack on its forces in the region. In the US

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Speaker 3: and Saudi Arabia have responded with strikes on Iran backed

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Speaker 3: militias in Iraq for the very latest joining US from

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Speaker 3: Dubai is Bloomberg News Middle East Managing editor owner aunt

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Speaker 3: SO owner. We'd seen both sides try to give diplomacy

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Speaker 3: a more space over the last few days. But after

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Speaker 3: these latest attacks, are we back to square one?

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Speaker 13: Good morning, good morning possibly And on the other hand,

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Speaker 13: it is still possible that diplomacy is taking place in

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Speaker 13: some shape or form. But yes, the organize strikes carried

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Speaker 13: out by Saudi Arabia targeting Iran backed militants in Iraq

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Speaker 13: really is a scary development. This is very rare since

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Speaker 13: Iraq and Saudi Arabia were involved in a war about

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Speaker 13: three and a half decades ago at the time of

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Speaker 13: Saddam Sying. And it also is a sign that this conflict,

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Speaker 13: unless it comes to an end, has a risk of

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Speaker 13: spreading to a wider area. Iraq was not an exempt

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Speaker 13: there were clashes there before, but this is the first

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Speaker 13: time that the US and the Kingdom of Saudi Arabia

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Speaker 13: jointly carried out attacks inside Iraq, and it comes right

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Speaker 13: after Iran backed militants carried out drowne strikes targeting Saudi

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Speaker 13: Arabia's oil field, Nathan.

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Speaker 3: Does this gooing to, as you say, a potential new

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Speaker 3: phase here. I mean, we've seen Iran go after US

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Speaker 3: interests in Kuwait and bakh Rain cut our in the

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Speaker 3: UAE as well, but with Saudi Arabia involved, now does

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Speaker 3: that take things to a potential new level.

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Speaker 13: It does.

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Speaker 8: So.

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Speaker 13: The Arabia's involvement deepened about two and a half weeks

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Speaker 13: ago when it first attacked the airport in Sanna to

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Speaker 13: prevent what it said was an arms shipment from Iran

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Speaker 13: to Hoothy's there, and that spurred tit for tat attacks

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Speaker 13: between the Kingdom and Huthy's and eventually we saw the

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Speaker 13: Hoothy's declaring a ban or blockade on Saudi Arabian vessels

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Speaker 13: trying to exit the Red Seat. Now, what happened overnight

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Speaker 13: is that the Iranian backed militants in Iraq, which have

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Speaker 13: been somewhat absent from the conflicts so far or for

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Speaker 13: much of it, are now in the game as well.

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Speaker 13: They were accused of targeting Saudi oil facilities, pipelines and

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Speaker 13: fields over the last couple of days. And this is

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Speaker 13: this is now possibly a new pont in the making.

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Speaker 2: This is Bloomberg day Break, your morning podcast on the

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Speaker 2: stories making news from Wall Street to Washington and beyond.

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Speaker 5: And I'm Nathan Hager.

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Speaker 3: Join us again tomorrow morning for all the news you

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Speaker 3: need to start your day right here on Bloomberg Day

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Speaker 3: Ray