Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, Yeah, futures are following this morning after President Donald
Speaker 3: Trump unleashed his final round of tariff announcements on countries
Speaker 3: around the world hours before his August first deadline. The
Speaker 3: President slapped thirty five percent tariffs on Canadian goods not
Speaker 3: covered under the US Mexico Canada trade agreement. Switzerland's products
Speaker 3: were hit with a thirty nine percent rate, and Taiwan's
Speaker 3: exports are facing a twenty percent duty, though that country
Speaker 3: says it expects to keep negotiating. We get more from
Speaker 3: Bloomberg News Global Trade editor Brendan Murray.
Speaker 4: The bottom line here is that the average US tariff
Speaker 4: rate is going from about two and a half percent
Speaker 4: before Trump was sworn in in January to around fifteen
Speaker 4: percent according to Bloomberg Economics. And that's, in any economist book,
Speaker 4: a difficult thing for an economy to absorb. So I
Speaker 4: think we'll see some more talks going on in the weeks.
Speaker 4: In the days and weeks ahead.
Speaker 3: Bloomberg's Brenton Murray says most countries are facing a baseline
Speaker 3: ten percent rate, while roughly forty nations are jumping to
Speaker 3: fifteen percent. The new tariffs won't take effect until August seventh,
Speaker 3: to give US Customs and Border Protection time to prepare.
Speaker 3: Former US trade negotiator Steven Olsen says that could add
Speaker 3: to market uncertainty.
Speaker 5: We do have a week to go, and this is
Speaker 5: a man who thrives on chaos and unpredictability and sometimes
Speaker 5: seems to be running his trade policy like a reality
Speaker 5: TV show. So until these tariffs actually go into effect
Speaker 5: on August seventh, let's sit back and see what happens.
Speaker 3: Former trade negotiator Steven Olsen says President Trump has embraced
Speaker 3: tariffs for decades, so these moves should not come as
Speaker 3: a surprise.
Speaker 6: Well, Nathan.
Speaker 2: President Trump is also escalating his campaign to pressure pharmaceutical
Speaker 2: companies to lower drug prices, and Bloomberg's John Tucker joins
Speaker 2: us with the very latest John, good morning.
Speaker 7: And good morning Karen. In letters send to Eli, Lilly, Novo, Nordis, Pfizer,
Speaker 7: and others, Trump insisted the companies immediately lower what they
Speaker 7: charge Medicaid for existing drugs. He also asked them to
Speaker 7: guarantee that future medicines be launched and remain at prices
Speaker 7: on par with what they cost overseas. He gave the
Speaker 7: world's seventeen largest drug makers sixty days to comply. If
Speaker 7: they don't, he writes, his administration will quote deploy every
Speaker 7: tool in our arsenal to protect American families. The pharmaceutical
Speaker 7: industry has long protested the idea of globally linked drug
Speaker 7: prices as a threat to years of US dominance in
Speaker 7: biomedical research. They've urged the administration instead to turn its
Speaker 7: attention to the middle men in the supply chain. Right now,
Speaker 7: in European trading, shares of Novo nordis down another four
Speaker 7: point eight percent. That company loses its spot among Europe's
Speaker 7: ten most valuable companies. Peiser pre market is down six
Speaker 7: tenths of a percentw Yor Income John Tucker Bloomberg.
Speaker 3: Okay, John, thank you. Earnings are also very much in
Speaker 3: focus this morning. We're watching shares of Amazon. They are
Speaker 3: down more than eight percent pre market. The online retail
Speaker 3: giants projecting weaker than expected operating income and is trailing
Speaker 3: the sales growth of its cloud rivals. That has investors
Speaker 3: questioning whether Amazon's huge investments and artificial intelligence are paying off.
Speaker 3: Anarag Rana is a senior tech analyst at Bloomberg Intelligence.
Speaker 8: Do you see you know, they met expectations on Aw's
Speaker 8: growth of seventeen percent in constant currency. But you know,
Speaker 8: this is where we are saying that this is probably
Speaker 8: not good enough because Microsoft beat by a big number.
Speaker 8: Google beat by a big number, and the big question
Speaker 8: is going to be, you know, why didn't Amazon beat
Speaker 8: by a big number?
Speaker 3: Bloomberg Intelligence is on arag Rana says Amazon spenter record
Speaker 3: thirty one point four billion dollars on capital expenditures in
Speaker 3: the quarter. That was up about ninety percent from the
Speaker 3: same period a year earlier.
Speaker 2: On the flip side, Nathan shares of Apple are at
Speaker 2: more than one and a half percent. The iPhone maker
Speaker 2: posted as fast as corely revenue growth in more than
Speaker 2: three years. Strong iPhone sales and a rebound in Shana
Speaker 2: helped beat estimates despite a projected tariff hit.
Speaker 6: Mark German covers Apple for Bloomberg.
Speaker 9: There are people who still have iPhones that are several
Speaker 9: years old, four to six even older years of iPhone right,
Speaker 9: There's people on Android, there's people new to the smartphone market,
Speaker 9: and clearly the impact of tariffs didn't have a negative.
Speaker 7: Impact on Apple.
Speaker 9: It had a positive impact on Apple. That's because a
Speaker 9: lot of people were anticipating major price hikes to the
Speaker 9: iPhone and they flooded Apple retail stores.
Speaker 2: Bloomer's Mark German says Apple predicted that fourth quarter revenue
Speaker 2: would be up by a percentage in the mid to
Speaker 2: high single digits. CEO Tim Cook also says the company
Speaker 2: is helping investment in artificial intelligence.
Speaker 3: Well, this morning, Karen, the earnings focus turns from big
Speaker 3: tech to big oil. We'll hear from both ex On
Speaker 3: Mobile and Chevron. We get a preview from Bloomberg's Tom Busby.
Speaker 10: Investors at Exon Mobile eager to hear about the company's
Speaker 10: progress and developing a massive oil field in Guyana, also
Speaker 10: the latest shale production plans in the Permian Basin. Bloomberg
Speaker 10: consensus calls for revenue of eighty point three nine billion
Speaker 10: dollars and adjusted earnings per share of a dollar fifty six.
Speaker 10: Chevron investors want to hear about the company's long delayed
Speaker 10: but now completed acquisition of Hess and how that'll impact
Speaker 10: its share buyback plans. Bloomberg consensus calls for revenue of
Speaker 10: forty six point seventy five billion on adjusted earnings per
Speaker 10: share of a dollar seventy one. Tom buzzby Bloomberg.
Speaker 11: Radio, All right, Tom, Thanks.
Speaker 2: A busy week on the economic front concludes this morning
Speaker 2: with the July jobs report. Economists are forecasting a gain
Speaker 2: of one hundred and four thousand jobs at an unemployment
Speaker 2: rate of four point two percent. Begin more with Bloomberg's
Speaker 2: Michael McKee.
Speaker 12: Job growth will slow and unemployment will have ticked up
Speaker 12: in July, economists forecasts. But it's not the end of
Speaker 12: the world or even the economic expansion. Once again, it's tariffs.
Speaker 12: Companies have been suspending guidance and announcing price increases to
Speaker 12: offset tariffs, but they have not yet resorted to cutting jobs.
Speaker 12: It won't matter much to the FAD if unemployment does
Speaker 12: rise by a tenth or so, but a quick jump
Speaker 12: to say four and a half percent, would worry policymakers,
Speaker 12: who may take it as a signal policy is too tight.
Speaker 12: There will be time to consider the implications no matter
Speaker 12: what we get. The next FED meeting is not until
Speaker 12: September seventeenth. Michael McKee, Bloomberg radio.
Speaker 3: All right, Mike, thanks and speaking of the Fed, President
Speaker 3: Trump is keeping up his pressure campaign on j. Powell
Speaker 3: to lower rates, once again, taking to social media to
Speaker 3: criticize the FED chair. Lyle Brainerd is a former vice
Speaker 3: chair of the Federal Reserve.
Speaker 13: What has been surprising to me is to hear the
Speaker 13: President talk about lowering rates as though it is the
Speaker 13: Federal Reserves responsibility to lower rates for US Treasury debt management.
Speaker 13: And that, of course, is exactly how central banks go
Speaker 13: wrong in emerging markets.
Speaker 3: Former FED Vice chair Lyle brainer also says she thinks
Speaker 3: the President's higher tariff rates will hamper economic growth.
Speaker 2: And finally, Nathan and of an Era, Ray Dalio has
Speaker 2: sold his last remaining stake in Bridgewater Associates and also
Speaker 2: left the hedge Funds board. Dalio first announced his succession
Speaker 2: plan more than a decade ago, but he did not
Speaker 2: fully hand over the rains until twenty twenty two, when
Speaker 2: he transferred his voting rights to its board of directors
Speaker 2: and stepped down as one of its three co chief
Speaker 2: investment officers. He stayed on the board at the time,
Speaker 2: and Dalio founded the firm in nineteen seventy five. Time
Speaker 2: now for a look at some of the other stories
Speaker 2: making news in New York and around the.
Speaker 6: World, and for that we're joined by Bloomberg's and Michael Barr. Michael,
Speaker 6: good Morning, Good morning, Karen.
Speaker 14: Storms have been lashing the East Coast from Virginia to Connecticut,
Speaker 14: flooding roadways in New York. Vehicles were stranded in pockets
Speaker 14: of high water and water pouring over a train in
Speaker 14: Manhattan's Grand Central Terminal. Commuter rail lines into suburban Long
Speaker 14: Island and New Jersey were suspended in places, flash flood
Speaker 14: warnings and effect for parts of New York City, New Jersey,
Speaker 14: and Philadelphia. States of emergency have been declared in New
Speaker 14: Jersey and New York City. With more on the weather,
Speaker 14: here's Bloomberg meete religius Craig Allen.
Speaker 15: The delus from last evening. That's gone. There are still
Speaker 15: some showers around. They'll be moving out of the area.
Speaker 15: All flood alerts have been canceled. I mean, it must
Speaker 15: have been frightening for some of those caught in the
Speaker 15: flooding range that caused the flash flooding on some of
Speaker 15: the major interstates around the region.
Speaker 14: Bloomberg Media relogist Craig Allen. The storms delayed flights from
Speaker 14: Boston to Washington, d C. The NYPD and politicians gathered
Speaker 14: at the funeral Thursday for the officer killed in the
Speaker 14: Midtown Manhattan mass shooting this week. Ditital Islam was off
Speaker 14: duty working security when he was fatally shot by a
Speaker 14: gunman at three forty five Park Avenue. Islam is one
Speaker 14: of three funerals these past few days. Also yesterday, funeral
Speaker 14: services took place for Blackstone executive Wesley Lapatner. Her fourteen
Speaker 14: year old daughter gave the eulogy.
Speaker 11: My mom was like my Rocky.
Speaker 2: I would talk to her and I can't or canny news,
Speaker 2: nothing else would make it better.
Speaker 14: Funeral services were held for Roudent employee Julia Hyman on Wednesday.
Speaker 14: Israel's military intelligence agency is undergoing changes. The service is
Speaker 14: making profound revisions, including reviving an Arabic language recruitment program
Speaker 14: for high school students and training all troops in Arabic
Speaker 14: and Islam. It comes after the October seventh, twenty twenty
Speaker 14: three attack by hamas global news twenty four hours a
Speaker 14: day and whenever you want it with the Bloomberg News
Speaker 14: Now Michael Barr and this is Bloomberg.
Speaker 6: Karen all right, Michael Barr, thank you.
Speaker 2: Time now for the Bloombergy sports Okay, brought to you
Speaker 2: by Flushing Bank, and here's John stash Hour.
Speaker 6: John, good morning, Good morning, careen.
Speaker 16: It was let's make a deal day throughout baseball and
Speaker 16: perhaps no team busier just before the trade deadline than
Speaker 16: the Yankees. They had already added three players. They added
Speaker 16: four more. There are three relief pitchers. David Bednar was
Speaker 16: a two time All Star in Pittsburgh. Camillo de Val
Speaker 16: had over one hundred career saves, while in San Francisco,
Speaker 16: Jake Bird comes from Colorado. And then in the eighth
Speaker 16: inning of the Yanks seven to four went over Tampa Bay.
Speaker 16: They acquired a player who was in the opposing dugout.
Speaker 16: Jose Caballero has been Baseball's best base dealer of the
Speaker 16: past two seasons. Aaron Boom impressed with what the front office,
Speaker 16: SA chief.
Speaker 11: Love what they were able to do.
Speaker 17: I think we're a better club today than yesterday, and
Speaker 17: certainly today than we were last week. And now we
Speaker 17: know what we were going with and what we got,
Speaker 17: you know.
Speaker 16: Onward, they win over the Rays the third in a row.
Speaker 16: They jumped to a seven nothing lead. It was seven
Speaker 16: to four when there was a rain delay of nearly
Speaker 16: three hours and then no scoring after that. Yanks down
Speaker 16: three and a half behind Toronto, playing tonight in Miami
Speaker 16: and the Metz Hosta Giants. Mets have a new center fielder,
Speaker 16: Cedric Mullin spent eight seasons in Baltimore. A few years ago,
Speaker 16: had thirty home runs and stolen bases. Carlos Correa, going
Speaker 16: from Minnesota back to Houston, where he spent seven years,
Speaker 16: helped the Astros win a World Series. The Red Sox
Speaker 16: landed pitcher Dustin May from the Dodgers. They beaten May
Speaker 16: in a game a few days ago at Benway. Taylor Rogers,
Speaker 16: whose twin brother Tyler was just acquired by the Mets,
Speaker 16: was traded for the second day in a row. He's
Speaker 16: touring the NL Central, went from Cincinnati to Pittsburgh and
Speaker 16: now the Cubs. A year ago, the Knicks sent a
Speaker 16: boatload of draft picks to the Nets from Michel Bridges.
Speaker 16: He averaged eighteen points a game, led the NBA AD
Speaker 16: minutes played in. Bridges now has a new contract with
Speaker 16: the Knicks four years, one hundred and fifty million, he
Speaker 16: has never missed a game in his seven year career.
Speaker 11: John Staneshawer Bloomberg Sports.
Speaker 1: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business Altum. This is Bloomberg Daybreak.
Speaker 3: Good morning, I'm Nathan Hager here. It is August first,
Speaker 3: and as promised, President Donald Trump has announced a slew
Speaker 3: of new terror frights on countries around the world, after
Speaker 3: announcing deals with a handful of them in recent weeks.
Speaker 3: But former US trade negotiator Steven Olsen says he wouldn't
Speaker 3: call these deals.
Speaker 18: What we've got here are a series of extremely vague
Speaker 18: framework agreements which will require additional negotiations before they're actually
Speaker 18: translated into anything even approximating well, we could legitimately refer
Speaker 18: to a trade agreement.
Speaker 3: Steven Olsen is now a senior fellow at the Institute
Speaker 3: of Southeast Asian Studies and for more. We're joined this
Speaker 3: morning by Bloomberg News Senior editor Bill Ferries. So, Bill,
Speaker 3: what do we have this morning?
Speaker 11: Good morning, Good morning. So yeah, we're here.
Speaker 19: It's been a long bumpy road since those April second
Speaker 19: Liberation Day tariffs were first announced, We've seen a lot
Speaker 19: of pauses and fits and starts since then. This does
Speaker 19: seem to be a kind of the moment.
Speaker 14: Now.
Speaker 19: President Trump, as you said, unleashed a whole slew of tariffs,
Speaker 19: some some big surprises in there, some countries getting more
Speaker 19: than they bargained for, and I think the baseline rate
Speaker 19: of ten percent kind of a pleasant surprise to other
Speaker 19: countries who maybe had been expecting that to increase. So
Speaker 19: the market's kind of still digesting this, and it's you know,
Speaker 19: there's still countries, big, big outliers there like China and
Speaker 19: India still looking to make deals. So it does seem
Speaker 19: like the deadline has been reached, but there's still going
Speaker 19: to be a lot going on in the days and
Speaker 19: weeks in head.
Speaker 3: Well, let's get into that. What could we see over
Speaker 3: the next few days here, particularly when we're seeing you know,
Speaker 3: some countries like Switzerland and Canada getting hit with much
Speaker 3: higher rates than that ten percent baseline you just mentioned.
Speaker 19: Yeah, I think those are two of the big surprises,
Speaker 19: particularly Switzerland getting a thirty nine percent tariff when you
Speaker 19: consider that many of its neighbors who are EU nations
Speaker 19: got about a fifteen percent. Switzerland, of course, exports huge
Speaker 19: amount of pharmaceuticals to the US, so that's going to
Speaker 19: have an immediate hit on drug prices once that comes
Speaker 19: into effect August seventh. And out in Asia, you've seen
Speaker 19: countries or governments like Taiwan getting twenty percent, while two
Speaker 19: of its biggest rivals, Japan and South Korea, were at
Speaker 19: fifteen percent. So the effect of these tariffs as it
Speaker 19: plays out in the days and weeks ahead, is going
Speaker 19: to be shifting kind of the competitive landscape between countries
Speaker 19: that may you know, have typically competed in similar products
Speaker 19: but have different rates when it comes to exporting to
Speaker 19: the US.
Speaker 3: To your point, I guess we've heard from Taiwan as
Speaker 3: well that they consider that twenty percent rate that you
Speaker 3: just mentioned temporary and that more negotiations could be to come.
Speaker 3: Is that what we should expect here, that even more
Speaker 3: of these countries could keep negotiating even after this August
Speaker 3: first deadline that's coming gone.
Speaker 19: Yeah, I mean, so the August first deadline that will
Speaker 19: those tariffs are sposed to kick in August seventh. In theory,
Speaker 19: I think there's going to be time there to negotiate
Speaker 19: But last, yes, I think nations, if they've learned anything
Speaker 19: about President Trump, it's that he's a deal maker. He
Speaker 19: likes to make deals. They the White House may feel
Speaker 19: like it has made those deals. But I think if
Speaker 19: a if a country comes in, if India or a
Speaker 19: Taiwan comes in, and they say, you know, they find
Speaker 19: a way to perhaps buy more American products or or
Speaker 19: make some changes. I don't think that down the road
Speaker 19: we're you know, I think down the road, I think
Speaker 19: we're going to see more deals getting tweaked. And that's
Speaker 19: what a lot of governments are going to be banking
Speaker 19: on going forward.
Speaker 3: So if we do see these terrif rates kicking in,
Speaker 3: as you mentioned on August seventh, once the US Customs
Speaker 3: and Border Protection gets that time to adjust to this,
Speaker 3: what's the potential economic impact from where these terif rates lie.
Speaker 19: Now it's a huge global economic experiment and an experiment
Speaker 19: for the US economy. I mean, these tariffs, these US
Speaker 19: tariffs are now going to be at the highest rate
Speaker 19: since World War Two. And even if some countries are
Speaker 19: breathing a sigh of relief that they got just ten percent,
Speaker 19: and I'm thinking, you know, countries like Singapore for instance,
Speaker 19: ten percent. The average US tariff was about two percent
Speaker 19: six months ago. So these are huge changes and they
Speaker 19: will continue to trickle through into the US economy and
Speaker 19: it's hard to not see that starting to affect inflation
Speaker 19: more seriously in the months ahead.
Speaker 3: And on top of all this bill, I guess we're
Speaker 3: still waiting for a lot of sectoral tariff announcements as well.
Speaker 3: I mean, what could that mean when it comes to
Speaker 3: certainty in the market.
Speaker 19: Yeah, there is still a lot of uncertainty. There are
Speaker 19: products pharmaceuticals are chief among them, semiconductors, those are still
Speaker 19: being subject to what the US calls these Section two
Speaker 19: three two investigations to see if there's a national security risk,
Speaker 19: and presumably if there are, that allows Donald Trump to
Speaker 19: put additional tariffs on those products. So, by no means
Speaker 19: is this the end of it, just because countries have
Speaker 19: gotten their number some of the products they export Switzerland
Speaker 19: I said thirty nine percent, but a big pharma exporter,
Speaker 19: they could be seen increased tariffs on those products once
Speaker 19: the US reaches those decisions.
Speaker 3: And not the end of it, but maybe the market
Speaker 3: adjustment to what's happening now is just beginning. Thank you.
Speaker 14: For this.
Speaker 3: Bloomberg News Senior editor Bill ferries with us on this
Speaker 3: August first, Karen.
Speaker 2: Nathan, we're also focusing on the markets in big tech
Speaker 2: earnings this morning. Shares of Amazon, they are down more
Speaker 2: than eight percent, Apple up. It's higher by almost two
Speaker 2: percent right now. And this follows yesterday's After the Bell
Speaker 2: reports for more, We're pleased to welcome Bloomberg Radio and
Speaker 2: TV anchor Kreedie Goopta Creedy.
Speaker 6: Good morning, Hey, Chriatie.
Speaker 2: Let's start with Amazon, because it's really hard to ignore
Speaker 2: the stock move this morning.
Speaker 6: What are investors reacting to?
Speaker 20: Good morning, Karen, Yeah, it's been a really interesting tech
Speaker 20: earning story, A tale of two. I think is fair
Speaker 20: to say Amazon cheres down by eight percent, treating about
Speaker 20: two hundred and fifteen.
Speaker 11: Dollars a share.
Speaker 20: This is all about weakness when it comes to Amazon
Speaker 20: Web services. When you think Amazon, we think about the packages,
Speaker 20: we think about the e commerce business. But ultimately they
Speaker 20: are pivoting firmly in the tech direction and that's where
Speaker 20: they've disappointed the market.
Speaker 1: Now.
Speaker 20: It doesn't help that we also got Microsoft earnings just
Speaker 20: twenty four hours before, which really set a positive tone
Speaker 20: for cloud adoption for the Asia kind of services that
Speaker 20: they had, So the expectations were pretty high for Amazon
Speaker 20: to impress the market, and to be fair, they did
Speaker 20: in some ways. Their revenues did come in better than expected,
Speaker 20: but not by much. And this is a market that
Speaker 20: is very tough on tech companies right now that the
Speaker 20: expectations are high and you have to be even better
Speaker 20: than the expectations. You have to get an A plus
Speaker 20: plus instead of just and a plus. And this is
Speaker 20: where Amazon kind of finds itself right now because they're
Speaker 20: also talking about weaker than expected operating income as well
Speaker 20: as some of the sales growth when it comes to aws.
Speaker 11: So that big idea of spend.
Speaker 20: Big on AI, spend big on cloud and see that
Speaker 20: kind of multiply ultimately over time. That's the shadow of
Speaker 20: doubt that's being cast from Wall Street this morning.
Speaker 2: And it really did seem like CEO Andy Jasse he
Speaker 2: had a longer view when it came to all of this,
Speaker 2: but he still couldn't ease those concerns on the earnings call,
Speaker 2: could he?
Speaker 11: He couldn't.
Speaker 20: He's trying to use that magic word that I think
Speaker 20: we've seen and not just the tech companies in the
Speaker 20: tech space, but across corporate America and arguably the global
Speaker 20: corporate sphere, which is artificial intelligence. And there was an
Speaker 20: era where every time you said artificial intelligence, the stock
Speaker 20: would just spike because of this kind of momentum driven story.
Speaker 20: And he's making that point. He says, look, we're very
Speaker 20: early days in that investment story. We know Amazon has
Speaker 20: that massive anthropic venture as well, and they are competing
Speaker 20: with the likes of Alphabet, Microsoft, Oracle among others as
Speaker 20: well in the out space.
Speaker 11: There. He's saying, give it some time.
Speaker 20: But this is now at a point where Wall Street
Speaker 20: is looking at these AI kind of expectations, looking at
Speaker 20: these AI investments and say when is it going to
Speaker 20: pay off? And Andy Jesse wasn't able to make that case.
Speaker 2: All right, well, we're seeing better reaction to Apple this
Speaker 2: morning it reported fastest revenue growth in more than three years.
Speaker 6: What else did you take away from this?
Speaker 20: You know, it's funny because we go into Amazon with
Speaker 20: such a strong earnings expectations. With Apple, you went in
Speaker 20: with some pretty beat up earnings expectations.
Speaker 11: The idea that the tariff story would really.
Speaker 20: Eat into the bottom line, would eat into the supply chains,
Speaker 20: especially as Apple tries to move their supply chain from
Speaker 20: China to India. And you actually saw the opposite on
Speaker 20: two key fronts. One that so much of those tariffears
Speaker 20: actually showed up and people buying iPhones ahead of time
Speaker 20: expecting the prices to go up, So that was good
Speaker 20: news for their bottom line revenue. But also the fact
Speaker 20: that they are actually doing better than expected in China.
Speaker 20: And this has been a key sticking point for Apple.
Speaker 20: Because Apple is ultimately an American lug product, there are
Speaker 20: plenty of competitors in Asia as well, and they haven't
Speaker 20: been able to have the foothold and the growth in
Speaker 20: that part of the world that they were really hoping for,
Speaker 20: to the point that just this week has been reported
Speaker 20: that they shuttered their first retail store in China, really
Speaker 20: kind of showing that weakness that they've had there. I
Speaker 20: think it's crucial though, that Apple has at least today
Speaker 20: convinced investors that is no longer the narrative. The question
Speaker 20: now moving forward is cand of sustain that growth in
Speaker 20: the iPhone picture, but also in Asia.
Speaker 2: This is Bloomberg day Break, your morning podcast on the
Speaker 2: stories making news from Wall Street to Washington and beyond.
Speaker 3: Look for us on your podcast feed by six am
Speaker 3: Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2: You can also listen live each morning starting at five
Speaker 2: am Wall Street Time on Bloomberg eleven three to zero
Speaker 2: in New York, Bloomberg ninety nine to one in Washington,
Speaker 2: Bloomberg ninety two to nine in Boston, and nationwide on
Speaker 2: serious XM Channel one twenty one.
Speaker 3: Plus listen coast to coast on the Bloomberg Business app
Speaker 3: Now with Apple CarPlay and Android Otto.
Speaker 2: And don't forget to subscribe to Bloomberg News Now. It's
Speaker 2: the latest news whenever you want it in five minutes
Speaker 2: or less. Search Bloomberg News Now on your favorite podcast
Speaker 2: platform to stay informed all day long. I'm Karen Moscow.
Speaker 3: And I'm Nathan Hager. Join us again tomorrow morning for
Speaker 3: all the news you need to start your day right
Speaker 3: here on Bloomberg Day Ray