Speaker 1: And it's now five oh seven on Wall Street, where
Speaker 1: it's seventy two degrees in Central Park. Already got an
Speaker 1: accident at westbound b Quee off ramp to the Brooklyn Bridge.
Speaker 1: Details coming up in traffic. First Michael Barr with what
Speaker 1: else is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. The earth moved in
Speaker 1: New Jersey last evening. According to the U S Geological Survey,
Speaker 1: two earthquakes at in northern New Jersey. The first to
Speaker 1: two point three magnitude earthquake was just before five fift pm,
Speaker 1: about six miles northwest of Morris Plains at one point
Speaker 1: seven magnitude. After shock was then reported shortly after six
Speaker 1: thirty pm, also in Morris County. The last earthquake in
Speaker 1: New Jersey was in Freehold in twenty recorded at a
Speaker 1: three point when magnitude one. Texas official says migrants crossing
Speaker 1: into El Paso want to come to New York City.
Speaker 1: El Paso has been housing asylum seekers are welcome centers
Speaker 1: there to assist the homeless population. Texas has been bussing
Speaker 1: migrants from the Opportunity center to where they to go.
Speaker 1: Speaking to ABC's k v I A n L pas SO.
Speaker 1: John Martin, the deputy director of the center, says, up
Speaker 1: until now it has been working out well. I've never
Speaker 1: seen individuals run so quickly to take a shower so
Speaker 1: that they could get on a bus. They'll be able
Speaker 1: to go to where they wanted to go, Martin says,
Speaker 1: though it appears to have stopped, a bus schedule to
Speaker 1: leave Monday from the center was postponed. Former Soviet president
Speaker 1: Michael Gorbachov has died. Russian news reports say it happened
Speaker 1: at the Central Clinical Hospital where he was undergoing unspecified
Speaker 1: treatments after a long illness. Michael Gorbachev was ninety one.
Speaker 1: Texas is announcing the first confirmed fatality a monkey pox
Speaker 1: in the US. Dr Jennifer mcquisten says the patient in
Speaker 1: Texas who tested positive for monkey pox had other underlying
Speaker 1: health conditions. It's important to focus that we have mitigation
Speaker 1: letters in place to prevent monkey pots. Get vaccinated, if
Speaker 1: you're sick, go to a doctor, get tested, and if
Speaker 1: you have severe illness, there are treatments that are available.
Speaker 1: Dr mcquisten says only a handful of monkeypox fatalities have
Speaker 1: been reported globally. President Biden announced this Safer America program.
Speaker 1: He proclaimed in Wilkesburry, Pennsylvania, the nation had to fund
Speaker 1: the police, then criticize GOP members of Congress for not
Speaker 1: supporting his plan. Guess what, every single Republican member of Congress,
Speaker 1: every single one in this state, every single one, voted
Speaker 1: against the support for law enforcement and talked about how
Speaker 1: much they love it. They voted against the funding. President
Speaker 1: Biden Global names twenty four hours a day on air
Speaker 1: end on Bloomberg Quittake, powered by more than seven hundred
Speaker 1: journalists analysts more than a d twenty countries. Michael Barn
Speaker 1: this is Bloomberg, Nathan. Thanks Michael. Almost five town on
Speaker 1: Wall Street. Time for the Bloomberg Sports Update. Good morning,
Speaker 1: John Stanshower, The morning, Nathans. We get ready to flip
Speaker 1: the calendar to step Tenbury. Eighty fans would like to
Speaker 1: see their teams play well as they get ready for October.
Speaker 1: Per half a figure story will be a daily washs
Speaker 1: to see how many home runs their star player ends
Speaker 1: up with. He came up in Anaheim fourth inning, two
Speaker 1: men one to kit will to right. Aaron Judge has
Speaker 1: done it again. Number fifty one for judge. He's ten
Speaker 1: l a from Watch Your Marris. It's a three run
Speaker 1: shot and the inches to go pen it up. It's
Speaker 1: sevens of tunes of the f a n earlier Yankee
Speaker 1: home runs. The Anthony Rizzo is thirty, Andrew Bennettendy in
Speaker 1: the first and Yanks end of the three games slide.
Speaker 1: They've beat the angel seven four with six Yankee relievers
Speaker 1: combining to pitch the last seven, and the Mets schedule
Speaker 1: is gonna get a lot easier. There's nothing easy about
Speaker 1: playing the Dodgers, who won four three in city field.
Speaker 1: They've won twenty six of their last thirty two games.
Speaker 1: The Dodgers are fifty two games over five hundred's the
Speaker 1: only marte Mark Kanna Homer to the loss for the Mets.
Speaker 1: Two days after he went thirty for thirty eight. The
Speaker 1: Giants cut third string quarterback Davis Webb, electing to go
Speaker 1: with only two qbs. The Jets kept white out Denzel
Speaker 1: Mims on the roster. He had recently asked for a
Speaker 1: trade for Rafael at Ole's first US Open match. The
Speaker 1: two has the nineteen you want to improve the sixteen
Speaker 1: and old lifetime. In the opening round, forty two year
Speaker 1: old Venus Williams lost. Unlike Serena, Venus has not say
Speaker 1: anything about retirement. Although she hardly plays these days. Her
Speaker 1: ranking is over fifteen hundred. Serena is retiring, so tonight
Speaker 1: could be her swan songs. She takes on the second
Speaker 1: seed and neck count Delight, huge pro Serena crowd will
Speaker 1: be on hand. John Stashower, Bloomberg Sport cantin. You had
Speaker 1: to say the least thank you, John. Futures fluctuating this morning,
Speaker 1: SMP futures right now down three points down, futures down
Speaker 1: forty six. Nastack futures are up nineteen. You're listening to
Speaker 1: Bloomberg Daybreak Flimberg eleven three oh weather turning nice for
Speaker 1: the rest of this week's sunny, less humid mid eighties today,
Speaker 1: low eighties tomorrow, sunshine Friday, high near eighty degrees. Right
Speaker 1: now seventy two in Central Park, Live from the Bloomberg
Speaker 1: Interactive Burgers Studios. This is Bloomberg Daybreak for Wednesday, August one,
Speaker 1: coming up this hour. Stocks entered the day trading at
Speaker 1: a one month low. More FEDE officials hammer home the
Speaker 1: message of bringing down inflation. Goldman and Morgan Stanley eas
Speaker 1: covid roles so workers can return to the office, and
Speaker 1: new developments involving the search of Donald Trump's Florida home.
Speaker 1: Former Soviet leader Michael Gorberge office died, plus the ground
Speaker 1: moved in New Jersey. I'm Michael Barr Moore on the
Speaker 1: Earthquake Ahead. I'm John Stanton, Sports another errand Judge all Ron.
Speaker 1: The Yankees won the Mets loss Arena. Williams plays tonight
Speaker 1: at the US Open. That's all trading ahead on Bloomberg
Speaker 1: Daybreak on Bloomberg eleven Free on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one Boston, Bloomberg nine sixties,
Speaker 1: San Francisco, Syrius x M one nineteen and around the
Speaker 1: world world on Bloomberg Radio dot Com and via the
Speaker 1: Bloomberg Business App. Good morning, I'm Nathan Hagar and I'm
Speaker 1: Karen Moscow and US Dock Index futures are little change
Speaker 1: this morning. We are coming up to five o one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. S and P
Speaker 1: futures and Dow futures are little change. Nowaday futures are higher,
Speaker 1: up twenty three and the tenure treasury down eight thirty seconds.
Speaker 1: The three point one three percent yield on the two
Speaker 1: year three point four eight percent. Nathan Karen stocks begin
Speaker 1: this session trading at a one month low as FED
Speaker 1: fears continue to persist in markets. Three regional FED presidents
Speaker 1: yesterday reiterated Chair J. Powell's intention to bring down inflation.
Speaker 1: Amanda Gotti, as chief investment officer at P and C
Speaker 1: Asset Management Group, I actually think that we're going to
Speaker 1: start to see more confirmation and evidence of inflation rolling over.
Speaker 1: And while the Fed, you know, only has a few
Speaker 1: data points to go on here so far, I think
Speaker 1: the market has already adjusted on equity side in terms
Speaker 1: of evaluations, but also on the bond market side in
Speaker 1: terms of you know, futures, probability of rate hikes, and
Speaker 1: where interest rates have moved. To P N C Asset
Speaker 1: Management Samanda Gotti says she's not making any meaningful changes
Speaker 1: right now to her portfolio. Richmond Fed President Thomas Barkin
Speaker 1: is one of the central bank officials beating the drum
Speaker 1: to stop inflation. Nathany val the FED would not flinch
Speaker 1: in its efforts to cool prices, but cautioned it might
Speaker 1: not be a smooth process. We're committed to getting inflation
Speaker 1: under control, and there's a path to get there. A
Speaker 1: recession is obviously a risk in the process. Um, I'll
Speaker 1: just say for context, nobody ever canceled the business cycle.
Speaker 1: So when you say there's a risk of recession, it
Speaker 1: doesn't have to be like a two recession. Richmond Fed
Speaker 1: President Thomas Barkin made the comments in West Virginia yesterday.
Speaker 1: Well Wall Street's worried that the Fed's aggressive battle against
Speaker 1: inflation will lead to higher unemployment and recession. Karen in
Speaker 1: this morning, we get the first read on August jobs
Speaker 1: with the new revamped a DP report. Let's get a
Speaker 1: preview from Bloomberg's Michael McKee. ADP returns from its months
Speaker 1: long hiatus with updated methodology and a range of wage data,
Speaker 1: and avow it's not supposed to be a forecast of
Speaker 1: the government's monthly payroll report. The revamped report, developed with
Speaker 1: the Stanford Digital Economy Lab, will feature the monthly change
Speaker 1: in private employment, as well as weekly payrolls data for
Speaker 1: the preceding month, median annual growth by industry, company size, region,
Speaker 1: gender and age will also now be available. While there
Speaker 1: is a median projection for this month's report, given the changes,
Speaker 1: several Wall Street economists haven't submitted estimates for this month.
Speaker 1: Michael McKey, Bloomberg Daybreak, Ry, Mike, thank You, and Europe.
Speaker 1: Prices in British shops rose this month at the highest
Speaker 1: rate since at least two thousand five. According to the
Speaker 1: British Retail Consortium, Shop price inflation increased a five point
Speaker 1: one percent in August. The price of food rose even
Speaker 1: more nine point three. In Asia, Kare and China's factory
Speaker 1: activity can acted in August for a second straight month.
Speaker 1: Bloomberg Daybreak Asia anchor Brian Curtis has more from Hong Kong.
Speaker 1: The official p m I rose to forty nine point
Speaker 1: four from forty nine in July. The economy has been
Speaker 1: hit by power outages, the crisis in the property market,
Speaker 1: and multiple COVID outbreaks. The reading was slightly higher than
Speaker 1: the estimate of forty nine point two, but still in
Speaker 1: contraction mode. Meantime, the non manufacturing gauge fell to fifty
Speaker 1: two point six from fifty three point eight. The main
Speaker 1: takeaway this economy is still losing speed in Hong Kong.
Speaker 1: Brian Curtis, Bloomberg day Break, Right, Brian, thank you back
Speaker 1: here at home. New allegations of obstruction of justice may
Speaker 1: be added to former President Trump's legal woes. We get
Speaker 1: details from Bloomberg's Amy Morris in our newsroom in Washington.
Speaker 1: The Justice Department has responded to former President Trump's request
Speaker 1: for a special master review of documents he kept at
Speaker 1: his home in Florida. Investigators suggest Trump may have tried
Speaker 1: to obstruct the investigation. The d o J says the
Speaker 1: records that were held in a storage roop marl Lago
Speaker 1: appear to have been moved before the FBI search in June.
Speaker 1: As far as appointing a third party to review those documents,
Speaker 1: the government said that was not only unnecessary, it would
Speaker 1: only serve to delay the ongoing investigation. The judge has
Speaker 1: directed Trump to respond to the d o J filing
Speaker 1: by tonight in Washington. I'm any more as Bloomberg Daybreak,
Speaker 1: thanks Samy on Wall Street. Two of the most prominent
Speaker 1: investment banks are removing some of the final hurdles to
Speaker 1: a full return to the office following the pandemic. More
Speaker 1: from Bloomberg stud Prisner Goldman, Saxon, Morgan Stanley will ease
Speaker 1: some of their remaining COVID nineteen protocols after the Labor
Speaker 1: Day weekend. Goldman will allow employees outside New York to
Speaker 1: enter offices regardless of vaccination status, with no mandate to
Speaker 1: participate in regular testing or to wear face coverings. Last week,
Speaker 1: Morgan Stanley told it's New York staff as of September five,
Speaker 1: it's ending test and control measures. Anyone who test positive
Speaker 1: should still isolate for at least five days, then wear
Speaker 1: a mask for five more. In New York. I'm Doug
Speaker 1: Prisoner Bloomberg Daybreak. All right, Doug, thank you. Let's take
Speaker 1: a look at some stocks moving in early trading. Shares
Speaker 1: of Chewy or down almost eleven percent. The online pet
Speaker 1: supply retailer is kind of its revenue outlook and says
Speaker 1: customer growth is slowed and Bloomberg's sternly pillet is more.
Speaker 1: In a letter to shareholders, Chewy said sales in the
Speaker 1: current fiscal year will total no more than ten billion
Speaker 1: dollars as customers pulled back on discretionary goods such as
Speaker 1: toys and treats. That is down from a previous forecast.
Speaker 1: Of as much as ten point four billion dollars. Chewy
Speaker 1: is contending with a broad based fall and demand for
Speaker 1: discretionary items as American consumers shifts spending to food and
Speaker 1: other essentials amid soaring inflation in New York. Charlie Pellett
Speaker 1: Bloomberg Daybreak, Charlie Thanks. Shares of hp or Dan nearly
Speaker 1: seven percent. The company reported quarterly sales that missed estimates
Speaker 1: and reduced its annual profit forecast on falling demand for
Speaker 1: personal computers and printers. Shares of Snapper down seven point
Speaker 1: three percent. Virgus reporting this social media company is planning
Speaker 1: to lay off for it's nearly six thousand, five hundred employees.
Speaker 1: The stock is down about eighty percent so far this
Speaker 1: year as the company is faced to slow down in
Speaker 1: advertising spending and just in euro Area, inflations jumped to
Speaker 1: nine point one percent from a year ago, strengthening the
Speaker 1: case for the European Central Bank to consider a jumbo
Speaker 1: interest rate high when it meets next week. Markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, The Bloomberg Business Out and at Bloomberg Victaque.
Speaker 1: This is a Bloomberg business clash, but I'm Karen. Moscow
Speaker 1: stocks sent to resume monthly declines on concern that restrictive
Speaker 1: monetary policy to tackle price pressures will harm the global economy.
Speaker 1: US stock index futures they're little changed, around a one
Speaker 1: month low. Check the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg right now, US and P future
Speaker 1: as well. They're down about five points now Down futures
Speaker 1: down to sixty one, and NASTAG futures are up nineteen
Speaker 1: the day. X in Germany is down one percent. The
Speaker 1: ten year treasury down eleven thirty seconds, held three point
Speaker 1: one four percent, yield on the two year three point
Speaker 1: four eight percent. NIMEX screwed oil is down two point
Speaker 1: six percent, down two dollars forty one cents at eighty
Speaker 1: nine dollars twenty three cents of barrel. COMEX school there
Speaker 1: is down eight ten percent or thirteen dollars forty cents
Speaker 1: is seventeen nine ounce. The euro is at three against
Speaker 1: the dollar. British found one point one six three zero
Speaker 1: and again one thirty eight point seven seven, and Bitcoin
Speaker 1: this morning is of one point two percent. It's it's
Speaker 1: twenty thousand two hundred dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. The
Speaker 1: Justice Department says classified documents were likely concealed and removed
Speaker 1: from former President Donald Trump's Mara Lago estate as part
Speaker 1: of an effort to obstruct the federal investigation into the
Speaker 1: discovery of the government records. Accord filing last Night shows.
Speaker 1: The FBI also seized more than one hundred classified records
Speaker 1: doing it's August eighth search and found classified documents stashed
Speaker 1: in Trump's office. In tennis, Serena Williams hits the court
Speaker 1: tonight for her second round in the US Open. And baseball,
Speaker 1: the Yankees beat the Angels seven four, aeron Judge at
Speaker 1: his fifty one homer. The Mets lost with the Dodgers
Speaker 1: for three. The A's beat the Nationals ten six, The
Speaker 1: Red Sox, Orioles and Giants lost. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than seven hundred journalist and analyst more than
Speaker 1: a hundred twenty countries. Michael bar this is Bloomberg. Nathan Okay, Michael. Thanks,
Speaker 1: It's nine on Wall Street Live from the Bloomberg Interactive
Speaker 1: Broker Studios. This is Bloomberg Daybreak and were pleased to
Speaker 1: be joined now by Brian Levitt, global market strategists at
Speaker 1: investcal Brian, good morning. Unless we have some kind of
Speaker 1: giant rally later on today, looks like stocks are gonna
Speaker 1: end the month of August in the red. So what's
Speaker 1: your view as we head into September. Well, it's the
Speaker 1: challenging environment. Um. The economy me has slowed pretty considerably,
Speaker 1: and get inflationary pressures still remain elevating. So the Federal
Speaker 1: Reserve is tightening into a slow down, which is not
Speaker 1: an ideal environment for risk taking. So we had a
Speaker 1: nice uh rally UM in July into the beginning of August,
Speaker 1: but the markets are recognizing that tighter policy is still
Speaker 1: ahead of us, and we still don't have certainty on
Speaker 1: where the terminal rate is going to be for the Fed,
Speaker 1: and so that creates volatility and some pressure on markets.
Speaker 1: How much tighter do you think the Fed is going
Speaker 1: to be at its next meeting. I suspect they're going
Speaker 1: to do fifty basis points. I mean it looks as
Speaker 1: if inflationary pressures have peaked. Um, goods inflation is going
Speaker 1: to start to moderate. So I think the Federal Reserve
Speaker 1: has already front loaded a lot of tightening. Um. I
Speaker 1: suspect they're going to not want to go as tight
Speaker 1: as some fear because they still they haven't had the
Speaker 1: time to reflect on what this means for the economy.
Speaker 1: So um. But nonetheless, the key question is where does
Speaker 1: it send. Does it end at three seventy five on
Speaker 1: the Fed funds rate in the market's already priced this in,
Speaker 1: or does it have to go or does tightening have
Speaker 1: to go further. Good news is inflationary pressures are moderating.
Speaker 1: Challenge is still a little bit too or not a
Speaker 1: little bit too elevated for the Fed's comfort. I guess
Speaker 1: a lot of the market is still wondering how much
Speaker 1: of a challenge the Fed still has when it comes
Speaker 1: to getting some slack back in the labor market. Given
Speaker 1: the latest Jolts jobs openings data we got yesterday, what
Speaker 1: about that? Does that raise the possibility that we could
Speaker 1: see a more aggressive move than you're calling for here? Yeah,
Speaker 1: it does raise the possibility. I mean, that's the challenge
Speaker 1: I mean again, good inflation has peaked, UM, but still
Speaker 1: the challenges in the job market and still challenges for
Speaker 1: wages going up, and we still have the challenges of rent.
Speaker 1: So it's not as if inflation is going to come
Speaker 1: back down to two three per sent quickly. It's gonna
Speaker 1: be a challenge. It's going to take a while to
Speaker 1: get there. UM. So again that's what the market is
Speaker 1: trying to price in. Um. There is the potential that
Speaker 1: the Fed has to tighten even further, and you're seeing
Speaker 1: it in the two year. I mean, the two year
Speaker 1: has reached the fifteen year high, or at least reached
Speaker 1: the fifteen year high this week. UM. You know. Ultimately,
Speaker 1: I think what investors should focus on though, is well,
Speaker 1: there's near term caution ahead of us, or what we
Speaker 1: should be viewing it with near term caution. Ultimately, when
Speaker 1: inflation peaks a year or two three years later, markets
Speaker 1: tend to do very well. UM. So I would use
Speaker 1: as an example where inflation did peak UM still had
Speaker 1: to say drive the economy into our accession by eighty one, UM,
Speaker 1: but it had set the stage for the markets to
Speaker 1: perform a quite well over the subsequent year, two years,
Speaker 1: three years. So for investors, um, you know, intermediate term
Speaker 1: optimism is more and did but we're in a challenging
Speaker 1: environment in the near term. How long do you think
Speaker 1: the FED is going to keep rates higher for longer?
Speaker 1: Of course, we heard from Chairman Powell last week that
Speaker 1: the rates could stay elevated for some time. What does
Speaker 1: sometime mean to you, Well, the market is already starting
Speaker 1: to has already started pricing in rate cuts by by
Speaker 1: h early to middle of three. So it obviously depends
Speaker 1: on how the economy handles UH tighter policy at this juncture.
Speaker 1: So um, you know, I think it's they're they're potentially
Speaker 1: overstating how long rates are going to remain elevat. I mean,
Speaker 1: I think the FIT is working hard to prevent financial
Speaker 1: conditions from easing too much, which of course they did
Speaker 1: in July, and they're trying to keep long term inflation
Speaker 1: expectations low. The good news is long term inflation expectations
Speaker 1: are low, but not only long term inflation expectations. Inflation
Speaker 1: expectations in the bond market one year, three or five
Speaker 1: year k here have come down substantially. So I don't
Speaker 1: believe that the SAID is going to um keep rates
Speaker 1: as elevated for as long as as as some may
Speaker 1: fear this week. UM, I think ultimately this is an
Speaker 1: economy that's going to slow down considerably. Inflationary pressures are
Speaker 1: going to moderate, and you may see a said that
Speaker 1: has to start using policy as we moved through. All right, Brian,
Speaker 1: thanks for this as always great having you on with us.
Speaker 1: That was Brian Levitt joining us this morning. He's global
Speaker 1: market strategist at Invescow Karen Nathan. It is fifty four
Speaker 1: on Wall Street time for our Bloomberg Law Report. He
Speaker 1: had sketted illegal stories we are watching this morning from
Speaker 1: Bloomberg's Do You Have Bellinger? The Food and Drug Administration
Speaker 1: opened an extensive review of opioid regulations, and the agency
Speaker 1: is launching a framework aimed at preventing overdose related deaths.
Speaker 1: Amazon dot Com and World Dress Entertainment filed lawsuits against
Speaker 1: the much counterfeiters said to be selling replicas of w
Speaker 1: W E title belts through Amazon. A wage and our
Speaker 1: suit filed in federal court in New York claims UPS
Speaker 1: Foods misclassified delivery workers as exempt from minimum wage and
Speaker 1: overtime requirements. Bloomberg Law Everything you need, all on one
Speaker 1: legal research platform, including Guidance Analysis and Bloomberg Market Intelligence.
Speaker 1: Find out more at Bloomberg Law dot com. All right, Jeff, thanks, Now,
Speaker 1: another legal story we're watching this morning. Maderna sued Fiser
Speaker 1: and by On Tech, claiming the technology in their COVID
Speaker 1: nineteen shot infringes on its patents, a move that sets
Speaker 1: the stage for a massive legal clash between the vaccine titans.
Speaker 1: From more Bloomberg's Right Store. Based on the Bloomberg Healthcare
Speaker 1: reporter Angelica Peebles, then the Journey is not seeking to
Speaker 1: stop the sale of Fiser and Bion types vaccine, but
Speaker 1: they are seeking what would be essentially a loyalty, so
Speaker 1: you know, of the money that they make on the
Speaker 1: sales of their vaccine, and they're saying that they only
Speaker 1: want some money um starting from earlier this spring and
Speaker 1: going forward and only in high income countries. And it's
Speaker 1: a little complicated, but it has to do with the
Speaker 1: facts that Madernam made this pledge um two years ago
Speaker 1: saying that it would not enforce its patents during the pandemic,
Speaker 1: and then this spring they said never mind. Actually we
Speaker 1: are only going to in for to not enforce our patents.
Speaker 1: In low income countries. So it's the way that all
Speaker 1: of those steps have played out. It seems like they're
Speaker 1: trying to match up by saying, you know, now we
Speaker 1: are only seeking money from this period of time. But
Speaker 1: the real question is whether they can go back on
Speaker 1: that pledge that they made two years ago. UM. One
Speaker 1: legal expert we spoke to said that they can't. UM.
Speaker 1: So that's something that will be really interesting to watch.
Speaker 1: So is that pledge something that five or and Biotech
Speaker 1: can use in their defense against this lawsuit? Yeah, so UM.
Speaker 1: Jorge can Forrest, the professor from the University of Utah
Speaker 1: who we spoke to. He says that under the law,
Speaker 1: these patent pledges are considered contracts, so the companies they
Speaker 1: it's a public company, they made a public statement, and
Speaker 1: other companies UM can use that information to make decisions
Speaker 1: about their own strategies, which obviously Fiser and BioNTech went
Speaker 1: out and introduced their own COVID vaccine, so they could
Speaker 1: argue that they were just operating under you know, under
Speaker 1: UM the assumption that Madernald was not going to enforce
Speaker 1: his patents. So at the least the way he UM
Speaker 1: he sees it, Eiser and BioNTech have a pretty good
Speaker 1: defense here. It might not even get into all of
Speaker 1: the details of the patents and you know who used
Speaker 1: what and what was patented and what wasn't. But that
Speaker 1: could be that contract, the patent pledge could be a
Speaker 1: solid defense or friser and on check. And as Bloomberg
Speaker 1: Cantcare reporter Angelica people speaking at the Bloomberg's Greg store.
Speaker 1: Catch more of that interview plus analysis of the latest
Speaker 1: legal news by subscribing to the Bloomberg Law podcaster, downloading
Speaker 1: this show at Bloomberg dot com slash podcast. Attorneys can
Speaker 1: find exceptional legal research and business development tools at Bloomberg
Speaker 1: Law dot com and on the Bloomberg terminal at v
Speaker 1: Law Go and SMP. Futures are lower this morning, down
Speaker 1: about five points in Our top stories are straight ahead
Speaker 1: and this is Bloomberg Broadcasting live from the Bloomberg Interactive
Speaker 1: Broker Studio in New York. Bloomberg E Living Freedom to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one
Speaker 1: does San Francisco, Bloomberg NUN sixteen to the country, sirius
Speaker 1: XM to have a one nine team and around the
Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot Com. This
Speaker 1: is Bloomberg Daybreak. It's on Wall Street. Good morning. I'm
Speaker 1: Nathan Hagar and I'm Karen Moscow. We are just about
Speaker 1: four hours away from the open of US trading. Let's
Speaker 1: get you have to date on the news you need
Speaker 1: to know at this hour. US stocks begin the session
Speaker 1: trading at a one month low as sped fears continue
Speaker 1: to persist in the markets. Amanda Gotti, as chief investment
Speaker 1: officer at p n C said, management group, So to
Speaker 1: the extent that the Fed stays the course here, I
Speaker 1: think that the market can you know, live with it
Speaker 1: in air quotes relative to you know, some of the
Speaker 1: fears that are looming larger out there. I think the
Speaker 1: markets already priced for the past. That's the head. To
Speaker 1: the extent that the dot plot changes meaningfully in the
Speaker 1: terminal rate moves meaningfully higher from where we are today,
Speaker 1: that's gonna be a challenge for markets for sure. P
Speaker 1: n C s AD Management chief investment officer Amanda Gotti
Speaker 1: says she's not making any meaningful changes right now to
Speaker 1: her portfolio. Well, three regional FED chiefs yesterday reiterated Chair
Speaker 1: J Powell's intention to bring down inflation, including Richmond FED
Speaker 1: President Thomas Barkin. He vowed the Fed would not flinch
Speaker 1: in its efforts to cool prices, but cautioned it may
Speaker 1: get bumpy. The pace of when we get back to
Speaker 1: our target, which is two percent, is uncertain, but as
Speaker 1: a result, our commitment to bring inflation down, which hopefully
Speaker 1: you welcome, leads to worries about a recession. Richmond FED
Speaker 1: President Thomas Barkin spoke in West Virginia yesterday mal overseas Nathan,
Speaker 1: Euro area inflation accelerated to another all time high as
Speaker 1: the European Central Bank considers a jumbo interest rate hike
Speaker 1: when it meets next week. Consumer prices had jumped to
Speaker 1: dine point one percent from a year ago. To Wall
Speaker 1: Street Now, Karen Goldman Sachs and Morgan Stanley are both
Speaker 1: removing pandemic hurdles to fully return staff to offices. Floom Brigs.
Speaker 1: Charlie Pellett has more on Goldman's aggressive push. Beginning next week,
Speaker 1: employees outside of New York can be back in the
Speaker 1: office regardless of vaccination status, with no requirement to participate
Speaker 1: in regular testing or where face coverings. According to a
Speaker 1: memo sent the staff the Bank diseased covid era measures,
Speaker 1: citing new US centers for disease control guidelines, as well
Speaker 1: as improved treatments and wide availability of testing. Goldman says
Speaker 1: that in New York City, employees with an approved medical
Speaker 1: or religious exemption to the city's vaccine mandate ken enter
Speaker 1: offices with no testing or face coverings. In New York
Speaker 1: Charlie Bloomberg Daybreak, Charlie, thank you, and a political note.
Speaker 1: New allegations of obstruction of justice may be added to
Speaker 1: former President Trump's legal woes. The Justice Department says the
Speaker 1: records that were held at the former Presidents of Marilago
Speaker 1: home appear to have been moved before the FBI tried
Speaker 1: to get them in June. Futures This morning is and
Speaker 1: p Future is now lower. Straight ahead your latest local headlines,
Speaker 1: plus a check of sports, and this is Bloomberg. He's
Speaker 1: scarring five thirty three in Wall Street, seventy five degrees
Speaker 1: in Central Park, got a car fire eastbound l I
Speaker 1: E Exit forty three. More coming up in traffic. First,
Speaker 1: Michael Barr with what else is going on in New
Speaker 1: York and around the world. Michael Nathan thank you very much.
Speaker 1: According to the U S Geological Survey, two earthquakes at
Speaker 1: northern New Jersey yesterday. The first to two point three
Speaker 1: magnitude earthquake was just before five PM, about six miles
Speaker 1: northwest of Morris Plains. The one point seven magnitude after
Speaker 1: shock was then reported shortly after six thirty pm, also
Speaker 1: in Morris County. Migrants crossing into El Paso have been
Speaker 1: arriving at welcome centers set up by outreach organizations looking
Speaker 1: to assist the homeless population there. Recently, the state of
Speaker 1: Texas started bussing migrants to places like New York City
Speaker 1: In Chicago, the buses provided an opportunity for the migrants
Speaker 1: to get to where they wanted to go. Now it
Speaker 1: appears to have stopped. John Martin, the deputy director of
Speaker 1: the Opportunity Center, set until now it had been working
Speaker 1: out well. So with a hundred percent confidence, I can
Speaker 1: tell you this is their choice, this is their desire,
Speaker 1: and this is the direction they want to go. Senor
Speaker 1: Director John Martin spoke to ABC affiliate k v I A.
Speaker 1: Mickaelgorbachof the leader of the Soviet Union, whose attempts to
Speaker 1: shake up his country's political and economic system led to
Speaker 1: the collapse of the communist superpower and the end of
Speaker 1: the Cold War. Has died, according to task the Central
Speaker 1: Clinical Hospital said as death followed a severe and prolonged illness.
Speaker 1: Mickaelgorbachof was ninety one. President Biden outlined his new Safer
Speaker 1: America program at Wilkes University in Pennsylvania. With gun violence
Speaker 1: on the rise in the US, President Biden said, this
Speaker 1: is the time to spend money on local law enforcement
Speaker 1: to bring down the crime. It's based on a simple
Speaker 1: notion when it comes to public safety. To this station,
Speaker 1: the answer is not defund the police. It's fund the police,
Speaker 1: Fund the police. Among the people in attendance for Biden's
Speaker 1: speech where guns safety advocates and law enforcement representatives. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Boomberg Quick Take, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg NA. Thanks Michael. Five on Wall Street
Speaker 1: Time for the Bloomberg Sports Update with John stan Shawena.
Speaker 1: It was sixty one years ago that Roger Marris had
Speaker 1: sixty one home runs a hundred and thirty games into
Speaker 1: that season, Marris had hit fifty one hundred thirty games
Speaker 1: into this season, Aaron Judge has hit fifty one another
Speaker 1: one at Annaheim three run shot the right field fourth inning.
Speaker 1: Judges come off his longest home run draft of the
Speaker 1: season to hit five in the last eight games. Yankees
Speaker 1: beat the Angels seven to fours. Andrew Been attending and
Speaker 1: Anthony Rizzo homer in the first two wins, Jamison Tyne
Speaker 1: took a line drive off his arm had to leave
Speaker 1: in the third. In the next rays where negative the
Speaker 1: bullpen went the rest of the way. Garrett Cole stars Tonight,
Speaker 1: Jacob to Graham on the mount for the Mets at
Speaker 1: City Field, the Dodgers scored seventh inning to win four
Speaker 1: to three. It's the dodgers ninetieth win of the season.
Speaker 1: Us Over had a record crowd of twenty nine thousand
Speaker 1: Monday night to see Serena ms in my top of
Speaker 1: tonight for her second round match. We'll try to upset
Speaker 1: second seton in that contay. Retirement is coming either tonight
Speaker 1: or later in the tournament. So Serena was asked about
Speaker 1: future plan. I don't see myself not a part of tennis.
Speaker 1: I don't know how I'm going to be a part
Speaker 1: of tennis um as of right now. I just don't
Speaker 1: know how. But I just feel like we've come too
Speaker 1: far together to just not have anything to do with it.
Speaker 1: Her older sister, Venus, hardly plays anymore, did play yesterday
Speaker 1: and lost. The two are teaming up to play doubles
Speaker 1: to have a first round match tomorrow. Also losing the
Speaker 1: women's Defenny jamp Emma Rodocano and the two time Open
Speaker 1: jam Naomi Osaka beaten by American Danielle Collins. Osaka only
Speaker 1: won two Grand Slam matches all year. Men's winners included
Speaker 1: the Spaniards Seaton second and third, rappi On Nadal and
Speaker 1: nineteen year old Carlos alcarrazz John stash Award Bloomberg Sports
Speaker 1: didn't think John. It is seven on Wall Street time
Speaker 1: for the Tri State Business Report. Here's Bloomberg's ed. Corey
Speaker 1: one amendment to cut prop many taxes for Atlantic City
Speaker 1: casinos by millions of dollars a year has been declared unconstitutional.
Speaker 1: The amendment cut casinos payment in lieu of property tax
Speaker 1: obligations to address pandemic related casino losses. But accord his rule,
Speaker 1: the casinos more than made up for those losses through
Speaker 1: internet gambling and sports betting. Three New York City pensions
Speaker 1: have asked MasterCard and American Express to improve the way
Speaker 1: they tracked gun sales. The proposals were made by the
Speaker 1: city pensions for teachers, civil servants, and school administrators. R
Speaker 1: XR Realty has lined up a new loan for a
Speaker 1: midtown skyscraper on Rockefeller Plaza, even as lenders have become
Speaker 1: more cautious about office space with many workers still at home.
Speaker 1: Bank of America and Carlisle Group among lenders for the
Speaker 1: two hundred sixty million dollar free financing of seventy five
Speaker 1: Rockefeller Plaza. That your Bloomberg Trying State Business Report. I'm
Speaker 1: Ed Corey said, It's eight on Wall Street. Bloomberg Radio
Speaker 1: is on the air from San Francisco to New York,
Speaker 1: London to Hall and Kong. Let's check in with our
Speaker 1: global news team for some of the top stories heard
Speaker 1: on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve Polos got on ten ten Wins in New York.
Speaker 1: We're talking about Goldman Sachs and Morgan Stanley using COVID
Speaker 1: rules to get people back to their desks. Um Perny
Speaker 1: Donahoe on Woo Woo in Fort Wayne. Gas prices arriving
Speaker 1: in Indiana after a fire takes out in Midwest Reprimary.
Speaker 1: I'm Stephen Carol and Bloomberg D A B Digital Radio
Speaker 1: and London. We've been reporting on French inflation figures coming
Speaker 1: off a records high in August as prices rose by
Speaker 1: a less than expected six point five per cent. I
Speaker 1: made Cory on ww J in Detroit. I'm reporting Amazon
Speaker 1: and canceled plans for a new warehouse in Insolani Township.
Speaker 1: Those are some of the stories. Are seven hundred Bloomberg
Speaker 1: journalists and analysts working on this morning around the world.
Speaker 1: It's nine on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. The sedatorial was written by the Bloomberg
Speaker 1: Editorial Board. Even as relations between the U S and
Speaker 1: China remain frosty, the two countries appear to have struck
Speaker 1: a compromise that would allow mainland companies to continue listing
Speaker 1: on American exchanges. The dispute centered on a requirement that
Speaker 1: foreign companies listing in the US give American regulators access
Speaker 1: to their raw audit work papers. After years of talks,
Speaker 1: China appears to have finally agreed to US demands. While
Speaker 1: caution is warranted, a successful compromise would benefit the US
Speaker 1: as much as China, and if this deal holds, both
Speaker 1: countries should take steps to build on it by lowering tariffs,
Speaker 1: for instance, or resuming talks on climate. With so many
Speaker 1: forces driving the U. S And China toward conflict, neither
Speaker 1: side should miss an opportunity to push back. The editorial
Speaker 1: was written by the Bloomberg Editorial Board. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com, slash opinion or ope
Speaker 1: I n go on the Bloomberg Terminal. This has been
Speaker 1: Bloomberg opinion, and you can hear Bloomberg opinion editorials every weekday.
Speaker 1: At this time, Terminal customers can read more at O
Speaker 1: P I n go. Getting read on the market right now,
Speaker 1: Futures are mixed after a three day slide for stock
Speaker 1: s SMP futures right now down six points, STOUT futures
Speaker 1: down sixty six, Nasdaq futures little change to higher, now
Speaker 1: up eight points. Bryan Levitt, Global Market Strategistic invest Goo
Speaker 1: joins US next. This is Bloomberg Bloomberg eleven three oh
Speaker 1: weather sunny, less, humid today, mid eighties for highs Tomorrow.
Speaker 1: We'll kick off the new month with sunshine and low eighties.
Speaker 1: Plenty of sunshine. Friday high near eighty right now seventy
Speaker 1: one in Central Park. Markets. Headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business at and at Bloomberg Quick Tape. He's a Bloomberg
Speaker 1: business lash and I'm Karen Moscow and US stock index
Speaker 1: futures have been fluctuating a bit this morning. Stocks, meanwhile,
Speaker 1: are headed for a monthly drop on concerns that restricted
Speaker 1: monetary policy to tackle inflation will harm the global economy.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on bloomberg s and P futures. They're a little changed.
Speaker 1: Own future is now down about fifty one and NASDAG
Speaker 1: futures are up nineteen. The decks in Germany's down eight
Speaker 1: tenths of upper sent the ten year treasury down six
Speaker 1: thirty seconds. He'll three point one two percent yield on
Speaker 1: the two year at three point four seven percent. Nine
Speaker 1: mex scred oil is down two and a half percent
Speaker 1: on two dollars twenty five cents at eighty nine dollars
Speaker 1: forty cents of barrel coll Max Schol down six tents
Speaker 1: per cent or eleven dollars at seventeen forty announced. The
Speaker 1: euro point nine one against the dollar, British found one
Speaker 1: point one six four one, and the yen one thirty
Speaker 1: eight point six six and bitcoin this morning at one
Speaker 1: percent at twenty thousand, two hundred. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Uncle, good morning, Good morning, Karen. The
Speaker 1: Department of Justice as White House records held in the
Speaker 1: storage room at Donald Trump's Florida home may have been
Speaker 1: concealed or removed before an FBI June's search for classified documents.
Speaker 1: According to the do J, they're suggesting possible attempts to
Speaker 1: obstruct the investigation. Former Soviet president Michael Gorberchoff died at
Speaker 1: a Moscow hospital. Under gorbach Off, the Berlin Wall crumbled.
Speaker 1: Kilgorbachof was ninety one, and tennis Serena Williams hits the
Speaker 1: court tonight for her second round in the US Open
Speaker 1: in Baseball. The Yankees beat the Angels seven four errand
Speaker 1: Judge hit his fifty first homerk. The Mets lost to
Speaker 1: the Dodgers for three. The A's beat the Nationals ten six,
Speaker 1: The Reds, Orioles and Giants lost. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. I might bar This is
Speaker 1: Bloomberg Maker. Thanks Michael. It's five nineteen on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.
Speaker 1: We want to go right now to Bloomberg Government Congressional
Speaker 1: reporter Jack Fitzpatrick for the latest on the amounting legal
Speaker 1: pressure against former President Donald Trump. Jack, Good morning, Michael
Speaker 1: Barr and the news. They're just mentioned the possibility of
Speaker 1: obstruction of justice being leveled by the Justice Department against
Speaker 1: the former president. Tell us more about this latest court filing. Yeah,
Speaker 1: the latest court filing by the Department of Justice indicates
Speaker 1: that Trump's lawyers Former President Trump's lawyers were not entirely
Speaker 1: honest about the number of classified documents they handed over
Speaker 1: before the August eighth search of Maral Lago. There was
Speaker 1: an extensive back and forth in a lot of opportunities
Speaker 1: for them to hand those documents over UH in January,
Speaker 1: even in discussions with the National Archives. But also importantly,
Speaker 1: the FBI visited Moral Logo in June, and they have
Speaker 1: said that when they eventually got a search warrant and
Speaker 1: went on August eight, they found twice as many documents
Speaker 1: with classification marketings as the former president's lawyers had initially indicated.
Speaker 1: They said former President Trump's lawyers had said they had
Speaker 1: been totally responsive and handed over all the documents previously
Speaker 1: that were relevant, and that was clearly not the case.
Speaker 1: So they've raised the issue of UH the former president
Speaker 1: either hiding documents or or being dishonest about his attempts
Speaker 1: to give them back, which really seems to raise the
Speaker 1: stakes in this investigation, and perhaps raising the stakes even further,
Speaker 1: something that Bloomberg Terminal customers can see in the story
Speaker 1: here UH photograph of documents marked secret, a pile of
Speaker 1: them on the carpeted floor former President Trump's home at
Speaker 1: Maral Lago. This has to add to the pressure as well. Yes,
Speaker 1: that came out, This really is UH I think similar
Speaker 1: information about that we've had about the significant number of
Speaker 1: documents with top secret SCI clearance on them, secret or
Speaker 1: top secret. But really, if you look at the photo,
Speaker 1: you can tell this is not the kind of thing
Speaker 1: that you would accidentally slip into a folder, probably without realizing,
Speaker 1: because it is outlined in red or yellow and says
Speaker 1: very boldly secret SCI or top secret s c I.
Speaker 1: So it really is the public's first visual representation of
Speaker 1: what we're talking about. It's a significant number of documents.
Speaker 1: It's piled up on a carpet. You can't count it,
Speaker 1: but it's it's quite a bit, and it is very
Speaker 1: very clearly labeled as secret or top secret in those cases.
Speaker 1: One are the implications politically here is the president still
Speaker 1: getting support from fellow Republicans. You know, it's been quiet.
Speaker 1: It may be convenient for him that it's August recess
Speaker 1: and there's less of an opportunity for reporters to pin
Speaker 1: down Republican lawmakers. Uh, there has not been a significant
Speaker 1: sign of revolt really against the former president among Republicans,
Speaker 1: but there hasn't been a super enthusiastic argument that this
Speaker 1: is all fine. It's a bit of a wait and
Speaker 1: see game as as Republicans try to figure out what
Speaker 1: is gonna come next. The news that has come out
Speaker 1: for the former president has been very bad and it
Speaker 1: seems hard to defend to say that anyone would not
Speaker 1: know that those were top secret documents, or you know,
Speaker 1: the initial argument that they were declassified has not really
Speaker 1: panned out. So the pressure is going to be on
Speaker 1: a lot of Republicans and right now they are waiting
Speaker 1: and seeing because it really there's a sense that there's
Speaker 1: another shoe to drop and there will be more developments
Speaker 1: coming forward. In our last minute here, Jack, we have
Speaker 1: to mark the passing of the late former Soviet leader,
Speaker 1: the last leader of the Soviet Union, Mikhail Gorbachev. What's
Speaker 1: the reaction in Washington? Uh? Complimentary reaction to his legacy.
Speaker 1: In Washington, he was a lot more uh popular in
Speaker 1: the West, really later in life than in Russia. The
Speaker 1: President President Biden putting out a statement, a number of
Speaker 1: politicians in the West, in the U. S. And elsewhere
Speaker 1: putting out statements honoring his legacy and his role in
Speaker 1: the end of the Cold War. Uh. He It will
Speaker 1: be interesting to see exactly how this plays in Russia,
Speaker 1: because he turned into a much less popular political figure
Speaker 1: who took the blame for the fall of the Soviet Union.
Speaker 1: But in the West, I think it's illustrative that there
Speaker 1: there was quite a complimentary outpouring of remembrances of his
Speaker 1: legacy in the US and elsewhere in the West. Thanks
Speaker 1: for this, Jack at having gone with us. Will be
Speaker 1: checking back with you as well later on in the program.
Speaker 1: Bloomberg Government Congressional reporter Jack Fitzpatrick with us from our
Speaker 1: Bloomberg studios in Washington, d C. Looking ahead to the
Speaker 1: market open this morning, Futures are kind of wavering. We've
Speaker 1: got SMP futures right now down three points down, futures
Speaker 1: down forty six, NASTACK futures still higher by twenty one points.
Speaker 1: The tenure Treasury right now is down seven thirty seconds,
Speaker 1: the yield three point one two percent yield on the
Speaker 1: two year three point four seven percent. NIMEX crude sliding
Speaker 1: down two point six per cent, or two dollars thirty
Speaker 1: four cents below the ninety handle eight nine thirty for
Speaker 1: a barrel of West Texas intermediate crude. Stay with us.
Speaker 1: You're listening to Bloomberg Daybreak, Bloomberg eleven three oh weather, sunny,
Speaker 1: less human. Gonna be a nice end of the week,
Speaker 1: with highest near eighty five degrees today, low eighties tomorrow,
Speaker 1: behind near eighty on Friday. Right now seventy two in
Speaker 1: Central Park