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. Karen, we begin with
Speaker 2: the latest on the Middle East.
Speaker 1: The US has issued a sixty day license allowing Iran
Speaker 1: to sell its own oil on the international market. This
Speaker 1: gives Tehran an economic lifeline as both sides continue talks
Speaker 1: on a permanent peace steal. We get the very latest
Speaker 1: from Bloomberg Middle East correspondent to Birabu Omar.
Speaker 3: What we know about this waiver is that essentially the
Speaker 3: US Treasury has extended it to Iran until August twenty first,
Speaker 3: that is the day where the sixty day period of
Speaker 3: negotiations would have stopped, and so that would allow Iran
Speaker 3: to sell oil exports, bringing back this much needed supply
Speaker 3: to the market because of the shutdown industrait of her moves.
Speaker 4: Our teams on the energy.
Speaker 3: Side have tracked just how many oil barrels would come
Speaker 3: out or have come out actually over the past week,
Speaker 3: and that's about thirty million barrels.
Speaker 4: And so we're still seeing a trickle of movement.
Speaker 3: Definitely better situation than what it was at the waiver
Speaker 3: essentially means that Iran can sell its oil even to
Speaker 3: US refineries theoretically. But something to bear in mind again
Speaker 3: is that the EU, for example, has its own sanctions
Speaker 3: and so we don't know if they're going to be
Speaker 3: buying this oil.
Speaker 1: Bloomberg's of Birabo Omar says seven tankers indicated they were
Speaker 1: in the strait of hormones this morning and checking oil
Speaker 1: prices now, West Texas Intermediate is down seven tenths percent,
Speaker 1: trading its seventy three dollars thirty five cents of barrel.
Speaker 1: Brent is eight tenths percent lower at seventy seven dollars
Speaker 1: twenty eight cents.
Speaker 2: We now turn to the latest developments in British politics.
Speaker 2: Nathan the UK could be sent for a quick transition
Speaker 2: to a new premiership as rivals to the front runner
Speaker 2: Andy Burnham stand aside. We go to London where Bloomberg's
Speaker 2: un Potts he's the latest good morning you one Coaron Nathan.
Speaker 5: The UK is set to get its seventh prime minister
Speaker 5: in a decade. In fact, it's almost two hundred years
Speaker 5: since ris and change its leader so frequently. As Labor
Speaker 5: Party has a majority in Parliament, its leader becomes Prime Minister,
Speaker 5: and after the former Mayor of Manchester, Andy Burnham's main
Speaker 5: rival for the leadership dropped out, he could get the
Speaker 5: job without a formal contest. If that happens, Number ten
Speaker 5: Downing Street could have a new occupant as soon as
Speaker 5: the middle of next month.
Speaker 4: In London, I'm you in Port Sploomberg Radio. All right,
Speaker 4: you and thank you. Let's turn to politics here in
Speaker 4: this country.
Speaker 1: Because it is primary election day in New York and Maryland,
Speaker 1: as well as a runoff day in South Carolina and
Speaker 1: New York, a number of congressional races could be a
Speaker 1: test of Mayor Zorn Mumdani's political power. The mayor has
Speaker 1: endorsed challengers to two Democratic incumbents, Dan Goldman and Adriano Spayad.
Speaker 1: We spoke with Congressman Goldman about his race against former
Speaker 1: New York City Comptroller Brad Lander.
Speaker 6: Look, I think broadly, we generally agree on what the
Speaker 6: problems are. Life is just way too expensive for the
Speaker 6: vast majority of Americans, and we have to address the
Speaker 6: dramatic escalation and wealth inequality and the difficulty that so
Speaker 6: many people have in accessing opportunity in this country, and
Speaker 6: the American Dream.
Speaker 1: New York Congressman Dan Goldman appeared on Bloomberg's Balance of Power.
Speaker 1: Mayor mum Donnie's also endorsed activist Daria Liza Avela Chevalier
Speaker 1: against Congressman of Spayot Well.
Speaker 2: There's also a crowded field Nathan to succeed retiring Congressman
Speaker 2: Jerry Nadler in his Midtown Manhattan district.
Speaker 4: It includes John F.
Speaker 2: Kennedy's grandson Jack Schlosberg, and former never Trump republic Intern
Speaker 2: Democrat George Conway. Mom Donnie has not given an endorsement
Speaker 2: in that race, but in the interest of transparency, we
Speaker 2: should note that Michael Bloomberg has endorsed Michael Lasher for Congress,
Speaker 2: and Bloomberg is founder and majority owner of Bloomberg LP,
Speaker 2: the parent company at Bloomberg Radio.
Speaker 4: Karen, We're also keeping an eye on primary races. In Maryland.
Speaker 1: Governor Wes Moore is seeking reelection to a second term.
Speaker 1: He's facing a Democratic primary challenge from physician Eric Felber.
Speaker 1: The Republican governor's race features nine candidates, including former state
Speaker 1: Delegate Dan Cox, who lost to More in twenty twenty
Speaker 1: two in the House. Twenty four candidates are vying for
Speaker 1: retiring former Democratic Leader Steny Hoyer's seat. They include former
Speaker 1: US Capitol Police officer Harry Dunn, who helped defend the
Speaker 1: Capitol during the January sixth attack. And in the South
Speaker 1: Carolina runoff, Lieutenant Governor Pamela Vett is facing state Attorney
Speaker 1: General Alan Wilson again in the Republican governor's race. President
Speaker 1: Trump endorsed a Vett in the primary, but last week
Speaker 1: he said he'd be happy if either candidate wins.
Speaker 2: Today, well, it's turned to Washington now, Nathan. President Trump
Speaker 2: is putting attention on the Lincoln Memorial reflecting pool. Algae
Speaker 2: has started to build back in after his sixteen million
Speaker 2: dollar resurfacing of the landmark, and now the President says
Speaker 2: he has evidence of vandalism at the site.
Speaker 4: We have one hundred and.
Speaker 7: We have a I think two hundred and ninety three
Speaker 7: hundred foot slid right through it. Probably a box cutter
Speaker 7: or a knife of some kind, or we had people
Speaker 7: lifting up the basic some of the It's not a
Speaker 7: lot of damage, but it will probably have to let
Speaker 7: the water out and refix it.
Speaker 2: The President spoke to reporters in the Oval office, but
Speaker 2: he provided little evidence to support his claim. The Interior
Speaker 2: Department says five people have been arrested for vandalism at
Speaker 2: the pool and five others have received citations on truth
Speaker 2: social Last night, President Trump said he's preparing lawsuits against
Speaker 2: ABC News over its reporting on the damage to the
Speaker 2: Reflecting Pool.
Speaker 1: It's tart of markets now, Karen. We're watching a tech
Speaker 1: led selloff around the world. Nesdak futures right now are
Speaker 1: down about two and a half percent, and in Asia,
Speaker 1: South Korea's Cospi index plunged ten percent. Mark Doubting is
Speaker 1: chief investment officer at RBC Blue Bay.
Speaker 8: If he's turned back a little bit, I think what
Speaker 8: you would say is that some of the recent performance
Speaker 8: in stacks has been highly speculative, fueled by a passion
Speaker 8: from retail investors for short term gains looking at momentum.
Speaker 8: This is the way the markets have been behaving on
Speaker 8: offer eighting.
Speaker 4: That's RBC Blue Bays Marked Doubting.
Speaker 1: Their shares of s k Heiniz and Samsung Electronics each
Speaker 1: plunged more than ten percent in Asia. Here in the US,
Speaker 1: memory chip maker Micron Technology reports earnings tomorrow.
Speaker 2: Nathan SpaceX shares they continue their recent slide. They're down
Speaker 2: another three point eight percent in early trading. The stock
Speaker 2: is coming off three straight losing sessions. They're raising a
Speaker 2: total of six hundred billion dollars in market value. The
Speaker 2: sell off comes as the Elon Musk lead firm gets
Speaker 2: ready to sell investment grade bonds for the first time.
Speaker 2: Robert Schiffman is a senior credit analyst for Bloomberg.
Speaker 9: They're going to be spending a lot more over the
Speaker 9: next few years than they make, probably in the neighborhood
Speaker 9: of thirty to forty billion dollars of negative free cash
Speaker 9: flow for the next few years. On top of that,
Speaker 9: they have a twenty billion dollar term loan due next
Speaker 9: September that are going to use the proceeds from this
Speaker 9: bond deal to pay off. So they're just getting ahead
Speaker 9: of the curve like everybody else, Like why are the
Speaker 9: alphabets and amazons and metas raising so much just because
Speaker 9: over the next few years are going to be spending
Speaker 9: a lot more.
Speaker 2: Bloomer's Robert Schiffman says SpaceX is seeking to raise at
Speaker 2: least twenty billion dollars from the debt sale.
Speaker 1: Finally, Karen tributes continue to pour in following the passing
Speaker 1: of former Federal Reserve Chairman Alan Greenspan. Chuck Lieberman of
Speaker 1: Advisor's Capital worked with green Span when he joined his
Speaker 1: firm as an economic advisor.
Speaker 10: He was always insightful. He did a great job of
Speaker 10: explaining points if you ask him a question. He always
Speaker 10: had charts to demonstrate to show the data backing up
Speaker 10: his logic, and his logic was impeccable. He was insightful
Speaker 10: really until the very end.
Speaker 1: Chuck Lieberman of Advisor's Capital praised Greenspan's independence and communication
Speaker 1: as FED Chair, as did former FED Governor Betsy Duke.
Speaker 2: He was so famous for that sort of double speak
Speaker 2: that nobody could understand, but he really pioneered FED communications
Speaker 2: and the communications that were used to today.
Speaker 4: In hearing from the committee after the meetings, it's former
Speaker 4: FED Governor Betsy Duke.
Speaker 11: Now.
Speaker 1: Alan Greenspan's legacy was clouded by the two thousand and
Speaker 1: eight zero nine global financial crisis that followed his time
Speaker 1: as chair. Princeton professor Alan Blinder recalled how some felt
Speaker 1: green Span missed the build up to the housing bubble
Speaker 1: that preceded the crisis.
Speaker 12: The markets would get some crazy ideas in their heads,
Speaker 12: and more than once I went to green Span and
Speaker 12: would say it would only take one statement from you
Speaker 12: to get that crazy idea out of their heads. But
Speaker 12: he didn't until late in his term when he was
Speaker 12: starting to change.
Speaker 1: It's Princeton professor Alan Blinder, and following the news of
Speaker 1: Greenspan's death yesterday, colleagues described him as a driving force
Speaker 1: for change of the FED and a guiding light for investors.
Speaker 1: Alan Greenspan was one hundred years old.
Speaker 2: Time now for look at some of their stories making
Speaker 2: news in New York and around the world, and for
Speaker 2: that were joined by Bloomberg's Michael Barr Michael, good Morning.
Speaker 11: Good Morning Karen. In a rare act a bipartisanship, the
Speaker 11: Senate passed the twenty first Century Road to Housing Act.
Speaker 11: The measure will loose in regulations to encourage more home construction,
Speaker 11: opened up funding to convert abandoned buildings into new housing,
Speaker 11: and it also bans Wall Street investors from buying single
Speaker 11: family homes so those homes can instead be sold to families.
Speaker 11: On the Senate floor, Democratic Senator Chuck Schumer of New
Speaker 11: York said for too many Americans, home ownership is simply unaffordable.
Speaker 13: The median home buyer in America is forty years old.
Speaker 13: The down payment is excruciating to many and puts housing
Speaker 13: out of reach for them.
Speaker 11: The House is expected to vote on the measure today.
Speaker 11: There is where the Acting Director of National Intelligence, Bill Poulty,
Speaker 11: has begun firing people at the agency. The President earlier
Speaker 11: said he had asked Poulty to execute the immediate downsizing
Speaker 11: of the office. In California. A state of emergency in
Speaker 11: the Boyle Heights neighborhood of Los Angeles, where a warehouse
Speaker 11: fire has been burning since Wednesdays, prompting air quality alerts.
Speaker 11: Building owners say the fire may have started while contractors
Speaker 11: were testing solar panels on the Los Angeles Fire Chief
Speaker 11: him Me Moore.
Speaker 14: If you're sensitive to smoke or have any respiratory concerns,
Speaker 14: please stay indoors, close your windows, set your air conditioning
Speaker 14: units to recirculate rather than draw from outside air fire chief.
Speaker 11: More Global news twenty four hours a day and whenever
Speaker 11: you want it with Bloomberg News Now. I'm Michael Lamarn.
Speaker 11: This is Bloomberg.
Speaker 10: Karen.
Speaker 4: Well, thanks Michael.
Speaker 2: All time now for our Bloomberg Sports update, and for
Speaker 2: that we bring in John stash Hour.
Speaker 15: Thanks darn a blockbuster NBA trade ahead of tonight's draft.
Speaker 15: Giannis unto the Compo thirteen years in Milwaukee. A two
Speaker 15: time MVP, he led the Bunks to the NBA championship
Speaker 15: in twenty twenty one. Traded to the Miami Heat for
Speaker 15: four players and three first round draft picks. Julius Randall
Speaker 15: traded by Minnesota to Brooklyn, also from the NBA. Dusty
Speaker 15: Maynade the new coach of the Dallas Mavericks. He just
Speaker 15: won the national championship at Michigan College World Series in Omaha, Oklahoma,
Speaker 15: wins the title beating North Carolina. That's a Bloomberg Sports
Speaker 15: updated with US.
Speaker 2: More from Bloomberg Daybreak coming up after this.
Speaker 5: Coast to coast on Bloomberg Radio, nationwide on Serious Exam
Speaker 5: and around the world on Bloomberg dot Com and the
Speaker 5: Bloomberg Business app.
Speaker 4: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.
Speaker 1: As talks continue between the US and Iran, Tehran is
Speaker 1: getting an economic lifeline, a sixty day license from the
Speaker 1: US to sell its oil. Vice President jd Vance says
Speaker 1: the US is not giving up too much, whether good.
Speaker 4: Faith or bad faith. You can't trust anybody's words. You
Speaker 4: have to trust what they actually do.
Speaker 1: That was Vice President van speaking on his way back
Speaker 1: from the talks in Switzerland, and we're joined now by
Speaker 1: Bloomberg Jerusalem reporter Dan Williams. I think i'd heard of
Speaker 1: Vice President in Vance and other administration officials, Dan say
Speaker 1: that Iran's financial benefits through this process would be performance based.
Speaker 4: Does this sixty day waiver rise to that level? Good morning?
Speaker 16: Time will tell, Good morning, Nathan. There's already a divergence
Speaker 16: of account from Iran and from the United States, now
Speaker 16: that they've gotten the photo op meeting of principles at
Speaker 16: that summit in Lucerne out of the way and left
Speaker 16: the stage for more, should we say, mundane technical talks.
Speaker 16: Either side is talking up, but often in different directions.
Speaker 16: The US the Trump administration saying that unfrozen funds will
Speaker 16: be used for humanitarian purposes, perhaps even to buy soy
Speaker 16: products from the United States, but the spokesman for the
Speaker 16: Foreign Ministry in Tehran saying there would not be a
Speaker 16: limitation on how Iran uses those funds. That of course
Speaker 16: will stir concern in the US in the West, and
Speaker 16: indeed in the region that some perhaps all of that
Speaker 16: money could go toward rebuilding Iran's military capacity, perhaps the
Speaker 16: capacities of Iranian allies like the Hesbala militia in Lebanon.
Speaker 16: Perhaps not coincidentally, the top US diplomat Marco Rubio is
Speaker 16: also beginning a visit to the Gulf. Perhaps he's heading
Speaker 16: out there to try and reassure sure golf Arab states
Speaker 16: aligned with the United States that the Trump administration will
Speaker 16: do what it can to keep this deal on track
Speaker 16: during that critical sixty day review period.
Speaker 1: How are these talks being received in Israel right now? Dan,
Speaker 1: Of course, Israel remains a wild card with the fight
Speaker 1: against Hesbola and Lebanon.
Speaker 16: Yes, there are actually those who argue that the fact
Speaker 16: it's a wildcard, the fact that from the outset it
Speaker 16: was outside these negotiations on the MoU, it's not a signatory,
Speaker 16: and apparently it wasn't even consulted much of the time
Speaker 16: when it was being drafted. There is a viewpoint now
Speaker 16: that perhaps this strengthens Israel's hand paradoxically, because Israel can
Speaker 16: claim frankly, naturally and legitimately that it's acting alonely Uwoni
Speaker 16: laterally because it wasn't consulted and it certainly didn't sign
Speaker 16: on the dotted line. These Raelis were shocked when this
Speaker 16: surface emerged about a week ago that this deal was
Speaker 16: in place. It appears they've now resigned themselves to letting
Speaker 16: the Americans take the lead. Trump, despite a dipping of
Speaker 16: his approval ratings in Israel as a foreign leader, nonetheless
Speaker 16: is one of the friendliest presidents the Israelis have ever
Speaker 16: seen in the White House. They won't be quick to
Speaker 16: turn their back on him. At the same time, they
Speaker 16: have a very immediate focus on Lebanon, something you alluded
Speaker 16: to earlier in our conversation, where they want to make
Speaker 16: sure that their freedom of operation against Hesbela is not
Speaker 16: hindered by whatever emerges from this US Iranian deal. The
Speaker 16: Iranians want to preserve Hesbela, They want to force Israel
Speaker 16: out of Lebanon, and these Raelis are saying no, that's
Speaker 16: a red line for them.
Speaker 6: For now.
Speaker 16: The Americans have been pressing Israel to hold far as
Speaker 16: much as possible, perhaps to review the rules of engagement
Speaker 16: in Lebanon to prevent needless loss of civilian life, needless
Speaker 16: damage there. But the Americans seem to be content for
Speaker 16: now with not insisting on an Israeli withdrawal from what
Speaker 16: is effectively five percent of Lebanese territory.
Speaker 2: This is Bloombery Daybreak, your morning podcast on the stories
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Speaker 4: I'm Karen Moscow and I'm Nathan Hager.
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