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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: Karen, we begin with the criminal hush money trial of

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Speaker 2: Donald Trump. Jurors are expected to begin deliberations today. Let's

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Speaker 2: get the latest from Bloomberg's John Tucker in New York.

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Speaker 3: John Nathan. After more than six weeks of testimony, closing

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Speaker 3: arguments wrapped up last night, the prosecutor urging the Manhattan

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Speaker 3: jury to consider what he called a mountain of evidence

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Speaker 3: showing the former president try to influence the twenty sixteen

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Speaker 3: election by paying a porn actress to stay silent about

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Speaker 3: an alleged sanctional encounter. I've been trying to cover his tracks.

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Speaker 3: This morning, Judge wan Er Shan will give the twelve

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Speaker 3: person panel instructions on how to apply the law to

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Speaker 3: the case, known as a jury charge, and then we'll

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Speaker 3: send them to the jury room to begin deliberations. Trump

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Speaker 3: faces thirty four counts of fualseing business records if he's

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Speaker 3: found guilty if any of the counts, the next step

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Speaker 3: will be for the judge to sentence him. A typical

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Speaker 3: defendant convicted of a felony charge is sentenced to serve

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Speaker 3: some prison time, but there's nothing of the law that

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Speaker 3: requires it. Each of the counts is an E class felony,

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Speaker 3: which carries a prison term of one of the third

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Speaker 3: years to four years. The judge has made it clear

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Speaker 3: he takes white collar crime seriously. In New York on

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Speaker 3: John Tucker Bloomberg.

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Speaker 1: Radio, all right, John, thank you. We now turn to

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Speaker 1: the latest developments in the Middle East. The White House

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Speaker 1: says and Israeli strike on an encampment in Rafa that

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Speaker 1: left dozens dead was devastating, but did not cross the

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Speaker 1: red line. Bloomberg's Ed Baxter reports.

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Speaker 4: The administration says the President has no intention of freezing

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Speaker 4: additional arm shipments. NSC spokesman John Kirby says it was

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Speaker 4: not the large scale attack the US had worn against.

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Speaker 5: We have been, I think, very strident in our condemnations

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Speaker 5: about the deaths of innocent civilians. Yes, are not excused

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Speaker 5: from that, but we have to understand what happened here.

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Speaker 4: Israel, in fact, says it's small arms air drop could

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Speaker 4: not have caused the explosion that killed dozens. It says

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Speaker 4: it had to have been Hamas stored munitions, Ed Baxter

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Speaker 4: Bloomberg Radio Thanks Ed.

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Speaker 2: Turning to markets now, Futures are lower ahead of the

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Speaker 2: Wednesday session on concern about rates impacting investors. Yesterday, the

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Speaker 2: FEDS Neil Kashkari set officials have not entirely ruled out

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Speaker 2: additional rate hikes. Lori Calvacina is head of US equity

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Speaker 2: strategy at RBC Capital Markets.

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Speaker 6: We do think, based on sort of the messaging of

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Speaker 6: where the economy is likely to be this year, what

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Speaker 6: the Fed is likely to do or not do this year,

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Speaker 6: and where inflation is likely to end up, we seem

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Speaker 6: fairly valued. And I know that's a little bit of

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Speaker 6: a boring message, but we do feel a little bit

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Speaker 6: stuck in neutral for the moment. I will say I

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Speaker 6: am not in the bearish camp. We do have a

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Speaker 6: few strategists who are still sitting over there, and we

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Speaker 6: do think that we're sort of midway through a recovery

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Speaker 6: that begin a for session like conditions in twenty twenty two.

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Speaker 6: But sometimes we do get a little bit stuck in

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Speaker 6: the market, and that's how I'm feeling at the moment.

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Speaker 2: Glory Calvacina of RBC Capital Market says her year end

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Speaker 2: price target for the S and P five hundred is

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Speaker 2: fifty three hundred. That's just a few points from where

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Speaker 2: it closed yesterday.

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Speaker 1: Well, we have plenty of deal news to get you

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Speaker 1: caught up on. Nathan. The Financial Times is reporting Knago

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Speaker 1: Phillips is in advanced talks to acquire smaller rival Marathon Oil.

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Speaker 1: The paper says the proposed all stock deal would value

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Speaker 1: Marathon at more than fifteen billion dollars. Shares of Marathon

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Speaker 1: are at more than five percent in Europe.

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Speaker 2: Care and BHP has asked for a deadline extension on

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Speaker 2: its takeover talks of rival Anglo American. The minor says

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Speaker 2: it's proposed a range of measures intended to address concerns

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Speaker 2: regarding the proposed transaction structure. BHP's third all share proposal

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Speaker 2: valuing Anglo at forty nine billion dollars, was rebuffed last week.

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Speaker 1: And in the drug industry, Nathan Mrk is reportedly buying

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Speaker 1: privately held i Bio. The FT says the price tag

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Speaker 1: three billion dollars. The paper says the acquisition pushes Merk

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Speaker 1: into the growing market for eye care.

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Speaker 2: And another company news, Karen, we're watching shares of American

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Speaker 2: airlines fly lower. They are down nearly eight percent. The

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Speaker 2: airline cut its profit guidance heading into the crucial summer

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Speaker 2: travel season. American also says its chief commercial officer is

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Speaker 2: leaving the company.

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Speaker 1: Well, we turn to Asia now, Nathan. The Chinese economy

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Speaker 1: is getting a boost from the International Monetary Fund. It's

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Speaker 1: raising its growth forecast this year for the world's second

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Speaker 1: biggest economy to five percent. That's that from four point

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Speaker 1: six percent just a few weeks ago. Gita Gopinath is

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Speaker 1: the IMF's first Deputy Managing Director. She says twenty twenty

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Speaker 1: four has gone off to a strong start in China.

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Speaker 7: We certainly are seeing that consumption is recovering, but still

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Speaker 7: it has some ways to go. The strength we're seeing

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Speaker 7: in public investment remains. Private investments is still weak, mainly

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Speaker 7: because of the weakness and the property sector.

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Speaker 1: The IMF's Gita go Banaf as calling on China to

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Speaker 1: provide more fiscal and monetary support for its economy, including

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Speaker 1: more steps to resolve the housing crisis. This month, China

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Speaker 1: announced easier down payment requirements for home buyers and about

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Speaker 1: forty two billion dollars in central bank funding to help

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Speaker 1: local governments buy excess properties.

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Speaker 2: Well back here in the US. Karen, the short seller

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Speaker 2: who made his fame and fortune off the collapse of Enron,

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Speaker 2: is now facing a lawsuit from one of his partners.

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Speaker 2: Jim Chanos, founder of Channos and Company, is accused of

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Speaker 2: taking ten million dollars in loans from the company over

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Speaker 2: more than a decade and using them as a quote piggybank.

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Speaker 2: The lawsuit from Conlin Holdings also accuses Channos of selling

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Speaker 2: a Miami luxury apartment for seventeen point eight million dollars

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Speaker 2: and then using his girlfriend as the sales agent, netting

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Speaker 2: her a more than half million dollar commission. Channos tells

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Speaker 2: Bloomberg the lawsuit is puzzling and baseless, but it.

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Speaker 1: Is time now for a look at some of the

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Speaker 1: other stories making news in New York then around the world,

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Speaker 1: And for that we're joined by a Bloomberg's Michael Barr Michael,

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Speaker 1: Good Morning.

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Speaker 8: Good morning. Karen. Harvey Weinstein is expected to appear before

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Speaker 8: a judge this afternoon in the same New York City

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Speaker 8: courthouse where former President Donald Trump is on trial. The

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Speaker 8: disgraced movie producer is awaiting a retrial on rape charges

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Speaker 8: after his twenty twenty conviction was tossed out. Today's court

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Speaker 8: hearing will address various legal issues related to the upcoming trial,

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Speaker 8: which is tentatively scheduled for some time after Labor Day.

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Speaker 8: Two people were missing and seven were injured when a

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Speaker 8: natural gas explosion caused extensive damage to a building in

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Speaker 8: downtown Youngstown, Ohio. Authorities say yesterday afternoon's blast blew off

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Speaker 8: the facade of Realty Tower. Firefighters helped some people get

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Speaker 8: out of the building, which houses a Chase Bank on

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Speaker 8: the ground floor and as apartments in upper floors. This

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Speaker 8: man works a block away from the blast.

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Speaker 9: It sounded like a big piece of machinery like fell

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Speaker 9: flat onto the side street. That's how it's it. And

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Speaker 9: then you got a little shake with it. So my

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Speaker 9: initial thought is like, I've been in an earthquake before.

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Speaker 9: I was like, is this an earthquake?

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Speaker 8: By your officials say the building's structural integrity is in question,

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Speaker 8: so no firefighters are being allowed in to conduct a search.

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Speaker 8: A Texas Republican congressman representing the Uvalde area one in

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Speaker 8: a tense runoff with a gun rights activists in the

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Speaker 8: state's primary GOP Congressman Tony Gonzalez was one of the

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Speaker 8: few congressional Republicans who supported the twenty twenty two bipartisan

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Speaker 8: gun law created in the wake of the brutal shooting

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Speaker 8: in his district. At rob Elementary, Gonzales got fifty point

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Speaker 8: seven percent to Brandon Herrera, a gun rights YouTuber, at

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Speaker 8: forty nine point three percent. The number of global executions

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Speaker 8: on death rows around the world are going up, However,

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Speaker 8: according to a report from Amnesty International, number of countries

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Speaker 8: carrying out the executions is going down. Researcher Justin Mozzola

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Speaker 8: believes the push to abolish the death penalty must continue,

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Speaker 8: even as many states in the US look for new

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Speaker 8: methods to carry out executions.

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Speaker 10: Now that it's been harder for folks to get for

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Speaker 10: states to obtain lethal injection drugs, what we're seeing is

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Speaker 10: more experimentation in terms of the drugs that they're using,

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Speaker 10: which has been leading to more botched executions as well as,

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Speaker 10: you know, trying new methods or reverting to archaic methods

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Speaker 10: such as firing squads.

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Speaker 8: Researcher Justin Mizzola with Amnesty International Global News twenty four

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Speaker 8: hours a day and whenever you want it with Bloomberg

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Speaker 8: News Now, I'm Michael Barr, and this is Bloomberg. Karen.

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Speaker 1: All right, Michael, thank you, and it's time now for

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Speaker 1: the Bloomberg Sports Update with John stash Hour.

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Speaker 11: John, good morning, Good morning, Karl. The Rangers went to

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Speaker 11: Game four at Florida coming off back to back overtime

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Speaker 11: wins for their last five Stanley coupleoff victories had come

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Speaker 11: in ot another game where sixty minutes not enough, but

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Speaker 11: early and overtime Florida was on the power play.

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Speaker 4: Hein harsh pak.

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Speaker 11: Cousin, Hitia Ross montour at Chuck Fright sine line one

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Speaker 11: tour down low martopot Right stars still the tablier in.

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Speaker 2: Game four this series, he's tied sap right or.

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Speaker 11: From right out in front qam the call. Panthers scoring

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Speaker 11: just a minute thirteen in. Can't blame Igors since Turkett

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Speaker 11: he made thirty seven Saints. Rangers got goals from Vincent

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Speaker 11: Trocheck and Alexis La Frontier, but four games into the series,

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Speaker 11: still no points for either Chris Krider or his linematee

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Speaker 11: meekas advantage that has still no goals for our Temmi Paneren.

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Speaker 11: Game five at the Garden tomorrow night. There's never been

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Speaker 11: an NBA playoff with two conference finals sweeps, and there

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Speaker 11: still has not been. Minnesota stayed alive a Game four

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Speaker 11: winn in Dallas one o five to one hundred. The

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Speaker 11: MAVs still leave the series three to one. Yankees at

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Speaker 11: the Angels, who are twelve under five hundred and only

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Speaker 11: won six home games all season. The Angels won four

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Speaker 11: to three on a Taylor Ward two run double eighthenning

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Speaker 11: off play homes Juan Soto a long first stenning homer

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Speaker 11: for the Yanks. Anthony Bultpeaks ended his hitting streak to twenty.

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Speaker 11: Dj Lemy, who back from injury, played for the first

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Speaker 11: time this season.

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Speaker 8: Long day for the Mets.

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Speaker 11: Francisco Lindor two run homer third inning of the open

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Speaker 11: of the double header, and the Mets were held scoreless

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Speaker 11: for the next sixteen innings, lost to the Dodgers five

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Speaker 11: to two and ten, and then three nothing in the

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Speaker 11: nightcap of The Mets have now lost seven or last

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Speaker 11: eight fourteen of their last eighteen red slots one eighty

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Speaker 11: three at Baltimore, the National shutout in Atlanta two nothing.

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Speaker 11: The Giants are won nothing tenanting win over the Phillies.

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Speaker 11: Novak Djokovic has not won a tournament or even reached

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Speaker 11: the final this year, but he has won twenty four

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Speaker 11: career Grand Slams. Anyone who's opening round match at the front.

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Speaker 8: Opened in straight sets?

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Speaker 11: John stashedtw're Bloomberg Sports. Can it meath?

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Speaker 8: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 8: and around the world on Bloomberg dot Com and the

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Speaker 8: Bloomberg Business app.

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Speaker 2: This is Bloomberg Daybreak. Good morning on Nathan hager Well.

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Speaker 2: After more than six weeks if proceedings, a long day

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Speaker 2: and night of closing arguments and a litany of complaints

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Speaker 2: from Donald Trump, the first ever criminal trial of a

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Speaker 2: former president is about to go to the jury. And

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Speaker 2: joining us now for more on this is Greg Valley, HF,

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Speaker 2: us policy strategist at AGF Investments. Greg, Good morning. We

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Speaker 2: did see prosecutors spend all day and much of the

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Speaker 2: night going through the evidence with the jury. Where do

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Speaker 2: you see this thing going now that deliberations are about

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Speaker 2: to begin?

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Speaker 12: Yeah, good morning, Athan. I mean everyone has a forecast

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Speaker 12: and I do too. Mine is that this is going

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Speaker 12: to drag on for quite some time, with maybe a

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Speaker 12: mature or two holding out and that maybe there'll be

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Speaker 12: some guilty verdicts, maybe there'll be also some not guilty

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Speaker 12: verdicts together, but I think we got a ways to

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Speaker 12: go that.

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Speaker 2: Could spell what something positive for the president. You would

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Speaker 2: think if jury deliberations go on for quite some time,

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Speaker 2: it raises the possibility of reasonable doubt, does it?

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Speaker 9: Huh?

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Speaker 12: Yeah? I think so. And I think it also would

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Speaker 12: reinforce his really expert ability to play the martyr. I

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Speaker 12: think he's going to continue to say that this is

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Speaker 12: an uncare which hunt. I think that he runs the

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Speaker 12: risks still of a violating the gag order. You know,

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Speaker 12: if he violated that, Nathan and had to serve a

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Speaker 12: day or two in jail. I have a hunch, being

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Speaker 12: a contrarian, that Trump would love it. It boost his

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Speaker 12: support among his base, It would be great publicity. It

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Speaker 12: again would make him look like a martyr. So I

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Speaker 12: don't rule out some often you know, outside the box

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Speaker 12: moved by the judge to say you violated the gag order.

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Speaker 2: Yeah, it does raise the question about what that would

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Speaker 2: mean for the independent vote, to bring it into the

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Speaker 2: crass realm of political impact of a case like this,

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Speaker 2: when you have the you know, the serious nature of

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Speaker 2: felony charge against a former president. But where do you

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Speaker 2: see things going if we do see the former president

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Speaker 2: behind bars for whatever reason, and you know, potentially heading

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Speaker 2: into a November election with felony convictions on his record.

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Speaker 12: We're in such unscharted waters and obviously unprecedented, so it's

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Speaker 12: hard to make an accurate prediction. I would say that

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Speaker 12: if he is found guilty, he'll appeal, and he's great

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Speaker 12: at appealing, delaying, delaying, delaying, so I think he would

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Speaker 12: appeal and an appeal would go well into twenty twenty five.

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Speaker 12: Could he serve as president with an appeal? Yeah? I

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Speaker 12: think he could.

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Speaker 2: I wonder what you made as well of the Biden

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Speaker 2: campaign taking advantage of the media spectacle around the case

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Speaker 2: yesterday and bringing out Robert de Niro in January sixth

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Speaker 2: first responders to put the focus on what the president

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Speaker 2: has been running on well since twenty sixteen, the potential

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Speaker 2: threat to demand that he sees from former President Trump.

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Speaker 12: Yeah, it's an argument they can make, but I thought

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Speaker 12: yesterday was a spectacle. I think they didn't exactly help

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Speaker 12: themselves with Denira's comments. But this will go on I

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Speaker 12: think there's also going to be a focus on what

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Speaker 12: Trump said a couple of days ago that the judges

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Speaker 12: are what he called them, a human scum. I mean,

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Speaker 12: you make charges like that. I think Trump's biggest flaw

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Speaker 12: right now is Donald Trump. I think that he is

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Speaker 12: so he has no filter whatsoever, and I think that

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Speaker 12: will continue. I think a lot of moderate voters are

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Speaker 12: going to get tired after a while of a non

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Speaker 12: stop Trump controversy. We're not there yet, but I think

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Speaker 12: by the end of the summer people may say enough

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Speaker 12: is enough.

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Speaker 2: It's something to say to say that we're not there

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Speaker 2: yet after all these weeks of testimony. But in the

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Speaker 2: time that we have left, Greg, I want to get

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Speaker 2: your thoughts on what we heard from the White House

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Speaker 2: yesterday and the strike on the camp in Rafa. Not

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Speaker 2: crossing the White House's red line.

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Speaker 12: Yeah, I mean presidents in recent history have had problems

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Speaker 12: with red lines. Barack Obama had a problem with crossing

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Speaker 12: the line, and he looked bad. I do think that

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Speaker 12: the US Israeli relationship will continue to deteriorate. I never

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Speaker 12: thought I would see a US president and an Israeli

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Speaker 12: Prime minister that are estranged and the two of them

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Speaker 12: are virtually estranged right now.

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Speaker 2: This kind of estrangement does it have a political impact

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Speaker 2: on President Biden. We've got about thirty seconds left.

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Speaker 12: Yeah, it doesn't help him everywhere you look, Nathan, this

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Speaker 12: stuff that I think does not help Biden is lucky.

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Speaker 12: He's only down by one or two or three points.

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Speaker 12: But the momentum in the big battleground states is with Trump.

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