Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: day Break for Wednesday, September seven. Coming up this hour,
Speaker 1: Global stocks slump and the dollar strengthens as financial conditions tighten.
Speaker 1: UK Prime Minister List Trust starts filling her cabinet and
Speaker 1: takes her first questions from Parliament. Apple prepares to unveil
Speaker 1: its latest iPhone, and California braces for potential Blackhouse. Former
Speaker 1: White House strategy Steve Bennett was surrendered a face criminal
Speaker 1: churches in New York. The new guidance from the White
Speaker 1: House on COVID vaccines. I'm John Tucker. Those stories straight ahead,
Speaker 1: I'm John Stashow. In sports, the Mets lost in Pittsburgh.
Speaker 1: Co Co Golf and Nick Carrios both lost their quarterfinal
Speaker 1: matches last night at the US Open. That's all s
Speaker 1: train ahead on Bloomberg Daybreak on Bloomberg eleven three on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius x
Speaker 1: M one nine team and around the world down Bloomberg
Speaker 1: Radio dot Com and via The Bloomberg Business. Good Morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. When US futures
Speaker 1: are higher. This morning, we are coming up to six
Speaker 1: show one on Wall Street, and we check the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg. Right now,
Speaker 1: SNP futures are up about nine points down futures of
Speaker 1: forty six and NASDAG futures at forty one. The decks
Speaker 1: in Germany's down four tenths of upper cent, cat in
Speaker 1: Paris down a third of upper cent, and the foot
Speaker 1: Sea one hundred down six tenths of upper cent. Ten
Speaker 1: your treasury of twelve thirty seconds, you have three point
Speaker 1: three zero percent they yield on the two year three
Speaker 1: point four or five percent. Nine max Screwed oil is
Speaker 1: up half percent or forty one cents at eighty seven
Speaker 1: dollars twenty nine cents. Of barrel comes gold is up
Speaker 1: a quarter percent or four dollars thirty cents at seventeen
Speaker 1: seventeen twenty announced the euro point nine nine eight against
Speaker 1: the dollar. Nathan no, Karen stocks in. You're a bar
Speaker 1: falling is the US dollar continues it's strong run. The
Speaker 1: Bloomberg dollar spot dex hit another record overnight that is
Speaker 1: leading to tighter financial conditions weighing on risk assets around
Speaker 1: the world. Janet Movie is head of market analysis at
Speaker 1: Bruin Dolphin. There is just disinflationary impact from strong U
Speaker 1: West older there are other disinflationary impacts, for example lower
Speaker 1: Gesselin prices, So we do think that UH inflation is
Speaker 1: more likely to peak and slow will rapidly compared to
Speaker 1: the other ponies. Janet Movie with Bruin Dolphin says she
Speaker 1: still expects the FED to increase interest rates at this
Speaker 1: month's meeting. Meantime, Nathan May gets him inside from the Fed,
Speaker 1: but the release of its Beige Book today that comes
Speaker 1: at two pm Wall Street time, a day before we
Speaker 1: hear from FED chair j Powelly speaks at the Cato
Speaker 1: Institutes Monetary Conference tomorrow to an into Bloomberg Radio and
Speaker 1: Television for live coverage of US comments around nine a m.
Speaker 1: Eastern Now turning overseas now Karen. Markets in Europe are
Speaker 1: feeling the pain of the stronger dollar. It comes at
Speaker 1: a precarious time for the UK. New Prime Minister Liz
Speaker 1: Trust is filling her cabinet and working on solutions to
Speaker 1: address her country's cost of living crisis Bloomberg. Stephen Carroll
Speaker 1: joins us live from London with the Latest Morning Stephen,
Speaker 1: Good Morning, Nathan and Karen. Liz Truss holding the first
Speaker 1: meeting of her new cabinet as we speak, after a
Speaker 1: sweeping reshuffle that saw her supporters elevated to the top jobs.
Speaker 1: Quasi quart hang as a new chancellor what Jacob riesmock
Speaker 1: takes over his business secretary Naturals faces the leader of
Speaker 1: the opposition Labor Party in Parliament later as we wait
Speaker 1: details of her package to tackle soaring energy costs. People
Speaker 1: familiar with the plan telling Bloomberg that it could see
Speaker 1: the government spending as much as two hundred billion pounds
Speaker 1: to cap prices, adding ten percent to the UK's national debt.
Speaker 1: In London, I'm Stephen Carroll, Bloomberg Daybreak, Stephen, Thanks for
Speaker 1: the strong dollar. Wait on now sets in Asia overnight
Speaker 1: sh Sheldon lows from they have twenty while Asian currencies
Speaker 1: weakened sharply and Bloomberg. Juliet Salley joins us from Singapore
Speaker 1: with the latest. Good Morning, Juliet, Good morning, Nathan and Karen.
Speaker 1: In Japan, the yen sank one with officials warning they're
Speaker 1: concerned about rapid one sided moves. China meanwhile said it's
Speaker 1: you on reference rate with the strongest bias on record,
Speaker 1: a signal of discomfort with the swooning currency. South Korea's
Speaker 1: one was the worst performing Asian currency, prompting speculation of intervention.
Speaker 1: The Kiwi and Singapore dollars fell to two year lows,
Speaker 1: adding to the downbeat sentiment. The latest China data showing
Speaker 1: the nation's export growth sloide more than expected in August,
Speaker 1: adding to signs of a flagging world economy in Singapore.
Speaker 1: Juliette Sally Bloomberg Daybreak, All right, Juliet thanks sticking with
Speaker 1: the end for a moment. The currency slumped to a
Speaker 1: level leaving it on track for its worst year on record,
Speaker 1: and that is prompting signals from government officials that Japan
Speaker 1: would need to take action if the rapid one sided
Speaker 1: the moves continue. Bloomberg FX reporter Ruth Carson says, at
Speaker 1: this point we could see government intervention. Policymakers haven't changed
Speaker 1: their language to indicate such a move would happen anytime soon,
Speaker 1: but look out for phrases like we won't rule out
Speaker 1: any options to combat excessive movements, or we're ready to
Speaker 1: take decisive, bold action to counter excessive or speculative moves.
Speaker 1: Bloomberg's Ruth Carson says, the end could get weaker still
Speaker 1: from here and checking it right now, it's trading at
Speaker 1: a hundred forty four point one nine against the dollar. Well,
Speaker 1: let's move to corporate news now, Nathan, where all eyes
Speaker 1: are on Apple. The tech giant is holding a launch
Speaker 1: event today to unveil the new iPhone fourteen. New iPhones
Speaker 1: traditionally kick off a busy fall products season, which also
Speaker 1: includes new max iPads and Apple Watch models. He then
Speaker 1: kicks off at one pm Wall Street Time, and we'll
Speaker 1: bring you live updates from Cooper Tino throughout the day
Speaker 1: on Bloomberg Radio and television. And we've got more earnings
Speaker 1: on the way today, Karen popular Meme Stock game Stop
Speaker 1: is among companies out with results after the close. Bloomberg's
Speaker 1: Charlie Pellett has a preview. The analyst surveyed by Bloomberg
Speaker 1: see the video game retailer reporting on adjusted earnings per
Speaker 1: share loss of thirty four cents on revenue of one
Speaker 1: point to seven billion dollars. Analysts at Webb Bush say
Speaker 1: game Stop may trail consensus expectations, citing ongoing hardware constraints
Speaker 1: for gaming consoles. Game Stop has been among the most
Speaker 1: popular retail trader favorites this year, but the stock for
Speaker 1: all of two is down thirty two percent. In New York, Chile,
Speaker 1: Pelic Bloom Bird pay break a right, Charlie, thanks well.
Speaker 1: It's shaping up to be another rough day in California.
Speaker 1: The state's electric grid will once again be tested after
Speaker 1: a narrowly avoided blackouts for two consecutive days. Blistering temperatures
Speaker 1: pushed electricity demand to record levels Lady yesterday. That prompted
Speaker 1: California to enact its highest level of energy emergency, and
Speaker 1: much of the state remains under an excessive heat warning.
Speaker 1: It's like a look at oil now, Karen Crude is
Speaker 1: trading lower as the dollar surges, and concern over global
Speaker 1: demand is also weighing on sentiment. W t E s
Speaker 1: off to a week starts of the month, extending a
Speaker 1: run of three monthly losses. That's it's worst streak in
Speaker 1: more than two years. Checking prices now, w t I
Speaker 1: is up six cents per cent, forty nine cents higher
Speaker 1: now at eighty seven dollars thirty seven cents of barrel.
Speaker 1: But we're also watching cryptocurrencies this morning, Nathan. Bitcoin flirting
Speaker 1: with a test of this year's lows following another sell
Speaker 1: off that's pushed the sector's overall market valuablelow one trillion dollars.
Speaker 1: The largest digital token has shed more than six percent
Speaker 1: so far this week. Is surging real interest rates, cut
Speaker 1: into risk assets and checking Bitcoin right now, it's down
Speaker 1: about one pent is at eighteen thousand, seven eight dollars.
Speaker 1: Future is moving higher this morning, with SNP futures up
Speaker 1: almost seven point, staff futures of twenty eight, NASDAG futures
Speaker 1: up thirty Straight ahead, your latest local headlines, plus a
Speaker 1: check of sports, and this is Bloomberg. Thanks Karen. Six
Speaker 1: o seven On Wall Street. We're at sixty six degrees
Speaker 1: in Central Park. Gotta crash eastbound twenty four at brute
Speaker 1: seventy eight in Springfield. Details coming up in traffic. First
Speaker 1: John Tucker with what else is going on in New
Speaker 1: York and around the world. Good morning, John, and former
Speaker 1: White House strategist Steve Bannon will surrender to face criminal
Speaker 1: charges in New York. Let's get more on the story.
Speaker 1: From Bloomberg's Jeff Bellinger. Sources tell Bloomberg that Bannon has
Speaker 1: been indicted and will be charged by the Manhattan District
Speaker 1: Attorney's office. Manhattan prosecutors were working early last year with
Speaker 1: New York Attorney General Letitia James, new York's top law
Speaker 1: enforcement officer, to gather information for a pro been to
Speaker 1: weather bannoned defrauded contributors for that We Build the Wall.
Speaker 1: Bannon was charged with fraud and federal court in twenty
Speaker 1: over the alleged scheme, leading to a pardon hours before
Speaker 1: Donald Trump left the White House. But Trump could not
Speaker 1: shield his former Raid from the state level probe. Jeff Bellinger,
Speaker 1: Bloomberg day Break, and we're hearing more surrounding the documents
Speaker 1: discovered of the former president's Florida state. The Washington Post
Speaker 1: reports and document APPII agencies at Mara Lago describes the
Speaker 1: foreign government's military defenses and nuclear capabilities. A development in
Speaker 1: the investigation into the alleged effort by some Trump supporters
Speaker 1: to overturn the twenty twenty election results. In Georgia, Investigators
Speaker 1: say video shows a local Republican party leader allegedly allowing
Speaker 1: two men into the Coffee counties election offices the day
Speaker 1: after the January six insurrection. It's also the same day
Speaker 1: authorities say the offices voting machines were breached. The Biden
Speaker 1: administrations as COVID nineteen vaccines will largely become an annual
Speaker 1: vaccination akin to the flu shot. Dr Chi's Jazz, the
Speaker 1: Coronavirus Response Coordinator, we the administration will make sure that
Speaker 1: vaccines are free, that they're widely available, and they are
Speaker 1: easy to access for everybody. The administration urging Americans to
Speaker 1: seek out newly authorized booster shots Taylor to find the
Speaker 1: omicron subvariants that are now dominant. About half of US
Speaker 1: workers could be described as quiet quitters. That's according to
Speaker 1: new research by Gallop. It means they fulfill their job
Speaker 1: description but are psychologically detached from their work. According to
Speaker 1: Gallup survey of over fifteen thousand full and part time
Speaker 1: US workers, not a half of respondence met the definition
Speaker 1: of quiet quitting. More evidence the pandemic has vented employees, priorities,
Speaker 1: and companies workplace policies. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake. We're powered by
Speaker 1: more than seven hundred journalists and analysm more than one
Speaker 1: twenty countries on John Tucker and this is Bloomberg, so
Speaker 1: you turned your volume up on that story. Thank you, John.
Speaker 1: Almost six ten on Wall Street Time for the Bloomberg
Speaker 1: Sports Update with John stash Our. Thanks they send so
Speaker 1: much for us to being the easy part of the
Speaker 1: Mets schedule. Back to back losses to lowly Washington and
Speaker 1: an eight two lost last night in Pittsburgh. Mets have
Speaker 1: just their second three game losing Threek of the season.
Speaker 1: The other came back in June. Taiwan Walker gave a
Speaker 1: four runs and five innings. The Pirates put it away
Speaker 1: with four runs in the eighth inning. Brandon Neimo homeward
Speaker 1: for the Mets, who drop into a first place tie
Speaker 1: with red hot Atlanta. Mets and Pirates have a doubleheader
Speaker 1: today making up Monday's rain out, and Yankees and twins
Speaker 1: of a twin bill in the Bronx to make up
Speaker 1: last night's rain out. Yanksters put Anthony Rizzo on their
Speaker 1: extremely crowded injured list. There are fifteen names on it.
Speaker 1: Rizzo has missed time with the bad back. Now he's
Speaker 1: suffering from migraine headaches. Now the late night at the
Speaker 1: US Open. This one ended at one am with Karen
Speaker 1: catch sean Off winning the fifth set from Nick Curios.
Speaker 1: Um but old credit to Karen. He just he's a fot,
Speaker 1: he's in. He's a warrior, you know, he's he's although
Speaker 1: he saved really good today. Um, honestly, probably the best
Speaker 1: several play this tournament, to be honest, the way he
Speaker 1: was hitting his spots under pressure. A lot of new
Speaker 1: names emerging at this year's Open, catch Shanoff will now
Speaker 1: play Norway's Casper Route, and unlike these semifinal women's winners,
Speaker 1: yesterday Ons Jabber, who was from Tunisia, and last night
Speaker 1: Caroline Garcia took out Coco got w NBA playoff wins
Speaker 1: for Connecticut headed in with decisive Game five of Chicago
Speaker 1: and Las Vegas has reached the finals, beating Sea at
Speaker 1: all the final game the long career of Long Island
Speaker 1: native Sue Burg. Chicago Bears announced their intention to move
Speaker 1: to an indoor state, even the suburbs, although not until
Speaker 1: two thousand and thirty four. John Stash award Bloomberg's voice, Nathan,
Speaker 1: thank you, john S andp futures right now up four
Speaker 1: points stout futures up thirteen nan Stack future is higher
Speaker 1: by twenty five points, but European stocks continue their slide
Speaker 1: on a stronger dollar. We'll look at this market next
Speaker 1: with Bloomberg's Danny Burger. This is Bloomberg, Bloomberg eleven three
Speaker 1: oh weather scattered showers, low seventies today, we'll clear out
Speaker 1: Tomorrow'll get into the upper seventies by Friday week with
Speaker 1: sunshine and a high. And you're eighty right now, cloudy
Speaker 1: sixty six degrees in Central Park. Markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot com.
Speaker 1: The Bloomberg Business Outland at Bloomberg Quicktape is a Bloomberg
Speaker 1: Business Flash, and I'm Karen Moscow. Stocks and commodities are
Speaker 1: dropping as the prospect of aggressive Federal Reserve monetary tightening
Speaker 1: lifts a dollar gauge to another record. Meanwhile, the US
Speaker 1: DON Index futures are a little change now. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Right now, SMP futures or down futures, they're both little changed.
Speaker 1: Nowsday futures are higher, They're up a body et points
Speaker 1: sets up almost two tenths of upper set. The decks
Speaker 1: in Germany's down seven tenths of upper cent. Ten year
Speaker 1: treasury up eight thirty seconds. You know, three point three
Speaker 1: one percent they yield on the two year three point
Speaker 1: four six per set. Nine max Screwed oil is up
Speaker 1: half percent or forty four cents at eighty seven dollars
Speaker 1: thirty one center barrel comes gold is up two tens
Speaker 1: per cent or three dollars thirty cents, and seventeen sixteen
Speaker 1: ten announced the euro at point nine eight nine eight
Speaker 1: against the dollar, British found one point one four eight
Speaker 1: seven and again one forty four point to six. And
Speaker 1: looking at a bitcoin this morning down one percent at
Speaker 1: eighteen thousand seven dty dollars. Today we are watching for
Speaker 1: the trade balance out at eight thirty Wall Street time
Speaker 1: that at two the Federal Reserve at least as its
Speaker 1: page book and as a Bloomberg business flash. Now, here's
Speaker 1: John Tucker with more on what's going on around the world.
Speaker 1: John and Karen. Former White House strategist Steve Bennon will
Speaker 1: surrender to face criminal charges in New York tomorrow. California
Speaker 1: narrowly avoided Blackhouse for a second day. This comes to
Speaker 1: even as dangerous temperatures push the actricity demand to a
Speaker 1: record and she Shnpeg will meet his rush and counterpart
Speaker 1: Vladimir Putin next week. It would mark the Chinese leader's
Speaker 1: first trip abroad in two and a half years. Sports
Speaker 1: last night, Matts lose to the Pirates, the Red Sox
Speaker 1: lost to the Rays, Orioles beat the Blue Jays, and
Speaker 1: Nasals lost to the Cardinals. The A's Field of the
Speaker 1: Braves Giants lost to the Dodgers, and the Yankees game
Speaker 1: against the Twins that was rained out to try to
Speaker 1: make that up. Today, Global News twenty four hours day
Speaker 1: on air and Bloomberg Quicktake where powered by more than
Speaker 1: twenty seven hundred journalists and analysts. It more than one
Speaker 1: twenty countries. I'm John Tucker. This is Bloomberg, Nathan Okay, John,
Speaker 1: Thanks six nineteen Now on Wall Street Life in the
Speaker 1: Bloomberg Interactive Brokers Studios. This is a Bloomberg Daybreak. Let's
Speaker 1: take a look at this market A closer look with
Speaker 1: Danny Berger, Bloomberg television anchor and markets correspondent for Bloomberg
Speaker 1: News or the story this morning. Danny really does seem
Speaker 1: to be dollar strength, and we're watching it play out,
Speaker 1: particularly in European stocks. Yeah, I mean dollar strength almost
Speaker 1: literally against everything. I mean, whether you want to look
Speaker 1: at the europound, Asian currencies. Asian currencies are doing so
Speaker 1: bad this morning. Um, And I think sort of the
Speaker 1: fall and stocks is just a reflection of of that
Speaker 1: type of environment where we're flowing into the haven of
Speaker 1: the dollar, where we're looking at a persistently tight said
Speaker 1: and one that's forcing other countries like the ECB tomorrow
Speaker 1: to titan as well. Along with this economic deterioration both
Speaker 1: in Europe which we've been talking about NonStop with the
Speaker 1: energy crisis and negative data out from China. So you
Speaker 1: combined a weak economic data with persistent strength from central
Speaker 1: banks and you get the ugliness and dollar strength that
Speaker 1: we're seeing today. Yeah. I was just talking with the
Speaker 1: kid Jukes over at sock Jen last hour. He told
Speaker 1: me that he doesn't think we're gonna see much erosion
Speaker 1: to king dollar until there's some kind of resolution to
Speaker 1: the energy crisis in Europe. So maybe dollar strength this
Speaker 1: is going to be with us for a while yet. Yeah,
Speaker 1: the fundamentals really are still there. Um. I mean, look,
Speaker 1: you could say, Okay, on evaluation level, this looks overstretched,
Speaker 1: But those sorts of things don't matter in times of crises.
Speaker 1: It can continue to go. I mean, what would the
Speaker 1: dollar deteriorate against. I'm looking at agen that's at one.
Speaker 1: It's unlikely there'll be any verbal intervention there because or
Speaker 1: there has been verbal intervention that's been irrelevant. Maybe they'll
Speaker 1: have a unilateral intervention, but that probably won't do much either.
Speaker 1: They need something of a coordinated effect. So I'm having
Speaker 1: a hard time seeing you know what could beat out
Speaker 1: the dollar in this environment right now? Yeah, I'm looking
Speaker 1: at the offshore you want the Chinese currencyclorting with that
Speaker 1: psychological seven handle as well. It makes you wonder whether
Speaker 1: we could see some kind of intervention not just from
Speaker 1: the People's Bank of China, but from the Bank of Japan. Yeah,
Speaker 1: certainly so. Bank of Japan. Last intervention, I believe was
Speaker 1: when we're at this level to four years ago. It
Speaker 1: was it was coordinated between the US and Japan, and
Speaker 1: that's probably what we would need to see for any change. Um.
Speaker 1: The question though, is how much longer can Japan afford
Speaker 1: to let this go on to some degree? You know,
Speaker 1: a weaker currency does mean inflation is higher, and Japan
Speaker 1: is kind of rare in terms of a country that
Speaker 1: isn't dealing with outside inflation, So perhaps intervention might not
Speaker 1: come as soon as many people think when they look
Speaker 1: at the level. But yeah, China, the UN so close
Speaker 1: to seven um. It's clear that the PBOC is willing
Speaker 1: to let that weaken as much, but it just doesn't
Speaker 1: want to lose control, and I think that's clear by
Speaker 1: the strong fixing we saw in it this morning. Now
Speaker 1: we've got central bank decisions from the e c V first,
Speaker 1: of course, we're waiting for the fed's decision later on
Speaker 1: this month as well. And I guess the question now
Speaker 1: is whether the tightening of financial conditions that we're starting
Speaker 1: to see is going to have any impact on whether
Speaker 1: we continue to see really strong jumbo sized rate high
Speaker 1: central banks. Yeah, absolutely, because the type of environment it
Speaker 1: creates by really tight financial conditions or tightening in the
Speaker 1: US is what we're talking about. It's a weak currency.
Speaker 1: So you look at someone uh like the ECB for example,
Speaker 1: they're looking at a weak currency. For them, that means
Speaker 1: more inflation which they're trying to combat. And so what
Speaker 1: do you do you hike rates more, and that's what
Speaker 1: the market is pricing in. We've got uh sixty five
Speaker 1: basis points is the implied rate at the moment, which
Speaker 1: means that there's a lot of folks betting on seventy
Speaker 1: five from the ECB. And you have this toxic mix
Speaker 1: where yes, this kind of chatter is sending yields higher.
Speaker 1: Usually that means a stronger currency, but this time it's
Speaker 1: not so. How much does the e c D need
Speaker 1: to hike to move rates higher to actually attract investors
Speaker 1: into Europe to send the euro higher. I mean, I
Speaker 1: realize a lot of this is sort of like I
Speaker 1: feel like I'm talking in circles a bit, but but
Speaker 1: it is. It's just a fed and a dollar that's
Speaker 1: giving everyone a headache. Only about thirty seconds left here, Danny,
Speaker 1: But I'm really curious to hear what analysts are telling
Speaker 1: you about whether we could see the June low tested.
Speaker 1: I mean, we got this no doubt from Goldman Sachs
Speaker 1: this morning saying that the bottom might not have been
Speaker 1: reached at this point. I gotta tell you, I'm just
Speaker 1: caring a lot of doom and gloom. Everyone's worried, not
Speaker 1: just about the economy, economy, but earnings as well at
Speaker 1: the second half of this year. Yeah, all right, thank
Speaker 1: you for this. Danny really appreciated. Danny Burger, our markets correspondent,
Speaker 1: Bloomberg television anchor with us this morning as we watch markets,
Speaker 1: UH continue to react to this strong dollar. Futures UH
Speaker 1: seeing a little bit attraction this morning to the upside.
Speaker 1: Right now, SMP futures are up six points, STAU futures
Speaker 1: up thirty six. Nasdaq futures are highed by thirty one points.
Speaker 1: But European equities are still moving lower. We got the
Speaker 1: decks in Germany down about a half percent, Footsie in
Speaker 1: London down six tenths of one percent. Ten. Your treasury
Speaker 1: is up seven thirty seconds for a yield of three
Speaker 1: point three two percent. The yield on the two year
Speaker 1: three point four six percent. Starting to see crude, UH
Speaker 1: get a bid with Nimex crude right now up six
Speaker 1: tents for cent to eighty seven dollars forty three cents
Speaker 1: of barrel. This is Bloomberg Bloomberg eleven three oh Weather.
Speaker 1: Scattered showers today with highs in the low seventies, clearing
Speaker 1: tomorrow upper seventies for Thursday highs. By Friday, we could
Speaker 1: hit eighty under sunshine. Right now, it's cloudy in sixty
Speaker 1: six in Central Park. Broadcasting live from the Bloomberg Interactive
Speaker 1: Broker Studio in New York, Bloomberg in voom Free to Washington,
Speaker 1: d C. Bloomberg on to Boston, Bloomberg one oh six one,
Speaker 1: does San Francisco, Bloomberg N sixteen to the country Sirius
Speaker 1: xm ch A one nineteen, and around the globe the
Speaker 1: Bloomberg Business app and Bloomberg Radio dot com. This is
Speaker 1: Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm
Speaker 1: Nathan Hagar and I'm Karen Moscow. We are just about
Speaker 1: three hours away from the open of us eating time
Speaker 1: for the five things so you need to know to
Speaker 1: start your day. Brought to you by Interactive Brokers. Interactive
Speaker 1: Brokers charges marchin loan rates from two point three percent
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Speaker 1: Learn more at ibk R dot com. Slash compare for
Speaker 1: stungs in Europe are falling as the US dollar continues
Speaker 1: it's strong run. The Bloomberg Dollars Spot index hit another
Speaker 1: record overnight, and that's leading to tighter financial conditions that
Speaker 1: are weighing on risk assets around the world. Janet Moue
Speaker 1: has had a market analysis at Brewin Dolphin. There are
Speaker 1: increasing signs that countries are worried about the dollar strength.
Speaker 1: I think government officials they will have to come together
Speaker 1: to discuss what they may do about it, but maybe
Speaker 1: they don't actually have a load of solutions. Janet Movie
Speaker 1: with Bruin Dolphins said the strong dollar could have a
Speaker 1: disinflationary effect on the US economy, but she still expects
Speaker 1: the Fed to raise interest rates in September's meeting, and
Speaker 1: we get more insight from the Fed today, Karen, with
Speaker 1: the release of the Beige Book. At two pm Wall
Speaker 1: Street time. Tomorrow, we hear from the chairman J. Powell,
Speaker 1: he speaks at the Cato Institute's Monetary Conference. Tune into
Speaker 1: Bloomberg Radio and television for live coverage of that tomorrow
Speaker 1: around nine am Eastern. Well Nathan, the strong dollar wait
Speaker 1: on assets in Asia Overnight stocks held that lows from
Speaker 1: May of twenty Well, Asian currencies weekend Sharply, we're taking
Speaker 1: a close look at the yen, in particular, it's on
Speaker 1: track for the worst year on record. That's prompting signals
Speaker 1: from government officials that Japan would need to take action
Speaker 1: if the rapid one sided move continue. Ruth Carson is
Speaker 1: an f extu reporter with Bloomberg News. At this stage,
Speaker 1: with the Bank of Japan clinging to his ultratavish monetary
Speaker 1: policy stands and FED hiking aggressively to five inflation, that's
Speaker 1: little stopping it from hitting levels last seen in the
Speaker 1: early Bloomberg You. Carson says, potential government intervention is on
Speaker 1: trader's minds at the moment. And checking the yen right
Speaker 1: now it is at one four point four nine against
Speaker 1: the dollar. And turning into corporate news, Karen, all eyes
Speaker 1: are on Apple, the tech giant holds an event today
Speaker 1: to unveil the new iPhone fourteen. New iPhones traditionally kickoff
Speaker 1: a busy fall product season. The event kicks off one pm.
Speaker 1: Wall Street Time will bring you live updates from Cooper
Speaker 1: Tino throughout the day on Bloomberg Radio and Television. And
Speaker 1: taking a look at oil now. Nathan concerns of our
Speaker 1: global demand as weight on sentiment, with crude off to
Speaker 1: a week start in September, and checking prices right now,
Speaker 1: and I'm ex screwed. Oil is ups extensive percent of
Speaker 1: fifty two cents at eighty seven dollars forty cents of
Speaker 1: barrel Brent is at ninety three dollars forty four cents.
Speaker 1: That's the five things that you need to notice start
Speaker 1: your day. Brought to you by Interactive Brokers. And this
Speaker 1: is Bloomberg, all right, Karen, thank you. Sixty three on
Speaker 1: Wall Street, sixty six degrees in Central Park. We got
Speaker 1: two crashes on the eastbound Gwanas Expressway. Janelle Crispin will
Speaker 1: fill you in shortly. First John Tucker with what else
Speaker 1: is going on in New York and around the world.
Speaker 1: Good morning, John Nathan. Former White House strategist Steve Vannon,
Speaker 1: who was pardoned by Donald Trump on his last day
Speaker 1: as president, is going to surrender tomorrow to face state
Speaker 1: criminal oranges. In New York Manhattan prosecutors have been probrabing
Speaker 1: whether Bannon defrauded contributors for We Build the Wall, that
Speaker 1: was the private center effort to support Trump's steen campaign
Speaker 1: promise to construct a wall along the US Mexico border.
Speaker 1: The president former president's pardon doesn't shield Bannon from state charges.
Speaker 1: A threat by a major airline to sus suspend service
Speaker 1: at JFK more in this report from Bloomberg's Lisa Mateo,
Speaker 1: United Airlines is threatening to the spend service at Kennedy
Speaker 1: unless federal regulators review runway use and allow the carrier
Speaker 1: to increase daily operations. United told employees and a memo
Speaker 1: about its plan, saying the airport's total flight capacity hasn't
Speaker 1: changed since two thousand and eight, despite a widening of
Speaker 1: runways and other infrastructure improvements. The airline, which has two
Speaker 1: daily flights between Los Angeles and JFK and to shuttling
Speaker 1: back and forth to San Francisco, that it would suspend
Speaker 1: operations at the end of October without more slots. Lisa Mateo,
Speaker 1: Bloomberg Daybreak. California narrowly avoided blackouts for a second successive day,
Speaker 1: even as blistering temperatures pushed electricity demand to a record
Speaker 1: and stretched the state's power grid close to its limits.
Speaker 1: Here's California Governor Gavin Newsom. California and many other Western
Speaker 1: states are experiencing simply unprecedented temperatures. In fact, this heat
Speaker 1: wave is on track to be both the hottest and
Speaker 1: the longest on record for the state. In many parts
Speaker 1: of the West for the month of September A much
Speaker 1: of California remains under an extensive heat warning through Friday,
Speaker 1: with the thirties already preparing for more severe pressure on
Speaker 1: the power system. Today, bosses are expecting workers to finally
Speaker 1: start showing up more routinely at Manhattan offices than have
Speaker 1: been sparsely populated for more than two years. Big banks,
Speaker 1: including Goldman, Sachs and Morgan Stanley have now removed the
Speaker 1: final hurdles for full time in person work and once
Speaker 1: again a reminding employees that they're wanted back in the office.
Speaker 1: The work from home culture has put New York's office
Speaker 1: landlords in a bind. Just thirty five point three percent
Speaker 1: of workers in the Mets are area we're back at
Speaker 1: their desk the week ended August four, according to card
Speaker 1: swipe data from Castle Systems. Global News twenty four hours
Speaker 1: day on their hand a Bloomberg quicktake. We're powered by
Speaker 1: more than twenty seven hundred journalists and analysts and more
Speaker 1: than one hundred twenty countries I'm John Tucker. This is Bloomberg, Nathan.
Speaker 1: Thank you John six thirty six on Wall Street. John
Speaker 1: Stash has the Bloomberg Sports Updak all right, Anthon. The
Speaker 1: Mets have been a first place team pretty much all season,
Speaker 1: but maybe not by the end of tonight. The Atlanta
Speaker 1: Braves one again, ten to nine in Oakland. They've won
Speaker 1: twenty six of their last thirty one and they are
Speaker 1: eighty five and fifty one, and that's the same record
Speaker 1: as the Mets who lost in Pittsburgh Gate two. Taiwan
Speaker 1: Walker gave up the first four runs, the bullpen four more,
Speaker 1: and the Mets have just their second three game losing
Speaker 1: the speak of the season. They've got a double header
Speaker 1: in Pittsburgh today and the Yankees and Twins played two
Speaker 1: of the Brons to make up last night's rain out.
Speaker 1: Yankster banged up fifteen players on the injured list. Anthony
Speaker 1: Rizzo just went on with migraine headaches. DJ Lemayer has
Speaker 1: got a bad toe. Janklos Stanton just returned to the
Speaker 1: lineup and they had to leave Monday's game that injured
Speaker 1: foot x rays word nugget. Tampa Bay beat the Red Sox.
Speaker 1: The Red Hot Rays, only four and a half games
Speaker 1: behind the Yanks. The crowd at the US Open last
Speaker 1: night came out to see the American teenager Coco Golf
Speaker 1: and then the entertaining Aunsee Nick Currios. They both lost
Speaker 1: their quarterfinal matches. Goffel the Caroline Garcia's straight sets, and
Speaker 1: Curios in a match that ended at one am, lost
Speaker 1: a five center to Russia's Rushia's Karen to catch on
Speaker 1: off Giants getting ready for Sunday season opener at Tennessee.
Speaker 1: The concerned for new Giants coach Brian day Ball Titans
Speaker 1: running back Derrick Henry. What he's done so far. He's
Speaker 1: he's just a really good football player. I know him
Speaker 1: as a person to U have mettle down a few
Speaker 1: times in the Alabama. Got a ton of respect for him,
Speaker 1: and as a man, and and and surely as a player.
Speaker 1: He's uh, he's one heck of a player. You name it,
Speaker 1: he can do it. If the Giants get upset the Titans,
Speaker 1: they'll have an over five hundred record for first times
Speaker 1: to the two thousand sixteen. Jets open Sunday with Baltimore.
Speaker 1: The season kicks off tomorrow. John starrwar Boomberg Sports, Stephen Okay, John,
Speaker 1: thank you, six thirty seven on Wall Street Time Now
Speaker 1: to take a look at stocks, some of the names
Speaker 1: moving in the pre market. We've got Bloomberg Radio and
Speaker 1: TV markets correspondent Pretty Gupta with us on a morning
Speaker 1: where dollar strength pervades the market. I mean, it's not
Speaker 1: just been this morning, has it, Cretty, It's been an
Speaker 1: issue for a while here, the strength of the US dollar.
Speaker 1: It really has and this is going to hit you know,
Speaker 1: everything from from tap to multinational companies like PepsiCo for example.
Speaker 1: And that's kind of where I want to go with
Speaker 1: the sector check because I've been a really kind of
Speaker 1: piggyback on the point that Morgan Stanley's Mike Wilson made
Speaker 1: this idea that a lot of the macro was driving
Speaker 1: the trade right now as opposed to perhaps the individual fundamentals,
Speaker 1: and even on a such a micro basis like stock movers,
Speaker 1: you're seeing that as well. The idea that the dollar
Speaker 1: is really the story as it hits once again a
Speaker 1: new record high, really driven by the weakness that you're
Speaker 1: seeing in Europe and arguably the weakness you're seeing in
Speaker 1: Asia as well. So let's take a look at some
Speaker 1: of these stocks here, because what's interesting is that the
Speaker 1: first companies that it should hit, that kind of move
Speaker 1: should hit are your big tech companies. Yet those are
Speaker 1: the ones that are actually catching a bid this morning.
Speaker 1: Take a look at Netflix, for example, n f l
Speaker 1: X is your taker up about seven tenths of one percent,
Speaker 1: despite the fact that the broader market is actually declining.
Speaker 1: If you have the likes of Apple, for example, A
Speaker 1: A p L is your taker up three tents of
Speaker 1: one percent. And the reason for this is this idea
Speaker 1: that simply you are starting to see fund flows come
Speaker 1: back into the state because perhaps that dollar strength isn't
Speaker 1: actually weighing on their bottom line the way that h
Speaker 1: IT did a couple of months ago, and simply that
Speaker 1: perhaps it's already priced it. So that's gonna be something
Speaker 1: that you want to watch going into the opening bells, Nathan,
Speaker 1: the trend has been in the opening bells in the
Speaker 1: first thirty minutes. American traders tend to fade any move
Speaker 1: that you're seeing U in futures right now, so really
Speaker 1: keep an eye on that, and tech tends to lead
Speaker 1: that charge. I also want to throw some airline news
Speaker 1: at you Nathan, United, You A L is your taker
Speaker 1: that actually came out with a letter to JFK Airport
Speaker 1: yesterday and said, you know what, we are actually going
Speaker 1: to pull out of JFK if you don't give us
Speaker 1: more operating capacity, if you don't let us fly more
Speaker 1: planes out. Remember, this really comes down to supply chain
Speaker 1: issues that you're seeing for a lot of the airlines
Speaker 1: traffic controllers. Means that airports can't actually have that many
Speaker 1: flights go out simply because the labor issues that are
Speaker 1: that people are dealing with here in the States. United
Speaker 1: saying well, you know what, figure it out or we're
Speaker 1: bouncing U. A L is your ticker up about three
Speaker 1: times of a percent in this morning. I should say
Speaker 1: the shares are fading even though it's just barely traded,
Speaker 1: So that is going to be a stock you certainly
Speaker 1: want to keep an eye on. Yeah, interesting to see
Speaker 1: another news headline acrossing on that stock, in particular with
Speaker 1: United Airlines boosting its estimate for third quarter revenue growth
Speaker 1: just quickly createy, it looks like we could still be
Speaker 1: seeing some of this pent up travel demand. You know,
Speaker 1: it's interesting that we say that because, on the one hand,
Speaker 1: there is that pent up travel demand, but the question
Speaker 1: is can you actually meet it, can you mobilize it
Speaker 1: and actually make money off in right now? The jury
Speaker 1: is still out, certainly, as thanks for this, Creaty, as
Speaker 1: always Mom Gradi on TV. Markets correspondent Createy Gupeda with
Speaker 1: us this morning as we take a look at future,
Speaker 1: they're moving just a bit higher than we are still
Speaker 1: seeing European stocks move lower this morning. Right now, SMP
Speaker 1: futures up six points, staff futures up thirty five, NASTAC
Speaker 1: futures are higher by twenty six points ten. Your treasury
Speaker 1: yield right now three point three two on that stronger dollar.
Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather
Speaker 1: scattered showers, low seventies today, clearing tomorrow. Upper seventies, will
Speaker 1: get up to near eighty in the sunshine on Friday.
Speaker 1: Right now, clouds sixty six degrees in central Park. Markets
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business A and at Bloomberg
Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm camera
Speaker 1: in Moscow, US. Not Index futures on the rise this morning.
Speaker 1: We had the first word breaking news desk for today's
Speaker 1: morning call, and is Bell Maloney, Bell, good morning, and
Speaker 1: good morning, Karen. Modest games in the U S futures
Speaker 1: right now with features up seventeen points, Sesames game three one,
Speaker 1: NASA futures are up by nineteen. The US ten year
Speaker 1: old at three point three two percent, Gold is a
Speaker 1: little changed, Oil is in the green, and a bitcoin
Speaker 1: is trading lower by one percent. Shanghai was a little
Speaker 1: changed overnight, while up and markets are posting modest losses
Speaker 1: this morning and back in the US on the economic
Speaker 1: Frinday thirty Trade balance, and at two o'clock, the FED
Speaker 1: releases it's beige book. Indian news e q T to
Speaker 1: buy Marcellus gas and pipeline assets for five billion, and
Speaker 1: another news Goldman Sacks warns that stocks have yet to
Speaker 1: make it decisive low. Wrapping things up, Pinterest was raised
Speaker 1: to outperform over at Wolf Live from the first breaking
Speaker 1: news Tascam, Bill Maloney, Karen, all right, Bill, thank you
Speaker 1: to hear live breaking news of your Bloomberg type squawk
Speaker 1: on your terminal. I'll ascue you a w u K
Speaker 1: and that's a Bloomberg Business Flash. Now here's John Tucker
Speaker 1: with more on what's going on around the world. John Karen,
Speaker 1: Steve Banna, and the one time Trump advisor. He expended
Speaker 1: to sir nder tomorrow to New York authorities that face
Speaker 1: state criminal charges. California avoided black acounts for a second
Speaker 1: successive day, even as blistering temperatures pushed electricity demand to
Speaker 1: a record. The Chinese leaders Shuxin peing planning his first
Speaker 1: trip abroad in two and a half years. According to Tas,
Speaker 1: He's gonna meet with his Russian counterpart, Vladimir Putin in
Speaker 1: Azbekistan next week. Sports last night, the Mets lost to
Speaker 1: the Pirates, the rent Socks lost to the Raised, The
Speaker 1: Orioles beat the Blue Jays, the Nationals lost to the Cardinals,
Speaker 1: and the As filled to the Braves. The Giants lost
Speaker 1: to the Dodgers, and the Yankees game against the Twins
Speaker 1: that was rained out their schedule to make that up. Today.
Speaker 1: Global News twenty four hours a day on airin on
Speaker 1: Bloomberg Quicktake. We're powered by more than hundred journalists and
Speaker 1: analysts in more than one hundred twenty countries. I'm John Tucker,
Speaker 1: and this is Bloomberg. Karen, all right, John, thank you
Speaker 1: at It sakes forty nine on Wall Street, and we
Speaker 1: turned to news and science and technology now at the
Speaker 1: Bloomberg and j I. T. Stammer Report. It has brought
Speaker 1: to you by New Jersey Institute of Technology tech LIMB
Speaker 1: and j I. T. S. Ninth President has committed to
Speaker 1: strengthening and growing and j I T. S industry partnerships
Speaker 1: to improve student opportunities and outcomes. Learn more at n
Speaker 1: j I T dot e DU And here's just making
Speaker 1: news and Science, Technology, Engineering and math. The monkeypox vaccine
Speaker 1: used to curb the virus may be less potent than hoped.
Speaker 1: Researchers in the Netherlands found the recommended series of shots
Speaker 1: yielded relatively low levels of monkeypox antibodies with poor capacity
Speaker 1: to neutralize the virus. Monkeypox has invected infected more than
Speaker 1: fifty people since a flare up of the diseases are
Speaker 1: reported in the UK in early May. Apple plans to
Speaker 1: appeal a move by Brazil to ban the sale of
Speaker 1: iPhones without battery chargers, arguing arguing that the company has
Speaker 1: helped reduce environmental waste by not including accessory with new devices.
Speaker 1: Apple announced that it was stopped putting chargers a new
Speaker 1: iPhone boxes, drawing outcry from some consumers, and Samsung is
Speaker 1: warning that the semi connector industry could be in for
Speaker 1: a rocky close to two. A senior executive at the
Speaker 1: company said the outlook for the second half of the
Speaker 1: year is gloomy and Samsung is not yet seeing momentum
Speaker 1: for recovery next year. Rival chipmakers have warned up slowing
Speaker 1: demand to end the year. That's the Bloomberg and j
Speaker 1: I t Stem report. Nathan, Thanks Karen. We're live from
Speaker 1: the Bloomberg Interactive Broker Studios where it's six fifty on
Speaker 1: Wall Street. Time now to check what's going on in
Speaker 1: d C. Some of the top stories in our nation's
Speaker 1: capital include former Trump adviser Steve Bennon said to surrender
Speaker 1: tomorrow on new criminal charges in New York. Material on
Speaker 1: foreign nation's nuclear capabilities reportedly seized from the former president's
Speaker 1: home in marl Lago, President Biden talking breggsit with the
Speaker 1: new Prime Minister of the UK, and Republicans trying to
Speaker 1: jump start probes into Biden's COVID response. Let's get more
Speaker 1: now on some of these stories. Bloomberg. Government reporter Emily
Speaker 1: Wilkins joins us from the Nation's capital. So what's this
Speaker 1: We're hearing about these new charges against Steve and Emily Yeah,
Speaker 1: so safe Bannon. The charges aren't knew, They've been going
Speaker 1: on for a while. This is all about at this
Speaker 1: private sector effort to support Trump's twenty sixteen campaign promised
Speaker 1: to build a wall along the US Mexico border. Uh,
Speaker 1: there was this campaign that Bannon was involved in called
Speaker 1: we Build the Wall, and there are concerns that Bannon
Speaker 1: defrauded people who donated to the scheme. Uh that you know,
Speaker 1: this didn't actually go to where the funding said it
Speaker 1: was going to be going. There was actually a federal
Speaker 1: h but Bannon was charged in federal fraud court in
Speaker 1: over this, but Trump pardoned him before he left the
Speaker 1: White House. That, of course, however, does not cover state investigations,
Speaker 1: and New York Attorney a General Leticia James. James last
Speaker 1: year was working to gather information into the probe. The
Speaker 1: latest on this is that Bannon is going to be
Speaker 1: surrendering on Thursday to face criminal charges in New York,
Speaker 1: according to Blue Reporting. Interesting to point out that the
Speaker 1: state charges can still be in play, even though there
Speaker 1: is a federal part and from the former president for
Speaker 1: Steve benn And it kind of brings more attention to
Speaker 1: the multiple investigations that former President Donald Trump continues to face.
Speaker 1: Oh yes, and we got a huge news last night
Speaker 1: from the Washington Post saying that some of the documents
Speaker 1: that were found in Moral Lago detailed to foreign government's
Speaker 1: military defenses, including its nuclear capabilities. Again, Nathan, I mean,
Speaker 1: so one of the big stories right now is kind
Speaker 1: of what what was in these documents, what sort of
Speaker 1: information was there, and what was the risk that someone
Speaker 1: was going to see them who really did not have
Speaker 1: the clearance to do so. And Nathan, few people do
Speaker 1: for things of this level of security, things that involved
Speaker 1: nuclear data. This is something that even some senior level
Speaker 1: officials don't wind up having access to. So this is
Speaker 1: a you know, obviously a developing story. Uh. There was
Speaker 1: also additional news yesterday that the courts were going to
Speaker 1: appoint a third party, that special master, to look over
Speaker 1: the documents that the FBI took out of Moral Lago.
Speaker 1: Um And and I think there's just this huge, huge
Speaker 1: question of you know, exactly how much danger was there
Speaker 1: potentially for other folks outside those who had clearance, uh,
Speaker 1: to really learn about various capabilities nuclear military, how much
Speaker 1: was used to US security really put at risk here? Yeah,
Speaker 1: it was interesting in that Washington Post report to see
Speaker 1: the reaction to this revelation from former President Trump's attorneys
Speaker 1: basically saying or criticizing the leak of this detail uh
Speaker 1: and raises a question about how much support the former
Speaker 1: president can continue to see among other Republicans who, you know,
Speaker 1: some have said, well, maybe the former president was keeping
Speaker 1: this material at moral Lago because he was working on
Speaker 1: a memoir or something like that. Yeah, I mean, you know,
Speaker 1: it's very been very interesting to see the Republican Party
Speaker 1: continue to respond to the story. When the raid initially happened,
Speaker 1: there was a lot of outrage. Now that we started
Speaker 1: to see a little bit more about the contents of
Speaker 1: what might have been in there, you've seen that criticism
Speaker 1: become more and more subdued, and I think there's a
Speaker 1: lot of weight and see does he get charged with anything,
Speaker 1: what does he get charged with to what is the
Speaker 1: extent of the issue, and how do you see that?
Speaker 1: I mean, at this point, Trump certainly still has his
Speaker 1: defenders in the Republican Party. He will probably continue to
Speaker 1: do so for some time. But I think there's a
Speaker 1: lot of questions about what, if any charges are going
Speaker 1: to be coming and if that could make a difference.
Speaker 1: All right, let's turn to our current president, President Biden.
Speaker 1: He just had a call with the new leader of
Speaker 1: the UK, Prime Minister Liz Trust. Phillis in on that. Yeah,
Speaker 1: So Biden and Liz Trust they spoke yesterday. There's a
Speaker 1: little bit of tension between the two of them. Obviously
Speaker 1: Biden as a Democrat, Trust is more conservative. She went
Speaker 1: from being anti Brexit to very very strong Brexit. UM.
Speaker 1: I mean, the two leaders did discuss UH, Northern Ireland,
Speaker 1: the Belfast Good Friday Agreement and the importance of of
Speaker 1: reaching agreements with the EU on Northern Ireland UM. And
Speaker 1: so at this point there is kind of a hope
Speaker 1: that they are going to be having a good, key
Speaker 1: working relationship, but there's still lots of questions about how
Speaker 1: this might change discussions and negotiations with the between the
Speaker 1: UK and the EU over Northern Ireland UH, and how
Speaker 1: it's going to look like for the two of them
Speaker 1: going forward to continue to work on international issues. A
Speaker 1: cooperation on Ukraine, on China, on the Iran nuclear talks.
Speaker 1: Obviously this is just their their first phone call um.
Speaker 1: So at this point, I think a lot remains to
Speaker 1: be seen exactly how this relationship is going to go forward.
Speaker 1: But this is certainly a different a different ideology of
Speaker 1: politicians than than what Biden was working with with Boris
Speaker 1: Johnson that have been to left here and believe it,
Speaker 1: there's a really interesting story from your colleagues at Bloomberg
Speaker 1: Government about House Republicans not necessarily waiting until they maybe
Speaker 1: get control of Congress to investigate the Biden administration's response
Speaker 1: to COVID. Yeah, this is such an interesting story, Nathan,
Speaker 1: because what had basically happened is that there's this unique
Speaker 1: little procedural tool that Congress has called this Resolution of Inquiry,
Speaker 1: which the minority party of Republicans can use to ask
Speaker 1: for documents and details from the Biden administration. Uh, this
Speaker 1: tool really wasn't able to be used earlier in the year.
Speaker 1: It was one of the things that were ended because
Speaker 1: when some COVID protocols went into place. But now it's
Speaker 1: being brought back and Republicans are picking it up. They're
Speaker 1: asking for a number of data from the Biden administration,
Speaker 1: such as how many tests and vaccines were purchased, as
Speaker 1: well as documents related to the oversight of the Wuhan
Speaker 1: Institute of Virology laboratory, where there has been UH various
Speaker 1: stories seeing that the that that COVID could have come
Speaker 1: from there, although at this point there are also a
Speaker 1: lot of experts who say that that that's simply not
Speaker 1: the case. But Republicans have been really trying to push
Speaker 1: and figure out kind of where the origins of COVID
Speaker 1: have come from. UH, and they've continued to have an
Speaker 1: interest in looking at the idea that it could have
Speaker 1: been created and allowed. Thanks for this as always, Bloomberg
Speaker 1: Government reporter Emily Wilkins. You can read more on that
Speaker 1: story and all that's happening in the nation's capital Bloomberg
Speaker 1: dot com or on the Bloomberg terminal and Bloomberg and
Speaker 1: one or five point seven f m h D two
Speaker 1: is where to hear Bloomberg Radio in Washington, d C.
Speaker 1: Bloomberg Surveillance is next for Karen Moscow. I'm Nathan Hagar.
Speaker 1: This is Bloomberg