1 00:00:01,639 --> 00:00:05,040 Speaker 1: Markets, headlines and breaking news twenty four hours a day 2 00:00:05,160 --> 00:00:07,880 Speaker 1: at Bloomberg dot com for the Bloomberg Business at and 3 00:00:08,000 --> 00:00:17,760 Speaker 1: at Bloomberg Quicktape. He's a Bloomberg Business Flash and I'm 4 00:00:17,840 --> 00:00:20,919 Speaker 1: Karen Moscow and Bank of America earnings crossing the Bloomberg 5 00:00:21,040 --> 00:00:23,360 Speaker 1: as we speak. We are going to break them down 6 00:00:23,360 --> 00:00:25,720 Speaker 1: in just moments from now at the Bloomberg Intelligence Senior 7 00:00:25,720 --> 00:00:29,520 Speaker 1: Financial Services Allison Williams. She'll be joining us in just 8 00:00:29,680 --> 00:00:31,560 Speaker 1: a moment. And first we go to the first Word 9 00:00:31,600 --> 00:00:34,920 Speaker 1: breaking news dance for today's morning call. Here's Bill Maloney. Bill, 10 00:00:34,920 --> 00:00:38,040 Speaker 1: good morning, and good morning Karen, and speaking those Bank 11 00:00:38,040 --> 00:00:40,519 Speaker 1: of American numbers. Q two trading revenue x d v 12 00:00:40,640 --> 00:00:44,120 Speaker 1: A was four billion. That Smith their four point one 13 00:00:44,200 --> 00:00:46,839 Speaker 1: billion US hugues with a bid right now at DEW 14 00:00:46,880 --> 00:00:49,239 Speaker 1: futures up two hundred and sixty eight points, subs game 15 00:00:49,320 --> 00:00:52,120 Speaker 1: thirty six, will Nastick futures are up by one thirty 16 00:00:52,240 --> 00:00:55,440 Speaker 1: seven US ten year at two point nine six percent, 17 00:00:55,520 --> 00:00:57,840 Speaker 1: Gold is up twelve oils in the green, and bitcoin 18 00:00:57,920 --> 00:01:01,200 Speaker 1: trading hired by six percent. Hong Kong rose two points 19 00:01:01,200 --> 00:01:03,920 Speaker 1: seven percent overnight, while up markets are also in the green. 20 00:01:04,200 --> 00:01:06,920 Speaker 1: The Bay games in France and Germany. Back in the US. 21 00:01:07,000 --> 00:01:09,480 Speaker 1: On the economic front, at ten o'clock, the NHB housing 22 00:01:09,520 --> 00:01:12,240 Speaker 1: marketing in x and regarding earnings. This morning also looked 23 00:01:12,280 --> 00:01:15,160 Speaker 1: for Schwab and Goldman Sachs to report in the pre market. 24 00:01:15,520 --> 00:01:18,039 Speaker 1: In undernews, Goldman Sachs also said it's too early to 25 00:01:18,040 --> 00:01:21,440 Speaker 1: assume inflation is easing and wrapping things up, A Brinker 26 00:01:21,560 --> 00:01:24,520 Speaker 1: was cut to neutral. We Right, Goldman Live from the 27 00:01:24,520 --> 00:01:26,880 Speaker 1: first Breaking News desk on Bill Maloney. Care All right, 28 00:01:26,920 --> 00:01:29,039 Speaker 1: Bill to your live breaking news over your Bloomberg catch 29 00:01:29,080 --> 00:01:31,840 Speaker 1: squawk on your terminal squ a w u K and 30 00:01:31,920 --> 00:01:34,600 Speaker 1: US at Bloomberg Business Flash. Now, Here's John Tucker with 31 00:01:34,720 --> 00:01:37,759 Speaker 1: more on what's going on around the world. John, Good morning, Karen. 32 00:01:37,800 --> 00:01:40,800 Speaker 1: Three people killed them all in Greenwood in again of yesterday, 33 00:01:40,840 --> 00:01:43,560 Speaker 1: in a shooting that ended when an armed man fatally 34 00:01:43,560 --> 00:01:47,720 Speaker 1: shopped the gunman. A new report finds egregiously poor decision 35 00:01:47,760 --> 00:01:50,480 Speaker 1: making on the part of law enforcement responding the mass 36 00:01:50,480 --> 00:01:54,200 Speaker 1: shooting at the Valdi Elementary School in Texas. Sports Camp 37 00:01:54,200 --> 00:01:57,919 Speaker 1: Smith wins Golf's British Open. Yankees beat the Red Sox 38 00:01:58,040 --> 00:02:01,320 Speaker 1: thirteen to two, Metsalus to the three to two, the 39 00:02:01,360 --> 00:02:04,480 Speaker 1: Financials beat the Brave seven three, the Orioles lose to 40 00:02:04,520 --> 00:02:06,640 Speaker 1: the Raise seven of five, and the A's beat the 41 00:02:06,680 --> 00:02:10,120 Speaker 1: astros four to three. Global News twenty four hours day 42 00:02:10,160 --> 00:02:13,040 Speaker 1: on air and on Bloomberg Quicktake power by more than 43 00:02:13,080 --> 00:02:16,000 Speaker 1: twenty seven hundred journalists and analysts in more than one 44 00:02:16,240 --> 00:02:19,760 Speaker 1: d twenty countries. I'm John Tucker, and this is Bloomberg Karon. 45 00:02:20,080 --> 00:02:22,440 Speaker 1: All right, John, thank you, and again we're watching earnings 46 00:02:22,480 --> 00:02:25,880 Speaker 1: from Bank of America across the Bloomberg. It reported trading 47 00:02:25,960 --> 00:02:29,720 Speaker 1: revenue that met analysts estimates. Shares are moving lower and 48 00:02:29,760 --> 00:02:32,440 Speaker 1: early trading down one point four percent. And we're going 49 00:02:32,520 --> 00:02:35,119 Speaker 1: to break those earnings down in just moments from now 50 00:02:35,160 --> 00:02:39,440 Speaker 1: with Bloomberg Intelligence senior financial services analysts Alison Williams. But 51 00:02:39,520 --> 00:02:42,240 Speaker 1: first it is sixty nine on Wall Street. We turned 52 00:02:42,280 --> 00:02:44,880 Speaker 1: to news and science and technology now with the Bloomberg 53 00:02:44,960 --> 00:02:47,519 Speaker 1: and j I T. STEM Report. It has brought to 54 00:02:47,639 --> 00:02:50,800 Speaker 1: you buy New Jersey Institute of Technology, ranked top fifty 55 00:02:50,880 --> 00:02:54,320 Speaker 1: national public university by US News and World's Report in 56 00:02:54,400 --> 00:02:57,320 Speaker 1: number fourteen in the nation on Money's Best Colleges list. 57 00:02:57,680 --> 00:02:59,720 Speaker 1: Learn more at n J I T dot E D 58 00:03:00,000 --> 00:03:03,200 Speaker 1: you and here's US making news in science, technology, engineering, 59 00:03:03,240 --> 00:03:06,919 Speaker 1: and math. A startup in Cambridge, Massachusetts, says it can 60 00:03:07,040 --> 00:03:10,200 Speaker 1: use artificial intelligence to help predict future variants of COVID 61 00:03:10,320 --> 00:03:14,680 Speaker 1: nineteen A Priori Bio said it's harnessing information with the 62 00:03:14,720 --> 00:03:18,840 Speaker 1: aim of helping pharmaceutical companies produce variant proof vaccines. The 63 00:03:18,840 --> 00:03:21,600 Speaker 1: company hopes its services will provide an early warning to 64 00:03:21,680 --> 00:03:25,040 Speaker 1: governments about how future variants might behave, sort of like 65 00:03:25,120 --> 00:03:28,400 Speaker 1: a hurricane alert. The United Arab Emirates will set up 66 00:03:28,400 --> 00:03:30,720 Speaker 1: a fund worth close to a billion dollars to develop 67 00:03:30,800 --> 00:03:33,200 Speaker 1: satellites as it moves forward with the Middle east most 68 00:03:33,240 --> 00:03:37,240 Speaker 1: ambitious space program. The program includes plans to explore Venus 69 00:03:37,280 --> 00:03:40,080 Speaker 1: within a seven years and land on an asteroid in 70 00:03:40,120 --> 00:03:43,640 Speaker 1: addition to launching a spacecraft into Martian orbit, and the 71 00:03:43,720 --> 00:03:46,720 Speaker 1: US and Russian space agencies have agreed to resume having 72 00:03:46,760 --> 00:03:49,520 Speaker 1: a crew member's right to the International Space Station on 73 00:03:49,560 --> 00:03:52,880 Speaker 1: each other's rockets. The arrangement will send an integrated crew 74 00:03:52,920 --> 00:03:56,080 Speaker 1: to the space station in September, according to NASA. That's 75 00:03:56,080 --> 00:03:58,840 Speaker 1: a Bloomberg and j I t st and rapport. Nathan. 76 00:03:59,080 --> 00:04:00,920 Speaker 1: All right, Karen, thank you. We are live from the 77 00:04:00,920 --> 00:04:03,200 Speaker 1: Bloomberg it directive broker studios where we're coming up to 78 00:04:03,240 --> 00:04:05,440 Speaker 1: six fifty one on Wall Street. As you mentioned, Bank 79 00:04:05,480 --> 00:04:08,280 Speaker 1: of America earnings are continuing to cross the Bloomberg terminal. 80 00:04:08,280 --> 00:04:11,560 Speaker 1: So let's bring in Bloomberg Intelligence senior Financial services analyst 81 00:04:11,560 --> 00:04:14,920 Speaker 1: Alison Williams for a breakdown of these results. Allison, we 82 00:04:14,960 --> 00:04:16,880 Speaker 1: saw a bit of a pop in the Bank of 83 00:04:16,920 --> 00:04:20,480 Speaker 1: America's stock on the headline that trading revenue basically came 84 00:04:20,520 --> 00:04:24,240 Speaker 1: in line with estimates. Now we're seeing those gains erased 85 00:04:24,320 --> 00:04:27,160 Speaker 1: and the stock is falling. What stands out to you? 86 00:04:28,640 --> 00:04:30,600 Speaker 1: So the one thing that stands out to us if 87 00:04:30,640 --> 00:04:34,880 Speaker 1: the capital ratio. Keep in mind that we thought JP 88 00:04:35,040 --> 00:04:39,000 Speaker 1: Morgan pausing there buy backs. UM. Bank of America had 89 00:04:39,040 --> 00:04:41,279 Speaker 1: already talked about pausing their buy back and in fact 90 00:04:41,760 --> 00:04:46,640 Speaker 1: those came in much lower UH last quarter, and the 91 00:04:46,720 --> 00:04:49,560 Speaker 1: capital ratio is a little bit light of where they 92 00:04:49,600 --> 00:04:52,280 Speaker 1: need to be in the fourth quarter. UM. We learned 93 00:04:52,320 --> 00:04:55,760 Speaker 1: about those new requirings with the stress tests. And how 94 00:04:55,800 --> 00:04:59,279 Speaker 1: about the net interest income? Obviously this is something that 95 00:04:59,279 --> 00:05:02,280 Speaker 1: we're watching with all of the banks as the FED 96 00:05:02,440 --> 00:05:07,040 Speaker 1: is in a tightening cycle. How'd that do the net 97 00:05:07,120 --> 00:05:11,000 Speaker 1: interest income? UM looks good. The loan growth looks good. 98 00:05:11,440 --> 00:05:15,880 Speaker 1: UM operating leverage is positive. So from a core basis, 99 00:05:16,440 --> 00:05:19,880 Speaker 1: UM things look pretty good. Consumers spending strong. I think 100 00:05:19,880 --> 00:05:21,960 Speaker 1: it's I my guess it's going to be that it's 101 00:05:21,960 --> 00:05:24,840 Speaker 1: a capital ratio that investors are reacting to trading also, 102 00:05:24,960 --> 00:05:26,839 Speaker 1: by the way, it looks a little bit better. And 103 00:05:26,880 --> 00:05:30,159 Speaker 1: in terms of provisions for credit losses, those came in 104 00:05:30,720 --> 00:05:33,800 Speaker 1: lower than analysts were expecting. What does that tell you? 105 00:05:35,160 --> 00:05:37,280 Speaker 1: There's no reserve built, So we're gonna want to hear 106 00:05:37,320 --> 00:05:41,400 Speaker 1: a little bit more detail on the call. But UM 107 00:05:41,720 --> 00:05:45,440 Speaker 1: credit across the banks has been stronger, so we know 108 00:05:45,480 --> 00:05:49,560 Speaker 1: that the consumer today is in a great position. And 109 00:05:49,640 --> 00:05:54,040 Speaker 1: the fact that they're not adding reserves UM could mean that, 110 00:05:54,640 --> 00:05:57,480 Speaker 1: you know, based on their economic scenarios, they feel that 111 00:05:57,520 --> 00:06:00,480 Speaker 1: they're in a good position already. And as we watch 112 00:06:00,760 --> 00:06:03,600 Speaker 1: the earnings continue to roll in, Bank America's stock down 113 00:06:03,680 --> 00:06:06,760 Speaker 1: down about two percent in the pre market. Allison Williams 114 00:06:06,760 --> 00:06:09,440 Speaker 1: of Bloomberg Intelligence were checking back with you throughout the 115 00:06:09,480 --> 00:06:12,120 Speaker 1: morning as we await the final results as well from 116 00:06:12,120 --> 00:06:15,760 Speaker 1: Goldman Sachs wrapping up bank earning season. In the meantime, 117 00:06:15,800 --> 00:06:18,120 Speaker 1: it is now six fifty three on Wall Street, and 118 00:06:18,160 --> 00:06:19,880 Speaker 1: we want to check what's going on in d C, 119 00:06:20,480 --> 00:06:23,280 Speaker 1: where some of the top stories include President Biden returning 120 00:06:23,279 --> 00:06:26,839 Speaker 1: from Saudi Arabia without a promise of increased oil production. 121 00:06:27,120 --> 00:06:31,159 Speaker 1: The US Envoy for Energy Security, Almost Hostein, says he 122 00:06:31,279 --> 00:06:33,839 Speaker 1: is confident to Gulf nations will boost output in the 123 00:06:33,839 --> 00:06:37,000 Speaker 1: coming weeks. There is additional spare capacity. There is room 124 00:06:37,040 --> 00:06:40,080 Speaker 1: for increased production UH, as we've told producers in the 125 00:06:40,160 --> 00:06:43,719 Speaker 1: United States. We've had conversations over the last coeuple of 126 00:06:43,720 --> 00:06:47,159 Speaker 1: months and weeks with OPEC UH, and I believe that 127 00:06:47,200 --> 00:06:50,279 Speaker 1: there is still more room to UH to see additional steps. 128 00:06:50,279 --> 00:06:53,120 Speaker 1: Almost Hochstein with the State Department was on CBS's Face 129 00:06:53,200 --> 00:06:56,200 Speaker 1: the Nation. In the meantime, White House Economic Advisor Jared 130 00:06:56,200 --> 00:06:59,200 Speaker 1: Bernstein tells Fox News Sunday drivers are starting to feel 131 00:06:59,279 --> 00:07:01,240 Speaker 1: less pain at the hump. The price of gas has 132 00:07:01,279 --> 00:07:04,240 Speaker 1: come down fifty cents a gallon. There are now twenty 133 00:07:04,240 --> 00:07:07,520 Speaker 1: thousand gas stations across this country where gases below four 134 00:07:07,560 --> 00:07:10,080 Speaker 1: dollars a gallon still too high, but that's moving in 135 00:07:10,120 --> 00:07:13,160 Speaker 1: the right direction, giving Americans some much needed breathing room. 136 00:07:13,240 --> 00:07:16,480 Speaker 1: Also making new Senator Joe Mansion blocking a slim down 137 00:07:16,480 --> 00:07:20,680 Speaker 1: economic package out of concern over inflation. Independent Bernie Sanders 138 00:07:20,720 --> 00:07:24,880 Speaker 1: tells ABC's This Week Mansion is sabotaging President Biden's agenda. 139 00:07:24,960 --> 00:07:28,080 Speaker 1: In my humble opinion, you know, match and represents the 140 00:07:28,160 --> 00:07:31,080 Speaker 1: very wealthiest people in this country, not working families in 141 00:07:31,160 --> 00:07:34,360 Speaker 1: West Virginia or America. And the House January six Committee 142 00:07:34,360 --> 00:07:37,600 Speaker 1: expects to receive deleted text messages from the Secret Service 143 00:07:37,640 --> 00:07:41,240 Speaker 1: by tomorrow under subpoena. Committee member Zoe Lofgren was also 144 00:07:41,280 --> 00:07:44,120 Speaker 1: on this week. I was shocked to hear that they 145 00:07:44,200 --> 00:07:47,480 Speaker 1: didn't back up their data before they reset their iPhones. 146 00:07:47,480 --> 00:07:49,960 Speaker 1: That's crazy. I don't know why that would be, but 147 00:07:50,160 --> 00:07:52,720 Speaker 1: we need to get this information to get the full picture. 148 00:07:53,040 --> 00:07:55,240 Speaker 1: You can hear this week Fox News Sunday and Face 149 00:07:55,320 --> 00:07:58,240 Speaker 1: the Nation every Sunday right here on Bloomberg Radio and 150 00:07:58,240 --> 00:08:01,000 Speaker 1: from More. We're joined by Bloomberg Government Order Emily Wilkins 151 00:08:01,040 --> 00:08:04,120 Speaker 1: in the nation's capital. So, Emily, President Biden comes back 152 00:08:04,160 --> 00:08:06,920 Speaker 1: from the Middle East right into a fight over inflation 153 00:08:07,080 --> 00:08:10,360 Speaker 1: and spending. Yeah, and that's going to make it extra 154 00:08:10,400 --> 00:08:13,040 Speaker 1: critical for President Biden to be able to show that 155 00:08:13,080 --> 00:08:15,880 Speaker 1: this trip did amount to something when it comes to 156 00:08:16,040 --> 00:08:19,680 Speaker 1: terms of gas prices. Uh. Us Envoy, who was on 157 00:08:19,720 --> 00:08:22,320 Speaker 1: the trip in the touch sign with the State Department, 158 00:08:22,560 --> 00:08:25,720 Speaker 1: said he is confident that golf producers will increase oil 159 00:08:25,800 --> 00:08:29,880 Speaker 1: output after that trip. But Toddie said any decision to 160 00:08:30,000 --> 00:08:32,240 Speaker 1: increase oil production would have to be made at that 161 00:08:32,280 --> 00:08:35,040 Speaker 1: August started OPAC meeting. So we're gonna have to see 162 00:08:35,080 --> 00:08:38,280 Speaker 1: exactly what happens here. But Biden certainly something he can 163 00:08:38,320 --> 00:08:40,720 Speaker 1: point to. He came under heavy criticism for that fist 164 00:08:40,760 --> 00:08:44,679 Speaker 1: bump that he exchanged with Saudi Saudi Crown Prince Mohammed 165 00:08:44,800 --> 00:08:47,160 Speaker 1: and Salmon. Uh. You know, this is a nation he 166 00:08:47,200 --> 00:08:50,000 Speaker 1: promised to make a Fria. Uh. He is one that 167 00:08:50,120 --> 00:08:52,240 Speaker 1: has a nation with a bunch of human rights abuses, 168 00:08:52,280 --> 00:08:57,040 Speaker 1: obviously the killing of a Washington Post columnists Jamal kaogi Um. 169 00:08:57,200 --> 00:08:59,439 Speaker 1: And so this whole trip, you know, the big thing 170 00:08:59,480 --> 00:09:01,640 Speaker 1: was oil. I've talked to lawmakers who say that the 171 00:09:01,679 --> 00:09:03,840 Speaker 1: thing that Blinden needs to do is really bring up 172 00:09:03,880 --> 00:09:06,640 Speaker 1: Christ down. And at this point, it just it remains 173 00:09:06,720 --> 00:09:09,240 Speaker 1: to be seen exactly what's going to be happening with 174 00:09:09,280 --> 00:09:12,360 Speaker 1: that and if production will be increased, and it really 175 00:09:12,400 --> 00:09:15,240 Speaker 1: goes into the debate that's happening on Capitol Hill right 176 00:09:15,280 --> 00:09:18,679 Speaker 1: now over how to deal with inflation and the ongoing 177 00:09:18,760 --> 00:09:23,080 Speaker 1: back and forth within the Democratic Party of specifically Senator 178 00:09:23,160 --> 00:09:27,320 Speaker 1: Joe Mansion blocking that economic package, and now looks like 179 00:09:27,360 --> 00:09:31,000 Speaker 1: even the Chips Bill is gonna get dialed back. Yeah, 180 00:09:31,040 --> 00:09:33,920 Speaker 1: there's a couple different balls in the air, and you're right, Ethan, 181 00:09:33,960 --> 00:09:36,160 Speaker 1: a lot of this has to do with inflation and 182 00:09:36,200 --> 00:09:39,680 Speaker 1: concerns over it. Mansion is worried that to put another 183 00:09:39,720 --> 00:09:43,439 Speaker 1: big financial package out there, even one that is Democrats, 184 00:09:43,600 --> 00:09:46,800 Speaker 1: as Democrats point out, would be completely paid for, would 185 00:09:46,800 --> 00:09:50,680 Speaker 1: be super problematic for the economy and for inflation. And 186 00:09:50,720 --> 00:09:54,200 Speaker 1: so that one, that reconciliation package is on hold. There's 187 00:09:54,280 --> 00:09:58,480 Speaker 1: also now looking at the package for US China competitiveness, 188 00:09:58,760 --> 00:10:02,720 Speaker 1: making the US more compati editive, boosting domestic manufactory. But 189 00:10:02,880 --> 00:10:05,680 Speaker 1: the and Senate will vote on a version of the 190 00:10:05,880 --> 00:10:08,280 Speaker 1: Death Bill this week, but it's going to be way 191 00:10:08,360 --> 00:10:11,840 Speaker 1: slimmed down what we were initially expecting. Lawmakers were negotiating 192 00:10:11,880 --> 00:10:14,959 Speaker 1: a much wider package. This one's mostly going to focus 193 00:10:15,160 --> 00:10:18,560 Speaker 1: on fifty two billion dollars in Grandson incentives to help 194 00:10:18,640 --> 00:10:22,760 Speaker 1: increase semiconductors and help more of those semiconductor companies look 195 00:10:22,760 --> 00:10:24,920 Speaker 1: at the US as a place where they can build 196 00:10:24,920 --> 00:10:28,000 Speaker 1: their factories and produce their products. Thanks for this, Emily, 197 00:10:28,000 --> 00:10:31,000 Speaker 1: Bloomberg Government reporter Emily Wilkins, and you can read more 198 00:10:31,200 --> 00:10:34,080 Speaker 1: at Bloomberg dot com or on the Bloomberg terminal. Listen 199 00:10:34,080 --> 00:10:38,040 Speaker 1: to Bloomberg Radio in Washington Bloomberg and one oh five 200 00:10:38,080 --> 00:10:41,240 Speaker 1: point seven FM HD two. We continue to watch shares 201 00:10:41,280 --> 00:10:45,160 Speaker 1: of Bank of America as the bank has reported earnings. 202 00:10:45,280 --> 00:10:48,480 Speaker 1: The earnings per share came in slightly below estimates, along 203 00:10:48,520 --> 00:10:53,120 Speaker 1: with overall revenue b a C down one point one percent. 204 00:10:53,280 --> 00:10:56,880 Speaker 1: In the pre market, SMP futures are higher by thirty 205 00:10:56,920 --> 00:11:00,800 Speaker 1: seven points, staff futures up two seventy four, nastack futures 206 00:11:00,840 --> 00:11:03,520 Speaker 1: on the rise by one forty points. Much more to 207 00:11:03,559 --> 00:11:06,760 Speaker 1: come on Bloomberg Surveillance. So Tom Keene, Jonathan Faroe, and 208 00:11:06,880 --> 00:11:12,040 Speaker 1: Lisa Abramowitz for Karen Moscow. I'm Nathan Hagar. This is 209 00:11:12,080 --> 00:11:20,240 Speaker 1: Bloomberg Markets, headlines and breaking news twenty four hours a 210 00:11:20,320 --> 00:11:23,600 Speaker 1: day at Bloomberg dot com. The Bloomberg Business Atland at 211 00:11:23,600 --> 00:11:33,319 Speaker 1: Bloomberg Quick Tape is a Bloomberg Business blash, And I'm 212 00:11:33,400 --> 00:11:37,199 Speaker 1: Karen Moscow. US Stock Index futures on the rise this 213 00:11:37,240 --> 00:11:39,880 Speaker 1: morning by the dollar weekends, is investors scale back bets 214 00:11:39,880 --> 00:11:43,360 Speaker 1: and how aggressively the Federal reserve a titan policy easing 215 00:11:43,400 --> 00:11:46,400 Speaker 1: recession fears. We check the markets every fifteen minutes throughout 216 00:11:46,400 --> 00:11:49,240 Speaker 1: the trading day. On bloomberg S ANDP Future is up 217 00:11:49,240 --> 00:11:51,800 Speaker 1: thirty eight points, DAL futures up two hundred seventy three 218 00:11:51,840 --> 00:11:54,880 Speaker 1: and nasday futures of one forty one. The decks in 219 00:11:54,960 --> 00:11:58,120 Speaker 1: Germany is up one point three percent. Ten year treasury 220 00:11:58,160 --> 00:12:00,880 Speaker 1: down ten thirty seconds. You'll two point five percent. They 221 00:12:00,960 --> 00:12:03,400 Speaker 1: yield on a two year three point one four percent. 222 00:12:03,880 --> 00:12:06,240 Speaker 1: Nivex screwed oil is up one point eight percent of 223 00:12:06,280 --> 00:12:08,960 Speaker 1: a dollar seventy six and ninety nine thirty five cents 224 00:12:08,960 --> 00:12:11,720 Speaker 1: of barrel comex schooled up eight ten percent or thirteen 225 00:12:11,720 --> 00:12:15,560 Speaker 1: dollars seventy cents is seventeen seventeen thirty announced. The Euro 226 00:12:15,679 --> 00:12:18,320 Speaker 1: one point zero one five nine against the dollar, British 227 00:12:18,320 --> 00:12:21,080 Speaker 1: pound one point four and the Yan is at one 228 00:12:21,120 --> 00:12:24,080 Speaker 1: thirty eight point to seven, and Big coin is up 229 00:12:24,080 --> 00:12:27,040 Speaker 1: more than six percent at twenty two thousand, two hundred 230 00:12:27,040 --> 00:12:30,439 Speaker 1: and thirty dollars. Coleman Sachs Bank of America among company's 231 00:12:30,440 --> 00:12:33,760 Speaker 1: scheduled to report earnings today. And that's a Bloomberg Business Flash. 232 00:12:33,800 --> 00:12:35,960 Speaker 1: Now here's John Tucker with more on what's going on 233 00:12:36,040 --> 00:12:39,040 Speaker 1: around the world. John and Karen. Three people killed at 234 00:12:39,080 --> 00:12:42,480 Speaker 1: a mall in Greenwood, Indiana, shooting that ended when an 235 00:12:42,559 --> 00:12:45,560 Speaker 1: armed man fatally shot the gunman. A new report finds 236 00:12:45,679 --> 00:12:49,079 Speaker 1: egregiously poor decision making on the part of law enforcement 237 00:12:49,360 --> 00:12:51,920 Speaker 1: responding to the mass shooting at the All the Elementary 238 00:12:51,920 --> 00:12:55,959 Speaker 1: School of Texas, and President Vladimir Zelinski removing his national 239 00:12:56,040 --> 00:13:00,760 Speaker 1: security head and Ukraine's top prosecutor alleging the some employees 240 00:13:00,840 --> 00:13:05,040 Speaker 1: collaborated with RUNCH and intelligence. Sports Camp Smith wins Golf's 241 00:13:05,080 --> 00:13:08,280 Speaker 1: British Open. The Yanks beat the Red Sox thirteen to twelve. 242 00:13:08,400 --> 00:13:10,720 Speaker 1: Mets lose to the Cubs three to two. The Nationals 243 00:13:10,760 --> 00:13:13,120 Speaker 1: beat the Brave seven to three. The Oils lose to 244 00:13:13,160 --> 00:13:16,120 Speaker 1: the Raise seven to five, The beat the Astros four 245 00:13:16,120 --> 00:13:18,800 Speaker 1: to three. Global news twenty four hours a day on 246 00:13:18,840 --> 00:13:21,760 Speaker 1: air and on Bloomberg Quickday Power by more than twenty 247 00:13:21,800 --> 00:13:24,680 Speaker 1: seven hundred journalists and analysts. It more than one hundred 248 00:13:24,720 --> 00:13:29,240 Speaker 1: and twenty countries. I'm John Tucker. This is Bloomberg, Nathan John. 249 00:13:29,320 --> 00:13:31,560 Speaker 1: Thank you. It is six nineteen on Wall Street Live 250 00:13:31,600 --> 00:13:35,480 Speaker 1: from the Bloomberg Interactive Broker studios. This is Bloomberg Daybreak 251 00:13:35,520 --> 00:13:37,520 Speaker 1: as we get ready to kick off another trading week. 252 00:13:37,520 --> 00:13:40,160 Speaker 1: We are joined this morning by Bloomberg television anchor and 253 00:13:40,200 --> 00:13:44,199 Speaker 1: markets correspondent Danny Burger looking at green on the screen 254 00:13:44,280 --> 00:13:48,240 Speaker 1: this morning after the late week rally to end last week. 255 00:13:48,800 --> 00:13:51,800 Speaker 1: But we've got some notes out this morning, Danny that 256 00:13:52,120 --> 00:13:55,920 Speaker 1: might make investors wonder whether this is another bear market rally. Yeah. 257 00:13:55,960 --> 00:13:59,440 Speaker 1: I think that's certainly a big part of this conversation. 258 00:13:59,480 --> 00:14:01,720 Speaker 1: You could even say, okay, things it filed awful off 259 00:14:01,720 --> 00:14:06,600 Speaker 1: the Fed. Perhaps, Um, the peak of rate rises is 260 00:14:06,679 --> 00:14:08,360 Speaker 1: soon going to be here. If we're not going a 261 00:14:08,440 --> 00:14:11,719 Speaker 1: hundred basis points, we're just going. Yeah. I think the 262 00:14:12,120 --> 00:14:14,959 Speaker 1: note which you're you're probably trying to bait me into covering, 263 00:14:15,000 --> 00:14:17,040 Speaker 1: which I am more than happy to be just is 264 00:14:17,080 --> 00:14:22,120 Speaker 1: an interesting one. It's close and right the permit perma 265 00:14:22,120 --> 00:14:25,800 Speaker 1: bear here saying that look, even um, what we're seeing 266 00:14:25,920 --> 00:14:29,680 Speaker 1: right now is likely, yes, just at a bear market rally. 267 00:14:29,840 --> 00:14:32,080 Speaker 1: Um that the bear market it's not over. And they 268 00:14:32,080 --> 00:14:35,280 Speaker 1: say even if we avoid a recession, we're still likely 269 00:14:35,320 --> 00:14:37,560 Speaker 1: to see more stock losses. But they do say the 270 00:14:37,560 --> 00:14:41,440 Speaker 1: odds of a recession arising. Yeah. Interesting to see that 271 00:14:41,520 --> 00:14:44,920 Speaker 1: once again from as you term him, probably quite rightly 272 00:14:45,000 --> 00:14:49,200 Speaker 1: Perma Bear Mike Wilson, raising the odds of a recession, 273 00:14:49,320 --> 00:14:51,960 Speaker 1: even as it seems as though markets, at least for 274 00:14:52,000 --> 00:14:54,520 Speaker 1: this morning or the last couple of days, are baking 275 00:14:54,520 --> 00:14:56,920 Speaker 1: in the possibility that we're not going to see quite 276 00:14:57,040 --> 00:15:01,520 Speaker 1: as big rate hikes as investors might thought. And maybe 277 00:15:01,560 --> 00:15:04,120 Speaker 1: that brings in the possibility, or at least brings back 278 00:15:04,120 --> 00:15:07,120 Speaker 1: into the conversation the idea of a soft landing. Yeah. 279 00:15:07,120 --> 00:15:08,640 Speaker 1: I think a big part of it is we just 280 00:15:08,680 --> 00:15:11,280 Speaker 1: went too far in pricing what the set is going 281 00:15:11,320 --> 00:15:14,120 Speaker 1: to do. Because what we're pricing in for this month's 282 00:15:14,160 --> 00:15:17,400 Speaker 1: RAAK decision, it's certainly still a jumbo hike. It's uh 283 00:15:17,720 --> 00:15:21,160 Speaker 1: seventy nine basis points on the money market pricing. Of course, 284 00:15:21,160 --> 00:15:23,440 Speaker 1: they don't move in those intervals, so that implies that 285 00:15:23,520 --> 00:15:26,080 Speaker 1: most bets are are centered around seventy five, which again 286 00:15:26,160 --> 00:15:29,480 Speaker 1: historically a very very large hike. But I do think 287 00:15:29,560 --> 00:15:32,840 Speaker 1: markets just went too far and saying perhaps it will 288 00:15:32,920 --> 00:15:36,200 Speaker 1: be one percent um. Perhaps it's going to be bigger. 289 00:15:36,200 --> 00:15:38,080 Speaker 1: So what we've seen these past couple of days is 290 00:15:38,120 --> 00:15:41,680 Speaker 1: markets having to take a step back saying, Okay, yes, 291 00:15:41,720 --> 00:15:46,080 Speaker 1: the set is raising rates, but inflation perhaps isn't as pernicious, 292 00:15:46,160 --> 00:15:48,480 Speaker 1: Not that it won't be pernicious, but but we just 293 00:15:48,520 --> 00:15:50,920 Speaker 1: went too far. And I really think that that's what 294 00:15:50,960 --> 00:15:54,600 Speaker 1: we've been seeing on Friday and today. You have to wonder, Danny, 295 00:15:54,640 --> 00:15:58,960 Speaker 1: whether we're going to see more concern about inflation bleed 296 00:15:59,040 --> 00:16:01,760 Speaker 1: back into the mark it as we get through more 297 00:16:01,800 --> 00:16:04,800 Speaker 1: of earning season. We're wrapping up banks today, We're going 298 00:16:04,840 --> 00:16:08,560 Speaker 1: to hear from some big tech names later this week. 299 00:16:08,800 --> 00:16:13,200 Speaker 1: That's going to make things pretty interesting. Yes, it definitely will, 300 00:16:13,360 --> 00:16:16,080 Speaker 1: especially considering we've heard a lot of tech names talk 301 00:16:16,200 --> 00:16:20,480 Speaker 1: about flowing hiring. Um be it. Microsoft too says that 302 00:16:20,520 --> 00:16:22,240 Speaker 1: you know this is this is normal for them. It's 303 00:16:22,280 --> 00:16:26,120 Speaker 1: not because they're global concerns. But Google Alphabet, their parent company, 304 00:16:26,120 --> 00:16:30,160 Speaker 1: has also slowed hiring as well. Um and yeah, is 305 00:16:30,200 --> 00:16:33,120 Speaker 1: the global slow down going to hurt tech? This is 306 00:16:33,200 --> 00:16:36,520 Speaker 1: usually a sector that's perhaps a bit more resilient. But 307 00:16:36,720 --> 00:16:39,760 Speaker 1: if you're an ad spending business, if that's if that's 308 00:16:39,800 --> 00:16:43,840 Speaker 1: what you're dependent on then yeah, certainly slower growth among 309 00:16:43,920 --> 00:16:46,840 Speaker 1: corporates could could definitely come to bite. Are we looking 310 00:16:47,000 --> 00:16:51,160 Speaker 1: for more earnings downgrades as we get further into the season. 311 00:16:51,240 --> 00:16:53,680 Speaker 1: Is that something that the analysts you talk to our 312 00:16:53,720 --> 00:16:57,680 Speaker 1: watching out for. Definitely, we have started to see some 313 00:16:57,840 --> 00:17:01,880 Speaker 1: downgrades that the expectations are are still pretty elevated, but 314 00:17:02,040 --> 00:17:05,080 Speaker 1: as we get closer to more earnings reports, it is 315 00:17:05,160 --> 00:17:08,680 Speaker 1: net downgrades instead of net upgrades. UM Bank of America, 316 00:17:08,720 --> 00:17:12,560 Speaker 1: though my Cartinet over there does believe that it's still 317 00:17:12,600 --> 00:17:14,760 Speaker 1: despite some of the downgrades we've seen, earnings are going 318 00:17:14,800 --> 00:17:16,800 Speaker 1: to disappoint and he says that's going to be the 319 00:17:16,880 --> 00:17:19,960 Speaker 1: thing that drives the capitulation in this market. That we 320 00:17:20,000 --> 00:17:22,240 Speaker 1: haven't totally seen it, despite the fact we've entered a 321 00:17:22,240 --> 00:17:24,720 Speaker 1: bear market, but this earning season will be the thing 322 00:17:24,720 --> 00:17:27,880 Speaker 1: that causes it if we need disappointments in our last 323 00:17:27,880 --> 00:17:32,639 Speaker 1: minute here, Danny, as we enter the FED blackout period, here, 324 00:17:32,760 --> 00:17:36,520 Speaker 1: I gotta ask what you make of all the pretty 325 00:17:36,560 --> 00:17:40,520 Speaker 1: significant swings we've seen in the market just based on 326 00:17:41,400 --> 00:17:45,120 Speaker 1: pieces of economic data coming out one after the other. 327 00:17:45,200 --> 00:17:47,440 Speaker 1: It's like if you get a big inflation print, things 328 00:17:47,440 --> 00:17:50,400 Speaker 1: go down big time. We got retail sales last week 329 00:17:50,440 --> 00:17:53,000 Speaker 1: and things went up big time. I think this is 330 00:17:53,040 --> 00:17:56,119 Speaker 1: so fascinating because we are trading on pieces of data. 331 00:17:56,160 --> 00:17:58,080 Speaker 1: I mean, look, we've always traded on pieces of data, 332 00:17:58,160 --> 00:18:00,560 Speaker 1: but but we're having so many people own so much 333 00:18:00,600 --> 00:18:03,280 Speaker 1: volatility around pieces of data that we never did before. 334 00:18:03,720 --> 00:18:07,000 Speaker 1: UM trading on a University of Michigan sentiment survey, I mean, 335 00:18:07,000 --> 00:18:09,840 Speaker 1: that's pretty strange, but yeah, but but you kind of 336 00:18:09,880 --> 00:18:12,119 Speaker 1: have to do it. The J Powell last time he 337 00:18:12,200 --> 00:18:15,000 Speaker 1: raised rates seventy five basis points, so I did. That 338 00:18:15,080 --> 00:18:17,520 Speaker 1: is one of the inputs UM. And yet again on 339 00:18:17,640 --> 00:18:21,760 Speaker 1: Friday's University of Michigan survey, people backed off around rate 340 00:18:21,760 --> 00:18:24,399 Speaker 1: heights because it wasn't just the retail sales data. It 341 00:18:24,440 --> 00:18:27,240 Speaker 1: was inflation expectations that came in. So I think it's 342 00:18:27,280 --> 00:18:29,640 Speaker 1: just every single piece of data is not just important 343 00:18:29,680 --> 00:18:32,360 Speaker 1: for the market, it's important for the said. Hence why 344 00:18:32,400 --> 00:18:35,320 Speaker 1: all the volatility. Thanks for this, Dandy, great having you 345 00:18:35,320 --> 00:18:38,800 Speaker 1: on with us. Dandy Burger Markets correspondent, Bloomberg TV anchor 346 00:18:39,200 --> 00:18:41,960 Speaker 1: with us here this morning on Bloomberg Radio, looking ahead 347 00:18:42,000 --> 00:18:45,800 Speaker 1: to the market, open, futures, poise for games, SMP futures 348 00:18:45,840 --> 00:18:47,920 Speaker 1: up thirty nine points, staff futures up two to eighty 349 00:18:47,960 --> 00:18:50,600 Speaker 1: nine nastack futures hired by a hundred forty five points. 350 00:18:50,600 --> 00:18:54,520 Speaker 1: Tend your treasury down eleven thirty seconds, yield two point 351 00:18:54,640 --> 00:19:02,720 Speaker 1: nine five per cent. You're listening to Bloomberg Daybreak Bloomberg 352 00:19:02,720 --> 00:19:05,320 Speaker 1: eleven three oh weather cloudy today, some showers and storms 353 00:19:05,320 --> 00:19:08,399 Speaker 1: developing by midday, low eighties will be your ninety mostly 354 00:19:08,440 --> 00:19:11,360 Speaker 1: sunny tomorrow and by Wednesday, mostly sunny with a high 355 00:19:11,520 --> 00:19:21,080 Speaker 1: right now seventy six degrees. Broadcasting live from the Bloomberg 356 00:19:21,160 --> 00:19:24,880 Speaker 1: Interactive Broker Studio in New York. Bloomberg E Living Freedom 357 00:19:25,000 --> 00:19:29,080 Speaker 1: to Washington, d C, Bloomberg On to Boston, Bloomberg one 358 00:19:29,080 --> 00:19:32,240 Speaker 1: oh six one, to San Francisco, Bloomberg N six to 359 00:19:32,320 --> 00:19:35,439 Speaker 1: the country, Sirius XM, Chad A one nine, and around 360 00:19:35,440 --> 00:19:39,359 Speaker 1: the globe, the Bloomberg Business APT and Bloomberg Radio dot Com. 361 00:19:39,400 --> 00:19:48,400 Speaker 1: This is Bloomberg Daybreak six thirty on Wall Street. Good morning, 362 00:19:48,440 --> 00:19:51,359 Speaker 1: I'm Nathan Hager and I'm Karen Moscow. We're just about 363 00:19:51,359 --> 00:19:53,760 Speaker 1: three hours away from the open of US trading. Time 364 00:19:53,800 --> 00:19:55,359 Speaker 1: to the five things that you need to know to 365 00:19:55,440 --> 00:19:59,960 Speaker 1: start your Day brought to you by Interactive Brokers Investment Advisors, 366 00:20:00,000 --> 00:20:02,919 Speaker 1: which to Interactive Brokers for lowest cost global trading and 367 00:20:02,960 --> 00:20:06,840 Speaker 1: turnkey custody solutions, no ticket charges and no conflicts of 368 00:20:06,880 --> 00:20:09,840 Speaker 1: your interests at ib kr dot com. Slash r i 369 00:20:10,040 --> 00:20:14,040 Speaker 1: a first Markets gear up for a slew of earnings 370 00:20:14,040 --> 00:20:17,359 Speaker 1: this week. Investors are watching how business is weathering inflation 371 00:20:17,440 --> 00:20:20,600 Speaker 1: and tightening from the Fed, Coleman Saxon Bank of America 372 00:20:20,680 --> 00:20:24,080 Speaker 1: Rapper reporting for the major banks today. Other notable names 373 00:20:24,119 --> 00:20:27,359 Speaker 1: this week include Tesla and Netflix, United Airlines and IBM, 374 00:20:27,520 --> 00:20:29,439 Speaker 1: and the results that Karen come on the heels of 375 00:20:29,520 --> 00:20:33,240 Speaker 1: June's hot CPI report. Clara Advisers Founder and managing principal 376 00:20:33,320 --> 00:20:36,400 Speaker 1: Ryan Bolanger says, even if they're earnings mrs, big US 377 00:20:36,440 --> 00:20:39,880 Speaker 1: companies are still a good place for investors. You've got 378 00:20:39,920 --> 00:20:42,520 Speaker 1: consumer spending still on the rise, so you've still got 379 00:20:42,520 --> 00:20:46,280 Speaker 1: a very attractive consumer balance sheet. Household finances are in 380 00:20:46,400 --> 00:20:48,760 Speaker 1: great shape still, so that's one of the reasons why 381 00:20:48,800 --> 00:20:52,280 Speaker 1: we still like the domestic companies more than the international counterparts. 382 00:20:52,359 --> 00:20:54,960 Speaker 1: Ryan Bolanger with Clara Advisor says, we're still likely to 383 00:20:54,960 --> 00:20:58,040 Speaker 1: see a prolonged period of volatility pan time. Nathan went 384 00:20:58,080 --> 00:21:00,400 Speaker 1: to Wall Street's biggest bearer, says us to box are 385 00:21:00,440 --> 00:21:03,119 Speaker 1: likely to face more declines as even if the economy 386 00:21:03,119 --> 00:21:06,359 Speaker 1: manages to avoid a recession. Mark and Stanley strateg just 387 00:21:06,480 --> 00:21:09,240 Speaker 1: Mike Wilson says he expects the bear market to continue. 388 00:21:09,520 --> 00:21:12,280 Speaker 1: He also sees the odds of a recession continuing to rise. 389 00:21:12,600 --> 00:21:15,080 Speaker 1: Turning into commodities now, Karen oil is on the rise 390 00:21:15,119 --> 00:21:18,280 Speaker 1: after last week's nearly seven percent drop. It follows President 391 00:21:18,359 --> 00:21:21,000 Speaker 1: Biden's landmark visit to the Middle East that wrapped up 392 00:21:21,040 --> 00:21:23,960 Speaker 1: without a firm commitment from Saudi Arabia to boost Crewe supplies. 393 00:21:24,119 --> 00:21:26,600 Speaker 1: Checking prices now name excrudes up two percent or a 394 00:21:26,600 --> 00:21:29,720 Speaker 1: dollar ninety four nine fifty two cents of barrel. Brent 395 00:21:29,880 --> 00:21:31,960 Speaker 1: is hired by two point three percent to a hundred 396 00:21:31,960 --> 00:21:35,119 Speaker 1: three dollars forty nine cents. Well, we moved to Italy now, Nathan, 397 00:21:35,119 --> 00:21:38,000 Speaker 1: we're Prime Minister Mario Draggy is under mounting pressure to 398 00:21:38,040 --> 00:21:42,000 Speaker 1: reverse his pledge to resign. Draggy appears determined to leave office, 399 00:21:42,040 --> 00:21:45,280 Speaker 1: but Summer pushing for him to stay. Bloomberg's tomaso Ebb 400 00:21:45,320 --> 00:21:48,199 Speaker 1: Heart has more from Milan If Druggy resigned, then he 401 00:21:48,240 --> 00:21:51,240 Speaker 1: will resign. They had off of the president of Mazzarella. 402 00:21:51,359 --> 00:21:54,199 Speaker 1: We are expecting at this point Matarella or to have 403 00:21:54,600 --> 00:21:59,000 Speaker 1: a consultation with political leader, but that's almost no possibility 404 00:21:59,040 --> 00:22:00,960 Speaker 1: to form a new go mean in that case he 405 00:22:01,080 --> 00:22:05,000 Speaker 1: will call his an appalation and Bloomberry's Tomasso I've heard 406 00:22:05,040 --> 00:22:08,080 Speaker 1: of Malone, says Mario. Draggy will address lawmakers Wednesday to 407 00:22:08,080 --> 00:22:10,399 Speaker 1: declare whether or not he'll quit the government. And in 408 00:22:10,440 --> 00:22:13,359 Speaker 1: corporate news, Starbucks is wayne whether to sell its UK operations, 409 00:22:13,359 --> 00:22:15,880 Speaker 1: according to the Financial Times, which says the coffee chain 410 00:22:15,880 --> 00:22:18,280 Speaker 1: has yet to initiate a formal sales process. The UK 411 00:22:18,400 --> 00:22:21,120 Speaker 1: is starbucks largest market in Europe, the Middle East and Africa. 412 00:22:21,440 --> 00:22:23,280 Speaker 1: And that's the five things you need to notice start 413 00:22:23,320 --> 00:22:26,480 Speaker 1: your day. Brought to you by Interactive Brokers and your 414 00:22:26,640 --> 00:22:33,760 Speaker 1: local headlines. Straight Ahead on Bloomberg, Thanks Karen. Six thirty 415 00:22:33,760 --> 00:22:36,160 Speaker 1: three on Wall Street, seventy six degrees in Central Park 416 00:22:36,200 --> 00:22:39,480 Speaker 1: Out a crash eastbound Route three at seventeen in Rutherford. 417 00:22:39,640 --> 00:22:42,400 Speaker 1: Details coming up in traffic. First John Tucker with more 418 00:22:42,440 --> 00:22:44,320 Speaker 1: on what's going on in New York and around the world. 419 00:22:44,320 --> 00:22:47,040 Speaker 1: Good morning, John, Good morning, Nathan. The first draft of 420 00:22:47,080 --> 00:22:49,600 Speaker 1: an investigative report of the mass shooting at a South 421 00:22:49,640 --> 00:22:53,040 Speaker 1: Texas elementary school in May finds plenty of blame to 422 00:22:53,080 --> 00:22:56,040 Speaker 1: go around for the stuttering response to the attack that 423 00:22:56,160 --> 00:22:59,160 Speaker 1: deals in this report this Morning from Bloomberg's Jeff Bellinger. 424 00:22:59,440 --> 00:23:03,000 Speaker 1: The report finds nearly four hundred law enforcement officials rushed 425 00:23:03,040 --> 00:23:06,080 Speaker 1: to a mass shooting at a Uvaldi Elementary school, but 426 00:23:06,320 --> 00:23:10,560 Speaker 1: egregiously poor decision making resulted in more than an hour 427 00:23:10,720 --> 00:23:13,880 Speaker 1: of chaos before the gunman who took twenty one lives 428 00:23:13,960 --> 00:23:17,920 Speaker 1: was finally confronted and killed. The nearly eighty page report 429 00:23:18,080 --> 00:23:21,600 Speaker 1: was the first to criticize both state and federal law enforcement, 430 00:23:21,880 --> 00:23:24,879 Speaker 1: and not just local authorities in the South Texas town, 431 00:23:24,960 --> 00:23:28,639 Speaker 1: for the bewildering in action. The report also finds no 432 00:23:28,680 --> 00:23:32,679 Speaker 1: one assumed command despite scores of officers being on the scene. 433 00:23:33,080 --> 00:23:38,480 Speaker 1: Some families blasted police as cowards and demanded resignations. Jeff Bellinger, 434 00:23:38,600 --> 00:23:42,440 Speaker 1: Bloomberg Daybreak. Three people were killed at a ball in Greenwood, Indiana, 435 00:23:42,520 --> 00:23:44,879 Speaker 1: in a shooting yesterday that ended when an arm and 436 00:23:45,000 --> 00:23:48,000 Speaker 1: fatally shot the gundan and with a rifle and several 437 00:23:48,040 --> 00:23:51,360 Speaker 1: magazines of ammunition entered the ball's food court and started firing. 438 00:23:51,680 --> 00:23:54,480 Speaker 1: Placed on Facebook, there were seeking witnesses to the shooting, 439 00:23:54,680 --> 00:23:57,879 Speaker 1: which took place at a fifteen miles south of Indianapolis. 440 00:23:58,240 --> 00:24:00,960 Speaker 1: A New York City firefighter was seriously hurt Sunday after 441 00:24:01,000 --> 00:24:04,159 Speaker 1: responding to a crash on Manhattan's West Side. It was 442 00:24:04,200 --> 00:24:06,639 Speaker 1: responding to a two car crash. One of the cars 443 00:24:06,680 --> 00:24:09,920 Speaker 1: shifted and fell on his leg. According to New York 444 00:24:09,920 --> 00:24:13,359 Speaker 1: City's Chief Medical Examiner, Vana Trump, the ex wife of 445 00:24:13,400 --> 00:24:17,800 Speaker 1: former President Donald Trump, died accidentally a blunt impact injuries 446 00:24:18,000 --> 00:24:21,119 Speaker 1: to her torso. She reportedly had fallen down the stairs 447 00:24:21,119 --> 00:24:23,679 Speaker 1: that are upper East side home. Her death led the 448 00:24:23,760 --> 00:24:26,880 Speaker 1: office of New York's Attorney General, Letitia James to postpone 449 00:24:26,880 --> 00:24:30,200 Speaker 1: a deposition of the former president that scheduled for next week, 450 00:24:30,600 --> 00:24:33,520 Speaker 1: and the House Committee investigating the US Capitalists all expects 451 00:24:33,520 --> 00:24:36,679 Speaker 1: to receive text messages It has subpoena from the Secret 452 00:24:36,760 --> 00:24:40,399 Speaker 1: Service by tomorrow. A former aide, Cassidy Hutchinson, said she 453 00:24:40,480 --> 00:24:42,919 Speaker 1: was told Trump wanted to join the mob when marching 454 00:24:42,960 --> 00:24:45,840 Speaker 1: on the Capitol, but was blocked by a security detail 455 00:24:45,960 --> 00:24:49,600 Speaker 1: and a physical altercation took place. The text messages could 456 00:24:49,600 --> 00:24:53,920 Speaker 1: provide insight into that episode. Global News twenty four hours 457 00:24:53,920 --> 00:24:56,000 Speaker 1: a day on air, Hannam Bloomberg Quick Take Power by 458 00:24:56,040 --> 00:25:00,480 Speaker 1: more than hundred journalists and analysts it more than one countries. 459 00:25:00,680 --> 00:25:08,960 Speaker 1: I'm John Tucker. This is Bloomberg, Nathan. Thanks John, six 460 00:25:09,040 --> 00:25:11,840 Speaker 1: thirty five on Wall Stranger's John Sash at the Bloomberg 461 00:25:11,840 --> 00:25:14,000 Speaker 1: Sports Update. All right, Nathan. The Yankees with a two 462 00:25:14,000 --> 00:25:16,760 Speaker 1: game Boston massacre. They had lost three straight to the 463 00:25:16,800 --> 00:25:19,400 Speaker 1: Red Sox with a one Saturday night fourteen to one, 464 00:25:19,480 --> 00:25:21,760 Speaker 1: and they came back yesterday and won thirteen to two 465 00:25:21,920 --> 00:25:24,000 Speaker 1: and eight run fourth inning later home runs for tim 466 00:25:24,040 --> 00:25:27,840 Speaker 1: Lo Castro and Joey Yallow. Garrett Cole struck out twelve twice. 467 00:25:27,880 --> 00:25:30,879 Speaker 1: He fanned his nemesis or Afael Devers, who was numbered 468 00:25:30,920 --> 00:25:33,679 Speaker 1: off Cole. Eight tons. Chris Sale started for the Socks, 469 00:25:33,720 --> 00:25:36,119 Speaker 1: just doctrum injury and Aaron Hicks line drive in the 470 00:25:36,119 --> 00:25:39,280 Speaker 1: first inning. Grope Sales pinky Yankees at the All Star 471 00:25:39,320 --> 00:25:42,879 Speaker 1: break sixty four and thirteen game, leaving a last the 472 00:25:42,920 --> 00:25:44,760 Speaker 1: mester fifty eight and thirty five. They're up two and 473 00:25:44,760 --> 00:25:46,720 Speaker 1: a half on Atlanta. They were four outs from a 474 00:25:46,800 --> 00:25:49,119 Speaker 1: four game sweep in Chicago. The cub score twice in 475 00:25:49,160 --> 00:25:51,600 Speaker 1: the eighth inning to win three to two. Starling Marte 476 00:25:51,720 --> 00:25:55,000 Speaker 1: has taken himself out Tomorrow's All Star Game. Tonight in 477 00:25:55,200 --> 00:25:57,840 Speaker 1: l A. P. Lolonso goes for a home run derby 478 00:25:58,359 --> 00:26:01,040 Speaker 1: three pet They held the MLB draft. The sons of 479 00:26:01,119 --> 00:26:04,520 Speaker 1: Fomer Big leaguers Matt Holiday and Andrew Jones went one 480 00:26:04,600 --> 00:26:07,360 Speaker 1: too to Baltimore and Arizona. The Mets took Kevin Parratta, 481 00:26:07,720 --> 00:26:10,440 Speaker 1: a capture from Georgia Tech, and then Jeff Williams, a 482 00:26:10,520 --> 00:26:13,840 Speaker 1: high school shortstop from Texas, and the Yankees drafted Spencer Jones, 483 00:26:14,240 --> 00:26:18,040 Speaker 1: and outfielder from Zanderville. At St. Andrew's. Cam Smith came 484 00:26:18,080 --> 00:26:20,600 Speaker 1: from behind, had five straight birdies to start the back nine. 485 00:26:20,880 --> 00:26:23,639 Speaker 1: The twenty eight year old Austine won the Open championship. 486 00:26:24,359 --> 00:26:30,560 Speaker 1: Uh Pour fought Polsau on a around here, especially with 487 00:26:30,680 --> 00:26:33,840 Speaker 1: that window, you know, off the left, and um yeah, 488 00:26:33,920 --> 00:26:37,120 Speaker 1: just stuck to what I was doing and um yeah, 489 00:26:37,240 --> 00:26:38,920 Speaker 1: just really crowd of how I how I on a 490 00:26:39,000 --> 00:26:41,600 Speaker 1: knuckle down today. Smith tied a record for a major 491 00:26:41,680 --> 00:26:44,760 Speaker 1: with twenty under part beat Westchester native Cam Young by 492 00:26:44,840 --> 00:26:47,800 Speaker 1: one shot in Rory matheil Roy by two John stash 493 00:26:47,920 --> 00:26:50,560 Speaker 1: went Bloomberg Sports. Nathan all right, John, Thanks, It's six 494 00:26:50,680 --> 00:26:52,600 Speaker 1: thirty seven on Wall Street. Time to take a look 495 00:26:52,600 --> 00:26:54,639 Speaker 1: at stock, some of the names moving in the pre market. 496 00:26:54,680 --> 00:26:58,280 Speaker 1: Bloomberg Radio and TV Markets correspondent Creedy Gupta is with 497 00:26:58,440 --> 00:27:00,960 Speaker 1: us as we await the final set a big bank 498 00:27:01,119 --> 00:27:04,120 Speaker 1: earning screety the finals at a big banker and he's 499 00:27:04,160 --> 00:27:07,159 Speaker 1: got Bank of America and Goldman Sacks do to report 500 00:27:07,240 --> 00:27:09,400 Speaker 1: this morning. And it's interesting because, of course we saw 501 00:27:09,400 --> 00:27:11,679 Speaker 1: a little bit of mixed messaging when we came from 502 00:27:11,720 --> 00:27:14,439 Speaker 1: the earnings last week. We haven't where you had, JP Morgan. 503 00:27:14,480 --> 00:27:16,200 Speaker 1: We're stay coming out and a little bit kind of 504 00:27:16,280 --> 00:27:19,200 Speaker 1: worried about what might come next. The trading revenue missed 505 00:27:19,240 --> 00:27:21,320 Speaker 1: as well. And then you came out and I saw 506 00:27:21,400 --> 00:27:24,000 Speaker 1: Wells Fargo in city groups sending two completely different messages. 507 00:27:24,080 --> 00:27:25,760 Speaker 1: Well as far saying, well, we're actually gonna stick to 508 00:27:25,800 --> 00:27:28,800 Speaker 1: our buyback, city groups saying our trading revenue really not 509 00:27:28,960 --> 00:27:31,560 Speaker 1: the socks off of all the Wall Street banks this morning. 510 00:27:31,720 --> 00:27:33,760 Speaker 1: You do have some optism baked into the market here. 511 00:27:33,800 --> 00:27:36,080 Speaker 1: Bank of America shares be a c is your taker 512 00:27:36,400 --> 00:27:38,639 Speaker 1: up one point two percent. I'm gonna quickly look up 513 00:27:38,680 --> 00:27:40,520 Speaker 1: Goldman Sacks here as well. The taker is the letter 514 00:27:40,640 --> 00:27:43,800 Speaker 1: g S also up one percent. This is significant as 515 00:27:43,880 --> 00:27:47,040 Speaker 1: we talk about what's happening in the macro environment as well. Remember, 516 00:27:47,119 --> 00:27:49,639 Speaker 1: in this rate hike environment, how much do people have 517 00:27:49,800 --> 00:27:51,560 Speaker 1: to how much do these banks I should say have 518 00:27:51,640 --> 00:27:54,440 Speaker 1: to actually create more loan lasted provisions? How much do 519 00:27:54,560 --> 00:27:57,160 Speaker 1: they actually have to watch out for some of these 520 00:27:57,280 --> 00:28:00,919 Speaker 1: higher interest rates that would perhaps decline or somewhere there 521 00:28:00,960 --> 00:28:02,960 Speaker 1: or decrease I should say some of their net profit 522 00:28:03,040 --> 00:28:05,640 Speaker 1: margin right now, at least on the on the surface level, 523 00:28:05,680 --> 00:28:08,320 Speaker 1: you do have some optimism baked into those stocks. Sathan. Yeah, 524 00:28:08,359 --> 00:28:10,359 Speaker 1: we're gonna be watching for those earnings, starting off with 525 00:28:10,400 --> 00:28:12,239 Speaker 1: Bank of America. We're expecting those are just a few 526 00:28:12,320 --> 00:28:15,160 Speaker 1: minutes actually, And I see you're watching some news coming 527 00:28:15,200 --> 00:28:17,760 Speaker 1: out of Southern England this morning. Part Yeah, it's kind 528 00:28:17,760 --> 00:28:19,720 Speaker 1: of interesting. You wouldn't think that some news out of 529 00:28:19,760 --> 00:28:22,080 Speaker 1: the Southern England would move one of the biggest stocks 530 00:28:22,160 --> 00:28:24,160 Speaker 1: and in the SP five in the Dow, I might add, 531 00:28:24,200 --> 00:28:27,040 Speaker 1: but nevertheless it is Boeing Shares b A is your 532 00:28:27,119 --> 00:28:29,840 Speaker 1: ticker up about two point eight percent. This is significant. 533 00:28:29,880 --> 00:28:33,280 Speaker 1: It comes after you had Boeing and Airbus. They are 534 00:28:33,320 --> 00:28:37,000 Speaker 1: buying for almost twenty one billion dollars of aircraft orders 535 00:28:37,040 --> 00:28:40,600 Speaker 1: at the first major commercial air show since twenty nineteen. 536 00:28:40,640 --> 00:28:42,520 Speaker 1: Here's where the Southern England Park comes in. This is 537 00:28:42,600 --> 00:28:46,200 Speaker 1: the farm Borough Air Show. Super important when it comes 538 00:28:46,240 --> 00:28:48,720 Speaker 1: to simply getting more of those deals done. Boeing actually 539 00:28:48,960 --> 00:28:51,560 Speaker 1: just announced of this morning that looks like it's also 540 00:28:51,640 --> 00:28:53,760 Speaker 1: getting a deal done with Delta at the moments. Remember 541 00:28:53,800 --> 00:28:55,440 Speaker 1: a lot of those orders, a lot of those jet 542 00:28:55,600 --> 00:28:58,800 Speaker 1: orders were put on hold just given the COVID uncertainty 543 00:28:58,920 --> 00:29:01,640 Speaker 1: and especially the back log that Boeing is already facing. 544 00:29:02,040 --> 00:29:04,120 Speaker 1: But Bowing actually said well they expect a very big 545 00:29:04,280 --> 00:29:07,000 Speaker 1: order day, not just for their jets but their hydrogen 546 00:29:07,080 --> 00:29:09,880 Speaker 1: engines as well, and that are obviously it's already boosting 547 00:29:09,920 --> 00:29:12,600 Speaker 1: the stock this morning to the tune of two and 548 00:29:13,040 --> 00:29:15,600 Speaker 1: just quickly hear some news with chip stocks as well, 549 00:29:15,840 --> 00:29:17,880 Speaker 1: some news with chip stocks. This is really important as 550 00:29:17,960 --> 00:29:21,160 Speaker 1: we talk about simply what is the trade that really 551 00:29:21,200 --> 00:29:23,000 Speaker 1: works when it comes to chips. Remember, everyone was buying 552 00:29:23,080 --> 00:29:25,400 Speaker 1: chips as a bet. These supply chain issues aren't going 553 00:29:25,440 --> 00:29:28,560 Speaker 1: to go away anytime soon. This morning, applied Materials A 554 00:29:28,840 --> 00:29:31,239 Speaker 1: M A T actually got a price target cut over 555 00:29:31,280 --> 00:29:33,480 Speaker 1: at Deutsche Bank. Nevertheless, the shares are still up one 556 00:29:33,600 --> 00:29:36,960 Speaker 1: point six percent. Remember Apply Materials is that semi equipment maker, 557 00:29:37,040 --> 00:29:39,560 Speaker 1: so this is significant that even in the face of 558 00:29:39,680 --> 00:29:42,040 Speaker 1: perhaps some price start cuts from some of the major banks, 559 00:29:42,080 --> 00:29:44,760 Speaker 1: it's actually still way way higher. Tells you that trade 560 00:29:44,840 --> 00:29:47,320 Speaker 1: is still in play, all right. Bloomberg Radio and TV 561 00:29:47,440 --> 00:29:50,360 Speaker 1: Markets correspondent Creed grooped up with us this morning as 562 00:29:50,440 --> 00:29:52,880 Speaker 1: we take a look at futures on the rise, SMP 563 00:29:53,040 --> 00:29:56,840 Speaker 1: futures up thirty seven points, Staff futures up two six 564 00:29:56,880 --> 00:29:59,000 Speaker 1: and NAZZAC futures leading the way this morning. They are 565 00:29:59,080 --> 00:30:02,640 Speaker 1: hired by one under thirty eight points. Tenure treasury is 566 00:30:02,760 --> 00:30:06,160 Speaker 1: down ten thirty seconds, the yield two point and the 567 00:30:06,200 --> 00:30:10,200 Speaker 1: yield on the two year still inverted three point one four. 568 00:30:10,360 --> 00:30:18,400 Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather 569 00:30:18,480 --> 00:30:21,400 Speaker 1: showers and storms developing by midday. Highes in the low 570 00:30:21,480 --> 00:30:24,280 Speaker 1: eighties will be near ninety tomorrow under a mostly sunny sky, 571 00:30:24,720 --> 00:30:28,719 Speaker 1: hot Wednesday for a high by then right now seventy 572 00:30:28,760 --> 00:30:36,000 Speaker 1: six degrees. Live from the Bloomberg Interactive Berger Studios This 573 00:30:36,160 --> 00:30:40,640 Speaker 1: is Bloomberg Daybreak for Monday jo coming up. The shower 574 00:30:40,960 --> 00:30:44,200 Speaker 1: stocks face another test this week as more earnings roll in, 575 00:30:44,480 --> 00:30:47,400 Speaker 1: Oil jumps following President Biden's trip to the Middle East, 576 00:30:47,760 --> 00:30:51,160 Speaker 1: China rolls out mass testing as COVID cases rise, and 577 00:30:51,240 --> 00:30:54,120 Speaker 1: the January six Committee prepares to receive texts from the 578 00:30:54,240 --> 00:30:57,280 Speaker 1: Secret Service. Another deadly shooting, this time at the wall 579 00:30:57,360 --> 00:30:59,960 Speaker 1: in Indiana, and a demning report on the police respond 580 00:31:00,040 --> 00:31:02,400 Speaker 1: us to the school shooting in Texas. I'm John Tucker. 581 00:31:02,480 --> 00:31:05,600 Speaker 1: Those stories straight ahead. I'm John Stash's four second straight 582 00:31:05,640 --> 00:31:08,000 Speaker 1: game with the Yankees crushed the Red Sox. The Mets 583 00:31:08,040 --> 00:31:11,400 Speaker 1: lost in Chicago. Cameron Smith won the Open Championship golf. 584 00:31:14,480 --> 00:31:18,320 Speaker 1: That's All's trading ahead on Bloomberg Daybreak on Bloomberg eleven, 585 00:31:18,360 --> 00:31:22,600 Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg 586 00:31:22,680 --> 00:31:26,160 Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco 587 00:31:26,560 --> 00:31:29,480 Speaker 1: Sirius x M one nineteen and around the world on 588 00:31:29,640 --> 00:31:32,960 Speaker 1: Bloomberg Radio, dot com and via the Bloomberg Business Act. 589 00:31:37,520 --> 00:31:40,320 Speaker 1: Good morning, I'm Nathan Hager and I'm Kart Moscow and 590 00:31:40,440 --> 00:31:43,360 Speaker 1: US dot Index futures are rising this morning. We're coming 591 00:31:43,400 --> 00:31:44,920 Speaker 1: up to six oh one on Wall Street, and we 592 00:31:45,040 --> 00:31:47,480 Speaker 1: checked the markets every fifteen minutes throughout the trading day 593 00:31:47,640 --> 00:31:51,080 Speaker 1: on bloomberg S ANDP futures up thirty six points this morning, 594 00:31:51,160 --> 00:31:54,400 Speaker 1: Down futures up two hundred fifty six and Nastack futures 595 00:31:54,480 --> 00:31:56,840 Speaker 1: up one d forty. The ten year treasury down twelve 596 00:31:56,880 --> 00:31:59,880 Speaker 1: thirty seconds, Yeal two point nine five per cent Nathan 597 00:32:00,080 --> 00:32:02,520 Speaker 1: well Karen. Markets are gearing up for another slow of 598 00:32:02,640 --> 00:32:05,680 Speaker 1: earnings this week. Investors are watching how business is weathering 599 00:32:05,720 --> 00:32:10,040 Speaker 1: inflation and FED tightening. The major banks finished reporting today 600 00:32:10,120 --> 00:32:13,880 Speaker 1: following some disappointing results last week. Bloomberg's Jeff Bellinger has 601 00:32:13,920 --> 00:32:16,560 Speaker 1: a preview. The investors may not be pleased with the 602 00:32:16,640 --> 00:32:20,720 Speaker 1: numbers from Goldman Sachs Bloomberg Intelligence, as Goldman's second quarter 603 00:32:20,840 --> 00:32:24,200 Speaker 1: profit may have declined sharply versus a year ago because 604 00:32:24,280 --> 00:32:28,040 Speaker 1: of outsized investment gains that turned to losses and the 605 00:32:28,120 --> 00:32:31,520 Speaker 1: slide in banking fees that exceeded trading revenue growth. We 606 00:32:31,640 --> 00:32:34,600 Speaker 1: also hear from Bank of America this morning. The outlook 607 00:32:34,720 --> 00:32:38,160 Speaker 1: isn't entirely rosy, but b I is more upbeat, saying 608 00:32:38,240 --> 00:32:41,840 Speaker 1: be of a likely benefited from flat costs, net income 609 00:32:41,960 --> 00:32:47,400 Speaker 1: that expanded with rates, and healthy industry loan growth. Jeff Bellinger, Bloomberg, Debreak, 610 00:32:47,440 --> 00:32:49,560 Speaker 1: all right, Jeff, thank you. Some other notable names reporting 611 00:32:49,600 --> 00:32:53,960 Speaker 1: this week include Tesla, Netflix, United Airlines, and IBM Well Nathan. 612 00:32:54,000 --> 00:32:56,320 Speaker 1: This week's earnings come on the heels of June's hot 613 00:32:56,400 --> 00:33:00,360 Speaker 1: CPI report, and Clara Advisers founder and managing principle Ryan 614 00:33:00,440 --> 00:33:03,280 Speaker 1: Blander says, even if there are earning some misses, big 615 00:33:03,400 --> 00:33:07,880 Speaker 1: US companies are still a good place for investors environment. 616 00:33:07,920 --> 00:33:10,600 Speaker 1: You gotta stay large cap. We think as an overweight, 617 00:33:10,680 --> 00:33:13,800 Speaker 1: we love the dividend paying stocks. They provide some cash flow. 618 00:33:14,160 --> 00:33:16,880 Speaker 1: I would say you don't want to abandon large cap technology. 619 00:33:16,960 --> 00:33:19,640 Speaker 1: I mean, some of these companies are extremely profitable, have 620 00:33:19,960 --> 00:33:23,320 Speaker 1: huge business modes, and are trading at really nice discounts 621 00:33:23,360 --> 00:33:27,040 Speaker 1: to their historic multiples. Ryan Blander at Clara Advisor says 622 00:33:27,120 --> 00:33:29,880 Speaker 1: you're still likely to see a prolonged period of volatility. 623 00:33:30,120 --> 00:33:32,520 Speaker 1: Now one of Wall Street's biggest bears, Karen says US 624 00:33:32,560 --> 00:33:35,320 Speaker 1: stocks are likely to face more declines even if the 625 00:33:35,360 --> 00:33:39,320 Speaker 1: economy manages to avoid a recession. Morgan Stanley strategist Mike 626 00:33:39,360 --> 00:33:42,280 Speaker 1: Wilson says he expects the bear market to continue. He 627 00:33:42,400 --> 00:33:45,720 Speaker 1: also sees the odds of a recession continuing to rise well. 628 00:33:45,800 --> 00:33:48,840 Speaker 1: Turning to commodities now, Nathan oil is advancing this morning 629 00:33:48,880 --> 00:33:52,160 Speaker 1: after last week's almost seven percent to drop. The jumps 630 00:33:52,200 --> 00:33:55,040 Speaker 1: follow President Biden's landmark visit to the Middle East that 631 00:33:55,160 --> 00:33:58,160 Speaker 1: wrapped up without a firm commitment from Saudi Arabia to 632 00:33:58,200 --> 00:34:01,160 Speaker 1: boost crewed supplies and check in praises. Now nine ex 633 00:34:01,160 --> 00:34:03,360 Speaker 1: screwed oil is at one point eight percent of a 634 00:34:03,400 --> 00:34:07,120 Speaker 1: dollar seventy ninety eight cents of barrel Brent is up 635 00:34:07,160 --> 00:34:09,800 Speaker 1: two point one percent and a hundred three dollars thirty 636 00:34:09,880 --> 00:34:13,520 Speaker 1: one cents over in Europe, Karen candidate seeming to succeed 637 00:34:13,640 --> 00:34:15,840 Speaker 1: UK Prime Minister Boris Johnson, are weighing in on the 638 00:34:15,920 --> 00:34:18,560 Speaker 1: economy and the cost of living crisis in the country. 639 00:34:18,760 --> 00:34:20,879 Speaker 1: Boom Brigs You and Parts has more from London. Good 640 00:34:20,880 --> 00:34:23,400 Speaker 1: Morning You, Good morning Nathan and Karen. A a second 641 00:34:23,640 --> 00:34:26,520 Speaker 1: TV debate for the five remaining candidates to take over 642 00:34:26,640 --> 00:34:30,120 Speaker 1: as the next British Prime minister. Clear dividing lines starting 643 00:34:30,160 --> 00:34:33,640 Speaker 1: to emerge over taxes and the economy as lawmakers votes 644 00:34:33,640 --> 00:34:36,480 Speaker 1: in there are the field. Here's former Chancellor Rishi Sunak, 645 00:34:36,560 --> 00:34:40,279 Speaker 1: Foreign Secretary Liz Trust. This is something for nothing. Economics 646 00:34:40,400 --> 00:34:44,880 Speaker 1: isn't conservative socialism Under your plans, we are predicted to 647 00:34:45,000 --> 00:34:48,640 Speaker 1: have a recession because you have raised tax It is 648 00:34:48,840 --> 00:34:52,960 Speaker 1: cutting back on growth, it is preventing companies from investing, 649 00:34:53,440 --> 00:34:56,239 Speaker 1: and it's taking money out of people's pockets. That is 650 00:34:56,320 --> 00:34:59,920 Speaker 1: no way to get the economy going during a recession. 651 00:35:00,000 --> 00:35:01,759 Speaker 1: But she seen I've seen as the front run or 652 00:35:01,800 --> 00:35:05,239 Speaker 1: Penny more Than's runs second list. Trust is third, but 653 00:35:05,320 --> 00:35:07,759 Speaker 1: a recent poll shows that she would beats all contenders 654 00:35:08,000 --> 00:35:11,200 Speaker 1: in the final run off between toury members. Live in London. 655 00:35:11,280 --> 00:35:13,719 Speaker 1: I'm your parts, make day break, are you and thank you? 656 00:35:13,800 --> 00:35:16,319 Speaker 1: We moved to Italy now where around Minister Mario drag 657 00:35:16,640 --> 00:35:19,600 Speaker 1: is under mounting pressure to reverse his pledge to resign. 658 00:35:19,920 --> 00:35:23,080 Speaker 1: Draggy appears determined to leave office, but Summer pushing for 659 00:35:23,239 --> 00:35:26,160 Speaker 1: him to stay. Bloomberg tomaso Ebb Heart has more from 660 00:35:26,200 --> 00:35:28,800 Speaker 1: the lawn. The pression is not coming from political parties, 661 00:35:28,840 --> 00:35:31,800 Speaker 1: but he's coming from the country, from a business leader, 662 00:35:32,280 --> 00:35:36,080 Speaker 1: from professor, from major of more than four hundred cities. 663 00:35:36,200 --> 00:35:39,279 Speaker 1: So there is growing impression but at the moment Mario 664 00:35:39,360 --> 00:35:43,400 Speaker 1: drag seems determined to live because of the national unity government. 665 00:35:43,800 --> 00:35:46,600 Speaker 1: Death used to run is not there anymore. The collision 666 00:35:46,680 --> 00:35:49,799 Speaker 1: is essentially broken. Bloomberg Tomasso Eve heard about Laan, says 667 00:35:49,840 --> 00:35:53,040 Speaker 1: Mario Draggy will address lawmakers Wednesday to declare whether or 668 00:35:53,120 --> 00:35:55,759 Speaker 1: not he'll quit the government. Turning the Asia now, Karen, 669 00:35:55,800 --> 00:35:57,920 Speaker 1: it was a good day for equities thanks to softer 670 00:35:58,040 --> 00:36:00,120 Speaker 1: signs from the Fed and pledges from China to or 671 00:36:00,200 --> 00:36:02,960 Speaker 1: up the economic growth. Bloomberg's Juliette Sally joins us with 672 00:36:03,040 --> 00:36:06,080 Speaker 1: details from Singapore. Good morning, Juliet, Good morning, Nathan and Karen. 673 00:36:06,120 --> 00:36:09,440 Speaker 1: The MSCI Asia Pacific Index excluding Japan, which was closed 674 00:36:09,480 --> 00:36:11,920 Speaker 1: for a holiday, gained more than one percent, boosted by 675 00:36:11,960 --> 00:36:15,400 Speaker 1: a jump in Chinese tech shares. Sentiment across mainland equities 676 00:36:15,440 --> 00:36:17,800 Speaker 1: and in Hong Kong was boosted after the p POC 677 00:36:18,000 --> 00:36:21,360 Speaker 1: indicated it will step up implementation of prudent monetary policy. 678 00:36:21,800 --> 00:36:24,439 Speaker 1: Shares of Chinese developers jumped by the most in nearly 679 00:36:24,520 --> 00:36:27,600 Speaker 1: a month, following a report that the nation's banking regulator 680 00:36:27,880 --> 00:36:30,840 Speaker 1: has urged lenders to support the sector amid a growing 681 00:36:30,920 --> 00:36:35,600 Speaker 1: mortgage Boykosh in Singapore, Juliette Sally Bloomberg, daybreak, All right, Juliet, 682 00:36:35,719 --> 00:36:39,320 Speaker 1: thank you. Meantime, in China, cases of COVID nineteen remain elevated, 683 00:36:39,400 --> 00:36:42,399 Speaker 1: Shanghai rolling out Mounse testing, and nine districts to stamp 684 00:36:42,480 --> 00:36:46,080 Speaker 1: but infections. The country reported five ten cases for Sunday 685 00:36:46,080 --> 00:36:49,080 Speaker 1: after new infections jumped to five hundred eight on Saturday. 686 00:36:49,400 --> 00:36:52,680 Speaker 1: Stern Politics, Now, Karen and the latest developments on Capitol Hill. 687 00:36:52,800 --> 00:36:55,279 Speaker 1: The January six Committee now says it expects to get 688 00:36:55,400 --> 00:36:59,799 Speaker 1: Secret Service text before tomorrow's deadline. Bloomberg said, Baxter has 689 00:36:59,880 --> 00:37:02,279 Speaker 1: the story. These are texts that it was first said 690 00:37:02,280 --> 00:37:05,040 Speaker 1: were deleted in a system upgrade text that we're not 691 00:37:05,400 --> 00:37:08,720 Speaker 1: backed up. Now. Committee member Zoe Lofgren says, a change 692 00:37:08,719 --> 00:37:10,920 Speaker 1: in tune. And there was a statement made by the 693 00:37:11,040 --> 00:37:14,399 Speaker 1: spokesperson for the Department saying that you know, it wasn't true, 694 00:37:14,440 --> 00:37:18,240 Speaker 1: it wasn't fair, and that they in fact had pertinent texts. 695 00:37:18,360 --> 00:37:21,240 Speaker 1: And remember, Adam Kissinger says he hopes to get good information. 696 00:37:21,440 --> 00:37:25,280 Speaker 1: It is quite crazy that the Secret Service would actually 697 00:37:25,440 --> 00:37:28,040 Speaker 1: end up deleting anything related to one of the more 698 00:37:28,480 --> 00:37:31,320 Speaker 1: infamous days in American history. And he says he doesn't 699 00:37:31,360 --> 00:37:34,360 Speaker 1: know exactly what they'll get in San Francisco. I'm at 700 00:37:34,400 --> 00:37:37,640 Speaker 1: Baxter Bloomberg daybreak and thank USMP futures right now at 701 00:37:37,719 --> 00:37:40,960 Speaker 1: thirty six points down futures of sixty one. NASTAC futures 702 00:37:41,000 --> 00:37:43,400 Speaker 1: are higher by a hundred forty points. Tend your treasury 703 00:37:43,440 --> 00:37:47,160 Speaker 1: yield two point straight ahead your latest local headlines, and 704 00:37:47,239 --> 00:37:54,000 Speaker 1: to check of sports. This is Bloomberg and it's six 705 00:37:54,040 --> 00:37:56,360 Speaker 1: so seven on Wall Street. We're seventy seven degrees in 706 00:37:56,480 --> 00:37:59,239 Speaker 1: Central Park. The Harlem River Drive is jammed southbound of 707 00:37:59,239 --> 00:38:02,719 Speaker 1: the hundred forty street bridge with a crash clearing. Details 708 00:38:02,760 --> 00:38:05,160 Speaker 1: coming up in traffic. First John Tucker with more on 709 00:38:05,280 --> 00:38:07,000 Speaker 1: what's going on in New York and around the world. 710 00:38:07,080 --> 00:38:10,480 Speaker 1: Gorney John Nathan. Another deadly mass shooting, this one he's 711 00:38:10,480 --> 00:38:13,359 Speaker 1: not had a shopping mall in Greenwood, Indiana, please say. 712 00:38:13,400 --> 00:38:16,839 Speaker 1: The still unidentified adult male enter the mall's food court 713 00:38:16,960 --> 00:38:19,960 Speaker 1: shortly enter six pm local time yesterday, apparently with a 714 00:38:20,040 --> 00:38:24,400 Speaker 1: long gun and magazines of ammunition, and started shooting. Five 715 00:38:24,480 --> 00:38:26,759 Speaker 1: people were shot, three of them died. Police say a 716 00:38:26,840 --> 00:38:30,200 Speaker 1: good samaritan who was armed shot the attacker, killing him. 717 00:38:31,160 --> 00:38:35,520 Speaker 1: The real hero of the day is the citizen that 718 00:38:35,680 --> 00:38:38,480 Speaker 1: was lawfully carrying a firearm in that food court and 719 00:38:38,600 --> 00:38:42,319 Speaker 1: was able to stop the shooter almost as soon as 720 00:38:42,440 --> 00:38:45,719 Speaker 1: he began. That's the Greenwood Police chip Jim Eisen a 721 00:38:45,800 --> 00:38:49,080 Speaker 1: demic investigative report about the mass shooting in Texas. That 722 00:38:49,239 --> 00:38:52,520 Speaker 1: report finds nearly four hundred law enforcement officials rushed to 723 00:38:52,560 --> 00:38:55,839 Speaker 1: the mass shooting at the Vivaldi Elementary School, but egregiously 724 00:38:55,920 --> 00:38:59,080 Speaker 1: poor decision making resulted in more than an hour of 725 00:38:59,320 --> 00:39:02,720 Speaker 1: chaos for the government. Who took one lives was finally 726 00:39:02,760 --> 00:39:06,960 Speaker 1: confronted and killed. With many New york Is frustrated with crime, 727 00:39:07,160 --> 00:39:09,960 Speaker 1: Mayor Eric Adams has been on the road raising money. 728 00:39:10,360 --> 00:39:13,480 Speaker 1: That story in this report from Bloomberg's Lisa Matteo, the 729 00:39:13,560 --> 00:39:16,440 Speaker 1: mayor raised more than eight hundred and fifty thousand dollars 730 00:39:16,520 --> 00:39:21,040 Speaker 1: for his re election campaign barely six months after taking office. 731 00:39:21,280 --> 00:39:24,840 Speaker 1: The figure comes from filings with the city's campaign finance Board. 732 00:39:24,920 --> 00:39:27,440 Speaker 1: According to The Times, the campaign hall is a result 733 00:39:27,480 --> 00:39:30,560 Speaker 1: of Mr adams is traveling across the country to raise 734 00:39:30,640 --> 00:39:33,720 Speaker 1: money for a second term. Nearly half of Mayor Adams's 735 00:39:33,840 --> 00:39:37,200 Speaker 1: campaign donations, more than four hundred thousand dollars came from 736 00:39:37,239 --> 00:39:41,480 Speaker 1: outside New York City. The donors include leaders from real estate, casino, 737 00:39:41,680 --> 00:39:45,879 Speaker 1: and sports betting businesses. Lisa Matteo Bloomberg Daybreak. New York 738 00:39:45,920 --> 00:39:47,800 Speaker 1: City is considered the emp center of the U S 739 00:39:47,920 --> 00:39:51,760 Speaker 1: monkey pox outbreak, and on Sunday, three mass vaccination sites 740 00:39:51,840 --> 00:39:54,560 Speaker 1: open to the city among a limited supply of shots. 741 00:39:54,960 --> 00:39:58,239 Speaker 1: New York Cities approaching five hundred confirmed cases of monkey fox. 742 00:39:58,520 --> 00:40:01,719 Speaker 1: The city's health commissioners thanks that number will grow as 743 00:40:01,800 --> 00:40:05,120 Speaker 1: testing ramps up. Well, maybe this time is the charm. 744 00:40:05,640 --> 00:40:09,200 Speaker 1: Jennifer Lopez and Ben Affleck were married Saturday in a 745 00:40:09,440 --> 00:40:13,799 Speaker 1: late night Las Vegas drive through chapel, culminating a relationship 746 00:40:13,880 --> 00:40:17,080 Speaker 1: that stretched over two decades and two separate romances and 747 00:40:17,520 --> 00:40:22,160 Speaker 1: headline countless tabloid covers. Lopez and Affleck famously dated in 748 00:40:22,200 --> 00:40:26,600 Speaker 1: the early two thousands, spotting the nickname Benefit, before rekindling 749 00:40:26,680 --> 00:40:29,920 Speaker 1: the romance last year. Global News twenty four hours a 750 00:40:29,960 --> 00:40:32,000 Speaker 1: day on Aeron on Bloomberg Quick Take power by the 751 00:40:32,080 --> 00:40:35,080 Speaker 1: twenty seven Hunter journalists and analysts more than one hundred 752 00:40:35,120 --> 00:40:38,080 Speaker 1: twenty countries. I'm John Soccer, this is Bloomberg. You just 753 00:40:38,239 --> 00:40:41,040 Speaker 1: wanted to say Benefit. This morning, didn't you John? Thank 754 00:40:41,080 --> 00:40:48,759 Speaker 1: you absolutely? Six ten on Wall Street. John Stashower has 755 00:40:48,760 --> 00:40:51,839 Speaker 1: the Bloomberg Sports Update. All right, Nathan Rory McElroy has 756 00:40:51,880 --> 00:40:53,239 Speaker 1: to be wondering what he got to do to win 757 00:40:53,320 --> 00:40:56,480 Speaker 1: that elusive fifth career major, the Open Championship at St. Andrews. 758 00:40:56,520 --> 00:40:58,520 Speaker 1: He had the full stupp board of the karate shot 759 00:40:58,560 --> 00:41:02,440 Speaker 1: eighteen under Farland were bogey's the entire tournament none In 760 00:41:02,600 --> 00:41:05,520 Speaker 1: yesterday's final round, he still blew up four start league 761 00:41:05,640 --> 00:41:08,799 Speaker 1: Am Smith, the twenty eight year old Loss's simply out 762 00:41:08,920 --> 00:41:11,160 Speaker 1: putted and ran off five straight druties to start to 763 00:41:11,200 --> 00:41:14,520 Speaker 1: back nine. Smith's twenty under tied the record for major. 764 00:41:14,880 --> 00:41:17,480 Speaker 1: Tam Young, theo Westchester native who began the Open the 765 00:41:17,520 --> 00:41:20,000 Speaker 1: sixty four, finished it with a sixty five out of 766 00:41:20,000 --> 00:41:22,320 Speaker 1: the eagle on the par four eighteenh pold, so he 767 00:41:22,480 --> 00:41:26,719 Speaker 1: finished second. McElroy was third two just funding because of five. 768 00:41:27,040 --> 00:41:29,200 Speaker 1: This year's when some this year's going. I mean, I'm 769 00:41:29,480 --> 00:41:31,719 Speaker 1: playing some of the best golf, but I've played in 770 00:41:31,760 --> 00:41:33,600 Speaker 1: a long time, so it's just a matter of keep, 771 00:41:33,719 --> 00:41:37,399 Speaker 1: you know, knocking on the door and eventually McIlroy still 772 00:41:37,440 --> 00:41:40,160 Speaker 1: hasn't one of major since two thousand, fourteen. Yankees hit 773 00:41:40,239 --> 00:41:42,839 Speaker 1: the All Star K sixty four and twenty eight. Even 774 00:41:42,880 --> 00:41:44,600 Speaker 1: with a bad week when they lost five out of six, 775 00:41:44,640 --> 00:41:46,839 Speaker 1: they won the last two with the Red Sox by 776 00:41:46,880 --> 00:41:50,280 Speaker 1: a combined twenty seven to three thirteen to two. Yesterday, 777 00:41:50,320 --> 00:41:52,840 Speaker 1: Tim Locastro the unlike the hitting star three hits and 778 00:41:52,920 --> 00:41:55,880 Speaker 1: home run. Garrett Cole struck out twelve for his ninth win. 779 00:41:56,000 --> 00:41:57,960 Speaker 1: Metts seemed on their way. They was sweeping in Chicago, 780 00:41:58,040 --> 00:42:00,000 Speaker 1: cub score twice in the eighth inning, won three to two. 781 00:42:00,120 --> 00:42:02,360 Speaker 1: Mets are fifty eight and thirty five, two and a 782 00:42:02,400 --> 00:42:05,000 Speaker 1: half ahead of Atlanta. Year ago, the Mets with the 783 00:42:05,040 --> 00:42:08,480 Speaker 1: tenth pick of the draft to Kumar Rocker Picture from Vanderbilt. 784 00:42:08,480 --> 00:42:10,480 Speaker 1: Then they had injury concerns never signed him. He went 785 00:42:10,520 --> 00:42:12,799 Speaker 1: back into the draft in a surprise. He was taken 786 00:42:12,880 --> 00:42:16,280 Speaker 1: third overall by Texas. The sons of fuller major leaguers 787 00:42:16,320 --> 00:42:19,160 Speaker 1: Matt Holliday and Andrew Jones were taken one two by 788 00:42:19,239 --> 00:42:23,400 Speaker 1: Baltimore and Arizona. John Stashi, We're Bloomberg Sports, Nathan, thank you, 789 00:42:23,640 --> 00:42:26,520 Speaker 1: John SMP futures up thirty eight points. Stout futures up 790 00:42:26,520 --> 00:42:29,480 Speaker 1: two D seventy three Nasdaq futures are higher right now 791 00:42:29,600 --> 00:42:33,120 Speaker 1: by one hundred forty six points. You're listening to Bloomberg 792 00:42:33,200 --> 00:42:39,160 Speaker 1: Day Bright Climberg eleven three oh. Weather cloudy today, some 793 00:42:39,280 --> 00:42:41,520 Speaker 1: showers and storms developing by midday with highs in the 794 00:42:41,600 --> 00:42:44,439 Speaker 1: low eighties. Will get near ninety tomorrow under mostly sunny sky. 795 00:42:45,040 --> 00:42:47,920 Speaker 1: Mid nineties. Gonna be hot for Wednesday. Right now seventy 796 00:42:47,960 --> 00:42:49,000 Speaker 1: six in Central Park