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Speaker 1: Life, Bloomberg Interactive Broker Studios. This is Bloomberg day Break

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Speaker 1: for Wednesday, June eight two. Coming up this hour. Key

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Speaker 1: primary results are in from California and New Jersey. We're

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Speaker 1: live with the latest chorus. Johnson plans legislation to override

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Speaker 1: parts of the Brexit deal. Credit sweet shares plunge after

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Speaker 1: warning of a second quarter loss, and new developments this

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Speaker 1: morning involving Elon Musk and Twitter controversy over a planned

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Speaker 1: New York City event with Florida Governor de Santis plus

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Speaker 1: a New Jersey mayor says the American Dream mall Owes

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Speaker 1: his city millions. Michael lar More ahead, I'm John stage

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Speaker 1: and Swards Tampa. Maybe if the Rangers to tie up

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Speaker 1: the series at two the Yankees one at Minnesota. The

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Speaker 1: Mets were shut out from San Diego. That's all strained

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Speaker 1: Ahead on Bloomberg day Break on Bloomberg eleven three, on

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Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh

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Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius x

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Speaker 1: M one nine team and around the world on Bloomberg

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Speaker 1: Radio Dot corm and via the Bloomberg business app. Hey,

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Speaker 1: good Wednesday morning. I'm Nathan Hager, I'm Amy Moura's daybreak

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Speaker 1: is brought to you by Informatica. In the cloud, your

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Speaker 1: data has the power to do the extraordinary. Managed data

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Speaker 1: across any location in the cloud for accurate and actionable insights.

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Speaker 1: More at Informatica, dot Com and US features are moving

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Speaker 1: lower this morning. We are coming up to five oh

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Speaker 1: one on Wall Street. We checked the markets every fifteen

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Speaker 1: minutes during the trading day on Bloomberg. Right now, S

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Speaker 1: and P futures are down fifteen points, Staff futures down

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Speaker 1: a hundred thirty three, Nastack futures lower by thirty two

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Speaker 1: points ten. Your treasuries down nine thirty seconds. The yield

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Speaker 1: three point zero percent yield on the two year two

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Speaker 1: point seven four nim X screwed up seven tenths per cent,

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Speaker 1: or eighty six cents to a hundred twenty dollars twenty

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Speaker 1: seven cents of barrel. Amy Well, Nathan more on the

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Speaker 1: markets in just a moment. We begin with the primaries

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Speaker 1: across seven states last night, starting in California. San Francisco,

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Speaker 1: residents took to the polls who ousced progressive District Attorney

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Speaker 1: Chasa Boudin. Voters were not asked to choose between criminal

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Speaker 1: justice reform and something else. They were given an opportunity

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Speaker 1: to voice their frustration and their outrage, and they took

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Speaker 1: that opportunity. Jason Budin's recall election turned into a heated

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Speaker 1: campaign that divided Democrats. Boudin sought criminal justice reform, critics

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Speaker 1: painted him as far too lenient on crime. He addressed

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Speaker 1: his supporters after his defeat, I want to be very

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Speaker 1: clear about what happened tonight. The right wing billionaires outspent

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Speaker 1: us three to one. They exploited an environment in which

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Speaker 1: people are appropriately upset. San Francisco District Attorney Chason Buddin

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Speaker 1: will be replaced by an interim d A chosen by

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Speaker 1: San Francisco Mayor London Breed. Staying in California, amy Governor

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Speaker 1: Gavin Newsom cruise to an easy victory. He'll advance to

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Speaker 1: the November election in Los Angeles, where public safety is

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Speaker 1: also a key issue in that city's mayoral race. Billionaire

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Speaker 1: real estate developer Rick Caruso and California Representative Karen Bass

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Speaker 1: are headed for or a runoff. In other states, congressional

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Speaker 1: races service yet another measure of former President Donald Trump's

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Speaker 1: influence over the GOP. Bloomberg's Michael Barr joins US Live

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Speaker 1: with more on the primary races in New Jersey. Michael,

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Speaker 1: good morning, Good morning, Nathan. A dozen US House seats

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Speaker 1: are being contested in New Jersey. There were several GOP

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Speaker 1: candidates who followed Donald Trump's brand. However, in New Jersey,

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Speaker 1: only two out of the twelve member delegation are Republicans.

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Speaker 1: In the second district, incumbent Jeff Van Drew won the

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Speaker 1: GOP primary with six percent. Van Drew will face Democrat

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Speaker 1: Tim Alexander, who got sixty two percent. In the fourth district,

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Speaker 1: incumbent Republican Chris Smith one with fifty eight percent of

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Speaker 1: the vote. Smith will face Democrat Matthew Jenkins, who ran unopposed.

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Speaker 1: In the seventh district, Republican Thomas Kane Jr. Received forty

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Speaker 1: six percent. Hill face incumbent Democrat Tom Malinowski, who got

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Speaker 1: percent of the vote. In New York, Michael Barr, Bloomberg,

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Speaker 1: Day Break, Alright, Michael, thank you. Five other states held

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Speaker 1: primary South Dakota, mississipp In, New Mexico, Iowa, and Montana.

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Speaker 1: Incumbents mostly staved off challenges from other candidates. Let's turn

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Speaker 1: to politics overseas now Amy. After winning a confidence vote

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Speaker 1: this week, UK Prime Minister Boris Johnson plans to press

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Speaker 1: ahead with legislation that is likely to anger some of

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Speaker 1: his political allies. Bloomberg's You and Parts joins US Life

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Speaker 1: from London with the latest Good morning You, Good morning

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Speaker 1: Nathan and Amy. Back to work for Boris Johnson is

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Speaker 1: less than two days since the UK Prime minister narrowly

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Speaker 1: survived the confidence vote among his Conservative Party colleagues. Now

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Speaker 1: Bloomberg understands that Johnson is pressing ahead with divisive plans

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Speaker 1: on the Northern Ireland Protocol. The legislation is likely to

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Speaker 1: give ministers the power to UNI actually rewrite post Brexit

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Speaker 1: trading rules. The European Union is warn the move could

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Speaker 1: lead to a suspension of the UK's trade deal. In London,

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Speaker 1: I'm You and Parts spoom Bok day break, Thank you you,

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Speaker 1: and turning to the market's. US futures are down this

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Speaker 1: morning after yesterday's broad based rally. Sentiment remains fragile amid

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Speaker 1: concerns interest rates will need to go hire to reign

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Speaker 1: in inflation. However, Pemco portfolio manager Aaron Brown says easing

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Speaker 1: supply pressures could temporary aggressiveness from central banks. As we

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Speaker 1: start to seeing more ships supply, as we start to

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Speaker 1: see you know, less of this demand for goods, we

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Speaker 1: do think that you will start to see inflation peak

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Speaker 1: and then ultimately start to roll over. Aaron Brown of

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Speaker 1: Pimco says waning supply chain disruptions leave her cautiously optimistic

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Speaker 1: about markets in Asia. Amy China's tech stock saw a

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Speaker 1: big jump. The government's latest batch of new game approvals

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Speaker 1: bolstered bets. The industry's business outlook is on the mend.

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Speaker 1: Bloomberg's Juliette Sally joins us with more on that from Singapore,

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Speaker 1: and the Hank sink Teke index rose to a two

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Speaker 1: month high. A sentiment was bolsted the authorities are moving

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Speaker 1: towards policy normalization, but the contrarian who called China's tech

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Speaker 1: routes says the sector is still a cell. DZ Banks

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Speaker 1: Manuel Mural writing he feels reports regulators and preparing to

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Speaker 1: wrap up a probe into d D a premature. Elsewhere,

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Speaker 1: continued weakness in the yend saw Japanese equities rise and

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Speaker 1: Australian Stokes recouped some of Tuesday's losses. Short dated India

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Speaker 1: bonds rallied, with the four year yield dropping twelve basis

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Speaker 1: points as India's Central Bank joined the jumbo rate high club,

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Speaker 1: raising its benchmark interest rate by fifty basis points and

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Speaker 1: opping its inflation forecast for the fiscal year to six

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Speaker 1: point seven percent. In Singapore, Juliette Sale Bloomberg Daybreak, Thank you, Juliette,

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Speaker 1: and europe Credit Swiss share shares are down more than

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Speaker 1: seven percent. The Swiss London's expects a loss at the

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Speaker 1: group wide level and investment bank in the second quarter.

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Speaker 1: Credits we says market conditions have remained challenging. Now there's

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Speaker 1: no uncertainty this morning surrounding the Elon Musk Twitter deal,

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Speaker 1: Amy and Bloomberg UNIEDA Young joins US Live with more

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Speaker 1: on that and Rnita, Good morning, Good morning, Nathan. Elon

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Speaker 1: Musk's attempts to get new funding to take Twitter private

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Speaker 1: are now on hold, and it's because of uncertainty surrounding

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Speaker 1: the deal. That's according to Reuters, who reports the conversations

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Speaker 1: have halted with private equity firms including Apollo Global Management

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Speaker 1: until this clarity about the future of the acquisition. Now,

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Speaker 1: Musk has been trying to reduce his thirty three point

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Speaker 1: five billion dollar cash contribution to the forty four billion

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Speaker 1: dollar deal by preferred equity financing. Meantime, He's also threatened

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Speaker 1: to back away from the deal if Twitter cannot prove

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Speaker 1: less than five percent of its users are bots. Live

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Speaker 1: in New York. I'm gonna need a young Bloomberg day break. Okay,

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Speaker 1: we need to thanks. Futures moving lower this morning, straight ahead,

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Speaker 1: local headlines, and the check of sports. This is Bloomberg.

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Speaker 1: Thank you, Nathan. Five or seven in Wall Street, we

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Speaker 1: bring in Michael Barr with more on what else is

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Speaker 1: going on in New York and around the world. Michael,

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Speaker 1: thank you very much. Amy. New York lawmakers called on

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Speaker 1: the Chelsea Piers Entertainment Center to cancel an upcoming event

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Speaker 1: that includes Florida govern around the Santist, saying his appearance

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Speaker 1: would be an insult to the city's LGBTQ community. According

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Speaker 1: to an online event scheduled to scientists, a Republican and

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Speaker 1: potential presidential candidate, we'll discuss the Florida model and why

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Speaker 1: it's good for religious Americans on June twelve at the

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Speaker 1: Jewish Leadership Conference. Local lawmakers representing or running for office

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Speaker 1: in the area I have said the booking is offensive

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Speaker 1: to lgbt Q New Yorkers, especially considering Chelsea status as

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Speaker 1: an important neighborhood for LGBTQ history. Critics specifically cited the

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Speaker 1: Florida law to Santa Signed that restricts classroom instruction about

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Speaker 1: sexual orientation and gender identity for children in kindergarten through

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Speaker 1: third grade. Is the Senate getting closer to a compromise

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Speaker 1: on gun safety, Bloomberg said. Baxter reports Senator Chris Murphy

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Speaker 1: is telling President Joe Biden every day we get closer

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Speaker 1: to an agreement, not further away, and House Minority Leader

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Speaker 1: Mitch McConnell is being very careful about commenting. I don't

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Speaker 1: want to speculate about how many of my members might

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Speaker 1: support it, So Majority Leader Chuck Schumer says it will

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Speaker 1: need those votes. We don't just need thoughts and prayers,

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Speaker 1: We need votes. We need action. We need at least

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Speaker 1: ten Republicans who are willing to say yes. But the

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Speaker 1: hope is closer in San Francisco. I'm at Baxter, Bloomberg

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Speaker 1: gay break. It comes as Matthew McConnaughey made a plea

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Speaker 1: to Washington, d C. To make changes to gun laws. Now.

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Speaker 1: The Valley, Texas native visited his hometown the day after

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Speaker 1: the massacre at an elementary school that left nineteen children

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Speaker 1: and two of their teachers dead. The actors spoke to

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Speaker 1: the White House Press reefing calling out any legislators who

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Speaker 1: are hedging on change. We start right now by voting

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Speaker 1: to pass policies that can keep us from having as

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Speaker 1: many Columbines. Sandy Hooks, Parklands, Las Vegas is buffaloes, and

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Speaker 1: you valudies. From here on, McConaughey called on lawmakers to

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Speaker 1: rise above politics. Americans, raam. The five billion dollars super

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Speaker 1: mall in New Jersey isn't only in the Hawk the

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Speaker 1: bond holders. The mayor of Eastford says the shopping and

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Speaker 1: entertainment complex. Oh was the borough between five point five

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Speaker 1: and six million dollars there. Jeffrey Liffe Hill Here says

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Speaker 1: the mall, which is in the middle Lands Sports Complex,

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Speaker 1: it's failed to make payments in lieu of property taxes.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg quicktake powered by more than the journalis annalists countries.

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Speaker 1: I'm Michael bar this is Bloomberg game all right, thank you, Michael.

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Speaker 1: Time now for the Bloomberg Sports update. Here's john sas

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Speaker 1: Thanks Amy, and the Rangers have gotten to this point,

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Speaker 1: two wins from playing for the Stanley Cup, winning only

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Speaker 1: twice on the road. They won the two road games

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Speaker 1: they had to win a the season would have been over.

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Speaker 1: Game six in Pittsburgh, Game seven at Carolina, but they've

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Speaker 1: lost the other seven on the road. Tampa Bay took

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Speaker 1: last night's game four, four to one in the East Finals,

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Speaker 1: are now tied into The only Ranger goal came late

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Speaker 1: the Martemi pinery. It was on the power fed. Rangers

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Speaker 1: were not able to score in the two games at

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Speaker 1: Tampa at even strength. They come home. They've won eight

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Speaker 1: in a road Game five tomorrow night at NSG. Game

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Speaker 1: three of the NBA Finals tonight in Boston, Celtics and

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Speaker 1: Warriors tied at one win of the year for the Yankees.

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Speaker 1: With an occurrence early on that has now happened twenty

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Speaker 1: two times. Indeed, Bucks stood back, He's on the track,

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Speaker 1: He's on the wall. Change done over the center fille

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Speaker 1: Wall a judge in Blast. But he is something Aaron

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Speaker 1: Judge that's happened to live all the John Stirling on

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Speaker 1: w F and twenty two omers for judge that was

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Speaker 1: first with a man, John Carlos Stanton in his twelve

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Speaker 1: also in the first seventh that ain't three runch shot

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Speaker 1: for Anthony Rizzo his fourteenth. Yanks beat the Twins ten

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Speaker 1: to four. They are forty and fifteen. They've won seven

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Speaker 1: in a row. Mets loss in San Diego seven nothing

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Speaker 1: managed only two hits off the Padres you Darvish Red

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Speaker 1: Sox one in tenantings. They sent the Angels to a

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Speaker 1: club record thirteen bloss in a row. The Angels fired

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Speaker 1: their manager, sixty eight year old Joe Madden, who's been

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Speaker 1: managing the majors to the last seventeen years. He wont

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Speaker 1: to pen it with Tampa Bay, of course, won a

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Speaker 1: World series with the Cuts. John Stash where Bloomberg Sports team,

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Speaker 1: all right, thank you, john S and P. Futures down

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Speaker 1: twenty del futures down one hundred seventy four, Nasdaq futures

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Speaker 1: down forty six and a half. We have much more

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Speaker 1: still to come on this Wednesday morning, on Bloomberg Daybreak.

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Speaker 1: Stay with us. This is Bloomberg Bloomberg eleven three oh

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Speaker 1: weather today, maybe an early shower, otherwise partly to mostly

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Speaker 1: study and breezy. We'll see eighty five degrees seventy five

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Speaker 1: degrees tomorrow it will be eighty and sunny. To start

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Speaker 1: your weekend, Markets headlines and breaking news twenty four hours

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Speaker 1: a day at Bloomberg dot com for the Bloomberg Business

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Speaker 1: at and at Bloomberg Quicktake. This is a Bloomberg Business Flash.

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Speaker 1: I'm Nathan Hager. European stocks are moving lower along with

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Speaker 1: US equity futures on persisting worries about high inflation and

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Speaker 1: slowing growth. Adding to those worries, new word from the

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Speaker 1: Organization for Economic Cooperation and Development and its latest forecast,

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Speaker 1: warning the world economy will face a hafty price for

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Speaker 1: the war in Ukraine, encompassing weaker growth, stronger inflation, potentially

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Speaker 1: long lasting damage to supply chains. O e c D

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Speaker 1: slash its outlook this year to three percent from the

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Speaker 1: four and a half percent it predicted in December, and

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Speaker 1: doubled its inflation projection to nearly nine percent for its

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Speaker 1: thirty eight member countries. We checked the markets every fifteen

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Speaker 1: minutes during the trading day on Bloomberg. Right now, SMP

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Speaker 1: futures are down sixteen points down, futures down a hundred

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Speaker 1: fifty one. NAZAC future is lower by thirty two points.

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Speaker 1: The docks in Germany down three tenths percent, the cat

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Speaker 1: in Paris is lower by four tenths percent. To foot

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Speaker 1: see one hundred in London lower by a quarter percent

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Speaker 1: ten Your treasuries down eight thirty seconds. The yield at

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Speaker 1: three percent deald on the two year two point seven

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Speaker 1: four Nimex crude is up three quarters of one percent,

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Speaker 1: or ninety cents, and a hundred twenty dollars thirty one

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Speaker 1: cents a baril come X golled down a tenth per

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Speaker 1: cent or two dollars forty cents at eighteen forty nine

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Speaker 1: seventy anounce. The euro is at one point zero six

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Speaker 1: eight two against the dollar, British pound one point one

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Speaker 1: five to nine, and the end is at one thirty

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Speaker 1: three point six nine. Seven am Wall Street time we

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Speaker 1: get NBA mortgage applications, and at ten we had a

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Speaker 1: report on wholesale inventories. That's the Bloomberg business flash. Now

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Speaker 1: here's Michael Barr with more on what's going on around

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Speaker 1: the world. Good morning, Michael, Good morning Nathan. Democratic US

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Speaker 1: representative Karen Bass and billionaire developer Rick Caruso Breeze passed

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Speaker 1: a large field of rivals looking to be the next

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Speaker 1: mayor of Los Angeles and advantage to a runoff election

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Speaker 1: in November. Bass Is boised to become the first woman

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Speaker 1: to hold the job in the nation's second most populous city.

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Speaker 1: The winner in November will replace outgoing Mayor Eric gar City.

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Speaker 1: In the NHL East Final, Arrangers lost to the Lightning

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Speaker 1: for one, the series now tied at two games apiece.

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Speaker 1: In baseball, the Yankees won, the Mets lost, The Red

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Speaker 1: Sox and the Orioles were winners. The Nationals lost, along

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Speaker 1: with the A's and Giants. Global News twenty four hours

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Speaker 1: a day on here and on Bloomberg quick Take, powered

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Speaker 1: by more than the journalists analysts more than a hundred

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Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg Gamey. Alright, Michael,

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Speaker 1: thank you so much. It is five twenty on Wall Street.

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Speaker 1: We're live from the Bloomberg Interactive Broker Studios on Bloomberg

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Speaker 1: Daybreak and Michael just mentioned it. Yesterday was a really

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Speaker 1: busy primary day in the US. Seven states held elections,

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Speaker 1: with a focus mainly on setting up those house races

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Speaker 1: for November. Joining us now with a rundown of some

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Speaker 1: of the biggest contests from yesterday, Bloomberg Government reporter Emily Wilkins. Emily,

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Speaker 1: thanks so much for joining us. Always a pleasure to

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Speaker 1: have you. Oh, great to be honest, Amy, And yes,

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Speaker 1: there were a lot of house races yesterday, although interestingly,

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Speaker 1: I think the two most telling races for what we're

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Speaker 1: going to see for the rest of the rest of

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Speaker 1: this primary season as well as November, actually happened more

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Speaker 1: at the local level, um the Los Angeles mayoral race

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Speaker 1: and then a recall race for the San Francisco Attorney General.

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Speaker 1: And you saw, basically voters really gravitate towards the idea

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Speaker 1: that they need candidates in place who are going to

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Speaker 1: take crime seriously, who are going to crack down on crime.

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Speaker 1: That they've seen these rising crime rates, they've seen rising homelessness,

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Speaker 1: and they're very really concerned. And they did vote to

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Speaker 1: out Chelsea Bowden, the progressive district attorney who was elected

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Speaker 1: in San Francisco Uh, you know, he was really seen

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Speaker 1: as someone who wanted to be a little more lenient

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Speaker 1: voters basically have said this approach is not working. Um.

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Speaker 1: And I think this is something that you saw in

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Speaker 1: the New York mayoral race. You've seen President Biden address.

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Speaker 1: He talked about his support for the police, wanting to

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Speaker 1: to back the local police, wanting to make sure that

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Speaker 1: there is a reduction in crime. Um. It'll be interesting

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Speaker 1: to see if in Washington when it comes to the

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Speaker 1: legislation that's past the messaging that you hear. You've heard

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Speaker 1: a little bit from Democrats on this issue, but it's

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Speaker 1: certainly something that Republicans are hammering them on and we'll

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Speaker 1: do so for the next couple of months. So we'll

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Speaker 1: be interesting to see if there's actually any any laws

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Speaker 1: or bills that come about as a result of this.

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Speaker 1: So crime being a primary issue that that got San

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Speaker 1: Francisco residents to recall their d A. Let's talk about

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Speaker 1: what happened in l A. Then that race was neck

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Speaker 1: and net the polls. Uh. In the polls as the

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Speaker 1: voters were casting their's between Karen Bass, who's a representative

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Speaker 1: and Rick Caruso, who's a billionaire. What does that also

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Speaker 1: indicate as far as November is concerned. Well, Rick Caruso, who's,

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Speaker 1: as you mentioned, a billionaire developer of high end malls.

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Speaker 1: He really has sort of pitched himself as the outsider

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Speaker 1: in this race, the law and order candidate, probably the

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Speaker 1: more moderate choice, who was formerly a Republican before he

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Speaker 1: switched to the Democratic Party. Well, Karen Bass, you know,

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Speaker 1: she's someone who has been a Democrat, a community organizer.

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Speaker 1: She's well known in the community, She's represented that area

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Speaker 1: for quite some time now in Congress. And the fact

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Speaker 1: that she is basing this very serious primary challenger does

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Speaker 1: still kind of speak to the fact that you have

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Speaker 1: crime and you have homelessness as major issues here. Um,

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Speaker 1: and it'll be interesting to see a Crusoe technically has

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Speaker 1: so far one more votes than Karen Bass has in

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Speaker 1: this primary runoff, but not all of them have been counted.

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Speaker 1: Uh So we have to wait for some final totals

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Speaker 1: on that to really get a sense of the strength

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Speaker 1: of the two candidates, but we do know that they

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Speaker 1: are the two that will advance to the general election

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Speaker 1: in November. Let's shift out to New Jersey got about

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Speaker 1: a minute and a half here. Where were the focus

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Speaker 1: in New Jersey was really on those House primaries and

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Speaker 1: local like you mentioned also the Trump backed candidates and

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Speaker 1: how they did. What did the results in New Jersey

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Speaker 1: also show you? So in New Jersey, it was a

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Speaker 1: great night if you were an incumbent Democrat Republican. A

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Speaker 1: lot of them continue to lock down their seats, uh,

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Speaker 1: you know, make sure that they are going to be

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Speaker 1: running in the November runoffs at least. And you've got

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Speaker 1: some really competitive races in New Jersey, particularly the Tom

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Speaker 1: Keene Tom Melnowski race. UM. And you did see Kean

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Speaker 1: who you know, uh, son of a former governor, grandson

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Speaker 1: of a congressman. He has again one hit the Republican

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Speaker 1: primary for that district, which is going to be very

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Speaker 1: good for Republicans come November thanks to newly redrawn district lines. Um.

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Speaker 1: But at the same point, you know, you you saw

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Speaker 1: a couple of different narratives playing out with Republicans. You

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Speaker 1: saw some that had gone against Trump and what he

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Speaker 1: wanted to vote for in terms of infrastructure, in terms

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Speaker 1: of January six go ahead and win their primaries. But

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Speaker 1: you also saw others who had voted against what Trump

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Speaker 1: wanted in deep red states like Mississippi have now run

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Speaker 1: off runoffs in their primary. They had a really strong

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Speaker 1: challenger and they're going to have to continue to defend

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Speaker 1: their right for the Republican nomination. So we're still seen

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Speaker 1: a bit of a mixed bag here and exactly where

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Speaker 1: Trump's hold is. It seems to be that the red

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Speaker 1: or the area of the country is the more likely

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Speaker 1: it is that the lawmaker really needs to be in

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Speaker 1: line with what former President Trump wants. Really interesting stuff,

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Speaker 1: and as more primaries come down the pike, will be

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Speaker 1: watching more of those local races because that seems to

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Speaker 1: be where the story is being told. Emily Wilkins, Bloomberg

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Speaker 1: Government Reporter, thank you so much for taking the time

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Speaker 1: with us. Always a pleasure. We'll be talking with Emily

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Speaker 1: later during Bloomberg Daybreak. SMP futures down almost sixteen, DAL

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Speaker 1: futures down a hundred forty five now, NAZZAC futures down

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Speaker 1: twenty nine. Much more to come on this Wednesday morning

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Speaker 1: edition of bloom Daybreak. This is Bloomberg. Just ahead on

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Speaker 1: Bloomberg Daybreak, we'll be talking with Greg val Gay with

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Speaker 1: a g f investment about what those primary results may

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Speaker 1: be indicating for him for this November that's still to calm.

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Speaker 1: This is Bloomberg broadcasting live from the Bloomberg Interactive Broker's

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Speaker 1: studio in New York. Bloomberg E Living Free to Washington,

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Speaker 1: d C, Bloomberg ninety nine one to Boston, Bloomberg one

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Speaker 1: oh six one to San Francisco, Bloomberg nom sixteen to

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Speaker 1: the country Sirius XM to A one nine team, and

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Speaker 1: around the globe the Bloomberg Business at and Bloomberg Radio

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Speaker 1: dot Com. This is Bloomberg Daybreak, five thirty on Wall Street.

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Speaker 1: Good Wednesday morning. I'm Amie Morris and Nathan Hagar. We're

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Speaker 1: just about four hours away from the open of US training.

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Speaker 1: Let's sketch up to date on the news you need

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Speaker 1: to know at this hour. Beginning with some key primary

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Speaker 1: results from coast to coast, Democratic representative Karen Bass and

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Speaker 1: billionaire developer Rick Caruso breezed past a large field of

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Speaker 1: rivals looking to be the next mayor of Los Angeles.

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Speaker 1: They are advancing to a runoff election in November. The

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Speaker 1: winner will replace outgoing l A Mayor Eric Carcetti. In

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Speaker 1: San Francisco residents voted to recall progressive district Attorney Jason Boudin.

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Speaker 1: Boudin tried to reform the criminal justice system, but critics

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Speaker 1: accused him of being too soft on crime. We've made mistakes,

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Speaker 1: We've learned a lot, and I am so unbelievably appreciative

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Speaker 1: about sixty of those voting favorite ousting Boudin. He'll be

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Speaker 1: replaced by an interim district attorney chosen by Mayor London

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Speaker 1: Breed New Jersey, Amy and the second district incumbent Jeff

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Speaker 1: and Andrew won the GOP primary with eight six percent

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Speaker 1: of the vote. Van Drew will face Democrat Tim Alexander,

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Speaker 1: who got in the fourth district incumbent Republican Chris Smith

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Speaker 1: one with fifty eight percent of the vote. He'll face

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Speaker 1: Democrat Matthew Jenkins ran on a post and in the

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Speaker 1: seventh district, Republican Tom Kaine Jr. Received forty six percent

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Speaker 1: of the vote. He will face incumbent Democrat Tom Malinowski,

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Speaker 1: who got nent of Democratic votes. In UK politics, Bloomberg

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Speaker 1: News has learned Prime Minister Boris Johnson will go ahead

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Speaker 1: with legislation to override parts of the Brexit deal that

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Speaker 1: risks in flaming tensions with members of his Conservative party

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Speaker 1: and the European Union. All right, let's turn to market, Samy.

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Speaker 1: Futures are lower following back to back games for the

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Speaker 1: SMP five in Europe. Shares of Credit Sweezer down more

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Speaker 1: than seven percent. The Swiss Lander expects a loss at

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Speaker 1: the group wide level and investment bank in the second quarter.

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Speaker 1: Credit sweet says market conditions have remained challenging after the

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Speaker 1: invasion in Ukraine and monetary tightening around the world. New

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Speaker 1: uncertainty surrounding the Elon Musk Twitter deal. Bloomberg's Ranita Young

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Speaker 1: joins US Now Live with the latest. Ranita, good morning,

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Speaker 1: Good morning Amy. Elon Must's attempts to get new funding

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Speaker 1: to take Twitter private are now on hold, and it's

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Speaker 1: because of uncertainty surrounding the deal. That's according to Reuters

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Speaker 1: who were sports conversations have halted with private equity firms,

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Speaker 1: including Apollo Global Management, until there's clarity about the future

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Speaker 1: of the acquisition. And Muska has been trying to reduce

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Speaker 1: his thirty three point five billion dollar cash contribution to

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Speaker 1: the forty four billion dollar deal by preferred equity Financing

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Speaker 1: Live in New York. I'm Renita Young Bloomberg Daybreak, Nita,

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Speaker 1: thank you. Right now, SMP futures are down fourteen points down,

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Speaker 1: futures down a hundred thirty six nanstack futures lower by

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Speaker 1: twenty five points ten. Your treasury yield three point zero

429
00:23:29,520 --> 00:23:33,240
Speaker 1: one percent. Local headlines and a check of sports. Next,

430
00:23:34,000 --> 00:23:40,159
Speaker 1: This is Bloomberg, Thank you, Nathan five three down on

431
00:23:40,200 --> 00:23:42,240
Speaker 1: Wall Street. Let's bring in Michael bar with more on

432
00:23:42,359 --> 00:23:44,679
Speaker 1: what else is going on in New York and around

433
00:23:44,760 --> 00:23:47,440
Speaker 1: the world. Good morning, Michael, Good morning Amy. New York

434
00:23:47,520 --> 00:23:51,040
Speaker 1: lawmakers called on the Chelsea Piers Entertainment Center to cancel

435
00:23:51,080 --> 00:23:54,080
Speaker 1: an upcoming event that includes Florida Governor around the center's

436
00:23:54,520 --> 00:23:57,200
Speaker 1: saying his appearance would be an insult to the city's

437
00:23:57,400 --> 00:24:02,280
Speaker 1: LGBTQ community. According to the online of ends schedule, the Santists,

438
00:24:02,320 --> 00:24:07,200
Speaker 1: a Republican and potential presidential candidate, will discuss the Florida

439
00:24:07,280 --> 00:24:10,960
Speaker 1: model and why it's good for religious Americans on June

440
00:24:11,000 --> 00:24:15,120
Speaker 1: twelve at the Jewish Leadership Conference. The House Oversight Committee

441
00:24:15,160 --> 00:24:17,760
Speaker 1: is set to here testimony today from survivors of mass

442
00:24:17,800 --> 00:24:21,120
Speaker 1: shootings and the families of victims. Senate Minority Leader Mitch

443
00:24:21,200 --> 00:24:25,359
Speaker 1: McConnell has privately expressed an openness to raising the age

444
00:24:25,400 --> 00:24:27,800
Speaker 1: limit to buy an assault style rifle from eighteen to

445
00:24:27,880 --> 00:24:31,800
Speaker 1: twenty one, but McConnell is not pushed for any specific policy.

446
00:24:32,320 --> 00:24:34,840
Speaker 1: It is way too soon to start predicting how many

447
00:24:34,920 --> 00:24:36,719
Speaker 1: are going to vote for it. We don't have an

448
00:24:36,760 --> 00:24:40,160
Speaker 1: agreement yet, and so I don't want to speculate about

449
00:24:40,400 --> 00:24:43,679
Speaker 1: how many of my members might support it. McConnell has

450
00:24:43,720 --> 00:24:47,199
Speaker 1: not publicly said where he stands on raising the age requirement.

451
00:24:47,640 --> 00:24:50,399
Speaker 1: Majority Leader Chuck Schumer says he expects a vote in

452
00:24:50,440 --> 00:24:54,560
Speaker 1: the near future. Democrats are ready to take good, strong action,

453
00:24:55,160 --> 00:24:57,879
Speaker 1: and every member of this chamber is going to have

454
00:24:58,040 --> 00:25:02,680
Speaker 1: to answer the question, can we actually get something real done?

455
00:25:03,200 --> 00:25:06,160
Speaker 1: Senator Schumer says they need ten and Republicans to vote

456
00:25:06,200 --> 00:25:09,879
Speaker 1: for approval. Actor Matthew McConaughey is calling for Washington, DC

457
00:25:10,040 --> 00:25:12,360
Speaker 1: to make changes to gun laws. He spoke to White

458
00:25:12,440 --> 00:25:16,200
Speaker 1: House reporters, calling out any legislators who are hedging on change.

459
00:25:16,680 --> 00:25:20,240
Speaker 1: Can both sides see beyond the political problem at hand

460
00:25:20,520 --> 00:25:23,760
Speaker 1: and admit that we have a life preservation problem on

461
00:25:23,960 --> 00:25:27,280
Speaker 1: our hands, Panthew McConaughey, a native of you Valdy, Texas,

462
00:25:27,440 --> 00:25:29,960
Speaker 1: visited his hometown the day after the massacre and an

463
00:25:30,000 --> 00:25:33,480
Speaker 1: elementary school that left nineteen children and two of their

464
00:25:33,520 --> 00:25:37,560
Speaker 1: teachers dead. Fierce street battles and heavy shelling continued in

465
00:25:37,600 --> 00:25:41,400
Speaker 1: the strategic Ukrainian city. Meanwhile, Kiev is asking for more

466
00:25:41,520 --> 00:25:44,920
Speaker 1: rocket systems from the West. Global News twenty four hours

467
00:25:45,000 --> 00:25:48,520
Speaker 1: a day on air and on Bloomberg Quicktake, powered by

468
00:25:48,600 --> 00:25:51,119
Speaker 1: more than twenty seven journalists and analysts more than a

469
00:25:51,200 --> 00:25:54,400
Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg. Amy,

470
00:25:54,760 --> 00:25:59,919
Speaker 1: all right, thank you, Michael on Wall Street. Time now

471
00:26:00,119 --> 00:26:02,920
Speaker 1: for the Bloomberg Sports update with John stash Our. All right, Amy,

472
00:26:03,000 --> 00:26:05,040
Speaker 1: Home ice continues to mean a whole lot on the

473
00:26:05,080 --> 00:26:08,040
Speaker 1: Stanley Cup playhouse. Rangers played that series with Carolina where

474
00:26:08,040 --> 00:26:10,320
Speaker 1: the road team didn't win until Game seven, and now

475
00:26:10,440 --> 00:26:13,240
Speaker 1: four games into the East Finals of Tampa Bay, both

476
00:26:13,320 --> 00:26:16,359
Speaker 1: teams won twice at home. Game four, early goal over

477
00:26:16,400 --> 00:26:19,920
Speaker 1: the Lightnings pat maroon, second period, Tampa scored again the

478
00:26:19,960 --> 00:26:23,080
Speaker 1: other way, bounces it to the Lightning line. Quick up,

479
00:26:23,160 --> 00:26:25,280
Speaker 1: root up for a lot of the middle coup shop,

480
00:26:25,320 --> 00:26:30,640
Speaker 1: maybe a step in front hold shoot suck up good

481
00:26:33,200 --> 00:26:35,720
Speaker 1: l A. Stephen Stampko scored in the third. Late goal

482
00:26:35,800 --> 00:26:37,840
Speaker 1: for the Rangers are Tammy panerin on the power play.

483
00:26:37,960 --> 00:26:40,840
Speaker 1: Rangers had gone eighty six minutes without a goal and

484
00:26:41,119 --> 00:26:43,440
Speaker 1: Plott and empty er at the end. Tampa Bay won

485
00:26:43,560 --> 00:26:46,479
Speaker 1: four one thirty one stays for andre v Celeski. Rangers

486
00:26:46,560 --> 00:26:49,679
Speaker 1: hope the home cooking continues. If they keep winning at

487
00:26:49,680 --> 00:26:51,280
Speaker 1: the Garden, where they won eight in a row, they'll

488
00:26:51,320 --> 00:26:54,640
Speaker 1: win the series. Game five tomorrow. NBA Finals Game three

489
00:26:54,680 --> 00:26:57,440
Speaker 1: tonight in Boston, Celtics and Warriors tied to one another.

490
00:26:57,560 --> 00:27:00,240
Speaker 1: Yankee win their forty at seventh in a row ten

491
00:27:00,359 --> 00:27:03,600
Speaker 1: four at Minnesota. Three Yankee home runs Aaron Judge, John

492
00:27:03,680 --> 00:27:07,000
Speaker 1: Carlos Stanton, Anthony Rizzo, and two hits each from the

493
00:27:07,080 --> 00:27:10,200
Speaker 1: two Yanks who have struggled mightily all season, Aaron Hicks

494
00:27:10,280 --> 00:27:12,680
Speaker 1: and Joey Gallow only two hits all night for the Mets.

495
00:27:13,000 --> 00:27:15,720
Speaker 1: They lost in San Diego seven nothing, Padres rough for

496
00:27:15,920 --> 00:27:19,040
Speaker 1: nothing by the second and the new Darvish beat Taiwan Walker,

497
00:27:19,160 --> 00:27:21,480
Speaker 1: Dustin Johnson and Phil Nicholson getting ready to play in

498
00:27:21,640 --> 00:27:23,960
Speaker 1: London and the debut of the new Live Golf tour

499
00:27:24,080 --> 00:27:27,520
Speaker 1: boat will then play the US Open next week near Boston.

500
00:27:27,560 --> 00:27:30,879
Speaker 1: But Tiger Woods skipping the US Open says his body

501
00:27:30,960 --> 00:27:33,520
Speaker 1: needs time to heal. Tiger hopes to play the British

502
00:27:33,560 --> 00:27:37,119
Speaker 1: Open next month. John stasheer Bloomberg Sport team, All right,

503
00:27:37,200 --> 00:27:39,919
Speaker 1: thank you, John. It is on Wall Street time now

504
00:27:40,040 --> 00:27:42,720
Speaker 1: for the tri state business reporting. For that, We're joined

505
00:27:42,760 --> 00:27:45,720
Speaker 1: by Bloomberg's Ed Corey. Paid Pal will let use his

506
00:27:45,920 --> 00:27:50,600
Speaker 1: transfer certain cryptocurrencies to other customers exchanges and external wallets.

507
00:27:51,200 --> 00:27:54,240
Speaker 1: The New York Department of Financial Services granted pay Pal

508
00:27:54,320 --> 00:27:58,760
Speaker 1: a bit license. It governs businesses working with virtual currencies

509
00:27:59,280 --> 00:28:02,800
Speaker 1: hours both. The New York Legislature ended its session last week.

510
00:28:03,119 --> 00:28:07,399
Speaker 1: Policymakers approved a corporate tax break for chip manufacturers. It

511
00:28:07,520 --> 00:28:11,199
Speaker 1: has come under scrutiny, though for potentially constant taxpayers up

512
00:28:11,240 --> 00:28:14,639
Speaker 1: to ten billion dollars over twenty years, and for passing

513
00:28:14,680 --> 00:28:19,159
Speaker 1: without a single public hearing or debate. Connecticut's Attorney General,

514
00:28:19,240 --> 00:28:23,680
Speaker 1: William Tong says he'll asker possible criminal charges against members

515
00:28:23,760 --> 00:28:27,080
Speaker 1: of the billionaire Sackler family over the marketing of the

516
00:28:27,160 --> 00:28:31,000
Speaker 1: opioid pain killer OxyContin by their company for Due Pharma

517
00:28:31,600 --> 00:28:35,040
Speaker 1: Sacklers agreed back in March to pay several states billions

518
00:28:35,040 --> 00:28:39,040
Speaker 1: of dollars to resolve opioid lawsuits. That's your Bloomberg Trying

519
00:28:39,080 --> 00:28:42,600
Speaker 1: State Business Report. I'm Ed Corey. Thank you, Ed. It's

520
00:28:43,360 --> 00:28:45,600
Speaker 1: on Wall Street. Bloomberg Radio is on the air from

521
00:28:45,640 --> 00:28:48,720
Speaker 1: San Francisco to New York, London to Hong Kong. Let's

522
00:28:48,800 --> 00:28:50,600
Speaker 1: check in with our global news team for some of

523
00:28:50,640 --> 00:28:53,360
Speaker 1: the top stories heard on our three hundred affiliate radio

524
00:28:53,440 --> 00:29:01,080
Speaker 1: stations around the world. Steve Chas in New York, we're

525
00:29:01,160 --> 00:29:04,480
Speaker 1: talking about the return of the high school reunion after

526
00:29:04,720 --> 00:29:07,520
Speaker 1: two years of host bogos Um when he's done a

527
00:29:07,600 --> 00:29:10,920
Speaker 1: hoe on ca Fabian Omaha farmers have the bleakest outlook

528
00:29:10,960 --> 00:29:15,480
Speaker 1: in two years. On soaring costs, I'm Gina Servetti infle

529
00:29:15,520 --> 00:29:18,640
Speaker 1: View c CEO in Minneapolis. I'm reporting that high drug

530
00:29:18,720 --> 00:29:21,560
Speaker 1: costs are the focus of a Federal Trade Commission probe

531
00:29:21,600 --> 00:29:25,760
Speaker 1: of units at United Hills CBS and Signal. I'm in

532
00:29:25,920 --> 00:29:29,840
Speaker 1: Glory on w w K in Detroit. I'm reporting seventeen

533
00:29:29,960 --> 00:29:32,520
Speaker 1: year old in Michigan will be able to attend bar.

534
00:29:36,120 --> 00:29:39,000
Speaker 1: And those are some of the stories our tundred Bloomberg

535
00:29:39,080 --> 00:29:42,560
Speaker 1: journalists and analysts are working on this morning around the world.

536
00:29:43,160 --> 00:29:46,120
Speaker 1: It is thirty nine on Wall Street. The following is

537
00:29:46,160 --> 00:29:49,360
Speaker 1: an editorial from Bloomberg Opinion. If ever there was a

538
00:29:49,440 --> 00:29:53,280
Speaker 1: pyric victory, Boris Johnson's win and the Conservative Party leadership

539
00:29:53,400 --> 00:29:56,840
Speaker 1: Jones this week must qualify. Although the UK Prime Minister

540
00:29:57,000 --> 00:29:59,800
Speaker 1: gandered enough support to stay on in his role, more

541
00:29:59,840 --> 00:30:03,360
Speaker 1: than of Tory MP's told him to go. There's little

542
00:30:03,440 --> 00:30:07,200
Speaker 1: mystery why Johnson's government has run up a dismay catalog

543
00:30:07,280 --> 00:30:11,360
Speaker 1: of broken promises and bungled initiatives. It has seriously mismanaged

544
00:30:11,400 --> 00:30:14,959
Speaker 1: Brexit and the response to COVID, and left many confused

545
00:30:15,000 --> 00:30:19,160
Speaker 1: about its economic priorities. The Prime Minister's threadbar authority is

546
00:30:19,280 --> 00:30:22,800
Speaker 1: now completely shot. His net approval ratings stands at minus.

547
00:30:24,320 --> 00:30:27,320
Speaker 1: A determination to hang on the face of such disapproval

548
00:30:27,800 --> 00:30:31,480
Speaker 1: is unlikely to serve the Conservative Party's interests, much less

549
00:30:31,560 --> 00:30:35,680
Speaker 1: the country's. The Tory's best case for retaining Johnson's services

550
00:30:35,840 --> 00:30:38,480
Speaker 1: is that, for the moment, they have no obvious successor.

551
00:30:38,880 --> 00:30:42,720
Speaker 1: Monday's embarrassment suggests that they better find one and fast.

552
00:30:43,080 --> 00:30:46,000
Speaker 1: This editorial was written by the Bloomberg Opinion Editorial board.

553
00:30:46,200 --> 00:30:48,880
Speaker 1: I'm David Shipley. For more Bloomberg opinion, please go to

554
00:30:48,920 --> 00:30:52,320
Speaker 1: Bloomberg dot com, Slash opinion or opan go on the

555
00:30:52,360 --> 00:30:57,800
Speaker 1: Bloomberg terminal. These has been Bloomberg Opinion. Bloomberg Opinion editorials

556
00:30:57,880 --> 00:31:00,600
Speaker 1: can be heard every weekday at this time, and terminal

557
00:31:00,720 --> 00:31:04,520
Speaker 1: customers can read more at OPI, I n go, SMP

558
00:31:04,680 --> 00:31:08,000
Speaker 1: futures down sixteen and three quarters, DAL futures down one

559
00:31:08,120 --> 00:31:11,880
Speaker 1: five and Nasdaq futures down thirty. Much more still to

560
00:31:11,960 --> 00:31:15,320
Speaker 1: come on Bloomberg daybreaks. Stay with us. This is Bloomberg

561
00:31:22,960 --> 00:31:26,040
Speaker 1: Bloomberg eleven three oh Weather today, maybe in early shower,

562
00:31:26,160 --> 00:31:29,120
Speaker 1: otherwise partly the mostly sunny, kind of breezy going up

563
00:31:29,160 --> 00:31:32,560
Speaker 1: to eighty five. We'll see eighty degrees with showers tomorrow,

564
00:31:32,680 --> 00:31:38,600
Speaker 1: sunshine on Friday, going up to eight Markets, headlines and

565
00:31:38,760 --> 00:31:42,000
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,

566
00:31:42,160 --> 00:31:45,760
Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Take, He's a

567
00:31:45,800 --> 00:31:55,360
Speaker 1: Bloomberg Business Lash. Nathan Haggard has risk off this morning,

568
00:31:55,480 --> 00:32:00,160
Speaker 1: with stocks moving lower. Persistent worries about high inflation and

569
00:32:00,480 --> 00:32:04,080
Speaker 1: slowing growth are gripping the markets. We check the numbers

570
00:32:04,120 --> 00:32:06,880
Speaker 1: for you every fifteen minutes during the trading day on Bloomberg.

571
00:32:06,960 --> 00:32:09,959
Speaker 1: Right now, SMP futures are down fourteen point, staff futures

572
00:32:09,960 --> 00:32:13,000
Speaker 1: down a hundred thirty five, NASTAC futures are lower by

573
00:32:13,160 --> 00:32:16,200
Speaker 1: twenty one points. The decks in Germany down three tenths

574
00:32:16,240 --> 00:32:18,120
Speaker 1: per cent. The cat in Paris is down by almost

575
00:32:18,160 --> 00:32:20,520
Speaker 1: a half percent. The foot see one hundred lower by

576
00:32:20,560 --> 00:32:23,440
Speaker 1: a quarter of one percent. Ten Your treasury is down

577
00:32:23,520 --> 00:32:25,680
Speaker 1: nine thirty seconds, with a yield at three percent yield

578
00:32:25,680 --> 00:32:28,520
Speaker 1: on the two year two point seven four percent. Nimex

579
00:32:28,640 --> 00:32:31,680
Speaker 1: crude is moving up up a one point one percent

580
00:32:31,800 --> 00:32:35,200
Speaker 1: or a dollar thirty four two hundred twenty dollars seventy

581
00:32:35,240 --> 00:32:38,000
Speaker 1: five cents a barrel. Comex school little change down seventy

582
00:32:38,040 --> 00:32:40,960
Speaker 1: cents at eighteen fifty one fifty announced. The euro is

583
00:32:41,040 --> 00:32:43,360
Speaker 1: at one point zero seven zero seven against the dollar,

584
00:32:43,400 --> 00:32:46,320
Speaker 1: British pound one point to five three nine. The end

585
00:32:46,560 --> 00:32:49,200
Speaker 1: is at one thirty three point seven too, and be

586
00:32:49,280 --> 00:32:52,200
Speaker 1: a mortgage applications at seven am Wall Street time, followed

587
00:32:52,280 --> 00:32:56,600
Speaker 1: by wholesale inventories at ten. Campbell's among companies scheduled to

588
00:32:56,640 --> 00:32:59,480
Speaker 1: report earnings today. That's a Bloomberg business flash. And now

589
00:32:59,600 --> 00:33:01,440
Speaker 1: here's my bar with more on what's going on around

590
00:33:01,440 --> 00:33:05,240
Speaker 1: the world. Michael, Good morning, Nathan. Victims, families, and survivors

591
00:33:05,320 --> 00:33:08,040
Speaker 1: of the Uvaldi and Buffalo mass shootings are in Washington,

592
00:33:08,160 --> 00:33:10,680
Speaker 1: d C. Today for multiple hearings to call on the

593
00:33:10,720 --> 00:33:14,040
Speaker 1: Congress to act on gun reform. In Iowa, a retired

594
00:33:14,160 --> 00:33:18,120
Speaker 1: Navy admiral Democrat Mike Franken will challenge Republican Senator Chuck

595
00:33:18,120 --> 00:33:22,240
Speaker 1: Grassley's re election this fall after winning his party's nomination

596
00:33:22,280 --> 00:33:25,719
Speaker 1: over two competitors. In the NHL East Final, the Rangers

597
00:33:25,800 --> 00:33:28,760
Speaker 1: lost to the Lightning for one, series now tied at

598
00:33:28,800 --> 00:33:31,880
Speaker 1: two games apiece, and baseball the Yankees one, the Mets lost,

599
00:33:31,920 --> 00:33:35,080
Speaker 1: the Red Sox and the Orioles were winners. The Nationals lost,

600
00:33:35,120 --> 00:33:38,520
Speaker 1: along with the A's and Giants. Global News twenty four

601
00:33:38,600 --> 00:33:41,960
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered

602
00:33:42,000 --> 00:33:44,600
Speaker 1: by more than twenty seven hundred journalists and analysts more

603
00:33:44,640 --> 00:33:47,760
Speaker 1: than a hundred twenty countries. Michael bar and this is Bloomberg.

604
00:33:47,800 --> 00:33:50,560
Speaker 1: Amy all right, thank you, Michael. It's five forty nine

605
00:33:50,600 --> 00:33:53,120
Speaker 1: on Wall Street. We're live from the Bloomberg Interactive Brokers

606
00:33:53,160 --> 00:33:56,600
Speaker 1: Studios on Bloomberg day break after yesterday's primaries, we are

607
00:33:56,680 --> 00:33:59,320
Speaker 1: looking at what these races and their results are telling

608
00:33:59,440 --> 00:34:02,240
Speaker 1: us about what we can expect in November. Joining is

609
00:34:02,280 --> 00:34:07,320
Speaker 1: now Gregg Valiant, chief US policy strategist at a GF Investment. Greg,

610
00:34:07,360 --> 00:34:10,000
Speaker 1: thanks so much for joining us. Always a pleasure. I

611
00:34:10,080 --> 00:34:12,080
Speaker 1: gotta say, some of the big issues that keep coming

612
00:34:12,160 --> 00:34:16,080
Speaker 1: up are crime, gun control measures now abortion rights, and

613
00:34:16,160 --> 00:34:20,000
Speaker 1: of course inflation, including high gas prices. I want to

614
00:34:20,080 --> 00:34:23,040
Speaker 1: know from you, though, if the election were just about inflation,

615
00:34:23,080 --> 00:34:25,640
Speaker 1: it seems Democrats would be in trouble. But with these

616
00:34:25,760 --> 00:34:29,839
Speaker 1: other factors, does that make a difference. Perhaps In Good Morning, Amy,

617
00:34:29,920 --> 00:34:32,880
Speaker 1: I think that once in a great while in the

618
00:34:33,000 --> 00:34:35,960
Speaker 1: world of politics, there's a message that is so clear,

619
00:34:36,480 --> 00:34:40,160
Speaker 1: that is a metaphor for what's going on politically that

620
00:34:40,400 --> 00:34:42,920
Speaker 1: you can't ignore it. And that happened in San Francisco

621
00:34:43,200 --> 00:34:47,960
Speaker 1: last night. The fact that a progressive defund the police

622
00:34:48,440 --> 00:34:53,120
Speaker 1: Democrat got beaten in a landslide sends a chilling message

623
00:34:53,160 --> 00:34:55,520
Speaker 1: I think to a lot of Democrats around the country

624
00:34:55,880 --> 00:34:59,239
Speaker 1: that they need to go to the center, going to

625
00:34:59,360 --> 00:35:04,080
Speaker 1: the leftist coming in albatross for the party. In addition,

626
00:35:04,239 --> 00:35:07,160
Speaker 1: in the race for the mayor of Los Angeles. You

627
00:35:07,280 --> 00:35:11,520
Speaker 1: had Karen Bass and Caruso. They're both advancing to the

628
00:35:11,600 --> 00:35:14,440
Speaker 1: November runoff, and you have, you know, one who is

629
00:35:14,440 --> 00:35:17,239
Speaker 1: a representative, the other who is a billionaire in businessman.

630
00:35:17,520 --> 00:35:21,120
Speaker 1: Does that give you any indications? Not necessarily, And I'd

631
00:35:21,160 --> 00:35:25,600
Speaker 1: say that for Caruso, he should have won by a majority.

632
00:35:25,960 --> 00:35:28,920
Speaker 1: Now he's going to runoff where it's just him against

633
00:35:29,000 --> 00:35:30,920
Speaker 1: Karen Bass, and I think it's going to be a

634
00:35:30,960 --> 00:35:33,880
Speaker 1: lot tougher for Caruso than it was last night when

635
00:35:33,920 --> 00:35:37,560
Speaker 1: he had several other candidates diluting uh the vote total.

636
00:35:37,880 --> 00:35:41,280
Speaker 1: Caruso has money, and Caruso has you know, the argument

637
00:35:41,400 --> 00:35:45,040
Speaker 1: that crime is out of control in l A. But

638
00:35:45,360 --> 00:35:50,480
Speaker 1: I think his chances have decreased. Something we're also noticing

639
00:35:50,680 --> 00:35:54,040
Speaker 1: is that it's very granular how these results are turning

640
00:35:54,080 --> 00:35:56,680
Speaker 1: out and what those results might be indicating when it

641
00:35:56,760 --> 00:35:59,520
Speaker 1: comes to the primary and then perhaps the general election

642
00:35:59,760 --> 00:36:01,839
Speaker 1: in a couple of years. Are you noticing that as well,

643
00:36:01,960 --> 00:36:05,160
Speaker 1: that everything boils down to super local, which is kind

644
00:36:05,200 --> 00:36:08,960
Speaker 1: of unusual, absolutely, right, Amy. I think that you know

645
00:36:09,040 --> 00:36:12,560
Speaker 1: a lot of these races are based on parochial races,

646
00:36:12,600 --> 00:36:16,920
Speaker 1: and I tell everybody don't overinterpret these primaries. That's why

647
00:36:16,960 --> 00:36:19,600
Speaker 1: I think the San Francisco vote is so unique and

648
00:36:19,719 --> 00:36:23,080
Speaker 1: so important. But if there is a theme you mentioned

649
00:36:23,120 --> 00:36:26,320
Speaker 1: at the beginning of our chat, the theme still is inflation.

650
00:36:26,600 --> 00:36:30,080
Speaker 1: And I think that the average American who seeing gasoline

651
00:36:30,160 --> 00:36:34,000
Speaker 1: prices over six dollars a gallon, uh, wants to extract

652
00:36:34,200 --> 00:36:37,239
Speaker 1: revenge and they want to blame somebody. And who is

653
00:36:37,239 --> 00:36:39,360
Speaker 1: going to get blamed, Well, it's the party in power.

654
00:36:40,360 --> 00:36:42,760
Speaker 1: Very briefly, I'm going to shift gears about the January

655
00:36:42,920 --> 00:36:44,960
Speaker 1: six hearings. They're going to be public, they're going to

656
00:36:45,000 --> 00:36:47,560
Speaker 1: be in prime time. They start tomorrow night. But when

657
00:36:47,600 --> 00:36:49,879
Speaker 1: people are having a hard time filling up their gas

658
00:36:49,960 --> 00:36:52,239
Speaker 1: tanks and dealing with those kitchen table issues that we

659
00:36:52,360 --> 00:36:56,440
Speaker 1: talked about, crime, inflation, gun control measures, even is anybody

660
00:36:56,480 --> 00:37:00,600
Speaker 1: going to tune in tomorrow? I think people will. I think, uh,

661
00:37:00,719 --> 00:37:03,400
Speaker 1: it's probably not going to change a lot of votes.

662
00:37:03,800 --> 00:37:06,160
Speaker 1: I think that, um, you know, it's not going to

663
00:37:06,280 --> 00:37:09,400
Speaker 1: move the needle. As someone who follows politics for a living,

664
00:37:09,760 --> 00:37:12,080
Speaker 1: I'll be addicted to this. It's going to be fascinating.

665
00:37:12,440 --> 00:37:16,680
Speaker 1: A lot of speculation about Bombshell's coming, new new evidence

666
00:37:16,760 --> 00:37:20,680
Speaker 1: being introduced, but I think in terms of the election again,

667
00:37:20,840 --> 00:37:24,480
Speaker 1: it's inflation more than anything else, and closer behind inflation

668
00:37:24,600 --> 00:37:27,920
Speaker 1: is urban crime as we saw last night. And absolutely

669
00:37:27,960 --> 00:37:31,640
Speaker 1: Gregg Vali, chief US policy strategist at a GF Investment.

670
00:37:31,760 --> 00:37:34,680
Speaker 1: Always a pleasure. Thanks so much, Nathan, okay me, thank you.

671
00:37:35,040 --> 00:37:37,399
Speaker 1: It is coming up to five fifty three on Wall Street.

672
00:37:37,440 --> 00:37:39,400
Speaker 1: It's time for a Bloomberg Law Report, brought to you

673
00:37:39,520 --> 00:37:44,200
Speaker 1: by American Arbitration Association. Business disputes are inevitable, resolve faster

674
00:37:44,360 --> 00:37:47,600
Speaker 1: with the American Arbitration Association, the global leader and alternative

675
00:37:47,640 --> 00:37:50,440
Speaker 1: dispute resolution for over ninety years. More at a d

676
00:37:50,680 --> 00:37:53,080
Speaker 1: R dot org. Now let's get to the legal stories

677
00:37:53,120 --> 00:37:59,520
Speaker 1: we are watching this morning. Here's Bloomberg's Jeff Bellinger. A

678
00:37:59,640 --> 00:38:03,120
Speaker 1: House past bill would make more small businesses eligible for

679
00:38:03,280 --> 00:38:08,120
Speaker 1: expedited and less expensive bankruptcy procedures. The Federal Trade Commission

680
00:38:08,200 --> 00:38:12,480
Speaker 1: is suing the footwear maker Gravity Defire Medical Technology, accusing

681
00:38:12,520 --> 00:38:16,200
Speaker 1: the company of deceptively advertising its shoes as helping to

682
00:38:16,320 --> 00:38:20,800
Speaker 1: relieve pain. Fiser filed a federal lawsuit alleging that MSN

683
00:38:20,920 --> 00:38:25,239
Speaker 1: Laboratories proposed generic versions of zel gems would infringe on

684
00:38:25,320 --> 00:38:29,560
Speaker 1: a fiser patent. Bloomberg Law everything you need, all on

685
00:38:29,760 --> 00:38:35,200
Speaker 1: one legal research platform, including guidance analysis and Bloomberg Market Intelligence.

686
00:38:35,440 --> 00:38:40,920
Speaker 1: Find out more at Bloomberg Law dot com. Now to

687
00:38:40,960 --> 00:38:44,080
Speaker 1: another legal story we're watching. In the securities filing Monday,

688
00:38:44,120 --> 00:38:47,240
Speaker 1: Elon Musk said he thinks Twitter is breaching their merger

689
00:38:47,280 --> 00:38:50,720
Speaker 1: agreement by not meeting his demands for more information about

690
00:38:50,800 --> 00:38:54,959
Speaker 1: spam and fake accounts. Legal experts widely speculated that Musk

691
00:38:55,080 --> 00:38:57,920
Speaker 1: is having buyer's remorse. But the problem for Musk is

692
00:38:58,040 --> 00:39:00,080
Speaker 1: he can't just walk away from the deal by paying

693
00:39:00,120 --> 00:39:03,080
Speaker 1: a breakup see Twitter holds all the cards because their

694
00:39:03,120 --> 00:39:07,000
Speaker 1: agreement contains a specific performance provision that allows the social

695
00:39:07,080 --> 00:39:10,239
Speaker 1: media company to force Musk to consummate the deal. For

696
00:39:10,320 --> 00:39:13,520
Speaker 1: more Bloomberg's June Grosso speaks with Eric Talley, professor at

697
00:39:13,560 --> 00:39:18,040
Speaker 1: Columbia Law School. So let's suppose that Twitter hasn't given

698
00:39:18,120 --> 00:39:22,520
Speaker 1: all the information because of privacy concerns. Is that enough

699
00:39:23,000 --> 00:39:28,880
Speaker 1: to be a material breach of Twitter's obligations under this agreement. No,

700
00:39:29,160 --> 00:39:31,960
Speaker 1: generally not. So there are two reasons why it's not.

701
00:39:32,120 --> 00:39:35,040
Speaker 1: First of all, explicitly in the very same section of

702
00:39:35,080 --> 00:39:38,600
Speaker 1: the contract that Mr Musk's lawyer has been citing, Twitter

703
00:39:38,760 --> 00:39:42,640
Speaker 1: retains the right not to hand over information that would

704
00:39:42,680 --> 00:39:47,279
Speaker 1: be confidential that might cause it to breach someone's privacy rights,

705
00:39:47,920 --> 00:39:51,800
Speaker 1: or that might undermine its future competitive position. And so

706
00:39:51,960 --> 00:39:54,799
Speaker 1: it's conceivable to me that that's the exact claim they're making.

707
00:39:54,960 --> 00:39:57,200
Speaker 1: He's not satisfied with it, but it is in fact

708
00:39:57,400 --> 00:40:01,640
Speaker 1: baked into their contract rights all Eddie. Moreover, if these

709
00:40:01,640 --> 00:40:04,760
Speaker 1: are the types of infirmities that can be cured over time,

710
00:40:05,200 --> 00:40:08,239
Speaker 1: it also wouldn't get him off the hook from the deal.

711
00:40:08,360 --> 00:40:11,160
Speaker 1: It would essentially possibly delay the closing of the deal

712
00:40:11,560 --> 00:40:14,560
Speaker 1: until they could resolve what would and would not be disclosed.

713
00:40:14,840 --> 00:40:17,799
Speaker 1: But it's not gonna be a likely excuse to walk

714
00:40:17,840 --> 00:40:21,000
Speaker 1: away from the deal. So one of the possible reasons

715
00:40:21,080 --> 00:40:24,920
Speaker 1: why Musk is trying to be so focal and vocal

716
00:40:25,160 --> 00:40:29,120
Speaker 1: about this particular issue is possibly he is trying to

717
00:40:29,360 --> 00:40:32,920
Speaker 1: encourage the very folks that he arranged to lend him

718
00:40:32,960 --> 00:40:36,160
Speaker 1: money to start getting cold feet about lending him money,

719
00:40:36,360 --> 00:40:38,520
Speaker 1: because if they get cold feet and say, sorry, the

720
00:40:38,600 --> 00:40:41,319
Speaker 1: deal is off, we're not going to lend anymore. That's

721
00:40:41,400 --> 00:40:45,080
Speaker 1: one of a few scenarios where he would plausibly be

722
00:40:45,160 --> 00:40:47,800
Speaker 1: able to walk away and be exposed only up to

723
00:40:47,920 --> 00:40:51,160
Speaker 1: this billion dollar termination feet. How long does Twitter have

724
00:40:51,360 --> 00:40:54,959
Speaker 1: to wait before it says, Okay, we're going to court

725
00:40:55,080 --> 00:40:58,719
Speaker 1: to enforce this contract. Well, in principle, they could file

726
00:40:58,760 --> 00:41:00,840
Speaker 1: suit anytime they want, did. I think one of the

727
00:41:00,920 --> 00:41:03,080
Speaker 1: things that you really want to try to balance from

728
00:41:03,120 --> 00:41:07,120
Speaker 1: Twitter's perspective, is to assemble a track record of acting

729
00:41:07,160 --> 00:41:10,320
Speaker 1: in good faith, moving things along in the direction of

730
00:41:10,480 --> 00:41:14,920
Speaker 1: trying to close this transaction without yourself getting hotheaded or

731
00:41:15,120 --> 00:41:18,520
Speaker 1: overly demanding. So the executives of Twitter has no doubt

732
00:41:18,600 --> 00:41:20,960
Speaker 1: sort of taken this lesson to heart that they're in

733
00:41:21,000 --> 00:41:23,960
Speaker 1: a relatively strong position based on the contract, to the

734
00:41:24,040 --> 00:41:27,239
Speaker 1: extent that Musk is trying to goad them into a

735
00:41:27,560 --> 00:41:31,160
Speaker 1: public spat or a spat that causes them to start

736
00:41:31,239 --> 00:41:34,200
Speaker 1: acting petty and withholding things that could just put them

737
00:41:34,239 --> 00:41:37,120
Speaker 1: in breach of this contract. So I think their approach

738
00:41:37,280 --> 00:41:40,360
Speaker 1: is probably the right one is to say, navigate this

739
00:41:40,560 --> 00:41:43,879
Speaker 1: boat as steadily as we can, realizing that we're gonna

740
00:41:43,920 --> 00:41:46,160
Speaker 1: get hit by a tidal wave every once in a while.

741
00:41:46,239 --> 00:41:49,560
Speaker 1: That's got Elon Musk's fingerprints all over it, but keeps

742
00:41:49,640 --> 00:41:52,319
Speaker 1: sailing towards the north Star, and if at some point

743
00:41:52,600 --> 00:41:55,480
Speaker 1: he does something definitive to walk away from the deal,

744
00:41:55,840 --> 00:42:00,200
Speaker 1: that's when we will go ahead and file suits. MBA

745
00:42:00,280 --> 00:42:03,080
Speaker 1: Law School speaking with Bloomberg's June Grosso. You can catch

746
00:42:03,160 --> 00:42:05,560
Speaker 1: more of that interview, plus analysis of the latest legal

747
00:42:05,640 --> 00:42:08,880
Speaker 1: news by subscribing to the Bloomberg Law Podcast or downloading

748
00:42:08,920 --> 00:42:12,000
Speaker 1: the show at Bloomberg dot com. Slash podcasts and attorneys

749
00:42:12,040 --> 00:42:15,560
Speaker 1: can find exceptional legal research and business development tools at

750
00:42:15,600 --> 00:42:19,120
Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at

751
00:42:19,320 --> 00:42:23,360
Speaker 1: b Logo. SMP features down fourteen points, now down features

752
00:42:23,400 --> 00:42:26,520
Speaker 1: down a hundred thirty eight, NAZDAC features lower by twenty

753
00:42:26,600 --> 00:42:29,200
Speaker 1: eight points. The tenure treasuries down eight thirty seconds. The

754
00:42:29,280 --> 00:42:31,600
Speaker 1: yield at three percent yield on the two year two

755
00:42:31,680 --> 00:42:34,640
Speaker 1: point seven four nimex screwed up one and a half percent,

756
00:42:34,760 --> 00:42:37,240
Speaker 1: or a dollar eighty to a hundred twenty one dollars

757
00:42:38,080 --> 00:42:41,320
Speaker 1: one cents. The barrel comic School little change at eighteen

758
00:42:41,360 --> 00:42:46,440
Speaker 1: fifty two ten an ounce. Bloomberg Daybreak continues. This is

759
00:42:46,880 --> 00:42:47,520
Speaker 1: Bloomberg