WEBVTT - Bloomberg Daybreak: June 8, 2022 - Hour 1 (Radio) 0:00:00.720 --> 0:00:04.720 Life, Bloomberg Interactive Broker Studios. This is Bloomberg day Break 0:00:04.800 --> 0:00:08.239 for Wednesday, June eight two. Coming up this hour. Key 0:00:08.240 --> 0:00:11.840 primary results are in from California and New Jersey. We're 0:00:11.920 --> 0:00:15.880 live with the latest chorus. Johnson plans legislation to override 0:00:15.960 --> 0:00:19.119 parts of the Brexit deal. Credit sweet shares plunge after 0:00:19.239 --> 0:00:22.360 warning of a second quarter loss, and new developments this 0:00:22.400 --> 0:00:26.240 morning involving Elon Musk and Twitter controversy over a planned 0:00:26.280 --> 0:00:29.120 New York City event with Florida Governor de Santis plus 0:00:29.240 --> 0:00:32.040 a New Jersey mayor says the American Dream mall Owes 0:00:32.159 --> 0:00:35.720 his city millions. Michael lar More ahead, I'm John stage 0:00:35.920 --> 0:00:37.960 and Swards Tampa. Maybe if the Rangers to tie up 0:00:37.960 --> 0:00:40.280 the series at two the Yankees one at Minnesota. The 0:00:40.320 --> 0:00:45.240 Mets were shut out from San Diego. That's all strained 0:00:45.240 --> 0:00:48.640 Ahead on Bloomberg day Break on Bloomberg eleven three, on 0:00:48.760 --> 0:00:53.199 New York, Bloomberg one, Washington, d C, Bloomberg one oh 0:00:53.240 --> 0:00:57.760 six one, Boston, Bloomberg nine sixties and Francisco Sirius x 0:00:57.960 --> 0:01:00.800 M one nine team and around the world on Bloomberg 0:01:00.880 --> 0:01:07.520 Radio Dot corm and via the Bloomberg business app. Hey, 0:01:07.560 --> 0:01:10.760 good Wednesday morning. I'm Nathan Hager, I'm Amy Moura's daybreak 0:01:10.840 --> 0:01:13.120 is brought to you by Informatica. In the cloud, your 0:01:13.200 --> 0:01:15.880 data has the power to do the extraordinary. Managed data 0:01:15.920 --> 0:01:19.320 across any location in the cloud for accurate and actionable insights. 0:01:19.520 --> 0:01:23.120 More at Informatica, dot Com and US features are moving 0:01:23.160 --> 0:01:25.400 lower this morning. We are coming up to five oh 0:01:25.400 --> 0:01:27.279 one on Wall Street. We checked the markets every fifteen 0:01:27.319 --> 0:01:29.520 minutes during the trading day on Bloomberg. Right now, S 0:01:29.560 --> 0:01:32.080 and P futures are down fifteen points, Staff futures down 0:01:32.120 --> 0:01:34.640 a hundred thirty three, Nastack futures lower by thirty two 0:01:34.640 --> 0:01:37.679 points ten. Your treasuries down nine thirty seconds. The yield 0:01:37.720 --> 0:01:40.039 three point zero percent yield on the two year two 0:01:40.080 --> 0:01:43.080 point seven four nim X screwed up seven tenths per cent, 0:01:43.160 --> 0:01:45.840 or eighty six cents to a hundred twenty dollars twenty 0:01:45.959 --> 0:01:49.040 seven cents of barrel. Amy Well, Nathan more on the 0:01:49.040 --> 0:01:51.360 markets in just a moment. We begin with the primaries 0:01:51.360 --> 0:01:55.320 across seven states last night, starting in California. San Francisco, 0:01:55.400 --> 0:01:58.600 residents took to the polls who ousced progressive District Attorney 0:01:58.760 --> 0:02:02.520 Chasa Boudin. Voters were not asked to choose between criminal 0:02:02.600 --> 0:02:06.400 justice reform and something else. They were given an opportunity 0:02:06.480 --> 0:02:08.959 to voice their frustration and their outrage, and they took 0:02:09.000 --> 0:02:12.840 that opportunity. Jason Budin's recall election turned into a heated 0:02:12.880 --> 0:02:18.120 campaign that divided Democrats. Boudin sought criminal justice reform, critics 0:02:18.120 --> 0:02:21.320 painted him as far too lenient on crime. He addressed 0:02:21.320 --> 0:02:24.040 his supporters after his defeat, I want to be very 0:02:24.120 --> 0:02:29.760 clear about what happened tonight. The right wing billionaires outspent 0:02:29.919 --> 0:02:33.200 us three to one. They exploited an environment in which 0:02:33.240 --> 0:02:38.760 people are appropriately upset. San Francisco District Attorney Chason Buddin 0:02:38.880 --> 0:02:41.440 will be replaced by an interim d A chosen by 0:02:41.440 --> 0:02:45.120 San Francisco Mayor London Breed. Staying in California, amy Governor 0:02:45.160 --> 0:02:47.959 Gavin Newsom cruise to an easy victory. He'll advance to 0:02:47.960 --> 0:02:51.200 the November election in Los Angeles, where public safety is 0:02:51.200 --> 0:02:54.600 also a key issue in that city's mayoral race. Billionaire 0:02:54.639 --> 0:02:59.200 real estate developer Rick Caruso and California Representative Karen Bass 0:02:59.240 --> 0:03:02.320 are headed for or a runoff. In other states, congressional 0:03:02.440 --> 0:03:05.880 races service yet another measure of former President Donald Trump's 0:03:05.919 --> 0:03:09.839 influence over the GOP. Bloomberg's Michael Barr joins US Live 0:03:09.919 --> 0:03:12.840 with more on the primary races in New Jersey. Michael, 0:03:12.840 --> 0:03:15.800 good morning, Good morning, Nathan. A dozen US House seats 0:03:15.840 --> 0:03:19.000 are being contested in New Jersey. There were several GOP 0:03:19.160 --> 0:03:22.640 candidates who followed Donald Trump's brand. However, in New Jersey, 0:03:23.040 --> 0:03:26.920 only two out of the twelve member delegation are Republicans. 0:03:27.320 --> 0:03:30.080 In the second district, incumbent Jeff Van Drew won the 0:03:30.080 --> 0:03:33.600 GOP primary with six percent. Van Drew will face Democrat 0:03:33.639 --> 0:03:37.040 Tim Alexander, who got sixty two percent. In the fourth district, 0:03:37.120 --> 0:03:40.120 incumbent Republican Chris Smith one with fifty eight percent of 0:03:40.160 --> 0:03:43.960 the vote. Smith will face Democrat Matthew Jenkins, who ran unopposed. 0:03:44.160 --> 0:03:48.160 In the seventh district, Republican Thomas Kane Jr. Received forty 0:03:48.200 --> 0:03:51.880 six percent. Hill face incumbent Democrat Tom Malinowski, who got 0:03:52.400 --> 0:03:55.200 percent of the vote. In New York, Michael Barr, Bloomberg, 0:03:55.280 --> 0:03:58.120 Day Break, Alright, Michael, thank you. Five other states held 0:03:58.160 --> 0:04:02.280 primary South Dakota, mississipp In, New Mexico, Iowa, and Montana. 0:04:02.640 --> 0:04:06.640 Incumbents mostly staved off challenges from other candidates. Let's turn 0:04:06.680 --> 0:04:10.200 to politics overseas now Amy. After winning a confidence vote 0:04:10.240 --> 0:04:13.120 this week, UK Prime Minister Boris Johnson plans to press 0:04:13.120 --> 0:04:16.280 ahead with legislation that is likely to anger some of 0:04:16.320 --> 0:04:19.599 his political allies. Bloomberg's You and Parts joins US Life 0:04:19.600 --> 0:04:22.120 from London with the latest Good morning You, Good morning 0:04:22.200 --> 0:04:24.599 Nathan and Amy. Back to work for Boris Johnson is 0:04:24.640 --> 0:04:27.280 less than two days since the UK Prime minister narrowly 0:04:27.320 --> 0:04:31.279 survived the confidence vote among his Conservative Party colleagues. Now 0:04:31.360 --> 0:04:34.960 Bloomberg understands that Johnson is pressing ahead with divisive plans 0:04:35.000 --> 0:04:38.400 on the Northern Ireland Protocol. The legislation is likely to 0:04:38.400 --> 0:04:41.799 give ministers the power to UNI actually rewrite post Brexit 0:04:41.880 --> 0:04:44.720 trading rules. The European Union is warn the move could 0:04:44.800 --> 0:04:47.880 lead to a suspension of the UK's trade deal. In London, 0:04:47.920 --> 0:04:50.080 I'm You and Parts spoom Bok day break, Thank you you, 0:04:50.160 --> 0:04:52.240 and turning to the market's. US futures are down this 0:04:52.320 --> 0:04:56.200 morning after yesterday's broad based rally. Sentiment remains fragile amid 0:04:56.240 --> 0:04:58.599 concerns interest rates will need to go hire to reign 0:04:58.640 --> 0:05:02.600 in inflation. However, Pemco portfolio manager Aaron Brown says easing 0:05:02.600 --> 0:05:06.520 supply pressures could temporary aggressiveness from central banks. As we 0:05:06.600 --> 0:05:09.359 start to seeing more ships supply, as we start to 0:05:09.400 --> 0:05:12.760 see you know, less of this demand for goods, we 0:05:12.839 --> 0:05:15.960 do think that you will start to see inflation peak 0:05:16.040 --> 0:05:18.920 and then ultimately start to roll over. Aaron Brown of 0:05:18.960 --> 0:05:22.560 Pimco says waning supply chain disruptions leave her cautiously optimistic 0:05:22.600 --> 0:05:25.440 about markets in Asia. Amy China's tech stock saw a 0:05:25.520 --> 0:05:28.080 big jump. The government's latest batch of new game approvals 0:05:28.080 --> 0:05:30.520 bolstered bets. The industry's business outlook is on the mend. 0:05:30.560 --> 0:05:33.440 Bloomberg's Juliette Sally joins us with more on that from Singapore, 0:05:33.640 --> 0:05:35.560 and the Hank sink Teke index rose to a two 0:05:35.560 --> 0:05:38.479 month high. A sentiment was bolsted the authorities are moving 0:05:38.520 --> 0:05:42.960 towards policy normalization, but the contrarian who called China's tech 0:05:43.040 --> 0:05:46.200 routes says the sector is still a cell. DZ Banks 0:05:46.200 --> 0:05:49.479 Manuel Mural writing he feels reports regulators and preparing to 0:05:49.480 --> 0:05:52.679 wrap up a probe into d D a premature. Elsewhere, 0:05:52.760 --> 0:05:55.960 continued weakness in the yend saw Japanese equities rise and 0:05:56.080 --> 0:05:59.920 Australian Stokes recouped some of Tuesday's losses. Short dated India 0:06:00.040 --> 0:06:02.919 bonds rallied, with the four year yield dropping twelve basis 0:06:02.960 --> 0:06:06.159 points as India's Central Bank joined the jumbo rate high club, 0:06:06.320 --> 0:06:09.560 raising its benchmark interest rate by fifty basis points and 0:06:09.600 --> 0:06:12.480 opping its inflation forecast for the fiscal year to six 0:06:12.520 --> 0:06:17.280 point seven percent. In Singapore, Juliette Sale Bloomberg Daybreak, Thank you, Juliette, 0:06:17.320 --> 0:06:20.280 and europe Credit Swiss share shares are down more than 0:06:20.320 --> 0:06:22.800 seven percent. The Swiss London's expects a loss at the 0:06:22.839 --> 0:06:25.200 group wide level and investment bank in the second quarter. 0:06:25.480 --> 0:06:28.719 Credits we says market conditions have remained challenging. Now there's 0:06:28.720 --> 0:06:31.400 no uncertainty this morning surrounding the Elon Musk Twitter deal, 0:06:31.440 --> 0:06:33.839 Amy and Bloomberg UNIEDA Young joins US Live with more 0:06:33.880 --> 0:06:36.200 on that and Rnita, Good morning, Good morning, Nathan. Elon 0:06:36.279 --> 0:06:39.160 Musk's attempts to get new funding to take Twitter private 0:06:39.200 --> 0:06:42.720 are now on hold, and it's because of uncertainty surrounding 0:06:42.760 --> 0:06:46.279 the deal. That's according to Reuters, who reports the conversations 0:06:46.520 --> 0:06:50.720 have halted with private equity firms including Apollo Global Management 0:06:51.080 --> 0:06:54.320 until this clarity about the future of the acquisition. Now, 0:06:54.360 --> 0:06:56.800 Musk has been trying to reduce his thirty three point 0:06:56.800 --> 0:07:00.320 five billion dollar cash contribution to the forty four billion 0:07:00.360 --> 0:07:04.680 dollar deal by preferred equity financing. Meantime, He's also threatened 0:07:04.720 --> 0:07:07.359 to back away from the deal if Twitter cannot prove 0:07:07.720 --> 0:07:10.760 less than five percent of its users are bots. Live 0:07:10.800 --> 0:07:13.480 in New York. I'm gonna need a young Bloomberg day break. Okay, 0:07:13.480 --> 0:07:16.240 we need to thanks. Futures moving lower this morning, straight ahead, 0:07:16.240 --> 0:07:19.360 local headlines, and the check of sports. This is Bloomberg. 0:07:23.160 --> 0:07:25.080 Thank you, Nathan. Five or seven in Wall Street, we 0:07:25.120 --> 0:07:26.800 bring in Michael Barr with more on what else is 0:07:26.840 --> 0:07:29.200 going on in New York and around the world. Michael, 0:07:29.240 --> 0:07:31.680 thank you very much. Amy. New York lawmakers called on 0:07:31.760 --> 0:07:34.960 the Chelsea Piers Entertainment Center to cancel an upcoming event 0:07:35.040 --> 0:07:38.480 that includes Florida govern around the Santist, saying his appearance 0:07:38.520 --> 0:07:42.520 would be an insult to the city's LGBTQ community. According 0:07:42.560 --> 0:07:45.360 to an online event scheduled to scientists, a Republican and 0:07:45.440 --> 0:07:50.240 potential presidential candidate, we'll discuss the Florida model and why 0:07:50.320 --> 0:07:54.040 it's good for religious Americans on June twelve at the 0:07:54.120 --> 0:07:58.400 Jewish Leadership Conference. Local lawmakers representing or running for office 0:07:58.400 --> 0:08:00.480 in the area I have said the booking is offensive 0:08:00.720 --> 0:08:06.240 to lgbt Q New Yorkers, especially considering Chelsea status as 0:08:06.280 --> 0:08:11.320 an important neighborhood for LGBTQ history. Critics specifically cited the 0:08:11.360 --> 0:08:15.280 Florida law to Santa Signed that restricts classroom instruction about 0:08:15.320 --> 0:08:19.520 sexual orientation and gender identity for children in kindergarten through 0:08:19.560 --> 0:08:22.840 third grade. Is the Senate getting closer to a compromise 0:08:22.880 --> 0:08:26.960 on gun safety, Bloomberg said. Baxter reports Senator Chris Murphy 0:08:27.000 --> 0:08:30.120 is telling President Joe Biden every day we get closer 0:08:30.160 --> 0:08:34.240 to an agreement, not further away, and House Minority Leader 0:08:34.280 --> 0:08:37.240 Mitch McConnell is being very careful about commenting. I don't 0:08:37.280 --> 0:08:39.960 want to speculate about how many of my members might 0:08:40.240 --> 0:08:44.120 support it, So Majority Leader Chuck Schumer says it will 0:08:44.160 --> 0:08:47.120 need those votes. We don't just need thoughts and prayers, 0:08:47.440 --> 0:08:50.560 We need votes. We need action. We need at least 0:08:50.559 --> 0:08:53.560 ten Republicans who are willing to say yes. But the 0:08:53.600 --> 0:08:57.240 hope is closer in San Francisco. I'm at Baxter, Bloomberg 0:08:57.280 --> 0:09:00.760 gay break. It comes as Matthew McConnaughey made a plea 0:09:00.880 --> 0:09:04.040 to Washington, d C. To make changes to gun laws. Now. 0:09:04.679 --> 0:09:08.000 The Valley, Texas native visited his hometown the day after 0:09:08.000 --> 0:09:11.360 the massacre at an elementary school that left nineteen children 0:09:11.360 --> 0:09:14.360 and two of their teachers dead. The actors spoke to 0:09:14.640 --> 0:09:17.679 the White House Press reefing calling out any legislators who 0:09:17.720 --> 0:09:21.679 are hedging on change. We start right now by voting 0:09:21.720 --> 0:09:24.319 to pass policies that can keep us from having as 0:09:24.320 --> 0:09:28.480 many Columbines. Sandy Hooks, Parklands, Las Vegas is buffaloes, and 0:09:28.559 --> 0:09:32.360 you valudies. From here on, McConaughey called on lawmakers to 0:09:32.480 --> 0:09:35.960 rise above politics. Americans, raam. The five billion dollars super 0:09:36.000 --> 0:09:38.440 mall in New Jersey isn't only in the Hawk the 0:09:38.480 --> 0:09:41.720 bond holders. The mayor of Eastford says the shopping and 0:09:41.840 --> 0:09:44.800 entertainment complex. Oh was the borough between five point five 0:09:44.840 --> 0:09:48.160 and six million dollars there. Jeffrey Liffe Hill Here says 0:09:48.240 --> 0:09:51.199 the mall, which is in the middle Lands Sports Complex, 0:09:51.440 --> 0:09:53.920 it's failed to make payments in lieu of property taxes. 0:09:54.440 --> 0:09:56.800 Global News twenty four hours a day on air and 0:09:56.920 --> 0:10:02.080 on Bloomberg quicktake powered by more than the journalis annalists countries. 0:10:02.120 --> 0:10:05.040 I'm Michael bar this is Bloomberg game all right, thank you, Michael. 0:10:07.760 --> 0:10:10.280 Time now for the Bloomberg Sports update. Here's john sas 0:10:10.679 --> 0:10:12.680 Thanks Amy, and the Rangers have gotten to this point, 0:10:12.720 --> 0:10:15.360 two wins from playing for the Stanley Cup, winning only 0:10:15.440 --> 0:10:17.760 twice on the road. They won the two road games 0:10:17.800 --> 0:10:19.839 they had to win a the season would have been over. 0:10:19.960 --> 0:10:22.840 Game six in Pittsburgh, Game seven at Carolina, but they've 0:10:22.880 --> 0:10:25.160 lost the other seven on the road. Tampa Bay took 0:10:25.240 --> 0:10:27.959 last night's game four, four to one in the East Finals, 0:10:28.000 --> 0:10:30.160 are now tied into The only Ranger goal came late 0:10:30.440 --> 0:10:32.840 the Martemi pinery. It was on the power fed. Rangers 0:10:32.840 --> 0:10:35.200 were not able to score in the two games at 0:10:35.240 --> 0:10:38.120 Tampa at even strength. They come home. They've won eight 0:10:38.160 --> 0:10:40.880 in a road Game five tomorrow night at NSG. Game 0:10:40.920 --> 0:10:43.559 three of the NBA Finals tonight in Boston, Celtics and 0:10:43.600 --> 0:10:47.040 Warriors tied at one win of the year for the Yankees. 0:10:47.040 --> 0:10:49.880 With an occurrence early on that has now happened twenty 0:10:49.960 --> 0:10:55.240 two times. Indeed, Bucks stood back, He's on the track, 0:10:55.400 --> 0:10:59.960 He's on the wall. Change done over the center fille 0:11:00.040 --> 0:11:05.760 Wall a judge in Blast. But he is something Aaron 0:11:06.000 --> 0:11:09.839 Judge that's happened to live all the John Stirling on 0:11:10.000 --> 0:11:12.440 w F and twenty two omers for judge that was 0:11:12.480 --> 0:11:14.960 first with a man, John Carlos Stanton in his twelve 0:11:15.120 --> 0:11:17.840 also in the first seventh that ain't three runch shot 0:11:17.840 --> 0:11:20.680 for Anthony Rizzo his fourteenth. Yanks beat the Twins ten 0:11:20.760 --> 0:11:23.600 to four. They are forty and fifteen. They've won seven 0:11:23.600 --> 0:11:26.079 in a row. Mets loss in San Diego seven nothing 0:11:26.120 --> 0:11:28.560 managed only two hits off the Padres you Darvish Red 0:11:28.559 --> 0:11:31.480 Sox one in tenantings. They sent the Angels to a 0:11:31.520 --> 0:11:34.120 club record thirteen bloss in a row. The Angels fired 0:11:34.160 --> 0:11:36.480 their manager, sixty eight year old Joe Madden, who's been 0:11:36.480 --> 0:11:39.319 managing the majors to the last seventeen years. He wont 0:11:39.320 --> 0:11:40.760 to pen it with Tampa Bay, of course, won a 0:11:40.760 --> 0:11:44.720 World series with the Cuts. John Stash where Bloomberg Sports team, 0:11:44.720 --> 0:11:47.080 all right, thank you, john S and P. Futures down 0:11:47.120 --> 0:11:51.040 twenty del futures down one hundred seventy four, Nasdaq futures 0:11:51.080 --> 0:11:53.360 down forty six and a half. We have much more 0:11:53.400 --> 0:11:56.160 still to come on this Wednesday morning, on Bloomberg Daybreak. 0:11:56.240 --> 0:12:08.800 Stay with us. This is Bloomberg Bloomberg eleven three oh 0:12:08.840 --> 0:12:11.959 weather today, maybe an early shower, otherwise partly to mostly 0:12:11.960 --> 0:12:15.400 study and breezy. We'll see eighty five degrees seventy five 0:12:15.400 --> 0:12:17.800 degrees tomorrow it will be eighty and sunny. To start 0:12:17.840 --> 0:12:25.079 your weekend, Markets headlines and breaking news twenty four hours 0:12:25.080 --> 0:12:27.840 a day at Bloomberg dot com for the Bloomberg Business 0:12:27.880 --> 0:12:37.400 at and at Bloomberg Quicktake. This is a Bloomberg Business Flash. 0:12:37.760 --> 0:12:40.800 I'm Nathan Hager. European stocks are moving lower along with 0:12:40.880 --> 0:12:44.520 US equity futures on persisting worries about high inflation and 0:12:44.760 --> 0:12:49.160 slowing growth. Adding to those worries, new word from the 0:12:49.280 --> 0:12:54.359 Organization for Economic Cooperation and Development and its latest forecast, 0:12:54.400 --> 0:12:57.280 warning the world economy will face a hafty price for 0:12:57.360 --> 0:13:00.559 the war in Ukraine, encompassing weaker growth, stronger inflation, potentially 0:13:00.559 --> 0:13:03.240 long lasting damage to supply chains. O e c D 0:13:03.360 --> 0:13:06.280 slash its outlook this year to three percent from the 0:13:06.320 --> 0:13:08.400 four and a half percent it predicted in December, and 0:13:08.440 --> 0:13:11.920 doubled its inflation projection to nearly nine percent for its 0:13:11.920 --> 0:13:14.680 thirty eight member countries. We checked the markets every fifteen 0:13:14.679 --> 0:13:16.720 minutes during the trading day on Bloomberg. Right now, SMP 0:13:16.880 --> 0:13:19.720 futures are down sixteen points down, futures down a hundred 0:13:19.720 --> 0:13:22.720 fifty one. NAZAC future is lower by thirty two points. 0:13:22.880 --> 0:13:25.000 The docks in Germany down three tenths percent, the cat 0:13:25.160 --> 0:13:27.240 in Paris is lower by four tenths percent. To foot 0:13:27.240 --> 0:13:29.760 see one hundred in London lower by a quarter percent 0:13:30.000 --> 0:13:32.160 ten Your treasuries down eight thirty seconds. The yield at 0:13:32.200 --> 0:13:34.319 three percent deald on the two year two point seven 0:13:34.360 --> 0:13:37.280 four Nimex crude is up three quarters of one percent, 0:13:37.360 --> 0:13:39.320 or ninety cents, and a hundred twenty dollars thirty one 0:13:39.360 --> 0:13:41.560 cents a baril come X golled down a tenth per 0:13:41.559 --> 0:13:44.240 cent or two dollars forty cents at eighteen forty nine 0:13:44.320 --> 0:13:47.280 seventy anounce. The euro is at one point zero six 0:13:47.320 --> 0:13:49.960 eight two against the dollar, British pound one point one 0:13:50.040 --> 0:13:53.280 five to nine, and the end is at one thirty 0:13:53.280 --> 0:13:56.080 three point six nine. Seven am Wall Street time we 0:13:56.080 --> 0:13:58.840 get NBA mortgage applications, and at ten we had a 0:13:58.880 --> 0:14:02.640 report on wholesale inventories. That's the Bloomberg business flash. Now 0:14:02.679 --> 0:14:04.800 here's Michael Barr with more on what's going on around 0:14:04.840 --> 0:14:07.760 the world. Good morning, Michael, Good morning Nathan. Democratic US 0:14:07.840 --> 0:14:12.040 representative Karen Bass and billionaire developer Rick Caruso Breeze passed 0:14:12.120 --> 0:14:14.880 a large field of rivals looking to be the next 0:14:14.920 --> 0:14:17.920 mayor of Los Angeles and advantage to a runoff election 0:14:17.960 --> 0:14:20.640 in November. Bass Is boised to become the first woman 0:14:20.680 --> 0:14:23.320 to hold the job in the nation's second most populous city. 0:14:23.680 --> 0:14:27.760 The winner in November will replace outgoing Mayor Eric gar City. 0:14:27.800 --> 0:14:30.600 In the NHL East Final, Arrangers lost to the Lightning 0:14:30.680 --> 0:14:33.320 for one, the series now tied at two games apiece. 0:14:33.600 --> 0:14:36.080 In baseball, the Yankees won, the Mets lost, The Red 0:14:36.080 --> 0:14:39.400 Sox and the Orioles were winners. The Nationals lost, along 0:14:39.440 --> 0:14:42.800 with the A's and Giants. Global News twenty four hours 0:14:42.800 --> 0:14:45.640 a day on here and on Bloomberg quick Take, powered 0:14:45.640 --> 0:14:48.480 by more than the journalists analysts more than a hundred 0:14:48.480 --> 0:14:52.600 twenty countries. I'm Michael Barr. This is Bloomberg Gamey. Alright, Michael, 0:14:52.600 --> 0:14:54.960 thank you so much. It is five twenty on Wall Street. 0:14:55.000 --> 0:14:58.360 We're live from the Bloomberg Interactive Broker Studios on Bloomberg 0:14:58.400 --> 0:15:01.400 Daybreak and Michael just mentioned it. Yesterday was a really 0:15:01.440 --> 0:15:05.040 busy primary day in the US. Seven states held elections, 0:15:05.240 --> 0:15:07.680 with a focus mainly on setting up those house races 0:15:07.680 --> 0:15:10.360 for November. Joining us now with a rundown of some 0:15:10.440 --> 0:15:15.720 of the biggest contests from yesterday, Bloomberg Government reporter Emily Wilkins. Emily, 0:15:15.760 --> 0:15:17.640 thanks so much for joining us. Always a pleasure to 0:15:17.640 --> 0:15:20.480 have you. Oh, great to be honest, Amy, And yes, 0:15:20.560 --> 0:15:23.400 there were a lot of house races yesterday, although interestingly, 0:15:23.880 --> 0:15:26.720 I think the two most telling races for what we're 0:15:26.760 --> 0:15:28.480 going to see for the rest of the rest of 0:15:28.480 --> 0:15:31.920 this primary season as well as November, actually happened more 0:15:31.960 --> 0:15:34.800 at the local level, um the Los Angeles mayoral race 0:15:35.040 --> 0:15:40.600 and then a recall race for the San Francisco Attorney General. 0:15:41.040 --> 0:15:45.800 And you saw, basically voters really gravitate towards the idea 0:15:46.000 --> 0:15:48.360 that they need candidates in place who are going to 0:15:48.360 --> 0:15:51.880 take crime seriously, who are going to crack down on crime. 0:15:51.960 --> 0:15:56.160 That they've seen these rising crime rates, they've seen rising homelessness, 0:15:56.200 --> 0:15:59.320 and they're very really concerned. And they did vote to 0:15:59.360 --> 0:16:03.800 out Chelsea Bowden, the progressive district attorney who was elected 0:16:03.880 --> 0:16:06.600 in San Francisco Uh, you know, he was really seen 0:16:06.640 --> 0:16:09.400 as someone who wanted to be a little more lenient 0:16:09.400 --> 0:16:11.680 on criminals, kind of give them the second chance, and 0:16:11.760 --> 0:16:15.280 voters basically have said this approach is not working. Um. 0:16:15.320 --> 0:16:17.360 And I think this is something that you saw in 0:16:17.400 --> 0:16:21.120 the New York mayoral race. You've seen President Biden address. 0:16:21.240 --> 0:16:23.840 He talked about his support for the police, wanting to 0:16:23.840 --> 0:16:26.240 to back the local police, wanting to make sure that 0:16:26.280 --> 0:16:29.280 there is a reduction in crime. Um. It'll be interesting 0:16:29.320 --> 0:16:31.680 to see if in Washington when it comes to the 0:16:31.760 --> 0:16:34.760 legislation that's past the messaging that you hear. You've heard 0:16:34.760 --> 0:16:37.280 a little bit from Democrats on this issue, but it's 0:16:37.280 --> 0:16:40.200 certainly something that Republicans are hammering them on and we'll 0:16:40.240 --> 0:16:41.960 do so for the next couple of months. So we'll 0:16:42.000 --> 0:16:44.280 be interesting to see if there's actually any any laws 0:16:45.080 --> 0:16:47.160 or bills that come about as a result of this. 0:16:47.600 --> 0:16:50.760 So crime being a primary issue that that got San 0:16:50.800 --> 0:16:54.480 Francisco residents to recall their d A. Let's talk about 0:16:54.520 --> 0:16:56.560 what happened in l A. Then that race was neck 0:16:56.600 --> 0:16:58.800 and net the polls. Uh. In the polls as the 0:16:58.840 --> 0:17:02.080 voters were casting their's between Karen Bass, who's a representative 0:17:02.400 --> 0:17:05.760 and Rick Caruso, who's a billionaire. What does that also 0:17:05.880 --> 0:17:09.920 indicate as far as November is concerned. Well, Rick Caruso, who's, 0:17:09.920 --> 0:17:12.760 as you mentioned, a billionaire developer of high end malls. 0:17:12.880 --> 0:17:15.639 He really has sort of pitched himself as the outsider 0:17:15.640 --> 0:17:18.320 in this race, the law and order candidate, probably the 0:17:18.320 --> 0:17:21.040 more moderate choice, who was formerly a Republican before he 0:17:21.080 --> 0:17:24.159 switched to the Democratic Party. Well, Karen Bass, you know, 0:17:24.280 --> 0:17:27.399 she's someone who has been a Democrat, a community organizer. 0:17:27.520 --> 0:17:31.359 She's well known in the community, She's represented that area 0:17:31.400 --> 0:17:34.160 for quite some time now in Congress. And the fact 0:17:34.200 --> 0:17:39.080 that she is basing this very serious primary challenger does 0:17:39.080 --> 0:17:41.000 still kind of speak to the fact that you have 0:17:41.080 --> 0:17:45.120 crime and you have homelessness as major issues here. Um, 0:17:45.160 --> 0:17:47.960 and it'll be interesting to see a Crusoe technically has 0:17:48.080 --> 0:17:53.119 so far one more votes than Karen Bass has in 0:17:53.160 --> 0:17:56.280 this primary runoff, but not all of them have been counted. 0:17:56.640 --> 0:17:58.760 Uh So we have to wait for some final totals 0:17:58.760 --> 0:18:00.479 on that to really get a sense of the strength 0:18:00.520 --> 0:18:02.320 of the two candidates, but we do know that they 0:18:02.359 --> 0:18:05.320 are the two that will advance to the general election 0:18:05.440 --> 0:18:08.040 in November. Let's shift out to New Jersey got about 0:18:08.080 --> 0:18:10.240 a minute and a half here. Where were the focus 0:18:10.240 --> 0:18:12.879 in New Jersey was really on those House primaries and 0:18:12.960 --> 0:18:16.879 local like you mentioned also the Trump backed candidates and 0:18:16.920 --> 0:18:19.960 how they did. What did the results in New Jersey 0:18:20.000 --> 0:18:22.280 also show you? So in New Jersey, it was a 0:18:22.280 --> 0:18:25.240 great night if you were an incumbent Democrat Republican. A 0:18:25.280 --> 0:18:28.040 lot of them continue to lock down their seats, uh, 0:18:28.080 --> 0:18:29.720 you know, make sure that they are going to be 0:18:29.800 --> 0:18:32.920 running in the November runoffs at least. And you've got 0:18:32.960 --> 0:18:36.760 some really competitive races in New Jersey, particularly the Tom 0:18:36.880 --> 0:18:40.520 Keene Tom Melnowski race. UM. And you did see Kean 0:18:40.640 --> 0:18:43.920 who you know, uh, son of a former governor, grandson 0:18:43.960 --> 0:18:47.119 of a congressman. He has again one hit the Republican 0:18:47.200 --> 0:18:50.080 primary for that district, which is going to be very 0:18:50.080 --> 0:18:54.680 good for Republicans come November thanks to newly redrawn district lines. Um. 0:18:54.760 --> 0:18:56.200 But at the same point, you know, you you saw 0:18:56.240 --> 0:18:58.320 a couple of different narratives playing out with Republicans. You 0:18:58.359 --> 0:19:01.199 saw some that had gone against Trump and what he 0:19:01.280 --> 0:19:04.040 wanted to vote for in terms of infrastructure, in terms 0:19:04.040 --> 0:19:07.720 of January six go ahead and win their primaries. But 0:19:07.840 --> 0:19:11.159 you also saw others who had voted against what Trump 0:19:11.200 --> 0:19:15.080 wanted in deep red states like Mississippi have now run 0:19:15.119 --> 0:19:17.960 off runoffs in their primary. They had a really strong 0:19:18.080 --> 0:19:20.920 challenger and they're going to have to continue to defend 0:19:20.960 --> 0:19:23.800 their right for the Republican nomination. So we're still seen 0:19:23.800 --> 0:19:26.240 a bit of a mixed bag here and exactly where 0:19:26.240 --> 0:19:28.360 Trump's hold is. It seems to be that the red 0:19:28.480 --> 0:19:30.840 or the area of the country is the more likely 0:19:30.880 --> 0:19:33.040 it is that the lawmaker really needs to be in 0:19:33.160 --> 0:19:36.560 line with what former President Trump wants. Really interesting stuff, 0:19:36.600 --> 0:19:38.639 and as more primaries come down the pike, will be 0:19:38.880 --> 0:19:41.840 watching more of those local races because that seems to 0:19:41.880 --> 0:19:44.360 be where the story is being told. Emily Wilkins, Bloomberg 0:19:44.359 --> 0:19:46.720 Government Reporter, thank you so much for taking the time 0:19:46.760 --> 0:19:49.479 with us. Always a pleasure. We'll be talking with Emily 0:19:49.680 --> 0:19:53.520 later during Bloomberg Daybreak. SMP futures down almost sixteen, DAL 0:19:53.640 --> 0:19:56.640 futures down a hundred forty five now, NAZZAC futures down 0:19:56.840 --> 0:19:59.240 twenty nine. Much more to come on this Wednesday morning 0:19:59.359 --> 0:20:08.320 edition of bloom Daybreak. This is Bloomberg. Just ahead on 0:20:08.359 --> 0:20:10.879 Bloomberg Daybreak, we'll be talking with Greg val Gay with 0:20:11.040 --> 0:20:14.119 a g f investment about what those primary results may 0:20:14.160 --> 0:20:17.240 be indicating for him for this November that's still to calm. 0:20:17.359 --> 0:20:28.440 This is Bloomberg broadcasting live from the Bloomberg Interactive Broker's 0:20:28.480 --> 0:20:31.880 studio in New York. Bloomberg E Living Free to Washington, 0:20:31.960 --> 0:20:35.320 d C, Bloomberg ninety nine one to Boston, Bloomberg one 0:20:35.359 --> 0:20:38.520 oh six one to San Francisco, Bloomberg nom sixteen to 0:20:38.600 --> 0:20:41.240 the country Sirius XM to A one nine team, and 0:20:41.359 --> 0:20:44.680 around the globe the Bloomberg Business at and Bloomberg Radio 0:20:44.840 --> 0:20:54.440 dot Com. This is Bloomberg Daybreak, five thirty on Wall Street. 0:20:54.480 --> 0:20:57.520 Good Wednesday morning. I'm Amie Morris and Nathan Hagar. We're 0:20:57.560 --> 0:20:59.760 just about four hours away from the open of US training. 0:20:59.840 --> 0:21:01.280 Let's sketch up to date on the news you need 0:21:01.359 --> 0:21:03.640 to know at this hour. Beginning with some key primary 0:21:03.720 --> 0:21:07.480 results from coast to coast, Democratic representative Karen Bass and 0:21:07.680 --> 0:21:11.760 billionaire developer Rick Caruso breezed past a large field of 0:21:11.840 --> 0:21:14.040 rivals looking to be the next mayor of Los Angeles. 0:21:14.119 --> 0:21:16.639 They are advancing to a runoff election in November. The 0:21:16.720 --> 0:21:19.920 winner will replace outgoing l A Mayor Eric Carcetti. In 0:21:20.040 --> 0:21:24.639 San Francisco residents voted to recall progressive district Attorney Jason Boudin. 0:21:24.960 --> 0:21:28.520 Boudin tried to reform the criminal justice system, but critics 0:21:28.560 --> 0:21:32.160 accused him of being too soft on crime. We've made mistakes, 0:21:32.800 --> 0:21:37.000 We've learned a lot, and I am so unbelievably appreciative 0:21:37.600 --> 0:21:40.760 about sixty of those voting favorite ousting Boudin. He'll be 0:21:40.880 --> 0:21:44.040 replaced by an interim district attorney chosen by Mayor London 0:21:44.080 --> 0:21:47.000 Breed New Jersey, Amy and the second district incumbent Jeff 0:21:47.040 --> 0:21:49.880 and Andrew won the GOP primary with eight six percent 0:21:49.960 --> 0:21:52.359 of the vote. Van Drew will face Democrat Tim Alexander, 0:21:52.359 --> 0:21:56.160 who got in the fourth district incumbent Republican Chris Smith 0:21:56.240 --> 0:21:58.440 one with fifty eight percent of the vote. He'll face 0:21:58.520 --> 0:22:01.440