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Speaker 1: News when you want it with Bloomberg News. Now, I'm

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Speaker 1: Doug Chrisner, and we begin with trade. The US has

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Speaker 1: reached a deal with South Korea. A fifteen percent tariff

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Speaker 1: will now be placed on South Korean goods imported into

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Speaker 1: the US. In a post tonight on Truth Social President

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Speaker 1: Trump said Saul has also agreed to invest three hundred

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Speaker 1: and fifty billion dollars in the US and purchase one

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Speaker 1: hundred billion dollars worth of liquefied natural gas and other

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Speaker 1: energy products. Here is US Trade Rep. Jamison Greer, speaking

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Speaker 1: tonight on Fox News.

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Speaker 2: Korea, as you know well, has always been very challenging

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Speaker 2: on trade for the United States. We've had an agreement

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Speaker 2: with them in past years, but our trade deathsit with

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Speaker 2: Korea has continued to be extensive. However, President Trump has

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Speaker 2: raised the natural leverage of the US market to really

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Speaker 2: obtain some significant concessions from the Koreans.

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Speaker 1: That is US Trade Rep. Jamison Greer speaking there on

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Speaker 1: Fox News. Separately, President Trump and Mexican President Claudia Schidbaum

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Speaker 1: are planned to speak on the phone tomorrow morning. We

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Speaker 1: are told talks between the US and Mexico have reached

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Speaker 1: the point where decisions must be taken at the leaders level.

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Speaker 1: Earlier this year, Trump imposed a twenty five percent tariff

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Speaker 1: on Mexico, accusing the country of insufficient efforts to stop

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Speaker 1: fentanyl trafficking. But the impact of those tariffs has been

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Speaker 1: limited because Trump exempted goods that qualify for duty free

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Speaker 1: treatment under the US Mexico Canada Agreement, although it remains

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Speaker 1: unclear if that exemption would be continued in full or

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Speaker 1: even narrowed well. Despite pressure from President Trump, today, the

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Speaker 1: FED kept its policy rate unchanged while at the same

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Speaker 1: time downgrading its view of the American economy. The FED

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Speaker 1: sead growth moderated in early twenty twenty five, and in

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Speaker 1: its statement, the FED repeated that uncertainty about the economic

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Speaker 1: outlook remains elevated. Here is FED Shaer J. Powell.

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Speaker 3: Despite elevated uncertainty, the economy is in a solid position.

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Speaker 3: The unemployment rate remains low, in the labor market is

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Speaker 3: at or near maximum employment. Inflation has been running somewhat

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Speaker 3: above our two percent longer run objective now.

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Speaker 1: At the same time, Powell did not rule out a

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Speaker 1: rate cut at the FED September meeting.

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Speaker 3: This is an intermeeting period when we'll get two full

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Speaker 3: rounds of employment and inflation data before the time of

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Speaker 3: the September meeting. We have made no decisions about September.

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Speaker 3: We don't do that in advance. We'll be taking that

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Speaker 3: information into consideration and all the other information we get

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Speaker 3: as we make our decision at the September meeting.

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Speaker 1: That is FED shared J. Powell speaking to reporters. Incidentally,

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Speaker 1: FED governors Michelle Bowman and Christopher Waller both dissented in

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Speaker 1: favor of a quarter point rate cut. We moved to

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Speaker 1: earnings after the bell. We heard from Meta Platforms. The

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Speaker 1: company top second quarter sales expectations revenue at forty seven

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Speaker 1: and a half billion dollars, and the company also issued

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Speaker 1: a bullish forecast for the current period, saying sales could

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Speaker 1: be as much as fifty and a half billion dollars now.

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Speaker 1: This reflects continued strength in Meta's ad business. The company

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Speaker 1: also raised its forecast for capital spending in twenty twenty

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Speaker 1: five of up to seventy two billion dollars as Meta

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Speaker 1: ramps up investments in AI and AI infrastructure. Dan Ives

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Speaker 1: is the global head of Tech research at Webbush Securities.

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Speaker 4: You have to think about it like what's the future

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Speaker 4: in terms of robotics, in terms of software, in terms

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Speaker 4: of how AI is going to play a role in

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Speaker 4: the every day of a consumer. I mean Meta is

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Speaker 4: thinking not in the next year, three, five, eight, ten

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Speaker 4: years out.

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Speaker 1: That is dan ives from Webbush Securities. Shares and Meta

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Speaker 1: were up by as much as eleven percent in late

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Speaker 1: US trading. We also heard from Microsoft. The company reported

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Speaker 1: stronger than expected earnings, fueled by a thirty nine percent

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Speaker 1: jump in quarterly revenue for its Azure Cloud computing division.

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Speaker 1: Total cloud sales over the past year now seventy five

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Speaker 1: billion dollars. You know, this is the first time Microsoft

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Speaker 1: has disclosed Azure's annual revenue. Greg Halter is director of

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Speaker 1: research at Carnegie Investment Council.

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Speaker 5: Usually they do beat I think it's been now only

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Speaker 5: three times four times over the last forty five periods

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Speaker 5: they have missed on earnings, and this is a larger

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Speaker 5: point of exceeding the estimate that they've had in seven periods.

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Speaker 1: That was Greg Culter from the Carnegie Investment Council. Shares

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Speaker 1: and Microsoft were up by more than eight percent in

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Speaker 1: late US trading. Well. Also here from mag seven member

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Speaker 1: Amazon Tomorrow after the closing bell a preview now from

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Speaker 1: Bloomberg's Charlie Pellett.

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Speaker 6: The focus for investors will be retail demand, Cloud AI growth,

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Speaker 6: and the impact of tariffs, gil Loria's head of Technology

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Speaker 6: research at DA Davidson.

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Speaker 7: For Amazon, there's some impact, obviously a lot of their

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Speaker 7: sellers sell from China, but Amazon is so broad and

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Speaker 7: flexible and consumers can move their They're demand around.

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Speaker 6: The analyst survey by Bloomberger are looking for earnings per

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Speaker 6: share of a dollar thirty two on revenue of one

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Speaker 6: hundred and sixty two point one billion dollars in New York.

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Speaker 6: Charlie Pellett, Bloomberg Radio.

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Speaker 1: Kamala Harris will not run for governor of California in

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Speaker 1: twenty twenty six. In a statement on Wednesday, the former

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Speaker 1: Vice president cited deep reflection and her continued commitment to

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Speaker 1: helping Democrats nationwide. Harris was widely seen as a potential

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Speaker 1: front runner to replace Governor Gavin Newsom, who is term limited.

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Speaker 7: Now.

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Speaker 1: Her decision reshapes California's gubernatorial race for twenty twenty six,

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Speaker 1: and it also preserves a path toward a potential Harris

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Speaker 1: twenty twenty eight presidential campaign and that is news when

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Speaker 1: you want it with Bloomberg News. Now, I'm Doug prisoner

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Speaker 1: and this is Bloomberg