Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: Gay Break for Wednesday, August seventeen, twenty two. Coming up
Speaker 1: the shower, Liz Cheney loses her House seat as two
Speaker 1: states vote in primary elections. Traders ready for minutes from
Speaker 1: the Fed and retail sales data. China issues a warning
Speaker 1: to the US over Taiwan and oil dips as we
Speaker 1: weigh the prospects ever a new to nuclear deal with Iran.
Speaker 1: New York City schools abandoned, COVID health screenings and PCR
Speaker 1: test Plus Rudy Julian able to testified today before grand
Speaker 1: jury and Georgia. I'm Michael blomen More ahead, I'm John
Speaker 1: Stage and sports. The Yankees slump, continue the Bats again
Speaker 1: quiet the home loss to Tampa Bay, and the Mets
Speaker 1: got shut out in Atlanta. That's all's training. Head on
Speaker 1: Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Syrius Exam one nineteen and around the
Speaker 1: world down Bloomberg Radio dot Com and via the Bloomberg
Speaker 1: Business app Good morning, I'm John Tucker and I'm Karen
Speaker 1: Moscow and US Dock index features are lower this morning.
Speaker 1: We are coming up to six o one on Wall Street,
Speaker 1: and we checked the markets every fifteen minutes throughout the
Speaker 1: trading day. On Bloomberg Guess and P futures down twenty
Speaker 1: three points down, futures down a D twenty five and
Speaker 1: nasdack futures down nat each two. The decks in Germany's
Speaker 1: down seven tenths of upper cent, the ten year treasury
Speaker 1: down eighteen thirty seconds, held two point eight six percent,
Speaker 1: and a yield on the two year three point to
Speaker 1: eight percent. John, We're gonna have more of the markets
Speaker 1: in a moment, but first we begin with politics. Republican
Speaker 1: Representative Liz Cheney has lost your primary in Wyoming, while
Speaker 1: former Alaska Governor Sarah Palin staging political comeback, and Bloomberg
Speaker 1: saymy Morris has details from our newsroom. In Washington, Chaney
Speaker 1: lost to lawyer Harriet Hagerman, who had been backed by
Speaker 1: Donald Trump. Chaney voted to impeach Trump and its co
Speaker 1: chair of the House elect Committee investigating the January sixth insurrection.
Speaker 1: She warned her supporters about the future of the Republican
Speaker 1: Party and the country. If we do not condemn the
Speaker 1: conspiracies and the lies, if we do not hold those
Speaker 1: responsible to accounts, we will be excusing this conduct, and
Speaker 1: it will become a feature of all elections. America will
Speaker 1: never be the same. In Alaska, party primaries were replaced
Speaker 1: with open primaries. The top four vote getters in each
Speaker 1: race advances to the general election in November. Sarah Palin
Speaker 1: was among the candidates to advance in the House race.
Speaker 1: Senator Lisa Murkowski and challenger Kelly Shabaka earned two of
Speaker 1: the slots in the Senate race. Results are still being
Speaker 1: tabulated to determine the final two slots. In Washington, I'm
Speaker 1: maybe Morris Bloomberg daybreak. All right, Amy, thank you, but
Speaker 1: I'm sticking with politics. President Biden has signed the Inflation
Speaker 1: Reduction Act into law. He's handling the landmark bill addressing tax, climate,
Speaker 1: and health policy. I'm keeping my campaign commitment no one.
Speaker 1: Let me emphasize, no one earning lesson four hundred thousand
Speaker 1: dollars a year will pay a penny more in federal tax.
Speaker 1: President Biden signed the law with no GOP support from
Speaker 1: both chambers of Congress. Republican Congressman Adrian Smith and Nebraska
Speaker 1: discussed the bill's impact on the deficit a lady yesterday
Speaker 1: on Bloomberg Radio. It's important that the President understand we
Speaker 1: cannot just continue without making any changes whatsoever, continue in
Speaker 1: the direction of this spending that I think has been
Speaker 1: very problematic. The America people expect us to get that
Speaker 1: under control. Nebraska Republican Congressman Adrian Smith made the comments
Speaker 1: on Bloomberg's Sound on Catch the Program weekdays at five
Speaker 1: pm Eastern on Bloomberg Radio and the markets Now Karen,
Speaker 1: where the SMP five hunter posted a small game. Yesterday,
Speaker 1: earnings from Walmart and Home Depot boosted sentiment. Today, We're
Speaker 1: gonna be watching minutes from the Federal Reserve, which will
Speaker 1: task bets on a pivot towards slower rate highs and
Speaker 1: let's get more, from Bloomberg's Michael McKee. After two moves
Speaker 1: of three quarters percent, the size of the feds next
Speaker 1: grade increases. In open question, investors may find some clue
Speaker 1: is in the minutes of their last meeting. Those minutes
Speaker 1: likely won't settle the question, but they could indicate what
Speaker 1: kind of data officials would need to see to favor
Speaker 1: another unusually large increase, with Chairman J. Powell expected to
Speaker 1: speak of the Kansas City FEDS Jackson Whole Conference a
Speaker 1: week from Friday. Any post minutes market move maybe short lived.
Speaker 1: Michael McKee, Bloomberg, Gabrie, all right, Mike, thank you. All
Speaker 1: those minutes come around two pm, all street time. But
Speaker 1: this morning it's all about the consumer. We get data
Speaker 1: on US retail sales for July at eight thirty. MasterCard
Speaker 1: Advisor chief economist Michelle Meyer expects another game. The surveys
Speaker 1: have shown that consumers are worried. They're trying to plan ahead,
Speaker 1: They're trying to think about how to navigate this economic environment.
Speaker 1: But in the interim, they are still outspending. Michelle Meyer
Speaker 1: and MasterCard Advisors remains bullish on US spending. Economist predicted
Speaker 1: gain of just one tenth of a percent for July
Speaker 1: retail sales. Stay tuned for complete coverage and analysis of
Speaker 1: the data coming up on Bloomberg Surveillance and when it
Speaker 1: comes to earnings, Also about retail today, Bloomberg Jeff Ballinger
Speaker 1: reports Target will deliver its earnings this morning. Target made
Speaker 1: a strategic decision to rapidly liquidate much of its success inventory.
Speaker 1: The second quarter results will indicate whether that was a
Speaker 1: good move and whether further mark downs are needed. Bloomberg
Speaker 1: Intelligence as Target may have continued to outpace its peers
Speaker 1: when it comes to store traffic. The chain has sought
Speaker 1: to be surgical and raising prices to protect the perception
Speaker 1: of value and maintain customer loyalty. B I says that
Speaker 1: may also have weighed on gross margin. Jeff Bullinger, Bloomberg
Speaker 1: Day Break, All right, thanks Jeff. At a day after
Speaker 1: Home Depot beat estimates, were expected to get earnings from
Speaker 1: home improvement retailer Lows today and those earnings just crossing
Speaker 1: the Bloomberg. John Lowes reporting second quarter adjusted profit that
Speaker 1: beat analysts estimates again just crossing the Bloomberg. We turned
Speaker 1: to commodities now. Oil continues to drop as Trader's way
Speaker 1: the prospects of a few key geopolitical factors right now,
Speaker 1: West Texas crewede is higher up half percent or forty
Speaker 1: seven cents at eighty seven dollars of barrel plumbers. You
Speaker 1: need a young joins us live at the story. We
Speaker 1: need a good morning. Good morning, Karen w. T I
Speaker 1: future has dropped more than three percent yesterday, closing below
Speaker 1: eighty seven dollars of barrel. They're also lowered this morning
Speaker 1: as talks between Iran and the European Union signal progress
Speaker 1: toward a renewed nuclear deal that could open the door
Speaker 1: to crude shipments from the Islamic Republic. A Wanda market
Speaker 1: analysis says the potential for a deal creates a two
Speaker 1: way risk for the price of oil, but the primary
Speaker 1: driver of the current weakness is the threat of a
Speaker 1: global recession at coronavirus lockdowns in China. Live in New York,
Speaker 1: I'm gonna need a Young Bloomberg daybreak thanks. In the
Speaker 1: UK today, data show inflation accelerating yet again, consumer prices
Speaker 1: rising by double digits in July at an annual phase
Speaker 1: of ten point one percent, and Bloomberus Leslie Burden of
Speaker 1: London says rising food prices now adding to the squeeze
Speaker 1: on UK consumers. Food is actually the biggest contribute to
Speaker 1: which means that the poorest households again to be hit
Speaker 1: the hardest, but it's also broad face recreation culture with
Speaker 1: the next biggest contributors. And not worrying for the Bank
Speaker 1: of England because it indicates that this is going to
Speaker 1: last longer. Bloomberg's Lizzie Burden says traders are now ramping
Speaker 1: up bets that the Bank of England will raise rates
Speaker 1: by fifty basis points at their meeting in September. You're
Speaker 1: listening to Bloomberg Daybreak, and that brings us to six
Speaker 1: oh seven on Wall Street and time to find out
Speaker 1: what else is going on in New York and around
Speaker 1: the world. Good morning, Michael Barr, Good morning. John. Rudy
Speaker 1: Giuliani is scheduled to appear today and the Atlanta Courthouse
Speaker 1: to testify before a special grand jury and an investigation
Speaker 1: into possible illegal attempts to influence the twenty one the
Speaker 1: election in Georgia. The former New York mayor and attorney
Speaker 1: for former President Donald Trump is the target of the investigation.
Speaker 1: Any questioning will take place behind closed doors. Nonprofits and
Speaker 1: New York City social services say they've been stretched thin
Speaker 1: trying to account Mandy asylum seekers and migrants who often
Speaker 1: are bussed in unannounced and in unknown numbers from Texas
Speaker 1: and Arizona. Catholic Charities executives say they're working with families
Speaker 1: to provide essentials and more Cardinal Timothy Dolan at Dawns
Speaker 1: and me. These just aren't cases. These just aren't uh,
Speaker 1: these just aren't problems. These just aren't statistics. These are
Speaker 1: not just refugees and asylum seekers in the plural. These
Speaker 1: are people with names, Cardinal Dolan as New York City
Speaker 1: officials estimate around twenty eight hundred migrants have been transported
Speaker 1: recently into the city from border towns. The New York
Speaker 1: City Department of Education is relaxing COVID nineteen protocols for
Speaker 1: students and staff ahead of the start of the new
Speaker 1: school year. According to the guidelines, the district will no
Speaker 1: longer require daily health screenings to enter school buildings, nor
Speaker 1: will it conduct in school PCR surveillance testing. Iranian officials
Speaker 1: have confirmed that they have submitted a written response to
Speaker 1: the latest EU draft to revive the nuclear deal, Bloomberg said.
Speaker 1: Baxter reports the US is watching closely. Bloomberg sources are
Speaker 1: saying that it may ask for a couple of adjustments
Speaker 1: in the pact, to which the US State Department spokesman
Speaker 1: that Price says, there is a red line. We are committed.
Speaker 1: President Biden has made a solemn commitment that Iran will
Speaker 1: never obtain a nuclear weapon that in its own right
Speaker 1: is something that UM redounds to our national security, but
Speaker 1: price as the US will go through the response with
Speaker 1: hopes of a deal in San Francisco. I'm at Baxter,
Speaker 1: Bloomberg Day Bright opening statements are scheduled to begin today
Speaker 1: and the latest federal trial for singer R. Kelly and Chicago.
Speaker 1: He is accused of enticing miners for sex, producing child porn,
Speaker 1: and fixing his two thousand eight state child porn trial
Speaker 1: at which he was acquitted. Global tams twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than seven hundred journalists and analysts more than trees.
Speaker 1: I'm Michael Barr. This is Bloomberg, John, Michael, thank you,
Speaker 1: and that brings us to six ten off Wall Street
Speaker 1: time down for the Bloomberg Sports Update. Here's thanks, John.
Speaker 1: Test start to the week for New York baseball. The
Speaker 1: night after the Yankees and Mets lost games by combined
Speaker 1: seven team to one, they lost by a combined eight
Speaker 1: to one, and for the Yankees, the tailspin continues. Eleven
Speaker 1: losses in the last thirteen games. Going further back, just
Speaker 1: eleven wins in thirty three games, are short of losing
Speaker 1: a fifth consecutive series. Aaron Boone's team beat by Tampa
Speaker 1: Bay three to one. You can't let the frustration get
Speaker 1: in your way of of you know, preparing and you know,
Speaker 1: getting ready to go every night. You know, we've got
Speaker 1: a few guys that are in a rut. We gotta
Speaker 1: we gotta prepare and get ready and fight our way
Speaker 1: out of it. You know, it's part of it. And uh,
Speaker 1: you know it's no fun when you're going through it.
Speaker 1: But that's where we are right now. Have scored just
Speaker 1: one run over the last three games on the Mets
Speaker 1: and two games in Atlanta only one run, shutout by
Speaker 1: Charlie Morton and the Braves five to nothing, Atlanta's eighth
Speaker 1: win in a row since losing four or five to
Speaker 1: the Mets at City Field. That Met Division lead over
Speaker 1: the Braises down to three and a half. The good
Speaker 1: news of the Mets Max Schers at pitches tonight, Jacob
Speaker 1: to Graham tomorrow. Good news for the Jet Zach Wilson's
Speaker 1: knee surgery went well, No additional damage was found. It's
Speaker 1: still likely that Wilson will miss the season opener, which
Speaker 1: would meet veteran Joe Flacco would face his old team
Speaker 1: of Baltimore Ravens and the Giants preseason opener. They're veteran
Speaker 1: backup few beat Tyrod Taylor look good. Coach Brian Dabele said, Taylor,
Speaker 1: we'll get some reps with the first team. He downplayed
Speaker 1: any significance to that. He insisted Daniel Jones as the starter.
Speaker 1: The Athletic reports trade tops are again heating up between
Speaker 1: the Nicks and Utah Jazz for a deal that would
Speaker 1: bring all star Donovan Mitchell to New York. John stash
Speaker 1: Award Bloomberg Sports. John John thanks a lot of hit
Speaker 1: of the camp show called Wall Street Futures right now
Speaker 1: in the red, the down futures down one hundred thirty
Speaker 1: four points, that's the declined about four tensi or per
Speaker 1: cent SMP IMMNI futures twenty five points slower, and the
Speaker 1: Nastic futures are down nine points. This is Bloomberg day
Speaker 1: Break and just ahead on Bloomberg, UK inflation hits double
Speaker 1: digits for the first time in forty years. We'll break
Speaker 1: it down with Marcus Afsworth the Bloomberg Opinion Columness for
Speaker 1: the UK markets headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot com, the Bloomberg Business Out
Speaker 1: and at Bloomberg Quicktape's a Bloomberg Business Flash. And I'm
Speaker 1: Karen Mostown watching shares the loads this morning. They're on
Speaker 1: the rise there, up more than three at early trading.
Speaker 1: The homemt proom in retailer reported second quarter profit that
Speaker 1: beat analysts estimates. Still comps sales in the quarter missed.
Speaker 1: Futures this morning are lower as concerns over the Federal
Speaker 1: Reserve's aggressive rate high path outweighs robust corporate earnings and
Speaker 1: Shina's stimulus plants, and we check them mark. It's every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Right now,
Speaker 1: S and P futures are done about twenty five points
Speaker 1: and DOWN futures are down one thirty two and NASDEG
Speaker 1: futures down a hundred. The tenure Treasury is down seventeen
Speaker 1: thirty seconds, held two point eight six percent. They yield
Speaker 1: on the two year three point to nine percent. NIMEX
Speaker 1: screwed oil is up more than one percent. It's up
Speaker 1: ninety two cents at eighty seven dollars forty five cents
Speaker 1: of barrel comes. Gold is down about a tenth of
Speaker 1: a percent on a dollar thirty as seventeen eighty eight
Speaker 1: forty announced. The euro is at one point o one
Speaker 1: seven seven against the dollar, British found one point two
Speaker 1: zero nine nine, and the en mon thirty four point
Speaker 1: h u and looking at it bitcoin, it's down about
Speaker 1: one percent at twenty three thousand, seven hundred fifty dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. Wyoming Representative List Cheney, donald Trump's
Speaker 1: fierce is a Republican adversary in Congress, has been defeated
Speaker 1: in a GOP primary. She fell tuesday to Harry and
Speaker 1: Hagaman arrival, backed by the former president, sixty six percent
Speaker 1: to twe President Joe Biden signed a sweeping tax, climate,
Speaker 1: and healthcare measure into law. The measure, known as the
Speaker 1: Inflation Reduction Act, would also cap and lower the price
Speaker 1: in medicines for seniors. In baseball, the Yankees and Mets lost,
Speaker 1: the Red Sox and Orioles won, The Nationals lost, the
Speaker 1: A's and Giants won. Global News twenty four hours a
Speaker 1: day on here and on Bloomberg Quick Take, powered by
Speaker 1: more than twenty seven hundred journalists analysts in more than
Speaker 1: a hundred twenty countries. How Michael bar this is Bloomberg, Michael,
Speaker 1: thank you, six twenty out Wall Street. We are lying
Speaker 1: for the Bloomberg Interact, a broker's studios. This is Bloomberg
Speaker 1: day Break. Inflation in the UK accelerated more than expended
Speaker 1: last month to the highest and forty years. Let's take
Speaker 1: a deeper dive this morning, joining us, I'm happy to say,
Speaker 1: Bloomberg opinion columnist Marcus Ashworth. And before we die even
Speaker 1: into the data, the policy implications, what's the impact of
Speaker 1: all this on just the the average Joe there in
Speaker 1: the UK. Well, the average show is is waking up
Speaker 1: a bit to the realization we've got double dishc inflation. Um.
Speaker 1: I think it's shocked funny after sterling money markets and
Speaker 1: the bond markets more than perhaps the mount on the street. Actually, um,
Speaker 1: everyone got a bit complacent. We've seen a better than
Speaker 1: expected US inflation last week and sort of thought somehow
Speaker 1: the same would have happened over here. It made you,
Speaker 1: in fact, next month it's certainly go to because finally
Speaker 1: we've got petrol or gasting prices falling a long last,
Speaker 1: but it wasn't where did July and all of food
Speaker 1: prices and we've got a worse than expected number and
Speaker 1: it's completely taken markets by surprise, and I think everyone's
Speaker 1: now expecting instead of twenty five basis points for the
Speaker 1: Bank of England said to have a ten for the
Speaker 1: meetnext but it will be fifty basis points. So we're
Speaker 1: gonna have to catch up a bit with you guys
Speaker 1: the fence. You know, it started four months up later
Speaker 1: in the Bank of England, but you've accelerated, Pastors, and
Speaker 1: we're we're living as an in your wake. Okay, So
Speaker 1: rate differentials really do matter, especially with foreign exchange. So
Speaker 1: what's the impact on sterling? Where does that go and
Speaker 1: how does that complicated things. It's not really Sterling that's
Speaker 1: moved because it just you know, it's being kept up
Speaker 1: just about by expectations are slightly higher rate hike. Sterling
Speaker 1: is still just wafting around in the wake of what
Speaker 1: King Dollar wants to do. A bit like the euro
Speaker 1: is that it's all about the dollar in FX terms.
Speaker 1: The stock market isn't that fast, Dieter big. But the
Speaker 1: point is is that money markets got this wrong, badly wrong,
Speaker 1: and had been expecting, for some reason, a much better number.
Speaker 1: Uh in fact, expecting it to beat expectations, because it
Speaker 1: was much worse expectations by an extra three tents. And
Speaker 1: that's called everyone out today. So it's a it's a
Speaker 1: violent market in a short end money market rates for
Speaker 1: sure in Okay today. Does this underscore policy errors or one?
Speaker 1: I mean, what's what's behind it? Yeah, it's policy is
Speaker 1: Actually for one time, I'm probably the bank having recently
Speaker 1: I've been right to call this out. I think the
Speaker 1: market hasn't taken them as seriously. Perhaps it might have
Speaker 1: been because the bank aving struct record has been so
Speaker 1: poor this time around, the Bank having and we're right
Speaker 1: to forecasts more aggressively perhaps than other people. Their forecast
Speaker 1: was also wrong, but less wrong than perhaps the markets was.
Speaker 1: Um So, yeah, well everyone's a bit of said this
Speaker 1: array here. I mean it's it's I said it's it's
Speaker 1: going to be bad for in October, much worse in October.
Speaker 1: We think it's gonna go up to over because we
Speaker 1: have this energy price cap lifting. Um So we might
Speaker 1: get a couple of better numbers next in August and September,
Speaker 1: but we know for sure it's gonna get worse again
Speaker 1: in October. But market said policy isn't going to address that, right, Well,
Speaker 1: I thought, what else can they do. They've left it
Speaker 1: too late, and they're gonna have to do something. They're
Speaker 1: gonna have to get rates up there at one point
Speaker 1: seven five percent, they're going to get them up to
Speaker 1: two and a quarter, probably two and three quarters by
Speaker 1: the end of the year at least, and then by
Speaker 1: that stage, as I said, the fourth quarter going into
Speaker 1: the next one next year, the banging is predicting a
Speaker 1: recession or start of recession, and that's um at the moment.
Speaker 1: We're already bumbling around around zero growth anyway, so you
Speaker 1: know it's going to push the market uh into the
Speaker 1: economy into recession. And yeah, they'll have to they'll have
Speaker 1: to be careful how much they start hiking into st
Speaker 1: rates then, so better get it done now. But it's
Speaker 1: not a great UH forecast, is it to keep on
Speaker 1: hiking to try and get rid of inflation, but at
Speaker 1: the same time pushing economy into into decline. Yeah, you've
Speaker 1: got where's you say recession looming, possibly double digit and
Speaker 1: what's the next locust. No, we had locus. We we've
Speaker 1: had a drought as a lot of Europe has um. Yeah,
Speaker 1: it's it's that the travel is is that the UK
Speaker 1: is no different position really than the US or Europe
Speaker 1: in certain ways. It's got slightly better economy perhaps fundament
Speaker 1: clean in Europe. But inflation is certainly pretty perky here.
Speaker 1: But we've got great balance sheets in corporate and households
Speaker 1: and and the banks. That's the savings, that's the good news.
Speaker 1: But the point is we were tightening fiscal policy up
Speaker 1: to very recently. We're having this battle for to become
Speaker 1: the next prime minister. Almost certainly we're going to get
Speaker 1: a fiscal spend, a spurge, but it's probably will be
Speaker 1: not enough and certainly too late. Always a pleasure appreciative
Speaker 1: mark will end on a positive note there, Bloomberg Opinion.
Speaker 1: Gollumnus Marcus Ashworth and ahead of the cash open on
Speaker 1: Wall Street, and well, let me give you a pound
Speaker 1: quill right here at one, right now, so that's relatively unchanged.
Speaker 1: That's that's cable compared to the dollar down future is
Speaker 1: right now one hundred fifty point slower. SMP evening futures
Speaker 1: they're down twenty seven points right now, and the Nasdaq
Speaker 1: futures one hundred eight points lower. And you're listening the
Speaker 1: Bloomberg day Break and the Bloomberg Weather for it today
Speaker 1: partial sun, developing, chance of an isolated shower this morning
Speaker 1: to night clear a loose sixty seven to Mars outlet
Speaker 1: partly mostly Sundays. You're topping out in the mid eighties,
Speaker 1: broadcasting y from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg E loving freon to Washington, d C, Bloomberg ninety
Speaker 1: one to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg sixty to the country Sirius XM Chado one nine
Speaker 1: t and around the globe the Bloomberg Business and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's six thirty
Speaker 1: on Wall Street. Good morning. I'm John Tucker and I'm
Speaker 1: Karen Moscow. We are just about three hours away from
Speaker 1: the open of US trading. It's time for the five
Speaker 1: things that you need to notice start your day, wrote
Speaker 1: you by Interactive Brokers. Interactive Brokers Global Analysts helps you
Speaker 1: find a global investment opportunities to diversify your portfolio and
Speaker 1: discover undervalued companies that may have greater growth potential. Try
Speaker 1: i v k our Global Analysts today at ibk R
Speaker 1: dot com. Slash g A first Republican representative, as Cheney
Speaker 1: lost her primary in Wyoming to Harriet Hageman, who was
Speaker 1: backed by former President Trump. Cheney says Trump still fanning
Speaker 1: the flames of violence. Our nation is barreling once again
Speaker 1: towards crisis, lawlessness, and violence. Let's Chaney, who co chairs
Speaker 1: the House of January six committee, warned stolen election of
Speaker 1: rhetoric could become normalized if former President Trump is not
Speaker 1: held accountable. In Alaska, the former governor Sarah pale in
Speaker 1: advance to the general election of November for the state's
Speaker 1: open house seat, and Alanska Senator Lisa Murkowski and Trump
Speaker 1: Act challenger Kelly Shabaka earned two of the slots in
Speaker 1: the Senate race, with the results still being tabulated to
Speaker 1: determine the final two slots. Marcus john where the SNP
Speaker 1: five hardard posted a small game yesterday. Today Market shill
Speaker 1: watch minutes from the Fed do out at around two
Speaker 1: pm All Street time and July retail sales data which
Speaker 1: is out at eight thirty, and markets also going to
Speaker 1: react at earnings today from lows and target lows are
Speaker 1: just reporting results adjusted earnings per share for the second quarter,
Speaker 1: beating the average analyst estimate. The commodities now, John Oil's
Speaker 1: slide continues as traders way the prospects of a few
Speaker 1: key geo political factors. Right now, West Texas crewed is higher,
Speaker 1: up seven tenths per cent or sixty cents at eighty
Speaker 1: seven dollars fourteen cents a barrel, and bloombars We need
Speaker 1: young joins us live with that story readied a good morning,
Speaker 1: Good morning Kareen w t I Future has dropped more
Speaker 1: than three percent yesterday, closing below eighty seven dollars of barrel,
Speaker 1: and talks between the Iran and the European Union signal
Speaker 1: progress toward a renewed nuclear deal that could open the
Speaker 1: door to crude shipments from the Islamic Republic. A Wanda
Speaker 1: market analysis says the potential for a deal creates a
Speaker 1: two way risk for the price of oil, but the
Speaker 1: primary driver of the current week this is the threat
Speaker 1: of a global recession. At coronavirus lockdowns in China, live
Speaker 1: in New York. I'm Nita Young Bloomberg Day Break, all right,
Speaker 1: Rendy to thank you, and we are watching shares of
Speaker 1: Target AD just reported earning second quarter profit, missing analysts estimates,
Speaker 1: coming in at thirty nine cents a share analysts who
Speaker 1: are looking for seventy two cents, and shares falling down
Speaker 1: about four percent in early trading. Right now. Comp sales
Speaker 1: looks like they also missed analysts estimates as well. Straight,
Speaker 1: I had your latest local headlines, plus a check of sports,
Speaker 1: and this is Bloomberg. Thanks six three on All Street.
Speaker 1: Time to bring in Michael Barne. Now I'll tell us
Speaker 1: what else is going on in New York ended around
Speaker 1: the world, John, thank you very much. Rudy Giuliani, former
Speaker 1: President Trump's personal attorney, is scheduled to testified today and
Speaker 1: the possible criminal activity surrounding those who tried to overturn
Speaker 1: the twenty Georgia election results. The former New York mayor
Speaker 1: is now all the target of an investigation my Georgia prosecutors.
Speaker 1: Juliani has pushed back on the investigation and has claimed
Speaker 1: without evidence that Atlanta is a city known for corruption,
Speaker 1: with New York City officials estimating around twenty hundred asylum
Speaker 1: seekers and migrants have been bust into the city from
Speaker 1: border towns along Texas and Arizona. Nonprofits and city social
Speaker 1: services say they've been stretched then trying to accommodate the newcomers.
Speaker 1: Catholic charities say they are working with the families to
Speaker 1: provide services like scholarships for local schools for families, gift
Speaker 1: cards for food and other essentials, and more. Cardinal Timothy Dolan.
Speaker 1: Our perspective is not the political. Our perspective is not
Speaker 1: how did we get in this mess. Our perspective uh
Speaker 1: is simply to help them, to reach out to them,
Speaker 1: Cardinal Timothy Dolan. Donald Trump's lawyer asked a federal appeals
Speaker 1: court to block New York's investigation into potentially fraudulent asset
Speaker 1: valuations at his real estate company. Trump's attorney says the
Speaker 1: investigation by New York Attorney General Letitia James is a
Speaker 1: rashing and overreaching Iranian officials confirmed this week that they
Speaker 1: have submitted their written response to the latest EU draft
Speaker 1: to revive the nuclear accord. State Department spokesman Dead Price.
Speaker 1: We are committed President Biden has made a solemn commitment
Speaker 1: that Iran will never obtain a nuclear weapon that, in
Speaker 1: its own right is something that um redounds to our
Speaker 1: national security. State Department spokesman Ned Price. The Saudi Back
Speaker 1: Live Golf League would be banned from New Jersey clubs
Speaker 1: under a bill introduced by two Democratic state Senators Andrew's
Speaker 1: Wicker and Richard Cody. Live tournament at Donald Trump's Bedminster
Speaker 1: golf Club last month drew protests from survivors and families
Speaker 1: of nine eleven victims. The New York City Department of
Speaker 1: Education is relaxing COVID nineteen protocols for students and staff
Speaker 1: ahead of the start of the new school year. According
Speaker 1: to the guideline, the district will no longer require daily
Speaker 1: health screenings to enter school buildings, nor will it conduct
Speaker 1: in school PCR surveillance testing. Global needs twenty four hours
Speaker 1: a day on here and on Bloomberg Quick Tank, powered
Speaker 1: by more than twenty seven under journalist and analyist more
Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg, John, Michael,
Speaker 1: thank you. It's now six thirty six on Wall Street.
Speaker 1: That's time for the Bloomberg Sports Upday Morning John, Stash
Speaker 1: Morning John. The Mets went down to Atlanta, flying high,
Speaker 1: winners of seventeen of their last twenty games. They have
Speaker 1: come back to earth as the Braves have won twice
Speaker 1: by a combined score of eighteen to one. Mets at
Speaker 1: only three hits off Charlie Morton, who struck at twelve
Speaker 1: when Atlanta's five nothing win that cuts the Mets Division
Speaker 1: lead down to three and a half, and another starting
Speaker 1: pitcher is injured. The Mets just just put Carlos Carrasco
Speaker 1: on the injured list, Taiwan Walker at the leave last
Speaker 1: night after just two wings with back spasm. The Mets
Speaker 1: do have Max Schers who are going on the mount
Speaker 1: tonight Jacob to Grim tomorrow in those two aces are edule.
Speaker 1: The next week faced the Yankees, who lost again Tampa
Speaker 1: Bay's Randy and Rose Arena and killed the Yanks two
Speaker 1: years ago in the playoffs. The three one homer first
Speaker 1: hitting off Nestor Cortez. It's all the Raised got or
Speaker 1: needed in a three one win as the Yankee bats
Speaker 1: were again quiet only four hits. Even Aaron Judge is
Speaker 1: not hitting one for his last four teams is happy
Speaker 1: about it um. But you know, having a little bit
Speaker 1: of a cushion helps, but that cushion can dwindle quick,
Speaker 1: so we gotta we gotta stay on top of it.
Speaker 1: And you guys are putting, the working guys are coming up,
Speaker 1: they're showing up, they're doing their things. So and I'm
Speaker 1: just about going out there on the field and performance
Speaker 1: makes have lost six of seven. In those seven games,
Speaker 1: they scored a totally nine runs. The Jets, says Zach
Speaker 1: Wilson's the surgery went well and it's possible the Jets
Speaker 1: quarterbacks would played the season opener tennis and Cincinnati. Serena
Speaker 1: Williams lost six four or six love to m A Radicano.
Speaker 1: She's half Serena's age. She's defending the US Open champs
Speaker 1: Arena now gets ready to come to New York for
Speaker 1: the Open. She says it will be the final tournament
Speaker 1: of her period. John Stashwart, Bloomberg Sports. John, thanks very much.
Speaker 1: Seven on wall st Time now to take a look
Speaker 1: at stocks, some of the names that are moving in
Speaker 1: the premarket, and for that we're joined by Bloomberg reporter
Speaker 1: Laura Right and Laura the Parade of earnings continues this morning,
Speaker 1: more retailers reporting what do you have for us? Yeah,
Speaker 1: we'll starting with Target. It was a big miss on profit.
Speaker 1: Adjusted EPs came in at thirty nine cents a share.
Speaker 1: The estimate was four around seventy two cents a share.
Speaker 1: Right now, that stock is falling around four percent ahead
Speaker 1: of the bell. This is primarily because of markdowns, reductions
Speaker 1: and prices. Home Appliance is patio, furniture, discretionary items. We
Speaker 1: know that markdowns of prices hits gross margins. Targets inventory
Speaker 1: increased thirty in the second quarter from the same period
Speaker 1: a year ago. The reason why Target they stocked up
Speaker 1: trying to avoid supply chain congestion, but in the end
Speaker 1: they struggled to offload that inventory onto consumers. Okay, after
Speaker 1: the land of two by fours and stuff blows, Yes,
Speaker 1: so lows right now up some three in pre market trading.
Speaker 1: Loads reported comparable sales for the quarter that missed the
Speaker 1: average analyst estimate, albeit fractionally, net sales of twenty seven
Speaker 1: billion dollars, and in a statement, the Home, a sabashing
Speaker 1: company said despite the continued macro uncertainty, they remain confident
Speaker 1: of their long term strength for the home improvement market
Speaker 1: and their ability to take more market share. They reiterated
Speaker 1: their full year total sales target between dollars. But really,
Speaker 1: companies like lows and targets are barometers of how consumers
Speaker 1: are feeling. So subsequent quarters are crucial. Will we wait
Speaker 1: for those bathroom renovations or home extensions or will we
Speaker 1: postpone them because we feel more uncertain about our own incomes?
Speaker 1: What does Hill International? Where they do? Yeah, so this
Speaker 1: is a construction consulting fir um. It's up sixty percent
Speaker 1: in pre market trading, and this is because it's announced
Speaker 1: that Global Infrastructure Solutions will commence an all cash tend
Speaker 1: to offer for two dollars a share that represents a
Speaker 1: premium of sixty three to the last closing price. Now,
Speaker 1: this merger advances the buyers objectives of diversification and expansion,
Speaker 1: and the transaction values Hill at seventy three million u
Speaker 1: S dollars and the deal is expected to close the
Speaker 1: end of this year. Let's finish up fundamental fundamentals, let's
Speaker 1: go and beyond what's going on there. Yeah, but Wall
Speaker 1: Street analysts are calling it meme stock frenzy once again,
Speaker 1: the stock rallying um and it's on track for a
Speaker 1: sixth day of games. To put that in context, it's
Speaker 1: it's over around three three week surge and call options
Speaker 1: are betting the stock to trade above forty dollars by
Speaker 1: the end of the week. Really, it's that mean stock frenzy,
Speaker 1: as you mentioned, knocking its fundamentals. All right, Laura, always
Speaker 1: a pleasure, You appreciate it, Bloomberg News reporter Laura right,
Speaker 1: and looking at the overall market right now, down future
Speaker 1: is one hundred sixty points lower SMB even the futures
Speaker 1: now than NANDAK futures one seven points lower. You're listening
Speaker 1: to Bloomberg day Break and Bloomberg Weather for it today
Speaker 1: partial sun developing, chance of a shower this morning, high
Speaker 1: sight clear tonight blow sixty to seventy degrees and Rob
Speaker 1: Carolin tells us partly the mostly Sunday tomorrow highs in
Speaker 1: the mid eighties. Markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business app,
Speaker 1: and at Bloomberg Quick Tape. This is a Bloomberg Business
Speaker 1: Flash and I'm Karen Moscow. It's another busy morning for earnings.
Speaker 1: We've heard from Target. We've heard from lows and futures
Speaker 1: are lower. We get to the first and breaking news
Speaker 1: dance for today's morning call. Here's Bill Maloney. Bill, good morning,
Speaker 1: and good morning, Karen. That's right. U S features are
Speaker 1: under pressure right now at down features down a hundred
Speaker 1: and seventy seven points. STB s drop thirty one one.
Speaker 1: NASA futures are down by a hundred and thirteen. The
Speaker 1: US ten year old at two point eight six percent,
Speaker 1: Gold is down three, oil is in the green, and
Speaker 1: bitcoin is down by point nine percent. Japan rose one
Speaker 1: point two percent overnight, while eup markets are trading in
Speaker 1: the red this morning and back in the US. On
Speaker 1: the economic front, eight thirty retail sales and at ten
Speaker 1: o'clock business inventories. You mentioned those earnings low ZPs beat estimates.
Speaker 1: Shares are up three point eight percent pre market, but
Speaker 1: Target missed its lowest profit estimates, but still predicts a
Speaker 1: rebound In other New Zealand, Musk says he was joking
Speaker 1: about buying Manchester United and wrapping things up. Stanley Blackendecker
Speaker 1: was cut to hold over heat. Deutsche Bank Live from
Speaker 1: the first Breaking news descom Bill Maloney, Karen All right, Bill,
Speaker 1: thank you, and here live breaking news over your Bloomberry Times,
Speaker 1: Squawk on your terminal squ A w u K, and
Speaker 1: we're also watching tar It shares their down more than
Speaker 1: three percent as a Bloomberg Business flashdown. Here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael,
Speaker 1: thank you very much. Karen, one of former President Trump's
Speaker 1: most vocal Republican opponents, has gone down to defeat. Liz
Speaker 1: Cheney lost the Republican primary to retain her seat in
Speaker 1: the House to Harry and Hegeman arrival backed by Trump
Speaker 1: sixty to Alaska U S Senator Lisa Murkowski and her
Speaker 1: Trump endorsed Republican rival, Kelly Shavaka, have advanced from Tuesday's primary. Meanwhile,
Speaker 1: Republican Sarah Palin, the former governor, was among the candidates
Speaker 1: advancing to the November general election in the race for
Speaker 1: Alaska's only House seat. In baseball, the Mets continue to slump.
Speaker 1: They lost. The Mets also lose the Red Sox and
Speaker 1: Orioles one. The Nationals lost the A's and Giants won
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven under
Speaker 1: journalists and analysts in more than countries. I'm Michael Barr,
Speaker 1: and this is Bloomberg, Karen Marry, Michael, thank you. At
Speaker 1: a six forty nine on Wall Straight, we turned to
Speaker 1: news and science and technology. Now at the Bloomberg and
Speaker 1: j I T STEM Report, it has run to you
Speaker 1: buy New Jersey Institute of Technology n j i T
Speaker 1: makes industry ready engineers and more than twenty fields. If
Speaker 1: it's engineering, it's at n j I T. Learn more
Speaker 1: at n j I T dot E d U and
Speaker 1: here's just making news in science, technology, engineering and math.
Speaker 1: Drought in high temperatures exacerbated by climate change have led
Speaker 1: to record levels of fire activity across Europe. It's burned
Speaker 1: an area roughly equivalent to one fifth of Belgium. Wildfires
Speaker 1: in the EU have consumed over one and a half
Speaker 1: million acres of land in twenty two, according to the
Speaker 1: data from the European Forest Fire Information System. Scientists in
Speaker 1: Australia and the US hope to use stem cells and
Speaker 1: gene editing technology to bring the Tasmanian tiger back to life.
Speaker 1: The animal went extinct in nineteen thirties, and it would
Speaker 1: mark the first ever de extinction event, but some experts
Speaker 1: are skeptical. Associate Professor Jeremy Austin from the Australian Center
Speaker 1: for Agent d NA told The Sydney Morning Harold d
Speaker 1: extinction is fairy tale science and TESLA is trying to
Speaker 1: reduce vehicle delivery times as quickly as possible. According to
Speaker 1: a tweet from CEO Elon Musk in response to another
Speaker 1: Twitter user, Musk wrote, long wait times are not a
Speaker 1: good thing. That's a Bloomberg and j I t stemme
Speaker 1: report John all right, thanks Karen. We are lyne from
Speaker 1: the Bloomberg into hanter Broker's studios where it's six fifty
Speaker 1: one on Wall Street. Time to out to check what's
Speaker 1: going on in d C. Some of the top stories
Speaker 1: in our nation's capital include Cheney losing the GOP primary
Speaker 1: bounty to keep Donald Trump from the White House, Lisa
Speaker 1: Murkowski advancing in Atlaska despite the former president. Also Sarah
Speaker 1: Palin moving ahead, and Donald Trump asking appeals courts to
Speaker 1: scrap the New York probe of his assets. Bill Gates
Speaker 1: quietly campaign to save Joe Biden's climate bill. Also, China
Speaker 1: warning the US against Sailey warships to the Taiwan Straits.
Speaker 1: Let's take a deeper dive in some of these stories
Speaker 1: this morning. Bloomberg Radio and TV Washington corresponded, and Marie,
Speaker 1: we're durn I'm happy to say us with us this morning.
Speaker 1: So Cheney loses and uh, what's next. Well, it's pretty
Speaker 1: much all about set in stone right that she was
Speaker 1: going to lose. This was a state that President Trump,
Speaker 1: someone that she has been criticizing since the election. Uh,
Speaker 1: he carried. So she lost. And now we learned from
Speaker 1: political this morning that she is going to be starting
Speaker 1: an organization. We should know she has about seven million
Speaker 1: left in campaign finances. Um, and she will continue until
Speaker 1: the end of the year, until term is up, to
Speaker 1: continue with the Select Committee, the general six Select Committee.
Speaker 1: While this was all very obvious, she did in her
Speaker 1: speech though, you know, she talked about Lincoln, the fact
Speaker 1: that he when he ran for the House and the
Speaker 1: Senate he didn't win, but then he one and assail
Speaker 1: to the highest office. So she kind of put out
Speaker 1: there in the ether this idea that this is not
Speaker 1: going to be the end of her political career. UM.
Speaker 1: I don't know if you're can answer this, but specifically,
Speaker 1: is it all about Trump in Wyoming, or were there
Speaker 1: were specific local issues that voters there had latched onto
Speaker 1: that maybe she was a little too focused on national
Speaker 1: events on the former president rather than issues near and
Speaker 1: dear locally. Well, I would say if you look at
Speaker 1: some of these um, and this was quoted in the
Speaker 1: Wall Street Journalist, University of Wyoming Pole, I think this
Speaker 1: speaks to what is going on in the tone in Wyoming.
Speaker 1: So this poll shows that of the likely voters who
Speaker 1: support Harriet Hageman, which is the one Donald Trump was
Speaker 1: backing and she won the primary, only six believe that
Speaker 1: presidential election was legitimate. Of Representative Cheney supporters believed that
Speaker 1: it was legitimate. So I think it is fair to
Speaker 1: say so much of these Wyoming voters it was about Trump.
Speaker 1: You know, they want to name highways after him, a
Speaker 1: number of individuals. There's been lots of talk about things
Speaker 1: like this so less so obviously local old politics is local,
Speaker 1: but really so much of this was about President Trump,
Speaker 1: and really she was almost running against him in a way. Yeah.
Speaker 1: Just another question related to that, UM, the January six committee,
Speaker 1: is it diminished now because of these results? Well? I
Speaker 1: don't actually think so, right, because she's still on it
Speaker 1: with a number of other individuals, and it's really going
Speaker 1: to be now about as we've seen from the past
Speaker 1: panels and these hearings that have been broadcasted in prime time. Uh,
Speaker 1: really the most shocking things we've heard are from the
Speaker 1: individuals they brought in. So I think they will still
Speaker 1: be important based off of the individuals they were able
Speaker 1: to come in and testify before Congress. Let's move on
Speaker 1: to Alaska. So the results there, what do they tell us?
Speaker 1: So Alaska is interesting because similar to Liz Chena, you
Speaker 1: had Senator Murkowski who also voted to impeach Trump, but
Speaker 1: she was able to still win a seat in this primary.
Speaker 1: And I say a seat because Alaska has uh this
Speaker 1: different kind of logistics on how they go about their election.
Speaker 1: So both Senator Lisa Murkowski and also Kelly Shabaka will
Speaker 1: both advance the general election race. This is this new format.
Speaker 1: So basically, if you're in Alaska, you can rank your candidates,
Speaker 1: so one of your first choices gets bumped out, your
Speaker 1: vote will still count to who your second choice was.
Speaker 1: So she's still able to advance and that will also
Speaker 1: be a very interesting one to watch. More so in
Speaker 1: the general election, okay, with the open primaries. Also Sarah Palin,
Speaker 1: how did she do? Yeah, she made a comeback, right.
Speaker 1: She's running for this lone house seat. UM that's in
Speaker 1: a separate primary, also backed by try ump Um. She's
Speaker 1: one of these four countenants announcing the primary as as well. UM.
Speaker 1: And again, given this format, she'll likely go through and
Speaker 1: they'll be ranked. Let me skip ahead now to Donald
Speaker 1: Trump asking an appeals court to scrap the probe of
Speaker 1: his assets. This is the probe that's that was launched
Speaker 1: by Attorney General of New York Letitia James. Yeah, the
Speaker 1: investigation he is. He says that she is having against him.
Speaker 1: She said, this is harassing and overreaching and tainted by
Speaker 1: the Democrats. It's almost hard to keep up with the
Speaker 1: number of investigations the former president is under. But what
Speaker 1: we know now is that he is asking the appeals
Speaker 1: court to block this investigation into potentially fragient asset value evasions.
Speaker 1: This is of course into his private Trump world. This
Speaker 1: is about his real estate company. Um. But this is
Speaker 1: a three year old probe, right, so now he's asking
Speaker 1: for the appeals or to block it. This just going
Speaker 1: to extend it. Also you know, we saw the real
Speaker 1: quick that the signing of the climate bill yesterday at
Speaker 1: the White House. Lurking in the background figuratively was Bill
Speaker 1: Gates tell us about that? Yeah, so he apparently made
Speaker 1: some calls to the Senate Majority Leader Chuck Schumer, who
Speaker 1: obviously his job is to hold the whole party together
Speaker 1: to in July to try to get this through, because
Speaker 1: of course, in July, i mean weeks ago, we never
Speaker 1: thought we'd see a bill like this because of some
Speaker 1: of the concerns there was coming from West Virginia Senator
Speaker 1: um Joe Manchin. So you know, reading some of this
Speaker 1: amazing little TikTok we have on the Boomberg terminal, he's
Speaker 1: talking about how he was almost giving these senators a
Speaker 1: pep talk um describing what these calls were about, and
Speaker 1: you know some of them. So much of this was
Speaker 1: coming as not of course, as we know Bill Gates
Speaker 1: is a huge climate activist, but also in July, temperatures
Speaker 1: around America, We're sure it was one of the hottest
Speaker 1: summers in US history, um, and half the country was
Speaker 1: in drought. So you know, I think we probably used
Speaker 1: that background to really put the emphasis on why some
Speaker 1: of these climate provisions were important to him and Marie.
Speaker 1: Always a pleasure. Thanks for amout, Amory Hordern. You can
Speaker 1: read more about these stories on bloomberg dot com, the
Speaker 1: Bloomberg Terminal, and reminded you can follow all the latest
Speaker 1: on Bloomberg Radio in Washington. That's Bloomberg at one oh
Speaker 1: five point seven FM HD two. Futures are lower after
Speaker 1: the latest rount of retail earnings. We've got this morning
Speaker 1: down futures down one sixty five and smp emity futures
Speaker 1: down twenty nine and that Antick features down one hundred
Speaker 1: and twelve points. Still waiting for that retail report this
Speaker 1: morning from the government. You're listening to Bloomberg Daybreak just
Speaker 1: to hand surveillance. I'm John Tucker along with Karen Moscow.