WEBVTT - Florida Hurricane Update; Apple Sets Date for iPhone 15 Launch

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 1>The powerful storm off Florida's Gulf Coast has our attention

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<v Speaker 1>this morning. It is prompting a red headline just crossing

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<v Speaker 1>the Bloomberg Terminal. Hurricane Edalia has been upgraded to category

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<v Speaker 1>four strength. That is, according to the National Hurricane Center,

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<v Speaker 1>top wins one hundred and thirty miles an hour, and

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<v Speaker 1>Dahlia is expected to make landfall later this morning. Florida

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<v Speaker 1>Governor Ronda Santis is warning golf residents.

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<v Speaker 3>This is a crunch time right now.

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<v Speaker 4>We're going to get hit with the major hurricane.

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<v Speaker 1>And Bloomberg Meteorologist Rob Carolyn is monitoring this storm for us.

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<v Speaker 3>What is the latest, Rob, Nathan and Kareny.

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<v Speaker 5>Dahlia continues to strengthen as it tracks towards the Big

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<v Speaker 5>Bend area of Florida. It looks like it'll make landfall

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<v Speaker 5>later this morning, somewhere between Appalachicola and cedar Key. The

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<v Speaker 5>good news is this area is not very heavily populated.

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<v Speaker 5>The bad news is it's kind of shallow, so the

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<v Speaker 5>storm surge is going to cause some signifying damage. And

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<v Speaker 5>that storm surge is going to be ten to fifteen feet.

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<v Speaker 5>We also have tornado watches up along the path of

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<v Speaker 5>the storm that'll continue throughout the day up into North Florida,

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<v Speaker 5>eventually South Georgia. It looks like we're going to see

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<v Speaker 5>a pote storm system this morning. It won't really start

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<v Speaker 5>to weaken a whole lot until lead to this afternoon.

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<v Speaker 1>So what can we expect from the storm once that happens, Rob, Well.

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<v Speaker 5>We'll see a switch from the problems with the storm

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<v Speaker 5>Serve this morning on high winds to heavy rainfall lead

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<v Speaker 5>to the saft noon as the storm works its way

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<v Speaker 5>up towards South Georgia and eventually into the eastern Carolinas.

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<v Speaker 5>Those areas are more at risk for heavy rain, though

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<v Speaker 5>there will be some gusty winds, particularly along the Carolina coast.

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<v Speaker 5>Once the storm system moves off shore tomorrow, We'll be

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<v Speaker 5>keeping on whether or not it tracks out to sea

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<v Speaker 5>or tries to move towards the south and east.

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<v Speaker 1>All right, Bloomberg Meteorologists Rob Carolin, and we'll be checking

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<v Speaker 1>back with you on hurricane and daily. Yet throughout the morning.

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<v Speaker 2>Well, it looks like the hurricane could have a financial

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<v Speaker 2>impact on one of the world's richest people. And we

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<v Speaker 2>get this story from Bloomberg's John Tucker, John and Karen Warren.

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<v Speaker 6>Buffett's Berkshire Hathaway earlier this year made a bath at

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<v Speaker 6>Florida's reinsurance market would deliver huge premiums with minimal losses.

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<v Speaker 6>The firms exposed to as much as fifteen billion dollars

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<v Speaker 6>of losses in the event of a major storm. Auji Jane,

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<v Speaker 6>the vice chair of insurance operations, said at Berkshire's investor

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<v Speaker 6>event in May that they had a very unbalanced portfolio.

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<v Speaker 6>What that means, he said at the time, if there's

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<v Speaker 6>a big hurricane in Florida, we will have various substantial losses.

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<v Speaker 6>Hurricane Adeli is about to test Buffett's bet, with months

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<v Speaker 6>of potential storms still left this season. I'm John Tucker,

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<v Speaker 6>Bloomberg Daybreak.

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<v Speaker 1>All right, John, thank you. Turning to markets now, stocks

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<v Speaker 1>are coming off their biggest gains since June, while bond

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<v Speaker 1>yields retreat. It's after the latest economic reports bolstered speculation

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<v Speaker 1>the FED is nearing an end to raising rates. Today,

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<v Speaker 1>the Fed and investors will have more data to digest,

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<v Speaker 1>including second quarter gross domestic product. Bloomberg's Vinians del Judice

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<v Speaker 1>reports and.

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<v Speaker 7>It's initial estimate. The government peg US economic growth at

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<v Speaker 7>a healthy two point four percent, up from last year's

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<v Speaker 7>first quarter pace. Bloomberg Canomic says the economy's momentum carried

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<v Speaker 7>into the third quarter. However, high interest rates could cause

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<v Speaker 7>the US to falter late this year. Bloomberg Economics as

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<v Speaker 7>a recession could be in the cards. Also today, in

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<v Speaker 7>the US Payroll Process or ADP issues data on August

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<v Speaker 7>business hiring, while the National Association of Fieldtur's reports on

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<v Speaker 7>July penning home sales. There's trade data too for July.

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<v Speaker 7>Finny Dell Judais Bloomberg day.

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<v Speaker 2>Break, Finny, thanks well. There's plenty of economic data out

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<v Speaker 2>of Europe this morning. The Consumer Price Index and a

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<v Speaker 2>key part of Germany, indicates that country's overall inflation is

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<v Speaker 2>accelerating and inflation quickened again in Spain. Consumer prices there

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<v Speaker 2>rose two point four percent in August from a year earlier.

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<v Speaker 3>That's up from two point one percent the prior month.

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<v Speaker 1>On the earnings front, Karen shares of HP are down

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<v Speaker 1>nearly nine percent in early trading.

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<v Speaker 3>The companies reducing its.

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<v Speaker 1>Full year cash flow and profit outlook. HP says a

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<v Speaker 1>rebound in the market for personal computers will take longer

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<v Speaker 1>than expected. We hear from another major player in the

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<v Speaker 1>tech space later today, Salesforce reports earnings after the closing bell,

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<v Speaker 1>and we're.

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<v Speaker 2>Also following the crypto space this morning. This after Grayscale,

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<v Speaker 2>when a key cored battle it's pushed to launch a

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<v Speaker 2>bitcoin exchange traded fund. The victory brings to the crypto

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<v Speaker 2>industry closer to tapping billions of dollars from everyday investors.

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<v Speaker 2>In Bloomberg'skaylee Lines breaks down what it all means for

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<v Speaker 2>the sector.

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<v Speaker 8>Grayscale has moved closer to launching a spot based bitcoin

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<v Speaker 8>ETF in the US and what is potentially a watershed

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<v Speaker 8>moment for the crypto industry, a DC Circuit court handing

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<v Speaker 8>them a victory when a three judge appellate panel overturned

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<v Speaker 8>a decision by the SEC to block the ETF. They

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<v Speaker 8>said in the ruling this is a quote. The denial

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<v Speaker 8>of Greyscale's proposal was arbitrary and capricious because the Commission

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<v Speaker 8>failed to explain its different treatment of similar products. In

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<v Speaker 8>the absence of a coherent explanation, This unlike regulatory treatment

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<v Speaker 8>of products is unlawful. Basically, they're poking a hole in

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<v Speaker 8>the SEC's argument that a futures bitcoin ETF, which already

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<v Speaker 8>has been approved in the US, should be treated differently

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<v Speaker 8>than a spot based product.

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<v Speaker 2>Bloomberg Canlee Sis Knows Grayscale Investments Bitcoin trust search seventeen percent.

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<v Speaker 1>Yesterday, and Apple said its biggest product event of the year.

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<v Speaker 1>Here's Bloomberg's Charlie Pellett.

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<v Speaker 9>The date is September twelfth, and Apple will unveil the

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<v Speaker 9>iPhone fifteen line and next generation smartwatches. The company announced

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<v Speaker 9>the plans on its website and via email under the

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<v Speaker 9>tagline Wonderlust. The presentation will be streamed online at ten

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<v Speaker 9>am Pacific, with an accompanying event at Apple's Steve Jobs

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<v Speaker 9>Theater in Koopertino. Apple is under more pressure than usual

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<v Speaker 9>with this iPhone launch. Its sales of slip for three

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<v Speaker 9>straight quarters as the company contends with shaky demand for

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<v Speaker 9>smartphones and other devices in New York. Charlie Pellett Bloomberg Daybreak.

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<v Speaker 2>All right, Charlie, thanks time now for a look at

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<v Speaker 2>some of the other stories making news around the world.

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<v Speaker 2>For that, we're joined by Bloomberg's Amy Morris Amy, good morning.

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<v Speaker 10>Good morning, Karen. President Biden's administration is criticizing New York

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<v Speaker 10>York City and the state for how they've handled the

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<v Speaker 10>migrant crisis. Homeland Security Secretary Alejandro new Yorkist wrote letters

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<v Speaker 10>to Mayor Eric Adams and Governor Kathy Hochel pointing out

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<v Speaker 10>structural and operational issues following an assessment of the program. Now,

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<v Speaker 10>Mayor Adams and Governor Hokel appear to be placing the

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<v Speaker 10>blame on each other. Adams to HOCl to task publicly

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<v Speaker 10>during his talk at NYU Law School just yesterday.

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<v Speaker 7>Governor Hockle has been a partner on subway safety, on crime,

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<v Speaker 7>on a host of things.

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<v Speaker 3>But I think this issue, I think the governor is wrong.

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<v Speaker 11>Every county in this state should be part of.

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<v Speaker 10>This local rejected that request last week, noting a nineteen

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<v Speaker 10>eighty one agreement between the city and a homeless group

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<v Speaker 10>that the city would provide shelter to anyone who needs it,

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<v Speaker 10>but she says that only applies to New York City

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<v Speaker 10>and not the other counties in the state. A newly

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<v Speaker 10>filed lawsuit is asking a judge to deem former President

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<v Speaker 10>Donald Trump ineligible for the twenty twenty four ballot in

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<v Speaker 10>New Hampshire, The Boston Global Sports The lawsuit filed by

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<v Speaker 10>Republican John Anthony Castro of Texas argues that Trump is

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<v Speaker 10>ineligible to hold public office because he quote provided aid

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<v Speaker 10>or comfort to the insurrectionists from the January sixth attack

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<v Speaker 10>on the Capitol. Castro also filed a federal lawsuit in

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<v Speaker 10>Florida back in January seeking to have Trump disqualified, but

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<v Speaker 10>that lawsuit was dismissed. A powerful member of Congress has

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<v Speaker 10>announced a tough fight for his health. President Biden has

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<v Speaker 10>called Representative Scalise to wish him a swift recovery. House

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<v Speaker 10>Speaker Kevin McCarthy says he's talked with Scalice, who remains

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<v Speaker 10>in good spirits. Scalie is often mentioned as a potential

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<v Speaker 10>successor to House Speaker Kevin McCarthy.

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<v Speaker 3>Global News twenty.

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<v Speaker 10>Four hours a day, powered by more than twenty seven

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<v Speaker 10>hundred journalists and analysts in more than one hundred twenty countries.

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<v Speaker 10>I'm Amy Morris, and this is Bloomberg.

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<v Speaker 2>Karen all right, Amy, thank you, and it's time now

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<v Speaker 2>for the Bloomberg Sports Update.

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<v Speaker 3>And here's John Stashaur John good Morning.

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<v Speaker 4>Jaran and hitter. In San Francisco, the Giants Alex Cobb

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<v Speaker 4>had it going with two outs in the ninth inning,

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<v Speaker 4>Spencer Steer of the Reds broke it up with a double.

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<v Speaker 4>Com threw one hundred and thirty one pitches all the

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<v Speaker 4>way on a one hit of The Giants beat the

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<v Speaker 4>Reds six to one. The Orioles hosting the White Sox,

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<v Speaker 4>one one, seventh and eighty two pitch round ball. They

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<v Speaker 4>shit down the right field line. It'll score one.

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<v Speaker 11>It'll store two. Henderson flying around.

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<v Speaker 2>Third, he will make it a.

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<v Speaker 3>Three run double for Anthony Suntine.

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<v Speaker 2>Dare breaks the tie.

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<v Speaker 4>Ubaal had the call and the Oriols would go on

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<v Speaker 4>to win nine to three. They've got a two and

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<v Speaker 4>a half game lead on Tampa Bay in the AL East.

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<v Speaker 4>There's now a three way tie for first in the

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<v Speaker 4>AL West, as Seattle lost for just the second time

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<v Speaker 4>in the last fourteen games, beaten by Oakland three to one,

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<v Speaker 4>now tied for first with Texas and Houston. The Astros

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<v Speaker 4>one in Boston six to two. The Nationals won in

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<v Speaker 4>Toronto five to four. Baseball Players Association and asking for

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<v Speaker 4>a review of safety protocols after that incident in Denver

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<v Speaker 4>on Monday, when fans came onto the field and went

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<v Speaker 4>to Atlanta Star outfield Ronald Acunya Junior, one of them

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<v Speaker 4>embracing Acunya, another knocking him over. Both were arrested. Last Friday,

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<v Speaker 4>at a White Sox game in Chicago, two female fans

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<v Speaker 4>were wounded in a shooting. US Ryder Cup captain Zach

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<v Speaker 4>Johnson filling out his roster with Sam Byrn, Ricky Faller,

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<v Speaker 4>brooks Kepta, Colin Morrikawa, Jordan Speeth, and Justin Thomas johnstsh

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<v Speaker 4>Award Bloomberg.

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<v Speaker 11>Sports from coast to coast, from New York to San Francisco,

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<v Speaker 11>Boston to Washington, d C. Nationwide on Sirius Exam, the

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<v Speaker 11>Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 11>Good morning, I'm Nathan Hager.

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<v Speaker 1>We continue to keep an eye on Hurricane Adalia, now

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<v Speaker 1>a Category four storm aiming at Florida's Big Bend, where

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<v Speaker 1>the Peninsula meets the Panhandle. President Biden says he's keeping

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<v Speaker 1>an eye on the storm.

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<v Speaker 7>We're worried about that.

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<v Speaker 9>The surge, the ocean surge, we don't know exactly.

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<v Speaker 4>Hour to hour.

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<v Speaker 1>We're watching this also watching, of course, Bloomberg meteorologist Rob Carolyn,

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<v Speaker 1>who joins me. Now, Rob, it seems as though this

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<v Speaker 1>storm is gaining strength and speed really quickly.

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<v Speaker 3>What's the latest track.

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<v Speaker 5>Well, the track now, Nathan, as of the five am

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<v Speaker 5>statement from the Hurricane Center has the storm moving towards

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<v Speaker 5>the north northeast at eighteen miles an hour. It's about

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<v Speaker 5>sixty miles due west of Cedar Key, Florida. It is

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<v Speaker 5>going to make landfall later this morning in Appalachi Bay.

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<v Speaker 5>The good news about that area is it's not overly populated.

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<v Speaker 5>There's a big National Wildlife preserve there. Looks like that's

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<v Speaker 5>where the worst of the winds in storm surge will

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<v Speaker 5>go inland this morning. But such a powerful hurricane with

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<v Speaker 5>winds of one hundred and thirty miles an hour, and

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<v Speaker 5>it may strengthen a little bit more before it makes landfall.

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<v Speaker 5>It's going to be a dangerous storm as it goes

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<v Speaker 5>inland into North Florida. The Severe Storm Prediction Center has

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<v Speaker 5>a tornado watching effect for much of Central Florida and

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<v Speaker 5>the Big Bend area that will extend later today on

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<v Speaker 5>up into North Florida and South Georgia. Nathan, storm surge

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<v Speaker 5>should be about ten to fifteen feet in that portion

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<v Speaker 5>of the Big Bay Big Bend area this morning. The

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<v Speaker 5>bay there is fairly shallow, so they think the water

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<v Speaker 5>is going to be able to extend fairly far inland

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<v Speaker 5>and that will certainly cause some issues. Look for gus

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<v Speaker 5>over one hundred and thirty miles an hour as the

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<v Speaker 5>storm goes inland, probably between about seven and eight o'clock

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<v Speaker 5>this morning, and then it looks like the big threat

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<v Speaker 5>then becomes heavy rains which will be spreading from North

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<v Speaker 5>Georgia into the Carolinas along the path of the storm,

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<v Speaker 5>at least four to eight inches of rain, and that

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<v Speaker 5>is certainly going to lead to lots of flesh flooding

0:11:33.800 --> 0:11:36.720
<v Speaker 5>across North Florida Southern Georgia this morning and then on

0:11:36.800 --> 0:11:40.040
<v Speaker 5>up into eastern Georgia and the Carolinas later today and tomorrow.

0:11:40.320 --> 0:11:43.440
<v Speaker 1>So it's not just that Big Bend area of Florida

0:11:43.480 --> 0:11:46.719
<v Speaker 1>where we're expecting a lot of impacts. When we think

0:11:46.760 --> 0:11:49.240
<v Speaker 1>about the storm surge, Rob you mentioned that some of

0:11:49.280 --> 0:11:50.640
<v Speaker 1>the worst of it is going to be in that

0:11:50.720 --> 0:11:54.480
<v Speaker 1>less populated but shallow area. Are there other parts of

0:11:54.520 --> 0:11:57.840
<v Speaker 1>the Florida Gulf Coast that need to be concerned about

0:11:58.080 --> 0:12:01.280
<v Speaker 1>storm surge, even if it's not dire levels is ten

0:12:01.320 --> 0:12:06.920
<v Speaker 1>to fifteen feet, but possibly a more shallow, potentially storm surge.

0:12:07.240 --> 0:12:09.319
<v Speaker 5>North of Tampa Bay, there's going to be a storm

0:12:09.320 --> 0:12:11.640
<v Speaker 5>surge of about four to eight feet, Nathan to the

0:12:11.640 --> 0:12:14.000
<v Speaker 5>west of Apalachicola. There's not going to be a problem

0:12:14.000 --> 0:12:15.880
<v Speaker 5>with the storm surge since the winds are offshore and

0:12:15.920 --> 0:12:18.480
<v Speaker 5>it's actually blowing the tide out into the Gulf. But

0:12:18.559 --> 0:12:21.120
<v Speaker 5>it's those areas north of Tampa Bay all the way

0:12:21.160 --> 0:12:23.800
<v Speaker 5>to about Apalachicola that are going to be problems. Again,

0:12:23.800 --> 0:12:26.320
<v Speaker 5>about a four to eight foot storm surge, I would

0:12:26.320 --> 0:12:28.240
<v Speaker 5>say south of cedar Key, and then it's ten to

0:12:28.280 --> 0:12:30.800
<v Speaker 5>fifteen feet between cedar Key and Apalachicola.

0:12:31.559 --> 0:12:35.640
<v Speaker 1>Why is this storm seeming like it's building so much

0:12:35.800 --> 0:12:40.280
<v Speaker 1>strength so quickly. We've heard warnings from the National Hurricane

0:12:40.360 --> 0:12:43.559
<v Speaker 1>Center that this storm is unlike anything that they've really

0:12:43.679 --> 0:12:44.480
<v Speaker 1>seen before.

0:12:44.679 --> 0:12:45.400
<v Speaker 9>Why is that?

0:12:45.800 --> 0:12:48.480
<v Speaker 5>Well, I disagree with that statement because Katrina was a

0:12:48.520 --> 0:12:50.559
<v Speaker 5>Category one storm on the east coast of Florida in

0:12:50.559 --> 0:12:52.480
<v Speaker 5>two thousand and five. Thirty six hours later, it was

0:12:52.480 --> 0:12:55.640
<v Speaker 5>a Category five. So we have been seeing these storms

0:12:55.640 --> 0:12:58.319
<v Speaker 5>get stronger much more quickly in the last twenty years,

0:12:58.520 --> 0:13:00.440
<v Speaker 5>and it's due to the fact that the ocean are

0:13:00.559 --> 0:13:02.760
<v Speaker 5>much warmer right now than they were twenty years ago.

0:13:03.160 --> 0:13:05.960
<v Speaker 5>That's what's fueling this system. This storm has been moving

0:13:05.960 --> 0:13:08.320
<v Speaker 5>over waters the last thirty six hours that are at

0:13:08.440 --> 0:13:11.560
<v Speaker 5>ninety degrees fahrenheit that extend down to a depth of

0:13:11.559 --> 0:13:14.319
<v Speaker 5>three or four hundred feet. That's like rocket fuel for

0:13:14.360 --> 0:13:17.960
<v Speaker 5>a hurricane. They breed on water temperatures above eighty degrees

0:13:18.240 --> 0:13:21.040
<v Speaker 5>and every degree you get above eighty is just fuel

0:13:21.080 --> 0:13:23.400
<v Speaker 5>on top of the fire for these storms. That's why

0:13:23.440 --> 0:13:26.280
<v Speaker 5>we're seeing them intensify so quickly, and it's been going

0:13:26.280 --> 0:13:27.960
<v Speaker 5>on for a number of years now. We had it

0:13:28.000 --> 0:13:31.840
<v Speaker 5>happen with Irma and Maria back several years ago. Katrina

0:13:31.880 --> 0:13:33.840
<v Speaker 5>do the same thing. This has been the trend with

0:13:33.880 --> 0:13:36.720
<v Speaker 5>these storms to develop very quickly and get very strong

0:13:36.760 --> 0:13:37.240
<v Speaker 5>in a hurry.

0:13:37.600 --> 0:13:40.480
<v Speaker 1>Does that mean that we could see even further intensification

0:13:40.640 --> 0:13:43.199
<v Speaker 1>before this storm makes landfall a little bit.

0:13:43.240 --> 0:13:45.080
<v Speaker 5>The core of the storm is still over water, but

0:13:45.160 --> 0:13:47.120
<v Speaker 5>a lot of its circulation now is over the Florida

0:13:47.120 --> 0:13:50.160
<v Speaker 5>Peninsula or Panhandles. So I don't expect rapid deepening, but

0:13:50.200 --> 0:13:52.160
<v Speaker 5>I certainly could see it at you with winds of

0:13:52.160 --> 0:13:53.880
<v Speaker 5>about one hundred and thirty five or one hundred and

0:13:53.920 --> 0:13:56.240
<v Speaker 5>forty miles now by the time it makes landfall, which

0:13:56.240 --> 0:13:58.720
<v Speaker 5>would put it on the same order as Hurricane Hugo

0:13:58.760 --> 0:14:00.600
<v Speaker 5>which Charleston in ninety nine.

0:14:01.000 --> 0:14:01.360
<v Speaker 9>Wow.

0:14:01.440 --> 0:14:05.240
<v Speaker 1>And of course we are watching just daily. There are

0:14:05.240 --> 0:14:08.200
<v Speaker 1>a number of other named storms of the Atlantic right now.

0:14:08.240 --> 0:14:10.160
<v Speaker 1>What other systems are you keeping an eye on that

0:14:10.200 --> 0:14:12.479
<v Speaker 1>could potentially have an impact on the US.

0:14:12.920 --> 0:14:15.160
<v Speaker 5>None of them other than some big star Franklin is

0:14:15.160 --> 0:14:17.679
<v Speaker 5>passing west of the island of Bermuda. It'll bring them

0:14:17.720 --> 0:14:20.320
<v Speaker 5>tropical storm force Windnesday, but it stays out in the Atlantic.

0:14:20.320 --> 0:14:22.800
<v Speaker 5>There's a coal front dropping down from the north and east, Nathan,

0:14:23.000 --> 0:14:25.040
<v Speaker 5>that eventually is going to push both of these storms

0:14:25.040 --> 0:14:27.840
<v Speaker 5>out into the Atlantic, a tropical depression number eleven. No

0:14:27.920 --> 0:14:29.880
<v Speaker 5>threat to anyone. That's a fish storm out in the

0:14:29.920 --> 0:14:31.040
<v Speaker 5>south central Atlantic.

0:14:32.440 --> 0:14:35.520
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