WEBVTT - Bloomberg Daybreak: June 9, 2022 - Hour 2 (Radio) 0:00:01.960 --> 0:00:05.320 Markets, headlines and breaking news twenty four hours a day 0:00:05.440 --> 0:00:08.440 at Bloomberg dot com, The Bloomberg Business at and at 0:00:08.440 --> 0:00:18.000 Bloomberg Quicktape. This is a Bloomberg Business slash and I'm 0:00:18.079 --> 0:00:21.160 Karen Moscow. This update brought to you by Interactive Brookers 0:00:21.160 --> 0:00:24.120 Global Analysts. It helps you find new global investment opportunities 0:00:24.160 --> 0:00:27.720 to diversify your portfolio and discover undervalued companies they may 0:00:27.720 --> 0:00:30.280 have greater growth potential. Try i v k R Global 0:00:30.280 --> 0:00:32.839 Analysts today at i v k R dot com slash 0:00:32.880 --> 0:00:36.120 g A future is rising this morning. Let's go to 0:00:36.159 --> 0:00:38.400 the first Word Breaking news desk for today's morning call. 0:00:38.520 --> 0:00:42.159 Here's Bill Maloney, Bill, good morning, and good morning Can. 0:00:42.240 --> 0:00:44.279 That's right. US futures are in the green right now 0:00:44.280 --> 0:00:46.760 with down features up a hundred forty nine points. SPEs 0:00:46.800 --> 0:00:50.000 gained twenty two well, Mass det futures rise by seventy 0:00:50.040 --> 0:00:53.160 two the US ten year old at three percent. Gold 0:00:53.240 --> 0:00:56.600 is down for oil is trading lower, but Bitcoin is 0:00:56.640 --> 0:00:59.800 trading higher by one percent. Japan was a little changed 0:01:00.000 --> 0:01:01.720 for night, while up markets are in the red this 0:01:01.840 --> 0:01:04.480 morning and back in the US on the economic Fronday 0:01:04.560 --> 0:01:09.080 thirty initial Java's claims in other news Tesla's Chinese production 0:01:09.120 --> 0:01:12.520 that Stars back with output more than tripling, and Facebook 0:01:12.560 --> 0:01:15.279 is said to have halted development on its Apple Watch 0:01:15.400 --> 0:01:18.840 rival and deal news people familiar to that Walgreens received 0:01:18.880 --> 0:01:22.200 a binding offer from Apollo and Reliance for its international 0:01:22.319 --> 0:01:25.080 arm and wrapping things up, Scott's Miracle Grow was cut 0:01:25.080 --> 0:01:28.399 to neutral over at JP Morgan Live from the first 0:01:28.400 --> 0:01:31.399 Sir Baking News descon Bill Malodey care, Herry, Bill, thank you, 0:01:31.400 --> 0:01:33.520 and to hear live breaking news over your Bloomberg type 0:01:33.560 --> 0:01:35.920 squawk on your termin I'll sue you a w K. 0:01:36.080 --> 0:01:39.039 We're also watching Target this morning, shares on more than 0:01:39.120 --> 0:01:41.840 one percent and increased its quarterly cash dividend to a 0:01:41.880 --> 0:01:44.960 dollar eight to share from nineties cents. And that's a 0:01:45.040 --> 0:01:47.720 Bloomberg business flash. Now here's Michael Barrow with more on 0:01:47.840 --> 0:01:50.560 what's going on around the world. Michael Karen, thank you 0:01:50.640 --> 0:01:54.880 very much. The January six Committees primetime live hearings begin tonight. 0:01:54.960 --> 0:01:57.280 The committee will try to show the nation what sparked 0:01:57.280 --> 0:02:01.040 the Capitol ryant and who was responsible. The House passed 0:02:01.040 --> 0:02:04.160 a package of gun legislation last night. It comes ahead 0:02:04.160 --> 0:02:08.480 of whatever compromised plan emerges from bipartisan negotiations in the Senate. 0:02:08.880 --> 0:02:12.480 In the NBA Finals, the Celtics beat the Warriors one sixteen, 0:02:12.600 --> 0:02:15.000 one hundred to take a two games one lead in 0:02:15.040 --> 0:02:18.400 the series. In baseball, the Yankees and Mets lost, along 0:02:18.400 --> 0:02:21.600 with the Nationals and A's. The Red Sox and Giants won. 0:02:22.000 --> 0:02:24.600 Global News twenty four hours a day on air and 0:02:24.800 --> 0:02:27.839 on Bloomberg Quick Take, powered by more than twenty seven 0:02:27.919 --> 0:02:30.480 hundred journalists and analysts more than a hundred twenty countries. 0:02:30.600 --> 0:02:34.120 I'm MICHAELA. Bar This is Bloomberg. The following commentary is 0:02:34.120 --> 0:02:38.600 from Bloomberg Opinion. Important. I'm Jonathan Burnstein, a columnist for 0:02:38.639 --> 0:02:42.560 Bloomberg Opinion. After another primary night this week, here's one 0:02:42.600 --> 0:02:44.839 thing that stands out. We're going to hear a lot 0:02:44.880 --> 0:02:47.800 from Republicans over the next few weeks about how voters 0:02:47.840 --> 0:02:50.040 don't care about the attack on the Capitol on January 0:02:50.080 --> 0:02:52.799 six last year, or about Donald Trump's attempts to stay 0:02:52.800 --> 0:02:55.919 in office despite losing an election. In a way, this 0:02:56.000 --> 0:02:58.920 is correct. Voters tend to not care about lots of 0:02:58.919 --> 0:03:03.120 important things after or more accurately, lots of important things 0:03:03.160 --> 0:03:07.119 don't normally affect many votes. Regardless, quite a few candidates 0:03:07.120 --> 0:03:10.079 are talking a lot about the election, and those candidates 0:03:10.080 --> 0:03:15.720 are Republicans. Recently, Pennsylvania Republicans nominated a gluberatorial candidate running 0:03:15.720 --> 0:03:18.600 on false claims of fraud, while a Trump endorsed candidate 0:03:18.639 --> 0:03:21.639 for governor in Georgia was badly defeated after spending much 0:03:21.639 --> 0:03:25.120 of his campaign talking about more of the same this week, 0:03:25.360 --> 0:03:28.920 some winning, some losing. Certainly a lot of Republican candidates 0:03:29.280 --> 0:03:31.960 and at least one former president think it's essential to 0:03:32.040 --> 0:03:35.880 keep focused on the election. I'm Jonathan Bernstein. For more opinion, 0:03:35.960 --> 0:03:38.720 please go to Bloomberg dot com, Slash Opinion or O 0:03:38.840 --> 0:03:41.680 P I n go on the Bloomberg terminal has been 0:03:41.720 --> 0:03:45.240 Bloomberg Opinion and Bloomberg Opinion commentary is gonna be heard 0:03:45.240 --> 0:03:48.040 every weekday at this time and terminal customers can read 0:03:48.040 --> 0:03:51.320 more as O P I n go. It is six 0:03:51.320 --> 0:03:53.520 fifty on Wall Street. We turned to news in science 0:03:53.560 --> 0:03:55.920 and technology now at the Bloomberg and J. A. T. 0:03:56.160 --> 0:03:59.080 Stemmer report brought to you buy New Jersey Institute of 0:03:59.080 --> 0:04:02.720 Technology ranked top fifty national public university by US News 0:04:02.720 --> 0:04:05.600 and World Report and number fourteen in the nation on 0:04:05.680 --> 0:04:08.400 Money's Best Colleges. List. Learn more at n j I 0:04:08.520 --> 0:04:10.880 T dot E d U and here's US making news 0:04:10.960 --> 0:04:14.720 and science, technology, engineering and math. We're learning more about 0:04:14.720 --> 0:04:17.440 the severity of so called long COVID. According to a 0:04:17.480 --> 0:04:20.640 study by South Africa's biggest health insurer, people who had 0:04:20.680 --> 0:04:23.640 a documented COVID nineteen infection are more likely to be 0:04:23.720 --> 0:04:27.520 hospitalized or developed diabetes or hypertension in the months following 0:04:27.560 --> 0:04:30.640 their illness. The findings indicate the risk of dying is 0:04:30.680 --> 0:04:34.640 still no higher. Facebook parent company Meta has haunted development 0:04:34.640 --> 0:04:37.640 of a smart watch with the dual cameras. It's instead 0:04:37.680 --> 0:04:39.880 working on other devices for the risk. According to a 0:04:39.920 --> 0:04:42.400 person with knowledge of the matter, the device has been 0:04:42.480 --> 0:04:45.560 under development for two years and was designed to include 0:04:45.640 --> 0:04:48.920 several health and tech features common and other smart watches. 0:04:49.520 --> 0:04:52.560 And Apple said it will handle the lending itself for 0:04:52.640 --> 0:04:56.960 a new buy Now, Pay Later offering, sidestepping partners as 0:04:56.960 --> 0:04:59.920 the tech giant pushes deeper into the financial services INDUS 0:05:00.040 --> 0:05:03.360 three holy On subsidiary will oversee credit checks and make 0:05:03.400 --> 0:05:06.280 decisions on loans for the service, which is called Apple 0:05:06.360 --> 0:05:08.960 Pay Later. And that's the Bloomberg and j I T 0:05:09.279 --> 0:05:12.040 stamp report. Nathan all Right, Karen thank you. We are 0:05:12.120 --> 0:05:14.520 live from the Bloomberg Interactive Broker Studios, where it is 0:05:14.560 --> 0:05:16.760 now six fifty two on Wall Street Time Now, to 0:05:16.839 --> 0:05:18.480 check what's going on in d C, where some of 0:05:18.520 --> 0:05:21.600 the top stories include President Biden being pressed on guns 0:05:21.600 --> 0:05:26.279 and inflation on Jimmy Kimmel's ABC late night show, President 0:05:26.320 --> 0:05:29.159 proposing a regional economic partnership as the Summit of the 0:05:29.160 --> 0:05:32.200 Americas gets underway in Los Angeles, and the January six 0:05:32.240 --> 0:05:37.320 Committee promising surprises in tonight's first primetime televised hearing. Ahead 0:05:37.320 --> 0:05:39.240 of all that. We are joined live this morning by 0:05:39.240 --> 0:05:43.560 Bloomberg Government Congressional reporter Jack Fitzpatrick. Jack, Good morning. I 0:05:43.560 --> 0:05:46.680 think the takeaway line from President Biden on last night's 0:05:46.720 --> 0:05:50.640 Jimmy Kimmel Show is the uh quote, inflation is the 0:05:50.720 --> 0:05:54.039 bane of our existence. It's kind of a tough room 0:05:54.200 --> 0:05:56.680 for the President last night. Yeah, I was a little 0:05:56.680 --> 0:06:00.359 surprising that a late night show host is seemed to 0:06:00.480 --> 0:06:03.560 be determined to ask some tough questions. He pressed him 0:06:03.640 --> 0:06:07.880 on inflation, he pressed him on executive in action on 0:06:08.080 --> 0:06:12.679 gun control. But I mean, clearly the President's words were 0:06:12.720 --> 0:06:16.159 true in an economic and political sense. It's the bane 0:06:16.160 --> 0:06:19.479 of democrats. Existence on the campaign trail as well, and 0:06:19.560 --> 0:06:23.039 it's clear he feels the need to address that. I 0:06:23.080 --> 0:06:25.560 did think it was fairly newsworthy that when he talked 0:06:25.600 --> 0:06:29.200 about potential responses, even though some of this is out 0:06:29.200 --> 0:06:31.760 of his hands, he did go back to the prescription 0:06:31.839 --> 0:06:35.120 drug pricing debate. And that's something that is still sort 0:06:35.160 --> 0:06:38.280 of maybe on the back burner, but being discussed in Congress. 0:06:38.279 --> 0:06:42.920 It's not the panacea for overall inflation and price increases, 0:06:43.440 --> 0:06:48.599 but if that political pressure regarding inflation, uh, prompts I 0:06:48.600 --> 0:06:52.960 guess greater movement on the the drug pricing debate, that 0:06:53.000 --> 0:06:56.039 would certainly be a significant development. And when it comes 0:06:56.080 --> 0:06:57.920 to the gun debate, Jack was the president kind of 0:06:58.000 --> 0:07:01.360 arguing that moving forward that is kind of out of 0:07:01.400 --> 0:07:05.159 his hands at least unilaterally. Yeah, he actually invoked former 0:07:05.200 --> 0:07:09.800 President Donald Trump, who he said went overboard with executive orders. 0:07:09.840 --> 0:07:12.840 He he wants to follow the law. Uh, And it's 0:07:12.880 --> 0:07:15.120 true that the president there's there's no law that gives 0:07:15.120 --> 0:07:19.000 the president a huge amount of leeway regarding any major 0:07:19.080 --> 0:07:22.600 gun control measures. So really the conversation is still in 0:07:22.640 --> 0:07:25.000 the Senate where they're trying to figure out what could 0:07:25.000 --> 0:07:28.640 get sixty votes uh, to respond to the recent UH 0:07:28.800 --> 0:07:32.880 mass shootings. UH, and that that may be a smaller measure. 0:07:32.920 --> 0:07:35.920 They're talking about red flag laws at the state level, 0:07:36.360 --> 0:07:39.920 shoring up background checks, background checks for younger people who 0:07:40.040 --> 0:07:43.520 might have certain things expunged in their records. Not a 0:07:43.640 --> 0:07:47.480 huge measure, but you know, the conversation is still going 0:07:47.520 --> 0:07:50.560 forward in the legislative branch and the Senate about what 0:07:50.640 --> 0:07:53.560 they can do. Yeah, speaking of huge measures, we did 0:07:53.760 --> 0:07:58.280 get one passed in the House yesterday, but I guess 0:07:58.280 --> 0:08:00.960 you're sort of implying there that one's probably not going 0:08:01.000 --> 0:08:03.200 to go much of anywhere in the Senate. Yeah. That 0:08:03.280 --> 0:08:06.000 was the more ambitious measure with a lot of Democrat 0:08:06.360 --> 0:08:10.800 Democratic support. It include included measures such as raising the 0:08:10.880 --> 0:08:14.920 minimum age for the purchase of many semi automatic rifles 0:08:15.080 --> 0:08:18.480 to twenty one years old. Uh. It got into federal 0:08:18.600 --> 0:08:22.600 standards for the safe storage of firearms. That was almost 0:08:22.640 --> 0:08:25.320 exactly a party line vote. There were five Republican votes 0:08:25.360 --> 0:08:27.360 in favor. There are actually two Democrats who voted no. 0:08:27.800 --> 0:08:30.560 They got two hundred twenty three votes when they needed 0:08:30.560 --> 0:08:33.320 about two d eighteen. So you know, it's a chance 0:08:33.320 --> 0:08:35.760 for Democrats to vote on something they like in the House. 0:08:35.800 --> 0:08:38.480 That's that's kind of why the House of Representatives is there. 0:08:38.760 --> 0:08:42.119 But as for something with a realistic chance of being enacted, 0:08:42.320 --> 0:08:45.080 the action really is in those behind the scenes talks 0:08:45.120 --> 0:08:47.520 in the Senate. Only about a minute and a half 0:08:47.600 --> 0:08:50.120 left here, Jack, we got to talk about what's coming 0:08:50.240 --> 0:08:53.840 up tonight in prime time on Capitol Hill. The first 0:08:54.280 --> 0:08:59.160 nationally televised January six hearing. Yeah, prime time is the 0:08:59.280 --> 0:09:02.560 major takeaway starts at eight, and the the lawmakers on 0:09:02.559 --> 0:09:05.600 the panel are determined to kind of make their case 0:09:05.760 --> 0:09:09.600 to the American people that this was significant that the 0:09:09.600 --> 0:09:12.560 the you know, lawmakers like Jamie Raskin on the panel 0:09:12.600 --> 0:09:14.959 had said this was not a spur of the moment thing. 0:09:15.000 --> 0:09:17.480 They're going to lay out the details of what they 0:09:17.480 --> 0:09:22.480 know about any level of prior coordination. The inclusion of 0:09:23.000 --> 0:09:26.440 Nick Quested, the documentary and documentary filmmaker in this is 0:09:26.480 --> 0:09:29.600 interesting because he was embedded with a camera crew with 0:09:29.679 --> 0:09:32.280 the far right Proud Boys. There was a meeting on 0:09:32.400 --> 0:09:35.800 January five between them and the oath Keepers. I think 0:09:35.800 --> 0:09:39.080 they will get into the degree to which certain groups 0:09:39.520 --> 0:09:43.720 organized their activities rather than the the overrunning of the 0:09:43.760 --> 0:09:47.040 capital being a spur of the moment response in our 0:09:47.120 --> 0:09:51.200 last thirty seconds here, Jack, The committee is promising surprises 0:09:51.679 --> 0:09:53.400 to come out of this, and we know there have 0:09:53.400 --> 0:09:55.000 been a lot of closed to or hearing Sir, what 0:09:55.080 --> 0:09:57.200 are you gonna be looking for in terms of things 0:09:57.240 --> 0:10:00.400 we might not know about what happened on January six, Well, 0:10:00.440 --> 0:10:03.960 they've conducted a lot of interviews. They are said to 0:10:04.120 --> 0:10:09.240 plan portions of video testimony from Trump family members and 0:10:09.320 --> 0:10:12.640 other high profile people. We don't know exactly who, but 0:10:12.840 --> 0:10:15.440 it would be very interesting to see if if they 0:10:15.520 --> 0:10:19.559 include some of that testimony that that was recorded, interviews 0:10:19.800 --> 0:10:24.160 with people like Ivanka Trump or Jared Kushner or Mark Meadows, 0:10:24.160 --> 0:10:26.240 who is the chief of staff at the time. They've 0:10:26.280 --> 0:10:29.720 talked to a lot of people close to the president, uh, 0:10:29.760 --> 0:10:32.880 and a focus on what they had to say would 0:10:32.920 --> 0:10:35.800 be some of the most newsworthy events out of this 0:10:35.880 --> 0:10:37.480 hearing tonight. Now, we know you're gonna be watching it 0:10:37.640 --> 0:10:40.360 very closely, Jack, and we're gonna have full morning after 0:10:40.480 --> 0:10:44.520 coverage for you here tomorrow, right here on Bloomberg day Break, 0:10:44.520 --> 0:10:47.960 Bloomberg Government reporter Jack Fitzpatrick, as always, thanks for being 0:10:47.960 --> 0:10:49.559 with us. You can read more about all these stories 0:10:49.600 --> 0:10:52.120 on Bloomberg dot Com or on the Bloomberg terminal. Listen 0:10:52.160 --> 0:10:56.120 to Bloomberg Radio in Washington. Bloomberg and one oh five 0:10:56.160 --> 0:10:59.280 point seven FM h D two focus this morning on 0:10:59.360 --> 0:11:02.080 an easy be policy decision ahead of it. S ANDP 0:11:02.240 --> 0:11:05.360 futures are higher by twenty two points. Much more to 0:11:05.440 --> 0:11:09.360 come on Bloomberg Surveillance. That's straight ahead for Karen Moscow. 0:11:09.679 --> 0:11:18.520 I'm Nathan Hager. This is Bloomberger broadcasting live from the 0:11:18.600 --> 0:11:22.560 Bloomberg Interactive Broker Studio in New York. Bloomberg E Living 0:11:22.640 --> 0:11:27.240 Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one 0:11:27.240 --> 0:11:30.400 oh six one, to San Francisco, Bloomberg nun sixt to 0:11:30.480 --> 0:11:33.680 the Country Sirius XM Chento one ninet and around the 0:11:33.720 --> 0:11:37.760 globe the Bloomberg Business and Bloomberg Radio dot Com. This 0:11:38.080 --> 0:11:46.800 is Bloomberg Daybreak six thirty on Wall Street. Good morning, 0:11:46.840 --> 0:11:49.839 I'm Nathan Hagar and I'm Karen Moscow, and we are 0:11:49.920 --> 0:11:52.680 just about three hours away from the Open of US training. 0:11:52.760 --> 0:11:54.520 Time for the five things you need to know to 0:11:54.600 --> 0:11:58.280 start your day. Brought to you by Interactive Brokers. Interactive 0:11:58.280 --> 0:12:01.240 Brokers charges margin loan race at one point three to 0:12:01.280 --> 0:12:04.160 two point three three percent rates subject to change. Learn 0:12:04.200 --> 0:12:07.920 more at ibk r dot com slash compare. First, traders 0:12:07.920 --> 0:12:10.839 are awaiting a policy decision from the European Central Bank. 0:12:11.080 --> 0:12:14.400 We get a preview from Bloomberg's James Wilcock in London. 0:12:14.880 --> 0:12:18.320 Options Pricing suggests that traders haven't been this jittree about 0:12:18.320 --> 0:12:21.880 an ECP rate decision since the Central Branch is set 0:12:21.880 --> 0:12:23.599 to en quwee and says out the path to what 0:12:23.760 --> 0:12:26.160 its first rate hikes in twenty eleven when it meets today. 0:12:26.400 --> 0:12:28.800 But what traders really want to know is the President 0:12:28.840 --> 0:12:31.600 Christine the Guard would back fifty basis point hikes in 0:12:31.640 --> 0:12:34.800 the future. As the Eurozone faces inflation accelerating at a 0:12:34.880 --> 0:12:38.760 record pace, and Bloombergs James Wilcox says the ECB decision 0:12:38.800 --> 0:12:41.360 will come down in an hour and fifteen minutes from now. 0:12:41.559 --> 0:12:44.480 Well ahead of that, Karen Gas continues to surge to 0:12:44.640 --> 0:12:47.280 record highs, and we get the latest live with Bloomberg's 0:12:47.360 --> 0:12:50.079 John Tucker. More pain at the Pump, John Yeah, Nathan. 0:12:50.120 --> 0:12:52.760 Gasoline prices have now top five dollars a gallon in 0:12:52.880 --> 0:12:56.320 sixteen states, and prices aren't likely to drop anytime soon. 0:12:56.640 --> 0:13:01.880 Increased oil demand continues to outpace the global supply. Gasoline 0:13:01.880 --> 0:13:05.360 inventories are at the lowest seasonal level in eight years, 0:13:05.400 --> 0:13:09.120 according to the Energy Information Administration. It's part of the 0:13:09.160 --> 0:13:12.600 overall inflation picture that continues to be a top focus 0:13:12.600 --> 0:13:16.280 of the White House and President Biden. Inflation is the 0:13:17.520 --> 0:13:20.400 is the is the vein of our existence. The President 0:13:20.440 --> 0:13:23.400 making the comments at an interview with ABC Late Night 0:13:23.480 --> 0:13:26.199 host Jimmy Kimmel live in New York. I'm John Tucker 0:13:26.240 --> 0:13:28.800 Bloomberg Daybreak. All right, John, thank you. On Twitter is 0:13:28.840 --> 0:13:31.120 telling its staff a vote on Elon must deal to 0:13:31.160 --> 0:13:33.439 buy the company is coming this summer. We get the 0:13:33.480 --> 0:13:37.440 latest line from Bloomberg's Nita Young Rnita Karen Bloomberg. Sources 0:13:37.480 --> 0:13:40.800 say Twitter's top lawyer is reassuring staff that the deal 0:13:41.000 --> 0:13:43.439 to sell the company to Elon Musk will go ahead 0:13:43.760 --> 0:13:46.000 and that a vote could happen in late July or 0:13:46.040 --> 0:13:50.920 early August. Meantime, regulatory filings showed Dubai based investment firm 0:13:51.000 --> 0:13:54.400 VI Capital is committing seven hundred million dollars to help 0:13:54.440 --> 0:13:57.439 finance Musk's bid for Twitter. That makes the company the 0:13:57.520 --> 0:14:01.199 third biggest outside equity investor that has also drawn money 0:14:01.200 --> 0:14:05.480 from billionaire Larry Ellison and Sequoia Capital. Live in New York, 0:14:05.559 --> 0:14:08.080 I'm rened a young Bloomberg daybreak. We need to thanks. 0:14:08.120 --> 0:14:10.760 Shares of Tesla up more than three percent. Production in 0:14:10.840 --> 0:14:13.280 China more than tripled last month, even though the electric 0:14:13.280 --> 0:14:15.920 carmaker just got its Shanghai factory back up to speed, 0:14:16.320 --> 0:14:19.320 and the transformation on Facebook continues. Nathan. The company which 0:14:19.360 --> 0:14:21.520 changed its name to Meta Platforms last year will now 0:14:21.520 --> 0:14:24.000 trade it to the ticker m E t A instead 0:14:24.000 --> 0:14:25.600 of f B. And that's the five things you need 0:14:25.640 --> 0:14:29.480 to notice start your day. Brought to you by Interactive Brokers. 0:14:33.080 --> 0:14:35.600 All Right, Karen, thank you to sixty three on Wall 0:14:35.640 --> 0:14:38.640 Street where it's sixty degrees with the rain continuing now 0:14:38.720 --> 0:14:42.000 causing flooding on the southbound West Side Highway. Nineties through 0:14:42.040 --> 0:14:44.920 the seventies. More coming up in traffic. First, Michael Barr 0:14:44.960 --> 0:14:46.320 with what else is going on in New York and 0:14:46.400 --> 0:14:48.800 around the world. Good morning, Mike, cal Good morning, Nathan. 0:14:48.880 --> 0:14:52.080 The House passed a package of gun legislation, including raising 0:14:52.080 --> 0:14:54.960 them and a mage to buy a semi automatic rifle 0:14:55.040 --> 0:14:58.920 from eighteen to one before the vote. Democratic Representative Mike 0:14:59.000 --> 0:15:01.840 Thompson spoke in fiver of the measure, raising the age 0:15:01.920 --> 0:15:06.400 to buy an assault weapon saves lives. Limiting magazine capacity 0:15:06.480 --> 0:15:10.080 will limit the carnage of math shootings, and it saves lives. 0:15:10.400 --> 0:15:13.640 Going after traffickers keeps guns out of the hands of 0:15:13.640 --> 0:15:17.120 people who shouldn't have them, and it saves lives. However, 0:15:17.160 --> 0:15:20.840 Republican Congressman James Comer disagrees with the Thompson We have 0:15:20.920 --> 0:15:24.400 people in the military, uh, using weapons when they're eighteen 0:15:24.600 --> 0:15:27.040 and and uh, I mean that's good enough for a 0:15:27.080 --> 0:15:29.000 military anything that's a that's the way it should be 0:15:29.040 --> 0:15:31.920 for law about. Comer was among the two hundred four 0:15:31.960 --> 0:15:35.200 who voted against the bill. Meanwhile, New York Mayor Eric 0:15:35.240 --> 0:15:38.640 Adams testified before a House committee on oversigning reform on 0:15:38.760 --> 0:15:42.200 gun violence in Washington. Adams, who posted his comments on 0:15:42.240 --> 0:15:45.440 his Twitter account, says, it is a disgrace that virtually 0:15:45.560 --> 0:15:48.560 every day brings another bout of gun violence. We have 0:15:48.720 --> 0:15:53.000 facing the crisis that is killing more Americans than war. 0:15:53.680 --> 0:15:58.240 It crisis as now the number one cause of death 0:15:58.840 --> 0:16:01.920 for our young people. Mayor Adam says, it is high 0:16:02.000 --> 0:16:05.400 noon in America. Members of the House committee investigating the 0:16:05.440 --> 0:16:08.200 events of January six will hold their first prime time 0:16:08.240 --> 0:16:11.600 hearing tonight to share what they have uncovered about former 0:16:11.640 --> 0:16:14.680 President Donald Trump and the deadly storming of the US Capitol. 0:16:15.160 --> 0:16:18.600 Former President Trump, Donald Trump Jr. And his daughter Ivanka 0:16:18.880 --> 0:16:21.720 have agreed to answer questions under oath next month and 0:16:21.800 --> 0:16:26.360 the New York Attorney General's civil investigation into his business practices, 0:16:26.720 --> 0:16:29.280 A man hadn't judge signed off on an agreement that 0:16:29.360 --> 0:16:32.480 calls for the Trump's to give deposition starting July fifteen. 0:16:32.840 --> 0:16:35.920 The agreement comes after a series of setbacks for Trump's 0:16:35.960 --> 0:16:39.600 efforts to block State Attorney General Letitia James's three year 0:16:39.640 --> 0:16:43.600 long investigation. People who have had a documented COVID nineteen 0:16:43.640 --> 0:16:47.760 infection are more likely to be hospitalized or developed diabetes 0:16:47.840 --> 0:16:51.040 or high pertension in the months after their illness and 0:16:51.160 --> 0:16:54.200 indication of the severity of so called long COVID. That's 0:16:54.200 --> 0:16:57.280 according to a study by South Africa's biggest health insurer, 0:16:57.360 --> 0:17:00.880 Discovery Health Global News twenty four hours day on air 0:17:01.000 --> 0:17:03.800 and on Bloomberg Quicktake, powered by more than twenty seven 0:17:03.840 --> 0:17:06.400 hundred journalists and antalyists more than a hundred twenty countries. 0:17:06.560 --> 0:17:14.520 I'm Michael barn This is Bloomberg. Thank you Michael, almost 0:17:14.560 --> 0:17:16.840 six thirty six on Wall Street. John Stash hours here 0:17:16.880 --> 0:17:19.760 at the Bloomberg Sports Update, Thanks Nathan. Three games into 0:17:19.760 --> 0:17:22.600 what's been a strange NBA Finals, the Warriors have outscored 0:17:22.680 --> 0:17:25.040 the Celtics in the third quarters by a total of 0:17:25.160 --> 0:17:27.719 forty three points, but the Celtics have on the fourth 0:17:27.760 --> 0:17:30.360 by forty. There has been a close final score yet. 0:17:30.359 --> 0:17:33.480 In Boston, Celtics jumped in front to nine and then 0:17:33.520 --> 0:17:36.240 won that fourth twenty three to eleven. Eleven is the 0:17:36.280 --> 0:17:38.960 third fewest points ever scored in the final quarter of 0:17:38.960 --> 0:17:42.520 the Finals game Boston one hundred, now up to one 0:17:42.560 --> 0:17:45.120 in the series. Rangers and Lightning tied to two, game 0:17:45.160 --> 0:17:47.560 five tonight at the Guarden Rangers goes Gerard Glan asked 0:17:47.560 --> 0:17:51.120 about Tampa Bay's ability to prevent the Rangers from scoring 0:17:51.240 --> 0:17:54.240 when it's not a power plus, nothing that they haven't 0:17:54.240 --> 0:17:57.680 seen before. You know, they're doing different than just it's 0:17:57.720 --> 0:17:59.639 intense hockey and you gotta get ready to play it 0:17:59.640 --> 0:18:01.760 and it doesn't seem to bother us when we're playing 0:18:01.760 --> 0:18:04.280 at home. So the last two games was the issues, yes, 0:18:04.480 --> 0:18:06.639 but we got to get better. We will. Rangers have 0:18:06.720 --> 0:18:09.040 not scored a five on five goals since Game two, 0:18:09.080 --> 0:18:11.359 but they have won eight in a row. At MSG, 0:18:11.520 --> 0:18:14.159 Yankees and Mets both suffered their most lopsided losses of 0:18:14.200 --> 0:18:16.359 the season. The Yanks seven game win streak ended at 0:18:16.359 --> 0:18:18.760 Minnesota eight to one. Yanks had just four hits. Both 0:18:18.840 --> 0:18:21.920 Nestor Cortez and Clark Schmidt gave up four runs. That's 0:18:21.920 --> 0:18:24.640 the most allowed this season by Cortez. Garret Cole pitches tonight, 0:18:24.680 --> 0:18:27.600 and Mets lost in San Diego thirteen to two. So 0:18:27.640 --> 0:18:30.960 outscored the last two nights twenty two. The Padres five 0:18:31.080 --> 0:18:33.119 runs in the fourth and ain't in four and the fifth, 0:18:33.119 --> 0:18:35.719 and Mets are off tonight. They visit the Angels tomorrow. 0:18:35.720 --> 0:18:38.760 The Angels have lost fourteen games in a row, half 0:18:38.800 --> 0:18:41.000 of those by one run. I just lost one up 0:18:41.040 --> 0:18:43.080 into the Red Sox have now won their last seven, 0:18:43.119 --> 0:18:46.280 and so has Atlanta, the Braves being Oakland that was 0:18:46.320 --> 0:18:50.000 also thirteen to two. John Scash, We're Bloomberg Sports didn't 0:18:50.160 --> 0:18:52.159 all right? John? Thanks? It is six thirty seven on 0:18:52.200 --> 0:18:53.720 Wall Street. Let's take a look down at some of 0:18:53.720 --> 0:18:56.399 the stocks that are moving in the pre market. Bloomberg 0:18:56.520 --> 0:19:01.200 TV anchor and Markets correspondent Danny Berger joins us this morning. Danny, 0:19:01.200 --> 0:19:04.879 we mentioned the Tesla shares moving up. This morning, Elon 0:19:04.960 --> 0:19:08.720 Musk Company put out some pretty strong production numbers from 0:19:08.760 --> 0:19:12.280 the Shanghai Gigaff factory, even though it's been shut down 0:19:12.400 --> 0:19:14.879 for quite a bit exactly. I mean, that's part of 0:19:14.880 --> 0:19:17.360 what makes these numbers so remarkable. So they came out 0:19:17.359 --> 0:19:21.560 from the China Passenger Car Association, and production in May 0:19:21.760 --> 0:19:24.760 more than tripled. Um. I'm not sure too many people 0:19:24.840 --> 0:19:28.360 expected this because for most of April well shutdown. Really 0:19:28.359 --> 0:19:31.359 only in May did they start getting back online. And 0:19:31.680 --> 0:19:34.440 even though I mean it's not up to full production, um, 0:19:34.480 --> 0:19:36.200 the numbers they put out, yes, a triple from the 0:19:36.240 --> 0:19:39.119 month before, but it's still about fifty percent below what 0:19:39.480 --> 0:19:41.440 they do in a normal month. Although I'm not sure 0:19:41.440 --> 0:19:45.440 what counts is normal in this environment anymore, um, But 0:19:45.440 --> 0:19:48.640 but still, you know, it is a big move for them. 0:19:48.720 --> 0:19:51.119 U B S also upgrading the stock, saying, you know, 0:19:51.760 --> 0:19:54.560 their outlook looks brighter than ever, saying they sold off 0:19:54.600 --> 0:19:57.080 a lot, so this is an attractive entry point. So 0:19:57.160 --> 0:19:59.920 Tessa up more than three and a third percent to 0:20:00.080 --> 0:20:03.520 Morning Premarket. Yeah, a good morning to upgrade the stock. 0:20:03.560 --> 0:20:06.560 And we're also seeing some signs Danny, that China's chech 0:20:06.640 --> 0:20:08.760 crackdown has been going on for the last few months 0:20:08.760 --> 0:20:12.000 starting to ease up for jack Ma. Yeah, a really 0:20:12.000 --> 0:20:16.000 fantastic scoop by the Bloomberg China Tech team. Um that 0:20:16.160 --> 0:20:20.280 China's consider considering reviving Aunt Group's I p O as 0:20:20.280 --> 0:20:23.200 you say, jack Ma's company. Um. And this comes off 0:20:23.200 --> 0:20:25.920 the back of China approving some more video games earlier 0:20:25.960 --> 0:20:29.400 this week. So these signs are pointing towards a relaxation 0:20:29.480 --> 0:20:31.600 of some of the tech crackdown. Of course, Ali Bamba 0:20:31.640 --> 0:20:34.320 owns about a third of ANTS, so in terms of 0:20:34.359 --> 0:20:36.960 premarket movers, that A d R obviously one of the 0:20:36.960 --> 0:20:39.400 ones to benefit. It's up about one percent. It's off 0:20:39.880 --> 0:20:41.520 some of the highs that it had been. But d 0:20:41.600 --> 0:20:44.080 D for example, another Chinese a d R that's up 0:20:44.600 --> 0:20:48.000 more than three and a half percent. Um. So yeah, 0:20:48.160 --> 0:20:52.560 China Securities Regulatory Commission apparently establishing a team to reassess 0:20:53.160 --> 0:20:55.560 the ANT share plan. So again it's it's just sort 0:20:55.560 --> 0:20:58.800 of all of China tech rising in sympathy. About thirty 0:20:58.800 --> 0:21:02.640 seconds left here. Danny of Drama continues at credit Sueetz, 0:21:02.720 --> 0:21:07.320 can you get us in thirty seconds? Um, looks it's 0:21:07.359 --> 0:21:10.280 a it's this continued story of you know, in States, 0:21:10.320 --> 0:21:11.840 you're going to buy them a lot of analysts of 0:21:11.920 --> 0:21:14.359 pork cold water on it. Bloomberg out with the reports 0:21:14.359 --> 0:21:17.520 that they're tapping the brakes on their China growth, it 0:21:17.560 --> 0:21:20.600 again lends itself to the problems in the region and 0:21:20.720 --> 0:21:22.560 greater for credit. So look, it's going to be a 0:21:22.640 --> 0:21:25.600 volatile session for credit, Sweez, you know, not just today, 0:21:25.640 --> 0:21:29.520 probably for the near foreseeable future. Yeah, we'll continue keeping 0:21:29.560 --> 0:21:32.000 an eye on it, all right. Danny Burger, Bloomberg TV anchor, 0:21:32.440 --> 0:21:35.320 joining us on radio this wearing our markets correspondent. Thanks 0:21:35.320 --> 0:21:37.399 for being here Danny this morning and looking at stocks 0:21:37.440 --> 0:21:40.440 as a whole as we get set for an ECB 0:21:40.760 --> 0:21:43.920