Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
We begin with talks between the United Autoworkers Union and the Big three Detroit automakers and the threat of a work stoppage that could have a wide ranging impact on the US economy. Bloomberg's Ed Corey joins US from Detroit with the latest.
Sources tell Bloomberg the union is now considering targeted strikes at a number of factories run by each of Detroit's three automakers if they can't reach contract agreements by a Thursday night deadline. The UAW and car makers are haggling over big pay raises, constant living allowances, and other benefits. The union has demanded. UAW President Sean Fayn plans to lay out the union strike plans at ten pm Thursday,
two hours before the contract officially expires in Detroit. Ed Corey Bloomberg Radio, All right, Ed.
Thanks, So We're also closely following activity on Capitol Hill. After House republic Ens launched an impeachment probe into President Joe Biden. Speaker Kevin McCarthy says the probe will investigate what he calls a culture of corruption.
I do not make this decision lightly, and regardless of your party or who you voted for, these facts should concern all Americans.
Speaker Kevin McCarthy is bypassing a floor vote in the House to move to an impeachment inquiry. Democratic Leader Hakim Jeffries is critical of the move.
This is an illegitimate impeachment inquiry, period full stop.
New York Congressman HACKEM. Jeffries calls the inquiry a waste of time and taxpayer dollars, and says House Democrats will defend President Biden, of course.
Inflations in focus today Karen Is. The government issues the August consumer price Index ahead of next week's FED meeting. Bloomberg's Michael McKee has a preview.
Investors have already priced for a rise in headline inflation, largely led by energy prices. The Fed can't effect those, so there's no anticipation the CPI will lead to a rate rise at next week's meeting. Instead, the focus will be on the core inflation rate. It's forecast to drop, suggesting the Central Bank is still making progress. Within the report, analysts, we'll be looking primarily at housing prices rents. After a long period pushing inflation up, they are expected to decelerate.
Michael McKee, Bloomberg Radio.
All right, Mike, thank you. We get the August CPI eight thirty am. Wall Street Time, follow of Bloomberg Radio and Television all morning for full coverage.
All right, Nathan, thank you. Market's also reacting to the tech sector this morning, specifically Apple's long awaited iPhone release. The company is raising the price of the new promacs by one hundred dollars as it looks to combat a slow down in a smartphone sales and pressure from China, which could expand its ban on iPhone use by government employees. This morning, the Chinese government claimed it's noticed some security
incidents involving iPhones. Apple shares fell almost two percent after yesterday's unveiling and checking Apple and the pre market, it's down a third of five percent this morning.
We're keeping an eye on economics overseas, Karen. The UK economy shrink at its fastest pace in seven months ahead of next week's Bank of England decision. Bloomberg's Ewan Pots joins us from London with more.
Good morning, Ewan, Good morning, Nathan, and Karen wet weather and striking workers. Those are two of the factors behind July's disappointing economic data. UK GDP shrank by five tenths of one percent on the month. Combined with yesterday's data showing a rise in unemployment, Today's damp GDP reading is another sign the UK economy is losing steam now in the face of those shop increase in boring costs. In London, I'm you in pots Bloomberg.
Radio, All right, Ewen, thank you. Here in the US, we've been following a lot of activity in the IPO space from companies like Armholdings and Instant Card. In this morning, we're following a European company, Birkinstock, filing for an initial public offering in the US. Bloombergs Charlie Pellett has that story.
It is another sign of the allure that American equity markets hold for European firms seeking a valuation uplift. The German footwear maker plans to listed shares on the New York Stock Exchange under the symbol BIO. Bloomberg News was previously reported, but the IPO could value Birkenstock at more than eight billion dollars. Goldman Sachs, JP, Morgan Chase and Morgan Stanley are leading the offering in New York. Charlie Pellett Bloomberg Radio.
Okay, Charlie, thank you, And speaking of that arm IPO, it's set the price. After the closing belt today, investors are watching to see how arms owner SoftBank fairs and what's set to be the largest listing of the year. Investors are also waiting to see if the IPO helps to reignite equity capital markets well.
Also this morning, Nathan, we're following two natural disasters in North Africa. Search efforts intensified after a storm of ravaged Libya's eastern region, killed around two thousand people on that many more missing. Meanwhile, in Morocco, close to three thousand people have been killed following the nation's most powerful earthquake in a century. Last ditch search efforts continue to look for survivors after the earthquake struck late last week.
In staying overseas, Karen, we're monitoring the meeting between Russian President Vladimir Putin North Korean leader Kim Jong un. They held talks today at a Russian space center. As Russia seeks military support for its invasion of Ukraine. Russian state media say the one on one talks have concluded. It marks the first summit between the heads of state in four years.
And this morning, Nathan A. Stanford has topped Business Weeks be a school ranking for the fifth straight year, and every year a Bloomberg survey students, alumni and employers to rate the best business schools and NBA programs around the world. Running at the top five are the University of Chicago, Dartmouth, and Virginia and a tie for third and Columbia Business School is at number five.
All right, Karen, Thanks, it is time to take a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Michael Barr.
Good morning, Michael, Good morning. Nathan Moore on the disaster in Libya. A major storm unleashed devastating floods, with thousands feared dead. Two dams failed in the coastal city of Durnham. The rushing waters gouged a path where neighborhoods once stood. More than five thousand are feared dead, and there are concerns that as many as ten thousand could be missing. Five former Memphis police officers are now facing federal civil
rights charges and the beating death of Tyree Nichols. The new charges come nine months after officers were recorded on video beating Nichols during a traffic stop near his Memphis home. Civil rights attorney Van Crump, who is representing nicholls family, says they will go to Washington to call for police reform legislation. How many more hashtas?
How many more black people have to die necessarily for we say that America we.
Need police reform. Nichols died at a hospital three days after the beating. Senators will be meeting behind closed doors today with the nation's top tech leaders. Bloomberg's Nancy Lyons reports the issue will be on artificial intelligence.
The senators are hoping to learn more about the emerging technology and how to set up safeguards. Senator Mark Warner of Virginia tells bloomber Sound On they need to face any potential threats early in the process.
There is a real sense that what we cannot do is simply what we did with social media, which was basically to say to the tech community, you guys, go figure this out, and we'll try to come in and put rules in after the fact.
This event is the first in a nine part series of AI forums focused on promoting innovation, national security, and privacy. In Washington, Nancy Lyons Bloomberg Radio.
COVID nineteen boosters formulated to protect against newer strains of the virus, will be available in the US after the Centers for Disease Control and Prevention signed off on their rollout. CDC director Mandy.
Cohen, it's to protect you from the serious consequences that this virus still can have.
Shots from Moderna and Fizer Buyintech are expected to be available by the end of the week. The story now on sinus medications that have been on the market for decades. An FDA advisory committee found over the counter oral pe does not alleviate nasal congestion anymore than a placebo. Doctors taking oral pe is not harmful, but proves to be ineffective because it's processed by the body before it reaches
the nasal passages. Global News twenty four hours a day, powered by more than twenty seven one hundred journalists analysts in over one hundred twenty countries. I'm Michael Barr. This is Bloomberg Naked.
All right, Michael.
Thanks Now you can get the latest news whenever you want it with Bloomberg News Now top stories from our global team of reporters at the click of a button. Get Bloomberg News Now on the Bloomberg Business App, Bloomberg dot com, and anywhere you get your podcasts. Time now for the Bloomberg Sports Update with John stepshowing, Thanks.
Nith, and the Aaron Rodgers season ending Achilles injury leaves a couple of questions. Is Rogers already thirty nine years old, willing to go through what would be a strenuous reab to get ready to play next season. I'm more pressing what happens now. Jets coach Rob Saala insists this is now Zach will Nelson's team, but he hasn't looked good
the last two seasons. They definitely need another quarterback. Will they trade for a current backup or sign a currently unemployed QB like a Carson Wentz or Joe Flacco who's been a Jet the last three season. Jets are one and oh salas certainly not giving up.
I don't know why people are trying to put an obituary under our team name. You know, it's Aaron is an unbelievable piece to this whole thing, and we love them. But I think there's fifty two other guys in the locker room, plus the sixteen part squad, guys that believe that we can do a hell of a lot of good things here.
Jets play Sunday in Dallas and Boston, double letter sweet for the Yankees. Got solid pitching in both ends one three to two and four to one, and the Nightcap. Yanks used four relievers, all of whom are in the minors most of the season, and they threw four scoreless innings eleven only two bits Yanks are back over five hundred. They're tied with the Socks, trying to avoid finishing last.
At Cityfield, metsbeat Arizona seven to four. They had thirteen hits, three home runs, including number forty four for Fee Alonzo, Atlanta's first base with Matt Olson hit his fifty first time.
The Braves record Mats. Meanwhile, I have a new boss.
In a move that had been long expected, They've hired thirty eight year old New York native David Stearns to be President of baseball Operations. At the job, he previously had in Milwaukee. Sterns grew up a Mets fan from Tanna's former World number one Simona Hallups suspended for four years for pd US Johns dashewe Bloomberg.
Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on sirisxam, the Bloomberg Business app in Bloomberg dot Com.
This is Bloomberg Daybreak. Good morning.
I'm Nathan Hager. It is a fight that the White House says is threatening military readiness, but Republican Senator Tommy Tubberville of Alabama says he will continue to block hundreds of military promotions unless the Biden administration abolishes its new abortion policy and the Senate votes on it. He spoke with Joe Matthew and Anrey Hordn on Bloomberg's balance of power.
I truly believe in our national offense. We don't have a great national offense. We don't have anything, so that being said. On the Armed Services Committee, I got a briefing about a year ago what they were going to do with the new abortion policy. We didn't need one. It worked perfect. They never had one complaint. We've had one since nineteen eighty four. Joe Biden and the Democrats voted a policy in that had the three exceptions and it worked perfectly, but they just decided to change it.
Now.
They voted it through Congress in the eighty four, but in twenty twenty three they want to change it with a memo from the White House. We're not a communist country. Everything this made policy and law goes through Congress. And I told them that if you change it, I'm going to block your admirals and generals. Well at that time there was one or two. Now we're up to three hundred. I think they're starting to believe me that I meant what I said. And again, they could be clearing these
nominations one at a time, two hours each. They don't want to do that. Democrats have not been told no since they've been up here for two and a half almost three years, since the President Biden was elected, and now they can't handle it. But we're not going to have any movement on my side unless they change this back and let's vote on it. Let's just vote on it and if it passes. If it passes, it doesn't, it.
Doesn't, So just to be clear, Senator, you want Chuck Schumer to bring legislation ending the Pentagon's policy to the floor. Do you want to see the nominees brought to the floor. How do you see across the valley on us.
Well, if you want to get them all done at one time, all they have to do is put the policy back the way it was, the way it was was voted on here in the Senate, everybody by everybody's represented it, sign in a White House, and then move it back and then whatever they want to change it to, send it over and let us vote on it. If it passes, pass it fine, If it doesn't it fine, But the deal is holes would be off. That's all they have to do is do the policy the right way.
But they don't want to do that. They want to dictate, you know, to us what they're going to do because again they think they can do it because they they've ran righted everything through for the last three years. And I'm not going to stand for it. The American people and the people Alabama deserve representation, vote on this. That's what this country is about.
Sir.
Have you been okay with for the past years decades your genital concerns are one of the top reasons why women who are fighting overseas happy get evacuated back to United States, which could cost up to ten thousand dollars. A lot of that has to do with reproductive care. That's US taxpayer dollars as well. Are you okay with that policy?
Like I said, we've had a policy what since nineteen eighty four, there has not been one complaint from anybody about how it's been done, taken care of. There have been abortions, but now, unfortunately it just happened after Row Wade and President Biden and his group said well, we can't handle what's going back to the States, but we can handle federal employees. Now we got a briefing on this.
They couldn't give us the stipulations on this, whether you know it's going to be late term abortion where there's be the three exceptions. They have no clue of what this policy is. They just wanted to change it to let the American people know, hey, we can do what we want to and I'm not going to allow them to do it.
Getting back to the issue of military families, while you're still with us here, Senator, those who are living in temporary housing and in some cases going without pay increases that their families were counting on, because that, of course hinges on confirmation. What is your message today to our viewers and specifically the more than thirteen thousand active duty service members in your state, many of them with families. Is this simply the cost of enlisting in today's military.
Yeah, we need better house and I'll tell you that, and we work every day to try to get better housing.
We pass some.
Bills to build better housing. On some of these bags.
They can't get into that housing without a confirmation.
Right, It just depends. Now we're talking about three hundred people. We're not talking about the other one point five million of our military personnel that actually do the work.
Not the generals and admirals.
They live in taj Mahal's, they have these big f offices over to Pentagon, driving around in black SUVs with an entourage. I'm not talking about the corporals and lieutenants and the colonels and the majors, the people that actually do the readiness. These people here in the Pentagon, I mean, there are a lot of them running around here that they got real cushy jobs. I'm ready to get maybe not get rid of some generals. We have forty four four star generals. Won't you think about that for one
point five million troops. In World War Two we had twelve million troops and we had seven four star generals. It makes no sense. We are top heavy here. But again that's not the problem. And the problem here is Chuck Schumer refuses to do what's right and bring these people to the floor and confirm them. And again, we could have had this already done if they had to have been hard headed and say we want our way or we're not going to do it. And so it
is what it is. And again everybody's wanting finger at me. Chuck Schumer is at faultier. He is the guy, the leader that's supposed to be running the Senate, and he's doing a poor job of it.
This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond.
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I'm Nathan Hager.
And I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak