Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Out, and at Bloomberg Quick Take. This is a Bloomberg business Flash. I'm Nathan Hager, watching futures move higher ahead of July c p I and inflation print that will shape investor expectations on the direction of Federal Reserve interest rate hikes. We checked the markets every fifteen minutes during the trading day. On Bloomberg SMP futures are up ten points, STOUT futures
up fifty nine. NASDAC futures are higher by forty three points ten. Your treasuries up two thirty seconds. The yield two point seven six percent yield on the two year three point two three percent. Nime x Scrooge down eight tenths per center seventy three cents eighty nine dollar seventy seven cents. A Barrel comic called his down a tenth
per center to dollars twenty cents. At eighteen ten ten announced the euro one point zero two two three against the dollar, British pound one point two zero nine zero. The n is at one thirty four point nine two. That's a Bloomberg Business Flash. Now here's Michael Barr with more on what's going on around the world. Michael Nathan, thank you very much. Former President Donald Trump will be questioned under oath today and the New York Attorney General's
long running civil investigation into his real estate dealings. Monday, FBI agents searched his Florida state as part of an unrelated federal probe. The FDA signed off on the Biden administration's plan to stretch out the limited supply of monkey pox vaccine. The White Owl said it would make the currently four hundred forty thousand available doses into more than
two million smaller doses. In baseball, the Yankees lost to the Mariners one zip thirteen innings, The Mets beat the Reds six two the Red Sox Giants, and A's lost the Nationals and Orioles. One Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg, John, Michael, thank you. It is five forty nine on Wall Street
and we are live from the Bloomberg Interact. A Broker Studios. The US Justice Department preparing to sue Google as soon as next month. Let's take a deeper die into this story. This morning, were joined live by Alex Webb. The Bloomberg Quicktake Tech corresponded, joining us from our London bureau. This is an anti trust case and how far back does this go? What allegedly did Google do or is doing?
This really focuses on the the control that Google has over multiple stages of the I'm really sorry, I have some other audio playing in my ear and it's very very hard to hear anything. Um, I'm sorry just to say that on UM, I say, this really focuses on Google control of three points in the advatasing ecosystem. They have the demand side platform, the buy side platform, the south side platform, should say, and the AD exchange in
the middle of that. And the AD exchange has the ability, given the control all three of those parts of the systems to ultimately determined prices in a way that is favorable to Google. Now we don't know whether Google does this but ultimately, but other regulators have said they don't have visibility into where the Google does this. That in and of itself is a problem. The lack of visibility. So the way I'm picking that and getting to grips with the matter, there is the opportunity to hold Google
more accountable. Okay, the buying and selling of ads online? How much? How much is this worth? What kind of money we're talking to hear? This business for Google is about a twenty two billion dollar business that is clearly not the lion's share of its advertising revenue, which predominantly comes from search, but it does control a lot of the advertising that happens on the web um outside of
Google's platforms. So if you go to a newspaper, website, or another form of media, you will often find that the adverts that are served to you are actually served to you by Google. Um it means that Google has vast control over the advertising ecosystem around the world Wide Web. And advertising is what funds vast tracts of the world wide Web. So even if it isn't the lion share of Google business, it has vast implications for advertising globally.
And we should say that a twenty two billion dollar business is still bigger than the annual revenue of w p P, which is the world's biggest advertising agency. It's not chump change. UM. When I turned my computer on, Google comes up as the default search engine. Is that something separate because I know there's legal action with respect to that. How does that figure into this of it all? So that that is a separate issue. There is also in Europe there has been some attention on the bundling
that has happened and that Google used to say. You know, if for example, you were a newspaper website and you wanted to have a function which let people search historical stories, well Google offered the opportunity to use its search engine to search the stories on your website. But what it do is it would say, well, if you're going to use that, you also have to use our ads system that was deemed anti petitive or considered anti competitive by
authorities here. And so the approach the Google takes to bundling these things to not separating in this instance, the demand side and the cell side of the advertising um ecosystem is where they get in trouble. And you know, if you think about financial services, you know by side and sell side in a bank have to be have to have strict Chinese walls between them and visibility for regulators between the two, So there is a comparability there.
I love the factle when under pressure big tech company will bring up small business like you know it's morm and apple pie. What real quok about thirty seconds? What is the Google response to others? They, of course, you know, deny that that that there is a case here. Um they have offered there have been just has been muted that they talk about maybe separating some of these things internally.
The response to that that others are made is that ultimately an internal separation doesn't solve the problem because it's still Google. So they'll fight this tooth and now. But it's it's setting forward movement that the authorities are cracking down on us. Bloomberg quick to corresponded Alex feb Alex always a pleasure. Thanks and uh we are up to five fifty three on Wall Street, Nathan, that we are. John. It's time now for our Bloomberg Law Report. Let's get
to the legal stories we're watching this morning. Here's Bloomberg's Jeff Bellinger, the newest member of the Federal Trade Commission, is looking to hire a psychologist for his staff to focus on the impact of social media platforms on young people. A lawsuit filed in a Montana federal court chargers that direct TV failed to pay technicians and installers for time spent driving company vehicles from their homes to their first
job sites and back after work. Conservation groups told a federal court that gray wolves are at risk because the Fish and Wildlife Service has not yet decided whether the wolves warrant further protection under the Endangered Species Act. Bloomberg Law everything you need, all on one legal research platform, including guidance analysis and Bloomberg market intelligence. Find out more at Bloomberg law dot com. Right now to another legal
story we're watching. The Justice Department is charging for current and former Louisville police officers in connection with the fatal shooting of Brianna Taylor during the search warrant that was being executed in Three of those officers weren't even at the scene of the shooting. They're accused of lying in order to get the warrants to search Brianna Taylor's home and trying to cover their tracks later. For more on the case, Bloomberg June Grosso speaks with Amy Dillar, a
professor at the University of Baltimore Law School. We see the Justice Department stepped into the George Floyd killing and the Ahmad are Very killing. And here you have another high profile case where her name became a rallying cry for racial justice and activists were on the phone and in the streets calling for arrests. Does that motivate the
Justice Department as well? What I think we can see is a Justice Department that is operating with this approach to review cases where state prosecutors have made choices about how to pursue criminal charges, and to investigate and determine whether federal charges are warranted, and taking those potential cases
before federal grand jury. So I think that we might see that the three are a pattern of the Justice Department's approach to investigating these cases where people have been killed in two of those cases by police officers, and the Justice Department may be either dissatisfied or think that there's not been a thorough and complete investigation of those cases. Justice has been investigating the Louisville Police Department and reviewing
complaints of the regular use of unreasonable force. But the indictments here don't charge either of the officers who shot Taylor. They fired a total of thirty two rounds, why aren't they being charged? So I actually think that these indictment are the kind of indictment that get at systemic problems in policing. So what's been indicted here are the officers who lied in the affidavit that they submitted to the judge to obtain the search warrant to go into Brianna
Taylor's apartment at all. And not only the lying in the affidavit, but subsequent to the police killing Brianna Taylor, the Justice Department here has alledge that those officers engaged in a sustained cover up and in a sustained effort to obstruct justice and lied to multiple federal agencies. You know, looking at that conduct by police officers might not be as satisfying as the criminal law aspects of who should
be held a auntable for Brianna Taylor's death. But I think if we push back a little, we can see that all of these people may be responsible in part for Brianna Taylor's death, and the officers who lied in that f davit set into motion the chain of events that resulted in her death. That's Amy Dillard, a professor at the University of Baltimore Law School, speaking with Bloomberg's June Gronzo. Catch more of that interview, plus analysis of the latest legal news by subscribing to the Bloomberg Law
Podcast or downloading the show at Bloomberg dot com. Slash Podcasts and attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and on the Bloomberg terminal at b law Go. Looking ahead to July, c p I futures are moving higher. We have SMP futures right now up nine points, down futures up sixty two.
Nasdaq futures are higher by forty points. The tenure Treasury is up one thirty second, the yield two point seven seven percent yield on the two year three point two four per cent. Nime X screwed is down eight tenths per cent or seventy four cents at eighty nine dollar seventy six cents a barrel, and Bitcoin trading right now around twenty three thousand dollars. Bloomberg Daybreak continues. This is Bloomberg broadcasting live from the Bloomberg Interactive Broker's studio in
New York. Bloomberg loving Freedland to Washington d C, Bloomberg nine to Boston, Bloomberg one oh six one to San Francisco, Bloomberg No. Sixteen to the Country, Sirius XM to A one nineteen and around the globe, the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm John Tucker. I'm Nathan Hacker. We're about four hours away from the open of US trading. Let's get you up to date
on the news you need to know. At this our all eyes are on this morning's inflation report. Economists predicted deceleration in consumer prices for July after a hotter than expected June reading. Sylvia Jablonsky is CEO at Defiant CTFs. Even if it surprises us to the downside, which will be positive for equities, I think we'll get a little rally off of something like that. It doesn't really change the picture in the short term in terms of what
the FAT has to do to get to neutral. Sylvia Jablonski of Defined ct F says the recent market pullback is presenting opportunity for long term investors, and this morning we're learning about the impact of President Biden's Inflation Reduction Act. It's said to become law in the coming days, and one major bank says the bill will hardly impact prices at all. Bloomberg's Renata Young joins US Now Live with
that story. Good morning Rena, Good morning John. The Inflation Reduction Act is estimated to reduce the federal budget deficit by about three hundred billion dollars over the next decade, but JP Morgan Chase economists say the law will have almost no effect on the price growth that's currently running at the fastest pace in four decades. The nonpartisan Congressional Budget Office, the Committee for a Responsible Federal Budget, and the in Warden Budget Model all agree that the legislation
will have a minimal influence on inflation. Live in New York. I'm gonna need a young Bloomberg Daybreak. Okay, we need to thanks. Let's talk corporate earnings now. Walt Disney has set to release its quarterly results after the market's closed today. Bloomberg's Jeff Bellinger has a preview. Bloomberg Intelligence says the entertainment giant appears to be firing on almost all cylinders.
Disney Plus is doing well. The consensus is that the streaming video service added nine point seven million subscribers during the quarter. The loss of the streaming rights to Indian Premier League Cricket could force Disney to cut it subscriber targets demanded. Theme Parks has been strong that division may report an operating profit that exceeds consensus. Jeff Bellinger, Bloomberg Debris. All right, thanks Jeff. Earnings in the crypto space also
disappointing today. Coin Base posted a records a record second quarter loss and lower than expected revenue. And we're learning this morning, John about another share sale by Elon Muski. Has On the had done another nearly seven billion dollars in Tesla stock, according to regulatory filings. The sale comes as must faces legal challenges in his bid to pull
out of a deal to buy Twitter. SMP futures ahead of the CPI report up ten points, STOW futures up sixty two Nastack futures are higher by forty four points. The ten your treasury is up three thirty seconds. The yield two point seven six percent yield on the two year three point to three percent Bitcoin about twenty three thousand dollars straight ahead your latest local headlines into check of sports. This is Bloomberg and that brings us to
five thirty three on Wall Street. Time to bring in Michael Barr with more on what else is going on in New York and around the world. John, thank you very much, Sarah. Deadly bus crash on the New Jersey turn blank last nine. Authorities say a double decker bus transporting passengers from New York to Philadelphia overturned near Woodbridge. Sergeant Lawrence Peel of the State Police spoke to reporters. We are confirming right now one fatality and five series
injuries as a result of the collision. The bus also hit a pickup truck. Former President Donald Trump will be questioned on their oath today and the New York Attorney General's long running civil investigation into his dealings as a real estate mogul. Trump confirmed in in a post on
his truth social account. The White House as President Joe Biden and aids were not given a heads up or briefed on the FBI raid on former President Trump's Mara Lago estate and learned about the search from public reports. White House Press Secretary Karine Jean Pierre. President Biden has been unequivocal since the campaign. He believes in the rule of law, in the independence of Justice Department of the Justice Department Investigations spokesperson Karine Jean Pierre. Primary elections were
held in four states. Tim Michaels, who was backed by former President Trump, won the Wisconsin GOP gubernatorial nomination with forty of the vote over former Lieutenant Governor Rebecca Cleifish, who was endorsed by former VP Mike Pence. Michaels thanked
his supporters late last night. Since I was a young boy where I helped farmers bail hay and pick rocks, I know how to do a hard day's work, and the hard working people in Wisconsin to serve to have a leader who understands how hard they're working, and we'll lead by example. Tim Michaels will face Democratic Governor Tony
Evers in the general election. In Connecticut, another Trump and Doris candidated one her go OP primary, We Are A Levy won the U. S. Senate primary with more than fifty percent of the vote in a three way race. Levy will face Democratic incumbent Richard Bloomenfell, who ran unopposed in District four Republican Jamie Stevenson beat Michael Goldstein with more than sixty percent of the vote for a US House seat. Stevenson will run against Democratic incumbent Jim Himes.
Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. I'm Michael bar This is Bloomberg, John Michael, thank you Wall Street. Time for the Bloombird sports update. And here's John. Thanks. Another one nothing lost, so the Yankees after this past
Saturday in St. Louis. Last night in Seattle, Mariners won one nothing in thirteen in things neither team could score despite the rule now or the extra things to begin with the runner at second base. In both the tenth and eleven the Yanks killed their scoring chance. First Andrew ben Intendi got picked off, then Jose Travino got thrown out between second and third. Aaron Brune was asked about base running blunderstakes. You know, obviously, you know We're runs
are are really tough to come by. Um, you know it's been one of the real strength list team. So I don't want to lose our progressiveness. But but obviously we've gotta be a little smarter. Aaron, there's one with a couple of hits in the thirteenth thought Jonathan Mowiss to go. The Mets, with their six two win over the Reds at City Field, now have a better record than the Yankees. Carlos Carrasco with his thirteen twin of the year home runs for Francisco, then Door and Jeff
McNeil mess had won fourteen to the last sixteen. In the last four wins, there's only allowed a total of seven runs. They still need the Braves by seven games. Rangers announced a new captain, twenty eight year old hard hitting defenseman Jacob Truva, getting ready for his fourth season with the Blue Stretch. Rangers have been without the captain since Ryan mcdonnald left in two pousand and eighteen. And golf camp Smith, the Aussie who won the Open Championship
last month, latest to join the new Live Tour. Serena Williams will retire after the upcoming US Open in New York. She's one twenty three majors. One side of a rector that really needs an asterisk because Margaret Court won many of hers at a time when pros didn't even play in the major. Serena is the goat of women's tennis, and she said she's ready to move on to new things. John Stash Howard Bloomberg Sports done all right, John, thanks a lot thirty seven on Wall Street, and it's timed
out for the Tri State Business Report. For that, we're joined by Bloomberg, said Cory. Chipotle Mexican grill has agreed to pay twenty million dollars to an estimated thirteen thousand current and former employees of its restaurants in New York City. The money would settle a claim that the chain repeatedly violated laws governing sick leave and scheduling. The fast casual chain will also pay a million dollar fine. The pandemic era freeze on student debt payments has improved credit scores
for bar wars. That's according to the Federal Reserve Bank of New York, about thirty million people saw improvements in their risk profile, with the biggest gains going to those who were delinquent before the pandemic. Atlantic City casino dealers opposed to smoking indoors, rejecting designated outdoors smoking areas employees
could opt out of staffing. The leader of a group of casino workers says the opt out suggestion is not the solution to protect workers and customers that your Bloomberg tries to day Business report I mid Corey, all right, thanks at on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong, and let's check in now where their global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Steve Podas
kN to Los Angeles. We're talking about the Sweet Green Salad chain slashing its revenue forecast for the year. On Corney tannahoan cafe bian Omaha. Inflation is wreaking havoc on breakfast, with egg prices up almost in a year. I'm Jinas Servetti in for w BBM in Chicago. It looks like Big ten football fans will have a few options for watching college sports next year. I Stephen Carol on Bloomberg
d a B Digital Radio in London. We've been reporting on warnings of blackouts this winter in the UK amid an energy supply crunch I'm ed Cory on w T A M in Cleveland. I'm reporting Acron's Stigna Jewels is buying Blue Nile Eddiot's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. Oh what portents are these demands? A character in Shakespeare's Henry the Fourth.
Former President Donald Trump may well be wonder the same after FBI agents searched his home at Mara Lago on Monday. The rest of the country could use some answers to This is a fateful moment for US democracy. Whatever happens next and wherever the investigation leads, there can be no unwringing this bell. So it's essential that Americans get a sober,
transparent explanation for these latest developments. The sheer amount of unpunished wrongdoing that occurred under the Trump administration has many people cheering this extraordinary intervention, but it is nothing to celebrate. Trump himself has tested the American system in ways unseen since the nineteenth century. It is critical that the pursuit of justice does not merely compound the damage. The sedatorial
was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot Com, Slash Opinion or p I n go on the Bloomberg Terminal. These has been Bloomberg Opinion and Bloomberg Opinion editorials can be heard every weekday. At this time, terminal customers can read more ad O, p I n go and the Bloomberg Weather for it. Today clouds giving me a partial sawn, chance of a shower or thunderstorm. The height today in the mid eighties, showers,
maybe a flunderstorm Tonight, lows in the mid seventies. Tomorrow chance of morning showers, then partly Sunday. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. This is a Bloomberg Business Lash. Good morning on Nathan Hagar. Futures are moving higher this morning ahead of US inflation data that will shape investor expectations for further Federal Reserve
interest rate hikes. We check the markets every fifteen minutes during the trading day on Bloomberg s and p few Cheries are up twelve points. Dal Future is up seventy five. NASTAC futures higher by fifty three points. The acts in Germany is up three tenths per cent, The CAT in Paris is hired by a tenth percent. The tenure Treasury is up three thirty seconds. The yield two point seven six percent yield on the two year three point to
three percent. Name x screwed is down two tenths per cent or twenty cents and ninety dollars thirty one cents, and Beryl comex skulled down two tenths per cent or three dollars ten cents eighteen o nine twenty ounce. The Euro one point zero two two three against the dollar British pound one point two zero nine three. The end is at one thirty four point nine four. Of course, all lies out for the July Consumer Price Index at
eight thirty Wall Street time. Before that, we get NBA mortgage applications at seven, wholesale inventories for June come out of ten, and Walt Disney headlines the list of companies reporting earnings today. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Good morning, Michael, Good morning, Nathan Donald Trump's candidate of choice as one Wisconsin's Republican nomination to take on Democratic
Governor Tony Evers. Businessman Tim Michaels defeated former Lieutenant Governor Rebecca Cleefish, backed by former VP Mike Pence. Former President Trump will be questioned under oath today and the New York Attorney General's long running civil investigation into his real estate dealings. In baseball, the Yankees lost to the Mariners one zip and thirteen innings. The Mats beat the Red six two. The Red Sox lost to the Braves nine seven and next reunings. The Nationals and Orioles won the
Giants and A's lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalists and analyist more than a hundred twenty countries. Michael barn this is Bloomberg, John, Michael, thank you. Five twenty on Wall Street. We are live for the Bloomberger interacted broker's studios. This is Bloomberg Daybreak by the US Inflation Data TAY will shape the investor
expectations for Federal Reserve interest rate policy. The path ahead let's get a preview today's consumer price index with Bloomberg's Mike McKee. Is this going to be the peak? That's the question? Yeah, Um, this maybe the peak for headline inflation. The core is expected to rise, strip out food and energy. Core is expected to rise because there's still a number of areas that are rising in price, especially real estate rent as it's measured is still going up and will
be for some months, so that puts pressure on the core. Also, base effects inflation was very low at this time last year comparatively, so it just makes it go up a little higher. But if Wall Street sees progress, that may be good enough. Okay, so that they'll be looking for the trajectory. And what do we need to hear from J. Powell and company at the Federal Reserve? What specifically are they're going to be looking for this report. They're gonna
be looking for progress basically. That That was J Pal's comment on the day they last raised rates, was that they're looking for significant progress that proves to them or shows to them that inflation is declining. We will get probably a lower headline number, as I mentioned, because gasoline prices have been going down, but they want to see more than that, and they want to see it sustained
for a couple of months. So we'll see what happens today, and then we get another CPI report just before their next meeting, So what we hear from the Fed will probably be more nuanced than declarative right after this number. To what degree does policy actually control the rate of inflation with all this stuff? That's a good question in this circumstance because so much was based on supply chain problems. Uh, the fact that gasoline is coming down has nothing to
do with the Fed. The housing market is going to be cooling. We are already seeing sales cool and prices ease, but that takes a while to get into the overall numbers. Uh. That's an area where the Fed's having an impact. Um. Take cars, the Fed's higher interest rates are making it more expensive to buy a car, which should cool demand, but we're also seeing prices held up by the fact that there aren't a lot of cars to buy because
they still have supply chain problems. So it's a little more difficult to separate out what the FED is able to accomplish from what is affected by external factors. Right now, they have that dual mandate where you know you have to have full employment and try to control price pressures or at least price stability. So does that mean they have to torpedo employment uh to get prices down because the wages are a big component of inflation. Well, their
argument is they don't. And the reason is we have so many job openings. If people lose their jobs because demand falls for some products, they could get another job. Historically that hasn't happened. But historically we haven't had this many job openings, so you'll see a lot of people argue that they do have to torpedo the unemployment rate,
send it higher to get inflation down. Fed still holding onto the idea that they don't have to really affect employment all that much to bring inflation down, and this is an argument that won't be settled for many months. How does worker productivity figure into all of this, Well, the problem for a lot of companies is productivity has been falling, So if you're going to keep up with demand, you need more people, and we have had a labor
shortage that pushes up wages. If productivity were to increase and companies did spend money, Remember during the pandemic to try to make it easier to get by with fewer employees because it couldn't get them into the office. Uh. If that starts to have an impact, then prices that should also be deflationary. Prices should fall a little bit. But so far there's no sign of that. The numbers yesterday still show major declines in productivity. Is legislation in
Washington fiscal policy is that having any impact. No, it will over a longer run period, but it will be so small you really won't notice that. The issue is that the money that they're paying out compared to the overall size of the economy isn't going to be that great, not like it was when they were handing out stimulus checks. And also it's going to be spent over a number
of years. Where you might see some benefit is in the Chips Act, the Semiconductor Support Act, and in some of the infrastructure spending that that bill was passed a year or so ago, and that money just hinting the economy. But if those help improve productivity, then that would be a weight on prices. What's the betting right now for the next meeting from the Fed in terms of the rate rise markets are covering sort of in between fifty and seventy five, and you're going to see a lot
of volatility between now and then. So depending on what we see today, we may see that go towards seventy five or hang around fifty. But I wouldn't put much stock in it unless you have to trade it today because by the time the Fed meets on September one, who have a lot more data that will influence their views. The CPI to keep it here. Mike McKee appreciated you're listening to Bloomberg day Break ahead of the market open.
We have down futures of sixty five, the SMP futures up eleven, and then say futures right now forty eight points higher. This is day Break Bloomberg, brought you by a Peapack Private Wealth Management. Pepack Private Wealth Management knows that a portfolio is more than a collection of assets. It's a path to your future. Visit Peapack Private dot Com. Begin your financial legacy today. And it's not five oh
seven on Wall Street. Time to bring in Michael Barr with more on what else is going on to New York and around the world. John, thank you very much. Sir. There was a deadly bus crash on the New Jersey turn plank last night. Authorities say one person was killed and five people were seriously injured when a passenger bus
from New York to Philadelphia overturned near Woodbridge. Sergeant Lawrence Peel of the State Police preliminary information indicates that at a proximately six fifty three pm, a coach double decker bus overturn and came to rest on the entrance ramp to the service area. Sergeant Peels says the bus also struck a pickup truck. Former President Donald Trump says he will be questioned under oath today in the New York Attorney General's long running civil investigation into his real estate dealings.
The New York civil investigation involves allegations that Trump's company misstated the value of assets and misled lenders and tax authorities. FBI agents recently searched is Maria Lago estate in Florida as part of an unrelated federal probe into whether he took classified records when he left the White House. Trump supporters are reacting to the search. Republican Senator Ted Cruz of Texas this raises serious questions again about the Biden
administration politicizing and weaponizing law enforcement. I believe Congress should hold hearings, we should have subpoenas. Senator Cruz blamed politics for the Mara Lago search. White House Press Secretary Karine Jean Pierre said President Biden respects the d j's independence. The President of the White House learned about this FBI starge from public reports. We learned just like the American public did yesterday, and we did not have advanced notice
of this activity. Karina Jean Pierre also urged China to reconsider escalating aggression, calling it provocative and irresponsible. Meanwhile, China says it will end Taiwan military drills and will plan regular patrols. Businessman Tim Michaels, who was endorsed by Donald Trump as won the GOP primary for Wisconsin governor. Michaels defeated former Lieutenant Governor Rebecca Cleefish, who had the backing of establishment Republicans and former VP Mike Penns. Michaels will
face current Democratic Governor Tony Evers in the fall. In Connecticut's District four GOP primary, Jamie Stevenson beat Michael Goldstein with more than sixty percent of the vote for a US House eat Stevenson Will against Democratic incumbent Jim Himes. Primaries were also held in Vermont. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than seven hundred journalists analysts more than
a hundred twenty countries. I'm Michael bar This is Bloomberg, John Michael, thank you, and it's coming up on five and ten of Wall Street, tied down to the Bloomberg Sports Update. Good morning, John Stennshower, all right, good morning John. Seattle Mariners manager Scott's Service called last night's game one of the best he's ever seen. It's certainly had great pitching.
The first game of the Majors to be scoreless in the thirteenth innings since they put in the new rule where extra innings begin with a runner at second base. After four hours, finally a run was scored. Why is it gets ready? Here's the stretch and now the O two on the way to turn swinging a line drive basin right now? Score off wise nothing Gyro the coing Yankees wasting a Garrett Cole Jim against the same Seattle team that scored six runs off him in the first
inning of the game. Last week in New York, cole battle with Luis Castillo, who made his third start in the last four weeks against the Yanks. The first one was while he was with the Reds, and he dominated them and all three of those starts. Speaking of the Reds, their bats again quiet and City Field Mets one six to two home runs for Francisco Lindor and Jeff McNeil. Thirteenth win of the year for Carlos Carrasco. He's tied for the National League League. The Mets have won fourteen
of their last sixteen. Only one of those victories was by one run, another by two. The other twelve wins all by at least three runs. Atlanta one in eleven innings in Boston, who remained seven games behind. When Jets Tackla McKay Beckton limped off the practice field Monday, coach Rob Salah at first did not think it was a serious knee injury. Then came the m r I that revealed it was, and the news yesterday it's season ending. Beckton hurt the same knee and last year's season opener
miss twenty one as well. Jets drafted Beckham with the eleventh overall pick in Johns Dashawart Bloomberg Sports storm. All right, thanks John, And ahead of the cash show up on Wall Street, we're seeing down futures up seventy one points. The smp Eman futures they're up twelve points right now, Nasday futures up. And you're listening to Bloomberg Dame Break and Bloomberg Weather from meteorologist Rob Caroline. Cloud's giving weight to partial sun today. There is the chance of a
shower or thunderstorm. Hi today showers, maybe a thunderstorm Tonight Loaves in the mid seventies, Live from the Bloomberg Interactive Broker Studios. This is Bloomberg day Break for Wednesday, August two, coming up this hour. Trader is ready for the latest reading on inflation. Elon Musk sells more Testla shares to prepare for the possible purchase of Twitter. The d o J is poised to sue Google over its digital ad dominance, and coin Bass slides after an earnings miss and dim forecast.
A bus accident in New Jersey has left at least one person beat lust. Former President Trump gives his deposition today in New York Michael Barner. More Ahead, I'm John stash owns boards. Another win for the Red Hot Mats.
The Yankees lost in Seattle. Wandon update in thirteen and easy, that's all strained Ahead on Bloomberg Daybreak on Bloomberg eleven three, on New York Bloomberg nine one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco syrius x AM one nineteen and around the world on Bloomberg Radio dot com and via the Bloomberg Business Ad. Good morning, I'm John Tucker, Anna, Nathan Hagar. Futures are on the rise this morning. It's coming up to five
oh one on Wall Street. We checked the markets every fifteen minutes during the training day. On Bloomberg, s and P Futures up twelve point, Staff futures up seventy four. Nastack Future is higher by fifty four points. The tenure Treasury is up to thirty seconds. The yield two point seven six percent yield on the two year three point two percent. NIMEX screwed is down six tenths percent, down fifty four cents at eighty nine nine cents a barrel comes gold is down two tenths per cent or three
dollars eighty cents at eighteen o eight fifty. Announced, the euro one point zero to two two against the dollar, and the en is at one thirty four point nine seven John and they all eyes are. In this morning's inflation report, economists predicted deceleration and consumer prices. They predict prices for July of rose at an annual rate of eight point seven percent. Let's get more from Bloomberg's Michael
McKee headline. Inflation is forecast to have eased in July, in large part because oil prices fell, bringing down the cost of gasoline. While perhaps helpful, it won't have much influence on FED thinking. That's because core inflation, stripping out energy and food, is expected to post another big increase. Rents in particular are seen accelerating, which boosts the home price component of cp I well. Many commodities have declined in price on futures markets, those jobs likely haven't worked
their way into retail price. It's as yet also. Another big drop in productivity during the second quarter means companies aren't recouping all their costs, including labor costs, which rose at a double digit pace from April through June. Michael McKee Bloomberg Daybreak. Okay, Mike. Thanks. This morning, we're learning about the impact of President Biden's Inflation Reduction Act. It's set to become law in the coming days, and one major bank says the bill will hardly impact prices at all.
Bloomberg's Rinita Young joins us Live with that story. Good morning, Granina, Good morning Nathan. The Inflation Reduction Act is estimated to reduce the federal budget deficit by about three hundred billion dollars over the next decade, but JP Morgan Chase economists say the law will have almost no effect on the price growth that's currently running at the fastest pace in
four decades. The nonpartisan Congressional Budget Office, the Committee for a Responsible Federal Budget, and the pen Wharton Budget Model all agree that the legislation will have a minimal influence on inflation. Live in New York, I'm Gonnita Young, Bloomberg day Break, Nita. Thanks. Meantime, we're learning the Inflation Reduction Act will have tax implications for corporations and middle class Americans. Amy Morris has details from our Bloomberg Newsroom in Washington.
Analysis by the Congressional Joint Committee on Taxation finds that corporations will pay nearly two hundred ninety six billion dollars more in federal taxes over the next decade, much of that from a new corporate minimum tax requiring billion dollar companies to pay a fifteen percent minimum. Households making less than one hundred thousand dollars will see net tax cuts through, mostly through Affordable Care Act premium subsidies. Taxes for middle
and low income households are largely unchanged. The bill is set for a vote in the House on Friday. In Washington, I'm Amy Moore as Bloomberg Day Break. All right, Amy, thank you. Let's turn our attention overseas. Now. Europe is in the midst of a heat wave and it's evaporating the region's rivers. A major waterway in Germany's drying up, and that could have major economic implications. Bloomberg's You and Potts joins us live from London with the latest. Good morning,
Good morning, Nathan and John. The river Ryne is set to become effectively impossible to shipping later this week. The German government says the water label drop below sixteen inches deep on Friday at a key point west of Frankfurt's As the region's drought continues. At that level, vessels that haul everything from diesel to coal will be unable to use the river. It's just another problem in Europe's worst energy crisis in decades. In London, I'm you and Potspoon
back day break you and thanks. Let's turn into the markets now. That's where earnings are weighing on semiconductor stocks. Micron Technology the latest shipmaker to Warner of slowing demand. We You've heard similar sentiment from Nvidia, Intel and a m D in recent days, and that caused that you Philadelphia Semiconductor Index to form more than four percent yesterday.
And earnings in the crypto space are also disappointing. Giant shares of coin base are down six and a half percent this morning after posting a record second quarter loss and lower than expected revenue. Coin based chief operating officer Emily Choi discussed the results of for ex Emily Chang. I think it was a rough quarter for most companies
in the crypto space. We obviously had some big episodic events that happened during the quarter, and so some of those asset prices shrunk, which then impacts things like the assets on platform and other numbers. Coin by CEO Emily Choice, speaking on Bloomberg Technology, Catch our daily Bloomberg Technology podcast Daily wherever you get your podcasts, and sticking with earnings.
Disney set to reports that day after the closing bill Bloomberg Intelligence as the company expect to see subscriber growth for its Disney Plus streaming service. But the big question is whether management will walk back future subscriber guidance if you're losing streaming rights from the for the Indian Premium League. Well, we're learning this morning about another share sale by Elon Musk. John he has sold another nearly seven billion dollars in
Tesla stock, according to regulatory filings. The sale comes as Musk faces legal challenges in his bid to pull out of a deal to buy Twitter. The Bloomberg Global Business Editor Emma O'Brien has more on the sale. Looks like he's looking to cash in on a substand till amount of stock while it is at a decent level around eight hundred and fifty dollars a share right now, up from those lows reached in May just above six hundred dollars. Bloomberg's m O'Brien says Musk could sell even more Tesla
shares if he's forced to buy Twitter. Right now, Tesla's up two point eight percent in the pre market and some big news from the search giant Google. Sources tell us the Justice Department is comparing to sue Google as soon as next month. The move would cap years of work building a case that the Alphabet unit illegally dominates the digital advertising market. The Justice Department declined to comment
on further details ahead of the open. On Wall Street futures in the green this warning down futures of seventy smp E. Many futures there are of thirteen points and and the Aztec futures right now up sixty points. You're listening to Bloomberg Daybreak