Bloomberg Daybreak: August 12 - Hour 2 (Radio)

Next move, calls resumed to get rid of horse drawn carriages in New York City. Plus investigators are looking into a man who tried to breach in Ohio FBI office. I'm Michael Barr. More ahead, I'm John Stas shown sports The Giants one, the preseason opener at New England, The Jets,

Matt and NIKEE. He's all played tonight. That's all trended ahead on Bloomberg Daybreak on Bloomberg Elebern Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius XM one nineteen and around the world on Bloomberg Radio. Dot Com and via the Bloomberg Business app. Good morning, I'm Nathan Hagar and I'm Karen Moscow. Futures are higher this morning. We are

coming up to six o one on Wall Street. I'm gonna check the markets every fifteen minutes throughout the trading day. On Bloomberg. Guess and P futures have twenty three points down futures have one hundred sixty three and nasday futures have eighty one and the ten year treasury up to thirty seconds yield two point eight seven percent. They yield

on the two year three point two zero percent. Nathan Karen will have more on markets in a minute, but first we're learning more about what the FBI was looking for when it executed a search warrant at the Florida home of former President Donald Trump. Amy Morris has details from our Bloomberg newsroom in Washington. Reportedly, among the items

classified documents related to nuclear weapons. The Washington Post reports it isn't clear if the information involved weapons belonging to the United States or some other nation, and we don't know yet if those documents were recovered in the search. Attorney to Roll Merritt Garland announced the Department of Justice has filed a motion to unseal the search warrant and

that more information is coming. The Department filed the motion to make public the warrant and receipt in light of the former president's public confirmation of the search, the surrounding circumstances, and the substantial public interest in this matter, and the judge immediately ordered d o J to consult with Trump's legal team and notify the court within twenty four hours about whether they would oppose the request laid last night, former President Trump said on social media he agreed that

the search warrant and the list of items taken should be made public in Washington. I'm Amy Moore as Bloomberg Daybreak. All right, Amy, thank you over getting more reaction to Attorney General Garland's request to unseal the warrant, and Cardosos School of Law professor Jessica Roth says former President Trump

could release the documents himself. The former president has confirmed publicly that a search was executed on his property, ums, essentially eliminating one of the primary reasons why search war and remain under skill at destructure, which is to protect the privacy of those who were searched Herdoza Law professor Jessica Roth is a former federal prosecutor in the Southern District of New York. She was a guest on Bloomberg Sound on her weekdays at five pm Eastern on Bloomberg Radio. Well,

another major political story we're watching this morning, Karen. Bloomberg News has learned that President Biden is preparing to launch his re election campaign in the months after November's midterm elections. Those close to the president describe him as upbeat about recent legislative, economic, and foreign policy victories. The poles show most Democrats would rather have a candidate other than Biden. Well, Nathan, We also have new developments this morning on the battle

against the pandemic. The CDC is loosening guidance for people exposed to COVID nineteen now. Bloomberg's Bacheter has the story, this is the latest loosening of CDC policies that says there is no longer a recommendation to quarantine after exposure and says it more closely aligns with what people are doing anyway. It says will benefit school classrooms and the

children themselves. It does say those people should wear masks indoors while monitoring for symptoms, and it also says people with COVID symptoms should end isolation on the sixth day or later. In San Francisco, I'm at Baxter Bloomberg Gay break all right, and thank you. Turning back to markets now, futures are higher as we close out a trading week that's been highlighted by inflation data. Stocks have rallied since their mid June low, and the SMP five hundred is

now trading near a three month high. JP Morgan Chief Global strategist David Kelly says stocks could rebound two records in the next few years. Look at what the record high would be. Look at the percentage game you're talking about here. So if you need to go up, if it takes you a year to do that, that's a great game. If it takes you two years to do that with dividends, that's still a great If it takes

you three years, you're still making good money. So only in order to be a bull on stocks, only have to believe is that you'll get there within say the next three years. JP Morgan's David Kelly says he would be fully invested in equities right now. Well, despite the cooler inflation ratings we've seen this week, Nathan, a discussion continues and how aggressive the FED will be. In San Francisco, FED President Mary Daley says she's flexible when it comes

to future policy. I have a baseline case going into September that is fifty basis points. That's where I've been since the last meeting. But I have an open mind about whether seventy is going to be necessary, and a lot of that will depend on the labor market, inflation and whether we start to we see those things slow

enough to say, Wow, we've got the momentum need. San Francisco FED President Mary Daily may the comments in an interview with Bloomberg's Cantling Heyes, sketch more of that conversation coming up shortly on Bloombergy daybreak. Well. In corporate news this morning, Karen, we have Apple in focus. We're told the company expects to sustain iPhone sales this year even

as the market slows. More from Bloomberg's Charlie Pellett, Apple is asking suppliers to build at least as many of its next generation iPhones this year's in one counting on an affluent clientele and dwindling competition to whether global electronics downturn. Sources tell Bloomberg but tech Giant is telling its assemblers to make ninety million of its newest devices on par with last year, despite deteriorating projections for the smartphone market.

In New York, Charlie Pellett Bloomberg Daybreak, A right, Arnie, thank you All shares of Alumina or on the move this morning. The DNA sequencing giants stock is plunging down fifteen percent in the pre market, as Bloomberg's Doug Kriisner reports, the company cut its full year earnings forecast. Illumina blamed the reduction on potential penalties in Europe over its acquisition of cancer test provider Grail. The last month of two companies were warned of hefty fines after EU regulators said

the merger was implemented before regulators reviewed the deal. Illumina now says adjusted earnings will be in the range of two dollars seventy five cents to two nineties share. It's earlier forecast was between four dollars and four twenty In New York, I'm Doug Krisner Bloomberg Daybreak. Okay, Doug, thank you.

Bloomberg Daybreak is brought to you by b n y Melon's Pershing Learned why the world's most sophisticated wealth management and institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and manage risk. At pershing dot com, future is moving higher and straight ahead. We have your latest local headlines, plus a check of sports. This is Bloomberg. Sounds like so seven on Wall Street where it's seventy

two degrees in Central Park. Gotta crash southbound seventeen year Williams Street. We'll get to the details in traffic shortly. First, Michael Barker's here with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. Authorities are investigating whether in our men who try to breach the FBI Cincinnati office had ties to far right groups. He fled and was shot died hours later in a rural standoff with law enforcement. Ohio State

Highway Patrol spokesman Lieutenant Nathan Dennis. Throughout the day today, UM law enforcement officers accepted to negotiate with the suspect State Highway Patrol Lieutenant Nathan Dennis. The FBI is warning its agents to take extra precautions amid an increase in social media threats following Monday's search at former President Trump's home. The suspect is identified as forty two year old Ricky Schiffer. Activists rallied at City Hall to demand New York City

banned the use of horse drawn carriages. After a horse collapsed in Hell's Kitchen Wednesday evening, the NYPD used water hoses to try to cool down the horse. Demonstrators support a bill the New York City Council is currently considering to replace the horses with electric carriages. About two hundred potential jurors for the trial of a man charged with killing eight people on a New York City bike path

in a terror attack filled out questionnaires. Eventually twelve jurors and six alternates will be chosen for the October eleventh trial of say full of Sipov and Manhattan's Federal Court. Saipov was charged in the seventeen attack after prosecutors say he used a truck that hit numerous pedestrians along the West Side Highway. UK officials say children under nine years of age could be eligible for a booster dose to

fight polio soon. It comes as officials in Rockland County, New York, are investigating the country's first polio case identified in decades, leading to some concerns that polio could be coming back in the US. Dr Amy Arrington, who specializes in global biological preparedness in Texas, says that all the best protection against polio remains childhood vaccination. Americans can take

other precautions to lower their risk as well. The key to that is really, you know, good hand hygiene, being alert, and surveillance, surveillance like we've done and like they've done in New York to catch this case, but primarily keeping up with your your polio boosters and your your vaccine schedule as a child. Dr Arrington spoke to ABC Global News twenty four hours a day on airrand on Bloomberg Quick Take powered by more than twenty seven hundred journal

to analysts more than a hundred twenty countries. Michael bar this is Bloomberg Naked. Thanks Michael. Almost six ten on Wall Street Time for the Bloomberg Sports Update with John Stats show, all right, Nathan putballs back Giants and Patriots in New England. The game had six league changes and the Giants on a Graham Gino field role of third

of the night one. Daniel Jones played the first quarter six to ten sixty nine yards, then replaced by Tyrod Taylor, and one thing is certain, the Giants are much improved at backup quarterback. Giants fans, unfortunately remember the team struggles after Jones's injury last year. Taylor has started over fifty NFL games. He was thirteen and twenty one with the touchdown. Giants had four hundred and eighteen yards of offense hundred seventy seven on the ground. Their news coach Brian day

Ball was asked how it went on the sidelines. The coaches did a good job in their respected I think Wake had his staff really organized. Calf that did a really good job. I think he communicated well throughout the game. Again, we're not making a ton of adjustments here, and um, you know I was. I was pleased with that. Again, please of the substitutions. I mean, it's our first step and I'm pleased with the way they competed. The Jets

played tonight in Philadelphia. Jets just out of the veteran tackle Dwyane Brown is a five time pro bowler about to turn thirty seven. Jets just lost tackle McKay beck into a season nd knee and jury. Baseball Dyersville, Iowa. Great setting for the fields of dreams game. Cubs beat the Red Sported two the Yankees and Red Sox tonight

in Boston, where the Socks won last night. But they're just thirteen and twenty seven in their last forty games, and the slumping Yankees are ten and eighteen and their last twenty eight. And with Houston's win yesterday, the Yankees no longer have the best record in American League. They also don't have the best record in New York. That belongs to the Red Hot met two Tonight hosts the Phillies. Next Jows run them out the NBA and asked the entire league will retire the number six one by the

late Bill Russell. John stash Award Bloomberg's court, Nacol all right, John, thanks SMP futures up eighteen points, Stown futures up on under twenty seven, and Nezdeck futures are highed by sixty two points. The tenure treasury is up three thirty seconds,

the yield two point eight seven. This is Bloomberg Bloomberg eleven three oh weather expecting sunshine low eighties today, sunshine low eighties tomorrow, sunshine low eighties Sunday right now seventy two and Central Park Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg Quick Takes a Bloomberg Business Flash and I'm Karen Moscow and stalks in US stock

index futures on the rise this morning. Investors are assessing with their signs of cooling inflation will enable to fed to pivot a less aggressive interest rate increases. We checked the markets every fifteen minutes throughout the trading day on Bloomberg Guess and p Future is up seventeen points this morning, Down futures up one eleven and NASDAG futures up sixty. The decks in Germany a four tenths of a percent ten year treasury up four thirty seconds, held two point

eight seven percent. They yield on the two year three point two zero percent. Night Max screwed oil is that will change at nine twenty nine cents of barrel comic School down three tenths per center, five dollars sixty cents at eighteen o one sixty announced, the euro one point two nine zero against the dollar British found one point one three one and the yen one thirty three point six one and bitcoins at nine hundred dollars down one

point three percent. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. After the FBI conducted a search for classified documents and former President Trump's Florida home, the Justice Department is now asking a federal court to unseal the Mara Logo search warrant and a list of what was seized. Late last nine, the former president issued

a statement of green to the release. Meanwhile, according to the Washington Post, Hit said FBI agents were searching for classified documents related to nuclear web papens. A spokesperson for an Ash says the actor is on life support after suffering a brain injury and a fiery crash a week ago in Los Angeles and is not expected to survive. In baseball, the Red Sox beat the Orioles for three Thursday Night preseason football. The Giants beat the Patriots one.

The Ravens beat the Titans. Global News twenty four hours a day on here and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. Michael Barr and this is Bloomberg Nincan. Thanks Michael. Six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. I'm Nathan Hagar. We want to focus on the FED now.

In a conversation with San Francisco FED president Mary Daily, in an interview with Bloomberg's Kathleen Hayes, sherry On and Heidi Stroud, Watts, Daily put attention on the real world pain being inflicted by inflation, including those getting hurt the most by rising prices, and how it could affect businesses in the long term. Let's listen to that part of the conversation now. In terms of inequality inflation, everyone feels the pain, but people with high incomes feel it a

lot less than people with less money to spend. That's just the way it is. They lower income people feel it more. Have you yourself in your life, ever experienced this, this pain of the inequality of inflation. Well, sure, and you know, anyone who grew up in the in the United States and the seventies and early eighties, we know what high inflation felt like. And you could experience it

in various ways depending on what your income was. And for me, I remember it very um uniquely I think in my own upbringing is that that was the time when we had to make real trade offs about putting things back not getting them. And what I take from that is I see it today and that's the part

that's really painful. Go to the store. You can walk out into any store, any part of your community, and you can watch people and you'll see them as they approached the aisle, putting things back as they approached the checkout because they don't want to face the pain and embarrassment of having the checker say, you know, that's not enough, or having their their time. You know, they put it back there. So what that is is it's an indignity. And I think of this as the indignity of inflation.

It is the place where you're working, you're earning a living, you're getting even wage increases and your wage increase, even if it feels good, isn't keeping up. So every day you're falling behind. You're on this treadmill. And that indignity of inflation is what's really cruel about inflation. It hurts people who have less, it hurts them more, and it has that sense that you're trying as hard as you can and you still can't make it. So real basically,

question equation in terms of the inequality of inflation. Break it down a bit for us, Uh, it seems pretty obvious that yeah, if you have less money, it's going to hurt you more. But in terms of more specifically, like what parts of the economy. Who sure? So here's an easy way that I like to describe it, and it really is true. So think of necessities food, you know, gasoline and shelter, so housing, energy, ship, and food. Those

are the things where prices have been skyrocketing. And if you're in the lower part of the income distribution, you spend most of your disposable income your paycheck on those three items. So your trade offs which are taking place. If you're in you know, urban areas and you have less low and moderate income communities, you're making tradeoffs that are between rent and gas for the car to go to work, food and school clothes for your kids when they return to school, you know that they are you

going to get a backpack and lunch box? Are you only going to get a backpack? Are you gonna get nothing? And those are tradeoffs that you know, really hurt groups. And one is remarkable now because you think of the average wages growing around you know, five percent, and then inflation is growing at eight point by percent. Is we're not talking about, you know, just a limited number of people in the United States who are having this indignity of trade off an inflation. We're talking very far up

the income distribution. We're talking about Middle America, people who are earning a good living, thinking they've made it, and they're being chipped away at. So this in dignity spreads much wider than I think we really understand, and that's the importance of talking about it. That also goes to future wealth creation, right, the impossibility of creating wealth and an environment. Where As you say these cost related to housing all going up, how worried are you about the

other puzzle piece? Right that if the demand constraint continues to play out, companies are going to start laying off. We know that it is the lowest skilled, lower paid workers that are impacted first. Well, right now, I'm not seeing that. Certainly, we do want to focus on how this is impacting the labor market, and they spend a lot of time looking at that, but I'm not seeing

that and I'm not hearing that. What I'm hearing is that workers have jobs of plentiful right they can go out and find jobs, and even when a worker gets laid off, they find quickly another job. What they really feel is that inflations breaking the back of their well being even when they have work. So you know, firms want to catch up. They have the dearth of workers. They're still trying to fill slots that they've had open for months. So I think this rebalancing still leaves the

economy with jobs. It just brings inflation down and it creates a more sustainable economy where people don't have to frantically figure out what are they gonna do next month. I think just settling the economy down, bringing inflation down, restoring some sustainability to growth really helps everyone. And that was San Francisco Fed President Mary Daily speaking with Bloomberg's Kathleen Hayes, sherry On and Heidi Stroud wats. You can catch the full interview on the Bloomberg terminal or at

Bloomberg dot com. Looking ahead to the market, open futures are moving higher on this Friday morning. SMP futures are up fifteen points. STAYLE future is a gain of one six points, NASAC futures are higher by sixty one points, and the tenure treasury is up four thirty seconds. The yield two point eight seven per cent. You're listening to

Bloomberg Daybreak Blover eleven three oh weather. Early clouds give way to sunshine today and highs in the low eighties will get down to the upper sixties tonight, and the weekend calls for sun and low eighties. Right now seventy two degrees in Central Park. Broadcasting live from the Bloomberg

Interactive Broker Studio in New York. Bloomberg E Living freon to Washington, d C, Bloomberg on to Boston, Bloomberg one O six one to San Francisco, Bloomberg M sixty to the country, Sirius XM to the one nine team, and around the globe. The Bloomberg Business and Bloomberg Radio dot com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm Nathan Hagar and I'm Ferre at Moscow. We are just about three hours away from the open of US training.

It's time for the five things that you need to notice your day. Brought to you by Interactive Brokers. Interactive Brokers charges Martin loan rates from two point a three percent to three point a three percent. Their clients can also are an extra income by lending their fully paid shares of stock rates Somebody to Change. Learn more at

ib k R dot com. Slash compare first new details about the FBI executing a search warrant at the Florida home of former President Trump, according to The Washington Post, classifying documents related to nuclear weapons who were among the items they were searching for. Attorney General Americ Garland said the Department of Justice has filed a motion to unseal the search warrant. More information will be made available in

the appropriate way and that the appropriate time. Attorney General Garland is also defending the integrity of his agency, and reaction is pouring into the Attorney General's short briefing Karen card Does, the School of Law professor Jessica Roth says it makes sense to unseal the warrant in this circumstance. There's just an enormous public interest in these events, in part because of the former president's statements announcing it, as subsequent statements, and by the fact that he's the former

president of the United States. Cardo's The law professor Jessica Roth made the comments on Bloomberg Sound on her weekdays five p m. Starn on Bloomberg Radio. Well, another political story we're following this morning, Nathan. Bloomberg News has learned President bind And is preparing to launch his re election campaign after November's mid terms and some new developments in the battle against COVID Karen. The CDC no longer recommends

quarantining after exposure to the virus. It says people with symptoms should end isolation on the sixth day or later. Well to markets now, Nathan, Futures are higher as we close out a trading week highlighted by cooling inflation data. Shanna or Zik Sissel, founder of ben Ryan Capital Management, says she's still not jumping to invest in riskier assets. I'm still not willing to dip into some of those

areas right now. I want to focus on quality companies with good long term tail winds, and those names are not necessarily those speculative names. And Shanna or Zeke Sisle of ben Ryan Capital Management said she expects that FED to be hankish well. San Francisco FED President Mary Daily says she's flexible when it comes to raising rates at the next step of MC meeting the scale FIFT doesn't just depend on a data point, even an important one like the cp I. I like to say that we're

data dependent, not data point dependent. San Francisco FED President Mary Daily spoke on Bloomberg TV. Catch the full interview on Bloomberg dot com or on the Bloomberg terminal. And that's the fine things you need to notice start your day. Brought to you by Interactive Brokers and straight Ahead your latest local headlines plus a check of sports. This is Bloomberg. Thanks Karen sixty three on Wall Street seventy two degrees in Central Park out of crash, He's found cross Bronx

at the Bronchover Parkway. More coming up in traffic first, Michael Barr is here with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. The man who led law enforcement officers on a chase after a failed attempt to breach the FBI Cincinnati Field Office was shot after an exchange of gun wire. Ohio State Highway Patrol spokesman Lieutenant Nathan Dennis.

The suspect was um deceased. He succumbed to his injuries at the scene, and everything remains under investigation at this time. The suspect is identified as forty two year old Ricky Schiffer. Demonstrators converged on City Hall yesterday to once again call for the end of horse drawn carriages in New York. It comes after a horse collapsed in Hell's Kitchen on Wednesday. The New York City Council is currently considering to replace

horse drawn carriages with electronic carriages. About two hundred jurors for the trial of a man charged with killing eight people on a New York City bike path and a terror attack filled out questionnaires and they will be weeded out. It's a full oat. Scipov, who has pleaded not guilty, was charged in the October seventeen attack after prosecutors sent that he used a truck that hit numerous pedestrians along the West Side Highway in Indiana. Family, friends and lawmakers

remember Republican Congresswoman Jackie Willorski. At her funeral yesterday, House made Orty leader Kevin McCarthy said both Republican and Democratic lawmakers held her in high regard. The praise that she would have from both sides is tremendous. Today's world, that's a little difficult. Larski was killed along with three other people in a head on car crash near South Bend.

Earlier this month, the UN Security Council held an emergency meeting to discuss the ongoing crisis to Europe's largest nuclear power plant in Ukraine, which was reportedly struck by Russian missiles. US Under Secretary of State for Arms Control and International Security Ambassador Bonnie Denise Jenkins urged Russia to return and

control of the plant to Ukraine. We once again call on Russia to cease all military operations at or near Ukraine's nuclear facilities and insist that Russia immediately returned full control of the Zephyretia facility to Ukraine. Ambassador Jenkins says Russia alone created the risks. Either a team from New York or New Jersey will head to the Little League

World Series. The twelve year old boys from Massive Equal Coast Little League will face the team from Tom's River East in today's Metro Region Championship game in Bristol, Connecticut. Global News twenty four hours a day on here and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts from more than a hundred twenty countries. How Michael bar this is Bloomberg, Nathan, everybody gets a

home team. Thank you, Michael. Just about six thirty six on Wall Street and John Stashar has got more in the Bloomberg Sports Update. All right, Nathan. Giants took the field for the first time in the new coach Brian dave All in New England, where dave All was once an assistant under Bill Belichick, who was once a Giants assistant table of course, replaced Joe Judge and he's now back in New England his second skin as a pay Striots assistant. Kay that's six league changes the Giants onwenty one.

On the last second Graham Guno field goal that's had four hundred eighteen yards of offense a hundred seventy seven on the ground, but it's only in pre season Jets in Philadelphia tonight, with the season ending knee injury to tackle McKay Beckton, the Jets signed veteran tackle Dwayne Brown, five time Pro Bowler while with Seattle and Houston. Tom Brady has left the Bucks to attend to a personal matter and he won't be practicing with Tampa Bay all

of the next week. Feel the Dreams game Dyersville, Iowa. Yankees and White Sox did it last year. It was the Cubs and Reds last night, and Joey Vatto felt the a little like Kevin Costner for me watching the movie, Um, you know is something my father and I shared, and uh, it's something I would give anything for. You know, I

wish he was here. I wish at the very end of tonight's game, Uh, he and I could go on the field and do something we did from when I was eight nine years old, and um, you know it's it's it's really eerie how much the movie Alligance with my life experiences won the game four to two, Yankees just one in five on this road trip, there now

in Boston, red hot Mets host the Phillies. They just had a seven game wins become But then the Fils will face the Mets one two punch Max sersor tonight Jacob Graham tomorrow method one six in orld fifteen or last seventeen. Much like what Baseball did the Jackie Robbinson's number forty two, the entire NBA is returning the number six one of the late gild Russell. John Stactually, however, Bloomberg Sports, all right, John, thank you. It's six thirty

seven on Wall Street. Time to take a look at stock, some of the names moving in the pre market with Bloomberg's Laura right. We're seeing futures move higher this morning, Laura, but we've got some companies moving lower on disappointing earnings. We do. Good morning, Nathan, so Illumina. This is a gene sequencing company. It's cut its annual forecast as the company phases possible penalties in Europe over its acquisition of

a cancer test provided Grail. Now you're being regulators said they implemented their merger deal before regulators actually reviewed the transaction. So Ilumina have come out with a statement they say they are facing challenges in a complex macro environment, and there's challenges are more than offsetting the growth that they continue to see on sequencing with their platforms, are more of a regulatory hurdle. Yeah, and it's not the only

company that's reporting challenges, not necessarily over regulations. But we've also got some disappointing earnings news from the electric truckmaker Ribviian. Yeah, so although earnings were strong, as you mentioned, Riviants lowered their four year earnings expectations because like so many automakers, they are struggling to deal with supply chain snags, high cost economic uncertainty. So they are now protecting a full

year loss of five and a half billion dollars. Now interesting that Ribbian they have a contract with Amazon, the Amazon being one of the largest investors in the company, to produce one hundred thousand electric vehicle delivery vans by the end of this decade. We've seen over the course of the pandemic how imperative logistics providers have become, So I think that's a really interesting business angle for them. Um, But they also haven't diminished their four year delivery target.

They still think they will produce twenty five thousand electric vehicles this year. It but the downgrade on forecast. You know, right now the stock is up fractionally ahead of the bell, but we may see some moves to the downside. Open And I see you're keeping your eye on some Chinese shares the trade in the US. What's got your eye there? Yeah, so, Ali Baba. The US is at a d R down

three point one percent at present. So Chinese stocks in the US listed in the US are slipping because a few of five of China's largest state owned companies have announced lends to delist from US exchanges. It includes China Life Insurance, Petro China, Sino pack And then this really comes down to geopolitics that date back to the Trump administration with tariffs back and forth, and that has been spiraled into looking more closely at how these companies are audited.

This has led to a bit of market confusion. We knew this was coming, but we thought it would take place next year. Yeah, it's a tide that's been building. Thanks for this, Lord, great having you on with us this week. Bloomberg's Law right, keeping an eye on the stocks on the move in the pre market. It as we look ahead to the open, futures are higher. SMP futures up seventeen points right now. That future is upden and the NASTAC futures are higher by sixty four points ten.

Your treasury is up seven thirty seconds for yield of two point eight six. You're listening to Bloomberg Day Break. Good morning, Bloomberg eleven three oh weather nice low eighties today, tomorrow and Sunday. Looking for sunshine and pleasant temperatures all weekend long right now seventy two degrees in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg

Quick Tape. S's a Bloomberg Business Flash and I'm Karen Moscow and futures are higher this morning. We go to the first word breaking news dash for today's morning call. Here's police morants PHO least, Good morning, Good morning, Karen. Futures are indeed climbing today, with doubt futures up about a hundred and s and P five hundred up fifteen.

On the economic front, University of Michigan sentiment at ten am regarding earnings, Ribvian sales beat, but it's grappling with production issues, and Alumina is plunging after cutting its forecast. In other news, five of China's state owned giants will delist from US exchanges. Live from the First Word Breaking News Desk. I'm Police Brants, Karen gran Police, thank you and do hear like breaking news over your Bloomberg type squawk on your terminal asqu you a wuk, that's a

Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael, Karen, thank you very much. After the FBI conducted a search for classified documents and former President Trump's Florida home, the Justice Department is now asking a federal court to unseal the marra Lago search warrant and a list of what was seized.

Late last nighter, President issued a statement agreeing to the release. Meanwhile, according to The Washington Post, it's said FBI agents were searching for classified documents relating to nuclear weapons. In baseball, the Red Sox beat the Orioles for three Thursday night preseason football, the Giants beat the Patriots one, the Ravens

beat the Titans. Global News twenty four hours a day on air and on Bloomberg Quicktake powered by more than twenty seven under journalist and analysts more than twenty countries.

Michael bar this is Bloomberg Careing Ferry. Michael, thank you at A sixty eight on Wall Street and we turned to news and science and technology Now at the Bloomberg and j I T STEM Report brought to you Buy New Jersey Institute of Technology ranked top fifty national public university by US News and World Report and top ten in the nation for engineering by money dot Com. Learn more at n j I T dot e DU and here's just making news in science, Technology, engineering and math Today.

The Rhine River is likely to shrink to a level that could disrupt the transport of fuel throughout Europe. Pfct scirt ripple through the continent for months. The water level at a key way point west of Frankfurt is set to go below about sixteen inches and continue dwindling that makes it uneconomical for barges carrying coal and oil to

transit the river. A new study suggests landfills are releasing a significant amount of planet warming methane into the atmosphere from the decomposition of waste scientists use satellite data from four major cities around the world Delhi and Mumbai in Indiana, Hore in Pakistan, and Buenos Aires and Argentina, and found that city level emissions in twenty eighteen and ten were one point forward to two point six times higher than

earlier estimates. The study was published in Science Advances, and Apple has as suppliers to build at least as many of its next generation iPhones this year has in one Bloomberg News has learned that Apple wants ninety million of the devices, about the same as last year. That's despite project, So that's the smartphone market will shrink. Apples counting on an affluent client, talent dwindling competition to weather the downturn and s to Bloomberg and j I t Stem report

Nathan Karen, Thank you. We are live from the Bloomberg Interactive Brokers studios where it is six fifty on Wall Street Time Now to check what's going on in d C, where some of the top stories include reports at the FBI search former President Donald Trump's home for nuclear documents, the former president calling for the release of the search warrant after Attorney General Garland said he's made that request and President Biden priming his reelection run to stop Trump

despite doubts within his own party. Let's bring back Bloomberg government reporter Emily Wilkins for more on all these stories. Emily, what is the latest that we've heard about just what the FBI was looking for at marl Lago. So we have reports from the Washington Post this morning that the FBI was looking for documents related to nuclear weapons. And we don't have a ton of details on this yet. It's not clear if they were about US nuclear weapons,

whats that belonged to other countries. It's not even clear if the documents that they were looking for were among the documents sees. But Nathan, let's be clear, this is a huge deal. The New York Times has reported that this is a material that's part of a special access program, that's a designation even more classified than top secret. It

is extremely sensitive. It is definitely related to national security if it's about nuclear weapons, um, and there is I think a big weight and see feeling right now in d C. Everyone wants to see what's going to happen when this warrant is unsealed. When they unseal a list of what was taken from mar Lago in this search? Um,

And I think that's just the big question. We saw former President Trump last night say that he would encourage the warrant to be unsealed, just as Merrick Garland, Um, the current acting current Attorney General, called for yesterday that could come as soon as today. And I think that's

just it's just a waiting game now. And it's interesting to hear the former president saying he does encourage the release of the warrant, given that if it does rise to this level classified material related to nuclear documents, this could put the former president in some serious legal jeopardy. Yeah. Again, Nathan, it's it's a huge question that everyone has, you know, sort of why why does Trump want to see this released?

Is he just saying that? I Mean the other kind of interesting little wrinkle here is that if Trump wanted the warrant out there, he could just put it out there. He's got it. He can just you know, release it when, as you know, as he needs. I mean, he was the one, after all, Um, even though there were a couple of early reports that there might have been a search on Marlar mar Lago, Trump was really the one who confirmed that kind of coming out with the details

of of what had happened. UM. I think there's just a lot of question marks here, and you're even seeing Washington respond to this. Republicans really haven't seen a lot of big statements from them since Attorney General America Land's announcement yesterday. UM, A sort of about what what they're thinking and how they're going to go forward. I think they too are waiting to see exactly what is in this warrant it doesn't deal with nuclear weapons, and if so,

what are the contents. But of course there was a lot of a pressure, certainly political pressure around the Justice Department ahead of this announcement, a lot of threats made against the FBI agents. Is that sort of what spurred the Attorney General to go up to the podium and make this sort of extraordinary announcement about a search warrant? Something you don't really see the Justice Department do, Absolutely, Nathan,

I think that's a really valid question. I actually asked the legal expert yesterday on Bloomberg's sound On program, which you can listen back to to the podcast of today. UM. But what she said was basically that she did not think that this was a result of political pressure, that this was an actual result of the Justice Department recognizing that more transparency was needed for this particular case, that

one that's of interest to the American people. Merrick Garland himself noted that it was Trump who released the news that this search had taken place at Mara Lago and really brought that into the public eye. Um. But Nathan, I mean, at the same point, let's I think it's

a very valid question. There was a ton of political pressure on the Justice Department, and when Marrick Garland spoke yesterday, he didn't speak for long, he didn't take any questions, but he made sure to really defend the FBI and FBI asians as working for the American people, really pushing back against a lot of that criticism that's been levied and that we've actually seen turned into action with the individual um who was caught trying to attack the FBI

headquarters in Cincinnati the other day. Of course, with all the attention around the multiple investigations around a former President Trump, it's interesting to get another story on the Bloomberg terminal this morning that current President Joe Biden is firming up his plans to run for re election. Yeah, we knew that Biden was planning on running a game for president. We're now have reporting on the terminal that he's planning

to make that announcement after the November elections. UM. And this is coming as Biden sort of in this very interesting time right now. Right he's had these low approval ratings. We've seen polling from late July from c and showing that three fourths of his own party wants to see someone else run for president. At the same point, Biden's really had this sort of banner a couple of weeks. He's gotten a lot of legislation passed, He's been able

to claim a lot of credit. You saw inflation numbers go down UM four July from their high in August. So he has a number of recent wins that he can work with here. At the same point, there are a lot of concerns about Biden's age. I mean, if he if he were to run and win in four he would be eighty three when he begins his his

second term. And there's also just a sense that you know, for a party that's as h that likes to claim diversity as much as the Democratic Party does, to have that led by an older white man, it doesn't drive with as many with with some of the Democratic voters out there who just think that there needs to be someone new given all those headwins that we've really seen

over the last few months. Emily, in our last minute here, what's the president doing to sort of rally support around him before he makes this expected announcement the next few months. So the President is going to be really focused on two and making sure that Democrats win the mid terms. At this point, it is expected that Republicans will win the House come November. They have the historical president, they have obviously no inflation. It might have gone down, but

it's still high. Gas prices They've gone down, but they're still high. Um, you know they And it's not like, you know, Republicans have to win a ton of seats to take the House. They only have to win a handful to do so. And so I think a lot of what the President's attention is going to be on making sure that if that Democrats can win the House, and be if they can't win that Republicans only have

a very very narrow margin to work with. At the same point, also making sure he's keeping focused on the Senate, that's also a toss up, even though it's you know, Democrats have a little bit better chance there of keeping the chamber. So I think that's really what we're gonna see Biden indeed, to focus on, as well as just sort of getting out there the fact that they have passed these bills and explaining to them, explained to the

American people what's in them. So much for a sleepy August in Washington, d C. Thanks for this, Bloomberg Government reporter Emily Wilkins. Read more Bloomberg dot com or on the Bloomberg terminal. Listen to Bloomberg one h five point seven FM HD two if you ever than the nation's capital. Bloomberg surveillance is up next to a cross Bloomberg radio for Karen Moscow. I'm Nathan Hagar. This is Bloomberg.