By from the Bloomberg Interacted Burger's Studios is Bloomberg Daybreak for Monday, August fifteen two. Coming up the shower, China's Central Bank unexpectedly cuts the interest rates US China relations and focused as a congressional delegation visits Taiwan. The Fed releases minutes of its July policy meeting, and Walmart Home Depot and Target lead a busy week for retail earnings. New York Governor Hocol speaks from where author Salman Rushdie
was attacked. Plus New York State is cracking down on speeders, especially this week. I'm Michael Vaughan. More ahead, I'm John Stage. In sports, the Mets stay hot, they shut out the Phillies, The Yankees slump continue to shut out loss in Boston.
That's all Strading ahead on Bloomberg Daybreak on Bloomberg eleven, FREEO New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco, Syria's Exam one nine team, and around the world on Bloomberg Radio dot Com and via The Bloomberg Business Apple and Good Morning, I'm John Tucker and I'm Karen Moscow and
US Dock Index futures are lower this morning. We are coming up to five oh one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg, I guess in P future is down about twenty points down, futures down a hundred thirty three and NASDAG futures down sixty one. The decks in Germany as it will changed, and your treasury up one thirty second yell two point two percent and they yield on the two year three point to five percent. Cheleng and Caareda.
We begin with a surprise out of Asia. China's Central Bank is unexpectedly cut it's key interest rate. That's this fresh data out of China shows its economic slowdown getting worse. Bloomberg Day Break Asia anchor Bryant Curtis has more from Hong Kong. The PBOC cut it's one year rate by ten basis points to two point seven five. None of the twenty economy is pulled by Bloomberg expected to change.
The move comes as China's the economy weakened in July, COVID outbreaks and the property crisis taking a toll factory output up three point eight percent from a year ago, retail sales growing two point seven percent, while fixed asset investment grew five point seven percent in the first seven months of the year. All of those missing estimates and China's home prices dropped on eleventh month in a row in on Kong Brian Curtis Bloomberg Day Break A Right, Brian,
thank you All. Stocks in Asia meantime finished mixed after that surprise rate cut from the PDOC. We get the recount from Bloomberg's Juliette, Sally and Singapore Good Morning, Juliette, Good Morning, John and Karen. Markets in Hong Kong and China's struggled for direction after the July activity data was released, While bonds rallied, the yield on China's tenure note, dropping as much as seven basis points, one of its steepest
drops since the onset of the pandemic. The off show Yuan fell along with the Kiwi and Ozzi dolas Japanese has theo rallied the neck to to five, close to erasing its losses for the year. Markets in South Korea and India were closed. In Singapore Julie Sally Bloomberg Daybreak, Thanks Julian. Relations between the US and China in focus once again this morning. The US congressional delegation landed in Taiwan over the weekend, and Bloomberg say Amy Morris has
details from our newsroom in Washington. This delegation is led by Democratic Senator Ed Markey of Massachusetts and tests whether China will react more forcefully after how Speaker Nancy Pelosi went to Taiwan earlier this month. The delegation is set to meet with Taiwan's president and Minister of Foreign Affairs to discuss bilateral relations, security, trade, and investment. The delegation
will reaffirm US support for Taiwan. Reuters sided China's embassy saying this latest visit shows the US quote does not want to see stability in the region. In Washington, I'm anymore as Bloomberg Daybreak, Amy, thank you. Well. Back here in the U S a senior Democrat says he has not seen any evidence that materials the FBI sees from Donald Trump's home were properly declassified. The former president has said the documents were declassified, and his supporters claim he
has the power to declassify documents on his own. Adam Schiff, as Chair of the House Intelligence Committee, the former president has no declassification authority, and the idea that eighteen months after the fact, DONALDA. Trump Trump could simply announced, well, I'm you know, retroactively declassifying or whatever I took home
had the effect of declassifying them is absurd. Adam Schiff made the comments on CDs his face the nation heard Sundays on Bloomberg Radio, and turning to the economy, now, the focus this week comes Wednesday. That's when the Federal Reserve issues minutes of its July policy meeting. Bloomberg's Vineydale Judai says more the minutes could indicate whether Fed Chair Jerome Pale intended to send a dovish signal what July's
post meeting news conference. Bloombrig Economics is betting he didn't, and its full speed ahead on lifting interest rates, underpinned by ed roid sans among officials that the upside risk to inflation is material. Turning to this week's key economic data, US retail sales may show falling gasolene prices. Freed up cash for such things as Amazon Prime Day were rising mortgage traits put a dent, and housing starts any Jude Ice,
Bloomberg day Break, All right, Denny, thank you all. Retail will also be in focus when it comes to earnings this week, and we get the story from Bloombergys Shirley Pillett. Walmart and Target let a list of retailers issuing profit warnings last month. This week they report, along with Home Depot, Lows, Cole's, Macy's, and t j X. Laur Calvacina is out of US
equity strategy at RBC Capital Markets. We would tell you we're not entirely out of the woods from a market perspective in terms of earnings right now, just because if there really is a big macro slow downcoming economically, UM numbers do still need to come down. But I think for the moment, investors are and you're just excited about the resilience that we're seeing. Also reporting this week, Agile and Technologies, Analog Devices, Applied Materials, Cisco Systems, and Deer
in New York. Charlie Pellet, Bloomberg day Break, Thanks Charlie. We had earnings overseas out this weekend. South a Ramco posted the biggest quarterly profit of any listed company anywhere. Net income at the Saudi Oil Giant rose to forty eight point four billion dollars in the second quarters from twenty five and a half billion a year earlier. Well
searging oil prices give a boost to energy companies. John Both oil and gas have come down since their June highs, and US Energy Secretary Jennifer Granholm says they may fall even further. Bloomberg said Baxter has the details. The caveat, as always is the instability of the globe. But grand Holmes says, given the four dollars, depending on the region we're seeing now, it should go down even further. We'll probably drop to about three dollars and seventy eight cents.
So we hope that that's true, but again it can be impacted by what's happening globally. Grandholme on CNN says the President is monitoring very closely and we'll do everything within his power to help. In San Francisco, I'm at Baxter, Bloomberg Gabriak, thanks said some news on finances out of Russia now. Major Wall Street banks include JPMorgan chas In City Group are reportedly offering to facilitate trades in Russian
corporate debt and government bonds. Writer's reports. The move took place in recent days after guidelines for the U. S. Treasury that allowed US holders to wind down their positions ahead of the market opened. Al futures down one five points. You're listening to Bloomberg daybreak time now all for check on news and New York and around the world. And for that we say good morning to Bloomberg's Michael Barr.
Thank you very much, Sarah and Rainy and government official denied today that Tehran was involved in the assault on author Salmon Rushtia. The comments from around Foreign Ministry come after Friday's attack on Rushti in Western New York. New York Governor Kathy Oco spoke at the side where Rustie survived last week's NiFe attack. New York State will always stand up to protect freedom of expression, freedom of speech,
and we condemned the cowardly attack on Salomon. Governor Hokel at the Chautauqua Institution promised freedom will always eclipse hatred and oppression. Rushdie suffered a damaged liver and severed nerves in an arm and and I, however, He is off a ventilator and is said to be on the road to recover. It is assailant, twenty four year old Hattie Matar of New Jersey has pleaded not guilty. More details have been disclosed and yesterday's shooting in Jerusalem's Old City.
Authorities in Israel say a Palestinian gunmen opened fire at a bus, wounding several passengers, among them a New York family visiting the country. Three were from Brooklyn, where Senate Majority Leader Chuck Schumer represents. During a briefing, Schumers shared details he learned about one of the victims. He was very brave. He bent down over his family to protect them. He was shot in the neck, but and they had him on a respirator, but it looks like he will
His condition is improving. Senator Schumer says this incident in Jerusalem follows a tense week between Israel and the Palestinians. Don't speed in New York State, especially this week, a weeklong crackdown to start it, and according to Governor Kathy Hokel, there are countless risks and tragic consequences to speeding, and I want all New Yorkers to be mindful of the speed limits in your area. During last year's crackdown, police
gave out twenty three thousand speeding tickets. Russian President Vladimir Putin offered to expand relations with North Korea, reaching out to his neighbor as the Krumlin scours the globe for weapons for its war in Ukraine. Amy winning film and television actor and Haitians died of injuries from a fiery crash.
Spokeswoman says Haiti was peacefully taken off life support and hash was fifty three Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than hundred journalists and analysts more than a hundred twenty countries. Michael barn this is Bloomberg, John, Michael, thank you, and it brings us to Town of Wall Street. Timed after the Floberg Sports update and good morning John stown S all right, Good morning John. Shutout win for the Mets,
shutout loss for the Yankees. Mets of now one seventeen of their last twenty games. The Yankees have lost nine of eleven At Fenway, they had just two hits, struck out eleven times Feld the Red Sox three upping the Socks win a series, was in the division for the first time all year. Michael Waka, who had been Outstince June with injured shoulder, was dominant. Jamison Tyone took the lost ending a two and seven Yankee road trip to jarn Judge. It's baseball. You know you're gonna go through
shutters like this. Um everything every team does, so it's just about us. I'm staying consistent, you know. I don't sit on our woes here on our head. You know, we're not happy about it. But still a lot of work to be done. Still a lot of things I need to improve on and keep working on. Come home for a nine game homestand three with Tampa Bay, four with Toronto, and then two of the Mets, who now hit the road for the next ten games, four in Atlanta,
four in Philadelphia. The Mets just threw back to back shutouts at the Phillies. Chris Bassett got his tent win bourning to the bullpen Mets one six and nothing. They are seventy five and forty. It's first time the Mets have been thirty five games over five hundred eight. Jets quarterback Zack Wilson headed to l a for a knee procedure tomorrow that will determine how long he'll be out. Suffered a bone bruise and a torn meniscus in the
preseason opener. Will's Alatorus nearly won the US Open, nearly won the PG Championship, loss in the playoff in Memphis. His first career victory came in a playoff, and in the start of the FedEx Cup playoffs, NBA announcedince Christmas Day schedule. The next who did not make the playoffs last year will play on Christmas. The whole Philadelphia, the Nets who might trade Kevin Durant did not make the Christophers Days l John Stash Allard, Bloomberg's Sports John all Right, John,
thanks very much. At ahead of the market open this Monday morning, we have down futures right now down one twenty seven points, so that set a climb of four tenths of a percent. The s would be many futures down twenty points, down half a percent. Mazzack futures right now sixty one point slower, that ease down half a percent. End at London the footsie, you have two tents of a percent. This is Bloomberg, just the head was it
a bear market rally. We'll get you set up for the training day head with economist Dennis Gartment, Chair of the University of acron in down the Fund. This is Daybreak, Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Tape. She's a Bloomberg Business lash and I'm Karen Moscow and US knock Index futures are slipping this morning and commodities from oil to iron ore are falling. Is disappointing data
from China further clousy outlook for the global economy. We check the markets every fifteen minutes throughout the trading day on Bloomberg guess in P futures down nineteen points now futures down a hundred twenty nine and nasday features down sixty two. The decks in Germany as little change ten. Your treasury up to thirty seconds l two point two percent. They yield on the two year three point to five percent.
NIMEX screwed oil is down three percent, down two dollars seventy eight cents at eighty nine dollars twenty eight cents a barrel comex school down nine tenths per cent or sixteen dollars seventy cents is seventy eighty announce the euro one point oh two oh three against the dollar British found one point two zero six two and the end one thirty three point three one. And looking at bitcoin this morning down one at a quarter percent at twenty
four thousand, sixteen dollars as a Bloomberg business flash. Now here's Michael Barrow with Moore on what's going on around the world. Michael, good morning, Good morning, Karen. A U S congressional delegation led by Senator Ed Markeen landed and Taiwan Sunday for a two day visit with Taiwan's president sighing win angering China. They are expected to discuss BI lateral relations, regional security, trade and investment, climate change, and
other issues. The FBI is facing an unprecedented number of threats after searching for President trump'smer Lago estate and seizing boxes of White House documents that included some classified material. In baseball, the Red Sox beat the Yankees three nothing. The match shut out the Phillies six zip. The Nationals and Orioles lost the A's lost to the Astros six three.
The Giants won global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty journalists and analysts more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg, John, Michael, Thank you, five twenty on Wall Street. We're lying for the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak with the contracts on the SMP five hundred NASDAC futures right now learn lower suggesting last week's stocks rally. Make cool. Let's get
you set up for the training day ahead. Now we're joined by economist Dennis Garban, chairman of the University of acron En Dowmond Fund, former publisher of the garment letter Happy Monday. Dennis, we learned this morning of the surprise rate cut in the world se and largest economy. Does that indicate things are worse than thought in China? And maybe more importantly for those listening, does it result in significant spillover? It's a markets elsewhere, Well, it's spilling over
as we as we speak, no question about it. And the numbers were up for month on month and in quarter on quarter but well below expectations, and the the the Central Bank of China surprise everybody by cutting the seven day and one year over the funds rates by ten basis points, which indicate that the economy is doing a good deal less surprisingly well than people had anticipated. So you've got the central bank having to move already,
it's taken the rim and be down with it. It's taken stock prices down with it, and you've had a huge rally rather surprising than need to be quite honest, that we've had a stronger rally in the United States stock market as we've had or in the global stock
markets generally. As the chairman of the University of Akron's endowment, I had us move about twelve of our our portfolio out at the end of the year, and we've got a quarterly meeting coming this week, and I'm actually gonna think about moving the committee or recommending to the committee that we cut another two or three percent out of our portfolio on this rally. So I think that we've probably I think this has been a bull market or
a bear market rally, nothing more than that. Uh, And I think that we're probably going to test the loads that we made back in June or July before the before the year is over. So I'm I'm embarrassed on this rally that we've had in in equity here in the United States. What about the foundations? Are there shallow
foundations for that that rally? Well, clearly, the the the seed has been expansionary thus far, and one of the one of the concerns has been, excuse me, one of the concerns has been that the FED will be cutting its assets from nine trillion, nine point two trillion dollars to something billion dollars less each month. Just get a get a glass of water. I'm just gonna do the
futures real quick. Uh, while you could drink of water, their down futures right now down the S and P emnity futures twenty two points slower than as their futures sixty six points slower. So again, if you just want to pick up on the thoughts that they do, you have there. The problem has been that the set has been expansionary with its asset base for a long period of time and has promised that it would be cutting dollars out of its asset base over the course of
the next several years. Actually, what they've been doing is cutting demonstrably less than that. So there's been more fuel to the fire that that I had anticipated, less uh less qute than we had then then had been let we have been led to believe, and that has been the fuel for the fire. Now and now with the said having no choice but to become less expansionary, become contractionary, that's going to be deltarious to share prices. And I think that this has been a bear market rally, nothing
more than that. Watch what the volume has been like. Volume has tended to be down on up dates and up on days. That tends to be bearish in from a technical circumstance. So I'm gonna be becoming less involved in stocks over the course the next several months, believing that this has been really nothing more than a good, strong, volatile, and surprising, let's be blunt bull market or bear market rally and nothing more than that. Okay, where you gonna
go then to cash? Cash is probably the great thing to be in right now. Two year to me, two year notes is the equivalent to cash. Yeah. The other thing to be concerned about is the fact that the over the that the Uh, the inversion in the bond market has been we're back over forty two basis points. I think they're going to take the inversion two is to tends to a basis points before this is done. As the FED becomes as the FED embraces QT rather than QUE and if they have no choice but to
do so so, inflationary pressures remain. The set has to remain contractionary over the course in the next several years, the the yield curve is gonna become inverted. In stock prices, I think are gonna have had a nice, good, strong rally, but I think that's the end of it. So go to cash two your notes to the above three percent is a great place to be right now, no question about that. When will it be safe to dip your
tone the water again? Got thirty seconds when we test the lows that we're made in June and July, and I think that that's going to be before the year end. Dennis always a pleasure to appreciated. Ecnnabis downis Gartment, Chairman of the University of Acrony and Downmud Fund, former publisher of the Gartment Letter. As we speak right now, again, the futures are lower. This morning, Dennis mentioned the two tans. The inversion there down forty three basis points. You have
the two is at three. The tenure yield right now, the benchmark at two eighty two and again down futures one hundred fifty three points lower. That's down half a percent, empty surprise rate cut from the People's Bank of China and S and P futures right now twenty two points lower, that's down a half a percent, and the nassetic futures down sixty seven points. That is down half percent. Just
to had our top headlines. You're listening to Bloomberg Daybreak and the Bloomberg Weather from Rob Caroline partly Sunday today, the high temperature five mostly cloudy tonight, seventy tomorrow mostly Sunday hies again in the mid eighties, broadcasting live from the Bloomberg Interactive Broker's studio in New York, Bloomberg Elving Freed to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg Name sixty to the country, Sirius xm ch A one nine and around
the globe. The Bloomberg Business at and Bloomberg Radio dot Com. This is Bloomberg Daybreak is five thirty on Wall Street. Good morning, I'm John Tucker and I'm Karen Moscow. We are just about four hours away from the open of
US trading. Let's get you have to day in the news you need to know at this hour, We've been in with a surprise out of Asia, China's Central Bank unexpectedly cut its key interest rate ten basis points after data show July retail sales, investment, and industrial output missing estimates. Bloomberg's end of Current says it all signals trouble for the Chinese economy. All of his thought it was weak. But the reasons especially concerning is because July was meant
to be the good month. July was meant to be the think, the month when things pick up a bit of momentum again. The third quarter was supposed to be be better than the second quarter and all the rest of it. But of course it's now underscores just how much pressure China's economy is actually under. Bloomberg's end a Current says the rate cut shows how concerned Chinese officials are about the deepening economic slowdown. And back here in the US. We get a couple of key data points about the
economy this week, July's FED minutes and retail sales. They're going to be released on Wednesday. John China and US relations are in focus once again this morning, as another U. S congressional delegation has landed in Taiwan. It's led by Democratic Senator At Arkey of Massachusetts. The delegation is said to me what Taiwan's president and Minister of Foreign Affairs
and will reaffirm US support for Taiwan. Becky in Washington, the senior Democrats says he hasn't seen any evidence that materials the n B I C S from Donald Trump's home were properly declassified. Last week, the former presidents of
the documents were all declassified. Adam Schiff, is the chair of the House Intelligence Committee, says it's absurd the president could retroactively declassify materials anyone in the Intelligence commuity that had documents like that, or they would be under serious investigation.
Adam Schiff made the comments on CBS's face the nation heard Sunday's Bloomberg Radio Well to Oil Now, John first Overseas Sonnia Ramco posted the biggest quarterly profit of any listed company anywhere when that income rising to forty eight point four billion dollars in the second quarter. While searching oil prices propelled to Ramco results last quarter. Both oil and gas have come down since their June highs, and Energy Secretary Jennifer Granholm tells C and then they may
fall even further. The price in the fourth quarter of this year per Dallen will probably drop to about three dollars and seventy eight cents. We hope that that's true. Energy Secretary Granholme says gas prices could still be volatile though if they are impacted by geopolitical events. Right now, futures are lower, SNP future is down twenty two points down, futures down a hundred fifty three, and nasday futures are
done about seventy two and a straight ahead. We have your latest local headlines, plus a check of sports, and this is Bloomberg. Thanks Karen f three on Wall Street. Time to bring in Michael Barr with more on what else is going on New York and around the world. John, thank you very much, sir. Author Selman Rushdie is off eventil later and is said to be on the road to recovery. New York's Governor Kathy whole Cool called the stabbing of Rushti, allegedly carried out by a twenty four
year old New Jersey man quote cowardly. Hocol in Western New York spoke at the site where rushed. He survived the knife attack on Fronday. We can damn any individual or any group that dare violates the safety of a place like the Tako or to an attempt an assassination on a world leader that cannot happen in New York. You're standing up, hoocol At the Chautauko Institution says, we will always defend a quote, freedom of expression and freedom
of speech. We're learning more details about yesterday's shooting in Jerusalem's Old City. Authorities in Israel's saying a Palestinian gunmen opened fire at a bus, wounding several passengers. Among them, three people were Senate Majority Leader Chuck Schumer represents it hits close to club home. Three of the families three of those who were shot were American and from Brooklyn from Williamsburg. Senator Schumer says one of the victims wounded
is improven. Russian President Vladimir Putin has vowed to expand relations with North Korea. Is Kim John Un. The move may complicate President Joe Biden's pushed to isolate North Korea. Putin sent a congratulatory message to North Korea for its Liberation Day holiday today, marking the end of Japan's nineteen ten to nineteen forty five colonial rule over the Korean Peninsula.
New York State is cracking down on speeders. Governor Kathy Oakel says this enforcement campaign will be crucial not only to catch speeders, but also to encourage all drivers to maintain safe speeds on our roadways. And I encourage all New Yorkers to take your time and get to your destination safely. Last year, about twenty three thousand tickets were
handed out during the crackdown period. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than dred journalists and analysts more than hundred twenty countries. I'm Michael bar this is Bloomberg, John Michael, thank you, and it's not in Wall Street. That is time for the Bloomberg Sports Update. And he's John stash Ranks, John Yankee. Red Sox games usually tend to drag on,
sometimes for over four hours. Last night at Fenway, a Chris two hours fifteen minutes tied for the shortest game between the two teams. In nine four stops, won three nothing. Yanks managed just two hits against Michael Waka, who hadn't pitchons June to a shoulder injury. Tommy fam who had the walkoff hit on Friday, out hit the Yanks by himself. He had three hits Rappid Devers, two run homer off
loser Jamison Tyana. So the Yankee tailspin continues. Two and seven road trip, nine losses the last eleven games, no back to back wins since July. Still a ten game division lead, but now two and a half games behind Houston for best record in America lead. The Yankees are home tonight for Tampa Bay. The Mets are in Atlanta.
They lead the Braves by five and a half to mess with a second straight shut out of the Phillies six to nothink Chris Bassett and four relievers combined to be nex met Zack Wheeler home run for Daniel vogel Back and Francisco Lindoor pro kose Reys is record for r bis By, a Mets shortstop. Mets have won seventeen
out of twenty. They have forty home wins. That's as many as overall losses thirty five games over five hundred for the first time since Jets quarterback Zach Wilson, who went down to the preseason opener, will have minor knee surgery tomorrow. The feeling is out two to four weeks. Coach Rob Staddle has asked about not rushing him back
for the season opener. I think that's all going to depend on what happens here with the surgery and in the feedback we get from the doctors working with stuff and all and gathering all the information before we even
come remotely close to making that decision. But uh but yeah, that that's that's that's all valid and something that we'll all talk about once we get all the information we need to Jets at veterman Joe Flaco as well as David White, John Stash, Howard Bloomberg Sports John All right, thanks John seven on Wall Street and that's signed for
the Tri State Business Report. For that, we're joined by Bloomberg's ed Cery st John's University will close at Staten Island campus in the spring of Spectrum News one since Frenchmen will not be admitted in the fallow of twenty three. The follow two thousand, there were twenty three hundred students enrolled on the Staten Island campus. In the falling one that were only eight hundred sixty one. Jolliby Filipino fried chicken restaurant chain owned by Jolliby Foods says it's new
Time Square restaurant opens this week. It's located at fift hundred Broadway. It will open on Thursday. It will feature some items available only in New York ahead of a nationwide rollout later this year. Federal investigators are looking into the death of an Amazon worker and an injury that potentially led to the death of another employee. Probe is already underway following a fatality during the company's annual Prime Day shopping event in mid July. Insurance Journal says the
deaths occurred in New Jersey. That's your Bloomberg Tries Day Business Report. I'm Ed Corey and it's now on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong head let's check in now with our global news team for some of the top stories heard on our three hundred affiliate radio stations
around the world. UM Courtney Donahawan ktr H in Houston, meat packers are signaling an end to record beat prices with smaller hurts him Gina Servetti And for w c CEO in Minneapolis, I'm reporting that Trader Joe's employees at a local store have voted to unionized. Henry's Matteo and k M o X and St. Louis, I'll be reporting on door Dash delivering more than just food. I'm Stephen carl and Bloomberg D A B Digital Radio and London, We've been reporting on the Opposition Labor Party's plans to
freeze energy prices for UK households. I'm dead Corey on w w J in Detroit. I'm reporting cannabis businesses that want to set up recreational use shops in the city are basically more delays, and those are some of these stories are twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. It's Fine thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion List. Editorial was written by the Bloomberg Editorial Board.
One year ago, Afghanistan fell to the Taliban, in part because the US had hoped for the best without preparing for the worst in dealing with the Taliban. Today, President Joe Biden can afford no such illusions. The US needs to take a pragmatic approach to further engagement. Its top priority should be preventing Afghanistan from again becoming a base
for terrorist attacks. It's also in u s interests to avert a humanitarian disaster in Afghanistan and to bring Afghans who qualify for so called special immigrant visas to the US as quickly as possible. Such an agenda is admittedly limited, but simply forestalling the worst would be no small achievement. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, Slash Opinion or O P I N go on the Bloomberg terminal.
This has been Bloomberg Opinion and Bloomberg Opinion editorials can be heard every week day at this time. Terminal customers you can read more at O P I N go. Well it's a risk off. Monday DAL futures nine points lower, the mp EMUNI futures are down twenty four and the
NASTAIC futures right now down seventy eight points. The Bloomberg weather for meteorologist Rob Caroline partly Sunday today, the high temperature to eighty five clouds roll in tonight low seventy partly mostly Sunday Tomorrow hies again in the mid eighties. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at
Bloomberg Cricktape. This is a Bloomberg Business flash and I'm Karen Moscow and US stock index futures are slippingness morning, and commodities from oil to iron ore falling is disappointing. Data from China further clouds the outlook for the global economy. We checked the markets every fifteen minutes throughout the trading day on Bloomberg U S and P Future is down about twenty two points down Future is down a hundred forty one and as DAG futures down sixty eight. The
DAKS in Germany is a little change ten. Your treasury up one thirty second deal two point eight two percent yield on the two year three point to five per cent. NIMEX Screwed oil is down three point seven percent, down three dollars forty four cents at eighty eight dollars sixty four cents of Barrel comc School is down one point one percent or twenty dollars sixty cents at sevent ninety announced.
The euro one point one nine seven against the dollar, British found one point two zero six eight and the end one thirty three point three nine and Bitcoin is down nine ten percent at twenty four thousand, ninety dollars as of Bloomberg Business Flash. Now here's Michael bar with more unless going on around the world. Michael Karen, thank you very much. China has announced more military drills around Taiwan as the island's president met with members of a
new US Congression old delegation. The visit came less than two weeks after HOW Speaker Nancy Pelosi's trip to Taiwan. China regards formal contacts between US politicians and the island's government as support for its independence from Beijing. The Taliban is declaring today victory Day in Afghanistan, marking one year since their return to power. In baseball, the Red Sox beat the Yankees three nothing. The Mets shut out the Phillies six sip. The Nationals and Orioles lost. The A's
lost to the Astros six three. The Giants won global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael barn this is Bloomberg. Michael, thank you. We are live from the Bloomberg Intry and to Broker Studios where E is fin forty nine on Wall Street. Senate Intelligence Committee leaders made a bipartisan request to the US government for classified
documents that the FBI sees from former President Trump. Saulm the saw signals growing pressure from lawmakers for details on the materials. It's just the latest reverberation from the August nine at the I search at Trump's resort. Let's take a deeper dive into the implications here. We are joined by Professor Wendy Schiller, the director of the Talman Center for American Politics and Policy at Brown University. H Does this open a new political front for the mid terms. Wendy,
I think it does. I think Republicans uh understand that they had a really good picture, you know, a couple of months ago the intendent terms. The pictures still pretty good on the House side, But on the Senate side, I think it's much tougher, much closer, and anything on the margin that can make sure to get their base out, they're going to try to take advantage of. So, you know, really, and it's true, you're you're reading at former president's home.
We haven't really seen that before. UH. And people want to know why what was so important about these particular documents, Why was it so wrong for uh former President Trump and or his have to remove them from the White House. This does require additional explanation. UM, you don't have to really detail all the things you have they are doing. But you know, if this threatened national security, then you know,
the Senate, the House, they have to know. Uh. And but the Republican senators will use this really in every way to say it's an overreach, this political, this is Biden going after Trump. Of course they're going to do that, particularly now we're getting closer to Labor Day and we all know once Labor Day hits, you know, the election really begins in earnest. It doesn't make any difference to the decision by the former president whether or not to
run again. Uh No, I don't think anything really stops Donald Trump for money. Even if he's arrested in indicted, he'll you know, he'll find ways to delay, and he'll find ways to run. You know, he lives on the oxygen that attention gives him. He also is raising a tremendous not of money that's partially helps support his activities and his lifestyle. So he's not going to give that up unless somebody else pushes him out of you know,
the arena. And that's going to happen ultimately in the early spring or winter, early spring of twenty as Republicans gear up to figure out who's gonna run for president. But it's not gonna happen yet. So I don't think anything, you know, makes him go away. The problem for the Republicans is that suburban independent voters and suburban Republicans rejected Donald Trump in and some of them rejected him in eighteen. There's no reason not to think that reject him again.
And in factors, we're seeing signs that this is starting to mobilize Democratic voters who might have been a little more apathetic, more discouraged. But the prospect of the Republican Party dominated by Donald Trump running the Congress, I think can also motivate Democrats on the margin and make these
races more competitive, particularly at the Senate level. Because these Senate candidates were anointed by Trump J D. Vans for example in Ohio, um then at Oz in Pennsylvania, and because they're so associated with Trump, Democrats see a big opportunity there. Democrats are requesting a damage assessment. Are they trying to make political hay out of this? Maybe that's a cynical question, or is the truly damaged to be assessed.
I think there is a genuine fear that Trump will gain so much momentum along the base in the Polican Party that he could be the nominee in and that would be extraordinary destabilizing for the democracy in terms of election security, in terms of elections, faith in systems. I mean,
I think there's a journals here. I think we saw with January six, Commission and Committee in the House, and with Janey, who may very well lose her seat over this, like a lot of other Republicans who opposed Trump uh this year in primaries that you know, the fear is as even conservative media had said that he's not fit to serve an elected office again. So I don't think it's just parts in politics, but it does benefit both parties to have him in the spotlight, and he knows
that himself. Tomorrow we have primary races Wyoming and Alaska. I believe can you give me in a fessment from from your view of what we've learned from the primaries so far. I think we've learned that some of us, including myself, the underestimated the grip that Donald Trump would
have on the Republican Party long after he left office. Um, you know, to have the forem president influenced the Mitchell elections is unprecedented in the last twenty five years really in this way, particularly in commanding a base that votes in primaries. The problem is now the images of his supporters armed to the teeth, you know, surrounding FBI offices,
are attacking FBI offices. That image is it might possibly be the thing that breaks the Trump holled on elections if enough people get out and say that's not the kind of country you want to live in. We don't want this, We don't want you. If some of his candidates, particularly presentate, lose in two, then I think his chance is going to four really diminished. So it's a gamble, but I think it's it's a gamble he's certainly willing
to take because he has nothing to lose. What are you going some pleasure appreciated this and Professor Wendy Shiller, joint or at the Town Center for American Politics and Policy at Brown University, Karen Tom thank you. Ative fifty four on Wall Street, we turned out to a legal story where watching This Morning, musician Callie claims that she was not properly credited on one track of Beyonce's new
album Renaissance. The track Energy included an interpolation, a piece included a piece of an existing composition that's borrowed and re recorded of the two thousand three R and B dance hit Milkshake, and Kellie was credited for being the performer of Milkshake, but not for being one of the songwriters. After the controversy, Beyonce removed that interpolation from the track, and the situation is a warning to emerging artists who could find they're locked out of lucrative royalties if they
don't secure the credit for their contributions upfront. For more Bloomberg's doing. Grosso speaks to Robert Clarata, who heads the intellectual property practice at Witler, Kalis and Rosenblad. It doesn't seem like Beyonce did an anything wrong here. I mean, I can certainly imagine that if the song on the Plice record was credited to for All Williams and Chad Hugo and they say to Beyonce, sure you can use it.
If I were on Beyonce's team, I would say, okay, we've got the writer's permission here, We're fine, and they would put the credit on the record accordingly. I mean, if there is some kind of backstory that the credits on the Calice track we're not accurate, how is Beyonce going to know that? I mean, you know, for All Williams and Chad Hugo presumably would know that if that
were the case, but Beyonce wouldn't know that necessarily. So I'm not sure that Beyonce did anything wrong here other than taking somebody's word for something and to the exempt that someone on her team had looked up the credits on the police record, they would have seen those two names on it, and they would have had no reason to think there was a red flag there about anything. Plice said she took part in the writing it was
supposed to be thirty three thirty three thirty three? Do young artists have to get a lawyer to make sure their rights are protected when they're involved in projects like this. They need to have someone with some industry experience, whether it's a manager or a lawyer. You know, the actual title doesn't much matter, but it has to be somebody with some industry experience who can know sort of what the pitfalls are, and that's often not the case, particularly
when artists are first starting out. I'm not familiar with Callie's career. I don't know how many records she had made previously. Maybe she had a lot of experience in the industry, But it seems in that case that if she did participate in the writing of this song, and it was her understanding that it would be one third splits all around, there should have been a piece of paper somewhere, and someone representing her should have made sure that there was a piece of paper somewhere that set
that out that that's what the splits would be. Oftentimes that's handled in a very kind of, you know, quick and dirty way with what they call a split sheet. At the recording session, somebody will just memorialize what the splits are for a particular song. And maybe that was done, maybe it wasn't done, but there should be a piece of paper that's actually got signatures on it and had some legal enforceability in order to prevent this sort of
thing happening. And that's Robert Clarenda right, lair Kalis and rosenblasts because with Bloomberg dun Grosso. Catch more of that interview, plus analysis of the latest legal news by subscribing to the Bloomberg Law Podcast. Are downloading this show at Bloomberg dot com slash podcast. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and
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