Bloomberg Daybreak: August 3, 2022 - Hour 2 (Radio)

The Senate has passed the burn Pit Bill after an outcry from veterans, Plus the January six missing text case widens. Michael Blarner More Ahead, I'm John Stashower and sports more trains for the Mets and Yankees they both lost their games,

and Dodgers broadcasting legend Vin Scully has passed away. That's all straight ahead on Bloomberg Daybreak on Bloomberg eleven three, on New York, Bloomberg N one, Washington, d C, Bloomberg one six one, Boston, Bloomberg nine sixties, San Francisco, Sirius XM one nineteen and around the world on Bloomberg Radio dot Com and via The Bloomberg Business and Good Morning

I'm par Moscow, I'm Nathan Hagar. Bloomberg Daybreak brought to you by b n y Melon's Pershing learned why the world's most sophisticated wealth management that institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and manage risk at Pershing dot Com. And futures are

higher this morning six oh one on Wall Street. We check the markets every fifteen minutes throughout the trading day on Bloomberg S and P futures at fifteen points and now futures up a hundred twenty three and NASDACK futures up forty eight. The decks in Germany is up a quarter of a percent. The tenure treasury down three thirty seconds, yield two points seven five percent, and they yield on

the two year three point oh seven percent. Nathan mccaren investors are keeping an eye on what's happening in Taiwan. This red headline just across the Bloomberg terminal. Nancy Pelosi's plane has taken off following a visit that made major waves with China. The House Speaker pledge continued US support for Taiwan despite Chinese threats now more than ever, America's solidarity with Tom Taiwan is crucial, and that is the

message we are bringing here today. I'm speaking at a meeting with Taiwanese President saying, when Speaker Pelosi talked about the recently past bill to boost American made semiconductors the chips built, all of these members were instrumental in passing that important legislation, which we think offers great greater opportunity for US Taiwan economic cooperation. Speaker Pelosi is the highest ranking elected US official to visit Taiwan in a quarter century.

China responded to the trip with new military drills surrounding the island and fresh trade curbs on fish, fruit and sand for construction. Well, Nathan, the timing of how Spigure Pelosi's trip is being questioned by some, including Douglas Luta, former US Ambassador to NATO. I'm not sure exactly what benefit we're getting from the trip, and it comes to the sensitive time just as the three senior executive Ranch officials have regained contact with their Chinese counterparts and begun

to discuss the ramifications of the war in Ukraine. So it sort of sets us back I think. Former US Ambassador to NATO Douglas Lewis spoke at our Washington corresponded Joe Matthew on Bloombergy Sound on Catch the program weekdays at five pm Eastern on Bloomberg Radio. Well, another major political story we're following Karen involves some key primary races across the country, and we get the results from Amy

Morris in our Bloomberg newsroom in Washington. We begin in Michigan, where Trump backed Republican commentator Tutor Dixon faces Democratic comment Gretchen Whitmer and the race for governor. In November, Dixon won the nomination with of the vote. Three House Republicans who voted to impeach Donald Trump, Michigan's Peter Meyer and Washington's Jamie Herrera Butler and Dan new House all lost

their primaries to Trump endorsed candidates. In Missouri, Republican Eric Schmidt one the nomination with nearly forty six percent of the vote, derailing former Governor Eric Gryden's political comeback. In Arizona, Blake Math there's one the GOP primary with seven percent of the vote, and he'll face incumbent Senator Mark Kelly in November, in Kansas, fifty nine percent of voters rejected a proposal to outlaw abortion in Washington. I'm Amy Morris,

Bloomberg Daybreak. All right, Amy, thank you a little more on that abortion vote out of Kansas. As we heard Amy say, fifty of voters chose to maintain abortion rights in the state. Turn Out in Kansas far exceeded other contests in recent years, totally nearly twice as many ballots as in eighteens primary election. Let's turn back to markets care and they are stabilizing this morning after yesterday's declines fueled by anxiety over US China relations and hawkish comments

from the FED. Back four FED officials pushed back at the idea that the central bank could pivot away from tightening. Instead, they say there is no sign inflation is easing. Here's Cleveland's Larettamester. You don't talk about recession per se. It's are we growing below or above trend? And you know my forecast for this year is that will be growing below trend. But that's necessary in order to get price increases inflation under control. Those comments from Cleveland Fed President

Loretta Mester helped trigger a surge in treasury yields yesterday. St. Louis FED President James Bullard says the FED is up to the task of tackling inflation, so modern central banks, I will try to convince you have more credibility than their counterparts in the nineteen seventies. Because of this, it seems like the FED and the ECB may be able to disinflate in an orderly manner and get a relatively

soft landing. St. Louis President Jim Bullard reiterated the Central Banks should probably increase its benchmark rates to his highest four percent by the end of the year. Well. Several stocks are on the move this morning. Nathan Shares of Advanced micro Devices are down more than five percent. That's after the chipmaker gave a lukewarm sales forecast to meet

the story from Bloomberg Charley Pillett. It indicates that market share gains against Intel will not make up for the decline in PC demand, and he said revenue in the period will be about six point seven million dollars. That compares with an average analysts estimate of six point eight

one billion. Under CEO Lisa Sue, am d have been taking market share from Intel and benefiting from demand for its new powerful server chips, but the outlook shows that the company is not insulated from the slowing PC industry, which is still the biggest market for its products in New York. Charlie Pellett Bloomberg, debreak. All right, Charlie. Thanks. Let's look at some other movers this morning, with Bloomberg's John Tucker joining us live. Good morning, John, Good morning, Nathan.

Airbnb shears slumping of the pre market down over seven percent, the company missing estimates on bookings shares a match plunging this morning, the parent company of dating apps like Tinder, delivering of foreign cans for revenue of the current quarter that fell short of estimates, growth being slowed still by

fallout from COVID nineteen and a strong dollar. PayPal shares up eleven percent after saying activist Investory Elliott Investment Management now one of the largest shareholders, and the cost cutting will save nine of million dollars this year. And finally, robin Hood Market shares a little change after announcing it's eliminating almost a quarter of its workforce. Live in New York on John Tucker Bloomberg Daybreak. All right, John, thank you,

and futures are on the rise. This morning, straight ahead, your latest local headlines, plus the check of sports, and this is Bloomberg. Thanks Terence. Six oh seven on Wall Street, seventy three degrees in Central Park. Gotta crash westbound l I at Queen's Boulevard. Details come up in traffic. First Michael Barr with what else is going on in New York and around the world. Michael, thank you very much. Nathan. The Senate passed the Packed Act and at helping veterans

who have been exposed to toxic burn pits. The bill passed and in eight six to eleven vote, overcoming Republican claims it contains loopholes that would allow indiscriminate spending. Senate Democratic lead to Chuck Schumer's spoke after the bill passed. Finally, at long last, America lived up to its ideals by saying, to our vet trends who have been exposed to toxic

chemicals from burn pitts, we have your back. Senate Veterans Affairs Committee chair John Tester credited veterans and comedian John Stewart's protests for helping get the bill passed. I've never seen so many veterans with tears in their eyes and tears in their eyes of joy that I've seen in the last hour. Senator to Tester says the bill will

help thousands of sick US veterans. New York Congresswoman Carola Maloney has sent she didn't believe that President Joe Biden would run for re election in four The comments came during a New York One debate last evening among candidates vying for the Democratic primary nomination in New York's twelfth congressional district. Because of redistrict thing, Maloney is running against fellow New York House heavyweight Gerald Nadler and lawyer Savage Pittel.

The Defense Department electronically wiped the phones of some former top officials who served under then President Donald Trump, Bloomberg said, back to reports, and the Department of Defense is confirming that a d o J investigation of the missing January six tax is now confirmed that along with accidentally deleting some texts, some phones were purposefully wiped after January six.

Government lawyers made that admission in court filings tied to the Freedom of Information Act lawsuit, and the Oversight Group is urging attorney General Merritt Garland to investigate DODS actions in allowing the destruction of records potentially relevant to a

significant matter of national attention and historical importance. In San Francisco, I'm at Baxter Bloomberg Daybreak, the State Department more an American citizens traveling overseas of possible retaliation by Al Qaeda and its supporters after the organization's leader was killed in the U s drone struke. Global News twenty four hours a day on air and on Bloomberg quick Take, powered by more than journalists and analysts more than a hundred

twenty countries. I'm Michael Barr, and this is Bloomberg, Nathan. Thank you, Michael. Almost six ten on Wall Street time for the Bloomberg Sports Update with John sesshow Thanks Dathan. Vince Galley has passed away. The New York native began calling Brooklyn Dodgers games shortly after he graduated from Fordham, and he kept the job for sixty seven years. The owner of that soothing voice with an unparalleled ability to tell stories while calling the game, Vince Scully a true

broadcasting legend. He was ninety four. Matts and Yankees both lost bets in Washington five to one, ending their seven game winnings. Draper Mets fans happy to see Jacob de Graham on the mound first time this season. Five solid and he's allowed just one run. Yankees battled back from deficits a couple of times, but in the end they lost the Seattle at the Stadium eight to six. The Yankees made a couple more trades before the deadline. They

found a Joey gallow taker in the Dodgers. Gallow will complete bust in his time in Pence Pipe, betting just one fifty nine. The Dodgers gave the Yanks of top pitching prospect Clayton beat Her in return. The Yankees then made a more surprising move because Jordan Montgomery has been a solid starting pitcher for them, but they did just acquire another starter and Frankie Manta, so they shipped Montgomery to St. Louis for an outfield He was Yankees GM

Brian Cashman and Harrison Vader. Dader is you know, one of the elite center field UH defenders in the game, um, and so he provides a lot of lanes for us, I think for a manager when he's when he's healthy Vada, currently out with a foot injury. He's in New York. Native went to high school at Paris Man and the Bronx. Mets acquired two players after the Darren Roff They sent J. D. Davis to the Giants. Mets also picked up a reliever,

Michael Gibbons, from the Cubs. Of course, the big trade yesterday with Juan Soto join from Washington to San Diego. John Stashwart Bloomberg sports name all right, John, Thanks SMP future is now sixteen points. Staff features up a hundred thirty six stands A futures hired by forty six points. The tenure Treasury is down three thirty seconds. Yield close to two point seven six percent. Yield on the two year right now three point zero seven percent. Nimex crew

down three quarters percent. Ninety three dollars seventies cent se barrel ahead of the OPEC plus policy meeting. This is Bloomberg Bloomberg eleven three oh weather abundant sunshine hid your

ninety today heat advisory and effect tomorrow into Friday. Highs both days near right now seventy three in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, a Bloomberg Business at and at Bloomberg Quicktape, He's a Bloomberg Business Flash and I'm Cameron Moscow and you West dot index Future is on the rise today as some of the investor anxiety over tense US China ties eases, while treasuries extend as slide sparked by hawkish

Feder Reserve comments. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg Guess and p Future is of fifteen points and down features of a dred twenty five and NASDAG future is up forty The decks in Germany's up three tents of upper cent, the ten year treasury down four thirday seconds two point seven six percent, the yield on the two year three point oh seven percent.

Non mex screwed oil is down six tents percent or sixty one cents, and ninety three seventy nine cents in barrel called max schoold is down six tenths per cent or ten dollars thirty cents a seventeen seventy. The euro one point oh one nine one against the dollar, British found one point one eight seven and one thirty three point to eight and bitcoin this morning of one point seven percent at twenty three thousand, four hundred dollars. 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. Kansas voters refused to change the state constitution to declare there is no right to an abortion on our fifty nine to vote. The state Supreme Court decision in that Granite state constitutional abortion rights remains intact. President Biden says you will sign an executive order today intended to improve access to abortion services by allowing travel

using Medicaid funds. Hall of Fame broadcaster Vin Scully has done Scully broadcast baseball games with the Dodgers for sixty seven years. Vin Scully was ninety four asked for the games The Yankees lost to the Marineers eight six, the Mets lost from the Nationals five one, the Orioles and Red Sox one, the A's and Giants lost. Global news twenty four hours a day on he Or and on Bloomberg quick Take, powered by more Event twenty seven hundred

journalist and analyst. More than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan No, Michael, thank you. It is now six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg and Daybreak, and we returned to our top story. Now, how speaker Nancy Pelosi pledging that the US will not abandon Taiwan, as she has just wrapped up a visit to the

island that has caused major waves in mainland China. Joining us now is Rosalind Matheson, Executive editor for International Government for Bloomberg News. Ros Good morning. Of course, a lot of saber rattling around this trip, it doesn't go beyond that. Well, it's interesting to see the level of the China response so far. We're seeing threats to have missile tests a though none have actually eventuated, and very big military drills

they say we'll start tomorrow. We're essentially Chinese ships are encircling Taiwan, cutting off the naval passageway and also the airspace. But we're also seeing perhaps a sense of restraint here from China in a sense that they don't want to push things too far. Of course, it's a very different kettle of fish when you talk about Taiwan and China, then when you talk about say Russia and Ukraine, it's very clear the US was never going to send troops

into Ukraine to defend that Taiwan. Possibly they would have to, and so China knows that, and they're very careful perhaps to go up to the line, but not over it into something that might tip into outsight military confrontation, because anything that they do there with Taiwan could feasibly join the US, and then you've got a very big regional war going on or even be on. So we were seeing Chinese rhetoric, a lot of balid cost words from China.

We're seeing this military action, We're seeing a little bit of action on the trade side, but nothing that would really tip it over at this point into a broader conflict. It's interesting that you say that in the event of military action against Taiwan that the U s would have to step in, because President Biden has been asked about that in the past and he sort of had to walk back comments sort of suggesting that the US would get directly involved in a military conflict. Does the speaker's

visit change the dynamic when it comes to that. It possibly does. Of course, the US administration was so officially the policy remains what it was beforehand. But you saw very strong words from the US speaking Nancy Pelosi when she met today with the Taiwanese president, signing when showing we are with you, We're going to show support for you no matter what, and that's definitely a message to Beijing.

It's also just a possibility of miscalculation. If you have a bunch of navy ships and planes in close proximity, flying over each other, are each other, and particularly into Taiwanese airspace, you just have the risk of something going wrong that sets off a confrontation that's inadvertent um So certainly China is aware of that also, but but just aware that at the margins you're probably expecting a very high chance the US will be drawn into a military

conflict over Taiwan in a way that it's not been drawn in over Ukraine. Apart from the possibility of at least what China's announced of military drills starting as soon as tomorrow, we've got trade moves as well, with some restrictions on Taiwanese fish and fruit and Chinese exports of sand what's the economic impact. Is China trying to put the squeeze on Taiwan economically, well, so far those moves

are fairly small. They don't know if that just snificant amount of the trade, and they're probably a bit symbolic, but certainly a Chaiwan want its China wanted to equi hit Taiwan very effectively on the economic side, of course, but now there's no penalties or measures to curb semiconducted trade, for example, which is crucial. So China is doing a few symbolic steps, but nothing that could rebound on its

own economy. Of course, Sieging King is cognizant of the fact that he needs to keep his own economy taking over in decent shape ahead of his own leadership renewal later this year, and that he needs to have China domestically looking very stable. And so these are measure that that are designed to say to Taiwan, We're not happy with what's happening, but certainly not significant trade steps so far. And now that Speaker Pelosi is on her way out of Taiwan, how does this trip affect the rest of

her Asian itinerary. We've got about a minute left here. Well, she goes to South Korea and then on to Japan. As you say, a lot of these countries have been a little bit cautious about commenting directly on her stop in Taiwan, perhaps not wanting to get drawn into the fray with China. Japan might be the one exception there.

They've been quite strongly supportive of Taiwan in recent months, risking Chinese are in turn on that, But most countries in Asia probably just glad to be honest that she's left Taiwan again and that the trip has gone without some kind of inadvant and clash occurring as a result. Thanks for this Rose, great having you with us this morning. Rosalin Mathison, Executive editor for International Government for Bloomberg News.

As we continue to follow developments in and around Taiwan, now that House Speaker Nancy Pelosi has left the island and China is announcing new military drills little encircle the island that could begin as soon as tomorrow. Looking ahead to the market, open futures are touch higher. We've got SMP futures right now up thirteen points, staff futures up a hundred fifteen and NAZZAC futures are higher by thirty three points. The tenure treasuries down nine thirty seconds, yield

two point seven seven percent. Yield on the two year three point zero eight percent. Got some earnings crossing the Bloomberg terminal from CVS boosting their outlook. We'll have more on that straight ahead. And you are listening to Bloomberg Daybreak. Good morning, Bloomer eleven three oh weather, sunshine, your ninety today, heat advisory tomorrow near nine tomorrow and Friday when the

heat advisory expires. Right now seventy three in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E living free to Washington, d C. Bloomberg ninety nine one to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixty to the country, Sirius XM to the one nine team, and around the globe the Bloomberg business in Bloomberg Radio dot Com. This is Bloomberg Daybreak and at six thirty on Wall Street. Good morning.

I'm Nathan Hagar and I'm Karen Moscow. We are just about three hours away from the open of US trading time. For the five things that you need to know to start your day. To you buy Interactive Brokers. Interactive Brokers charges margin loan race from two point three percent to three point three percent. Their clients can also earn extra income by lending their fully paid shares of stock rates

subject to change. Learn more at I b k R dot com slash Compare First Investors keeping an eye on the fallout from how Speaker and Nancy Pelosi's visit to Taiwan. Pelosi left the island this morning after a visit during which he pledged a continued US commitment to the island. America's determination to preserve democraty here in Taiwan and around the world remains iron cloud how Spiager and Nancy Pelosi

was speaking at a meeting which Taiwan's President. China responded to Pelosi's trip with new military drills and fresh trade curbs that were also following key primary races across the country. Karen Tutor Dixon, who was backed by Donald Trump, to the vote for the Republican nomination in Michigan's governor's race. She'll face Democratic incumbent Gretchen Witner this fall. Three House Republicans who voted to impeach Donald Trump lost primaries to

Trump the doors candidates in Michigan and Washington. Republican Eric Schmidt secured nearly forty six percent of the vote from Missouri's open Senate seat, derailing former Governor Eric Gryton's and in Arizona, Blake Masters will face incumbent Senator Mark Kelly. He won the GOP primary with thirty seven percent of the vote. Well to Markets Now, Nathan, they're stabilizing after

yesterday's declines. It comes as four Federal Reserve officials pushed back against the narrative that the Fed may pivot away from tightening. Cleveland President Lorrettemesters as officials are focused on the growth outlook by forecast for this year is that will be growing below trend, but that's necessary in order

to get price increases inflation under control. And as Cleveland Fed President Larettamester and incorporate news this morning, shares of Advanced micro Devices are down about five percent after the company gave a lukewarm sales forecast. In Bloomberg's John Tucker joins US Live with the details. Good morning, John, and Nathan. The company projecting roughly six point seven billion dollars in sales.

That figure falls short of Wall Street projections. Even though a m D has been taking market share from Intel. The latest result shoal the company isn't insulated from the slowing PC industry, which is still the biggest market for its products. Investor has also been concerned that chipmakers like a m D will be left with costly stockpiles of unused chips as orders dry up. Live in New York. I'm John Tucker, Bloomberg, debreak. All right, John, thank you.

That's the five things that you need to know to start your day, brought to you by Interactive Brokers. Again, futures are moving higher this morning, and straight ahead your latest local headlines plus the check of sports. And this is Bloomberg. I think Karen six Wall Street, seventy three degrees in Central Park, crash on the westbound L I E Service Road at Queen's Boulevard. More coming up in traffic. First Michael Barr with what else is going on in

New York and around the world. Good morning, Michael, Good morning, Nathan. Kansas voters have sent a resounding message about their desire to protect abortion rights. I rejected the measure that would have allowed the Republican controlled legislature to tighten abortion restrictions or banned the procedure out right. The vote in the red state was the first test of voters feelings about

abortion since the Supreme Court overturned Roe v. Wade. Rachel's Sweet with Planned Parenthood says, the voters of Kansas have spoken and are sending a clear message by reminding the government to respect their constitutional rights. We will not hand over our constitutional rights and our bodily autonomy to the government, and we will take care of one another, and we will look out for each other, because that's what Kansas

is all about. Rachel's Sweet with Planned Parenthood. President Joe Biden to day will sign a second executive order intended to improve access to abortion services. The order will direct the Secretary of Health and Human Services to consider actions to help patients travel outside their states for abortions using funds from Medicaid, a move which conservatives will likely challenge in the courts. The Senate last night passed the Pact Act, aimed at helping veterans who have been exposed to toxic

burn Earn Pitts. Senate Democratic Leader Chuck Schumer credited veterans and comedian John Stewart, who protested for days outside the Capitol, for helping to get the bill passed. They were there as a beacon to all of America. They said, you're not We're not gonna let you forget us. We're not gonna let you walk all over us, Senator Schumer. Since the bill passed and an eight six to eleven vote, high ranking New York Democratic congresswoman speculates on whether President

Biden will run for office again. President Biden was a major topic in a debate leading up to the Democratic primary for New York's twelfth district. Representative Carolyn Maloney spoke on New York One, I don't believe he's running for re election. Redistricting maps pitting Maloney against another Democratic written representative, Jerry Nadler, too early to say, doesn't serve the purpose of the Democratic Party to deal with them until after

the interms. Maloney and Nadler face off August three. The first cargo shiploaded with Ukrainian grain to leave the country since the Russian invasion began is anchored at an inspection area in the Black Sea off the coast of Istanbul Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than seven hundred journalists and analyst more than a hundred twenty countries. Michael

Barr and this is Bloomberg. Nathan, thank you. Michael. Come up to six thirty six on Wall Street and John Stashar has the Bloomberg Sports up there all right, Nathan Vince s. Gully, the legendary Dodgers announcer, has passed away. Imagine having the same job for sixty seven years. Imagine witness seen so much baseball history from Brooklyn winning the nineteen fifty five World Series of the ball going through

Bill Buckler's legs at Chase Dating. Here was Scully on a night in Atlanta, nineteen seventy four, Bomas for the country in the world, a black man is getting a standing ovation in the Deep South for breaking a record of an all time big boot. That it is a great moment for all of it and particularly Skelly was ninety four. Jacob mcgraham on the Mountain to the Mets first time in more than a year in Washington. Pitch five innings, allowed just one run, three hits, struck out six,

Nothing's changed. The Mets struggle to score for him just to Francisco lindoor home run. Stephen Noga sk for place to Graham, gave up back to back homers Washington end of the Mets seven game, winning Street five to one. On the day of the Nationals traded their twenty three year old star Juan Soto to San Diego. The Mets traded j D. Davis to the Giants per after older

Darren Rock. The Yankees traded Jordan Montgomery to St. Louis for after elder Harrison Beata and New York Natives is currently out with a foot injury, and the Yanks also sent the unproductive Joey Gallo to the Dodgers that stadium. Yankees fell behind four nothing later six three, they tied the game, but a pinch hit home run by Seattle Sam Haggarty seventh inning, the Mariners won eight to six in defeat Yankee home runs by Jose Dravino, Anthony Rizzo,

and Josh Donaldson. The NFL took away the Miami Dolphins first round draft pick next year that for tampering for trying to hire Sean Payton his coach, and acquired Tom Brady to be the court or back John Bloomberg Sports. All right, John, thank you, six thirty seven on Wall Street. Time to take a look at stock, some of the names moving in the pre market. Bloomberg Radio and TV

Markets correspondent Crety Goopta is with us and creaty. We've been talking about the disappointing sales outlook from a m D and the stock is getting punished this morning. The stock is absolutely getting punished. A m D is the name of the company as well as to take her down about five percent. Advanced micro Devices, of course is the second biggest maker a personal computer processors. Well, the

game sales forecast that wasn't that great for the third quarter. Really, one of the things that even mind about A m D is that they're competing for market share against Intel, and right now it looks like they're not able to make as much progress as they really were planning on. As well, the revenue's period looking to be about six point seven billion, falling short of analyss estimates of six point eight billions. Okay, once again, it is that lack

luster forecast that is weighing on the shares this morning. Meathan, and now you're keeping an eye on PayPal. Looks like Elliott Investment Management announces this ache in a company and it seems to pay off pretty well for the stock. You know, it's funny because Elliott also just did this with pinterest as right, so they are really getting around as you put in PayPal p y p L as

your taker. Shares are up just shy of twelve percent this morning, so Paytoll came out and they said that Elliott Investment Management is now one of its largest shareholders. They're also time out recent cost cutting moves that're gonna result and get this savings of nine million dollars, and that's just this year. They're saying that those savings, well, they're going to increase to one point three billion next year. And once again they're saying that a lot of this

has been incentivized by Elliott as well. So Elliott making a very clear impact right off the bat. Yeah, and uh, you see you're watching Airbnb as well, another sort of disappointing earnings or outlook story here. You know, it's interesting because I feel like everyone is trying to figure out how to travel and where to travel immediately, and yet their bookings numbers actually came in as a miss. So a b nb is your taker down about seven percent

this morning. So once again, it really it comes down to the idea that well, those bookings estimates they missed what the analysts were expecting, especially in light of this demand story that you're seeing with a lot of the airlines as well. They actually said of the bookings in the second quarter, well a rose, but even that kind of rise wasn't enough because if you look at it from a year ago, that was a fifty percent increase, so you can really see how they're not able to

keep up that momentum. And finally some surprising earnings I guess from Starbucks. Yeah, you know, it's funny. We're talking about the consumer willingness to spend, and I think a lot of people are saying, well, that cup of coffee is just way too expensive. But take a look at this. Starbucks reporting very strong US performance, offsetting some of the

issues in China as well. The average ticket or cost per order rose six percent, but comparable tractions transactions excuse me, felt three percent, So basically they're charging higher prices for a lower volume of shares. Sp u X is your ticker up this morning, Eathan and going for the higher healed consumer. Thanks Creedy. Always good to have you with us. Create grouped Bloomberg Radio and TV Markets correspondent looking ahead

to the market open. Futures are higher, SMP futures up fourteen points, staff features up a hundred sixteen, nastac features up thirty seven points, the tenure treasury down eight thirty seconds, the yield close to two point seven per cent. And you're listening to Bloomberg Day Break Bloomberg eleven three oh weather sunny in your ninety today will have a heat advisory for the rest of the week Tomorrow Friday, both days near nine five degrees right now seventy three in

Central Park 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 lash and I'm Karen Moscow. Futures on the rise this morning, we get at the first word breaking news dash for today's morning call. Here's Bill Maloney, Bill, good morning, Good morning, Karen. That's right. US futures are in the green right now at the futures up a hundred twelve points, sumes gained

fourteen well, Nastic futures are up by thirty eight. The US ten year old at two point seven eight percent, Gold is little change, Oil is in the red, and bigcoin is training higher by one point seven percent. Japan rose half percent overnight, while your markets are posting modest games this morning. And back in the US on the economic front, at nine forty five services p m I and at ten o'clock factory orders and durable goods orders. After the LS night, robin Hood said it will cut

twenty three percent of its workforce. PayPal bead Estimates is buying back fifteen billion and is up twelve percent pre market, A m D report is down five percent pre market,

and Starbucks EPs speed estimates. Regarding earnings this morning, CVS boosted his forecast, and wrapping things up, Uber was raised to outperform over at Raymond James Live from the first Breaking News descom Bill Maloney, care all right, Bill, thank you, and to hear live breaking news over your Bloomberg tipe squalk on your terminal squ a w K. That's a Bloomberg business flash. Now here's Michael Barrow with more on what's going on around the World, Michael Karen, thank you

very much. A major victory for abortion rights advocates, voters in Kansas overwhelmingly rejected an amendment that would have eliminated the constitutional right to an abortion and placed the issue in the hands of state lawmakers. President Joe Biden today will sign a second executive order intended to improve access to abortion services, more than five weeks after the U. S. Supreme Court allowed states to largely put them off limits.

Hall of Fame broadcaster Vince Scully has died. Scully broadcast baseball games for the Dodgers for sixties seven years. Vin Scully was ninety four, asked four games. The Yankees lost to the Mariners, eight six, The Mats lost to the Nationals, five one, the Orioles and Red Sox one, the A's and Giants lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts more than a hundred

twenty trees. I'm Michael Barr, and this is Bloomberg caeron. Sorry, Michael, thank you. Sixty nine on Wall Street returned to news and science and Technology Now with the Bloomberg n j I T STEM Report. It's brought to you by New Jersey Institute of Technology, ranked to 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 d U and here's its mega news and science, Technology, Engineering and math. A push in Washington to transform the US derivatives regulator into a top crypto washdog is gaining steam with a Senate bill that would give the Commodity Futures Trading Commission

sweeping new powers to oversee the asset class. The CFTC, whose purview is now mostly limited to crypto derivatives, would get the ability to police trading and the largest digital assets under the plans, set to be introduced today by Democratic Debbie Stevan Now and Republican John Bozeman. After a tough first year as a public company, robin Hood Markets is cutting almost a fourth of its workforce, closing offices. The app based brokerage dismissed seven people on Tuesday. Robin

Hood went public in July of last year. The business quickly slumped monthly active users. The client of the company's shares plunged, and water levels on Europe's Rhine River are getting closed to the point where it has to effectively close. That would put the transport of large quantities of goods at risk called shipments are already restricted by low water levels, and then a school more expensive, which raises the price of operating coal fired power plants. As the Bloomberg and J. A. T.

Stem report. Nathan thanks Karen rely from the Bloomberg Interactive Broker studios where it's almost six fifty one on Wall Street time now to check what's going on in DC or. Some of the top stories include Speaker Pelosi vowing support for Taiwan despite Chinese threats, Voters in Kansas backing abortion rights on a busy primary night, the Senate passing the burn Pit Bill after pressure from John Stewart and President Biden to sign another executive order on abortion access, springing

Bloomberg government reporter Emily Wilkins for more on all these stories. Emily, did Speaker Pelosi accomplish what she set out to do in Taiwan so in a big way? Yes? I mean the fact that Pelosi did go on this trip to Taiwan, that she did visit the island regardless of the threats made by Beijing, and we have seen Shanna go ahead and retaliate say that they are going to be doing some missile tests as well as military drills more intense

than what we've seen in the past. UM. They are also looking into UH potential UM trading UH trading and instinctions that go along with Pelosi having made this trip. But Pelosi said that even though this trip is not about any sort of larger shift in the U S stance towards Taiwan, UH, she told said during a speech that the US will not abandon UH their commitment to our commitment to Taiwan. And she said that she is

quote proud of our during friendship. UH. So the message she tried to bring with solidarity and and really that was just accomplished by Pelosi making this incredibly historic trip to the island, the first speaker to visit there in twenty five years. UH certainly means a lot. As the third highest ranking US official. How is the trip being received in Washington? Is it seen as worth it? Given all the tensions between the US and China, and now

they seem like they're ratcheting up even further. So Shortly after pelosi Um plane touchdown, there was a statement released by a number of dozens of Republican senators praising Pelosi for going on this trip, saying that it was the right thing to do. UM there certainly have been some concerns about the timing of this trip, whether or not this is kind of the right time to go to Taiwan. I remember, China is about to um their governing body

is about to convene. We're expecting current President Jijin paying to be elected for an unprecedented third term. And how they feel about this trip to Taiwan, it might lead China to look at its current policy and so of reevaluate what how it is going to continue its future with time on and so it'll be interesting to see how this plays out. But at this moment in time, I think most lawmakers, most folks in Washington do support

Speaker Pelosi making this trip. Well, let's turn to domestic politics. Is it was quite a busy night in terms of primary races, and one of the big takeaways was this vote out of Kansas on an abortion rights amendment. Yes, this is huge. The Kansas constitution currently says there is a right to abortion. There was an effort to change that. That effort failed, so this could be considered a huge victory for those who support abortion rights. UM. Certainly is

really sends a message. You know, Kansas was a state that that voted for Trump, that's backed a lot of Republicans in the past, and the fact that you did see this huge turnout really I think begins to answer a question that a lot of us are are looking at, which is are we going to see Democrats get a boost in November because of this issue on abortion and

abortion rights? And I think Kansas is a very UM is a big sign that yes, this is something that voters are willing to turn out on, This is something they're paying attention to, This is something that will get them fired up. Remember, Nathan for for mid terms, So much of the question is can you fire up your base and get your base out to vote, because you know, most folks still vote in the in the big presidential election,

they might not vote in the mid terms. UM. And so the signal from Kansas last night is that, yes, abortion rights is an issue that we'll get people to the ballot box in the mid term who may not have other gone gone otherwise. And in terms of the races themselves, Emily, it looks like it was a pretty good night for the most part for Republican candidates who are backed by former President Trump. Yeah. So we saw

a couple of different ones. I mean, number one, we still have that question with the Missouri said it raced on exactly which Eric Trump out, but we did we did get and and Eric did win. UM and so we uh the former uh that he'll be running against in in one of the more interesting elections in the general H. We also saw up in Michigan John Gibbs beating Peter Meyer. He was one of the ten Republicans

who did vote to impeach Trump last year. UM. And so yeah, we're continuing to see fairly good good nights for Trump indorsed candidates. UM. And it'll be interesting to see for some of them. I am thinking, particularly in that Michigan district with John Gibbs, can you wind up surviving in the general election? I mean, that is a

Democratic leading district. UM. And even though it might not be a great year for Democrats necessarily, Uh, it's it's it's going to be interesting to see how that plays out. In our last minute here Emily, We got word from the White House this morning the President Biden's is doing

another executive order on abortion access. What's that going to do? So, this is going to direct the Health and Human Services Agency to consider all actions to ensure healthcare providers comply with federal non discrimination laws UM and the idea is for the Departments for Health and Human Services to provide healthcare providers with technical and legal guidance to navigate the patchwork of state regulations that they're now facing, as well as trying and provide guidance to a woman who might

be traveling across state lines to seek an abortion. Thanks as always, Bloomberg Government reporter Emily Wilkins with us from the nation's capital. Read more about all these stories on Bloomberg dot com or on the Bloomberg terminal, And a reminder, you can follow all the latest on Bloomberg Radio in Washington Bloomberg and one oh five point seven FM h

D two. As we look ahead to the market open, we have futures moving a bit higher now, with SMP futures up thirteen points now, futures up a hundred eleven, NASTAC futures are higher by thirty six points. The tenure treasury is down eight thirty seconds. The yield two point seven seven percent. Yield on the two year right now three point zero nine percent. Nimex crude is down nine tenths per cent or eighty seven cents at ninety three

dollars fifty five cents of barrel. As OPEC and its allies just get ready to meet on a production policy meeting that's getting underway shortly. Bloomberg Terminal customers can follow that. We have a top live blog going on the Bloomberg Terminal t l I v GO as OPEC plus gets ready to meet on September, production comes Gold down six tenths percent, seventeen seventy eight sixty an ounce. Bloomberg Surveillance is next. Tom Keen, Jonathan Farroll, and Lisa Abramowitz for

Karen Moscow. I'm Nathan Hagar. This is Bloomberg