Bloomberg Daybreak: August 31, 2022 - Hour 1 (Radio)

two earthquakes at in northern New Jersey. The first to two point three magnitude earthquake was just before five fift pm, about six miles northwest of Morris Plains at one point seven magnitude. After shock was then reported shortly after six thirty pm, also in Morris County. The last earthquake in New Jersey was in Freehold in twenty recorded at a three point when magnitude one. Texas official says migrants crossing into El Paso want to come to New York City.

El Paso has been housing asylum seekers are welcome centers there to assist the homeless population. Texas has been bussing migrants from the Opportunity center to where they to go. Speaking to ABC's k v I A n L pas SO. John Martin, the deputy director of the center, says, up until now it has been working out well. I've never seen individuals run so quickly to take a shower so

that they could get on a bus. They'll be able to go to where they wanted to go, Martin says, though it appears to have stopped, a bus schedule to leave Monday from the center was postponed. Former Soviet president Michael Gorbachov has died. Russian news reports say it happened at the Central Clinical Hospital where he was undergoing unspecified treatments after a long illness. Michael Gorbachev was ninety one. Texas is announcing the first confirmed fatality a monkey pox

in the US. Dr Jennifer mcquisten says the patient in Texas who tested positive for monkey pox had other underlying health conditions. It's important to focus that we have mitigation letters in place to prevent monkey pots. Get vaccinated, if you're sick, go to a doctor, get tested, and if you have severe illness, there are treatments that are available. Dr mcquisten says only a handful of monkeypox fatalities have been reported globally. President Biden announced this Safer America program.

He proclaimed in Wilkesburry, Pennsylvania, the nation had to fund the police, then criticize GOP members of Congress for not supporting his plan. Guess what, every single Republican member of Congress, every single one in this state, every single one, voted against the support for law enforcement and talked about how much they love it. They voted against the funding. President Biden Global names twenty four hours a day on air end on Bloomberg Quittake, powered by more than seven hundred

journalists analysts more than a d twenty countries. Michael Barn this is Bloomberg, Nathan. Thanks Michael. Almost five town on Wall Street. Time for the Bloomberg Sports Update. Good morning, John Stanshower, The morning, Nathans. We get ready to flip the calendar to step Tenbury. Eighty fans would like to see their teams play well as they get ready for October. Per half a figure story will be a daily washs to see how many home runs their star player ends

up with. He came up in Anaheim fourth inning, two men one to kit will to right. Aaron Judge has done it again. Number fifty one for judge. He's ten l a from Watch Your Marris. It's a three run shot and the inches to go pen it up. It's sevens of tunes of the f a n earlier Yankee home runs. The Anthony Rizzo is thirty, Andrew Bennettendy in the first and Yanks end of the three games slide.

They've beat the angel seven four with six Yankee relievers combining to pitch the last seven, and the Mets schedule is gonna get a lot easier. There's nothing easy about playing the Dodgers, who won four three in city field. They've won twenty six of their last thirty two games. The Dodgers are fifty two games over five hundred's the only marte Mark Kanna Homer to the loss for the Mets.

Two days after he went thirty for thirty eight. The Giants cut third string quarterback Davis Webb, electing to go with only two qbs. The Jets kept white out Denzel Mims on the roster. He had recently asked for a trade for Rafael at Ole's first US Open match. The two has the nineteen you want to improve the sixteen and old lifetime. In the opening round, forty two year old Venus Williams lost. Unlike Serena, Venus has not say anything about retirement. Although she hardly plays these days. Her

ranking is over fifteen hundred. Serena is retiring, so tonight could be her swan songs. She takes on the second seed and neck count Delight, huge pro Serena crowd will be on hand. John Stashower, Bloomberg Sport cantin. You had to say the least thank you, John. Futures fluctuating this morning, SMP futures right now down three points down, futures down

forty six. Nastack futures are up nineteen. You're listening to Bloomberg Daybreak Flimberg eleven three oh weather turning nice for the rest of this week's sunny, less humid mid eighties today, low eighties tomorrow, sunshine Friday, high near eighty degrees. Right now seventy two in Central Park, Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg Daybreak for Wednesday, August one, coming up this hour. Stocks entered the day trading at

a one month low. More FEDE officials hammer home the message of bringing down inflation. Goldman and Morgan Stanley eas covid roles so workers can return to the office, and new developments involving the search of Donald Trump's Florida home. Former Soviet leader Michael Gorberge office died, plus the ground moved in New Jersey. I'm Michael Barr Moore on the Earthquake Ahead. I'm John Stanton, Sports another errand Judge all Ron. The Yankees won the Mets loss Arena. Williams plays tonight

at the US Open. That's all trading ahead on Bloomberg Daybreak on Bloomberg eleven Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one Boston, Bloomberg nine sixties, San Francisco, Syrius x M one nineteen and around the world world on Bloomberg Radio dot Com and via the Bloomberg Business App. Good morning, I'm Nathan Hagar and I'm Karen Moscow and US Dock Index futures are little change

this morning. We are coming up to five o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day on Bloomberg. S and P futures and Dow futures are little change. Nowaday futures are higher, up twenty three and the tenure treasury down eight thirty seconds. The three point one three percent yield on the two year three point four eight percent. Nathan Karen stocks begin this session trading at a one month low as FED

fears continue to persist in markets. Three regional FED presidents yesterday reiterated Chair J. Powell's intention to bring down inflation. Amanda Gotti, as chief investment officer at P and C Asset Management Group, I actually think that we're going to start to see more confirmation and evidence of inflation rolling over.

And while the Fed, you know, only has a few data points to go on here so far, I think the market has already adjusted on equity side in terms of evaluations, but also on the bond market side in terms of you know, futures, probability of rate hikes, and where interest rates have moved. To P N C Asset Management Samanda Gotti says she's not making any meaningful changes right now to her portfolio. Richmond Fed President Thomas Barkin is one of the central bank officials beating the drum

to stop inflation. Nathany val the FED would not flinch in its efforts to cool prices, but cautioned it might not be a smooth process. We're committed to getting inflation under control, and there's a path to get there. A recession is obviously a risk in the process. Um, I'll just say for context, nobody ever canceled the business cycle. So when you say there's a risk of recession, it

doesn't have to be like a two recession. Richmond Fed President Thomas Barkin made the comments in West Virginia yesterday. Well Wall Street's worried that the Fed's aggressive battle against inflation will lead to higher unemployment and recession. Karen in this morning, we get the first read on August jobs with the new revamped a DP report. Let's get a

preview from Bloomberg's Michael McKee. ADP returns from its months long hiatus with updated methodology and a range of wage data, and avow it's not supposed to be a forecast of the government's monthly payroll report. The revamped report, developed with the Stanford Digital Economy Lab, will feature the monthly change in private employment, as well as weekly payrolls data for the preceding month, median annual growth by industry, company size, region,

gender and age will also now be available. While there is a median projection for this month's report, given the changes, several Wall Street economists haven't submitted estimates for this month. Michael McKey, Bloomberg Daybreak, Ry, Mike, thank You, and Europe. Prices in British shops rose this month at the highest rate since at least two thousand five. According to the British Retail Consortium, Shop price inflation increased a five point one percent in August. The price of food rose even

more nine point three. In Asia, Kare and China's factory activity can acted in August for a second straight month. Bloomberg Daybreak Asia anchor Brian Curtis has more from Hong Kong. The official p m I rose to forty nine point four from forty nine in July. The economy has been hit by power outages, the crisis in the property market, and multiple COVID outbreaks. The reading was slightly higher than the estimate of forty nine point two, but still in

contraction mode. Meantime, the non manufacturing gauge fell to fifty two point six from fifty three point eight. The main takeaway this economy is still losing speed in Hong Kong. Brian Curtis, Bloomberg day Break, Right, Brian, thank you back here at home. New allegations of obstruction of justice may be added to former President Trump's legal woes. We get details from Bloomberg's Amy Morris in our newsroom in Washington.

The Justice Department has responded to former President Trump's request for a special master review of documents he kept at his home in Florida. Investigators suggest Trump may have tried to obstruct the investigation. The d o J says the records that were held in a storage roop marl Lago appear to have been moved before the FBI search in June. As far as appointing a third party to review those documents, the government said that was not only unnecessary, it would

only serve to delay the ongoing investigation. The judge has directed Trump to respond to the d o J filing by tonight in Washington. I'm any more as Bloomberg Daybreak, thanks Samy on Wall Street. Two of the most prominent investment banks are removing some of the final hurdles to a full return to the office following the pandemic. More from Bloomberg stud Prisner Goldman, Saxon, Morgan Stanley will ease some of their remaining COVID nineteen protocols after the Labor

Day weekend. Goldman will allow employees outside New York to enter offices regardless of vaccination status, with no mandate to participate in regular testing or to wear face coverings. Last week, Morgan Stanley told it's New York staff as of September five, it's ending test and control measures. Anyone who test positive should still isolate for at least five days, then wear a mask for five more. In New York. I'm Doug Prisoner Bloomberg Daybreak. All right, Doug, thank you. Let's take

a look at some stocks moving in early trading. Shares of Chewy or down almost eleven percent. The online pet supply retailer is kind of its revenue outlook and says customer growth is slowed and Bloomberg's sternly pillet is more. In a letter to shareholders, Chewy said sales in the current fiscal year will total no more than ten billion dollars as customers pulled back on discretionary goods such as toys and treats. That is down from a previous forecast.

Of as much as ten point four billion dollars. Chewy is contending with a broad based fall and demand for discretionary items as American consumers shifts spending to food and other essentials amid soaring inflation in New York. Charlie Pellett Bloomberg Daybreak, Charlie Thanks. Shares of hp or Dan nearly seven percent. The company reported quarterly sales that missed estimates and reduced its annual profit forecast on falling demand for

personal computers and printers. Shares of Snapper down seven point three percent. Virgus reporting this social media company is planning to lay off for it's nearly six thousand, five hundred employees. The stock is down about eighty percent so far this year as the company is faced to slow down in advertising spending and just in euro Area, inflations jumped to nine point one percent from a year ago, strengthening the case for the European Central Bank to consider a jumbo

interest rate high when it meets next week. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business Out and at Bloomberg Victaque. This is a Bloomberg business clash, but I'm Karen. Moscow stocks sent to resume monthly declines on concern that restrictive monetary policy to tackle price pressures will harm the global economy. US stock index futures they're little changed, around a one

month low. Check the markets every fifteen minutes throughout the trading day on Bloomberg right now, US and P future as well. They're down about five points now Down futures down to sixty one, and NASTAG futures are up nineteen the day. X in Germany is down one percent. The ten year treasury down eleven thirty seconds, held three point one four percent, yield on the two year three point

four eight percent. NIMEX screwed oil is down two point six percent, down two dollars forty one cents at eighty nine dollars twenty three cents of barrel. COMEX school there is down eight ten percent or thirteen dollars forty cents is seventeen nine ounce. The euro is at three against the dollar. British found one point one six three zero and again one thirty eight point seven seven, and Bitcoin this morning is of one point two percent. It's it's

twenty thousand two 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. The Justice Department says classified documents were likely concealed and removed from former President Donald Trump's Mara Lago estate as part of an effort to obstruct the federal investigation into the discovery of the government records. Accord filing last Night shows.

The FBI also seized more than one hundred classified records doing it's August eighth search and found classified documents stashed in Trump's office. In tennis, Serena Williams hits the court tonight for her second round in the US Open. And baseball, the Yankees beat the Angels seven four, aeron Judge at his fifty one homer. The Mets lost with the Dodgers for three. The A's beat the Nationals ten six, The

Red Sox, Orioles and Giants lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than seven hundred journalist and analyst more than a hundred twenty countries. Michael bar this is Bloomberg. Nathan Okay, Michael. Thanks, It's nine on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak and were pleased to be joined now by Brian Levitt, global market strategists at

investcal Brian, good morning. Unless we have some kind of giant rally later on today, looks like stocks are gonna end the month of August in the red. So what's your view as we head into September. Well, it's the challenging environment. Um. The economy me has slowed pretty considerably, and get inflationary pressures still remain elevating. So the Federal Reserve is tightening into a slow down, which is not

an ideal environment for risk taking. So we had a nice uh rally UM in July into the beginning of August, but the markets are recognizing that tighter policy is still ahead of us, and we still don't have certainty on where the terminal rate is going to be for the Fed, and so that creates volatility and some pressure on markets. How much tighter do you think the Fed is going to be at its next meeting. I suspect they're going to do fifty basis points. I mean it looks as

if inflationary pressures have peaked. Um, goods inflation is going to start to moderate. So I think the Federal Reserve has already front loaded a lot of tightening. Um. I suspect they're going to not want to go as tight as some fear because they still they haven't had the time to reflect on what this means for the economy. So um. But nonetheless, the key question is where does

it send. Does it end at three seventy five on the Fed funds rate in the market's already priced this in, or does it have to go or does tightening have to go further. Good news is inflationary pressures are moderating. Challenge is still a little bit too or not a little bit too elevated for the Fed's comfort. I guess a lot of the market is still wondering how much of a challenge the Fed still has when it comes

to getting some slack back in the labor market. Given the latest Jolts jobs openings data we got yesterday, what about that? Does that raise the possibility that we could see a more aggressive move than you're calling for here? Yeah, it does raise the possibility. I mean, that's the challenge I mean again, good inflation has peaked, UM, but still the challenges in the job market and still challenges for wages going up, and we still have the challenges of rent.

So it's not as if inflation is going to come back down to two three per sent quickly. It's gonna be a challenge. It's going to take a while to get there. UM. So again that's what the market is trying to price in. Um. There is the potential that the Fed has to tighten even further, and you're seeing it in the two year. I mean, the two year has reached the fifteen year high, or at least reached

the fifteen year high this week. UM. You know. Ultimately, I think what investors should focus on though, is well, there's near term caution ahead of us, or what we should be viewing it with near term caution. Ultimately, when inflation peaks a year or two three years later, markets

tend to do very well. UM. So I would use as an example where inflation did peak UM still had to say drive the economy into our accession by eighty one, UM, but it had set the stage for the markets to perform a quite well over the subsequent year, two years, three years. So for investors, um, you know, intermediate term optimism is more and did but we're in a challenging environment in the near term. How long do you think the FED is going to keep rates higher for longer?

Of course, we heard from Chairman Powell last week that the rates could stay elevated for some time. What does sometime mean to you, Well, the market is already starting to has already started pricing in rate cuts by by h early to middle of three. So it obviously depends on how the economy handles UH tighter policy at this juncture. So um, you know, I think it's they're they're potentially

overstating how long rates are going to remain elevat. I mean, I think the FIT is working hard to prevent financial conditions from easing too much, which of course they did in July, and they're trying to keep long term inflation expectations low. The good news is long term inflation expectations are low, but not only long term inflation expectations. Inflation expectations in the bond market one year, three or five

year k here have come down substantially. So I don't believe that the SAID is going to um keep rates as elevated for as long as as as some may fear this week. UM, I think ultimately this is an economy that's going to slow down considerably. Inflationary pressures are going to moderate, and you may see a said that has to start using policy as we moved through. All right, Brian, thanks for this as always great having you on with us. That was Brian Levitt joining us this morning. He's global

market strategist at Invescow Karen Nathan. It is fifty four on Wall Street time for our Bloomberg Law Report. He had sketted illegal stories we are watching this morning from Bloomberg's Do You Have Bellinger? The Food and Drug Administration opened an extensive review of opioid regulations, and the agency is launching a framework aimed at preventing overdose related deaths.

Amazon dot Com and World Dress Entertainment filed lawsuits against the much counterfeiters said to be selling replicas of w W E title belts through Amazon. A wage and our suit filed in federal court in New York claims UPS Foods misclassified delivery workers as exempt from minimum wage and overtime requirements. Bloomberg Law Everything you need, all on one legal research platform, including Guidance Analysis and Bloomberg Market Intelligence.

Find out more at Bloomberg Law dot com. All right, Jeff, thanks, Now, another legal story we're watching this morning. Maderna sued Fiser and by On Tech, claiming the technology in their COVID nineteen shot infringes on its patents, a move that sets the stage for a massive legal clash between the vaccine titans.

From more Bloomberg's Right Store. Based on the Bloomberg Healthcare reporter Angelica Peebles, then the Journey is not seeking to stop the sale of Fiser and Bion types vaccine, but they are seeking what would be essentially a loyalty, so you know, of the money that they make on the sales of their vaccine, and they're saying that they only want some money um starting from earlier this spring and

going forward and only in high income countries. And it's a little complicated, but it has to do with the facts that Madernam made this pledge um two years ago saying that it would not enforce its patents during the pandemic, and then this spring they said never mind. Actually we are only going to in for to not enforce our patents. In low income countries. So it's the way that all of those steps have played out. It seems like they're trying to match up by saying, you know, now we

are only seeking money from this period of time. But the real question is whether they can go back on that pledge that they made two years ago. UM. One legal expert we spoke to said that they can't. UM. So that's something that will be really interesting to watch. So is that pledge something that five or and Biotech can use in their defense against this lawsuit? Yeah, so UM. Jorge can Forrest, the professor from the University of Utah

who we spoke to. He says that under the law, these patent pledges are considered contracts, so the companies they it's a public company, they made a public statement, and other companies UM can use that information to make decisions about their own strategies, which obviously Fiser and BioNTech went out and introduced their own COVID vaccine, so they could argue that they were just operating under you know, under UM the assumption that Madernald was not going to enforce

his patents. So at the least the way he UM he sees it, Eiser and BioNTech have a pretty good defense here. It might not even get into all of the details of the patents and you know who used what and what was patented and what wasn't. But that could be that contract, the patent pledge could be a solid defense or friser and on check. And as Bloomberg Cantcare reporter Angelica people speaking at the Bloomberg's Greg store.

Catch more of that interview plus analysis of the latest legal news by subscribing to the Bloomberg Law podcaster, 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 on the Bloomberg terminal at v Law Go and SMP. Futures are lower this morning, down about five points in Our top stories are straight ahead and this is Bloomberg Broadcasting live from the Bloomberg Interactive

Broker Studio in New York. Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one O six one does San Francisco, Bloomberg NUN sixteen to the country, sirius XM to have a one nine team and around the globe the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's on Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. We are just about four hours away from the open of US trading. Let's get you have to date on the news you need

to know at this hour. US stocks begin the session trading at a one month low as sped fears continue to persist in the markets. Amanda Gotti, as chief investment officer at p n C said, management group, So to the extent that the Fed stays the course here, I think that the market can you know, live with it in air quotes relative to you know, some of the fears that are looming larger out there. I think the

markets already priced for the past. That's the head. To the extent that the dot plot changes meaningfully in the terminal rate moves meaningfully higher from where we are today, that's gonna be a challenge for markets for sure. P n C s AD Management chief investment officer Amanda Gotti says she's not making any meaningful changes right now to her portfolio. Well, three regional FED chiefs yesterday reiterated Chair J Powell's intention to bring down inflation, including Richmond FED

President Thomas Barkin. He vowed the Fed would not flinch in its efforts to cool prices, but cautioned it may get bumpy. The pace of when we get back to our target, which is two percent, is uncertain, but as a result, our commitment to bring inflation down, which hopefully

you welcome, leads to worries about a recession. Richmond FED President Thomas Barkin spoke in West Virginia yesterday mal overseas Nathan, Euro area inflation accelerated to another all time high as the European Central Bank considers a jumbo interest rate hike when it meets next week. Consumer prices had jumped to dine point one percent from a year ago. To Wall Street Now, Karen Goldman Sachs and Morgan Stanley are both removing pandemic hurdles to fully return staff to offices. Floom Brigs.

Charlie Pellett has more on Goldman's aggressive push. Beginning next week, employees outside of New York can be back in the office regardless of vaccination status, with no requirement to participate in regular testing or where face coverings. According to a memo sent the staff the Bank diseased covid era measures, citing new US centers for disease control guidelines, as well

as improved treatments and wide availability of testing. Goldman says that in New York City, employees with an approved medical or religious exemption to the city's vaccine mandate ken enter offices with no testing or face coverings. In New York Charlie Bloomberg Daybreak, Charlie, thank you, and a political note. New allegations of obstruction of justice may be added to

former President Trump's legal woes. The Justice Department says the records that were held at the former Presidents of Marilago home appear to have been moved before the FBI tried to get them in June. Futures This morning is and p Future is now lower. Straight ahead your latest local headlines, plus a check of sports, and this is Bloomberg. He's scarring five thirty three in Wall Street, seventy five degrees in Central Park, got a car fire eastbound l I

E Exit forty three. More coming up in traffic. First, Michael Barr with what else is going on in New York and around the world. Michael Nathan thank you very much. According to the U S Geological Survey, two earthquakes at northern New Jersey yesterday. The first to two point three magnitude earthquake was just before five PM, about six miles northwest of Morris Plains. The one point seven magnitude after shock was then reported shortly after six thirty pm, also

in Morris County. Migrants crossing into El Paso have been arriving at welcome centers set up by outreach organizations looking to assist the homeless population there. Recently, the state of Texas started bussing migrants to places like New York City In Chicago, the buses provided an opportunity for the migrants to get to where they wanted to go. Now it appears to have stopped. John Martin, the deputy director of the Opportunity Center, set until now it had been working

out well. So with a hundred percent confidence, I can tell you this is their choice, this is their desire, and this is the direction they want to go. Senor Director John Martin spoke to ABC affiliate k v I A. Mickaelgorbachof the leader of the Soviet Union, whose attempts to shake up his country's political and economic system led to the collapse of the communist superpower and the end of

the Cold War. Has died, according to task the Central Clinical Hospital said as death followed a severe and prolonged illness. Mickaelgorbachof was ninety one. President Biden outlined his new Safer America program at Wilkes University in Pennsylvania. With gun violence on the rise in the US, President Biden said, this is the time to spend money on local law enforcement to bring down the crime. It's based on a simple notion when it comes to public safety. To this station,

the answer is not defund the police. It's fund the police, Fund the police. Among the people in attendance for Biden's speech where guns safety advocates and law enforcement representatives. Global News twenty four hours a day on air and on Boomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg NA. Thanks Michael. Five on Wall Street Time for the Bloomberg Sports Update with John stan Shawena.

It was sixty one years ago that Roger Marris had sixty one home runs a hundred and thirty games into that season, Marris had hit fifty one hundred thirty games into this season, Aaron Judge has hit fifty one another one at Annaheim three run shot the right field fourth inning. Judges come off his longest home run draft of the season to hit five in the last eight games. Yankees

beat the Angels seven to fours. Andrew Been attending and Anthony Rizzo homer in the first two wins, Jamison Tyne took a line drive off his arm had to leave in the third. In the next rays where negative the bullpen went the rest of the way. Garrett Cole stars Tonight, Jacob to Graham on the mount for the Mets at City Field, the Dodgers scored seventh inning to win four to three. It's the dodgers ninetieth win of the season.

Us Over had a record crowd of twenty nine thousand Monday night to see Serena ms in my top of tonight for her second round match. We'll try to upset second seton in that contay. Retirement is coming either tonight or later in the tournament. So Serena was asked about future plan. I don't see myself not a part of tennis. I don't know how I'm going to be a part of tennis um as of right now. I just don't

know how. But I just feel like we've come too far together to just not have anything to do with it. Her older sister, Venus, hardly plays anymore, did play yesterday and lost. The two are teaming up to play doubles to have a first round match tomorrow. Also losing the women's Defenny jamp Emma Rodocano and the two time Open jam Naomi Osaka beaten by American Danielle Collins. Osaka only

won two Grand Slam matches all year. Men's winners included the Spaniards Seaton second and third, rappi On Nadal and nineteen year old Carlos alcarrazz John stash Award Bloomberg Sports didn't think John. It is seven on Wall Street time for the Tri State Business Report. Here's Bloomberg's ed. Corey one amendment to cut prop many taxes for Atlantic City casinos by millions of dollars a year has been declared unconstitutional. The amendment cut casinos payment in lieu of property tax

obligations to address pandemic related casino losses. But accord his rule, the casinos more than made up for those losses through internet gambling and sports betting. Three New York City pensions have asked MasterCard and American Express to improve the way they tracked gun sales. The proposals were made by the

city pensions for teachers, civil servants, and school administrators. R XR Realty has lined up a new loan for a midtown skyscraper on Rockefeller Plaza, even as lenders have become more cautious about office space with many workers still at home. Bank of America and Carlisle Group among lenders for the two hundred sixty million dollar free financing of seventy five Rockefeller Plaza. That your Bloomberg Trying State Business Report. I'm

Ed Corey said, It's eight on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hall and Kong. Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Steve Polos got on ten ten Wins in New York. We're talking about Goldman Sachs and Morgan Stanley using COVID rules to get people back to their desks. Um Perny

Donahoe on Woo Woo in Fort Wayne. Gas prices arriving in Indiana after a fire takes out in Midwest Reprimary. I'm Stephen Carol and Bloomberg D A B Digital Radio and London. We've been reporting on French inflation figures coming off a records high in August as prices rose by a less than expected six point five per cent. I made Cory on ww J in Detroit. I'm reporting Amazon and canceled plans for a new warehouse in Insolani Township.

Those are some of the stories. Are seven hundred Bloomberg journalists and analysts working on this morning around the world. It's nine on Wall Street. The following is an editorial from Bloomberg Opinion. The sedatorial was written by the Bloomberg Editorial Board. Even as relations between the U S and China remain frosty, the two countries appear to have struck a compromise that would allow mainland companies to continue listing

on American exchanges. The dispute centered on a requirement that foreign companies listing in the US give American regulators access to their raw audit work papers. After years of talks, China appears to have finally agreed to US demands. While caution is warranted, a successful compromise would benefit the US as much as China, and if this deal holds, both countries should take steps to build on it by lowering tariffs,

for instance, or resuming talks on climate. With so many forces driving the U. S And China toward conflict, neither side should miss an opportunity to push back. The editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or ope I n go on the Bloomberg Terminal. This has been Bloomberg opinion, and you can hear Bloomberg opinion editorials every weekday. At this time, Terminal customers can read more at O

P I n go. Getting read on the market right now, Futures are mixed after a three day slide for stock s SMP futures right now down six points, STOUT futures down sixty six, Nasdaq futures little change to higher, now up eight points. Bryan Levitt, Global Market Strategistic invest Goo joins US next. This is Bloomberg Bloomberg eleven three oh weather sunny, less, humid today, mid eighties for highs Tomorrow. We'll kick off the new month with sunshine and low eighties.

Plenty of sunshine. Friday high near eighty right now seventy one in Central Park. Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg business lash and I'm Karen Moscow and US stock index futures have been fluctuating a bit this morning. Stocks, meanwhile, are headed for a monthly drop on concerns that restricted monetary policy to tackle inflation will harm the global economy.

We checked the markets every fifteen minutes throughout the trading day on bloomberg s and P futures. They're a little changed. Own future is now down about fifty one and NASDAG futures are up nineteen. The decks in Germany's down eight tenths of upper sent the ten year treasury down six thirty seconds. He'll three point one two percent yield on

the two year at three point four seven percent. Nine mex scred oil is down two and a half percent on two dollars twenty five cents at eighty nine dollars forty cents of barrel coll Max Schol down six tents per cent or eleven dollars at seventeen forty announced. The euro point nine one against the dollar, British found one point one six four one, and the yen one thirty eight point six six and bitcoin this morning at one percent at twenty thousand, two hundred. That's a Bloomberg business flash.

Now here's Michael Barr with more on what's going on around the world. Uncle, good morning, Good morning, Karen. The Department of Justice as White House records held in the storage room at Donald Trump's Florida home may have been concealed or removed before an FBI June's search for classified documents. According to the do J, they're suggesting possible attempts to obstruct the investigation. Former Soviet president Michael Gorberchoff died at

a Moscow hospital. Under gorbach Off, the Berlin Wall crumbled. Kilgorbachof was ninety one, and tennis Serena Williams hits the court tonight for her second round in the US Open in Baseball. The Yankees beat the Angels seven four errand Judge hit his fifty first homerk. The Mets lost to the Dodgers for three. The A's beat the Nationals ten six,

The Reds, Orioles and Giants lost. 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. I might bar This is Bloomberg Maker. Thanks Michael. It's five nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.

We want to go right now to Bloomberg Government Congressional reporter Jack Fitzpatrick for the latest on the amounting legal pressure against former President Donald Trump. Jack, Good morning, Michael Barr and the news. They're just mentioned the possibility of obstruction of justice being leveled by the Justice Department against

the former president. Tell us more about this latest court filing. Yeah, the latest court filing by the Department of Justice indicates that Trump's lawyers Former President Trump's lawyers were not entirely honest about the number of classified documents they handed over before the August eighth search of Maral Lago. There was an extensive back and forth in a lot of opportunities for them to hand those documents over UH in January,

even in discussions with the National Archives. But also importantly, the FBI visited Moral Logo in June, and they have said that when they eventually got a search warrant and went on August eight, they found twice as many documents with classification marketings as the former president's lawyers had initially indicated.

They said former President Trump's lawyers had said they had been totally responsive and handed over all the documents previously that were relevant, and that was clearly not the case.

So they've raised the issue of UH the former president either hiding documents or or being dishonest about his attempts to give them back, which really seems to raise the stakes in this investigation, and perhaps raising the stakes even further, something that Bloomberg Terminal customers can see in the story here UH photograph of documents marked secret, a pile of them on the carpeted floor former President Trump's home at

Maral Lago. This has to add to the pressure as well. Yes, that came out, This really is UH I think similar information about that we've had about the significant number of documents with top secret SCI clearance on them, secret or

top secret. But really, if you look at the photo, you can tell this is not the kind of thing that you would accidentally slip into a folder, probably without realizing, because it is outlined in red or yellow and says very boldly secret SCI or top secret s c I. So it really is the public's first visual representation of what we're talking about. It's a significant number of documents.

It's piled up on a carpet. You can't count it, but it's it's quite a bit, and it is very very clearly labeled as secret or top secret in those cases. One are the implications politically here is the president still getting support from fellow Republicans. You know, it's been quiet. It may be convenient for him that it's August recess and there's less of an opportunity for reporters to pin

down Republican lawmakers. Uh, there has not been a significant sign of revolt really against the former president among Republicans, but there hasn't been a super enthusiastic argument that this is all fine. It's a bit of a wait and see game as as Republicans try to figure out what

is gonna come next. The news that has come out for the former president has been very bad and it seems hard to defend to say that anyone would not know that those were top secret documents, or you know, the initial argument that they were declassified has not really panned out. So the pressure is going to be on a lot of Republicans and right now they are waiting and seeing because it really there's a sense that there's another shoe to drop and there will be more developments

coming forward. In our last minute here, Jack, we have to mark the passing of the late former Soviet leader, the last leader of the Soviet Union, Mikhail Gorbachev. What's the reaction in Washington? Uh? Complimentary reaction to his legacy. In Washington, he was a lot more uh popular in

the West, really later in life than in Russia. The President President Biden putting out a statement, a number of politicians in the West, in the U. S. And elsewhere putting out statements honoring his legacy and his role in the end of the Cold War. Uh. He It will be interesting to see exactly how this plays in Russia, because he turned into a much less popular political figure who took the blame for the fall of the Soviet Union.

But in the West, I think it's illustrative that there there was quite a complimentary outpouring of remembrances of his legacy in the US and elsewhere in the West. Thanks for this, Jack at having gone with us. Will be checking back with you as well later on in the program. Bloomberg Government Congressional reporter Jack Fitzpatrick with us from our Bloomberg studios in Washington, d C. Looking ahead to the

market open this morning, Futures are kind of wavering. We've got SMP futures right now down three points down, futures down forty six, NASTACK futures still higher by twenty one points. The tenure Treasury right now is down seven thirty seconds, the yield three point one two percent yield on the two year three point four seven percent. NIMEX crude sliding down two point six per cent, or two dollars thirty four cents below the ninety handle eight nine thirty for

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