Bloomberg Daybreak: August 5, 2022 - Hour 1 (Radio)

health emergency conspiracy. Theorist Alex Jones has been ordered to pay four point one billion dollars in the Sandy Hook case. I'm Michael lar More Ahead, I'm John Stash and sports the Mets at four home Runs, beat the Braves and the start of the Big Five Game series. The Yankees

plea tonight in St. Louis. That's all straight Ahead on Bloomberg day Break on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one Boston, Bloomberg nine sixties, San Francisco, Sirius x AM one nine Team, and around the world Bloomberg Radio dot Com and via the Bloomberg business Side. Good Friday morning. I'm Nathan Hagar and I'm Karen Moscow and US DOT Index futures are

little change this morning. We are coming up to five out one on Wall Street and we check the markets every fifteen minutes throughout the trading day on bloomberg S and P futures again are little change, so are NASDACK and Dow futures. The decks in Germany has done about two tenths of upper sent the ten year treasury up to thirties seconds yield two point six eight percent. They yield on a two year three point oh four percent. Nathan Karen Global stocks are trading near a two month

high ahead of the July jobs report. Economists are looking for a slowdown in the labor market. The median forecast is for a gain of two hundred fifty thousand jobs. We get more from Bloomberg's Michael McKee. Since it's backward looking July is change in US payrolls won't have much value for forecasters trying to predict recession. Companies are also reluctant to let go of workers even if business is

starting to slow given the current labor shortage. While a consider this print would be the lowest since the economy lost jobs in December, it would still be above the average of one thousand jobs created per month in the five years before the pandemic, and it would continue to reassure Fed officials that rising interest rates aren't taking the economy yet. Michael McKey, Bloomberg Daybreak. All right, Michael, thank you all. Another major story out of Washington. Senate Democrats

are closer to passing their tax and Energy bill. Arizona's Kirsten Cinema, one of the last holdouts in the deal, now says she's on board. That's after Democrats took out a provision that would have narrowed attacks loophole for fund managers and added a new one percent tax on stock buybacks. But there's still one hurdle left. That's according to Jim Kessler, co founder of Third Way and former legislative policy director for Majority leader Chuck Schumer. The parliamentarian is looking at

this bill. There's always things that don't pass, what's called the bird bath. Some of the procedural rules would reconciliation, which means language will need to be tweeked. Third Way co founder Jim Kessler spoke with our Washington correspondent Joe Matthew on Bloomberg's sound on the parliamentary and should rule on the bill today. Democrats could work into the weekend to vote on the measure tomorrow. Now, we're seeing new tensions between the US and China this morning. Karen over

how Speaker Nancy Pelosi's tripped to Taiwan. Beijing has announced sanctions against the speaker and her immediate family. That's according to a statement from the Chinese Foreign Ministry, though it does not give specifics. Well, Nathan, there's major news on the health front this morning, with the US declaring a federal emergency because of the monkey Because of monkeypox, researchers are trying to get some answers on how to combat

the disease, and Bloomberg's said Baxter has the story. Health and Human Services says about sixty SID cases nationwide, with researchers now asking questions like does a person who had a smallpox vaccine as a child have immunity? The head of the White House COVID Task Forces, dr Ash's jaques smallpox monkey box very related to each other as viruses go. You would think that if you got vaccinated as a kid against smallpox would have protection We don't know yet.

We're still looking at the data. We are seeing some older people still get infected. Meanwhile, as well as a federal government, more and more states are declaring states of emergency as well. In San Francisco, I'm at Baxter Bloomberg Gay break all right, Ed, thanks training to corporate news this morning, shares of Tesla are up almost a half percent in early trading. Shareholders have approved a three for one stock split. Ed Ludlow has more from our Bloomberg

nine sixty Years room in San Francisco. This stock split takes the shares to around three hundred dollars a share. Was first tweeted by Tesla in March, and then when this meeting was confirmed and scheduled with the agenda a month ago, we knew it was coming. And the thing that's missing for investors out there is we do not know more details about the date that this stock split becomes effective. Of you've seen this before. There was a five for one stock split in August twenty really boosted

the stock. The logic bring the price down, make it more accessible, and Tesla has a massive retail investor base, bloombergs Ed Ludlow says the stock displit could give a lift to Tesla's chairs, which are up nearly fifty from a late May low. On Nathan one another one other note from Tesla's shareholder meeting has Elon Musk giving his anecdotal view on the economy. The Tesla CEO says he thinks the worst may be over when it comes to inflation.

Most of our commodities, most of the things that go into a Tesla, not all, But I don't know more than half the prices of trending down in six months six months from now. That this could change, obviously, but but the trend is down, which suggests that's uh well past peak inflation. Must also reiterates that he expects a mild recession in the US and that could last about eighteen months. Well, we got plenty of stocks on the move this morning, Karen. After a slew of earnings late yesterday.

Look at shares of Lift. They're up about nine and a half percent. The company says ridesharing volumes are on track to exceed pre COVID levels, as it reported the highest earnings in its history. We get the story from Bloomberg's Charlie Pellett it's a sign that investment to stem a shortage of draw Iver's is paying off. Revenue rose from a year earlier to nine ninety one million dollars, beating the nine hundred eighty six point seven million dollars

street estimate. The quarter shows lift as approaching a full recovery from the pandemic, amid a broad based rebound in right hailing that also boosted rival Uber in the period. In New York, Charlie Pell Bloomberg Daybreak. All right, Joerley, thank you. Now, let's get a look at some other stocks on our radar this morning. Bloomberdge. John Tucker joins

us live with the latest. John, Good morning, Karen. The quarterly Lawson DoorDash was worse than what an analysts expected, but the company says its food delivery business remains healthy and growth continued. That's what investors lashed onto. Door Dash shares jumped thirteen percent. Yelp reporting a profit in the last quarter, boosting its full year earnings guidance. The online

directories a strong advertiser demand drove record net revenue. Those shares jumped eighteen percent, and beyond me slashing its revenue outlook for the bull. You're saying shoppers are trading down from its plant based food to cheaper adible proteins. That share US fell over one percent. Live in New York. I'm John Tucker, Bloomberg Daybreak. All right, John, Thanks, future is a little changed ahead of July. Jobs, straight ahead,

your latest local headlines, and a check of sports. This is Bloomberg and it's sound five oh seven on Wall Street, seventy nine degrees in Central Park. Out of broken down vehicle westbound cross Bronx at Third Avenue. Details coming up in traffic. First, Michael Barr with what else is going on in New York and around the world. Happy Friday, Michael, Happy Friday to you, Nathan. Stay cool the Tri State

area and we'll have another hot day. Bloomberg Meteorologist Rob Caroline has the latest Michael Head Advisory remains in the fact for the Tri State area until eight pm this evening. We're back up into the nineties today with the humidity of feel like it's around the hundred. Only different today over yesterday is the potential for some cooling showers and thunderstorms this afternoon. Not everyone will see them, but those folks who do could see some very heavy downpours. It

will remain warmed through the upcoming weekend. Michael rob thanks Donald Trump's lawyers are in talks with federal prosecutors over conversations the former president had with advisors and whether he'd be able to shield them from investigators of the January sixth assault on the Capitol. CNN reports it's the first indication the two sides are indirect talks as the federal

probe accelerates. Texas jury ruled conspiracy theorist Alex Jones must pay more than four million dollars in defamation damages for falsely claiming the twelve Sandy Hooks school shooting was a hoax, while it was less than the one fifty million dollars being sought. Counseled Mark Bangston was happy with a verdict. It was my goal when I started on this case to get this family a multimillion dollar verdict for their pain and suffering, and I've already done that, plus additional

money for the million dollars and sanction Jones, said. US council Mark Bangston says the jury returns today to hear more evidence about Jones and his company's finances. The parent company of info Wars Free Speech Systems filed for bankruptcy protection during the trial. Meanwhile, the January six Committee has asked for text from the info Wars host. A face

off in Florida over abortion. Govern Around the Santis says he has suspended Tampa's top prosecutor, but Hillsborough County State Attorney Andrew Warren says he is an elected official just like the governor and is not going anywhere. At issue is Warren's decision not to criminalize abortions, which a new state law bands after fifteen weeks with some exceptions. Warren says the courd already has ruled the band violates Florida's

constitutional right to privacy. However, the Santis said prosecutors cannot pick and choose which laws to enforce. You can exercise discretion and individual case, but that discretion has to be individualized in case specific. You can't just say you're not

gonna do a certain offenses. Governor de Santis globally was twenty four hours a day on rand on Bloomberg quick Take, powered by more than twenty seven hundred journalists and analysts and more than a hundred twenty countries and Michael Barr. This is Bloomberg, Nathan. Thank you Michael. Almost five ten on Wall Street time for the Bloomberg Sports Update. Good morning,

John Stashower and our good morning, Nathan. Big crowd at City Field, a bit of a playoff atmosphere for the start of Mets braves of five games in four days series between the top two and the NL e's. The Mets led five that nothing. They won six to four the Alle Atlanta by four and a half games, four met home runs, Peter Alonzo is twenty nine, Daniel Vogel back his second in as many days, and another new Met tyler Nike Win played his first home game with

his new team, Homer twice. It's awesome. I mean, heck, even you know, I've been playing here for four years. That's the good night. But um no, man, it's it's very enjoyable to fans, you know, even from you know, warming up on the line made me feel um right at home. So even going off to left just just to made me feel good. So it's it's nice to feel that way and step into the box comfortable. Rasco got to win. Edwin Diaz to say the first of his twenty four saves where he pitched two innings, an

indication of how big this series is. It continues tonight, Doubleheaded Tomorrow. Yankees are in St. Louis tonight, and then tomorrow they'll face Jordan Montgomery will make his Cardinals debut against the team that just traded him. The A's visited the Angels. The Angels hit seven home runs. They were all solo shots, only seven runs they score. They hit seven home runs and lost to Oakland eight to seven.

The NFL appealing the decision to suspend Deshaun Watson only six games for his sexual misconduct in the NFL named former New Jersey Attorney General Peter Harvey to hear that appeal. Reportedly, Watson turned down an offer that had the suspension to be twelve games. Preseason Football Hall of Fame game can't Ohio, where Josh McDaniels grew up, a long time Patriots assistant now head coach of the Raiders who beat Jacksonville. Very

few starters played in the game. John Stash went Bloombrook Sports, All right, John, thank you, SMP futures little change, staff futures up seven teen points, Nanstack futures down four. The tenure Treasury up one thirty second yield two point six eight percent. This is Bloomberg Bloomberg eleven three oh weather Heat Advisory till eight tonight. We'll get up to new ninety five degrees upper eighties tomorrow with a chance for a shower of thunderstorm. We'll be back in the low

nineties again on Sunday. Right now seventy nine in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, at Bloomberg Business at and at Bloomberg Quick Tape is a Bloomberg Business Flash and I'm Karen Moscow. And US stock index futures are little change this morning, as investors braced for the monthly US jobs report that's likely to add fuel to the recession debate.

Stocks in Europe are moving lower, and we checked the markets every fifteen minutes throughout the trading day on Bloomberg Guess and P futures again little change this morning. DWAL futures are now of thirty two points a nasday. Tuchers are little changed. The decks in Germany little changed as well. The ten your treasury up one thirty second yield two point six eight percent yield on the two year three

point oh four percent. Nimex screwed oil is up about a tenth of upper cent or eight cents at eighty eight dollars sixty cents of barrel comex schold is down to tenths per cent or three dollars nineties cents at eighteen o three an ounce. The euro one point two to eight against the dollar British found one point two one four zero and the yen at one thirty two point nine one, and bitcoin is higher, up two point nine percent at twenty three thousand, one hundred sixty dollars.

The July jobs are for it out at eight thirty Wall Street Time, consumer credit is out at three, and DraftKings is among companies schedule to report earnings today. That's a Bloomberg business flash. Now here's Michael Barr with Moore. I'm what's going on around the world, Michael, Good morning, Good morning, Cameron. China has announced sentitions on US out speaker Nancy Pelosi and her immediate family members. It's over

her recent trip to Taiwan. Three more grain ships are expected to leave Ukraine sports asked country tries to ramp up exports of food that have been blocked since the start of Russia's invasion almost a half a year earlier. In baseball, the Mets beat the Brave six four. The Red Sox lost to the Royal seven three. The Nationals and Giants also lost. The A's beat the Angels eight seven in the NFL Hall of Fame game last night. That's right, you heard me. NFL the rate over the

Jaguars eleven. Global News twenty four hours a day on air and on Bloomberg Quick Take power by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg name that still here. Weird to hear the word football when it's gonna be like a hundred degrees. Thank you, Michael. It is five nineteen on Wall Street Life from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak on the morning after pretty significant

development in Washington. Looks like every Senate Democrat now maybe on board with that surprise tax and energy spending bill. Uh The deal reached earlier this week between Senator's mansion and Schumer. Bloomberg government reporter Emily Wilkins joins us now from our Bloomberg ninety nine one studios in Washington, d C. With the very latest so Emily Senator Cinemas on board.

How did she get there? So we knew from the very start when we first saw this plan come out, that there was a carried interest loophole and there was a provision in the bill to end that, and we knew that Senator Kristen Cinema would not be quite happy. And Nathan, we say this all the time that it takes really all fifty Democrats, all of them have the power to to step out, to veto to say no, to block things. And so all eyes have been on her this last week. Would she come to an agreement?

And we do know now yes, she did find a path forward. They are going to keep that carried interest loophole um the benefits of course wealthy investors, but as a way to raise revenue, they're going to add a one percent new tax on corporate stock buybacks, and there will also be some additional tweets that minimum fifth team percent tax on corporations that's meant to benefit manufacturers. Now, Majority Leader Chuck Schumer said the bill is still going

to reduce the deficit by three billion. Note that this was all pretty late breaking news last night, so we haven't seen all the exact details on it yet. But the Senate is scheduled to begin a procedural vote on the motion on Saturday. They're expected to be in this weekend. Um that should tell you something right there. If senators aren't on a weekend, it means that they really really want to get something done and feel like they're going

to be able to get done in the near future. Yes, certainly before they head out of town for the August recess. We also are waiting to hear from the Senate rulemaker, right, the parliamentarian who decides whether budget provisions can actually pass muster and get passed without a supermajority. Right, Because remember, not just anything can go through this privileged process. It's the only things that are going to have a direct impact on the budget. That's why you see so much

tax stuff being discussed on these types of things. I mean, lawmakers have been talked with the Parliamentary and throughout the week on various provisions. Of course, now we got a couple of new ones. She's going to have to review those. But again, there's confidence that she can finish the job and that she can give everything the green light in time for Senators to vote on Saturday. In terms of politics, Emily, how significant is this for Democrats and for President Biden.

I mean, this is much much smaller than the build back Better plan, right, but they're still getting this done. They still got the Chips bill as well. I mean, much much smaller, is better than nothing, And just a couple of weeks ago we assume that Democrats were going to get nothing from this particular deal. So far, we've seen a lot of really strong positive response. We saw Democratic Senator Brian Shots of Hawaii tweet that the climate deal is equal to the moment. Uh says, you know,

obviously this is an ambitious start. Uh in that he feels very optimistic. Certainly, there are a lot of lawmakers who, you know, while internally they might be bemoaning the loss of various things like pre pre kindergarten, um, you know, assistance to help children and mothers on the front, this is more, again than they thought they would get even

a month ago. And I think most of them, even those who were raising concerns about it before, are now very eager to be able to get to yes and to have something like this when they're going back to their constituents and talking to them before the med terms. Only about a minute left here, but we just heard from the Chinese Foreign Ministry about sanctions now against how Speaker Nancy Pelosi following the visit to Taiwan. What's the

reaction in Washington. Yeah, China has levied these unspecified sanctions on Pelosi and her immediate family members. I mean what we've seen from Washington. Secretary of State Anthony B. Lincoln accused China of trying to change the status quo with Taiwan.

And that was even more of just a reference to the fact um that they've done all these missile tests, some that have landed in Japan's Exclusive Economic Zone, that they've sent these warships across the Taiwan straight and so there is some concern about what sort of blow back the US is going to the US and Taiwan are going to experience from Spigger Pelosi's trip. Um. So we'll just sort of have to be keeping an eye on

next steps here. Uh. The White House did some in China's ambassador on Thursday to condemn Beijing's escalating actions against Taiwan, and really just try to reiterate again, as we heard Pelosi say, as we heard Biden say, the US was not trying to do a change in the status quo from Pelosi's visit, but certainly the highest ranking US official to visit the island in twenty five years, it was going to have some sort of response from Beijing. Thanks, Emily,

good having you on with us this morning. Emily Wilkins, Bloomberg, Government reporter with us from our studios in Washington, d C. SMP futures now up two points down, futures up thirty nine, Nasdaq futures highed by five points as we look ahead to July jobs report. Throughout eight thirty Wall Street Time ten. Your Treasury little change yield two point six eight percent, and the yield on the two year three point zero five.

This is Bloomberg Bloomberg eleven three. Or whether the heat advisory continues till eight tonight, we'll get up to your ninety five degrees upper eighties chancefer a showers storm tomorrow back in the low nineties by Sunday, Right now seventy nine in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg E Living Freedom to Washington, d C, Bloomberg one to Boston, Bloomberg one O six one to San Francisco, Bloomberg NOM sixty to the Country,

Sirius xm Chado one ninet and around the globe the Bloomberg Business app in Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow. We are just about four hours away from the open of US trading. Let's get you up to date on the news. You need to know what this hour. US futures are little

changed ahead of the July jobs report. The needy and forecast is for a gain of two hundred fifty thousand jobs, and that would be down from three hundred seventy two thousand in a prior month. Begin more from Bloomberg's Michael McKie. The consensus forecast for job growth anticipates a bit of a labor market slowdown, but not necessarily because the economy is slowing. Companies are still reporting it's difficult to find workers, and economist surveyed by Bloomberg don't see any change in

the unemployment rate. If that's the case, the Fed can continue to prioritize the fight against inflation first, continuing raising interest rates. Michael McKee, Bloomberg Daybreak. All right, Mike, thanks for following another major story this morning out of Washington. Senate Democrats planned to vote on their tax and energy spending bill as soon as tomorrow. Arizona's Kirsten Cinema says she's on board with the measure after tweaks to its

tax provisions. Jim Kessler, co founder of Third Way, says, this does not have to be a Democrats only bill. You know, I think if Republicans will being really honest in the set, if it was a secret ballent, I bet fifteen or twenty Republicans would vote for this. Dall. Third Way co founder Jim Kessler spoke with our Washington corresponded Joe Matthew on Bloomberg Sound on Catch the show

weekdays at five pm Eastern on Bloomberg Radio. Well, Nathan, we're seeing new tangents between the US and Shina over how Speaker Nancy Pelosi's trip to Taiwan Beijing is announced sanctions against his speaker and her immediate family, as according to a statement from the Chinese Foreign Ministry. Major news on the health front this morning, Karen US officials had declared Monkey Pok's a public health emergency. It's a step that will free up funding treatments and other services to

fight the virus. Well. Turning to corporate news this morning, Nathan shares of teslare up almost one percent in early trading. That's after shareholders approved a three for one stock split. And we're watching some other stocks on the move this morning, with Bloomberg's John Tucker, John and Nathan Lift among the most actively traded this morning, up over eight percent. Ran sharing company saying volumes on track to exceed pre COVID levels.

It's reporting the highest earnings in its history. Adored Dash getting a lift after the company reported revenue that beat analysts expectations. They saw a record number of orders. Shares up twelve percent of the pre market. Different story beyond me, the maker plant based burgers slash against revenue outlook. The sharers, which have lost fifty of the value so far this year, down less than one percent this morning. Live in New York of John Tucker Bloomberg daybreak. All right, John, thank

you again. Futures are a little change this morning, and I'm ex scret oil. Is it as well as eighty eight dollars fifty nine cents of barrel? Is where it's at local headlines? Straight ahead? This is Bloomberg and Singe in Wall Street, seventy nine degrees in Central Park of crash northbound Major Dagan your Yankee Stadium. And Michael Barr has more on what's going on in New York and

around the world. Michael, thank you very much. Nathan, Texas jury rule that conspiracy theorist Alex Jones has to pay more than four million dollars and convincea story damages to the parents of one of the first graders killed in the Sandy Hook massacre. Joan pushed his false claims on his Info Wars broadcast at the shooting, which left twenty six people dead, was a hoax. Plane of Attorney Mark Bankston says the verdict is just the beginning. We're not

even done yet, and I'm already getting to tell my families. Yes, Mr Jones is going to transform your life. At the money take from him. Plane of Attorney Mark Bankston says. The jury returns today for the punitive phase of the trial. Hungarian Prime Minister Victor Orban addressed the Conservative Political Action Conference in Dallas, Texas. Orbon called on the audience to unite with him against progressive liberals. We have seen what kind of future the globally st ruling class has to offer,

but we have a different future in mind. The globally is can all go to how I have come to Texas. Orban is a close political ally of Russian President Vladimir Putin. Brittney Grinder's w NBA teammates reacted to her sentence of nearly a decade and a Russian prison camp. Grinder's feening Mercury teammates and opposing players held forty two seconds of silence before the game to show support for the basketball star sentenced to a nine year sentence in a Russian

prison camp. Forty two is the number of Grinder's jersey. Grinder's coach got emotional after the game. I couldn't imagine being that situation, and she was so courageous and like continuing to be a good role model in so many ways of this impossible situation, and she showed great Strength

and Great humility coach Vanessa nine Guard. Actor Kevin Spacey was ordered to pay thirty one million dollars to the House of Currents production company for alleged sexual misconduct that got him booted from the popular Netflix series and upended his career. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than seven d journalists and analysts more than a hundred twenty countries. I'm Michael Barr and this is Bloomberg, Nathan. Thank you,

Michael fund Wall Street. Time for the Bloomberg Sports Update with John Star. All Right, Nathan. The Mets NL East lead over Atlanta, once ten and a half games was cut to a half game, and now it's back to four and a half with four more games this weekend at City Field, a game tonight to tomorrow. Jacob b. Grand pitches. Sunday, the Mets beat the Braves six to four as new Mett Tyler nake win over twice. Daniel vogel Back and Pete Alonso also went yard twenty ninth

of the year for Alonso. Carlos Carrasco got the win and an interesting decision by Buck Show Walter to let his All Star closer Edwinsd has pitched the last two innings. He had never had a six out save before in his career. And they on my name. You know, I was thinking, maybe I can face the three two or three four was facing and maybe like like I did in l a Um questing for Tomtowa and they asked me, how you how your field to well again, I'll say I feel gray Um then told me and Bishop and

go out and win the game. He has has been outstanding all season. He has struck out more than half the batters he has faced. Yankees start a weekend serious to night in St. Louis. The makes me only a game and a half ahead of the Astros for best recker in America. Lay Houston shut out Cleveland justin Burley and llowed only two hits. He's fifteen and three. The Dodgers have played eight games with the Giants at the

All Star Break. L a won all eight, although Clayton Kerscher had to leave yesterday lower back pain x met Noah Synderguard debut for the Phillies and got away the Phillies. I've released X Yankee shortstop d D Gregorious he was hitting just two ten with one home run. Preseason football Canton, Ohio Raiders and Jaguars both the new coaches Josh McDaniels in Vegas. Doug Peterson now coaches the Jacks. Vegas won the game. Hall of Ceremonies. Hall of Fame Ceremonies take

place tomorrow. John S. Bloomberg Sports Nathan all Right, John, Thank you seven on Wall Street time for the Tri State Business Report with Bloomberg's d Cory. A warning for investment bankers. Don't expect big bonuses this year. Incentive pay for those underwriting debt and equity could plummet more than forty percent this year. Their counterparts advising on mergers and

acquisitions could see their bonuses lumcent. According to Johnson Associates, black Rock is partnering with coin Based Global to make it easier for institutional investors to manage and trade bitcoin. This will take the world's biggest dancet manager into a cryptocurrency market that's been hammered by plunging prices and government investigations. A new report says forty eight percent of mortgaged residential properties in the United States were considered equity rich in

the second quarter. The only states were the percentage of seriously underwater homes increased from the first quarter to the second were New York, New Jersey and Montana. At your Bloomberg Try State Business Report, I'm d Corey, Thanks, said five thirty eight on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong 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 Pots in Los Angeles, US. We're talking about Beyond Me coming its sales forecast as inflation has customers passing on its hire price. Cooby Product um Corney's Donahoe on Cafe a

bian Omaha. Global food pricis dropping for a fourth month after hitting a record on the War in Ukraine, time Genus Servetti and for KCBS in San Francisco, I'm reporting that sky high inflation is not slowing food deliberate, with door Dash seeing a record number of orders last quarter. I'm Stephen Carol on Bloomberg D A B Radio and London. We've been hearing from the Bank of England's chief economist, you pale after gloomy outlook of a recession lasting more than a year. I'm ed Corey on w f A

M in Cleveland. I'm reporting m r I Software has purchased Department dated dot com. Who. Those are some of the stories our Dred Bloomberg journalists and analysts are working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion.

This editorial was written by the Bloomberg Editorial Board. How Speak, Nancy Pelosi said she visited Taiwan this week is a show of solidarity, but if the US wants to preserve the status quo in the Taiwan Strait, it should try saying less and doing more. The goal of US policymakers should be to convince Chinese leaders that any invasion of Taiwan would be both unnecessary and unlikely to succeed. So it's critical for the US to shore up its deterrent capability.

This means investing in long range anti ship missiles and resilient battle field networks, and working with allies in the region to establish new basing arrangements. All this should be done without fanfare. Chinese leaders will respect changes on the ground more than rhetoric. The editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash Opinion or OH P 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. SMP futures little changed. Own futures up twenty seven points. NASTACK futures are lower now by four points. This is Bloomberg. Bloomberg eleven three oh Weather is still underheat advisory till eight tonight, with showers and storms possible going up to your ninety five degrees will be in the upper eighties tomorrow back in the low nineties on

Sunday right now seventy nine 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 Flash and I'm keron Moscow stocks in Europe and US Dock Index futures are struggling for direction this morning, as investors braced for the monthly US jobs are four that's likely to add fuel to the recession debate. The dollar rebounding from two days and declines.

We check the markets every fifteen minutes throughout the trading day on Bloomberg. Guess and Key futures again are little change this morning. Sowhere down futures, Nastack futures are down about eighteen points. The decks in Germany is down a quarter percent. Ten Your treasury that will change yield two point six eight percent. They yield on the two year three point oh five percent. NIMEX Screwed oil is up four tenths percent, or thirty seven cents at eighty eight

dollars ninety one cents. Of Barrel Comic School there's down a quarter percent or four dollars twenty cents at eighteen o two seventy Announce the Euro one point o two to five against the dollar, British found one point two one to nine and the end one thirty three point oh nine, and Bitcoin this morning up two point eight percent at twenty three thousand, one five 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. China said it would sanctional speaker Nancy Pelosi after sheet defined Beijing by becoming the highest ranking you this politician to visit Taiwan in twenty five years. The measures are also on Polosi's immediate family. Senate Democrats say they have reached an accord on changes to their tax legislation. Arizona Senator Kirsten Cinema, a pivotal vote, says she is ready to move forward on the bill. In baseball, the

Mets beat the Brave six four. The Red Sox lost to the Royal seven three. The Nationals and Giants also lost. The A's beat the Angels eight seven in the NFL Hall of Fame game last night. Mama, he said, NFL the Raiders over the Jaguars. Eleven 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 Barr and this is Bloomberg. Nathan, okay, Michael, thank you, It is almost five forty nine on Wall Street Live from the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak. Let's move from Woe Mama to the granddaddy of economic indicators. The July Payrolls report is due out at eight thirty Walls time. Ahead of that, we are joined by Sarah House, senior economist at Wells Fargo. Sarah,

good morning. The consensus is for a quarter million new jobs, the unemployment rate holding steady three point six per cent. Are you looking for deceleration? Yeah, I think we're a consensus is is roughly right based on the other data that we've seen, where really we've seen and across the board weakening in labor market condition. So I think some of the most worrian worris some signs we've seen and

thinks like the rise in jobless claims. But even if you just look at the direction of things like job opening and hiring plans, basically everything is pointing towards a cooler, a cooler labor market ahead. Is it so cool that we could be heading toward recession? So? I think we still have a long ways to go in terms of labor market weakness. To get us to a refashionary point. But I think the direction is clear and that is

where we are add it. So, we think that the economy will slip into recession early next year, and so I think um part of the timing of of that has to do though with there's still quite a bit of altitude to lose in terms of job growth. So you know, we're we're adding three and seventy five thousand jobs on average in the second quarter, So there's there's quite a bit of room to slow down before we get into outright job cuts that are typical in a recession.

What are you looking for in terms of construction of what are the makeup of where the jobs could be growing right now? In terms of services, in terms of manufacturing. Of course, we heard just this week from Walmart that they're going to be cutting jobs. How could that potentially be reflected in the data? Yes, So I think what we'll be looking for in the composition of industries is are we seeing that shift away from goods towards services? So you had a little Freudian flip there in terms

of construction. On top of mind, so as we've seen rates rise and really a lot of activity in the housing market just essentially come to a standstill, including construction. I think that will be an important one to watch in terms of how much the FEDS tighter policy and slow down we're seeing an activity is beginning to bleed into the labor market. But I think it won't just

be construction. We've seen, as you mentioned, some pretty big companies to UM discuss job cuts, and I think we'll be looking at what happens with retail, what happens with transportation and warehousing, some of those other industries that are very much tied to spending on goods. And what do you think we're going to see in terms of wage growth? Are we still dealing with inflation when it comes to

how much people are being paid right now? Yeah, So I think we will see a wage increase similar to what we saw last months of zero point three percent month on month. That will bring the year rear increasing average early earning down but still pretty strong at four point nine percent. And we think that given the breadth of industry job games over the past year, this isn't

being terribly distorted by various compositional factors. And of course we were in last week in the e C I that overall wage pressures remain pretty strong, and so I think that's certainly going to be a challenge when we look at the inflation picture, is we still have a lot of inflation pressure stemming from the jobs market with these these elevated rates of wages, even as we're starting to see a few signs of cooling come out of

those average earlier number. Now we only have about thirty seconds left here, But do you think this payrolls report is going to have any impact on the Fed's path when it comes to more aggressive rate hikes. I think it will certainly play a factor, but there's a lot of other reports that we're going to get out between now and that September twenty one meetings. So this is just the first of two payroll reports. Of course, we'll

also get two more big inflation reads. So I think it's it's a piece of the puzzle, but it's not the end all be all. Okay, Sarah, Thanks as always, Sarah House, Senior Economists at Wells Fargo. Karen Nathan, it is five at day three on Wall Street. It's time for the Bloomberg Law Report. Let's get to the legal stories.

We are watching this Morning from Bloomberg's Joan Donneger, Alex Jones will most likely be unable to take advantage of his legal team's huge mistake, and the damage is part of his trial involving parents of a Sandy Hook elementary shooting victim. Texas civil appeals lawyers say appeals don't consider lawyer misteps. Legal observers say the Biden administration's instruction that doctors and hospitals provide emergency abortion care fass a test

from competing lawsuits in Texas and Idaho. He could endanger patients, and the Consumer Financial Protection Bureau was turning its attention to how by now pay later providers and the big tech harvest and make money from consumer data. 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. Verry Joan, thanks now another legal

story where watching. It's the Justice Department's first a lawsuit to protect a reproductive health in healthcare since the Supreme Court overturned Roe v. Wade. D o j argues that an Idaho law conflicts with the federal law that requires anyone coming to a medical facility for emergency treatment to be stabilized and treated the Emergency Medical Treatment and Labor Act or am TALA. For more in the lawsuit, Bloomberry stem Grossa speaks to Mary Ziegler, professor at UC Davis

Law School. The Justice Department is suing Idaho over this restrictive abortion law that makes it a felony to perform an abortion in all but very narrow circumstances. So the Widen administration has taken the position that the Emergency Medical Treatment and Labor Act creates state laws that have very narrow exceptions for the life or fault of the mother,

and Idaho has an unusually narrow medical emergency extemption. So the Bide administration's position is one that this law and Paula prescribes the standard of care for doctors treating patients to were in labor, and to that any state law that has a narrower definition medical emergency is basically blocked

by that federal law. So we've seen variations of this. Actually, Texas is doing the Biden administration saying essentially that its position on EMPALA is wrong and the Texas is free to have whatever emergency exceptions it wants, including none at all. The Biden administration is now going on the offensive, saying essentially that Idaho's law does violate the supremacy clause of

the Constitution. Attorney General Garland said, the supremacy clause is a decision made in the Constitution of the United States federal law invalidate state laws that are in direct contradiction. Is the Justice Department on solid ground here, I mean it's it's going to be disputed. Um, we have a

preview of from Texas to suit. Texas has taken the position essentially that EMTALA doesn't actually tell doctors what they need to do in terms of caring for patients andologists, by way of background, was designed to stop the practice of patient dumping, so essentially low incompaitions to show, but the hospital at the emergency room was like a knife in their back or and labor and doctors would find out they didn't have insurance or the ability to pay,

and they would transfer them to other hospitals, and frequently that will result in increased morbidity and mortality for those patients. Texas' position essentially is that and TAALA was never intended to improve the standard of care for patients. And relatedly that the exceptions that are carved out in and fallow the definition of emergency would make as Texas puts it a hospital into an abortion clinic. It's really not clear to

mean that the exceptions are very broadly drawn. That that's Texas' argument. I think the Justice Department's argument is strong, but you know, and TALA doesn't explicitly say that it lays out a new standard of care for patients. And you're dealing ultimately with what the judiciary is going to say about this, and we know that the judiciary has been pretty hostile to a worship rights in recent months and years, so that of course has to be factored into the calculation

as well. And that's very zig Larra, professor at U C. Davis Law School, speaking at the Bloomberg Student Grosso. Catch more of that interview plus analysis of the latest legal news by listening to the Bloomberg Law Show at ten pm Eastern Time or subscribing to the Bloomberg Law Podcast. And attorneys can find exceptional legal research and business development

tools at Bloomberg Law dot com. Futures this morning, they're pretty much little changed ahead of the July jobs report, Dow futures, they're higher, up about forty five points ten, Your Treasury down one thirty second yield two point six nine percent, in the yield on the two year three point oh five percent, and nine x. Screwed oil right now at eighty eight dollar seventy five cents of barrel. That's up a quarter of a percent and straight ahead.

On Bloomberg day Break, I checked on the business headlines and all the news you need to start your day. This is Bloomberg