Bloomberg Daybreak: July 18, 2022 - Hour 1 (Radio)

to the school shooting in Texas. I'm John Tucker. Those stories straight ahead. I'm John Dasher's fourth second straight game with the Yankees clustered the Red Sox. The Mets lost in Chicago. Cameron Smith won the Open Championship Golf. That's all straight ahead on Bloomberg day Break on Bloomberg Eleving freon New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius XM one nineteen and around the world on Bloomberg Radio

dot Com and via the Bloomberg Business Act. Good Morning, I'm Nathan Hagar, and I'm Karen Moscow US Dock Index futures movie higher this morning. We're coming up to five o one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day. On Bloomberg SMP futures up forty three points, at OWN futures up three hundred ten and NASDACK futures have one hundred sixty two.

Ten year Treasury down seven thirty seconds, yield two point nine four percent, and a yield on the two year three point one four percent. Nathan Karen. Markets are gearing up for a slew of earnings this week. Investors are watching how business is weathering inflation and tightening from the FED. The major banks finish reporting today following some disappointments from

results last week. Bloomberg's Jeff Bellinger has a preview. The investors may not be pleased with the numbers from Goldman Sachs Bloomberg Intelligence, as Goldman's second quarter prophet may have declined sharply versus a year ago because of outsized investment aims that turned to losses and the slide in banking fees that exceeded trading revenue growth. We also hear from Bank of America this morning, the outlook isn't entirely rosy.

What b I is more upbeat, saying be of A likely benefited from flat costs, net income that expanded with rates, and healthy industry loan growth. Jeff Bellinger Bloomberg day Break, All right, Jeff, thank you. And some other notable names reporting this week include Tesla, Netflix, United Airlines, and IBM and Nathan. This week's earnings coming the heels of June's

hot CPI report. Clara Advisers founder and managing principal Ryan Blander says, even if there are earnings misses, big US companies are still a good place for investors in the sub environment. You gotta stay large cap. We think as an overweight, we love the dividend paying stocks that provide some cash flow. I would say you don't want to abandon large cap technology. I mean, some of these companies are extremely profitable, have huge business modes, and are trading

at really nice discounts to their historic multiples. And Ryan Blander and Clara Advisor says we're still likely to see a prolonged period of volatility, and one of Wall Street's biggest bears, Karen says, US stocks are likely to face more declines even if the economy managed to manages to avoid a recession. Morgan Stanley strategist Mike Wilson says he expects the bear market to continue, and he also sees the odds of recession continuing to rise will turning to

commodities now. Nathan Oil is advancing this morning after last week's almost seven percent drop. The jump follows President Biden's landmark visit to the Middle East that wrapped up without a firm commitment from Saudi Arabia to boost crewed supplies and checking prices. Now Nimex screwed oil is at one point eight percent of a dollar eighty four and forty three cents a barrel Brent is that more than two percent at a hundred three dollars thirty one cents in Europe.

This morning, candidates aiming to succeed UK Prime Minister Boris Johnson are weighing in on the economy and the cost of living crisis in the country. Bloomberg's You and Potts joins us Live with the latest from London. Good Morning, Good Morning, Nathan and Karen. A second at TV debate for the five remaining candidates to take over as the next British Prime minister. Clear dividing lines starting to emerge over taxes and the economy as lawmakers vote and narrow

the field. Here's former Chancellor Rishi Senac and for Foreign Secretary Liz Trust, this is something for nothing. Economics isn't conservative socialism Under your plans, we are predicted to have a recession because you have raised tax It is cutting back on growth, it is preventing companies from investing, and it's taking money out of people's pockets. That is no way to get the economy going during a recession. Richie Seon I you've seen as the front run or Penny

Mordans runs second list. Trust is third, but a recent poll shows that she would beat all contenders in the final run off between toury members. Live in London, I'm you in parts of bog Daybreak, are you? And thank you? We moved to Italy now wre Prime Minister Mario drags and a mounting pressure to reverse his pledge to resign. Draggy appears determined to leave our for but Summer pushing

for him to stay. Bloomberg's tomaso Ebb Heart is more from a lawn the pression is not coming from political parties, but is coming from the country, from a business leader, from professor, from major of more than four hundred cities. So there is growing impression. But at the moment Mario Dagi seems determined to live because of the National Unity government that used to run is not there anymore. The

collision is essentially broken. Bloomer Tomasso Ebb heard in Milan, says Mario Dragon will address lawmakers when stay to declare whether or not he'll quit the government. Turning the Asia now, Karen, it was a good day for equity thanks to softer signs from the FED and pledges from China to shore up economic growth. Bloomberg's Juliette Sally joins us with the details from Singapore. Good morning, Juliet, Good morning, Nathan, and Karen.

The ms CI Asia Pacific Index excluding Japan, which was closed for a holiday, gained more than one percent, boosted by a jump in Chinese textures. Sentiment across mainland equities and in Hong Kong was boosted after the p POC indicated it will step up implementation of prudent monitory policy.

Shares of Chinese developers jumped by the most in nearly a month, following a report that the nation's banking regulator has urged lenders to support the sector amid a growing mortgage Boycosh in Singapore, Juliet Sally Bloomberg, daybreak Right, Juliette, thank you meantime. In China, cases of COVID nineteen remain elevated. Shanghai is rolling out mass testing at nine districts to stamp out infections. The country reported five cases for Sunday

after new infections jumped to five eight on Saturday. Turning to politics now, the House January six Committee says it expects to get Secret Service texts before tomorrow's deadline. Bloomberg said, Baxter has that story. These are texts that it was first said were deleted in a system upgrade text that

we're not backed up now. Committee member Zoe Lofgren says, a change in tune, and there was a statement made by the spokesperson for the Department saying that you know it wasn't true, was fair and that they in fact had pertinent texts. And remember Adam Kissinger says he hopes to get good information. It is quite crazy that the Secret Service would actually end up deleting anything related to one of the more infamous days in American history, and

he says he doesn't know exactly what they'll get. In San Francisco, I'm at Baxter Bloomberg Daybreak. All right, ed, thank you straight ahead. We have your latest local headlines, plus a check of sports. You're listening to Bloomberg Daybreak us at five oh seven on Wall Street where it's seventy seven degrees in Central Park and dealing with an accident on the westbounds Cross, Bronx said, Third Avenue. Details

coming up in traffic. First, John Tucker's here with more on what's going on in New York and around the world. Good morning, John and Nathan. Another deadly man shooting, this one he signed Shopping mullin Greenwood, Indiana. Please say they still unidentified adult male enter the mall's food court shortly after six pm local time, apparently with a long gun and several magazines of ammunition, and started shooting. Five people were shot, Three of them died. Please say, Good samaritan

to his arm shot the attacker, killing him. The real hero of the day is the citizen that was lawfully carrying a firearm in that food court and was able to stop the shooter almost as soon as he began. That Screenwood Police Chief Jim Ice and Damna investigative report

about the mass shooting in Texas. That report finds nearly four hundred law enforcement officials rushed to the mass shooting at Vivandi Elementary School, but egragiously poor decision making resulted in more than an hour of chaos before the government who took twenty one lives was finally confronted and killed. With manting, New York is frustrated with crime. Mayor Eric Adams has been on the road raising money. That story

in this report this morning from Bloomberge Lisa Matteo. The mayor raised more than eight hundred and fifty thousand dollars for his re election campaign barely six months after taking office. The figure comes from filings with the city's campaign finance Board. According to The Times, the campaign hall is a result of Mr Adams this traveling across the country to raise money for a second term. Nearly half of Mayor Addams's campaign donations, more than four hundred thousand dollars, came from

outside New York City. The donors include leaders from real estate casino and sports betting businesses Liice Mateo, Bloomberg Daybreak and President Vladimir Zelinski removed his national security head in Ukraine's top prosecutor, alleging that some employees collaborated with Russian intelligence.

The firings, which targets sensitive polls for a country at war, include the Security Service Chief Personal Friend, whose agency's tasks include counter intelligence, and former Trump White House advisor Steve Bannon, scheduled to go on trial today for contempt of Congress. Bannon spent nearly two months to find a subpoena from the January six committee before he was indubted on contempt

of Congress charges in November. As his trial Jake neared, Bennon offered to testify the public, hering an offer that federal prosecutors called not an actual effort at compliance. Global News twenty four hours a day on air and a Bloomberg Quick Take Power bog for the twenties seven hundred journalists and analysts and more than one hundred twenty countries. I'm John Tucker, and this is Bloomberg, Nathan. Thank you.

John five ten on Wall Street Time for the Bloomberg Sports Update with John Stonshower Thanks Nathan Rory, McElroy has to be wondering what he has to do to win that elusive fifth career major, the Open Championship at St. Andrew's. He had the full support of the crowd, shot eighteen under far only had four bogees the entire tournament, none in yesterday's final round. He still blew up fourth shot lead.

Dam Smith, the twenty eight year old Ausse's, simply outputted and ran off five straight birdies to start the back nine. Smith twenty under, tie the record for major. Cam Young, the Westchester native, who began the Open with a sixty four, finished with a sixty five and an eagle on the

par four eighteen poll. He been a second. McElroy was third County two, despondent because it hid this year's gent and this year is going and and I'm I'm playing some of the best golf had a play in a long time, so it's just a matter of keep, you know, knocking on the door, and eventually won the Locan. McRoy still has not one of major since two thousand fourteen. Yankees hit the All Star Rak sixty four and twenty eight, even with a bad week where they lost five out

of six. They won the last two of the Red Sox by combined seven to three. Hit was thirteen and two yesterday as Tim Locastro the unlikely hitting star three hits at the home run even Joey Gallo amored. Garret Cole struck out twelve or his ninth win. Mets seemed on their way to a four game sweep in Chicago. Cubs scored twice in the eighth and one three to two. Mets are fifty eight and thirty five, two and a

half games ahead of Atlanta. Year ago, the Mets, with the tenth pick in the draft, took Kumar Rocker, a picture from Vanderbilt. Then they had injury concerns and never signed him. He went back into the draft in a surprise. He was taken third overall by Texas. Sons of former Rachel Leakers went one to Matt Holliday's son Jackson by Baltimore, Andrew Jones and son Drew taken by Arizona. John Stashward Bloomberg Sports, Nathan, thank you, john S and p. Futures

of forty points right now. Deaf futures up T nine, NASTAC futures up a hundred fifty three. This is Bloomberg The Bloomberg day Break brought to you by Pepack Private Wealth Management. Pepack Private Wealth Management knows that a portfolio is more than a collection of assets. It's a path to your future. Visit Pepack Private dot com and begin your financial legacy Today, Markets, headlines and breaking news twenty

four hours a day at Bloomberg dot com. The Bloomberg Business at and at Bloomberg Quick Tape is a Bloomberg Business Flash and I'm Karen Moscow. European stocks in US stock index futures are on the rises morning when the dollar weekends, as investors scale back bets on how aggressively the Federal reserve titan policy. We checked the markets every

fifteen minutes throughout the trading day on Bloomberg. Right now, Western p futures or up about forty points, Down futures up two two and Nastack futures up a hundred forty eight. The decks in Germany is at one point three percent, so as the cat in Paris and the foot see one hundred ten year treasury down eleven thirty seconds held two point nine five percent. They yield on the two

year three point one four percent. Ni Max Screwed oil is up two point two percent of two dollars thirteen cents and ninety nine dollars eighty six cents a barrel comes gold up nine tenths percent or fourteen dollars eighty cents. At seventeen eighteen thirty announced the euro one point zero one four zero against the dollar, British found one point one nine eight and the yen is at one thirty eight point to six. And look at it Bitcoin, it's up more than six percent at twenty two thousand, two

hundred forty five dollars. And we are watching for earnings today. Angleman Saxon, Bank of America among those reporting that's a Bloomberg business flash. Now here's John Tucker with more on what's going on around the world. John, Good morning, and good morning, Karen. Three people killed at a mall in Greenwood, Indiana, in a shooting that ended when an arm man fatally

shout the government, demming investigative reports. His poor decision making resulted in more than an hour of chao us before the government to twenty one lives was finally confronted and killed by police at a Texas elementary school, and the Russian Defense Minister has ordered his forces to focus on destroying Ukraine's long range missile and artillery systems during a

visit to troops and occupied territory. Bloomberg sports Yankees at the All Star Break with a thirteen to two win over the Red Sox, The Mets lows and Cam Smith wins the British Open. Global News twenty four hours a day on air on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than one d twenty countries on John Tucker and this is Bloomberg. Nathan John, Thank you. It's five nineteen on Wall Street

Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. As we get set for another trading week focused on earnings and what the Fed's gonna do at the end of this month, Let's bring in Dennis Gartman, chairman of the University of Akron Endowment Investment Committee for of course, former publisher of the Gartment Letter. Dennis, it's great to

speak with you this morning. As we see green on the screen following last week's end of week rally, it seems like markets are sort of dialing back the idea of a hundred basis point move by the FED at the end of this month. What are you pricing in in terms of what the Fed could do? And I think that the market got a little bit silly last week thinking that FED was going to move a hundred

basis points. That made it abundantly clear through comments from various regional presidents and the governors of the FED, that seventy five basis points was as far as they were willing to go. Uh and and so the fact that they're dialing it back a little bit given the benefits of better than expected retail sales number on Friday, surprised me. I must admit that the stock market has been as

strong as it has been. As the chairman of the University of Akrons Endowment, I got us to move almost fifty of our portfolio out at the end of the last year, and I've been officially barish of stocks since January this year. So maybe I'm wrong. It is possible that we've seen a low I have my doubts at this point. I think the FED is going to continue to be uh less exp eactionary than they had been. They're going to be exactly actually contractionary as far as

monetary policy is concerned. I'm far more interested in what they're doing with their balance sheet than they have than what they're doing with the overnight said funds, right, and the balance sheet, which have gone from nine billion dollars to nine trillion dollars in the course of the last several years, has to be drawn down. That that has bunnily has full as time and time again they intend to take sixty five billion dollars out of the balance

sheet over the course of the next several years. That I think is far more important than far ore deltarious to stock prices. But nonetheless share prices need to be going up, and I must admit I'm surprised you say you could be wrong about being barished on this market. What are you looking at? What would have to change in the market for you to turn bullish. The most important thing is how the internals of the market respond, and thus far rallies have been on lesser volume and

the climbs have been on larger volume. That's how bear markets act, and thus far I have to say that every rally has been a bear market rally, a bounce rather than a rather than a bullish move. We to see volumes started to come in on the upside and it's not doing so, so I'll continue to err upon the side of being modestly barished at this point. But that's the thing that I have to see to see change.

I have to see the internals of the market change, and I have to see the FED become expansionary again rather than contractionary. I have to see lessening of the yield curve which has gone to an inversion, which is always barish of stock prices. So a change in the inversion of the yield curve and a in a movement on the on stock prices to rise on stronger volume than fall and lesser volume before I'll have to change my opinion. Do you think that inversion of the yield

curve could change anytime soon? What's your outlook on where yields could go from here? I think the overnight PID funds really wants to go another seventy five basis points higher. At the same time, at the back end of the curve, I think grates want to come down a little bit. I'm actually modestly bullish with the long end of the curve thinking that the inflationary pressures are beginning to abate.

The the decline and crude oil prices of the client and wheak prices of the declient, and grain prices generally, the decline and base metals prices tells me that inflationary pressures are probably peaked. So that I think that is, I think the FED wants to continue to tighten at the short end of the curve, but the long end of the curve wants two yields once to probably go

a little bit lower. So the long of the tenure, which is what now two nine two or something two n three, you can go down to two seventy five, and the short end of the curve you can take the overnight said funds right another seventy five basis points higher. So it'll be at least six months to a year before the Yel curve becomes non inverted, it goes to

a more positive slope. Again, that about a minute left here, Dennis, what's your read on how earnings have gone so far, particularly from the banks, and what's your outlook as we go forward further into the earning season. Bank earnings and an inverted YEL curve will always be detrimental. It's it's just as I've always said positively. So youel curves make banking geniuses out of idiots, and then inverted youel curves

make idiots out of idiots. So I think that the the banking system is going to have problems of the deal curve and some stays in droted for a long period of time. Thanks for this, Dennis, as always good to get your thoughts. Dennis Gartman, the former publisher of the Gartman Letter, now chairman of the University of Akron Endowment Investment Committee, with us this morning here on Bloomberg Daybreak as we watch equities continue to rise around the world.

SMP futures right now up forty three points, that's again one point one percent. Dow futures are up through to twelve points. NASTAC futures leading gains this morning, up a hundred fifty nine points. That's a gain of one and a third percent. Germany's decks the cat in Paris both up one and a half percent this morning. The tenure treasury is down eleven thirty seconds. The yield two point nine five percent yield on the two year again, the twos and tens in inversion with a two year yield

at three point one four percent. Watching a crude oil prices on the rise this morning. Nime X screwed is up two point two percent, up two dollars thirteen cents seventy two cents a barrel. The euro right now one point zero one for seven against the dollar. You're listening to Bloomberg Day right Bloomberg eleven three oh weather Cloudye,

some showers and storms developing. My midday low eighties for highs will be near ninety in the sunshine tomorrow hot Wednesday highs near right now seventy seven in Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg E Loving free to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg Homes sixty to the country, Sirius XM Chando one nine, and around the globe the Bloomberg Business at 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 catch you up to date of the news you need to know at this hour. Market steering up for a slew of earnings this week, investors are watching how business is weathering inflation and tightening from the Fed, Goldman Saxon, Bank of America rapp up reporting

from the major banks today. Other notable names this week include Tesla, Netflix, United Airlines, and IBM. Well, all these results, Karen come on the heels of June's hot CPI report. Clara Advisor's founder and managing principal Ryan Bolanger says, even if there are earnings, mrs, big US companies are still a good place to invest. You've got consumer spending still on the rise, so you've still got a very attractive

consumer balance sheet. Household finances are in great shape still, so that's one of the reasons why we still like the domestic companies more than the international counterparts. Ryan Blanger with Clara Advisor says we're still likely to see a prolonged period of volatility meantime on a Wall Street's biggest spars, as US stocks are likely to face more declines. That's even if the economy manages to avoid a recession. Morgan Stanley strategist Mike Wilson says, you expect actual the bear

market to continue. He also sees the odds of a recession continuing to rise. Turning two commodities now Karen oil is on the rise this morning after last week's nearly seven percent drop. Jumps follow President Biden's landmark visits to the Middle East that wrapped up without a firm commitment from Saudi Arabia to boost crude supplies. Checking prices now Name excrudes up one pot nine percent of a dollar

eighty three at ninety ninety two cents of barrel. Brent is hired by two point one percent at a hundred three dollars thirty cents. I moved to Italy now Nathan, where Prime Minister Mario drag is under mounting pressure to reverse his pledge to resign. Draggy appears determined to leave his office, but some are pushing for him to stay. Bloomberg, Tomaso and Heart has more from Milan. If Druggie resigned, then he will resign. He had off of the President Mazzarella.

We are expecting at this point Mazzarella or to have a consultation with political leader, but that's almost no possibility to form a new government. In that case, he will call anappalation. Bloomberg's Tomasso eb heard Milan says Mario drag you will address lawmakers Wednesday to declare whether or not he'll quit the government. And in corporate news this morning, Karen's Starbucks is weighing whether to sell its operations in

the UK. That's according to a reward for the from the Financial Times, which says the coffee chain has yet to initiate a formal sales process. The UK is starbucks largest market in Europe, the Middle East and Africa. And futures this morning on the rise. SNP futures up thirty eight points now futures of two hundred seventy nowsday futures have one five straight ahead, your latest local headlines, plus a check of sports. And this is Bloomberg. Thank you, Karen.

Three on Wall Street seventy seven degrees in Central Park in an accident of westbound cross Bronx still has two lanes blocked at Third Avenue. More coming up in traffic. First John Tucker with more on what's going on in New York and around the world. John and Nathan. The first draft of an investigative report of the Vans shooting at a South Texas elementary school in May finds plenty of blame to go around for the stubtle response to the attack. Let's get more in this report from Bloomberg's

Jeff Bellinger. The report finds nearly four hundred law enforcement officials rushed to a mass shooting at a Uvaldi Elementary school, but egregiously poor decision making resulted in more than an hour of chaos before the gunman who took twenty one lives was finally confronted and killed. The nearly eighty page report was the first to criticize both state and federal law enforcement, and not just local authorities in the South

Texas town, for the bewildering in action. The report also finds no one assumed command despite scores of officers being on the scene. Some families blasted police as cowards and demanded resignations. Jeff Bellinger, Bloomberg, Deybreak Time. Three people were killed at of All in Greenwood, Indiana, in a shooting that ended when an armed land fatally shopped the gunman I mean with a rifle. In several magazines of ammunition,

ded All's food court and started firing. They set on Facebook they were seeking witnesses to the shooting, which took place about fifteen miles south of Indianapolis. A New York City firefighter was seriously her Sunday after responding to a car crash on Manhattan's West Side. He was responding to a two car crash when one of the cars shifted

and falling his leg. According to New York City's Medical Examiner, Vanna Trump, the ex wife of the former president, died accidentally a blunt impact injuries to her torso She reportedly had fallen down the stairs at her Upper East Side home. Her death has led the office of New York's Attorney General, Letitia James, to postpon a deposition of the former president scheduled for next week, and the House Committee investigating the U. S Capital Solvas Facts to receive text messages its subpoena

from the Secret Service by tomorrow. A former Raid Cassidy Hutchinson, said she was told Trump wanted to join the mob then marching at the Capitol, but was blocked by a security detail, and a physical alternational altercation took place. What text messages could provide insight into that episode. Global News twenty four hours a day on air and the Bloomberg Quicktake. We're powered by more than twenty seven hundred journalists and

analysts and more than one hundred twenty countries. I'm John Tuckery. Yeah, this is Bloomberg, Nathan. Thank you. John. Five on Wall Street, Time for the Bloomberg Sports Update with John sash out. All right, Nathan. The Yankees with a two game Boston massacre. They had lost three straight to the Red Sox, but then wins fourteen to one and thirteen to two and eight run fourth inning later on runs for Tim of Pastro,

Joey Gallo. Garry Cole struck out twy twelve twice. He fanned his nemesis, Rape Devers, who's homard off call eight times. Chris Sale started for the sockss back from injury, and Aaron hits liner in the first inning broke Sales Pinky. Yankees at the All Star break sixty four and thirteen game lead me's the fifty eight and thirty five up two and a half on Atlanta. They were four outs

of a four game swite from Chicago. Cubs scored twice in the eighth inn and one three to two Starling and Marte has taken himself out of Tomorrow's All Star Game. Ten night in l A, Peter Lonzo goes for a home run derby three. Pete held the MLB draft and the sons of former Big leaguers Matt Holliday and Andrew Jones went one to to Baltimore and Arizona. The Mets took Kevin Parata captured from Georgia Tech, and then Jeff Williams high school shortstop from Texas. Yankees drafted Spencer Jones

and outfielder from Vanderbilt at St. Andrew's. Cam Smith came from behind, had five straight birdies to start the back nine, and that twenty eight year old Austin won the Open championship. It's the poor fools, uh on asy around here, especially with that window, you know off the left, and um yeah this stuck to what I was doing and um yeah, just really crowd of how I how I kna knuckle down? Today?

Smith tied the record for a major with twenty under party beat the Westchester native Cam Young by one shot, in Rory McElroy by two. John Stash Award Bloomberg Sports. Nathan, Thank you John. It's five thirty seven on Wall Street Time now for the Tri State Business Report. Former President Donald Trump's golf course in Bedminster set to play host to the Saudi Back Live Golf tournament at the end of this month. Families of nine eleven victims wanted to reconsider,

the New York Times reports. Members of the group Nine eleven Justice sent a letter to the former president yesterday asking him to rethink his business relationship with the Saudi Golf League. The families note that the former president has blamed the Kingdom for the attack on the World Trade Center. Workers at Amazon Showdack warehouse. They're hoping to become the second in the state to form a union. About forty people turned out yesterday for a rally at Albany's Townsend Park.

Supporters till the Times union. They're hoping to build on Christian small success. He is the interim president of the Amazon Labor Union, which one on Staten Island over the summer, and NYC Restaurant Week kicks off today across the five boroughs.

They might be better off calling it NYC Restaurant Month Plus because it's actually gonna be five weeks marking the thirtieth anniversity event, about six hundred restaurants in eighty five neighborhoods are offering two course lunches and three coursetn ers for thirty, forty five or sixty dollars. And that is the Bloomberg Try State Business Reports thirty eight on Wall Street. Bloomberg Radios 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 Podascan on K and X in Los Angeles. We're talking about Stranger Things offering a glimmer of hope during the Netflix slamp. Corn Donaho on ktr H in Houston. Elon Musk's lawyer say Twitter is unfairly pushing for a fast trial of canceled buy out. I'm Gina Servetti and

for w BB, I'm in Chicago. I'm reporting that Delta Airlines is expected to kick off a big air show outside of London with orders for Boeing and Airbus jets, but the rivals wrapping up deals worth at least twenty one billion. I'm carrying head killed boom Bag d A B dishow Ado and onto Moverport. And on the potential for London to fake in forty degrees Celsius breaking the twenty nineteen record he played at laem and cam o X and St. Louis. I'll be reporting on how stranger

things could dave Hollywood summer. Those are some of the stories are Bloomberg journalists analysts to working on this morning. 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. Some five miles off the coast of war torn Yemen floats a rusting oil tanker named the Sofferer. A skeleton crew maintains the ship, which is

steadily corroding and could break apart at any moment. If that happened, it could release more than a million barrels of crude oil into the sea. The United Nations has a plan to keep that from happening, but it's struggling to raise twenty million dollars for the first stage of the operation. There's little time to waste the sea in the area will grow rougher and even more dangerous in a matter of months. In a world awash with looming disasters, it's hard to think of one simpler to avert. The

global community cannot afford to miss this opportunity. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com Slash Opinion or O P I N go on the Bloomberg terminal trials every weekday. At this time, terminal customers can read more at O

P I n go. Showers and storms today go up to the low eighties right now seventies seven degree use in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, a Bloomberg Business at and at Bloomberg Quick Jape, He's a Bloomberg Business slash and I'm Karen Moscow. European stocks in US stock index futures are rising this morning with the dollar weekends

as investors scale back best and have aggressively. The Federal Reserve a titan policy easing recession fears, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg s and P futures up thirty seven points and down futures of two hundred fifty nine. Nowsday futures have one hundred forty two The decks in Germany's have wanted a quarter percent ten year treasury down eleven thirty seconds, held two point nine five percent. The yield on a

two year is at three point one four percent. Nine x screwt oil of one and three quarters percent of a dollar seventy one and ninety nine dollars thirty cents

of barrel. Go Max schooled that one percent or seventeen dollars thirty cents at seventeen twenty ninety announced the euro one point on eight against the dollar, British bound one point one nine eight one and again one thirty eight point one nine and bitcoin this morning is up more than six percent at twenty two thousand, two hundred twenty five dollars, and again we're watching for earnings today from companies including Goldman, Saxon, Bank of America, and as a

Bloomberg business flash. Now here's John Tucker with more on what's going on around the world. John Karen Good more in three people killed in them all in Greenwood, Indiana, in a shooting that ended when an armed man fatally

shot the gunman. A new report finds egregiously poor decision making on the part of law enforcement responding to the mass shooting at the Vivaldi Elementary School in Texas, and President Vladimer Zelinski removed his national security head at Ukraine's top prosecutor, alleging that some employees collaborated with Russian intelligence. Sports Camp Smith wins Golf's British Open. Yankees beat the Red Sox thirteen to two, match los to the Cobs

three to two. The Nationals beat the Braves, the Orioles loses to the Rays, and the A's beat the Astros. Global News twenty four hours a day on air and on Bloomberg Quick Take power by more than journalists and analysis more than one and twenty countries. I'm John Tucker at bass Is Bloomberg. This is the Big Take, the best of Bloomberg's in depth original reporting from around the globe. This is a really fast moving story, close to the

outrage among investors. This is so fascinating. The market shutdown in a way it's never done before. That's gonna have consequences for years to come. The Big Take on Bloomberg Radio. It's on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. In our Big Take, this morning brings us to look at the next big risk for investors.

We have predictions from three of the biggest names on Wall Street, and Bloomberg Global Finance correspondent Shinali Bassek spoke with them all and joins us live with some of what she's learned is bringing us this morning on the Bloomberg terminal. Shinnally, great to have you back with us this morning. Let's start with what you had to say with former Goldman sach senior investment strategist Abby Joseph Cohen, of course, a very familiar name to Bloomberg listeners now

with the Columbia Business School. She's got a pretty big idea that you fleshed out from her. Yeah, she really does. And she was actually the hardest edit for that reason, getting all the layers. And she's worried very simply about a fading American dream. But there are a lot of components that lead to that, and that includes the lack

of US investment in its own economy. The worry about the institutions that protect workers and the economy at large, and the idea that immigration is not taking up and there are a lot of forces against it. Let's know what she had to say. I think that the promise of the American dream has to be defined, and that is, is every generation doing better than the previous generation? Do they have the opportunity to do better than their parents did?

And what we have seen over the last thirty years or so, maybe forty, is that median household income in the United States adjusted for inflation, has not risen. But that is a problem. I think it creates a sense of political discord, It creates a sense of ease among people in the United States. Uh. And it is worrisome because we have to think about how do we get

out of this. Well, one way we get out of it and is to focus in on the industries that we think can create jobs, that can create good paying jobs, uh and and to protect our workers in that way. So when we think about what she said at large, and I want to bring up the immigration point in particular because she's worried that we're not going to have a workforce that has made for the future to advance

the American economy forward. She's also worried that the US is not investing enough in critical infrastructure, things as simple as internet access and communities that could help people get off the ground and get the educations they need, and the education system at large, which, by the way, is a very common theme in this next Big Risk project.

When we've talked to people in the past, including Eileen Murray, the former co cy O Bridge Water, that investment in education was one of her biggest worries, along with what it meant for the job force. Well, let's turn to the next big risk in this project, as we come out of this once in a century pandemic. Maybe it's not necessarily once in a century, because the next person you talked to season even worse pandemic on the horizon.

So Sam Bankman Freed, the CEO of act X, obviously has made a lot of headlines this year for really bailing out a lot of the cryptocurrency industry. I mean, he is a billionaire in his own right, He's been able to navigate the market stress. But when you look at how he's spending his own political dollars and charitable dollars, what he's doing is putting it towards prevention for the

next pandemic. He's so worried that we have learned nothing when all is said and done, from this current pandemic, really from the COVID nineteen pandemic, and he's worried that we are going to just put crippling economies into a worse spot as well as lose many lives moving forward, if we don't do more to prevent the next one. Listen to what he had to say. A lot of the discourse around you know, COVID and pandemics in general, has you know, as you served reference, focused on things

like masks. By the time that's the debate, we've already failed um at the much more important goal, which is avoiding ending up there in the first place, by having counter measures ready beforehand, by having early detection systems, by

having good ventilation and buildings. The goals to get to a place where outbreaks still become pandemics in the first place, and where we don't have to shut down, uh, you know, the economy where people don't have to die, where we don't have to make trade offs, and hopefully we can you know, I think spend you know tens of billions of dollars today to save tens of trillions of dollars

and think about what they have in common. Here. The two points that sam Bank and Free and Avages of Cohen make is about investing now to prevent that outcomes later. For Sam Bank and Free, you know, what he's really worried about is that if we just focused on things like ventilation and buildings, then we wouldn't have this political outcome at the end where people are talking about masks

and lockdowns. He's saying that the bipartisan effort here is really done in the prevention side of things to prevent further string not just on the economy later on, but also on political systems. And by the way, he does talk about this as a global problem and if we don't invest in prevention methods, then we really could be in the US, for example, subject to a pandemic starting elsewhere and traveling across the globe pretty quickly and sort of picking up on these ideas of another new pandemic

and UH lack of infrastructure spending. The next big idea here UH focuses on deglobalization. I guess sort of the idea that the countries are sort of nationalizing more. This is coming from Ken Molis, of course, the f founder and CEO of Molus and Company. How's he characterizing the risk of the globalization And what's fascinating about Ken Mulis is, remember people, many people don't remember this about him. He's him and his firm are massive, massive advisors to firms

around the world, not only in the United States. So he's advised companies in Saudi Arabia, in Hong Kong, and so he has a really global view of the issue here. And he's not the only one to bring that globalization. What he is the first one to really do is talk about the effects of it and the effects coming out of not just the war in Ukraine, but also Brexit and also the pandemic. Take a quick listen of what he had to say. For a few decades, we

were able to outsource to the cheapest labor markets. We were able to rely on each other for goods that that really throughout history, and I do think part of this is going back and reading history. Most countries would not outsource items that were very important to their well being, food being one of them, and I think energy being one that's showing up is to be extremely important. What's going to happen now is I think each society is going to have to think about did I did I

outsource something that that I'm not comfortable with. He's very specific and where he sees issues. He says Germany, for example, is an extreme trouble after outsourcing their energy supply to Russia, their end market to China, their military to the United States. He also talks about other nations across the world, uses Sri Lanka as an example. He says, where you're nine meals away from having a very unhappy citizenship willing to

take extraordinary action to keep their families safe. He really talks about this in the light of food and energy costs around the world, and he says that there's a possibility that this leads to revolution and populations that don't have control over food and energy. And you know, he says, the US is in good shape. We have food resources, we have energy resources. But what happens if oil and gas gets to two hundred dollars a barrel and food

supply gets disintermediated. He says that could have catastrophic impacts, not just in different countries around the world, but in the relationship between the US and other countries UH and vice versa. Well, really fascinating and really important to get these vague ideas brought together with these three very important voices on Wall Street, Bloomberg Shinali Bassk with the Big Take this morning, a Goldman legend, crypto star, and top

banker Warren of the next Big Risk. You can read it on NI Big Take Go on the Bloomberg Terminal and Bloomberg dot com slash Big Take. Shenally, thanks again for bringing this to US. SFP futures right now up thirty six points down futures of two hundred fifty four. NASTAC futures are higher by one forty points. This is Bloomberg