Bloomberg Daybreak: July 25, 2022 - Hour 2 (Radio)

the nation's capital. I'm John Tucker. Those stories straight ahead. I'm John Stashdown Sports, Pete Alonzo, the Big Glow for the Mets that went over San Diego, Aaron Judge homeward again,

the Yankees one in Baltimore. That's all strady ahead on Bloomberg Daybreak on Bloomberg he liveing freon New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius XM one nineteen and around the world on Bloomberg Radio dot com and via the Bloomberg Business App. Good Morning, I'm Nathan Hagar, and I'm Karen Moscow and

US DOT Index futures on the rise this morning. We are coming up to six oh one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day on Bloomberg. Right now, S and P futures are up about nineteen points down, Future is up one thirty six and NASDAG futures up sixty seven. Ten year Treasury down thirteen thirty seconds. Here two point eight zero per cent, Nathan Karen, we begin with this week's highly

anticipated FED meeting. Their decision comes Wednesday, and after raising rates sharply in June, j Pal and colleagues are expected to approve another seventy five basis point hike, while the Fed titans policy to get inflation under controlled. Treasury Secretary Janet Yellen says she does not see any signed the economy is in a broad recession. We're likely to see some slowing of job creation, um, but I do I don't think that that's a recession. Recession is broad based

weakness in the economy, We're not seeing that now. Treasury Secretary Janet Yelling made the comments on NBC's Meet the Press, heard Sundays on Bloomberg Radio. Well, despite Yellen's comments, Nathan, investors are skeptical to Fed can tame inflation without a recession. That's according to more than people who responded to a

Bloomberg m Live Pulse survey. Beget more from Bloomberg's Heather Burke, over sixty of their respondents in the survey said there's a low or zero probability that the Fed can ring

in inflation without causing our recession. And about two thirds of the respondents expect the tenier treasury yield to peak over the next nine months at the low three point seven percent, and most think that the Fed is going to start cutting rates in so definitely, it's a pretty muted outlook going into Bloomberg's Heather burg says, the majority in the survey you say the FED funds rate will

peak at four percent or less. Well. One other note on inflation, Karen, prices may be close to peaking, but they won't come down quickly. That's according to an analysis from Bloomberg Economics, which says inflation is likely to stay above eight percent through the end of the year. In fact, it seems model assigns zero probability that inflation will drop below four percent in the feed is not the only thing in focus this week, Nathan. It's also a big

few days for major tech earnings. Should get more from Bloomberg's Charlie Pellett. It's a week one we'll hear from names including Alphabet, Apple, Amazon, Microsoft, and Meta Platforms, among many others. We will also hear from more than thirty percent of SMP five hundred companies. Liz Young is head

of investment strategy at SO five. Earning season has been mixed, not terrible so far, but we have heard from a lot of companies that they're thinking the following environment is going to be more challenging, so they're preparing themselves for that challenge. Also on deck this week three m Boeing, Chevron, Coca Cola, GM, Hilton, MasterCard, McDonald's, PROC doing Gamble ups and Visa in New York. Charlie Pett Bloomberg Daybreak. All right, Charlie, thanks,

and they're even more earnings this week in Europe. Let's go to London, get the leaders done that with bloombergs Uan Parks, good morning, Good morning, Nathan, and Karen. A bump a week for European earnings. Ryanair has posted a profit for the first quarter ahead of estimates. Europe's largest discount airline says it's cautious about bookings, though beyond the current summer travel boom. Meanwhile, first half profits slumping at

Swiss wealth managers Julius Bear. That's as wild market swings spoots clients and a cut to sales guidance for this year from medical equipment maker Phillips. It's been hit by inflationary pressures, supply chain troubles and COVID lockdowns in China. Phillips the worst performing share on the stocky hundred today, down more than ten percent. In London, I'm you and part Spoomberg Daybreak, You and thank You and other news

this morning, international concern is growing over monkey Parks. The World Health Organization has declared the monkey Parks outbreak a public health emergency. We get the leadersh live from Bloomberg's Real He too Young, Good Morning, Ready to Good Morning Care and the lack of urgency and coordination in testing and treatment for the monkey pox virus in many parts of the world has prompted the World Health Organization to

sound the alarm. The virus has spread to about sixteen thousand people in more than seventy countries in just a few months, and White House COVID nineteen response coordinator dr Ashishta says monkeypos can be contained. The way we contain monkey pox is we have a very simple, straightforward strategy on this right, which is make testing widely available. We have done that and now testing is far more frequent and common. We're going to be releasing hundreds of thousands

of more vaccines in the next days and weeks. Dr Ashishta made the comments on CBSS Face the Nation. You can hear the program Sundays on Bloomberg Radio Live in New York. I'm reneed a young Bloomberg Radio Okay, Nita, thanks training to COVID nineteen. Now we have an update on President Biden's condition as he recovers from about with the virus. Amy Morris has details from our Bloomberg ninety

one newsroom in Washington. White House physician Kevin O'Connor says President by the symptoms are improving significantly, with the most prominent symptom now a sore thrope. O'Connor says the seventy nine year old who is vaccinated and double boosted, is responding to therapy. Is expected, and his other symptoms have diminished considerably. Biden is being treated with packs la it It It, He takes tail and all and has been using an

inhaler two to three times a day. The White House says he's still working as he continues to isolate in Washington. I'm Amy Morris Bloomberg Daybreak. All right, Amy, thank you. In corporate news this morning, Apple has announced a rare retail promotion in China. It's offering four days of discounts and its top tier iPhones and related accessories ahead of the launch of its next generation devices. The company is

historically reluctant to alter pricing. The discounts come as China's economy tries to bounce back from major COVID lockdowns in Shanghai and Beijing. Finally, Karen Elon Musk is denying that he had an affair with Google co founder Sergey Brinn's wife. According to The Wall Street Journal, this alleged affair took place in December. The newspaper says it led Brinn to sell his investments in Muskus companies, but my says the story isn't true that he's still friends with Bran brand

filed for divorced from his wife back in January. SMP futures right now are up six team points, Staff futures up a hundred seventeen, Nasdaq futures higher by fifty eight points. And straight ahead, we have your latest local headlines plus a check of sports. You're listening to Bloomberg Daybreak at six o seven on Wall Street where at eighty two degrees in Central Park down dealing with the wreck near Newark Airport southbound Root twenty one by Clay Street. More

coming up in traffic. First John Tucker with more on what's going on in New York and around the world. Good morning, John, Good morning Nathan historic keat has a lot of people struggling to pay utility bills, and as bloombergston he's felt like Greeney tells us. The Senate Majority leader Chuck Schumer's as people need more help. Senator Schumer says demand for New York's federally funded cooling assistance program is unprecedented. There has been such a big demand for

this program given the heat way. The applications went up from about ten thousand to thirty thousand, increase in demand, and Sumer is proposing adding billions of dollars to the budget for the program after it had to stop taking applications because it was so oversubscribed to the spell a greedy Blueberg radio a destructive wildfire near Yosemite has burned out of control through tinder drive forests and has grown

into one of California's biggest blazes of the year. It's worth thousands of residents to flee remote mountain communities the share of genermy breeze. As the fight is far from over. There is hot ash, hot trees, still stuff throwing stuff over the line, causing US concerns. Two thousand firefighters battle the Oak Creek fire, facing tough conditions including steep terrain,

sweltering temperatures at low humidity. Donald Trump is heading back to Washington as Republican rivals maneuver for a possible primary challenge at Loanmaker's probe his culpability for the January six insurrection. The former president will deliver a keynote speech Tuesday at

the America First Agenda Summit, a conservative conference. Trump isn't expanded to announce that third run for president and his Washington's speech, at least according to advisers Today his former vice president might pants will deliverer marks of his own. A live stream of the church service in New York was interrupted Sunday morning by a robbery. Three gun toting thieves entered the leaders of Tomorrow International Ministries in Brooklyn,

demanding valuables from Bishop Lamar Whitehead. You know, took my watch, took my jury, took my bishop's ring, took my wedding den, and then he took my bishop's cross. Well, the bishop says, the thieves drove away, you know, white Mercedes. New York City ranks ninety three in the US for public bathrooms per capita. Now there's a will ended opening more public bathrooms that has the support to pass the city Council.

The effort comes after widespread shutdowns during the early days of the pandemic made it even harder to find a restroom. The Metropolitan Transportation Authority shutter to all seventies six toilets in the subway system. Global News twenty four hours a day on air hand on Bloomberg Quicktake. We're powered by more than twenty seven hundred journalists and analysts and more than one d twenty countries. I'm John Tucker. This is Bloomberg Nathan, Thanks John six ten on Wall Street. John

Stashar has a Bloomberg Sports Uday. Thanks Nathan, Aaron, Judge, pet Alonso, the two New York City Sluggers. They've got the two most runs vetted in in the majors, and they'll be facing off tomorrow and Wednesday. A brief subway series at City Field. Yesterday in Baltimore, another home run for Judges thirty seven. He hit three in the series and in the game where he did homary at four hits. Jose Travino had four hits. Mr. Cortez and the Yanks

shout out the oriol six nothing. Last night city Field, the Mets held scoreless until the sixth inning. At that point they had only scored two runs in the series. Alonso then unloaded three run homer. Mets went on to lead the Padres eight to one, and then held on to beat San Diego eight to five five in Atlanta loss. So the Mets are a game and a half ahead of the praise. Among those inducted into the Baseball Hall

of Fame, Gil Hodges fifty years after his death. He was one of the Boys of Summer of Beloved Brooklyn Dodger first baseman. His daughter Irene made his induction speech. When my father slumped in the nineteen fifty two World Series, Brooklyn fans loved him who goes over and gets the standing ovation every time at bat Mets fans loved him too. Hodges, of course, the manager the Miracle Mets. In nineteen sixty nine, Cleon Jones ed Cranepool, Art Shamsky, Ron Swoboda, and the

daughter of the late Tom Siever. We're all there in Cooper's Town where David Ortiz, Jim Cott, Tony Oliva, the late Mini Minosa, and Buff O'Neil were all inducted as well. Three M Golf in Minnesota. Tony Fidou trailed by five shots with eleven holes to play. He won by three. John Stash Bloomberg Sports, Thank you, John SMP futures of sixteen points south features of a hundred twenty four dance actually higher by fifty nine points. You're listening to Bloomberg

day Break Bloomber eleven three oh weather. Some showers and storms possible today with the heat Advisor in effect till

eight pm for parts of northern New Jersey. Will be in the mid eighties tomorrow, oper eighties by Wednesday right now 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 Quicktape He's a Bloomberg Business lash and I'm Karen Moscow and US dot get Next Future is on the rise this morning, while European shares are also gaining. Now. We check the markets every

fifteen minutes throughout the trading day. On Bloomberg SNP futures up twenty points now. Futures of a hundred fifty two nasday Future is up seventy one. The decks in Germany's up half per cent. Attend your treasury down fourteen thirty seconds, he'll two point zero percent. They yield on the two

year two point nine percent. Nimex Scrude oil is up one per cent or ninety six cents at ninety five sixty six cents of Barrel Comic School is up two tenths per cent or two dollars ninety cents a seventy announced. The euro one point zero to three three against the dollar, British found one point two zero four or five, and the yen at one thirty six point three one. And look at a bitcoin this morning, it's down three percent at twenty two thow five dollars. That's a Bloomberg business flash.

Now here's John Tucker with more on what's going on around the world. John and carry the international concern growing over monkey pox. The World Health Organization has declared the monkey pots outbreak of public health emergency. Elon Boss denying he had an affair with Google co founders Sergey Brin's wife. According to The Wall Street Journal, the alleged defferent took place in December, and a destructive wildfire near Yosemite National

Park burning out of control through tinder dry forests. Thousands of residents in the area have been evacua. In it, sports, Yankees beat the Ohs, the Mets top the Podres, Red Sox fall to the Blue Jays, the Dodgers beat the Giants. The Nationals also beat the Diamondbacks. Global News twenty four hours a day on air in a Bloomberg quick take power by more than twenty seven hundred journalists and analysts. It more than one hundred twenty countries. I'm John Tucker

at vs is Bloomberg. Nathan Okay, John, thank you. At six nineteen on Wall Street Live from the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak and Michael Houston is with us now, chief market analyst at CMC Markets. As we get ready for a trading week, it's going to be dominated by a Fed decision and big tech earnings. Michael, good morning. Of course, a lot of focus now on

what the Fed will decide on Wednesday. It seems as though they've pretty much telegraphed to seventy five basis point move. So what are markets looking for ahead of that? Well? I found I funny think it's actually quite telling that we actually opened on the down swing hearing Europe, and we've only started to edge higher after the German i FO business survey posted some really die in numbers this morning and has pulled us back rather counterintuitively into positive territory.

And I can't help thinking that markets are pricing in they were getting close to the end of the central bank hiking cycle. Then we are into the beginning. Certainly. I think if you look at the way bond you would have been behaving over the course of the past few weeks. I can't help thinking that we've peaked and that ultimately markets are now pricing in increased probability of recession.

And ultimately, after this week's seventy basis point rate hiked by the Federal Reserve, I think the key message will be how hard are the Fed going to go subsequent to the Jackson Hole obviously in September and thereafter, And I think markets are starting to price out the probability of much more aggressive tightening as we head into the second half of the year. That's certainly my feeling when I look at the behavior of the US dollar, which

has started to show signs of rolling over. But really I think it's what bond markets are telling me at the moment. They're telling me that markets are, you know, sort of doubtful about whether or not center banks are going to be able to time as much as they say that. So, are you thinking that there could be a pivot from the Fed away from an inflation finding focus to more of a focus now and trying to avoid recession? Is that your call now? Not yet. I

don't think they'll signal it this early. I think they'll go through with the basis points on Thursday. I think it's way too early to signal any sort of pivot,

even though the markets are starting to price that. I think if if we're going to see a pivot, look howm at Jackson Hole, Because generally that's when the Federal Reserve it tends to lay out what it expects for the U S economy over the course of the next three to four months into year end, and they'll have more data to work with a Jackson Hall, they'll have another I'll have another two payrolls reports to work with,

They'll have two months more data. I mean that services data that we saw on Friday was particularly surprising and a little bit shocking. And I'll be interested to see whether or not the I S M non manufacturing data supports the decline that we saw in the more general Peremo numbers that we saw last week. How much is the Fed potentially affected by the European Central Banks decision to go a little bit higher than the markets might have been anticipating. Does that have any impact on what

the Fed decides this week? No, none, whatsoever. The ECB

has a completely different set of problems than the Federal Reserve. UM. You know, the decision last week to hike by fifty basis points was akin to bringing a knife to a gunfight for the e c B, even though the markets are talking about the prospect that probably going to be able to hike by another hundred and fifty basis points by year end, I seriously doubt that if if the German economy and the European economy slides into recession um so, I think as far as the ECB is concerned, it

has its own set of unique problems to deal with, completely independent of the Federal Reserve. Now on top of the FED decision this week, of course, we've got a slew of big tech earnings. What's the bigger focus for markets this week? Is that the tech earning story? Or is it what the Fed decide? I think I actually think it's the earning story. I think you saw the reaction from those step numbers on at the end of last week on Friday morning and the subsequent decline there,

and it's not the first time it's snapped. The sort of acted as a little bit of a canary in the coal mine when it comes to tech earnings. We've got obviously alphabet tomorrow. We've also got better later in the week, and it was notable. I think for me, Nathan in the US quota, how advertising revenues for Alphabet actually disappointed towards the downside, and it was largely on

as a consequence of a shortfall and YouTube revenue. I'll be interested to see whether or not that pattern is repeated as we look ahead to the Q two numbers and what their outlook is for Q three. More importantly, I'm less concerned about metas numbers as I am about Amazon. What do Amazon's numbers tell us about um It's costs, it's margins, and also its outlook for the rest of the year. Now lives to digest this week. Thanks for this, Michael,

always great to speak with you. Michael Houghson, Chief market analyst at CMC Markets. Right now, SMP futures are up eighteen points, stowth future is up a hundred forty six. Nasdaq futures are higher by sixty four points. The ten your treasury is down fourteen thirty seconds for a yield of two point eight zero percent, and the yield on the two year right now two point nine nine percent.

You're listening to Bloomberg Daybreak Bloomberg eleven three oh Weather could see some storms today as we have a heat advisory till eight tonight from parts of northern New Jersey. High near ninety today, mid eighties tomorrow, oper eighties by Wednesday.

Right now one in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg E Living Free to Washington, d C. Bloomberg to Boston, Bloomberg one O six one does San Francisco, Bloomberg N sixty to the country Sirius XM Chento one nine te and around the globe the Bloomberg Business in Bloomberg Radio dot com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning,

I'm Nathan Hagar and I'm kmerin Moscow. We are just about three hours away from the open of US training. It's time for the five Things that you need to notice start your day. Brought to you by Interactive Brokers Global Analysts. It helps you find a global investment opportunities to diversify your portfolio and discover undervalued companies that may have greater growth potential. Try I v k R Global

Analysts today at IBKR dot com. Slash g A first who begin with this week's highly anticipated FED meeting, when Share J. Powell and his colleagues are expected to once again approve a seventy five basis point hike in interest rates. Treasury Secretary Janet Yellen says she does not believe the US economy is in a broad recession, but inflation is still a concern. Inflation is way too high. The FED is charged with putting in place policies that will bring

inflation down, and I expect them to be successful. Treasury Secretary Janet Yellen made the comments on ABC's and Meet the Press, and you can hear the program Sundays on Bloomberg Radio. Well, despite what Yellen saying, Karen, investors remain skeptical that the Fed will contain inflation. That's according to more than hundred of them who participated in a Bloomberg and Live Pulse survey. According to a new model from Bloomberg Economics, inflation is very likely to stay above eight

percent through year end, Nathan. Big tech earnings are also in focus on Wall Street. We'll hear from Alphabet, Apple, Amazon, Microsoft, and Meta this week. They join more than thirty s and P five hundred companies scheduled to report another newscarent international concern is growing over monkey poks. The World Health

Organizations declared it a public health emergency. Let's get the latest from Bloomberg's We Need a Young The lack of urgency and coordination and testing and treatment for the monkeypox virus in many parts of the world has prompted the World Health Organization to sound the alarm. The virus has spread to about sixteen thousand people in more than seventy countries in just a few months, and White House COVID nineteen response Coordinator Dr Eshishja says monkey poks can be contained.

The way we contain monkey pox is we have a very simple, straightforward strategy on this right, which is make testing widely available. We have done that and now test thing is far more frequent and common. We're going to be releasing hundreds of thousands of more vaccines in the next days and weeks. Dr S's made the comments on CBS's Face the Nation. You can hear the program Sundays on Bloomberg Radio Live in New York. I'm rend A Young Bloomberg Radio. All right, we need to thank you,

and we have an update from the Biden administration. After the President tested positive for COVID nineteen. Last week, White House physician Kevin O'Connor says President Biden has a sore throat, but his symptoms have improved significantly. That's the five things you need to notice start your day. Brought to you

by Interactive Brokers, and this is Bloomberg. Thanks Karen Sixe on Wall Street eighty two degrees in Central Park, still dealing with an accident South Bench twenty one by Clay Street. If you're headed to New York Airport. More coming up in traffic. First John Tucker with what else is going on in New York and around the world, John Nathan, The heat is on again. The heat advisory still remains an effect for parts of northern New Jersey until tonight.

And Bloomberg Media rounda is Gary Beastil. This relief is in sight, John, A big ridge of high pressure that's been responsible for all our heating commidity will begin to break down a bit through today, so that's gonna be more seasible weather coming up here for much of this week, with temperatures mainly sitting in the eighties, and the Commitee will be on the moderate to highside at times. Bloomberg meteorologist Gary Best in Newark, New Jersey, there have been

five straight days of hitting one hundred degrees. That is the longest stretch on record. At least two thousand firefighters are battling a raging wildfire just west of Yosemite National Park. More than six thousand residents have been forced from their homes. Extreme drought fueling the flames. Colfire Battalion Chief John Heggie, We're seeing that when change throughout the day, which really kind of puts the firefront in different areas as we

fight the fire. California's governor has declared a state of emergency. Donald Trump will test his waning appeal among Republicans with a visit to the nation's capital. That story from Bloomberg's Amy Morris. The former president will deliver a keynote speech tomorrow at the America First Attend a summit in Washington,

a conservative conference. His remarks come on the heels of a House Committee hearing that portrayed him standing by indifferently, even vindictively, for hours as a mob of his supporters battled police and chased lawmakers through the halls of the Capitol. Trump is not expected to announce a third run for president. In his Washington speech, his former Vice president Mike Pence will deliver remarks of his own scheduled for today in Washington.

I'm anymore as Bloomberg Daybreak. He was the instrumental in getting Republican George Pataki elected governor ed Aldemotto elected Senator. In New York, the former state Conservative Party chairman Michael

Long has died. He was eighty two. And Poulpe Francis has landed in Canada and what's being called a penitential journey to apologize to Canada's indigenous people for the abuse of children in residential schools going back to the nineteenth century, Global news twenty four hours a day on the air end on Bloomberg Quicktake power by more than twenty seven hundred journalists and analysts and more than one trees. I'm

John Tucker. This is Bloomberg, Nathan, Thank you, John. Six thirty five on Wall Street Time for the Bloomberg Sports Update with John Ston Show. All right, Nathan Mets had lost three in a row and only scored four runs in those three games, and they began the day with their lead over Atlanta. There was once ten and a half games down to just a half game. The Braves loss, so the Mets and knew they were not going to

fall out of first with their backs. Were quiet for five innings against the Padres Joe Musgrove and then in the sixth maybe their biggest hit of the season. Here's the pitch, so we're gonna high five all we'll hit up center. He's on the way there playing run Harmer for Peter lots Hall over the Great Wall of Question to the right, up the three seventy Mark Peter lots all this crowd Eric City on the CBS. Mets tacked

on five more runs. They led eight to one, and then they held on and beat San Diego eight to five. They needed Edwin Diaz to come in and close it out. He got his twenty first save. The Mets are off today and they host the Yankees tomorrow. The Yanks in Baltimore shut out the Orioles six to nothing. Esther Cortez the first six in names Clark Schmidt, the last three four hits for jose H. Travino and another home run for Aaron Judge is thirty seven Houston right behind the Yanks.

The Astros finished a sweep in seattlele The Mariners began that series writing a fourteen game winning streak. Speaking of streaks, Red Sox have lost five in or O sweat fight Toronto, and during the losing streak, the Red Sox have given up sixty seven runs. They did yesterday get to see one of their all time greats get inducted the Baseball Hall of Fame. David Ortiz did his speech in both

English and Spanish. Tonyo Leiva Jim Cott both inducted as well, and three went in posthumously, Minnie Minoso, Buck O'Neill and Gil Hodges, the former Brooklyn Dodger first baseman and Mets manager. John stash Award Bloomberg Sports Staton. All right, John, thank you his sixty seven on Wall Street. Time now to take a look at stock, some of the names moving in the pre market, and Bloomberg Radio and TV markets

correspondent Krety Gufta is back with us this morning. Real big week four tech earnings and we got some news from Apple ahead of the results. We did get some news from Apple. You know, it's interesting because I feel like it's such a US centric week this week with the Futo Reserve, with all our Eco data, and then of course with earnings that you mentioned, I think it is supposed to be the biggest earnings week that we

have this season. But I think you also have to pay attention to what's going on in China when it comes to Apple in particular. Now I'm gonna preface this by saying Apple shares are up about five tents of one percent. A p L is your taker. Well, now six tenths of one percent is your highest volume trade this morning in the pre market. That being said, there is some news here China ceiling off an iphonemaker. So Apple, for example in Shenzen to battle COVID. This is basically

their closed loop loop system. They're saying that because of those lockdowns, they don't want to shut down the entire production facilities. So what they're doing is having workers actually work in this closed loop system, which means that you sleep stay in the factory, You sleep in the factory for seven days, and then you finally get out and

kind of take your time off, take your weekends. The different working system, but basically what it does is it tries to make sure that uh, the production and the factory kind of work still go is ongoing. While still kind of quarantining for COVID. So this is gonna be a story you guys want to watch. It's not necessarily affecting the stock this morning, Nathan, but it is something

that could affect it in the long term. As we of course know, those COVID lockdowns and the Chinese approach to it has heard a lot of production from Apple to Tesla to you name it. Yeah, as we look ahead to the open this morning, we're seeing some pretty modest gains across the market sort of moving in tandem this morning. Is it all about the Fed this week or is it all about earnings? Oh? That is a

very hard, very very hard question. I'm gonna say, I'm gonna vote earnings here because the Federal Reserve, I think seventy five basis points is priced into the market and you can see that on a macro level, but on an internal level, I think one of the big question marks, especially after Snapchat and and Twitter last week, is simply do some of these big tech names actually have a

chance in terms of impressing investors. The standards are so high, especially when you are kind of looking or investors are looking really for any kind of Achilles heel, and I think that's why this morning's price action is so important when it comes to the tech name. So we talked about Apple, but take a look at what Google shares are doing. G O O G is your taker up nine tenths of one percent. Even Intel, a semiconductor company, I N TCSR taker up six tenths of one percent.

And then of course you always have Tesla T s l A up one three percent. So to see that tech is really right off the bat, kicking into high gear and leading those games even in the pre market, I would say it is pretty significant. That being said, you do have some materials names in here as well, So Newmont for example, any M is your taker. Uh it's actually down two point two percent, So keep an eye on that trade. The idea that defensives are coming back,

cyclicals perhaps taking a little bit of a backfoot. Bloomberg Radio and TV markets correspondent Crety Goopta getting us ready for a very busy week for the markets. Thanks as always Crety, and looking ahead to the open. We have SMP futures higher by eighteen points, down futures up at six, NASDAC futures on the rise by fifty six points. The tenure Treasury is down eleven thirty seconds now yield two point seven nine percent. The yield on the two year

two point nine eight percent. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather could be stormy today with a heat advisor and effect till eight tonight for parts of northern New Jersey. We'll get up to near ninety degrees, mid eighties, sunny, less humid tomorrow. Uprighties Wednesday, right now two 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 futures are on the rise. This morning. We go to the first word breaking news, dask for today's morning call, and here's Bill Maloney. Bill, good morning, Good morning, Kan. That's right. US futures are in the green right now with down features up a hundred and fifty three point sides Game nineteen well Nasdack futures are higher by fifty seven. The US ten year

old at two point eight percent. Gold is up three Oil is climbing, but big coin is down by three percent. Asian markets dropped overnight, while your p markets are higher this morning and back in the West. Sunny Economic Funday thirties Chicago FED and at ten thirty that Dallas FED. Regarding earnings this morning, RPM EPs miss estimates. Also look for Newmont Mining to report. And in other news, Apple

prepares a rare iPhone discount for Chinese buyers. Wrapping things up, black Stones cut to market perform over at KPW Live from the first to breaking news Descomb. Bill Maloney can all right, Bill, thank you, and to hear live Ricky news over here. Bloomberg tap squawk on your terminal squ a w K and that's a Bloomberg business flash. Now here's John Tucker with Moore on what's going on around

the world. John Arn a destructive wildfire in the U seventy manager the park burning out of control through tinder dry forrest. Thousands have haven evacuated as a result. Former President Donald Trump headed back to Washington, d C. He'll be the keynote speaker at a conservative conference tomorrow. And Elon Moss denying he had an affair with Google co founder Sergei Brin's wife. According to The Wall Street Journal,

the alleged affair took place in December. Sports Yankees beat the Orioles, the Mets top the Padres, the Red Sox fall to the Blue Jays, Dodgers beat the Giants, and the Nationals beat the Diamondbacks. Global News twenty four hours a day on air and on Bloomberg Quicktake. We're powered by more than twenty seven hundred journalists and analysts in more than one twenty countries. I'm John Tucker at This is Bloomberg. The following commentary is from Bloomberg Opinion. China's

economic engine is about to start shrinking. I'm Justin Fox, a columnist for Bloomberg Opinion. Right now, China has nearly a billion people fifteen to sixty four years old, which generally termed the working age population. That's about five times bigger than the same age group in the US. Because of recent birth declines, China's gigantic working age population will start shrinking before the end of this decade, according to new United Nations population projections. It will then keep shrinking

for the rest of the century. Under the u N scenario that best corresponds to current fertility trends, China's fifteen to sixty four population will fall below five hundred million in the two thousand sixties and below two hundred million in the two thousand nineties. The U s working age population is expected to decline under that scenario too, but not nearly as fast, leaving it in roughly the same ballpark as China's, which is pretty amazing to contemplate. I'm

justin Fox. For more opinion, please go to Bloomberg dot com, slash Opinion or O P I n go on the Bloomberg terminal has been Bloomberg Opinion and Bloomberg Opinion commentaries can be heard every weekday at this time, and terminal customers can read more at O P I n go. It is six fifty on Wall Street. Return to news and science and technology now with the Bloomberg and j

I T. STEM Report. It has brought to you by New Jersey Institute of Technology, transforming computing professionals into data scientists to meet the demand in this fast growing field. Learn more at and j I T dot E d U slash Data Science. And now here's let's making news in science, Technology, Engineering, and math. President Biden's doctors, says there are encouraging signs that he is overcoming the coronavirus. The White House physician noted in a daily update that

the president's symptoms continue to improve significantly. He's being treated with Viser's drug pack. Leavitt, the Director General of the World Health Organization, has declared the monkeypox outbreak a public health emergency of international concern. The virus has spread to about sixteen thousand people in more than seventy countries in just a few months. There's concerned that, as in the early days of the OVID outbreak, there's a lack of

urgency and coordinating and testing and treatment. And Apple has announced a rare retail promotion and Shinau it's offering four days of discounts and its top to your iPhones and related accessories in advance of the launch of its next generation devices. The company is usually reluctant to alter pricing.

It discounts come as China's economy tries to bounce back from major COVID nineteen lockdowns in business hub Shanghai and Beijing, which have heard sales of leading domestic smartphone brands, and as the Bloomberg and j I t stem report, Nathan Karen, thank you. We are live from the Bloomberg Interactive Brokers Studios.

Or It's coming up to six fifty two on Wall Street Time Now to check what's going on in d C. Some of the top stories in our nation's capital include members of the House January six Committee saying they have built evidence of criminal wrongdoing going all the way to former President Donald Trump. Republican Adam Kinzinger tells ABC's This

Week he hopes the Justice Department is watching. We never want to get in a position as a country what you see in failed democracies where every last administration is prosecuted. But there is a massive difference between I'm going to prosecute the last administration for political vengeance and not prosecuting an administration that literally attempted a failed coup. Also making news, the World Health Organization declaring monkey poks a global health emergency.

White House COVID Response Coordinator Doctor She's Jo says the outbreak can be contained in the US. The way we contain monkey poks is I make testing widely available. We have done that, and now this thing is far more frequent and common. We're going to be releasing hundreds of thousands of more vaccines in the next days and weeks.

Doctor She's jaw is on CBSS Face the Nation and ahead of the Federal Reserves policy decision this week, Treasury Secretary Janet Yellin tells NBC's Meet the Press she does not see signs the US economy is in a recession. There is a slowdown, and businesses can see that, and that's appropriate given that people now have jobs and we have the strong riber market. Meet the Press, Face the Nation and this week can all be heard every Sunday

right here on Bloomberg Radio. Let's bring in Bloomberg Government reporter Emily Wilkins for more on what's happening in the

nation's capital. Emily, good morning. It sounds like the January six Committee has a few lines of inquiry it could potentially be looking into even after that final prime time hearing, y Nathan, the thing that we've been hearing from listening from Helene, Laura, from others on the panel is that the dam has been broken, that they're starting to get a lot more witnesses coming forward, being willing to testify and be willing to share information. So the committee is

I guess we could call them on a break. Now. They're certainly doing work behind the scenes, but we're not going to be seeing more public hearings until we get to September. And we're also keeping an eye out for some sort of report from the committee. We initially were expecting a final report around the end of this summer early fall. Now it sounds like we might not get

a final one until a little bit later um. And this is coming as the Committee is also trying to figure out, uh, look into what happened with text messages from the Secret Service from January five and January six. The Committee had put in a request to get those texts and they were told that they did not exist, that those texts had been wiped when the phones are reset to factory mode in January one. The Committee is

said they're going to continue to look into that. You've got the Department of Homeland Securities Inspector General that's also opened up an investigation into that. One. One thing that really remains to be seen at this point a huge question mark for the committee because whether or not they're going to make any sort of criminal referral of Donald Trump to the Justice Department. I know in that clip.

Obviously you heard Congressman Kinsinger suggests that that would be warranted, but whether or not the committee decides to do so is is still up in the air. And of course comes as the Justice Department as well as other, uh you know, attorney general departments and legal departments across the country are looking into Trump and his actions around trying to overturn the election and trying to come to some conclusion about what, if anything, is going to be done

with the former president. And even with this ongoing legal overhang, this is a very interesting week in Washington because former President Trump is coming back to d C for the first time since he left office after January six. Yeah, the President's going to deliver a keynote speech on Tuesday at the American First Agenda Summit, which is a conservative conference.

He's not expected to announce another run for president in his speech, according to advisors, but we all know that he sometimes likes to go off script um, and it's certainly going to be just sort of a sense of you know, what's the reaction of Trump in and around Washington, d C. I mean, a city that's already um, pretty globeral liberal as far as things go. Um, but also just kind of a test um of Trump's continuing power on the campaign trail. Um. I mean, certainly you've seen

the disapproval to approval rating for Trump. You've seen more of folks begin to disapprove of him since March, since the first of the January six Committees revelations and and news began to come out. But you know, there is still a solid chunk of the population um that approves of him, that wants to see him run for president again, um, and that still supports him, And at this point it really remains to be seen how that might stack up

against other potential Republican contenders for president. In only about thirty seconds left here, Emily, but even before the President's appearance, former Vice President Mike Pence is coming to d C as well tonight. Yeah, and Pencils actually here last week talking with a bunch of House Republicans who all greeted him very warmly, including those who have like very strongly back Trump. But you're also going to see Pence given an announcement at the Heritage again a conservative thing take.

His speech is going to be more focused on policy, which is something we're hearing Pence talk a lot about. He's also a potential contender for four. Really you really interesting to see how he both kind of differgiates himself from Trump while sticking to Trump as of course his

former vice president. All Right, Bloomberg Government reporter Emily Wilkins gonna be very busy in Washington, d C. This week, and you can read more about all these stories on Bloomberg dot com or on the Bloomberg terminal and listen to Bloomberg Radio from the nation's capital of Bloomberg one and one oh five point seven FM HD two SMP. Future is up twenty points right now. Down futures up a hundred sixty nine. NAZAC futures are higher by sixty

two points ten. Your treasury is down thirteen thirty seconds now. The yield two point seven nine percent. Yield on the two year two point nine eight percent. Bloomberg Surveillance is next with Tom Keene, Jonathan Farrell, and Lisa Bronwitz is back this week for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg