Bloomberg Daybreak: September 2, 2022 - Hour 1 (Radio)

CDC signs off on new COVID booster shops. I'm Michael Blah. What we're ahead, I'm John stash Howard. Sports. The Mets meet the Dodgers, the Yankees to get a big series tonight at Tampa Bay. And Serena Williams play tonight at

the US Open. That's all's trading ahead on Bloomberg day Break on Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius XM one nine Team and around the world Old on Bloomberg Radio dot Com and Bloomberg Business Ship. Good Friday morning. I'm Any Morris and I'm Karen Moscow.

US futures are little change this morning, where coming up to five o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day on Bloomberg and again futures little change. The ten year Treasury that will changed as well. The yield is at three point to five percent, and they yield on the two year three point five zero percent. Nine X screwed oil is up two point nine percent or two dollars fifty five cents at eighty nine dollars sixteen cents of barrel

Bitcoin this morning at twenty thousand, ninety dollars. Amy, Well, Karen, We begin with some stability in the equity markets this morning as we close out the trading week. D S and P five hundred in Dow Jones Industrial Average both snapped four day losing streaks yesterday. Still, we are in a traditionally tough period for stocks. The SNP has average declines of six and seven tenths of a percent for

August and September over the past five years. Liz Young is head of investment Strategy at Sophie going into the end of August, and now we've started September. Next week, everybody sort of comes back into the fold, and that's when I would expect volatility to kick back up again. We're certainly not out of the woods. I don't think that we're going to get out of a trading range for a while and until we at least hear that inflation has cooled so fis Liz Young puts the odds

at fifty fifty four recession next year. Meantime, maybe global bonds have slumped into their first bear market in a generation. The Bloomberg Global Aggregate Total Return Index of government and investment grade corporate bonds has following more than twenty first cent from its peak last year. Officials from the US to Europe have hammered home the importance of higher interest rates, building on a hawkish message from Fed share J. Powell

at the Jackson Hole Symposium last week. The direction of today's bonded equity markets may be determined in about three and a half hours. That's when we get the US jobs report for August that kind mists forecast a gain of two thousand jobs. We get a preview from Bloomberg's Michael Thankee, the jobs data are something of a one way bet for Wall Street. If the number is surprisingly high, as it was last month, it probably locks in a FED rate hike of seventy five basis points at the

next meeting. A weaker than expected report won't necessarily guarantee only a fifty basis point move. A big increase in consumer prices. Data yet to come could change views. After financial conditions loosened in August. Payrolls may give a little more clarity on how much impact the FEDS tightening has already had watched the changes in the unemployment and participation rates and in the number of people who lost their

jobs during the month. Michael McKey, Bloomberg Daybreak. All right, Thank you, Mike, and please stick with Bloomberg Radio and Television all morning for full coverage of the August jobs report, and join us at Wall Street time. We'll speak live with Labor Secretary Marty walah Well. Investors look for US slowdown in jobs amy Inflation is still front and center for the At Atlanta, Fan president Raphael Bostage says the US Central Banks campaign to cool inflation is still not complete.

He told students to Georgia Tech. The current pace of inflation was a long way from the fed stupor sent goal. Another major story we're following this morning, President Biden taking aim at Donald Trump and so called mega Republicans. Last night, in a primetime address, the President urged Americans to reject any Trump backed candidate in the November midterm elections. Too much of what's happening in our country today is not normal.

Donald Trump and the marga Republicans representative extremism that threatens the very foundations of our republic. As President Biden takes him on Donald Trump's ideology, House Minority Leader Kevin McCarthy is calling on Biden to apologize for invoking fascism when describing the former president. In the past two years, Joe Biden has launched an assault on the soul of America. McCarthy made his remarks before President Biden's speech. So what's

the potential impact from President Biden's primetime speech? Amy While Bloomberg Politics contributor Rick Davis as the President is trying to create a wedge between mainstream Republicans and those who embrace them make America Great Again ideology, This kind of you know, sort of setting up the wedge, you know, independence,

don't be drawn into that Republican party. These are run by MAGA And what he's trying to do is probably go that he got in a general election two years ago, and he needs that to show up on the midterms. And Bloomberg Politics contributor Rick Davis said President Biden traditionally tends to avoid wedge politics, as seen by his partisan legislative accomplishments over the past few months. Now, let's turn from politics to corporate America, where we have a couple

of changes in the c suite. Starbucks has named Record ben Keys their chief executive Lacksman Narrasment to be its next CEO. Wisman is a veteran of the consumer industry, and he'll joins Starbucks next month while longtime leader Howard Schult stays in charge. Narisman will fully take over in April. Meantime, Shall is shortlisted candidates to succeed CEO Ben van der Buren. He is preparing to step down in three after almost

a decade at the oil giant. Reuter says. Candidates include While Sawan, the company's head of integrated Gas and Renewables, as well as hibert v g v No, the head of downstream refining operations. And now let's check out some stocks on the move this morning. Shares Broadcom or up more than two percent. The chip maker gave a strong sales forecast for the current quarter. The outlook suggests Broadcom is sidestepping a broader decline and ship demand at least

for now. Other suppliers, including in video, Intel and Micron Technology, have predicted a steep sales slowdown, and shares a Lulu Lemon are up almost ten percent, the maker of athletic attire, raising its full year outlook. The company's seeks to double its sales by six by selling more goods to men and expanding Lulu Lemon's footprint abroad. Futures this morning they are little change, Imax, screwed oil is on the rise, and straight ahead, we have your latest local headlines, plus

a check of sports, and this is Bloomberg. All right, thank you, Karen. It's five or seven on Wall Street. Let's bring in Michael barn Now with more on what else is going on in New York and around the world.

Good morning, Michael, Good morning Amy. A stiff sentence was handed down for a former New York City police officer convicted of assaulting a police officer during the January sixth capital attack at the during the riot, Thomas Webster faces ten years in prison for brutally assaulting a law enforcement officer on January six It is the longest prison sentence to date for a defendant during the Capitol riot. Webster sobbed in court, saying he wishes he never had gone

to the Capitol. That day, lawyers for the Justice Department and former President Trump faced off in the Florida court room over whether there should be a special master assigned to review top secret documents the FBI sas last month at Trump's Mara Lago estate. The judge did not issue an immediate ruling. You and inspectors have braved the cross fire of Ukraine and Russian forces to get inside Europe's

largest nuclear plant. The long away to visit to the Russian occupied facility comes as one of its reactors was shut down temporarily due to the fighting. Raphael Grocy is leading the International Atomic Energy Agency team inspecting the plant. I have just completed a first tour of the key areas that we wanted to see in this first approach to the whole facility. The I A E. A. S. Raphael Grocy COVID booster shots that are the most common new variants of the virus should become available in the

US within days. The Center There's were Disease Control and Prevention signed off on the rollout of updated vaccines. Dr David AGAs these are the first time has been a change to the COVID nineteen vaccines since they were launched in December of twenty and the hope is this booster, which includes the B A four and B A five spike protein as well as the original Ulhunt spike protein, will cause a broader immune response to enable protection from the current variants in the United States as well as

future variants. Dr Vegas spoke to CBS the boosters will will be made by Fiser and rival Molderna. A man was arrested in Argentina after pointing a gun at Vice President Christina Fernandez de Kirchener as she greeted supporters outside

of residents and Buenos Sary's. The incident comes at a time in which Argentina is bitterly polarized after years of economic crisis and political in fighting global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts, are more than a hundred twenty countries. Michael Barr and this is Bloomberg. Amy, all right, thank you, Michael, five O nine on Wall Street Time. Now for the Bloomberg Sports Update.

Here's John stash Our. Thanks Amy. A trade of Donovan Mitchell to the Knicks made perfect sense. The Utah Jazz were looking to deal their star guard and the Knicks need a big time player. Mitchell's and New Yorker's father worked many years for the Mets. Two teams did a lot of talking. But when the Jazz traded Mitchell, he went to Cleveland. The Calves gave up Colin Sexton Lauri Market in three first round draft picks. Good news for

the Mets. Not only there come from behind five to three win over the MLB leading Dodgers to win the series. Chris bassonketting the twelve win Mets, winning with two runs of the sixth inning, two more in the seventh. The Mets next sixteen games, twenty one of their next twenty four or all against sub five hundred teams. That starts tonight at City Field against Washington and that should help them hold off Atlanta in the NL East of Brave

Skill three games behind. They shut out Colorado three nothing for Atlanta rookie Spencer Strider eight scoreless innings, lad On two hits, no walks, and he struck out sixteen. A month ago, the Yankees led Tampa Bay by fifteen and a half games. Their lead is now six, but they get swept this weekend. It is down to three. Jam leeno Herman faces the race tonight for the third night this week. It is Serena Williams Night at the US Open. Serena tonight taking on Alja tom Janovitch from Croatia. She's

ranked forty eight. There'll be another huge pro Serena crowd at Arthur S Stadium. Serena and Venus Williams lost their first round doubles match last night. Also last night, Raphaela daw one in four sets. John stash Award Bloomberg Sports, AM, all right, thank you, John. Checking the market's now s and P futures up to Dell futures up seven NASDAK futures of four and a half ten year Treasury unchanged the yield at three point to five the two year

heels at three point four nine percent. Much more still to come. On this Friday morning on Bloomberg Daybreak, This is Bloomberg Bloomberg eleven three oh weather today, abundant sunshine to start your long holiday weekend, going up to eighty degrees eight five tomorrow nine degrees on Sunday, Labor Day, a cloudy one flowing up to eight markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com,

the Bloomberg Business Outland at Bloomberg Quick Tape. He's a Bloomberg Business Flash and I'm Karen Onscow and US dont index futures are little change this morning ahead of a key US job support that could stir expectations for another sharp Federal Reserve interest rate hike. We check the markets every fifteen minutes throughout the trading day on Bloomberg Right now, SMP down, nastack futures all little change. The decks in

Germany is up one and a third percent. Ten your trade she read down one thirty second you have three point to five percent. They yield on the two year three point four nine percent. Nimex screwed oil is up two point four percent, up two dollars five cents at eighty eight dollars seventy cents a barrel. Comics gold is up four tenths per cent, or six dollars forty cents

at seventeen fifteen seventy an ounce. The euro is at point eight against the dollar, British pound one point one five five one, and the yen at one forty point three three bitcoin. And this morning is Smith's Li'll change at twenty thousand, eighty dollars in the August jobs report at an eight thirty Wall Street time, factory orders and durable goods orders around of ten. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on

around the world. Michael, good morning, Good morning Karen. President Joe Biden stepped up attacks on former President Trump and GOP lawmakers during his prime time speech by mccues Trump and his supporters of endangering US democracy. The US called around response to the latest effort to revive the nuclear accord not construct active, raising questions about whether the two sides can reach a deal that would free more oil for Global Markets. At the US Open, Serena and Venus

Williams were eliminated after losing their doubles match. Serena Williams will play tonight in the third round of singles. In baseball, the Mets, Red Sox and Orioles one the Nationals. BTA seven five Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty journalists analysts more than a hundred twenty countries. I'm Michael bar This is Bloomberg Gaming. All right, Thank you, Michael. It is five nineteen on Wall Street. We're live from

the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak. We're joined now by senior economist Jennifer Lee at BEMO Capital Markets. Jennifer, thank you for taking the time with us on this Friday morning. As you know, we're waiting for this critical jobs report. It's just a few hours from now. How

much is writing on this report? Oh, good morning? UM, you know what it's Uh, it's always a market moving report, clearly, but in terms of for the Fed, I think it holds second place to what is probably more important for the Federal Reserve and that will be the September CPI report. Having said that, you know, obviously jobs are are are super important just for the health of the overall US economy and for the consumer. What are you going to

be looking for today? So obviously the headline we're actually a bit below consensus at two UM. I'm actually very interested in what happens to the revisions um um. Sometimes you know, I think we always have missed what happens behind the scenes. But that's studying five increase in July, UM, whatever of the not that is going to hold. And you know the over three thousand jobs for a few months before that as well, So revisions for sure, the

job was great. Our hourly earnings as a measure of inflation would be good news if it's if it's pretty solid, because again good news for consumers, for for household spending, but of course bad news for the Fed because it um suggest that they would have to tighten a bit further um and maybe a bit of a bit longer as well, depending on how much of the increase will be.

I've heard you talk about that before. A strong number may be good for the economy, Uh, the FED would have to keep tightening, though whereas a weak number maybe not so delightful. However, the FED maybe not having to be so aggressive. So then would the bottom line be maybe higher employment not so bad. Higher employment is always good for the macro economy. But you know, these days it's it's so it's so warped off posts that you know, we're you know, we're we're looking for almost hoping for

us someone. I don't know if I can say that, but for a weaker figure, just to suggest that the FED will can kind of breathe a little bit easier and have a bit more breathing room. But of course, you know, nobody wants to see, uh like a very negative jobs report. So something you know, almost goldilocks is you know something you know, like I said, two or fifty thous and you know, for our call is is still a strong number, but you know it wouldn't be head.

It is enough for the FED to, you know, for people to start thinking about, you know, anything bigger than right. That's a fine line to have to walk. But the FED share himself had said that the labor market was imbalanced. That's how he had described it, imbalanced. Now people do seem to be waiting on the sidelines. But the jobs are out there. I mean, we know that, But when will things start to loosen up in terms of the ventures of monetary policy or in terms of the job market.

I think for the job market, and once people start, um, I mean, there's still eleven million jobs out there, you know, waiting for for for takers. It is, it's crazy, and you know it's almost um um double the number of unemployed Americans, and it's uh, you know, you just need to get those people back on, you know, off the sidelines,

back into the into the job market. You know, people have retired early, for example, and you know they might have to be enticed, you know too, you know with you know, different types of curates to to be brought back in. And at some point, you know, you know, you can't stay off forever, and at some point you're gonna have to come in for what of a reason.

But you know, once they'll start those jobs opening start declining, I think, you know, we'll probably be an indication that it's you know, that's not as tight as it used to be. Now. When we started this interview, you mentioned that even more important than today's jobs report is the CPI report coming out in September. Are you already looking

ahead to September and that CPI report. We are, so you know, we're we're looking I mean, we're I don't think we're going to go back to that nine point one UM peak that we saw a couple of months ago. So the fact that we're just pulled away from that

is is very encouraging news. At the same time, you know, um, I think inftation is going to remain elevated, like elevated enough so that the Fed will continue to raise rates over the course of the rest of So we're looking for you know, a fifty basis point hike uh in September, um the month after that, and then in December. But you know, there's if there's a risk it would be

that day tighten a bit more. But again, it all it will probably settle on whatever happens to the August cp Alright, Senior economists Jennifer Lee at BEMO Capital Markets. Always a pleasure. Thank you for taking the time with us on this Friday morning, as we look ahead to the August jobs report that is coming out just a

couple of hours from now. We're gonna keep you posted with those numbers still ahead on Bloomberg Daybreak, we'll be checking the markets and bring you the latest news in business, economics and finance. Let's do a quick day to check for U S and P futures UH down a quarter, Dow futures down to NASDAC futures down seven, and a quarter of the ten year treasury down one thirty second, the yield at three point to six percent, the two year yield at three point five percent. Much more still

to come. On this Friday morning edition of Bloomberg Daybreak, We're gonna take a closer look at what President Biden said about former President Trump in his primetime speech last night, some of the reaction to that, and we'll continue to look ahead at today today's August jobs report. Much more still to come on Bloomberg Daybreaks with us. This is

Bloomberg Bloomberg eleven three oh weather. Abundant sunshine today going up to eighty degrees, eighty five tomorrow for Sunday, sunshine going up to ninety and then eighty degrees on Labor Day with Cloudy's Guys, broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg e Living Free on to Washington, d C, Bloomberg to Boston, Bloomberg one six one to San Francisco, Bloomberg M sixty to the country Sirius XM CHADO one nine team and around the globe

the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good Friday morning. I'm Any Morris and I'm Karen Most. Were 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 at this hour. We begin with some stability and equity markets to close the trading week. The SNP and DAB both snapping four day losing streaks yesterday.

Still August in September are traditionally tough months for investors. Ther pandit is Global Market Strategist with JP Morgan Asset Management. We need to be really careful about how we're looking at stocks and very much looking at the bottoms up basis,

being selective about earnings, being selective about valuations. There are still areas of froth in the market that we need to to see come down, but a lot of that has taken place already, so I do think we don't want to be overly defensive or overly cautious JP morgan'st Mirra Pandit says investors should be focusing on high quality companies. Meantime, global bonds have slumped into their first bear market in

a generation. The Bloomberg Global Aggregate Total Return Index of Government and Investment GREG corporate bonds has fallen more than from its peak. The direction of today's bond and equity session may be determined by the August two jobs your or game even get the reading at eight thirty Wall Street time. Nila Richardson is a DPS Chief Economist. I'm

looking at two hundred and ninety thousand jobs. The key numbers to watch within that report is the wage gains, because that's what's important to the Fed and whether or not the tightness of the labor market is actually leading to a wage price spiral that the FED has to take control. Hey, DPS Nila Richardson says, their softness in the labor market and some sectors, specifically those sensitive to

interest rates. And please do stick with Bloomberg Radio and television all morning for full coverage of the August jobs report and join us at Wall Street time when we speak live with US Labor Secretary Marty Walsh. Let's turn to politics now, where President Biden is taking aim at Donald Trump and so called maga Republicans, and last night's primetime TV address, he urged Americans to fight Trump backed candidates in the November midterms and reject those who deny

the election results. They're working right now as I speak, and state after state to give power to decide elections in America to partisans and cronies, and powering election to niers to undermine democracy itself. President Biden also said the majority of Republicans are not so called extreme mega Republicans. And a quick note Amy on corporate leadership this morning, Starbucks has named a luxman Nerrassment as its next CEO.

Futures this morning are little Chaine straight. I had your latest local headlines, plus a check of sports, and this is Bloomberg. Thank you care, and it's by thirty three on Wall Street. Let's bring in Michael bar with more on what else is going on in New York and around the world. Thank you very much. Amy. A former New York City police officer, says he wishes he had never gone to the Capitol. On January six, a court gave Thomas Webster the longest prison sentence yet for that attack.

Webster will spend the next ten years in prison, three years longer than the most severe punishment given any of the January six Capital rioters. Webster, sobbing and Chords, says that he was overwhelmed and frustrated by the false stolen election claims. A u N inspection team has arrived at Ukraine's nuclear power plant that is occupied by Russian troops. The team from the International Atomic Energy Agency reached the site amid fighting between Russian and Ukrainian forces that prompted

the shutdown of one reactor. I a e H. Chief Raffael Grossy. Of course there's a lot more to do. My team is staying on and more importantly and most importantly, we are establishing a continued presence by the from the i e A i a e H Chief Raffael Groscy. The CDC endorsed updated COVID nineteen boosters that tweaked shots made by Fiser and rival Moderna offer Americans a chance to get the most up to date protection. Dr A.

Lock Patel. We're not going to eradicate COVID night a team, but we have to do what we can to hedge our behavior against any potential infections. False surgeon also long COVID and all these other complications. Dr and Lock Patel spoke to ABC. The pandemic has taken a toll on public education. A new federal study shows declines in the reading and math scores of nine year olds compared to Dr Peggy Carr with the U. S Department of Education says access to instructors could be part of the problem.

Lower income students and students who are already struggling academically said they were less likely to say they had access to teachers. This is not good. Dr Carr says the average math score fell seven points while the average reading score fell five points. To Level's last scene two decades ago. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries.

How Michael bar this is Bloomberg Gaming? All right? Thank you, Michael on Wall Street Time now for the Bloomberg Sports update. Here's John stash Our. Thanks Amy. When Knicks fans see their team play Cleveland, and they watched Donovan Mitchell playing for the Cavs. They're gonna wonder why he's not wearing a Knicks uniform instead. Mitchell's New York native wanted to

come home. The Knicks clearly wanted to acquire him, but they kept filling Utah was asking for too much in return, and now he's off to the cast the Jazz instead taking the Cleveland offer. Colin Sexton Larry Market in first round draft picks in two thousand, twenty five, seven, and twenty nine in City Field, Mets facing Clayton kerschar just

came off the injury list. They trailed at Dodgers three to one, but they got to the l a bullpen two runs in the sixth in ain't two more in the seventh, the five three win for Chris Passon's twelve victory. Let's take two of three from a Dodger team whose record is ninety and forty. Mets her home tonight for Washington. The Nationals are the MLB's worst team, and the let's play sixteen games in a row now versus sub five

hundred teams. Atlanta still three games behind Frays. Rookie Spencer Strider shut out Colorado when eight only two hits and he struck out sixteen meserable month of August over for the Yankees, they went ten and eighteen. It was their worst months since nineteen and they're a last leaders, down to six over Tampa Bay and they visit the Rays this weekend. At the US Open, Raphael Nadal playing last night, his racquet hit his nose on his follow through. His

nose was bloody and it all felt dizzy. He said later that had never happened before. He was able to finish the match and winning fours. That's the third seedon Spaniard Carlos Alcarez won his Master to the American Frances Tfo. On the women's side, Danielle Collins, Jesspergua Venus and Serena Williams lost their doubles match. Serena back at Arthur Ashe Stadium tonight. John Stashward Bloomberg Sports. All right, thank you, John, It's five thirty seven on Wall Street Time now for

the Tri State Business Report. Here with that is Bloomberg's Ed Corey the Amazon Labor Union's victory at the Staten Island Warehouse should be upheld, according to the US Labor Board official. That deals a major setback to Amazon's efforts to have the vote over turned. A hearing officers says the company has not shown any objectionable conduct that affected the results of the election. Casanovia College, a small private school in New York, missed a bond payment to Thursday.

The college entered into a forbearance agreement with a trustee. On the bond sale, the college sold twenty five million dollars worth of tax exempt and taxable bonds. In New Jersey's Economic Development Authority want to jump start the redevelopment

of underused government buildings and other publicly owned properties. A new program offers grants worth up to fifty thou dollars, which are being offered to pay for things like feasibilities studies, market analysis, and other programs at your Bloomberg Try and State Business Report. I'm Ed Corey. All right, thank you, Ed. It is 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 podas Gan on K and X in Los Angeles. We're talking about NBC Universal exploring massive television budget cuts. I'm Corney Donahuan k Fabian Omaha. The cost of growing food in the US is set to rise by the most ever this year.

I'm Stephen Carroll on DAB Digital Radio and London. We've been reporting on hopes that gas flows will return through the North Stream pipeline from Russia on Saturday, and Lisa Matteo and on w b Z in Boston, I'll be reporting on Starbucks naming a new chief. I'm a Gory on w w J in Detroit. I'm reporting Myers launching a neo small format grocery store. And those are some of the stories our 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. Federal Reserve Chair Jerome Powell's speech at last week's Central Banking Conference in Wyoming was brief, but financial markets took notice. The SMP five hundred fell sharply as investors adjusted their thinking on how tough the Fed is willing to be

to reign in inflation. Powell said that restoring price stability is the Fed's over arching focus, which investors saw as a new message. Yet the central Bank still has work to do and explaining itself intelligibly, particularly since last week's speech contained hints of a commitment to keeping rates high regardless of circumstances. The fact remains the Fed can do forward guidance or it can be nimble, but not both.

With the economy so hard to read, it should not suggest that there's any set path high or low for interest rates. The editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg Calm Slash Opinion or ope I n Go on the Bloomberg terminal. This has been Bloomberg Opinion. Bloomberg Opinion editorials can be heard every weekday at this time, and terminal customers can read more at Opie I n go. What's more still

to com stay with us on Bloomberg Daybreak. This is Bloomberg Bloomberg eleven three oh weather, abundant sunshine, We're going up to eighty degrees today, sunshine tomorrow going up to eighty five. It will be nithe on Sunday and Labor Day eighty degrees with clouds, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Takes a Bloomberg Business Flash,

and I'm Karen Moscow. US Dock Index futures are little change this morning ahead of key US john data that could stir expectations for another sharp Federal Reserve interest rate hike. We checked the markets every fifteen minutes throughout the trading day on Bloomberg SNP and down futures about little change nowasday futures are now moving a bit lower, down about thirteen points. The decks in Germany is higher of one point three percent, The ten year Treasury down one thirty

second yield three point to five percent. The yield on the two year three point four nine percent. Nine X Screwed oil is up two percent of a dollar seventy seven at eighty eight dollars thirty eight cents of barrel comes gold a half percent or seven dollar seventy cents is seventeen seventeen ten an ounce, the euro is at point against the dollar, British found one point one five six two, the yen one forty point three four and Bitcoin this morning is higher up three ten percent to

twenty thousand, one thirty dollars and as of Bloomberg Business Flash. Now, here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. Holding back little President Joe Biden is sounding an alarm about what he views as extremist threats to the names democracy from former President Trump and maga Republicans. In a primetime speech last night, Biden frame the November elections as part of

an ongoing battle for the soul of the nation. A man was arrested after pointing a gun at Argentina's vice president and Buenos Aires. The man pulled the trigger, but the gun did not fire. In tennis, Serena and Venus Williams were eliminated after losing their doubles match in round one at the US Open last night. Serena Williams will

play tonight in the third round of singles. In baseball, the Mets, Red Sox and Orioles one the Nationals Beat, the A seven five Global News twenty four hours a day on air and on Bloomberg Quicktake Power about more than hundred journalists and analysts more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg Gaming. All right, Thank you, Michael. It is on Wall Street. We're live

from the Bloomberg Interactive Brokers studios on Bloomberg Daybreak. President Biden's primetime addressed to the nation last night sounded in a law about what he viewsed as extremist threats to the nation's democracy. We're joined live now by Bloomberg Government reporter Jack Fitzpatrick and Jack. President Biden seems to want to make voters angry, for lack of a better word, over extremism, kind of take their frustration out at the

ballot box. What struck you about the president's speech last night? You know, I I didn't go into it expecting any huge surprises because he had given a similar speech two days before, and I actually think that the main takeaway here is just the fact that the President is trying to use the most high profile, means possible prime time speech at the site of the signing of the Constitution

in Philadelphia to emphasize this. But I will say the fact that he named former President Donald Trump early on directly in the speech, whereas President Biden previously had talked about, you know, mega Republicans extremists January six without invoking Trump's name, kind of trying to sidestep the idea that this is a personal battle. In this case, he almost immediately mentioned Donald Trump by name and said, that's the issue, That's

who I'm talking about. I don't know if it's possible for him to, I guess metaphorically put Trump on the ballot box, but he wants to communicate to people, Uh, the centrality that Trump has in the Republican Party right now, the influence he has on their primaries. Uh, and the fact that the legal issues around Trump and his his role on January six are are very relevant still. And that stood out to me that he he almost immediately mentioned Trump by name. We heard some concerns about this

possibly creating even deeper divisions within the country. Have you been hearing similar reactions, Well, that's the Republican reaction. Uh, you know, at this point, heading towards uh, the November mid terms, I don't think you're going to get anything but a pretty partisan response to a president's speech. And the president's speech was fairly partisan. He was criticizing an aspect of the Republican Party that he thinks is a

threat to democracy, and that's his argument. So we can't exactly predict how will the general public respond to this, Will it deepen divisions or not? But clearly the president wanted to get the American people to focus more on the threat of political violence. Uh, the remind people of January six and uh And I guess it just flagged that concern that it didn't go away with the election. Jack, we only have about a minute here, but I wanted to ask if he's trying to widen the tent. He

mentioned the difference between mainstream Republicans and MAGA Republicans. Is he trying to get them in the democratic tent if only for an election cycle? Yeah, this did seem to be a speech focused not just on the Democratic core voters, but maybe Republicans who don't like the direction of the

party in the last six years or so. Uh and and probably any persuadable independence this this was a bit of a very enthusiastic speech, but it was a speech focused on persuading whoever might be persuadable on these issues, rather than just speaking to Democrats. So he's making an

attempt in that regard. Alright, Bloomberg Government reporter Jack Fitzpatrick, want to thank you for joining us, taking the time with us on this Friday morning, talking to us about President Biden's primetime address to the nation that last night. Karen Amy, it is five fifty two on Wall Street. It's time now for the Bloomberg Law Report. Let's get to the legal stories we're launching this morning from Bloomberg.

Jeff Bellinger. A federal lawsuit a munch as Wells Fargo is responsible for a one data breach that exposed sensitive data, including social security numbers of thousands of customers. A Florida pension fund issuing Avid Laboratories claiming company hid problems that a baby formula plant that led to a recall, and the nationwide formula shortage the music and streaming industries will

skip further legal wrangling. The two sides have a deal that locks in streaming royalty rates for the next five years. Bloomberg Law everything you need, all on one legal research platform, including guidance analysis and Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. All right, Jeff, thanks Now, another legal news that we're watching this morning brings us

to investigations centered on Donald Trump. The former president is fighting legal battle so the government on several fronts, and we're learning those fights will not be resolved before the midterm elections. For more of the reasons why and what it could mean in November, Kimberly Robinson and Lydia Wheeler speak with Bloomberg News reporter Chris Strom. There's two primary reasons that we're not likely to see charges anytime soon. The first one is that there's still a extensive amount

of work that needs to be done. Um. The government has said in court filings just recently that with regard to the investigations of the classified documents, they are in the early stages of their investigation and new information continues

to come forward. The government is still collecting evidence, reviewing evidence to determine the scope of any breaches, and there's just not um uh, there's there's still a lot of work for them to do in in both the Classified Documents investigation, in the January six investigation, the second reason is that UM, the Justice Department also has a policy that no public actions should be taken in high profile

cases UM right before an election. UM that could be seen as influencing the outcome of that election, and the November elections are just around the corner. Traditionally, UM prosecutors have looked at that policy as taking place sixty days

before an election, which in this case would be September ten. Now, Trump is not on the ballot, but Trump's candidates are on the ballot, and Trump represents a very significant political force in this country, under which people in the Justice Department UM believe that the policy applies to Trump in this case. So you mentioned this policy that the DOJ has, haven't There been some pretty high profile times though in

the past of the Department has ignored that policy. Yes, uh, and department officials have come under criticism for doing so. The most one of the most notable ones was when James Coby, the former head of the FBI, UM, revealed that the FBI was reopening the investigation into Hillary Clinton

h ten days before the two thousand and sixteen election. UM. And so uh uh Comey was criticized UM really from all corners or um making that decision in a lot and doing it in a way that it became public um and then um also in the election UM, the former Attorney General Bill barr Uh came out right in the in the days right before that election and said that it would be okay for uh US prosecutors to begin to talk publicly about investigations into election fraud and

their finding. And as Bloomberg News reporter Chris Strom speaking with the Bloomberg's Kimberly Robinson and Lydia Wheeler. Catch more in that interview plus analysis of the latest legal news by subscribing to the Bloomberg Law Podcast or downloading the show at Bloomberg dot com slash podcast. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and on the Bloomberg terminal at the Law Go.

And we're watching futures this morning. They are little change that ahead of the Augusted jobs report. And if you're looking at Europe, stocks are higher. The decks in Germany is a one in a third percent to Cack and baris a half percent. In the foot Sea one hundred is up seven tenths of a percent n K to twenty five in Japan. Little change today. The tenure treasury

down to two thirties seconds. You have three point to six percent They yield on the two year three point four and nine percent nine max Screwed oil is up two point one percent, up a dollar eighty three at eighty eight dollars forty four cents of barrel coll mex schooled up half percent or eight dollars thirty cents at

one thousand and seven hundred seventeen dollars sixty cents. Announced Bitcoin this morning is a twenty thousand, one hundred forty dollars and still ahead on Bloomberg day break and check on the business headlines and all the news you need to start your day. And this is Bloomberg