Bloomberg Daybreak: September 6, 2022 - Hour 1 (Radio)

his Florida home. There are dangerous levels of arsenake in the taft water in the Manhattan Complex, BLUs Canadian police search for a suspect, and the stabbing deaths of ten people by Michael Blong. More Ahead, I'm John Stage and sports another errand judge on running the Yankees, went over

the Twins, Rappier, the daw upset the US. That's all straight ahead on Bloomberg day Break on Bloomberg eleven, Freo New York, Bloomberg one, Washington, d C, Bloomberg one O six one, Boston, Bloomberg nine sixty, Francisco, Sirius x M one nine Team, 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 and US futures

are higher this morning. Air Comar coming up to five o one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day. On bloomberg S and P futures of twenty four points down, futures up one hundred sixty seven and nasday futures have one hundred one. The decks in Germany's up four tenths of upper set ten year treasury down seventeen thirty seconds. You have three point to five percent and the yield on the two

year three point four six percent. Nine x Scrude oil is up one point two percent of a dollar four at eighty seven dollars ninety two cents, and barrel bitcoin is at twenty thousand dollars, up one point four percent. Nathan, Thanks Karen. We begin this morning with a changing of the guard in the UK. Outgoing Prime Minister Boris Johnson has delivered his final speech as his country's leader before he hands over the reins to his successor, Liz Trust.

Let's go live to London get the very latest from Bloomberg's You and Parts. Good morning You, and good morning Nathan, and Karen. This is it, folks, The words of Boris Johnson outside Number ten, Downing Streets as he made his final speech as the British Prime Minister, a job he was forced to quit after pressure from his own Conservative Party colleagues. He pledged full support for his successor. This is a tough time for families up and down the country.

We can and we will get through it, and we will come out stronger the other side. But I say to my fellow Conservatives, it's time for politics to be over, folks. It's time for us all to get behind Liz trust Well,

the UK's new leader. Liz trust will formally become Prime Minister after meeting the Queen later today at her castle in Scotland and a bloomberg scoop on her first announcements a massive package of support for household energy bills, which are expected to be three times higher than last winter.

We understand the bill for the policy could come in at as much as one hundred and fifty billion dollars in London, I'm you and part splin by daybreak, all right you and thank you all back here in the U S and major development in the Justice Department's investigation and to classified documents at Donald Trump's Florida home. A federal judge is granted the former president's request for a third party, known as a special Master, to review the records.

Former Assistant U S Attorney Jeff Robbins says this means a significant delay for the DJ's investigation. By appointing a special master who can take weeks, months, who knows how long to review all eleven thousand or so items that were seized and make determinations on attorney client privilege and and here's a surprise, executive privilege. This is going to

stop the Department of Justice in its tracks. Former federal prosecutor Jeff Robbins says that judge in the case was appointed by former President Trump in the final months of his administration. Karen, A major test is coming today for the energy grid in the country's most populous state. Power demand in California has hit a five year high, with much of the state under an excessive heat warning. Now as busy this is in schools reopen, that demand could

reach an all time high. Alice Reynolds, as president of the California Public Utilities Commission, we're entering the heart of this heat event, and it is expected to last longer and reach higher temperatures than previously anticipated. California Utilities President Dallas Reynolds says the state narrowly avoided rolling blackouts yesterday, but temperatures could hit one hundred fifteen degrees in some

parts of the state today. Well. Turning to the economy now, Nathan, the Federal Reserves Beige Book take center stage on this week's economic agenda, and we get more from Bloomberg's Viny Dell Judas. The FEDS Regional Survey the Beige Book is set for Wednesday, will help illustrate inflation's impact and American businesses. We know already wage growth moderated in August, evidence this

year's FED rate ikes could be tempering inflation. Another report to keep an eye on this Today's I s M Service Industry Index in July at rose for the first time since March, recovering from a two year low in June. Jarobolos claims data Thursday should signal a po outlook and Bloomberg daybreak All right, Vinny, thank you. Wall Street returns from a holiday short and trading week and traders will get back to their desks amid questions about the economic

outlook and what it means for corporate earnings. Bloomberg's Charlie Pellet has more September is historically a rocky month for US equity markets. Over the past twenty five years, the S and P five INDECKS has seen average declines of seven tenths of one percent. Concerned that rising rates will hurt growth has been weighing on corporate earnings. Lisa Erickson has head of Traditional Investments at US Bank Wealth Management.

We do think it's going to be key to see how earnings evolved in the second half of the year. Our base case is that we are going to see continued to learn growth, not necessarily a full on route, but again there are risks to the earnings front. Among this week's earnings reports, the supermarket chain Kroger in New York. Charlie Pellett Bloomberg Daybreak, Charlie, thank you, We've a deal to tell you about. CDs Health has reached an agreement to buy home health and Technology sir as his provider,

Signify Health. The price tag about eight billion dollars. CBS emerged as the winning bidder over potential suitors that Bloomberg News previously reported had included United Health Group, Option Care Health and Amazon shares of Digital World acquisition Karender down

eighteen percent in early trading. Reuter says the blank Check acquisition from the plans to merge with former President Trump's social media group has failed to secure enough shareholder support for a one year extension to complete the deal, and shares a bed Bath and Beyond also lower, down about sixteen percent. This follows the apparent suicide of chief financial officer GUSTAVO. Arnell, who fell to his death from a

New York City building on Friday. Arnal was one of several parties, including bed Bath and Beyond, named in a civil class action securities fraud suit filed last month and Europe Today Karen Luftansa says it's preparing an improved offer to pilots, threatening the stage a two day strike starting at midnight. Fresh strikes would add to the about eight thousand flights left Hans has already canceled during the lucrative

summer travel season. Nathan futures are higher, with SNP futures of nineteen points down features of a hundred thirty six and nasdack futures of eighty three to tenure Treasury down sixteen thirty seconds. He had three point to five percent straight. I had your latest local headlines, plus a check of sports, and this is Bloomberg alright. Thanks hearing. It's five oh seven on Wall Street, Worth seventy three degrees in Central Park. We have an accident investigation. It's got the southbound New

York State Thruway shut down at exit sixteen. Details coming up in traffic. First, Michael Barr with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. New York's MTA is taking precautions for flooding from heavy brain. The New York City Office of Emergency Management issue to travel advisory through today due to the weather. The MTA has been sending cruise to clear

drains and prepare equipment for any flooding. A federal monitor has told New York City to keep all documents related to his investigation into dangerous levels of our senic in the tap water at one of the city's largest public housing complexes. Thousands of tenants at the jacob Reeese Houses in Manhattan were forced to use water bottles and portable water stations after being told not to drink or cook with the water from their taps, Residents say the water

is often cloudy with a metallic taste. Many residents believe Nitsya endangered them by not acknowledging the problem right away. Nightsie spokesperson Daniel Greene says the community will be kept informed. Our residents deserve to know about the hazards and the risk that they face at their in their in their in their apartments, and we want to make sure that they feel safe and at home like any any resident

in New York. Nightshe spokesperson Daniel green Canadian police are hunting for the remaining suspect and the stabbing deaths of ten people in an Indigenous community and nearby town in the province of Saskatchewan. Canadian Prime Minister Justin Trudeau yesterday's attacks in Saskatchewan are shocking and heartbreaking. My thoughts and the thoughts of all Canadians are with those who have lost loved ones. Prime Minister Trueme. Authorities say Miles Sanderson

is still on the loose. His brother, Damian Sanderson, was found dead near the stabbing sites. Authorities say the injuries were not self inflicted. Officials in Europe are using Russia weaponizing fuel after Russia cut off a major pipeline, saying it won't be turned back on until sanctions over its war in Ukraine are lifted. This comes as fighting threatens

Europe's largest nuclear plant, which is in Ukraine. Meanwhile, President Voladimir Zelenski indicates that he is not interested in negotiating with Russia, saying that he quote cannot discuss anything with terrorists. There shouldn't be any military personnel, there shouldn't be any military equipment on the territory, and there shouldn't be the workers of nuclear pa plant who are surrounded by people

was firearms. President Zelinski, through a translator, spoke with ABC Global News twenty four hours a day on air and on Bloomberg Quick To powered by more than twenty seven hundred journalist fatalists more than a hundred twenty countries. I'm Michael Bard. This is Bloomberg Naked. Thank you, Michael. Coming up to five ten on Wall Street time for the Bloomberg Sports Update. Good morning, John Stas, Good morning Nathan.

A wild holiday weekend at the US Open that it didn't end until about two and a half hours ago to twenty three am is when Carlos Alcarez finished a five set, nearly four hour victory over maur Inschillas, which means there are eight men left and none have won a Grand Slam tournament. When the third time that's happened in any Slam since the Open Air began nineteen sixty eight, the top two seeds lost in the span of less

than twenty four hours. First it was de Bennie Chimp, Danil Medvedev fall into Nick Curriels, and yesterday rapped fire on the Dal who had not lost a Grand Slam match to an American since two thousand five, upset by the twenty four year old from the DC area, Francis Tifo. Yeah, I get something. Came out there, just believe I can do it some years and different personnel. I went out there. Kurios and Cocoa golfall play their quarter fine matches tonight

at the stadium. A couple of unlikely Yankee home runs Isaiah kinder Philippa just a second of the season, Marwin Gonzalez, who hadn't had a hit of any kind in two months, and by the way, another erran Judge home run is fifty four. Yankees fight to twins five to two. Judges at twenty three, more home runs in anyone else in the American League. Mets Rainedown in Pittsburgh played tonight that

has split doubleheader tomorrow. Jets co drops Sala has left the door open for quarterback Zack Wilson to perhaps play Sunday season opener against Baltimore. He could be back earlier than expected from the surgery. John Stash, We're Bloomberg Sports, Nathan, thank you, John SMP futures right now up sixteen points down, futures up a hundred nineteen. Neste futures are higher by seventy two points. The tigure treasury is down sixteen thirty seconds,

the yield three point to five. Astina Hooper, chief global markets strategist that invest Go joins US next Bloomberg eleven three oh Weather. We got a flood watch and effect till five this afternoon, with heavy rain at times today, going up to near seventy five degrees, low seventies, mostly

cloudy tomorrow, clearing a high near eighty on Thursday. Right now seventy three Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Take, this is a Bloomberg business clash and I'm kerin Moscow. European stocks edging higher as investors assessed responses by leaders to the region's who growing energy crisis ahead of the European Central Banks policy

meeting later this week. US stock index futures, meanwhile, are on the rise, and we check the markets every fifteen minutes throughout the trading day on Bloomberg Guess and P futures are up nineteen points now, futures of A hundred twenty nine and NASDAG future US up seventy eight. The decks in Germany is of a quarter percent. Ten year treasury down sixteen thirty seconds. You have three point to five percent they yield on the two year three point

four five percent. Nimex screwed oil is up two ten percent or twenty cents at eighty seven dollars eight cents in barrel Co mex School little change at seventeen twenty forty announced. The euro is at point nine four two against the dollar, British found one point one five six four and the yen one one point seven nine. Look at a bitcoin this morning at one point two percent at nineteen thousand, nine hundred seventy dollars, and 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 UK. Prime Minister Boris Johnson has left his Downing Street office for the last time as he heads to Scotland to formally offer his resignation to Queen Elizabeth the Second. The British leader meets with Queen and her balmoral state

to begin to transfer of power to live trusts. The Federal Judge has granted a request by former President Donald Trump's legal team to appoint a special master to review documents sees by the FBI during a search of his Florida home last month. At the US Open, Raphael Nadal was knocked out by Francis Tfo. In baseball, the Yankees beat the Twins five to Aaron Judge it is home run Mets game postpone. The Red Sox lost the Nationals and Giants won. The Orioles lost both games of a

double header with the Blue Jays. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than journalists and analysts more than a hundred twenty countries. I'm Michael barn This is Bloomberg, Nathan Okay, Michael. Thanks, It's five nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. And here to help get us set for the holiday shortened trading week is Christina Hooper, chief Global market strategist at in Fesco.

Good morning, Christina, Thanks so much for joining us as we watch futures rise a bit after three straight weeks of losses for US stocks. Where do you see the trajectory at this point? Well, I think the trajectory is going to be volatility. Now, we could see some volatility up, although I think there's going to be a tug downward in the near term, just because there's so much uncertainty and hesitancy, particularly in the US markets, around the Fed's decision.

Now it's a few weeks away, but we're likely to get hawkish commentary from f o MC members between now and then, which I think should should um play some downward pressure on stocks in incoming days. So it sounds like you're putting a lot of attention on the flood of Fed speak we're going to get this week before we get that CPI print next week. Yes, and I think we're going to hear an ongoing drum beat of of more hawkish rhetoric UH just over the next several weeks.

So what does that mean in terms of the decision? What is the Fed to be looking at given the strong labor report we got last week, expectations potentially for a peek in inflation. Is that what you're looking for from the CPI next week? Definitely? But also keep in

mind that an important consideration for the Fed is inflation expectations. UM. We got a good final August print from University of Michigan UH five year ahead inflation expectations continue to have a two handle, which I think is very very important. So I think they're going to be paying attention to expectations as well as what we're seeing in terms of the inflation data. What's the bigger concern for corporates right now? Is it the risk of tighter FED policy and inflation

or is it earnings? We just got a no doubt from Mike Wilson over at Morgan Stanley and notable bear on stocks cutting his forecast for earnings growth even further next year. So I mean I think they need to concern is of course the sied. But yes, earnings are a concern as well and are going to come into focus as as we move into the next earnings reporting period. This is UM for you know, this is the other

shoe that everyone is waiting to drop. And clearly we're going to see some some significant UH downward revisions to earnings forecasts for at least some stocks and UH AND that is is a concern that is is weighing on

investors minds and certainly markets. Are there certain sectors or styles that are better insulated from earnings erosion than others, Well, certainly those companies UH and and some industries have have proven to be better at this than others in recent UH in recent months UM, some industries are better able to defend more margins, are better able to pass UM costs two consumers, and of course some industries, some sub

segments of industries are are getting hit harder. UM. For example, if we look at the retail space, what we've seen is that it's been a sort of a tale of two consumers where higher end consumers have not been as impacted UM by inflationary pressures as lower income households, and that has played out. Got about a minute left here, Christina. We've got a change of the guard in the UK, List Trust taking over for Boris Johnson, with the country still under a cost of living crisis. What does the

change in leadership mean for the investment landscape in the UK? Well, I think it presents some level of uncertainty and we've seen that. We've seen that in Sterling UM, which has has moved down relative to US dollar UM. But you know, hopefully there is more clarity as the Trust government UM starts to to share and Liz Trust starts to to share her views and our policies UM. But it has shifted a bit and and that has created some uncertainty in recent weeks. So I would expect that greater clarity

to to hopefully put some upward pressure on Sterling. Thanks so much, Christina, great having on with us as always. Christina Hooper is the chief Global market strategist at investco with us this morning as we watch futures move higher. SMP futures right now up twenty points. That's a gain of a half percent. DAL futures up a hundred forty seven points and NASTAC futures are leading the gains right now of eighty six points for a gain of seven

tenths of one percent. The ten year treasury right now down sixteen thirty seconds, the yield three point to five percent, and the yield on the two year three point four five Just ahead, U came incoming Prime Minister Liz Trust's plans to address her country's energy crisis, and a special master of pointed for Marlago. This is Bloomberg. Bloomberg eleven

three oh Weather. We got a flood watch till five this afternoon, with heavy rain at times, going up to near seventy five degrees today, low seventies, mostly cloudy tomorrow, clearing a high near eighty on Thursday. Right now seventy three degrees. Broadcasting live from the Bloomberg Interacted Broker Studio

in New York. Bloomberg E living in Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one six one to San Francisco, Bloomberg sixteen to the country Sirius XM Chado one nineteen 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 morning. I'm Nathan Hager and I'm Karen Moscow. We're just about four hours away

from the open of US trading. Let's get you up to day on the news you need to know at this show hour, we begin with it Changing of the Guard in the UK, outgoing Prime Minister Boris Johnson delivered his final speech before handing over to successor List Trust. Johnson leaves behind surging inflation, a potential recession, and an energy crisis. We have and will continue to have that economic strength to give people the cash they need to get through this energy crisis that has been caused by

Putin's vicious war. And I know it lives. Truss and this compassionate Conservative government will do everything we can to get people through this crisis. Prime Minister Boris Johnson spoke from ten Downing Street today. Sources tell us List Trust has drafted a plan worth one hundred thirty billion pounds

to avert a massive spike in energy bills. Well back here in the US, care and a federal judge has granted former President Trump's request for a third party known as a special Master to review record sees by the FBI at his Moral Logo home. Former Assistant U S Attorney Jeff Robins says, this means a significant delay for

the d j's investigation. That special master, that individual is going to have to take a very long time reviewing documents and essentially doing what the Department of Justice has already done making its own report to the federal court. And then we may be in a Dickenzie and kind of a situation where litigation is spawned, which will keep this investigation on ice. Former federal prosecutor Jeff Robin says the judge in the case was appointed by former President Trump.

Well to the economy now, Nathan, where we're watching a few economic ratings this week, including the I s M Service Industry Index today, the BEJE book tomorrow, and job dis claims Thursday. There's also the promise of more corporate earnings with Kroger reporting later this week. Now to a major acquisition here and CVS Health has reached an agreement to buy home health and technology services providers Signify Help

for approximately eight billion dollars. CVS emerged as the winning bidder over other suitors, including United Health Group and Amazon. And I mean your chast is coming today for the energy grid in California. This needs under an excessive heat warning that's driving electricity used to its highest level in five years. Is a narrowly avoided rolling blackouts yesterday, but power demand could reach an all time high today with businesses and schools reopening, and futures this morning are higher.

SNP futures have twenty three points and down futures of one sixty one and Nastaic futures are up and straight ahead. We have your latest local headlines, plus a check of sports, and this is Bloomberg. Thanks. Three on Wall Street, seventy three degrees in Central Park. Michael Bars here with more on what's going on in New York and around the world. Michael,

thank you very much. Nathan, a federal monitor has told New York City to keep all documents related to its investigation into dangerous levels of arsenic in the tap water at one of the city's largest public public housing complexes throughout the holiday weekend. Sense of tenants at the jacob Reee Houses in Manhattan were told not to drink or

cook with the water. From their taps. Nita said that maybe that those earlier tests are wrong because later tests don't seem to show the arsenic However, the mayor's office is still advising residents not to drink or cook with the water while it awaits more results. This resident says she is not taking any chances. I never trusted the water because I was so itchy and I'm like, what is it? What is the tiling every wall, my products, and I'm like, it's the water. Nita says the community

will be kept informed about the water. One of the suspects and the stabbing deaths of ten people in the Canadian province of Saskatchewan has been found dead. Police say his injuries are not self inflicted. Authorities continued to search for a second suspect. Regina Police Chief Evan Bray says thirty year old Miles Sanderson is still considered to be

armed and dangerous but possibly injured. With tragedy like this and uh and you know, unknown whereabouts, there's a lot of anxiety in our province right now, in our communities and throughout the country. Chief braces. Anderson's brother, Damien Sanderson, was found dead near the stabbing sites it is the first day of school for residents in Newark, New Jersey. It is also a new school year today and Vold

the Texas. There's high fencing around the city's public school campuses that still isn't finished, and a heavy police patrol that many families don't trust. After officers in May allow the gunmen to shoot inside a rob elementary school for more than seventy minutes, nineteen children and two teachers were killed. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Hi

Michael bar And this is Bloomberg, Nathan. Thank you, Michael wall Street. Time for the Bloomberg Sports Update. Here's John Stash. Thanks Nathan. Another game, another Aaron Judge hombron. This one game six in the stadium of the man Aboard. It's snapped to two two tie. It's his fifty fourth. He's on pace now to finish the season with sixty five. Since going nine games without a homer, Judge has hit one and eight of the last thirteen games fifty four homers.

Ties in with Alex Rodriguez, most by a Yankee right handed hit or Yankees bait the Twins five to two. They also got homers from two unlikely sources, Marwin Gonzalez and Isaiah Connor. For Leffa. The Mets were reined out in Pittsburgh at the US Open upsets long matches. Nothing lasted longer than the fourth rounder between Carlos Alcarez and Marin Schiltz. The fourth set took over an hour. The match took nearly four hours. It ended at two twenty

three this morning. Alcarez prevailed in five sets, the third seed. He's the highest seed left with the stunning departure of Raphael the dal yesterday, upset by American Francis Tiafo. The Dalla had not lost a Grand Slam match this year. He won the first two tournaments, then he got injured at Wimbledon. Of the eight men left, none have won a Grand Slam. Attorney that does not have but than any and only two previous slams is the open air of again in n The women down to the final late.

It does include the top seed, Higo Sliotec. She lost the first set, won the third sixth love Americans Cocoa Golf and Jess Pagoula still active, but another American, Daniel Collins, lost last night Golf plays her quarterfinal match tonight. NFL season kicks off Thursday Sunday the jetsos Baltimore. It was assumed ad quarterback by Joe Flaco, but coach Rob Sella now says Zach Wilson may be able to return from his knee injury. Decision will be made tomorrow. John Stashar

Bloomberg Sports Nathan. Thank you John, coming up to five thirty seven on Wall Street Time for the Tri State Business Report. Here's Floomberg, said Corey. In mid August, Mayor Eric Adams announced that while abandoned dining sheds would be destroyed, outdoor dining in New York City is here to stay, but the time says what outdoor donning will look like is still up in the air. Some New Yorkers are suing,

claiming the program has ruined their quality of life. A new multi brand boutique is coming to New York City, outlined an Airy Boot Peak in the boreham Hill neighborhood of Brooklyn, opens Thursday. Women's Where Daily says it's being spearheaded by opening ceremony and tote Kilo's former women's buyer, Margaret on Still, along with two childhood friends. New Milford will soon be feeling the luck of the Irish is the Greater Danbury Irish Festival return September tenth and eleven

after a two year hiatus. Vendors will sell jewelry, art, food and other items from the Emerald Aisle at the festival's Irish Village. That your Bloomberg Trying State Business Report. I'm Ed Corey. Thank you at it 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 Potaskan on K and next to Los Angeles, We're talking about the retirement of the longtime Sony PlayStation hardware arch attack. I'm Gina Servetti and for Well do you Bb, I'm in Chicago. I'm reporting that several major cities, including Chicago, are starting to see a reversal in the pandemic era exodus of residents fleeing town, les Mateo, and on KYW in Philadelphia, I'll be reporting on more troubling news from a struggling retailer. I'm Calinet on bloombag d

A B. Disado in London. We've been reporting on Boys Johnson's departure from downing Streets and Liz Chausi's plans to tackle energy bills as she takes power. IMD Corey on w w J in Detroit, I'm reporting OTTO lending could be part of the community reinvestment pack. Those are some of the stories our tred Bloomberg journalists and analysts are working on this morning. Around the world, It's thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion.

This editorial was written by the Bloomberg Editorial Board. Apparently unhappy with the current pace of business migration out of their state, California's legislators have come up with a good way to accelerate it. They voted recently to create a council of political appointees to set wages in the fast food industry. The so called Fast Recovery Act now awaits Governor Gavin Newsom's signature. He can't squash this ill conceived

initiative quickly enough. A statewide minimum wage for a subset of workers would arbitrarily fragment California's labor market, raise prices for consumers, and to press investment. Labor markets aren't perfect, and policymakers certainly need to address their flaws, but creating an unaccountable bureaucracy to set wages for a single industry isn't the right way to do it. 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. This has been Bloomberg opinion. You can hear Bloomberg opinion editorials every weekday at this time, terminal customers can read more at O P I N go. As a futures moving higher by twenty three point, staff futures are up one hundred seventy NASTAC futures leading the games right now up ninety points.

The tenure treasury is now down seventeen thirty seconds. The yield three point to five percent yield on the two year three point four six percent. This is Bloomberg Bloomberg eleven three oh weather rain heavy at times, flood watch until five this afternoon with a high near seventy five degrees, low seventies, mostly cloudy tomorrow, clearing with a high near eighty on Thursday. Right now seventy three in Central Park Markets.

Headlines and breaking news twenty four hours a day at Bloomberg dot Com and Bloomberg Business at and at Bloomberg Quicktape trus a Bloomberg Business Flash. Hi, good morning, I'm Karen Moscow. European stocks on the rise this morning as investors assess responses by leaders to the region growing energy crisis ahead of the European Central Banks policy meeting later this week. US stock index futures are on the rise.

We check the markets every fifteen minutes throughout the trading day on Bloomberg Guess and p Future is up twenty three points. Deal futures up a hundred seventy three nasdack futures have eighties seven the decks in Germany's up eight tenths of uppercent ten year treasury down sixteen thirty seconds, held three point to five percent. They yield on the

two year three point four or five percent. Nine x screwed oil is up to ten percent or thirteen cents at eighty seven dollars one cent to barrel comc School that will change at seventeen twenty two sixty announced. The euro is at pot three against the dollar, British pound one point one five nine five, the hands at one one point seven three and look at bitcoin this morning, it's up one percent in nineteen thousand and nine hundred dollars.

That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Darren, thank you very much. British Prime Minister Boards Johnson gave his departure speech outside ten Downing Street this morning. This trucks take over as the next Prime Minister. At the US Open, Raphael Dodal was knocked out by Francis Tifo. In baseball, the Yankees beat the Twins five to Aaron Judge hit his fifty fourth home run of the season.

The Mets game was postponed rain The Red Sox lost the Nationals and Giants won. The Orioles lost both games of a doubleheader with the Blue Jays. Global News twenty four hours a Day on here and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist antalists more than a hundred twenty countries. Michael Barr And this is Bloomberg Nather. Okay, Michael, thank you. It's on Wall Street Line from the Bloomberg Interactive Brokers Studios. This is Bloomberg

day Break. Former President Donald Trump has won his bid for a third party review of record scenes from his maral Lago home last month. From more on this and all the political news happening this morning, we welcome Joe Matthew Are, Washington correspondent, host of Sound on Here on Bloomberg Radio. Joe, good morning. The President got what he was looking for. What does this mean for the Justice Department's invest again to have a special master taking a

look at the documents? Now, well, it looks like it's gonna slow things down for starters, and that could be a strategy in itself here. Uh and and you know we're talking about Donald Trump, so that's not a huge shocker here. Um, The judge says that d o J cannot continue reviewing documents for the case during this process, So that's going to come to a halt. Intelligence officials. However, Nathan will be allowed to continue looking for any possible

risk to national security. Those are two sort of separate processes here, uh and and look, there's a redundancy in all of this. The Special Master. The reason why d o J pushed back on it is that it already has a filter team, as it's called. We've talked about this used for the very same purpose that a Special Master would be appointed for. It's it's it's supposed to be neutral. That team is made up of people specifically

not part of the prosecution team handling the case. So the idea here is that Donald Trump is likely trying to, you know, hit the brakes. The judge was appointed by Donald Trump and says her just aation was probably justified by the DOJ's admission that some investigators had already seen some of the documents covered by attorney client privilege. But remember, Nathan, when those FBI agents went down tomorrow lago, they brought

the documents back to Washington. The team's dealing with them had to get extra security clearances so they would be allowed to read such highly classified information. The same will have to happen for the Special Master. Now, if the national security review is going to be allowed to go forward here irrespective of the Justice Department investigation. What does

that potentially mean for the former president's legal jeopardy here? Well, it's really hard to tell, because, of course we still don't know what they found, and this is likely going to be a long case. This is not something that they're about to announce charges on, and frankly, Uh, they wouldn't even if they were prepared to announce charges. Being as close as we are to the mid terms really kind of puts this thing, at least publicly on ice. The d o J could take months and even years

to figure this case. So what they're looking at right now from a national security standpoint, uh, is different than the case against Donald Trump. There could be specific elements of the government that needs need to act on on whatever kind of document is there that may have posed a risk, but of course we don't know what that is. Nathan.

There's so much of this that remains entirely speculative. And if we're looking at the possibility of this investigation dragging on for months or even years, as you say, Joe, that raises the possibility that it could be running up against isn't that expecting is going to be coming from former President Trump another presidential run in twenty four Yeah, look, I mean the next June, Nathan is the first presidential debate. I hate to drag you into this already, Yes, I

mean this is coming quickly. So it is absolutely possible, if not likely, that this is gonna not be so much of a midterm issue. But we'll bump up against the presidential election in four d o j will have time in between. There. There's kind of an unspoken sixty day rule. That's why they're not likely to say anything between now and the mid terms. But next year could be open season. And just imagine document drops, you know, breaking news coming from this case on the eve of

a presidential debate. This could be wild. Well in our less than a minute left here, Joe, what could this mean for a midterm election that's now just two months away? The specter of an investigation happening against a former president while the parties are trying to keep control of Congress. Well, it seems to be only helping Donald Trump with his base right now. Uh, and it may not rub off

on Trump endorsed candidates. It's very difficult to quantify that in a real way right now, to sort of connect the dots when you have everything from inflation to two Roe v. Wade driving voters to the polls right now, I'm not sure that mar Lago is going to factor in. But again, we get through November and we're already going to be essentially in a presidential contest when this will be a very big deal. That's happening quickly. Joe Matthew,

Washington correspondent. As always, thanks for joining us from Washington, d C. Right, Nathan, it is five fifty three on WALLU Straet. It's time for our Bloomberg Law Report. We get to the legal stories we are watching this morning from Bloomberg's Jeff Bellinger. A lawship filed in Seattle federal court accuses Amazon dot Com of violating consumers privacy by

keeping detailed records of their Prime video rental history. A federal lawsuit accuses Edward Jones of discriminating against female home office financial advisers by paying them less than males who did the same jobs. A federal court in Pennsylvania ruled that a jury will hear a former Teva executives age discrimination complaint. The plaintiff says he was fired and replaced

by someone who was twenty seven years younger. 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, thank you. Now another legal story we're watching. William Haunt is part of the team at the Beck Fund for Religious Liberty, and he's part of a group representing Yeshiva University attempting to block a state court ruling requiring it to recognize an

LGBTQ student group. It's the latest clash between gay rights and the exercise of free religion to come up to the High Court. He spoke with bloomberrys Lydia Wheeler, and Kimberly Robinson. The law that the trial court in volk is called the New York City Human Rights Law, But the laws that the trial court declined to seriously consider

is the First Amendment to the U. S Constitution. Because that's really what's at the core of this case, which is about who gets to decide who gets to direct the religious mission on Yeshiva's campus, How does Yeshiva, Does Yeshiva get to make the decisions about how to form the next generation of students on its campus, or does

the government to get to make those decisions. The trial court decided that Yeshiva is insufficiently religious to make those decisions and therefore can be forced to violate its tore values approve a campus club that senior rabbinical leadership determined it couldn't put its seal of approval on consistent with its Toura values, and this would open up the door to all kinds of crippling litigation against all aspects of Yeshiva's religious mission, because not only does it account for

religion when it's reviewing clubs, there are up to five hours of tour study that's mandated by curriculum every single day. Their sex segregated housing and schooling that's religiously driven. Elevators are rewired on Shabbat to prevent electronic usage. You could even have electronics publicly confiscated on campus if you're on the Sabbath using them. There's kosher requirements throughout campus. This is a deeply religious university and no one in the

case disputes that. But the trial court just decided that Yeshiva isn't religious enough because it also trains people in secular degrees. Now, the current Supreme Court um seems to be very protective of religious freedom and in particular the right of those to freely exercise the religion. You agree with that assessment, and if so, how does this petition from Yeshiva fit into the Court's religion docket here? Well, I think it's a commitment that goes beyond even strictly

speaking religion cases. The Supreme Court decided in a case called Bostock, where it understood Title seven of the Civil Rights Act to cover protection for sexual orientation and gender identity discrimination. There a majority of the Court said that the free exercise of religion lies at the heart of a pluralistic society. So this is a why a widely acknowledged commitment across the Court. Some of the decisions that I mentioned previously, we're NINEO decisions or seven two decisions.

There is a widespread consensus that at the core of our best traditions is one of a religious accommodation and a respect for pluralism. And that means that Yeshiva University, a school that everyone understands to be deeply pervasively religious, including the people that suited, they admit to that, and they went there for that reason. UM gets to be a religious university in terms of how it forms in

shape its its campus environment. And that was William Han with the Beckett Fund for Religious Liberties being at the Bloomberg's Lydia Wheeler and Kimberly Robinson. It's more of 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 b law Go. And futures this morning are on the rise, with SMP futures up almost twenty five points, DAL futures are up a hundred seventy eight and NASDACK futures up about ninety and the tenure treasury down fifteen thirty seconds. You have three point to four percent and our top stories straight ahead. This is Bloomberg