Bloomberg Daybreak: September 7, 2022 - Hour 1 (Radio)

its latest iPhone, and California braces for potential blackhouse. Former White House strategist Steve Bennett was surrendered at face criminal churches in New York and new guidance from the White House on COVID vaccines. I'm John Tucker. Those stories straight ahead. I'm John stash Our. In sports, the Mets lost in Pittsburgh, co Co Golf and Nick Carrios both lost their quarterfinal

matches last night at the US Open. That's all strain ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg nine one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nine team, 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 in US stock index futures on

the rise this morning. We're coming up to five oh one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day. On Bloomberg, U S and P futures of eight points down, futures have thirty six NASDACK futures up thirty seven. The decks in Germany's down a tenth of uppercent, CAC in Paris down three tenths per cent, and the foot see one d is

down about eight tenths of upper set ten. Your treasury up ten thirty seconds, you know, three point three one percent they yield on the two year three point four or five percent. Nimex screwed oil is up tenth of upper cent or sixteen cents at eighty seven dollars seven cents of barrel comex scold up two tenths per cent or two dollars seventy cents is seventeen fifteen and ninety announced.

And the euro point one two against the dollar. Nathan, Karen, thanks, Stocks in Europe are falling as the US dollar continues. It's strong run. The Bloomberg Dollar Spot index hit another record overnight. That's leading to tighter financial conditions weighing on risk assets around the world. Janet Movie is head of

market analysis at Ruined Dolphin. There's just disinflationary impact from strong New West older there are other disinflationary impacts for some whole low Ecelin prices, So we do think that's uh inflation is more likely to peek and slow will rapidly compared to the other economies. Janet Movie with Bruined Dolphin says she still expects the FED to raise interest

rates at this month's meeting. Meantime, Nathan gets some inside from the Fed with the release of its Beige Book today that comes at two pm Wall Street time, a day before we hear from Fed share J Powell. He speaks at the Cato Institutes Monetary Conference tomorrow to an into Bloomberg radio and television for life coverage of his comments around nine a m. Eastern. Turning to overseas now, Karen, Markets in Europe are feeling the pain of the stronger dollar.

It comes at a precarious time for the UK. The new Prime Minister, Liz Trust is filling her Cabinet and is working on solution to address her country's cost of living crisis. Bloomberg. Stephen Carroll joins us live from London with the latest. Good morning, Stephen, Good morning, Nathan and Karen. Liz DROs holding the first meeting of her new cabinet as we speak, after a sweeping reshuffle that saw her

supporters elevated to the top jobs. Quasi quarteng as a new Chancellor, while Jacob Riesmock takes over his business Secretary Natural Space as the leader of the opposition Labor Party in Parliament. Later, as we await details of her package to tackle soaring energy costs, people familiar with the plan telling Bloomberg that it could see the government spending as much as two hundred billion pounds to cap prices, adding ten percent to the UK's national debt. Live in London,

I'm Stephen Carroll, Bloomberg, daybreak. All right, Stephen, thank you. While the strong dollar weight on ousets in Asia, over night, stocks held it lows from May of twenty well, Asian currencies weakened sharply, and Bloomberg. Juliet Sally joins us from Singapore with the latest. Good Morning, Juliet Good morning, Nathan and Karen. In Japan, the yen sank, with officials warning

they're concerned about rapid one sided moves. China meanwhile said it's you on reference rate with the strongest bias on record, a signal of discomfort with the swiming currency. South Korea's one was the worst performing Asian currency, prompting speculation of intervention. The Kiwi and Singapore dollars fell to two year lows, adding to the downbeat sentiment. The latest China data showing the nation's export growth slide more than expected in August,

adding to signs of a flagging world economy. In Singapore, Juliette Sally Bloomberg Daybreak a right. Juliette thanks sticking with again for a moment. That currency slumped to a level that leaves it on track for its worst year on record, and that is prompting signals from government officials Japan would need to take action if the rapid one sided moves continue. Bloomberg Facts reporter Ruth Carson says, at this point we

could see government intervention. Policymakers haven't changed their language to indicate such a move could happen anytime soon, but lookout for phrases like we won't rule out any options to combat excessive movements, or we're ready to take decisive, bold action to counter excessive or speculative moves. Bloomberg's Ruth cars And says, the end could get even weaker from here and checking it right now, it's weaker by nine tenths

per cent against the dollar at one point one zero. Well, we move on to corporate news now, Nathan, where all eyes are on Apple. The tech giant is holding a launch event today to unveil the new iPhone fourteen. New iPhones traditionally kick off a busy fall products season, which also includes new max iPads and Apple Watch models. The event kicks off at one pm Wall Street Time, and we'll bring you live updates from Cooper Tino throughout the

day on Bloomberg Radio and television. And we've got more earnings on the way today, Karen popular meme Stock Game Stop is among companies out with results after the close. Bloomberg's Charlie Pellett has a preview. The analysts surveyed by Bloomberg see the video game retailer reporting on adjusted earnings per share loss of thirty four cents on revenue of one point to seven billion dollars. Analysts at Webb Bush say game Stop may trail consensus expectations, siting ongoing hardware

constraints for gaming consoles. Game Stop has been among the most popular retail trader favorites this year, but the stock for all of two is down thirty two percent. In New York, Charlie Pellett Bloomberg day Break, All right, Charlie, thanks well. It's shaping up to be another rough day in California. The state's electric grid will once again be tested after a narrowly avoided blackouts for two consecutive days.

Blistering temperatures pushed electricity demand to record levels late yesterday that prompted California to enact its highest level of energy emergency. Much of the state remains under an excessive heat warning. Taking a look at oil now, Karen Crude is trading lower as the dollar surges. Concerns over global demand are also weighing on sentiment. W t I is off to a week starts to September, extending a round of three monthly losses. That's the worst streak in more than two years.

Checking prices now, w t I is up a half percent at eighty seven dollars twenty nine cents. Of Barrel Brent is at ninety three dollars six cents. But we're also watching cryptocurrencies this morning, Nathan, Bitcoin flirting with a test of this year's lows, following again another sell off that's pushed the sector's overall market value below one trillion dollars. The largest digital token has shed more than six percent so far this week as searching real interest rates cut

into risk assets. Checking bitcoin right now, it's at eighteen thousand, seven hundred and nine dollars. Straight ahead your latest local headlines, and this is Bloomberg. Thank you, Karen. Five oh seven on Wall Street. We are at sixty six degrees in Central Park. Can't get in on the Arizonto Bridge. It's closed both ways on the lower deck for construction details coming up in traffic. First, John Tucker with what else is going on in New York and around the world.

Good morning, John and Nathan. Former White House strategy of Steve Bannett will surrender to face criminal charges in New York. Let's get the story from Bloomberg's Jeff Bellinger. Sources tell Bloomberg that Bannon has been indicted and will be charged

by the Manhattan District Attorney's office. Manhattan prosecutors were working early last year with New York Attorney General Letitia James, New York's top law enforced officer to gather information for a probe into weather bannoned defrauded contributors for that We build the Wall. Bannon was charged with fraud and federal court and over the alleged scheme, leading to a pardon hours before Donald Trump left the White House. But Trump could not shield his former raid from the state level probe.

Jeff Bullinger Bloomberg day Break, and we're hearing more surrounding the documents discovered at the former president's Florida state The Washington Post reports a document the FNBI agencies at mar Lago describes a foreign government's military defenses and nuclear capabilities. The Post ants some of the seized documents detail top secret US operations so closely guarded that many senior national

security officials are captain the dark about them. A development in the probe into the alleged effort by some Trump supporters to overturn the twenty election results in Georgia. Investigators say video shows a local Republican party leader allegedly allowing two men into the Coffee County's election offices the day

after the January six insurrection. It's also the same day authorities say the offices voting machines were breached, and the Biden administrations has COVID nineteen vaccines will largely become an annual vaccination akin to the flu shot. Dr Is She's jaws, the Coronavirus Response Coordinator. We the administration will make sure that vaccines are free, that they're widely available, and they

are easy to access for everybody. The administration urging Americans to seek out newly authorized booster shots tailored to fight the omicron sub variants that are now dominant. About half u S workers could be described as quiet quitters. That's according to new research by Gallup. It means they fulfill their job description but are psychologically detached from their work. According to Gallops survey, some fifty of respondents met the

definition of quiet quitting. Global News twenty four hours a day on Erin on Bloomberg Quicktake power by more than seven hundred journalists and analysts in more than one twenty countries. I'm John Tucker and this is Bloomberg Nathan, Thank you John. Almost five ten on Wall Street time for the Bloomberg Sports Updake Morney, John Stanhown and Morning Nathan so much with us being the easy part of the Mets schedule.

Back to back losses though lowly Washington and then an eighth to two loss last night in Pittsburgh, and the Mets have just their second three game losing figure of the season. The other one came back in June. Tiwan Walker gave up four runs and five in ins. The Pirates put the game away with four runs in the eighth day Brandon Nimmo homeward for the Mets. Two teams have a double header today to make up Monday's rain out. The Yankees and Twins have a twin bill on the

Bronx to make up last night's rain out. Yanksters put Anthony Rizzo on their extremely crowded injured list. That's a list with now fifteen names on a Rizzo had missed time with a bad back. Now he's suffering from migraine headaches. Another late night at the US Open, This one ended at one am with Karen Ketch John I've winning the fifth set from Nick Kirios. Um the old credit to Karen. He just he's a foto. He's in. He's a warrior,

you know, he's he's authority said it really good today. Um, honestly, probably the best server played this tournament, to be honest,

the way he was hitting his spots under pressure. A lot of new names emerging that this year's Open Cat Shauno will now play Norway's Casper Rude And unlike the semifinal on Friday, the women's winners yesterday as Javier who was from Tunisia, and then last night Caroline Garcia took out the American teenage You're Coco got w NBA Playoffs wins for Connecticut headed to a Game five with Chicago and Las Vegas, who reached the finals last night, the

final game in the long career of Seattle's Suber the Long Island native. Chicago Bears announced their attention to move to an indoor stadium in the suburbs of them not until two thousand thirty four. John Stashower, Bloomberg Sports, thank you, alright, I guess there's time, Thank you, John. Sp Futures up two points, South Futures up four Nastack futures up nineteen points. Dollar strength pervading the market. We speak next with Kid

Juke's chief effect Strategistics, suck Chen. This is Bloomberg, Bloomberg eleven three oh weather scattered showers today, low seventies for highs. We'll clear out tomorrow upper seventies and end the week with sunshine Friday and a high your eight right now, cloudy sixty six degrees in Central Park. It continues markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, at Bloomberg Business Atland, at Bloomberg Quick Tape.

She's a Bloomberg Business flash, but I'm kerin Moscow. Stocks and commodities. You're dropping is the prospect of aggressive Federal Reserve monetary tightening lifts a dollar gags to another record. Meanwhile, US stock index futures are mostly higher. We checked the markets every fifteen minutes throughout the trading day on Bloomberg. Right now it's in p futures are up about three points down. Futures are also well. They're little change now nowesday at Future are up twenty four The decks in

Germany is down four tenths of upper cent. Can your treasury up ten thirty seconds, you have three point three one percent they yield on the two year three point four or five percent. NIMEX screwed oil is up six tenths percent of fifty cents at eighty seven dollars, thirty six cents of barrel comex gold up two tens per cent or three dollars fifty cents. A seventeen sixteen forty announced the euro point nine nine oh four against the dollar, British found one point one four nine zero and the

en one four point one zero. Bitcoin this morning lower down one percent at eighteen thousand, seven hundred eighty dollars. That's a Bloomberg business flash. Now here's John Tucker with more on what's going on around the world. John, good morning, and good morning, Karen. Former White House strategist Steve Bennet

will surrender to face criminal charges in New York. California narrowly avoided blackouts for a second day, even as dangerous temperatures pushed electricity demand to a record in that state. And sing Pain will meet his Russian counterpart Vlackimir Putin next week. It would mark the Chinese leaders first trip abroad.

In two and a half years. Sports last ninth, the Mets lose to the Pirates, Red Sox lost to the Rays, Orioles beat the Blue Jays, Nationals lost to the Cardinals, the As fell to the Braves, the Giants lost to the Dodgers, and the Yankees game against the Twins rained out. They're set to make up that game today. Glomally was twenty four hours a day on Aaron on Bloomberg Quicktake. We're powered by more than twenty seven hundred journalists and

analysts and more than one twenty countries. I'm John Tucker. The he is Bloomberg. Nathan Okay, John, thank you. It's five nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Dave Break on a morning where dollar strength seems to be rippling through markets and driving risk assets lower. Let's bring in Kit Jukes for more on this. Chief FX Strategist Associated General Kit, Good morning. It seems like the prospect of higher for longer interest

rates is really on traders minds right now. Where do you see the dollar going? Has King dollars stopped? King dollar? Is King dollars wearing? Here's her crown very firmly not

going anywhere. I don't think this can really stop until we get past the worst of the energy crisis, to be quite honest, in the sense that, um, you know, the I mean, the rate story is part of it, but it's all related to the fact that that that the terms of trade between most of the world in the US, between Europe and the US and Japan and the US is so favorable to the to the US because it's the country's second biggest energy producer globally, whereas

we're all we're all trying to wean ourselves off Russian energy as fast as we can, and that that contrast is just enormous. So as growth slows with inflation in Europe and growth just slows in Japan, the US has a completely different set of needs in terms of monetary policy, because you know, the economic data continually just persists in outperforming expectations. So what's your expectation when it comes to

the ECB. That seems to be in a lot of people's minds as well, given the risks around energy with the war in Ukraine going on. Is a seventy five basis point move from the e c B Uh, sealed in here, it's getting more likely. Seems to be it seems to be fashionable. I would have thought of that sort of lost. That's the most likely outcome. Um, this morning's GDP revisions upwards might be just the last little bit to sort of, you know, put some dust on

top of it and make it, make it happen. I think it's what they need to do to maintain their credibility, is what they the kind of hinting at. Why would they back down now? I think so, Yeah, that's probably what we'll get. Yeah, you mentioned the revision we got from the second quarter GDP in the euro Zone coming in a little bit stronger than expected. Uh what does that mean for Europe at this point, given that we've

seen so much weakness in this second half. Yeah, I think that's the issue is is you know so, you know, so the unro's own economy did better than people thought going into an absolutely huge energy crisis. That will that will result in in recession at least in Germany and UM and significantly slower growth everwhere else. So what difference does it make? I don't know. I just think it it's enough to convince the CB that they've got room

to frontload rate hikes as much as possible. Beyond that, I don't think it makes a great deal of great deal of differences. It doesn't make a great deal of difference to the foreign exchange market because um, you know, I don't know that will be pricing in higher terminal rates from the ECB or expecting anything wonderful after that.

We we are just we are just going to get slower growth in Europe and um, and we'll get slower growth faster or slower growth earlier than in the United States, as we already had got to get your reaction to what's happening in Asia as well. With the end trading at a twenty four year low, right now, do you see the possibility of intervention? And by the Bank of Japan, uh, it must be coming close. I mean the obviously the Korean authorities are being much more vocal about the need

to do it. You know, the one is week, the Taiwan dollar is week, the Chinese un week is week, the end is week. Um. The Japanese obviously have you know, hugely lower interest rates than the US every time US yields move higher the end weekends. But but the you know, the housing market is sewing precipitously in China and so the whole of that region is under pressure. At this point in time, I think we will end up seeing intervention.

The only thing I would I would warn you know, the last time we saw Dolly yen this high was just before LTCM collapsed and run Russia defaulted and we were back at a hundred and turn by the end of the year. So um, we were at levels where I wouldn't promise that it's going to be stable our last minute here you kit, what's the path ahead for the pound now with the change in leadership in the UK, I study still weak. I still think study probably able

to be. You know, if anything slightly weaker than the euro. The fundamental problem is the same for the UK is for Europe dependence on what is now extremely expensive and scarce um and energy. If it's a bad winter, sterling has got more downside than if it's a good winter. If it's a mild winter, we're lucky and we could

get away with it. But in the short term, as we price in the downside risk that we'll end up with power outages and things like that, we're pretty much already, we could be in recession by the time we do the mass backwards later on. We're going to get aggressive rate hikes because of the inflation. Uh and and we have a we have a balance of payments that's worse than anybody else's in the UK, so of the major economies. So there's not there's not a lot out of there.

The only the only piece that you can say it's favorable. The sentiment is truly dire, and the letter is very low. I still don't think we'll get We'll get the low one time, but um, we're not going up any time. So thanks for this, kid, good having you on with us this morning. Kid Jukes, Chief effects strategist, as so State in general. You're listening to Bloomberg Daybreak. Good morning,

Bloomberg eleven three oh weather. Scattered showers today with highs in the low seventies, will clear out tomorrow, get into the upper seventies and top out at eighty on Friday under sunshine sixty six and cloudy. Right now, 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 O six one to San Francisco, Bloomberg nine sixty to the country, Sirius XM Cho one nine team, and around the globe, the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. We're just about four hours away from the open of

US trading. Let's get you have to date on the news you need to know at this shower. Stocks in Europe are falling as the US dollar continues its strong run. The Bloomberg Dollar Spot Index had another record overnight, and that's leading to tighter financial conditions that are weighing on risk assets around the world. Janet Mooe is head of market analysis at Bruin Dolphin. There are increasing signs that

countries are worried about the dollar strength. I think government officials they will have to come together to discuss what they may do about it, but maybe they don't actually have a lot of solutions. Janet Movie with Bruin Dolphins, says the strong dollar could have a disinflationary effect on the US economy, but she still expects the FED to raise interest rates set September's meeting, and we'll get more inside from the Fed today, Karen, with the release of

the Beige Book. That comes at two pm Wall Street Time, a day before we hear from FED chair J Powell. He speaks at the Cato Institute's Monetary Conference tomorrow. Tune into Bloomberg Radio and Television for live coverage of that around nine am Eastern. Well, Nathan, the strong dollar weighed on assets in Asia. Overnight stocks held at low's from May of twenty well, Asian currencies weekend sharply. We're taking a close look at the yen, in particular, it's on

track for the worst year on record. That's prompting signals from government officials that Japan would need to take action

if the rapid one sided move continues. With Carson's is an f ex reporter with Bloomberg News at this stage, with a Bank of Japan clinging to his ultravis monetary policy stands and FED hiking aggressively to five inflation, that's little stopping it from hitting levels last seen in the early Bloomberg's Youth Curse, and says potential government intervention is on trader's minds at the moment, and checking their yen right now, it's at one four point one seven against

the dollar. Alright. Turning the corporate news now, Karen, all eyes are on Apple. The tech giant holds an event today to unveil its new iPhone fourteen. New iPhones traditionally kick off a busy fall product season, which also includes new max iPads and Apple Watch models. This event kicks off at one pm Wall Street time today. We will have live updates from Cupertino for you throughout the day

on Bloomberg Radio and television. And taking a look at oil now, Nathan Crudes trading lower as the dollar surges. Concerns over global demand are also wearing on sentiment. W t I is off to a week start to September, extending a run of three monthly losses as the worst

streak in more than two years. And checking prices right now, w t I is up nine tenths of Upper center up seventy six cents at eighty seven dollars sixty one cents, and barrel looking at Brent it's at ninety three dollars sixty three cents, and straight ahead, we have your latest local headlines plus the check of Sports, and this is Bloomberg.

Thank you, Karen. Three on Wall Street at sixty six degrees in Central Parker, got slow traffic of the local lanes at seventies found between Eggs at fifty seven and the turnpike. More coming up in traffic. First John Tucker with what else is going on in New York and around the world? John and Nathan. Former White House strategist Steve Bannon, who was pardoned by Donald Trump on as last day as president, will surrender tomorrow to face stay

criminal charges in New York. Manhattan prosecutors have been working with New York's Attorney General, Letitia James to gather information for a probe into whether banded the frauded contributors for We Build the Wall that was a private sector effort to sup where Trump's sixteen campaign promise to construct a wall along the US Mexico border. Trump's pardon doesn't shield Bannon from state charges. Add a threat by a major airline to suspend service at JFK. Let's get more in

this report from Bloomberg's Lisa Mateo. United Airlines is threatening to suspend service at Kennedy unless federal regulators review runway use and allow the carrier to increase daily operations. United told employees and a memo about its plan, saying the airport's total flight capacity hasn't changed since two thousand eight,

despite a widening of runways and other infrastructure improvements. The airline, which has two daily flights between Los Angeles and JFK and to shuttling back and forth to San Francisco, that it would suspend operations at the end of octob over without more slots. Lisa Mateo Bloomberg Daybreak, California had narrowly avoided blackouts for a second successive day, even as temperatures pushed electricity demand to a record and stretched the state's

power grid close to its limits. Electricity uth had reached fifty two giga watts yesterday, easily breaking a record that still since two thousand and six. Is California Governor Gavin Newsom, California and many other Western states are experiencing simply unprecedented temperatures. In fact, this heatwave is on track to be both the hottest and the longest on record for the state.

In many parts of the West for the month of September, bosses are expecting workers to finally start showing up more routinely at menton Happen offices that have been sparsely populated for more than two years. Big banks, including Goldman, Sachs and Morgan Stanley, had removed the final hurdles for full time in person work, once again a reminding employees that

they're wanted back in the office. Global News twenty four hours a day on the air end on Bloomberg Quicktake power by more than twenty seven hundred journalists at analysts it more than one hundred twenty countries. I'm John Tucker. This is Bloomberg, Nathan. Thank you John by thirty five on Wall Street Time for the Bloomberg Sports That Take with John stanshowerd Nathan. The Mets have been the first place team pretty much all season, but maybe not by

the end of tonight. Atlanta Braves one again ten to nine in Oakland. They've won twenty six of their last thirty one, and the Braves are eighty five and fifty one, same record as the Mets, who lost in the Pittsburgh Eights two Taiwan Walker gave up first four runs the bullpen four more. Mets have just their second three game will do threek of the season. They have a double header in Pittsburgh today, Yankees and Twins will play two

in the Bronx to make that last night's rain. Now the Yanks are banged up, fifteen players on the injured list. Anthony Rizzo just went on with migraine headaches. D J Lemah who's got a bad tow John Carlos Stanton had to lead one day's game of injured fourth the Lex Rays, where negative Tampa Bay beat the Red Sox. The Red Hot Rays only four and a half games behind the Yanks.

They crowd at the US Open last night came out to see the American teenager Coco goff and then the entertaining ausee Nick Kurios, but they've both lost their quarterfinal matches. Goffel the Caroline Garcia's freight sets and Carrios in a match that ended at one am, lost the five center to Russians. Rushas car and catch on Off. Giants getting ready for Sunday season opener at Tennessee and the concern for new Giants coach Brian dave ball Is Titans running

back documented his what he's done so far. He's he's just a really good football player. I know him as a person to uh have him, got a down a few times in Alabama. Got a ton of respect for him. And as a man, and and and certainly as a player. He's uh, he's one heck of a player. Who's you name it, he can do it. If the Giants can upset the Titans, they'll have an over five hundred record for the first line to two thousand and sixteen. Jets

open Sunday with Baltimore. The season kicks off tomorrow. John stashually I were Bloomberg Sports. John thanks five thirty seven on Wall Street Time for the Tri State Business Report with Bloomberg's that Cory R XR has landed at one point three billion dollars refinancing loan for a Time Square

office towers and ramps up building improvements. Backers for the five times Square loan include Morgan Stanley, Apollo Global, and a I G. R XR and its partners have invested another three hundred million dollars to help renovate the site. New York farms, orchards and dairies would be on the hook for more overtime pay under a proposal being reviewed by regulators. The Farm Laborers Wageboard recommends over time pay be phased in for those working more than forty hours,

down from a current sixty hours. New Jersey pot companies and state regulators are challenged by a hodgepodge of rules. Documents obtained by Bloomberg show the State Cannabis Regulatory Commission issued citations to seven companies January through mid April two, and marijuana sales broadened from medical to recreational. That's your Bloomberg Try State Business report. I'm ind Corey. Thanks on Wall Street. Bloomberg Radios on the air from San Francisco

to New York, London to Han 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 and on ten ten Wins in New York, we're talking about how Seattle based Nordstrom is putting New York City Center state. I'm Cornets on a hole on ktr H in Houston. Chesapeake Energy says that there's lots of interests in it's Eglford Sail assets.

I'm Gina Servetti in for wfl A and Orlando. I'm reporting that a new Gallant pole shows that about half of US workers could be considered quiet quitters. I'm Stephen Carol and Bloomberg DAB Digital Radio and London. We've been reporting on the first meeting of Les Truss's cabinets after she promoted her supporters into the top jobs. Bid Cory on w W Jane Detroit. I'm reporting Eastern Michigan University

faculty have voted to dry. And those are some of the stories our twenty seven Bloomberg journalists and analysts are working on this morning. Around the world, It's nine on Wall Street. The following is an editorial from Bloomberg Opinion.

This editorial was written by the Bloomberg Editorial Board. It's not every day that the International Atomic Energy Agency dispatches monitors looking like Hollywood action heroes, but that's an apt description of the i a e. A team recently sent to inspect the Zapparitzia nuclear power plant in Ukraine, which Russia seized in March. It's Europe's largest nuclear reactor complex, and it sits right on the front line between the Ukrainian defenders and Russian invaders. The i a e a's

goal is to avert a radiation disaster. Putin will never agree to unilaterally withdraw his troops and yield the plant to the Ukrainians, which would amount to retreat. So the goal of negotiations must be the creation of a demilitary zone in and around the nuclear complex. Such a solution will be extremely difficult to achieve, that anything less could be disastrous. The senatorial was written by the Bloomberg editorial Board.

For more Bloomberg opinion, please go to Bloomberg dot com, Slash Opinion or ope I n go on the Bloomberg terminal. This has been Bloomberg opinion, and you are listening to Bloomberg Daybreak. Listen for Bloomberg opinion editorials every weekday at this time. Terminal customers can read more at O P I n go Bloomberg eleven three oh weather rain, low seventies today, will clear out, get into the upper seventies

tomorrow right now sixty six in Central Park Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Out, and at Bloomberg Quick Tape. This is a Bloomberg Business blash, and I'm Karen Moscow s doctor commodities are dropping as the prospect of aggressive Federal Reserve monetary tightening lifts a dollar gage to another record, and futures meanwhile are moving higher. We checked the markets

every fifteen minutes throughout the trading day on Bloomberg. Right now, usin P futures are up about five points down, future is up twenty nast day features up thirty one and the decks in Germany's down half percent. Ten year treasury up ten thirty seconds l three point three one percent. They yield on the two year three point four six percent. Nine max screwed oil is up seven tenths percent or sixty four cents at eighty seven dollars fifty two cents

a barrel. Comex s foold is up a quarter of a percent of three dollars eighty cents a seventeen sixteen seventy announced. The euro at point nine o nine against the dollar, British found one point one eight zero and the yen one forty four point one five, and bitcoin is down one percent at eighteen thousand, seven hundred eighty dollars. That's a Bloomberg business flash. Now here's John Tucker with

more on what's going on around the world. John and Karen Steve Van of the one time Trump adviser expected to surrender tomorrow to New York authorities to face state criminal charges. California narrowly of it at blackouts for a second successive day, even as the blistering temperatures there pushed electricity demand to a record at Chinese leader Shooing Ping planning his first trip abroad into and a half years. According to Tas, he's going to meet with the Russian counterpart,

Vladimir Putin in Uzbekistan next week. Sports last night, Mets lost to the Pirates, Red Sox lost to the Rays, the Odes beat the Blue Jays, Nationals lost to the Cardinals, the A's filled to the Braves, Giants lost to the Dodgers, and the Yankees game against the Twins that was rained out. They're gonna make that at game up today. Global News twenty four hours a day on air and 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. This is Bloomberg. Nathan Okay, John, thank you. We're coming up to five nine on Wall Street Live from the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak on a morning where we are continuing to see dollar strength ripple through markets, global stocks moving lower, futures touch higher. They've been kind of fluctuating this morning, but right now we have SMP futures up six points. That's again of

about two tenths of one percent. But the number of the day this day is fourteen. That's the next edition iPhone Apple is expected to unveil at its latest launch event, dubbed far Out. For more on what to expect from Coopertino, we are joined this morning by Alex Web, Bloomberg Quick Take anchor tech columnists for Bloomberg Opinion. Alex, how far

out is this product launch going to be? Well? Actually, the title is always a bit of a puzzle that people try to get their heads around, and the suspicion is that it's something to do with satellite communications, that there might be a feature which if you don't have a cell phone signal, that you can text emergency service or something using these sort of low earth orbit satellites such as Starlink. You know, the the Elon must thine, But really that's not going to be the headline product

launches here. We're going to see two new um iPhones so well a new two new pro iPhones, and two new standard iPhones as well as a pro version of the Watch and that probably is going to be a bigg takeaway. Yeah, our Mark German was reporting that the pro versions we're going to be the devices that saw more of the bells and whistles that a lot of

analysts expect to see from the newest Apple products. How significant could we see in terms of changes of design, changes of hardware in in some of these higher end Apple products. So the thing we know every new lineup of of iPhones has an improved processor and improved camera and it's going to be no different this time around. The the big camera update is gonna is it likely to be? This is also you know marks reporting forty eight megapixel rear facing camera on the on the pro

version of of the iPhone. Ah, the main form factor change is it's like to be a smaller notch. That's what the enthusiasts called that. The little dent at the top of your display which houses the front facing camera face I d things like that So that's really going to be the the change here. Yeah, I guess the the question that always tends to come up with product bunches like this, especially when we get closer to the holiday shopping season, is whether we're going to see a

market for higher end products from Apple. I mean, they're always higher priced products, but given the economic environment we find ourselves in right now, can Apple count on people being willing to plunk down upper three maybe four figures for for a new iPhone. So actually, some of the interesting reporting we've seen from o Qualities, particularly de w Wu and Taiwan is to do with how many devices Apple has ordered from its suppliers, and the suggestion is

they've all died about the same as last year. Now, you could say that's good news, but given it's like could be a slightly bigger upgrade to the iPhone than it was a year earlier, that often would drive more

of a sales uplifts. So the fact that all the reporting that suggests that sales perhaps might be flat compared to last year, you can maybe infer from that that, yes, there is an impact from you know, the inflation which is squeezing so many people's you know, wallets at the moment, and Apple also obviously has the ability to squeeze more money out of its customers through you know, the services that subscriptions that people have, but in terms of device

sales it may not be as many. Now. The final wrinkled to that is, of course, that the price point is likely to be higher still to offset some of those declines. So from an invest perspective, there's not a huge concern. Now. We know a lot of investors, analysts, and buyers gonna be watching what comes out of Cooper Tino this afternoon one pm Wall Street time. We're gonna have frequent updates for you on this far out Apple day. Thanks for this, alex Web. Good having on with us,

Alex Web. Bloomberg Quick Take anchor Tech columnists from Bloomberg Opinion, Karen Nathan. It is five three on Wall Street time for the Bloomberg Report. Let's get to the legal stories we're watching this morning with Bloomberg's Jeff Bellinger. Infringement suits filed in New York and Texas federal courts charge that A. T and T and Verizon failed to terminate the internet

services of users who engaged in online piracy. New York's Farm Laborer's Wageboard recommends that the state phase in a forty hour work week for farm, orchard and dairy workers, down from the current sixty hours. The University of Delaware went to court seeking an order allowing it to confiscate knockoffs of university branded merchandise sold on school property during

home football games. 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. Right, Jeff,

thank you now. Another legal story we're watching. In a legal victory for former President Donald Trump, a federal judge on Monday granted his request for a special stare to review documents seized by the FBI from his Florida home, and also stopped the Justice Department from using the records in its investigation into the presence of top secret information at Mara Logo. The Justice Department has not announced yet

whether it will appeal the judge's order. For more, Bloomberg student Grosso speaks to former federal prosecutor Jimmy Garouli, or professor at Notre Dame Law School. When I first heard about this motion by Trump, frankly, I thought it was a little bizarre and had no chance at all. What was your reaction when you heard the judge had decided

to appoint a special master. Well, I was surprised by the decision, and then when I read the decision, I was even more concerned by the lack of really thoughtful legal reasoning. It's a deeply flawed ruling an opinion. And I would say this as a law professor. Had this been the quality product that one of my students had submitted for a grade, I'm not or that it would received a passing grade. What do you think about the

judge basically accepting Trump's claims of executive privilege here? The problem with that claim is that there's no legal authority whatsoever for the proposition that a former president of the United States may properly invoke executive privilege. And more so, it's problematic because executive privilege has been raised in the context of whether or not Congress the legislature can access presidential documents, not whether the executive branch itself can access

such documents. And that's the case here, and there's no authority for that proposition whatsoever. And by the way, Judge Cannon admits that this is an open issue, does not cite any authority for the proposition that executive privilege applies here, and he grants a restraining order on the Department of Justice the FBI from continuing to investigate the matter while these eleven thousand documents are being reviewed by the Special Master.

And the legal standard for an injunction is first and foremost number one, a substantial likelihood of success on the merits. And then you find that there is a substantial likelihood of success on the merits. But the merits here involved whether the executive privilege applies to a former president with respect to request from the executive branch. That's an open question. How can there be a substantial likelihood of success that there's this executive privilege that applies here when there's no

authority to support it whatsoever. So that just is an absurd conclusion. Is it unheard of for a district judge to enjoin a federal criminal investigation. I'm unaware of any precedent. If there is precedent, it is extremely, extremely rare for the judiciary to intervene in an executive ranch criminal investigation and order that that investigation be halted. And that's Jimmy Garolier, professor at Notre Dame Law School, speaking with Bloomberg June Grass.

So catch 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. Futures this morning are on the rise, SMP futures up, Abody points down, futures up thirty nine, and nasday futures up about thirty seven and the tenure Treasury up ten thirty seconds CL three point three zero per cent. Our top stories are straight ahead, and this is Bloomberg