This is Bloomberg Daybreak Weekend, our global look at the top stories in the coming week from our Daybreak anchors all around the world. Straight Ahead on the program, we look to the US Jobs report as the Fed prepares to meet again in September. I'm Nathan Hager.
I'm Stephen Carol in London, where we're looking ahead to a reshuffle in the benchmark Foots one hundred equity index, with well known high street retailers set for a promotion.
I'm deug Prisner looking at whether Japan's economy has made a major pivot.
I'm Kabiglyones in Washington. There is a key hearing in former President Trump's twenty twenty election case.
That's all straight ahead on Bloomberg day Break Weekend on Bloomberg Eleve Them three oh New York, Bloomberg ninety nine to one, Washington, DC, Bloomberg one O six one, Boston, Bloomberg nine sixty, San Francisco, DAB Digital Radio London, Sirius XM one nineteen and around the world on Bloomberg Radio dot com and via the Bloomberg Business App.
Good day to you. I'm Nathan Hager. We begin today's program with a look at the job market in the US and what it could signal about more potential interest rate hikes from the Federal Reserve and joining me out to talk about this preview the August jobs report we've got coming up this Friday. Anna Wong is here with me, chief US economist at Bloomberg Economics. Anna, great to speak with you, and I want to start things off with what we heard from the Chairman of the Federal Reserve,
Jerome Powell, at the Jackson Hole Symposium this week. Of course, there was a lot of attention on the remarks about rates and how they could go even higher to bring down inflation to the two percent target, but Powell also did discuss the labor market and the impact that tighter policies having on job growth. Here's just a bit of what Chairman Powell had to say.
We expect this labor market rebouncing to continue. Evidence that the tightness in the labor market is no longer easy could also call for a monetary policy response.
All right, So that brings me to you, Anna, what kind of tightness could we see in this August jobs report?
Right? So, our team is still forecasting, is forecasting that nonfarm payroll will increase by about one hundred eighty five thousand jobs in August, and it's still it's a slightly lower than the past month, but it is still very high relative to the kind of pace that would be consistent with the neutral temperature of the jobs market. So I think Powell in the past has cited one hundred thousand k per month as the neutral pace of job growth. So at one hundred over one hundred thousand, it is
still greatly exceeding that number. But that said, I think what we heard in Powell's Jackson Hole speech is that it sounded like he does think the labor market is softening rather quickly. He mentioned that wage growth has eased, and he said it in a pretty unambiguous right way, right. And so next week's jobs report will come along with it the average hourly earnings. We're expecting it to show
also pretty fast deceleration. I mean, despite all these news headline recently talking about the wage negotiations from labor strikes getting these ups, drivers could be earning one hundred seventy thousands, ten dollars in five years time. The fact of the matter is the labor market has softened in the sense that people are more hesitant to quit their jobs. And also job openings have come down, but it's a an oftentimes job opening stayed online even though it's no longer
being recruited. So the true degree of decline and jobpenings could actually even be larger than what the jolt's number that we also will get next week will show. So I think, all in all a pretty positive case for why the Fed doesn't need to hike anymore, you know.
And I'm glad you brought up the strikes because this has been the summer of strikes with a lot of you know, not just Hollywood, but some big name companies, really large companies like UPS getting these really big concessions when it comes to wages. Why do you think that's not having a read through into the broader wage pressure story, that we're not necessarily seeing wages as a major component for inflation going forward.
Here in our forecast of one hundred and eighty five thousand jobs outed for next week's report, we already baked in that the layoffs from the bankruptcy of Yellow, which is the trucking company. The bankruptcy was the catalyst of that bankruptcy was the strike by teamster, and in fact, strikes happened in a kind of like almost it's like a virus when people you left and right, oh you succeed,
then let's do it, you know. But in terms of how strikes and higher wages would translate to job, you know, hiring and layoff, it's actually a pretty subtle and unclear thing. So higher wages raises the input cost of companies, raises the operating costs, and decreases the profits, and so companies could feel more pressure to lay off workers as a
result of higher wages. So and in fact, if you look at the transcripts of earning calls in this quarter, you're already seeing that many of the reasons cited by companies as laying off workers is to reduce overhead costs. Right, So I think the increase in the frequency of labor strikes it doesn't really tell you whether workers in general
are gaining. In fact, if you produce is a group of winners, the ones who engage in the strikes, but it also produces a whole bunch of losers, the ones who would be ultimately laid off because firms have to cut overhead costs.
Are you seeing a lot of those laid off workers finding difficulties getting into new jobs. Where is the labor force participation picture right now.
In terms of what happens in August, which is what we'll see next month, the laidoff workers from Yellow will have trouble finding a new job because in that particular industry, the trucking industry, the freight industry, that industry has undergone a pretty serious recession in the past year. And that's one reason why the company Yellow went under, because it just has very people are just not buying as much goods. So at a time when FedEx ups all these companies,
car box shipments are coming down. I mean you can see the car box shipment indicator, which is actually one of former fed Chairman Alan Greenspan's favorite barometer of the temperature of the economy. That indicator has been plunging since March. So there will be less need for workers to deliver boxes. And so I'm not optimistic about the rehiring prospect of the laid off Yellow workers. And then on top of that you have the ups books getting this wage bump.
It means that these company ups, as I said that, at a time where their revenues are plunging. Their profits are coming down, the operating cost is surging because of these labor strikes. They will have to cut the cost somewhere, and there will be losers as a result of that.
Well, I've got you here, Anna, I've got to touch on your analysis this week that got so much attention about the overall US economy and about Barbenheimer and blockbuster concert tours giving a pretty significant bump to US economic growth. Who knew that Taylor, Swift and Beyonce had this kind.
Of power, Yeah, I did, neither. But what prompted that analysis was this Atlanta Fed GDP now cast reading, which a lot of people on Wall Street pay attention to this now cast reading, and it was showing a five point nine percent for third quarter GDP growth, which is out of the world high, right, And we noticed that out of that three percentage point was due to consumption due to the really high July retail's reading. And indeed
it was true. The retail reading for July was like shockingly high at a time when you're seeing delinquencies on consumer loan surging, and you know, at a time when a lot of firms during the earning season this year talk about how volumes are down. So it was all very odd until you look at the individual economic impact of these four cultural phenomena. Right So AMC, the largest movie theater chain in the country, said that the Barbenheimer July was the best box office in their one hundred
and five years of operation. It's a once in a blue moon thing. And also Taylor Swift by itself is already a seismic event. On top of that, you get Beyonce happening at the same time at each stadium. The average stadium capacity for a Taylor Swift concert is fifty four thousand people and each of them, on average spent fifteen hundred dollars in attending the concert, which included the tickets,
the hotel, buy food. As Memorilia and Beyonce. Is even an i estimate that Beyonce would produce an even bigger impact because Taylor Swift's concert tours dialing down in North America in August and September, where is Beyonce is just starting up. She has over thirty concerts in the next two months. Each of the concert has an average capacity of seventy thousand, even larger than Taylor Swift, and people who attend Beyonce are slightly wealthier than Taylor Swift, probably
because they're older. So altogether you produce this Olympic size kind of event. The economy is actually quite tremendous.
Well, wouldn't it be something if Taylor Swift or the kind of data that the Fed depends on in data dependency. Thanks for this, Anna, great having you on with us.
Happy to be here.
Anna Wong is chief US economist for Bloomberg Economics and coming up here on Bloomberg Daybreak weekend, we take you to London where the foot Sea reshuffle is about to take place. I'm Nathan Hager, and this is Bloomberg. This is Bloomberg Daybreak Weekend, our global look ahead at the top stories for investors in the coming week. I'm Nathan Hager. Up later in our program, we'll take a look at the allegations of election interference against former President Donald Trump.
But first we go to London, where the cutoff arrives for inclusion in the Footsie one hundred. The benchmark UK index is due for a shakeup as the miners and oil majors that have dominated its ranks sink on fears of weakness in the Chinese economy. One bright spot, though from Britain's high Street, may be set to make a return this quarter. And for more we go to London and bring in Bloomberg Daybreak Europe banker Stephen Carroll.
At the close of trading on Tuesday, Britain's one hundred biggest public companies will be selected to make up the foot see one hundred. A bit like sports leagues, some face relegation, others promotion company it looks set to re enter the Benchmark index this week is a staple of
the British high street. The grocery and clothing chain Marks and Spencer has seen their share price stage to comeback this year, but that's at the expense of others, including the home builder per Simon, which has been a victim of higher interest rates in the downturn in the housing market. I've been discussing this with Bloomberg's UK retail reporter Katie Linsel and equities reporter Lisa fam I started by asking Katie, what's driven the upturn in Marks and Spencer's fortunes.
Really, what we're seeing is an improvement on both sides of the business, so both in food and in home and it's quite a long time coming for MINS, because really we've been looking at years, even decades of the
turnaround trying to take hold here at this retailer. And if we look at food, firstly, m Ands has really made a lot of effort to show that you can actually shop a full basket of food m Ands, and they've been trying to keep prices down as much as possible to really encourage shoppers to buy their basics with
them and not just their sort of premium items. And then if we look at clothing, they've been making a lot of effort to try and fight the image of sort of dowdy, ill fitting, unfashionable clothing and working on their own brands as well as attracting third party brands.
Lisa, let's go to you next. What will rejoining the Footy one hundred mean for m and S and for its shares?
Yeah, So, as Katie was saying, like m Ands has done really well this year, and it's been reflected in the share prices as well. The stocks has risen more than seventy percent this year and so it's taken as market cap to more than four billion pounds. So the advantage for stocks like Maxi and Spencer to be in the Footy one hundred index is the fact that there are a lot of tracker fans, which, as the name suggests,
track the underlying index. So this means that these fans would have to buy the shares in order to replicate the performance of the index. There are also some actively managed fans and so with these funds, they may have a mandate to only invest in foot See one hundred companies in the universe of stocks that they look at alongside other benchmark indexes in other countries and other markets. So that would be another advantage to be part of this blue chip foot See one hundred index.
What other changes might we see at the upcoming review.
So we could potentially see Detra Pharmaceuticals, Hikma Pharmaceuticals and Diploma going in alongside the m ands. And in terms of who might go out, it might be Aberdeen, Johnson, Matthe Persimon and RS Group. But the final changes will be based on Tuesday's prices. So if we look at RS Group as an example, as of Thursday morning, its market cap is slightly higher than his Scoss, which is also in the foot See one hundred, So there's a chance that RS Group might actually stay in despite the
indicative results saying that it might go out. So the market caps between RS Group and his Scots are very close.
What then should we be watching for in the run up to that deadline on Tuesday?
Yeah exactly. I do know some people who are constantly refreshing to see what the market caps of these two are going to be like. So it's quite an interesting one to watch. And just as a reminder, Akada had been set to exit the Footy one hundred index last quarter, but in the end it kept its spot and British Land was removed instead, so it's still very much up in the air.
It's interesting on that point about Accado being of course a big online retailer. To go back to Katie Linsel for more on how the sector in general is facing as well. I mean, cost of living pressures has driven up revenues for many, but retailers, particularly supermarkets, coming under huge pressure about passing on price increases to consumers. How much have these businesses been able to benefit, as it were, from inflation.
We did have the traditional Big four UK supermarkets pulled in front of MPs to answer questions on this topic. Recently, and if we look at profits last year for the traditional Big four, they actually fell, margins were tighter. It's clear that supermarkets are under pressure from higher energy bills and also higher labor costs, and so you know, they weren't making more money off the back of this. But still,
you know, we're expecting quite big profits this year. I think the supermarkets are really at pains to try and tell the consumer, you know, we are cutting prices wherever possible. We're seeing almost sort of weekly press releases from the supermarkets showing that they are cutting the prices of basics, and the latest one is butter and M and S
is no different there. You know, they are really been almost at the forefront and trying to tell consumers, you know, we are keeping prices affordable, especially on basic you know, jacket potatoes, bate beams, trying to paint the image for the consumer be you can buy those items with us, it's not just the sort of premium ready meals.
It's interesting to think about this because the question around pricing power for companies that are making consumer goods has very much been in focused because of the rate of inflation. The power that supermarkets have to increase prices is quite limited because these are very thin margin businesses.
That's a big debate, you know, looking at the sort of unilevers of this world that have much higher margins versus supermarkets, and it's quite a fiercely fault debate between the supermarkets and their suppliers. You know, who's to blame when it comes to higher prices to the consumers. Supermarkets do have their own brand items as well, and we've seen through the cost living crisis consumers buying more and more of these own brand goods because they are cheaper.
And so that's where the supermarkets are really taking control of the narrative and showing this is where we are cutting prices. We are seeing prices costs come through lower in certain commodities and so we are able to cut prices there. So yeah, I think I think it's going to be a sort of ongoing fist debate between the big suppliers and the supermarkets.
Katie, what about the competition between SuperM or other among supermarkets over this issue as well? Our customers move moving to the cheaper end of the scale when it comes to where they're shopping.
Absolutely, we've seen all through this period of really high inflation, that Alba and Little are really lucking out if you like, they are gaining market share, and Aldi in September last year, so almost a year ago, took the spot of the fourth largest grosser in the UK. They knocked Morrisons off
that spot. Morrisons have been much slower to be able to pass on that message to consumers that the prices are coming down, partly because Morrisons produce a lot of their own food, so they feel that impact of inflation
much faster. If we look at the sort of premium end at Waitros for example, and Marx expenses, I mean, Weightros have been much slower to flag to consumers that the prices are that they are cutting prices, whereas Marcus Spenser's a really sort of run away with the competition there at that premium end.
Lisa fam thinking more broadly about the prospects for UK equities in the next year, what should we be considering when we can say where the new members of the FOOTSI one hundred will go.
Inflation seems to be quite sticky. We're dealing with a lot of high interest rates and so it does seem like the outlook is still quite gloomy for UK stocks. At the same time, we did have black Rock Strategists last week they upgraded their view on UK stocks too neutral, so I guess it could be just a case of wait and see in terms of like what happens with UK stocks.
Thanks to Bloomberg's UK retail reporter Katie Linsel and equities reporter Lisa fam we will bring you coverage of the FOTZI one hundred reshuffle here on Bloomberg Radio. And another piece of related data we'll be watching for in the coming days is the Shop Price Index in the British Retail Consortium. We'll be looking out to see what it might tell us about the trajectory for the UK's stubbornly
high inflation rate. I'm Stephen Carroll in London. You can catch us every weekday morning here for Bloomberg Daybreak Europe, beginning at six am in London and one am on Wall Street.
All right, thank you, Stephen. Then coming up on Bloomberg day Break weekend, a wave of developments related to the allegations of election interference against former President Donald Trump. I'm Nathan Hager, and this is.
Bloomberg broadcasting live from the Bloomberg It a active brokers studio in New York, Bloomberg elemon three oh to Washington, d C, Bloomberg ninety nine one to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine sixty to the country, Syrius XM Channel one nineteen to London DAB Digital Radio, and around the globe the Bloomberg Business app in Bloomberg Radio dot Com. This is Bloomberg Daybreak Weekend.
I'm Nathan Hager with your global look ahead at the top stories for investors in the coming week. It could be a week chuck full of developments for former President Donald Trump in the case where he's accused of election interference in twenty twenty. For more, let's head to our Bloomberg ninety nine one newsroom in Washington and check in with Bloomberg Sound On co host Kaylee Lyines.
That's right, Nathan. This coming Monday here in Washington, Judge Tanya Chutkin will hold her first hearing in the twenty twenty election case against former President Donald Trump, a hearing in which she is expected to announce a trial date. And of course, this will come just days after Trump was booked in Fulton County, Georgia, in a separate state case, though still related to efforts to overturn the result of the last presidential election. It's a lot to go through
from both a legal and political perspective. So I've assembled a power team Elizabeth Wasserman, DC based Bloomberg Legal editor and Ryan teeg Beck with Bloomberg National Politics reporter. So, Elizabeth, just to begin, As I said, we're coming off a week in which it was the Georgia twenty twenty election case that was in focus. This one this coming week is a federal case in question. Can you just remind us how they are different.
Yes, the federal case was brought by Special Council Jack Smith and his team prosecutors on behalf of the Justice Department, and it's it's looking at it's one part of the Special Council two part investigation. You know, there's the one about the documents down in Florida. This one in Washington is about the twenty twenty election and efforts to overturn the results and by Trump and along with some co conspirators,
you know, to keep him in office. So the case in Georgia is a state case and it's a racketeering case. It alleges that there's a conspiracy involving you know, nineteen defendants, including the former president, and that they conspired to you know, deprive you know, the citizens of their their their rightful votes.
Yeah, it's a good point that there's actually eighteen other co defendants in the Georgia case, where in Jack Smith's case, while there are other co conspirators, it's just the former president that was charged. And of course in Georgia, we learned this past week that Fannie Willis is really trying She's of course the district attorney, really trying to make this thing speedy. She asked for an October twenty third,
of twenty twenty three trial date. When it comes to the trial date in the Washington case though, which we expect to be decided this coming week, I believe Jack Smith's off as Elizabeth had asked for a start date of January second, so also going for speed here. I know the Trump team has pushed back on that. Do we have any idea which way Chuckkin's going to lean on this?
Well, she is someone who controlled has a very good control over her core calendar, and I have a feeling since the both sides are far apart. You know, Jack Smith once January. Second, the Trump lawyers are suggesting, you know, after the twenty twenty four elections, they actually throughout a trial date of April twenty twenty. That's a big they have to Yeah, I think the the you know, the better is among us, the odds might be greater that
she sides more with the prosecution's start date. You know, she has handled a number of January sixth, you know, uh cases involving the riot at the US capital, and she's moved those along very quickly. She made it clear that she intends to move this along very quickly as well.
So if she does so, Ryan to bring you in here. Depending on what date she ultimately lands on, if it's January or even really if it's just any time between January and say July, it could fall in the thick of primary season. So what's the political implication there for the former president, who of course is currently running to be president again.
Well, there's two effects. And the first is really you can already see, and that is just time. Presidential campaigns, all regardless of how much money they have, have only so much time and number of days that you can hold a rally on number of days that you can do fundraise, number of days you can go do TV interviews or whatever. Donald Trump is not campaigning at the level that he campaigned at twenty sixteen or twenty twenty. He's not holding as many rallies, he's not holding as
many events, he's not doing as many interviews. And I think that he did not should do the debate. I think that all of those are related to his legal troubles. I personally think, and I don't you know, I can't say this so for sure, but I personally think that one reason he may have chosen not to debate was
that he would be asked about these criminal cases. And if I was his lawyer, I would have said, no, I don't think you should go on national TV and answer appointed questions from experienced reporters about your multiple criminal indictments because all of what you said, I mean, you'd have to give a Miranda warning at the beginning of the debate. Anything you say can and will be used against you. Of course it'll be used against him. So I think that may have been one reason for that,
and it's definitely affecting his campaign schedule. So that's the first effect. The second effect is I don't know that we know yet what the effect would be of him being convicted in one of these cases. It's very easy at this point for people to say, well, you know, I don't know, I still support him whatever. These cases
are political. But if he's convicted by a jury, I think that that could potentially have more of an impact than we've seen from the indictments so far, because that sends a signal that, like, you know, twelve random people were pulled in and shown the evidence and came to a conclusion. I think that there's some voters that might sway who haven't been swayed so far. But I don't know. So I don't know either of those things. But they're both big questions that we'll be watching.
And we're all just gonna basically have to wait and watch to find out. But if we're playing the hypothetical game, to write point Elizabeth, if convicted, if he's convicted, theoretically there's going to be a punishment of consequence of some time. What's your sense as to whether or not prison time would ultimately be a reality for a former president of the United States.
Well, that is the sixty four thousand dollars. Question, isn't it that it's hard to tell. First, these cases have to, you know, get to the trial stage. They and his calendar is clogging up with trial dates. You know, he's got one in a civil case January fifteenth. He's got a trial in New York on the hush money charges, and then falsifying business records March twenty fifth. He has a May twentieth trial date in cedral Court in Florida on the classified documents case. And so.
I I don't.
I doubt that we are going to get through all of these cases before the next election, and you know, perhaps one or two. But you know, the the the it's a it's an untried issue whether he you know, I should say, there's nothing there's nothing stopping him from serving if he's convicted. There's nothing in the constitution that prevents that. I don't know if it'll get that far, though, I yeah, I guess we'll just have to wait and see.
Yeah, we're watching history be made in real time here. And while we don't know if that history is going to include time in prison for a former president, he did get a little time in jail in Fulton County this past week, Ryan, in which other history was made and that we all saw with a very own eyes a mug shot of a former president. Walk me through that significance.
You know, if you toc tic criminal defense attorneys, they generally don't like the mug shot, and in a lot of jurisdictions they no longer do them. I mean the origins of the mugshot where that you needed some kind of record of what this person looked like in case they didn't show up. And there's arguments to be made that we didn't exactly need a mug shot of say Rudy Giuliani or Donald Trump, that people know what they look like, but you know, they were applying a policy that they had in place.
What a world, What a world we live in. Thank you for helping us make sense of it. Elizabeth Wasserman, one of our DC Beast legal reporters and editors. I should say here at Bloomberg and Ryan Teede back with Bloomberg National Politics reporter, and Nathan will send it back to you.
Thanks for that, Kaylee. That was Bloomberg's sound on co host Kaylee Lines, reporting from our Bloomberg ninety nine one newsroom in Washington, and you can hear sound on every weekday from one to three pm Eastern right here on Bloomberg Radio. Coming up on Bloomberg Daybreak week and look at some of the twists and turns ahead for Japan's economy. I'm Nathan Hagar, and this is Bloomberg. This is Bloomberg Daybreak weekend, our global look ahead at the top stories
for investors in the coming week. I'm Nathan Hager. Japan's economy is experiencing plenty of twists and turns and it's leading to some volatility for investors in the country. For more, let's go to Bloomberg Daybreak Asia co host Doug Krisner.
Nathan, the Japanese economy is bounced back from the pandemic with surprising force. As an example, second quarter GDP growth six percent, that was double what economist did forecast. Now in the week ahead, we're going to have even more insight. We'll get the official figures on retail sales, industrial production, and numbers on the labor market as well. Let's take a closer look the story on the world's third largest
economy with our Paul Jackson. Paul as team leader from Bloomberg's coverage of the economies in Japan and South Korea. He joins us from our studios in Tokyo. Thanks for making time to chat with us, Paul. So what are we going to learn next week these numbers on factory output. I guess, as you refer to it in Japan, retail sales, the job market, how are they expected to come in?
Well, you reference the GDP figure there, and that six percent sounds pretty good, doesn't it. That's the best result really since the rebound from the pandemic. But ultimately that figure is a bit on the flattering side because it was mainly driven by exports net exports, and if you look into the details, consumer spending was actually down for the first time in three quarters. Now that's not good if you're trying to achieve inflation add a sustainable recovery
in the economy. So we're still not sure how much this is kind of lurching forward, a sputtering forward, or whether this is like a consistent recovery in the economy. So this data next week should help us get a bit more of a feel for that. And you know, on that consumer spending point, I think that retail sales figure will be important. We've been seeing growth of more than five percent in recent months on a year on year basis, and I think we definitely want to see
that continuing. Don't forget that these retail sales figures are inflated by inflation itself, so they're not quite as good as as they look.
So we seem to be describing a little bit of a bifurcation in the economy right where the exports may be holding up reasonably well thanks to and I'm thinking out loud here, a weaker currency, domestic consumption may be a little concerning, and not just that the households may be holding back, but corporations as well. Is that a fair statement, Yeah, I.
Think it is. We will see some corporate spending plans coming out at the end of the week. Ministry of Finance will collate capital spending. Those figures will be used to actually revise the GDP figure in a couple of weeks, So yeah, that will be of high interest to see whether companies are maintaining positive outlook. And let's face it, there are some clouds on the horizon. Obviously, we're in the middle of a global slowdown. What's going on in
China is of great concern. You mentioned the factory output figures from Japan next week, Well, we're expecting those to be down as the factory sector kind of like struggles to really boost outputs in this kind of fragile scenario. And I think one of the figures that will be of key interest actually won't be in Japan. It will be the PMI figures coming out of China. We've seen a contract in the factory sector there in recent months.
I think we're probably going to see more of that, And ultimately, if you don't have the Chinese economy kind of firing on all cylinders, then the prospects both for global growth and continue to cover in Japan's economy are limited.
Paul, it's always a pleasure. Thanks for making time to help us understand what's happening where you are in Tokyo and Japan. More broadly, Paul Jackson, team leader for Bloomberg's coverage of the economies in Japan and South Korea, joining us here. I'm Doug Prisner. You can join Brian Curtis and myself weekdays for Bloomberg Daybreak Asia, beginning at six am in Hong Kong, six pm on Wall Street.
Nathan all right, thanks Doug, and that does it for this edition of Bloomberg Daybreak Weekend. Join us again Monday morning at five am Wall Street time for the latest on markets overseas and all the news you need to start your day. I'm Nathan Hager. Stay with us now. Top stories and global business headlines are hang up right now.
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