Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today chreing.
We begin with an update on the political landscape in India. Narendra Modi has vowed to continue as Prime minister despite his party losing its majority in parliament. Modi will now need to rely on allies to form a government for the first time in a decade. Former Governor of the Indian Central Bank, rogram rajohn says the situation will be more positive for Indian citizens.
It forces India to choose a different course from the one it has been on, a course which has led to much wider unemployment and distress than needed in the country.
Rograam Raja, now professor at the University of Chicago's Booth School of Business, spoke to Bloomberg's Surveillance. Stocks in India fell almost percent yesterday. This morning, they are up two and a half percent.
Well. In the UK, Nathan British Prime Minister Rishi's Sunnak in opposition of Labor Party leader kir Starmer smart over taxes, the cost of living and the country's health system, and a televised debate ahead of the July fourth election.
You gov Paul.
Found that Sunnak narrowly came out on top by fifty one percent of forty nine. Patrick English is their director of political analytics.
The public are very clearly split on who won this debate. And if you're rich Sunak, I think that that's quite a good thing considering the point of my people we put out yesterday. So just a liberal course for a landslide, I think you look at that and say, well, this is quite good for me. However, perhaps not quite a knockout blow that he might be looking for to really turn this campaign around.
Both contenders said they would maintain Written's close ties with the United States if Donald Trump wins in November.
Before that, Karen, there are primary races. We've had more of those in five states plus the district of Columbia. The biggest race from Tuesday night, though, was in New Jersey. Democrats are looking to hold on to umbattled Senator Bob Menendez's seat, and their candidate will be Congressman Andy Kim. He won his race in a landslide with seventy five percent of the vote.
What I always wanted to do with this race.
When I jumped in the day after the indictment of Senate Menendez was about giving the people in.
New Jersey a choice.
And Andy Kim will face Republican real estate developer Curtis Bashaw. He defeated a Trump endorsed candidate, Christine Serano Glasner by seven percentage points with forty five point six percent of the Republican vote. Menendez has filed for reelection as an independent, but Kim is heavily favored to win.
In November.
Well Nathan in another rage that could tip the balance of power in the Senate, Montana Democrat John Tester will face Republican newcomber Tim Sheehey in a fight to hold onto his seat. The Trump back former Navy seal won his primary in a landslide with the seventy three point six percent of the vote. Tester cruz to victory with ninety seven point one percent in the Democratic primary.
Well President Biden Karen has signed a series of executive actions aimed at curbing the number of asylum seekers at the US southern border. Bloomberg Zamy Morris reports from Washington.
Under the executive actions, at the number of migrants who reached the southern border hit twenty five hundred over seven consecutive days. The president has the authority to shut down border entry, but President Biden says that does not apply to those seeking asylum through legal ports of entry.
If individual chooses not to use our legal pathways, if they choose to come without permission and against the law, they'll be restricted from receiving an asylum and staying in the United States.
Well.
Because the numbers are already so high, the rule is in effect and migrants are being turned away. Republicans call the order too little, too late. Progressives call the move draconian. In Washington, Amy Morris Bloomberg Radio.
All right, Amy, thanks now. President Biden is shifting his focus from immigration to international relations. The President has arrived in France for a four day visit that will include a serum he's marking eighty years since the D Day invasion in Normandy during World War II, and a state visit with President at Manuel mccron on Saturday. The president also plans to meet with Ukrainian President Vladimir Zelenski on
the sidelines of the D Day event tomorrow. He's skipping a Ukraine piece summit in Switzerland later this month to attend a previously scheduled fundraiser in Los Angeles.
As for former President Trump, Karen his defense team is asking New York Justice One Vershan to lift his gag order in the hush money case.
Bloomberg's Ed Baxter reports.
Trump's team is arguing that the limits on speech are no longer needed with the trial over, saying the reasons for it no longer exist. Lead Attorney Todd Blanche argues that it is very important in light of President Joe Biden's comments about the conviction after the verdict, as well as social media posts by witnesses Stormy Daniels and Michael Cohen. There's been no response from the Manhattan District Attorney's Office. Ed Baxter Bloomberg Radio, all.
Right, thank you.
Sticking with politics. Ray Dalio said internal conflicts will be the highlight of this year. The founder of Bridgewater Associates made the comments during a video speech at the Greenwich Economic Forum in Hong Kong today.
How will particularly the elections in the United States go, You know, there are two questions related to that. Will the elections be accepted by both sides? And what are the consequences of that, we honestly don't know the answer. There are reasons for concern.
Ray Dalio added the policies from an administration run by Donald Trump would be very different from a Democratic one.
Turin the markets, Karen Fed raid cuts remain in focus as treasury yields come off their largest two day drop of the year. For more, let's bring in Bloomberg's John Tucker, John.
And Nathan is happening because of signs of the US economy is cooling off. So far this week, we've seen weak now in a manufacturer engage and a bigger than extent to drop in US job openings. They in fact show the lowest level in over three years, a slide of at least fifteen basis points since Monday. That was the story for five, ten, and thirty year treasury yields. The data also prompting traders to price in higher odds of Federal Reserve indust rate cuts beginning as soon as November.
The Fed may offer some hints of their next move when they meet next week. Ahead of that meeting, the US employment report for May that's going to be released this Friday, and May inflation data is do for release a week from today two year yields right now four seventy eight. That's actually up one basis point. The ten year up one basis point at four thirty four. I'm John Tucker, Bloomberg Radio.
All right, John, thank you well on the equity front. Shares of Hewlett Packard Enterprise up about fifteen percent in early trading. The company are reported revenue that meet at LS estimates. We get the story from Bloomberg's Charlie Pellett.
HPE saw a big jump in sales of servers built to handle artificial intelligence work. The company's server business generated sales of three point eight seven billion dollars. Analysts on average estimated three point four to five billion. Sales of AI oriented systems doubled to more than nine hundred million dollars compared with the first quarter. CEO Antonio Neri said increased demand and better availability of high powered semiconductors from Nvidia led to the jump in AI system sales in
New York. Charliet Bloomberg Radio, Thanks Charlie.
And Intel has agreed to sell a stake and adventure that controls a plant in Ireland to Apollo Global Management.
The price tag eleven billion dollars.
The sale will help Intel bring in more external funding for a massive expansion of its factory network.
And it's time to offer.
Look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberg's Michael Barr Michael, good Morning.
Good Morning, Karen. Witness testimony is expected to continue today in Hunter Biden's gun truple. Federal prosecutors spent hours showing juror's evidence of his drug problem. There, seeking to show his addiction was still going on when he bought a firearm and lied on a form to purchase it. Hunter Biden's ex wife is expected to be among the witnesses to take the stand. She was married to President Joe Biden's son for twenty years. Hunter Biden is pleaded not guilty.
We're learning more about a potential disaster avoided on the ground at one of the busiest airports in the country. Two airlines came within hundreds of feet of one another at New York's Kennedy Airport in January of last year. NTSB investigators say air traffic controllers cleared a Delta seven point thirty seven for takeoff However, twenty seconds after the Delta plane the gan it's takeoff, an American Airlines Triple seven destined for London, crossed the same runway without a clearance.
Stephen Abram is a retired JFK air traffic controller. Luckily, his reaction time was rapid, and White cruise reaction time was also rapid, which prevented something worse from happening. The NTSB said numerous factors contributed to the American Airlines captain's mistake, including interruptions and multitasking during critical moments of ground navigation. The captain later, they're told investigators, I lose sleep over this one because I can't figure out why I missed
the turn. Republicans on the House Judiciary Committee fired questions at Attorney General Merrick Garland over certain claims about how the Department of Justice operates. Garland rebuked Republican claims that the DOJ is being weaponized. Garland says law enforcement officials are facing increased threats in part due to Republicans accusations and rhetoric about DOJ investigations and trials.
It worked to combat a worrying spike of threats of violence against those who serve the public. Those threats have included targeting of members of Congress, police officers, judges, jurors, election workers, and the Justice Department's own employees.
Garland faces the threat of being held in contempt by House Republicans for refusing to release the audio of President Biden's interview with the Special Consul over Biden's handling of classified documents. The written interview was released earlier Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr, and this is Bloomberg Karen.
All right, Michael Barr, thank you time now for the Bloomberg Sports Update. Here's Don stash Hour, John, good morning.
Good morning. Caring about enough of the Minnesota Twins. They can never seem to beat the Yankees. That's been going on for a couple of decades now, and this season the Yanks four and oh versus Minnesota by a combined score of nineteen to two.
But also the Twins had Luis Heel in their.
Organization and they treated under the Yankees, and Heel has been the best picture in baseball the past month at the stadium went six in in is allowed only won it the Yanks five to one victory.
Heels manager is Aaron Boom.
It's just hard to get a hit off of him. It's just his stuff really plays. You know, the fastball is real. The hitters show you that every time and then, but you see just how good his changeup is and the change up's been, you know, a genuine a second pitch factor for him.
Pretty much every start.
Yanks got home runs in Flavor Torres, Johnny Carlos, Stan Aaron Judge, two on double. Yanks have won six in a row, Mets one in Washington six to three, they let five to one. Nothing easy for the Mets. Nationals have the sign run out the play of the Ninthenny and home runs for Harrison Vader, a long one for Pete a Lonzo Wnba the Liberty after beating Caitlin Clark and the Fever by thirty six, being Angel Reese and
the Sky eighty eight seventy five. Rianna Stewart scored thirty three and Reese was ejective in the fourth quarter, so you got two technicals. The NBA Finals begins tomorrow night in Boston, Celtics and maz and Boston's christophs Ferzinga says he is going to play first time since early in the playoffs when he heard his CAF he used to play for dall us only one men's quarterfinal at the French Open today because Novak Djokovic withdrew with a knee injury,
so Casper Rude moves on. It means none of the players still in the men's field. They've ever won the French Open before.
John stash that we're Bloomberg's points.
Karen d.
Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
Good morning on Nathan Hagar on a busy morning for global politics, with coalition talks underway in India as Prime Minister Narendra Modi fights to hold onto power. UK Prime Minister Rishi Sunak and labor leader kir Starmer holding their first debate ahead of the next month's election, and President Biden now in Paris for D Day observances and talks with the President of Ukraine. Let's bring in Bloomberg Europe, Middle East and Africa. News Director Roslin mathieson for more
on these stories. Roscim Mordy get us up to speed on what's happening in India, because we've seen headlines crossing the Bloomberg terminal that Narendra Modi could be sworn in for a third term as soon as this weekend.
Where do coalition talks stand. Well, that's right.
They're trying to hurry things up to reassure markets and people in general that Modi is still in charge and will soon be back in the chair. But he does have these difficult negotiations going on today in New Delhi with two of his key alliance partners. And these are veteran politicians of big states who have pulled out of his alliance before and come back. So they're a bit fickle, one could say, and no doubt they're going to be ready to drive a hard bargain in order to promise
their loyalty to him. They are saying publicly their intent is to work with him to form a government, but no doubt behind the scenes they'll be negotiating heavily to do so. So if they do stick, that means that Mody does have enough seats in total in his alliance to form that government, although either way it'll be a pretty tricky, pretty unstable administration potentially, and that's a change for Mody, who's used to being very much in the
driver's seat. This government will be fractious potentially, and you're going to see a lot of horse training that will go on well beyond the formation of the government and that will probably keep markets at least on their toes for a while. So there'll be question marks about the durability of it either way. But certainly what we're waiting to see is the outcome of those negotiations that are currently underway New Delhi as we speak.
What do you think the outcome is.
Following last night's first debate in the UK for Sunak and Starmer.
What was interesting to watch the debate because obviously Richie Sennet, the Prime Minister, is very much on the back foot here into this election. His Conservative Party is trailing quite badly in the polls and all the opinion polls appointing by a big surprise to a Labor victory. The question
is the margin potentially of that Labor victory. So it's really for Suna to try and make up this ground in these debates, and it does seem as though he landed some blows, particularly talking about what he said was going to be a tax hit to households of two thousand pounds if Labor is a and in fact he said two thousand pounds about a dozen times at least that we counted in the debate. I mean, Labor says that that figure is false, of course, but it does
seem to be resonating a bit with voters. The question is did he do enough in that debate to really move the needle. It doesn't seem so. Most of the polls done afterwards show that maybe Sinak had a slight edge in the debate, but not a significant one, and some scored when it came, you know, coming across as credible as empathic with voters in the debate so soon. It probably needed to do more than that to move
the needle. We've still got about a month out into the election, We've got more debates to come, but it seems like what they're really going to be fighting over a two key topics. One is the economy and taxes, and the other one's going to be migration.
Thirty seconds left ros what shall we be?
Were watching for as President Biden arrives in Paris.
Well, he's actually got not much, i think on the schedule until tomorrow when he's going to join other leaders for the anniversary of the D Day landings at Norman Dy. You've got leaders from other going there also, and then he's set to it seems to have a separate conversation with mccron and also he's going to meet the Ukrainian leader of Lonimi Zelinsky a couple of times, both in France and then at the G seven meeting in Italy
that's coming soon. So it's going to be probably again about trying to shore up that sense of global support for Ukraine. Probably some delicate conversations with the Europeans about aid including weapons on that front, and no doubt some conversations also about the situation in the Middle East. So there'll be a number of broad topics on the agenda for those conversations Ukraine, the Middle East, and China.
This is Bloomberg day Break Today, your morning brief on the story's making news from Wall Street to Washington and beyond.
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