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, Aaron.
Traders are gearing up for a week of political risks and inflation data as we close out the first.
Half of twenty twenty four.
Investors will be closely monitoring the first US presidential debate, while the first round of voting in the French legislative election is set to take place this weekend. As for the inflation data that comes Friday with the Federal Reserves Preferred Gage of consumer prices, the PCE deflator. Nancy Tangler, CEO at Laffertangler Investment still thinks earnings is.
The key, you know.
I think you ignore at this point what the Fed is saying, what data they're depending on this next meeting, because the trend line in corporate earnings is positive and margins are expanding. Now not every company we saw it last quarter. If you missed on any metric, you got clabbered.
Nancy Tangler of Laffertangler Investments notes the S and P five hundred has risen three weeks in a row.
Well, Nathan, the stock bull run may have a very little upside. That's the conclusion of our latest Bloomberg survey, and we get the details from Bloomberg's Jeff Bellager.
The twenty twenty four rally has driven the S and P five hundred to thirty one record closing highs, and according to the latest Bloomberg Markets Live Pulse survey of almost six hundred respondents, that has left the asset class more overpriced than US credit or gold. Investors aren't looking to hit the sell button just yet, but signs of skittishness are evident, as about half of survey takers say stocks will see the beginning of a correction of at
least percent this year. Thirty five percent say that will happen in twenty twenty five. Artificial intelligence, a key driver of the market's almost fifteen percent advanced this year, is seen as the more most likely trigger for a sell off. Jeff Beldinger, Bloomberg Radio.
All right, Jeff, thanks so ahead of inflation data at the end of the week. The other key event for investors and voters comes this Thursday night. That's when President Biden and former President Trump meet for their first debate hosted by CNN. Senator Elizabeth Warren is on the Biden campaign's national Advisory Board. She says the debate will draw a clear contrast.
If Donald Trump is elected to the presidency, he and the extremist Republicans are coming after abortion, contraception, and IVF in every single state in this country.
Senator Warren spoke on ABC's This Week. The ninety minute debate will include no audience. The candidate's microphones will be turned off when it's not their turn to speak. Republican Governor Christy Nome of South Dakota was asked on NBC's Meet the Press if former President Trump will be able to back off personal insults.
You know, I don't think that he has to talk about get personal in this debate at all, because he's going to have so many good things to talk about in contrast with Joe Biden's policies.
Meet the Press and This Week can be heard every Sunday on Bloomberg Radio, and you can hear the CNN debate on Bloomberg Radio or watch it on Bloomberg Television. Our coverage starts Thursday night with a special edition of Bloomberg Balance of Power with Joe Matthew and Kaylee lines starts at eight pm Wall Street Time.
Well Nathan Now to the elections in France. Marine Le Penn's far right National Rally has made further gains ahead of the first round of France's snap legislative election on Sunday. According to Bloomberg's poll of polls, the party has increased its lead by zero point three points to thirty four point two percent. President Emanuel Macron dissolved the lower House of Parliament earlier this month and called the snap legislative vote after his group was trounced in European Parliament elections.
It's Suir now Karen to the latest on the war in the Middle East. Israeli Prime Minister Benjamin Netanyah who says intense fighting in Gaza will come to an end shortly. In his first major interview with an Israeli media outlet since the October seventh Hamas attacks Netanya who also directly rejected the prospect of a ceasefire deal with Hamas that could eventually lead to the end of the war. Bloomberg zed Baxter has the latest.
PM.
Benjamin NETANYAHUO is now saying that intense operations in Gaza will end very soon. He says the next step will be to get some troops into the North to counter has Belah aggressions and to bring some students back from where they were evacuated. He says he wants to do it by diplomatic means, but if not, he'll go another way. Meanwhile, he's sending Foreign Minister Job Gallant to the US to talk about additional aid, which he says has been slowed down.
The US has consistently denied the allegation. Aed Baxter, Bloomberg Radio all Right.
Ed Thanks and Company News. Federal prosecutors have, according to Reuter's recommended Moeing face criminal charges, and shares are down two thirds of a percent. This morning, we get details from Bloomberg's dun Chrisner.
The charges would stem from violating a deferred prosecution agreement. It was put in place in twenty twenty one after two seven thirty seven MAX fatal crashes. In May, the DOJ determined Boeing breach the agreement. The company disagreed. Now, senior Justice Department officials have received a recommendation to bring criminal charges. The question is will they and if so, what type they could extend beyond the original twenty twenty
one fraud conspiracy charge. Alternatively, instead of prosecuting Boeing, the DOJ could extend the twenty twenty one settlement by a year or propose new stricter terms. In New York, I'm Doug Prisoner, Bloomberg Radio.
All right ed Thanks.
Apple has been hit with a formal warning from European Union antitrust enforcers for allegedly stifling competition on its app store. The European Commission says Apple must allow app developers to steer users to cheaper deals and offers.
Outside of the app store.
The new order comes under the EU's Digital Markets Act, which lays out a raft of dues and don'ts for some of the world's largest tech platforms.
Monday is.
Today's announcement is a preliminary step that follows similar move the EU made against Apple in March, which came with a one point nine billion dollar penalty.
Well Nathan Bloomberg News has learned by Dance and Broadcom or in talks to develop an advanced artificial intelligence ship. Sources say the US chip designer and Beijing based by Dance have talked about a five nanometer purpose built ship. No deal has yet been reached between the two companies, and Broadcom already supplies an older generation processor for use in Buytedance's data centers.
Finally, Karen, there were several arrests on the eighteenth Green at the PGA's Travelers Championship yesterday. Six climate protesters stormed the green with smoke bombs as the leaders lined up to putt Each of those protesters was charged with first degree mischief, first degree criminal trespass, and breach of peace. The world's top golfer, Scottie Scheffler, says he was trying not to lose focus.
When something like that happens, you don't really know what's happening, so it can kind of rattle you a little bit, just because there's people running around the green, and there's police officers run around the green, and you don't know if they're peaceful, you don't know what they're You have no idea what's going on, and so it can be
a bit stressful. But fortunately I was out there and you could kind of see me and actually talking to each other for a Miney and Tom talking to each other for a minute, just basically trying to calm down.
Man Scottie Scheffler did calm down. He shrugged off the protest to win the Travelers Championship on the first whole of sudden Death, narrowly edging out Tom Kim. Scheffler closed the weekend at twenty two under two, secure his sixth win of the year, the most in one season on the PGA Tour since Tiger Woods's six victories in two thousand and nine. It's also the most before July since Arnold Palmer won six in nineteen sixty two.
And it's time now for a 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.
Officials Warren beachgoers beware that there is a high risk of rip currents along the eastern end Gulf Coast, with several drownings reported from Florida to New York. Beaches in Long Island and New Jersey all the way down to North Carolina and Florida at high risk. The height and alerts coming as authorities called off the search for two teenage boys ages sixteen and seventeen, who went missing near jacob Riest Park in Queens on Friday. NYPD Deputy Commissioner Kas Dauntry.
Away was extremely high and it went on top of them and.
Sucked them over.
Witnesses say the teens were swept away shortly after lifeguards went off duty. The NYPD is in high alert following the latest attacks.
Abroad.
Russian authorities say more than fifteen police officers and several civilians, including an Orthodox priest, have been killed by armed militants in the southern Republic of Dakistan. They say the guvernment opened fire on two Orthodox churches, a synagogue, and a police post in two cities Sunday. Russia's National Anti Terrorists Committee described the attacks in the predominantly Muslim region with a history of armed militancy, as terrorist acts. Police say
they have killed at lee six of the attackers. Today, Tuesday and Wednesday are declared days of morning in the region. The death toll has climbed a fort and Friday is random. Mass shooting at the grocery store in Arkansas, State police say a twenty three year old who was a nurse died Sunday. Kelly Weams was rendering aid when she was fatally shot in Fordyce. Her mother, Helen Browning, she left God.
She loved her daughter, she loved her family, and.
Police said the suspect who was arrested was armed with a twelve gage shot gun, epistol and extra shot gun rounds. Her three days day, nut fired. The other three victims killed eighty one year old Ellen Shrum, sixty two year old Shirley Taylor, and fifty year old to Roy Sturgis. Rochester Police say six people were shot at a city park early Sunday morning, and one officer was injured responding to the scene. Officers responded to the sound of gun shots at MLK Park after the park had closed for
the night. Rochester Police Chief David Smith says an officer injured in a fight with someone at the scene.
While continuing to work to disperse the crowd and provide treatment to the victims, thirty eight year old Joshua Sanchez actively blocked the officers and then began to fight with officers.
Chief Smith says it looks like they were all part of the same gathering global news twenty four hours a day and whenever you wanted with the Bloomberg News. Now, I'm Michael Barr This is Bloomberg Carrot.
All right, Michael Barr, thank you time now for the Bloomberg Sports Update with John Stanshawer, John Good.
Mornings, Good morning Carrot.
Mets and the Yankee started many two game Subway series tomorrow night City Field. It's the Mets that are hot, the Yanks or not. Mets have won nine at the last eleven. Yanks have lost six of eight. They've lost their last three series before which they had only dropped three series all season. At the Stadium Atlanta one three that one of the Yankees have acquired J. D. Davis in a trade with Oakland.
So they added X.
Met the Mets at really last night had an ex Yankee on the man and Luis Savarina was outstanding seven scoreless inning, only three hit, struck out ten. Mets beat the Cups five to two. Edmund Diaz came on to pitch the ninth in in the umpires as they always do, looked at his hand and the ump later said it was extremely sticky. Diaz got tossed. He may be looking at a ten game suspension. Red Sox won seven to four. In Cincinnati, they won seven of eight. Nashville's won two
to one of Colorado. The Orioles got swept in Houston, the Giants got swept by the Cardinals, and Omaha Tennessee beat Texas A and M's the College World Series we decided tonight as will the Stanley Cup.
Can Edmonton do something not.
Done in eighty two years win the final series after losing the first three games.
Here's the Oilers, Leon Dreisidel.
It's been a hell of a story so far. But at the end of the day, we play to win, right and this is going to be the hardest game for us, and they're gonna come ot hard, They're gonna play at home. We have to bring our game again.
It would be the Oilers first Cups.
It's nineteen ninety, the first for any Canadian teams. It's Montreal in ninety three. Florida with an now fourth chance to win the Cup for the first time. Wnbah Shaba came from fifteen down beat Indiana by a point in the Battle of the Rookies. Gitlin Clark bested by Angel Reiche. She had twenty five points sixteen to be bounds. Tennis and England Tommy Paul won the Queen's Club Wimbledon tum up, he becomes the highest ranked American player.
John stashe. We're Bloomberg Sports down.
Dam 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 of Nathan Hager.
We are heading into the final trading week of the first half of twenty twenty four with some of the key catalysts stacked right at the end of it. Got a presidential debate Thursday night, the Fed's preferred gage of inflation on Friday, and that could inform the Central Bank's next policy decision near the start of the second half of twenty twenty four. Joining us for more, Bloomberg Radio and television anchor Kritty Gupta, Critty, good Morning.
On top of all those catalysts, we have political risk.
In Europe, the French election starting this weekend, the UK election the week after that. Is there a read through from Europe's political volatility to what we could see in the US market.
There is absolutely a read through, And I think the mistake that a lot of folks make is a thing. It's on the other side of the Atlantic. We don't care. Let me explain to you why we do. There is a read through specifically into the treasury market, into the dollar,
arguably into the stock market as well. Now, I think a lot of eyes this week, in particular from a political perspective, is going to be that highly anticipated debate from President Biden and former President Trump as well, talking about tariffs, talking about immigration, talking about things like how they may be tackling this looming deficit. The first thing on the new president's agenda will of course be the
budget ceiling. It comes up January twenty twenty five. That being said, the read through from Europe is really important because it's coming off of not just political turmoil in France, simply this kind of rise of the far right, this rise of the far left as well. That's going to create a bigger deficit in France, but also creates a lot of pressure on the bond market in Europe as well. Now, the reason this matters to an American audience simply because
when we've seen iterations of this in the past. Take a look at the twenty eleven twenty thirteen through twenty thirteen sovereign debt crisis, in Europe. Take a look at the mini budget coming out of Liz Trust as recently as a couple of years ago, you do start to see a read through into the US bond market. So read through that contagion effect is what we're expecting to see.
You expect bond investors to position in some way around the presidential debate. Does that have the potential to be a market mover depending on the kinds of policy discussion that we see on Thursday night.
You know, debates traditionally aren't tradable, and yet this morning you hear a lot of folks out of Europe saying, you know, I'm going to stay up and watch it. It's about two am London time. I'll certainly be staying up and watching it as well. It's important to keep in mind that the tear off policy is important not just because it's between the US and China, but between
US and China. The creates ASML, for example, based out in the Netherlands, is stuck in the middle of the sanctions talk EU terrors being put on Chinese evs being accused of jumping on the market. That's really important as well. When that all factors into what kind of lead the next president, whether it's Biden or Trump. The takeaways that they're going to be tough on China. Just how tough is the real question.
And that toughness on China plays into a lot of what we're seeing in the tech sector this rally around the AI play. But we did have a drop in tech shares at the end of last week and that could feel debate and think about whether this tech rally's topped out.
It does, and it also feels the debate excues me of where the next AI leg is coming from. Remember, this is something that China is also really investing on when it comes to things like electrification as well applying AI their own trip technology as well, I believe over the weekends of headlines coming as well on Byteedance and Broadcom working with TSMC when it comes to creating their
own trips. So there is really the story of what kind of China read through is on Taiwan as well, and that's all going to.
Come up in the debate.
This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond.
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