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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with a tense situation in the Middle East. Israel and Iran have been exchanging missile attacks, despite calls from President Trump on both sides to stop the fighting. In a wide ranging interview with NBC's Meet the Press heard Sundays on Bloomberg Radio, the President said he still thinks a deal is possible.
We're very close. We have a couple of points. They don't even seem like big points. They've conceded the fact that they will not have nuclear weapons.
And in a separate interview at the Financial Times, President Trump said Israeli Prime Minister Benjamin Netanyahu would have to accept any US deal with Iran, saying, quote, I call the shots. We get more from Bloomberg sabirabu Omar in Dubai.
The ceasefire, the true stocks have been in a fragile state since the initial ceasefire was reached on April eighth, But what we've seen over the past couple of days really complicates things. Right, So what we've seen over on Sunday, is Hesbelah in Lebanon and Israel trading fires. Israel had retaliated to an attack by Hasbullah on the northern part of Israel to attacking the southern suburbs of Beirut, killing people and injuring others, and.
Now Bloomberg's of Birab Bomar reports Israeli Army radio saying Iran has fired about thirty missiles at Israel since last night. An Iranian official says the US is responsible for the consequences of any escalation in the Middle East, and.
Nathan there's a new risk of escalation in the Strait of Horror moves. The Iran backed Huthis and Yemen have declared a ban on Israeli ships in the Red Sea, threatening a key bypass route to the waterway that handles about a fifth.
Of global oil flows.
The Huthis previously began attacking ships in twenty twenty three after the outbreak of war between Israel and Hamas and Gaza. They largely sent out the war in Iran, but have repeatedly warned they could close the Bob al Mandeb straight that leads from the Red Sea to the Indian ocean.
Well, let's turn out to politics, Karen, there is a new turn in the race for mayor of Los Angeles. Bloomberg's John Tucker joins us with the latest John.
And Nathan is More mailion ballots are counted. Democratic Los Angeles council member Nthea Ramin has surge pass Republican reality TV personality Spencer Pratt. Ramen, who initially trailed Pratt by eight percentage points, closed the gap as the mail and ballots were counted over the weekend. And that's a protracted process in California that can drag on for weeks. Robin had twenty seven point one percent of the votes counted
so far, Prant twenty six point seven percent. Both are vying to compete in a November third runoff against Mayor Karen Bass, who has thirty four point seven percent of the vote. The forty four year old Ramen has favored, among other things, cutting spending on police. Her leftist politics prompted comparisons with Zornbumdani, a Pellow Democratic socialist who swept to victory as New York's I'm John Tucker Bloomberg Radio Right.
John, Thank you well. California is vote count led to a testy exchange in an abrupt end to President Trump's interview on NBC's Meet the Press. Host Kristin Welker first asked about the so called Anti Weaponization Fond of the Justice Department. The President called it a great idea and said he'd been interested in reviving it.
People have been badly heard. They've committed suicide, they've lost their jobs, they've lost their families, they've lost their wives, they've lost everything. They've lost everything over a fake weaponization of government.
But the conversation took a turn when Welker challenged the President on his claims that the slow vote County, California proves the election was rigged.
Do you think it's appropriate that they have an election and five days later they're nowhere close to pick it a.
Local officials acknowledge they are slow.
They're urging.
They're crooked.
There urging the votes to.
Be counted quickly.
That's how they very crooked, just like your crooked, Your press's crooked, and Meet the President's crooked.
President Trump then walked out of the interview, calling ABC, CBS, CNN and NBC one sided networks.
Well tonight, Karen, President Trump's going to be in New York City for Game three of the NBA Finals, and the extra security means major changes for Knicks fans watching the game inside and outside Madison Square Garden. Bloomberg's John stash Hour joins us with more on that.
John, Yeah, Nathan, the watch party outside MSG was scrapped. The NYPD said the decision was made in conjunction with the Secret Service, and there is extra security tonight with the President in attendance. Nixts haven't played at the Garden in two and a half weeks since May twenty first two wins in Cleveland, of course, two thrillion wins in San Antonio, and that's why Karl Anthony Towns the NIXT bring a two to nothing Finals leads to tonight's Game three.
It's always great when you get to play the game of basketball at his highest level. So to be able to lace the shoes up, be able to put the jersey on, and be able to see our fans see finals basketball after all, this time is going to be really really special.
Tickets said to be going about ten thousand dollars up high, and it's close to one hundred grand down loan. More on Game three coming up in sports, John stash Aware, Bloomberg Radio.
All right, sounds good, thanks John, Speaking of security concerns. Less than a day before thousands of fans are expected to descend on neighboring Madison Square Garden, six people were injured in a stabbing inside New York's Penn Station. A suspect was taken into custody after the attack. Paramedics found one victim with serious injuries, two with moderate injuries, and
two with minor injuries. Authorities did not immediately release details about what led to the stabbing or whether the victims were targeted. The sprawling rail complex beneath Madison Square Garden serves Amtrak, Long Island Railroad, NJ Transit, and New York City subway lines, and is used by hundreds of thousands of commuters and travelers each day.
Let's turn to markets now.
Karen Friday's Wall Street Tech led cell office spreading overseas. South Korean stocks plunged as investors pulled back from artificial intelligence bets. The COSTPI index tumbled as much as eight point eight percent, triggering a twenty minute trail eating halt shortly after the market opened. Timothy mo is chief APAC Regional equity strategistic Goldman Sachs.
I think in the longer run this will prove to be a technical correction. I'll be it a scary one in a longer term bo market. And the underlining fundamentals are still very very.
Strong, Goldman Sachs, Chief APAC Regional equity strategist, Timothy Moe. There, the COSPY winded up, closing down eight point three percent, and Japan's nie K fell three point nine percent.
Well, here in the US, Nathan tech stocks are bouncing back a bit from last week's some massive selloff NASDAK futures. They're up half percent, the Nasdaq one hundred saying four point eight percent. On Friday, this year's big winners chip stocks plunged ten percent. In Vidia CEO Jensen Wong caused the global tech stock sell off a buying opportunity.
Everybody should be very excited they can now buy stock at a cheaper price. And it's absolutely true that the future of AI is very bright. It is completely it is a foregone conclusion that AI will be infrastructure.
For the world. And Nvidia CEO Jensen Wong made the comments to reporters in Seoul, South Korea, and this morning, Morgan Stanley strategist Mike Wilson called the US doc sell off a healthy reset. He is a baseline target of eight thousand for the S and P five hard, which is about eight percent higher from current levels.
Well the betting on Wall Street after Friday's jobs report, Karen is for an interest rate hike this year, but President Trump says that the FED would be wrong to do that. He talked about the FED and new chairman Kevin Warsh on NBC's Meat the Press.
Kevin's fantastic, and I want him to do whatever he wants. I don't want to have a big influence on him. But we had a great report. We're doing great, and it's unfair that whenever you do great, they want to raise interest rates. It should be the opposite.
President Trump's comments add to the economic and political forces tugging at Kevin Warsh as he prepares to chair his first policy meeting next week.
In company news, Nathan Apple's Worldwide Developers Conference cakes off today in Coopertino, California. The focus will be on Apple's artificial intelligence strategy. The event comes two years after its first AID rullout was plagued by subpar technology and delayed features. Time now for a look at some of the other stories making news in New York and around the world, and for that we're joined by Bloomberg's Michael Barr.
Michael, Good morning, Good morning, Karen.
The search continues for the shooters that injured twelve people over the weekend at the Old West End festival in Toledo, Ohio. Authorities believe there were at least two shooters involved, and they had probably been firing at one another during the incident. Toledo Police Lieutenant Dan Gerkin is asking attendees and eyewitnesses to look through their phones and photos to see if there's something that could help investigators identify the shooters.
Talk to your kids.
There's kids out there that probably know more than all of us stand in here, right so they can help us out.
Lieutenant Gerkins says. The ages of the victims range in age from fourteen to sixty one, with most in their early twenties. European leaders called on Russian President Vladimir Putin to agree to an immediate and complete ceasefire that allows talks to begin on a lasting peace deal. Britain Germany and France made the intervention after a meeting with Ukrainian President Voladimir Zelensky at ten Downing Street in London, hosted
by UK Prime Minister kir Starmer. Zelensky also told Sky News about the public letter he's sent to Putin asking for a face to face meeting to open up negotiations to end the war.
He said he said many several times publicly that he's ready to speak and he wants to stop this war, and he said about it publicly, but he doesn't feel that the readiness of Kiev.
Last week and rejected a cease fire proposal by Ukraine. Police and Philadelphia are looking for the thieves who stole nearly half a million dollars worth of bourbon from a warehouse. The Noble Oak bourbon was being stored there and was supposed to be shipped to a location in northern New Jersey. A twenty one Wine and Spirit COO Rob Coke says some thieves stepped in and calmed their way into taking the bourbon.
Unfortunately, rather than going through the regular security protocols, the warehouse did not have all of the things they needed to actually release that product.
A twenty one Wine and Spirit coo Rob Coke says the thieves didn't even really know what was in the shipment. Global news twenty four hours a day and whenever you want it with Bloomberg News Now Michael Bark and this is Bloomberg Hermy.
Thanks Michael all the time. Now for our Bloomberg Sports Update, and for that we bring in John stash.
Hour Franks bearing the Honest tickets in New York. It's getting through the NBA Finals tonight, but the next hosting the Spurs in New York leading the series two nothing. Stacy King, who won three NBA championships with the Chicago Bulls End, was a very popular color man. With BULLSDV passed away. It was only fifty nine. Alex Saverevit twenty nine won his first Grand Slam tennis title. It took five cents, but he beat Flavio Koboli at the French Open. JT.
Poston won the Memorial Gulf in Ohio. Nelly Cord of the US Women's Open in LA. That's a Bloomberg Sports Update.
Stay with us.
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This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.
The US Israeli war where Iran has now crossed the one hundred day mark and the prospects for an end to the conflict are facing their toughest tests yet with Israel retaligating against Iranian strikes. But President Trump says there is still a chance for diplomacy.
We're very close to having a deal, and if we don't have a deal, we'll do it one way or the other. Either way we win.
That was President Trump in an interview on NBC's Meet the Press heard Sundays on Bloomberg Radio. Joining us from Dubai. This morning is Bloomberg Middle East. Corresponded to Birabu Omar, and we should clarify Abir that that interview was taped before the latest attacks. Can you catch us up on what's been happening over the last twenty four hours?
Good morning, Yeah, Good morning, Nathan. So look, I mean you just said it. This is the one hundredth day mark for the war in the Middle East, and this
treasure seems to be regressing quite rapidly this morning. So this started yesterday the escalation in the hostilities with Israel hitting Hesbela targets or as they call them, terrorist targets in Lebanon Hesbula, retaliating by hitting northern parts of Israel, and then Israel hits back to the capitol Beirut the southern suburbs of the capitol Beirut, killing two people and
drinks several others. And then this morning, after a phone call between President Trump and Prime Minister Bench and Natanyahu, where President Trump told him to not retaliate against Lebanon or Iran. Only a few hours after that into the morning in the Middle East, we're seeing reports of attacks in Iran. Those include some western cities in Tehran including Esfahan and Karaj and Tabreeze, and then a hit against a petrochemical plant in Iran as well, where officials had
to evacuate personnel. Iran also hitting northern parts of Israel this morning. So the situation seems to be escalating quite fast this morning, with really no end in sight at the moment. President Trump did say before this all unraveled that a deal is still imminent, that this is the interim Deal or what we've been calling the interim deal, which is the MoU that would lead to the opening of the Strait of her Moods and then an extension
of the ceasefire for sixty days. But with all the hostilities that we've been seeing since the previous week, we're also so Kuwait in the GCC saw its main airport
getting hit and suffering some significant infrastructure. One really questions how sustainable the ceasefire is, and the answer to that is, well, it's been pretty fragile over the past two months to begin with, but the escalations this morning bring into question some further complications that President Trump's going to have to look at once the US.
Is more awake. Well, we have seen signs of escalation in the past.
We've seen the Iran lob rockets at Kuwait and Bahrain in the past as well.
What makes this latest escalation different a beer.
Well, first starters the fact that this is a direct hit at Iran. Right, So, in the past or over the past week, what's happened is those hostilities against GCC countries have been sort of in the background. They haven't happened as significantly as they have last week beginning of last week. But the conflict or the hostilities in Lebanon, for example, have been going on even since the April
eighth ceasefire agreement was reached. This is the first such attack that you're seeing on Iran itself and not its allies in the region. And then even post those attacks that happened last week, President Trump did come out and say multiple times as a matter of fact, that they don't impact that those attacks, while they're not favorable, and he did say to Iran that you shot your missiles,
that's enough. That's a direct quote from the president. He did say that those don't impact the wider ceasefire agreement. He said that representatives of Hezbolah, the militia in Lebanon that's getting attacked that is backed by Iran. He said that he got calls from representatives that had agreed to the ceasefire, while the public line from Hesbelo was that they rejected the ceasefire that we spoke about that was
agreed between Lebanese officials and Israeli officials in Washington. But this timer one has to really look at how serious those escalations are.
This is Bloomberg Daybreak, Your Morning podcast on the stories making news from Wall Street to Washington and beyond.
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