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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 in the UK, where stocks are on the rise after the Labor Party won a landslide victory in the general election, as the party of outgoing Conservative Prime Minister Rishi Sunac suffers a historic defeat. Let's get the latest from London with Bloomberg Daybreak. You're Banker, Stephen Carroll.
Good morning, Stephen, Good morning, Nathan, and Karen. Kerstarmer says the Labor Party will start the next chapter for the UK. His party trunts the Conservatives, winning a majority of around one hundred and sixty seats in a vote that's been seen as a referendum on fourteen years of Tory rule. A record number of outgoing ministers lost their seats, as
well as former Prime Minister Liz truss Kaer. Starmer brings his Labor Party back to power with a huge mandate and now must deliver on his promises to boost growth, build more homes, and transition the UK to green power. In his words, change begins now in London. Stephen Carrol Bloomberg Radio.
All right, Stephen, thank you well. According to the latest results, Labor won four hundred of six hundred and fifty seats up for grabs, the most since Tony Blair's nineteen ninety seven landslide victory. In Coming Prime Minister Keir Starmer declared victory in an address to supporters.
We did it.
You campaign for it, you've fought for it, you've voted for it, and now it has arrived. Change begins now and it feels good. I have to be honest.
Afterwards, Kiir Starmer spoke with the man he will soon replace, Rishis Sunac soon. Next says he called the Labor leader to concede.
The British people have delivered a sobering verdict tonight.
There is much to learn and reflect on and I take responsibility.
For the loss.
Henrichisunac still comfortably one in his constituency, but will be replaced by Starmer as Prime Minister. Today. Let's take a look at the pound now, which Notch's longest winning streak in four years as a Labor Party swept at power. Currently it's higher against the dollar. It's at one point two seven seventy nine.
Well, the other major part of this story Karen is the rise of the right wing Reform UK Party. It's leader, Nigel Farage, won his constituency from the Conservatives. He is becoming a member of Parliament after seven previous failed attempts. Farage is seen as one of the driving forces behind the Brexit movement. Meanwhile, a former prime minister lost her seat, Liz Trust failed to win her constituency. Her premiership was
the shortest in UK history. Chancellor of the Exchequer Jeremy Hunt was able to hold on to his seat.
We want to turn out a politics in the US, Nathan and a make or break weekend for President Biden. The President's aiming to restore faith in voters and donors who are wary he can defeat Donald Trump in November. Pulls from The Wall Street Journal at New York Times released after the debate showed that Donald Trump has increased
as lead over President Biden. The President will have a crucial interview with ABC News heading into the weekend, in his first unscripted interview since his debate performance last week. He'll also address a rally in Madison, Wisconsin today. President Biden spoke yesterday morning with the Earl Ingram Show on Civic Media, admitting he made some missteps with the debate.
Had a bad night, and the fact of the matter is that you know it was I.
I screwed up and made a mistake. After speaking on the Earl Ingram Show on Civic Media, we later heard from the President at July fourth event, where he assured a crowd outside the White House that he was staying in the race.
You got me, man, I'm not going anywhere.
President Biden and First Lady Jill Biden were hosting military families at the White House yesterday.
Well Karen.
Most Democratic Party elders and prominent governors so far have resisted publicly calling on President Biden to drop out of the race, but they have also bluntly acknowledged they are worried. They say, questions about his ability to handle the job are legitimate. Democrats dispatched California Governor Gavin Newsom to the swing state of Michigan to reassure voters there that President Biden can win a second term.
I believe in his character.
I believe that he has.
Been one of the most transformative presidents in our collective lifetime.
Despite comments from the likes of California's Governor Gavin Newsom. Top Democratic donors have said they would withhold or redirect their money unless Biden does step aside, while lawmakers continued discussing whether to band together and call for a change atop the ticket.
Well, we're turning now to the latest in the Middle East, Nathan. There appears to be movement on a kind of truce between Israel and Hamas, and Bloomberg's and Baxter joins us with that story.
President Joe Biden has spoken with Israeli Prime Minister Benjamin at Yahoo for about half an hour, and after the call, a senior US official is saying that Hamas has broadly agreed to the framework of a Ceaz fire proposal with Israel. The Hamas responss through Katari officials who have served as a key intermediary between Israel and Hamas. The official says it's an encouraging development that could initially lead to the release from the Gaza strip sick, wounded female and older
male hostages taken on October seventh. It appears to be significant enough that Israel is sending a delegation to negotiate in cutter ed Baxter Bloomberg Radio.
All right, and thanks, And we're learning this morning that the head of Israel's intelligence agency is traveling to cutter today to meet with the nation's prime minister to try to finalize the deal with Amas. And that's according to Israeli media.
Also happening overseas this weekend, Karen will be the second round of voting in France's election marine. The pass far right National Rally party is set to fall well short of an absolute majority in that vote on Sunday. That's based on surveys released over the past couple days. The second round of the snap election is on Sunday. Five hundred one districts are up for grabs. The National Rally has secured at thirty nine races outright in the first round.
The election comes after French President Emmanuel mccron dissolved the lower House of Parliament nearly a month ago and called for that snap vote.
Now to the market, Snathan, investors resume a normal trading day after a shortened day Wednesday. We'll get a critical data point at eight thirty am Wall Street time. But the June jobs report on Bloomberg's Michael McKee has a preview.
It's hard to characterize the consensus for June employment. While other labor market indicators such as jobless claims, adp and ism, manufacturing and services suggest a cooling labor market, economists are reluctant to bet against the non farm payrolls trend. The forecast is almost the same as the May forecast, but hiring last month rose two hundred and seventy two thousand,
almost one hundred thousand more. Fed officials, meanwhile, have put unemployment in the spotlight as a measure of the economy's strength. Any rise would push investors to pull forward bets on a rate cut, possibly in September. The consensus, however, sees no change. Michael McKee, Bloomberg Radio Sori, Michael, thank you.
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.
A fourth of July park tragedy in New York City, police say three people were killed and seven others were injured when a suspected drunk driver plowed a vehicle into a park on the Lower East side of Manhattan. It happened just before nine pm last night. In my PD Chief Jeffrey Madre says, many families were in the park celebrating the holiday. Right now, we do not feel that this is a terrorism related event. We do believe that alcohol had played a role in this, but we are
investigating and we will look further into it. Chief Madre says at least one victim remains in critical condition. Hurricane Beryl is heading for Mexico's Yucatan Peninsula as a strengthened Category three storm. Beryl damaged Jamaica as more than half of the island is now without electricity. To the crisis is a lack of water, limited telecommunications, and a closed airport.
This Florida resident told ABC outside of Montego Bay Airport, her dream vacation to the Caribbean has become a nightmare.
I've got to get back to work.
Funds are running out and it's time to go home. Vacation's over, so we've got to spend more money to stay when we don't.
Want to stay.
A total of nine deaths have been blamed on burrel. The National Weather Service is calling a heat wave hitting the West extreme and is telling people to limit time outdoors, and it has been well over one hundred degrees in many areas. Firefighters battling California's wildfires, however, are having to deal with the temperatures. Cities around the nation shot off Fourth of July fireworks last night. In New York City.
The may Sea's Fourth of July Fireworks show returned to the Hudson River this year for the first time since twenty thirteen. The past few years it was on the East River. Macy says this year's show featured sixty thousand shells as millions gathered for Fourth of July cookouts. Many of the world's top eaters gathered on Coney Island from the annual Nathan's Famous Fourth of July Hot dog eating contest. This year's winner, Patrick Bertilletti won the men's contest with
an impressive fifty eight hot dogs in ten minutes. Bertiletti talking with ESPN on his method to go for the gold this year.
It was all focused today in Nomahawk, just hot water, and I wasn't gonna stop eating til the job was done.
Meanwhile, last year's winning Joey Test and that was barred from the Nathan's contest because of a sponsorship conflict, he participated at an impossible foods event with soldiers at Fort Blisson in Opaso, Texas. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr. This is Bloomberg Karen.
All right, Michael Barr, thank you time now for the Bloombergy scores update with John Stashaury John, Good morning, Good.
Morning, Nathan and Karen. The Mets loose to the Nationals. Won nothing in Washington. On this blast swing by winker a tribe to deep right center field.
This is way back, it's going going. Let's good good bye.
That's courtesy of WJFK Radio. Jesse Winkers eighth inning home run off reliever Adrian Hauser was the only run of the game, Mets offense mustering just one hit as the Nats get eight shot out innings from Jake Irvin. With the loss, Mets falling one game under five hundred. The Mets take on the Pirates tonight as they open a four game set in Pittsburgh with Luis Severino facing the rookie Paul Skeins. The Yankees, meanwhile, have now lost thirty
other past seventeen games. As the Cincinnati Reds finish off a three game sweep of an eight to four win in the Bronx, Marcy Strouman picking up the loss, giving up five runs in five innings. With the loss, Yankees falling two and a half games behind Baltimore in the American League East. Yankees opening up a weekend series at
home against the Red Sox. Tonight, Nester Cortez on the Mount, facing Boston's ten or Hawk, Patrick Bertolletti wins the Mustard out to the Nathan's Famous Hot Dog Eating contest in Coney Island, downing fifty eight dogs, beating Jeffrey Esper by five. The sixteen time champion Joey Chestnutt did not compete due to dispute over a sponsorship deal. Meanwhile, Mickey Pudo becomes at ten time women's champion, eating a record fifty one
hot dogs. The Golden State Warriors have acquired guard Buddy Healed and assigned in trade with the Philadelphia seventy six ers. Held gets a contract that guarantees two years and twenty one million dollars. Last season, the thirty one year old averaged just over twelve points a game for the Sixers and the Indiana Pacers. Two Big Euro twenty twenty four quarter final matchups coming up later today as Spain faces
host country Germany, with France taken on Portugal. Big upstate at Wimbledon as fifth seeded American Jessica Pagula loses in three sets to Wang Shin Yu in the second round. That's your Bloomberg Sports update on Dan Schwartzman, Nathan and Karen.
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 bloom Burg Daybreak.
Good Morning of Nathan Hager. Change is coming to the UK. Labor leader Keir Starmer is set to become the next Prime Minister after winning a landslide victory an outright majority in the House of Commons, handing Rishi Sunac's Conservatives their worst showing ever after his decision to call a surprise election in the summer. For more on this result, we are joined by Bloomberg Daybreak euro banker Caroline Hepger, who has
been following the reaction from Westminster. Caroline good morning. This is a historic result, but not really a surprise, is it, given that the polls were pointing to a massive Labor lead.
No, but it is a damning verdict, isn't it on Prime Minister Rishi Sunac and indeed the five Conservative prime ministers that we've had over a fourteen year period here in the UK. Rischie Sunac will give his final feat as Prime Minister in about twenty minutes time, after the worst defeat for the Conservative Party in one hundred years. In the end, they only managed to muster one hundred and twenty seats in the House of Common six hundred and fifty seats overall. It was Labor who managed to
secure four hundred and twelve new MPs. The other story, though, that I would pull out of what has happened in the UK is very unusual, Nathan. Normally we are basically a two party parliamentary system, but we've seen the resurgence of the Liberal Democrats, traditionary the third party in politics here in the UK. Also a big loss for the SNP up in Scotland, and then Nigel four Trump's ally of reform UK. He's been voted in along with a
number of other colleagues for Reform UK. So this is a much more divided Britain in terms of the MPs that they have voted for, perhaps a confused Britain. Also because the turnout was very low, one hundred years low in terms of the number of people who actually went out to.
Vote, So the turnout could belie then the huge majority that we do see four or the Labor Party. What does that say about the convincing that Keir Starmer needs to do for that sizable majority of voters that did not turn out in this election.
Caroline, Well, this is absolutely going to be the question how much of a mandate does the Labor leader have for perhaps going further than a very limited manifesto. So all the parties presented their manifestos in this very brief campaigns only last six weeks here in the UK. Labour's manifesto had very little, less than ten billion pounds in
terms of tax and spending changes. Blueberg Economics reported on it that actually they thought it would only add zero point one percent of economic growth to the UK in the shortter medium term, so it was really a very thin manifesto, not promising a huge amount. Now the question is does the Labor Party go forward and have to
deliver more. They have promised to do things like increase economic growth, you know, deal with the backlog in in NHS waiting list, deliver one and a half million new homes, whilst at the same time not increasing any of the major taxes. That was a firm pledge from them not to increase taxes on working people. So how are they going to do that? And, as you say, because a lot of people did not turn out, the criticism this morning from some of the other leaders like Nigel Fararche
has sen actually there's no great enthusiasm for Labor. It is simply that voters were so utterly sick and frustrated by the Conservative government that after fourteen years, delivered actually a drop in UK living standards.
So, given that we have sort of a thin manifesto from Labor in our last minute, Caroline, what's the reaction from the business community. I know you've been gathering a lot of that as well from Westminster, absolutely.
And speaking to the key business constituents, for example of the Confederation British Industry, the Institute of Directors here in the UK. Look, they are hopeful the CBI's Ray Newton Smith told me that she wanted the Labor governm to hit the ground running and they want details. They want details of how the Labor government is going to learn the lessons of the last fourteen years and try to deliver economic growth. There's been a big bit of outreach
to business which has convinced a lot of businesses. From Kirstarma and Rachel Reeves that Labor is truly a change party in that they are pro business. They want to combine with business to deliver on growth. But now it's about how quickly that comes. And I was speaking to a newly elected Labor MP just a few minutes ago. He was saying, firstly, there needs to be a complete audit of where the UK actually is and what fiscal rooms. You know, the incoming government is going to have.
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