Bloomberg Audio Studios, podcasts, radio news. Good morning.
I'm Nathan Hager and I'm Amy Morris. Here are the stories we're following today.
Amy Francis. Benchmark stock market is down nearly two percent. The euro is trading at a one month low. This comes after election results in Brussels. French President Emanuel mccron has plunged his country into political uncertainty, dissolving the lower House of Parliament and calling new legislative elections. That's after his party came a distant second to the Marine Le
Panz far right in Sunday's European Parliament vote. Speaking to the nation after the polls closed, Macrone said, the National Assembly election is a chance to determine France's future.
So this is you.
This is a serious and weighty decision.
It's an act of trust confidence.
You mission, my dear compatriots, the ability of the French peace to make the just choice for themselvesmen and for future generations.
I was French President Macron, speaking through an interpreter. Now, his position is head of state won't be directly affected by the upcoming vote, but his ability to push through legislation, the power to choose a like minded prime minister and the credibility of his political project will all be on the line in election that Sunday's results suggests he is likely to lose and Nathan.
Far right parties also made gains elsewhere in Europe. In Germany, Chancellor Oloff Schultz Social Democrats recorded their worst ever EU result, following the third place behind the far right Alternative for Germany and the center right Christian Democrats. And in Italy, Prime Minister Georgia Maloney's right wing Brothers of Italy party won twenty nine percent of the vote, compared with just
six percent in the twenty nineteen elections. Now, despite these results, the centrist alliance that backed Ursula Vonderland to become EU Commission President maintained its majority, led by her European People's Party.
We won the European electtion.
We are by far the strongest party.
We are the anchor of stability.
Herstel Of Vonderline plans to begin talks with our allies and the Socialist and Democrats and Centrist renew groups on securing their support. Today.
Well, in Italy, I'm sorry. In India, Amy Prime Minister Narendramodi has been sworn into office for a third consecutive term, extending his leadership for another five years. That followed a bruising electoral setback that's forced him to share power in India for the first time.
And we're seeing changes in the Israeli government. Benny Gantz, a centrist member of Israel's three man war cabinet, has announced his resignation, accusing Prime Minister Benjamin Nataniahu of mismanaging the war effort. We get more from Bloomberg's at Jumana Borsecci.
The symbolism here is he, of course, was one of
the more moderate members of the Natagna Who governments. And while it doesn't mean that the government itself is going to fall apart, because natagna Who will still have sixty four seats in the kanessset alongside his coalition partners, what it does mean is that he will be more reliant on some of those more right wing members of the governments, and one of them, the National Security Minister Ben Gavie, is actually pushing for a position on the war cabinets.
He's one of the more hawkish members of the governments as it stands, and has been adamant that natagia who should not be signing onto this Biden ceasefire proposal.
Bloomberg's Demani Brassecci says Gance joined Nettayahu's government shortly after the October seventh Tamas attack.
And on the heels of Benny Gonz's resignation. Secretary of State Anthony Blincoln heads back to the Middle East today in a last ditch attempt to push a ceasefire deal. President Biden has put the proposal forward as an Israeli one, but both Israel and Hamas have distanced themselves from it. White House National Security Advisor Jake Sullivan says the ball is in Hamas's court.
We're waiting for them to communicate to Kutar in Egypt, two of the mediators involved.
In the hostage negotiations.
And we are hopeful that with enough of a co trus the international community all speaking with one boy, Jamas will get to the right answer.
National Security Advisor Jake Sullivan spoke on ABC's This Week Heard Sundays on Bloomberg Radio. Secretary of State Blincoln lends today in Egypt, he'll meet with senior officials, including President Abdolpha ta Lcci, and then he heads to Israel, where he is expected to meet with Prime Minister net Hanyahu, and then.
Back here in the US. Donald Trump will be interviewed today by New York Probation officers. They'll submit a sentencing recommendation for the former president.
Now.
The interview will help determine how much time, if any, Trump will spend behind bars. It will be conducted virtually, Trump at his home in Florida and the probation officers in New York. Trump's sentencing is scheduled for July eleventh, after his conviction for falsifying business record records. Rather, he has vowed to appeal amy.
Let's turn to markets now, a double dose of macroeconomic catalysts are coming on the same day. On Wednesday, we get a report on consumer prices in the morning, then that afternoon the FED make an interest rate decision. Mohammad Larian, Queen's College Cambridge president and Bloomberg opinion columnists, says last Friday stronger than expected jobs report all but rules out a rate cut this summer.
Look, it's reasonable for a FED that is over the data dependent. There's no way they can cut or signal a cut in July.
With this data.
They would have to change their reaction function and be public about it, and I don't see the FED doing this, so that's why the door is shut.
Mohammadel Aarian spoke on Bloomberg a last Friday, following the main jobs report and the options market sptting the S and P five hundred will move one and a quarter percent in either direction on Wednesday.
And before we get all that economic data, investors are going to hear from Apple. The company is holding its developers conference later today. Bloomberg Intelligence tech analyst Matthew Bloxam says it'll show whether the iPhone maker can become a major player in the burgeoning field of artificial intelligence and whether that can drive sales.
Big fans really about whether this's going to kickstart a new smartphone supercycle. Obviously, over the last few years we've seen smartphone sales generally on the slide, and if you look at the way this being positioned, these AI features that they're going to announce are only going to really be available on the new versions of the phone. So it's going to be does Apple do enough with these AI features to make people think, actually, I really want to upgrade to get access to these new features.
Bloomberg Intelligence analyst Matthew Bloxam says the announcement will lay out that Apple is a serious player in the AI space. 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 bar Good morning, Michael.
Good morning Amy. Former President Donald Trump zeroed in on his criminal conviction and prosecutors at a campaign rally in sweltering heat in Las Vegas Sunday afternoon. Trump also denounced Nevada's Democratic senator, who is up for reelection.
With your help, we're going to when Nevada. We're going to defeat your Biden loving radical.
Left senator Jackie Rosan, who's terrible.
Those who attended the rally had mixed reviews of the former president. These Vegas voters talked about why they support Trump the.
Decline in Biden. You're like, man, how can you vote for him?
You know, are we better now than we were a few years ago?
Probably not.
You know, I'm myself a nun.
Softly, however, this Vegas voter supported Nicki Haley before she dropped out of the race and is uneasy about seeing the former president back in office.
The denial of fact scientific fact in the case of COVID to denial of the election are difficult for.
Me to accept. Meanwhile, President Joe Biden warned against the rise of isolationism in the US while visiting an American military cemetery in France that Donald Trump skipped six years ago. Biden said he could not fathom the idea that I'd come to Normandy and not make the short trip here to pay tribute.
I think it as a measure of a country's support for democratic failures that they honor those who've risked their lives and lost their lives.
Biden said the World War One erasemetery was the final resting place for soldiers who fought in the deadly US Marine Corps battle. The criminal trial of President Joe Biden's son is heading into its final stretch. Hunter Biden's lawyers could call at least one more witness when the case resumes today in Delaware's federal court. Biden himself. He is charged with three felonies stemming from the October twenty eighteen purchase of a gun he had for about eleven days.
Prosecutors say he lied on a mandatory gun purchase form by saying he was not illegally using or addicted to drugs. Global News twenty four hours a day and whenever you want it with the Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg Gaming.
All right, Thank you, Michael.
Nine.
Now for our Bloomberg Sports update, and for that we bring in John stash Hour.
Good morning John, Good morning Amy. After Game one in the NBA Finals, Dallas coach Jason Kidds said Jalen Brown was the Celtics' best player. Some perceived that as a slight of Jason Tatum. What's clear through two games, Boston doesn't rely on one player, a big reason. They're fourteen and two in the playoffs. They're two wins from the championship in Boston. Tatum didn't shoot well six of twenty two, but Brown scored twenty one points, Drew Holliday at twenty six,
shooting eleven of fourteen. South Picks beat them as one oh five ninety eight for a two to nothing series, leading on ESPN Holiday praise Tatum.
I think I just got the opportunity. I would say a lot of it was JT was taking the basket. They were double teaming him and he was back in the right play. I don't know if he had a triple double, almost had not rebounds, but the way that he played to night, the way that he let us get into the paint, making plays, finding me wide open, it was alid on.
Him look down such for Dallas scored thirty two at a triple double. You only scored three points of the fourth. He had eight turnovers. First words from Dan Hurley. Since news are the Lakers pursuing him, he said he's impressed by the Lakers, but loves coaching Yukon. Hurley says he'll make his decision today whether to change jobs at the stadium.
Yankee Salva was one of the Dodgers winning six to four big three run homer six ending by Trent Grisham, who filled in all weekend for the still injured one so another homer for Aaron Judges, twenty fourth. He's hit eighteen in his last thirty four games. And London Mets didn't take their first lead till the ninetheenning then held on to the bottom of the game ending double play.
They beat the Phillies six to five, Red Sox back to five hundred, beat the White Sox in ten innings Nationals a seven run fourth inning to meet Atlanta eight five, and the Oils finished to sweep at Tampa Bay ninety two Grand Slam for Adlie Ruschman. Twenty one year old Carlos Alcarez, the youngest to win Grand Slams on three different services, took the French Open final with Sasha Za Savera of coming back to the two sets to one deficit.
He had done that in the semifinals as well. Scotti Scheffler won Memorial Golf in Ohio, his fifth win of the year. John Stashedwer Bloomberry's.
Fourteen 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, I'm Nathan Hager. It is attack to the right in Europe. Far right parties have handed massive defeats to German chants. They're all off Schultze and French President Emanuel mcclo in European Union elections over the weekend, and now mcclo is calling early elections of his own to try to stop the rise of his right wing rival perennial rival Marine Lapine in France.
And for more we are joined by Bloomberg Daybreak Europe anchor Stephen Carroll, who has been very busy covering the EU elections for US from Brussels. Stephen, good morning. I think we knew going in that centrist parties were vulnerable, but just how much of a surprise was this result for the far right of really sweeping things in Germany and France.
Well, that's what's really interesting, Nathan about this story is that actually the center held its majority in the European Parliament. So in a big pan European picture, not that much change for the parties that have been in power and that are likely to stay in power at least being able to nominate a European Commission president and for the next five years in the EU. It's the individual country stories where we're seeing those sort of reactions. So you
mentioned Germany. The party of Olas Schultz, the chancellor in Germany, had its worst performance ever in a European parliament election. We saw an increase in support to the AfD, the far right party there, but also a shift to voters back to the CDU, the Christian Democrats, the party formerly of Angelo Merkel, so a shift towards the center right among voters there as well, the Greens too being punished
in Germany. The French result is particularly interesting because, actually, if you compare it to opinion polls, the score that Emmanuel Macron's party got of just under fifteen percent and the score that Marie Le Penz party got on the far right of around thirty two percent, isn't that far off what polls were predicting. Even the surprise was what
Emmanuel Macron decided to do about it. He's calling legislative elections that will happen now at the end of this month as two rounds of voting, so the thirtieth of June and the seventh of July, giving voter the chance to elect a new National Parliament and perhaps setting up one of these really wonderfully French political situations. It's called cohabitation. That's where you get a president from one party and
a prime minister from another. He's essentially saying to the electorate, if you want to give the National Rally Party, that party of Marrying lapenat chance to govern, here's their chance. Knowing full well that he as president is safe in his job and he'll still remain retain a line share of the power.
Yeah, what a fascinating move by the French president. It almost seems like it's becoming a theme in Europe. I mean, we saw Richie Sunek just a few weeks ago call an early election when his chips were down. I mean, how big a surprise is this that Emanuel mccrawl would call the snap election just a few hours after the results came in in Brussels.
We're told from our sources in Paris that in fact, very few people, even within Emmanuel Macron's own circle, knew that this was coming until the last minute. So this was part obviously of Emmanuel macron strategy. He wanted to
also surprise the electorate. If you think about it and take a step back, though, it's perhaps not that surprising because Emmanuel Macron, although his party is the largest in the French Parliament, doesn't have a majority and they've been struggling to get some key measures through the parliament so far. So the idea of throwing it open to an election, it wasn't entirely off the cars the cards. Rather, before this election, but he's taking a gamble. Some are calling
it an audaciously bold step. Some are saying that it's a really big risk for Emmanuel Macron.
Does this put the pressure on Germany's Chancellor all Off Schultz as well to call earlier elections given the result against his party.
Not quite, because the political system works in a slightly different way in Germany. So actually pulling this sort of move wouldn't work under the German system because Olaf Schultz would lose power, whereas with Emmanuel Macron, because the Parliament only has some of the power and most of it
lies with the president. Emmanuel Macron can do this knowing that he'll still be able to function as a president, although weakened in his role as head of state, whereas if Olaf Schultz did the same thing and lost the election, he would be out as chancellor and someone else would get in. So it speaks to the intricacies the individualities of the European political systems as well. It's worth pointing
out that not all incumbents had a bad day. Georgia Maloney in Italy, her party is extremely well in these European elections, and in Spain, Pedro Sanchez managed to hold on to his level of support for his party. They came second, But when you look at what's happening over the border in France, I think perhaps he could be quite relieved that he came second in these elections.
So just in our last thirty second, Stephen, what could these results mean for cohesion in the European Union.
The European Union looks like it will proceed to nominate our slavanderline as the next European Commission President. That's in the gift of the leader. Then it goes to the Parliament, but on the numbers, they have the numbers in Parliament to be able to pass their the European commissioned President. But I've always with European politics, plenty can change between now and then.
This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond.
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